Portfolio Composition
as of (06/30/2014)

Name Value
REVENUE 65.74%
Cash & Equivalents 1.52%

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

Name Value
A 6.78%
Aa 80.49%
Aaa 7.42%
Baa 5.31%

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

Name Value
0-1 Year 2.43%
1-3 Years 12.00%
3-4 Years 7.93%
4-6 Years 37.28%
6-8 Years 31.55%
8+ Years 8.81%
Average Life 6.22 Years
Effective Duration 5.33 Years

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

Name Value Coupon Maturity Date
Albemarle County, VA, Econ Dev Auth Pub Fac Rev 2.66% 07/17/2014
Virginia St, College Build Auth, Educl Facs Rev, Ser A 2.44% 07/17/2014
Fairfax County, VA, EconDev Auth Rev, Ser A 2.44% 07/17/2014
Montgomery County, VA, Econ Dev Auth Rev, Ser A 2.32% 07/17/2014
Suffolk, VA, Public Improvements, Ser A 2.20% 07/17/2014
Fairfax, VA, Sewer Revenue 2.11% 07/17/2014
Virginia State Public Build Auth, Pub Facs Rev, Ser A 1.92% 07/17/2014
Newport News, VA, General Improv, Ser A 1.85% 07/17/2014
Virginia State, Commonwealth Trans Board, Ser B 1.81% 07/17/2014
Virginia St College Build Auth, Educl Facs Rev, Ser B 1.75% 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.