Morningstar Style Box
High
Med.
Low
Ltd. Mod. Ext. 

Kentucky Intermediate Tax-Free Fund
Fixed Income Funds

  • a Shares (BKTAX)
    Inception: 02.24.2003
  • c Shares (BKCAX)
    Inception: 02.01.2012
  • i Shares (BKITX)
    Inception: 02.24.2003

Fund Overview

Philosophy and Process

The Fund seeks current income exempt from federal and Kentucky 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 BKTAX BKCAX BKITX
Inception Date 02/24/2003 02/01/2012 02/24/2003
Investment Minimum $1,000.00 $1,000.00 $1,000,000.00
Subsequent Investment Minimum* $0.00 $0.00 $0.00
Max. Up Front Sales Charge 2.00% N/A N/A
Max. Deferred Sales Charge N/A 1.00% N/A

*If subsequent investments are made as part of an AIP, the minimum is $25.

Management



The investment team supporting the fund includes 24 investment professionals.

Performance

Average Annual Total Returns as of (09/30/2017)
Class A Shares Class C Shares Inst'l Shares
without sales charge with 2.00% sales charge without sales charge with 1.00% sales charge
3 Months 0.42% -1.59% 0.30% -0.70% 0.58%
YTD 3.02% 0.92% 2.63% 1.63% 3.32%
1 Year -0.19% -2.21% -0.74% -0.74% 0.05%
3 Years 1.75% 1.08% 1.10% 1.10% 2.04%
5 Years 1.55% 1.13% 0.85% 0.85% 1.80%
10 Years 3.56% 3.35% 3.15% 3.15% 3.82%
Since Inception 3.47% 3.33% 3.19% 3.19% 3.61%

The gross expense ratios for Class A, C and I Shares are 0.00%, 0.00% and 0.00%, respectively. The net expense ratios for Class A, C and I Shares are 0.00%, 0.00% and 0.00%, respectively. The Fund’s Adviser has contractually agreed to limit the management fees paid by the Fund to 0.35% for the period from February 1, 2016 through January 31, 2017. This contractual limitation may be terminated during this period only by the Fund’s Board of Trustees, and will automatically terminate upon termination of the Investment Advisory Agreement between the Fund and Sterling Capital Management LLC (“Sterling Capital”).

Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. To obtain performance information current to the most recent month end, please visit www.sterlingcapitalfunds.com/funds/performance-summary/.

The performance of the Kentucky Intermediate Tax-Free Fund reflects the deduction of fees for value-added services associated with a mutual fund, such as investment management and fund accounting fees. The inception date for Class A Shares is 2/24/03. Performance reflects 12b-1 fees and applicable expenses. The inception date for Class C Shares is 2/1/12.  Performance for Class C Shares for periods prior to inception is based on the performance of Class A Shares of the Fund. The performance shown reflects the reinvestment of all dividend and capital gains distributions.


Performance Summary

Characteristics

Quality Breakdown¹
as of (06/30/2017)

Hover over slice to view more info.

Quality Breakdown¹
as of (06/30/2017)
Name Value
AAA 10.0%
AA 69.8%
A 15.5%
BBB 1.0%
Not Rated 3.7%

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.

Effective Duration Breakdown
as of (09/30/2017)
Name Value
[Cash] 0.2
0-1 Yr. 3.4 %
1-2 Yrs. 15.4 %
2-3 Yrs. 7.2 %
3-5 Yrs. 25.3 %
5-10 Yrs. 48.4 %
Number of Holdings 33
Average Life 5.69 Years
Effective Duration 4.73 Years
CouponCurveDuration 4.79 Years
Yield to Maturity 2.22
Portfolio Composition
as of (09/30/2017)
Composition Fund Index
Cash & Equivalents 0.20% 0.00%
General Obligation 10.50% 33.30%
Pre-Refunded 11.10% 5.90%
Revenue 78.20% 60.80%
TOTAL 100% 100%
Top 10 Holdings
as of (09/30/2017)
NameValue
KY Asset L Cm Fnd Rev, Pjct Ntes Fed Hwy Tr, 1st Series5.04%
Lville & Jeff Cnty, Mtro Sew Dstr, Sew & Drn Sys, Ser A4.76%
Fayette County School District Finance Corp., Ref Ser A4.74%
KY Rl W Fin Crp., Pb Pr Ref & Impt Rev Flx Tr Pro, Sr B4.42%
Kentucky, St Commonwealth, Certificate Of Participation4.39%
Kentucky Ste Prprty & Bldngs Comm, Proj No. 83, Ref Rev4.13%
Lve & Jf Cty, KY, Mtr Gv Rv, Prf Cth Hlth Int, Rf, Sr A3.98%
Eastern, KY, University General Rcpts, Ref Bnds, Ser A3.97%
Kentucky State Prpty & Bldngs Comm Ref Rev, Proj No. 763.92%
KY St Assoc Of Cnty Fin Corp., Fin Prog Rev Bnds, Ser B3.77%

Current and future portfolio holdings are subject to change and risk.Based on
Market Value of securities.

