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:September 30, 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.
Sterling Capital Funds
Table of Contents
Letter from the President and the Investment Advisor | 1 |
Fund Summary |
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Sterling Capital Behavioral Large Cap Value Equity Fund | 2 |
Sterling Capital Mid Value Fund | 4 |
Sterling Capital Behavioral Small Cap Value Equity Fund | 6 |
Sterling Capital Special Opportunities Fund | 8 |
Sterling Capital Equity Income Fund | 10 |
Sterling Capital Behavioral International Equity Fund | 12 |
Sterling Capital SMID Opportunities Fund | 14 |
Sterling Capital Stratton Mid Cap Value Fund | 16 |
Sterling Capital Stratton Real Estate Fund | 18 |
Sterling Capital Stratton Small Cap Value Fund | 20 |
Sterling Capital Ultra Short Bond Fund | 22 |
Sterling Capital Short Duration Bond Fund | 24 |
Sterling Capital Intermediate U.S. Government Fund | 26 |
Sterling Capital Total Return Bond Fund | 28 |
Sterling Capital Corporate Fund | 30 |
Sterling Capital Securitized Opportunities Fund | 32 |
Sterling Capital Kentucky Intermediate Tax-Free Fund | 34 |
Sterling Capital Maryland Intermediate Tax-Free Fund | 36 |
Sterling Capital North Carolina Intermediate Tax-Free Fund | 38 |
Sterling Capital South Carolina Intermediate Tax-Free Fund | 40 |
Sterling Capital Virginia Intermediate Tax-Free Fund | 42 |
Sterling Capital West Virginia Intermediate Tax-Free Fund | 44 |
Sterling Capital Diversified Income Fund | 46 |
Sterling Capital Strategic Allocation Funds | 48 |
Summary of Portfolio Holdings | 51 |
Expense Example | 55 |
Schedules of Portfolio Investments |
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Sterling Capital Behavioral Large Cap Value Equity Fund | 59 |
Sterling Capital Mid Value Fund | 61 |
Sterling Capital Behavioral Small Cap Value Equity Fund | 62 |
Sterling Capital Special Opportunities Fund | 65 |
Sterling Capital Equity Income Fund | 66 |
Sterling Capital Behavioral International Equity Fund | 68 |
Sterling Capital SMID Opportunities Fund | 71 |
Sterling Capital Stratton Mid Cap Value Fund | 72 |
Sterling Capital Stratton Real Estate Fund | 74 |
Sterling Capital Stratton Small Cap Value Fund | 75 |
Sterling Capital Ultra Short Bond Fund | 76 |
Sterling Capital Short Duration Bond Fund | 79 |
Sterling Capital Intermediate U.S. Government Fund | 84 |
Sterling Capital Total Return Bond Fund | 86 |
Sterling Capital Corporate Fund | 94 |
Sterling Capital Securitized Opportunities Fund | 97 |
Sterling Capital Kentucky Intermediate Tax-Free Fund | 100 |
Sterling Capital Maryland Intermediate Tax-Free Fund | 102 |
Sterling Capital North Carolina Intermediate Tax-Free Fund | 104 |
Sterling Capital South Carolina Intermediate Tax-Free Fund | 107 |
Sterling Capital Virginia Intermediate Tax-Free Fund | 109 |
Sterling Capital West Virginia Intermediate Tax-Free Fund | 111 |
Sterling Capital Diversified Income Fund | 113 |
Sterling Capital Strategic Allocation Balanced Fund | 114 |
Sterling Capital Strategic Allocation Growth Fund | 115 |
Financial Statements | 116 |
Notes to Financial Statements | 186 |
Report of Independent Registered Public Accounting Firm | 201 |
Other Information | 202 |
Board of Trustees | 203 |
Notice of Privacy Policy & Practices | 205 |
(This page has been left blank intentionally.)
Letter from the President and the Investment Advisor
Dear Shareholders:
We are pleased to present this Sterling Capital Funds annual report covering the 12 months between October 1, 2018, and September 30, 2019.
Volatility impacted global markets during the period as investors grew concerned about global growth. These concerns were triggered by trade conflicts between the U.S. and China, geopolitical turmoil in the Middle East and uncertainty over Brexit. U.S. equity markets delivered moderate returns despite this volatility, as markets staged recoveries following each market decline.
Fixed income markets fluctuated during the period as well. The U.S. Federal Reserve (the Fed) reversed its strategy during the period, and after raising interest rates and tightening monetary policy in late 2018, it chose to cut interest rates by 25 basis points twice, once each in July and September 2019. Falling rates drove bond prices higher and Treasury yields lower, and the yield curve continued to flatten.
In August 2019, the yield on 10-year Treasuries dropped below the yield on two-year Treasuries for the first time since 2008. Because investors treat yield-curve inversions as an indicator of a recession, this development sparked a decline in investor confidence, which added to volatility in both fixed income and equity markets.
A Volatile Economic Environment
U.S. economic growth decelerated during the period. Consumer spending, which accounts for more than two-thirds of U.S. economic output, also slowed. As the benefits of tax reform faded and trade-war rhetoric increased, businesses grew more cautious in their capital deployment. Tight unemployment markets and steady labor participation rates helped offset some of these negative trends, however. Gross domestic product (GDP) grew at a brisk pace of 4.6% during the fourth quarter of 2018, then slowed moderately to 3.1% in the first quarter of 2019. By the second quarter of 2019, GDP had decelerated to 2.0%, and preliminary estimates suggest the third quarter will show another modest drop. The Fed’s decision to cut rates in July (the first time since 2008) was partly a response to this trend of slowing domestic growth.
Economic indicators in the U.S. grew mixed during the period under review. Although rising productivity, low inflation and low unemployment persisted throughout the 12 months, manufacturing data cast a shadow over the markets. The yield curve inversion in August 2019 also gave investors reason for concern.
U.S. Equities Produce Overall Gains
After falling -13.5% in the fourth quarter of 2018, the S&P 500®Index(1) climbed +20.55% during the first three quarters of 2019, bringing it back into modestly positive territory for the 12-month period under review. Large-cap stocks heavily outperformed smaller company shares. The Russell 2000® Index(2) of small-cap stocks delivered a total return of -8.89%, compared to a +3.87% return for the Russell 1000®Index(3), which measures large-cap stocks. The Bloomberg Barclays U.S. Aggregate Bond Index(4) rose +10.30%. Some of this growth stemmed from the Fed’s decision to cut rates, which drove bond prices higher.
The early collapse in domestic stock prices was a result of concern over trade tariffs with China and the potential impact of a no-deal Brexit, among other geopolitical tensions. Investors were also concerned about the Fed’s plan to continue raising short-term interest rates in 2019.
Stock prices surged in early spring before experiencing bouts of marked volatility throughout the latter half of the period. Investor concerns waxed and waned along with breaking developments in trade news. Accelerating volatility from May through August generated mixed returns among domestic stock sectors, with consumer staples and utility stocks surging in the third quarter of 2019, while energy stocks and health care stocks declined.
Slowdown in Foreign Markets
Global economic weakness spread to the eurozone, Japan and most emerging markets as they began to feel the effects of trade turmoil, stagnant consumer demand and tight monetary policies. International stocks in developed markets fell during the period as a result of these headwinds, with the MSCI EAFE Net Index(5) of developed markets declining - 1.34%. Positive trade news generated brief rallies in developed and emerging markets, but failed to generate much momentum. Amid this uncertainty, recession worries in the eurozone and negative interest rate policies pursued by multiple central banks weighed on the global economic environment.
The MSCI Emerging Markets Index(6) was down—2.02% in the period as emerging markets continued to struggle. The slowing Chinese economy offset more positive performances in select emerging market economies, such as India and Brazil.
Our Perspective
In the current economic climate, investors have grouped themselves into camps with sharply divergent views of the economic future. One group sees an economic storm approaching and has braced itself for a global recession accompanied by declining asset values. This group sees a future driven by trade wars, negative geopolitical events and tight monetary policies that will drive negative bond yields in some markets.
The other group sees eventual trade reconciliation and accommodative Fed policy buoying a U.S. economy that continues to show strong, sustained fundamentals, including strong employment, rising productivity, low inflation and resilient consumer spending.
We see an economic scenario that falls between these two extremes. We believe U.S. economic growth will continue to slow as global weakness spreads throughout the eurozone, Japan and most emerging markets. However, we do not foresee a looming global economic recession.
Given the current climate, we continue to recommend that investors stay focused on the long term, while managing risk through asset class diversification. We will continue to monitor events and manage the Sterling Capital Funds accordingly.
Thank you for your confidence in Sterling Capital Management. We look forward to serving your future investment needs. If you have any questions, please call us at 1-800-228-1872.
Sincerely,
/s/ James T. Gillespie |
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James T. Gillespie |
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President |
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Sterling Capital Funds |
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/s/ Jeffrey J. Schappe |
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Jeffrey J. Schappe, CFA |
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Managing Director |
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Sterling Capital Management LLC |
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(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.
(3) “Russell 1000®” 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 1000® Index is a large-cap market index of the largest stocks in the U.S. equity markets. 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.
(4) The Bloomberg Barclays U.S. Aggregate Bond Index is an unmanaged index composed of securities that are SEC-registered, taxable, and dollar denominated. The index covers the U.S. investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities. It is not possible to invest in the Bloomberg Barclays U.S. Aggregate Bond Index, which is unmanaged and does not incur fees and charges.
(5) The MSCI Emerging Markets Index captures large and mid cap equity representation across 26 developing market countries. The Index covers approximately 85% of the free float-adjusted market capitalization in each country.
(6) The MSCI EAFE® Net Index measures the performance of the developed stock markets of Europe, Australia, and the Far East.
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.
Sterling Capital Behavioral Large Cap Value Equity Fund
Portfolio Managers
Sterling Capital Behavioral Large Cap Value Equity Fund (the “Fund”) is managed by Robert W. Bridges, CFA, and Robert O. Weller, CFA, Executive Directors and portfolio managers for Sterling Capital Management LLC (“Sterling Capital”), advisor to the Fund.
Robert W. Bridges, CFA
Mr. Bridges, CFA, Executive Director joined Sterling Capital in 1996 and has been a co-portfolio manager of the Fund since 2013. He has investment experience since 1991. He is a graduate of Wake Forest University where he received his BS in Business.
Robert O. Weller, CFA
Mr. Weller, CFA, Executive Director joined Sterling Capital in 2012 and has been a co-portfolio manager of the Fund since 2013. He has investment experience since 1996. He is a graduate of Loyola University Maryland where he received his BBA in Finance.
Investment Considerations
The overall results of the Fund will be dependent on the process and ability of the Adviser to apply “behavioral finance” principles to recognize a company’s value, earnings revisions and price momentum. The Fund may invest in undervalued securities which may not appreciate in value as anticipated or remain undervalued for longer than anticipated. The overall results of the Fund will be dependent on the process and ability of the Adviser to recognize a company’s value. The Fund may invest in REITs (Real Estate Investment Trusts), the value of which will be affected by conditions of the real estate industry. The Fund may also invest in exchange-traded funds (ETFs); thus shareholders may bear additional costs and the ETF may not exactly replicate the performance it seeks to track.
Q. How did the Fund perform during the 12-month period between October 1, 2018 and September 30, 2019?
A. The Fund’s Institutional Shares underperformed its current benchmark, the Russell 1000® Value Index.
Q. What factors affected the Fund’s performance?
A. U.S. stocks weathered several bouts of volatility to post modest gains during the period. Renewed trade concerns and investors’ fears of a recession triggered a large sell-off in the fourth quarter of 2018, but stocks rallied at the beginning of 2019 as the Federal Reserve signaled an end to rising interest rates. Continuing trade tensions, as well as weak global macroeconomic data, contributed to investor anxiety for the remainder of the period, causing sporadic dips in stock performance and keeping overall gains in check.
The Fund applies principles of behavioral finance to its investment strategy. This process is designed to capitalize on known investor biases and heuristics (mental shortcuts) by accounting for the impact on markets of behavioral factors such as greed, fear and ego.
The Fund’s behavioral-driven factors had a negative effect on the portfolio’s performance relative to its benchmark, as both value exposure and momentum strategy detracted from relative returns.
Stock selection in the consumer staples sector, particularly food and staples retailing, dragged on the Fund’s relative performance, as did the choice of stocks in the health care equipment and services industry. The Fund’s strategy of maintaining an average market capitalization profile that was smaller than the benchmark also detracted from returns, as larger stocks generally outperformed smaller ones during the period.
Although the Fund significantly underperformed the benchmark during the year, its exposure to growth stocks, which generally outperformed value stocks for the period under review, contributed to relative returns. The Fund’s underweight allocation to energy stocks also added to relative results, as falling oil prices drove down share prices in that sector.
Portfolio composition is as of September 30, 2019 and is subject to change and risk.
* Reflects 5.75% maximum sales charge.
** Reflects the applicable maximum CDSC of 1.00% (applicable only to redemptions within one year of purchase, and as such, are not reflected in the Average Annual Total Returns table since the periods reflected are for a year or longer).
Average Annual Total Returns
As of |
| Inception |
|
|
|
|
|
|
|
September 30, 2019 |
| Date |
| 1 Year |
| 5 Years |
| 10 Years |
|
Class A Shares* |
| 10/9/92 |
| -7.96 | % | 5.09 | % | 8.70 | % |
Class C Shares** |
| 2/1/01 |
| -3.08 | % | 5.56 | % | 8.54 | % |
Institutional Shares |
| 10/9/92 |
| -2.08 | % | 6.62 | % | 9.62 | % |
Class R6 Shares |
| 2/1/18 | (1) | -2.02 | % | 6.63 | % | 9.63 | % |
Russell 1000® Value Index |
| N/A |
| 4.00 | % | 7.79 | % | 11.46 | % |
Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. Total return figures include change in share price, reinvestment of dividends and capital gains, and do not reflect taxes that a shareholder would pay on fund distributions or on the redemption of fund shares. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. To obtain performance information current to the most recent month end, please visit www.sterlingcapitalfunds.com.
The chart above represents a comparison of a hypothetical $10,000 investment in the indicated share class versus a similar investment in the Fund’s benchmark.
(1) Class R6 Shares were not in existence prior to 2/1/18. Performance for periods prior to 2/1/18 is based on the performance of Institutional Shares.
The Russell 1000® Value Index is a widely recognized index of common stocks that measures the performance of the large-cap value sector of the U.S. equity market. The index is unmanaged and does not reflect the deduction of expenses associated with a mutual fund, such as investment management and fund accounting fees. Investors cannot invest directly in an index, although they can invest in its underlying securities.
Sterling Capital Mid Value Fund
Portfolio Manager
Timothy P. Beyer, CFA
Sterling Capital Mid Value Fund (the “Fund”) is managed by Timothy P. Beyer, CFA, Managing Director and portfolio manager for Sterling Capital Management LLC (“Sterling Capital”), advisor to the Fund. Mr. Beyer joined Sterling Capital in 2004 and has been the lead portfolio manager of the Fund since 2005. He has investment experience since 1989. Mr. Beyer is a graduate of East Carolina University where he received his BSBA in Finance.
Investment Considerations
The Fund may invest in undervalued securities that may not appreciate in value as anticipated or remain undervalued for longer than anticipated. Investments made in small to mid-capitalization companies are subject to greater risks than large company stocks due to limited resources and inventory and are more sensitive to adverse conditions. The Fund may invest in foreign securities, which may be more volatile and less liquid due to currency fluctuation, political instability, social and economic risks.
Q. How did the Fund perform during the 12-month period between October 1, 2018 and September 30, 2019?
A. The Fund’s Institutional Shares underperformed its current benchmark, the Russell Midcap® Value Index.
Q. What factors affected the Fund’s performance?
A. U.S. mid-cap stocks posted modest gains for the period despite an increase in volatility. Mixed signals in the economy, such as low unemployment, slowing manufacturing and the ongoing trade war between China and the U.S. generated concerns among many investors, which weighed on economically sensitive stocks. In particular, the reduced appetite for risk weighed on financials and consumer discretionary stocks, which negatively impacting the Fund’s absolute returns.
Despite the weaker returns in consumer discretionary, however, stock selection within that sector benefited the Fund’s relative performance. Several stocks, including a used car retailer, a dollar store chain, an e-commerce platform, and a high-tech developer of automotive parts, performed well on the basis of strong earnings. The Fund’s investment in a transaction processing company also benefited relative results when the company agreed to be acquired at a significant premium during the period.
The Fund’s below-benchmark exposure to sectors sensitive to interest rates, such as utilities, REITs and consumer staples, weighed on relative performance during the period. As economic growth softened, interest rates fell, leading to strong outperformance in those sectors. An overweight allocation to financials also dragged on performance as that sector underperformed amid the decline in interest rates and the flattened and inverted yield curve.
Portfolio composition is as of September 30, 2019 and is subject to change and risk.
* Reflects 5.75% maximum sales charge.
** Reflects the applicable maximum CDSC of 1.00% (applicable only to redemptions within one year of purchase, and as such, are not reflected in the Average Annual Total Returns table since the periods reflected are for a year or longer).
Average Annual Total Returns
As of |
| Inception |
|
|
|
|
|
|
|
September 30, 2019 |
| Date |
| 1 Year |
| 5 Years |
| 10 Years |
|
Class A Shares* |
| 8/1/96 |
| -8.37 | % | 4.81 | % | 9.45 | % |
Class C Shares** |
| 7/25/01 |
| -3.52 | % | 5.27 | % | 9.28 | % |
Institutional Shares |
| 8/1/96 |
| -2.54 | % | 6.33 | % | 10.38 | % |
Class R Shares |
| 2/1/10 | (1) | -3.02 | % | 5.83 | % | 9.78 | % |
Class R6 Shares |
| 2/1/18 | (2) | -2.45 | % | 6.38 | % | 10.40 | % |
Russell Midcap® Value Index |
| N/A |
| 1.60 | % | 7.55 | % | 12.29 | % |
Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. Total return figures include change in share price, reinvestment of dividends and capital gains, and do not reflect taxes that a shareholder would pay on fund distributions or on the redemption of fund shares. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. To obtain performance information current to the most recent month end, please visit www.sterlingcapitalfunds.com.
The chart above represents a comparison of a hypothetical $10,000 investment in the indicated share class versus a similar investment in the Fund’s benchmark.
(1) Class R Shares were not in existence prior to 2/1/10. Performance for periods prior to 2/1/10 is based on the performance of the Institutional Shares, but such performance does not reflect Class R Shares’ 12b-1 fees, which if reflected, would have caused performance to be lower.
(2) Class R6 Shares were not in existence prior to 2/1/18. Performance for periods prior to 2/1/18 is based on the performance of the Institutional Shares.
The Fund is measured against the Russell Midcap® Value Index, an unmanaged index, which measures the performance of the mid-cap value segment of the U.S. equity universe. It includes those Russell Midcap® Index companies with lower price-to-book ratios and lower forecasted growth values. The index is unmanaged and does not reflect the deduction of expenses associated with a mutual fund, such as investment management and fund accounting fees. Investors cannot invest directly in an index, although they can invest in its underlying securities.
Sterling Capital Behavioral Small Cap Value Equity Fund
Portfolio Managers
Sterling Capital Behavioral Small Cap Value Equity Fund (the “Fund”) is managed by Robert W. Bridges, CFA, and Robert O. Weller, CFA, Executive Directors and portfolio managers for Sterling Capital Management LLC (“Sterling Capital”), advisor to the Fund.
Robert W. Bridges, CFA
Mr. Bridges, CFA, Executive Director joined Sterling Capital in 1996 and has been a co-portfolio manager of the Fund since 2013. He has investment experience since 1991. He is a graduate of Wake Forest University where he received his BS in Business.
Robert O. Weller, CFA
Mr. Weller, CFA, Executive Director joined Sterling Capital in 2012 and has been a co-portfolio manager of the Fund since 2013. He has investment experience since 1996. He is a graduate of Loyola University Maryland where he received his BBA in Finance.
Investment Considerations
The overall results of the Fund will be dependent on the process and ability of the Adviser to apply “behavioral finance” principles to recognize a company’s value, earnings revisions and price momentum. The Fund may invest in undervalued securities which may not appreciate in value as anticipated or remain undervalued for longer than anticipated. Investments made in small to mid-capitalization companies are subject to greater risks than large company stocks due to limited resources and inventory as well as more sensitive to adverse conditions.
Q. How did the Fund perform during the 12-month period between October 1, 2018 and September 30, 2019?
A. The Fund’s Institutional Shares underperformed its current benchmark, the Russell 2000® Value Index.
Q. What factors affected the Fund’s performance?
A. Small-cap equities experienced significant volatility during the period, starting with a dramatic decline in the fourth quarter of 2018. Trade tensions, especially between the U.S. and China, and all-time-low global interest rates continued to weigh on returns throughout the first three quarters of 2019. Small-cap equities underperformed large-cap equities by a wide margin during the period, a phenomenon that typically occurs during times of economic uncertainty. In this environment cautious investors gravitate toward bigger, ostensibly safer, stocks.
The Fund applies principles of behavioral finance to its investment strategy. This process is designed to capitalize on known investor biases and heuristics (mental shortcuts) by accounting for the impact on markets of behavioral factors such as greed, fear and ego.
The Fund’s behavioral-driven factors had a negative effect on the portfolio’s performance relative to its benchmark. Small-cap value stocks performed marginally better than their core counterparts, but the Fund’s value exposure nevertheless dragged on both absolute and relative returns. Likewise, the Fund’s momentum strategy hurt returns on both an absolute and relative basis.
An overweight allocation to consumer discretionary stocks detracted on a relative basis, although the Fund’s allocation decisions, when considered as a whole, benefited relative returns. Stock selection in the utilities sector also negatively impacted relative returns, largely due to investments in independent power and renewable electricity producers.
The Fund’s stock selection in the media and entertainment industry and energy sector added to the Fund’s relative performance during the period. Broadcasting companies such as Gray Television, Nexstar Media Group and Sinclair Broadcast Group performed particularly well. The Fund’s strategy of maintaining an average market capitalization profile larger than the benchmark contributed to relative returns as larger companies generally outperformed smaller companies for the period.
Portfolio composition is as of September 30, 2019 and is subject to change and risk.
* Reflects 5.75% maximum sales charge.
** Reflects the applicable maximum CDSC of 1.00% (applicable only to redemptions within one year of purchase, and as such, are not reflected in the Average Annual Total Returns table since the periods reflected are for a year or longer).
Average Annual Total Returns
As of |
| Inception |
|
|
|
|
|
|
|
September 30, 2019 |
| Date |
| 1 Year |
| 5 Years |
| 10 Years |
|
Class A Shares* |
| 1/29/10 | (1) | -14.78 | % | 4.18 | % | 8.02 | % |
Class C Shares** |
| 1/29/10 | (1) | -10.28 | % | 4.59 | % | 7.88 | % |
Institutional Shares |
| 1/2/97 |
| -9.32 | % | 5.66 | % | 8.93 | % |
Class R Shares |
| 2/1/10 | (1) | -9.84 | % | 5.14 | % | 8.53 | % |
Class R6 Shares |
| 2/1/18 | (2) | -9.29 | % | 5.69 | % | 8.95 | % |
Russell 2000® Value Index |
| N/A |
| -8.24 | % | 7.17 | % | 10.06 | % |
Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. Total return figures include change in share price, reinvestment of dividends and capital gains, and do not reflect taxes that a shareholder would pay on fund distributions or on the redemption of fund shares. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. To obtain performance information current to the most recent month end, please visit www.sterlingcapitalfunds.com. Performance would have been lower without waivers in effect.
The chart above represents a comparison of a hypothetical $10,000 investment in the indicated share class versus a similar investment in the Fund’s benchmark.
(1) Class A, C and R Shares were not in existence prior to 2/1/10. Performance for periods prior to 2/1/10 is based on the performance of Institutional Shares and have been adjusted for maximum CDSC to the applicable class but does not include 12b-1 fees, which if reflected, would have caused performance of Class A, B C and R Shares to be lower. The performance information for Institutional Shares (formerly known as Sterling Shares) prior to 12/18/06 is based on the performance of the Institutional Shares of the Fund’s predecessor, Sterling Capital Small Cap Value Fund, a series of The Advisors’ Inner Circle Fund (the “Predecessor Fund”), which transferred all of its assets and liabilities to the Fund pursuant to a reorganization. The performance of the Fund’s Institutional Shares would have been different because the Fund’s Institutional Shares have different expenses than the Predecessor’s Institutional Shares.
(2) Class R6 Shares were not in existence prior to 2/1/18. Performance for periods prior to 2/1/18 is based on the performance of Institutional Shares.
The Russell 2000® Value Index is a widely recognized index of common stocks that measures the performance of the small-cap value sector of the U.S. equity market. The index is unmanaged and does not reflect the deduction of expenses associated with a mutual fund, such as investment management and fund accounting fees. Investors cannot invest directly in an index, although they can invest in its underlying securities.
Sterling Capital Special Opportunities Fund
Portfolio Manager
George F. Shipp, CFA
Sterling Capital Special Opportunities Fund (the “Fund”) is managed by George F. Shipp, CFA, Senior Managing Director and portfolio manager for Sterling Capital Management LLC (“Sterling Capital”), advisor to the Fund. Mr. Shipp joined the CHOICE Asset Management Team of Scott & Stringfellow in 2000 and Sterling Capital as part of a business realignment in 2013. He has been the Fund’s lead portfolio manager since inception and also manages the Sterling Capital Equity Income Fund. He has investment experience since 1982. Mr. Shipp is a graduate of the University of Virginia and received his MBA at the Darden Graduate School of Business.
