The S&P Short Intermediate Muni Bond Index, formerly the S&P/Investortools Short 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.
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). 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. High yield bond investing includes special risks. Investments in lower rated and unrated debt securities are subject to a greater loss of principal and interest than investments in higher rated securities.
Net operating expenses reflect contractual waivers and expense reimbursements that, if not renewed, will expire at the end of September 2012. For more information on fee waivers or expense reimbursements please see the expense table in the prospectus. Expenses listed above reflect those of the most recent prospectus.