Description

This fund primarily allocates a minimum of 80% of its investable capital (including any assets derived from borrowings for investment purposes) to municipal obligations that offer exemption from regular federal income tax. Up to half of its net assets may be deployed into non-investment grade securities, often referred to as high-yield bonds. Furthermore, a maximum of 20% of the portfolio's net assets can be directed towards a broader spectrum of debt instruments, which may encompass taxable municipal bonds, U.S. Treasury securities, and debt issued by U.S. government agencies or instrumentalities.