Investment Considerations
The Fund is subject to investment style risk, which depends on the market segment in which the Fund is primarily invested. An investment in growth stocks may be particularly sensitive to market conditions while value stocks may be undervalued for longer than anticipated. The Fund may invest in foreign securities subject to risks such as currency volatility and political and social instability or small capitalization companies subject to greater volatility and less liquidity due to limited resources or product lines. The Fund may engage in writing covered call options on securities. By writing covered call options, the Fund limits its opportunity to profit from an increase in the price of the underlying stock above the premium and the strike price, but continues to bear the risk of a decline in the stock price. While the Fund receives premiums for writing covered call options, the price it realizes from the exercise of an option could be substantially below a stock’s current market price.
Q. How did the Fund perform during the 12-month period between October 1, 2018 and September 30, 2019?
A. The Sterling Capital Special Opportunities Fund (Institutional shares) gained 1.47% in the twelve months ended September 30, 2019, trailing the 2.92% performance of its Russell 3000® Index benchmark.
Q. What factors affected the Fund’s performance?
That point-to-point assessment hides a more volatile path of returns. The fourth calendar quarter of 2018 witnessed a -14.25% drawdown in the Russell 3000, saved by a rally in the week after Christmas that allowed stocks to avoid their first 20% “bear market” since 2009. Previously high-flying Large-Cap “Growth” stocks underperformed the “Value” cohort by 572 basis points in that quarter. As it became evident in early January that the Federal Reserve would “pivot” from a tightening monetary posture to a more accommodative one, equities rebounded into the summer, posting a 19.9% gain in 2019’s first nine months.
Corporate profit growth slowed from the tax-cut-boosted (e.g. unsustainable) 23% pace of 2018 to a virtual standstill by the third quarter of 2019. Persistent fears of trade war escalation and never-ending political rancor, which culminated in an impeachment “inquiry,” created investor angst and made CEOs leery of growth investments. Offsetting those negatives, a 45% plunge in 10-year Treasury bond yields to 1.68% at September 30 supported financial asset prices by raising the discounted value of future cash flows.
Investors paid up for perceived safety and visibility in that environment, as the top-performing sectors in the market for the period were so-called “defensive” ones: Utilities (+25.7%), Real Estate (+20.0%), and Consumer Staples (+15.3%). More economically-sensitive sectors such as Energy (-23.3%), Materials (-1.3%), and Industrials (+0.7%) lagged; they were joined on the downside by Health Care issues (-5.4%), which did not fundamentally disappoint but were subject to political fears as the 2020 campaign approached.
We were not positioned for those moves, being overweight Health Care and underweight Utilities and Staples. Our Health Care stock selections were better than our top down view: our holdings generated a slight gain on balance, thanks to instrumentation leader Danaher (+33.6%) and women’s diagnostics leader Hologic (+23.2%). Those offset double-digit declines in insurer United Healthcare (which frustratingly fell 17.0% despite 17% year-over-year profit growth in the latest nine months); and pharmaceutical makers Bristol Myers (-15.6% notwithstanding 17% earnings per share improvement in its latest quarter) and Gilead (-14.8%), which furthered its leadership in HIV treatments and generated single-digit profit growth. Readers may correctly conclude we have held those positions, believing that innovative health care solutions that save lives and help mitigate overall costs will continue to be rewarded over time.
Our Information Technology holdings outperformed (+12.3%) their outperforming sector (+8.2%). Cloud software enabler Red Hat (+32.1%) was the subject of a friendly takeover from IBM. NXP Semiconductors (+29.2%) was increasingly recognized for its participation in long-term secular trends such as auto electrification, 5G communications, and industrial automation. Other positive contributors included technology users such as insurance underwriting database leader Verisk Analytics (+31.9%, arguably misclassified as an “Industrial”) and broadband communications and entertainment provider Comcast (+30.0%).
Unfortunately, Comcast was the extent of the good news in Communications Services, as our portfolio suffered from its ownership of gaming leader Activision (-35.9%), and media concerns CBS (-28.7%) and Discovery Communications (-16.8%). We had trimmed all of those positions at higher levels but clearly misjudged the “Fortnite effect” on competitive games, and the severity of the “Netflix effect” on traditional broadcast ratings. Discovery’s acquisition of Scripps appears to be working as planned, with synergy-boosted cash flows rising 34% in 2019’s first half. CBS’ control shareholder’s forced merger with Viacom, however, has been met with harsh investor reviews, thwarting what had been solid 11% earnings growth at the “Tiffany network” with a perceived risky double-down on cable networks such as Nickelodeon and MTV.
Portfolio composition is as of September 30, 2019 and is subject to change and risk.
* Reflects 5.75% maximum sales charge.
** Reflects the applicable maximum CDSC of 1.00% (applicable only to redemptions within one year of purchase, and as such, are not reflected in the Average Annual Total Returns table since the periods reflected are for a year or longer).
Average Annual Total Returns
As of |
| Inception |
|
|
|
|
|
|
|
September 30, 2019 |
| Date |
| 1 Year |
| 5 Years |
| 10 Years |
|
Class A Shares* |
| 6/2/03 |
| -4.62 | % | 7.86 | % | 10.83 | % |
Class C Shares** |
| 6/2/03 |
| 0.48 | % | 8.33 | % | 10.65 | % |
Institutional Shares |
| 6/2/03 |
| 1.47 | % | 9.42 | % | 11.76 | % |
Class R Shares |
| 2/1/10 | (1) | 0.95 | % | 8.87 | % | 11.27 | % |
Class R6 Shares |
| 2/1/18 | (2) | 1.53 | % | 9.45 | % | 11.78 | % |
Russell 3000® Index |
| N/A |
| 2.92 | % | 10.44 | % | 13.08 | % |
Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. Total return figures include change in share price, reinvestment of dividends and capital gains, and do not reflect taxes that a shareholder would pay on fund distributions or on the redemption of fund shares. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. To obtain performance information current to the most recent month end, please visit www.sterlingcapitalfunds.com.
The chart above represents a comparison of a hypothetical $10,000 investment in the indicated share class versus a similar investment in the Fund’s benchmark.
(1) Class R Shares were not in existence prior to 2/1/10. Performance for periods prior to 2/1/10 is based on the performance of Institutional Shares, but such performance does not reflect Class R Shares’ 12b-1 fees, which if reflected, would have caused performance to be lower.
(2) Class R6 Shares were not in existence prior to 2/1/18. Performance for periods prior to 2/1/18 is based on the performance of Institutional Shares.
The Fund is measured against the Russell 3000® Index, an unmanaged index that 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. Investors cannot invest directly in an index, although they can invest in its underlying securities.
Sterling Capital Equity Income Fund
Portfolio Manager
George F. Shipp, CFA
Sterling Capital Equity Income Fund (the “Fund”) is managed by George F. Shipp, CFA, Senior Managing Director and portfolio manager for Sterling Capital Management LLC (“Sterling Capital”), advisor to the Fund. Mr. Shipp joined the CHOICE Asset Management Team of Scott & Stringfellow in 2000 and Sterling Capital as part of a business realignment in 2013. He has been the Fund’s lead portfolio manager since inception and also manages the Sterling Capital Special Opportunities Fund. He has investment experience since 1982. Mr. Shipp is a graduate of the University of Virginia and received his MBA at the Darden Graduate School of Business.
Investment Considerations
The Fund invests primarily in dividend-paying securities. These securities may be undervalued and their value could be negatively affected by a rise in interest rates. The Fund may engage in writing covered call options on securities. By writing covered call options, the Fund limits its opportunity to profit from an increase in the price of the underlying stock above the premium and the strike price, but continues to bear the risk of a decline in the stock price. While the Fund receives premiums for writing covered call options, the price it realizes from the exercise of an option could be substantially below a stock’s current market price.
Q. How did the Fund perform during the 12-month period between October 1, 2018 and September 30, 2019?
A. The Sterling Capital Equity Income Fund (Institutional shares) provided a gratifying 8.72% total return for the year ended September 30, 2019, comfortably beating the 4.00% return of its primary benchmark, the Russell 1000® Value Index .
Q. What factors affected the Fund’s performance?
In many ways, the twelve months were a mirror image of the preceding year: US economic growth decelerated as the stimulating effect of the late-2017 Tax Cuts and Jobs Act wore off; never-ending political rancor and persistent fears of trade war escalation created investor angst and made corporate chieftains leery of growth investments; and thus profit growth slowed to a virtual standstill by the end of the period. The US 10-year Treasury yield, also known as the “risk free rate,” plunged 45% to settle at 1.68%, symbolizing the widespread global demand for safety amidst uncertainty.
Notably, the first quarter of the period (calendar 4Q2018) witnessed a nearly straight-down and broad plunge in which previously high-flying and popular Large-Cap “Growth” stocks underperformed the so-called “Value” style by 5.72%. Despite Growth beating Value by 5.60% in the subsequent nine months ended September 30, the net effect was that long-suffering Value investors led the performance derby for the full year (down 10.1%, then up 17.0% is more profitable than down 15.9%, up 22.6%).
Our portfolio’s outperformance versus our benchmark was led by Consumer Discretionary and Technology holdings. Starbucks (+58.5%) and Home Depot (+25.8%) benefited from continued store-level improvements and a widening gap versus competitors. Microsoft’s (+23.5%) pivot from personal computer to “cloud” offerings for enterprises gained momentum and scale while semiconductor maker Analog Devices (+23.4%) promises long-term participation in large themes such as industrial automation and “5G” communications. Cell tower and fiber optics “landlord” Crown Castle (+29.4%) was a Real Estate standout, boosted by exponential growth in wireless data traffic.
Our underweight in the market’s worst-performing sector (Energy, which declined 20.9%) got an assist from favorable stock selection, as our steadier “midstream” selections of Enbridge and Phillips 66 gained 15.7% and 14.4%, respectively. Unfortunately, Occidental Petroleum (-42.7%) was our single worst performer, as its bold acquisition of Anadarko Petroleum was viewed as risky despite the backing of Warren Buffett and Berkshire Hathaway.
Even though the gradually-softening economic statistics may have normally rewarded our tilt toward perceivably steady Healthcare leaders, our performance was mixed. Double-digit gains from Merck, Abbott Labs, and Medtronic were offset by double-digit declines posted by CVS Health, Abbvie, Pfizer, and Anthem. Early presidential political positioning and amorphous fears of “Medicare for All” could be the cause, although we’d point more to idiosyncratic issues. Drugstore chain leader CVS’ acquisition of insurer Aetna was deemed expensive; Abbvie reacted to pending generic exposure (2021-22) of the world’s largest drug (Humira) by agreeing to buy Botox-maker Allergan; and Pfizer unexpectedly announced a down-sizing.
We believe our portfolio is well-positioned to benefit from investors’ ongoing search for rising income (in the form of companies that consistently raise dividends) amidst a low interest rate world in which an astounding $15-17 trillion of sovereign debt offers an oxymoronic negative yield.
Portfolio composition is as of September 30, 2019 and is subject to change and risk.
* Reflects 5.75% maximum sales charge.
** Reflects the applicable maximum CDSC of 1.00% (applicable only to redemptions within one year of purchase, and as such, are not reflected in the Average Annual Total Returns table since the periods reflected are for a year or longer).
Average Annual Total Returns
As of |
| Inception |
|
|
|
|
|
|
|
September 30, 2019 |
| Date |
| 1 Year |
| 5 Years |
| 10 Years |
|
Class A Shares* |
| 6/30/04 |
| 2.26 | % | 8.48 | % | 10.88 | % |
Class C Shares** |
| 6/30/04 |
| 7.66 | % | 8.96 | % | 10.71 | % |
Institutional Shares |
| 6/30/04 |
| 8.72 | % | 10.05 | % | 11.82 | % |
Class R Shares |
| 2/1/10 | (1) | 8.24 | % | 9.51 | % | 11.30 | % |
Class R6 Shares |
| 2/1/18 | (2) | 8.89 | % | 10.10 | % | 11.84 | % |
Russell 1000® Value Index |
| N/A |
| 4.00 | % | 7.79 | % | 11.46 | % |
Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. Total return figures include change in share price, reinvestment of dividends and capital gains, and do not reflect taxes that a shareholder would pay on fund distributions or on the redemption of fund shares. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. To obtain performance information current to the most recent month end, please visit www.sterlingcapitalfunds.com.
The chart above represents a comparison of a hypothetical $10,000 investment in the indicated share class versus a similar investment in the Fund’s benchmark.
(1) Class R Shares were not in existence prior to 2/1/10. Performance for periods prior to 2/1/10 is based on the performance of Institutional Shares, but such performance does not reflect Class R Shares’ 12b-1 fees, which if reflected, would have caused performance to be lower.
(2) Class R6 Shares were not in existence prior to 2/1/18. Performance for periods prior to 2/1/18 is based on the performance of Institutional Shares.
The Fund is measured against the Russell 1000® Value Index, an unmanaged index that 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. Investors cannot invest directly in an index, although they can invest in its underlying securities.
Sterling Capital Behavioral International Equity Fund
Portfolio Managers
Sterling Capital Behavioral International Equity Fund (the “Fund”) is managed by Robert W. Bridges, CFA and Robert O. Weller, CFA Executive Directors and portfolio managers for Sterling Capital Management LLC (“Sterling Capital”), advisor to the Fund.
Robert W. Bridges, CFA
Mr. Bridges, CFA, Executive Director joined Sterling Capital in 1996 and has been a co-portfolio manager of the Fund since inception. He has investment experience since 1991. He is a graduate of Wake Forest University where he received his BS in Business.
Robert O. Weller, CFA
Mr. Weller, CFA, Executive Director joined Sterling Capital in 2012 and has been a co-portfolio manager of the Fund since inception. He has investment experience since 1996. He is a graduate of Loyola University Maryland where he received his BBA in Finance.
Investment Considerations
The overall results of the Fund will be dependent on the process and ability of the Adviser to apply “behavioral finance” principles to recognize a company’s value, earnings revisions and market momentum. The Fund will invest in foreign securities which may be more volatile and less liquid due to currency fluctuation, political instability, and social and economic risks. The Fund may invest in REITs (Real Estate Investment Trusts), the value of which will be affected by conditions of the real estate industry, and exchange-traded funds (ETFs). Investing in ETFs may cause shareholders to bear additional costs, and an ETF may not exactly replicate the performance it seeks to track.
Q. How did the Fund perform during the 12-month period between October 1, 2018 and September 30, 2019?
A. The Fund’s Institutional Shares underperformed its current benchmark, the MSCI EAFE® Net Index.
Q. What factors affected the Fund’s performance?
A. The trade war between the U.S. and its trading partners, as well as investors’ fears of an imminent recession, generated headwinds for international equities in the fourth quarter of 2018. Stocks rallied at the beginning of 2019, however, and posted modest gains over the remainder of the period under review. Large-cap stocks, especially in the technology sector, performed particularly well during the period, but continuing trade tensions and weak macroeconomic data dimmed investor sentiment somewhat, and limited market gains.
The Fund applies principles of behavioral finance to its investment strategy. This process is designed to capitalize on known investor biases and heuristics (mental shortcuts) by accounting for the impact on markets of behavioral factors such as greed, fear and ego.
The Fund’s behavioral-driven factors had a net negative effect on the portfolio’s performance relative to its benchmark. Modest gains from the Fund’s momentum strategy were offset by the Fund’s exposure to stocks with value characteristics, resulting in a drag on relative returns. Outperformance by international value stocks relative to domestic value names was not enough to counteract these results.
Stock selection in the industrials sector detracted from the Fund’s relative performance, specifically selection among transportation companies. The Fund’s investments in multiple airline companies dragged on relative results in the face of a slowing global economy, including a multinational airline group, a German airline, and an Australian airline, all of which underperformed for the period. The Fund’s strategy of maintaining an average market capitalization profile that is smaller than its benchmark also negatively impacted returns, as larger stocks outperformed smaller stocks during the period.
Two areas that contributed to the Fund’s relative returns include consumer discretionary stocks and stocks with attractive dividend yields. The Fund’s overweight exposure to dividend yield paid off as dividend yields outperformed during the period. Likewise, an initial overweight allocation to the consumer discretionary sector that switched to an underweight exposure during the period helped returns on a relative basis. Exposure to Australian and French stocks also benefited, as stocks from those countries outperformed for the period.
Portfolio composition is as of September 30, 2019 and is subject to change and risk.
* Reflects 5.75% maximum sales charge.
** Reflects the applicable maximum CDSC of 1.00% (applicable only to redemptions within one year of purchase, and as such, are not reflected in the Average Annual Total Returns table since the periods reflected are for a year or longer).
Average Annual Total Returns
As of |
| Inception |
|
|
| Since |
|
September 30, 2019 |
| Date |
| 1 Year |
| Inception |
|
Class A Shares* |
| 11/28/14 |
| -13.96 | % | 0.71 | % |
Class C Shares** |
| 11/28/14 |
| -9.44 | % | 1.19 | % |
Institutional Shares |
| 11/28/14 |
| -8.44 | % | 2.17 | % |
Class R6 Shares |
| 2/1/18 | (1) | -8.48 | % | 2.18 | % |
MSCI EAFE® Net Index |
| 11/30/14 |
| -1.34 | % | 3.41 | % |
Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. Total return figures include change in share price, reinvestment of dividends and capital gains, and do not reflect taxes that a shareholder would pay on fund distributions or on the redemption of fund shares. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. To obtain performance information current to the most recent month end, please visit www.sterlingcapitalfunds.com. Performance would have been lower without limitations and/or waivers in effect.
The chart above represents a comparison of a hypothetical $10,000 investment in the indicated share class versus a similar investment in the Fund’s benchmark.
(1) Class R6 Shares were not in existence prior to 2/1/18. Performance for periods prior to 2/1/18 is based on the performance of Institutional Shares.
Fund is measured against the MSCI EAFE® Net Index, an unmanaged Index which is generally representative of large- and mid-cap equity across developed markets countries around the world, excluding the U.S. and Canada. The index does not reflect the deduction of expenses associated with a mutual fund, such as investment management and fund accounting fees. Investors cannot invest directly in an index, although they can invest in its underlying securities.
Sterling Capital SMID Opportunities Fund
Portfolio Managers
Sterling Capital SMID Opportunities Fund (the “Fund”) is managed by Joshua L. Haggerty, CFA, Executive Director and portfolio manager for Sterling Capital Management LLC (“Sterling Capital”), advisor to the Fund.
Joshua L. Haggerty, CFA
Mr. Haggerty, CFA, Executive Director joined the CHOICE Asset Management Team of Scott & Stringfellow in 2005 and Sterling Capital as part of a business realignment in 2013 and has been a co-portfolio manager of the Fund since 2016. He has investment experience since 1998. He is a graduate of James Madison University where he received his BBA in Finance.
Investment Considerations
The Fund uses a multi-style approach and invests in both growth and value-oriented companies. A growth investment style may be particularly sensitive to market conditions. Value investing involves the risk that an investment made in undervalued securities may not appreciate in value as anticipated or remain undervalued for long periods of time. The Fund invests in small and middle capitalization companies which may be riskier, more volatile and vulnerable to economic, market and industry changes than investments in larger more established companies. As a result, share price changes may be more erratic or trade less frequently in lesser quantities.
Q. How did the Fund perform during the 12-month period between October 1, 2018 and September 30, 2019?
A: The Fund’s Institutional Shares generated a 6.7% total return during the fiscal year ending September 30, 2019, well ahead of the Russell 2500® Index, which fell -4.0%. The Fund reached its three year anniversary at the end of the fiscal year, generating a 10.9% annualized return, ahead of the Russell 2500’s 9.8% gain.
Q. What factors affected the Fund’s performance?
A: Growth outperformed value for much of the year, but closed the year only marginally ahead due to a style shift in the final two months of the fiscal year that saw a 400+ basis point reversal towards value. We do not have a preference for growth or value — we seek both. Over the past year, stock selection drove nearly 90% of the Fund’s relative performance, including a mix of cheaper securities and growthier entities.
The Fund continues to be positioned in companies with higher returns on equity, lower valuations, steady growth and balance sheet flexibility. We believe companies with such characteristics have a greater probability of generating higher risk-adjusted returns over time. With each new addition we attempt to improve the Fund’s characteristics. The average of the last three additions highlights this approach (data as of fiscal year-end based on FactSet data): forward price-to-earnings was 16.6x, three-year trailing average earnings growth of 22%, 35% return on equity, and 2.7x leverage; all of which are in-line or better than the Russell 2500. Portfolio characteristics and measures refer to the underlying securities of the portfolio and not that of the fund itself.
The biggest contributors to performance this past year (based on position size and return) were: (1) beverage-can-maker, Ball Corp (+67%) as infinitely-recyclable aluminum cans benefit from sustainability trends, volumes accelerated and pricing power improved as many geographies remain sold out across the industry; (2) the Fund’s largest holding, Global Payments (+25%), which provides payment technologies, and is increasingly becoming a vertical specific software company, deepening relationships with customers and becoming mission-critical; (3) homebuilder NVR, Inc. (+66%), which benefited from strength in entry-level homes and lower interest rates; (4) business process outsourcer Genpact (+28%) accelerated its top line as digital transformations accelerated and GE-related revenues inflected higher; and (5) medical device marker Teleflex (+33%) raised its growth outlook driven by UroLift, a less invasive device for benign prostate hyperplasia.
The biggest detractors included: (1) leading Medicaid-managed care provider Centene (-40%), which faced political headlines related to Medicare-for-All (which we view as unlikely), poor results from NC and LA state Medicaid contract awards (CNC is appealing), and uncertainty related to its pending acquisition of Wellcare; (2) energy exploration and production company Centennial Resource Development (-68%) slumped with commodity prices, forcing management to curb growth capex, which revealed steeper-than-expected decline rates for its existing production base; (3) Frontdoor (-44%), a spin-off from ServiceMaster, which is how the Fund received its shares, lowered its outlook shortly after holding its first investor day, which did not sit well with shareholders; (4) oil producer Newfield (-41%) declined despite being acquired by Encana; and (5) healthcare group purchasing organization Premier (-37%) fell as the transition to value-based care continued to get pushed to the right and competitive concerns surfaced.
Portfolio composition is as of September 30, 2019 and is subject to change and risk.
* Reflects 5.75% maximum sales charge.
** Reflects the applicable maximum CDSC of 1.00% (applicable only to redemptions within one year of purchase, and as such, are not reflected in the Average Annual Total Returns table since the periods reflected are for a year or longer).
Average Annual Total Returns
As of |
| Inception |
|
|
| Since |
|
September 30, 2019 |
| Date |
| 1 Year |
| Inception |
|
Class A Shares* |
| 09/30/16 |
| 0.30 | % | 8.43 | % |
Class C Shares** |
| 09/30/16 |
| 5.61 | % | 9.75 | % |
Institutional Shares |
| 09/30/16 |
| 6.65 | % | 10.85 | % |
Russell 2500® Index |
| N/A |
| -4.04 | % | 9.83 | % |
Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. Total return figures include change in share price, reinvestment of dividends and capital gains, and do not reflect taxes that a shareholder would pay on fund distributions or on the redemption of fund shares. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. To obtain performance information current to the most recent month end, please visit www.sterlingcapitalfunds.com. Performance would have been lower without limitations and/or waivers in effect.
The chart above represents a comparison of a hypothetical $10,000 investment in the indicated share class versus a similar investment in the Fund’s benchmark. The Russell 2500® Index is a widely recognized index of common stocks that measures the performance of the small and mid cap sector of the U.S. equity market. The index is unmanaged and does not reflect the deduction of expenses associated with a mutual fund, such as investment management and fund accounting fees. Investors cannot invest directly in an index, although they can invest in its underlying securities.
Sterling Capital Stratton Mid Cap Value Fund
Portfolio Manager
Shawn M. Gallagher, CFA
Sterling Capital Stratton Mid Cap Value Fund (the “Fund”) is managed by Shawn M. Gallagher, CFA Director and portfolio manager for Sterling Capital Management LLC (“Sterling Capital”), advisor to the Fund. Mr. Gallagher joined the Stratton Funds Team of Stratton Management Company in 2005 and Sterling Capital Management as part of a business acquisition in 2015. He has been the lead portfolio manager to the Fund since 2015 and the Predecessor Fund since 2012. Mr. Gallagher has investment experience since 2003. He is a graduate of Pennsylvania State University where he received his BS in Finance.
Investment Considerations
Mid-capitalization companies are generally riskier than large company stocks due to greater volatility and less liquidity. Value stocks can perform differently than other types of stocks and can continue to be undervalued by the market for long periods of time.
Q. How did the Fund perform during the 12-month period between October 1, 2018 and September 30, 2019?
A. The Fund’s Institutional Shares outperformed its benchmark, the Russell Midcap® Value Index.
Q. What factors affected the Fund’s performance?
A. U.S. mid-cap stocks posted modest gains for the period after a steep decline in the fourth quarter of 2018 and a sharp rebound in the first quarter of 2019. These bouts of volatility were related to ongoing international trade disputes, uncertainty about Federal Reserve policy, slowing global growth, and decelerating corporate earnings. In this environment, investors’ search for stability meant they generally favored stocks that were less risky. In the mid-cap space, the risk-off environment led traditionally defensive sectors such as utilities, REITs, and consumer staples to significantly outperform the more speculative energy and biotechnology sectors.
Stock selection within the consumer staples sector was the biggest contributor to relative performance. The Fund benefited from its investments in two domestically focused food distribution companies, whose share prices rose on higher earnings due to strong independent restaurant volume growth and strategic acquisitions. Investments in a Midwest convenience store operator also contributed after the firm posted strong earnings as corporate profitability initiatives gained momentum. The Fund’s below-benchmark exposure to the retail industry within the consumer discretionary sector added to relative results, as that segment struggled during the period.
The Fund’s allocation decisions were the largest detractor from relative results. In particular, the Fund’s underweight position in the utilities sector dragged, as that was the top performing sector in the mid-cap space during the period. Stock selection in the materials and processing sector also weighed on relative performance, notably due to investments in a consumer products packaging company whose shares fell on disappointing earnings in the first half of 2019 due to sluggish demand.
