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)
3605 Glenwood Ave., Suite 100
Raleigh, NC 27612
(Address of principal executive offices) (Zip code)
James T. Gillespie, President
Sterling Capital Funds
3605 Glenwood Ave., Suite 100
Raleigh, NC 27612
(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, 2019
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, 450 Fifth Street, NW, Washington, DC 20549-0609. 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.
Beginning on January 1, 2021, as permitted by regulations adopted by the U.S. Securities and Exchange Commission, paper copies of the shareholder reports of the Sterling Capital Funds (each, a “Fund” and, collectively, the “Funds”) like this one will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Funds’ website (www.sterlingcapitalfunds.com), and you will be notified by mail each time a report is posted and provided with a website link to access the report.
If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from a Fund electronically anytime by contacting your financial intermediary or, if you are a direct investor, by calling 1-800-228-1872 or by sending an e-mail request to fundinfo@sterlingcapital.com.
Beginning on February 1, 2019, you may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. If you invest directly with a Fund, you can call 1-800-228-1872 or send an email request to fundinfo@sterlingcapital.com to let the Fund know you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all Funds held in your account if you invest through your financial intermediary or all Funds held with the fund complex if you invest directly with a Fund.
Table of Contents
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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, 2018, and March 31, 2019.
The six-month period under review was a story of two halves. After experiencing challenging conditions in late 2018 that drove markets to post significant declines, equity markets rebounded in the first three months of 2019. By the end of the six-month period, most market categories ultimately wound up even with where they started in October 2018.
The slide in major market indexes during the fourth quarter of 2018 stemmed from broad-based political and economic anxiety among investors. U.S. stocks fell sharply early in the period after reaching record highs in September 2018. Concerns with slowing global growth, trade tensions with China and indecisive moves by the U.S. Federal Reserve weighed on investor sentiment. At the same time, a partial government shutdown in the U.S. and the Brexit debate in the U.K. fed political anxiety, raising fears of a global recession. Many of these concerns eased late in the year, helping U.S. stocks recover some of the ground they’d lost between September and mid-December.
U.S. equities continued to rebound in January after the Fed announced a pause in interest rate hikes, the end of the government shutdown came into view and fourth-quarter earnings modestly beat investor expectations. Prolonged low economic growth and significant outperformance from large-cap information technology, communication services and consumer discretionary firms have led U.S. growth equities to outperform value stocks by a wide margin since the financial crisis. Global markets recovered most the ground they’d lost late in 2018.
This volatility in stocks was somewhat at odds with the relatively stability of macro-economic data during the period. For instance, the U.S. economy continued its recent pattern of modest growth, with fourth quarter 2018 GDP rising at an annual rate of 2.6%. Projections for 2019 suggest continued growth but at a slower pace than the previous year, mirroring the performance of developed economies in the eurozone and Far East. Emerging markets are expected to sustain relatively higher growth rates but follow a similar downward trajectory.
Meanwhile, the U.S. unemployment rate leveled out at a 40-year low of 3.7% between September and December, before rising to 4% in January and receding back to 3.8% in February. Employment growth remained solid and steady throughout the six-month period.
The S&P 500® Index1 lost 2.73% during the six months under review. Small-cap stocks lagged larger companies’ shares, with the Russell 2000® Index2 of small-cap stocks losing 8.56%. Mid- and small-cap stocks outperformed large caps in the first quarter of 2019 after trailing throughout the final quarter of 2018.
The U.S. dollar strengthened during the period, while inflation held steady at 2%. Oil prices experienced volatility over the period, with a 24.5% drop in the final months of 2018 followed by a 32.4% surge during the first quarter. Despite the strong rebound, crude prices remain below their year-ago levels.
Continued slow growth in the global economy drove a rebound in international stocks in the first quarter, though they trailed U.S. equities due to lingering concerns about Brexit, negative interest rates in key economies and slowing growth in emerging markets.
Fixed income markets performed well in the final quarter of 2018 as investors sought safety in high-quality bonds. Strong performance in the bond markets continued in the first quarter of 2019 when, after raising rates in five consecutive quarters, the Fed finally paused any additional rate choosing to forgo the expected hike in January. Interest rates declined globally during the period under review and the U.S. yield curve inverted at the end of the period, as yields on 10-year Treasuries dropped below three-month bills. As investors regained their appetite for risk, spreads between certain investment-grade bonds and 10-year Treasuries also contracted. Declining rates drove bond prices higher, producing modest rises in the major bond indexes during the six-month period.
We will continue to monitor the evolving economic and market climate, and will 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
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. |
| 2 | “Russell 2000®” is a registered service mark of FTSE Russell, which does not sponsor and is in no way affiliated with the Sterling Capital Funds. The Russell 2000® Index is a small-cap market index of the bottom 2,000 stocks in the Russell 3000® Index. 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.
Summary of Portfolio Holdings (Unaudited)
Sterling Capital Funds invested, as a percentage of net assets, in the following industries, countries, states, funds or security types, as of March 31, 2019:
| Sterling Capital Behavioral Large Cap Value Equity Fund | Percentage of net assets |
| Aerospace & Defense | 1.4% |
| Airlines | 1.9% |
| Automobiles | 1.7% |
| Banks | 9.2% |
| Biotechnology | 5.3% |
| Capital Markets | 0.9% |
| Chemicals | 0.6% |
| Communications Equipment | 3.3% |
| Consumer Finance | 3.9% |
| Containers & Packaging | 0.9% |
| Diversified Telecommunication Services | 4.9% |
| Electric Utilities | 7.0% |
| Electrical Equipment | 0.9% |
| Equity Real Estate Investment Trusts (REITS) | 6.3% |
| Food & Staples Retailing | 1.5% |
| Food Products | 1.2% |
| Health Care Providers & Services | 5.4% |
| Hotels, Restaurants & Leisure | 1.9% |
| Household Products | 1.1% |
| Independent Power and Renewable Electricity Producers | 0.6% |
| Insurance | 3.2% |
| IT Services | 1.4% |
| Machinery | 3.2% |
| Media | 4.4% |
| Metals & Mining | 0.8% |
| Mortgage Real Estate Investment Trusts (REITS) | 1.0% |
| Multiline Retail | 1.9% |
| Oil, Gas & Consumable Fuels | 8.6% |
| Paper & Forest Products | 0.5% |
| Personal Products | 0.4% |
| Pharmaceuticals | 2.0% |
| Road & Rail | 0.7% |
| Semiconductors & Semiconductor Equipment | 2.7% |
| Software | 2.4% |
| Specialty Retail | 0.8% |
| Technology Hardware, Storage & Peripherals | 1.2% |
| Textiles, Apparel & Luxury Goods | 0.6% |
| Thrifts & Mortgage Finance | 0.4% |
| Tobacco | 2.4% |
| Trading Companies & Distributors | 0.6% |
| Money Market Fund | 1.0% |
| | 100.1% |
| Sterling Capital Mid Value Fund | Percentage of net assets |
| Auto Components | 3.0% |
| Capital Markets | 9.7% |
| Chemicals | 5.1% |
| Commercial Services & Supplies | 1.3% |
| Construction & Engineering | 2.7% |
| Consumer Finance | 5.6% |
| Containers & Packaging | 4.3% |
| Diversified Financial Services | 4.4% |
| Diversified Telecommunication Services | 1.8% |
| Electrical Equipment | 3.3% |
| Electronic Equipment, Instruments & Components | 1.8% |
| Health Care Equipment & Supplies | 3.7% |
| Health Care Providers & Services | 5.4% |
| Household Products | 3.1% |
| Insurance | 7.2% |
| Interactive Media & Services | 0.3% |
| Internet & Direct Marketing Retail | 3.5% |
| IT Services | 3.0% |
| Machinery | 1.6% |
| Media | 4.3% |
| Multiline Retail | 1.5% |
| Oil, Gas & Consumable Fuels | 2.0% |
| Pharmaceuticals | 0.8% |
| Real Estate Management & Development | 5.2% |
| Specialty Retail | 3.9% |
| Technology Hardware, Storage & Peripherals | 4.3% |
| Trading Companies & Distributors | 2.3% |
| Money Market Fund | 5.0% |
| | 100.1% |
Summary of Portfolio Holdings (Unaudited)
| Sterling Capital Behavioral Small Cap Value Equity Fund | Percentage of net assets |
| Aerospace & Defense | 0.3% |
| Air Freight & Logistics | 0.5% |
| Airlines | 0.9% |
| Auto Components | 0.4% |
| Banks | 14.7% |
| Biotechnology | 0.3% |
| Building Products | 0.4% |
| Chemicals | 0.2% |
| Commercial Services & Supplies | 1.0% |
| Communications Equipment | 1.1% |
| Construction & Engineering | 1.1% |
| Consumer Finance | 2.2% |
| Containers & Packaging | 1.0% |
| Distributors | 0.6% |
| Diversified Consumer Services | 0.6% |
| Electric Utilities | 4.5% |
| Electrical Equipment | 0.9% |
| Electronic Equipment, Instruments & Components | 4.0% |
| Energy Equipment & Services | 1.1% |
| Equity Real Estate Investment Trusts (REITS) | 7.0% |
| Food & Staples Retailing | 0.5% |
| Food Products | 0.9% |
| Gas Utilities | 0.6% |
| Health Care Equipment & Supplies | 0.2% |
| Health Care Providers & Services | 2.2% |
| Hotels, Restaurants & Leisure | 0.4% |
| Household Durables | 0.3% |
| Independent Power and Renewable Electricity Producers | 0.8% |
| Insurance | 4.9% |
| Interactive Media & Services | 0.4% |
| IT Services | 1.2% |
| Leisure Products | 0.3% |
| Machinery | 2.0% |
| Marine | 0.5% |
| Media | 0.6% |
| Metals & Mining | 1.8% |
| Mortgage Real Estate Investment Trusts (REITS) | 5.6% |
| Multi -Utilities | 1.7% |
| Oil, Gas & Consumable Fuels | 3.5% |
| Paper & Forest Products | 1.7% |
| Pharmaceuticals | 1.3% |
| Professional Services | 2.1% |
| Road & Rail | 1.0% |
| Semiconductors & Semiconductor Equipment | 2.8% |
| Specialty Retail | 8.7% |
| Technology Hardware, Storage & Peripherals | 0.8% |
| Textiles, Apparel & Luxury Goods | 1.2% |
| Thrifts & Mortgage Finance | 5.7% |
| Trading Companies & Distributors | 0.3% |
| Transportation Infrastructure | 0.3% |
| Exchange Traded Funds | 1.5% |
| Money Market Fund | 1.2% |
| | 99.8% |
| Sterling Capital Special Opportunities Fund | Percentage of net assets |
| Air Freight & Logistics | 2.7% |
| Airlines | 2.9% |
| Auto Components | 3.3% |
| Biotechnology | 3.4% |
| Chemicals | 2.2% |
| Communications Equipment | 6.4% |
| Consumer Finance | 3.7% |
| Entertainment | 3.0% |
| Equity Real Estate Investment Trusts (REITS) | 1.3% |
| Food & Staples Retailing | 1.4% |
| Health Care Equipment & Supplies | 7.2% |
| Health Care Providers & Services | 6.1% |
| Health Care Technology | 3.8% |
| Hotels, Restaurants & Leisure | 4.8% |
| Household Durables | 3.0% |
| Interactive Media & Services | 6.3% |
| IT Services | 4.9% |
| Media | 11.4% |
| Pharmaceuticals | 2.7% |
| Professional Services | 3.7% |
| Real Estate Management & Development | 3.0% |
| Semiconductors & Semiconductor Equipment | 3.8% |
| Software | 8.4% |
| Money Market Fund | 0.6% |
| | 100.0% |
| Sterling Capital Equity Income Fund | Percentage of net assets |
| Air Freight & Logistics | 3.0% |
| Airlines | 2.9% |
| Automobiles | 3.4% |
| Banks | 2.4% |
| Beverages | 3.8% |
| Biotechnology | 3.3% |
| Capital Markets | 3.6% |
| Consumer Finance | 4.4% |
| Diversified Telecommunication Services | 4.1% |
| Equity Real Estate Investment Trusts (REITS) | 4.9% |
| Health Care Equipment & Supplies | 8.0% |
| Health Care Providers & Services | 4.1% |
| Hotels, Restaurants & Leisure | 6.3% |
| Industrial Conglomerates | 3.6% |
| Insurance | 1.8% |
| IT Services | 4.3% |
| Oil, Gas & Consumable Fuels | 8.3% |
| Pharmaceuticals | 8.1% |
| Semiconductors & Semiconductor Equipment | 8.8% |
| Software | 4.9% |
| Specialty Retail | 3.8% |
| Money Market Fund | 2.1% |
| | 99.9% |
Summary of Portfolio Holdings (Unaudited)
| Sterling Capital Behavioral International Equity Fund | Percentage of net assets |
| Australia | 8.8% |
| Austria | 1.1% |
| Belgium | 3.0% |
| Denmark | 1.1% |
| Finland | 0.2% |
| France | 10.7% |
| Germany | 6.5% |
| Hong Kong | 2.2% |
| Israel | 0.2% |
| Italy | 4.0% |
| Japan | 23.3% |
| Netherlands | 6.2% |
| Norway | 1.0% |
| Singapore | 1.6% |
| Spain | 3.5% |
| Sweden | 2.0% |
| Switzerland | 6.8% |
| United Kingdom | 15.3% |
| United States | 1.1% |
| Money Market Fund | 0.0%* |
| | 98.6% |
| * | Amount represents less than 0.05%. |
| Sterling Capital SMID Opportunities Fund | Percentage of net assets |
| Airlines | 3.7% |
| Auto Components | 2.5% |
| Banks | 6.1% |
| Commercial Services & Supplies | 4.1% |
| Containers & Packaging | 4.5% |
| Diversified Consumer Services | 3.5% |
| Electronic Equipment, Instruments & Components | 5.2% |
| Entertainment | 1.6% |
| Health Care Equipment & Supplies | 3.4% |
| Health Care Providers & Services | 9.3% |
| Hotels, Restaurants & Leisure | 8.2% |
| Household Durables | 2.7% |
| IT Services | 21.6% |
| Oil, Gas & Consumable Fuels | 2.3% |
| Real Estate Management & Development | 3.9% |
| Road & Rail | 4.5% |
| Software | 4.5% |
| Specialty Retail | 6.1% |
| Money Market Fund | 2.0% |
| | 99.7% |
| Sterling Capital Stratton Mid Cap Value Fund | Percentage of net assets |
| Auto Components | 1.3% |
| Banks | 8.0% |
| Capital Markets | 1.5% |
| Chemicals | 1.6% |
| Construction & Engineering | 1.9% |
| Containers & Packaging | 5.4% |
| Electronic Equipment, Instruments & Components | 3.8% |
| Entertainment | 2.5% |
| Equity Real Estate Investment Trusts (REITS) | 13.5% |
| Food & Staples Retailing | 4.8% |
| Food Products | 2.7% |
| Gas Utilities | 5.7% |
| Health Care Equipment & Supplies | 3.6% |
| Hotels, Restaurants & Leisure | 1.6% |
| Household Durables | 1.7% |
| Industrial Conglomerates | 1.5% |
| Insurance | 7.4% |
| IT Services | 5.1% |
| Life Sciences Tools & Services | 6.8% |
| Machinery | 1.8% |
| Oil, Gas & Consumable Fuels | 7.3% |
| Semiconductors & Semiconductor Equipment | 1.3% |
| Software | 1.6% |
| Trading Companies & Distributors | 3.7% |
| Money Market Fund | 3.9% |
| | 100.0% |
| Sterling Capital Stratton Real Estate Fund | Percentage of net assets |
| Diversified | 4.2% |
| Health Care | 10.7% |
| Hotel & Resort | 7.3% |
| Industrial | 6.2% |
| Office | 10.1% |
| Residential | 17.5% |
| Retail | 15.5% |
| Specialized | 26.1% |
| Money Market Fund | 2.0% |
| | 99.6% |
| Sterling Capital Stratton Small Cap Value Fund | Percentage of net assets |
| Aerospace & Defense | 2.6% |
| Airlines | 2.0% |
| Banks | 19.7% |
| Capital Markets | 1.1% |
| Chemicals | 1.8% |
| Communications Equipment | 1.4% |
| Construction & Engineering | 2.7% |
| Electric Utilities | 5.3% |
| Electrical Equipment | 2.0% |
| Electronic Equipment, Instruments & Components | 3.2% |
| Entertainment | 0.9% |
| Equity Real Estate Investment Trusts (REITS) | 14.7% |
| Food & Staples Retailing | 5.4% |
| Food Products | 2.1% |
| Gas Utilities | 2.7% |
| Health Care Equipment & Supplies | 2.4% |
| Health Care Providers & Services | 2.2% |
| Insurance | 5.2% |
| IT Services | 3.2% |
| Machinery | 5.0% |
| Oil, Gas & Consumable Fuels | 2.4% |
| Semiconductors & Semiconductor Equipment | 3.6% |
| Software | 1.9% |
| Thrifts & Mortgage Finance | 1.3% |
| Trading Companies & Distributors | 1.3% |
| Money Market Fund | 3.8% |
| | 99.9% |
Summary of Portfolio Holdings (Unaudited)
| Sterling Capital Ultra Short Bond Fund | Percentage of net assets |
| Asset Backed Securities | 24.0% |
| Collateralized Mortgage Obligations | 2.4% |
| Commercial Mortgage-Backed Securities | 3.1% |
| Commercial Paper | 0.8% |
| Corporate Bonds | 70.7% |
| Municipal Bonds | 0.5% |
| Money Market Fund | 2.6% |
| | 104.1% |
| Sterling Capital Short Duration Bond Fund | Percentage of net assets |
| Asset Backed Securities | 18.5% |
| Collateralized Mortgage Obligations | 3.0% |
| Commercial Mortgage-Backed Securities | 4.9% |
| Corporate Bonds | 65.6% |
| Municipal Bonds | 0.8% |
| U.S. Treasury Notes | 6.0% |
| Money Market Fund | 0.8% |
| | 99.6% |
| Sterling Capital Intermediate U.S. Government Fund | Percentage of net assets |
| Asset Backed Securities | 1.2% |
| Collateralized Mortgage Obligations | 14.5% |
| Commercial Mortgage-Backed Securities | 5.4% |
| Corporate Bonds | 2.6% |
| Mortgage-Backed Securities | 16.4% |
| Municipal Bonds | 6.7% |
| U.S. Government Agencies | 31.8% |
| U.S. Treasury Notes | 11.8% |
| Money Market Fund | 11.1% |
| | 101.5% |
| Sterling Capital Total Return Bond Fund | Percentage of net assets |
| Asset Backed Securities | 14.0% |
| Collateralized Mortgage Obligations | 9.4% |
| Commercial Mortgage-Backed Securities | 13.7% |
| Corporate Bonds | 42.5% |
| Mortgage-Backed Securities | 13.0% |
| Municipal Bonds | 3.0% |
| Preferred Stocks | 0.2% |
| U.S. Government Agencies | 0.3% |
| U.S. Treasury Bonds | 2.3% |
| U.S. Treasury Notes | 0.9% |
| Money Market Fund | 2.1% |
| | 101.4% |
| Sterling Capital Corporate Fund | Percentage of net assets |
| Corporate Bonds | 99.0% |
| Money Market Fund | 1.1% |
| | 100.1% |
| Sterling Capital Securitized Opportunities Fund | Percentage of net assets |
| Asset Backed Securities | 22.7% |
| Collateralized Mortgage Obligations | 24.4% |
| Commercial Mortgage-Backed Securities | 22.0% |
| Corporate Bonds | 1.7% |
| Mortgage-Backed Securities | 28.3% |
| Money Market Fund | 3.0% |
| | 102.1% |
| Sterling Capital Kentucky Intermediate Tax-Free Fund | Percentage of net assets |
| Kentucky Municipal Bonds | 96.6% |
| Money Market Fund | 2.2% |
| | 98.8% |
| Sterling Capital Maryland Intermediate Tax-Free Fund | Percentage of net assets |
| District of Columbia Municipal Bonds | 2.7% |
| Maryland Municipal Bonds | 93.3% |
| Money Market Fund | 5.0% |
| | 101.0% |
| Sterling Capital North Carolina Intermediate Tax-Free Fund | Percentage of net assets |
| North Carolina Municipal Bonds | 97.2% |
| Money Market Fund | 1.9% |
| | 99.1% |
| Sterling Capital South Carolina Intermediate Tax-Free Fund | Percentage of net assets |
| South Carolina Municipal Bonds | 96.8% |
| Money Market Fund | 2.2% |
| | 99.0% |
| Sterling Capital Virginia Intermediate Tax-Free Fund | Percentage of net assets |
| District of Columbia Municipal Bonds | 3.5% |
| Virginia Municipal Bonds | 94.1% |
| Money Market Fund | 4.7% |
| | 102.3% |
| Sterling Capital West Virginia Intermediate Tax-Free Fund | Percentage of net assets |
| West Virginia Municipal Bonds | 97.9% |
| Money Market Fund | 0.8% |
| | 98.7% |
| Sterling Capital Diversified Income Fund | Percentage of net assets |
| Equity Funds | 37.7% |
| Fixed Income Fund | 61.3% |
| Money Market Fund | 1.1% |
| | 100.1% |
| Sterling Capital Strategic Allocation Balanced Fund | Percentage of net assets |
| Equity Funds | 60.1% |
| Fixed Income Fund | 39.6% |
| Money Market Fund | 0.2% |
| | 99.9% |
| Sterling Capital Strategic Allocation Growth Fund | Percentage of net assets |
| Equity Funds | 75.7% |
| Fixed Income Fund | 24.1% |
| Money Market Fund | 0.2% |
| | 100.0% |
Expense Example (Unaudited)
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, 2018 through March 31, 2019.
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 10/1/18 | Ending Account Value 3/31/19 | Expenses Paid During Period* 10/1/18 - 3/31/19 | Annualized Expense Ratio During Period 10/1/18 - 3/31/19 |
| Sterling Capital Behavioral Large Cap Value Equity Fund | | | | |
| Class A Shares | $1,000.00 | $ 934.79 | $4.29 | 0.89% |
| Class C Shares | 1,000.00 | 931.08 | 7.90 | 1.64% |
| Institutional Shares | 1,000.00 | 935.88 | 3.09 | 0.64% |
| Class R6 Shares | 1,000.00 | 936.61 | 2.80 | 0.58% |
| Sterling Capital Mid Value Fund | | | | |
| Class A Shares | 1,000.00 | 925.27 | 5.76 | 1.20% |
| Class C Shares | 1,000.00 | 921.77 | 9.34 | 1.95% |
| Institutional Shares | 1,000.00 | 926.48 | 4.56 | 0.95% |
| Class R Shares | 1,000.00 | 924.27 | 6.86 | 1.43% |
| Class R6 Shares | 1,000.00 | 926.83 | 3.94 | 0.82% |
| Sterling Capital Behavioral Small Cap Value Equity Fund | | | | |
| Class A Shares | 1,000.00 | 907.72 | 4.99 | 1.05% |
| Class C Shares | 1,000.00 | 904.33 | 8.55 | 1.80% |
| Institutional Shares | 1,000.00 | 909.03 | 3.81 | 0.80% |
| Class R Shares | 1,000.00 | 906.09 | 6.18 | 1.30% |
| Class R6 Shares | 1,000.00 | 908.98 | 3.47 | 0.73% |
| Sterling Capital Special Opportunities Fund | | | | |
| Class A Shares | 1,000.00 | 978.79 | 5.53 | 1.12% |
| Class C Shares | 1,000.00 | 975.24 | 9.21 | 1.87% |
| Institutional Shares | 1,000.00 | 980.08 | 4.29 | 0.87% |
| Class R Shares | 1,000.00 | 977.82 | 6.76 | 1.37% |
| Class R6 Shares | 1,000.00 | 980.29 | 3.85 | 0.78% |
| Sterling Capital Equity Income Fund | | | | |
| Class A Shares | 1,000.00 | 1,014.92 | 5.17 | 1.03% |
| Class C Shares | 1,000.00 | 1,011.18 | 8.93 | 1.78% |
| Institutional Shares | 1,000.00 | 1,016.06 | 3.92 | 0.78% |
| Class R Shares | 1,000.00 | 1,013.46 | 6.43 | 1.28% |
| Class R6 Shares | 1,000.00 | 1,016.59 | 3.32 | 0.66% |
| Sterling Capital Behavioral International Equity Fund | | | | |
| Class A Shares | 1,000.00 | 929.18 | 4.47 | 0.93% |
| Class C Shares | 1,000.00 | 925.86 | 8.11 | 1.69% |
| Institutional Shares | 1,000.00 | 931.05 | 3.32 | 0.69% |
| Class R6 Shares | 1,000.00 | 930.61 | 2.94 | 0.61% |
| Sterling Capital SMID Opportunities Fund | | | | |
| Class A Shares | 1,000.00 | 962.22 | 5.09 | 1.04% |
| Class C Shares | 1,000.00 | 958.54 | 8.74 | 1.79% |
| Institutional Shares | 1,000.00 | 963.14 | 3.87 | 0.79% |
| Sterling Capital Stratton Mid Cap Value Fund | | | | |
| Class A Shares | 1,000.00 | 958.92 | 5.96 | 1.22% |
| Class C Shares | 1,000.00 | 956.13 | 8.68 | 1.78% |
| Institutional Shares | 1,000.00 | 960.08 | 4.74 | 0.97% |
| Sterling Capital Stratton Real Estate Fund | | | | |
| Class A Shares | 1,000.00 | 1,090.68 | 5.58 | 1.07% |
| Class C Shares | 1,000.00 | 1,086.52 | 9.47 | 1.82% |
| Institutional Shares | 1,000.00 | 1,092.07 | 4.28 | 0.82% |
Expense Example (Unaudited)
| | Beginning Account Value 10/1/18 | Ending Account Value 3/31/19 | Expenses Paid During Period* 10/1/18 - 3/31/19 | Annualized Expense Ratio During Period 10/1/18 - 3/31/19 |
| Sterling Capital Stratton Small Cap Value Fund | | | | |
| Class A Shares | $1,000.00 | $ 922.24 | $6.18 | 1.29% |
| Class C Shares | 1,000.00 | 918.95 | 9.76 | 2.04% |
| Institutional Shares | 1,000.00 | 923.46 | 4.94 | 1.03% |
| Sterling Capital Ultra Short Bond Fund | | | | |
| Class A Shares | 1,000.00 | 1,013.66 | 3.41 | 0.68% |
| Institutional Shares | 1,000.00 | 1,014.93 | 2.06 | 0.41% |
| Sterling Capital Short Duration Bond Fund | | | | |
| Class A Shares | 1,000.00 | 1,019.68 | 3.32 | 0.66% |
| Class C Shares | 1,000.00 | 1,017.09 | 7.09 | 1.41% |
| Institutional Shares | 1,000.00 | 1,020.96 | 2.07 | 0.41% |
| Sterling Capital Intermediate U.S. Government Fund | | | | |
| Class A Shares | 1,000.00 | 1,037.45 | 4.37 | 0.86% |
| Class C Shares | 1,000.00 | 1,033.63 | 8.16 | 1.61% |
| Institutional Shares | 1,000.00 | 1,038.71 | 3.10 | 0.61% |
| Sterling Capital Total Return Bond Fund | | | | |
| Class A Shares | 1,000.00 | 1,041.49 | 3.56 | 0.70% |
| Class C Shares | 1,000.00 | 1,037.58 | 7.37 | 1.45% |
| Institutional Shares | 1,000.00 | 1,042.78 | 2.29 | 0.45% |
| Class R Shares | 1,000.00 | 1,040.28 | 4.83 | 0.95% |
| Class R6 Shares | 1,000.00 | 1,043.28 | 1.78 | 0.35% |
| Sterling Capital Corporate Fund | | | | |
| Class A Shares | 1,000.00 | 1,039.61 | 4.63 | 0.91% |
| Class C Shares | 1,000.00 | 1,035.16 | 8.27 | 1.63% |
| Institutional Shares | 1,000.00 | 1,039.87 | 3.36 | 0.66% |
| Sterling Capital Securitized Opportunities Fund | | | | |
| Class A Shares | 1,000.00 | 1,041.14 | 4.17 | 0.82% |
| Class C Shares | 1,000.00 | 1,036.11 | 8.07 | 1.59% |
| Institutional Shares | 1,000.00 | 1,041.18 | 3.00 | 0.59% |
| Sterling Capital Kentucky Intermediate Tax-Free Fund | | | | |
| Class A Shares | 1,000.00 | 1,038.19 | 4.83 | 0.95% |
| Class C Shares | 1,000.00 | 1,035.93 | 7.00 | 1.38% |
| Institutional Shares | 1,000.00 | 1,038.50 | 3.56 | 0.70% |
| Sterling Capital Maryland Intermediate Tax-Free Fund | | | | |
| Class A Shares | 1,000.00 | 1,033.88 | 4.67 | 0.92% |
| Class C Shares | 1,000.00 | 1,030.98 | 8.46 | 1.67% |
| Institutional Shares | 1,000.00 | 1,036.07 | 3.40 | 0.67% |
| Sterling Capital North Carolina Intermediate Tax-Free Fund | | | | |
| Class A Shares | 1,000.00 | 1,036.41 | 4.06 | 0.80% |
| Class C Shares | 1,000.00 | 1,032.61 | 7.85 | 1.55% |
| Institutional Shares | 1,000.00 | 1,037.68 | 2.79 | 0.55% |
| Sterling Capital South Carolina Intermediate Tax-Free Fund | | | | |
| Class A Shares | 1,000.00 | 1,037.67 | 4.11 | 0.81% |
| Class C Shares | 1,000.00 | 1,034.78 | 7.91 | 1.56% |
| Institutional Shares | 1,000.00 | 1,039.18 | 2.85 | 0.56% |
| Sterling Capital Virginia Intermediate Tax-Free Fund | | | | |
| Class A Shares | 1,000.00 | 1,037.62 | 4.17 | 0.82% |
| Class C Shares | 1,000.00 | 1,033.75 | 7.96 | 1.57% |
| Institutional Shares | 1,000.00 | 1,038.90 | 2.90 | 0.57% |
| Sterling Capital West Virginia Intermediate Tax-Free Fund | | | | |
| Class A Shares | 1,000.00 | 1,035.85 | 4.11 | 0.81% |
| Class C Shares | 1,000.00 | 1,032.01 | 7.90 | 1.56% |
| Institutional Shares | 1,000.00 | 1,037.12 | 2.84 | 0.56% |
| Sterling Capital Diversified Income Fund | | | | |
| Class A Shares | 1,000.00 | 998.37 | 4.04 | 0.81% |
| Class C Shares | 1,000.00 | 994.61 | 7.76 | 1.56% |
| Institutional Shares | 1,000.00 | 999.61 | 2.79 | 0.56% |
| Sterling Capital Strategic Allocation Balanced Fund | | | | |
| Class A Shares | 1,000.00 | 990.87 | 2.04 | 0.41% |
| Class C Shares | 1,000.00 | 986.68 | 5.75 | 1.16% |
| Institutional Shares | 1,000.00 | 992.97 | 0.80 | 0.16% |
| Sterling Capital Strategic Allocation Growth Fund | | | | |
| Class A Shares | 1,000.00 | 981.51 | 2.12 | 0.43% |
| Class C Shares | 1,000.00 | 977.90 | 5.82 | 1.18% |
| Institutional Shares | 1,000.00 | 981.95 | 0.89 | 0.18% |
| * | 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). |
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 Fund’s 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 10/1/18 | Ending Account Value 3/31/19 | Expenses Paid During Period* 10/1/18 - 3/31/19 | Annualized Expense Ratio During Period 10/1/18 - 3/31/19 |
| Sterling Capital Behavioral Large Cap Value Equity 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% |
| Class R6 Shares | 1,000.00 | 1,022.04 | 2.92 | 0.58% |
| Sterling Capital Mid Value Fund | | | | |
| Class A Shares | 1,000.00 | 1,018.95 | 6.04 | 1.20% |
| Class C Shares | 1,000.00 | 1,015.21 | 9.80 | 1.95% |
| Institutional Shares | 1,000.00 | 1,020.19 | 4.78 | 0.95% |
| Class R Shares | 1,000.00 | 1,017.80 | 7.19 | 1.43% |
| Class R6 Shares | 1,000.00 | 1,020.84 | 4.13 | 0.82% |
| Sterling Capital Behavioral Small Cap Value Equity Fund | | | | |
| Class A Shares | 1,000.00 | 1,019.70 | 5.29 | 1.05% |
| 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% |
| Class R Shares | 1,000.00 | 1,018.45 | 6.54 | 1.30% |
| Class R6 Shares | 1,000.00 | 1,021.29 | 3.68 | 0.73% |
| Sterling Capital Special Opportunities Fund | | | | |
| Class A Shares | 1,000.00 | 1,019.35 | 5.64 | 1.12% |
| Class C Shares | 1,000.00 | 1,015.61 | 9.40 | 1.87% |
| Institutional Shares | 1,000.00 | 1,020.59 | 4.38 | 0.87% |
| Class R Shares | 1,000.00 | 1,018.10 | 6.89 | 1.37% |
| Class R6 Shares | 1,000.00 | 1,021.04 | 3.93 | 0.78% |
| Sterling Capital Equity Income Fund | | | | |
| Class A Shares | 1,000.00 | 1,019.80 | 5.19 | 1.03% |
| Class C Shares | 1,000.00 | 1,016.06 | 8.95 | 1.78% |
| Institutional Shares | 1,000.00 | 1,021.04 | 3.93 | 0.78% |
| Class R Shares | 1,000.00 | 1,018.55 | 6.44 | 1.28% |
| Class R6 Shares | 1,000.00 | 1,021.64 | 3.33 | 0.66% |
| Sterling Capital Behavioral International Equity Fund | | | | |
| Class A Shares | 1,000.00 | 1,020.29 | 4.68 | 0.93% |
| Class C Shares | 1,000.00 | 1,016.50 | 8.50 | 1.69% |
| Institutional Shares | 1,000.00 | 1,021.49 | 3.48 | 0.69% |
| Class R6 Shares | 1,000.00 | 1,021.89 | 3.07 | 0.61% |
| Sterling Capital SMID Opportunities Fund | | | | |
| Class A Shares | 1,000.00 | 1,019.75 | 5.24 | 1.04% |
| Class C Shares | 1,000.00 | 1,016.01 | 9.00 | 1.79% |
| Institutional Shares | 1,000.00 | 1,020.99 | 3.98 | 0.79% |
| Sterling Capital Stratton Mid Cap Value Fund | | | | |
| Class A Shares | 1,000.00 | 1,018.85 | 6.14 | 1.22% |
| Class C Shares | 1,000.00 | 1,016.06 | 8.95 | 1.78% |
| Institutional Shares | 1,000.00 | 1,020.09 | 4.89 | 0.97% |
| Sterling Capital Stratton Real Estate Fund | | | | |
| Class A Shares | 1,000.00 | 1,019.60 | 5.39 | 1.07% |
| Class C Shares | 1,000.00 | 1,015.86 | 9.15 | 1.82% |
| Institutional Shares | 1,000.00 | 1,020.84 | 4.13 | 0.82% |
| Sterling Capital Stratton Small Cap Value Fund | | | | |
| Class A Shares | 1,000.00 | 1,018.50 | 6.49 | 1.29% |
| Class C Shares | 1,000.00 | 1,014.76 | 10.25 | 2.04% |
| Institutional Shares | 1,000.00 | 1,019.80 | 5.19 | 1.03% |
Expense Example (Unaudited)
| | Beginning Account Value 10/1/18 | Ending Account Value 3/31/19 | Expenses Paid During Period* 10/1/18 - 3/31/19 | Annualized Expense Ratio During Period 10/1/18 - 3/31/19 |
| Sterling Capital Ultra Short Bond Fund | | | | |
| Class A Shares | $1,000.00 | $1,021.54 | $3.43 | 0.68% |
| Institutional Shares | 1,000.00 | 1,022.89 | 2.07 | 0.41% |
| Sterling Capital Short Duration Bond Fund | | | | |
| Class A Shares | 1,000.00 | 1,021.64 | 3.33 | 0.66% |
| Class C Shares | 1,000.00 | 1,017.90 | 7.09 | 1.41% |
| Institutional Shares | 1,000.00 | 1,022.89 | 2.07 | 0.41% |
| Sterling Capital Intermediate U.S. Government Fund | | | | |
| Class A Shares | 1,000.00 | 1,020.64 | 4.33 | 0.86% |
| Class C Shares | 1,000.00 | 1,016.90 | 8.10 | 1.61% |
| Institutional Shares | 1,000.00 | 1,021.89 | 3.07 | 0.61% |
| Sterling Capital Total Return Bond Fund | | | | |
| Class A Shares | 1,000.00 | 1,021.44 | 3.53 | 0.70% |
| Class C Shares | 1,000.00 | 1,017.70 | 7.29 | 1.45% |
| Institutional Shares | 1,000.00 | 1,022.69 | 2.27 | 0.45% |
| Class R Shares | 1,000.00 | 1,020.19 | 4.78 | 0.95% |
| Class R6 Shares | 1,000.00 | 1,023.19 | 1.77 | 0.35% |
| Sterling Capital Corporate Fund | | | | |
| Class A Shares | 1,000.00 | 1,020.39 | 4.58 | 0.91% |
| Class C Shares | 1,000.00 | 1,016.80 | 8.20 | 1.63% |
| Institutional Shares | 1,000.00 | 1,021.64 | 3.33 | 0.66% |
| Sterling Capital Securitized Opportunities Fund | | | | |
| Class A Shares | 1,000.00 | 1,020.84 | 4.13 | 0.82% |
| Class C Shares | 1,000.00 | 1,017.00 | 8.00 | 1.59% |
| Institutional Shares | 1,000.00 | 1,021.99 | 2.97 | 0.59% |
| 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 | 1,018.05 | 6.94 | 1.38% |
| 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 | 1,020.34 | 4.63 | 0.92% |
| Class C Shares | 1,000.00 | 1,016.60 | 8.40 | 1.67% |
| Institutional Shares | 1,000.00 | 1,021.59 | 3.38 | 0.67% |
| Sterling Capital North Carolina Intermediate Tax-Free Fund | | | | |
| Class A Shares | 1,000.00 | 1,020.94 | 4.03 | 0.80% |
| Class C Shares | 1,000.00 | 1,017.20 | 7.80 | 1.55% |
| Institutional Shares | 1,000.00 | 1,022.19 | 2.77 | 0.55% |
| Sterling Capital South Carolina Intermediate Tax-Free Fund | | | | |
| Class A Shares | 1,000.00 | 1,020.89 | 4.08 | 0.81% |
| Class C Shares | 1,000.00 | 1,017.15 | 7.85 | 1.56% |
| Institutional Shares | 1,000.00 | 1,022.14 | 2.82 | 0.56% |
| Sterling Capital Virginia Intermediate Tax-Free Fund | | | | |
| Class A Shares | 1,000.00 | 1,020.84 | 4.13 | 0.82% |
| Class C Shares | 1,000.00 | 1,017.10 | 7.90 | 1.57% |
| Institutional Shares | 1,000.00 | 1,022.09 | 2.87 | 0.57% |
| Sterling Capital West Virginia Intermediate Tax-Free Fund | | | | |
| Class A Shares | 1,000.00 | 1,020.89 | 4.08 | 0.81% |
| Class C Shares | 1,000.00 | 1,017.15 | 7.85 | 1.56% |
| Institutional Shares | 1,000.00 | 1,022.14 | 2.82 | 0.56% |
| Sterling Capital Diversified Income Fund | | | | |
| Class A Shares | 1,000.00 | 1,020.89 | 4.08 | 0.81% |
| Class C Shares | 1,000.00 | 1,017.15 | 7.85 | 1.56% |
| Institutional Shares | 1,000.00 | 1,022.14 | 2.82 | 0.56% |
| Sterling Capital Strategic Allocation Balanced Fund | | | | |
| Class A Shares | 1,000.00 | 1,022.89 | 2.07 | 0.41% |
| 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% |
| Sterling Capital Strategic Allocation Growth Fund | | | | |
| Class A Shares | 1,000.00 | 1,022.79 | 2.17 | 0.43% |
| 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% |
| * | 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). |
Sterling Capital Behavioral Large Cap Value Equity Fund
Schedule of Portfolio Investments
March 31, 2019 (Unaudited)
| Shares | | | | | Fair Value | |
| COMMON STOCKS — 99.1% | | | | |
| | | | Aerospace & Defense — 1.4% | | | | |
| 10,200 | | | Boeing Co. (The) | | $ | 3,890,484 | |
| | | | Airlines — 1.9% | | | | |
| 73,000 | | | Southwest Airlines Co. | | | 3,789,430 | |
| 19,100 | | | United Continental Holdings, Inc.(a) | | | 1,523,798 | |
| | | | | | | 5,313,228 | |
| | | | Automobiles — 1.7% | | | | |
| 130,350 | | | General Motors Co. | | | 4,835,985 | |
| | | | Banks — 9.2% | | | | |
| 330,750 | | | Bank of America Corp. | | | 9,125,393 | |
| 100,050 | | | Citigroup, Inc. | | | 6,225,111 | |
| 15,150 | | | Comerica, Inc. | | | 1,110,798 | |
| 27,450 | | | Fifth Third Bancorp | | | 692,289 | |
| 47,050 | | | First Hawaiian, Inc. | | | 1,225,653 | |
| 40,600 | | | Huntington Bancshares, Inc. | | | 514,808 | |
| 25,950 | | | M&T Bank Corp. | | | 4,074,669 | |
| 30,300 | | | Popular, Inc. | | | 1,579,539 | |
| 73,650 | | | Regions Financial Corp. | | | 1,042,147 | |
| 6,300 | | | Umpqua Holdings Corp. | | | 103,950 | |
| | | | | | | 25,694,357 | |
| | | | Biotechnology — 5.3% | | | | |
| 32,250 | | | AbbVie, Inc. | | | 2,599,026 | |
| 21,200 | | | Amgen, Inc. | | | 4,027,576 | |
| 12,350 | | | Biogen, Inc.(a) | | | 2,919,293 | |
| 7,500 | | | Gilead Sciences, Inc. | | | 487,575 | |
| 8,400 | | | Regeneron Pharmaceuticals, Inc.(a) | | | 3,449,208 | |
| 10,700 | | | United Therapeutics Corp.(a) | | | 1,255,859 | |
| | | | | | | 14,738,537 | |
| | | | Capital Markets — 0.9% | | | | |
| 20,550 | | | LPL Financial Holdings, Inc. | | | 1,431,307 | |
| 50,700 | | | Virtu Financial, Inc., Class A | | | 1,204,125 | |
| | | | | | | 2,635,432 | |
| | | | Chemicals — 0.6% | | | | |
| 20,800 | | | LyondellBasell Industries NV, Class A | | | 1,748,864 | |
| | | | Communications Equipment — 3.3% | | | | |
| 172,600 | | | Cisco Systems, Inc. | | | 9,318,674 | |
| | | | Consumer Finance — 3.9% | | | | |
| 39,450 | | | Ally Financial, Inc. | | | 1,084,481 | |
| 14,900 | | | American Express Co. | | | 1,628,570 | |
| 2,900 | | | Credit Acceptance Corp.(a) | | | 1,310,597 | |
| 44,200 | | | Discover Financial Services | | | 3,145,272 | |
| 37,700 | | | OneMain Holdings, Inc. | | | 1,196,975 | |
| 72,250 | | | Santander Consumer USA Holdings, Inc. | | | 1,526,643 | |
| 112,850 | | | SLM Corp. | | | 1,118,343 | |
| | | | | | | 11,010,881 | |
| | | | Containers & Packaging — 0.9% | | | | |
| 24,850 | | | Berry Global Group, Inc.(a) | | | 1,338,669 | |
| 64,400 | | | Owens-Illinois, Inc. | | | 1,222,312 | |
| | | | | | | 2,560,981 | |
| | | | Diversified Telecommunication Services — 4.9% | | | | |
| 148,100 | | | AT&T, Inc. | | | 4,644,416 | |
| 153,050 | | | Verizon Communications, Inc. | | | 9,049,847 | |
| | | | | | | 13,694,263 | |
| Shares | | | | | Fair Value | |
| COMMON STOCKS — (continued) | | | | |
| | | | Electric Utilities — 7.0% | | | | |
| 62,000 | | | Duke Energy Corp. | | $ | 5,580,000 | |
| 109,050 | | | Exelon Corp. | | | 5,466,677 | |
| 20,600 | | | FirstEnergy Corp. | | | 857,166 | |
| 117,150 | | | PPL Corp. | | | 3,718,341 | |
| 74,500 | | | Southern Co. (The) | | | 3,850,160 | |
| | | | | | | 19,472,344 | |
| | | | Electrical Equipment — 0.9% | | | | |
| 32,350 | | | Eaton Corp. PLC | | | 2,606,116 | |
| | | | Equity Real Estate Investment Trusts (REITS) — 6.3% | | | | |
| 20,750 | | | EPR Properties | | | 1,595,675 | |
| 48,350 | | | Hospitality Properties Trust | | | 1,272,089 | |
| 2,900 | | | Life Storage, Inc. | | | 282,082 | |
| 39,850 | | | Omega Healthcare Investors, Inc. | | | 1,520,277 | |
| 21,750 | | | Simon Property Group, Inc. | | | 3,963,067 | |
| 32,980 | | | Spirit Realty Capital, Inc. | | | 1,310,294 | |
| 48,850 | | | STORE Capital Corp. | | | 1,636,475 | |
| 168,400 | | | VEREIT, Inc. | | | 1,409,508 | |
| 59,400 | | | Welltower, Inc. | | | 4,609,440 | |
| | | | | | | 17,598,907 | |
| | | | Food & Staples Retailing — 1.5% | | | | |
| 66,950 | | | Walgreens Boots Alliance, Inc. | | | 4,235,927 | |
| | | | Food Products — 1.2% | | | | |
| 14,300 | | | Hershey Co. (The) | | | 1,642,069 | |
| 25,350 | | | TreeHouse Foods, Inc.(a) | | | 1,636,343 | |
| | | | | | | 3,278,412 | |
| | | | Health Care Providers & Services — 5.4% | | | | |
| 18,700 | | | Anthem, Inc. | | | 5,366,526 | |
| 29,600 | | | Cigna Corp. | | | 4,760,272 | |
| 31,400 | | | HCA Healthcare, Inc. | | | 4,093,932 | |
| 6,200 | | | Universal Health Services, Inc., Class B | | | 829,374 | |
| | | | | | | 15,050,104 | |
| | | | Hotels, Restaurants & Leisure — 1.9% | | | | |
| 56,150 | | | Starbucks Corp. | | | 4,174,191 | |
| 30,700 | | | Wyndham Destinations, Inc. | | | 1,243,043 | |
| | | | | | | 5,417,234 | |
| | | | Household Products — 1.1% | | | | |
| 17,350 | | | Church & Dwight Co., Inc. | | | 1,235,841 | |
| 16,550 | | | Procter & Gamble Co. (The) | | | 1,722,027 | |
| | | | | | | 2,957,868 | |
| | | | Independent Power and Renewable Electricity Producers — 0.6% | | | | |
| 97,700 | | | AES Corp. | | | 1,766,416 | |
| | | | Insurance — 3.2% | | | | |
| 101,000 | | | Aflac, Inc. | | | 5,050,000 | |
| 23,950 | | | MetLife, Inc. | | | 1,019,551 | |
| 41,050 | | | Progressive Corp. (The) | | | 2,959,295 | |
| | | | | | | 9,028,846 | |
| | | | IT Services — 1.4% | | | | |
| 400 | | | DXC Technology Co. | | | 25,724 | |
| 35,300 | | | Fidelity National Information Services, Inc. | | | 3,992,430 | |
| | | | | | | 4,018,154 | |
Continued
Sterling Capital Behavioral Large Cap Value Equity Fund
Schedule of Portfolio Investments — (continued)
March 31, 2019 (Unaudited)
| Shares | | | | | Fair Value | |
| COMMON STOCKS — (continued) | | | | |
| | | | Machinery — 3.2% | | | | |
| 32,950 | | | Allison Transmission Holdings, Inc. | | $ | 1,480,114 | |
| 27,200 | | | Cummins, Inc. | | | 4,294,064 | |
| 14,000 | | | Ingersoll-Rand PLC | | | 1,511,300 | |
| 23,050 | | | PACCAR, Inc. | | | 1,570,627 | |
| | | | | | | 8,856,105 | |
| | | | Media — 4.4% | | | | |
| 23,650 | | | AMC Networks, Inc., Class A(a) | | | 1,342,374 | |
| 204,650 | | | Comcast Corp., Class A | | | 8,181,907 | |
| 49,450 | | | Discovery, Inc., Class A(a) | | | 1,336,139 | |
| 56,650 | | | Discovery, Inc., Class C(a) | | | 1,440,043 | |
| | | | | | | 12,300,463 | |
| | | | Metals & Mining — 0.8% | | | | |
| 14,150 | | | Nucor Corp. | | | 825,653 | |
| 14,550 | | | Reliance Steel & Aluminum Co. | | | 1,313,283 | |
| | | | | | | 2,138,936 | |
| | | | Mortgage Real Estate Investment Trusts (REITS) — 1.0% | | | | |
| 130,450 | | | Annaly Capital Management, Inc. | | | 1,303,195 | |
| 64,950 | | | Starwood Property Trust, Inc. | | | 1,451,633 | |
| | | | | | | 2,754,828 | |
| | | | Multiline Retail — 1.9% | | | | |
| 64,700 | | | Target Corp. | | | 5,192,822 | |
| | | | Oil, Gas & Consumable Fuels — 8.6% | | | | |
| 48,750 | | | Cabot Oil & Gas Corp. | | | 1,272,375 | |
| 38,200 | | | Chevron Corp. | | | 4,705,476 | |
| 14,550 | | | ConocoPhillips | | | 971,067 | |
| 24,950 | | | HollyFrontier Corp. | | | 1,229,287 | |
| 258,950 | | | Kinder Morgan, Inc. | | | 5,181,589 | |
| 75,550 | | | Marathon Petroleum Corp. | | | 4,521,667 | |
| 36,950 | | | PBF Energy, Inc., Class A | | | 1,150,623 | |
| 52,300 | | | Phillips 66 | | | 4,977,391 | |
| | | | | | | 24,009,475 | |
| | | | Paper & Forest Products — 0.5% | | | | |
| 29,500 | | | Domtar Corp. | | | 1,464,675 | |
| | | | Personal Products — 0.4% | | | | |
| 23,450 | | | Herbalife Nutrition, Ltd.(a) | | | 1,242,615 | |
| | | | Pharmaceuticals — 2.0% | | | | |
| 68,450 | | | Merck & Co., Inc. | | | 5,692,987 | |
| | | | Road & Rail — 0.7% | | | | |
| 11,350 | | | Union Pacific Corp. | | | 1,897,720 | |
| Shares | | | | | Fair Value | |
| COMMON STOCKS — (continued) | | | | |
| | | | Semiconductors & Semiconductor Equipment — 2.7% | | | | |
| 17,750 | | | Broadcom, Inc. | | $ | 5,337,603 | |
| 38,850 | | | Intel Corp. | | | 2,086,245 | |
| | | | | | | 7,423,848 | |
| | | | Software — 2.4% | | | | |
| 127,150 | | | Oracle Corp. | | | 6,829,227 | |
| | | | Specialty Retail — 0.8% | | | | |
| 1,800 | | | AutoZone, Inc.(a) | | | 1,843,416 | |
| 10,250 | | | Dick’s Sporting Goods, Inc. | | | 377,303 | |
| | | | | | | 2,220,719 | |
| | | | Technology Hardware, Storage & Peripherals — 1.2% | | | | |
| 165,550 | | | HP, Inc. | | | 3,216,637 | |
| | | | Textiles, Apparel & Luxury Goods — 0.6% | | | | |
| 12,400 | | | Ralph Lauren Corp. | | | 1,608,032 | |
| | | | Thrifts & Mortgage Finance — 0.4% | | | | |
| 106,300 | | | New York Community Bancorp, Inc. | | | 1,229,891 | |
| | | | Tobacco — 2.4% | | | | |
| 77,350 | | | Philip Morris International, Inc. | | | 6,836,967 | |
| | | | Trading Companies & Distributors — 0.6% | | | | |
| 36,600 | | | HD Supply Holdings, Inc.(a) | | | 1,586,610 | |
| | | | Total Common Stocks | | | 277,374,571 | |
| | | | (Cost $258,313,117) | | | | |
| | | | | | | | |
| MONEY MARKET FUND — 1.0% | | | | |
| 2,793,019 | | | Federated Treasury Obligations Fund, Institutional Shares, 2.31%(b) | | | 2,793,019 | |
| | | | Total Money Market Fund | | | | |
| | | | (Cost $2,793,019) | | | 2,793,019 | |
| Total Investments — 100.1% | | | | |
| (Cost $261,106,136) | | | 280,167,590 | |
| Net Other Assets (Liabilities) — (0.1)% | | | (202,894 | ) |
| NET ASSETS — 100.0% | | $ | 279,964,696 | |
| (a) | Represents non-income producing security. |
| (b) | Represents the current yield as of report date. |
See accompanying Notes to the Financial Statements.
Sterling Capital Mid Value Fund
Schedule of Portfolio Investments
March 31, 2019 (Unaudited)
| Shares | | | | | Fair Value | |
| COMMON STOCKS — 95.1% | | | | |
| | | | Auto Components — 3.0% | | | | |
| 642,651 | | | Gentex Corp. | | $ | 13,290,023 | |
| | | | Capital Markets — 9.7% | | | | |
| 159,575 | | | Affiliated Managers Group, Inc. | | | 17,092,078 | |
| 308,650 | | | E*TRADE Financial Corp. | | | 14,330,619 | |
| 113,875 | | | T. Rowe Price Group, Inc. | | | 11,401,165 | |
| | | | | | | 42,823,862 | |
| | | | Chemicals — 5.1% | | | | |
| 609,505 | | | Axalta Coating Systems, Ltd.(a) | | | 15,365,621 | |
| 538,633 | | | Rayonier Advanced Materials, Inc. | | | 7,303,863 | |
| | | | | | | 22,669,484 | |
| | | | Commercial Services & Supplies — 1.3% | | | | |
| 847,940 | | | Civeo Corp.(a) | | | 1,780,674 | |
| 69,190 | | | Stericycle, Inc.(a) | | | 3,765,320 | |
| | | | | | | 5,545,994 | |
| | | | Construction & Engineering — 2.7% | | | | |
| 60,652 | | | Arcosa, Inc. | | | 1,852,919 | |
| 131,235 | | | Jacobs Engineering Group, Inc. | | | 9,867,560 | |
| | | | | | | 11,720,479 | |
| | | | Consumer Finance — 5.6% | | | | |
| 1,169,839 | | | SLM Corp. | | | 11,593,104 | |
| 412,380 | | | Synchrony Financial | | | 13,154,922 | |
| | | | | | | 24,748,026 | |
| | | | Containers & Packaging — 4.3% | | | | |
| 347,600 | | | Crown Holdings, Inc.(a) | | | 18,968,532 | |
| | | | Diversified Financial Services — 4.4% | | | | |
| 1,042,686 | | | Jefferies Financial Group, Inc. | | | 19,592,070 | |
| | | | Diversified Telecommunication Services — 1.8% | | | | |
| 678,347 | | | CenturyLink, Inc. | | | 8,133,380 | |
| | | | Electrical Equipment — 3.3% | | | | |
| 319,105 | | | Sensata Technologies Holding PLC(a) | | | 14,366,107 | |
| | | | Electronic Equipment, Instruments & Components — 1.8% | | | | |
| 450,960 | | | Knowles Corp.(a) | | | 7,950,425 | |
| | | | Health Care Equipment & Supplies — 3.7% | | | | |
| 129,060 | | | Zimmer Biomet Holdings, Inc. | | | 16,480,962 | |
| | | | Health Care Providers & Services — 5.4% | | | | |
| 90,625 | | | Laboratory Corp. of America Holdings(a) | | | 13,863,813 | |
| 86,940 | | | McKesson Corp. | | | 10,177,196 | |
| | | | | | | 24,041,009 | |
| | | | Household Products — 3.1% | | | | |
| 249,156 | | | Spectrum Brands Holdings, Inc. | | | 13,648,766 | |
| | | | Insurance — 7.2% | | | | |
| 58,132 | | | Enstar Group, Ltd.(a) | | | 10,114,968 | |
| 173,955 | | | Lincoln National Corp. | | | 10,211,159 | |
| 11,585 | | | Markel Corp.(a) | | | 11,541,440 | |
| | | | | | | 31,867,567 | |
| Shares | | | | | Fair Value | |
| COMMON STOCKS — (continued) | | | | |
| | | | Interactive Media & Services — 0.3% | | | | |
| 624,790 | | | DHI Group, Inc.(a) | | $ | 1,518,240 | |
| | | | Internet & Direct Marketing Retail — 3.5% | | | | |
| 417,770 | | | eBay, Inc. | | | 15,515,978 | |
| | | | IT Services — 3.0% | | | | |
| 116,209 | | | Fidelity National Information Services, Inc. | | | 13,143,238 | |
| | | | Machinery — 1.6% | | | | |
| 314,485 | | | Trinity Industries, Inc. | | | 6,833,759 | |
| | | | Media — 4.3% | | | | |
| 213,475 | | | CBS Corp., Class B | | | 10,146,467 | |
| 702,110 | | | News Corp., Class B | | | 8,769,354 | |
| | | | | | | 18,915,821 | |
| | | | Multiline Retail — 1.5% | | | | |
| 53,537 | | | Dollar General Corp. | | | 6,386,964 | |
| | | | Oil, Gas & Consumable Fuels — 2.0% | | | | |
| 1,882,625 | | | Southwestern Energy Co.(a) | | | 8,829,511 | |
| | | | Pharmaceuticals — 0.8% | | | | |
| 114,241 | | | Prestige Consumer Healthcare, Inc.(a) | | | 3,416,948 | |
| | | | Real Estate Management & Development — 5.2% | | | | |
| 338,640 | | | CBRE Group, Inc., Class A(a) | | | 16,745,748 | |
| 543,355 | | | Realogy Holdings Corp. | | | 6,194,247 | |
| | | | | | | 22,939,995 | |
| | | | Specialty Retail — 3.9% | | | | |
| 249,314 | | | CarMax, Inc.(a) | | | 17,402,117 | |
| | | | Technology Hardware, Storage & Peripherals — 4.3% | | | | |
| 701,175 | | | NCR Corp.(a) | | | 19,135,066 | |
| | | | Trading Companies & Distributors — 2.3% | | | | |
| 300,652 | | | Air Lease Corp. | | | 10,327,396 | |
| | | | Total Common Stocks | | | | |
| | | | (Cost $360,366,614) | | | 420,211,719 | |
| | | | | | | | |
| MONEY MARKET FUND — 5.0% | | | | |
| | | | | | | |
| 22,323,969 | | | Federated Treasury Obligations Fund, Institutional Shares, 2.31%(b) | | | 22,323,969 | |
| | | | Total Money Market Fund | | | | |
| | | | (Cost $22,323,969) | | | 22,323,969 | |
| Total Investments — 100.1% | | | | |
| (Cost $382,690,583) | | | 442,535,688 | |
| Net Other Assets (Liabilities) — (0.1)% | | | (650,373 | ) |
| NET ASSETS — 100.0% | | $ | 441,885,315 | |
| (a) | Represents non-income producing security. |
| (b) | Represents the current yield as of report date. |
See accompanying Notes to the Financial Statements.
Sterling Capital Behavioral Small Cap Value Equity Fund
Schedule of Portfolio Investments
March 31, 2019 (Unaudited)
| Shares | | | | | Fair Value | |
COMMON STOCKS — 97.1% | | | | |
| | | | Aerospace & Defense — 0.3% | | | | |
| 18,784 | | | Aerojet Rocketdyne Holdings, Inc.(a) | | $ | 667,396 | |
| | | | Air Freight & Logistics — 0.5% | | | | |
| 20,699 | | | Atlas Air Worldwide Holdings, Inc.(a) | | | 1,046,541 | |
| | | | Airlines — 0.9% | | | | |
| 10,633 | | | Alaska Air Group, Inc. | | | 596,724 | |
| 9,015 | | | Copa Holdings SA, Class A | | | 726,699 | |
| 39,682 | | | JetBlue Airways Corp.(a) | | | 649,198 | |
| | | | | | | 1,972,621 | |
| | | | Auto Components — 0.4% | | | | |
| 42,928 | | | Dana, Inc. | | | 761,543 | |
| | | | Banks — 14.7% | | | | |
| 39,515 | | | Associated Banc-Corp. | | | 843,645 | |
| 31,374 | | | Bank OZK | | | 909,219 | |
| 8,970 | | | Banner Corp. | | | 485,905 | |
| 47,219 | | | Cadence BanCorp | | | 875,912 | |
| 38,007 | | | Cathay General Bancorp | | | 1,288,817 | |
| 16,312 | | | CIT Group, Inc. | | | 782,487 | |
| 22,338 | | | Community Trust Bancorp, Inc. | | | 917,198 | |
| 43,194 | | | Customers Bancorp, Inc.(a) | | | 790,882 | |
| 32,733 | | | Enterprise Financial Services Corp. | | | 1,334,524 | |
| 28,856 | | | Financial Institutions, Inc. | | | 784,306 | |
| 149,562 | | | First BanCorp | | | 1,713,981 | |
| 27,513 | | | First Bancorp | | | 956,352 | |
| 19,703 | | | First Financial Corp. | | | 827,526 | |
| 68,033 | | | FNB Corp. | | | 721,150 | |
| 27,065 | | | Franklin Financial Network, Inc. | | | 785,156 | |
| 16,041 | | | Great Southern Bancorp, Inc. | | | 832,528 | |
| 35,290 | | | Great Western Bancorp, Inc. | | | 1,114,811 | |
| 36,748 | | | Hancock Whitney Corp. | | | 1,484,619 | |
| 82,941 | | | Hope Bancorp, Inc. | | | 1,084,868 | |
| 22,902 | | | IBERIABANK Corp. | | | 1,642,302 | |
| 24,943 | | | Independent Bank Corp. | | | 536,275 | |
| 71,254 | | | OFG Bancorp | | | 1,410,117 | |
| 33,493 | | | Peapack Gladstone Financial Corp. | | | 878,186 | |
| 21,489 | | | Popular, Inc. | | | 1,120,222 | |
| 15,572 | | | Preferred Bank | | | 700,273 | |
| 32,223 | | | RBB Bancorp | | | 605,792 | |
| 27,780 | | | Sandy Spring Bancorp, Inc. | | | 868,958 | |
| 6,374 | | | Signature Bank | | | 816,318 | |
| 34,682 | | | Simmons First National Corp., Class A | | | 849,015 | |
| 37,316 | | | Sterling Bancorp. | | | 695,197 | |
| 21,266 | | | Synovus Financial Corp. | | | 730,700 | |
| 8,514 | | | TriState Capital Holdings, Inc.(a) | | | 173,941 | |
| 28,840 | | | Zions Bancorp NA | | | 1,309,624 | |
| | | | | | | 30,870,806 | |
| | | | Biotechnology — 0.3% | | | | |
| 6,246 | | | United Therapeutics Corp.(a) | | | 733,093 | |
| | | | Building Products — 0.4% | | | | |
| 54,141 | | | Quanex Building Products Corp. | | | 860,300 | |
| | | | Chemicals — 0.2% | | | | |
| 37,965 | | | Rayonier Advanced Materials, Inc. | | | 514,805 | |
| | | | Commercial Services & Supplies — 1.0% | | | | |
| 35,605 | | | ABM Industries, Inc. | | | 1,294,242 | |
| 40,412 | | | Ennis, Inc. | | | 838,953 | |
| | | | | | | 2,133,195 | |
| Shares | | | | | Fair Value | |
| COMMON STOCKS — (continued) | | | | |
| | | | Communications Equipment — 1.1% | | | | |
| 61,308 | | | ADTRAN, Inc. | | $ | 839,920 | |
| 34,167 | | | CommScope Holding Co., Inc.(a) | | | 742,449 | |
| 19,879 | | | EchoStar Corp., Class A(a) | | | 724,590 | |
| | | | | | | 2,306,959 | |
| | | | Construction & Engineering — 1.1% | | | | |
| 13,092 | | | Comfort Systems USA, Inc. | | | 685,890 | |
| 99,175 | | | Great Lakes Dredge & Dock Corp.(a) | | | 883,649 | |
| 15,612 | | | MasTec, Inc.(a) | | | 750,937 | |
| | | | | | | 2,320,476 | |
| | | | Consumer Finance — 2.2% | | | | |
| 58,517 | | | Navient Corp. | | | 677,042 | |
| 24,777 | | | Nelnet, Inc., Class A | | | 1,364,469 | |
| 25,589 | | | OneMain Holdings, Inc. | | | 812,451 | |
| 25,190 | | | Regional Management Corp.(a) | | | 615,140 | |
| 51,028 | | | Santander Consumer USA Holdings, Inc. | | | 1,078,222 | |
| | | | | | | 4,547,324 | |
| | | | Containers & Packaging — 1.0% | | | | |
| 13,593 | | | Berry Global Group, Inc.(a) | | | 732,255 | |
| 37,278 | | | Owens-Illinois, Inc. | | | 707,536 | |
| 12,216 | | | Sonoco Products Co. | | | 751,650 | |
| | | | | | | 2,191,441 | |
| | | | Distributors — 0.6% | | | | |
| 34,057 | | | Core-Mark Holding Co., Inc. | | | 1,264,536 | |
| | | | Diversified Consumer Services — 0.6% | | | | |
| 36,732 | | | K12, Inc.(a) | | | 1,253,663 | |
| | | | Electric Utilities — 4.5% | | | | |
| 20,185 | | | ALLETE, Inc. | | | 1,659,813 | |
| 21,612 | | | El Paso Electric Co. | | | 1,271,218 | |
| 19,621 | | | IDACORP, Inc. | | | 1,953,074 | |
| 22,247 | | | OGE Energy Corp. | | | 959,291 | |
| 15,185 | | | Pinnacle West Capital Corp. | | | 1,451,382 | |
| 40,603 | | | Portland General Electric Co. | | | 2,104,860 | |
| | | | | | | 9,399,638 | |
| | | | Electrical Equipment — 0.9% | | | | |
| 38,837 | | | Atkore International Group, Inc.(a) | | | 836,161 | |
| 3,419 | | | Encore Wire Corp. | | | 195,635 | |
| 9,343 | | | Regal Beloit Corp. | | | 764,911 | |
| | | | | | | 1,796,707 | |
| | | | Electronic Equipment, Instruments & Components — 4.0% | | | | |
| 51,288 | | | AVX Corp. | | | 889,334 | |
| 105,451 | | | Daktronics, Inc. | | | 785,610 | |
| 26,308 | | | Fabrinet(a) | | | 1,377,487 | |
| 20,455 | | | Insight Enterprises, Inc.(a) | | | 1,126,252 | |
| 49,519 | | | KEMET Corp. | | | 840,337 | |
| 24,230 | | | PC Connection, Inc. | | | 888,514 | |
| 15,986 | | | Tech Data Corp.(a) | | | 1,637,126 | |
| 78,917 | | | TTM Technologies, Inc.(a) | | | 925,696 | |
| | | | | | | 8,470,356 | |
| | | | Energy Equipment & Services — 1.1% | | | | |
| 84,913 | | | Helix Energy Solutions Group, Inc.(a) | | | 671,662 | |
| 39,940 | | | Matrix Service Co.(a) | | | 782,025 | |
| 35,715 | | | ProPetro Holding Corp.(a) | | | 805,016 | |
| | | | | | | 2,258,703 | |
Continued
Sterling Capital Behavioral Small Cap Value Equity Fund
Schedule of Portfolio Investments — (continued)
March 31, 2019 (Unaudited)
| Shares | | | | | Fair Value | |
| COMMON STOCKS — (continued) | | | | |
| | | | Equity Real Estate Investment Trusts (REITS) — 7.0% | | | | |
| 50,454 | | | Brixmor Property Group, Inc. | | $ | 926,840 | |
| 426,821 | | | CBL & Associates Properties, Inc. | | | 661,573 | |
| 38,304 | | | Columbia Property Trust, Inc. | | | 862,223 | |
| 51,983 | | | DiamondRock Hospitality Co. | | | 562,976 | |
| 4,334 | | | Getty Realty Corp. | | | 138,818 | |
| 30,411 | | | Hospitality Properties Trust | | | 800,113 | |
| 50,679 | | | Industrial Logistics Properties Trust | | | 1,022,195 | |
| 50,861 | | | Kimco Realty Corp. | | | 940,929 | |
| 6,925 | | | LTC Properties, Inc. | | | 317,165 | |
| 70,386 | | | Medical Properties Trust, Inc. | | | 1,302,845 | |
| 31,291 | | | Park Hotels & Resorts, Inc. | | | 972,524 | |
| 54,174 | | | Piedmont Office Realty Trust, Inc., Class A | | | 1,129,528 | |
| 24,442 | | | Rexford Industrial Realty, Inc. | | | 875,268 | |
| 73,988 | | | Sabra Health Care REIT, Inc. | | | 1,440,546 | |
| 8,316 | | | SL Green Realty Corp. | | | 747,775 | |
| 15,637 | | | Spirit Realty Capital, Inc. | | | 621,258 | |
| 17,428 | | | Terreno Realty Corp. | | | 732,673 | |
| 34,646 | | | VICI Properties, Inc. | | | 758,054 | |
| | | | | | | 14,813,303 | |
| | | | Food & Staples Retailing — 0.5% | | | | |
| 19,431 | | | Performance Food Group Co.(a) | | | 770,245 | |
| 15,314 | | | United Natural Foods, Inc.(a) | | | 202,451 | |
| | | | | | | 972,696 | |
| | | | Food Products — 0.9% | | | | |
| 8,501 | | | Post Holdings, Inc.(a) | | | 930,009 | |
| 15,881 | | | TreeHouse Foods, Inc.(a) | | | 1,025,119 | |
| | | | | | | 1,955,128 | |
| | | | Gas Utilities — 0.6% | | | | |
| 15,751 | | | National Fuel Gas Co. | | | 960,181 | |
| 2,770 | | | Spire, Inc. | | | 227,943 | |
| | | | | | | 1,188,124 | |
| | | | Health Care Equipment & Supplies — 0.2% | | | | |
| 14,983 | | | Lantheus Holdings, Inc.(a) | | | 366,784 | |
| | | | Health Care Providers & Services — 2.2% | | | | |
| 18,457 | | | Encompass Health Corp. | | | 1,077,889 | |
| 14,597 | | | Ensign Group, Inc. (The) | | | 747,220 | |
| 50,539 | | | Patterson Cos., Inc. | | | 1,104,277 | |
| 21,314 | | | Premier, Inc., Class A(a) | | | 735,120 | |
| 29,907 | | | Tenet Healthcare Corp.(a) | | | 862,518 | |
| | | | | | | 4,527,024 | |
| | | | Hotels, Restaurants & Leisure — 0.4% | | | | |
| 30,712 | | | SeaWorld Entertainment, Inc.(a) | | | 791,141 | |
| | | | Household Durables — 0.3% | | | | |
| 59,621 | | | Turtle Beach Corp.(a) | | | 677,295 | |
| | | | Independent Power and Renewable Electricity Producers — 0.8% | | | | |
| 87,889 | | | AES Corp. | | | 1,589,033 | |
| | | | Insurance — 4.9% | | | | |
| 46,613 | | | Ambac Financial Group, Inc.(a) | | | 844,628 | |
| 58,428 | | | American Equity Investment Life Holding Co. | | | 1,578,725 | |
| 22,618 | | | Assured Guaranty, Ltd. | | | 1,004,918 | |
| 17,001 | | | Athene Holding, Ltd., Class A(a) | | | 693,641 | |
| 86,045 | | | CNO Financial Group, Inc. | | | 1,392,208 | |
| 25,398 | | | Employers Holdings, Inc. | | | 1,018,714 | |
| Shares | | | | | Fair Value | |
| COMMON STOCKS — (continued) | | | | |
| | | | Insurance — (continued) | | | | |
| 296,221 | | | Genworth Financial, Inc., Class A(a) | | $ | 1,134,526 | |
| 35,459 | | | Old Republic International Corp. | | | 741,802 | |
| 8,494 | | | Reinsurance Group of America, Inc. | | | 1,205,978 | |
| 20,427 | | | Unum Group | | | 691,045 | |
| | | | | | | 10,306,185 | |
| | | | Interactive Media & Services — 0.4% | | | | |
| 155,009 | | | Meet Group, Inc. (The)(a) | | | 779,695 | |
| | | | IT Services — 1.2% | | | | |
| 112,627 | | | Endurance International Group Holdings, Inc.(a) | | | 816,546 | |
| 43,061 | | | NIC, Inc. | | | 735,912 | |
| 33,840 | | | Perficient, Inc.(a) | | | 926,878 | |
| | | | | | | 2,479,336 | |
| | | | Leisure Products — 0.3% | | | | |
| 65,112 | | | American Outdoor Brands Corp.(a) | | | 608,146 | |
| | | | Machinery — 2.0% | | | | |
| 10,939 | | | AGCO Corp. | | | 760,807 | |
| 19,062 | | | Allison Transmission Holdings, Inc. | | | 856,265 | |
| 23,175 | | | Global Brass & Copper Holdings, Inc. | | | 798,147 | |
| 22,944 | | | Mueller Industries, Inc. | | | 719,065 | |
| 34,335 | | | TriMas Corp.(a) | | | 1,037,947 | |
| | | | | | | 4,172,231 | |
| | | | Marine — 0.5% | | | | |
| 27,823 | | | Matson, Inc. | | | 1,004,132 | |
| | | | Media — 0.6% | | | | |
| 32,465 | | | Sinclair Broadcast Group, Inc., Class A | | | 1,249,253 | |
| | | | Metals & Mining — 1.8% | | | | |
| 18,611 | | | Materion Corp. | | | 1,061,944 | |
| 8,333 | | | Reliance Steel & Aluminum Co. | | | 752,137 | |
| 95,294 | | | SunCoke Energy, Inc.(a) | | | 809,046 | |
| 35,372 | | | Warrior Met Coal, Inc. | | | 1,075,309 | |
| | | | | | | 3,698,436 | |
| | | | Mortgage Real Estate Investment Trusts (REITS) — 5.6% | | | | |
| 198,537 | | | Anworth Mortgage Asset Corp. | | | 802,089 | |
| 75,656 | | | Arbor Realty Trust, Inc. | | | 981,258 | |
| 53,857 | | | Ares Commercial Real Estate Corp. | | | 818,088 | |
| 48,136 | | | Cherry Hill Mortgage Investment Corp. | | | 828,902 | |
| 45,236 | | | Chimera Investment Corp. | | | 847,723 | |
| 35,822 | | | Dynex Capital, Inc. | | | 218,156 | |
| 41,204 | | | Great Ajax Corp. | | | 566,143 | |
| 70,926 | | | Ladder Capital Corp. | | | 1,207,161 | |
| 102,913 | | | MFA Financial, Inc. | | | 748,178 | |
| 87,665 | | | New Residential Investment Corp. | | | 1,482,415 | |
| 158,351 | | | New York Mortgage Trust, Inc. | | | 964,358 | |
| 54,635 | | | PennyMac Mortgage Investment Trust | | | 1,131,491 | |
| 67,500 | | | Redwood Trust, Inc. | | | 1,090,125 | |
| | | | | | | 11,686,087 | |
| | | | Multi-Utilities — 1.7% | | | | |
| 21,896 | | | Black Hills Corp. | | | 1,621,837 | |
| 26,701 | | | NorthWestern Corp. | | | 1,880,017 | |
| | | | | | | 3,501,854 | |
| | | | Oil, Gas & Consumable Fuels — 3.5% | | | | |
| 13,987 | | | Arch Coal, Inc., Class A | | | 1,276,593 | |
Continued
Sterling Capital Behavioral Small Cap Value Equity Fund
Schedule of Portfolio Investments — (continued)
March 31, 2019 (Unaudited)
| Shares | | | | | Fair Value | |
| COMMON STOCKS — (continued) | | | |
| | | | Oil, Gas & Consumable Fuels — (continued) | | | | |
| 19,898 | | | CVR Energy, Inc. | | $ | 819,798 | |
| 283,899 | | | Denbury Resources, Inc.(a) | | | 581,993 | |
| 23,156 | | | HollyFrontier Corp. | | | 1,140,896 | |
| 49,553 | | | Par Pacific Holdings, Inc.(a) | | | 882,539 | |
| 25,812 | | | PBF Energy, Inc., Class A | | | 803,786 | |
| 38,459 | | | Renewable Energy Group, Inc.(a) | | | 844,560 | |
| 148,334 | | | W&T Offshore, Inc.(a) | | | 1,023,505 | |
| | | | | | | 7,373,670 | |
| | | | Paper & Forest Products — 1.7% | | | | |
| 23,085 | | | Domtar Corp. | | | 1,146,170 | |
| 55,193 | | | Louisiana-Pacific Corp. | | | 1,345,605 | |
| 54,123 | | | Verso Corp., Class A(a) | | | 1,159,315 | |
| | | | | | | 3,651,090 | |
| | | | Pharmaceuticals — 1.3% | | | | |
| 52,337 | | | Innoviva, Inc.(a) | | | 734,288 | |
| 5,467 | | | Jazz Pharmaceuticals PLC(a) | | | 781,508 | |
| 52,917 | | | Mallinckrodt PLC(a) | | | 1,150,416 | |
| | | | | | | 2,666,212 | |
| | | | Professional Services — 2.1% | | | | |
| 12,222 | | | Barrett Business Services, Inc. | | | 945,127 | |
| 19,587 | | | FTI Consulting, Inc.(a) | | | 1,504,673 | |
| 30,384 | | | Heidrick & Struggles International, Inc. | | | 1,164,619 | |
| 22,541 | | | Kforce, Inc. | | | 791,640 | |
| | | | | | | 4,406,059 | |
| | | | Road & Rail — 1.0% | | | | |
| 28,482 | | | ArcBest Corp. | | | 876,961 | |
| 8,896 | | | Genesee & Wyoming, Inc., Class A(a) | | | 775,197 | |
| 26,771 | | | Universal Logistics Holdings, Inc. | | | 526,853 | |
| | | | | | | 2,179,011 | |
| | | | Semiconductors & Semiconductor Equipment — 2.8% | | | | |
| 107,207 | | | Amkor Technology, Inc.(a) | | | 915,548 | |
| 29,997 | | | Cirrus Logic, Inc.(a) | | | 1,261,974 | |
| 23,417 | | | Nanometrics, Inc.(a) | | | 723,117 | |
| 48,276 | | | ON Semiconductor Corp.(a) | | | 993,037 | |
| 108,009 | | | Rambus, Inc.(a) | | | 1,128,694 | |
| 39,606 | | | Xperi Corp. | | | 926,780 | |
| | | | | | | 5,949,150 | |
| | | | Specialty Retail — 8.7% | | | | |
| 59,358 | | | Abercrombie & Fitch Co., Class A | | | 1,627,003 | |
| 38,667 | | | American Eagle Outfitters, Inc. | | | 857,247 | |
| 81,543 | | | Bed Bath & Beyond, Inc. | | | 1,385,416 | |
| 30,796 | | | Buckle, Inc. (The) | | | 576,501 | |
| 41,334 | | | Designer Brands, Inc. | | | 918,441 | |
| 22,812 | | | Dick’s Sporting Goods, Inc. | | | 839,710 | |
| 13,611 | | | Foot Locker, Inc. | | | 824,827 | |
| 21,856 | | | Genesco, Inc.(a) | | | 995,541 | |
| 4,815 | | | Group 1 Automotive, Inc. | | | 311,531 | |
| 36,771 | | | Haverty Furniture Cos., Inc. | | | 804,549 | |
| 43,710 | | | Hibbett Sports, Inc.(a) | | | 997,025 | |
| 41,249 | | | MarineMax, Inc.(a) | | | 790,331 | |
| 14,354 | | | Murphy USA, Inc.(a) | | | 1,228,989 | |
| 374,154 | | | Office Depot, Inc. | | | 1,358,179 | |
| 61,505 | | | Rent-A-Center, Inc.(a) | | | 1,283,609 | |
| 55,844 | | | Sally Beauty Holdings, Inc.(a) | | | 1,028,088 | |
| Shares | | | | | Fair Value | |
| COMMON STOCKS — (continued) | | | | |
| | | | Specialty Retail — (continued) | | | | |
| 28,140 | | | Shoe Carnival, Inc. | | $ | 957,604 | |
| 12,539 | | | Williams-Sonoma, Inc. | | | 705,570 | |
| 33,299 | | | Zumiez, Inc.(a) | | | 828,812 | |
| | | | | | | 18,318,973 | |
| | | | Technology Hardware, Storage & Peripherals — 0.8% | | | | |
| 90,708 | | | Immersion Corp.(a) | | | 764,668 | |
| 31,621 | | | Xerox Corp. | | | 1,011,240 | |
| | | | | | | 1,775,908 | |
| | | | Textiles, Apparel & Luxury Goods — 1.2% | | | | |
| 10,922 | | | Deckers Outdoor Corp.(a) | | | 1,605,425 | |
| 64,018 | | | Vera Bradley, Inc.(a) | | | 848,239 | |
| | | | | | | 2,453,664 | |
| | | | Thrifts & Mortgage Finance — 5.7% | | | | |
| 15,235 | | | Dime Community Bancshares, Inc. | | | 285,352 | |
| 29,631 | | | Essent Group, Ltd.(a) | | | 1,287,467 | |
| 38,028 | | | Flagstar Bancorp, Inc. | | | 1,251,882 | |
| 32,431 | | | Merchants Bancorp | | | 697,267 | |
| 170,146 | | | MGIC Investment Corp.(a) | | | 2,244,226 | |
| 63,509 | | | Oritani Financial Corp. | | | 1,056,155 | |
| 40,350 | | | PennyMac Financial Services, Inc. | | | 897,384 | |
| 91,304 | | | Radian Group, Inc. | | | 1,893,645 | |
| 129,469 | | | TrustCo Bank Corp. | | | 1,004,679 | |
| 47,535 | | | Washington Federal, Inc. | | | 1,373,286 | |
| | | | | | | 11,991,343 | |
| | | | Trading Companies & Distributors — 0.3% | | | | |
| 40,836 | | | Titan Machinery, Inc.(a) | | | 635,408 | |
| | | | Transportation Infrastructure — 0.3% | | | | |
| 17,565 | | | Macquarie Infrastructure Corp. | | | 724,029 | |
| | | | Total Common Stocks | | | | |
| | | | (Cost $192,323,130) | | | 203,860,503 | |
| EXCHANGE TRADED FUNDS — 1.5% | | | | |
| 26,149 | | | iShares Russell 2000 Value ETF | | | 3,135,265 | |
| | | | Total Exchange Traded Funds | | | | |
| | | | (Cost $3,141,136) | | | 3,135,265 | |
| MONEY MARKET FUND — 1.2% | | | | |
| 2,573,428 | | | Federated Treasury Obligations Fund, Institutional Shares, 2.31%(b) | | | 2,573,428 | |
| | | | Total Money Market Fund | | | | |
| | (Cost $2,573,428) | | | 2,573,428 | |
| Total Investments — 99.8% | | | | |
| (Cost $198,037,694) | | | 209,569,196 | |
| Net Other Assets (Liabilities) — 0.2% | | | 442,894 | |
| NET ASSETS — 100.0% | | $ | 210,012,090 | |
| (a) | Represents non-income producing security. |
| (b) | Represents the current yield as of report date. |
ETF — Exchange Traded Fund
See accompanying Notes to the Financial Statements.
Sterling Capital Special Opportunities Fund
Schedule of Portfolio Investments
March 31, 2019(Unaudited)
| Shares | | | | | Fair Value | |
| COMMON STOCKS — 99.4% | | | | |
| | | | Air Freight & Logistics — 2.7% | | | | |
| 159,900 | | | FedEx Corp. | | $ | 29,007,459 | |
| | | | Airlines — 2.9% | | | | |
| 552,900 | | | Alaska Air Group, Inc. | | | 31,028,748 | |
| | | | Auto Components — 3.3% | | | | |
| 452,500 | | | Aptiv PLC | | | 35,969,225 | |
| 1 | | | Delphi Technologies PLC | | | 19 | |
| | | | | | | 35,969,244 | |
| | | | Biotechnology — 3.4% | | | | |
| 569,000 | | | Gilead Sciences, Inc. | | | 36,990,690 | |
| | | | Chemicals — 2.2% | | | | |
| 131,400 | | | Ecolab, Inc. | | | 23,197,356 | |
| | | | Communications Equipment — 6.4% | | | | |
| 1,286,000 | | | Cisco Systems, Inc. | | | 69,431,140 | |
| | | | Consumer Finance — 3.7% | | | | |
| 489,496 | | | Capital One Financial Corp. | | | 39,986,928 | |
| | | | Entertainment — 3.0% | | | | |
| 710,000 | | | Activision Blizzard, Inc. | | | 32,326,300 | |
| | | | Equity Real Estate Investment Trusts (REITS) — 1.3% | | | | |
| 169,500 | | | Ryman Hospitality Properties, Inc. | | | 13,939,680 | |
| | | | Food & Staples Retailing — 1.4% | | | | |
| 231,500 | | | Walgreens Boots Alliance, Inc. | | | 14,647,005 | |
| | | | Health Care Equipment & Supplies — 7.2% | | | | |
| 329,000 | | | Danaher Corp. | | | 43,434,580 | |
| 698,000 | | | Hologic, Inc.(a) | | | 33,783,200 | |
| | | | | | | 77,217,780 | |
| | | | Health Care Providers & Services — 6.1% | | | | |
| 298,400 | | | HCA Healthcare, Inc. | | | 38,905,392 | |
| 110,000 | | | UnitedHealth Group, Inc. | | | 27,198,600 | |
| | | | | | | 66,103,992 | |
| | | | Health Care Technology — 3.8% | | | | |
| 715,000 | | | Cerner Corp.(a) | | | 40,905,150 | |
| | | | Hotels, Restaurants & Leisure — 4.8% | | | | |
| 938,000 | | | Norwegian Cruise Line Holdings, Ltd.(a) | | | 51,552,480 | |
| | | | Household Durables — 3.0% | | | | |
| 647,000 | | | Lennar Corp., Class A | | | 31,761,230 | |
| | | | Interactive Media & Services — 6.3% | | | | |
| 58,000 | | | Alphabet, Inc., Class C(a) | | | 68,051,980 | |
| | | | IT Services — 4.9% | | | | |
| 533,700 | | | Akamai Technologies, Inc.(a) | | | 38,271,627 | |
| Shares | | | | | Fair Value | |
| COMMON STOCKS — (continued) | | | | |
| | | | IT Services — (continued) | | | | |
| 207,000 | | | Cognizant Technology Solutions Corp., Class A | | $ | 14,997,150 | |
| | | | | | | 53,268,777 | |
| | | | Media — 11.4% | | | | |
| 714,500 | | | CBS Corp., Class B | | | 33,960,185 | |
| 1,342,500 | | | Comcast Corp., Class A | | | 53,673,150 | |
| 1,405,500 | | | Discovery, Inc., Class C(a) | | | 35,727,810 | |
| | | | | | | 123,361,145 | |
| | | | Pharmaceuticals — 2.7% | | | | |
| 613,000 | | | Bristol-Myers Squibb Co. | | | 29,246,230 | |
| | | | Professional Services — 3.7% | | | | |
| 303,400 | | | Verisk Analytics, Inc. | | | 40,352,200 | |
| | | | Real Estate Management & Development — 3.0% | | | | |
| 655,000 | | | CBRE Group, Inc., Class A(a) | | | 32,389,750 | |
| | | | Semiconductors & Semiconductor Equipment — 3.8% | | | | |
| 467,900 | | | NXP Semiconductors NV | | | 41,357,681 | |
| | | | Software — 8.4% | | | | |
| 426,000 | | | CDK Global, Inc. | | | 25,057,320 | |
| 230,500 | | | Check Point Software Technologies, Ltd.(a) | | | 29,155,945 | |
| 138,000 | | | Intuit, Inc. | | | 36,074,580 | |
| | | | | | | 90,287,845 | |
| | | | Total Common Stocks | | | | |
| | | | (Cost $724,839,382) | | | 1,072,380,790 | |
| MONEY MARKET FUND — 0.6% | | | | |
| 6,249,916 | | | Federated Treasury Obligations Fund, Institutional Shares, 2.31%(b) | | | 6,249,916 | |
| | | | Total Money Market Fund | | | | |
| | | | (Cost $6,249,916) | | | 6,249,916 | |
| | | | | | | | |
| Total Investments — 100.0% | | | | |
| (Cost $731,089,298) | | | 1,078,630,706 | |
| Net Other Assets (Liabilities) — 0.0% | | | 174,553 | |
| NET ASSETS — 100.0% | | $ | 1,078,805,259 | |
| (a) | Represents non-income producing security. |
| (b) | Represents the current yield as of report date. |
See accompanying Notes to the Financial Statements.
Sterling Capital Equity Income Fund
Schedule of Portfolio Investments
March 31, 2019 (Unaudited)
| Shares | | | | | Fair Value | |
| COMMON STOCKS — 97.8% | | | | |
| | | | Air Freight & Logistics — 3.0% | | | | |
| 451,000 | | | United Parcel Service, Inc., Class B | | $ | 50,394,740 | |
| | | | Airlines — 2.9% | | | | |
| 938,000 | | | Delta Air Lines, Inc. | | | 48,447,700 | |
| | | | Automobiles — 3.4% | | | | |
| 1,531,000 | | | General Motors Co. | | | 56,800,100 | |
| | | | Banks — 2.4% | | | | |
| 834,000 | | | Wells Fargo & Co. | | | 40,298,880 | |
| | | | Beverages — 3.8% | | | | |
| 513,900 | | | PepsiCo, Inc. | | | 62,978,445 | |
| | | | Biotechnology — 3.3% | | | | |
| 681,500 | | | AbbVie, Inc. | | | 54,922,085 | |
| | | | Capital Markets — 3.6% | | | | |
| 876,000 | | | Morgan Stanley | | | 36,967,200 | |
| 270,000 | | | Nasdaq, Inc. | | | 23,622,300 | |
| | | | | | | 60,589,500 | |
| | | | Consumer Finance — 4.4% | | | | |
| 1,043,300 | | | Discover Financial Services | | | 74,241,228 | |
| | | | Diversified Telecommunication Services — 4.1% | | | | |
| 1,170,000 | | | Verizon Communications, Inc. | | | 69,182,100 | |
| | | | Equity Real Estate Investment Trusts (REITS) — 4.9% | | | | |
| 526,000 | | | Crown Castle International Corp. | | | 67,328,000 | |
| 578,272 | | | Weyerhaeuser Co. | | | 15,231,685 | |
| | | | | | | 82,559,685 | |
| | | | Health Care Equipment & Supplies — 8.0% | | | | |
| 977,000 | | | Abbott Laboratories | | | 78,101,380 | |
| 614,500 | | | Medtronic PLC | | | 55,968,660 | |
| | | | | | | 134,070,040 | |
| | | | Health Care Providers & Services — 4.1% | | | | |
| 78,600 | | | Anthem, Inc. | | | 22,556,628 | |
| 867,000 | | | CVS Health Corp. | | | 46,757,310 | |
| | | | | | | 69,313,938 | |
| | | | Hotels, Restaurants & Leisure — 6.3% | | | | |
| 976,000 | | | Carnival Corp. | | | 49,502,720 | |
| 749,750 | | | Starbucks Corp. | | | 55,736,415 | |
| | | | | | | 105,239,135 | |
| | | | Industrial Conglomerates — 3.6% | | | | |
| 383,400 | | | Honeywell International, Inc. | | | 60,929,928 | |
| Shares | | | | | Fair Value | |
| COMMON STOCKS — (continued) | | | | |
| | | | Insurance — 1.8% | | | | |
| 219,000 | | | Chubb, Ltd. | | $ | 30,677,520 | |
| | | | IT Services — 4.3% | | | | |
| 412,000 | | | Accenture PLC, Class A | | | 72,520,240 | |
| | | | Oil, Gas & Consumable Fuels — 8.3% | | | | |
| 1,476,000 | | | Enbridge, Inc. | | | 53,519,760 | |
| 595,000 | | | Occidental Petroleum Corp. | | | 39,389,000 | |
| 489,587 | | | Phillips 66 | | | 46,593,995 | |
| | | | | | | 139,502,755 | |
| | | | Pharmaceuticals — 8.1% | | | | |
| 325,200 | | | Johnson & Johnson | | | 45,459,708 | |
| 763,800 | | | Merck & Co., Inc. | | | 63,525,246 | |
| 619,500 | | | Pfizer, Inc. | | | 26,310,165 | |
| | | | | | | 135,295,119 | |
| | | | Semiconductors & Semiconductor Equipment — 8.8% | | | | |
| 673,000 | | | Analog Devices, Inc. | | | 70,846,710 | |
| 1,037,000 | | | Maxim Integrated Products, Inc. | | | 55,137,290 | |
| 395,500 | | | QUALCOMM, Inc. | | | 22,555,365 | |
| | | | | | | 148,539,365 | |
| | | | Software — 4.9% | | | | |
| 692,000 | | | Microsoft Corp. | | | 81,614,480 | |
| | | | Specialty Retail — 3.8% | | | | |
| 331,400 | | | Home Depot, Inc. (The) | | | 63,592,346 | |
| | | | Total Common Stocks | | | | |
| | | | (Cost $1,176,951,484) | | | 1,641,709,329 | |
| | | | | | | | |
| MONEY MARKET FUND — 2.1% | | | | |
| 36,415,735 | | | Federated Treasury Obligations Fund, Institutional Shares, 2.31%(a) | | | 36,415,735 | |
| | | | Total Money Market Fund | | | | |
| | | | (Cost $36,415,735) | | | 36,415,735 | |
| Total Investments — 99.9% | | | | |
| (Cost $1,213,367,219) | | | 1,678,125,064 | |
| Net Other Assets (Liabilities) — 0.1% | | | 956,273 | |
| NET ASSETS — 100.0% | | $ | 1,679,081,337 | |
| (a) | Represents the current yield as of report date. |
See accompanying Notes to the Financial Statements.
