Firm Overview

Sterling Capital Management LLC is a registered investment adviser founded in 1970. An investment firm, Sterling is an independently operated subsidiary of BB&T Corporation, one of the nation's largest financial services holding companies. Sterling is headquartered in Charlotte, NC with offices in Raleigh, NC; Atlanta, GA; Washington, D.C.; San Francisco, CA; Richmond, VA; and Virginia Beach, VA. As of 12/31/13, Sterling has over $45 billion in assets under management overseen by 98 investment and client service professionals.

Investment Objective

The Fund seeks current income exempt from federal and West Virginia income taxes consistent with preservation of capital.

In managing the Fund, the team specializes in actively building and managing high credit quality fixed income portfolios focused on the intermediate segment of the yield curve offering. The team employs a top-down investment process that focuses on: duration management, yield curve strategy and finding the best relative value with limited amount of risk in order to maximize the risk-adjusted total return.

Buy Strategy: We buy high quality, liquid issues and seek the best relative sector and security values available. We attempt to maximize total return and current income while reducing price volatility.

Sell Strategy: We will consider selling a security we own in order to reposition the Fund along the yield curve and adjust the Fund's average maturity or duration. In addition, we might replace a security with one that offers greater potential for total return or when its credit fundamentals are deteriorating.

Investment Considerations

The Funds are subject to the same risks as the underlying bonds in the portfolios such as credit, prepayment and interest rate risk. As interest rates rise the value of bond prices will decline and an investor may lose money. The Funds are non-diversified and may invest a greater percentage of its assets in a single issuer than funds that are more diversified. Furthermore, the Funds invest primarily in state specific municipal obligations of issuers and therefore will be affected by economic, political or other events affecting municipal issuers.

Fund Facts

Class A Shares Class C Shares Inst'l Shares
Ticker BWVAX BWVCX OWVAX
Inception Date 07/23/2001 02/01/2012 02/01/1993
Investment Minimum $1,000.00 $1,000.00 $1,000,000.00
Subsequent Investment $0.00 NA NA
Max. Up Front Sales Charge 2.00% NA NA
Max. Deferred Sales Charge NA 1.00% NA