Portfolio Composition
as of (03/31/2014)

Name Value
REVENUE 72.80%
GENERAL OBLIGATIONS 23.43%
ESCROWED TO MATURITY 1.03%
Cash & Equivalents 2.74%

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

Name Value
A 23.18%
Aa 59.38%
Aaa 4.74%
Baa 7.44%
N/A 5.26%

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

Name Value
0-1 Year 5.69%
1-3 Years 15.29%
3-4 Years 12.06%
4-6 Years 34.82%
6-8 Years 18.85%
8+ Years 13.29%
Average Life 6.28 Years
Effective Duration 4.95 Years

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

Name Value Coupon Maturity Date
West Virginia State Econ Dev Auth, Lease Rev, Ser A 4.96% 5.00% 06/01/2026
West Virginia State, EconDev Auth, Lease Rev, Ser A 3.17% 5.00% 06/01/2025
WV St Water Dev Auth, Water Dev Rev, Series A-Ii 2.74% 5.00% 11/01/2027
West Virginia State School Build Auth Rev, Ser A 2.67% 5.00% 07/01/2020
Greenbrier Cnty, West Virginia Board Of Educ Pub Sch 2.48% 5.00% 05/01/2018
West Virginia State, School Build Auth Rev, Ser A 2.47% 5.00% 07/01/2016
West Virginia State Econ Dev Auth Lease Rev 2.39% 3.00% 12/15/2019
West Virginia State Parkways Econ Dev & Tour Auth 2.24% 5.25% 05/15/2019
Putnam County, WV, Board Of Education, Public Schools 2.15% 4.00% 05/01/2019
West Virginia State, State Road 2.11% 5.00% 06/01/2015

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.