High Income Municipal Bond Fund

Fees and Expenses

	I Share Class	U Share Class
Management Fee	0.60%	0.60%
Distribution (12b-1) Fee	None	None
Other Expenses
Servicing Fee1	0.00%	0.15%
Other Fund Operating Expenses2	0.25%	0.25%
Total Other Expenses	0.25%	0.40%
Total Annual Operating Expenses3	0.85%	1.00%
Short-Term Redemption Fee	None	None
Minimum Investment Amount	$150,000	$10,000

(1) The Servicing Fee is paid to the third party intermediary through which Class U shares are purchased.

(2) The Fund's inception date is December 31, 2006 and therfore the amount of other Fund operating expenses is estimated for the current fiscal year. The estimate includes operating expenses such as (but not limited to) custodial, accounting, transfer agent and legal expenses. Actual expenses may be different than those shown.

(3) Effective with the inception of the Fund (December 31, 2006) through December 31, 2008, the Adviser will voluntarily waive fees and reimburse other fund expenses so that total operating expenses, after waiver, do not exceed 0.85% and 1.00% of average daily net assets, respectively, for Class I and Class U shares. In determining the Adviser's obligation to waive fees and/or reimburse expenses, interest, taxes and extraordinary items as approved by the Fund's independent directors, are not taken into consideration and could cause the Fund's expenses to exceed the amounts reflected above. Fee waivers may be modified or discontinued at any time after December 31, 2008 with the approval of the Board of Directors without further notice to investors.