Portfolio Composition
as of (12/31/2014)

Name Value
REVENUE 90.26%
GENERAL OBLIGATIONS 7.91%
Cash & Equivalents 1.83%

Moody's Quality Bond Rating¹
as of (12/31/2014)

Name Value
AAA 5.6%
AA 61.4%
A 29.4%
BBB 3.6%
Not Rated 0.0%

Effective Duration Breakdown
as of (12/31/2014)

Name Value
0-1 Year 1.8%
1-2 Years 3.6%
2-3 Years 6.5%
3-5 Years 30.9%
5-10 Years 57.2%
10+ Years 3.9%
Average Life 5.18 Years
Effective Duration 5.26 Years

Top 10 Holdings
as of (12/31/2014)

Name Value Coupon Maturity Date
KY Eco Dvlp Fin Auth, Hosp Facs Rev, Bap HC Sys, Ser A 5.21% 4.75% 08/15/2019
Pulaski Cty Public Properties Corp. AOC Judicial Fac 5.10% 5.50% 12/01/2024
KY Eco Dvlp Fin Auth, St Elizabeth Md Ctr, Inc., Ser A 4.21% 5.00% 05/01/2024
KY Asset L Cm Fnd Rev, Pjct Ntes Fed Hwy Tr, 1st Series 4.18% 5.25% 09/01/2025
City of Owensboro, KY, Series A 4.13% 4.00% 05/01/2022
City of Owensboro, KY Water Revenue, Ref & Improvement 4.12% 5.25% 09/15/2021
Lexington-Fayette Urban County Airport Board, Series A 4.08% 5.00% 07/01/2019
Lville & Jeff Cnty Mtro Gov Rev, Cath Hlth Inits, Ser A 4.00% 5.00% 12/01/2035
Fayette County School District Finance Corp., Ref Ser A 3.99% 5.00% 10/01/2021
Lville & Jeff Cnty, Mtro Sew Dstr, Sew & Drn Sys, Ser A 3.90% 5.00% 05/15/2030

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.