The investment seeks high current income exempt from federal and Maryland income tax, consistent with preservation of capital. The fund invests at least 80% of assets in municipal securities, including securities subject to the alternative minimum tax, with income exempt from federal and Maryland income taxes. It invests up to 20% of assets in certain taxable debt securities. Issuers of these securities can be located in Maryland, Puerto Rico and other U.S. territories and possessions. It is nondiversified.