The investment seeks current income exempt from federal income taxes, other than the alternative minimum tax, as part of a long-term strategy of achieving tax-advantaged total return. The fund primarily invests in a diversified portfolio of municipal securities. It may invest up to 100% of assets in high-yield, high-risk municipal securities. The fund may invest at least 80% of assets in municipal securities. It may also invest up to 20% of assets in taxable securities. The fund may invest up to 100% of assets in such securities for temporary defensive purposes.
