Portfolio Composition
as of (03/31/2014)

Name Value
REVENUE 94.13%
GENERAL OBLIGATIONS 3.71%
Cash & Equivalents 2.16%

Moody's Quality Bond Rating¹
as of (03/31/2014)

Name Value
A 34.89%
Aa 58.81%
Aaa 2.47%
Baa 3.83%
N/A 0.00%

Effective Duration Breakdown
as of (03/31/2014)

Name Value
0-1 Year 2.47%
1-3 Years 12.07%
3-4 Years 9.44%
4-6 Years 32.34%
6-8 Years 34.02%
8+ Years 9.66%
Average Life 6.13 Years
Effective Duration 5.22 Years

Top 10 Holdings
as of (03/31/2014)

Name Value Coupon Maturity Date
Northern Kentucky University General Receipts, Ser A 5.27% 4.25% 09/01/2021
Jefferson County, KY, School District Fin Corp., Ser A 5.09% 5.25% 01/01/2019
Kentucky State Turnpike Authority, Econ Dev, Ser A 4.76% 5.00% 07/01/2025
Kentucky Economic Development Fin Auth, Ser A 4.73% 4.75% 08/15/2019
Pulaski County, KY, Public Props Corp First Meet Rev 4.68% 5.50% 12/01/2024
Owensboro-Daviess Cnty Reg Water Res Agcy, KY 3.84% 4.00% 01/01/2016
Kentucky Economic Development Fin Auth, Ser A 3.82% 5.00% 05/01/2024
Owensboro, KY, Water Revenue, Refunding & Improvement 3.80% 5.25% 09/15/2021
Lexington-Fayette Urban Cnty, KY, Airport Board, Ser A 3.80% 5.00% 07/01/2019
Owensboro, KY, Series A 3.71% 4.00% 05/01/2022

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.