UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
Investment Company Act file number 811-06719
Sterling Capital Funds
(Exact name of registrant as specified in charter)
434 Fayetteville Street, 5th Floor
Raleigh, NC 27601-0575
(Address of principal executive offices) (Zip code)
James T. Gillespie, President
Sterling Capital Funds
434 Fayetteville Street, 5th Floor
Raleigh, NC 27601-0575
(Name and address of agent for service)
Registrant’s telephone number, including area code: (800) 228-1872
Date of fiscal year end: September 30
Date of reporting period: March 31, 2015
Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.
Item 1. | Reports to Stockholders. |
The Report to Shareholders is attached herewith.
Notice of Privacy Policy & Practices
Sterling Capital Funds recognizes and respects the privacy expectations of our customers.1 We provide this notice to you so that you will know what kinds of information we collect about our customers and the circumstances in which that information may be disclosed to third parties who are not affiliated with the Sterling Capital Funds.
Collection of Customer Information
We collect nonpublic personal information about our customers from the following sources:
• | Account Applications and other forms, which may include a customer’s name, address, social security number, and information about a customer’s investment goals and risk tolerance; |
• | Account History, including information about the transactions and balances in a customer’s accounts; and |
• | Correspondence, written, telephonic or electronic between a customer and the Sterling Capital Funds or service providers to the Sterling Capital Funds. |
Disclosure of Customer Information
We may disclose all of the consumer information outlined above to third parties who are not affiliated with the Sterling Capital Funds:
• | as permitted by law — for example with service providers who maintain or service shareholder accounts for the Sterling Capital Funds or to a shareholder’s broker or agent; and |
• | to perform marketing services on our behalf or pursuant to a joint marketing agreement with another financial institution. |
Security of Customer Information
We require service providers to the Sterling Capital Funds:
• | to maintain policies and procedures designed to assure only appropriate access to, and use of information about customers of the Sterling Capital Funds; and |
• | to maintain physical, electronic and procedural safeguards that comply with applicable legal standards to guard nonpublic personal information of customers of the Sterling Capital Funds. |
We will adhere to the policies and practices described in this notice regardless of whether you are a current or former customer of the Sterling Capital Funds.
1 For purposes of this notice, the terms “customer” or “customers” includes both individual shareholders of the Sterling Capital Funds and individuals who provide nonpublic personal information to the Sterling Capital Funds, but do not invest in Sterling Capital Funds shares.
Sterling Capital Funds |
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Letter from the President and the Investment Advisor
Dear Shareholders:
We are pleased to present this Sterling Capital Funds semiannual report covering the six months between October 1, 2014 and March 31, 2015. Equities posted strong gains during the final quarter of 2014 and then climbed modestly through the first quarter of 2015. Fixed-income securities experienced significant volatility, ending the period with a solid gain.
The U.S. economy grew at a modest pace to start the period, with gross domestic product increasing at an annualized rate of 2.2% during the fourth quarter of 2014. GDP barely budged during the second half of the period under review, however, increasing just 0.2% according to preliminary figures. The change from one quarter to the next was driven in part by an especially harsh winter that dragged on U.S. economic activity in the first quarter of 2015.
Some economic indicators, namely an increase in industrial production, improvements in the labor market, a rise in personal incomes and ongoing improvement in housing markets, pointed to a robust recovery throughout the period. Others, such as softer manufacturing output, declining business spending and falling corporate profits, indicated concerning signs of weakening. The strong U.S. dollar created challenges for U.S. exports, adding to economic headwinds.
Robust job growth offered some of the best news for the period, with the unemployment rate falling from 5.8% to 5.5% over the six-month period. Personal incomes rose as upward pressure on wages returned, which helped increase the amount of money in consumers’ pockets. This trend supported rising consumer confidence and consumer
spending during the period. And though retail sales dropped sharply at the start of the year due to winter weather, they posted a net increase for the period.
The Federal Reserve’s (the “Fed”) plan to begin raising interest rates in the fall of 2015 weighed on investors throughout the period. Fed Chair Janet Yellen has made it clear that rate hikes will be small, gradual and contingent upon continued improvement in the economy. However, many investors remained concerned that the transition to higher rates could drag on economic growth and dampen equity performance.
Emerging market equities fell sharply during the first half of the period. A strengthening U.S. dollar proved difficult for countries with dollar-denominated debt loads, while the slowing Chinese economy and low commodity prices challenged many emerging market economies that depend on commodity exports. Despite these headwinds, emerging market stocks managed to recover somewhat during the first quarter of 2015. The boost to emerging markets came from news that the European Central Bank was beginning a substantial quantitative easing program to bolster eurozone economies.
Stocks in developed economies followed a similar pattern, declining in the fourth quarter of 2014, only to bounce back in the first quarter of 2015 — although developed equities generally outperformed their emerging market counterparts. Rising consumer confidence helped boost economic growth in Europe in early 2015. The Japanese economy returned to growth after contracting sharply in 2014, although the pace of growth was slower than analysts had predicted.
The Standard and Poor’s 500® Index1 (“S&P 500”) gained 5.93% during the six months under review. Small-cap stocks greatly outperformed larger shares, with the Russell 2000 Index of small-cap stocks gaining 14.46%. U.S. fixed-income investments benefited from the Fed’s assurances that increases in interest rates would take place gradually. Bond-purchasing programs by central banks in Japan and the eurozone pushed government bond yields down significantly in most developing economies. The yield curve also flattened as our slower economy combined with hawkish Fed rhetoric about upcoming rate hikes heightened investor concerns that the U.S. economy wasn’t strong enough to weather higher fed funds rates.
We will continue to monitor the evolving economic and market climate, and will seek to manage the Sterling Capital Funds accordingly. Thank you for your confidence in Sterling Capital Management. We look forward to serving your investment needs during the months and years ahead.
Sincerely,
James T. Gillespie
President
Sterling Capital Funds
Jeffrey J. Schappe, CFA
Managing Director-Chief Market Strategist
Sterling Capital Management LLC
1 “S&P 500®” is a registered service mark of Standard & Poor’s Corporation, which does not sponsor and is in no way affiliated with the Sterling Capital Funds. The S&P 500® Index is generally considered to be representative of the performance of the stock market as a whole. The index does not reflect the deduction of expenses associated with a mutual fund, such as investment management and fund accounting fees. A Fund’s performance reflects the deduction of fees for these services. Investors cannot invest directly in an index, although they can invest in its underlying securities.
Past performance does not guarantee future results. Mutual fund investing involves risk including the possible loss of principal.
This report is authorized for distribution only when preceded or accompanied by a prospectus. Please read the prospectus carefully before investing or sending money. Sterling Capital Management LLC (“Sterling Capital”) serves as investment advisor to the Sterling Capital Funds (each a “Fund” and collectively, the “Funds”) and is paid a fee for its services. Shares of the Funds are not deposits or obligations of, or guaranteed or endorsed by, Branch Banking and Trust Company or its affiliates. The Funds are not insured by the FDIC or any other government agency. The Funds currently are distributed by Sterling Capital Distributors, LLC. The distributor is not affiliated with Branch Banking and Trust Company or its affiliates.
The foregoing information and opinions are for general information only. Sterling Capital does not guarantee their accuracy or completeness, nor assume liability for any loss, which may result from the reliance by any person upon any such information or opinions. Such information and opinions are subject to change without notice, are for general information only and are not intended as an offer or solicitation with respect to the purchase or sale of any security or as offering individual or personalized investment advice.
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Sterling Capital Funds |
Sterling Capital Funds invested, as a percentage of net assets, in the following industry sectors, countries, states, funds or security types, as of March 31, 2015:
Sterling Capital Behavioral Large CapValue Equity Fund (formerly known as Sterling Capital Large Cap Value Diversified Fund) | Percentage of net assets | ||||
Consumer Discretionary | 6.7 | % | |||
Consumer Staples | 8.2 | % | |||
Energy | 10.0 | % | |||
Financials | 27.9 | % | |||
Health Care | 15.3 | % | |||
Industrials | 10.3 | % | |||
Information Technology | 10.3 | % | |||
Materials | 2.2 | % | |||
Telecommunication Services | 1.6 | % | |||
Utilities | 5.7 | % | |||
Exchange Traded Fund | 1.0 | % | |||
Money Market Fund | 0.3 | % | |||
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99.5 | % | ||||
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Sterling Capital Mid Value Fund | Percentage of net assets | ||||
Consumer Discretionary | 18.8 | % | |||
Financials | 38.3 | % | |||
Health Care | 11.3 | % | |||
Industrials | 5.9 | % | |||
Information Technology | 18.3 | % | |||
Materials | 2.7 | % | |||
Money Market Fund | 4.5 | % | |||
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99.8 | % | ||||
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Sterling Capital Behavioral Small CapValue Equity Fund (formerly known as Sterling Capital Small Cap Value Diversified Fund) | Percentage of net assets | ||||
Consumer Discretionary | 12.7 | % | |||
Consumer Staples | 2.0 | % | |||
Energy | 2.5 | % | |||
Financials | 39.7 | % | |||
Health Care | 5.8 | % | |||
Industrials | 12.8 | % | |||
Information Technology | 10.5 | % | |||
Materials | 4.2 | % | |||
Telecommunication Services | 0.8 | % | |||
Utilities | 6.0 | % | |||
Exchange Traded Fund | 1.8 | % | |||
Money Market Fund | 0.8 | % | |||
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99.6 | % | ||||
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Sterling Capital Special Opportunities Fund | Percentage of net assets | ||||
Consumer Discretionary | 19.2 | % | |||
Consumer Staples | 2.8 | % | |||
Energy | 0.8 | % | |||
Financials | 11.5 | % | |||
Health Care | 15.0 | % | |||
Industrials | 14.7 | % | |||
Information Technology | 31.0 | % | |||
Money Market Fund | 4.0 | % | |||
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99.0 | % | ||||
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Sterling Capital Equity Income Fund | Percentage | ||||
Consumer Discretionary | 14.5 | % | |||
Consumer Staples | 11.9 | % | |||
Energy | 12.1 | % | |||
Financials | 9.6 | % | |||
Health Care | 18.7 | % | |||
Industrials | 6.4 | % | |||
Information Technology | 20.4 | % | |||
Materials | 1.4 | % | |||
Telecommunication Services | 4.6 | % | |||
Money Market Fund | 0.1 | % | |||
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99.7 | % | ||||
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Sterling Capital Long/Short Equity Fund | Long-Term Investment Percentage of net assets | ||||
Consumer Discretionary | 2.7 | % | |||
Energy | 16.8 | % | |||
Financials | 24.1 | % | |||
Health Care | 22.6 | % | |||
Industrials | 0.1 | % | |||
Information Technology | 19.2 | % | |||
Materials | 0.0 | % | |||
Telecommunication Services | 1.8 | % | |||
Money Market Fund | 12.3 | % | |||
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99.6 | % | ||||
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Sterling Capital Long/Short Equity Fund | Investments Sold Short Percentage of net assets | ||||
Energy | (3.0 | )% | |||
Exchange Traded Funds | (1.8 | )% | |||
Financials | (10.1 | )% | |||
Health Care | (6.6 | )% | |||
Information Technology | (6.8 | )% | |||
Telecommunication Services | (0.1 | )% | |||
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(28.4 | )% | ||||
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Sterling Capital Behavioral International Equity Fund | Percentage | ||||
Australia | 6.7 | % | |||
Belgium | 1.0 | % | |||
China | 0.9 | % | |||
Denmark | 2.0 | % | |||
Finland | 1.1 | % | |||
France | 7.6 | % | |||
Germany | 7.7 | % | |||
Hong Kong | 5.2 | % | |||
Ireland | 1.5 | % | |||
Israel | 2.3 | % | |||
Italy | 1.0 | % | |||
Japan | 24.8 | % | |||
Netherlands | 3.6 | % | |||
Norway | 1.1 | % | |||
Singapore | 2.0 | % | |||
Spain | 2.9 | % | |||
Sweden | 2.4 | % | |||
Switzerland | 7.1 | % | |||
United Kingdom | 16.3 | % | |||
United States | 0.7 | % | |||
Money Market Fund | 1.6 | % | |||
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99.5 | % | ||||
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Sterling Capital Funds |
Summary of Portfolio Holdings (Unaudited) |
Sterling Capital Ultra Short Bond Fund | Percentage of net assets | ||||
Asset Backed Securities | 14.6 | % | |||
Collateralized Mortgage Obligations | 0.8 | % | |||
Commercial Mortgage-Backed Securities | 20.4 | % | |||
Corporate Bonds | 60.1 | % | |||
Municipal Bonds | 2.2 | % | |||
Money Market Fund | 1.2 | % | |||
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99.3 | % | ||||
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Sterling Capital Short Duration Bond Fund | Percentage of net assets | ||||
Asset Backed Securities | 8.4 | % | |||
Collateralized Mortgage Obligations | 2.2 | % | |||
Commercial Mortgage-Backed Securities | 19.1 | % | |||
Corporate Bonds | 65.0 | % | |||
Foreign Government Bond | 0.5 | % | |||
Mortgage-Backed Securities | 0.0 | % | |||
Municipal Bonds | 2.9 | % | |||
Preferred Stocks | 0.1 | % | |||
U.S. Treasury Note | 0.3 | % | |||
Money Market Fund | 0.9 | % | |||
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99.4 | % | ||||
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Sterling Capital Intermediate U.S. Government Fund | Percentage of net assets | ||||
Collateralized Mortgage Obligations | 6.9 | % | |||
Corporate Bonds | 4.4 | % | |||
Mortgage-Backed Securities | 8.2 | % | |||
Municipal Bonds | 2.4 | % | |||
U.S. Government Agencies | 49.7 | % | |||
U.S. Treasury Bills | 2.9 | % | |||
U.S. Treasury Notes | 21.8 | % | |||
Money Market Fund | 3.0 | % | |||
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99.3 | % | ||||
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Sterling Capital Total Return Bond Fund | Percentage of net assets | ||||
Asset Backed Securities | 12.6 | % | |||
Collateralized Mortgage Obligations | 8.9 | % | |||
Commercial Mortgage-Backed Securities | 17.6 | % | |||
Corporate Bonds | 33.6 | % | |||
Foreign Government Bonds | 0.6 | % | |||
Mortgage-Backed Securities | 10.5 | % | |||
Municipal Bonds | 8.8 | % | |||
Preferred Stocks | 0.9 | % | |||
U.S. Government Agencies | 2.2 | % | |||
U.S. Treasury Bonds | 1.1 | % | |||
U.S. Treasury Notes | 1.7 | % | |||
Money Market Fund | 1.0 | % | |||
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99.5 | % | ||||
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Sterling Capital Corporate Fund | Percentage of net assets | ||||
Asset Backed Securities | 0.5 | % | |||
Corporate Bonds | 96.5 | % | |||
Preferred Stocks | 1.1 | % | |||
Money Market Fund | 0.4 | % | |||
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98.5 | % | ||||
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Sterling Capital Securitized Opportunities Fund | Percentage of net assets | ||||
Asset Backed Securities | 17.5 | % | |||
Collateralized Mortgage Obligations | 27.3 | % | |||
Commercial Mortgage-Backed Securities | 17.2 | % | |||
Mortgage-Backed Securities | 33.8 | % | |||
U.S. Treasury Note | 1.8 | % | |||
Money Market Fund | 2.0 | % | |||
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99.6 | % | ||||
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Sterling Capital Kentucky Intermediate Tax-Free Fund | Percentage of net assets | ||||
Kentucky Municipal Bonds | 94.7 | % | |||
Money Market Fund | 3.8 | % | |||
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98.5 | % | ||||
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Sterling Capital Maryland Intermediate Tax-Free Fund | Percentage of net assets | ||||
District of Columbia Municipal Bonds | 4.9 | % | |||
Maryland Municipal Bonds | 90.6 | % | |||
Money Market Fund | 3.6 | % | |||
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99.1 | % | ||||
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Sterling Capital North Carolina Intermediate Tax-Free Fund | Percentage of net assets | ||||
North Carolina Municipal Bonds | 97.0 | % | |||
Money Market Fund | 1.7 | % | |||
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98.7 | % | ||||
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Sterling Capital South Carolina Intermediate Tax-Free Fund | Percentage of net assets | ||||
South Carolina Municipal Bonds | 94.7 | % | |||
Money Market Fund | 4.3 | % | |||
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99.0 | % | ||||
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Sterling Capital Virginia Intermediate Tax-Free Fund | Percentage of net assets | ||||
District of Columbia Municipal Bonds | 1.7 | % | |||
Virginia Municipal Bonds | 94.4 | % | |||
Money Market Fund | 3.1 | % | |||
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99.2 | % | ||||
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Sterling Capital West Virginia Intermediate Tax-Free Fund | Percentage of net assets | ||||
West Virginia Municipal Bonds | 97.8 | % | |||
Money Market Fund | 1.5 | % | |||
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99.3 | % | ||||
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Sterling Capital Strategic Allocation Conservative Fund | Percentage of net assets | ||||
Equity Funds | 42.5 | % | |||
Fixed Income Fund | 55.1 | % | |||
Money Market Fund | 2.1 | % | |||
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99.7 | % | ||||
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Sterling Capital Strategic Allocation Balanced Fund | Percentage of net assets | ||||
Equity Funds | 64.6 | % | |||
Fixed Income Fund | 33.3 | % | |||
Money Market Fund | 2.0 | % | |||
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99.9 | % | ||||
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Sterling Capital Strategic Allocation Growth Fund | Percentage of net assets | ||||
Equity Funds | 81.1 | % | |||
Fixed Income Fund | 17.3 | % | |||
Money Market Fund | 1.5 | % | |||
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99.9 | % | ||||
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3
Sterling Capital Funds |
As a shareholder of the Sterling Capital Funds (each, a “Fund” and collectively, the “Funds”), you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchases and (2) ongoing costs, including management fees; distribution and/or service (12b-1) fees; and other Fund expenses.
These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds. These examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire period from October 1, 2014 through March 31, 2015.
Actual Example
The table below provides information about actual account values and actual expenses. You may use the information below, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.
Beginning Account Value 10/1/14 | Ending Account Value 3/31/15 | Expenses Paid During Period* 10/1/14 -3/31/15 | Annualized Expense Ratio During Period 10/1/14 -3/31/15 | |||||||||||||||||
Sterling Capital Behavioral Large Cap Value Equity Fund | ||||||||||||||||||||
Class A Shares | $ | 1,000.00 | 1,055.34 | $ | 5.38 | 1.05 | % | |||||||||||||
Class B Shares | 1,000.00 | 1,051.07 | 9.20 | 1.80 | % | |||||||||||||||
Class C Shares | 1,000.00 | 1,051.25 | 9.21 | 1.80 | % | |||||||||||||||
Institutional Shares | 1,000.00 | 1,056.84 | 4.10 | 0.80 | % | |||||||||||||||
Sterling Capital Mid Value Fund | ||||||||||||||||||||
Class A Shares | 1,000.00 | 1,109.72 | 6.21 | 1.18 | % | |||||||||||||||
Class B Shares | 1,000.00 | 1,105.55 | 10.13 | 1.93 | % | |||||||||||||||
Class C Shares | 1,000.00 | 1,105.71 | 10.13 | 1.93 | % | |||||||||||||||
Institutional Shares | 1,000.00 | 1,110.93 | 4.89 | 0.93 | % | |||||||||||||||
Class R Shares | 1,000.00 | 1,108.83 | 7.41 | 1.41 | % | |||||||||||||||
Sterling Capital Behavioral Small Cap Value Equity Fund | ||||||||||||||||||||
Class A Shares | 1,000.00 | 1,114.30 | 6.54 | 1.24 | % | |||||||||||||||
Class B Shares | 1,000.00 | 1,109.74 | 10.47 | 1.99 | % | |||||||||||||||
Class C Shares | 1,000.00 | 1,109.09 | 10.46 | 1.99 | % | |||||||||||||||
Institutional Shares | 1,000.00 | 1,115.32 | 5.22 | 0.99 | % | |||||||||||||||
Class R Shares | 1,000.00 | 1,112.84 | 7.80 | 1.48 | % | |||||||||||||||
Sterling Capital Special Opportunities Fund | ||||||||||||||||||||
Class A Shares | 1,000.00 | 1,056.90 | 6.21 | 1.21 | % | |||||||||||||||
Class B Shares | 1,000.00 | 1,053.26 | 10.03 | 1.96 | % | |||||||||||||||
Class C Shares | 1,000.00 | 1,052.70 | 10.03 | 1.96 | % | |||||||||||||||
Institutional Shares | 1,000.00 | 1,058.14 | 4.93 | 0.96 | % | |||||||||||||||
Class R Shares | 1,000.00 | 1,055.58 | 7.48 | 1.46 | % | |||||||||||||||
Sterling Capital Equity Income Fund | ||||||||||||||||||||
Class A Shares | 1,000.00 | 1,026.09 | 6.11 | 1.21 | % | |||||||||||||||
Class B Shares | 1,000.00 | 1,021.73 | 9.83 | 1.95 | % | |||||||||||||||
Class C Shares | 1,000.00 | 1,022.23 | 9.88 | 1.96 | % | |||||||||||||||
Institutional Shares | 1,000.00 | 1,027.32 | 4.85 | 0.96 | % | |||||||||||||||
Class R Shares | 1,000.00 | 1,024.65 | 7.37 | 1.46 | % | |||||||||||||||
Sterling Capital Long/Short Equity Fund | ||||||||||||||||||||
Class A Shares | 1,000.00 | 947.15 | 15.34 | 3.16 | % | |||||||||||||||
Class C Shares | 1,000.00 | 943.18 | 18.99 | 3.92 | % | |||||||||||||||
Institutional Shares | 1,000.00 | 948.25 | 14.18 | 2.92 | % | |||||||||||||||
Sterling Capital Behavioral International Equity Fund | ||||||||||||||||||||
Class A Shares | 1,000.00 | 1,016.07 | 6.38 | 1.27 | % | |||||||||||||||
Class C Shares | 1,000.00 | 1,013.49 | 10.19 | 2.03 | % | |||||||||||||||
Institutional Shares | 1,000.00 | 1,017.77 | 5.13 | 1.02 | % | |||||||||||||||
Sterling Capital Ultra Short Bond Fund | ||||||||||||||||||||
Class A Shares | 1,000.00 | 1,001.25 | 3.69 | 0.74 | % | |||||||||||||||
Institutional Shares | 1,000.00 | 1,002.47 | 2.50 | 0.50 | % | |||||||||||||||
Sterling Capital Short Duration Bond Fund | ||||||||||||||||||||
Class A Shares | 1,000.00 | 1,006.16 | 3.85 | 0.77 | % | |||||||||||||||
Class C Shares | 1,000.00 | 1,001.35 | 7.58 | 1.52 | % | |||||||||||||||
Institutional Shares | 1,000.00 | 1,007.46 | 2.60 | 0.52 | % | |||||||||||||||
Sterling Capital Intermediate U.S. Government Fund | ||||||||||||||||||||
Class A Shares | 1,000.00 | 1,020.49 | 4.58 | 0.91 | % | |||||||||||||||
Class B Shares | 1,000.00 | 1,015.70 | 8.34 | 1.66 | % | |||||||||||||||
Class C Shares | 1,000.00 | 1,015.69 | 8.34 | 1.66 | % | |||||||||||||||
Institutional Shares | 1,000.00 | 1,020.74 | 3.38 | 0.67 | % |
4
Sterling Capital Funds |
Expense Example (Unaudited) |
Beginning Account Value 10/1/14 | Ending Account Value 3/31/15 | Expenses Paid During Period* 10/1/14 - 3/31/15 | Annualized Expense Ratio During Period 10/1/14 - 3/31/15 | |||||||||||||||||
Sterling Capital Total Return Bond Fund | ||||||||||||||||||||
Class A Shares | $ | 1,000.00 | $ | 1,028.59 | $ | 3.59 | 0.71 | % | ||||||||||||
Class B Shares | 1,000.00 | 1,024.71 | 7.37 | 1.46 | % | |||||||||||||||
Class C Shares | 1,000.00 | 1,024.77 | 7.37 | 1.46 | % | |||||||||||||||
Institutional Shares | 1,000.00 | 1,029.87 | 2.33 | 0.46 | % | |||||||||||||||
Class R Shares | 1,000.00 | 1,027.37 | 4.80 | 0.95 | % | |||||||||||||||
Sterling Capital Corporate Fund | ||||||||||||||||||||
Class A Shares | 1,000.00 | 1,024.47 | 4.29 | 0.85 | % | |||||||||||||||
Class C Shares | 1,000.00 | 1,020.73 | 8.06 | 1.60 | % | |||||||||||||||
Institutional Shares | 1,000.00 | 1,025.78 | 3.03 | 0.60 | % | |||||||||||||||
Sterling Capital Securitized Opportunities Fund | ||||||||||||||||||||
Class A Shares | 1,000.00 | 1,029.65 | 4.20 | 0.83 | % | |||||||||||||||
Class C Shares | 1,000.00 | 1,025.82 | 7.98 | 1.58 | % | |||||||||||||||
Institutional Shares | 1,000.00 | 1,029.88 | 2.94 | 0.58 | % | |||||||||||||||
Sterling Capital Kentucky Intermediate Tax-Free Fund | ||||||||||||||||||||
Class A Shares | 1,000.00 | 1,011.89 | 4.77 | 0.95 | % | |||||||||||||||
Class C Shares | 1,000.00 | 1,008.10 | 8.51 | 1.70 | % | |||||||||||||||
Institutional Shares | 1,000.00 | 1,014.11 | 3.52 | 0.70 | % | |||||||||||||||
Sterling Capital Maryland Intermediate Tax-Free Fund | ||||||||||||||||||||
Class A Shares | 1,000.00 | 1,014.20 | 4.57 | 0.91 | % | |||||||||||||||
Class C Shares | 1,000.00 | 1,009.50 | 8.32 | 1.66 | % | |||||||||||||||
Institutional Shares | 1,000.00 | 1,014.56 | 3.31 | 0.66 | % | |||||||||||||||
Sterling Capital North Carolina Intermediate Tax-Free Fund | ||||||||||||||||||||
Class A Shares | 1,000.00 | 1,016.20 | 4.37 | 0.87 | % | |||||||||||||||
Class C Shares | 1,000.00 | 1,011.53 | 8.12 | 1.62 | % | |||||||||||||||
Institutional Shares | 1,000.00 | 1,017.44 | 3.12 | 0.62 | % | |||||||||||||||
Sterling Capital South Carolina Intermediate Tax-Free Fund | ||||||||||||||||||||
Class A Shares | 1,000.00 | 1,015.08 | 4.47 | 0.89 | % | |||||||||||||||
Class C Shares | 1,000.00 | 1,011.32 | 8.22 | 1.64 | % | |||||||||||||||
Institutional Shares | 1,000.00 | 1,016.39 | 3.22 | 0.64 | % | |||||||||||||||
Sterling Capital Virginia Intermediate Tax-Free Fund | ||||||||||||||||||||
Class A Shares | 1,000.00 | 1,014.12 | 4.42 | 0.88 | % | |||||||||||||||
Class C Shares | 1,000.00 | 1,010.35 | 8.17 | 1.63 | % | |||||||||||||||
Institutional Shares | 1,000.00 | 1,015.39 | 3.17 | 0.63 | % | |||||||||||||||
Sterling Capital West Virginia Intermediate Tax-Free Fund | ||||||||||||||||||||
Class A Shares | 1,000.00 | 1,015.06 | 4.42 | 0.88 | % | |||||||||||||||
Class C Shares | 1,000.00 | 1,011.20 | 8.17 | 1.63 | % | |||||||||||||||
Institutional Shares | 1,000.00 | 1,016.29 | 3.17 | 0.63 | % | |||||||||||||||
Sterling Capital Strategic Allocation Conservative Fund | ||||||||||||||||||||
Class A Shares | 1,000.00 | 1,032.03 | 2.18 | 0.43 | % | |||||||||||||||
Class B Shares | 1,000.00 | 1,027.39 | 5.96 | 1.18 | % | |||||||||||||||
Class C Shares | 1,000.00 | 1,027.74 | 5.97 | 1.18 | % | |||||||||||||||
Institutional Shares | 1,000.00 | 1,032.93 | 0.91 | 0.18 | % | |||||||||||||||
Sterling Capital Strategic Allocation Balanced Fund | ||||||||||||||||||||
Class A Shares | 1,000.00 | 1,032.92 | 2.03 | 0.40 | % | |||||||||||||||
Class B Shares | 1,000.00 | 1,028.43 | 5.82 | 1.15 | % | |||||||||||||||
Class C Shares | 1,000.00 | 1,028.76 | 5.82 | 1.15 | % | |||||||||||||||
Institutional Shares | 1,000.00 | 1,033.96 | 0.76 | 0.15 | % | |||||||||||||||
Sterling Capital Strategic Allocation Growth Fund | ||||||||||||||||||||
Class A Shares | 1,000.00 | 1,032.75 | 2.08 | 0.41 | % | |||||||||||||||
Class B Shares | 1,000.00 | 1,029.10 | 5.87 | 1.16 | % | |||||||||||||||
Class C Shares | 1,000.00 | 1,029.54 | 5.87 | 1.16 | % | |||||||||||||||
Institutional Shares | 1,000.00 | 1,034.95 | 0.81 | 0.16 | % |
* | Expenses are equal to the average account value over the period multiplied by the Fund’s annualized expense ratio, multiplied by 182 days divided by 365 (to reflect the six month period) for all Classes except for Class A Shares, Class C Shares and Institutional Shares of Sterling Capital Behavioral International Equity Fund,which are multiplied by 119 days divided by 365 (to reflect the period from commencement of operations). |
5
Sterling Capital Funds |
Expense Example (Unaudited) |
Hypothetical Example for Comparison Purposes
The table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Funds’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the year. You may use this information to compare the ongoing costs of investing in a Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), redemption fees, or exchange fees. Therefore, the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
Beginning Account Value 10/1/14 | Ending Account Value 3/31/15 | Expenses Paid During Period* 10/1/14 - 3/31/15 | Annualized Expense Ratio During Period 10/1/14 - 3/31/15 | |||||||||||||||||
Sterling Capital Behavioral Large Cap Value Equity Fund | ||||||||||||||||||||
Class A Shares | $ | 1,000.00 | $ | 1,019.70 | $ | 5.29 | 1.05 | % | ||||||||||||
Class B Shares | 1,000.00 | 1,015.96 | 9.05 | 1.80 | % | |||||||||||||||
Class C Shares | 1,000.00 | 1,015.96 | 9.05 | 1.80 | % | |||||||||||||||
Institutional Shares | 1,000.00 | 1,020.94 | 4.03 | 0.80 | % | |||||||||||||||
Sterling Capital Mid Value Fund | ||||||||||||||||||||
Class A Shares | 1,000.00 | 1,019.05 | 5.94 | 1.18 | % | |||||||||||||||
Class B Shares | 1,000.00 | 1,015.31 | 9.70 | 1.93 | % | |||||||||||||||
Class C Shares | 1,000.00 | 1,015.31 | 9.70 | 1.93 | % | |||||||||||||||
Institutional Shares | 1,000.00 | 1,020.29 | 4.68 | 0.93 | % | |||||||||||||||
Class R Shares | 1,000.00 | 1,017.90 | 7.09 | 1.41 | % | |||||||||||||||
Sterling Capital Behavioral Small Cap Value Equity Fund | ||||||||||||||||||||
Class A Shares | 1,000.00 | 1,018.75 | 6.24 | 1.24 | % | |||||||||||||||
Class B Shares | �� | 1,000.00 | 1,015.01 | 10.00 | 1.99 | % | ||||||||||||||
Class C Shares | 1,000.00 | 1,015.01 | 10.00 | 1.99 | % | |||||||||||||||
Institutional Shares | 1,000.00 | 1,020.00 | 4.99 | 0.99 | % | |||||||||||||||
Class R Shares | 1,000.00 | 1,017.55 | 7.44 | 1.48 | % | |||||||||||||||
Sterling Capital Special Opportunities Fund | ||||||||||||||||||||
Class A Shares | 1,000.00 | 1,018.90 | 6.09 | 1.21 | % | |||||||||||||||
Class B Shares | 1,000.00 | 1,015.16 | 9.85 | 1.96 | % | |||||||||||||||
Class C Shares | 1,000.00 | 1,015.16 | 9.85 | 1.96 | % | |||||||||||||||
Institutional Shares | 1,000.00 | 1,020.14 | 4.84 | 0.96 | % | |||||||||||||||
Class R Shares | 1,000.00 | 1,017.65 | 7.34 | 1.46 | % | |||||||||||||||
Sterling Capital Equity Income Fund | ||||||||||||||||||||
Class A Shares | 1,000.00 | 1,018.90 | 6.09 | 1.21 | % | |||||||||||||||
Class B Shares | 1,000.00 | 1,015.21 | 9.80 | 1.95 | % | |||||||||||||||
Class C Shares | 1,000.00 | 1,015.16 | 9.85 | 1.96 | % | |||||||||||||||
Institutional Shares | 1,000.00 | 1,020.14 | 4.84 | 0.96 | % | |||||||||||||||
Class R Shares | 1,000.00 | 1,017.65 | 7.34 | 1.46 | % | |||||||||||||||
Sterling Capital Long/Short Equity Fund | ||||||||||||||||||||
Class A Shares | 1,000.00 | 1,009.17 | 15.83 | 3.16 | % | |||||||||||||||
Class C Shares | 1,000.00 | 1,005.39 | 19.60 | 3.92 | % | |||||||||||||||
Institutional Shares | 1,000.00 | 1,010.37 | 14.64 | 2.92 | % | |||||||||||||||
Sterling Capital Behavioral International Equity Fund | ||||||||||||||||||||
Class A Shares | 1,000.00 | 1,018.60 | 6.39 | 1.27 | % | |||||||||||||||
Class C Shares | 1,000.00 | 1,014.81 | 10.20 | 2.03 | % | |||||||||||||||
Institutional Shares | 1,000.00 | 1,019.85 | 5.14 | 1.02 | % | |||||||||||||||
Sterling Capital Ultra Short Bond Fund | ||||||||||||||||||||
Class A Shares | 1,000.00 | 1,021.24 | 3.73 | 0.74 | % | |||||||||||||||
Institutional Shares | 1,000.00 | 1,022.44 | 2.52 | 0.50 | % | |||||||||||||||
Sterling Capital Short Duration Bond Fund | ||||||||||||||||||||
Class A Shares | 1,000.00 | 1,021.09 | 3.88 | 0.77 | % | |||||||||||||||
Class C Shares | 1,000.00 | �� | 1,017.35 | 7.64 | 1.52 | % | ||||||||||||||
Institutional Shares | 1,000.00 | 1,022.34 | 2.62 | 0.52 | % | |||||||||||||||
Sterling Capital Intermediate U.S. Government Fund | ||||||||||||||||||||
Class A Shares | 1,000.00 | 1,020.39 | 4.58 | 0.91 | % | |||||||||||||||
Class B Shares | 1,000.00 | 1,016.65 | 8.35 | 1.66 | % | |||||||||||||||
Class C Shares | 1,000.00 | 1,016.65 | 8.35 | 1.66 | % | |||||||||||||||
Institutional Shares | 1,000.00 | 1,021.59 | 3.38 | 0.67 | % |
6
Sterling Capital Funds |
Expense Example (Unaudited) |
Beginning Account Value 10/1/14 | Ending Account Value 3/31/15 | Expenses Paid During Period* 10/1/14 - 3/31/15 | Annualized Expense Ratio During Period 10/1/14 - 3/31/15 | |||||||||||||||||
Sterling Capital Total Return Bond Fund | ||||||||||||||||||||
Class A Shares | $ | 1,000.00 | $ | 1,021.39 | $ | 3.58 | 0.71 | % | ||||||||||||
Class B Shares | 1,000.00 | 1,017.65 | 7.34 | 1.46 | % | |||||||||||||||
Class C Shares | 1,000.00 | 1,017.65 | 7.34 | 1.46 | % | |||||||||||||||
Institutional Shares | 1,000.00 | 1,022.64 | 2.32 | 0.46 | % | |||||||||||||||
Class R Shares | 1,000.00 | 1,020.19 | 4.78 | 0.95 | % | |||||||||||||||
Sterling Capital Corporate Fund | ||||||||||||||||||||
Class A Shares | 1,000.00 | 1,020.69 | 4.28 | 0.85 | % | |||||||||||||||
Class C Shares | 1,000.00 | 1,016.95 | 8.05 | 1.60 | % | |||||||||||||||
Institutional Shares | 1,000.00 | 1,021.94 | 3.02 | 0.60 | % | |||||||||||||||
Sterling Capital Securitized Opportunities Fund | ||||||||||||||||||||
Class A Shares | 1,000.00 | 1,020.79 | 4.18 | 0.83 | % | |||||||||||||||
Class C Shares | 1,000.00 | 1,017.05 | 7.95 | 1.58 | % | |||||||||||||||
Institutional Shares | 1,000.00 | 1,022.04 | 2.92 | 0.58 | % | |||||||||||||||
Sterling Capital Kentucky Intermediate Tax-Free Fund | ||||||||||||||||||||
Class A Shares | 1,000.00 | 1,020.19 | 4.78 | 0.95 | % | |||||||||||||||
Class C Shares | 1,000.00 | 1,016.45 | 8.55 | 1.70 | % | |||||||||||||||
Institutional Shares | 1,000.00 | 1,021.44 | 3.53 | 0.70 | % | |||||||||||||||
Sterling Capital Maryland Intermediate Tax-Free Fund | ||||||||||||||||||||
Class A Shares | 1,000.00 | 1,020.39 | �� | 4.58 | 0.91 | % | ||||||||||||||
Class C Shares | 1,000.00 | 1,016.65 | 8.35 | 1.66 | % | |||||||||||||||
Institutional Shares | 1,000.00 | 1,021.64 | 3.33 | 0.66 | % | |||||||||||||||
Sterling Capital North Carolina Intermediate Tax-Free Fund | ||||||||||||||||||||
Class A Shares | 1,000.00 | 1,020.59 | 4.38 | 0.87 | % | |||||||||||||||
Class C Shares | 1,000.00 | 1,016.85 | 8.15 | 1.62 | % | |||||||||||||||
Institutional Shares | 1,000.00 | 1,021.84 | 3.13 | 0.62 | % | |||||||||||||||
Sterling Capital South Carolina Intermediate Tax-Free Fund | ||||||||||||||||||||
Class A Shares | 1,000.00 | 1,020.49 | 4.48 | 0.89 | % | |||||||||||||||
Class C Shares | 1,000.00 | 1,016.75 | 8.25 | 1.64 | % | |||||||||||||||
Institutional Shares | 1,000.00 | 1,021.74 | 3.23 | 0.64 | % | |||||||||||||||
Sterling Capital Virginia Intermediate Tax-Free Fund | ||||||||||||||||||||
Class A Shares | 1,000.00 | 1,020.54 | 4.43 | 0.88 | % | |||||||||||||||
Class C Shares | 1,000.00 | 1,016.80 | 8.20 | 1.63 | % | |||||||||||||||
Institutional Shares | 1,000.00 | 1,021.79 | 3.18 | 0.63 | % | |||||||||||||||
Sterling Capital West Virginia Intermediate Tax-Free Fund | ||||||||||||||||||||
Class A Shares | 1,000.00 | 1,020.54 | 4.43 | 0.88 | % | |||||||||||||||
Class C Shares | 1,000.00 | 1,016.80 | 8.20 | 1.63 | % | |||||||||||||||
Institutional Shares | 1,000.00 | 1,021.79 | 3.18 | 0.63 | % | |||||||||||||||
Sterling Capital Strategic Allocation Conservative Fund | ||||||||||||||||||||
Class A Shares | 1,000.00 | 1,022.79 | 2.17 | 0.43 | % | |||||||||||||||
Class B Shares | 1,000.00 | 1,019.05 | 5.94 | 1.18 | % | |||||||||||||||
Class C Shares | 1,000.00 | 1,019.05 | 5.94 | 1.18 | % | |||||||||||||||
Institutional Shares | 1,000.00 | 1,024.03 | 0.91 | 0.18 | % | |||||||||||||||
Sterling Capital Strategic Allocation Balanced Fund | ||||||||||||||||||||
Class A Shares | 1,000.00 | 1,022.94 | 2.02 | 0.40 | % | |||||||||||||||
Class B Shares | 1,000.00 | 1,019.20 | 5.79 | 1.15 | % | |||||||||||||||
Class C Shares | 1,000.00 | 1,019.20 | 5.79 | 1.15 | % | |||||||||||||||
Institutional Shares | 1,000.00 | 1,024.18 | 0.76 | 0.15 | % | |||||||||||||||
Sterling Capital Strategic Allocation Growth Fund | ||||||||||||||||||||
Class A Shares | 1,000.00 | 1,022.89 | 2.07 | 0.41 | % | |||||||||||||||
Class B Shares | 1,000.00 | 1,019.15 | 5.84 | 1.16 | % | |||||||||||||||
Class C Shares | 1,000.00 | 1,019.15 | 5.84 | 1.16 | % | |||||||||||||||
Institutional Shares | 1,000.00 | 1,024.13 | 0.81 | 0.16 | % |
* | Expenses are equal to the average account value over the period multiplied by the Fund’s annualized expense ratio, multiplied by 182 days divided by 365 (to reflect the six month period) for all Classes except for Class A Shares, Class C Shares and Institutional Shares of Sterling Capital Behavioral International Equity Fund, which are multiplied by 119 days divided by 365 (to reflect the period from commencement of operations). |
7
Sterling Capital Behavioral Large Cap Value Equity Fund |
Schedule of Portfolio Investments |
March 31, 2015 (Unaudited) |
Shares | Fair Value | |||||
COMMON STOCKS — 98.2% |
| |||||
Consumer Discretionary — 6.7% | ||||||
10,450 | Dillard’s, Inc., Class A | $ | 1,426,529 | |||
40,500 | Gannett Co., Inc. | 1,501,740 | ||||
161,600 | General Motors Co. | 6,060,000 | ||||
13,379 | Lear Corp. | 1,482,661 | ||||
70,925 | Macy’s, Inc. | 4,603,742 | ||||
38,100 | Starz, Class A(a) | 1,311,021 | ||||
21,200 | Target Corp. | 1,739,884 | ||||
6,150 | Whirlpool Corp. | 1,242,669 | ||||
|
| |||||
19,368,246 | ||||||
|
| |||||
Consumer Staples — 8.2% | ||||||
61,900 | Altria Group, Inc. | 3,096,238 | ||||
104,745 | Archer-Daniels-Midland Co. | 4,964,913 | ||||
12,000 | Clorox Co. (The) | 1,324,680 | ||||
57,700 | CVS Caremark Corp. | 5,955,217 | ||||
10,350 | Energizer Holdings, Inc. | 1,428,817 | ||||
60,121 | Kroger Co. (The) | 4,608,876 | ||||
49,500 | Pilgrim’s Pride Corp. | 1,118,205 | ||||
13,800 | Spectrum Brands Holdings, Inc. | 1,235,928 | ||||
|
| |||||
23,732,874 | ||||||
|
| |||||
Energy — 10.0% | ||||||
42,050 | Atwood Oceanics, Inc. | 1,182,025 | ||||
27,700 | Cameron International Corp.(a) | 1,249,824 | ||||
17,600 | Cheniere Energy, Inc.(a) | 1,362,240 | ||||
32,100 | CVR Energy, Inc. | 1,366,176 | ||||
32,650 | HollyFrontier Corp. | 1,314,815 | ||||
45,850 | Marathon Petroleum Corp. | 4,694,581 | ||||
91,200 | National Oilwell Varco, Inc. | 4,559,088 | ||||
41,850 | PBF Energy, Inc., Class A | 1,419,552 | ||||
33,950 | Schlumberger, Ltd. | 2,832,788 | ||||
17,600 | Tesoro Corp. | 1,606,704 | ||||
86,475 | Valero Energy Corp. | 5,501,540 | ||||
27,400 | World Fuel Services Corp. | 1,574,952 | ||||
|
| |||||
28,664,285 | ||||||
|
| |||||
Financials — 27.9% | ||||||
48,350 | ACE, Ltd. | 5,390,542 | ||||
20,400 | Allstate Corp. (The) | 1,451,868 | ||||
38,427 | Ameriprise Financial, Inc. | 5,027,789 | ||||
65,150 | CBL & Associates Properties, Inc., REIT | 1,289,970 | ||||
54,100 | CME Group, Inc. | 5,123,811 | ||||
32,700 | Corrections Corp. of America, REIT | 1,316,502 | ||||
18,100 | Digital Realty Trust, Inc., REIT | 1,193,876 | ||||
20,500 | Endurance Specialty Holdings, Ltd. | 1,253,370 | ||||
19,050 | Goldman Sachs Group, Inc. (The) | 3,580,829 | ||||
51,300 | HCP, Inc., REIT | 2,216,673 | ||||
62,700 | Health Care REIT, Inc. | 4,850,472 | ||||
26,150 | Healthcare Trust of America, Inc., Class A, REIT | 728,539 | ||||
41,850 | Hospitality Properties Trust, REIT | 1,380,631 | ||||
124,100 | Huntington Bancshares, Inc. | 1,371,305 | ||||
88,450 | JPMorgan Chase & Co. | 5,358,301 | ||||
26,000 | NASDAQ OMX Group, Inc. (The) | 1,324,440 | ||||
60,950 | Navient Corp. | 1,239,113 | ||||
33,837 | Omega Healthcare Investors, Inc., REIT | 1,372,767 | ||||
21,750 | PacWest Bancorp | 1,019,857 | ||||
55,936 | Piedmont Office Realty Trust, Inc., Class A, REIT | 1,040,969 | ||||
62,116 | PNC Financial Services Group, Inc. (The) | 5,791,696 | ||||
1,443 | Prudential Financial, Inc. | 115,887 |
Shares | Fair Value | |||||
COMMON STOCKS — (continued) |
| |||||
Financials — (continued) | ||||||
57,900 | Santander Consumer USA Holdings, Inc. | $ | 1,339,806 | |||
117,900 | SunTrust Banks, Inc. | 4,844,511 | ||||
51,000 | Travelers Cos., Inc. (The) | 5,514,630 | ||||
34,075 | Ventas, Inc., REIT | 2,488,157 | ||||
29,500 | Voya Financial, Inc. | 1,271,745 | ||||
212,699 | Wells Fargo & Co. | 11,570,826 | ||||
|
| |||||
80,468,882 | ||||||
|
| |||||
Health Care — 15.3% | ||||||
8,750 | Actavis PLC(a) | 2,604,175 | ||||
49,957 | Aetna, Inc. | 5,321,919 | ||||
28,700 | Amgen, Inc. | 4,587,695 | ||||
37,252 | Anthem, Inc. | 5,752,081 | ||||
38,550 | Cigna Corp. | 4,989,912 | ||||
42,200 | Gilead Sciences, Inc.(a) | 4,141,086 | ||||
961 | Halyard Health, Inc.(a) | 47,281 | ||||
64,850 | HCA Holdings, Inc.(a) | 4,878,665 | ||||
12,150 | Mallinckrodt PLC(a) | 1,538,798 | ||||
251,000 | Pfizer, Inc. | 8,732,290 | ||||
9,102 | United Therapeutics Corp.(a) | 1,569,503 | ||||
|
| |||||
44,163,405 | ||||||
|
| |||||
Industrials — 10.3% | ||||||
33,250 | ADT Corp. (The) | 1,380,540 | ||||
22,250 | Alaska Air Group, Inc. | 1,472,505 | ||||
28,800 | Boeing Co. (The) | 4,322,304 | ||||
119,161 | Delta Air Lines, Inc. | 5,357,479 | ||||
41,423 | General Dynamics Corp. | 5,622,344 | ||||
9,650 | Huntington Ingalls Industries, Inc. | 1,352,447 | ||||
23,175 | Lockheed Martin Corp. | 4,703,598 | ||||
33,583 | Northrop Grumman Corp. | 5,405,520 | ||||
3,700 | Southwest Airlines Co. | 163,910 | ||||
|
| |||||
29,780,647 | ||||||
|
| |||||
Information Technology — 10.3% | ||||||
36,100 | Apple, Inc. | 4,491,923 | ||||
33,550 | Avago Technologies, Ltd. | 4,260,179 | ||||
55,900 | Booz Allen Hamilton Holding Corp. | 1,617,746 | ||||
32,750 | Broadcom Corp., Class A | 1,417,911 | ||||
119,700 | Cisco Systems, Inc. | 3,294,743 | ||||
67,050 | Corning, Inc. | 1,520,694 | ||||
22,700 | Electronic Arts, Inc.(a) | 1,335,101 | ||||
11,100 | Oracle Corp. | 478,965 | ||||
27,150 | Science Applications International Corp. | 1,394,153 | ||||
72,100 | Texas Instruments, Inc. | 4,123,039 | ||||
46,850 | Western Digital Corp. | 4,263,819 | ||||
66,800 | Western Union Co. (The) | 1,390,108 | ||||
|
| |||||
29,588,381 | ||||||
|
| |||||
Materials — 2.2% | ||||||
87,350 | International Paper Co. | 4,847,051 | ||||
20,950 | Rock-Tenn Co., Class A | 1,351,275 | ||||
|
| |||||
6,198,326 | ||||||
|
| |||||
Telecommunication Services — 1.6% | ||||||
130,600 | CenturyLink, Inc. | 4,512,230 | ||||
|
| |||||
Utilities — 5.7% | ||||||
30,750 | Ameren Corp. | 1,297,650 | ||||
99,850 | PG&E Corp. | 5,299,039 | ||||
141,550 | PPL Corp. | 4,764,573 |
Continued
8
Sterling Capital Behavioral Large Cap Value Equity Fund |
Schedule of Portfolio Investments — (continued) |
March 31, 2015 (Unaudited) |
Shares | Fair Value | |||||
COMMON STOCKS — (continued) | ||||||
Utilities — (continued) | ||||||
117,150 | Public Service Enterprise Group, Inc. | $ | 4,910,928 | |||
|
| |||||
16,272,190 | ||||||
|
| |||||
Total Common Stocks | 282,749,466 | |||||
|
| |||||
EXCHANGE TRADED FUND — 1.0% | ||||||
27,849 | iShares Russell 1000 Value ETF | 2,870,675 | ||||
|
| |||||
Total Exchange Traded Fund | 2,870,675 | |||||
|
|
Shares | Fair Value | |||||
MONEY MARKET FUND — 0.3% | ||||||
978,551 | Federated Treasury Obligations Fund, Institutional Shares, 0.010%(b) | $ | 978,551 | |||
|
| |||||
Total Money Market Fund | 978,551 | |||||
|
| |||||
Total Investments — 99.5% | 286,598,692 | |||||
Net Other Assets (Liabilities) — 0.5% | 1,413,377 | |||||
|
| |||||
NET ASSETS — 100.0% | $ | 288,012,069 | ||||
|
|
(a) | Represents non-income producing security. |
(b) | Represents the current yield as of report date. |
ETF — Exchange Traded Funds
REIT — Real Estate Investment Trust
See accompanying Notes to the Financial Statements.
9
Sterling Capital Mid Value Fund |
Schedule of Portfolio Investments |
March 31, 2015 (Unaudited) |
Shares | Fair Value | |||||
COMMON STOCKS — 95.3% |
| |||||
Consumer Discretionary — 18.8% | ||||||
1,420,500 | Ascena Retail Group, Inc.(a) | $ | 20,611,455 | |||
856,250 | Chico’s FAS, Inc. | 15,147,063 | ||||
1,013,400 | Interpublic Group of Cos., Inc. (The) | 22,416,408 | ||||
206,250 | Kohl’s Corp. | 16,139,063 | ||||
1,558,340 | News Corp., Class B(a) | 24,730,856 | ||||
416,285 | Omnicom Group, Inc. | 32,461,904 | ||||
265,319 | Universal Technical Institute, Inc. | 2,547,062 | ||||
168,882 | Viacom, Inc., Class B | 11,534,641 | ||||
|
| |||||
145,588,452 | ||||||
|
| |||||
Financials — 38.3% | ||||||
773,600 | American Capital, Ltd.(a) | 11,441,544 | ||||
1,877,975 | Annaly Capital Management, Inc., REIT | 19,530,940 | ||||
317,500 | Aspen Insurance Holdings, Ltd. | 14,995,525 | ||||
423,603 | Assured Guaranty, Ltd. | 11,178,883 | ||||
1,247,000 | E*TRADE Financial Corp.(a) | 35,608,085 | ||||
420,385 | Endurance Specialty Holdings, Ltd. | 25,702,339 | ||||
106,230 | Enstar Group, Ltd.(a) | 15,069,788 | ||||
1,531,572 | Leucadia National Corp. | 34,138,740 | ||||
421,800 | Lincoln National Corp. | 24,236,628 | ||||
46,572 | Markel Corp.(a) | 35,812,005 | ||||
357,800 | Ryman Hospitality Properties, Inc., REIT | 21,793,598 | ||||
178,500 | T. Rowe Price Group, Inc. | 14,454,930 | ||||
663,100 | Willis Group Holdings PLC | 31,948,158 | ||||
|
| |||||
295,911,163 | ||||||
|
| |||||
Health Care — 11.3% | ||||||
170,872 | Anthem, Inc. | 26,384,345 | ||||
143,604 | Becton Dickinson & Co. | 20,620,098 | ||||
192,678 | Laboratory Corp. of America | 24,294,769 | ||||
133,222 | Zimmer Holdings, Inc. | 15,656,249 | ||||
|
| |||||
86,955,461 | ||||||
|
| |||||
Industrials — 5.9% | ||||||
194,050 | AGCO Corp. | 9,244,542 | ||||
805,400 | Civeo Corp. | 2,045,716 | ||||
515,600 | Hertz Global Holdings, Inc.(a) | 11,178,208 | ||||
628,200 | Tetra Tech, Inc. | 15,089,364 | ||||
658,700 | Uti Worldwide, Inc.(a) | 8,102,010 | ||||
|
| |||||
45,659,840 | ||||||
|
|
Shares | Fair Value | |||||
COMMON STOCKS — (continued) |
| |||||
Information Technology — 18.3% | ||||||
1,107,200 | Dice Holdings, Inc.(a) | $ | 9,876,224 | |||
98,282 | DST Systems, Inc. | 10,880,800 | ||||
277,100 | Fidelity National Information Services, Inc. | 18,859,426 | ||||
167,350 | Global Payments, Inc. | 15,342,648 | ||||
666,913 | II-VI, Inc.(a) | 12,311,214 | ||||
766,700 | Knowles Corp.(a) | 14,774,309 | ||||
87,425 | MicroStrategy, Inc., Class A(a) | 14,791,436 | ||||
453,700 | NCR Corp.(a) | 13,388,687 | ||||
203,750 | NeuStar, Inc., Class A(a) | 5,016,325 | ||||
497,900 | Symantec Corp. | 11,633,433 | ||||
702,200 | Western Union Co. (The) | 14,612,782 | ||||
|
| |||||
141,487,284 | ||||||
|
| |||||
Materials — 2.7% | ||||||
573,600 | Chemtura Corp.(a) | 15,653,544 | ||||
353,700 | Rayonier Advanced Materials, Inc. | 5,270,130 | ||||
|
| |||||
20,923,674 | ||||||
|
| |||||
Total Common Stocks | 736,525,874 | |||||
|
| |||||
MONEY MARKET FUND — 4.5% |
| |||||
34,610,517 | Federated Treasury Obligations Fund, Institutional Shares, 0.010%(b) | 34,610,517 | ||||
|
| |||||
Total Money Market Fund | 34,610,517 | |||||
|
| |||||
Total Investments — 99.8% | 771,136,391 | |||||
Net Other Assets (Liabilities) — 0.2% | 1,584,583 | |||||
|
| |||||
NET ASSETS — 100.0% | $ | 772,720,974 | ||||
|
|
(a) | Represents non-income producing security. |
(b) | Represents the current yield as of report date. |
REIT — Real Estate Investment Trust
See accompanying Notes to the Financial Statements.
10
Sterling Capital Behavioral Small Cap Value Equity Fund |
Schedule of Portfolio Investments |
March 31, 2015 (Unaudited) |
Shares | Fair Value | |||||
COMMON STOCKS — 97.0% |
| |||||
Consumer Discretionary — 12.7% | ||||||
18,802 | American Axle & Manufacturing Holdings, Inc.(a) | $ | 485,656 | |||
57,011 | American Eagle Outfitters, Inc. | 973,748 | ||||
9,675 | Big Lots, Inc. | 464,690 | ||||
34,960 | Boyd Gaming Corp.(a) | 496,432 | ||||
17,821 | Brown Shoe Co., Inc. | 584,529 | ||||
22,012 | Build-A-Bear Workshop, Inc.(a) | 432,536 | ||||
22,207 | Cablevision Systems Corp., Class A | 406,388 | ||||
8,139 | Capella Education Co. | 528,058 | ||||
16,574 | Cato Corp., (The) Class A | 656,330 | ||||
10,925 | Children’s Place, Inc. (The) | 701,276 | ||||
22,020 | Citi Trends, Inc.(a) | 594,540 | ||||
24,905 | Cooper Tire & Rubber Co. | 1,066,930 | ||||
19,792 | Culp, Inc. | 529,436 | ||||
4,006 | Dillard’s, Inc., Class A | 546,859 | ||||
36,155 | Isle of Capri Casinos, Inc.(a) | 507,978 | ||||
1,652 | ITT Educational Services, Inc.(a) | 11,217 | ||||
12,972 | Journal Communications, Inc., Class A | 192,245 | ||||
5,987 | Lear Corp. | 663,479 | ||||
11,564 | Marriott Vacations Worldwide Corp. | 937,262 | ||||
27,617 | Monarch Casino & Resort, Inc.(a) | 528,589 | ||||
9,851 | Murphy USA, Inc.(a) | 712,917 | ||||
48,307 | Orbitz Worldwide, Inc.(a) | 563,260 | ||||
19,803 | Overstock.com, Inc.(a) | 479,629 | ||||
29,279 | PetMed Express, Inc. | 483,689 | ||||
32,173 | Regis Corp.(a) | 526,350 | ||||
32,772 | Ruth’s Hospitality Group, Inc. | 520,419 | ||||
23,530 | Speedway Motorsports, Inc. | 535,308 | ||||
25,932 | Stage Stores, Inc. | 594,361 | ||||
8,746 | Strayer Education, Inc.(a) | 467,124 | ||||
19,129 | Unifi, Inc.(a) | 690,366 | ||||
7,243 | Universal Electronics, Inc.(a) | 408,795 | ||||
|
| |||||
17,290,396 | ||||||
|
| |||||
Consumer Staples — 2.0% | ||||||
51,864 | Central Garden & Pet Co., Class A(a) | 550,796 | ||||
16,268 | Ingles Markets, Inc., Class A | 804,941 | ||||
24,416 | Pilgrim’s Pride Corp. | 551,557 | ||||
5,322 | Sanderson Farms, Inc. | 423,897 | ||||
10,584 | SpartanNash Co. | 334,031 | ||||
444 | USANA Health Sciences, Inc.(a) | 49,337 | ||||
|
| |||||
2,714,559 | ||||||
|
| |||||
Energy — 2.5% | ||||||
35,180 | Alon USA Energy, Inc. | 582,933 | ||||
32,591 | Cloud Peak Energy, Inc.(a) | 189,680 | ||||
24,579 | Green Plains, Inc. | 701,730 | ||||
7,837 | Pacific Ethanol, Inc.(a) | 84,561 | ||||
17,471 | PBF Energy, Inc., Class A | 592,616 | ||||
34,010 | Pioneer Energy Services Corp.(a) | 184,334 | ||||
10,171 | REX American Resources Corp.(a) | 618,499 | ||||
10,190 | Western Refining, Inc. | 503,284 | ||||
|
| |||||
3,457,637 | ||||||
|
| |||||
Financials — 39.7% | ||||||
13,974 | 1st Source Corp. | 448,985 | ||||
27,431 | AG Mortgage Investment Trust, Inc., REIT | 516,800 | ||||
12,771 | Allied World Assurance Co. Holdings AG | 515,948 | ||||
30,919 | Altisource Residential Corp., REIT | 644,970 | ||||
33,717 | American Capital Mortgage Investment Corp., REIT | 605,557 |
Shares | Fair Value | |||||
COMMON STOCKS — (continued) |
| |||||
Financials — (continued) | ||||||
31,973 | American Equity Investment Life Holding Co. | $ | 931,374 | |||
7,420 | American Financial Group, Inc. | 475,993 | ||||
13,976 | AMERISAFE, Inc. | 646,390 | ||||
11,732 | AmTrust Financial Services, Inc. | 668,548 | ||||
109,891 | Anworth Mortgage Asset Corp., REIT | 559,345 | ||||
34,583 | Apollo Commercial Real Estate Finance, Inc., REIT | 594,136 | ||||
32,245 | Apollo Residential Mortgage, Inc., REIT | 514,308 | ||||
45,243 | Ares Commercial Real Estate Corp., REIT | 499,935 | ||||
14,785 | Argo Group International Holdings, Ltd. | 741,468 | ||||
22,393 | Arlington Asset Investment Corp., Class A | 538,776 | ||||
10,689 | Aspen Insurance Holdings, Ltd. | 504,841 | ||||
33,868 | Associated Estates Realty Corp., REIT | 835,862 | ||||
7,209 | Assurant, Inc. | 442,705 | ||||
17,011 | Assured Guaranty, Ltd. | 448,920 | ||||
9,078 | Axis Capital Holdings, Ltd. | 468,243 | ||||
44,473 | Banc of California, Inc. | 547,463 | ||||
18,497 | Banco Latinoamericano de Comercio Exterior SA | 606,517 | ||||
50,242 | Capstead Mortgage Corp., REIT | 591,348 | ||||
23,921 | Chatham Lodging Trust, REIT | 703,517 | ||||
132,271 | Chimera Investment Corp., REIT | 415,331 | ||||
57,193 | CNO Financial Group, Inc. | 984,863 | ||||
95,669 | Cowen Group, Inc., Class A(a) | 497,479 | ||||
28,296 | Customers Bancorp, Inc.(a) | 689,291 | ||||
74,072 | CYS Investments, Inc., REIT | 659,982 | ||||
34,837 | Dime Community Bancshares, Inc. | 560,876 | ||||
61,602 | Dynex Capital, Inc., REIT | 521,769 | ||||
23,036 | Employers Holdings, Inc. | 621,742 | ||||
8,999 | Endurance Specialty Holdings, Ltd. | 550,199 | ||||
25,597 | Enterprise Financial Services Corp. | 528,834 | ||||
10,306 | FBL Financial Group, Inc., Class A | 639,075 | ||||
18,490 | Federated National Holding Co. | 565,794 | ||||
35,006 | Fidelity Southern Corp. | 590,901 | ||||
96,277 | First BanCorp(a) | 596,917 | ||||
15,888 | First Interstate BancSystem, Inc., Class A | 442,004 | ||||
25,603 | First Merchants Corp. | 602,695 | ||||
16,034 | First NBC Bank Holding Co.(a) | 528,801 | ||||
11,602 | Flushing Financial Corp. | 232,852 | ||||
49,961 | Gain Capital Holdings, Inc. | 488,119 | ||||
22,932 | Gramercy Property Trust, Inc., REIT | 643,694 | ||||
6,632 | Hanover Insurance Group, Inc. (The) | 481,351 | ||||
8,329 | HCC Insurance Holdings, Inc. | 472,004 | ||||
11,681 | HCI Group, Inc. | 535,807 | ||||
21,344 | Heritage Insurance Holdings, Inc.(a) | 469,781 | ||||
32,930 | Home Loan Servicing Solutions, Ltd. | 544,662 | ||||
29,002 | HomeStreet, Inc.(a) | 531,317 | ||||
20,865 | Horace Mann Educators Corp. | 713,583 | ||||
25,106 | Investment Technology Group, Inc.(a) | 760,963 | ||||
44,553 | KCG Holdings, Inc., Class A(a) | 546,220 | ||||
41,351 | Maiden Holdings, Ltd. | 613,235 | ||||
55,712 | MFA Financial, Inc., REIT | 437,896 | ||||
20,905 | Montpelier Re Holdings, Ltd. | 803,588 | ||||
8,807 | Navigators Group, Inc. (The)(a) | 685,537 | ||||
15,102 | Nelnet, Inc., Class A | 714,627 | ||||
53,379 | New Residential Investment Corp., REIT | 802,286 | ||||
75,832 | New York Mortgage Trust, Inc., REIT | 588,456 | ||||
28,194 | OFG Bancorp | 460,126 | ||||
37,159 | Oritani Financial Corp. | 540,663 | ||||
4,256 | PartnerRe, Ltd. | 486,588 | ||||
34,062 | PennyMac Mortgage Investment Trust, REIT | 725,180 |
Continued
11
Sterling Capital Behavioral Small Cap Value Equity Fund |
Schedule of Portfolio Investments — (continued) |
March 31, 2015 (Unaudited) |
Shares | Fair Value | |||||
COMMON STOCKS — (continued) |
| |||||
Financials — (continued) | ||||||
10,585 | Piper Jaffray Cos.(a) | $ | 555,289 | |||
7,550 | Post Properties, Inc., REIT | 429,822 | ||||
49,251 | Radian Group, Inc. | 826,924 | ||||
41,854 | Redwood Trust, Inc., REIT | 747,931 | ||||
7,615 | Regional Management Corp.(a) | 112,397 | ||||
5,618 | Reinsurance Group of America, Inc. | 523,541 | ||||
4,441 | RenaissanceRe Holdings, Ltd. | 442,901 | ||||
120,959 | Resource Capital Corp., REIT | 549,154 | ||||
9,299 | Safety Insurance Group, Inc. | 555,615 | ||||
9,130 | Select Income REIT | 228,159 | ||||
24,968 | Selective Insurance Group, Inc. | 725,320 | ||||
15,696 | Springleaf Holdings, Inc.(a) | 812,582 | ||||
7,977 | StanCorp Financial Group, Inc. | 547,222 | ||||
19,720 | Starwood Property Trust, Inc., REIT | 479,196 | ||||
37,748 | Symetra Financial Corp. | 885,568 | ||||
23,327 | Territorial Bancorp, Inc. | 554,250 | ||||
26,762 | Trustmark Corp. | 649,781 | ||||
43,332 | Two Harbors Investment Corp., REIT | 460,186 | ||||
31,066 | United Community Banks, Inc. | 586,526 | ||||
18,898 | United Fire Group, Inc. | 600,389 | ||||
29,855 | United Insurance Holdings Corp. | 671,738 | ||||
38,701 | Universal Insurance Holdings, Inc. | 990,359 | ||||
10,768 | Validus Holdings, Ltd. | 453,333 | ||||
29,638 | Walker & Dunlop, Inc.(a) | 525,482 | ||||
18,659 | Washington Federal, Inc. | 406,860 | ||||
35,944 | Western Asset Mortgage Capital Corp., REIT | 542,036 | ||||
15,186 | Wintrust Financial Corp. | 724,068 | ||||
4,723 | World Acceptance Corp.(a) | 344,401 | ||||
9,354 | WR Berkley Corp. | 472,471 | ||||
6,755 | WSFS Financial Corp. | 510,881 | ||||
|
| |||||
54,241,419 | ||||||
|
| |||||
Health Care — 5.8% | ||||||
12,696 | Amsurg Corp.(a) | 781,058 | ||||
19,002 | Cambrex Corp.(a) | 753,049 | ||||
12,152 | Centene Corp.(a) | 859,025 | ||||
9,336 | Community Health Systems, Inc.(a) | 488,086 | ||||
9,053 | Health Net, Inc.(a) | 547,616 | ||||
9,682 | Lannett Co., Inc.(a) | 655,568 | ||||
7,290 | LifePoint Hospitals, Inc.(a) | 535,451 | ||||
8,970 | Molina Healthcare, Inc.(a) | 603,591 | ||||
17,247 | OncoMed Pharmaceuticals, Inc.(a) | 444,628 | ||||
64,414 | PDL BioPharma, Inc. | 453,152 | ||||
13,146 | Premier, Inc., Class A(a) | 494,027 | ||||
29,437 | Quality Systems, Inc. | 470,403 | ||||
21,706 | Triple-S Management Corp., Class B(a) | 431,515 | ||||
2,686 | United Therapeutics Corp.(a) | 463,160 | ||||
|
| |||||
7,980,329 | ||||||
�� |
|
| ||||
Industrials — 12.8% | ||||||
23,858 | AAR Corp. | 732,441 | ||||
35,330 | ACCO Brands Corp.(a) | 293,592 | ||||
13,940 | Alaska Air Group, Inc. | 922,549 | ||||
7,393 | American Woodmark Corp.(a) | 404,619 | ||||
33,007 | ARC Document Solutions, Inc.(a) | 304,655 | ||||
21,857 | ArcBest Corp. | 828,162 | ||||
15,145 | Argan, Inc. | 547,795 | ||||
13,059 | Atlas Air Worldwide Holdings, Inc.(a) | 561,798 | ||||
6,330 | Barrett Business Services, Inc. | 271,177 | ||||
27,627 | Blount International, Inc.(a) | 355,836 | ||||
18,906 | CRA International, Inc.(a) | 588,355 |
Shares | Fair Value | |||||
COMMON STOCKS — (continued) |
| |||||
Industrials — (continued) | ||||||
21,034 | Douglas Dynamics, Inc. | $ | 480,417 | |||
10,916 | Ducommun, Inc.(a) | 282,724 | ||||
12,233 | Greenbrier Cos., Inc. (The) | 709,514 | ||||
37,224 | Hawaiian Holdings, Inc.(a) | 819,859 | ||||
22,852 | Heidrick & Struggles International, Inc. | 561,702 | ||||
4,220 | Huntington Ingalls Industries, Inc. | 591,433 | ||||
8,538 | Insperity, Inc. | 446,452 | ||||
87,905 | JetBlue Airways Corp.(a) | 1,692,171 | ||||
5,556 | Kadant, Inc. | 292,301 | ||||
22,930 | Matson, Inc. | 966,729 | ||||
14,575 | MYR Group, Inc.(a) | 456,781 | ||||
24,684 | Quad/Graphics, Inc. | 567,238 | ||||
6,118 | Regal-Beloit Corp. | 488,951 | ||||
23,586 | RR Donnelley & Sons Co. | 452,615 | ||||
36,009 | SkyWest, Inc. | 526,091 | ||||
13,703 | Trinity Industries, Inc. | 486,594 | ||||
11,860 | Universal Forest Products, Inc. | 657,993 | ||||
45,611 | Wabash National Corp.(a) | 643,115 | ||||
17,774 | West Corp. | 599,517 | ||||
|
| |||||
17,533,176 | ||||||
|
| |||||
Information Technology — 10.5% | ||||||
6,642 | Arrow Electronics, Inc.(a) | 406,158 | ||||
27,696 | Benchmark Electronics, Inc.(a) | 665,535 | ||||
42,231 | Brocade Communications Systems, Inc. | 501,071 | ||||
9,824 | Cabot Microelectronics Corp.(a) | 490,905 | ||||
9,086 | CACI International, Inc., Class A(a) | 817,013 | ||||
14,637 | Cirrus Logic, Inc.(a) | 486,827 | ||||
8,834 | EchoStar Corp., Class A(a) | 456,894 | ||||
9,200 | Emulex Corp.(a) | 73,324 | ||||
46,563 | Fairchild Semiconductor International, Inc.(a) | 846,515 | ||||
62,795 | Harmonic, Inc.(a) | 465,311 | ||||
19,823 | Insight Enterprises, Inc.(a) | 565,352 | ||||
16,521 | Jabil Circuit, Inc. | 386,261 | ||||
34,078 | Marvell Technology Group, Ltd. | 500,947 | ||||
86,693 | Monster Worldwide, Inc.(a) | 549,634 | ||||
19,092 | NeuStar, Inc., Class A(a) | 470,045 | ||||
26,464 | Newport Corp.(a) | 504,404 | ||||
10,752 | OmniVision Technologies, Inc.(a) | 283,530 | ||||
37,593 | ON Semiconductor Corp.(a) | 455,251 | ||||
7,875 | OSI Systems, Inc.(a) | 584,798 | ||||
34,404 | Pericom Semiconductor Corp. | 532,230 | ||||
55,811 | Photronics, Inc.(a) | 474,394 | ||||
47,865 | Polycom, Inc.(a) | 641,391 | ||||
39,105 | Sanmina Corp.(a) | 945,950 | ||||
10,958 | Science Applications International Corp. | 562,693 | ||||
28,377 | Sykes Enterprises, Inc.(a) | 705,168 | ||||
60,982 | TTM Technologies, Inc.(a) | 549,448 | ||||
29,690 | Vishay Intertechnology, Inc. | 410,316 | ||||
|
| |||||
14,331,365 | ||||||
|
| |||||
Materials — 4.2% | ||||||
19,763 | Berry Plastics Group, Inc.(a) | 715,223 | ||||
11,029 | Domtar Corp. | 509,760 | ||||
24,559 | Graphic Packaging Holding Co. | 357,088 | ||||
8,934 | Kaiser Aluminum Corp. | 686,935 | ||||
28,480 | Olin Corp. | 912,499 | ||||
13,924 | Schweitzer-Mauduit International, Inc. | 642,175 | ||||
39,677 | Trecora Resources(a) | 484,059 | ||||
26,339 | Trinseo SA(a) | 521,512 | ||||
14,214 | U.S. Concrete, Inc.(a) | 481,570 |
Continued
12
Sterling Capital Behavioral Small Cap Value Equity Fund |
Schedule of Portfolio Investments — (continued) |
March 31, 2015 (Unaudited) |
Shares | Fair Value | |||||
COMMON STOCKS — (continued) |
| |||||
Materials — (continued) | ||||||
15,593 | United States Steel Corp. | $ | 380,469 | |||
|
| |||||
5,691,290 | ||||||
|
| |||||
Telecommunication Services — 0.8% | ||||||
26,452 | IDT Corp., Class B | 469,523 | ||||
66,735 | Iridium Communications, Inc.(a) | 647,997 | ||||
|
| |||||
1,117,520 | ||||||
|
| |||||
Utilities — 6.0% | ||||||
7,930 | AGL Resources, Inc. | 393,726 | ||||
15,770 | ALLETE, Inc. | 832,025 | ||||
25,167 | Avista Corp. | 860,208 | ||||
8,673 | El Paso Electric Co. | 335,125 | ||||
23,619 | Empire District Electric Co., (The) | 586,224 | ||||
16,059 | Great Plains Energy, Inc. | 428,454 | ||||
16,224 | IDACORP, Inc. | 1,020,003 | ||||
30,450 | New Jersey Resources Corp. | 945,777 | ||||
25,209 | Portland General Electric Co. | 935,002 | ||||
16,680 | SJW Corp. | 515,579 | ||||
11,524 | Westar Energy, Inc. | 446,670 | ||||
16,851 | WGL Holdings, Inc. | 950,396 | ||||
|
| |||||
8,249,189 | ||||||
|
| |||||
Total Common Stocks | 132,606,880 | |||||
|
|
Shares | Fair Value | |||||
EXCHANGE TRADED FUND — 1.8% | ||||||
23,730 | iShares Russell 2000 Value ETF | $ | 2,449,173 | |||
|
| |||||
Total Exchange Traded Fund | 2,449,173 | |||||
|
| |||||
MONEY MARKET FUND — 0.8% | ||||||
1,055,876 | Federated Treasury Obligations Fund, Institutional Shares, 0.010%(b) | 1,055,876 | ||||
|
| |||||
Total Money Market Fund | 1,055,876 | |||||
|
| |||||
Total Investments — 99.6% | 136,111,929 | |||||
Net Other Assets (Liabilities) — 0.4% | 500,995 | |||||
|
| |||||
NET ASSETS — 100.0%. | $ | 136,612,924 | ||||
|
|
(a) | Represents non-income producing security. |
(b) | Represents the current yield as of report date. |
ETF — Exchange Traded Fund
REIT — Real Estate Investment Trust
See accompanying Notes to the Financial Statements.
13
Sterling Capital Special Opportunities Fund |
Schedule of Portfolio Investments |
March 31, 2015 (Unaudited) |
Shares | Fair Value | |||||
COMMON STOCKS — 95.0% |
| |||||
Consumer Discretionary — 19.2% | ||||||
724,000 | Comcast Corp., Class A | $ | 40,884,280 | |||
449,000 | DIRECTV(a) | 38,209,900 | ||||
1,135,000 | Discovery Communications, Inc., | 33,454,125 | ||||
1,852,000 | Ford Motor Co. | 29,891,280 | ||||
331,000 | Lennar Corp., Class A(b) | 17,149,110 | ||||
677,000 | PulteGroup, Inc. | 15,049,710 | ||||
|
| |||||
174,638,405 | ||||||
|
| |||||
Consumer Staples — 2.8% | ||||||
697,000 | Mondelez International, Inc., Class A | 25,154,730 | ||||
|
| |||||
Energy — 0.8% | ||||||
83,000 | EOG Resources, Inc.(b) | 7,610,270 | ||||
|
| |||||
Financials — 11.5% | ||||||
540,000 | American Campus Communities, Inc., REIT | 23,149,800 | ||||
471,000 | Capital One Financial Corp. | 37,124,220 | ||||
312,000 | CBRE Group, Inc., Class A(a) | 12,077,520 | ||||
530,900 | Ryman Hospitality Properties, Inc., REIT | 32,337,119 | ||||
|
| |||||
104,688,659 | ||||||
|
| |||||
Health Care — 15.0% | ||||||
529,000 | HCA Holdings, Inc.(a) | 39,796,670 | ||||
406,000 | MEDNAX, Inc.(a) | 29,439,060 | ||||
855,274 | Myriad Genetics, Inc.(a) | 30,276,700 | ||||
311,000 | UnitedHealth Group, Inc. | 36,788,190 | ||||
|
| |||||
136,300,620 | ||||||
|
| |||||
Industrials — 14.7% | ||||||
476,000 | Expeditors International of Washington, Inc. | 22,933,680 | ||||
317,200 | J.B. Hunt Transport Services, Inc. | 27,087,294 | ||||
857,000 | Nielsen NV | 38,196,490 | ||||
632,000 | Verisk Analytics, Inc., Class A(a) | 45,124,800 | ||||
|
| |||||
133,342,264 | ||||||
|
| |||||
Information Technology — 31.0% | ||||||
1,750,000 | Activision Blizzard, Inc. | 39,768,750 |
Shares | Fair Value | |||||
COMMON STOCKS — (continued) |
| |||||
Information Technology — (continued) | ||||||
512,000 | Akamai Technologies, Inc.(a)(b) | $ | 36,375,040 | |||
572,000 | Check Point Software Technologies, | 46,886,840 | ||||
1,331,000 | Cisco Systems, Inc. | 36,635,775 | ||||
506,000 | Citrix Systems, Inc.(a) | 32,318,220 | ||||
426,000 | eBay, Inc.(a) | 24,571,680 | ||||
335,000 | Intuit, Inc. | 32,481,600 | ||||
1,102,000 | NCR Corp.(a) | 32,520,020 | ||||
|
| |||||
281,557,925 | ||||||
|
| |||||
Total Common Stocks | 863,292,873 | |||||
|
| |||||
MONEY MARKET FUND — 4.0% |
| |||||
36,398,325 | Federated Treasury Obligations Fund, Institutional Shares, 0.010%(c) | 36,398,325 | ||||
|
| |||||
Total Money Market Fund | 36,398,325 | |||||
|
| |||||
Total Investments — 99.0% | 899,691,198 | |||||
Net Other Assets (Liabilities) — 1.0% | 9,304,726 | |||||
|
| |||||
NET ASSETS — 100.0% | $ | 908,995,924 | ||||
|
|
(a) | Represents non-income producing security. |
(b) | All or a portion of security was held as collateral for written call options. |
(c) | Represents the current yield as of report date. |
REIT — Real Estate Investment Trust
See accompanying Notes to the Financial Statements.
14
Sterling Capital Equity Income Fund |
Schedule of Portfolio Investments |
March 31, 2015 (Unaudited) |
Shares | Fair Value | |||||
COMMON STOCKS — 99.6% |
| |||||
Consumer Discretionary — 14.5% | ||||||
1,034,200 | Dunkin’ Brands Group, Inc. | $ | 49,186,552 | |||
570,000 | McDonald’s Corp. | 55,540,800 | ||||
655,000 | Omnicom Group, Inc. | 51,076,900 | ||||
1,154,000 | Pearson PLC, ADR | 24,937,940 | ||||
533,000 | Time Warner Cable, Inc.(a) | 79,886,040 | ||||
|
| |||||
260,628,232 | ||||||
|
| |||||
Consumer Staples — 11.9% | ||||||
668,000 | General Mills, Inc. | 37,808,800 | ||||
613,000 | PepsiCo, Inc. | 58,615,060 | ||||
595,000 | Philip Morris International, Inc. | 44,821,350 | ||||
1,719,000 | Unilever PLC, ADR | 71,699,490 | ||||
|
| |||||
212,944,700 | ||||||
|
| |||||
Energy — 12.1% | ||||||
1,946,003 | Kinder Morgan, Inc. | 81,848,873 | ||||
841,000 | Occidental Petroleum Corp. | 61,393,000 | ||||
2,047,000 | Spectra Energy Corp. | 74,039,990 | ||||
|
| |||||
217,281,863 | ||||||
|
| |||||
Financials — 9.6% | ||||||
226,200 | Host Hotels & Resorts, Inc., REIT | 4,564,716 | ||||
1,874,500 | KKR & Co. LP | 42,757,345 | ||||
1,298,000 | MetLife, Inc. | 65,613,900 | ||||
1,075,000 | Wells Fargo & Co. | 58,480,000 | ||||
|
| |||||
171,415,961 | ||||||
|
| |||||
Health Care — 18.7% | ||||||
1,339,000 | Abbott Laboratories | 62,035,870 | ||||
767,999 | AbbVie, Inc. | 44,958,661 | ||||
420,200 | Anthem, Inc.(a) | 64,883,082 | ||||
815,000 | Baxter International, Inc. | 55,827,500 | ||||
651,000 | Novartis AG, ADR | 64,195,110 | ||||
1,251,000 | Pfizer, Inc. | 43,522,290 | ||||
|
| |||||
335,422,513 | ||||||
|
| |||||
Industrials — 6.4% | ||||||
2,473,000 | General Electric Co. | 61,355,130 | ||||
2,000 | Honeywell International, Inc. | 208,620 | ||||
542,900 | United Parcel Service, Inc., Class B | 52,628,726 | ||||
|
| |||||
114,192,476 | ||||||
|
|
Shares | Fair Value | |||||
COMMON STOCKS — (continued) |
| |||||
Information Technology — 20.4% | ||||||
886,000 | Accenture PLC, Class A | $ | 83,009,340 | |||
416,000 | International Business Machines Corp. | 66,768,000 | ||||
1,954,000 | Maxim Integrated Products, Inc. | 68,018,740 | ||||
1,288,000 | Microsoft Corp. | 52,363,640 | ||||
1,128,000 | QUALCOMM, Inc. | 78,215,520 | ||||
338,000 | Seagate Technology PLC | 17,586,140 | ||||
|
| |||||
365,961,380 | ||||||
|
| |||||
Materials — 1.4% | ||||||
365,504 | Scotts Miracle-Gro Co. (The), Class A | 24,550,904 | ||||
|
| |||||
Telecommunication Services — 4.6% | ||||||
1,684,000 | Verizon Communications, Inc. | 81,892,920 | ||||
|
| |||||
Total Common Stocks | 1,784,290,949 | |||||
|
| |||||
MONEY MARKET FUND — 0.1% |
| |||||
2,223,997 | Federated Treasury Obligations Fund, Institutional Shares, 0.010%(b) | 2,223,997 | ||||
|
| |||||
Total Money Market Fund | 2,223,997 | |||||
|
| |||||
Total Investments — 99.7% | 1,786,514,946 | |||||
Net Other Assets (Liabilities) — 0.3% | 5,711,022 | |||||
|
| |||||
NET ASSETS — 100.0% | $ | 1,792,225,968 | ||||
|
|
(a) | All or a portion of security was held as collateral for written call options. |
(b) | Represents the current yield as of report date. |
ADR — American Depositary Receipt
REIT — Real Estate Investment Trust
See accompanying Notes to the Financial Statements.
