Industry description
The investment seeks total return with an emphasis on income exempt from U.S. federal income tax and personal income tax, if any, of North Carolina, but also considering capital appreciation.
The fund invests, under normal market conditions, at least 80% of its net assets in securities and other investments, the interest on which is exempt from U.S. federal income tax and personal income tax, if any, of North Carolina. It may also invest the fund's assets in taxable instruments, including municipal instruments of other states.