Portfolio Composition
as of (12/31/2014)

Name Value
REVENUE 69.10%
GENERAL OBLIGATIONS 27.33%
CERTIFICATE OF PARTICIPATION 2.41%
Cash & Equivalents 1.16%

Moody's Quality Bond Rating¹
as of (09/30/2014)

Name Value
AAA 12.2%
AA 75.2%
A 4.5%
BBB 5.2%
Not Rated 3.0%

Effective Duration Breakdown
as of (09/30/2014)

Name Value
0-1 Year 4.0%
1-2 Years 5.5%
2-3 Years 6.4%
3-5 Years 14.0%
5-10 Years 67.1%
10+ Years 3.0%
Average Life 5.99 Years
Effective Duration 5.57 Years

Top 10 Holdings
as of (12/31/2014)

Name Value Coupon Maturity Date
Albemarle County Eco Dev Auth Public Fac Rev, Ref Bonds 2.71% 5.00% 06/01/2020
Frfx Cnty Eco Dv Auth Rev, Rf Bnd, Lr H Pub Fac Pr, S A 2.52% 5.00% 06/01/2022
VA Co Bld Auth, Edu Fac Rev, 21st Cen Co & Equ Pro, S A 2.52% 5.00% 02/01/2022
Montg Cnty Eco Dev Auth, Ref Bnds, Tech Fndtn, Series A 2.40% 5.00% 06/01/2024
City of Suffolk, VA, Public Improvements, Series A 2.22% 5.00% 02/01/2017
County of Fairfax, VA, Sewer Revenue 2.17% 5.00% 07/15/2022
City of Richmond VA, Public Improvement Bond, Series A 2.03% 5.00% 03/01/2028
VA Public Blding Auth, Public Facilities Revenue, Ser A 1.97% 5.00% 08/01/2026
City of Newp News, VA, Ref Bnd, Gen Imprv, Water, Ser A 1.90% 4.00% 07/15/2020
VA Commonwealth Trans Brd, Fed Transport Grant, Ser B-G 1.88% 5.00% 03/15/2023

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.