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.

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).  As of September 30th, 2008, 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. 

Net expense ratio includes voluntary expense reimbursements by the Funds' investment advisers that may change or end at any time.