Description

This investment vehicle primarily aims to deliver the maximum obtainable current income, completely exempt from federal, New York state, and New York City income taxes, all while diligently safeguarding the initial principal. A significant portion, at least 80%, of its total assets—including any funds borrowed for investment purposes—is committed to municipal bonds that provide this triple tax-exempt income. Furthermore, the fund may allocate up to 20% of its holdings to municipal debt instruments rated below investment grade (colloquially termed "high yield" or "junk" bonds), or to unrated equivalents as assessed by the advisor. Notably, this fund operates on a non-diversified basis.