Investment approach The fund’s managers incorporate bottom-up, fundamental research into their process to drive security selection and seek risk mitigation. In pursuit of this goal, the fund will invest at least 80% of its total net assets in Maryland bonds issued by the state, as well as those issued by its local governments and public financing authorities. The fund may also invest in other municipal securities issued by other states, U.S. territories, and U.S. Government securities. The fund will typically invest at least 80% of its assets in securities with interest that is exempt from Federal and Maryland State income taxes, although some interest may be subject to the Federal alternative minimum tax (AMT). The fund may also invest in derivatives to mitigate or hedge risks in the portfolio or to temporarily invest cash balances. Fund profile The fund is a concentrated portfolio of the portfolio managers’ best ideas that have been identified through fundamental analysis and which the managers believe have the potential to deliver both attractive and tax-efficient risk-adjusted returns over time. Generally the average weighted maturity of the fund’s holdings will be between 4 and 10 years.