The investment seeks to provide investors with a high level of current income that is exempt from federal income tax; with capital appreciation is also a secondary objective. In pursuing its investment objective, the fund, under normal circumstances, invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in U.S. dollar-denominated fixed income securities, the income from which is exempt from federal income tax. In addition, up to 50% of the fund’s net assets, plus the amount of any borrowings for investment purposes, may be invested in securities that are subject to the federal alternative minimum tax.