Sterling Capital Behavioral International Equity Fund
Schedule of Portfolio Investments
March 31, 2019 (Unaudited)
| Shares | | | | | Fair Value | |
| COMMON STOCKS — 96.9% | | | | |
| | | | Australia — 8.8% | | | | |
| 44,175 | | | AGL Energy, Ltd. | | $ | 683,257 | |
| 55,175 | | | Australia & New Zealand Banking Group, Ltd. | | | 1,020,425 | |
| 61,400 | | | BlueScope Steel, Ltd. | | | 609,426 | |
| 22,875 | | | Commonwealth Bank of Australia | | | 1,148,191 | |
| 87,375 | | | Fortescue Metals Group, Ltd. | | | 442,218 | |
| 9,275 | | | Macquarie Group, Ltd. | | | 854,192 | |
| 181,625 | | | Qantas Airways, Ltd. | | | 730,849 | |
| 334,075 | | | Telstra Corp., Ltd. | | | 787,771 | |
| 243,950 | | | Vicinity Centres, REIT | | | 450,421 | |
| | | | | | | 6,726,750 | |
| | | | Austria — 1.1% | | | | |
| 15,075 | | | OMV AG | | | 818,597 | |
| | | | Belgium — 3.0% | | | | |
| 8,675 | | | Anheuser-Busch InBev SA/NV | | | 728,219 | |
| 14,425 | | | Telenet Group Holding NV | | | 693,700 | |
| 9,875 | | | UCB SA | | | 848,290 | |
| | | | | | | 2,270,209 | |
| | | | Denmark — 1.1% | | | | |
| 6,450 | | | Carlsberg A/S, Class B | | | 806,561 | |
| | | | Finland — 0.2% | | | | |
| 7,225 | | | Fortum OYJ | | | 147,982 | |
| | | | France — 10.7% | | | | |
| 16,500 | | | BNP Paribas SA | | | 785,209 | |
| 7,175 | | | Capgemini SE | | | 870,632 | |
| 29,975 | | | CNP Assurances | | | 659,993 | |
| 1,900 | | | Eiffage SA | | | 182,644 | |
| 60,525 | | | Engie SA | | | 902,604 | |
| 27,375 | | | Eutelsat Communications SA | | | 479,393 | |
| 10,425 | | | Faurecia | | | 438,846 | |
| 20,450 | | | Klepierre SA, REIT | | | 715,529 | |
| 34,375 | | | Peugeot SA | | | 838,810 | |
| 9,725 | | | Publicis Groupe SA | | | 520,698 | |
| 23,925 | | | Societe Generale SA | | | 691,280 | |
| 18,475 | | | TOTAL SA | | | 1,028,126 | |
| | | | | | | 8,113,764 | |
| | | | Germany — 5.9% | | | | |
| 2,175 | | | Allianz SE | | | 484,696 | |
| 9,050 | | | Covestro AG(b) | | | 499,302 | |
| 30,300 | | | Deutsche Lufthansa AG | | | 666,028 | |
| 35,050 | | | Deutsche Telekom AG | | | 582,295 | |
| 7,150 | | | Henkel AG & Co. KGaA | | | 680,347 | |
| 4,650 | | | HOCHTIEF AG | | | 673,750 | |
| 42,075 | | | METRO AG | | | 698,810 | |
| 4,500 | | | Vonovia SE | | | 233,531 | |
| | | | | | | 4,518,759 | |
| | | | Hong Kong — 2.2% | | | | |
| 16,825 | | | CK Hutchison Holdings, Ltd. | | | 176,921 | |
| 461,275 | | | HKT Trust & HKT, Ltd. | | | 741,720 | |
| 337,575 | | | NWS Holdings, Ltd. | | | 739,073 | |
| | | | | | | 1,657,714 | |
| | | | Israel — 0.2% | | | | |
| 1,075 | | | Check Point Software Technologies, Ltd.(a) | | | 135,977 | |
| | | | Italy — 4.0% | | | | |
| 46,275 | | | Assicurazioni Generali SpA | | | 857,967 | |
| 46,225 | | | Fiat Chrysler Automobiles NV(a) | | | 690,406 | |
| Shares | | | | | Fair Value | |
| COMMONSTOCKS — (continued) | | | | |
| | | | Italy — (continued) | | | | |
| 74,175 | | | Mediobanca Banca di Credito Finanziario SpA | | $ | 772,320 | |
| 146,250 | | | Snam SpA | | | 752,333 | |
| | | | | | | 3,073,026 | |
| | | | Japan — 23.3% | | | | |
| 59,700 | | | Astellas Pharma, Inc. | | | 897,039 | |
| 3,000 | | | Central Japan Railway Co. | | | 697,340 | |
| 65,600 | | | Daicel Corp. | | | 714,444 | |
| 18,800 | | | FUJIFILM Holdings Corp. | | | 856,303 | |
| 48,700 | | | ITOCHU Corp. | | | 882,628 | |
| 43,000 | | | Kajima Corp. | | | 636,087 | |
| 97,800 | | | Marubeni Corp. | | | 678,087 | |
| 29,400 | | | Medipal Holdings Corp. | | | 699,539 | |
| 95,100 | | | Mitsubishi Chemical Holdings Corp. | | | 671,654 | |
| 33,700 | | | Mitsubishi Corp. | | | 938,249 | |
| 53,900 | | | Mitsui & Co., Ltd. | | | 838,708 | |
| 544,800 | | | Mizuho Financial Group, Inc. | | | 843,063 | |
| 9,500 | | | NEC Corp. | | | 321,980 | |
| 49,800 | | | Nikon Corp. | | | 704,104 | |
| 20,200 | | | Nippon Telegraph & Telephone Corp. | | | 861,148 | |
| 36,000 | | | NTT DOCOMO, Inc. | | | 797,891 | |
| 40,900 | | | ORIX Corp. | | | 587,635 | |
| 12,500 | | | Sekisui House, Ltd. | | | 207,143 | |
| 12,400 | | | Shionogi & Co., Ltd. | | | 769,812 | |
| 11,600 | | | Showa Denko KK | | | 410,036 | |
| 20,200 | | | Sony Corp. | | | 852,869 | |
| 50,600 | | | Sumitomo Corp. | | | 701,533 | |
| 23,600 | | | Toyota Motor Corp. | | | 1,390,295 | |
| 23,100 | | | Toyota Tsusho Corp. | | | 754,767 | |
| | | | | | | 17,712,354 | |
| | | | Netherlands — 6.2% | | | | |
| 98,725 | | | Aegon NV | | | 474,224 | |
| 16,400 | | | Coca-Cola European Partners PLC | | | 848,536 | |
| 35,700 | | | Koninklijke Ahold Delhaize NV | | | 950,473 | |
| 2,575 | | | NXP Semiconductors NV | | | 227,604 | |
| 12,600 | | | Randstad NV | | | 615,235 | |
| 4,250 | | | Unibail-Rodamco-Westfield, REIT | | | 696,949 | |
| 15,825 | | | Unilever NV | | | 922,624 | |
| | | | | | | 4,735,645 | |
| | | Norway — 1.0% | | | | |
| 40,475 | | | DNB ASA | | | 745,541 | |
| | | | Singapore — 1.6% | | | | |
| 671,600 | | | Genting Singapore, Ltd. | | | 516,610 | |
| 29,100 | | | Jardine Cycle & Carriage, Ltd. | | | 698,986 | |
| | | | | | | 1,215,596 | |
| | | | Spain — 3.5% | | | | |
| 18,350 | | | ACS Actividades de Construccion y Servicios SA | | | | |
| | | | | | | 806,704 | |
| 24,075 | | | Enagas SA | | | 700,885 | |
| 31,100 | | | Endesa SA | | | 793,689 | |
| 22,202 | | | Repsol SA | | | 379,840 | |
| | | | | | | 2,681,118 | |
| | | | Sweden — 2.0% | | | | |
| 76,125 | | | Skandinaviska Enskilda Banken AB, Class A | | | 659,465 | |
| 29,875 | | | Swedbank AB, Class A | | | 422,221 | |
| 9,225 | | | Swedish Match AB | | | 470,686 | |
| | | | | | | 1,552,372 | |
Continued
Sterling Capital Behavioral International Equity Fund
Schedule of Portfolio Investments — (continued)
March 31, 2019 (Unaudited)
| Shares | | | | | Fair Value | |
| COMMON STOCKS — (continued) | | | | |
| | | | Switzerland — 6.8% | | | | |
| 425 | | | Adecco Group AG | | $ | 22,697 | |
| 9,700 | | | Novartis AG | | | 932,359 | |
| 6,800 | | | Roche Holding AG | | | 1,873,773 | |
| 825 | | | Swiss Life Holding AG | | | 363,495 | |
| 8,175 | | | Swiss Re AG | | | 799,067 | |
| 67,200 | | | UBS Group AG | | | 815,375 | |
| 1,125 | | | Zurich Insurance Group AG | | | 372,416 | |
| | | | | | | 5,179,182 | |
| | | | United Kingdom — 15.3% | | | | |
| 34,400 | | | Anglo American PLC | | | 920,080 | |
| 103,700 | | | Barratt Developments PLC | | | 810,038 | |
| 15,850 | | | Berkeley Group Holdings PLC | | | 761,991 | |
| 43,150 | | | BHP Group PLC | | | 1,041,084 | |
| 118,250 | | | Centrica PLC | | | 176,146 | |
| 63,675 | | | GlaxoSmithKline PLC | | | 1,322,906 | |
| 27,825 | | | Imperial Brands PLC | | | 951,820 | |
| 75,100 | | | J Sainsbury PLC | | | 230,457 | |
| 243,875 | | | Legal & General Group PLC | | | 875,180 | |
| 208,725 | | | Marks & Spencer Group PLC | | | 757,525 | |
| 29,625 | | | Micro Focus International PLC | | | 770,237 | |
| 11,625 | | | Pearson PLC | | | 126,826 | |
| 6,800 | | | Persimmon PLC | | | 192,343 | |
| 19,500 | | | Rio Tinto PLC | | | 1,133,406 | |
| 50,175 | | | SSE PLC | | | 776,303 | |
| 81,275 | | | Tate & Lyle PLC | | | 768,732 | |
| | | | | | | 11,615,074 | |
| | | | Total Common Stocks | | | | |
| | | | (Cost $71,843,375) | | | 73,706,221 | |
| | | | | |
| PREFERRED STOCKS — 0.6% | | | | |
| | | | Germany — 0.6% | | | | |
| 51,825 | | | Schaeffler AG | | | 422,074 | |
| | | | Total Preferred Stocks | | | | |
| | | | (Cost $793,297) | | | 422,074 | |
| | | | | |
| EXCHANGE TRADED FUNDS — 1.1% | | | | |
| | | | United States — 1.1% | | | | |
| 13,053 | | | iShares MSCI EAFE ETF | | | 846,618 | |
| | | | | | | | |
| | | | Total Exchange Traded Funds | | | | |
| | | | (Cost $826,344) | | | 846,618 | |
| Shares | | | | | Fair Value | |
| MONEY MARKET FUND — 0.0% | | | |
| | | United States — 0.0% | | | | |
| 33,122 | | | Federated Treasury Obligations Fund, Institutional Shares, 2.31%(c) | | $ | 33,122 | |
| | | | | | | |
| | | | Total Money Market Fund | | | | |
| | | (Cost $33,122) | | | 33,122 | |
| Total Investments — 98.6% | | | |
| (Cost $73,496,138) | | | 75,008,035 | |
| Net Other Assets (Liabilities) — 1.4% | | | 1,041,577 | |
| NET ASSETS — 100.0% | | $ | 76,049,612 | |
| (a) | Represents non-income producing security. |
| (b) | Rule 144A, Section 4(2) or other security that is restricted as to resale to qualified institutional investors. The Investment 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. |
ETF — Exchange Traded Fund
| Industry | Percentage of net assets |
| Airlines | 1.8% |
| Auto Components | 1.1% |
| Automobiles | 3.9% |
| Banks | 9.3% |
| Beverages | 3.1% |
| Capital Markets | 2.2% |
| Chemicals | 3.0% |
| Construction & Engineering | 3.0% |
| Distributors | 0.9% |
| Diversified Financial Services | 0.8% |
| Diversified Telecommunication Services | 3.9% |
| Electric Utilities | 2.3% |
| Equity Real Estate Investment Trusts (REITS) | 2.5% |
| Food & Staples Retailing | 2.5% |
| Food Products | 1.0% |
| Health Care Providers & Services | 0.9% |
| Hotels, Restaurants & Leisure | 0.7% |
| Household Durables | 4.6% |
| Household Products | 0.9% |
| Industrial Conglomerates | 1.2% |
| Insurance | 6.4% |
| IT Services | 1.2% |
| Media | 2.4% |
| Metals & Mining | 5.5% |
| Exchange Traded Funds | 1.1% |
| Multiline Retail | 1.0% |
| Multi-Utilities | 2.3% |
| Oil, Gas & Consumable Fuels | 4.8% |
| Personal Products | 1.2% |
| Pharmaceuticals | 8.7% |
| Professional Services | 0.8% |
| Real Estate Management & Development | 0.3% |
| Road & Rail | 0.9% |
| Semiconductors & Semiconductor Equipment | 0.3% |
| Software | 1.2% |
| Technology Hardware, Storage & Peripherals | 1.6% |
| Tobacco | 1.9% |
| Trading Companies & Distributors | 6.3% |
| Wireless Telecommunication Services | 1.1% |
| | 98.6% |
See accompanying Notes to the Financial Statements.
Sterling Capital SMID Opportunities Fund
Schedule of Portfolio Investments
March 31, 2019 (Unaudited)
| Shares | | | | | Fair Value | |
| COMMON STOCKS — 97.7% | | | | |
| | | | Airlines — 3.7% | | | | |
| 5,785 | | | Alaska Air Group, Inc. | | $ | 324,654 | |
| | | | Auto Components — 2.5% | | | | |
| 10,500 | | | Gentex Corp. | | | 217,140 | |
| | | | Banks — 6.1% | | | | |
| 11,449 | | | Towne Bank | | | 283,363 | |
| 4,985 | | | Webster Financial Corp. | | | 252,590 | |
| | | | | | | 535,953 | |
| | | | Commercial Services & Supplies — 4.1% | | | | |
| 4,050 | | | Waste Connections, Inc. | | | 358,790 | |
| | | | Containers & Packaging — 4.5% | | | | |
| 6,940 | | | Ball Corp. | | | 401,548 | |
| | | | Diversified Consumer Services — 3.5% | | | | |
| 6,530 | | | ServiceMaster Global Holdings, Inc.(a) | | | 304,951 | |
| | | | Electronic Equipment, Instruments & Components — 5.2% | | | | |
| 2,885 | | | Rogers Corp.(a) | | | 458,369 | |
| | | | | | | | |
| | | | Entertainment — 1.6% | | | | |
| 1,500 | | | Take-Two Interactive Software, Inc.(a) | | | 141,555 | |
| | | | Health Care Equipment & Supplies — 3.4% | | | | |
| 1,000 | | | Teleflex, Inc. | | | 302,160 | |
| | | | Health Care Providers & Services — 9.3% | | | | |
| 6,200 | | | Centene Corp.(a) | | | 329,220 | |
| 5,143 | | | Premier, Inc., Class A(a) | | | 177,382 | |
| 2,356 | | | Universal Health Services, Inc., Class B | | | 315,162 | |
| | | | | | | 821,764 | |
| | | | Hotels, Restaurants & Leisure — 8.2% | | | | |
| 11,810 | | | Aramark | | | 348,985 | |
| 6,781 | | | Norwegian Cruise Line Holdings, Ltd.(a) | | | 372,684 | |
| | | | | | | 721,669 | |
| | | | Household Durables — 2.7% | | | | |
| 87 | | | NVR, Inc.(a) | | | 240,729 | |
| | | | IT Services — 21.6% | | | | |
| 5,700 | | | Amdocs, Ltd. | | | 308,427 | |
| 3,375 | | | Black Knight, Inc.(a) | | | 183,937 | |
| 4,900 | | | Fiserv, Inc.(a) | | | 432,572 | |
| Shares | | | | | Fair Value | |
| COMMON STOCKS — (continued) | | | | |
| | | | IT Services — (continued) | | | | |
| 12,276 | | | Genpact, Ltd. | | $ | 431,870 | |
| 4,000 | | | Global Payments, Inc. | | | 546,080 | |
| | | | | | | 1,902,886 | |
| | | | Oil, Gas & Consumable Fuels — 2.3% | | | | |
| 14,100 | | | Centennial Resource Development, Inc., Class A(a) | | | 123,939 | |
| 11,283 | | | Encana Corp. | | | 81,689 | |
| | | | | | | 205,628 | |
| | | | Real Estate Management & Development — 3.9% | | | | |
| 3,879 | | | FirstService Corp. | | | 346,550 | |
| | | | Road & Rail — 4.5% | | | | |
| 3,400 | | | Kansas City Southern | | | 394,332 | |
| | | | Software — 4.5% | | | | |
| 6,754 | | | CDK Global, Inc. | | | 397,270 | |
| | | | Specialty Retail — 6.1% | | | | |
| 5,120 | | | CarMax, Inc.(a) | | | 357,376 | |
| 5,615 | | | National Vision Holdings, Inc.(a) | | | 176,479 | |
| | | | | | | 533,855 | |
| | | | Total Common Stocks | | | | |
| | | | (Cost $7,159,886) | | | 8,609,803 | |
| | | | | | | | |
| MONEY MARKET FUND — 2.0% | | | | |
| 177,060 | | | Federated Treasury Obligations Fund, Institutional Shares, 2.31%(b) | | | 177,060 | |
| | | | Total Money Market Fund | | | | |
| | | | (Cost $177,060) | | | 177,060 | |
| Total Investments — 99.7% | | | | |
| (Cost $7,336,946) | | | 8,786,863 | |
| Net Other Assets (Liabilities) — 0.3% | | | 24,421 | |
| NET ASSETS — 100.0% | | $ | 8,811,284 | |
| (a) | Represents non-income producing security. |
| (b) | Represents the current yield as of report date. |
See accompanying Notes to the Financial Statements.
Sterling Capital Stratton Mid Cap Value Fund
Schedule of Portfolio Investments
March 31, 2019 (Unaudited)
| Shares | | | | | Fair Value | |
| COMMON STOCKS — 96.1% | | | | |
| | | | Auto Components — 1.3% | | | | |
| 16,540 | | | Magna International, Inc. | | $ | 805,333 | |
| | | | Banks — 8.0% | | | | |
| 21,700 | | | East West Bancorp, Inc. | | | 1,040,949 | |
| 10,100 | | | First Republic Bank/CA | | | 1,014,646 | |
| 81,700 | | | Huntington Bancshares, Inc. | | | 1,035,956 | |
| 56,100 | | | KeyCorp | | | 883,575 | |
| 12,100 | | | Wintrust Financial Corp. | | | 814,693 | |
| | | | | | | 4,789,819 | |
| | | | Capital Markets — 1.5% | | | | |
| 7,200 | | | Ameriprise Financial, Inc. | | | 922,320 | |
| | | | Chemicals — 1.6% | | | | |
| 13,900 | | | Westlake Chemical Corp. | | | 943,254 | |
| | | | Construction & Engineering — 1.9% | | | | |
| 23,800 | | | MasTec, Inc.(a) | | | 1,144,780 | |
| | | | Containers & Packaging — 5.4% | | | | |
| 14,700 | | | Avery Dennison Corp. | | | 1,661,100 | |
| 29,100 | | | Berry Global Group, Inc.(a) | | | 1,567,617 | |
| | | | | | | 3,228,717 | |
| | | | Electronic Equipment, Instruments & Components — 3.8% | | | | |
| 10,500 | | | Arrow Electronics, Inc.(a) | | | 809,130 | |
| 14,900 | | | CDW Corp. | | | 1,435,913 | |
| | | | | | | 2,245,043 | |
| | | | | | | | |
| | | | Entertainment — 2.5% | | | | |
| 17,500 | | | Activision Blizzard, Inc. | | | 796,775 | |
| 7,700 | | | Take-Two Interactive Software, Inc.(a) | | | 726,649 | |
| | | | | | | 1,523,424 | |
| | | | Equity Real Estate Investment Trusts (REITS) — 13.5% | | | | |
| 17,200 | | | CyrusOne, Inc. | | | 901,968 | |
| 8,100 | | | Digital Realty Trust, Inc. | | | 963,900 | |
| 13,900 | | | EastGroup Properties, Inc. | | | 1,551,796 | |
| 21,500 | | | Highwoods Properties, Inc. | | | 1,005,770 | |
| 30,000 | | | Hudson Pacific Properties, Inc. | | | 1,032,600 | |
| 14,900 | | | Mid-America Apartment Communities, Inc. | | | 1,629,017 | |
| 12,200 | | | Ryman Hospitality Properties, Inc. | | | 1,003,328 | |
| | | | | | | 8,088,379 | |
| | | | Food & Staples Retailing — 4.8% | | | | |
| 6,900 | | | Casey’s General Stores, Inc. | | | 888,513 | |
| 26,600 | | | Performance Food Group Co.(a) | | | 1,054,424 | |
| 26,500 | | | U.S. Foods Holding Corp.(a) | | | 925,115 | |
| | | | | | | 2,868,052 | |
| | | | Food Products — 2.7% | | | | |
| 21,300 | | | Lamb Weston Holdings, Inc. | | | 1,596,222 | |
| | | | Gas Utilities — 5.7% | | | | |
| 25,000 | | | Southwest Gas Holdings, Inc. | | | 2,056,500 | |
| 24,900 | | | UGI Corp. | | | 1,379,958 | |
| | | | | | | 3,436,458 | |
| | | | Health Care Equipment & Supplies — 3.6% | | | | |
| 3,400 | | | Becton Dickinson & Co. | | | 849,082 | |
| 10,400 | | | Zimmer Biomet Holdings, Inc. | | | 1,328,080 | |
| | | | | | | 2,177,162 | |
| Shares | | | | | Fair Value | |
| COMMON STOCKS — (continued) | | | | |
| | | | Hotels, Restaurants & Leisure — 1.6% | | | | |
| 8,500 | | | Royal Caribbean Cruises, Ltd. | | $ | 974,270 | |
| | | | Household Durables — 1.7% | | | | |
| 35,700 | | | PulteGroup, Inc. | | | 998,172 | |
| | | | Industrial Conglomerates — 1.5% | | | | |
| 7,400 | | | Carlisle Cos., Inc. | | | 907,388 | |
| | | | Insurance — 7.4% | | | | |
| 12,300 | | | American Financial Group, Inc. | | | 1,183,383 | |
| 22,300 | | | First American Financial Corp. | | | 1,148,450 | |
| 10,500 | | | Hanover Insurance Group, Inc. (The) | | | 1,198,785 | |
| 10,700 | | | Torchmark Corp. | | | 876,865 | |
| | | | | | | 4,407,483 | |
| | | | IT Services — 5.1% | | | | |
| 6,800 | | | CACI International, Inc., Class A(a) | | | 1,237,736 | |
| 20,400 | | | Fiserv, Inc.(a) | | | 1,800,912 | |
| | | | | | | 3,038,648 | |
| | | | Life Sciences Tools & Services — 6.8% | | | | |
| 10,300 | | | ICON Plc(a) | | | 1,406,774 | |
| 5,710 | | | Medpace Holdings, Inc.(a) | | | 336,719 | |
| 14,300 | | | PerkinElmer, Inc. | | | 1,377,948 | |
| 3,500 | | | Thermo Fisher Scientific, Inc. | | | 958,020 | |
| | | | | | | 4,079,461 | |
| | | | Machinery — 1.8% | | | | |
| 14,300 | | | Oshkosh Corp. | | | 1,074,359 | |
| | | | Oil, Gas & Consumable Fuels — 7.3% | | | | |
| 46,700 | | | Cabot Oil & Gas Corp. | | | 1,218,870 | |
| 90,800 | | | Callon Petroleum Co.(a) | | | 685,540 | |
| 29,400 | | | Devon Energy Corp. | | | 927,864 | |
| 16,300 | | | Phillips 66 | | | 1,551,271 | |
| | | | | | | 4,383,545 | |
| | | | Semiconductors & Semiconductor Equipment — 1.3% | | | | |
| 9,400 | | | Skyworks Solutions, Inc. | | | 775,312 | |
| | | | Software — 1.6% | | | | |
| 10,200 | | | PTC, Inc.(a) | | | 940,236 | |
| | | | Trading Companies & Distributors — 3.7% | | | | |
| 35,300 | | | HD Supply Holdings, Inc.(a) | | | 1,530,255 | |
| 6,100 | | | United Rentals, Inc.(a) | | | 696,925 | |
| | | | | | | 2,227,180 | |
| | | | Total Common Stocks | | | | |
| | | | (Cost $37,839,774) | | | 57,575,017 | |
Continued
Sterling Capital Stratton Mid Cap Value Fund
Schedule of Portfolio Investments — (continued)
March 31, 2019 (Unaudited)
| Shares | | | | | Fair Value | |
| MONEY MARKET FUND — 3.9% | | | | |
| 2,348,631 | | | Federated Treasury Obligations Fund, Institutional Shares, 2.31%(b) | | $ | 2,348,631 | |
| | | | Total Money Market Fund | | | | |
| | | | (Cost $2,348,631) | | | 2,348,631 | |
| Total Investments — 100.0% | | | | |
| (Cost $40,188,405) | | | 59,923,648 | |
| Net Other Assets (Liabilities) — 0.0% | | | 29,729 | |
| NET ASSETS — 100.0% | | $ | 59,953,377 | |
| (a) | Represents non-income producing security. |
| (b) | Represents the current yield as of report date. |
See accompanying Notes to the Financial Statements.
Sterling Capital Stratton Real Estate Fund
Schedule of Portfolio Investments
March 31, 2019 (Unaudited)
| Shares | | | | | Fair Value | |
| COMMON STOCKS — 97.6% | | | | |
| | | | | Diversified — 4.2% | | | | |
| | 85,000 | | | Essential Properties Realty Trust, Inc. | | $ | 1,659,200 | |
| | 53,000 | | | Liberty Property Trust | | | 2,566,260 | |
| | | | | | | | 4,225,460 | |
| | | | | Health Care — 10.7% | | | | |
| | 62,500 | | | Healthcare Trust of America, Inc., Class A | | | 1,786,875 | |
| | 132,000 | | | Medical Properties Trust, Inc. | | | 2,443,320 | |
| | 53,000 | | | Ventas, Inc. | | | 3,381,930 | |
| | 41,000 | | | Welltower, Inc. | | | 3,181,600 | |
| | | | | | | | 10,793,725 | |
| | | | | Hotel & Resort — 7.3% | | | | |
| | 50,000 | | | Chesapeake Lodging Trust | | | 1,390,500 | |
| | 140,000 | | | DiamondRock Hospitality Co. | | | 1,516,200 | |
| | 8,500 | | | Marriott International, Inc., Class A | | | 1,063,265 | |
| | 40,000 | | | MGM Growth Properties, LLC, Class A | | | 1,290,000 | |
| | 25,000 | | | Ryman Hospitality Properties, Inc. | | | 2,056,000 | |
| | | | | | | | 7,315,965 | |
| | | | | Industrial — 6.2% | | | | |
| | 68,000 | | | Americold Realty Trust | | | 2,074,680 | |
| | 16,300 | | | EastGroup Properties, Inc. | | | 1,819,732 | |
| | 68,000 | | | First Industrial Realty Trust, Inc. | | | 2,404,480 | |
| | | | | | | | 6,298,892 | |
| | | | | Office — 10.1% | | | | |
| | 20,000 | | | Alexandria Real Estate Equities, Inc. | | | 2,851,200 | |
| | 150,000 | | | Cousins Properties, Inc. | | | 1,449,000 | |
| | 37,000 | | | Highwoods Properties, Inc. | | | 1,730,860 | |
| | 70,000 | | | Hudson Pacific Properties, Inc. | | | 2,409,400 | |
| | 19,600 | | | SL Green Realty Corp. | | | 1,762,432 | |
| | | | | | | | 10,202,892 | |
| | | | | Residential — 17.5% | | | | |
| | 40,000 | | | American Campus Communities, Inc. | | | 1,903,200 | |
| | 85,000 | | | American Homes 4 Rent, Class A | | | 1,931,200 | |
| | 45,822 | | | Apartment Investment & Management Co. | | | 2,304,400 | |
| | 19,400 | | | Equity LifeStyle Properties, Inc. | | | 2,217,420 | |
| | 12,500 | | | Essex Property Trust, Inc. | | | 3,615,500 | |
| | 22,000 | | | Mid-America Apartment Communities, Inc. | | | 2,405,260 | |
| | 73,000 | | | UDR, Inc. | | | 3,318,580 | |
| | | | | | | | 17,695,560 | |
| Shares | | | | | Fair Value | |
| COMMON STOCKS — (continued) | | | | |
| | | | | Retail — 15.5% | | | | |
| | 49,500 | | | Acadia Realty Trust | | $ | 1,349,865 | |
| | 17,700 | | | Federal Realty Investment Trust | | | 2,439,945 | |
| | 43,000 | | | National Retail Properties, Inc. | | | 2,381,770 | |
| | 77,000 | | | Retail Opportunity Investments Corp. | | | 1,335,180 | |
| | 133,000 | | | Retail Properties of America, Inc. | | | 1,621,270 | |
| | 35,557 | | | Simon Property Group, Inc. | | | 6,478,841 | |
| | | | | | | | 15,606,871 | |
| | | | | Specialized — 26.1% | | | | |
| | 46,700 | | | Crown Castle International Corp. | | | 5,977,600 | |
| | 68,000 | | | CubeSmart | | | 2,178,720 | |
| | 30,000 | | | CyrusOne, Inc. | | | 1,573,200 | |
| | 30,000 | | | Digital Realty Trust, Inc. | | | 3,570,000 | |
| | 26,000 | | | EPR Properties | | | 1,999,400 | |
| | 9,700 | | | Equinix, Inc. | | | 4,395,652 | |
| | 19,500 | | | Life Storage, Inc. | | | 1,896,765 | |
| | 40,000 | | | PotlatchDeltic Corp. | | | 1,511,600 | |
| | 16,000 | | | SBA Communications Corp.(a) | | | 3,194,560 | |
| | | | | | | | 26,297,497 | |
| | | | | Total Common Stocks | | | | |
| | | | | (Cost $60,314,709) | | | 98,436,862 | |
| | | | | |
| MONEY MARKET FUND — 2.0% | | | | |
| | 2,037,037 | | | Federated Treasury Obligations Fund, Institutional Shares, 2.31%(b) | | | 2,037,037 | |
| | | | | Total Money Market Fund | | | | |
| | | | | (Cost $2,037,037) | | | 2,037,037 | |
| Total Investments — 99.6% | | | | |
| (Cost $62,351,746) | | | 100,473,899 | |
| Net Other Assets (Liabilities) — 0.4% | | | 379,761 | |
NET ASSETS — 100.0% | | $ | 100,853,660 | |
| (a) | Represents non-income producing security. |
| (b) | Represents the current yield as of report date. |
See accompanying Notes to the Financial Statements.
Sterling Capital Stratton Small Cap Value Fund
Schedule of Portfolio Investments
March 31, 2019 (Unaudited)
| Shares | | | | | Fair Value | |
| COMMON STOCKS — 96.1% | | | | |
| | | | | Aerospace & Defense — 2.6% | | | | |
| | 299,625 | | | Moog, Inc., Class A | | $ | 26,052,394 | |
| | | | | Airlines — 2.0% | | | | |
| | 1,212,300 | | | JetBlue Airways Corp.(a) | | | 19,833,228 | |
| | | | | Banks — 19.7% | | | | |
| | 437,840 | | | Chemical Financial Corp. | | | 18,021,494 | |
| | 389,550 | | | Community Bank System, Inc. | | | 23,283,403 | |
| | 794,650 | | | First Midwest Bancorp, Inc. | | | 16,258,539 | |
| | 492,130 | | | Glacier Bancorp, Inc. | | | 19,719,649 | |
| | 247,250 | | | IBERIABANK Corp. | | | 17,730,297 | |
| | 161,200 | | | Signature Bank | | | 20,644,884 | |
| | 52,500 | | | SVB Financial Group(a) | | | 11,673,900 | |
| | 805,691 | | | Umpqua Holdings Corp. | | | 13,293,902 | |
| | 398,250 | | | United Bankshares, Inc. | | | 14,432,580 | |
| | 446,000 | | | Webster Financial Corp. | | | 22,598,820 | |
| | 328,300 | | | Wintrust Financial Corp. | | | 22,104,439 | |
| | | | | | | | 199,761,907 | |
| | | | | Capital Markets — 1.1% | | | | |
| | 105,700 | | | Affiliated Managers Group, Inc. | | | 11,321,527 | |
| | | | | Chemicals — 1.8% | | | | |
| | 632,947 | | | PolyOne Corp. | | | 18,551,677 | |
| | | | | Communications Equipment — 1.4% | | | | |
| | 500,000 | | | NetScout Systems, Inc.(a) | | | 14,035,000 | |
| | | | | Construction & Engineering — 2.7% | | | | |
| | 566,550 | | | MasTec, Inc.(a) | | | 27,251,055 | |
| | | | | Electric Utilities — 5.3% | | | | |
| | 448,131 | | | El Paso Electric Co. | | | 26,359,065 | |
| | 527,150 | | | Portland General Electric Co. | | | 27,327,456 | |
| | | | | | | | 53,686,521 | |
| | | | | Electrical Equipment — 2.0% | | | | |
| | 313,450 | | | EnerSys | | | 20,424,402 | |
| | | | | Electronic Equipment, Instruments & Components — 3.2% | | | | |
| | 258,100 | | | Anixter International, Inc.(a) | | | 14,481,991 | |
| | 325,808 | | | Belden, Inc. | | | 17,495,890 | |
| | | | | | | | 31,977,881 | |
| | | | | Entertainment — 0.9% | | | | |
| | 100,410 | | | Take-Two Interactive Software, Inc.(a) | | | 9,475,692 | |
| | | | | Equity Real Estate Investment Trusts (REITS) — 14.7% | | | | |
| | 495,200 | | | American Campus Communities, Inc. | | | 23,561,616 | |
| | 715,813 | | | First Industrial Realty Trust, Inc. | | | 25,311,148 | |
| | 472,064 | | | Highwoods Properties, Inc. | | | 22,083,154 | |
| | 1,181,600 | | | Medical Properties Trust, Inc. | | | 21,871,416 | |
| | 1,270,000 | | | Retail Properties of America, Inc. | | | 15,481,300 | |
| | 318,800 | | | Ryman Hospitality Properties, Inc. | | | 26,218,112 | |
| | 158,300 | | | SL Green Realty Corp. | | | 14,234,336 | |
| | | | | | | | 148,761,082 | |
| | | | | Food & Staples Retailing — 5.4% | | | | |
| | 202,800 | | | Casey’s General Stores, Inc. | | | 26,114,556 | |
| | 720,000 | | | Performance Food Group Co.(a) | | | 28,540,800 | |
| | | | | | | | 54,655,356 | |
| Shares | | | | | Fair Value | |
| COMMON STOCKS — (continued) | | | | |
| | | | | Food Products — 2.1% | | | | |
| | 325,000 | | | TreeHouse Foods, Inc.(a) | | $ | 20,978,750 | |
| | | | | Gas Utilities — 2.7% | | | | |
| | 338,260 | | | Southwest Gas Holdings, Inc. | | | 27,825,268 | |
| | | | | Health Care Equipment & Supplies — 2.4% | | | | |
| | 221,673 | | | West Pharmaceutical Services, Inc. | | | 24,428,365 | |
| | | | | Health Care Providers & Services — 2.2% | | | | |
| | 351,788 | | | BioTelemetry, Inc.(a) | | | 22,028,965 | |
| | | | | Insurance — 5.2% | | | | |
| | 216,400 | | | Hanover Insurance Group, Inc. (The) | | | 24,706,388 | |
| | 439,550 | | | Selective Insurance Group, Inc. | | | 27,814,724 | |
| | | | | | | | 52,521,112 | |
| | | | | IT Services — 3.2% | | | | |
| | 179,700 | | | CACI International, Inc., Class A(a) | | | 32,708,994 | |
| | | | | Machinery — 5.0% | | | | |
| | 312,500 | | | Crane Co. | | | 26,443,750 | |
| | 323,700 | | | Oshkosh Corp. | | | 24,319,581 | |
| | | | | | | | 50,763,331 | |
| | | | | Oil, Gas & Consumable Fuels — 2.4% | | | | |
| | 1,915,500 | | | Callon Petroleum Co.(a) | | | 14,462,025 | |
| | 817,400 | | | Carrizo Oil & Gas, Inc.(a) | | | 10,192,978 | |
| | | | | | | | 24,655,003 | |
| | | | | Semiconductors & Semiconductor Equipment — 3.6% | | | | |
| | 990,707 | | | ON Semiconductor Corp.(a) | | | 20,378,843 | |
| | 216,844 | | | Qorvo, Inc.(a) | | | 15,554,220 | |
| | | | | | | | 35,933,063 | |
| | | | | Software — 1.9% | | | | |
| | 209,830 | | | PTC, Inc.(a) | | | 19,342,129 | |
| | | | | Thrifts & Mortgage Finance — 1.3% | | | | |
| | 761,521 | | | Northwest Bancshares, Inc. | | | 12,923,011 | |
| | | | | Trading Companies & Distributors — 1.3% | | | | |
| | 111,941 | | | United Rentals, Inc.(a) | | | 12,789,259 | |
| | | | | Total Common Stocks | | | | |
| | | | | (Cost $490,458,121) | | | 972,684,972 | |
| | | | | |
| MONEY MARKET FUND — 3.8% | | | | |
| | 38,857,089 | | | Federated Treasury Obligations Fund, Institutional Shares, 2.31%(b) | | | 38,857,089 | |
| | | | | Total Money Market Fund | | | | |
| | | | | (Cost $38,857,089) | | | 38,857,089 | |
| Total Investments — 99.9% | | | | |
| (Cost $529,315,210) | | | 1,011,542,061 | |
| Net Other Assets (Liabilities) — 0.1% | | | 973,704 | |
| NET ASSETS — 100.0% | | $ | 1,012,515,765 | |
| (a) | Represents non-income producing security. |
| (b) | Represents the current yield as of report date. |
See accompanying Notes to the Financial Statements.
Sterling Capital Ultra Short Bond Fund
Schedule of Portfolio Investments
March 31, 2019 (Unaudited)
| Principal Amount | | | | Fair Value | |
| ASSET BACKED SECURITIES — 24.0% | | | | |
| $ | 237,468 | | | Ally Auto Receivables Trust, Series 2016-2, Class A4, 1.600%, 1/15/21 | | $ | 236,574 | |
| | 135,000 | | | Ally Auto Receivables Trust, Series 2016-2, Class B, 2.150%, 4/15/21 | | | 134,643 | |
| | 500,000 | | | Ally Auto Receivables Trust, Series 2017-2, Class A4, 2.100%, 3/15/22 | | | 496,467 | |
| | 282,899 | | | AmeriCredit Automobile Receivables Trust, Series 2015-1, Class C, 2.510%, 1/8/21 | | | 282,829 | |
| | 170,000 | | | AmeriCredit Automobile Receivables Trust, Series 2017-4, Class B, 2.360%, 12/19/22 | | | 168,676 | |
| | 181,000 | | | AmeriCredit Automobile Receivables Trust, Series 2017-3, Class B, 2.240%, 6/19/23 | | | 179,647 | |
| | 515,000 | | | Avis Budget Rental Car Funding AESOP, LLC, Series 2015-1A, Class A, 2.500%, 7/20/21(a) | | | 512,584 | |
| | 450,000 | | | Avis Budget Rental Car Funding AESOP, LLC, Series 2016-1A, Class A, 2.990%, 6/20/22(a) | | | 450,626 | |
| | 122,000 | | | Capital Auto Receivables Asset Trust, Series 2017-1, Class A3, 2.020%, 8/20/21(a) | | | 121,498 | |
| | 355,000 | | | Capital Auto Receivables Asset Trust, Series 2017-1, Class B, 2.430%, 5/20/22(a) | | | 352,906 | |
| | 600,000 | | | CarMax Auto Owner Trust, Series 2015-1, Class B, 2.170%, 10/15/20 | | | 599,835 | |
| | 285,000 | | | CarMax Auto Owner Trust, Series 2015-3, Class B, 2.280%, 4/15/21 | | | 284,168 | |
| | 190,755 | | | Chesapeake Funding II, LLC, Series 2017-2A, Class A1, 1.990%, 5/15/29(a) | | | 189,443 | |
| | 469,437 | | | Chesapeake Funding II, LLC, Series 2017-3A, Class A1, 1.910%, 8/15/29(a) | | | 465,116 | |
| | 454,587 | | | Chesapeake Funding II, LLC, Series 2017-4A, Class A1, 2.120%, 11/15/29(a) | | | 450,149 | |
| | 46,805 | | | Citicorp Residential Mortgage Trust, STEP, Series 2007-2, Class A6, 5.124%, 6/25/37 | | | 47,417 | |
| | 128,523 | | | Countrywide Asset-Backed Certificates, Series 2004-12, Class MV4, 3.911%, (LIBOR USD 1-Month plus 1.43%), 3/25/35(b) | | | 128,924 | |
| | 345,209 | | | Countrywide Asset-Backed Certificates, Series 2006-3, Class 2A3, 2.776%, (LIBOR USD 1-Month plus 0.29%), 6/25/36(b) | | | 343,781 | |
| | 619,749 | | | Enterprise Fleet Financing, LLC, Series 2016-1, Class A3, 2.080%, 9/20/21(a) | | | 617,284 | |
| | 343,093 | | | Fifth Third Auto Trust 2017-1, Series 2017-1, Class A3, 1.800%, 2/15/22 | | | 341,058 | |
| | 265,000 | | | Ford Credit Auto Owner Trust, Series 2016-A, Class A4, 1.600%, 6/15/21 | | | 263,537 | |
| | 600,000 | | | Ford Credit Auto Owner Trust/Ford Credit 2014-REV1, Series 2014-1, Class A, 2.260%, 11/15/25(a) | | | 599,702 | |
| | 1,125,000 | | | Hertz Vehicle Financing II L.P., Series 2016-3A, Class A, 2.270%, 7/25/20(a) | | | 1,122,663 | |
| | 48,751 | | | JP Morgan Mortgage Acquisition Corp., Series 2005-OPT2, Class M1, 2.916%, (LIBOR USD 1-Month plus 0.43%), 12/25/35(b) | | | 48,752 | |
| | 300,000 | | | New Century Home Equity Loan Trust, Series 2005-3, Class M3, 3.251%, (LIBOR USD 1-Month plus 0.77%), 7/25/35(b) | | | 300,355 | |
| | 1,321 | | | Santander Drive Auto Receivables Trust, Series 2015-2, Class C, 2.440%, 4/15/21 | | | 1,320 | |
| | 215,000 | | | Santander Drive Auto Receivables Trust, Series 2018-2, Class A3, 2.750%, 9/15/21 | | | 214,966 | |
| | 245,000 | | | Santander Drive Auto Receivables Trust, Series 2019-1, Class B, 3.210%, 9/15/23 | | | 246,050 | |
| Principal Amount | | | | | Fair Value | |
| ASSET BACKED SECURITIES — (continued) | | | | |
| $ | 139,163 | | | Saxon Asset Securities Trust, Series 2006-2, Class A3C, 2.636%, (LIBOR USD 1-Month plus 0.15%), 9/25/36(b) | | $ | 138,640 | |
| | 86,509 | | | Sofi Professional Loan Program, LLC, Series 2016-E, Class A1, 3.336%, (LIBOR USD 1-Month plus 0.85%), 7/25/39(a)(b) | | | 86,785 | |
| | 340,000 | | | Toyota Auto Receivables Owner Trust, Series 2016-B, Class A4, 1.520%, 8/16/21 | | | 337,622 | |
| | 131,815 | | | Wheels SPV 2, LLC, Series 2017-1A, Class A2, 1.880%, 4/20/26(a) | | | 131,063 | |
| | 500,000 | | | Wheels SPV 2, LLC, Series 2018-1A, Class A2, 3.060%, 4/20/27(a) | | | 500,423 | |
| | 125,000 | | | World Omni Auto Receivables Trust, Series 2015-B, Class B, 2.150%, 8/15/22 | | | 124,507 | |
| | | | | Total Asset Backed Securities | | | | |
| | | | | (Cost $10,497,045) | | | 10,520,010 | |
| | | | | |
| COLLATERALIZED MORTGAGE OBLIGATIONS — 2.4% | | | | |
| | 87,362 | | | Fannie Mae, Series 2011-141, Class EA, 1.750%, 7/25/21 | | | 86,954 | |
| | 96,520 | | | Fannie Mae, Series 2011-55, Class AC, 3.000%, 7/25/25 | | | 96,322 | |
| | 53,692 | | | Freddie Mac, Series -3805, Class EK, 4.000%, 6/15/40 | | | 54,072 | |
| | 223,674 | | | Galton Funding Mortgage Trust, Series 2018-2, Class A41, 4.500%, 10/25/58(a)(c) | | | 228,228 | |
| | 454,901 | | | Galton Funding Mortgage Trust, Series 2019-1, Class A41, 4.500%, 2/25/59(a)(c) | | | 462,174 | |
| | 118,717 | | | MASTR Seasoned Securitization Trust, Series 2005-2, Class 1A1, 5.130%, 10/25/32 | | | 118,342 | |
| | | | | Total Collateralized Mortgage Obligations | | | | |
| | | | | (Cost $1,044,777) | | | 1,046,092 | |
| | | | | |
| COMMERCIAL MORTGAGE-BACKED SECURITIES — 3.1% | | | | |
| | 303,868 | | | COMM 2014-CCRE21 Mortgage Trust, Series 2014-CR21, Class A2, 3.095%, 12/10/47 | | | 303,991 | |
| | 144,239 | | | COMM 2015-CCRE22 Mortgage Trust, Series 2015-CR22, Class A2, 2.856%, 3/10/48 | | | 144,106 | |
| | 399,642 | | | DBUBS 2011-LC2 Mortgage Trust, Series 2011-LC2A, Class A4, 4.537%, 7/10/44(a) | | | 411,742 | |
| | 13,355 | | | JPMorgan Chase Commercial Mortgage Securities Trust, Series 2014-C20, Class A2, 2.872%, 7/15/47 | | | 13,337 | |
| | 5,861 | | | WFRBS Commercial Mortgage Trust, Series 2011-C3, Class A3, 3.998%, 3/15/44(a) | | | 5,889 | |
| | 450,000 | | | WFRBS Commercial Mortgage Trust, Series 2011-C3, Class A4, 4.375%, 3/15/44(a) | | | 461,303 | |
| | | | | Total Commercial Mortgage-Backed Securities | | | | |
| | | | | (Cost $1,348,542) | | | 1,340,368 | |
| | | | | |
| CORPORATE BONDS — 70.7% | | | | |
| | | | | Aerospace & Defense — 0.8% | | | | |
| | 350,000 | | | General Dynamics Corp., 2.987%, (LIBOR USD 3-Month plus 0.29%), 5/11/20(b) | | | 350,586 | |
Continued
Sterling Capital Ultra Short Bond Fund
Schedule of Portfolio Investments — (continued)
March 31, 2019 (Unaudited)
| Principal Amount | | | | | Fair Value | |
| CORPORATE BONDS — (continued) | | | | |
| | | | | Automobiles — 2.7% | | | | |
| $ | 116,000 | | | American Honda Finance Corp., MTN, 3.033%, (LIBOR USD 3-Month plus 0.34%), 2/14/20(b) | | $ | 116,314 | |
| | 190,000 | | | Daimler Finance North America, LLC, 2.250%, 7/31/19(a) | | | 189,629 | |
| | 200,000 | | | Ford Motor Credit Co., LLC, 1.897%, 8/12/19 | | | 199,161 | |
| | 200,000 | | | General Motors Financial Co., Inc., 2.400%, 5/9/19 | | | 199,914 | |
| | 250,000 | | | Hyundai Capital America, 3.744%, (LIBOR USD 3-Month plus 0.94%), 7/8/21(a)(b) | | | 249,950 | |
| | 250,000 | | | Nissan Motor Acceptance Corp., 3.131%, (LIBOR USD 3-Month plus 0.52%), 3/15/21(a)(b) | | | 248,005 | |
| | | | | | | | 1,202,973 | |
| | | | | Banks — 15.6% | | | | |
| | 300,000 | | | Associated Banc-Corp., 2.750%, 11/15/19 | | | 299,630 | |
| | 450,000 | | | Bank Of America Corp., 2.650%, 4/1/19 | | | 450,000 | |
| | 250,000 | | | Bank of Montreal, MTN, 3.197%, (LIBOR USD 3-Month plus 0.60%), 12/12/19(b) | | | 250,821 | |
| | 277,000 | | | Bank of Nova Scotia (The), BKNT, 3.201%, (LIBOR USD 3-Month plus 0.44%), 4/20/21(b) | | | 277,995 | |
| | 325,000 | | | Bank of Tokyo-Mitsubishi UFJ, Ltd. (The), 2.300%, 3/5/20(a) | | | 323,707 | |
| | 300,000 | | | Barclays Bank PLC, GMTN, 3.289%, (LIBOR USD 3-Month plus 0.55%), 8/7/19(b) | | | 300,297 | |
| | 250,000 | | | Canadian Imperial Bank of Commerce, 3.053%, (LIBOR USD 3-Month plus 0.32%), 2/2/21(b) | | | 250,171 | |
| | 400,000 | | | Capital One NA, BKNT, 2.350%, 1/31/20 | | | 397,989 | |
| | 400,000 | | | Citigroup, Inc., 3.981%, (LIBOR USD 3-Month plus 1.38%), 3/30/21(b) | | | 406,758 | |
| | 380,000 | | | Citizens Bank NA / Providence RI, BKNT, 2.200%, 5/26/20 | | | 377,095 | |
| | 250,000 | | | Compass Bank, BKNT, 2.750%, 9/29/19 | | | 249,763 | |
| | 250,000 | | | Credit Agricole SA/London, 2.500%, 4/15/19(a) | | | 249,975 | |
| | 250,000 | | | DBS Group Holdings, Ltd., 3.085%, (LIBOR USD 3-Month plus 0.49%), 6/8/20(a)(b) | | | 250,335 | |
| | 250,000 | | | DNB Bank ASA, 2.970%, (LIBOR USD 3-Month plus 0.37%), 10/2/20(a)(b) | | | 250,010 | |
| | 300,000 | | | ING Bank NV, 2.500%, 10/1/19(a) | | | 299,588 | |
| | 200,000 | | | JPMorgan Chase & Co., 2.750%, 6/23/20 | | | 200,103 | |
| | 300,000 | | | Manufacturers & Traders Trust Co., BKNT, 2.250%, 7/25/19 | | | 299,622 | |
| | 310,000 | | | Nordea Bank Abp, 1.625%, 9/30/19(a) | | | 308,106 | |
| | 250,000 | | | Sumitomo Mitsui Banking Corp., 3.123%, (LIBOR USD 3-Month plus 0.35%), 1/17/20(b) | | | 250,455 | |
| | 274,000 | | | SunTrust Bank/Atlanta GA, BKNT, 3.274%, (LIBOR USD 3-Month plus 0.53%), 1/31/20(b) | | | 274,832 | |
| | 300,000 | | | Svenska Handelsbanken AB, 2.955%, (LIBOR USD 3-Month plus 0.36%), 9/8/20(b) | | | 300,209 | |
| | 300,000 | | | Toronto-Dominion Bank (The), MTN, 2.881%, (LIBOR USD 3-Month plus 0.28%), 6/11/20(b) | | | 300,425 | |
| Principal Amount | | | | | Fair Value | |
| CORPORATE BONDS — (continued) | | | | |
| | | | | Banks — (continued) | | | | |
| $ | 250,000 | | | U.S. Bank NA/Cincinnati OH, BKNT, 3.029%, (LIBOR USD 3-Month plus 0.25%), 7/24/20(b) | | $ | 250,496 | |
| | | | | | | | 6,818,382 | |
| | | | | Beverages — 0.5% | | | | |
| | 200,000 | | | Constellation Brands, Inc., 3.384%, (LIBOR USD 3-Month plus 0.7%), 11/15/21(b) | | | 200,103 | |
| | | | | Biotechnology — 1.8% | | | | |
| | 200,000 | | | Allergan Funding SCS, 3.000%, 3/12/20 | | | 199,879 | |
| | 220,000 | | | Amgen, Inc., 3.263%, (LIBOR USD 3-Month plus 0.6%), 5/22/19(b) | | | 220,183 | |
| | 350,000 | | | Celgene Corp., 2.250%, 5/15/19 | | | 349,764 | |
| | | | | | | | 769,826 | |
| | | | | Capital Goods — 0.6% | | | | |
| | 250,000 | | | Caterpillar Financial Services Corp., MTN, 2.841%, (LIBOR USD 3-Month plus 0.23%), 3/15/21(b) | | | 250,171 | |
| | | | | Chemicals — 3.0% | | | | |
| | 150,000 | | | Chevron Phillips Chemical Co., LLC / Chevron Phillips Chemical Co. L.P., 3.486%, (LIBOR USD 3-Month plus 0.75%), 5/1/20(a)(b) | | | 150,333 | |
| | 200,000 | | | DowDuPont, Inc., 3.394%, (LIBOR USD 3-Month plus 0.71%), 11/15/20(b) | | | 201,385 | |
| | 275,000 | | | EI du Pont de Nemours & Co., 2.200%, 5/1/20 | | | 274,015 | |
| | 381,000 | | | INVISTA Finance, LLC, 4.250%, 10/15/19(a) | | | 382,585 | |
| | 300,000 | | | Sherwin-Williams Co. (The), 2.250%, 5/15/20 | | | 298,218 | |
| | | | | | | | 1,306,536 | |
| | | | | Communications Equipment — 2.9% | | | | |
| | 375,000 | | | CenturyLink, Inc., Series Q, 6.150%, 9/15/19 | | | 378,281 | |
| | 200,000 | | | CommScope, Inc., 5.000%, 6/15/21(a) | | | 199,850 | |
| | 300,000 | | | Sprint Capital Corp., 6.900%, 5/1/19 | | | 300,750 | |
| | 400,000 | | | Verizon Communications, Inc., 3.213%, (LIBOR USD 3-Month plus 0.55%), 5/22/20(b) | | | 401,682 | |
| | | | | | | | 1,280,563 | |
| | | | | Construction Materials — 1.5% | | | | |
| | 413,000 | | | Martin Marietta Materials, Inc., 3.133%, (LIBOR USD 3-Month plus 0.5%), 12/20/19(b) | | | 412,559 | |
| | 240,000 | | | Vulcan Materials Co., 3.276%, (LIBOR USD | | | | |
| | | | | 3-Month plus 0.65%), 3/1/21(b) | | | 239,760 | |
| | | | | | | | 652,319 | |
| | | | | Diversified Financial Services — 5.3% | | | | |
| | 290,000 | | | AerCap Ireland Capital DAC / AerCap Global Aviation Trust, 3.750%, 5/15/19 | | | 290,238 | |
| | 200,000 | | | Ally Financial, Inc., 3.750%, 11/18/19 | | | 200,500 | |
| | 475,000 | | | American Express Credit Corp., MTN, 3.068%, (LIBOR USD 3-Month plus 0.33%), 5/3/19(b) | | | 475,000 | |
| | 200,000 | | | Export-Import Bank of Korea, 2.375%, 8/12/19 | | | 199,807 | |
| | 250,000 | | | Federation des Caisses Desjardins du Quebec, 2.250%, 10/30/20(a) | | | 247,961 | |
| | 400,000 | | | Goldman Sachs Group, Inc. (The), 2.550%, 10/23/19 | | | 399,404 | |
| | 325,000 | | | KKR Group Finance Co., LLC, 6.375%, 9/29/20(a) | | | 340,441 | |
Continued
Sterling Capital Ultra Short Bond Fund
Schedule of Portfolio Investments — (continued)
March 31, 2019 (Unaudited)
| Principal Amount | | | | | Fair Value | |
| CORPORATE BONDS — (continued) | | | |
| | | | | Diversified Financial Services — (continued) | | | | |
| $ | 175,000 | | | TD Ameritrade Holding Corp., 3.166%, (LIBOR USD 3-Month plus 0.43%), 11/1/21(b) | | $ | 174,999 | |
| | | | | | | | 2,328,350 | |
| | | | | Diversified Telecommunication Services — 1.1% | | | | |
| | 327,000 | | | Hughes Satellite Systems Corp., 6.500%, 6/15/19 | | | 328,668 | |
| | 156,250 | | | Sprint Spectrum Co., LLC / Sprint Spectrum Co. II LLC / Sprint Spectrum Co. III LLC, 3.360%, 9/20/21(a) | | | 156,203 | |
| | | | | | | | 484,871 | |
| | | | | Electric Utilities — 3.5% | | | | |
| | 300,000 | | | Dominion Energy, Inc., 2.579%, 7/1/20 | | | 298,343 | |
| | 75,000 | | | Duke Energy Florida, LLC, 2.100%, 12/15/19 | | | 74,837 | |
| | 400,000 | | | Exelon Generation Co., LLC, 2.950%, 1/15/20 | | | 399,535 | |
| | 215,000 | | | Mississippi Power Co., 3.259%, (LIBOR USD 3-Month plus 0.65%), 3/27/20(b) | | | 214,918 | |
| | 305,000 | | | Nextera Energy Capital Holdings, Inc., 2.300%, 4/1/19 | | | 305,000 | |
| | 250,000 | | | Pennsylvania Electric Co., 5.200%, 4/1/20 | | | 255,026 | |
| | | | | | | | 1,547,659 | |
| | | | | Electrical Equipment — 2.8% | | | | |
| | 442,000 | | | iStar, Inc., 6.500%, 7/1/21 | | | 449,735 | |
| | 200,000 | | | Keysight Technologies, Inc., 3.300%, 10/30/19 | | | 200,451 | |
| | 400,000 | | | SBA Tower Trust, 2.898%, 10/15/19(a) | | | 399,539 | |
| | 200,000 | | | Textron, Inc., 3.247%, (LIBOR USD 3-Month plus 0.55%), 11/10/20(b) | | | 199,127 | |
| | | | | | | | 1,248,852 | |
| | | | | Energy — 1.5% | | | | |
| | 360,000 | | | Spectra Energy Partners L.P., 3.299%, (LIBOR USD 3-Month plus 0.70%), 6/5/20(b) | | | 359,583 | |
| | 288,000 | | | Williams Partners L.P., 5.250%, 3/15/20 | | | 294,112 | |
| | | | | | | | 653,695 | |
| | | | | Energy Equipment & Services — 4.4% | | | | |
| | 300,000 | | | BP Capital Markets PLC, 2.521%, 1/15/20 | | | 299,305 | |
| | 159,615 | | | Cenovus Energy, Inc., 5.700%, 10/15/19 | | | 161,900 | |
| | 250,000 | | | Enable Midstream Partners LP, 2.400%, 5/15/19 | | | 249,795 | |
| | 353,000 | | | Enbridge, Inc., 3.311%, (LIBOR USD 3-Month plus 0.7%), 6/15/20(b) | | | 352,869 | |
| | 100,000 | | | EnLink Midstream Partners LP, 2.700%, 4/1/19 | | | 100,000 | |
| | 544,000 | | | Kinder Morgan, Inc./DE, 3.050%, 12/1/19 | | | 544,542 | |
| | 185,000 | | | Penske Truck Leasing Co. L.P. / PTL Finance Corp., 2.500%, 6/15/19(a) | | | 184,748 | |
| | 56,000 | | | Range Resources Corp., 5.750%, 6/1/21 | | | 56,840 | |
| | | | | | | | 1,949,999 | |
| | | | | Equity Real Estate Investment Trusts (REITS) — 3.3% | | | | |
| | 205,000 | | | Alexandria Real Estate Equities, Inc., REIT, 2.750%, 1/15/20 | | | 204,647 | |
| | 355,000 | | | AvalonBay Communities, Inc., MTN, 3.217%, (LIBOR USD 3-Month plus 0.43%), 1/15/21(b) | | | 352,427 | |
| | 250,000 | | | Scentre Group Trust 1 / Scentre Group Trust 2, 2.375%, 11/5/19(a) | | | 249,258 | |
| Principal Amount | | | | | Fair Value | |
| CORPORATE BONDS — (continued) | | | | |
| | | | | Equity Real Estate Investment Trusts (REITS) — (continued) | | | | |
| $ | 300,000 | | | SL Green Operating Partnership L.P., 3.663%, (LIBOR USD 3-Month plus 0.98%), 8/16/21(b) | | $ | 298,620 | |
| | 360,000 | | | WEA Finance, LLC / Westfield UK & Europe Finance PLC, 2.700%, 9/17/19(a) | | | 359,776 | |
| | | | | | | | 1,464,728 | |
| | | | | Food & Staples Retailing — 1.6% | | | | |
| | 145,000 | | | Conagra Brands, Inc., 3.511%, (LIBOR USD 3-Month plus 0.75%), 10/22/20(b) | | | 144,824 | |
| | 310,000 | | | CVS Health Corp., 3.321%, (LIBOR USD 3-Month plus 0.72%), 3/9/21(b) | | | 310,706 | |
| | 225,000 | | | Dollar Tree, Inc., 3.473%, (LIBOR USD 3-Month plus 0.7%), 4/17/20(b) | | | 225,050 | |
| | | | | | | | 680,580 | |
| | | | | Health Care Providers & Services — 1.8% | | | | |
| | 262,000 | | | Becton Dickinson and Co., 3.476%, (LIBOR USD 3-Month plus 0.88%), 12/29/20(b) | | | 262,024 | |
| | 180,000 | | | Centene Corp., 5.625%, 2/15/21 | | | 182,700 | |
| | 325,000 | | | UnitedHealth Group, Inc., 2.871%, (LIBOR USD 3-Month plus 0.26%), 6/15/21(b) | | | 324,735 | |
| | | | | | | | 769,459 | |
| | | | | Household Durables — 0.8% | | | | |
| | 100,000 | | | DR Horton, Inc., 4.000%, 2/15/20 | | | 100,830 | |
| | 250,000 | | | TRI Pointe Group, Inc. / TRI Pointe Homes, Inc., 4.375%, 6/15/19 | | | 250,313 | |
| | | | | | | | 351,143 | |
| | | | | Insurance — 3.3% | | | | |
| | 158,000 | | | Assurant, Inc., 3.860%, (LIBOR USD 3-Month plus 1.25%), 3/26/21(b) | | | 157,659 | |
| | 250,000 | | | AXIS Specialty Finance PLC, 2.650%, 4/1/19 | | | 250,000 | |
| | 100,000 | | | AXIS Specialty Finance, LLC, 5.875%, 6/1/20 | | | 103,018 | |
| | 200,000 | | | Jackson National Life Global Funding, 3.087%, (LIBOR USD 3-Month plus 0.3%), 10/15/20(a)(b) | | | 199,969 | |
| | 300,000 | | | Marsh & McLennan Cos., Inc., 3.500%, 12/29/20 | | | 303,989 | |
| | 150,000 | | | Protective Life Global Funding, 3.117%, (LIBOR USD 3-Month plus 0.52%), 6/28/21(a)(b) | | | 150,225 | |
| | 200,000 | | | Prudential Financial, Inc., MTN, 5.375%, 6/21/20 | | | 206,451 | |
| | 58,000 | | | Reliance Standard Life Global Funding II, 3.050%, 1/20/21(a) | | | 57,945 | |
| | | | | | | | 1,429,256 | |
| | | | | Machinery — 0.1% | | | | |
| | 35,000 | | | Fortive Corp., 1.800%, 6/15/19 | | | 34,854 | |
| | | | | Materials — 2.1% | | | | |
| | 400,000 | | | FMC Corp., 5.200%, 12/15/19 | | | 406,542 | |
| | 268,000 | | | Georgia-Pacific, LLC, 2.539%, 11/15/19(a) | | | 267,535 | |
| | 250,000 | | | Glencore Funding, LLC, 3.125%, 4/29/19(a) | | | 248,483 | |
| | | | | | | | 922,560 | |
| | | | | Media — 1.4% | | | | |
| | 200,000 | | | Discovery Communications, LLC, 2.200%, 9/20/19 | | | 199,192 | |
Continued
Sterling Capital Ultra Short Bond Fund
Schedule of Portfolio Investments — (continued)
March 31, 2019 (Unaudited)
| Principal Amount | | | | | Fair Value | |
| CORPORATE BONDS — (continued) | | | | |
| | | | | Media — (continued) | | | | |
| $ | 400,000 | | | NBCUniversal Enterprise, Inc., 1.974%, 4/15/19(a) | | $ | 399,895 | |
| | | | | | | | 599,087 | |
| | | | | Multi-Utilities — 2.0% | | | | |
| | 85,000 | | | Public Service Electric & Gas Co., 1.800%, 6/1/19 | | | 84,876 | |
| | 495,000 | | | Public Service Enterprise Group, Inc., 1.600%, 11/15/19 | | | 491,435 | |
| | 300,000 | | | Sempra Energy, 3.037%, (LIBOR USD 3-Month plus 0.25%), 7/15/19(b) | | | 299,568 | |
| | | | | | | | 875,879 | |
| | | | | Oil, Gas & Consumable Fuels — 1.1% | | | | |
| | 250,000 | | | Andeavor Logistics L.P. / Tesoro Logistics Finance Corp., 5.500%, 10/15/19 | | | 252,508 | |
| | 250,000 | | | Phillips 66, 3.537%, (LIBOR USD 3-Month plus 0.75%), 4/15/20(a)(b) | | | 250,086 | |
| | | | | | | | 502,594 | |
| | | | | Pharmaceuticals — 1.1% | | | | |
| | 250,000 | | | AbbVie, Inc., 2.500%, 5/14/20 | | | 249,262 | |
| | 250,000 | | | Takeda Pharmaceutical Co., Ltd., 3.800%, 11/26/20(a) | | | 253,626 | |
| | | | | | | | 502,888 | |
| | | | | Software — 0.6% | | | | |
| | 250,000 | | | DXC Technology Co., 2.875%, 3/27/20 | | | 249,845 | |
| | | | | Specialty Retail — 1.8% | | | | |
| | 300,000 | | | ERAC USA Finance, LLC, 2.350%, 10/15/19(a) | | | 299,127 | |
| | 300,000 | | | Expedia Group, Inc., 5.950%, 8/15/20 | | | 311,742 | |
| | 200,000 | | | Lowe’s Cos., Inc., 3.021%, (LIBOR USD 3-Month plus 0.42%), 9/10/19(b) | | | 200,197 | |
| | | | | | | | 811,066 | |
| | | | | Technology Hardware, Storage & Peripherals — 0.9% | | | | |
| | 255,000 | | | Harris Corp., 2.700%, 4/27/20 | | | 254,045 | |
| | 150,000 | | | United Technologies Corp., 3.086%, (LIBOR USD 3-Month plus 0.35%), 11/1/19(b) | | | 150,203 | |
| | | | | | | | 404,248 | |
| | | | | Tobacco — 0.3% | | | | |
| | 150,000 | | | BAT Capital Corp., 2.297%, 8/14/20 | | | 148,463 | |
| | | | | Utilities — 0.5% | | | | |
| | 200,000 | | | Korea Hydro & Nuclear Power Co., Ltd., 2.375%, 10/28/19(a) | | | 199,519 | |
| | | | | Total Corporate Bonds | | | | |
| | | | | (Cost $30,948,858) | | | 30,991,054 | |
| Principal Amount | | | |
| MUNICIPAL BONDS — 0.5% | | Fair Value | |
| | | | Illinois — 0.5% | | | |
| $ | 240,000 | | | State Of Illinois, Public Improvements, G.O., Series A, 5.000%, 5/1/19 | | $ | 240,571 | |
| | | | Total Municipal Bonds | | | | |
| | | | (Cost $240,399) | | | 240,571 | |
| | | | |
| COMMERCIAL PAPER — 0.8% | | | |
| | | | Health Care Equipment & Supplies — 0.8% | | | | |
| 350,000 | | | Boston Scientific Corp., 2.930%, 6/3/19 | | | 348,196 | |
| | | | Total Commercial Paper | | | | |
| | | | (Cost $348,218) | | | 348,196 | |
| Shares | | | | | | | |
| MONEY MARKET FUND — 2.6% | | | |
| 1,124,958 | | | Federated Treasury Obligations Fund, Institutional Shares, 2.31%(d) | | | 1,124,958 | |
| | | | Total Money Market Fund | | | | |
| | | | (Cost $1,124,958) | | | 1,124,958 | |
| Total Investments — 104.1% | | | |
| (Cost $45,552,797) | | 45,611,249 | |
| Net Other Assets (Liabilities) — (4.1)% | | (1,801,126 | ) |
| NET ASSETS — 100.0% | $ | 43,810,123 | |
| (a) | Rule 144A, Section 4(2) or other security that is restricted as to resale to qualified institutional investors. Sterling Capital Management LLC (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 floating 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, 2019. The maturity date reflected is the final maturity date. |
| (c) | 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, 2019. The maturity date reflected is the final maturity date. |
| (d) | Represents the current yield as of report date. |
BKNT — Bank Note
G.O. — General Obligation
GMTN — Global Medium Term Note
MTN — Medium Term Note
STEP — Step Coupon Bond
See accompanying Notes to the Financial Statements.
Sterling Capital Short Duration Bond Fund
Schedule of Portfolio Investments
March 31, 2019 (Unaudited)
Principal
Amount | | | | | Fair Value | |
| ASSET BACKED SECURITIES — 18.5% | | | | |
| $ | 103,417 | | | AmeriCredit Automobile Receivables Trust, Series 2015-4, Class B, 2.110%, 1/8/21 | | $ | 103,373 | |
| | 222,774 | | | AmeriCredit Automobile Receivables Trust, Series 2015-3, Class C, 2.730%, 3/8/21 | | | 222,667 | |
| | 670,838 | | | AmeriCredit Automobile Receivables Trust, Series 2016-2, Class B, 2.210%, 5/10/21 | | | 670,067 | |
| | 965,000 | | | AmeriCredit Automobile Receivables Trust, Series 2016-4, Class B, 1.830%, 12/8/21 | | | 958,162 | |
| | 1,060,000 | | | AmeriCredit Automobile Receivables Trust, Series 2017-4, Class B, 2.360%, 12/19/22 | | | 1,051,748 | |
| | 815,000 | | | Americredit Automobile Receivables Trust, Series 2019-1, Class B, 3.130%, 2/18/25 | | | 821,312 | |
| | 91,607 | | | Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates, Series 2004-R6, Class M1, 4.586%, (LIBOR USD 1-Month plus 2.10%), 7/25/34(a) | | | 91,853 | |
| | 1,800,000 | | | Avis Budget Rental Car Funding AESOP, LLC, Series 2019-1A, Class A, 3.450%, 3/20/23(b) | | | 1,818,698 | |
| | 1,000,000 | | | Avis Budget Rental Car Funding AESOP, LLC, Series 2017-2A, Class A, 2.970%, 3/20/24(b) | | | 996,442 | |
| | 387,433 | | | Capital Auto Receivables Asset Trust, Series 2015-3, Class B, 2.430%, 9/21/20 | | | 387,264 | |
| | 250,000 | | | Capital Auto Receivables Asset Trust, Series 2015-4, Class B, 2.390%, 11/20/20 | | | 249,775 | |
| | 750,000 | | | Capital Auto Receivables Asset Trust, Series 2016-3, Class B, 1.890%, 5/20/21 | | | 744,818 | |
| | 900,000 | | | Capital Auto Receivables Asset Trust, Series 2016-3, Class C, 2.350%, 9/20/21 | | | 895,519 | |
| | 795,000 | | | Capital Auto Receivables Asset Trust, Series 2017-1, Class B, 2.430%, 5/20/22(b) | | | 790,312 | |
| | 1,750,000 | | | Capital One Multi-Asset Execution Trust, Series 2019-A1, Class A1, 2.840%, 12/16/24 | | | 1,764,784 | |
| | 70,037 | | | CarMax Auto Owner Trust, Series 2015-4, Class A3, 1.560%, 11/16/20 | | | 69,915 | |
| | 470,034 | | | Carmax Auto Owner Trust, Series 2016-3, Class A3, 1.390%, 5/17/21 | | | 467,181 | |
| | 1,250,000 | | | CarMax Auto Owner Trust, Series 2016-2, Class A4, 1.680%, 9/15/21 | | | 1,237,313 | |
| | 300,000 | | | CarMax Auto Owner Trust, Series 2017-3, Class B, 2.440%, 2/15/23 | | | 297,645 | |
| | 322,817 | | | Chesapeake Funding II, LLC, Series 2017-2A, Class A1, 1.990%, 5/15/29(b) | | | 320,596 | |
| | 618,141 | | | Chesapeake Funding II, LLC, Series 2018-1A, Class A1, 3.040%, 4/15/30(b) | | | 620,110 | |
| | 437,392 | | | Chesapeake Funding II, LLC, Series 2018-2A, Class A1, 3.230%, 8/15/30(b) | | | 440,419 | |
| | 1,250,000 | | | Chesapeake Funding II, LLC, Series 2018-3A, Class A1, 3.390%, 1/15/31(b) | | | 1,262,284 | |
| | 1,000,000 | | | Chesapeake Funding II, LLC, Series 2019-1A, Class A1, 2.940%, 4/15/31(b) | | | 1,002,948 | |
| | 79,876 | | | Citicorp Residential Mortgage Trust, STEP, Series 2007-2, Class A6, 5.124%, 6/25/37 | | | 80,922 | |
| | 553,754 | | | Citigroup Mortgage Loan Trust, Inc., Series 2005-HE1, Class M3, 3.461%, (LIBOR USD 1-Month plus 0.98%), 5/25/35(a) | | | 559,638 | |
| | 203,300 | | | Countrywide Asset-Backed Certificates, Series 2004-12, Class MV4, 3.911%, (LIBOR USD 1-Month plus 1.43%), 3/25/35(a) | | | 203,935 | |
| | 1,195,000 | | | Enterprise Fleet Financing, LLC, Series 2017-2, Class A3, 2.220%, 1/20/23(b)
| | | 1,182,084 | |
| | 2,095,000 | | | Enterprise Fleet Financing, LLC, Series 2018-2, Class A2, 3.140%, 2/20/24(b)
| | | 2,103,944 | |
Principal
Amount | | | | | Fair Value | |
| ASSET BACKED SECURITIES — (continued) | | | | |
| $ | 518,000 | | | Ford Credit Auto Owner Trust, Series 2017-B, Class B, 2.150%, 10/15/22 | | $ | 511,229 | |
| | 975,000 | | | Ford Credit Auto Owner Trust, Series 2015-1, Class A, 2.120%, 7/15/26(b) | | | 969,849 | |
| | 1,146,000 | | | Ford Credit Auto Owner Trust, Series 2017-2, Class A, 2.360%, 3/15/29(b) | | | 1,127,125 | |
| | 1,850,000 | | | GM Financial Consumer Automobile Receivables Trust, Series 2019-1, Class A3, 2.970%, 11/16/23 | | | 1,864,857 | |
| | 385,000 | | | Hertz Vehicle Financing II L.P., Series 2016-3A, Class A, 2.270%, 7/25/20(b) | | | 384,200 | |
| | 1,600,000 | | | Hertz Vehicle Financing II L.P., Series 2015-1A, Class A, 2.730%, 3/25/21(b) | | | 1,595,032 | |
| | 76,430 | | | JP Morgan Mortgage Acquisition Corp., Series 2005-OPT2, Class M1, 2.916%, (LIBOR USD 1-Month plus 0.43%), 12/25/35(a) | | | 76,430 | |
| | 772,560 | | | Santander Drive Auto Receivables Trust, Series 2016-2, Class C, 2.660%, 11/15/21 | | | 772,184 | |
| | 1,038,439 | | | Santander Drive Auto Receivables Trust, Series 2016-1, Class C, 3.090%, 4/15/22 | | | 1,039,077 | |
| | 900,000 | | | Santander Drive Auto Receivables Trust, Series 2019-1, Class B, 3.210%, 9/15/23 | | | 903,856 | |
| | 370,184 | | | Sofi Professional Loan Program, LLC, Series 2016-B, Class A1, 3.686%, (LIBOR USD 1-Month plus 1.20%), 6/25/33(a)(b) | | | 373,422 | |
| | 137,396 | | | Sofi Professional Loan Program, LLC, Series 2016-E, Class A1, 3.336%, (LIBOR USD 1-Month plus 0.85%), 7/25/39(a)(b) | | | 137,835 | |
| | 270,000 | | | Wheels SPV 2, LLC, Series 2016-1A, Class A3, 1.870%, 5/20/25(b) | | | 268,865 | |
| | 738,163 | | | Wheels SPV 2, LLC, Series 2017-1A, Class A2, 1.880%, 4/20/26(b) | | | 733,955 | |
| | 305,000 | | | Wheels SPV 2, LLC, Series 2017-1A, Class A4, 2.400%, 4/20/26(b) | | | 302,568 | |
| | 520,646 | | | World Omni Auto Receivables Trust, Series 2016-B, Class A3, 1.300%, 2/15/22 | | | 516,320 | |
| | | | | Total Asset Backed Securities | | | | |
| | | | | (Cost $32,877,935) | | | 32,992,532 | |
| | | | | | | | | |
| COLLATERALIZED MORTGAGE OBLIGATIONS — 3.0% | | | | |
| | 440,407 | | | Banc of America Funding 2004-C Trust, Series 2004-C, Class 4A3, 3.388%, (LIBOR USD 1-Month plus 0.90%), 12/20/34(a) | | | 438,030 | |
| | 76,514 | | | Countrywide Alternative Loan Trust, Series 2004-22CB, Class 1A1, 6.000%, 10/25/34 | | | 79,919 | |
| | 337 | | | Fannie Mae, Series 2003-66, Class PA, 3.500%, 2/25/33 | | | 337 | |
| | 50,960 | | | Fannie Mae, Series 2005-67, Class HG, 5.500%, 1/25/35 | | | 51,742 | |
| | 780,000 | | | Fannie Mae, Series 2014-76, Class BC, 3.000%, 5/25/37 | | | 779,709 | |
| | 155,459 | | | Fannie Mae, Series 2013-72, Class NA, 2.500%, 8/25/42 | | | 154,779 | |
| | 50,994 | | | Freddie Mac, Series -3815, Class GD, 4.000%, 9/15/25 | | | 51,013 | |
| | 363,349 | | | Freddie Mac, Series -4030, Class PD, 3.000%, 6/15/40 | | | 362,567 | |
| | 205,874 | | | Galton Funding Mortgage Trust, Series 2018-1, Class A43, 3.500%, 11/25/57(b)(c)
| | | 206,183 | |
| | 1,436,673 | | | Galton Funding Mortgage Trust, Series 2018-2, Class A41, 4.500%, 10/25/58(b)(c)
| | | 1,465,924 | |
Continued
Sterling Capital Short Duration Bond Fund
Schedule of Portfolio Investments — (continued)
March 31, 2019 (Unaudited)
��
Principal
Amount | | | | | Fair Value | |
| COLLATERALIZED MORTGAGE OBLIGATIONS — (continued) | | | | |
| $ | 1,709,471 | | | Galton Funding Mortgage Trust, Series 2019-1, Class A41, 4.500%, 2/25/59(b)(c) | | $ | 1,736,803 | |
| | 16,189 | | | Wells Fargo Mortgage Backed Securities Trust, Series 2007-16, Class 1A1, 6.000%, 12/28/37 | | | 16,063 | |
| | | | | Total Collateralized Mortgage Obligations | | | | |
| | | | | (Cost $5,338,341) | | | 5,343,069 | |
| | | | | | | | | |
| COMMERCIAL MORTGAGE-BACKED SECURITIES — 4.9% | | | | |
| | 458,739 | | | COMM 2014-CCRE15 Mortgage Trust, Series 2014-CR15, Class A2, 2.928%, 2/10/47 | | | 458,164 | |
| | 26,125 | | | COMM 2014-CCRE16 Mortgage Trust, Series 2014-CR16, Class A2, 3.042%, 4/10/47 | | | 26,108 | |
| | 104,906 | | | DBUBS 2011-LC2 Mortgage Trust, Series 2011-LC2A, Class A4, 4.537%, 7/10/44(b) | | | 108,082 | |
| | 750,000 | | | DBUBS Mortgage Trust, Series 2011-LC1A, Class B, 5.471%, 11/10/46(b)(c) | | | 782,547 | |
| | 600,000 | | | GS Mortgage Securities Trust, Series 2010-C1, Class A2, 4.592%, 8/10/43(b) | | | 608,966 | |
| | 300,000 | | | GS Mortgage Securities Trust, Series 2010-C1, Class B, 5.148%, 8/10/43(b) | | | 306,250 | |
| | 950,000 | | | GS Mortgage Securities Trust, Series 2010-C2, Class A2, 5.162%, 12/10/43(b)(c) | | | 982,007 | |
| | 219,161 | | | JPMBB Commercial Mortgage Securities Trust, Series 2014-C19, Class A2, 3.046%, 4/15/47 | | | 218,897 | |
| | 446,013 | | | JPMorgan Chase Commercial Mortgage Securities Trust, Series 2011-C3, Class A4, 4.717%, 2/15/46(b) | | | 457,964 | |
| | 236,493 | | | JPMorgan Chase Commercial Mortgage Securities Trust, Series 2014-C20, Class A2, 2.872%, 7/15/47 | | | 236,167 | |
| | 769,187 | | | Morgan Stanley Bank of America Merrill Lynch Trust, Series 2014-C17, Class A2, 3.119%, 8/15/47 | | | 768,288 | |
| | 1,500,000 | | | Morgan Stanley Capital I Trust, Series 2016-BNK2, Class A2, 2.454%, 11/15/49 | | | 1,481,910 | |
| | 982,627 | | | WFRBS Commercial Mortgage Trust, Series 2011-C2, Class A4, 4.869%, 2/15/44(b)(c) | | | 1,011,327 | |
| | 58,610 | | | WFRBS Commercial Mortgage Trust, Series 2011-C3, Class A3, 3.998%, 3/15/44(b) | | | 58,886 | |
| | 1,200,000 | | | WFRBS Commercial Mortgage Trust, Series 2011-C3, Class A4, 4.375%, 3/15/44(b) | | | 1,230,141 | |
| | | | | Total Commercial Mortgage-Backed Securities | | | | |
| | | | | (Cost $8,876,676) | | | 8,735,704 | |
| | | | | | | | | |
| CORPORATE BONDS — 65.6% | | | | |
| | | | | Aerospace & Defense — 0.8% | | | | |
| | 1,310,000 | | | L3 Technologies, Inc., 4.950%, 2/15/21 | | | 1,353,392 | |
| | | | | Automobiles — 1.9% | | | | |
| | 750,000 | | | Daimler Finance North America, LLC, 3.113%, (LIBOR USD 3-Month plus 0.45%), 2/22/21(a)(b) | | | 748,029 | |
| | 495,000 | | | General Motors Co., 3.539%, (LIBOR USD 3-Month plus 0.80%), 8/7/20(a) | | | 494,373 | |
| | 180,000 | | | General Motors Financial Co., Inc., 4.200%, 11/6/21 | | | 183,131 | |
Principal
Amount | | | | | Fair Value | |
| CORPORATE BONDS — (continued) | | | | |
| | | | | Automobiles — (continued) | | | | |
| $ | 300,000 | | | General Motors Financial Co., Inc., 3.911%, (LIBOR USD 3-Month plus 1.31%), 6/30/22(a) | | $ | 297,750 | |
| | 500,000 | | | Nissan Motor Acceptance Corp., 2.550%, 3/8/21(b) | | | 492,106 | |
| | 1,200,000 | | | Toyota Industries Corp., 3.110%, 3/12/22(b) | | | 1,210,828 | |
| | | | | | | | 3,426,217 | |
| | | | | Automobiles & Components — 0.2% | | | | |
| | 400,000 | | | PACCAR Financial Corp., MTN, 2.800%, 3/1/21 | | | 401,301 | |
| | | | | Banks — 11.1% | | | | |
| | 1,275,000 | | | Bank of America Corp., MTN, 2.151%, 11/9/20 | | | 1,262,555 | |
| | 1,000,000 | | | BPCE SA, MTN, 2.750%, 12/2/21 | | | 994,317 | |
| | 1,300,000 | | | Capital One NA, BKNT, 2.650%, 8/8/22 | | | 1,284,475 | |
| | 800,000 | | | Citigroup, Inc., 4.056%, (LIBOR USD 3-Month plus 1.43%), 9/1/23(a) | | | 813,299 | |
| | 1,075,000 | | | Citizens Bank NA / Providence RI, BKNT, 3.456%, (LIBOR USD 3-Month plus 0.81%), 5/26/22(a) | | | 1,073,561 | |
| | 1,000,000 | | | Cooperatieve Rabobank UA, GMTN, 2.500%, 1/19/21 | | | 995,317 | |
| | 450,000 | | | DNB Bank ASA, 2.125%, 10/2/20(b) | | | 445,799 | |
| | 380,000 | | | Fifth Third Bancorp, 3.500%, 3/15/22 | | | 386,431 | |
| | 575,000 | | | HSBC Bank PLC, 4.125%, 8/12/20(b) | | | 585,442 | |
| | 750,000 | | | Huntington National Bank (The), BKNT, 3.125%, 4/1/22 | | | 755,616 | |
| | 900,000 | | | JPMorgan Chase & Co., 2.550%, 3/1/21 | | | 897,016 | |
| | 720,000 | | | JPMorgan Chase & Co., Series I, 6.221%, (LIBOR USD 3-Month plus 3.47%),(c)(d) | | | 723,600 | |
| | 1,050,000 | | | KeyBank NA/Cleveland OH, BKNT, 3.350%, 6/15/21 | | | 1,065,808 | |
| | 1,050,000 | | | Manufacturers & Traders Trust Co., BKNT, 3.304%, (LIBOR USD 3-Month plus 0.61%), 5/18/22(a) | | | 1,042,557 | |
| | 1,400,000 | | | Mitsubishi UFJ Financial Group, Inc., 2.665%, 7/25/22 | | | 1,388,191 | |
| | 825,000 | | | Regions Bank/Birmingham AL, BKNT, 2.972%, (LIBOR USD 3-Month plus 0.38%), 4/1/21(a) | | | 819,850 | |
| | 1,150,000 | | | Sumitomo Mitsui Financial Group, Inc., 2.778%, 10/18/22 | | | 1,144,825 | |
| | 450,000 | | | SunTrust Bank, BKNT, 3.328%, (LIBOR USD 3-Month plus 0.59%), 8/2/22(a) | | | 447,031 | |
| | 1,000,000 | | | U.S. Bank NA/Cincinnati OH, BKNT, 3.000%, 2/4/21 | | | 1,006,375 | |
| | 850,000 | | | UBS AG/London, 2.450%, 12/1/20(b) | | | 845,188 | |
| | 1,125,000 | | | Wells Fargo & Co., 2.500%, 3/4/21 | | | 1,119,546 | |
| | 750,000 | | | Zions Bancorp NA, 3.500%, 8/27/21 | | | 757,828 | |
| | | | | | | | 19,854,627 | |
| | | | | Beverages — 0.7% | | | | |
| | 1,200,000 | | | Constellation Brands, Inc., 2.650%, 11/7/22 | | | 1,184,704 | |
| | | | | Biotechnology — 0.5% | | | | |
| | 825,000 | | | AbbVie, Inc., 2.300%, 5/14/21 | | | 815,761 | |
| | | | | Capital Goods — 1.0% | | | | |
| | 1,000,000 | | | Caterpillar Financial Services Corp., MTN, 2.950%, 2/26/22 | | | 1,009,446 | |
| | 11,000 | | | Fortive Corp., 1.800%, 6/15/19 | | | 10,954 | |
Continued
Sterling Capital Short Duration Bond Fund
Schedule of Portfolio Investments — (continued)
March 31, 2019 (Unaudited)
Principal
Amount | | | | | Fair Value | |
| CORPORATE BONDS — (continued) | | | | |
| | | | | Capital Goods — (continued) | | | | |
| $ | 800,000 | | | Keysight Technologies, Inc., 3.300%, 10/30/19 | | $ | 801,803 | |
| | | | | | | | 1,822,203 | |
| | | | | Capital Markets — 0.7% | | | | |
| | 1,200,000 | | | Morgan Stanley, GMTN, 2.500%, 4/21/21 | | | 1,192,196 | |
| | | | | Chemicals — 2.2% | | | | |
| | 700,000 | | | Chevron Phillips Chemical Co., LLC / Chevron Phillips Chemical Co. LP, 2.450%, 5/1/20(b) | | | 697,833 | |
| | 623,000 | | | DowDuPont, Inc., 3.766%, 11/15/20 | | | 634,378 | |
| | 1,000,000 | | | FMC Corp., 3.950%, 2/1/22 | | | 1,020,842 | |
| | 690,000 | | | INVISTA Finance, LLC, 4.250%, 10/15/19(b) | | | 692,871 | |
| | 810,000 | | | Sherwin-Williams Co. (The), 2.750%, 6/1/22 | | | 805,093 | |
| | | | | | | | 3,851,017 | |
| | | | | Commercial Services & Supplies — 0.6% | | | | |
| | 1,000,000 | | | WPP Finance 2010, 4.750%, 11/21/21 | | | 1,033,451 | |
| | | | | Communications Equipment — 0.4% | | | | |
| | 725,000 | | | CommScope, Inc., 5.000%, 6/15/21(b) | | | 724,456 | |
| | | | | Construction Materials — 0.6% | | | | |
| | 1,055,000 | | | Vulcan Materials Co., 3.276%, (LIBOR USD 3-Month plus 0.65%), 3/1/21(a) | | | 1,053,945 | |
| | | | | Diversified Financial Services — 3.9% | | | | |
| | 400,000 | | | AerCap Ireland Capital, DAC/AerCap Global Aviation Trust, 4.250%, 7/1/20 | | | 405,391 | |
| | 450,000 | | | AerCap Ireland Capital, DAC/AerCap Global Aviation Trust, 4.450%, 12/16/21 | | | 461,566 | |
| | 600,000 | | | Ally Financial, Inc., 4.125%, 3/30/20 | | | 603,954 | |
| | 400,000 | | | Bank of New York Mellon Corp., MTN (The), 2.500%, 4/15/21 | | | 399,028 | |
| | 850,000 | | | Blackstone Holdings Finance Co., LLC, 5.875%, 3/15/21(b) | | | 896,401 | |
| | 400,000 | | | Export-Import Bank of Korea, 2.500%, 11/1/20 | | | 398,883 | |
| | 485,000 | | | Federation des Caisses Desjardins du Quebec, 2.250%, 10/30/20(b) | | | 481,044 | |
| | 750,000 | | | Goldman Sachs Group, Inc. (The), 3.000%, 4/26/22 | | | 748,373 | |
| | 1,200,000 | | | Goldman Sachs Group, Inc. (The), 2.908%, (LIBOR USD 3-Month plus 1.05%), 6/5/23(e) | | | 1,186,135 | |
| | 874,000 | | | KKR Group Finance Co., LLC, 6.375%, 9/29/20(b) | | | 915,524 | |
| | 466,000 | | | Nationwide Financial Services, Inc., 5.375%, 3/25/21(b) | | | 484,633 | |
| | | | | | | | 6,980,932 | |
| | | | | Diversified Financials — 0.2% | | | | |
| | 425,000 | | | Protective Life Global Funding, 2.161%, 9/25/20(b) | | | 421,320 | |
| | | | | Diversified Telecommunication Services — 1.8% | | | | |
| | 1,225,000 | | | AT&T, Inc., 2.800%, 2/17/21 | | | 1,225,284 | |
| | 715,000 | | | CenturyLink, Inc., Series Q, 6.150%, 9/15/19 | | | 721,256 | |
| | 773,000 | | | Hughes Satellite Systems Corp., 6.500%, 6/15/19 | | | 776,942 | |
| | 475,000 | | | Sprint Spectrum Co., LLC / Sprint Spectrum Co. II LLC / Sprint Spectrum Co. III LLC, 3.360%, 9/20/21(b) | | | 474,857 | |
| | | | | | | | 3,198,339 | |
Principal
Amount | | | | | Fair Value | |
| CORPORATE BONDS — (continued) | | | | |
| | | | | Electric Utilities — 3.4% | | | | |
| $ | 1,000,000 | | | American Electric Power Co., Inc., Series I, 3.650%, 12/1/21 | | $ | 1,020,113 | |
| | 985,000 | | | CenterPoint Energy, Inc., 3.600%, 11/1/21 | | | 999,569 | |
| | 1,075,000 | | | Dominion Energy, Inc., 2.579%, 7/1/20 | | | 1,069,062 | |
| | 1,200,000 | | | Duke Energy Corp., 3.050%, 8/15/22 | | | 1,209,556 | |
| | 1,000,000 | | | Korea East-West Power Co., Ltd., 2.500%, 6/2/20(b) | | | 994,801 | |
| | 475,000 | | | Pennsylvania Electric Co., 5.200%, 4/1/20 | | | 484,549 | |
| | 200,000 | | | Sempra Energy, 3.037%, (LIBOR USD 3-Month plus 0.25%), 7/15/19(a) | | | 199,712 | |
| | | | | | | | 5,977,362 | |
| | | | | Electrical Equipment — 0.7% | | | | |
| | 670,000 | | | Textron, Inc., 3.247%, (LIBOR USD 3-Month plus 0.55%), 11/10/20(a) | | | 667,076 | |
| | 525,000 | | | Textron, Inc., 3.650%, 3/1/21 | | | 528,997 | |
| | | | | | | | 1,196,073 | |
| | | | | Energy Equipment & Services — 7.2% | | | | |
| | 800,000 | | | Buckeye Partners LP, 4.875%, 2/1/21 | | | 819,644 | |
| | 1,300,000 | | | Energy Transfer Operating L.P., 4.250%, 3/15/23 | | | 1,333,757 | |
| | 726,000 | | | EnLink Midstream Partners LP, 2.700%, 4/1/19 | | | 726,000 | |
| | 1,025,000 | | | Kinder Morgan Energy Partners L.P., 5.300%, 9/15/20 | | | 1,058,345 | |
| | 1,037,000 | | | Magellan Midstream Partners L.P., 4.250%, 2/1/21 | | | 1,061,904 | |
| | 1,100,000 | | | Midwest Connector Capital Co., LLC, 3.625%, 4/1/22(b) | | | 1,115,524 | |
| | 500,000 | | | Nabors Industries, Inc., 5.000%, 9/15/20 | | | 502,500 | |
| | 777,000 | | | NuStar Logistics L.P., 4.800%, 9/1/20 | | | 786,713 | |
| | 850,000 | | | Penske Truck Leasing Co. LP/PTL Finance Corp., 3.200%, 7/15/20(b) | | | 851,795 | |
| | 400,000 | | | Pioneer Natural Resources Co., 7.500%, 1/15/20 | | | 413,914 | |
| | 344,000 | | | Range Resources Corp., 5.750%, 6/1/21 | | | 349,160 | |
| | 935,000 | | | Sabine Pass Liquefaction, LLC, 5.625%, 2/1/21 | | | 971,158 | |
| | 663,000 | | | Spectra Energy Partners L.P., 3.299%, (LIBOR USD 3-Month plus 0.70%), 6/5/20(a) | | | 662,232 | |
| | 2,210,000 | | | Williams Cos., Inc. (The), 3.600%, 3/15/22 | | | 2,242,377 | |
| | | | | | | | 12,895,023 | |
| | | | | Equity Real Estate Investment Trusts (REITS) — 6.4% | | | | |
| | 780,000 | | | Alexandria Real Estate Equities, Inc., 4.000%, 1/15/24 | | | 806,710 | |
| | 750,000 | | | American Tower Corp., 5.050%, 9/1/20 | | | 772,699 | |
| | 400,000 | | | AvalonBay Communities, Inc., MTN, 3.217%, (LIBOR USD 3-Month plus 0.43%), 1/15/21(a) | | | 397,100 | |
| | 955,000 | | | Brixmor Operating Partnership L.P., 3.875%, 8/15/22 | | | 968,050 | |
| | 750,000 | | | Crown Castle International Corp., 3.400%, 2/15/21 | | | 756,194 | |
| | 400,000 | | | ERP Operating L.P., 4.750%, 7/15/20 | | | 408,266 | |
| | 575,000 | | | Federal Realty Investment Trust, 2.550%, 1/15/21 | | | 571,547 | |
| | 138,000 | | | Iron Mountain, Inc., 4.375%, 6/1/21(b) | | | 138,690 | |
| | 776,000 | | | iStar, Inc., 6.500%, 7/1/21 | | | 789,580 | |
| | 875,000 | | | Jones Lang LaSalle, Inc., 4.400%, 11/15/22
| | | 898,339 | |
| | 1,075,000 | | | Ontario Teachers’ Cadillac Fairview Properties Trust, 3.125%, 3/20/22(b)
| | | 1,084,570 | |
Continued
Sterling Capital Short Duration Bond Fund
Schedule of Portfolio Investments — (continued)
March 31, 2019 (Unaudited)
Principal
Amount | | | | | Fair Value | |
| CORPORATE BONDS — (continued) | | | | |
| | | | | Equity Real Estate Investment Trusts (REITS) — (continued) | | | | |
| $ | 1,010,000 | | | Realty Income Corp., 5.750%, 1/15/21 | | $ | 1,055,399 | |
| | 800,000 | | | Scentre Group Trust 1 / Scentre Group Trust 2, 2.375%, 4/28/21(b) | | | 788,410 | |
| | 679,000 | | | Starwood Property Trust, Inc., 3.625%, 2/1/21 | | | 676,454 | |
| | 630,000 | | | VEREIT Operating Partnership L.P., 4.125%, 6/1/21 | | | 640,460 | |
| | 700,000 | | | WEA Finance, LLC, 3.150%, 4/5/22(b) | | | 702,130 | |
| | | | | | | | 11,454,598 | |
| | | | | Food & Staples Retailing — 2.6% | | | | |
| | 700,000 | | | Cargill, Inc., 3.050%, 4/19/21(b) | | | 704,272 | |
| | 1,235,000 | | | Conagra Brands, Inc., 3.800%, 10/22/21 | | | 1,258,142 | |
| | 1,100,000 | | | CVS Health Corp., 2.125%, 6/1/21 | | | 1,081,221 | |
| | 1,607,000 | | | Seven & i Holdings Co., Ltd., 3.350%, 9/17/21(b) | | | 1,626,301 | |
| | | | | | | | 4,669,936 | |
| | | | | Health Care Providers & Services — 2.3% | | | | |
| | 1,000,000 | | | Becton Dickinson and Co., 2.894%, 6/6/22 | | | 995,332 | |
| | 760,000 | | | Centene Corp., 5.625%, 2/15/21 | | | 771,400 | |
| | 1,075,000 | | | Cigna Corp., 3.200%, 9/17/20(b) | | | 1,080,795 | |
| | 1,250,000 | | | HCA, Inc., 5.875%, 3/15/22 | | | 1,340,988 | |
| | | | | | | | 4,188,515 | |
| | | | | Hotels, Restaurants & Leisure — 0.1% | | | | |
| | 164,000 | | | Prime Security Services Borrower, LLC / Prime Finance, Inc., 9.250%, 5/15/23(b) | | | 172,200 | |
| | 100,000 | | | Royal Caribbean Cruises, Ltd., 2.650%, 11/28/20 | | | 99,882 | |
| | | | | | | | 272,082 | |
| | | | | Household Durables — 0.5% | | | | |
| | 400,000 | | | D.R. Horton, Inc., 4.000%, 2/15/20 | | | 403,321 | |
| | 450,000 | | | TRI Pointe Group, Inc. / TRI Pointe Homes, Inc., 4.375%, 6/15/19 | | | 450,563 | |
| | | | | | | | 853,884 | |
| | | | | Insurance — 5.6% | | | | |
| | 775,000 | | | Alleghany Corp., 5.625%, 9/15/20 | | | 803,229 | |
| | 375,000 | | | Aspen Insurance Holdings, Ltd., 6.000%, 12/15/20 | | | 389,660 | |
| | 896,000 | | | Assurant, Inc., 3.860%, (LIBOR USD 3-Month plus 1.25%), 3/26/21(a) | | | 894,066 | |
| | 750,000 | | | Athene Global Funding, 3.000%, 7/1/22(b) | | | 748,235 | |
| | 350,000 | | | AXIS Specialty Finance, LLC, 5.875%, 6/1/20 | | | 360,562 | |
| | 350,000 | | | Guardian Life Global Funding, 2.000%, 4/26/21(b) | | | 344,494 | |
| | 1,050,000 | | | Jackson National Life Global Funding, 3.300%, 6/11/21(b) | | | 1,060,898 | |
| | 1,000,000 | | | Marsh & McLennan Cos., Inc., 3.500%, 12/29/20 | | | 1,013,298 | |
| | 750,000 | | | MassMutual Global Funding II, 2.500%, 4/13/22(b) | | | 745,663 | |
| | 1,000,000 | | | Metropolitan Life Global Funding I, 3.375%, 1/11/22(b) | | | 1,014,743 | |
| | 425,000 | | | New York Life Global Funding, 2.000%, 4/13/21(b) | | | 419,196 | |
| | 620,000 | | | Ohio National Financial Services, Inc., 6.375%, 4/30/20(b) | | | 640,698 | |
| | 775,000 | | | Reinsurance Group of America, Inc., 5.000%, 6/1/21 | | | 806,520 | |
Principal
Amount | | | | | Fair Value | |
| CORPORATE BONDS — (continued) | | | | |
| | | | | Insurance — (continued) | | | | |
| $ | 800,000 | | | Reliance Standard Life Global Funding II, 2.500%, 1/15/20(b) | | $ | 796,505 | |
| | | | | | | | 10,037,767 | |
| | | | | Materials — 0.2% | | | | |
| | 325,000 | | | Masco Corp., 7.125%, 3/15/20 | | | 337,701 | |
| | | | | Media — 2.4% | | | | |
| | 1,104,000 | | | Charter Communications Operating, LLC / Charter Communications Operating Capital, 4.464%, 7/23/22 | | | 1,142,211 | |
| | 750,000 | | | Fox Corp., 3.666%, 1/25/22(b) | | | 764,763 | |
| | 1,065,000 | | | Interpublic Group of Cos., Inc. (The), 3.750%, 10/1/21 | | | 1,083,508 | |
| | 1,225,000 | | | NBCUniversal Media, LLC, 2.875%, 1/15/23 | | | 1,229,476 | |
| | 96,000 | | | Univision Communications, Inc., 6.750%, 9/15/22(b) | | | 97,440 | |
| | | | | | | | 4,317,398 | |
| | | | | Multiline Retail — 0.6% | | | | |
| | 525,000 | | | Dollar Tree, Inc., 3.473%, (LIBOR USD 3-Month plus 0.70%), 4/17/20(a) | | | 525,116 | |
| | 550,000 | | | Family Dollar Stores, Inc., 5.000%, 2/1/21 | | | 565,535 | |
| | | | | | | | 1,090,651 | |
| | | | | Oil, Gas & Consumable Fuels — 1.7% | | | | |
| | 822,000 | | | Continental Resources, Inc./OK, 5.000%, 9/15/22 | | | 827,858 | |
| | 515,000 | | | Marathon Petroleum Corp., 5.375%, 10/1/22(b) | | | 522,654 | |
| | 825,000 | | | Newfield Exploration Co., 5.750%, 1/30/22 | | | 880,366 | |
| | 825,000 | | | Phillips 66, 3.537%, (LIBOR USD 3-Month plus 0.75%), 4/15/20(a)(b) | | | 825,283 | |
| | | | | | | | 3,056,161 | |
| | | | | Paper & Forest Products — 0.7% | | | | |
| | 1,200,000 | | | Georgia-Pacific, LLC, 5.400%, 11/1/20(b) | | | 1,247,412 | |
| | | | | Pharmaceuticals — 0.3% | | | | |
| | 500,000 | | | Takeda Pharmaceutical Co., Ltd., 3.800%, 11/26/20(b) | | | 507,252 | |
| | | | | Road & Rail — 0.4% | | | | |
| | 750,000 | | | Ryder System, Inc., MTN, 3.500%, 6/1/21 | | | 756,923 | |
| | | | | Semiconductors & Semiconductor Equipment — 0.5% | | | | |
| | 825,000 | | | Microchip Technology, Inc., 3.922%, 6/1/21(b) | | | 832,240 | |
| | | | | Software — 0.7% | | | | |
| | 1,200,000 | | | VMware, Inc., 2.950%, 8/21/22 | | | 1,187,271 | |
| | | | | Specialty Retail — 0.9% | | | | |
| | 802,000 | | | Ashtead Capital, Inc., 5.625%, 10/1/24(b) | | | 829,067 | |
| | 750,000 | | | Tapestry, Inc., 3.000%, 7/15/22 | | | 738,010 | |
| | | | | | | | 1,567,077 | |
| | | | | Technology Hardware, Storage & Peripherals — 1.1% | | | | |
| | 600,000 | | | Dell International, LLC/EMC Corp., 5.875%, 6/15/21(b) | | | 611,247 | |
| | 447,000 | | | Harris Corp., 2.700%, 4/27/20 | | | 445,326 | |
| | 975,000 | | | United Technologies Corp., 3.350%, 8/16/21 | | | 988,043 | |
| | | | | | | | 2,044,616 | |
Continued
Sterling Capital Short Duration Bond Fund
Schedule of Portfolio Investments — (continued)
March 31, 2019 (Unaudited)
Principal
Amount | | | | | Fair Value | |
| CORPORATE BONDS — (continued) | | | | |
| | | | | Tobacco — 0.7% | | | | |
| $ | 1,200,000 | | | BAT Capital Corp., 2.764%, 8/15/22 | | $ | 1,180,121 | |
| | | | | Total Corporate Bonds | | | | |
| | | | | (Cost $116,481,358) | | | 116,983,924 | |
| | | | | | | | | |
| MUNICIPAL BONDS — 0.8% | | | | |
| | | | | California — 0.3% | | | | |
| | 575,000 | | | University of California Revenue, Refunding, Taxable, Series AS, 1.490%, 5/15/20 | | | 568,899 | |
| | | | | New Jersey — 0.2% | | | | |
| | 325,000 | | | New Jersey Economic Development Authority, School Facilities Construction Refunding Revenue, Taxable, Series C, 4.521%, 6/15/21 | | | 332,963 | |
| | | | | North Carolina — 0.3% | | | | |
| | 500,000 | | | North Carolina Eastern Municipal Power Agency, Refunding Revenue (AGM), 3.558%, 7/1/22 | | | 515,265 | |
| | | | | Total Municipal Bonds | | | | |
| | | | | (Cost $1,418,640) | | | 1,417,127 | |
| | | | | | | | | |
| U.S. TREASURY NOTES — 6.0% | | | | |
| | 4,000,000 | | | 2.000%, 11/15/21 | | | 3,975,312 | |
| | 6,750,000 | | | 1.875%, 1/31/22 | | | 6,681,709 | |
| | | | | Total U.S. Treasury Notes | | | | |
| | | | | (Cost $10,576,133) | | | 10,657,021 | |
| Shares | | | | | | | |
| MONEY MARKET FUND — 0.8% | | | | |
| | 1,376,384 | | | Federated Treasury Obligations Fund, Institutional Shares, 2.31%(f) | | | 1,376,384 | |
| | | | | Total Money Market Fund | | | | |
| | | | | (Cost $1,376,384) | | | 1,376,384 | |
| | | Fair Value | |
| Total Investments — 99.6% | | | | |
| (Cost $176,945,467) | | $ | 177,505,761 | |
| Net Other Assets (Liabilities) — 0.4% | | | 718,690 | |
| NET ASSETS — 100.0% | | $ | 178,224,451 | |
| (a) | The interest rate for this floating 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, 2019. 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) | 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, 2019. The maturity date reflected is the final maturity date. |
| (d) | Security is perpetual in nature and has no stated maturity date. |
| (e) | Security is a fix-to-float security, which carries a fixed coupon until a certain date, upon which it switches to a floating rate. Rate shown is the fixed rate. |
| (f) | Represents the current yield as of report date. |
BKNT — Bank Note
AGM — Assured Guaranty Municipal Corp.
