Fund Description

The fund is actively managed and invests primarily in high-quality municipal bonds issued by Pennsylvania state and local governments, as well as regional governmental and public financing authorities. Under normal circumstances, it invests at least 80% of net assets, plus any borrowings for investment purposes, in securities whose income is exempt from federal and Pennsylvania state taxes. It primarily buys investment-grade municipal bonds as rated by a nationally recognized rating organization or deemed comparable quality by the advisor. It targets a dollar-weighted average maturity of 10 to 25 years, with no limits on individual maturities, and is nondiversified.