Fund Description

Incepted in December 2000, the fund is managed by Forum Funds. The fund seeks to provide a high level of current income exempt from both Federal and Maryland State income taxes without undue risk. Under normal circumstances, the fund invests at least 80% of its net assets in Maryland bonds, including bonds issued on behalf of the State of Maryland, its local governments and public financing authorities. Although the fund primarily invests in investment grade Maryland municipal securities, the fund may also invest in municipal securities issued by other states, U.S. territories, and possessions as well as U.S. Government securities. Normally, the fund invests at least 80% of its total assets in securities the interest of which is exempt from Federal and Maryland State income taxes. The fund distributes its dividends monthly and net capital gains annually.