Performance quoted represents past performance and does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than that shown here.
The Barclays 7-Year Municipal Bond Index, an unmanaged index, is not available for direct investment. Unlike a mutual fund, the performance of an index assumes no taxes, transaction costs, management fees or other expenses.
Guarantees by the U.S. government, its agencies, or instrumentalities relate only to the payment of principal an interest of the portfolio securities and not the shares of the Fund. An investment in the Fund is subject to interest rate risk, which is the possibility that a Funds yield will decline due to falling interest rates and bond fund prices may decline as interest rates rise.
For some investors, income may be subject to state and/or local taxes, and certain investors may be subject to the Federal Alternative Minimum Tax (AMT). As of March 31, 2009, the Fund does not invest in securities subject to the Alternative Minimum Tax. However, the Fund's managers maintain the option to change the Fund's composition by investing the Fund's assets in such securities.
Capital gains are subject to federal, state and local taxes. The Funds focus on investments in securities located in a single state makes the fund susceptible to economic, political and regulatory events that affect that state. This fund is non-diversified, which means that it may invest in securities of relatively few issuers. As a result, the Fund may be more susceptible than a diversified fund to a single adverse economic or political and regulatory occurrence affecting one or more issuers. Economic or political changes may impact the ability of municipal issuers to repay principal and interest payments on securities of the Fund, which may adversely impact the Funds shares.
Net expense ratio includes voluntary expense reimbursements by the Funds' investment advisers that may change or end at any time.