Portfolio composition is as of September 30, 2019 and is subject to change and risk.
* Reflects 5.75% maximum sales charge.
** Reflects the applicable maximum CDSC of 1.00% (applicable only to redemptions within one year of purchase, and as such, are not reflected in the Average Annual Total Returns table since the periods reflected are for a year or longer).
Average Annual Total Returns
As of |
| Inception |
|
|
|
|
|
|
|
September 30, 2019 |
| Date |
| 1 Year |
| 5 Years |
| 10 Years |
|
Class A Shares* |
| 11/13/15 |
| -4.12 | % | 5.72 | % | 8.51 | % |
Class C Shares** |
| 11/13/15 |
| 1.03 | % | 6.37 | % | 8.84 | % |
Institutional Shares |
| 09/30/72 |
| 1.97 | % | 7.19 | % | 9.26 | % |
Russell Midcap® Value Index |
| N/A |
| 1.60 | % | 7.55 | % | 12.29 | % |
Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. Total return figures include change in share price, reinvestment of dividends and capital gains, and do not reflect taxes that a shareholder would pay on fund distributions or on the redemption of fund shares. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. The performance shown here (for periods prior to the date of commencement of operations on November 16, 2015) is that of Stratton Mid Cap Value Fund (the “Predecessor Fund”), whose shares were reorganized into Institutional Shares of the Fund at the close of business on November 13, 2015. Because the Fund had no investment operations prior to the closing of the reorganization, and based on the similarity of the Fund to the Predecessor Fund, the Predecessor Fund is treated as the survivor of the reorganization for accounting and performance reporting purposes. Accordingly, all performance and other information shown for the Fund for periods prior to November 16, 2015 is that of the Predecessor Fund. Performance for Class A Shares and Class C Shares, prior to the date of commencement of operations on November 16, 2015, is based on the performance of the shares of the Predecessor Fund. To obtain performance information current to the most recent month end, please visit www.sterlingcapitalfunds.com. Performance would have been lower without waivers in effect.
The chart above represents a comparison of a hypothetical $10,000 investment in the indicated share class versus a similar investment in the Fund’s benchmark.
The Fund is measured against the Russell Midcap® Value Index, an unmanaged index, which measures the performance of the mid-cap value segment of the U.S. equity universe. It includes those Russell Midcap® Index companies with lower price-to-book ratios and lower forecasted growth values. The index is unmanaged and does not reflect the deduction of expenses associated with a mutual fund, such as investment management and fund accounting fees. Investors cannot invest directly in an index, although they can invest in its underlying securities.
Sterling Capital Stratton Real Estate Fund
Portfolio Manager
Andrew T. DiZio, CFA
Sterling Capital Stratton Real Estate Fund (the “Fund”) is managed by Andrew T. DiZio, CFA, Director and portfolio manager for Sterling Capital Management LLC (“Sterling Capital”), advisor to the Fund. Mr. DiZio joined the Stratton Funds Team of Stratton Management Company in 2012 and Sterling Capital Management as part of a business acquisition in 2015. He has been the lead portfolio manager of the Fund since 2015 and the Predecessor Fund since 2012. Mr. DiZio has investment experience since 2003. He is a graduate of Pennsylvania State University where he received his BS in Finance.
Investment Considerations
Real Estate Funds may be subject to a higher degree of market risk because of concentration in a specific industry or geographic sector. Risks include declines in value of real estate, general and economic conditions, changes in the value of the underlying property and defaults by borrowers.
Q. How did the Fund perform during the 12-month period between October 1, 2018 and September 30, 2019?
A. The Fund’s Institutional Shares underperformed its benchmark, the FTSE NAREIT All Equity REITs Index.
Q. What factors affected the Fund’s performance?
A. A general decline in interest rates over the 12-month period under review provided a tailwind for real estate investment trust (REIT) share prices. Strong performance in the health care and industrial subsectors contributed to the Fund’s positive absolute return. Health care benefited from improved fundamentals in the senior housing markets as well as its position as a more defensive choice for investors in a declining interest rate environment. The more cyclical subsectors, namely lodging and timber, dragged on absolute returns as pricing power declined within those segments amid lower demand.
Stock selection in the infrastructure subsector was the largest detractor from relative performance for the period. Holdings of a REIT focused on fiber optic cables declined significantly after the REIT’s largest tenant lost a court case in a surprise decision, forcing the tenant into bankruptcy. The Fund’s below-benchmark exposure to a large cell phone tower REIT also weighed on relative results, as that company meaningfully outperformed the market. The Fund’s holdings in the self-storage subsector also detracted.
The largest positive contributors to the Fund’s relative results were stock selection within the health care and lodging subsectors and an underweight allocation to the struggling timber subsector. Within health care, the Fund benefited from avoiding benchmark holdings of REITs that own skilled nursing facilities, which suffered from falling income due to changes in Medicare payment rules. The Fund’s overweight positions in REITs with exposure to hospitals and senior living facilities further benefited relative results, as these segments outperformed. Within the lodging segment, an above-benchmark position in a REIT specializing in large, group-oriented destination assets added to the Fund’s relative results.
Portfolio composition is as of September 30, 2019 and is subject to change and risk.
* Reflects 5.75% maximum sales charge.
** Reflects the applicable maximum CDSC of 1.00% (applicable only to redemptions within one year of purchase, and as such, are not reflected in the Average Annual Total Returns table since the periods reflected are for a year or longer).
Average Annual Total Returns
As of |
| Inception |
|
|
|
|
|
|
|
September 30, 2019 |
| Date |
| 1 Year |
| 5 Years |
| 10 Years |
|
Class A Shares* |
| 11/13/15 |
| 11.93 | % | 9.14 | % | 11.69 | % |
Class C Shares** |
| 11/13/15 |
| 17.88 | % | 9.82 | % | 12.04 | % |
Institutional Shares |
| 05/31/80 |
| 19.06 | % | 10.66 | % | 12.46 | % |
FTSE NAREIT All Equity REITs Index |
| N/A |
| 21.14 | % | 11.07 | % | 13.59 | % |
S&P 500® Index |
| N/A |
| 4.25 | % | 10.84 | % | 13.24 | % |
Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. Total return figures include change in share price, reinvestment of dividends and capital gains, and do not reflect taxes that a shareholder would pay on fund distributions or on the redemption of fund shares. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. The performance shown here (for periods prior to the date of commencement of operations on November 16, 2015) is that of Stratton Real Estate Fund (the “Predecessor Fund”), whose shares were reorganized into Institutional Shares of the Fund at the close of business on November 13, 2015. Because the Fund had no investment operations prior to the closing of the reorganization, and based on the similarity of the Fund to the Predecessor Fund, the Predecessor Fund is treated as the survivor of the reorganization for accounting and performance reporting purposes. Accordingly, all performance and other information shown for the Fund for periods prior to November 16, 2015 is that of the Predecessor Fund. Performance for Class A Shares and Class C Shares, prior to the date of commencement of operations on November 16, 2015, is based on the performance of the shares of the Predecessor Fund. To obtain performance information current to the most recent month end, please visit www.sterlingcapitalfunds.com. Performance would have been lower without waivers in effect.
The chart above represents a comparison of a hypothetical $10,000 investment in the indicated share class versus a similar investment in the Fund’s benchmarks.
The Fund is measured against the FTSE NAREIT All Equity REIT Index, an unmanaged index, which contains all tax-qualified REITs with more than 50 percent of total assets in qualifying real estate assets other than mortgages secured by real property that also meet minimum size and liquidity criteria. The Fund is also measured against the S&P 500® Index, an unmanaged index, which is generally considered to be representative of the performance of the stock market as a whole. The indices do not reflect the deduction of expenses associated with a mutual fund, such as investment management and fund accounting fees. Investors cannot invest directly in an index, although they can invest in its underlying securities.
Sterling Capital Stratton Small Cap Value Fund
Portfolio Manager
Gerald M. Van Horn, CFA
Sterling Capital Stratton Small Cap Value Fund (the “Fund”) is managed by Gerald M. Van Horn, CFA, Executive Director and portfolio manager for Sterling Capital Management LLC (“Sterling Capital”), advisor to the Fund. Mr. Van Horn, joined the Stratton Funds Team of Stratton Management Company in 1998 and Sterling Capital Management as part of a business acquisition in 2015. He has been the lead portfolio manager to the Fund since 2015 and the Predecessor Fund since 2000. Mr. Van Horn has investment experience since 1996. He is a graduate of the College of New Jersey where he received his BA in Economics.
Investment Considerations
Small cap company stocks are generally riskier than large company stocks due to greater volatility and less liquidity. Value stocks can perform differently than other types of stocks and can continue to be undervalued by the market for long periods of time.
Q. How did the Fund perform during the 12-month period between October 1, 2018 and September 30, 2019?
A. The Fund’s Institutional Shares outperformed its current benchmark, the Russell 2000® Value Index.
Q. What factors affected the Fund’s performance?
A. Small-cap equities experienced several sharp drawdowns during the 12-month period under review, which drove the Fund and its benchmark to negative absolute returns. A variety of factors contributed to these intermittent periods of volatility, including Federal Reserve policy, trade war rhetoric, and weak global macroeconomic data. On an absolute basis, consumer staples and utilities stocks outperformed other small-cap equities, as investors sought defensive investments to weather the volatility. More economically sensitive sectors, such as energy, materials and processing, and consumer discretionary, lagged on an absolute basis.
Stock selection in the consumer staples sector added to the Fund’s relative performance during the period. Investments in a food service distributor and a convenience store and gas station retailer added to performance due to their strong earnings growth. Stock selection within the health care sector also boosted relative results, including the Fund’s investment in a maker of injectable drug delivery systems. A lack of exposure to the struggling small-cap biotechnology subsector within health care also helped buoy the Fund’s relative performance. Selection within the utilities sector also added to the Fund’s relative performance, particularly holdings of an electric utility company that agreed to be taken over by a private equity fund at a premium.
These positive contributions to relative results were partly offset by stock selection in the technology sector. The Fund’s investment in a product management software developer underperformed after a weaker-than-expected earnings report. Holdings within the semiconductor space also weighed on relative results. The Fund’s choice of stocks within the financials sector, particularly investments within the bank subsector, also dragged on relative results. Selection within materials and processing stocks also detracted, particularly the Fund’s investments in a specialty chemical company and a construction supply company which underperformed due to earnings-related issues. The latter holding was eliminated from the portfolio during the period.
Portfolio composition is as of September 30, 2019 and is subject to change and risk.
* Reflects 5.75% maximum sales charge.
** Reflects the applicable maximum CDSC of 1.00% (applicable only to redemptions within one year of purchase, and as such, are not reflected in the Average Annual Total Returns table since the periods reflected are for a year or longer).
Average Annual Total Returns
As of |
| Inception |
|
|
|
|
|
|
|
September 30, 2019 |
| Date |
| 1 Year |
| 5 Years |
| 10 Years |
|
Class A Shares* |
| 11/13/15 |
| -10.26 | % | 5.04 | % | 10.15 | % |
Class C Shares** |
| 11/13/15 |
| -5.49 | % | 5.68 | % | 10.49 | % |
Institutional Shares |
| 4/12/93 |
| -4.55 | % | 6.49 | % | 10.91 | % |
Russell 2000® Value Index |
| N/A |
| -8.24 | % | 7.17 | % | 10.06 | % |
Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. Total return figures include change in share price, reinvestment of dividends and capital gains, and do not reflect taxes that a shareholder would pay on fund distributions or on the redemption of fund shares. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. The performance shown here (for periods prior to the date of commencement of operations on November 16, 2015) is that of Stratton Small Cap Value Fund (the “Predecessor Fund”), whose shares were reorganized into Institutional Shares of the Fund at the close of business on November 13, 2015. Because the Fund had no investment operations prior to the closing of the reorganization, and based on the similarity of the Fund to the Predecessor Fund, the Predecessor Fund is treated as the survivor of the reorganization for accounting and performance reporting purposes. Accordingly, all performance and other information shown for the Fund for periods prior to November 16, 2015 is that of the Predecessor Fund. Performance for Class A Shares and Class C Shares, prior to the date of commencement of operations on November 16, 2015, is based on the performance of the shares of the Predecessor Fund. To obtain performance information current to the most recent month end, please visit www.sterlingcapitalfunds.com.
The chart above represents a comparison of a hypothetical $10,000 investment in the indicated share class versus a similar investment in the Fund’s benchmark.
The Russell 2000® Value Index is a widely recognized index of common stocks that measures the performance of the small-cap value sector of the U.S. equity market. The index is unmanaged and does not reflect the deduction of expenses associated with a mutual fund, such as investment management and fund accounting fees. Investors cannot invest directly in an index, although they can invest in its underlying securities.
Sterling Capital Ultra Short Bond Fund
Portfolio Managers
Sterling Capital Ultra Short Bond Fund (the “Fund”) is managed by Mark Montgomery, CFA and Richard LaCoff, Senior Managing Directors and portfolio managers for Sterling Capital Management LLC (“Sterling Capital”), advisor to the Fund.
Mark Montgomery, CFA
Mr. Montgomery, Senior Managing Director joined Sterling Capital in 1997 and has been a co-portfolio manager of the Fund since inception. He is co-head of Sterling Capital’s Fixed Income Portfolio Management. He has investment experience since 1990. He is a graduate of West Chester University and received his MBA from Drexel University.
Richard T. LaCoff
Mr. LaCoff, Senior Managing Director joined Sterling Capital in 2007 and has been a co-portfolio manager of the Fund since inception. He is co-head of Sterling Capital’s Fixed Income Portfolio Management. He has investment experience since 1991. He is a graduate of Villanova University and received his MS in Finance from Drexel University.
Investment Considerations
The Fund is subject to the same risks as the underlying bonds in the portfolio such as credit, prepayment, call and interest rate risk. As interest rates rise, the value of bond prices will decline and an investor may lose money. The Fund may invest in more aggressive investments, such as foreign securities, which may expose the Fund to currency and exchange rate fluctuations; mortgage-backed securities sensitive to interest rates; and high yield debt (also known as junk bonds), all of which may cause greater volatility and less liquidity.
Q. How did the Fund perform during the 12-month period between October 1, 2018 and September 30, 2019?
A. The Fund’s Institutional Shares outperformed its current benchmark, the FTSE 6 Month Treasury Bill Index.
Q. What factors affected the Fund’s performance?
A. Declining interest rates during the period had a positive impact on the Fund’s absolute return. Investor appetite for fixed-income investments rose during the period amid concerns over a slowdown in global growth, which was exacerbated by escalating trade tensions between the U.S. and China. As a result of these concerns, the Federal Reserve shifted its monetary policy to a more dovish stance, which supported fixed-income investments. Easing monetary policy put downward pressure on bond rates, which caused prices of existing bonds to rise. The Fund’s overall return was driven primarily by income and price performance of the securities it held.
The Fund’s outperformance relative to the benchmark was due in part to a significant underweight allocation to the Treasury sector and overweight to higher risk sectors, such as corporate bonds, commercial mortgage-backed securities, and asset-backed securities. An overweight allocation to risk assets generated more income on a relative basis, which contributed positively to performance.
The Fund’s exposure to mortgage-backed securities (MBS) detracted from relative performance, as MBS underperformed Treasury securities during the period.
Portfolio composition is as of September 30, 2019 and is subject to change and risk.
* Reflects 0.50% maximum sales charge.
Average Annual Total Returns
As of |
| Inception |
|
|
|
|
| Since |
|
September 30, 2019 |
| Date |
| 1 Year |
| 5 Year |
| Inception |
|
Class A Shares* |
| 11/30/12 |
| 2.18 | % | 1.12 | % | 0.87 | % |
Institutional Shares |
| 11/30/12 |
| 3.06 | % | 1.50 | % | 1.22 | % |
FTSE 6 Month Treasury Bill Index |
| 11/30/12 |
| 2.45 | % | 1.03 | % | 0.78 | % |
Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. Total return figures include change in share price, reinvestment of dividends and capital gains, and do not reflect taxes that a shareholder would pay on fund distributions or on the redemption of fund shares. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. To obtain performance information current to the most recent month end, please visit www.sterlingcapitalfunds.com. Performance would have been lower without limitations and/or waivers in effect.
The chart above represents a comparison of a hypothetical $10,000 investment in the indicated share class versus a similar investment in the Fund’s benchmark.
The Fund is measured against the FTSE 6 Month Treasury Bill Index, which measures the performance of Treasury bills with a maturity of six months or less. The index does not reflect the deduction of expenses associated with a mutual fund, such as investment management and fund accounting fees. Investors cannot invest directly in an index, although they can invest in its underlying securities.
Sterling Capital Short Duration Bond Fund
Portfolio Managers
Sterling Capital Short Duration Bond Fund (the “Fund”) is managed by Mark Montgomery, CFA and Richard LaCoff, Senior Managing Directors and portfolio managers for Sterling Capital Management LLC (“Sterling Capital”), advisor to the Fund.
Mark Montgomery, CFA
Mr. Montgomery, Senior Managing Director joined Sterling Capital in 1997 and has been a co-portfolio manager of the Fund since 2011. He is co-head of Sterling Capital’s Fixed Income Portfolio Management. He has investment experience since 1990. He is a graduate of West Chester University and received his MBA from Drexel University.
Richard T. LaCoff
Mr. LaCoff, Senior Managing Director joined Sterling Capital in 2007 and has been a co-portfolio manager of the Fund since 2011. He is co-head of Sterling Capital’s Fixed Income Portfolio Management. He has investment experience since 1991. He is a graduate of Villanova University and received his MS in Finance from Drexel University.
Investment Considerations
The Fund is subject to the same risks as the underlying bonds in the portfolio such as credit, prepayment, call and interest rate risk. As interest rates rise, the value of bond prices will decline and an investor may lose money. The Fund may invest in more aggressive investments, such as foreign securities, which may expose the Fund to currency and exchange rate fluctuations; mortgage-backed securities sensitive to interest rates; and high yield debt (also known as junk bonds), all of which may cause greater volatility and less liquidity.
Q. How did the Fund perform during the 12-month period between October 1, 2018 and September 30, 2019?
A. The Fund’s Institutional Shares underperformed its current benchmark, the ICE BofA Merrill Lynch 1-3 Year U.S. Corporate Government Index.
Q. What factors affected the Fund’s performance?
A. Declining interest rates during the period had a positive impact on the Fund’s absolute return. Investor appetite for fixed-income investments rose during the period amid concerns over a slowdown in global growth, which was exacerbated by escalating trade tensions between the U.S. and China. As a result of these same concerns, the Federal Reserve shifted its monetary policy to a more dovish stance, which supported fixed-income investments. Easing monetary policy puts downward pressure on bond rates, causing prices of existing bonds to rise.
The Fund’s absolute returns also benefited from an allocation to higher yielding assets, including corporate bonds, which generated positive total return during the period. Additionally, an allocation to securitized products, such as commercial mortgage-backed securities (CMBS), asset-backed securities, and mortgage-backed securities, contributed to positive absolute returns. The Fund’s overall return was driven primarily by income and price performance of the securities it held.
The Fund’s underweight allocation to sovereign bonds detracted from relative performance, as these bonds benefited from the global decline in interest rates.
The Fund’s underweight allocation to the Treasury sector, as well as its overweight allocation to taxable municipal bonds, corporate bonds and CMBS, had a positive impact on relative performance. The Fund’s overweight allocation to risk assets generated more income on a relative basis, which contributed to positive performance.
Portfolio composition is as of September 30, 2019 and is subject to change and risk.
* Reflects 2.00% maximum sales charge.
** Reflects the applicable maximum CDSC of 1.00% (applicable only to redemptions within one year of purchase, and as such, are not reflected in the Average Annual Total Returns table since the periods reflected are for a year or longer).
Average Annual Total Returns
As of |
| Inception |
|
|
|
|
|
|
|
September 30, 2019 |
| Date |
| 1 Year |
| 5 Years |
| 10 Years |
|
Class A Shares* |
| 11/30/92 |
| 2.25 | % | 1.25 | % | 1.53 | % |
Class C Shares** |
| 1/31/12 | (1) | 3.52 | % | 0.89 | % | 1.14 | % |
Institutional Shares |
| 11/30/92 |
| 4.55 | % | 1.93 | % | 1.98 | % |
ICE BofA Merrill Lynch 1-3 Year U.S. Corporate Government Index |
| N/A |
| 4.66 | % | 1.60 | % | 1.56 | % |
Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. Total return figures include change in share price, reinvestment of dividends and capital gains, and do not reflect taxes that a shareholder would pay on fund distributions or on the redemption of fund shares. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. To obtain performance information current to the most recent month end, please visit www.sterlingcapitalfunds.com. Performance would have been lower without limitations and/or waivers in effect.
The chart above represents a comparison of a hypothetical $10,000 investment in the indicated share class versus a similar investment in the Fund’s benchmark.
(1) Class C Shares were not in existence prior to 2/1/12. Performance for periods prior to 2/1/12 is based on the performance of Class A Shares. Such performance could differ only to the extent that the Classes have different expenses.
The Fund is measured against the ICE BofA Merrill Lynch 1-3 Year U.S. Corporate Government Index, which consists of securities with a maturity from one to three years. The index does not reflect the deduction of expenses associated with a mutual fund, such as investment management and fund accounting fees. Investors cannot invest directly in an index, although they can invest in its underlying securities.
Sterling Capital Intermediate U.S. Government Fund
Portfolio Managers
Sterling Capital Intermediate U.S. Government Fund (the “Fund”) is managed by Executive Director and portfolio manager Michael Sun, CFA, and Managing Director and portfolio manager Neil Grant for Sterling Capital Management LLC (“Sterling Capital”), advisor to the Fund.
Michael Z. Sun, CFA
Mr. Sun, Executive Director, joined Sterling Capital in 2009 and has been a co-portfolio manager of the Fund since February 2019. Mr. Sun has investment experience since 1998 and is a graduate of Nanjing University and received his MS from Beijing University and his MA from Bowling Green State University.
Neil T. Grant, CFA
Mr. Grant, CFA, joined Sterling Capital in 2004 and has been a co-portfolio manager of the Fund since February 2019 and had been associate portfolio manager of the Fund from February 2016 until February 2019. Mr. Grant has investment experience since 1991. He is a graduate of Syracuse University where he received his BS in Finance and Emory University where he received his MBA.
Investment Considerations
The Fund is subject to the same risks as the underlying bonds in the portfolio such as credit, prepayment, call and interest rate risk. As interest rates rise, the value of bond prices will decline and an investor may lose money. The Fund may invest in mortgage-backed securities, which tend to be more sensitive to changes in interest rates. The Fund invests in securities issued or guaranteed by the U.S. government or its agencies (such as Fannie Mae or Freddie Mac). Although U.S. government securities issued directly by the U.S. government are guaranteed by the U.S. Treasury, other U.S. government securities issued by an agency or instrumentality of the U.S. government may not be. No assurance can be given that the U.S. government would provide financial support to its agencies and instrumentalities if not required to do so by law.
Q. How did the Fund perform during the 12-month period between October 1, 2018 and September 30, 2019?
A. The Fund’s Institutional Shares outperformed its current benchmark, the Bloomberg Barclays U.S. Intermediate Government Index. Net of fees, however, the Fund underperformed the benchmark.
Q. What factors affected the Fund’s performance?
A. In late 2018, investors sold off risk assets sharply in response to the Federal Reserve’s continued pursuit of tighter monetary policy. However, the Fed reversed course later in the period, cutting short-term interest rates in July and September and halting its balance sheet reduction efforts. Meanwhile, a slowdown in the global economy and the intensifying trade war with China weighed on the U.S. economy. Investors also worried about the potential for a cyclical slowdown as the economy enters its tenth year of expansion. These factors combined to depress Treasury yields.
In absolute terms, the Fund benefited greatly from lower interest rates, which move in opposition to bond prices. Yields on 2-year Treasuries fell 120 basis points, while 10-year Treasury yields declined by 140 basis points over the period.
For most of the period, the Fund maintained a duration positioning longer than that of its benchmark. The Fund’s barbell yield curve structure also buoyed relative returns as Treasury yields dropped sharply and the yield curve flattened. An overweight position in agency bonds, which offered higher yields than Treasuries, also helped relative returns in the period. Other factors boosting performance included modest exposure to high-quality corporate bonds, taxable municipal bonds, commercial mortgage-backed securities (CMBS) and asset-backed securities (ABS), all of which outperformed duration-matched Treasuries.
The Fund’s relatively high exposure to mortgage-backed securities and collateralized mortgage obligations dragged on relative performance in the period, as the sharp drop in Treasury yields hurt the performance of bonds with prepayment features.
Portfolio composition is as of September 30, 2019 and is subject to change and risk.
* Reflects 2.00% maximum sales charge.
** Reflects the applicable maximum CDSC of 1.00% (applicable only to redemptions within one year of purchase, and as such, are not reflected in the Average Annual Total Returns table since the periods reflected are for a year or longer).
Average Annual Total Returns
As of |
| Inception |
|
|
|
|
|
|
|
September 30, 2019 |
| Date |
| 1 Year |
| 5 Years |
| 10 Years |
|
Class A Shares* |
| 10/9/92 |
| 5.17 | % | 1.24 | % | 1.73 | % |
Class C Shares** |
| 2/1/01 |
| 6.48 | % | 0.90 | % | 1.20 | % |
Institutional Shares |
| 10/9/92 |
| 7.54 | % | 1.89 | % | 2.20 | % |
Bloomberg Barclays U.S. Government Intermediate Index |
| N/A |
| 7.52 | % | 2.18 | % | 2.34 | % |
Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. Total return figures include change in share price, reinvestment of dividends and capital gains, and do not reflect taxes that a shareholder would pay on fund distributions or on the redemption of fund shares. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. To obtain performance information current to the most recent month end, please visit www.sterlingcapitalfunds.com. Performance would have been lower without waivers in effect.
