Fund Goal and Approach
The fund seeks to maximize current income exempt from federal income tax and from Pennsylvania income tax, without undue risk.
Until January 1, 2016, notwithstanding any contrary information contained in the prospectus, the fund will normally invest substantially all of its assets in municipal bonds that provide income exempt from federal income tax and the income taxes of the state after which it is named. Thereafter, the fund will normally invest at least 80% of its net assets, plus any borrowings for investment purposes, in such municipal bonds, and may invest a portion of its assets in municipal bonds (as defined in the statutory prospectus dated September 1, 2015, As Revised November 20, 2015) that do not pay income exempt from the income taxes of the state after which the fund is named.
Bond Risk: Bonds are subject generally to interest rate, credit, liquidity, call and market risks, to varying degrees. Generally, all other factors being equal, bond prices are inversely related to interest-rate changes and rate increases can cause price declines.
National Municipal Risk: Income for national municipal funds may be subject to state and local taxes. Income may be subject to state and local taxes for out-of-state residents. Some income for non-AMT-Free funds may be subject to the federal alternative minimum tax for certain investors. Capital gains, if any, are taxable.
State Risk: Investing primarily in a single state may make the fund's portfolio securities more sensitive to risks specific to the state.
Investors should consider the investment objectives, risks, charges, and expenses of the fund carefully before investing. Download a prospectus, or a summary prospectus, if available, that contains this and other information about the fund, and read it carefully before investing.