Fund Commentary

Q2 2010 Market Review

The municipal bond market, as represented by the Barclays Capital Municipal Bond Index (the Barclays Index), the Fund's benchmark, generated a positive total return of 2.03% during the second quarter, and is up by 3.31% year-to-date through June 30, 2010. The Fund's Class A shares have outpaced the benchmark over both the second quarter (2.37% to 2.03%) and the six months ended June 30, 2010 (4.25% to 3.31%).

Continue reading the full commentary with performance analysis.

Not FDIC insured

May lose value

No bank guarantee

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