Portfolio Composition
as of (12/31/2014)

Name Value
REVENUE 88.07%
GENERAL OBLIGATIONS 9.88%
PRE-REFUNDED 0.70%
Cash & Equivalents 1.35%

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

Name Value
AAA 3.2%
AA 64.9%
A 31.1%
BBB 0.8%
Not Rated 0.0%

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

Name Value
0-1 Year 3.5%
1-2 Years 7.7%
2-3 Years 5.2%
3-5 Years 27.1%
5-10 Years 52.4%
10+ Years 4.1%
Average Life 5.50 Years
Effective Duration 5.28 Years

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

Name Value Coupon Maturity Date
Charle Edu Ex Fin Corp., Rev Ref Bnds, Ch Cnty Sch Dist 4.50% 5.00% 12/01/2021
County of Florence, SC 3.20% 4.00% 06/01/2020
Lanc Edu Ast Prog, Inc., Ref, Sc Dist of Lnc Cnty, Sr B 2.60% 5.00% 12/01/2024
SC Jobs-Eco Dev Auth, Hosp Rev Conway Hosp Income Proj. 2.57% 5.00% 07/01/2023
Coastal Carolina University 2.35% 5.00% 06/01/2034
Greenville Hosp Syst Board, Hospital Fac Rev, Ref Bonds 2.33% 5.00% 05/01/2021
Collg of Charleston Acad & Adm Fac Rev, Ref Bnds, Ser A 2.21% 5.00% 04/01/2025
City of Easley, SC, Utility Revenue, Refunding Bond 2.05% 5.00% 12/01/2024
SCAGO Edu Fac Corp. for Pick Schl Dist, Pick Cnty Proj. 2.02% 5.00% 12/01/2018
South Carolina State Ports Authority 1.97% 5.00% 07/01/2019

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.