The chart above represents a comparison of a hypothetical $10,000 investment in the indicated share class versus a similar investment in the Fund’s benchmark.
The Fund is measured against the Bloomberg Barclays U.S. Government Intermediate Index, an unmanaged index comprised of all publicly issued non-convertible domestic debt of the U.S. government or any agency there of, or corporate debt guaranteed by the U.S. government all with outstanding principal of $1 million and maturity between one and ten years. The index does not reflect the deduction of expenses associated with a mutual fund, such as investment management and fund accounting fees. Investors cannot invest directly in an index, although they can invest in its underlying securities.
Sterling Capital Total Return Bond Fund
Portfolio Managers
Sterling Capital Total Return Bond Fund (the “Fund”) is managed by Mark Montgomery, CFA and Richard LaCoff, Senior Managing Directors and portfolio managers for Sterling Capital Management LLC (“Sterling Capital”), advisor to the Fund.
Mark Montgomery, CFA
Mr. Montgomery, Senior Managing Director joined Sterling Capital in 1997 and has been a co-portfolio manager of the Fund since 2008. He is co-head of Sterling Capital’s Fixed Income Portfolio Management. He has investment experience since 1990. He is a graduate of West Chester University and received his MBA from Drexel University.
Richard T. LaCoff
Mr. LaCoff, Senior Managing Director joined Sterling Capital in 2007 and has been a co-portfolio manager of the Fund since 2011. He is co-head of Sterling Capital’s Fixed Income Portfolio Management. He has investment experience since 1991. He is a graduate of Villanova University and received his MS in Finance from Drexel University.
Investment Considerations
The Fund is subject to the same risks as the underlying bonds in the portfolio such as credit, prepayment, call and interest rate risk. As interest rates rise, the value of bond prices will decline and an investor may lose money. The Fund may invest in foreign securities, which may expose the fund to currency and exchange rate fluctuations; and mortgage-backed securities sensitive to interest rates; and high yield debt (also known as junk bonds), all of which may cause greater volatility and less liquidity. Derivatives may be more sensitive to changes in market conditions and may amplify risks.
Q. How did the Fund perform during the 12-month period between October 1, 2018 and September 30, 2019?
A. The Fund’s Institutional Shares underperformed its current benchmark, the Bloomberg Barclays U.S. Aggregate Bond Index.
Q. What factors affected the Fund’s performance?
A. Declining interest rates during the period had a positive impact on the Fund’s absolute return. The Federal Reserve shifted its monetary policy to a more dovish position, which supported fixed-income investments. At the same time, concerns over slowing economic growth and trade tensions between the U.S. and China increased investor appetite for fixed-income investments. Corporate bonds also generated positive total returns during the period, and the Fund benefited from an allocation to these higher yielding assets. Additionally, an allocation to securitized products such as commercial mortgage-backed securities, asset-backed securities, and mortgage-backed securities contributed positively to absolute return. Ultimately, income derived from the Fund’s investments was the main contributor to the Funds absolute return.
The Fund underperformed its benchmark during the period in part due to an overweight exposure to long-term corporate bonds in the utilities sector, as these underperformed during the period. An underweight allocation to sovereign bonds also detracted from relative performance, as sovereign bonds, particularly long-dated bonds, benefitted from the global decline in interest rates.
The Fund’s underweight allocation to the Treasury sector and an overweight allocation to higher risk securities, such as corporate bonds and commercial mortgage-back securities, contributed to relative performance. The Fund’s overweight allocation to risk assets generated more income on a relative basis, which contributed to positive performance.
Portfolio composition is as of September 30, 2019 and is subject to change and risk.
* Reflects 5.75% maximum sales charge.
** Reflects the applicable maximum CDSC of 1.00% (applicable only to redemptions within one year of purchase, and as such, are not reflected in the Average Annual Total Returns table since the periods reflected are for a year or longer).
Average Annual Total Returns
As of |
| Inception |
|
|
|
|
|
|
|
September 30, 2019 |
| Date |
| 1 Year |
| 5 Years |
| 10 Years |
|
Class A Shares* |
| 11/30/99 |
| 3.60 | % | 2.23 | % | 3.50 | % |
Class C Shares** |
| 2/1/01 |
| 9.17 | % | 2.68 | % | 3.34 | % |
Institutional Shares |
| 11/30/99 |
| 10.27 | % | 3.71 | % | 4.38 | % |
Class R Shares |
| 2/1/10 | (1) | 9.65 | % | 3.20 | % | 3.85 | % |
Class R6 Shares |
| 2/1/18 | (2) | 10.38 | % | 3.75 | % | 4.40 | % |
Bloomberg Barclays U.S. Aggregate Bond Index |
| N/A |
| 10.30 | % | 3.38 | % | 3.75 | % |
Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. Total return figures include change in share price, reinvestment of dividends and capital gains, and do not reflect taxes that a shareholder would pay on fund distributions or on the redemption of fund shares. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. To obtain performance information current to the most recent month end, please visit www.sterlingcapitalfunds.com. Performance would have been lower without limitations and/or waivers in effect.
The chart above represents a comparison of a hypothetical $10,000 investment in the indicated share class versus a similar investment in the Fund’s benchmark.
(1) Class R Shares were not in existence prior to 2/1/10. Performance for periods prior to 2/1/10 is based on the performance of Institutional Shares, but such performance does not reflect Class R Shares’ 12b-1 fees, which if reflected, would have caused performance to be lower.
(2) Class R6 Shares were not in existence prior to 2/1/18. Performance for periods prior to 2/1/18 is based on the performance of Institutional Shares.
The Fund is measured against the Bloomberg Barclays U.S. Aggregate Bond Index, an unmanaged index, which is a market value-weighted performance benchmark for investment-grade fixed-rate debt issues, including government, corporate, asset-backed, and mortgage-backed securities, with maturities of at least one year. The index is unmanaged and does not reflect the deduction of expenses associated with a mutual fund, such as investment management and fund accounting fees. Investors cannot invest directly in an index, although they can invest in its underlying securities.
Sterling Capital Corporate Fund
Portfolio Managers
Sterling Capital Corporate Fund (the “Fund”) is managed by Mark Montgomery, CFA and Richard LaCoff, Senior Managing Directors and portfolio managers for Sterling Capital Management LLC (“Sterling Capital”), advisor to the Fund.
Mark Montgomery, CFA
Mr. Montgomery, Senior Managing Director joined Sterling Capital in 1997 and has been a co-portfolio manager of the Fund since inception. He is co-head of Sterling Capital’s Fixed Income Portfolio Management. He has investment experience since 1990. He is a graduate of West Chester University and received his MBA from Drexel University.
Richard T. LaCoff
Mr. LaCoff, Senior Managing Director joined Sterling Capital in 2007 and has been a co-portfolio manager of the Fund since inception. He is co-head of Sterling Capital’s Fixed Income Portfolio Management. He has investment experience since 1991. He is a graduate of Villanova University and received his MS in Finance from Drexel University.
Investment Considerations
The Fund is subject to the same risks as the underlying bonds in the portfolio such as credit, prepayment, call and interest rate risk. As interest rates rise, the value of bond prices will decline and an investor may lose money. The Fund may invest in more aggressive investments, such as foreign securities, which may expose the fund to currency and exchange rate fluctuations; mortgage-backed securities sensitive to interest rates; and high yield debt (also known as junk bonds), all of which may cause greater volatility and less liquidity. Derivatives may be more sensitive to changes in market conditions and may amplify risks.
Q. How did the Fund perform during the 12-month period between October 1, 2018 and September 30, 2019?
A. The Fund’s Institutional Shares underperformed its current benchmark, the Bloomberg Barclays Corporate Intermediate Bond Index.
Q. What factors affected the Fund’s performance?
A. Interest rates fell precipitously during the period due to a slowdown in global growth. At the same time, the Federal Reserve became more accommodative, lowering the federal funds target rate. Bond prices are inversely related to interest rates, rising as interest rates fall. Rising prices were the biggest driver behind the Fund’s positive absolute return.
Risk premiums on corporate bonds widened substantially in late 2018 amid fears of recession. While the corporate bond market largely recovered in 2019, corporate spreads were slightly wider for the period, which negatively impacted absolute return.
The Fund underperformed its benchmark in part due to its short duration as interest rates fell during the fourth quarter of 2018. Additionally, an overweight allocation to the energy sector hurt relative performance as oil prices suffered amid concerns over low demand. Exposure to the below-investment grade oil field services sector, in particular, dragged on relative returns.
The Fund’s move to a longer duration and a barbelled curve position relative to the benchmark benefitted relative returns as interest rates fell and the yield curve flattened during the first three quarters of 2019. Additionally, an overweight allocation to the financial sector helped relative performance during this period.
Portfolio composition is as of September 30, 2019 and is subject to change and risk.
* Reflects 2.00% maximum sales charge.
** Reflects the applicable maximum contingent deferred sales charge (CDSC) of 1.00% (applicable only to redemptions within one year of purchase, and as such, are not reflected in the Annual Total Returns table since the periods reflected are for a year or longer).
Average Annual Total Returns
As of |
| Inception |
|
|
|
|
| Since |
|
September 30, 2019 |
| Date |
| 1 Year |
| 5 Year |
| Inception |
|
Class A Shares* |
| 1/31/13 | (1) | 6.83 | % | 2.99 | % | 3.70 | % |
Class C Shares** |
| 1/31/13 | (1) | 8.18 | % | 2.64 | % | 3.31 | % |
Institutional Shares |
| 6/30/11 | (2) | 9.28 | % | 3.67 | % | 4.16 | % |
Bloomberg Barclays Corporate Intermediate Bond Index |
| 6/30/11 |
| 9.57 | % | 3.68 | % | 4.63 | % |
Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. Total return figures include change in share price, reinvestment of dividends and capital gains, and do not reflect taxes that a shareholder would pay on fund distributions or on the redemption of fund shares. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. To obtain performance information current to the most recent month end, please call 1-888-228-1872.
The chart above represents a comparison of a hypothetical $10,000 investment in the indicated share class versus a similar investment in the Fund’s benchmark.
(1) Class A and C Shares were not in existence prior to 2/1/13. Performance for periods prior to 2/1/13 is based on the performance of Institutional Shares and has been adjusted for maximum CDSC to the class applicable but does not include 12b-1 fees, which if reflected, would have caused performance of Class A and C Shares to be lower.
(2) The Fund converted Class S Shares into Institutional Shares effective 2/1/13.
The Fund is measured against the Bloomberg Barclays Corporate Intermediate Bond Index, an unmanaged index consisting of dollar-denominated debt from U.S. industrial, utility and financial institutions issuers with a duration of 1 to 10 years. The index does not reflect the deduction of expenses associated with a mutual fund, such as investment management and fund accounting fees. Investors cannot invest directly in an index, although they can invest in its underlying securities.
Sterling Capital Securitized Opportunities Fund
Portfolio Managers
Sterling Capital Securitized Opportunities Fund (the “Fund”) is managed by Executive Director Michael Sun, CFA, Jeffrey Ormsby, CFA and Byron Mims, CFA, Directors and portfolio managers for Sterling Capital Management LLC (“Sterling Capital”), advisor to the Fund.
Michael Z. Sun, CFA
Mr. Sun, Executive Director, joined Sterling Capital in 2009 and has been a co-portfolio manager to the Fund since 2014. Mr. Sun has investment experience since 1998 and is a graduate of Nanjing University and received his MS from Beijing University and his MA from Bowling Green State University.
Byron G. Mims, CFA
Mr. Mims, Director, joined Sterling Capital in 2012 and has been a co-portfolio manager to the Fund since 2016. Mr. Mims has investment experience since 2006. He is a graduate of North Carolina State University where he received his BS in Economics. He was a summa cum laude graduate and was recognized as valedictorian.
Jeffrey D. Ormsby, CFA
Mr. Ormsby, Director, joined Sterling Capital in 2011 and has been a co-portfolio manager to the Fund since 2016. Mr. Ormsby has investment experience since 2006. He is a graduate of North Carolina State University where he received his BS in Economics. He was a summa cum laude graduate and was recognized as Valedictorian. Mr. Ormsby received his MBA from the University of North Carolina at Chapel Hill’s Kenan-Flagler Business School, where he was the Norman Block Valedictorian Award recipient.
Investment Considerations
The Fund is subject to the same risks as the underlying bonds in the portfolio such as credit, prepayment, call and interest rate risk. As interest rates rise, the value of bond prices will decline and an investor may lose money. The Fund may invest in more aggressive investments, such as foreign securities, which may expose the Fund to currency and exchange rate fluctuations; mortgage-backed securities sensitive to interest rates; and high yield debt (also known as junk bonds), all of which may cause greater volatility and less liquidity.
Q. How did the Fund perform during the 12-month period between October 1, 2018 and September 30, 2019?
A. The Fund’s Institutional Shares outperformed its current benchmark, the Bloomberg Barclays U.S. Mortgage Backed Securities Index.
Q. What factors affected the Fund’s performance?
A. All major sub-sectors within the Fund had positive absolute returns for the period. Fixed income prices were boosted by a drop in interest rates over the period. The Fund outperformed the benchmark primarily because it had more duration exposure than the benchmark over the period where interest rates fell significantly. The Fund’s exposure to commercial mortgage-backed securities was also additive as the sector posted strong excess returns relative to Treasuries. The sector also managed to significantly beat agency mortgage-backed securities, which make up the benchmark and are where the Fund was heavily underweight.
The Fund’s holdings of non-agency residential mortgage-backed securities and consumer asset-backed securities both managed to post positive excess returns relative to similar-duration Treasuries, but nonetheless had lower absolute returns than that of the benchmark. This was largely a function of shorter durations in each of those sectors relative to the total benchmark duration, which resulted in some relative underperformance. Lastly, security selection within the agency mortgage-backed security sub-sector detracted modestly from relative performance as the Fund was underweight mortgages with the lowest coupons, which outperformed higher coupon mortgages as interest rates declined.
Portfolio composition is as of September 30, 2019 and is subject to change and risk.
* Reflects 2.00% maximum sales charge.
** Reflects the applicable maximum contingent deferred sales charge (CDSC) of 1.00% (applicable only to redemptions within one year of purchase, and as such, are not reflected in the Annual Total Returns table since the periods reflected are for a year or longer).
Average Annual Total Returns
As of |
| Inception |
|
|
|
|
| Since |
|
September 30, 2019 |
| Date |
| 1 Year |
| 5 Year |
| Inception |
|
Class A Shares* |
| 1/31/13 | (1) | 5.92 | % | 2.62 | % | 2.75 | % |
Class C Shares** |
| 1/31/13 | (1) | 7.21 | % | 2.26 | % | 2.39 | % |
Institutional Shares |
| 6/30/11 | (2) | 8.27 | % | 3.28 | % | 3.22 | % |
Bloomberg Barclays U.S. Mortgage Backed Securities Index |
| N/A |
| 7.80 | % | 2.80 | % | 2.74 | % |
Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. Total return figures include change in share price, reinvestment of dividends and capital gains, and do not reflect taxes that a shareholder would pay on fund distributions or on the redemption of fund shares. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. To obtain performance information current to the most recent month end, please call 1-888-228-1872. Performance would have been lower without limitations and/or waivers in effect.
The chart above represents a comparison of a hypothetical $10,000 investment in the indicated share class versus a similar investment in the Fund’s benchmark.
(1) Class A and C Shares were not in existence prior to 2/1/13. Performance for periods prior to 2/1/13 is based on the performance of Institutional Shares and has been adjusted for maximum CDSC to the class applicable but does not include 12b-1 fees, which if reflected, would have caused performance of Class A and C Shares to be lower.
(2) The Fund converted Class S Shares into Institutional Shares effective 2/1/13.
The Fund is measured against the Bloomberg Barclays U.S. Mortgage Backed Securities Index. The index measures the performance of investment grade fixed-rate mortgage-backed pass-through securities of Ginnie Mae, Fannie Mae, and Freddie Mac. The index is unmanaged and does not reflect the deduction of expenses associated with a mutual fund, such as investment management and fund accounting fees. Investors cannot invest directly in an index, although they can invest in its underlying securities.
Sterling Capital Kentucky Intermediate Tax-Free Fund
Portfolio Manager
Robert F. Millikan, CFA
Sterling Capital Kentucky Intermediate Tax-Free Fund (the “Fund”) is managed by Robert F. Millikan, CFA, Executive Director and portfolio manager for Sterling Capital Management LLC (“Sterling Capital”), advisor to the Fund. Mr. Millikan joined BB&T Asset Management in 2000 and Sterling Capital through merger in 2010. He is lead portfolio manager of the Fund and has managed or been a member of the team that manages the state-specific municipal bond fund portfolios since 2000 and has investment experience since 1990. Mr. Millikan is a graduate of Wake Forest University where he received his BA in Economics.
Investment Considerations
The Fund is subject to the same risks as the underlying bonds in the portfolios such as credit, prepayment and interest rate risk. As interest rates rise, the value of bond prices will decline and an investor may lose money. The Fund is non-diversified and may invest a greater percentage of its assets in a single issuer than funds that are more diversified. Furthermore, the Fund invests primarily in municipal obligations issued by Kentucky and its political subdivisions and therefore will be affected by economic, political or other events affecting Kentucky.
Q. How did the Fund perform during the 12-month period between October 1, 2018 and September 30, 2019?
A. The Fund’s Institutional Shares underperformed its current benchmark, the ICE BofA Merrill Lynch 2-17 Year Municipal Bond Index.
Q. What factors affected the Fund’s performance?
A. Interest rates fell steadily over the course of the period. Rates were driven lower in part by weaker economic data in the U.S. and international markets such as China, Japan and the European Union. The U.S. Federal Reserve cut the federal funds rate — a key short-term interest rate — twice during the period, in August and September, marking the Fed’s first reversal since 2008.
In absolute terms, falling interest rates positively affected the Fund’s performance. Demand for municipal securities strengthened as investors sought tax relief following a cap on the amount of property tax that can be deducted on federal taxes. The cap on state and local tax (SALT) deduction was a key provision of the Tax Cut and Jobs Act reform bill that passed in 2017. Investors’ growing fears of economic weakness also drove them to the improving credit fundamentals of the municipal asset class.
The Fund’s performance relative to its benchmark lagged due to an underweight position in low-quality bonds, which outperformed high-quality bonds during the period, as sharp rate drops in November and December drove investors toward riskier bonds to make up for falling yields.
The Fund boosted its average duration in early 2019 as the economy slowed. That move buoyed the Fund’s relative performance, as longer-duration bonds performed better in a falling rate environment. The Fund’s relative performance also benefited from an overweight position in revenue bonds, which outperformed general obligation bonds during the period.
Portfolio composition is as of September 30, 2019 and is subject to change and risk.
* Reflects 2.00% maximum sales charge.
** Reflects the applicable maximum contingent deferred sales charge of 1.00% (applicable only to redemptions within one year of purchase, and as such, are not reflected in the Average Annual Total Returns table since the periods reflected are for a year or longer).
Average Annual Total Returns
As of |
| Inception |
|
|
|
|
|
|
|
September 30, 2019 |
| Date |
| 1 Year |
| 5 Years |
| 10 Years |
|
Class A Shares* |
| 2/24/03 |
| 4.68 | % | 1.68 | % | 2.51 | % |
Class C Shares** |
| 1/31/12 | (1) | 6.28 | % | 1.49 | % | 2.22 | % |
Institutional Shares |
| 2/24/03 |
| 7.06 | % | 2.36 | % | 2.97 | % |
ICE BofA Merrill Lynch 2-17 Year Municipal Bond Index |
| N/A |
| 7.94 | % | 3.18 | % | 3.75 | % |
Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. Total return figures include change in share price, reinvestment of dividends and capital gains, and do not reflect taxes that a shareholder would pay on fund distributions or on the redemption of fund shares. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. To obtain performance information current to the most recent month end, please visit www.sterlingcapitalfunds.com. Performance would have been lower without waivers in effect.
The chart above represents a comparison of a hypothetical $10,000 investment in the indicated share class versus a similar investment in the Fund’s benchmark.
(1) Class C Shares were not in existence prior to 2/1/12. Performance for periods prior to 2/1/12 is based on the performance of Class A Shares. Such performance would differ only to the extent that the Classes have different expenses.
The Fund is measured against the ICE BofA Merrill Lynch 2-17 Year Municipal Bond Index, an unmanaged index that is representative of municipal bonds. The index does not reflect the deduction of expenses associated with a mutual fund, such as investment management and fund accounting fees. Investors cannot invest directly in an index, although they can invest in its underlying securities.
Sterling Capital Maryland Intermediate Tax-Free Fund
Portfolio Manager
Robert F. Millikan, CFA
Sterling Capital Maryland Intermediate Tax-Free Fund (the “Fund”) is managed by Robert F. Millikan, CFA, Executive Director and portfolio manager for Sterling Capital Management LLC (“Sterling Capital”), advisor to the Fund. Mr. Millikan joined BB&T Asset Management in 2000 and Sterling Capital through merger in 2010. He is lead portfolio manager of the Fund and has managed or been a member of the team that manages the state-specific municipal bond fund portfolios since 2000 and has investment experience since 1990. Mr. Millikan is a graduate of Wake Forest University where he received his BA in Economics.
Investment Considerations
The Fund is subject to the same risks as the underlying bonds in the portfolios such as credit, prepayment and interest rate risk. As interest rates rise, the value of bond prices will decline and an investor may lose money. The Fund is non-diversified and may invest a greater percentage of its assets in a single issuer than funds that are more diversified. Furthermore, the Fund invests primarily in municipal obligations issued by Maryland and its political subdivisions and therefore will be affected by economic, political or other events affecting Maryland.
Q. How did the Fund perform during the 12-month period between October 1, 2018 and September 30, 2019?
A. The Fund’s Institutional Shares underperformed its current benchmark, the ICE BofA Merrill Lynch 2-17 Year Municipal Bond Index.
Q. What factors affected the Fund’s performance?
A. Interest rates fell steadily over the course of the period. Rates were driven lower in part by weaker economic data in the U.S. and international markets such as China, Japan and the European Union. The U.S. Federal Reserve cut the federal funds rate — a key short-term interest rate — twice during the period, in August and September, marking the Fed’s first reversal since 2008.
In absolute terms, falling interest rates positively affected the Fund’s performance. Demand for municipal securities strengthened as investors sought tax relief following a cap on the amount of property tax that can be deducted on federal taxes. The cap on state and local tax (SALT) deduction was a key provision of the Tax Cut and Jobs Act reform bill that passed in 2017. Investors’ growing fears of economic weakness also drove them to the improving credit fundamentals of the municipal asset class.
The Fund’s performance relative to its benchmark lagged due to an underweight position in low-quality bonds, which outperformed high-quality bonds during the period, as sharp rate drops in November and December drove investors toward riskier bonds to make up for falling yields.
The Fund boosted its average duration in early 2019 as the economy slowed. That move buoyed the Fund’s relative performance, as longer-duration bonds performed better in a falling rate environment. The Fund’s relative performance also benefited from an overweight position in revenue bonds, which outperformed general obligation bonds during the period.
Portfolio composition is as of September 30, 2019 and is subject to change and risk.
* Reflects 2.00% maximum sales charge.
** Reflects the applicable maximum contingent deferred sales charge of 1.00% (applicable only to redemptions within one year of purchase, and as such, are not reflected in the Average Annual Total Returns table since the periods reflected are for a year or longer).
Average Annual Total Returns
As of |
| Inception |
|
|
|
|
|
|
|
September 30, 2019 |
| Date |
| 1 Year |
| 5 Years |
| 10 Years |
|
Class A Shares* |
| 2/24/03 |
| 4.19 | % | 1.68 | % | 2.39 | % |
Class C Shares** |
| 1/31/12 | (1) | 5.65 | % | 1.33 | % | 2.01 | % |
Institutional Shares |
| 2/24/03 |
| 6.70 | % | 2.35 | % | 2.84 | % |
ICE BofA Merrill Lynch 2-17 Year Municipal Bond Index |
| N/A |
| 7.94 | % | 3.18 | % | 3.75 | % |
Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. Total return figures include change in share price, reinvestment of dividends and capital gains, and do not reflect taxes that a shareholder would pay on fund distributions or on the redemption of fund shares. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. To obtain performance information current to the most recent month end, please visit www.sterlingcapitalfunds.com.
The chart above represents a comparison of a hypothetical $10,000 investment in the indicated share class versus a similar investment in the Fund’s benchmark.
(1) Class C Shares were not in existence prior to 2/1/12. Performance for periods prior to 2/1/12 is based on the performance of Class A Shares. Such performance would differ only to the extent that the Classes have different expenses.
The Fund is measured against the ICE BofA Merrill Lynch 2-17 Year Municipal Bond Index, an unmanaged index, which is representative of municipal bonds. The index does not reflect the deduction of expenses associated with a mutual fund, such as investment management and fund accounting fees. Investors cannot invest directly in an index, although they can invest in its underlying securities.
Sterling Capital North Carolina Intermediate Tax-Free Fund
Portfolio Manager
Robert F. Millikan, CFA
Sterling Capital North Carolina Intermediate Tax-Free Fund (the “Fund”) is managed by Robert F. Millikan, CFA, Executive Director and portfolio manager for Sterling Capital Management LLC (“Sterling Capital”), advisor to the Fund. Mr. Millikan joined BB&T Asset Management in 2000 and Sterling Capital through merger in 2010. He is lead portfolio manager of the Fund and has managed or been a member of the team that manages the state-specific municipal bond fund portfolios since 2000 and has investment experience since 1990. Mr. Millikan is a graduate of Wake Forest University where he received his BA in Economics.
