Fund Description

The fund was incepted in May 1987 and is managed by Van Kampen Investment Advisory Corp. The objective of the fund is to provide only Pennsylvania investors with a high level of current income exempt from federal and Pennsylvania state income taxes and where possible under local law, local income and personal property taxes. The fund achieves its objective through investment primarily in a varied portfolio of medium and lower-grade municipal securities. The fund may invest up to 20% of its total assets in municipal securities that are subject to the federal alternative minimum tax. The fund may temporarily invest up to 10% of its total assets in Pennsylvania tax exempt money market funds. The fund offers dividends monthly and capital gains annually.