Portfolio Composition
as of (03/31/2013)

Name Value
REVENUE 69.11%
GENERAL OBLIGATIONS 27.58%
ESCROWED TO MATURITY 1.02%
Cash & Equivalents 2.29%

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

Name Value
A 27%
Aa 57%
Aaa 5%
Baa 3%
N/A 7%

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

Name Value
0-1 Year 4%
1-3 Years 10%
3-4 Years 9%
4-6 Years 32%
6-8 Years 27%
8+ Years 18%
Average Life 7.66 Years
Effective Duration 6.00 Years

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

Name Value Coupon Maturity Date
West Virginia State Univ Rev, WV Univ Proj, Ser B 3.38% 5.00% 10/01/2036
West Virginia State Econ Dev Auth, Lease Rev, Ser A 2.50% 5.00% 06/01/2026
Berkeley, Hardy, & Jefferson Cnty, WV, Comm Dev Rev 2.29% 5.38% 12/01/2028
West Virginia State Univ Rev, WV Univ Proj, Ser A 2.23% 5.00% 10/01/2023
Greenbrier County, WV Board of Education Public School 2.22% 5.00% 05/01/2018
West Virginia State, School Build Auth Rev, Ser A 2.19% 5.00% 07/01/2016
West Virginia State Econ Dev Auth Lease Rev 2.11% 3.00% 12/15/2019
Putnam County, WV, Board of Education, Public Schools 2.01% 4.00% 05/01/2019
West Virginia State Parkways Econ Dev & Tourism Auth 2.01% 5.25% 05/15/2019
West Virginia State School Build Auth Rev, Ser A 1.92% 5.00% 07/01/2020

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.