Industry description
The investment seeks high current income exempt from federal income tax; capital appreciation to the extent consistent with its primary goal is the secondary goal.
To pursue its goals, the fund normally invests at least 80% of its net assets, plus any borrowings for investment purposes, in municipal bonds that provide income exempt from federal personal income tax. The dollar-weighted average maturity of the fund's portfolio normally exceeds ten years, but the fund may invest without regard to maturity.