Current yield is intended to provide an historical earnings snapshot.
It is computed by dividing the fund's net investment income per share during a 30-day measuring period by the maximum offering price of a fund share on the last day of the measuring period. Funds using current yield must also use average annual returns as described below. Tax-equivalent yield is computed by applying the applicable income tax rate only to the net investment income generated by fund assets that are exempt from taxation. Funds using tax-equivalent yields must also quote current yield as described above and average annual returns as described below. For funds that have not been in business for the specified periods, the time period during which the registration statement has been in effect is substituted.