Fund Description

The fund invests primarily in investment-grade securities whose interest is excludable from gross income for federal income tax purposes. During normal market conditions, at least 80% of net assets are in these tax-exempt securities. The fund's effective duration is not restricted but generally is expected to be within two years of its benchmark. Also during normal market conditions, at least 80% of annual net investment income dividends are expected to be tax-exempt and excluded from the federal alternative minimum tax calculation for individual taxpayers, a policy changeable only by shareholder vote.