Current and future portfolio holdings are subject to change and risk.

Growth of 10k
as of (09/30/2017)

Hover over line chart to view data points.

Growth of 10k
as of (09/30/2017)
Date Portfolio Benchmark 1 Benchmark 2
Kentucky Intermediate Tax-Free Fund 09/30/2017 $14,187.00 $15,407.00 $0.00
Kentucky Intermediate Tax-Free Fund 07/31/2017 $14,286.00 $15,475.00 $0.00
Kentucky Intermediate Tax-Free Fund 06/30/2017 $14,192.00 $15,350.00 $0.00
Kentucky Intermediate Tax-Free Fund 06/30/2017 $14,127.00 $15,238.00 $0.00
Kentucky Intermediate Tax-Free Fund 04/30/2017 $14,172.00 $15,297.00 $0.00
Kentucky Intermediate Tax-Free Fund 03/31/2017 $14,012.00 $15,098.00 $0.00
Kentucky Intermediate Tax-Free Fund 03/31/2017 $13,920.00 $14,977.00 $0.00
Kentucky Intermediate Tax-Free Fund 01/31/2017 $13,911.00 $14,947.00 $0.00
Kentucky Intermediate Tax-Free Fund 12/31/2016 $13,835.00 $14,846.00 $0.00
Kentucky Intermediate Tax-Free Fund 12/31/2016 $13,771.00 $14,758.00 $0.00
Kentucky Intermediate Tax-Free Fund 10/31/2016 $13,658.00 $14,614.00 $0.00
Kentucky Intermediate Tax-Free Fund 09/30/2016 $14,214.00 $15,246.00 $0.00
Kentucky Intermediate Tax-Free Fund 09/30/2016 $14,117.00 $15,128.00 $0.00
Kentucky Intermediate Tax-Free Fund 07/31/2016 $14,283.00 $15,302.00 $0.00
Kentucky Intermediate Tax-Free Fund 06/30/2016 $14,244.00 $15,280.00 $0.00
Kentucky Intermediate Tax-Free Fund 06/30/2016 $14,231.00 $15,268.00 $0.00
Kentucky Intermediate Tax-Free Fund 04/30/2016 $14,047.00 $15,068.00 $0.00
Kentucky Intermediate Tax-Free Fund 03/31/2016 $14,060.00 $15,071.00 $0.00
Kentucky Intermediate Tax-Free Fund 03/31/2016 $13,981.00 $14,976.00 $0.00
Kentucky Intermediate Tax-Free Fund 01/31/2016 $13,982.00 $14,951.00 $0.00
Kentucky Intermediate Tax-Free Fund 12/31/2015 $13,957.00 $14,934.00 $0.00
Kentucky Intermediate Tax-Free Fund 12/31/2015 $13,811.00 $14,748.00 $0.00
Kentucky Intermediate Tax-Free Fund 10/31/2015 $13,749.00 $14,656.00 $0.00
Kentucky Intermediate Tax-Free Fund 09/30/2015 $13,748.00 $14,616.00 $0.00
Kentucky Intermediate Tax-Free Fund 09/30/2015 $13,708.00 $14,553.00 $0.00
Kentucky Intermediate Tax-Free Fund 07/31/2015 $13,631.00 $14,445.00 $0.00
Kentucky Intermediate Tax-Free Fund 06/30/2015 $13,605.00 $14,424.00 $0.00
Kentucky Intermediate Tax-Free Fund 06/30/2015 $13,514.00 $14,323.00 $0.00
Kentucky Intermediate Tax-Free Fund 04/30/2015 $13,527.00 $14,328.00 $0.00
Kentucky Intermediate Tax-Free Fund 03/31/2015 $13,589.00 $14,386.00 $0.00
Kentucky Intermediate Tax-Free Fund 03/31/2015 $13,626.00 $14,429.00 $0.00
Kentucky Intermediate Tax-Free Fund 01/31/2015 $13,624.00 $14,407.00 $0.00
Kentucky Intermediate Tax-Free Fund 12/31/2014 $13,533.00 $14,312.00 $0.00
Kentucky Intermediate Tax-Free Fund 12/31/2014 $13,751.00 $14,539.00 $0.00
Kentucky Intermediate Tax-Free Fund 10/31/2014 $13,508.00 $14,264.00 $0.00
Kentucky Intermediate Tax-Free Fund 09/30/2014 $13,519.00 $14,255.00 $0.00
Kentucky Intermediate Tax-Free Fund 09/30/2014 $13,466.00 $14,187.00 $0.00
Kentucky Intermediate Tax-Free Fund 07/31/2014 $13,489.00 $14,192.00 $0.00
