Portfolio Composition
as of (06/30/2014)

Name Value
REVENUE 92.00%
Cash & Equivalents 4.09%

Moody's Quality Bond Rating¹
as of (06/30/2014)

Name Value
A 27.72%
AA 63.64%
AAA 4.04%
BBB 3.39%
Not Rated 1.21%

Effective Duration Breakdown
as of (06/30/2014)

Name Value
0-1 Year 4.1%
1-2 Years 10.8%
2-3 Years 6.3%
3-5 Years 26.5%
5-10 Years 48.6%
10+ Years 3.7%
Average Life 5.69 Years
Effective Duration 5.25 Years

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

Name Value Coupon Maturity Date
Kentucky Economic Development Fin Auth, Ser A 5.00% 07/17/2014
Kentucky State Turnpike Authority, Econ Dev, Ser A 4.99% 07/17/2014
Pulaski County, KY, Public Props Corp First Meet Rev 4.92% 07/17/2014
Kentucky Economic Dev Fin Auth, Ser A 4.00% 07/17/2014
Owensboro, KY, Water Revenue, Refunding & Improvement 3.97% 07/17/2014
Lexington-Fayette Urban Cnty, KY Airpt Board, Ser A 3.95% 07/17/2014
Owensboro-Daviess Cnty Regl Water Resource Agency/KY 3.95% 07/17/2014
Owensboro, KY, Series A 3.91% 07/17/2014
Kentucky State, Asset Liability Comm Agency Fund Rev 3.89% 07/17/2014
Fayette County, KY, School District Fin Corp., Ser A 3.81% 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.