Portfolio Composition
as of (12/31/2014)

Name Value
REVENUE 76.24%
Cash & Equivalents 0.56%

Moody's Quality Bond Rating¹
as of (12/31/2014)

Name Value
AAA 9.7%
AA 73.3%
A 14.2%
BBB 1.8%
Not Rated 1.0%

Effective Duration Breakdown
as of (12/31/2014)

Name Value
0-1 Year 3.7%
1-2 Years 5.7%
2-3 Years 12.0%
3-5 Years 25.2%
5-10 Years 52.2%
10+ Years 1.2%
Average Life 5.36 Years
Effective Duration 5.30 Years

Top 10 Holdings
as of (12/31/2014)

Name Value Coupon Maturity Date
NC Med Care Comm, Hth Care Fac, Duke Univ Hlth Sys, S A 2.83% 5.00% 06/01/2032
State of NC, Capital Improvement Obligation, Series C 2.52% 4.00% 05/01/2023
State of North Carolina Grant Vehicle 2.14% 4.00% 03/01/2023
State of North Carolina Grant Anticipation Revenue 2.08% 5.00% 03/01/2021
Univ of NC Sys Pool Rev, Appalachian St, Charle, Ser B1 1.91% 5.25% 10/01/2022
Univ of NC System Pool Rev, Asheville/Wilmington, Ser C 1.82% 5.00% 10/01/2020
NC Med Care Comm Hosp Rev, Ref Bnds, NC Baptist Hosp. 1.76% 5.00% 06/01/2020
NC Md Cr Comm, Hlth Cr Fac Rev, Vid Hlth, Ref Bnds, S A 1.60% 5.00% 06/01/2024
NC Muni Power Agency No 1, Catawba Electric Rev, Ser B 1.43% 5.00% 01/01/2021
NC Med Care Comm, Hlth Care Fac Rev, Rex Hlthcare, Sr A 1.42% 5.00% 07/01/2017

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.