†Annualized.

Important Disclosure

The performance quoted represents past performance. Past performance is no guarantee of future results. Performance may be lower or higher than performance data quoted.

Index returns are not Fund returns and do not reflect any management fees or brokerage expenses. Investors can not invest directly in the Index. Returns for actual Fund investors may differ from what is shown because of differences in timing, the amount invested and fees and expenses. Index returns assume that dividends have been reinvested.

The Barclays Capital AMT-Free Intermediate Continuous Municipal Index is a market value weighted index designed to replicate the price movements of medium-duration bonds.

The Barclays Capital AMT-Free Long Continuous Municipal Index is a market value weighted index designed to replicate the price movements of long-duration bonds.

Barclays Capital Municipal Pre-Refunded–Treasury-Escrowed Index is a market-size weighted index comprised of pre-refunded and escrowed-to-maturity municipal securities secured by an escrow or trust account containing obligations that are directly issued or unconditionally guaranteed by the U.S.

The Barclays Capital AMT-Free Short Continuous Municipal Index is a market value weighted index designed to replicate the price movements of short-duration bonds.

Barclays Capital Municipal Custom High Yield Composite Index is a market-size weighted index that is designed to track the high-yield segment of the municipal market with enhanced liquidity. The index is made up of a 25%/75% blend of investment-grade triple-B and non-investment grade munis, and draws 75% of its holdings from bonds issued as part of transaction sizes of $100 million or more.

The Indexes listed above are calculated and maintained by Barclays Capital Inc. Barclays Capital Inc. does not sponsor, endorse, or promote the Funds and bears no liability with respect to any such Funds or security.