Tax-Free Bond Fund Ratings

Experienced fund managers, top-notch credit research, and a disciplined investment approach make a difference in municipal bond investing. Here's what others have said about our municipal bond fund lineup:

Data as of 4/30/2011
Fund Name	Morningstar Category	Morningstar Ratings* (# of funds in category)				Lipper Leaders**
National Tax-Free Funds1		Overall	3 Years	5 Years	10 Years
Tax-Free Income	Muni National Long	(out of 254)	(out of 254)	(out of 236)	(out of 205)
		"This mutual fund remains topnotch."3
Tax-Free High Yield	High Yield Muni	(out of 137)	(out of 137)	(out of 107)	(out of 91)
		"This high-yield muni fund has earned investors' patience."4
Tax-Free Short-Intermediate	Muni Short	(out of 157)	(out of 157)	(out of 142)	(out of 89)
		"This bond fund's humble strategy should keep it even-keeled."5
Summit Municipal Income	Muni National Long	(out of 254)	(out of 254)	(out of 236)	(out of 205)
		"This mutual fund has a strong constitution."3
Summit Municipal Intermediate	Muni National Intermediate	(out of 215)	(out of 215)	(out of 193)	(out of 137)
		"This muni mutual fund is a fine choice."6
State Tax-Free Funds2
California Tax-Free Bond	Muni California Long	(out of 149)	(out of 149)	(out of 136)	(out of 115)
		"This mutual fund is on solid ground."7
Georgia Tax-Free Bond	Muni Single State Long	(out of 318)	(out of 318)	(out of 283)	(out of 271)
Maryland Tax-Free Bond	Muni Single State Long	(out of 318)	(out of 318)	(out of 283)	(out of 271)
		"This mutual fund is a top option for this state's investors."8
Maryland Short-Term Tax-Free Bond	Muni Short	(out of 157)	(out of 157)	(out of 142)	(out of 89)
New Jersey Tax-Free Bond	Muni New Jersey	(out of 69)	(out of 69)	(out of 57)	(out of 49)
New York Tax-Free Bond	Muni New York Long	(out of 113)	(out of 113)	(out of 107)	(out of 96)
		"This mutual fund is on solid ground."9
Virginia Tax-Free Bond	Muni Single State Long	(out of 318)	(out of 318)	(out of 283)	(out of 271)
		"This mutual fund is a top option for Old Dominion investors."10

Past performance cannot guarantee future results. Yield and share price will vary with interest rate changes. Investors should note that if interest rates rise significantly from current levels, bond fund total returns will decline and may even turn negative in the short term.

*For funds with at least a 3-year history, a Morningstar Rating^TM is based on a risk-adjusted return measure (including the effects of sales charges, loads, and redemption fees) with emphasis on downward variations and consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% 4 stars, the next 35% 3 stars, the next 22.5% 2 stars, and the bottom 10% 1 star. Each share class is counted as a fraction of 1 fund within this scale and rated separately. Morningstar Rating^TM is for the retail share class only; other classes may have different performance characteristics. The Overall Morningstar Rating^TM is derived from a weighted average of the performance figures associated with a fund's 3-, 5-, and 10-year (if applicable) Morningstar Rating^TM metrics. Morningstar Ratings^TM are based on risk-adjusted performance.

©2011 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.

**The ratings are subject to change every month. The highest 20% of funds in each peer group are named Lipper Leaders, the next 20% receive a score of 4, the middle 20% are scored 3, the next 20% are scored 2, and the lowest 20% are scored 1. A high Lipper rating does not necessarily imply that a fund had the best total performance or that the fund achieved positive results for that period. Lipper ratings are not intended to predict future results, and Lipper does not guarantee the accuracy of this information. More information is available at lipperleaders.com. Lipper Leader Copyright 2011, Reuters, All Rights Reserved.

