Portfolio Composition
as of (03/31/2014)

Name Value
REVENUE 82.50%
GENERAL OBLIGATIONS 9.86%
PRE-REFUNDED 0.71%
Cash & Equivalents 6.93%

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

Name Value
A 51.39%
Aa 33.03%
Aaa 9.80%
Baa 5.78%

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

Name Value
0-1 Year 9.35%
1-3 Years 10.13%
3-4 Years 7.56%
4-6 Years 32.19%
6-8 Years 38.01%
8+ Years 2.76%
Average Life 6.13 Years
Effective Duration 4.98 Years

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

Name Value Coupon Maturity Date
Charleston, SC, Educ Excel Fin Corp, Install Purch Rev 4.31% 5.00% 12/01/2021
South Carolina State Job, Econ Dev Auth, Hosp Rev 2.45% 5.00% 07/01/2023
Lancaster Educ Assistance Prog, Inc., SC, Ser B 2.44% 5.00% 12/01/2024
Greenville, SC, Hospital System Board, Hosp Facs Rev 2.27% 5.00% 05/01/2021
College Of Charleston, SC Acad & Admin Facs Rev, Ser A 2.11% 5.00% 04/01/2025
South Carolina State Public Service Auth Rev, Ser B 1.94% 5.00% 01/01/2022
Greenwood, SC, Combined Public Utility Revenue, Ser A 1.92% 4.00% 12/01/2018
Easley, SC, Utility Revenue, Refunding Bond 1.91% 5.00% 12/01/2024
Anderson, SC, Water & Sewer System Revenue 1.88% 5.00% 07/01/2019
Scago Educational Facs Corp. For Pickens Sch Dist, Sc 1.86% 5.00% 12/01/2018

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.