Description

This fund typically allocates a substantial portion, at least 80% of its total net assets (including any borrowed capital for investment), to municipal bonds that offer exemption from standard federal income taxation. A maximum of 50% of these assets may be directed towards debt instruments classified as below investment grade, often referred to as high-yield or 'junk' bonds. Furthermore, up to 20% of the net assets can be invested in various other debt securities, which include, but are not limited to, municipal obligations subject to taxation, U.S. Treasury bonds, and debt issued by the U.S. government or its associated agencies.