Portfolio Composition
as of (03/31/2013)

Name Value
REVENUE 58.50%
GENERAL OBLIGATIONS 34.83%
CERTIFICATE OF PARTICIPATION 3.38%
Cash & Equivalents 3.29%

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

Name Value
A 4%
Aa 75%
Aaa 15%
Baa 2%
N/A 3%

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

Name Value
0-1 Year 5%
1-3 Years 9%
3-4 Years 7%
4-6 Years 21%
6-8 Years 31%
8+ Years 28%
Average Life 7.44 Years
Effective Duration 6.22 Years

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

Name Value Coupon Maturity Date
Upper Occoquan, VA, Sewage Auth, Regl Sewe Rev, Ser A 2.67% 4.50% 07/01/2029
Prince William County, VA, Cert of Part 2.27% 5.00% 10/01/2024
Albemarle County, VA, Econ Dev Auth Pub Fac Rev 2.25% 5.00% 06/01/2020
Fairfax County, VA, Economic Dev Auth Rev, Ser A 2.06% 5.00% 06/01/2022
Montgomery County, VA, Econ Dev Auth Rev, Ser A 1.95% 5.00% 06/01/2024
Suffolk, VA, Public Improvements, Series A 1.88% 5.00% 02/01/2017
Arlington County, VA, Refunding Bonds, Series A 1.79% 3.00% 08/01/2021
Virginia State Coll Build Auth, Educl Facs Rev, Ser A 1.64% 4.50% 09/01/2026
Virginia State Pub Build Auth, Pub Facs Rev, Ser A 1.59% 5.00% 08/01/2026
Newport News, VA, Gen Improv, Ser A 1.56% 4.00% 07/15/2020

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.