Kentucky Intermediate Tax-Free Fund Fact Sheet
Morningstar Style Box
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 a high credit quality fixed income portfolio 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.
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.
|Class A Shares||Class C Shares||Class Inst'l Shares|
|Subsequent Investment Min.*||$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|
Fund Performance as of 09.30.2019
|QTR||YTD||1 Year||3 Years||5 Years||10 Years||Since
|A Shares with 2.00% Sales Charge||-0.93%||3.03%||4.68%||0.96%||1.68%||2.51%||3.24%|
|A Shares without Sales Charge||1.10%||5.10%||6.79%||1.66%||2.09%||2.72%||3.36%|
|Lipper Other States Intermediate Municipal Median||1.26%||5.42%||7.03%||2.08%||2.44%||2.89%||N/A|
The total expense ratios for Class A, C and I Shares are 0.94%, 1.69% and 0.69%, respectively.
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 the 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 02/24/2003. The inception date for Class C Shares is 02/01/2012. The inception date for Class Inst'l Shares is 02/24/2003. Performance reflects 12b-1 fees and applicable expenses. 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.
Quality Breakdown as of 09.30.2019
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 06.30.2019
Summary Statistics as of 06.30.2019
|Number of Holdings||34|
|Average Life||6.60 Years|
|Effective Duration||5.18 Years|
Current and future portfolio holdings are subject to change and risk. Based on Market Value of securities.
Portfolio Composition as of 09.30.2019
|Cash & Equivalents||3.4%||0.0%|
Sector Allocation as of 06.30.2019
Allocations are based on the current weight to funds in the cited Sector. The composition of the fund's holdings is subject to change.
Growth of $10,000 as of 09.30.2019
The Growth of $10,000 chart is hypothetical based upon the performance of A Shares at NAV for the period ended 09/30/2019. It includes the reinvestment of dividends and capital gains.
Monthly Dividend Distribution as of 09.30.2019
|Month||Class A Shares||Class C Shares||Class Inst'l Shares|
30-Day SEC Yield as of 12.31.1969
|Without Waivers||With Waivers|
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The Morningstar Rating™ for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods.