Description

A minimum of 80% of this fund's net capital, including any funds borrowed to enhance investment capacity, is dedicated to municipal bonds. These securities are specifically chosen for their exemption from regular federal income tax and the particular state taxes detailed in the fund's stated objectives. Moreover, typically, at least 75% of the net assets are allocated to municipal debt that, at the time of acquisition, possesses an investment-grade rating or is assessed by the investment adviser as being of equivalent quality if unrated.