Management Letter - Kentucky...Management Letter . The following is a summary of revenues and...

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Transcript of Management Letter - Kentucky...Management Letter . The following is a summary of revenues and...

Page 1: Management Letter - Kentucky...Management Letter . The following is a summary of revenues and expenses for the year ended June 30, 2018 and 2017, for selected funds. Revenues: Operating
Page 2: Management Letter - Kentucky...Management Letter . The following is a summary of revenues and expenses for the year ended June 30, 2018 and 2017, for selected funds. Revenues: Operating
Page 3: Management Letter - Kentucky...Management Letter . The following is a summary of revenues and expenses for the year ended June 30, 2018 and 2017, for selected funds. Revenues: Operating

Management Letter

Page 4: Management Letter - Kentucky...Management Letter . The following is a summary of revenues and expenses for the year ended June 30, 2018 and 2017, for selected funds. Revenues: Operating
Page 5: Management Letter - Kentucky...Management Letter . The following is a summary of revenues and expenses for the year ended June 30, 2018 and 2017, for selected funds. Revenues: Operating
Page 6: Management Letter - Kentucky...Management Letter . The following is a summary of revenues and expenses for the year ended June 30, 2018 and 2017, for selected funds. Revenues: Operating
Page 7: Management Letter - Kentucky...Management Letter . The following is a summary of revenues and expenses for the year ended June 30, 2018 and 2017, for selected funds. Revenues: Operating
Page 8: Management Letter - Kentucky...Management Letter . The following is a summary of revenues and expenses for the year ended June 30, 2018 and 2017, for selected funds. Revenues: Operating
Page 9: Management Letter - Kentucky...Management Letter . The following is a summary of revenues and expenses for the year ended June 30, 2018 and 2017, for selected funds. Revenues: Operating
Page 10: Management Letter - Kentucky...Management Letter . The following is a summary of revenues and expenses for the year ended June 30, 2018 and 2017, for selected funds. Revenues: Operating
Page 11: Management Letter - Kentucky...Management Letter . The following is a summary of revenues and expenses for the year ended June 30, 2018 and 2017, for selected funds. Revenues: Operating
Page 12: Management Letter - Kentucky...Management Letter . The following is a summary of revenues and expenses for the year ended June 30, 2018 and 2017, for selected funds. Revenues: Operating
Page 13: Management Letter - Kentucky...Management Letter . The following is a summary of revenues and expenses for the year ended June 30, 2018 and 2017, for selected funds. Revenues: Operating
Page 14: Management Letter - Kentucky...Management Letter . The following is a summary of revenues and expenses for the year ended June 30, 2018 and 2017, for selected funds. Revenues: Operating
Page 15: Management Letter - Kentucky...Management Letter . The following is a summary of revenues and expenses for the year ended June 30, 2018 and 2017, for selected funds. Revenues: Operating
Page 16: Management Letter - Kentucky...Management Letter . The following is a summary of revenues and expenses for the year ended June 30, 2018 and 2017, for selected funds. Revenues: Operating
Page 17: Management Letter - Kentucky...Management Letter . The following is a summary of revenues and expenses for the year ended June 30, 2018 and 2017, for selected funds. Revenues: Operating
Page 18: Management Letter - Kentucky...Management Letter . The following is a summary of revenues and expenses for the year ended June 30, 2018 and 2017, for selected funds. Revenues: Operating
Page 19: Management Letter - Kentucky...Management Letter . The following is a summary of revenues and expenses for the year ended June 30, 2018 and 2017, for selected funds. Revenues: Operating
Page 20: Management Letter - Kentucky...Management Letter . The following is a summary of revenues and expenses for the year ended June 30, 2018 and 2017, for selected funds. Revenues: Operating
Page 21: Management Letter - Kentucky...Management Letter . The following is a summary of revenues and expenses for the year ended June 30, 2018 and 2017, for selected funds. Revenues: Operating
