Investment objective & strategy
As of Oct. 28, 2025 · prospectusObjective. The Fund seeks to provide a high and stable level of income exempt from federal and Kentucky personal income taxes derived from Kentucky municipal securities without incurring undue risk to principal.
Strategy. The Fund seeks to provide a steady flow of tax-exempt income derived from Kentucky municipal securities of investment grade quality (those rated BBB or Baa or higher by U.S. nationally recognized rating services at the time of purchase) with a weighted average nominal maturity normally greater than 10 years. The interest earned on these securities, in the opinion of bond counsel for the issuer, is exempt from federal and state taxation in the state of Kentucky. The Fund has a fundamental policy that during periods of normal market conditions either (1) the Funds assets will be invested so that at least 80% of the income will be exempt from Federal and Kentucky income taxes or (2) the Fund will have … The Fund seeks to provide a steady flow of tax-exempt income derived from Kentucky municipal securities of investment grade quality (those rated BBB or Baa or higher by U.S. nationally recognized rating services at the time of purchase) with a weighted average nominal maturity normally greater than 10 years. The interest earned on these securities, in the opinion of bond counsel for the issuer, is exempt from federal and state taxation in the state of Kentucky. The Fund has a fundamental policy that during periods of normal market conditions either (1) the Funds assets will be invested so that at least 80% of the income will be exempt from Federal and Kentucky income taxes or (2) the Fund will have at least 80% of its net assets invested in securities exempt from Federal and Kentucky income taxes. Maintaining a steady stream of tax-exempt income is a primary objective of the Fund. The investment adviser selects securities that it believes will provide the best balance between risk and return and typically uses a buy and hold strategy. Securities in the Funds portfolio are typically held for income purposes, rather than trading them for capital gains. However, the investment adviser may sell a security at any time if it believes it could help the Fund meet its goals.
Top holdings
As of March 31, 2026 · N-PORT| Security | Ticker | Value | % of fund |
|---|---|---|---|
| KY KYSFAC 5.25 06/01/2042 | KYSFAC | $17.26M | 2.50% |
| KY KYSFAC 5 04/01/2036 | KYSFAC | $14.67M | 2.13% |
| KY KYSFAC 5 04/01/2034 | KYSFAC | $14.22M | 2.06% |
| KY KYSFAC 5.25 06/01/2040 | KYSFAC | $10.88M | 1.58% |
| KY UKYHGR 4 10/01/2038 | UKYHGR | $10.78M | 1.56% |
| KY KYSFAC 5 09/01/2045 | KYSFAC | $10.62M | 1.54% |
| KY ST PROP 5% 5/1/2035 | KYSFAC | $10.33M | 1.50% |
| KY ST PROP 5% 5/1/2036 | KYSFAC | $10.30M | 1.49% |
| Louisville and Jefferson County Metropolitan Sewer District, Kentucky, Sewer and Drainage System Revenue Bonds, Refunding Series 2018A | LOUUTL | $10.06M | 1.46% |
| KY KYSFAC 5.25 06/01/2041 | KYSFAC | $9.50M | 1.38% |
Portfolio moves
Dec 31, 2025 → Mar 31, 2026How many positions this fund opened, exited, grew, trimmed, or left unchanged between its two most recent N-PORT snapshots — net changes between point-in-time reports, not a trade log.
Similar funds
Funds whose portfolios most overlap this one, by weight| Fund | Overlap | Net exp. |
|---|---|---|
| Nuveen Kentucky Municipal Bond Fund · FKYTX, FKYRX, FKCCX | 2% | 0.93% |
Advisers
| Firm | Role |
|---|---|
| Dupree and Company, Inc. | Adviser |
Footnotes
- Expense ratio as of October 28, 2025, from the fund's prospectus.
- Net assets and holdings count as of March 31, 2026, from the fund's N-PORT filing.
- Total return for calendar year 2025, before tax and after fund expenses. Computed by compounding the twelve monthly total returns the fund reported in its SEC N-PORT filings for 2025 (the latest prospectus does not yet chart this year).
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