Fund Description

The fund invests principally in municipal securities whose interest is exempt from federal income tax, including federal alternative minimum tax (AMT), and Pennsylvania individual income tax. Under normal circumstances it invests at least 80% of net assets in such municipal securities, up to 20% in securities whose interest is subject to federal income tax (including federal AMT), up to 10% of total assets in below investment-grade municipal securities, and up to 10% in inverse floaters. It may use futures for duration and yield curve management and expects a dollar-weighted average effective maturity between 3 and 20 years.