GMTN — Global Medium Term Note
MTN — Medium Term Note
STEP — Step Coupon Bond
See accompanying Notes to the Financial Statements.
Sterling Capital Intermediate U.S. Government Fund
Schedule of Portfolio Investments
March 31, 2019 (Unaudited)
Principal Amount | | | | | Fair Value | |
| ASSET BACKED SECURITIES — 1.2% | | | | |
| | | | | Asset Backed Securities — 1.2% | | | | |
| $ | 190,126 | | | United States Small Business Administration, Series 2015-20G, Class 1, 2.880%, 7/1/35 | | $ | 190,179 | |
| | | | | Total Asset Backed Securities | | | | |
| | | | | (Cost $190,127) | | | 190,179 | |
| | | | | | | | | |
| COLLATERALIZED MORTGAGE OBLIGATIONS — 14.5% | | | | |
| | 232,422 | | | Fannie Mae, Series 2010-129, 3.500%, 3/25/25 | | | 234,063 | |
| | 99,071 | | | Fannie Mae, Series 2003-44, Class Q, 3.500%, 6/25/33 | | | 100,175 | |
| | 400,344 | | | Fannie Mae, Series 2016-49, Class DA, 3.500%, 10/25/42 | | | 411,936 | |
| | 524,084 | | | Fannie Mae, Series 2016-49, Class PA, 3.000%, 9/25/45 | | | 525,608 | |
| | 264,087 | | | Freddie Mac, Series 4281, Class GA, 3.000%, 2/15/39 | | | 266,251 | |
| | 169,462 | | | Freddie Mac, Series 4648, Class E, 3.500%, 8/15/43 | | | 172,617 | |
| | 398,852 | | | Freddie Mac, Series 4656, Class PA, 3.500%, 10/15/45 | | | 410,454 | |
| | 141,963 | | | Ginnie Mae, Series 2011-71, Class QE, 3.500%, 9/16/40 | | | 142,268 | |
| | | | | Total Collateralized Mortgage Obligations | | | | |
| | | | | (Cost $2,228,080) | | | 2,263,372 | |
| | | | | | | | | |
| COMMERCIAL MORTGAGE-BACKED SECURITIES — 5.4% | | | | |
| | 140,000 | | | Freddie Mac Multifamily Structured Pass Through Certificates, Series K049, Class A2, 3.010%, 7/25/25 | | | 142,191 | |
| | 210,000 | | | Freddie Mac Multifamily Structured Pass Through Certificates, Series K060, Class A2, 3.300%, 10/25/26 | | | 216,623 | |
| | 210,000 | | | Freddie Mac Multifamily Structured Pass Through Certificates, Series K061, Class A2, 3.347%, 11/25/26(a) | | | 217,159 | |
| | 160,000 | | | Freddie Mac Multifamily Structured Pass Through Certificates, Series K069, Class A2, 3.187%, 9/25/27(a) | | | 163,248 | |
| | 66,272 | | | FRESB Mortgage Trust, Series 2016-SB23, Class A5H, 1.980%, (LIBOR USD 1-Month plus 0.70%), 9/25/36(b) | | | 65,303 | |
| | 35,000 | | | WFRBS Commercial Mortgage Trust, Series 2012-C8, Class A3, 3.001%, 8/15/45 | | | 35,209 | |
| | | | | Total Commercial Mortgage-Backed Securities | | | | |
| | | | | (Cost $834,568) | | | 839,733 | |
| | | | | | | | | |
| CORPORATE BONDS — 2.6% | | | | |
| | | | | Banks — 2.6% | | | | |
| | 200,000 | | | State Street Corp., 2.550%, 8/18/20 | | | 199,887 | |
| | 200,000 | | | Wells Fargo & Co., GMTN, 2.600%, 7/22/20 | | | 199,696 | |
| | | | | Total Corporate Bonds | | | | |
| | | | | (Cost $399,837) | | | 399,583 | |
| | | | | | | | | |
| MORTGAGE-BACKED SECURITIES — 16.4% | | | | |
| | | | | Fannie Mae — 9.3% | | | | |
| | 480,425 | | | 3.587%, 9/1/20, Pool #FN0000 | | | 485,341 | |
| | 143,493 | | | 4.000%, 12/1/36, Pool #MA2856 | | | 149,444 | |
Principal Amount | | | | | Fair Value | |
| MORTGAGE-BACKED SECURITIES — (continued) | | | | |
| | | | | Fannie Mae — (continued) | | | | |
| $ | 154,241 | | | 4.000%, 2/1/37, Pool #MA2914 | | $ | 160,065 | |
| | 81,360 | | | 4.000%, 9/1/42, Pool #MA1178 | | | 84,211 | |
| | 168,325 | | | 4.000%, 5/1/47, Pool #BE9598 | | | 173,964 | |
| | 382,633 | | | 5.000%, 8/1/48, Pool #CA2219 | | | 404,805 | |
| | | | | | | | 1,457,830 | |
| | | | | Freddie Mac — 6.7% | | | | |
| | 287,391 | | | 4.000%, 12/1/35, Pool #C91860 | | | 300,319 | |
| | 327,548 | | | 3.500%, 6/1/36, Pool #C91875 | | | 335,263 | |
| | 398,351 | | | 4.000%, 3/1/39, Pool #C92039 | | | 412,713 | |
| | | | | | | | 1,048,295 | |
| | | | | Ginnie Mae — 0.4% | | | | |
| | 61,161 | | | 5.000%, 11/20/38, Pool #4283 | | | 62,859 | |
| | | | | Total Mortgage-Backed Securities | | | | |
| | | | | (Cost $2,570,640) | | | 2,568,984 | |
| | | | | | | | | |
| MUNICIPAL BONDS — 6.7% | | | | |
| | | | | California — 0.5% | | | | |
| | 75,000 | | | State Of California, Refunding G.O., Taxable, 6.200%, 10/1/19 | | | 76,382 | |
| | | | | New York — 2.7% | | | | |
| | 400,000 | | | New York City Water & Sewer System, Build America Bonds, Water Utility Improvements Revenue, Taxable, Series DD, Callable 6/15/20 @ 100, 6.452%, 6/15/41 | | | 417,620 | |
| | | | | North Carolina — 1.6% | | | | |
| | 250,000 | | | Durham County, NC, Build America Bonds, Public Improvements G.O., Taxable, Series B, Callable 10/1/20 @ 100, 4.845%, 10/1/29 | | | 257,523 | |
| | | | | Texas — 0.4% | | | | |
| | 60,000 | | | Bexar County, TX, Build America Bonds, Public Improvements G.O., Taxable, Series C, Callable 6/15/19 @ 100, 6.628%, 6/15/39 | | | 60,505 | |
| | | | | Wisconsin — 1.5% | | | | |
| | 205,000 | | | State of Wisconsin, TXB, Revenue Bonds, Pension Funding, Series A, (AGM), 5.700%, 5/1/26 | | | 229,957 | |
| | | | | Total Municipal Bonds | | | | |
| | | | | (Cost $1,081,335) | | | 1,041,987 | |
| | | | | | | | | |
| U.S. GOVERNMENT AGENCIES — 31.8% | | | | |
| | | | | Fannie Mae — 16.0% | | | | |
| | 500,000 | | | 1.875%, 9/24/26 | | | 478,251 | |
| | 1,000,000 | | | 6.250%, 5/15/29 | | | 1,314,942 | |
| | 500,000 | | | 7.125%, 1/15/30 | | | 701,576 | |
| | | | | | | | 2,494,769 | |
| | | | | Federal Farm Credit Bank — 9.4% | | | | |
| | 500,000 | | | 2.720%, 4/3/24 | | | 497,527 | |
| | 248,000 | | | 3.100%, 6/21/27 | | | 246,659 | |
| | 500,000 | | | 2.670%, 12/20/27 | | | 483,725 | |
| | 250,000 | | | 3.480%, 9/11/30 | | | 249,567 | |
| | | | | | | | 1,477,478 | |
| | | | | Federal Home Loan Bank — 3.2% | | | | |
| | 500,000 | | | 3.270%, 2/7/28 | | | 500,869 | |
Continued
Sterling Capital Intermediate U.S. Government Fund
Schedule of Portfolio Investments — (continued)
March 31, 2019 (Unaudited)
Principal Amount | | | | | Fair Value | |
| U.S. GOVERNMENT AGENCIES — (continued) | | | | |
| | | | | Freddie Mac — 3.2% | | | | |
| $ | 500,000 | | | 2.375%, 1/13/22 | | $ | 501,390 | |
| | | | | Total U.S. Government Agencies | | | | |
| | | | | (Cost $4,845,236) | | | 4,974,506 | |
| | | | | | | | | |
| U.S. TREASURY NOTES — 11.8% | | | | |
| | 268,555 | | | 0.125%, 4/15/19 | | | 268,719 | |
| | 250,000 | | | 1.500%, 11/30/19 | | | 248,438 | |
| | 250,000 | | | 2.000%, 2/28/21 | | | 248,574 | |
| | 200,000 | | | 3.125%, 5/15/21 | | | 203,406 | |
| | 360,000 | | | 2.000%, 2/15/23 | | | 356,836 | |
| | 280,000 | | | 2.000%, 8/15/25 | | | 274,805 | |
| | 240,000 | | | 2.500%, 2/28/26 | | | 242,728 | |
| | | | | Total U.S. Treasury Notes | | | | |
| | | | | (Cost $1,862,046) | | | 1,843,506 | |
| Shares | | | | | Fair Value | |
| MONEY MARKET FUND — 11.1% | | | |
| | 1,735,269 | | | Federated Treasury Obligations Fund, Institutional Shares, 2.31%(c) | | $ | 1,735,269 | |
| | | | | Total Money Market Fund | | | | |
| | | | | (Cost $1,735,269) | | | 1,735,269 | |
| | | | | | | | | |
| Total Investments — 101.5% | | | | |
| (Cost $15,747,138) | | | 15,857,119 | |
| Net Other Assets (Liabilities) — (1.5)% | | | (241,431 | ) |
| NET ASSETS — 100.0% | | $ | 15,615,688 | |
| (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, 2019. The maturity date reflected is the final maturity date. |
| (b) | The interest rate for this floating 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, 2019. The maturity date reflected is the final maturity date. |
| (c) | Represents the current yield as of report date. |
AGM — Assured Guaranty Municipal Corp.
G.O. — General Obligation
GMTN — Global Medium Term Note
See accompanying Notes to the Financial Statements.
Sterling Capital Total Return Bond Fund
Schedule of Portfolio Investments
March 31, 2019 (Unaudited)
Principal Amount | | | | | Fair Value | |
| ASSET BACKED SECURITIES — 14.0% | | | | |
| $ | 1,431,333 | | | Aegis Asset Backed Securities Trust, Series 2005-5, Class 1A4, 2.836%, (LIBOR USD 1-Month plus 0.35%), 12/25/35(a) | | $ | 1,420,043 | |
| | 4,000,000 | | | AmeriCredit Automobile Receivables Trust, Series 2016-3, Class B, 1.800%, 10/8/21 | | | 3,976,596 | |
| | 4,565,000 | | | AmeriCredit Automobile Receivables Trust, Series 2016-4, Class B, 1.830%, 12/8/21 | | | 4,532,650 | |
| | 4,600,000 | | | AmeriCredit Automobile Receivables Trust, Series 2017-4, Class B, 2.360%, 12/19/22 | | | 4,564,189 | |
| | 10,757,000 | | | AmeriCredit Automobile Receivables Trust, Series 2017-4, Class C, 2.600%, 9/18/23 | | | 10,698,742 | |
| | 359,355 | | | Argent Securities, Inc. Pass Through Certificates, Series 2005-W3, Class A2D, 2.826%, (LIBOR USD 1-Month plus 0.34%), 11/25/35(a) | | | 359,195 | |
| | 4,550,000 | | | Avis Budget Rental Car Funding AESOP, LLC, Series 2015-1A, Class A, 2.500%, 7/20/21(b) | | | 4,528,653 | |
| | 6,000,000 | | | Avis Budget Rental Car Funding AESOP, LLC, Series 2016-1A, Class A, 2.990%, 6/20/22(b) | | | 6,008,343 | |
| | 7,060,000 | | | Avis Budget Rental Car Funding AESOP, LLC, Series 2017-1A, Class A, 3.070%, 9/20/23(b) | | | 7,065,920 | |
| | 1,600,000 | | | Avis Budget Rental Car Funding AESOP, LLC, Series 2017-2A, Class A, 2.970%, 3/20/24(b) | | | 1,594,308 | |
| | 1,885,679 | | | Bear Stearns Asset Backed Securities I Trust, Series 2004-BO1, Class M5, 3.886%, (LIBOR USD 1-Month plus 1.40%), 10/25/34(a) | | | 1,895,638 | |
| | 2,585,000 | | | Capital Auto Receivables Asset Trust, Series 2016-3, Class A4, 1.690%, 3/20/21 | | | 2,575,242 | |
| | 4,110,000 | | | Capital Auto Receivables Asset Trust, Series 2016-3, Class B, 1.890%, 5/20/21 | | | 4,081,601 | |
| | 4,210,000 | | | Capital Auto Receivables Asset Trust, Series 2016-3, Class C, 2.350%, 9/20/21 | | | 4,189,039 | |
| | 9,320,000 | | | Capital Auto Receivables Asset Trust, Series 2018-1, Class B, 3.090%, 8/22/22(b) | | | 9,348,924 | |
| | 9,000,000 | | | Citibank Credit Card Issuance Trust, Series 2017-A6, Class A6, 3.259%, (LIBOR USD 1-Month plus 0.77%), 5/14/29(a) | | | 8,915,882 | |
| | 2,175,000 | | | Citibank Credit Card Issuance Trust, Series 2007-A3, Class A3, 6.150%, 6/15/39 | | | 2,811,704 | |
| | 504,060 | | | Citicorp Residential Mortgage Trust, STEP, Series 2007-2, Class A6, 5.124%, 6/25/37 | | | 510,661 | |
| | 944,060 | | | Countrywide Asset-Backed Certificates, Series 2004-12, Class MV4, 3.911%, (LIBOR USD 1-Month plus 1.43%), 3/25/35(a) | | | 947,007 | |
| | 9,200,000 | | | Discover Card Execution Note Trust, Series 2017-A4, Class A4, 2.530%, 10/15/26 | | | 9,125,294 | |
| | 4,457,077 | | | Encore Credit Receivables Trust, Series 2005-4, Class M2, 2.926%, (LIBOR USD 1-Month plus 0.44%), 1/25/36(a) | | | 4,450,181 | |
| | 9,010,000 | | | Enterprise Fleet Financing, LLC, Series 2018-1, Class A3, 3.100%, 10/20/23(b) | | | 9,061,021 | |
| | 12,338,000 | | | Enterprise Fleet Financing, LLC, Series 2018-2, Class A3, 3.340%, 2/20/24(b) | | | 12,520,258 | |
| | 975,000 | | | Ford Credit Auto Owner Trust, Series 2017-2, Class A, 2.360%, 3/15/29(b) | | | 958,941 | |
| | 15,415,000 | | | Ford Credit Auto Owner Trust, Series 2018-1, Class A, 3.190%, 7/15/31(b) | | | 15,425,564 | |
| | 764,854 | | | GSAMP Trust, Series 2006-SEA1, Class M1, 2.986%, (LIBOR USD 1-Month plus 0.50%), 5/25/36(a)(b) | | | 757,328 | |
Principal Amount | | | | | Fair Value | |
| ASSET BACKED SECURITIES — (continued) | | | | |
| $ | 2,868,000 | | | Hertz Vehicle Financing II L.P., Series 2016-3A, Class A, 2.270%, 7/25/20(b) | | $ | 2,862,042 | |
| | 5,000,000 | | | Hertz Vehicle Financing II L.P., Series 2015-1A, Class A, 2.730%, 3/25/21(b) | | | 4,984,473 | |
| | 7,564,000 | | | Hertz Vehicle Financing II L.P., Series 2015-3A, Class A, 2.670%, 9/25/21(b) | | | 7,512,392 | |
| | 1,823,520 | | | Home Equity Mortgage Loan Asset-Backed Trust, Series 2005-B, Class M3, 3.221%, (LIBOR USD 1-Month plus 0.74%), 8/25/35(a) | | | 1,824,441 | |
| | 2,001,223 | | | JP Morgan Mortgage Acquisition Corp., Series 2005-OPT1, Class M2, 3.191%, (LIBOR USD 1-Month plus 0.71%), 6/25/35(a) | | | 2,002,907 | |
| | 833,420 | | | New Century Home Equity Loan Trust, Series 2003-4, Class M1, 3.611%, (LIBOR USD 1-Month plus 1.13%), 10/25/33(c) | | | 832,860 | |
| | 2,616,577 | | | Park Place Securities, Inc., Series 2005-WHQ2, Class M2, 3.176%, (LIBOR USD 1-Month plus 0.69%), 5/25/35(a) | | | 2,619,902 | |
| | 2,572,376 | | | RAMP Trust, Series 2005-RZ4, Class M2, 2.986%, (LIBOR USD 1-Month plus 0.50%), 11/25/35(a) | | | 2,567,715 | |
| | 5,960,000 | | | Santander Drive Auto Receivables Trust, Series 2018-4, Class B, 3.270%, 1/17/23 | | | 5,985,656 | |
| | 6,529,000 | | | Santander Drive Auto Receivables Trust, Series 2019-1, Class B, 3.210%, 9/15/23 | | | 6,556,976 | |
| | 3,582,922 | | | Saxon Asset Securities Trust, Series 2004-3, Class M1, 3.386%, (LIBOR USD 1-Month plus 0.90%), 12/26/34(a) | | | 3,547,909 | |
| | 589,023 | | | Sofi Professional Loan Program, LLC, Series 2016-E, Class A1, 3.336%, (LIBOR USD 1-Month plus 0.85%), 7/25/39(a)(b) | | | 590,903 | |
| | 3,580,000 | | | Wheels SPV 2, LLC, Series 2018-1A, Class A4, 3.410%, 4/20/27(b) | | | 3,636,465 | |
| | | | | Total Asset Backed Securities | | | | |
| | | | | (Cost $176,393,271) | | | 177,847,565 | |
| | | | | | | | | |
| COLLATERALIZED MORTGAGE OBLIGATIONS — 9.4% | | | | |
| | 237,997 | | | Adjustable Rate Mortgage Trust, Series 2004-5, Class 4A1, 4.410%, 4/25/35(d) | | | 239,683 | |
| | 348,924 | | | Banc of America Alternative Loan Trust, Series 2004-10, Class 1CB1, 6.000%, 11/25/34 | | | 368,854 | |
| | 2,295,041 | | | Banc of America Funding Trust, Series 2004-C, Class 4A1, 3.148%, (LIBOR USD 1-Month plus 0.66%), 12/20/34(a) | | | 2,287,927 | |
| | 566,248 | | | Banc of America Funding Trust, Series 2005-B, Class 3A1, 2.948%, (LIBOR USD 1-Month plus 0.46%), 4/20/35(a) | | | 564,806 | |
| | 569,923 | | | Banc of America Funding Trust, Series 2006-2, Class 3A1, 6.000%, 3/25/36 | | | 570,057 | |
| | 93,023 | | | Banc of America Mortgage Trust, Series 2005-3, Class 1A24, 5.500%, 4/25/35 | | | 93,859 | |
| | 16,481 | | | Citigroup Mortgage Loan Trust, Inc., Series 2004-NCM2, Class 3CB2, 6.500%, 8/25/19(c) | | | 16,409 | |
| | 436,129 | | | Countrywide Alternative Loan Trust, Series 2004-22CB, Class 1A1, 6.000%, 10/25/34 | | | 455,540 | |
| | 111,050 | | | Countrywide Home Loan Mortgage Pass Through Trust, Series 2004-3, Class A4, 5.750%, 4/25/34 | | | 113,186 | |
Continued
Sterling Capital Total Return Bond Fund
Schedule of Portfolio Investments — (continued)
March 31, 2019 (Unaudited)
Principal Amount | | | | | Fair Value | |
| COLLATERALIZED MORTGAGE OBLIGATIONS — (continued) | | | | |
| $ | 313,970 | | | Credit Suisse First Boston Mortgage Securities Corp., Series 2004-1, Class 2A1, 6.500%, 2/25/34 | | $ | 325,700 | |
| | 811,219 | | | Fannie Mae, Series 2013-133, Class AV, 4.000%, 12/25/26 | | | 845,721 | |
| | 1,590,196 | | | Fannie Mae, Series 2014-39, Class VP, 3.000%, 8/25/27 | | | 1,604,029 | |
| | 1,767,596 | | | Fannie Mae, Series 2011-38, Class D, 4.500%, 5/25/41(c) | | | 1,898,322 | |
| | 1,000,000 | | | Fannie Mae, Series 2013-70, Class CY, 3.500%, 7/25/43 | | | 1,013,525 | |
| | 1,202,250 | | | Fannie Mae, Series 2017-64, Class PD, 2.500%, 7/25/47 | | | 1,165,133 | |
| | 2,264,427 | | | FirstKey Mortgage Trust, Series 2014-1, Class A12, 3.500%, 11/25/44(b)(d) | | | 2,250,894 | |
| | 993,744 | | | Freddie Mac, Series -3768, Class V, 4.000%, 11/15/23 | | | 1,023,716 | |
| | 2,138,392 | | | Freddie Mac, Series -4387, Class VM, 4.000%, 11/15/25 | | | 2,219,477 | |
| | 1,536,378 | | | Freddie Mac, Series -4287, Class V, 4.500%, 10/15/26 | | | 1,627,010 | |
| | 412,012 | | | Freddie Mac, Series -4136, Class HZ, 3.500%, 11/15/27 | | | 425,202 | |
| | 2,367,975 | | | Freddie Mac, Series -4331, Class V, 4.000%, 11/15/28 | | | 2,466,193 | |
| | 569,000 | | | Freddie Mac, Series -4120, Class YK, 2.000%, 10/15/32 | | | 499,657 | |
| | 1,238,000 | | | Freddie Mac, Series -4160, Class HH, 2.500%, 12/15/32 | | | 1,197,825 | |
| | 10,000,000 | | | Freddie Mac, Series -4655, Class GV, 3.500%, 12/15/36 | | | 10,258,689 | |
| | 5,500,000 | | | Freddie Mac, Series -4657, Class VT, 3.500%, 6/15/37 | | | 5,621,664 | |
| | 1,119,514 | | | Freddie Mac, Series -3632, Class PK, 5.000%, 2/15/40 | | | 1,196,980 | |
| | 1,905,661 | | | Freddie Mac, Series -4077, Class PJ, 3.500%, 11/15/40 | | | 1,940,120 | |
| | 819,000 | | | Freddie Mac, Series -3762, Class LN, 4.000%, 11/15/40 | | | 873,897 | |
| | 3,871,498 | | | Freddie Mac, Series -4100, Class PA, 3.000%, 1/15/42 | | | 3,883,792 | |
| | 1,671,968 | | | Freddie Mac, Series -4508, Class UZ, 3.000%, 7/15/43 | | | 1,558,644 | |
| | 1,447,478 | | | Freddie Mac, Series -4328, Class KD, 3.000%, 8/15/43 | | | 1,464,908 | |
| | 8,005,407 | | | Freddie Mac, Series -4648, Class E, 3.500%, 8/15/43 | | | 8,154,434 | |
| | 4,837,000 | | | Freddie Mac, Series -4801, Class LT, 4.000%, 12/15/43 | | | 5,064,494 | |
| | 4,073,259 | | | Freddie Mac, Series -4710, Class GA, 3.000%, 3/15/44 | | | 4,079,337 | |
| | 8,000,000 | | | Freddie Mac, Series -4752, Class HB, 3.500%, 4/15/44 | | | 8,254,192 | |
| | 10,000,000 | | | Freddie Mac, Series -4776, Class DW, 4.000%, 9/15/44 | | | 10,349,410 | |
| | 4,079,583 | | | Freddie Mac, Series -4654, Class KA, 3.000%, 6/15/45 | | | 4,115,742 | |
| | 3,306,846 | | | Galton Funding Mortgage Trust, Series 2018-1, Class A43, 3.500%, 11/25/57(b)(d) | | | 3,311,808 | |
| | 10,512,662 | | | Galton Funding Mortgage Trust, Series 2018-2, Class A41, 4.500%, 10/25/58(b)(d) | | | 10,726,701 | |
Principal Amount | | | | | Fair Value | |
| COLLATERALIZED MORTGAGE OBLIGATIONS — (continued) | | | | |
| $ | 12,028,546 | | | Galton Funding Mortgage Trust, Series 2019-1, Class A41, 4.500%, 2/25/59(b)(d) | | $ | 12,220,867 | |
| | 425,477 | | | Ginnie Mae, Series 2008-51, Class PG, 5.000%, 6/20/38 | | | 452,952 | |
| | 708,581 | | | MASTR Alternative Loan Trust, Series 2003-5, Class 8A1, 5.500%, 6/25/33 | | | 720,911 | |
| | 561,367 | | | MASTR Alternative Loan Trust, Series 2004-13, Class 3A1, 6.500%, 1/25/35 | | | 555,651 | |
| | 29,679 | | | MASTR Seasoned Securitization Trust, Series 2005-2, Class 1A1, 5.130%, 10/25/32 | | | 29,585 | |
| | 1,879 | | | RAAC Trust, Series 2004-SP3, Class AI5, 4.890%, 12/25/32(d) | | | 1,908 | |
| | 504,150 | | | RAAC Trust, STEP, Series 2004-SP1, Class AI3, 6.118%, 3/25/34 | | | 509,234 | |
| | 218,076 | | | Residential Asset Securitization Trust, Series 2004-IP2, Class 4A, 4.666%, 12/25/34(d) | | | 216,984 | |
| | 27,168 | | | Wells Fargo Mortgage Backed Securities Trust, Series 2007-3, Class 3A1, 5.500%, 4/25/22 | | | 27,546 | |
| | 319,969 | | | Wells Fargo Mortgage Backed Securities Trust, Series 2004-BB, Class A2, 4.940%, 1/25/35(d) | | | 324,826 | |
| | 549,099 | | | Wells Fargo Mortgage Backed Securities Trust, Series 2005-AR16, Class 6A3, 4.532%, 10/25/35(d) | | | 557,003 | |
| | 52,162 | | | Wells Fargo Mortgage Backed Securities Trust, Series 2007-16, Class 1A1, 6.000%, 12/28/37 | | | 51,755 | |
| | | | | Total Collateralized Mortgage Obligations | | | | |
| | | | | (Cost $119,146,600) | | | 119,796,759 | |
| | | | | | | | | |
| COMMERCIAL MORTGAGE-BACKED SECURITIES — 13.7% | | | | |
| | 4,842,000 | | | CD Mortgage Trust, Series 2016-CD2, Class A4, 3.526%, 11/10/49(d) | | | 4,969,988 | |
| | 3,868,000 | | | CFCRE Commercial Mortgage Trust, Series 2016-C7, Class A3, 3.839%, 12/10/54 | | | 4,025,948 | |
| | 1,540,000 | | | CFCRE Commercial Mortgage Trust, Series 2016-C4, Class A2, 2.707%, 5/10/58 | | | 1,535,444 | |
| | 1,500,000 | | | Citigroup Commercial Mortgage Trust, Series 2017-P7, Class A4, 3.712%, 4/14/50 | | | 1,557,974 | |
| | 5,730,000 | | | Citigroup Commercial Mortgage Trust, Series 2018-B2, Class A4, 4.009%, 3/10/51 | | | 6,065,048 | |
| | 1,000,000 | | | COMM Mortgage Trust, Series 2012-CR1, Class AM, 3.912%, 5/15/45 | | | 1,025,073 | |
| | 3,545,000 | | | COMM Mortgage Trust, Series 2013-CR12, Class A4, 4.046%, 10/10/46 | | | 3,703,928 | |
| | 892,000 | | | COMM Mortgage Trust, Series 2014-CR16, Class A4, 4.051%, 4/10/47 | | | 934,645 | |
| | 1,208,000 | | | COMM Mortgage Trust, Series 2014-LC17, Class A5, 3.917%, 10/10/47 | | | 1,262,761 | |
| | 1,844,000 | | | COMM Mortgage Trust, Series 2014-CR20, Class A4, 3.590%, 11/10/47 | | | 1,897,510 | |
| | 8,030,000 | | | COMM Mortgage Trust, Series 2017-COR2, Class A3, 3.510%, 9/10/50 | | | 8,181,280 | |
| | 1,882 | | | Commercial Mortgage Loan Trust, Series 2008-LS1, Class ASM, 5.953%, 12/10/49(d) | | | 1,881 | |
| | 2,650,000 | | | DBUBS Mortgage Trust, Series 2011-LC1A, Class C, 5.699%, 11/10/46(b)(d) | | | 2,761,629 | |
| | 6,410,000 | | | Freddie Mac Multifamily Structured Pass Through Certificates, Series -K064, Class A2, 3.224%, 3/25/27 | | | 6,568,456 | |
Continued
Sterling Capital Total Return Bond Fund
Schedule of Portfolio Investments — (continued)
March 31, 2019 (Unaudited)
Principal Amount | | | | | Fair Value | |
| COMMERCIAL MORTGAGE-BACKED SECURITIES — (continued) | | | | |
| $ | 3,350,000 | | | Freddie Mac Multifamily Structured Pass Through Certificates, Series -K068, Class A2, 3.244%, 8/25/27 | | $ | 3,434,416 | |
| | 3,920,000 | | | Freddie Mac Multifamily Structured Pass Through Certificates, Series -K069, Class A2, 3.187%, 9/25/27(d) | | | 3,999,582 | |
| | 3,800,000 | | | Freddie Mac Multifamily Structured Pass Through Certificates, Series -K153, Class A3, 3.117%, 10/25/31(d) | | | 3,759,719 | |
| | 9,580,000 | | | Freddie Mac Multifamily Structured Pass Through Certificates, Series -K155, Class A3, 3.750%, 4/25/33 | | | 10,116,726 | |
| | 5,540,204 | | | FRESB Mortgage Trust, Series 2017-SB37, Class A10F, 2.750%, 7/25/27(d) | | | 5,448,391 | |
| | 7,955,854 | | | FRESB Mortgage Trust, Series 2018-SB52, Class A10F, 3.480%, 6/25/28(d) | | | 8,179,881 | |
| | 1,689,924 | | | FRESB Mortgage Trust, Series 2016-SB23, Class A5H, 1.980%, (LIBOR USD 1-Month plus 1.98%), 9/25/36(a) | | | 1,665,220 | |
| | 1,759,000 | | | GS Mortgage Securities Trust, Series 2010-C1, Class A2, 4.592%, 8/10/43(b) | | | 1,785,286 | |
| | 3,000,000 | | | GS Mortgage Securities Trust, Series 2010-C1, Class B, 5.148%, 8/10/43(b) | | | 3,062,501 | |
| | 2,524,000 | | | GS Mortgage Securities Trust, Series 2014-GC24, Class A5, 3.931%, 9/10/47 | | | 2,644,988 | |
| | 2,044,000 | | | GS Mortgage Securities Trust, Series 2016-GS4, Class A4, 3.442%, 11/10/49(d) | | | 2,087,775 | |
| | 1,680,000 | | | JP Morgan Chase Commercial Mortgage Securities Trust, Series 2013-C10, Class AS, 3.372%, 12/15/47 | | | 1,694,626 | |
| | 1,702,000 | | | JP Morgan Chase Commercial Mortgage Securities Trust, Series 2016-JP4, Class A4, 3.648%, 12/15/49(d) | | | 1,754,495 | |
| | 1,397,000 | | | JPMBB Commercial Mortgage Securities Trust, Series 2014-C23, Class A5, 3.934%, 9/15/47 | | | 1,460,811 | |
| | 4,200,000 | | | JPMCC Commercial Mortgage Securities Trust, Series 2017-JP5, Class A5, 3.723%, 3/15/50 | | | 4,352,281 | |
| | 4,000,000 | | | JPMorgan Chase Commercial Mortgage Securities Trust, Series 2011-C3, Class B, 5.013%, 2/15/46(b)(d) | | | 4,111,226 | |
| | 660,000 | | | Morgan Stanley Bank of America Merrill Lynch Trust, Series 2014-C18, Class A4, 3.923%, 10/15/47 | | | 689,097 | |
| | 5,834,000 | | | Morgan Stanley Bank of America Merrill Lynch Trust, Series 2016-C32, Class A4, 3.720%, 12/15/49 | | | 6,050,216 | |
| | 4,000,000 | | | Morgan Stanley Capital I Trust, Series 2011-C1, Class B, 5.376%, 9/15/47(b)(d) | | | 4,156,974 | |
| | 640,000 | | | Morgan Stanley Capital I Trust, Series 2011-C1, Class C, 5.376%, 9/15/47(b)(d) | | | 664,328 | |
| | 2,562,000 | | | Morgan Stanley Capital I Trust, Series 2016-BNK2, Class A4, 3.049%, 11/15/49 | | | 2,545,086 | |
| | 10,000,000 | | | Morgan Stanley Capital I, Inc., Series 2017-HR2, Class A4, 3.587%, 12/15/50 | | | 10,248,586 | |
| | 10,335,000 | | | Morgan Stanley Capital I, Inc., Series 2018-H3, Class A5, 4.177%, 7/15/51 | | | 11,066,530 | |
| | 2,500,000 | | | Wells Fargo Commercial Mortgage Trust, Series 2010-C1, Class A2, 4.393%, 11/15/43(b) | | | 2,537,263 | |
| | 3,156,000 | | | Wells Fargo Commercial Mortgage Trust, Series 2015-P2, Class A4, 3.809%, 12/15/48 | | | 3,291,768 | |
Principal Amount | | | | | Fair Value | |
| COMMERCIAL MORTGAGE-BACKED SECURITIES — (continued) | | | | |
| $ | 9,642,000 | | | Wells Fargo Commercial Mortgage Trust, Series 2017-C40, Class A4, 3.581%, 10/15/50 | | $ | 9,854,792 | |
| | 1,692,408 | | | WFRBS Commercial Mortgage Trust, Series 2011-C2, Class A4, 4.869%, 2/15/44(b)(d) | | | 1,741,839 | |
| | 2,000,000 | | | WFRBS Commercial Mortgage Trust, Series 2011-C2, Class B, 5.174%, 2/15/44(b)(d) | | | 2,056,971 | |
| | 8,405,000 | | | WFRBS Commercial Mortgage Trust, Series 2011-C3, Class A4, 4.375%, 3/15/44(b) | | | 8,616,113 | |
| | 1,500,000 | | | WFRBS Commercial Mortgage Trust, Series 2012-C8, Class AS, 3.660%, 8/15/45 | | | 1,527,342 | |
| | 3,716,000 | | | WFRBS Commercial Mortgage Trust, Series 2014-C22, Class A5, 3.752%, 9/15/57 | | | 3,841,421 | |
| | 1,008,000 | | | WFRBS Commercial Mortgage Trust, Series 2014-C23, Class A5, 3.917%, 10/15/57 | | | 1,051,638 | |
| | | | | Total Commercial Mortgage-Backed Securities | | | | |
| | | | | (Cost $174,394,937) | | | 173,989,453 | |
| CORPORATE BONDS — 42.5% | | | | |
| | | | | Automobiles — 0.7% | | | | |
| | 288,000 | | | Allison Transmission, Inc., 5.875%, 6/1/29(b) | | | 291,240 | |
| | 3,750,000 | | | General Motors Financial Co., Inc., 4.200%, 11/6/21 | | | 3,815,236 | |
| | 5,035,000 | | | Hyundai Capital America, 3.529%, (LIBOR USD 3-Month plus 0.94%), 7/8/21(a)(b) | | | 5,033,999 | |
| | | | | | | | 9,140,475 | |
| | | | | Banks — 6.7% | | | | |
| | 3,278,000 | | | Associated Banc-Corp., 2.750%, 11/15/19 | | | 3,273,955 | |
| | 6,185,000 | | | Bank of America Corp., 3.419%, 12/20/28(e) | | | 6,047,996 | |
| | 6,290,000 | | | Bank of America Corp., MTN, 3.093%, 10/1/25(e) | | | 6,237,861 | |
| | 4,934,000 | | | Bank of Montreal, Series D, 3.300%, 2/5/24 | | | 4,983,338 | |
| | 2,715,000 | | | Citigroup, Inc., 4.400%, 6/10/25 | | | 2,810,806 | |
| | 6,996,000 | | | Citigroup, Inc., 3.200%, 10/21/26 | | | 6,852,125 | |
| | 2,825,000 | | | Citigroup, Inc., Series N, 5.800%,(e)(f) | | | 2,846,187 | |
| | 3,908,000 | | | Citizens Bank NA / Providence RI, BKNT, 3.456%, (LIBOR USD 3-Month plus 0.81%), 5/26/22(a) | | | 3,902,770 | |
| | 2,810,000 | | | Cooperatieve Rabobank UA, 3.950%, 11/9/22 | | | 2,861,506 | |
| | 2,725,000 | | | HSBC Holdings PLC, 4.250%, 3/14/24 | | | 2,786,922 | |
| | 3,945,000 | | | ING Groep NV, 3.150%, 3/29/22 | | | 3,946,959 | |
| | 3,373,000 | | | JPMorgan Chase & Co., 3.625%, 5/13/24 | | | 3,466,635 | |
| | 5,250,000 | | | JPMorgan Chase & Co., 4.452%, 12/5/29(e) | | | 5,588,054 | |
| | 3,531,000 | | | JPMorgan Chase & Co., Series I, 6.221%,(d)(f) | | | 3,548,655 | |
| | 2,000,000 | | | KeyBank NA, BKNT, 2.500%, 12/15/19 | | | 1,996,768 | |
| | 2,321,000 | | | Macquarie Bank, Ltd., 6.625%, 4/7/21(b) | | | 2,471,972 | |
| | 3,409,000 | | | Nordea Bank AB, 3.099%, (LIBOR USD 3-Month plus 0.47%), 5/29/20(a)(b) | | | 3,416,519 | |
| | 4,400,000 | | | Sumitomo Mitsui Financial Group, Inc., 2.778%, 10/18/22 | | | 4,380,200 | |
| | 3,458,000 | | | SunTrust Bank, BKNT, 3.689%, 8/2/24(e) | | | 3,546,212 | |
| | 3,638,000 | | | Svenska Handelsbanken AB, BKNT, 3.900%, 11/20/23 | | | 3,784,353 | |
| | 3,360,000 | | | Toronto-Dominion Bank (The), 3.625%, 9/15/31(d) | | | 3,316,392 | |
| | 1,338,000 | | | Wells Fargo & Co., Class K, 6.381%,(d)(f) | | | 1,346,363 | |
| | 2,112,000 | | | Westpac Banking Corp., GMTN, 4.322%, 11/23/31(d) | | | 2,093,219 | |
| | | | | | | | 85,505,767 | |
Continued
Sterling Capital Total Return Bond Fund
Schedule of Portfolio Investments — (continued)
March 31, 2019 (Unaudited)
Principal Amount | | | | | Fair Value | |
| CORPORATE BONDS — (continued) | | | | |
| | | | | Beverages — 1.0% | | | | |
| $ | 4,041,000 | | | Anheuser-Busch InBev Worldwide, Inc., 4.750%, 1/23/29 | | $ | 4,305,273 | |
| | 2,819,000 | | | Anheuser-Busch InBev Worldwide, Inc., 5.800%, 1/23/59 | | | 3,134,536 | |
| | 3,246,000 | | | Constellation Brands, Inc., 5.250%, 11/15/48 | | | 3,442,397 | |
| | 1,970,000 | | | PepsiCo, Inc., 3.450%, 10/6/46 | | | 1,897,538 | |
| | | | | | | | 12,779,744 | |
| | | | | Biotechnology — 0.3% | | | | |
| | 4,116,000 | | | Celgene Corp., 5.000%, 8/15/45(c) | | | 4,319,281 | |
| | | | | Capital Goods — 0.3% | | | | |
| | 2,463,000 | | | Keysight Technologies, Inc., 4.550%, 10/30/24 | | | 2,559,096 | |
| | 1,245,000 | | | SBA Tower Trust, 2.898%, 10/15/19(b) | | | 1,243,565 | |
| | | | | | | | 3,802,661 | |
| | | | | Capital Markets — 0.8% | | | | |
| | 4,763,000 | | | Morgan Stanley, 3.971%, 7/22/38(e) | | | 4,678,872 | |
| | 2,732,000 | | | Morgan Stanley, 4.375%, 1/22/47 | | | 2,816,088 | |
| | 2,250,000 | | | Morgan Stanley, GMTN, 5.500%, 1/26/20 | | | 2,298,535 | |
| | | | | | | | 9,793,495 | |
| | | | | Chemicals — 1.6% | | | | |
| | 2,542,000 | | | Albemarle Corp., 5.450%, 12/1/44(c) | | | 2,626,568 | |
| | 4,643,000 | | | Chevron Phillips Chemical Co., LLC / Chevron Phillips Chemical Co. LP, 2.450%, 5/1/20(b) | | | 4,628,625 | |
| | 3,140,000 | | | DowDuPont, Inc., 4.493%, 11/15/25 | | | 3,344,671 | |
| | 1,713,000 | | | EI du Pont de Nemours & Co., 3.266%, (LIBOR USD 3-Month plus 0.53%), 5/1/20(a) | | | 1,717,858 | |
| | 2,831,000 | | | INVISTA Finance, LLC, 4.250%, 10/15/19(b) | | | 2,842,780 | |
| | 2,757,000 | | | NOVA Chemicals Corp., 4.875%, 6/1/24(b) | | | 2,708,753 | |
| | 2,546,000 | | | Westlake Chemical Corp., 5.000%, 8/15/46 | | | 2,476,559 | |
| | | | | | | | 20,345,814 | |
| | | | | Commercial Services & Supplies — 0.6% | | | | |
| | 3,209,000 | | | Ferguson Finance PLC, 4.500%, 10/24/28(b) | | | 3,229,910 | |
| | 1,400,000 | | | Republic Services, Inc., 3.550%, 6/1/22 | | | 1,431,100 | |
| | 500,000 | | | Waste Management, Inc., 3.900%, 3/1/35 | | | 501,014 | |
| | 2,692,000 | | | Waste Management, Inc., 4.100%, 3/1/45 | | | 2,777,125 | |
| | | | | | | | 7,939,149 | |
| | | | | Construction Materials — 0.2% | | | | |
| | 2,667,000 | | | Vulcan Materials Co., 4.500%, 6/15/47 | | | 2,413,361 | |
| | | | | Diversified Financial Services — 1.9% | | | | |
| | 3,650,000 | | | AerCap Ireland Capital, DAC/AerCap Global Aviation Trust, 4.875%, 1/16/24 | | | 3,795,403 | |
| | 6,930,000 | | | Goldman Sachs Group, Inc. (The), 3.000%, 4/26/22 | | | 6,914,970 | |
| | 3,379,000 | | | Goldman Sachs Group, Inc. (The), 2.908%, 6/5/23(e) | | | 3,339,958 | |
| | 5,560,000 | | | Goldman Sachs Group, Inc. (The), 6.250%, 2/1/41 | | | 6,857,870 | |
| | 2,745,000 | | | Lions Gate Capital Holdings, LLC, 6.375%, 2/1/24(b) | | | 2,875,387 | |
| | | | | | | | 23,783,588 | |
| | | | | Diversified Telecommunication Services — 1.4% | | | | |
| | 2,500,000 | | | CommScope Finance, LLC, 5.500%, 3/1/24(b) | | | 2,556,975 | |
| | 3,700,000 | | | Sprint Spectrum Co., LLC / Sprint Spectrum Co. II LLC / Sprint Spectrum Co. III LLC, 4.738%, 3/20/25(b) | | | 3,741,625 | |
| | 2,884,000 | | | Telefonica Emisiones SA, 4.103%, 3/8/27 | | | 2,925,213 | |
Principal Amount | | | | | Fair Value | |
| CORPORATE BONDS — (continued) | | | | |
| | | | | Diversified Telecommunication Services — (continued) | | | | |
| $ | 7,344,000 | | | Verizon Communications, Inc., 5.012%, 4/15/49 | | $ | 8,018,115 | |
| | 1,143,000 | | | West Corp., 8.500%, 10/15/25(b) | | | 982,980 | |
| | | | | | | | 18,224,908 | |
| | | | | Electric Utilities — 1.3% | | | | |
| | 2,385,000 | | | Dominion Energy, Inc., 2.579%, 7/1/20 | | | 2,371,825 | |
| | 3,180,000 | | | Entergy Mississippi, LLC, 3.100%, 7/1/23 | | | 3,195,036 | |
| | 2,700,000 | | | Indiana Michigan Power Co., Series K, 4.550%, 3/15/46 | | | 2,885,515 | |
| | 3,042,000 | | | Korea East-West Power Co., Ltd., 2.500%, 6/2/20(b) | | | 3,026,185 | |
| | 2,164,000 | | | Mississippi Power Co., 3.259%, (LIBOR USD 3-Month plus 0.65%), 3/27/20(a) | | | 2,163,171 | |
| | 2,530,000 | | | Ohio Edison Co., 6.875%, 7/15/36 | | | 3,283,685 | |
| | | | | | | | 16,925,417 | |
| | | | | Electrical Equipment — 0.2% | | | | |
| | 3,128,000 | | | Textron, Inc., 3.650%, 3/1/21 | | | 3,151,817 | |
| | | | | Energy Equipment & Services — 3.1% | | | | |
| | 3,101,000 | | | Apache Corp., 4.375%, 10/15/28 | | | 3,123,973 | |
| | 5,545,000 | | | Cenovus Energy, Inc., 4.250%, 4/15/27 | | | 5,451,018 | |
| | 3,364,000 | | | Enable Midstream Partners L.P., 3.900%, 5/15/24 | | | 3,340,167 | |
| | 2,633,000 | | | Energy Transfer LP/Regency Energy Finance Corp., 5.000%, 10/1/22 | | | 2,775,634 | |
| | 1,180,000 | | | Enterprise Products Operating, LLC, 5.950%, 2/1/41(c) | | | 1,410,819 | |
| | 1,565,000 | | | Hess Corp., 7.875%, 10/1/29(c) | | | 1,885,774 | |
| | 3,326,000 | | | Midwest Connector Capital Co., LLC, 3.900%, 4/1/24(b) | | | 3,379,615 | |
| | 2,155,000 | | | MPLX L.P., 5.500%, 2/15/49 | | | 2,298,651 | |
| | 1,648,000 | | | Murphy Oil Corp., 5.750%, 8/15/25 | | | 1,698,729 | |
| | 2,186,000 | | | Nabors Industries, Inc., 5.750%, 2/1/25 | | | 1,959,159 | |
| | 2,128,000 | | | NuStar Logistics L.P., 4.800%, 9/1/20 | | | 2,154,600 | |
| | 1,438,000 | | | Penske Truck Leasing Co. L.P. / PTL Finance Corp., 3.400%, 11/15/26(b) | | | 1,376,219 | |
| | 3,059,000 | | | Sabine Pass Liquefaction, LLC, 5.625%, 3/1/25 | | | 3,361,837 | |
| | 1,212,000 | | | Shell International Finance BV, 4.550%, 8/12/43 | | | 1,352,291 | |
| | 3,589,000 | | | Williams Cos., Inc. (The), 4.000%, 9/15/25 | | | 3,686,141 | |
| | | | | | | | 39,254,627 | |
| | | | | Equity Real Estate Investment Trusts (REITS) — 4.0% | | | | |
| | 2,895,000 | | | Alexandria Real Estate Equities, Inc., 4.000%, 1/15/24(c) | | | 2,994,137 | |
| | 4,777,000 | | | American Homes 4 Rent LP, 4.250%, 2/15/28(c) | | | 4,727,854 | |
| | 1,137,000 | | | American Tower Corp., 5.050%, 9/1/20(c) | | | 1,171,411 | |
| | 3,680,000 | | | American Tower Trust, 3.652%, 3/23/28(b)(c) | | | 3,699,428 | |
| | 2,974,000 | | | Crown Castle International Corp., 5.250%, 1/15/23 | | | 3,191,579 | |
| | 739,000 | | | Duke Realty L.P., 3.250%, 6/30/26 | | | 728,209 | |
| | 4,583,000 | | | Healthcare Realty Trust, Inc., 3.625%, 1/15/28 | | | 4,446,731 | |
| | 1,622,000 | | | Host Hotels & Resorts LP, Series D, 3.750%, 10/15/23 | | | 1,628,176 | |
| | 2,539,000 | | | Hudson Pacific Properties L.P., 3.950%, 11/1/27 | | | 2,465,918 | |
| | 975,000 | | | Iron Mountain, Inc., 4.375%, 6/1/21(b) | | | 979,875 | |
Continued
Sterling Capital Total Return Bond Fund
Schedule of Portfolio Investments — (continued)
March 31, 2019 (Unaudited)
Principal Amount | | | | | Fair Value | |
| CORPORATE BONDS — (continued) | | | | |
| | | | | Equity Real Estate Investment Trusts (REITS) — (continued) | | | | |
| $ | 2,853,000 | | | Jones Lang LaSalle, Inc., 4.400%, 11/15/22 | | $ | 2,929,098 | |
| | 1,331,000 | | | Kimco Realty Corp., 3.400%, 11/1/22 | | | 1,342,950 | |
| | 3,350,000 | | | Ontario Teachers’ Cadillac Fairview Properties Trust, 3.875%, 3/20/27(b) | | | 3,435,579 | |
| | 3,039,000 | | | Physicians Realty L.P., 4.300%, 3/15/27 | | | 3,021,800 | |
| | 3,368,000 | | | Spirit Realty L.P., 4.450%, 9/15/26 | | | 3,337,451 | |
| | 429,000 | | | Starwood Property Trust, Inc., 3.625%, 2/1/21 | | | 427,391 | |
| | 896,000 | | | Starwood Property Trust, Inc., 5.000%, 12/15/21 | | | 919,520 | |
| | 3,128,000 | | | STORE Capital Corp., 4.625%, 3/15/29 | | | 3,174,349 | |
| | 2,500,000 | | | WEA Finance, LLC / Westfield UK & Europe Finance PLC, 4.750%, 9/17/44(b) | | | 2,643,576 | |
| | 3,499,000 | | | Welltower, Inc., 4.125%, 3/15/29 | | | 3,569,220 | |
| | | | | | | | 50,834,252 | |
| | | | | Food & Staples Retailing — 1.5% | | | | |
| | 3,212,000 | | | AbbVie, Inc., 4.875%, 11/14/48 | | | 3,159,124 | |
| | 2,992,000 | | | Conagra Brands, Inc., 4.850%, 11/1/28 | | | 3,142,392 | |
| | 3,105,000 | | | Conagra Brands, Inc., 5.300%, 11/1/38 | | | 3,143,026 | |
| | 6,671,000 | | | CVS Health Corp., 4.300%, 3/25/28 | | | 6,759,401 | |
| | 2,336,000 | | | Smithfield Foods, Inc., 5.200%, 4/1/29(b) | | | 2,347,867 | |
| | | | | | | | 18,551,810 | |
| | | | | Food, Beverage & Tobacco — 0.1% | | | | |
| | 1,300,000 | | | PepsiCo, Inc., 4.450%, 4/14/46 | | | 1,452,270 | |
| | | | | Gas Utilities — 0.2% | | | | |
| | 2,366,000 | | | Sempra Energy, 3.800%, 2/1/38 | | | 2,168,244 | |
| | | | | Health Care Equipment & Services — 0.4% | | | | |
| | 1,302,000 | | | HCA Healthcare, Inc., 6.250%, 2/15/21 | | | 1,368,207 | |
| | 3,065,000 | | | HCA, Inc., 5.000%, 3/15/24 | | | 3,249,491 | |
| | | | | | | | 4,617,698 | |
| | | | | Health Care Providers & Services — 0.3% | | | | |
| | 2,889,000 | | | Becton Dickinson and Co., 3.476%, (LIBOR USD 3-Month plus 0.88%), 12/29/20(a) | | | 2,889,265 | |
| | 1,360,000 | | | DaVita, Inc., 5.000%, 5/1/25 | | | 1,303,220 | |
| | | | | | | | 4,192,485 | |
| | | | | Hotels, Restaurants & Leisure — 0.5% | | | | |
| | 3,110,000 | | | Hyatt Hotels Corp., 4.375%, 9/15/28 | | | 3,179,722 | |
| | 641,000 | | | Prime Security Services Borrower, LLC / Prime Finance, Inc., 9.250%, 5/15/23(b) | | | 673,050 | |
| | 2,072,000 | | | Prime Security Services Borrower, LLC / Prime Finance, Inc., 5.750%, 4/15/26(b)(g) | | | 2,072,435 | |
| | | | | | | | 5,925,207 | |
| | | | | Household Durables — 0.2% | | | | |
| | 1,100,000 | | | Mohawk Industries, Inc., 3.850%, 2/1/23 | | | 1,134,857 | |
| | 1,244,000 | | | TRI Pointe Group, Inc. / TRI Pointe Homes, Inc., 4.375%, 6/15/19 | | | 1,245,555 | |
| | | | | | | | 2,380,412 | |
| | | | | Insurance — 4.8% | | | | |
| | 2,975,000 | | | Aegon NV, 5.500%, 4/11/48(e) | | | 2,971,817 | |
| | 575,000 | | | Alleghany Corp., 4.900%, 9/15/44(c) | | | 584,083 | |
| | 3,217,000 | | | American Equity Investment Life Holding Co., 5.000%, 6/15/27 | | | 3,267,076 | |
| | 2,424,000 | | | Aspen Insurance Holdings, Ltd., 4.650%, 11/15/23 | | | 2,496,576 | |
Principal Amount | | | | | Fair Value | |
| CORPORATE BONDS — (continued) | | | | |
| | | | | Insurance — (continued) | | | | |
| $ | 3,052,000 | | | Assurant, Inc., 3.860%, (LIBOR USD 3-Month plus 1.25%), 3/26/21(a) | | $ | 3,045,414 | |
| | 2,028,000 | | | Athene Global Funding, 2.750%, 4/20/20(b) | | | 2,022,302 | |
| | 2,093,000 | | | Athene Holding, Ltd., 4.125%, 1/12/28 | | | 2,011,902 | |
| | 2,915,000 | | | Carlyle Finance, LLC, 5.650%, 9/15/48(b) | | | 2,889,838 | |
| | 2,779,000 | | | CBRE Services, Inc., 5.250%, 3/15/25 | | | 2,980,199 | |
| | 3,247,000 | | | Fidelity & Guaranty Life Holdings, Inc., 5.500%, 5/1/25(b) | | | 3,259,176 | |
| | 3,757,000 | | | Five Corners Funding Trust, 4.419%, 11/15/23(b) | | | 3,966,249 | |
| | 3,282,000 | | | Jackson National Life Global Funding, 3.081%, (LIBOR USD 3-Month plus 0.48%), 6/11/21(a)(b) | | | 3,288,765 | |
| | 2,680,000 | | | KKR Group Finance Co. III, LLC, 5.125%, 6/1/44(b) | | | 2,739,063 | |
| | 1,750,000 | | | Liberty Mutual Group, Inc., 7.800%, 3/15/37(b) | | | 2,003,750 | |
| | 2,007,000 | | | Massachusetts Mutual Life Insurance Co., 8.875%, 6/1/39(b) | | | 3,155,073 | |
| | 2,000,000 | | | Meiji Yasuda Life Insurance Co., 5.200%, 10/20/45(b)(d) | | | 2,088,000 | |
| | 1,967,000 | | | Ohio National Life Insurance Co., 6.875%, 6/15/42(b) | | | 2,379,746 | |
| | 1,715,000 | | | Oil Insurance, Ltd., 5.574%,(b)(d)(f) | | | 1,650,701 | |
| | 3,449,000 | | | Sammons Financial Group, Inc., 4.450%, 5/12/27(b) | | | 3,456,987 | |
| | 2,925,000 | | | Securian Financial Group, Inc., 4.800%, 4/15/48(b) | | | 3,001,803 | |
| | 2,049,000 | | | Symetra Financial Corp., 4.250%, 7/15/24 | | | 2,068,719 | |
| | 2,975,000 | | | Torchmark Corp., 4.550%, 9/15/28 | | | 3,140,787 | |
| | 2,117,000 | | | Transatlantic Holdings, Inc., 8.000%, 11/30/39 | | | 2,936,675 | |
| | | | | | | | 61,404,701 | |
| | | | | Machinery — 0.0% | | | | |
| | 230,000 | | | Colfax Corp., 6.000%, 2/15/24(b) | | | 239,487 | |
| | | | | Media — 2.2% | | | | |
| | 1,406,000 | | | AMC Networks, Inc., 4.750%, 8/1/25(c) | | | 1,395,455 | |
| | 2,799,000 | | | Charter Communications Operating, LLC / Charter Communications Operating Capital, 6.384%, 10/23/35 | | | 3,120,922 | |
| | 7,503,000 | | | Comcast Corp., 3.700%, 4/15/24 | | | 7,750,786 | |
| | 2,511,000 | | | Comcast Corp., 4.600%, 10/15/38 | | | 2,687,967 | |
| | 3,331,000 | | | Discovery Communications, LLC, 4.875%, 4/1/43 | | | 3,075,988 | |
| | 2,894,000 | | | Fox Corp., 5.476%, 1/25/39(b) | | | 3,200,211 | |
| | 3,426,000 | | | Viacom, Inc., 4.375%, 3/15/43 | | | 3,080,067 | |
| | 3,250,000 | | | Warner Media, LLC, 3.400%, 6/15/22 | | | 3,286,123 | |
| | | | | | | | 27,597,519 | |
| | | | | Metals & Mining — 0.3% | | | | |
| | 1,356,000 | | | Nucor Corp., 4.400%, 5/1/48 | | | 1,387,015 | |
| | 2,726,000 | | | Southern Copper Corp., 5.875%, 4/23/45 | | | 3,055,248 | |
| | | | | | | | 4,442,263 | |
| | | | | Multi-Utilities — 0.3% | | | | |
| | 2,275,000 | | | CMS Energy Corp., 4.700%, 3/31/43 | | | 2,375,578 | |
| | 1,903,000 | | | Progress Energy, Inc., 3.150%, 4/1/22 | | | 1,916,374 | |
| | | | | | | | 4,291,952 | |
| | | | | Oil, Gas & Consumable Fuels — 1.7% | | | | |
| | 2,970,000 | | | Andeavor Logistics L.P. / Tesoro Logistics Finance Corp., 5.200%, 12/1/47 | | | 2,974,074 | |
Continued
Sterling Capital Total Return Bond Fund
Schedule of Portfolio Investments — (continued)
March 31, 2019 (Unaudited)
Principal Amount | | | | | Fair Value | |
| CORPORATE BONDS — (continued) | | | | |
| | | | | Oil, Gas & Consumable Fuels — (continued) | | | | |
| $ | 1,300,000 | | | Antero Midstream Partners L.P. / Antero Midstream Finance Corp., 5.750%, 3/1/27(b) | | $ | 1,319,500 | |
| | 803,000 | | | Energy Transfer Operating L.P., 6.125%, 12/15/45 | | | 873,276 | |
| | 2,609,000 | | | HollyFrontier Corp., 5.875%, 4/1/26 | | | 2,791,719 | |
| | 2,071,000 | | | Marathon Petroleum Corp., 5.375%, 10/1/22(b) | | | 2,101,778 | |
| | 2,920,000 | | | Newfield Exploration Co., 5.625%, 7/1/24 | | | 3,189,224 | |
| | 3,894,812 | | | Northern Oil and Gas, Inc., 9.500%, 5/15/23 | | | 4,031,130 | |
| | 700,000 | | | Occidental Petroleum Corp., 4.100%, 2/15/47 | | | 716,450 | |
| | 3,198,000 | | | Valero Energy Partners L.P., 4.500%, 3/15/28 | | | 3,307,812 | |
| | | | | | | | 21,304,963 | |
| | | | | Pharmaceuticals — 0.5% | | | | |
| | 3,609,000 | | | Merck & Co., Inc., 3.900%, 3/7/39 | | | 3,713,779 | |
| | 2,115,000 | | | Takeda Pharmaceutical Co., Ltd., 3.800%, 11/26/20(b) | | | 2,145,677 | |
| | | | | | | | 5,859,456 | |
| | | | | Road & Rail — 0.5% | | | | |
| | 2,619,000 | | | Burlington Northern Santa Fe, LLC, 4.950%, 9/15/41 | | | 2,995,388 | |
| | 2,751,000 | | | JB Hunt Transport Services, Inc., 3.875%, 3/1/26 | | | 2,793,179 | |
| | | | | | | | 5,788,567 | |
| | | | | Semiconductors & Semiconductor Equipment — 0.4% | | | | |
| | 3,368,000 | | | Lam Research Corp., 4.000%, 3/15/29 | | | 3,437,331 | |
| | 2,210,000 | | | Microchip Technology, Inc., 3.922%, 6/1/21(b) | | | 2,229,395 | |
| | | | | | | | 5,666,726 | |
| | | | | Software — 1.0% | | | | |
| | 1,978,000 | | | Dell International, LLC / EMC Corp., 5.875%, 6/15/21(b) | | | 2,015,079 | |
| | 3,219,000 | | | Dell International, LLC / EMC Corp., 4.900%, 10/1/26(b) | | | 3,267,319 | |
| | 5,782,000 | | | Microsoft Corp., 4.750%, 11/3/55 | | | 6,960,322 | |
| | | | | | | | 12,242,720 | |
| | | | | Specialty Retail — 1.2% | | | | |
| | 2,991,000 | | | Dollar Tree, Inc., 3.700%, 5/15/23 | | | 3,033,134 | |
| | 3,150,000 | | | ERAC USA Finance, LLC, 4.200%, 11/1/46(b) | | | 2,961,932 | |
| | 2,972,000 | | | Expedia Group, Inc., 5.000%, 2/15/26 | | | 3,146,443 | |
| | 2,288,000 | | | Match Group, Inc., 5.625%, 2/15/29(b) | | | 2,316,600 | |
| | 3,900,000 | | | Target Corp., 3.375%, 4/15/29 | | | 3,948,386 | |
| | | | | | | | 15,406,495 | |
| | | | | Telecommunication Services — 1.1% | | | | |
| | 8,513,000 | | | AT&T, Inc., 4.100%, 2/15/28 | | | 8,606,918 | |
| | 5,343,000 | | | AT&T, Inc., 4.750%, 5/15/46 | | | 5,221,105 | |
| | | | | | | | 13,828,023 | |
| | | | | Textiles, Apparel & Luxury Goods — 0.5% | | | | |
| | 3,089,000 | | | Cintas Corp. No 2, 3.700%, 4/1/27 | | | 3,171,577 | |
| | 3,076,000 | | | Tapestry, Inc., 4.125%, 7/15/27 | | | 2,938,597 | |
| | | | | | | | 6,110,174 | |
| | | | | Tobacco — 0.2% | | | | |
| | 3,567,000 | | | BAT Capital Corp., 4.540%, 8/15/47 | | | 3,124,472 | |
| | | | | Trading Companies & Distributors — 0.5% | | | | |
| | 2,856,000 | | | Ashtead Capital, Inc., 5.625%, 10/1/24(b) | | | 2,952,390 | |
Principal
Amount | | | | | Fair Value | |
| CORPORATE BONDS — (continued) | | | | |
| | | | | Trading Companies & Distributors — (continued) | | | | |
| $ | 3,029,000 | | | United Rentals North America, Inc., 5.875%, 9/15/26 | | $ | 3,131,229 | |
| | | | | | | | 6,083,619 | |
| | | | | Total Corporate Bonds | | | | |
| | | | | (Cost $534,080,967) | | | 540,893,619 | |
| | | | | |
| MORTGAGE-BACKED SECURITIES — 13.0% | | | | |
| | | | | Fannie Mae — 9.3% | | | | |
| | 3,333 | | | 5.000%, 8/1/20, Pool #832058 | | | 3,408 | |
| | 21,207 | | | 6.000%, 7/1/22, Pool #944967 | | | 21,244 | |
| | 54,703 | | | 5.000%, 9/1/25, Pool #255892 | | | 57,785 | |
| | 12,745,000 | | | 2.930%, 10/1/27, Pool #AN7060 | | | 12,516,268 | |
| | 9,456,033 | | | 3.010%, 11/1/27, Pool #AN7299 | | | 9,374,744 | |
| | 6,120,000 | | | 3.500%, 4/1/28, Pool #AN8653 | | | 6,236,213 | |
| | 11,240,000 | | | 3.520%, 4/1/28, Pool #AN8853 | | | 11,487,317 | |
| | 2,575,000 | | | 4.000%, 10/1/28, Pool #BL0153 | | | 2,706,089 | |
| | 9,225,000 | | | 4.000%, 12/1/28, Pool #BL0609 | | | 9,696,818 | |
| | 1,884,509 | | | 4.000%, 6/1/34, Pool #MA1922 | | | 1,966,089 | |
| | 81,767 | | | 6.500%, 1/1/35, Pool #809198 | | | 91,701 | |
| | 1,745,174 | | | 4.000%, 3/1/35, Pool #MA2211 | | | 1,820,739 | |
| | 20,207 | | | 7.000%, 6/1/35, Pool #255820 | | | 22,186 | |
| | 68,518 | | | 6.500%, 3/1/36, Pool #866062 | | | 76,205 | |
| | 33,192 | | | 6.500%, 7/1/36, Pool #885493 | | | 36,658 | |
| | 6,304,193 | | | 3.430%, 6/1/37, Pool #AN5480 | | | 6,435,296 | |
| | 692,675 | | | 5.500%, 8/1/37, Pool #995082 | | | 762,216 | |
| | 422,485 | | | 4.500%, 10/1/39, Pool #AC2645 | | | 446,501 | |
| | 311,729 | | | 5.000%, 6/1/40, Pool #AD4927 | | | 336,012 | |
| | 250,908 | | | 5.000%, 6/1/40, Pool #AD8718 | | | 270,638 | |
| | 937,525 | | | 4.500%, 12/1/40, Pool #AH1100 | | | 991,209 | |
| | 329,823 | | | 4.500%, 3/1/41, Pool #AB2467 | | | 350,629 | |
| | 631,343 | | | 4.500%, 5/1/41, Pool #AI1023 | | | 666,719 | |
| | 457,172 | | | 4.500%, 11/1/41, Pool #AJ4994 | | | 483,348 | |
| | 696,544 | | | 4.500%, 12/1/41, Pool #AJ7696 | | | 736,002 | |
| | 1,521,518 | | | 3.500%, 6/1/42, Pool #AB5373 | | | 1,553,901 | |
| | 2,802,151 | | | 4.000%, 9/1/42, Pool #MA1178 | | | 2,900,339 | |
| | 2,070,976 | | | 3.500%, 5/1/43, Pool #AB9368 | | | 2,113,556 | |
| | 1,825,357 | | | 3.500%, 5/1/43, Pool #AL3605 | | | 1,868,434 | |
| | 2,192,790 | | | 3.500%, 8/1/43, Pool #AU0613 | | | 2,243,698 | |
| | 965,922 | | | 4.500%, 11/1/44, Pool #MA2100 | | | 1,017,601 | |
| | 2,209,533 | | | 4.500%, 1/1/45, Pool #MA2158 | | | 2,326,265 | |
| | 3,127,897 | | | 4.000%, 3/1/45, Pool #MA2217(c) | | | 3,234,620 | |
| | 2,869,469 | | | 4.000%, 6/1/46, Pool #MA2653 | | | 2,966,646 | |
| | 3,231,213 | | | 4.500%, 7/1/46, Pool #AS7568 | | | 3,384,192 | |
| | 1,545,507 | | | 4.000%, 11/1/46, Pool #MA2808 | | | 1,597,287 | |
| | 5,226,940 | | | 4.000%, 5/1/47, Pool #BE9598 | | | 5,402,030 | |
| | 2,735,842 | | | 4.000%, 7/1/47, Pool #MA3058 | | | 2,827,484 | |
| | 6,060,794 | | | 4.000%, 8/1/47, Pool #BH5117 | | | 6,263,809 | |
| | 10,512,840 | | | 5.000%, 8/1/48, Pool #CA2219 | | | 11,122,010 | |
| | | | | | | | 118,413,906 | |
| | | | | Freddie Mac — 3.7% | | | | |
| | 34,638 | | | 5.500%, 10/1/21, Pool #G12425 | | | 35,425 | |
| | 40,132 | | | 5.000%, 12/1/21, Pool #J04025 | | | 40,394 | |
| | 81,261 | | | 5.000%, 7/1/25, Pool #C90908 | | | 85,989 | |
| | 275,859 | | | 2.500%, 1/1/28, Pool #J22069 | | | 275,803 | |
| | 1,050,914 | | | 3.500%, 7/1/30, Pool #G18562 | | | 1,077,661 | |
| | 90,230 | | | 5.000%, 3/1/36, Pool #G08115 | | | 97,199 | |
| | 3,238,406 | | | 4.000%, 4/1/36, Pool #C91874 | | | 3,375,133 | |
| | 4,734,953 | | | 3.500%, 6/1/36, Pool #C91875(c) | | | 4,846,481 | |
| | 23,883 | | | 5.000%, 7/1/36, Pool #G02291 | | | 25,736 | |
Continued
Sterling Capital Total Return Bond Fund
Schedule of Portfolio Investments — (continued)
March 31, 2019 (Unaudited)
Principal
Amount | | | | | Fair Value | |
| MORTGAGE-BACKED SECURITIES — (continued) | | | | |
| | | | | Freddie Mac — (continued) | | | | |
| $ | 2,548,139 | | | 3.500%, 8/1/36, Pool #C91888 | | $ | 2,608,164 | |
| | 263,786 | | | 6.500%, 9/1/36, Pool #G08152 | | | 299,556 | |
| | 5,745,194 | | | 3.500%, 11/1/36, Pool #C91906 | | | 5,880,533 | |
| | 85,019 | | | 5.000%, 2/1/37, Pool #A57714 | | | 91,562 | |
| | 3,307,517 | | | 4.000%, 5/1/37, Pool #C91938 | | | 3,438,995 | |
| | 114,418 | | | 4.500%, 10/1/39, Pool #A89346 | | | 121,127 | |
| | 351,481 | | | 5.000%, 6/1/40, Pool #C03479 | | | 379,712 | |
| | 973,951 | | | 5.000%, 7/1/40, Pool #A93070 | | | 1,052,180 | |
| | 115,235 | | | 5.000%, 9/1/40, Pool #C03518 | | | 124,492 | |
| | 1,226,149 | | | 4.000%, 12/1/42, Pool #G07266 | | | 1,272,695 | |
| | 987,395 | | | 3.500%, 5/1/43, Pool #Q18305 | | | 1,008,809 | |
| | 723,182 | | | 4.000%, 5/1/44, Pool #V81186 | | | 748,080 | |
| | 367,891 | | | 4.000%, 7/1/44, Pool #G08595 | | | 380,644 | |
| | 409,149 | | | 4.000%, 9/1/44, Pool #Q28299 | | | 422,714 | |
| | 1,979,281 | | | 4.000%, 8/1/46, Pool #G08717 | | | 2,043,806 | |
| | 9,588,009 | | | 3.500%, 9/1/47, Pool #Q50962 | | | 9,744,585 | |
| | 1,998,182 | | | 3.500%, 1/1/48, Pool #Q53640 | | | 2,030,506 | |
| | 3,316,372 | | | 4.000%, 2/1/48, Pool #G61816 | | | 3,423,567 | |
| | 2,167,738 | | | 4.000%, 6/1/48, Pool #G67713 | | | 2,261,810 | |
| | | | | | | | 47,193,358 | |
| | | | | Ginnie Mae — 0.0% | | | | |
| | 179,283 | | | 5.000%, 2/15/40, Pool #737037 | | | 192,547 | |
| | | | | Total Mortgage-Backed Securities | | | | |
| | | | | (Cost $164,745,630) | | | 165,799,811 | |
| | | | | | | | | |
| MUNICIPAL BONDS — 3.0% | | | | |
| | | | | Alabama — 0.2% | | | | |
| | 3,000,000 | | | Alabama Economic Settlement Authority, Economic Imports, Taxable BP - Settlement Revenue, Series B, 4.263%, 9/15/32 | | | 3,153,570 | |
| | | | | California — 0.3% | | | | |
| | 1,889,000 | | | California Institute of Technology, 4.283%, 9/1/16(c) | | | 1,911,187 | |
| | 1,285,000 | | | State of California, Build America Bonds, School Improvements G.O., 7.625%, 3/1/40 | | | 1,946,364 | |
| | | | | | | | 3,857,551 | |
| | | | | Connecticut — 0.2% | | | | |
| | 3,000,000 | | | State of Connecticut Special Tax Revenue, Build America Bonds, Transition Infrastructure, Series B, 4.126%, 11/1/20 | | | 3,061,530 | |
| | | | | Illinois — 0.4% | | | | |
| | 1,800,000 | | | State of Illinois, Public Improvements, Taxable Building Revenue, 3.481%, 6/15/26 | | | 1,783,620 | |
| | 3,130,000 | | | State of Illinois, Public Improvements, Taxable Revenue, Series B, 2.620%, 6/15/26 | | | 2,932,027 | |
| | | | | | | | 4,715,647 | |
| | | | | New Jersey — 0.3% | | | | |
| | 1,335,000 | | | New Jersey Economic Development Authority, Advance Refunding Revenue, Series B, 5.000%, 11/1/19 | | | 1,359,617 | |
| | 2,375,000 | | | New Jersey Economic Development Authority, School Facilities Construction Refunding Revenue, Taxable, Series C, 4.521%, 6/15/21 | | | 2,433,187 | |
| | | | | | | | 3,792,804 | |
Principal
Amount | | | | | Fair Value | |
| MUNICIPAL BONDS — (continued) | | | | |
| | | | | New York — 0.4% | | | | |
| $ | 3,020,000 | | | New York City Transitional Finance Authority Future Tax Secured Revenue, Public Improvements, Taxable Revenue, Callable 2/1/27 @ 100, 3.330%, 2/1/28 | | $ | 3,074,813 | |
| | 1,640,000 | | | New York, NY, Build America Bonds, Public Improvements G.O., 4.874%, 3/1/21 | | | 1,713,751 | |
| | | | | | | | 4,788,564 | |
| | | | | North Carolina — 0.2% | | | | |
| | 2,600,000 | | | Duke University, 3.299%, 10/1/46 | | | 2,440,191 | |
| | | | | Ohio — 0.4% | | | | |
| | 5,658,000 | | | Premier Health Partners, Series G, Callable 5/15/26 @ 100, 2.911%, 11/15/26 | | | 5,172,703 | |
| | | | | Pennsylvania — 0.6% | | | | |
| | 1,005,000 | | | Commonwealth Financing Authority, School Improvements, Taxable Revenue, Series A, 4.014%, 6/1/33 | | | 1,059,210 | |
| | 4,375,000 | | | Lehigh University, 3.479%, 11/15/46 | | | 4,157,812 | |
| | 2,260,000 | | | Philadelphia Authority for Industrial Development, Refunding Revenue, Taxable, 3.664%, 4/15/22 | | | 2,288,273 | |
| | | | | | | | 7,505,295 | |
| | | | | Total Municipal Bonds | | | | |
| | | | | (Cost $38,614,906) | | | 38,487,855 | |
| | | | | |
| U.S. GOVERNMENT AGENCIES — 0.3% | | | | |
| | | | | Federal Home Loan Bank — 0.3% | | | | |
| | 4,105,000 | | | 2.900%, 6/28/27(c) | | | 4,100,142 | |
| | | | | Total U.S. Government Agencies | | | | |
| | | | | (Cost $4,105,000) | | | 4,100,142 | |
| | | | | |
| U.S. TREASURY BONDS — 2.3% | | | | |
| | 30,636,700 | | | 2.500%, 2/15/45 | | | 28,906,205 | |
| | | | | Total U.S. Treasury Bonds | | | | |
| | | | | (Cost $27,018,972) | | | 28,906,205 | |
| | | | | |
| U.S. TREASURY NOTES — 0.9% | | | | |
| | 1,511,900 | | | 1.875%, 2/28/22 | | | 1,496,249 | |
| | 3,944,000 | | | 2.125%, 12/31/22 | | | 3,927,823 | |
| | 4,065,000 | | | 2.500%, 1/31/24 | | | 4,112,319 | |
| | 1,344,600 | | | 2.500%, 2/28/26 | | | 1,359,884 | |
| | | | | Total U.S. Treasury Notes | | | | |
| | | | | (Cost $10,826,913) | | | 10,896,275 | |
| Shares | | | | | | | |
| PREFERRED STOCKS — 0.2% | | | | |
| | | | | Energy Equipment & Services — 0.2% | | | | |
| | 90,000 | | | Energy Transfer Operating L.P., Series D, 7.625%(d) | | | 2,295,000 | |
| | | | | Total Preferred Stocks | | | | |
| | | | | (Cost $2,255,400) | | | 2,295,000 | |
Continued
Sterling Capital Total Return Bond Fund
Schedule of Portfolio Investments — (continued)
March 31, 2019 (Unaudited)
| Shares | | | | | Fair Value | |
| MONEY MARKET FUND — 2.1% | | | |
| | 26,121,011 | | | Federated Treasury Obligations Fund, Institutional Shares, 2.31%(h) | | $ | 26,121,011 | |
| | | | | Total Money Market Fund | | | | |
| | | | | (Cost $26,121,011) | | | 26,121,011 | |
| | | | | | | | | |
| Total Investments — 101.4% | | | | |
| (Cost $1,277,703,607) | | | 1,289,133,695 | |
| Net Other Assets (Liabilities) — (1.4)% | | | (17,607,883 | ) |
| NET ASSETS — 100.0% | | $ | 1,271,525,812 | |
| (a) | The interest rate for this floating 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, 2019. 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 that all or a portion of the security was pledged as collateral for securities purchased on a when-issued basis. |
| (d) | 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, 2019. The maturity date reflected is the final maturity date. |
| (e) | Security is a fix-to-float security, which carries a fixed coupon until a certain date, upon which it switches to a floating rate. Rate shown is the fixed rate. |
| (f) | Security is perpetual in nature and has no stated maturity date. |
| (g) | Represents securities purchased on a when-issued basis. At March 31, 2019, total cost of investments purchased on a when-issued basis was $2,073,340. |
| (h) | Represents the current yield as of report date. |
BKNT — Bank Note
G.O. — General Obligation
GMTN — Global Medium Term Note
MTN — Medium Term Note
STEP — Step Coupon Bond
See accompanying Notes to the Financial Statements.
