Description

The fund primarily allocates a substantial portion (at least 80%) of its total assets (including any borrowed capital) towards municipal debt instruments. These securities are specifically chosen to generate income that is exempt from regular federal income tax, as well as certain state taxes relevant to the fund's objectives. Furthermore, a significant segment (typically at least 75%) of its portfolio holdings will consist of municipal obligations deemed to be of investment-grade quality. This quality assessment is based either on their credit ratings from recognized agencies at the time of purchase, or, for unrated securities, on the investment adviser's own determination that they meet an equivalent standard of creditworthiness.