Lipper ratings for Consistent Return reflect funds' historical risk-adjusted returns, adjusted for volatility, relative to peers; Lipper ratings for Total Return reflect funds' historical total return performance relative to peers; and Lipper ratings for Preservation reflect funds' historical loss avoidance relative to other funds within the same asset class. Preservation ratings are relative, rather than absolute, measures, and funds named Lipper Leaders for Preservation may still experience losses periodically; those losses may be larger for equity and mixed equity funds than for fixed income funds. Lipper ratings for expense reflect the funds that have successfully managed to keep their expenses low relative to peers and within the funds' load structure. The ratings are based on an equal-weighted average of percentile ranks for the Consistent Return, Total Return, and Preservation metrics, respectively, over 3-, 5-, and 10-year periods (if applicable).

The following funds received the following Lipper Leader ratings for the overall and 3-, 5-, and 10-year periods, respectively:

Tax-Free Income Fund, Lipper General Municipal Debt Funds classification: Consistent Return: 5 (229 funds), 5 (229 funds), 5 (203 funds), and 5 (167 funds); Expense: 5 (96 funds), 5 (96 funds), 5 (91 funds), and 5 (76 funds);

Tax-Free High Yield Fund, Lipper High Yield Muni Debt Funds classification: Total Return: 5 (102 funds), 4 (102 funds), 4 (78 funds), and 5 (64 funds); Consistent Return: 5 (102 funds), 5 (102 funds), 5 (78 funds), and 5 (64 funds);

Tax-Free Short-Intermediate Fund, Lipper Short-Intermediate Muni Debt Funds classification: Preservation: 5 (4,387 funds), 5 (4,387 funds), 5 (3,691 funds), and 5 (2,595 funds);

Summit Municipal Income Fund, Lipper General Municipal Debt Funds classification, Total Return: 5 (232 funds), 5 (232 funds), 5 (206 funds), and 5 (170 funds); Expense: 5 (96 funds), 5 (96 funds), 5 (91 funds), and 5 (76 funds);

Summit Municipal Intermediate Fund, Lipper Intermediate Municipal Debt Funds classification, Total Return: 5 (140 funds), 5 (140 funds), 5 (127 funds), and 5 (83 funds); Expense: 5 (60 funds), 5 (60 funds), 4 (56 funds), and 4 (41 funds);

California Tax-Free Bond Fund, Lipper California Muni Debt Funds classification, Total Return: 5 (117 funds), 5 (117 funds), 5 (104 funds), and 5 (84 funds); Consistent Return: 5 (117 funds), 5 (116 funds), 5 (104 funds), and 5 (84 funds); Expense: 5 (69 funds), 5 (69 funds), 5 (65 funds), and 5 (49 funds);

Georgia Tax-Free Bond Fund, Lipper Georgia Muni Debt Funds classification: Consistent Return: 5 (16 funds), 5 (16 funds), 4 (15 funds), and 4 (13 funds); Expense: 5 (272 funds), 5 (272 funds), 5 (257 funds), and 5 (239 funds);

Maryland Tax-Free Bond Fund, Lipper Maryland Muni Debt Funds classification, Total Return: 5 (31 funds), 5 (31 funds), 4 (26 funds), and 5 (22 funds); Expense: 5 (272 funds), 5 (272 funds), 5 (257 funds), and 5 (239 funds);

Maryland Short-Term Tax-Free Bond Fund, Lipper Short Muni Debt Funds classification, Preservation: 5 (4,387 funds), 5 (4,387 funds), 5 (3,691 funds), and 5 (2,595 funds);

New Jersey Tax-Free Bond Fund, Lipper New Jersey Muni Debt Funds classification, Consistent Return: 5 (45 funds), 5 (45 funds), 4 (35 funds), and 5 (31 funds); Expense: 5 (272 funds), 5 (272 funds), 5 (257 funds), and 5 (239 funds);

New York Tax-Free Bond Fund, Lipper New York Muni Debt Funds classification, Consistent Return: 5 (92 funds), 5 (92 funds), 5 (85 funds), and 5 (75 funds); Expense: 5 (51 funds), 5 (51 funds), 5 (50 funds), and 5 (44 funds); and

Virginia Tax-Free Bond Fund, Lipper Virginia Muni Debt Funds classification, Total Return: 5 (28 funds), 5 (28 funds), 5 (24 funds), and 5 (23 funds); Expense: 5 (272 funds), 5 (272 funds), 5 (257 funds), and 5 (239 funds).