Fiscal Year End
|| Muni Single State Long
The fund's objective is to provide, consistent with prudent portfolio management, the highest level of income exempt from federal and Maryland state and local income taxes by investing primarily in investment-grade Maryland municipal bonds.
Invests at least 80% of net assets in Maryland municipal bonds. The fund's weighted average maturity is expected to exceed 10 years.
The fund is made suited for Maryland taxpayers who, because of their tax bracket, can benefit from income that is exempt from federal and Maryland state and local income taxes. However, it is not appropriate for tax-deferred retirement plans, such as IRAs. Some income may be subject to the federal alternative minimum tax. Income earned by non-Maryland residents may be subject to applicable state and local taxes.
DC, DE, FL, HI, IL, MD, NJ, PA, VA, VT, WV, WY
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The Maryland Tax-Free Bond Fund offers Maryland investors triple-tax-free income. The fund focuses on long-term securities to provide high yields; assets are concentrated in investment-grade bonds to help reduce credit risk. The fund provides higher income than the T. Rowe Price Maryland Short-Term Tax-Free Bond Fund but also greater potential price fluctuation.
Yield and share price will vary with interest rate changes. Investors should note that if interest rates rise significantly from current levels, bond fund total returns will decline and may even turn negative in the short term. There is also a chance that some of the fund's holdings may have their credit rating downgraded or may default. The fund is less diversified than one investing nationally.