Fund Description

The fund invests approximately 50% to 55% of its assets in municipal securities and the balance in common stocks. Its fixed income holdings focus on high-quality municipal securities with a dollar-weighted average maturity expected to be between 6 and 12 years, and at least 75% of municipal bonds purchased are rated in one of the top three credit-rating categories by an independent rating agency or, if unrated, judged comparable by the advisor. Stock holdings are selected from the Russell 1000 Index and are statistically sampled to seek capital gains and income tax efficiency while approximating the Index's characteristics and performance.