Kentucky Intermediate Tax-Free Fund 06/30/2014 $13,374.00 $14,049.00 $0.00
Kentucky Intermediate Tax-Free Fund 06/30/2014 $13,359.00 $14,025.00 $0.00
Kentucky Intermediate Tax-Free Fund 04/30/2014 $13,357.00 $14,034.00 $0.00
Kentucky Intermediate Tax-Free Fund 03/31/2014 $13,119.00 $13,752.00 $0.00
Kentucky Intermediate Tax-Free Fund 03/31/2014 $13,256.00 $13,895.00 $0.00
Kentucky Intermediate Tax-Free Fund 01/31/2014 $13,201.00 $13,794.00 $0.00
Kentucky Intermediate Tax-Free Fund 12/31/2013 $13,103.00 $13,642.00 $0.00
Kentucky Intermediate Tax-Free Fund 12/31/2013 $12,917.00 $13,420.00 $0.00
Kentucky Intermediate Tax-Free Fund 10/31/2013 $12,976.00 $13,454.00 $0.00
Kentucky Intermediate Tax-Free Fund 09/30/2013 $13,022.00 $13,482.00 $0.00
Kentucky Intermediate Tax-Free Fund 09/30/2013 $12,910.00 $13,359.00 $0.00
Kentucky Intermediate Tax-Free Fund 07/31/2013 $12,703.00 $13,121.00 $0.00
Kentucky Intermediate Tax-Free Fund 06/30/2013 $12,822.00 $13,278.00 $0.00
Kentucky Intermediate Tax-Free Fund 06/30/2013 $12,822.00 $13,263.00 $0.00
Kentucky Intermediate Tax-Free Fund 04/30/2013 $13,160.00 $13,601.00 $0.00
Kentucky Intermediate Tax-Free Fund 03/31/2013 $13,387.00 $13,761.00 $0.00
Kentucky Intermediate Tax-Free Fund 03/31/2013 $13,255.00 $13,638.00 $0.00
Kentucky Intermediate Tax-Free Fund 01/31/2013 $13,291.00 $13,688.00 $0.00
Kentucky Intermediate Tax-Free Fund 12/31/2012 $13,234.00 $13,620.00 $0.00
Kentucky Intermediate Tax-Free Fund 12/31/2012 $13,209.00 $13,562.00 $0.00
Kentucky Intermediate Tax-Free Fund 10/31/2012 $13,364.00 $13,727.00 $0.00
Kentucky Intermediate Tax-Free Fund 09/30/2012 $13,187.00 $13,545.00 $0.00
Kentucky Intermediate Tax-Free Fund 09/30/2012 $13,139.00 $13,524.00 $0.00
Kentucky Intermediate Tax-Free Fund 07/31/2012 $13,044.00 $13,439.00 $0.00
Kentucky Intermediate Tax-Free Fund 06/30/2012 $13,042.00 $13,424.00 $0.00
Kentucky Intermediate Tax-Free Fund 06/30/2012 $12,899.00 $13,261.00 $0.00
Kentucky Intermediate Tax-Free Fund 04/30/2012 $12,934.00 $13,274.00 $0.00
Kentucky Intermediate Tax-Free Fund 03/31/2012 $12,861.00 $13,192.00 $0.00
Kentucky Intermediate Tax-Free Fund 03/31/2012 $12,708.00 $13,056.00 $0.00
Kentucky Intermediate Tax-Free Fund 01/31/2012 $12,822.00 $13,165.00 $0.00
Kentucky Intermediate Tax-Free Fund 12/31/2011 $12,666.00 $12,919.00 $0.00
Kentucky Intermediate Tax-Free Fund 12/31/2011 $12,843.00 $13,150.00 $0.00
Kentucky Intermediate Tax-Free Fund 10/31/2011 $12,423.00 $12,686.00 $0.00
Kentucky Intermediate Tax-Free Fund 09/30/2011 $12,328.00 $12,581.00 $0.00
Kentucky Intermediate Tax-Free Fund 09/30/2011 $12,381.00 $12,638.00 $0.00
Kentucky Intermediate Tax-Free Fund 07/31/2011 $12,354.00 $12,582.00 $0.00
Kentucky Intermediate Tax-Free Fund 06/30/2011 $12,189.00 $12,403.00 $0.00
Kentucky Intermediate Tax-Free Fund 06/30/2011 $12,092.00 $12,284.00 $0.00
Kentucky Intermediate Tax-Free Fund 04/30/2011 $12,077.00 $12,251.00 $0.00
Kentucky Intermediate Tax-Free Fund 03/31/2011 $11,901.00 $12,074.00 $0.00
Kentucky Intermediate Tax-Free Fund 03/31/2011 $11,727.00 $11,883.00 $0.00
Kentucky Intermediate Tax-Free Fund 01/31/2011 $11,766.00 $11,900.00 $0.00
