Portfolio Composition
as of (03/31/2013)

Name Value
REVENUE 69.87%
GENERAL OBLIGATIONS 23.59%
PRE-REFUNDED 0.60%
Cash & Equivalents 5.94%

Moody's Quality Bond Rating¹
as of (03/31/2013)

Name Value
A 40%
Aa 44%
Aaa 10%
Baa 4%
N/A 1%

Effective Duration Breakdown
as of (03/31/2013)

Name Value
0-1 Year 7%
1-3 Years 9%
3-4 Years 12%
4-6 Years 22%
6-8 Years 30%
8+ Years 20%
Average Life 6.90 Years
Effective Duration 6.13 Years

Top 10 Holdings
as of (03/31/2013)

Name Value Coupon Maturity Date
Beaufort County, SC, Refunding Bonds, Series C 2.12% 4.00% 02/01/2021
South Carolina St Job, Econ Dev Auth, Hos Rev 2.10% 5.00% 07/01/2023
Greenville, SC, Hosp Sys Board, Hosp Facs Rev 1.96% 5.00% 05/01/2021
College Of Charleston, SC Acad & Admin Facs Rev, Ser A 1.80% 5.00% 04/01/2025
South Carolina State, Series B 1.75% 5.00% 03/01/2024
South Carolina State Pub Serv Auth Rev, Ser B 1.65% 5.00% 01/01/2022
Easley, SC, Utility Revenue, Refunding Bond 1.64% 5.00% 12/01/2024
Greenwood, SC, Combined Public Utility Revenue, Ser A 1.61% 4.00% 12/01/2018
Anderson, SC, Water & Sewer System Revenue 1.59% 5.00% 07/01/2019
University of South Carolina, Higher Educl Rev 1.52% 5.00% 05/01/2028

¹ Quality ratings reflect the credit quality of the underlying bonds in the fund portfolio and not of the Fund itself. The percentages are based on a weighted average calculation. Not rated securities may be rated by S&P, Fitch or by Sterling Capital Management LLC. The Fund invests primarily in investment grade quality bonds at the time of purchase. Please see the prospectus for more details. Bond quality ratings are subject to change.