Portfolio Composition
as of (06/30/2014)

Name Value
REVENUE 76.11%
GENERAL OBLIGATIONS 21.80%
Cash & Equivalents 1.09%
ESCROWED TO MATURITY 1.00%

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

Name Value
A 12.68%
AA 68.18%
AAA 9.68%
BBB 3.61%
Not Rated 5.85%

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

Name Value
0-1 Year 3.4%
1-2 Years 8.7%
2-3 Years 4.6%
3-5 Years 32.3%
5-10 Years 46.2%
10+ Years 4.7%
Average Life 6.30 Years
Effective Duration 5.44 Years

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

Name Value Coupon Maturity Date
West Virginia State Economic Development Auth, Ser A 5.07% 07/17/2014
West Virginia State, Economic Development Auth, Ser A 3.27% 07/17/2014
West Virginia State Water Development Auth, Ser A-ii 2.76% 07/17/2014
West Virginia State School Building Auth Rev, Ser A 2.65% 07/17/2014
Greenbrier Cnty, West Virginia Board Of Educ Pub Schl 2.45% 07/17/2014
West Virginia State, School Building Auth Rev, Ser A 2.42% 07/17/2014
West Virginia State Parkways Econ Dev & Tour Auth 2.22% 07/17/2014
Putnam County, WV, Board Of Education, Public Schools 2.13% 07/17/2014
West Virginia Hospital Finance Authority 2.10% 07/17/2014
West Virginia State, University Revenue, Ser B 2.04% 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.