Investment Considerations
The Fund is subject to the same risks as the underlying bonds in the portfolios such as credit, prepayment and interest rate risk. As interest rates rise, the value of bond prices will decline and an investor may lose money. The Fund is non-diversified and may invest a greater percentage of its assets in a single issuer than funds that are more diversified. Furthermore, the Fund invests primarily in municipal obligations issued by North Carolina and its political subdivisions and therefore will be affected by economic, political or other events affecting North Carolina.
Q. How did the Fund perform during the 12-month period between October 1, 2018 and September 30, 2019?
A. The Fund’s Institutional Shares underperformed its current benchmark, the ICE BofA Merrill Lynch 2-17 Year Municipal Bond Index.
Q. What factors affected the Fund’s performance?
A. Interest rates fell steadily over the course of the period. Rates were driven lower in part by weaker economic data in the U.S. and international markets such as China, Japan and the European Union. The U.S. Federal Reserve cut the federal funds rate — a key short-term interest rate — twice during the period, in August and September, marking the Fed’s first reversal since 2008.
In absolute terms, falling interest rates positively affected the Fund’s performance. Demand for municipal securities strengthened as investors sought tax relief following a cap on the amount of property tax that can be deducted on federal taxes. The cap on state and local tax (SALT) deduction was a key provision of the Tax Cut and Jobs Act reform bill that passed in 2017. Investors’ growing fears of economic weakness also drove them to the improving credit fundamentals of the municipal asset class.
The Fund’s performance relative to its benchmark lagged due to an underweight position in low-quality bonds, which outperformed high-quality bonds during the period, as sharp rate drops in November and December drove investors toward riskier bonds to make up for falling yields.
The Fund boosted its average duration in early 2019 as the economy slowed. That move buoyed the Fund’s relative performance, as longer-duration bonds performed better in a falling rate environment. The Fund’s relative performance also benefited from an overweight position in revenue bonds, which outperformed general obligation bonds during the period.
Portfolio composition is as of September 30, 2019 and is subject to change and risk.
* Reflects 2.00% maximum sales charge.
** Reflects the applicable maximum contingent deferred sales charge of 1.00% (applicable only to redemptions within one year of purchase, and as such, are not reflected in the Average Annual Total Returns table since the periods reflected are for a year or longer).
Average Annual Total Returns
As of |
| Inception |
|
|
|
|
|
|
|
September 30, 2019 |
| Date |
| 1 Year |
| 5 Years |
| 10 Years |
|
Class A Shares* |
| 10/16/92 |
| 4.73 | % | 1.84 | % | 2.52 | % |
Class C Shares** |
| 1/31/12 | (1) | 6.05 | % | 1.47 | % | 2.13 | % |
Institutional Shares |
| 10/16/92 |
| 7.10 | % | 2.50 | % | 2.99 | % |
ICE BofA Merrill Lynch 2-17 Year Municipal Bond Index |
| N/A |
| 7.94 | % | 3.18 | % | 3.75 | % |
Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. Total return figures include change in share price, reinvestment of dividends and capital gains, and do not reflect taxes that a shareholder would pay on fund distributions or on the redemption of fund shares. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. To obtain performance information current to the most recent month end, please visit www.sterlingcapitalfunds.com.
The chart above represents a comparison of a hypothetical $10,000 investment in the indicated share class versus a similar investment in the Fund’s benchmark.
(1) Class C Shares were not in existence prior to 2/1/12. Performance for periods prior to 2/1/12 is based on the performance of Class A Shares. Such performance would differ only to the extent that the Classes have different expenses.
The Fund is measured against the ICE BofA Merrill Lynch 2-17 Year Municipal Bond Index, an unmanaged index, which is representative of municipal bonds. The index does not reflect the deduction of expenses associated with a mutual fund, such as investment management and fund accounting fees. Investors cannot invest directly in an index, although they can invest in its underlying securities.
Sterling Capital South Carolina Intermediate Tax-Free Fund
Portfolio Manager
Robert F. Millikan, CFA
Sterling Capital South Carolina Intermediate Tax-Free Fund (the “Fund”) is managed by Robert F. Millikan, CFA, Executive Director and portfolio manager for Sterling Capital Management LLC (“Sterling Capital”), advisor to the Fund. Mr. Millikan joined BB&T Asset Management in 2000 and Sterling Capital through merger in 2010. He is lead portfolio manager of the Fund and has managed or been a member of the team that manages the state-specific municipal bond fund portfolios since 2000 and has investment experience since 1990. Mr. Millikan is a graduate of Wake Forest University where he received his BA in Economics.
Investment Considerations
The Fund is subject to the same risks as the underlying bonds in the portfolios such as credit, prepayment and interest rate risk. As interest rates rise, the value of bond prices will decline and an investor may lose money. The Fund is non-diversified and may invest a greater percentage of its assets in a single issuer than funds that are more diversified. Furthermore, the Fund invests primarily in municipal obligations issued by South Carolina and its political subdivisions and therefore will be affected by economic, political or other events affecting South Carolina.
Q. How did the Fund perform during the 12-month period between October 1, 2018 and September 30, 2019?
A. The Fund’s Institutional Shares underperformed its current benchmark, the ICE BofA Merrill Lynch 2-17 Year Municipal Bond Index.
Q. What factors affected the Fund’s performance?
A. Interest rates fell steadily over the course of the period. Rates were driven lower in part by weaker economic data in the U.S. and international markets such as China, Japan and the European Union. The U.S. Federal Reserve cut the federal funds rate — a key short-term interest rate — twice during the period, in August and September, marking the Fed’s first reversal since 2008.
In absolute terms, falling interest rates positively affected the Fund’s performance. Demand for municipal securities strengthened as investors sought tax relief following a cap on the amount of property tax that can be deducted on federal taxes. The cap on state and local tax (SALT) deduction was a key provision of the Tax Cut and Jobs Act reform bill that passed in 2017. Investors’ growing fears of economic weakness also drove them to the improving credit fundamentals of the municipal asset class.
The Fund’s performance relative to its benchmark lagged due to an underweight position in low-quality bonds, which outperformed high-quality bonds during the period, as sharp rate drops in November and December drove investors toward riskier bonds to make up for falling yields.
The Fund boosted its average duration in early 2019 as the economy slowed. That move buoyed the Fund’s relative performance, as longer-duration bonds performed better in a falling rate environment. The Fund’s relative performance also benefited from an overweight position in revenue bonds, which outperformed general obligation bonds during the period.
Portfolio composition is as of September 30, 2019 and is subject to change and risk.
* Reflects 2.00% maximum sales charge.
** Reflects the applicable maximum contingent deferred sales charge of 1.00% (applicable only to redemptions within one year of purchase, and as such, are not reflected in the Average Annual Total Returns table since the periods reflected are for a year or longer).
Average Annual Total Returns
As of |
| Inception |
|
|
|
|
|
|
|
September 30, 2019 |
| Date |
| 1 Year |
| 5 Years |
| 10 Years |
|
Class A Shares* |
| 10/20/97 |
| 4.49 | % | 1.78 | % | 2.63 | % |
Class C Shares** |
| 1/31/12 | (1) | 5.93 | % | 1.44 | % | 2.25 | % |
Institutional Shares |
| 10/20/97 |
| 7.02 | % | 2.46 | % | 3.11 | % |
ICE BofA Merrill Lynch 2-17 Year Municipal Bond Index |
| N/A |
| 7.94 | % | 3.18 | % | 3.75 | % |
Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. Total return figures include change in share price, reinvestment of dividends and capital gains, and do not reflect taxes that a shareholder would pay on fund distributions or on the redemption of fund shares. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. To obtain performance information current to the most recent month end, please visit www.sterlingcapitalfunds.com.
The chart above represents a comparison of a hypothetical $10,000 investment in the indicated share class versus a similar investment in the Fund’s benchmark.
(1) Class C Shares were not in existence prior to 2/1/12. Performance for periods prior to 2/1/12 is based on the performance of Class A Shares. Such performance would differ only to the extent that the Classes have different expenses.
The Fund is measured against the ICE BofA Merrill Lynch 2-17 Year Municipal Bond Index, an unmanaged index, which is representative of municipal bonds. The index does not reflect the deduction of expenses associated with a mutual fund, such as investment management and fund accounting fees. Investors cannot invest directly in an index, although they can invest in its underlying securities.
Sterling Capital Virginia Intermediate Tax-Free Fund
Portfolio Manager
Robert F. Millikan, CFA
Sterling Capital Virginia Intermediate Tax-Free Fund (the “Fund”) is managed by Robert F. Millikan, CFA, Executive Director and portfolio manager for Sterling Capital Management LLC (“Sterling Capital”), advisor to the Fund. Mr. Millikan joined BB&T Asset Management in 2000 and Sterling Capital through merger in 2010. He is lead portfolio manager of the Fund and has managed or been a member of the team that manages the state-specific municipal bond fund portfolios since 2000 and has investment experience since 1990. Mr. Millikan is a graduate of Wake Forest University where he received his BA in Economics.
Investment Considerations
The Fund is subject to the same risks as the underlying bonds in the portfolios such as credit, prepayment and interest rate risk. As interest rates rise, the value of bond prices will decline and an investor may lose money. The Fund is non-diversified and may invest a greater percentage of its assets in a single issuer than funds that are more diversified. Furthermore, the Fund invests primarily in municipal obligations issued by Virginia and its political subdivisions and therefore will be affected by economic, political or other events affecting Virginia.
Q. How did the Fund perform during the 12-month period between October 1, 2018 and September 30, 2019?
A. The Fund’s Institutional Shares underperformed its current benchmark, the ICE BofA Merrill Lynch 2-17 Year Municipal Bond Index.
Q. What factors affected the Fund’s performance?
A. Interest rates fell steadily over the course of the period. Rates were driven lower in part by weaker economic data in the U.S. and international markets such as China, Japan and the European Union. The U.S. Federal Reserve cut the federal funds rate — a key short-term interest rate — twice during the period, in August and September, marking the Fed’s first reversal since 2008.
In absolute terms, falling interest rates positively affected the Fund’s performance. Demand for municipal securities strengthened as investors sought tax relief following a cap on the amount of property tax that can be deducted on federal taxes. The cap on state and local tax (SALT) deduction was a key provision of the Tax Cut and Jobs Act reform bill that passed in 2017. Investors’ growing fears of economic weakness also drove them to the improving credit fundamentals of the municipal asset class.
The Fund’s performance relative to its benchmark lagged due to an underweight position in low-quality bonds, which outperformed high-quality bonds during the period, as sharp rate drops in November and December drove investors toward riskier bonds to make up for falling yields.
The Fund boosted its average duration in early 2019 as the economy slowed. That move buoyed the Fund’s relative performance, as longer-duration bonds performed better in a falling rate environment. The Fund’s relative performance also benefited from an overweight position in revenue bonds, which outperformed general obligation bonds during the period.
Portfolio composition is as of September 30, 2019 and is subject to change and risk.
* Reflects 2.00% maximum sales charge.
** Reflects the applicable maximum contingent deferred sales charge of 1.00% (applicable only to redemptions within one year of purchase, and as such, are not reflected in the Average Annual Total Returns table since the periods reflected are for a year or longer).
Average Annual Total Returns
As of |
| Inception |
|
|
|
|
|
|
|
September 30, 2019 |
| Date |
| 1 Year |
| 5 Years |
| 10 Years |
|
Class A Shares* |
| 5/17/99 |
| 5.01 | % | 1.79 | % | 2.34 | % |
Class C Shares** |
| 1/31/12 | (1) | 6.25 | % | 1.43 | % | 1.95 | % |
Institutional Shares |
| 5/17/99 |
| 7.31 | % | 2.44 | % | 2.80 | % |
ICE BofA Merrill Lynch 2-17 Year Municipal Bond Index |
| N/A |
| 7.94 | % | 3.18 | % | 3.75 | % |
Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. Total return figures include change in share price, reinvestment of dividends and capital gains, and do not reflect taxes that a shareholder would pay on fund distributions or on the redemption of fund shares. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. To obtain performance information current to the most recent month end, please visit www.sterlingcapitalfunds.com.
The chart above represents a comparison of a hypothetical $10,000 investment in the indicated share class versus a similar investment in the Fund’s benchmark.
(1) Class C Shares were not in existence prior to 2/1/12. Performance for periods prior to 2/1/12 is based on the performance of Class A Shares. Such performance would differ only to the extent that the Classes have different expenses.
The Fund is measured against the ICE BofA Merrill Lynch 2-17 Year Municipal Bond Index, an unmanaged index, which is representative of municipal bonds. The index does not reflect the deduction of expenses associated with a mutual fund, such as investment management and fund accounting fees. Investors cannot invest directly in an index, although they can invest in its underlying securities.
Sterling Capital West Virginia Intermediate Tax-Free Fund
Portfolio Manager
Robert F. Millikan, CFA
Sterling Capital West Virginia Intermediate Tax-Free Fund (the “Fund”) is managed by Robert F. Millikan, CFA, Executive Director and portfolio manager for Sterling Capital Management LLC (“Sterling Capital”), advisor to the Fund. Mr. Millikan joined BB&T Asset Management in 2000 and Sterling Capital through merger in 2010. He is lead portfolio manager of the Fund and has managed or been a member of the team that manages the state-specific municipal bond fund portfolios since 2000 and has investment experience since 1990. Mr. Millikan is a graduate of Wake Forest University where he received his BA in Economics.
Investment Considerations
The Fund is subject to the same risks as the underlying bonds in the portfolios such as credit, prepayment and interest rate risk. As interest rates rise, the value of bond prices will decline and an investor may lose money. The Fund is non-diversified and may invest a greater percentage of its assets in a single issuer than funds that are more diversified. Furthermore, the Fund invests primarily in municipal obligations issued by West Virginia and its political subdivisions and therefore will be affected by economic, political or other events affecting West Virginia.
Q. How did the Fund perform during the 12-month period between October 1, 2018 and September 30, 2019?
A. The Fund’s Institutional Shares underperformed its current benchmark, the ICE BofA Merrill Lynch 2-17 Year Municipal Bond Index.
Q. What factors affected the Fund’s performance?
A. Interest rates fell steadily over the course of the period. Rates were driven lower in part by weaker economic data in the U.S. and international markets such as China, Japan and the European Union. The U.S. Federal Reserve cut the federal funds rate — a key short-term interest rate — twice during the period, in August and September, marking the Fed’s first reversal since 2008.
In absolute terms, falling interest rates positively affected the Fund’s performance. Demand for municipal securities strengthened as investors sought tax relief following a cap on the amount of property tax that can be deducted on federal taxes. The cap on state and local tax (SALT) deduction was a key provision of the Tax Cut and Jobs Act reform bill that passed in 2017. Investors’ growing fears of economic weakness also drove them to the improving credit fundamentals of the municipal asset class.
The Fund’s performance relative to its benchmark lagged due to an underweight position in low-quality bonds, which outperformed high-quality bonds during the period, as sharp rate drops in November and December drove investors toward riskier bonds to make up for falling yields.
The Fund boosted its average duration in early 2019 as the economy slowed. That move buoyed the Fund’s relative performance, as longer-duration bonds performed better in a falling rate environment. The Fund’s relative performance also benefited from an overweight position in revenue bonds, which outperformed general obligation bonds during the period.
Portfolio composition is as of September 30, 2019 and is subject to change and risk.
* Reflects 2.00% maximum sales charge.
** Reflects the applicable maximum contingent deferred sales charge of 1.00% (applicable only to redemptions within one year of purchase, and as such, are not reflected in the Average Annual Total Returns table since the periods reflected are for a year or longer).
Average Annual Total Returns
As of |
| Inception |
|
|
|
|
|
|
|
September 30, 2019 |
| Date |
| 1 Year |
| 5 Years |
| 10 Years |
|
Class A Shares* |
| 12/17/93 |
| 4.44 | % | 1.95 | % | 2.64 | % |
Class C Shares** |
| 01/31/12 |
| 5.90 | % | 1.62 | % | 2.26 | % |
Institutional Shares |
| 12/01/93 |
| 6.85 | % | 2.62 | % | 3.10 | % |
ICE BofA Merrill Lynch 2-17 Year Municipal Bond Index |
| N/A |
| 7.94 | % | 3.18 | % | 3.75 | % |
Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. Total return figures include change in share price, reinvestment of dividends and capital gains, and do not reflect taxes that a shareholder would pay on fund distributions or on the redemption of fund shares. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. To obtain performance information current to the most recent month end, please visit www.sterlingcapitalfunds.com.
The chart above represents a comparison of a hypothetical $10,000 investment in the indicated share class versus a similar investment in the Fund’s benchmark.
(1) Class C Shares were not in existence prior to 2/1/12. Performance for periods prior to 2/1/12 is based on the performance of Class A Shares. Such performance would differ only to the extent that the Classes have different expenses.
The Fund is measured against the ICE BofA Merrill Lynch 2-17 Year Municipal Bond Index, an unmanaged index, which is representative of municipal bonds. The index does not reflect the deduction of expenses associated with a mutual fund, such as investment management and fund accounting fees. Investors cannot invest directly in an index, although they can invest in its underlying securities.
Sterling Capital Diversified Income Fund
Portfolio Managers
Sterling Capital Diversified Income Fund (the “Fund”) is managed by Shane A. Burke, and Brandon W. Carl, CFA, Directors and portfolio managers for Sterling Capital Management LLC (“Sterling Capital”), advisor to the fund, and members of the Sterling Capital Advisory Solutions Team.
Shane A. Burke
Mr. Burke, Director, joined Sterling Capital in 2013 and has been a co-portfolio manager of the Fund since 2015. He has investment experience since 2002. He is a graduate of the University of North Carolina at Wilmington where he received his BS in Finance. He received his MBA from San Francisco-Golden Gate University.
Brandon W. Carl, CFA
Mr. Carl, Director, joined BB&T Asset Management in 2001 and Sterling Capital through merger in 2010. Mr. Carl has been a co-portfolio manager to the Fund since 2016. Mr. Carl has investment experience since 2001. He is a graduate of the University of South Carolina where he received his BS in Finance and Management.
Investment Considerations
The Fund is primarily concentrated in underlying funds and is therefore subject to the same risks as the underlying funds it is invested in and may entail higher expenses. The underlying funds may invest in undervalued securities, which may not appreciate in value as anticipated or may remain undervalued for longer than anticipated. The underlying funds may invest in equity securities including more aggressive investments that engage in long/short equity strategies and in options writing strategies and that invest in derivatives, preferred stocks, exchange-traded funds (ETFs), Master Limited Partnerships (MLPs, the value of which will be affected by the natural resources sector of the economy and regulation) and real estate investment trusts (REITs, the value of which will be affected by conditions of the real estate industry). The Fund’s volatility may be amplified by its use of short sales and derivatives. The Fund is subject to the same risks as the debt securities held by the underlying funds such as credit, prepayment, call and interest rate risk. As interest rates rise, the value of debt securities will decline and an investor may lose money. Investing in high yield debt (also known as junk bonds) involves greater risks and less liquidity than investment grade bonds.
Q. How did the Fund perform during the 12-month period between October 1, 2018 and September 30, 2019?
A. The Fund’s Institutional Shares underperformed its current benchmark, 40% MSCI World Index/60% Bloomberg Barclays U.S. Aggregate Bond Index.
Q. What factors affected the Fund’s performance?
A. The Fund’s equity exposure was a detractor versus the blended benchmark during the fiscal year. While the Fund’s underweight exposure to equity versus the equity weighting in the blended benchmark made a positive impact (the MSCI World Index underperformed the Bloomberg Barclays U.S. Aggregate Bond Index by a wide margin during the fiscal year), the Fund’s structural biases toward high-dividend yield and value were material headwinds given that lower dividend-yielding, growth-oriented segments of the equity market outperformed during this time frame. The Fund’s exposure to covered call writing and MLPs also made a negative impact on relative performance. MLPs produced negative returns during the fiscal year as a result of periods of oil price weakness. However, the Fund’s MLP exposure outperformed the Alerian MLP Index during this time period. The Fund’s covered call writing allocation was negatively impacted by exposure to the energy and materials sectors.
All underlying strategies posted positive absolute returns, but largely trailed the fixed income component of the benchmark — the Bloomberg Barclays U.S. Aggregate Bond Index. An out-of-benchmark allocation to emerging market debt was the largest detractor with the underlying manager underperforming the broad index and peer group. An overweight to Argentina was the leading detractor within emerging market debt. As yields moved lower and the Federal Reserve cut its benchmark rate, an allocation to floating rate securities hurt relative returns. Overall, the Fund’s allocations to corporate and securitized credit detracted value. Duration was managed short of the index, which hurt relative results as rates moved lower over the past year. Conversely, the Fund’s allocation to Treasury bonds was additive, specifically the Fund’s allocation to the long end of the curve.
Portfolio composition is as of September 30, 2019 and is subject to change and risk.
* Reflects 5.75% maximum sales charge.
** Reflects the applicable maximum CDSC of 1.00% (applicable only to redemptions within one year of purchase, and as such, are not reflected in the Average Annual Total Returns table since the periods reflected are for a year or longer).
Average Annual Total Returns
As of |
| Inception |
|
|
|
|
|
|
|
September 30, 2019 |
| Date |
| 1 Year |
| 5 Years |
| 10 Years |
|
Class A Shares* |
| 1/29/98 |
| -4.14 | % | 1.94 | % | 4.54 | % |
Class C Shares** |
| 2/1/01 |
| 0.96 | % | 2.41 | % | 4.39 | % |
Institutional Shares |
| 10/2/97 |
| 2.05 | % | 3.42 | % | 5.43 | % |
40% MSCI World Index/ 60% Bloomberg Barclays U.S. Aggregate Bond Index |
| N/A |
| 7.24 | % | 5.08 | % | 6.06 | % |
MSCI World Index |
| N/A |
| 1.83 | % | 7.18 | % | 9.01 | % |
Bloomberg Barclays U.S. Aggregate Bond Index |
| N/A |
| 10.30 | % | 3.38 | % | 3.75 | % |
Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. Total return figures include change in share price, reinvestment of dividends and capital gains, and do not reflect taxes that a shareholder would pay on fund distributions or on the redemption of fund shares. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. To obtain performance information current to the most recent month end, please visit www.sterlingcapitalfunds.com.
The chart above represents a comparison of a hypothetical $10,000 investment in the indicated share class versus a similar investment in the Fund’s benchmarks.
The Fund is measured against the 40% MSCI World Index/60% Bloomberg Barclays U.S. Aggregate Bond Index. The indices are unmanaged and do not reflect the deduction of expenses associated with a mutual fund, such as investment management and, fund accounting fees. Investors cannot invest directly in an index, although they can invest in its underlying securities.
Sterling Capital Strategic Allocation Funds
Portfolio Managers
Team Managed
Sterling Capital Strategic Allocation Funds (the “Funds”) are managed by the Sterling Capital Advisory Solutions Team, which is led by James C. Willis, CFA, Managing Director & Director of Advisory Solutions, Jeffrey J. Schappe, CFA, Managing Director and Kevin J. Stoll, CFA, Executive Director. Mr. Willis, Mr. Schappe and Mr. Stoll have managed the Funds since 2010, 2005 and 2016, respectively.
James C. Willis, CFA
Mr. Willis, Managing Director, joined BB&T Asset Management in 2003 and Sterling Capital Management LLC (“Sterling Capital”) through merger in October 2010 and has been a co-portfolio manager of the Fund since 2010. He has investment experience since 1996. He is a graduate of Rice University where he received a BA in Economics and Political Science and a MBA from Georgetown University.
Jeffrey J. Schappe, CFA
Mr. Schappe, Managing Director, joined BB&T Asset Management in 2004 and Sterling Capital through merger in October 2010 and has been a co-portfolio manager of the Fund since 2005. He has investment experience since 1991. He is a graduate of University of Wisconsin- Madison where he received a BA in Journalism and a MBA in Finance.
Kevin J. Stoll, CFA
Mr. Stoll, Executive Director, joined Sterling Capital in 2013 and has been a co-portfolio manager to the Funds since 2016. He has investment experience since 1998. He is a graduate of Northwestern University where he received his BA in Economics and Mathematical Methods in the Social Sciences and his MBA from Duke University’s Fuqua School of Business.
Investment Considerations
The Funds are primarily concentrated in underlying funds and are therefore subject to the same risks as the underlying funds and bear a portion of the expenses of the underlying funds. The underlying funds may be invested in equity securities and are subject to market risk. Investments in bonds are subject to credit risk, call risk and interest rate risk (as interest rates rise the value of bond prices will decline). The underlying funds may invest in foreign securities, which involve certain risks such as currency volatility, political and social instability and reduced market liquidity; small capitalization companies which are subject to greater volatility and less liquidity due to limited resources or product lines and are more sensitive to economic factors; and high-yield debt securities (also known as junk bonds), which involve greater risks than investment grade bonds. The underlying funds may also be money market funds.
Sterling Capital Strategic Allocation Balanced Fund (the “Balanced Fund”)
Sterling Capital Strategic Allocation Growth Fund (the “Growth Fund”)
(Collectively, “Sterling Capital Strategic Allocation Funds”)
Q. How did the Funds perform during the 12-month period between October 1, 2018 and September 30, 2019?
A. The Growth Fund’s Institutional Shares underperformed its current benchmark, 75% MSCI World Index/25% Bloomberg Barclays U.S. Aggregate Bond Index.
The Balanced Fund’s Institutional Shares underperformed its current benchmark, 60% MSCI World Index/40% Bloomberg Barclays U.S. Aggregate Bond Index.
Q. What factors affected the Funds’ performance?
A. The Strategic Allocation Funds held four underlying funds: The Sterling Capital Special Opportunities Fund, the Sterling Capital Equity Income Fund, the Sterling Capital Total Return Bond Fund and the Sterling Capital Behavioral International Equity Fund.
Domestic equities and fixed income posted positive absolute returns during the 12-month period under review. The Sterling Capital Equity Income Fund (BEGIX) gained 8.72% and the Sterling Capital Special Opportunities Fund (BOPIX) posted positive returns of 1.47% for the period, while the Bloomberg Barclays Aggregate Bond Index gained 10.30%.
