| Security | CUSIP | Shares | Traded Market Value | % of Holding ↓ |
| NC CAP FACS 5.25 07/01/42 | 65819GBL1 | 3,000,000 | $3,231,510.00 | 7.49% |
| FEDERATED TAX FREE RESERV | 990060GM1 | 2,722,657 | $2,722,657.57 | 6.31% |
| NORTH CAROLINA 5%03/01/14 | 658268AM9 | 2,500,000 | $2,638,150.00 | 6.11% |
| WILMINGTON N C 5%06/01/38 | 971673FH6 | 2,500,000 | $2,238,000.00 | 5.18% |
| RALEIGH DUR 5.00 05/01/30 | 751073CZ8 | 2,000,000 | $1,766,780.00 | 4.09% |
| FORSYTH CNTY 5.1%10/01/19 | 346641BT9 | 1,575,000 | $1,683,848.25 | 3.90% |
| GREENSBORO 5.00 06/01/25 | 395468FQ9 | 1,605,000 | $1,604,935.80 | 3.72% |
| NC MED CARE 5.00 11/01/17 | 657902J52 | 1,290,000 | $1,285,652.70 | 2.98% |
| UNIVERSITY N C5% 12/01/31 | 914713ZZ8 | 1,270,000 | $1,216,291.70 | 2.81% |
| APPALACHIAN 5.00 07/15/30 | 037777PZ6 | 1,250,000 | $1,153,400.00 | 2.67% |
| NRTH CROLINA 5.0 03/01/15 | 658268AP2 | 1,000,000 | $1,052,380.00 | 2.43% |
| CHARLOTTE 5.50 08/01/19 | 161037MF0 | 1,000,000 | $1,038,800.00 | 2.40% |
| NC MUN PWR 5.25% 01/01/15 | 658203H23 | 1,000,000 | $1,021,570.00 | 2.36% |
| ROCKINGHAM CNTY4%04/01/11 | 773441AA8 | 985,000 | $1,009,162.05 | 2.33% |
| WAKE CNTY 5.375 02/01/17 | 930868BR4 | 1,000,000 | $981,130.00 | 2.27% |
| CHARLOTTE 5.00 12/01/25 | 161037RF5 | 1,000,000 | $975,290.00 | 2.26% |
| RALEIGH N C 5% 03/01/31 | 751100CY2 | 1,000,000 | $954,630.00 | 2.21% |
| NORTH CAR. VRN 07/01/36 | 658262ED8 | 950,000 | $950,000.00 | 2.20% |
| N CAROLINA 5.00 10/01/25 | 65820PCX1 | 1,000,000 | $945,350.00 | 2.19% |
| CHARLOTTE 5.00% 01/15/21 | 160853KU0 | 1,000,000 | $932,280.00 | 2.16% |
| UNIVERSITY NC 5% 04/01/36 | 914716UP8 | 1,000,000 | $926,920.00 | 2.14% |
| CHARLOTTE 6.00 07/01/24 | 161036CG1 | 1,000,000 | $918,100.00 | 2.12% |
| CAPE FEAR PUB 08/01/35 | 139391AX4 | 1,000,000 | $914,640.00 | 2.12% |
| PUERTO RIC 5.25% 08/01/57 | 74529JAR6 | 1,000,000 | $862,550.00 | 1.99% |
| JOHNSTON N C 5% 10/01/36 | 47938RBB3 | 1,000,000 | $861,660.00 | 1.99% |
| PUERTO RICO 5.5 07/01/19 | 745145VF6 | 835,000 | $845,688.00 | 1.96% |
| DARE CNT NC 5.00 06/01/23 | 23720DDR0 | 830,000 | $798,368.70 | 1.85% |
| NORTH CAROL 5.00 03/01/16 | 658268AR8 | 750,000 | $784,117.50 | 1.81% |
| NORTH CAROLINA 5%03/01/11 | 658256RT1 | 735,000 | $773,991.75 | 1.79% |
| PR HWY RB 5.50 07/01/19 | 745181XK8 | 595,000 | $571,979.45 | 1.32% |
| LENOIR CNTY 5.00 02/01/21 | 526210LA5 | 500,000 | $508,005.00 | 1.17% |
| SALISBURY 5.00 02/01/20 | 795375AT1 | 500,000 | $502,050.00 | 1.16% |
| ROCKINGHAM 5.00 04/01/18 | 773509AR5 | 500,000 | $501,155.00 | 1.16% |
| CAPE FEAR PUB 08/01/21 | 139391AM8 | 500,000 | $499,915.00 | 1.15% |
| IREDELL 5.25 10/01/20 | 462670BC3 | 500,000 | $496,700.00 | 1.15% |
| NC EASTN 5.375 01/01/16 | 658196E71 | 500,000 | $493,105.00 | 1.14% |
| CHARLOTTE N C 5% 06/01/33 | 161037VN3 | 500,000 | $455,840.00 | 1.05% |
| ONSLOW CTY 5.125 04/01/18 | 68285RAU7 | 500,000 | $449,505.00 | 1.04% |
| SEI INST'L TAX-FREE (#21) | 784118200 | 413,071 | $413,071.68 | 0.95% |
| NORTH CAROLI5.55%07/01/38 | 658207KH7 | 500,000 | $406,135.00 | 0.94% |
| WAKE CNTY 5.125 10/01/13 | 930866CL0 | 350,000 | $379,092.00 | 0.87% |
| PRCFAC 5.5 07/01/23 | 745220FN8 | 400,000 | $374,340.00 | 0.86% |
| Total Fund Assets | | | $43,138,747.15 | 100.00% |
