The investment seeks income exempt from federal and Pennsylvania income taxes. The fund invests primarily in a portfolio of medium- and lower-grade Pennsylvania municipal securities that are rated at the time of purchase between BBB and B- (inclusive) by Standard and Poor's ("S&P") or between Baa and B3 (inclusive) by Moody's Investors Service, Inc. It may invest up to 20% of total assets in municipal securities that are subject to the federal alternative minimum tax.
