The investment seeks current income exempt from federal and Pennsylvania income taxes. The fund normally invests at least 75% of assets in Pennsylvania municipal securities rated at least investment grade or, if unrated, determined by the investment adviser to be of at least investment grade quality. It may invest the balance of assets in securities rated below investment grade and in unrated municipal obligations considered to be of comparable quality by the investment adviser. The fund doesn't invest more than 10% of net assets in obligations rated below B by Moody's, S&P or Fitch. It is nondiversified.
