81.   But single-state funds can have two disadvantages.

82.   But now that two small-capitalization index funds have five-year records, it may be worth considering them.

83.   But such funds have had uneven track records.

84.   But the fund had good reason to abandon its former strategy.

85.   But the funds have also had high-profile failures.

86.   But the fund has had difficulty attracting and disbursing the money.

87.   But the state tax-exempt fund has a longer-term portfolio, which makes it more prone to principal declines in times of rising interest rates.

88.   But the Vanguard fund has above-average tax efficiency, while Columbia is below average, suggesting that Vanguard would be the wiser choice for a taxable account.

89.   But, unlike money market funds, loan funds have net asset values that can fluctuate depending on the financial health of the borrowers.

90.   By comparison, the average diversified fund has just a fifth of its holdings in those areas.