Industry description
The investment seeks a high level of income exempt from federal income taxes.
The fund normally invests at least 80% of its net assets (plus any borrowings for investment purposes) in municipal bonds whose income is exempt from regular federal income taxes. It invests in various types of municipal securities that are exempt from regular federal income taxes, including private activity bonds, which are issued by a government agency on behalf of a private sector company and typically are not backed by the credit of the issuing municipality.