15
Sterling Capital Long/Short Equity Fund |
Schedule of Portfolio Investments |
March 31, 2015 (Unaudited) |
Shares | Fair Value | |||||
COMMON STOCKS — 81.9% |
| |||||
Consumer Discretionary — 2.7% | ||||||
105,000 | Global Eagle Entertainment, Inc.(a)(b) | $ | 1,397,550 | |||
19,342 | Service Corp. International(b) | 503,859 | ||||
70,000 | Sizmek, Inc.(a) | 508,200 | ||||
15,000 | Stonemor Partners LP | 432,150 | ||||
|
| |||||
2,841,759 | ||||||
|
| |||||
Energy — 16.8% | ||||||
3,950 | Anadarko Petroleum Corp. | 327,100 | ||||
14,300 | Apache Corp.(b) | 862,719 | ||||
12,000 | ARC Resources, Ltd. | 205,764 | ||||
2,500 | ARC Resources, Ltd. | 42,951 | ||||
10,000 | Baytex Energy Corp. | 158,146 | ||||
6,600 | Baytex Energy Corp. | 104,280 | ||||
11,000 | Bonterra Energy Corp.(b)(c) | 294,218 | ||||
10,900 | Canadian Natural Resources, Ltd. | 334,739 | ||||
2,300 | Canadian Oil Sands, Ltd. | 17,887 | ||||
14,900 | Cenovus Energy, Inc.(b) | 251,512 | ||||
12,000 | Chesapeake Energy Corp. | 169,920 | ||||
2,700 | Cimarex Energy Co.(b) | 310,743 | ||||
2,400 | Concho Resources, Inc.(a)(b) | 278,208 | ||||
15,950 | ConocoPhillips(b) | 993,047 | ||||
11,300 | Continental Resources, Inc.(a)(b) | 493,471 | ||||
16,400 | Crescent Point Energy Corp. | 366,376 | ||||
8,650 | Cross Timbers Royalty Trust | 165,822 | ||||
23,200 | Denbury Resources, Inc.(b) | 169,128 | ||||
12,800 | Devon Energy Corp.(b) | 771,968 | ||||
53,090 | Dorchester Minerals LP(b) | 1,207,265 | ||||
35,101 | Enduro Royalty Trust | 143,914 | ||||
3,000 | EnLink Midstream, LLC | 97,620 | ||||
13,850 | EOG Resources, Inc.(b) | 1,269,908 | ||||
53,000 | Freehold Royalties, Ltd. | 748,890 | ||||
6,300 | Freehold Royalties, Ltd. | 89,236 | ||||
7,000 | Laredo Petroleum, Inc.(a) | 91,280 | ||||
1,850 | Magellan Midstream Partners LP | 141,914 | ||||
30,300 | Marathon Oil Corp.(b) | 791,133 | ||||
16,430 | Noble Energy, Inc.(b) | 803,427 | ||||
54,000 | Northern Oil & Gas, Inc.(a)(b) | 416,340 | ||||
4,100 | Occidental Petroleum Corp. | 299,300 | ||||
87,480 | Pacific Coast Oil Trust(b) | 335,048 | ||||
2,500 | PDC Energy, Inc.(a)(b) | 135,100 | ||||
25,063 | Permian Basin Royalty Trust(b) | 202,760 | ||||
1,100 | Peyto Exploration & Development Corp. | 29,494 | ||||
18,200 | Plains GP Holdings LP, Class A(b) | 516,334 | ||||
29,862 | Sabine Royalty Trust(b) | 1,174,771 | ||||
5,400 | Shell Midstream Partners LP | 210,600 | ||||
18,500 | Suncor Energy, Inc.(b) | 541,125 | ||||
9,650 | Tesoro Logistics LP | 519,170 | ||||
3,500 | Vermilion Energy, Inc. | 147,280 | ||||
5,588 | Western Gas Equity Partners LP(b) | 335,280 | ||||
33,712 | Whiting Petroleum Corp.(a)(b) | 1,041,701 | ||||
2,000 | Whiting USA Trust II | 10,880 | ||||
|
| |||||
17,617,769 | ||||||
|
| |||||
Financials — 20.4% | ||||||
8,800 | Aflac, Inc.(b) | 563,288 | ||||
48,100 | Ambac Financial Group, Inc.(a)(b) | 1,164,020 | ||||
36,900 | American Capital, Ltd.(a) | 545,751 | ||||
47,770 | Banc of California, Inc. | 588,049 | ||||
90,400 | Bank of America Corp. | 1,391,256 | ||||
17,900 | BankUnited, Inc. | 586,046 | ||||
37,300 | BBX Capital Corp., Class A(a)(b) | 693,780 |
Shares | Fair Value | |||||
COMMON STOCKS — (continued) |
| |||||
Financials — (continued) | ||||||
16,437 | Blackstone Group LP (The) | $ | 639,235 | |||
52,460 | Boston Private Financial Holdings, | 637,389 | ||||
18,400 | Bridge Bancorp, Inc.(b) | 475,272 | ||||
41,169 | Carlyle Group LP (The)(b) | 1,115,680 | ||||
22,100 | Citigroup, Inc.(b) | 1,138,592 | ||||
6,339 | Citizens Financial Group, Inc. | 152,960 | ||||
21,872 | Colony Capital, Inc., REIT | 566,922 | ||||
25,700 | Federated Investors, Inc., Class B | 870,973 | ||||
18,927 | Fifth Street Asset Management, Inc. | 213,307 | ||||
54,900 | KKR & Co. LP(b) | 1,252,269 | ||||
3,900 | Medley Management, Inc., Class A | 42,861 | ||||
23,600 | Morgan Stanley(b) | 842,284 | ||||
39,818 | OM Asset Management PLC | 742,207 | ||||
28,900 | Oppenheimer Holdings, Inc., Class A(b) | 677,994 | ||||
21,000 | Popular, Inc.(a)(b) | 722,190 | ||||
8,900 | Prudential Financial, Inc. | 714,759 | ||||
42,000 | Radian Group, Inc. | 705,180 | ||||
14,800 | Raymond James Financial, Inc.(b) | 840,344 | ||||
7,748 | Sabra Health Care REIT, Inc. | 256,846 | ||||
1,276 | ServisFirst Bancshares, Inc. | 42,095 | ||||
27,500 | SunTrust Banks, Inc.(b) | 1,129,975 | ||||
6,900 | Virtus Investment Partners, Inc.(b) | 902,313 | ||||
27,900 | Voya Financial, Inc.(b) | 1,202,769 | ||||
|
| |||||
21,416,606 | ||||||
|
| |||||
Health Care — 22.3% | ||||||
10,146 | ABIOMED, Inc.(a)(b) | 726,251 | ||||
3,000 | Actavis PLC(a) | 892,860 | ||||
3,588 | Aetna, Inc.(b) | 382,230 | ||||
2,677 | Agios Pharmaceuticals, Inc.(a) | 252,441 | ||||
10,785 | Akorn, Inc.(a)(b) | 512,395 | ||||
43,945 | Amedica Corp.(a)(b) | 15,425 | ||||
6,652 | Amsurg Corp.(a) | 409,231 | ||||
13,000 | Aquinox Pharmaceuticals, Inc.(a)(b) | 111,540 | ||||
19,452 | Ascendis Pharma A/S, ADR(a) | 337,492 | ||||
50,000 | Boston Scientific Corp.(a)(b) | 887,500 | ||||
8,000 | Brookdale Senior Living, Inc.(a)(b) | 302,080 | ||||
11,000 | Cardinal Health, Inc.(b) | 992,970 | ||||
19,768 | Cempra, Inc.(a)(b) | 678,240 | ||||
3,602 | Centene Corp.(a) | 254,625 | ||||
7,379 | Civitas Solutions, Inc.(a)(b) | 154,516 | ||||
2,578 | Coherus Biosciences, Inc.(a)(b) | 78,835 | ||||
1,662 | Edwards Lifesciences Corp.(a) | 236,769 | ||||
8,000 | Endo International PLC(a) | 717,600 | ||||
45,646 | Endocyte, Inc.(a)(b) | 285,744 | ||||
6,603 | ExamWorks Group, Inc.(a) | 274,817 | ||||
7,213 | Fate Therapeutics, Inc.(a)(b) | 35,272 | ||||
4,714 | Fluidigm Corp.(a)(b) | 198,459 | ||||
17,002 | Globus Medical, Inc., Class A(a)(b) | 429,130 | ||||
8,841 | HCA Holdings, Inc.(a)(b) | 665,108 | ||||
17,631 | HealthSouth Corp.(b) | 782,111 | ||||
7,035 | Hill-Rom Holdings, Inc.(b) | 344,715 | ||||
1,909 | Humana, Inc.(b) | 339,840 | ||||
1,625 | Illumina, Inc.(a)(b) | 301,665 | ||||
27,310 | Immunomedics, Inc.(a) | 104,597 | ||||
23,583 | Intersect ENT, Inc.(a) | 609,149 | ||||
5,694 | K2M Group Holdings, Inc.(a) | 125,553 | ||||
31,000 | Kindred Healthcare, Inc.(b) | 737,490 | ||||
33,395 | LDR Holding Corp.(a)(b) | 1,223,593 | ||||
15,000 | LHC Group, Inc.(a)(b) | 495,450 | ||||
17,926 | Medtronic PLC | 1,398,049 |
Continued
16
Sterling Capital Long/Short Equity Fund |
Schedule of Portfolio Investments — (continued) |
March 31, 2015 (Unaudited) |
Shares | Fair Value | |||||
COMMON STOCKS — (continued) |
| |||||
Health Care — (continued) | ||||||
13,838 | NanoString Technologies, Inc.(a)(b) | $ | 141,009 | |||
66,017 | Neovasc, Inc.(a)(b) | 594,153 | ||||
21,100 | NuVasive, Inc.(a)(b) | 970,389 | ||||
23,144 | Otonomy, Inc.(a)(b) | 818,372 | ||||
14,610 | PharMerica Corp.(a) | 411,856 | ||||
4,808 | Portola Pharmaceuticals, Inc.(a) | 182,512 | ||||
12,000 | ProQR Therapeutics NV(a) | 262,560 | ||||
13,838 | Relypsa, Inc.(a)(b) | 499,137 | ||||
23,961 | Repros Therapeutics, Inc.(a)(b) | 205,825 | ||||
16,276 | Sarepta Therapeutics, Inc.(a)(b) | 216,145 | ||||
42,596 | Streamline Health Solutions, | 152,068 | ||||
10,132 | Surgical Care Affiliates, Inc.(a) | 347,832 | ||||
14,263 | Tekmira Pharmaceuticals Corp.(a) | 249,032 | ||||
5,500 | Valeant Pharmaceuticals International, | 1,092,410 | ||||
16,956 | VCA, Inc.(a)(b) | 929,528 | ||||
|
| |||||
23,366,570 | ||||||
|
| |||||
Industrials — 0.1% | ||||||
6,323 | Signature Group Holdings, Inc.(a) | 38,823 | ||||
|
| |||||
Information Technology — 17.8% | ||||||
18,000 | Adobe Systems, Inc.(a)(b) | 1,330,920 | ||||
9,500 | Apple, Inc. | 1,182,085 | ||||
12,500 | Autodesk, Inc.(a) | 733,000 | ||||
22,500 | Callidus Software, Inc.(a) | 285,300 | ||||
35,500 | Cisco Systems, Inc.(b) | 977,137 | ||||
5,000 | eBay, Inc.(a) | 288,400 | ||||
420,393 | ID Systems, Inc.(a)(b) | 2,677,903 | ||||
20,000 | Informatica Corp.(a) | 877,100 | ||||
15,000 | Interactive Intelligence Group, Inc.(a) | 617,700 | ||||
5,000 | International Business Machines Corp. | 802,500 | ||||
56,020 | Intralinks Holdings, Inc.(a) | 579,247 | ||||
134,000 | Kofax, Ltd.(a) | 1,467,300 | ||||
10,000 | LivePerson, Inc.(a) | 102,350 | ||||
27,182 | Microsoft Corp. | 1,105,084 | ||||
15,000 | Model N, Inc.(a) | 179,400 | ||||
50,000 | Numerex Corp., Class A(a) | 570,000 | ||||
20,000 | Oracle Corp.(b) | 863,000 | ||||
30,000 | PROS Holdings, Inc.(a) | 741,300 | ||||
100,000 | Redknee Solutions, Inc.(a) | 353,717 | ||||
40,000 | Riverbed Technology, Inc.(a) | 836,400 | ||||
51,800 | Seachange International, Inc.(a) | 406,630 | ||||
90,000 | ServiceSource International, Inc.(a)(b) | 279,000 | ||||
10,000 | Teradata Corp.(a) | 441,400 | ||||
8,000 | TubeMogul, Inc.(a) | 110,560 | ||||
20,000 | Yahoo!, Inc.(a) | 888,700 | ||||
|
| |||||
18,696,133 | ||||||
|
| |||||
Materials — 0.0% | ||||||
1,000 | Mesabi Trust(b) | 13,330 | ||||
|
| |||||
Telecommunication Services — 1.8% | ||||||
150,709 | Boingo Wireless, Inc.(a) | 1,136,346 | ||||
72,521 | inContact, Inc.(a) | 790,479 | ||||
|
| |||||
1,926,825 | ||||||
|
| |||||
Total Common Stocks | 85,917,815 | |||||
|
|
Shares | Fair Value | |||||
PREFERRED STOCKS — 0.8% |
| |||||
Financials — 0.8% | ||||||
203,388 | Fannie Mae, Series R, 7.625%(b) | $ | 793,213 | |||
3,494 | Freddie Mac | 14,535 | ||||
|
| |||||
Total Preferred Stocks | 807,748 | |||||
|
| |||||
Contracts | ||||||
PUT OPTIONS PURCHASED — 0.3% |
| |||||
Health Care — 0.3% | ||||||
636 | Health Care Select Sector SPDR, Expires 06/19/15, | 125,292 | ||||
230 | Immunomedics, Inc., Expires | 14,950 | ||||
200 | SPDR S&P Biotech ETF, Expires 04/17/15, | 196,000 | ||||
|
| |||||
Total Put Options Purchased | 336,242 | |||||
|
| |||||
Shares | ||||||
WARRANTS — 2.9% |
| |||||
Financials — 2.9% | ||||||
28,394 | Ambac Financial Group, Inc., (Issued/exercisable 05/01/13, 1 Share for 1 Warrant, Expires 04/30/23, Strike Price $16.67)(b) | 381,615 | ||||
339,150 | Bank of America Corp., (Issued/exercisable 01/09/09, 1 Share for 1 Warrant, Expires 10/28/18, Strike Price $30.79)(b) | 176,358 | ||||
25,900 | Capital One Financial Corp., (Issued/exercisable 11/14/08, 1 Share for 1 Warrant, Expires 11/14/18, Strike Price $42.13)(b) | 959,336 | ||||
40,699 | Comerica, Inc., (Issued/exercisable 11/14/08, 1 Share for 1 Warrant, Expires 11/14/18, Strike Price $29.40)(b) | 659,731 | ||||
215,600 | Zions Bancorporation, (Issued/exercisable 05/20/10, 1 Share for 1 Warrant, Expires 05/22/20, Strike Price $36.40)(b) | 776,160 | ||||
51,409 | Zions Bancorporation, (Issued/exercisable 11/14/08, 1 Share for 1 Warrant, Expires 11/14/18, Strike Price $36.27)(b) | 107,959 | ||||
|
| |||||
Total Warrants | 3,061,159 | |||||
|
| |||||
Principal | ||||||
CORPORATE BONDS — 1.4% |
| |||||
Information Technology — 1.4% | ||||||
$2,000,000 | ServiceSource International, Inc., 1.500%, 8/1/18 | 1,471,250 | ||||
|
| |||||
Total Corporate Bonds | 1,471,250 | |||||
|
| |||||
Total Long-Term Investments — 87.3% | 91,594,214 | |||||
|
|
Continued
17
Sterling Capital Long/Short Equity Fund |
Schedule of Portfolio Investments — (continued) |
March 31, 2015 (Unaudited) |
Shares | Fair Value | |||||
MONEY MARKET FUND — 12.3% |
| |||||
12,889,113 | Federated Treasury Obligations Fund, Institutional Shares, 0.010%(e) | $ | 12,889,113 | |||
|
| |||||
Total Money Market Fund | 12,889,113 | |||||
|
| |||||
Total Investments Before Investments | 104,483,327 | |||||
|
| |||||
INVESTMENTS SOLD SHORT — (28.4)% |
| |||||
Energy — (3.0)% | ||||||
(10,000) | Chevron Corp. | (1,049,800 | ) | |||
(10,000) | Exxon Mobil Corp. | (850,000 | ) | |||
(9,500) | Helmerich & Payne, Inc. | (646,665 | ) | |||
(21,000) | Unit Corp.(a) | (587,580 | ) | |||
(3,400) | Vanguard Natural Resources, LLC | (47,532 | ) | |||
|
| |||||
(3,181,577 | ) | |||||
|
| |||||
Exchange Traded Funds — (1.8)% | ||||||
(12,000) | Energy Select Sector SPDR Fund | (930,960 | ) | |||
(4,000) | SPDR S&P Biotech ETF | (902,000 | ) | |||
|
| |||||
(1,832,960 | ) | |||||
|
| |||||
Financials — (10.1)% | ||||||
(27,000) | American Homes 4 Rent, Class A, REIT | (446,850 | ) | |||
(24,100) | American Residential Properties, Inc., | (433,559 | ) | |||
(34,900) | Astoria Financial Corp. | (451,955 | ) | |||
(36,000) | Capitol Federal Financial, Inc. | (450,000 | ) | |||
(10,600) | Commerce Bancshares, Inc. | (448,592 | ) | |||
(27,800) | Dime Community Bancshares, Inc. | (447,580 | ) | |||
(3,100) | Federal Realty Investment Trust, REIT | (456,351 | ) | |||
(11,000) | Financial Engines, Inc. | (460,130 | ) | |||
(50,300) | First Commonwealth Financial Corp. | (452,700 | ) | |||
(15,200) | FirstMerit Corp. | (289,712 | ) | |||
(12,600) | Gaming and Leisure Properties, Inc., | (464,562 | ) | |||
(23,200) | Mack-Cali Realty Corp., REIT | (447,296 | ) | |||
(38,100) | Northwest Bancshares, Inc. | (451,485 | ) | |||
(32,100) | Old National Bancorp | (455,499 | ) | |||
(55,200) | People’s United Financial, Inc. | (839,040 | ) | |||
(9,700) | ProAssurance Corp. | (445,327 | ) | |||
(7,200) | Royal Bank of Canada | (434,592 | ) | |||
(28,100) | Silver Bay Realty Trust Corp., REIT | (454,096 | ) | |||
(5,800) | Taubman Centers, Inc., REIT | (447,354 | ) | |||
(13,200) | Unum Group | (445,236 | ) | |||
(47,700) | Valley National Bancorp | (450,288 | ) | |||
(10,100) | Westamerica Bancorporation | (436,421 | ) | |||
(9,500) | Willis Group Holdings PLC | (457,710 | ) | |||
|
| |||||
(10,566,335 | ) | |||||
|
| |||||
Health Care — (6.6)% | ||||||
(4,445) | Albany Molecular Research, Inc.(a) | (78,232 | ) | |||
(5,364) | AstraZeneca PLC, ADR | (367,059 | ) | |||
(3,869) | athenahealth, Inc.(a) | (461,920 | ) | |||
(7,455) | Baxter International, Inc. | (510,668 | ) | |||
(4,598) | Bruker Corp.(a) | (84,925 | ) | |||
(1,517) | Chemed Corp. | (181,130 | ) | |||
(2,628) | Computer Programs & Systems, Inc. | (142,595 | ) | |||
(5,000) | Exact Sciences Corp.(a) | (110,100 | ) | |||
(2,892) | Foundation Medicine, Inc.(a) | (139,134 | ) | |||
(604) | Haemonetics Corp.(a) | (27,132 | ) | |||
(5,156) | Halozyme Therapeutics, Inc.(a) | (73,628 | ) | |||
(5,227) | HMS Holdings Corp.(a) | (80,757 | ) | |||
(2,115) | IDEXX Laboratories, Inc.(a) | (326,725 | ) |
Shares | Fair Value | |||||
INVESTMENTS SOLD SHORT — (continued) |
| |||||
Health Care — (continued) | ||||||
(18,607) | ImmunoGen, Inc.(a) | $ | (166,533 | ) | ||
(13,000) | Intrexon Corp.(a) | (589,810 | ) | |||
(6,268) | IPC Healthcare, Inc.(a) | (292,339 | ) | |||
(3,220) | Isis Pharmaceuticals, Inc.(a) | (205,017 | ) | |||
(6,961) | Johnson & Johnson | (700,277 | ) | |||
(1,148) | LifePoint Hospitals, Inc.(a) | (84,321 | ) | |||
(5,418) | Medidata Solutions, Inc.(a) | (265,699 | ) | |||
(16,903) | Myriad Genetics, Inc.(a) | (598,366 | ) | |||
(6,784) | Roche Holding AG, ADR | (233,234 | ) | |||
(1,820) | TESARO, Inc.(a) | (104,468 | ) | |||
(2,100) | Varian Medical Systems, Inc.(a) | (197,589 | ) | |||
(1,677) | Vertex Pharmaceuticals, Inc.(a) | (197,836 | ) | |||
(862) | Waters Corp.(a) | (107,164 | ) | |||
(3,302) | Zimmer Holdings, Inc. | (388,051 | ) | |||
(17,152) | ZIOPHARM Oncology, Inc.(a) | (184,727 | ) | |||
|
| |||||
(6,899,436 | ) | |||||
|
| |||||
Information Technology — (6.8)% | ||||||
(5,000) | Akamai Technologies, Inc.(a) | (355,225 | ) | |||
(7,000) | Alibaba Group Holding, Ltd., ADR(a) | (582,680 | ) | |||
(35,000) | Angie’s List, Inc.(a) | (205,450 | ) | |||
(10,000) | ARRIS Group, Inc.(a) | (288,950 | ) | |||
(5,000) | Arrow Electronics, Inc.(a) | (305,750 | ) | |||
(10,000) | Aspen Technology, Inc.(a) | (384,900 | ) | |||
(10,000) | Box, Inc., Class A, Class A(a) | (197,500 | ) | |||
(22,800) | Cadence Design Systems, Inc.(a) | (420,432 | ) | |||
(3,189) | Cimpress NV(a) | (269,088 | ) | |||
(7,500) | Juniper Networks, Inc. | (169,350 | ) | |||
(7,100) | LendingClub Corp.(a) | (139,515 | ) | |||
(1,500) | NetSuite, Inc.(a) | (139,140 | ) | |||
(20,000) | Nuance Communications, Inc.(a) | (287,000 | ) | |||
(20,000) | NVIDIA Corp. | (418,500 | ) | |||
(18,089) | Polycom, Inc.(a) | (242,391 | ) | |||
(10,000) | Seagate Technology PLC | (520,300 | ) | |||
(5,000) | SolarWinds, Inc.(a) | (256,200 | ) | |||
(5,000) | Splunk, Inc.(a) | (296,000 | ) | |||
(25,000) | Symantec Corp. | (584,125 | ) | |||
(41,700) | Violin Memory, Inc.(a) | (157,209 | ) | |||
(5,000) | Western Digital Corp. | (455,050 | ) | |||
(24,100) | Western Union Co. (The) | (501,521 | ) | |||
|
| |||||
(7,176,276 | ) | |||||
|
|
Continued
18
Sterling Capital Long/Short Equity Fund |
Schedule of Portfolio Investments — (continued) |
March 31, 2015 (Unaudited) |
Shares | Fair Value | |||||
INVESTMENTS SOLD SHORT — (continued) |
| |||||
Telecommunication Services — (0.1)% | ||||||
(15,000) | ORBCOMM, Inc.(a) | $ | (89,550 | ) | ||
|
| |||||
Total Investments Sold Short — (28.4)% | �� | (29,746,134 | ) | |||
|
| |||||
Total Investments — 71.2% | 74,737,193 | |||||
Net Other Assets (Liabilities) — 28.8% | 30,166,781 | |||||
|
| |||||
NET ASSETS — 100.0% | $ | 104,903,974 | ||||
|
|
(a) | Represents non-income producing security. |
(b) | Represents that all or a portion of the security was pledged as collateral in connection with short sales. |
(c) | Security was fair valued under methods approved by the Board. |
(d) | All or a portion of security was held as collateral for written call options. |
(e) | Represents the current yield as of report date. |
ADR — American Depositary Receipt
ETF — Exchange Traded Funds
REIT — Real Estate Investment Trust
See accompanying Notes to the Financial Statements.
19
Sterling Capital Behavioral International Equity Fund |
Schedule of Portfolio Investments |
March 31, 2015 (Unaudited) |
Shares | Fair Value | |||||
COMMON STOCKS — 97.2% |
| |||||
Australia — 6.7% | ||||||
20,150 | Bendigo & Adelaide Bank, Ltd. | $ | 192,608 | |||
5,925 | Commonwealth Bank of Australia | 421,493 | ||||
36,400 | Dexus Property Group, REIT | 210,148 | ||||
22,425 | GPT Group (The), REIT | 78,056 | ||||
17,150 | Lend Lease Group | 217,356 | ||||
4,200 | Macquarie Group, Ltd. | 245,262 | ||||
29,100 | WorleyParsons, Ltd. | 211,666 | ||||
|
| |||||
1,576,589 | ||||||
|
| |||||
Belgium — 1.0% | ||||||
2,600 | Delhaize Group SA | 234,051 | ||||
|
| |||||
China — 0.9% | ||||||
234,000 | Yangzijiang Shipbuilding Holdings, Ltd. | 215,696 | ||||
|
| |||||
Denmark — 2.0% | ||||||
100 | A.P. Moller - Maersk A/S, Class B | 209,249 | ||||
6,000 | Vestas Wind Systems A/S | 248,595 | ||||
|
| |||||
457,844 | ||||||
|
| |||||
Finland — 1.1% | ||||||
13,400 | UPM-Kymmene OYJ | 261,078 | ||||
|
| |||||
France — 7.6% | ||||||
3,000 | Cap Gemini SA | 246,350 | ||||
1,275 | Christian Dior SE | 240,942 | ||||
2,925 | Electricite de France SA | 70,261 | ||||
10,975 | GDF Suez | 217,194 | ||||
16,675 | Orange SA | 268,318 | ||||
2,950 | Sanofi | 291,600 | ||||
3,600 | Technip SA | 218,202 | ||||
1,625 | Valeo SA | 242,958 | ||||
|
| |||||
1,795,825 | ||||||
|
| |||||
Germany — 7.7% | ||||||
2,000 | Allianz SE | 348,057 | ||||
250 | Continental AG | 59,219 | ||||
2 | Deutsche Telekom AG | 37 | ||||
4,375 | Fresenius SE & Co. KGaA | 261,506 | ||||
2,425 | Hannover Rueck SE | 250,839 | ||||
1,000 | Henkel AG & Co. KGaA | 103,417 | ||||
2,300 | Merck KGaA | 258,559 | ||||
5,225 | ProSiebenSat.1 Media AG | 256,778 | ||||
1,150 | Siemens AG | 124,519 | ||||
3,375 | United Internet AG | 153,886 | ||||
|
| |||||
1,816,817 | ||||||
|
| |||||
Hong Kong — 5.2% | ||||||
66,625 | BOC Hong Kong Holdings, Ltd. | 237,620 | ||||
13,700 | Hang Seng Bank, Ltd. | 248,283 | ||||
35,925 | Kerry Properties, Ltd. | 124,884 | ||||
115,875 | NWS Holdings, Ltd. | 193,109 | ||||
319,150 | PCCW, Ltd. | 194,718 | ||||
63,950 | Yue Yuen Industrial Holdings, Ltd. | 226,017 | ||||
|
| |||||
1,224,631 | ||||||
|
| |||||
Ireland — 1.5% | ||||||
12,325 | Experian PLC | 204,219 | ||||
1,925 | Shire PLC | 153,199 | ||||
|
| |||||
357,418 | ||||||
|
| |||||
Israel — 2.3% | ||||||
118,275 | Bezeq The Israeli Telecommunication Corp., Ltd. | 220,541 |
Shares | Fair Value | |||||
COMMON STOCKS — (continued) |
| |||||
Israel — (continued) | ||||||
5,125 | Teva Pharmaceutical Industries, Ltd. | $ | 321,464 | |||
|
| |||||
542,005 | ||||||
|
| |||||
Italy — 1.0% | ||||||
78,350 | Intesa Sanpaolo SpA | 244,143 | ||||
|
| |||||
Japan — 24.8% | ||||||
42,000 | Aozora Bank, Ltd. | 149,181 | ||||
27,000 | Asahi Kasei Corp. | 258,665 | ||||
9,800 | Brother Industries, Ltd. | 156,313 | ||||
1,500 | Central Japan Railway Co. | 271,960 | ||||
18,000 | Daicel Corp. | 215,066 | ||||
48,000 | Fuji Electric Co., Ltd. | 226,923 | ||||
1,200 | Fuji Heavy Industries, Ltd. | 39,932 | ||||
5,600 | Japan Tobacco, Inc. | 177,453 | ||||
58,500 | JX Holdings, Inc. | 225,445 | ||||
12,900 | KDDI Corp. | 292,612 | ||||
134,000 | Kobe Steel, Ltd. | 248,034 | ||||
10,500 | Komatsu, Ltd. | 206,831 | ||||
41,600 | Mitsubishi Chemical Holdings Corp. | 242,313 | ||||
21,000 | Mitsubishi Electric Corp. | 250,123 | ||||
21,800 | Nexon Co., Ltd. | 232,659 | ||||
32,000 | Nippon Steel & Sumitomo Metal Corp. | 80,710 | ||||
8,200 | NOK Corp. | 247,501 | ||||
7,900 | Otsuka Holdings Co., Ltd. | 247,635 | ||||
7,800 | Panasonic Corp. | 102,561 | ||||
42,400 | Resona Holdings, Inc. | 210,913 | ||||
10,300 | Seiko Epson Corp. | 183,010 | ||||
39,000 | Sumitomo Heavy Industries, Ltd. | 255,914 | ||||
13,500 | Sumitomo Rubber Industries, Ltd. | 249,660 | ||||
8,200 | Toyota Motor Corp. | 573,149 | ||||
10,100 | Yamaha Motor Co., Ltd. | 244,384 | ||||
14,000 | Yamazaki Baking Co., Ltd. | 252,954 | ||||
|
| |||||
5,841,901 | ||||||
|
| |||||
Netherlands — 3.6% | ||||||
3,825 | Boskalis Westminster NV | 188,367 | ||||
3,350 | Heineken Holding NV | 230,893 | ||||
3,050 | Heineken NV | 232,943 | ||||
5,525 | Wolters Kluwer NV | 180,598 | ||||
|
| |||||
832,801 | ||||||
|
| |||||
Norway — 1.1% | ||||||
5,200 | Yara International ASA | 264,657 | ||||
|
| |||||
Singapore — 2.0% | ||||||
69,000 | Ascendas REIT | 130,222 | ||||
13,000 | Oversea-Chinese Banking Corp., Ltd. | 100,127 | ||||
98,100 | Wilmar International, Ltd. | 233,035 | ||||
|
| |||||
463,384 | ||||||
|
| |||||
Spain — 2.9% | ||||||
32,825 | Banco Bilbao Vizcaya Argentaria SA | 332,055 | ||||
45,818 | Banco Santander SA | 345,698 | ||||
|
| |||||
677,753 | ||||||
|
| |||||
Sweden ��� 2.4% | ||||||
11,400 | Boliden AB | 226,884 | ||||
11,950 | Industrivarden AB, Class C | 224,648 | ||||
5,850 | Securitas AB, Class B | 84,026 | ||||
1,225 | Swedbank AB, Class A | 29,316 | ||||
|
| |||||
564,874 | ||||||
|
|
Continued
20
Sterling Capital Behavioral International Equity Fund |
Schedule of Portfolio Investments — (continued) |
March 31, 2015 (Unaudited) |
Shares | Fair Value | |||||
COMMON STOCKS — (continued) |
| |||||
Switzerland — 7.1% | ||||||
2,950 | Adecco SA | $ | 245,884 | |||
600 | Aryzta AG | 36,890 | ||||
1,675 | Baloise Holding AG | 221,828 | ||||
1,825 | Lonza Group AG | 228,172 | ||||
1,200 | Roche Holding AG | 331,056 | ||||
3,050 | Swiss Re AG | 295,333 | ||||
925 | Zurich Insurance Group AG | 313,442 | ||||
|
| |||||
1,672,605 | ||||||
|
| |||||
United Kingdom — 16.3% | ||||||
9,625 | 3i Group PLC | 68,875 | ||||
31,100 | Aberdeen Asset Management PLC | 212,030 | ||||
12,575 | Amec Foster Wheeler PLC | 168,909 | ||||
5,450 | AstraZeneca PLC | 374,029 | ||||
36,350 | Direct Line Insurance Group PLC | 172,009 | ||||
54,650 | HSBC Holdings PLC | 465,327 | ||||
32,675 | ICAP PLC | 255,436 | ||||
6,475 | Imperial Tobacco Group PLC | 284,595 | ||||
30,650 | Marks & Spencer Group PLC | 243,243 | ||||
20,975 | National Grid PLC | 269,044 | ||||
9,175 | Persimmon PLC | 226,337 | ||||
34,775 | Royal Mail PLC | 226,149 | ||||
9,825 | SSE PLC | 218,324 | ||||
17,300 | Subsea 7 SA | 148,932 | ||||
41,100 | William Hill PLC | 226,128 | ||||
11,900 | WPP PLC | 270,258 | ||||
3,829,625 | ||||||
|
| |||||
Total Common Stocks | 22,873,697 | |||||
|
| |||||
EXCHANGE TRADED FUND — 0.7% |
| |||||
United States — 0.7% | ||||||
2,575 | iShares MSCI EAFE ETF | 165,238 | ||||
|
| |||||
Total Exchange Traded Fund | 165,238 | |||||
|
|
Shares | Fair Value | |||||
MONEY MARKET FUND — 1.6% |
| |||||
United States — 1.6% |
| |||||
362,787 | Federated Treasury Obligations Fund, Institutional Shares, 0.010%(a) | $ | 362,787 | |||
|
| |||||
Total Money Market Fund | 362,787 | |||||
|
| |||||
Total Investments — 99.5% | 23,401,722 | |||||
Net Other Assets (Liabilities) — 0.5% | 122,918 | |||||
|
| |||||
NET ASSETS — 100.0% | $ | 23,524,640 | ||||
|
|
(a) | Represents the current yield as of report date. |
ETF — Exchange Traded Fund
REIT — Real Estate Investment Trust
Sector | Percentage of net assets | ||||
Consumer Discretionary | 15.4 | % | |||
Consumer Staples | 7.6 | % | |||
Energy | 4.1 | % | |||
Exchange Traded Fund | 0.7 | % | |||
Financials | 27.0 | % | |||
Health Care | 10.5 | % | |||
Industrials | 13.4 | % | |||
Information Technology | 4.1 | % | |||
Materials | 7.6 | % | |||
Money Market Fund | 1.6 | % | |||
Telecommunication Services | 4.2 | % | |||
Utilities | 3.3 | % | |||
|
| ||||
99.5 | % | ||||
|
|
See accompanying notes to the Financial Statements.
21
Sterling Capital Ultra Short Bond Fund |
Schedule of Portfolio Investments |
March 31, 2015 (Unaudited) |
Principal | Fair Value | |||||
ASSET BACKED SECURITIES — 14.6% |
| |||||
$ 17,729 | AmeriCredit Automobile Receivables Trust, Series 2011-5, Class B, 2.450%, 12/8/16 | $ | 17,735 | |||
310,000 | AmeriCredit Automobile Receivables Trust, Series 2012-4, Class B, 1.310%, 11/8/17 | 310,732 | ||||
500,000 | Avis Budget Rental Car Funding AESOP, LLC, Series 2010-5A, Class A, 3.150%, 3/20/17(a) | 508,609 | ||||
250,000 | Avis Budget Rental Car Funding AESOP, LLC, Series 2011-3A, Class A, 3.410%, 11/20/17(a) | 258,036 | ||||
300,000 | Capital One Multi-Asset Execution Trust, Series 2006-A3, Class A3, 5.050%, 12/17/18 | 311,549 | ||||
285,000 | CarMax Auto Owner Trust, Series 2013-4, Class A3, 0.800%, 7/16/18 | 284,861 | ||||
570,000 | CarMax Auto Owner Trust, Series 2014-1, Class A3, 0.790%, 10/15/18 | 569,130 | ||||
500,000 | Citibank Credit Card Issuance Trust, Series 2013-A3, Class A3, 1.110%, 7/23/18 | 501,996 | ||||
24,016 | Countrywide Asset-Backed Certificates, Series 2005-6, Class M1, 0.661%, 12/25/35(b) | 23,966 | ||||
527,103 | Enterprise Fleet Financing, LLC, Series 2014-1, Class A2, 0.870%, 9/20/19(a) | 527,109 | ||||
500,000 | Enterprise Fleet Financing, LLC, Series 2014-2, Class A2, 1.050%, 3/20/20(a) | 499,573 | ||||
525,000 | Fifth Third Auto Trust, Series 2014-2, Class A3, 0.890%, 11/15/18 | 525,026 | ||||
106,183 | First Franklin Mortgage Loan Trust, Series 2005-FF5, Class M1, 0.846%, 3/25/35(b) | 105,982 | ||||
400,000 | Hyundai Auto Receivables Trust, Series 2012-C, Class B, 1.060%, 6/15/18 | 399,053 | ||||
76,288 | Mastr Asset Backed Securities Trust, Series 2006-NC1, Class A3, 0.361%, 1/25/36(b) | 75,287 | ||||
94,291 | Option One Mortgage Loan Trust, Asset-Backed Certificates, Series 2005-4, Class A3, 0.431%, 11/25/35(b) | 93,171 | ||||
114,090 | Park Place Securities, Inc. Pass Through Certificates, Series 2005-WHQ1, Class M2, | 113,243 | ||||
250,000 | Santander Drive Auto Receivables Trust, Series 2014-1, Class B, 1.590%, 10/15/18 | 250,807 | ||||
645,000 | Santander Drive Auto Receivables Trust, Series 2013-1, Class B, 1.160%, 1/15/19 | 646,158 | ||||
200,000 | Santander Drive Auto Receivables Trust 2014-2, Series 2014-2, Class B, 1.620%, 2/15/19 | 200,440 | ||||
166,136 | Structured Asset Securities Corp. Mortgage Loan Trust, Series 2006-OPT1, Class A4, | 165,608 | ||||
|
| |||||
Total Asset Backed Securities (Cost $6,385,528) | 6,388,071 | |||||
|
| |||||
COLLATERALIZED MORTGAGE |
| |||||
114,188 | Fannie Mae, Series 2009-114, Class AC, 2.500%, 12/25/23 | 115,923 | ||||
117,102 | Fannie Mae, Series 2006-90, Class BE, 6.000%, 4/1/35 | 120,310 | ||||
121,894 | Morgan Stanley Mortgage Loan Trust, Series 2005-5AR, Class 1A3, 0.441%, 9/25/35(b) | 121,356 | ||||
|
| |||||
Total Collateralized Mortgage Obligations | 357,589 | |||||
|
|
Principal | Fair Value | |||||
COMMERCIAL MORTGAGE-BACKED |
| |||||
$ 35,000 | Banc of America Commercial Mortgage Trust, Series 2006-2, Class A4, 5.727%, 5/10/45(b) | $ | 36,020 | |||
540,000 | Banc of America Commercial Mortgage Trust, Series 2006-4, Class AM, 5.675%, 7/1/46 | 571,201 | ||||
316,000 | Banc of America Commercial Mortgage Trust, Series 2006-5, Class A4, 5.414%, 9/10/47 | 326,624 | ||||
84,180 | Banc of America Merrill Lynch Commercial Mortgage, Inc., Series 2005-1, Class AJ, 5.431%, 11/10/42(b) | 84,097 | ||||
345,000 | Banc of America Merrill Lynch Commercial Mortgage, Inc., Series 2005-2, Class AJ, 4.953%, 7/10/43(b) | 345,797 | ||||
160,000 | Bear Stearns Commercial Mortgage Securities Trust, Series 2005-PWR9, Class A4B, 4.943%, 9/11/42 | 161,952 | ||||
500,000 | CD Commercial Mortgage Trust, Series 2005-CD1, Class AM, 5.225%, 7/15/44(b) | 507,707 | ||||
250,608 | CD Mortgage Trust, Series 2006-CD2, Class A4, 5.298%, 1/15/46(b) | 255,421 | ||||
186,453 | COMM Mortgage Trust, Series 2006-C7, Class A4, | 193,234 | ||||
400,000 | COMM Mortgage Trust, Series 2006-C8, Class AM, | 426,355 | ||||
450,000 | Commercial Mortgage Trust, Series 2005-GG5, Class AM, 5.277%, 4/10/37(b) | 456,784 | ||||
257,846 | GMAC Commercial Mortgage Securities, Inc., Series 2005-C1, Class AM, 4.754%, 5/10/43 | 257,704 | ||||
538,326 | JPMorgan Chase Commercial Mortgage Securities Trust, Series 2006-CB15, Class A4, 5.814%, 6/12/43(b) | 558,796 | ||||
500,000 | JPMorgan Chase Commercial Mortgage Securities Trust, Series 2005-LDP5, Class AM, 5.269%, 12/15/44(b) | 511,157 | ||||
500,000 | JPMorgan Chase Commercial Mortgage Securities Trust, Series 2006-CB16, Class AM, 5.593%, 5/12/45 | 524,365 | ||||
191,469 | JPMorgan Chase Commercial Mortgage Securities Trust, Series 2007-CB18, Class A4, 5.440%, 6/12/47 | 202,193 | ||||
468,517 | JPMorgan Chase Commercial Mortgage Securities Trust, Series 2007-LDPX, Class A3, 5.420%, 1/15/49 | 496,734 | ||||
7,517 | LB-UBS Commercial Mortgage Trust, Series 2004-C1, Class A4, 4.568%, 1/15/31 | 7,647 | ||||
185,000 | Merrill Lynch Mortgage Trust, Series 2005-MCP1, Class AM, 4.805%, 6/12/43(b) | 185,699 | ||||
500,000 | Merrill Lynch Mortgage Trust, Series 2005-LC1, Class AM, 5.307%, 1/12/44(b) | 513,523 | ||||
445,000 | Morgan Stanley Capital I Trust, Series 2005-HQ7, Class AM, 5.204%, 11/14/42(b) | 453,301 | ||||
275,000 | Morgan Stanley Capital I Trust, Series 2006-HQ8, Class AM, 5.462%, 3/12/44(b) | 283,518 | ||||
500,000 | Morgan Stanley Capital I Trust, Series 2006-HQ9, Class AM, 5.773%, 7/12/44(b) | 525,372 | ||||
586,000 | Wachovia Bank Commercial Mortgage Trust, Series 2005-C20, Class AMFX, 5.179%, 7/15/42(b) | 590,466 |
Continued
22
Sterling Capital Ultra Short Bond Fund |
Schedule of Portfolio Investments — (continued) |
March 31, 2015 (Unaudited) |
Principal | Fair Value | |||||
COMMERCIAL MORTGAGE-BACKED |
| |||||
$ 462,878 | Wachovia Bank Commercial Mortgage Trust, Series 2006-C28, Class A4, 5.572%, 10/15/48 | $ | 486,727 | |||
|
| |||||
Total Commercial Mortgage-Backed Securities (Cost $9,254,360) | 8,962,394 | |||||
|
| |||||
CORPORATE BONDS — 60.1% | ||||||
Consumer Discretionary — 5.3% | ||||||
200,000 | D.R. Horton, Inc., 6.500%, 4/15/16 | 209,500 | ||||
300,000 | Daimler Finance North America, LLC, 3.000%, 3/28/16(a) | 306,353 | ||||
240,000 | DIRECTV Holdings, LLC/DIRECTV Financing Co., Inc., 3.500%, 3/1/16 | 245,280 | ||||
250,000 | ERAC USA Finance, LLC, 5.600%, 5/1/15(a) | 250,841 | ||||
425,000 | Ford Motor Credit Co., LLC, 0.899%, 3/27/17(b) | 424,830 | ||||
250,000 | General Motors Financial Co., Inc., 2.750%, 5/15/16 | 252,790 | ||||
315,000 | Hyundai Capital Services, Inc., 6.000%, 5/5/15(a) | 316,202 | ||||
300,000 | Omnicom Group, Inc., 5.900%, 4/15/16 | 314,025 | ||||
|
| |||||
2,319,821 | ||||||
|
| |||||
Consumer Staples — 1.7% | ||||||
225,000 | Cargill, Inc., 1.900%, 3/1/17(a) | 228,455 | ||||
250,000 | Dr Pepper Snapple Group, Inc., 2.900%, 1/15/16 | 254,023 | ||||
250,000 | Lorillard Tobacco Co., 3.500%, 8/4/16 | 256,949 | ||||
|
| |||||
739,427 | ||||||
|
| |||||
Energy — 3.4% | ||||||
250,000 | BP Capital Markets PLC, 3.200%, 3/11/16 | 255,769 | ||||
431,000 | Enterprise Products Operating, LLC, 1.250%, 8/13/15 | 431,629 | ||||
265,000 | Kinder Morgan Energy Partners LP, 4.100%, 11/15/15 | 269,669 | ||||
200,000 | Kinder Morgan, Inc., 7.000%, 6/15/17 | 220,608 | ||||
300,000 | Transcontinental Gas Pipe Line Co., LLC, 6.400%, 4/15/16 | 315,657 | ||||
|
| |||||
1,493,332 | ||||||
|
| |||||
Financials — 36.5% | ||||||
450,000 | ABN AMRO Bank NV, 1.056%, 10/28/16(a)(b) | 453,001 | ||||
336,000 | ACE INA Holdings, Inc., 5.600%, 5/15/15 | 337,758 | ||||
300,000 | Aegon NV, 4.625%, 12/1/15 | 307,639 | ||||
275,000 | Ally Financial, Inc., 4.625%, 6/26/15 | 276,375 | ||||
288,000 | American International Group, Inc., 5.050%, 10/1/15 | 294,122 | ||||
320,000 | Associated Banc-Corp, | 331,499 | ||||
450,000 | Bank of Tokyo-Mitsubishi UFJ, Ltd. (The), 1.000%, 2/26/16(a) | 450,518 | ||||
350,000 | CNA Financial Corp., 6.500%, 8/15/16 | 374,945 | ||||
400,000 | Comerica, Inc., 3.000%, 9/16/15 | 404,152 | ||||
445,000 | Countrywide Financial Corp., 6.250%, 5/15/16 | 468,144 | ||||
373,000 | DDR Corp., REIT, 9.625%, 3/15/16 | 402,312 | ||||
250,000 | Eksportfinans ASA, 2.375%, 5/25/16 | 250,893 | ||||
263,000 | Endurance Specialty Holdings, Ltd., 6.150%, 10/15/15 | 269,945 | ||||
375,000 | ERP Operating LP, REIT, 5.125%, 3/15/16 | 389,783 | ||||
185,000 | Fifth Third Bancorp, 0.690%, | 183,890 |
Principal | Fair Value | |||||
CORPORATE BONDS — (continued) |
| |||||
Financials — (continued) | ||||||
$ 320,000 | HCP, Inc., REIT, 3.750%, 2/1/16 | $ | 327,266 | |||
350,000 | Health Care REIT, Inc., 6.200%, 6/1/16 | 370,733 | ||||
190,000 | HSBC Finance Corp., 5.500%, 1/19/16 | 196,736 | ||||
220,000 | Huntington National Bank (The), BKNT, 1.300%, 11/20/16 | 220,216 | ||||
410,000 | ING Bank NV, 2.000%, 9/25/15(a) | 412,622 | ||||
340,000 | Jefferies Group, LLC, 3.875%, 11/9/15 | 344,568 | ||||
540,000 | JPMorgan Chase & Co., 5.150%, 10/1/15 | 551,189 | ||||
211,000 | KeyBank NA, BKNT, 4.950%, 9/15/15 | 215,168 | ||||
305,000 | Kilroy Realty LP, REIT, 5.000%, 11/3/15 | 311,508 | ||||
450,000 | Kimco Realty Corp., REIT, MTN, 5.783%, 3/15/16 | 469,826 | ||||
250,000 | Liberty Mutual Group, Inc., 6.700%, 8/15/16(a) | 268,504 | ||||
300,000 | Macquarie Group, Ltd., | 301,611 | ||||
400,000 | Manulife Financial Corp., 3.400%, 9/17/15 | 404,927 | ||||
500,000 | Morgan Stanley, GMTN, 4.000%, 7/24/15 | 505,057 | ||||
305,000 | MUFG Union Bank NA, BKNT, 5.950%, 5/11/16 | 321,338 | ||||
419,000 | Murray Street Investment Trust I, STEP, 4.647%, 3/9/17 | 444,018 | ||||
255,000 | National Retail Properties, Inc., REIT, 6.150%, 12/15/15 | 263,552 | ||||
425,000 | PNC Funding Corp., 2.700%, 9/19/16 | 435,101 | ||||
250,000 | Raymond James Financial, Inc., 4.250%, 4/15/16 | 259,586 | ||||
228,000 | Realty Income Corp., REIT, 5.500%, 11/15/15 | 234,214 | ||||
300,000 | Regions Financial Corp., 5.750%, 6/15/15 | 302,661 | ||||
300,000 | Reinsurance Group of America, Inc., 5.625%, 3/15/17 | 323,513 | ||||
350,000 | Royal Bank of Scotland Group PLC, 2.550%, 9/18/15 | 352,553 | ||||
285,000 | Senior Housing Properties Trust, REIT, 4.300%, 1/15/16 | 289,290 | ||||
250,000 | Societe Generale SA, 3.100%, 9/14/15(a) | 252,577 | ||||
425,000 | Sumitomo Mitsui Banking Corp., 0.900%, 1/18/16 | 425,541 | ||||
365,000 | SunTrust Banks, Inc., 3.600%, | 374,126 | ||||
275,000 | Symetra Financial Corp., 6.125%, | 285,878 | ||||
400,000 | UBS AG, 7.000%, 10/15/15 | 412,737 | ||||
116,000 | US Bancorp, 3.442%, 2/1/16 | 118,327 | ||||
250,000 | Ventas Realty LP/Ventas Capital Corp., REIT, 3.125%, 11/30/15 | 253,550 | ||||
425,000 | Wells Fargo & Co., 1.250%, 7/20/16 | 427,342 | ||||
125,000 | WR Berkley Corp., 5.600%, 5/15/15 | 125,654 | ||||
|
| |||||
15,996,465 | ||||||
|
| |||||
Health Care — 3.7% | ||||||
200,000 | AbbVie, Inc., 1.200%, 11/6/15 | 200,292 | ||||
415,000 | Actavis Funding SCS, 1.348%, | 417,619 | ||||
300,000 | Boston Scientific Corp., 6.400%, | 317,809 | ||||
325,000 | Medco Health Solutions, Inc., 2.750%, 9/15/15 | 327,771 | ||||
375,000 | Zimmer Holdings, Inc., 1.450%, 4/1/17 | 375,743 | ||||
|
| |||||
1,639,234 | ||||||
|
| |||||
Industrials — 2.6% | ||||||
200,000 | CNH Industrial Capital, LLC, 3.875%, 11/1/15 | 201,500 | ||||
285,000 | International Lease Finance Corp., 4.875%, 4/1/15 | 285,000 | ||||
165,000 | Norfolk Southern Corp., 5.750%, 1/15/16 | 171,305 | ||||
215,000 | Penske Truck Leasing Co. LP/PTL Finance Corp., 3.125%, 5/11/15(a) | 215,454 |
Continued
23
Sterling Capital Ultra Short Bond Fund |
Schedule of Portfolio Investments — (continued) |
March 31, 2015 (Unaudited) |
Principal | Fair Value | |||||
CORPORATE BONDS — (continued) |
| |||||
Industrials — (continued) | ||||||
$ 250,000 | Ryder System, Inc., MTN, 7.200%, 9/1/15 | $ | 256,281 | |||
|
| |||||
1,129,540 | ||||||
|
| |||||
Materials — 1.9% | ||||||
245,000 | Dow Chemical Co. (The), 2.500%, 2/15/16 | 248,643 | ||||
200,000 | Ecolab, Inc., 3.000%, 12/8/16 | 206,213 | ||||
360,000 | Glencore Finance Canada, Ltd., 2.050%, 10/23/15(a) | 361,512 | ||||
|
| |||||
816,368 | ||||||
|
| |||||
Telecommunication Services — 1.7% | ||||||
250,000 | British Telecommunications PLC, 2.000%, 6/22/15 | 250,789 | ||||
275,000 | Telefonica Emisiones SAU, 3.729%, 4/27/15 | 275,515 | ||||
241,000 | Verizon Communications, Inc., 2.500%, 9/15/16 | 246,129 | ||||
|
| |||||
772,433 | ||||||
|
| |||||
Utilities — 3.3% | ||||||
215,000 | Dominion Gas Holdings, LLC, 1.050%, 11/1/16 | 215,421 | ||||
404,000 | Progress Energy, Inc., 5.625%, 1/15/16 | 419,105 | ||||
340,000 | PSEG Power, LLC, 5.500%, 12/1/15 | 350,248 | ||||
250,000 | Sempra Energy, 6.500%, 6/1/16 | 265,968 | ||||
215,000 | Southern Power Co., Series D, 4.875%, 7/15/15 | 217,603 | ||||
|
| |||||
1,468,345 | ||||||
|
| |||||
Total Corporate Bonds | 26,374,965 | |||||
|
| |||||
MUNICIPAL BONDS — 2.2% | ||||||
Arkansas — 0.5% | ||||||
215,000 | Fort Smith, AR, Sales & Use Tax, Public Improvements Revenue, 2.000%, 5/1/15 | 215,327 | ||||
|
| |||||
Illinois — 1.2% | ||||||
500,000 | Illinois State, Pension Funding, G.O., Taxable, OID, 4.050%, 6/1/15 | 502,605 | ||||
|
| |||||
Indiana — 0.3% | ||||||
125,000 | Indiana Finance Authority, National Collegiate Project, Refunding & Acquisition Revenue, Callable 5/1/15 @ 100, 5.000%, 5/1/25 | 125,499 | ||||
|
|
Principal | Fair Value | |||||
MUNICIPAL BONDS — (continued) |
| |||||
New York — 0.2% | ||||||
$ 100,000 | Metropolitan Transportation Authority, Transit Improvements Revenue, Series A2, 5.000%, 11/15/15 | $ | 103,036 | |||
|
| |||||
Total Municipal Bonds | 946,467 | |||||
|
| |||||
Shares | ||||||
MONEY MARKET FUND — 1.2% |
| |||||
534,813 | Federated Treasury Obligations Fund, Institutional Shares, 0.010%(c) | 534,813 | ||||
|
| |||||
Total Money Market Fund | 534,813 | |||||
|
| |||||
Total Investments — 99.3% | 43,564,299 | |||||
Net Other Assets (Liabilities) — 0.7% | 306,877 | |||||
|
| |||||
NET ASSETS — 100.0% | $ | 43,871,176 | ||||
|
|
(a) | Rule 144A, Section 4(2) or other security that is restricted as to resale to qualified institutional investors. The Advisor, using Board approved procedures, has deemed these securities or a portion of these securities to be liquid. |
(b) | The interest rate for this variable rate note, which will change periodically, is based either on the prime rate or an index of market rates. The reflected rate is in effect as of March 31, 2015. The maturity date reflected is the final maturity date. |
(c) | Represents the current yield as of report date. |
BKNT — Bank Note
G.O. — General Obligation
GMTN — Global Medium Term Note
MTN — Medium Term Note
OID — Original Issue Discount
REIT — Real Estate Investment Trust
STEP — Step Coupon Bond
See accompanying Notes to the Financial Statements.
24
Sterling Capital Short Duration Bond Fund |
Schedule of Portfolio Investments |
March 31, 2015 (Unaudited) |
Principal | Fair Value | |||||
ASSET BACKED SECURITIES — 8.4% |
| |||||
$ 900,000 | AmeriCredit Automobile Receivables Trust, Series 2012-5, Class B, 1.120%, 11/8/17 | $ | 902,387 | |||
470,000 | AmeriCredit Automobile Receivables Trust, Series 2012-1, Class C, 2.670%, 1/8/18 | 474,191 | ||||
1,250,000 | Avis Budget Rental Car Funding AESOP, LLC, Series 2012-3A, Class A, 2.100%, 3/20/19(a) | 1,261,059 | ||||
930,000 | Avis Budget Rental Car Funding AESOP, LLC, Series 2013-1A, Class A, 1.920%, 9/20/19(a) | 929,902 | ||||
900,000 | Enterprise Fleet Financing, LLC, Series 2014-2, Class A2, 1.050%, 3/20/20(a) | 899,231 | ||||
156,180 | First Franklin Mortgage Loan Trust, Series 2005-FF5, Class M1, 0.846%, 3/25/35(b) | 155,883 | ||||
500,000 | Ford Credit Auto Owner Trust, Series 2012-D, Class B, 1.010%, 5/15/18 | 498,091 | ||||
350,000 | Hertz Vehicle Financing, LLC, Series 2013-1A, Class A1, 1.120%, 8/25/17(a) | 350,013 | ||||
950,000 | Hyundai Auto Receivables Trust, Series 2013-B, Class B, 1.450%, 2/15/19 | 952,141 | ||||
111,888 | Mastr Asset Backed Securities Trust, Series 2006-NC1, Class A3, 0.361%, 1/25/36(b) | 110,421 | ||||
128,978 | Nomura Home Equity Loan, Inc., | 128,716 | ||||
86,481 | Option One Mortgage Loan Trust, Asset-Backed Certificates, Series 2005-4, Class A3, 0.431%, 11/25/35(b) | 85,453 | ||||
250,263 | Park Place Securities, Inc. Pass Through Certificates, Series 2005-WHQ1, Class M2, 0.671%, 3/25/35(b) | 248,404 | ||||
700,000 | Santander Drive Auto Receivables Trust, Series 2014-1, Class B, 1.590%, 10/15/18 | 702,260 | ||||
|
| |||||
Total Asset Backed Securities | 7,698,152 | |||||
|
| |||||
COLLATERALIZED MORTGAGE |
| |||||
168,604 | Countrywide Alternative Loan Trust, Series 2004-22CB, Class 1A1, 6.000%, 10/25/34 | 178,686 | ||||
172,093 | Countrywide Home Loan Mortgage Pass Through Trust, Series 2003-J7, Class 1A3, 5.250%, 8/25/33 | 175,535 | ||||
226,838 | Fannie Mae, Series 2003-66, Class PA, 3.500%, 2/25/33 | 235,224 | ||||
81,356 | Fannie Mae, Series 2005-67, Class HG, 5.500%, 1/25/35 | 88,313 | ||||
181,595 | Fannie Mae, Series 2009-100, Class PA, 4.500%, 4/25/39 | 191,086 | ||||
169,560 | Freddie Mac, Series 2770, Class UE, 4.500%, 3/15/19 | 178,010 | ||||
735,000 | Ginnie Mae, Series 2013-165, Class PB, 3.000%, 3/20/41 | 761,382 | ||||
100,273 | PHHMC Trust, Series 2007-6, Class A1, 5.457%, 12/18/37(b) | 100,016 | ||||
87,374 | Wells Fargo Mortgage Backed Securities Trust, Series 2007-16, Class 1A1, 6.000%, 12/28/37 | 90,075 | ||||
|
| |||||
Total Collateralized Mortgage Obligations | 1,998,327 | |||||
|
|
Principal | Fair Value | |||||
COMMERCIAL MORTGAGE-BACKED |
| |||||
$ 560,843 | Banc of America Commercial Mortgage Trust, Series 2006-3, Class A4, 5.889%, 7/10/44(b) | $ | 584,853 | |||
475,000 | Banc of America Commercial Mortgage Trust, Series 2006-5, Class A4, 5.414%, 9/10/47 | 490,970 | ||||
730,000 | Banc of America Commercial Mortgage Trust, Series 2007-5, Class A4, 5.492%, 2/10/51 | 776,781 | ||||
223,883 | Banc of America Merrill Lynch Commercial Mortgage, Inc., Series 2005-1, Class AJ, 5.431%, 11/10/42(b) | 223,662 | ||||
200,000 | Banc of America Merrill Lynch Commercial Mortgage, Inc., Series 2005-3, Class AM, 4.727%, 7/10/43 | 201,234 | ||||
600,000 | Banc of America Merrill Lynch Commercial Mortgage, Inc., Series 2005-2, Class AJ, 4.953%, 7/10/43(b) | 601,386 | ||||
673,010 | BCAP, LLC Trust, Series 2013-RR4, Class A4A2, 2.000%, 2/13/51(a) | 665,775 | ||||
500,000 | Bear Stearns Commercial Mortgage Securities Trust, Series 2005-PWR9, Class A4B, 4.943%, 9/11/42 | 506,101 | ||||
740,000 | Bear Stearns Commercial Mortgage Securities Trust, Series 2007-PW18, Class A4, 5.700%, 6/11/50 | 800,963 | ||||
350,000 | CD Commercial Mortgage Trust, Series 2005-CD1, Class AM, 5.225%, 7/15/44(b) | 355,395 | ||||
475,000 | CD Commercial Mortgage Trust, Series 2007-CD4, Class A4, 5.322%, 12/11/49 | 500,079 | ||||
120,000 | Citigroup Commercial Mortgage Trust, Series 2007-C6, Class A4, 5.703%, 12/1/49(b) | 129,815 | ||||
655,000 | COMM Mortgage Trust, Series 2006-C8, Class AM, 5.347%, 12/1/46 | 698,157 | ||||
615,000 | COMM Mortgage Trust, Series 2007-C9, Class A4, 5.798%, 12/10/49(b) | 668,352 | ||||
396,000 | Commercial Mortgage Trust, Series 2005-GG5, Class AM, 5.277%, 4/10/37(b) | 401,970 | ||||
635,000 | Commercial Mortgage Trust, Series 2007-GG9, Class A4, 5.444%, 3/10/39 | 670,051 | ||||
275,036 | GMAC Commercial Mortgage Securities, Inc., Series 2005-C1, Class AM, 4.754%, 5/10/43 | 274,885 | ||||
600,000 | JPMorgan Chase Commercial Mortgage Securities Trust, Series 2005-LDP2, Class AM, 4.780%, 7/15/42 | 600,895 | ||||
500,000 | JPMorgan Chase Commercial Mortgage Securities Trust, Series 2005-LDP5, Class AM, 5.269%, 12/15/44(b) | 511,157 | ||||
420,960 | JPMorgan Chase Commercial Mortgage Securities Trust, Series 2006-CB16, Class A4, 5.552%, 5/12/45 | 436,381 | ||||
600,000 | JPMorgan Chase Commercial Mortgage Securities Trust, Series 2006-CB16, Class AM, 5.593%, 5/12/45 | 629,239 | ||||
215,402 | JPMorgan Chase Commercial Mortgage Securities Trust, Series 2007-CB18, Class A4, 5.440%, 6/12/47 | 227,467 | ||||
173,351 | JPMorgan Chase Commercial Mortgage Securities Trust, Series 2007-LDPX, Class A3, 5.420%, 1/15/49 | 183,792 | ||||
59,778 | Merrill Lynch Mortgage Trust, Series 2005-MKB2, Class AJ, 5.263%, 9/12/42(b) | 59,756 | ||||
500,000 | Merrill Lynch Mortgage Trust, Series 2005-LC1, Class AM, 5.307%, 1/12/44(b) | 513,523 |
Continued
25
Sterling Capital Short Duration Bond Fund |
Schedule of Portfolio Investments — (continued) |
March 31, 2015 (Unaudited) |
Principal | Fair Value | |||||
COMMERCIAL MORTGAGE-BACKED |
| |||||
$ 580,000 | ML-CFC Commercial Mortgage Trust, Series 2007-8, Class A3, 5.874%, 8/12/49(b) | $ | 628,957 | |||
900,000 | Morgan Stanley Bank of America Merrill Lynch Trust, Series 2013-C8, Class A2, 1.689%, 12/15/48 | 904,816 | ||||
688,432 | Morgan Stanley Capital I Trust, Series 2006-T23, Class A4, 5.876%, 8/12/41(b) | 720,163 | ||||
530,000 | Morgan Stanley Capital I Trust, Series 2006-HQ10, Class AM, 5.360%, 11/1/41 | 561,033 | ||||
699,923 | Morgan Stanley Capital I Trust, Series 2008-T29, Class A4, 6.270%, 1/11/43(b) | 777,786 | ||||
394,000 | Morgan Stanley Capital I Trust, Series 2006-HQ9, Class AM, 5.773%, 7/12/44(b) | 413,993 | ||||
638,000 | Wachovia Bank Commercial Mortgage Trust, Series 2005-C20, Class AMFX, 5.179%, 7/15/42(b) | 642,862 | ||||
331,311 | Wachovia Bank Commercial Mortgage Trust, Series 2006-C27, Class A3, 5.765%, 7/15/45(b) | 343,747 | ||||
323,142 | Wachovia Bank Commercial Mortgage Trust, Series 2006-C28, Class A4, 5.572%, 10/15/48 | 339,791 | ||||
500,000 | WFRBS Commercial Mortgage Trust, Series 2011-C3, Class A3, 3.998%, 3/15/44(a) | 532,685 | ||||
|
| |||||
Total Commercial Mortgage-Backed Securities | 17,578,472 | |||||
|
| |||||
CORPORATE BONDS — 65.0% |
| |||||
Consumer Discretionary — 5.5% | ||||||
370,000 | Daimler Finance North America, LLC, 2.625%, 9/15/16(a) | 378,132 | ||||
400,000 | ERAC USA Finance, LLC, 6.375%, 10/15/17(a) | 448,206 | ||||
500,000 | Ford Motor Credit Co., LLC, 6.625%, 8/15/17 | 555,282 | ||||
385,000 | General Motors Financial Co., Inc., 2.750%, 5/15/16 | 389,297 | ||||
200,000 | Hyundai Capital America, 1.875%, 8/9/16(a) | 201,731 | ||||
395,000 | Hyundai Capital America, 1.450%, 2/6/17(a) | 395,437 | ||||
350,000 | Levi Strauss & Co., 7.625%, 5/15/20 | 364,000 | ||||
500,000 | Lowe’s Cos., Inc., 6.100%, 9/15/17 | 560,878 | ||||
270,000 | Royal Caribbean Cruises, Ltd., 11.875%, 7/15/15 | 277,425 | ||||
550,000 | Time Warner Cable, Inc., 5.850%, 5/1/17 | 598,222 | ||||
525,000 | Volkswagen Group of America Finance, LLC, 1.250%, 5/23/17(a) | 525,622 | ||||
355,000 | Whirlpool Corp., 1.350%, 3/1/17 | 355,809 | ||||
|
| |||||
5,050,041 | ||||||
|
| |||||
Consumer Staples — 1.8% | ||||||
500,000 | Anheuser-Busch InBev Finance, Inc., 1.250%, 1/17/18 | 500,628 | ||||
480,000 | CVS Caremark Corp., 1.200%, 12/5/16 | 483,183 | ||||
425,000 | Lorillard Tobacco Co., 3.500%, 8/4/16 | 436,813 | ||||
205,000 | Walgreens Boots Alliance, Inc., 1.750%, 11/17/17 | 206,862 | ||||
|
| |||||
1,627,486 | ||||||
|
| |||||
Energy — 7.7% | ||||||
410,000 | BP Capital Markets PLC, 2.248%, 11/1/16 | 417,759 |
Principal | Fair Value | |||||
CORPORATE BONDS — (continued) |
| |||||
Energy — (continued) | ||||||
$ 295,000 | Chesapeake Energy Corp., 3.503%, 4/15/19(b) | $ | 283,937 | |||
390,000 | CNOOC Finance 2013, Ltd., 1.125%, 5/9/16 | 389,519 | ||||
500,000 | Enbridge Energy Partners LP, Series B, 6.500%, 4/15/18 | 557,007 | ||||
560,000 | Energy Transfer Partners LP, 6.125%, 2/15/17 | 604,672 | ||||
570,000 | FMC Technologies, Inc., 2.000%, 10/1/17 | 569,332 | ||||
530,000 | Kinder Morgan, Inc., 7.000%, 6/15/17 | 584,611 | ||||
375,000 | Magellan Midstream Partners LP, 5.650%, 10/15/16 | 400,550 | ||||
450,000 | Phillips 66, 2.950%, 5/1/17 | 465,425 | ||||
380,000 | Pioneer Natural Resources Co., 6.650%, 3/15/17 | 413,055 | ||||
585,000 | Plains All American Pipeline LP/PAA Finance Corp., 6.125%, 1/15/17 | 631,751 | ||||
500,000 | Southern Natural Gas Co., LLC, 5.900%, 4/1/17(a) | 537,546 | ||||
260,000 | Spectra Energy Capital, LLC, | 288,791 | ||||
350,000 | Total Capital International SA, 0.826%, 8/10/18(b) | 351,848 | ||||
300,000 | Transcontinental Gas Pipe Line Co., LLC, 6.400%, 4/15/16 | 315,657 | ||||
250,000 | Williams Partners LP/Williams Partners Finance Corp., 7.250%, 2/1/17 | 274,648 | ||||
|
| |||||
7,086,108 | ||||||
|
| |||||
Financials — 34.4% | ||||||
475,000 | ABN AMRO Bank NV, 4.250%, | 499,552 | ||||
400,000 | Aflac, Inc., 2.650%, 2/15/17 | 412,351 | ||||
400,000 | Ally Financial, Inc., 2.750%, 1/30/17 | 398,524 | ||||
580,000 | American Express Credit Corp., MTN, 1.125%, 6/5/17 | 579,886 | ||||
410,000 | American International Group, Inc., MTN, 5.450%, 5/18/17 | 446,223 | ||||
500,000 | American Tower Corp., REIT, 7.000%, 10/15/17 | 563,123 | ||||
1,000,000 | Bank of America Corp., 5.750%, 12/1/17 | 1,100,350 | ||||
450,000 | Bank of Tokyo-Mitsubishi UFJ, Ltd. (The), 1.700%, 3/5/18(a) | 450,523 | ||||
540,000 | BNP Paribas SA, MTN, 1.250%, 12/12/16 | 542,083 | ||||
400,000 | Caisse Centrale Desjardins, 1.550%, 9/12/17(a) | 400,299 | ||||
585,000 | Capital One Bank USA NA, 1.300%, 6/5/17 | 581,664 | ||||
380,000 | Charles Schwab Corp., MTN (The), 6.375%, 9/1/17 | 425,640 | ||||
350,000 | CIT Group, Inc., 4.250%, 8/15/17 | 354,375 | ||||
1,000,000 | Citigroup, Inc., 1.957%, 5/15/18(b) | 1,032,100 | ||||
395,000 | CNA Financial Corp., 6.500%, 8/15/16 | 423,152 | ||||
315,000 | Comerica Bank, BKNT, 5.750%, 11/21/16 | 337,678 | ||||
600,000 | Compass Bank, BKNT, 1.850%, 9/29/17 | 604,324 | ||||
500,000 | Cooperatieve Centrale Raiffeisen- Boerenleenbank BA, 3.375%, 1/19/17 | 521,101 | ||||
400,000 | Credit Suisse, GMTN, 1.375%, 5/26/17 | 400,721 | ||||
470,000 | DDR Corp., REIT, 9.625%, 3/15/16 | 506,934 | ||||
250,000 | Endurance Specialty Holdings, Ltd., 6.150%, 10/15/15 | 256,602 | ||||
250,000 | Essex Portfolio LP, REIT, 5.500%, 3/15/17 | 269,248 | ||||
422,000 | Federal Realty Investment Trust, REIT, 6.200%, 1/15/17 | 462,625 | ||||
250,000 | Fifth Third Bancorp, 0.690%, | 248,499 | ||||
325,000 | Fifth Third Bank, BKNT, 1.150%, 11/18/16 | 325,472 | ||||
948,000 | General Electric Capital Corp., GMTN, 5.625%, 9/15/17 | 1,048,293 |
Continued
26
Sterling Capital Short Duration Bond Fund |
Schedule of Portfolio Investments ��� (continued) |
March 31, 2015 (Unaudited) |
Principal | Fair Value | |||||
CORPORATE BONDS — (continued) |
| |||||
Financials — (continued) | ||||||
$ 390,000 | HCP, Inc., MTN, REIT, 6.300%, 9/15/16 | $ | 418,227 | |||
325,000 | Health Care REIT, Inc., 4.700%, 9/15/17 | 349,117 | ||||
500,000 | Healthcare Realty Trust, Inc., REIT, 6.500%, 1/17/17 | 543,852 | ||||
454,000 | Host Hotels & Resorts LP, REIT, 5.875%, 6/15/19 | 471,158 | ||||
575,000 | HSBC Bank USA NA, BKNT, 6.000%, 8/9/17 | 631,039 | ||||
325,000 | Huntington National Bank (The), 1.375%, 4/24/17 | 324,911 | ||||
605,000 | Jackson National Life Global Funding, 1.250%, 2/21/17(a) | 606,529 | ||||
935,000 | JPMorgan Chase Bank NA, BKNT, 6.000%, 10/1/17 | 1,034,899 | ||||
320,000 | Kilroy Realty LP, REIT, 5.000%, 11/3/15 | 326,828 | ||||
450,000 | Kimco Realty Corp., REIT, MTN, 4.300%, 2/1/18 | 483,953 | ||||
500,000 | Lloyds Bank PLC, 1.750%, 3/16/18 | 502,668 | ||||
305,000 | Macquarie Bank, Ltd., 5.000%, | 324,810 | ||||
340,000 | Manufacturers & Traders Trust Co., BKNT, 1.250%, 1/30/17 | 340,825 | ||||
880,000 | Morgan Stanley, 4.750%, 3/22/17 | 936,842 | ||||
280,000 | MUFG Union Bank NA, BKNT, 3.000%, 6/6/16 | 286,711 | ||||
1,000,000 | Murray Street Investment Trust I, STEP, 4.647%, 3/9/17 | 1,059,709 | ||||
500,000 | National Retail Properties, Inc., REIT, 6.150%, 12/15/15 | 516,768 | ||||
250,000 | National Rural Utilities Cooperative Finance Corp., 1.100%, 1/27/17 | 251,078 | ||||
330,000 | Nordea Bank AB, 1.250%, 4/4/17(a) | 330,200 | ||||
375,000 | PACCAR Financial Corp., MTN, 1.450%, 3/9/18 | 376,783 | ||||
355,000 | PNC Funding Corp., 5.625%, 2/1/17 | 381,627 | ||||
350,000 | Principal Financial Group, Inc., 1.850%, 11/15/17 | 353,039 | ||||
500,000 | Prudential Financial, Inc., MTN, 3.000%, 5/12/16 | 511,307 | ||||
570,000 | Reinsurance Group of America, Inc., 5.625%, 3/15/17 | 614,675 | ||||
500,000 | Royal Bank of Scotland Group PLC, 1.875%, 3/31/17 | 499,282 | ||||
500,000 | Simon Property Group LP, REIT, 1.500%, 2/1/18(a) | 500,959 | ||||
350,000 | Sirius International Group, Ltd., 6.375%, 3/20/17(a) | 378,216 | ||||
505,000 | Standard Chartered Bank, 6.400%, 9/26/17(a) | 556,270 | ||||
600,000 | Sumitomo Mitsui Banking Corp., GMTN, 1.350%, 7/11/17 | 599,483 | ||||
440,000 | Symetra Financial Corp., 6.125%, 4/1/16(a) | 457,405 | ||||
400,000 | Toronto-Dominion Bank (The), MTN, Series 1, 0.805%, 4/30/18(b) | 401,700 | ||||
207,000 | Transatlantic Holdings, Inc., | 213,327 | ||||
350,000 | UBS AG, MTN, 5.875%, 7/15/16 | 370,271 | ||||
500,000 | UBS, MTN, 1.375%, 8/14/17 | 499,719 | ||||
500,000 | US Bank NA, 3.778%, 4/29/20(b) | 500,903 | ||||
250,000 | Ventas Realty LP, REIT, 1.550%, 9/26/16 | 251,660 | ||||
800,000 | Wachovia Corp., 5.625%, 10/15/16 | 855,342 | ||||
250,000 | WEA Finance, LLC/Westfield UK & Europe Finance PLC, 1.750%, 9/15/17(a) | 251,290 | ||||
|
| |||||
31,504,724 | ||||||
|
|
Principal | Fair Value | |||||
CORPORATE BONDS — (continued) |
| |||||
Health Care — 5.4% | ||||||
$ 550,000 | Actavis Funding SCS, 2.350%, 3/12/18 | $ | 557,438 | |||
500,000 | Amgen, Inc., 1.250%, 5/22/17 | 499,595 | ||||
200,000 | Bayer U.S. Finance, LLC, 1.500%, 10/6/17(a) | 201,285 | ||||
450,000 | Boston Scientific Corp., 2.650%, 10/1/18 | 454,953 | ||||
440,000 | DENTSPLY International, Inc., 2.750%, 8/15/16 | 448,465 | ||||
670,000 | Express Scripts Holding Co., 1.250%, 6/2/17 | 669,372 | ||||
475,000 | Humana, Inc., 7.200%, 6/15/18 | 551,563 | ||||
330,000 | Medtronic, Inc., 1.500%, 3/15/18(a) | 331,434 | ||||
250,000 | Mylan, Inc., 7.875%, 7/15/20(a) | 264,128 | ||||
500,000 | Zimmer Holdings, Inc., 2.000%, 4/1/18 | 503,999 | ||||
500,000 | Zoetis, Inc., 1.150%, 2/1/16 | 500,137 | ||||
|
| |||||
4,982,369 | ||||||
|
| |||||
Industrials — 3.7% | ||||||
270,000 | Bombardier, Inc., 4.250%, 1/15/16(a) | 276,939 | ||||
450,000 | CNH Industrial Capital, LLC, | 453,375 | ||||
400,000 | Dover Corp., 5.450%, 3/15/18 | 444,498 | ||||
350,000 | Equifax, Inc., 6.300%, 7/1/17 | 385,956 | ||||
465,000 | International Lease Finance Corp., 4.875%, 4/1/15 | 465,000 | ||||
450,000 | Penske Truck Leasing Co. LP/PTL Finance Corp., 2.500%, 3/15/16(a) | 456,516 | ||||
350,000 | Service Corp. International, 7.000%, 6/15/17 | 381,500 | ||||
485,000 | Waste Management, Inc., 6.100%, 3/15/18 | 547,707 | ||||
|
| |||||
3,411,491 | ||||||
|
| |||||
Information Technology — 0.4% | ||||||
395,000 | Altera Corp., 1.750%, 5/15/17 | 397,424 | ||||
|
| |||||
Materials — 2.9% | ||||||
338,000 | ArcelorMittal, 4.500%, 8/5/15 | 340,535 | ||||
250,000 | Cemex SAB de CV, 9.500%, 6/15/18(a) | 277,250 | ||||
545,000 | Glencore Finance Canada, Ltd., 2.700%, 10/25/17(a) | 552,976 | ||||
400,000 | International Paper Co., 7.950%, 6/15/18 | 472,504 | ||||
484,000 | PetroLogistics LP/PetroLogistics Finance Corp., 6.250%, 4/1/20 | 518,485 | ||||
450,000 | Vale Overseas, Ltd., 6.250%, 1/11/16 | 465,259 | ||||
|
| |||||
2,627,009 | ||||||
|
| |||||
Telecommunication Services — 2.2% | ||||||
330,000 | America Movil SAB de CV, 2.375%, 9/8/16 | 335,409 | ||||
375,000 | America Movil SAB de CV, 1.268%, 9/12/16(b) | 376,465 | ||||
400,000 | GTP Acquisition Partners I, LLC, 7.628%, 6/15/16(a) | 421,500 | ||||
285,000 | Level 3 Financing, Inc., 9.375%, 4/1/19 | 298,361 | ||||
610,000 | Verizon Communications, Inc., 1.801%, 9/15/16(b) | 619,831 | ||||
|
| |||||
2,051,566 | ||||||
|
| |||||
Utilities — 1.0% | ||||||
450,000 | Duke Energy Corp., 2.150%, 11/15/16 | 459,003 | ||||
400,000 | Electricite de France SA, 1.150%, 1/20/17(a) | 401,456 | ||||
|
| |||||
860,459 | ||||||
|
| |||||
Total Corporate Bonds | 59,598,677 | |||||
|
|
Continued
27
Sterling Capital Short Duration Bond Fund |
Schedule of Portfolio Investments — (continued) |
March 31, 2015 (Unaudited) |
Principal | Fair Value | |||||
FOREIGN GOVERNMENT BOND — 0.5% |
| |||||
Columbia — 0.5% | ||||||
$ 400,000 | Colombia Government International Bond, 7.375%, 1/27/17 | $ | 442,000 | |||
|
| |||||
Total Foreign Government Bond | 442,000 | |||||
|
| |||||
MORTGAGE-BACKED SECURITIES — 0.0% |
| |||||
Fannie Mae — 0.0% | ||||||
22,955 | 6.500%, 4/1/16, Pool #253706 | 23,322 | ||||
|
| |||||
Total Mortgage-Backed Securities | 23,322 | |||||
|
| |||||
MUNICIPAL BONDS — 2.9% |
| |||||
Arizona — 0.6% | ||||||
500,000 | Arizona School Facilities Board, Refunding Certificate of Participation, Taxable, Series A-1, 1.474%, 9/1/17 | 505,190 | ||||
|
| |||||
Hawaii — 0.5% | ||||||
445,000 | Hawaii State Highway Revenue, Refunding, Taxable, Series C, 1.600%, 1/1/18 | 451,252 | ||||
|
| |||||
Illinois — 0.3% | ||||||
250,000 | Chicago, IL, Midway International Airport Refunding Revenue, Taxable, Series C, 1.320%, 1/1/16 | 251,683 | ||||
|
| |||||
Maine — 0.3% | ||||||
250,000 | Maine Municipal Bond Bank, Miscellaneous Purpose Revenue, Taxable, 1.708%, 6/1/16 | 253,293 | ||||
|
| |||||
New Jersey — 0.3% | ||||||
320,000 | New Jersey Economic Development Authority, School Facilities Construction Refunding Revenue, Series 00, 1.059%, 3/1/16 | 320,554 | ||||
|
| |||||
South Carolina — 0.5% | ||||||
500,000 | South Carolina State Public Service Authority, Libor Index Refunding Revenue, Taxable, Series D, Callable 12/1/15 @ 100, 1.279%, 6/1/16(b) | 500,990 | ||||
|
| |||||
Washington — 0.4% | ||||||
390,000 | Providence Health & Services Obligated Group Revenue, Taxable, 1.224%, 10/1/17(b) | 392,487 | ||||
|
| |||||
Total Municipal Bonds | 2,675,449 | |||||
|
|
Principal | Fair Value | |||||
U.S. TREASURY NOTE — 0.3% |
| |||||
$ 250,000 | 1.500%, 8/31/18 | $ | 253,848 | |||
|
| |||||
Total U.S. Treasury Note | 253,848 | |||||
|
| |||||
Shares | ||||||
PREFERRED STOCKS — 0.1% |
| |||||
Financials — 0.1% | ||||||
4,359 | Kite Realty Group Trust, REIT, Series A | 112,942 | ||||
|
| |||||
Total Preferred Stocks | 112,942 | |||||
|
| |||||
MONEY MARKET FUND — 0.9% |
| |||||
826,381 | Federated Treasury Obligations Fund, Institutional Shares, 0.010%(c) | 826,381 | ||||
|
| |||||
Total Money Market Fund | 826,381 | |||||
|
| |||||
Total Investments — 99.4% | 91,207,570 | |||||
Net Other Assets (Liabilities) — 0.6% | 508,794 | |||||
|
| |||||
NET ASSETS — 100.0% | $ | 91,716,364 | ||||
|
|
(a) | Rule 144A, Section 4(2) or other security that is restricted as to resale to qualified institutional investors. The Advisor, using Board approved procedures, has deemed these securities or a portion of these securities to be liquid. |
(b) | The interest rate for this variable rate note, which will change periodically, is based either on the prime rate or an index of market rates. The reflected rate is in effect as of March 31, 2015. The maturity date reflected is the final maturity date. |
(c) | Represents the current yield as of report date. |
BKNT — Bank Note
GMTN — Global Medium Term Note
MTN — Medium Term Note
REIT — Real Estate Investment Trust
STEP — Step Coupon Bond
See accompanying Notes to the Financial Statements.
28
Sterling Capital Intermediate U.S. Government Fund |
Schedule of Portfolio Investments |
March 31, 2015 (Unaudited) |
Principal | Fair Value | |||||
COLLATERALIZED MORTGAGE OBLIGATIONS — 6.9% |
| |||||
$ 1,086,201 | Fannie Mae, Series 2010-129, Class NA, 3.500%, 3/25/25 | $ | 1,134,665 | |||
776,108 | Freddie Mac, Series 3644, Class BA, 4.500%, 2/15/29 | 809,232 | ||||
405,400 | Ginnie Mae, Series 1999-17, Class F, 0.475%, 5/16/29(a) | 406,620 | ||||
|
| |||||
Total Collateralized Mortgage Obligations | 2,350,517 | |||||
|
| |||||
CORPORATE BONDS — 4.4% |
| |||||
Financials — 4.4% | ||||||
500,000 | Barclays Bank PLC, 3.900%, 4/7/15 | 500,045 | ||||
500,000 | JPMorgan Chase & Co., GMTN, 1.100%, 10/15/15 | 501,263 | ||||
500,000 | Morgan Stanley, 2.125%, 4/25/18 | 505,491 | ||||
|
| |||||
Total Corporate Bonds | 1,506,799 | |||||
|
| |||||
MORTGAGE-BACKED SECURITIES — 8.2% |
| |||||
Fannie Mae — 7.2% | ||||||
1,850,185 | 3.584%, 9/1/20, Pool #FN0000 | 2,003,870 | ||||
223,896 | 5.500%, 1/1/33, Pool #678321 | 252,859 | ||||
212,831 | 6.000%, 7/1/37, Pool #938378 | 232,261 | ||||
|
| |||||
2,488,990 | ||||||
|
| |||||
Ginnie Mae — 1.0% | ||||||
319,648 | 5.000%, 11/20/38, Pool #4283 | 340,777 | ||||
|
| |||||
Total Mortgage-Backed Securities (Cost $2,599,348) | 2,829,767 | |||||
|
| |||||
MUNICIPAL BONDS — 2.4% |
| |||||
Illinois — 2.4% | ||||||
810,000 | Village of Rosemont, IL, Corporate Purpose, Refunding G.O., Taxable, Series B (AGM), 2.389%, 12/1/17 | 830,736 | ||||
|
| |||||
Total Municipal Bonds | 830,736 | |||||
|
| |||||
U.S. GOVERNMENT AGENCIES — 49.7% |
| |||||
Fannie Mae — 19.7% | ||||||
1,000,000 | 1.250%, 10/16/24, STEP | 1,004,331 | ||||
250,000 | 1.000%, 8/16/27, STEP | 250,265 | ||||
2,000,000 | 6.250%, 5/15/29 | 2,867,372 | ||||
1,700,000 | 7.125%, 1/15/30 | 2,640,182 | ||||
|
| |||||
6,762,150 | ||||||
|
| |||||
Federal Farm Credit Bank — 12.3% | ||||||
500,000 | 0.875%, 5/22/17 | 500,043 | ||||
3,000,000 | 4.670%, 2/27/18 | 3,313,023 | ||||
400,000 | 3.150%, 10/15/24 | 403,124 | ||||
|
| |||||
4,216,190 | ||||||
|
| |||||
Federal Home Loan Bank — 11.7% | ||||||
2,250,000 | 0.375%, 2/19/16 | 2,251,175 | ||||
1,000,000 | 2.000%, 10/9/24, STEP | 999,582 | ||||
500,000 | 1.000%, 3/28/25, STEP | 500,531 | ||||
250,000 | 1.500%, 4/10/28, STEP | 250,085 | ||||
|
| |||||
4,001,373 | ||||||
|
|
Principal | Fair Value | |||||
U.S. GOVERNMENT AGENCIES — (continued) |
| |||||
Freddie Mac — 6.0% | ||||||
$ 500,000 | 4.875%, 6/13/18 | $ | 561,052 | |||
500,000 | 2.375%, 1/13/22 | 517,049 | ||||
500,000 | 3.000%, 8/27/27 | 493,920 | ||||
500,000 | 1.000%, 3/12/30, STEP | 497,949 | ||||
|
| |||||
2,069,970 | ||||||
|
| |||||
Total U.S. Government Agencies | 17,049,683 | |||||
|
| |||||
U.S. TREASURY BILLS(b) — 2.9% |
| |||||
1,000,000 | 0.000%, 10/15/15(b) | 999,302 | ||||
|
| |||||
Total U.S. Treasury Bills | 999,302 | |||||
|
| |||||
U.S. TREASURY NOTES — 21.8% |
| |||||
350,000 | 0.250%, 5/15/15 | 350,055 | ||||
1,000,000 | 0.250%, 5/31/15 | 1,000,078 | ||||
400,000 | 4.500%, 11/15/15 | 410,688 | ||||
294,375 | 2.000%, 1/15/16(c) | 301,895 | ||||
1,000,000 | 3.000%, 8/31/16 | 1,036,719 | ||||
1,000,000 | 3.000%, 2/28/17 | 1,046,797 | ||||
1,750,000 | 1.875%, 9/30/17 | 1,799,219 | ||||
1,000,000 | 1.250%, 4/30/19 | 1,001,250 | ||||
500,805 | 0.625%, 1/15/24(c) | 521,619 | ||||
|
| |||||
Total U.S. Treasury Notes | 7,468,320 | |||||
|
| |||||
Shares | ||||||
MONEY MARKET FUND — 3.0% |
| |||||
1,040,476 | Federated Treasury Obligations Fund, Institutional Shares, 0.010%(d) | 1,040,476 | ||||
|
| |||||
Total Money Market Fund | 1,040,476 | |||||
|
| |||||
Total Investments — 99.3% | 34,075,600 | |||||
Net Other Assets (Liabilities) — 0.7% | 228,519 | |||||
|
| |||||
NET ASSETS — 100.0% | $ | 34,304,119 | ||||
|
|
(a) | The interest rate for this variable rate note, which will change periodically, is based either on the prime rate or an index of market rates. The reflected rate is in effect as of March 31, 2015. The maturity date reflected is the final maturity date. |
(b) | Discount note or zero coupon bond. Rate disclosed represents the annualized yield from date of purchase. |
(c) | Inflation protection security. Principal amount periodically adjusted for inflation. |
(d) | Represents the current yield as of report date. |
AGM — Assured Guaranty Municipal Corp.
G.O. — General Obligation
GMTN — Global Medium Term Note
STEP — Step Coupon Bond
See accompanying Notes to the Financial Statements.
