This fund primarily allocates a minimum of 80% of its total investable capital (which includes any borrowed funds) to municipal bonds. These securities are specifically selected because they offer exemptions from regular federal income tax, as well as specific state taxes detailed in the fund's investment policy. Additionally, at least 75% of the portfolio's net assets are typically invested in municipal debt that holds an investment-grade rating at the point of purchase, or, if unrated, is determined by the investment adviser to possess equivalent high credit quality.
