| Tax-Exempt Municipal Obligations — 95.0% |
| Security | Principal Amount (000's omitted) | Value | |
| Bond Bank — 2.3% | |||
| Maryland Community Development Administration, (Local Government Infrastructure): | |||
| 4.00%, 6/1/40 | $ | 1,000 | $ 1,015,080 |
| 5.00%, 6/1/43 | 1,000 | 1,104,010 | |
| $ 2,119,090 | |||
| Education — 9.1% | |||
| Maryland Health and Higher Educational Facilities Authority, (Loyola University Maryland), 5.00%, 10/1/49 | $ | 2,000 | $ 2,102,020 |
| Maryland Health and Higher Educational Facilities Authority, (Pooled Loan Program), (LOC: TD Bank, N.A.), 3.14%, 4/1/35(1) | 1,700 | 1,700,000 | |
| Maryland Health and Higher Educational Facilities Authority, (Stevenson University), 5.00%, 6/1/32 | 495 | 526,175 | |
| Maryland Industrial Development Financing Authority, (Garrison Forest School, Inc.), 4.00%, 11/1/42 | 1,000 | 997,790 | |
| Maryland Industrial Development Financing Authority, (McDonogh School), 4.00%, 9/1/43 | 2,100 | 2,104,767 | |
| University System of Maryland, 4.00%, 4/1/34 | 1,000 | 1,014,550 | |
| $ 8,445,302 | |||
| Escrowed/Prerefunded — 0.6% | |||
| Washington County, MD, (Diakon Lutheran Social Ministries), Prerefunded to 1/1/29, 5.00%, 1/1/32 | $ | 500 | $ 541,820 |
| $ 541,820 | |||
| General Obligations — 20.9% | |||
| Anne Arundel County, MD, 5.00%, 10/1/36 | $ | 1,000 | $ 1,052,010 |
| Baltimore County, MD, (Metropolitan District 83rd Issue), 4.00%, 3/1/40 | 1,950 | 1,998,204 | |
| Caroline County, MD, 3.00%, 1/15/37 | 585 | 548,402 | |
| Carroll County, MD: | |||
| 4.00%, 11/1/41(2) | 1,370 | 1,417,032 | |
| 4.00%, 11/1/42(2) | 1,370 | 1,410,990 | |
| Cecil County, MD, 4.50%, 8/1/53 | 950 | 982,462 | |
| Charles County, MD: | |||
| 4.25%, 10/1/47 | 215 | 222,620 | |
| 5.00%, 10/1/25 | 1,000 | 1,017,230 | |
| Montgomery County, MD: | |||
| 2.00%, 8/1/39 | 2,000 | 1,574,420 | |
| 4.00%, 8/1/40 | 1,500 | 1,542,885 | |
| (SPA: U.S. Bank, N.A.), 3.15%, 11/1/37(3) | 300 | 300,000 | |
| Prince George's County, MD, 5.00%, 8/1/41 | 1,000 | 1,146,350 | |
| Security | Principal Amount (000's omitted) | Value | |
| General Obligations (continued) | |||
| Puerto Rico: | |||
| 0.00%, 7/1/33 | $ | 750 | $ 519,720 |
| 5.625%, 7/1/29 | 1,000 | 1,079,500 | |
| Talbot County, MD, 5.00%, 1/1/37 | 1,380 | 1,555,950 | |
| Washington Suburban Sanitary District, MD: | |||
| 5.00%, 6/1/40 | 1,000 | 1,136,630 | |
| Green Bonds, 3.00%, 6/1/42 | 1,700 | 1,494,606 | |
| Green Bonds, 4.00%, 6/1/45 | 415 | 422,536 | |
| $19,421,547 | |||
| Hospital — 13.2% | |||
| Maryland Health and Higher Educational Facilities Authority, (Anne Arundel Health System), 5.00%, 7/1/32 | $ | 1,000 | $ 1,030,010 |
| Maryland Health and Higher Educational Facilities Authority, (Frederick Health System): | |||
| 5.00%, 7/1/48 | 1,000 | 1,045,620 | |
| 5.25%, 7/1/53 | 775 | 824,003 | |
| Maryland Health and Higher Educational Facilities Authority, (Johns Hopkins Health System), (LOC: TD Bank, N.A.), 3.00%, 6/1/48(3) | 2,100 | 2,100,000 | |
| Maryland Health and Higher Educational Facilities Authority, (MedStar Health), 5.00%, 8/15/42 | 1,000 | 1,002,140 | |
| Maryland Health and Higher Educational Facilities Authority, (Peninsula Regional Health System), 4.00%, 7/1/48 | 1,000 | 957,060 | |
