Fund Description

The fund was incepted in March 1994 and is managed by Phoenix Investment Counsel. The fund has an investment objective of producing as high a level of current income exempt from federal income taxation as is consistent with the preservation of capital. The fund targets economically stable regions of the country, focusing on quality issues. Income from this fund may be subject to state and local taxes and the alternative minimum tax, if applicable. Under normal circumstances, the fund invests at least 80% of its assets in investment grade municipal bonds, the income of which is fully exempt from federal taxation. The fund distributes dividends monthly and capital gains annually.