Larry and Lolita are considering moving their bank account balance to a safe municipal bond mutual fund. Before making the switch, they should be aware of which of the following? I. Given their federal marginal tax bracket, the bank account provides a higher after-tax yield. II. Interest and capital appreciation from the municipal bond fund is federally income tax exempt. III. Interest from the bonds will be state income tax free if the bonds held in the fund are from the state where the Andes live. IV. Municipal bond interest that is used to reinvest in the fund will grow on a tax-free basis