About: The Funds objective is to seek high current income exempt from federal income tax, but may also consider capital appreciation. The Fund invests, under normal market conditions, at least 80% of its net assets in tax-exempt bonds and tax-exempt notes. Tax-exempt bonds and notes are municipal instruments, the interest of which is exempt from federal income tax. The Fund normally invests at least 80% of the Funds net assets in investment grade debt instruments. The Fund may also invest in lower quality debt instruments including those that are in default. The Fund may invest 25% or more of the Funds total assets in municipal instruments that finance similar projects, such as those relating to education, healthcare, housing, utilities, water, or sewers. The Fund may use derivatives for different purposes, including earning income and enhancing returns, to increase or decrease exposure to a particular market, to manage or adjust the risk profile of the Fund, or as alternatives to direct investments. The Fund uses leverage through the issuance of preferred shares and investing the proceeds pursuant to its investment strategies.
Tags: Asset Management Financial Services