| Maryland Health and Higher Educational Facilities Authority, (University of Maryland Medical System), 5.00%, 7/1/29 | 1,000 | 1,011,970 | |
| Maryland Health and Higher Educational Facilities Authority, (UPMC), 5.00%, 4/15/32 | 275 | 301,395 | |
| Montgomery County, MD, (Trinity Health Corp.): | |||
| 4.00%, 12/1/44 | 2,000 | 2,000,860 | |
| 5.00%, 12/1/45 | 1,000 | 1,013,070 | |
| Norfolk Economic Development Authority, VA, (Sentara Healthcare), 4.00%, 11/1/48 | 1,000 | 981,000 | |
| $12,267,128 | |||
| Housing — 11.7% | |||
| Howard County Housing Commission, MD, (Woodfield Oxford Square Apartments), 5.00%, 12/1/37 | $ | 1,000 | $ 1,032,560 |
| Maryland Community Development Administration: | |||
| 2.30%, 9/1/35 | 1,000 | 846,560 | |
| Social Bonds, 1.65%, 9/1/29 | 830 | 740,094 | |
| Social Bonds, 1.80%, 9/1/30 | 470 | 416,688 | |
| Social Bonds, (FHLMC), (FNMA), (GNMA), 4.375%, 9/1/43 | 1,000 | 1,013,460 | |
| Security | Principal Amount (000's omitted) | Value | |
| Housing (continued) | |||
| Maryland Community Development Administration: (continued) | |||
| Social Bonds, (FHLMC), (FNMA), (GNMA), 4.40%, 9/1/37 | $ | 1,000 | $ 1,014,230 |
| Social Bonds, (FHLMC), (FNMA), (GNMA), 6.00%, 3/1/53 | 915 | 980,624 | |
| Sustainability Bonds, 4.35%, 7/1/43 | 1,000 | 1,010,270 | |
| Maryland Department of Housing and Community Development Administration, Green Bonds, 4.45%, 7/1/44 | 1,000 | 1,011,280 | |
| Maryland Economic Development Corp., (Bowie State University), Student Housing Revenue, 4.00%, 7/1/50 | 315 | 288,836 | |
| Maryland Economic Development Corp., (Morgan State University), Student Housing Revenue, 5.625%, 7/1/43 | 500 | 553,350 | |
| Maryland Economic Development Corp., (Towson University), 5.00%, 7/1/37 | 1,000 | 1,000,470 | |
| Montgomery County Housing Opportunities Commission, MD: | |||
| 1.95%, 7/1/31 | 315 | 271,858 | |
| 2.00%, 1/1/32 | 200 | 174,538 | |
| 2.05%, 7/1/32 | 200 | 173,672 | |
| 2.10%, 1/1/33 | 220 | 189,651 | |
| 2.125%, 7/1/33 | 135 | 115,648 | |
| $10,833,789 | |||
| Industrial Development Revenue — 0.8% | |||
| Maryland Economic Development Corp., (Constellation Energy Group, Inc.), 4.10% to 4/3/28 (Put Date), 10/1/36 | $ | 750 | $ 771,165 |
| $ 771,165 | |||
| Insured - Escrowed/Prerefunded — 1.4% | |||
| Maryland Health and Higher Educational Facilities Authority, (Helix Health Issue), (AMBAC), Escrowed to Maturity, 5.00%, 7/1/27 | $ | 1,310 | $ 1,342,947 |
| $ 1,342,947 | |||
| Insured - Hospital — 4.2% | |||
| Maryland Health and Higher Educational Facilities Authority, (Medlantic/Helix Issue), (AMBAC), 5.25%, 8/15/38 | $ | 3,035 | $ 3,458,868 |
| Maryland Health and Higher Educational Facilities Authority, (University of Maryland Medical System), (AGM), 4.00%, 7/1/48 | 450 | 447,192 | |
| $ 3,906,060 | |||
| Security | Principal Amount (000's omitted) | Value | |
| Insured - Transportation — 3.6% | |||
| Maryland Department of Transportation: | |||
| (AGC), (AMT), 5.25%, 8/1/40 | $ | 1,000 | $ 1,120,230 |
| (AGC), (AMT), 5.25%, 8/1/44 | 1,000 | 1,100,920 | |
| (AGC), (AMT), 5.25%, 8/1/49 | 1,000 | 1,088,040 | |
| $ 3,309,190 | |||
| Lease Revenue/Certificates of Participation — 5.1% | |||
| Maryland Stadium Authority: | |||
| 5.00%, 5/1/47 | $ | 2,250 | $ 2,331,720 |
| 5.00%, 5/1/50 | 1,000 | 1,152,860 | |