Page 22: Management Letter - Kentucky...Management Letter . The following is a summary of revenues and expenses for the year ended June 30, 2018 and 2017, for selected funds. Revenues: Operating
Page 23: Management Letter - Kentucky...Management Letter . The following is a summary of revenues and expenses for the year ended June 30, 2018 and 2017, for selected funds. Revenues: Operating
Page 24: Management Letter - Kentucky...Management Letter . The following is a summary of revenues and expenses for the year ended June 30, 2018 and 2017, for selected funds. Revenues: Operating
Page 25: Management Letter - Kentucky...Management Letter . The following is a summary of revenues and expenses for the year ended June 30, 2018 and 2017, for selected funds. Revenues: Operating
Page 26: Management Letter - Kentucky...Management Letter . The following is a summary of revenues and expenses for the year ended June 30, 2018 and 2017, for selected funds. Revenues: Operating
Page 27: Management Letter - Kentucky...Management Letter . The following is a summary of revenues and expenses for the year ended June 30, 2018 and 2017, for selected funds. Revenues: Operating
Page 28: Management Letter - Kentucky...Management Letter . The following is a summary of revenues and expenses for the year ended June 30, 2018 and 2017, for selected funds. Revenues: Operating
Page 29: Management Letter - Kentucky...Management Letter . The following is a summary of revenues and expenses for the year ended June 30, 2018 and 2017, for selected funds. Revenues: Operating
Page 30: Management Letter - Kentucky...Management Letter . The following is a summary of revenues and expenses for the year ended June 30, 2018 and 2017, for selected funds. Revenues: Operating
Page 31: Management Letter - Kentucky...Management Letter . The following is a summary of revenues and expenses for the year ended June 30, 2018 and 2017, for selected funds. Revenues: Operating
Page 32: Management Letter - Kentucky...Management Letter . The following is a summary of revenues and expenses for the year ended June 30, 2018 and 2017, for selected funds. Revenues: Operating
Page 33: Management Letter - Kentucky...Management Letter . The following is a summary of revenues and expenses for the year ended June 30, 2018 and 2017, for selected funds. Revenues: Operating
Page 34: Management Letter - Kentucky...Management Letter . The following is a summary of revenues and expenses for the year ended June 30, 2018 and 2017, for selected funds. Revenues: Operating
Page 35: Management Letter - Kentucky...Management Letter . The following is a summary of revenues and expenses for the year ended June 30, 2018 and 2017, for selected funds. Revenues: Operating
Page 36: Management Letter - Kentucky...Management Letter . The following is a summary of revenues and expenses for the year ended June 30, 2018 and 2017, for selected funds. Revenues: Operating
Page 37: Management Letter - Kentucky...Management Letter . The following is a summary of revenues and expenses for the year ended June 30, 2018 and 2017, for selected funds. Revenues: Operating
Page 38: Management Letter - Kentucky...Management Letter . The following is a summary of revenues and expenses for the year ended June 30, 2018 and 2017, for selected funds. Revenues: Operating
Page 39: Management Letter - Kentucky...Management Letter . The following is a summary of revenues and expenses for the year ended June 30, 2018 and 2017, for selected funds. Revenues: Operating
Page 40: Management Letter - Kentucky...Management Letter . The following is a summary of revenues and expenses for the year ended June 30, 2018 and 2017, for selected funds. Revenues: Operating
Page 41: Management Letter - Kentucky...Management Letter . The following is a summary of revenues and expenses for the year ended June 30, 2018 and 2017, for selected funds. Revenues: Operating
Page 42: Management Letter - Kentucky...Management Letter . The following is a summary of revenues and expenses for the year ended June 30, 2018 and 2017, for selected funds. Revenues: Operating
Page 43: Management Letter - Kentucky...Management Letter . The following is a summary of revenues and expenses for the year ended June 30, 2018 and 2017, for selected funds. Revenues: Operating
