CBTAX

Under normal operating conditions, this fund is committed to investing at least 80% of its total net assets (including any borrowed capital) in a range of fixed-income securities and other debt-like instruments that offer comparable economic characteristics. A significant portion, specifically a minimum of 50% of its holdings, will be allocated to municipal securities, generating income that is exempt from federal income tax. The fund also retains the flexibility to invest in fixed-income instruments where the income is subject to taxation.