Portfolio Composition
as of (06/30/2014)

Name Value
REVENUE 86.16%
GENERAL OBLIGATIONS 11.30%
PRE-REFUNDED 0.71%
Cash & Equivalents 1.83%

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

Name Value
A 29.72%
AA 62.68%
AAA 3.57%
BBB 2.89%
Not Rated 1.14%

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

Name Value
0-1 Year 4.4%
1-2 Years 2.8%
2-3 Years 10.9%
3-5 Years 22.5%
5-10 Years 57.2%
10+ Years 2.3%
Average Life 6.19 Years
Effective Duration 5.46 Years

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

Name Value Coupon Maturity Date
Charleston, SC, Educational Excellenc Financing Corp 4.45% 07/17/2014
County Of Florence SC 3.20% 07/17/2014
South Carolina State Job, Economic Development Auth 2.53% 07/17/2014
Lancaster Educational Assistance Prog, Inc., SC, Ser B 2.51% 07/17/2014
Greenville, SC, Hospital System Board, Hosp Facs Rev 2.32% 07/17/2014
Coastal Carolina University 2.27% 07/17/2014
College Of Charleston, SC Acad & Admin Facs Rev, Ser A 2.17% 07/17/2014
Scago Educl Facs Corp. Pickens School Dist, SC 2.02% 07/17/2014
South Carolina, State Ports Authority, Ports Revenue 1.99% 07/17/2014
Greenwood, SC, Combined Public Utility Revenue, Ser A 1.94% 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.