Guarantees by municipal issuers, their agencies, or instrumentalities relate only to the payment of principal an interest of the portfolio securities and not the shares of the Fund. 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. For some investors, income may be subject to the federal alternative minimum tax (AMT). Capital gains are subject to federal, state and local taxes. The Fund’s focus on investments in securities located in a single state makes the fund susceptible to economic, political and regulatory events that affect that state. This fund is non-diversified, which means that it may invest in securities of relatively few issuers. As a result, the Fund may be more susceptible than a diversified fund to a single adverse economic or political and regulatory occurrence affecting one or more issuers. 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.