Page 44: Management Letter - Kentucky...Management Letter . The following is a summary of revenues and expenses for the year ended June 30, 2018 and 2017, for selected funds. Revenues: Operating
Page 45: Management Letter - Kentucky...Management Letter . The following is a summary of revenues and expenses for the year ended June 30, 2018 and 2017, for selected funds. Revenues: Operating
Page 46: Management Letter - Kentucky...Management Letter . The following is a summary of revenues and expenses for the year ended June 30, 2018 and 2017, for selected funds. Revenues: Operating
Page 47: Management Letter - Kentucky...Management Letter . The following is a summary of revenues and expenses for the year ended June 30, 2018 and 2017, for selected funds. Revenues: Operating
Page 48: Management Letter - Kentucky...Management Letter . The following is a summary of revenues and expenses for the year ended June 30, 2018 and 2017, for selected funds. Revenues: Operating
Page 49: Management Letter - Kentucky...Management Letter . The following is a summary of revenues and expenses for the year ended June 30, 2018 and 2017, for selected funds. Revenues: Operating
Page 50: Management Letter - Kentucky...Management Letter . The following is a summary of revenues and expenses for the year ended June 30, 2018 and 2017, for selected funds. Revenues: Operating
Page 51: Management Letter - Kentucky...Management Letter . The following is a summary of revenues and expenses for the year ended June 30, 2018 and 2017, for selected funds. Revenues: Operating
Page 52: Management Letter - Kentucky...Management Letter . The following is a summary of revenues and expenses for the year ended June 30, 2018 and 2017, for selected funds. Revenues: Operating
Page 53: Management Letter - Kentucky...Management Letter . The following is a summary of revenues and expenses for the year ended June 30, 2018 and 2017, for selected funds. Revenues: Operating
Page 54: Management Letter - Kentucky...Management Letter . The following is a summary of revenues and expenses for the year ended June 30, 2018 and 2017, for selected funds. Revenues: Operating
Page 55: Management Letter - Kentucky...Management Letter . The following is a summary of revenues and expenses for the year ended June 30, 2018 and 2017, for selected funds. Revenues: Operating
Page 56: Management Letter - Kentucky...Management Letter . The following is a summary of revenues and expenses for the year ended June 30, 2018 and 2017, for selected funds. Revenues: Operating
Page 57: Management Letter - Kentucky...Management Letter . The following is a summary of revenues and expenses for the year ended June 30, 2018 and 2017, for selected funds. Revenues: Operating
Page 58: Management Letter - Kentucky...Management Letter . The following is a summary of revenues and expenses for the year ended June 30, 2018 and 2017, for selected funds. Revenues: Operating
Page 59: Management Letter - Kentucky...Management Letter . The following is a summary of revenues and expenses for the year ended June 30, 2018 and 2017, for selected funds. Revenues: Operating
Page 60: Management Letter - Kentucky...Management Letter . The following is a summary of revenues and expenses for the year ended June 30, 2018 and 2017, for selected funds. Revenues: Operating
Page 61: Management Letter - Kentucky...Management Letter . The following is a summary of revenues and expenses for the year ended June 30, 2018 and 2017, for selected funds. Revenues: Operating
Page 62: Management Letter - Kentucky...Management Letter . The following is a summary of revenues and expenses for the year ended June 30, 2018 and 2017, for selected funds. Revenues: Operating
Page 63: Management Letter - Kentucky...Management Letter . The following is a summary of revenues and expenses for the year ended June 30, 2018 and 2017, for selected funds. Revenues: Operating
Page 64: Management Letter - Kentucky...Management Letter . The following is a summary of revenues and expenses for the year ended June 30, 2018 and 2017, for selected funds. Revenues: Operating
Page 65: Management Letter - Kentucky...Management Letter . The following is a summary of revenues and expenses for the year ended June 30, 2018 and 2017, for selected funds. Revenues: Operating
Page 66: Management Letter - Kentucky...Management Letter . The following is a summary of revenues and expenses for the year ended June 30, 2018 and 2017, for selected funds. Revenues: Operating
