Description

Typically, the fund allocates a minimum of 80% of its total investment capital – encompassing both its net assets and any funds borrowed for investment – to municipal bonds. These bonds generate interest that is exempt from regular federal personal income tax. A significant portion of this portfolio is directed towards longer-duration municipal bonds of lower credit quality, often referred to as high-yield municipal debt. Furthermore, the fund has the discretion to employ investment leverage, particularly through its holdings in inverse floaters.