29
Sterling Capital Total Return Bond Fund |
Schedule of Portfolio Investments |
March 31, 2015 (Unaudited) |
Principal Amount | Fair Value |
ASSET BACKED SECURITIES — 12.6% |
| |||||
$ 4,646,000 | Ally Auto Receivables Trust, Series 2013-2, Class A4, 1.240%, 11/15/18 | $ | 4,651,078 | |||
3,000,000 | Americredit Automobile Receivables Trust, Series 2014-4, Class B, 1.870%, 12/9/19 | 3,009,312 | ||||
4,120,000 | AmeriCredit Automobile Receivables Trust, Series 2015-1, Class B, 1.880%, 3/9/20 | 4,118,925 | ||||
1,146,398 | Argent Securities, Inc. Pass Through Certificates, Series 2005-W3, Class A2D, 0.511%, 11/25/35(a) | 1,112,045 | ||||
3,330,000 | Avis Budget Rental Car Funding AESOP, LLC, Series 2014-1A, Class A, 2.460%, 7/20/20(b) | 3,371,036 | ||||
9,154,000 | Avis Budget Rental Car Funding AESOP, LLC, Series 2014-2A, Class A, 2.500%, 2/20/21(b) | 9,254,282 | ||||
2,320,000 | Bear Stearns Asset Backed Securities I Trust, Series 2004-BO1, Class M5, 1.571%, 10/25/34(a) | 2,324,394 | ||||
1,018,000 | CarMax Auto Owner Trust, Series 2013-2, Class A4, 0.840%, 11/15/18 | 1,014,601 | ||||
3,688,000 | CarMax Auto Owner Trust, Series 2014-2, Class A3, 0.980%, 1/15/19 | 3,687,085 | ||||
5,578,000 | Chase Issuance Trust, Series 2014-A2, Class A2, 2.770%, 3/15/23 | 5,761,583 | ||||
6,210,000 | Citibank Credit Card Issuance Trust, Series 2014-A1, Class A1, 2.880%, 1/23/23 | 6,462,393 | ||||
341,506 | Credit-Based Asset Servicing and Securitization, LLC, Series 2005-CB5, Class AF2, STEP, 4.241%, 8/25/35 | 343,576 | ||||
5,210,000 | Discover Card Execution Note Trust, Series 2014-A4, Class A4, 2.120%, 12/15/21 | 5,296,788 | ||||
6,360,000 | Encore Credit Receivables Trust, Series 2005-4, Class M2, 0.611%, 1/25/36(a) | 5,914,380 | ||||
6,034,000 | Ford Credit Auto Owner Trust 2014-REV2, Series 2014-2, Class A, 2.310%, 4/15/26(b) | 6,146,763 | ||||
4,000,000 | Ford Credit Auto Owner Trust 2015-REV1, Series 2015-1, Class A, 2.120%, 7/15/26(b) | 4,033,588 | ||||
2,009,909 | Long Beach Mortgage Loan Trust, Series 2006-WL2, Class 2A3, 0.371%, 1/25/36(a) | 1,935,608 | ||||
1,373,905 | New Century Home Equity Loan Trust, Series 2003-4, Class M1, 1.296%, 10/25/33(a) | 1,319,440 | ||||
625,657 | Park Place Securities, Inc. Pass Through Certificates, Series 2005-WHQ1, Class M2, 0.671%, 3/25/35(a) | 621,010 | ||||
2,680,000 | RAMP Trust, Series 2005-RZ4, Class M2, 0.671%, 11/25/35(a) | 2,305,159 | ||||
2,500,000 | Santander Drive Auto Receivables Trust, Series 2014-5, Class B, 1.760%, 9/16/19 | 2,495,853 | ||||
1,245,000 | SBA Tower Trust, Series 2014-1A, Class C, STEP, 2.898%, 10/15/44(b) | 1,260,132 | ||||
4,144,348 | Securitized Asset Backed Receivables, LLC Trust, Series 2005-OP2, Class A2C, 0.491%, 10/25/35(a) | 4,014,315 | ||||
3,200,000 | Volkswagen Auto Loan Enhanced Trust, Series 2014-1, Class A3, 0.910%, 10/22/18 | 3,195,866 | ||||
2,769,442 | World Omni Auto Receivables Trust, Series 2013-A, Class A3, 0.640%, 4/16/18 | 2,769,661 | ||||
1,325,000 | World Omni Auto Receivables Trust, Series 2014-A, Class A3, 0.940%, 4/15/19 | 1,325,126 | ||||
|
| |||||
Total Asset Backed Securities | 87,743,999 | |||||
|
|
Principal Amount | Fair Value |
COLLATERALIZED MORTGAGE OBLIGATIONS — 8.9% | ||||||
$ 700,463 | Adjustable Rate Mortgage Trust, Series 2004-5, Class 4A1, 2.652%, 4/25/35(a) | $ | 683,595 | |||
836,119 | Banc of America Alternative Loan Trust, Series 2004-10, Class 1CB1, 6.000%, 11/25/34 | 868,939 | ||||
1,480,421 | Banc of America Funding Trust, Series 2006-2, Class 3A1, 6.000%, 3/25/36 | 1,478,389 | ||||
228,184 | Banc of America Mortgage Trust, Series 2005-3, Class 1A24, 5.500%, 4/25/35 | 231,718 | ||||
197,930 | Citigroup Mortgage Loan Trust, Inc., Series 2004-NCM2, Class 3CB2, 6.500%, 8/25/19 | 207,969 | ||||
961,042 | Countrywide Alternative Loan Trust, Series 2004-22CB, Class 1A1, 6.000%, 10/25/34 | 1,018,513 | ||||
192,362 | Countrywide Home Loan Mortgage Pass Through Trust, Series 2003-J7, Class 1A3, 5.250%, 8/25/33 | 196,209 | ||||
285,591 | Countrywide Home Loan Mortgage Pass Through Trust, Series 2004-3, Class A4, 5.750%, 4/25/34 | 297,364 | ||||
153,242 | Credit Suisse First Boston Mortgage Securities Corp., Series 2005-2, Class 4A1, 5.250%, 2/25/20 | 154,585 | ||||
701,232 | Credit Suisse First Boston Mortgage Securities Corp., Series 2004-1, Class 2A1, 6.500%, 2/25/34 | 742,240 | ||||
356,961 | Credit Suisse First Boston Mortgage Securities Corp., Series 2005-6, Class 2A3, 5.500%, 7/25/35 | 371,724 | ||||
2,722,051 | Fannie Mae, Series 2011-99, Class CV, 4.500%, 3/25/26 | 3,032,180 | ||||
1,149,811 | Fannie Mae, Series 2013-133, Class AV, 4.000%, 12/25/26 | 1,283,566 | ||||
2,224,331 | Fannie Mae, Series 2014-39, Class VP, 3.000%, 8/1/27 | 2,325,813 | ||||
3,282,777 | Fannie Mae, Series 2011-38, Class D, 4.500%, 5/25/41 | 3,625,584 | ||||
6,067,573 | FirstKey Mortgage Trust, Series 2014-1, Class A12, 3.500%, 11/1/44(a)(b) | 6,200,289 | ||||
1,716,032 | Freddie Mac, Series 3768, Class V, 4.000%, 11/15/23 | 1,863,470 | ||||
3,175,613 | Freddie Mac, Series 4387, Class VM, 4.000%, 11/1/25 | 3,502,186 | ||||
2,165,482 | Freddie Mac, Series 4287, Class V, 4.500%, 10/1/26 | 2,420,238 | ||||
3,202,076 | Freddie Mac, Series 4323, Class VA, 4.000%, 3/15/27 | 3,563,507 | ||||
358,259 | Freddie Mac, Series 4136, Class HZ, 3.500%, 11/15/27 | 385,633 | ||||
3,110,835 | Freddie Mac, Series 4331, Class V, 4.000%, 11/1/28 | 3,413,647 | ||||
876,712 | Freddie Mac, Series 3632, Class PK, 5.000%, 2/15/40 | 974,938 | ||||
4,099,687 | Freddie Mac, Series 4077, Class PJ, 3.500%, 11/15/40 | 4,361,387 | ||||
2,327,729 | Freddie Mac, Series 4328, Class KD, 3.000%, 8/15/43 | 2,410,282 | ||||
1,102,623 | Ginnie Mae, Series 2008-51, Class PG, 5.000%, 6/20/38 | 1,196,015 | ||||
984,387 | MASTR Alternative Loan Trust, Series 2003-5, Class 8A1, 5.500%, 6/25/33 | 1,015,501 | ||||
916,666 | MASTR Alternative Loan Trust, Series 2004-13, Class 3A1, 6.500%, 1/25/35 | 950,974 |
Continued
30
Sterling Capital Total Return Bond Fund |
Schedule of Portfolio Investments — (continued) |
March 31, 2015 (Unaudited) |
Principal Amount | Fair Value |
COLLATERALIZED MORTGAGE | ||||||
$ 193,521 | MASTR Asset Securitization Trust, Series 2003-4, Class 5A1, 5.500%, 5/25/33 | $ | 199,056 | |||
401,596 | MASTR Seasoned Securitization Trust, Series 2005-2, Class 1A1, 5.130%, 10/25/32 | 403,784 | ||||
964,161 | PHHMC Trust, Series 2007-6, Class A1, 5.457%, 12/18/37(a) | 961,695 | ||||
128,432 | RAAC Trust, Series 2004-SP3, Class AI5, 4.890%, 12/25/32(a) | 131,237 | ||||
1,210,406 | RAAC Trust, Series 2004-SP1, Class AI3, STEP, 6.118%, 3/25/34 | 1,245,452 | ||||
1,057,336 | RALI Trust, Series 2005-QR1, Class A, 6.000%, 10/25/34 | 1,107,716 | ||||
599,563 | Residential Asset Securitization Trust, Series 2004-IP2, Class 4A, 2.462%, 12/25/34(a) | 585,889 | ||||
1,714,306 | Specialty Underwriting & Residential Finance Trust, Series 2004-AA1, Class 1A1, 5.000%, 10/25/34 | 1,731,154 | ||||
1,357,763 | Structured Adjustable Rate Mortgage Loan Trust, Series 2004-6, Class 4A1, 2.404%, 6/25/34(a) | 1,354,829 | ||||
490,490 | Structured Asset Securities Corp. Trust, Series 2005-6, Class 5A2, 5.000%, 5/25/35 | 501,277 | ||||
271,977 | Structured Asset Securities Corp. Trust, Series 2005-6, Class 5A1, 5.000%, 5/25/35 | 277,958 | ||||
166,691 | Wells Fargo Mortgage Backed Securities Trust, Series 2007-3, Class 3A1, 5.500%, 4/25/22 | 171,650 | ||||
1,124,447 | Wells Fargo Mortgage Backed Securities Trust, Series 2004-BB, Class A2, 2.618%, 1/25/35(a) | 1,115,781 | ||||
497,061 | Wells Fargo Mortgage Backed Securities Trust, Series 2005-4, Class A4, 5.000%, 4/25/35 | 509,790 | ||||
2,357,203 | Wells Fargo Mortgage Backed Securities Trust, Series 2005-AR16, Class 6A3, | 2,364,583 | ||||
281,519 | Wells Fargo Mortgage Backed Securities Trust, Series 2007-16, Class 1A1, 6.000%, 12/28/37 | 290,220 | ||||
|
| |||||
Total Collateralized Mortgage Obligations | 61,728,526 | |||||
|
| |||||
COMMERCIAL MORTGAGE-BACKED | ||||||
3,287,061 | Banc of America Commercial Mortgage Trust, Series 2006-3, Class A4, 5.889%, 7/10/44(a) | 3,427,784 | ||||
1,710,000 | Banc of America Commercial Mortgage Trust, Series 2006-4, Class AM, 5.675%, 7/1/46 | 1,808,802 | ||||
4,000,000 | Banc of America Commercial Mortgage Trust, Series 2006-5, Class A4, 5.414%, 9/10/47 | 4,134,484 | ||||
78,903 | Banc of America Commercial Mortgage Trust, Series 2007-2, Class A2, 5.597%, 4/10/49(a) | 78,936 | ||||
3,518,413 | Banc of America Commercial Mortgage Trust, Series 2007-5, Class A4, 5.492%, 2/10/51 | 3,743,883 | ||||
2,238,835 | Banc of America Merrill Lynch Commercial Mortgage, Inc., Series 2005-1, Class AJ, 5.431%, 11/10/42(a) | 2,236,623 | ||||
1,560,000 | Banc of America Merrill Lynch Commercial Mortgage, Inc., Series 2005-3, Class AM, 4.727%, 7/10/43 | 1,569,624 | ||||
4,882,785 | BCAP, LLC Trust, Series 2013-RR4, Class A4A2, 2.000%, 2/13/51(b) | 4,830,296 |
Principal Amount | Fair Value |
COMMERCIAL MORTGAGE-BACKED | ||||||
$ 2,500,000 | Bear Stearns Commercial Mortgage Securities Trust, Series 2007-T28, Class AM, 5.835%, 9/1/42(a) | $ | 2,735,887 | |||
2,085,000 | Bear Stearns Commercial Mortgage Securities Trust, Series 2007-PW18, Class A4, 5.700%, 6/11/50 | 2,256,766 | ||||
2,838,000 | CD Commercial Mortgage Trust, Series 2007-CD4, Class A4, 5.322%, 12/11/49 | 2,987,838 | ||||
1,575,000 | Citigroup Commercial Mortgage Trust, Series 2007-C6, Class A4, 5.703%, 12/1/49(a) | 1,703,822 | ||||
3,545,000 | COMM Mortgage Trust, Series 2013-CR12, Class A4, 4.046%, 10/1/46 | 3,916,871 | ||||
4,050,000 | COMM Mortgage Trust, Series 2006-C8, Class AM, 5.347%, 12/1/46 | 4,316,846 | ||||
1,208,000 | COMM Mortgage Trust, Series 2014-LC17, Class A5, 3.917%, 10/10/47 | 1,318,763 | ||||
1,344,000 | COMM Mortgage Trust, Series 2014-CR20, Class A4, 3.590%, 11/1/47 | 1,429,785 | ||||
2,545,000 | COMM Mortgage Trust, Series 2007-C9, Class A4, 5.798%, 12/10/49(a) | 2,765,781 | ||||
1,500,000 | Commercial Mortgage Loan Trust, Series 2008-LS1, Class ASM, 6.028%, 12/10/49(a) | 1,629,300 | ||||
3,845,000 | Commercial Mortgage Trust, Series 2005-GG5, Class AM, 5.277%, 4/10/37(a) | 3,902,967 | ||||
1,083,677 | Credit Suisse Commercial Mortgage Trust, Series 2007-C4, Class A4, 5.903%, 9/1/39(a) | 1,160,534 | ||||
3,620,000 | FHLMC Multifamily Structured Pass Through Certificates, Series K034, Class A2, 3.531%, 7/1/23(a) | 3,938,325 | ||||
5,180,000 | FHLMC Multifamily Structured Pass Through Certificates, Series K043, Class A2, 3.062%, 12/25/24 | 5,434,514 | ||||
2,524,000 | GS Mortgage Securities Trust, Series 2014-GC24, Class A5, 3.931%, 9/10/47 | 2,764,136 | ||||
1,397,000 | JPMBB Commercial Mortgage Securities Trust, Series 2014-C23, Class A5, 3.934%, 9/15/47 | 1,526,016 | ||||
4,000,000 | JPMorgan Chase Commercial Mortgage Securities Trust, Series 2010-C1, Class B, | 4,475,568 | ||||
2,704,232 | JPMorgan Chase Commercial Mortgage Securities Trust, Series 2006-CB16, Class A4, 5.552%, 5/12/45 | 2,803,293 | ||||
2,350,000 | JPMorgan Chase Commercial Mortgage Securities Trust, Series 2006-CB16, Class AM, 5.593%, 5/12/45 | 2,464,518 | ||||
2,250,000 | JPMorgan Chase Commercial Mortgage Securities Trust, Series 2011-C3, Class B, | 2,517,473 | ||||
1,982,299 | LB-UBS Commercial Mortgage Trust, Series 2007-C1, Class A4, 5.424%, 2/15/40 | 2,107,975 | ||||
1,730,000 | LB-UBS Commercial Mortgage Trust, Series 2007-C7, Class AM, 6.265%, 9/15/45(a) | 1,917,778 | ||||
59,778 | Merrill Lynch Mortgage Trust, Series 2005-MKB2, Class AJ, 5.263%, 9/12/42(a) | 59,756 | ||||
3,374,543 | Merrill Lynch Mortgage Trust, Series 2008-C1, Class A4, 5.690%, 2/12/51 | 3,663,825 | ||||
1,135,000 | ML-CFC Commercial Mortgage Trust, Series 2007-8, Class A3, 5.874%, 8/12/49(a) | 1,230,804 | ||||
660,000 | Morgan Stanley Bank of America Merrill Lynch Trust, Series 2014-C18, Class A4, 3.923%, 10/15/47 | 719,771 |
Continued
31
Sterling Capital Total Return Bond Fund |
Schedule of Portfolio Investments — (continued) |
March 31, 2015 (Unaudited) |
Principal Amount | Fair Value |
COMMERCIAL MORTGAGE-BACKED SECURITIES — (continued) | ||||||
$ 4,218,384 | Morgan Stanley Capital I Trust, Series 2008-T29, Class A4, 6.270%, 1/11/43(a) | $ | 4,687,658 | |||
2,390,000 | Morgan Stanley Capital I Trust, Series 2006-HQ8, Class AM, | 2,464,028 | ||||
4,000,000 | Morgan Stanley Capital I Trust, Series 2011-C1, Class B, 5.252%, 9/1/47(a)(b) | 4,578,072 | ||||
640,000 | Morgan Stanley Capital I Trust, Series 2011-C1, Class C, 5.252%, 9/1/47(a)(b) | 712,729 | ||||
4,535,000 | Morgan Stanley Capital I Trust, Series 2007-IQ14, Class A5, | 4,881,683 | ||||
1,050,000 | Wachovia Bank Commercial Mortgage Trust, Series 2004-C11, Class B, 5.306%, 1/15/41(a) | 1,067,176 | ||||
716,118 | Wachovia Bank Commercial Mortgage Trust, Series 2007-C30, Class A3, 5.246%, 12/15/43 | 728,821 | ||||
1,938,053 | Wachovia Bank Commercial Mortgage Trust, Series 2006-C27, Class A3, 5.765%, 7/15/45(a) | 2,010,798 | ||||
2,144,961 | Wachovia Bank Commercial Mortgage Trust, Series 2006-C28, Class A4, 5.572%, 10/15/48 | 2,255,476 | ||||
2,000,000 | Wells Fargo Commercial Mortgage Trust, Series 2010-C1, Class A2, 4.393%, 11/15/43(b) | 2,212,788 | ||||
500,000 | WF-RBS Commercial Mortgage Trust, Series 2011-C2, Class A4, 4.869%, 2/15/44(a)(b) | 569,001 | ||||
2,000,000 | WF-RBS Commercial Mortgage Trust, Series 2011-C2, Class B, 5.174%, 2/15/44(a)(b) | 2,249,290 | ||||
1,000,000 | WF-RBS Commercial Mortgage Trust, Series 2011-C3, Class A4, 4.375%, 3/15/44(b) | 1,112,231 | ||||
250,000 | WF-RBS Commercial Mortgage Trust, Series 2012-C8, Class AS, 3.660%, 8/15/45 | 265,740 | ||||
3,716,000 | WF-RBS Commercial Mortgage Trust, Series 2014-C22, Class A5, 3.752%, 9/15/57 | 4,010,055 | ||||
1,008,000 | WF-RBS Commercial Mortgage Trust, Series 2014-C23, Class A5, 3.917%, 10/15/57 | 1,101,631 | ||||
|
| |||||
Total Commercial Mortgage-Backed | 122,486,521 | |||||
|
| |||||
CORPORATE BONDS — 33.6% | ||||||
Consumer Discretionary — 3.9% | ||||||
1,393,000 | 21st Century Fox America, Inc., 5.400%, 10/1/43 | 1,696,120 | ||||
1,450,000 | CBS Corp., 4.600%, 1/15/45 | 1,476,139 | ||||
1,650,000 | Comcast Corp., 4.200%, 8/15/34 | 1,787,501 | ||||
1,300,000 | ERAC USA Finance, LLC, 5.625%, 3/15/42(b) | 1,516,078 | ||||
1,306,000 | Ford Motor Co., 7.450%, 7/16/31 | 1,803,051 | ||||
2,915,000 | Ford Motor Credit Co., LLC, 0.899%, 3/27/17(a) | 2,913,834 | ||||
1,624,000 | General Motors Financial Co., Inc., 2.750%, 5/15/16 | 1,642,124 | ||||
905,000 | Grupo Televisa SAB, 6.000%, 5/15/18 | 1,026,351 | ||||
1,633,000 | Lear Corp., 5.375%, 3/15/24 | 1,690,155 | ||||
1,400,000 | Levi Strauss & Co., 7.625%, 5/15/20 | 1,456,000 | ||||
1,015,000 | Lowe’s Cos., Inc., 5.800%, 4/15/40 | 1,316,872 | ||||
1,300,000 | Omnicom Group, Inc., 3.650%, 11/1/24 | 1,344,793 | ||||
917,000 | Royal Caribbean Cruises, Ltd., 11.875%, 7/15/15 | 942,218 | ||||
1,660,000 | Time Warner Cable, Inc., 4.000%, 9/1/21 | 1,776,818 |
Principal Amount | Fair Value |
CORPORATE BONDS — (continued) | ||||||
Consumer Discretionary — (continued) |
| |||||
$ 1,602,000 | Time Warner Cable, Inc., 4.500%, 9/15/42 | $ | 1,643,274 | |||
1,250,000 | Toll Brothers Finance Corp., 6.750%, 11/1/19 | 1,412,500 | ||||
1,250,000 | Viacom, Inc., 5.850%, 9/1/43 | 1,407,161 | ||||
|
| |||||
26,850,989 | ||||||
|
| |||||
Consumer Staples — 0.7% | ||||||
1,240,000 | Altria Group, Inc., 5.375%, 1/31/44 | 1,450,200 | ||||
1,322,000 | CVS Health Corp., 6.125%, 9/15/39 | 1,725,834 | ||||
895,000 | Lorillard Tobacco Co., 6.875%, 5/1/20 | 1,066,735 | ||||
583,000 | Walgreens Boots Alliance, Inc., 2.700%, 11/18/19 | 595,592 | ||||
|
| |||||
4,838,361 | ||||||
|
| |||||
Energy — 5.3% | ||||||
1,642,000 | BP Capital Markets PLC, 1.375%, 11/6/17 | 1,641,227 | ||||
1,200,000 | Buckeye Partners LP, 4.150%, 7/1/23 | 1,186,805 | ||||
1,500,000 | Chesapeake Energy Corp., | 1,443,750 | ||||
1,475,000 | CNOOC Nexen Finance, 4.250%, 4/30/24 | 1,568,036 | ||||
1,425,000 | Enable Midstream Partners LP, 5.000%, 5/15/44(b) | 1,300,293 | ||||
1,697,000 | Energy Transfer Partners LP, 4.050%, 3/15/25 | 1,711,357 | ||||
1,330,000 | EnLink Midstream Partners LP, 5.050%, 4/1/45 | 1,352,927 | ||||
1,180,000 | Enterprise Products Operating, LLC, 5.950%, 2/1/41 | 1,431,738 | ||||
1,233,000 | Freeport-McMoran Oil & Gas, LLC/FCX Oil & Gas, Inc., 6.500%, 11/15/20 | 1,308,521 | ||||
1,250,000 | Hess Corp., 5.600%, 2/15/41 | 1,365,125 | ||||
1,862,000 | Kinder Morgan Energy Partners LP, 5.000%, 3/1/43 | 1,818,554 | ||||
1,136,000 | Kinder Morgan, Inc., 7.000%, 6/15/17 | 1,253,052 | ||||
1,165,000 | Magellan Midstream Partners LP, 6.550%, 7/15/19 | 1,365,257 | ||||
1,415,000 | MarkWest Energy Partners LP/MarkWest Energy Finance Corp., 6.750%, 11/1/20 | 1,485,750 | ||||
856,000 | NuStar Logistics LP, 8.150%, 4/15/18 | 958,920 | ||||
1,575,000 | Oceaneering International, Inc., 4.650%, 11/15/24 | 1,592,380 | ||||
1,177,000 | Phillips 66, 5.875%, 5/1/42 | 1,402,111 | ||||
1,304,000 | Regency Energy Partners LP/Regency Energy Finance Corp., 6.500%, 7/15/21 | 1,365,940 | ||||
1,528,000 | Shell International Finance BV, 4.550%, 8/12/43 | 1,732,009 | ||||
910,000 | Spectra Energy Capital, LLC, 8.000%, 10/1/19 | 1,102,483 | ||||
2,265,000 | Spectra Energy Partners LP, 3.500%, 3/15/25 | 2,276,282 | ||||
1,790,000 | Statoil ASA, 4.800%, 11/8/43 | 2,090,611 | ||||
762,000 | TC Pipelines LP, 4.375%, 3/13/25 | 769,556 | ||||
1,500,000 | Total Capital International SA, 0.826%, 8/10/18(a) | 1,507,922 | ||||
1,100,000 | Williams Partners LP/ACMP Finance Corp., 6.125%, 7/15/22 | 1,165,450 | ||||
858,000 | Williams Partners LP/ACMP Finance Corp., 4.875%, 3/15/24 | 862,290 | ||||
|
| |||||
37,058,346 | ||||||
|
| |||||
Financials — 16.7% | ||||||
1,715,000 | Ally Financial, Inc., 2.750%, 1/30/17 | 1,708,672 | ||||
1,486,000 | Apollo Management Holdings LP, 4.000%, 5/30/24(b) | 1,528,517 | ||||
1,545,000 | Ares Finance Co., LLC, 4.000%, 10/8/24(b) | 1,519,698 | ||||
1,624,000 | Aspen Insurance Holdings, Ltd., 4.650%, 11/15/23 | 1,714,808 |
Continued
32
Sterling Capital Total Return Bond Fund |
Schedule of Portfolio Investments — (continued) |
March 31, 2015 (Unaudited) |
Principal | Fair Value |
CORPORATE BONDS — (continued) | ||||||
Financials — (continued) | ||||||
$ 1,279,000 | Associates Corp. of North America, 6.950%, 11/1/18 | $ | 1,489,530 | |||
2,835,000 | Bank of America Corp., MTN, 6.875%, 4/25/18 | 3,242,837 | ||||
1,282,000 | Bank of America Corp., MTN, 5.875%, 2/7/42 | 1,630,885 | ||||
1,874,000 | Bank of America Corp., Series K, | 2,002,837 | ||||
3,038,000 | Bear Stearns Cos., LLC (The), 5.550%, 1/22/17 | 3,249,767 | ||||
1,125,000 | Brixmor Operating Partnership LP, 3.850%, 2/1/25 | 1,125,923 | ||||
1,950,000 | Capital One Financial Corp., 3.200%, 2/5/25 | 1,933,811 | ||||
1,515,000 | CBRE Services, Inc., 5.250%, 3/15/25 | 1,628,625 | ||||
1,950,000 | CIT Group, Inc., 4.250%, 8/15/17 | 1,974,375 | ||||
2,500,000 | Citigroup, Inc., 1.957%, 5/15/18(a) | 2,580,250 | ||||
1,210,000 | Citigroup, Inc., 5.875%, 1/30/42 | 1,543,771 | ||||
1,670,000 | Cooperatieve Centrale Raiffeisen- Boerenleenbank BA, 3.950%, 11/9/22 | 1,728,787 | ||||
1,378,000 | Corrections Corp. of America, REIT, 4.125%, 4/1/20 | 1,386,613 | ||||
1,815,000 | Credit Suisse, MTN, 3.625%, 9/9/24 | 1,875,924 | ||||
1,474,000 | CubeSmart LP, REIT, 4.800%, 7/15/22 | 1,628,223 | ||||
565,000 | Dai-ichi Life Insurance Co., Ltd. (The), 5.100%, 10/29/49(a)(b) | 615,144 | ||||
1,554,000 | Excel Trust LP, REIT, 4.625%, 5/15/24 | 1,630,674 | ||||
1,906,000 | First Data Corp., 7.375%, 6/15/19(b) | 1,991,770 | ||||
1,388,000 | General Electric Capital Corp., GMTN, 6.875%, 1/10/39 | 1,996,677 | ||||
2,199,000 | General Electric Capital Corp., Series B, 6.250%, 12/29/49(a) | 2,473,875 | ||||
1,552,000 | Goldman Sachs Group, Inc. (The), 6.250%, 2/1/41 | 2,022,995 | ||||
1,275,000 | Goodman Funding Pty, Ltd., REIT, 6.375%, 11/12/20(b) | 1,490,631 | ||||
2,100,000 | Health Care REIT, Inc., 4.950%, 1/15/21 | 2,332,602 | ||||
1,560,000 | Healthcare Realty Trust, Inc., REIT, 3.750%, 4/15/23 | 1,562,732 | ||||
1,976,000 | Healthcare Trust of America Holdings LP, REIT, 3.700%, 4/15/23 | 1,979,515 | ||||
972,000 | Host Hotels & Resorts LP, REIT, Series D, 3.750%, 10/15/23 | 985,213 | ||||
1,934,000 | HSBC Finance Corp., 6.676%, 1/15/21 | 2,296,490 | ||||
1,376,000 | Jones Lang LaSalle, Inc., 4.400%, 11/15/22 | 1,447,324 | ||||
1,597,000 | JPMorgan Chase & Co., Series 1, 7.900%, | 1,718,771 | ||||
2,000,000 | KeyBank NA, BKNT, 2.500%, 12/15/19 | 2,038,514 | ||||
1,680,000 | KKR Group Finance Co. III, LLC, 5.125%, | 1,738,200 | ||||
1,275,000 | Liberty Mutual Group, Inc., 7.800%, 3/15/37(b) | 1,558,687 | ||||
1,152,000 | Macquarie Bank, Ltd., 6.625%, 4/7/21(b) | 1,358,034 | ||||
870,000 | Massachusetts Mutual Life Insurance Co., 8.875%, 6/1/39(b) | 1,427,316 | ||||
1,000,000 | MetLife, Inc., 7.717%, 2/15/19 | 1,211,544 | ||||
3,735,000 | Morgan Stanley, GMTN, 6.625%, 4/1/18 | 4,248,010 | ||||
4,241,000 | Murray Street Investment Trust I, STEP, 4.647%, 3/9/17 | 4,494,226 | ||||
1,670,000 | National Rural Utilities Cooperative Finance Corp., 4.750%, 4/30/43(a) | 1,675,010 | ||||
987,000 | Nationwide Mutual Insurance Co., | 1,592,535 | ||||
1,655,000 | Nippon Life Insurance Co., 5.100%, | 1,793,606 |
Principal Amount | Fair Value |
CORPORATE BONDS — (continued) | ||||||
Financials — (continued) | ||||||
$ 1,000,000 | Ohio National Life Insurance Co., 6.875%, 6/15/42(b) | $ | 1,315,329 | |||
1,650,000 | Old Republic International Corp., 4.875%, 10/1/24 | 1,751,723 | ||||
1,447,000 | Pacific LifeCorp, 5.125%, 1/30/43(b) | 1,632,310 | ||||
500,000 | PNC Bank NA, BKNT, 4.875%, 9/21/17 | 539,744 | ||||
1,007,000 | PNC Bank NA, BKNT, 6.000%, 12/7/17 | 1,121,769 | ||||
1,305,000 | Prudential Financial, Inc., 8.875%, 6/15/38(a) | 1,538,269 | ||||
1,065,000 | Reinsurance Group of America, Inc., 5.625%, 3/15/17 | 1,148,473 | ||||
1,390,000 | Retail Opportunity Investments Partnership LP, REIT, 5.000%, 12/15/23 | 1,520,061 | ||||
1,670,000 | Royal Bank of Canada, GMTN, 2.200%, 7/27/18 | 1,705,197 | ||||
1,450,000 | Royal Bank of Scotland Group PLC, 4.700%, 7/3/18 | 1,521,249 | ||||
1,120,000 | Senior Housing Properties Trust, REIT, 6.750%, 4/15/20 | 1,276,952 | ||||
1,473,000 | Simon Property Group LP, REIT, 10.350%, 4/1/19 | 1,909,303 | ||||
1,014,000 | Sirius International Group, Ltd., 6.375%, 3/20/17(b) | 1,095,745 | ||||
1,350,000 | Standard Chartered Bank, 6.400%, 9/26/17(b) | 1,487,059 | ||||
1,485,000 | Symetra Financial Corp., 4.250%, 7/15/24 | 1,551,026 | ||||
2,540,000 | TIAA Asset Management Finance Co., LLC, 2.950%, 11/1/19(b) | 2,603,223 | ||||
1,062,000 | Transatlantic Holdings, Inc., 8.000%, 11/30/39 | 1,501,139 | ||||
805,000 | Validus Holdings, Ltd., 8.875%, 1/26/40 | 1,141,697 | ||||
1,304,000 | Ventas Realty LP, REIT, 5.700%, 9/30/43 | 1,602,310 | ||||
1,595,000 | Wachovia Corp., 5.500%, 8/1/35 | 1,879,247 | ||||
1,350,000 | WEA Finance, LLC / Westfield UK & Europe Finance PLC, 4.750%, 9/17/44(b) | 1,469,298 | ||||
1,415,000 | XLIT, Ltd., 4.450%, 3/31/25 | 1,424,158 | ||||
|
| |||||
115,909,229 | ||||||
|
| |||||
Health Care — 1.3% | ||||||
915,000 | Actavis Funding SCS, 3.800%, 3/15/25 | 944,307 | ||||
1,250,000 | Amgen, Inc., 5.150%, 11/15/41 | 1,439,700 | ||||
1,136,000 | DaVita HealthCare Partners, Inc., 6.625%, 11/1/20 | 1,189,960 | ||||
766,000 | Fresenius US Finance II, Inc., | 781,320 | ||||
1,133,000 | Humana, Inc., 4.950%, 10/1/44 | 1,246,695 | ||||
1,675,000 | Medtronic, Inc., 4.375%, 3/15/35(b) | 1,821,467 | ||||
1,666,000 | Zimmer Holdings, Inc., 4.250%, 8/15/35 | 1,718,484 | ||||
|
| |||||
9,141,933 | ||||||
|
| |||||
Industrials — 1.3% | ||||||
1,381,000 | Burlington Northern Santa Fe, LLC, 4.950%, 9/15/41 | 1,576,177 | ||||
1,535,000 | CNH Industrial Capital, LLC, 3.875%, 11/1/15 | 1,546,513 | ||||
1,650,000 | International Lease Finance Corp., 4.875%, 4/1/15 | 1,650,000 | ||||
1,701,000 | United Rentals North America, Inc., 7.375%, 5/15/20 | 1,838,143 | ||||
1,060,000 | Verisk Analytics, Inc., 5.800%, 5/1/21 | 1,220,065 | ||||
1,335,000 | Waste Management, Inc., 4.100%, 3/1/45 | 1,364,120 | ||||
|
| |||||
9,195,018 | ||||||
|
| |||||
Information Technology — 0.4% | ||||||
1,900,000 | Alibaba Group Holding, Ltd., | 1,900,654 |
Continued
33
Sterling Capital Total Return Bond Fund |
Schedule of Portfolio Investments — (continued) |
March 31, 2015 (Unaudited) |
Principal | Fair Value | |||||
CORPORATE BONDS — (continued) |
| |||||
Information Technology — (continued) | ||||||
$ 1,214,000 | Samsung Electronics America, Inc., 1.750%, 4/10/17(b) | $ | 1,224,145 | |||
|
| |||||
3,124,799 | ||||||
|
| |||||
Materials — 2.0% | ||||||
1,400,000 | Cemex SAB de CV, 5.875%, 3/25/19(b) | 1,445,500 | ||||
1,626,000 | Glencore Finance Canada, Ltd., 4.250%, 10/25/22(b) | 1,671,552 | ||||
854,000 | International Paper Co., 7.300%, 11/15/39 | 1,139,393 | ||||
1,248,000 | Louisiana-Pacific Corp., 7.500%, 6/1/20 | 1,332,240 | ||||
2,150,000 | LYB International Finance BV, 4.875%, 3/15/44 | 2,309,429 | ||||
1,214,000 | Mosaic Co. (The), 5.450%, 11/15/33 | 1,403,685 | ||||
1,305,000 | PetroLogistics LP/PetroLogistics Finance Corp., 6.250%, 4/1/20 | 1,397,981 | ||||
1,200,000 | Rockwood Specialties Group, Inc., 4.625%, 10/15/20 | 1,249,500 | ||||
1,820,000 | West Fraser Timber Co., Ltd., 4.350%, 10/15/24(b) | 1,822,907 | ||||
|
| |||||
13,772,187 | ||||||
|
| |||||
Telecommunication Services — 1.3% | ||||||
856,000 | British Telecommunications PLC, 9.625%, 12/15/30 | 1,411,776 | ||||
1,185,000 | Crown Castle Towers, LLC, 6.113%, | 1,351,824 | ||||
1,300,000 | GTP Acquisition Partners I, LLC, 7.628%, 6/15/16(b) | 1,369,875 | ||||
1,365,000 | Level 3 Financing, Inc., 9.375%, 4/1/19 | 1,428,991 | ||||
1,244,000 | Verizon Communications, Inc., 6.550%, 9/15/43 | 1,619,886 | ||||
1,577,000 | Verizon Communications, Inc., 5.012%, 8/21/54 | 1,636,279 | ||||
|
| |||||
8,818,631 | ||||||
|
| |||||
Utilities — 0.7% | ||||||
1,675,000 | CMS Energy Corp., 4.700%, 3/31/43 | 1,893,241 | ||||
1,354,000 | Progress Energy, Inc., 3.150%, 4/1/22 | 1,395,672 | ||||
1,802,000 | PSEG Power, LLC, 2.450%, 11/15/18 | 1,825,976 | ||||
|
| |||||
5,114,889 | ||||||
|
| |||||
Total Corporate Bonds | 233,824,382 | |||||
|
| |||||
FOREIGN GOVERNMENT BONDS — 0.6% |
| |||||
Mexico — 0.6% | ||||||
1,094,000 | United Mexican States, 5.550%, 1/21/45 | 1,282,715 | ||||
2,628,000 | United Mexican States, MTN, 4.750%, 3/8/44 | 2,759,400 | ||||
|
| |||||
4,042,115 | ||||||
|
| |||||
Total Foreign Government Bonds | 4,042,115 | |||||
|
| |||||
MORTGAGE-BACKED SECURITIES — 10.5% |
| |||||
Fannie Mae — 7.1% | ||||||
38,281 | 5.000%, 8/1/20, Pool #832058 | 40,253 | ||||
149,704 | 6.000%, 7/1/22, Pool #944967 | 157,893 | ||||
155,777 | 5.000%, 9/1/25, Pool #255892 | 173,026 | ||||
1,825,443 | 4.000%, 2/1/32, Pool #MA0977 | 1,980,032 | ||||
3,920,976 | 4.000%, 6/1/34, Pool #MA1922 | 4,234,911 | ||||
3,557,413 | 3.500%, 11/1/34, Pool #MA2077 | 3,761,414 | ||||
121,357 | 6.500%, 1/1/35, Pool #809198 | 139,435 | ||||
3,490,095 | 4.000%, 3/1/35, Pool #MA2211 | 3,767,248 | ||||
59,919 | 7.000%, 6/1/35, Pool #255820 | 69,229 |
Principal | Fair Value | |||||
MORTGAGE-BACKED SECURITIES — (continued) |
| |||||
Fannie Mae — (continued) | ||||||
$ 38,724 | 7.000%, 6/1/35, Pool #830686 | $ | 39,575 | |||
207,656 | 6.500%, 3/1/36, Pool #866062 | 240,314 | ||||
119,072 | 6.500%, 7/1/36, Pool #885493 | 136,706 | ||||
1,819,152 | 5.500%, 8/1/37, Pool #995082 | 2,057,226 | ||||
1,057,972 | 4.500%, 10/1/39, Pool #AC2645 | 1,156,312 | ||||
852,880 | 5.000%, 6/1/40, Pool #AD4927 | 954,537 | ||||
620,791 | 5.000%, 6/1/40, Pool #AD8718 | 691,125 | ||||
2,238,825 | 4.500%, 12/1/40, Pool #AH1100 | 2,452,095 | ||||
1,829,026 | 4.500%, 5/1/41, Pool #AI1023 | 2,004,720 | ||||
2,804,983 | 4.000%, 9/1/41, Pool #AI3940 | 3,006,380 | ||||
955,295 | 4.500%, 11/1/41, Pool #AJ4994 | 1,046,622 | ||||
1,691,871 | 4.500%, 12/1/41, Pool #AJ7696 | 1,853,473 | ||||
2,871,742 | 4.000%, 1/1/42, Pool #MA0956 | 3,077,564 | ||||
2,784,052 | 3.500%, 6/1/42, Pool #AB5373 | 2,929,408 | ||||
4,685,403 | 3.500%, 5/1/43, Pool #AB9368 | 4,926,433 | ||||
2,419,580 | 4.500%, 11/1/44, Pool #MA2100 | 2,645,564 | ||||
3,137,148 | 4.500%, 1/1/45, Pool #MA2158 | 3,439,914 | ||||
2,175,719 | 4.000%, 3/1/45, Pool #MA2217 | 2,329,418 | ||||
|
| |||||
49,310,827 | ||||||
|
| |||||
Freddie Mac — 3.0% | ||||||
205,762 | 5.500%, 10/1/21, Pool #G12425 | 224,549 | ||||
139,440 | 5.000%, 12/1/21, Pool #J04025 | 147,720 | ||||
256,499 | 5.000%, 7/1/25, Pool #C90908 | 284,134 | ||||
558,370 | 2.500%, 1/1/28, Pool #J22069 | 573,647 | ||||
433,408 | 4.000%, 11/1/31, Pool #C91410 | 467,556 | ||||
1,759,676 | 3.500%, 4/1/32, Pool #C91437 | 1,857,044 | ||||
2,766,883 | 3.500%, 7/1/32, Pool #C91467 | 2,920,215 | ||||
223,187 | 5.000%, 3/1/36, Pool #G08115 | 248,082 | ||||
21,174 | 6.500%, 5/1/36, Pool #A48509 | 24,256 | ||||
62,225 | 5.000%, 7/1/36, Pool #G02291 | 69,109 | ||||
664,797 | 6.500%, 9/1/36, Pool #G08152 | 761,580 | ||||
319,962 | 5.000%, 2/1/37, Pool #A57714 | 354,381 | ||||
259,209 | 4.500%, 10/1/39, Pool #A89346 | 282,818 | ||||
952,274 | 5.000%, 6/1/40, Pool #C03479 | 1,057,092 | ||||
585,428 | 3.768%, 7/1/40, Pool #1B4948(a) | 622,483 | ||||
2,205,388 | 5.000%, 7/1/40, Pool #A93070 | 2,448,727 | ||||
2,596,559 | 4.000%, 12/1/42, Pool #G07266 | 2,786,320 | ||||
1,927,108 | 3.500%, 5/1/43, Pool #Q18305 | 2,022,308 | ||||
1,881,900 | 4.000%, 5/1/44, Pool #V81186 | 2,019,088 | ||||
848,374 | 4.000%, 7/1/44, Pool #G08595 | 906,280 | ||||
737,512 | 4.000%, 9/1/44, Pool #Q28299 | 791,717 | ||||
|
| |||||
20,869,106 | ||||||
|
| |||||
Ginnie Mae — 0.4% | ||||||
552,167 | 5.000%, 2/15/40, Pool #737037 | 617,374 | ||||
2,106,882 | 4.500%, 9/20/40, Pool #4801 | 2,302,412 | ||||
|
| |||||
2,919,786 | ||||||
|
| |||||
Total Mortgage-Backed Securities | 73,099,719 | |||||
|
| |||||
MUNICIPAL BONDS — 8.8% |
| |||||
California — 2.3% | ||||||
3,700,000 | Metropolitan Water District of Southern California, Build America Bonds, Water Utility Improvements Revenue, Callable 7/1/19 @ 100, 6.538%, 7/1/39 | 4,274,425 | ||||
2,100,000 | Sacramento County Sanitation Districts Financing Authority, Refunding Revenue, Taxable, Series B, 2.810%, 12/1/21 | 2,152,920 |
Continued
34
Sterling Capital Total Return Bond Fund |
Schedule of Portfolio Investments — (continued) |
March 31, 2015 (Unaudited) |
Principal | Fair Value | |||||
MUNICIPAL BONDS — (continued) |
| |||||
California — (continued) | ||||||
$ 5,460,000 | Solano County Community College District, Refunding Revenue, Taxable, Series B, G.O., 2.909%, 8/1/20 | $ | 5,726,994 | |||
1,285,000 | State of California, Build America Bonds, School Improvements G.O., 7.625%, 3/1/40 | 1,999,434 | ||||
1,850,000 | University of California, Univ. & College Improvements, Taxable Revenue, Series AN, 3.338%, 5/15/22 | 1,970,639 | ||||
|
| |||||
16,124,412 | ||||||
|
| |||||
Colorado — 0.3% | ||||||
1,810,000 | Colorado Housing & Finance Authority, Unemployment/Welfare Funding Revenue, Taxable, Series B, 1.600%, 5/15/16 | 1,832,064 | ||||
|
| |||||
Connecticut — 0.5% | ||||||
3,000,000 | State of Connecticut Special Tax Revenue, Build America Bonds, Transition Infrastructure, Series B, 4.126%, 11/1/20 | 3,247,800 | ||||
|
| |||||
District of Columbia — 0.3% | ||||||
1,835,000 | George Washington University (The), Series 2012, 3.485%, 9/15/22 | 1,921,502 | ||||
|
| |||||
Florida — 0.7% | ||||||
2,135,000 | Brevard County School District, Refunding Certificates of Participation, Taxable, Series B, 1.981%, 7/1/18 | 2,131,029 | ||||
2,500,000 | Greater Orlando Aviation Authority, Airport Facilities Refunding Revenue, Taxable, Series D, 3.733%, 10/1/20 | 2,710,000 | ||||
|
| |||||
4,841,029 | ||||||
|
| |||||
Georgia — 0.3% | ||||||
1,840,000 | Rockdale County Water & Sewerage Authority, Refunding Revenue, Taxable (County GTD), 2.860%, 7/1/23 | 1,894,611 | ||||
|
| |||||
Illinois — 0.7% | ||||||
4,500,000 | State of Illinois, Building Public Improvements Revenue, Taxable, 3.081%, 6/15/23 | 4,582,080 | ||||
|
| |||||
New Jersey — 0.2% | ||||||
1,305,000 | New Jersey Economic Development Authority, School Facilities Construction, Refunding Revenue, Series 00, 1.648%, 3/1/18 | 1,305,078 | ||||
|
| |||||
New York — 1.3% | ||||||
2,000,000 | New York State Dormitory Authority, Public Improvements, Taxable Revenue, Series D, 2.550%, 3/15/21 | 2,047,180 | ||||
750,000 | New York State Environmental Facilities Corp., State Revolving Funds, Refunding Revenue, Taxable, Series C, 2.445%, 6/15/20 | 747,870 | ||||
900,000 | New York State Environmental Facilities Corp., State Revolving Funds, Refunding Revenue, Taxable, Series C, 2.745%, 6/15/22 | 900,387 | ||||
2,900,000 | New York, NY, Build America Bonds, Public Improvements G.O., 4.774%, 3/1/20 | 3,238,836 | ||||
1,640,000 | New York, NY, Build America Bonds, Public Improvements G.O., 4.874%, 3/1/21 | 1,858,333 | ||||
|
| |||||
8,792,606 | ||||||
|
|
Principal | Fair Value | |||||
MUNICIPAL BONDS — (continued) |
| |||||
North Carolina — 0.6% | ||||||
$ 4,500,000 | North Carolina Eastern Municipal Power Agency Refunding Revenue, Taxable, Series C, 2.440%, 1/1/17 | $ | 4,555,575 | |||
|
| |||||
Ohio — 0.7% | ||||||
4,165,000 | Columbus City School District, Refunding Revenue, Taxable, G.O., 5.000%, 12/1/22 | 4,882,171 | ||||
|
| |||||
Pennsylvania — 0.3% | ||||||
2,260,000 | Philadelphia Authority for Industrial Development, Refunding Revenue, Taxable, 3.664%, 4/15/22 | 2,298,962 | ||||
|
| |||||
Texas — 0.2% | ||||||
1,390,000 | State of Texas Public Finance Authority, Taxable, Series B, Refunding G.O., 3.093%, 10/1/24 | 1,453,926 | ||||
|
| |||||
Washington — 0.2% | ||||||
1,680,000 | Port of Vancouver, WA, Refunding G.O., Limited Tax, Taxable, Series B, 2.714%, 12/1/21 | 1,723,159 | ||||
|
| |||||
Wisconsin — 0.2% | ||||||
1,640,000 | Milwaukee County, WI, Pension Promissory Notes, Refunding G.O., Taxable, Callable 12/1/22 @ 100, 3.862%, 12/1/30 | 1,641,607 | ||||
|
| |||||
Total Municipal Bonds | 61,096,582 | |||||
|
| |||||
U.S. GOVERNMENT AGENCIES — 2.2% |
| |||||
Fannie Mae — 0.3% | ||||||
1,471,000 | 6.250%, 5/15/29 | 2,108,952 | ||||
|
| |||||
Federal Home Loan Bank — 1.9% | ||||||
13,385,000 | 0.500%, 9/28/16 | 13,385,495 | ||||
|
| |||||
Total U.S. Government Agencies | 15,494,447 | |||||
|
| |||||
U.S. TREASURY BONDS — 1.1% |
| |||||
2,826,854 | 1.750%, 1/15/28(c) | 3,308,525 | ||||
3,342,285 | 0.625%, 2/15/43(c) | 3,274,657 | ||||
839,000 | 3.125%, 2/15/43 | 936,927 | ||||
|
| |||||
Total U.S. Treasury Bonds | 7,520,109 | |||||
|
| |||||
U.S. TREASURY NOTES — 1.7% |
| |||||
10,840,000 | 0.875%, 7/15/17 | 10,894,200 | ||||
563,000 | 2.750%, 2/15/24 | 603,378 | ||||
|
| |||||
Total U.S. Treasury Notes | 11,497,578 | |||||
|
|
Continued |
35 |
Sterling Capital Total Return Bond Fund |
Schedule of Portfolio Investments — (continued) |
March 31, 2015 (Unaudited) |
Shares | Fair Value | |||||
PREFERRED STOCKS — 0.9% |
| |||||
Financials — 0.7% | ||||||
61,601 | Citigroup Capital XIII, 7.875% | $ | 1,633,659 | |||
52,677 | Lloyds Banking Group PLC, 7.750% | 1,339,049 | ||||
65,135 | US Bancorp, Series F, 6.500% | 1,935,161 | ||||
|
| |||||
4,907,869 | ||||||
|
| |||||
Telecommunication Services — 0.2% | ||||||
47,000 | Qwest Corp., 7.000% | 1,245,500 | ||||
|
| |||||
Total Preferred Stocks | 6,153,369 | |||||
|
| |||||
MONEY MARKET FUND — 1.0% |
| |||||
7,027,423 | Federated Treasury Obligations Fund, Institutional Shares, 0.010%(d) | 7,027,423 | ||||
|
| |||||
Total Money Market Fund | 7,027,423 | |||||
|
| |||||
Total Investments — 99.5% | 691,714,770 | |||||
Net Other Assets (Liabilities) — 0.5% | 3,387,773 | |||||
|
| |||||
NET ASSETS — 100.0% | $ | 695,102,543 | ||||
|
|
(a) | The interest rate for this variable rate note, which will change periodically, is based either on the prime rate or an index of market rates. The reflected rate is in effect as of March 31, 2015. The maturity date reflected is the final maturity date. |
(b) | Rule 144A, Section 4(2) or other security that is restricted as to resale to qualified institutional investors.The Advisor, using Board approved procedures, has deemed these securities or a portion of these securities to be liquid. |
(c) | Inflation protection security. Principal amount periodically adjusted for inflation. |
(d) | Represents the current yield as of report date. |
BKNT — Bank Note
G.O. — General Obligation
GMTN — Global Medium Term Note
GTD — Guaranteed
MTN — Medium Term Note
REIT — Real Estate Investment Trust
STEP — Step Coupon Bond
See accompanying Notes to the Financial Statements.
36
Sterling Capital Corporate Fund |
Schedule of Portfolio Investments |
March 31, 2015 (Unaudited) |
Principal | Fair Value | |||||
ASSET BACKED SECURITIES — 0.5% |
| |||||
$ 300,000 | SBA Tower Trust, Series 2014-1A, Class C, STEP, 2.898%, 10/15/44(a) | $ | 303,646 | |||
|
| |||||
Total Asset Backed Securities | 303,646 | |||||
|
| |||||
CORPORATE BONDS — 96.5% |
| |||||
Consumer Discretionary — 7.7% | ||||||
320,000 | 21st Century Fox America, Inc., 4.500%, 2/15/21 | 354,451 | ||||
325,000 | CBS Corp., 2.300%, 8/15/19 | 325,049 | ||||
425,000 | Daimler Finance North America, LLC, 3.250%, 8/1/24(a) | 442,027 | ||||
390,000 | ERAC USA Finance, LLC, 2.800%, 11/1/18(a) | 401,289 | ||||
360,000 | General Motors Financial Co., Inc., 2.750%, 5/15/16 | 364,018 | ||||
455,000 | Grupo Televisa SAB, 6.000%, 5/15/18 | 516,011 | ||||
455,000 | Interpublic Group of Cos., Inc. (The), 3.750%, 2/15/23 | 471,317 | ||||
255,000 | Lear Corp., 5.375%, 3/15/24 | 263,925 | ||||
325,000 | Levi Strauss & Co., 7.625%, 5/15/20 | 338,000 | ||||
245,000 | Omnicom Group, Inc., 3.650%, 11/1/24 | 253,442 | ||||
510,000 | Time Warner Cable, Inc., 4.000%, 9/1/21 | 545,890 | ||||
230,000 | Toll Brothers Finance Corp., 6.750%, 11/1/19 | 259,900 | ||||
|
| |||||
4,535,319 | ||||||
|
| |||||
Consumer Staples — 1.2% | ||||||
380,000 | Altria Group, Inc., 4.750%, 5/5/21 | 424,157 | ||||
225,000 | Lorillard Tobacco Co., 6.875%, 5/1/20 | 268,174 | ||||
50,000 | Walgreens Boots Alliance, Inc., 2.700%, 11/18/19 | 51,080 | ||||
|
| |||||
743,411 | ||||||
|
| |||||
Energy — 13.2% | ||||||
334,000 | BP Capital Markets PLC, 1.375%, 11/6/17 | 333,843 | ||||
385,000 | Buckeye Partners LP, 2.650%, 11/15/18 | 384,858 | ||||
550,000 | Chesapeake Energy Corp., 3.503%, 4/15/19(b) | 529,375 | ||||
250,000 | CNOOC Nexen Finance, 4.250%, 4/30/24 | 265,769 | ||||
450,000 | Enable Midstream Partners LP, 3.900%, 5/15/24(a) | 433,601 | ||||
415,000 | Energy Transfer Partners LP, 4.050%, 3/15/25 | 418,511 | ||||
405,000 | EnLink Midstream Partners LP, 4.400%, 4/1/24 | 425,727 | ||||
448,000 | Freeport-McMoran Oil & Gas, LLC/FCX Oil & Gas, Inc., 6.500%, 11/15/20 | 475,440 | ||||
272,000 | Kinder Morgan Energy Partners LP, 6.850%, 2/15/20 | 317,473 | ||||
154,000 | Kinder Morgan, Inc., 7.000%, 6/15/17 | 169,868 | ||||
275,000 | Magellan Midstream Partners LP, 6.550%, 7/15/19 | 322,271 | ||||
247,000 | MarkWest Energy Partners LP/MarkWest Energy Finance Corp., 6.750%, 11/1/20 | 259,350 | ||||
303,000 | NuStar Logistics LP, 4.750%, 2/1/22 | 290,880 | ||||
285,000 | Oceaneering International, Inc., 4.650%, 11/15/24 | 288,145 | ||||
410,000 | Petrofac, Ltd., 3.400%, 10/10/18(a) | 404,274 | ||||
350,000 | Pioneer Natural Resources Co., 6.650%, 3/15/17 | 380,445 | ||||
410,000 | Regency Energy Partners LP/Regency Energy Finance Corp., 6.500%, 7/15/21 | 429,475 | ||||
305,000 | Spectra Energy Capital, LLC, 8.000%, 10/1/19 | 369,514 | ||||
355,000 | Spectra Energy Partners LP, 3.500%, 3/15/25 | 356,768 | ||||
163,000 | TC Pipelines LP, 4.375%, 3/13/25 | 164,616 | ||||
368,000 | Western Gas Partners LP, 4.000%, 7/1/22 | 374,075 |
Principal | Fair Value | |||||
CORPORATE BONDS — (continued) |
| |||||
Energy — (continued) | ||||||
$ 300,000 | Williams Partners LP/ACMP Finance Corp., 6.125%, 7/15/22 | $ | 317,850 | |||
135,000 | Williams Partners LP/ACMP Finance Corp., 4.875%, 3/15/24 | 135,675 | ||||
|
| |||||
7,847,803 | ||||||
|
| |||||
Financials — 54.2% | ||||||
270,000 | AgriBank FCB, Series AI, 9.125%, 7/15/19 | 344,574 | ||||
352,000 | Alexandria Real Estate Equities, Inc., REIT, 4.600%, 4/1/22 | 371,963 | ||||
255,000 | Alleghany Corp., 4.950%, 6/27/22 | 282,543 | ||||
335,000 | Ally Financial, Inc., 2.750%, 1/30/17 | 333,764 | ||||
280,000 | Apollo Management Holdings LP, 4.000%, 5/30/24(a) | 288,011 | ||||
380,000 | Ares Finance Co., LLC, 4.000%, | 373,777 | ||||
260,000 | Aspen Insurance Holdings, Ltd., 4.650%, 11/15/23 | 274,538 | ||||
400,000 | Associated Banc-Corp, 2.750%, 11/15/19 | 405,094 | ||||
560,000 | Associates Corp. of North America, 6.950%, 11/1/18 | 652,179 | ||||
250,000 | AXIS Specialty Finance PLC, 2.650%, 4/1/19 | 253,011 | ||||
940,000 | Bank of America Corp., MTN, 6.875%, 4/25/18 | 1,075,226 | ||||
875,000 | Bank of America Corp., Series K, 8.000%, 7/29/49(b) | 935,156 | ||||
250,000 | Bank of Tokyo-Mitsubishi UFJ, Ltd. (The), 2.350%, 9/8/19(a) | 252,361 | ||||
485,000 | Bear Stearns Cos., LLC (The), 5.550%, 1/22/17 | 518,807 | ||||
335,000 | Blackstone Holdings Finance Co., LLC, 6.625%, 8/15/19(a) | 395,913 | ||||
185,000 | Brixmor Operating Partnership LP, 3.850%, 2/1/25 | 185,152 | ||||
600,000 | Capital One Financial Corp., 3.200%, 2/5/25 | 595,019 | ||||
255,000 | CBRE Services, Inc., 5.250%, 3/15/25 | 274,125 | ||||
335,000 | CIT Group, Inc., 4.250%, 8/15/17 | 339,187 | ||||
390,000 | Citigroup, Inc., 3.500%, 5/15/23 | 388,920 | ||||
350,000 | Cooperatieve Centrale Raiffeisen- Boerenleenbank BA, 3.950%, 11/9/22 | 362,321 | ||||
338,000 | Corrections Corp. of America, REIT, 4.125%, 4/1/20 | 340,113 | ||||
355,000 | Credit Suisse, MTN, 3.625%, 9/9/24 | 366,916 | ||||
397,000 | CubeSmart LP, REIT, 4.800%, 7/15/22 | 438,538 | ||||
355,000 | DDR Corp., REIT, 9.625%, 3/15/16 | 382,897 | ||||
365,000 | Essex Portfolio LP, REIT, 3.250%, 5/1/23 | 364,500 | ||||
300,000 | Excel Trust LP, REIT, 4.625%, 5/15/24 | 314,802 | ||||
485,000 | Federal Realty Investment Trust, REIT, 6.200%, 1/15/17 | 531,690 | ||||
355,000 | First American Financial Corp., 4.300%, 2/1/23 | 355,467 | ||||
250,000 | First Data Corp., 7.375%, 6/15/19(a) | 261,250 | ||||
410,000 | Ford Motor Credit Co., LLC, 2.375%, 1/16/18 | 417,095 | ||||
1,100,000 | General Electric Capital Corp., Series B, 6.250%, 12/29/49(b) | 1,237,500 | ||||
515,000 | Goldman Sachs Group, Inc. (The), 3.625%, 1/22/23 | 532,702 | ||||
300,000 | Goodman Funding Pty, Ltd., REIT, 6.375%, 11/12/20(a) | 350,737 | ||||
235,000 | Health Care REIT, Inc., 4.950%, 1/15/21 | 261,029 | ||||
505,000 | Healthcare Realty Trust, Inc., REIT, 3.750%, 4/15/23 | 505,884 | ||||
405,000 | Healthcare Trust of America Holdings LP, REIT, 3.375%, 7/15/21 | 411,162 |
Continued |
37
Sterling Capital Corporate Fund |
Schedule of Portfolio Investments — (continued) |
March 31, 2015 (Unaudited) |
Principal Amount | Fair Value | |||||||
| CORPORATE BONDS — (continued) |
| ||||||
Financials — (continued) | ||||||||
$ 408,000 | Host Hotels & Resorts LP, REIT, Series D, 3.750%, 10/15/23 | $ | 413,546 | |||||
692,000 | HSBC Finance Corp., 6.676%, 1/15/21 | 821,701 | ||||||
408,000 | Jones Lang LaSalle, Inc., 4.400%, 11/15/22 | 429,148 | ||||||
975,000 | JPMorgan Chase & Co., Series 1, | 1,049,344 | ||||||
365,000 | KeyCorp, MTN, 5.100%, 3/24/21 | 414,551 | ||||||
245,000 | Liberty Mutual Group, Inc., 4.250%, 6/15/23(a) | 260,958 | ||||||
410,000 | Macquarie Bank, Ltd., 5.000%, 2/22/17(a) | 436,630 | ||||||
450,000 | Macquarie Bank, Ltd., 6.625%, 4/7/21(a) | 530,482 | ||||||
335,000 | MetLife, Inc., 7.717%, 2/15/19 | 405,867 | ||||||
997,000 | Morgan Stanley, GMTN, 6.625%, 4/1/18 | 1,133,940 | ||||||
869,000 | Murray Street Investment Trust I, | 920,887 | ||||||
255,000 | National City Corp., 6.875%, 5/15/19 | 300,879 | ||||||
345,000 | National Rural Utilities Cooperative Finance Corp., 10.375%, | 446,993 | ||||||
410,000 | Nationwide Financial Services, Inc., | 461,779 | ||||||
255,000 | Old Republic International Corp., | 270,721 | ||||||
400,000 | Pacific LifeCorp, 6.000%, | 457,508 | ||||||
265,000 | PNC Bank NA, BKNT, 4.875%, 9/21/17 | 286,064 | ||||||
250,000 | Protective Life Corp., 7.375%, 10/15/19 | 301,081 | ||||||
300,000 | Prudential Financial, Inc., 8.875%, 6/15/38(b) | 353,625 | ||||||
400,000 | Reinsurance Group of America, | 431,351 | ||||||
390,000 | Retail Opportunity Investments Partnership LP, REIT, 5.000%, 12/15/23 | 426,492 | ||||||
365,000 | Royal Bank of Scotland Group PLC, 4.700%, 7/3/18 | 382,935 | ||||||
245,000 | Senior Housing Properties Trust, REIT, 6.750%, 4/15/20 | 279,333 | ||||||
395,000 | Simon Property Group LP, REIT, | 511,999 | ||||||
467,000 | Sirius International Group, Ltd., | 504,648 | ||||||
485,000 | Standard Chartered Bank, 6.400%, 9/26/17(a) | 534,240 | ||||||
250,000 | SunTrust Banks, Inc., 3.500%, 1/20/17 | 260,257 | ||||||
270,000 | Symetra Financial Corp., 4.250%, 7/15/24 | 282,005 | ||||||
610,000 | TIAA Asset Management Finance Co., LLC, 2.950%, 11/1/19(a) | 625,183 | ||||||
375,000 | UBS AG, MTN, 5.875%, 7/15/16 | 396,719 | ||||||
575,000 | US Bancorp, MTN, 2.950%, 7/15/22 | 584,927 | ||||||
500,000 | WEA Finance, LLC/Westfield UK & Europe Finance PLC, | 506,145 | ||||||
390,000 | WR Berkley Corp., 4.625%, 3/15/22 | 424,047 | ||||||
295,000 | XLIT, Ltd., 4.450%, 3/31/25 | 296,909 | ||||||
|
| |||||||
32,116,817 | ||||||||
|
| |||||||
Health Care — 2.6% | ||||||||
200,000 | Actavis Funding SCS, 3.800%, 3/15/25 | 206,406 | ||||||
303,000 | DaVita HealthCare Partners, Inc., | 317,393 | ||||||
285,000 | DENTSPLY International, Inc., | 290,483 | ||||||
310,000 | Fresenius US Finance II, Inc., | 316,200 | ||||||
430,000 | Zimmer Holdings, Inc., 2.700%, 4/1/20 | 435,997 | ||||||
|
| |||||||
1,566,479 | ||||||||
|
|
Principal Amount | Fair Value | |||||||
| CORPORATE BONDS — (continued) |
| ||||||
Industrials — 5.7% | ||||||||
$ 325,000 | CNH Industrial Capital, LLC, 3.875%, 11/1/15 | $ | 327,437 | |||||
230,000 | Dover Corp., 5.450%, 3/15/18 | 255,586 | ||||||
255,000 | International Lease Finance Corp., | 255,000 | ||||||
400,000 | Penske Truck Leasing Co. LP/PTL Finance Corp., 4.875%, 7/11/22(a) | 432,742 | ||||||
336,000 | Ryder System, Inc., MTN, 2.350%, 2/26/19 | 338,247 | ||||||
345,000 | Textron, Inc., 3.650%, 3/1/21 | 360,727 | ||||||
445,000 | United Rentals North America, Inc., | 480,878 | ||||||
445,000 | Verisk Analytics, Inc., 5.800%, 5/1/21 | 512,197 | ||||||
350,000 | Waste Management, Inc., 4.600%, 3/1/21 | 391,283 | ||||||
|
| |||||||
3,354,097 | ||||||||
|
| |||||||
Information Technology — 1.0% | ||||||||
340,000 | Alibaba Group Holding, Ltd., | 340,117 | ||||||
250,000 | Altera Corp., 1.750%, 5/15/17 | 251,535 | ||||||
|
| |||||||
591,652 | ||||||||
|
| |||||||
Materials — 4.6% | ||||||||
394,000 | Cemex SAB de CV, 5.875%, 3/25/19(a) | 406,805 | ||||||
585,000 | Glencore Finance Canada, Ltd., 4.250%, | 601,389 | ||||||
390,000 | Louisiana-Pacific Corp., 7.500%, 6/1/20 | 416,325 | ||||||
400,000 | LYB International Finance BV, 4.000%, 7/15/23 | 423,708 | ||||||
330,000 | PetroLogistics LP/PetroLogistics Finance Corp., 6.250%, 4/1/20 | 353,513 | ||||||
254,000 | Rockwood Specialties Group, Inc., 4.625%, 10/15/20 | 264,477 | ||||||
250,000 | West Fraser Timber Co., Ltd., 4.350%, | 250,399 | ||||||
|
| |||||||
2,716,616 | ||||||||
|
| |||||||
Telecommunication Services — 4.3% | ||||||||
450,000 | Crown Castle Towers, LLC, 6.113%, 1/15/20(a) | 513,351 | ||||||
305,000 | GTP Acquisition Partners I, LLC, 7.628%, 6/15/16(a) | 321,394 | ||||||
267,000 | Level 3 Financing, Inc., 9.375%, 4/1/19 | 279,517 | ||||||
310,000 | Telefonica Emisiones SAU, 3.992%, 2/16/16 | 317,891 | ||||||
525,000 | Verizon Communications, Inc., 1.041%, | 529,062 | ||||||
497,000 | Verizon Communications, Inc., 5.150%, | 569,802 | ||||||
|
| |||||||
2,531,017 | ||||||||
|
| |||||||
Utilities — 2.0% | ||||||||
313,000 | CMS Energy Corp., 8.750%, 6/15/19 | 395,762 | ||||||
350,000 | Dominion Resources, Inc., 5.200%, 8/15/19 | 393,954 | ||||||
375,000 | PSEG Power, LLC, 2.450%, 11/15/18 | 379,989 | ||||||
|
| |||||||
1,169,705 | ||||||||
|
| |||||||
Total Corporate Bonds | 57,172,916 | |||||||
|
|
Continued
38
Sterling Capital Corporate Fund |
Schedule of Portfolio Investments — (continued) |
March 31, 2015 (Unaudited) |
Shares | Fair Value | |||||
PREFERRED STOCKS — 1.1% |
| |||||
Financials — 1.1% | ||||||
14,500 | Citigroup Capital XIII, 7.875% | $ | 384,540 | |||
10,196 | Lloyds Banking Group PLC, 7.750% | 259,182 | ||||
|
| |||||
643,722 | ||||||
|
| |||||
Total Preferred Stocks | 643,722 | |||||
|
| |||||
MONEY MARKET FUND — 0.4% | ||||||
216,216 | Federated Treasury Obligations Fund, Institutional Shares, 0.010%(c) | 216,216 | ||||
|
| |||||
Total Money Market Fund | 216,216 | |||||
|
| |||||
Total Investments — 98.5% | 58,336,500 | |||||
Net Other Assets (Liabilities) — 1.5% | 882,401 | |||||
|
| |||||
NET ASSETS — 100.0%. | $ | 59,218,901 | ||||
|
|
(a) | Rule 144A, Section 4(2) or other security that is restricted as to resale to qualified institutional investors. The Advisor, using Board approved procedures, has deemed these securities or a portion of these securities to be liquid. |
(b) | The interest rate for this variable rate note, which will change periodically, is based either on the prime rate or an index of market rates. The reflected rate is in effect as of March 31, 2015. The maturity date reflected is the final maturity date. |
(c) | Represents the current yield as of report date. |
BKNT — Bank Note
GMTN — Global Medium Term Note
MTN — Medium Term Note
REIT — Real Estate Investment Trust
STEP — Step Coupon Bond
See accompanying Notes to the Financial Statements.
39
Sterling Capital Securitized Opportunities Fund |
Schedule of Portfolio Investments |
March 31, 2015 (Unaudited) |
Principal | Fair Value | |||||||
ASSET BACKED SECURITIES — 17.5% | ||||||||
$ 350,000 | AmeriCredit Automobile Receivables Trust, | $ | 354,462 | |||||
255,000 | AmeriCredit Automobile Receivables Trust, Series 2014-1, Class B, 1.680%, 7/8/19 | 255,781 | ||||||
380,000 | AmeriCredit Automobile Receivables Trust, Series 2015-1, Class B, 1.880%, 3/9/20 | 379,901 | ||||||
360,296 | Argent Securities, Inc. Pass Through Certificates, | 349,500 | ||||||
600,000 | Avis Budget Rental Car Funding AESOP, LLC, Series 2014-2A, Class A, 2.500%, 2/20/21(b) | 606,573 | ||||||
300,000 | Bear Stearns Asset Backed Securities I Trust, | 300,568 | ||||||
422,000 | Chase Issuance Trust, Series 2014-A2, Class A2, 2.770%, 3/15/23 | 435,889 | ||||||
625,000 | Citibank Credit Card Issuance Trust, Series 2014-A1, Class A1, 2.880%, 1/23/23 | 650,402 | ||||||
300,000 | Citibank Credit Card Issuance Trust, Series 2007-A3, Class A3, 6.150%, 6/15/39 | 418,722 | ||||||
640,000 | Encore Credit Receivables Trust, Series 2005-4, Class M2, 0.611%, 1/25/36(a) | 595,158 | ||||||
370,000 | Ford Credit Auto Owner Trust 2014-REV2, Series 2014-2, Class A, 2.310%, 4/15/26(b) | 376,915 | ||||||
650,000 | Hertz Vehicle Financing, LLC, Series 2013-1A, Class A2, 1.830%, 8/25/19(b) | 647,717 | ||||||
518,018 | Long Beach Mortgage Loan Trust, Series 2006-WL2, Class 2A3, 0.371%, 1/25/36(a) | 498,868 | ||||||
399,583 | Morgan Stanley Home Equity Loan Trust, Series 2005-3, Class M2, 0.641%, 8/25/35(a) | 384,771 | ||||||
320,000 | RAMP Trust, Series 2005-RZ4, Class M2, 0.671%, 11/25/35(a) | 275,243 | ||||||
400,000 | Santander Drive Auto Receivables Trust, Series 2014-1, Class B, 1.590%, 10/15/18 | 401,292 | ||||||
453,241 | Securitized Asset Backed Receivables, LLC Trust, Series 2005-OP2, Class A2C, 0.491%, 10/25/35(a) | 439,020 | ||||||
|
| |||||||
Total Asset Backed Securities (Cost $7,254,251) | 7,370,782 | |||||||
|
| |||||||
| COLLATERALIZED MORTGAGE OBLIGATIONS — 27.3% | |||||||
211,773 | Banc of America Alternative Loan Trust, Series 2004-10, Class 1CB1, 6.000%, 11/25/34 | 220,085 | ||||||
152,123 | Banc of America Mortgage Trust, Series 2005-3, Class 1A24, 5.500%, 4/25/35 | 154,479 | ||||||
178,904 | Citicorp Mortgage Securities, Inc., Series 2005-1, Class 1A4, 5.500%, 2/25/35 | 182,515 | ||||||
197,435 | Citigroup Mortgage Loan Trust, Inc., Series 2004-NCM2, Class 3CB2, 6.500%, 8/25/19 | 207,449 | ||||||
252,906 | Countrywide Alternative Loan Trust, Series 2004-22CB, Class 1A1, 6.000%, 10/25/34 | 268,030 | ||||||
86,047 | Countrywide Home Loan Mortgage Pass Through Trust, Series 2003-J7, Class 1A3, 5.250%, 8/25/33 | 87,767 | ||||||
171,355 | Countrywide Home Loan Mortgage Pass Through Trust, | 178,418 | ||||||
200,116 | Credit Suisse First Boston Mortgage Securities Corp., Series 2005-2, Class 4A1, 5.250%, 2/25/20 | 201,870 |
Principal | Fair Value | |||||||
| COLLATERALIZED MORTGAGE OBLIGATIONS — (continued) | |||||||
$ 271,271 | Credit Suisse First Boston Mortgage Securities Corp., Series 2004-1, Class 2A1, 6.500%, 2/25/34 | $ | 287,135 | |||||
216,318 | Credit Suisse First Boston Mortgage Securities Corp., Series 2005-6, Class 2A3, 5.500%, 7/25/35 | 225,264 | ||||||
585,038 | Fannie Mae, Series 2011-99, Class CV, 4.500%, 3/25/26 | 651,692 | ||||||
375,000 | Fannie Mae, Series 2011-15, Class VB, 4.000%, 9/25/29 | 406,083 | ||||||
448,134 | Fannie Mae, Series 2004-17, Class BZ, 6.000%, 4/1/34 | 597,049 | ||||||
154,000 | Fannie Mae, Series 2013-30, Class PY, 3.000%, 4/25/43 | 157,548 | ||||||
357,996 | FirstKey Mortgage Trust, Series 2014-1, Class A12, 3.500%, 11/1/44(a)(b) | 365,826 | ||||||
308,842 | Freddie Mac, Series 3768, Class V, 4.000%, 11/15/23 | 335,377 | ||||||
100,000 | Freddie Mac, Series 3558, Class G, 4.000%, 8/15/24 | 110,228 | ||||||
38,406 | Freddie Mac, Series 4079, Class WV, 3.500%, 3/15/27 | 40,463 | ||||||
308,130 | Freddie Mac, Series 4136, Class HZ, 3.500%, 11/15/27 | 331,674 | ||||||
487,327 | Freddie Mac, Series 2525, Class AM, 4.500%, 4/15/32 | 546,603 | ||||||
162,222 | Freddie Mac, Series 2485, Class WG, 6.000%, 8/15/32 | 185,941 | ||||||
150,000 | Freddie Mac, Series 2702, Class CE, 4.500%, 11/15/33 | 164,408 | ||||||
282,845 | Freddie Mac, Series 3440, Class EM, 5.000%, 4/15/38 | 314,708 | ||||||
596,378 | Freddie Mac, Series 3835, Class BA, 4.000%, 8/15/38 | 639,084 | ||||||
482,316 | Freddie Mac, Series 3753, Class PA, 3.500%, 9/15/39 | 509,031 | ||||||
466,345 | Freddie Mac, Series 3816, Class HM, 4.500%, 5/1/40 | 520,642 | ||||||
371,910 | Freddie Mac, Series 4077, Class PJ, 3.500%, 11/15/40 | 395,650 | ||||||
242,650 | Freddie Mac, Series 3803, Class PJ, 4.250%, 1/15/41 | 262,641 | ||||||
640,000 | Freddie Mac, Series 4176, Class CE, 3.000%, 3/15/43 | 648,875 | ||||||
226,059 | Ginnie Mae, Series 2010-85, Class DQ, 3.000%, 12/20/39 | 231,641 | ||||||
349,868 | MASTR Alternative Loan Trust, Series 2003-5, Class 8A1, 5.500%, 6/25/33 | 360,926 | ||||||
87,566 | MASTR Alternative Loan Trust, Series 2004-13, Class 3A1, 6.500%, 1/25/35 | 90,843 | ||||||
151,241 | MASTR Seasoned Securitization Trust, Series 2005-2, Class 1A1, 5.130%, 10/25/32 | 152,065 | ||||||
173,549 | PHHMC Trust, Series 2007-6, Class A1, 5.457%, 12/18/37(a) | 173,105 | ||||||
154,083 | RALI Trust, Series 2005-QR1, Class A, 6.000%, 10/25/34 | 161,425 | ||||||
142,083 | RBSGC Mortgage Loan Trust, Series 2007-B, Class 3A1, 5.317%, 7/25/35(a) | 146,394 | ||||||
349,858 | Specialty Underwriting & Residential Finance Trust, Series 2004-AA1, Class 1A1, 5.000%, 10/25/34 | 353,297 |
Continued
40
Sterling Capital Securitized Opportunities Fund |
Schedule of Portfolio Investments — (continued) |
March 31, 2015 (Unaudited) |
Principal | Fair Value | |||||
COLLATERALIZED MORTGAGE OBLIGATIONS — (continued) | ||||||
$ 142,696 | Structured Asset Securities Corp. Trust, Series 2005-6, Class 4A1, 5.000%, 5/25/35 | $ | 144,728 | |||
58,859 | Structured Asset Securities Corp. Trust, Series 2005-6, Class 5A1, 5.000%, 5/25/35 | 60,153 | ||||
39,141 | Structured Asset Securities Corp. Trust, Series 2005-6, Class 5A2, 5.000%, 5/25/35 | 40,002 | ||||
52,639 | Wells Fargo Mortgage Backed Securities Trust, Series 2007-3, Class 3A1, 5.500%, 4/25/22 | 54,205 | ||||
367,393 | Wells Fargo Mortgage Backed Securities Trust, Series 2005-4, Class A4, 5.000%, 4/25/35 | 376,801 | ||||
|
| |||||
Total Collateralized Mortgage Obligations | 11,542,120 | |||||
|
| |||||
COMMERCIAL MORTGAGE-BACKED |
| |||||
70,000 | Banc of America Commercial Mortgage Trust, Series 2006-4, Class AM, 5.675%, 7/1/46 | 74,045 | ||||
15,883 | Banc of America Commercial Mortgage Trust, Series 2007-2, Class A2, 5.597%, | 15,890 | ||||
200,000 | Banc of America Merrill Lynch Commercial Mortgage, Inc., Series 2005-3, Class AM, 4.727%, 7/10/43 | 201,234 | ||||
476,369 | BCAP, LLC Trust, Series 2013-RR4, Class A4A2, 2.000%, 2/13/51(b) | 471,248 | ||||
140,000 | Bear Stearns Commercial Mortgage Securities Trust, Series 2006-T22, Class AJ, 5.575%, 4/1/38(a) | 145,445 | ||||
180,000 | COMM Mortgage Trust, Series 2014-CR20, Class A4, 3.590%, 11/1/47 | 191,489 | ||||
100,000 | Commercial Mortgage Loan Trust, Series 2008-LS1, Class ASM, 6.028%, 12/10/49(a) | 108,620 | ||||
618,000 | Commercial Mortgage Trust, Series 2005-GG5, Class AM, 5.277%, 4/10/37(a) | 627,317 | ||||
175,000 | GS Mortgage Securities Trust, Series 2010-C1, Class B, 5.148%, | 195,226 | ||||
370,000 | GS Mortgage Securities Trust, Series 2014-GC24, Class A5, 3.931%, 9/10/47 | 405,202 | ||||
216,000 | JPMBB Commercial Mortgage Securities Trust, Series 2014-C23, Class A5, 3.934%, 9/15/47 | 235,948 | ||||
70,000 | JPMorgan Chase Commercial Mortgage Securities Trust, Series 2010-C1, Class B, 5.951%, | 78,322 | ||||
300,000 | JPMorgan Chase Commercial Mortgage Securities Trust, Series 2006-CB16, Class AM, 5.593%, 5/12/45 | 314,619 | ||||
500,000 | JPMorgan Chase Commercial Mortgage Securities Trust, Series 2011-C3, Class B, 5.013%, | 559,440 | ||||
375,000 | JPMorgan Chase Commercial Mortgage Securities Trust, Series 2014-C20, Class AS, 4.043%, 7/15/47 | 405,128 | ||||
165,000 | LB-UBS Commercial Mortgage Trust, Series 2007-C7, Class AM, 6.265%, 9/15/45(a) | 182,909 | ||||
100,000 | Morgan Stanley Bank of America Merrill Lynch Trust, Series 2014-C18, Class A4, 3.923%, 10/15/47 | 109,056 | ||||
250,000 | Morgan Stanley Capital I Trust, Series 2006-T23, Class AM, 5.876%, 8/1/41(a) | 264,046 | ||||
215,000 | Morgan Stanley Capital I Trust, Series 2006-HQ8, Class AM, 5.462%, 3/12/44(a) | 221,659 |
Principal | Fair Value | |||||
COMMERCIAL MORTGAGE-BACKED SECURITIES — (continued) |
| |||||
$ 400,000 | Morgan Stanley Capital I Trust, Series 2011-C2, Class A4, | $ | 449,374 | |||
760,000 | Wells Fargo Commercial Mortgage Trust, Series 2010-C1, Class B, 5.276%, 11/15/43(a)(b) | 856,315 | ||||
100,000 | WF-RBS Commercial Mortgage Trust, Series 2011-C2, Class C, 5.392%, 2/1/44(a)(b) | 111,157 | ||||
400,000 | WF-RBS Commercial Mortgage Trust, Series 2011-C2, Class B, 5.174%, 2/15/44(a)(b) | 449,858 | ||||
395,000 | WF-RBS Commercial Mortgage Trust, Series 2014-C22, Class A5, 3.752%, 9/15/57 | 426,257 | ||||
164,000 | WF-RBS Commercial Mortgage Trust, Series 2014-C23, Class A5, 3.917%, 10/15/57 | 179,234 | ||||
|
| |||||
Total Commercial Mortgage-Backed Securities | 7,279,038 | |||||
|
| |||||
MORTGAGE-BACKED SECURITIES — 33.8% |
| |||||
Fannie Mae — 19.6% | ||||||
228,850 | 4.000%, 3/1/31, Pool #MA0667 | 246,471 | ||||
349,692 | 4.000%, 5/1/32, Pool #MA1074 | 377,589 | ||||
316,491 | 4.000%, 6/1/34, Pool #MA1922 | 341,831 | ||||
252,670 | 4.000%, 9/1/34, Pool #MA2019 | 273,018 | ||||
296,085 | 5.500%, 6/1/38, Pool #984277 | 333,292 | ||||
236,902 | 5.500%, 8/1/38, Pool #995072 | 269,965 | ||||
242,902 | 4.500%, 9/1/39, Pool #AC1830 | 265,423 | ||||
194,500 | 5.000%, 12/1/39, Pool #AC8518 | 216,232 | ||||
156,966 | 4.500%, 9/1/40, Pool #AE0411 | 172,730 | ||||
325,189 | 4.500%, 10/1/40, Pool #AE4855 | 356,203 | ||||
284,869 | 5.000%, 1/1/41, Pool #AH3373 | 318,088 | �� | |||
290,177 | 3.500%, 2/1/41, Pool #AH5646 | 307,168 | ||||
53,303 | 4.000%, 2/1/41, Pool #AH6188 | 57,651 | ||||
613,782 | 4.000%, 3/1/41, Pool #AH4008 | 657,806 | ||||
842,288 | 4.500%, 3/1/41, Pool #AB2467 | 937,323 | ||||
178,586 | 4.500%, 6/1/41, Pool #AC9298 | 195,643 | ||||
274,842 | 5.000%, 7/1/41, Pool #AI5595 | 306,706 | ||||
473,724 | 4.000%, 9/1/41, Pool #AJ1717 | 508,044 | ||||
466,714 | 3.500%, 6/1/42, Pool #AB5373 | 491,082 | ||||
753,225 | 3.500%, 5/1/43, Pool #AB9368 | 791,973 | ||||
390,800 | 4.500%, 1/1/45, Pool #MA2158 | 428,516 | ||||
415,168 | 4.000%, 3/1/45, Pool #MA2217 | 444,496 | ||||
|
| |||||
8,297,250 | ||||||
|
| |||||
Freddie Mac — 12.2% | ||||||
820,231 | 3.500%, 5/1/32, Pool #C91458 | 868,587 | ||||
706,944 | 3.500%, 7/1/32, Pool #C91467 | 746,121 | ||||
444,451 | 4.500%, 10/1/39, Pool #G05659 | 484,868 | ||||
164,739 | 5.500%, 10/1/39, Pool #A89387 | 184,752 | ||||
225,222 | 5.000%, 4/1/40, Pool #A91812 | 251,856 | ||||
204,709 | 5.500%, 4/1/40, Pool #C03467 | 229,793 | ||||
217,533 | 5.000%, 8/1/40, Pool #C03491 | 241,578 | ||||
325,207 | 4.000%, 11/1/40, Pool #A94742 | 351,383 | ||||
335,230 | 4.000%, 12/1/40, Pool #A95447 | 362,305 | ||||
478,470 | 4.000%, 1/1/41, Pool #A96312 | 512,856 | ||||
300,219 | 3.500%, 3/1/42, Pool #G08479 | 315,258 | ||||
555,839 | 3.500%, 4/1/42, Pool #C03858 | 584,634 | ||||
|
| |||||
5,133,991 | ||||||
|
| |||||
Ginnie Mae — 2.0% | ||||||
270,516 | 4.500%, 6/15/39, Pool #720075 | 302,969 | ||||
39,728 | 4.000%, 12/20/40, Pool #755678 | 43,119 | ||||
188,592 | 4.500%, 3/20/41, Pool #4978 | 205,817 |
Continued |
41 |
Sterling Capital Securitized Opportunities Fund |
Schedule of Portfolio Investments — (continued) |
March 31, 2015 (Unaudited) |
Principal | Fair Value | |||||
MORTGAGE-BACKED SECURITIES — (continued) |
| |||||
Ginnie Mae — (continued) | ||||||
$ 262,146 | 4.500%, 5/15/41, Pool #738310 | $ | 293,460 | |||
|
| |||||
845,365 | ||||||
|
| |||||
Total Mortgage-Backed Securities (Cost $13,893,649) | 14,276,606 | |||||
|
| |||||
U.S. TREASURY NOTE — 1.8% |
| |||||
750,000 | 1.250%, 1/31/20 | 746,133 | ||||
|
| |||||
Total U.S. Treasury Note | 746,133 | |||||
|
| |||||
Shares | ||||||
MONEY MARKET FUND — 2.0% |
| |||||
853,098 | Federated Treasury Obligations Fund, Institutional Shares, 0.010%(c) | 853,098 | ||||
|
| |||||
Total Money Market Fund | 853,098 | |||||
|
|
Fair Value | ||||
Total Investments — 99.6% | $ | 42,067,777 | ||
Net Other Assets (Liabilities) — 0.4% | 180,137 | |||
|
| |||
NET ASSETS — 100.0% | $ | 42,247,914 | ||
|
|
(a) | The interest rate for this variable rate note, which will change periodically, is based either on the prime rate or an index of market rates. The reflected rate is in effect as of March 31, 2015. The maturity date reflected is the final maturity date. |
(b) | Rule 144A, Section 4(2) or other security that is restricted as to resale to qualified institutional investors. The Advisor, using Board approved procedures, has deemed these securities or a portion of these securities to be liquid. |
(c) | Represents the current yield as of report date. |
See accompanying Notes to the Financial Statements.
42
Sterling Capital Kentucky Intermediate Tax-Free Fund |
Schedule of Portfolio Investments |
March 31, 2015 (Unaudited) |
Principal | Fair Value | |||||
MUNICIPAL BONDS — 94.7% |
| |||||
Kentucky — 94.7% | ||||||
$ 400,000 | Eastern Kentucky University, Refunding Revenue, Series A, | $ | 478,812 | |||
500,000 | Fayette County, KY, School District Finance Corp., Lease Payable from Local Revenues, Series A, (State Intercept), 5.000%, 10/1/21 | 592,760 | ||||
400,000 | Jefferson County, KY, School District Finance Corp., Jefferson County School Building, Refunding Revenue, Series A, (AGM), 5.250%, 1/1/19 | 459,700 | ||||
500,000 | Kentucky Asset/Liability Commission, Project Notes, Federal Highway Trust Transit Improvements Revenue, First Series, (NATL-RE), 4.500%, 9/1/17 | 544,135 | ||||
510,000 | Kentucky Asset/Liability Commission, Project Notes, Federal Highway Trust Transit Improvements Revenue, First Series, Callable 9/1/23 @ 100, 5.250%, 9/1/25 | 621,756 | ||||
510,000 | Kentucky Asset/Liability Commission, University of Kentucky Project Notes, Revenue, Series B, Callable 10/1/17 @ 100, 5.000%, 10/1/21 | 562,744 | ||||
400,000 | Kentucky Economic Development Finance Authority, Baptist Healthcare System, Improvements Refunding Revenue, Series A, Callable 8/15/18 @ 100, OID, 4.750%, 8/15/19 | 440,476 | ||||
500,000 | Kentucky Economic Development Finance Authority, Owensboro Medical Health System, Hospital Improvements Revenue, Series A, 5.000%, 6/1/16 | 524,980 | ||||
555,000 | Kentucky Economic Development Finance Authority, Saint Elizabeth Medical Center, Inc. Refunding & Improvement Revenue, Series A, Callable 5/1/19 @ 100, OID, 5.000%, 5/1/24 | 623,754 | ||||
500,000 | Kentucky Rural Water Finance Corp., Flexible Term Program, Refunding & Improvements Revenue, Series B, Callable 2/1/20 @ 100, 4.000%, 2/1/21 | 543,610 | ||||
410,000 | Kentucky State Property & Buildings Commission, Project No. 76, Refunding Revenue, (AMBAC), 5.500%, 8/1/21 | 499,819 | ||||
460,000 | Kentucky State Property & Buildings Commission, Project No. 83, Refunding Revenue, (AMBAC), 5.000%, 10/1/19 | 532,188 | ||||
400,000 | Kentucky Turnpike Authority, Revitalization Projects, Refunding Revenue, Series A, Callable 7/1/19 | 458,968 | ||||
400,000 | Kentucky Turnpike Authority, Revitalization Projects, Revenue, Series A, 4.000%, 7/1/21 | 453,956 | ||||
460,000 | Laurel County, KY, Judicial Center Public Properties Corp., Justice Center Projects, Public Improvements Revenue, Callable 3/1/18 @ 100, OID, 4.500%, 3/1/24 | 500,788 | ||||
300,000 | Laurel County, KY, School District Finance Corp., Advance Refunding Revenue, Callable 3/1/25 @ 100 (State Intercept), 4.000%, 6/1/25 | 337,413 |
Principal | Fair Value | |||||
MUNICIPAL BONDS — (continued) |
| |||||
Kentucky — (continued) | ||||||
$ 525,000 | Lexington-Fayette Urban County, KY, Airport Board, Refunding Revenue, Series A, 5.000%, 7/1/19 | $ | 603,409 | |||
500,000 | Lexington-Fayette Urban County, KY, Government Sewer System, Refunding Revenue, Series A, 4.000%, 9/1/23 | 575,985 | ||||
535,000 | Louisville & Jefferson County, KY, Metropolitan Government, Catholic Health Initiatives, Refunding Revenue, Series A, Callable 6/1/22 @ 100, 5.000%, 12/1/35 | 590,089 | ||||
500,000 | Louisville & Jefferson County, KY, Metropolitan Government, Refunding G.O., Series F, Callable 11/1/24 @ 100, 4.000%, 11/1/26 | 563,855 | ||||
500,000 | �� | Louisville & Jefferson County, KY, Metropolitan Sewer District, Sewer Refunding Revenue, Series A, Callable 11/15/21 @ 100, 5.000%, 5/15/30 | 582,805 | |||
500,000 | Northern Kentucky University, University & College Improvements Revenue, Series A, Callable 9/1/17 | 537,660 | ||||
540,000 | Owensboro, KY, Public Improvements G.O., Series A, 4.000%, 5/1/22 | 613,807 | ||||
535,000 | Owensboro, KY, Water Refunding & Improvements Revenue, Callable 9/15/18 @ 100, (Assured Guaranty), 5.250%, 9/15/21 | 606,342 | ||||
400,000 | Pulaski County, KY, Public Properties Corp., Administration Office of the Court Judicial Facility, Public Improvement Revenue, Callable 12/1/18 @ 100, OID, 5.500%, 12/1/24 | 455,484 | ||||
270,000 | Pulaski County, KY, Public Properties Corp., Administration Office of the Court Judicial Facility, Public Improvement Revenue, Callable 12/1/18 @ 100, OID, 5.625%, 12/1/25 | 308,235 | ||||
200,000 | Russell, KY, Bon Secours Health System, Refunding Revenue, Callable 11/1/22 @ 100, 5.000%, 11/1/26 | 229,892 | ||||
380,000 | Warren County, KY, Community Hospital Corp. Project, Refunding Revenue, Series A, 5.000%, 8/1/17 | 407,877 | ||||
|
| |||||
Total Municipal Bonds | 14,251,299 | |||||
|
|
See accompanying Notes to the Financial Statements.
43
Sterling Capital Kentucky Intermediate Tax-Free Fund |
Schedule of Portfolio Investments — (continued) |
March 31, 2015 (Unaudited) |
Shares | Fair Value | |||||
MONEY MARKET FUND — 3.8% |
| |||||
565,229 | Federated Tax-Free Obligations Fund, Institutional Shares, 0.010%(a) | $ | 565,229 | |||
|
| |||||
Total Money Market Fund | 565,229 | |||||
|
| |||||
Total Investments — 98.5% | 14,816,528 | |||||
Net Other Assets (Liabilities) — 1.5% | 230,749 | |||||
|
| |||||
NET ASSETS — 100.0% | $ | 15,047,277 | ||||
|
|
(a) | Represents the current yield as of report date. |
AGM — Assured Guaranty Municipal Corp.
AMBAC — American Municipal Bond Assurance Corp.
G.O. — General Obligation
NATL — National Public Finance Guarantee Corp.
OID — Original Issue Discount
RE — Reinsurance
See accompanying Notes to the Financial Statements.
44
Sterling Capital Maryland Intermediate Tax-Free Fund |
Schedule of Portfolio Investments |
March 31, 2015 (Unaudited) |
Principal Amount | Fair Value | |||||
MUNICIPAL BONDS — 95.5% | ||||||
District of Columbia — 4.9% | ||||||
$ 575,000 | Washington Metropolitan Area Transit Authority, DC, Transit Improvements Revenue, Refunding Notes, Series A, Callable 7/1/19 @ 100, 5.250%, 7/1/20 | $ | 664,349 | |||
1,000,000 | Washington Metropolitan Area Transit Authority, DC, Transit Improvements Revenue, Refunding Notes, Series A, Callable 7/1/19 @ 100, 5.250%, 7/1/27 | 1,149,790 | ||||
|
| |||||
1,814,139 | ||||||
|
| |||||
Maryland — 90.6% | ||||||
810,000 | Anne Arundel County, MD, Economic Development, Anne Arundel Community College Project, Refunding Revenue, 4.000%, 9/1/20 | 899,934 | ||||
500,000 | Baltimore, MD, Consolidated Public Improvements, Refunding G.O., Series B, 5.000%, 10/15/20 | 592,450 | ||||
600,000 | Baltimore, MD, Refunding Certificate of Participation, Series A, 5.000%, 10/1/17 | 659,418 | ||||
1,000,000 | Charles County, MD, Consolidated Public School Improvements G.O., 5.000%, 7/15/22 | 1,227,690 | ||||
890,000 | Charles County, MD, Consolidated Public School Improvements G.O., Callable 7/15/23 @ 100, 5.000%, 7/15/25 | 1,088,550 | ||||
1,025,000 | Frederick County, MD, Public Facilities Improvements, Refunding G.O., Series B, 4.000%, 8/1/17 | 1,103,956 | ||||
125,000 | Howard County, MD, Miscellaneous Purpose Certificate of Participation, Series A, 8.050%, 2/15/21 | 170,666 | ||||
135,000 | Howard County, MD, Public Improvements Certificate of Participation, Series B, 8.250%, 2/15/20 | 177,324 | ||||
690,000 | Maryland Community Development Administration, Residential Single Family Housing Revenue, Series A, Callable 9/1/18 @ 100, 4.750%, 9/1/29 | 723,196 | ||||
250,000 | Maryland Economic Development Corp., Electricity Lights & Power Improvements, Refunding Revenue, Callable 3/1/19 @ 100, 6.200%, 9/1/22 | 295,545 | ||||
140,000 | Maryland Economic Development Corp., Lutheran World Relief Refugee, Refunding Revenue, Callable 4/1/17 @ 100, 5.250%, 4/1/19 | 149,675 | ||||
975,000 | Maryland Economic Development Corp., Public Health Laboratory Public Improvements Revenue, 5.000%, 6/1/20 | 1,144,913 | ||||
420,000 | Maryland Economic Development Corp., Public Health Laboratory Public Improvements Revenue, Callable 6/1/21 | 495,776 | ||||
735,000 | Maryland Economic Development Corp., University of Maryland College Park Projects, Refunding Revenue (AGC), 5.000%, 6/1/16 | 767,200 | ||||
555,000 | Maryland Environmental Service, Mid Shore II Regional Landfill, Resource Recovery Improvements Revenue, 4.000%, 11/1/17 | 598,229 |
Principal Amount | Fair Value | |||||
MUNICIPAL BONDS — (continued) | ||||||
Maryland — (continued) | ||||||
$ 1,000,000 | Maryland Health & Higher Educational Facilities Authority, Calvert Health System, Health, Hospital, Nursing Home Improvements, Refunding Revenue, Callable 07/01/23 @ 100, OID, 5.000%, 7/1/38 | $ | 1,115,740 | |||
1,090,000 | Maryland Health & Higher Educational Facilities Authority, Carroll Hospital, Refunding Revenue, Series A, 5.000%, 7/1/19 | 1,231,111 | ||||
900,000 | Maryland Health & Higher Educational Facilities Authority, College of Notre Dame, Refunding Revenue, 4.000%, 10/1/19 | 974,466 | ||||
1,000,000 | Maryland Health & Higher Educational Facilities Authority, Frederick Memorial Hospital, Refunding Revenue, Series A, 5.000%, 7/1/22 | 1,162,300 | ||||
500,000 | Maryland Health & Higher Educational Facilities Authority, Greater Baltimore Medical Center, Refunding Revenue, Series A, Callable 7/1/22 @ 100, 5.000%, 7/1/26 | 577,920 | ||||
1,000,000 | Maryland Health & Higher Educational Facilities Authority, Johns Hopkins Health System, Health, Hospital, Nursing Home Improvements Revenue, Callable 7/1/22 @ 100, 5.000%, 7/1/25 | 1,183,350 | ||||
530,000 | Maryland Health & Higher Educational Facilities Authority, Maryland Institute College of Art, Refunding Revenue, Callable 6/1/22 @ 100, 5.000%, 6/1/23 | 616,591 | ||||
1,000,000 | Maryland Health & Higher Educational Facilities Authority, MedStar Health Inc., Health, Hospital, Nursing Home Improvements Revenue, Series B, Callable 8/15/23 @ 100, 5.000%, 8/15/38 | 1,125,770 | ||||
810,000 | Maryland Health & Higher Educational Facilities Authority, Peninsula Regional Medical Center, Health, Hospital, Nursing Home Improvements Revenue, Callable 7/1/16 @ 100, 5.000%, 7/1/26 | 856,826 | ||||
400,000 | Maryland Health & Higher Educational Facilities Authority, University of Maryland Medical System, Refunding Revenue, 5.000%, 7/1/19 | 456,892 | ||||
1,160,000 | Maryland Stadium Authority, Refunding Revenue, 5.000%, 6/15/23 | 1,420,258 | ||||
500,000 | Maryland State Department of Transportation, Transit Improvements Revenue, Second Issue, Callable 9/1/18 @ 100, 5.000%, 9/1/23 | 568,045 | ||||
1,100,000 | Maryland State Transportation Authority, Grant & Revenue Anticipation, Highway Improvements Revenue, Callable 3/1/19 | 1,259,995 | ||||
635,000 | Maryland State Transportation Authority, Transportation Facilities Project, Highway Revenue, Series A, 5.000%, 7/1/19 | 734,676 | ||||
1,000,000 | Maryland State Transportation Authority, Transportation Facilities Project, Highway Revenue, Series A, Callable 7/1/19 @ 100, 5.000%, 7/1/22 | 1,151,440 |
Continued
45
Sterling Capital Maryland Intermediate Tax-Free Fund |
Schedule of Portfolio Investments — (continued) |
March 31, 2015 (Unaudited) |
Principal | Fair Value | |||||||
| MUNICIPAL BONDS — (continued) | |||||||
Maryland — (continued) | ||||||||
$ 500,000 | Montgomery County, MD, Department Liquor Control Public Improvements Revenue, Series A, Callable 4/1/21 | $ | 554,155 | |||||
1,000,000 | Montgomery County, MD, Public Transportation Equipment Transit Improvements Certificate of Participation, 4.000%, 5/1/17 | 1,065,130 | ||||||
1,025,000 | Montgomery County, MD, Revenue Authority, Refunding Revenue, 5.000%, 5/1/22 | 1,225,922 | ||||||
750,000 | Montgomery County, MD, Water Quality Public Improvements Revenue, Series A, Callable 4/1/20 | 869,430 | ||||||
890,000 | Montgomery County, MD, West Germantown Development District, Refunding, Special Tax, 4.000%, 7/1/23 | 993,881 | ||||||
1,000,000 | Prince George’s County, MD, Consolidated Public School Improvements, G.O., Series A, Callable 9/01/24 @ 100, 4.000%, 9/1/25 | 1,161,240 | ||||||
530,000 | Talbot County, MD, Public School Improvements G.O., 5.000%, 12/15/16 | 571,070 | ||||||
1,140,000 | Washington County, MD, Refunding G.O., 4.000%, 1/1/21 | 1,296,419 |
Principal | Fair Value | |||||
MUNICIPAL BONDS — (continued) | ||||||
Maryland — (continued) | ||||||
$ 700,000 | Washington Suburban Sanitary Commission, Consolidated Public Water Utility Improvements, G.O., 4.000%, 6/1/24 | $ | 820,337 | |||
500,000 | Washington Suburban Sanitary Commission, Water Supply G.O., Callable 6/1/17 @ 100, 4.000%, 6/1/20 | 533,000 | ||||
|
| |||||
33,620,486 | ||||||
|
| |||||
Total Municipal Bonds | 35,434,625 | |||||
|
| |||||
Shares | ||||||
MONEY MARKET FUND — 3.6% | ||||||
1,324,366 | Federated Tax-Free Obligations Fund, Institutional Shares, 0.010%(a) | 1,324,366 | ||||
|
| |||||
Total Money Market Fund | 1,324,366 | |||||
|
| |||||
Total Investments — 99.1% | 36,758,991 | |||||
Net Other Assets (Liabilities) — 0.9% | 325,044 | |||||
|
| |||||
NET ASSETS — 100.0% | $ | 37,084,035 | ||||
|
|
(a) | Represents the current yield as of report date. |
AGC — Assured Guaranty Corp.