Kentucky Intermediate Tax-Free Fund 12/31/2010 $11,639.00 $11,727.00 $0.00
Kentucky Intermediate Tax-Free Fund 12/31/2010 $11,679.00 $11,779.00 $0.00
Kentucky Intermediate Tax-Free Fund 10/31/2010 $11,852.00 $11,943.00 $0.00
Kentucky Intermediate Tax-Free Fund 09/30/2010 $12,021.00 $12,145.00 $0.00
Kentucky Intermediate Tax-Free Fund 09/30/2010 $11,981.00 $12,109.00 $0.00
Kentucky Intermediate Tax-Free Fund 07/31/2010 $12,062.00 $12,192.00 $0.00
Kentucky Intermediate Tax-Free Fund 06/30/2010 $11,835.00 $11,947.00 $0.00
Kentucky Intermediate Tax-Free Fund 06/30/2010 $11,687.00 $11,771.00 $0.00
Kentucky Intermediate Tax-Free Fund 04/30/2010 $11,651.00 $11,747.00 $0.00
Kentucky Intermediate Tax-Free Fund 03/31/2010 $11,548.00 $11,651.00 $0.00
Kentucky Intermediate Tax-Free Fund 03/31/2010 $11,456.00 $11,530.00 $0.00
Kentucky Intermediate Tax-Free Fund 01/31/2010 $11,538.00 $11,619.00 $0.00
Kentucky Intermediate Tax-Free Fund 12/31/2009 $11,426.00 $11,502.00 $0.00
Kentucky Intermediate Tax-Free Fund 12/31/2009 $11,366.00 $11,428.00 $0.00
Kentucky Intermediate Tax-Free Fund 10/31/2009 $11,380.00 $11,423.00 $0.00
Kentucky Intermediate Tax-Free Fund 09/30/2009 $11,236.00 $11,268.00 $0.00
Kentucky Intermediate Tax-Free Fund 09/30/2009 $11,422.00 $11,484.00 $0.00
Kentucky Intermediate Tax-Free Fund 07/31/2009 $11,172.00 $11,195.00 $0.00
Kentucky Intermediate Tax-Free Fund 06/30/2009 $11,091.00 $11,094.00 $0.00
Kentucky Intermediate Tax-Free Fund 06/30/2009 $10,914.00 $10,877.00 $0.00
Kentucky Intermediate Tax-Free Fund 04/30/2009 $11,003.00 $10,971.00 $0.00
Kentucky Intermediate Tax-Free Fund 03/31/2009 $10,930.00 $10,904.00 $0.00
Kentucky Intermediate Tax-Free Fund 03/31/2009 $10,755.00 $10,729.00 $0.00
Kentucky Intermediate Tax-Free Fund 01/31/2009 $10,777.00 $10,729.00 $0.00
Kentucky Intermediate Tax-Free Fund 12/31/2008 $10,876.00 $10,813.00 $0.00
Kentucky Intermediate Tax-Free Fund 12/31/2008 $10,398.00 $10,426.00 $0.00
Kentucky Intermediate Tax-Free Fund 10/31/2008 $10,233.00 $10,232.00 $0.00
Kentucky Intermediate Tax-Free Fund 09/30/2008 $10,122.00 $10,095.00 $0.00
Kentucky Intermediate Tax-Free Fund 09/30/2008 $10,134.00 $10,104.00 $0.00
Kentucky Intermediate Tax-Free Fund 07/31/2008 $10,463.00 $10,471.00 $0.00
Kentucky Intermediate Tax-Free Fund 06/30/2008 $10,333.00 $10,334.00 $0.00
Kentucky Intermediate Tax-Free Fund 06/30/2008 $10,264.00 $10,246.00 $0.00
Kentucky Intermediate Tax-Free Fund 04/30/2008 $10,370.00 $10,353.00 $0.00
Kentucky Intermediate Tax-Free Fund 03/31/2008 $10,287.00 $10,249.00 $0.00
Kentucky Intermediate Tax-Free Fund 03/31/2008 $10,333.00 $10,301.00 $0.00
Kentucky Intermediate Tax-Free Fund 01/31/2008 $10,049.00 $10,009.00 $0.00
Kentucky Intermediate Tax-Free Fund 12/31/2007 $10,356.00 $10,375.00 $0.00
Kentucky Intermediate Tax-Free Fund 12/31/2007 $10,160.00 $10,175.00 $0.00
Kentucky Intermediate Tax-Free Fund 10/31/2007 $10,132.00 $10,133.00 $0.00
Kentucky Intermediate Tax-Free Fund 09/30/2007 $10,036.00 $10,037.00 $0.00
Kentucky Intermediate Tax-Free Fund 09/30/2007 $10,000.00 $10,000.00 $0.00
View more archived data