Sterling Capital Corporate Fund
Schedule of Portfolio Investments
March 31, 2019 (Unaudited)
Principal
Amount | | | | | Fair Value | |
| CORPORATE BONDS — 99.0% | | | | |
| | | | | Aerospace & Defense — 0.7% | | | | |
| $ | 150,000 | | | L3 Technologies, Inc., 4.950%, 2/15/21 | | $ | 154,969 | |
| | | | | Automobiles — 1.5% | | | | |
| | 200,000 | | | Allison Transmission, Inc., 5.875%, 6/1/29(a) | | | 202,250 | |
| | 142,000 | | | General Motors Financial Co., Inc., 3.200%, 7/6/21 | | | 141,362 | |
| | | | | | | | 343,612 | |
| | | | | Banks — 15.8% | | | | |
| | 200,000 | | | Associated Banc-Corp., 2.750%, 11/15/19 | | | 199,753 | |
| | 225,000 | | | Bank of America Corp., 3.366%, (LIBOR USD 3-Month plus 0.81%), 1/23/26(b) | | | 225,158 | |
| | 230,000 | | | Bank of America Corp., MTN, 2.503%, 10/21/22 | | | 227,087 | |
| | 188,000 | | | Bank of America Corp., MTN, 3.093%, (LIBOR USD 3-Month plus 1.09%), 10/1/25(b) | | | 186,442 | |
| | 110,000 | | | Bank of Montreal, Series D, 3.300%, 2/5/24 | | | 111,100 | |
| | 185,000 | | | Capital One Financial Corp., 3.200%, 2/5/25 | | | 181,107 | |
| | 400,000 | | | Citigroup, Inc., 4.400%, 6/10/25 | | | 414,115 | |
| | 250,000 | | | Citizens Bank NA / Providence RI, BKNT, 3.456%, (LIBOR USD 3-Month plus 0.81%), 5/26/22(c) | | | 249,665 | |
| | 250,000 | | | Cooperatieve Rabobank UA, 3.950%, 11/9/22 | | | 254,582 | |
| | 300,000 | | | HSBC Holdings PLC, 3.262%, (LIBOR USD 3-Month plus 1.06%), 3/13/23(b) | | | 300,734 | |
| | 275,000 | | | JPMorgan Chase & Co., 3.875%, 9/10/24 | | | 281,938 | |
| | 157,000 | | | JPMorgan Chase & Co., Series I, 6.221%, (LIBOR USD 3-Month plus 3.47%),(d)(e) | | | 157,785 | |
| | 225,000 | | | Sumitomo Mitsui Financial Group, Inc., 2.778%, 10/18/22 | | | 223,987 | |
| | 200,000 | | | Toronto-Dominion Bank (The), 3.625%, (5 yr. Swap Semi 30/360 USD Plus 2.20%), 9/15/31(e) | | | 197,404 | |
| | 110,000 | | | Westpac Banking Corp., 2.800%, 1/11/22 | | | 110,151 | |
| | 250,000 | | | Zions Bancorp NA, 3.500%, 8/27/21 | | | 252,609 | |
| | | | | | | | 3,573,617 | |
| | | | | Beverages — 3.0% | | | | |
| | 225,000 | | | Anheuser-Busch Cos., LLC / Anheuser-Busch InBev Worldwide, Inc., 3.650%, 2/1/26(a) | | | 225,664 | |
| | 235,000 | | | Coca-Cola Co. (The), 2.250%, 9/1/26 | | | 224,422 | |
| | 235,000 | | | Constellation Brands, Inc., 3.384%, (LIBOR USD 3-Month plus 0.70%), 11/15/21(c) | | | 235,121 | |
| | | | | | | | 685,207 | |
| | | | | Capital Goods — 1.6% | | | | |
| | 61,000 | | | Keysight Technologies, Inc., 4.550%, 10/30/24 | | | 63,380 | |
| | 300,000 | | | SBA Tower Trust, 2.898%, 10/15/19(a)(f) | | | 299,654 | |
| | | | | | | | 363,034 | |
| | | | | Chemicals — 2.4% | | | | |
| | 132,000 | | | DowDuPont, Inc., 4.493%, 11/15/25 | | | 140,604 | |
| | 140,000 | | | FMC Corp., 3.950%, 2/1/22 | | | 142,918 | |
| | 50,000 | | | NOVA Chemicals Corp., 4.875%, 6/1/24(a) | | | 49,125 | |
| | 225,000 | | | Westlake Chemical Corp., 3.600%, 8/15/26 | | | 217,730 | |
| | | | | | | | 550,377 | |
| | | | | Commercial Services & Supplies — 1.5% | | | | |
| | 231,000 | | | Ferguson Finance PLC, 4.500%, 10/24/28(a) | | | 232,505 | |
| | 110,000 | | | WPP Finance 2010, 3.625%, 9/7/22 | | | 110,181 | |
| | | | | | | | 342,686 | |
Principal
Amount | | | | | Fair Value | |
| CORPORATE BONDS — (continued) | | | | |
| | | | | Diversified Financial Services — 10.3% | | | | |
| $ | 110,000 | | | American Express Co., 3.000%, 10/30/24 | | $ | 109,451 | |
| | 190,000 | | | Ares Finance Co., LLC, 4.000%, 10/8/24(a) | | | 183,746 | |
| | 60,000 | | | Carlyle Holdings Finance, LLC, 3.875%, 2/1/23(a) | | | 60,725 | |
| | 137,000 | | | Goldman Sachs Group, Inc. (The), 3.000%, 4/26/22 | | | 136,703 | |
| | 461,000 | | | Goldman Sachs Group, Inc. (The), 2.908%, (LIBOR USD 3-Month plus 1.05%), 6/5/23(b) | | | 455,673 | |
| | 378,000 | | | Goldman Sachs Group, Inc. (The), 4.250%, 10/21/25 | | | 386,927 | |
| | 60,000 | | | Jefferies Group, LLC / Jefferies Group Capital Finance, Inc., 4.850%, 1/15/27 | | | 60,305 | |
| | 200,000 | | | KKR Group Finance Co., LLC, 6.375%, 9/29/20(a) | | | 209,502 | |
| | 115,000 | | | Lions Gate Capital Holdings, LLC, 6.375%, 2/1/24(a) | | | 120,463 | |
| | 250,000 | | | Macquarie Group, Ltd., 6.250%, 1/14/21(a) | | | 263,521 | |
| | 210,000 | | | Nationwide Financial Services, Inc., 5.375%, 3/25/21(a) | | | 218,397 | |
| | 111,000 | | | ORIX Corp., 2.900%, 7/18/22 | | | 110,989 | |
| | | | | | | | 2,316,402 | |
| | | | | Diversified Telecommunication Services — 4.3% | | | | |
| | 110,000 | | | AT&T, Inc., 3.000%, 6/30/22(f) | | | 110,485 | |
| | 251,000 | | | AT&T, Inc., 4.100%, 2/15/28 | | | 253,769 | |
| | 49,000 | | | CommScope Finance, LLC, 5.500%, 3/1/24(a) | | | 50,117 | |
| | 200,000 | | | Sprint Spectrum Co., LLC / Sprint Spectrum Co. II LLC / Sprint Spectrum Co. III LLC, 4.738%, 3/20/25(a) | | | 202,250 | |
| | 150,000 | | | Telefonica Emisiones SA, 4.103%, 3/8/27 | | | 152,144 | |
| | 109,000 | | | Verizon Communications, Inc., 4.016%, 12/3/29(a) | | | 112,136 | |
| | 112,000 | | | West Corp., 8.500%, 10/15/25(a) | | | 96,320 | |
| | | | | | | | 977,221 | |
| | | | | Electric Utilities — 1.8% | | | | |
| | 200,000 | | | Appalachian Power Co., 4.600%, 3/30/21 | | | 206,481 | |
| | 200,000 | | | Exelon Corp., 3.950%, 6/15/25 | | | 207,023 | |
| | | | | | | | 413,504 | |
| | | | | Electrical Equipment — 0.8% | | | | |
| | 185,000 | | | Textron, Inc., 3.650%, 3/1/21 | | | 186,409 | |
| | | | | Energy Equipment & Services — 6.5% | | | | |
| | 20,000 | | | Antero Midstream Partners L.P. / Antero Midstream Finance Corp., 5.750%, 3/1/27(a) | | | 20,300 | |
| | 200,000 | | | Cenovus Energy, Inc., 4.250%, 4/15/27 | | | 196,610 | |
| | 223,000 | | | Enable Midstream Partners L.P., 3.900%, 5/15/24 | | | 221,420 | |
| | 275,000 | | | Energy Transfer Operating L.P., 4.050%, 3/15/25 | | | 278,841 | |
| | 89,000 | | | Hess Corp., 7.875%, 10/1/29 | | | 107,242 | |
| | 165,000 | | | Midwest Connector Capital Co., LLC, 3.900%, 4/1/24(a) | | | 167,660 | |
| | 153,000 | | | MPLX L.P., 4.125%, 3/1/27 | | | 153,964 | |
| | 95,000 | | | Nabors Industries, Inc., 5.750%, 2/1/25 | | | 85,142 | |
| | 43,000 | | | NuStar Logistics L.P., 4.800%, 9/1/20 | | | 43,537 | |
| | 172,000 | | | Sabine Pass Liquefaction, LLC, 5.625%, 3/1/25 | | | 189,028 | |
| | | | | | | | 1,463,744 | |
Continued
Sterling Capital Corporate Fund
Schedule of Portfolio Investments — (continued)
March 31, 2019 (Unaudited)
Principal
Amount | | | | | Fair Value | |
| CORPORATE BONDS — (continued) | | | | |
| | | | | Equity Real Estate Investment Trusts (REITS) — 11.7% | | | | |
| $ | 192,000 | | | Alexandria Real Estate Equities, Inc., 4.600%, 4/1/22 | | $ | 200,772 | |
| | 170,000 | | | American Homes 4 Rent LP, 4.250%, 2/15/28 | | | 168,251 | |
| | 157,000 | | | American Tower Trust, 3.652%, 3/23/28(a) | | | 157,829 | |
| | 115,000 | | | Duke Realty L.P., 3.250%, 6/30/26 | | | 113,321 | |
| | 200,000 | | | Essex Portfolio L.P., 3.250%, 5/1/23 | | | 199,816 | |
| | 186,000 | | | Healthcare Realty Trust, Inc., 3.625%, 1/15/28 | | | 180,470 | |
| | 233,000 | | | Host Hotels & Resorts LP, Series D, 3.750%, 10/15/23 | | | 233,887 | |
| | 160,000 | | | Hudson Pacific Properties L.P., 3.950%, 11/1/27 | | | 155,395 | |
| | 233,000 | | | Jones Lang LaSalle, Inc., 4.400%, 11/15/22 | | | 239,215 | |
| | 208,000 | | | Kimco Realty Corp., 3.400%, 11/1/22 | | | 209,868 | |
| | 189,000 | | | Physicians Realty L.P., 4.300%, 3/15/27 | | | 187,930 | |
| | 120,000 | | | Realty Income Corp., 4.650%, 8/1/23 | | | 128,131 | |
| | 250,000 | | | Spirit Realty L.P., 4.450%, 9/15/26 | | | 247,732 | |
| | 21,000 | | | Starwood Property Trust, Inc., 3.625%, 2/1/21 | | | 20,921 | |
| | 29,000 | | | Starwood Property Trust, Inc., 5.000%, 12/15/21 | | | 29,761 | |
| | 165,000 | | | STORE Capital Corp., 4.625%, 3/15/29 | | | 167,445 | |
| | | | | | | | 2,640,744 | |
| | | | | Food Products — 1.5% | | | | |
| | 160,000 | | | Conagra Brands, Inc., 4.300%, 5/1/24 | | | 166,027 | |
| | 161,000 | | | Smithfield Foods, Inc., 5.200%, 4/1/29(a)(g) | | | 161,818 | |
| | | | | | | | 327,845 | |
| | | | | Food, Beverage & Tobacco — 1.1% | | | | |
| | 140,000 | | | CVS Health Corp., 3.700%, 3/9/23 | | | 142,251 | |
| | 100,000 | | | Darling Ingredients, Inc., 5.250%, 4/15/27(a) | | | 101,313 | |
| | | | | | | | 243,564 | |
| | | | | Health Care Providers & Services — 2.2% | | | | |
| | 150,000 | | | Becton Dickinson and Co., 3.476%, (LIBOR USD 3-Month plus 0.88%), 12/29/20(c) | | | 150,014 | |
| | 140,000 | | | Celgene Corp., 3.250%, 8/15/22 | | | 141,409 | |
| | 69,000 | | | DaVita, Inc., 5.000%, 5/1/25 | | | 66,119 | |
| | 26,000 | | | HCA Healthcare, Inc., 6.250%, 2/15/21 | | | 27,322 | |
| | 105,000 | | | HCA, Inc., 5.000%, 3/15/24 | | | 111,320 | |
| | | | | | | | 496,184 | |
| | | | | Hotels, Restaurants & Leisure — 0.9% | | | | |
| | 154,000 | | | Hyatt Hotels Corp., 4.375%, 9/15/28 | | | 157,452 | |
| | 50,000 | | | Prime Security Services Borrower, LLC / Prime Finance, Inc., 9.250%, 5/15/23(a) | | | 52,500 | |
| | | | | | | | 209,952 | |
| | | | | Household Durables — 0.5% | | | | |
| | 115,000 | | | TRI Pointe Group, Inc. / TRI Pointe Homes, Inc., 4.375%, 6/15/19 | | | 115,144 | |
| | | | | | | | | |
| | | | | Industrial Conglomerates — 0.9% | | | | |
| | 214,000 | | | Carlisle Cos., Inc., 3.500%, 12/1/24 | | | 213,826 | |
| | | | | Insurance — 13.1% | | | | |
| | 155,000 | | | Alleghany Corp., 4.950%, 6/27/22 | | | 164,359 | |
| | 164,000 | | | American Equity Investment Life Holding Co., 5.000%, 6/15/27 | | | 166,553 | |
| | 160,000 | | | Aspen Insurance Holdings, Ltd., 4.650%, 11/15/23 | | | 164,790 | |
| | 92,000 | | | AXA Equitable Holdings, Inc., 3.900%, 4/20/23 | | | 94,250 | |
Principal
Amount | | | | | Fair Value | |
| CORPORATE BONDS — (continued) | | | | |
| | | | | Insurance — (continued) | | | | |
| $ | 180,000 | | | CBRE Services, Inc., 5.250%, 3/15/25 | | $ | 193,032 | |
| | 99,000 | | | Fidelity & Guaranty Life Holdings, Inc., 5.500%, 5/1/25(a) | | | 99,371 | |
| | 195,000 | | | Five Corners Funding Trust, 4.419%, 11/15/23(a) | | | 205,861 | |
| | 163,000 | | | Horace Mann Educators Corp., 4.500%, 12/1/25 | | | 166,128 | |
| | 110,000 | | | Jackson National Life Global Funding, 3.250%, 1/30/24(a) | | | 110,565 | |
| | 55,000 | | | Liberty Mutual Group, Inc., 4.250%, 6/15/23(a) | | | 56,986 | |
| | 190,000 | | | Liberty Mutual Group, Inc., 4.569%, 2/1/29(a) | | | 197,599 | |
| | 475,000 | | | Morgan Stanley, GMTN, 3.700%, 10/23/24 | | | 483,340 | |
| | 200,000 | | | Ohio National Financial Services, Inc., 6.375%, 4/30/20(a) | | | 206,677 | |
| | 165,000 | | | Oil Insurance, Ltd., 5.574%, (LIBOR USD 3-Month plus 2.98%),(a)(d)(e) | | | 158,814 | |
| | 220,000 | | | Sammons Financial Group, Inc., 4.450%, 5/12/27(a) | | | 220,509 | |
| | 270,000 | | | Symetra Financial Corp., 4.250%, 7/15/24 | | | 272,598 | |
| | | | | | | | 2,961,432 | |
| | | | | Media — 2.5% | | | | |
| | 69,000 | | | AMC Networks, Inc., 4.750%, 8/1/25 | | | 68,483 | |
| | 233,000 | | | Comcast Corp., 4.150%, 10/15/28 | | | 245,241 | |
| | 218,000 | | | Discovery Communications, LLC, 3.950%, 3/20/28 | | | 211,808 | |
| | 33,000 | | | Viacom, Inc., 3.875%, 4/1/24 | | | 33,602 | |
| | | | | | | | 559,134 | |
| | | | | Metals & Mining — 0.6% | | | | |
| | 124,000 | | | Nucor Corp., 3.950%, 5/1/28 | | | 128,545 | |
| | | | | Multi-Utilities — 2.2% | | | | |
| | 200,000 | | | Entergy Louisiana, LLC, 4.440%, 1/15/26 | | | 211,964 | |
| | 275,000 | | | Progress Energy, Inc., 3.150%, 4/1/22 | | | 276,933 | |
| | | | | | | | 488,897 | |
| | | | | Oil, Gas & Consumable Fuels — 3.3% | | | | |
| | 210,000 | | | Andeavor Logistics L.P. / Tesoro Logistics Finance Corp., 5.250%, 1/15/25 | | | 217,995 | |
| | 84,000 | | | HollyFrontier Corp., 5.875%, 4/1/26 | | | 89,883 | |
| | 146,000 | | | Marathon Petroleum Corp., 5.375%, 10/1/22(a) | | | 148,170 | |
| | 33,000 | | | Murphy Oil Corp., 5.750%, 8/15/25 | | | 34,016 | |
| | 109,000 | | | Newfield Exploration Co., 5.625%, 7/1/24 | | | 119,050 | |
| | 128,290 | | | Northern Oil and Gas, Inc., 9.500%, 5/15/23 | | | 132,780 | |
| | | | | | | | 741,894 | |
| | | | | Pharmaceuticals — 0.6% | | | | |
| | 143,000 | | | Merck & Co., Inc., 3.400%, 3/7/29 | | | 146,704 | |
| | | | | Retailing — 1.0% | | | | |
| | 110,000 | | | Dollar Tree, Inc., 3.473%, (LIBOR USD 3-Month plus 0.70%), 4/17/20(c) | | | 110,024 | |
| | 110,000 | | | Tapestry, Inc., 3.000%, 7/15/22 | | | 108,241 | |
| | | | | | | | 218,265 | |
| | | | | Semiconductors & Semiconductor Equipment — 2.2% | | | | |
| | 161,000 | | | Lam Research Corp., 4.000%, 3/15/29 | | | 164,314 | |
| | 130,000 | | | Microchip Technology, Inc., 3.922%, 6/1/21(a) | | | 131,141 | |
| | 200,000 | | | NXP BV / NXP Funding, LLC, 4.125%, 6/1/21(a) | | | 203,840 | |
| | | | | | | | 499,295 | |
Continued
Sterling Capital Corporate Fund
Schedule of Portfolio Investments — (continued)
March 31, 2019 (Unaudited)
Principal
Amount | | | | | Fair Value | |
| CORPORATE BONDS — (continued) | | | | |
| | | | | Specialty Retail — 1.2% | | | | |
| $ | 157,000 | | | Expedia Group, Inc., 5.000%, 2/15/26 | | $ | 166,215 | |
| | 104,000 | | | Match Group, Inc., 5.625%, 2/15/29(a) | | | 105,300 | |
| | | | | | | | 271,515 | |
| | | | | Technology Hardware, Storage & Peripherals — 1.0% | | | | |
| | 80,000 | | | Dell International, LLC / EMC Corp., 5.875%, 6/15/21(a) | | | 81,500 | |
| | 145,000 | | | Dell International, LLC / EMC Corp., 4.900%, 10/1/26(a) | | | 147,176 | |
| | | | | | | | 228,676 | |
| | | | | Textiles, Apparel & Luxury Goods — 0.3% | | | | |
| | 75,000 | | | Cintas Corp. No 2, 3.700%, 4/1/27 | | | 77,005 | |
| | | | | Tobacco — 0.8% | | | | |
| | 180,000 | | | BAT Capital Corp., 3.557%, 8/15/27 | | | 170,423 | |
| | | | | Trading Companies & Distributors — 1.2% | | | | |
| | 200,000 | | | Ashtead Capital, Inc., 5.625%, 10/1/24(a) | | | 206,750 | |
| | 54,000 | | | United Rentals North America, Inc., 5.875%, 9/15/26 | | | 55,823 | |
| | | | | | | | 262,573 | |
| | | | | Total Corporate Bonds | | | | |
| | | | | (Cost $22,069,732) | | | 22,372,399 | |
| Shares | | | | | Fair Value | |
| MONEY MARKET FUND — 1.1% | | | |
| | 245,918 | | | Federated Treasury Obligations Fund, Institutional Shares, 2.31%(h) | | $ | 245,918 | |
| | | | | Total Money Market Fund | | | | |
| | | | | (Cost $245,918) | | | 245,918 | |
| Total Investments — 100.1% | | | | |
| (Cost $22,315,650) | | | 22,618,317 | |
| Net Other Assets (Liabilities) — (0.1)% | | | (25,762 | ) |
| NET ASSETS — 100.0% | | $ | 22,592,555 | |
| (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) | Security is a fix-to-float security, which carries a fixed coupon until a certain date, upon which it switches to a floating rate. Rate shown is the fixed rate. |
| (c) | The interest rate for this floating 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, 2019. The maturity date reflected is the final maturity date. |
| (d) | Security is perpetual in nature and has no stated maturity date. |
| (e) | 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, 2019. The maturity date reflected is the final maturity date. |
| (f) | Represents that all or a portion of the security was pledged as collateral for securities purchased on a when-issued basis. |
| (g) | Represents securities purchased on a when-issued basis. At March 31, 2019, total cost of investments purchased on a when-issued basis was $160,182. |
| (h) | Represents the current yield as of report date. |
BKNT — Bank Note
GMTN — Global Medium Term Note
MTN — Medium Term Note
See accompanying Notes to the Financial Statements.
Sterling Capital Securitized Opportunities Fund
Schedule of Portfolio Investments
March 31, 2019 (Unaudited)
Principal
Amount | | | | | Fair Value | |
| ASSET BACKED SECURITIES — 22.7% | | | | |
| $ | 440,710 | | | Aegis Asset Backed Securities Trust, Series 2005-5, Class 1A4, 2.836%, (LIBOR USD 1-Month plus 0.35%), 12/25/35(a) | | $ | 437,234 | |
| | 400,000 | | | AmeriCredit Automobile Receivables Trust, Series 2017-1, Class C, 2.710%, 8/18/22 | | | 398,976 | |
| | 112,940 | | | Argent Securities, Inc. Pass Through Certificates, Series 2005-W3, Class A2D, 2.826%, (LIBOR USD 1-Month plus 0.34%), 11/25/35(a) | | | 112,890 | |
| | 500,000 | | | Avis Budget Rental Car Funding AESOP, LLC, Series 2017-1A, Class A, 3.070%, 9/20/23(b) | | | 500,419 | |
| | 300,000 | | | Avis Budget Rental Car Funding AESOP, LLC, Series 2017-2A, Class A, 2.970%, 3/20/24(b) | | | 298,933 | |
| | 243,838 | | | Bear Stearns Asset Backed Securities I Trust, Series 2004-BO1, Class M5, 3.886%, (LIBOR USD 1-Month plus 1.40%), 10/25/34(a) | | | 245,126 | |
| | 95,295 | | | Bear Stearns Asset Backed Securities I Trust, Series 2004-HE11, Class M2, 4.061%, (LIBOR USD 1-Month plus 1.58%), 12/25/34(a) | | | 96,749 | |
| | 100,000 | | | Capital Auto Receivables Asset Trust, Series 2016-3, Class B, 1.890%, 5/20/21 | | | 99,309 | |
| | 450,000 | | | Citibank Credit Card Issuance Trust, Series 2007-A3, Class A3, 6.150%, 6/15/39 | | | 581,732 | |
| | 48,907 | | | Citicorp Residential Mortgage Trust, STEP, Series 2007-2, Class A6, 5.124%, 6/25/37 | | | 49,547 | |
| | 448,511 | | | Encore Credit Receivables Trust, Series 2005-4, Class M2, 2.926%, (LIBOR USD 1-Month plus 0.44%), 1/25/36(a) | | | 447,817 | |
| | 500,000 | | | Ford Credit Auto Owner Trust, Series 2019-1, Class A, 3.520%, 7/15/30(b) | | | 509,648 | |
| | 350,000 | | | Ford Credit Auto Owner Trust, Series 2018-1, Class A, 3.190%, 7/15/31(b) | | | 350,240 | |
| | 239,017 | | | GSAMP Trust, Series 2006-SEA1, Class M1, 2.986%, (LIBOR USD 1-Month plus 0.50%), 5/25/36(a)(b) | | | 236,665 | |
| | 750,000 | | | Hertz Vehicle Financing II L.P., Series 2015-3A, Class A, 2.670%, 9/25/21(b) | | | 744,883 | |
| | 316,352 | | | Home Equity Asset Trust, Series 2005-7, Class M1, 2.936%, (LIBOR USD 1-Month plus 0.45%), 1/25/36(a) | | | 317,100 | |
| | 131,166 | | | Home Equity Asset Trust, Series 2005-8, Class M1, 2.916%, (LIBOR USD 1-Month plus 0.43%), 2/25/36(a) | | | 131,390 | |
| | 333,537 | | | JP Morgan Mortgage Acquisition Corp., Series 2005-OPT1, Class M2, 3.191%, (LIBOR USD 1-Month plus 0.71%), 6/25/35(a) | | | 333,818 | |
| | 135,025 | | | Morgan Stanley Home Equity Loan Trust, Series 2005-3, Class M2, 3.191%, (LIBOR USD 1-Month plus 0.71%), 8/25/35(a) | | | 135,346 | |
| | 326,937 | | | New Century Home Equity Loan Trust, Series 2005-4, Class M2, 2.996%, (LIBOR USD 1-Month plus 0.51%), 9/25/35(a) | | | 326,755 | |
| | 331,679 | | | Park Place Securities, Inc., Series 2005-WHQ2, Class M2, 3.176%, (LIBOR USD 1-Month plus 0.69%), 5/25/35(a) | | | 332,100 | |
| | 245,851 | | | Park Place Securities, Inc. Pass Through Certificates, Series 2005-WCW3, Class M1, 2.966%, (LIBOR USD 1-Month plus 0.48%), 8/25/35(a) | | | 245,999 | |
Principal
Amount | | | | | Fair Value | |
| ASSET BACKED SECURITIES — (continued) | | | | |
| $ | 307,149 | | | RAMP Trust, Series 2005-RZ4, Class M2, 2.986%, (LIBOR USD 1-Month plus 0.50%), 11/25/35(a) | | $ | 306,593 | |
| | 400,000 | | | Santander Drive Auto Receivables Trust, Series 2018-4, Class B, 3.270%, 1/17/23 | | | 401,722 | |
| | 221,111 | | | Saxon Asset Securities Trust, Series 2004-3, Class M1, 3.386%, (LIBOR USD 1-Month plus 0.90%), 12/26/34(a) | | | 218,950 | |
| | 149,700 | | | United States Small Business Administration, Series 2010-20D, Class 1, 4.360%, 4/1/30 | | | 156,814 | |
| | | | | Total Asset Backed Securities | | | | |
| | | | | (Cost $7,754,892) | | | 8,016,755 | |
| | | | | |
| COLLATERALIZED MORTGAGE OBLIGATIONS — 24.4% | | | | |
| | 88,376 | | | Banc of America Alternative Loan Trust, Series 2004-10, Class 1CB1, 6.000%, 11/25/34 | | | 93,423 | |
| | 97,324 | | | Banc of America Funding Trust, Series 2005-B, Class 3A1, 2.948%, (LIBOR USD 1-Month plus 0.46%), 4/20/35(a) | | | 97,076 | |
| | 62,015 | | | Banc of America Mortgage Trust, Series 2005-3, Class 1A24, 5.500%, 4/25/35 | | | 62,572 | |
| | 69,309 | | | Citicorp Mortgage Securities, Inc., Series 2005-1, Class 1A4, 5.500%, 2/25/35 | | | 70,586 | |
| | 16,440 | | | Citigroup Mortgage Loan Trust, Inc., Series 2004-NCM2, Class 3CB2, 6.500%, 8/25/19 | | | 16,368 | |
| | 114,771 | | | Countrywide Alternative Loan Trust, Series 2004-22CB, Class 1A1, 6.000%, 10/25/34 | | | 119,879 | |
| | 66,630 | | | Countrywide Home Loan Mortgage Pass Through Trust, Series 2004-3, Class A4, 5.750%, 4/25/34 | | | 67,911 | |
| | 121,459 | | | Credit Suisse First Boston Mortgage Securities Corp., Series 2004-1, Class 2A1, 6.500%, 2/25/34 | | | 125,997 | |
| | 192,600 | | | Fannie Mae, Series 2003-21, Class OW, 4.000%, 3/25/33 | | | 200,380 | |
| | 24,021 | | | Fannie Mae, Series 2003-19, Class AR, 5.500%, 3/25/33 | | | 26,438 | |
| | 380,000 | | | Fannie Mae, Series 2011-131, Class PB, 4.500%, 12/25/41 | | | 421,736 | |
| | 514,000 | | | Fannie Mae, Series 2013-2, Class LB, 3.000%, 2/25/43 | | | 493,638 | |
| | 562,000 | | | Fannie Mae, Series 2013-30, Class PY, 3.000%, 4/25/43 | | | 560,949 | |
| | 133,605 | | | FirstKey Mortgage Trust, Series 2014-1, Class A12, 3.500%, 11/25/44(b)(c) | | | 132,806 | |
| | 27,287 | | | Freddie Mac, Series 4079, Class WV, 3.500%, 3/15/27 | | | 27,751 | |
| | 195,000 | | | Freddie Mac, Series 4097, Class CU, 1.500%, 8/15/27 | | | 176,719 | |
| | 354,362 | | | Freddie Mac, Series 4136, Class HZ, 3.500%, 11/15/27 | | | 365,707 | |
| | 180,000 | | | Freddie Mac, Series 4230, Class VB, 2.500%, 12/15/31 | | | 177,707 | |
| | 171,841 | | | Freddie Mac, Series 2485, Class WG, 6.000%, 8/15/32 | | | 190,305 | |
| | 533,000 | | | Freddie Mac, Series 4136, Class PY, 2.000%, 11/15/32 | | | 467,666 | |
| | 400,000 | | | Freddie Mac, Series 4160, Class HH, 2.500%, 12/15/32 | | | 387,019 | |
| | 236,243 | | | Freddie Mac, Series 3440, Class EM, 5.000%, 4/15/38 | | | 255,511 | |
Continued
Sterling Capital Securitized Opportunities Fund
Schedule of Portfolio Investments — (continued)
March 31, 2019 (Unaudited)
Principal
Amount | | | | | Fair Value | |
| COLLATERALIZED MORTGAGE OBLIGATIONS — (continued) | | | |
| $ | 449,054 | | | Freddie Mac, Series 3816, Class HM, 4.500%, 5/15/40 | | $ | 472,720 | |
| | 500,000 | | | Freddie Mac, Series 3714, Class PB, 4.750%, 8/15/40 | | | 573,823 | |
| | 93,714 | | | Freddie Mac, Series 3803, Class PJ, 4.250%, 1/15/41 | | | 96,687 | |
| | 200,000 | | | Freddie Mac, Series 3815, Class TB, 4.500%, 2/15/41 | | | 219,328 | |
| | 142,234 | | | Freddie Mac, Series 4293, Class MH, 3.000%, 12/15/41 | | | 142,373 | |
| | 400,000 | | | Freddie Mac, Series 3989, Class JW, 3.500%, 1/15/42 | | | 406,292 | |
| | 500,000 | | | Freddie Mac, Series 4650, Class BC, 3.500%, 5/15/43 | | | 509,673 | |
| | 555,843 | | | Freddie Mac, Series 4508, Class UZ, 3.000%, 7/15/43 | | | 518,169 | |
| | 160,839 | | | Galton Funding Mortgage Trust, Series 2018-1, Class A43, 3.500%, 11/25/57(b)(c) | | | 161,080 | |
| | 326,908 | | | Galton Funding Mortgage Trust, Series 2018-2, Class A41, 4.500%, 10/25/58(b)(c) | | | 333,564 | |
| | 61,507 | | | Ginnie Mae, Series 2010-85, Class DQ, 3.000%, 12/20/39 | | | 62,034 | |
| | 251,841 | | | MASTR Alternative Loan Trust, Series 2003-5, Class 8A1, 5.500%, 6/25/33 | | | 256,224 | |
| | 53,626 | | | MASTR Alternative Loan Trust, Series 2004-13, Class 3A1, 6.500%, 1/25/35 | | | 53,079 | |
| | 189,253 | | | MASTR Seasoned Securitization Trust, Series 2005-2, Class 1A1, 5.130%, 10/25/32 | | | 188,655 | |
| | 57,962 | | | RBSGC Mortgage Loan Trust, Series 2007-B, Class 3A1, 4.783%, 7/25/35(c) | | | 58,196 | |
| | 8,579 | | | Wells Fargo Mortgage Backed Securities Trust, Series 2007-3, Class 3A1, 5.500%, 4/25/22 | | | 8,699 | |
| | | | | Total Collateralized Mortgage Obligations | | | | |
| | | | | (Cost $8,462,768) | | | 8,598,740 | |
| | | | | |
| COMMERCIAL MORTGAGE-BACKED SECURITIES — 22.0% | | | | |
| | 500,000 | | | CD Mortgage Trust, Series 2016-CD2, Class A4, 3.526%, 11/10/49(c) | | | 513,216 | |
| | 300,000 | | | Citigroup Commercial Mortgage Trust, Series 2013-GC17, Class AS, 4.544%, 11/10/46 | | | 318,579 | |
| | 250,000 | | | COMM Mortgage Trust, Series 2017-COR2, Class A3, 3.510%, 9/10/50 | | | 254,710 | |
| | 125 | | | Commercial Mortgage Loan Trust, Series 2008-LS1, Class ASM, 5.953%, 12/10/49(c) | | | 125 | |
| | 500,000 | | | CSAIL Commercial Mortgage Trust, Series 2015-C3, Class A4, 3.718%, 8/15/48 | | | 517,443 | |
| | 200,000 | | | DBUBS Mortgage Trust, Series 2011-LC1A, Class C, 5.699%, 11/10/46(b)(c) | | | 208,425 | |
| | 493,940 | | | FRESB Mortgage Trust, Series 2017-SB36, Class A10F, 2.880%, 7/25/27(c) | | | 491,122 | |
| | 150,000 | | | Ginnie Mae, Series 2011-20, Class C, 3.562%, 4/16/41(c) | | | 150,562 | |
| | 175,000 | | | GS Mortgage Securities Trust, Series 2010-C1, Class B, 5.148%, 8/10/43(b) | | | 178,646 | |
| | 550,000 | | | GS Mortgage Securities Trust, Series 2012-GCJ7, Class AS, 4.085%, 5/10/45 | | | 564,569 | |
| | 500,000 | | | GS Mortgage Securities Trust, Series 2016-GS4, Class A4, 3.442%, 11/10/49(c) | | | 510,708 | |
Principal
Amount | | | | | Fair Value | |
| COMMERCIAL MORTGAGE-BACKED SECURITIES — (continued) | | | |
| $ | 500,000 | | | JPMorgan Chase Commercial Mortgage Securities Trust, Series 2011-C3, Class B, 5.013%, 2/15/46(b)(c) | | $ | 513,903 | |
| | 100,000 | | | Morgan Stanley Bank of America Merrill Lynch Trust, Series 2014-C18, Class A4, 3.923%, 10/15/47 | | | 104,409 | |
| | 500,000 | | | Morgan Stanley Bank of America Merrill Lynch Trust, Series 2016-C32, Class A4, 3.720%, 12/15/49 | | | 518,531 | |
| | 400,000 | | | Morgan Stanley Capital I, Inc., Series 2018-H3, Class A5, 4.177%, 7/15/51 | | | 428,313 | |
| | 760,000 | | | Wells Fargo Commercial Mortgage Trust, Series 2010-C1, Class B, 5.276%, 11/15/43(b)(c) | | | 782,733 | |
| | 300,000 | | | Wells Fargo Commercial Mortgage Trust, Series 2015-P2, Class A4, 3.809%, 12/15/48 | | | 312,906 | |
| | 400,000 | | | WF-RBS Commercial Mortgage Trust, Series 2011-C2, Class B, 5.174%, 2/15/44(b)(c) | | | 411,394 | |
| | 100,000 | | | WF-RBS Commercial Mortgage Trust, Series 2011-C2, Class C, 5.392%, 2/15/44(b)(c) | | | 102,645 | |
| | 326,000 | | | WF-RBS Commercial Mortgage Trust, Series 2011-C4, Class A4, 4.902%, 6/15/44(b)(c) | | | 337,431 | |
| | 350,000 | | | WF-RBS Commercial Mortgage Trust, Series 2012-C8, Class AS, 3.660%, 8/15/45 | | | 356,380 | |
| | 164,000 | | | WF-RBS Commercial Mortgage Trust, Series 2014-C23, Class A5, 3.917%, 10/15/57 | | | 171,100 | |
| | | | | Total Commercial Mortgage-Backed Securities | | | | |
| | | | | (Cost $7,908,222) | | | 7,747,850 | |
| | | | | |
| CORPORATE BONDS — 1.7% | | | | |
| | | | | Diversified Telecommunication Services — 1.0% | | | | |
| | 350,000 | | | Sprint Spectrum Co., LLC / Sprint Spectrum Co. II LLC / Sprint Spectrum Co. III LLC, 4.738%, 3/20/25(b) | | | 353,937 | |
| | | | | Equity Real Estate Investment Trusts (REITS) — 0.7% | | | | |
| | 250,000 | | | American Tower Trust, 3.652%, 3/23/28(b) | | | 251,320 | |
| | | | | Total Corporate Bonds | | | | |
| | | | | (Cost $600,000) | | | 605,257 | |
| | | | | |
| MORTGAGE-BACKED SECURITIES — 28.3% | | | | |
| | | | | Fannie Mae — 18.2% | | | | |
| | 342,965 | | | 3.010%, 11/1/27, Pool #AN7299 | | | 340,017 | |
| | 500,000 | | | 3.515%, 4/1/28, Pool #AN9042 | | | 513,228 | |
| | 425,000 | | | 3.220%, 9/1/32, Pool #AN6850 | | | 422,501 | |
| | 131,210 | | | 5.500%, 6/1/38, Pool #984277 | | | 144,243 | |
| | 74,709 | | | 5.500%, 8/1/38, Pool #995072 | | | 81,741 | |
| | 106,939 | | | 4.500%, 9/1/39, Pool #AC1830 | | | 113,014 | |
| | 99,771 | | | 4.500%, 10/1/40, Pool #AE4855 | | | 105,475 | |
| | 167,598 | | | 3.500%, 2/1/41, Pool #AH5646 | | | 171,215 | |
| | 311,873 | | | 4.000%, 3/1/41, Pool #AH4008 | | | 323,406 | |
| | 82,935 | | | 4.500%, 6/1/41, Pool #AC9298 | | | 87,659 | |
| | 217,760 | | | 5.000%, 7/1/41, Pool #AI5595 | | | 234,849 | |
| | 293,801 | | | 4.000%, 9/1/41, Pool #AJ1717 | | | 304,741 | |
| | 255,065 | | | 3.500%, 6/1/42, Pool #AB5373 | | | 260,494 | |
| | 350,713 | | | 3.500%, 3/1/43, Pool #MA1372 | | | 357,959 | |
| | 107,574 | | | 4.500%, 10/1/44, Pool #MA2066 | | | 113,324 | |
| | 395,212 | | | 4.000%, 12/1/44, Pool #MA2127 | | | 408,737 | |
| | 365,395 | | | 4.500%, 1/1/45, Pool #MA2158 | | | 384,699 | |
Continued
Sterling Capital Securitized Opportunities Fund
Schedule of Portfolio Investments — (continued)
March 31, 2019 (Unaudited)
Principal
Amount | | | | | Fair Value | |
| MORTGAGE-BACKED SECURITIES — (continued) | | | | |
| | | | | Fannie Mae — (continued) | | | | |
| $ | 367,133 | | | 3.500%, 3/1/45, Pool #AS4552 | | $ | 374,519 | |
| | 617,745 | | | 4.000%, 10/1/45, Pool #AL7487 | | | 638,824 | |
| | 319,439 | | | 4.000%, 11/1/46, Pool #MA2808 | | | 330,141 | |
| | 283,601 | | | 4.500%, 11/1/47, Pool #BM3286 | | | 296,804 | |
| | 387,131 | | | 4.500%, 5/1/48, Pool #CA1711 | | | 405,002 | |
| | | | | | | | 6,412,592 | |
| | | | | Freddie Mac — 10.1% | | | | |
| | 454,876 | | | 3.500%, 5/1/32, Pool #C91458 | | | 468,103 | |
| | 342,718 | | | 3.500%, 7/1/32, Pool #C91467 | | | 352,685 | |
| | 127,795 | | | 4.000%, 11/1/32, Pool #G30616 | | | 132,950 | |
| | 50,914 | | | 5.500%, 10/1/39, Pool #A89387 | | | 55,326 | |
| | 99,591 | | | 5.000%, 4/1/40, Pool #A91812 | | | 107,590 | |
| | 174,151 | | | 5.500%, 4/1/40, Pool #C03467 | | | 190,293 | |
| | 80,691 | | | 5.000%, 8/1/40, Pool #C03491 | | | 87,172 | |
| | 165,667 | | | 4.000%, 11/1/40, Pool #A94742 | | | 172,643 | |
| | 191,168 | | | 4.000%, 12/1/40, Pool #A95447 | | | 199,231 | |
| | 401,616 | | | 3.500%, 8/1/42, Pool #Q10324 | | | 410,471 | |
| | 559,223 | | | 3.500%, 3/1/43, Pool #U99045 | | | 569,641 | |
| | 357,625 | | | 3.500%, 3/1/45, Pool #U99124 | | | 364,307 | |
| | 440,270 | | | 4.000%, 4/1/46, Pool #Q40048 | | | 454,653 | |
| | | | | | | | 3,565,065 | |
| | | | | Ginnie Mae — 0.0% | | | | |
| | 19,598 | | | 4.000%, 12/20/40, Pool #755678 | | | 20,380 | |
| | | | | Total Mortgage-Backed Securities | | | | |
| | | | | (Cost $9,972,398) | | | 9,998,037 | |
| Shares | | | | | Fair Value | |
| MONEY MARKET FUND — 3.0% | | | |
| | 1,047,323 | | | Federated Treasury Obligations Fund, Institutional Shares, 2.31%(d) | | $ | 1,047,323 | |
| | | | | Total Money Market Fund | | | | |
| | | | | (Cost $1,047,323) | | | 1,047,323 | |
| | | | | | | | | |
| Total Investments — 102.1% | | | | |
| (Cost $35,745,603) | | | 36,013,962 | |
| Net Other Assets (Liabilities) — (2.1)% | | | (748,972 | ) |
| NET ASSETS — 100.0% | | $ | 35,264,990 | |
| (a) | The interest rate for this floating 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, 2019. 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) | 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, 2019. The maturity date reflected is the final maturity date. |
| (d) | Represents the current yield as of report date. |
STEP — Step Coupon Bond
See accompanying Notes to the Financial Statements.
Sterling Capital Kentucky Intermediate Tax-Free Fund
Schedule of Portfolio Investments
March 31, 2019(Unaudited)
Principal
Amount | | | | Fair Value | |
| MUNICIPAL BONDS — 96.6% | | | |
| | | | Kentucky — 96.6% | | | | |
| $ | 300,000 | | Bowling Green Independent School District Finance Corp., School Improvements Revenue, (State Intercept), 5.000%, 8/1/24 | | $ | 345,888 | |
| | 200,000 | | City Of Hopkinsville, KY, Refunding G.O., Series A, 4.000%, 10/1/24 | | | 222,352 | |
| | 300,000 | | Commonwealth of Kentucky, Certificate of Participation, Public Improvements, Callable 6/15/25 @ 100, 5.000%, 6/15/34 | | | 338,493 | |
| | 400,000 | | Eastern Kentucky University, Refunding Revenue, Series A, (State Intercept), 5.000%, 4/1/24 | | | 455,684 | |
| | 300,000 | | Eastern Kentucky University, University & College Improvements Revenue, Series A (State Intercept), 5.000%, 4/1/25 | | | 348,228 | |
| | 250,000 | | Fayette County, KY, School District Finance Corp., Lease Payable from Local Revenues, Series A (State Intercept), 5.000%, 10/1/21 | | | 270,327 | |
| | 300,000 | | Jefferson County School District Finance Corp.,School Improvements Revenue Bonds (State Intercept), Series C, Callable 12/1/25 @ 100, 4.000%, 12/1/28 | | | 331,422 | |
| | 250,000 | | Jefferson County, KY, School District Finance Corp., School Improvements Revenue, Series A, Callable 4/1/25 @ 100, 5.000%, 4/1/27 | | | 290,190 | |
| | 125,000 | | Kenton County Airport Board, Airport & Marina Improvements Revenue, Callable 1/1/29 @ 100, 5.000%, 1/1/31 | | | 153,496 | |
| | 250,000 | | Kentucky Asset/Liability Commission, Project Notes, Federal Highway Trust Transit Improvements Revenue, First Series, Callable 9/1/23 @ 100, 5.250%, 9/1/25 | | | 284,603 | |
| | 400,000 | | Kentucky Association of Counties Finance Corp., Public Improvements Revenue, First Series B, 4.000%, 2/1/25 | | | 442,396 | |
| | 250,000 | | Kentucky Rural Water Finance Corp., Flexible Term Program, Refunding & Improvements Revenue, Series B, Callable 2/1/20 @ 100, 4.000%, 2/1/21 | | | 254,135 | |
| | 250,000 | | Kentucky State Property & BuildingCommission, Project No. 116, University & College Improvements Revenue, (AGM-State Intercept), 5.000%, 10/1/26 | | | 296,443 | |
| | 270,000 | | Kentucky State Property & BuildingCommission, Project No. 119, Public Improvements Revenue, Callable 5/1/28 @ 100, 5.000%, 5/1/37 | | | 309,074 | |
| | 280,000 | | Kentucky State Property & Building Commission, Refunding Revenue, Callable 8/1/25 @ 100, 5.000%, 8/1/31 | | | 319,037 | |
| | 280,000 | | Kentucky Turnpike Authority Revitalization Projects, Highway improvements Revenue, Series A, 5.000%, 7/1/20 | | | 291,454 | |
| | 275,000 | | Kentucky Turnpike Authority Revitalization Projects, Highway Improvements Revenue, Series A, Callable 7/1/22 @ 100, 5.000%, 7/1/24 | | | 304,651 | |
| | 250,000 | | Kentucky Turnpike Authority, Revitalization Projects, Revenue, Series A, 4.000%, 7/1/21 | | | 262,130 | |
| | 250,000 | | Laurel County, KY, Correctional Facilities Improvements G.O., Series A, Callable 5/1/27 @ 100, (BAM), 5.000%, 5/1/28 | | | 299,810 | |
Principal
Amount | | | | Fair Value |
| MUNICIPAL BONDS — (continued) | | | | |
| | | | | Kentucky — (continued) | | | | |
| $ | 300,000 | | | Laurel County, KY, School District Finance Corp., Refunding Revenue, Callable 3/1/25 @ 100 (State Intercept), 4.000%, 6/1/25 | | $ | 332,457 | |
| | 250,000 | | | Lexington-Fayette Urban County Government Public Facilities Corp., Court Facilities Project, Current Refunding Revenue Bonds, Callable 10/1/26 @ 100, 5.000%, 10/1/27 | | | 299,280 | |
| | 215,000 | | | Lexington-Fayette Urban County Government Ref-A Current Refunding G.O. Unlimited, 5.000%, 10/1/21 | | | 232,922 | |
| | 250,000 | | | Louisville & Jefferson County, KY, Metropolitan Government, Refunding G.O., Series F, Callable 11/1/24 @ 100, 4.000%, 11/1/26 | | | 278,165 | |
| | 500,000 | | | Louisville & Jefferson County, KY, Metropolitan Sewer District, Sewer Refunding Revenue, Series A, Callable 11/15/21 @ 100, 5.000%, 5/15/30 | | | 539,345 | |
| | 410,000 | | | Louisville & Jefferson County, Metropolitan Government, Catholic Health Initiatives, Prerefunded Revenue, Callable 6/1/22 @ 100, 5.000%, 12/1/35 | | | 453,235 | |
| | 325,000 | | | Louisville & Jefferson County, Metropolitan Government, Center City Project, Refunding Notes, G.O., Callable 12/1/25 @ 100, 5.000%, 12/1/28 | | | 387,530 | |
| | 200,000 | | | Louisville & Jefferson County, Metropolitan Sewer District, Sewer Improvements Revenue, Series A, 5.000%, 5/15/25 | | | 236,720 | |
| | 300,000 | | | Murray, KY, School District Finance Corp., School Improvements Revenue, (State Intercept), 5.000%, 3/1/27 | | | 360,780 | |
| | 250,000 | | | Owensboro, KY, Public Improvements G.O., Series A, 4.000%, 5/1/22 | | | 266,133 | |
| | 200,000 | | | Russell, KY, Bon Secours Health System, Refunding Revenue, Callable 11/1/22 @ 100, 5.000%, 11/1/26 | | | 222,978 | |
| | 250,000 | | | Taylor County Public Courthouse Corp., Justice Center Project, Refunding Revenue, Callable 9/1/26 @ 100, 4.000%, 9/1/27 | | | 276,023 | |
| | 300,000 | | | University of Kentucky, Refunding Revenue, Series D (State Intercept), 5.250%, 10/1/20 | | | 316,227 | |
| | | | | Total Municipal Bonds | | | | |
| | | | | (Cost $9,691,603) | | | 10,021,608 | |
Continued
Sterling Capital Kentucky Intermediate Tax-Free Fund
Schedule of Portfolio Investments — (continued)
March 31, 2019(Unaudited)
| Shares | | | | | Fair Value | |
| MONEY MARKET FUND — 2.2% | | | | |
| | 229,315 | | | Federated Treasury Obligations Fund, Institutional Shares, 2.31%(a) | | $ | 229,315 | |
| | | | | Total Money Market Fund | | | | |
| | | | | (Cost $229,315) | | | 229,315 | |
| Total Investments — 98.8% | | | | |
| (Cost $9,920,918) | | | 10,250,923 | |
| Net Other Assets (Liabilities) — 1.2% | | | 126,589 | |
| NET ASSETS — 100.0% | | $ | 10,377,512 | |
| (a) | Represents the current yield as of report date. |
AGM — Assured Guaranty Municipal Corp.
BAM — Build America Mutual
G.O. — General Obligation
See accompanying Notes to the Financial Statements.
Sterling Capital Maryland Intermediate Tax-Free Fund
Schedule of Portfolio Investments
March 31, 2019 (Unaudited)
Principal
Amount | | | | | Fair Value | |
| MUNICIPAL BONDS — 96.0% | | | | |
| | | | | District of Columbia — 2.7% | | | | |
| $ | 350,000 | | | Washington Metropolitan Area Transit Authority, Series A-1, Advance Refunding Revenue Bonds, 5.000%, 7/1/26 | | $ | 425,695 | |
| | | | | Maryland — 93.3% | | | | |
| | 475,000 | | | Baltimore City, MD, Consolidated Public Improvements, Refunding G.O., Series B, Callable 10/15/22 @ 100, 5.000%, 10/15/23 | | | 529,701 | |
| | 500,000 | | | Baltimore City, MD, Senior Refunding Revenue Bonds, Series D, Callable 1/1/25 @ 100, 5.000%, 7/1/30 | | | 581,560 | |
| | 400,000 | | | Cecil County, MD, Consolidated Public School Improvements, Refunding G.O., 4.000%, 2/1/24 | | | 443,316 | |
| | 500,000 | | | Charles County, MD, Consolidated Public School Improvements G.O., 5.000%, 7/15/22 | | | 555,225 | |
| | 500,000 | | | Charles County, MD, Consolidated Public School Improvements G.O., Callable 7/15/23 @ 100, 5.000%, 7/15/25 | | | 570,810 | |
| | 400,000 | | | Dorchester County, MD, Telecommunications Improvements, G.O., Callable 1/1/28 @ 100, 5.000%, 1/1/31 | | | 488,420 | |
| | 275,000 | | | Howard County, MD, Housing Commission, General Capital Improvement Program, Local Multifamily Housing Revenue, 4.000%, 6/1/22 | | | 291,107 | |
| | 430,000 | | | Howard County, MD, Metropolitan District, Series E, Advance Refunding G.O., 5.000%, 2/15/24 | | | 498,232 | |
| | 125,000 | | | Howard County, MD, Miscellaneous Purpose Certificate of Participation, Series A, 8.050%, 2/15/21 | | | 139,861 | |
| | 135,000 | | | Howard County, MD, Public Improvements Certificate of Participation, Series B, 8.250%, 2/15/20 | | | 142,777 | |
| | 250,000 | | | Maryland Economic Development Corp., Electricity Lights & Power Improvements, Refunding Revenue, Callable 3/1/19 @ 100, 6.200%, 9/1/22 | | | 250,830 | |
| | 30,000 | | | Maryland Economic Development Corp., Lutheran World Relief Refugee, Refunding Revenue, Callable 2/11/19 @ 100, (Lutheran Center Corp.), 5.250%, 4/1/19 | | | 30,000 | |
| | 420,000 | | | Maryland Economic Development Corp., Public Health Laboratory Public Improvements Revenue, Callable 6/1/21 @ 100, 5.000%, 6/1/26 | | | 449,454 | |
| | 250,000 | | | Maryland Health & Higher Educational Facilities Authority, Anne Arundel Health System, Advance Refunding Revenue Bonds, Callable 7/1/27 @ 100, 5.000%, 7/1/28 | | | 298,783 | |
| | 300,000 | | | Maryland Health & Higher Educational Facilities Authority, Broadmead Issue, Hospital, Nursing Home Improvements, Refunding Revenue, Series A, Callable 7/1/25 @ 100, 5.000%, 7/1/43 | | | 333,324 | |
| | 500,000 | | | 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 | | | 545,955 | |
Principal
Amount | | | | | Fair Value | |
| MUNICIPAL BONDS — (continued) | | | | |
| | | | | Maryland — (continued) | | | | |
| $ | 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 | | $ | 552,235 | |
| | 500,000 | | | 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 | | | 554,430 | |
| | 470,000 | | | Maryland Health & Higher Educational Facilities Authority, Lifebridge Health, Current Refunding Revenue Bonds, Callable 7/1/27 @ 100, 5.000%, 7/1/32 | | | 551,545 | |
| | 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 | | | 577,631 | |
| | 400,000 | | | Maryland Health & Higher Educational Facilities Authority, Meritus Medical Center Issue, Refunding Revenue, 5.000%, 7/1/22 | | | 438,080 | |
| | 500,000 | | | Maryland Stadium Authority, Construction & Revitalization, School Improvements Revenue, Callable 5/1/28 @ 100, 5.000%, 5/1/35 | | | 593,660 | |
| | 400,000 | | | Maryland Stadium Authority, Refunding Revenue, 5.000%, 6/15/23 | | | 453,616 | |
| | 500,000 | | | Montgomery County, MD, Consolidated Public Improvements, Refunding G.O., Series A, Callable 11/1/28 @ 100, 5.000%, 11/1/32 | | | 618,895 | |
| | 500,000 | | | Montgomery County, MD, Department Liquor Control Public Improvements Revenue, Series A, Callable 4/1/21 @ 100, OID, 4.500%, 4/1/26 | | | 526,455 | |
| | 500,000 | | | Montgomery County, MD, West Germantown Development District, Refunding, Special Tax, 4.000%, 7/1/23 | | | 544,045 | |
| | 400,000 | | | Prince George’s County, MD, Consolidated Public School Improvements, G.O., Series A, Callable 9/1/24 @ 100, 4.000%, 9/1/25 | | | 446,524 | |
| | 500,000 | | | St Mary’s College of Maryland, Academic Fees & Auxiliary, Refunding Revenue, (BAM), 4.000%, 9/1/25 | | | 563,135 | |
| | 500,000 | | | State of Maryland, Refunding G.O., Series B, 4.000%, 8/1/23 | | | 549,620 | |
| | 250,000 | | | State of Maryland, State and Local Facilities Loan First Series, Public Improvements, G.O., Callable 3/15/29 @ 100, 5.000%, 3/15/32 | | | 312,143 | |
| | 400,000 | | | Washington Suburban Sanitary Commission, Consolidated Public Water Utility Improvements, G.O., 4.000%, 6/1/24 | | | 446,260 | |
| | 400,000 | | | Washington Suburban Sanitary Commission, Consolidated Public Water Utility Improvements, G.O., Callable 6/1/26 @ 100, 5.000%, 6/1/27 | | | 486,216 | |
Continued
Sterling Capital Maryland Intermediate Tax-Free Fund
Schedule of Portfolio Investments — (continued)
March 31, 2019 (Unaudited)
Principal
Amount | | | | | Fair Value | |
| MUNICIPAL BONDS — (continued) | | | | |
| | | | | Maryland — (continued) | | | | |
| $ | 500,000 | | | Washington Suburban Sanitary Commission, Consolidated Public Water Utility Improvements, G.O., Callable 6/1/26 @ 100, 5.000%, 6/1/38 | | $ | 583,355 | |
| | | | | | | | 14,947,200 | |
| | | | | Total Municipal Bonds | | | | |
| | | | | (Cost $14,857,333) | | | 15,372,895 | |
| Shares | | | | | Fair Value | |
| MONEY MARKET FUND — 5.0% | | | |
| | 802,392 | | | Federated Treasury Obligations Fund, Institutional Shares, 2.31%(a) | | $ | 802,392 | |
| | | | | Total Money Market Fund | | | | |
| | | | | (Cost $802,392) | | | 802,392 | |
| Total Investments — 101.0% | | | | |
| (Cost $15,659,725) | | | 16,175,287 | |
| Net Other Assets (Liabilities) — (1.0)% | | | (152,331 | ) |
| NET ASSETS — 100.0% | | $ | 16,022,956 | |
| (a) | Represents the current yield as of report date. |
BAM — Build America Mutual
G.O. — General Obligation
OID — Original Issue Discount
See accompanying Notes to the Financial Statements.
Sterling Capital North Carolina Intermediate Tax-Free Fund
Schedule of Portfolio Investments
March 31, 2019 (Unaudited)
Principal Amount | | | | Fair Value | |
| MUNICIPAL BONDS — 97.2% | | | | |
| | | | | North Carolina — 97.2% | | | | |
| $ | 2,405,000 | | | Appalachian State University, University & College Improvements Revenue, Callable 10/1/21 @ 100, 4.750%, 10/1/27 | | $ | 2,593,408 | |
| | 1,000,000 | | | Beaufort County, NC, Refunding Revenue Limited Obligation, Callable 6/1/22 @ 100, 5.000%, 6/1/24 | | | 1,094,820 | |
| | 1,000,000 | | | Beaufort County, NC, Refunding Revenue Limited Obligation, Callable 6/1/22 @ 100, 5.000%, 6/1/26 | | | 1,090,960 | |
| | 1,000,000 | | | Broad River Water Authority, Water System Refunding Revenue, 5.000%, 6/1/24 | | | 1,148,910 | |
| | 1,025,000 | | | Buncombe County Metropolitan Sewerage District, Sewer Improvements Revenue, Callable 7/1/24 @ 100, 5.000%, 7/1/39 | | | 1,160,023 | |
| | 1,475,000 | | | Buncombe County, NC, Advance Refunding Revenue Limited Obligation, Callable 6/1/25 @ 100, 5.000%, 6/1/28 | | | 1,740,441 | |
| | 1,010,000 | | | Cape Fear Public Utility Authority, Advance Refunding Revenue Bonds, 5.000%, 8/1/25 | | | 1,210,848 | |
| | 1,240,000 | | | Cape Fear Public Utility Authority, Water & Sewer System, Improvements Refunding Revenue, 5.000%, 8/1/21 | | | 1,338,456 | |
| | 1,475,000 | | | Cape Fear Public Utility Authority, Water & Sewer System, Improvements Refunding Revenue, Callable 8/1/21 @ 100, 5.000%, 8/1/26 | | | 1,591,363 | |
| | 1,535,000 | | | Cape Fear Public Utility Authority, Water & Sewer System, Improvements Refunding Revenue, Callable 8/1/21 @ 100, 5.000%, 8/1/28 | | | 1,656,096 | |
| | 1,000,000 | | | Catawba County, NC, School Improvements Refunding Revenue, 4.000%, 10/1/20 | | | 1,037,030 | |
| | 1,000,000 | | | Charlotte, NC, Charlotte Douglas International Airport Refunding Revenue, Callable 7/1/24 @ 100, 5.000%, 7/1/31 | | | 1,143,430 | |
| | 1,000,000 | | | Charlotte, NC, Port, Airport & Marina Improvements Revenue, Series A, Callable 7/1/20 @ 100, 5.000%, 7/1/27 | | | 1,042,390 | |
| | 2,275,000 | | | Charlotte, NC, Recreational Facilities Improvements Revenue, Callable 12/1/28 @ 100, 5.000%, 12/1/33 | | | 2,779,982 | |
| | 1,520,000 | | | Charlotte, NC, Recreational Facilities Improvements Revenue, Callable 12/1/28 @ 100, 5.000%, 12/1/34 | | | 1,847,955 | |
| | 1,875,000 | | | Charlotte, NC, Refunding Revenue G.O., Series A, 5.000%, 7/1/25 | | | 2,247,375 | |
| | 1,000,000 | | | Charlotte, NC, Water & Sewer System, Refunding Revenue, Series B, Callable 7/1/20��@ 100, 5.000%, 7/1/25 | | | 1,042,520 | |
| | 2,035,000 | | | Chatham County, NC, Refunding Revenue (County Guaranteed), 5.000%, 12/1/28 | | | 2,460,824 | |
| | 2,000,000 | | | Concord, NC, Utilities Systems, Refunding Revenue, Series B, Callable 12/1/19 @ 100, 5.000%, 12/1/22 | | | 2,043,340 | |
| | 2,500,000 | | | Durham Capital Financing Corp., Refunding Revenue Limited Obligation, Callable 6/1/23 @ 100, 5.000%, 6/1/38 | | | 2,782,175 | |
| | 1,225,000 | | | East Carolina University, University & College Improvements Revenue, Series A, Callable 4/1/26 @ 100, 5.000%, 10/1/27 | | | 1,476,260 | |
Principal Amount | | | | Fair Value | |
| MUNICIPAL BONDS — (continued) | | |
| | | | North Carolina — (continued) | | | |
| $ | 1,750,000 | | | Fayetteville, NC, Public Works Commission, Electric Light & Power Improvements Revenue, Callable 3/1/24 @ 100, 4.000%, 3/1/27 | | $ | 1,909,005 | |
| | 1,690,000 | | | Fayetteville, NC, Public Works Commission, Multi-Utility Improvements Revenue, Callable 3/1/28 @ 100, 5.000%, 3/1/29 | | | 2,108,731 | |
| | 3,000,000 | | | Forsyth County NC, Public Improvements, G.O., Series B, Callable 3/1/29 @ 100, 5.000%, 3/1/31 | | | 3,780,540 | |
| | 2,200,000 | | | Forsyth County NC, Refunding Revenue, G.O., 5.000%, 7/1/26 | | | 2,690,864 | |
| | 1,675,000 | | | Guilford County, NC, Advance Refunding, G.O., Series A, Callable 2/1/26 @ 100, 5.000%, 2/1/28 | | | 2,020,553 | |
| | 2,075,000 | | | High Point, NC, Combined Water & Sewer System, Advance Refunding Revenue Bonds, 5.000%, 11/1/26 | | | 2,544,386 | |
| | 1,010,000 | | | Holly Springs, NC, Public Improvements Revenue, Callable 10/1/24 @ 100, 5.000%, 10/1/27 | | | 1,164,581 | |
| | 1,000,000 | | | Mecklenburg County, NC, Refunding G.O., 5.000%, 2/1/21 | | | 1,063,130 | |
| | 1,195,000 | | | Monroe, NC, Advance Refunding Revenue Bonds, Callable 3/1/26 @ 100, 5.000%, 3/1/29 | | | 1,420,544 | |
| | 1,015,000 | | | New Hanover County, NC, New Hanover County Projects, Refunding Revenue, 5.000%, 12/1/20 | | | 1,072,104 | |
| | 1,270,000 | | | New Hanover County, NC, New Hanover Regional Medical, Refunding Revenue, Callable 10/1/21 @ 100, 5.000%, 10/1/23 | | | 1,368,082 | |
| | 1,000,000 | | | North Carolina Agricultural & Technical State University, Series A, Refunding Revenue, Callable 10/1/25 @ 100, 5.000%, 10/1/32 | | | 1,162,530 | |
| | 1,215,000 | | | North Carolina Agricultural & Technical State University, Series A, Refunding Revenue, Callable 10/1/25 @100, 5.000%, 10/1/34 | | | 1,403,738 | |
| | 1,305,000 | | | North Carolina Capital Facilities Finance Agency, Johnson & Wales University Project, Refunding Revenue, 5.000%, 4/1/21 | | | 1,381,538 | |
| | 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 | | | 1,099,170 | |
| | 840,000 | | | North Carolina Capital Facilities Finance Agency, Meredith College Project, Refunding Revenue, 5.000%, 6/1/24 | | | 945,722 | |
| | 750,000 | | | North Carolina Capital Facilities Finance Agency, Meredith College Project, Refunding Revenue, 5.000%, 6/1/25 | | | 855,645 | |
| | 1,045,000 | | | North Carolina Capital Facilities Finance Agency, The Arc of North Carolina Project, Refunding Revenue, (Housing and Urban Development, Section 8), 5.000%, 10/1/25 | | | 1,193,745 | |
| | 1,750,000 | | | North Carolina Capital Facilities Finance Agency, The Arc of North Carolina Project, Refunding Revenue, Callable 10/1/27 @ 100 (Housing and Urban Development, Section 8), 5.000%, 10/1/34 | | | 1,974,630 | |
Continued
Sterling Capital North Carolina Intermediate Tax-Free Fund
Schedule of Portfolio Investments — (continued)
March 31, 2019 (Unaudited)
Principal Amount | | | Fair Value | |
| MUNICIPAL BONDS — (continued) | | |
| | | | North Carolina — (continued) | | | |
| $ | 715,000 | | | North Carolina Eastern Municipal Power Agency, Electric, Lights & Power Improvements Revenue, Series A, OID, 6.400%, 1/1/21 | | $ | 754,969 | |
| | 4,315,000 | | | North Carolina Medical Care Commission, Health Care Facilities, Deerfield Episcopal Retirement, Advance Refunding Revenue, Callable 11/1/26 @ 100, 5.000%, 11/1/37 | | | 4,866,630 | |
| | 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 | | | 5,488,650 | |
| | 915,000 | | | North Carolina Medical Care Commission, Health Care Facilities, Refunding Revenue, Appalachian Regional Healthcare System, Series A, 5.000%, 7/1/19 | | | 922,595 | |
| | 1,180,000 | | | North Carolina Medical Care Commission, Health Care Facilities, Refunding Revenue, Appalachian Regional Healthcare System, Series A, 5.375%, 7/1/20 | | | 1,234,457 | |
| | 3,030,000 | | | North Carolina Medical Care Commission, North Carolina Baptist Hospital, Refunding Revenue, 5.000%, 6/1/20 | | | 3,146,473 | |
| | 1,530,000 | | | North Carolina Medical Care Commission, North Carolina Baptist Hospital, Refunding Revenue, Callable 6/1/20 @ 100, 5.250%, 6/1/29 | | | 1,590,450 | |
| | 635,000 | | | North Carolina Medical Care Commission, United Methodist Retirement Homes, Refunding Revenue, Callable 10/1/23 @ 103, 5.000%, 10/1/30 | | | 700,888 | |
| | 650,000 | | | North Carolina Medical Care Commission, United Methodist Retirement Homes, Refunding Revenue, Callable 10/1/23 @ 103, 5.000%, 10/1/31 | | | 716,541 | |
| | 1,000,000 | | | North Carolina Medical Care Commission, United Methodist Retirement Homes, Refunding Revenue, Callable 10/1/23 @ 103, 5.000%, 10/1/37 | | | 1,087,520 | |
| | 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 | | | 3,053,496 | |
| | 2,000,000 | | | North Carolina State University at Raleigh, Refunding Revenue, Series A, Callable 10/1/23 @ 100, 5.000%, 10/1/28 | | | 2,274,900 | |
| | 3,000,000 | | | North Carolina State, Advance Refunding Revenue Bonds, Series B, Callable 5/1/27 @ 100, 5.000%, 5/1/28 | | | 3,699,780 | |
| | 4,385,000 | | | North Carolina State, Advance Refunding, Revenue, Series B, Callable 5/1/27 @ 100, 5.000%, 5/1/30 | | | 5,344,569 | |
| | 4,550,000 | | | North Carolina State, Public Improvements, Revenue, Series C, Callable 5/1/21 @ 100, 4.000%, 5/1/23 | | | 4,783,051 | |
| | 2,645,000 | | | North Carolina State, Refunding Revenue G.O., Series B, 5.000%, 6/1/25 | | | 3,164,293 | |
| | 1,250,000 | | | North Carolina Turnpike Authority, Senior Lien, Advance Refunding Revenue (AGM), 5.000%, 1/1/26 | | | 1,473,913 | |
Principal Amount | | | | Fair Value | |
| MUNICIPAL BONDS — (continued) | | | |
| | | | North Carolina — (continued) | | | |
| $ | 1,500,000 | | | North Carolina Turnpike Authority, Senior Lien, Advance Refunding Revenue (AGM), 5.000%, 1/1/27 | | $ | 1,796,940 | |
| | 2,100,000 | | | North Carolina Turnpike Authority, Senior Lien, Advance Refunding Revenue (AGM), Callable 1/1/27 @ 100, 5.000%, 1/1/28 | | | 2,504,439 | |
| | 1,660,000 | | | Northern Hospital District Of Surry County, Advance Refunding Revenue, 5.000%, 10/1/27 | | | 1,924,919 | |
| | 1,210,000 | | | Pender County, NC, Limited Obligation Refunding Revenue, Callable 6/1/22 @ 100, 5.000%, 6/1/26 | | | 1,325,519 | |
| | 1,060,000 | | | Pitt County, NC, Advance Refunding Revenue Bonds, Series B, Callable 10/1/26 @ 100, 5.000%, 4/1/30 | | | 1,264,887 | |
| | 1,395,000 | | | Pitt County, NC, Certificate of Participation, Refunding, Callable 4/1/22 @ 100, 5.000%, 4/1/25 | | | 1,526,660 | |
| | 2,160,000 | | | Raleigh Durham Airport Authority, Refunding Revenue, Series B1, Callable 5/1/20 @ 100, 5.000%, 11/1/28 | | | 2,234,758 | |
| | 1,500,000 | | | Raleigh, NC, Combined Enterprise System, Refunding Revenue, Series A, Callable 3/1/23 @ 100, 5.000%, 3/1/27 | | | 1,686,510 | |
| | 1,615,000 | | | Raleigh, NC, Combined Enterprise System, Refunding Revenue, Series A, Callable 3/1/23 @ 100, 5.000%, 3/1/28 | | | 1,815,147 | |
| | 1,000,000 | | | Raleigh, NC, Refunding Revenue, Callable 02/1/26 @ 100, 5.000%, 2/1/27 | | | 1,203,270 | |
| | 1,985,000 | | | Sampson County, NC, Refunding Revenue, Callable 12/1/25 @ 100, 5.000%, 12/1/26 | | | 2,357,426 | |
| | 870,000 | | | Town of Oak Island, NC, Combined Enterprise System, Advance Refunding Revenue (AGM), 5.000%, 6/1/25 | | | 1,022,398 | |
| | 1,000,000 | | | Union County, NC, Enterprise Systems, Refunding Revenue, Series A, Callable 12/1/21 @ 100, 4.000%, 12/1/22 | | | 1,064,020 | |
| | 2,205,000 | | | Union County, NC, Refunding G.O., Series A, 5.000%, 3/1/22 | | | 2,422,082 | |
| | 1,000,000 | | | Union County, NC, Refunding Revenue, 5.000%, 12/1/23 | | | 1,148,750 | |
| | 1,695,000 | | | University of North Carolina at Greensboro, University & College Improvements Revenue, Callable 4/1/24 @ 100, 5.000%, 4/1/28 | | | 1,945,724 | |
| | 2,080,000 | | | University of North Carolina at Greensboro, University & College Improvements, Prerefunded Revenue, Callable 4/1/21 @ 100, 5.000%, 4/1/23 | | | 2,219,318 | |
| | 2,735,000 | | | University of North Carolina System, Appalachian State University, Unrefunded Revenue, Callable 4/1/20 @ 100, 5.250%, 10/1/22 | | | 2,831,162 | |
| | 1,485,000 | | | University of North Carolina System, Asheville/Wilmington, Refunding Revenue, Series C, Callable 4/1/20 @ 100 (Assured Guaranty), 5.250%, 10/1/24 | | | 1,537,510 | |
| | 1,985,000 | | | Wake County, NC, Advance Refunding Revenue Bonds, Series A, Callable 12/1/26 @ 100, 5.000%, 12/1/28 | | | 2,421,005 | |
Continued
Sterling Capital North Carolina Intermediate Tax-Free Fund
Schedule of Portfolio Investments — (continued)
March 31, 2019 (Unaudited)
Principal Amount | | | | Fair Value | |
| MUNICIPAL BONDS — (continued) | | | | |
| | | | | North Carolina — (continued) | | | | |
| $ | 1,585,000 | | | Wake County, NC, Public Improvements, G.O., Series A, Callable 3/1/28 @ 100, 5.000%, 3/1/30 | | $ | 1,972,564 | |
| | 2,025,000 | | | Wake County, NC, Public Improvements, G.O., Series A, Callable 3/1/29 @ 100, 5.000%, 3/1/30 | | | 2,570,434 | |
| | 2,125,000 | | | Watauga Public Facilities Corp., Revenue, Series A, Callable 6/1/22 @ 100, 5.000%, 6/1/24 | | | 2,325,813 | |
| | 1,000,000 | | | Watauga Public Facilities Corp., Revenue, Series A, Callable 6/1/22 @ 100, 5.000%, 6/1/26 | | | 1,089,350 | |
| | 1,000,000 | | | Winston-Salem State University Foundation LLC, Refunding Revenue, Callable 4/1/22 @ 100, 5.000%, 4/1/25 | | | 1,081,280 | |
| | 1,000,000 | | | Winston-Salem, NC, Transit Improvements, Refunding Revenue, Series C, Callable 6/1/24 @ 100, 5.000%, 6/1/30 | | | 1,146,790 | |
| | 1,165,000 | | | Winston-Salem, NC, Water & Sewer System, Refunding Revenue, Series A, 5.000%, 6/1/24 | | | 1,360,312 | |
| | 1,875,000 | | | Winston-Salem, NC, Water & Sewer System, Refunding Revenue, Series A, Callable 6/1/24 @ 100, 5.000%, 6/1/25 | | | 2,185,294 | |
| | 1,000,000 | | | Winston-Salem, NC, Water & Sewer System, Refunding Revenue, Series A, Callable 6/1/24 @ 100, 5.000%, 6/1/28 | | | 1,157,430 | |
| | | | | Total Municipal Bonds | | | | |
| | | | | (Cost $154,898,377) | | | 161,132,730 | |
| Shares | | | | | Fair Value | |
| MONEY MARKET FUND — 1.9% | | | |
| 3,054,070 | | Federated Treasury Obligations Fund, Institutional Shares, 2.31%(a) | | $ | 3,054,070 | |
| | | Total Money Market Fund | | | | |
| | | (Cost $3,054,070) | | | 3,054,070 | |
| Total Investments — 99.1% | | | | |
| (Cost $157,952,447) | | | 164,186,800 | |
| Net Other Assets (Liabilities) — 0.9% | | | 1,548,926 | |
| NET ASSETS — 100.0% | | $ | 165,735,726 | |
| (a) | Represents the current yield as of report date. |
AGM — Assured Guaranty Municipal Corp.
G.O. — General Obligation
OID — Original Issue Discount
See accompanying Notes to the Financial Statements.
Sterling Capital South Carolina Intermediate Tax-Free Fund
Schedule of Portfolio Investments
March 31, 2019 (Unaudited)
Principal Amount | | | | Fair Value | |
| MUNICIPAL BONDS — 96.8% | | | |
| | | | | South Carolina — 96.8% | | | | |
| $ | 1,770,000 | | | Anderson County, SC, School District No. 2, Refunding, G.O., (SCSDE), 5.000%, 3/1/24 | | $ | 2,049,554 | |
| | 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 | | | 1,780,625 | |
| | 1,190,000 | | | Anderson County, SC, School District No. 5, Advance Refunding, G.O., (SCSDE), 5.000%, 3/1/23 | | | 1,342,784 | |
| | 1,000,000 | | | Anderson Regional Joint Water System, Refunding Revenue, Series A, Callable 7/15/21 @ 100, 5.000%, 7/15/25 | | | 1,070,680 | |
| | 1,000,000 | | | Beaufort County, SC, School District, Advance Refunding, G.O., (SCSDE), 5.000%, 3/1/22 | | | 1,097,550 | |
| | 1,170,000 | | | Beaufort County, SC, School District, Advance Refunding, G.O., Series A (SCSDE), 5.000%, 3/1/24 | | | 1,354,790 | |
| | 1,000,000 | | | Beaufort-Jasper Water & Sewer Authority, Advance Refunding Revenue, Series B, 5.000%, 3/1/24 | | | 1,157,940 | |
| | 1,000,000 | | | Beaufort-Jasper Water & Sewer Authority, Advance Refunding Revenue, Series B, 5.000%, 3/1/25 | | | 1,183,940 | |
| | 425,000 | | | Charleston County, Airport District Port, Airport & Marina Improvements Revenue, Callable 7/1/29 @100, 5.000%, 7/1/30 | | | 532,189 | |
| | 1,000,000 | | | Charleston County, SC, Port, Airport & Marina Improvements Revenue, 5.000%, 12/1/22 | | | 1,119,470 | |
| | 1,500,000 | | | Charleston Educational Excellence Finance Corp., Charleston County School Refunding Revenue, 5.000%, 12/1/21 | | | 1,631,790 | |
| | 1,000,000 | | | Charleston Public Facilities Corp., Charleston City Project Series, Parking Facilities Improvement Revenue, Callable 9/1/27 @ 100, 5.000%, 9/1/29 | | | 1,227,390 | |
| | 1,355,000 | | | Coastal Carolina University, University & College Improvements Revenue, Callable 6/1/24 @ 100, 5.000%, 6/1/34 | | | 1,524,836 | |
| | 1,295,000 | | | College of Charleston, University & College Improvements Refunding Revenue, Series A, Callable 4/1/21 @ 100, 5.000%, 4/1/25 | | | 1,375,381 | |
| | 1,000,000 | | | College of Charleston, University & College Improvements Revenue, Series A, Callable 4/1/24 @ 100, 5.000%, 4/1/25 | | | 1,143,810 | |
| | 1,000,000 | | | College of Charleston, University & College Improvements Revenue, Series B, 5.000%, 4/1/27 | | | 1,213,930 | |
| | 1,170,000 | | | Easley Combined Utility System, Refunding Revenue, Callable 12/1/19 @ 100, (Assured Guaranty), 5.000%, 12/1/24 | | | 1,196,770 | |
| | 1,135,000 | | | East Richland County Public Service District, Refunding Revenue, 4.000%, 1/1/22 | | | 1,201,046 | |
| | 1,000,000 | | | Florence County, SC, McLeod Regional Medical Center Project, Refunding Revenue, Callable 11/1/24 @ 100, 5.000%, 11/1/28 | | | 1,155,530 | |
| | 1,100,000 | | | Florence County, SC, McLeod Regional Medical Center Project, Refunding Revenue, Callable 11/1/24 @ 100, 5.000%, 11/1/33 | | | 1,245,629 | |
| | 1,350,000 | | | Fort Mill School District No. 4, Advance Refunding, G.O., Series D (SCSDE), 5.000%, 3/1/22 | | | 1,481,693 | |
Principal Amount | | | | Fair Value | |
| MUNICIPAL BONDS — (continued) | | | |
| South Carolina — (continued) | | | |
| $ | 1,000,000 | | | Greenville County, SC, School District Building Refunding Revenue, 5.000%, 12/1/22 | | $ | 1,117,960 | |
| | 1,000,000 | | | Greenville Health System, Hospital System Board, Refunding Revenue, Callable 5/1/22 @ 100, 5.000%, 5/1/31 | | | 1,073,800 | |
| | 1,415,000 | | | Greenville Health System, Hospital System Board, Series B, Callable 05/01/24 @ 100, 5.000%, 5/1/31 | | | 1,590,743 | |
| | 1,000,000 | | | Greenwood County, SC, Self Regional Healthcare Refunding Revenue, Series B, Callable 4/1/22 @ 100, 5.000%, 10/1/24 | | | 1,090,100 | |
| | 2,025,000 | | | Horry County, SC, School District, Refunding, G.O., Series B (SCSDE), 5.000%, 3/1/23 | | | 2,284,990 | |
| | 1,000,000 | | | Kershaw County, SC, Kershaw County School District Project, Refunding Revenue, 5.000%, 12/1/23 | | | 1,136,230 | |
| | 1,855,000 | | | Lancaster County SC, Lancaster School District, School Improvements, G.O. (SCSDE), Callable 3/1/27 @ 100, 4.000%, 3/1/28 | | | 2,124,773 | |
| | 1,600,000 | | | Lancaster Educational Assistance Program, Inc., SC, Lancaster County School District Refunding Revenue, Callable 12/1/23 @ 100, 5.000%, 12/1/24 | | | 1,812,608 | |
| | 1,000,000 | | | Lexington County, SC, School District No. 1, G.O., Series C (SCSDE), 5.000%, 2/1/21 | | | 1,062,570 | |
| | 1,500,000 | | | Lexington County, School District No. 2 , G.O., Series C, Callable 3/1/27 @ 100, (SCSDE), 5.000%, 3/1/29 | | | 1,833,105 | |
| | 1,345,000 | | | Lexington County, School District No. 2, G.O., Series C, Callable 3/1/27 @ 100, (SCSDE), 5.000%, 3/1/30 | | | 1,633,220 | |
| | 1,000,000 | | | Lugoff-Elgin Water Authority, Refunding Revenue, Series B, Callable 7/1/26 @ 100, 5.000%, 7/1/30 | | | 1,174,700 | |
| | 1,460,000 | | | Newberry, SC, Refunding Revenue (AGM), 5.000%, 4/1/24 | | | 1,669,218 | |
| | 1,485,000 | | | Orangeburg County, SC, Correctional Facilities Improvements, Installment Purchase Revenue Bonds, Callable 12/1/27 @ 100, 5.000%, 12/1/29 | | | 1,798,498 | |
| | 1,570,000 | | | Orangeburg County, SC, School District No. 4, School Improvements Refunding, G.O., Series A (SCSDE), 5.000%, 3/1/24 | | | 1,817,966 | |
| | 1,000,000 | | | Piedmont Municipal Power Agency, Power System Refunding Revenue, Series B, Callable 1/1/22 @ 100, 4.000%, 1/1/23 | | | 1,052,930 | |
| | 1,075,000 | | | Richland County, SC, School District No. 1, Refunding Bonds, G.O., Series A, Callable 9/1/21 @ 100, (SCSDE), 4.000%, 3/1/23 | | | 1,134,512 | |
| | 1,640,000 | | | Richland County, SC, School District No. 2, Refunding Bonds, G.O., Series B, Callable 3/1/27 @ 100, (SCSDE), 4.000%, 3/1/29 | | | 1,863,893 | |
| | 1,000,000 | | | Rock Hill, SC, Combined Utility System, Refunding Revenue, Series A, Callable 1/1/22 @100 (AGM), 5.000%, 1/1/23 | | | 1,084,020 | |
| | 1,000,000 | | | Rock Hill, SC, Hospital Fee Pledge, Refunding Revenue, Callable 4/1/23 @100, 5.000%, 4/1/33 | | | 1,102,790 | |
| | 1,090,000 | | | Rock Hill, SC, Ltd. Obligations, Hospitality Fee Pledge, Refunding Revenue, 5.000%, 4/1/21 | | | 1,161,667 | |
Continued
Sterling Capital South Carolina Intermediate Tax-Free Fund
Schedule of Portfolio Investments — (continued)
March 31, 2019 (Unaudited)
Principal Amount | | | | Fair Value | |
| MUNICIPAL BONDS — (continued) | | | |
| | | | | South Carolina — (continued) | | |
| $ | 1,500,000 | | | SCAGO Educational Facilities Corp. for Cherokee School District No. 1, Refunding Revenue, 5.000%, 12/1/24 | | $ | 1,746,630 | |
| | 1,135,000 | | | SCAGO Educational Facilities Corp. for Colleton School District, Refunding Revenue, 5.000%, 12/1/20 | | | 1,194,826 | |
| | 790,000 | | | SCAGO Educational Facilities Corp. for Union School District, Refunding Revenue, 5.000%, 12/1/21 | | | 851,027 | |
| | 500,000 | | | SCAGO Public Facilities Corp. for Georgetown County, Georgetown County Project, Refunding Revenue, Series A, 5.000%, 12/1/19 | | | 511,710 | |
| | 850,000 | | | South Carolina Jobs-Economic Development Authority, AnMed Health Project, Advance Refunding Revenue Bonds, Callable 2/1/26 @ 100, 5.000%, 2/1/29 | | | 979,191 | |
| | 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 | | | 1,116,740 | |
| | 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 | | | 1,627,995 | |
| | 1,400,000 | | | South Carolina State Fiscal Accountability Authority, Department of Mental Health Project, Callable 04/01/27 @ 100, 5.000%, 10/1/37 | | | 1,638,854 | |
| | 1,250,000 | | | South Carolina Transportation Infrastructure Bank, Advance Refunding Revenue, Series A, 5.000%, 10/1/23 | | | 1,427,037 | |
| | 1,235,000 | | | State of South Carolina, Refunding Revenue, G.O., Series D, Callable 4/1/26 @ 100 (State Aid Withholding), 5.000%, 4/1/28 | | | 1,492,090 | |
| | 1,195,000 | | | State of South Carolina, University & College Improvements, G.O., Series B, Callable 10/1/27 @ 100 (State Aid Withholding), 5.000%, 4/1/30 | | | 1,475,945 | |
Principal Amount | | | | | Fair Value | |
| MUNICIPAL BONDS — (continued) | | | | |
| | | | | South Carolina — (continued) | | | | |
| $ | 185,000 | | | Town of Lexington, SC, Waterworks & Sewer System Revenue, Prefunded Refunding Revenue Bonds, Callable 4/1/2021 @ 100, 5.000%, 4/1/22 | | $ | 197,391 | |
| | 755,000 | | | Town of Lexington, SC, Waterworks & Sewer System Revenue, Unrefunded Refunding Revenue Bonds, Callable 4/1/2021 @ 100, 5.000%, 4/1/22 | | | 803,856 | |
| | 1,150,000 | | | Town of Mount Pleasant, SC, Public Facilities, G.O., Callable 6/1/28 @ 100, 5.000%, 6/1/30 | | | 1,439,167 | |
| | | | | Total Municipal Bonds | | | | |
| | | | | (Cost $71,707,598) | | | 74,210,079 | |
| Shares | | | | | |
| MONEY MARKET FUND — 2.2% | | | |
| 1,710,175 | | Federated Treasury Obligations Fund, Institutional Shares, 2.31%(a) | | | 1,710,175 | |
| | | Total Money Market Fund | | | | |
| | | (Cost $1,710,175) | | | 1,710,175 | |
| Total Investments — 99.0% | | | | |
| (Cost $73,417,773) | | | 75,920,254 | |
| Net Other Assets (Liabilities) — 1.0% | | | 797,176 | |
| NET ASSETS — 100.0% | | $ | 76,717,430 | |
| (a) | Represents the current yield as of report date. |
AGM — Assured Guaranty Municipal Corp.
G.O. — General Obligation
SCAGO — South Carolina Association of Governmental Organizations
SCSDE — South Carolina School District Enhancement
See accompanying Notes to the Financial Statements.
Sterling Capital Virginia Intermediate Tax-Free Fund
Schedule of Portfolio Investments
March 31, 2019 (Unaudited)
| Principal Amount | | | | | Fair Value | |
| MUNICIPAL BONDS — 97.6% | | | |
| | | | | District of Columbia — 3.5% | | | | |
| $ | 1,160,000 | | | Metropolitan Washington Airports Authority, Port, Airport & Marina Improvement Revenue, Series A, Callable 10/1/20 @ 100, 5.000%, 10/1/23 | | $ | 1,221,202 | |
| | 1,325,000 | | | Washington Metropolitan Area Transit Authority, DC, Transit Improvements Revenue, Callable 7/1/27 @ 100, 5.000%, 7/1/36 | | | 1,568,191 | |
| | | | | | | | 2,789,393 | |
| | | | | Virginia — 94.1% | | | | |
| | 1,240,000 | | | Albemarle County, VA, Economic Development Authority, Public Improvements Revenue, 5.000%, 6/1/27 | | | 1,528,176 | |
| | 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 | | | 1,911,460 | |
| | 1,365,000 | | | Albemarle County, VA, School Improvements G.O., (State Aid Withholding), 5.000%, 6/1/26 | | | 1,669,927 | |
| | 1,000,000 | | | Alexandria, VA, Refunding G.O. (State Aid Withholding), 5.000%, 6/15/21 | | | 1,076,760 | |
| | 1,450,000 | | | Arlington County, VA, Public Improvements G.O., Callable 8/15/27 @ 100, 5.000%, 8/15/30 | | | 1,783,225 | |
| | 1,500,000 | | | Arlington County, VA, Public Improvements G.O., Series A, Callable 8/15/27 @ 100, 5.000%, 8/15/29 | | | 1,858,185 | |
| | 1,085,000 | | | Chesapeake Bay Bridge & Tunnel District, First Tier General Resolution, Highway Improvements, Revenue Bonds, Callable 7/1/26 @ 100 (AGM), 5.000%, 7/1/41 | | | 1,251,406 | |
| | 1,770,000 | | | Chesapeake, VA, Public Improvements, Refunding G.O., Series A, Callable 8/1/27 @ 100, 5.000%, 8/1/30 | | | 2,172,533 | |
| | 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 | | | 1,102,640 | |
| | 1,000,000 | | | Chesterfield County, VA, School District, School Public Improvement, G.O., Series A, Callable 1/1/28 @ 100 (State Aid Withholding), 4.000%, 1/1/31 | | | 1,142,750 | |
| | 1,145,000 | | | Culpeper County, VA, Economic Development Authority, VA Capital Projects, Refunding Revenue, Callable 6/1/24 @ 100, 4.000%, 6/1/26 | | | 1,264,057 | |
| | 2,500,000 | | | Fairfax County, VA, Economic Development Authority, Laurel Hill Public Facilities Project, Refunding Revenue, Series A, 5.000%, 6/1/22 | | | 2,763,025 | |
| | 2,000,000 | | | Fairfax County, VA, School District, School Public Improvements G.O., Series A, Callable 4/01/29 @ 100 (State Aid Withholding), 5.000%, 10/1/31 | | | 2,523,480 | |
| | 1,000,000 | | | Fredericksburg Economic Development Authority, Mary Washington Healthcare Obligation Group, Refunding Revenue, Callable 6/15/24 @ 100, 5.000%, 6/15/26 | | | 1,134,270 | |
| Principal Amount | | | | | Fair Value | |
| MUNICIPAL BONDS — (continued) | | | | |
| | | | | Virginia — (continued) | | | | |
| $ | 1,680,000 | | | Henrico County, VA, Economic Development Authority, Westminster Canterbury Project, Current Refunding, Callable 10/1/24 @ 100, 5.000%, 10/1/28 | | $ | 1,944,936 | |
| | 1,700,000 | | | Leesburg, VA, Refunding G.O., Callable 1/15/24 @ 100, (State Aid Withholding), 4.000%, 1/15/27 | | | 1,871,683 | |
| | 1,000,000 | | | Leesburg, VA, Refunding G.O., Callable 1/15/25 @ 100, (State Aid Withholding), 5.000%, 1/15/27 | | | 1,180,570 | |
| | 1,250,000 | | | Loudoun Country, VA, Public Improvements, Advance Refunding G.O., Series A, Callable 12/1/25 @ 100, 5.000%, 12/1/26 | | | 1,509,613 | |
| | 1,000,000 | | | Loudoun County, VA, Economic Development Authority, Public Improvements Revenue, Callable 12/1/24 @ 100, 5.000%, 12/1/27 | | | 1,169,690 | |
| | 1,365,000 | | | Loudoun County, VA, Industrial Development Authority, Refunding Revenue, 4.000%, 12/15/22 | | | 1,480,861 | |
| | 1,000,000 | | | Lynchburg Economic Development Authority, Current Refunding Revenue Bonds, Series A, 5.000%, 1/1/26 | | | 1,179,130 | |
| | 1,000,000 | | | Newport News, VA, General Water Improvements, Refunding G.O., Series B, 5.250%, 7/1/21 | | | 1,082,840 | |
| | 1,500,000 | | | Newport News, VA, Public Improvements, G.O., Series A (State Aid Withholding), 5.000%, 2/1/29 | | | 1,907,445 | |
| | 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 | | | 1,111,200 | |
| | 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 | | | 1,113,210 | |
| | 1,000,000 | | | Norfolk, VA, Economic Development Authority, Sentara Healthcare, Refunding Revenue, Series B, Callable 11/1/22 @ 100, 5.000%, 11/1/24 | | | 1,113,950 | |
| | 1,465,000 | | | Norfolk, VA, Economic Development Authority, Sentara Healthcare, Refunding Revenue, Series B, Callable 11/1/22 @ 100, 5.000%, 11/1/36 | | | 1,616,877 | |
| | 1,000,000 | | | Norfolk, VA, Public Improvements, G.O., Callable 8/1/28 @ 100 (State Aid Withholding), 5.000%, 8/1/47 | | | 1,182,870 | |
| | 2,000,000 | | | Norfolk, VA, Public Improvements, G.O., Series A, Callable 10/1/26 @ 100, 5.000%, 10/1/30 | | | 2,412,000 | |
| | 1,500,000 | | | Portsmouth, VA, Public Improvements, Refunding G.O., Callable 2/1/23 @ 100, (State Aid Withholding), 5.000%, 2/1/27 | | | 1,686,945 | |
| | 200,000 | | | Portsmouth, VA, Public Improvements, Refunding G.O., Callable 2/1/23 @ 100, (State Aid Withholding), 5.000%, 2/1/27 | | | 223,578 | |
| | 1,150,000 | | | Prince William County, VA, County Facilities, Refunding Certificate of Participation, 5.000%, 10/1/21 | | | 1,247,623 | |
| | 1,245,000 | | | Rappahannock Regional Jail Authority, Refunding Revenue, Callable 10/1/2025 @ 100, 5.000%, 10/1/26 | | | 1,485,459 | |
Continued
Sterling Capital Virginia Intermediate Tax-Free Fund
Schedule of Portfolio Investments — (continued)
March 31, 2019 (Unaudited)
| Principal Amount | | | | | Fair Value | |
| MUNICIPAL BONDS — (continued) | | | |
| | | | | Virginia — (continued) | | | |
| $ | 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 | | $ | 2,321,120 | |
| | 1,250,000 | | | Richmond, VA, Public Utility Advance Refunding Revenue Bonds, Callable 1/15/26 @ 100, 5.000%, 1/15/27 | | | 1,504,550 | |
| | 885,000 | | | Smyth County, VA, Industrial Development Authority, Mountain States Health Alliance Refunding Revenue, 5.000%, 7/1/20 | | | 922,329 | |
| | 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 | | | 1,661,381 | |
| | 1,420,000 | | | Spotsylvania County, VA, Water & Sewer System, Refunding Revenue, Series A, Callable 6/1/20 @ 100, 5.000%, 6/1/28 | | | 1,473,207 | |
| | 1,850,000 | | | Virginia College Building Authority, 21st Century College Programs, University & College Improvements Revenue, Callable 2/1/27 @ 100, 5.000%, 2/1/31 | | | 2,225,957 | |
| | 1,500,000 | | | Virginia College Building Authority, 21st Century College & Equipment, University & College Improvements Revenue, Series A, 5.000%, 2/1/22 | | | 1,642,305 | |
| | 1,215,000 | | | Virginia Commonwealth Transportation Board, Federal Highway Transportation Grant, Callable 9/15/26 @ 100, 5.000%, 9/15/30 | | | 1,463,310 | |
| | 2,000,000 | | | Virginia Commonwealth Transportation Board, Federal Transportation Grant, Anticipation Advance Refunding Revenue, Callable 9/15/27 @ 100, 5.000%, 9/15/31 | | | 2,434,340 | |
| | 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 | | | 2,065,081 | |
| | 2,000,000 | | | Virginia Public Building Authority, Public Improvements Revenue, Series A, Callable 8/1/21 @ 100, 5.000%, 8/1/26 | | | 2,160,160 | |
| Principal Amount | | | | | Fair Value | |
| MUNICIPAL BONDS — (continued) | | | | |
| | | | | Virginia — (continued) | | | | |
| $ | 1,515,000 | | | Virginia Public School Authority, Advance Refunding Revenue, Callable 8/1/25 @ 100 (State Aid Withholding), 5.000%, 8/1/26 | | $ | 1,805,244 | |
| | 1,525,000 | | | Western Regional Jail Authority, Refunding Revenue, Callable 12/1/25 @ 100, 5.000%, 12/1/26 | | | 1,826,843 | |
| | 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 | | | 1,043,740 | |
| | | | | | | | 74,251,941 | |
| | | Total Municipal Bonds | | | | |
| | | (Cost $74,318,761) | | | 77,041,334 | |
| Shares | | | | | | | |
| MONEY MARKET FUND — 4.7% | | | | |
| | 3,739,220 | | | Federated Treasury Obligations Fund, Institutional Shares, 2.31%(a) | | | 3,739,220 | |
| | | | | Total Money Market Fund | | | | |
| | | | | (Cost $3,739,220) | | | 3,739,220 | |
| Total Investments — 102.3% | | | | |
| (Cost $78,057,981) | | | 80,780,554 | |
| Net Other Assets (Liabilities) — (2.3)% | | | (1,825,456 | ) |
| NET ASSETS — 100.0% | | $ | 78,955,098 | |
| (a) | Represents the current yield as of report date. |
| | |
AGM — Assured Guaranty Municipal Corp.
G.O. — General Obligation
See accompanying Notes to the Financial Statements.
