Portfolio Composition
as of (03/31/2014)

Name Value
REVENUE 59.46%
GENERAL OBLIGATIONS 26.54%
CERTIFICATE OF PARTICIPATION 8.38%
ESCROWED TO MATURITY 3.87%
Cash & Equivalents 1.75%

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 (03/31/2014)

Name Value Coupon Maturity Date
Maryland State Health & Higher Educl Facs Auth Rev 3.87% 5.00% 07/01/2027
Maryland State, Stadium Authority Lease Revenue 3.62% 5.00% 06/15/2023
Washington County, MD 3.37% 4.00% 01/01/2021
Maryland State Health & Higher Educl Facis Auth, Ser A 3.27% 5.00% 07/01/2019
Maryland St, Trans Auth, Grant And Rev Anticpn Bonds 3.24% 5.00% 03/01/2020
Charles County, MD, Cons Pub Improv Bonds 3.14% 5.00% 07/15/2022
Maryland State Transportation Authority, Ser A 3.03% 5.00% 07/01/2022
Maryland State Health & Higher Educl Facs Auth Rev 3.00% 5.00% 07/01/2025
Frederick County, MD, Public Facilities, Ser B 2.98% 4.00% 08/01/2017
Maryland State, State & Local Facilities Loan, Ser C 2.98% 4.00% 08/15/2021

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.