About: To maximize current income exempt from federal income tax consistent with the preservation of capital. It will invest more than 80% of net assets in municipal bonds and more than 50% of net assets in municipal bonds having investment grade quality. It may invest the remainder of its assets in higher risk, higher yielding municipal bonds of lower quality (but no lower than C by rating agencies). It may invest more than 25% of its total assets in industrial development bonds which may be backed only by the assets and revenues of the non-governmental users. It may invest in derivatives for investment or hedging.
Tags: Asset Management Financial Services