The investment seeks a high level of current income that is exempt from regular federal income tax.
The fund invests, under normal market conditions, at least 80% of its net assets plus any borrowings for investment purposes in fixed income securities issued by or on behalf of states, territories and possessions of the United States and the political subdivisions, agencies and instrumentalities thereof, the interest on which is exempt from regular federal income tax. It may invest up to 100% of its Net Assets in private activity bonds, the interest on which may be a preference item for purposes of the federal alternative minimum tax.
The investment seeks a high and sustainable level of current income that is exempt from federal personal income taxes.
The fund invests at least 80% of its assets in investment-grade municipal bonds, as determined by a nationally recognized statistical rating organization (NRSRO) (e.g., Baa or higher by Moody's Investors Service, Inc. (Moody's)) or, if unrated, determined to be of comparable quality by the advisor. Up to 20% of the fund's assets may be invested in bonds that are rated less than investment grade by an NRSRO (e.g., less than Baa by Moody's) or, if unrated, determined to be of comparable quality by the advisor.