Description

The fund's primary objective is to generate significant current income that is free from standard federal income taxation. Typically, the fund allocates a minimum of 80% of its assets to, or derives at least 80% of its revenue from, securities that are exempt from regular federal income tax. However, investors should be aware that these investments could still trigger the Alternative Minimum Tax (AMT), and the fund has no restrictions on investing in such securities. Furthermore, a substantial portion—at least 50%—of its portfolio is dedicated to debt instruments with credit ratings of BBB+ or lower, or Baa1 or below. This also includes unrated securities that the investment adviser deems to be of comparable quality.