The investment seeks a high level of current income exempt from federal and Maryland state income taxes for individual investors consistent with preservation of capital. The fund primarily invests in municipal securities that are generally issued by Maryland State and its respective political subdivisions. It normally invests at least 80% of net assets (plus borrowings for investment purposes) in securities the income from which is exempt from both federal and the fund's state individual income tax, which may include securities of issuers located outside of the fund's state. The fund is nondiversified.