Page 67: Management Letter - Kentucky...Management Letter . The following is a summary of revenues and expenses for the year ended June 30, 2018 and 2017, for selected funds. Revenues: Operating
Page 68: Management Letter - Kentucky...Management Letter . The following is a summary of revenues and expenses for the year ended June 30, 2018 and 2017, for selected funds. Revenues: Operating
Page 69: Management Letter - Kentucky...Management Letter . The following is a summary of revenues and expenses for the year ended June 30, 2018 and 2017, for selected funds. Revenues: Operating
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Page 71: Management Letter - Kentucky...Management Letter . The following is a summary of revenues and expenses for the year ended June 30, 2018 and 2017, for selected funds. Revenues: Operating
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Page 73: Management Letter - Kentucky...Management Letter . The following is a summary of revenues and expenses for the year ended June 30, 2018 and 2017, for selected funds. Revenues: Operating
Page 74: Management Letter - Kentucky...Management Letter . The following is a summary of revenues and expenses for the year ended June 30, 2018 and 2017, for selected funds. Revenues: Operating
Page 75: Management Letter - Kentucky...Management Letter . The following is a summary of revenues and expenses for the year ended June 30, 2018 and 2017, for selected funds. Revenues: Operating
Page 76: Management Letter - Kentucky...Management Letter . The following is a summary of revenues and expenses for the year ended June 30, 2018 and 2017, for selected funds. Revenues: Operating
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Page 80: Management Letter - Kentucky...Management Letter . The following is a summary of revenues and expenses for the year ended June 30, 2018 and 2017, for selected funds. Revenues: Operating
Page 81: Management Letter - Kentucky...Management Letter . The following is a summary of revenues and expenses for the year ended June 30, 2018 and 2017, for selected funds. Revenues: Operating
Page 82: Management Letter - Kentucky...Management Letter . The following is a summary of revenues and expenses for the year ended June 30, 2018 and 2017, for selected funds. Revenues: Operating
Page 83: Management Letter - Kentucky...Management Letter . The following is a summary of revenues and expenses for the year ended June 30, 2018 and 2017, for selected funds. Revenues: Operating
Page 84: Management Letter - Kentucky...Management Letter . The following is a summary of revenues and expenses for the year ended June 30, 2018 and 2017, for selected funds. Revenues: Operating
Page 85: Management Letter - Kentucky...Management Letter . The following is a summary of revenues and expenses for the year ended June 30, 2018 and 2017, for selected funds. Revenues: Operating
Page 86: Management Letter - Kentucky...Management Letter . The following is a summary of revenues and expenses for the year ended June 30, 2018 and 2017, for selected funds. Revenues: Operating
Page 87: Management Letter - Kentucky...Management Letter . The following is a summary of revenues and expenses for the year ended June 30, 2018 and 2017, for selected funds. Revenues: Operating
Page 88: Management Letter - Kentucky...Management Letter . The following is a summary of revenues and expenses for the year ended June 30, 2018 and 2017, for selected funds. Revenues: Operating
Page 89: Management Letter - Kentucky...Management Letter . The following is a summary of revenues and expenses for the year ended June 30, 2018 and 2017, for selected funds. Revenues: Operating
Page 90: Management Letter - Kentucky...Management Letter . The following is a summary of revenues and expenses for the year ended June 30, 2018 and 2017, for selected funds. Revenues: Operating
Page 91: Management Letter - Kentucky...Management Letter . The following is a summary of revenues and expenses for the year ended June 30, 2018 and 2017, for selected funds. Revenues: Operating
Page 92: Management Letter - Kentucky...Management Letter . The following is a summary of revenues and expenses for the year ended June 30, 2018 and 2017, for selected funds. Revenues: Operating

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