Portfolio Composition
as of (03/31/2014)

Name Value
REVENUE 71.90%
CERTIFICATE OF PARTICIPATION 13.11%
GENERAL OBLIGATIONS 11.95%
ESCROWED TO MATURITY 1.28%
Cash & Equivalents 1.76%

Moody's Quality Bond Rating¹
as of (03/31/2014)

Name Value
A 25.30%
Aa 60.94%
Aaa 8.90%
Baa 3.83%
N/A 1.03%

Effective Duration Breakdown
as of (03/31/2014)

Name Value
0-1 Year 4.01%
1-3 Years 22.55%
3-4 Years 8.06%
4-6 Years 23.78%
6-8 Years 24.27%
8+ Years 17.33%
Average Life 6.57 Years
Effective Duration 5.25 Years

Top 10 Holdings
as of (03/31/2014)

Name Value Coupon Maturity Date
North Carolina State, Medical Care Commission, Ser A 2.70% 5.00% 06/01/2032
North Carolina State Capital Improv Oblig, Ser C 2.46% 4.00% 05/01/2023
North Carolina State Grant Anticipation Revenue 2.16% 4.00% 03/01/2018
UNC Sys Pool Rev, Appalachian State, Charlotte, Ser B1 1.88% 5.25% 10/01/2022
UNC Sys Pool Rev, Asheville/Wilmington, Ser C 1.81% 5.00% 10/01/2020
North Carolina Medical Care Commission Hospital Rev 1.75% 5.00% 06/01/2020
North Carolina State, Series A 1.62% 5.00% 09/01/2016
North Carolina State Medical Care Commission, Ser A 1.53% 5.00% 06/01/2024
North Carolina Medical Care Commission, Ser A 1.45% 5.00% 07/01/2017
North Carolina, State Mun Power Agency No 1, Ser B 1.43% 5.00% 01/01/2021

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.