| Investment Objective: |
The Fund seeks as high a level of current income exempt from federal income tax as is consistent with relative stability of principal. Municipal securities are securities issued by or on behalf of states, territories and possessions of the United States, includ-ing the District of Columbia, and their respective authorities, political subdivisions, agencies and instrumentalities and other groups with the authority to act for the municipalities, the interest on which is exempt from federal income tax. The securities are issued to raise funds for various public and private purposes. Municipal securities include variable rate demand obligations, variable rate demand preferred securities, short-term municipal notes, municipal bonds, tax exempt commercial paper, private activity and industrial development bonds, tax anticipation notes, bond anticipation notes, revenue antici-pation notes or other short term notes, private placements and participations in pools of municipal securities. At times, the Fund may invest a significant amount of its assets in municipal securities that may be subject to the federal alternative mini-mum tax for individuals. |
