The investment seeks tax-free income.
The fund invests at least 80% of its net assets in securities the income from which, in the opinion of counsel to the issuer of each security, is exempt from regular federal individual and, as applicable, the fund's state income tax. It will not invest more than 5% of its net assets in securities that produce income subject to the alternative minimum tax. The fund invests in municipal securities issued by the governments of states, their political subdivisions and the District of Columbia, U.S. territories, commonwealths and possessions or by their agencies, instrumentalities and authorities.
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.