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The Fund seeks as high a level of current income that is exempt from federal income taxes as is consistent with preserving capital by investing in investment grade municipal obligations.*
As a fundamental policy, under normal circumstances, the Fund invests at least 80% of the value of its net assets, plus any borrowings for investment purposes, in investment grade fixed-income securities that qualify as tax exempt municipal obligations. These obligations are issued by states, U.S. territories and their political subdivisions, such as counties, cities and towns. The income from these securities is exempt from regular federal income tax, but may be subject to the federal alternative minimum tax.
TOP HOLDINGS (all classes) as of 06/30/2016
View detailed list of holdings
|HARRIS HLTH-B-SCH HLT 5.75% 01/07/27 MUNI USD||7.58%|
|PENNSYLVANIA STATE TPK COMMN MUNI 5.25% 15/07/29 USD||6.01%|
|NEW YORK STATE DORMITORY AUTH MUNI 5.0% 01/07/39 USD||2.99%|
|TEXAS ST-UNREF 5% 01/04/20 MUNI USD||2.67%|
|FORT BEND INDPT SD 5% 15/02/18 MUNI USD||2.66%|
|UNIV CA REVS-GEN-Q 5.25% 15/05/29 MUNI USD||2.60%|
|NEW JERSEY ECONOMIC DEV AUTH MUNI 5.25% 01/09/24 USD||2.45%|
|WA ST-REF-R-2010A 5% 01/01/22 MUNI USD||2.40%|
|MASSACHUSETTS STATE-REF-D 5.5% 01/10/18 MUNI USD||2.38%|
|KING CNTY 5% 01/01/25 MUNI USD25 USD||2.31%|
Fixed income securities are subject to certain risks including, but not limited to: interest rate (changes in interest rates may cause a decline in the market value of an investment), credit (changes in the financial condition of the issuer, borrower, counterparty, or underlying collateral), prepayment (debt issuers may repay or refinance their loans or obligations earlier than anticipated), and extension (principal repayments may not occur as quickly as anticipated, causing the expected maturity of a security to increase).
Derivatives are speculative and may hurt the Fund’s performance. They present the risk of disproportionately increased losses and/or reduced gains when the financial asset or measure to which the derivative is linked changes in unexpected ways.
Please read the prospectus for more detailed information regarding these risks.
*State and local taxes may apply.
May 11, 1998
$1,000 Classes A, C
$1,000 IRA: Classes A, C
No minimum: Class R
$1,000,000 Inst. Svc.
as of June 30, 2016