The investment seeks high current interest income exempt from federal and Pennsylvania income taxes, consistent with preservation of capital. The fund normally invests at least 80% of assets in Pennsylvania municipal securities that pay interest that is exempt from federal and Pennsylvania personal income taxes, and from the investment income tax of the school district of Philadelphia. It does not limit its investments to securities of a particular maturity range, and may hold both short- and long- term securities. The fund currently focuses on longer-term securities to seek higher yields. It is nondiversified.
