July 2, 1997
Tax-Free Pennsylvania Fund
Supplement to Statement of Additional Information
Dated April 29, 1997
The following replaces average annual total return and
cumulative total return information for Class A Shares at
offer in the section of the Statement of Additional
Information entitled Performance Information:
Average Annual Total Return Cumulative Total Return
Class A Class A
Shares(1) Shares(1)
(at Offer) (at Offer)
1 year ended 3 months ended
2/28/97 0.44% 2/28/97 (3.46%)
3 years ended 6 months ended
2/28/97 3.70% 2/28/97 0.49%
5 years ended 9 months ended
2/28/97 5.92% 2/28/97 2.03%
10 years ended 1 year ended
2/28/97 6.49% 2/28/97 0.44%
15 years ended 3 years ended
2/28/97 8.88% 2/28/97 11.51%
Period 3/23/77(2) 5 years ended
through 2/28/97 6.44% 2/28/97 33.31%
10 years ended
2/28/97 87.49%
15 years ended
2/28/97 216.73%
Period 3/23/77(2)
through 2/28/97 247.40%
(1) Performance figures for periods after May 31, 1992
reflect applicable Rule 12b-1 distribution expenses.
Future performance will be affected by such expenses.
Effective June 9, 1997, the maximum front-end sales
charge was reduced from 4.75% to 3.75%. The above
performance numbers are calculated using 3.75% as the
applicable sales charge for all time periods, and are
more favorable than they would have been had they been
calculated using the former front-end sales charges.
(2) Date of initial public offering of Class A Shares.
The following replaces yield for Class A Shares in the
section of the Statement of Additional Information entitled
Performance Information:
The 30-day yield of Class A Shares as of February 28,
1997 was 4.72%. For the 30-day period ended February 28,
1997, the tax-equivalent yield of Class A Shares was 6.84%,
assuming a federal income tax rate of 31%. Yield has been
calculated using the new maximum front-end sales charge in
effect on June 9, 1997 described above.