Both Strategic Allocation Funds posted positive returns overall but underperformed their benchmarks. The Funds’ overweight allocation to stocks and underweight exposure to fixed income securities weighed on the Funds’ relative performance, as bonds posted strong gains and generally outperformed stocks. The Sterling Capital Behavioral International Equity Fund (SBIIX) was the biggest detractor among the underlying funds, trailing its benchmark, the MSCI EAFE Index, by more than seven percentage points.
The Funds’ overweight allocation to developed non-U.S. equities also detracted from relative performance for the period as domestic stocks outperformed their foreign counterparts. Manager selection within the underlying funds of both equities and fixed income also weighed on relative performance.
The underlying Sterling Capital Equity Income Fund gained 8.72% for the year and outperformed its benchmark, contributing to the both the Balanced and Growth Funds’ relative results. The underlying fund’s overweight allocation to domestic large cap value also benefited the Funds on a relative basis, as that category of stocks outperformed for the period.
Portfolio composition is as of September 30, 2019 and is subject to change and risk.
Sterling Capital Strategic Allocation Balanced Fund
* Reflects 5.75% maximum sales charge.
** Reflects the applicable maximum CDSC of 1.00% (applicable only to redemptions within one year of purchase, and as such, are not reflected in the Annual Average Total Returns table since the periods reflected are for a year or longer).
Average Annual Total Returns
As of |
| Inception |
|
|
|
|
|
|
|
September 30, 2019 |
| Date |
| 1 Year |
| 5 Years |
| 10 Years |
|
Class A Shares* |
| 1/29/98 |
| -3.72 | % | 3.20 | % | 5.82 | % |
Class C Shares** |
| 2/1/01 |
| 1.41 | % | 3.65 | % | 5.66 | % |
Institutional Shares |
| 10/2/97 |
| 2.50 | % | 4.71 | % | 6.74 | % |
60% MSCI World Index/ 40% Bloomberg Barclays U.S. Aggregate Bond Index |
| N/A |
| 5.54 | % | 5.84 | % | 7.12 | % |
MSCI World Index |
| N/A |
| 1.83 | % | 7.18 | % | 9.01 | % |
Bloomberg Barclays U.S. Aggregate Bond Index |
| N/A |
| 10.30 | % | 3.38 | % | 3.75 | % |
Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. Total return figures include change in share price, reinvestment of dividends and capital gains, and do not reflect taxes that a shareholder would pay on fund distributions or on the redemption of fund shares. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. To obtain performance information current to the most recent month end, please visit www.sterlingcapitalfunds.com. Performance would have been lower without limitations and/or waivers in effect.
The chart above represents a comparison of a hypothetical $10,000 investment in the indicated share class versus a similar investment in the Fund’s benchmarks.
The Fund is measured against the 60% MSCI World Index/40% Bloomberg Barclays U.S. Aggregate Bond Index. The index is unmanaged and do not reflect the deduction of expenses associated with a mutual fund, such as investment management and, fund accounting fees. Investors cannot invest directly in an index, although they can invest in its underlying securities.
Sterling Capital Strategic Allocation Growth Fund
* Reflects 5.75% maximum sales charge.
** Reflects the applicable maximum CDSC of 1.00% (applicable only to redemptions within one year of purchase, and as such, are not reflected in the Annual Average Total Returns table since the periods reflected are for a year or longer).
Average Annual Total Returns
As of |
| Inception |
|
|
|
|
|
|
|
September 30, 2019 |
| Date |
| 1 Year |
| 5 Years |
| 10 Years |
|
Class A Shares* |
| 1/29/98 |
| -5.22 | % | 3.45 | % | 6.40 | % |
Class C Shares** |
| 2/1/01 |
| -0.12 | % | 3.91 | % | 6.24 | % |
Institutional Shares |
| 10/2/97 |
| 0.84 | % | 4.95 | % | 7.30 | % |
75% MSCI World Index/ 25% Bloomberg Barclays U.S. Aggregate Bond Index |
| N/A |
| 4.19 | % | 6.37 | % | 7.86 | % |
MSCI World Index |
| N/A |
| 1.83 | % | 7.18 | % | 9.01 | % |
Bloomberg Barclays U.S. Aggregate Bond Index |
| N/A |
| 10.30 | % | 3.38 | % | 3.75 | % |
Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. Total return figures include change in share price, reinvestment of dividends and capital gains, and do not reflect taxes that a shareholder would pay on fund distributions or on the redemption of fund shares. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. To obtain performance information current to the most recent month end, please visit www.sterlingcapitalfunds.com. Performance would have been lower without limitations and/or waivers in effect.
The chart above represents a comparison of a hypothetical $10,000 investment in the indicated share class versus a similar investment in the Fund’s benchmarks.
The Fund is measured against the 75% MSCI World Index/25% Bloomberg Barclays U.S. Aggregate Bond Index. The index is unmanaged and do not reflect the deduction of expenses associated with a mutual fund, such as investment management and, fund accounting fees. Investors cannot invest directly in an index, although they can invest in its underlying securities.
Sterling Capital Funds
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 September 30, 2019:
|
| Percentage |
|
Sterling Capital Behavioral Large Cap Value Equity Fund |
| of net assets |
|
Aerospace & Defense |
| 1.3 | % |
Airlines |
| 2.4 | % |
Automobiles |
| 0.5 | % |
Banks |
| 9.3 | % |
Biotechnology |
| 3.8 | % |
Building Products |
| 1.7 | % |
Capital Markets |
| 3.0 | % |
Chemicals |
| 1.3 | % |
Communications Equipment |
| 1.2 | % |
Construction & Engineering |
| 0.4 | % |
Consumer Finance |
| 3.4 | % |
Containers & Packaging |
| 1.3 | % |
Diversified Telecommunication Services |
| 5.2 | % |
Electric Utilities |
| 3.4 | % |
Electrical Equipment |
| 1.0 | % |
Equity Real Estate Investment Trusts (REITS) |
| 5.8 | % |
Food Products |
| 4.5 | % |
Health Care Providers & Services |
| 4.8 | % |
Hotels, Restaurants & Leisure |
| 1.7 | % |
Household Durables |
| 1.0 | % |
Household Products |
| 3.0 | % |
Independent Power and Renewable Electricity Producers |
| 0.5 | % |
Insurance |
| 5.8 | % |
IT Services |
| 0.0 | %* |
Machinery |
| 3.7 | % |
Media |
| 3.9 | % |
Metals & Mining |
| 0.5 | % |
Mortgage Real Estate Investment Trusts (REITS) |
| 0.5 | % |
Multiline Retail |
| 2.8 | % |
Multi-Utilities |
| 3.4 | % |
Oil, Gas & Consumable Fuels |
| 7.5 | % |
Pharmaceuticals |
| 1.9 | % |
Professional Services |
| 0.4 | % |
Semiconductors & Semiconductor Equipment |
| 3.0 | % |
Software |
| 1.3 | % |
Specialty Retail |
| 1.2 | % |
Technology Hardware, Storage & Peripherals |
| 0.8 | % |
Thrifts & Mortgage Finance |
| 0.5 | % |
Money Market Fund |
| 2.2 | % |
|
| 99.9 | % |
* Amount represents less than 0.05%.
|
| Percentage |
|
Sterling Capital Mid Value Fund |
| of net assets |
|
Auto Components |
| 3.9 | % |
Capital Markets |
| 8.9 | % |
Chemicals |
| 4.5 | % |
Commercial Services & Supplies |
| 1.0 | % |
Construction & Engineering |
| 3.1 | % |
Consumer Finance |
| 5.8 | % |
Containers & Packaging |
| 3.1 | % |
Diversified Financial Services |
| 4.0 | % |
Diversified Telecommunication Services |
| 2.4 | % |
Electrical Equipment |
| 3.5 | % |
Energy Equipment & Services |
| 1.9 | % |
Health Care Equipment & Supplies |
| 3.9 | % |
Health Care Providers & Services |
| 5.9 | % |
Hotels, Restaurants & Leisure |
| 3.8 | % |
Household Products |
| 3.2 | % |
Insurance |
| 7.8 | % |
Interactive Media & Services |
| 2.6 | % |
Internet & Direct Marketing Retail |
| 3.6 | % |
IT Services |
| 2.4 | % |
Machinery |
| 1.8 | % |
Media |
| 4.1 | % |
Oil, Gas & Consumable Fuels |
| 0.8 | % |
Pharmaceuticals |
| 1.9 | % |
Real Estate Management & Development |
| 4.7 | % |
Specialty Retail |
| 3.8 | % |
Technology Hardware, Storage & Peripherals |
| 4.1 | % |
Trading Companies & Distributors |
| 2.7 | % |
Money Market Fund |
| 2.8 | % |
|
| 102.0 | % |
|
| Percentage |
|
Sterling Capital Behavioral Small Cap Value Equity Fund |
| of net assets |
|
Aerospace & Defense |
| 0.2 | % |
Air Freight & Logistics |
| 0.9 | % |
Airlines |
| 1.3 | % |
Banks |
| 8.9 | % |
Building Products |
| 1.9 | % |
Capital Markets |
| 0.8 | % |
Chemicals |
| 1.7 | % |
Commercial Services & Supplies |
| 1.0 | % |
Communications Equipment |
| 0.7 | % |
Construction & Engineering |
| 1.0 | % |
Construction Materials |
| 0.4 | % |
Consumer Finance |
| 3.7 | % |
Containers & Packaging |
| 0.7 | % |
Diversified Consumer Services |
| 0.5 | % |
Diversified Financial Services |
| 0.4 | % |
Electric Utilities |
| 2.1 | % |
Electrical Equipment |
| 0.9 | % |
Electronic Equipment, Instruments & Components |
| 2.5 | % |
Energy Equipment & Services |
| 1.6 | % |
Entertainment |
| 0.3 | % |
Equity Real Estate Investment Trusts (REITS) |
| 9.4 | % |
Food & Staples Retailing |
| 1.2 | % |
Food Products |
| 0.5 | % |
Gas Utilities |
| 1.1 | % |
Health Care Equipment & Supplies |
| 0.3 | % |
Health Care Providers & Services |
| 2.1 | % |
Hotels, Restaurants & Leisure |
| 0.3 | % |
Household Durables |
| 2.5 | % |
Independent Power and Renewable Electricity Producers |
| 0.7 | % |
Insurance |
| 4.9 | % |
Interactive Media & Services |
| 0.3 | % |
IT Services |
| 1.1 | % |
Life Sciences Tools & Services |
| 0.5 | % |
Machinery |
| 2.0 | % |
Media |
| 1.0 | % |
Metals & Mining |
| 1.2 | % |
Mortgage Real Estate Investment Trusts (REITS) |
| 5.4 | % |
Multi-Utilities |
| 2.1 | % |
Oil, Gas & Consumable Fuels |
| 4.3 | % |
Paper & Forest Products |
| 0.2 | % |
Pharmaceuticals |
| 1.5 | % |
Professional Services |
| 1.0 | % |
Real Estate Management & Development |
| 1.5 | % |
Road & Rail |
| 0.2 | % |
Semiconductors & Semiconductor Equipment |
| 4.0 | % |
Specialty Retail |
| 5.7 | % |
Textiles, Apparel & Luxury Goods |
| 0.6 | % |
Thrifts & Mortgage Finance |
| 5.6 | % |
Tobacco |
| 0.4 | % |
Trading Companies & Distributors |
| 1.7 | % |
Wireless Telecommunication Services |
| 0.4 | % |
Exchange Traded Fund |
| 1.6 | % |
Money Market Fund |
| 0.6 | % |
|
| 97.4 | % |
|
| Percentage |
|
Sterling Capital Special Opportunities Fund |
| of net assets |
|
Air Freight & Logistics |
| 2.5 | % |
Airlines |
| 3.6 | % |
Auto Components |
| 3.6 | % |
Biotechnology |
| 3.2 | % |
Capital Markets |
| 1.7 | % |
Chemicals |
| 2.0 | % |
Communications Equipment |
| 5.9 | % |
Consumer Finance |
| 4.3 | % |
Entertainment |
| 3.4 | % |
Equity Real Estate Investment Trusts (REITS) |
| 1.2 | % |
Health Care Equipment & Supplies |
| 7.4 | % |
Health Care Providers & Services |
| 6.1 | % |
Health Care Technology |
| 3.0 | % |
Hotels, Restaurants & Leisure |
| 4.6 | % |
Household Durables |
| 3.5 | % |
Interactive Media & Services |
| 6.6 | % |
IT Services |
| 4.1 | % |
Media |
| 11.3 | % |
Pharmaceuticals |
| 3.3 | % |
Professional Services |
| 3.6 | % |
Real Estate Management & Development |
| 3.2 | % |
Semiconductors & Semiconductor Equipment |
| 4.1 | % |
Software |
| 7.1 | % |
Money Market Fund |
| 0.6 | % |
|
| 99.9 | % |
|
| Percentage |
|
Sterling Capital Equity Income Fund |
| of net assets |
|
Air Freight & Logistics |
| 3.0 | % |
Airlines |
| 3.1 | % |
Automobiles |
| 3.2 | % |
Banks |
| 2.3 | % |
Beverages |
| 3.8 | % |
Biotechnology |
| 3.0 | % |
Capital Markets |
| 3.8 | % |
Consumer Finance |
| 4.6 | % |
Diversified Telecommunication Services |
| 3.8 | % |
Electronic Equipment, Instruments & Components |
| 2.6 | % |
Equity Real Estate Investment Trusts (REITS) |
| 3.8 | % |
Health Care Equipment & Supplies |
| 7.9 | % |
Health Care Providers & Services |
| 5.1 | % |
Hotels, Restaurants & Leisure |
| 5.3 | % |
Industrial Conglomerates |
| 3.4 | % |
Insurance |
| 1.9 | % |
IT Services |
| 4.0 | % |
Oil, Gas & Consumable Fuels |
| 8.3 | % |
Pharmaceuticals |
| 7.0 | % |
Semiconductors & Semiconductor Equipment |
| 7.3 | % |
Software |
| 5.0 | % |
Specialty Retail |
| 4.3 | % |
Money Market Fund |
| 3.1 | % |
Options Written |
| 0.0 | %* |
|
| 99.6 | % |
* Amount represents less than 0.05%.
|
| Percentage |
|
Sterling Capital Behavioral International Equity Fund |
| of net assets |
|
Australia |
| 7.6 | % |
Austria |
| 1.1 | % |
Belgium |
| 3.0 | % |
Denmark |
| 0.9 | % |
France |
| 12.9 | % |
Germany |
| 6.6 | % |
Hong Kong |
| 2.5 | % |
Israel |
| 0.9 | % |
Italy |
| 4.5 | % |
Japan |
| 22.5 | % |
Netherlands |
| 2.6 | % |
Norway |
| 0.7 | % |
Portugal |
| 0.9 | % |
Singapore |
| 0.9 | % |
Spain |
| 3.7 | % |
Sweden |
| 4.0 | % |
Switzerland |
| 8.2 | % |
United Kingdom |
| 14.7 | % |
United States |
| 0.3 | % |
Money Market Fund |
| 0.5 | % |
|
| 99.0 | % |
|
| Percentage |
|
Sterling Capital SMID Opportunities Fund |
| of net assets |
|
Aerospace & Defense |
| 1.4 | % |
Airlines |
| 4.4 | % |
Auto Components |
| 4.0 | % |
Banks |
| 6.8 | % |
Commercial Services & Supplies |
| 3.0 | % |
Consumer Finance |
| 2.5 | % |
Containers & Packaging |
| 3.3 | % |
Electronic Equipment, Instruments & Components |
| 3.0 | % |
Entertainment |
| 1.9 | % |
Equity Real Estate Investment Trusts (REITS) |
| 1.9 | % |
Health Care Equipment & Supplies |
| 2.7 | % |
Health Care Providers & Services |
| 10.2 | % |
Hotels, Restaurants & Leisure |
| 8.9 | % |
Household Durables |
| 2.1 | % |
IT Services |
| 18.7 | % |
Machinery |
| 3.1 | % |
Oil, Gas & Consumable Fuels |
| 1.9 | % |
Real Estate Management & Development |
| 3.5 | % |
Road & Rail |
| 4.7 | % |
Software |
| 3.7 | % |
Specialty Retail |
| 4.7 | % |
Money Market Fund |
| 4.2 | % |
|
| 100.6 | % |
|
| Percentage |
|
Sterling Capital Stratton Mid Cap Value Fund |
| of net assets |
|
Auto Components |
| 1.4 | % |
Banks |
| 7.1 | % |
Capital Markets |
| 1.7 | % |
Chemicals |
| 1.5 | % |
Construction & Engineering |
| 2.5 | % |
Containers & Packaging |
| 4.5 | % |
Electronic Equipment, Instruments & Components |
| 4.2 | % |
Entertainment |
| 3.5 | % |
Equity Real Estate Investment Trusts (REITS) |
| 14.6 | % |
Food & Staples Retailing |
| 5.5 | % |
Food Products |
| 2.5 | % |
Gas Utilities |
| 5.0 | % |
Health Care Equipment & Supplies |
| 3.7 | % |
Hotels, Restaurants & Leisure |
| 1.5 | % |
Household Durables |
| 2.1 | % |
Industrial Conglomerates |
| 1.7 | % |
Insurance |
| 8.2 | % |
IT Services |
| 5.4 | % |
Life Sciences Tools & Services |
| 6.8 | % |
Machinery |
| 1.7 | % |
Oil, Gas & Consumable Fuels |
| 5.8 | % |
Semiconductors & Semiconductor Equipment |
| 1.2 | % |
Software |
| 1.1 | % |
Trading Companies & Distributors |
| 3.5 | % |
Money Market Fund |
| 3.2 | % |
|
| 99.9 | % |
|
| Percentage |
|
Sterling Capital Stratton Real Estate Fund |
| of net assets |
|
Diversified |
| 4.4 | % |
Health Care |
| 10.8 | % |
Hotel & Resort |
| 5.4 | % |
Industrial |
| 6.8 | % |
Office |
| 8.0 | % |
Residential |
| 17.4 | % |
Retail |
| 12.9 | % |
Specialized |
| 31.2 | % |
Money Market Fund |
| 1.6 | % |
|
| 98.5 | % |
|
| Percentage |
|
Sterling Capital Stratton Small Cap Value Fund |
| of net assets |
|
Aerospace & Defense |
| 2.5 | % |
Airlines |
| 2.1 | % |
Banks |
| 18.3 | % |
Capital Markets |
| 0.9 | % |
Chemicals |
| 2.1 | % |
Communications Equipment |
| 1.2 | % |
Construction & Engineering |
| 3.5 | % |
Electric Utilities |
| 4.7 | % |
Electrical Equipment |
| 2.1 | % |
Electronic Equipment, Instruments & Components |
| 3.7 | % |
Energy Equipment & Services |
| 0.4 | % |
Entertainment |
| 1.3 | % |
Equity Real Estate Investment Trusts (REITS) |
| 15.7 | % |
Food & Staples Retailing |
| 6.2 | % |
Food Products |
| 1.9 | % |
Gas Utilities |
| 3.0 | % |
Health Care Equipment & Supplies |
| 2.9 | % |
Health Care Providers & Services |
| 1.5 | % |
Insurance |
| 5.9 | % |
IT Services |
| 3.3 | % |
Machinery |
| 5.2 | % |
Semiconductors & Semiconductor Equipment |
| 3.6 | % |
Software |
| 1.2 | % |
Thrifts & Mortgage Finance |
| 1.2 | % |
Trading Companies & Distributors |
| 1.5 | % |
Exchange Traded Fund |
| 1.7 | % |
Money Market Fund |
| 0.9 | % |
|
| 98.5 | % |
|
| Percentage |
|
Sterling Capital Ultra Short Bond Fund |
| of net assets |
|
Asset Backed Securities |
| 15.1 | % |
Collateralized Mortgage Obligations |
| 3.5 | % |
Commercial Mortgage-Backed Securities |
| 4.0 | % |
Corporate Bonds |
| 74.9 | % |
Money Market Fund |
| 1.8 | % |
|
| 99.3 | % |
|
| Percentage |
|
Sterling Capital Short Duration Bond Fund |
| of net assets |
|
Asset Backed Securities |
| 21.9 | % |
Collateralized Mortgage Obligations |
| 2.3 | % |
Commercial Mortgage-Backed Securities |
| 5.9 | % |
Corporate Bonds |
| 56.5 | % |
Municipal Bonds |
| 2.8 | % |
U.S. Treasury Notes |
| 9.5 | % |
Money Market Fund |
| 1.1 | % |
|
| 100.0 | % |
|
| Percentage |
|
Sterling Capital Intermediate U.S. Government Fund |
| of net assets |
|
Asset Backed Securities |
| 1.3 | % |
Collateralized Mortgage Obligations |
| 13.7 | % |
Commercial Mortgage-Backed Securities |
| 13.3 | % |
Mortgage-Backed Securities |
| 23.5 | % |
Municipal Bonds |
| 4.0 | % |
U.S. Government Agencies |
| 24.3 | % |
U.S. Treasury Notes |
| 18.2 | % |
Money Market Fund |
| 1.3 | % |
|
| 99.6 | % |
|
| Percentage |
|
Sterling Capital Total Return Bond Fund |
| of net assets |
|
Asset Backed Securities |
| 15.8 | % |
Collateralized Mortgage Obligations |
| 7.4 | % |
Commercial Mortgage-Backed Securities |
| 12.5 | % |
Corporate Bonds |
| 33.4 | % |
Mortgage-Backed Securities |
| 13.5 | % |
Municipal Bonds |
| 3.3 | % |
Preferred Stocks |
| 0.2 | % |
U.S. Treasury Bonds |
| 5.0 | % |
U.S. Treasury Notes |
| 7.0 | % |
Money Market Fund |
| 2.0 | % |
|
| 100.1 | % |
|
| Percentage |
|
Sterling Capital Corporate Fund |
| of net assets |
|
Corporate Bonds |
| 97.7 | % |
U.S. Treasury Notes |
| 0.1 | % |
Money Market Fund |
| 1.4 | % |
|
| 99.2 | % |
|
| Percentage |
|
Sterling Capital Securitized Opportunities Fund |
| of net assets |
|
Asset Backed Securities |
| 20.3 | % |
Collateralized Mortgage Obligations |
| 23.0 | % |
Commercial Mortgage-Backed Securities |
| 20.6 | % |
Corporate Bonds |
| 1.8 | % |
Mortgage-Backed Securities |
| 32.7 | % |
Money Market Fund |
| 1.5 | % |
|
| 99.9 | % |
|
| Percentage |
|
Sterling Capital Kentucky Intermediate Tax-Free Fund |
| of net assets |
|
Kentucky Municipal Bonds |
| 95.6 | % |
Money Market Fund |
| 3.3 | % |
|
| 98.9 | % |
|
| Percentage |
|
Sterling Capital Maryland Intermediate Tax-Free Fund |
| of net assets |
|
District of Columbia Municipal Bonds |
| 3.0 | % |
Maryland Municipal Bonds |
| 93.8 | % |
Money Market Fund |
| 2.1 | % |
|
| 98.9 | % |
|
| Percentage |
|
Sterling Capital North Carolina Intermediate Tax-Free Fund |
| of net assets |
|
North Carolina Municipal Bonds |
| 95.3 | % |
Money Market Fund |
| 3.3 | % |
|
| 98.6 | % |
|
| Percentage |
|
Sterling Capital South Carolina Intermediate Tax-Free Fund |
| of net assets |
|
South Carolina Municipal Bonds |
| 97.3 | % |
Money Market Fund |
| 1.6 | % |
|
| 98.9 | % |
|
| Percentage |
|
Sterling Capital Virginia Intermediate Tax-Free Fund |
| of net assets |
|
District of Columbia Municipal Bonds |
| 3.6 | % |
Virginia Municipal Bonds |
| 95.0 | % |
Money Market Fund |
| 0.4 | % |
|
| 99.0 | % |
|
| Percentage |
|
Sterling Capital West Virginia Intermediate Tax-Free Fund |
| of net assets |
|
West Virginia Municipal Bonds |
| 97.9 | % |
Money Market Fund |
| 0.9 | % |
|
| 98.8 | % |
|
| Percentage |
|
Sterling Capital Diversified Income Fund |
| of net assets |
|
Equity Funds |
| 37.7 | % |
Fixed Income Fund |
| 61.6 | % |
Money Market Fund |
| 0.9 | % |
|
| 100.2 | % |
|
| Percentage |
|
Sterling Capital Strategic Allocation Balanced Fund |
| of net assets |
|
Equity Funds |
| 62.7 | % |
Fixed Income Fund |
| 36.2 | % |
Money Market Fund |
| 1.0 | % |
|
| 99.9 | % |
|
| Percentage |
|
Sterling Capital Strategic Allocation Growth Fund |
| of net assets |
|
Equity Funds |
| 75.9 | % |
Fixed Income Fund |
| 22.3 | % |
Money Market Fund |
| 1.8 | % |
|
| 100.0 | % |
Sterling Capital Funds
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 April 1, 2019 through September 30, 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.
