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Intermediate Tax Exempt Bond FundPTIIXShare Class
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investment strategy / process

The PNC Intermediate Tax Exempt Bond Fund is managed through a team-driven, top-down process utilizing active state selection and strategy, with extensive credit research and portfolio analysis to mitigate risk. The Fund seeks to provide high current income, while preserving capital by investing in investment-grade municipal obligations - or unrated securities of equal caliber - that pay interest exempt from federal income tax. The dollar-weighted average maturity of the fund is expected to remain within three to ten years. The Fund’s duration (its sensitivity to interest rate changes) is expected to remain within 10% of its benchmark index, the Barclays 7-Year Municipal Bond Index.

An investment in the Fund is subject to interest rate risk, which is the possibility that a Funds yield will decline due to falling interest rates and bond fund prices may decline as interest rates rise. For some investors, income may be subject to state and/or local taxes, and certain investors may be subject to the Federal Alternative Minimum Tax (AMT). Economic or political changes may impact the ability of municipal issuers to repay principal and interest payments on securities of the Fund, which may adversely impact the Fund’s shares.

*Sector weightings and top ten holdings are subject to change, for illustrative purposes only and are not a permanent reflection of the fund.