|CERTIFICATE OF PARTICIPATION||5.63%|
|Cash & Equivalents||4.30%|
|Average Life||6.10 Years|
|Effective Duration||5.32 Years|
|Maryland Stadium Authority, Refunding Bonds||3.82%||5.00%||06/15/2023|
|County of Washington MD, Refunding Bonds||3.49%||4.00%||01/01/2021|
|MD State Trans Auth, Transportation Fac Projects Rev||3.41%||5.00%||03/01/2020|
|MD Health & Higher Edu Fac Auth, Carroll Hosp, Series A||3.33%||5.00%||07/01/2019|
|County of Charles MD, Consolidated Pub Improvment Bnds||3.31%||5.00%||07/15/2022|
|Montgomery County Revenue Authority, REF||3.30%||5.00%||05/01/2022|
|MD Hlth & High Edu Fac Auth Rev, Johns Hopkins Hlth Sys||3.20%||5.00%||07/01/2025|
|MD St Transportation Auth, Transport Facilities, Ser A||3.12%||5.00%||07/01/2022|
|Washington Metro Trans Auth, Gross Rev Trans Bnds, Sr A||3.11%||5.25%||07/01/2027|
|MD St, Hlth & High Edu Fac Auth Rev, Fred Mem Hosp, S A||3.11%||5.00%||07/01/2022|
Current and future portfolio holdings are subject to change and risk.
¹ Credit quality ratings using Moody's rating symbols reflect the credit quality of the underlying bonds in the fund portfolio and not of the Fund itself. Moody's assigns a range of ratings from Aaa being the highest quality to C being the lowest rated class of bonds. Securities not rated by Moody's may be rated by S&P, Fitch or if no agency rating is available, the Fund will assign a rating of not rated. Bond quality ratings are subject to change.