|
|
|
|
|
|
|
| Annualized |
| |||
|
| Beginning |
| Ending |
| Expenses Paid |
| Expense Ratio |
| |||
|
| Account Value |
| Account Value |
| During Period* |
| During Period |
| |||
|
| 4/1/19 |
| 9/30/19 |
| 4/1/19 - 9/30/19 |
| 4/1/19 - 9/30/19 |
| |||
Sterling Capital Behavioral Large Cap Value Equity Fund |
|
|
|
|
|
|
|
|
| |||
Class A Shares |
| $ | 1,000.00 |
| $ | 1,044.70 |
| $ | 4.56 |
| 0.89 | % |
Class C Shares |
| 1,000.00 |
| 1,041.00 |
| 8.39 |
| 1.64 | % | |||
Institutional Shares |
| 1,000.00 |
| 1,046.30 |
| 3.28 |
| 0.64 | % | |||
Class R6 Shares |
| 1,000.00 |
| 1,046.10 |
| 2.97 |
| 0.58 | % | |||
Sterling Capital Mid Value Fund |
|
|
|
|
|
|
|
|
| |||
Class A Shares |
| 1,000.00 |
| 1,050.50 |
| 5.96 |
| 1.16 | % | |||
Class C Shares |
| 1,000.00 |
| 1,046.70 |
| 9.80 |
| 1.91 | % | |||
Institutional Shares |
| 1,000.00 |
| 1,051.90 |
| 4.68 |
| 0.91 | % | |||
Class R Shares |
| 1,000.00 |
| 1,049.30 |
| 7.29 |
| 1.42 | % | |||
Class R6 Shares |
| 1,000.00 |
| 1,052.50 |
| 4.17 |
| 0.81 | % | |||
Sterling Capital Behavioral Small Cap Value Equity Fund |
|
|
|
|
|
|
|
|
| |||
Class A Shares |
| 1,000.00 |
| 996.20 |
| 5.20 |
| 1.04 | % | |||
Class C Shares |
| 1,000.00 |
| 992.20 |
| 8.94 |
| 1.79 | % | |||
Institutional Shares |
| 1,000.00 |
| 997.50 |
| 3.96 |
| 0.79 | % | |||
Class R Shares |
| 1,000.00 |
| 995.10 |
| 6.45 |
| 1.29 | % | |||
Class R6 Shares |
| 1,000.00 |
| 998.00 |
| 3.66 |
| 0.73 | % | |||
Sterling Capital Special Opportunities Fund |
|
|
|
|
|
|
|
|
| |||
Class A Shares |
| 1,000.00 |
| 1,034.00 |
| 5.61 |
| 1.10 | % | |||
Class C Shares |
| 1,000.00 |
| 1,030.30 |
| 9.42 |
| 1.85 | % | |||
Institutional Shares |
| 1,000.00 |
| 1,035.30 |
| 4.34 |
| 0.85 | % | |||
Class R Shares |
| 1,000.00 |
| 1,032.40 |
| 6.88 |
| 1.35 | % | |||
Class R6 Shares |
| 1,000.00 |
| 1,035.70 |
| 3.93 |
| 0.77 | % | |||
Sterling Capital Equity Income Fund |
|
|
|
|
|
|
|
|
| |||
Class A Shares |
| 1,000.00 |
| 1,068.80 |
| 5.29 |
| 1.02 | % | |||
Class C Shares |
| 1,000.00 |
| 1,064.80 |
| 9.16 |
| 1.77 | % | |||
Institutional Shares |
| 1,000.00 |
| 1,070.00 |
| 4.00 |
| 0.77 | % | |||
Class R Shares |
| 1,000.00 |
| 1,068.00 |
| 6.58 |
| 1.27 | % | |||
Class R6 Shares |
| 1,000.00 |
| 1,071.10 |
| 3.43 |
| 0.66 | % | |||
Sterling Capital Behavioral International Equity Fund |
|
|
|
|
|
|
|
|
| |||
Class A Shares |
| 1,000.00 |
| 982.40 |
| 4.72 |
| 0.95 | % | |||
Class C Shares |
| 1,000.00 |
| 978.10 |
| 8.38 |
| 1.69 | % | |||
Institutional Shares |
| 1,000.00 |
| 983.40 |
| 3.43 |
| 0.69 | % | |||
Class R6 Shares |
| 1,000.00 |
| 983.40 |
| 2.98 |
| 0.60 | % | |||
Sterling Capital SMID Opportunities Fund |
|
|
|
|
|
|
|
|
| |||
Class A Shares |
| 1,000.00 |
| 1,106.10 |
| 5.49 |
| 1.04 | % | |||
Class C Shares |
| 1,000.00 |
| 1,101.80 |
| 9.43 |
| 1.79 | % | |||
Institutional Shares |
| 1,000.00 |
| 1,107.30 |
| 4.17 |
| 0.79 | % | |||
Sterling Capital Stratton Mid Cap Value Fund |
|
|
|
|
|
|
|
|
| |||
Class A Shares |
| 1,000.00 |
| 1,060.80 |
| 6.04 |
| 1.17 | % | |||
Class C Shares |
| 1,000.00 |
| 1,056.70 |
| 10.88 |
| 2.11 | % | |||
Institutional Shares |
| 1,000.00 |
| 1,062.10 |
| 4.76 |
| 0.92 | % | |||
Sterling Capital Stratton Real Estate Fund |
|
|
|
|
|
|
|
|
| |||
Class A Shares |
| 1,000.00 |
| 1,088.80 |
| 5.60 |
| 1.07 | % | |||
Class C Shares |
| 1,000.00 |
| 1,084.90 |
| 9.46 |
| 1.81 | % | |||
Institutional Shares |
| 1,000.00 |
| 1,090.20 |
| 4.24 |
| 0.81 | % | |||
|
|
|
|
|
|
|
| Annualized |
| |||
|
| Beginning |
| Ending |
| Expenses Paid |
| Expense Ratio |
| |||
|
| Account Value |
| Account Value |
| During Period* |
| During Period |
| |||
|
| 4/1/19 |
| 9/30/19 |
| 4/1/19 - 9/30/19 |
| 4/1/19 - 9/30/19 |
| |||
Sterling Capital Stratton Small Cap Value Fund |
|
|
|
|
|
|
|
|
| |||
Class A Shares |
| $ | 1,000.00 |
| $ | 1,032.40 |
| $ | 6.52 |
| 1.28 | % |
Class C Shares |
| 1,000.00 |
| 1,028.50 |
| 10.32 |
| 2.03 | % | |||
Institutional Shares |
| 1,000.00 |
| 1,033.60 |
| 5.20 |
| 1.02 | % | |||
Sterling Capital Ultra Short Bond Fund |
|
|
|
|
|
|
|
|
| |||
Class A Shares |
| 1,000.00 |
| 1,013.20 |
| 3.48 |
| 0.69 | % | |||
Institutional Shares |
| 1,000.00 |
| 1,015.50 |
| 2.12 |
| 0.42 | % | |||
Sterling Capital Short Duration Bond Fund |
|
|
|
|
|
|
|
|
| |||
Class A Shares |
| 1,000.00 |
| 1,022.80 |
| 3.55 |
| 0.70 | % | |||
Class C Shares |
| 1,000.00 |
| 1,017.80 |
| 7.33 |
| 1.45 | % | |||
Institutional Shares |
| 1,000.00 |
| 1,024.00 |
| 2.28 |
| 0.45 | % | |||
Sterling Capital Intermediate U.S. Government Fund |
|
|
|
|
|
|
|
|
| |||
Class A Shares |
| 1,000.00 |
| 1,034.00 |
| 3.88 |
| 0.76 | % | |||
Class C Shares |
| 1,000.00 |
| 1,030.10 |
| 7.68 |
| 1.51 | % | |||
Institutional Shares |
| 1,000.00 |
| 1,035.30 |
| 2.60 |
| 0.51 | % | |||
Sterling Capital Total Return Bond Fund |
|
|
|
|
|
|
|
|
| |||
Class A Shares |
| 1,000.00 |
| 1,055.20 |
| 3.61 |
| 0.70 | % | |||
Class C Shares |
| 1,000.00 |
| 1,052.10 |
| 7.46 |
| 1.45 | % | |||
Institutional Shares |
| 1,000.00 |
| 1,057.40 |
| 2.32 |
| 0.45 | % | |||
Class R Shares |
| 1,000.00 |
| 1,054.00 |
| 4.84 |
| 0.94 | % | |||
Class R6 Shares |
| 1,000.00 |
| 1,058.00 |
| 1.81 |
| 0.35 | % | |||
Sterling Capital Corporate Fund |
|
|
|
|
|
|
|
|
| |||
Class A Shares |
| 1,000.00 |
| 1,048.60 |
| 4.88 |
| 0.95 | % | |||
Class C Shares |
| 1,000.00 |
| 1,045.00 |
| 9.13 |
| 1.78 | % | |||
Institutional Shares |
| 1,000.00 |
| 1,050.90 |
| 3.60 |
| 0.70 | % | |||
Sterling Capital Securitized Opportunities Fund |
|
|
|
|
|
|
|
|
| |||
Class A Shares |
| 1,000.00 |
| 1,038.60 |
| 4.45 |
| 0.87 | % | |||
Class C Shares |
| 1,000.00 |
| 1,034.80 |
| 8.21 |
| 1.61 | % | |||
Institutional Shares |
| 1,000.00 |
| 1,039.90 |
| 3.07 |
| 0.60 | % | |||
Sterling Capital Kentucky Intermediate Tax-Free Fund |
|
|
|
|
|
|
|
|
| |||
Class A Shares |
| 1,000.00 |
| 1,028.60 |
| 4.83 |
| 0.95 | % | |||
Class C Shares |
| 1,000.00 |
| 1,025.90 |
| 10.16 |
| 2.00 | % | |||
Institutional Shares |
| 1,000.00 |
| 1,030.90 |
| 3.56 |
| 0.70 | % | |||
Sterling Capital Maryland Intermediate Tax-Free Fund |
|
|
|
|
|
|
|
|
| |||
Class A Shares |
| 1,000.00 |
| 1,028.60 |
| 4.73 |
| 0.93 | % | |||
Class C Shares |
| 1,000.00 |
| 1,024.80 |
| 8.53 |
| 1.68 | % | |||
Institutional Shares |
| 1,000.00 |
| 1,029.90 |
| 3.46 |
| 0.68 | % | |||
Sterling Capital North Carolina Intermediate Tax-Free Fund |
|
|
|
|
|
|
|
|
| |||
Class A Shares |
| 1,000.00 |
| 1,030.80 |
| 4.07 |
| 0.80 | % | |||
Class C Shares |
| 1,000.00 |
| 1,027.00 |
| 7.88 |
| 1.55 | % | |||
Institutional Shares |
| 1,000.00 |
| 1,032.10 |
| 2.80 |
| 0.55 | % | |||
Sterling Capital South Carolina Intermediate Tax-Free Fund |
|
|
|
|
|
|
|
|
| |||
Class A Shares |
| 1,000.00 |
| 1,027.50 |
| 4.07 |
| 0.80 | % | |||
Class C Shares |
| 1,000.00 |
| 1,023.70 |
| 7.86 |
| 1.55 | % | |||
Institutional Shares |
| 1,000.00 |
| 1,029.90 |
| 2.80 |
| 0.55 | % | |||
Sterling Capital Virginia Intermediate Tax-Free Fund |
|
|
|
|
|
|
|
|
| |||
Class A Shares |
| 1,000.00 |
| 1,032.50 |
| 4.13 |
| 0.81 | % | |||
Class C Shares |
| 1,000.00 |
| 1,027.80 |
| 7.93 |
| 1.56 | % | |||
Institutional Shares |
| 1,000.00 |
| 1,032.90 |
| 2.85 |
| 0.56 | % | |||
Sterling Capital West Virginia Intermediate Tax-Free Fund |
|
|
|
|
|
|
|
|
| |||
Class A Shares |
| 1,000.00 |
| 1,029.00 |
| 4.07 |
| 0.80 | % | |||
Class C Shares |
| 1,000.00 |
| 1,026.20 |
| 7.92 |
| 1.56 | % | |||
Institutional Shares |
| 1,000.00 |
| 1,030.30 |
| 2.80 |
| 0.55 | % | |||
Sterling Capital Diversified Income Fund |
|
|
|
|
|
|
|
|
| |||
Class A Shares |
| 1,000.00 |
| 1,018.90 |
| 3.90 |
| 0.77 | % | |||
Class C Shares |
| 1,000.00 |
| 1,015.10 |
| 7.63 |
| 1.51 | % | |||
Institutional Shares |
| 1,000.00 |
| 1,020.90 |
| 2.58 |
| 0.51 | % | |||
Sterling Capital Strategic Allocation Balanced Fund |
|
|
|
|
|
|
|
|
| |||
Class A Shares |
| 1,000.00 |
| 1,031.20 |
| 2.09 |
| 0.41 | % | |||
Class C Shares |
| 1,000.00 |
| 1,027.70 |
| 5.90 |
| 1.16 | % | |||
Institutional Shares |
| 1,000.00 |
| 1,032.30 |
| 0.82 |
| 0.16 | % | |||
Sterling Capital Strategic Allocation Growth Fund |
|
|
|
|
|
|
|
|
| |||
Class A Shares |
| 1,000.00 |
| 1,024.80 |
| 1.98 |
| 0.39 | % | |||
Class C Shares |
| 1,000.00 |
| 1,021.30 |
| 5.78 |
| 1.14 | % | |||
Institutional Shares |
| 1,000.00 |
| 1,027.00 |
| 0.71 |
| 0.14 | % | |||
* Expenses are equal to the average account value over the period multiplied by the Fund’s annualized expense ratio, multiplied by 183 days divided by 365 (to reflect the six month period).
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.
|
|
|
|
|
|
|
| Annualized |
| |||
|
| Beginning |
| Ending |
| Expenses Paid |
| Expense Ratio |
| |||
|
| Account Value |
| Account Value |
| During Period* |
| During Period |
| |||
|
| 4/1/19 |
| 9/30/19 |
| 4/1/19 - 9/30/19 |
| 4/1/19 - 9/30/19 |
| |||
Sterling Capital Behavioral Large Cap Value Equity Fund |
|
|
|
|
|
|
|
|
| |||
Class A Shares |
| $ | 1,000.00 |
| $ | 1,020.61 |
| $ | 4.51 |
| 0.89 | % |
Class C Shares |
| 1,000.00 |
| 1,016.85 |
| 8.29 |
| 1.64 | % | |||
Institutional Shares |
| 1,000.00 |
| 1,021.86 |
| 3.24 |
| 0.64 | % | |||
Class R6 Shares |
| 1,000.00 |
| 1,022.16 |
| 2.94 |
| 0.58 | % | |||
Sterling Capital Mid Value Fund |
|
|
|
|
|
|
|
|
| |||
Class A Shares |
| 1,000.00 |
| 1,019.25 |
| 5.87 |
| 1.16 | % | |||
Class C Shares |
| 1,000.00 |
| 1,015.49 |
| 9.65 |
| 1.91 | % | |||
Institutional Shares |
| 1,000.00 |
| 1,020.51 |
| 4.61 |
| 0.91 | % | |||
Class R Shares |
| 1,000.00 |
| 1,017.95 |
| 7.18 |
| 1.42 | % | |||
Class R6 Shares |
| 1,000.00 |
| 1,021.01 |
| 4.10 |
| 0.81 | % | |||
Sterling Capital Behavioral Small Cap Value Equity Fund |
|
|
|
|
|
|
|
|
| |||
Class A Shares |
| 1,000.00 |
| 1,019.85 |
| 5.27 |
| 1.04 | % | |||
Class C Shares |
| 1,000.00 |
| 1,016.09 |
| 9.05 |
| 1.79 | % | |||
Institutional Shares |
| 1,000.00 |
| 1,021.11 |
| 4.00 |
| 0.79 | % | |||
Class R Shares |
| 1,000.00 |
| 1,018.60 |
| 6.53 |
| 1.29 | % | |||
Class R6 Shares |
| 1,000.00 |
| 1,021.41 |
| 3.70 |
| 0.73 | % | |||
Sterling Capital Special Opportunities Fund |
|
|
|
|
|
|
|
|
| |||
Class A Shares |
| 1,000.00 |
| 1,019.55 |
| 5.57 |
| 1.10 | % | |||
Class C Shares |
| 1,000.00 |
| 1,015.79 |
| 9.35 |
| 1.85 | % | |||
Institutional Shares |
| 1,000.00 |
| 1,020.81 |
| 4.31 |
| 0.85 | % | |||
Class R Shares |
| 1,000.00 |
| 1,018.30 |
| 6.83 |
| 1.35 | % | |||
Class R6 Shares |
| 1,000.00 |
| 1,021.21 |
| 3.90 |
| 0.77 | % | |||
Sterling Capital Equity Income Fund |
|
|
|
|
|
|
|
|
| |||
Class A Shares |
| 1,000.00 |
| 1,019.95 |
| 5.16 |
| 1.02 | % | |||
Class C Shares |
| 1,000.00 |
| 1,016.19 |
| 8.95 |
| 1.77 | % | |||
Institutional Shares |
| 1,000.00 |
| 1,021.21 |
| 3.90 |
| 0.77 | % | |||
Class R Shares |
| 1,000.00 |
| 1,018.70 |
| 6.43 |
| 1.27 | % | |||
Class R6 Shares |
| 1,000.00 |
| 1,021.76 |
| 3.35 |
| 0.66 | % | |||
Sterling Capital Behavioral International Equity Fund |
|
|
|
|
|
|
|
|
| |||
Class A Shares |
| 1,000.00 |
| 1,020.31 |
| 4.81 |
| 0.95 | % | |||
Class C Shares |
| 1,000.00 |
| 1,016.60 |
| 8.54 |
| 1.69 | % | |||
Institutional Shares |
| 1,000.00 |
| 1,021.61 |
| 3.50 |
| 0.69 | % | |||
Class R6 Shares |
| 1,000.00 |
| 1,022.06 |
| 3.04 |
| 0.60 | % | |||
Sterling Capital SMID Opportunities Fund |
|
|
|
|
|
|
|
|
| |||
Class A Shares |
| 1,000.00 |
| 1,019.85 |
| 5.27 |
| 1.04 | % | |||
Class C Shares |
| 1,000.00 |
| 1,016.09 |
| 9.05 |
| 1.79 | % | |||
Institutional Shares |
| 1,000.00 |
| 1,021.11 |
| 4.00 |
| 0.79 | % | |||
Sterling Capital Stratton Mid Cap Value Fund |
|
|
|
|
|
|
|
|
| |||
Class A Shares |
| 1,000.00 |
| 1,019.20 |
| 5.92 |
| 1.17 | % | |||
Class C Shares |
| 1,000.00 |
| 1,014.49 |
| 10.66 |
| 2.11 | % | |||
Institutional Shares |
| 1,000.00 |
| 1,020.46 |
| 4.66 |
| 0.92 | % | |||
Sterling Capital Stratton Real Estate Fund |
|
|
|
|
|
|
|
|
| |||
Class A Shares |
| 1,000.00 |
| 1,019.70 |
| 5.42 |
| 1.07 | % | |||
Class C Shares |
| 1,000.00 |
| 1,015.99 |
| 9.15 |
| 1.81 | % | |||
Institutional Shares |
| 1,000.00 |
| 1,021.01 |
| 4.10 |
| 0.81 | % | |||
Sterling Capital Stratton Small Cap Value Fund |
|
|
|
|
|
|
|
|
| |||
Class A Shares |
| 1,000.00 |
| 1,018.65 |
| 6.48 |
| 1.28 | % | |||
Class C Shares |
| 1,000.00 |
| 1,014.89 |
| 10.25 |
| 2.03 | % | |||
Institutional Shares |
| 1,000.00 |
| 1,019.95 |
| 5.16 |
| 1.02 | % | |||
|
|
|
|
|
|
|
| Annualized |
| |||
|
| Beginning |
| Ending |
| Expenses Paid |
| Expense Ratio |
| |||
|
| Account Value |
| Account Value |
| During Period* |
| During Period |
| |||
|
| 4/1/19 |
| 9/30/19 |
| 4/1/19 - 9/30/19 |
| 4/1/19 - 9/30/19 |
| |||
Sterling Capital Ultra Short Bond Fund |
|
|
|
|
|
|
|
|
| |||
Class A Shares |
| $ | 1,000.00 |
| $ | 1,021.61 |
| $ | 3.50 |
| 0.69 | % |
Institutional Shares |
| 1,000.00 |
| 1,022.96 |
| 2.13 |
| 0.42 | % | |||
Sterling Capital Short Duration Bond Fund |
|
|
|
|
|
|
|
|
| |||
Class A Shares |
| 1,000.00 |
| 1,021.56 |
| 3.55 |
| 0.70 | % | |||
Class C Shares |
| 1,000.00 |
| 1,017.80 |
| 7.33 |
| 1.45 | % | |||
Institutional Shares |
| 1,000.00 |
| 1,022.81 |
| 2.28 |
| 0.45 | % | |||
Sterling Capital Intermediate U.S. Government Fund |
|
|
|
|
|
|
|
|
| |||
Class A Shares |
| 1,000.00 |
| 1,021.26 |
| 3.85 |
| 0.76 | % | |||
Class C Shares |
| 1,000.00 |
| 1,017.50 |
| 7.64 |
| 1.51 | % | |||
Institutional Shares |
| 1,000.00 |
| 1,022.51 |
| 2.59 |
| 0.51 | % | |||
Sterling Capital Total Return Bond Fund |
|
|
|
|
|
|
|
|
| |||
Class A Shares |
| 1,000.00 |
| 1,021.56 |
| 3.55 |
| 0.70 | % | |||
Class C Shares |
| 1,000.00 |
| 1,017.80 |
| 7.33 |
| 1.45 | % | |||
Institutional Shares |
| 1,000.00 |
| 1,022.81 |
| 2.28 |
| 0.45 | % | |||
Class R Shares |
| 1,000.00 |
| 1,020.36 |
| 4.76 |
| 0.94 | % | |||
Class R6 Shares |
| 1,000.00 |
| 1,023.31 |
| 1.78 |
| 0.35 | % | |||
Sterling Capital Corporate Fund |
|
|
|
|
|
|
|
|
| |||
Class A Shares |
| 1,000.00 |
| 1,020.31 |
| 4.81 |
| 0.95 | % | |||
Class C Shares |
| 1,000.00 |
| 1,016.14 |
| 9.00 |
| 1.78 | % | |||
Institutional Shares |
| 1,000.00 |
| 1,021.56 |
| 3.55 |
| 0.70 | % | |||
Sterling Capital Securitized Opportunities Fund |
|
|
|
|
|
|
|
|
| |||
Class A Shares |
| 1,000.00 |
| 1,020.71 |
| 4.41 |
| 0.87 | % | |||
Class C Shares |
| 1,000.00 |
| 1,017.00 |
| 8.14 |
| 1.61 | % | |||
Institutional Shares |
| 1,000.00 |
| 1,022.06 |
| 3.04 |
| 0.60 | % | |||
Sterling Capital Kentucky Intermediate Tax-Free Fund |
|
|
|
|
|
|
|
|
| |||
Class A Shares |
| 1,000.00 |
| 1,020.31 |
| 4.81 |
| 0.95 | % | |||
Class C Shares |
| 1,000.00 |
| 1,015.04 |
| 10.10 |
| 2.00 | % | |||
Institutional Shares |
| 1,000.00 |
| 1,021.56 |
| 3.55 |
| 0.70 | % | |||
Sterling Capital Maryland Intermediate Tax-Free Fund |
|
|
|
|
|
|
|
|
| |||
Class A Shares |
| 1,000.00 |
| 1,020.41 |
| 4.71 |
| 0.93 | % | |||
Class C Shares |
| 1,000.00 |
| 1,016.65 |
| 8.49 |
| 1.68 | % | |||
Institutional Shares |
| 1,000.00 |
| 1,021.66 |
| 3.45 |
| 0.68 | % | |||
Sterling Capital North Carolina Intermediate Tax-Free Fund |
|
|
|
|
|
|
|
|
| |||
Class A Shares |
| 1,000.00 |
| 1,021.06 |
| 4.05 |
| 0.80 | % | |||
Class C Shares |
| 1,000.00 |
| 1,017.30 |
| 7.84 |
| 1.55 | % | |||
Institutional Shares |
| 1,000.00 |
| 1,022.31 |
| 2.79 |
| 0.55 | % | |||
Sterling Capital South Carolina Intermediate Tax-Free Fund |
|
|
|
|
|
|
|
|
| |||
Class A Shares |
| 1,000.00 |
| 1,021.06 |
| 4.05 |
| 0.80 | % | |||
Class C Shares |
| 1,000.00 |
| 1,017.30 |
| 7.84 |
| 1.55 | % | |||
Institutional Shares |
| 1,000.00 |
| 1,022.31 |
| 2.79 |
| 0.55 | % | |||
Sterling Capital Virginia Intermediate Tax-Free Fund |
|
|
|
|
|
|
|
|
| |||
Class A Shares |
| 1,000.00 |
| 1,021.01 |
| 4.10 |
| 0.81 | % | |||
Class C Shares |
| 1,000.00 |
| 1,017.25 |
| 7.89 |
| 1.56 | % | |||
Institutional Shares |
| 1,000.00 |
| 1,022.26 |
| 2.84 |
| 0.56 | % | |||
Sterling Capital West Virginia Intermediate Tax-Free Fund |
|
|
|
|
|
|
|
|
| |||
Class A Shares |
| 1,000.00 |
| 1,021.06 |
| 4.05 |
| 0.80 | % | |||
Class C Shares |
| 1,000.00 |
| 1,017.25 |
| 7.89 |
| 1.56 | % | |||
Institutional Shares |
| 1,000.00 |
| 1,022.31 |
| 2.79 |
| 0.55 | % | |||
Sterling Capital Diversified Income Fund |
|
|
|
|
|
|
|
|
| |||
Class A Shares |
| 1,000.00 |
| 1,021.21 |
| 3.90 |
| 0.77 | % | |||
Class C Shares |
| 1,000.00 |
| 1,017.50 |
| 7.64 |
| 1.51 | % | |||
Institutional Shares |
| 1,000.00 |
| 1,022.51 |
| 2.59 |
| 0.51 | % | |||
Sterling Capital Strategic Allocation Balanced Fund |
|
|
|
|
|
|
|
|
| |||
Class A Shares |
| 1,000.00 |
| 1,023.01 |
| 2.08 |
| 0.41 | % | |||
Class C Shares |
| 1,000.00 |
| 1,019.25 |
| 5.87 |
| 1.16 | % | |||
Institutional Shares |
| 1,000.00 |
| 1,024.27 |
| 0.81 |
| 0.16 | % | |||
Sterling Capital Strategic Allocation Growth Fund |
|
|
|
|
|
|
|
|
| |||
Class A Shares |
| 1,000.00 |
| 1,023.11 |
| 1.98 |
| 0.39 | % | |||
Class C Shares |
| 1,000.00 |
| 1,019.35 |
| 5.77 |
| 1.14 | % | |||
Institutional Shares |
| 1,000.00 |
| 1,024.37 |
| 0.71 |
| 0.14 | % | |||
* Expenses are equal to the average account value over the period multiplied by the Fund’s annualized expense ratio, multiplied by 183 days divided by 365 (to reflect the six month period).
