Fund Description

The fund, under normal market conditions, invests at least 80% of net assets (plus borrowings) in securities whose income is, in counsel's opinion, exempt from regular federal individual and, as applicable, state income tax, and at least 80% in Pennsylvania municipal securities, including certain tax-exempt securities issued outside Pennsylvania. It may invest up to 20% in AMT-subject securities and up to 20% in taxable investments. Most holdings are investment-grade, but up to 25% of total assets may be below investment-grade. It may use derivatives, including futures, invest in Inverse Floaters to generate leverage (up to 20% of total assets), and borrow up to one-third of total assets.