BEFORE YOU INVEST

Before considering an investment in the Fund, you should understand that you could lose money.


Municipal bond risks include the ability of the issuer to repay the obligation, the relative lack of information about certain issuers, and the possibility of future tax and legislative changes, which could affect the market for and value of municipal securities. 


A portion of the Fund's income may be subject to state and local taxes or the alternative minimum tax.


Income from municipal bonds held by the Fund could be declared taxable because of unfavorable changes in tax law, adverse interpretations by the Internal Revenue Service or state tax authorities, or noncompliant conduct of a bond issuer.


High-yield municipal bonds may be subject to increased liquidity risk as compared to other high-yield debt securities.


The Fund may invest in derivatives, which may increase the volatility of the Fund's NAV and may result in a loss to the Fund.


Funds that invest in bonds are subject to interest-rate risk and can lose principal value when interest rates rise. Bonds are also subject to credit risk, in which the bond issuer may fail to pay interest and principal in a timely manner.


The Fund is a new fund. As a new fund, there can be no assurance that it will grow to or maintain an economically viable size, in which case it could ultimately liquidate.


Bloomberg Barclays Municipal Bond Index 1 -15 Yr. Blend covers the USD-denominated long-term tax exempt bond market. The index has four main sectors: state and local general obligation bonds, revenue bonds, insured bonds and prerefunded bonds. 


An investment cannot be made directly into an index. 


Final Maturity is the weighted average of the stated time to maturity for the securities held in the portfolio.


Modified Duration is inversely related to the approximate percentage change in price for a given change in yield.


Duration to Worst is the duration of a bond, computed using the bond's nearest call date or maturity, whichever comes first. This measure ignores future cash flow fluctuations due to embedded optionality.


Average Price is based on market value and is the market weighted average of all bonds held in the Fund's portfolio, including any zero coupon bonds.