Portfolio Composition
as of (09/30/2014)

Name Value
REVENUE 67.33%
GENERAL OBLIGATIONS 22.25%
CERTIFICATE OF PARTICIPATION 5.58%
PRE-REFUNDED 1.80%
Cash & Equivalents 3.04%

Moody's Quality Bond Rating¹
as of (09/30/2014)

Name Value
AAA 30.7%
AA 40.7%
A 20.8%
BBB 7.7%
Not Rated 0.1%

Effective Duration Breakdown
as of (09/30/2014)

Name Value
0-1 Year 6.1%
1-2 Years 5.3%
2-3 Years 10.7%
3-5 Years 21.8%
5-10 Years 50.3%
10+ Years 5.8%
Average Life 6.10 Years
Effective Duration 5.32 Years

Top 10 Holdings
as of (09/30/2014)

Name Value Coupon Maturity Date
Maryland Stadium Authority, Refunding Bonds 3.72% 5.00% 06/15/2023
County of Washington MD, Refunding Bonds 3.44% 4.00% 01/01/2021
MD State Trans Auth, Transportation Fac Projects Rev 3.39% 5.00% 03/01/2020
MD Health & Higher Edu Fac Auth, Carroll Hosp, Series A 3.29% 5.00% 07/01/2019
County of Charles MD, Consolidated Pub Improvment Bnds 3.24% 5.00% 07/15/2022
MD Hlth & High Edu Fac Auth Rev, Johns Hopkins Hlth Sys 3.13% 5.00% 07/01/2025
MD St Transportation Auth, Transport Facilities, Ser A 3.07% 5.00% 07/01/2022
MD Eco Development Corp., Lease Rev, Pub Hlth Labratory 3.06% 5.00% 06/01/2020
MD St, Hlth & High Edu Fac Auth Rev, Fred Mem Hosp, S A 3.06% 5.00% 07/01/2022
Washington Metro Trans Auth, Gross Rev Trans Bnds, Sr A 3.05% 5.25% 07/01/2027

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.