G.O. — General Obligation
OID — Original Issue Discount
See accompanying Notes to the Financial Statements.
46
Sterling Capital North Carolina Intermediate Tax-Free Fund |
Schedule of Portfolio Investments |
March 31, 2015 (Unaudited) |
Principal | Fair Value | |||||||
| MUNICIPAL BONDS — 97.0% |
| ||||||
North Carolina — 97.0% | ||||||||
$ 2,335,000 | Appalachian State University, University & College Improvements Revenue, Callable 10/1/21 @ 100, 5.000%, 10/1/24 | $2,778,393 | ||||||
2,405,000 | Appalachian State University, University & College Improvements Revenue, Callable 10/1/21 @ 100, 4.750%, 10/1/27 | 2,731,262 | ||||||
1,000,000 | Beaufort County, NC, Refunding Revenue Limited Obligation, Callable 6/1/22 @ 100, 5.000%, 6/1/24 | 1,177,910 | ||||||
1,000,000 | Beaufort County, NC, Refunding Revenue Limited Obligation, Callable 6/1/22 @ 100, 5.000%, 6/1/26 | 1,158,280 | ||||||
1,065,000 | Broad River Water Authority, NC, Water System Refunding Revenue, Callable 6/1/15 @ 100, (XLCA), 5.000%, 6/1/18 | 1,071,401 | ||||||
1,025,000 | Buncombe County Metropolitan Sewerage District, Sewer Improvements Revenue, Callable 7/1/24 @ 100, 5.000%, 7/1/39 | 1,193,971 | ||||||
1,985,000 | Buncombe County, NC, Public Improvements Revenue, Series A, 4.000%, 6/1/17 | 2,127,146 | ||||||
2,000,000 | Buncombe County, NC, Refunding Revenue, Limited Obligations, Series A, 5.000%, 6/1/20 | 2,350,720 | ||||||
1,000,000 | Cabarrus County, NC, Installment Financing Contract, Correctional Facility Improvements Certificate of Participation, Series C, Callable 6/1/18 @ 100, OID, 5.000%, 6/1/23 | 1,126,530 | ||||||
1,960,000 | Cabarrus County, NC, Installment Financing Contract, School Improvements Certificate of Participation, 5.000%, 1/1/17 | 2,108,450 | ||||||
1,685,000 | Cabarrus County, NC, Installment Financing Contract, School Improvements Certificate of Participation, Callable 1/1/19 @ 100, 5.000%, 1/1/20 | 1,923,731 | ||||||
1,730,000 | Cabarrus County, NC, Installment Financing Contract, School Improvements Certificate of Participation, Callable 1/1/19 @ 100, 5.000%, 1/1/23 | 1,975,106 | ||||||
1,240,000 | Cape Fear Public Utility Authority, Water & Sewer System, Improvements Refunding Revenue, 5.000%, 8/1/21 | 1,490,542 | ||||||
1,475,000 | Cape Fear Public Utility Authority, Water & Sewer System, Improvements Refunding Revenue, Callable 8/1/21 @ 100, 5.000%, 8/1/26 | 1,746,282 | ||||||
1,535,000 | Cape Fear Public Utility Authority, Water & Sewer System, Improvements Refunding Revenue, Callable 8/1/21 @ 100, 5.000%, 8/1/28 | 1,792,205 | ||||||
1,160,000 | Cape Fear Public Utility Authority, Water & Sewer System, Improvements Revenue, Callable 8/1/18 @ 100, 5.000%, 8/1/26 | 1,299,409 | ||||||
1,030,000 | Cape Fear Public Utility Authority, Water & Sewer System, Improvements Revenue, Callable 8/1/18 @ 100, 5.000%, 8/1/31 | 1,148,697 | ||||||
720,000 | Cary, NC, Combined Utility Systems, Refunding Revenue, Callable 12/1/25 @ 100, 4.000%, 12/1/29 | 800,582 | ||||||
1,000,000 | Cary, NC, Combined Utility Systems, Refunding Revenue, Callable 12/1/25 @ 100, 4.000%, 12/1/30 | 1,105,100 |
Principal | Fair Value | |||||||
| MUNICIPAL BONDS — (continued) |
| ||||||
North Carolina — (continued) | ||||||||
$ 1,000,000 | Cary, NC, Combined Utility Systems, Refunding Revenue, Callable 12/1/25 @ 100, 4.000%, 12/1/31 | $1,098,340 | ||||||
1,000,000 | Catawba County, NC, School Improvements Refunding Revenue, 4.000%, 10/1/19 | 1,113,920 | ||||||
1,000,000 | Catawba County, NC, School Improvements Refunding Revenue, 4.000%, 10/1/20 | 1,125,730 | ||||||
1,000,000 | Charlotte, NC, Charlotte Douglas International Airport Refunding Revenue, Callable 7/1/24 @ 100, 5.000%, 7/1/31 | 1,168,380 | ||||||
1,000,000 | Charlotte, NC, Port, Airport & Marina Improvements Revenue, Series A, Callable 7/1/20 @ 100, 5.000%, 7/1/27 | 1,140,490 | ||||||
1,280,000 | Charlotte, NC, Storm Water Fee Public, Improvements Revenue, Callable 6/1/16 @ 100, 5.000%, 6/1/20 | 1,349,773 | ||||||
1,000,000 | Charlotte, NC, Storm Water Fee Public, Improvements Revenue, Callable 6/1/16 @ 100, 5.000%, 6/1/23 | 1,054,750 | ||||||
1,000,000 | Charlotte, NC, Water & Sewer System, Refunding Revenue, Series B, Callable 7/1/20 @ 100, 5.000%, 7/1/25 | 1,180,210 | ||||||
1,000,000 | Charlotte-Mecklenburg Hospital Authority, Carolinas Health Care System, Refunding Revenue, Series A, 5.000%, 1/15/17 | 1,078,570 | ||||||
2,000,000 | Chatham County, NC, Refunding Revenue (County Guaranteed), 5.000%, 12/1/28 | 2,510,760 | ||||||
2,000,000 | Concord, NC, Utilities Systems, Refunding Revenue, Series B, Callable 12/1/19 @ 100, 5.000%, 12/1/22 | 2,271,740 | ||||||
1,000,000 | Durham Capital Financing Corp., Limited Obligation Refunding Revenue, 5.000%, 6/1/21 | 1,198,840 | ||||||
1,410,000 | Durham County, NC, Industrial Facilities & Pollution Control Financing Authority, Research Triangle Institute, University & College Improvements Revenue, 5.000%, 2/1/20 | 1,619,455 | ||||||
2,000,000 | Durham County, NC, Public Improvements Certificate of Participation, Series A, Callable 6/1/19 @ 100, 5.000%, 6/1/24 | 2,288,100 | ||||||
1,000,000 | Durham, NC, Refunding G.O., 4.000%, 9/1/25 | 1,180,670 | ||||||
1,750,000 | Fayetteville, NC, Public Works Commission, Electric Light & Power Improvements Revenue, Callable 3/1/24 @ 100, 4.000%, 3/1/27 | 1,967,840 | ||||||
1,085,000 | Franklin County, NC, Public Facilities Projects, Certificate of Participation, Callable 9/1/17 @ 100 (NATL-RE), 5.000%, 9/1/22 | 1,184,983 | ||||||
1,030,000 | Henderson County, NC, University & College Improvements Revenue, Series B, 4.000%, 12/1/16 | 1,088,360 | ||||||
1,010,000 | Holly Springs, NC, Public Improvements Revenue, Callable 10/1/24 @ 100, 5.000%, 10/1/27 | 1,224,484 | ||||||
2,335,000 | Iredell County, NC, Refunding G.O., Series B, 5.000%, 2/1/19 | 2,672,057 | ||||||
2,125,000 | Iredell County, NC, Refunding G.O., Series B, 5.000%, 2/1/20 | 2,491,371 | ||||||
2,470,000 | Iredell County, NC, Refunding G.O., Series B, 5.000%, 2/1/21 | 2,951,922 |
Continued
47
Sterling Capital North Carolina Intermediate Tax-Free Fund |
Schedule of Portfolio Investments — (continued) |
March 31, 2015 (Unaudited) |
Principal Amount | Fair Value | |||||||
| MUNICIPAL BONDS — (continued) |
| ||||||
North Carolina — (continued) | ||||||||
$ 1,150,000 | Iredell County, NC, School Improvements Project, Certificate of Participation, Callable 6/1/16 @ 100 (AMBAC), 5.000%, 6/1/22 | $1,212,825 | ||||||
1,000,000 | Iredell County, NC, School Improvements Project, Certificate of Participation, Callable 6/1/16 @ 100 (AMBAC), 5.000%, 6/1/23 | 1,054,630 | ||||||
1,000,000 | Lee County, NC, Public Facilities Projects, School Improvements Certificate of Participation, Callable 4/1/17 @ 100 (AGM), 5.000%, 4/1/19 | 1,082,840 | ||||||
1,570,000 | Lenoir County, NC, Refunding G.O., 4.000%, 2/1/19 | 1,733,563 | ||||||
1,705,000 | Lenoir County, NC, Refunding G.O., 4.000%, 2/1/20 | 1,911,697 | ||||||
1,750,000 | Lincoln County, NC, Refunding G.O., Series A, 5.000%, 6/1/18 | 1,971,043 | ||||||
2,535,000 | Lincoln County, NC, Refunding G.O., Series A, 4.000%, 6/1/19 | 2,822,596 | ||||||
800,000 | Lincolnton, NC, Combined Enterprise System, Refunding Revenue, Callable 5/11/15 @ 100 (XLCA), 5.000%, 5/1/17 | 801,896 | ||||||
2,000,000 | Mecklenburg County, NC, Refunding G.O., 5.000%, 2/1/21 | 2,398,880 | ||||||
1,280,000 | Monroe, NC, Combined Enterprise System, Refunding Revenue (AGM), 4.000%, 3/1/19 | 1,407,462 | ||||||
1,855,000 | New Hanover County, NC, New Hanover County Projects, Refunding Revenue, 5.000%, 12/1/19 | 2,162,745 | ||||||
1,015,000 | New Hanover County, NC, New Hanover County Projects, Refunding Revenue, 5.000%, 12/1/20 | 1,205,241 | ||||||
1,270,000 | New Hanover County, NC, New Hanover Regional Medical, Refunding Revenue, Callable 10/1/21 @ 100, 5.000%, 10/1/23 | 1,475,308 | ||||||
1,000,000 | New Hanover County, NC, Regional Medical Center, Health Hospital, Nursing Home Improvements Revenue, Series A, Callable 10/1/19 @ 100 (AGM), 5.000%, 10/1/21 | 1,151,870 | ||||||
1,050,000 | New Hanover County, NC, Regional Medical Center, Health Hospital, Nursing Home Improvements Revenue, Series A, Callable 10/1/19 @ 100 (AGM), 5.000%, 10/1/22 | 1,202,439 | ||||||
1,305,000 | North Carolina Capital Facilities Finance Agency, Johnson & Wales University Project, Refunding Revenue, 5.000%, 4/1/21 | 1,525,153 | ||||||
1,000,000 | North Carolina Capital Facilities Finance Agency, Johnson & Wales University Project, Refunding Revenue, Callable 4/1/23 @ 100, 5.000%, 4/1/25 | 1,186,450 | ||||||
1,000,000 | North Carolina Eastern Municipal Power Agency, Electric, Lights & Power Improvements Revenue, Series A, Callable 7/1/22 @ 100, 5.000%, 1/1/25 | 1,172,030 | ||||||
1,915,000 | North Carolina Eastern Municipal Power Agency, Electric, Lights & Power Improvements Revenue, Series A, OID, 6.400%, 1/1/21 | 2,229,807 | ||||||
1,000,000 | North Carolina Eastern Municipal Power Agency, Refunding Revenue, Series A, Callable 1/1/16 @ 100 (AMBAC), 5.250%, 1/1/20 | 1,037,440 |
Principal | Fair Value | |||||||
| MUNICIPAL BONDS — (continued) |
| ||||||
North Carolina — (continued) | ||||||||
$ 1,005,000 | North Carolina Medical Care Commission, First Mortgage Deerfield, Health, Hospital, Nursing Home Improvements Revenue, Series A, Callable 11/1/18 @ 100, OID, 6.000%, 11/1/33 | $1,118,615 | ||||||
1,500,000 | North Carolina Medical Care Commission, Firsthealth Carolina, Refunding Revenue, Series C, OID, 4.000%, 10/1/18 | 1,636,515 | ||||||
5,000,000 | North Carolina Medical Care Commission, Health Care Facilities, Duke University Health System, Health, Hospital, Nursing Home Improvements Revenue, Callable 6/1/22 @ 100, Series A, 5.000%, 6/1/32 | 5,776,300 | ||||||
915,000 | North Carolina Medical Care Commission, Health Care Facilities, Refunding Revenue, Appalachian Regional Healthcare System, Series A, 5.000%, 7/1/19 | 1,019,557 | ||||||
1,180,000 | North Carolina Medical Care Commission, Health Care Facilities, Refunding Revenue, Appalachian Regional Healthcare System, Series A, 5.375%, 7/1/20 | 1,351,536 | ||||||
1,000,000 | North Carolina Medical Care Commission, Mission Health Combine Group, Refunding Revenue, Callable 10/1/17 @ 100 (AGM-CR), 5.000%, 10/1/25 | 1,091,010 | ||||||
3,030,000 | North Carolina Medical Care Commission, North Carolina Baptist Hospital, Refunding Revenue, 5.000%, 6/1/20 | 3,529,859 | ||||||
1,530,000 | North Carolina Medical Care Commission, North Carolina Baptist Hospital, Refunding Revenue, Callable 6/1/20 @ 100, 5.250%, 6/1/29 | 1,739,059 | ||||||
2,600,000 | North Carolina Medical Care Commission, Rex Healthcare, Refunding Revenue, Series A, 5.000%, 7/1/17 | 2,832,596 | ||||||
2,780,000 | North Carolina Medical Care Commission, Vidant Health Care Facilities, Refunding Revenue, Series A, Callable 6/1/22 @ 100, 5.000%, 6/1/24 | 3,220,825 | ||||||
1,260,000 | North Carolina Medical Care Commission, Wakemed Refunding Revenue, Series A, 5.000%, 10/1/22 | 1,489,559 | ||||||
2,000,000 | North Carolina Medical Care Commission, Wakemed, Refunding Revenue, Series A, Callable 10/1/22 @ 100, 5.000%, 10/1/27 | 2,279,840 | ||||||
745,000 | North Carolina Municipal Power Agency No. 1, Catawba Electric Power, Refunding Revenue, Series A, Callable 1/1/18 @ 100, 5.250%, 1/1/20 | 820,819 | ||||||
2,500,000 | North Carolina Municipal Power Agency No. 1, Catawba Electric Power, Refunding Revenue, Series B, Callable 1/1/20 @ 100, 5.000%, 1/1/21 | 2,887,250 | ||||||
2,000,000 | North Carolina State University at Raleigh, Refunding Revenue, Series A, Callable 10/1/23 @ 100, 5.000%, 10/1/28 | 2,390,040 | ||||||
4,550,000 | North Carolina State, Public Improvements, Revenue, Series C, Callable 5/1/21 @ 100, 4.000%, 5/1/23 | 5,073,477 | ||||||
2,380,000 | North Carolina State, Refunding G.O., Series B, 5.000%, 4/1/17 | 2,590,392 |
Continued
48
Sterling Capital North Carolina Intermediate Tax-Free Fund |
Schedule of Portfolio Investments — (continued) |
March 31, 2015 (Unaudited) |
Principal Amount | Fair Value | |||||
MUNICIPAL BONDS — (continued) |
| |||||
North Carolina — (continued) | ||||||
$ 1,000,000 | North Carolina State, Water Utility Improvements, Clean Water G.O., Series A, Callable 3/1/16 @ 100, | $1,043,290 | ||||
1,250,000 | Onslow County, NC, Refunding G.O., 5.000%, 12/1/21 | 1,506,650 | ||||
1,520,000 | Onslow Water & Sewer Authority, Water Utility Improvements Revenue, Series B, Callable 5/11/15 @ 100 (XLCA), | 1,526,004 | ||||
1,365,000 | Orange County, NC, Public Facilities Co., Public Improvements, Revenue, Callable 10/1/21 @ 100, | 1,647,145 | ||||
1,105,000 | Pasquotank County, NC, Refunding Certificate of Participation (NATL-RE), 5.250%, 6/1/18 | 1,231,445 | ||||
1,000,000 | Pasquotank County, NC, Refunding Certificate of Participation (NATL-RE), 5.250%, 6/1/19 | 1,139,230 | ||||
1,210,000 | Pender County, NC, Limited Obligation Refunding Revenue, Callable 6/1/22 @ 100, 5.000%, 6/1/26 | 1,431,999 | ||||
1,390,000 | Pitt County, NC, Certificate of Participation, Refunding, Callable 4/1/22 @ 100, 5.000%, 4/1/24 | 1,639,505 | ||||
1,395,000 | Pitt County, NC, Certificate of Participation, Refunding, Callable 4/1/22 @ 100, 5.000%, 4/1/25 | 1,634,312 | ||||
2,160,000 | Raleigh Durham Airport Authority, Refunding Revenue, Series B1, Callable 5/1/20 @ 100, | 2,485,642 | ||||
1,500,000 | Raleigh, NC, Combined Enterprise System, Refunding Revenue, Series A, Callable 3/1/23 @ 100, | 1,803,630 | ||||
1,615,000 | Raleigh, NC, Combined Enterprise System, Refunding Revenue, Series A, Callable 3/1/23 @ 100, | 1,926,582 | ||||
1,070,000 | Raleigh, NC, Public Improvements, Revenue, Series A, Callable 10/1/24 @ 100, 4.000%, 10/1/31 | 1,150,550 | ||||
1,525,000 | Rockingham County, NC, Public Improvements Certificate of Participation (Assured Guaranty), | 1,658,529 | ||||
1,510,000 | Rockingham County, NC, Refunding Revenue, 5.000%, 4/1/18 | 1,687,380 | ||||
1,000,000 | Union County, NC, Enterprise Systems, Refunding Revenue, Series A, Callable 12/1/21 @ 100, | 1,145,320 | ||||
2,205,000 | Union County, NC, Refunding G.O., Series A, 5.000%, 3/1/22 | 2,684,147 | ||||
1,000,000 | Union County, NC, Refunding Revenue, 5.000%, 12/1/23 | 1,233,930 | ||||
2,285,000 | University of North Carolina at Greensboro, Refunding Revenue, Callable 4/1/21 @ 100, | 2,674,684 | ||||
1,695,000 | University of North Carolina at Greensboro, University & College Improvements Revenue, Callable 4/1/24 @ 100, | 2,012,846 | ||||
3,260,000 | University of North Carolina System, Appalachian State University, Refunding Revenue, Series B1, Callable 4/1/20 @ 100, | 3,824,469 |
Principal Amount | Fair Value | |||||
MUNICIPAL BONDS — (continued) |
| |||||
North Carolina — (continued) | ||||||
$ 3,130,000 | University of North Carolina System, Asheville/Wilmington, Refunding Revenue, Series C, Callable 4/1/20 @ 100 (Assured Guaranty), | $ 3,637,749 | ||||
1,485,000 | University of North Carolina System, Asheville/Wilmington, Refunding Revenue, Series C, Callable 4/1/20 @ 100 (Assured Guaranty), | 1,733,381 | ||||
1,975,000 | University of North Carolina System, The University of North Carolina at Greensboro, Refunding Revenue, Series B2, 5.000%, 4/1/17 | 2,143,171 | ||||
1,000,000 | University of North Carolina System, University & College Improvements, General Trust Indenture Revenue, Series C, 4.500%, 10/1/17 | 1,082,060 | ||||
775,000 | University of North Carolina System, University & College Improvements, Unrefunded Revenue, Series A, Callable 10/1/16 @ 100 (NATL-RE), | 826,119 | ||||
2,125,000 | Watauga Public Facilities Corp., Revenue, Series A, Callable 6/1/22 @ 100, | 2,504,589 | ||||
1,000,000 | Watauga Public Facilities Corp., Revenue, Series A, Callable 6/1/22 @ 100, | 1,158,280 | ||||
1,000,000 | Winston-Salem State University Foundation LLC, Refunding Revenue, Callable 4/1/22 @ 100, | 1,128,140 | ||||
1,000,000 | Winston-Salem, NC, Transit Improvements, Refunding Revenue, Series C, Callable 6/1/24 @ 100, | 1,182,960 | ||||
1,165,000 | Winston-Salem, NC, Water & Sewer System, Refunding Revenue, Series A, 5.000%, 6/1/24 | 1,462,657 | ||||
1,000,000 | Winston-Salem, NC, Water & Sewer System, Refunding Revenue, Series A, Callable 6/1/17 @ 100, | 1,093,300 | ||||
1,875,000 | Winston-Salem, NC, Water & Sewer System, Refunding Revenue, Series A, Callable 6/1/24 @ 100, | 2,336,250 | ||||
1,000,000 | Winston-Salem, NC, Water & Sewer System, Refunding Revenue, Series A, Callable 6/1/24 @ 100, | 1,216,360 | ||||
|
| |||||
Total Municipal Bonds | 196,251,931 | |||||
|
|
Continued |
49 |
Sterling Capital North Carolina Intermediate Tax-Free Fund |
Schedule of Portfolio Investments — (continued) |
March 31, 2015 (Unaudited) |
Shares | Fair Value | |||||
MONEY MARKET FUND — 1.7% | ||||||
3,452,685 | Federated North Carolina Municipal Cash Trust, Institutional Shares, 0.010%(a) | $ | 3,452,685 | |||
|
| |||||
Total Money Market Fund | 3,452,685 | |||||
|
| |||||
Total Investments — 98.7% | 199,704,616 | |||||
Net Other Assets (Liabilities) — 1.3% | 2,689,681 | |||||
|
| |||||
NET ASSETS — 100.0% | $ | 202,394,297 | ||||
|
|
(a) | Represents the current yield as of report date. |
AGM — Assured Guaranty Municipal Corp.
AMBAC — American Municipal Bond Assurance Corp.
CR — Custodial Receipts
G.O. — General Obligation
NATL — National Public Finance Guarantee Corp.
OID — Original Issue Discount
RE — Reinsurance
XLCA — XL Capital Assurance
See accompanying Notes to the Financial Statements.
50
Sterling Capital South Carolina Intermediate Tax-Free Fund |
Schedule of Portfolio Investments |
March 31, 2015 (Unaudited) |
Principal | Fair Value | |||||
MUNICIPAL BONDS — 94.7% |
| |||||
South Carolina — 94.7% | ||||||
$ 1,515,000 | Anderson County, SC, School District No 4, Refunding, G.O., Series A, Callable 3/1/25 @ 100, (SCSDE), 5.000%, 3/1/28 | $ | 1,845,830 | |||
1,000,000 | Anderson Regional Joint Water System, Refunding Revenue, Series A, Callable 7/15/21 @ 100, 5.000%, 7/15/25 | 1,150,720 | ||||
1,095,000 | Anderson, SC, Water & Sewer, Refunding Revenue (AGM), 5.000%, 7/1/19 | 1,257,071 | ||||
1,000,000 | Beaufort County, SC, School District, Advance Refunding, G.O., (SCSDE), 5.000%, 3/1/22 | 1,209,550 | ||||
1,000,000 | Beaufort County, SC, School District, Refunding G.O., Series A, Callable 3/1/17 @ 100 (AGM, SCSDE), 5.000%, 3/1/27 | 1,084,070 | ||||
760,000 | Cayce, SC, Waterworks & Sewer Systems Refunding & Improvements Revenue, Series A (XLCA), 5.250%, 7/1/16 | 803,343 | ||||
1,000,000 | Charleston County, SC, Capital Improvements Transportation Sales Tax, Public Improvements G.O., Callable 11/1/21 @ 100 (State Aid Withholding), 5.000%, 11/1/22 | 1,222,350 | ||||
1,000,000 | Charleston County, SC, Port, Airport & Marina Improvements Revenue, 5.000%, 12/1/22 | 1,208,200 | ||||
2,500,000 | Charleston Educational Excellence Finance Corp., Charleston County School Refunding Revenue, 5.000%, 12/1/21 | 3,005,875 | ||||
1,355,000 | Coastal Carolina University, University & College Improvements Revenue, Callable 6/1/24 @ 100, 5.000%, 6/1/34 | 1,557,843 | ||||
1,295,000 | College of Charleston, University & College Improvements Refunding Revenue, Series A, Callable 4/1/21 @ 100, 5.000%, 4/1/25 | 1,496,813 | ||||
1,000,000 | College of Charleston, University & College Improvements Revenue, Series A, Callable 4/1/24 @ 100, 5.000%, 4/1/25 | 1,203,740 | ||||
1,095,000 | Columbia, SC, Recreational Facilities Improvements Revenue, Callable 2/1/24 @ 100, 4.000%, 2/1/31 | 1,174,103 | ||||
1,170,000 | Easley Combined Utility System, Refunding Revenue, Callable 12/1/19 @ 100 (Assured Guaranty), 5.000%, 12/1/24 | 1,358,698 | ||||
1,135,000 | East Richland County Public Service District, Refunding Revenue, 4.000%, 1/1/22 | 1,292,243 | ||||
200,000 | Educational Facilities Authority, Wofford College, University & College Improvements Revenue, Series A, 4.000%, 4/1/15 | 200,000 | ||||
600,000 | Educational Facilities Authority, Wofford College, University & College Improvements Revenue, Series B, 2.000%, 4/1/27(a) | 600,474 | ||||
1,000,000 | Florence County, SC, McLeod Regional Medical Center Project, Refunding Revenue, Callable 11/1/24 @ 100, 5.000%, 11/1/28 | 1,179,170 | ||||
1,895,000 | Florence County, SC, Public Improvements, G.O., (State Aid Withholding), 4.000%, 6/1/20 | 2,137,371 | ||||
1,000,000 | Greenville County, SC, School District Building Refunding Revenue, 5.000%, 12/1/22 | 1,207,550 | ||||
1,075,000 | Greenville County, SC, School District Building Refunding Revenue, Callable 12/1/16 @ 100, 5.000%, 12/1/22 | 1,154,066 |
Principal | Fair Value | |||||
MUNICIPAL BONDS — (continued) |
| |||||
South Carolina — (continued) | ||||||
$ 570,000 | Greenville County, SC, School District Building Refunding Revenue, Callable 12/1/16 @ 100, OID, 4.250%, 12/1/21 | $ | 603,562 | |||
1,340,000 | Greenville Health System, Hospital System Board, Refunding Revenue, 5.000%, 5/1/21 | 1,559,747 | ||||
1,000,000 | Greenville Health System, Hospital System Board, Refunding Revenue, Callable 5/1/22 @ 100, 5.000%, 5/1/31 | 1,128,790 | ||||
1,000,000 | Greenwood County, SC, Self Regional Healthcare Refunding Revenue, Series B, Callable 4/1/22 @ 100, 5.000%, 10/1/24 | 1,153,380 | ||||
530,000 | Greenwood County, SC, Self Regional Healthcare Revenue, Callable 10/1/19 @ 100, OID, 5.000%, 10/1/23 | 603,182 | ||||
1,175,000 | Greenwood, SC, Combined Public Utility Revenue, Series A, 4.000%, 12/1/18 | 1,285,250 | ||||
500,000 | Kershaw County, SC, Kershaw County School District Project, Refunding Revenue (AGC), 5.000%, 12/1/16 | 535,700 | ||||
1,460,000 | Lancaster Educational Assistance Program, Inc., SC, Lancaster County School District Refunding Revenue, Series B, Callable 12/1/23 @ 100, 5.000%, 12/1/24 | 1,763,841 | ||||
1,000,000 | Lexington County, SC, Health Services District, Inc., Refunding Revenue, Callable 11/1/17 @ 100, 5.000%, 11/1/23 | 1,095,700 | ||||
760,000 | Lexington County, SC, Health Services District, Inc., Refunding Revenue, Callable 11/1/21 @ 100, 5.000%, 11/1/22 | 901,679 | ||||
1,000,000 | Lexington County, SC, School District No. 1, G.O., Series C (SCSDE), 5.000%, 2/1/21 | 1,188,960 | ||||
1,000,000 | Lexington One School Facilities Corp., Lexington County School District No. 1 Revenue, 5.000%, 12/1/16 | 1,075,130 | ||||
940,000 | Lexington, SC, Combined Waterworks & Sewer System Refunding Revenue, Callable 4/1/21 @100, 5.000%, 4/1/22 | 1,097,271 | ||||
1,000,000 | Lugoff-Elgin Water Authority, Refunding Revenue, Series B, Callable 7/1/26 @ 100, 5.000%, 7/1/30 | 1,196,060 | ||||
535,000 | Oconee County, SC, Duke Power Co. Project Refunding Revenue, 3.600%, 2/1/17 | 562,301 | ||||
810,000 | Orangeburg County, SC, School District No. 5, Refunding G.O. (SCSDE), 5.000%, 3/1/21 | 959,963 | ||||
970,000 | Piedmont Municipal Power Agency, Power System Refunding Revenue, Series A3, 5.000%, 1/1/16 | 1,003,678 | ||||
550,000 | Piedmont Municipal Power Agency, Power System Refunding Revenue, Series A3 (Assured Guaranty), 5.000%, 1/1/18 | 609,043 | ||||
1,000,000 | Piedmont Municipal Power Agency, Power System Refunding Revenue, Series B, Callable 1/1/22 @ 100, 4.000%, 1/1/23 | 1,114,970 | ||||
330,000 | Piedmont Municipal Power Agency, Power System, Prerefunded, Refunding Revenue (NATL-RE), OID, 5.375%, 1/1/25 | 370,805 | ||||
1,000,000 | Renewable Water Resources Sewage System, Refunding Revenue, 4.000%, 1/1/20 | 1,115,160 | ||||
1,000,000 | Rock Hill, SC, Combined Utility System, Refunding Revenue, Series A, Callable 1/1/22 @100 (AGM), 5.000%, 1/1/23 | 1,178,150 |
Continued
51
Sterling Capital South Carolina Intermediate Tax-Free Fund |
Schedule of Portfolio Investments — (continued) |
March 31, 2015 (Unaudited) |
Principal | Fair Value | |||||
MUNICIPAL BONDS — (continued) |
| |||||
South Carolina — (continued) | ||||||
$ 1,000,000 | Rock Hill, SC, Hospital Fee Pledge, Refunding Revenue, Callable 4/1/23 @100, 5.000%, 4/1/33 | $ | 1,117,930 | |||
1,090,000 | Rock Hill, SC, Ltd. Obligations, Hospitality Fee Pledge, Refunding Revenue, 5.000%, 4/1/21 | 1,272,542 | ||||
1,235,000 | SCAGO Educational Facilities Corp. for Pickens School District, Pickens County Project, School Improvements Revenue, Callable 12/1/16 @ 100 (AGM), 5.000%, 12/1/18 | 1,324,352 | ||||
825,000 | SCAGO Educational Facilities Corp. for Pickens School District, Pickens County Project, School Improvements Revenue, Callable 12/1/16 @ 100 (AGM), 5.000%, 12/1/19 | 884,689 | ||||
500,000 | SCAGO Public Facilities Corp. for Georgetown County, Georgetown County Project, Refunding Revenue, Series A, 5.000%, 12/1/18 | 562,855 | ||||
500,000 | SCAGO Public Facilities Corp. for Georgetown County, Georgetown County Project, Refunding Revenue, Series A, 5.000%, 12/1/19 | 570,895 | ||||
550,000 | South Carolina Jobs-Economic Development Authority, AnMed Health Project, Refunding & Improvement Revenue, Series B (Assured Guaranty), 5.000%, 2/1/19 | 621,137 | ||||
1,000,000 | South Carolina Jobs-Economic Development Authority, Bons Secours Health System, Inc., Refunding Revenue, Callable 11/1/22 @ 100, 5.000%, 11/1/24 | 1,164,430 | ||||
1,500,000 | South Carolina Jobs-Economic Development Authority, Conway Hospital Income Project, Health, Hospital, Nursing Home Improvements Revenue, Callable 7/1/22 @ 100, 5.000%, 7/1/23 | 1,727,355 | ||||
500,000 | South Carolina Jobs-Economic Development Authority, Palmetto Health Facilities, Refunding Revenue, Series A (AGM), 5.000%, 8/1/19 | 564,535 | ||||
500,000 | South Carolina Jobs-Economic Development Authority, Palmetto Health, Refunding & Improvement Facilities Revenue, OID, 5.000%, 8/1/18 | 552,465 | ||||
1,150,000 | South Carolina Ports Authority, Port, Airport & Marina Improvements Revenue, 5.000%, 7/1/19 | 1,312,035 | ||||
1,030,000 | South Carolina State Public Service Authority, Refunding Revenue, Series A, Callable 1/1/19 @ 100, 5.000%, 1/1/27 | 1,150,963 |
Principal | Fair Value | |||||
MUNICIPAL BONDS — (continued) |
| |||||
South Carolina — (continued) | ||||||
$ 1,015,000 | South Carolina State Public Service Authority, Refunding Revenue, Series A, Callable 1/1/19 @ 100, 5.000%, 1/1/32 | $ | 1,126,782 | |||
1,225,000 | South Carolina State Public Service Authority, Refunding Revenue, Series B, Callable 1/1/16 @ 100 (NATL-RE), 5.000%, 1/1/22 | 1,268,573 | ||||
600,000 | Spartanburg Regional Health Services District, Refunding Revenue, Series A, Callable 4/15/18 @ 100 (Assured Guaranty), 5.250%, 4/15/21 | 666,834 | ||||
830,000 | Three Rivers Solid Waste Authority, Solid Waste Disposal Facilities, Refunding Revenue, 4.500%, 12/15/16 | 877,941 | ||||
500,000 | University of South Carolina, Refunding Revenue, Series A, Callable 5/1/20 @ 100, 5.000%, 5/1/28 | 575,380 | ||||
|
| |||||
Total Municipal Bonds | 66,793,095 | |||||
|
| |||||
Shares | ||||||
MONEY MARKET FUND — 4.3% |
| |||||
3,027,898 | Federated Tax-Free Obligations Fund, Institutional Shares, 0.010%(b) | 3,027,898 | ||||
|
| |||||
Total Money Market Fund | 3,027,898 | |||||
|
| |||||
Total Investments — 99.0% (Cost $66,865,889) | 69,820,993 | |||||
Net Other Assets (Liabilities) — 1.0% | 694,943 | |||||
|
| |||||
NET ASSETS — 100.0% | $ | 70,515,936 | ||||
|
|
(a) | The interest rate for this variable rate note, which will change periodically, is based either on the prime rate or an index of market rates. The reflected rate is in effect as of March 31, 2015. The maturity date reflected is the final maturity date. |
(b) | Represents the current yield as of report date. |
AGC — Assured Guaranty Corp.
AGM — Assured Guaranty Municipal Corp.
G.O. — General Obligation
NATL — National Public Finance Guarantee Corp.
OID — Original Issue Discount
RE — Reinsurance
SCAGO — South Carolina Association of Governmental Organizations
SCSDE — South Carolina School District Enhancement
XLCA — XL Capital Assurance
See accompanying Notes to the Financial Statements.
52
Sterling Capital Virginia Intermediate Tax-Free Fund |
Schedule of Portfolio Investments |
March 31, 2015 (Unaudited) |
Principal | Fair Value | |||||
MUNICIPAL BONDS — 96.1% |
| |||||
District of Columbia — 1.7% | ||||||
$ 1,160,000 | Metropolitan Washington Airports Authority, Port, Airport & Marina Improvement Revenue, Series A, Callable 10/1/20 @ 100, 5.000%, 10/1/23 | $ | 1,363,012 | |||
625,000 | Metropolitan Washington Airports Authority, Refunding Revenue, Series B, Callable 10/1/19 @ 100, 5.000%, 10/1/21 | 721,856 | ||||
|
| |||||
2,084,868 | ||||||
|
| |||||
Virginia — 94.4% | ||||||
1,000,000 | Albemarle County, VA, Economic Development Authority, Albemarle County Project, Public Improvements Revenue, 5.000%, 6/1/21 | 1,188,500 | ||||
1,730,000 | Albemarle County, VA, Economic Development Authority, Albemarle County Project, Public Improvements Revenue, Callable 6/1/22 @ 100, 5.000%, 6/1/23 | 2,070,551 | ||||
2,760,000 | Albemarle County, VA, Economic Development Authority, Refunding Revenue, 5.000%, 6/1/20 | 3,231,988 | ||||
1,000,000 | Alexandria, VA, Public Improvements G.O., Series A, 5.000%, 6/15/16 | 1,056,870 | ||||
1,000,000 | Alexandria, VA, Refunding G.O. (State Aid Withholding), 5.000%, 6/15/21 | 1,206,170 | ||||
1,000,000 | Arlington County, VA, Industrial Development Authority, VA Hospital Center Arlington, Refunding Revenue, 5.000%, 7/1/18 | 1,116,340 | ||||
1,100,000 | Chesterfield County, VA, Economic Development Authority, Electric & Power, Refunding Revenue, Series A, Callable 5/1/19 @ 100, 5.000%, 5/1/23 | 1,261,392 | ||||
1,145,000 | Culpeper County, VA, Economic Development Authority, VA Capital Projects, Refunding Revenue, Callable 6/1/24 @ 100, 4.000%, 6/1/26 | 1,283,339 | ||||
1,410,000 | Fairfax County, VA, Economic Development Authority, Community Services Facilities Project, Health, Hospital, Nursing, Home Improvements, Revenue, Series A, 4.500%, 3/1/21 | 1,634,105 | ||||
1,875,000 | Fairfax County, VA, Economic Development Authority, Goodwin House Inc., Refunding Revenue, Callable 10/1/17 @ 100, 5.000%, 10/1/27 | 1,977,656 | ||||
2,500,000 | Fairfax County, VA, Economic Development Authority, Laurel Hill Public Facilities Project, Refunding Revenue, Series A, 5.000%, 6/1/22 | 3,014,000 | ||||
1,000,000 | Fairfax County, VA, Industrial Development Authority, Inova Health System Project, Refunding Revenue, (AGM-CR), OID, 5.250%, 8/15/19 | 1,115,680 | ||||
595,000 | Fairfax County, VA, Industrial Development Authority, Inova Health Systems Project, Refunding Revenue, Series C, 5.000%, 5/15/18 | 666,775 | ||||
2,160,000 | Fairfax County, VA, Sewer Improvements Revenue, Callable 7/15/21 @ 100, 5.000%, 7/15/22 | 2,597,724 |
Principal | Fair Value | |||||
MUNICIPAL BONDS — (continued) |
| |||||
Virginia — (continued) | ||||||
$ 1,000,000 | Fredericksburg Economic Development Authority, Mary Washington Healthcare Obligation Group, Refunding Revenue, Callable 6/15/24 @ 100, 5.000%, 6/15/26 | $ | 1,129,970 | |||
1,000,000 | Hampton, VA, Public Improvements, Refunding G.O., Series A, Callable 1/15/19 @100, 5.000%, 1/15/21 | 1,137,400 | ||||
1,700,000 | Leesburg, VA, Refunding G.O., Callable 1/15/24 @ 100, (State Aid Withholding), 4.000%, 1/15/27 | 1,916,920 | ||||
1,000,000 | Loudoun County, VA, Economic Development Authority, Public Improvements Revenue, Callable 12/1/24 @ 100, 5.000%, 12/1/27 | 1,208,140 | ||||
1,665,000 | Loudoun County, VA, Industrial Development Authority, Refunding Revenue, 4.000%, 12/15/22 | 1,926,755 | ||||
1,020,000 | Loudoun County, VA, Public Improvements G.O., Series B, (State Aid Withholding), 5.000%, 12/1/16 | 1,097,459 | ||||
1,465,000 | Montgomery County, VA, Economic Development Authority, Virginia Tech Foundation, Refunding Revenue, Series A, Callable 6/1/20 @ 100, 5.000%, 6/1/27 | 1,694,741 | ||||
2,460,000 | Montgomery County, VA, Economic Development Authority, Virginia Tech Foundation, Refunding Revenue, Series A, Callable 6/1/21 @ 100, 5.000%, 6/1/24 | 2,902,898 | ||||
1,315,000 | Montgomery County, VA, Industrial Development Authority, Public Projects, Public Improvements, Revenue, 5.000%, 2/1/18 | 1,462,648 | ||||
1,445,000 | Montgomery County, VA, Industrial Development Authority, Public Projects, Public Improvements, Revenue, Callable 2/1/18 @ 100, 5.000%, 2/1/24 | 1,583,893 | ||||
2,000,000 | Newport News, VA, General Water Improvements, Refunding G.O., Series A, 4.000%, 7/15/20 | 2,264,440 | ||||
1,000,000 | Newport News, VA, General Water Improvements, Refunding G.O., Series B, 5.250%, 7/1/21 | 1,217,270 | ||||
1,000,000 | Norfolk, VA, Economic Development Authority, Bon Secours Health System, Inc., Refunding Revenue, Callable 11/1/22 @ 100, 5.000%, 11/1/29 | 1,129,660 | ||||
1,000,000 | Norfolk, VA, Economic Development Authority, Sentara Healthcare Facilities, Refunding Revenue, Series B, Callable 11/1/22 @ 100, 5.000%, 11/1/25 | 1,168,820 | ||||
1,000,000 | Norfolk, VA, Economic Development Authority, Sentara Healthcare, Refunding Revenue, Series B, Callable 11/1/22 @ 100, 5.000%, 11/1/24 | 1,178,760 | ||||
1,465,000 | Norfolk, VA, Economic Development Authority, Sentara Healthcare, Refunding Revenue, Series B, Callable 11/1/22 @ 100, 5.000%, 11/1/36 | 1,671,975 | ||||
1,000,000 | Norfolk, VA, Water Utility Improvements Revenue, Callable 11/1/18 @ 100, 5.000%, 11/1/23 | 1,128,330 |
Continued
53
Sterling Capital Virginia Intermediate Tax-Free Fund |
Schedule of Portfolio Investments — (continued) |
March 31, 2015 (Unaudited) |
Principal | Fair Value | |||||
MUNICIPAL BONDS — (continued) |
| |||||
Virginia — (continued) | ||||||
$ 1,000,000 | Pittsylvania County, VA, School Improvements G.O., Series B, 5.000%, 2/1/19 | $ | 1,137,750 | |||
1,320,000 | Pittsylvania County, VA, School Improvements G.O., Series B, Callable 2/1/19 @ 100, OID, 5.200%, 2/1/20 | 1,509,776 | ||||
1,775,000 | Pittsylvania County, VA, School Improvements G.O., Series B, Callable 2/1/19 @ 100, OID, 5.375%, 2/1/21 | 2,046,220 | ||||
1,160,000 | Poquoson, VA, Refunding G.O., (State Aid Withholding), 5.000%, 2/15/21 | 1,382,268 | ||||
1,700,000 | Portsmouth, VA, Public Improvements, Refunding G.O., Series A, Callable 2/1/23 @ 100, (State Aid Withholding), 5.000%, 2/1/27 | 2,032,061 | ||||
1,325,000 | Portsmouth, VA, Public Utilities, Refunding G.O., Series A, Callable 7/15/22 @ 100, (State Aid Withholding), 5.000%, 7/15/24 | 1,590,729 | ||||
1,440,000 | Portsmouth, VA, Refunding G.O., Series B, Callable 7/15/19 @ 100, 5.250%, 7/15/23 | 1,668,226 | ||||
1,055,000 | Portsmouth, VA, Refunding G.O., Series D, Callable 7/15/20 @ 100, 5.000%, 7/15/21 | 1,236,713 | ||||
1,400,000 | Prince William County, VA, County Facilities, Refunding Certificate of Participation, 3.500%, 10/1/18 | 1,506,778 | ||||
1,150,000 | Prince William County, VA, County Facilities, Refunding Certificate of Participation, 5.000%, 10/1/21 | 1,374,399 | ||||
1,595,000 | Prince William County, VA, Industrial Development Authority, Novant Health Obligation Group, Refunding Revenue, Callable 11/1/22 @ 100, 4.000%, 11/1/33 | 1,643,392 | ||||
1,520,000 | Richmond Metropolitan Authority, Expressway, Refunding Revenue, (NATL), 5.250%, 7/15/16 | 1,607,902 | ||||
2,000,000 | Richmond, VA, Public Improvements, Refunding G.O., Series A, Callable 3/1/24 @ 100 (State Aid Withholding), 5.000%, 3/1/28 | 2,406,260 | ||||
2,195,000 | Riverside Regional Jail Authority, Refunding Revenue, Callable 7/1/25 @ 100, 5.000%, 7/1/27 | 2,654,194 | ||||
1,000,000 | Riverside Regional Jail Authority, Refunding Revenue, Callable 7/1/25 @ 100, 5.000%, 7/1/30 | 1,187,940 | ||||
1,760,000 | Riverside, VA, Regional Jail Authority, Refunding Revenue, 5.000%, 7/1/22 | 2,110,750 | ||||
1,415,000 | Roanoke, VA, Economic Development Authority, Carillion Health System, Remarketing, Refunding Revenue, Series C, (AGM), 5.000%, 7/1/17 | 1,545,916 | ||||
1,100,000 | Smyth County, VA, Industrial Development Authority, Mountain States Health Alliance Refunding Revenue, 5.000%, 7/1/15 | 1,110,494 | ||||
885,000 | Smyth County, VA, Industrial Development Authority, Mountain States Health Alliance Refunding Revenue, 5.000%, 7/1/20 | 991,350 | ||||
1,000,000 | Smyth County, VA, Industrial Development Authority, Mountain States Health Alliance Refunding Revenue, Callable 7/1/20 @ 100, OID, 5.000%, 7/1/23 | 1,112,110 |
Principal | Fair Value | |||||
MUNICIPAL BONDS — (continued) |
| |||||
Virginia — (continued) | ||||||
$ 1,530,000 | Smyth County, VA, Public Improvement, Refunding G.O., Series A, Callable 11/1/21 @ 100 (State Aid Withholding), 5.000%, 11/1/25 | $ | 1,778,288 | |||
1,220,000 | Spotsylvania County, VA, Economic Development Authority, Refunding Revenue, 5.000%, 6/1/22 | 1,471,735 | ||||
1,420,000 | Spotsylvania County, VA, Water & Sewer System, Refunding Revenue, Series A, Callable 6/1/20 @ 100, 5.000%, 6/1/28 | 1,633,298 | ||||
2,425,000 | Suffolk, VA, Public Improvements, Refunding G.O., Series A, (NATL-RE), 5.000%, 2/1/17 | 2,622,468 | ||||
465,000 | Suffolk, VA, Unrefunded, Refunding G.O., Callable 12/1/15 @ 100, 5.000%, 12/1/18 | 479,847 | ||||
1,100,000 | Virginia Biotechnology Research Partnership Authority, Constructions Laboratories Project, Refunding Revenue, 5.000%, 9/1/19 | 1,273,756 | ||||
2,500,000 | Virginia College Building Authority, 21st Century College & Equipment, University & College Improvements Revenue, Series A (State Intercept), 5.000%, 2/1/22 | 3,014,050 | ||||
845,000 | Virginia College Building Authority, 21st Century College & Equipment, University & College Improvements Revenue, Series A, Callable 2/1/18 @ 100, (State Intercept), 5.000%, 2/1/21 | 938,694 | ||||
1,750,000 | Virginia College Building Authority, Advance Refunding Revenue, Series B, Callable 9/1/24 @100 (State Aid Withholding), 4.000%, 9/1/25 | 1,989,435 | ||||
1,000,000 | Virginia College Building Authority, Educational Refunding Revenue, Series A, (State Intercept), 5.000%, 9/1/19 | 1,160,300 | ||||
1,805,000 | Virginia College Building Authority, Public Higher Education Financing Program, Refunding Revenue, Series B, (State Intercept), 5.000%, 9/1/20 | 2,132,084 | ||||
1,850,000 | Virginia Commonwealth Transportation Board, Federal Transportation Grant, Transit Improvements, Revenue, Series B, Callable 9/15/22 @ 100, 5.000%, 3/15/23 | 2,246,030 | ||||
1,500,000 | Virginia Port Authority, Port, Airport & Marina Improvements Revenue, Callable 7/1/20 @ 100, 5.000%, 7/1/28 | 1,732,500 | ||||
2,000,000 | Virginia Public Building Authority, Public Improvements Revenue, Series A, Callable 8/1/21 @ 100, 5.000%, 8/1/26 | 2,357,060 | ||||
1,000,000 | Virginia Public School Authority, School Financing 1997 Resolution, School Improvement Revenue, Series B, Callable 8/1/17 @100, (NATL-RE), 5.000%, 8/1/26 | 1,100,020 | ||||
1,150,000 | Virginia Resources Authority, State Revolving Fund, Refunding Revenue, 5.500%, 10/1/17 | 1,286,241 | ||||
1,835,000 | Virginia Small Business Financing Authority, Sentara Healthcare Refunding Revenue, 4.000%, 11/1/16 | 1,934,053 | ||||
1,255,000 | Western Regional Jail Authority, Correctional Facilities Improvement Revenue, Callable 6/1/17 @ 100, (NATL-RE), 4.750%, 6/1/23 | 1,355,701 |
Continued
54
Sterling Capital Virginia Intermediate Tax-Free Fund |
Schedule of Portfolio Investments — (continued) |
March 31, 2015 (Unaudited) |
Principal | Fair Value | |||||
MUNICIPAL BONDS — (continued) |
| |||||
Virginia — (continued) | ||||||
$ 920,000 | Winchester, VA, Economic Development Authority, Valley Health System Obligated Group, Hospital Refunding Revenue, Series A, Callable 1/1/24 @ 100, 5.000%, 1/1/26 | $ | 1,080,752 | |||
2,000,000 | York County, VA, Economic Development Authority, Electric & Power, Refunding Revenue, Series A, 1.875%, 5/1/33(a) | 2,036,140 | ||||
|
| |||||
114,718,849 | ||||||
|
| |||||
Total Municipal Bonds | 116,803,717 | |||||
|
|
Shares | Fair Value | |||||
MONEY MARKET FUND — 3.1% |
| |||||
3,749,392 | Federated Virginia Municipal Money Market Portfolio, Institutional Shares, 0.010%(b) | $ | 3,749,392 | |||
|
| |||||
Total Money Market Fund | 3,749,392 | |||||
|
| |||||
Total Investments — 99.2% | 120,553,109 | |||||
Net Other Assets (Liabilities) — 0.8% | 1,015,401 | |||||
|
| |||||
NET ASSETS — 100.0%. | $ | 121,568,510 | ||||
|
|
(a) | The interest rate for this variable rate note, which will change periodically, is based either on the prime rate or an index of market rates. The reflected rate is in effect as of March 31, 2015. The maturity date reflected is the final maturity date. |
(b) | Represents the current yield as of report date. |
AGM — Assured Guaranty Municipal Corp.
CR — Custodial Receipts
G.O. — General Obligation
NATL — National Public Finance Guarantee Corp.
OID — Original Issue Discount
RE — Reinsurance
See accompanying Notes to the Financial Statements.
55
Sterling Capital West Virginia Intermediate Tax-Free Fund |
Schedule of Portfolio Investments |
March 31, 2015 (Unaudited) |
Principal | Fair Value | |||||
MUNICIPAL BONDS — 97.8% |
| |||||
$ 1,060,000 | Berkeley County, WV, Building Commission, Judicial Center Project, Refunding Revenue, Callable 9/1/21 @ 100, 4.500%, 9/1/23 | $ | 1,188,058 | |||
1,085,000 | Berkeley County, WV, Building Commission, Lease Refunding Revenue, Callable 12/1/22 @ 100, 4.000%, 12/1/26 | 1,180,946 | ||||
1,500,000 | Berkeley County, WV, Public Service Sewer District, Miscellaneous Purposes Revenue, Series C, Callable 10/1/23 @ 100, (BAM), 4.500%, 10/1/32 | 1,661,775 | ||||
875,000 | Berkeley County, WV, Public Service Sewer District, Sewer Improvements Revenue, Series A, Callable 5/8/15 @ 100, 5.000%, 3/1/22 | 877,940 | ||||
670,000 | Braxton County, WV, Board of Education, Public School Improvements G.O., Callable 5/1/18 @ 100, (AGM, West Virginia Board Commission), 5.000%, 5/1/23 | 744,993 | ||||
1,215,000 | Fairmont State University, WV, University & College Improvements, Refunding Revenue, Series B, 4.000%, 6/1/19 | 1,333,949 | ||||
1,005,000 | Fairmont State University, WV, University & College Improvements, Refunding Revenue, Series A, Callable 6/1/21 @ 100, 5.000%, 6/1/23 | 1,156,936 | ||||
1,495,000 | Fairmont State University, WV, University & College Improvements, Refunding Revenue, Series B, Callable 6/1/21 @ 100, 5.000%, 6/1/23 | 1,721,014 | ||||
1,100,000 | Fairmont, WV, Waterworks Refunding Revenue, Series D, Callable 7/1/19 @100, (AGM), 4.000%, 7/1/24 | 1,167,474 | ||||
2,250,000 | Greenbrier County, WV, Board of Education, Public School Improvements G.O., (AGM), 5.000%, 5/1/18 | 2,524,050 | ||||
1,605,000 | Jefferson County, WV, Board of Education Public School, Refunding G.O., (West Virginia Board Commission), 4.000%, 5/1/19 | 1,771,856 | ||||
1,700,000 | Marshall University, WV, Refunding Revenue, 5.000%, 5/1/19 | 1,938,680 | ||||
1,390,000 | Marshall University, WV, University & College Improvements Revenue, Callable 5/1/21 @ 100, 5.000%, 5/1/26 | 1,613,637 | ||||
1,560,000 | Marshall University, WV, University & College Improvements Revenue, Callable 5/1/21 @ 100, 5.000%, 5/1/27 | 1,810,988 | ||||
1,000,000 | Mason County, WV, Appalachian Power Co., Industrial Improvements Revenue, Series L, 1.625%, 10/1/22(a) | 1,003,380 | ||||
1,545,000 | Monongalia County, WV, Board of Education, Public School Refunding G.O., (West Virginia Board Commission), 5.000%, 5/1/20 | 1,803,231 | ||||
1,000,000 | Monongalia County, WV, Board of Education, Public School Refunding G.O., Callable 5/1/22 @ 100, (West Virginia Board Commission), 5.000%, 5/1/23 | 1,195,530 | ||||
675,000 | Monongalia County, WV, Board of Education, Public School Refunding G.O., Callable 5/1/22 @ 100, (West Virginia Board Commission), 5.000%, 5/1/31 | 774,941 |
Principal | Fair Value | |||||
MUNICIPAL BONDS — (continued) |
| |||||
$ 965,000 | Monongalia County, WV, Board of Education, Public School Refunding G.O., Callable 5/1/22 @ 100, (West Virginia Board Commission), 5.000%, 5/1/33 | $ | 1,102,522 | |||
775,000 | Monongalia County, WV, Building Commission Justice Center, Public Improvements Revenue, Series A, 4.000%, 2/1/21 | 861,567 | ||||
405,000 | Monongalia County, WV, Building Commission Justice Center, Public Improvements Revenue, Series A, Callable 2/1/21 @ 100, 4.000%, 2/1/22 | 445,816 | ||||
815,000 | Monongalia County, WV, Building Commission, Health System Obligated Group Refunding Revenue, Callable 7/1/21 @ 100, OID, 6.250%, 7/1/31 | 972,059 | ||||
1,205,000 | Monongalia County, WV, Building Commission, Health, Hospital, Nursing Home Improvement Revenue, Series A, Callable 7/1/15 @ 100, 5.250%, 7/1/20 | 1,216,074 | ||||
570,000 | Ohio County, WV, County Commission, Fort Henry Centre Financing District, Public Improvement, Tax Allocation, Series A, 5.350%, 6/1/17 | 598,757 | ||||
860,000 | Pleasants County, WV, Board of Education, Public School Improvements G.O., 4.000%, 5/1/21 | 966,649 | ||||
295,000 | Pleasants County, WV, Board of Education, Public School Improvements G.O., Callable 5/1/21 @ 100, 4.000%, 5/1/22 | 328,341 | ||||
1,210,000 | Pleasants County, WV, Board of Education, Public School Improvements G.O., Callable 5/1/21 @ 100, 4.000%, 5/1/23 | 1,337,510 | ||||
1,165,000 | Pleasants County, WV, Board of Education, Public School Improvements G.O., Callable 5/1/21 @ 100, 4.000%, 5/1/24 | 1,275,430 | ||||
1,000,000 | Preston County, WV, Board of Education, Public School Improvements G.O., (West Virginia Board Commission), 3.000%, 5/1/19 | 1,069,870 | ||||
1,655,000 | Preston County, WV, Board of Education, Public School Improvements G.O., (West Virginia Board Commission), 4.000%, 5/1/21 | 1,877,564 | ||||
1,285,000 | Princeton, WV, Princeton Community Hospital Project, Refunding Revenue, Series A, 5.000%, 5/1/22 | 1,476,786 | ||||
1,365,000 | Princeton, WV, Princeton Community Hospital Project, Refunding Revenue, Series A, Callable 5/1/22 @ 100, 5.000%, 5/1/27 | 1,527,558 | ||||
2,005,000 | Putnam County, WV, Board of Education, Public School Improvements, G.O., (West Virginia Board Commission), 4.000%, 5/1/19 | 2,228,056 | ||||
1,000,000 | Putnam County, WV, Board of Education, Public School Improvements, G.O., Callable 5/1/20 @ 100, (West Virginia Board Commission), 4.000%, 5/1/22 | 1,107,110 | ||||
1,400,000 | Shepherd University Board of Governors, Residence Facilities Projects, University & College Improvements, Revenue, Callable 6/1/15 @ 100, (NATL-RE), 5.000%, 6/1/25 | 1,411,046 | ||||
500,000 | West Virginia Economic Development Authority, Appalachian Power Co. Amos Plant Project, Refunding Revenue, 1.900%, 3/1/40(a) | 500,000 |
Continued
56
Sterling Capital West Virginia Intermediate Tax-Free Fund |
Schedule of Portfolio Investments — (continued) |
March 31, 2015 (Unaudited) |
Principal | Fair Value | |||||
MUNICIPAL BONDS — (continued) |
| |||||
$ 1,215,000 | West Virginia Economic Development Authority, Correctional Juvenile Public Safety Facilities Lease, Refunding Revenue, Series A, 5.000%, 6/1/19 | $ | 1,393,714 | |||
3,000,000 | West Virginia Economic Development Authority, Correctional Juvenile Public Safety Facilities Lease, Refunding Revenue, Series A, Callable 6/1/22 @ 100, 5.000%, 6/1/25 | 3,535,920 | ||||
4,685,000 | West Virginia Economic Development Authority, Correctional Juvenile Public Safety Facilities Lease, Refunding Revenue, Series A, Callable 6/1/22 @ 100, 5.000%, 6/1/26 | 5,489,555 | ||||
750,000 | West Virginia Economic Development Authority, Department of Environmental Protection Lease, Refunding Revenue, Series B, 4.000%, 11/1/21 | 836,025 | ||||
1,000,000 | West Virginia Economic Development Authority, Ohio Power Co. Amos Project, Resource Recovery Improvements Revenue, Series A, 3.125%, 3/1/43(a) | 1,000,000 | ||||
1,710,000 | West Virginia Economic Development Authority, The Diamond Project, Refunding Revenue, 3.000%, 12/15/18 | 1,812,343 | ||||
1,890,000 | West Virginia Economic Development Authority, The Diamond Project, Refunding Revenue, Callable 12/15/18 @ 100, 3.000%, 12/15/19 | 2,008,579 | ||||
1,600,000 | West Virginia Higher Education Policy Commission, Higher Education Facilities, Refunding Revenue, Series A, 5.000%, 4/1/20 | 1,860,000 | ||||
250,000 | West Virginia Higher Education Policy Commission, Higher Educational Facilities, Refunding Revenue, Series B, Callable 5/8/15 @ 100, (NATL), 5.000%, 4/1/16 | 250,980 | ||||
440,000 | West Virginia Hospital Finance Authority, Charleston Area Medical Center, Inc., Health, Hospital, Nursing Home Improvements Revenue, Series A, OID, 6.500%, 9/1/16 | 462,255 | ||||
2,000,000 | West Virginia Hospital Finance Authority, United Health System Obligation, Health, Hospital, Nursing Home Improvements Refunding Revenue, Series A, Callable 6/1/23 @ 100, OID, 5.375%, 6/1/38 | 2,285,640 | ||||
515,000 | West Virginia Hospital Finance Authority, Valley Health System Obligated Group, Refunding Revenue, 5.000%, 1/1/24 | 620,997 | ||||
630,000 | West Virginia Hospital Finance Authority, Valley Health System Obligated Group, Refunding Revenue, Callable 1/1/24 @ 100, 5.000%, 1/1/26 | 742,764 | ||||
1,555,000 | West Virginia Housing Development Fund, Refunding Revenue, Series A, 2.750%, 11/1/20 | 1,612,691 | ||||
1,855,000 | West Virginia School Building Authority, Capital Improvements, Refunding Revenue, Series A, Callable 7/1/17 @ 100, (NATL), 5.000%, 7/1/18 | 2,035,918 | ||||
1,650,000 | West Virginia School Building Authority, Capital Improvements, Refunding Revenue, Series A, Callable 7/1/17 @ 100, (NATL), 5.000%, 7/1/19 | 1,809,935 |
Principal | Fair Value | |||||
MUNICIPAL BONDS — (continued) |
| |||||
$ 3,700,000 | West Virginia School Building Authority, Capital Improvements, Refunding Revenue, Series A, Callable 7/1/17 @ 100, (NATL), 5.000%, 7/1/20 | $ | 4,050,427 | |||
500,000 | West Virginia School Building Authority, Lottery Capital Improvements Revenue, Callable 7/1/24 @ 100, Series A, 5.000%, 7/1/27 | 601,045 | ||||
1,265,000 | West Virginia School Building Authority, Lottery Capital Improvements Revenue, Callable 7/1/24 @ 100, Series A, 5.000%, 7/1/28 | 1,502,845 | ||||
1,300,000 | West Virginia School Building Authority, School Improvements Revenue, 5.000%, 7/1/18 | 1,459,185 | ||||
1,050,000 | West Virginia School Building Authority, School Improvements Revenue, Callable 7/1/18 @ 100, OID, 5.000%, 7/1/27 | 1,164,933 | ||||
1,840,000 | West Virginia School Building Authority, School Improvements Revenue, Callable 7/1/18 @100, 5.250%, 7/1/21 | 2,069,025 | ||||
1,890,000 | West Virginia State Building Commission, Regional Jail Refunding Revenue, Series A, (AMBAC), 5.375%, 7/1/21 | 2,156,207 | ||||
1,320,000 | West Virginia State Parkways Economic Development & Tourism Authority, Refunding Revenue (NATL, G.O. of Authority), 5.250%, 5/15/17 | 1,443,974 | ||||
2,000,000 | West Virginia State Parkways Economic Development & Tourism Authority, Refunding Revenue (NATL, G.O. of Authority), 5.250%, 5/15/19 | 2,310,020 | ||||
1,000,000 | West Virginia State Water Development Authority, Loan Program II, Refunding Revenue, Series A-II, Callable 11/1/23 @ 100, 5.000%, 11/1/26 | 1,184,100 | ||||
2,525,000 | West Virginia State Water Development Authority, Loan Program II, Refunding Revenue, Series A-II, Callable 11/1/23 @ 100, 5.000%, 11/1/27 | 2,968,971 | ||||
500,000 | West Virginia University, University Projects, University & College Improvements Revenue, Series B, 5.000%, 10/1/19 | 579,770 | ||||
1,500,000 | West Virginia University, University Projects, University & College Improvements Revenue, Series B, 5.000%, 10/1/20 | 1,770,945 | ||||
1,750,000 | West Virginia University, University Projects, University & College Improvements Revenue, Series B, Callable 10/1/21 @ 100, 5.000%, 10/1/30 | 1,999,690 | ||||
1,530,000 | West Virginia University, University Projects, University & College Improvements, Refunding Revenue, Series A, Callable 10/1/22 @ 100, 5.000%, 10/1/35 | 1,751,835 | ||||
|
| |||||
Total Municipal Bonds | 100,542,381 | |||||
|
|
Continued
57
Sterling Capital West Virginia Intermediate Tax-Free Fund |
Schedule of Portfolio Investments — (continued) |
March 31, 2015 (Unaudited) |
Shares | Fair Value | |||||
MONEY MARKET FUND — 1.5% |
| |||||
1,578,673 | Federated Tax-Free Obligations Fund, Institutional Shares, 0.010%(b) | $ | 1,578,673 | |||
|
| |||||
Total Money Market Fund | 1,578,673 | |||||
|
| |||||
Total Investments — 99.3% | 102,121,054 | |||||
Net Other Assets (Liabilities) — 0.7% | 725,255 | |||||
|
| |||||
NET ASSETS — 100.0% | $ | 102,846,309 | ||||
|
|
(a) | The interest rate for this variable rate note, which will change periodically, is based either on the prime rate or an index of market rates. The reflected rate is in effect as of March 31, 2015. The maturity date reflected is the final maturity date. |
(b) | Represents the current yield as of report date. |
AGM — Assured Guaranty Municipal Corp.
AMBAC — American Municipal Bond Assurance Corp.
BAM — Build America Mutual
G.O. — General Obligation
NATL — National Public Finance Guarantee Corp.
OID — Original Issue Discount
RE — Reinsurance
See accompanying Notes to the Financial Statements.
58
Sterling Capital Strategic Allocation Conservative Fund |
Schedule of Portfolio Investments |
March 31, 2015 (Unaudited) |
Shares | Fair Value | |||||
EQUITY FUNDS — 42.5% |
| |||||
338,537 | Sterling Capital Behavioral International Equity Fund, Institutional Shares(a) | $ | 3,415,837 | |||
92,406 | Sterling Capital Equity Income Fund, Institutional Shares(a) | 1,735,378 | ||||
113,950 | Sterling Capital Long/Short Equity Fund, Institutional Shares(a)(b) | 1,146,334 | ||||
71,745 | Sterling Capital Special Opportunities Fund, Institutional Shares(a)(b) | 1,735,509 | ||||
|
| |||||
Total Equity Funds | 8,033,058 | |||||
|
| |||||
FIXED INCOME FUND — 55.1% | ||||||
964,935 | Sterling Capital Total Return Bond Fund, Institutional Shares(a) | 10,421,296 | ||||
|
| |||||
Total Fixed Income Fund | 10,421,296 | |||||
|
| |||||
MONEY MARKET FUND — 2.1% | ||||||
406,439 | Federated Treasury Obligations Fund, Institutional Shares, 0.010%(c) | 406,439 | ||||
|
| |||||
Total Money Market Fund | 406,439 | |||||
|
| |||||
Total Investments — 99.7% | 18,860,793 | |||||
Net Other Assets (Liabilities) — 0.3% | 49,834 | |||||
|
| |||||
NET ASSETS — 100.0% | $ | 18,910,627 | ||||
|
|
(a) | Investments in issuers considered to be an affiliate of the Fund for purposes of Section 2(a)(3) of the Investment Company Act of 1940. |
(b) | Represents non-income producing security. |
(c) | Represents the current yield as of report date. |
See accompanying Notes to the Financial Statements.
59
Sterling Capital Strategic Allocation Balanced Fund |
Schedule of Portfolio Investments |
March 31, 2015 (Unaudited) |
Shares | Fair Value | |||||
EQUITY FUNDS — 64.6% |
| |||||
1,036,584 | Sterling Capital Behavioral International Equity Fund, Institutional Shares(a) | $ | 10,459,138 | |||
283,042 | Sterling Capital Equity Income Fund, Institutional Shares(a) | 5,315,522 | ||||
390,948 | Sterling Capital Long/Short Equity Fund, Institutional Shares(a)(b) | 3,932,935 | ||||
219,670 | Sterling Capital Special Opportunities Fund, Institutional Shares(a)(b) | 5,313,812 | ||||
|
| |||||
Total Equity Funds | 25,021,407 | |||||
|
| |||||
FIXED INCOME FUND — 33.3% |
| |||||
1,192,513 | Sterling Capital Total Return Bond Fund, Institutional Shares(a) | 12,879,138 | ||||
|
| |||||
Total Fixed Income Fund | 12,879,138 | |||||
|
| |||||
MONEY MARKET FUND — 2.0% |
| |||||
776,689 | Federated Treasury Obligations Fund, Institutional Shares, 0.010%(c) | 776,689 | ||||
|
| |||||
Total Money Market Fund | 776,689 | |||||
|
| |||||
Total Investments — 99.9% | 38,677,234 | |||||
Net Other Assets (Liabilities) — 0.1% | 33,803 | |||||
|
| |||||
NET ASSETS — 100.0% | $ | 38,711,037 | ||||
|
|
(a) | Investments in issuers considered to be an affiliate of the Fund for purposes of Section 2(a)(3) of the Investment Company Act of 1940. |
(b) | Represents non-income producing security. |
(c) | Represents the current yield as of report date. |
See accompanying Notes to the Financial Statements.
60
Sterling Capital Strategic Allocation Growth Fund |
Schedule of Portfolio Investments |
March 31, 2015 (Unaudited) |
Shares | Fair Value | |||||
EQUITY FUNDS — 81.1% |
| |||||
923,664 | Sterling Capital Behavioral International Equity Fund, Institutional Shares(a) | $ | 9,319,767 | |||
252,210 | Sterling Capital Equity Income Fund, Institutional Shares(a) | 4,736,509 | ||||
333,242 | Sterling Capital Long/Short Equity Fund, Institutional Shares(a)(b) | 3,352,412 | ||||
195,766 | Sterling Capital Special Opportunities Fund, Institutional Shares(a)(b) | 4,735,575 | ||||
|
| |||||
Total Equity Funds | 22,144,263 | |||||
|
| |||||
FIXED INCOME FUND — 17.3% |
| |||||
436,345 | Sterling Capital Total Return Bond Fund, Institutional Shares(a) | 4,712,530 | ||||
|
| |||||
Total Fixed Income Fund | 4,712,530 | |||||
|
| |||||
MONEY MARKET FUND — 1.5% |
| |||||
412,723 | Federated Treasury Obligations Fund, Institutional Shares, 0.010%(c) | 412,723 | ||||
|
| |||||
Total Money Market Fund | 412,723 | |||||
|
| |||||
Total Investments — 99.9% | 27,269,516 | |||||
Net Other Assets (Liabilities) — 0.1% | 16,517 | |||||
|
| |||||
NET ASSETS — 100.0% | $ | 27,286,033 | ||||
|
|
(a) | Investments in issuers considered to be an affiliate of the Fund for purposes of Section 2(a)(3) of the Investment Company Act of 1940. |
(b) | Represents non-income producing security. |
(c) | Represents the current yield as of report date. |
See accompanying Notes to the Financial Statements.
61
(This page has been left blank intentionally.)
Sterling Capital Funds |
March 31, 2015 (Unaudited) |
Sterling Capital Behavioral Large Cap Value Equity Fund | Sterling Capital Mid Value Fund | |||||||||
Assets: | ||||||||||
Investments at fair value (a) | $ | 286,598,692 | $ | 771,136,391 | ||||||
Cash | — | — | ||||||||
Cash held at broker for securities sold short | — | — | ||||||||
Interest and dividends receivable | 329,185 | 1,297,704 | ||||||||
Receivable for investments sold | 27,146,823 | — | ||||||||
Receivable for capital shares issued | 418,345 | 1,617,114 | ||||||||
Deferred offering costs | — | — | ||||||||
Prepaid and other expenses | 37,691 | 44,487 | ||||||||
|
|
|
| |||||||
Total Assets | 314,530,736 | 774,095,696 | ||||||||
|
|
|
| |||||||
Liabilities: | ||||||||||
Call options written | — | — | ||||||||
Cash overdraft | — | — | ||||||||
Securities sold short, at value | — | — | ||||||||
Distributions payable | — | — | ||||||||
Payable for investments purchased | 26,268,820 | — | ||||||||
Payable for capital shares redeemed | 42,196 | 755,367 | ||||||||
Payable for dividends on short sales | — | — | ||||||||
Payable to broker for service fee on short sales | — | — | ||||||||
Accrued expenses and other payables: | ||||||||||
Investment advisory fees | 147,238 | 459,385 | ||||||||
Accounting out-of-pocket fees | 1,809 | 3,515 | ||||||||
Administration fees | 22,628 | 60,613 | ||||||||
Audit fees | 11,810 | 31,754 | ||||||||
Compliance service fees | 480 | 1,324 | ||||||||
Distribution (12b-1) fees | 9,012 | 15,079 | ||||||||
Trustee fees | 77 | — | ||||||||
Transfer agent fees | 10,032 | 38,612 | ||||||||
Other fees and liabilities | 4,565 | 9,073 | ||||||||
|
|
|
| |||||||
Total Liabilities | 26,518,667 | 1,374,722 | ||||||||
|
|
|
| |||||||
Net Assets | $ | 288,012,069 | $ | 772,720,974 | ||||||
|
|
|
| |||||||
Net Assets Consist of: | ||||||||||
Capital | $ | 276,151,641 | $ | 579,426,199 | ||||||
Undistributed (distributions in excess of) net investment income (loss) | 353,838 | (1,754,315 | ) | |||||||
Accumulated realized gain (loss) | (26,662,996 | ) | 29,504,141 | |||||||
Net unrealized appreciation (depreciation) | 38,169,586 | 165,544,949 | ||||||||
|
|
|
| |||||||
Net Assets | $ | 288,012,069 | $ | 772,720,974 | ||||||
|
|
|
| |||||||
Net Assets | ||||||||||
Class A Shares | $ | 35,542,861 | $ | 44,687,994 | ||||||
Class B Shares | 797,603 | 1,136,267 | ||||||||
Class C Shares | 922,688 | 5,435,748 | ||||||||
Institutional Shares | 250,748,917 | 721,460,758 | ||||||||
Class R Shares | — | 207 | ||||||||
|
|
|
| |||||||
Total | $ | 288,012,069 | $ | 772,720,974 | ||||||
|
|
|
| |||||||
Shares of Beneficial Interest Outstanding (Unlimited number of shares authorized, no par value) | ||||||||||
Class A Shares | 1,967,344 | 2,224,963 | ||||||||
Class B Shares | 44,925 | 60,462 | ||||||||
Class C Shares | 52,479 | 290,671 | ||||||||
Institutional Shares | 13,803,555 | 35,637,221 | ||||||||
Class R Shares | — | 11 | ||||||||
|
|
|
| |||||||
Total | 15,868,303 | 38,213,328 | ||||||||
|
|
|
| |||||||
Net Asset Value | ||||||||||
Class A Shares - redemption price per share | $ | 18.07 | $ | 20.08 | ||||||
|
|
|
| |||||||
Class B Shares - offering price per share* | $ | 17.75 | $ | 18.79 | ||||||
|
|
|
| |||||||
Class C Shares - offering price per share* | $ | 17.58 | $ | 18.70 | ||||||
|
|
|
| |||||||
Institutional Shares | $ | 18.17 | $ | 20.24 | ||||||
|
|
|
| |||||||
Class R Shares | $ | — | $ | 19.68 | ** | |||||
|
|
|
| |||||||
Maximum Sales Charge - Class A Shares | 5.75 | % | 5.75 | % | ||||||
|
|
|
| |||||||
Maximum Offering Price (100%/(100% - Maximum Sales Charge)) of net asset value adjusted to the nearest cent per share - Class A Shares | $ | 19.17 | $ | 21.31 | ||||||
|
|
|
| |||||||
(a) Investments at cost | $ | 248,429,106 | $ | 605,591,442 |
* | Redemption price per share varies by length of time shares are held. |
** | The Sterling Capital Mid Value Fund and Sterling Capital Behavioral Small Cap Value Equity Fund net asset value for Class R Shares is calculated using unrounded net assets of $206.86 and $190.89 divided by the unrounded shares of 10.51 and 12.415, respectively. |
See accompanying Notes to the Financial Statements.
63
|
|
|
|
Sterling Capital | Sterling Capital Special Opportunities Fund | Sterling Capital Equity Income Fund | Sterling Capital Long/Short Equity Fund | Sterling Capital Behavioral International Equity Fund | Sterling Capital Ultra Short Bond Fund | ||||||||||||||||||||||||
$ | 136,111,929 | $ | 899,691,198 | $ | 1,786,514,946 | $ | 104,483,327 | $ | 23,401,722 | $ | 43,564,299 | ||||||||||||||||||
— | — | — | 7,008 | — | — | ||||||||||||||||||||||||
— | — | — | 33,271,046 | — | — | ||||||||||||||||||||||||
342,679 | 1,366,805 | 4,984,618 | 71,985 | 123,993 | 346,086 | ||||||||||||||||||||||||
— | 11,311,660 | 12,472,450 | 1,589,272 | 2,396,121 | — | ||||||||||||||||||||||||
238,596 | 1,938,077 | 2,340,670 | 440,087 | 4 | 158 | ||||||||||||||||||||||||
— | — | — | — | 9,348 | — | ||||||||||||||||||||||||
33,848 | 79,072 | 64,994 | 36,093 | — | 16,849 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||
136,727,052 | 914,386,812 | 1,806,377,678 | 139,898,818 | 25,931,188 | 43,927,392 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||
— | 522,100 | 630,625 | 36,888 | — | — | ||||||||||||||||||||||||
— | — | — | — | 472,642 | — | ||||||||||||||||||||||||
— | — | — | 29,746,134 | — | — | ||||||||||||||||||||||||
— | — | — | — | — | 2,557 | ||||||||||||||||||||||||
— | — | 2,531,954 | 4,710,915 | 1,908,526 | — | ||||||||||||||||||||||||
32 | 3,893,047 | 9,032,000 | 320,321 | — | 33,890 | ||||||||||||||||||||||||
— | — | — | 28,921 | — | — | ||||||||||||||||||||||||
— | — | — | 1,066 | — | — | ||||||||||||||||||||||||
85,467 | 608,947 | 1,099,437 | 132,067 | 13,354 | 7,319 | ||||||||||||||||||||||||
2,312 | 5,115 | 9,869 | 1,844 | 5,901 | 3,749 | ||||||||||||||||||||||||
10,525 | 75,101 | 144,705 | 8,123 | 1,885 | 3,391 | ||||||||||||||||||||||||
5,738 | 43,842 | 82,921 | 5,311 | 799 | 2,403 | ||||||||||||||||||||||||
252 | 1,862 | 3,791 | 151 | 35 | 88 | ||||||||||||||||||||||||
3,463 | 176,230 | 394,180 | 787 | 33 | 1,381 | ||||||||||||||||||||||||
14 | — | — | — | 186 | — | ||||||||||||||||||||||||
6,325 | 64,644 | 193,296 | 2,316 | 873 | 614 | ||||||||||||||||||||||||
— | — | 28,932 | — | 2,314 | 824 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||
114,128 | 5,390,888 | 14,151,710 | 34,994,844 | 2,406,548 | 56,216 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||
$ | 136,612,924 | $ | 908,995,924 | $ | 1,792,225,968 | $ | 104,903,974 | $ | 23,524,640 | $ | 43,871,176 | ||||||||||||||||||
|
|
|
| �� |
|
|
|
|
|
|
|
| |||||||||||||||||
$ |
117,503,960 |
| $ | 556,969,122 | $ | 1,375,989,427 | $ | 108,839,840 | $ | 23,329,382 | $ | 44,346,626 | |||||||||||||||||
519,819 | (633,924 | ) | 1,192,512 | (802,044 | ) | 144,201 | (87,384 | ) | |||||||||||||||||||||
(775,527 | ) | 76,537,742 | 25,794,488 | (635,101 | ) | (173,247 | ) | (87,763 | ) | ||||||||||||||||||||
19,364,672 | 276,122,984 | 389,249,541 | (2,498,721 | ) | 224,304 | (300,303 | ) | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||
$ | 136,612,924 | $ | 908,995,924 | $ | 1,792,225,968 | $ | 104,903,974 | $ | 23,524,640 | $ | 43,871,176 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||
$ | 14,026,229 | $ | 259,655,831 | $ | 550,610,508 | $ | 2,173,622 | $ | 174,310 | $ | 6,744,420 | ||||||||||||||||||
285,582 | 6,322,913 | 5,711,828 | — | — | — | ||||||||||||||||||||||||
354,825 | 136,697,769 | 306,438,348 | 359,059 | 6,354 | — | ||||||||||||||||||||||||
121,946,097 | 506,276,660 | 927,531,695 | 102,371,293 | 23,343,976 | 37,126,756 | ||||||||||||||||||||||||
191 | 42,751 | 1,933,589 | — | — | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||
$ | 136,612,924 | $ | 908,995,924 | $ | 1,792,225,968 | $ | 104,903,974 | $ | 23,524,640 | $ | 43,871,176 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||
909,598 | 11,101,605 | 29,385,216 | 216,906 | 17,297 | 680,273 | ||||||||||||||||||||||||
19,115 | 304,329 | 305,386 | — | — | — | ||||||||||||||||||||||||
23,776 | 6,573,724 | 16,487,703 | 36,164 | 631 | — | ||||||||||||||||||||||||
7,847,080 | 20,932,228 | 49,385,397 | 10,181,262 | 2,314,794 | 3,746,949 | ||||||||||||||||||||||||
12 | 1,801 | 103,782 | — | — | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||
8,799,581 | 38,913,687 | 95,667,484 | 10,434,332 | 2,332,722 | 4,427,222 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||
$ | 15.42 | $ | 23.39 | $ | 18.74 | $ | 10.02 | $ | 10.08 | $ | 9.91 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||
$ | 14.94 | $ | 20.78 | $ | 18.70 | $ | — | $ | — | $ | — | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||
$ | 14.92 | $ | 20.79 | $ | 18.59 | $ | 9.93 | $ | 10.07 | $ | — | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||
$ | 15.54 | $ | 24.19 | $ | 18.78 | $ | 10.05 | $ | 10.08 | $ | 9.91 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||
$ | 15.38 | ** | $ | 23.74 | $ | 18.63 | $ | — | $ | — | $ | — | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||
5.75 | % | 5.75 | % | 5.75 | % | 5.75 | % | 5.75 | % | 0.50 | % | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||
$ |
16.36 |
| $ | 24.82 | $ | 19.88 | $ | 10.63 | $ | 10.69 | $ | 9.96 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||
$ | 116,747,257 | $ | 623,741,574 | $ | 1,397,281,607 | $ | 106,375,500 | $ | 23,166,349 | $ | 43,864,602 |
64
Sterling Capital Funds |
Statements of Assets and Liabilities |
March 31, 2015 (Unaudited) |
Sterling Capital Short Duration Bond Fund | Sterling Capital Intermediate U.S. Government Fund | |||||||||
Assets: | ||||||||||
Investments at fair value (a) | $ | 91,207,570 | $ | 34,075,600 | ||||||
Interest and dividends receivable | 659,103 | 181,609 | ||||||||
Receivable for investments sold | — | — | ||||||||
Receivable for capital shares issued | 394,324 | 91,992 | ||||||||
Prepaid expenses | 28,989 | 14,846 | ||||||||
|
|
|
| |||||||
Total Assets | 92,289,986 | 34,364,047 | ||||||||
|
|
|
| |||||||
Liabilities: | ||||||||||
Distributions payable | 160,025 | 28,847 | ||||||||
Payable for investments purchased | — | — | ||||||||
Payable for capital shares redeemed | 368,005 | 11,411 | ||||||||
Accrued expenses and other payables: | ||||||||||
Investment advisory fees | 21,810 | 10,174 | ||||||||
Administration fees | 7,172 | 2,683 | ||||||||
Compliance service fees | 163 | 66 | ||||||||
Distribution (12b-1) fees | 3,842 | 3,281 | ||||||||
Trustee fees | 10 | 26 | ||||||||
Other fees | 12,595 | 3,440 | ||||||||
|
|
|
| |||||||
Total Liabilities | 573,622 | 59,928 | ||||||||
|
|
|
| |||||||
Net Assets | $ | 91,716,364 | $ | 34,304,119 | ||||||
|
|
|
| |||||||
Net Assets Consist of: | ||||||||||
Capital | $ | 100,867,750 | $ | 40,403,480 | ||||||
Undistributed (distributions in excess of) net investment income | (788,160 | ) | 75,993 | |||||||
Accumulated realized gain (loss) | (7,832,665 | ) | (7,230,990 | ) | ||||||
Net unrealized appreciation (depreciation) | (530,561 | ) | 1,055,636 | |||||||
|
|
|
| |||||||
Net Assets | $ | 91,716,364 | $ | 34,304,119 | ||||||
|
|
|
| |||||||
Net Assets | ||||||||||
Class A Shares | $ | 9,431,982 | $ | 11,169,873 | ||||||
Class B Shares | — | 223,938 | ||||||||
Class C Shares | 2,284,678 | 857,690 | ||||||||
Institutional Shares | 79,999,704 | 22,052,618 | ||||||||
Class R Shares | — | — | ||||||||
|
|
|
| |||||||
Total | $ | 91,716,364 | $ | 34,304,119 | ||||||
|
|
|
| |||||||
Shares of Beneficial Interest Outstanding (Unlimited number of shares authorized, no par value) | ||||||||||
Class A Shares | 1,049,645 | 1,084,802 | ||||||||
Class B Shares | — | 21,825 | ||||||||
Class C Shares | 254,363 | 83,422 | ||||||||
Institutional Shares | 8,903,202 | 2,139,249 | ||||||||
Class R Shares | — | — | ||||||||
|
|
|
| |||||||
Total | 10,207,210 | 3,329,298 | ||||||||
|
|
|
| |||||||
Net Asset Value | ||||||||||
Class A Shares - redemption price per share | $ | 8.99 | $ | 10.30 | ||||||
|
|
|
| |||||||
Class B Shares - offering price per share* | $ | — | $ | 10.26 | ||||||
|
|
|
| |||||||
Class C Shares - offering price per share* | $ | 8.98 | $ | 10.28 | ||||||
|
|
|
| |||||||
Institutional Shares | $ | 8.99 | $ | 10.31 | ||||||
|
|
|
| |||||||
Class R Shares | $ | — | $ | — | ||||||
|
|
|
| |||||||
Maximum Sales Charge - Class A Shares | 2.00 | % | 2.00 | % | ||||||
|
|
|
| |||||||
Maximum Offering Price (100%/(100% - Maximum Sales Charge)) of net asset value adjusted to the nearest cent per share - Class A Shares | $ | 9.17 | $ | 10.51 | ||||||
|
|
|
| |||||||
(a) Investments at cost | $ | 91,738,131 | $ | 33,019,964 |
* | Redemption price per share varies by length of time shares are held. |
** | The Sterling Capital Total Return Bond Fund and Sterling Capital Kentucky Tax-Free Intermediate Fund net asset value for Class R Shares and net asset value for Class C Shares is calculated using unrounded net assets of $5,811.60 and $19,650.87 divided by the unrounded shares of 540.792 and 1,839.189, respectively. |
See accompanying Notes to the Financial Statements.
