The investment seeks to provide a high level of current income exempt from both Federal and Maryland State income taxes without undue risk. The fund normally invests at least 80% of the value of its 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. It may also invest in municipal securities issued by other states, U.S. territories, and possessions, U.S. government securities, general obligation securities and revenue securities, including private activity bonds. The fund is non-diversified.