Sterling Capital West Virginia Intermediate Tax-Free Fund
Schedule of Portfolio Investments
March 31, 2019 (Unaudited)
| Principal Amount | | | | | Fair Value | |
| MUNICIPAL BONDS — 97.9% | | | |
| | | | | West Virginia — 97.9% | | | | |
| $ | 1,060,000 | | | Berkeley County, WV, Building Commission, Judicial Center Project, Refunding Revenue, Callable 9/1/21 @ 100, 4.500%, 9/1/23 | | $ | 1,128,306 | |
| | 1,085,000 | | | Berkeley County, WV, Building Commission, Lease Refunding Revenue, Callable 12/1/22 @ 100, 4.000%, 12/1/26 | | | 1,160,863 | |
| | 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 | | | 1,623,165 | |
| | 410,000 | | | Berkeley County, WV, Public Service Sewer District, Sewer Improvements Revenue, Series A, Callable 5/13/19 @ 100, 5.000%, 3/1/22 | | | 411,271 | |
| | 1,080,000 | | | Braxton County, WV, Board of Education, Public School, Advance Refunding G.O., Callable 5/1/26 @ 100, (West Virginia Board Commission), 5.000%, 5/1/28 | | | 1,272,953 | |
| | 1,090,000 | | | Charles Town, WV, Waterworks & Sewerage System, Water Utility Improvements Revenue, Series A, Callable 3/1/26 @ 100, (BAM), 4.500%, 3/1/36 | | | 1,191,861 | |
| | 1,005,000 | | | Fairmont State University, WV, University & College Improvements, Refunding Revenue, Series A, Callable 6/1/21 @ 100, 5.000%, 6/1/23 | | | 1,071,049 | |
| | 1,495,000 | | | Fairmont State University, WV, University & College Improvements, Refunding Revenue, Series B, Callable 6/1/21 @ 100, 5.000%, 6/1/23 | | | 1,593,251 | |
| | 1,390,000 | | | Marshall University, WV, University & College Improvements Revenue, Callable 5/1/21 @ 100, 5.000%, 5/1/26 | | | 1,479,433 | |
| | 1,560,000 | | | Marshall University, WV, University & College Improvements Revenue, Callable 5/1/21 @ 100, 5.000%, 5/1/27 | | | 1,659,715 | |
| | 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 | | | 1,097,500 | |
| | 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 | | | 734,279 | |
| | 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 | | | 1,047,662 | |
| | 915,000 | | | Monongalia County, WV, Building Commission, Health System Obligated Group Refunding Revenue, Callable 7/1/21 @ 100, OID, 6.250%, 7/1/31 | | | 995,639 | |
| | 2,000,000 | | | Monongalia County, WV, Building Commission, Monongalia Health System Group Refunding Revenue, Callable 7/1/25 @ 100, 5.000%, 7/1/26 | | | 2,242,960 | |
| | 1,000,000 | | | Ohio County, WV, Country Commission, Fort Henry Centre Financing District, Public Improvement, Tax Allocation, Callable 6/1/22 @ 100, 4.750%, 6/1/31 | | | 1,036,780 | |
| Principal Amount | | | | | Fair Value | |
| MUNICIPAL BONDS — (continued) | | | | |
| | | | | West Virginia — (continued) | | | | |
| $ | 1,210,000 | | | Pleasants County, WV, Board of Education, Public School Improvements G.O., Callable 5/1/21 @ 100, 4.000%, 5/1/23 | | $ | 1,270,258 | |
| | 1,165,000 | | | Pleasants County, WV, Board of Education, Public School Improvements G.O., Callable 5/1/21 @ 100, 4.000%, 5/1/24 | | | 1,221,514 | |
| | 1,285,000 | | | Princeton, WV, Princeton Community Hospital Project, Refunding Revenue, 5.000%, 5/1/22 | | | 1,377,070 | |
| | 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 | | | 1,026,080 | |
| | 500,000 | | | School Building Authority of West Virginia, Lottery Capital Improvements Revenue, Callable 7/1/24 @ 100, Series A, 5.000%, 7/1/27 | | | 578,715 | |
| | 1,265,000 | | | School Building Authority of West Virginia, Lottery Capital Improvements Revenue, Callable 7/1/24 @ 100, Series A, 5.000%, 7/1/28 | | | 1,460,721 | |
| | 1,720,000 | | | State of West Virginia, Current Refunding G.O., Series A, 5.000%, 6/1/24 | | | 2,003,714 | |
| | 2,000,000 | | | State of West Virginia, Fuel Sales Tax Revenue, Group 2 Highway Improvements, G.O., Series B, Callable 6/1/28 @ 100, 5.000%, 12/1/39 | | | 2,381,040 | |
| | 2,000,000 | | | State of West Virginia, Refunding G.O., 5.000%, 11/1/26 | | | 2,446,080 | |
| | 2,000,000 | | | West Virginia Economic Development Authority, Correctional Juvenile Public Safety Facilities Lease, Refunding Revenue, Callable 6/1/22 @ 100, 5.000%, 6/1/25 | | | 2,188,360 | |
| | 3,685,000 | | | West Virginia Economic Development Authority, Correctional Juvenile Public Safety Facilities Lease, Refunding Revenue, Callable 6/1/22 @ 100, 5.000%, 6/1/26 | | | 4,027,300 | |
| | 1,145,000 | | | West Virginia Economic Development Authority, Lottery Recreational Facilities Improvements Revenue, Series A, Callable 7/1/27 @ 100, 5.000%, 7/1/28 | | | 1,392,331 | |
| | 1,500,000 | | | West Virginia Economic Development Authority, Lottery Recreational Facilities Improvements Revenue, Series A, Callable 7/1/28 @ 100, 5.000%, 7/1/35 | | | 1,779,030 | |
| | 1,015,000 | | | West Virginia Economic Development Authority, State Office Building 3, Public Improvements Revenue, Series D, Callable 6/1/25 @ 100, 5.000%, 6/1/26 | | | 1,183,815 | |
| | 725,000 | | | West Virginia Hospital Finance Authority, Cabell Huntington Hospital Obligated Group, Refunding Revenue, Callable 1/1/29 @ 100, 5.000%, 1/1/31 | | | 855,667 | |
| | 945,000 | | | West Virginia Hospital Finance Authority, Charleston Area Medical Center Inc., Health, Hospital, Nursing Home Improvements, Refunding Revenue, Callable 9/1/24 @100, 5.000%, 9/1/25 | | | 1,056,916 | |
| | 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 | | | 2,222,560 | |
Continued
Sterling Capital West Virginia Intermediate Tax-Free Fund
Schedule of Portfolio Investments — (continued)
March 31, 2019 (Unaudited)
| Principal Amount | | | | | Fair Value | |
| MUNICIPAL BONDS — (continued) | | | |
| | | | | West Virginia — (continued) | | | | |
| $ | 515,000 | | | West Virginia Hospital Finance Authority, Valley Health System Obligated Group, Refunding Revenue, 5.000%, 1/1/24 | | $ | 591,313 | |
| | 630,000 | | | West Virginia Hospital Finance Authority, Valley Health System Obligated Group, Refunding Revenue, Callable 1/1/24 @ 100, 5.000%, 1/1/26 | | | 716,568 | |
| | 1,650,000 | | | West Virginia Parkways Authority, Senior Turnpike Toll Revenue, Highway Improvements, 5.000%, 6/1/26 | | | 1,998,744 | |
| | 2,065,000 | | | West Virginia Parkways Authority, Senior Turnpike Toll Revenue, Highway Improvements, Callable 6/1/28 @ 100, 5.000%, 6/1/39 | | | 2,454,438 | |
| | 1,890,000 | | | West Virginia State Building Commission, Regional Jail Refunding Revenue, Series A, (AMBAC), 5.375%, 7/1/21 | | | 2,015,647 | |
| | 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
| | | 1,135,010 | |
| | 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 | | | 2,863,527 | |
| | 1,750,000 | | | West Virginia University, University Projects, University & College Improvements Revenue, Series B, Callable 10/1/21 @ 100, 5.000%, 10/1/30 | | | 1,874,950 | |
| | 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 | | | 1,672,152 | |
| | 520,000 | | | West Virginia Water Development Authority, Loan Program II, Refunding Revenue, Series A-II, 5.000%, 11/1/24 | | | 605,353 | |
| Principal Amount | | | | | Fair Value | |
| MUNICIPAL BONDS — (continued) | | | |
| | | | | West Virginia — (continued) | | | | |
| $ | 1,000,000 | | | West Virginia Water Development Authority, Loan Program II, Refunding Revenue, Series A-II, 5.000%, 11/1/25 | | $ | 1,187,010 | |
| | 1,205,000 | | | Wood County, WV, Board of Education, Public School Improvements, G.O., (West Virginia Board Commission), 4.000%, 6/1/25 | | | 1,350,178 | |
| | | | | Total Municipal Bonds | | | | |
| | | | | (Cost $64,298,162) | | | 66,682,748 | |
| Shares | | | | | | | |
| MONEY MARKET FUND — 0.8% | | | | |
| | 545,315 | | | Federated Treasury Obligations Fund, Institutional Shares, 2.31%(a) | | | 545,315 | |
| | | | | Total Money Market Fund | | | | |
| | | | | (Cost $545,315) | | | 545,315 | |
| Total Investments — 98.7% | | | | |
| (Cost $64,843,477) | | | 67,228,063 | |
| Net Other Assets (Liabilities) — 1.3% | | | 873,264 | |
| NET ASSETS — 100.0% | | $ | 68,101,327 | |
(a) Represents the current yield as of report date.
AMBAC — American Municipal Bond Assurance Corp.
BAM — Build America Mutual
G.O. — General Obligation
OID — Original Issue Discount
See accompanying Notes to the Financial Statements.
Sterling Capital Diversified Income Fund
Schedule of Portfolio Investments
March 31, 2019 (Unaudited)
| Shares | | | | | Fair Value | |
| EQUITY FUNDS — 37.7% | | | | |
| | 52,575 | | | First Trust DJ Global Select Dividend Index Fund | | $ | 1,225,523 | |
| | 37,756 | | | Global Super Dividend U.S. ETF | | | 899,348 | |
| | 189,156 | | | Madison Covered Call & Equity Income Fund | | | 1,568,105 | |
| | 120,692 | | | Oppenheimer SteelPath MLP Select 40 Fund | | | 961,912 | |
| | 17,507 | | | SPDR S&P Global Dividend ETF | | | 1,161,239 | |
| | 8,954 | | | Vanguard High Dividend Yield ETF Total Equity Funds | | | 767,000 | |
| | | | | (Cost $6,290,432) | | | 6,583,127 | |
| | | | | | | | | |
| FIXED INCOME FUNDS — 61.3% | | | | |
| | 195,418 | | | Ashmore Emerging Markets Short Duration Fund | | | 1,895,558 | |
| | 126,818 | | | Federated Institutional High-Yield Bond Fund | | | 1,232,676 | |
| | 39,344 | | | Fidelity Intermediate Treasury Bond Index Fund | | | 422,943 | |
| | 31,845 | | | Fidelity Long-Term Treasury Bond Index Fund | | | 419,716 | |
| | 60,389 | | | Hotchkis and Wiley High Yield Fund | | | 704,132 | |
| | 192,643 | | | Loomis Sayles Senior Floating Rate and Fixed Income Fund | | | 1,826,251 | |
| | 75,677 | | | Principal Preferred Securities Fund | | | 746,929 | |
| | 173,781 | | | Stone Ridge High Yield Reinsurance Risk Premium Fund | | | 1,586,616 | |
| Shares | | | | | Fair Value | |
| FIXED INCOME FUNDS — (continued) | | | | |
| | 36,666 | | | VanEck Vectors Fallen Angel High Yield Bond ETF | | $ | 1,054,148 | |
| | 81,191 | | | Voya Securitized Credit Fund | | | 829,768 | |
| | | | | Total Fixed Income Funds | | | | |
| | | | | (Cost $10,961,016) | | | 10,718,737 | |
| | | | | |
| MONEY MARKET FUND — 1.1% | | | | |
| | 184,730 | | | Federated Treasury Obligations Fund, Institutional Shares, 2.31%(a) | | | 184,730 | |
| | | | | Total Money Market Fund | | | | |
| | | | | (Cost $184,730) | | | 184,730 | |
| Total Investments — 100.1% | | | | |
| (Cost $17,436,178) | | | 17,486,594 | |
| Net Other Assets (Liabilities) — (0.1)% | | | (13,425 | ) |
| NET ASSETS — 100.0% | | $ | 17,473,169 | |
| (a) | Represents the current yield as of report date. |
ETF — Exchange Traded Fund
MLP — Master Limited Partnership
See accompanying Notes to the Financial Statements.
Sterling Capital Strategic Allocation Balanced Fund
Schedule of Portfolio Investments
March 31, 2019 (Unaudited)
| Shares | | | | | Fair Value | |
| EQUITY FUNDS — 60.1% | | | | |
| | 857,334 | | | Sterling Capital Behavioral International Equity Fund, Institutional Shares(a) | | $ | 8,273,277 | |
| | 207,421 | | | Sterling Capital Equity Income Fund, Institutional Shares(a) | | | 4,177,459 | |
| | 165,808 | | | Sterling Capital Special Opportunities Fund, Institutional Shares(a) | | | 4,175,056 | |
| | | | | Total Equity Funds | | | | |
| | | | | (Cost $15,252,450) | | | 16,625,792 | |
| | | | | | | | | |
| FIXED INCOME FUND — 39.6% | | | | |
| | 1,047,341 | | | Sterling Capital Total Return Bond Fund, Institutional Shares(a) | | | 10,955,186 | |
| | | | | Total Fixed Income Fund | | | | |
| | | | | (Cost $10,820,188) | | | 10,955,186 | |
| | | | | | | | | |
| MONEY MARKET FUND — 0.2% | | | | |
| | 43,168 | | | Federated Treasury Obligations Fund, Institutional Shares, 2.31%(b) | | | 43,168 | |
| | | | | Total Money Market Fund | | | | |
| | | | | (Cost $43,168) | | | 43,168 | |
| Total Investments — 99.9% | | | | |
| (Cost $26,115,806) | | | 27,624,146 | |
| Net Other Assets (Liabilities) — 0.1% | | | 35,930 | |
| NET ASSETS — 100.0% | | $ | 27,660,076 | |
| (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 the current yield as of report date. |
See accompanying Notes to the Financial Statements.
Sterling Capital Strategic Allocation Growth Fund
Schedule of Portfolio Investments
March 31, 2019 (Unaudited)
| Shares | | | | | Fair Value | |
| EQUITY FUNDS — 75.7% | | | | |
| | 823,705 | | | Sterling Capital Behavioral International Equity Fund, Institutional Shares(a) | | $ | 7,948,753 | |
| | 205,405 | | | Sterling Capital Equity Income Fund, Institutional Shares(a) | | | 4,136,854 | |
| | 166,363 | | | Sterling Capital Special Opportunities Fund, Institutional Shares(a) | | | 4,189,029 | |
| | | | | Total Equity Funds | | | | |
| | | | | (Cost $14,772,078) | | | 16,274,636 | |
| | | | | | | | | |
| FIXED INCOME FUND — 24.1% | | | | |
| | 494,168 | | | Sterling Capital Total Return Bond Fund, Institutional Shares(a) | | | 5,168,998 | |
| | | | | Total Fixed Income Fund | | | | |
| | | | | (Cost $5,228,853) | | | 5,168,998 | |
| | | | | | | | | |
| MONEY MARKET FUND — 0.2% | | | | |
| | 53,261 | | | Federated Treasury Obligations Fund, Institutional Shares, 2.31%(b) | | | 53,261 | |
| | | | | Total Money Market Fund | | | | |
| | | | | (Cost $53,261) | | | 53,261 | |
| Total Investments — 100.0% | | | | |
| (Cost $20,054,192) | | | 21,496,895 | |
| Net Other Assets (Liabilities) — 0.0% | | | (2,913 | ) |
| NET ASSETS — 100.0% | | $ | 21,493,982 | |
| (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 the current yield as of report date. |
See accompanying Notes to the Financial Statements.
Statements of Assets and Liabilities
March 31, 2019 (Unaudited)
| | | Sterling Capital Behavioral Large Cap Value Equity Fund | | | Sterling Capital Mid Value Fund | |
| Assets: | | | | | | |
| Investments at fair value (a) | | $ | 280,167,590 | | | $ | 442,535,688 | |
| Cash | | | — | | | | — | |
| Foreign currency, at value (cost $ — , $ — , $ — , $ — , $ — , $188,370, $ — , and $ — , respectively) | | | — | | | | — | |
| Dividends receivable | | | 382,469 | | | | 254,847 | |
| Receivable for investments sold | | | — | | | | — | |
| Receivable for capital shares issued | | | 274,920 | | | | 722,418 | |
| Prepaid and other expenses | | | 37,421 | | | | 75,799 | |
| Total Assets | | | 280,862,400 | | | | 443,588,752 | |
| Liabilities: | | | | | | | | |
| Distributions payable | | | — | | | | — | |
| Payable for investments purchased | | | — | | | | 709,045 | |
| Payable for capital shares redeemed | | | 743,335 | | | | 586,903 | |
| Accrued expenses and other payables: | | | | | | | | |
| Investment advisory fees | | | 107,688 | | | | 262,998 | |
| Accounting out-of-pocket fees | | | 3,638 | | | | 6,833 | |
| Administration fees | | | 6,042 | | | | 2,417 | |
| Audit fees | | | 16,154 | | | | 33,569 | |
| Compliance service fees | | | 377 | | | | 850 | |
| Distribution (12b-1) fees | | | 6,940 | | | | 7,710 | |
| Custodian fees | | | 2,375 | | | | 5,668 | |
| Transfer agent fees | | | 8,868 | | | | 75,207 | |
| Other fees and liabilities | | | 2,287 | | | | 12,237 | |
| Total Liabilities | | | 897,704 | | | | 1,703,437 | |
| Net Assets | | $ | 279,964,696 | | | $ | 441,885,315 | |
| Net Assets Consist of: | | | | | | | | |
| Capital | | $ | 254,630,092 | | | $ | 375,248,868 | |
| Total distributable earnings | | | 25,334,604 | | | | 66,636,447 | |
| Net Assets | | $ | 279,964,696 | | | $ | 441,885,315 | |
| Net Assets | | | | | | | | |
| Class A Shares | | $ | 29,273,145 | | | $ | 24,063,551 | |
| Class C Shares | | | 637,649 | | | | 2,944,008 | |
| Institutional Shares | | | 7,863,473 | | | | 159,678,090 | |
| Class R Shares | | | — | | | | 4,209 | |
| Class R6 Shares | | | 242,190,429 | | | | 255,195,457 | |
| Total | | $ | 279,964,696 | | | $ | 441,885,315 | |
| Shares of Beneficial Interest Outstanding (Unlimited number of shares authorized, no par value) | | | | | | | | |
| Class A Shares | | | 1,552,647 | | | | 1,491,854 | |
| Class C Shares | | | 34,916 | | | | 209,979 | |
| Institutional Shares | | | 414,452 | | | | 9,708,715 | |
| Class R Shares | | | — | | | | 271 | |
| Class R6 Shares | | | 12,763,432 | | | | 15,507,200 | |
| Total | | | 14,765,447 | | | | 26,918,019 | |
| Net Asset Value | | | | | | | | |
| Class A Shares - redemption price per share | | $ | 18.85 | | | $ | 16.13 | |
| Class C Shares - offering price per share* | | $ | 18.26 | | | $ | 14.02 | |
| Institutional Shares | | $ | 18.97 | | | $ | 16.45 | |
| Class R Shares | | $ | — | | | $ | 15.51 | ** |
| Class R6 Shares | | $ | 18.98 | | | $ | 16.46 | |
| 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 nearestcent per share - Class A Shares | | $ | 20.00 | | | $ | 17.11 | |
| (a) Investments at cost | | $ | 261,106,136 | | | $ | 382,690,583 | |
| * | Redemption price per share varies by length of time shares are held. |
| ** | The Sterling Capital Mid Value Fund net asset value for Class R Shares and Sterling Capital Stratton Mid Cap Value Fund net asset value for Class C Shares is calculated using unrounded net assets of $4,208.71 and $1,320.17 divided by the unrounded shares of 271.43 and 22.327, respectively. |
See accompanying Notes to the Financial Statements.
Sterling Capital Behavioral Small Cap Value Equity Fund | | | Sterling Capital Special Opportunities Fund | | | Sterling Capital Equity Income Fund | | | Sterling Capital Behavioral International Equity Fund | | | Sterling Capital SMID Opportunities Fund | | | Sterling Capital Stratton Mid Cap Value Fund | |
| | | | | | | | | | | | | | | | | | | | | | | |
| $ | 209,569,196 | | | $ | 1,078,630,706 | | | $ | 1,678,125,064 | | | $ | 75,008,035 | | | $ | 8,786,863 | | | $ | 59,923,648 | |
| | — | | | | — | | | | — | | | | — | | | | 107 | | | | — | |
| | — | | | | — | | | | — | | | | 187,977 | | | | — | | | | — | |
| | 399,551 | | | | 868,588 | | | | 1,428,881 | | | | 882,066 | | | | 5,735 | | | | 72,208 | |
| | — | | | | 1,020,514 | | | | 786,709 | | | | — | | | | — | | | | — | |
| | 163,905 | | | | 1,166,355 | | | | 1,426,942 | | | | — | | | | 10,146 | | | | — | |
| | 27,464 | | | | 18,067 | | | | 62,031 | | | | 19,548 | | | | 14,832 | | | | 11,666 | |
| | 210,160,116 | | | | 1,081,704,230 | | | | 1,681,829,627 | | | | 76,097,626 | | | | 8,817,683 | | | | 60,007,522 | |
| | | | | | | | | | | | | | | | | | | | | | | |
| | — | | | | — | | | | 311 | | | | — | | | | — | | | | — | |
| | — | | | | — | | | | 208,490 | | | | — | | | | — | | | | — | |
| | 344 | | | | 1,912,946 | | | | 1,178,964 | | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | |
| | 107,724 | | | | 595,347 | | | | 777,724 | | | | 25,905 | | | | 1,257 | | | | 35,588 | |
| | 4,579 | | | | 10,844 | | | | 15,743 | | | | 10,843 | | | | 586 | | | | 1,276 | |
| | 5,049 | | | | 49,345 | | | | 84,064 | | | | — | | | | 616 | | | | 4,243 | |
| | 11,607 | | | | 60,466 | | | | 86,929 | | | | 4,324 | | | | 481 | | | | 3,398 | |
| | 319 | | | | 1,096 | | | | 1,249 | | | | 148 | | | | 72 | | | | 126 | |
| | 1,733 | | | | 149,623 | | | | 210,248 | | | | 174 | | | | 1,620 | | | | 23 | |
| | 1,978 | | | | 9,051 | | | | 11,807 | | | | 2,597 | | | | 67 | | | | 550 | |
| | 8,610 | | | | 105,698 | | | | 163,249 | | | | 2,054 | | | | 1,391 | | | | 7,200 | |
| | 6,083 | | | | 4,555 | | | | 9,512 | | | | 1,969 | | | | 309 | | | | 1,741 | |
| | 148,026 | | | | 2,898,971 | | | | 2,748,290 | | | | 48,014 | | | | 6,399 | | | | 54,145 | |
| $ | 210,012,090 | | | $ | 1,078,805,259 | | | $ | 1,679,081,337 | | | $ | 76,049,612 | | | $ | 8,811,284 | | | $ | 59,953,377 | |
| | | | | | | | | | | | | | | | | | | | | | | |
| $ | 201,497,208 | | | $ | 696,847,895 | | | $ | 1,161,399,471 | | | $ | 75,933,219 | | | $ | 7,453,737 | | | $ | 39,325,053 | |
| | 8,514,882 | | | | 381,957,364 | | | | 517,681,866 | | | | 116,393 | | | | 1,357,547 | | | | 20,628,324 | |
| $ | 210,012,090 | | | $ | 1,078,805,259 | | | $ | 1,679,081,337 | | | $ | 76,049,612 | | | $ | 8,811,284 | | | $ | 59,953,377 | |
| | | | | | | | | | | | | | | | | | | | | | | |
| $ | 7,309,687 | | | $ | 331,992,357 | | | $ | 325,493,403 | | | $ | 506,306 | | | $ | 2,653,011 | | | $ | 106,434 | |
| | 156,415 | | | | 91,466,579 | | | | 161,761,053 | | | | 65,975 | | | | 1,223,208 | | | | 1,320 | |
| | 29,658,960 | | | | 301,802,957 | | | | 862,017,312 | | | | 17,014,994 | | | | 4,935,065 | | | | 59,845,623 | |
| | 80,392 | | | | 262,284 | | | | 2,780,631 | | | | — | | | | — | | | | — | |
| | 172,806,636 | | | | 353,281,082 | | | | 327,028,938 | | | | 58,462,337 | | | | — | | | | — | |
| $ | 210,012,090 | | | $ | 1,078,805,259 | | | $ | 1,679,081,337 | | | $ | 76,049,612 | | | $ | 8,811,284 | | | $ | 59,953,377 | |
| | | | | | | | | | | | | | | | | | | | | | | |
| | 498,372 | | | | 13,938,884 | | | | 16,213,460 | | | | 52,454 | | | | 221,684 | | | | 1,763 | |
| | 11,135 | | | | 4,702,451 | | | | 8,142,656 | | | | 6,888 | | | | 103,732 | | | | 22 | |
| | 2,004,248 | | | | 11,987,901 | | | | 42,811,147 | | | | 1,763,772 | | | | 410,630 | | | | 988,309 | |
| | 5,524 | | | | 10,907 | | | | 139,649 | | | | — | | | | — | | | | — | |
| | 11,668,346 | | | | 14,023,894 | | | | 16,238,150 | | | | 6,059,061 | | | | — | | | | — | |
| | 14,187,625 | | | | 44,664,037 | | | | 83,545,062 | | | | 7,882,175 | | | | 736,046 | | | | 990,094 | |
| | | | | | | | | | | | | | | | | | | | | | | |
| $ | 14.67 | | | $ | 23.82 | | | $ | 20.08 | | | $ | 9.65 | | | $ | 11.97 | | | $ | 60.37 | |
| $ | 14.05 | | | $ | 19.45 | | | $ | 19.87 | | | $ | 9.58 | | | $ | 11.79 | | | $ | 59.13 | ** |
| $ | 14.80 | | | $ | 25.18 | | | $ | 20.14 | | | $ | 9.65 | | | $ | 12.02 | | | $ | 60.55 | |
| $ | 14.55 | | | $ | 24.05 | | | $ | 19.91 | | | $ | — | | | $ | — | | | $ | — | |
| $ | 14.81 | | | $ | 25.19 | | | $ | 20.14 | | | $ | 9.65 | | | $ | — | | | $ | — | |
| | 5.75 | % | | | 5.75 | % | | | 5.75 | % | | | 5.75 | % | | | 5.75 | % | | | 5.75 | % |
| $ | 15.56 | | | $ | 25.27 | | | $ | 21.31 | | | $ | 10.24 | | | $ | 12.70 | | | $ | 64.05 | |
| $ | 198,037,694 | | | $ | 731,089,298 | | | $ | 1,213,367,219 | | | $ | 73,496,138 | | | $ | 7,336,946 | | | $ | 40,188,405 | |
Statements of Assets and Liabilities
March 31, 2019 (Unaudited)
| | | Sterling Capital Stratton Real Estate Fund | | | Sterling Capital Stratton Small Cap Value Fund | |
| Assets: | | | | | | | | |
| Investments at fair value (a) | | $ | 100,473,899 | | | $ | 1,011,542,061 | |
| Cash | | | — | | | | — | |
| Interest and dividends receivable | | | 417,014 | | | | 2,143,076 | |
| Receivable for investments sold | | | — | | | | 345,262 | |
| Receivable for capital shares issued | | | 110,658 | | | | 794,207 | |
| Prepaid expenses | | | 14,025 | | | | 36,248 | |
| Total Assets | | | 101,015,596 | | | | 1,014,860,854 | |
| Liabilities: | | | | | | | | |
| Cash overdraft | | | — | | | | — | |
| Distributions payable | | | 34 | | | | — | |
| Payable for investments purchased | | | — | | | | — | |
| Payable for capital shares redeemed | | | 92,671 | | | | 1,373,416 | |
| Accrued expenses and other payables: | | | | | | | | |
| Investment advisory fees | | | 48,313 | | | | 695,926 | |
| Accounting out-of-pocket fees | | | 1,495 | | | | 13,078 | |
| Administration fees | | | 7,020 | | | | 72,539 | |
| Compliance service fees | | | 128 | | | | 1,266 | |
| Distribution (12b-1) fees | | | 247 | | | | 603 | |
| Transfer agent fees | | | 7,353 | | | | 107,398 | |
| Other fees | | | 4,675 | | | | 80,863 | |
| Total Liabilities | | | 161,936 | | | | 2,345,089 | |
| Net Assets | | $ | 100,853,660 | | | $ | 1,012,515,765 | |
| Net Assets Consist of: | | | | | | | | |
| Capital | | $ | 61,034,921 | | | $ | 474,522,988 | |
| Total distributable earnings | | | 39,818,739 | | | | 537,992,777 | |
| Net Assets | | $ | 100,853,660 | | | $ | 1,012,515,765 | |
| Net Assets | | | | | | | | |
| Class A Shares | | $ | 519,005 | | | $ | 2,243,084 | |
| Class C Shares | | | 167,243 | | | | 160,086 | |
| Institutional Shares | | | 100,167,412 | | | | 1,010,112,595 | |
| Class R Shares | | | — | | | | — | |
| Class R6 Shares | | | — | | | | — | |
| Total | | $ | 100,853,660 | | | $ | 1,012,515,765 | |
| Shares of Beneficial Interest Outstanding (Unlimited number of shares authorized, no par value) | | | | | | | | |
| Class A Shares | | | 13,227 | | | | 29,688 | |
| Class C Shares | | | 4,285 | | | | 2,170 | |
| Institutional Shares | | | 2,548,054 | | | | 13,320,949 | |
| Class R Shares | | | — | | | | — | |
| Class R6 Shares | | | — | | | | — | |
| Total | | | 2,565,566 | | | | 13,352,807 | |
| Net Asset Value | | | | | | | | |
| Class A Shares - redemption price per share | | $ | 39.24 | | | $ | 75.55 | |
| Class C Shares - offering price per share* | | $ | 39.03 | | | $ | 73.77 | |
| Institutional Shares | | $ | 39.31 | | | $ | 75.83 | |
| Class R Shares | | $ | — | | | $ | — | |
| Class R6 Shares | | $ | — | | | $ | — | |
| 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 | | $ | 41.63 | | | $ | 80.16 | |
| (a) Investments at cost | | $ | 62,351,746 | | | $ | 529,315,210 | |
| * | Redemption price per share varies by length of time shares are held. |
| ** | The Sterling Capital Kentucky Tax-Free Intermediate Fund net asset value for Class C Shares is calculated using unrounded net assets of $1,588.43 divided by the unrounded shares of 156.88. |
See accompanying Notes to the Financial Statements.
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 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| $ | 45,611,249 | | | $ | 177,505,761 | | | $ | 15,857,119 | | | $ | 1,289,133,695 | | | $ | 22,618,317 | | | $ | 36,013,962 | | | $ | 10,250,923 | |
| | 6,446 | | | | 22,026 | | | | — | | | | 94,369 | | | | 8,335 | | | | — | | | | — | |
| | 249,743 | | | | 1,067,647 | | | | 97,657 | | | | 8,122,982 | | | | 218,796 | | | | 101,186 | | | | 143,278 | |
| | — | | | | 11,539,836 | | | | — | | | | 1,215,821 | | | | 59,020 | | | | 492,177 | | | | — | |
| | 2 | | | | 75,669 | | | | 24,140 | | | | 2,516,559 | | | | 34,238 | | | | — | | | | — | |
| | 9,145 | | | | 18,872 | | | | 8,051 | | | | 58,954 | | | | 7,889 | | | | 7,004 | | | | 4,125 | |
| | 45,876,585 | | | | 190,229,811 | | | | 15,986,967 | | | | 1,301,142,380 | | | | 22,946,595 | | | | 36,614,329 | | | | 10,398,326 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | — | | | | — | | | | — | | | | — | | | | — | | | | 1,299 | | | | — | |
| | 18,191 | | | | 97,353 | | | | 23,288 | | | | 1,282,934 | | | | 63 | | | | 3,658 | | | | 11,720 | |
| | — | | | | 11,705,787 | | | | 174,017 | | | | 26,507,776 | | | | 260,182 | | | | 1,275,018 | | | | — | |
| | 2,027,119 | | | | 146,291 | | | | 161,711 | | | | 1,298,593 | | | | 80,503 | | | | 46,631 | | | | 1,263 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 3,910 | | | | 30,048 | | | | 4,287 | | | | 246,408 | | | | 6,709 | | | | 9,237 | | | | 3,067 | |
| | 8,123 | | | | 8,071 | | | | 2,700 | | | | 29,144 | | | | 3,443 | | | | 8,460 | | | | 1,764 | |
| | 3,270 | | | | 12,577 | | | | 1,121 | | | | 57,698 | | | | 1,604 | | | | 2,494 | | | | 733 | |
| | 105 | | | | 36 | | | | 84 | | | | 815 | | | | 88 | | | | 93 | | | | 75 | |
| | 1,154 | | | | 1,732 | | | | 1,270 | | | | 18,309 | | | | 100 | | | | 30 | | | | 655 | |
| | 1,955 | | | | — | | | | 1,037 | | | | 96,174 | | | | 738 | | | | 856 | | | | 486 | |
| | 2,635 | | | | 3,465 | | | | 1,764 | | | | 78,717 | | | | 610 | | | | 1,563 | | | | 1,051 | |
| | 2,066,462 | | | | 12,005,360 | | | | 371,279 | | | | 29,616,568 | | | | 354,040 | | | | 1,349,339 | | | | 20,814 | |
| $ | 43,810,123 | | | $ | 178,224,451 | | | $ | 15,615,688 | | | $ | 1,271,525,812 | | | $ | 22,592,555 | | | $ | 35,264,990 | | | $ | 10,377,512 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| $ | 44,886,113 | | | $ | 186,723,790 | | | $ | 16,424,080 | | | $ | 1,289,658,630 | | | $ | 22,661,731 | | | $ | 36,999,644 | | | $ | 10,072,634 | |
| | (1,075,990 | ) | | | (8,499,339 | ) | | | (808,392 | ) | | | (18,132,818 | ) | | | (69,176 | ) | | | (1,734,654 | ) | | | 304,878 | |
| $ | 43,810,123 | | | $ | 178,224,451 | | | $ | 15,615,688 | | | $ | 1,271,525,812 | | | $ | 22,592,555 | | | $ | 35,264,990 | | | $ | 10,377,512 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| $ | 3,379,435 | | | $ | 3,731,506 | | | $ | 4,089,978 | | | $ | 57,762,699 | | | $ | 469,246 | | | $ | 19,160 | | | $ | 3,102,279 | |
| | — | | | | 1,077,519 | | | | 435,938 | | | | 7,430,645 | | | | 2,997 | | | | 33,622 | | | | 1,588 | |
| | 40,430,688 | | | | 173,415,426 | | | | 11,089,772 | | | | 904,015,001 | | | | 22,120,312 | | | | 35,212,208 | | | | 7,273,645 | |
| | — | | | | — | | | | — | | | | 27,795 | | | | — | | | | — | | | | — | |
| | — | | | | — | | | | — | | | | 302,289,672 | | | | — | | | | — | | | | | |
| $ | 43,810,123 | | | $ | 178,224,451 | | | $ | 15,615,688 | | | $ | 1,271,525,812 | | | $ | 22,592,555 | | | $ | 35,264,990 | | | $ | 10,377,512 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 346,122 | | | | 435,185 | | | | 420,731 | | | | 5,523,478 | | | | 46,759 | | | | 1,946 | | | | 306,640 | |
| | — | | | | 125,735 | | | | 44,917 | | | | 709,501 | | | | 299 | | | | 3,416 | | | | 157 | |
| | 4,138,597 | | | | 20,225,025 | | | | 1,139,715 | | | | 86,400,673 | | | | 2,205,029 | | | | 3,571,596 | | | | 720,022 | |
| | — | | | | — | | | | — | | | | 2,667 | | | | — | | | | — | | | | — | |
| | — | | | | — | | | | — | | | | 28,893,747 | | | | — | | | | — | | | | — | |
| | 4,484,719 | | | | 20,785,945 | | | | 1,605,363 | | | | 121,530,066 | | | | 2,252,087 | | | | 3,576,958 | | | | 1,026,819 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| $ | 9.76 | | | $ | 8.57 | | | $ | 9.72 | | | $ | 10.46 | | | $ | 10.04 | | | $ | 9.85 | | | $ | 10.12 | |
| $ | — | | | $ | 8.57 | | | $ | 9.71 | | | $ | 10.47 | | | $ | 10.02 | | | $ | 9.84 | | | $ | 10.13 | ** |
| $ | 9.77 | | | $ | 8.57 | | | $ | 9.73 | | | $ | 10.46 | | | $ | 10.03 | | | $ | 9.86 | | | $ | 10.10 | |
| $ | — | | | $ | — | | | $ | — | | | $ | 10.42 | | | $ | — | | | $ | — | | | $ | — | |
| $ | — | | | $ | — | | | $ | — | | | $ | 10.46 | | | $ | — | | | $ | — | | | $ | — | |
| | 0.50 | % | | | 2.00 | % | | | 2.00 | % | | | 5.75 | % | | | 2.00 | % | | | 2.00 | % | | | 2.00 | % |
| $ | 9.81 | | | $ | 8.74 | | | $ | 9.92 | | | $ | 11.10 | | | $ | 10.24 | | | $ | 10.05 | | | $ | 10.33 | |
| $ | 45,552,797 | | | $ | 176,945,467 | | | $ | 15,747,138 | | | $ | 1,277,703,607 | | | $ | 22,315,650 | | | $ | 35,745,603 | | | $ | 9,920,918 | |
Statements of Assets and Liabilities
March 31, 2019 (Unaudited)
| | | Sterling Capital Maryland Intermediate Tax-Free Fund | | | Sterling Capital North Carolina Intermediate Tax-Free Fund | |
| Assets: | | | | | | |
| Investments at fair value - unaffiliated (a) | | $ | 16,175,287 | | | $ | 164,186,800 | |
| Investments at fair value - affiliated (b) | | | — | | | | — | |
| Interest and dividends receivable - unaffiliated | | | 179,334 | | | | 2,352,019 | |
| Dividends receivable - affiliated | | | — | | | | — | |
| Receivable for capital shares issued | | | 3,689 | | | | 30,022 | |
| Prepaid and other expenses | | | 8,092 | | | | 12,494 | |
| Total Assets | | | 16,366,402 | | | | 166,581,335 | |
| Liabilities: | | | | | | | | |
| Distributions payable | | | 19,109 | | | | 180,942 | |
| Payable for investments purchased | | | 312,150 | | | | — | |
| Payable for capital shares redeemed | | | 1,958 | | | | 564,943 | |
| Accrued expenses and other payables: | | | | | | | | |
| Investment advisory fees | | | 4,711 | | | | 49,125 | |
| Administration fees | | | 1,126 | | | | 11,743 | |
| Audit fees | | | 1,056 | | | | 9,554 | |
| Compliance service fees | | | 84 | | | | 192 | |
| Distribution (12b-1) fees | | | 1,333 | | | | 10,472 | |
| Transfer agent fees | | | 968 | | | | 6,903 | |
| Other fees | | | 951 | | | | 11,735 | |
| Total Liabilities | | | 343,446 | | | | 845,609 | |
| Net Assets | | $ | 16,022,956 | | | $ | 165,735,726 | |
| Net Assets Consist of: | | | | | | | | |
| Capital | | $ | 15,521,827 | | | $ | 160,836,796 | |
| Total distributable earnings | | | 501,129 | | | | 4,898,930 | |
| Net Assets | | $ | 16,022,956 | | | $ | 165,735,726 | |
| Net Assets | | | | | | | | |
| Class A Shares | | $ | 4,091,610 | | | $ | 37,905,524 | |
| Class C Shares | | | 552,444 | | | | 2,913,188 | |
| Institutional Shares | | | 11,378,902 | | | | 124,917,014 | |
| Total | | $ | 16,022,956 | | | $ | 165,735,726 | |
| Shares of Beneficial Interest Outstanding (Unlimited number of shares authorized, no par value) | | | | | | | | |
| Class A Shares | | | 380,825 | | | | 3,545,747 | |
| Class C Shares | | | 51,404 | | | | 272,692 | |
| Institutional Shares | | | 1,057,262 | | | | 11,685,130 | |
| Total | | | 1,489,491 | | | | 15,503,569 | |
| Net Asset Value | | | | | | | | |
| Class A Shares - redemption price per share | | $ | 10.74 | | | $ | 10.69 | |
| Class C Shares - offering price per share* | | $ | 10.75 | | | $ | 10.68 | |
| Institutional Shares | | $ | 10.76 | | | $ | 10.69 | |
| 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 nearestcent per share - Class A Shares | | $ | 10.96 | | | $ | 10.91 | |
| Investments at cost: | | | | | | | | |
| (a) Investments at cost - unaffiliated | | $ | 15,659,725 | | | $ | 157,952,447 | |
| (b) Investments at cost - affiliated | | $ | — | | | $ | — | |
| * | Redemption price per share varies by length of time shares are held. |
See accompanying Notes to the Financial Statements.
| 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 Diversified Income Fund | | | Sterling Capital Strategic Allocation Balanced Fund | | | Sterling Capital Strategic Allocation Growth Fund | |
| | | | | | | | | | | | | | | | | | | | | | | |
| $ | 75,920,254 | | | $ | 80,780,554 | | | $ | 67,228,063 | | | $ | 17,486,594 | | | $ | 43,168 | | | $ | 53,261 | |
| | — | | | | — | | | | — | | | | — | | | | 27,580,978 | | | | 21,443,634 | |
| | 889,111 | | | | 859,383 | | | | 1,015,960 | | | | 16,531 | | | | — | | | | — | |
| | — | | | | — | | | | — | | | | — | | | | 31,192 | | | | 14,902 | |
| | 90,000 | | | | 15 | | | | — | | | | — | | | | 12,669 | | | | 14 | |
| | 6,433 | | | | 10,387 | | | | 6,529 | | | | 4,766 | | | | 5,376 | | | | 2,516 | |
| | 76,905,798 | | | | 81,650,339 | | | | 68,250,552 | | | | 17,507,891 | | | | 27,673,383 | | | | 21,514,327 | |
| | | | | | | | | | | | | | | | | | | | | | | |
| | 88,291 | | | | 97,505 | | | | 95,914 | | | | 562 | | | | 226 | | | | 178 | |
| | — | | | | 2,540,629 | | | | — | | | | — | | | | — | | | | — | |
| | 54,887 | | | | 10,505 | | | | 11,806 | | | | 21,826 | | | | 3,123 | | | | 11,879 | |
| | | | | | | | | | | | | | | | | | | | | | | |
| | 22,676 | | | | 22,508 | | | | 20,179 | | | | 3,765 | | | | — | | | | — | |
| | 5,421 | | | | 5,382 | | | | 4,823 | | | | 1,260 | | | | — | | | | — | |
| | 4,394 | | | | 4,629 | | | | 4,279 | | | | 1,155 | | | | 1,573 | | | | 1,224 | |
| | 130 | | | | 137 | | | | 141 | | | | 83 | | | | 88 | | | | 83 | |
| | 3,581 | | | | 4,624 | | | | 5,040 | | | | 3,146 | | | | 6,128 | | | | 4,665 | |
| | 3,618 | | | | 3,671 | | | | 2,292 | | | | 2,095 | | | | 1,446 | | | | 1,166 | |
| | 5,370 | | | | 5,651 | | | | 4,751 | | | | 830 | | | | 723 | | | | 1,150 | |
| | 188,368 | | | | 2,695,241 | | | | 149,225 | | | | 34,722 | | | | 13,307 | | | | 20,345 | |
| $ | 76,717,430 | | | $ | 78,955,098 | | | $ | 68,101,327 | | | $ | 17,473,169 | | | $ | 27,660,076 | | | $ | 21,493,982 | |
| | | | | | | | | | | | | | | | | | | | | | | |
| $ | 74,868,659 | | | $ | 76,452,348 | | | $ | 65,898,076 | | | $ | 18,506,230 | | | $ | 28,531,627 | | | $ | 23,993,009 | |
| | 1,848,771 | | | | 2,502,750 | | | | 2,203,251 | | | | (1,033,061 | ) | | | (871,551 | ) | | | (2,499,027 | ) |
| $ | 76,717,430 | | | $ | 78,955,098 | | | $ | 68,101,327 | | | $ | 17,473,169 | | | $ | 27,660,076 | | | $ | 21,493,982 | |
| | | | | | | | | | | | | | | | | | | | | | | |
| $ | 13,001,827 | | | $ | 18,443,840 | | | $ | 21,052,827 | | | $ | 11,192,811 | | | $ | 27,020,493 | | | $ | 20,459,059 | |
| | 957,479 | | | | 831,567 | | | | 693,436 | | | | 831,395 | | | | 449,693 | | | | 370,410 | |
| | 62,758,124 | | | | 59,679,691 | | | | 46,355,064 | | | | 5,448,963 | | | | 189,890 | | | | 664,513 | |
| $ | 76,717,430 | | | $ | 78,955,098 | | | $ | 68,101,327 | | | $ | 17,473,169 | | | $ | 27,660,076 | | | $ | 21,493,982 | |
| | | | | | | | | | | | | | | | | | | | | | | |
| | 1,174,481 | | | | 1,574,947 | | | | 2,118,083 | | | | 1,082,802 | | | | 2,295,180 | | | | 1,731,265 | |
| | 86,531 | | | | 71,022 | | | | 69,740 | | | | 81,145 | | | | 38,954 | | | | 32,590 | |
| | 5,708,188 | | | | 5,097,682 | | | | 4,658,522 | | | | 520,276 | | | | 16,002 | | | | 56,102 | |
| | 6,969,200 | | | | 6,743,651 | | | | 6,846,345 | | | | 1,684,223 | | | | 2,350,136 | | | | 1,819,957 | |
| | | | | | | | | | | | | | | | | | | | | | | |
| $ | 11.07 | | | $ | 11.71 | | | $ | 9.94 | | | $ | 10.34 | | | $ | 11.77 | | | $ | 11.82 | |
| $ | 11.07 | | | $ | 11.71 | | | $ | 9.94 | | | $ | 10.25 | | | $ | 11.54 | | | $ | 11.37 | |
| $ | 10.99 | | | $ | 11.71 | | | $ | 9.95 | | | $ | 10.47 | | | $ | 11.87 | | | $ | 11.84 | |
| | 2.00 | % | | | 2.00 | % | | | 2.00 | % | | | 5.75 | % | | | 5.75 | % | | | 5.75 | % |
| $ | 11.30 | | | $ | 11.95 | | | $ | 10.14 | | | $ | 10.97 | | | $ | 12.49 | | | $ | 12.54 | |
| | | | | | | | | | | | | | | | | | | | | | | |
| $ | 73,417,773 | | | $ | 78,057,981 | | | $ | 64,843,477 | | | $ | 17,436,178 | | | $ | 43,168 | | | $ | 53,261 | |
| $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | 26,072,638 | | | $ | 20,000,931 | |
Statements of Operations
For the Six months Ended March 31, 2019 (Unaudited)
| | | Sterling Capital Behavioral Large Cap Value Equity Fund | | | Sterling Capital Mid Value Fund | |
| Investment Income: | | | | | | | | |
| Dividend income | | $ | 4,134,362 | | | $ | 2,947,305 | |
| Foreign tax withholding | | | (1,667 | ) | | | — | |
| Total investment income | | | 4,132,695 | | | | 2,947,305 | |
| Expenses: | | | | | | | | |
| Investment advisory fees (See Note 5) | | | 636,170 | | | | 1,817,151 | |
| Administration fees (See Note 5) | | | 117,534 | | | | 215,617 | |
| Distribution fees - Class A Shares (See Note 5) | | | 37,559 | | | | 32,818 | |
| Distribution fees - Class C Shares (See Note 5) | | | 3,823 | | | | 16,404 | |
| Distribution fees - Class R Shares (See Note 5) | | | — | | | | 8 | |
| Compliance service fees (See Note 5) | | | 1,749 | | | | 3,274 | |
| Trustee fees | | | 13,628 | | | | 26,963 | |
| Accounting and out-of-pocket fees | | | 5,497 | | | | 8,604 | |
| Audit fees | | | 12,275 | | | | 23,616 | |
| Custodian fees | | | 7,036 | | | | 14,334 | |
| Fund accounting fees (See Note 5) | | | 10,604 | | | | 19,470 | |
| Interest expense (See Note 7) | | | — | | | | 575 | |
| Legal fees | | | 16,344 | | | | 31,630 | |
| Printing fees | | | 13,436 | | | | 27,422 | |
| Registration fees | | | 21,724 | | | | 34,006 | |
| Transfer agent fees (See Note 5) | | | 36,105 | | | | 217,284 | |
| Other fees | | | 12,024 | | | | 21,110 | |
| Total expenses before waivers | | | 945,508 | | | | 2,510,286 | |
| Less expenses waived by the Investment Advisor (See Note 5) | | | — | | | | — | |
| Less expenses waived by the Administrator (See Note 5) | | | (72,610 | ) | | | (160,527 | ) |
| Net expenses | | | 872,898 | | | | 2,349,759 | |
| Net investment income (loss) | | | 3,259,797 | | | | 597,546 | |
| Realized and Unrealized Gain (Loss): | | | | | | | | |
| Net realized gain (loss) from: | | | | | | | | |
| Investments | | | 6,107,982 | | | | 16,203,822 | |
| Foreign currency transactions | | | — | | | | — | |
| Change in unrealized appreciation/depreciation on: | | | | | | | | |
| Investments | | | (29,445,041 | ) | | | (70,998,076 | ) |
| Foreign currency transactions | | | — | | | | — | |
| Total realized and unrealized gain (loss) | | | (23,337,059 | ) | | | (54,794,254 | ) |
| Change in net assets from operations | | $ | (20,077,262 | ) | �� | $ | (54,196,708 | ) |
See accompanying Notes to the Financial Statements.
Sterling Capital Behavioral Small Cap Value Equity Fund | | | Sterling Capital Special Opportunities Fund | | | Sterling Capital Equity Income Fund | | | Sterling Capital Behavioral International Equity Fund | | | Sterling Capital SMID Opportunities Fund | | | Sterling Capital Stratton Mid Cap Value Fund | |
| | | | | | | | | | | | | | | | | | | | | | | |
| $ | 1,894,196 | | | $ | 6,237,222 | | | $ | 24,026,404 | | | $ | 1,345,724 | | | $ | 34,299 | | | $ | 515,663 | |
| | (3,007 | ) | | | (35,430 | ) | | | (258,543 | ) | | | (89,135 | ) | | | (379 | ) | | | (1,724 | ) |
| | 1,891,189 | | | | 6,201,792 | | | | 23,767,861 | | | | 1,256,589 | | | | 33,920 | | | | 513,939 | |
| | | | | | | | | | | | | | | | | | | | | | | |
| | 623,874 | | | | 3,487,199 | | | | 4,408,918 | | | | 226,147 | | | | 29,154 | | | | 207,598 | |
| | 86,423 | | | | 445,956 | | | | 666,659 | | | | 31,343 | | | | 3,462 | | | | 24,653 | |
| | 9,389 | | | | 381,334 | | | | 375,935 | | | | 797 | | | | 3,142 | | | | 127 | |
| | 795 | | | | 600,686 | | | | 920,451 | | | | 326 | | | | 6,465 | | | | 6 | |
| | 170 | | | | 544 | | | | 6,742 | | | | — | | | | — | | | | — | |
| | 1,358 | | | | 5,924 | | | | 8,406 | | | | 607 | | | | 243 | | | | 520 | |
| | 10,208 | | | | 51,769 | | | | 75,344 | | | | 3,592 | | | | 399 | | | | 2,881 | |
| | 6,949 | | | | 13,492 | | | | 18,537 | | | | 17,273 | | | | 1,209 | | | | 2,196 | |
| | 9,148 | | | | 46,535 | | | | 68,411 | | | | 3,248 | | | | 360 | | | | 2,577 | |
| | 5,370 | | | | 26,991 | | | | 38,544 | | | | 16,304 | | | | 204 | | | | 1,514 | |
| | 7,798 | | | | 40,237 | | | | 60,122 | | | | 2,827 | | | | 312 | | | | 2,224 | |
| | — | | | | 2,584 | | | | 1,422 | | | | 504 | | | | — | | | | — | |
| | 12,303 | | | | 61,502 | | | | 89,457 | | | | 4,334 | | | | 474 | | | | 3,480 | |
| | 10,169 | | | | 53,979 | | | | 78,166 | | | | 3,496 | | | | 560 | | | | 2,841 | |
| | 16,262 | | | | 36,410 | | | | 32,550 | | | | 4,218 | | | | 3,926 | | | | 9,659 | |
| | 32,059 | | | | 353,152 | | | | 658,084 | | | | 9,367 | | | | 4,051 | | | | 24,633 | |
| | 9,853 | | | | 35,105 | | | | 48,202 | | | | 10,716 | | | | 1,825 | | | | 3,916 | |
| | 842,128 | | | | 5,643,399 | | | | 7,555,950 | | | | 335,099 | | | | 55,786 | | | | 288,825 | |
| | — | | | | — | | | | — | | | | (75,382 | ) | | | (13,278 | ) | | | — | |
| | (59,390 | ) | | | (156,845 | ) | | | (184,383 | ) | | | (20,482 | ) | | | — | | | | — | |
| | 782,738 | | | | 5,486,554 | | | | 7,371,567 | | | | 239,235 | | | | 42,508 | | | | 288,825 | |
| | 1,108,451 | | | | 715,238 | | | | 16,396,294 | | | | 1,017,354 | | | | (8,588 | ) | | | 225,114 | |
| | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | |
| | (2,998,867 | ) | | | 41,418,606 | | | | 53,467,333 | | | | (2,129,589 | ) | | | (49,488 | ) | | | 1,676,739 | |
| | — | | | | — | | | | — | | | | (13,955 | ) | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | |
| | (20,302,132 | ) | | | (74,769,335 | ) | | | (43,806,975 | ) | | | (4,631,477 | ) | | | (314,634 | ) | | | (4,795,815 | ) |
| | — | | | | — | | | | — | | | | (6,131 | ) | | | — | | | | — | |
| | (23,300,999 | ) | | | (33,350,729 | ) | | | 9,660,358 | | | | (6,781,152 | ) | | | (364,122 | ) | | | (3,119,076 | ) |
| $ | (22,192,548 | ) | | $ | (32,635,491 | ) | | $ | 26,056,652 | | | $ | (5,763,798 | ) | | $ | (372,710 | ) | | $ | (2,893,962 | ) |
Statements of Operations
For the Six months Ended March 31, 2019 (Unaudited)
| | | Sterling Capital Stratton Real Estate Fund | | | Sterling Capital Stratton Small Cap Value Fund | | | Sterling Capital Ultra Short Bond Fund | | | Sterling Capital Short Duration Bond Fund | |
| Investment Income: | | | | | | | | | | | | |
| Interest income | | $ | — | | | $ | — | | | $ | 553,226 | | | $ | 2,591,065 | |
| Dividend income | | | 1,046,008 | | | | 8,550,628 | | | | 160 | | | | 32,703 | |
| Total investment income | | | 1,046,008 | | | | 8,550,628 | | | | 553,386 | | | | 2,623,768 | |
| Expenses: | | | | | | | | | | | | | | | | |
| Investment advisory fees (See Note 5) | | | 263,905 | | | | 4,646,108 | | | | 36,216 | | | | 251,243 | |
| Administration fees (See Note 5) | | | 38,181 | | | | 454,102 | | | | 15,105 | | | | 69,730 | |
| Distribution fees - Class A Shares (See Note 5) | | | 576 | | | | 2,358 | | | | 6,618 | | | | 5,095 | |
| Distribution fees - Class C Shares (See Note 5) | | | 653 | | | | 616 | | | | — | | | | 5,456 | |
| Distribution fees - Class R Shares (See Note 5) | | | — | | | | — | | | | — | | | | — | |
| Compliance service fees (See Note 5) | | | 659 | | | | 6,240 | | | | 380 | | | | 905 | |
| Trustee fees | | | 4,288 | | | | 54,292 | | | | 1,546 | | | | 7,252 | |
| Accounting and out-of-pocket fees | | | 2,202 | | | | 14,797 | | | | 11,110 | | | | 15,423 | |
| Audit fees | | | 3,930 | | | | 48,032 | | | | 1,482 | | | | 6,869 | |
| Custodian fees | | | 2,165 | | | | 28,798 | | | | 938 | | | | 3,360 | |
| Fund accounting fees (See Note 5) | | | 3,442 | | | | 40,997 | | | | 1,358 | | | | 6,281 | |
| Interest expense (See Note 7) | | | — | | | | 1,004 | | | | 32 | | | | — | |
| Legal fees | | | 5,084 | | | | 65,514 | | | | 2,192 | | | | 8,175 | |
| Printing fees | | | 4,285 | | | | 55,068 | | | | 1,586 | | | | 7,183 | |
| Registration fees | | | 11,301 | | | | 20,221 | | | | 13,267 | | | | 15,342 | |
| Transfer agent fees (See Note 5) | | | 31,970 | | | | 449,003 | | | | 5,345 | | | | 30,676 | |
| Other fees | | | 4,814 | | | | 35,534 | | | | 3,050 | | | | 6,199 | |
| Total expenses before waivers | | | 377,455 | | | | 5,922,684 | | | | 100,225 | | | | 439,189 | |
| Less expenses waived by the Investment Advisor (See Note 5) | | | — | | | | (273,300 | ) | | | (19,099 | ) | | | (83,748 | ) |
| Less expenses waived by the Administrator (See Note 5) | | | — | | | | — | | | | — | | | | — | |
| Net expenses | | | 377,455 | | | | 5,649,384 | | | | 81,126 | | | | 355,441 | |
| Net investment income | | | 668,553 | | | | 2,901,244 | | | | 472,260 | | | | 2,268,327 | |
| Realized and Unrealized Gain (Loss): | | | | | | | | | | | | | | | | |
| Net realized gain (loss) from: | | | | | | | | | | | | | | | | |
| Investments | | | 1,315,708 | | | | 68,415,512 | | | | (4,785 | ) | | | (148,175 | ) |
| Change in unrealized appreciation/depreciation on investments | | | 6,460,697 | | | | (177,730,595 | ) | | | 131,049 | | | | 1,590,797 | |
| Total realized and unrealized gain | | | 7,776,405 | | | | (109,315,083 | ) | | | 126,264 | | | | 1,442,622 | |
| Change in net assets from operations | | $ | 8,444,958 | | | $ | (106,413,839 | ) | | $ | 598,524 | | | $ | 3,710,949 | |
See accompanying Notes to the Financial Statements.
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 | |
| | | | | | | | | | | | | | | | | | | |
| $ | 266,872 | | | $ | 22,567,724 | | | $ | 530,966 | | | $ | 686,295 | | | $ | 144,377 | |
| | 3,717 | | | | 261,552 | | | | 5,364 | | | | 3,413 | | | | 3,922 | |
| | 270,589 | | | | 22,829,276 | | | | 536,330 | | | | 689,708 | | | | 148,299 | |
| | | | | | | | | | | | | | | | | | | |
| | 29,491 | | | | 2,264,606 | | | | 46,250 | | | | 63,375 | | | | 18,449 | |
| | 7,654 | | | | 509,333 | | | | 10,980 | | | | 15,065 | | | | 4,385 | |
| | | | | | | | | | | | | | | | | | | |
| | 5,289 | | | | 77,156 | | | | 554 | | | | 24 | | | | 3,915 | |
| | | | | | | | | | | | | | | | | | | |
| | 2,370 | | | | 38,365 | | | | 32 | | | | 164 | | | | 7 | |
| | | | | | | | | | | | | | | | | | | |
| | — | | | | 79 | | | | — | | | | — | | | | — | |
| | 301 | | | | 6,283 | | | | 342 | | | | 388 | | | | 256 | |
| | 938 | | | | 56,511 | | | | 1,318 | | | | 1,723 | | | | 508 | |
| | 3,953 | | | | 42,452 | | | | 8,391 | | | | 12,002 | | | | 3,099 | |
| | 819 | | | | 51,584 | | | | 1,159 | | | | 1,553 | | | | 457 | |
| | 493 | | | | 28,685 | | | | 681 | | | | 898 | | | | 267 | |
| | 691 | | | | 45,904 | | | | 991 | | | | 1,358 | | | | 395 | |
| | — | | | | — | | | | — | | | | — | | | | — | |
| | 1,123 | | | | 71,833 | | | | 1,714 | | | | 2,274 | | | | 619 | |
| | 908 | | | | 56,252 | | | | 1,253 | | | | 1,662 | | | | 493 | |
| | 7,784 | | | | 30,760 | | | | 7,696 | | | | 7,703 | | | | 4,647 | |
| | 3,564 | | | | 361,363 | | | | 3,406 | | | | 4,123 | | | | 1,607 | |
| | 2,575 | | | | 36,037 | | | | 2,793 | | | | 2,853 | | | | 1,724 | |
| | 67,953 | | | | 3,677,203 | | | | 87,560 | | | | 115,165 | | | | 40,828 | |
| | (4,094 | ) | | | (790,115 | ) | | | (136 | ) | | | (7,243 | ) | | | — | |
| | | | | | | | | | | | | | | | | | | |
| | — | | | | (158,866 | ) | | | — | | | | — | | | | — | |
| | 63,859 | | | | 2,728,222 | | | | 87,424 | | | | 107,922 | | | | 40,828 | |
| | 206,730 | | | | 20,101,054 | | | | 448,906 | | | | 581,786 | | | | 107,471 | |
| | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | |
| | (120,635 | ) | | | (3,904,958 | ) | | | (201,666 | ) | | | (13,149 | ) | | | (37,695 | ) |
| | 570,750 | | | | 36,226,576 | | | | 654,618 | | | | 913,007 | | | | 321,910 | |
| | 450,115 | | | | 32,321,618 | | | | 452,952 | | | | 899,858 | | | | 284,215 | |
| $ | 656,845 | | | $ | 52,422,672 | | | $ | 901,858 | | | $ | 1,481,644 | | | $ | 391,686 | |
Statements of Operations
For the Six months Ended March 31, 2019 (Unaudited)
| | | Sterling Capital Maryland Intermediate Tax-Free Fund | | | Sterling Capital North Carolina Intermediate Tax-Free Fund | |
| Investment Income: | | | | | | |
| Interest income | | $ | 232,879 | | | $ | 2,500,182 | |
| Dividend income - unaffiliated | | | 4,707 | | | | 56,338 | |
| Dividend income - affiliated* | | | — | | | | — | |
| Total investment income | | | 237,586 | | | | 2,556,520 | |
| Expenses: | | | | | | | | |
| Investment advisory fees (See Note 5) | | | 29,660 | | | | 293,938 | |
| Administration fees (See Note 5) | | | 7,046 | | | | 69,853 | |
| Distribution fees - Class A Shares (See Note 5) | | | 5,244 | | | | 47,282 | |
| Distribution fees - Class C Shares (See Note 5) | | | 2,865 | | | | 15,064 | |
| Compliance service fees (See Note 5) | | | 292 | | | | 1,059 | |
| Trustee fees | | | 831 | | | | 7,938 | |
| Accounting and out-of-pocket fees | | | 3,329 | | | | 10,344 | |
| Audit fees | | | 739 | | | | 7,180 | |
| Custodian fees | | | 433 | | | | 4,002 | |
| Fund accounting fees (See Note 5) | | | 636 | | | | 6,299 | |
| Interest expense (See Note 7) | | | — | | | | — | |
| Legal fees | | | 995 | | | | 10,813 | |
| Printing fees | | | 827 | | | | 7,844 | |
| Registration fees | | | 6,554 | | | | 6,586 | |
| Transfer agent fees (See Note 5) | | | 2,914 | | | | 29,769 | |
| Other fees | | | 2,197 | | | | 6,366 | |
| Total expenses before waivers | | | 64,562 | | | | 524,337 | |
| Less expenses waived by the Investment Advisor (See Note 5) | | | — | | | | — | |
| Net expenses | | | 64,562 | | | | 524,337 | |
| Net investment income | | | 173,024 | | | | 2,032,183 | |
| Realized and Unrealized Gain (Loss): | | | | | | | | |
| Net realized gain (loss) from: | | | | | | | | |
| Investments - unaffiliated | | | (32,168 | ) | | | (137,504 | ) |
| Investments - affiliated | | | — | | | | — | |
| Distributions from affiliated funds | | | — | | | | — | |
| Change in unrealized appreciation/depreciation on investments | | | 434,211 | | | | 4,262,855 | |
| Total realized and unrealized gain | | | 402,043 | | | | 4,125,351 | |
| Change in net assets from operations | | $ | 575,067 | | | $ | 6,157,534 | |
| * | This dividend income is derived from affiliates other than controlled companies. |
See accompanying Notes to the Financial Statements.
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 Diversified Income Fund | | | Sterling Capital Strategic Allocation Balanced Fund | | | Sterling Capital Strategic Allocation Growth Fund | |
| | | | | | | | | | | | | | | | | | | | | | | |
| $ | 1,018,329 | | | $ | 1,090,696 | | | $ | 1,078,744 | | | $ | — | | | $ | — | | | $ | — | |
| | 23,101 | | | | 21,817 | | | | 10,798 | | | | 437,221 | | | | 2,810 | | | | 2,165 | |
| | — | | | | — | | | | — | | | | — | | | | 486,692 | | | | 383,240 | |
| | 1,041,430 | | | | 1,112,513 | | | | 1,089,542 | | | | 437,221 | | | | 489,502 | | | | 385,405 | |
| | | | | | | | | | | | | | | | | | | | | | | |
| | 133,648 | | | | 136,644 | | | | 124,645 | | | | 23,332 | | | | 34,256 | | | | 26,643 | |
| | 31,763 | | | | 32,474 | | | | 29,611 | | | | 7,761 | | | | — | | | | — | |
| | 16,599 | | | | 23,462 | | | | 26,425 | | | | 14,478 | | | | 33,345 | | | | 25,278 | |
| | 4,873 | | | | 4,154 | | | | 3,491 | | | | 4,722 | | | | 2,629 | | | | 1,961 | |
| | 592 | | | | 612 | | | | 584 | | | | 300 | | | | 342 | | | | 311 | |
| | 3,613 | | | | 3,738 | | | | 3,473 | | | | 900 | | | | 1,299 | | | | 1,011 | |
| | 6,611 | | | | 6,318 | | | | 5,846 | | | | 914 | | | | 840 | | | | 767 | |
| | 3,276 | | | | 3,363 | | | | 3,109 | | | | 809 | | | | 1,175 | | | | 914 | |
| | 1,843 | | | | 1,932 | | | | 1,813 | | | | 470 | | | | 664 | | | | 523 | |
| | 2,864 | | | | 2,928 | | | | 2,671 | | | | 700 | | | | 1,028 | | | | 799 | |
| | — | | | | — | | | | — | | | | — | | | | 7 | | | | 11 | |
| | 4,329 | | | | 4,497 | | | | 4,188 | | | | 1,080 | | | | 1,556 | | | | 1,212 | |
| | 3,609 | | | | 3,720 | | | | 3,454 | | | | 909 | | | | 1,279 | | | | 997 | |
| | 5,474 | | | | 7,711 | | | | 7,331 | | | | 7,752 | | | | 6,396 | | | | 6,538 | |
| | 13,326 | | | | 12,994 | | | | 10,476 | | | | 6,359 | | | | 5,168 | | | | 3,990 | |
| | 3,683 | | | | 4,009 | | | | 3,830 | | | | 2,572 | | | | 2,449 | | | | 2,363 | |
| | 236,103 | | | | 248,556 | | | | 230,947 | | | | 73,058 | | | | 92,433 | | | | 73,318 | |
| | — | | | | — | | | | — | | | | (1,283 | ) | | | (34,256 | ) | | | (26,643 | ) |
| | 236,103 | | | | 248,556 | | | | 230,947 | | | | 71,775 | | | | 58,177 | | | | 46,675 | |
| | 805,327 | | | | 863,957 | | | | 858,595 | | | | 365,446 | | | | 431,325 | | | | 338,730 | |
| | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | |
| | (81,835 | ) | | | 117,456 | | | | (262,420 | ) | | | 55,542 | | | | 34 | | | | 5 | |
| | — | | | | — | | | | — | | | | — | | | | (106,353 | ) | | | (116,823 | ) |
| | — | | | | — | | | | — | | | | — | | | | 951,750 | | | | 910,090 | |
| | 2,184,615 | | | | 1,952,113 | | | | 1,909,450 | | | | (492,525 | ) | | | (1,574,913 | ) | | | (1,589,918 | ) |
| | 2,102,780 | | | | 2,069,569 | | | | 1,647,030 | | | | (436,983 | ) | | | (729,482 | ) | | | (796,646 | ) |
| $ | 2,908,107 | | | $ | 2,933,526 | | | $ | 2,505,625 | | | $ | (71,537 | ) | | $ | (298,157 | ) | | $ | (457,916 | ) |
Statements of Changes in Net Assets
| | | Sterling Capital
Behavioral Large Cap
Value Equity Fund | |
| | | For the Six
Months Ended
March 31, 2019
(Unaudited) | | | For the
Year Ended
September 30,
2018 | |
| From Investment Activities: | | | | | | | | |
| Operations: | | | | | | | | |
| Net investment income | | $ | 3,259,797 | | | $ | 5,256,167 | |
| Net realized gain (loss) | | | 6,107,982 | | | | 28,260,872 | |
| Change in unrealized appreciation/depreciation | | | (29,445,041 | ) | | | (421,809 | ) |
| Change in net assets from operations | | | (20,077,262 | ) | | | 33,095,230 | |
| Distributions to Shareholders: | | | | | | | | |
| Class A | | | (2,843,981 | ) | | | (990,196 | ) |
| Class C | | | (75,926 | ) | | | (21,258 | ) |
| Institutional Class | | | (769,371 | ) | | | (6,190,611 | ) |
| Class R | | | — | | | | — | |
| Class R6 | | | (23,350,587 | ) | | | (2,717,325 | ) |
| Change in net assets from shareholder distributions | | $ | (27,039,865 | ) | | $ | (9,919,390 | ) |
| Capital Transactions: | | | | | | | | |
| Change in net assets from capital transactions | | | 14,102,348 | | | | (17,023,853 | ) |
| Change in net assets | | | (33,014,779 | ) | | | 6,151,987 | |
| Net Assets: | | | | | | | | |
| Beginning of year | | | 312,979,475 | | | | 306,827,488 | |
| End of year | | | 279,964,696 | | | | 312,979,475 | |
See accompanying Notes to the Financial Statements.
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, 2019
(Unaudited) | | | For the
Year Ended
September 30,
2018 | | | For the Six
Months Ended
March 31, 2019
(Unaudited) | | | For the
Year Ended
September 30,
2018 | | | For the Six
Months Ended
March 31, 2019
(Unaudited) | | | For the
Year Ended
September 30,
2018 | |
| | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | |
| $ | 597,546 | | | $ | 662,968 | | | $ | 1,108,451 | | | $ | 2,693,478 | | | $ | 715,238 | | | $ | 1,354,568 | |
| | 16,203,822 | | | | 47,322,662 | | | | (2,998,867 | ) | | | 25,196,365 | | | | 41,418,606 | | | | 94,628,286 | |
| | (70,998,076 | ) | | | 2,857,171 | | | | (20,302,132 | ) | | | (15,060,171 | ) | | | (74,769,335 | ) | | | 90,055,259 | |
| | (54,196,708 | ) | | | 50,842,801 | | | | (22,192,548 | ) | | | 12,829,672 | | | | (32,635,491 | ) | | | 186,038,113 | |
| | | | | | | | | | | | | | | | | | | | | | | |
| | (2,258,372 | ) | | | (1,456,516 | ) | | | (992,143 | ) | | | (376,877 | ) | | | (23,254,518 | ) | | | (28,254,937 | ) |
| | (313,542 | ) | | | (215,133 | ) | | | (20,475 | ) | | | (6,737 | ) | | | (11,770,076 | ) | | | (14,014,589 | ) |
| | (23,009,200 | ) | | | (30,863,123 | ) | | | (4,065,569 | ) | | | (9,282,877 | ) | | | (23,120,615 | ) | | | (54,218,748 | ) |
| | (243 | ) | | | (80 | ) | | | (8,244 | ) | | | (1,463 | ) | | | (18,880 | ) | | | (31,772 | ) |
| | (20,915,046 | ) | | | — | | | | (22,201,805 | ) | | | — | | | | (24,985,390 | ) | | | (3 | ) |
| $ | (46,496,403 | ) | | $ | (32,534,852 | ) | | $ | (27,288,236 | ) | | $ | (9,667,954 | ) | | $ | (83,149,479 | ) | | $ | (96,520,049 | ) |
| | | | | | | | | | | | | | | | | | | | | | | |
| | (101,236,878 | ) | | | (45,226,819 | ) | | | 20,440,554 | | | | 17,982,337 | | | | (7,346,547 | ) | | | (33,823,588 | ) |
| | (201,929,989 | ) | | | (26,918,870 | ) | | | (29,040,230 | ) | | | 21,144,055 | | | | (123,131,517 | ) | | | 55,694,476 | |
| | | | | | | | | | | | | | | | | | | | | | | |
| | 643,815,304 | | | | 670,734,174 | | | | 239,052,320 | | | | 217,908,265 | | | | 1,201,936,776 | | | | 1,146,242,300 | |
| | 441,885,315 | | | | 643,815,304 | | | | 210,012,090 | | | | 239,052,320 | | | | 1,078,805,259 | | | | 1,201,936,776 | |
Statements of Changes in Net Assets (continued)
| | | Sterling Capital
Equity Income
Fund | |
| | | For the Six
Months Ended
March 31, 2019
(Unaudited) | | | For the
Year Ended
September 30,
2018 | |
| From Investment Activities: | | | | | | | | |
| Operations: | | | | | | | | |
| Net investment income (loss) | | $ | 16,396,294 | | | $ | 28,001,267 | |
| Net realized gain (loss) | | | 53,467,333 | | | | 156,131,966 | |
| Change in unrealized appreciation/depreciation | | | (43,806,975 | ) | | | 46,144,809 | |
| Change in net assets from operations | | | 26,056,652 | | | | 230,278,042 | |
| Distributions to Shareholders: | | | | | | | | |
| Class A | | | (24,911,050 | ) | | | (36,580,437 | ) |
| Class C | | | (14,979,796 | ) | | | (22,777,251 | ) |
| Institutional Class | | | (67,743,274 | ) | | | (108,613,745 | ) |
| Class R | | | (226,834 | ) | | | (380,583 | ) |
| Class R6 | | | (25,731,027 | ) | | | (3,308,989 | ) |
| Change in net assets from shareholder distributions | | | (133,591,981 | ) | | | (171,661,005 | ) |
| Capital Transactions: | | | | | | | | |
| Change in net assets from capital transactions | | | 113,730,286 | | | | 47,058,558 | |
| Change in net assets | | | 6,194,957 | | | | 105,675,595 | |
| Net Assets: | | | | | | | | |
| Beginning of period | | | 1,672,886,380 | | | | 1,567,210,785 | |
| End of period | | $ | 1,679,081,337 | | | $ | 1,672,886,380 | |
See accompanying Notes to the Financial Statements.
Sterling Capital
Behavioral International
Equity Fund | | | Sterling Capital
SMID
Opportunities Fund | | | Sterling Capital
Stratton Mid Cap
Value Fund | |
For the Six
Months Ended
March 31, 2019
(Unaudited) | | | For the
Year Ended
September 30,
2018 | | | For the Six
Months Ended
March 31, 2019
(Unaudited) | | | For the
Year Ended
September 30,
2018 | | | For the Six
Months Ended
March 31, 2019
(Unaudited) | | | For the
Year Ended
September 30,
2018 | |
| | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | |
| $ | 1,017,354 | | | $ | 2,658,722 | | | $ | (8,588 | ) | | $ | (34,636 | ) | | $ | 225,114 | | | $ | 271,762 | |
| | (2,143,544 | ) | | | 2,985,525 | | | | (49,488 | ) | | | 35,926 | | | | 1,676,739 | | | | 4,739,674 | |
| | (4,637,608 | ) | | | (6,860,822 | ) | | | (314,634 | ) | | | 672,203 | | | | (4,795,815 | ) | | | 52,071 | |
| | (5,763,798 | ) | | | (1,216,575 | ) | | | (372,710 | ) | | | 673,493 | | | | (2,893,962 | ) | | | 5,063,507 | |
| | | | | | | | | | | | | | | | | | | | | | | |
| | (45,602 | ) | | | (18,632 | ) | | | — | | | | (67,906 | ) | | | (8,075 | ) | | | (3,985 | ) |
| | (4,299 | ) | | | (1,747 | ) | | | — | | | | (23,727 | ) | | | (103 | ) | | | (45 | ) |
| | (3,474,829 | ) | | | (3,136,628 | ) | | | — | | | | (97,308 | ) | | | (5,084,526 | ) | | | (2,556,507 | ) |
| | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
| | (1,850,041 | ) | | | — | | | | — | | | | — | | | | — | | | | — | |
| | (5,374,771 | ) | | | (3,157,007 | ) | | | — | | | | (188,941 | ) | | | (5,092,704 | ) | | | (2,560,537 | ) |
| | | | | | | | | | | | | | | | | | | | | | | |
| | 4,229,568 | | | | 4,887,175 | | | | (47,246 | ) | | | (1,165,195 | ) | | | 1,278,378 | | | | (1,980,103 | ) |
| | (6,909,001 | ) | | | 513,593 | | | | (419,956 | ) | | | (680,643 | ) | | | (6,708,288 | ) | | | 522,867 | |
| | | | | | | | | | | | | | | | | | | | | | | |
| | 82,958,613 | | | | 82,445,020 | | | | 9,231,240 | | | | 9,911,883 | | | | 66,661,665 | | | | 66,138,798 | |
| $ | 76,049,612 | | | $ | 82,958,613 | | | $ | 8,811,284 | | | $ | 9,231,240 | | | $ | 59,953,377 | | | $ | 66,661,665 | |
Statements of Changes in Net Assets (continued)
| | | Sterling Capital
Stratton Real
Estate Fund | |
| | | For the Six
Months Ended
March 31, 2019
(Unaudited) | | | For the
Year Ended
September 30,
2018 | |
| From Investment Activities: | | | | | | | | |
| Operations: | | | | | | | | |
| Net investment income | | $ | 668,553 | | | $ | 2,035,121 | |
| Net realized gain | | | 1,315,708 | | | | 2,932,979 | |
| Change in unrealized appreciation/depreciation | | | 6,460,697 | | | | 433,930 | |
| Change in net assets from operations | | | 8,444,958 | | | | 5,402,030 | |
| Distributions to Shareholders: | | | | | | | | |
| Class A | | | (20,244 | ) | | | (14,105 | ) |
| Class C | | | (5,051 | ) | | | (2,786 | ) |
| Institutional Class | | | (3,963,159 | ) | | | (4,544,554 | ) |
| Change in net assets from shareholder distributions | | | (3,988,454 | ) | | | (4,561,445 | ) |
| Capital Transactions: | | | | | | | | |
| Change in net assets from capital transactions | | | 4,276,067 | | | | (5,285,085 | ) |
| Change in net assets | | | 8,732,571 | | | | (4,444,500 | ) |
| Net Assets: | | | | | | | | |
| Beginning of period | | | 92,121,089 | | | | 96,565,589 | |
| End of period | | $ | 100,853,660 | | | $ | 92,121,089 | |
See accompanying Notes to the Financial Statements.
Sterling Capital
Stratton Small Cap
Value Fund | | | Sterling Capital
Ultra Short
Bond Fund | |
For the Six
Months Ended
March 31, 2019
(Unaudited) | | | For the
Year Ended
September 30,
2018 | | | For the Six
Months Ended
March 31, 2019
(Unaudited) | | | For the Year Ended September 30, 2018 | |
| | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
| $ | 2,901,244 | | | $ | 3,726,905 | | | $ | 472,260 | | | $ | 614,700 | |
| | 68,415,512 | | | | 106,702,424 | | | | (4,785 | ) | | | (53,414 | ) |
| | (177,730,595 | ) | | | (17,527,452 | ) | | | 131,049 | | | | (14,558 | ) |
| | (106,413,839 | ) | | | 92,901,877 | | | | 598,524 | | | | 546,728 | |
| | | | | | | | | | | | | | | |
| | (133,162 | ) | | | (49,681 | ) | | | (61,424 | ) | | | (90,901 | ) |
| | (7,554 | ) | | | (9,281 | ) | | | — | | | | — | |
| | (87,347,809 | ) | | | (103,370,613 | ) | | | (405,789 | ) | | | (602,875 | ) |
| | (87,488,525 | ) | | | (103,429,575 | ) | | | (467,213 | ) | | | (693,776 | ) |
| | | | | | | | | | | | | | | |
| | (92,750,480 | ) | | | 125,085,570 | | | | 16,678,631 | | | | (11,394,380 | ) |
| | (286,652,844 | ) | | | 114,557,872 | | | | 16,809,942 | | | | (11,541,428 | ) |
| | | | | | | | | | | | | | | |
| | 1,299,168,609 | | | | 1,184,610,737 | | | | 27,000,181 | | | | 38,541,609 | |
| $ | 1,012,515,765 | | | $ | 1,299,168,609 | | | $ | 43,810,123 | | | $ | 27,000,181 | |
Statements of Changes in Net Assets (continued)
| | | Sterling Capital
Short Duration
Bond Fund | |
| | | For the Six
Months Ended
March 31, 2019
(Unaudited) | | | For the
Year Ended
September 30,
2018 | |
From Investment Activities: | | | | | | | | |
| Operations: | | | | | | | | |
| Net investment income | | $ | 2,268,327 | | | $ | 2,221,246 | |
| Net realized gain (loss) | | | (148,175 | ) | | | (189,432 | ) |
| Change in unrealized appreciation/depreciation | | | 1,590,797 | | | | (983,819 | ) |
| Change in net assets from operations | | | 3,710,949 | | | | 1,047,995 | |
| Distributions to Shareholders: | | | | | | | | |
| Class A | | | (55,886 | ) | | | (125,174 | ) |
| Class C | | | (10,886 | ) | | | (22,585 | ) |
| Institutional Class | | | (2,429,401 | ) | | | (2,667,343 | ) |
| Class R | | | — | | | | — | |
| Class R6 | | | — | | | | — | |
| Change in net assets from shareholder distributions | | | (2,496,173 | ) | | | (2,815,102 | ) |
| Capital Transactions: | | | | | | | | |
| Change in net assets from capital transactions | | | 44,647,908 | | | | 59,370,236 | |
| Change in net assets | | | 45,862,684 | | | | 57,603,129 | |
| Net Assets: | | | | | | | | |
| Beginning of period | | | 132,361,767 | | | | 74,758,638 | |
| End of period | | $ | 178,224,451 | | | $ | 132,361,767 | |
See accompanying Notes to the Financial Statements.
Sterling Capital
Intermediate U.S.
Government Fund | | | Sterling Capital
Total Return
Bond Fund | | | Sterling Capital
Corporate Fund | |
For the Six
Months Ended
March 31, 2019
(Unaudited) | | | For the
Year Ended
September 30,
2018 | | | For the Six
Months Ended
March 31, 2019
(Unaudited) | | | For the
Year Ended
September 30,
2018 | | | For the Six
Months Ended
March 31, 2019
(Unaudited) | | | For the
Year Ended
September 30,
2018 | |
| | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | |
| $ | 206,730 | | | $ | 392,430 | | | $ | 20,101,054 | | | $ | 32,669,122 | | | $ | 448,906 | | | $ | 902,565 | |
| | (120,635 | ) | | | (131,836 | ) | | | (3,904,958 | ) | | | (6,406,390 | ) | | | (201,666 | ) | | | (123,986 | ) |
| | 570,750 | | | | (550,383 | ) | | | 36,226,576 | | | | (34,574,914 | ) | | | 654,618 | | | | (883,886 | ) |
| | 656,845 | | | | (289,789 | ) | | | 52,422,672 | | | | (8,312,182 | ) | | | 901,858 | | | | (105,307 | ) |
| | | | | | | | | | | | | | | | | | | | | | | |
| | (50,118 | ) | | | (129,138 | ) | | | (960,179 | ) | | | (2,065,674 | ) | | | (6,996 | ) | | | (14,226 | ) |
| | (3,820 | ) | | | (9,904 | ) | | | (90,788 | ) | | | (156,059 | ) | | | (78 | ) | | | (1,207 | ) |
| | (177,032 | ) | | | (445,387 | ) | | | (14,673,366 | ) | | | (29,603,997 | ) | | | (441,832 | ) | | | (1,073,071 | ) |
| | — | | | | — | | | | (452 | ) | | | (248 | ) | | | — | | | | — | |
| | — | | | | — | | | | (4,914,095 | ) | | | (4,164,355 | ) | | | — | | | | — | |
| | (230,970 | ) | | | (584,429 | ) | | | (20,638,880 | ) | | | (35,990,333 | ) | | | (448,906 | ) | | | (1,088,504 | ) |
| | | | | | | | | | | | | | | | | | | | | | | |
| | (7,609,014 | ) | | | 1,265,840 | | | | 21,186,869 | | | | 186,165,642 | | | | (9,147,977 | ) | | | 2,595,179 | |
| | (7,183,139 | ) | | | 391,622 | | | | 52,970,661 | | | | 141,863,127 | | | | (8,695,025 | ) | | | 1,401,368 | |
| | | | | | | | | | | | | | | | | | | | | | | |
| | 22,798,827 | | | | 22,407,205 | | | | 1,218,555,151 | | | | 1,076,692,024 | | | | 31,287,580 | | | | 29,886,212 | |
| $ | 15,615,688 | | | $ | 22,798,827 | | | $ | 1,271,525,812 | | | $ | 1,218,555,151 | | | $ | 22,592,555 | | | $ | 31,287,580 | |
Statements of Changes in Net Assets (continued)
| | | Sterling Capital
Securitized Opportunities
Fund | |
| | | For the Six
Months Ended
March 31, 2019
(Unaudited) | | | For the
Year Ended
September 30,
2018 | |
| From Investment Activities: | | | | | | | | |
| Operations: | | | | | | | | |
| Net investment income | | $ | 581,786 | | | $ | 1,132,594 | |
| Net realized gain (loss) | | | (13,149 | ) | | | (144,404 | ) |
| Change in unrealized appreciation/depreciation | | | 913,007 | | | | (1,096,353 | ) |
| Change in net assets from operations | | | 1,481,644 | | | | (108,163 | ) |
| Distributions to Shareholders: | | | | | | | | |
| Class A | | | (274 | ) | | | (1,330 | ) |
| Class C | | | (357 | ) | | | (696 | ) |
| Institutional Class | | | (572,422 | ) | | | (1,178,896 | ) |
| Change in net assets from shareholder distributions | | | (573,053 | ) | | | (1,180,922 | ) |
| Capital Transactions: | | | | | | | | |
| Change in net assets from capital transactions | | | (2,782,657 | ) | | | (1,232,768 | ) |
| Change in net assets | | | (1,874,066 | ) | | | (2,521,853 | ) |
| Net Assets: | | | | | | | | |
| Beginning of period | | | 37,139,056 | | | | 39,660,909 | |
| End of period | | $ | 35,264,990 | | | $ | 37,139,056 | |
See accompanying Notes to the Financial Statements.
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, 2019
(Unaudited) | | | For the
Year Ended
September 30,
2018 | | | For the Six
Months Ended
March 31, 2019
(Unaudited) | | | For the
Year Ended
September 30,
2018 | | | For the Six
Months Ended
March 31, 2019
(Unaudited) | | | For the
Year Ended
September 30,
2018 | |
| | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | |
| $ | 107,471 | | | $ | 256,800 | | | $ | 173,024 | | | $ | 440,426 | | | $ | 2,032,183 | | | $ | 4,339,344 | |
| | (37,695 | ) | | | 70,740 | | | | (32,168 | ) | | | 293,987 | | | | (137,504 | ) | | | 11,029 | |
| | 321,910 | | | | (478,198 | ) | | | 434,211 | | | | (986,187 | ) | | | 4,262,855 | | | | (6,002,811 | ) |
| | 391,686 | | | | (150,658 | ) | | | 575,067 | | | | (251,774 | ) | | | 6,157,534 | | | | (1,652,438 | ) |
| | | | | | | | | | | | | | | | | | | | | | | |
| | (48,540 | ) | | | (87,277 | ) | | | (90,967 | ) | | | (134,728 | ) | | | (424,295 | ) | | | (912,555 | ) |
| | (21 | ) | | | (26 | ) | | | (10,769 | ) | | | (11,004 | ) | | | (22,570 | ) | | | (58,619 | ) |
| | (123,936 | ) | | | (202,693 | ) | | | (293,577 | ) | | | (425,743 | ) | | | (1,584,335 | ) | | | (3,366,222 | ) |
| | (172,497 | ) | | | (289,996 | ) | | | (395,313 | ) | | | (571,475 | ) | | | (2,031,200 | ) | | | (4,337,396 | ) |
| | | | | | | | | | | | | | | | | | | | | | | |
| | (1,195,794 | ) | | | (305,281 | ) | | | (2,974,259 | ) | | | (3,795,441 | ) | | | (12,419,323 | ) | | | (10,412,980 | ) |
| | (976,605 | ) | | | (745,935 | ) | | | (2,794,505 | ) | | | (4,618,690 | ) | | | (8,292,989 | ) | | | (16,402,814 | ) |
| | | | | | | | | | | | | | | | | | | | | | | |
| | 11,354,117 | | | | 12,100,052 | | | | 18,817,461 | | | | 23,436,151 | | | | 174,028,715 | | | | 190,431,529 | |
| $ | 10,377,512 | | | $ | 11,354,117 | | | $ | 16,022,956 | | | $ | 18,817,461 | | | $ | 165,735,726 | | | $ | 174,028,715 | |
Statements of Changes in Net Assets (continued)
| | | Sterling Capital
South Carolina
Intermediate
Tax-Free Fund | |
| | | For the Six
Months Ended
March 31, 2019
(Unaudited) | | | For the
Year Ended
September 30,
2018 | |
| From Investment Activities: | | | | | | | | |
| Operations: | | | | | | | | |
| Net investment income | | $ | 805,327 | | | $ | 1,743,074 | |
| Net realized gain (loss) | | | (81,835 | ) | | | (17,226 | ) |
| Change in unrealized appreciation/depreciation | | | 2,184,615 | | | | (2,585,296 | ) |
| Change in net assets from operations | | | 2,908,107 | | | | (859,448 | ) |
| Distributions to Shareholders: | | | | | | | | |
| Class A | | | (127,213 | ) | | | (283,214 | ) |
| Class C | | | (5,676 | ) | | | (14,253 | ) |
| Institutional Class | | | (672,438 | ) | | | (1,445,607 | ) |
| Change in net assets from shareholder distributions | | | (805,327 | ) | | | (1,743,074 | ) |
| Capital Transactions: | | | | | | | | |
| Change in net assets from capital transactions | | | (3,330,736 | ) | | | (6,469,460 | ) |
| Change in net assets | | | (1,227,956 | ) | | | (9,071,982 | ) |
| Net Assets: | | | | | | | | |
| Beginning of period | | | 77,945,386 | | | | 87,017,368 | |
| End of period | | $ | 76,717,430 | | | $ | 77,945,386 | |
See accompanying Notes to the Financial Statements.
Sterling Capital
Virginia
Intermediate
Tax-Free Fund | | | | Sterling Capital
West Virginia
Intermediate
Tax-Free Fund | |
For the Six
Months Ended
March 31, 2019
(Unaudited) | | | For the
Year Ended
September 30,
2018 | | | For the Six
Months Ended
March 31, 2019
(Unaudited) | | | For the
Year Ended
September 30,
2018 | |
| | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
| $ | 863,957 | | | $ | 1,941,743 | | | $ | 858,595 | | | $ | 1,974,607 | |
| | 117,456 | | | | 107,829 | | | | (262,420 | ) | | | 124,013 | |
| | 1,952,113 | | | | (3,023,583 | ) | | | 1,909,450 | | | | (2,851,084 | ) |
| | 2,933,526 | | | | (974,011 | ) | | | 2,505,625 | | | | (752,464 | ) |
| | | | | | | | | | | | | | | |
| | (190,891 | ) | | | (463,739 | ) | | | (272,306 | ) | | | (627,314 | ) |
| | (5,333 | ) | | | (10,664 | ) | | | (6,373 | ) | | | (10,940 | ) |
| | (667,733 | ) | | | (1,467,336 | ) | | | (696,527 | ) | | | (1,439,698 | ) |
| | (863,957 | ) | | | (1,941,739 | ) | | | (975,206 | ) | | | (2,077,952 | ) |
| | | | | | | | | | | | | | | |
| | (6,220,302 | ) | | | (13,174,353 | ) | | | (12,975,674 | ) | | | (8,062,488 | ) |
| | (4,150,733 | ) | | | (16,090,103 | ) | | | (11,445,255 | ) | | | (10,892,904 | ) |
| | | | | | | | | | | | | | | |
| | 83,105,831 | | | | 99,195,934 | | | | 79,546,582 | | | | 90,439,486 | |
| $ | 78,955,098 | | | $ | 83,105,831 | | | $ | 68,101,327 | | | $ | 79,546,582 | |
Statements of Changes in Net Assets (continued)
| | | Sterling Capital
Diversified
Income Fund | |
| | | For the Six
Months Ended
March 31, 2019
(Unaudited) | | | For the
Year Ended
September 30,
2018 | |
| From Investment Activities: | | | | | | | | |
| Operations: | | | | | | | | |
| Net investment income | | $ | 365,446 | | | $ | 748,495 | |
| Net realized gain (loss) | | | 55,542 | | | | 139,840 | |
| Change in unrealized appreciation/depreciation | | | (492,525 | ) | | | (390,086 | ) |
| Change in net assets from operations | | | (71,537 | ) | | | 498,249 | |
| Distributions to Shareholders: | | | | | | | | |
| Class A | | | (297,332 | ) | | | (523,412 | ) |
| Class C | | | (20,751 | ) | | | (34,796 | ) |
| Institutional Class | | | (162,403 | ) | | | (330,547 | ) |
| Change in net assets from shareholder distributions | | | (480,486 | ) | | | (888,755 | ) |
| Capital Transactions: | | | | | | | | |
| Change in net assets from capital transactions | | | (2,300,470 | ) | | | (3,155,120 | ) |
| Change in net assets | | | (2,852,493 | ) | | | (3,545,626 | ) |
| Net Assets: | | | | | | | | |
| Beginning of period | | | 20,325,662 | | | | 23,871,288 | |
| End of period | | $ | 17,473,169 | | | $ | 20,325,662 | |
See accompanying Notes to the Financial Statements.
Sterling Capital
Strategic Allocation
Balanced Fund | | | Sterling Capital
Strategic Allocation
Growth Fund | |
For the Six
Months Ended
March 31, 2019
(Unaudited) | | | For the
Year Ended
September 30,
2018 | | | For the Six
Months Ended
March 31, 2019
(Unaudited) | | | For the
Year Ended
September 30,
2018 | |
| | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
| $ | 431,325 | | | $ | 577,561 | | | $ | 338,730 | | | $ | 406,200 | |
| | 845,431 | | | | 991,334 | | | | 793,272 | | | | 960,058 | |
| | (1,574,913 | ) | | | (419,774 | ) | | | (1,589,918 | ) | | | (185,060 | ) |
| | (298,157 | ) | | | 1,149,121 | | | | (457,916 | ) | | | 1,181,198 | |
| | | | | | | | | | | | | | | |
| | (432,048 | ) | | | (651,806 | ) | | | (330,558 | ) | | | (466,835 | ) |
| | (6,679 | ) | | | (11,239 | ) | | | (5,271 | ) | | | (5,908 | ) |
| | (3,525 | ) | | | (3,510 | ) | | | (12,282 | ) | | | (16,605 | ) |
| | (442,252 | ) | | | (666,555 | ) | | | (348,111 | ) | | | (489,348 | ) |
| | | | | | | | | | | | | | | |
| | (868,079 | ) | | | (2,290,246 | ) | | | (590,730 | ) | | | (1,735,373 | ) |
| | (1,608,488 | ) | | | (1,807,680 | ) | | | (1,396,757 | ) | | | (1,043,523 | ) |
| | | | | | | | | | | | | | | |
| | 29,268,564 | | | | 31,076,244 | | | | 22,890,739 | | | | 23,934,262 | |
| $ | 27,660,076 | | | $ | 29,268,564 | | | $ | 21,493,982 | | | $ | 22,890,739 | |
Statements of Changes in Net Assets
| | | Sterling Capital Behavioral Large Cap Value Equity Fund | |
| | | For the Six Months Ended March 31, 2019 (Unaudited) | | | For the Year Ended September 30, 2018 | |
| Capital Transactions: | | | | | | | | |
| Class A Shares: | | | | | | | | |
| Proceeds from shares issued | | $ | 826,024 | | | $ | 695,001 | |
| Distributions reinvested | | | 2,738,616 | | | | 967,715 | |
| Value of shares redeemed | | | (2,440,140 | ) | | | (4,387,955 | ) |
| Change in net assets from Class A Share transactions | | | 1,124,500 | | | | (2,725,239 | ) |
| Class C Shares: | | | | | | | | |
| Proceeds from shares issued | | | 23,849 | | | | 10,788 | |
| Distributions reinvested | | | 72,136 | | | | 19,650 | |
| Value of shares redeemed | | | (205,281 | ) | | | (176,181 | ) |
| Change in net assets from Class C Share transactions | | | (109,296 | ) | | | (145,743 | ) |
| Institutional Shares: | | | | | | | | |
| Proceeds from shares issued | | | 16,930 | | | | 8,002,945 | |
| Distributions reinvested | | | 732,510 | | | | 6,159,674 | |
| Value of shares redeemed | | | (407,080 | ) | | | (286,588,176 | ) |
| Change in net assets from Institutional Share transactions | | | 342,360 | | | | (272,425,557 | ) |
| Class R Shares: | | | | | | | | |
| Proceeds from shares issued | | | — | | | | — | |
| Distributions reinvested | | | — | | | | — | |
| Value of shares redeemed | | | — | | | | — | |
| Change in net assets from Class R Share transactions | | | — | | | | — | |
| Class R6 Shares: | | | | | | | | |
| Proceeds from shares issued | | | 4,812,651 | | | | 271,539,471 | |
| Distributions reinvested | | | 23,350,586 | | | | 2,717,326 | |
| Value of shares redeemed | | | (15,418,453 | ) | | | (15,984,111 | ) |
| Change in net assets from Class R6 Share transactions | | | 12,744,784 | | | | 258,272,686 | |
| Change in net assets from capital transactions | | $ | 14,102,348 | | | $ | (17,023,853 | ) |
| Share Transactions: | | | | | | | | |
| Class A Shares: | | | | | | | | |
| Issued | | | 45,512 | | | | 31,995 | |
| Reinvested | | | 148,727 | | | | 44,503 | |
| Redeemed | | | (126,878 | ) | | | (202,109 | ) |
| Change in Class A Shares | | | 67,361 | | | | (125,611 | ) |
| Class C Shares: | | | | | | | | |
| Issued | | | 1,303 | | | | 511 | |
| Reinvested | | | 4,048 | | | | 929 | |
| Redeemed | | | (11,377 | ) | | | (8,454 | ) |
| Change in Class C Shares | | | (6,026 | ) | | | (7,014 | ) |
| Institutional Shares: | | | | | | | | |
| Issued | | | 886 | | | | 362,623 | |
| Reinvested | | | 39,539 | | | | 282,164 | |
| Redeemed | | | (21,064 | ) | | | (13,335,368 | ) |
| Change in Institutional Shares | | | 19,361 | | | | (12,690,581 | ) |
| Class R Shares: | | | | | | | | |
| Issued | | | — | | | | — | |
| Reinvested | | | — | | | | — | |
| Redeemed | | | — | | | | — | |
| Change in Class R Shares | | | — | | | | — | |
| Class R6 Shares: | | | | | | | | |
| Issued | | | 250,617 | | | | 12,642,561 | |
| Reinvested | | | 1,259,802 | | | | 123,904 | |
| Redeemed | | | (788,511 | ) | | | (724,941 | ) |
| Change in Class R6 Shares | | | 721,908 | | | | 12,041,524 | |
| Change in Shares | | | 802,604 | | | | (781,682 | ) |
See accompanying Notes to the Financial Statements.
