Description

This fund endeavors to achieve the highest possible current income that is exempt from federal income taxation, all while prioritizing the protection of initial investment capital. It allocates a minimum of 80% of its holdings to municipal bonds that, upon acquisition, possess a credit rating of A or superior, or are deemed to be of comparable quality by the adviser if unrated. Up to 20% of the portfolio's assets may be directed towards municipal bonds with a rating below A, encompassing those classified as below investment grade (often referred to as 'high yield' or 'junk' bonds), or their unrated equivalents as assessed by the adviser. The dollar-weighted average maturity for the fund's investments typically spans a period of three to ten years.