Fund Description

The fund seeks to achieve its objective by investing at least 80% of net assets (plus any borrowings for investment purposes) in Maryland bonds, including bonds issued on behalf of the State of Maryland, its local governments, and public financing authorities; this policy cannot be changed without shareholder approval. It may also invest in municipal securities from other states and U.S. territories and possessions, U.S. Government securities, and general obligation, revenue, and private activity bonds. It is non-diversified and generally targets a weighted average effective maturity of 4 to 10 years. Normally, at least 80% of net assets are in securities with interest exempt from Federal and Maryland income taxes, though potentially subject to AMT; capital gains are taxable. The fund may use derivatives and may take temporary defensive positions in cash and prime quality cash equivalents.