Portfolio Composition
as of (09/30/2014)

Name Value
REVENUE 94.80%
GENERAL OBLIGATIONS 4.03%
Cash & Equivalents 1.17%

Moody's Quality Bond Rating¹
as of (09/30/2014)

Name Value
AAA 1.2%
AA 66.4%
A 28.9%
BBB 3.5%
Not Rated 0

Effective Duration Breakdown
as of (09/30/2014)

Name Value
0-1 Year 1.2%
1-2 Years 11.1%
2-3 Years 6.5%
3-5 Years 27.2%
5-10 Years 50.1%
10+ Years 3.9%
Average Life 5.32 Years
Effective Duration 5.15 Years

Top 10 Holdings
as of (09/30/2014)

Name Value Coupon Maturity Date
KY Eco Dvlp Fin Auth, Hosp Facs Rev, Bap HC Sys, Ser A 5.15% 4.75% 08/15/2019
KY Tpke Auth, Eco Dvlp, Rd Rev, Revtzn Prjcts, Ser A 5.12% 5.00% 07/01/2025
Pulaski Cty Public Properties Corp. AOC Judicial Fac 5.04% 5.50% 12/01/2024
KY Eco Dvlp Fin Auth, St Elizabeth Md Ctr, Inc., Ser A 4.13% 5.00% 05/01/2024
KY Asset L Cm Fnd Rev, Pjct Ntes Fed Hwy Tr, 1st Series 4.09% 5.25% 09/01/2025
City of Owensboro, KY Water Revenue, Ref & Improvement 4.07% 5.25% 09/15/2021
Lexington-Fayette Urban County Airport Board, Series A 4.06% 5.00% 07/01/2019
Owensboro-Daviess Cnty Reg W Res Agcy, Ref & Impt Ser A 4.04% 4.00% 01/01/2016
City of Owensboro, KY, Series A 4.03% 4.00% 05/01/2022
Fayette County School District Finance Corp., Ref Ser A 3.93% 5.00% 10/01/2021

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.