| Maryland Stadium Authority, Built to Learn Revenue: | |||
| 4.00%, 6/1/49 | 500 | 498,850 | |
| 4.00%, 6/1/52 | 800 | 792,368 | |
| $ 4,775,798 | |||
| Senior Living/Life Care — 3.3% | |||
| Baltimore County, MD, (Oak Crest Village, Inc.), 4.00%, 1/1/45 | $ | 1,000 | $ 943,080 |
| Howard County, MD, (Vantage House), 5.00%, 4/1/26 | 575 | 576,702 | |
| Maryland Health and Higher Educational Facilities Authority, (Edenwald), 5.25%, 1/1/37 | 500 | 502,700 | |
| Rockville, MD, (Ingleside at King Farm), 5.00%, 11/1/37 | 1,000 | 1,010,480 | |
| $ 3,032,962 | |||
| Special Tax Revenue — 7.4% | |||
| American Samoa Economic Development Authority, 5.00%, 9/1/38(4) | $ | 200 | $ 202,196 |
| Baltimore, MD, (Harbor Point), 3.625%, 6/1/46(4) | 1,000 | 856,270 | |
| Howard County, MD, (Annapolis Junction Town Center): | |||
| 5.00%, 2/15/38 | 450 | 490,842 | |
| 5.00%, 2/15/39 | 425 | 461,660 | |
| Puerto Rico Sales Tax Financing Corp., 5.00%, 7/1/58 | 1,090 | 1,094,916 | |
| Washington Metropolitan Area Transit Authority, D.C.: | |||
| Green Bonds, 4.125%, 7/15/47 | 1,000 | 1,012,150 | |
| Green Bonds, 5.25%, 7/15/59 | 1,500 | 1,656,000 | |
| Sustainability Bonds, 5.25%, 7/15/53 | 1,000 | 1,101,190 | |
| $ 6,875,224 | |||
| Transportation — 9.8% | |||
| Maryland Department of Transportation, (AMT), 4.00%, 8/1/41 | $ | 1,525 | $ 1,525,396 |
| Maryland Economic Development Corp., (Seagirt Marine Terminal), (AMT), 5.00%, 6/1/49 | 250 | 256,113 | |
| Maryland Economic Development Corp., (Transportation Facilities), 5.00%, 6/1/32 | 500 | 523,085 | |
| Security | Principal Amount (000's omitted) | Value | |
| Transportation (continued) | |||
| Maryland Economic Development Corp., Parking Facilities Revenue, 5.00%, 6/1/58 | $ | 1,000 | $ 1,017,590 |
| Maryland Transportation Authority: | |||
| 5.00%, 7/1/51 | 1,500 | 1,597,530 | |
| (AMT), 4.00%, 6/1/35 | 1,000 | 1,004,510 | |
| Metropolitan Washington Airports Authority, D.C., (AMT), 5.00%, 10/1/44 | 2,000 | 2,077,060 | |
| Washington Metropolitan Area Transit Authority, D.C., 5.00%, 7/1/31 | 1,000 | 1,048,500 | |
| $ 9,049,784 | |||
| Water and Sewer — 1.6% | |||
| Washington Suburban Sanitary District, MD, 4.00%, 6/1/40 | $ | 1,500 | $ 1,505,520 |
| $ 1,505,520 | |||
| Total Tax-Exempt Municipal Obligations (identified cost $87,831,757) | $88,197,326 | ||
| Taxable Municipal Obligations — 6.1% |
| Security | Principal Amount (000's omitted) | Value | |
| General Obligations — 0.5% | |||
| Baltimore Mayor and City Council, MD, 5.60%, 10/15/30(5) | $ | 500 | $ 510,720 |
| $ 510,720 | |||
| Hospital — 1.9% | |||
| Maryland Health and Higher Educational Facilities Authority, (Adventist HealthCare), 1.812%, 1/1/25 | $ | 1,000 | $ 997,140 |
| Maryland Health and Higher Educational Facilities Authority, (University of Maryland Medical System), 3.052%, 7/1/40 | 1,000 | 774,870 | |
| $ 1,772,010 | |||
| Housing — 3.1% | |||
| Maryland Community Development Administration: | |||
| (SPA: TD Bank, N.A.), 4.60%, 9/1/33(1) | $ | 695 | $ 695,000 |
| (FHLMC), (FNMA), (GNMA), (SPA: Royal Bank of Canada), 4.60%, 7/1/45(1) | 1,490 | 1,490,000 | |
| Montgomery County Housing Opportunities Commission, MD, (LOC: PNC Bank, N.A.), 4.65%, 7/1/39(1) | 715 | 715,000 | |
| $ 2,900,000 | |||
