Portfolio Composition
as of (06/30/2014)

Name Value
REVENUE 67.14%
GENERAL OBLIGATIONS 24.41%
CERTIFICATE OF PARTICIPATION 5.71%
Cash & Equivalents 2.74%

Moody's Quality Bond Rating¹
as of (03/31/2014)

Name Value
A 14.52%
Aa 62.29%
Aaa 13.88%
Baa 8.37%
N/A 0.94%

Effective Duration Breakdown
as of (03/31/2014)

Name Value
0-1 Year 3.81%
1-3 Years 9.79%
3-4 Years 7.48%
4-6 Years 41.28%
6-8 Years 27.43%
8+ Years 10.21%
Average Life 6.85 Years
Effective Duration 5.43 Years

Top 10 Holdings
as of (06/30/2014)

Name Value Coupon Maturity Date
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.