Description

The fund primarily invests at least 80% of its capital in high-quality municipal obligations, whose interest earnings are exempt from federal taxation. Its advisor endeavors to maintain an overall interest rate risk profile comparable to that of the Bloomberg Barclays Municipal Bond Index. The portfolio strategically diversifies holdings across various market sectors and different maturity lengths. It may potentially allocate more than 25% of its total assets to municipal securities that finance similar types of undertakings.