| Municipal Bonds - 99.7% | | | |
| | | Principal Amount | Value |
| District Of Columbia - 1.1% | | | |
| Washington D.C. Metropolitan Transit Auth. Rev. Series 2017 B, 5% 7/1/33 | | 2,000,000 | 2,457,991 |
| Guam - 0.1% | | | |
| Guam Int'l. Arpt. Auth. Rev. Series 2013 C, 6.25% 10/1/34 (a) | | 300,000 | 325,299 |
| Maryland - 98.5% | | | |
| Anne Arundel County Gen. Oblig.: | | | |
| Series 2014, 5% 4/1/25 | | $2,140,000 | $2,420,758 |
| Series 2015: | | | |
| 5% 4/1/33 | | 5,895,000 | 6,869,390 |
| 5% 4/1/33 | | 2,585,000 | 3,012,277 |
| Series 2018, 5% 10/1/35 | | 6,400,000 | 8,007,561 |
| Series 2019, 5% 10/1/48 | | 550,000 | 699,391 |
| Baltimore Convention Ctr. Hotel Rev. Series 2017, 5% 9/1/32 | | 1,500,000 | 1,572,742 |
| Baltimore County Gen. Oblig.: | | | |
| Series 2016, 5% 2/1/29 | | 1,310,000 | 1,568,696 |
| Series 2019, 4% 11/1/33 | | 1,805,000 | 2,216,419 |
| Series 2020: | | | |
| 4% 1/1/32 | | 700,000 | 805,130 |
| 4% 1/1/33 | | 1,200,000 | 1,378,033 |
| 4% 1/1/35 | | 1,230,000 | 1,401,736 |
| 4% 1/1/37 | | 1,500,000 | 1,702,558 |
| 4% 1/1/45 | | 1,750,000 | 1,960,265 |
| 4% 3/1/48 | | 2,060,000 | 2,438,485 |
| 4% 1/1/50 | | 2,400,000 | 2,674,835 |
| Baltimore Gen. Oblig.: | | | |
| (East Baltimore Research Park Proj.) Series 2017 A, 5% 9/1/38 | | 1,650,000 | 1,811,009 |
| Series 2013 B, 5% 10/15/24 | | 1,875,000 | 1,998,844 |
| Series 2015: | | | |
| 5% 6/15/23 | | 350,000 | 382,842 |
| 5% 6/15/24 | | 500,000 | 567,437 |
| Series 2017 A: | | | |
| 5% 10/15/34 | | 2,000,000 | 2,502,044 |
| 5% 10/15/36 | | 1,000,000 | 1,251,302 |
| 5% 10/15/37 | | 1,000,000 | 1,251,516 |
| Baltimore Proj. Rev.: | | | |
| (Wastewtr. Projs.): | | | |
| Series 2014 C: | | | |
| 5% 7/1/27 | | 2,325,000 | 2,684,996 |
| 5% 7/1/34 | | 1,285,000 | 1,482,752 |
| Series 2014 D, 5% 7/1/28 | | 2,750,000 | 3,176,877 |
| (Wtr. Proj.) Series 2020 A, 5% 7/1/50 | | 1,000,000 | 1,290,662 |
| (Wtr. Projs.): | | | |
| Series 1994 A, 5% 7/1/24 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | | 120,000 | 123,352 |
| Series 2014 A: | | | |
| 5% 7/1/28 | | 2,825,000 | 3,263,519 |
| 5% 7/1/33 | | 3,000,000 | 3,461,508 |
| Series 2014 B, 5% 7/1/28 | | 1,580,000 | 1,825,260 |
| Series 2017 D, 5% 7/1/31 | | 5,260,000 | 6,436,133 |
| City of Westminster Series 2016, 5% 11/1/31 | | 1,000,000 | 1,163,937 |
| Maryland Cmnty. Dev. Admin Dept. Hsg. & Cmnty. Dev.: | | | |
| Series 2019 B, 4% 9/1/49 | | 865,000 | 959,107 |
| Series 2019 C: | | | |
| 5% 9/1/29 | | 550,000 | 704,764 |
| 5% 3/1/30 | | 700,000 | 893,661 |
| 5% 3/1/31 | | 1,150,000 | 1,459,087 |
| Maryland Dept. of Trans. Consolidated Trans. Rev. Series 2020, 5% 10/1/33 | | 1,500,000 | 2,014,774 |
| Maryland Econ. Dev. Auth. Rev.: | | | |
| (Ports America Chesapeake LLC. Proj.) Series 2017 A, 5% 6/1/29 | | 1,850,000 | 2,266,265 |
| (Term. Proj.) Series 2019 A: | | | |
| 5% 6/1/44 (a) | | 500,000 | 590,545 |
| 5% 6/1/49 (a) | | 1,000,000 | 1,173,187 |
| Maryland Econ. Dev. Corp. (Purple Line Lt. Rail Proj.) Series 2016 D, 5% 3/31/31 (a) | | 1,950,000 | 2,286,519 |
| Maryland Econ. Dev. Corp. Air Cargo Series 2019: | | | |
| 5% 7/1/27 (a) | | 200,000 | 243,904 |
| 5% 7/1/28 (a) | | 630,000 | 785,236 |
| 5% 7/1/29 (a) | | 585,000 | 741,854 |
