IIM

INVESCO VALUE MUNICIPAL INCO

A closed-end investment fund that pools money to buy municipal bonds—the debt issued by states, cities, and local governments—so that everyday investors can collect interest that's free from federal income tax. It trades on the New York Stock Exchange under the ticker IIM, and unlike a typical mutual fund it has a fixed number of shares that trade like a stock. Founded on February 26, 1993, and managed by Invesco (one of the largest municipal-bond fund managers), it's been paying shareholders tax-free monthly distributions for over three decades.

Closed-end fund investing in tax-exempt municipal bonds

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