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, 2019 (Unaudited) | | | For the Year Ended September 30, 2018 | | | For the Six Months Ended March 31, 2019 (Unaudited) | | | For the Year Ended September 30, 2018 | | | For the Six Months Ended March 31, 2019 (Unaudited) | | | For the Year Ended September 30, 2018 | |
| | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | |
| $ | 511,578 | | | $ | 1,890,208 | | | $ | 77,888 | | | $ | 455,475 | | | $ | 39,901,257 | | | $ | 26,916,779 | |
| | 2,178,615 | | | | 1,413,723 | | | | 953,136 | | | | 368,244 | | | | 22,655,125 | | | | 27,232,699 | |
| | (4,741,845 | ) | | | (6,664,281 | ) | | | (618,326 | ) | | | (1,517,076 | ) | | | (33,113,276 | ) | | | (88,609,565 | ) |
| | (2,051,652 | ) | | | (3,360,350 | ) | | | 412,698 | | | | (693,357 | ) | | | 29,443,106 | | | | (34,460,087 | ) |
| | | | | | | | | | | | | | | | | | | | | | | |
| | 56,204 | | | | 316,302 | | | | 551 | | | | 19,222 | | | | 3,927,486 | | | | 9,116,398 | |
| | 295,896 | | | | 199,111 | | | | 20,117 | | | | 6,576 | | | | 11,253,584 | | | | 13,385,364 | |
| | (840,129 | ) | | | (815,506 | ) | | | (6,893 | ) | | | (38,465 | ) | | | (51,125,113 | ) | | | (36,254,964 | ) |
| | (488,029 | ) | | | (300,093 | ) | | | 13,775 | | | | (12,667 | ) | | | (35,944,043 | ) | | | (13,753,202 | ) |
| | | | | | | | | | | | | | | | | | | | | | | |
| | 44,430,036 | | | | 135,204,402 | | | | 2,185,973 | | | | 18,628,260 | | | | 43,002,383 | | | | 109,653,337 | |
| | 21,851,953 | | | | 30,067,843 | | | | 3,680,474 | | | | 9,153,125 | | | | 15,827,150 | | | | 45,402,061 | |
| | (176,416,480 | ) | | | (487,070,043 | ) | | | (7,265,275 | ) | | | (191,104,113 | ) | | | (72,932,307 | ) | | | (476,418,274 | ) |
| | (110,134,491 | ) | | | (321,797,798 | ) | | | (1,398,828 | ) | | | (163,322,728 | ) | | | (14,102,774 | ) | | | (321,362,876 | ) |
| | | | | | | | | | | | | | | | | | | | | | | |
| | 1,446 | | | | 1,271 | | | | 23,144 | | | | 28,634 | | | | 98,707 | | | | 155,088 | |
| | 243 | | | | 80 | | | | 8,244 | | | | 1,463 | | | | 18,879 | | | | 31,773 | |
| | — | | | | (9 | ) | | | (193 | ) | | | (1,112 | ) | | | (12,409 | ) | | | (289,447 | ) |
| | 1,689 | | | | 1,342 | | | | 31,195 | | | | 28,985 | | | | 105,177 | | | | (102,586 | ) |
| | | | | | | | | | | | | | | | | | | | | | | |
| | 7,429,538 | | | | 294,949,675 | | | | 7,601,199 | | | | 187,352,514 | | | | 11,462,292 | | | | 352,969,195 | |
| | 20,915,046 | | | | — | | | | 22,201,805 | | | | — | | | | 24,985,390 | | | | — | |
| | (16,908,979 | ) | | | (14,719,595 | ) | | | (8,421,290 | ) | | | (5,370,410 | ) | | | (23,295,695 | ) | | | (17,114,032 | ) |
| | 11,435,605 | | | | 280,230,080 | | | | 21,381,714 | | | | 181,982,104 | | | | 13,151,987 | | | | 335,855,163 | |
| $ | (101,236,878 | ) | | $ | (45,226,819 | ) | | $ | 20,440,554 | | | $ | 17,982,337 | | | $ | (7,346,547 | ) | | $ | (33,823,588 | ) |
| | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | |
| | 31,608 | | | | 98,778 | | | | 4,960 | | | | 24,245 | | | | 1,686,888 | | | | 1,086,976 | |
| | 144,951 | | | | 76,171 | | | | 67,998 | | | | 20,113 | | | | 1,019,586 | | | | 1,157,456 | |
| | (301,603 | ) | | | (347,539 | ) | | | (41,709 | ) | | | (81,894 | ) | | | (1,461,245 | ) | | | (3,579,537 | ) |
| | (125,044 | ) | | | (172,590 | ) | | | 31,249 | | | | (37,536 | ) | | | 1,245,229 | | | | (1,335,105 | ) |
| | | | | | | | | | | | | | | | | | | | | | | |
| | 4,091 | | | | 18,696 | | | | 38 | | | | 1,061 | | | | 209,778 | | | | 441,714 | |
| | 22,605 | | | | 12,067 | | | | 1,500 | | | | 375 | | | | 618,730 | | | | 678,899 | |
| | (59,672 | ) | | | (48,148 | ) | | | (483 | ) | | | (2,164 | ) | | | (2,680,874 | ) | | | (1,742,917 | ) |
| | (32,976 | ) | | | (17,385 | ) | | | 1,055 | | | | (728 | ) | | | (1,852,366 | ) | | | (622,304 | ) |
| | | | | | | | | | | | | | | | | | | | | | | |
| | 2,724,298 | | | | 7,022,935 | | | | 150,051 | | | | 996,647 | | | | 1,780,901 | | | | 4,229,093 | |
| | 1,427,526 | | | | 1,594,947 | | | | 260,008 | | | | 495,180 | | | | 674,880 | | | | 1,836,334 | |
| | (11,075,379 | ) | | | (25,293,509 | ) | | | (480,319 | ) | | | (10,649,128 | ) | | | (3,091,923 | ) | | | (18,865,288 | ) |
| | (6,923,555 | ) | | | (16,675,627 | ) | | | (70,260 | ) | | | (9,157,301 | ) | | | (636,142 | ) | | | (12,799,861 | ) |
| | | | | | | | | | | | | | | | | | | | | | | |
| | 96 | | | | 69 | | | | 1,548 | | | | 1,601 | | | | 4,105 | | | | 6,177 | |
| | 17 | | | | 5 | | | | 592 | | | | 80 | | | | 841 | | | | 1,335 | |
| | — | | | | (1 | ) | | | (13 | ) | | | (59 | ) | | | (525 | ) | | | (11,754 | ) |
| | 113 | | | | 73 | | | | 2,127 | | | | 1,622 | | | | 4,421 | | | | (4,242 | ) |
| | | | | | | | | | | | | | | | | | | | | | | |
| | 449,945 | | | | 15,457,973 | | | | 502,121 | | | | 10,427,613 | | | | 464,788 | | | | 14,092,446 | |
| | 1,365,476 | | | | — | | | | 1,567,804 | | | | — | | | | 1,064,068 | | | | — | |
| | (1,015,466 | ) | | | (750,728 | ) | | | (543,922 | ) | | | (285,270 | ) | | | (946,622 | ) | | | (650,786 | ) |
| | 799,955 | | | | 14,707,245 | | | | 1,526,003 | | | | 10,142,343 | | | | 582,234 | | | | 13,441,660 | |
| | (6,281,507 | ) | | | (2,158,284 | ) | | | 1,490,174 | | | | 948,400 | | | | (656,624 | ) | | | (1,319,852 | ) |
Statements of Changes in Net Assets (continued)
| | | Sterling Capital Equity Income Fund | |
| | | For the Six Months Ended March 31, 2019 (Unaudited) | | | For the Year Ended September 30, 2018 | |
| Capital Transactions: | | | | | | | | |
| Class A Shares: | | | | | | | | |
| Proceeds from shares issued | | $ | 38,693,495 | | | $ | 17,261,515 | |
| Distributions reinvested | | | 23,806,657 | | | | 34,930,386 | |
| Value of shares redeemed | | | (32,491,495 | ) | | | (95,382,911 | ) |
| Change in net assets from Class A Share transactions | | | 30,008,657 | | | | (43,191,010 | ) |
| Class C Shares: | | | | | | | | |
| Proceeds from shares issued | | | 7,291,540 | | | | 10,292,839 | |
| Distributions reinvested | | | 14,443,670 | | | | 22,170,768 | |
| Value of shares redeemed | | | (53,644,564 | ) | | | (65,951,870 | ) |
| Change in net assets from Class C Share transactions | | | (31,909,354 | ) | | | (33,488,263 | ) |
| Institutional Shares: | | | | | | | | |
| Proceeds from shares issued | | | 127,579,300 | | | | 199,599,403 | |
| Distributions reinvested | | | 52,119,169 | | | | 91,165,619 | |
| Value of shares redeemed | | | (93,850,122 | ) | | | (455,884,460 | ) |
| Change in net assets from Institutional Share transactions | | | 85,848,347 | | | | (165,119,438 | ) |
| Class R Shares: | | | | | | | | |
| Proceeds from shares issued | | | 686,394 | | | | 168,020 | |
| Distributions reinvested | | | 226,834 | | | | 380,583 | |
| Value of shares redeemed | | | (515,147 | ) | | | (1,773,434 | ) |
| Change in net assets from Class R Share transactions | | | 398,081 | | | | (1,224,831 | ) |
| Class R6 Shares: | | | | | | | | |
| Proceeds from shares issued | | | 17,811,936 | | | | 303,183,215 | |
| Distributions reinvested | | | 25,731,028 | | | | 3,308,989 | |
| Value of shares redeemed | | | (14,158,409 | ) | | | (16,410,104 | ) |
| Change in net assets from Class R6 Share transactions | | | 29,384,555 | | | | 290,082,100 | |
| Change in net assets from capital transactions | | $ | 113,730,286 | | | $ | 47,058,558 | |
| Share Transactions: | | | | | | | | |
| Class A Shares: | | | | | | | | |
| Issued | | | 1,959,288 | | | | 832,543 | |
| Reinvested | | | 1,230,935 | | | | 1,729,173 | |
| Redeemed | | | (1,651,498 | ) | | | (4,607,856 | ) |
| Change in Class A Shares | | | 1,538,725 | | | | (2,046,140 | ) |
| Class C Shares: | | | | | | | | |
| Issued | | | 381,295 | | | | 501,096 | |
| Reinvested | | | 755,795 | | | | 1,109,613 | |
| Redeemed | | | (2,724,584 | ) | | | (3,214,105 | ) |
| Change in Class C Shares | | | (1,587,494 | ) | | | (1,603,396 | ) |
| Institutional Shares: | | | | | | | | |
| Issued | | | 6,533,824 | | | | 9,619,889 | |
| Reinvested | | | 2,687,400 | | | | 4,497,406 | |
| Redeemed | | | (4,758,793 | ) | | | (22,736,323 | ) |
| Change in Institutional Shares | | | 4,462,431 | | | | (8,619,028 | ) |
| Class R Shares: | | | | | | | | |
| Issued | | | 34,641 | | | | 8,149 | |
| Reinvested | | | 11,832 | | | | 18,990 | |
| Redeemed | | | (25,953 | ) | | | (86,486 | ) |
| Change in Class R Shares | | | 20,520 | | | | (59,347 | ) |
| Class R6 Shares: | | | | | | | | |
| Issued | | | 910,067 | | | | 15,336,819 | |
| Reinvested | | | 1,326,167 | | | | 158,621 | |
| Redeemed | | | (705,406 | ) | | | (788,118 | ) |
| Change in Class R6 Shares | | | 1,530,828 | | | | 14,707,322 | |
| Change in Shares | | | 5,965,010 | | | | 2,379,411 | |
See accompanying Notes to the Financial Statements.
Sterling Capital Behavioral International Equity Fund | | | Sterling Capital SMID Opportunities Fund | | | Sterling Capital Stratton Mid Cap Value Fund | |
For the Six Months Ended March 31, 2019 (Unaudited) | | | For the Year Ended September 30, 2018 | | | For the Six Months Ended March 31, 2019 (Unaudited) | | | For the Year Ended September 30, 2018 | | | For the Six Months Ended March 31, 2019 (Unaudited) | | | For the Year Ended September 30, 2018 | |
| | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | |
| $ | 23,838 | | | $ | 548,941 | | | $ | 148,072 | | | $ | 1,043,516 | | | $ | 6,807 | | | $ | 6,558 | |
| | 45,511 | | | | 18,535 | | | | — | | | | 67,890 | | | | 8,075 | | | | 3,985 | |
| | (283,722 | ) | | | (207,111 | ) | | | (251,151 | ) | | | (2,399,337 | ) | | | (3,167 | ) | | | (15,201 | ) |
| | (214,373 | ) | | | 360,365 | | | | (103,079 | ) | | | (1,287,931 | ) | | | 11,715 | | | | (4,658 | ) |
| | | | | | | | | | | | | | | | | | | | | | | |
| | 14,150 | | | | 3,957 | | | | 56,170 | | | | 241,260 | | | | — | | | | — | |
| | 4,299 | | | | 1,747 | | | | — | | | | 23,727 | | | | 103 | | | | — | |
| | (4,550 | ) | | | (38 | ) | | | (240,220 | ) | | | (280,538 | ) | | | — | | | | — | |
| | 13,899 | | | | 5,666 | | | | (184,050 | ) | | | (15,551 | ) | | | 103 | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | |
| | 1,004,471 | | | | 3,376,195 | | | | 631,360 | | | | 317,828 | | | | 393,890 | | | | 2,447,622 | |
| | 710,669 | | | | 2,644,718 | | | | — | | | | 97,308 | | | | 4,783,434 | | | | 2,411,974 | |
| | (1,366,271 | ) | | | (67,284,550 | ) | | | (391,477 | ) | | | (276,849 | ) | | | (3,910,764 | ) | | | (6,835,041 | ) |
| | 348,869 | | | | (61,263,637 | ) | | | 239,883 | | | | 138,287 | | | | 1,266,560 | | | | (1,975,445 | ) |
| | | | | | | | | | | | | | | | | | | | | | | |
| | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
| | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
| | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
| | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | |
| | — | | | | 65,784,781 | | | | — | | | | — | | | | — | | | | — | |
| | 4,081,173 | | | | — | | | | — | | | | — | | | | — | | | | — | |
| | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
| | 4,081,173 | | | | 65,784,781 | | | | — | | | | — | | | | — | | | | — | |
| $ | 4,229,568 | | | $ | 4,887,175 | | | $ | (47,246 | ) | | $ | (1,165,195 | ) | | $ | 1,278,378 | | | $ | (1,980,103 | ) |
| | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | |
| | 2,489 | | | | 46,928 | | | | 12,756 | | | | 88,686 | | | | 121 | | | | 97 | |
| | 4,942 | | | | 1,571 | | | | — | | | | 5,887 | | | | 143 | | | | 59 | |
| | (29,064 | ) | | | (17,810 | ) | | | (21,734 | ) | | | (207,677 | ) | | | (53 | ) | | | (229 | ) |
| | (21,633 | ) | | | 30,689 | | | | (8,978 | ) | | | (113,104 | ) | | | 211 | | | | (73 | ) |
| | | | | | | | | | | | | | | | | | | | | | | |
| | 1,376 | | | | 329 | | | | 5,341 | | | | 20,618 | | | | — | | | | — | |
| | 470 | | | | 149 | | | | — | | | | 2,064 | | | | 2 | | | | — | |
| | (480 | ) | | | (3 | ) | | | (21,550 | ) | | | (23,963 | ) | | | — | | | | — | |
| | 1,366 | | | | 475 | | | | (16,209 | ) | | | (1,281 | ) | | | 2 | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | |
| | 108,672 | | | | 277,788 | | | | 55,772 | | | | 27,509 | | | | 6,707 | | | | 35,437 | |
| | 75,255 | | | | 224,238 | | | | — | | | | 8,450 | | | | 84,617 | | | | 35,512 | |
| | (142,958 | ) | | | (5,740,263 | ) | | | (36,656 | ) | | | (23,400 | ) | | | (67,323 | ) | | | (100,081 | ) |
| | 40,969 | | | | (5,238,237 | ) | | | 19,116 | | | | 12,559 | | | | 24,001 | | | | (29,132 | ) |
| | | | | | | | | | | | | | | | | | | | | | | |
| | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
| | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
| | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
| | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | |
| | — | | | | 5,614,888 | | | | — | | | | — | | | | — | | | | — | |
| | 444,173 | | | | — | | | | — | | | | — | | | | — | | | | — | |
| | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
| | 444,173 | | | | 5,614,888 | | | | — | | | | — | | | | — | | | | — | |
| | 464,875 | | | | 407,815 | | | | (6,071 | ) | | | (101,826 | ) | | | 24,214 | | | | (29,205 | ) |
Statements of Changes in Net Assets (continued)
| | | Sterling Capital Stratton Real Estate Fund | |
| | | For the Six
Months Ended
March 31, 2019
(Unaudited) | | | For the
Year Ended
September 30,
2018 | |
| Capital Transactions: | | | | | | | | |
| Class A Shares: | | | | | | | | |
| Proceeds from shares issued | | $ | 95,662 | | | $ | 199,930 | |
| Distributions reinvested | | | 18,883 | | | | 12,636 | |
| Value of shares redeemed | | | (16,861 | ) | | | (118,705 | ) |
| Change in net assets from Class A Share transactions | | | 97,684 | | | | 93,861 | |
| Class C Shares: | | | | | | | | |
| Proceeds from shares issued | | | 57,364 | | | | 38,003 | |
| Distributions reinvested | | | 5,052 | | | | 2,786 | |
| Value of shares redeemed | | | (932 | ) | | | (8,746 | ) |
| Change in net assets from Class C Share transactions | | | 61,484 | | | | 32,043 | |
| Institutional Shares: | | | | | | | | |
| Proceeds from shares issued | | | 9,223,172 | | | | 6,722,737 | |
| Distributions reinvested | | | 3,530,351 | | | | 4,044,383 | |
| Value of shares redeemed | | | (8,636,624 | ) | | | (16,178,109 | ) |
| Change in net assets from Institutional Share transactions | | | 4,116,899 | | | | (5,410,989 | ) |
| Change in net assets from capital transactions | | $ | 4,276,067 | | | $ | (5,285,085 | ) |
| Share Transactions: | | | | | | | | |
| Class A Shares: | | | | | | | | |
| Issued | | | 2,613 | | | | 5,304 | |
| Reinvested | | | 517 | | | | 341 | |
| Redeemed | | | (487 | ) | | | (3,210 | ) |
| Change in Class A Shares | | | 2,643 | | | | 2,435 | |
| Class C Shares: | | | | | | | | |
| Issued | | | 1,552 | | | | 1,049 | |
| Reinvested | | | 139 | | | | 75 | |
| Redeemed | | | (25 | ) | | | (247 | ) |
| Change in Class C Shares | | | 1,666 | | | | 877 | |
| Institutional Shares: | | | | | | | | |
| Issued | | | 248,247 | | | | 182,158 | |
| Reinvested | | | 96,528 | | | | 109,143 | |
| Redeemed | | | (231,432 | ) | | | (449,637 | ) |
| Change in Institutional Shares | | | 113,343 | | | | (158,336 | ) |
| Change in Shares | | | 117,652 | | | | (155,024 | ) |
See accompanying Notes to the Financial Statements.
Sterling Capital Stratton Small Cap Value Fund | | | Sterling Capital Ultra Short Bond Fund | |
For the Six Months Ended March 31, 2019 (Unaudited) | | | For the Year Ended September 30, 2018 | | | For the Six Months Ended March 31, 2019 (Unaudited) | | | For the Year Ended September 30, 2018 | |
| | | | | | | | | | | |
| $ | 746,751 | | | $ | 1,687,322 | | | $ | 677,719 | | | $ | 4,735,145 | |
| | 130,424 | | | | 44,946 | | | | 37,021 | | | | 77,021 | |
| | (472,819 | ) | | | (118,054 | ) | | | (2,420,099 | ) | | | (4,376,419 | ) |
| | 404,356 | | | | 1,614,214 | | | | (1,705,359 | ) | | | 435,747 | |
| | | | | | | | | | | | | | | |
| | 55,308 | | | | 3,625 | | | | — | | | | — | |
| | 7,554 | | | | 9,282 | | | | — | | | | — | |
| | (2,000 | ) | | | (6,219 | ) | | | — | | | | — | |
| | 60,862 | | | | 6,688 | | | | — | | | | — | |
| | | | | | | | | | | | | | | |
| | 81,753,794 | | | | 292,065,741 | | | | 20,718,543 | | | | 7,550,761 | |
| | 59,385,321 | | | | 82,688,186 | | | | 327,193 | | | | 540,774 | |
| | (234,354,813 | ) | | | (251,289,259 | ) | | | (2,661,746 | ) | | | (19,921,662 | ) |
| | (93,215,698 | ) | | | 123,464,668 | | | | 18,383,990 | | | | (11,830,127 | ) |
| $ | (92,750,480 | ) | | | 125,085,570 | | | $ | 16,678,631 | | | $ | (11,394,380 | ) |
| | | | | | | | | | | | | | | |
| | 9,674 | | | | 19,281 | | | | 69,607 | | | | 484,332 | |
| | 1,791 | | | | 526 | | | | 3,798 | | | | 7,901 | |
| | (6,120 | ) | | | (1,352 | ) | | | (247,842 | ) | | | (448,147 | ) |
| | 5,345 | | | | 18,455 | | | | (174,437 | ) | | | 44,086 | |
| | | | | | | | | | | | | | | |
| | 800 | | | | 43 | | | | — | | | | — | |
| | 106 | | | | 110 | | | | — | | | | — | |
| | (25 | ) | | | (71 | ) | | | — | | | | — | |
| | 881 | | | | 82 | | | | — | | | | — | |
| | | | | | | | | | | | | | | |
| | 1,076,587 | | | | 3,325,502 | | | | 2,129,235 | | | | 774,686 | |
| | 813,078 | | | | 964,732 | | | | 33,546 | | | | 55,470 | |
| | (3,122,817 | ) | | | (2,864,279 | ) | | | (273,018 | ) | | | (2,043,410 | ) |
| | (1,233,152 | ) | | | 1,425,955 | | | | 1,889,763 | | | | (1,213,254 | ) |
| | (1,226,926 | ) | | | 1,444,492 | | | | 1,715,326 | | | | (1,169,168 | ) |
| Statements of Changes in Net Assets (continued) |
| | | Sterling Capital Short Duration Bond Fund |
| | | For the Six Months Ended March 31, 2019 (Unaudited) | | | For the Year Ended September 30, 2018 | |
| Capital Transactions: | | | | | | | | |
| Class A Shares: | | | | | | | | |
| Proceeds from shares issued | | $ | 96,398 | | | $ | 470,987 | |
| Distributions reinvested | | | 50,873 | | | | 110,645 | |
| Value of shares redeemed | | | (833,867 | ) | | | (1,829,666 | ) |
| Change in net assets from Class A Share transactions | | | (686,596 | ) | | | (1,248,034 | ) |
| Class C Shares: | | | | | | | | |
| Proceeds from shares issued | | | 120,697 | | | | 6,324 | |
| Distributions reinvested | | | 10,297 | | | | 19,529 | |
| Value of shares redeemed | | | (152,089 | ) | | | (453,677 | ) |
| Change in net assets from Class C Share transactions | | | (21,095 | ) | | | (427,824 | ) |
| Institutional Shares: | | | | | | | | |
| Proceeds from shares issued | | | 61,790,169 | | | | 83,320,675 | |
| Distributions reinvested | | | 1,928,024 | | | | 1,811,206 | |
| Value of shares redeemed | | | (18,362,594 | ) | | | (24,085,787 | ) |
| Change in net assets from Institutional Share transactions | | | 45,355,599 | | | | 61,046,094 | |
| Class R Shares: | | | | | | | | |
| Proceeds from shares issued | | | — | | | | — | |
| Distributions reinvested | | | — | | | | — | |
| Value of shares redeemed | | | — | | | | — | |
| Change in net assets from Class R Share transactions | | | — | | | | — | |
| Class R6 Shares: | | | | | | | | |
| Proceeds from shares issued | | | — | | | | — | |
| Distributions reinvested | | | — | | | | — | |
| Value of shares redeemed | | | — | | | | — | |
| Change in net assets from Class R6 Share transactions | | | — | | | | — | |
| Change in net assets from capital transactions | | $ | 44,647,908 | | | $ | 59,370,236 | |
| Share Transactions: | | | | | | | | |
| Class A Shares: | | | | | | | | |
| Issued | | | 11,317 | | | | 55,182 | |
| Reinvested | | | 5,971 | | | | 12,910 | |
| Redeemed | | | (97,884 | ) | | | (213,397 | ) |
| Change in Class A Shares | | | (80,596 | ) | | | (145,305 | ) |
| Class C Shares: | | | | | | | | |
| Issued | | | 14,232 | | | | 738 | |
| Reinvested | | | 1,209 | | | | 2,280 | |
| Redeemed | | | (17,833 | ) | | | (52,881 | ) |
| Change in Class C Shares | | | (2,392 | ) | | | (49,863 | ) |
| Institutional Shares: | | | | | | | | |
| Issued | | | 7,259,904 | | | | 9,731,130 | |
| Reinvested | | | 226,238 | | | | 211,938 | |
| Redeemed | | | (2,157,937 | ) | | | (2,808,942 | ) |
| Change in Institutional Shares | | | 5,328,205 | | | | 7,134,126 | |
| Class R Shares: | | | | | | | | |
| Issued | | | — | | | | — | |
| Reinvested | | | — | | | | — | |
| Redeemed | | | — | | | | — | |
| Change in Class R Shares | | | — | | | | — | |
| Class R6 Shares: | | | | | | | | |
| Issued | | | — | | | | — | |
| Reinvested | | | — | | | | — | |
| Redeemed | | | — | | | | — | |
| Change in Class R6 Shares | | | — | | | | — | |
| Change in Shares | | | 5,245,217 | | | | 6,938,958 | |
See accompanying Notes to the Financial Statements.
Sterling Capital Intermediate U.S. Government Fund | | Sterling Capital Total Return Bond Fund | | Sterling Capital Corporate Fund |
For the Six Months Ended March 31, 2019 (Unaudited) | | | For the Year Ended September 30, 2018 | | | For the Six Months Ended March 31, 2019 (Unaudited) | | | For the Year Ended September 30, 2018 | | | For the Six Months Ended March 31, 2019 (Unaudited) | | | For the Year Ended September 30, 2018 | |
| | | | | | | | | | | |
| | | | | | | | | | | |
| $ | 60,126 | | | $ | 32,004 | | | $ | 4,034,520 | | | $ | 14,575,793 | | | $ | 17,225 | | | $ | 133,619 | |
| | 47,058 | | | | 122,083 | | | | 929,839 | | | | 1,992,744 | | | | 6,996 | | | | 14,122 | |
| | (471,010 | ) | | | (1,010,069 | ) | | | (17,625,783 | ) | | | (16,806,056 | ) | | | (5,177 | ) | | | (63,236 | ) |
| | (363,826 | ) | | | (855,982 | ) | | | (12,661,424 | ) | | | (237,519 | ) | | | 19,044 | | | | 84,505 | |
| | | | | | | | | | | | | | | | | | | | | | | |
| | 1,898 | | | | 7,656 | | | | 1,215,497 | | | | 2,517,014 | | | | — | | | | — | |
| | 3,793 | | | | 9,886 | | | | 74,481 | | | | 122,808 | | | | 36 | | | | 1,206 | |
| | (69,107 | ) | | | (84,443 | ) | | | (1,522,073 | ) | | | (2,470,980 | ) | | | (39,205 | ) | | | — | |
| | (63,416 | ) | | | (66,901 | ) | | | (232,095 | ) | | | 168,842 | | | | (39,169 | ) | | | 1,206 | |
| | | | | | | | | | | | | | | | | | | | | | | |
| | 1,101,355 | | | | 8,934,794 | | | | 166,811,745 | | | | 377,719,394 | | | | 2,056,699 | | | | 9,455,433 | |
| | 29,468 | | | | 82,950 | | | | 7,253,310 | | | | 16,766,290 | | | | 441,364 | | | | 1,071,268 | |
| | (8,312,595 | ) | | | (6,829,021 | ) | | | (153,197,330 | ) | | | (493,447,788 | ) | | | (11,625,915 | ) | | | (8,017,233 | ) |
| | (7,181,772 | ) | | | 2,188,723 | | | | 20,867,725 | | | | (98,962,104 | ) | | | (9,127,852 | ) | | | 2,509,468 | |
| | | | | | | | | | | | | | | | | | | | | | | |
| | — | | | | — | | | | — | | | | 30,426 | | | | — | | | | — | |
| | — | | | | — | | | | 453 | | | | 248 | | | | — | | | | — | |
| | — | | | | — | | | | (8,974 | ) | | | (55 | ) | | | — | | | | — | |
| | — | | | | — | | | | (8,521 | ) | | | 30,619 | | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | |
| | — | | | | — | | | | 27,032,791 | | | | 298,303,123 | | | | — | | | | — | |
| | — | | | | — | | | | 4,914,085 | | | | 4,164,349 | | | | — | | | | — | |
| | — | | | | — | | | | (18,725,692 | ) | | | (17,301,668 | ) | | | — | | | | — | |
| | — | | | | — | | | | 13,221,184 | | | | 285,165,804 | | | | — | | | | — | |
| $ | (7,609,014 | ) | | $ | 1,265,840 | | | $ | 21,186,869 | | | $ | 186,165,642 | | | $ | (9,147,977 | ) | | $ | 2,595,179 | |
| | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | |
| | 6,251 | | | | 3,302 | | | | 393,421 | | | | 1,399,318 | | | | 1,742 | | | | 13,427 | |
| | 4,907 | | | | 12,647 | | | | 90,866 | | | | 192,297 | | | | 712 | | | | 1,414 | |
| | (49,101 | ) | | | (104,135 | ) | | | (1,726,914 | ) | | | (1,625,612 | ) | | | (523 | ) | | | (6,310 | ) |
| | (37,943 | ) | | | (88,186 | ) | | | (1,242,627 | ) | | | (33,997 | ) | | | 1,931 | | | | 8,531 | |
| | | | | | | | | | | | | | | | | | | | | | | |
| | 199 | | | | 787 | | | | 119,681 | | | | 242,058 | | | | — | | | | — | |
| | 396 | | | | 1,026 | | | | 7,261 | | | | 11,835 | | | | 4 | | | | 120 | |
| | (7,201 | ) | | | (8,644 | ) | | | (148,469 | ) | | | (237,640 | ) | | | (4,021 | ) | | | — | |
| | (6,606 | ) | | | (6,831 | ) | | | (21,527 | ) | | | 16,253 | | | | (4,017 | ) | | | 120 | |
| | | | | | | | | | | | | | | | | | | | | | | |
| | 115,066 | | | | 934,128 | | | | 16,345,282 | | | | 36,365,096 | | | | 209,885 | | | | 960,307 | |
| | 3,071 | | | | 8,580 | | | | 707,876 | | | | 1,613,303 | | | | 45,018 | | | | 107,332 | |
| | (870,439 | ) | | | (705,599 | ) | | | (15,006,072 | ) | | | (47,710,560 | ) | | | (1,190,692 | ) | | | (803,488 | ) |
| | (752,302 | ) | | | 237,109 | | | | 2,047,086 | | | | (9,732,161 | ) | | | (935,789 | ) | | | 264,151 | |
| | | | | | | | | | | | | | | | | | | | | | | |
| | — | | | | — | | | | — | | | | 2,972 | | | | — | | | | — | |
| | — | | | | — | | | | 44 | | | | 24 | | | | — | | | | — | |
| | — | | | | — | | | | (882 | ) | | | (5 | ) | | | — | | | | — | |
| | — | | | | — | | | | (838 | ) | | | 2,991 | | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | |
| | — | | | | — | | | | 2,635,544 | | | | 28,894,822 | | | | — | | | | — | |
| | — | | | | — | | | | 479,533 | | | | 405,977 | | | | — | | | | — | |
| | — | | | | — | | | | (1,834,139 | ) | | | (1,687,990 | ) | | | — | | | | — | |
| | — | | | | — | | | | 1,280,938 | | | | 27,612,809 | | | | — | | | | — | |
| | (796,851 | ) | | | 142,092 | | | | 2,063,032 | | | | 17,865,895 | | | | (937,875 | ) | | | 272,802 | |
| Statements of Changes in Net Assets (continued) |
| | | Sterling Capital Securitized Opportunities Fund |
| | | For the Six Months Ended March 31, 2019 (Unaudited) | | | For the Year Ended September 30, 2018 | |
| Capital Transactions: | | | | | | | | |
| Class A Shares: | | | | | | | | |
| Proceeds from shares issued | | $ | — | | | $ | 422 | |
| Distributions reinvested | | | 274 | | | | 1,330 | |
| Value of shares redeemed | | | (10 | ) | | | (75,841 | ) |
| Change in net assets from Class A Share transactions | | | 264 | | | | (74,089 | ) |
| Class C Shares: | | | | | | | | |
| Proceeds from shares issued | | | — | | | | — | |
| Distributions reinvested | | | 357 | | | | 696 | |
| Value of shares redeemed | | | (325 | ) | | | (546 | ) |
| Change in net assets from Class C Share transactions | | | 32 | | | | 150 | |
| Institutional Shares: | | | | | | | | |
| Proceeds from shares issued | | | 191,826 | | | | 5,670,308 | |
| Distributions reinvested | | | 550,103 | | | | 1,144,285 | |
| Value of shares redeemed | | | (3,524,882 | ) | | | (7,973,422 | ) |
| Change in net assets from Institutional Share transactions | | | (2,782,953 | ) | | | (1,158,829 | ) |
| Change in net assets from capital transactions | | $ | (2,782,657 | ) | | $ | (1,232,768 | ) |
| Share Transactions: | | | | | | | | |
| Class A Shares: | | | | | | | | |
| Issued | | | — | | | | 43 | |
| Reinvested | | | 28 | | | | 136 | |
| Redeemed | | | (1 | ) | | | (7,750 | ) |
| Change in Class A Shares | | | 27 | | | | (7,571 | ) |
| Class C Shares: | | | | | | | | |
| Issued | | | — | | | | — | |
| Reinvested | | | 37 | | | | 71 | |
| Redeemed | | | (33 | ) | | | (56 | ) |
| Change in Class C Shares | | | 4 | | | | 15 | |
| Institutional Shares: | | | | | | | | |
| Issued | | | 19,935 | | | | 586,820 | |
| Reinvested | | | 56,670 | | | | 117,388 | |
| Redeemed | | | (362,293 | ) | | | (820,358 | ) |
| Change in Institutional Shares | | | (285,688 | ) | | | (116,150 | ) |
| Change in Shares | | | (285,657 | ) | | | (123,706 | ) |
See accompanying Notes to the Financial Statements.
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, 2019 (Unaudited) | | | For the Year Ended September 30, 2018 | | | For the Six Months Ended March 31, 2019 (Unaudited) | | | For the Year Ended September 30, 2018 | | | For the Six Months Ended March 31, 2019 (Unaudited) | | | For the Year Ended September 30, 2018 | |
| | | | | | | | | | | |
| | | | | | | | | | | |
| $ | 2,381 | | | $ | 12,851 | | | $ | 1,309 | | | $ | 208,485 | | | $ | 2,106,105 | | | $ | 2,537,656 | |
| | 46,626 | | | | 84,773 | | | | 74,797 | | | | 109,475 | | | | 360,002 | | | | 792,745 | |
| | (656,976 | ) | | | (378,208 | ) | | | (1,020,035 | ) | | | (939,490 | ) | | | (2,362,092 | ) | | | (10,459,959 | ) |
| | (607,969 | ) | | | (280,584 | ) | | | (943,929 | ) | | | (621,530 | ) | | | 104,015 | | | | (7,129,558 | ) |
| | | | | | | | | | | | | | | | | | | | | | | |
| | — | | | | — | | | | 18,150 | | | | 103,365 | | | | 179,245 | | | | 975,837 | |
| | 21 | | | | 26 | | | | 10,769 | | | | 11,004 | | | | 22,384 | | | | 57,854 | |
| | — | | | | — | | | | (73,561 | ) | | | (127,076 | ) | | | (718,954 | ) | | | (2,130,630 | ) |
| | 21 | | | | 26 | | | | (44,642 | ) | | | (12,707 | ) | | | (517,325 | ) | | | (1,096,939 | ) |
| | | | | | | | | | | | | | | | | | | | | | | |
| | 528,360 | | | | 1,336,803 | | | | 454,054 | | | | 764,677 | | | | 10,620,174 | | | | 27,347,433 | |
| | 10,305 | | | | 15,888 | | | | 50,133 | | | | 78,432 | | | | 516,741 | | | | 900,556 | |
| | (1,126,511 | ) | | | (1,377,414 | ) | | | (2,489,875 | ) | | | (4,004,313 | ) | | | (23,142,928 | ) | | | (30,434,472 | ) |
| | (587,846 | ) | | | (24,723 | ) | | | (1,985,688 | ) | | | (3,161,204 | ) | | | (12,006,013 | ) | | | (2,186,483 | ) |
| $ | (1,195,794 | ) | | $ | (305,281 | ) | | $ | (2,974,259 | ) | | $ | (3,795,441 | ) | | $ | (12,419,323 | ) | | $ | (10,412,980 | ) |
| | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | |
| | 239 | | | | 1,275 | | | | 122 | | | | 19,485 | | | | 201,999 | | | | 238,687 | |
| | 4,686 | | | | 8,435 | | | | 7,072 | | | | 10,146 | | | | 34,180 | | | | 75,036 | |
| | (66,572 | ) | | | (37,818 | ) | | | (96,475 | ) | | | (87,455 | ) | | | (224,331 | ) | | | (987,278 | ) |
| | (61,647 | ) | | | (28,108 | ) | | | (89,281 | ) | | | (57,824 | ) | | | 11,848 | | | | (673,555 | ) |
| | | | | | | | | | | | | | | | | | | | | | | |
| | — | | | | — | | | | 1,711 | | | | 9,546 | | | | 16,884 | | | | 91,894 | |
| | 2 | | | | 3 | | | | 1,019 | | | | 1,019 | | | | 2,128 | | | | 5,479 | |
| | — | | | | — | | | | (6,929 | ) | | | (11,840 | ) | | | (68,622 | ) | | | (201,199 | ) |
| | 2 | | | | 3 | | | | (4,199 | ) | | | (1,275 | ) | | | (49,610 | ) | | | (103,826 | ) |
| | | | | | | | | | | | | | | | | | | | | | | |
| | 53,227 | | | | 133,119 | | | | 42,615 | | | | 70,464 | | | | 1,010,299 | | | | 2,587,873 | |
| | 1,036 | | | | 1,582 | | | | 4,734 | | | | 7,262 | | | | 49,063 | | | | 85,310 | |
| | (113,354 | ) | | | (138,001 | ) | | | (234,630 | ) | | | (372,473 | ) | | | (2,204,695 | ) | | | (2,874,906 | ) |
| | (59,091 | ) | | | (3,300 | ) | | | (187,281 | ) | | | (294,747 | ) | | | (1,145,333 | ) | | | (201,723 | ) |
| | (120,736 | ) | | | (31,405 | ) | | | (280,761 | ) | | | (353,846 | ) | | | (1,183,095 | ) | | | (979,104 | ) |
Statements of Changes in Net Assets (continued)
| | | Sterling Capital South Carolina Intermediate Tax-Free Fund | |
| | | For the Six Months Ended March 31, 2019 (Unaudited) | | | For the Year Ended September 30, 2018 | |
| Capital Transactions: | | | | | | | | |
| Class A Shares: | | | | | | | | |
| Proceeds from shares issued | | $ | 328,863 | | | $ | 2,214,300 | |
| Distributions reinvested | | | 123,325 | | | | 275,293 | |
| Value of shares redeemed | | | (1,677,391 | ) | | | (3,992,034 | ) |
| Change in net assets from Class A Share transactions | | | (1,225,203 | ) | | | (1,502,441 | ) |
| Class C Shares: | | | | | | | | |
| Proceeds from shares issued | | | 15,009 | | | | 9,569 | |
| Distributions reinvested | | | 5,655 | | | | 14,215 | |
| Value of shares redeemed | | | (81,409 | ) | | | (432,827 | ) |
| Change in net assets from Class C Share transactions | | | (60,745 | ) | | | (409,043 | ) |
| Institutional Shares: | | | | | | | | |
| Proceeds from shares issued | | | 4,924,121 | | | | 14,435,688 | |
| Distributions reinvested | | | 156,795 | | | | 378,336 | |
| Value of shares redeemed | | | (7,125,704 | ) | | | (19,372,000 | ) |
| Change in net assets from Institutional Share transactions | | | (2,044,788 | ) | | | (4,557,976 | ) |
| Change in net assets from capital transactions | | $ | (3,330,736 | ) | | $ | (6,469,460 | ) |
| Share Transactions: | | | | | | | | |
| Class A Shares: | | | | | | | | |
| Issued | | | 30,461 | | | | 202,414 | |
| Reinvested | | | 11,321 | | | | 25,275 | |
| Redeemed | | | (154,778 | ) | | | (366,316 | ) |
| Change in Class A Shares | | | (112,996 | ) | | | (138,627 | ) |
| Class C Shares: | | | | | | | | |
| Issued | | | 1,367 | | | | 868 | |
| Reinvested | | | 519 | | | | 1,305 | |
| Redeemed | | | (7,461 | ) | | | (39,796 | ) |
| Change in Class C Shares | | | (5,575 | ) | | | (37,623 | ) |
| Institutional Shares: | | | | | | | | |
| Issued | | | 457,398 | | | | 1,328,951 | |
| Reinvested | | | 14,498 | | | | 34,972 | |
| Redeemed | | | (663,159 | ) | | | (1,790,163 | ) |
| Change in Institutional Shares | | | (191,263 | ) | | | (426,240 | ) |
| Change in Shares | | | (309,834 | ) | | | (602,490 | ) |
See accompanying Notes to the Financial Statements.
Sterling Capital Virginia Intermediate Tax-Free Fund | | | Sterling Capital West Virginia Intermediate Tax-Free Fund | |
For the Six Months Ended March 31, 2019 (Unaudited) | | | For the Year Ended September 30, 2018 | | | For the Six Months Ended March 31, 2019 (Unaudited) | | | For the Year Ended September 30, 2018 | |
| | | | | | | | | | | |
| | | | | | | | | | | |
| $ | 115,389 | | | $ | 127,607 | | | $ | 112,693 | | | $ | 489,092 | |
| | 161,710 | | | | 402,911 | | | | 242,119 | | | | 565,984 | |
| | (3,167,508 | ) | | | (6,408,355 | ) | | | (3,594,371 | ) | | | (6,439,300 | ) |
| | (2,890,409 | ) | | | (5,877,837 | ) | | | (3,239,559 | ) | | | (5,384,224 | ) |
| | | | | | | | | | | | | | | |
| | 85 | | | | 1,074 | | | | 1,721 | | | | 12,856 | |
| | 5,103 | | | | 10,205 | | | | 6,359 | | | | 10,940 | |
| | (39,969 | ) | | | (75,043 | ) | | | (55,584 | ) | | | (12,951 | ) |
| | (34,781 | ) | | | (63,764 | ) | | | (47,504 | ) | | | 10,845 | |
| | | | | | | | | | | | | | | |
| | 5,793,398 | | | | 7,846,063 | | | | 978,683 | | | | 9,470,740 | |
| | 90,318 | | | | 197,739 | | | | 67,734 | | | | 136,406 | |
| | (9,178,828 | ) | | | (15,276,554 | ) | | | (10,735,028 | ) | | | (12,296,255 | ) |
| | (3,295,112 | ) | | | (7,232,752 | ) | | | (9,688,611 | ) | | | (2,689,109 | ) |
| $ | (6,220,302 | ) | | $ | (13,174,353 | ) | | $ | (12,975,674 | ) | | $ | (8,062,488 | ) |
| | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
| | 10,058 | | | | 11,053 | | | | 11,508 | | | | 49,296 | |
| | 14,031 | | | | 34,924 | | | | 24,721 | | | | 57,489 | |
| | (277,617 | ) | | | (553,854 | ) | | | (370,060 | ) | | | (655,601 | ) |
| | (253,528 | ) | | | (507,877 | ) | | | (333,831 | ) | | | (548,816 | ) |
| | | | | | | | | | | | | | | |
| | 7 | | | | 93 | | | | 178 | | | | 1,309 | |
| | 443 | | | | 885 | | | | 649 | | | | 1,111 | |
| | (3,480 | ) | | | (6,455 | ) | | | (5,710 | ) | | | (1,321 | ) |
| | (3,030 | ) | | | (5,477 | ) | | | (4,883 | ) | | | 1,099 | |
| | | | | | | | | | | | | | | |
| | 498,760 | | | | 679,539 | | | | 99,619 | | | | 961,065 | |
| | 7,839 | | | | 17,156 | | | | 6,913 | | | | 13,819 | |
| | (798,702 | ) | | | (1,326,202 | ) | | | (1,098,773 | ) | | | (1,249,228 | ) |
| | (292,103 | ) | | | (629,507 | ) | | | (992,241 | ) | | | (274,344 | ) |
| | (548,661 | ) | | | (1,142,861 | ) | | | (1,330,955 | ) | | | (822,061 | ) |
Statements of Changes in Net Assets (continued)
| | | Sterling Capital Diversified Income Fund | |
| | | For the Six Months Ended March 31, 2019 (Unaudited) | | | For the Year Ended September 30, 2018 | |
| Capital Transactions: | | | | | | | | |
| Class A Shares: | | | | | | | | |
| Proceeds from shares issued | | $ | 275,438 | | | $ | 623,110 | |
| Distributions reinvested | | | 295,125 | | | | 514,960 | |
| Value of shares redeemed | | | (1,506,874 | ) | | | (3,226,948 | ) |
| Change in net assets from Class A Share transactions | | | (936,311 | ) | | | (2,088,878 | ) |
| Class C Shares: | | | | | | | | |
| Proceeds from shares issued | | | 208 | | | | 5,041 | |
| Distributions reinvested | | | 20,751 | | | | 34,796 | |
| Value of shares redeemed | | | (211,796 | ) | | | (127,071 | ) |
| Change in net assets from Class C Share transactions | | | (190,837 | ) | | | (87,234 | ) |
| Institutional Shares: | | | | | | | | |
| Proceeds from shares issued | | | 21,985 | | | | 3,391,639 | |
| Distributions reinvested | | | 149,078 | | | | 288,712 | |
| Value of shares redeemed | | | (1,344,385 | ) | | | (4,659,359 | ) |
| Change in net assets from Institutional Share transactions | | | (1,173,322 | ) | | | (979,008 | ) |
| Change in net assets from capital transactions | | $ | (2,300,470 | ) | | $ | (3,155,120 | ) |
| Share Transactions: | | | | | | | | |
| Class A Shares: | | | | | | | | |
| Issued | | | 26,661 | | | | 58,371 | |
| Reinvested | | | 28,920 | | | | 48,139 | |
| Redeemed | | | (145,901 | ) | | | (301,022 | ) |
| Change in Class A Shares | | | (90,320 | ) | | | (194,512 | ) |
| Class C Shares: | | | | | | | | |
| Issued | | | 20 | | | | 467 | |
| Reinvested | | | 2,053 | | | | 3,281 | |
| Redeemed | | | (20,701 | ) | | | (11,968 | ) |
| Change in Class C Shares | | | (18,628 | ) | | | (8,220 | ) |
| Institutional Shares: | | | | | | | | |
| Issued | | | 2,099 | | | | 309,419 | |
| Reinvested | | | 14,420 | | | | 26,648 | |
| Redeemed | | | (128,575 | ) | | | (432,816 | ) |
| Change in Institutional Shares | | | (112,056 | ) | | | (96,749 | ) |
| Change in Shares | | | (221,004 | ) | | | (299,481 | ) |
See accompanying Notes to the Financial Statements.
Sterling Capital Strategic Allocation Balanced Fund | | | Sterling Capital Strategic Allocation Growth Fund | |
For the Six Months Ended March 31, 2019 (Unaudited) | | | For the Year Ended September 30, 2018 | | | For the Six Months Ended March 31, 2019 (Unaudited) | | | For the Year Ended September 30, 2018 | |
| | | | | | | | | | | |
| $ | 509,774 | | | $ | 773,902 | | | $ | 212,656 | | | $ | 298,745 | |
| | 431,228 | | | | 650,429 | | | | 329,465 | | | | 465,075 | |
| | (1,670,292 | ) | | | (3,606,861 | ) | | | (1,032,407 | ) | | | (2,544,309 | ) |
| | (729,290 | ) | | | (2,182,530 | ) | | | (490,286 | ) | | | (1,780,489 | ) |
| | | | | | | | | | | | | | | |
| | 2,550 | | | | 7,916 | | | | 9,796 | | | | 26,390 | |
| | 6,679 | | | | 11,239 | | | | 4,964 | | | | 5,540 | |
| | (120,901 | ) | | | (237,097 | ) | | | (56,577 | ) | | | (22,952 | ) |
| | (111,672 | ) | | | (217,942 | ) | | | (41,817 | ) | | | 8,978 | |
| | | | | | | | | | | | | | | |
| | 418 | | | | 114,410 | | | | 13,734 | | | | 31,181 | |
| | 3,525 | | | | 3,510 | | | | 12,282 | | | | 16,607 | |
| | (31,060 | ) | | | (7,694 | ) | | | (84,643 | ) | | | (11,650 | ) |
| | (27,117 | ) | | | 110,226 | | | | (58,627 | ) | | | 36,138 | |
| $ | (868,079 | ) | | $ | (2,290,246 | ) | | $ | (590,730 | ) | | $ | (1,735,373 | ) |
| | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
| | 44,333 | | | | 64,193 | | | | 18,636 | | | | 24,657 | |
| | 38,717 | | | | 53,984 | | | | 29,862 | | | | 38,281 | |
| | (144,564 | ) | | | (299,224 | ) | | | (89,484 | ) | | | (209,052 | ) |
| | (61,514 | ) | | | (181,047 | ) | | | (40,986 | ) | | | (146,114 | ) |
| | | | | | | | | | | | | | | |
| | 227 | | | | 671 | | | | 881 | | | | 2,250 | |
| | 617 | | | | 949 | | | | 471 | | | | 472 | |
| | (10,513 | ) | | | (20,240 | ) | | | (4,996 | ) | | | (1,960 | ) |
| | (9,669 | ) | | | (18,620 | ) | | | (3,644 | ) | | | 762 | |
| | | | | | | | | | | | | | | |
| | 36 | | | | 9,385 | | | | 1,186 | | | | 2,571 | |
| | 314 | | | | 290 | | | | 1,109 | | | | 1,364 | |
| | (2,641 | ) | | | (632 | ) | | | (7,161 | ) | | | (947 | ) |
| | (2,291 | ) | | | 9,043 | | | | (4,866 | ) | | | 2,988 | |
| | (73,474 | ) | | | (190,624 | ) | | | (49,496 | ) | | | (142,364 | ) |
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 Year | | | 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, 2019 (Unaudited) | | $ | 22.30 | | | | 0.20 | | | | (1.72 | ) | | | (1.52 | ) | | | (0.18 | ) | | | (1.75 | ) | | | (1.93 | ) |
| Year Ended September 30, 2018 | | $ | 20.71 | | | | 0.31 | | | | 1.91 | | | | 2.22 | | | | (0.44 | ) | | | (0.19 | ) | | | (0.63 | ) |
| Year Ended September 30, 2017 | | $ | 17.68 | | | | 0.36 | | | | 2.97 | | | | 3.33 | | | | (0.30 | ) | | | — | | | | (0.30 | ) |
| Year Ended September 30, 2016 | | $ | 16.53 | | | | 0.27 | | | | 1.15 | | | | 1.42 | | | | (0.27 | ) | | | — | | | | (0.27 | ) |
| Year Ended September 30, 2015 | | $ | 17.24 | | | | 0.22 | | | | (0.69 | ) | | | (0.47 | ) | | | (0.24 | ) | | | — | | | | (0.24 | ) |
| Year Ended September 30, 2014 | | $ | 14.16 | | | | 0.18 | | | | 3.06 | | | | 3.24 | | | | (0.16 | ) | | | — | | | | (0.16 | ) |
| Sterling Capital Mid Value Fund | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Six Months Ended March 31, 2019 (Unaudited) | | $ | 19.08 | | | | (0.01 | ) | | | (1.52 | ) | | | (1.53 | ) | | | — | | | | (1.42 | ) | | | (1.42 | ) |
| Year Ended September 30, 2018 | | $ | 18.72 | | | | (0.03 | ) | | | 1.23 | | | | 1.20 | | | | — | | | | (0.84 | ) | | | (0.84 | ) |
| Year Ended September 30, 2017 | | $ | 16.71 | | | | (0.02 | ) | | | 2.56 | | | | 2.54 | | | | — | | | | (0.53 | ) | | | (0.53 | ) |
| Year Ended September 30, 2016 | | $ | 17.97 | | | | 0.02 | | | | 2.06 | | | | 2.08 | | | | — | | | | (3.34 | ) | | | (3.34 | ) |
| Year Ended September 30, 2015 | | $ | 19.33 | | | | 0.06 | | | | (0.14 | ) | | | (0.08 | ) | | | (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 | ) |
| Sterling Capital Behavioral Small Cap Value Equity Fund | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Six Months Ended March 31, 2019 (Unaudited) | | $ | 18.65 | | | | 0.06 | | | | (1.90 | ) | | | (1.84 | ) | | | (0.16 | ) | | | (1.98 | ) | | | (2.14 | ) |
| Year Ended September 30, 2018 | | $ | 18.39 | | | | 0.17 | | | | 0.86 | | | | 1.03 | | | | (0.12 | ) | | | (0.65 | ) | | | (0.77 | ) |
| Year Ended September 30, 2017 | | $ | 15.19 | | | | 0.12 | | | | 3.17 | | | | 3.29 | | | | (0.09 | ) | | | — | | | | (0.09 | ) |
| Year Ended September 30, 2016 | | $ | 14.04 | | | | 0.18 | | | | 1.15 | | | | 1.33 | | | | (0.17 | ) | | | (0.01 | ) | | | (0.18 | ) |
| Year Ended September 30, 2015 | | $ | 14.34 | | | | 0.18 | | | | 0.16 | | | | 0.34 | | | | (0.20 | ) | | | (0.44 | ) | | | (0.64 | ) |
| Year Ended September 30, 2014 | | $ | 15.25 | | | | 0.11 | | | | 0.93 | | | | 1.04 | | | | (0.08 | ) | | | (1.87 | ) | | | (1.95 | ) |
| Sterling Capital Special Opportunities Fund | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Six Months Ended March 31, 2019 (Unaudited) | | $ | 26.37 | | | | 0.01 | | | | (0.70 | ) | | | (0.69 | ) | | | — | | | | (1.86 | ) | | | (1.86 | ) |
| Year Ended September 30, 2018 | | $ | 24.51 | | | | 0.01 | | | | 3.93 | | | | 3.94 | | | | (0.14 | ) | | | (1.94 | ) | | | (2.08 | ) |
| Year Ended September 30, 2017 | | $ | 21.53 | | | | 0.02 | | | | 3.37 | | | | 3.39 | | | | — | | | | (0.41 | ) | | | (0.41 | ) |
| Year Ended September 30, 2016 | | $ | 22.96 | | | | — | | | | 1.88 | | | | 1.88 | | | | — | | | | (3.31 | ) | | | (3.31 | ) |
| Year Ended September 30, 2015 | | $ | 23.33 | | | | (0.06 | ) | | | 0.89 | | | | 0.83 | | | | — | | | | (1.20 | ) | | | (1.20 | ) |
| Year Ended September 30, 2014 | | $ | 21.38 | | | | (0.02 | ) | | | 4.26 | | | | 4.24 | | | | (0.01 | ) | | | (2.28 | ) | | | (2.29 | ) |
| Sterling Capital Equity Income Fund | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Six Months Ended March 31, 2019 (Unaudited) | | $ | 21.55 | | | | 0.19 | | | | 0.05 | | | | 0.24 | | | | (0.19 | ) | | | (1.52 | ) | | | (1.71 | ) |
| Year Ended September 30, 2018 | | $ | 20.84 | | | | 0.34 | | | | 2.66 | | | | 3.00 | | | | (0.34 | ) | | | (1.95 | ) | | | (2.29 | ) |
| Year Ended September 30, 2017 | | $ | 18.30 | | | | 0.34 | | | | 2.59 | | | | 2.93 | | | | (0.37 | ) | | | (0.02 | ) | | | (0.39 | ) |
| Year Ended September 30, 2016 | | $ | 17.35 | | | | 0.31 | | | | 2.05 | | | | 2.36 | | | | (0.31 | ) | | | (1.10 | ) | | | (1.41 | ) |
| Year Ended September 30, 2015 | | $ | 18.94 | | | | 0.31 | | | | (1.06 | ) | | | (0.75 | ) | | | (0.33 | ) | | | (0.51 | ) | | | (0.84 | ) |
| Year Ended September 30, 2014 | | $ | 18.14 | | | | 0.34 | | | | 1.40 | | | | 1.74 | | | | (0.31 | ) | | | (0.63 | ) | | | (0.94 | ) |
| * | During the periods certain fees were waived (See Note 6 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. |
See accompanying Notes to the Financial Statements.
| | | | | | | 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) | |
| | | | | | | | | | | | | | | | | | | | |
| $ | 18.85 | | | | (6.52 | )% | | $ | 29,273 | | | | 0.89 | % | | | 2.04 | % | | | 0.89 | % | | | 74.10 | % |
| $ | 22.30 | | | | 10.87 | % | | $ | 33,126 | | | | 0.87 | % | | | 1.44 | % | | | 0.87 | % | | | 127.89 | % |
| $ | 20.71 | | | | 18.94 | % | | $ | 33,358 | | | | 0.89 | % | | | 1.87 | % | | | 0.89 | % | | | 144.85 | % |
| $ | 17.68 | | | | 8.66 | % | | $ | 30,159 | | | | 1.01 | % | | | 1.58 | % | | | 1.15 | % | | | 145.53 | % |
| $ | 16.53 | | | | (2.81 | )% | | $ | 31,079 | | | | 1.06 | % | | | 1.25 | % | | | 1.16 | % | | | 135.05 | % |
| $ | 17.24 | | | | 22.96 | % | | $ | 34,395 | | | | 1.06 | % | | | 1.09 | % | | | 1.16 | % | | | 113.75 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| $ | 16.13 | | | | (7.47 | )% | | $ | 24,064 | | | | 1.20 | % | | | (0.06 | )% | | | 1.20 | % | | | 14.67 | % |
| $ | 19.08 | | | | 6.54 | % | | $ | 30,857 | | | | 1.17 | % | | | (0.16 | )% | | | 1.17 | % | | | 34.62 | % |
| $ | 18.72 | | | | 15.42 | % | | $ | 33,503 | | | | 1.15 | % | | | (0.09 | )% | | | 1.15 | % | | | 24.83 | % |
| $ | 16.71 | | | | 13.07 | % | | $ | 31,625 | | | | 1.18 | % | | | 0.15 | % | | | 1.18 | % | | | 25.45 | % |
| $ | 17.97 | | | | (0.69 | )% | | $ | 34,792 | | | | 1.19 | % | | | 0.29 | % | | | 1.19 | % | | | 30.61 | % |
| $ | 19.33 | | | | 9.91 | % | | $ | 41,403 | | | | 1.18 | % | | | 0.26 | % | | | 1.18 | % | | | 27.30 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| $ | 14.67 | | | | (9.23 | )% | | $ | 7,310 | | | | 1.05 | % | | | 0.79 | % | | | 1.05 | % | | | 46.99 | % |
| $ | 18.65 | | | | 5.69 | % | | $ | 8,711 | | | | 1.03 | % | | | 0.91 | % | | | 1.03 | % | | | 89.85 | % |
| $ | 18.39 | | | | 21.65 | % | | $ | 9,281 | | | | 1.05 | % | | | 0.72 | % | | | 1.10 | % | | | 109.05 | % |
| $ | 15.19 | | | | 9.52 | % | | $ | 8,714 | | | | 1.13 | % | | | 1.29 | % | | | 1.21 | % | | | 120.42 | % |
| $ | 14.04 | | | | 2.20 | % | | $ | 13,261 | | | | 1.25 | % | | | 1.18 | % | | | 1.25 | % | | | 101.99 | % |
| $ | 14.34 | | | | 7.09 | % | | $ | 9,681 | | | | 1.24 | % | | | 0.74 | % | | | 1.24 | % | | | 68.50 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| $ | 23.82 | | | | (2.12 | )% | | $ | 331,992 | | | | 1.12 | % | | | 0.05 | % | | | 1.12 | % | | | 11.79 | % |
| $ | 26.37 | | | | 17.16 | % | | $ | 334,687 | | | | 1.11 | % | | | 0.05 | % | | | 1.11 | % | | | 22.78 | % |
| $ | 24.51 | | | | 15.97 | % | | $ | 343,873 | | | | 1.12 | % | | | 0.07 | % | | | 1.12 | % | | | 18.92 | % |
| $ | 21.53 | | | | 8.57 | % | | $ | 351,467 | | | | 1.17 | % | | | 0.02 | % | | | 1.22 | % | | | 27.32 | % |
| $ | 22.96 | | | | 3.75 | % | | $ | 264,294 | | | | 1.22 | % | | | (0.25 | )% | | | 1.22 | % | | | 26.98 | % |
| $ | 23.33 | | | | 21.71 | % | | $ | 364,368 | | | | 1.21 | % | | | (0.11 | )% | | | 1.21 | % | | | 32.35 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| $ | 20.08 | | | | 1.49 | % | | $ | 325,493 | | | | 1.03 | % | | | 1.93 | % | | | 1.03 | % | | | 18.36 | % |
| $ | 21.55 | | | | 15.28 | % | | $ | 316,245 | | | | 1.02 | % | | | 1.66 | % | | | 1.02 | % | | | 19.49 | % |
| $ | 20.84 | | | | 16.19 | % | | $ | 348,427 | | | | 1.03 | % | | | 1.78 | % | | | 1.03 | % | | | 16.93 | % |
| $ | 18.30 | | | | 14.50 | % | | $ | 467,470 | | | | 1.21 | % | | | 1.78 | % | | | 1.21 | % | | | 20.64 | % |
| $ | 17.35 | | | | (4.16 | )% | | $ | 478,393 | | | | 1.21 | % | | | 1.66 | % | | | 1.21 | % | | | 27.53 | % |
| $ | 18.94 | | | | 9.76 | % | | $ | 714,457 | | | | 1.20 | % | | | 1.79 | % | | | 1.20 | % | | | 16.13 | % |
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 (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 International Equity Fund | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Six Months Ended March 31, 2019 (Unaudited) | | $ | 11.17 | | | | 0.11 | | | | (0.94 | ) | | | (0.83 | ) | | | (0.29 | ) | | | (0.40 | ) | | | (0.69 | ) |
| Year Ended September 30, 2018 | | $ | 11.75 | | | | 0.37 | | | | (0.52 | ) | | | (0.15 | ) | | | (0.32 | ) | | | (0.11 | ) | | | (0.43 | ) |
| Year Ended September 30, 2017 | | $ | 9.68 | | | | 0.25 | | | | 1.96 | | | | 2.21 | | | | (0.14 | ) | | | — | | | | (0.14 | ) |
| Year Ended September 30, 2016 | | $ | 9.22 | | | | 0.21 | | | | 0.46 | | | | 0.67 | | | | (0.21 | ) | | | — | | | | (0.21 | ) |
| November 28, 2014 to September 30, 2015(d) | | $ | 10.00 | | | | 0.18 | | | | (0.94 | ) | | | (0.76 | ) | | | (0.02 | ) | | | — | | | | (0.02 | ) |
| Sterling Capital SMID Opportunities Fund | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Six Months Ended March 31, 2019 (Unaudited) | | $ | 12.44 | | | | (0.01 | ) | | | (0.46 | ) | | | (0.47 | ) | | | — | | | | — | | | | — | |
| Year Ended September 30, 2018 | | $ | 11.75 | | | | (0.05 | ) | | | 0.98 | | | | 0.93 | | | | (0.06 | ) | | | (0.18 | ) | | | (0.24 | ) |
| October 3, 2016 to September 30, 2017(d) | | $ | 10.00 | | | | — | (e) | | | 1.76 | | | | 1.76 | | | | (0.01 | ) | | | — | | | | (0.01 | ) |
| Sterling Capital Stratton Mid Cap Value Fund | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Six Months Ended March 31, 2019 (Unaudited) | | $ | 68.74 | | | | 0.16 | | | | (3.36 | ) | | | (3.20 | ) | | | (0.15 | ) | | | (5.02 | ) | | | (5.17 | ) |
| Year Ended September 30, 2018 | | $ | 66.23 | | | | 0.10 | | | | 4.85 | | | | 4.95 | | | | (0.15 | ) | | | (2.29 | ) | | | (2.44 | ) |
| Year Ended September 30, 2017 | | $ | 55.87 | | | | 0.02 | | | | 10.65 | | | | 10.67 | | | | (0.04 | ) | | | (0.27 | ) | | | (0.31 | ) |
| Period Ended September 30, 2016 | | $ | 52.55 | | | | (0.02 | ) | | | 3.34 | | | | 3.32 | | | | — | | | | — | | | | — | |
| November 16, 2015 to December 31, 2015(d) | | $ | 53.97 | | | | 0.05 | | | | 0.44 | | | | 0.49 | | | | (0.13 | ) | | | (1.78 | ) | | | (1.91 | ) |
| Sterling Capital Stratton Real Estate Fund | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Six Months Ended March 31, 2019 (Unaudited) | | $ | 37.57 | | | | 0.23 | | | | 3.04 | | | | 3.27 | | | | (0.36 | ) | | | (1.24 | ) | | | (1.60 | ) |
| Year Ended September 30, 2018 | | $ | 37.04 | | | | 0.74 | | | | 1.50 | | | | 2.24 | | | | (0.49 | ) | | | (1.22 | ) | | | (1.71 | ) |
| Year Ended September 30, 2017 | | $ | 39.67 | | | | 0.75 | | | | (0.54 | ) | | | 0.21 | | | | (1.09 | ) | | | (1.75 | ) | | | (2.84 | ) |
| Period Ended September 30, 2016 | | $ | 36.00 | | | | 0.57 | | | | 3.58 | | | | 4.15 | | | | (0.48 | ) | | | — | | | | (0.48 | ) |
| November 16, 2015 to December 31, 2015(d) | | $ | 34.90 | | | | 0.15 | | | | 1.42 | | | | 1.57 | | | | — | | | | (0.47 | ) | | | (0.47 | ) |
| Sterling Capital Stratton Small Cap Value Fund | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Six Months Ended March 31, 2019 (Unaudited) | | $ | 88.73 | | | | 0.09 | | | | (7.22 | ) | | | (7.13 | ) | | | (0.15 | ) | | | (5.90 | ) | | | (6.05 | ) |
| Year Ended September 30, 2018 | | $ | 89.91 | | | | 0.12 | | | | 6.49 | | | | 6.61 | | | | (0.10 | ) | | | (7.69 | ) | | | (7.79 | ) |
| Year Ended September 30, 2017 | | $ | 78.34 | | | | — | (e) | | | 15.72 | | | | 15.72 | | | | (0.05 | ) | | | (4.10 | ) | | | (4.15 | ) |
| Period Ended September 30, 2016 | | $ | 69.90 | | | | (0.02 | ) | | | 8.46 | | | | 8.44 | | | | — | | | | — | | | | — | |
| November 16, 2015 to December 31, 2015(d) | | $ | 71.71 | | | | 0.05 | | | | (0.81 | ) | | | (0.76 | ) | | | (0.05 | ) | | | (1.00 | ) | | | (1.05 | ) |
| Sterling Capital Ultra Short Bond Fund | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Six Months Ended March 31, 2019 (Unaudited) | | $ | 9.75 | | | | 0.11 | | | | 0.01 | | | | 0.12 | | | | (0.11 | ) | | | — | | | | (0.11 | ) |
| Year Ended September 30, 2018 | | $ | 9.79 | | | | 0.14 | | | | (0.02 | ) | | | 0.12 | | | | (0.16 | ) | | | — | | | | (0.16 | ) |
| Year Ended September 30, 2017 | | $ | 9.82 | | | | 0.07 | | | | 0.03 | | | | 0.10 | | | | (0.13 | ) | | | — | | | | (0.13 | ) |
| Year Ended September 30, 2016 | | $ | 9.87 | | | | 0.07 | | | | 0.03 | | | | 0.10 | | | | (0.15 | ) | | | — | | | | (0.15 | ) |
| Year Ended September 30, 2015 | | $ | 9.94 | | | | 0.04 | | | | (0.02 | ) | | | 0.02 | | | | (0.09 | ) | | | — | | | | (0.09 | ) |
| Year Ended September 30, 2014 | | $ | 9.98 | | | | 0.05 | | | | (0.03 | ) | | | 0.02 | | | | (0.06 | ) | | | — | | | | (0.06 | ) |
| * | During the periods certain fees were waived (See Note 6 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) | Amount is less than $0.005. |
See accompanying Notes to the Financial Statements.
| | | | | | | 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) | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
| $ | 9.65 | | | | (7.08 | )% | | $ | 506 | | | | 0.93 | % | | | 2.15 | % | | | 1.13 | % | | | 41.34 | % |
| $ | 11.17 | | | | (1.47 | )% | | $ | 828 | | | | 0.90 | % | | | 3.17 | % | | | 1.10 | % | | | 96.65 | % |
| $ | 11.75 | | | | 23.19 | % | | $ | 510 | | | | 0.93 | % | | | 2.38 | % | | | 1.19 | % | | | 91.65 | % |
| $ | 9.68 | | | | 7.24 | % | | $ | 354 | | | | 1.05 | % | | | 2.26 | % | | | 1.36 | % | | | 125.35 | % |
| $ | 9.22 | | | | (7.57 | )% | | $ | 531 | | | | 1.28 | % | | | 2.16 | % | | | 1.44 | % | | | 133.50 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| $ | 11.97 | | | | (3.78 | )% | | $ | 2,653 | | | | 1.04 | % | | | (0.23 | )% | | | 1.36 | % | | | 23.62 | % |
| $ | 12.44 | | | | 8.07 | % | | $ | 2,870 | | | | 1.04 | % | | | (0.39 | )% | | | 1.29 | % | | | 45.64 | % |
| $ | 11.75 | | | | 17.59 | % | | $ | 4,038 | | | | 1.04 | % | | | (0.03 | )% | | | 1.66 | % | | | 37.97 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| $ | 60.37 | | | | (4.11 | )% | | $ | 106 | | | | 1.22 | % | | | 0.52 | % | | | 1.22 | % | | | 6.40 | % |
| $ | 68.74 | | | | 7.54 | % | | $ | 107 | | | | 1.20 | % | | | 0.15 | % | | | 1.20 | % | | | 14.47 | % |
| $ | 66.23 | | | | 19.16 | % | | $ | 108 | | | | 1.16 | % | | | 0.03 | % | | | 1.16 | % | | | 12.19 | % |
| $ | 55.87 | | | | 6.32 | % | | $ | 19 | | | | 1.20 | % | | | (0.04 | )% | | | 1.22 | % | | | 11.16 | % |
| $ | 52.55 | | | | 1.00 | % | | $ | 1 | | | | 0.91 | % | | | 0.72 | % | | | 0.91 | % | | | 19.28 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| $ | 39.24 | | | | 9.07 | % | | $ | 519 | | | | 1.07 | % | | | 1.23 | % | | | 1.07 | % | | | 5.42 | % |
| $ | 37.57 | | | | 6.17 | % | | $ | 398 | | | | 1.07 | % | | | 2.04 | % | | | 1.07 | % | | | 8.34 | % |
| $ | 37.04 | | | | 0.90 | % | | $ | 302 | | | | 1.04 | % | | | 2.03 | % | | | 1.05 | % | | | 13.52 | % |
| $ | 39.67 | | | | 11.50 | % | | $ | 115 | | | | 1.08 | % | | | 1.93 | % | | | 1.11 | % | | | 18.43 | % |
| $ | 36.00 | | | | 4.54 | % | | $ | 1 | | | | 0.86 | % | | | 3.30 | % | | | 0.86 | % | | | 15.47 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| $ | 75.55 | | | | (7.78 | )% | | $ | 2,243 | | | | 1.29 | % | | | 0.24 | % | | | 1.34 | % | | | 5.79 | % |
| $ | 88.73 | | | | 7.71 | % | | $ | 2,160 | | | | 1.28 | % | | | 0.14 | % | | | 1.32 | % | | | 15.51 | % |
| $ | 89.91 | | | | 20.43 | % | | $ | 529 | | | | 1.31 | % | | | 0.01 | % | | | 1.31 | % | | | 7.04 | % |
| $ | 78.34 | | | | 12.07 | % | | $ | 87 | | | | 1.33 | % | | | (0.04 | )% | | | 1.33 | % | | | 3.42 | % |
| $ | 69.90 | | | | (1.03 | )% | | $ | 1 | | | | 1.33 | % | | | 0.58 | % | | | 1.33 | % | | | 6.33 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| $ | 9.76 | | | | 1.37 | % | | $ | 3,379 | | | | 0.68 | % | | | 2.35 | % | | | 0.78 | % | | | 19.26 | % |
| $ | 9.75 | | | | 1.20 | % | | $ | 5,074 | | | | 0.66 | % | | | 1.39 | % | | | 0.76 | % | | | 74.56 | % |
| $ | 9.79 | | | | 1.00 | % | | $ | 4,663 | | | | 0.68 | % | | | 0.71 | % | | | 0.78 | % | | | 59.57 | % |
| $ | 9.82 | | | | 0.99 | % | | $ | 6,250 | | | | 0.71 | % | | | 0.72 | % | | | 0.80 | % | | | 43.02 | % |
| $ | 9.87 | | | | 0.25 | % | | $ | 8,295 | | | | 0.78 | % | | | 0.43 | % | | | 0.80 | % | | | 66.19 | % |
| $ | 9.94 | | | | 0.21 | % | | $ | 11,184 | | | | 0.73 | % | | | 0.51 | % | | | 0.73 | % | | | 79.98 | % |
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 Year | | | Net investment income(a) | | | Net realized/ unrealized gains (losses) on investments | | | Total from Investment Activities | | | Net investment income | | | Net realized gains on investments | | | Return of capital | | | Total Distributions | |
| Sterling Capital Short Duration Bond Fund | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Six Months Ended March 31, 2019 (Unaudited) | | $ | 8.52 | | | | 0.10 | | | | 0.07 | | | | 0.17 | | | | (0.12 | ) | | | — | | | | — | | | | (0.12 | ) |
| Year Ended September 30, 2018 | | $ | 8.69 | | | | 0.16 | | | | (0.11 | ) | | | 0.05 | | | | (0.22 | ) | | | — | | | | — | | | | (0.22 | ) |
| Year Ended September 30, 2017 | | $ | 8.81 | | | | 0.10 | | | | (0.01 | ) | | | 0.09 | | | | (0.21 | ) | | | — | | | | — | | | | (0.21 | ) |
| Year Ended September 30, 2016 | | $ | 8.86 | | | | 0.10 | | | | 0.07 | | | | 0.17 | | | | (0.22 | ) | | | — | | | | — | | | | (0.22 | ) |
| Year Ended September 30, 2015 | | $ | 9.07 | | | | 0.10 | | | | (0.05 | ) | | | 0.05 | | | | (0.26 | ) | | | — | | | | — | | | | (0.26 | ) |
| Year Ended September 30, 2014 | | $ | 9.24 | | | | 0.14 | | | | (0.04 | ) | | | 0.10 | | | | (0.27 | ) | | | — | | | | — | | | | (0.27 | ) |
| Sterling Capital Intermediate U.S. Government Fund | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Six Months Ended March 31, 2019 (Unaudited) | | $ | 9.48 | | | | 0.10 | | | | 0.25 | | | | 0.35 | | | | (0.11 | ) | | | — | | | | — | | | | (0.11 | ) |
| Year Ended September 30, 2018 | | $ | 9.91 | | | | 0.17 | | | | (0.34 | ) | | | (0.17 | ) | | | (0.26 | ) | | | — | | | | — | | | | (0.26 | ) |
| Year Ended September 30, 2017 | | $ | 10.24 | | | | 0.15 | | | | (0.27 | ) | | | (0.12 | ) | | | (0.21 | ) | | | — | | | | — | | | | (0.21 | ) |
| Year Ended September 30, 2016 | | $ | 10.18 | | | | 0.13 | | | | 0.11 | | | | 0.24 | | | | (0.18 | ) | | | — | | | | — | | | | (0.18 | ) |
| Year Ended September 30, 2015 | | $ | 10.19 | | | | 0.13 | | | | 0.05 | | | | 0.18 | | | | (0.19 | ) | | | — | | | | — | | | | (0.19 | ) |
| Year Ended September 30, 2014 | | $ | 10.29 | | | | 0.14 | | | | 0.09 | | | | 0.23 | | | | (0.33 | ) | | | — | | | | — | | | | (0.33 | ) |
| Sterling Capital Total Return Bond Fund | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Six Months Ended March 31, 2019 (Unaudited) | | $ | 10.20 | | | | 0.15 | | | | 0.27 | | | | 0.42 | | | | (0.16 | ) | | | — | | | | — | | | | (0.16 | ) |
| Year Ended September 30, 2018 | | $ | 10.59 | | | | 0.27 | | | | (0.36 | ) | | | (0.09 | ) | | | (0.30 | ) | | | — | | | | — | | | | (0.30 | ) |
| Year Ended September 30, 2017 | | $ | 10.81 | | | | 0.23 | | | | (0.15 | ) | | | 0.08 | | | | (0.30 | ) | | | — | | | | — | | | | (0.30 | ) |
| Year Ended September 30, 2016 | | $ | 10.53 | | | | 0.26 | | | | 0.34 | | | | 0.60 | | | | (0.32 | ) | | | — | | | | — | | | | (0.32 | ) |
| Year Ended September 30, 2015 | | $ | 10.66 | | | | 0.28 | | | | (0.06 | ) | | | 0.22 | | | | (0.35 | ) | | | — | | | | — | | | | (0.35 | ) |
| Year Ended September 30, 2014 | | $ | 10.52 | | | | 0.31 | | | | 0.21 | | | | 0.52 | | | | (0.37 | ) | | | (0.01 | ) | | | — | | | | (0.38 | ) |
| Sterling Capital Corporate Fund | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Six Months Ended March 31, 2019 (Unaudited) | | $ | 9.81 | | | | 0.15 | | | | 0.23 | | | | 0.38 | | | | (0.15 | ) | | | — | | | | — | | | | (0.15 | ) |
| Year Ended September 30, 2018 | | $ | 10.25 | | | | 0.29 | | | | (0.37 | ) | | | (0.08 | ) | | | (0.29 | ) | | | (0.07 | ) | | | — | | | | (0.36 | ) |
| Year Ended September 30, 2017 | | $ | 10.37 | | | | 0.29 | | | | (0.08 | ) | | | 0.21 | | | | (0.29 | ) | | | (0.04 | ) | | | — | | | | (0.33 | ) |
| Year Ended September 30, 2016 | | $ | 10.10 | | | | 0.28 | | | | 0.27 | | | | 0.55 | | | | (0.28 | ) | | | — | | | | — | | | | (0.28 | ) |
| Year Ended September 30, 2015 | | $ | 10.25 | | | | 0.29 | | | | (0.14 | ) | | | 0.15 | | | | (0.29 | ) | | | (0.01 | ) | | | — | (d) | | | (0.30 | ) |
| Year Ended September 30, 2014 | | $ | 10.15 | | | | 0.31 | | | | 0.20 | | | | 0.51 | | | | (0.31 | ) | | | (0.10 | ) | | | — | | | | (0.41 | ) |
| Sterling Capital Securitized Opportunities Fund | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Six Months Ended March 31, 2019 (Unaudited) | | $ | 9.60 | | | | 0.14 | | | | 0.25 | | | | 0.39 | | | | (0.14 | ) | | | — | | | | — | | | | (0.14 | ) |
| Year Ended September 30, 2018 | | $ | 9.94 | | | | 0.25 | | | | (0.31 | ) | | | (0.06 | ) | | | (0.28 | ) | | | — | | | | — | | | | (0.28 | ) |
| Year Ended September 30, 2017 | | $ | 10.10 | | | | 0.21 | | | | (0.12 | ) | | | 0.09 | | | | (0.25 | ) | | | — | | | | — | | | | (0.25 | ) |
| Year Ended September 30, 2016 | | $ | 9.98 | | | | 0.19 | | | | 0.16 | | | | 0.35 | | | | (0.23 | ) | | | — | | | | — | | | | (0.23 | ) |
| Year Ended September 30, 2015 | | $ | 9.90 | | | | 0.20 | | | | 0.13 | | | | 0.33 | | | | (0.25 | ) | | | — | | | | — | | | | (0.25 | ) |
| Year Ended September 30, 2014 | | $ | 9.85 | | | | 0.22 | | | | 0.11 | | | | 0.33 | | | | (0.28 | ) | | | — | | | | — | | | | (0.28 | ) |
| Sterling Capital Kentucky Intermediate Tax-Free Fund | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Six Months Ended March 31, 2019 (Unaudited) | | $ | 9.90 | | | | 0.09 | | | | 0.28 | | | | 0.37 | | | | (0.09 | ) | | | (0.06 | ) | | | — | | | | (0.15 | ) |
| Year Ended September 30, 2018 | | $ | 10.27 | | | | 0.20 | | | | (0.34 | ) | | | (0.14 | ) | | | (0.20 | ) | | | (0.03 | ) | | | — | | | | (0.23 | ) |
| Year Ended September 30, 2017 | | $ | 10.64 | | | | 0.21 | | | | (0.23 | ) | | | (0.02 | ) | | | (0.21 | ) | | | (0.14 | ) | | | — | | | | (0.35 | ) |
| Year Ended September 30, 2016 | | $ | 10.62 | | | | 0.24 | | | | 0.15 | | | | 0.39 | | | | (0.24 | ) | | | (0.13 | ) | | | — | | | | (0.37 | ) |
| Year Ended September 30, 2015 | | $ | 10.86 | | | | 0.25 | | | | (0.06 | ) | | | 0.19 | | | | (0.25 | ) | | | (0.18 | ) | | | — | | | | (0.43 | ) |
| Year Ended September 30, 2014 | | $ | 10.67 | | | | 0.27 | | | | 0.18 | | | | 0.45 | | | | (0.26 | ) | | | — | | | | — | | | | (0.26 | ) |
| Sterling Capital Maryland Intermediate Tax-Free Fund | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Six Months Ended March 31, 2019 (Unaudited) | | $ | 10.62 | | | | 0.10 | | | | 0.25 | | | | 0.35 | | | | (0.10 | ) | | | (0.13 | ) | | | — | | | | (0.23 | ) |
| Year Ended September 30, 2018 | | $ | 11.02 | | | | 0.20 | | | | (0.34 | ) | | | (0.14 | ) | | | (0.20 | ) | | | (0.06 | ) | | | — | | | | (0.26 | ) |
| Year Ended September 30, 2017 | | $ | 11.31 | | | | 0.21 | | | | (0.21 | ) | | | — | | | | (0.21 | ) | | | (0.08 | ) | | | — | | | | (0.29 | ) |
| Year Ended September 30, 2016 | | $ | 11.17 | | | | 0.20 | | | | 0.21 | | | | 0.41 | | | | (0.20 | ) | | | (0.07 | ) | | | — | | | | (0.27 | ) |
| Year Ended September 30, 2015 | | $ | 11.23 | | | | 0.20 | | | | — | (d) | | | 0.20 | | | | (0.20 | ) | | | (0.06 | ) | | | — | | | | (0.26 | ) |
| Year Ended September 30, 2014 | | $ | 10.96 | | | | 0.19 | | | | 0.27 | | | | 0.46 | | | | (0.19 | ) | | | — | | | | — | | | | (0.19 | ) |
| * | During the periods certain fees were waived (See Note 6 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. |
See accompanying Notes to the Financial Statements.
| | | | | | | Ratios/Supplementary Data | |
Net Asset Value, End of Year | | | Total Return (excludes sales charge) (b) | | | Net Assets, End of Year (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) | |
| | | | | | | | | | | | | | | | | | | | |
| $ | 8.57 | | | | 1.97 | % | | $ | 3,732 | | | | 0.66 | % | | | 2.47 | % | | | 0.76 | % | | | 38.45 | % |
| $ | 8.52 | | | | 0.55 | % | | $ | 4,393 | | | | 0.68 | % | | | 1.84 | % | | | 0.78 | % | | | 62.02 | % |
| $ | 8.69 | | | | 1.02 | % | | $ | 5,746 | | | | 0.70 | % | | | 1.11 | % | | | 0.80 | % | | | 78.77 | % |
| $ | 8.81 | | | | 1.98 | % | | $ | 7,332 | | | | 0.74 | % | | | 1.09 | % | | | 0.81 | % | | | 54.68 | % |
| $ | 8.86 | | | | 0.56 | % | | $ | 8,075 | | | | 0.79 | % | | | 1.17 | % | | | 0.81 | % | | | 55.74 | % |
| $ | 9.07 | | | | 1.13 | % | | $ | 10,468 | | | | 0.76 | % | | | 1.48 | % | | | 0.80 | % | | | 56.10 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| $ | 9.72 | | | | 3.75 | % | | $ | 4,090 | | | | 0.86 | % | | | 2.10 | % | | | 0.91 | % | | | 9.78 | % |
| $ | 9.48 | | | | (1.73 | )% | | $ | 4,350 | | | | 0.91 | % | | | 1.73 | % | | | 0.92 | % | | | 40.85 | % |
| $ | 9.91 | | | | (1.20 | )% | | $ | 5,418 | | | | 0.87 | % | | | 1.54 | % | | | 0.91 | % | | | 32.44 | % |
| $ | 10.24 | | | | 2.37 | % | | $ | 7,066 | | | | 0.85 | % | | | 1.24 | % | | | 0.97 | % | | | 49.39 | % |
| $ | 10.18 | | | | 1.81 | % | | $ | 7,625 | | | | 0.91 | % | | | 1.29 | % | | | 0.98 | % | | | 62.02 | % |
| $ | 10.19 | | | | 2.23 | % | | $ | 8,778 | | | | 0.93 | % | | | 1.41 | % | | | 0.93 | % | | | 35.74 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| $ | 10.46 | | | | 4.15 | % | | $ | 57,763 | | | | 0.70 | % | | | 3.02 | % | | | 0.83 | % | | | 33.60 | % |
| $ | 10.20 | | | | (0.90 | )% | | $ | 68,982 | | | | 0.70 | % | | | 2.56 | % | | | 0.82 | % | | | 62.28 | % |
| $ | 10.59 | | | | 0.75 | % | | $ | 72,030 | | | | 0.72 | % | | | 2.13 | % | | | 0.82 | % | | | 64.07 | % |
| $ | 10.81 | | | | 5.84 | % | | $ | 70,257 | | | | 0.74 | % | | | 2.42 | % | | | 0.84 | % | | | 65.47 | % |
| $ | 10.53 | | | | 2.04 | % | | $ | 47,782 | | | | 0.73 | % | | | 2.63 | % | | | 0.83 | % | | | 41.37 | % |
| $ | 10.66 | | | | 5.03 | % | | $ | 38,929 | | | | 0.81 | % | | | 2.90 | % | | | 0.83 | % | | | 75.21 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| $ | 10.04 | | | | 3.96 | % | | $ | 469 | | | | 0.91 | % | | | 3.16 | % | | | 0.91 | % | | | 30.72 | % |
| $ | 9.81 | | | | (0.80 | )% | | $ | 440 | | | | 0.89 | % | | | 2.94 | % | | | 0.89 | % | | | 66.82 | % |
| $ | 10.25 | | | | 2.07 | % | | $ | 372 | | | | 0.88 | % | | | 2.84 | % | | | 0.88 | % | | | 78.79 | % |
| $ | 10.37 | | | | 5.55 | % | | $ | 441 | | | | 0.89 | % | | | 2.77 | % | | | 0.89 | % | | | 83.88 | % |
| $ | 10.10 | | | | 1.51 | % | | $ | 348 | | | | 0.88 | % | | | 2.87 | % | | | 0.88 | % | | | 33.94 | % |
| $ | 10.25 | | | | 5.16 | % | | $ | 269 | | | | 0.86 | % | | | 3.04 | % | | | 0.86 | % | | | 105.03 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| $ | 9.85 | | | | 4.11 | % | | $ | 19 | | | | 0.82 | % | | | 2.99 | % | | | 0.86 | % | | | 10.18 | % |
| $ | 9.60 | | | | (0.63 | )% | | $ | 18 | | | | 0.83 | % | | | 2.54 | % | | | 0.87 | % | | | 19.17 | % |
| $ | 9.94 | | | | 0.89 | % | | $ | 94 | | | | 0.85 | % | | | 2.06 | % | | | 0.89 | % | | | 34.72 | % |
| $ | 10.10 | | | | 3.60 | % | | $ | 377 | | | | 0.84 | % | | | 1.89 | % | | | 0.88 | % | | | 43.63 | % |
| $ | 9.98 | | | | 3.39 | % | | $ | 124 | | | | 0.84 | % | | | 2.01 | % | | | 0.88 | % | | | 19.85 | % |
| $ | 9.90 | | | | 3.38 | % | | $ | 87 | | | | 0.85 | % | | | 2.20 | % | | | 0.88 | % | | | 98.34 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| $ | 10.12 | | | | 3.82 | % | | $ | 3,102 | | | | 0.95 | % | | | 1.86 | % | | | 0.95 | % | | | 11.36 | % |
| $ | 9.90 | | | | (1.44 | )% | | $ | 3,647 | | | | 0.93 | % | | | 1.95 | % | | | 0.93 | % | | | 20.37 | % |
| $ | 10.27 | | | | (0.19 | )% | | $ | 4,072 | | | | 0.93 | % | | | 2.01 | % | | | 0.96 | % | | | 17.93 | % |
| $ | 10.64 | | | | 3.69 | % | | $ | 4,358 | | | | 0.91 | % | | | 2.25 | % | | | 1.02 | % | | | 16.44 | % |
| $ | 10.62 | | | | 1.80 | % | | $ | 4,532 | | | | 0.95 | % | | | 2.37 | % | | | 1.04 | % | | | 17.34 | % |
| $ | 10.86 | | | | 4.31 | % | | $ | 4,615 | | | | 0.97 | % | | | 2.47 | % | | | 0.97 | % | | | 11.13 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| $ | 10.74 | | | | 3.39 | % | | $ | 4,092 | | | | 0.92 | % | | | 1.89 | % | | | 0.92 | % | | | 10.75 | % |
| $ | 10.62 | | | | (1.23 | )% | | $ | 4,991 | | | | 0.88 | % | | | 1.89 | % | | | 0.88 | % | | | 31.12 | % |
| $ | 11.02 | | | | 0.00 | % | | $ | 5,818 | | | | 0.86 | % | | | 1.88 | % | | | 0.90 | % | | | 5.89 | % |
| $ | 11.31 | | | | 3.71 | % | | $ | 6,537 | | | | 0.86 | % | | | 1.75 | % | | | 0.96 | % | | | 14.36 | % |
| $ | 11.17 | | | | 1.79 | % | | $ | 6,865 | | | | 0.90 | % | | | 1.82 | % | | | 0.96 | % | | | 18.38 | % |
| $ | 11.23 | | | | 4.26 | % | | $ | 6,763 | | | | 0.94 | % | | | 1.74 | % | | | 0.94 | % | | | 19.90 | % |
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 Year | | | 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, 2019 (Unaudited) | | $ | 10.43 | | | | 0.12 | | | | 0.26 | | | | 0.38 | | | | (0.12 | ) | | | — | | | | (0.12 | ) |
| Year Ended September 30, 2018 | | $ | 10.78 | | | | 0.24 | | | | (0.35 | ) | | | (0.11 | ) | | | (0.24 | ) | | | — | | | | (0.24 | ) |
| Year Ended September 30, 2017 | | $ | 11.08 | | | | 0.23 | | | | (0.27 | ) | | | (0.04 | ) | | | (0.22 | ) | | | (0.04 | ) | | | (0.26 | ) |
| Year Ended September 30, 2016 | | $ | 10.97 | | | | 0.23 | | | | 0.17 | | | | 0.40 | | | | (0.23 | ) | | | (0.06 | ) | | | (0.29 | ) |
| Year Ended September 30, 2015 | | $ | 10.98 | | | | 0.24 | | | | 0.01 | | | | 0.25 | | | | (0.24 | ) | | | (0.02 | ) | | | (0.26 | ) |
| Year Ended September 30, 2014 | | $ | 10.74 | | | | 0.24 | | | | 0.24 | | | | 0.48 | | | | (0.24 | ) | | | — | | | | (0.24 | ) |
| Sterling Capital South Carolina Intermediate Tax-Free Fund | | | | | | | | | | | | | | | | | | |
| Six Months Ended March 31, 2019 (Unaudited) | | $ | 10.77 | | | | 0.10 | | | | 0.30 | | | | 0.40 | | | | (0.10 | ) | | | — | | | | (0.10 | ) |
| Year Ended September 30, 2018 | | $ | 11.10 | | | | 0.20 | | | | (0.33 | ) | | | (0.13 | ) | | | (0.20 | ) | | | — | | | | (0.20 | ) |
| Year Ended September 30, 2017 | | $ | 11.30 | | | | 0.20 | | | | (0.20 | ) | | | — | | | | (0.20 | ) | | | — | | | | (0.20 | ) |
| Year Ended September 30, 2016 | | $ | 11.14 | | | | 0.20 | | | | 0.20 | | | | 0.40 | | | | (0.20 | ) | | | (0.04 | ) | | | (0.24 | ) |
| Year Ended September 30, 2015 | | $ | 11.14 | | | | 0.21 | | | | 0.02 | | | | 0.23 | | | | (0.21 | ) | | | (0.02 | ) | | | (0.23 | ) |
| Year Ended September 30, 2014 | | $ | 10.85 | | | | 0.22 | | | | 0.29 | | | | 0.51 | | | | (0.22 | ) | | | — | | | | (0.22 | ) |
| Sterling Capital Virginia Intermediate Tax-Free Fund | | | | | | | | | | | | | | | | | | |
| Six Months Ended March 31, 2019 (Unaudited) | | $ | 11.40 | | | | 0.12 | | | | 0.31 | | | | 0.43 | | | | (0.12 | ) | | | — | | | | (0.12 | ) |
| Year Ended September 30, 2018 | | $ | 11.76 | | | | 0.23 | | | | (0.36 | ) | | | (0.13 | ) | | | (0.23 | ) | | | — | | | | (0.23 | ) |
| Year Ended September 30, 2017 | | $ | 12.13 | | | | 0.23 | | | | (0.28 | ) | | | (0.05 | ) | | | (0.23 | ) | | | (0.09 | ) | | | (0.32 | ) |
| Year Ended September 30, 2016 | | $ | 11.98 | | | | 0.24 | | | | 0.19 | | | | 0.43 | | | | (0.24 | ) | | | (0.04 | ) | | | (0.28 | ) |
| Year Ended September 30, 2015 | | $ | 12.06 | | | | 0.25 | | | | (0.01 | ) | | | 0.24 | | | | (0.25 | ) | | | (0.07 | ) | | | (0.32 | ) |
| Year Ended September 30, 2014 | | $ | 11.79 | | | | 0.24 | | | | 0.27 | | | | 0.51 | | | | (0.24 | ) | | | — | | | | (0.24 | ) |
| Sterling Capital West Virginia Intermediate Tax-Free Fund | | | | | | | | | | | | | | | | | | |
| Six Months Ended March 31, 2019 (Unaudited) | | $ | 9.72 | | | | 0.11 | | | | 0.24 | | | | 0.35 | | | | (0.11 | ) | | | (0.02 | ) | | | (0.13 | ) |
| Year Ended September 30, 2018 | | $ | 10.04 | | | | 0.21 | | | | (0.31 | ) | | | (0.10 | ) | | | (0.21 | ) | | | (0.01 | ) | | | (0.22 | ) |
| Year Ended September 30, 2017 | | $ | 10.27 | | | | 0.21 | | | | (0.18 | ) | | | 0.03 | | | | (0.21 | ) | | | (0.05 | ) | | | (0.26 | ) |
| Year Ended September 30, 2016 | | $ | 10.14 | | | | 0.21 | | | | 0.18 | | | | 0.39 | | | | (0.21 | ) | | | (0.05 | ) | | | (0.26 | ) |
| Year Ended September 30, 2015 | | $ | 10.16 | | | | 0.21 | | | | 0.01 | | | | 0.22 | | | | (0.21 | ) | | | (0.03 | ) | | | (0.24 | ) |
| Year Ended September 30, 2014 | | $ | 9.90 | | | | 0.21 | | | | 0.26 | | | | 0.47 | | | | (0.21 | ) | | | — | | | | (0.21 | ) |
| Sterling Capital Diversified Income Fund(d) | | | | | | | | | | | | | | | | | | |
| Six Months Ended March 31, 2019 (Unaudited) | | $ | 10.63 | | | | 0.20 | | | | (0.22 | ) | | | (0.02 | ) | | | (0.27 | ) | | | — | | | | (0.27 | ) |
| Year Ended September 30, 2018 | | $ | 10.79 | | | | 0.35 | | | | (0.10 | ) | | | 0.25 | | | | (0.41 | ) | | | — | | | | (0.41 | ) |
| Year Ended September 30, 2017 | | $ | 10.82 | | | | 0.41 | | | | (0.03 | ) | | | 0.38 | | | | (0.41 | ) | | | — | | | | (0.41 | ) |
| Year Ended September 30, 2016 | | $ | 10.21 | | | | 0.33 | | | | 0.65 | | | | 0.98 | | | | (0.37 | ) | | | — | | | | (0.37 | ) |
| Year Ended September 30, 2015 | | $ | 10.59 | | | | 0.26 | | | | (0.40 | ) | | | (0.14 | ) | | | (0.24 | ) | | | — | | | | (0.24 | ) |
| Year Ended September 30, 2014 | | $ | 9.95 | | | | 0.22 | | | | 0.65 | | | | 0.87 | | | | (0.23 | ) | | | — | | | | (0.23 | ) |
| Sterling Capital Strategic Allocation Balanced Fund(d) | | | | | | | | | | | | | | | | | | |
| Six Months Ended March 31, 2019 (Unaudited) | | $ | 12.08 | | | | 0.18 | | | | (0.30 | ) | | | (0.12 | ) | | | (0.19 | ) | | | — | | | | (0.19 | ) |
| Year Ended September 30, 2018 | | $ | 11.89 | | | | 0.23 | | | | 0.23 | | | | 0.46 | | | | (0.27 | ) | | | — | | | | (0.27 | ) |
| Year Ended September 30, 2017 | | $ | 10.82 | | | | 0.15 | | | | 1.08 | | | | 1.23 | | | | (0.16 | ) | | | — | | | | (0.16 | ) |
| Year Ended September 30, 2016 | | $ | 10.31 | | | | 0.17 | | | | 0.55 | | | | 0.72 | | | | (0.21 | ) | | | — | | | | (0.21 | ) |
| Year Ended September 30, 2015 | | $ | 10.66 | | | | 0.13 | | | | (0.33 | ) | | | (0.20 | ) | | | (0.15 | ) | | | — | | | | (0.15 | ) |
| Year Ended September 30, 2014 | | $ | 9.77 | | | | 0.17 | | | | 0.90 | | | | 1.07 | | | | (0.18 | ) | | | — | | | | (0.18 | ) |
| Sterling Capital Strategic Allocation Growth Fund(d) | | | | | | | | | | | | | | | | | | |
| Six Months Ended March 31, 2019 (Unaudited) | | $ | 12.25 | | | | 0.18 | | | | (0.42 | ) | | | (0.24 | ) | | | (0.19 | ) | | | — | | | | (0.19 | ) |
| Year Ended September 30, 2018 | | $ | 11.90 | | | | 0.21 | | | | 0.39 | | | | 0.60 | | | | (0.25 | ) | | | — | | | | (0.25 | ) |
| Year Ended September 30, 2017 | | $ | 10.53 | | | | 0.11 | | | | 1.38 | | | | 1.49 | | | | (0.12 | ) | | | — | | | | (0.12 | ) |
| Year Ended September 30, 2016 | | $ | 9.99 | | | | 0.14 | | | | 0.57 | | | | 0.71 | | | | (0.17 | ) | | | — | | | | (0.17 | ) |
| Year Ended September 30, 2015 | | $ | 10.39 | | | | 0.07 | | | | (0.37 | ) | | | (0.30 | ) | | | (0.10 | ) | | | — | | | | (0.10 | ) |
| Year Ended September 30, 2014 | | $ | 9.35 | | | | 0.12 | | | | 1.06 | | | | 1.18 | | | | (0.14 | ) | | | — | | | | (0.14 | ) |
| * | During the periods certain fees were waived (See Note 6 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.