| Maryland Econ. Dev. Corp. Student Hsg. Rev.: | | | |
| (Towson Univ. Proj.) Series 2017: | | | |
| 5% 7/1/26 | | 350,000 | 394,704 |
| 5% 7/1/28 | | 305,000 | 346,469 |
| 5% 7/1/29 | | 185,000 | 208,820 |
| 5% 7/1/30 | | 250,000 | 280,549 |
| 5% 7/1/31 | | 300,000 | 335,059 |
| 5% 7/1/32 | | 325,000 | 361,639 |
| 5% 7/1/36 | | 500,000 | 550,521 |
| (Univ. of Maryland, Baltimore County Proj.) Series 2016: | | | |
| 5% 7/1/28 (FSA Insured) | | 350,000 | 419,749 |
| 5% 7/1/29 (FSA Insured) | | 700,000 | 834,960 |
| (Univ. of Maryland, College Park Projs.) Series 2016, 5% 6/1/43 (FSA Insured) | | 575,000 | 676,421 |
| Maryland Gen. Oblig. Series A: | | | |
| 5% 8/1/31 | | 1,060,000 | 1,429,525 |
| 5% 8/1/32 | | 1,000,000 | 1,345,563 |
| 5% 3/15/33 | | 2,925,000 | 3,891,042 |
| 5% 8/1/34 | | 2,000,000 | 2,678,767 |
| Maryland Health & Higher Edl.: | | | |
| Series 2020: | | | |
| 4% 7/1/40 | | 300,000 | 354,669 |
| 4% 7/1/45 | | 750,000 | 874,517 |
| 4% 7/1/50 | | 1,000,000 | 1,154,964 |
| Series 2021 A: | | | |
| 4% 6/1/39 | | 475,000 | 549,146 |
| 4% 6/1/40 | | 500,000 | 575,950 |
| Maryland Health & Higher Edl. Facilities Auth. Rev.: | | | |
| (Anne Arundel Med. Ctr., MD Proj.) Series 2017 A: | | | |
| 5% 7/1/28 | | 500,000 | 617,685 |
| 5% 7/1/30 | | 850,000 | 1,037,437 |
| 5% 7/1/31 | | 1,400,000 | 1,703,301 |
| 5% 7/1/32 | | 290,000 | 352,089 |
| (Medstar Health, Inc. Proj.) Series 2017 A, 5% 5/15/45 | | 65,000 | 79,569 |
| Series 2012 A: | | | |
| 5% 7/1/23 | | 400,000 | 419,295 |
| 5% 7/1/25 (Pre-Refunded to 7/1/22 @ 100) | | 1,120,000 | 1,176,743 |
| 5% 7/1/26 (Pre-Refunded to 7/1/22 @ 100) | | 300,000 | 315,199 |
| Series 2012: | | | |
| 5% 7/1/23 | | 850,000 | 893,471 |
| 5% 7/1/24 | | 1,100,000 | 1,155,641 |
| 5% 7/1/26 | | 1,080,000 | 1,132,731 |
| 5% 7/1/26 | | 1,400,000 | 1,469,877 |
| 5% 7/1/27 | | 300,000 | 314,873 |
| 5% 7/1/31 | | 2,500,000 | 2,618,718 |
| Series 2013 A, 5% 8/15/41 | | 3,000,000 | 3,294,845 |
| Series 2013 B, 5% 8/15/38 | | 2,000,000 | 2,196,563 |
| Series 2014: | | | |
| 5% 7/1/22 (Escrowed to Maturity) | | 870,000 | 915,051 |
| 5% 7/1/27 | | 3,495,000 | 3,961,103 |
| 5% 10/1/45 | | 2,500,000 | 2,842,111 |
| 5.25% 7/1/25 (Pre-Refunded to 7/1/24 @ 100) | | 2,500,000 | 2,875,007 |
| Series 2015 A: | | | |
| 5% 5/15/29 | | 2,000,000 | 2,329,204 |
| 5% 5/15/30 | | 1,000,000 | 1,163,328 |
| Series 2015: | | | |
| 5% 7/1/24 | | 100,000 | 113,962 |
| 5% 7/1/26 (Pre-Refunded to 7/1/24 @ 100) | | 1,000,000 | 1,144,009 |
| 5% 7/1/27 (Pre-Refunded to 7/1/24 @ 100) | | 1,000,000 | 1,144,009 |
| 5% 7/1/29 | | 600,000 | 698,899 |
| 5% 8/15/29 | | 2,000,000 | 2,319,919 |
| 5% 7/1/30 | | 1,075,000 | 1,250,784 |
| 5% 7/1/31 | | 2,200,000 | 2,564,555 |
| 5% 7/1/33 | | 1,325,000 | 1,521,112 |
| 5% 7/1/34 | | 1,200,000 | 1,375,624 |
| 5% 7/1/40 | | 3,350,000 | 3,884,648 |
| Series 2016 A: | | | |
| 4% 7/1/42 | | 2,175,000 | 2,388,083 |
| 5% 7/1/35 | | 1,500,000 | 1,776,154 |
| 5% 7/1/38 | | 3,215,000 | 3,782,852 |
| 5.5% 1/1/31 | | 1,500,000 | 1,815,023 |
| Series 2016: | | | |
| 5% 6/1/26 | | 300,000 | 362,013 |
| 5% 6/1/27 | | 255,000 | 305,969 |
| 5% 6/1/28 | | 310,000 | 369,954 |
| 5% 6/1/29 | | 350,000 | 415,455 |
