The fund invests primarily in investment grade municipal obligations, the interest on which is exempt from regular federal income tax. This fund may be appropriate for investors who seek tax-free income and some capital appreciation and can assume a slightly higher level of risk than traditional bond funds. The fund has been operating for only a short time, so the returns cited above may not be a good indication of how the fund might perform over longer time frames, particularly in light of recent market volatility.
Returns shown here reflect a voluntary waiver of part of the investment management fee.
The waiver will remain in effect until at July 1, 2006. If there had been no waiver, total returns would have been lower. Past performance doesn't guarantee comparable returns in the future. Both returns and the value of your invested principal will fluctuate, and at redemption your shares may be worth either more or less than you originally paid.