| Security | CUSIP | Shares | Traded Market Value | % of Holding ↓ |
| FEDERATED MD MUNI CASH | 60934N286 | 1,785,754 | $1,785,754.41 | 5.18% |
| MARYLAND 5.25% 07/01/38 | 5742172K0 | 1,250,000 | $1,213,337.50 | 3.52% |
| FREDERICK 5.00 12/01/15 | 355694H60 | 1,075,000 | $1,156,151.75 | 3.35% |
| HOWARD 5.0% 02/15/15 | 442565XX0 | 1,000,000 | $1,070,550.00 | 3.10% |
| CHARLS CNTY 5.00 03/01/16 | 159807H58 | 1,000,000 | $1,068,200.00 | 3.10% |
| MD ST HLTH 5.125 07/01/34 | 574217PZ2 | 1,000,000 | $1,066,930.00 | 3.09% |
| FREDERICK 5.00 12/01/16 | 355694H78 | 1,000,000 | $1,062,260.00 | 3.08% |
| MONTGMRY MD 5.50 12/01/16 | 613342BT0 | 1,000,000 | $1,047,590.00 | 3.04% |
| BALTIMORE 4.75 10/15/16 | 059189FF2 | 1,000,000 | $1,041,040.00 | 3.02% |
| TALBOT CO 5.375 03/15/17 | 874160FV1 | 1,000,000 | $1,040,810.00 | 3.02% |
| MARYLAND ST 5.00 03/01/19 | 57429RAY9 | 1,000,000 | $1,031,840.00 | 2.99% |
| MARYLAND ST 5.00 02/15/19 | 574192XH8 | 1,000,000 | $1,029,540.00 | 2.98% |
| MD ST ECON 5.375 06/01/19 | 57420PAZ9 | 1,000,000 | $1,027,170.00 | 2.98% |
| MONTGMRY HS 6.00 07/01/20 | 61334MGU8 | 1,020,000 | $1,025,191.80 | 2.97% |
| MARYLAND ST 5.00 07/01/22 | 574300FG9 | 1,000,000 | $1,010,090.00 | 2.93% |
| MARYLAND ST 5.00 07/01/23 | 574300GV5 | 1,000,000 | $1,006,790.00 | 2.92% |
| ANN ARNDL 5.125 07/01/22 | 03589PAQ0 | 1,000,000 | $1,006,520.00 | 2.92% |
| HARFORD MD 5.00% 07/15/25 | 4124862G6 | 1,000,000 | $1,003,320.00 | 2.91% |
| BALTIMORE 5.00 07/01/22 | 05922KKY4 | 1,000,000 | $981,490.00 | 2.84% |
| MD TRANS 5.375 03/01/15 | 574298BG9 | 1,000,000 | $962,140.00 | 2.79% |
| PR COMWLTH 5.50 07/01/19 | 74514LND5 | 1,000,000 | $961,310.00 | 2.78% |
| MD HEALTH 5.00 07/01/15 | 574217YW9 | 1,000,000 | $955,670.00 | 2.77% |
| MONTGOMERY 5.00 05/01/28 | 613366HJ5 | 1,000,000 | $944,070.00 | 2.73% |
| MD ST HLTH 5.50 07/01/36 | 574217SN6 | 1,000,000 | $853,040.00 | 2.47% |
| MONTGOMERY CNTY 05/01/31 | 613342BY9 | 825,000 | $825,000.00 | 2.39% |
| MARYLAND ST 5.00 09/01/27 | 57419PMS5 | 1,000,000 | $803,090.00 | 2.33% |
| MARYLAND 5.25 07/01/37 | 57420VHR7 | 1,000,000 | $639,300.00 | 1.85% |
| MARYLAND ST HLTH 07/01/20 | 574217WP6 | 700,000 | $638,239.00 | 1.85% |
| MARYLAND 5.00% 08/01/14 | 574192VJ6 | 500,000 | $528,560.00 | 1.53% |
| MARYLND ST 5.75 06/01/18 | 57420VEY5 | 475,000 | $524,960.50 | 1.52% |
| MD ST HLTH 5.375 07/01/25 | 574217TA3 | 565,000 | $519,692.65 | 1.50% |
| MARYLAND 5.50 07/01/13 | 574217EF8 | 500,000 | $516,180.00 | 1.49% |
| BALTIMORE 5.125 08/01/11 | 059132YD6 | 510,000 | $516,094.50 | 1.49% |
| MARYLAND ST 5% 05/15/46 | 574217X67 | 500,000 | $515,490.00 | 1.49% |
| BALTIMORE 5.00 09/01/21 | 059151AZ3 | 550,000 | $511,599.00 | 1.48% |
| BALTIMORE MD 5% 10/15/27 | 059189LJ7 | 500,000 | $488,615.00 | 1.41% |
| MARYLAND 5.00 07/01/28 | 574217N92 | 500,000 | $474,750.00 | 1.37% |
| MARYLAND ST HEALTH & HIGH | 574217WR2 | 500,000 | $425,110.00 | 1.23% |
| MD HEALTH 4.00 07/01/13 | 5742158H5 | 420,000 | $387,828.00 | 1.12% |
| MRYLND CATH 6.00 12/01/24 | 5742166P7 | 250,000 | $260,170.00 | 0.75% |
| MD ST HLTHL 6.00 07/01/21 | 574217GD1 | 250,000 | $233,772.50 | 0.67% |
| NORTHEST MD 5.50 04/01/11 | 664257AV4 | 220,000 | $222,180.20 | 0.64% |
| MONTGOMERY 4.45 07/01/17 | 613349ZS1 | 75,000 | $75,501.00 | 0.21% |
| Total Fund Assets | | | $34,456,937.81 | 100.00% |
