Portfolio Composition
as of (03/31/2014)

Name Value
REVENUE 64.37%
GENERAL OBLIGATIONS 31.38%
CERTIFICATE OF PARTICIPATION 2.37%
Cash & Equivalents 1.88%

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 (03/31/2014)

Name Value Coupon Maturity Date
Albemarle County, VA, Economic Dev Auth Pub Fac Rev 2.67% 5.00% 06/01/2020
Virginia St, College Build Auth, Educ Facs Rev, Ser A 2.45% 5.00% 02/01/2022
Fairfax County, VA, Economic Dev Auth Rev, Ser A 2.44% 5.00% 06/01/2022
Montgomery County, VA, Economic Dev Auth Rev, Ser A 2.31% 5.00% 06/01/2024
Suffolk, VA, Public Improvements, Series A 2.24% 5.00% 02/01/2017
Fairfax, VA, Sewer Revenue 2.11% 5.00% 07/15/2022
Virginia State Public Build Auth, Pub Facs Rev, Ser A 1.87% 5.00% 08/01/2026
Newport News, VA, General Improv, Ser A 1.86% 4.00% 07/15/2020
Virginia State, Commonwealth Trans Board, Ser B 1.81% 5.00% 03/15/2023
Virginia St College Build Auth, Educ Facs Rev, Ser B 1.76% 5.00% 09/01/2020

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.