The fund's objective is to seek a high level of income exempt from federal income taxes consistent with modest price fluctuation by investing primarily in short- and intermediate-term investment-grade municipal securities.
Invests primarily in short-and intermediate-term municipal securities. Its weighted average maturity normally ranges from two to five years and is not expected to exceed five years. The fund generally buys investment-grade securities.
Investors whose income tax level enables them to benefit from tax-exempt income. Not appropriate for tax-deferred retirement plans, such as IRAs. Some income may be subject to state and local taxes and the federal alternative minimum tax.
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By investing primarily in short- and intermediate-term municipal securities, this fund offers a higher yield than short-term bond funds but lower yield than longer-term funds. This gives it a moderate risk/reward profile. Dividends from the fund are exempt from federal income tax.
Yield and share price will vary with interest rate changes. Investors should note that if interest rates rise from current levels, bond fund total returns will decline and may even turn negative in the short term. There is also credit risk that the fund seeks to control by investing primarily in municipal securities in the four highest credit categories.
* Funds are placed in general risk/return categories based on their 10-year standard deviation
(as of December 2015) or, for newer funds, the standard deviation of the types of securities
in which they invest. There is no assurance past trends will continue.
See Glossary for additional details on all data elements.
The mutual funds referred to in this website are offered and sold only to persons residing in the United States and are offered by prospectus only. The prospectuses include investment objectives, risks, fees, expenses, and other information that you should read and consider carefully before investing. Download a prospectus.