Description

This fund customarily commits a minimum of 80% of its net assets to municipal securities. While the interest generated by these investments is typically exempt from ordinary federal income tax, it may not be free from the federal alternative minimum tax (AMT). A portion of the fund, up to 35% of its total assets, can be held in municipal debt instruments classified as below investment grade. The primary objective is to acquire municipal obligations issued by U.S. states, territories, and possessions, whose interest also qualifies for exemption from regular federal income tax, though it is not guaranteed to be exempt from federal AMT.