Me, I mark-to-market, so I do consider there to be interest rate risk to principal when buying individual bonds.I was just offering a quick first look. If you buy individual bonds and you can't hold to maturity or if you have to deal with calls buying at a premium (and a lot of those bonds were at a premium) interest rate risk is there. But with a fund, if interest rates are higher when you sell than when you buy, you sell shares for a loss, period.Whether these PA munis can be had in a way that makes more sense than a fund, or something other than munis, would require a closer look. My initial look suggests further looking is warranted.
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