Description

The primary goal of this fund is to provide a steady income stream that is not subject to standard federal income tax. To achieve this, it generally commits at least 80% of its net assets to municipal securities. The interest earned from these securities is typically exempt from regular federal income tax, though it may still be liable for the federal alternative minimum tax (AMT). The fund also has the flexibility to invest up to 35% of its total assets in municipal bonds considered below investment grade. Its portfolio is principally composed of municipal debt issued by U.S. states, territories, and possessions, with the income generated remaining free from regular federal income taxation, though not necessarily from federal AMT.