65
|
|
|
|
Sterling Capital Total Return Bond Fund | Sterling Capital Corporate Fund | Sterling Capital Securitized Opportunities Fund | Sterling Capital Kentucky Intermediate Tax-Free Fund | Sterling Capital Maryland Intermediate Tax-Free Fund | ||||||||||||||||||||
$ | 691,714,770 | $ | 58,336,500 | $ | 42,067,777 | $ | 14,816,528 | $ | 36,758,991 | |||||||||||||||
4,736,764 | 750,581 | 126,868 | 161,879 | 393,335 | ||||||||||||||||||||
65,316 | — | — | — | — | ||||||||||||||||||||
782,069 | 331,927 | 566,339 | 191,053 | 34,815 | ||||||||||||||||||||
40,674 | 12,532 | 11,164 | 9,615 | 9,976 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||||||
697,339,593 | 59,431,540 | 42,772,148 | 15,179,075 | 37,197,117 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||||||
665,713 | 124 | 2,878 | 20,760 | 38,377 | ||||||||||||||||||||
567,665 | — | 443,467 | — | — | ||||||||||||||||||||
715,233 | 184,890 | 58,241 | 102,875 | 54,184 | ||||||||||||||||||||
157,401 | 17,413 | 10,723 | 4,426 | 11,026 | ||||||||||||||||||||
53,755 | 4,577 | 3,194 | 1,164 | 2,911 | ||||||||||||||||||||
761 | 68 | 67 | 28 | 69 | ||||||||||||||||||||
16,933 | 64 | 51 | 999 | 2,040 | ||||||||||||||||||||
1,283 | 8 | 35 | — | — | ||||||||||||||||||||
58,306 | 5,495 | 5,578 | 1,546 | 4,475 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||||||
2,237,050 | 212,639 | 524,234 | 131,798 | 113,082 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||||||
$ | 695,102,543 | $ | 59,218,901 | $ | 42,247,914 | $ | 15,047,277 | $ | 37,084,035 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||||||
$ | 687,261,395 | $ | 57,918,019 | $ | 43,083,558 | $ | 13,983,129 | $ | 35,302,432 | |||||||||||||||
(1,567,358 | ) | (29,684 | ) | (70,643 | ) | 3,087 | 4,893 | |||||||||||||||||
(5,793,890 | ) | 71,344 | (1,662,244 | ) | 93,379 | 203,887 | ||||||||||||||||||
15,202,396 | 1,259,222 | 897,243 | 967,682 | 1,572,823 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||||||
$ | 695,102,543 | $ | 59,218,901 | $ | 42,247,914 | $ | 15,047,277 | $ | 37,084,035 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||||||
$ | 49,830,821 | $ | 278,037 | $ | 99,895 | $ | 4,670,039 | $ | 6,675,503 | |||||||||||||||
1,316,245 | — | — | — | — | ||||||||||||||||||||
6,513,376 | 8,905 | 38,916 | 19,651 | 714,193 | ||||||||||||||||||||
637,436,289 | 58,931,959 | 42,109,103 | 10,357,587 | 29,694,339 | ||||||||||||||||||||
5,812 | — | — | — | — | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||||||
$ | 695,102,543 | $ | 59,218,901 | $ | 42,247,914 | $ | 15,047,277 | $ | 37,084,035 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||||||
4,617,711 | 26,891 | 9,929 | 437,215 | 594,653 | ||||||||||||||||||||
121,851 | — | — | — | — | ||||||||||||||||||||
602,654 | 862 | 3,873 | 1,839 | 63,604 | ||||||||||||||||||||
59,036,599 | 5,701,566 | 4,183,892 | 971,124 | 2,641,019 | ||||||||||||||||||||
541 | — | — | — | — | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||||||
64,379,356 | 5,729,319 | 4,197,694 | 1,410,178 | 3,299,276 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||||||
$ | 10.79 | $ | 10.34 | $ | 10.06 | $ | 10.68 | $ | 11.23 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||||||
$ | 10.80 | $ | — | $ | — | $ | — | $ | — | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||||||
$ | 10.81 | $ | 10.33 | $ | 10.05 | $ | 10.68 | ** | $ | 11.23 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||||||
$ | 10.80 | $ | 10.34 | $ | 10.06 | $ | 10.67 | $ | 11.24 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||||||
$ | 10.75 | ** | $ | — | $ | — | $ | — | $ | — | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||||||
5.75 | % | 2.00 | % | 2.00 | % | 2.00 | % | 2.00 | % | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||||||
$ | 11.45 | $ | 10.55 | $ | 10.27 | $ | 10.90 | $ | 11.46 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||||||
$ | 676,512,374 | $ | 57,077,278 | $ | 41,170,534 | $ | 13,848,846 | $ | 35,186,168 |
66
Sterling Capital Funds |
Statements of Assets and Liabilities |
March 31, 2015 (Unaudited) |
Sterling Capital North Carolina Intermediate Tax-Free Fund | Sterling Capital South Carolina Intermediate Tax-Free Fund | |||||||||
Assets: | ||||||||||
Investments at fair value - unaffiliated (a) | $ | 199,704,616 | $ | 69,820,993 | ||||||
Investments at fair value - affiliated (b) | — | — | ||||||||
Interest and dividends receivable - unaffiliated | 2,763,361 | 860,763 | ||||||||
Dividends receivable - affiliated | — | — | ||||||||
Receivable for capital shares issued | 619,336 | 4,790 | ||||||||
Prepaid and other expenses | 10,629 | 9,790 | ||||||||
|
|
|
| |||||||
Total Assets | 203,097,942 | 70,696,336 | ||||||||
|
|
|
| |||||||
Liabilities: | ||||||||||
Distributions payable | 259,747 | 79,516 | ||||||||
Payable for investments purchased | — | — | ||||||||
Payable for capital shares redeemed | 330,368 | 60,990 | ||||||||
Accrued expenses and other payables: | ||||||||||
Investment advisory fees | 59,897 | 20,739 | ||||||||
Accounting out-of-pocket fees | 4,544 | 2,593 | ||||||||
Administration fees | 15,811 | 5,475 | ||||||||
Audit fees | 8,196 | 2,767 | ||||||||
Compliance service fees | 363 | 122 | ||||||||
Distribution (12b-1) fees | 12,917 | 5,042 | ||||||||
Trustee fees | 38 | 14 | ||||||||
Transfer agent fees | 8,363 | 2,893 | ||||||||
Other fees | 3,401 | 249 | ||||||||
|
|
|
| |||||||
Total Liabilities | 703,645 | 180,400 | ||||||||
|
|
|
| |||||||
Net Assets | $ | 202,394,297 | $ | 70,515,936 | ||||||
|
|
|
| |||||||
Net Assets Consist of: | ||||||||||
Capital | $ | 190,613,136 | $ | 67,352,301 | ||||||
Undistributed (distributions in excess of) net investment income | 82,498 | 26,767 | ||||||||
Accumulated realized gain (loss) | 747,612 | 181,764 | ||||||||
Net unrealized appreciation | 10,951,051 | 2,955,104 | ||||||||
|
|
|
| |||||||
Net Assets | $ | 202,394,297 | $ | 70,515,936 | ||||||
|
|
|
| |||||||
Net Assets | ||||||||||
Class A Shares | $ | 46,953,120 | $ | 17,360,327 | ||||||
Class B Shares | — | — | ||||||||
Class C Shares | 3,459,240 | 1,619,881 | ||||||||
Institutional Shares | 151,981,937 | 51,535,728 | ||||||||
|
|
|
| |||||||
Total | $ | 202,394,297 | $ | 70,515,936 | ||||||
|
|
|
| |||||||
Shares of Beneficial Interest Outstanding (Unlimited number of shares authorized, no par value) | ||||||||||
Class A Shares | 4,260,460 | 1,552,677 | ||||||||
Class B Shares | — | — | ||||||||
Class C Shares | 314,113 | 144,894 | ||||||||
Institutional Shares | 13,791,355 | 4,640,563 | ||||||||
|
|
|
| |||||||
Total | 18,365,928 | 6,338,134 | ||||||||
|
|
|
| |||||||
Net Asset Value | ||||||||||
Class A Shares - redemption price per share | $ | 11.02 | $ | 11.18 | ||||||
|
|
|
| |||||||
Class B Shares - offering price per share* | $ | — | $ | — | ||||||
|
|
|
| |||||||
Class C Shares - offering price per share* | $ | 11.01 | $ | 11.18 | ||||||
|
|
|
| |||||||
Institutional Shares | $ | 11.02 | $ | 11.11 | ||||||
|
|
|
| |||||||
Maximum Sales Charge - Class A Shares | 2.00 | % | 2.00 | % | ||||||
|
|
|
| |||||||
Maximum Offering Price (100%/(100% - Maximum Sales Charge)) of net asset value adjusted to the nearest cent per share - Class A Shares | $ | 11.25 | $ | 11.41 | ||||||
|
|
|
| |||||||
Investments at cost: | ||||||||||
(a) Investments at cost - unaffiliated | $ | 188,753,565 | $ | 66,865,889 | ||||||
(b) Investments at cost - affiliated | $ | — | $ | — |
* | Redemption price per share varies by length of time shares are held. |
See accompanying Notes to the Financial Statements.
67
|
|
|
|
Sterling Capital | Sterling Capital West Virginia Intermediate Tax-Free Fund | Sterling Capital Strategic Allocation Conservative Fund | Sterling Capital Strategic Allocation Balanced Fund | Sterling Capital Strategic Allocation Growth Fund | |||||||||||||||||||
$ | 120,553,109 | $ | 102,121,054 | $ | 406,439 | $ | 776,689 | $ | 412,723 | ||||||||||||||
— | — | 18,454,354 | 37,900,545 | 26,856,793 | |||||||||||||||||||
1,272,041 | 1,425,134 | — | — | — | |||||||||||||||||||
— | — | 29,106 | 35,469 | 12,921 | |||||||||||||||||||
14,995 | 85,298 | 31,256 | 6,295 | 35,029 | |||||||||||||||||||
11,968 | 11,602 | 11,837 | 9,626 | 11,992 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
| ||||||||||||||
121,852,113 | 103,643,088 | 18,932,992 | 38,728,624 | 27,329,458 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
| ||||||||||||||
143,022 | 124,917 | 14,959 | 2,345 | 426 | |||||||||||||||||||
— | 500,000 | — | — | — | |||||||||||||||||||
70,510 | 112,045 | 1,092 | 523 | 32,958 | |||||||||||||||||||
36,095 | 30,632 | — | — | — | |||||||||||||||||||
3,133 | 2,704 | 88 | 1,103 | 129 | |||||||||||||||||||
9,499 | 8,051 | — | — | — | |||||||||||||||||||
4,931 | 4,349 | 789 | 1,615 | 1,135 | |||||||||||||||||||
224 | 192 | 35 | 72 | 52 | |||||||||||||||||||
9,574 | 8,054 | 4,206 | 9,722 | 6,982 | |||||||||||||||||||
20 | 44 | 61 | 123 | 84 | |||||||||||||||||||
5,258 | 4,393 | 1,135 | 2,084 | 1,659 | |||||||||||||||||||
1,337 | 1,398 | — | — | — | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
| ||||||||||||||
283,603 | 796,779 | 22,365 | 17,587 | 43,425 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
| ||||||||||||||
$ | 121,568,510 | $ | 102,846,309 | $ | 18,910,627 | $ | 38,711,037 | $ | 27,286,033 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| ||||||||||||||
$ | 115,229,043 | $ | 97,807,418 | $ | 23,407,900 | $ | 41,767,237 | $ | 33,090,180 | ||||||||||||||
62,654 | (8,300 | ) | (25,766 | ) | (80,944 | ) | (71,771 | ) | |||||||||||||||
295,771 | 302,397 | (5,640,270 | ) | (5,307,564 | ) | (7,628,087 | ) | ||||||||||||||||
5,981,042 | 4,744,794 | 1,168,763 | 2,332,308 | 1,895,711 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
| ||||||||||||||
$ | 121,568,510 | $ | 102,846,309 | $ | 18,910,627 | $ | 38,711,037 | $ | 27,286,033 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| ||||||||||||||
$ | 39,681,773 | $ | 36,460,281 | $ | 15,478,214 | $ | 36,226,076 | $ | 24,443,554 | ||||||||||||||
— | — | 758,842 | 1,542,116 | 1,466,404 | |||||||||||||||||||
1,342,761 | 333,055 | 334,304 | 744,277 | 533,137 | |||||||||||||||||||
80,543,976 | 66,052,973 | 2,339,267 | 198,568 | 842,938 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
| ||||||||||||||
$ | 121,568,510 | $ | 102,846,309 | $ | 18,910,627 | $ | 38,711,037 | $ | 27,286,033 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| ||||||||||||||
3,295,417 | 3,581,708 | 1,431,770 | 3,321,314 | 2,294,813 | |||||||||||||||||||
— | — | 70,119 | 144,237 | 141,173 | |||||||||||||||||||
111,532 | 32,712 | 31,144 | 69,490 | 51,563 | |||||||||||||||||||
6,690,474 | 6,481,557 | 214,065 | 18,078 | 78,952 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
| ||||||||||||||
10,097,423 | 10,095,977 | 1,747,098 | 3,553,119 | 2,566,501 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
| ||||||||||||||
$ | 12.04 | $ | 10.18 | $ | 10.81 | $ | 10.91 | $ | 10.65 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| ||||||||||||||
$ | — | $ | — | $ | 10.82 | $ | 10.69 | $ | 10.39 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| ||||||||||||||
$ | 12.04 | $ | 10.18 | $ | 10.73 | $ | 10.71 | $ | 10.34 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| ||||||||||||||
$ | 12.04 | $ | 10.19 | $ | 10.93 | $ | 10.98 | $ | 10.68 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| ||||||||||||||
2.00 | % | 2.00 | % | 5.75 | % | 5.75 | % | 5.75 | % | ||||||||||||||
|
|
|
|
|
|
|
|
|
| ||||||||||||||
$ | 12.29 |
| $ | 10.39 | $ | 11.47 | $ | 11.57 | $ | 11.30 | |||||||||||||
|
|
|
|
|
|
|
|
|
| ||||||||||||||
$ | 114,572,067 | $ | 97,376,260 | $ | 406,439 | $ | 776,689 | $ | 412,723 | ||||||||||||||
$ | — | $ | — | $ | 17,285,591 | $ | 35,568,237 | $ | 24,961,082 |
68
Sterling Capital Funds |
Statements of Operations |
For the Six Months Ended March 31, 2015 (Unaudited) |
Sterling Capital Behavioral Large Cap Value Equity Fund | Sterling Capital Mid Value Fund | |||||||||
Investment Income: | ||||||||||
Interest income | $ | — | $ | — | ||||||
Dividend income | 3,415,492 | 5,590,901 | ||||||||
Foreign tax withholding | — | — | ||||||||
|
|
|
| |||||||
Total investment income | 3,415,492 | 5,590,901 | ||||||||
|
|
|
| |||||||
Expenses: | ||||||||||
Investment advisory fees (See Note 5) | 981,724 | 2,647,222 | ||||||||
Administration fees (See Note 5) | 128,201 | 345,763 | ||||||||
Distribution fees - Class A Shares | 44,135 | 53,559 | ||||||||
Distribution fees - Class B Shares | 4,665 | 6,253 | ||||||||
Distribution fees - Class C Shares | 3,319 | 25,138 | ||||||||
Distribution fees - Class R Shares | — | — | ||||||||
Compliance service fees (See Note 5) | 1,227 | 3,419 | ||||||||
Trustee fees | 14,661 | 39,891 | ||||||||
Accounting and out-of-pocket fees | 5,188 | 7,797 | ||||||||
Audit fees | 12,074 | 32,485 | ||||||||
Custodian fees | 6,838 | 18,592 | ||||||||
Fund accounting fees (See Note 5) | 10,519 | 28,363 | ||||||||
Interest expense (See Note 7) | — | — | ||||||||
Legal fees | 11,947 | 32,464 | ||||||||
Offering costs | — | — | ||||||||
Printing fees | 14,269 | 38,754 | ||||||||
Registration fees | 19,813 | 29,954 | ||||||||
Transfer agent fees (See Note 5) | 50,809 | 262,950 | ||||||||
Other fees | 7,479 | 19,271 | ||||||||
|
|
|
| |||||||
Total expenses excluding dividend expense and service fee on securities sold short | 1,316,868 | 3,591,875 | ||||||||
Dividend expense | — | — | ||||||||
Service fee on securities sold short | — | — | ||||||||
|
|
|
| |||||||
Total expenses before waivers | 1,316,868 | 3,591,875 | ||||||||
Less expenses waived by the Investment Advisor (See Note 5) | (140,246 | ) | — | |||||||
|
|
|
| |||||||
Net expenses | 1,176,622 | 3,591,875 | ||||||||
|
|
|
| |||||||
Net investment income (loss) | 2,238,870 | 1,999,026 | ||||||||
|
|
|
| |||||||
Realized and Unrealized Gain (Loss): | ||||||||||
Net realized gain (loss) from: | ||||||||||
Investments | 14,182,679 | 48,891,338 | ||||||||
Written options | — | — | ||||||||
Foreign currency transactions | — | — | ||||||||
Short sales | — | — | ||||||||
Change in unrealized appreciation/depreciation on: | ||||||||||
Investments | (1,059,002 | ) | 29,249,460 | |||||||
Written options | — | — | ||||||||
Foreign currency transactions | — | — | ||||||||
Short sales | — | — | ||||||||
|
|
|
| |||||||
Total realized and unrealized gain (loss) | 13,123,677 | 78,140,798 | ||||||||
|
|
|
| |||||||
Change in net assets from operations | $ | 15,362,547 | $ | 80,139,824 | ||||||
|
|
|
|
* Commencement of operations was November 28, 2014.
See accompanying Notes to the Financial Statements.
69
|
|
|
|
Sterling Capital Behavioral Small Cap Value Equity Fund | Sterling Capital Special Opportunities Fund | Sterling Capital Equity Income Fund | Sterling Capital Long/Short Equity Fund | Sterling Capital Behavioral International Equity Fund* | Sterling Capital Ultra Short Bond Fund | |||||||||||||||||||||||
$ | — | $ | — | $ | — | $ | 150,029 | $ | — | $ | 337,567 | |||||||||||||||||
1,763,224 | 5,436,640 | 28,333,179 | 539,099 | 312,973 | 54 | |||||||||||||||||||||||
— | (68,362 | ) | (290,736 | ) | (12,930 | ) | (22,009 | ) | — | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
1,763,224 | 5,368,278 | 28,042,443 | 676,198 | 290,964 | 337,621 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
509,392 | 3,833,481 | 6,802,978 | 755,978 | 64,346 | 53,238 | |||||||||||||||||||||||
62,043 | 468,481 | 888,311 | 46,129 | 7,347 | 24,322 | |||||||||||||||||||||||
14,418 | 411,533 | 785,900 | 3,153 | 75 | 12,651 | |||||||||||||||||||||||
1,618 | 35,405 | 33,588 | — | — | — | |||||||||||||||||||||||
1,579 | 630,616 | 1,561,527 | 1,848 | 13 | — | |||||||||||||||||||||||
— | 95 | 4,536 | — | — | — | |||||||||||||||||||||||
612 | 4,777 | 9,254 | 482 | 62 | 250 | |||||||||||||||||||||||
7,168 | 55,192 | 106,298 | 5,120 | 741 | 3,009 | |||||||||||||||||||||||
6,873 | 9,535 | 16,570 | 6,898 | 7,686 | 12,801 | |||||||||||||||||||||||
5,875 | 44,645 | 85,275 | 3,855 | 799 | 2,345 | |||||||||||||||||||||||
3,411 | 25,811 | 49,453 | 2,552 | 4,557 | 1,459 | |||||||||||||||||||||||
5,094 | 38,430 | 72,925 | 22,717 | 603 | 1,996 | |||||||||||||||||||||||
312 | — | 215 | 2,012 | — | — | |||||||||||||||||||||||
5,824 | 45,219 | 85,299 | 4,488 | 625 | 2,376 | |||||||||||||||||||||||
— | — | — | 1,780 | 498 | — | |||||||||||||||||||||||
7,012 | 53,420 | 101,827 | 6,490 | 949 | 2,807 | |||||||||||||||||||||||
20,938 | 29,079 | 50,968 | 7,895 | 2,180 | 10,262 | |||||||||||||||||||||||
31,279 | 289,898 | 979,253 | 30,476 | 2,760 | 15,272 | |||||||||||||||||||||||
4,471 | 26,585 | 51,383 | 2,931 | 817 | 1,838 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
687,919 | 6,002,202 | 11,685,560 | 904,804 | 94,058 | 144,626 | |||||||||||||||||||||||
— | — | — | 328,257 | — | — | |||||||||||||||||||||||
— | — | — | 245,181 | — | — | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
687,919 | 6,002,202 | 11,685,560 | 1,478,242 | 94,058 | 144,626 | |||||||||||||||||||||||
— | — | — | — | (12,065 | ) | (96 | ) | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
687,919 | 6,002,202 | 11,685,560 | 1,478,242 | 81,993 | 144,530 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
1,075,305 | (633,924 | ) | 16,356,883 | (802,044 | ) | 208,971 | 193,091 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
2,973,517 | 81,792,316 | 27,548,927 | 2,812,716 | (115,883 | ) | (13,314 | ) | |||||||||||||||||||||
— | 900,801 | 1,141,631 | (100,695 | ) | — | — | ||||||||||||||||||||||
— | — | — | (2,064 | ) | (57,364 | ) | — | |||||||||||||||||||||
— | — | — | (2,558,481 | ) | — | — | ||||||||||||||||||||||
10,813,358 | (24,733,107 | ) | 5,481,404 | (4,241,591 | ) | 235,373 | (85,112 | ) | ||||||||||||||||||||
— | (293,132 | ) | (510,561 | ) | (14,367 | ) | — | — | ||||||||||||||||||||
— | — | — | 7 | (11,069 | ) | — | ||||||||||||||||||||||
— | — | — | (1,084,949 | ) | — | — | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
13,786,875 | 57,666,878 | 33,661,401 | (5,189,424 | ) | 51,057 | (98,426 | ) | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
$ | 14,862,180 | $ | 57,032,954 | $ | 50,018,284 | $ | (5,991,468 | ) | $ | 260,028 | $ | 94,665 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
70
Sterling Capital Funds |
Statements of Operations |
For the Six Months Ended March 31, 2015 (Unaudited) |
Sterling Capital Short Duration Bond Fund | Sterling Capital Intermediate U.S. Government Fund | |||||||||
Investment Income: | ||||||||||
Interest income | $ | 965,461 | $ | 371,183 | ||||||
Dividend income | 1,916 | 17 | ||||||||
|
|
|
| |||||||
Total investment income | 967,377 | 371,200 | ||||||||
|
|
|
| |||||||
Expenses: | ||||||||||
Investment advisory fees (See Note 5) | 137,956 | 72,153 | ||||||||
Administration fees (See Note 5) | 42,020 | 15,331 | ||||||||
Distribution fees - Class A Shares | 12,742 | 12,322 | ||||||||
Distribution fees - Class B Shares | — | 1,237 | ||||||||
Distribution fees - Class C Shares | 10,321 | 4,239 | ||||||||
Distribution fees - Class R Shares | — | — | ||||||||
Compliance service fees (See Note 5) | 419 | 150 | ||||||||
Trustee fees | 4,825 | 1,769 | ||||||||
Accounting and out-of-pocket fees | 15,601 | 3,323 | ||||||||
Audit fees | 3,957 | 1,465 | ||||||||
Custodian fees | 2,314 | 882 | ||||||||
Fund accounting fees (See Note 5) | 3,449 | 1,258 | ||||||||
Legal fees | 3,957 | 1,379 | ||||||||
Printing fees | 4,703 | 1,746 | ||||||||
Registration fees | 9,012 | 6,615 | ||||||||
Transfer agent fees (See Note 5) | 18,044 | 7,949 | ||||||||
Other fees | 3,067 | 1,922 | ||||||||
|
|
|
| |||||||
Total expenses before waivers | 272,387 | 133,740 | ||||||||
Less expenses waived by the Investment Advisor (See Note 5) | (9,197 | ) | (4,450 | ) | ||||||
|
|
|
| |||||||
Net expenses | 263,190 | 129,290 | ||||||||
|
|
|
| |||||||
Net investment income | 704,187 | 241,910 | ||||||||
|
|
|
| |||||||
Realized and Unrealized Gain (Loss): | ||||||||||
Net realized gain (loss) from investments | (208,049 | ) | 195,229 | |||||||
Change in unrealized appreciation/depreciation on investments | 105,766 | 233,229 | ||||||||
|
|
|
| |||||||
Total realized and unrealized gain (loss) | (102,283 | ) | 428,458 | |||||||
|
|
|
| |||||||
Change in net assets from operations | $ | 601,904 | $ | 670,368 | ||||||
|
|
|
|
See accompanying Notes to the Financial Statements.
71
|
|
|
|
Sterling Capital | Sterling Capital Corporate Fund | Sterling Capital Securitized Opportunities Fund | Sterling Capital Kentucky Intermediate Tax-Free Fund | Sterling Capital Maryland Intermediate Tax-Free Fund | |||||||||||||||||||
$10,377,214 | $ | 1,034,468 | $ | 595,353 | $ | 250,534 | $ | 512,296 | |||||||||||||||
215,536 | 27,691 | — | 23 | 59 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
| ||||||||||||||
10,592,750 | 1,062,159 | 595,353 | 250,557 | 512,355 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
| ||||||||||||||
1,180,044 | 99,053 | 66,940 | 33,449 | 84,004 | |||||||||||||||||||
291,467 | 25,850 | 17,488 | 6,792 | 17,069 | |||||||||||||||||||
55,107 | 343 | 114 | 5,756 | 8,512 | |||||||||||||||||||
7,031 | — | — | — | — | |||||||||||||||||||
30,032 | 44 | 192 | 98 | 3,555 | |||||||||||||||||||
14 | — | — | — | — | |||||||||||||||||||
2,446 | 240 | 167 | 68 | 170 | |||||||||||||||||||
30,384 | 2,834 | 1,982 | 795 | 1,966 | |||||||||||||||||||
23,816 | 8,152 | 8,842 | 3,297 | 4,957 | |||||||||||||||||||
26,541 | 2,437 | 1,648 | 649 | 1,625 | |||||||||||||||||||
14,353 | 1,388 | 1,074 | 439 | 985 | |||||||||||||||||||
23,921 | 2,123 | 1,435 | 557 | 1,400 | |||||||||||||||||||
25,703 | 2,325 | 1,591 | 632 | 1,578 | |||||||||||||||||||
32,097 | 2,860 | 1,963 | 776 | 1,912 | |||||||||||||||||||
14,202 | 7,319 | 6,948 | 2,745 | 3,953 | |||||||||||||||||||
113,781 | 13,914 | 6,519 | 2,928 | 7,686 | |||||||||||||||||||
15,084 | 2,199 | 1,750 | 1,132 | 1,710 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
| ||||||||||||||
1,886,023 | 171,081 | 118,653 | 60,113 | 141,082 | |||||||||||||||||||
(318,931 | ) | — | (7,651 | ) | (2,406 | ) | (6,029 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
|
| ||||||||||||||
1,567,092 | 171,081 | 111,002 | 57,707 | 135,053 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
| ||||||||||||||
9,025,658 | 891,078 | 484,351 | 192,850 | 377,302 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
| ||||||||||||||
259,976 | 71,970 | 31,790 | 128,889 | 193,623 | |||||||||||||||||||
8,680,931 | 427,523 | 630,862 | (127,485 | ) | (36,760 | ) | |||||||||||||||||
|
|
|
|
|
|
|
|
|
| ||||||||||||||
8,940,907 | 499,493 | 662,652 | 1,404 | 156,863 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
| ||||||||||||||
$17,966,565 | $ | 1,390,571 | $ | 1,147,003 | $ | 194,254 | $ | 534,165 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
72
Sterling Capital Funds |
Statements of Operations |
For the Six Months Ended March 31, 2015 (Unaudited) |
Sterling Capital North Carolina Intermediate Tax-Free Fund | Sterling Capital South Carolina Intermediate Tax-Free Fund | |||||||||
Investment Income: | ||||||||||
Interest income | $ | 3,083,372 | $ | 975,404 | ||||||
Dividend income - unaffiliated | 392 | 93 | ||||||||
Dividend income - affiliated | — | — | ||||||||
|
|
|
| |||||||
Total investment income | 3,083,764 | 975,497 | ||||||||
|
|
|
| |||||||
Expenses: | ||||||||||
Investment advisory fees (See Note 5) | 455,285 | 154,186 | ||||||||
Administration fees (See Note 5) | 92,500 | 31,330 | ||||||||
Distribution fees - Class A Shares | 59,800 | 21,665 | ||||||||
Distribution fees - Class B Shares | — | — | ||||||||
Distribution fees - Class C Shares | 15,845 | 8,184 | ||||||||
Compliance service fees (See Note 5) | 912 | 307 | ||||||||
Trustee fees | 10,608 | 3,572 | ||||||||
Accounting and out-of-pocket fees | 11,283 | 6,664 | ||||||||
Audit fees | 8,788 | 2,963 | ||||||||
Custodian fees | 4,947 | 1,710 | ||||||||
Fund accounting fees (See Note 5) | 7,589 | 2,569 | ||||||||
Interest expense (See Note 7) | — | — | ||||||||
Legal fees | 8,581 | 2,904 | ||||||||
Printing fees | 10,368 | 3,509 | ||||||||
Registration fees | 3,152 | 3,680 | ||||||||
Transfer agent fees (See Note 5) | 39,584 | 13,454 | ||||||||
Other fees | 5,824 | 2,446 | ||||||||
|
|
|
| |||||||
Total expenses before waivers | 735,066 | 259,143 | ||||||||
Less expenses waived by the Investment Advisor (See Note 5) | (32,663 | ) | (11,235 | ) | ||||||
|
|
|
| |||||||
Net expenses | 702,403 | 247,908 | ||||||||
|
|
|
| |||||||
Net investment income | 2,381,361 | 727,589 | ||||||||
|
|
|
| |||||||
Realized and Unrealized Gain: | ||||||||||
Net realized gain from: | ||||||||||
Investment transactions - unaffiliated | 731,215 | 207,067 | ||||||||
Investment transactions - affiliated | — | — | ||||||||
Distributions from affiliated funds | — | — | ||||||||
Change in unrealized appreciation/depreciation on investments | 253,724 | 141,771 | ||||||||
|
|
|
| |||||||
Total realized and unrealized gain | 984,939 | 348,838 | ||||||||
|
|
|
| |||||||
Change in net assets from operations | $ | 3,366,300 | $ | 1,076,427 | ||||||
|
|
|
|
See accompanying Notes to the Financial Statements.
73
|
|
|
|
Sterling Capital | Sterling Capital West Virginia Intermediate Tax-Free Fund | Sterling Capital Strategic Allocation Conservative Fund | Sterling Capital Strategic Allocation Balanced Fund | Sterling Capital Strategic Allocation Growth Fund | |||||||||||||||||||
$1,765,996 | $ | 1,559,134 | $ | — | $ | — | $ | — | |||||||||||||||
69 | 129 | 15 | 31 | 20 | |||||||||||||||||||
— | — | 212,592 | 324,745 | 173,443 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
| ||||||||||||||
1,766,065 | 1,559,263 | 212,607 | 324,776 | 173,463 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
| ||||||||||||||
272,603 | 235,167 | 23,397 | 47,755 | 33,664 | |||||||||||||||||||
55,344 | 47,745 | — | — | — | |||||||||||||||||||
50,421 | 44,584 | 19,111 | 44,315 | 29,870 | |||||||||||||||||||
— | — | 3,953 | 8,830 | 8,357 | |||||||||||||||||||
6,890 | 2,069 | 1,563 | 3,787 | 2,565 | |||||||||||||||||||
552 | 476 | 85 | 172 | 121 | |||||||||||||||||||
6,384 | 5,546 | 982 | 2,005 | 1,412 | |||||||||||||||||||
8,052 | 7,485 | 1,327 | 2,390 | 1,389 | |||||||||||||||||||
5,274 | 4,557 | 812 | 1,657 | 1,167 | |||||||||||||||||||
2,998 | 2,607 | 532 | 1,006 | 732 | |||||||||||||||||||
4,543 | 3,919 | 702 | 1,433 | 1,010 | |||||||||||||||||||
2 | — | — | — | — | |||||||||||||||||||
5,158 | 4,494 | 801 | 1,641 | 1,148 | |||||||||||||||||||
6,234 | 5,365 | 973 | 1,976 | 1,398 | |||||||||||||||||||
4,563 | 4,955 | 5,259 | 5,977 | 5,667 | |||||||||||||||||||
23,262 | 19,396 | 4,279 | 7,936 | 5,459 | |||||||||||||||||||
3,788 | 3,381 | 1,462 | 1,928 | 1,656 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
| ||||||||||||||
456,068 | 391,746 | 65,238 | 132,808 | 95,615 | |||||||||||||||||||
(19,692 | ) | (16,663 | ) | (23,397 | ) | (47,755 | ) | (33,665 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
| ||||||||||||||
436,376 | 375,083 | 41,841 | 85,053 | 61,950 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
| ||||||||||||||
1,329,689 | 1,184,180 | 170,766 | 239,723 | 111,513 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
| ||||||||||||||
337,291 | 224,060 | — | 3,534 | 544 | |||||||||||||||||||
— | — | 776,946 | 2,323,824 | 1,937,760 | |||||||||||||||||||
— | — | 140,613 | 434,091 | 382,078 | |||||||||||||||||||
150,551 | 264,369 | (505,172 | ) | (1,759,014 | ) | (1,561,034 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
| ||||||||||||||
487,842 | 488,429 | 412,387 | 1,002,435 | 759,348 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
| ||||||||||||||
$1,817,531 | $ | 1,672,609 | $ | 583,153 | $ | 1,242,158 | $ | 870,861 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
74
Sterling Capital Funds |
Statements of Changes in Net Assets |
Sterling Capital Behavioral Large Cap Value Equity Fund | ||||||||||
For the Six Months Ended March 31, 2015 (Unaudited) | For the Year Ended September 30, 2014 | |||||||||
From Investment Activities: | ||||||||||
Operations: | ||||||||||
Net investment income (loss) | $ | 2,238,870 | $ | 3,328,571 | ||||||
Net realized gain | 14,182,679 | 24,509,455 | ||||||||
Change in unrealized appreciation/depreciation | (1,059,002 | ) | 23,928,652 | |||||||
|
|
|
| |||||||
Change in net assets from operations. | 15,362,547 | 51,766,678 | ||||||||
|
|
|
| |||||||
Distributions to Class A Shareholders From: | ||||||||||
Net investment income | (248,040 | ) | (327,487 | ) | ||||||
Net realized gains | — | — | ||||||||
Distributions to Class B Shareholders From: | ||||||||||
Net investment income | (2,796 | ) | (2,885 | ) | ||||||
Net realized gains | — | — | ||||||||
Distributions to Class C Shareholders From: | ||||||||||
Net investment income | (3,003 | ) | (1,518 | ) | ||||||
Net realized gains | — | — | ||||||||
Distributions to Institutional Class Shareholders From: | ||||||||||
Net investment income | (1,999,300 | ) | (2,762,362 | ) | ||||||
Net realized gains | — | — | ||||||||
Distributions to Class R Shareholders From: | ||||||||||
Net investment income | — | — | ||||||||
Net realized gains | — | — | ||||||||
|
|
|
| |||||||
Change in net assets from shareholder distributions | (2,253,139 | ) | (3,094,252 | ) | ||||||
|
|
|
| |||||||
Capital Transactions: | ||||||||||
Change in net assets from capital transactions | 4,175,039 | (3,008,704 | ) | |||||||
|
|
|
| |||||||
Change in net assets | 17,284,447 | 45,663,722 | ||||||||
Net Assets: | ||||||||||
Beginning of period | 270,727,622 | 225,063,900 | ||||||||
|
|
|
| |||||||
End of period | $ | 288,012,069 | $ | 270,727,622 | ||||||
|
|
|
| |||||||
Undistributed (distributions in excess of) net investment income (loss) | $ | 353,838 | $ | 368,107 | ||||||
|
|
|
|
See accompanying Notes to the Financial Statements.
75
|
|
|
|
Sterling Capital Mid Value Fund | Sterling Capital Behavioral Small Cap Value Equity Fund | Sterling Capital Special Opportunities Fund | |||||||||||||||||||||||||||
For the Six Months Ended March 31, 2015 (Unaudited) | For the Year Ended September 30, 2014 | For the Six Months Ended March 31, 2015 (Unaudited) | For the Year Ended September 30, 2014 | For the Six Months Ended March 31, 2015 (Unaudited) | For the Year Ended September 30, 2014 | ||||||||||||||||||||||||
$ | 1,999,026 | $ | 3,593,739 | $ | 1,075,305 | $ | 1,281,663 | $ | (633,924 | ) | $ | (618,509 | ) | ||||||||||||||||
48,891,338 | 43,524,374 | 2,973,517 | 5,016,811 | 82,693,117 | 55,583,286 | ||||||||||||||||||||||||
29,249,460 | 14,394,606 | 10,813,358 | 2,429,437 | (25,026,239 | ) | 125,772,041 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||
80,139,824 | 61,512,719 | 14,862,180 | 8,727,911 | 57,032,954 | 180,736,818 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||
(247,243 | ) | (140,745 | ) | (63,993 | ) | (55,055 | ) | — | (207,260 | ) | |||||||||||||||||||
(2,510,139 | ) | (2,605,938 | ) | (294,990 | ) | (1,093,905 | ) | (19,330,945 | ) | (29,265,628 | ) | ||||||||||||||||||
— | — | — | (1,606 | ) | — | — | |||||||||||||||||||||||
(79,254 | ) | (123,396 | ) | (9,790 | ) | (49,225 | ) | (411,768 | ) | (960,978 | ) | ||||||||||||||||||
(4,312 | ) | (2,748 | ) | — | (1,190 | ) | — | — | |||||||||||||||||||||
(313,445 | ) | (141,366 | ) | (9,875 | ) | (30,133 | ) | (7,118,548 | ) | (11,071,485 | ) | ||||||||||||||||||
(5,881,265 | ) | (2,646,984 | ) | (1,094,800 | ) | (753,496 | ) | — | (969,508 | ) | |||||||||||||||||||
(41,702,232 | ) | (36,008,422 | ) | (3,571,652 | ) | (13,333,662 | ) | (26,427,999 | ) | (46,533,186 | ) | ||||||||||||||||||
(1 | ) | (1 | ) | (1 | ) | (1 | ) | — | — | ||||||||||||||||||||
(12 | ) | (11 | ) | (5 | ) | (20 | ) | (2,187 | ) | (47,139 | ) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||
(50,737,903 | ) | (41,669,611 | ) | (5,045,106 | ) | (15,318,293 | ) | (53,291,447 | ) | (89,055,184 | ) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||
(522,595 | ) | 135,969,476 | (4,532,280 | ) | 26,465,817 | (162,095,898 | ) | 150,124,321 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||
28,879,326 | 155,812,584 | 5,284,794 | 19,875,435 | (158,354,391 | ) | 241,805,955 | |||||||||||||||||||||||
743,841,648 | 588,029,064 | 131,328,130 | 111,452,695 | 1,067,350,315 | 825,544,360 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||
$ | 772,720,974 | $ | 743,841,648 | $ | 136,612,924 | $ | 131,328,130 | $ | 908,995,924 | $ | 1,067,350,315 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||
$ | (1,754,315 | ) | $ | 2,379,480 | $ | 519,819 | $ | 603,308 | $ | (633,924 | ) | $ | — | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
76
Sterling Capital Funds |
Statements of Changes in Net Assets (continued) |
Sterling Capital Equity Income Fund | ||||||||
For the Six | For the Year Ended September 30, 2014 | |||||||
From Investment Activities: | ||||||||
Operations: | ||||||||
Net investment income (loss) | $ | 16,356,883 | $ | 36,515,450 | ||||
Net realized gain (loss) | 28,690,558 | 42,440,987 | ||||||
Change in unrealized appreciation/depreciation | 4,970,843 | 104,810,881 | ||||||
|
|
|
| |||||
Change in net assets from operations | 50,018,284 | 183,767,318 | ||||||
|
|
|
| |||||
Distributions to Class A Shareholders From: | ||||||||
Net investment income | (5,423,097 | ) | (11,973,021 | ) | ||||
Net realized gains | (17,395,887 | ) | (24,139,542 | ) | ||||
Distributions to Class B Shareholders From: | ||||||||
Net investment income | (32,662 | ) | (74,887 | ) | ||||
Net realized gains | (186,425 | ) | (332,882 | ) | ||||
Distributions to Class C Shareholders From: | ||||||||
Net investment income | (1,699,311 | ) | (2,855,498 | ) | ||||
Net realized gains | (8,563,173 | ) | (10,047,039 | ) | ||||
Distributions to Institutional Class Shareholders From: | ||||||||
Net investment income | (9,944,407 | ) | (18,697,858 | ) | ||||
Net realized gains | (27,425,380 | ) | (32,827,700 | ) | ||||
Distributions to Class R Shareholders From: | ||||||||
Net investment income | (14,570 | ) | (38,520 | ) | ||||
Net realized gains | (48,537 | ) | (102,702 | ) | ||||
|
|
|
| |||||
Change in net assets from shareholder distributions | (70,733,449 | ) | (101,089,649 | ) | ||||
|
|
|
| |||||
Capital Transactions: | ||||||||
Change in net assets from capital transactions | (264,803,988 | ) | 74,603,686 | |||||
|
|
|
| |||||
Change in net assets | (285,519,153 | ) | 157,281,355 | |||||
Net Assets: | ||||||||
Beginning of period | 2,077,745,121 | 1,920,463,766 | ||||||
|
|
|
| |||||
End of period | $ | 1,792,225,968 | $ | 2,077,745,121 | ||||
|
|
|
| |||||
Undistributed (distributions in excess of) net investment income (loss) | $ | 1,192,512 | $ | 1,949,676 | ||||
|
|
|
|
* Commencement of operations.
See accompanying Notes to the Financial Statements.
77
|
|
|
|
Sterling Capital Long/Short Equity Fund | Sterling Capital Behavioral International Equity Fund | Sterling Capital Ultra Short Bond Fund | ||||||||||||||||
For the Six Months Ended March 31, 2015 (Unaudited) | For the Period December 13, 2013* to September 30, 2014 | For the Period November 28, 2014* to March 31, 2015 (Unaudited) | For the Six Months Ended March 31, 2015 (Unaudited) | For the Year Ended September 30, 2014 | ||||||||||||||
$ | (802,044 | ) | $ | (786,946 | ) | $ | 208,971 | $ | 193,091 | $ | 378,982 | |||||||
151,476 | 3,093,504 | (173,247 | ) | (13,314 | ) | (18,936 | ) | |||||||||||
(5,340,900 | ) | 2,842,179 | 224,304 | (85,112 | ) | (119,278 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||
(5,991,468 | ) | 5,148,737 | 260,028 | 94,665 | 240,768 | |||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||
— | — | (232 | ) | (41,614 | ) | (88,110 | ) | |||||||||||
(72,426 | ) | — | — | — | — | |||||||||||||
— | — | — | — | — | ||||||||||||||
— | — | — | — | — | ||||||||||||||
— | — | (2 | ) | — | — | |||||||||||||
(11,557 | ) | — | — | — | — | |||||||||||||
— | — | (64,536 | ) | (233,654 | ) | (349,455 | ) | |||||||||||
(3,014,603 | ) | — | — | — | — | |||||||||||||
— | — | — | — | — | ||||||||||||||
— | — | — | — | — | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||
(3,098,586 | ) | — | (64,770 | ) | (275,268 | ) | (437,565 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||
6,173,255 | 102,672,036 | 23,329,382 | (14,329,157 | ) | 4,426,032 | |||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||
(2,916,799 | ) | 107,820,773 | 23,524,640 | (14,509,760 | ) | 4,229,235 | ||||||||||||
107,820,773 | — | — | 58,380,936 | 54,151,701 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||
$ | 104,903,974 | $ | 107,820,773 | $ | 23,524,640 | $ | 43,871,176 | $ | 58,380,936 | |||||||||
|
|
|
|
|
|
|
|
|
| |||||||||
$ | (802,044 | ) | $ | — | $ | 144,201 | $ | (87,384 | ) | $ | (5,207 | ) | ||||||
|
|
|
|
|
|
|
|
|
|
78
Sterling Capital Funds |
Statements of Changes in Net Assets (continued) |
Sterling Capital Short Duration Bond Fund | ||||||||
For the Six Months Ended March 31, 2015 (Unaudited) | For the Year Ended September 30, 2014 | |||||||
From Investment Activities: | ||||||||
Operations: | ||||||||
Net investment income | $ | 704,187 | $ | 1,457,301 | ||||
Net realized gain (loss) | (208,049 | ) | (26,707 | ) | ||||
Change in unrealized appreciation/depreciation | 105,766 | (296,822 | ) | |||||
|
|
|
| |||||
Change in net assets from operations | 601,904 | 1,133,772 | ||||||
|
|
|
| |||||
Distributions to Class A Shareholders From: | ||||||||
Net investment income | (153,646 | ) | (348,922 | ) | ||||
Net realized gains | — | — | ||||||
Distributions to Class B Shareholders From: | ||||||||
Net investment income | — | — | ||||||
Net realized gains | — | — | ||||||
Distributions to Class C Shareholders From: | ||||||||
Net investment income | (23,440 | ) | (21,912 | ) | ||||
Net realized gains | — | — | ||||||
Distributions to Institutional Class Shareholders From: | ||||||||
Net investment income | (1,301,388 | ) | (2,397,203 | ) | ||||
Net realized gains | — | — | ||||||
Distributions to Class R Shareholders From: | ||||||||
Net investment income | — | — | ||||||
Net realized gains | — | — | ||||||
|
|
|
| |||||
Change in net assets from shareholder distributions | (1,478,474 | ) | (2,768,037 | ) | ||||
|
|
|
| |||||
Capital Transactions: | ||||||||
Change in net assets from capital transactions | (986,941 | ) | 18,731,775 | |||||
|
|
|
| |||||
Change in net assets | (1,863,511 | ) | 17,097,510 | |||||
Net Assets: | ||||||||
Beginning of period | 93,579,875 | 76,482,365 | ||||||
|
|
|
| |||||
End of period | $ | 91,716,364 | $ | 93,579,875 | ||||
|
|
|
| |||||
Undistributed (distributions in excess of) net investment income | $ | (788,160 | ) | $ | (13,873 | ) | ||
|
|
|
|
See accompanying Notes to the Financial Statements.
79
|
|
|
|
Sterling Capital Intermediate U.S. Government Fund | Sterling Capital Total Return Bond Fund | Sterling Capital Corporate Fund | ||||||||||||||||||||
For the Six | For the Year Ended September 30, 2014 | For the Six Months Ended March 31, 2015 (Unaudited) | For the Year Ended September 30, 2014 | For the Six Months Ended March 31, 2015 (Unaudited) | For the Year Ended September 30, 2014 | |||||||||||||||||
$ | 241,910 | $ | 648,247 | $ | 9,025,658 | $ | 14,505,600 | $ | 891,078 | $ | 2,120,200 | |||||||||||
195,229 | 611,948 | 259,976 | 2,925,519 | 71,970 | 523,009 | |||||||||||||||||
233,229 | (220,964 | ) | 8,680,931 | 6,225,213 | 427,523 | 1,043,688 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
670,368 | 1,039,231 | 17,966,565 | 23,656,332 | 1,390,571 | 3,686,897 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
(94,695 | ) | (301,935 | ) | (713,715 | ) | (1,406,246 | ) | (3,979 | ) | (6,604 | ) | |||||||||||
— | — | — | (33,246 | ) | (295 | ) | (1,774 | ) | ||||||||||||||
(1,432 | ) | (9,364 | ) | (17,391 | ) | (46,603 | ) | — | — | |||||||||||||
— | — | — | (1,493 | ) | — | — | ||||||||||||||||
(4,938 | ) | (21,704 | ) | (74,586 | ) | (141,146 | ) | (95 | ) | (173 | ) | |||||||||||
— | — | — | (4,242 | ) | (9 | ) | (152 | ) | ||||||||||||||
(244,581 | ) | (1,045,318 | ) | (10,237,828 | ) | (15,766,791 | ) | (887,003 | ) | (2,113,419 | ) | |||||||||||
— | — | — | (333,852 | ) | (60,169 | ) | (788,915 | ) | ||||||||||||||
— | — | (85 | ) | (183 | ) | — | — | |||||||||||||||
— | — | — | (4 | ) | — | — | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
(345,646 | ) | (1,378,321 | ) | (11,043,605 | ) | (17,733,806 | ) | (951,550 | ) | (2,911,037 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
994,678 | (25,146,872 | ) | 209,018,646 | (13,487,015 | ) | 8,150,102 | (35,930,274 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
1,319,400 | (25,485,962 | ) | 215,941,606 | (7,564,489 | ) | 8,589,123 | (35,154,414 | ) | ||||||||||||||
32,984,719 | 58,470,681 | 479,160,937 | 486,725,426 | 50,629,778 | 85,784,192 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
$ | 34,304,119 | $ | 32,984,719 | $ | 695,102,543 | $ | 479,160,937 | $ | 59,218,901 | $ | 50,629,778 | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
$ | 75,993 | $ | 179,729 | $ | (1,567,358 | ) | $ | 450,589 | $ | (29,684 | ) | $ | (29,685 | ) | ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
80
Sterling Capital Funds |
Statements of Changes in Net Assets (continued) |
Sterling Capital Securitized Opportunities Fund | ||||||||
For the Six Months Ended March 31, 2015 (Unaudited) | For the Year Ended September 30, 2014 | |||||||
From Investment Activities: | ||||||||
Operations: | ||||||||
Net investment income | $ | 484,351 | $ | 993,910 | ||||
Net realized gain | 31,790 | 57,805 | ||||||
Change in unrealized appreciation/depreciation | 630,862 | 420,142 | ||||||
|
|
|
| |||||
Change in net assets from operations | 1,147,003 | 1,471,857 | ||||||
|
|
|
| |||||
Distributions to Class A Shareholders From: | ||||||||
Net investment income | (1,210 | ) | (1,931 | ) | ||||
Net realized gains | — | — | ||||||
Distributions to Class C Shareholders From: | ||||||||
Net investment income | (364 | ) | (137 | ) | ||||
Net realized gains | — | — | ||||||
Distributions to Institutional Class Shareholders From: | ||||||||
Net investment income | (553,067 | ) | (1,227,217 | ) | ||||
Net realized gains | — | — | ||||||
|
|
|
| |||||
Change in net assets from shareholder distributions | (554,641 | ) | (1,229,285 | ) | ||||
|
|
|
| |||||
Capital Transactions: | ||||||||
Change in net assets from capital transactions | 4,907,016 | (22,037,743 | ) | |||||
|
|
|
| |||||
Change in net assets | 5,499,378 | (21,795,171 | ) | |||||
Net Assets: | ||||||||
Beginning of period | 36,748,536 | 58,543,707 | ||||||
|
|
|
| |||||
End of period | $ | 42,247,914 | $ | 36,748,536 | ||||
|
|
|
| |||||
Undistributed (distributions in excess of) net investment income | $ | (70,643 | ) | $ | (353 | ) | ||
|
|
|
|
See accompanying Notes to the Financial Statements.
81
|
|
|
|
Sterling Capital Kentucky Intermediate Tax-Free Fund | Sterling Capital Maryland Intermediate Tax-Free Fund | Sterling Capital North Carolina Intermediate Tax-Free Fund | ||||||||||||||||||||
For the Six Months Ended March 31, 2015 (Unaudited) | For the Year Ended September 30, 2014 | For the Six Months Ended March 31, 2015 (Unaudited) | For the Year Ended September 30, 2014 | For the Six Months Ended March 31, 2015 (Unaudited) | For the Year Ended September 30, 2014 | |||||||||||||||||
$ | 192,850 | $ | 437,419 | $ | 377,302 | $ | 765,915 | $ | 2,381,361 | $ | 5,009,338 | |||||||||||
128,889 | 222,100 | 193,623 | 302,682 | 731,215 | 1,003,866 | |||||||||||||||||
(127,485 | ) | 68,244 | (36,760 | ) | 674,535 | 253,724 | 3,550,954 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
194,254 | 727,763 | 534,165 | 1,743,132 | 3,366,300 | 9,564,158 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
(55,799 | ) | (130,277 | ) | (62,305 | ) | (126,420 | ) | (520,835 | ) | (1,144,192 | ) | |||||||||||
(75,342 | ) | — | (33,661 | ) | — | (76,229 | ) | — | ||||||||||||||
(163 | ) | (1,066 | ) | (3,838 | ) | (8,734 | ) | (22,692 | ) | (53,304 | ) | |||||||||||
(319 | ) | — | (3,481 | ) | — | (5,096 | ) | — | ||||||||||||||
(136,877 | ) | (303,745 | ) | (309,938 | ) | (628,771 | ) | (1,837,475 | ) | (3,803,406 | ) | |||||||||||
(171,504 | ) | — | (147,308 | ) | — | (241,858 | ) | — | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
(440,004 | ) | (435,088 | ) | (560,531 | ) | (763,925 | ) | (2,704,185 | ) | (5,000,902 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
126,531 | (2,901,179 | ) | (918,587 | ) | (6,765,866 | ) | (824,479 | ) | (21,237,128 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
(119,219 | ) | (2,608,504 | ) | (944,953 | ) | (5,786,659 | ) | (162,364 | ) | (16,673,872 | ) | |||||||||||
15,166,496 | 17,775,000 | 38,028,988 | 43,815,647 | 202,556,661 | 219,230,533 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
$ | 15,047,277 | $ | 15,166,496 | $ | 37,084,035 | $ | 38,028,988 | $ | 202,394,297 | $ | 202,556,661 | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
$ | 3,087 | $ | 3,076 | $ | 4,893 | $ | 3,672 | $ | 82,498 | $ | 82,139 | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
82
Sterling Capital Funds |
Statements of Changes in Net Assets (continued) |
Sterling Capital South Carolina Intermediate Tax-Free Fund | ||||||||
For the Six Months Ended March 31, 2015 (Unaudited) | For the Year Ended September 30, 2014 | |||||||
From Investment Activities: | ||||||||
Operations: | ||||||||
Net investment income | $ | 727,589 | $ | 1,487,051 | ||||
Net realized gain | 207,067 | 307,218 | ||||||
Change in unrealized appreciation/depreciation | 141,771 | 1,449,008 | ||||||
|
|
|
| |||||
Change in net assets from operations | 1,076,427 | 3,243,277 | ||||||
|
|
|
| |||||
Distributions to Class A Shareholders From: | ||||||||
Net investment income | (170,059 | ) | (379,363 | ) | ||||
Net realized gains | (27,810 | ) | — | |||||
Distributions to Class C Shareholders From: | ||||||||
Net investment income | (9,935 | ) | (15,349 | ) | ||||
Net realized gains | (2,712 | ) | — | |||||
Distributions to Institutional Class Shareholders From: | ||||||||
Net investment income | (548,252 | ) | (1,087,595 | ) | ||||
Net realized gains | (81,197 | ) | — | |||||
|
|
|
| |||||
Change in net assets from shareholder distributions | (839,965 | ) | (1,482,307 | ) | ||||
|
|
|
| |||||
Capital Transactions: | ||||||||
Change in net assets from capital transactions | 1,910,484 | (5,199,017 | ) | |||||
|
|
|
| |||||
Change in net assets | 2,146,946 | (3,438,047 | ) | |||||
Net Assets: | ||||||||
Beginning of period | 68,368,990 | 71,807,037 | ||||||
|
|
|
| |||||
End of period | $ | 70,515,936 | $ | 68,368,990 | ||||
|
|
|
| |||||
Undistributed (distributions in excess of) net investment income | $ | 26,767 | $ | 27,424 | ||||
|
|
|
|
See accompanying Notes to the Financial Statements.
83
|
|
|
|
Sterling Capital Virginia Intermediate Tax-Free Fund | Sterling Capital West Virginia Intermediate Tax-Free Fund | |||||||||||||
For the Six Months Ended March 31, 2015 (Unaudited) | For the Year Ended September 30, 2014 | For the Six Months Ended March 31, 2015 (Unaudited) | For the Year Ended September 30, 2014 | |||||||||||
$ | 1,329,689 | $ | 2,732,006 | $ | 1,184,180 | $ | 2,446,499 | |||||||
337,291 | 1,189,906 | 224,060 | 343,688 | |||||||||||
150,551 | 1,580,135 | 264,369 | 2,327,286 | |||||||||||
|
|
|
|
|
|
|
| |||||||
1,817,531 | 5,502,047 | 1,672,609 | 5,117,473 | |||||||||||
|
|
|
|
|
|
|
| |||||||
(411,220 | ) | (904,521 | ) | (373,025 | ) | (770,455 | ) | |||||||
(222,245 | ) | — | (90,668 | ) | — | |||||||||
(8,857 | ) | (26,906 | ) | (2,742 | ) | (9,726 | ) | |||||||
(7,394 | ) | — | (1,175 | ) | — | |||||||||
(909,876 | ) | (1,800,259 | ) | (799,796 | ) | (1,647,846 | ) | |||||||
(438,730 | ) | — | (180,075 | ) | — | |||||||||
|
|
|
|
|
|
|
| |||||||
(1,998,322 | ) | (2,731,686 | ) | (1,447,481 | ) | (2,428,027 | ) | |||||||
|
|
|
|
|
|
|
| |||||||
(765,465 | ) | (11,262,105 | ) | (3,298,462 | ) | (3,734,980 | ) | |||||||
|
|
|
|
|
|
|
| |||||||
(946,256 | ) | (8,491,744 | ) | (3,073,334 | ) | (1,045,534 | ) | |||||||
122,514,766 | 131,006,510 | 105,919,643 | 106,965,177 | |||||||||||
|
|
|
|
|
|
|
| |||||||
$ | 121,568,510 | $ | 122,514,766 | $ | 102,846,309 | $ | 105,919,643 | |||||||
|
|
|
|
|
|
|
| |||||||
$ | 62,654 | $ | 62,918 | $ | (8,300 | ) | $ | (16,917 | ) | |||||
|
|
|
|
|
|
|
|
84
Sterling Capital Funds |
Statements of Changes in Net Assets (continued) |
Sterling Capital Strategic Allocation Conservative Fund | ||||||||
For the Six Months Ended March 31, 2015 (Unaudited) | For the Year Ended September 30, 2014 | |||||||
From Investment Activities: | ||||||||
Operations: | ||||||||
Net investment income | $ | 170,766 | $ | 391,878 | ||||
Net realized gain | 917,559 | 597,313 | ||||||
Change in unrealized appreciation/depreciation | (505,172 | ) | 596,232 | |||||
|
|
|
| |||||
Change in net assets from operations | 583,153 | 1,585,423 | ||||||
|
|
|
| |||||
Distributions to Class A Shareholders From: | ||||||||
Net investment income | (168,455 | ) | (341,093 | ) | ||||
Distributions to Class B Shareholders From: | ||||||||
Net investment income | (6,321 | ) | (13,314 | ) | ||||
Distributions to Class C Shareholders From: | ||||||||
Net investment income | (2,843 | ) | (4,723 | ) | ||||
Distributions to Institutional Class Shareholders From: | ||||||||
Net investment income | (28,098 | ) | (56,009 | ) | ||||
|
|
|
| |||||
Change in net assets from shareholder distributions | (205,717 | ) | (415,139 | ) | ||||
|
|
|
| |||||
Capital Transactions: | ||||||||
Change in net assets from capital transactions | (453,935 | ) | (978,718 | ) | ||||
|
|
|
| |||||
Change in net assets | (76,499 | ) | 191,566 | |||||
Net Assets: | ||||||||
Beginning of period | 18,987,126 | 18,795,560 | ||||||
|
|
|
| |||||
End of period | $ | 18,910,627 | $ | 18,987,126 | ||||
|
|
|
| |||||
Undistributed (distributions in excess of) net investment income | $ | (25,766 | ) | $ | 9,185 | |||
|
|
|
|
See accompanying Notes to the Financial Statements.
85
|
|
|
|
Sterling Capital Strategic Allocation Balanced Fund | Sterling Capital Strategic Allocation Growth Fund | |||||||||||||
For the Six Months Ended March 31, 2015 (Unaudited) | For the Year Ended September 30, 2014 | For the Six Months Ended March 31, 2015 (Unaudited) | For the Year Ended September 30, 2014 | |||||||||||
$ | 239,723 | $ | 583,182 | $ | 111,513 | $ | 314,044 | |||||||
2,761,449 | 1,611,303 | 2,320,382 | 1,587,350 | |||||||||||
(1,759,014 | ) | 1,619,133 | (1,561,034 | ) | 1,321,207 | |||||||||
|
|
|
|
|
|
|
| |||||||
1,242,158 | 3,813,618 | 870,861 | 3,222,601 | |||||||||||
|
|
|
|
|
|
|
| |||||||
(324,202 | ) | (597,476 | ) | (179,688 | ) | (321,875 | ) | |||||||
(9,300 | ) | (24,798 | ) | (6,950 | ) | (15,019 | ) | |||||||
(4,379 | ) | (6,728 | ) | (2,384 | ) | (3,265 | ) | |||||||
(2,394 | ) | (5,338 | ) | (7,571 | ) | (13,068 | ) | |||||||
|
|
|
|
|
|
|
| |||||||
(340,275 | ) | (634,340 | ) | (196,593 | ) | (353,227 | ) | |||||||
|
|
|
|
|
|
|
| |||||||
(569,744 | ) | 407,613 | (338,393 | ) | (2,197,126 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||
332,139 | 3,586,891 | 335,875 | 672,248 | |||||||||||
38,378,898 | 34,792,007 | 26,950,158 | 26,277,910 | |||||||||||
|
|
|
|
|
|
|
| |||||||
$ | 38,711,037 | $ | 38,378,898 | $ | 27,286,033 | $ | 26,950,158 | |||||||
|
|
|
|
|
|
|
| |||||||
$ | (80,944 | ) | $ | 19,608 | $ | (71,771 | ) | $ | 13,309 | |||||
|
|
|
|
|
|
|
|
86
Sterling Capital Funds |
Statements of Changes in Net Assets (continued) |
Sterling Capital Behavioral Large Cap Value Equity Fund | ||||||||||
For the Six Months Ended March 31, 2015 (Unaudited) | For the Year Ended September 30, 2014 | |||||||||
Capital Transactions: | ||||||||||
Class A Shares: | ||||||||||
Proceeds from shares issued | $ | 1,909,888 | $ | 2,729,743 | ||||||
Distributions reinvested | 238,245 | 320,064 | ||||||||
Value of shares redeemed | (2,636,169 | ) | (3,539,247 | ) | ||||||
|
|
|
| |||||||
Change in net assets from Class A Share transactions | (488,036 | ) | (489,440 | ) | ||||||
Class B Shares: | ||||||||||
Proceeds from shares issued | 7,486 | 1,745 | ||||||||
Distributions reinvested | 2,777 | 2,858 | ||||||||
Value of shares redeemed | (249,553 | ) | (514,057 | ) | ||||||
|
|
|
| |||||||
Change in net assets from Class B Share transactions | (239,290 | ) | (509,454 | ) | ||||||
Class C Shares: | ||||||||||
Proceeds from shares issued | 368,884 | 327,653 | ||||||||
Distributions reinvested | 2,048 | 1,269 | ||||||||
Value of shares redeemed | (11,688 | ) | (53,570 | ) | ||||||
|
|
|
| |||||||
Change in net assets from Class C Share transactions | 359,244 | 275,352 | ||||||||
Institutional Shares: | ||||||||||
Proceeds from shares issued | 13,397,238 | 15,076,742 | ||||||||
Distributions reinvested | 1,991,062 | 2,753,320 | ||||||||
Value of shares redeemed | (10,845,179 | ) | (20,115,224 | ) | ||||||
|
|
|
| |||||||
Change in net assets from Institutional Share transactions | 4,543,121 | (2,285,162 | ) | |||||||
Class R Shares: | ||||||||||
Proceeds from shares issued | — | — | ||||||||
Distributions reinvested | — | — | ||||||||
Value of shares redeemed | — | — | ||||||||
|
|
|
| |||||||
Change in net assets from Class R Share transactions | — | — | ||||||||
|
|
|
| |||||||
Change in net assets from capital transactions | $ | 4,175,039 | $ | (3,008,704 | ) | |||||
|
|
|
| |||||||
Share Transactions: | ||||||||||
Class A Shares: | ||||||||||
Issued | 106,782 | 169,206 | ||||||||
Reinvested | 13,080 | 19,458 | ||||||||
Redeemed | (148,169 | ) | (219,138 | ) | ||||||
|
|
|
| |||||||
Change in Class A Shares | (28,307 | ) | (30,474 | ) | ||||||
Class B Shares: | ||||||||||
Issued | 430 | 107 | ||||||||
Reinvested | 155 | 182 | ||||||||
Redeemed | (14,109 | ) | (32,514 | ) | ||||||
|
|
|
| |||||||
Change in Class B Shares | (13,524 | ) | (32,225 | ) | ||||||
Class C Shares: | ||||||||||
Issued | 21,240 | 20,716 | ||||||||
Reinvested | 115 | 81 | ||||||||
Redeemed | (670 | ) | (3,397 | ) | ||||||
|
|
|
| |||||||
Change in Class C Shares | 20,685 | 17,400 | ||||||||
Institutional Shares: | ||||||||||
Issued | 749,481 | 926,275 | ||||||||
Reinvested | 108,715 | 166,138 | ||||||||
Redeemed | (606,047 | ) | (1,238,787 | ) | ||||||
|
|
|
| |||||||
Change in Institutional Shares | 252,149 | (146,374 | ) | |||||||
Class R Shares: | ||||||||||
Issued | — | — | ||||||||
Reinvested | — | — | ||||||||
Redeemed | — | — | ||||||||
|
|
|
| |||||||
Change in Class R Shares | — | — | ||||||||
|
|
|
| |||||||
Change in Shares | 231,003 | (191,673 | ) | |||||||
|
|
|
|
See accompanying Notes to the Financial Statements.
87
|
|
|
|
Sterling Capital Mid Value Fund | Sterling Capital Behavioral Small Cap Value Equity Fund | Sterling Capital Special Opportunities Fund | ||||||||||||||||||||
For the Six Months Ended March 31, 2015 (Unaudited) | For the Year Ended September 30, 2014 | For the Six Months Ended March 31, 2015 (Unaudited) | For the Year Ended September 30, 2014 | For the Six Months Ended March 31, 2015 (Unaudited) | For the Year Ended September 30, 2014 | |||||||||||||||||
$ | 2,297,384 | $ | 14,894,315 | $ | 3,910,269 | $ | 2,746,623 | $ | 37,100,032 | $ | 83,940,171 | |||||||||||
2,534,757 | 2,397,811 | 338,061 | 1,063,260 | 18,786,909 | 28,608,304 | |||||||||||||||||
(3,272,697 | ) | (13,183,438 | ) | (802,459 | ) | (2,469,520 | ) | (156,790,865 | ) | (48,852,920 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
1,559,444 | 4,108,688 | 3,445,871 | 1,340,363 | (100,903,924 | ) | 63,695,555 | ||||||||||||||||
1,419 | 30,181 | 959 | 16,589 | 7,232 | 130,062 | |||||||||||||||||
79,231 | 123,157 | 9,791 | 50,831 | 405,267 | 948,880 | |||||||||||||||||
(302,621 | ) | (896,374 | ) | (73,283 | ) | (147,024 | ) | (1,734,491 | ) | (2,958,194 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
(221,971 | ) | (743,036 | ) | (62,533 | ) | (79,604 | ) | (1,321,992 | ) | (1,879,252 | ) | |||||||||||
1,055,526 | 3,682,358 | 57,495 | 152,544 | 14,789,158 | 16,522,834 | |||||||||||||||||
231,333 | 105,926 | 8,970 | 27,810 | 6,765,229 | 10,521,960 | |||||||||||||||||
(703,836 | ) | (466,272 | ) | (45,897 | ) | (67,104 | ) | (5,028,121 | ) | (9,956,584 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
583,023 | 3,322,012 | 20,568 | 113,250 | 16,526,266 | 17,088,210 | |||||||||||||||||
67,120,440 | 263,135,153 | 6,968,913 | 33,620,037 | 201,579,776 | 97,663,971 | |||||||||||||||||
44,182,703 | 35,681,479 | 4,636,759 | 13,982,036 | 23,151,425 | 40,817,740 | |||||||||||||||||
(113,746,246 | ) | (169,534,832 | ) | (19,541,864 | ) | (22,510,286 | ) | (301,144,008 | ) | (66,778,198 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
(2,443,103 | ) | 129,281,800 | (7,936,192 | ) | 25,091,787 | (76,412,807 | ) | 71,703,513 | ||||||||||||||
— | — | — | — | 43,501 | 20,000 | |||||||||||||||||
12 | 12 | 6 | 21 | 1,665 | 46,550 | |||||||||||||||||
— | — | — | — | (28,607 | ) | (550,255 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
12 | 12 | 6 | 21 | 16,559 | (483,705 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
$ | (522,595 | ) | $ | 135,969,476 | $ | (4,532,280 | ) | $ | 26,465,817 | $ | (162,095,898 | ) | $ | 150,124,321 | ||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
117,390 | 773,259 | 266,122 | 186,399 | 1,628,306 | 3,828,555 | |||||||||||||||||
134,503 | 129,239 | 23,062 | 75,057 | 850,857 | 1,439,506 | |||||||||||||||||
(168,839 | ) | (682,217 | ) | (54,474 | ) | (164,624 | ) | (6,996,440 | ) | (2,243,628 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
83,054 | 220,281 | 234,710 | 96,832 | (4,517,277 | ) | 3,024,433 | ||||||||||||||||
76 | 1,665 | 65 | 1,168 | 342 | 6,738 | |||||||||||||||||
4,517 | 7,066 | 696 | 3,694 | 20,613 | 52,951 | |||||||||||||||||
(16,430 | ) | (49,107 | ) | (4,992 | ) | (10,037 | ) | (84,640 | ) | (148,348 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
(11,837 | ) | (40,376 | ) | (4,231 | ) | (5,175 | ) | (63,685 | ) | (88,659 | ) | |||||||||||
58,481 | 203,805 | 3,877 | 10,501 | 726,441 | 817,242 | |||||||||||||||||
13,237 | 6,086 | 638 | 2,023 | 343,762 | 586,508 | |||||||||||||||||
(39,135 | ) | (25,697 | ) | (3,210 | ) | (4,558 | ) | (246,348 | ) | (499,270 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
32,583 | 184,194 | 1,305 | 7,966 | 823,855 | 904,480 | |||||||||||||||||
3,433,820 | 13,488,582 | 464,408 | 2,225,741 | 8,668,646 | 4,239,993 | |||||||||||||||||
2,320,846 | 1,906,275 | 313,111 | 979,897 | 1,014,524 | 1,993,050 | |||||||||||||||||
(5,839,539 | ) | (8,687,532 | ) | (1,293,411 | ) | (1,493,001 | ) | (12,645,138 | ) | (2,932,065 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
(84,873 | ) | 6,707,325 | (515,892 | ) | 1,712,637 | (2,961,968 | ) | 3,300,978 | ||||||||||||||
— | — | — | — | 1,878 | 830 | |||||||||||||||||
1 | 1 | — | 1 | 74 | 2,304 | |||||||||||||||||
— | — | — | — | (1,267 | ) | (22,726 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
1 | 1 | — | 1 | 685 | (19,592 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
18,928 | 7,071,425 | (284,108 | ) | 1,812,261 | (6,718,390 | ) | 7,121,640 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
88
Sterling Capital Funds |
Statements of Changes in Net Assets (continued) |
Sterling Capital Equity Income Fund | ||||||||||
For the Six Months Ended March 31, 2015 (Unaudited) | For the Year Ended September 30, 2014 | |||||||||
Capital Transactions: | ||||||||||
Class A Shares: | ||||||||||
Proceeds from shares issued | $ | 47,884,984 | $ | 186,958,403 | ||||||
Distributions reinvested | 21,608,019 | 33,625,596 | ||||||||
Value of shares redeemed | (226,620,266 | ) | (227,395,105 | ) | ||||||
|
|
|
| |||||||
Change in net assets from Class A Share transactions | (157,127,263 | ) | (6,811,106 | ) | ||||||
Class B Shares: | ||||||||||
Proceeds from shares issued | 13,602 | 23,664 | ||||||||
Distributions reinvested | 214,966 | 399,020 | ||||||||
Value of shares redeemed | (1,962,175 | ) | (3,687,451 | ) | ||||||
|
|
|
| |||||||
Change in net assets from Class B Share transactions | (1,733,607 | ) | (3,264,767 | ) | ||||||
Class C Shares: | ||||||||||
Proceeds from shares issued | 15,128,520 | 49,537,180 | ||||||||
Distributions reinvested | 9,632,421 | 12,055,353 | ||||||||
Value of shares redeemed | (30,884,300 | ) | (39,300,477 | ) | ||||||
|
|
|
| |||||||
Change in net assets from Class C Share transactions | (6,123,359 | ) | 22,292,056 | |||||||
Institutional Shares: | ||||||||||
Proceeds from shares issued | 103,709,930 | 396,807,370 | ||||||||
Distributions reinvested | 33,300,793 | 43,949,941 | ||||||||
Value of shares redeemed | (236,969,988 | ) | (377,238,376 | ) | ||||||
|
|
|
| |||||||
Change in net assets from Institutional Share transactions | (99,959,265 | ) | 63,518,935 | |||||||
Class R Shares: | ||||||||||
Proceeds from shares issued | 326,435 | 638,289 | ||||||||
Distributions reinvested | 63,106 | 136,341 | ||||||||
Value of shares redeemed | (250,035 | ) | (1,906,062 | ) | ||||||
|
|
|
| |||||||
Change in net assets from Class R Share transactions | 139,506 | (1,131,432 | ) | |||||||
|
|
|
| |||||||
Change in net assets from capital transactions | $ | (264,803,988 | ) | $ | 74,603,686 | |||||
|
|
|
| |||||||
Share Transactions: | ||||||||||
Class A Shares: | ||||||||||
Issued | 2,555,482 | 10,002,372 | ||||||||
Reinvested | 1,171,980 | 1,822,457 | ||||||||
Redeemed | (12,062,988 | ) | (12,150,789 | ) | ||||||
|
|
|
| |||||||
Change in Class A Shares | (8,335,526 | ) | (325,960 | ) | ||||||
Class B Shares: | ||||||||||
Issued | 720 | 1,273 | ||||||||
Reinvested | 11,721 | 21,807 | ||||||||
Redeemed | (104,597 | ) | (196,602 | ) | ||||||
|
|
|
| |||||||
Change in Class B Shares | (92,156 | ) | (173,522 | ) | ||||||
Class C Shares: | ||||||||||
Issued | 814,910 | 2,666,495 | ||||||||
Reinvested | 528,187 | 661,287 | ||||||||
Redeemed | (1,662,887 | ) | (2,111,841 | ) | ||||||
|
|
|
| |||||||
Change in Class C Shares | (319,790 | ) | 1,215,941 | |||||||
Institutional Shares: | ||||||||||
Issued | 5,521,539 | 20,924,144 | ||||||||
Reinvested | 1,799,929 | 2,373,645 | ||||||||
Redeemed | (12,616,755 | ) | (20,134,041 | ) | ||||||
|
|
|
| |||||||
Change in Institutional Shares | (5,295,287 | ) | 3,163,748 | |||||||
Class R Shares: | ||||||||||
Issued | 17,521 | 34,332 | ||||||||
Reinvested | 3,443 | 7,445 | ||||||||
Redeemed | (13,328 | ) | (99,742 | ) | ||||||
|
|
|
| |||||||
Change in Class R Shares | 7,636 | (57,965 | ) | |||||||
|
|
|
| |||||||
Change in Shares | (14,035,123 | ) | 3,822,242 | |||||||
|
|
|
|
* Commencement of operations.
See accompanying Notes to the Financial Statements.
89
|
|
|
|
Sterling Capital Long/Short Equity Fund | Sterling Capital Behavioral International Equity Fund | Sterling Capital Ultra Short Bond Fund | ||||||||||||||||
For the Six Months Ended March 31, 2015 (Unaudited) | For the Period December 13, 2013* to September 30, 2014 | For the Period November 28, 2014* to March 31, 2015 (Unaudited) | For the Six Months Ended March 31, 2015 (Unaudited) | For the Year Ended September 30, 2014 | ||||||||||||||
$ | 780,853 | $ | 2,462,721 | $ | 171,643 | $ | 6,228,573 | $ | 13,313,585 | |||||||||
60,356 | — | 232 | 33,895 | 44,792 | ||||||||||||||
(910,302 | ) | (29,243 | ) | — | (10,664,119 | ) | (15,655,271 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||
(69,093 | ) | 2,433,478 | 171,875 | (4,401,651 | ) | (2,296,894 | ) | |||||||||||
— | — | — | — | — | ||||||||||||||
— | — | — | — | — | ||||||||||||||
— | — | — | — | — | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||
— | — | — | — | — | ||||||||||||||
120,150 | 332,128 | 8,268 | — | — | ||||||||||||||
10,371 | — | 2 | — | — | ||||||||||||||
(68,709 | ) | — | (2,009 | ) | — | — | ||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||
61,812 | 332,128 | 6,261 | — | — | ||||||||||||||
50,833,129 | 126,735,146 | 25,826,117 | 9,682,105 | 11,334,014 | ||||||||||||||
1,447,368 | — | 129 | 209,351 | 256,316 | ||||||||||||||
(46,099,961 | ) | (26,828,716 | ) | (2,675,000 | ) | (19,818,962 | ) | (4,867,404 | ) | |||||||||
|
|
|
|
|
|
|
|
|
| |||||||||
6,180,536 | 99,906,430 | 23,151,246 | (9,927,506 | ) | 6,722,926 | |||||||||||||
— | — | — | — | — | ||||||||||||||
— | — | — | — | — | ||||||||||||||
— | — | — | — | — | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||
— | — | — | — | — | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||
$ | 6,173,255 | $ | 102,672,036 | $ | 23,329,382 | $ | (14,329,157 | ) | $ | 4,426,032 | ||||||||
|
|
|
|
|
|
|
|
|
| |||||||||
78,633 | 226,214 | 17,273 | 626,837 | 1,335,400 | ||||||||||||||
6,171 | — | 24 | 3,415 | 4,494 | ||||||||||||||
(91,449 | ) | (2,663 | ) | — | (1,074,824 | ) | (1,570,736 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||
(6,645 | ) | 223,551 | 17,297 | (444,572 | ) | (230,842 | ) | |||||||||||
— | — | — | — | — | ||||||||||||||
— | — | — | — | — | ||||||||||||||
— | — | — | — | — | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||
— | — | — | — | — | ||||||||||||||
11,722 | 30,439 | 831 | — | — | ||||||||||||||
1,068 | — | — | — | — | ||||||||||||||
(7,065 | ) | — | (200 | ) | — | — | ||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||
5,725 | 30,439 | 631 | — | — | ||||||||||||||
5,095,979 | 12,077,967 | 2,582,587 | 976,032 | 1,138,349 | ||||||||||||||
147,540 | — | 13 | 21,101 | 25,719 | ||||||||||||||
(4,677,568 | ) | (2,462,656 | ) | (267,806 | ) | (1,997,718 | ) | (488,049 | ) | |||||||||
|
|
|
|
|
|
|
|
|
| |||||||||
565,951 | 9,615,311 | 2,314,794 | (1,000,585 | ) | 676,019 | |||||||||||||
— | — | — | — | — | ||||||||||||||
— | — | — | — | — | ||||||||||||||
— | — | — | — | — | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||
— | — | — | — | — | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||
565,031 | 9,869,301 | 2,332,722 | (1,445,157 | ) | 445,177 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
90
Sterling Capital Funds |
Statements of Changes in Net Assets (continued) |
Sterling Capital Short Duration Bond Fund | ||||||||||
For the Six Months Ended March 31, 2015 (Unaudited) | For the Year Ended September 30, 2014 | |||||||||
Capital Transactions: | ||||||||||
Class A Shares: | ||||||||||
Proceeds from shares issued | $ | 1,339,913 | $ | 2,796,080 | ||||||
Distributions reinvested | 108,066 | 289,998 | ||||||||
Value of shares redeemed | (2,385,545 | ) | (6,231,598 | ) | ||||||
|
|
|
| |||||||
Change in net assets from Class A Share transactions | (937,566 | ) | (3,145,520 | ) | ||||||
Class B Shares: | ||||||||||
Proceeds from shares issued | — | — | ||||||||
Distributions reinvested | — | — | ||||||||
Value of shares redeemed | — | — | ||||||||
|
|
|
| |||||||
Change in net assets from Class B Share transactions | — | — | ||||||||
Class C Shares: | ||||||||||
Proceeds from shares issued | 644,431 | 1,685,718 | ||||||||
Distributions reinvested | 19,382 | 19,814 | ||||||||
Value of shares redeemed | (264,391 | ) | (332,368 | ) | ||||||
|
|
|
| |||||||
Change in net assets from Class C Share transactions | 399,422 | 1,373,164 | ||||||||
Institutional Shares: | ||||||||||
Proceeds from shares issued | 24,770,429 | 40,964,366 | ||||||||
Distributions reinvested | 321,117 | 550,059 | ||||||||
Value of shares redeemed | (25,540,343 | ) | (21,010,294 | ) | ||||||
|
|
|
| |||||||
Change in net assets from Institutional Share transactions | (448,797 | ) | 20,504,131 | |||||||
Class R Shares: | ||||||||||
Distributions reinvested | — | — | ||||||||
|
|
|
| |||||||
Change in net assets from Class R Share transactions | — | — | ||||||||
|
|
|
| |||||||
Change in net assets from capital transactions | $ | (986,941 | ) | $ | 18,731,775 | |||||
|
|
|
| |||||||
Share Transactions: | ||||||||||
Class A Shares: | ||||||||||
Issued | 148,557 | 304,275 | ||||||||
Reinvested | 11,979 | 31,571 | ||||||||
Redeemed | (264,862 | ) | (676,991 | ) | ||||||
|
|
|
| |||||||
Change in Class A Shares | (104,326 | ) | (341,145 | ) | ||||||
Class B Shares: | ||||||||||
Issued | — | — | ||||||||
Reinvested | — | — | ||||||||
Redeemed | — | — | ||||||||
|
|
|
| |||||||
Change in Class B Shares | — | — | ||||||||
Class C Shares: | ||||||||||
Issued | 71,381 | 184,006 | ||||||||
Reinvested | 2,150 | 2,165 | ||||||||
Redeemed | (29,326 | ) | (36,183 | ) | ||||||
|
|
|
| |||||||
Change in Class C Shares | 44,205 | 149,988 | ||||||||
Institutional Shares: | ||||||||||
Issued | 2,746,662 | 4,455,646 | ||||||||
Reinvested | 35,618 | 59,934 | ||||||||
Redeemed | (2,831,098 | ) | (2,287,879 | ) | ||||||
|
|
|
| |||||||
Change in Institutional Shares | (48,818 | ) | 2,227,701 | |||||||
Class R Shares: | ||||||||||
Reinvested | — | — | ||||||||
|
|
|
| |||||||
Change in Class R Shares | — | — | ||||||||
|
|
|
| |||||||
Change in Shares | (108,939 | ) | 2,036,544 | |||||||
|
|
|
|
See accompanying Notes to the Financial Statements.
91
|
|
|
|
Sterling Capital | Sterling Capital Total Return Bond Fund | Sterling Capital Corporate Fund | ||||||||||||||||||
For the Six | For the Year Ended September 30, 2014 | For the Six Months Ended March 31, 2015 (Unaudited) | For the Year Ended September 30, 2014 | For the Six Months Ended March 31, 2015 (Unaudited) | For the Year Ended September 30, 2014 | |||||||||||||||
$2,610,896 | $ | 668,955 | $ | 13,504,174 | $ | 3,624,543 | $ | 14,885 | $ | 100,131 | ||||||||||
85,284 | 268,715 | 623,958 | 1,284,323 | 4,042 | 7,900 | |||||||||||||||
(391,506) | (2,248,870 | ) | (3,729,814 | ) | (9,287,592 | ) | (11,607 | ) | (1,500 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
| ||||||||||
2,304,674 | (1,311,200 | ) | 10,398,318 | (4,378,726 | ) | 7,320 | 106,531 | |||||||||||||
4,242 | — | 61,691 | — | — | — | |||||||||||||||
1,408 | 9,156 | 16,705 | 46,598 | — | — | |||||||||||||||
(48,202) | (274,607 | ) | (230,896 | ) | (561,667 | ) | — | — | ||||||||||||
|
|
|
|
|
|
|
|
|
|
| ||||||||||
(42,552) | (265,451 | ) | (152,500 | ) | (515,069 | ) | — | — | ||||||||||||
38,231 | 47,825 | 1,180,165 | 2,108,348 | — | 6,000 | |||||||||||||||
4,760 | 20,583 | 57,956 | 130,446 | 104 | 301 | |||||||||||||||
(17,026) | (318,297 | ) | (369,590 | ) | (2,088,583 | ) | — | (12,363 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|
| ||||||||||
25,965 | (249,889 | ) | 868,531 | 150,211 | 104 | (6,062 | ) | |||||||||||||
4,892,025 | 6,828,941 | 240,796,658 | 107,996,986 | 16,293,889 | 16,138,437 | |||||||||||||||
86,563 | 404,001 | 6,490,660 | 8,479,710 | 889,486 | 2,177,776 | |||||||||||||||
(6,271,997) | (30,553,274 | ) | (49,383,107 | ) | (125,220,314 | ) | (9,040,697 | ) | (54,346,956 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
| ||||||||||
(1,293,409) | (23,320,332 | ) | 197,904,211 | (8,743,618 | ) | 8,142,678 | (36,030,743 | ) | ||||||||||||
— | — | 86 | 187 | — | — | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
| ||||||||||
— | — | 86 | 187 | — | — | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
| ||||||||||
$994,678 | $ | (25,146,872 | ) | $ | 209,018,646 | $ | (13,487,015 | ) | $ | 8,150,102 | $ | (35,930,274 | ) | |||||||
|
|
|
|
|
|
|
|
|
|
| ||||||||||
253,572 | 65,306 | 1,255,965 | 339,856 | 1,444 | 9,780 | |||||||||||||||
8,290 | 26,203 | 57,928 | 120,618 | 392 | 772 | |||||||||||||||
(38,079) | (219,418 | ) | (346,812 | ) | (874,264 | ) | (1,135 | ) | (149 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
| ||||||||||
223,783 | (127,909 | ) | 967,081 | (413,790 | ) | 701 | 10,403 | |||||||||||||
417 | — | 5,719 | — | — | — | |||||||||||||||
138 | 896 | 1,550 | 4,374 | — | — | |||||||||||||||
(4,700) | (26,875 | ) | (21,407 | ) | (52,798 | ) | — | — | ||||||||||||
|
|
|
|
|
|
|
|
|
|
| ||||||||||
(4,145) | (25,979 | ) | (14,138 | ) | (48,424 | ) | — | — | ||||||||||||
3,739 | 4,682 | 109,378 | 197,506 | — | 580 | |||||||||||||||
463 | 2,010 | 5,372 | 12,231 | 10 | 30 | |||||||||||||||
(1,658) | (30,981 | ) | (34,347 | ) | (196,250 | ) | — | (1,229 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|
| ||||||||||
2,544 | (24,289 | ) | 80,403 | 13,487 | 10 | (619 | ) | |||||||||||||
475,768 | 665,253 | 22,416,082 | 10,148,845 | 1,581,749 | 1,575,945 | |||||||||||||||
8,408 | 39,338 | 601,980 | 795,588 | 86,300 | 213,127 | |||||||||||||||
(609,970) | (2,973,132 | ) | (4,583,414 | ) | (11,810,416 | ) | (878,685 | ) | (5,310,174 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
| ||||||||||
(125,794) | (2,268,541 | ) | 18,434,648 | (865,983 | ) | 789,364 | (3,521,102 | ) | ||||||||||||
— | — | 8 | 18 | — | — | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
| ||||||||||
— | — | 8 | 18 | — | — | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
| ||||||||||
96,388 | (2,446,718 | ) | 19,468,002 | (1,314,692 | ) | 790,075 | (3,511,318 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
92
Sterling Capital Funds |
Statements of Changes in Net Assets (continued) |
Sterling Capital Securitized Opportunities Fund | ||||||||
For the Six | For the Year Ended September 30, 2014 | |||||||
Capital Transactions: | ||||||||
Class A Shares: | ||||||||
Proceeds from shares issued | $ | 10,509 | $ | 48,223 | ||||
Distributions reinvested | 1,210 | 1,931 | ||||||
Value of shares redeemed | — | (1,500 | ) | |||||
|
|
|
| |||||
Change in net assets from Class A Share transactions | 11,719 | 48,654 | ||||||
Class C Shares: | ||||||||
Proceeds from shares issued | — | 35,277 | ||||||
Distributions reinvested | 364 | 137 | ||||||
Value of shares redeemed | — | — | ||||||
|
|
|
| |||||
Change in net assets from Class C Share transactions | 364 | 35,414 | ||||||
Institutional Shares: | ||||||||
Proceeds from shares issued | 6,977,240 | 5,626,271 | ||||||
Distributions reinvested | 535,286 | 1,162,537 | ||||||
Value of shares redeemed | (2,617,593 | ) | (28,910,619 | ) | ||||
|
|
|
| |||||
Change in net assets from Institutional Share transactions | 4,894,933 | (22,121,811 | ) | |||||
|
|
|
| |||||
Change in net assets from capital transactions | $ | 4,907,016 | $ | (22,037,743 | ) | |||
|
|
|
| |||||
Share Transactions: | ||||||||
Class A Shares: | ||||||||
Issued | 1,039 | 4,903 | ||||||
Reinvested | 121 | 195 | ||||||
Redeemed | — | (153 | ) | |||||
|
|
|
| |||||
Change in Class A Shares | 1,160 | 4,945 | ||||||
Class C Shares: | ||||||||
Issued | — | 3,553 | ||||||
Reinvested | 36 | 14 | ||||||
Redeemed | — | — | ||||||
|
|
|
| |||||
Change in Class C Shares | 36 | 3,567 | ||||||
Institutional Shares: | ||||||||
Issued | 696,404 | 570,144 | ||||||
Reinvested | 53,387 | 117,683 | ||||||
Redeemed | (261,944 | ) | (2,931,755 | ) | ||||
|
|
|
| |||||
Change in Institutional Shares | 487,847 | (2,243,928 | ) | |||||
|
|
|
| |||||
Change in Shares | 489,043 | (2,235,416 | ) | |||||
|
|
|
|
See accompanying Notes to the Financial Statements.
