This fund's primary strategy is to invest in municipal bonds, dedicating a minimum of 80% of its total assets (which includes any funds borrowed for investment purposes) to these types of securities. These municipal obligations are specifically chosen because they are free from standard federal income tax and also exempt from certain state taxes, as specified in the fund's mandate. Furthermore, the fund maintains a focus on credit quality, typically committing at least 75% of its net assets to bonds that possess an investment-grade rating when acquired, or, if unrated, are judged by the investment adviser to meet equivalent high-quality standards.
