Industry description
The investment seeks to provide current income exempt from regular federal income tax.
Under normal market circumstances, the fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in municipal obligations, that are exempt from regular federal income tax. At least 75% of the fund’s net assets normally will be invested in municipal obligations rated at least investment grade at the time of investment, if unrated, determined by the investment adviser to be of at least investment grade quality.