The S&P Intermediate Muni Bond Index, formerly the S&P/Investortools Intermediate Muni Bond Index, is an unmanaged index and 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.
The S&P MD Municipal Bond Index, formerly the S&P/Investortools MD Muni Bond Index, is an unmanaged index and 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.
An investment in the Fund is subject to interest rate risk, which is the possibility that a Fund's yield will decline due to falling interest rates and the potential for bond prices to fall 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). The Fund's 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 Fund’s shares. The Fund may be subject to call risk, which is the risk of a bond being called prior to maturity.
The maximum sales charge for class A shares is 3.00%. Class C shares do not have a front-end sales charge, but do have a 1.00% charge on the redemption of shares that are held for less than 18 months.
1 As of most recent quarter-end. The Morningstar Style Box reveals the Fund’s investment strategy. For fixed-income funds, the vertical axis shows the average credit quality of the bonds owned and the horizontal axis shows interest-rate sensitivity as measured by a bond’s duration (short, intermediate or long). Credit quality ratings are subject to change. For more complete information about how fixed income style boxes are categorized, please click here to view the Morningstar.com style box analysis.