Fund Description

The fund invests primarily in a diversified portfolio of investment-grade municipal securities, including tax-free debt from states, territories, and political subdivisions of the U.S. Its objective is to seek total return, comprising income exempt from regular federal income tax and potential capital appreciation. A fundamental policy mandates that at least 80% of its net assets, including borrowings, be allocated to investments generating tax-exempt income, although this does not extend to the federal alternative minimum tax. Additionally, it may invest in futures and options for return enhancement and risk management, and can include ETFs, U.S. Treasury securities, federally taxable municipal bonds, and inflation-protected securities.