The investment seeks to provide a high level of current income exempt from regular federal income tax, consistent with the preservation of capital. The fund invests primarily in bonds and other debt instruments. The fund will normally invest at least 80% of its assets in, or derive at least 80% of its income from, securities that are exempt from regular federal income tax. The fund may substantially invest in securities that may subject the investors to federal alternative minimum tax. The fund is non-diversified.