The investment seeks high current income exempt from federal and Maryland state and local income taxes, consistent with prudent investment risk and preservation of capital. The fund normally invests at least 80% of total assets in municipal obligations, the interest of which is exempt from Maryland state and local taxes and is not considered a tax preference item for the purpose of the alternative minimum tax. It may invest 25% or more of total assets in a particular segment of the municipal securities market. The fund may invest in securities of any maturity. It is nondiversified.
