The investment seeks current income exempt from federal and Pennsylvania state income taxes consistent with the preservation of capital.
The fund typically invests at least 80% of assets in investment grade municipal securities that pay interest that is exempt from federal and Pennsylvania state income taxes. The principal issuers of these securities are state and local governments and their agencies located in Pennsylvania, as well as in Puerto Rico and other U.S. territories and possessions. The sub-adviser strives to maintain an average weighted portfolio maturity of seven years or less. The fund may also invest in junk bonds.