Industry description
The investment seeks tax-free income.
The fund invests at least 80% of its net assets in securities, the income from which, in the opinion of counsel to the issuer of each security, is exempt from regular federal individual and, as applicable, the fund's state income tax. It will not invest in municipal securities the interest from which (and thus proportionate share of the exempt-interest dividends paid by the fund) would be subject to the federal alternative minimum tax (AMT).