|CERTIFICATE OF PARTICIPATION||5.71%|
|Cash & Equivalents||2.74%|
|Average Life||6.85 Years|
|Effective Duration||5.43 Years|
|Maryland State, Stadium Authority Lease Rev||3.76%||07/17/2014|
|Washington County, MD||3.49%||07/17/2014|
|Maryland State, Transportation Authority||3.45%||07/17/2014|
|Maryland State Health & Higher Educl Facs Auth, Ser A||3.34%||07/17/2014|
|Charles County, MD, Consolidated Public Improv Bonds||3.26%||07/17/2014|
|Maryland State Transportation Auth, Ser A||3.13%||07/17/2014|
|Maryland State Health & Higher Educl Facs Auth Rev||3.13%||07/17/2014|
|Maryland State, Economic Development Corp, Lease Rev||3.11%||07/17/2014|
|Washington, DC, Metropolitan Area Transit Auth, Ser A||3.11%||07/17/2014|
|Maryland State, State & Local Facilities Loan, Ser C||3.09%||07/17/2014|
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.