| 5% 7/1/31 | | 500,000 | 597,061 |
| 5% 6/1/33 | | 305,000 | 357,442 |
| 5% 6/1/36 | | 250,000 | 291,548 |
| Series 2017: | | | |
| 4% 7/1/42 | | 2,845,000 | 3,206,704 |
| 5% 6/1/27 | | 290,000 | 347,965 |
| 5% 6/1/31 | | 425,000 | 500,364 |
| 5% 6/1/33 | | 970,000 | 1,136,784 |
| 5% 6/1/35 | | 600,000 | 700,881 |
| 5% 6/1/42 | | 1,000,000 | 1,155,284 |
| Series 2019 A, 5% 10/1/49 | | 2,000,000 | 2,506,395 |
| Series 2020 A: | | | |
| 4% 7/1/22 | | 100,000 | 103,992 |
| 5% 7/1/23 | | 310,000 | 339,487 |
| 5% 7/1/24 | | 355,000 | 403,629 |
| 5% 7/1/34 | | 1,000,000 | 1,290,671 |
| 5% 7/1/35 | | 1,000,000 | 1,288,365 |
| Series 2020 B: | | | |
| 5% 4/15/34 | | 1,000,000 | 1,307,203 |
| 5% 4/15/35 | | 1,000,000 | 1,304,835 |
| Maryland Stadium Auth. Rev.: | | | |
| (Pub. Schools Construction and Revitalization Prog.): | | | |
| Series 2016: | | | |
| 5% 5/1/30 | | 1,715,000 | 2,061,257 |
| 5% 5/1/36 | | 2,000,000 | 2,406,150 |
| 5% 5/1/41 (Pre-Refunded to 5/1/26 @ 100) | | 1,000,000 | 1,217,070 |
| Series 2018 A, 5% 5/1/36 | | 1,580,000 | 1,976,070 |
| Series 2016, 5% 5/1/46 (Pre-Refunded to 5/1/26 @ 100) | | 1,000,000 | 1,217,070 |
| Maryland Trans. Auth. Trans. Facility Projs. Rev.: | | | |
| Series 2017, 5% 7/1/30 | | 3,000,000 | 3,717,099 |
| Series 2020: | | | |
| 4% 7/1/50 | | 2,500,000 | 2,962,232 |
| 5% 7/1/33 | | 1,000,000 | 1,328,363 |
| 5% 7/1/36 | | 490,000 | 645,988 |
| Series 2021 A, 5% 7/1/51 | | 2,500,000 | 3,275,661 |
| Montgomery County Gen. Oblig.: | | | |
| (Trinity Health Cr. Group Proj.) Series 2016, 5% 12/1/45 | | 2,500,000 | 3,000,033 |
| Series A, 4% 11/1/33 | | 3,000,000 | 3,683,799 |
| Prince Georges County Ctfs. of Prtn. Series 2018, 5% 10/1/48 | | 2,100,000 | 2,612,245 |
| Prince Georges County Gen. Oblig. Series 2020 A, 5% 7/15/34 | | 1,000,000 | 1,268,230 |
| Univ. of Maryland Sys. Auxiliary Facility & Tuition Rev. Series 2021 A, 4% 4/1/47 | | 2,520,000 | 3,043,535 |
| Washington Metropolitan Area Transit Auth. Series 2021 A, 5% 7/15/46 (b) | | 2,500,000 | 3,285,382 |
|
| TOTAL MARYLAND | | | 219,419,862 |
|
| TOTAL MUNICIPAL BONDS | | | |
| (Cost $208,402,138) | | | 222,203,152 |
| TOTAL INVESTMENT IN SECURITIES - 99.7% | | | |
| (Cost $208,402,138) | | | 222,203,152 |
| NET OTHER ASSETS (LIABILITIES) - 0.3% | | | 679,789 |
| NET ASSETS - 100% | | | $222,882,941 |
(a) Private activity obligations whose interest is subject to the federal alternative minimum tax for individuals.
(b) Security or a portion of the security purchased on a delayed delivery or when-issued basis.
Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund’s valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments: Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.): Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows:
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. Municipal securities are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker supplied prices.
When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
For additional information on the Fund's significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.
The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus and annual report.
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