93
|
|
|
|
Sterling Capital Kentucky Intermediate Tax-Free Fund | Sterling Capital Maryland Intermediate Tax-Free Fund | Sterling Capital North Carolina Intermediate Tax-Free Fund | ||||||||||||||||||||
For the Six | For the Year Ended September 30, 2014 | For the Six Months Ended March 31, 2015 (Unaudited) | For the Year Ended September 30, 2014 | For the Six Months Ended March 31, 2015 (Unaudited) | For the Year Ended September 30, 2014 | |||||||||||||||||
$ | 103,113 | $ | 218,128 | $ | 357,116 | $ | 251,403 | $ | 1,446,823 | $ | 3,547,260 | |||||||||||
114,361 | 101,299 | 71,235 | 92,966 | 462,987 | 869,416 | |||||||||||||||||
(89,082 | ) | (1,643,560 | ) | (510,562 | ) | (1,797,863 | ) | (3,542,964 | ) | (12,529,477 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
128,392 | (1,324,133 | ) | (82,211 | ) | (1,453,494 | ) | (1,633,154 | ) | (8,112,801 | ) | ||||||||||||
— | 15 | 21,064 | 4,800 | 621,429 | 589,983 | |||||||||||||||||
483 | 1,066 | 7,027 | 8,733 | 22,510 | 43,522 | |||||||||||||||||
— | (50,000 | ) | (60,539 | ) | (494,065 | ) | (58,139 | ) | (2,619,552 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
483 | (48,919 | ) | (32,448 | ) | (480,532 | ) | 585,800 | (1,986,047 | ) | |||||||||||||
1,277,501 | 2,681,290 | 3,122,319 | 4,760,513 | 21,198,832 | 22,069,111 | |||||||||||||||||
49,207 | 22,985 | 141,990 | 131,752 | 444,715 | 519,324 | |||||||||||||||||
(1,329,052 | ) | (4,232,402 | ) | (4,068,237 | ) | (9,724,105 | ) | (21,420,672 | ) | (33,726,715 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
(2,344 | ) | (1,528,127 | ) | (803,928 | ) | (4,831,840 | ) | 222,875 | (11,138,280 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
$ | 126,531 | $ | (2,901,179 | ) | $ | (918,587 | ) | $ | (6,765,866 | ) | $ | (824,479 | ) | $ | (21,237,128 | ) | ||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
9,656 | 20,476 | 31,801 | 22,606 | 130,943 | 326,372 | |||||||||||||||||
10,668 | 9,400 | 6,342 | 8,369 | 41,966 | 79,957 | |||||||||||||||||
(8,249 | ) | (153,027 | ) | (45,597 | ) | (162,346 | ) | (320,938 | ) | (1,155,567 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
12,075 | (123,151 | ) | (7,454 | ) | (131,371 | ) | (148,029 | ) | (749,238 | ) | ||||||||||||
— | — | 1,860 | 432 | 56,413 | 54,396 | |||||||||||||||||
45 | 99 | 625 | 786 | 2,042 | 4,011 | |||||||||||||||||
— | (4,592 | ) | (5,370 | ) | (44,739 | ) | (5,270 | ) | (242,364 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
45 | (4,493 | ) | (2,885 | ) | (43,521 | ) | 53,185 | (183,957 | ) | |||||||||||||
118,967 | 250,008 | 276,476 | 428,018 | 1,914,816 | 2,034,614 | |||||||||||||||||
4,604 | 2,137 | 12,620 | 11,842 | 40,301 | 47,745 | |||||||||||||||||
(124,035 | ) | (393,830 | ) | (360,871 | ) | (877,854 | ) | (1,935,123 | ) | (3,114,298 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
(464 | ) | (141,685 | ) | (71,775 | ) | (437,994 | ) | 19,994 | (1,031,939 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
11,656 | (269,329 | ) | (82,114 | ) | (612,886 | ) | (74,850 | ) | (1,965,134 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
94
Sterling Capital Funds |
Statements of Changes in Net Assets (continued) |
Sterling Capital South Carolina Intermediate Tax-Free Fund | ||||||||
For the Six | For the Year Ended September 30, 2014 | |||||||
Capital Transactions: | ||||||||
Class A Shares: | ||||||||
Proceeds from shares issued | $ | 634,436 | $ | 609,289 | ||||
Distributions reinvested | 162,066 | 311,318 | ||||||
Value of shares redeemed | (1,247,832 | ) | (5,230,947 | ) | ||||
|
|
|
| |||||
Change in net assets from Class A Share transactions | (451,330 | ) | (4,310,340 | ) | ||||
Class C Shares: | ||||||||
Proceeds from shares issued | 440,507 | 792,914 | ||||||
Distributions reinvested | 9,465 | 11,159 | ||||||
Value of shares redeemed | (301,648 | ) | (270,955 | ) | ||||
|
|
|
| |||||
Change in net assets from Class C Share transactions | 148,324 | 533,118 | ||||||
Institutional Shares: | ||||||||
Proceeds from shares issued | 6,589,664 | 13,827,670 | ||||||
Distributions reinvested | 142,219 | 198,920 | ||||||
Value of shares redeemed | (4,518,393 | ) | (15,448,385 | ) | ||||
|
|
|
| |||||
Change in net assets from Institutional Share transactions | 2,213,490 | (1,421,795 | ) | |||||
|
|
|
| |||||
Change in net assets from capital transactions | $ | 1,910,484 | $ | (5,199,017 | ) | |||
|
|
|
| |||||
Share Transactions: | ||||||||
Class A Shares: | ||||||||
Issued | 56,731 | 55,520 | ||||||
Reinvested | 14,488 | 28,310 | ||||||
Redeemed | (111,473 | ) | (478,279 | ) | ||||
|
|
|
| |||||
Change in Class A Shares | (40,254 | ) | (394,449 | ) | ||||
Class C Shares: | ||||||||
Issued | 39,487 | 72,232 | ||||||
Reinvested | 847 | 1,012 | ||||||
Redeemed | (26,912 | ) | (24,584 | ) | ||||
|
|
|
| |||||
Change in Class C Shares | 13,422 | 48,660 | ||||||
Institutional Shares: | ||||||||
Issued | 593,145 | 1,270,152 | ||||||
Reinvested | 12,799 | 18,200 | ||||||
Redeemed | (407,249 | ) | (1,423,379 | ) | ||||
|
|
|
| |||||
Change in Institutional Shares | 198,695 | (135,027 | ) | |||||
|
|
|
| |||||
Change in Shares | 171,863 | (480,816 | ) | |||||
|
|
|
|
See accompanying Notes to the Financial Statements.
95
|
|
|
|
Sterling Capital Virginia Intermediate Tax-Free Fund | Sterling Capital West Virginia Intermediate Tax-Free Fund | |||||||||||||
For the Six | For the Year Ended September 30, 2014 | For the Six Months Ended March 31, 2015 (Unaudited) | For the Year Ended September 30, 2014 | |||||||||||
$ | 477,845 | $ | 1,580,973 | $ | 2,706,048 | $ | 654,815 | |||||||
500,157 | 679,452 | 376,430 | 608,304 | |||||||||||
(2,368,503 | ) | (8,739,263 | ) | (1,886,741 | ) | (4,253,974 | ) | |||||||
|
|
|
|
|
|
|
| |||||||
(1,390,501 | ) | (6,478,838 | ) | 1,195,737 | (2,990,855 | ) | ||||||||
3,441 | 16,603 | — | 2,400 | |||||||||||
14,211 | 21,765 | 3,581 | 8,933 | |||||||||||
(163,064 | ) | (1,282,447 | ) | (128,396 | ) | (337,511 | ) | |||||||
|
|
|
|
|
|
|
| |||||||
(145,412 | ) | (1,244,079 | ) | (124,815 | ) | (326,178 | ) | |||||||
9,643,694 | 15,203,340 | 5,918,512 | 14,475,708 | |||||||||||
277,633 | 184,027 | 166,590 | 119,083 | |||||||||||
(9,150,879 | ) | (18,926,555 | ) | (10,454,486 | ) | (15,012,738 | ) | |||||||
|
|
|
|
|
|
|
| |||||||
770,448 | (3,539,188 | ) | (4,369,384 | ) | (417,947 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||
$ | (765,465 | ) | $ | (11,262,105 | ) | $ | (3,298,462 | ) | $ | (3,734,980 | ) | |||
|
|
|
|
|
|
|
| |||||||
39,638 | 132,598 | 265,748 | 65,415 | |||||||||||
41,471 | 56,879 | 36,952 | 60,550 | |||||||||||
(196,438 | ) | (731,884 | ) | (185,038 | ) | (424,311 | ) | |||||||
|
|
|
|
|
|
|
| |||||||
(115,329 | ) | (542,407 | ) | 117,662 | (298,346 | ) | ||||||||
286 | 1,391 | — | 241 | |||||||||||
1,178 | 1,825 | 352 | 891 | |||||||||||
(13,522 | ) | (107,543 | ) | (12,593 | ) | (33,275 | ) | |||||||
|
|
|
|
|
|
|
| |||||||
(12,058 | ) | (104,327 | ) | (12,241 | ) | (32,143 | ) | |||||||
796,517 | 1,274,082 | 577,539 | 1,439,942 | |||||||||||
23,032 | 15,387 | 16,339 | 11,839 | |||||||||||
(756,108 | ) | (1,592,958 | ) | (1,022,046 | ) | (1,494,140 | ) | |||||||
|
|
|
|
|
|
|
| |||||||
63,441 | (303,489 | ) | (428,168 | ) | (42,359 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||
(63,946 | ) | (950,223 | ) | (322,747 | ) | (372,848 | ) | |||||||
|
|
|
|
|
|
|
|
96
Sterling Capital Funds |
Statements of Changes in Net Assets (continued) |
Sterling Capital Strategic Allocation Conservative Fund | ||||||||
For the Six Months Ended March 31, 2015 (Unaudited) | For the Year Ended September 30, 2014 | |||||||
Capital Transactions: | ||||||||
Class A Shares: | ||||||||
Proceeds from shares issued | $ | 500,612 | $ | 2,462,133 | ||||
Distributions reinvested | 154,505 | 307,288 | ||||||
Value of shares redeemed | (1,073,049 | ) | (2,496,915 | ) | ||||
|
|
|
| |||||
Change in net assets from Class A Share transactions | (417,932 | ) | 272,506 | |||||
Class B Shares: | ||||||||
Proceeds from shares issued | — | 26,465 | ||||||
Distributions reinvested | 6,099 | 13,314 | ||||||
Value of shares redeemed | (70,078 | ) | (311,480 | ) | ||||
|
|
|
| |||||
Change in net assets from Class B Share transactions | (63,979 | ) | (271,701 | ) | ||||
Class C Shares: | ||||||||
Proceeds from shares issued | 44,174 | 85,791 | ||||||
Distributions reinvested | 2,793 | 4,723 | ||||||
Value of shares redeemed | (9,489 | ) | (58,210 | ) | ||||
|
|
|
| |||||
Change in net assets from Class C Share transactions | 37,478 | 32,304 | ||||||
Institutional Shares: | ||||||||
Proceeds from shares issued | 110,810 | 311,637 | ||||||
Distributions reinvested | 27,019 | 53,892 | ||||||
Value of shares redeemed | (147,331 | ) | (1,377,356 | ) | ||||
|
|
|
| |||||
Change in net assets from Institutional Share transactions | (9,502 | ) | (1,011,827 | ) | ||||
|
|
|
| |||||
Change in net assets from capital transactions | $ | (453,935 | ) | $ | (978,718 | ) | ||
|
|
|
| |||||
Share Transactions: | ||||||||
Class A Shares: | ||||||||
Issued | 46,841 | 236,083 | ||||||
Reinvested | 14,304 | 29,146 | ||||||
Redeemed | (100,971 | ) | (239,202 | ) | ||||
|
|
|
| |||||
Change in Class A Shares | (39,826 | ) | 26,027 | |||||
Class B Shares: | ||||||||
Issued | — | 2,512 | ||||||
Reinvested | 564 | 1,260 | ||||||
Redeemed | (6,477 | ) | (29,972 | ) | ||||
|
|
|
| |||||
Change in Class B Shares | (5,913 | ) | (26,200 | ) | ||||
Class C Shares: | ||||||||
Issued | 4,167 | 8,261 | ||||||
Reinvested | 260 | 451 | ||||||
Redeemed | (883 | ) | (5,494 | ) | ||||
|
|
|
| |||||
Change in Class C Shares | 3,544 | 3,218 | ||||||
Institutional Shares: | ||||||||
Issued | 10,213 | 29,762 | ||||||
Reinvested | 2,476 | 5,061 | ||||||
Redeemed | (13,449 | ) | (133,574 | ) | ||||
|
|
|
| |||||
Change in Institutional Shares | (760 | ) | (98,751 | ) | ||||
|
|
|
| |||||
Change in Shares | (42,955 | ) | (95,706 | ) | ||||
|
|
|
|
See accompanying Notes to the Financial Statements.
97
|
|
|
|
Sterling Capital Strategic Allocation Balanced Fund | Sterling Capital Strategic Allocation Growth Fund | |||||||||||||
For the Six | For the Year Ended September 30, 2014 | For the Six Months Ended March 31, 2015 (Unaudited) | For the Year Ended September 30, 2014 | |||||||||||
$ | 1,754,121 | $ | 4,301,837 | $ | 1,137,809 | $ | 2,541,576 | |||||||
316,798 | 585,449 | 177,595 | 319,012 | |||||||||||
(2,122,148 | ) | (2,947,129 | ) | (1,181,744 | ) | (3,439,864 | ) | |||||||
|
|
|
|
|
|
|
| |||||||
(51,229 | ) | 1,940,157 | 133,660 | (579,276 | ) | |||||||||
4,284 | — | 11,966 | 18,559 | |||||||||||
9,300 | 24,798 | 6,950 | 14,990 | |||||||||||
(452,058 | ) | (1,593,220 | ) | (456,432 | ) | (1,433,303 | ) | |||||||
|
|
|
|
|
|
|
| |||||||
(438,474 | ) | (1,568,422 | ) | (437,516 | ) | (1,399,754 | ) | |||||||
28,428 | 325,190 | 62,892 | 68,590 | |||||||||||
4,379 | 6,728 | 1,997 | 2,624 | |||||||||||
(62,252 | ) | (195,220 | ) | (50,599 | ) | (66,401 | ) | |||||||
|
|
|
|
|
|
|
| |||||||
(29,445 | ) | 136,698 | 14,290 | 4,813 | ||||||||||
32 | 362 | 35,115 | 121,047 | |||||||||||
1,233 | 2,761 | 7,202 | 12,357 | |||||||||||
(51,861 | ) | (103,943 | ) | (91,144 | ) | (356,313 | ) | |||||||
|
|
|
|
|
|
|
| |||||||
(50,596 | ) | (100,820 | ) | (48,827 | ) | (222,909 | ) | |||||||
|
|
|
|
|
|
|
| |||||||
$ | (569,744 | ) | $ | 407,613 | $ | (338,393 | ) | $ | (2,197,126 | ) | ||||
|
|
|
|
|
|
|
| |||||||
164,461 | 417,123 | 108,839 | 254,214 | |||||||||||
29,533 | 56,225 | 17,051 | 31,660 | |||||||||||
(197,843 | ) | (284,702 | ) | (113,271 | ) | (339,168 | ) | |||||||
|
|
|
|
|
|
|
| |||||||
(3,849 | ) | 188,646 | 12,619 | (53,294 | ) | |||||||||
414 | — | 1,186 | 1,851 | |||||||||||
890 | 2,451 | 688 | 1,548 | |||||||||||
(42,798 | ) | (157,756 | ) | (44,456 | ) | (147,107 | ) | |||||||
|
|
|
|
|
|
|
| |||||||
(41,494 | ) | (155,305 | ) | (42,582 | ) | (143,708 | ) | |||||||
2,695 | 31,327 | 6,159 | 6,955 | |||||||||||
418 | 660 | 198 | 271 | |||||||||||
(5,944 | ) | (19,019 | ) | (4,942 | ) | (6,830 | ) | |||||||
|
|
|
|
|
|
|
| |||||||
(2,831 | ) | 12,968 | 1,415 | 396 | ||||||||||
3 | 35 | 3,357 | 11,747 | |||||||||||
114 | 264 | 689 | 1,221 | |||||||||||
(4,803 | ) | (10,164 | ) | (8,830 | ) | (36,681 | ) | |||||||
|
|
|
|
|
|
|
| |||||||
(4,686 | ) | (9,865 | ) | (4,784 | ) | (23,713 | ) | |||||||
|
|
|
|
|
|
|
| |||||||
(52,860 | ) | 36,444 | (33,332 | ) | (220,319 | ) | ||||||||
|
|
|
|
|
|
|
|
98
Sterling Capital Funds |
Statement of Cash Flows |
For the Six Months Ended March 31, 2015 (Unaudited) |
Sterling Capital Long/Short Equity Fund | ||||
Cash Used for Operating Activities: | ||||
Net decrease in net assets resulting from operations | $ | (5,991,468 | ) | |
|
| |||
Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by operating activities: | ||||
Increase in cash held at broker for securities short sales | (2,607,209 | ) | ||
Decrease in interest and dividends receivable | 1,154 | |||
Decrease in deferred offering costs | 1,780 | |||
Increase in prepaid expenses | (11,781 | ) | ||
Decrease in payable for dividends on short sales | (62 | ) | ||
Increase in payable to broker for service fee on short sales | 135 | |||
Increase in investment advisory fees payable | 2,717 | |||
Decrease in accounting and administration out-of-pocket fees payable | (1,097 | ) | ||
Increase in administration fees payable | 344 | |||
Increase in audit fees payable | 685 | |||
Decrease in transfer agent fees payable | (2,805 | ) | ||
Increase in distribution (12b-1) fees payable | 52 | |||
Decrease in other fees | (8,274 | ) | ||
Amortization of premium and accretion of discount on investments | (36,528 | ) | ||
Net realized gain (loss) on investments | (153,540 | ) | ||
Net unrealized gain (loss) on investments and foreign currency translations | 5,340,900 | |||
Premiums received from options written | 99,592 | |||
Premiums paid on closing options written | (177,767 | ) | ||
Proceeds from investments sold short | 80,502,692 | |||
Purchases to cover investments sold short | (87,369,206 | ) | ||
Purchases of long-term investments | (123,507,280 | ) | ||
Proceeds from sales of long-term investments | 126,090,847 | |||
Net purchases of short-term securities | 3,890,003 | |||
|
| |||
Net cash used for operating activities | (3,936,116 | ) | ||
|
| |||
Cash Provided by (Used for) Financing Activities: | ||||
Proceeds from issuance capital shares | 52,295,849 | |||
Payments on redemption of capital shares | (47,025,285 | ) | ||
Cash dividends paid to shareholders | (1,580,491 | ) | ||
|
| |||
Net cash provided for financing activities | 3,690,073 | |||
|
| |||
Cash: | ||||
Net decrease in cash | (246,043 | ) | ||
Cash at beginning of period | 253,051 | |||
|
| |||
Cash at end of period | $ | 7,008 | ||
|
| |||
Supplemental Disclosure of Cash Flow Information: | ||||
Cash paid during the period for dividend expense and service fee on securities sold short | $ | 573,500 | ||
|
| |||
Non-Cash Financing Activities: | ||||
Capital shares issued in reinvestment of distributions paid to shareholders | $ | 1,518,095 | ||
|
|
See accompanying Notes to the Financial Statements.
99
(This page has been left blank intentionally.)
Sterling Capital Funds |
Financial Highlights, Class A Shares |
The financial highlights table is intended to help you understand the Funds’ financial performance for the past 5 years or, if shorter, the period of the Funds’ operations. Certain information reflects financial results for a single Fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the Fund (assuming reinvestment of all dividends and distributions).
Investment Activities | Distributions | ||||||||||||||||||||||||||||||||||
Net Asset | Net investment income (loss)(a) | Net realized/ unrealized gains (losses) on investments | Total from Investment Activities | Net investment income | Net realized gains on investments | Total Distributions | |||||||||||||||||||||||||||||
Sterling Capital Behavioral Large Cap Value Equity Fund | |||||||||||||||||||||||||||||||||||
Six Months Ended March 31, 2015 (Unaudited) | $ | 17.24 | 0.12 | 0.83 | 0.95 | (0.12 | ) | — | (0.12 | ) | |||||||||||||||||||||||||
Year Ended September 30, 2014 | $ | 14.16 | 0.18 | 3.06 | 3.24 | (0.16 | ) | — | (0.16 | ) | |||||||||||||||||||||||||
Year Ended September 30, 2013 | $ | 12.80 | 0.13 | 1.36 | 1.49 | (0.13 | ) | — | (0.13 | ) | |||||||||||||||||||||||||
Year Ended September 30, 2012 | $ | 9.90 | 0.11 | 2.90 | 3.01 | (0.11 | ) | — | (0.11 | ) | |||||||||||||||||||||||||
Year Ended September 30, 2011 | $ | 10.52 | 0.11 | (0.62 | ) | (0.51 | ) | (0.11 | ) | — | (0.11 | ) | |||||||||||||||||||||||
Year Ended September 30, 2010 | $ | 10.08 | 0.10 | 0.45 | 0.55 | (0.11 | ) | — | (0.11 | ) | |||||||||||||||||||||||||
Sterling Capital Mid Value Fund | |||||||||||||||||||||||||||||||||||
Six Months Ended March 31, 2015 (Unaudited) | $ | 19.33 | 0.03 | 2.00 | 2.03 | (0.11 | ) | (1.17 | ) | (1.28 | ) | ||||||||||||||||||||||||
Year Ended September 30, 2014 | $ | 18.78 | 0.05 | 1.76 | 1.81 | (0.06 | ) | (1.20 | ) | (1.26 | ) | ||||||||||||||||||||||||
Year Ended September 30, 2013 | $ | 14.28 | 0.13 | 4.47 | 4.60 | (0.10 | ) | — | (0.10 | ) | |||||||||||||||||||||||||
Year Ended September 30, 2012 | $ | 11.37 | 0.10 | 2.91 | 3.01 | (0.10 | ) | — | (0.10 | ) | |||||||||||||||||||||||||
Year Ended September 30, 2011 | $ | 12.08 | 0.04 | (0.70 | ) | (0.66 | ) | (0.05 | ) | — | (0.05 | ) | |||||||||||||||||||||||
Year Ended September 30, 2010 | $ | 10.81 | 0.04 | 1.27 | 1.31 | (0.04 | ) | — | (0.04 | ) | |||||||||||||||||||||||||
Sterling Capital Behavioral Small Cap Value Equity Fund | |||||||||||||||||||||||||||||||||||
Six Months Ended March 31, 2015 (Unaudited) | $ | 14.34 | 0.10 | 1.51 | 1.61 | (0.09 | ) | (0.44 | ) | (0.53 | ) | ||||||||||||||||||||||||
Year Ended September 30, 2014 | $ | 15.25 | 0.11 | 0.93 | 1.04 | (0.08 | ) | (1.87 | ) | (1.95 | ) | ||||||||||||||||||||||||
Year Ended September 30, 2013 | $ | 12.01 | 0.05 | 3.37 | 3.42 | (0.03 | ) | (0.15 | ) | (0.18 | ) | ||||||||||||||||||||||||
Year Ended September 30, 2012 | $ | 10.79 | 0.03 | 2.17 | 2.20 | — | (0.98 | ) | (0.98 | ) | |||||||||||||||||||||||||
Year Ended September 30, 2011 | $ | 11.19 | (0.05 | ) | (0.35 | ) | (0.40 | ) | — | — | — | ||||||||||||||||||||||||
February 1, 2010 to September 30, 2010(e) | $ | 10.55 | 0.04 | 0.63 | 0.67 | (0.03 | ) | — | (0.03 | ) | |||||||||||||||||||||||||
Sterling Capital Special Opportunities Fund | |||||||||||||||||||||||||||||||||||
Six Months Ended March 31, 2015 (Unaudited) | $ | 23.33 | (0.02 | ) | 1.28 | 1.26 | — | (1.20 | ) | (1.20 | ) | ||||||||||||||||||||||||
Year Ended September 30, 2014 | $ | 21.38 | (0.02 | ) | 4.26 | 4.24 | (0.01 | ) | (2.28 | ) | (2.29 | ) | |||||||||||||||||||||||
Year Ended September 30, 2013 | $ | 18.51 | 0.05 | (g) | 3.78 | 3.83 | (0.01 | ) | (0.95 | ) | (0.96 | ) | |||||||||||||||||||||||
Year Ended September 30, 2012 | $ | 15.25 | — | (h) | 3.57 | 3.57 | — | (0.31 | ) | (0.31 | ) | ||||||||||||||||||||||||
Year Ended September 30, 2011 | $ | 15.93 | (0.06 | ) | (0.52 | ) | (0.58 | ) | — | (0.10 | ) | (0.10 | ) | ||||||||||||||||||||||
Year Ended September 30, 2010 | $ | 14.66 | (0.06 | ) | 1.33 | 1.27 | — | — | — | ||||||||||||||||||||||||||
Sterling Capital Equity Income Fund | |||||||||||||||||||||||||||||||||||
Six Months Ended March 31, 2015 (Unaudited) | $ | 18.94 | 0.16 | 0.32 | 0.48 | (0.17 | ) | (0.51 | ) | (0.68 | ) | ||||||||||||||||||||||||
Year Ended September 30, 2014 | $ | 18.14 | 0.34 | 1.40 | 1.74 | (0.31 | ) | (0.63 | ) | (0.94 | ) | ||||||||||||||||||||||||
Year Ended September 30, 2013 | $ | 16.03 | 0.29 | 2.23 | 2.52 | (0.25 | ) | (0.16 | ) | (0.41 | ) | ||||||||||||||||||||||||
Year Ended September 30, 2012 | $ | 13.25 | 0.25 | 2.72 | 2.97 | (0.19 | ) | — | (0.19 | ) | |||||||||||||||||||||||||
Year Ended September 30, 2011 | $ | 13.05 | 0.25 | 0.14 | (j) | 0.39 | (0.19 | ) | — | (0.19 | ) | ||||||||||||||||||||||||
Year Ended September 30, 2010 | $ | 11.43 | 0.30 | 1.56 | 1.86 | (0.24 | ) | — | (0.24 | ) | |||||||||||||||||||||||||
Sterling Capital Long/Short Equity Fund | |||||||||||||||||||||||||||||||||||
Six Months Ended March 31, 2015 (Unaudited) | $ | 10.90 | (0.09 | ) | (0.49 | ) | (0.58 | ) | — | (0.30 | ) | (0.30 | ) | ||||||||||||||||||||||
December 13, 2013 to September 30, 2014(e) | $ | 10.00 | (0.13 | ) | 1.03 | 0.90 | — | — | — | ||||||||||||||||||||||||||
Sterling Capital Behavioral International Equity Fund | |||||||||||||||||||||||||||||||||||
November 28, 2014 to March 31, 2015 (Unaudited)(e) | $ | 10.00 | 0.15 | (0.05 | ) | 0.10 | (0.02 | ) | — | (0.02 | ) | ||||||||||||||||||||||||
Sterling Capital Ultra Short Bond Fund | |||||||||||||||||||||||||||||||||||
Six Months Ended March 31, 2015 (Unaudited) | $ | 9.94 | 0.03 | (0.02 | ) | 0.01 | (0.04 | ) | — | (0.04 | ) | ||||||||||||||||||||||||
Year Ended September 30, 2014 | $ | 9.98 | 0.05 | (0.03 | )(h) | 0.02 | (0.06 | ) | — | (0.06 | ) | ||||||||||||||||||||||||
November 30, 2012 to September 30, 2013(e) | $ | 10.00 | 0.03 | (0.02 | ) | 0.01 | (0.03 | ) | — | (0.03 | ) |
* | During the periods certain fees were waived (See Note 5 in the Notes to the Financial Statements). If such reductions had not occurred, the ratios would have been as indicated. |
** | Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued. |
(a) | Per share net investment income (loss) has been calculated using the average daily shares method. |
(b) | Not annualized for periods less than one year. |
(c) | Annualized for periods less than one year. |
(d) | Includes proceeds received from a settlement of litigation, which impacted the Fund’s total return. Not including these proceeds, the Fund’s total return would have been 11.56%. |
(e) | Period from commencement of operations. |
(f) | Includes proceeds received from a settlement of litigation, which impacted the Fund’s total return. Not including these proceeds, the Fund’s total return would have been 6.01%. |
(g) | Net investment income per share reflects a special dividend, which amounted to $0.01 per share. Excluding the special dividend, the ratio of net investment income to average net assets would have been 0.19% per share. |
(h) | Amount is less than $0.005. |
(i) | Ratio is below 0.005%. |
(j) | The amount shown for a share outstanding throughout the period does not accord with the change in aggregate gains and losses in the portfolio of securities during the period because of the timing of sales and purchases of Fund shares in relation to fluctuating market values during the period. |
(k) | Net expense ratio excluding dividend expense and service fee on securities sold short would have been 2.04% per share. |
See accompanying Notes to the Financial Statements.
101
|
|
|
|
Ratios/Supplementary Data | |||||||||||||||||||||||||||||||||
Net Asset Value, End of Period | Total Return (excludes sales charge) (b) | Net Assets, End of Period (000) | Ratio of net expenses to average net assets (c) | Ratio of net investment income (loss) to average net assets (c) | Ratio of expenses to average net assets*(c) | Portfolio turnover rate**(b) | |||||||||||||||||||||||||||
$18.07 | 5.53 | % | $ | 35,543 | 1.05 | % | 1.38 | % | 1.15 | % | 61.07 | % | |||||||||||||||||||||
$17.24 | 22.96 | % | $ | 34,395 | 1.06 | % | 1.09 | % | 1.16 | % | 113.75 | % | |||||||||||||||||||||
$14.16 | 11.72 | %(d) | $ | 28,682 | 1.09 | % | 0.97 | % | 1.19 | % | 164.27 | % | |||||||||||||||||||||
$12.80 | 30.52 | % | $ | 28,618 | 1.08 | % | 0.98 | % | 1.28 | % | 68.75 | % | |||||||||||||||||||||
$ 9.90 | (5.01 | )% | $ | 24,603 | 1.08 | % | 0.93 | % | 1.47 | % | 66.29 | % | |||||||||||||||||||||
$10.52 | 5.47 | % | $ | 28,849 | 1.09 | % | 0.98 | % | 1.48 | % | 119.85 | % | |||||||||||||||||||||
$20.08 | 10.97 | % | $ | 44,688 | 1.18 | % | 0.31 | % | 1.18 | % | 14.52 | % | |||||||||||||||||||||
$19.33 | 9.91 | % | $ | 41,403 | 1.18 | % | 0.26 | % | 1.18 | % | 27.30 | % | |||||||||||||||||||||
$18.78 | 32.36 | % | $ | 36,094 | 1.17 | % | 0.79 | % | 1.17 | % | 34.03 | % | |||||||||||||||||||||
$14.28 | 26.57 | % | $ | 21,976 | 1.19 | % | 0.78 | % | 1.20 | % | 21.62 | % | |||||||||||||||||||||
$11.37 | (5.51 | )% | $ | 18,017 | 1.18 | % | 0.32 | % | 1.22 | % | 38.30 | % | |||||||||||||||||||||
$12.08 | 12.09 | % | $ | 18,890 | 1.20 | % | 0.33 | % | 1.30 | % | 45.02 | % | |||||||||||||||||||||
$15.42 | 11.43 | % | $ | 14,026 | 1.24 | % | 1.40 | % | 1.24 | % | 42.48 | % | |||||||||||||||||||||
$14.34 | 7.09 | % | $ | 9,681 | 1.24 | % | 0.74 | % | 1.24 | % | 68.50 | % | |||||||||||||||||||||
$15.25 | 28.74 | % | $ | 8,813 | 1.29 | % | 0.36 | % | 1.29 | % | 176.62 | % | |||||||||||||||||||||
$12.01 | 21.31 | % | $ | 6,720 | 1.33 | % | 0.22 | % | 1.44 | % | 32.86 | % | |||||||||||||||||||||
$10.79 | (3.57 | )% | $ | 6,152 | 1.33 | % | (0.39 | )% | 1.69 | % | 63.02 | % | |||||||||||||||||||||
$11.19 | 6.39 | %(f) | $ | 5,389 | 1.40 | % | 0.49 | % | 1.91 | % | 95.89 | % | |||||||||||||||||||||
$23.39 | 5.69 | % | $ | 259,656 | 1.21 | % | (0.18 | )% | 1.21 | % | 4.64 | % | |||||||||||||||||||||
$23.33 | 21.71 | % | $ | 364,368 | 1.21 | % | (0.11 | )% | 1.21 | % | 32.35 | % | |||||||||||||||||||||
$21.38 | 21.59 | % | $ | 269,300 | 1.24 | % | 0.27 | %(g) | 1.24 | % | 53.76 | % | |||||||||||||||||||||
$18.51 | 23.67 | % | $ | 174,085 | 1.29 | % | (0.00 | )%(i) | 1.38 | % | 19.38 | % | |||||||||||||||||||||
$15.25 | (3.72 | )% | $ | 197,138 | 1.28 | % | (0.35 | )% | 1.53 | % | 31.51 | % | |||||||||||||||||||||
$15.93 | 8.66 | % | $ | 202,670 | 1.29 | % | (0.38 | )% | 1.55 | % | 25.65 | % | |||||||||||||||||||||
$18.74 | 2.61 | % | $ | 550,611 | 1.21 | % | 1.68 | % | 1.21 | % | 14.56 | % | |||||||||||||||||||||
$18.94 | 9.76 | % | $ | 714,457 | 1.20 | % | 1.79 | % | 1.20 | % | 16.13 | % | |||||||||||||||||||||
$18.14 | 16.02 | % | $ | 690,106 | 1.20 | % | 1.69 | % | 1.20 | % | 30.56 | % | |||||||||||||||||||||
$16.03 | 22.47 | % | $ | 371,659 | 1.19 | % | 1.61 | % | 1.26 | % | 21.30 | % | |||||||||||||||||||||
$13.25 | 2.93 | % | $ | 214,622 | 1.18 | % | 1.80 | % | 1.43 | % | 16.64 | % | |||||||||||||||||||||
$13.05 | 16.42 | % | $ | 143,283 | 1.19 | % | 2.43 | % | 1.45 | % | 21.63 | % | |||||||||||||||||||||
$10.02 | (5.29 | )% | $ | 2,174 | 3.16 | %(k) | (1.84 | )% | 3.16 | % | 152.22 | % | |||||||||||||||||||||
$10.90 | 9.00 | % | $ | 2,437 | 3.44 | %(k) | (1.55 | )% | 3.44 | % | 193.58 | % | |||||||||||||||||||||
$10.08 | 1.05 | % | $ | 174 | 1.27 | % | 3.01 | % | 1.44 | % | 44.21 | % | |||||||||||||||||||||
$ 9.91 | 0.13 | % | $ | 6,744 | 0.74 | % | 0.54 | % | 0.74 | % | 37.31 | % | |||||||||||||||||||||
$ 9.94 | 0.21 | % | $ | 11,184 | 0.73 | % | 0.51 | % | 0.73 | % | 79.98 | % | |||||||||||||||||||||
$ 9.98 | 0.15 | % | $ | 13,526 | 0.73 | % | 0.41 | % | 0.73 | % | 55.18 | % |
102
Sterling Capital Funds |
Financial Highlights, Class A Shares |
The financial highlights table is intended to help you understand the Funds’ financial performance for the past 5 years or, if shorter, the period of the Funds’ operations. Certain information reflects financial results for a single Fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the Fund (assuming reinvestment of all dividends and distributions).
Investment Activities | Distributions | ||||||||||||||||||||||||||||||||||
Net Asset | Net investment income(a) | Net realized/ unrealized gains (losses) on investments | Total from Investment Activities | Net investment income | Net realized gains on investments | Total Distributions | |||||||||||||||||||||||||||||
Sterling Capital Short Duration Bond Fund | |||||||||||||||||||||||||||||||||||
Six Months Ended March 31, 2015 (Unaudited) | $ | 9.07 | 0.06 | — | (d) | 0.06 | (0.14 | ) | — | (0.14 | ) | ||||||||||||||||||||||||
Year Ended September 30, 2014 | $ | 9.24 | 0.14 | (0.04 | ) | 0.10 | (0.27 | ) | — | (0.27 | ) | ||||||||||||||||||||||||
Year Ended September 30, 2013 | $ | 9.47 | 0.17 | (0.10 | ) | 0.07 | (0.30 | ) | — | (0.30 | ) | ||||||||||||||||||||||||
Year Ended September 30, 2012 | $ | 9.36 | 0.19 | 0.24 | 0.43 | (0.32 | ) | — | (0.32 | ) | |||||||||||||||||||||||||
Year Ended September 30, 2011 | $ | 9.68 | 0.17 | (0.19 | ) | (0.02 | ) | (0.30 | ) | — | (0.30 | ) | |||||||||||||||||||||||
Year Ended September 30, 2010 | $ | 9.66 | 0.16 | 0.10 | 0.26 | (0.24 | ) | — | (0.24 | ) | |||||||||||||||||||||||||
Sterling Capital Intermediate U.S. Government Fund | |||||||||||||||||||||||||||||||||||
Six Months Ended March 31, 2015 (Unaudited) | $ | 10.19 | 0.07 | 0.14 | 0.21 | (0.10 | ) | — | (0.10 | ) | |||||||||||||||||||||||||
Year Ended September 30, 2014 | $ | 10.29 | 0.14 | 0.09 | 0.23 | (0.33 | ) | — | (0.33 | ) | |||||||||||||||||||||||||
Year Ended September 30, 2013 | $ | 10.86 | 0.16 | (0.43 | ) | (0.27 | ) | (0.30 | ) | — | (0.30 | ) | |||||||||||||||||||||||
Year Ended September 30, 2012 | $ | 10.79 | 0.20 | 0.16 | 0.36 | (0.29 | ) | — | (0.29 | ) | |||||||||||||||||||||||||
Year Ended September 30, 2011 | $ | 10.80 | 0.24 | 0.06 | 0.30 | (0.31 | ) | — | (0.31 | ) | |||||||||||||||||||||||||
Year Ended September 30, 2010 | $ | 10.56 | 0.29 | 0.27 | 0.56 | (0.32 | ) | — | (0.32 | ) | |||||||||||||||||||||||||
Sterling Capital Total Return Bond Fund | |||||||||||||||||||||||||||||||||||
Six Months Ended March 31, 2015 (Unaudited) | $ | 10.66 | 0.14 | 0.16 | 0.30 | (0.17 | ) | — | (0.17 | ) | |||||||||||||||||||||||||
Year Ended September 30, 2014 | $ | 10.52 | 0.31 | 0.21 | 0.52 | (0.37 | ) | (0.01 | ) | (0.38 | ) | ||||||||||||||||||||||||
Year Ended September 30, 2013 | $ | 11.15 | 0.29 | (0.46 | ) | (0.17 | ) | (0.38 | ) | (0.08 | ) | (0.46 | ) | ||||||||||||||||||||||
Year Ended September 30, 2012 | $ | 11.05 | 0.29 | 0.46 | 0.75 | (0.38 | ) | (0.27 | ) | (0.65 | ) | ||||||||||||||||||||||||
Year Ended September 30, 2011 | $ | 11.32 | 0.38 | 0.01 | 0.39 | (0.45 | ) | (0.21 | ) | (0.66 | ) | ||||||||||||||||||||||||
Year Ended September 30, 2010 | $ | 10.78 | 0.43 | 0.61 | 1.04 | (0.49 | ) | (0.01 | ) | (0.50 | ) | ||||||||||||||||||||||||
Sterling Capital Corporate Fund | |||||||||||||||||||||||||||||||||||
Six Months Ended March 31, 2015 (Unaudited) | $ | 10.25 | 0.15 | 0.10 | 0.25 | (0.15 | ) | (0.01 | ) | (0.16 | ) | ||||||||||||||||||||||||
Year Ended September 30, 2014 | $ | 10.15 | 0.31 | 0.20 | 0.51 | (0.31 | ) | (0.10 | ) | (0.41 | ) | ||||||||||||||||||||||||
February 1, 2013 to September 30, 2013(e) | $ | 10.53 | 0.22 | (0.38 | ) | (0.16 | ) | (0.22 | ) | — | (0.22 | ) | |||||||||||||||||||||||
Sterling Capital Securitized Opportunities Fund | |||||||||||||||||||||||||||||||||||
Six Months Ended March 31, 2015 (Unaudited) | $ | 9.90 | 0.11 | 0.18 | 0.29 | (0.13 | ) | — | (0.13 | ) | |||||||||||||||||||||||||
Year Ended September 30, 2014 | $ | 9.85 | 0.22 | 0.11 | 0.33 | (0.28 | ) | — | (0.28 | ) | |||||||||||||||||||||||||
February 1, 2013 to September 30, 2013(e) | $ | 10.16 | 0.11 | (0.21 | ) | (0.10 | ) | (0.21 | ) | — | (0.21 | ) | |||||||||||||||||||||||
Sterling Capital Kentucky Intermediate Tax-Free Fund | |||||||||||||||||||||||||||||||||||
Six Months Ended March 31, 2015 (Unaudited) | $ | 10.86 | 0.13 | — | (d) | 0.13 | (0.13 | ) | (0.18 | ) | (0.31 | ) | |||||||||||||||||||||||
Year Ended September 30, 2014 | $ | 10.67 | 0.27 | 0.18 | 0.45 | (0.26 | ) | — | (0.26 | ) | |||||||||||||||||||||||||
Year Ended September 30, 2013 | $ | 11.17 | 0.24 | (0.44 | ) | (0.20 | ) | (0.24 | ) | (0.06 | ) | (0.30 | ) | ||||||||||||||||||||||
Year Ended September 30, 2012 | $ | 10.80 | 0.27 | 0.40 | 0.67 | (0.27 | ) | (0.03 | ) | (0.30 | ) | ||||||||||||||||||||||||
Year Ended September 30, 2011 | $ | 10.83 | 0.29 | 0.02 | (f) | 0.31 | (0.29 | ) | (0.05 | ) | (0.34 | ) | |||||||||||||||||||||||
Year Ended September 30, 2010 | $ | 10.68 | 0.29 | 0.25 | 0.54 | (0.29 | ) | (0.10 | ) | (0.39 | ) | ||||||||||||||||||||||||
Sterling Capital Maryland Intermediate Tax-Free Fund | |||||||||||||||||||||||||||||||||||
Six Months Ended March 31, 2015 (Unaudited) | $ | 11.23 | 0.10 | 0.06 | 0.16 | (0.10 | ) | (0.06 | ) | (0.16 | ) | ||||||||||||||||||||||||
Year Ended September 30, 2014 | $ | 10.96 | 0.19 | 0.27 | 0.46 | (0.19 | ) | — | (0.19 | ) | |||||||||||||||||||||||||
Year Ended September 30, 2013 | $ | 11.56 | 0.19 | (0.45 | ) | (0.26 | ) | (0.19 | ) | (0.15 | ) | (0.34 | ) | ||||||||||||||||||||||
Year Ended September 30, 2012 | $ | 11.23 | 0.24 | 0.41 | 0.65 | (0.24 | ) | (0.08 | ) | (0.32 | ) | ||||||||||||||||||||||||
Year Ended September 30, 2011 | $ | 11.21 | 0.28 | 0.06 | 0.34 | (0.28 | ) | (0.04 | ) | (0.32 | ) | ||||||||||||||||||||||||
Year Ended September 30, 2010 | $ | 10.97 | 0.28 | 0.24 | 0.52 | (0.28 | ) | — | (d) | (0.28 | ) |
* | During the periods certain fees were waived (See Note 5 in the Notes to the Financial Statements). If such reductions had not occurred, the ratios would have been as indicated. |
** | Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued. |
(a) | Per share net investment income has been calculated using the average daily shares method. |
(b) | Not annualized for periods less than one year. |
(c) | Annualized for periods less than one year. |
(d) | Amount is less than $0.005. |
(e) | Period from commencement of operations. |
(f) | The amount shown for a share outstanding throughout the period does not accord with the change in aggregate gains and losses in the portfolio of securities during the period because of the timing of sales and purchases of Fund shares in relation to fluctuating market values during the period. |
See accompanying Notes to the Financial Statements.
103
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Ratios/Supplementary Data | |||||||||||||||||||||||||||||||||
Net Asset Value, End of Period | Total Return (excludes sales charge) (b) | Net Assets, End of Period (000) | Ratio of net expenses to average net assets (c) |
Ratio of net | Ratio of expenses to average net assets*(c) | Portfolio turnover rate**(b) | |||||||||||||||||||||||||||
$ | 8.99 | 0.62 | % | $ | 9,432 | 0.77 | % | 1.34 | % | 0.79 | % | 27.32 | % | ||||||||||||||||||||
$ | 9.07 | 1.13 | % | $ | 10,468 | 0.76 | % | 1.48 | % | 0.80 | % | 56.10 | % | ||||||||||||||||||||
$ | 9.24 | 0.72 | % | $ | 13,812 | 0.77 | % | 1.83 | % | 0.81 | % | 56.09 | % | ||||||||||||||||||||
$ | 9.47 | 4.68 | % | $ | 8,965 | 0.81 | % | 2.04 | % | 0.91 | % | 85.13 | % | ||||||||||||||||||||
$ | 9.36 | (0.20 | )% | $ | 7,684 | 0.85 | % | 1.81 | % | 1.20 | % | 120.09 | % | ||||||||||||||||||||
$ | 9.68 | 2.75 | % | $ | 7,747 | 0.95 | % | 1.66 | % | 1.36 | % | 55.50 | % | ||||||||||||||||||||
$ | 10.30 | 2.05 | % | $ | 11,170 | 0.91 | % | 1.30 | % | 0.94 | % | 28.86 | % | ||||||||||||||||||||
$ | 10.19 | 2.23 | % | $ | 8,778 | 0.93 | % | 1.41 | % | 0.93 | % | 35.74 | % | ||||||||||||||||||||
$ | 10.29 | (2.54 | )% | $ | 10,172 | 0.93 | % | 1.50 | % | 0.93 | % | 66.16 | % | ||||||||||||||||||||
$ | 10.86 | 3.41 | % | $ | 12,788 | 0.97 | % | 1.81 | % | 1.10 | % | 71.68 | % | ||||||||||||||||||||
$ | 10.79 | 2.86 | % | $ | 13,344 | 0.96 | % | 2.30 | % | 1.33 | % | 83.62 | % | ||||||||||||||||||||
$ | 10.80 | 5.38 | % | $ | 14,235 | 0.96 | % | 2.76 | % | 1.34 | % | 83.92 | % | ||||||||||||||||||||
$ | 10.79 | 2.86 | % | $ | 49,831 | 0.71 | % | 2.61 | % | 0.81 | % | 12.52 | % | ||||||||||||||||||||
$ | 10.66 | 5.03 | % | $ | 38,929 | 0.81 | % | 2.90 | % | 0.83 | % | 75.21 | % | ||||||||||||||||||||
$ | 10.52 | (1.51 | )% | $ | 42,774 | 0.82 | % | 2.68 | % | 0.84 | % | 149.09 | % | ||||||||||||||||||||
$ | 11.15 | 7.13 | % | $ | 50,063 | 0.88 | % | 2.65 | % | 0.99 | % | 110.82 | % | ||||||||||||||||||||
$ | 11.05 | 3.68 | % | $ | 37,274 | 0.95 | % | 3.47 | % | 1.32 | % | 131.87 | % | ||||||||||||||||||||
$ | 11.32 | 10.00 | % | $ | 31,465 | 0.96 | % | 3.90 | % | 1.34 | % | 122.94 | % | ||||||||||||||||||||
$ | 10.34 | 2.45 | % | $ | 278 | 0.85 | % | 2.90 | % | 0.85 | % | 12.41 | % | ||||||||||||||||||||
$ | 10.25 | 5.16 | % | $ | 269 | 0.86 | % | 3.04 | % | 0.86 | % | 105.03 | % | ||||||||||||||||||||
$ | 10.15 | (1.54 | )% | $ | 160 | 0.85 | % | 3.21 | % | 0.85 | % | 99.48 | % | ||||||||||||||||||||
$ | 10.06 | 2.97 | % | $ | 100 | 0.83 | % | 2.29 | % | 0.87 | % | 7.60 | % | ||||||||||||||||||||
$ | 9.90 | 3.38 | % | $ | 87 | 0.85 | % | 2.20 | % | 0.88 | % | 98.34 | % | ||||||||||||||||||||
$ | 9.85 | (1.00 | )% | $ | 38 | 0.90 | % | 1.71 | % | 0.90 | % | 193.21 | % | ||||||||||||||||||||
$ | 10.68 | 1.19 | % | $ | 4,670 | 0.95 | % | 2.42 | % | 0.98 | % | 10.15 | % | ||||||||||||||||||||
$ | 10.86 | 4.31 | % | $ | 4,615 | 0.97 | % | 2.47 | % | 0.97 | % | 11.13 | % | ||||||||||||||||||||
$ | 10.67 | (1.83 | )% | $ | 5,849 | 0.96 | % | 2.21 | % | 0.96 | % | 22.05 | % | ||||||||||||||||||||
$ | 11.17 | 6.21 | % | $ | 10,969 | 0.95 | % | 2.43 | % | 1.04 | % | 16.52 | % | ||||||||||||||||||||
$ | 10.80 | 3.00 | % | $ | 8,729 | 0.93 | % | 2.76 | % | 1.28 | % | 15.73 | % | ||||||||||||||||||||
$ | 10.83 | 5.25 | % | $ | 8,380 | 0.94 | % | 2.76 | % | 1.40 | % | 20.68 | % | ||||||||||||||||||||
$ | 11.23 | 1.42 | % | $ | 6,676 | 0.91 | % | 1.84 | % | 0.94 | % | 8.85 | % | ||||||||||||||||||||
$ | 11.23 | 4.26 | % | $ | 6,763 | 0.94 | % | 1.74 | % | 0.94 | % | 19.90 | % | ||||||||||||||||||||
$ | 10.96 | (2.31 | )% | $ | 8,036 | 0.95 | % | 1.70 | % | 0.95 | % | 70.60 | % | ||||||||||||||||||||
$ | 11.56 | 5.80 | % | $ | 9,877 | 0.95 | % | 2.08 | % | 1.05 | % | 34.94 | % | ||||||||||||||||||||
$ | 11.23 | 3.09 | % | $ | 9,232 | 0.92 | % | 2.52 | % | 1.28 | % | 21.89 | % | ||||||||||||||||||||
$ | 11.21 | 4.81 | % | $ | 11,763 | 0.94 | % | 2.52 | % | 1.40 | % | 12.26 | % |
104
Sterling Capital Funds |
Financial Highlights, Class A Shares |
The financial highlights table is intended to help you understand the Funds’ financial performance for the past 5 years or, if shorter, the period of the Funds’ operations. Certain information reflects financial results for a single Fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the Fund (assuming reinvestment of all dividends and distributions).
Investment Activities | Distributions | ||||||||||||||||||||||||||||||||||
Net Asset Value, Beginning of Period | Net investment income(a) |
Net realized/ | Total from Investment Activities | Net investment income | Net realized gains on investments | Total Distributions | |||||||||||||||||||||||||||||
Sterling Capital North Carolina Intermediate Tax-Free Fund | |||||||||||||||||||||||||||||||||||
Six Months Ended March 31, 2015 (Unaudited) | $ | 10.98 | 0.12 | 0.06 | 0.18 | (0.12 | ) | (0.02 | ) | (0.14 | ) | ||||||||||||||||||||||||
Year Ended September 30, 2014 | $ | 10.74 | 0.24 | 0.24 | 0.48 | (0.24 | ) | — | (0.24 | ) | |||||||||||||||||||||||||
Year Ended September 30, 2013 | $ | 11.36 | 0.25 | (0.54 | ) | (0.29 | ) | (0.25 | ) | (0.08 | ) | (0.33 | ) | ||||||||||||||||||||||
Year Ended September 30, 2012 | $ | 11.02 | 0.27 | 0.41 | 0.68 | (0.27 | ) | (0.07 | ) | (0.34 | ) | ||||||||||||||||||||||||
Year Ended September 30, 2011 | $ | 11.01 | 0.29 | 0.07 | 0.36 | (0.29 | ) | (0.06 | ) | (0.35 | ) | ||||||||||||||||||||||||
Year Ended September 30, 2010 | $ | 10.87 | 0.30 | 0.20 | 0.50 | (0.30 | ) | (0.06 | ) | (0.36 | ) | ||||||||||||||||||||||||
Sterling Capital South Carolina Intermediate Tax-Free Fund | |||||||||||||||||||||||||||||||||||
Six Months Ended March 31, 2015 (Unaudited) | $ | 11.14 | 0.11 | 0.06 | 0.17 | (0.11 | ) | (0.02 | ) | (0.13 | ) | ||||||||||||||||||||||||
Year Ended September 30, 2014 | $ | 10.85 | 0.22 | 0.29 | 0.51 | (0.22 | ) | — | (0.22 | ) | |||||||||||||||||||||||||
Year Ended September 30, 2013 | $ | 11.36 | 0.21 | (0.43 | ) | (0.22 | ) | (0.21 | ) | (0.08 | ) | (0.29 | ) | ||||||||||||||||||||||
Year Ended September 30, 2012 | $ | 10.97 | 0.24 | 0.46 | 0.70 | (0.24 | ) | (0.07 | ) | (0.31 | ) | ||||||||||||||||||||||||
Year Ended September 30, 2011 | $ | 10.93 | 0.26 | 0.07 | 0.33 | (0.26 | ) | (0.03 | ) | (0.29 | ) | ||||||||||||||||||||||||
Year Ended September 30, 2010 | $ | 10.68 | 0.30 | 0.25 | 0.55 | (0.30 | ) | — | (0.30 | ) | |||||||||||||||||||||||||
Sterling Capital Virginia Intermediate Tax-Free Fund | |||||||||||||||||||||||||||||||||||
Six Months Ended March 31, 2015 (Unaudited) | $ | 12.06 | 0.12 | 0.05 | 0.17 | (0.12 | ) | (0.07 | ) | (0.19 | ) | ||||||||||||||||||||||||
Year Ended September 30, 2014 | $ | 11.79 | 0.24 | 0.27 | 0.51 | (0.24 | ) | — | (0.24 | ) | |||||||||||||||||||||||||
Year Ended September 30, 2013 | $ | 12.45 | 0.24 | (0.56 | ) | (0.32 | ) | (0.24 | ) | (0.10 | ) | (0.34 | ) | ||||||||||||||||||||||
Year Ended September 30, 2012 | $ | 12.12 | 0.28 | 0.40 | 0.68 | (0.28 | ) | (0.07 | ) | (0.35 | ) | ||||||||||||||||||||||||
Year Ended September 30, 2011 | $ | 12.14 | 0.31 | 0.02 | 0.33 | (0.31 | ) | (0.04 | ) | (0.35 | ) | ||||||||||||||||||||||||
Year Ended September 30, 2010 | $ | 12.07 | 0.33 | 0.18 | 0.51 | (0.33 | ) | (0.11 | ) | (0.44 | ) | ||||||||||||||||||||||||
Sterling Capital West Virginia Intermediate Tax-Free Fund | |||||||||||||||||||||||||||||||||||
Six Months Ended March 31, 2015 (Unaudited) | $ | 10.16 | 0.11 | 0.05 | 0.16 | (0.11 | ) | (0.03 | ) | (0.14 | ) | ||||||||||||||||||||||||
Year Ended September 30, 2014 | $ | 9.90 | 0.21 | 0.26 | 0.47 | (0.21 | ) | — | (0.21 | ) | |||||||||||||||||||||||||
Year Ended September 30, 2013 | $ | 10.51 | 0.22 | (0.49 | ) | (0.27 | ) | (0.22 | ) | (0.12 | ) | (0.34 | ) | ||||||||||||||||||||||
Year Ended September 30, 2012 | $ | 10.16 | 0.27 | 0.39 | 0.66 | (0.27 | ) | (0.04 | ) | (0.31 | ) | ||||||||||||||||||||||||
Year Ended September 30, 2011 | $ | 10.17 | 0.32 | — | 0.32 | (0.32 | ) | (0.01 | ) | (0.33 | ) | ||||||||||||||||||||||||
Year Ended September 30, 2010 | $ | 10.04 | 0.33 | 0.15 | 0.48 | (0.33 | ) | (0.02 | ) | (0.35 | ) | ||||||||||||||||||||||||
Sterling Capital Strategic Allocation Conservative Fund(d) | |||||||||||||||||||||||||||||||||||
Six Months Ended March 31, 2015 (Unaudited) | $ | 10.59 | 0.10 | 0.24 | 0.34 | (0.12 | ) | — | (0.12 | ) | |||||||||||||||||||||||||
Year Ended September 30, 2014 | $ | 9.95 | 0.22 | 0.65 | 0.87 | (0.23 | ) | — | (0.23 | ) | |||||||||||||||||||||||||
Year Ended September 30, 2013 | $ | 9.68 | 0.22 | 0.28 | 0.50 | (0.23 | ) | — | (0.23 | ) | |||||||||||||||||||||||||
Year Ended September 30, 2012 | $ | 8.74 | 0.20 | 0.94 | 1.14 | (0.20 | ) | — | (0.20 | ) | |||||||||||||||||||||||||
Year Ended September 30, 2011 | $ | 9.06 | 0.22 | (0.26 | ) | (0.04 | ) | (0.28 | ) | — | (0.28 | ) | |||||||||||||||||||||||
Year Ended September 30, 2010 | $ | 8.50 | 0.26 | 0.57 | 0.83 | (0.27 | ) | — | (0.27 | ) | |||||||||||||||||||||||||
Sterling Capital Strategic Allocation Balanced Fund(d) | |||||||||||||||||||||||||||||||||||
Six Months Ended March 31, 2015 (Unaudited) | $ | 10.66 | 0.07 | 0.28 | 0.35 | (0.10 | ) | — | (0.10 | ) | |||||||||||||||||||||||||
Year Ended September 30, 2014 | $ | 9.77 | 0.17 | 0.90 | 1.07 | (0.18 | ) | — | (0.18 | ) | |||||||||||||||||||||||||
Year Ended September 30, 2013 | $ | 9.13 | 0.16 | 0.65 | 0.81 | (0.17 | ) | — | (0.17 | ) | |||||||||||||||||||||||||
Year Ended September 30, 2012 | $ | 7.95 | 0.14 | 1.18 | 1.32 | (0.14 | ) | — | (0.14 | ) | |||||||||||||||||||||||||
Year Ended September 30, 2011 | $ | 8.39 | 0.15 | (0.41 | ) | (0.26 | ) | (0.18 | ) | — | (0.18 | ) | |||||||||||||||||||||||
Year Ended September 30, 2010 | $ | 7.79 | 0.18 | 0.60 | 0.78 | (0.18 | ) | — | (0.18 | ) | |||||||||||||||||||||||||
Sterling Capital Strategic Allocation Growth Fund(d) | |||||||||||||||||||||||||||||||||||
Six Months Ended March 31, 2015 (Unaudited) | $ | 10.39 | 0.05 | 0.29 | 0.34 | (0.08 | ) | — | (0.08 | ) | |||||||||||||||||||||||||
Year Ended September 30, 2014 | $ | 9.35 | 0.12 | 1.06 | 1.18 | (0.14 | ) | — | (0.14 | ) | |||||||||||||||||||||||||
Year Ended September 30, 2013 | $ | 8.47 | 0.11 | 0.89 | 1.00 | (0.12 | ) | — | (0.12 | ) | |||||||||||||||||||||||||
Year Ended September 30, 2012 | $ | 7.20 | 0.10 | 1.27 | 1.37 | (0.10 | ) | — | (0.10 | ) | |||||||||||||||||||||||||
Year Ended September 30, 2011 | $ | 7.69 | 0.10 | (0.48 | ) | (0.38 | ) | (0.11 | ) | — | (0.11 | ) | |||||||||||||||||||||||
Year Ended September 30, 2010 | $ | 7.11 | 0.13 | 0.58 | 0.71 | (0.13 | ) | — | (0.13 | ) |
* | During the periods certain fees were waived (See Note 5 in the Notes to the Financial Statements). If such reductions had not occurred, the ratios would have been as indicated. |
** | Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued. |
(a) | Per share net investment income has been calculated using the average daily shares method. |
(b) | Not annualized for periods less than one year. |
(c) | Annualized for periods less than one year. |
(d) | The expense ratios exclude the impact of fees/expenses paid by each underlying fund. |
See accompanying Notes to the Financial Statements.
105
Ratios/Supplementary Data | ||||||||||||||||||||||||||||||||||
Net Asset Value, End of Period | Total Return (excludes sales charge) (b) | Net Assets, End of Period (000) | Ratio of net expenses to average net assets (c) | Ratio of net investment income to average net assets (c) | Ratio of expenses to average net assets*(c) | Portfolio turnover rate**(b) | ||||||||||||||||||||||||||||
$11.02 | 1.62 | % | $ | 46,953 | 0.87 | % | 2.18 | % | 0.90 | % | 12.14 | % | ||||||||||||||||||||||
$10.98 | 4.55 | % | $ | 48,426 | 0.91 | % | 2.25 | % | 0.91 | % | 11.67 | % | ||||||||||||||||||||||
$10.74 | (2.63 | )% | $ | 55,416 | 0.92 | % | 2.23 | % | 0.92 | % | 22.38 | % | ||||||||||||||||||||||
$11.36 | 6.25 | % | $ | 65,544 | 0.92 | % | 2.39 | % | 1.00 | % | 19.76 | % | ||||||||||||||||||||||
$11.02 | 3.35 | % | $ | 51,294 | 0.92 | % | 2.67 | % | 1.22 | % | 15.15 | % | ||||||||||||||||||||||
$11.01 | 4.79 | % | $ | 46,560 | 0.93 | % | 2.79 | % | 1.34 | % | 19.19 | % | ||||||||||||||||||||||
$11.18 | 1.51 | % | $ | 17,360 | 0.89 | % | 1.96 | % | 0.92 | % | 7.96 | % | ||||||||||||||||||||||
$11.14 | 4.76 | % | $ | 17,748 | 0.93 | % | 2.02 | % | 0.93 | % | 15.51 | % | ||||||||||||||||||||||
$10.85 | (1.93 | )% | $ | 21,569 | 0.94 | % | 1.92 | % | 0.94 | % | 35.38 | % | ||||||||||||||||||||||
$11.36 | 6.48 | % | $ | 22,398 | 0.95 | % | 2.16 | % | 1.02 | % | 26.49 | % | ||||||||||||||||||||||
$10.97 | 3.11 | % | $ | 16,338 | 0.96 | % | 2.43 | % | 1.26 | % | 25.83 | % | ||||||||||||||||||||||
$10.93 | 5.25 | % | $ | 15,290 | 0.98 | % | 2.81 | % | 1.39 | % | 14.60 | % | ||||||||||||||||||||||
$12.04 | 1.41 | % | $ | 39,682 | 0.88 | % | 2.04 | % | 0.91 | % | 9.31 | % | ||||||||||||||||||||||
$12.06 | 4.39 | % | $ | 41,130 | 0.91 | % | 2.04 | % | 0.91 | % | 20.48 | % | ||||||||||||||||||||||
$11.79 | (2.60 | )% | $ | 46,616 | 0.93 | % | 1.98 | % | 0.93 | % | 40.00 | % | ||||||||||||||||||||||
$12.45 | 5.68 | % | $ | 50,835 | 0.93 | % | 2.25 | % | 1.01 | % | 21.63 | % | ||||||||||||||||||||||
$12.12 | 2.85 | % | $ | 39,231 | 0.93 | % | 2.64 | % | 1.23 | % | 15.33 | % | ||||||||||||||||||||||
$12.14 | 4.39 | % | $ | 35,284 | 0.94 | % | 2.79 | % | 1.35 | % | 9.54 | % | ||||||||||||||||||||||
$10.18 | 1.51 | % | $ | 36,460 | 0.88 | % | 2.11 | % | 0.91 | % | 4.61 | % | ||||||||||||||||||||||
$10.16 | 4.82 | % | $ | 35,190 | 0.91 | % | 2.14 | % | 0.91 | % | 21.09 | % | ||||||||||||||||||||||
$ 9.90 | (2.65 | )% | $ | 37,266 | 0.93 | % | 2.13 | % | 0.93 | % | 22.18 | % | ||||||||||||||||||||||
$10.51 | 6.59 | % | $ | 40,019 | 0.93 | % | 2.60 | % | 0.93 | % | 26.70 | % | ||||||||||||||||||||||
$10.16 | 3.22 | % | $ | 32,791 | 0.94 | % | 3.19 | % | 0.94 | % | 23.34 | % | ||||||||||||||||||||||
$10.17 | 4.87 | % | $ | 29,858 | 0.94 | % | 3.33 | % | 0.95 | % | 6.60 | % | ||||||||||||||||||||||
$10.81 | 3.20 | % | $ | 15,478 | 0.43 | % | 1.84 | % | 0.68 | % | 31.92 | % | ||||||||||||||||||||||
$10.59 | 8.81 | % | $ | 15,589 | 0.45 | % | 2.11 | % | 0.70 | % | 8.67 | % | ||||||||||||||||||||||
$ 9.95 | 5.25 | % | $ | 14,381 | 0.54 | % | 2.18 | % | 0.69 | % | 60.51 | % | ||||||||||||||||||||||
$ 9.68 | 13.10 | % | $ | 13,704 | 0.69 | % | 2.09 | % | 0.77 | % | 7.99 | % | ||||||||||||||||||||||
$ 8.74 | (0.55 | )% | $ | 10,689 | 0.64 | % | 2.34 | % | 0.97 | % | 8.36 | % | ||||||||||||||||||||||
$ 9.06 | 9.93 | % | $ | 7,230 | 0.46 | % | 3.01 | % | 0.97 | % | 33.33 | % | ||||||||||||||||||||||
$10.91 | 3.29 | % | $ | 36,226 | 0.40 | % | 1.30 | % | 0.65 | % | 47.05 | % | ||||||||||||||||||||||
$10.66 | 11.05 | % | $ | 35,437 | 0.39 | % | 1.64 | % | 0.64 | % | 5.70 | % | ||||||||||||||||||||||
$ 9.77 | 8.95 | % | $ | 30,638 | 0.51 | % | 1.70 | % | 0.66 | % | 81.00 | % | ||||||||||||||||||||||
$ 9.13 | 16.76 | % | $ | 28,375 | 0.66 | % | 1.65 | % | 0.75 | % | 17.65 | % | ||||||||||||||||||||||
$ 7.95 | (3.29 | )% | $ | 25,227 | 0.58 | % | 1.68 | % | 0.91 | % | 9.96 | % | ||||||||||||||||||||||
$ 8.39 | 10.18 | % | $ | 25,419 | 0.41 | % | 2.27 | % | 0.92 | % | 47.76 | % | ||||||||||||||||||||||
$10.65 | 3.28 | % | $ | 24,444 | 0.41 | % | 0.88 | % | 0.66 | % | 55.08 | % | ||||||||||||||||||||||
$10.39 | 12.65 | % | $ | 23,709 | 0.41 | % | 1.23 | % | 0.66 | % | 8.60 | % | ||||||||||||||||||||||
$ 9.35 | 11.89 | % | $ | 21,833 | 0.52 | % | 1.24 | % | 0.68 | % | 96.94 | % | ||||||||||||||||||||||
$ 8.47 | 19.14 | % | $ | 18,827 | 0.68 | % | 1.30 | % | 0.76 | % | 20.21 | % | ||||||||||||||||||||||
$ 7.20 | (5.10 | )% | $ | 16,246 | 0.59 | % | 1.26 | % | 0.93 | % | 9.06 | % | ||||||||||||||||||||||
$ 7.69 | 10.13 | % | $ | 17,838 | 0.42 | % | 1.81 | % | 0.93 | % | 57.35 | % |
106
Sterling Capital Funds |
Financial Highlights, Class B Shares |
The financial highlights table is intended to help you understand the Funds’ financial performance for the past 5 years or, if shorter, the period of the Funds’ operations. Certain information reflects financial results for a single Fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the Fund (assuming reinvestment of all dividends and distributions).
Investment Activities | Distributions | ||||||||||||||||||||||||||||||||||
Net Asset Value, Beginning of Period | Net investment income (loss)(a) | Net realized/ unrealized gains (losses) on investments | Total from Investment Activities | Net investment income | Net realized gains on investments | Total Distributions | |||||||||||||||||||||||||||||
Sterling Capital Behavioral Large Cap Value Equity Fund | |||||||||||||||||||||||||||||||||||
Six Months Ended March 31, 2015 (Unaudited) | $ | 16.94 | 0.05 | 0.82 | 0.87 | (0.06 | ) | — | (0.06 | ) | |||||||||||||||||||||||||
Year Ended September 30, 2014 | $ | 13.91 | 0.05 | 3.02 | 3.07 | (0.04 | ) | — | (0.04 | ) | |||||||||||||||||||||||||
Year Ended September 30, 2013 | $ | 12.58 | 0.03 | 1.33 | 1.36 | (0.03 | ) | — | (0.03 | ) | |||||||||||||||||||||||||
Year Ended September 30, 2012 | $ | 9.73 | 0.03 | 2.84 | 2.87 | (0.02 | ) | — | (0.02 | ) | |||||||||||||||||||||||||
Year Ended September 30, 2011 | $ | 10.33 | 0.02 | (0.60 | ) | (0.58 | ) | (0.02 | ) | — | (0.02 | ) | |||||||||||||||||||||||
Year Ended September 30, 2010 | $ | 9.90 | 0.02 | 0.44 | 0.46 | (0.03 | ) | — | (0.03 | ) | |||||||||||||||||||||||||
Sterling Capital Mid Value Fund | |||||||||||||||||||||||||||||||||||
Six Months Ended March 31, 2015 (Unaudited) | $ | 18.13 | (0.04 | ) | 1.87 | 1.83 | — | (1.17 | ) | (1.17 | ) | ||||||||||||||||||||||||
Year Ended September 30, 2014 | $ | 17.76 | (0.10 | ) | 1.67 | 1.57 | — | (1.20 | ) | (1.20 | ) | ||||||||||||||||||||||||
Year Ended September 30, 2013 | $ | 13.55 | — | (e) | 4.24 | 4.24 | (0.03 | ) | — | (0.03 | ) | ||||||||||||||||||||||||
Year Ended September 30, 2012 | $ | 10.80 | — | (e) | 2.77 | 2.77 | (0.02 | ) | — | (0.02 | ) | ||||||||||||||||||||||||
Year Ended September 30, 2011 | $ | 11.52 | (0.06 | ) | (0.66 | ) | (0.72 | ) | — | — | — | ||||||||||||||||||||||||
Year Ended September 30, 2010 | $ | 10.35 | (0.05 | ) | 1.22 | 1.17 | — | (e) | — | — | (e) | ||||||||||||||||||||||||
Sterling Capital Behavioral Small Cap Value Equity Fund | |||||||||||||||||||||||||||||||||||
Six Months Ended March 31, 2015 (Unaudited) | $ | 13.88 | 0.04 | 1.46 | 1.50 | — | (0.44 | ) | (0.44 | ) | |||||||||||||||||||||||||
Year Ended September 30, 2014 | $ | 14.89 | (0.01 | ) | 0.93 | 0.92 | (0.06 | ) | (1.87 | ) | (1.93 | ) | |||||||||||||||||||||||
Year Ended September 30, 2013 | $ | 11.80 | (0.05 | ) | 3.29 | 3.24 | — | (0.15 | ) | (0.15 | ) | ||||||||||||||||||||||||
Year Ended September 30, 2012 | $ | 10.69 | (0.06 | ) | 2.15 | 2.09 | — | (0.98 | ) | (0.98 | ) | ||||||||||||||||||||||||
Year Ended September 30, 2011 | $ | 11.17 | (0.15 | ) | (0.33 | ) | (0.48 | ) | — | — | — | ||||||||||||||||||||||||
February 1, 2010 to September 30, 2010(f) | $ | 10.55 | (0.02 | ) | 0.64 | 0.62 | — | — | — | ||||||||||||||||||||||||||
Sterling Capital Special Opportunities Fund | |||||||||||||||||||||||||||||||||||
Six Months Ended March 31, 2015 (Unaudited) | $ | 20.93 | (0.09 | ) | 1.14 | 1.05 | — | (1.20 | ) | (1.20 | ) | ||||||||||||||||||||||||
Year Ended September 30, 2014 | $ | 19.53 | (0.17 | ) | 3.85 | 3.68 | — | (2.28 | ) | (2.28 | ) | ||||||||||||||||||||||||
Year Ended September 30, 2013 | $ | 17.11 | (0.08 | )(h) | 3.45 | 3.37 | — | (0.95 | ) | (0.95 | ) | ||||||||||||||||||||||||
Year Ended September 30, 2012 | $ | 14.22 | (0.12 | ) | 3.32 | 3.20 | — | (0.31 | ) | (0.31 | ) | ||||||||||||||||||||||||
Year Ended September 30, 2011 | $ | 14.97 | (0.18 | ) | (0.47 | ) | (0.65 | ) | — | (0.10 | ) | (0.10 | ) | ||||||||||||||||||||||
Year Ended September 30, 2010 | $ | 13.89 | (0.16 | ) | 1.24 | 1.08 | — | — | — | ||||||||||||||||||||||||||
Sterling Capital Equity Income Fund | |||||||||||||||||||||||||||||||||||
Six Months Ended March 31, 2015 (Unaudited) | $ | 18.91 | 0.09 | 0.30 | 0.39 | (0.09 | ) | (0.51 | ) | (0.60 | ) | ||||||||||||||||||||||||
Year Ended September 30, 2014 | $ | 18.10 | 0.19 | 1.41 | 1.60 | (0.16 | ) | (0.63 | ) | (0.79 | ) | ||||||||||||||||||||||||
Year Ended September 30, 2013 | $ | 15.99 | 0.16 | 2.22 | 2.38 | (0.11 | ) | (0.16 | ) | (0.27 | ) | ||||||||||||||||||||||||
Year Ended September 30, 2012 | $ | 13.21 | 0.13 | 2.72 | 2.85 | (0.07 | ) | — | (0.07 | ) | |||||||||||||||||||||||||
Year Ended September 30, 2011 | $ | 13.01 | 0.14 | 0.14 | (i) | 0.28 | (0.08 | ) | — | (0.08 | ) | ||||||||||||||||||||||||
Year Ended September 30, 2010 | $ | 11.39 | 0.20 | 1.57 | 1.77 | (0.15 | ) | — | (0.15 | ) | |||||||||||||||||||||||||
Sterling Capital Intermediate U.S. Government Fund | |||||||||||||||||||||||||||||||||||
Six Months Ended March 31, 2015 (Unaudited) | $ | 10.16 | 0.03 | 0.13 | 0.16 | (0.06 | ) | — | (0.06 | ) | |||||||||||||||||||||||||
Year Ended September 30, 2014 | $ | 10.25 | 0.07 | 0.09 | 0.16 | (0.25 | ) | — | (0.25 | ) | |||||||||||||||||||||||||
Year Ended September 30, 2013 | $ | 10.82 | 0.08 | (0.43 | ) | (0.35 | ) | (0.22 | ) | — | (0.22 | ) | |||||||||||||||||||||||
Year Ended September 30, 2012 | $ | 10.75 | 0.12 | 0.16 | 0.28 | (0.21 | ) | — | (0.21 | ) | |||||||||||||||||||||||||
Year Ended September 30, 2011 | $ | 10.77 | 0.17 | 0.04 | 0.21 | (0.23 | ) | — | (0.23 | ) | |||||||||||||||||||||||||
Year Ended September 30, 2010 | $ | 10.52 | 0.21 | 0.28 | 0.49 | (0.24 | ) | — | (0.24 | ) |
* | During the periods certain fees were waived (See Note 5 in the Notes to the Financial Statements). If such reductions had not occurred, the ratios would have been as indicated. |
** | Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued. |
(a) | Per share net investment income (loss) has been calculated using the average daily shares method. |
(b) | Not annualized for periods less than one year. |
(c) | Annualized for periods less than one year. |
(d) | Includes proceeds received from a settlement of litigation, which impacted the Fund’s total return. Not including these proceeds, the Fund’s total return would have been 10.59%. |
(e) | Amount is less than $0.005. |
(f) | Period from commencement of operations. |
(g) | Includes proceeds received from a settlement of litigation, which impacted the Fund’s total return. Not including these proceeds, the Fund’s total return would have been 5.50%. |
(h) | Net investment loss per share reflects a special dividend, which amounted to $0.02 per share. Excluding the special dividend, the ratio of net investment loss to average net assets would have been (0.55)% per share. |
(i) | The amount shown for a share outstanding throughout the period does not accord with the change in aggregate gains and losses in the portfolio of securities during the period because of the timing of sales and purchases of Fund shares in relation to fluctuating market values during the period. |
See accompanying Notes to the Financial Statements.
107
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Ratios/Supplementary Data | ||||||||||||||||||||||||||||||
Net Asset | Total Return (excludes sales charge) (b) | Net Assets, End of Period (000) | Ratio of net expenses to average net assets (c) | Ratio of net investment income (loss) to average net assets (c) | Ratio of expenses to average net assets*(c) | Portfolio turnover rate**(b) | ||||||||||||||||||||||||
$17.75 | 5.11 | % | $ | 798 | 1.80 | % | 0.59 | % | 1.90 | % | 61.07 | % | ||||||||||||||||||
$16.94 | 22.08 | % | $ | 990 | 1.81 | % | 0.33 | % | 1.91 | % | 113.75 | % | ||||||||||||||||||
$13.91 | 10.83 | %(d) | $ | 1,261 | 1.84 | % | 0.23 | % | 1.94 | % | 164.27 | % | ||||||||||||||||||
$12.58 | 29.55 | % | $ | 1,638 | 1.83 | % | 0.24 | % | 1.95 | % | 68.75 | % | ||||||||||||||||||
$ 9.73 | (5.67 | )% | $ | 1,922 | 1.83 | % | 0.18 | % | 1.97 | % | 66.29 | % | ||||||||||||||||||
$10.33 | 4.64 | % | $ | 3,121 | 1.83 | % | 0.17 | % | 1.98 | % | 119.85 | % | ||||||||||||||||||
$18.79 | �� | 10.56 | % | $ | 1,136 | 1.93 | % | (0.49 | )% | 1.93 | % | 14.52 | % | |||||||||||||||||
$18.13 | 9.09 | % | $ | 1,311 | 1.93 | % | (0.53 | )% | 1.93 | % | 27.30 | % | ||||||||||||||||||
$17.76 | 31.34 | % | $ | 2,002 | 1.92 | % | (0.01 | )% | 1.92 | % | 34.03 | % | ||||||||||||||||||
$13.55 | 25.72 | % | $ | 1,996 | 1.93 | % | (0.01 | )% | 1.95 | % | 21.62 | % | ||||||||||||||||||
$10.80 | (6.25 | )% | $ | 2,604 | 1.93 | % | (0.45 | )% | 1.97 | % | 38.30 | % | ||||||||||||||||||
$11.52 | 11.32 | % | $ | 3,796 | 1.94 | % | (0.48 | )% | 2.05 | % | 45.02 | % | ||||||||||||||||||
$14.94 | 10.97 | % | $ | 286 | 1.99 | % | 0.57 | % | 1.99 | % | 42.48 | % | ||||||||||||||||||
$13.88 | 6.33 | % | $ | 324 | 1.99 | % | (0.04 | )% | 1.99 | % | 68.50 | % | ||||||||||||||||||
$14.89 | 27.74 | % | $ | 425 | 2.04 | % | (0.41 | )% | 2.04 | % | 176.62 | % | ||||||||||||||||||
$11.80 | 20.43 | % | $ | 432 | 2.08 | % | (0.53 | )% | 2.11 | % | 32.86 | % | ||||||||||||||||||
$10.69 | (4.30 | )% | $ | 571 | 2.08 | % | (1.15 | )% | 2.19 | % | 63.02 | % | ||||||||||||||||||
$11.17 | 5.88 | %(g) | $ | 932 | 2.15 | % | (0.28 | )% | 2.41 | % | 95.89 | % | ||||||||||||||||||
$20.78 | 5.33 | % | $ | 6,323 | 1.96 | % | (0.91 | )% | 1.96 | % | 4.64 | % | ||||||||||||||||||
$20.93 | 20.78 | % | $ | 7,704 | 1.96 | % | (0.86 | )% | 1.96 | % | 32.35 | % | ||||||||||||||||||
$19.53 | 20.64 | % | $ | 8,921 | 1.99 | % | (0.45 | )%(h) | 1.99 | % | 53.76 | % | ||||||||||||||||||
$17.11 | 22.76 | % | $ | 12,466 | 2.04 | % | (0.77 | )% | 2.04 | % | 19.38 | % | ||||||||||||||||||
$14.22 | (4.43 | )% | $ | 16,582 | 2.03 | % | (1.10 | )% | 2.03 | % | 31.51 | % | ||||||||||||||||||
$14.97 | 7.78 | % | $ | 22,538 | 2.04 | % | (1.13 | )% | 2.05 | % | 25.65 | % | ||||||||||||||||||
$18.70 | 2.17 | % | $ | 5,712 | 1.95 | % | 0.92 | % | 1.95 | % | 14.56 | % | ||||||||||||||||||
$18.91 | 8.97 | % | $ | 7,516 | 1.95 | % | 1.02 | % | 1.95 | % | 16.13 | % | ||||||||||||||||||
$18.10 | 15.13 | % | $ | 10,335 | 1.95 | % | 0.94 | % | 1.95 | % | 30.56 | % | ||||||||||||||||||
$15.99 | 21.60 | % | $ | 12,653 | 1.93 | % | 0.85 | % | 1.93 | % | 21.30 | % | ||||||||||||||||||
$13.21 | 2.13 | % | $ | 12,314 | 1.93 | % | 1.02 | % | 1.93 | % | 16.64 | % | ||||||||||||||||||
$13.01 | 15.59 | % | $ | 13,959 | 1.94 | % | 1.67 | % | 1.94 | % | 21.63 | % | ||||||||||||||||||
$10.26 | 1.57 | % | $ | 224 | 1.66 | % | 0.54 | % | 1.69 | % | 28.86 | % | ||||||||||||||||||
$10.16 | 1.56 | % | $ | 264 | 1.68 | % | 0.66 | % | 1.68 | % | 35.74 | % | ||||||||||||||||||
$10.25 | (3.30 | )% | $ | 533 | 1.69 | % | 0.77 | % | 1.69 | % | 66.16 | % | ||||||||||||||||||
$10.82 | 2.64 | % | $ | 896 | 1.72 | % | 1.10 | % | 1.76 | % | 71.68 | % | ||||||||||||||||||
$10.75 | 1.99 | % | $ | 1,617 | 1.71 | % | 1.58 | % | 1.83 | % | 83.62 | % | ||||||||||||||||||
$10.77 | 4.71 | % | $ | 2,690 | 1.71 | % | 1.99 | % | 1.84 | % | 83.92 | % |
108
Sterling Capital Funds |
Financial Highlights, Class B Shares |
The financial highlights table is intended to help you understand the Funds’ financial performance for the past 5 years or, if shorter, the period of the Funds’ operations. Certain information reflects financial results for a single Fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the Fund (assuming reinvestment of all dividends and distributions).
Investment Activities | Distributions | ||||||||||||||||||||||||||||||||||
Net Asset Value, Beginning of Period | Net investment income(a) | Net realized/ unrealized gains (losses) on investments | Total from Investment Activities | Net investment income | Net realized gains on investments | Total Distributions | |||||||||||||||||||||||||||||
Sterling Capital Total Return Bond Fund | |||||||||||||||||||||||||||||||||||
Six Months Ended March 31, 2015 (Unaudited) | $ | 10.67 | 0.10 | 0.16 | 0.26 | (0.13 | ) | — | (0.13 | ) | |||||||||||||||||||||||||
Year Ended September 30, 2014 | $ | 10.53 | 0.23 | 0.21 | 0.44 | (0.29 | ) | (0.01 | ) | (0.30 | ) | ||||||||||||||||||||||||
Year Ended September 30, 2013 | $ | 11.16 | 0.21 | (0.46 | ) | (0.25 | ) | (0.30 | ) | (0.08 | ) | (0.38 | ) | ||||||||||||||||||||||
Year Ended September��30, 2012 | $ | 11.06 | 0.22 | 0.45 | 0.67 | (0.30 | ) | (0.27 | ) | (0.57 | ) | ||||||||||||||||||||||||
Year Ended September 30, 2011 | $ | 11.33 | 0.30 | 0.01 | 0.31 | (0.37 | ) | (0.21 | ) | (0.58 | ) | ||||||||||||||||||||||||
Year Ended September 30, 2010 | $ | 10.78 | 0.35 | 0.62 | 0.97 | (0.41 | ) | (0.01 | ) | (0.42 | ) | ||||||||||||||||||||||||
Sterling Capital Strategic Allocation Conservative Fund(d) |
| ||||||||||||||||||||||||||||||||||
Six Months Ended March 31, 2015 (Unaudited) | $ | 10.62 | 0.06 | 0.23 | 0.29 | (0.09 | ) | — | (0.09 | ) | |||||||||||||||||||||||||
Year Ended September 30, 2014 | $ | 9.98 | 0.14 | 0.66 | 0.80 | (0.16 | ) | — | (0.16 | ) | |||||||||||||||||||||||||
Year Ended September 30, 2013 | $ | 9.70 | 0.14 | 0.29 | 0.43 | (0.15 | ) | — | (0.15 | ) | |||||||||||||||||||||||||
Year Ended September 30, 2012 | $ | 8.76 | 0.12 | 0.94 | 1.06 | (0.12 | ) | — | (0.12 | ) | |||||||||||||||||||||||||
Year Ended September 30, 2011 | $ | 9.07 | 0.15 | (0.25 | ) | (0.10 | ) | (0.21 | ) | — | (0.21 | ) | |||||||||||||||||||||||
Year Ended September 30, 2010 | $ | 8.50 | 0.20 | 0.57 | 0.77 | (0.20 | ) | — | (0.20 | ) | |||||||||||||||||||||||||
Sterling Capital Strategic Allocation Balanced Fund(d) |
| ||||||||||||||||||||||||||||||||||
Six Months Ended March 31, 2015 (Unaudited) | $ | 10.45 | 0.03 | 0.27 | 0.30 | (0.06 | ) | — | (0.06 | ) | |||||||||||||||||||||||||
Year Ended September 30, 2014 | $ | 9.57 | 0.09 | 0.89 | 0.98 | (0.10 | ) | — | (0.10 | ) | |||||||||||||||||||||||||
Year Ended September 30, 2013 | $ | 8.94 | 0.09 | 0.63 | 0.72 | (0.09 | ) | — | (0.09 | ) | |||||||||||||||||||||||||
Year Ended September 30, 2012 | $ | 7.79 | 0.07 | 1.16 | 1.23 | (0.08 | ) | — | (0.08 | ) | |||||||||||||||||||||||||
Year Ended September 30, 2011 | $ | 8.22 | 0.08 | (0.40 | ) | (0.32 | ) | (0.11 | ) | — | (0.11 | ) | |||||||||||||||||||||||
Year Ended September 30, 2010 | $ | 7.63 | 0.12 | 0.59 | 0.71 | (0.12 | ) | — | (0.12 | ) | |||||||||||||||||||||||||
Sterling Capital Strategic Allocation Growth Fund(d) |
| ||||||||||||||||||||||||||||||||||
Six Months Ended March 31, 2015 (Unaudited) | $ | 10.14 | 0.01 | 0.28 | 0.29 | (0.04 | ) | — | (0.04 | ) | |||||||||||||||||||||||||
Year Ended September 30, 2014 | $ | 9.12 | 0.04 | 1.04 | 1.08 | (0.06 | ) | — | (0.06 | ) | |||||||||||||||||||||||||
Year Ended September 30, 2013 | $ | 8.26 | 0.05 | 0.86 | 0.91 | (0.05 | ) | — | (0.05 | ) | |||||||||||||||||||||||||
Year Ended September 30, 2012 | $ | 7.03 | 0.04 | 1.24 | 1.28 | (0.05 | ) | — | (0.05 | ) | |||||||||||||||||||||||||
Year Ended September 30, 2011 | $ | 7.51 | 0.04 | (0.46 | ) | (0.42 | ) | (0.06 | ) | — | (0.06 | ) | |||||||||||||||||||||||
Year Ended September 30, 2010 | $ | 6.95 | 0.08 | 0.56 | 0.64 | (0.08 | ) | — | (0.08 | ) |
* | During the periods certain fees were waived (See Note 5 in the Notes to the Financial Statements). If such reductions had not occurred, the ratios would have been as indicated. |
** | Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued. |
(a) | Per share net investment income (loss) has been calculated using the average daily shares method. |
(b) | Not annualized for periods less than one year. |
(c) | Annualized for periods less than one year. |
(d) | The expense ratios exclude the impact of fees/expenses paid by each underlying fund. |
See accompanying Notes to the Financial Statements.
109
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Ratios/Supplementary Data | ||||||||||||||||||||||||||||||
Net Asset | Total Return (excludes sales charge) (b) | Net Assets, End of Period (000) | Ratio of net expenses to average net assets (c) | Ratio of net investment income to average net assets (c) | Ratio of expenses to average net assets*(c) | Portfolio turnover rate**(b) | ||||||||||||||||||||||||
$10.80 | 2.47 | % | $ | 1,316 | 1.46 | % | 1.84 | % | 1.56 | % | 12.52 | % | ||||||||||||||||||
$10.67 | 4.25 | % | $ | 1,452 | 1.56 | % | 2.16 | % | 1.58 | % | 75.21 | % | ||||||||||||||||||
$10.53 | (2.25 | )% | $ | 1,943 | 1.57 | % | 1.93 | % | 1.59 | % | 149.09 | % | ||||||||||||||||||
$11.16 | 6.33 | % | $ | 3,132 | 1.63 | % | 1.97 | % | 1.67 | % | 110.82 | % | ||||||||||||||||||
$11.06 | 2.91 | % | $ | 3,776 | 1.70 | % | 2.74 | % | 1.82 | % | 131.87 | % | ||||||||||||||||||
$11.33 | 9.18 | % | $ | 4,762 | 1.71 | % | 3.21 | % | 1.83 | % | 122.94 | % | ||||||||||||||||||
$10.82 | 2.74 | % | $ | 759 | 1.18 | % | 1.09 | % | 1.43 | % | 31.92 | % | ||||||||||||||||||
$10.62 | 8.07 | % | $ | 807 | 1.20 | % | 1.35 | % | 1.45 | % | 8.67 | % | ||||||||||||||||||
$ 9.98 | 4.49 | % | $ | 1,020 | 1.30 | % | 1.41 | % | 1.44 | % | 60.51 | % | ||||||||||||||||||
$ 9.70 | 12.16 | % | $ | 1,397 | 1.44 | % | 1.34 | % | 1.44 | % | 7.99 | % | ||||||||||||||||||
$ 8.76 | (1.24 | )% | $ | 1,813 | 1.37 | % | 1.61 | % | 1.47 | % | 8.36 | % | ||||||||||||||||||
$ 9.07 | 9.15 | % | $ | 2,403 | 1.21 | % | 2.25 | % | 1.47 | % | 33.33 | % | ||||||||||||||||||
$10.69 | 2.84 | % | $ | 1,542 | 1.15 | % | 0.54 | % | 1.40 | % | 47.05 | % | ||||||||||||||||||
$10.45 | 10.26 | % | $ | 1,940 | 1.14 | % | 0.85 | % | 1.39 | % | 5.70 | % | ||||||||||||||||||
$ 9.57 | 8.14 | % | $ | 3,264 | 1.28 | % | 0.94 | % | 1.41 | % | 81.00 | % | ||||||||||||||||||
$ 8.94 | 15.80 | % | $ | 5,184 | 1.41 | % | 0.87 | % | 1.41 | % | 17.65 | % | ||||||||||||||||||
$ 7.79 | (4.01 | )% | $ | 6,560 | 1.31 | % | 0.96 | % | 1.41 | % | 9.96 | % | ||||||||||||||||||
$ 8.22 | 9.40 | % | $ | 9,771 | 1.16 | % | 1.48 | % | 1.41 | % | 47.76 | % | ||||||||||||||||||
$10.39 | 2.91 | % | $ | 1,466 | 1.16 | % | 0.10 | % | 1.41 | % | 55.08 | % | ||||||||||||||||||
$10.14 | 11.84 | % | $ | 1,863 | 1.16 | % | 0.44 | % | 1.41 | % | 8.60 | % | ||||||||||||||||||
$ 9.12 | 11.04 | % | $ | 2,986 | 1.28 | % | 0.53 | % | 1.41 | % | 96.94 | % | ||||||||||||||||||
$ 8.26 | 18.19 | % | $ | 4,346 | 1.43 | % | 0.52 | % | 1.43 | % | 20.21 | % | ||||||||||||||||||
$ 7.03 | (5.68 | )% | $ | 5,521 | 1.33 | % | 0.52 | % | 1.43 | % | 9.06 | % | ||||||||||||||||||
$ 7.51 | 9.22 | % | $ | 8,275 | 1.17 | % | 1.05 | % | 1.43 | % | 57.35 | % |
110
Sterling Capital Funds |
Financial Highlights, Class C Shares |
The financial highlights table is intended to help you understand the Funds’ financial performance for the past 5 years or, if shorter, the period of the Funds’ operations. Certain information reflects financial results for a single Fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the Fund (assuming reinvestment of all dividends and distributions).
