Legg Mason Investment Counsel Maryland Tax-Free Income Trust

Our goal1

A high level of current income exempt from federal and Maryland state and local income taxes.

What we invest in

The Fund invests primarily in investment-grade debt instruments issued by or on behalf of the State of Maryland, its political subdivisions, municipalities, agencies, instrumentalities or public authorities, the interest on which is exempt from federal and Maryland state and local income taxes. The Fund may invest in taxable securities for defensive or temporary purposes.

Our approach

The Fund's managers analyze each issuer to determine its credit fundamentals and outlook. Issuers are scrutinized not only for their ability to make timely interest and principal payments, but for the stability of their financial position and ratings. The tax consequences of trading activity are always taken into consideration.

What should I know before investing?

Fixed income securities involve interest rate, credit, inflation and reinvestment risks; and possible loss of principal. As interest rates rise, the value fixed income securities falls. The Fund is more vulnerable to unfavorable developments in Maryland and its municipalities than are funds that invest in securities of many states. An investor may be subject to the federal Alternative Minimum Tax, and state and local taxes may apply. Capital gains, if any, are fully taxable.

Meet your Legg Mason Investment Counsel manager

R. Scott Pierce is your Fund's portfolio manager, and has 16 years of investment industry experience.

He's part of the investment team at Legg Mason Investment Counsel, a globally recognized asset management firm. The cornerstone of LMIC's investment process is proprietary, independent, fundamental research and an emphasis on quality, risk management and diversification.

Legg Mason's unique structure provides you with access to this specialized expertise. We offer a powerful portfolio of solutions through our independent investment management firms.

4 stars Overall Morningstar Rating™

Class A shares of the Fund rated among 308 Muni Single State Long Funds as of Jul‑31‑2010. Ratings based upon risk adjusted returns. The Overall Morningstar Rating for the Fund is derived from a weighted average of the performance figures associated with its three‑, five‑ and ten‑ year (if applicable) Morningstar Ratings metrics.

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Lipper Rankings

Category: Maryland Municipal Debt Funds

Rankings Details >

Symbols

CLASSNASDAQCUSIP
ALMMDX524907102
CLMMCX52465W207
ILMMIX524907409

Morningstar proprietary ratings are as of Jul-31-2010 and are subject to change every month. A 4- or 5-star rating does not necessarily imply that a fund achieved positive results for the period. Past performance is no guarantee of future results. For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund's monthly performance (including the effects of sales charges, loads, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages.) The Overall Morningstar Rating for a fund is derived from a weighted-average of the performance figures associated with its 3-, 5- and 10-year (if applicable) Morningstar Rating metrics. Class A shares of the Fund were rated against 308, 273, and 268 funds over the 3-, 5- and 10-year periods, respectively. With respect to these funds, Class A shares of the Fund received Morningstar Ratings of 4, 4, and 3; stars for the 3-, 5- and 10-year periods, respectively. Ratings are for A share classes only; other classes may have different performance characteristics. Classes have a common portfolio.

Prior to October 5, 2009, the Fund was known as Legg Mason Maryland Tax-Free Income Trust. The Fund's investment objective, portfolio managers and investment strategy have not changed. Please see the prospectus for details.

Morningstar ratings are only shown for those funds that have achieved a 4 or 5 star rating.

1There is no guarantee that the Fund’s objective will be met.

Information on Sales Charges, Breakpoints, Sales Charge Waivers and Exchanges
Click here for more information about:
Class A shares:
- what are the front-end sales loads charged on the purchase of Class A shares
- how to qualify for reduced sales charges or breakpoints
- what kinds of accounts can be combined to qualify for reduced sales charges
- what waivers of front-end sales charges are available
Class C shares:
- what are the contingent deferred sales charges payable upon redemption
- what waivers of deferred sales charges are available
Exchange privileges:
- which funds are exchangeable
- what conditions are applicable
Other share classes may be available for which sales charges, breakpoints, sales charge waivers and exchanges may differ. Please speak to a financial professional or click on the link above.
 
Exchange Privileges: Many mutual funds that charge front-end sales loads offer a discount on the sales loads for a large investment. The investment levels required to obtain a reduced sales load are commonly referred to as "breakpoints." Typically, you may be entitled to a lower front-end load based on a single transaction if the dollar amount exceeds one or more breakpoints. In addition, some funds offer discounts based on purchases made over time, under a right of accumulation or letter of intent. The criteria for breakpoints for each mutual fund are set out in the fund prospectus and statements of additional information. FINRA issued an Investor Alert to ensure that investors better understand how breakpoints work and what you may need to know to make sure that, should you purchase shares eligible for breakpoints, you are charged the lowest possible front-end sales charge. Visit the FINRA Website to read the FINRA Investor Alert.

*Certain investors may be subject to the Federal Alternative Minimum Tax (AMT), and state and local taxes may apply. Capital gains, if any, are fully taxable.

Diversification does not assure a profit or protect against market loss.

INVESTMENT PRODUCTS: NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE

All investments involve risk, including possible loss of principal.

Investors should consider a fund's investment objectives, risks, charges and expenses carefully before investing. The prospectus contains this and other information about a fund. To obtain a free prospectus, please view the product specific page on this website and click on the prospectus link. An investor should read the prospectus carefully before investing.

All investment managers mentioned are subsidiaries of Legg Mason, Inc. Legg Mason Investor Services, LLC, is a subsidiary of Legg Mason, Inc.

This site is intended for U.S. investors only. The products and services described on this site are generally not available to non-U.S. investors.


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