The investment seeks current income exempt from federal and Kentucky income taxes consistent with preservation of capital.
The fund normally invests at least 80% of its net assets plus borrowings for investment purposes in investments the income from which is exempt from federal income tax, alternative minimum tax, and Kentucky personal income tax ("Kentucky Tax-Exempt Obligations"). It invests in Kentucky municipal securities only if they are "investment grade". The fund will maintain an average duration of 3.5 to 8 years. It is non-diversified.