Industry description
The investment seeks to provide monthly dividends, which are excluded from gross income, and to protect the value of the investment by investing primarily in municipal obligations.
The fund normally invests at least 80% of the value of its assets in municipal obligations whose interest payments are excluded from gross income for federal income tax purposes and not subject to the federal alternative minimum tax on individuals. "Assets" means net assets, plus the amount of borrowings for investment purposes. It may also invest in high-quality, short-term money market instruments and repurchase agreements.