Portfolio Composition
as of (06/30/2014)

Name Value
REVENUE 73.03%
CERTIFICATE OF PARTICIPATION 13.10%
GENERAL OBLIGATIONS 10.88%
ESCROWED TO MATURITY 1.28%
Cash & Equivalents 1.71%

Moody's Quality Bond Rating¹
as of (06/30/2014)

Name Value
A 14.91%
AA 70.62%
AAA 8.79%
BBB 2.47%
Not Rated 3.21%

Effective Duration Breakdown
as of (06/30/2014)

Name Value
0-1 Year 4.0%
1-2 Years 5.9%
2-3 Years 13.4%
3-5 Years 17.9%
5-10 Years 58.2%
10+ Years 0.6%
Average Life 5.88 Years
Effective Duration 5.36 Years

Top 10 Holdings
as of (06/30/2014)

Name Value Coupon Maturity Date
North Carolina State, Medical Care Comm, Ser A 2.78% 07/17/2014
North Carolina State Capital Improv Oblig, Ser C 2.50% 07/17/2014
North Carolina State Grant Anticipation Revenue 2.17% 07/17/2014
University Of North Carolina System Pool Rev, Ser B1 1.90% 07/17/2014
University Of North Carolina System Pool Rev, Ser C 1.83% 07/17/2014
North Carolina Medical Care Commission Hospital Rev 1.76% 07/17/2014
North Carolina State, Series A 1.61% 07/17/2014
North Carolina State Medical Care Commission, Ser A 1.58% 07/17/2014
North Carolina Medical Care Commission, Ser A 1.45% 07/17/2014
North Carolina, State Muni Power Agency No 1, Ser B 1.44% 07/17/2014

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.