Investment Activities | Distributions | ||||||||||||||||||||||||||||||||||
Net Asset Value, Beginning of Period | Net investment income (loss)(a) | Net realized/ unrealized gains (losses) on investments | Total from Investment Activities | Net investment income | Net realized gains on investments | Total Distributions | |||||||||||||||||||||||||||||
Sterling Capital Behavioral Large Cap Value Equity Fund | |||||||||||||||||||||||||||||||||||
Six Months Ended March 31, 2015 (Unaudited) | $16.79 | 0.06 | 0.80 | 0.86 | (0.07 | ) | — | (0.07 | ) | ||||||||||||||||||||||||||
Year Ended September 30, 2014 | $13.81 | 0.05 | 3.00 | 3.05 | (0.07 | ) | — | (0.07 | ) | ||||||||||||||||||||||||||
Year Ended September 30, 2013 | $12.49 | 0.03 | 1.32 | 1.35 | (0.03 | ) | — | (0.03 | ) | ||||||||||||||||||||||||||
Year Ended September 30, 2012 | $ 9.67 | 0.03 | 2.82 | 2.85 | (0.03 | ) | — | (0.03 | ) | ||||||||||||||||||||||||||
Year Ended September 30, 2011 | $10.28 | 0.01 | (0.59 | ) | (0.58 | ) | (0.03 | ) | — | (0.03 | ) | ||||||||||||||||||||||||
Year Ended September 30, 2010 | $ 9.85 | 0.02 | 0.45 | 0.47 | (0.04 | ) | — | (0.04 | ) | ||||||||||||||||||||||||||
Sterling Capital Mid Value Fund | |||||||||||||||||||||||||||||||||||
Six Months Ended March 31, 2015 (Unaudited) | $18.06 | (0.04 | ) | 1.86 | 1.82 | (0.01 | ) | (1.17 | ) | (1.18 | ) | ||||||||||||||||||||||||
Year Ended September 30, 2014 | $17.72 | (0.07 | ) | 1.63 | 1.56 | (0.02 | ) | (1.20 | ) | (1.22 | ) | ||||||||||||||||||||||||
Year Ended September 30, 2013 | $13.51 | 0.01 | 4.23 | 4.24 | (0.03 | ) | — | (0.03 | ) | ||||||||||||||||||||||||||
Year Ended September 30, 2012 | $10.78 | — | (e) | 2.76 | 2.76 | (0.03 | ) | — | (0.03 | ) | |||||||||||||||||||||||||
Year Ended September 30, 2011 | $11.50 | (0.05 | ) | (0.67 | ) | (0.72 | ) | — | — | — | |||||||||||||||||||||||||
Year Ended September 30, 2010 | $10.34 | (0.05 | ) | 1.21 | 1.16 | — | (e) | — | — | (e) | |||||||||||||||||||||||||
Sterling Capital Behavioral Small Cap Value Equity Fund | |||||||||||||||||||||||||||||||||||
Six Months Ended March 31, 2015 (Unaudited) | $13.87 | 0.05 | 1.44 | 1.49 | — | (0.44 | ) | (0.44 | ) | ||||||||||||||||||||||||||
Year Ended September 30, 2014 | $14.88 | — | (e) | 0.92 | 0.92 | (0.06 | ) | (1.87 | ) | (1.93 | ) | ||||||||||||||||||||||||
Year Ended September 30, 2013 | $11.79 | (0.05 | ) | 3.29 | 3.24 | — | (0.15 | ) | (0.15 | ) | |||||||||||||||||||||||||
Year Ended September 30, 2012 | $10.69 | (0.06 | ) | 2.14 | 2.08 | — | (0.98 | ) | (0.98 | ) | |||||||||||||||||||||||||
Year Ended September 30, 2011 | $11.17 | (0.15 | ) | (0.33 | ) | (0.48 | ) | — | — | — | |||||||||||||||||||||||||
February 1, 2010 to September 30, 2010(f) | $10.55 | (0.01 | ) | 0.64 | 0.63 | (0.01 | ) | — | (0.01 | ) | |||||||||||||||||||||||||
Sterling Capital Special Opportunities Fund | |||||||||||||||||||||||||||||||||||
Six Months Ended March 31, 2015 (Unaudited) | $20.95 | (0.09 | ) | 1.13 | 1.04 | — | (1.20 | ) | (1.20 | ) | |||||||||||||||||||||||||
Year Ended September 30, 2014 | $19.55 | (0.17 | ) | 3.85 | 3.68 | — | (2.28 | ) | (2.28 | ) | |||||||||||||||||||||||||
Year Ended September 30, 2013 | $17.12 | (0.08 | )(h) | 3.46 | 3.38 | — | (0.95 | ) | (0.95 | ) | |||||||||||||||||||||||||
Year Ended September 30, 2012 | $14.23 | (0.12 | ) | 3.32 | 3.20 | — | (0.31 | ) | (0.31 | ) | |||||||||||||||||||||||||
Year Ended September 30, 2011 | $14.98 | (0.18 | ) | (0.47 | ) | (0.65 | ) | — | (0.10 | ) | (0.10 | ) | |||||||||||||||||||||||
Year Ended September 30, 2010 | $13.89 | (0.16 | ) | 1.25 | 1.09 | — | — | — | |||||||||||||||||||||||||||
Sterling Capital Equity Income Fund | |||||||||||||||||||||||||||||||||||
Six Months Ended March 31, 2015 (Unaudited) | $18.80 | 0.09 | 0.31 | 0.40 | (0.10 | ) | (0.51 | ) | (0.61 | ) | |||||||||||||||||||||||||
Year Ended September 30, 2014 | $18.01 | 0.19 | 1.40 | 1.59 | (0.17 | ) | (0.63 | ) | (0.80 | ) | |||||||||||||||||||||||||
Year Ended September 30, 2013 | $15.92 | 0.16 | 2.22 | 2.38 | (0.13 | ) | (0.16 | ) | (0.29 | ) | |||||||||||||||||||||||||
Year Ended September 30, 2012 | $13.17 | 0.13 | 2.70 | 2.83 | (0.08 | ) | — | (0.08 | ) | ||||||||||||||||||||||||||
Year Ended September 30, 2011 | $12.98 | 0.15 | 0.13 | (i) | 0.28 | (0.09 | ) | — | (0.09 | ) | |||||||||||||||||||||||||
Year Ended September 30, 2010 | $11.37 | 0.21 | 1.56 | 1.77 | (0.16 | ) | — | (0.16 | ) | ||||||||||||||||||||||||||
Sterling Capital Long/Short Equity Fund | |||||||||||||||||||||||||||||||||||
Six Months Ended March 31, 2015 (Unaudited) | $10.85 | (0.13 | ) | (0.49 | ) | (0.62 | ) | — | (0.30 | ) | (0.30 | ) | |||||||||||||||||||||||
December 13, 2013 to September 30, 2014(f) | $10.00 | (0.21 | ) | 1.06 | 0.85 | — | — | — | |||||||||||||||||||||||||||
Sterling Capital Behavioral International Equity Fund | |||||||||||||||||||||||||||||||||||
November 28, 2014 to March 31, 2015 (Unaudited)(f) | $10.00 | 0.11 | (0.02 | ) | 0.09 | (0.02 | ) | — | (0.02 | ) | |||||||||||||||||||||||||
Sterling Capital Short Duration Bond Fund | |||||||||||||||||||||||||||||||||||
Six Months Ended March 31, 2015 (Unaudited) | $ 9.07 | 0.03 | (0.02 | ) | 0.01 | (0.10 | ) | — | (0.10 | ) | |||||||||||||||||||||||||
Year Ended September 30, 2014 | $ 9.24 | 0.06 | (0.03 | ) | 0.03 | (0.20 | ) | — | (0.20 | ) | |||||||||||||||||||||||||
Year Ended September 30, 2013 | $ 9.47 | 0.09 | (0.09 | ) | — | (0.23 | ) | — | (0.23 | ) | |||||||||||||||||||||||||
February 1, 2012 to September 30, 2012(f) | $ 9.45 | 0.08 | 0.10 | 0.18 | (0.16 | ) | — | (0.16 | ) |
* | During the periods certain fees were waived (See Note 5 in the Notes to the Financial Statements). If such reductions had not occurred, the ratios would have been as indicated. |
** | Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued. |
(a) | Per share net investment income (loss) has been calculated using the average daily shares method. |
(b) | Not annualized for periods less than one year. |
(c) | Annualized for periods less than one year. |
(d) | Includes proceeds received from a settlement of litigation, which impacted the Fund’s total return. Not including these proceeds, the Fund’s total return would have been 10.72%. |
(e) | Amount is less than $0.005. |
(f) | Period from commencement of operations. |
(g) | Includes proceeds received from a settlement of litigation, which impacted the Fund’s total return. Not including these proceeds, the Fund’s total return would have been 5.55%. |
(h) | Net investment loss per share reflects a special dividend, which amounted to $0.02 per share. Excluding the special dividend, the ratio of net investment loss to average net assets would have been (0.55)% per share. |
(i) | The amount shown for a share outstanding throughout the period does not accord with the change in aggregate gains and losses in the portfolio of securities during the period because of the timing of sales and purchases of Fund shares in relation to fluctuating market values during the period. |
(j) | Net expense ratio excluding dividend expense and service fee on securities sold short would have been 2.79% per share. |
See accompanying Notes to the Financial Statements.
111
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|
Ratios/Supplementary Data | ||||||||||||||||||||||||||||||
Net Asset | Total Return (excludes sales charge) (b) | Net Assets, End of Period (000) | Ratio of net expenses to average net assets (c) | Ratio of net investment income (loss) to average net assets (c) | Ratio of expenses to average net assets*(c) | Portfolio turnover rate**(b) | ||||||||||||||||||||||||
$17.58 | 5.13 | % | $ | 923 | 1.80 | % | 0.73 | % | 1.90 | % | 61.07 | % | ||||||||||||||||||
$16.79 | 22.09 | % | $ | 534 | 1.81 | % | 0.34 | % | 1.92 | % | 113.75 | % | ||||||||||||||||||
$13.81 | 10.88 | %(d) | $ | 199 | 1.84 | % | 0.21 | % | 1.94 | % | 164.27 | % | ||||||||||||||||||
$12.49 | 29.51 | % | $ | 167 | 1.83 | % | 0.22 | % | 1.95 | % | 68.75 | % | ||||||||||||||||||
$ 9.67 | (5.72 | )% | $ | 176 | 1.84 | % | 0.13 | % | 1.99 | % | 66.29 | % | ||||||||||||||||||
$10.28 | 4.75 | % | $ | 110 | 1.84 | % | 0.23 | % | 1.99 | % | 119.85 | % | ||||||||||||||||||
$18.70 | 10.57 | % | $ | 5,436 | 1.93 | % | (0.42 | )% | 1.93 | % | 14.52 | % | ||||||||||||||||||
$18.06 | 9.12 | % | $ | 4,661 | 1.94 | % | (0.40 | )% | 1.94 | % | 27.30 | % | ||||||||||||||||||
$17.72 | 31.37 | % | $ | 1,309 | 1.92 | % | 0.04 | % | 1.92 | % | 34.03 | % | ||||||||||||||||||
$13.51 | 25.67 | % | $ | 538 | 1.94 | % | 0.03 | % | 1.95 | % | 21.62 | % | ||||||||||||||||||
$10.78 | (6.26 | )% | $ | 398 | 1.93 | % | (0.42 | )% | 1.97 | % | 38.30 | % | ||||||||||||||||||
$11.50 | 11.26 | % | $ | 436 | 1.95 | % | (0.42 | )% | 2.06 | % | 45.02 | % | ||||||||||||||||||
$14.92 | 10.91 | % | $ | 355 | 1.99 | % | 0.64 | % | 1.99 | % | 42.48 | % | ||||||||||||||||||
$13.87 | 6.38 | % | $ | 312 | 1.99 | % | (0.01 | )% | 1.99 | % | 68.50 | % | ||||||||||||||||||
$14.88 | 27.77 | % | $ | 216 | 2.03 | % | (0.38 | )% | 2.03 | % | 176.62 | % | ||||||||||||||||||
$11.79 | 20.33 | % | $ | 108 | 2.08 | % | (0.52 | )% | 2.11 | % | 32.86 | % | ||||||||||||||||||
$10.69 | (4.30 | )% | $ | 81 | 2.09 | % | (1.13 | )% | 2.19 | % | 63.02 | % | ||||||||||||||||||
$11.17 | 5.93 | %(g) | $ | 57 | 2.16 | % | (0.11 | )% | 2.38 | % | 95.89 | % | ||||||||||||||||||
$20.79 | 5.27 | % | $ | 136,698 | 1.96 | % | (0.87 | )% | 1.96 | % | 4.64 | % | ||||||||||||||||||
$20.95 | 20.76 | % | $ | 120,469 | 1.96 | % | (0.86 | )% | 1.96 | % | 32.35 | % | ||||||||||||||||||
$19.55 | 20.69 | % | $ | 94,718 | 1.99 | % | (0.46 | )%(h) | 1.99 | % | 53.76 | % | ||||||||||||||||||
$17.12 | 22.75 | % | $ | 82,536 | 2.04 | % | (0.75 | )% | 2.04 | % | 19.38 | % | ||||||||||||||||||
$14.23 | (4.43 | )% | $ | 71,564 | 2.03 | % | (1.10 | )% | 2.03 | % | 31.51 | % | ||||||||||||||||||
$14.98 | 7.85 | % | $ | 73,282 | 2.04 | % | (1.12 | )% | 2.05 | % | 25.65 | % | ||||||||||||||||||
$18.59 | 2.22 | % | $ | 306,438 | 1.96 | % | 0.93 | % | 1.96 | % | 14.56 | % | ||||||||||||||||||
$18.80 | 8.98 | % | $ | 315,948 | 1.95 | % | 1.04 | % | 1.95 | % | 16.13 | % | ||||||||||||||||||
$18.01 | 15.17 | % | $ | 280,841 | 1.95 | % | 0.93 | % | 1.95 | % | 30.56 | % | ||||||||||||||||||
$15.92 | 21.54 | % | $ | 194,345 | 1.94 | % | 0.86 | % | 1.94 | % | 21.30 | % | ||||||||||||||||||
$13.17 | 2.13 | % | $ | 104,208 | 1.93 | % | 1.05 | % | 1.93 | % | 16.64 | % | ||||||||||||||||||
$12.98 | 15.62 | % | $ | 69,549 | 1.94 | % | 1.69 | % | 1.95 | % | 21.63 | % | ||||||||||||||||||
$ 9.93 | (5.68 | )% | $ | 359 | 3.92 | %(j) | (2.60 | )% | 3.92 | % | 152.22 | % | ||||||||||||||||||
$10.85 | 8.50 | % | $ | 330 | 4.15 | %(j) | (2.37 | )% | 4.15 | % | 193.58 | % | ||||||||||||||||||
$10.07 | 0.88 | % | $ | 6 | 2.03 | % | 2.23 | % | 2.18 | % | 44.21 | % | ||||||||||||||||||
$ 8.98 | 0.14 | % | $ | 2,285 | 1.52 | % | 0.58 | % | 1.54 | % | 27.32 | % | ||||||||||||||||||
$ 9.07 | 0.37 | % | $ | 1,906 | 1.53 | % | 0.69 | % | 1.56 | % | 56.10 | % | ||||||||||||||||||
$ 9.24 | (0.03 | )% | $ | 556 | 1.52 | % | 1.02 | % | 1.56 | % | 56.09 | % | ||||||||||||||||||
$ 9.47 | 1.90 | % | $ | 216 | 1.57 | % | 1.22 | % | 1.57 | % | 85.13 | % |
112
Sterling Capital Funds |
Financial Highlights, Class C Shares |
|
The financial highlights table is intended to help you understand the Funds’ financial performance for the past 5 years or, if shorter, the period of the Funds’ operations. Certain information reflects financial results for a single Fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the Fund (assuming reinvestment of all dividends and distributions).
Investment Activities | Distributions | ||||||||||||||||||||||||||||||||||
Net Asset Value, Beginning of Period | Net investment income(a) | Net realized/ unrealized gains (losses) on investments | Total from Investment Activities | Net investment income | Net realized gains on investments | Total Distributions | |||||||||||||||||||||||||||||
Sterling Capital Intermediate U.S. Government Fund | |||||||||||||||||||||||||||||||||||
Six Months Ended March 31, 2015 (Unaudited) | $ | 10.18 | 0.03 | 0.13 | 0.16 | (0.06 | ) | — | (0.06 | ) | |||||||||||||||||||||||||
Year Ended September 30, 2014 | $ | 10.27 | 0.07 | 0.09 | 0.16 | (0.25 | ) | — | (0.25 | ) | |||||||||||||||||||||||||
Year Ended September 30, 2013 | $ | 10.84 | 0.08 | (0.43 | ) | (0.35 | ) | (0.22 | ) | — | (0.22 | ) | |||||||||||||||||||||||
Year Ended September 30, 2012 | $ | 10.77 | 0.11 | 0.17 | 0.28 | (0.21 | ) | — | (0.21 | ) | |||||||||||||||||||||||||
Year Ended September 30, 2011 | $ | 10.79 | 0.16 | 0.05 | 0.21 | (0.23 | ) | — | (0.23 | ) | |||||||||||||||||||||||||
Year Ended September 30, 2010 | $ | 10.53 | 0.21 | 0.29 | 0.50 | (0.24 | ) | — | (0.24 | ) | |||||||||||||||||||||||||
Sterling Capital Total Return Bond Fund | |||||||||||||||||||||||||||||||||||
Six Months Ended March 31, 2015 (Unaudited) | $ | 10.68 | 0.10 | 0.16 | 0.26 | (0.13 | ) | — | (0.13 | ) | |||||||||||||||||||||||||
Year Ended September 30, 2014 | $ | 10.54 | 0.23 | 0.21 | 0.44 | (0.29 | ) | (0.01 | ) | (0.30 | ) | ||||||||||||||||||||||||
Year Ended September 30, 2013 | $ | 11.17 | 0.21 | (0.46 | ) | (0.25 | ) | (0.30 | ) | (0.08 | ) | (0.38 | ) | ||||||||||||||||||||||
Year Ended September 30, 2012 | $ | 11.07 | 0.21 | 0.46 | 0.67 | (0.30 | ) | (0.27 | ) | (0.57 | ) | ||||||||||||||||||||||||
Year Ended September 30, 2011 | $ | 11.34 | 0.30 | 0.01 | 0.31 | (0.37 | ) | (0.21 | ) | (0.58 | ) | ||||||||||||||||||||||||
Year Ended September 30, 2010 | $ | 10.79 | 0.34 | 0.63 | 0.97 | (0.41 | ) | (0.01 | ) | (0.42 | ) | ||||||||||||||||||||||||
Sterling Capital Corporate Fund | |||||||||||||||||||||||||||||||||||
Six Months Ended March 31, 2015 (Unaudited) | $ | 10.24 | 0.11 | 0.10 | 0.21 | (0.11 | ) | (0.01 | ) | (0.12 | ) | ||||||||||||||||||||||||
Year Ended September 30, 2014 | $ | 10.15 | 0.24 | 0.18 | 0.42 | (0.23 | ) | (0.10 | ) | (0.33 | ) | ||||||||||||||||||||||||
February 1, 2013 to September 30, 2013(d) | $ | 10.53 | 0.18 | (0.39 | ) | (0.21 | ) | (0.17 | ) | — | (0.17 | ) | |||||||||||||||||||||||
Sterling Capital Securitized Opportunities Fund | |||||||||||||||||||||||||||||||||||
Six Months Ended March 31, 2015 (Unaudited) | $ | 9.89 | 0.08 | 0.17 | 0.25 | (0.09 | ) | — | (0.09 | ) | |||||||||||||||||||||||||
Year Ended September 30, 2014 | $ | 9.84 | 0.16 | 0.11 | 0.27 | (0.22 | ) | — | (0.22 | ) | |||||||||||||||||||||||||
February 1, 2013 to September 30, 2013(d) | $ | 10.16 | 0.08 | (0.23 | ) | (0.15 | ) | (0.17 | ) | — | (0.17 | ) | |||||||||||||||||||||||
Sterling Capital Kentucky Intermediate Tax-Free Fund | |||||||||||||||||||||||||||||||||||
Six Months Ended March 31, 2015 (Unaudited) | $ | 10.86 | 0.09 | — | (e) | 0.09 | (0.09 | ) | (0.18 | ) | (0.27 | ) | |||||||||||||||||||||||
Year Ended September 30, 2014 | $ | 10.67 | 0.19 | 0.18 | 0.37 | (0.18 | ) | — | (0.18 | ) | |||||||||||||||||||||||||
Year Ended September 30, 2013 | $ | 11.16 | 0.16 | (0.43 | ) | (0.27 | ) | (0.16 | ) | (0.06 | ) | (0.22 | ) | ||||||||||||||||||||||
February 1, 2012 to September 30, 2012(d) | $ | 11.08 | 0.11 | 0.09 | 0.20 | (0.12 | ) | — | (0.12 | ) | |||||||||||||||||||||||||
Sterling Capital Maryland Intermediate Tax-Free Fund | |||||||||||||||||||||||||||||||||||
Six Months Ended March 31, 2015 (Unaudited) | $ | 11.24 | 0.06 | 0.05 | 0.11 | (0.06 | ) | (0.06 | ) | (0.12 | ) | ||||||||||||||||||||||||
Year Ended September 30, 2014 | $ | 10.96 | 0.11 | 0.28 | 0.39 | (0.11 | ) | — | (0.11 | ) | |||||||||||||||||||||||||
Year Ended September 30, 2013 | $ | 11.56 | 0.11 | (0.45 | ) | (0.34 | ) | (0.11 | ) | (0.15 | ) | (0.26 | ) | ||||||||||||||||||||||
February 1, 2012 to September 30, 2012(d) | $ | 11.47 | 0.09 | 0.09 | 0.18 | (0.09 | ) | — | (0.09 | ) | |||||||||||||||||||||||||
Sterling Capital North Carolina Intermediate Tax-Free Fund | |||||||||||||||||||||||||||||||||||
Six Months Ended March 31, 2015 (Unaudited) | $ | 10.98 | 0.08 | 0.05 | 0.13 | (0.08 | ) | (0.02 | ) | (0.10 | ) | ||||||||||||||||||||||||
Year Ended September 30, 2014 | $ | 10.74 | 0.16 | 0.24 | 0.40 | (0.16 | ) | — | (0.16 | ) | |||||||||||||||||||||||||
Year Ended September 30, 2013 | $ | 11.35 | 0.16 | (0.53 | ) | (0.37 | ) | (0.16 | ) | (0.08 | ) | (0.24 | ) | ||||||||||||||||||||||
February 1, 2012 to September 30, 2012(d) | $ | 11.25 | 0.11 | 0.11 | 0.22 | (0.12 | ) | — | (0.12 | ) |
* | During the periods certain fees were waived (See Note 5 in the Notes to the Financial Statements). If such reductions had not occurred, the ratios would have been as indicated. |
** | Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued. |
(a) | Per share net investment income has been calculated using the average daily shares method. |
(b) | Not annualized for periods less than one year. |
(c) | Annualized for periods less than one year. |
(d) | Period from commencement of operations. |
(e) | Amount is less than $0.005. |
See accompanying Notes to the Financial Statements.
113
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|
Ratios/Supplementary Data | ||||||||||||||||||||||||||||||||||
Net Asset Value, End of Period | Total Return (excludes sales charge) (b) | Net Assets, End of Period (000) | Ratio of net expenses to average net assets (c) | Ratio of net investment income to average net assets (c) | Ratio of expenses to average net assets*(c) | Portfolio turnover rate**(b) | ||||||||||||||||||||||||||||
$ | 10.28 | 1.57 | % | $ | 858 | 1.66 | % | 0.55 | % | 1.69 | % | 28.86 | % | |||||||||||||||||||||
$ | 10.18 | 1.56 | % | $ | 823 | 1.68 | % | 0.66 | % | 1.68 | % | 35.74 | % | |||||||||||||||||||||
$ | 10.27 | (3.29 | )% | $ | 1,080 | 1.68 | % | 0.74 | % | 1.68 | % | 66.16 | % | |||||||||||||||||||||
$ | 10.84 | 2.64 | % | $ | 1,097 | 1.72 | % | 1.06 | % | 1.75 | % | 71.68 | % | |||||||||||||||||||||
$ | 10.77 | 1.99 | % | $ | 658 | 1.71 | % | 1.54 | % | 1.83 | % | 83.62 | % | |||||||||||||||||||||
$ | 10.79 | 4.80 | % | $ | 536 | 1.71 | % | 2.00 | % | 1.84 | % | 83.92 | % | |||||||||||||||||||||
$ | 10.81 | 2.48 | % | $ | 6,513 | 1.46 | % | 1.85 | % | 1.56 | % | 12.52 | % | |||||||||||||||||||||
$ | 10.68 | 4.24 | % | $ | 5,578 | 1.56 | % | 2.15 | % | 1.58 | % | 75.21 | % | |||||||||||||||||||||
$ | 10.54 | (2.24 | )% | $ | 5,362 | 1.57 | % | 1.92 | % | 1.59 | % | 149.09 | % | |||||||||||||||||||||
$ | 11.17 | 6.32 | % | $ | 5,845 | 1.63 | % | 1.90 | % | 1.66 | % | 110.82 | % | |||||||||||||||||||||
$ | 11.07 | 2.91 | % | $ | 4,224 | 1.70 | % | 2.68 | % | 1.82 | % | 131.87 | % | |||||||||||||||||||||
$ | 11.34 | 9.18 | % | $ | 2,140 | 1.71 | % | 3.09 | % | 1.85 | % | 122.94 | % | |||||||||||||||||||||
$ | 10.33 | 2.07 | % | $ | 9 | 1.60 | % | 2.15 | % | 1.60 | % | 12.41 | % | |||||||||||||||||||||
$ | 10.24 | 4.25 | % | $ | 9 | 1.59 | % | 2.31 | % | 1.59 | % | 105.03 | % | |||||||||||||||||||||
$ | 10.15 | (2.02 | )% | $ | 15 | 1.59 | % | 2.58 | % | 1.59 | % | 99.48 | % | |||||||||||||||||||||
$ | 10.05 | 2.58 | % | $ | 39 | 1.58 | % | 1.53 | % | 1.62 | % | 7.60 | % | |||||||||||||||||||||
$ | 9.89 | 2.72 | % | $ | 38 | 1.58 | % | 1.59 | % | 1.62 | % | 98.34 | % | |||||||||||||||||||||
$ | 9.84 | (1.49 | )% | $ | 3 | 1.64 | % | 1.17 | % | 1.64 | % | 193.21 | % | |||||||||||||||||||||
$ | 10.68 | 0.81 | % | $ | 20 | 1.70 | % | 1.67 | % | 1.73 | % | 10.15 | % | |||||||||||||||||||||
$ | 10.86 | 3.53 | % | $ | 19 | 1.71 | % | 1.72 | % | 1.71 | % | 11.13 | % | |||||||||||||||||||||
$ | 10.67 | (2.47 | )% | $ | 67 | 1.71 | % | 1.48 | % | 1.71 | % | 22.05 | % | |||||||||||||||||||||
$ | 11.16 | 1.82 | % | $ | 209 | 1.71 | % | 1.45 | % | 1.71 | % | 16.52 | % | |||||||||||||||||||||
$ | 11.23 | 0.95 | % | $ | 714 | 1.66 | % | 1.09 | % | 1.69 | % | 8.85 | % | |||||||||||||||||||||
$ | 11.24 | 3.58 | % | $ | 747 | 1.69 | % | 0.99 | % | 1.69 | % | 19.90 | % | |||||||||||||||||||||
$ | 10.96 | (3.04 | )% | $ | 1,206 | 1.70 | % | 0.95 | % | 1.70 | % | 70.60 | % | |||||||||||||||||||||
$ | 11.56 | 1.57 | % | $ | 1,321 | 1.71 | % | 1.12 | % | 1.71 | % | 34.94 | % | |||||||||||||||||||||
$ | 11.01 | 1.15 | % | $ | 3,459 | 1.62 | % | 1.43 | % | 1.65 | % | 12.14 | % | |||||||||||||||||||||
$ | 10.98 | 3.77 | % | $ | 2,864 | 1.66 | % | 1.52 | % | 1.66 | % | 11.67 | % | |||||||||||||||||||||
$ | 10.74 | (3.27 | )% | $ | 4,776 | 1.67 | % | 1.48 | % | 1.67 | % | 22.38 | % | |||||||||||||||||||||
$ | 11.35 | 1.93 | % | $ | 3,251 | 1.67 | % | 1.49 | % | 1.67 | % | 19.76 | % |
114
Sterling Capital Funds |
Financial Highlights, Class C Shares |
|
The financial highlights table is intended to help you understand the Funds’ financial performance for the past 5 years or, if shorter, the period of the Funds’ operations. Certain information reflects financial results for a single Fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the Fund (assuming reinvestment of all dividends and distributions).
Investment Activities | Distributions | ||||||||||||||||||||||||||||||||||
Net Asset Value, Beginning of Period | Net investment income(a) | Net realized/ unrealized gains (losses) on investments | Total from Investment Activities | Net investment income | Net realized gains on investments | Total Distributions | |||||||||||||||||||||||||||||
Sterling Capital South Carolina Intermediate Tax-Free Fund | |||||||||||||||||||||||||||||||||||
Six Months Ended March 31, 2015 (Unaudited) | $ | 11.14 | 0.07 | 0.06 | 0.13 | (0.07 | ) | (0.02 | ) | (0.09 | ) | ||||||||||||||||||||||||
Year Ended September 30, 2014 | $ | 10.85 | 0.14 | 0.29 | 0.43 | (0.14 | ) | — | (0.14 | ) | |||||||||||||||||||||||||
Year Ended September 30, 2013 | $ | 11.36 | 0.13 | (0.43 | ) | (0.30 | ) | (0.13 | ) | (0.08 | ) | (0.21 | ) | ||||||||||||||||||||||
February 1, 2012 to September 30, 2012(d) | $ | 11.25 | 0.10 | 0.11 | 0.21 | (0.10 | ) | — | (0.10 | ) | |||||||||||||||||||||||||
Sterling Capital Virginia Intermediate Tax-Free Fund | |||||||||||||||||||||||||||||||||||
Six Months Ended March 31, 2015 (Unaudited) | $ | 12.06 | 0.08 | 0.05 | 0.13 | (0.08 | ) | (0.07 | ) | (0.15 | ) | ||||||||||||||||||||||||
Year Ended September 30, 2014 | $ | 11.79 | 0.15 | 0.27 | 0.42 | (0.15 | ) | — | (0.15 | ) | |||||||||||||||||||||||||
Year Ended September 30, 2013 | $ | 12.44 | 0.15 | (0.55 | ) | (0.40 | ) | (0.15 | ) | (0.10 | ) | (0.25 | ) | ||||||||||||||||||||||
February 1, 2012 to September 30, 2012(d) | $ | 12.37 | 0.11 | 0.07 | 0.18 | (0.11 | ) | — | (0.11 | ) | |||||||||||||||||||||||||
Sterling Capital West Virginia Intermediate Tax-Free Fund | |||||||||||||||||||||||||||||||||||
Six Months Ended March 31, 2015 (Unaudited) | $ | 10.16 | 0.07 | 0.05 | 0.12 | (0.07 | ) | (0.03 | ) | (0.10 | ) | ||||||||||||||||||||||||
Year Ended September 30, 2014 | $ | 9.91 | 0.14 | 0.25 | 0.39 | (0.14 | ) | — | (0.14 | ) | |||||||||||||||||||||||||
Year Ended September 30, 2013 | $ | 10.51 | 0.14 | (0.48 | ) | (0.34 | ) | (0.14 | ) | (0.12 | ) | (0.26 | ) | ||||||||||||||||||||||
February 1, 2012 to September 30, 2012(d) | $ | 10.38 | 0.11 | 0.14 | 0.25 | (0.12 | ) | — | (0.12 | ) | |||||||||||||||||||||||||
Sterling Capital Strategic Allocation Conservative Fund(e) | |||||||||||||||||||||||||||||||||||
Six Months Ended March 31, 2015 (Unaudited) | $ | 10.53 | 0.06 | 0.23 | 0.29 | (0.09 | ) | — | (0.09 | ) | |||||||||||||||||||||||||
Year Ended September 30, 2014 | $ | 9.90 | 0.14 | 0.66 | 0.80 | (0.17 | ) | — | (0.17 | ) | |||||||||||||||||||||||||
Year Ended September 30, 2013 | $ | 9.64 | 0.14 | 0.28 | 0.42 | (0.16 | ) | — | (0.16 | ) | |||||||||||||||||||||||||
Year Ended September 30, 2012 | $ | 8.71 | 0.12 | 0.94 | 1.06 | (0.13 | ) | — | (0.13 | ) | |||||||||||||||||||||||||
Year Ended September 30, 2011 | $ | 9.03 | 0.15 | (0.26 | ) | (0.11 | ) | (0.21 | ) | — | (0.21 | ) | |||||||||||||||||||||||
Year Ended September 30, 2010 | $ | 8.47 | 0.20 | 0.57 | 0.77 | (0.21 | ) | — | (0.21 | ) | |||||||||||||||||||||||||
Sterling Capital Strategic Allocation Balanced Fund(e) | |||||||||||||||||||||||||||||||||||
Six Months Ended March 31, 2015 (Unaudited) | $ | 10.47 | 0.03 | 0.27 | 0.30 | (0.06 | ) | — | (0.06 | ) | |||||||||||||||||||||||||
Year Ended September 30, 2014 | $ | 9.60 | 0.09 | 0.89 | 0.98 | (0.11 | ) | — | (0.11 | ) | |||||||||||||||||||||||||
Year Ended September 30, 2013 | $ | 8.98 | 0.09 | 0.63 | 0.72 | (0.10 | ) | — | (0.10 | ) | |||||||||||||||||||||||||
Year Ended September��30, 2012 | $ | 7.82 | 0.08 | 1.16 | 1.24 | (0.08 | ) | — | (0.08 | ) | |||||||||||||||||||||||||
Year Ended September 30, 2011 | $ | 8.26 | 0.08 | (0.40 | ) | (0.32 | ) | (0.12 | ) | — | (0.12 | ) | |||||||||||||||||||||||
Year Ended September 30, 2010 | $ | 7.68 | 0.12 | 0.59 | 0.71 | (0.13 | ) | — | (0.13 | ) | |||||||||||||||||||||||||
Sterling Capital Strategic Allocation Growth Fund(e) | |||||||||||||||||||||||||||||||||||
Six Months Ended March 31, 2015 (Unaudited) | $ | 10.09 | 0.01 | 0.29 | 0.30 | (0.05 | ) | — | (0.05 | ) | |||||||||||||||||||||||||
Year Ended September 30, 2014 | $ | 9.09 | 0.05 | 1.02 | 1.07 | (0.07 | ) | — | (0.07 | ) | |||||||||||||||||||||||||
Year Ended September 30, 2013 | $ | 8.24 | 0.04 | 0.87 | 0.91 | (0.06 | ) | — | (0.06 | ) | |||||||||||||||||||||||||
Year Ended September 30, 2012 | $ | 7.01 | 0.04 | 1.24 | 1.28 | (0.05 | ) | — | (0.05 | ) | |||||||||||||||||||||||||
Year Ended September 30, 2011 | $ | 7.50 | 0.04 | (0.46 | ) | (0.42 | ) | (0.07 | ) | — | (0.07 | ) | |||||||||||||||||||||||
Year Ended September 30, 2010 | $ | 6.94 | 0.08 | 0.56 | 0.64 | (0.08 | ) | — | (0.08 | ) |
* | During the periods certain fees were waived (See Note 5 in the Notes to the Financial Statements). If such reductions had not occurred, the ratios would have been as indicated. |
** | Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued. |
(a) | Per share net investment income (loss) has been calculated using the average daily shares method. |
(b) | Not annualized for periods less than one year. |
(c) | Annualized for periods less than one year. |
(d) | Period from commencement of operations. |
(e) | The expense ratios exclude the impact of fees/expenses paid by each underlying fund. |
See accompanying Notes to the Financial Statements.
115
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|
Ratios/Supplementary Data | ||||||||||||||||||||||||||||||||||
Net Asset Value, End of Period | Total Return (excludes sales charge) (b) | Net Assets, End of Period (000) | Ratio of net expenses to average net assets (c) | Ratio of net investment income to average net assets (c) | Ratio of expenses to average net assets*(c) | Portfolio turnover rate**(b) | ||||||||||||||||||||||||||||
$ | 11.18 | 1.13 | % | $ | 1,620 | 1.64 | % | 1.21 | % | 1.67 | % | 7.96 | % | |||||||||||||||||||||
$ | 11.14 | 3.97 | % | $ | 1,465 | 1.67 | % | 1.26 | % | 1.67 | % | 15.51 | % | |||||||||||||||||||||
$ | 10.85 | (2.67 | )% | $ | 899 | 1.69 | % | 1.14 | % | 1.69 | % | 35.38 | % | |||||||||||||||||||||
$ | 11.36 | 1.86 | % | $ | 507 | 1.69 | % | 1.29 | % | 1.69 | % | 26.49 | % | |||||||||||||||||||||
$ | 12.04 | 1.04 | % | $ | 1,343 | 1.63 | % | 1.29 | % | 1.66 | % | 9.31 | % | |||||||||||||||||||||
$ | 12.06 | 3.61 | % | $ | 1,490 | 1.66 | % | 1.30 | % | 1.66 | % | 20.48 | % | |||||||||||||||||||||
$ | 11.79 | (3.25 | )% | $ | 2,687 | 1.68 | % | 1.22 | % | 1.68 | % | 40.00 | % | |||||||||||||||||||||
$ | 12.44 | 1.48 | % | $ | 2,884 | 1.68 | % | 1.36 | % | 1.68 | % | 21.63 | % | |||||||||||||||||||||
$ | 10.18 | 1.12 | % | $ | 333 | 1.63 | % | 1.34 | % | 1.66 | % | 4.61 | % | |||||||||||||||||||||
$ | 10.16 | 3.93 | % | $ | 457 | 1.66 | % | 1.39 | % | 1.66 | % | 21.09 | % | |||||||||||||||||||||
$ | 9.91 | (3.28 | )% | $ | 764 | 1.68 | % | 1.38 | % | 1.68 | % | 22.18 | % | |||||||||||||||||||||
$ | 10.51 | 2.41 | % | $ | 729 | 1.64 | % | 1.63 | % | 1.64 | % | 26.70 | % | |||||||||||||||||||||
$ | 10.73 | 2.77 | % | $ | 334 | 1.18 | % | 1.10 | % | 1.43 | % | 31.92 | % | |||||||||||||||||||||
$ | 10.53 | 8.07 | % | $ | 291 | 1.20 | % | 1.35 | % | 1.45 | % | 8.67 | % | |||||||||||||||||||||
$ | 9.90 | 4.40 | % | $ | 241 | 1.28 | % | 1.42 | % | 1.44 | % | 60.51 | % | |||||||||||||||||||||
$ | 9.64 | 12.23 | % | $ | 207 | 1.44 | % | 1.33 | % | 1.44 | % | 7.99 | % | |||||||||||||||||||||
$ | 8.71 | (1.30 | )% | $ | 152 | 1.39 | % | 1.57 | % | 1.47 | % | 8.36 | % | |||||||||||||||||||||
$ | 9.03 | 9.17 | % | $ | 127 | 1.21 | % | 2.28 | % | 1.47 | % | 33.33 | % | |||||||||||||||||||||
$ | 10.71 | 2.88 | % | $ | 744 | 1.15 | % | 0.56 | % | 1.40 | % | 47.05 | % | |||||||||||||||||||||
$ | 10.47 | 10.24 | % | $ | 757 | 1.14 | % | 0.88 | % | 1.40 | % | 5.70 | % | |||||||||||||||||||||
$ | 9.60 | 8.10 | % | $ | 570 | 1.25 | % | 0.94 | % | 1.41 | % | 81.00 | % | |||||||||||||||||||||
$ | 8.98 | 15.88 | % | $ | 420 | 1.41 | % | 0.91 | % | 1.41 | % | 17.65 | % | |||||||||||||||||||||
$ | 7.82 | (3.97 | )% | $ | 367 | 1.35 | % | 0.93 | % | 1.42 | % | 9.96 | % | |||||||||||||||||||||
$ | 8.26 | 9.34 | % | $ | 186 | 1.16 | % | 1.49 | % | 1.42 | % | 47.76 | % | |||||||||||||||||||||
$ | 10.34 | 2.95 | % | $ | 533 | 1.16 | % | 0.13 | % | 1.41 | % | 55.08 | % | |||||||||||||||||||||
$ | 10.09 | 11.75 | % | $ | 506 | 1.16 | % | 0.48 | % | 1.41 | % | 8.60 | % | |||||||||||||||||||||
$ | 9.09 | 11.07 | % | $ | 452 | 1.27 | % | 0.50 | % | 1.43 | % | 96.94 | % | |||||||||||||||||||||
$ | 8.24 | 18.29 | % | $ | 294 | 1.43 | % | 0.55 | % | 1.43 | % | 20.21 | % | |||||||||||||||||||||
$ | 7.01 | (5.78 | )% | $ | 226 | 1.36 | % | 0.50 | % | 1.43 | % | 9.06 | % | |||||||||||||||||||||
$ | 7.50 | 9.33 | % | $ | 157 | 1.17 | % | 1.07 | % | 1.43 | % | 57.35 | % |
116
Sterling Capital Funds |
Financial Highlights, Institutional Shares |
|
The financial highlights table is intended to help you understand the Funds’ financial performance for the past 5 years or, if shorter, the period of the Funds’ operations. Certain information reflects financial results for a single Fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the Fund (assuming reinvestment of all dividends and distributions).
Investment Activities | Distributions | ||||||||||||||||||||||||||||||||||
Net Asset Value, Beginning of Period | Net investment income (loss)(a) | Net realized/ unrealized gains (losses) on investments | Total from Investment Activities | Net investment income | Net realized gains on investments | Total Distributions | |||||||||||||||||||||||||||||
Sterling Capital Behavioral Large Cap Value Equity Fund | |||||||||||||||||||||||||||||||||||
Six Months Ended March 31, 2015 (Unaudited) | $ | 17.33 | 0.15 | 0.84 | 0.99 | (0.15 | ) | — | (0.15 | ) | |||||||||||||||||||||||||
Year Ended September 30, 2014 | $ | 14.23 | 0.22 | 3.08 | 3.30 | (0.20 | ) | — | (0.20 | ) | |||||||||||||||||||||||||
Year Ended September 30, 2013 | $ | 12.87 | 0.16 | 1.36 | 1.52 | (0.16 | ) | — | (0.16 | ) | |||||||||||||||||||||||||
Year Ended September 30, 2012 | $ | 9.95 | 0.14 | 2.92 | 3.06 | (0.14 | ) | — | (0.14 | ) | |||||||||||||||||||||||||
Year Ended September 30, 2011 | $ | 10.57 | 0.14 | (0.62 | ) | (0.48 | ) | (0.14 | ) | — | (0.14 | ) | |||||||||||||||||||||||
Year Ended September 30, 2010 | $ | 10.13 | 0.13 | 0.45 | 0.58 | (0.14 | ) | — | (0.14 | ) | |||||||||||||||||||||||||
Sterling Capital Mid Value Fund | |||||||||||||||||||||||||||||||||||
Six Months Ended March 31, 2015 (Unaudited) | $ | 19.50 | 0.05 | 2.02 | 2.07 | (0.16 | ) | (1.17 | ) | (1.33 | ) | ||||||||||||||||||||||||
Year Ended September 30, 2014 | $ | 18.91 | 0.10 | 1.77 | 1.87 | (0.08 | ) | (1.20 | ) | (1.28 | ) | ||||||||||||||||||||||||
Year Ended September 30, 2013 | $ | 14.37 | 0.17 | 4.50 | 4.67 | (0.13 | ) | — | (0.13 | ) | |||||||||||||||||||||||||
Year Ended September 30, 2012 | $ | 11.43 | 0.14 | 2.94 | 3.08 | (0.14 | ) | — | (0.14 | ) | |||||||||||||||||||||||||
Year Ended September 30, 2011 | $ | 12.14 | 0.08 | (0.71 | ) | (0.63 | ) | (0.08 | ) | — | (0.08 | ) | |||||||||||||||||||||||
Year Ended September 30, 2010 | $ | 10.86 | 0.07 | 1.27 | 1.34 | (0.06 | ) | — | (0.06 | ) | |||||||||||||||||||||||||
Sterling Capital Behavioral Small Cap Value Equity Fund | |||||||||||||||||||||||||||||||||||
Six Months Ended March 31, 2015 (Unaudited) | $ | 14.47 | 0.12 | 1.52 | 1.64 | (0.13 | ) | (0.44 | ) | (0.57 | ) | ||||||||||||||||||||||||
Year Ended September 30, 2014 | $ | 15.34 | 0.15 | 0.94 | 1.09 | (0.09 | ) | (1.87 | ) | (1.96 | ) | ||||||||||||||||||||||||
Year Ended September 30, 2013 | $ | 12.08 | 0.08 | 3.39 | 3.47 | (0.06 | ) | (0.15 | ) | (0.21 | ) | ||||||||||||||||||||||||
Year Ended September 30, 2012 | $ | 10.82 | 0.06 | 2.18 | 2.24 | — | (0.98 | ) | (0.98 | ) | |||||||||||||||||||||||||
Year Ended September 30, 2011 | $ | 11.19 | (0.02 | ) | (0.35 | ) | (0.37 | ) | — | — | — | ||||||||||||||||||||||||
Year Ended September 30, 2010 | $ | 10.27 | 0.06 | 0.92 | 0.98 | (0.06 | ) | — | (0.06 | ) | |||||||||||||||||||||||||
Sterling Capital Special Opportunities Fund | |||||||||||||||||||||||||||||||||||
Six Months Ended March 31, 2015 (Unaudited) | $ | 24.06 | 0.01 | 1.32 | 1.33 | — | (1.20 | ) | (1.20 | ) | |||||||||||||||||||||||||
Year Ended September 30, 2014 | $ | 21.96 | 0.03 | 4.39 | 4.42 | (0.04 | ) | (2.28 | ) | (2.32 | ) | ||||||||||||||||||||||||
Year Ended September 30, 2013 | $ | 18.99 | 0.11 | (f) | 3.87 | 3.98 | (0.06 | ) | (0.95 | ) | (1.01 | ) | |||||||||||||||||||||||
Year Ended September 30, 2012 | $ | 15.60 | 0.04 | 3.66 | 3.70 | — | (0.31 | ) | (0.31 | ) | |||||||||||||||||||||||||
Year Ended September 30, 2011 | $ | 16.25 | (0.02 | ) | (0.53 | ) | (0.55 | ) | — | (0.10 | ) | (0.10 | ) | ||||||||||||||||||||||
Year Ended September 30, 2010 | $ | 14.92 | (0.02 | ) | 1.35 | 1.33 | — | — | — | ||||||||||||||||||||||||||
Sterling Capital Equity Income Fund | |||||||||||||||||||||||||||||||||||
Six Months Ended March 31, 2015 (Unaudited) | $ | 18.98 | 0.18 | 0.32 | 0.50 | (0.19 | ) | (0.51 | ) | (0.70 | ) | ||||||||||||||||||||||||
Year Ended September 30, 2014 | $ | 18.18 | 0.38 | 1.41 | 1.79 | (0.36 | ) | (0.63 | ) | (0.99 | ) | ||||||||||||||||||||||||
Year Ended September 30, 2013 | $ | 16.06 | 0.33 | 2.25 | 2.58 | (0.30 | ) | (0.16 | ) | (0.46 | ) | ||||||||||||||||||||||||
Year Ended September 30, 2012 | $ | 13.27 | 0.28 | 2.74 | 3.02 | (0.23 | ) | — | (0.23 | ) | |||||||||||||||||||||||||
Year Ended September 30, 2011 | $ | 13.07 | 0.29 | 0.14 | (g) | 0.43 | (0.23 | ) | — | (0.23 | ) | ||||||||||||||||||||||||
Year Ended September 30, 2010 | $ | 11.44 | 0.33 | 1.57 | 1.90 | (0.27 | ) | — | (0.27 | ) | |||||||||||||||||||||||||
Sterling Capital Long/Short Equity Fund | |||||||||||||||||||||||||||||||||||
Six Months Ended March 31, 2015 (Unaudited) | $ | 10.93 | (0.08 | ) | (0.50 | ) | (0.58 | ) | — | (0.30 | ) | (0.30 | ) | ||||||||||||||||||||||
December 13, 2013 to September 30, 2014(i) | $ | 10.00 | (0.11 | ) | 1.04 | 0.93 | — | — | — | ||||||||||||||||||||||||||
Sterling Capital Behavioral International Equity Fund | |||||||||||||||||||||||||||||||||||
November 28, 2014 to March 31, 2015 (Unaudited)(i) | $ | 10.00 | 0.13 | (0.02 | ) | 0.11 | (0.03 | ) | — | (0.03 | ) | ||||||||||||||||||||||||
Sterling Capital Ultra Short Bond Fund | |||||||||||||||||||||||||||||||||||
Six Months Ended March 31, 2015 (Unaudited) | $ | 9.94 | 0.04 | (0.02 | ) | 0.02 | (0.05 | ) | — | (0.05 | ) | ||||||||||||||||||||||||
Year Ended September 30, 2014 | $ | 9.98 | 0.08 | (0.03 | ) | 0.05 | (0.09 | ) | — | (0.09 | ) | ||||||||||||||||||||||||
November 30, 2012 to September 30, 2013(i) | $ | 10.00 | 0.05 | (0.01 | ) | 0.04 | (0.06 | ) | — | (0.06 | ) |
* | During the periods certain fees were waived (See Note 5 in the Notes to the Financial Statements). If such reductions had not occurred, the ratios would have been as indicated. |
** | Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued. |
(a) | Per share net investment income (loss) has been calculated using the average daily shares method. |
(b) | Not annualized for periods less than one year. |
(c) | Annualized for periods less than one year. |
(d) | Includes proceeds received from a settlement of litigation, which impacted the Fund’s total return. Not including these proceeds, the Fund’s total return would have been 11.78%. |
(e) | Includes proceeds received from a settlement of litigation, which impacted the Fund’s total return. Not including these proceeds, the Fund’s total return would have been 9.10%. |
(f) | Net investment income per share reflects a special dividend, which amounted to $0.02 per share. Excluding the special dividend, the ratio of net investment income to average net assets would have been 0.45% per share. |
(g) | The amount shown for a share outstanding throughout the period does not accord with the change in aggregate gains and losses in the portfolio of securities during the period because of the timing of sales and purchases of Fund shares in relation to fluctuating market values during the period. |
(h) | Net expense ratio excluding dividend expense and service fee on securities sold short would have been 1.79% per share. |
(i) | Period from commencement of operations. |
(j) | Net expense ratio excluding dividend expense and service fee on securities sold short would have been 1.77% per share. |
See accompanying Notes to the Financial Statements.
117
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Ratios/Supplementary Data | ||||||||||||||||||||||||||||||||||
Net Asset Value, End of Period | Total Return (b) | Net Assets, End of Period (000) | Ratio of net expenses to average net assets (c) | Ratio of net investment income (loss) to average net assets (c) | Ratio of expenses to average net assets*(c) | Portfolio turnover rate**(b) | ||||||||||||||||||||||||||||
$ | 18.17 | 5.68 | % | $ | 250,749 | 0.80 | % | 1.63 | % | 0.90 | % | 61.07 | % | |||||||||||||||||||||
$ | 17.33 | 23.29 | % | $ | 234,809 | 0.81 | % | 1.34 | % | 0.91 | % | 113.75 | % | |||||||||||||||||||||
$ | 14.23 | 11.94 | %(d) | $ | 194,921 | 0.84 | % | 1.23 | % | 0.94 | % | 164.27 | % | |||||||||||||||||||||
$ | 12.87 | 30.89 | % | $ | 189,252 | 0.83 | % | 1.22 | % | 0.95 | % | 68.75 | % | |||||||||||||||||||||
$ | 9.95 | (4.74 | )% | $ | 156,832 | 0.83 | % | 1.18 | % | 0.98 | % | 66.29 | % | |||||||||||||||||||||
$ | 10.57 | 5.71 | % | $ | 183,791 | 0.84 | % | 1.23 | % | 0.99 | % | 119.85 | % | |||||||||||||||||||||
$ | 20.24 | 11.09 | % | $ | 721,461 | 0.93 | % | 0.55 | % | 0.93 | % | 14.52 | % | |||||||||||||||||||||
$ | 19.50 | 10.17 | % | $ | 696,468 | 0.93 | % | 0.53 | % | 0.93 | % | 27.30 | % | |||||||||||||||||||||
$ | 18.91 | 32.65 | % | $ | 548,624 | 0.92 | % | 1.03 | % | 0.92 | % | 34.03 | % | |||||||||||||||||||||
$ | 14.37 | 27.00 | % | $ | 340,577 | 0.93 | % | 1.02 | % | 0.95 | % | 21.62 | % | |||||||||||||||||||||
$ | 11.43 | (5.29 | )% | $ | 299,032 | 0.93 | % | 0.58 | % | 0.97 | % | 38.30 | % | |||||||||||||||||||||
$ | 12.14 | 12.39 | % | $ | 319,451 | 0.94 | % | 0.58 | % | 1.05 | % | 45.02 | % | |||||||||||||||||||||
$ | 15.54 | 11.53 | % | $ | 121,946 | 0.99 | % | 1.61 | % | 0.99 | % | 42.48 | % | |||||||||||||||||||||
$ | 14.47 | 7.40 | % | $ | 121,011 | 0.99 | % | 0.99 | % | 0.99 | % | 68.50 | % | |||||||||||||||||||||
$ | 15.34 | 29.03 | % | $ | 101,999 | 1.04 | % | 0.61 | % | 1.04 | % | 176.62 | % | |||||||||||||||||||||
$ | 12.08 | 21.65 | % | $ | 71,711 | 1.08 | % | 0.47 | % | 1.11 | % | 32.86 | % | |||||||||||||||||||||
$ | 10.82 | (3.31 | )% | $ | 64,962 | 1.08 | % | (0.14 | )% | 1.19 | % | 63.02 | % | |||||||||||||||||||||
$ | 11.19 | 9.59 | %(e) | $ | 60,073 | 1.20 | % | 0.56 | % | 1.42 | % | 95.89 | % | |||||||||||||||||||||
$ | 24.19 | 5.81 | % | $ | 506,277 | 0.96 | % | 0.09 | % | 0.96 | % | 4.64 | % | |||||||||||||||||||||
$ | 24.06 | 22.00 | % | $ | 574,783 | 0.96 | % | 0.14 | % | 0.96 | % | 32.35 | % | |||||||||||||||||||||
$ | 21.96 | 21.90 | % | $ | 452,155 | 0.99 | % | 0.53 | %(f) | 0.99 | % | 53.76 | % | |||||||||||||||||||||
$ | 18.99 | 23.97 | % | $ | 386,543 | 1.04 | % | 0.25 | % | 1.04 | % | 19.38 | % | |||||||||||||||||||||
$ | 15.60 | (3.46 | )% | $ | 330,913 | 1.04 | % | (0.09 | )% | 1.04 | % | 31.51 | % | |||||||||||||||||||||
$ | 16.25 | 8.91 | % | $ | 254,834 | 1.04 | % | (0.13 | )% | 1.05 | % | 25.65 | % | |||||||||||||||||||||
$ | 18.78 | 2.73 | % | $ | 927,532 | 0.96 | % | 1.93 | % | 0.96 | % | 14.56 | % | |||||||||||||||||||||
$ | 18.98 | 10.01 | % | $ | 1,038,013 | 0.95 | % | 2.03 | % | 0.95 | % | 16.13 | % | |||||||||||||||||||||
$ | 18.18 | 16.33 | % | $ | 936,400 | 0.95 | % | 1.92 | % | 0.95 | % | 30.56 | % | |||||||||||||||||||||
$ | 16.06 | 22.80 | % | $ | 635,360 | 0.94 | % | 1.86 | % | 0.94 | % | 21.30 | % | |||||||||||||||||||||
$ | 13.27 | 3.17 | % | $ | 392,660 | 0.93 | % | 2.06 | % | 0.93 | % | 16.64 | % | |||||||||||||||||||||
$ | 13.07 | 16.77 | % | $ | 236,580 | 0.94 | % | 2.68 | % | 0.95 | % | 21.63 | % | |||||||||||||||||||||
$ | 10.05 | (5.18 | )% | $ | 102,371 | 2.92 | %(h) | (1.58 | )% | 2.92 | % | 152.22 | % | |||||||||||||||||||||
$ | 10.93 | 9.30 | % | $ | 105,053 | 3.10 | %(j) | (1.23 | )% | 3.10 | % | 193.58 | % | |||||||||||||||||||||
$ | 10.08 | 1.16 | % | $ | 23,344 | 1.02 | % | 2.60 | % | 1.17 | % | 44.21 | % | |||||||||||||||||||||
$ | 9.91 | 0.25 | % | $ | 37,127 | 0.50 | % | 0.77 | % | 0.50 | % | 37.31 | % | |||||||||||||||||||||
$ | 9.94 | 0.46 | % | $ | 47,197 | 0.48 | % | 0.76 | % | 0.48 | % | 79.98 | % | |||||||||||||||||||||
$ | 9.98 | 0.35 | % | $ | 40,625 | 0.48 | % | 0.65 | % | 0.48 | % | 55.18 | % |
118
Sterling Capital Funds |
Financial Highlights, Institutional Shares |
|
The financial highlights table is intended to help you understand the Funds’ financial performance for the past 5 years or, if shorter, the period of the Funds’ operations. Certain information reflects financial results for a single Fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the Fund (assuming reinvestment of all dividends and distributions).
Investment Activities | Distributions | ||||||||||||||||||||||||||||||||||
Net Asset Value, Beginning of Period | Net investment income(a) | Net realized/ unrealized gains (losses) on investments | Total from Investment Activities | Net investment income | Net realized gains on investments | Total Distributions | |||||||||||||||||||||||||||||
Sterling Capital Short Duration Bond Fund | |||||||||||||||||||||||||||||||||||
Six Months Ended March 31, 2015 (Unaudited) | $ | 9.07 | 0.07 | — | (d) | 0.07 | (0.15 | ) | — | (0.15 | ) | ||||||||||||||||||||||||
Year Ended September 30, 2014 | $ | 9.24 | 0.16 | (0.03 | ) | 0.13 | (0.30 | ) | — | (0.30 | ) | ||||||||||||||||||||||||
Year Ended September 30, 2013 | $ | 9.47 | 0.19 | (0.10 | ) | 0.09 | (0.32 | ) | — | (0.32 | ) | ||||||||||||||||||||||||
Year Ended September 30, 2012 | $ | 9.36 | 0.22 | 0.24 | 0.46 | (0.35 | ) | — | (0.35 | ) | |||||||||||||||||||||||||
Year Ended September 30, 2011 | $ | 9.68 | 0.20 | (0.19 | ) | 0.01 | (0.33 | ) | — | (0.33 | ) | ||||||||||||||||||||||||
Year Ended September 30, 2010 | $ | 9.67 | 0.19 | 0.09 | 0.28 | (0.27 | ) | — | (0.27 | ) | |||||||||||||||||||||||||
Sterling Capital Intermediate U.S. Government Fund | |||||||||||||||||||||||||||||||||||
Six Months Ended March 31, 2015 (Unaudited) | $ | 10.21 | 0.08 | 0.13 | 0.21 | (0.11 | ) | — | (0.11 | ) | |||||||||||||||||||||||||
Year Ended September 30, 2014 | $ | 10.30 | 0.17 | 0.09 | 0.26 | (0.35 | ) | — | (0.35 | ) | |||||||||||||||||||||||||
Year Ended September 30, 2013 | $ | 10.87 | 0.19 | (0.44 | ) | (0.25 | ) | (0.32 | ) | — | (0.32 | ) | |||||||||||||||||||||||
Year Ended September 30, 2012 | $ | 10.80 | 0.23 | 0.16 | 0.39 | (0.32 | ) | — | (0.32 | ) | |||||||||||||||||||||||||
Year Ended September 30, 2011 | $ | 10.82 | 0.27 | 0.05 | 0.32 | (0.34 | ) | — | (0.34 | ) | |||||||||||||||||||||||||
Year Ended September 30, 2010 | $ | 10.57 | 0.32 | 0.28 | 0.60 | (0.35 | ) | — | (0.35 | ) | |||||||||||||||||||||||||
Sterling Capital Total Return Bond Fund | |||||||||||||||||||||||||||||||||||
Six Months Ended March 31, 2015 (Unaudited) | $ | 10.67 | 0.15 | 0.17 | 0.32 | (0.19 | ) | — | (0.19 | ) | |||||||||||||||||||||||||
Year Ended September 30, 2014 | $ | 10.53 | 0.34 | 0.21 | 0.55 | (0.40 | ) | (0.01 | ) | (0.41 | ) | ||||||||||||||||||||||||
Year Ended September 30, 2013 | $ | 11.16 | 0.32 | (0.46 | ) | (0.14 | ) | (0.41 | ) | (0.08 | ) | (0.49 | ) | ||||||||||||||||||||||
Year Ended September 30, 2012 | $ | 11.06 | 0.32 | 0.46 | 0.78 | (0.41 | ) | (0.27 | ) | (0.68 | ) | ||||||||||||||||||||||||
Year Ended September 30, 2011 | $ | 11.33 | 0.41 | 0.01 | 0.42 | (0.48 | ) | (0.21 | ) | (0.69 | ) | ||||||||||||||||||||||||
Year Ended September 30, 2010 | $ | 10.78 | 0.46 | 0.62 | 1.08 | (0.52 | ) | (0.01 | ) | (0.53 | ) | ||||||||||||||||||||||||
Sterling Capital Corporate Fund | |||||||||||||||||||||||||||||||||||
Six Months Ended March 31, 2015 (Unaudited) | $ | 10.25 | 0.16 | 0.10 | 0.26 | (0.16 | ) | (0.01 | ) | (0.17 | ) | ||||||||||||||||||||||||
Year Ended September 30, 2014 | $ | 10.15 | 0.34 | 0.20 | 0.54 | (0.34 | ) | (0.10 | ) | (0.44 | ) | ||||||||||||||||||||||||
Year Ended September 30, 2013 | $ | 10.70 | 0.37 | (0.44 | ) | (0.07 | ) | (0.37 | ) | (0.11 | ) | (0.48 | ) | ||||||||||||||||||||||
Year Ended September 30, 2012 | $ | 9.94 | 0.36 | 0.77 | 1.13 | (0.36 | ) | (0.01 | ) | (0.37 | ) | ||||||||||||||||||||||||
June 30, 2011 to September 30, 2011(e) | $ | 10.00 | 0.08 | (0.07 | ) | 0.01 | (0.07 | ) | — | (0.07 | ) | ||||||||||||||||||||||||
Sterling Capital Securitized Opportunities Fund | |||||||||||||||||||||||||||||||||||
Six Months Ended March 31, 2015 (Unaudited) | $ | 9.91 | 0.13 | 0.16 | 0.29 | (0.14 | ) | — | (0.14 | ) | |||||||||||||||||||||||||
Year Ended September 30, 2014 | $ | 9.85 | 0.25 | 0.11 | 0.36 | (0.30 | ) | — | (0.30 | ) | |||||||||||||||||||||||||
Year Ended September 30, 2013 | $ | 10.29 | 0.24 | (0.34 | ) | (0.10 | ) | (0.34 | ) | — | (0.34 | ) | |||||||||||||||||||||||
Year Ended September 30, 2012 | $ | 10.11 | 0.26 | 0.30 | 0.56 | (0.37 | ) | (0.01 | ) | (0.38 | ) | ||||||||||||||||||||||||
June 30, 2011 to September 30, 2011(e) | $ | 10.00 | 0.06 | 0.12 | 0.18 | (0.07 | ) | — | (0.07 | ) | |||||||||||||||||||||||||
Sterling Capital Kentucky Intermediate Tax-Free Fund | |||||||||||||||||||||||||||||||||||
Six Months Ended March 31, 2015 (Unaudited) | $ | 10.84 | 0.14 | 0.01 | 0.15 | (0.14 | ) | (0.18 | ) | (0.32 | ) | ||||||||||||||||||||||||
Year Ended September 30, 2014 | $ | 10.65 | 0.29 | 0.19 | 0.48 | (0.29 | ) | — | (0.29 | ) | |||||||||||||||||||||||||
Year Ended September 30, 2013 | $ | 11.15 | 0.27 | (0.44 | ) | (0.17 | ) | (0.27 | ) | (0.06 | ) | (0.33 | ) | ||||||||||||||||||||||
Year Ended September 30, 2012 | $ | 10.79 | 0.29 | 0.39 | 0.68 | (0.29 | ) | (0.03 | ) | (0.32 | ) | ||||||||||||||||||||||||
Year Ended September 30, 2011 | $ | 10.81 | 0.32 | 0.03 | (f) | 0.35 | (0.32 | ) | (0.05 | ) | (0.37 | ) | |||||||||||||||||||||||
Year Ended September 30, 2010 | $ | 10.67 | 0.32 | 0.24 | 0.56 | (0.32 | ) | (0.10 | ) | (0.42 | ) | ||||||||||||||||||||||||
Sterling Capital Maryland Intermediate Tax-Free Fund | |||||||||||||||||||||||||||||||||||
Six Months Ended March 31, 2015 (Unaudited) | $ | 11.25 | 0.12 | 0.05 | 0.17 | (0.12 | ) | (0.06 | ) | (0.18 | ) | ||||||||||||||||||||||||
Year Ended September 30, 2014 | $ | 10.97 | 0.22 | 0.28 | 0.50 | (0.22 | ) | — | (0.22 | ) | |||||||||||||||||||||||||
Year Ended September 30, 2013 | $ | 11.58 | 0.22 | (0.46 | ) | (0.24 | ) | (0.22 | ) | (0.15 | ) | (0.37 | ) | ||||||||||||||||||||||
Year Ended September 30, 2012 | $ | 11.25 | 0.26 | 0.41 | 0.67 | (0.26 | ) | (0.08 | ) | (0.34 | ) | ||||||||||||||||||||||||
Year Ended September 30, 2011 | $ | 11.22 | 0.31 | 0.06 | 0.37 | (0.30 | ) | (0.04 | ) | (0.34 | ) | ||||||||||||||||||||||||
Year Ended September 30, 2010 | $ | 10.99 | 0.30 | 0.23 | 0.53 | (0.30 | ) | — | (d) | (0.30 | ) |
* | During the periods certain fees were waived (See Note 5 in the Notes to the Financial Statements). If such reductions had not occurred, the ratios would have been as indicated. |
** | Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued. |
(a) | Per share net investment income (loss) has been calculated using the average daily shares method. |
(b) | Not annualized for periods less than one year. |
(c) | Annualized for periods less than one year. |
(d) | Amount is less than $0.005. |
(e) | Period from commencement of operations. |
(f) | The amount shown for a share outstanding throughout the period does not accord with the change in aggregate gains and losses in the portfolio of securities during the period because of the timing of sales and purchases of Fund shares in relation to fluctuating market values during the period. |
See accompanying Notes to the Financial Statements.
119
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Ratios/Supplementary Data | ||||||||||||||||||||||||||||||||||
Net Asset Value, End of Period | Total Return (b) | Net Assets, End of Period (000) | Ratio of net expenses to average net assets (c) | Ratio of net investment income to average net assets (c) | Ratio of expenses to average net assets*(c) | Portfolio turnover rate**(b) | ||||||||||||||||||||||||||||
$ | 8.99 | 0.75 | % | $ | 80,000 | 0.52 | % | 1.58 | % | 0.54 | % | 27.32 | % | |||||||||||||||||||||
$ | 9.07 | 1.38 | % | $ | 81,206 | 0.52 | % | 1.72 | % | 0.55 | % | 56.10 | % | |||||||||||||||||||||
$ | 9.24 | 0.98 | % | $ | 62,115 | 0.52 | % | 2.08 | % | 0.56 | % | 56.09 | % | |||||||||||||||||||||
$ | 9.47 | 4.94 | % | $ | 47,235 | 0.56 | % | 2.30 | % | 0.58 | % | 85.13 | % | |||||||||||||||||||||
$ | 9.36 | 0.05 | % | $ | 55,680 | 0.60 | % | 2.07 | % | 0.70 | % | 120.09 | % | |||||||||||||||||||||
$ | 9.68 | 2.90 | % | $ | 60,089 | 0.70 | % | 1.93 | % | 0.86 | % | 55.50 | % | |||||||||||||||||||||
$ | 10.31 | 2.07 | % | $ | 22,053 | 0.67 | % | 1.55 | % | 0.69 | % | 28.86 | % | |||||||||||||||||||||
$ | 10.21 | 2.58 | % | $ | 23,119 | 0.68 | % | 1.66 | % | 0.68 | % | 35.74 | % | |||||||||||||||||||||
$ | 10.30 | (2.30 | )% | $ | 46,686 | 0.68 | % | 1.76 | % | 0.68 | % | 66.16 | % | |||||||||||||||||||||
$ | 10.87 | 3.67 | % | $ | 77,460 | 0.72 | % | 2.12 | % | 0.77 | % | 71.68 | % | |||||||||||||||||||||
$ | 10.80 | 3.02 | % | $ | 155,814 | 0.71 | % | 2.55 | % | 0.83 | % | 83.62 | % | |||||||||||||||||||||
$ | 10.82 | 5.74 | % | $ | 176,096 | 0.71 | % | 3.00 | % | 0.84 | % | 83.92 | % | |||||||||||||||||||||
$ | 10.80 | 2.99 | % | $ | 637,436 | 0.46 | % | 2.86 | % | 0.56 | % | 12.52 | % | |||||||||||||||||||||
$ | 10.67 | 5.29 | % | $ | 433,198 | 0.56 | % | 3.15 | % | 0.58 | % | 75.21 | % | |||||||||||||||||||||
$ | 10.53 | (1.26 | )% | $ | 436,641 | 0.57 | % | 2.93 | % | 0.59 | % | 149.09 | % | |||||||||||||||||||||
$ | 11.16 | 7.39 | % | $ | 514,368 | 0.62 | % | 2.90 | % | 0.66 | % | 110.82 | % | |||||||||||||||||||||
$ | 11.06 | 3.94 | % | $ | 383,070 | 0.70 | % | 3.73 | % | 0.82 | % | 131.87 | % | |||||||||||||||||||||
$ | 11.33 | 10.27 | % | $ | 383,868 | 0.71 | % | 4.19 | % | 0.84 | % | 122.94 | % | |||||||||||||||||||||
$ | 10.34 | 2.58 | % | $ | 58,932 | 0.60 | % | 3.15 | % | 0.60 | % | 12.41 | % | |||||||||||||||||||||
$ | 10.25 | 5.42 | % | $ | 50,353 | 0.60 | % | 3.30 | % | 0.60 | % | 105.03 | % | |||||||||||||||||||||
$ | 10.15 | (0.65 | )% | $ | 85,609 | 0.51 | % | 3.54 | % | 0.59 | % | 99.48 | % | |||||||||||||||||||||
$ | 10.70 | 11.54 | % | $ | 92,946 | 0.34 | % | 3.52 | % | 0.59 | % | 73.74 | % | |||||||||||||||||||||
$ | 9.94 | 0.12 | % | $ | 46,328 | 0.30 | % | 3.27 | % | 0.58 | % | 6.86 | % | |||||||||||||||||||||
$ | 10.06 | 2.99 | % | $ | 42,109 | 0.58 | % | 2.53 | % | 0.62 | % | 7.60 | % | |||||||||||||||||||||
$ | 9.91 | 3.75 | % | $ | 36,624 | 0.61 | % | 2.50 | % | 0.63 | % | 98.34 | % | |||||||||||||||||||||
$ | 9.85 | (0.97 | )% | $ | 58,503 | 0.51 | % | 2.33 | % | 0.62 | % | 193.21 | % | |||||||||||||||||||||
$ | 10.29 | 5.61 | % | $ | 88,523 | 0.34 | % | 2.54 | % | 0.59 | % | 113.69 | % | |||||||||||||||||||||
$ | 10.11 | 1.84 | % | $ | 33,905 | 0.34 | % | 2.50 | % | 0.64 | % | 26.17 | % | |||||||||||||||||||||
$ | 10.67 | 1.41 | % | $ | 10,358 | 0.70 | % | 2.67 | % | 0.73 | % | 10.15 | % | |||||||||||||||||||||
$ | 10.84 | 4.57 | % | $ | 10,532 | 0.72 | % | 2.72 | % | 0.72 | % | 11.13 | % | |||||||||||||||||||||
$ | 10.65 | (1.59 | )% | $ | 11,859 | 0.71 | % | 2.47 | % | 0.71 | % | 22.05 | % | |||||||||||||||||||||
$ | 11.15 | 6.39 | % | $ | 14,546 | 0.70 | % | 2.68 | % | 0.72 | % | 16.52 | % | |||||||||||||||||||||
$ | 10.79 | 3.34 | % | $ | 13,757 | 0.68 | % | 3.01 | % | 0.79 | % | 15.73 | % | |||||||||||||||||||||
$ | 10.81 | 5.42 | % | $ | 15,284 | 0.69 | % | 3.01 | % | 0.90 | % | 20.68 | % | |||||||||||||||||||||
$ | 11.24 | 1.46 | % | $ | 29,694 | 0.66 | % | 2.09 | % | 0.69 | % | 8.85 | % | |||||||||||||||||||||
$ | 11.25 | 4.61 | % | $ | 30,519 | 0.69 | % | 1.99 | % | 0.69 | % | 19.90 | % | |||||||||||||||||||||
$ | 10.97 | (2.14 | )% | $ | 34,574 | 0.70 | % | 1.94 | % | 0.70 | % | 70.60 | % | |||||||||||||||||||||
$ | 11.58 | 6.05 | % | $ | 33,974 | 0.70 | % | 2.31 | % | 0.72 | % | 34.94 | % | |||||||||||||||||||||
$ | 11.25 | 3.44 | % | $ | 25,174 | 0.67 | % | 2.77 | % | 0.78 | % | 21.89 | % | |||||||||||||||||||||
$ | 11.22 | 4.97 | % | $ | 26,322 | 0.68 | % | 2.77 | % | 0.89 | % | 12.26 | % |
120
Sterling Capital Funds |
Financial Highlights, Institutional Shares |
|
The financial highlights table is intended to help you understand the Funds’ financial performance for the past 5 years or, if shorter, the period of the Funds’ operations. Certain information reflects financial results for a single Fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the Fund (assuming reinvestment of all dividends and distributions).
Investment Activities | Distributions | ||||||||||||||||||||||||||||||||||
Net Asset Value, Beginning of Period | Net investment income(a) | Net realized/ unrealized gains (losses) on investments | Total from Investment Activities | Net investment income | Net realized gains on investments | Total Distributions | |||||||||||||||||||||||||||||
Sterling Capital North Carolina Intermediate Tax-Free Fund | |||||||||||||||||||||||||||||||||||
Six Months Ended March 31, 2015 (Unaudited) | $ | 10.98 | 0.13 | 0.06 | 0.19 | (0.13 | ) | (0.02 | ) | (0.15 | ) | ||||||||||||||||||||||||
Year Ended September 30, 2014 | $ | 10.74 | 0.27 | 0.24 | 0.51 | (0.27 | ) | — | (0.27 | ) | |||||||||||||||||||||||||
Year Ended September 30, 2013 | $ | 11.36 | 0.28 | (0.54 | ) | (0.26 | ) | (0.28 | ) | (0.08 | ) | (0.36 | ) | ||||||||||||||||||||||
Year Ended September 30, 2012 | $ | 11.02 | 0.30 | 0.40 | 0.70 | (0.29 | ) | (0.07 | ) | (0.36 | ) | ||||||||||||||||||||||||
Year Ended September 30, 2011 | $ | 11.01 | 0.31 | 0.07 | 0.38 | (0.31 | ) | (0.06 | ) | (0.37 | ) | ||||||||||||||||||||||||
Year Ended September 30, 2010 | $ | 10.87 | 0.33 | 0.20 | 0.53 | (0.33 | ) | (0.06 | ) | (0.39 | ) | ||||||||||||||||||||||||
Sterling Capital South Carolina Intermediate Tax-Free Fund | |||||||||||||||||||||||||||||||||||
Six Months Ended March 31, 2015 (Unaudited) | $ | 11.07 | 0.12 | 0.06 | 0.18 | (0.12 | ) | (0.02 | ) | (0.14 | ) | ||||||||||||||||||||||||
Year Ended September 30, 2013 | $ | 10.78 | 0.25 | 0.29 | 0.54 | (0.25 | ) | — | (0.25 | ) | |||||||||||||||||||||||||
Year Ended September 30, 2013 | $ | 11.28 | 0.24 | (0.42 | ) | (0.18 | ) | (0.24 | ) | (0.08 | ) | (0.32 | ) | ||||||||||||||||||||||
Year Ended September 30, 2012 | $ | 10.90 | 0.27 | 0.45 | 0.72 | (0.27 | ) | (0.07 | ) | (0.34 | ) | ||||||||||||||||||||||||
Year Ended September 30, 2011 | $ | 10.86 | 0.29 | 0.06 | 0.35 | (0.28 | ) | (0.03 | ) | (0.31 | ) | ||||||||||||||||||||||||
Year Ended September 30, 2010 | $ | 10.61 | 0.32 | 0.25 | 0.57 | (0.32 | ) | — | (0.32 | ) | |||||||||||||||||||||||||
Sterling Capital Virginia Intermediate Tax-Free Fund | |||||||||||||||||||||||||||||||||||
Six Months Ended March 31, 2015 (Unaudited) | $ | 12.06 | 0.14 | 0.05 | 0.19 | (0.14 | ) | (0.07 | ) | (0.21 | ) | ||||||||||||||||||||||||
Year Ended September 30, 2013 | $ | 11.79 | 0.27 | 0.27 | 0.54 | (0.27 | ) | — | (0.27 | ) | |||||||||||||||||||||||||
Year Ended September 30, 2013 | $ | 12.44 | 0.27 | (0.55 | ) | (0.28 | ) | (0.27 | ) | (0.10 | ) | (0.37 | ) | ||||||||||||||||||||||
Year Ended September 30, 2012 | $ | 12.12 | 0.31 | 0.39 | 0.70 | (0.31 | ) | (0.07 | ) | (0.38 | ) | ||||||||||||||||||||||||
Year Ended September 30, 2011 | $ | 12.14 | 0.34 | 0.02 | 0.36 | (0.34 | ) | (0.04 | ) | (0.38 | ) | ||||||||||||||||||||||||
Year Ended September 30, 2010 | $ | 12.07 | 0.36 | 0.18 | 0.54 | (0.36 | ) | (0.11 | ) | (0.47 | ) | ||||||||||||||||||||||||
Sterling Capital West Virginia Intermediate Tax-Free Fund | |||||||||||||||||||||||||||||||||||
Six Months Ended March 31, 2015 (Unaudited) | $ | 10.17 | 0.12 | 0.05 | 0.17 | (0.12 | ) | (0.03 | ) | (0.15 | ) | ||||||||||||||||||||||||
Year Ended September 30, 2014 | $ | 9.92 | 0.24 | 0.25 | 0.49 | (0.24 | ) | — | (0.24 | ) | |||||||||||||||||||||||||
Year Ended September 30, 2013 | $ | 10.52 | 0.24 | (0.48 | ) | (0.24 | ) | (0.24 | ) | (0.12 | ) | (0.36 | ) | ||||||||||||||||||||||
Year Ended September 30, 2012 | $ | 10.17 | 0.29 | 0.39 | 0.68 | (0.29 | ) | (0.04 | ) | (0.33 | ) | ||||||||||||||||||||||||
Year Ended September 30, 2011 | $ | 10.18 | 0.34 | — | 0.34 | (0.34 | ) | (0.01 | ) | (0.35 | ) | ||||||||||||||||||||||||
Year Ended September 30, 2010 | $ | 10.05 | 0.36 | 0.15 | 0.51 | (0.36 | ) | (0.02 | ) | (0.38 | ) | ||||||||||||||||||||||||
Sterling Capital Strategic Allocation Conservative Fund(d) | |||||||||||||||||||||||||||||||||||
Six Months Ended March 31, 2015 (Unaudited) | $ | 10.71 | 0.11 | 0.24 | 0.35 | (0.13 | ) | — | (0.13 | ) | |||||||||||||||||||||||||
Year Ended September 30, 2014 | $ | 10.05 | 0.24 | 0.68 | 0.92 | (0.26 | ) | — | (0.26 | ) | |||||||||||||||||||||||||
Year Ended September 30, 2013 | $ | 9.79 | 0.24 | 0.28 | 0.52 | (0.26 | ) | — | (0.26 | ) | |||||||||||||||||||||||||
Year Ended September 30, 2012 | $ | 8.83 | 0.22 | 0.96 | 1.18 | (0.22 | ) | — | (0.22 | ) | |||||||||||||||||||||||||
Year Ended September 30, 2011 | $ | 9.15 | 0.25 | (0.27 | ) | (0.02 | ) | (0.30 | ) | — | (0.30 | ) | |||||||||||||||||||||||
Year Ended September 30, 2010 | $ | 8.58 | 0.29 | 0.57 | 0.86 | (0.29 | ) | — | (0.29 | ) | |||||||||||||||||||||||||
Sterling Capital Strategic Allocation Balanced Fund(d) | |||||||||||||||||||||||||||||||||||
Six Months Ended March 31, 2015 (Unaudited) | $ | 10.73 | 0.08 | 0.28 | 0.36 | (0.11 | ) | — | (0.11 | ) | |||||||||||||||||||||||||
Year Ended September 30, 2014 | $ | 9.83 | 0.19 | 0.92 | 1.11 | (0.21 | ) | — | (0.21 | ) | |||||||||||||||||||||||||
Year Ended September 30, 2013 | $ | 9.18 | 0.18 | 0.66 | 0.84 | (0.19 | ) | — | (0.19 | ) | |||||||||||||||||||||||||
Year Ended September 30, 2012 | $ | 8.00 | 0.17 | 1.18 | 1.35 | (0.17 | ) | — | (0.17 | ) | |||||||||||||||||||||||||
Year Ended September 30, 2011 | $ | 8.44 | 0.19 | (0.43 | ) | (0.24 | ) | (0.20 | ) | — | (0.20 | ) | |||||||||||||||||||||||
Year Ended September 30, 2010 | $ | 7.83 | 0.20 | 0.61 | 0.81 | (0.20 | ) | — | (0.20 | ) | |||||||||||||||||||||||||
Sterling Capital Strategic Allocation Growth Fund(d) | |||||||||||||||||||||||||||||||||||
Six Months Ended March 31, 2015 (Unaudited) | $ | 10.41 | 0.06 | 0.30 | 0.36 | (0.09 | ) | — | (0.09 | ) | |||||||||||||||||||||||||
Year Ended September 30, 2014 | $ | 9.37 | 0.15 | 1.05 | 1.20 | (0.16 | ) | — | (0.16 | ) | |||||||||||||||||||||||||
Year Ended September 30, 2013 | $ | 8.48 | 0.13 | 0.90 | 1.03 | (0.14 | ) | — | (0.14 | ) | |||||||||||||||||||||||||
Year Ended September 30, 2012 | $ | 7.21 | 0.12 | 1.27 | 1.39 | (0.12 | ) | — | (0.12 | ) | |||||||||||||||||||||||||
Year Ended September 30, 2011 | $ | 7.70 | 0.13 | (0.49 | ) | (0.36 | ) | (0.13 | ) | — | (0.13 | ) | |||||||||||||||||||||||
Year Ended September 30, 2010 | $ | 7.12 | 0.15 | 0.58 | 0.73 | (0.15 | ) | — | (0.15 | ) |
* | During the periods certain fees were waived (See Note 5 in the Notes to the Financial Statements). If such reductions had not occurred, the ratios would have been as indicated. |
** | Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued. |
(a) | Per share net investment income has been calculated using the average daily shares method. |
(b) | Not annualized for periods less than one year. |
(c) | Annualized for periods less than one year. |
(d) | The expense ratios exclude the impact of fees/expenses paid by each underlying fund. |
See accompanying Notes to the Financial Statements.
121
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Ratios/Supplementary Data | ||||||||||||||||||||||||||||||||||
Net Asset Value, End of Period | Total Return (b) | Net Assets, End of Period (000) | Ratio of net expenses to average net assets (c) | Ratio of net investment income to average net assets (c) | Ratio of expenses to average net assets*(c) | Portfolio turnover rate**(b) | ||||||||||||||||||||||||||||
$ | 11.02 | 1.74 | % | $ | 151,982 | 0.62 | % | 2.43 | % | 0.65 | % | 12.14 | % | |||||||||||||||||||||
$ | 10.98 | 4.81 | % | $ | 151,267 | 0.66 | % | 2.50 | % | 0.66 | % | 11.67 | % | |||||||||||||||||||||
$ | 10.74 | (2.38 | )% | $ | 159,039 | 0.67 | % | 2.49 | % | 0.67 | % | 22.38 | % | |||||||||||||||||||||
$ | 11.36 | 6.51 | % | $ | 190,055 | 0.67 | % | 2.64 | % | 0.67 | % | 19.76 | % | |||||||||||||||||||||
$ | 11.02 | 3.60 | % | $ | 161,486 | 0.67 | % | 2.92 | % | 0.72 | % | 15.15 | % | |||||||||||||||||||||
$ | 11.01 | 5.05 | % | $ | 147,848 | 0.68 | % | 3.05 | % | 0.84 | % | 19.19 | % | |||||||||||||||||||||
$ | 11.11 | 1.64 | % | $ | 51,536 | 0.64 | % | 2.21 | % | 0.67 | % | 7.96 | % | |||||||||||||||||||||
$ | 11.07 | 5.03 | % | $ | 49,157 | 0.68 | % | 2.27 | % | 0.68 | % | 15.51 | % | |||||||||||||||||||||
$ | 10.78 | (1.62 | )% | $ | 49,340 | 0.69 | % | 2.17 | % | 0.69 | % | 35.38 | % | |||||||||||||||||||||
$ | 11.28 | 6.68 | % | $ | 52,526 | 0.70 | % | 2.41 | % | 0.70 | % | 26.49 | % | |||||||||||||||||||||
$ | 10.90 | 3.37 | % | $ | 39,863 | 0.71 | % | 2.68 | % | 0.76 | % | 25.83 | % | |||||||||||||||||||||
$ | 10.86 | 5.53 | % | $ | 30,183 | 0.73 | % | 3.05 | % | 0.89 | % | 14.60 | % | |||||||||||||||||||||
$ | 12.04 | 1.54 | % | $ | 80,544 | 0.63 | % | 2.29 | % | 0.66 | % | 9.31 | % | |||||||||||||||||||||
$ | 12.06 | 4.65 | % | $ | 79,895 | 0.66 | % | 2.29 | % | 0.66 | % | 20.48 | % | |||||||||||||||||||||
$ | 11.79 | (2.28 | )% | $ | 81,703 | 0.68 | % | 2.23 | % | 0.68 | % | 40.00 | % | |||||||||||||||||||||
$ | 12.44 | 5.87 | % | $ | 91,770 | 0.68 | % | 2.50 | % | 0.68 | % | 21.63 | % | |||||||||||||||||||||
$ | 12.12 | 3.11 | % | $ | 78,535 | 0.68 | % | 2.90 | % | 0.73 | % | 15.33 | % | |||||||||||||||||||||
$ | 12.14 | 4.65 | % | $ | 77,222 | 0.69 | % | 3.05 | % | 0.85 | % | 9.54 | % | |||||||||||||||||||||
$ | 10.19 | 1.63 | % | $ | 66,053 | 0.63 | % | 2.34 | % | 0.66 | % | 4.61 | % | |||||||||||||||||||||
$ | 10.17 | 4.98 | % | $ | 70,273 | 0.66 | % | 2.39 | % | 0.66 | % | 21.09 | % | |||||||||||||||||||||
$ | 9.92 | (2.30 | )% | $ | 68,936 | 0.68 | % | 2.38 | % | 0.68 | % | 22.18 | % | |||||||||||||||||||||
$ | 10.52 | 6.85 | % | $ | 85,125 | 0.68 | % | 2.85 | % | 0.68 | % | 26.70 | % | |||||||||||||||||||||
$ | 10.17 | 3.48 | % | $ | 72,451 | 0.69 | % | 3.44 | % | 0.69 | % | 23.34 | % | |||||||||||||||||||||
$ | 10.18 | 5.13 | % | $ | 70,760 | 0.69 | % | 3.58 | % | 0.70 | % | 6.60 | % | |||||||||||||||||||||
$ | 10.93 | 3.29 | % | $ | 2,339 | 0.18 | % | 2.09 | % | 0.43 | % | 31.92 | % | |||||||||||||||||||||
$ | 10.71 | 9.19 | % | $ | 2,300 | 0.20 | % | 2.32 | % | 0.45 | % | 8.67 | % | |||||||||||||||||||||
$ | 10.05 | 5.35 | % | $ | 3,153 | 0.29 | % | 2.42 | % | 0.44 | % | 60.51 | % | |||||||||||||||||||||
$ | 9.79 | 13.47 | % | $ | 3,346 | 0.44 | % | 2.33 | % | 0.44 | % | 7.99 | % | |||||||||||||||||||||
$ | 8.83 | (0.31 | )% | $ | 3,954 | 0.37 | % | 2.61 | % | 0.47 | % | 8.36 | % | |||||||||||||||||||||
$ | 9.15 | 10.22 | % | $ | 4,798 | 0.21 | % | 3.26 | % | 0.47 | % | 33.33 | % | |||||||||||||||||||||
$ | 10.98 | 3.40 | % | $ | 199 | 0.15 | % | 1.57 | % | 0.40 | % | 47.05 | % | |||||||||||||||||||||
$ | 10.73 | 11.36 | % | $ | 244 | 0.14 | % | 1.87 | % | 0.39 | % | 5.70 | % | |||||||||||||||||||||
$ | 9.83 | 9.28 | % | $ | 321 | 0.26 | % | 1.85 | % | 0.39 | % | 81.00 | % | |||||||||||||||||||||
$ | 9.18 | 16.94 | % | $ | 474 | 0.42 | % | 1.98 | % | 0.42 | % | 17.65 | % | |||||||||||||||||||||
$ | 8.00 | (3.02 | )% | $ | 475 | 0.29 | % | 2.13 | % | 0.41 | % | 9.96 | % | |||||||||||||||||||||
$ | 8.44 | 10.53 | % | $ | 1,169 | 0.16 | % | 2.52 | % | 0.41 | % | 47.76 | % | |||||||||||||||||||||
$ | 10.68 | 3.50 | % | $ | 843 | 0.16 | % | 1.14 | % | 0.41 | % | 55.08 | % | |||||||||||||||||||||
$ | 10.41 | 12.89 | % | $ | 872 | 0.16 | % | 1.46 | % | 0.41 | % | 8.60 | % | |||||||||||||||||||||
$ | 9.37 | 12.27 | % | $ | 1,007 | 0.28 | % | 1.46 | % | 0.42 | % | 96.94 | % | |||||||||||||||||||||
$ | 8.48 | 19.40 | % | $ | 936 | 0.43 | % | 1.54 | % | 0.43 | % | 20.21 | % | |||||||||||||||||||||
$ | 7.21 | (4.86 | )% | $ | 1,127 | 0.32 | % | 1.62 | % | 0.43 | % | 9.06 | % | |||||||||||||||||||||
$ | 7.70 | 10.39 | % | $ | 1,684 | 0.17 | % | 2.05 | % | 0.43 | % | 57.35 | % |
122
Sterling Capital Funds |
Financial Highlights, Class R Shares |
The financial highlights table is intended to help you understand the Funds’ financial performance for the past 5 years or, if shorter, the period of the Funds’ operations. Certain information reflects financial results for a single Fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the Fund (assuming reinvestment of all dividends and distributions).
