Description

This fund is primarily dedicated to municipal debt instruments, allocating a minimum of 80% of its total capital (inclusive of any borrowed funds used for investment) to them. These particular bonds are chosen for their immunity from regular federal income tax, as well as certain state taxes specified in the fund's overall investment strategy. Typically, at least three-quarters (75%) of the net assets will be channeled into municipal securities that, at the time of purchase, carry an investment-grade rating. For any securities without an official rating, the fund's investment adviser must determine that they meet comparable investment-grade quality standards.