This low-cost municipal bond fund seeks to provide income exempt from federal taxes and typically appeals to investors in higher tax brackets. The fund holds high-quality short-term municipal bonds with an average duration of approximately 2 years, a bit longer than the Short-Term Tax-Exempt Fund. Risks of the fund include the fact that changes in interest rates, both up and down, can affect the fund by resulting in lower bond prices or an eventual decrease in income for the fund. Investors who are looking for a modest level of federal tax-exempt interest income and can tolerate some income and share price risk may wish to consider this fund.