Investment Activities | Distributions | ||||||||||||||||||||||||||||||||||
Net Asset Value, Beginning of Period | Net investment income (loss)(a) | Net realized/ unrealized gains (loss) on investments | Total from Investment Activities | Net investment income | Net realized gains on investments | Total Distributions | |||||||||||||||||||||||||||||
Sterling Capital Mid Value Fund | |||||||||||||||||||||||||||||||||||
Six Months Ended March 31, 2015 (Unaudited) | $ | 18.93 | 0.01 | 1.96 | 1.97 | (0.05 | ) | (1.17 | ) | (1.22 | ) | ||||||||||||||||||||||||
Year Ended September 30, 2014 | $ | 18.47 | — | (e) | 1.74 | 1.74 | (0.08 | ) | (1.20 | ) | (1.28 | ) | |||||||||||||||||||||||
Year Ended September 30, 2013 | $ | 14.20 | (0.18 | ) | 4.51 | 4.33 | (0.06 | ) | — | (0.06 | ) | ||||||||||||||||||||||||
Year Ended September 30, 2012 | $ | 11.36 | 0.08 | 2.90 | 2.98 | (0.14 | ) | — | (0.14 | ) | |||||||||||||||||||||||||
Year Ended September 30, 2011 | $ | 12.12 | 0.05 | (0.73 | ) | (0.68 | ) | (0.08 | ) | — | (0.08 | ) | |||||||||||||||||||||||
February 1, 2010 to September 30, 2010(f) | $ | 11.11 | 0.03 | 1.01 | 1.04 | (0.03 | ) | — | (0.03 | ) | |||||||||||||||||||||||||
Sterling Capital Behavioral Small Cap Value Equity Fund |
| ||||||||||||||||||||||||||||||||||
Six Months Ended March 31, 2015 (Unaudited) | $ | 14.28 | 0.08 | 1.51 | 1.59 | (0.05 | ) | (0.44 | ) | (0.49 | ) | ||||||||||||||||||||||||
Year Ended September 30, 2014 | $ | 15.21 | 0.10 | 0.93 | 1.03 | (0.09 | ) | (1.87 | ) | (1.96 | ) | ||||||||||||||||||||||||
Year Ended September 30, 2013 | $ | 12.03 | 0.03 | 3.36 | 3.39 | (0.06 | ) | (0.15 | ) | (0.21 | ) | ||||||||||||||||||||||||
Year Ended September 30, 2012 | $ | 10.79 | 0.05 | 2.17 | 2.22 | — | (0.98 | ) | (0.98 | ) | |||||||||||||||||||||||||
Year Ended September 30, 2011 | $ | 11.18 | (0.02 | ) | (0.37 | ) | (0.39 | ) | — | — | — | ||||||||||||||||||||||||
February 1, 2010 to September 30, 2010(f) | $ | 10.55 | 0.06 | 0.62 | 0.68 | (0.05 | ) | — | (0.05 | ) | |||||||||||||||||||||||||
Sterling Capital Special Opportunities Fund | |||||||||||||||||||||||||||||||||||
Six Months Ended March 31, 2015 (Unaudited) | $ | 23.69 | (0.04 | ) | 1.29 | 1.25 | — | (1.20 | ) | (1.20 | ) | ||||||||||||||||||||||||
Year Ended September 30, 2014 | $ | 21.72 | (0.09 | ) | 4.34 | 4.25 | — | (2.28 | ) | (2.28 | ) | ||||||||||||||||||||||||
Year Ended September 30, 2013 | $ | 18.83 | 0.01 | (h) | 3.83 | 3.84 | — | (0.95 | ) | (0.95 | ) | ||||||||||||||||||||||||
Year Ended September 30, 2012 | $ | 15.54 | (0.04 | ) | 3.64 | 3.60 | — | (0.31 | ) | (0.31 | ) | ||||||||||||||||||||||||
Year Ended September 30, 2011 | $ | 16.26 | (0.11 | ) | (0.51 | ) | (0.62 | ) | — | (0.10 | ) | (0.10 | ) | ||||||||||||||||||||||
February 1, 2010 to September 30, 2010(f) | $ | 15.32 | (0.03 | ) | 0.97 | 0.94 | — | — | — | ||||||||||||||||||||||||||
Sterling Capital Equity Income Fund | |||||||||||||||||||||||||||||||||||
Six Months Ended March 31, 2015 (Unaudited) | $ | 18.84 | 0.13 | 0.32 | 0.45 | (0.15 | ) | (0.51 | ) | (0.66 | ) | ||||||||||||||||||||||||
Year Ended September 30, 2014 | $ | 18.04 | 0.29 | 1.40 | 1.69 | (0.26 | ) | (0.63 | ) | (0.89 | ) | ||||||||||||||||||||||||
Year Ended September 30, 2013 | $ | 15.95 | 0.24 | 2.22 | 2.46 | (0.21 | ) | (0.16 | ) | (0.37 | ) | ||||||||||||||||||||||||
Year Ended September 30, 2012 | $ | 13.19 | 0.20 | 2.72 | 2.92 | (0.16 | ) | — | (0.16 | ) | |||||||||||||||||||||||||
Year Ended September 30, 2011 | $ | 13.03 | 0.24 | 0.13 | 0.37 | (0.21 | ) | — | (0.21 | ) | |||||||||||||||||||||||||
February 1, 2010 to September 30, 2010(f) | $ | 11.94 | 0.23 | 1.04 | 1.27 | (0.18 | ) | — | (0.18 | ) | |||||||||||||||||||||||||
Sterling Capital Total Return Bond Fund | |||||||||||||||||||||||||||||||||||
Six Months Ended March 31, 2015 (Unaudited) | $ | 10.62 | 0.13 | 0.16 | 0.29 | (0.16 | ) | — | (0.16 | ) | |||||||||||||||||||||||||
Year Ended September 30, 2014 | $ | 10.48 | 0.28 | 0.22 | 0.50 | (0.35 | ) | (0.01 | ) | (0.36 | ) | ||||||||||||||||||||||||
Year Ended September 30, 2013 | $ | 11.11 | 0.25 | (0.45 | ) | (0.20 | ) | (0.35 | ) | (0.08 | ) | (0.43 | ) | ||||||||||||||||||||||
Year Ended September 30, 2012 | $ | 11.02 | 0.26 | 0.46 | 0.72 | (0.36 | ) | (0.27 | ) | (0.63 | ) | ||||||||||||||||||||||||
Year Ended September 30, 2011 | $ | 11.32 | 0.37 | (0.03 | ) | 0.34 | (0.43 | ) | (0.21 | ) | (0.64 | ) | |||||||||||||||||||||||
February 1, 2010 to September 30, 2010(f) | $ | 10.87 | 0.25 | 0.50 | 0.75 | (0.30 | ) | — | (0.30 | ) |
* | During the periods certain fees were waived (See Note 5 in the Notes to the Financial Statements). If such reductions had not occurred, the ratios would have been as indicated. |
** | Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued. |
(a) | Per share net investment income (loss) has been calculated using the average daily shares method. |
(b) | Not annualized for periods less than one year. |
(c) | Annualized for periods less than one year. |
(d) | Net Assets are below $1,000. |
(e) | Amount is less than $0.005. |
(f) | Period from commencement of operations. |
(g) | Includes proceeds received from a settlement of litigation, which impacted the Fund’s total return. Not including these proceeds, the Fund’s total return would have been 6.08%. |
(h) | Net investment income per share reflects a special dividend, which amounted to $0.02 per share. Excluding the special dividend, the ratio of net investment income to average net assets would have been (0.05)% per share. |
See accompanying Notes to the Financial Statements.
123
|
|
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|
Ratios/Supplementary Data | ||||||||||||||||||||||||||||||
Net Asset | Total Return (excludes sales charge)(b) | Net Assets, End of Period (000) | Ratio of net expenses to average net assets(c) | Ratio of net investment income loss to average net assets(c) | Ratio of expenses to average net assets*(c) | Portfolio turnover rate**(b) | ||||||||||||||||||||||||
$19.68 | 10.88 | % | $ | — | (d) | 1.41 | % | 0.10 | % | 1.41 | % | 14.52 | % | |||||||||||||||||
$18.93 | 9.68 | % | $ | — | (d) | 1.39 | % | 0.02 | % | 1.39 | % | 27.30 | % | |||||||||||||||||
$18.47 | 30.65 | % | $ | — | (d) | 1.42 | % | (1.04 | )% | 1.42 | % | 34.03 | % | |||||||||||||||||
$14.20 | 26.17 | % | $ | — | (d) | 1.44 | % | 0.59 | % | 1.44 | % | 21.62 | % | |||||||||||||||||
$11.36 | (5.71 | )% | $ | — | (d) | 1.44 | % | 0.36 | % | 1.56 | % | 38.30 | % | |||||||||||||||||
$12.12 | 9.47 | % | $ | — | (d) | 1.44 | % | 0.42 | % | 1.68 | % | 45.02 | % | |||||||||||||||||
$15.38 | 11.28 | % | $ | — | (d) | 1.48 | % | 1.06 | % | 1.48 | % | 42.48 | % | |||||||||||||||||
$14.28 | 7.01 | % | $ | — | (d) | 1.45 | % | 0.65 | % | 1.45 | % | 68.50 | % | |||||||||||||||||
$15.21 | 28.48 | % | $ | — | (d) | 1.55 | % | 0.24 | % | 1.55 | % | 176.62 | % | |||||||||||||||||
$12.03 | 21.49 | % | $ | — | (d) | 1.57 | % | 0.44 | % | 1.59 | % | 32.86 | % | |||||||||||||||||
$10.79 | (3.49 | )% | $ | — | (d) | 1.57 | % | (0.12 | )% | 1.58 | % | 63.02 | % | |||||||||||||||||
$11.18 | 6.46 | %(g) | $ | — | (d) | 1.65 | % | 0.82 | % | 3.44 | % | 95.89 | % | |||||||||||||||||
$23.74 | 5.56 | % | $ | 43 | 1.46 | % | (0.33 | )% | 1.46 | % | 4.64 | % | ||||||||||||||||||
$23.69 | 21.36 | % | $ | 26 | 1.46 | % | (0.41 | )% | 1.46 | % | 32.35 | % | ||||||||||||||||||
$21.72 | 21.28 | % | $ | 450 | 1.49 | % | 0.04 | %(h) | 1.49 | % | 53.76 | % | ||||||||||||||||||
$18.83 | 23.41 | % | $ | 357 | 1.54 | % | (0.25 | )% | 1.54 | % | 19.38 | % | ||||||||||||||||||
$15.54 | (3.95 | )% | $ | 289 | 1.54 | % | (0.62 | )% | 1.54 | % | 31.51 | % | ||||||||||||||||||
$16.26 | 6.20 | % | $ | — | (d) | 1.54 | % | (0.29 | )% | 1.57 | % | 25.65 | % | |||||||||||||||||
$18.63 | 2.47 | % | $ | 1,934 | 1.46 | % | 1.42 | % | 1.46 | % | 14.56 | % | ||||||||||||||||||
$18.84 | 9.52 | % | $ | 1,811 | 1.45 | % | 1.56 | % | 1.45 | % | 16.13 | % | ||||||||||||||||||
$18.04 | 15.69 | % | $ | 2,781 | 1.45 | % | 1.40 | % | 1.45 | % | 30.56 | % | ||||||||||||||||||
$15.95 | 22.19 | % | $ | 1,454 | 1.44 | % | 1.35 | % | 1.44 | % | 21.30 | % | ||||||||||||||||||
$13.19 | 2.74 | % | $ | 604 | 1.43 | % | 1.72 | % | 1.43 | % | 16.64 | % | ||||||||||||||||||
$13.03 | 10.76 | % | $ | — | (d) | 1.45 | % | 2.86 | % | 1.49 | % | 21.63 | % | |||||||||||||||||
$10.75 | 2.74 | % | $ | 6 | 0.95 | % | 2.36 | % | 1.07 | % | 12.52 | % | ||||||||||||||||||
$10.62 | 4.81 | % | $ | 6 | 1.04 | % | 2.65 | % | 1.04 | % | 75.21 | % | ||||||||||||||||||
$10.48 | (1.83 | )% | $ | 5 | 1.07 | % | 2.34 | % | 1.08 | % | 149.09 | % | ||||||||||||||||||
$11.11 | 6.79 | % | $ | 6 | 1.12 | % | 2.41 | % | 1.16 | % | 110.82 | % | ||||||||||||||||||
$11.02 | 3.24 | % | $ | 6 | 1.20 | % | 3.32 | % | 1.33 | % | 131.87 | % | ||||||||||||||||||
$11.32 | 7.03 | % | $ | 42 | 1.21 | % | 3.45 | % | 1.37 | % | 122.94 | % |
124
Sterling Capital Funds |
March 31, 2015 (Unaudited) |
1. | Organization: |
Sterling Capital Funds (the “Trust”) commenced operations on October 5, 1992 and is registered under the Investment Company Act of 1940, as amended (“the 1940 Act”), as an open-end investment company established as a Massachusetts business trust.
The Trust offers shares of Sterling Capital Behavioral Large Cap Value Equity Fund (formerly known as Sterling Capital Large Cap Value Diversified Fund), Sterling Capital Mid Value Fund, Sterling Capital Behavioral Small Cap Value Equity Fund (formerly known as Sterling Capital Small Cap Value Diversified Fund), Sterling Capital Special Opportunities Fund, Sterling Capital Equity Income Fund, Sterling Capital Long/Short Equity Fund, Sterling Capital Behavioral International Equity Fund, Sterling Capital Ultra Short Bond Fund, Sterling Capital Short Duration Bond Fund, Sterling Capital Intermediate U.S. Government Fund, Sterling Capital Total Return Bond Fund, Sterling Capital Corporate Fund, Sterling Capital Securitized Opportunities Fund, Sterling Capital Kentucky Intermediate Tax-Free Fund, Sterling Capital Maryland Intermediate Tax-Free Fund, Sterling Capital North Carolina Intermediate Tax-Free Fund, Sterling Capital South Carolina Intermediate Tax-Free Fund, Sterling Capital Virginia Intermediate Tax-Free Fund, Sterling Capital West Virginia Intermediate Tax-Free Fund, Sterling Capital Strategic Allocation Conservative Fund, Sterling Capital Strategic Allocation Balanced Fund and Sterling Capital Strategic Allocation Growth Fund (referred to individually as a “Fund” and collectively as the “Funds”). Sterling Capital Kentucky Intermediate Tax-Free Fund, Sterling Capital Maryland Intermediate Tax-Free Fund, Sterling Capital North Carolina Intermediate Tax-Free Fund, Sterling Capital South Carolina Intermediate Tax-Free Fund, Sterling Capital Virginia Intermediate Tax-Free Fund and Sterling Capital West Virginia Intermediate Tax-Free Fund are referred to as the “Tax-Free Funds.” Sterling Capital Strategic Allocation Conservative Fund, Sterling Capital Strategic Allocation Balanced Fund and Sterling Capital Strategic Allocation Growth Fund are referred to as the “Funds of Funds.” The Funds, excluding the Funds of Funds, are referred to as the “Variable Net Asset Value Funds.” The Funds of Funds invest in underlying mutual funds as opposed to individual securities.
All Funds, other than the Tax-Free Funds, are “diversified” funds, as defined in the 1940Act.TheTax-Free Funds are non-diversified funds, which means they may invest in the securities of a limited number of issuers.
By owning shares of underlying investment companies, each of the Funds of Funds invests, to varying degrees, in securities of U.S. and non-U.S. companies, including small and medium sized companies, and in fixed-income securities. Funds of Funds with exposure to underlying equity funds may include funds that invest in real estate of other similar securities. In addition, underlying investment companies may invest in derivatives. The Funds of Funds currently invest only in other Funds that are part of the Sterling Capital Funds group of investment companies (not including cash sweep vehicles). Financial information for those Sterling Capital Funds is included in this report and also is available at www.sec.gov.
The Funds are authorized to issue an unlimited amount of shares. As of March 31, 2015, the Funds discussed herein offered up to five classes of shares: Class A Shares, Class B Shares, Class C Shares, Class R Shares and Institutional Shares. Class B Shares of the Funds are closed to new accounts and additional purchases by existing shareholders. Sterling Capital Corporate Fund and Sterling Capital Securitized Opportunities Fund converted Class S Shares into Institutional Shares effective February 1, 2013. Sterling Capital Mid Value Fund, Sterling Capital Behavioral Small Cap Value Equity Fund, Sterling Capital Special Opportunities Fund, Sterling Capital Equity Income Fund and Sterling Capital Total Return Bond Fund offer Class R Shares. Class B Shares automatically convert to Class A Shares after eight years. Class A Shares of the Variable Net Asset Value Funds and Funds of Funds, excluding Sterling Capital Ultra Short Bond Fund, Sterling Capital Short Duration Bond Fund, Sterling Capital Intermediate U.S. Government Fund, Sterling Capital Corporate Fund, Sterling Capital Securitized Opportunities Fund, and the Tax-Free Funds, have a maximum sales charge of 5.75% as a percentage of original purchase price. Class A Shares of Sterling Capital Ultra Short Bond Fund have a maximum sales charge of 0.50%, and Class A Shares of Sterling Capital Short Duration Bond Fund, Sterling Capital Intermediate U.S. Government Fund, Sterling Capital Corporate Fund, Sterling Capital Securitized Opportunities Fund, and the Tax-Free Funds have a maximum sales charge of 2.00%, as a percentage of the original purchase price. Purchases of $1 million or more of Class A Shares are not subject to a front-end sales charge but will be subject to a Contingent Deferred Sales Charge (“CDSC”) of 1.00% of the purchase price if redeemed within two years after purchase for all Funds except the Tax-Free Funds, Sterling Capital Short Duration Bond Fund, Sterling Capital Intermediate U.S. Government Fund, Sterling Capital Corporate Fund and Sterling Capital Securitized Opportunities Fund. With respect to Tax-Free Funds, Sterling Capital Short Duration Bond Fund, Sterling Capital Intermediate U.S. Government Fund, Sterling Capital Corporate Fund and Sterling Capital Securitized Opportunities Fund, sales of Class A shares over $500,000 are not subject to a sales load but will be subject to a CDSC of 0.50% of the purchase price if redeemed within 18 months of purchase. This charge is based on the lower of the price paid for the shares or their net asset value at the time of redemption. The Class B Shares of
125
Sterling Capital Funds |
Notes to Financial Statements — (continued) |
March 31, 2015 (Unaudited) |
the Funds will be subject to a CDSC ranging from a maximum of 5.00% if redeemed less than one year after purchase to 0.00% if redeemed more than six years after purchase. Class C Shares of the Funds are offered without any front-end sales charge but will be subject to a maximum CDSC of 1.00% if redeemed less than one year after purchase.
Each class of shares has identical rights and privileges except with respect to the fees paid under the distribution plan, voting rights on matters affecting a single class of shares and the exchange privilege of each class of shares.
Under the Trust’s organizational documents, its Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, in the normal course of business, the Funds may enter into contracts with their vendors and others that provide for general indemnifications. The Funds’ maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds. However, based on experience, the Funds expect that risk of loss to be remote.
2. | Significant Accounting Policies: |
The following is a summary of significant accounting policies followed by the Funds. The policies are in conformity with United States generally accepted accounting principles (“U.S. GAAP”). The preparation of these financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses for the reporting period. Actual results could differ from those estimates.
Securities Valuation — Investments in securities held by the Variable Net Asset Value Funds, the principal market for which is a securities exchange or an over-the-counter market, are valued at their latest available sale price (except for those securities that are traded on NASDAQ, which will be valued at the NASDAQ official closing price) or in the absence of such a price, by reference to the latest available bid price in the principal market in which such securities are normally traded. The Variable Net Asset Value Funds may also use an independent pricing service approved by the Board of Trustees (the “Board”) to value certain securities, including the use of electronic and matrix techniques. Investments in open-end investment companies, including underlying funds invested in by the Funds of Funds, are valued at their respective net asset values as reported by such companies. Investments in closed-end investment companies and exchange traded funds are valued at their market values based upon the latest available sale price or, absent such a price, by reference to the latest available bid prices in the principal market in which such securities are normally traded. The differences between cost and fair value of investments are reflected as either unrealized appreciation or depreciation. Securities for which market quotations are not readily available or deemed unreliable (e.g., an approved pricing service does not provide a price, a furnished price is in error, certain stale prices, or an event occurs that materially affects the furnished price) will be fair valued in accordance with procedures established in good faith under the general supervision of the Board. At March 31, 2015, Sterling Capital Long/Short Equity Fund has a security valued by Pricing Committee recorded at fair value of $294,218 and represents 0.28% of net assets.
Fair value pricing may be used if events materially affecting the value of foreign securities occur between the time when the exchange on which they are traded closes and the time when the Sterling Capital Behavioral International Equity Fund’s net asset value is calculated; such securities may be valued at fair value in accordance with procedures adopted by the Board.
Fair Value Measurements — The objective of a fair value measurement is to determine the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). Accordingly, the fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy are described as follows:
Ÿ Level 1 – quoted prices in active markets for identical securities
Ÿ Level 2 – based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)
Ÿ Level 3 – based on significant unobservable inputs (including a Fund’s own assumptions in determining the fair value of investments)
126
Sterling Capital Funds |
Notes to Financial Statements — (continued) |
March 31, 2015 (Unaudited) |
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. During the period ended March 31, 2015, there were no significant changes to the valuation policies and procedures.
The summary of inputs used to determine the fair value of each Fund’s investments as of March 31, 2015 is as follows:
Level 1– Quoted Prices | Level 2– Other Significant Observable Inputs | Level 3– Significant Unobservable Inputs | Total | |||||||||||||||||
Assets: | ||||||||||||||||||||
Investments in Securities | ||||||||||||||||||||
Sterling Capital Behavioral Large Cap Value Equity Fund | $ | 286,598,692(a | ) | $ | — | $ | �� | $ | 286,598,692 | |||||||||||
Sterling Capital Mid Value Fund | 771,136,391(a | ) | — | — | 771,136,391 | |||||||||||||||
Sterling Capital Behavioral Small Cap Value Equity Fund | 136,111,929(a | ) | — | — | 136,111,929 | |||||||||||||||
Sterling Capital Special Opportunities Fund | 899,169,098(a | ) | — | — | 899,169,098 | |||||||||||||||
Sterling Capital Equity Income Fund | 1,786,514,946(a | ) | — | — | 1,786,514,946 | |||||||||||||||
Sterling Capital Long/Short Equity Fund | 102,680,971(a | ) | 1,765,468(a | ) | — | 104,446,439 | ||||||||||||||
Sterling Capital Behavioral International Equity Fund | 23,401,722(a | ) | — | — | 23,401,722 | |||||||||||||||
Sterling Capital Ultra Short Bond Fund | 534,813(b | ) | 43,029,486(a | ) | — | 43,564,299 | ||||||||||||||
Sterling Capital Short Duration Bond Fund | 939,323(b | ) | 90,268,247(a | ) | — | 91,207,570 | ||||||||||||||
Sterling Capital Intermediate U.S. Government Fund | 1,040,476(b | ) | 33,035,124(a | ) | — | 34,075,600 | ||||||||||||||
Sterling Capital Total Return Bond Fund | 13,180,792(b | ) | 678,533,978(a | ) | — | 691,714,770 | ||||||||||||||
Sterling Capital Corporate Fund | 859,938(b | ) | 57,476,562(a | ) | — | 58,336,500 | ||||||||||||||
Sterling Capital Securitized Opportunities Fund | 853,098(b | ) | 41,214,679(a | ) | — | 42,067,777 | ||||||||||||||
Sterling Capital Kentucky Intermediate Tax-Free Fund | 565,229(b | ) | 14,251,299(a | ) | — | 14,816,528 | ||||||||||||||
Sterling Capital Maryland Intermediate Tax-Free Fund | 1,324,366(b | ) | 35,434,625(a | ) | — | 36,758,991 | ||||||||||||||
Sterling Capital North Carolina Intermediate Tax-Free Fund | 3,452,685(b | ) | 196,251,931(a | ) | — | 199,704,616 | ||||||||||||||
Sterling Capital South Carolina Intermediate Tax-Free Fund | 3,027,898(b | ) | 66,793,095(a | ) | — | 69,820,993 | ||||||||||||||
Sterling Capital Virginia Intermediate Tax-Free Fund | 3,749,392(b | ) | 116,803,717(a | ) | — | 120,553,109 | ||||||||||||||
Sterling Capital West Virginia Intermediate Tax-Free Fund | 1,578,673(b | ) | 100,542,381(a | ) | — | 102,121,054 | ||||||||||||||
Sterling Capital Strategic Allocation Conservative Fund | 18,860,793(a | ) | — | — | 18,860,793 | |||||||||||||||
Sterling Capital Strategic Allocation Balanced Fund | 38,677,234(a | ) | — | — | 38,677,234 | |||||||||||||||
Sterling Capital Strategic Allocation Growth Fund | 27,269,516(a | ) | — | — | 27,269,516 | |||||||||||||||
Liabilities: | ||||||||||||||||||||
Investments Sold Short | ||||||||||||||||||||
Sterling Capital Long/Short Equity Fund | $ | 29,746,134(a | ) | $ | — | $ | — | $ | 29,746,134 | |||||||||||
Other Financial Instruments- | ||||||||||||||||||||
Written Options (Equity Risk) | ||||||||||||||||||||
Sterling Capital Special Opportunities Fund (c) | 522,100 | — | — | 522,100 | ||||||||||||||||
Sterling Capital Equity Income Fund (c) | 630,625 | — | — | 630,625 | ||||||||||||||||
Sterling Capital Long/Short Equity Fund (c) | 36,888 | — | — | 36,888 | ||||||||||||||||
| ||||||||||||||||||||
(a) Industries, countries or security types are disclosed in the Schedules of Portfolio Investments. (b) Represents money market funds and/or certain preferred stocks. (c) Other financial instruments are written options shown at value. |
|
The Funds’ policy is to recognize transfers in and transfers out as of the beginning of the reporting period. There were no transfers between Level 1 and Level 2 during the period ended March 31, 2015.
Cash and Cash Equivalents — The Funds consider liquid assets deposited with a bank, and certain short term debt instruments with original maturities of three months or less to be cash equivalents. These investments represent amounts held with financial institutions that are readily accessible to pay Fund expenses or investments. The Funds may invest their excess cash in the Federated Treasury Obligations Fund or a similar money market fund or other short-term investment.
Credit Enhancements — Certain obligations held in the Funds have credit enhancement or liquidity features that may, under certain circumstances, provide for repayment of principal and interest on the obligation upon demand date, interest rate reset date or final maturity. These enhancements may include: letters of credit; liquidity guarantees; security purchase agreements; tender option purchase agreements; and third party insurance (i.e., AMBAC).
127
Sterling Capital Funds |
Notes to Financial Statements — (continued) |
March 31, 2015 (Unaudited) |
Derivative Instruments Categorized by Risk Exposure — The Funds’ derivative contracts held at March 31, 2015, are not accounted for as hedging instruments under U.S. GAAP. The following is a summary of the location of the derivative instruments held by the Funds on the Statements of Assets and Liabilities and the category of primary risk exposure as of March 31, 2015:
Fair Values of Derivative Instruments | Statements of Assets and Liabilities Location | Sterling Capital Special Opportunities Fund | Sterling Capital Equity Income Fund | Sterling Capital Long/Short Equity Fund | ||||
Liabilities | ||||||||
Equity contracts | Call options written | $522,100 | $630,625 | $36,888 |
The effect of derivative financial instruments on the Statements of Operations for the period ended March 31, 2015:
Net Realized Gain (Loss) | Sterling Capital Special Opportunities Fund | Sterling Capital Equity Income Fund | Sterling Capital Long/Short Equity Fund | |||
Options (equity contracts)* | $900,801 | $1,141,631 | $(91,740) |
* | Purchased options gain/loss are included in realized gain (loss) on investments. |
Net Change in Unrealized Appreciation (Depreciation) | Sterling Capital Special Opportunities Fund | Sterling Capital Equity Income Fund | Sterling Capital Long/Short Equity Fund | |||
Written options (equity contracts) | $(293,132) | $(510,561) | $(14,367) |
For the period ended March 31, 2015, the average quarterly balance of derivative financial instruments were as follows:
Sterling Capital Special Opportunities Fund | Sterling Capital Equity Income Fund | Sterling Capital Long/Short Equity Fund | |||||||||||||
Options (Equity Risk) | |||||||||||||||
Average number of written option contracts | 4,950 | 2,975 | 533 | ||||||||||||
Average premium of written option contracts | $983,378 | $907,073 | $117,893 | ||||||||||||
Average number of purchased option contracts | — | — | 318 | ||||||||||||
Average premium of purchased option contracts | $ — | $ — | $ 11,261 |
Distributions to Shareholders — Dividends from net investment income are declared daily and paid monthly for Sterling Capital Ultra Short Bond Fund, Sterling Capital Short Duration Bond Fund, Sterling Capital Intermediate U.S. Government Fund, Sterling Capital Total Return Bond Fund, Sterling Capital Corporate Bond Fund, Sterling Capital Securitized Opportunities Fund and the Tax-Free Funds. Dividends from net investment income are declared and paid quarterly for Sterling Capital Behavioral Large Cap Value Equity Fund, Sterling Capital Mid Value Fund, Sterling Capital Behavioral Small Cap Value Equity Fund, Sterling Capital Special Opportunities Fund, Sterling Capital Equity Income Fund and the Funds of Funds if the annualized yield of the distribution exceeds an amount determined annually by the Board. Dividends from net investment income for Sterling Capital Long/Short Equity Fund and Sterling Capital Behavioral International Equity Fund are declared and paid annually. Distributable net realized gains, if any, are declared and distributed at least annually. Distributions to shareholders that exceed net investment income and net realized gains for tax purposes are reported as distributions of capital.
Foreign Currency Translation — The accounting records of the Sterling Capital Behavioral International Equity Fund are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars at the latest foreign exchange bid quotation (from an approved pricing vendor) to determine the fair value of investments, assets and liabilities. Purchases and sales of securities, income and expenses are translated at the prevailing rate of exchange, on the respective dates of such transactions. The Sterling Capital Behavioral International Equity Fund does not isolate that portion of the results of
128
Sterling Capital Funds |
Notes to Financial Statements — (continued) |
March 31, 2015 (Unaudited) |
operations resulting from changes in foreign exchange rates on investments from fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss from investments and foreign currencies.
Forward Foreign Currency Exchange Contracts — The Sterling Capital Behavioral International Equity Fund, the Sterling Capital Long/Short Equity Fund, the Sterling Capital Ultra Short Bond Fund, the Sterling Capital Short Duration Bond Fund, the Sterling Capital Total Return Bond Fund and the Sterling Capital Corporate Fund may enter into forward foreign currency exchange contracts (foreign currency exchange risk) in connection with planned purchases or sales of securities or to hedge the U.S. dollar value of Funds securities denominated in a particular currency. A foreign currency exchange contract is an agreement between two parties to buy and sell a currency at a set exchange rate on a future date. The Funds can be exposed to risks if the counterparties to the contracts are unable to meet the terms of their contracts and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar. In the event of default by the counterparty to the transaction, the Funds’ maximum amount of loss, as either the buyer or seller, is the unrealized gain of the contract. The forward foreign currency exchange contracts are adjusted by the daily exchange rate of the underlying currency and any gains or losses are recorded for financial statement purposes as unrealized gains or losses until the contract settlement date. When the contract is closed, the Funds record a realized gain (loss) equal to the difference between the value at the time it was opened and the value at the time it was closed.
Expenses and Allocation Methodology — Expenses directly attributable to a Fund are charged to that Fund. Expenses not directly attributable to a Fund are allocated proportionately among all Funds daily in relation to the net assets of each Fund or on another reasonable basis. Each class of shares bears its pro-rata portion of expenses attributable to its series, except that each class separately bears expenses related specifically to that class, such as distribution fees. Expenses that are attributable to both the Trust and the Sterling Capital Variable Insurance Funds are allocated across the Funds and Sterling Capital Variable Insurance Funds, based upon relative net assets or on another reasonable basis. Income and realized and unrealized gains or losses on investments are allocated to each class of shares based on its relative net assetsor another appropriate basis.
Mortgage Dollar Rolls — The Variable Net Asset Value Funds may sell mortgage-backed securities for delivery in the current month and simultaneously contract to repurchase substantially similar (same type, coupon and maturity) securities on a specific future date at an agreed-upon price. The market value of the securities that a Fund is required to purchase may decline below the agreed upon repurchase price of those securities. Pools of mortgages collateralizing those securities may have different prepayment histories than those sold. During the period between the sale and repurchase, a Fund will not be entitled to receive interest and principal payments on the securities sold. Proceeds of the sale will be invested in additional instruments for a Fund, and the income from these investments will generate income for a Fund. If such income does not exceed the income, capital appreciation and gain or loss that would have been realized on the securities sold as part of the dollar roll, the use of this technique will diminish the investment performance of a Fund compared with what the performance would have been without the use of dollar rolls. The Funds account for mortgage dollar roll transactions as purchases and sales.
Offering Costs — Offering costs are amortized on a straight-line basis over one year from each Fund’s respective commencement of operations. In the event that any of the initial shares are redeemed during the period of amortization of a Fund’s offering costs, the redemption proceeds will be reduced by any such unamortized offering costs in the same proportion as the number of shares being redeemed bears to the number of those shares outstanding at the time of redemption.
Options Contracts — Sterling Capital Special Opportunities Fund and Sterling Capital Equity Income Fund write (sell) “covered” call options on securities and purchase options on securities to close out options previously written by them. Sterling Capital Long/Short Equity Fund purchases put options, which gives a Fund the right to sell a specified amount of an underlying security at a specified price within a specified time. These transactions are entered into to hedge against changes in security prices (equity risk) or for the purposes of earning additional income (i.e., speculation).
The risk associated with purchasing an option is that a Fund pays a premium whether or not the option is exercised. Additionally, the Funds bear the risk of loss of the premium and change in value should the counterparty not perform under the contract. Put and call options purchased are accounted for in the same manner as other securities owned. The cost of securities acquired through the exercise of call options is increased by the premiums paid. The proceeds from securities sold through the exercise of put options are decreased by the premiums paid.
129
Sterling Capital Funds |
Notes to Financial Statements — (continued) |
March 31, 2015 (Unaudited) |
In writing an option, a Fund contracts with a specified counterparty to purchase (put option written) or sell (call option written) a specified quantity (notional amount) of an underlying asset at a specified price during a specified period upon demand of the counterparty. The risk associated with writing an option is that the Funds bear the market risk of an unfavorable change in the price of an underlying asset and are required to buy or sell an underlying asset under the contractual terms of the option at a price different from the current value. The Funds execute transactions in both listed and over-the-counter options. When purchasing over-the-counter options, a Fund bears the risk of economic loss from counterparty default, equal to the market value of the option. Listed options involve minimal counterparty risk since the listed options are guaranteed against default by the exchange on which they trade. Transactions in over-the-counter options expose the Funds to the risk of default by the counterparty to the transaction. In the event of default by the counterparty to the over-the-counter transaction, the Funds’ maximum amount of loss is the premium paid (as the purchaser) or the unrealized depreciation of the contract (as the writer).
Sterling Capital Special Opportunities, Sterling Capital Equity Income and Sterling Capital Long/Short Equity Funds invested in written options to economically hedge the downside exposure by collecting a premium when sold against the equity holding. Details of written option activity for the period ended March 31, 2015 are as follows:
Sterling Capital Special Opportunities Fund | Sterling Capital Equity Income Fund | Sterling Capital Long/Short Equity Fund | ||||||||||||||||||||||
Covered Call Options | Number of Contracts | Premiums Received | Number of Contracts | Premiums Received | Number of Contracts | Premiums Received | ||||||||||||||||||
Balance at beginning of period | 5,700 | $ | 1,205,292 | 2,813 | $ | 1,282,703 | — | $ | — | |||||||||||||||
Options written | 7,700 | 1,326,405 | 4,725 | 1,016,138 | 936 | 99,592 | ||||||||||||||||||
Options closed | (2,000 | ) | (327,173 | ) | (1,725 | ) | (897,916 | ) | (300 | ) | (77,071 | ) | ||||||||||||
Options expired | (4,900 | ) | (1,010,548 | ) | (3,588 | ) | (654,190 | ) | — | — | ||||||||||||||
Options exercised | (1,800 | ) | (498,517 | ) | (500 | ) | (99,908 | ) | — | — | ||||||||||||||
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Balance at end of period | 4,700 | $ | 695,460 | 1,725 | $ | 646,827 | 636 | $ | 22,521 | |||||||||||||||
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The following is a summary of written call options outstanding as of March 31, 2015:
Number of Contracts | Value | |||||||
Sterling Capital Special Opportunities Fund | ||||||||
Akamai Technologies, Inc., $85.00, 8/21/15 | 1,000 | $ | (111,000 | ) | ||||
EOG Resources, Inc., $110.00, 4/17/15 | 700 | (2,100 | ) | |||||
Lennar Corp, Class A, $50.00, 5/15/15 | 500 | (150,000 | ) | |||||
Lennar Corp, Class A, $55.00, 5/15/15 | 1,000 | (72,000 | ) | |||||
Lennar Corp, Class A, $55.00, 8/21/15 | 500 | (108,000 | ) | |||||
Lennar Corp, Class A, $60.00, 8/21/15 | 1,000 | (79,000 | ) | |||||
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4,700 | $ | (522,100 | ) | |||||
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Sterling Capital Equity Income Fund | ||||||||
Anthem, Inc., $150.00, 9/18/15 | 500 | $ | (600,000 | ) | ||||
Time Warner Cable, Inc., $165.00, 4/17/15 | 1,225 | (30,625 | ) | |||||
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1,725 | $ | (630,625 | ) | |||||
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Sterling Capital Long/Short Equity Fund | ||||||||
Health Care Select Sector SPDR, $72.00, 6/19/15 | 360 | $ | (36,888 | ) | ||||
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360 | $ | (36,888 | ) | |||||
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Risks Associated with Foreign Securities and Currencies — Investments in securities of foreign issuers carry certain risks not ordinarily associated with investments in securities of domestic issuers. Such risks include future political and economic developments and the possible imposition of exchange controls or other foreign governmental laws and restrictions. In addition, with respect to certain countries, there is the possibility of expropriation of assets, confiscatory taxation, political or social instability or diplomatic developments which could adversely affect investments in those countries. Certain foreign investments may also be subject to foreign withholding taxes.
130
Sterling Capital Funds |
Notes to Financial Statements — (continued) |
March 31, 2015 (Unaudited) |
Securities Transactions and Related Income — During the period, security transactions are accounted for no later than one business day after the trade date. For financial reporting purposes, however, security transactions as of the last business day of the reporting period are accounted for on the trade date. Interest income is recognized on the accrual basis and includes, where applicable, the amortization/accretion of premium or discount. Dividend income is recorded on the ex-dividend date. Gains or losses realized from sales of securities are determined by comparing the identified cost of the security lot sold with the net sales proceeds.
Short Sales — Sterling Capital Long/Short Equity Fund enters into short sale transactions in which it sells a security it may not hold in anticipation of a decline in the market price of that security. When the Fund makes a short sale, it will borrow the security sold short and deliver the security to the counterparty to which it sold the security short. An amount equal to the proceeds received by the Fund is reflected as an asset and an equivalent liability. The amount of the liability is subsequently marked-to-market to reflect the market value of the short sale. The Fund is required to repay the counterparty any dividends received on the security sold short, which is shown as dividend expense in the Statements of Operations. The Fund may pay a fee on the assets borrowed from the counterparty, which is shown as service fees on securities sold short in the Statements of Operations. The Fund maintains a segregated account of deposits of cash with the broker-dealer as collateral for the short sales. The Fund may receive interest on the cash collateral deposited with the broker-dealer. These positions are speculative and may be more risky than “long” positions because the cost of the replacement security or derivative is unknown. Short selling strategies typically reduce returns relative to “long only” strategies during rising equity markets, and involve risk of significant losses; potential loss on uncovered short positions is unlimited. Short selling strategies also involve significant transaction costs.
When-Issued and Forward Commitments — The Funds may purchase securities on a “when-issued” basis. Sterling Capital Behavioral Large Cap Value Equity Fund, Sterling Capital Mid Value Fund, Sterling Capital Behavioral Small Cap Value Equity Fund, Sterling Capital Special Opportunities Fund and Sterling Capital Equity Income Fund may also purchase or sell securities on a forward commitment basis. The Funds record when-issued securities on the trade date and pledge assets with a value at least equal to the purchase commitment for payment of the securities purchased. The value of the securities underlying when-issued or forward commitments to purchase securities, and any subsequent fluctuation in their value, is taken into account when determining the net asset value of the Funds commencing with the date the Funds agree to purchase the securities. The Funds do not accrue interest or dividends on “when-issued” securities until the underlying securities are received.
3. | Purchases and Sales of Securities: |
Purchases and sales of securities (excluding U.S. government securities and securities maturing less than one year from acquisition) for the period ended March 31, 2015 were as follows:
Purchases | Sales | |||||||
Sterling Capital Behavioral Large Cap Value Equity Fund | $ | 179,315,338 | $ | 169,931,522 | ||||
Sterling Capital Mid Value Fund | 106,905,791 | 164,842,097 | ||||||
Sterling Capital Behavioral Small Cap Value Equity Fund | 56,670,961 | 63,475,147 | ||||||
Sterling Capital Special Opportunities Fund | 46,583,138 | 291,443,887 | ||||||
Sterling Capital Equity Income Fund | 272,731,868 | 478,138,973 | ||||||
Sterling Capital Long/Short Equity Fund | 186,311,491 | 181,185,340 | ||||||
Sterling Capital Behavioral International Equity Fund | 31,445,370 | 8,528,925 | ||||||
Sterling Capital Ultra Short Bond Fund | 17,255,669 | 24,332,015 | ||||||
Sterling Capital Short Duration Bond Fund | 16,660,697 | 15,476,666 | ||||||
Sterling Capital Intermediate U.S. Government Fund | 996,250 | 1,816,660 | ||||||
Sterling Capital Total Return Bond Fund | 201,684,654 | 20,510,580 | ||||||
Sterling Capital Corporate Fund | 14,698,580 | 6,862,066 | ||||||
Sterling Capital Securitized Opportunities Fund | 4,709,509 | 520,028 | ||||||
Sterling Capital Kentucky Intermediate Tax-Free Fund | 1,470,580 | 2,082,508 | ||||||
Sterling Capital Maryland Intermediate Tax-Free Fund | 3,198,113 | 4,259,734 | ||||||
Sterling Capital North Carolina Intermediate Tax-Free Fund | 24,139,827 | 25,592,559 | ||||||
Sterling Capital South Carolina Intermediate Tax-Free Fund | 6,579,433 | 5,308,267 |
131
Sterling Capital Funds |
Notes to Financial Statements — (continued) |
March 31, 2015 (Unaudited) |
Purchases | Sales | |||||||
Sterling Capital Virginia Intermediate Tax-Free Fund | $ | 11,087,275 | $ | 12,877,121 | ||||
Sterling Capital West Virginia Intermediate Tax-Free Fund | 4,693,175 | 5,692,516 | ||||||
Sterling Capital Strategic Allocation Conservative Fund | 5,898,613 | 6,098,000 | ||||||
Sterling Capital Strategic Allocation Balanced Fund | 17,753,091 | 18,165,000 | ||||||
Sterling Capital Strategic Allocation Growth Fund | 14,662,078 | 14,831,000 |
Purchases and sales of U.S. government securities (excluding securities maturing less than one year from acquisition) for the period ended March 31, 2015 were as follows:
Purchases | Sales | |||||||
Sterling Capital Long/Short Equity Fund | $ | 283,187 | $ | 130,309 | ||||
Sterling Capital Ultra Short Bond Fund | 120,322 | 77,452 | ||||||
Sterling Capital Short Duration Bond Fund | 9,567,577 | 9,355,920 | ||||||
Sterling Capital Intermediate U.S. Government Fund | 7,847,208 | 10,137,772 | ||||||
Sterling Capital Total Return Bond Fund | 98,247,892 | 56,628,318 | ||||||
Sterling Capital Securitized Opportunities Fund | 4,502,472 | 2,371,862 |
4. | Investments in Affiliated Issuers: |
A summary of the Funds’ transactions in the shares of affiliated issuers during the period ended March 31, 2015 is as follows:
Shares Held at September 30, 2014 | Shares Purchased | Shares Sold | Shares Held at March 31, 2015 | Value at March 31, 2015 | Dividend Income October 1, 2014- March 31, 2015 | Distributions and Net Realized Gain (Loss) October 1, 2014- March 31, 2015 | ||||||||||||||||||||||
Sterling Capital Strategic Allocation Conservative Fund | ||||||||||||||||||||||||||||
Sterling Capital Behavioral International Equity Fund, Institutional Shares | — | 379,037 | 40,500 | 338,537 | $ | 3,415,837 | $ | 9,548 | $ | 1,999 | ||||||||||||||||||
Sterling Capital Equity Income Fund, Institutional Shares | 194,874 | 13,377 | 115,845 | 92,406 | 1,735,378 | 18,291 | 298,790 | |||||||||||||||||||||
Sterling Capital Long/Short Equity Fund, Institutional Shares | — | 114,547 | 597 | 113,950 | 1,146,334 | — | 125 | |||||||||||||||||||||
Sterling Capital Special Opportunities Fund, Institutional Shares | 154,500 | 13,794 | 96,549 | 71,745 | 1,735,509 | — | 552,761 | |||||||||||||||||||||
Sterling Capital Total Return Bond Fund, Institutional Shares | 1,027,740 | 39,582 | 102,387 | 964,935 | 10,421,296 | 184,753 | 63,884 | |||||||||||||||||||||
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Total Affiliates | 1,377,114 | 560,337 | 355,878 | 1,581,573 | $ | 18,454,354 | $ | 212,592 | $ | 917,559 | ||||||||||||||||||
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Sterling Capital Strategic Allocation Balanced Fund | ||||||||||||||||||||||||||||
Sterling Capital Behavioral International Equity Fund, Institutional Shares | — | 1,161,600 | 125,016 | 1,036,584 | $ | 10,459,138 | $ | 29,015 | $ | (2,155 | ) | |||||||||||||||||
Sterling Capital Equity Income Fund, Institutional Shares | 602,678 | 28,627 | 348,263 | 283,042 | 5,315,522 | 55,751 | 884,501 | |||||||||||||||||||||
Sterling Capital Long/Short Equity Fund, Institutional Shares | — | 390,948 | — | 390,948 | 3,932,935 | — | — | |||||||||||||||||||||
Sterling Capital Special Opportunities Fund, Institutional Shares | 477,790 | 32,464 | 290,584 | 219,670 | 5,313,812 | — | 1,679,192 | |||||||||||||||||||||
Sterling Capital Total Return Bond Fund, Institutional Shares | 1,388,302 | 96,084 | 291,873 | 1,192,513 | 12,879,138 | 239,979 | 196,377 | |||||||||||||||||||||
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Total Affiliates | 2,468,770 | 1,709,723 | 1,055,736 | 3,122,757 | $ | 37,900,545 | $ | 324,745 | $ | 2,757,915 | ||||||||||||||||||
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132
Sterling Capital Funds |
Notes to Financial Statements — (continued) |
March 31, 2015 (Unaudited) |
Shares Held at September 30, 2014 | Shares Purchased | Shares Sold | Shares Held at March 31, 2015 | Value at March 31, 2015 | Dividend Income October 1, 2014- March 31, 2015 | Distributions and Net Realized Gain (Loss) October 1, 2014- March 31, 2015 | ||||||||||||||||||||||
Sterling Capital Strategic Allocation Growth Fund | ||||||||||||||||||||||||||||
Sterling Capital Behavioral International Equity Fund, Institutional Shares | — | 1,025,954 | 102,290 | 923,664 | $ | 9,319,767 | $ | 25,844 | $ | (2,903 | ) | |||||||||||||||||
Sterling Capital Equity Income Fund, Institutional Shares | 533,434 | 9,891 | 291,115 | 252,210 | 4,736,509 | 49,661 | 744,559 | |||||||||||||||||||||
Sterling Capital Long/Short Equity Fund, Institutional Shares | — | 333,242 | — | 333,242 | 3,352,412 | — | — | |||||||||||||||||||||
Sterling Capital Special Opportunities Fund, Institutional Shares | 422,929 | 16,290 | 243,453 | 195,766 | 4,735,575 | — | 1,413,596 | |||||||||||||||||||||
Sterling Capital Total Return Bond Fund, Institutional Shares | 595,007 | 53,377 | 212,039 | 436,345 | 4,712,530 | 97,938 | 164,586 | |||||||||||||||||||||
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Total Affiliates | 1,551,370 | 1,438,754 | 848,897 | 2,141,227 | $ | 26,856,793 | $ | 173,443 | $ | 2,319,838 | ||||||||||||||||||
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5. | Related Party Transactions: |
Under the terms of the investment advisory agreement, Sterling Capital Management LLC (“Sterling Capital” or the “Advisor”) is entitled to receive fees based on a percentage of the average daily net assets of the Funds. These fees are accrued daily and payable on a monthly basis and are reflected on the Statements of Operations as “Investment advisory fees.” Sterling Capital’s waived investment advisory fees are included on the Statements of Operations as “Less expenses waived by the Investment Advisor.” Information regarding these transactions is as follows for the period ended March 31, 2015:
Prior to February 1, 2015 | Effective February 1, 2015 | |||||||||||||||
Contractual Fee Rate | Fee Rate after Contractual Waivers | Contractual Fee Rate | Fee Rate after Contractual Waivers | |||||||||||||
Sterling Capital Behavioral Large Cap Value Equity Fund | 0.70% | 0.60%(1) | 0.70% | 0.60%(2) | ||||||||||||
Sterling Capital Mid Value Fund | 0.70% | 0.70% | 0.70% | 0.70% | ||||||||||||
Sterling Capital Behavioral Small Cap Value Equity Fund | 0.75% | 0.75% | 0.75% | 0.75% | ||||||||||||
Sterling Capital Special Opportunities Fund | 0.75%(3) | 0.75%(3) | 0.75%(3) | 0.75%(3) | ||||||||||||
Sterling Capital Equity Income Fund | 0.70%(4) | 0.70%(4) | 0.70%(4) | 0.70%(4) | ||||||||||||
Sterling Capital Long/Short Equity Fund | 1.50% | 1.50% | 1.50% | 1.50% | ||||||||||||
Sterling Capital Behavioral International Equity Fund | 0.80% | 0.65%(5) | 0.80% | 0.65%(2) | ||||||||||||
Sterling Capital Ultra Short Bond Fund | 0.20% | 0.20% | 0.20% | 0.20% | ||||||||||||
Sterling Capital Short Duration Bond Fund | 0.30% | 0.28%(1) | 0.30% | 0.28%(2) | ||||||||||||
Sterling Capital Intermediate U.S. Government Fund | 0.43% | 0.43% | 0.43% | 0.35%(2) | ||||||||||||
Sterling Capital Total Return Bond Fund | 0.37% | 0.27%(6) | 0.37% | 0.27%(2) | ||||||||||||
Sterling Capital Corporate Fund | 0.35% | 0.35% | 0.35% | 0.35% | ||||||||||||
Sterling Capital Securitized Opportunities Fund | 0.35% | 0.31%(1) | 0.35% | 0.31%(2) | ||||||||||||
Sterling Capital Kentucky Intermediate Tax-Free Fund | 0.45% | 0.45% | 0.45% | 0.35%(2) | ||||||||||||
Sterling Capital Maryland Intermediate Tax-Free Fund | 0.45% | 0.45% | 0.45% | 0.35%(2) | ||||||||||||
Sterling Capital North Carolina Intermediate Tax-Free Fund | 0.45% | 0.45% | 0.45% | 0.35%(2) | ||||||||||||
Sterling Capital South Carolina Intermediate Tax-Free Fund | 0.45% | 0.45% | 0.45% | 0.35%(2) | ||||||||||||
Sterling Capital Virginia Intermediate Tax-Free Fund | 0.45% | 0.45% | 0.45% | 0.35%(2) | ||||||||||||
Sterling Capital West Virginia Intermediate Tax-Free Fund | 0.45% | 0.45% | 0.45% | 0.35%(2) | ||||||||||||
Sterling Capital Strategic Allocation Conservative Fund | 0.25% | 0.00%(1) | 0.25% | 0.00%(2) | ||||||||||||
Sterling Capital Strategic Allocation Balanced Fund | 0.25% | 0.00%(1) | 0.25% | 0.00%(2) | ||||||||||||
Sterling Capital Strategic Allocation Growth Fund | 0.25% | 0.00%(1) | 0.25% | 0.00%(2) |
(1) | Sterling Capital contractually agreed to limit the advisory fees paid by the Fund from February 1, 2014 through January 31, 2015. |
(2) | Sterling Capital contractually agreed to limit the advisory fees paid by the Fund from February 1, 2015 through January 31, 2016. |
(3) | The Fund pays 0.75% on the first $1 billion of average net assets, 0.70% on the next $1 billion of average net assets, 0.65% on the next $2 billion of average net assets, and 0.60% of average net assets over $4 billion. |
133
Sterling Capital Funds |
Notes to Financial Statements — (continued) |
March 31, 2015 (Unaudited) |
(4) | The Fund pays 0.70% on the first $2 billion of average net assets, 0.65% on the next $2 billion of average net assets, and 0.60% of average net assets over $4 billion. |
(5) | Effective on November 28, 2014, Sterling Capital contractually agreed to limit the advisory fees paid by the Fund to 0.65% from November 28, 2014 through January 31, 2016. |
(6) | Prior to September 29, 2014, Sterling Capital contractually agreed to limit the advisory fees paid by the Fund to 0.37%. |
Pursuant to sub-advisory agreements with Sterling Capital, during the reporting periods, Highland Capital Healthcare Advisors, L.P., Gator Capital Management, Lucas Capital Management LLC, and Emancipation Capital, LLC served as the sub-advisors to the Sterling Capital Long/Short Equity Fund, subject to the general supervision of the Funds’ Board of Trustees and Sterling Capital. For their services, sub-advisors are entitled to a fee, payable by Sterling Capital.
Sterling Capital serves as the administrator to the Funds pursuant to an administration agreement. The Funds (except the Funds of Funds) pay their portion of a fee to Sterling Capital for providing administration services based on the aggregate assets of the Funds and the Sterling Capital Variable Insurance Funds, excluding the assets of the Funds of Funds, at a rate at a rate of 0.1075% on the first $3.5 billion of average net assets, 0.075% on the next $1 billion of average net assets; 0.06% on the next $1.5 billion of average net assets; and 0.04% of average net assets over $6 billion. Expenses incurred are reflected on the Statements of Operations as “Administration fees.” Pursuant to a sub-administration agreement with Sterling Capital, BNY Mellon Investment Servicing (US) Inc. (“BNY Mellon” or the “Sub-Administrator”), serves as the sub-administrator to the Funds subject to the general supervision of the Board and Sterling Capital. For these services, BNY Mellon is entitled to a fee payable by Sterling Capital.
BNY Mellon serves as the Funds’ fund accountant and transfer agent and receives compensation by the Funds for these services. Expenses incurred are reflected on the Statements of Operations as “Fund accounting fees” and “Transfer agent fees.”
Sterling Capital’s Chief Compliance Officer (“CCO”) serves as the Funds’ CCO. The CCO’s compensation is reviewed and approved by the Funds’ Board and paid by Sterling Capital. However, the Funds reimburse Sterling Capital for their allocable portion of the CCO’s salary. Expenses incurred for the Funds are reflected on the Statements of Operations as “Compliance service fees.”
For the period ended March 31, 2015, the Funds paid $40,885 in brokerage fees to BB&T Securities LLC on the execution of purchases and sales of the Funds’ portfolio investments.
The Funds have adopted a Distribution and Shareholder Services Plan (the “Plan”) in accordance with Rule 12b-1 under the 1940 Act. Sterling Capital Distributors, LLC (“the Distributor”) serves as distributor to the Funds pursuant to an underwriting agreement. The Plan provides for payments to the Distributor of up to 0.25%, 1.00%, 1.00% and 0.50% of the average daily net assets of the Class A Shares, Class B Shares, Class C Shares, and Class R Shares, respectively. The Distributor is entitled to receive commissions on sales of shares of the Variable Net Asset Value Funds. For the period ended March 31, 2015, the Distributor received $354,951 from commissions earned on sales of shares of the Variable Net Asset Value Funds. Commissions paid to affiliated broker-dealers during the period ended March 31, 2015 were $212,406. The fees may be used by the Distributor to pay banks, broker dealers and other institutions, including affiliates of the Advisor.
Sterling Capital and/or its affiliates may pay out of their own bona fide profits compensation to broker-dealers and other persons for the sale and distribution of the shares and/or for the servicing of the shares. These are additional payments over and above the sales charge (including Rule 12b-1 fees) and service fees paid by the Funds. The payments, which may be different for different financial institutions, will not change the price an investor will pay for shares or the amount that a Fund will receive for the sale of shares.
Certain Officers and a Trustee of the Funds are affiliated with Sterling Capital or the Sub-Administrator. Such Officers and Trustee receive no compensation from the Funds for serving in their respective roles. Each of the Trustees who are not interested persons (as defined in the 1940 Act) of the Trust who serve on the Board are compensated at the annual rate of $70,000 plus $5,000 for each regularly scheduled quarterly meeting attended, $4,000 for each special meeting attended in person and $1,500 for each special meeting attended by telephone, plus reimbursement for certain out of pocket expenses. For the period ended December 31, 2014, the Trustee who was an interested person, as defined in the 1940 Act, of the Trust, but not affiliated with Sterling Capital was compensated at the annual rate of $44,000 plus $4,000 for each regularly scheduled quarterly meeting attended, $3,200 for each special meeting attended in person and $1,200 for each special meeting attended by telephone, plus reimbursement for certain out of pocket expenses following which period such Trustee was compensated as set forth above.
134
Sterling Capital Funds |
Notes to Financial Statements — (continued) |
March 31, 2015 (Unaudited) |
Each Trustee serving on a Committee of the Board receives a fee of $4,000 for each Committee meeting attended in person and $3,000 for each Committee meeting attended by telephone, plus reimbursement for certain out of pocket expenses. Committee meeting fees are only paid when such Committee meetings are not held in conjunction with a regular board meeting. Additionally, the Chairman of the Board receives additional compensation at the annual rate of $20,000, the Audit Committee Chairman receives additional compensation at the annual rate of $15,000, and the Chairman of the Nominations Committee receives additional compensation at the annual rate of $6,000. The fees are allocated across the Trust and the Sterling Capital Variable Insurance Funds based upon relative net assets.
6. | Concentration of Credit Risk: |
The Tax-Free Funds invest primarily in debt instruments of municipal issuers in their respective states. The issuers’ abilities to meet their obligations may be affected by economic developments in a specific state or region.
7. | Line of Credit: |
U.S. Bank, N.A. has made available a credit facility to the Trust, pursuant to an umbrella credit agreement (“the Agreement”). The primary purpose of the Agreement is to allow the Trust to avoid security liquidations that Sterling Capital believes are unfavorable to shareholders. Under the Agreement, an aggregate commitment amount of $50,000,000 has been made available for use by all funds of the Trust. Outstanding principal amounts under the Agreement bear interest at a rate per annum equal to the Prime Rate minus two percent (2%), but never at a rate of less than one percent (1%) per annum. The Agreement expires on March 29, 2016. During the period ended March 31, 2015, each of the following Funds utilized its line of credit:
Average Interest Rate | Average Loan Balance | Number of Days Outstanding | Interest Expense Incurred | Maximum Amount Borrowed | |||||||||||||||||||||
Sterling Capital Behavioral Small Cap Value Equity Fund | 1.25% | $ | 8,973,000 | 1 | $ | 312 | $ | 8,973,000 | |||||||||||||||||
Sterling Capital Equity Income Fund | 1.25% | 3,085,000 | 2 | 215 | 5,607,000 | ||||||||||||||||||||
Sterling Capital Long/Short Equity Fund | 1.25% | 4,715,750 | 12 | 2,012 | 19,492,000 | ||||||||||||||||||||
Sterling Capital Virginia Intermediate Tax- Free Fund | 1.25% | 48,000 | 1 | 2 | 48,000 |
8. | Federal Tax Information: |
It is the policy of each Fund to continue to qualify as a regulated investment company by complying with the provisions available to certain investment companies, as defined in applicable sections of the Internal Revenue Code of 1986, as amended, and to make distributions of net investment income and net realized capital gains sufficient to relieve it from all, or substantially all, federal income taxes. Accordingly, no provision for federal income tax was required in the Funds’ financial statements.
Management evaluates its tax positions to determine if the tax positions taken meet the minimum recognition threshold in connection with accounting for uncertainties in income tax positions taken or expected to be taken for the purposes of measuring and recognizing tax liabilities in the financial statements. Recognition of tax benefits of an uncertain tax position is required only when the position is “more likely than not” to be sustained assuming examination by taxing authorities. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense. During the period, the Funds did not incur any interest or penalties.
Management has analyzed the Funds’ tax positions taken on federal income tax returns for all open tax years (current and prior three tax years), and has concluded that no provision for federal income tax was required in the Funds’ financial statements. The Funds’ federal income and excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state departments of revenue.
Under the Regulated Investment Company Modernization Act of 2010, capital losses originating in taxable years beginning after December 22, 2010 (“post-enactment capital losses”) are carried forward indefinitely. Furthermore, post-enactment capital losses will retain their character as either short-term or long-term capital losses rather than being considered all short-term capital losses as under previous law.
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Sterling Capital Funds |
Notes to Financial Statements — (continued) |
March 31, 2015 (Unaudited) |
At September 30, 2014, the following Funds had net capital loss carryforwards available to offset future net capital gains, if any, to the extent provided by the Treasury regulations:
Amount With No Expiration* | ||||||||||||||||
Short-term Losses | Long-term Losses | Amount | Expires | |||||||||||||
Sterling Capital Behavioral Large Cap Value Equity Fund | $ | — | $ | — | $ | 29,095,125 | 2017 | |||||||||
Sterling Capital Behavioral Large Cap Value Equity Fund | — | — | 10,325,708 | 2018 | ||||||||||||
Sterling Capital Mid Value Fund | — | — | 9,531,273 | 2017 | ||||||||||||
Sterling Capital Behavioral Small Cap Value Equity Fund | — | — | 900,225 | 2016 | ||||||||||||
Sterling Capital Behavioral Small Cap Value Equity Fund | — | — | 2,655,981 | 2017 | ||||||||||||
Sterling Capital Ultra Short Bond Fund | 43,774 | 30,675 | — | — | ||||||||||||
Sterling Capital Short Duration Bond Fund | 917,864 | 932,185 | — | — | ||||||||||||
Sterling Capital Short Duration Bond Fund | — | — | 3,940,976 | 2015 | ||||||||||||
Sterling Capital Short Duration Bond Fund | — | — | 160,380 | 2016 | ||||||||||||
Sterling Capital Short Duration Bond Fund | — | — | 385,647 | 2019 | ||||||||||||
Sterling Capital Intermediate U.S. Government Fund | — | — | 6,852,937 | 2016 | ||||||||||||
Sterling Capital Intermediate U.S. Government Fund | — | — | 37,850 | 2019 | ||||||||||||
Sterling Capital Total Return Bond Fund | 2,987,377 | 371,984 | — | — | ||||||||||||
Sterling Capital Securitized Opportunities Fund | 1,425,099 | 261,397 | — | — | ||||||||||||
Sterling Capital Strategic Allocation Conservative Fund | — | — | 6,458,015 | 2018 | ||||||||||||
Sterling Capital Strategic Allocation Balanced Fund | — | — | 3,907,944 | 2018 | ||||||||||||
Sterling Capital Strategic Allocation Balanced Fund | — | — | 3,964,763 | 2019 | ||||||||||||
Sterling Capital Strategic Allocation Growth Fund | — | — | 5,077,054 | 2018 | ||||||||||||
Sterling Capital Strategic Allocation Growth Fund | — | — | 4,640,596 | 2019 |
* | Post-Enactment Losses: Must be utilized prior to losses subject to expiration. |
The tax character of distributions paid to shareholders during the fiscal year ended September 30, 2014 were as follows:
Distributions paid from | ||||||||||||||||||||
Ordinary Income | Net Long-Term Gains | Total Taxable Distributions | Tax Exempt Distributions | Total Distributions Paid* | ||||||||||||||||
Sterling Capital Behavioral Large Cap Value Equity Fund | $ | 3,094,251 | $ | — | $ | 3,094,251 | $ | — | $ | 3,094,251 | ||||||||||
Sterling Capital Mid Value Fund | 3,012,500 | 38,657,111 | 41,669,611 | — | 41,669,611 | |||||||||||||||
Sterling Capital Behavioral Small Cap Value Equity Fund | 5,104,297 | 10,213,996 | 15,318,293 | — | 15,318,293 | |||||||||||||||
Sterling Capital Special Opportunities Fund | 2,741,737 | 86,313,447 | 89,055,184 | — | 89,055,184 | |||||||||||||||
Sterling Capital Equity Income Fund | 38,056,276 | 63,034,772 | 101,091,048 | — | 101,091,048 | |||||||||||||||
Sterling Capital Ultra Short Bond Fund | 438,098 | — | 438,098 | — | 438,098 | |||||||||||||||
Sterling Capital Short Duration Bond Fund | 2,719,637 | — | 2,719,637 | — | 2,719,637 | |||||||||||||||
Sterling Capital Intermediate U.S. Government Fund | 1,440,912 | — | 1,440,912 | — | 1,440,912 | |||||||||||||||
Sterling Capital Total Return Bond Fund | 17,912,129 | — | 17,912,129 | — | 17,912,129 | |||||||||||||||
Sterling Capital Corporate Fund | 2,127,026 | 814,356 | 2,941,382 | — | 2,941,382 | |||||||||||||||
Sterling Capital Securitized Opportunities Fund | 1,254,105 | — | 1,254,105 | — | 1,254,105 | |||||||||||||||
Sterling Capital Kentucky Intermediate Tax-Free Fund | 1 | — | 1 | 439,323 | 439,324 | |||||||||||||||
Sterling Capital Maryland Intermediate Tax-Free Fund | — | — | — | 763,506 | 763,506 | |||||||||||||||
Sterling Capital North Carolina Intermediate Tax-Free Fund | 199 | — | 199 | 5,036,521 | 5,036,720 | |||||||||||||||
Sterling Capital South Carolina Intermediate Tax-Free Fund | 16,127 | — | 16,127 | 1,469,858 | 1,485,985 | |||||||||||||||
Sterling Capital Virginia Intermediate Tax-Free Fund | 35 | — | 35 | 2,744,709 | 2,744,744 | |||||||||||||||
Sterling Capital West Virginia Intermediate Tax-Free Fund | 3,760 | — | 3,760 | 2,425,001 | 2,428,761 | |||||||||||||||
Sterling Capital Strategic Allocation Conservative Fund | 416,730 | — | 416,730 | — | 416,730 | |||||||||||||||
Sterling Capital Strategic Allocation Balanced Fund | 632,180 | — | 632,180 | — | 632,180 | |||||||||||||||
Sterling Capital Strategic Allocation Growth Fund | 353,149 | — | 353,149 | — | 353,149 |
* | Total distributions paid may differ from the Statements of Changes in Net Assets because distributions are recognized when actually paid for tax purposes. |
Under current tax law, capital losses realized after October 31 and ordinary losses realized after December 31 of a Fund’s fiscal year may be deferred and treated as occurring on the first business day of the following fiscal year for tax purposes. The following Funds had deferred qualified late-year losses, which will be treated as arising on the first business day of the fiscal year ending September 30, 2014:
Qualified Late-Year Capital Losses | ||||
Sterling Capital Equity Income Fund | $ | 2,760,315 | ||
Sterling Capital Intermediate U.S. Government Fund | 246,427 |
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Sterling Capital Funds |
Notes to Financial Statements — (continued) |
March 31, 2015 (Unaudited) |
At March 31, 2015, federal income tax cost, gross unrealized appreciation and gross unrealized depreciation on securities were as follows:
Tax Cost | Gross Tax Unrealized Appreciation | Gross Tax Unrealized Depreciation | Net Tax Unrealized Appreciation (Depreciation) | |||||||||||||
Sterling Capital Behavioral Large Cap Value Equity Fund | $ | 248,429,106 | $ | 43,587,288 | $ | (5,417,702 | ) | $ | 38,169,586 | |||||||
Sterling Capital Mid Value Fund | 605,591,442 | 205,729,640 | (40,184,691 | ) | 165,544,949 | |||||||||||
Sterling Capital Behavioral Small Cap Value Equity Fund | 116,747,257 | 22,007,214 | (2,642,542 | ) | 19,364,672 | |||||||||||
Sterling Capital Special Opportunities Fund | 623,741,574 | 288,007,018 | (12,057,394 | ) | 275,949,624 | |||||||||||
Sterling Capital Equity Income Fund | 1,397,281,607 | 400,701,357 | (11,468,018 | ) | 389,233,339 | |||||||||||
Sterling Capital Long/Short Equity Fund | 77,221,527 | 6,295,263 | (8,779,596 | ) | (2,484,333 | ) | ||||||||||
Sterling Capital Behavioral International Equity Fund | 23,166,349 | 992,156 | (756,783 | ) | 235,373 | |||||||||||
Sterling Capital Ultra Short Bond Fund | 43,864,602 | 21,055 | (321,358 | ) | (300,303 | ) | ||||||||||
Sterling Capital Short Duration Bond Fund | 91,738,131 | 279,359 | (809,920 | ) | (530,561 | ) | ||||||||||
Sterling Capital Intermediate U.S. Government Fund | 33,019,964 | 1,067,002 | (11,366 | ) | 1,055,636 | |||||||||||
Sterling Capital Total Return Bond Fund | 676,512,374 | 18,774,496 | (3,572,100 | ) | 15,202,396 | |||||||||||
Sterling Capital Corporate Fund | 57,077,278 | 1,487,362 | (228,140 | ) | 1,259,222 | |||||||||||
Sterling Capital Securitized Opportunities Fund | 41,170,534 | 1,011,043 | (113,800 | ) | 897,243 | |||||||||||
Sterling Capital Kentucky Intermediate Tax-Free Fund | 13,848,846 | 968,158 | (476 | ) | 967,682 | |||||||||||
Sterling Capital Maryland Intermediate Tax-Free Fund | 35,186,168 | 1,577,807 | (4,984 | ) | 1,572,823 | |||||||||||
Sterling Capital North Carolina Intermediate Tax-Free Fund | 188,753,565 | 11,020,950 | (69,899 | ) | 10,951,051 | |||||||||||
Sterling Capital South Carolina Intermediate Tax-Free Fund | 66,865,889 | 2,963,905 | (8,801 | ) | 2,955,104 | |||||||||||
Sterling Capital Virginia Intermediate Tax-Free Fund | 114,572,067 | 5,995,348 | (14,306 | ) | 5,981,042 | |||||||||||
Sterling Capital West Virginia Intermediate Tax-Free Fund | 97,376,260 | 4,768,708 | (23,914 | ) | 4,744,794 | |||||||||||
Sterling Capital Strategic Allocation Conservative Fund | 17,692,030 | 1,168,764 | — | 1,168,764 | ||||||||||||
Sterling Capital Strategic Allocation Balanced Fund | 36,344,926 | 2,332,308 | — | 2,332,308 | ||||||||||||
Sterling Capital Strategic Allocation Growth Fund | 25,373,805 | 1,895,711 | — | 1,895,711 |
9. | Subsequent Events: |
Management has evaluated the need for the disclosure and/or adjustments resulting from subsequent events through the date the financial statements were issued, and has noted the following item:
On May 15, 2015, the Board of Trustees approved a change in the name of the Sterling Capital Strategic Allocation Conservative Fund to the Sterling Capital Diversified Income Fund and also approved a change in the investment objective of the Fund.
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BOARD CONSIDERATION OF ADVISORY AGREEMENTS (UNAUDITED)
Continuation of Current Advisory Agreement and Sub-Advisory Agreements
The Board of Trustees conducted in-person meetings in August and November 2014 to consider the continuance of the investment advisory agreement between Sterling Capital Funds (the “Trust”) and Sterling Capital Management LLC (“Sterling Capital” or the “Adviser”), the investment adviser to each series of the Trust (the “Funds”), for a new term running through January 31, 2016. The Board of Trustees also considered the continuance of the sub-advisory agreements of Sterling Capital with each of Lucas Capital Management, Gator Capital Management and Highland Capital Healthcare Advisors, L.P. (each, a “Sub-Adviser” and collectively, the “Sub-Advisers”), with respect to the Sterling Capital Long/Short Equity Fund (the “Long/Short Fund”), each for a new term running through January 31, 2016. The above referenced agreements are collectively referred to herein as the “Advisory Agreements” and the Adviser and the Sub-Advisers are collectively referred to herein as the “Advisers.”
The Trustees reviewed extensive material in connection with their consideration of the Advisory Agreements, including data from an independent provider of mutual fund data (as assembled by the Trust’s administrator), which, where applicable, included comparisons with industry averages for comparable funds for advisory fees, 12b-1 fees, and total fund expenses. The Trustees considered the contractual investment advisory fee levels for each Fund, as well as the fee waivers that Sterling Capital had agreed to implement for certain Funds. The Board was assisted in its review by independent legal counsel, who provided a memorandum detailing the legal standards for review of the Advisory Agreements. The Board received detailed presentations from Sterling Capital, including analysis of each Fund’s investment process and performance. The Board also received and considered information from Sterling Capital relating to its profitability in respect of each Fund, and from all Funds in the aggregate. Presentations were also provided by each Sub-Adviser. The Board also received and considered profitability information from the Sub-Advisers with respect to the Long/Short Fund. As part of their deliberations, the Independent Trustees conducted several private meetings with their independent legal counsel, outside the presence of Sterling Capital and other Fund management.
In their deliberations regarding the Advisory Agreements, each Trustee attributed different weights to various factors involved in an analysis of the Advisory Agreements, and in each case no factor alone was considered determinative. The Trustees determined that the arrangements between the Trust and the Advisers, as provided in the Advisory Agreements, were fair and reasonable and that the continuance of the Advisory Agreements was in the best interests of each applicable Fund and its shareholders.
The Trustees considered the following factors, among others, in reaching their conclusions.
Nature, Extent and Quality of Services Provided by the Adviser
The Trustees received and considered information regarding the nature, extent, and quality of the services provided to each Fund under the Advisory Agreements. The Trustees took into account information furnished throughout the year at Trustee meetings, as well as materials furnished specifically in connection with the annual review process. The Trustees conduct periodic meetings with representatives of each Fund’s portfolio management team over the course of the year, and periodically receive “deep dive” attribution analyses regarding specific Funds. The Trustees considered the background and experience of each Adviser’s senior management and the expertise of investment personnel of the Adviser responsible for the day-to-day management of each Fund. The Trustees considered the overall reputation, and the capabilities and commitment of the Advisers to provide high quality service to the applicable Funds.
The Trustees received information concerning the investment philosophy and investment processes applied or to be applied by the Advisers in managing each Fund as well as each Adviser’s Form ADV. The Trustees also considered information regarding regulatory compliance and compliance with the investment policies of the Funds. The Trustees evaluated each Adviser’s trading practices, and considered the procedures of the Advisers designed to fulfill the Advisers’ fiduciary duty to the Funds with respect to possible conflicts of interest, including the Advisers’ codes of ethics (regulating the personal trading of its officers and employees).
Based on their review, the Trustees concluded that, with respect to the nature, extent and quality of services to be provided by the Advisers, the nature and extent of responsibilities was consistent with mutual fund industry norms, and the quality of the services provided or to be provided by the Advisers was or was expected to be satisfactory or better.
Investment Performance
The Trustees considered the performance results of each Fund over various periods in absolute terms and relative to each Fund’s benchmark and peer group. In conducting their review, the Trustees focused particular attention on cases where a Fund’s longer-term performance compared unfavorably with peers. The Trustees noted that Sterling Capital had been proactive in identifying and replacing underperforming portfolio managers and taking other steps to address underperformance concerns with certain Funds.
After reviewing the performance of each Fund and taking into consideration the management style, investment strategies, and prevailing market conditions during the prior year and for longer periods, the Trustees concluded that the performance of each Fund was acceptable or better or that, in cases where performance issues were encountered, Sterling Capital had taken appropriate steps to address the situation.
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Cost of Services, Including the Profits Realized by the Advisers and Affiliates
The Trustees considered peer group information with respect to the advisory fees charged by Sterling Capital to each of the Funds, taking into consideration both contractual and actual (i.e., after fee waivers) fee levels. The Trustees concluded that the investment advisory fees paid by the Funds fell within an acceptable range as compared to peer groups, and were fair and reasonable, particularly in light of the fee waivers agreed to by Sterling Capital through January 2016 (and discussed below under “Economies of Scale”).
As part of their review, the Trustees considered benefits to Sterling Capital aside from investment advisory fees. The Trustees reviewed administration fees received by Sterling Capital and considered the fallout benefits to Sterling Capital such as the research services available to Sterling Capital by reason of brokerage commissions generated by the Funds’ turnover. The Trustees also considered benefits to Sterling Capital’s affiliates, including brokerage commissions received by a Sterling Capital affiliate for executing certain trades on behalf of the Funds. With respect to these trades, the Trustees considered Sterling Capital’s assurances that such trades were effected in accordance with board approved procedures.
The Trustees also considered information from Sterling Capital regarding fees for separate accounts managed by Sterling Capital with investment objectives and strategies similar to those of comparable Funds. The Trustees noted that a representative of Sterling Capital explained that management of the Funds was a much more intensive process than management of separate accounts, including management of cash flows and the need to comply with extensive and complex restrictions set by applicable regulation or established in Fund disclosure documents, and therefore the Trustees concluded that the differences between the services that Sterling Capital provides to the Funds and those it provides to separate accounts substantially limit the probative value of comparisons to those other clients.
The Trustees also considered the reasonableness of current and proposed advisory fees in the context of the profitability of the Advisers. In determining whether the investment advisory fees were reasonable, the Trustees considered profitability information provided by the Advisers with respect to the services they provide to the Funds. With respect to such information, the Trustees recognized that such profitability data was generally unaudited and represented an Adviser’s own determination of its and its affiliates’ revenues from the contractual services provided or expected to be provided to the Funds, less expenses of providing such services. Expenses include direct and indirect costs and were calculated using an allocation methodology developed by the Adviser. The Trustees also recognized that it is difficult to make comparisons of profitability from fund investment advisory contracts, because comparative information is not generally publicly available and could be affected by numerous factors. Based on their review, the Trustees concluded that the profitability of the Advisers as a result of their relationships with the Funds was acceptable.
Based on the foregoing, the Trustees concluded that the fees proposed under the Advisory Agreements were fair and reasonable, in light of the services and benefits provided or expected to be provided to each Fund.
Economies of Scale
The Trustees also considered whether fee levels reflect economies of scale and whether economies of scale would be produced by the growth of the Funds’ assets. The Trustees considered that Sterling Capital had reduced the total expense ratios for a number of Funds in part through fee waivers, including new fee waivers agreed to as part of the 2014 contract review process for the Sterling Capital Total Return Bond Fund, Sterling Capital Intermediate U.S. Government Fund, Sterling Capital Kentucky Intermediate Tax-Free Fund, Sterling Capital Maryland Intermediate Tax-Free Fund, Sterling Capital North Carolina Intermediate Tax-Free Fund, Sterling Capital South Carolina Intermediate Tax-Free Fund, Sterling Capital Virginia Intermediate Tax-Free Fund and Sterling Capital West Virginia Intermediate Tax-Free Fund. In addition, the Trustees noted that Sterling Capital had agreed to implement a new investment advisory fee breakpoint for each of the Sterling Capital Equity Income Fund and Sterling Capital Special Opportunities Fund as part of the 2013 contract review process. The Trustees found that the asset levels of the other Funds were not currently so large as to warrant formal contractual breakpoints.
Approval of Sub-Advisory Agreement for the Sterling Capital Long/Short Equity Fund
The Board of Trustees, at meetings held on August 20-21, 2014, formally considered the approval of a Sub-Advisory Agreement (the “New Sub-Advisory Agreement”) between Sterling Capital (the “Adviser”) and Emancipation Capital LLC (“Emancipation Capital”) with respect to the Long/Short Fund.
With respect to the Long/Short Fund, the Trustees’ determination to approve the New Sub-Advisory Agreement was based on a comprehensive evaluation of all information provided to them. In the process of considering the New Sub-Advisory Agreement, the Trustees considered information regarding, among other things, the nature, extent and quality of services to be provided by the Adviser and Emancipation Capital. The Trustees noted that the Adviser would dedicate personnel and resources to overseeing Emancipation Capital’s activities with respect to the Long/Short Fund and that the Adviser would provide Emancipation Capital with investment parameters with respect to its management of a portion of the Long/Short Fund’s assets. The Trustees received a detailed presentation from Emancipation Capital that included information regarding, among other things, its portfolio construction process, its risk management approach, its experience with respect to comparable investment strategies, and the qualifications and experience of the proposed portfolio management team.
In their deliberations regarding the New Sub-Advisory Agreement, each Trustee attributed different weights to various factors involved in an analysis of the New Sub-Advisory Agreement, and in each case no factor alone was considered determinative. The
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Trustees determined that the terms of the arrangement between the Adviser and Emancipation Capital, as provided in the New Sub-Advisory Agreement, was fair and reasonable and that the approval of the New Sub-Advisory Agreement was in the best interests of the Long/Short Fund and its shareholders.
The Trustees considered the following factors, among others, in reaching their conclusions.
Nature, Extent and Quality of Services Provided by the Adviser and the Sub-Advisers
The Trustees received and considered information regarding the nature, extent, and quality of the services expected to be provided by Emancipation Capital to the Long/Short Fund under the New Sub-Advisory Agreement. The Trustees considered the proposed services to be provided to the Long/Short Fund by Emancipation Capital. The Board also considered the Adviser’s specific responsibilities with respect to oversight of Emancipation Capital as well as the qualifications, experience and responsibilities of the other key personnel that would be involved in the day-to-day activities of the Long/Short Fund. The Trustees concluded that the nature and quality of services that Emancipation Capital would provide to the Long/Short Fund appeared consistent with both those already provided to the Fund by other sub-advisors and industry norms.
The Trustees received information concerning the investment philosophy and investment processes to be applied by Emancipation Capital in managing the Long/Short Fund as well as Emancipation Capital’s Form ADV. The Trustees also considered information regarding regulatory compliance and reviewed Emancipation Capital’s compliance policies and procedures. The Trustees considered the procedures of Emancipation Capital designed to fulfill Emancipation Capital’s fiduciary duty to the Long/Short Fund with respect to possible conflicts of interest, including Emancipation Capital’s code of ethics (regulating the personal trading of its officers and employees).
Based on their review, the Trustees concluded that, with respect to the nature, extent and quality of services to be provided by Emancipation Capital, the nature and extent of responsibilities was consistent with mutual fund industry norms, and that the quality of the services to be provided by Emancipation Capital was expected to be satisfactory or better.
Investment Performance
The Trustees considered Emancipation Capital’s performance record managing a similar strategy to what it will provide for the Long/Short Fund, although noted that different investment restrictions, cash flows and other factors could lead to divergent future performance.
Cost of Services, Including the Profits Realized by the Advisers and Affiliates
The Trustees considered that Emancipation Capital would receive the same sub-advisory fee as the other sub-advisors to the Long/Short Fund. The Trustees noted that Emancipation Capital’s sub-advisory fees were lower than the fees Emancipation Capital typically receives for managing other similar accounts.
The Trustees noted that there was no information available with respect to Emancipation Capital’s profitability from the Long/Short Fund because it had not yet commenced serving as sub-advisor to the Long/Short Fund.
Based on the foregoing, the Trustees concluded that the fees proposed under the New Sub-Advisory Agreement with the Adviser and Emancipation Capital were fair and reasonable, in light of the services and benefits expected to be provided to the Long/Short Fund.
Economies of Scale
The Trustees also considered whether fee levels reflect economies of scale and whether economies of scale would be produced by the growth of the Long/Short Fund’s assets. The Trustees found that the asset levels of the Long/Short Fund were not currently so large as to warrant formal contractual breakpoints and the Fund was unlikely to build its assets to such a point during the initial term of the New Sub-Advisory Agreement. The Trustees also noted that Emancipation Capital’s sub-advisory fees would be paid by the Adviser out of the Adviser’s investment advisory fees, not by the Fund.
Approval of Initial Advisory Agreement for the Sterling Capital Behavioral International Equity Fund
The Board of Trustees, at meetings held in August, October and November 2014, formally considered the approval of an investment advisory agreement (the “New Advisory Agreement”) between the Trust and Sterling Capital, with respect to the Sterling Capital Behavioral International Equity Fund (the “International Fund”).
With respect to the International Fund, the Trustees’ determination to approve the New Advisory Agreement was based on a comprehensive evaluation of all information provided to them. In the process of considering the New Advisory Agreement, the Trustees considered information regarding, among other things, the nature, extent and quality of services to be provided by Sterling Capital. The Trustees received a detailed presentation from Sterling Capital that included information regarding, among other things, Sterling Capital’s risk management approach, its experience with respect to comparable investment strategies, and the qualifications and experience of the proposed portfolio management team.
In their deliberations regarding the New Advisory Agreement, each Trustee attributed different weights to various factors involved in an analysis of the New Advisory Agreement, and in each case no factor alone was considered determinative. The Trustees determined that the terms of the New Advisory Agreement were fair and reasonable and that the approval of the New Advisory Agreement was in the best interests of the International Fund and its shareholders.
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The Trustees considered the following factors, among others, in reaching their conclusions.
Nature, Extent and Quality of Services Provided by the Adviser and the Sub-Advisers
The Trustees received and considered information regarding the nature, extent, and quality of the services expected to be provided to the International Fund under the New Advisory Agreement. The Trustees considered the expertise of the International Fund’s proposed portfolio management team generally and the proposed services to be provided to the International Fund by Sterling Capital. The Trustees concluded that the nature and quality of services that Sterling Capital would provide to the International Fund appeared consistent with both those already provided to the Sterling Capital Funds by Sterling Capital as well as with industry norms.
The Trustees received information concerning the investment philosophy and investment processes to be applied by the Adviser in managing the International Fund as well as the Adviser’s Form ADV. The Trustees also considered information regarding regulatory compliance and the Adviser’s compliance policies and procedures. The Trustees considered the procedures of the Adviser designed to fulfill the Adviser’s fiduciary duty to the International Fund with respect to possible conflicts of interest, including the Adviser’s code of ethics (regulating the personal trading of its officers and employees).
Based on their review, the Trustees concluded that, with respect to the nature, extent and quality of services to be provided by the Adviser, the nature and extent of responsibilities was consistent with mutual fund industry norms, and that the quality of the services provided by the Adviser was satisfactory or better.
Investment Performance
The Trustees noted that the International Fund had not commenced operations at the time of the November 2014 Board meeting and had no historical investment performance. The Trustees considered information regarding the performance of an account managed by Sterling Capital utilizing a substantially similar strategy. The Trustees also noted the strong performance of the Fund’s management team with implementing other “behavioral science” strategies.
Cost of Services, Including the Profits Realized by the Advisers and Affiliates
The Trustees considered peer group comparable information with respect to the advisory fees to be charged by Sterling Capital to the International Fund. The Trustees concluded that the proposed contractual fees were fair and reasonable.
As part of their review, the Trustees considered benefits to Sterling Capital aside from investment advisory fees. The Trustees reviewed administration fees received by Sterling Capital and considered the fallout benefits to Sterling Capital such as the research services available to Sterling Capital by reason of brokerage commissions generated by the Funds’ turnover. The Trustees also considered benefits to Sterling Capital’s affiliates, including brokerage commissions received by a Sterling Capital affiliate for executing certain trades on behalf of the Funds. With respect to these trades, the Trustees considered Sterling Capital’s assurances that such trades were effected in accordance with board approved procedures.
The Trustees also considered information from Sterling Capital regarding fees for a separate account managed by Sterling Capital with an investment objective and strategy similar to those of the Fund. The Trustees noted that a representative of Sterling Capital explained that management of the Fund was a much more intensive process than management of the separate account, including management of cash flows and the need to comply with extensive and complex restrictions set by applicable regulation or established in the Fund’s disclosure documents, and therefore the Trustees concluded that the differences between the services that Sterling Capital provides to the Fund and those it provides to the separate account substantially limit the probative value of comparisons to those other clients.
In the context of the profitability of the Adviser, the Trustees noted that the International Fund had not commenced operations at the time of the November 2014 board meeting and therefore the Adviser had not earned any investment advisory fees with respect to the International Fund.
Based on the foregoing, the Trustees concluded that the fees proposed under the New Advisory Agreement with Sterling Capital were fair and reasonable, in light of the services and benefits provided or expected to be provided to the International Fund.
Economies of Scale
The Trustees also considered whether fee levels reflect economies of scale and whether economies of scale would be produced by the growth of the International Fund’s assets. The Trustees found that the asset levels of the International Fund were not currently so large as to warrant formal contractual breakpoints and the International Fund was unlikely to build its assets to such a point during the initial term of the New Advisory Agreement.
141
Sterling Capital Funds |
March 31, 2015 |
A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities is available (i) without charge, upon request, by calling 1-800-228-1872; and (ii) on the Securities and Exchange Commission’s (the “Commission”) website at http://www.sec.gov.
Information regarding how the Funds voted proxies relating to portfolio securities during the most recent 12-month period ended June 30th is available (i) without charge, upon request, by calling 1-800-228-1872 and (ii) on the Commission’s website at http://www.sec.gov.
The Funds file complete Schedules of Portfolio Holdings with the Commission for the first and third quarters of each fiscal year on Form N-Q. The Funds’ Forms N-Q are available without charge on the Commission’s website at http://www.sec.gov, or may be reviewed and copied at the Commission’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.
142
INVESTMENT ADVISOR
Sterling Capital Management LLC
Two Morrocroft Centre
4064 Colony Road, Suite 300
Charlotte, NC 28211
DISTRIBUTOR
Sterling Capital Distributors, LLC
400 Berwyn Park
899 Cassatt Road
Berwyn, PA 19312
LEGAL COUNSEL
Ropes & Gray LLP
Prudential Tower
800 Boylston Street
Boston, MA 02199
TRANSFER AGENT
BNY Mellon Investment Servicing (US) Inc.
301 Bellevue Parkway
Wilmington, DE 19809
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
KPMG LLP
1601 Market Street
Philadelphia, PA 19103
Item 2. Code of Ethics.
Not applicable.
Item 3. Audit Committee Financial Expert.
Not applicable.
Item 4. Principal Accountant Fees and Services.
Not applicable.
Item 5. Audit Committee of Listed Registrants.
Not applicable.
Item 6. Investments.
(a) | Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period is included as part of the report to shareholders filed under Item 1 of this form. |
(b) | Not applicable. |
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.
Item 10. | Submission of Matters to a Vote of Security Holders. |
There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of trustees, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407) (as required by Item 22(b)(15) of Schedule 14A (17 CFR 240.14a-101)), or this Item.
Item 11. | Controls and Procedures. |
(a) | The registrant’s principal executive officer and principal financial officer have concluded, based on their evaluation of the effectiveness of the design and operation of the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (17 CFR 270.30a-3(c))) as of a date within 90 days of the filing date of this report, that the design and operation of such procedures are effective to provide reasonable assurance that information required to be disclosed by the registrant on Form N-CSR is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms, and that information required to be disclosed by the registrant in the reports that it files or submits on Form N-CSR is accumulated and communicated to the registrant’s management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure. |
(b) | There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d))) that occurred during the second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting. |
Item 12. | Exhibits. |
(a)(1) | Not applicable. |
(a)(2) | Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto. |
(a)(3) | Not applicable. |
(b) | Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes- Oxley Act of 2002 are attached hereto. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) Sterling Capital Funds | ||||||||
By (Signature and Title) /s/ James T. Gillespie | ||||||||
James T. Gillespie, President | ||||||||
(principal executive officer) | ||||||||
Date 5/22/2015 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By (Signature and Title) /s/ James T. Gillespie | ||||||||
James T. Gillespie, President | ||||||||
(principal executive officer) | ||||||||
Date 5/22/2015 |
By (Signature and Title) /s/ Todd M. Miller | ||||||||
Todd M. Miller, Treasurer | ||||||||
(principal executive officer) | ||||||||
Date 5/22/2015 |