The Growth of $10,000 chart is hypothetical based upon the performance of A Shares at NAV for the period ended 09/30/2017. It includes the reinvestment of dividends and capital gains.

Distribution

Monthly Dividend Distribution
as of (09/30/2017)
Month Class A Shares Class C Shares Inst'l Shares
September 2017 $0.0180 / share $0.0134 / share $0.0201 / share
August 2017 $0.0180 / share $0.0136 / share $0.0202 / share
July 2017 $0.0177 / share $0.0138 / share $0.0198 / share
June 2017 $0.0168 / share $0.0119 / share $0.0189 / share
May 2017 $0.0175 / share $0.0135 / share $0.0196 / share
April 2017 $0.0168 / share $0.0125 / share $0.0189 / share
March 2017 $0.0171 / share $0.0135 / share $0.0192 / share
February 2017 $0.0154 / share $0.0117 / share $0.0173 / share
January 2017 $0.0171 / share $0.0120 / share $0.0192 / share
December 2016 $0.0174 / share $0.0126 / share $0.0195 / share
November 2016 $0.0173 / share $0.0102 / share $0.0194 / share
October 2016 $0.0173 / share $0.0109 / share $0.0195 / share
Annual Distribution Rate
as of (09/30/2017)
Class A Shares Class C Shares Inst'l Shares
Load 3.27% - -
No Load 3.34% - 3.59%

To view quarterly standardized returns, please click here.

30-Day SEC Yield
as of (09/30/2017)
Fund Class 30-Day SEC Yield
Without Waivers With Waivers
Class A 0.01% 0.01%
Class C 0.01% 0.01%
Class I 0.02% 0.02%

SEC Yield is an annualization of the Fund's total net investment income per share for the 30-day period ended on the last day of the month.

The Adviser has contractually agreed to limit certain fees from February 1, 2015 through January 31, 2016. Performance would have been lower without limitations in effect.

The Distribution Rate represents the amount of dividends that the Fund paid out over the past twelve months, as a percentage of the Fund's current net asset value.

Past performance does not guarantee future results.

 


Sterling Capital Funds are:

Not a deposit - Not FDIC insured - Not guaranteed by the bank - Not insured by any government agency - May lose value

An investor should consider a fund's investment objectives, risks, and charges and expenses carefully before investing or sending money. This and other important information about the Sterling Capital Funds can be found in the Funds' prospectus. To obtain a prospectus, please call 1 (888) 228-1872 or click here. Please read the prospectus carefully before investing.

Sterling Capital Management LLC, a separate subsidiary of BB&T Corporation, serves as investment adviser to the Sterling Capital Funds and is paid a fee for its services as described in the prospectus. The Funds are distributed by Sterling Capital Distributors LLC, which is not affiliated with Branch Banking and Trust Company or its affiliates. The Funds are not insured by the FDIC or any other government agency