The investment seeks a high level of current income that is exempt from regular federal income tax. The fund invests, under normal market conditions, at least 80% of its net assets plus any borrowings for investment purposes (measured at the time of purchase) ("Net Assets") in fixed income securities. It may invest up to 100% of its Net Assets in private activity bonds, the interest on which (including the fund's distributions of such interest) may be a preference item for purposes of the federal alternative minimum tax. 100% of the fund's portfolio will be invested in U.S. dollar-denominated securities.