| Security | Principal Amount (000's omitted) | Value | |
| Transportation — 0.6% | |||
| Prince George's County Revenue Authority, MD, (Regional Medical Center Garage): | |||
| 2.553%, 8/1/26 | $ | 275 | $ 266,392 |
| 2.593%, 8/1/27 | 260 | 247,715 | |
| $ 514,107 | |||
| Total Taxable Municipal Obligations (identified cost $5,945,406) | $ 5,696,837 | ||
| Trust Units — 0.5% |
| Security | Notional Amount (000's omitted) | Value | |
| Transportation — 0.5% | |||
| HTA TRRB 2005L-745190UR7 Assured Custodial Trust, 5.25%, 7/1/41 | $ | 452 | $ 438,763 |
| Total Trust Units (identified cost $447,393) | $ 438,763 | ||
| Total Investments — 101.6% (identified cost $94,224,556) | $94,332,926 | ||
| Other Assets, Less Liabilities — (1.6)% | $(1,520,559) | ||
| Net Assets — 100.0% | $92,812,367 | ||
| The percentage shown for each investment category in the Portfolio of Investments is based on net assets. | |
| (1) | Variable rate demand obligation that may be tendered at par on any day for payment the lesser of 5 business days or 7 calendar days. The stated interest rate, which generally resets weekly, is determined by the remarketing agent and represents the rate in effect at November 30, 2024. |
| (2) | When-issued security. |
| (3) | Variable rate demand obligation that may be tendered at par on any day for payment the same or next business day. The stated interest rate, which generally resets daily, is determined by the remarketing agent and represents the rate in effect at November 30, 2024. |
| (4) | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At November 30, 2024, the aggregate value of these securities is $1,058,466 or 1.1% of the Fund's net assets. |
| (5) | Build America Bond. Represents taxable municipal obligation issued pursuant to the American Recovery and Reinvestment Act of 2009 or other legislation providing for the issuance of taxable municipal debt on which the issuer receives federal support. |
| The Fund invests primarily in debt securities issued by Maryland municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. At November 30, 2024, 9.1% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution or financial guaranty assurance agency ranged from 0.5% to 5.1% of total investments. |
| Abbreviations: | |
| AGC | – Assured Guaranty Corp. |
| AGM | – Assured Guaranty Municipal Corp. |
| AMBAC | – AMBAC Financial Group, Inc. |
| AMT | – Interest earned from these securities may be considered a tax preference item for purposes of the Federal Alternative Minimum Tax. |
| FHLMC | – Federal Home Loan Mortgage Corp. |
| FNMA | – Federal National Mortgage Association |
| GNMA | – Government National Mortgage Association |
| LOC | – Letter of Credit |
| SPA | – Standby Bond Purchase Agreement |
| • | 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, credit risk, etc.) |
| • | Level 3 – significant unobservable inputs (including a fund's own assumptions in determining the fair value of investments) |
| Asset Description | Level 1 | Level 2 | Level 3 | Total |
| Tax-Exempt Municipal Obligations | $ — | $88,197,326 | $ — | $88,197,326 |
| Taxable Municipal Obligations | — | 5,696,837 | — | 5,696,837 |
| Trust Units | — | 438,763 | — | 438,763 |
| Total Investments | $ — | $94,332,926 | $ — | $94,332,926 |