| | | | | | | Ratios/Supplementary Data | |
Net Asset Value, End of Year | | | Total Return (excludes sales charge) (b) | | | Net Assets, End of Year (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) | |
| | | | | | | | | | | | | | | | | | | | |
| $ | 10.69 | | | | 3.64 | % | | $ | 37,906 | | | | 0.80 | % | | | 2.25 | % | | | 0.80 | % | | | 13.89 | % |
| $ | 10.43 | | | | (1.06 | )% | | $ | 36,857 | | | | 0.79 | % | | | 2.23 | % | | | 0.79 | % | | | 22.06 | % |
| $ | 10.78 | | | | (0.31 | )% | | $ | 45,357 | | | | 0.79 | % | | | 2.09 | % | | | 0.83 | % | | | 25.92 | % |
| $ | 11.08 | | | | 3.69 | % | | $ | 52,130 | | | | 0.80 | % | | | 2.08 | % | | | 0.90 | % | | | 10.05 | % |
| $ | 10.97 | | | | 2.28 | % | | $ | 45,940 | | | | 0.84 | % | | | 2.19 | % | | | 0.91 | % | | | 16.80 | % |
| $ | 10.98 | | | | 4.55 | % | | $ | 48,426 | | | | 0.91 | % | | | 2.25 | % | | | 0.91 | % | | | 11.67 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| $ | 11.07 | | | | 3.77 | % | | $ | 13,002 | | | | 0.81 | % | | | 1.92 | % | | | 0.81 | % | | | 5.52 | % |
| $ | 10.77 | | | | (1.15 | )% | | $ | 13,864 | | | | 0.80 | % | | | 1.85 | % | | | 0.80 | % | | | 27.71 | % |
| $ | 11.10 | | | | 0.01 | % | | $ | 15,832 | | | | 0.81 | % | | | 1.78 | % | | | 0.84 | % | | | 31.17 | % |
| $ | 11.30 | | | | 3.59 | % | | $ | 18,683 | | | | 0.82 | % | | | 1.78 | % | | | 0.92 | % | | | 2.69 | % |
| $ | 11.14 | | | | 2.11 | % | | $ | 16,802 | | | | 0.86 | % | | | 1.93 | % | | | 0.93 | % | | | 12.53 | % |
| $ | 11.14 | | | | 4.76 | % | | $ | 17,748 | | | | 0.93 | % | | | 2.02 | % | | | 0.93 | % | | | 15.51 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| $ | 11.71 | | | | 3.76 | % | | $ | 18,444 | | | | 0.82 | % | | | 2.03 | % | | | 0.82 | % | | | 15.88 | % |
| $ | 11.40 | | | | (1.14 | )% | | $ | 20,842 | | | | 0.80 | % | | | 1.96 | % | | | 0.80 | % | | | 21.08 | % |
| $ | 11.76 | | | | (0.39 | )% | | $ | 27,481 | | | | 0.80 | % | | | 1.93 | % | | | 0.84 | % | | | 23.25 | % |
| $ | 12.13 | | | | 3.65 | % | | $ | 34,691 | | | | 0.81 | % | | | 1.99 | % | | | 0.91 | % | | | 16.18 | % |
| $ | 11.98 | | | | 1.98 | % | | $ | 36,672 | | | | 0.85 | % | | | 2.08 | % | | | 0.92 | % | | | 16.01 | % |
| $ | 12.06 | | | | 4.39 | % | | $ | 41,130 | | | | 0.91 | % | | | 2.04 | % | | | 0.91 | % | | | 20.48 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| $ | 9.94 | | | | 3.59 | % | | $ | 21,053 | | | | 0.81 | % | | | 2.25 | % | | | 0.81 | % | | | 10.24 | % |
| $ | 9.72 | | | | (0.98 | )% | | $ | 23,833 | | | | 0.80 | % | | | 2.14 | % | | | 0.80 | % | | | 17.53 | % |
| $ | 10.04 | | | | 0.28 | % | | $ | 30,134 | | | | 0.81 | % | | | 2.08 | % | | | 0.85 | % | | | 21.00 | % |
| $ | 10.27 | | | | 3.92 | % | | $ | 37,720 | | | | 0.82 | % | | | 2.05 | % | | | 0.92 | % | | | 11.31 | % |
| $ | 10.14 | | | | 2.19 | % | | $ | 35,279 | | | | 0.85 | % | | | 2.12 | % | | | 0.92 | % | | | 10.34 | % |
| $ | 10.16 | | | | 4.82 | % | | $ | 35,190 | | | | 0.91 | % | | | 2.14 | % | | | 0.91 | % | | | 21.09 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| $ | 10.34 | | | | (0.16 | )% | | $ | 11,193 | | | | 0.81 | % | | | 3.85 | % | | | 0.83 | % | | | 7.38 | % |
| $ | 10.63 | | | | 2.38 | % | | $ | 12,468 | | | | 0.79 | % | | | 3.25 | % | | | 0.80 | % | | | 48.19 | % |
| $ | 10.79 | | | | 3.57 | % | | $ | 14,754 | | | | 0.77 | % | | | 3.84 | % | | | 0.77 | % | | | 43.86 | % |
| $ | 10.82 | | | | 9.87 | % | | $ | 15,126 | | | | 0.64 | % | | | 3.17 | % | | | 0.72 | % | | | 67.18 | % |
| $ | 10.21 | | | | (1.40 | )% | | $ | 14,321 | | | | 0.45 | % | | | 2.45 | % | | | 0.70 | % | | | 126.46 | % |
| $ | 10.59 | | | | 8.81 | % | | $ | 15,589 | | | | 0.45 | % | | | 2.11 | % | | | 0.70 | % | | | 8.67 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| $ | 11.77 | | | | (0.91 | )% | | $ | 27,020 | | | | 0.41 | % | | | 3.16 | % | | | 0.66 | % | | | 6.51 | % |
| $ | 12.08 | | | | 3.88 | % | | $ | 28,470 | | | | 0.41 | % | | | 1.93 | % | | | 0.66 | % | | | 14.41 | % |
| $ | 11.89 | | | | 11.46 | % | | $ | 30,181 | | | | 0.42 | % | | | 1.37 | % | | | 0.67 | % | | | 0.80 | % |
| $ | 10.82 | | | | 7.02 | % | | $ | 31,951 | | | | 0.40 | % | | | 1.65 | % | | | 0.65 | % | | | 5.19 | % |
| $ | 10.31 | | | | (1.92 | )% | | $ | 34,047 | | | | 0.40 | % | | | 1.16 | % | | | 0.65 | % | | | 49.24 | % |
| $ | 10.66 | | | | 11.05 | % | | $ | 35,437 | | | | 0.39 | % | | | 1.64 | % | | | 0.64 | % | | | 5.70 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| $ | 11.82 | | | | (1.85 | )% | | $ | 20,459 | | | | 0.43 | % | | | 3.18 | % | | | 0.68 | % | | | 4.27 | % |
| $ | 12.25 | | | | 5.08 | % | | $ | 21,715 | | | | 0.44 | % | | | 1.73 | % | | | 0.69 | % | | | 17.81 | % |
| $ | 11.90 | | | | 14.24 | % | | $ | 22,836 | | | | 0.44 | % | | | 1.04 | % | | | 0.69 | % | | | 1.92 | % |
| $ | 10.53 | | | | 7.22 | % | | $ | 21,912 | | | | 0.43 | % | | | 1.34 | % | | | 0.68 | % | | | 5.95 | % |
| $ | 9.99 | | | | (2.93 | )% | | $ | 22,848 | | | | 0.42 | % | | | 0.69 | % | | | 0.67 | % | | | 58.40 | % |
| $ | 10.39 | | | | 12.65 | % | | $ | 23,709 | | | | 0.41 | % | | | 1.23 | % | | | 0.66 | % | | | 8.60 | % |
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, 2019(Unaudited) | | $ | 21.67 | | | | 0.12 | | | | (1.67 | ) | | | (1.55 | ) | | | (0.11 | ) | | | (1.75 | ) | | | (1.86 | ) |
| Year Ended September 30, 2018 | | $ | 20.13 | | | | 0.15 | | | | 1.86 | | | | 2.01 | | | | (0.28 | ) | | | (0.19 | ) | | | (0.47 | ) |
| Year Ended September 30, 2017 | | $ | 17.20 | | | | 0.21 | | | | 2.87 | | | | 3.08 | | | | (0.15 | ) | | | — | | | | (0.15 | ) |
| Year Ended September 30, 2016 | | $ | 16.09 | | | | 0.14 | | | | 1.12 | | | | 1.26 | | | | (0.15 | ) | | | — | | | | (0.15 | ) |
| Year Ended September 30, 2015 | | $ | 16.79 | | | | 0.09 | | | | (0.67 | ) | | | (0.58 | ) | | | (0.12 | ) | | | — | | | | (0.12 | ) |
| Year Ended September 30, 2014 | | $ | 13.81 | | | | 0.05 | | | | 3.00 | | | | 3.05 | | | | (0.07 | ) | | | — | | | | (0.07 | ) |
| Sterling Capital Mid Value Fund | | | | | | | | | | | | | | | | | | |
| Six Months Ended March 31, 2019(Unaudited) | | $ | 16.86 | | | | (0.06 | ) | | | (1.36 | ) | | | (1.42 | ) | | | — | | | | (1.42 | ) | | | (1.42 | ) |
| Year Ended September 30, 2018 | | $ | 16.76 | | | | (0.15 | ) | | | 1.09 | | | | 0.94 | | | | — | | | | (0.84 | ) | | | (0.84 | ) |
| Year Ended September 30, 2017 | | $ | 15.12 | | | | (0.14 | ) | | | 2.31 | | | | 2.17 | | | | — | | | | (0.53 | ) | | | (0.53 | ) |
| Year Ended September 30, 2016 | | $ | 16.67 | | | | (0.09 | ) | | | 1.88 | | | | 1.79 | | | | — | | | | (3.34 | ) | | | (3.34 | ) |
| Year Ended September 30, 2015 | | $ | 18.06 | | | | (0.08 | ) | | | (0.13 | ) | | | (0.21 | ) | | | (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 | ) |
| Sterling Capital Behavioral Small Cap Value Equity Fund | | | | | | | | | | | | | | | | | | |
| Six Months Ended March 31, 2019(Unaudited) | | $ | 17.89 | | | | — | (d) | | | (1.81 | ) | | | (1.81 | ) | | | (0.05 | ) | | | (1.98 | ) | | | (2.03 | ) |
| Year Ended September 30, 2018 | | $ | 17.69 | | | | 0.03 | | | | 0.82 | | | | 0.85 | | | | — | | | | (0.65 | ) | | | (0.65 | ) |
| Year Ended September 30, 2017 | | $ | 14.70 | | | | (0.02 | ) | | | 3.07 | | | | 3.05 | | | | (0.06 | ) | | | — | | | | (0.06 | ) |
| Year Ended September 30, 2016 | | $ | 13.60 | | | | 0.07 | | | | 1.11 | | | | 1.18 | | | | (0.07 | ) | | | (0.01 | ) | | | (0.08 | ) |
| Year Ended September 30, 2015 | | $ | 13.87 | | | | 0.06 | | | | 0.15 | | | | 0.21 | | | | (0.04 | ) | | | (0.44 | ) | | | (0.48 | ) |
| Year Ended September 30, 2014 | | $ | 14.88 | | | | — | (d) | | | 0.92 | | | | 0.92 | | | | (0.06 | ) | | | (1.87 | ) | | | (1.93 | ) |
| Sterling Capital Special Opportunities Fund | | | | | | | | | | | | | | | | | | |
| Six Months Ended March 31, 2019(Unaudited) | | $ | 21.98 | | | | (0.07 | ) | | | (0.60 | ) | | | (0.67 | ) | | | — | | | | (1.86 | ) | | | (1.86 | ) |
| Year Ended September 30, 2018 | | $ | 20.88 | | | | (0.14 | ) | | | 3.29 | | | | 3.15 | | | | (0.11 | ) | | | (1.94 | ) | | | (2.05 | ) |
| Year Ended September 30, 2017 | | $ | 18.54 | | | | (0.13 | ) | | | 2.88 | | | | 2.75 | | | | — | | | | (0.41 | ) | | | (0.41 | ) |
| Year Ended September 30, 2016 | | $ | 20.34 | | | | (0.14 | ) | | | 1.65 | | | | 1.51 | | | | — | | | | (3.31 | ) | | | (3.31 | ) |
| Year Ended September 30, 2015 | | $ | 20.95 | | | | (0.20 | ) | | | 0.79 | | | | 0.59 | | | | — | | | | (1.20 | ) | | | (1.20 | ) |
| Year Ended September 30, 2014 | | $ | 19.55 | | | | (0.17 | ) | | | 3.85 | | | | 3.68 | | | | — | | | | (2.28 | ) | | | (2.28 | ) |
| Sterling Capital Equity Income Fund | | | | | | | | | | | | | | | | | | |
| Six Months Ended March 31, 2019(Unaudited) | | $ | 21.34 | | | | 0.12 | | | | 0.05 | | | | 0.17 | | | | (0.12 | ) | | | (1.52 | ) | | | (1.64 | ) |
| Year Ended September 30, 2018 | | $ | 20.66 | | | | 0.19 | | | | 2.62 | | | | 2.81 | | | | (0.18 | ) | | | (1.95 | ) | | | (2.13 | ) |
| Year Ended September 30, 2017 | | $ | 18.14 | | | | 0.20 | | | | 2.56 | | | | 2.76 | | | | (0.22 | ) | | | (0.02 | ) | | | (0.24 | ) |
| Year Ended September 30, 2016 | | $ | 17.21 | | | | 0.18 | | | | 2.03 | | | | 2.21 | | | | (0.18 | ) | | | (1.10 | ) | | | (1.28 | ) |
| Year Ended September 30, 2015 | | $ | 18.80 | | | | 0.17 | | | | (1.06 | ) | | | (0.89 | ) | | | (0.19 | ) | | | (0.51 | ) | | | (0.70 | ) |
| Year Ended September 30, 2014 | | $ | 18.01 | | | | 0.19 | | | | 1.40 | | | | 1.59 | | | | (0.17 | ) | | | (0.63 | ) | | | (0.80 | ) |
| Sterling Capital Behavioral International Equity Fund | | | | | | | | | | | | | | | | | | |
| Six Months Ended March 31, 2019(Unaudited) | | $ | 11.06 | | | | 0.08 | | | | (0.94 | ) | | | (0.86 | ) | | | (0.22 | ) | | | (0.40 | ) | | | (0.62 | ) |
| Year Ended September 30, 2018 | | $ | 11.64 | | | | 0.25 | | | | (0.48 | ) | | | (0.23 | ) | | | (0.24 | ) | | | (0.11 | ) | | | (0.35 | ) |
| Year Ended September 30, 2017 | | $ | 9.62 | | | | 0.15 | | | | 1.96 | | | | 2.11 | | | | (0.09 | ) | | | — | | | | (0.09 | ) |
| Year Ended September 30, 2016 | | $ | 9.18 | | | | 0.17 | | | | 0.42 | | | | 0.59 | | | | (0.15 | ) | | | — | | | | (0.15 | ) |
| November 28, 2014 to September 30, 2015(e) | | $ | 10.00 | | | | 0.19 | | | | (0.99 | ) | | | (0.80 | ) | | | (0.02 | ) | | | — | | | | (0.02 | ) |
| * | During the periods certain fees were waived (See Note 6 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. |
See accompanying Notes to the Financial Statements.
| | | | | | | | | | 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) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| $ | 18.26 | | | | (6.89 | )% | | $ | 638 | | | | 1.64 | % | | | 1.29 | % | | | 1.64 | % | | | 74.10 | % |
| $ | 21.67 | | | | 10.11 | % | | $ | 887 | | | | 1.62 | % | | | 0.69 | % | | | 1.62 | % | | | 127.89 | % |
| $ | 20.13 | | | | 18.00 | % | | $ | 966 | | | | 1.64 | % | | | 1.12 | % | | | 1.64 | % | | | 144.85 | % |
| $ | 17.20 | | | | 7.87 | % | | $ | 919 | | | | 1.76 | % | | | 0.81 | % | | | 1.90 | % | | | 145.53 | % |
| $ | 16.09 | | | | (3.52 | )% | | $ | 805 | | | | 1.81 | % | | | 0.52 | % | | | 1.91 | % | | | 135.05 | % |
| $ | 16.79 | | | | 22.09 | % | | $ | 534 | | | | 1.81 | % | | | 0.34 | % | | | 1.92 | % | | | 113.75 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| $ | 14.02 | | | | (7.82 | %) | | $ | 2,944 | | | | 1.95 | % | | | (0.81 | %) | | | 1.95 | % | | | 14.67 | % |
| $ | 16.86 | | | | 5.72 | % | | $ | 4,097 | | | | 1.92 | % | | | (0.91 | %) | | | 1.92 | % | | | 34.62 | % |
| $ | 16.76 | | | | 14.58 | % | | $ | 4,363 | | | | 1.90 | % | | | (0.87 | )% | | | 1.90 | % | | | 24.83 | % |
| $ | 15.12 | | | | 12.22 | % | | $ | 5,282 | | | | 1.93 | % | | | (0.61 | )% | | | 1.93 | % | | | 25.45 | % |
| $ | 16.67 | | | | (1.43 | )% | | $ | 5,309 | | | | 1.94 | % | | | (0.41 | )% | | | 1.94 | % | | | 30.61 | % |
| $ | 18.06 | | | | 9.12 | % | | $ | 4,661 | | | | 1.94 | % | | | (0.40 | )% | | | 1.94 | % | | | 27.30 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| $ | 14.05 | | | | (9.57 | )% | | $ | 156 | | | | 1.80 | % | | | 0.04 | % | | | 1.80 | % | | | 46.99 | % |
| $ | 17.89 | | | | 4.88 | % | | $ | 180 | | | | 1.78 | % | | | 0.17 | % | | | 1.78 | % | | | 89.85 | % |
| $ | 17.69 | | | | 20.73 | % | | $ | 191 | | | | 1.80 | % | | | (0.10 | )% | | | 1.85 | % | | | 109.05 | % |
| $ | 14.70 | | | | 8.68 | % | | $ | 364 | | | | 1.88 | % | | | 0.52 | % | | | 1.98 | % | | | 120.42 | % |
| $ | 13.60 | | | | 1.37 | % | | $ | 330 | | | | 2.00 | % | | | 0.45 | % | | | 2.00 | % | | | 101.99 | % |
| $ | 13.87 | | | | 6.38 | % | | $ | 312 | | | | 1.99 | % | | | (0.01 | )% | | | 1.99 | % | | | 68.50 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| $ | 19.45 | | | | (2.48 | )% | | $ | 91,467 | | | | 1.87 | % | | | (0.73 | )% | | | 1.87 | % | | | 11.79 | % |
| $ | 21.98 | | | | 16.27 | % | | $ | 144,100 | | | | 1.86 | % | | | (0.70 | )% | | | 1.86 | % | | | 22.78 | % |
| $ | 20.88 | | | | 15.08 | % | | $ | 149,892 | | | | 1.87 | % | | | (0.68 | )% | | | 1.87 | % | | | 18.92 | % |
| $ | 18.54 | | | | 7.76 | % | | $ | 181,061 | | | | 1.92 | % | | | (0.73 | )% | | | 1.97 | % | | | 27.32 | % |
| $ | 20.34 | | | | 2.99 | % | | $ | 143,597 | | | | 1.98 | % | | | (0.98 | )% | | | 1.98 | % | | | 26.98 | % |
| $ | 20.95 | | | | 20.76 | % | | $ | 120,469 | | | | 1.96 | % | | | (0.86 | )% | | | 1.96 | % | | | 32.35 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| $ | 19.87 | | | | 1.12 | % | | $ | 161,761 | | | | 1.78 | % | | | 1.18 | % | | | 1.78 | % | | | 18.36 | % |
| $ | 21.34 | | | | 14.41 | % | | $ | 207,659 | | | | 1.77 | % | | | 0.91 | % | | | 1.77 | % | | | 19.49 | % |
| $ | 20.66 | | | | 15.36 | % | | $ | 234,108 | | | | 1.78 | % | | | 1.03 | % | | | 1.78 | % | | | 16.93 | % |
| $ | 18.14 | | | | 13.66 | % | | $ | 271,598 | | | | 1.96 | % | | | 1.03 | % | | | 1.96 | % | | | 20.64 | % |
| $ | 17.21 | | | | (4.92 | )% | | $ | 279,355 | | | | 1.97 | % | | | 0.91 | % | | | 1.97 | % | | | 27.53 | % |
| $ | 18.80 | | | | 8.98 | % | | $ | 315,948 | | | | 1.95 | % | | | 1.04 | % | | | 1.95 | % | | | 16.13 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| $ | 9.58 | | | | (7.41 | )% | | $ | 66 | | | | 1.69 | % | | | 1.70 | % | | | 1.89 | % | | | 41.34 | % |
| $ | 11.06 | | | | (2.18 | )% | | $ | 61 | | | | 1.65 | % | | | 2.15 | % | | | 1.85 | % | | | 96.65 | % |
| $ | 11.64 | | | | 22.19 | % | | $ | 59 | | | | 1.68 | % | | | 1.44 | % | | | 1.94 | % | | | 91.65 | % |
| $ | 9.62 | | | | 6.38 | % | | $ | 47 | | | | 1.80 | % | | | 1.83 | % | | | 2.13 | % | | | 125.35 | % |
| $ | 9.18 | | | | (8.03 | )% | | $ | 28 | | | | 2.03 | % | | | 2.26 | % | | | 2.19 | % | | | 133.50 | % |
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 SMID Opportunities Fund | | | | | | | | | | | | | | | | |
| Six Months Ended March 31, 2019 (Unaudited) | | $ | 12.30 | | | (0.06 | ) | | (0.45 | ) | | (0.51 | ) | | — | | | — | | | — | |
| Year Ended September 30, 2018 | | $ | 11.67 | | | (0.13 | ) | | 0.96 | | | 0.83 | | | (0.02 | ) | | (0.18 | ) | | (0.20 | ) |
| October 3, 2016 to September 30, 2017(d) | | $ | 10.00 | | | (0.09 | ) | | 1.76 | | | 1.67 | | | — | | | — | | | — | |
| Sterling Capital Stratton Mid Cap Value Fund | | | | | | | | | | | | | | | | | | | |
| Six Months Ended March 31, 2019 (Unaudited) | | $ | 67.46 | | | (0.03 | ) | | (3.28 | ) | | (3.31 | ) | | — | | | (5.02 | ) | | (5.02 | ) |
| Year Ended September 30, 2018 | | $ | 65.40 | | | (0.42 | ) | | 4.77 | | | 4.35 | | | — | | | (2.29 | ) | | (2.29 | ) |
| Year Ended September 30, 2017 | | $ | 55.55 | | | (0.41 | ) | | 10.53 | | | 10.12 | | | — | | | (0.27 | ) | | (0.27 | ) |
| Period Ended September 30, 2016 | | $ | 52.54 | | | (0.32 | ) | | 3.33 | | | 3.01 | | | — | | | — | | | — | |
| November 16, 2015 to December 31, 2015(d) | | $ | 53.97 | | | — | | | 0.45 | | | 0.45 | | | (0.10 | ) | | (1.78 | ) | | (1.88 | ) |
| Sterling Capital Stratton Real Estate Fund | | | | | | | | | | | | | | | | | | | |
| Six Months Ended March 31, 2019 (Unaudited) | | $ | 37.40 | | | 0.07 | | | 3.04 | | | 3.11 | | | (0.24 | ) | | (1.24 | ) | | (1.48 | ) |
| Year Ended September 30, 2018 | | $ | 36.91 | | | 0.51 | | | 1.45 | | | 1.96 | | | (0.25 | ) | | (1.22 | ) | | (1.47 | ) |
| Year Ended September 30, 2017 | | $ | 39.50 | | | 0.43 | | | (0.49 | ) | | (0.06 | ) | | (0.78 | ) | | (1.75 | ) | | (2.53 | ) |
| Period Ended September 30, 2016 | | $ | 35.97 | | | 0.34 | | | 3.58 | | | 3.92 | | | (0.39 | ) | | — | | | (0.39 | ) |
| November 16, 2015 to December 31, 2015(d) | | $ | 34.90 | | | 0.12 | | | 1.42 | | | 1.54 | | | — | | | (0.47 | ) | | (0.47 | ) |
| Sterling Capital Stratton Small Cap Value Fund | | | | | | | | | | | | | | | | | | | |
| Six Months Ended March 31, 2019 (Unaudited) | | $ | 86.92 | | | (0.18 | ) | | (7.07 | ) | | (7.25 | ) | | — | | | (5.90 | ) | | (5.90 | ) |
| Year Ended September 30, 2018 | | $ | 88.75 | | | (0.62 | ) | | 6.48 | | | 5.86 | | | — | | | (7.69 | ) | | (7.69 | ) |
| Year Ended September 30, 2017 | | $ | 77.88 | | | (0.64 | ) | | 15.61 | | | 14.97 | | | — | | | (4.10 | ) | | (4.10 | ) |
| Period Ended September 30, 2016 | | $ | 69.88 | | | (0.41 | ) | | 8.41 | | | 8.00 | | | — | | | — | | | — | |
| November 16, 2015 to December 31, 2015(d) | | $ | 71.71 | | | (0.01 | ) | | (0.81 | ) | | (0.82 | ) | | (0.01 | ) | | (1.00 | ) | | (1.01 | ) |
| Sterling Capital Short Duration Bond Fund | | | | | | | | | | | | | | | | | | | |
| Six Months Ended March 31, 2019 (Unaudited) | | $ | 8.51 | | | 0.07 | | | 0.07 | | | 0.14 | | | (0.08 | ) | | — | | | (0.08 | ) |
| Year Ended September 30, 2018 | | $ | 8.69 | | | 0.09 | | | (0.12 | ) | | (0.03 | ) | | (0.15 | ) | | — | | | (0.15 | ) |
| Year Ended September 30, 2017 | | $ | 8.80 | | | 0.03 | | | — | | | 0.03 | | | (0.14 | ) | | — | | | (0.14 | ) |
| Year Ended September 30, 2016 | | $ | 8.85 | | | 0.03 | | | 0.07 | | | 0.10 | | | (0.16 | ) | | — | | | (0.16 | ) |
| Year Ended September 30, 2015 | | $ | 9.07 | | | 0.04 | | | (0.07 | ) | | (0.03 | ) | | (0.19 | ) | | — | | | (0.19 | ) |
| Year Ended September 30, 2014 | | $ | 9.24 | | | 0.06 | | | (0.03 | ) | | 0.03 | | | (0.20 | ) | | — | | | (0.20 | ) |
| * | During the periods certain fees were waived (See Note 6 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. |
See accompanying Notes to the Financial Statements.
| | | | | | | 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) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| $ | 11.79 | | | | (4.15 | )% | | $ | 1,223 | | | | 1.79 | % | | | (0.98 | )% | | | 2.10 | % | | | 23.62 | % |
| $ | 12.30 | | | | 7.25 | % | | $ | 1,476 | | | | 1.79 | % | | | (1.13 | )% | | | 2.04 | % | | | 45.64 | % |
| $ | 11.67 | | | | 16.70 | % | | $ | 1,414 | | | | 1.79 | % | | | (0.80 | )% | | | 2.38 | % | | | 37.97 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| $ | 59.13 | | | | (4.39 | )% | | $ | 1 | | | | 1.78 | % | | | (0.09 | )% | | | 1.78 | % | | | 6.40 | % |
| $ | 67.46 | | | | 6.70 | % | | $ | 1 | | | | 1.95 | % | | | (0.63 | )% | | | 1.95 | % | | | 14.47 | % |
| $ | 65.40 | | | | 18.27 | % | | $ | 1 | | | | 1.89 | % | | | (0.68 | )% | | | 1.89 | % | | | 12.19 | % |
| $ | 55.55 | | | | 5.73 | % | | $ | 1 | | | | 1.95 | % | | | (0.82 | )% | | | 1.95 | % | | | 11.16 | % |
| $ | 52.54 | | | | 0.91 | % | | $ | 1 | | | | 1.64 | % | | | (0.01 | )% | | | 1.64 | % | | | 19.28 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| $ | 39.03 | | | | 8.65 | % | | $ | 167 | | | | 1.82 | % | | | 0.36 | % | | | 1.82 | % | | | 5.42 | % |
| $ | 37.40 | | | | 5.38 | % | | $ | 98 | | | | 1.82 | % | | | 1.41 | % | | | 1.82 | % | | | 8.34 | % |
| $ | 36.91 | | | | 0.16 | % | | $ | 64 | | | | 1.79 | % | | | 1.18 | % | | | 1.80 | % | | | 13.52 | % |
| $ | 39.50 | | | | 10.90 | % | | $ | 20 | | | | 1.83 | % | | | 1.21 | % | | | 1.85 | % | | | 18.43 | % |
| $ | 35.97 | | | | 4.45 | % | | $ | 1 | | | | 1.59 | % | | | 2.57 | % | | | 1.59 | % | | | 15.47 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| $ | 73.77 | | | | (8.11 | )% | | $ | 160 | | | | 2.04 | % | | | 0.47 | % | | | 2.09 | % | | | 5.79 | % |
| $ | 86.92 | | | | 6.90 | % | | $ | 112 | | | | 2.03 | % | | | (0.71 | )% | | | 2.06 | % | | | 15.51 | % |
| $ | 88.75 | | | | 19.55 | % | | $ | 107 | | | | 2.06 | % | | | 0.78 | % | | | 2.06 | % | | | 7.04 | % |
| $ | 77.88 | | | | 11.45 | % | | $ | 65 | | | | 2.08 | % | | | (0.74 | )% | | | 2.08 | % | | | 3.42 | % |
| $ | 69.88 | | | | (1.12 | )% | | $ | 1 | | | | 2.06 | % | | | (0.15 | )% | | | 2.06 | % | | | 6.33 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| $ | 8.57 | | | | 1.71 | % | | $ | 1,078 | | | | 1.41 | % | | | 1.72 | % | | | 1.51 | % | | | 38.45 | % |
| $ | 8.51 | | | | (0.32 | )% | | $ | 1,091 | | | | 1.43 | % | | | 1.07 | % | | | 1.53 | % | | | 62.02 | % |
| $ | 8.69 | | | | 0.38 | % | | $ | 1,546 | | | | 1.45 | % | | | 0.37 | % | | | 1.55 | % | | | 78.77 | % |
| $ | 8.80 | | | | 1.22 | % | | $ | 1,886 | | | | 1.49 | % | | | 0.35 | % | | | 1.56 | % | | | 54.68 | % |
| $ | 8.85 | | | | (0.29 | )% | | $ | 2,415 | | | | 1.55 | % | | | 0.39 | % | | | 1.57 | % | | | 55.74 | % |
| $ | 9.07 | | | | 0.37 | % | | $ | 1,906 | | | | 1.53 | % | | | 0.69 | % | | | 1.56 | % | | | 56.10 | % |
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 Year | | Net investment income(a) | | Net realized/ unrealized gains (losses) on investments | | Total from Investment Activities | | Net investment income | | Net realized gains on investments | | Return of capital | | Total Distributions | |
| Sterling Capital Intermediate U.S. Government Fund | | | | | | | | | | | | | | | | | | | | | |
| Six Months Ended March 31, 2019 (Unaudited) | | $ | 9.47 | | | 0.06 | | | 0.26 | | | 0.32 | | | (0.08 | ) | | — | | | — | | | (0.08 | ) |
| Year Ended September 30, 2018 | | $ | 9.89 | | | 0.09 | | | (0.32 | ) | | (0.23 | ) | | (0.19 | ) | | — | | | — | | | (0.19 | ) |
| Year Ended September 30, 2017 | | $ | 10.22 | | | 0.08 | | | (0.28 | ) | | (0.20 | ) | | (0.13 | ) | | — | | | — | | | (0.13 | ) |
| Year Ended September 30, 2016 | | $ | 10.17 | | | 0.05 | | | 0.10 | | | 0.15 | | | (0.10 | ) | | — | | | — | | | (0.10 | ) |
| Year Ended September 30, 2015 | | $ | 10.18 | | | 0.06 | | | 0.05 | | | 0.11 | | | (0.12 | ) | | — | | | — | | | (0.12 | ) |
| Year Ended September 30, 2014 | | $ | 10.27 | | | 0.07 | | | 0.09 | | | 0.16 | | | (0.25 | ) | | — | | | — | | | (0.25 | ) |
| Sterling Capital Total Return Bond Fund | | | | | | | | | | | | | | | | | | | | | |
| Six Months Ended March 31, 2019 (Unaudited) | | $ | 10.21 | | | 0.12 | | | 0.26 | | | 0.38 | | | (0.12 | ) | | — | | | — | | | (0.12 | ) |
| Year Ended September 30, 2018 | | $ | 10.61 | | | 0.19 | | | (0.37 | ) | | (0.18 | ) | | (0.22 | ) | | — | | | — | | | (0.22 | ) |
| Year Ended September 30, 2017 | | $ | 10.83 | | | 0.15 | | | (0.15 | ) | | — | | | (0.22 | ) | | — | | | — | | | (0.22 | ) |
| Year Ended September 30, 2016 | | $ | 10.55 | | | 0.18 | | | 0.35 | | | 0.53 | | | (0.25 | ) | | — | | | — | | | (0.25 | ) |
| Year Ended September 30, 2015 | | $ | 10.68 | | | 0.20 | | | (0.06 | ) | | 0.14 | | | (0.27 | ) | | — | | | — | | | (0.27 | ) |
| Year Ended September 30, 2014 | | $ | 10.54 | | | 0.23 | | | 0.21 | | | 0.44 | | | (0.29 | ) | | (0.01 | ) | | — | | | (0.30 | ) |
| Sterling Capital Corporate Fund | | | | | | | | | | | | | | | | | | | | | | |
| Six Months Ended March 31, 2019 (Unaudited) | | $ | 9.80 | | | 0.12 | | | 0.22 | | | 0.34 | | | (0.12 | ) | | — | | | — | | | (0.12 | ) |
| Year Ended September 30, 2018 | | $ | 10.23 | | | 0.22 | | | (0.36 | ) | | (0.14 | ) | | (0.22 | ) | | (0.07 | ) | | — | | | (0.29 | ) |
| Year Ended September 30, 2017 | | $ | 10.35 | | | 0.21 | | | (0.08 | ) | | 0.13 | | | (0.21 | ) | | (0.04 | ) | | — | | | (0.25 | ) |
| Year Ended September 30, 2016 | | $ | 10.09 | | | 0.21 | | | 0.26 | | | 0.47 | | | (0.21 | ) | | — | | | — | | | (0.21 | ) |
| Year Ended September 30, 2015 | | $ | 10.24 | | | 0.22 | | | (0.14 | ) | | 0.08 | | | (0.22 | ) | | (0.01 | ) | | — | (d) | | (0.23 | ) |
| Year Ended September 30, 2014 | | $ | 10.15 | | | 0.24 | | | 0.18 | | | 0.42 | | | (0.23 | ) | | (0.10 | ) | | ��� | | | (0.33 | ) |
| Sterling Capital Securitized Opportunities Fund | | | | | | | | | | | | | | | | | | | | | |
| Six Months Ended March 31, 2019 (Unaudited) | | $ | 9.60 | | | 0.11 | | | 0.23 | | | 0.34 | | | (0.10 | ) | | — | | | — | | | (0.10 | ) |
| Year Ended September 30, 2018 | | $ | 9.93 | | | 0.19 | | | (0.32 | ) | | (0.13 | ) | | (0.20 | ) | | — | | | — | | | (0.20 | ) |
| Year Ended September 30, 2017 | | $ | 10.09 | | | 0.13 | | | (0.12 | ) | | 0.01 | | | (0.17 | ) | | — | | | — | | | (0.17 | ) |
| Year Ended September 30, 2016 | | $ | 9.97 | | | 0.12 | | | 0.16 | | | 0.28 | | | (0.16 | ) | | — | | | — | | | (0.16 | ) |
| Year Ended September 30, 2015 | | $ | 9.89 | | | 0.13 | | | 0.13 | | | 0.26 | | | (0.18 | ) | | — | | | — | | | (0.18 | ) |
| Year Ended September 30, 2014 | | $ | 9.84 | | | 0.16 | | | 0.11 | | | 0.27 | | | (0.22 | ) | | — | | | — | | | (0.22 | ) |
| Sterling Capital Kentucky Intermediate Tax-Free Fund | | | | | | | | | | | | | | | | | | | |
| Six Months Ended March 31, 2019 (Unaudited) | | $ | 9.91 | | | 0.07 | | | 0.28 | | | 0.35 | | | (0.07 | ) | | (0.06 | ) | | — | | | (0.13 | ) |
| Year Ended September 30, 2018 | | $ | 10.28 | | | 0.15 | | | (0.34 | ) | | (0.19 | ) | | (0.15 | ) | | (0.03 | ) | | — | | | (0.18 | ) |
| Year Ended September 30, 2017 | | $ | 10.65 | | | 0.14 | | | (0.22 | ) | | (0.08 | ) | | (0.15 | ) | | (0.14 | ) | | — | | | (0.29 | ) |
| Year Ended September 30, 2016 | | $ | 10.63 | | | 0.16 | | | 0.15 | | | 0.31 | | | (0.16 | ) | | (0.13 | ) | | — | | | (0.29 | ) |
| Year Ended September 30, 2015 | | $ | 10.86 | | | 0.17 | | | (0.05 | ) | | 0.12 | | | (0.17 | ) | | (0.18 | ) | | — | | | (0.35 | ) |
| Year Ended September 30, 2014 | | $ | 10.67 | | | 0.19 | | | 0.18 | | | 0.37 | | | (0.18 | ) | | — | | | — | | | (0.18 | ) |
| Sterling Capital Maryland Intermediate Tax-Free Fund | | | | | | | | | | | | | | | | | | | | | |
| Six Months Ended March 31, 2019 (Unaudited) | | $ | 10.62 | | | 0.06 | | | 0.26 | | | 0.32 | | | (0.06 | ) | | (0.13 | ) | | — | | | (0.19 | ) |
| Year Ended September 30, 2018 | | $ | 11.02 | | | 0.12 | | | (0.34 | ) | | (0.22 | ) | | (0.12 | ) | | (0.06 | ) | | — | | | (0.18 | ) |
| Year Ended September 30, 2017 | | $ | 11.31 | | | 0.12 | | | (0.21 | ) | | (0.09 | ) | | (0.12 | ) | | (0.08 | ) | | — | | | (0.20 | ) |
| Year Ended September 30, 2016 | | $ | 11.18 | | | 0.11 | | | 0.20 | | | 0.31 | | | (0.11 | ) | | (0.07 | ) | | — | | | (0.18 | ) |
| Year Ended September 30, 2015 | | $ | 11.24 | | | 0.12 | | | — | (d) | | 0.12 | | | (0.12 | ) | | (0.06 | ) | | — | | | (0.18 | ) |
| Year Ended September 30, 2014 | | $ | 10.96 | | | 0.11 | | | 0.28 | | | 0.39 | | | (0.11 | ) | | — | | | — | | | (0.11 | ) |
| Sterling Capital North Carolina Intermediate Tax-Free Fund | | | | | | | | | | | | | | | | | | | |
| Six Months Ended March 31, 2019 (Unaudited) | | $ | 10.42 | | | 0.08 | | | 0.26 | | | 0.34 | | | (0.08 | ) | | — | | | — | | | (0.08 | ) |
| Year Ended September 30, 2018 | | $ | 10.77 | | | 0.16 | | | (0.35 | ) | | (0.19 | ) | | (0.16 | ) | | — | | | — | | | (0.16 | ) |
| Year Ended September 30, 2017 | | $ | 11.07 | | | 0.14 | | | (0.26 | ) | | (0.12 | ) | | (0.14 | ) | | (0.04 | ) | | — | | | (0.18 | ) |
| Year Ended September 30, 2016 | | $ | 10.96 | | | 0.15 | | | 0.17 | | | 0.32 | | | (0.15 | ) | | (0.06 | ) | | — | | | (0.21 | ) |
| Year Ended September 30, 2015 | | $ | 10.98 | | | 0.16 | | | — | (d) | | 0.16 | | | (0.16 | ) | | (0.02 | ) | | — | | | (0.18 | ) |
| Year Ended September 30, 2014 | | $ | 10.74 | | | 0.16 | | | 0.24 | | | 0.40 | | | (0.16 | ) | | — | | | — | | | (0.16 | ) |
| * | During the periods certain fees were waived (See Note 6 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. |
See accompanying Notes to the Financial Statements.
| | | | | | | Ratios/Supplementary Data | |
Net Asset Value, End of Year | | | Total Return (excludes sales charge) (b) | | | Net Assets, End of Year (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) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| $ | 9.71 | | | | 3.36 | % | | $ | 436 | | | | 1.61 | % | | | 1.34 | % | | | 1.66 | % | | | 9.78 | % |
| $ | 9.47 | | | | (2.37 | )% | | $ | 488 | | | | 1.66 | % | | | 0.98 | % | | | 1.67 | % | | | 40.85 | % |
| $ | 9.89 | | | | (1.94 | )% | | $ | 577 | | | | 1.62 | % | | | 0.80 | % | | | 1.66 | % | | | 32.44 | % |
| $ | 10.22 | | | | 1.51 | % | | $ | 706 | | | | 1.60 | % | | | 0.48 | % | | | 1.72 | % | | | 49.39 | % |
| $ | 10.17 | | | | 1.06 | % | | $ | 777 | | | | 1.67 | % | | | 0.56 | % | | | 1.73 | % | | | 62.02 | % |
| $ | 10.18 | | | | 1.56 | % | | $ | 823 | | | | 1.68 | % | | | 0.66 | % | | | 1.68 | % | | | 35.74 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| $ | 10.47 | | | | 3.76 | % | | $ | 7,431 | | | | 1.45 | % | | | 2.28 | % | | | 1.58 | % | | | 33.60 | % |
| $ | 10.21 | | | | (1.73 | )% | | $ | 7,464 | | | | 1.45 | % | | | 1.81 | % | | | 1.57 | % | | | 62.28 | % |
| $ | 10.61 | | | | 0.00 | % | | $ | 7,582 | | | | 1.47 | % | | | 1.38 | % | | | 1.57 | % | | | 64.07 | % |
| $ | 10.83 | | | | 5.05 | % | | $ | 7,933 | | | | 1.49 | % | | | 1.66 | % | | | 1.59 | % | | | 65.47 | % |
| $ | 10.55 | | | | 1.28 | % | | $ | 6,362 | | | | 1.48 | % | | | 1.87 | % | | | 1.58 | % | | | 41.37 | % |
| $ | 10.68 | | | | 4.24 | % | | $ | 5,578 | | | | 1.56 | % | | | 2.15 | % | | | 1.58 | % | | | 75.21 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| $ | 10.02 | | | | 3.52 | % | | $ | 3 | | | | 1.63 | % | | | 2.47 | % | | | 1.63 | % | | | 30.72 | % |
| $ | 9.80 | | | | (1.44 | )% | | $ | 42 | | | | 1.63 | % | | | 2.19 | % | | | 1.63 | % | | | 66.82 | % |
| $ | 10.23 | | | | 1.30 | % | | $ | 43 | | | | 1.64 | % | | | 2.09 | % | | | 1.64 | % | | | 78.79 | % |
| $ | 10.35 | | | | 4.69 | % | | $ | 58 | | | | 1.64 | % | | | 2.03 | % | | | 1.64 | % | | | 83.88 | % |
| $ | 10.09 | | | | 0.75 | % | | $ | 9 | | | | 1.63 | % | | | 2.12 | % | | | 1.63 | % | | | 33.94 | % |
| $ | 10.24 | | | | 4.25 | % | | $ | 9 | | | | 1.59 | % | | | 2.31 | % | | | 1.59 | % | | | 105.03 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| $ | 9.84 | | | | 3.61 | % | | $ | 34 | | | | 1.59 | % | | | 2.22 | % | | | 1.63 | % | | | 10.18 | % |
| $ | 9.60 | | | | (1.27 | )% | | $ | 33 | | | | 1.58 | % | | | 1.97 | % | | | 1.62 | % | | | 19.17 | % |
| $ | 9.93 | | | | 0.12 | % | | $ | 34 | | | | 1.60 | % | | | 1.31 | % | | | 1.64 | % | | | 34.72 | % |
| $ | 10.09 | | | | 2.83 | % | | $ | 40 | | | | 1.61 | % | | | 1.16 | % | | | 1.65 | % | | | 43.63 | % |
| $ | 9.97 | | | | 2.62 | % | | $ | 39 | | | | 1.59 | % | | | 1.30 | % | | | 1.63 | % | | | 19.85 | % |
| $ | 9.89 | | | | 2.72 | % | | $ | 38 | | | | 1.58 | % | | | 1.59 | % | | | 1.62 | % | | | 98.34 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| $ | 10.13 | | | | 3.59 | % | | $ | 2 | | | | 1.38 | % | | | 1.43 | % | | | 1.38 | % | | | 11.36 | % |
| $ | 9.91 | | | | (1.93 | )% | | $ | 2 | | | | 1.68 | % | | | 1.45 | % | | | 1.68 | % | | | 20.37 | % |
| $ | 10.28 | | | | (0.74 | )% | | $ | 2 | | | | 1.58 | % | | | 1.32 | % | | | 1.65 | % | | | 17.93 | % |
| $ | 10.65 | | | | 2.93 | % | | $ | 20 | | | | 1.65 | % | | | 1.50 | % | | | 1.76 | % | | | 16.44 | % |
| $ | 10.63 | | | | 1.13 | % | | $ | 20 | | | | 1.71 | % | | | 1.62 | % | | | 1.79 | % | | | 17.34 | % |
| $ | 10.86 | | | | 3.53 | % | | $ | 19 | | | | 1.71 | % | | | 1.72 | % | | | 1.71 | % | | | 11.13 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| $ | 10.75 | | | | 3.10 | % | | $ | 552 | | | | 1.67 | % | | | 1.14 | % | | | 1.67 | % | | | 10.75 | % |
| $ | 10.62 | | | | (1.97 | )% | | $ | 591 | | | | 1.63 | % | | | 1.14 | % | | | 1.63 | % | | | 31.12 | % |
| $ | 11.02 | | | | (0.74 | )% | | $ | 627 | | | | 1.61 | % | | | 1.13 | % | | | 1.65 | % | | | 5.89 | % |
| $ | 11.31 | | | | 2.85 | % | | $ | 802 | | | | 1.61 | % | | | 1.01 | % | | | 1.71 | % | | | 14.36 | % |
| $ | 11.18 | | | | 1.04 | % | | $ | 741 | | | | 1.65 | % | | | 1.07 | % | | | 1.71 | % | | | 18.38 | % |
| $ | 11.24 | | | | 3.58 | % | | $ | 747 | | | | 1.69 | % | | | 0.99 | % | | | 1.69 | % | | | 19.90 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| $ | 10.68 | | | | 3.26 | % | | $ | 2,913 | | | | 1.55 | % | | | 1.50 | % | | | 1.55 | % | | | 13.89 | % |
| $ | 10.42 | | | | (1.80 | )% | | $ | 3,359 | | | | 1.54 | % | | | 1.48 | % | | | 1.54 | % | | | 22.06 | % |
| $ | 10.77 | | | | (1.06 | )% | | $ | 4,591 | | | | 1.54 | % | | | 1.34 | % | | | 1.58 | % | | | 25.92 | % |
| $ | 11.07 | | | | 2.91 | % | | $ | 6,108 | | | | 1.55 | % | | | 1.31 | % | | | 1.65 | % | | | 10.05 | % |
| $ | 10.96 | | | | 1.43 | % | | $ | 3,350 | | | | 1.59 | % | | | 1.44 | % | | | 1.66 | % | | | 16.80 | % |
| $ | 10.98 | | | | 3.77 | % | | $ | 2,864 | | | | 1.66 | % | | | 1.52 | % | | | 1.66 | % | | | 11.67 | % |
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 Year | | | 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, 2019 (Unaudited) | | $ | 10.76 | | | | 0.06 | | | | 0.31 | | | | 0.37 | | | | (0.06 | ) | | | — | | | | (0.06 | ) |
| Year Ended September 30, 2018 | | $ | 11.10 | | | | 0.12 | | | | (0.34 | ) | | | (0.22 | ) | | | (0.12 | ) | | | — | | | | (0.12 | ) |
| Year Ended September 30, 2017 | | $ | 11.30 | | | | 0.11 | | | | (0.20 | ) | | | (0.09 | ) | | | (0.11 | ) | | | — | | | | (0.11 | ) |
| Year Ended September 30, 2016 | | $ | 11.14 | | | | 0.12 | | | | 0.20 | | | | 0.32 | | | | (0.12 | ) | | | (0.04 | ) | | | (0.16 | ) |
| Year Ended September 30, 2015 | | $ | 11.14 | | | | 0.13 | | | | 0.02 | | | | 0.15 | | | | (0.13 | ) | | | (0.02 | ) | | | (0.15 | ) |
| Year Ended September 30, 2014 | | $ | 10.85 | | | | 0.14 | | | | 0.29 | | | | 0.43 | | | | (0.14 | ) | | | — | | | | (0.14 | ) |
| Sterling Capital Virginia Intermediate Tax-Free Fund | |
| Six Months Ended March 31, 2019 (Unaudited) | | $ | 11.40 | | | | 0.07 | | | | 0.31 | | | | 0.38 | | | | (0.07 | ) | | | — | | | | (0.07 | ) |
| Year Ended September 30, 2018 | | $ | 11.76 | | | | 0.14 | | | | (0.36 | ) | | | (0.22 | ) | | | (0.14 | ) | | | — | | | | (0.14 | ) |
| Year Ended September 30, 2017 | | $ | 12.13 | | | | 0.14 | | | | (0.28 | ) | | | (0.14 | ) | | | (0.14 | ) | | | (0.09 | ) | | | (0.23 | ) |
| Year Ended September 30, 2016 | | $ | 11.98 | | | | 0.15 | | | | 0.19 | | | | 0.34 | | | | (0.15 | ) | | | (0.04 | ) | | | (0.19 | ) |
| Year Ended September 30, 2015 | | $ | 12.06 | | | | 0.16 | | | | (0.01 | ) | | | 0.15 | | | | (0.16 | ) | | | (0.07 | ) | | | (0.23 | ) |
| Year Ended September 30, 2014 | | $ | 11.79 | | | | 0.15 | | | | 0.27 | | | | 0.42 | | | | (0.15 | ) | | | — | | | | (0.15 | ) |
| Sterling Capital West Virginia Intermediate Tax-Free Fund | |
| Six Months Ended March 31, 2019 (Unaudited) | | $ | 9.72 | | | | 0.07 | | | | 0.24 | | | | 0.31 | | | | (0.07 | ) | | | (0.02 | ) | | | (0.09 | ) |
| Year Ended September 30, 2018 | | $ | 10.05 | | | | 0.14 | | | | (0.32 | ) | | | (0.18 | ) | | | (0.14 | ) | | | (0.01 | ) | | | (0.15 | ) |
| Year Ended September 30, 2017 | | $ | 10.27 | | | | 0.13 | | | | (0.17 | ) | | | (0.04 | ) | | | (0.13 | ) | | | (0.05 | ) | | | (0.18 | ) |
| Year Ended September 30, 2016 | | $ | 10.14 | | | | 0.13 | | | | 0.18 | | | | 0.31 | | | | (0.13 | ) | | | (0.05 | ) | | | (0.18 | ) |
| Year Ended September 30, 2015 | | $ | 10.16 | | | | 0.14 | | | | 0.01 | | | | 0.15 | | | | (0.14 | ) | | | (0.03 | ) | | | (0.17 | ) |
| Year Ended September 30, 2014 | | $ | 9.91 | | | | 0.14 | | | | 0.25 | | | | 0.39 | | | | (0.14 | ) | | | — | | | | (0.14 | ) |
| Sterling Capital Diversified Income Fund(d) | |
| Six Months Ended March 31, 2019 (Unaudited) | | $ | 10.54 | | | | 0.16 | | | | (0.22 | ) | | | (0.06 | ) | | | (0.23 | ) | | | — | | | | (0.23 | ) |
| Year Ended September 30, 2018 | | $ | 10.70 | | | | 0.27 | | | | (0.10 | ) | | | 0.17 | | | | (0.33 | ) | | | — | | | | (0.33 | ) |
| Year Ended September 30, 2017 | | $ | 10.73 | | | | 0.33 | | | | (0.03 | ) | | | 0.30 | | | | (0.33 | ) | | | — | | | | (0.33 | ) |
| Year Ended September 30, 2016 | | $ | 10.13 | | | | 0.24 | | | | 0.66 | | | | 0.90 | | | | (0.30 | ) | | | — | | | | (0.30 | ) |
| Year Ended September 30, 2015 | | $ | 10.53 | | | | 0.22 | | | | (0.44 | ) | | | (0.22 | ) | | | (0.18 | ) | | | — | | | | (0.18 | ) |
| Year Ended September 30, 2014 | | $ | 9.90 | | | | 0.14 | | | | 0.66 | | | | 0.80 | | | | (0.17 | ) | | | — | | | | (0.17 | ) |
| Sterling Capital Strategic Allocation Balanced Fund(d) | |
| Six Months Ended March 31, 2019 (Unaudited) | | $ | 11.85 | | | | 0.14 | | | | (0.31 | ) | | | (0.17 | ) | | | (0.14 | ) | | | — | | | | (0.14 | ) |
| Year Ended September 30, 2018 | | $ | 11.67 | | | | 0.15 | | | | 0.21 | | | | 0.36 | | | | (0.18 | ) | | | — | | | | (0.18 | ) |
| Year Ended September 30, 2017 | | $ | 10.62 | | | | 0.07 | | | | 1.06 | | | | 1.13 | | | | (0.08 | ) | | | — | | | | (0.08 | ) |
| Year Ended September 30, 2016 | | $ | 10.13 | | | | 0.09 | | | | 0.53 | | | | 0.62 | | | | (0.13 | ) | | | — | | | | (0.13 | ) |
| Year Ended September 30, 2015 | | $ | 10.47 | | | | 0.04 | | | | (0.31 | ) | | | (0.27 | ) | | | (0.07 | ) | | | — | | | | (0.07 | ) |
| Year Ended September 30, 2014 | | $ | 9.60 | | | | 0.09 | | | | 0.89 | | | | 0.98 | | | | (0.11 | ) | | | — | | | | (0.11 | ) |
| Sterling Capital Strategic Allocation Growth Fund(d) | |
| Six Months Ended March 31, 2019 (Unaudited) | | $ | 11.79 | | | | 0.14 | | | | (0.41 | ) | | | (0.27 | ) | | | (0.15 | ) | | | — | | | | (0.15 | ) |
| Year Ended September 30, 2018 | | $ | 11.47 | | | | 0.11 | | | | 0.38 | | | | 0.49 | | | | (0.17 | ) | | | — | | | | (0.17 | ) |
| Year Ended September 30, 2017 | | $ | 10.18 | | | | 0.03 | | | | 1.32 | | | | 1.35 | | | | (0.06 | ) | | | — | | | | (0.06 | ) |
| Year Ended September 30, 2016 | | $ | 9.68 | | | | 0.05 | | | | 0.57 | | | | 0.62 | | | | (0.12 | ) | | | — | | | | (0.12 | ) |
| Year Ended September 30, 2015 | | $ | 10.09 | | | | (0.01 | ) | | | (0.35 | ) | | | (0.36 | ) | | | (0.05 | ) | | | — | | | | (0.05 | ) |
| Year Ended September 30, 2014 | | $ | 9.09 | | | | 0.05 | | | | 1.02 | | | | 1.07 | | | | (0.07 | ) | | | — | | | | (0.07 | ) |
| * | During the periods certain fees were waived (See Note 6 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.
| | | | | | | | | Ratios/Supplementary Data | |
Net Asset Value, End of Year | | | Total Return (excludes sales charge) (b) | | | Net Assets, End of Year (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) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| $ | 11.07 | | | | 3.48 | % | | $ | 957 | | | | 1.56 | % | | | 1.16 | % | | | 1.56 | % | | | 5.52 | % |
| $ | 10.76 | | | | (1.98 | )% | | $ | 991 | | | | 1.55 | % | | | 1.11 | % | | | 1.55 | % | | | 27.71 | % |
| $ | 11.10 | | | | (0.74 | )% | | $ | 1,440 | | | | 1.56 | % | | | 1.04 | % | | | 1.59 | % | | | 31.17 | % |
| $ | 11.30 | | | | 2.82 | % | | $ | 1,806 | | | | 1.56 | % | | | 1.02 | % | | | 1.66 | % | | | 2.69 | % |
| $ | 11.14 | | | | 1.35 | % | | $ | 1,517 | | | | 1.61 | % | | | 1.18 | % | | | 1.68 | % | | | 12.53 | % |
| $ | 11.14 | | | | 3.97 | % | | $ | 1,465 | | | | 1.67 | % | | | 1.26 | % | | | 1.67 | % | | | 15.51 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| $ | 11.71 | | | | 3.38 | % | | $ | 832 | | | | 1.57 | % | | | 1.28 | % | | | 1.57 | % | | | 15.88 | % |
| $ | 11.40 | | | | (1.87 | )% | | $ | 844 | | | | 1.55 | % | | | 1.22 | % | | | 1.55 | % | | | 21.08 | % |
| $ | 11.76 | | | | (1.14 | )% | | $ | 935 | | | | 1.55 | % | | | 1.18 | % | | | 1.59 | % | | | 23.25 | % |
| $ | 12.13 | | | | 2.88 | % | | $ | 1,170 | | | | 1.56 | % | | | 1.24 | % | | | 1.66 | % | | | 16.18 | % |
| $ | 11.98 | | | | 1.22 | % | | $ | 1,245 | | | | 1.60 | % | | | 1.32 | % | | | 1.67 | % | | | 16.01 | % |
| $ | 12.06 | | | | 3.61 | % | | $ | 1,490 | | | | 1.66 | % | | | 1.30 | % | | | 1.66 | % | | | 20.48 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| $ | 9.94 | | | | 3.20 | % | | $ | 693 | | | | 1.56 | % | | | 1.50 | % | | | 1.56 | % | | | 10.24 | % |
| $ | 9.72 | | | | (1.82 | )% | | $ | 726 | | | | 1.55 | % | | | 1.39 | % | | | 1.55 | % | | | 17.53 | % |
| $ | 10.05 | | | | (0.38 | )% | | $ | 739 | | | | 1.56 | % | | | 1.34 | % | | | 1.59 | % | | | 21.00 | % |
| $ | 10.27 | | | | 3.14 | % | | $ | 817 | | | | 1.57 | % | | | 1.29 | % | | | 1.67 | % | | | 11.31 | % |
| $ | 10.14 | | | | 1.42 | % | | $ | 409 | | | | 1.61 | % | | | 1.36 | % | | | 1.67 | % | | | 10.34 | % |
| $ | 10.16 | | | | 3.93 | % | | $ | 457 | | | | 1.66 | % | | | 1.39 | % | | | 1.66 | % | | | 21.09 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| $ | 10.25 | | | | (0.54 | )% | | $ | 831 | | | | 1.56 | % | | | 3.15 | % | | | 1.58 | % | | | 7.38 | % |
| $ | 10.54 | | | | 1.64 | % | | $ | 1,051 | | | | 1.54 | % | | | 2.52 | % | | | 1.55 | % | | | 48.19 | % |
| $ | 10.70 | | | | 2.84 | % | | $ | 1,155 | | | | 1.52 | % | | | 3.08 | % | | | 1.52 | % | | | 43.86 | % |
| $ | 10.73 | | | | 9.07 | % | | $ | 1,157 | | | | 1.39 | % | | | 2.43 | % | | | 1.47 | % | | | 67.18 | % |
| $ | 10.13 | | | | (2.14 | )% | | $ | 795 | | | | 1.20 | % | | | 2.04 | % | | | 1.45 | % | | | 126.46 | % |
| $ | 10.53 | | | | 8.07 | % | | $ | 291 | | | | 1.20 | % | | | 1.35 | % | | | 1.45 | % | | | 8.67 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| $ | 11.54 | | | | (1.33 | )% | | $ | 450 | | | | 1.16 | % | | | 2.43 | % | | | 1.41 | % | | | 6.51 | % |
| $ | 11.85 | | | | 3.09 | % | | $ | 576 | | | | 1.16 | % | | | 1.23 | % | | | 1.41 | % | | | 14.41 | % |
| $ | 11.67 | | | | 10.68 | % | | $ | 785 | | | | 1.17 | % | | | 0.62 | % | | | 1.42 | % | | | 0.80 | % |
| $ | 10.62 | | | | 6.18 | % | | $ | 741 | | | | 1.15 | % | | | 0.89 | % | | | 1.40 | % | | | 5.19 | % |
| $ | 10.13 | | | | (2.60 | )% | | $ | 751 | | | | 1.15 | % | | | 0.42 | % | | | 1.40 | % | | | 49.24 | % |
| $ | 10.47 | | | | 10.24 | % | | $ | 757 | | | | 1.14 | % | | | 0.88 | % | | | 1.40 | % | | | 5.70 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| $ | 11.37 | | | | (2.21 | )% | | $ | 370 | | | | 1.18 | % | | | 2.46 | % | | | 1.43 | % | | | 4.27 | % |
| $ | 11.79 | | | | 4.27 | % | | $ | 427 | | | | 1.19 | % | | | 0.95 | % | | | 1.44 | % | | | 17.81 | % |
| $ | 11.47 | | | | 13.36 | % | | $ | 407 | | | | 1.19 | % | | | 0.31 | % | | | 1.44 | % | | | 1.92 | % |
| $ | 10.18 | | | | 6.46 | % | | $ | 436 | | | | 1.18 | % | | | 0.56 | % | | | 1.43 | % | | | 5.95 | % |
| $ | 9.68 | | | | (3.62 | )% | | $ | 491 | | | | 1.17 | % | | | (0.06 | )% | | | 1.42 | % | | | 58.40 | % |
| $ | 10.09 | | | | 11.75 | % | | $ | 506 | | | | 1.16 | % | | | 0.48 | % | | | 1.41 | % | | | 8.60 | % |
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 Year | | | | 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, 2019 (Unaudited) | | $ | 22.43 | | | | 0.22 | | | | (1.72 | ) | | | (1.50 | ) | | | (0.21 | ) | | | (1.75 | ) | | | (1.96 | ) |
| Year Ended September 30, 2018 | | $ | 20.82 | | | | 0.33 | | | | 1.97 | | | | 2.30 | | | | (0.50 | ) | | | (0.19 | ) | | | (0.69 | ) |
| Year Ended September 30, 2017 | | $ | 17.78 | | | | 0.41 | | | | 2.98 | | | | 3.39 | | | | (0.35 | ) | | | — | | | | (0.35 | ) |
| Year Ended September 30, 2016 | | $ | 16.62 | | | | 0.32 | | | | 1.16 | | | | 1.48 | | | | (0.32 | ) | | | — | | | | (0.32 | ) |
| Year Ended September 30, 2015 | | $ | 17.33 | | | | 0.27 | | | | (0.70 | ) | | | (0.43 | ) | | | (0.28 | ) | | | — | | | | (0.28 | ) |
| Year Ended September 30, 2014 | | $ | 14.23 | | | | 0.22 | | | | 3.08 | | | | 3.30 | | | | (0.20 | ) | | | — | | | | (0.20 | ) |
| Sterling Capital Mid Value Fund | |
| Six Months Ended March 31, 2019 (Unaudited) | | $ | 19.42 | | | | 0.02 | | | | (1.56 | ) | | | (1.54 | ) | | | (0.01 | ) | | | (1.42 | ) | | | (1.43 | ) |
| Year Ended September 30, 2018 | | $ | 19.00 | | | | 0.01 | | | | 1.26 | | | | 1.27 | | | | (0.01 | ) | | | (0.84 | ) | | | (0.85 | ) |
| Year Ended September 30, 2017 | | $ | 16.92 | | | | 0.03 | | | | 2.59 | | | | 2.62 | | | | (0.01 | ) | | | (0.53 | ) | | | (0.54 | ) |
| Year Ended September 30, 2016 | | $ | 18.14 | | | | 0.07 | | | | 2.07 | | | | 2.14 | | | | (0.02 | ) | | | (3.34 | ) | | | (3.36 | ) |
| Year Ended September 30, 2015 | | $ | 19.50 | | | | 0.11 | | | | (0.14 | ) | | | (0.03 | ) | | | (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 | ) |
| Sterling Capital Behavioral Small Cap Value Equity Fund | |
| Six Months Ended March 31, 2019 (Unaudited) | | $ | 18.82 | | | | 0.08 | | | | (1.92 | ) | | | (1.84 | ) | | | (0.20 | ) | | | (1.98 | ) | | | (2.18 | ) |
| Year Ended September 30, 2018 | | $ | 18.55 | | | | 0.19 | | | | 0.89 | | | | 1.08 | | | | (0.16 | ) | | | (0.65 | ) | | | (0.81 | ) |
| Year Ended September 30, 2017 | | $ | 15.30 | | | | 0.17 | | | | 3.18 | | | | 3.35 | | | | (0.10 | ) | | | — | | | | (0.10 | ) |
| Year Ended September 30, 2016 | | $ | 14.14 | | | | 0.22 | | | | 1.16 | | | | 1.38 | | | | (0.21 | ) | | | (0.01 | ) | | | (0.22 | ) |
| Year Ended September 30, 2015 | | $ | 14.47 | | | | 0.22 | | | | 0.15 | | | | 0.37 | | | | (0.26 | ) | | | (0.44 | ) | | | (0.70 | ) |
| Year Ended September 30, 2014 | | $ | 15.34 | | | | 0.15 | | | | 0.94 | | | | 1.09 | | | | (0.09 | ) | | | (1.87 | ) | | | (1.96 | ) |
| Sterling Capital Special Opportunities Fund | |
| Six Months Ended March 31, 2019 (Unaudited) | | $ | 27.73 | | | | 0.03 | | | | (0.71 | ) | | | (0.68 | ) | | | (0.01 | ) | | | (1.86 | ) | | | (1.87 | ) |
| Year Ended September 30, 2018 | | $ | 25.65 | | | | 0.09 | | | | 4.11 | | | | 4.20 | | | | (0.18 | ) | | | (1.94 | ) | | | (2.12 | ) |
| Year Ended September 30, 2017 | | $ | 22.48 | | | | 0.08 | | | | 3.51 | | | | 3.59 | | | | (0.01 | ) | | | (0.41 | ) | | | (0.42 | ) |
| Year Ended September 30, 2016 | | $ | 23.78 | | | | 0.06 | | | | 1.95 | | | | 2.01 | | | | — | | | | (3.31 | ) | | | (3.31 | ) |
| Year Ended September 30, 2015 | | $ | 24.06 | | | | — | (d) | | | 0.92 | | | | 0.92 | | | | — | | | | (1.20 | ) | | | (1.20 | ) |
| Year Ended September 30, 2014 | | $ | 21.96 | | | | 0.03 | | | | 4.39 | | | | 4.42 | | | | (0.04 | ) | | | (2.28 | ) | | | (2.32 | ) |
| Sterling Capital Equity Income Fund | |
| Six Months Ended March 31, 2019 (Unaudited) | | $ | 21.61 | | | | 0.22 | | | | 0.05 | | | | 0.27 | | | | (0.22 | ) | | | (1.52 | ) | | | (1.74 | ) |
| Year Ended September 30, 2018 | | $ | 20.89 | | | | 0.40 | | | | 2.66 | | | | 3.06 | | | | (0.39 | ) | | | (1.95 | ) | | | (2.34 | ) |
| Year Ended September 30, 2017 | | $ | 18.34 | | | | 0.39 | | | | 2.60 | | | | 2.99 | | | | (0.42 | ) | | | (0.02 | ) | | | (0.44 | ) |
| Year Ended September 30, 2016 | | $ | 17.39 | | | | 0.35 | | | | 2.06 | | | | 2.41 | | | | (0.36 | ) | | | (1.10 | ) | | | (1.46 | ) |
| Year Ended September 30, 2015 | | $ | 18.98 | | | | 0.36 | | | | (1.07 | ) | | | (0.71 | ) | | | (0.37 | ) | | | (0.51 | ) | | | (0.88 | ) |
| Year Ended September 30, 2014 | | $ | 18.18 | | | | 0.38 | | | | 1.41 | | | | 1.79 | | | | (0.36 | ) | | | (0.63 | ) | | | (0.99 | ) |
| * | During the periods certain fees were waived (See Note 6 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. |
See accompanying Notes to the Financial Statements.
| | | | | | | | | Ratios/Supplementary Data | |
Net Asset Value, End of Year | | | Total Return (b) | | | Net Assets, End of Year (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) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| $ | 18.97 | | | | (6.41 | )% | | $ | 7,863 | | | | 0.64 | % | | | 2.29 | % | | | 0.64 | % | | | 74.10 | % |
| $ | 22.43 | | | | 11.19 | % | | $ | 8,862 | | | | 0.63 | % | | | 1.51 | % | | | 0.63 | % | | | 127.89 | % |
| $ | 20.82 | | | | 19.18 | % | | $ | 272,504 | | | | 0.64 | % | | | 2.12 | % | | | 0.64 | % | | | 144.85 | % |
| $ | 17.78 | | | | 8.94 | % | | $ | 240,971 | | | | 0.76 | % | | | 1.83 | % | | | 0.90 | % | | | 145.53 | % |
| $ | 16.62 | | | | (2.55 | )% | | $ | 221,481 | | | | 0.81 | % | | | 1.50 | % | | | 0.91 | % | | | 135.05 | % |
| $ | 17.33 | | | | 23.29 | % | | $ | 234,809 | | | | 0.81 | % | | | 1.34 | % | | | 0.91 | % | | | 113.75 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| $ | 16.45 | | | | (7.35 | )% | | $ | 159,678 | | | | 0.95 | % | | | 0.19 | % | | | 0.95 | % | | | 14.67 | % |
| $ | 19.42 | | | | 6.82 | % | | $ | 323,012 | | | | 0.92 | % | | | 0.08 | % | | | 0.92 | % | | | 34.62 | % |
| $ | 19.00 | | | | 15.73 | % | | $ | 632,867 | | | | 0.90 | % | | | 0.15 | % | | | 0.90 | % | | | 24.83 | % |
| $ | 16.92 | | | | 13.32 | % | | $ | 550,697 | | | | 0.93 | % | | | 0.41 | % | | | 0.93 | % | | | 25.45 | % |
| $ | 18.14 | | | | (0.43 | )% | | $ | 588,537 | | | | 0.94 | % | | | 0.55 | % | | | 0.94 | % | | | 30.61 | % |
| $ | 19.50 | | | | 10.17 | % | | $ | 696,468 | | | | 0.93 | % | | | 0.53 | % | | | 0.93 | % | | | 27.30 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| $ | 14.80 | | | | (9.10 | )% | | $ | 29,659 | | | | 0.80 | % | | | 1.03 | % | | | 0.80 | % | | | 46.99 | % |
| $ | 18.82 | | | | 5.96 | % | | $ | 39,047 | | | | 0.78 | % | | | 1.04 | % | | | 0.78 | % | | | 89.85 | % |
| $ | 18.55 | | | | 21.89 | % | | $ | 208,404 | | | | 0.80 | % | | | 0.99 | % | | | 0.85 | % | | | 109.05 | % |
| $ | 15.30 | | | | 9.80 | % | | $ | 157,413 | | | | 0.88 | % | | | 1.54 | % | | | 0.98 | % | | | 120.42 | % |
| $ | 14.14 | | | | 2.42 | % | | $ | 111,757 | | | | 1.00 | % | | | 1.44 | % | | | 1.00 | % | | | 101.99 | % |
| $ | 14.47 | | | | 7.40 | % | | $ | 121,011 | | | | 0.99 | % | | | 0.99 | % | | | 0.99 | % | | | 68.50 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| $ | 25.18 | | | | (1.99 | )% | | $ | 301,803 | | | | 0.87 | % | | | 0.28 | % | | | 0.87 | % | | | 11.79 | % |
| $ | 27.73 | | | | 17.46 | % | | $ | 350,030 | | | | 0.86 | % | | | 0.35 | % | | | 0.86 | % | | | 22.78 | % |
| $ | 25.65 | | | | 16.22 | % | | $ | 652,211 | | | | 0.87 | % | | | 0.32 | % | | | 0.87 | % | | | 18.92 | % |
| $ | 22.48 | | | | 8.86 | % | | $ | 587,320 | | | | 0.92 | % | | | 0.27 | % | | | 0.97 | % | | | 27.32 | % |
| $ | 23.78 | | | | 4.02 | % | | $ | 491,982 | | | | 0.97 | % | | | 0.01 | % | | | 0.97 | % | | | 26.98 | % |
| $ | 24.06 | | | | 22.00 | % | | $ | 574,783 | | | | 0.96 | % | | | 0.14 | % | | | 0.96 | % | | | 32.35 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| $ | 20.14 | | | | 1.61 | % | | $ | 862,017 | | | | 0.78 | % | | | 2.19 | % | | | 0.78 | % | | | 18.36 | % |
| $ | 21.61 | | | | 15.58 | % | | $ | 828,607 | | | | 0.77 | % | | | 1.91 | % | | | 0.77 | % | | | 19.49 | % |
| $ | 20.89 | | | | 16.51 | % | | $ | 980,982 | | | | 0.78 | % | | | 2.04 | % | | | 0.78 | % | | | 16.93 | % |
| $ | 18.34 | | | | 14.75 | % | | $ | 943,101 | | | | 0.96 | % | | | 2.04 | % | | | 0.96 | % | | | 20.64 | % |
| $ | 17.39 | | | | (3.90 | )% | | $ | 807,729 | | | | 0.97 | % | | | 1.91 | % | | | 0.97 | % | | | 27.53 | % |
| $ | 18.98 | | | | 10.01 | % | | $ | 1,038,013 | | | | 0.95 | % | | | 2.03 | % | | | 0.95 | % | | | 16.13 | % |
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 | | | Redemption Fees | |
| Sterling Capital Behavioral International Equity Fund | | | | | | | | | | | | | | | | | | | | | | |
| Six Months Ended March 31, 2019 (Unaudited) | | $ | 11.18 | | | | 0.13 | | | | (0.95 | ) | | | (0.82 | ) | | | (0.31 | ) | | | (0.40 | ) | | | (0.71 | ) | | | — | |
| Year Ended September 30, 2018 | | $ | 11.76 | | | | 0.28 | | | | (0.40 | ) | | | (0.12 | ) | | | (0.35 | ) | | | (0.11 | ) | | | (0.46 | ) | | | — | |
| Year Ended September 30, 2017 | | $ | 9.69 | | | | 0.27 | | | | 1.97 | | | | 2.24 | | | | (0.17 | ) | | | — | | | | (0.17 | ) | | | — | |
| Year Ended September 30, 2016 | | $ | 9.24 | | | | 0.23 | | | | 0.44 | | | | 0.67 | | | | (0.22 | ) | | | — | | | | (0.22 | ) | | | — | |
| November 30, 2014 to September 30, 2015(d) | | $ | 10.00 | | | | 0.24 | | | | (0.97 | ) | | | (0.73 | ) | | | (0.03 | ) | | | — | | | | (0.03 | ) | | | — | |
| Sterling Capital SMID Opportunities Fund | | | | | | | | | | | | | | | | | | | | | | |
| Six Months Ended March 31, 2019 (Unaudited) | | $ | 12.48 | | | | — | (e) | | | (0.46 | ) | | | (0.46 | ) | | | — | | | | — | | | | — | | | | — | |
| Year Ended September 30, 2018 | | $ | 11.77 | | | | (0.02 | ) | | | 0.99 | | | | 0.97 | | | | (0.08 | ) | | | (0.18 | ) | | | (0.26 | ) | | | — | |
| October 3, 2016 to September 30, 2017(d) | | $ | 10.00 | | | | 0.02 | | | | 1.76 | | | | 1.78 | | | | (0.01 | ) | | | — | | | | (0.01 | ) | | | — | |
| Sterling Capital Stratton Mid Cap Value Fund(f) | | | | | | | | | | | | | | | | | | | | | | |
| Six Months Ended March 31, 2019 (Unaudited) | | $ | 69.02 | | | | 0.23 | | | | (3.39 | ) | | | (3.16 | ) | | | (0.29 | ) | | | (5.02 | ) | | | (5.31 | ) | | | — | |
| Year Ended September 30, 2018 | | $ | 66.47 | | | | 0.27 | | | | 4.87 | | | | 5.14 | | | | (0.30 | ) | | | (2.29 | ) | | | (2.59 | ) | | | — | |
| Year Ended September 30, 2017 | | $ | 55.97 | | | | 0.19 | | | | 10.66 | | | | 10.85 | | | | (0.08 | ) | | | (0.27 | ) | | | (0.35 | ) | | | — | |
| Period Ended September 30, 2016 | | $ | 52.55 | | | | 0.07 | | | | 3.35 | | | | 3.42 | | | | — | | | | — | | | | — | | | | — | |
| Year Ended December 31, 2015 | | $ | 55.50 | | | | 0.15 | | | | (1.17 | ) | | | (1.02 | ) | | | (0.15 | ) | | | (1.78 | ) | | | (1.93 | ) | | | — | (e) |
| Year Ended December 31, 2014 | | $ | 51.63 | | | | 0.02 | | | | 3.85 | | | | 3.87 | | | | (0.02 | ) | | | — | | | | (0.02 | ) | | | 0.02 | |
| Sterling Capital Stratton Real Estate Fund | | | | | | | | | | | | | | | | | | | | | | |
| Six Months Ended March 31, 2019 (Unaudited) | | $ | 37.63 | | | | 0.27 | | | | 3.05 | | | | 3.32 | | | | (0.40 | ) | | | (1.24 | ) | | | (1.64 | ) | | | — | |
| Year Ended September 30, 2018 | | $ | 37.10 | | | | 0.81 | | | | 1.52 | | | | 2.33 | | | | (0.58 | ) | | | (1.22 | ) | | | (1.80 | ) | | | — | |
| Year Ended September 30, 2017 | | $ | 39.74 | | | | 0.83 | | | | (0.53 | ) | | | 0.30 | | | | (1.19 | ) | | | (1.75 | ) | | | (2.94 | ) | | | — | |
| Period Ended September 30, 2016 | | $ | 36.01 | | | | 0.61 | | | | 3.62 | | | | 4.23 | | | | (0.50 | ) | | | — | | | | (0.50 | ) | | | — | |
| Year Ended December 31, 2015 | | $ | 36.44 | | | | 0.66 | | | | (0.04 | ) | | | 0.62 | | | | (0.59 | ) | | | (0.47 | ) | | | (1.06 | ) | | | 0.01 | |
| Year Ended December 31, 2014 | | $ | 29.86 | | | | 0.62 | | | | 8.47 | | | | 9.09 | | | | (0.62 | ) | | | (1.89 | ) | | | (2.51 | ) | | | — | (e) |
| Sterling Capital Stratton Small Cap Value Fund(f) | | | | | | | | | | | | | | | | | | | | | | |
| Six Months Ended March 31, 2019 (Unaudited) | | $ | 89.11 | | | | 0.21 | | | | (7.29 | ) | | | (7.08 | ) | | | (0.30 | ) | | | (5.90 | ) | | | (6.20 | ) | | | — | |
| Year Ended September 30, 2018 | | $ | 90.19 | | | | 0.26 | | | | 6.60 | | | | 6.86 | | | | (0.25 | ) | | | (7.69 | ) | | | (7.94 | ) | | | — | |
| Year Ended September 30, 2017 | | $ | 78.46 | | | | 0.16 | | | | 15.81 | | | | 15.97 | | | | (0.14 | ) | | | (4.10 | ) | | | (4.24 | ) | | | — | (e) |
| Period Ended September 30, 2016 | | $ | 69.89 | | | | 0.10 | | | | 8.47 | | | | 8.57 | | | | — | | | | — | | | | — | | | | — | (e) |
| Year Ended December 31, 2015 | | $ | 74.05 | | | | 0.07 | | | | (3.15 | ) | | | (3.08 | ) | | | (0.08 | ) | | | (1.00 | ) | | | (1.08 | ) | | | — | (e) |
| Year Ended December 31, 2014 | | $ | 73.31 | | | | 0.02 | | | | 2.21 | | | | 2.23 | | | | (0.02 | ) | | | (1.48 | ) | | | (1.50 | ) | | | 0.01 | |
| Sterling Capital Ultra Short Bond Fund | | | | | | | | | | | | | | | | | | | | | | |
| Six Months Ended March 31, 2019 (Unaudited) | | $ | 9.75 | | | | 0.13 | | | | 0.01 | | | | 0.14 | | | | (0.12 | ) | | | — | | | | (0.12 | ) | | | — | |
| Year Ended September 30, 2018 | | $ | 9.79 | | | | 0.16 | | | | (0.02 | ) | | | 0.14 | | | | (0.18 | ) | | | — | | | | (0.18 | ) | | | — | |
| Year Ended September 30, 2017 | | $ | 9.81 | | | | 0.09 | | | | 0.04 | | | | 0.13 | | | | (0.15 | ) | | | — | | | | (0.15 | ) | | | — | |
| Year Ended September 30, 2016 | | $ | 9.86 | | | | 0.09 | | | | 0.03 | | | | 0.12 | | | | (0.17 | ) | | | — | | | | (0.17 | ) | | | — | |
| Year Ended September 30, 2015 | | $ | 9.94 | | | | 0.07 | | | | (0.03 | ) | | | 0.04 | | | | (0.12 | ) | | | — | | | | (0.12 | ) | | | — | |
| Year Ended September 30, 2014 | | $ | 9.98 | | | | 0.08 | | | | (0.03 | ) | | | 0.05 | | | | (0.09 | ) | | | — | | | | (0.09 | ) | | | — | |
| * | During the periods certain fees were waived (See Note 6 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) | Amount is less than $0.005. |
| (f) | Each of the Stratton Mid Cap Value Fund, the Stratton Real Estate Fund, and the Stratton Small Cap Value Fund (collectively, the “Predecessor Funds”) transferred its assets and liabilities to, Sterling Capital Stratton Mid Cap Value Fund, Sterling Capital Stratton Real Estate Fund and Sterling Capital Stratton Small Cap Value Fund, respectively (collectively, the “Fund Mergers”) at the close of business on November 13, 2015. Because the Funds had no investment operations prior to the closing of the Fund Mergers, and based on the similarity of the Funds to the Predecessor Funds, each Predecessor Fund is treated as the survivor of the relevant Fund Merger for accounting and performance reporting purposes. |
See accompanying Notes to the Financial Statements.
| | | | | | | | | 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) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| $ | 9.65 | | | | (6.90 | )% | | $ | 17,015 | | | | 0.69 | % | | | 2.60 | % | | | 0.89 | % | | | 41.34 | % |
| $ | 11.18 | | | | (1.25 | )% | | $ | 19,266 | | | | 0.65 | % | | | 2.33 | % | | | 0.85 | % | | | 96.65 | % |
| $ | 11.76 | | | | 23.46 | % | | $ | 81,876 | | | | 0.68 | % | | | 2.59 | % | | | 0.95 | % | | | 91.65 | % |
| $ | 9.69 | | | | 7.30 | % | | $ | 69,954 | | | | 0.80 | % | | | 2.48 | % | | | 1.16 | % | | | 125.35 | % |
| $ | 9.24 | | | | (7.36 | )% | | $ | 18,592 | | | | 1.03 | % | | | 2.82 | % | | | 1.18 | % | | | 133.50 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| $ | 12.02 | | | | (3.69 | )% | | $ | 4,935 | | | | 0.79 | % | | | 0.03 | % | | | 1.11 | % | | | 23.62 | % |
| $ | 12.48 | | | | 8.39 | % | | $ | 4,886 | | | | 0.79 | % | | | (0.13 | )% | | | 1.04 | % | | | 45.64 | % |
| $ | 11.77 | | | | 17.84 | % | | $ | 4,460 | | | | 0.79 | % | | | 0.19 | % | | | 1.35 | % | | | 37.97 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| $ | 60.55 | | | | (3.99 | )% | | $ | 59,846 | | | | 0.97 | % | | | 0.76 | % | | | 0.97 | % | | | 6.40 | % |
| $ | 69.02 | | | | 7.81 | % | | $ | 66,554 | | | | 0.95 | % | | | 0.40 | % | | | 0.95 | % | | | 14.47 | % |
| $ | 66.47 | | | | 19.47 | % | | $ | 66,030 | | | | 0.91 | % | | | 0.32 | % | | | 0.92 | % | | | 12.19 | % |
| $ | 55.97 | | | | 6.51 | % | | $ | 63,513 | | | | 0.95 | % | | | 0.18 | % | | | 0.97 | % | | | 11.16 | % |
| $ | 52.55 | | | | (1.75 | )% | | $ | 64,364 | | | | 1.04 | % | | | 0.26 | % | | | 1.04 | % | | | 19.28 | % |
| $ | 55.50 | | | | 7.54 | % | | $ | 74,637 | | | | 1.05 | % | | | 0.03 | % | | | 1.05 | % | | | 55.45 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| $ | 39.31 | | | | 9.21 | % | | $ | 100,167 | | | | 0.82 | % | | | 1.50 | % | | | 0.82 | % | | | 5.42 | % |
| $ | 37.63 | | | | 6.42 | % | | $ | 91,626 | | | | 0.82 | % | | | 2.21 | % | | | 0.82 | % | | | 8.34 | % |
| $ | 37.10 | | | | 1.16 | % | | $ | 96,199 | | | | 0.79 | % | | | 2.23 | % | | | 0.81 | % | | | 13.52 | % |
| $ | 39.74 | | | | 11.73 | % | | $ | 104,688 | | | | 0.83 | % | | | 2.13 | % | | | 0.85 | % | | | 18.43 | % |
| $ | 36.01 | | | | 1.85 | % | | $ | 96,198 | | | | 0.89 | % | | | 1.82 | % | | | 0.89 | % | | | 15.47 | % |
| $ | 36.44 | | | | 30.69 | % | | $ | 93,984 | | | | 0.96 | % | | | 1.81 | % | | | 0.96 | % | | | 14.20 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| $ | 75.83 | | | | (7.65 | )% | | $ | 1,010,113 | | | | 1.03 | % | | | 0.53 | % | | | 1.08 | % | | | 5.79 | % |
| $ | 89.11 | | | | 7.98 | % | | $ | 1,296,897 | | | | 1.03 | % | | | 0.29 | % | | | 1.06 | % | | | 15.51 | % |
| $ | 90.19 | | | | 20.73 | % | | $ | 1,183,974 | | | | 1.06 | % | | | 0.19 | % | | | 1.06 | % | | | 7.04 | % |
| $ | 78.46 | | | | 12.26 | % | | $ | 1,213,344 | | | | 1.08 | % | | | 0.20 | % | | | 1.08 | % | | | 3.42 | % |
| $ | 69.89 | | | | (4.14 | )% | | $ | 1,156,577 | | | | 1.11 | % | | | 0.10 | % | | | 1.11 | % | | | 6.33 | % |
| $ | 74.05 | | | | 3.09 | % | | $ | 1,413,694 | | | | 1.11 | % | | | 0.03 | % | | | 1.11 | % | | | 11.15 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| $ | 9.77 | | | | 1.49 | % | | $ | 40,431 | | | | 0.41 | % | | | 2.65 | % | | | 0.51 | % | | | 19.26 | % |
| $ | 9.75 | | | | 1.46 | % | | $ | 21,926 | | | | 0.41 | % | | | 1.65 | % | | | 0.51 | % | | | 74.56 | % |
| $ | 9.79 | | | | 1.36 | % | | $ | 33,879 | | | | 0.43 | % | | | 0.95 | % | | | 0.53 | % | | | 59.57 | % |
| $ | 9.81 | | | | 1.24 | % | | $ | 54,183 | | | | 0.45 | % | | | 0.90 | % | | | 0.54 | % | | | 43.02 | % |
| $ | 9.86 | | | | 0.40 | % | | $ | 35,384 | | | | 0.53 | % | | | 0.66 | % | | | 0.55 | % | | | 66.19 | % |
| $ | 9.94 | | | | 0.46 | % | | $ | 47,197 | | | | 0.48 | % | | | 0.76 | % | | | 0.48 | % | | | 79.98 | % |
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 Year | | | Net investment income(a) | | | Net realized/ unrealized gains (losses) on investments | | | Total from Investment Activities | | | Net investment income | | | Net realized gains on investments | | | Return of capital | | | Total Distributions | |
| Sterling Capital Short Duration Bond Fund | | | | | | | | | | | | | | | | | | | | | | | | | |
| Six Months Ended March 31, 2019 (Unaudited) | | $ | 8.52 | | | | 0.12 | | | | 0.06 | | | | 0.18 | | | | (0.13 | ) | | | — | | | | — | | | | (0.13 | ) |
| Year Ended September 30, 2018 | | $ | 8.69 | | | | 0.19 | | | | (0.12 | ) | | | 0.07 | | | | (0.24 | ) | | | — | | | | — | | | | (0.24 | ) |
| Year Ended September 30, 2017 | | $ | 8.81 | | | | 0.12 | | | | (0.01 | ) | | | 0.11 | | | | (0.23 | ) | | | — | | | | — | | | | (0.23 | ) |
| Year Ended September 30, 2016 | | $ | 8.86 | | | | 0.12 | | | | 0.07 | | | | 0.19 | | | | (0.24 | ) | | | — | | | | — | | | | (0.24 | ) |
| Year Ended September 30, 2015 | | $ | 9.07 | | | | 0.13 | | | | (0.06 | ) | | | 0.07 | | | | (0.28 | ) | | | — | | | | — | | | | (0.28 | ) |
| Year Ended September 30, 2014 | | $ | 9.24 | | | | 0.16 | | | | (0.03 | ) | | | 0.13 | | | | (0.30 | ) | | | — | | | | — | | | | (0.30 | ) |
| Sterling Capital Intermediate U.S. Government Fund | | | | | | | | | | | | | | | | | | | | | | | | | |
| Six Months Ended March 31, 2019 (Unaudited) | | $ | 9.49 | | | | 0.11 | | | | 0.25 | | | | 0.36 | | | | (0.12 | ) | | | — | | | | — | | | | (0.12 | ) |
| Year Ended September 30, 2018 | | $ | 9.92 | | | | 0.19 | | | | (0.34 | ) | | | (0.15 | ) | | | (0.28 | ) | | | — | | | | — | | | | (0.28 | ) |
| Year Ended September 30, 2017 | | $ | 10.25 | | | | 0.18 | | | | (0.28 | ) | | | (0.10 | ) | | | (0.23 | ) | | | — | | | | — | | | | (0.23 | ) |
| Year Ended September 30, 2016 | | $ | 10.19 | | | | 0.15 | | | | 0.12 | | | | 0.27 | | | | (0.21 | ) | | | — | | | | — | | | | (0.21 | ) |
| Year Ended September 30, 2015 | | $ | 10.21 | | | | 0.16 | | | | 0.04 | | | | 0.20 | | | | (0.22 | ) | | | — | | | | — | | | | (0.22 | ) |
| Year Ended September 30, 2014 | | $ | 10.30 | | | | 0.17 | | | | 0.09 | | | | 0.26 | | | | (0.35 | ) | | | — | | | | — | | | | (0.35 | ) |
| Sterling Capital Total Return Bond Fund | | | | | | | | | | | | | | | | | | | | | | | | | |
| Six Months Ended March 31, 2019 (Unaudited) | | $ | 10.20 | | | | 0.17 | | | | 0.26 | | | | 0.43 | | | | (0.17 | ) | | | — | | | | — | | | | (0.17 | ) |
| Year Ended September 30, 2018 | | $ | 10.60 | | | | 0.29 | | | | (0.37 | ) | | | (0.08 | ) | | | (0.32 | ) | | | — | | | | — | | | | (0.32 | ) |
| Year Ended September 30, 2017 | | $ | 10.82 | | | | 0.25 | | | | (0.15 | ) | | | 0.10 | | | | (0.32 | ) | | | — | | | | — | | | | (0.32 | ) |
| Year Ended September 30, 2016 | | $ | 10.54 | | | | 0.28 | | | | 0.35 | | | | 0.63 | | | | (0.35 | ) | | | — | | | | — | | | | (0.35 | ) |
| Year Ended September 30, 2015 | | $ | 10.67 | | | | 0.31 | | | | (0.07 | ) | | | 0.24 | | | | (0.37 | ) | | | — | | | | — | | | | (0.37 | ) |
| Year Ended September 30, 2014 | | $ | 10.53 | | | | 0.34 | | | | 0.21 | | | | 0.55 | | | | (0.40 | ) | | | (0.01 | ) | | | — | | | | (0.41 | ) |
| Sterling Capital Corporate Fund | | | | | | | | | | | | | | | | | | |
| Six Months Ended March 31, 2019 (Unaudited) | | $ | 9.81 | | | | 0.17 | | | | 0.22 | | | | 0.39 | | | | (0.17 | ) | | | — | | | | — | | | | (0.17 | ) |
| Year Ended September 30, 2018 | | $ | 10.24 | | | | 0.32 | | | | (0.36 | ) | | | (0.04 | ) | | | (0.32 | ) | | | (0.07 | ) | | | — | | | | (0.39 | ) |
| Year Ended September 30, 2017 | | $ | 10.36 | | | | 0.32 | | | | (0.09 | ) | | | 0.23 | | | | (0.31 | ) | | | (0.04 | ) | | | — | | | | (0.35 | ) |
| Year Ended September 30, 2016 | | $ | 10.10 | | | | 0.31 | | | | 0.26 | | | | 0.57 | | | | (0.31 | ) | | | — | | | | — | | | | (0.31 | ) |
| Year Ended September 30, 2015 | | $ | 10.25 | | | | 0.32 | | | | (0.14 | ) | | | 0.18 | | | | (0.31 | ) | | | (0.01 | ) | | | (0.01 | ) | | | (0.33 | ) |
| Year Ended September 30, 2014 | | $ | 10.15 | | | | 0.34 | | | | 0.20 | | | | 0.54 | | | | (0.34 | ) | | | (0.10 | ) | | | — | | | | (0.44 | ) |
| Sterling Capital Securitized Opportunities Fund | | | | | | | | | | | | | | | | | | | | | | | | | |
| Six Months Ended March 31, 2019 (Unaudited) | | $ | 9.62 | | | | 0.16 | | | | 0.23 | | | | 0.39 | | | | (0.15 | ) | | | — | | | | — | | | | (0.15 | ) |
| Year Ended September 30, 2018 | | $ | 9.95 | | | | 0.29 | | | | (0.32 | ) | | | (0.03 | ) | | | (0.30 | ) | | | — | | | | — | | | | (0.30 | ) |
| Year Ended September 30, 2017 | | $ | 10.10 | | | | 0.23 | | | | (0.11 | ) | | | 0.12 | | | | (0.27 | ) | | | — | | | | — | | | | (0.27 | ) |
| Year Ended September 30, 2016 | | $ | 9.98 | | | | 0.22 | | | | 0.16 | | | | 0.38 | | | | (0.26 | ) | | | — | | | | — | | | | (0.26 | ) |
| Year Ended September 30, 2015 | | $ | 9.91 | | | | 0.23 | | | | 0.12 | | | | 0.35 | | | | (0.28 | ) | | | — | | | | — | | | | (0.28 | ) |
| Year Ended September 30, 2014 | | $ | 9.85 | | | | 0.25 | | | | 0.11 | | | | 0.36 | | | | (0.30 | ) | | | — | | | | — | | | | (0.30 | ) |
| Sterling Capital Kentucky Intermediate Tax-Free Fund | | | | | | | | | | | | | | | | | | | | | | | | | |
| Six Months Ended March 31, 2019 (Unaudited) | | $ | 9.89 | | | | 0.10 | | | | 0.27 | | | | 0.37 | | | | (0.10 | ) | | | (0.06 | ) | | | — | | | | (0.16 | ) |
| Year Ended September 30, 2018 | | $ | 10.26 | | | | 0.22 | | | | (0.34 | ) | | | (0.12 | ) | | | (0.22 | ) | | | (0.03 | ) | | | — | | | | (0.25 | ) |
| Year Ended September 30, 2017 | | $ | 10.63 | | | | 0.23 | | | | (0.23 | ) | | | — | | | | (0.23 | ) | | | (0.14 | ) | | | — | | | | (0.37 | ) |
| Year Ended September 30, 2016 | | $ | 10.61 | | | | 0.27 | | | | 0.14 | | | | 0.41 | | | | (0.26 | ) | | | (0.13 | ) | | | — | | | | (0.39 | ) |
| Year Ended September 30, 2015 | | $ | 10.84 | | | | 0.28 | | | | (0.05 | ) | | | 0.23 | | | | (0.28 | ) | | | (0.18 | ) | | | — | | | | (0.46 | ) |
| Year Ended September 30, 2014 | | $ | 10.65 | | | | 0.29 | | | | 0.19 | | | | 0.48 | | | | (0.29 | ) | | | — | | | | — | | | | (0.29 | ) |
| Sterling Capital Maryland Intermediate Tax-Free Fund | | | | | | | | | | | | | | | | | | | | | | | | | |
| Six Months Ended March 31, 2019 (Unaudited) | | $ | 10.63 | | | | 0.11 | | | | 0.26 | | | | 0.37 | | | | (0.11 | ) | | | (0.13 | ) | | | — | | | | (0.24 | ) |
| Year Ended September 30, 2018 | | $ | 11.04 | | | | 0.23 | | | | (0.35 | ) | | | (0.12 | ) | | | (0.23 | ) | | | (0.06 | ) | | | — | | | | (0.29 | ) |
| Year Ended September 30, 2017 | | $ | 11.33 | | | | 0.23 | | | | (0.21 | ) | | | 0.02 | | | | (0.23 | ) | | | (0.08 | ) | | | — | | | | (0.31 | ) |
| Year Ended September 30, 2016 | | $ | 11.19 | | | | 0.23 | | | | 0.21 | | | | 0.44 | | | | (0.23 | ) | | | (0.07 | ) | | | — | | | | (0.30 | ) |
| Year Ended September 30, 2015 | | $ | 11.25 | | | | 0.23 | | | | — | (d) | | | 0.23 | | | | (0.23 | ) | | | (0.06 | ) | | | — | | | | (0.29 | ) |
| Year Ended September 30, 2014 | | $ | 10.97 | | | | 0.22 | | | | 0.28 | | | | 0.50 | | | | (0.22 | ) | | | — | | | | — | | | | (0.22 | ) |
| * | During the periods certain fees were waived (See Note 6 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. |
See accompanying Notes to the Financial Statements.
| | | | | | | | | Ratios/Supplementary Data | |
Net Asset Value, End of Year | | | Total Return (b) | | | Net Assets, End of Year (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) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| $ | 8.57 | | | | 2.10 | % | | $ | 173,415 | | | | 0.41 | % | | | 2.72 | % | | | 0.51 | % | | | 38.45 | % |
| $ | 8.52 | | | | 0.80 | % | | $ | 126,878 | | | | 0.43 | % | | | 2.20 | % | | | 0.53 | % | | | 62.02 | % |
| $ | 8.69 | | | | 1.28 | % | | $ | 67,467 | | | | 0.45 | % | | | 1.37 | % | | | 0.55 | % | | | 78.77 | % |
| $ | 8.81 | | | | 2.24 | % | | $ | 77,374 | | | | 0.49 | % | | | 1.34 | % | | | 0.56 | % | | | 54.68 | % |
| $ | 8.86 | | | | 0.82 | % | | $ | 78,390 | | | | 0.55 | % | | | 1.41 | % | | | 0.57 | % | | | 55.74 | % |
| $ | 9.07 | | | | 1.38 | % | | $ | 81,206 | | | | 0.52 | % | | | 1.72 | % | | | 0.55 | % | | | 56.10 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| $ | 9.73 | | | | 3.87 | % | | $ | 11,090 | | | | 0.61 | % | | | 2.32 | % | | | 0.65 | % | | | 9.78 | % |
| $ | 9.49 | | | | (1.48 | )% | | $ | 17,961 | | | | 0.65 | % | | | 1.99 | % | | | 0.66 | % | | | 40.85 | % |
| $ | 9.92 | | | | (0.95 | )% | | $ | 16,412 | | | | 0.62 | % | | | 1.80 | % | | | 0.66 | % | | | 32.44 | % |
| $ | 10.25 | | | | 2.63 | % | | $ | 18,871 | | | | 0.61 | % | | | 1.48 | % | | | 0.72 | % | | | 49.39 | % |
| $ | 10.19 | | | | 1.98 | % | | $ | 21,648 | | | | 0.67 | % | | | 1.56 | % | | | 0.73 | % | | | 62.02 | % |
| $ | 10.21 | | | | 2.58 | % | | $ | 23,119 | | | | 0.68 | % | | | 1.66 | % | | | 0.68 | % | | | 35.74 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| $ | 10.46 | | | | 4.28 | % | | $ | 904,015 | | | | 0.45 | % | | | 3.28 | % | | | 0.58 | % | | | 33.60 | % |
| $ | 10.20 | | | | (0.74 | )% | | $ | 860,437 | | | | 0.45 | % | | | 2.79 | % | | | 0.57 | % | | | 62.28 | % |
| $ | 10.60 | | | | 1.00 | % | | $ | 997,074 | | | | 0.47 | % | | | 2.38 | % | | | 0.57 | % | | | 64.07 | % |
| $ | 10.82 | | | | 6.10 | % | | $ | 709,103 | | | | 0.49 | % | | | 2.67 | % | | | 0.59 | % | | | 65.47 | % |
| $ | 10.54 | | | | 2.29 | % | | $ | 612,927 | | | | 0.48 | % | | | 2.88 | % | | | 0.58 | % | | | 41.37 | % |
| $ | 10.67 | | | | 5.29 | % | | $ | 433,198 | | | | 0.56 | % | | | 3.15 | % | | | 0.58 | % | | | 75.21 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| $ | 10.03 | | | | 3.99 | % | | $ | 22,120 | | | | 0.66 | % | | | 3.40 | % | | | 0.66 | % | | | 30.72 | % |
| $ | 9.81 | | | | (0.45 | )% | | $ | 30,805 | | | | 0.63 | % | | | 3.18 | % | | | 0.63 | % | | | 66.82 | % |
| $ | 10.24 | | | | 2.32 | % | | $ | 29,471 | | | | 0.63 | % | | | 3.09 | % | | | 0.63 | % | | | 78.79 | % |
| $ | 10.36 | | | | 5.70 | % | | $ | 31,755 | | | | 0.64 | % | | | 3.02 | % | | | 0.64 | % | | | 83.88 | % |
| $ | 10.10 | | | | 1.76 | % | | $ | 63,992 | | | | 0.63 | % | | | 3.12 | % | | | 0.63 | % | | | 33.94 | % |
| $ | 10.25 | | | | 5.42 | % | | $ | 50,353 | | | | 0.60 | % | | | 3.30 | % | | | 0.60 | % | | | 105.03 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| $ | 9.86 | | | | 4.12 | % | | $ | 35,212 | | | | 0.59 | % | | | 3.21 | % | | | 0.63 | % | | | 10.18 | % |
| $ | 9.62 | | | | (0.28 | )% | | $ | 37,088 | | | | 0.58 | % | | | 2.97 | % | | | 0.62 | % | | | 19.17 | % |
| $ | 9.95 | | | | 1.23 | % | | $ | 39,533 | | | | 0.60 | % | | | 2.31 | % | | | 0.64 | % | | | 34.72 | % |
| $ | 10.10 | | | | 3.86 | % | | $ | 46,364 | | | | 0.61 | % | | | 2.16 | % | | | 0.65 | % | | | 43.63 | % |
| $ | 9.98 | | | | 3.54 | % | | $ | 46,249 | | | | 0.59 | % | | | 2.28 | % | | | 0.63 | % | | | 19.85 | % |
| $ | 9.91 | | | | 3.75 | % | | $ | 36,624 | | | | 0.61 | % | | | 2.50 | % | | | 0.63 | % | | | 98.34 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| $ | 10.10 | | | | 3.85 | % | | $ | 7,274 | | | | 0.70 | % | | | 2.11 | % | | | 0.70 | % | | | 11.36 | % |
| $ | 9.89 | | | | (1.19 | )% | | $ | 7,705 | | | | 0.68 | % | | | 2.20 | % | | | 0.68 | % | | | 20.37 | % |
| $ | 10.26 | | | | 0.05 | % | | $ | 8,026 | | | | 0.68 | % | | | 2.26 | % | | | 0.71 | % | | | 17.93 | % |
| $ | 10.63 | | | | 3.95 | % | | $ | 8,580 | | | | 0.66 | % | | | 2.50 | % | | | 0.77 | % | | | 16.44 | % |
| $ | 10.61 | | | | 2.15 | % | | $ | 9,533 | | | | 0.70 | % | | | 2.62 | % | | | 0.79 | % | | | 17.34 | % |
| $ | 10.84 | | | | 4.57 | % | | $ | 10,532 | | | | 0.72 | % | | | 2.72 | % | | | 0.72 | % | | | 11.13 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| $ | 10.76 | | | | 3.61 | % | | $ | 11,379 | | | | 0.67 | % | | | 2.14 | % | | | 0.67 | % | | | 10.75 | % |
| $ | 10.63 | | | | (1.07 | )% | | $ | 13,236 | | | | 0.63 | % | | | 2.14 | % | | | 0.63 | % | | | 31.12 | % |
| $ | 11.04 | | | | 0.26 | % | | $ | 16,991 | | | | 0.61 | % | | | 2.13 | % | | | 0.65 | % | | | 5.89 | % |
| $ | 11.33 | | | | 3.97 | % | | $ | 24,621 | | | | 0.61 | % | | | 2.00 | % | | | 0.71 | % | | | 14.36 | % |
| $ | 11.19 | | | | 2.05 | % | | $ | 28,968 | | | | 0.65 | % | | | 2.07 | % | | | 0.71 | % | | | 18.38 | % |
| $ | 11.25 | | | | 4.61 | % | | $ | 30,519 | | | | 0.69 | % | | | 1.99 | % | | | 0.69 | % | | | 19.90 | % |
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 Year | | | 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, 2019 (Unaudited) | | $ | 10.43 | | | | 0.13 | | | | 0.26 | | | | 0.39 | | | | (0.13 | ) | | | — | | | | (0.13 | ) |
| Year Ended September 30, 2018 | | $ | 10.78 | | | | 0.26 | | | | (0.35 | ) | | | (0.09 | ) | | | (0.26 | ) | | | — | | | | (0.26 | ) |
| Year Ended September 30, 2017 | | $ | 11.08 | | | | 0.25 | | | | (0.26 | ) | | | (0.01 | ) | | | (0.25 | ) | | | (0.04 | ) | | | (0.29 | ) |
| Year Ended September 30, 2016 | | $ | 10.97 | | | | 0.26 | | | | 0.17 | | | | 0.43 | | | | (0.26 | ) | | | (0.06 | ) | | | (0.32 | ) |
| Year Ended September 30, 2015 | | $ | 10.98 | | | | 0.27 | | | | 0.01 | | | | 0.28 | | | | (0.27 | ) | | | (0.02 | ) | | | (0.29 | ) |
| Year Ended September 30, 2014 | | $ | 10.74 | | | | 0.27 | | | | 0.24 | | | | 0.51 | | | | (0.27 | ) | | | — | | | | (0.27 | ) |
| Sterling Capital South Carolina Intermediate Tax-Free Fund | | | | | | | | | | | | | | | | | | |
| Six Months Ended March 31, 2019 (Unaudited) | | $ | 10.69 | | | | 0.12 | | | | 0.30 | | | | 0.42 | | | | (0.12 | ) | | | — | | | | (0.12 | ) |
| Year Ended September 30, 2018 | | $ | 11.03 | | | | 0.23 | | | | (0.34 | ) | | | (0.11 | ) | | | (0.23 | ) | | | — | | | | (0.23 | ) |
| Year Ended September 30, 2017 | | $ | 11.22 | | | | 0.22 | | | | (0.19 | ) | | | 0.03 | | | | (0.22 | ) | | | — | | | | (0.22 | ) |
| Year Ended September 30, 2016 | | $ | 11.06 | | | | 0.23 | | | | 0.20 | | | | 0.43 | | | | (0.23 | ) | | | (0.04 | ) | | | (0.27 | ) |
| Year Ended September 30, 2015 | | $ | 11.07 | | | | 0.24 | | | | 0.01 | | | | 0.25 | | | | (0.24 | ) | | | (0.02 | ) | | | (0.26 | ) |
| Year Ended September 30, 2014 | | $ | 10.78 | | | | 0.25 | | | | 0.29 | | | | 0.54 | | | | (0.25 | ) | | | — | | | | (0.25 | ) |
| Sterling Capital Virginia Intermediate Tax-Free Fund | | | | | | | | | | | | | | | | | | |
| Six Months Ended March 31, 2019 (Unaudited) | | $ | 11.40 | | | | 0.13 | | | | 0.31 | | | | 0.44 | | | | (0.13 | ) | | | — | | | | (0.13 | ) |
| Year Ended September 30, 2018 | | $ | 11.76 | | | | 0.26 | | | | (0.36 | ) | | | (0.10 | ) | | | (0.26 | ) | | | — | | | | (0.26 | ) |
| Year Ended September 30, 2017 | | $ | 12.13 | | | | 0.26 | | | | (0.28 | ) | | | (0.02 | ) | | | (0.26 | ) | | | (0.09 | ) | | | (0.35 | ) |
| Year Ended September 30, 2016 | | $ | 11.98 | | | | 0.27 | | | | 0.19 | | | | 0.46 | | | | (0.27 | ) | | | (0.04 | ) | | | (0.31 | ) |
| Year Ended September 30, 2015 | | $ | 12.06 | | | | 0.28 | | | | (0.01 | ) | | | 0.27 | | | | (0.28 | ) | | | (0.07 | ) | | | (0.35 | ) |
| Year Ended September 30, 2014 | | $ | 11.79 | | | | 0.27 | | | | 0.27 | | | | 0.54 | | | | (0.27 | ) | | | — | | | | (0.27 | ) |
| Sterling Capital West Virginia Intermediate Tax-Free Fund | | | | | | | | | | | | | | | | | | |
| Six Months Ended March 31, 2019 (Unaudited) | �� | $ | 9.73 | | | | 0.12 | | | | 0.24 | | | | 0.36 | | | | (0.12 | ) | | | (0.02 | ) | | | (0.14 | ) |
| Year Ended September 30, 2018 | | $ | 10.05 | | | | 0.24 | | | | (0.31 | ) | | | (0.07 | ) | | | (0.24 | ) | | | (0.01 | ) | | | (0.25 | ) |
| Year Ended September 30, 2017 | | $ | 10.28 | | | | 0.23 | | | | (0.18 | ) | | | 0.05 | | | | (0.23 | ) | | | (0.05 | ) | | | (0.28 | ) |
| Year Ended September 30, 2016 | | $ | 10.15 | | | | 0.24 | | | | 0.17 | | | | 0.41 | | | | (0.23 | ) | | | (0.05 | ) | | | (0.28 | ) |
| Year Ended September 30, 2015 | | $ | 10.17 | | | | 0.24 | | | | 0.01 | | | | 0.25 | | | | (0.24 | ) | | | (0.03 | ) | | | (0.27 | ) |
| Year Ended September 30, 2014 | | $ | 9.92 | | | | 0.24 | | | | 0.25 | | | | 0.49 | | | | (0.24 | ) | | | — | | | | (0.24 | ) |
| Sterling Capital Diversified Income Fund(d) | | | | | | | | | | | | | | | | | | |
| Six Months Ended March 31, 2019 (Unaudited) | | $ | 10.76 | | | | 0.22 | | | | (0.23 | ) | | | (0.01 | ) | | | (0.28 | ) | | | — | | | | (0.28 | ) |
| Year Ended September 30, 2018 | | $ | 10.92 | | | | 0.37 | | | | (0.09 | ) | | | 0.28 | | | | (0.44 | ) | | | — | | | | (0.44 | ) |
| Year Ended September 30, 2017 | | $ | 10.94 | | | | 0.45 | | | | (0.04 | ) | | | 0.41 | | | | (0.43 | ) | | | — | | | | (0.43 | ) |
| Year Ended September 30, 2016 | | $ | 10.32 | | | | 0.36 | | | | 0.66 | | | | 1.02 | | | | (0.40 | ) | | | — | | | | (0.40 | ) |
| Year Ended September 30, 2015 | | $ | 10.71 | | | | 0.46 | | | | (0.58 | ) | | | (0.12 | ) | | | (0.27 | ) | | | — | | | | (0.27 | ) |
| Year Ended September 30, 2014 | | $ | 10.05 | | | | 0.24 | | | | 0.68 | | | | 0.92 | | | | (0.26 | ) | | | — | | | | (0.26 | ) |
| Sterling Capital Strategic Allocation Balanced Fund(d) | | | | | | | | | | | | | | | | | | |
| Six Months Ended March 31, 2019 (Unaudited) | | $ | 12.17 | | | | 0.20 | | | | (0.30 | ) | | | (0.10 | ) | | | (0.20 | ) | | | — | | | | (0.20 | ) |
| Year Ended September 30, 2018 | | $ | 11.98 | | | | 0.25 | | | | 0.24 | | | | 0.49 | | | | (0.30 | ) | | | — | | | | (0.30 | ) |
| Year Ended September 30, 2017 | | $ | 10.90 | | | | 0.19 | | | | 1.08 | | | | 1.27 | | | | (0.19 | ) | | | — | | | | (0.19 | ) |
| Year Ended September 30, 2016 | | $ | 10.39 | | | | 0.20 | | | | 0.54 | | | | 0.74 | | | | (0.23 | ) | | | — | | | | (0.23 | ) |
| Year Ended September 30, 2015 | | $ | 10.73 | | | | 0.16 | | | | (0.32 | ) | | | (0.16 | ) | | | (0.18 | ) | | | — | | | | (0.18 | ) |
| Year Ended September 30, 2014 | | $ | 9.83 | | | | 0.19 | | | | 0.92 | | | | 1.11 | | | | (0.21 | ) | | | — | | | | (0.21 | ) |
| Sterling Capital Strategic Allocation Growth Fund(d) | | | | | | | | | | | | | | | | | | |
| Six Months Ended March 31, 2019 (Unaudited) | | $ | 12.28 | | | | 0.20 | | | | (0.44 | ) | | | (0.24 | ) | | | (0.20 | ) | | | — | | | | (0.20 | ) |
| Year Ended September 30, 2018 | | $ | 11.93 | | | | 0.24 | | | | 0.39 | | | | 0.63 | | | | (0.28 | ) | | | — | | | | (0.28 | ) |
| Year Ended September 30, 2017 | | $ | 10.56 | | | | 0.15 | | | | 1.36 | | | | 1.51 | | | | (0.14 | ) | | | — | | | | (0.14 | ) |
| Year Ended September 30, 2016 | | $ | 10.01 | | | | 0.14 | | | | 0.61 | | | | 0.75 | | | | (0.20 | ) | | | — | | | | (0.20 | ) |
| Year Ended September 30, 2015 | | $ | 10.41 | | | | 0.11 | | | | (0.38 | ) | | | (0.27 | ) | | | (0.13 | ) | | | — | | | | (0.13 | ) |
| Year Ended September 30, 2014 | | $ | 9.37 | | | | 0.15 | | | | 1.05 | | | | 1.20 | | | | (0.16 | ) | | | — | | | | (0.16 | ) |
| * | During the periods certain fees were waived (See Note 6 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.
| | | | | | | | | Ratios/Supplementary Data | |
Net Asset Value, End of Year | | | Total Return (b) | | | Net Assets, End of Year (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) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| $ | 10.69 | | | | 3.77 | % | | $ | 124,917 | | | | 0.55 | % | | | 2.49 | % | | | 0.55 | % | | | 13.89 | % |
| $ | 10.43 | | | | (0.81 | )% | | $ | 133,812 | | | | 0.54 | % | | | 2.49 | % | | | 0.54 | % | | | 22.06 | % |
| $ | 10.78 | | | | (0.06 | )% | | $ | 140,484 | | | | 0.54 | % | | | 2.34 | % | | | 0.58 | % | | | 25.92 | % |
| $ | 11.08 | | | | 3.94 | % | | $ | 157,284 | | | | 0.55 | % | | | 2.33 | % | | | 0.65 | % | | | 10.05 | % |
| $ | 10.97 | | | | 2.53 | % | | $ | 147,048 | | | | 0.59 | % | | | 2.44 | % | | | 0.66 | % | | | 16.80 | % |
| $ | 10.98 | | | | 4.81 | % | | $ | 151,267 | | | | 0.66 | % | | | 2.50 | % | | | 0.66 | % | | | 11.67 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| $ | 10.99 | | | | 3.92 | % | | $ | 62,758 | | | | 0.56 | % | | | 2.17 | % | | | 0.56 | % | | | 5.52 | % |
| $ | 10.69 | | | | (1.02 | )% | | $ | 63,090 | | | | 0.55 | % | | | 2.10 | % | | | 0.55 | % | | | 27.71 | % |
| $ | 11.03 | | | | 0.34 | % | | $ | 69,746 | | | | 0.56 | % | | | 2.03 | % | | | 0.59 | % | | | 31.17 | % |
| $ | 11.22 | | | | 3.87 | % | | $ | 72,722 | | | | 0.57 | % | | | 2.03 | % | | | 0.67 | % | | | 2.69 | % |
| $ | 11.06 | | | | 2.27 | % | | $ | 58,132 | | | | 0.61 | % | | | 2.17 | % | | | 0.68 | % | | | 12.53 | % |
| $ | 11.07 | | | | 5.03 | % | | $ | 49,157 | | | | 0.68 | % | | | 2.27 | % | | | 0.68 | % | | | 15.51 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| $ | 11.71 | | | | 3.89 | % | | $ | 59,680 | | | | 0.57 | % | | | 2.28 | % | | | 0.57 | % | | | 15.88 | % |
| $ | 11.40 | | | | (0.88 | )% | | $ | 61,420 | | | | 0.55 | % | | | 2.22 | % | | | 0.55 | % | | | 21.08 | % |
| $ | 11.76 | | | | (0.14 | )% | | $ | 70,780 | | | | 0.55 | % | | | 2.18 | % | | | 0.59 | % | | | 23.25 | % |
| $ | 12.13 | | | | 3.91 | % | | $ | 83,965 | | | | 0.56 | % | | | 2.23 | % | | | 0.66 | % | | | 16.18 | % |
| $ | 11.98 | | | | 2.24 | % | | $ | 78,506 | | | | 0.60 | % | | | 2.33 | % | | | 0.67 | % | | | 16.01 | % |
| $ | 12.06 | | | | 4.65 | % | | $ | 79,895 | | | | 0.66 | % | | | 2.29 | % | | | 0.66 | % | | | 20.48 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| $ | 9.95 | | | | 3.71 | % | | $ | 46,355 | | | | 0.56 | % | | | 2.49 | % | | | 0.56 | % | | | 10.24 | % |
| $ | 9.73 | | | | (0.73 | )% | | $ | 54,988 | | | | 0.55 | % | | | 2.39 | % | | | 0.55 | % | | | 17.53 | % |
| $ | 10.05 | | | | 0.52 | % | | $ | 59,567 | | | | 0.56 | % | | | 2.34 | % | | | 0.59 | % | | | 21.00 | % |
| $ | 10.28 | | | | 4.18 | % | | $ | 64,199 | | | | 0.57 | % | | | 2.30 | % | | | 0.67 | % | | | 11.31 | % |
| $ | 10.15 | | | | 2.44 | % | | $ | 66,716 | | | | 0.60 | % | | | 2.37 | % | | | 0.67 | % | | | 10.34 | % |
| $ | 10.17 | | | | 4.98 | % | | $ | 70,273 | | | | 0.66 | % | | | 2.39 | % | | | 0.66 | % | | | 21.09 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| $ | 10.47 | | | | (0.04 | )% | | $ | 5,449 | | | | 0.56 | % | | | 4.15 | % | | | 0.58 | % | | | 7.38 | % |
| $ | 10.76 | | | | 2.61 | % | | $ | 6,807 | | | | 0.55 | % | | | 3.39 | % | | | 0.55 | % | | | 48.19 | % |
| $ | 10.92 | | | | 3.88 | % | | $ | 7,962 | | | | 0.50 | % | | | 4.11 | % | | | 0.50 | % | | | 43.86 | % |
| $ | 10.94 | | | | 10.13 | % | | $ | 26,328 | | | | 0.39 | % | | | 3.43 | % | | | 0.47 | % | | | 67.18 | % |
| $ | 10.32 | | | | (1.23 | )% | | $ | 27,896 | | | | 0.20 | % | | | 4.29 | % | | | 0.45 | % | | | 126.46 | % |
| $ | 10.71 | | | | 9.19 | % | | $ | 2,300 | | | | 0.20 | % | | | 2.32 | % | | | 0.45 | % | | | 8.67 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| $ | 11.87 | | | | (0.70 | )% | | $ | 190 | | | | 0.16 | % | | | 3.44 | % | | | 0.41 | % | | | 6.51 | % |
| $ | 12.17 | | | | 4.11 | % | | $ | 223 | | | | 0.16 | % | | | 2.06 | % | | | 0.41 | % | | | 14.41 | % |
| $ | 11.98 | | | | 11.75 | % | | $ | 111 | | | | 0.17 | % | | | 1.67 | % | | | 0.42 | % | | | 0.80 | % |
| $ | 10.90 | | | | 7.24 | % | | $ | 80 | | | | 0.16 | % | | | 1.89 | % | | | 0.40 | % | | | 5.19 | % |
| $ | 10.39 | | | | (1.57 | )% | | $ | 106 | | | | 0.15 | % | | | 1.43 | % | | | 0.40 | % | | | 49.24 | % |
| $ | 10.73 | | | | 11.36 | % | | $ | 244 | | | | 0.14 | % | | | 1.87 | % | | | 0.39 | % | | | 5.70 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| $ | 11.84 | | | | (1.81 | )% | | $ | 665 | | | | 0.18 | % | | | 3.45 | % | | | 0.43 | % | | | 4.27 | % |
| $ | 12.28 | | | | 5.33 | % | | $ | 749 | | | | 0.19 | % | | | 1.95 | % | | | 0.44 | % | | | 17.81 | % |
| $ | 11.93 | | | | 14.48 | % | | $ | 692 | | | | 0.19 | % | | | 1.34 | % | | | 0.44 | % | | | 1.92 | % |
| $ | 10.56 | | | | 7.58 | % | | $ | 725 | | | | 0.18 | % | | | 1.35 | % | | | 0.43 | % | | | 5.95 | % |
| $ | 10.01 | | | | (2.67 | )% | | $ | 1,516 | | | | 0.17 | % | | | 1.00 | % | | | 0.42 | % | | | 58.40 | % |
| $ | 10.41 | | | | 12.89 | % | | $ | 872 | | | | 0.16 | % | | | 1.46 | % | | | 0.41 | % | | | 8.60 | % |
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 Year | | 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, 2019 (Unaudited) | | $ | 18.43 | | | (0.02 | ) | | (1.48 | ) | | (1.50 | ) | | — | | | (1.42 | ) | | (1.42 | ) |
| Year Ended September 30, 2018 | | $ | 18.15 | | | (0.07 | ) | | 1.19 | | | 1.12 | | | — | | | (0.84 | ) | | (0.84 | ) |
| Year Ended September 30, 2017 | | $ | 16.25 | | | — | (d) | | 2.43 | | | 2.43 | | | — | | | (0.53 | ) | | (0.53 | ) |
| Year Ended September 30, 2016 | | $ | 17.59 | | | (0.02 | ) | | 2.02 | | | 2.00 | | | — | | | (3.34 | ) | | (3.34 | ) |
| Year Ended September 30, 2015 | | $ | 18.93 | | | 0.02 | | | (0.14 | ) | | (0.12 | ) | | (0.05 | ) | | (1.17 | ) | | (1.22 | ) |
| Year Ended September 30, 2014 | | $ | 18.47 | | | — | (d) | | 1.74 | | | 1.74 | | | (0.08 | ) | | (1.20 | ) | | (1.28 | ) |
| Sterling Capital Behavioral Small Cap Value Equity Fund | | | | | | | | | | | | | | | | | | | |
| Six Months Ended March 31, 2019 (Unaudited) | | $ | 18.52 | | | 0.03 | | | (1.88 | ) | | (1.85 | ) | | (0.14 | ) | | (1.98 | ) | | (2.12 | ) |
| Year Ended September 30, 2018 | | $ | 18.32 | | | 0.13 | | | 0.85 | | | 0.98 | | | (0.13 | ) | | (0.65 | ) | | (0.78 | ) |
| Year Ended September 30, 2017 | | $ | 15.14 | | | 0.18 | | | 3.08 | | | 3.26 | | | (0.08 | ) | | — | | | (0.08 | ) |
| Year Ended September 30, 2016 | | $ | 14.00 | | | 0.14 | | | 1.15 | | | 1.29 | | | (0.14 | ) | | (0.01 | ) | | (0.15 | ) |
| Year Ended September 30, 2015 | | $ | 14.28 | | | 0.13 | | | 0.15 | | | 0.28 | | | (0.12 | ) | | (0.44 | ) | | (0.56 | ) |
| Year Ended September 30, 2014 | | $ | 15.21 | | | 0.10 | | | 0.93 | | | 1.03 | | | (0.09 | ) | | (1.87 | ) | | (1.96 | ) |
| Sterling Capital Special Opportunities Fund | | | | | | | | | | | | | | | | | | | | | | |
| Six Months Ended March 31, 2019 (Unaudited) | | $ | 26.63 | | | (0.02 | ) | | (0.70 | ) | | (0.72 | ) | | — | | | (1.86 | ) | | (1.86 | ) |
| Year Ended September 30, 2018 | | $ | 24.79 | | | (0.04 | ) | | 3.94 | | | 3.90 | | | (0.12 | ) | | (1.94 | ) | | (2.06 | ) |
| Year Ended September 30, 2017 | | $ | 21.83 | | | (0.04 | ) | | 3.41 | | | 3.37 | | | — | | | (0.41 | ) | | (0.41 | ) |
| Year Ended September 30, 2016 | | $ | 23.28 | | | (0.05 | ) | | 1.91 | | | 1.86 | | | — | | | (3.31 | ) | | (3.31 | ) |
| Year Ended September 30, 2015 | | $ | 23.69 | | | (0.11 | ) | | 0.90 | | | 0.79 | | | — | | | (1.20 | ) | | (1.20 | ) |
| Year Ended September 30, 2014 | | $ | 21.72 | | | (0.09 | ) | | 4.34 | | | 4.25 | | | — | | | (2.28 | ) | | (2.28 | ) |
| Sterling Capital Equity Income Fund | | | | | | | | | | | | | | | | | | | | | | |
| Six Months Ended March 31, 2019 (Unaudited) | | $ | 21.39 | | | 0.16 | | | 0.05 | | | 0.21 | | | (0.17 | ) | | (1.52 | ) | | (1.69 | ) |
| Year Ended September 30, 2018 | | $ | 20.70 | | | 0.29 | | | 2.63 | | | 2.92 | | | (0.28 | ) | | (1.95 | ) | | (2.23 | ) |
| Year Ended September 30, 2017 | | $ | 18.18 | | | 0.29 | | | 2.58 | | | 2.87 | | | (0.33 | ) | | (0.02 | ) | | (0.35 | ) |
| Year Ended September 30, 2016 | | $ | 17.25 | | | 0.26 | | | 2.04 | | | 2.30 | | | (0.27 | ) | | (1.10 | ) | | (1.37 | ) |
| Year Ended September 30, 2015 | | $ | 18.84 | | | 0.26 | | | (1.06 | ) | | (0.80 | ) | | (0.28 | ) | | (0.51 | ) | | (0.79 | ) |
| Year Ended September 30, 2014 | | $ | 18.04 | | | 0.29 | | | 1.40 | | | 1.69 | | | (0.26 | ) | | (0.63 | ) | | (0.89 | ) |
| Sterling Capital Total Return Bond Fund | | | | | | | | | | | | | | | | | | | | | | |
| Six Months Ended March 31, 2019 (Unaudited) | | $ | 10.16 | | | 0.14 | | | 0.27 | | | 0.41 | | | (0.15 | ) | | — | | | (0.15 | ) |
| Year Ended September 30, 2018 | | $ | 10.55 | | | 0.25 | | | (0.37 | ) | | (0.12 | ) | | (0.27 | ) | | — | | | (0.27 | ) |
| Year Ended September 30, 2017 | | $ | 10.77 | | | 0.20 | | | (0.15 | ) | | 0.05 | | | (0.27 | ) | | — | | | (0.27 | ) |
| Year Ended September 30, 2016 | | $ | 10.49 | | | 0.23 | | | 0.35 | | | 0.58 | | | (0.30 | ) | | — | | | (0.30 | ) |
| Year Ended September 30, 2015 | | $ | 10.62 | | | 0.25 | | | (0.06 | ) | | 0.19 | | | (0.32 | ) | | — | | | (0.32 | ) |
| Year Ended September 30, 2014 | | $ | 10.48 | | | 0.28 | | | 0.22 | | | 0.50 | | | (0.35 | ) | | (0.01 | ) | | (0.36 | ) |
| * | During the periods certain fees were waived (See Note 6 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) | Net Assets are below $1,000. |
See accompanying Notes to the Financial Statements.
| | | | | | | | | | | | | |
| | | | | Ratios/Supplementary Data | |
Net Asset Value, End of Year | | | Total Return (excludes sales charge)(b) | | | Net Assets, End of Year (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) | |
| | | | | | | | | | | | | |
| $ | 15.51 | | | | (7.57 | )% | | $ | 4 | | | | 1.43 | % | | | (0.29 | )% | | | 1.43 | % | | | 14.67 | % |
| $ | 18.43 | | | | 6.29 | % | | $ | 3 | | | | 1.42 | % | | | (0.39 | )% | | | 1.42 | % | | | 34.62 | % |
| $ | 18.15 | | | | 15.18 | % | | $ | 2 | | | | 1.39 | % | | | (0.01 | )% | | | 1.39 | % | | | 24.83 | % |
| $ | 16.25 | | | | 12.82 | % | | $ | — | (e) | | | 1.43 | % | | | (0.12 | )% | | | 1.43 | % | | | 25.45 | % |
| $ | 17.59 | | | | (0.89 | )% | | $ | — | (e) | | | 1.44 | % | | | 0.08 | % | | | 1.44 | % | | | 30.61 | % |
| $ | 18.93 | | | | 9.68 | % | | $ | — | (e) | | | 1.39 | % | | | 0.02 | % | | | 1.39 | % | | | 27.30 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| $ | 14.55 | | | | (9.39 | )% | | $ | 80 | | | | 1.30 | % | | | 0.43 | % | | | 1.30 | % | | | 46.99 | % |
| $ | 18.52 | | | | 5.44 | % | | $ | 63 | | | | 1.28 | % | | | 0.69 | % | | | 1.28 | % | | | 89.85 | % |
| $ | 18.32 | | | | 21.52 | % | | $ | 33 | | | | 1.29 | % | | | 1.09 | % | | | 1.29 | % | | | 109.05 | % |
| $ | 15.14 | | | | 9.22 | % | | $ | — | (e) | | | 1.38 | % | | | 0.99 | % | | | 1.38 | % | | | 120.42 | % |
| $ | 14.00 | | | | 1.84 | % | | $ | — | (e) | | | 1.50 | % | | | 0.89 | % | | | 1.50 | % | | | 101.99 | % |
| $ | 14.28 | | | | 7.01 | % | | $ | — | (e) | | | 1.45 | % | | | 0.65 | % | | | 1.45 | % | | | 68.50 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| $ | 24.05 | | | | (2.22 | )% | | $ | 262 | | | | 1.37 | % | | | (0.18 | )% | | | 1.37 | % | | | 11.79 | % |
| $ | 26.63 | | | | 16.80 | % | | $ | 173 | | | | 1.36 | % | | | (0.18 | )% | | | 1.36 | % | | | 22.78 | % |
| $ | 24.79 | | | | 15.66 | % | | $ | 266 | | | | 1.36 | % | | | (0.16 | )% | | | 1.36 | % | | | 18.92 | % |
| $ | 21.83 | | | | 8.34 | % | | $ | 191 | | | | 1.42 | % | | | (0.25 | )% | | | 1.48 | % | | | 27.32 | % |
| $ | 23.28 | | | | 3.51 | % | | $ | 46 | | | | 1.47 | % | | | (0.44 | )% | | | 1.47 | % | | | 26.98 | % |
| $ | 23.69 | | | | 21.36 | % | | $ | 26 | | | | 1.46 | % | | | (0.41 | )% | | | 1.46 | % | | | 32.35 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| $ | 19.91 | | | | 1.35 | % | | $ | 2,781 | | | | 1.28 | % | | | 1.68 | % | | | 1.28 | % | | | 18.36 | % |
| $ | 21.39 | | | | 14.97 | % | | $ | 2,548 | | | | 1.27 | % | | | 1.41 | % | | | 1.27 | % | | | 19.49 | % |
| $ | 20.70 | | | | 15.96 | % | | $ | 3,694 | | | | 1.28 | % | | | 1.52 | % | | | 1.28 | % | | | 16.93 | % |
| $ | 18.18 | | | | 14.18 | % | | $ | 1,921 | | | | 1.46 | % | | | 1.54 | % | | | 1.46 | % | | | 20.64 | % |
| $ | 17.25 | | | | (4.40 | )% | | $ | 1,957 | | | | 1.47 | % | | | 1.40 | % | | | 1.47 | % | | | 27.53 | % |
| $ | 18.84 | | | | 9.52 | % | | $ | 1,811 | | | | 1.45 | % | | | 1.56 | % | | | 1.45 | % | | | 16.13 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| $ | 10.42 | | | | 4.03 | % | | $ | 28 | | | | 0.95 | % | | | 2.78 | % | | | 1.08 | % | | | 33.60 | % |
| $ | 10.16 | | | | (1.13 | )% | | $ | 36 | | | | 0.93 | % | | | 2.45 | % | | | 1.08 | % | | | 62.28 | % |
| $ | 10.55 | | | | 0.50 | % | | $ | 5 | | | | 0.96 | % | | | 1.90 | % | | | 1.04 | % | | | 64.07 | % |
| $ | 10.77 | | | | 5.59 | % | | $ | 5 | | | | 0.99 | % | | | 2.20 | % | | | 1.07 | % | | | 65.47 | % |
| $ | 10.49 | | | | 1.77 | % | | $ | 6 | | | | 0.98 | % | | | 2.39 | % | | | 1.09 | % | | | 41.37 | % |
| $ | 10.62 | | | | 4.81 | % | | $ | 6 | | | | 1.04 | % | | | 2.65 | % | | | 1.04 | % | | | 75.21 | % |
Financial Highlights, Class R6 Shares
Selected data for a share of beneficial interest outstanding throughout the periods indicated.
| | | | | Investment Activities | | Distributions | |
| | | | | | | | | |
| | | Net Asset Value, Beginning of Period | | Net investment income(a) | | Net realized/ unrealized gains 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, 2019 (Unaudited) | | $ | 22.43 | | | 0.23 | | | (1.72 | ) | | (1.49 | ) | | (0.21 | ) | | (1.75 | ) | | (1.96 | ) |
| February 1, 2018 to September 30, 2018(d) | | $ | 22.89 | | | 0.28 | | | (0.45 | ) | | (0.17 | ) | | (0.29 | ) | | — | | | (0.29 | ) |
| | | | | | | | | | | | | | | | | | | | | | | |
| Sterling Capital Mid Value Fund | | | | | | | | | | | | | | | | | | | |
| Six Months Ended March 31, 2019 (Unaudited) | | $ | 19.44 | | | 0.03 | | | (1.56 | ) | | (1.53 | ) | | (0.03 | ) | | (1.42 | ) | | (1.45 | ) |
| February 1, 2018 to September 30, 2018(d) | | $ | 20.22 | | | 0.03 | | | (0.81 | ) | | (0.78 | ) | | — | | | — | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | |
| Sterling Capital Behavioral Small Cap Value Equity Fund | | | | | | | | | | | | | | | | | | | |
| Six Months Ended March 31, 2019 (Unaudited) | | $ | 18.84 | | | 0.08 | | | (1.92 | ) | | (1.84 | ) | | (0.21 | ) | | (1.98 | ) | | (2.19 | ) |
| February 1, 2018 to September 30, 2018(d) | | $ | 18.59 | | | 0.17 | | | 0.08 | | | 0.25 | | | — | | | — | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | |
| Sterling Capital Special Opportunities Fund | | | | | | | | | | | | | | | | | | | |
| Six Months Ended March 31, 2019 (Unaudited) | | $ | 27.75 | | | 0.05 | | | (0.73 | ) | | (0.68 | ) | | (0.02 | ) | | (1.86 | ) | | (1.88 | ) |
| February 1, 2018 to September 30, 2018(d) | | $ | 26.44 | | | 0.04 | | | 1.42 | | | 1.46 | | | (0.15 | ) | | — | | | (0.15 | ) |
| | | | | | | | | | | | | | | | | | | | | | | |
| Sterling Capital Equity Income Fund | | | | | | | | | | | | | | | | | | | |
| Six Months Ended March 31, 2019 (Unaudited) | | $ | 21.61 | | | 0.23 | | | 0.05 | | | 0.28 | | | (0.23 | ) | | (1.52 | ) | | (1.75 | ) |
| February 1, 2018 to September 30, 2018(d) | | $ | 21.49 | | | 0.30 | | | 0.12 | | | 0.42 | | | (0.30 | ) | | — | | | (0.30 | ) |
| | | | | | | | | | | | | | | | | | | | | | | |
| Sterling Capital Behavioral International Equity Fund | | | | | | | | | | | | | | | | | | | |
| Six Months Ended March 31, 2019 (Unaudited) | | $ | 11.19 | | | 0.13 | | | (0.95 | ) | | (0.82 | ) | | (0.32 | ) | | (0.40 | ) | | (0.72 | ) |
| February 1, 2018 to September 30, 2018(d) | | $ | 12.35 | | | 0.35 | | | (1.51 | ) | | (1.16 | ) | | — | | | — | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | |
| Sterling Capital Total Return Bond Fund | | | | | | | | | | | | | | | | | | | |
| Six Months Ended March 31, 2019 (Unaudited) | | $ | 10.20 | | | 0.17 | | | 0.27 | | | 0.44 | | | (0.18 | ) | | — | | | (0.18 | ) |
| February 1, 2018 to September 30, 2018(d) | | $ | 10.48 | | | 0.21 | | | (0.27 | ) | | (0.06 | ) | | (0.22 | ) | | — | | | (0.22 | ) |
| * | During the periods certain fees were waived (See Note 6 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. |
See accompanying notes to the financial statements.
| | | | | | | | | 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) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| $ | 18.98 | | | | (6.34 | )% | | $ | 242,190 | | | | 0.58 | % | | | 2.34 | % | | | 0.64 | % | | | 74.10 | % |
| $ | 22.43 | | | | (0.69 | )% | | $ | 270,105 | | | | 0.58 | % | | | 1.94 | % | | | 0.63 | % | | | 127.89 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| $ | 16.46 | | | | (7.32 | )% | | $ | 255,195 | | | | 0.82 | % | | | 0.31 | % | | | 0.95 | % | | | 14.67 | % |
| $ | 19.44 | | | | (3.86 | )% | | $ | 285,847 | | | | 0.83 | % | | | 0.26 | % | | | 0.93 | % | | | 34.62 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| $ | 14.81 | | | | (9.10 | )% | | $ | 172,807 | | | | 0.73 | % | | | 1.09 | % | | | 0.80 | % | | | 46.99 | % |
| $ | 18.84 | | | | 1.34 | % | | $ | 191,051 | | | | 0.73 | % | | | 1.38 | % | | | 0.79 | % | | | 89.85 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| $ | 25.19 | | | | (1.97 | )% | | $ | 353,281 | | | | 0.78 | % | | | 0.38 | % | | | 0.87 | % | | | 11.79 | % |
| $ | 27.75 | | | | 5.60 | % | | $ | 372,948 | | | | 0.78 | % | | | 0.21 | % | | | 0.85 | % | | | 22.78 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| $ | 20.14 | | | | 1.66 | % | | $ | 327,029 | | | | 0.66 | % | | | 2.30 | % | | | 0.78 | % | | | 18.36 | % |
| $ | 21.61 | | | | 2.03 | % | | $ | 317,827 | | | | 0.66 | % | | | 2.16 | % | | | 0.77 | % | | | 19.49 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| $ | 9.65 | | | | (6.94 | )% | | $ | 58,462 | | | | 0.61 | % | | | 2.74 | % | | | 0.89 | % | | | 41.34 | % |
| $ | 11.19 | | | | (9.39 | )% | | $ | 62,804 | | | | 0.62 | % | | | 4.63 | % | | | 0.87 | % | | | 96.65 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| $ | 10.46 | | | | 4.33 | % | | $ | 302,290 | | | | 0.35 | % | | | 3.38 | % | | | 0.58 | % | | | 33.60 | % |
| $ | 10.20 | | | | (0.52 | )% | | $ | 281,637 | | | | 0.35 | % | | | 3.16 | % | | | 0.59 | % | | | 62.28 | % |
Notes to Financial Statements
March 31, 2019 (Unaudited)
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, Sterling Capital Mid Value Fund, Sterling Capital Behavioral Small Cap Value Equity Fund, Sterling Capital Special Opportunities Fund, Sterling Capital Equity Income Fund, Sterling Capital Behavioral International Equity Fund, Sterling Capital SMID Opportunities Fund, Sterling Capital Stratton Mid Cap Value Fund, Sterling Capital Stratton Real Estate Fund, Sterling Capital Stratton Small Cap Value 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 Diversified Income 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 Diversified Income 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 1940 Act. The Tax-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 debt securities. Funds of Funds with exposure to underlying equity funds may include funds that invest in real estate related securities. In addition, underlying investment companies may invest in derivatives and may engage in long/short equity strategies and in option writing strategies. The Funds of Funds except for Sterling Capital Diversified Income Fund 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. Financial information for the other underlying Funds is available at www.sec.gov.
The Funds are authorized to issue an unlimited amount of shares. As of March 31, 2019, the Funds discussed herein offered up to five classes of shares: Class A Shares, Class C Shares, Class R Shares, Class R6 Shares and Institutional Shares. 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 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, 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. 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.
Notes to Financial Statements — (continued)
March 31, 2019 (Unaudited)
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 Funds are investment companies and accordingly follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standard Codification Topic 946 Financial Services-Investment Companies. 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 of the Variable Net Asset Value Funds in securities traded on a national securities exchange or in the over-the-counter market are valued at the closing price on the principal exchange or market (including the NASDAQ Closing Price for securities traded on NASDAQ), typically 4:00 PM ET 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 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.
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:
• Level 1 – quoted prices in active markets for identical securities
• Level 2 – based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)
• Level 3 – based on significant unobservable inputs (including a Fund’s own assumptions in determining the fair value of investments)
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, 2019, there were no significant changes to the valuation policies and procedures.
Notes to Financial Statements — (continued)
March 31, 2019 (Unaudited)
The summary of inputs used to determine the fair value of each Fund’s investments as of March 31, 2019 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 | | $ | 280,167,590 | (a) | | $ | — | | | $ | — | | | $ | 280,167,590 | |
| | Sterling Capital Mid Value Fund | | | 442,535,688 | (a) | | | — | | | | — | | | | 442,535,688 | |
| | Sterling Capital Behavioral Small Cap Value Equity Fund | | | 209,569,196 | (a) | | | — | | | | — | | | | 209,569,196 | |
| | Sterling Capital Special Opportunities Fund | | | 1,078,630,706 | (a) | | | — | | | | — | | | | 1,078,630,706 | |
| | Sterling Capital Equity Income Fund | | | 1,678,125,064 | (a) | | | — | | | | — | | | | 1,678,125,064 | |
| | Sterling Capital Behavioral International Equity Fund | | | 2,091,857 | (a) | | | 72,916,178 | (a) | | | — | | | | 75,008,035 | |
| | Sterling Capital SMID Opportunities Fund | | | 8,786,863 | (a) | | | — | | | | — | | | | 8,786,863 | |
| | Sterling Capital Stratton Mid Cap Value Fund | | | 59,923,648 | (a) | | | — | | | | — | | | | 59,923,648 | |
| | Sterling Capital Stratton Real Estate Fund | | | 100,473,899 | (a) | | | — | | | | — | | | | 100,473,899 | |
| | Sterling Capital Stratton Small Cap Value Fund | | | 1,011,542,061 | (a) | | | — | | | | — | | | | 1,011,542,061 | |
| | Sterling Capital Ultra Short Bond Fund | | | 1,124,958 | (b) | | | 44,486,291 | (a) | | | — | | | | 45,611,249 | |
| | Sterling Capital Short Duration Bond Fund | | | 1,376,384 | (b) | | | 176,129,377 | (a) | | | — | | | | 177,505,761 | |
| | Sterling Capital Intermediate U.S. Government Fund | | | 1,735,269 | (b) | | | 14,121,850 | (a) | | | — | | | | 15,857,119 | |
| | Sterling Capital Total Return Bond Fund | | | 28,416,011 | (b) | | | 1,260,717,684 | (a) | | | — | | | | 1,289,133,695 | |
| | Sterling Capital Corporate Fund | | | 245,918 | (b) | | | 22,372,399 | (a) | | | — | | | | 22,618,317 | |
| | Sterling Capital Securitized Opportunities Fund | | | 1,047,323 | (b) | | | 34,966,639 | (a) | | | — | | | | 36,013,962 | |
| | Sterling Capital Kentucky Intermediate Tax-Free Fund | | | 229,315 | (b) | | | 10,021,608 | (a) | | | — | | | | 10,250,923 | |
| | Sterling Capital Maryland Intermediate Tax-Free Fund | | | 802,392 | (b) | | | 15,372,895 | (a) | | | — | | | | 16,175,287 | |
| | Sterling Capital North Carolina Intermediate Tax-Free Fund | | | 3,054,070 | (b) | | | 161,132,730 | (a) | | | — | | | | 164,186,800 | |
| | Sterling Capital South Carolina Intermediate Tax-Free Fund | | | 1,710,175 | (b) | | | 74,210,079 | (a) | | | — | | | | 75,920,254 | |
| | Sterling Capital Virginia Intermediate Tax-Free Fund | | | 3,739,220 | (b) | | | 77,041,334 | (a) | | | — | | | | 80,780,554 | |
| | Sterling Capital West Virginia Intermediate Tax-Free Fund | | | 545,315 | (b) | | | 66,682,748 | (a) | | | — | | | | 67,228,063 | |
| | Sterling Capital Diversified Income Fund | | | 17,486,594 | (a) | | | — | | | | — | | | | 17,486,594 | |
| | Sterling Capital Strategic Allocation Balanced Fund | | | 27,624,146 | (a) | | | — | | | | — | | | | 27,624,146 | |
| | Sterling Capital Strategic Allocation Growth Fund | | | 21,496,895 | (a) | | | — | | | | — | | | | 21,496,895 | |
| (a) | Industries, countries or security types are disclosed in the Schedules of Portfolio Investments. |
| (b) | Represents money market funds and/or certain preferred stocks. |
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).
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 Fund, Sterling Capital Securitized Opportunities Fund, and the Tax-Free Funds. Dividends from net investment income are declared and paid monthly for Sterling Capital Diversified Income Fund. Dividends from net investment income are declared and paid quarterly for Sterling Capital Stratton Mid Cap Value Fund, Sterling Capital Stratton Real Estate Fund, Sterling Capital Stratton Small Cap Value Fund, 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, Sterling Capital SMID Opportunities Fund, Sterling Capital Strategic Allocation Balanced Fund, and Sterling Capital Strategic Allocation Growth Fund if the annualized yield of the distribution exceeds an amount determined annually by the Board. Dividends from net investment income for Sterling Capital Behavioral International Equity Fund is 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.
Notes to Financial Statements — (continued)
March 31, 2019 (Unaudited)
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. Income and realized and unrealized gains or losses on investments are allocated to each class of shares based on its relative net assets or another appropriate basis.
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 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, Sterling Capital Ultra Short Bond Fund, Sterling Capital Short Duration Bond Fund, Sterling Capital Total Return Bond Fund and 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.
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. The Funds did not hold any mortgage dollar rolls during the year.
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 Diversified Income Fund may invest in underlying funds that engage in options writing strategies (including cash-secured put writing and covered call writing).
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
Notes to Financial Statements — (continued)
March 31, 2019 (Unaudited)
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 Fund and Sterling Capital Equity Income Fund may invest in written options to economically hedge the downside exposure by collecting a premium when sold against the equity holding.
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.
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.
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, 2019 were as follows:
| | | | Purchases | | | Sales | |
| | Sterling Capital Behavioral Large Cap Value Equity Fund | | $ | 209,285,639 | | | $ | 218,326,845 | |
| | Sterling Capital Mid Value Fund | | | 73,948,195 | | | | 219,156,427 | |
| | Sterling Capital Behavioral Small Cap Value Equity Fund | | | 98,328,663 | | | | 102,542,659 | |
| | Sterling Capital Special Opportunities Fund | | | 127,731,775 | | | | 218,921,304 | |
| | Sterling Capital Equity Income Fund | | | 292,822,189 | | | | 293,274,550 | |
| | Sterling Capital Behavioral International Equity Fund | | | 31,204,866 | | | | 31,159,234 | |
| | Sterling Capital SMID Opportunities Fund | | | 2,122,353 | | | | 1,940,248 | |
| | Sterling Capital Stratton Mid Cap Value Fund | | | 3,677,208 | | | | 7,439,868 | |
| | Sterling Capital Stratton Real Estate Fund | | | 6,225,305 | | | | 4,921,958 | |
| | Sterling Capital Stratton Small Cap Value Fund | | | 62,271,858 | | | | 257,573,151 | |
| | Sterling Capital Ultra Short Bond Fund | | | 20,345,152 | | | | 5,577,365 | |
| | Sterling Capital Short Duration Bond Fund | | | 98,092,488 | | | | 52,055,659 | |
| | Sterling Capital Intermediate U.S. Government Fund | | | 257,962 | | | | 180,000 | |
| | Sterling Capital Total Return Bond Fund | | | 313,864,376 | | | | 249,327,858 | |
| | Sterling Capital Corporate Fund | | | 7,215,493 | | | | 15,679,446 | |
Notes to Financial Statements — (continued)
March 31, 2019 (Unaudited)
| | | | Purchases | | | Sales | |
| | Sterling Capital Securitized Opportunities Fund | | | 1,268,123 | | | | 530,474 | |
| | Sterling Capital Kentucky Intermediate Tax-Free Fund | | | 1,156,502 | | | | 2,189,952 | |
| | Sterling Capital Maryland Intermediate Tax-Free Fund | | | 1,773,424 | | | | 5,209,159 | |
| | Sterling Capital North Carolina Intermediate Tax-Free Fund | | | 22,585,357 | | | | 33,223,750 | |
| | Sterling Capital South Carolina Intermediate Tax-Free Fund | | | 4,090,925 | | | | 7,044,086 | |
| | Sterling Capital Virginia Intermediate Tax-Free Fund | | | 12,165,769 | | | | 18,224,588 | |
| | Sterling Capital West Virginia Intermediate Tax-Free Fund | | | 7,166,742 | | | | 19,206,736 | |
| | Sterling Capital Diversified Income Fund | | | 1,368,290 | | | | 3,606,532 | |
| | Sterling Capital Strategic Allocation Balanced Fund | | | 2,051,750 | | | | 1,785,000 | |
| | Sterling Capital Strategic Allocation Growth Fund | | | 1,585,090 | | | | 910,000 | |
Purchases and sales of U.S. government securities (excluding securities maturing less than one year from acquisition) for the period ended March 31, 2019 were as follows:
| | | | Purchases | | | Sales | |
| | Sterling Capital Short Duration Bond Fund | | $ | 16,228,221 | | | $ | 9,692,003 | |
| | Sterling Capital Intermediate U.S. Government Fund | | | 1,398,255 | | | | 6,989,234 | |
| | Sterling Capital Total Return Bond Fund | | | 148,707,678 | | | | 159,551,051 | |
| | Sterling Capital Corporate Fund | | | 783,180 | | | | 784,785 | |
| | Sterling Capital Securitized Opportunities Fund | | | 2,392,615 | | | | 4,272,681 | |
| 4. | Investments in Affiliated Issuers: |
A summary of the Funds’ transactions in the shares of affiliated issuers during the period ended March 31, 2019 is as follows:
| | | | Shares Held at September 30, 2018 | | Shares Purchased | | Shares Sold | | Shares Held at March 31, 2019 | | Value at March 31, 2019 | | Dividend Income October 1, 2018- March 31, 2019 | | Distributions and Net Realized Gain (Loss) October 1, 2018- March 31, 2019 | | Change in Unrealized Appreciation/ Depreciation October 1, 2018- March 31, 2019 | |
| | Sterling Capital Strategic Allocation Balanced Fund | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Sterling Capital Behavioral International Equity Fund, Institutional Shares | | | 792,962 | | | 90,856 | | | 26,484 | | | 857,334 | | $ | 8,273,277 | | $ | 267,158 | | $ | 262,316 | | $ | (1,133,255 | ) |
| | Sterling Capital Equity Income Fund, Institutional Shares | | | 217,045 | | | 16,216 | | | 25,840 | | | 207,421 | | | 4,177,459 | | | 45,828 | | | 292,420 | | | (302,201 | ) |
| | Sterling Capital Special Opportunities Fund, Institutional Shares | | | 171,506 | | | 13,268 | | | 18,966 | | | 165,808 | | | 4,175,056 | | | 818 | | | 318,597 | | | (431,113 | ) |
| | Sterling Capital Total Return Bond Fund, Institutional Shares | | | 1,047,448 | | | 54,904 | | | 55,011 | | | 1,047,341 | | | 10,955,186 | | | 172,888 | | | (27,936 | ) | | 291,656 | |
| | Total Affiliates | | | 2,228,961 | | | 175,244 | | | 126,301 | | | 2,277,904 | | $ | 27,580,978 | | $ | 486,692 | | $ | 845,397 | | $ | (1,574,913 | ) |
Notes to Financial Statements — (continued)
March 31, 2019 (Unaudited)
| | | | Shares Held at September 30, 2018 | | Shares Purchased | | Shares Sold | | Shares Held at March 31, 2019 | | Value at March 31, 2019 | | Dividend Income October 1, 2018- March 31, 2019 | | Distributions and Net Realized Gain (Loss) October 1, 2018- March 31, 2019 | | Change in Unrealized Appreciation/ Depreciation October 1, 2018- March 31, 2019 | |
| | Sterling Capital Strategic Allocation Growth Fund | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Sterling Capital Behavioral International Equity Fund, Institutional Shares | | | 778,451 | | | 79,855 | | | 34,601 | | | 823,705 | | $ | 7,948,753 | | $ | 253,563 | | $ | 212,196 | | $ | (1,053,521 | ) |
| | Sterling Capital Special Opportunities Fund, Institutional Shares | | | 159,279 | | | 15,562 | | | 8,478 | | | 166,363 | | | 4,189,029 | | | 777 | | | 301,144 | | | (388,912 | ) |
| | Sterling Capital Total Return Bond Fund, Institutional Shares | | | 491,157 | | | 18,429 | | | 15,418 | | | 494,168 | | | 5,168,998 | | | 83,827 | | | (11,134 | ) | | 138,329 | |
| | Sterling Capital Equity Income Fund, Institutional Shares | | | 201,092 | | | 15,729 | | | 11,416 | | | 205,405 | | | 4,136,854 | | | 45,073 | | | 291,061 | | | (285,814 | ) |
| | Total Affiliates | | | 1,629,979 | | | 129,575 | | | 69,913 | | | 1,689,641 | | $ | 21,443,634 | | $ | 383,240 | | $ | 793,267 | | $ | (1,589,918 | ) |
| 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, 2019:
| | | Prior to February 1, 2019 | Effective February 1, 2019 |
| | | Contractual Fee Rate | Fee Rate after Contractual Waivers | Contractual Fee Rate | Fee Rate after Contractual Waivers |
| | Sterling Capital Behavioral Large Cap Value Equity Fund | 0.45% | 0.45% | 0.45% | 0.45% |
| | Sterling Capital Mid Value Fund | 0.70% | 0.70% | 0.70% | 0.70% |
| | Sterling Capital Behavioral Small Cap Value Equity Fund | 0.60% | 0.60% | 0.60% | 0.60% |
| | Sterling Capital Special Opportunities Fund | 0.65% | 0.65% | 0.65% | 0.65% |
| | Sterling Capital Equity Income Fund | 0.55% | 0.55% | 0.55% | 0.55% |
| | Sterling Capital Behavioral International Equity Fund | 0.60% | 0.40%(1) | 0.60% | 0.40%(2) |
| | Sterling Capital SMID Opportunities Fund | 0.70% | 0.54%(1) | 0.70% | 0.54%(2) |
| | Sterling Capital Stratton Mid Cap Value Fund | 0.70% | 0.70% | 0.70% | 0.70% |
| | Sterling Capital Stratton Real Estate Fund | 0.58% | 0.58% | 0.58% | 0.58% |
| | Sterling Capital Stratton Small Cap Value Fund | 0.85% | 0.80%(1) | 0.85% | 0.80%(2) |
| | Sterling Capital Ultra Short Bond Fund | 0.20% | 0.10%(1) | 0.20% | 0.10%(2) |
| | Sterling Capital Short Duration Bond Fund | 0.30% | 0.20%(1) | 0.30% | 0.20%(2) |
| | Sterling Capital Intermediate U.S. Government Fund | 0.32% | 0.32%(3) | 0.32% | 0.16%(3) |
| | Sterling Capital Total Return Bond Fund | 0.37% | 0.25%(1) | 0.37% | 0.25%(2) |
| | Sterling Capital Corporate Fund | 0.35% | 0.35% | 0.35% | 0.35%(3) |
| | Sterling Capital Securitized Opportunities Fund | 0.35% | 0.31%(1) | 0.35% | 0.31%(2) |
| | Sterling Capital Kentucky Intermediate Tax-Free Fund | 0.35% | 0.35% | 0.35% | 0.35% |
| | Sterling Capital Maryland Intermediate Tax-Free Fund | 0.35% | 0.35% | 0.35% | 0.35% |
| | Sterling Capital North Carolina Intermediate Tax-Free Fund | 0.35% | 0.35% | 0.35% | 0.35% |
| | Sterling Capital South Carolina Intermediate Tax-Free Fund | 0.35% | 0.35% | 0.35% | 0.35% |
| | Sterling Capital Virginia Intermediate Tax-Free Fund | 0.35% | 0.35% | 0.35% | 0.35% |
| | Sterling Capital West Virginia Intermediate Tax-Free Fund | 0.35% | 0.35% | 0.35% | 0.35% |
Notes to Financial Statements — (continued)
March 31, 2019 (Unaudited)
| | | Prior to February 1, 2019 | Effective February 1, 2019 |
| | | Contractual Fee Rate | Fee Rate after Contractual Waivers | Contractual Fee Rate | Fee Rate after Contractual Waivers |
| | Sterling Capital Diversified Income Fund | 0.25% | 0.25%(3) | 0.25% | 0.25%(3) |
| | 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, 2018 through January 31, 2019. |
| (2) | Sterling Capital contractually agreed to limit the advisory fees paid by the Fund from February 1, 2019 through January 31, 2020. |
| (3) | For all or a portion of the six months ended March 31, 2019. Sterling Capital voluntarily waived and/or reimbursed certain expenses of the Funds.Voluntary waivers and reimbursements of expenses may be discontinued at any time. |
Effective February 1, 2019, for the following funds, Sterling Capital has contractually agreed to waive its fees, pay Fund operating expenses, and/or reimburse fees or expenses, in order to limit expenses of the shares based on average daily net assets, excluding interest, taxes, acquired funds fees and extraordinary expenses. The expense limitations are for the period February 1, 2019 through January 31, 2020 are as follows:
| | | Class A | Class C | Institutional | Class R |
| | Sterling Capital Behavioral International Equity Fund | 1.00% | 1.75% | 0.75% | — |
| | Sterling Capital SMID Opportunities Fund | 1.04% | 1.79% | 0.79% | — |
| | Sterling Capital Stratton Small Cap Value Fund | 1.30% | 2.05% | 1.05% | — |
| | Sterling Capital Total Return Bond Fund | 0.70% | 1.45% | 0.45% | 0.95% |
In addition, Sterling Capital has contractually agreed to limit the expenses of the Class R6 shares based on average daily net assets for the following funds for the period February 1, 2019 through January 31, 2020 as follows:
| | | Class R6 |
| | Sterling Capital Behavioral Large Cap Value Equity Fund | 0.58% |
| | Sterling Capital Mid Value Fund | 0.81% |
| | Sterling Capital Behavioral Small Cap Value Equity Fund | 0.73% |
| | Sterling Capital Special Opportunities Fund | 0.77% |
| | Sterling Capital Equity Income Fund | 0.66% |
| | Sterling Capital Behavioral International Equity Fund | 0.60% |
| | Sterling Capital Total Return Bond Fund | 0.35% |
Sterling Capital serves as the administrator to the Funds pursuant to an administration agreement.The Funds (except the Sterling Capital Strategic Allocation Balanced Fund and Sterling Capital Strategic Allocation Growth Fund) pay their portion of a fee to Sterling Capital for providing administration services based on the aggregate assets of the Funds, excluding the assets of the Funds of Funds, 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, The Bank of New York Mellon (“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, The Bank of New York Mellon is entitled to a fee payable by Sterling Capital. The Bank of New York Mellon also serves as the Funds’ fund accountant and receives compensation by the Funds for these services. Expenses incurred are reflected on the Statements of Operations as “Fund accounting fees.”
Notes to Financial Statements — (continued)
March 31, 2019 (Unaudited)
BNY Mellon Investment Servicing (US) Inc. serves as the Funds’ transfer agent and receives compensation by the Funds for these services. Expenses incurred are reflected on the Statements of Operations as “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 base salary and incentive pay.As a result, the CCO fee paid by the Funds is only part of the total compensation received by the CCO.
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% and 0.50% of the average daily net assets of the Class A Shares, Class C Shares, and Class R Shares, respectively. The Distributor is entitled to receive commissions on sales of shares of theVariable NetAssetValue Funds. For the period ended March 31, 2019, the Distributor received $115,955 from commissions earned on sales of shares of theVariable NetAssetValue Funds. Commissions paid to affiliated broker-dealers during the period ended March 31, 2019 were $1,286. The fees may be used by the Distributor to pay banks, broker dealers and other institutions, including affiliates of the Advisor.
Sterling Capital, the Distributor and/or their affiliates may pay out of their own assets (and not as an additional charge to a fund) compensation to selected affiliated and unaffiliated brokers, dealers and other financial intermediaries in connection with the sale and distribution of the shares and/or the retention and/or servicing of Fund investors and Fund shares. These payments, sometimes referred to as “revenue sharing” payments are payments over and above any sales charges (including Rule 12b-1 fees) and service fees paid by the Funds. The amount of these payments is determined at the discretion of the Advisor, the Distributor and/or their affiliates from time to time, may be substantial, and may be different for different financial advisors. Receipt of, or the prospect of receiving, this additional compensation may influence your financial intermediary’s recommendation of a Fund or of a particular share class of a Fund.
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 $100,000 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. Each Trustee serving on a Committee of the Board receives a fee of $4,000 for each Committee meeting attended in person and $1,500 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 $24,000, the Audit Committee Chairman receives additional compensation at the annual rate of $18,000, and the Chairman of the Nominations Committee receives additional compensation at the annual rate of $7,500. The fees are allocated across the Trust 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.
Notes to Financial Statements — (continued)
March 31, 2019 (Unaudited)
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 uncommitted amount of $100,000,000 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 will expire on March 25, 2020. During the period ended March 31, 2019, 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 Mid Value Fund | | | 3.25 | % | | | 1,592,250 | | | 4 | | | | 575 | | | | 2,029,000 | |
| Sterling Capital Special Opportunities Fund | | | 3.47 | % | | | 2,959,000 | | | 9 | | | | 2,583 | | | | 6,399,000 | |
| Sterling Capital Equity Income Fund | | | 3.25 | % | | $ | 15,752,000 | | | 1 | | | $ | 1,422 | | | $ | 15,752,000 | |
| Sterling Capital Behavioral International Equity Fund | | | 3.50 | % | | | 127,000 | | | 5 | | | | 61 | | | | 220,000 | |
| Sterling Capital Stratton Small Cap Value | | | 3.38 | % | | | 1,753,000 | | | 6 | | | | 1,004 | | | | 2,615,000 | |
| Sterling Capital Ultra Short Bond Fund | | | 3.25 | % | | | 358,000 | | | 1 | | | | 32 | | | | 358,000 | |
| 8. | Federal Tax Information: |
It is the policy of each Fund to continue to qualify as a regulated investment company as defined in the Internal Revenue Code of 1986, as amended (the “Code”), by complying with the applicable provisions of the Code 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.
Capital losses originating in taxable years beginning on or before December 22, 2010 are permitted to be carried forward for eight taxable years; in the year to which they are carried forward, such losses are treated as short-term capital losses that first offset any short-term capital gains, and then offset any long-term capital gains. Under the Regulated Investment Company Modernization Act of 2010, capital losses originating in taxable years beginning after December 22, 2010 (“post-2010 capital losses”) are carried forward indefinitely. Furthermore, post-2010 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.
At September 30, 2018, the following Funds had net capital loss carryforwards available to offset future net capital gains, if any, to the extent provided by the Code and the Treasury regulations:
| | | Amount With No Expiration* | | | | | | | |
| | | Short-term Losses | | | Long-term Losses | | | Amount | | | Expires | |
| Sterling Capital Ultra Short Bond Fund | | $ | 184,261 | | | $ | 830,198 | | | $ | — | | | | — | |
| Sterling Capital Short Duration Bond Fund | | | 1,526,578 | | | | 6,186,114 | | | | — | | | | — | |
| Sterling Capital Short Duration Bond Fund | | | — | | | | — | | | | 385,647 | | | | 2019 | |
| Sterling Capital Intermediate U.S. Government Fund | | | 287,649 | | | | 488,276 | | | | — | | | | — | |
| Sterling Capital Intermediate U.S. Government Fund | | | — | | | | — | | | | 37,850 | | | | 2019 | |
| Sterling Capital Total Return Bond Fund | | | 4,836,186 | | | | 5,960,736 | | | | — | | | | — | |
| Sterling Capital Securitized Opportunities Fund | | | 1,402,606 | | | | 409,309 | | | | — | | | | — | |
| Sterling Capital North Carolina Intermediate Tax-Free Fund | | | 1,309,715 | | | | — | | | | — | | | | — | |
Notes to Financial Statements — (continued)
March 31, 2019 (Unaudited)
| | | Amount With No Expiration* | | | | | | | | | |
| | | Short-term Losses | | | Long-term Losses | | | Amount | | | Expires | |
| Sterling Capital South Carolina Intermediate Tax-Free Fund | | | 600,034 | | | | — | | | | — | | | | — | |
| Sterling Capital Virginia Intermediate Tax-Free Fund | | | 400,485 | | | | — | | | | — | | | | — | |
| Sterling Capital Diversified Income Fund | | | 1,120,037 | | | | — | | | | — | | | | — | |
| Sterling Capital Strategic Allocation Balanced Fund | | | — | | | | — | | | | 3,143,583 | | | | 2019 | |
| Sterling Capital Strategic Allocation Growth Fund | | | — | | | | — | | | | 4,640,596 | | | | 2019 | |
| * | Post-2010 Capital 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, 2018 was 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 | | $ | 7,229,983 | | | $ | 4,075,406 | | | $ | 11,305,389 | | | $ | — | | | $ | 11,305,389 | |
| Sterling Capital Mid Value Fund | | | 1,268,408 | | | | 33,901,796 | | | | 35,170,204 | | | | — | | | | 35,170,204 | |
| Sterling Capital Behavioral Small Cap Value Equity Fund | | | 2,095,349 | | | | 8,361,015 | | | | 10,456,364 | | | | — | | | | 10,456,364 | |
| Sterling Capital Special Opportunities Fund | | | 8,064,108 | | | | 94,001,292 | | | | 102,065,400 | | | | — | | | | 102,065,400 | |
| Sterling Capital Equity Income Fund | | | 28,256,090 | | | | 155,261,074 | | | | 183,517,164 | | | | — | | | | 183,517,164 | |
| Sterling Capital Behavioral International Equity Fund | | | 3,066,437 | | | | 115,708 | | | | 3,182,145 | | | | — | | | | 3,182,145 | |
| Sterling Capital SMID Opportunities Fund | | | 147,580 | | | | 41,361 | | | | 188,941 | | | | — | | | | 188,941 | |
| Sterling Capital Stratton Mid Cap Value Fund | | | 308,630 | | | | 2,385,169 | | | | 2,693,799 | | | | — | | | | 2,693,799 | |
| Sterling Capital Stratton Real Estate Fund | | | 2,129,991 | | | | 2,715,815 | | | | 4,845,806 | | | | — | | | | 4,845,806 | |
| Sterling Capital Stratton Small Cap Value Fund | | | 3,688,565 | | | | 107,965,197 | | | | 111,653,762 | | | | — | | | | 111,653,762 | |
| Sterling Capital Ultra Short Bond Fund | | | 682,478 | | | | — | | | | 682,478 | | | | — | | | | 682,478 | |
| Sterling Capital Short Duration Bond Fund | | | 2,844,454 | | | | — | | | | 2,844,454 | | | | — | | | | 2,844,454 | |
| Sterling Capital Intermediate U.S. Government Fund | | | 579,826 | | | | — | | | | 579,826 | | | | — | | | | 579,826 | |
| Sterling Capital Total Return Bond Fund | | | 35,749,155 | | | | — | | | | 35,749,155 | | | | — | | | | 35,749,155 | |
| Sterling Capital Corporate Fund | | | 903,406 | | | | 185,154 | | | | 1,088,560 | | | | — | | | | 1,088,560 | |
| Sterling Capital Securitized Opportunities Fund | | | 1,177,848 | | | | — | | | | 1,177,848 | | | | — | | | | 1,177,848 | |
| Sterling Capital Kentucky Intermediate Tax-Free Fund | | | 4,994 | | | | 38,542 | | | | 43,536 | | | | 252,800 | | | | 296,336 | |
| Sterling Capital Maryland Intermediate Tax-Free Fund | | | 5,822 | | | | 161,923 | | | | 167,745 | | | | 441,393 | | | | 609,138 | |
| Sterling Capital North Carolina Intermediate Tax-Free Fund | | | 42,277 | | | | — | | | | 42,277 | | | | 4,312,450 | | | | 4,354,727 | |
| Sterling Capital South Carolina Intermediate Tax-Free Fund | | | 23,099 | | | | — | | | | 23,099 | | | | 1,724,027 | | | | 1,747,126 | |
| Sterling Capital Virginia Intermediate Tax-Free Fund | | | 17,056 | | | | — | | | | 17,056 | | | | 1,933,651 | | | | 1,950,707 | |
| Sterling Capital West Virginia Intermediate Tax-Free Fund | | | 26,262 | | | | 112,664 | | | | 138,926 | | | | 1,948,245 | | | | 2,087,171 | |
| Sterling Capital Diversified Income Fund | | | 887,840 | | | | — | | | | 887,840 | | | | — | | | | 887,840 | |
| Sterling Capital Strategic Allocation Balanced Fund | | | 666,598 | | | | — | | | | 666,598 | | | | — | | | | 666,598 | |
| Sterling Capital Strategic Allocation Growth Fund | | | 489,319 | | | | — | | | | 489,319 | | | | — | | | | 489,319 | |
| * | Total distributions paid may differ from the Statements of Changes in Net Assets because distributions are recognized when actually paid for tax purposes. The Funds may also utilize equalization accounting for tax purposes and designate earnings and profits, including net realized gains distributed to shareholders on redemption of shares, as part of the dividends. |
Notes to Financial Statements — (continued)
March 31, 2019 (Unaudited)
Under current tax law, net capital losses or, if there are no such losses, net long-term capital losses or net short-term capital losses realized after October 31, net ordinary losses from the sale, exchange or other taxable disposition of property realized after October 31 and other net ordinary losses realized after December 31 of a Fund’s taxable year may be deferred and treated as occurring on the first business day of the following taxable 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 taxable year ending September 30, 2018:
| | | Qualified Late-Year Ordinary Losses | | | Qualified Late Year Short-term Capital Losses | | | Qualified Late Year Long-term Capital Losses | |
| Sterling Capital SMID Opportunities Fund | | $ | 14,748 | | | $ | 4,587 | | | $ | — | |
| Sterling Capital Ultra Short Bond Fund | | | — | | | | 20,977 | | | | 97,585 | |
| Sterling Capital Total Return Bond Fund | | | — | | | | 5,374,826 | | | | 5,820,465 | |
| Sterling Capital Corporate Fund | | | — | | | | 184,590 | | | | (14,493 | ) |
| Sterling Capital Securitized Opportunities Fund | | | — | | | | 19,424 | | | | 154,907 | |
As of March 31, 2019, 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 | | $ | 261,106,136 | | | $ | 26,042,309 | | | $ | (6,980,855 | ) | | $ | 19,061,454 | |
| Sterling Capital Mid Value Fund | | | 394,806,009 | | | | 91,515,732 | | | | (43,786,053 | ) | | | 47,729,679 | |
| Sterling Capital Behavioral Small Cap Value Equity Fund | | | 198,140,974 | | | | 22,041,381 | | | | (10,613,159 | ) | | | 11,428,222 | |
| Sterling Capital Special Opportunities Fund | | | 731,787,194 | | | | 367,667,867 | | | | (20,824,355 | ) | | | 346,843,512 | |
| Sterling Capital Equity Income Fund | | | 1,213,590,950 | | | | 490,073,394 | | | | (25,539,280 | ) | | | 464,534,114 | |
| Sterling Capital Behavioral International Equity Fund | | | 73,509,054 | | | | 5,900,731 | | | | (4,401,750 | ) | | | 1,498,981 | |
| Sterling Capital SMID Opportunities Fund | | | 7,339,001 | | | | 1,813,454 | | | | (365,592 | ) | | | 1,447,862 | |
| Sterling Capital Stratton Mid Cap Value Fund | | | 40,192,437 | | | | 20,751,778 | | | | (1,020,567 | ) | | | 19,731,211 | |
| Sterling Capital Stratton Real Estate Fund | | | 62,367,545 | | | | 38,468,972 | | | | (362,618 | ) | | | 38,106,354 | |
| Sterling Capital Stratton Small Cap Value Fund | | | 529,315,210 | | | | 497,113,991 | | | | (14,887,140 | ) | | | 482,226,851 | |
| Sterling Capital Ultra Short Bond Fund | | | 45,552,797 | | | | 101,776 | | | | (43,324 | ) | | | 58,452 | |
| Sterling Capital Short Duration Bond Fund | | | 176,945,467 | | | | 970,095 | | | | (409,801 | ) | | | 560,294 | |
| Sterling Capital Intermediate U.S. Government Fund | | | 15,747,138 | | | | 196,397 | | | | (86,416 | ) | | | 109,981 | |
| Sterling Capital Total Return Bond Fund | | | 1,278,684,034 | | | | 19,553,268 | | | | (9,103,607 | ) | | | 10,449,661 | |
| Sterling Capital Corporate Fund | | | 22,324,027 | | | | 368,130 | | | | (73,840 | ) | | | 294,290 | |
| Sterling Capital Securitized Opportunities Fund | | | 35,757,528 | | | | 560,891 | | | | (304,457 | ) | | | 256,434 | |
| Sterling Capital Kentucky Intermediate Tax-Free Fund | | | 9,920,918 | | | | 330,295 | | | | (290 | ) | | | 330,005 | |
| Sterling Capital Maryland Intermediate Tax-Free Fund | | | 15,659,725 | | | | 515,570 | | | | (8 | ) | | | 515,562 | |
| Sterling Capital North Carolina Intermediate Tax-Free Fund | | | 157,952,446 | | | | 6,236,162 | | | | (1,808 | ) | | | 6,234,354 | |
| Sterling Capital South Carolina Intermediate Tax-Free Fund | | | 73,417,773 | | | | 2,502,481 | | | | — | | | | 2,502,481 | |
| Sterling Capital Virginia Intermediate Tax-Free Fund | | | 78,057,981 | | | | 2,725,833 | | | | (3,260 | ) | | | 2,722,573 | |
| Sterling Capital West Virginia Intermediate Tax-Free Fund | | | 64,843,477 | | | | 2,405,464 | | | | (20,878 | ) | | | 2,384,586 | |
| Sterling Capital Diversified Income Fund | | | 17,471,275 | | | | 588,391 | | | | (573,072 | ) | | | 15,319 | |
| Sterling Capital Strategic Allocation Balanced Fund | | | 26,204,541 | | | | 1,859,230 | | | | (439,625 | ) | | | 1,419,605 | |
| Sterling Capital Strategic Allocation Growth Fund | | | 20,149,952 | | | | 1,800,464 | | | | (453,521 | ) | | | 1,346,943 | |
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 no events that require recognition or disclosure in the financial statements.
BOARD CONSIDERATION OF ADVISORY AGREEMENTS (UNAUDITED)
Continuation of Current Advisory Agreement
The Board of Trustees conducted in-person meetings in August and November 2018 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, 2020. The above referenced agreement is referred to herein as the “Advisory Agreement.”
The Trustees reviewed extensive material in connection with their consideration of the Advisory Agreement, including data from an independent provider of mutual fund data (as assembled by the Trust’s administrator), which, where applicable, included comparisons with a peer group of comparable funds (based on average share class assets) 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 Trustees noted that, as detailed below, Sterling Capital had agreed to reduce its contractual advisory fee rate for a number of Funds in recent years as part of the annual contract review process. The Board was assisted in its review by independent legal counsel, who provided a memorandum detailing the legal standards for review of the Advisory Agreement. 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. 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 Agreement, each Trustee attributed different weights to various factors involved in an analysis of the Advisory Agreement, and in each case no factor alone was considered determinative. The Trustees determined that the arrangement between the Trust and the Adviser, as provided in the Advisory Agreement, was fair and reasonable and that the continuance of the Advisory Agreement 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 Agreement. 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 the 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 Adviser to provide high quality service to each Fund.
The Trustees received information concerning the investment philosophy and investment processes applied or to be applied by the Adviser in managing each Fund as well as the Adviser’s Form ADV. The Trustees also considered information regarding regulatory compliance and compliance with the investment policies of the Funds. The Trustees evaluated the Adviser’s trading practices, and considered the procedures of the Adviser designed to fulfill the Adviser’s fiduciary duty to the Funds 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 the quality of the services provided or to be provided by the Adviser 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 independently determined peer fund categories. In conducting their review, the Trustees focused particular attention on cases where a Fund’s longer-term performance compared unfavorably with relevant peer categories. The Trustees noted that Sterling Capital had been proactive in identifying and replacing underperforming portfolio managers over time 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.
Cost of Services, Including the Profits Realized by the Adviser and Affiliates, and Other Benefits
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 2020 (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’ portfolio transactions. 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 Adviser. In determining whether the investment advisory fees were reasonable, the Trustees considered profitability information provided by the Adviser with respect to investment advisory services. With respect to such information, the Trustees recognized that such profitability data was generally unaudited and represented the Adviser’s own determination of its and its affiliates’ revenues from the contractual services provided or expected to be provided to the Funds, less estimated 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 very limited comparative profitability information is publicly available, and what information is available is not necessarily prepared on a comparable basis and could be affected by numerous factors. Based on their review, the Trustees concluded that the profitability of the Adviser as a result of its relationships with the Funds was acceptable.
Based on the foregoing, the Trustees concluded that the fees proposed under the Advisory Agreement 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 for the period February 1, 2019 to January 31, 2020, including fee waivers agreed to as part of the 2018 contract review process for Sterling Capital SMID Opportunities Fund, Sterling Capital Total Return Bond Fund, Sterling Capital Behavioral International Equity Fund and Sterling Capital Stratton Small Cap Value Fund. In addition, the Trustees also considered that Sterling Capital had agreed to limit its advisory fee rates for the period February 1, 2019 to January 31, 2020 for each of the following Funds as part of the 2018 contract review process: the Sterling Capital Behavioral International Equity Fund, Sterling Capital Stratton Small Cap Value Fund, Sterling Capital SMID Opportunities Fund, Sterling Capital Ultra Short Bond Fund, Sterling Capital Intermediate U.S. Government Fund, Sterling Capital Short Duration Bond Fund, Sterling Capital Total Return Bond Fund, Sterling Capital Securitized Opportunities Fund, Sterling Capital Strategic Allocation Balanced Fund and Sterling Capital Strategic Allocation Growth Fund. The Trustees found that, taking into account these fee waivers and reductions, each Fund’s fee schedule represents an appropriate sharing between the Fund and Sterling Capital of such economies of scale as may exist as current asset levels.
March 31, 2019
Other Information (Unaudited)
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 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 www.sec.gov.
The Funds file complete Schedules of Portfolio Holdings with the Commission for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Funds’ Forms N-PORT reports, once filed, will be available without charge on the Commission’s website at www.sec.gov.
Notice of Privacy Policy & Practices
Sterling Capital Funds provide this notice to you so that you will know what kinds of information we collect about shareholders1, prospective investors, and individuals (such as beneficiaries), and the circumstances in which that information may be disclosed to third parties who are not affiliated with Sterling Capital Funds.
Collection of Personal Information
We collect nonpublic personal information about you from the following sources:
| ● | Account Applications and other forms, which may include your name, address, social security number, and information about your investment goals and risk tolerance; |
| ● | Account History, including information about the transactions and balances in your account(s); |
| ● | Correspondence, written, telephonic or electronic between you and Sterling Capital Funds or service providers working on behalf of Sterling Capital Funds; |
| ● | Online, your name and e-mail address if you provide them; and |
| ● | Third Parties, such as your financial intermediary in connection with your transactions, or third-party data services used to verify or update personal information that you provide. |
To comply with federal regulations, information we receive from you or a third party will be used to verify your identity.
Disclosure of Personal Information
We may disclose your personal information as permitted by law to third parties who are not affiliated with the Sterling Capital Funds, including:
| ● | in connection with legal proceedings, such as responding to a subpoena; |
| ● | to service providers who maintain or service shareholder accounts for Sterling Capital Funds or to a shareholder’s broker or agent; or to companies that mail account-related materials, such as shareholder reports; and |
| ● | to perform marketing services on our behalf, or pursuant to a joint marketing agreement with another financial institution. |
Safeguarding of Personal Information
Sterling Capital Funds employs policies, practices and procedures for safeguarding your personal information that we believe comply with applicable law, however no security measures are perfect or impenetrable.
We request that all service providers to Sterling Capital Funds:
| ● | maintain policies and procedures designed to assure only appropriate access to, and use of your personal information; and |
| ● | maintain physical, electronic and procedural safeguards that comply with applicable legal standards to guard your nonpublic personal information. |
When information is shared with third parties, they are not permitted to use the information for any purpose other than to assist our servicing of your account(s), including helping us improve the services we offer.
| 1 | For purposes of this notice, the terms “shareholder” or “shareholders” includes both individual shareholders (both current and former) of the Sterling Capital Funds and individuals (such as beneficiaries, for example) whose nonpublic personal information is provided to the Sterling Capital Funds, even though they do not invest in Sterling Capital Funds shares. |
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INVESTMENT ADVISOR
Sterling Capital Management LLC
4350 Congress Street, Suite 1000
Charlotte, NC 28209
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. |
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 last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting. |
Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.
Item 13. Exhibits.
| (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. |
| (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) | |
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) | |
| By (Signature and Title) | /s/ Todd M. Miller | |
| | Todd M. Miller, Treasurer | |
| | (principal financial officer) | |