Sterling Capital Behavioral Large Cap Value Equity Fund
Schedule of Portfolio Investments
September 30, 2019
Shares |
|
|
| Fair Value |
| |
COMMON STOCKS — 97.7% |
|
|
| |||
|
| Aerospace & Defense — 1.3% |
|
|
| |
9,200 |
| Lockheed Martin Corp. |
| $ | 3,588,552 |
|
|
|
|
|
|
| |
|
| Airlines — 2.4% |
|
|
| |
12,500 |
| Copa Holdings SA, Class A |
| 1,234,375 |
| |
73,350 |
| Delta Air Lines, Inc. |
| 4,224,960 |
| |
13,800 |
| United Airlines Holdings, Inc.(a) |
| 1,220,058 |
| |
|
|
|
| 6,679,393 |
| |
|
| Automobiles — 0.5% |
|
|
| |
32,750 |
| General Motors Co. |
| 1,227,470 |
| |
|
|
|
|
|
| |
|
| Banks — 9.3% |
|
|
| |
24,450 |
| CIT Group, Inc. |
| 1,107,829 |
| |
73,300 |
| Citigroup, Inc. |
| 5,063,564 |
| |
46,200 |
| Fifth Third Bancorp |
| 1,264,956 |
| |
76,200 |
| First Horizon National Corp. |
| 1,234,440 |
| |
104,850 |
| FNB Corp. |
| 1,208,921 |
| |
68,900 |
| JPMorgan Chase & Co. |
| 8,108,841 |
| |
31,450 |
| PacWest Bancorp |
| 1,142,893 |
| |
36,550 |
| PNC Financial Services Group, Inc. (The) |
| 5,122,848 |
| |
25,550 |
| Popular, Inc. |
| 1,381,744 |
| |
|
|
|
| 25,636,036 |
| |
|
| Biotechnology — 3.8% |
|
|
| |
51,800 |
| AbbVie, Inc. |
| 3,922,296 |
| |
9,100 |
| Amgen, Inc. |
| 1,760,941 |
| |
75,900 |
| Gilead Sciences, Inc. |
| 4,810,542 |
| |
|
|
|
| 10,493,779 |
| |
|
| Building Products — 1.7% |
|
|
| |
109,100 |
| Johnson Controls International PLC |
| 4,788,399 |
| |
|
|
|
|
|
| |
|
| Capital Markets — 3.0% |
|
|
| |
1,400 |
| Ameriprise Financial, Inc. |
| 205,940 |
| |
60,800 |
| Invesco, Ltd. |
| 1,029,952 |
| |
34,950 |
| Legg Mason, Inc. |
| 1,334,741 |
| |
18,100 |
| LPL Financial Holdings, Inc. |
| 1,482,390 |
| |
37,050 |
| T Rowe Price Group, Inc. |
| 4,232,963 |
| |
|
|
|
| 8,285,986 |
| |
|
| Chemicals — 1.3% |
|
|
| |
24,600 |
| CF Industries Holdings, Inc. |
| 1,210,320 |
| |
10,150 |
| PPG Industries, Inc. |
| 1,202,877 |
| |
54,150 |
| Valvoline, Inc. |
| 1,192,925 |
| |
|
|
|
| 3,606,122 |
| |
|
| Communications Equipment — 1.2% |
|
|
| |
68,800 |
| Cisco Systems, Inc. |
| 3,399,408 |
| |
|
|
|
|
|
| |
|
| Construction & Engineering — 0.4% |
|
|
| |
30,200 |
| AECOM(a) |
| 1,134,312 |
| |
|
|
|
|
|
| |
|
| Consumer Finance — 3.4% |
|
|
| |
39,450 |
| Ally Financial, Inc. |
| 1,308,162 |
| |
48,950 |
| Discover Financial Services |
| 3,969,355 |
| |
90,800 |
| Navient Corp. |
| 1,162,240 |
| |
37,700 |
| OneMain Holdings, Inc. |
| 1,382,836 |
| |
55,650 |
| Santander Consumer USA Holdings, Inc. |
| 1,419,631 |
| |
|
|
|
| 9,242,224 |
| |
|
| Containers & Packaging — 1.3% |
|
|
| |
80,050 |
| Ardagh Group SA |
| 1,255,184 |
| |
29,200 |
| Berry Global Group, Inc.(a) |
| 1,146,684 |
| |
40,350 |
| Silgan Holdings, Inc. |
| 1,211,911 |
| |
|
|
|
| 3,613,779 |
| |
|
| Diversified Telecommunication Services — 5.2% |
|
|
| |
148,100 |
| AT&T, Inc. |
| 5,604,104 |
| |
145,950 |
| Verizon Communications, Inc. |
| 8,809,541 |
| |
|
|
|
| 14,413,645 |
| |
|
| Electric Utilities — 3.4% |
|
|
| |
54,300 |
| Edison International |
| 4,095,306 |
| |
86,250 |
| Southern Co. (The) |
| 5,327,663 |
| |
|
|
|
| 9,422,969 |
| |
|
| Electrical Equipment — 1.0% |
|
|
| |
32,350 |
| Eaton Corp. PLC |
| 2,689,903 |
| |
|
|
|
|
|
| |
|
| Equity Real Estate Investment Trusts (REITS) — 5.8% |
|
|
| |
1,550 |
| Medical Properties Trust, Inc. |
| 30,318 |
| |
39,850 |
| Omega Healthcare Investors, Inc. |
| 1,665,331 |
| |
47,350 |
| Outfront Media, Inc. |
| 1,315,383 |
| |
49,100 |
| Service Properties Trust. |
| 1,266,289 |
| |
43,750 |
| STORE Capital Corp. |
| 1,636,687 |
| |
55,750 |
| Ventas, Inc. |
| 4,071,423 |
| |
155,000 |
| VEREIT, Inc. |
| 1,515,900 |
| |
50,700 |
| Welltower, Inc. |
| 4,595,955 |
| |
|
|
|
| 16,097,286 |
| |
|
| Food Products — 4.5% |
|
|
| |
81,850 |
| General Mills, Inc. |
| 4,511,572 |
| |
14,300 |
| Hershey Co. (The) |
| 2,216,357 |
| |
48,450 |
| Pilgrim’s Pride Corp.(a) |
| 1,552,579 |
| |
48,300 |
| Tyson Foods, Inc., Class A |
| 4,160,562 |
| |
|
|
|
| 12,441,070 |
| |
|
| Health Care Providers & Services — 4.8% |
|
|
| |
84,200 |
| CVS Health Corp. |
| 5,310,494 |
| |
29,900 |
| HCA Healthcare, Inc. |
| 3,600,558 |
| |
28,650 |
| McKesson Corp. |
| 3,915,309 |
| |
2,700 |
| Universal Health Services, Inc., Class B |
| 401,625 |
| |
|
|
|
| 13,227,986 |
| |
|
| Hotels, Restaurants & Leisure — 1.7% |
|
|
| |
38,650 |
| Starbucks Corp. |
| 3,417,433 |
| |
28,150 |
| Wyndham Destinations, Inc. |
| 1,295,463 |
| |
|
|
|
| 4,712,896 |
| |
|
| Household Durables — 1.0% |
|
|
| |
350 |
| NVR, Inc.(a) |
| 1,301,073 |
| |
37,500 |
| PulteGroup, Inc. |
| 1,370,625 |
| |
|
|
|
| 2,671,698 |
| |
|
| Household Products — 3.0% |
|
|
| |
33,100 |
| Kimberly-Clark Corp. |
| 4,701,855 |
| |
28,400 |
| Procter & Gamble Co. (The) |
| 3,532,392 |
| |
|
|
|
| 8,234,247 |
| |
|
| Independent Power and Renewable Electricity Producers — 0.5% |
|
|
| |
84,700 |
| AES Corp. |
| 1,383,998 |
| |
|
|
|
|
|
| |
|
| Insurance — 5.8% |
|
|
| |
39,850 |
| Allstate Corp. (The) |
| 4,330,898 |
| |
41,300 |
| American International Group, Inc. |
| 2,300,410 |
| |
See accompanying Notes to the Financial Statements.
Shares |
|
|
| Fair Value |
| |
COMMON STOCKS — (continued) |
|
|
| |||
|
| Insurance — (continued) |
|
|
| |
56,200 |
| AXA Equitable Holdings, Inc. |
| $ | 1,245,392 |
|
90,800 |
| MetLife, Inc. |
| 4,282,128 |
| |
22,000 |
| Principal Financial Group, Inc. |
| 1,257,080 |
| |
32,250 |
| Progressive Corp. (The) |
| 2,491,313 |
| |
|
|
|
| 15,907,221 |
| |
|
| IT Services — 0.0% |
|
|
| |
400 |
| DXC Technology Co. |
| 11,800 |
| |
|
|
|
|
|
| |
|
| Machinery — 3.7% |
|
|
| |
16,850 |
| AGCO Corp. |
| 1,275,545 |
| |
9,700 |
| Cummins, Inc. |
| 1,577,899 |
| |
29,000 |
| Ingersoll-Rand PLC. |
| 3,573,090 |
| |
15,400 |
| Oshkosh Corp. |
| 1,167,320 |
| |
21,600 |
| PACCAR, Inc. |
| 1,512,216 |
| |
25,200 |
| Timken Co. (The) |
| 1,096,452 |
| |
|
|
|
| 10,202,522 |
| |
|
| Media — 3.9% |
|
|
| |
134,400 |
| Comcast Corp., Class A |
| 6,058,752 |
| |
49,450 |
| Discovery, Inc., Class A(a) |
| 1,316,853 |
| |
56,650 |
| Discovery, Inc., Class C(a) |
| 1,394,723 |
| |
55,750 |
| Interpublic Group of Cos., Inc. (The) |
| 1,201,970 |
| |
21,350 |
| Sinclair Broadcast Group, Inc., Class A |
| 912,499 |
| |
|
|
|
| 10,884,797 |
| |
|
| Metals & Mining — 0.5% |
|
|
| |
14,550 |
| Reliance Steel & Aluminum Co. |
| 1,450,053 |
| |
|
|
|
|
|
| |
|
| Mortgage Real Estate Investment Trusts (REITS) — 0.5% |
|
|
| |
60,750 |
| Starwood Property Trust, Inc. |
| 1,471,365 |
| |
|
|
|
|
|
| |
|
| Multiline Retail — 2.8% |
|
|
| |
53,750 |
| Target Corp. |
| 5,746,413 |
| |
17,750 |
| Walmart, Inc. |
| 2,106,570 |
| |
|
|
|
| 7,852,983 |
| |
|
| Multi-Utilities — 3.4% |
|
|
| |
46,950 |
| Consolidated Edison, Inc. |
| 4,435,367 |
| |
62,250 |
| Dominion Energy, Inc. |
| 5,044,740 |
| |
|
|
|
| 9,480,107 |
| |
|
| Oil, Gas & Consumable Fuels — 7.5% |
|
|
| |
70,000 |
| Chevron Corp. |
| 8,302,000 |
| |
221,050 |
| Kinder Morgan, Inc. |
| 4,555,841 |
| |
55,650 |
| Marathon Petroleum Corp. |
| 3,380,737 |
| |
44,550 |
| Phillips 66 |
| 4,561,920 |
| |
|
|
|
| 20,800,498 |
| |
|
| Pharmaceuticals — 1.9% |
|
|
| |
9,500 |
| Jazz Pharmaceuticals PLC(a) |
|
| 1,217,330 |
|
46,150 |
| Merck & Co., Inc. |
| 3,884,907 |
| |
|
|
|
| 5,102,237 |
| |
|
| Professional Services — 0.4% |
|
|
| |
13,400 |
| ManpowerGroup, Inc. |
| 1,128,816 |
| |
|
|
|
|
|
| |
|
| Semiconductors & Semiconductor Equipment — 3.0% |
|
|
| |
18,550 |
| Lam Research Corp. |
| 4,287,091 |
| |
36,550 |
| NXP Semiconductors NV |
| 3,988,336 |
| |
|
|
|
| 8,275,427 |
| |
|
| Software — 1.3% |
|
|
| |
64,250 |
| Oracle Corp |
| 3,535,677 |
| |
|
|
|
|
|
| |
|
| Specialty Retail — 1.2% |
|
|
| |
3,050 |
| AutoZone, Inc.(a) |
| 3,308,091 |
| |
|
|
|
|
|
| |
|
| Technology Hardware, Storage & Peripherals — 0.8% |
|
|
| |
120,550 |
| HP, Inc |
| 2,280,806 |
| |
|
|
|
|
|
| |
|
| Thrifts & Mortgage Finance — 0.5% |
|
|
| |
105,100 |
| New York Community Bancorp, Inc. |
| 1,319,005 |
| |
|
| Total Common Stocks |
| 270,002,563 |
| |
|
|
|
|
|
| |
MONEY MARKET FUND — 2.2% |
|
|
| |||
6,163,182 |
| Federated Treasury Obligations Fund, Institutional Shares, 1.84%(b) |
| 6,163,182 |
| |
|
| Total Money Market Fund |
| 6,163,182 |
| |
Total Investments — 99.9% |
| 276,165,745 |
| |||
Net Other Assets (Liabilities) — 0.1% |
| 329,947 |
| |||
NET ASSETS — 100.0% |
| $ | 276,495,692 |
|
(a) Represents non-income producing security.
(b) Represents the current yield as of report date.
Continued
Sterling Capital Mid Value Fund
Schedule of Portfolio Investments
September 30, 2019
Shares |
|
|
| Fair Value |
| |
COMMON STOCKS — 99.2% |
|
|
| |||
|
| Auto Components — 3.9% |
|
|
| |
600,791 |
| Gentex Corp. |
| $ | 16,542,780 |
|
|
|
|
|
|
| |
|
| Capital Markets — 8.9% |
|
|
| |
161,352 |
| Affiliated Managers Group, Inc. |
| 13,448,689 |
| |
288,530 |
| E*TRADE Financial Corp. |
| 12,605,876 |
| |
106,455 |
| T. Rowe Price Group, Inc. |
| 12,162,484 |
| |
|
|
|
| 38,217,049 |
| |
|
| Chemicals — 4.5% |
|
|
| |
569,805 |
| Axalta Coating Systems, Ltd.(a) |
| 17,179,621 |
| |
503,543 |
| Rayonier Advanced Materials, Inc. |
| 2,180,341 |
| |
|
|
|
| 19,359,962 |
| |
|
| Commercial Services & Supplies — 1.0% |
|
|
| |
828,980 |
| Civeo Corp.(a) |
| 1,052,805 |
| |
64,660 |
| Stericycle, Inc.(a) |
| 3,293,134 |
| |
|
|
|
| 4,345,939 |
| |
|
| Construction & Engineering — 3.1% |
|
|
| |
56,672 |
| Arcosa, Inc. |
| 1,938,749 |
| |
122,685 |
| Jacobs Engineering Group, Inc. |
| 11,225,677 |
| |
|
|
|
| 13,164,426 |
| |
|
| Consumer Finance — 5.8% |
|
|
| |
1,307,628 |
| SLM Corp. |
| 11,539,817 |
| |
385,510 |
| Synchrony Financial |
| 13,142,036 |
| |
|
|
|
| 24,681,853 |
| |
|
| Containers & Packaging — 3.1% |
|
|
| |
204,382 |
| Crown Holdings, Inc.(a) |
| 13,501,475 |
| |
|
|
|
|
|
| |
|
| Diversified Financial Services — 4.0% |
|
|
| |
931,290 |
| Jefferies Financial Group, Inc. |
| 17,135,736 |
| |
|
|
|
|
|
| |
|
| Diversified Telecommunication Services — 2.4% |
|
|
| |
816,863 |
| CenturyLink, Inc. |
| 10,194,450 |
| |
|
|
|
|
|
| |
|
| Electrical Equipment — 3.5% |
|
|
| |
298,315 |
| Sensata Technologies Holding PLC(a) |
| 14,933,649 |
| |
|
|
|
|
|
| |
|
| Energy Equipment & Services — 1.9% |
|
|
| |
177,217 |
| Core Laboratories NV |
| 8,261,857 |
| |
|
|
|
|
|
| |
|
| Health Care Equipment & Supplies — 3.9% |
|
|
| |
120,640 |
| Zimmer Biomet Holdings, Inc. |
| 16,560,253 |
| |
|
|
|
|
|
| |
|
| Health Care Providers & Services — 5.9% |
|
|
| |
84,745 |
| Laboratory Corp. of America Holdings(a) |
| 14,237,160 |
| |
81,290 |
| McKesson Corp. |
| 11,109,091 |
| |
|
|
|
| 25,346,251 |
| |
|
| Hotels, Restaurants & Leisure — 3.8% |
|
|
| |
669,528 |
| Extended Stay America, Inc. |
| 9,801,890 |
| |
419,953 |
| Stars Group, Inc. (The)(a) |
| 6,290,896 |
| |
|
|
|
| 16,092,786 |
| |
|
| Household Products — 3.2% |
|
|
| |
256,198 |
| Spectrum Brands Holdings, Inc. |
| 13,506,772 |
| |
|
|
|
|
|
| |
|
| Insurance — 7.8% |
|
|
| |
57,518 |
| Enstar Group, Ltd.(a) |
| 10,923,819 |
| |
162,625 |
| Lincoln National Corp. |
| 9,809,540 |
| |
10,845 |
| Markel Corp.(a) |
|
| 12,817,705 |
|
|
|
|
| 33,551,064 |
| |
|
| Interactive Media & Services — 2.6% |
|
|
| |
107,355 |
| Baidu, Inc., ADR(a) |
| 11,031,800 |
| |
|
|
|
|
|
| |
|
| Internet & Direct Marketing Retail — 3.6% |
|
|
| |
390,560 |
| eBay, Inc. |
| 15,224,029 |
| |
|
|
|
|
|
| |
|
| IT Services — 2.4% |
|
|
| |
76,333 |
| Fidelity National Information Services, Inc. |
| 10,133,969 |
| |
|
|
|
|
|
| |
|
| Machinery — 1.8% |
|
|
| |
402,204 |
| Trinity Industries, Inc. |
| 7,915,375 |
| |
|
|
|
|
|
| |
|
| Media — 4.1% |
|
|
| |
199,555 |
| CBS Corp., Class B |
| 8,056,035 |
| |
656,380 |
| News Corp., Class B |
| 9,382,952 |
| |
|
|
|
| 17,438,987 |
| |
|
| Oil, Gas & Consumable Fuels — 0.8% |
|
|
| |
1,760,065 |
| Southwestern Energy Co.(a) |
| 3,396,925 |
| |
|
|
|
|
|
| |
|
| Pharmaceuticals — 1.9% |
|
|
| |
231,431 |
| Prestige Consumer Healthcare, Inc.(a) |
| 8,028,341 |
| |
|
|
|
|
|
| |
|
| Real Estate Management & Development — 4.7% |
|
|
| |
316,580 |
| CBRE Group, Inc., Class A(a) |
| 16,781,906 |
| |
507,965 |
| Realogy Holdings Corp. |
| 3,393,206 |
| |
|
|
|
| 20,175,112 |
| |
|
| Specialty Retail — 3.8% |
|
|
| |
186,889 |
| CarMax, Inc.(a) |
| 16,446,232 |
| |
|
|
|
|
|
| |
|
| Technology Hardware, Storage & Peripherals — 4.1% |
|
|
| |
560,896 |
| NCR Corp.(a) |
| 17,701,878 |
| |
|
|
|
|
|
| |
|
| Trading Companies & Distributors — 2.7% |
|
|
| |
281,052 |
| Air Lease Corp |
| 11,753,595 |
| |
|
| Total Common Stocks |
| 424,642,545 |
| |
|
|
|
|
|
| |
MONEY MARKET FUND — 2.8% |
|
|
| |||
11,996,496 |
| Federated Treasury Obligations Fund, Institutional Shares, 1.84%(b) |
| 11,996,496 |
| |
|
| Total Money Market Fund |
| 11,996,496 |
| |
Total Investments — 102.0% |
| 436,639,041 |
| |||
Net Other Assets (Liabilities) — (2.0)% |
| (8,585,843 | ) | |||
NET ASSETS — 100.0% |
| $ | 428,053,198 |
|
(a) Represents non-income producing security.
(b) Represents the current yield as of report date.
ADR — American Depositary Receipt
See accompanying Notes to the Financial Statements.
Sterling Capital Behavioral Small Cap Value Equity Fund
Schedule of Portfolio Investments
September 30, 2019
Shares |
|
|
| Fair Value |
| |
COMMON STOCKS — 95.2% |
|
|
| |||
|
| Aerospace & Defense — 0.2% |
|
|
| |
11,645 |
| Vectrus, Inc.(a) |
| $ | 473,369 |
|
|
|
|
|
|
| |
|
| Air Freight & Logistics — 0.9% |
|
|
| |
27,480 |
| Hub Group, Inc., Class A(a) |
| 1,277,820 |
| |
11,883 |
| XPO Logistics, Inc.(a) |
| 850,466 |
| |
|
|
|
| 2,128,286 |
| |
|
| Airlines — 1.3% |
|
|
| |
13,895 |
| Alaska Air Group, Inc. |
| 901,924 |
| |
11,219 |
| Copa Holdings SA, Class A |
| 1,107,876 |
| |
49,396 |
| JetBlue Airways Corp.(a) |
| 827,383 |
| |
4,570 |
| SkyWest, Inc. |
| 262,318 |
| |
|
|
|
| 3,099,501 |
| |
|
| Banks — 8.9% |
|
|
| |
39,011 |
| Bank OZK |
| 1,063,830 |
| |
39,425 |
| Berkshire Hills Bancorp, Inc. |
| 1,154,758 |
| |
20,275 |
| CIT Group, Inc. |
| 918,660 |
| |
47,975 |
| ConnectOne Bancorp, Inc. |
| 1,065,045 |
| |
185,982 |
| First BanCorp. |
| 1,856,100 |
| |
22,879 |
| First Financial Corp. |
| 994,550 |
| |
56,587 |
| First Horizon National Corp. |
| 916,709 |
| |
19,949 |
| Great Southern Bancorp, Inc. |
| 1,136,096 |
| |
61,420 |
| Hilltop Holdings, Inc. |
| 1,467,324 |
| |
88,658 |
| OFG Bancorp |
| 1,941,610 |
| |
15,370 |
| Pinnacle Financial Partners, Inc. |
| 872,248 |
| |
26,726 |
| Popular, Inc. |
| 1,445,342 |
| |
19,395 |
| Preferred Bank |
| 1,015,910 |
| |
26,548 |
| QCR Holdings, Inc. |
| 1,008,293 |
| |
6,374 |
| Signature Bank |
| 759,908 |
| |
61,197 |
| Simmons First National Corp., Class A |
| 1,523,805 |
| |
46,444 |
| Sterling Bancorp |
| 931,667 |
| |
23,853 |
| Synovus Financial Corp. |
| 852,983 |
| |
18,814 |
| Western Alliance Bancorp |
| 866,949 |
| |
|
|
|
| 21,791,787 |
| |
|
| Building Products — 1.9% |
|
|
| |
25,803 |
| Advanced Drainage Systems, Inc |
| 832,663 |
| |
9,835 |
| American Woodmark Corp.(a) |
| 874,430 |
| |
56,508 |
| Builders FirstSource, Inc.(a) |
| 1,162,652 |
| |
54,141 |
| Quanex Building Products Corp. |
| 978,869 |
| |
22,969 |
| Universal Forest Products, Inc. |
| 916,004 |
| |
|
|
|
| 4,764,618 |
| |
|
| Capital Markets — 0.8% |
|
|
| |
33,786 |
| Stifel Financial Corp. |
| 1,938,641 |
| |
|
|
|
|
|
| |
|
| Chemicals — 1.7% |
|
|
| |
38,930 |
| Huntsman Corp. |
| 905,512 |
| |
31,588 |
| Kraton Corp.(a) |
| 1,019,977 |
| |
13,634 |
| Stepan Co. |
| 1,323,316 |
| |
104,882 |
| Tronox Holdings PLC, Class A |
| 870,521 |
| |
|
|
|
| 4,119,326 |
| |
|
| Commercial Services & Supplies — 1.0% |
|
|
| |
28,562 |
| Deluxe Corp. |
| 1,404,108 |
| |
50,273 |
| Ennis, Inc. |
| 1,016,017 |
| |
|
|
|
| 2,420,125 |
| |
|
| Communications Equipment — 0.7% |
|
|
| |
24,761 |
| EchoStar Corp., Class A(a) |
| 981,031 |
| |
107,726 |
| Extreme Networks, Inc.(a) |
| 783,707 |
| |
|
|
|
| 1,764,738 |
| |
|
| Construction & Engineering — 1.0% |
|
|
| |
123,305 |
| Great Lakes Dredge & Dock Corp.(a) |
| 1,288,537 |
| |
19,426 |
| MasTec, Inc.(a) |
| 1,261,330 |
| |
|
|
|
| 2,549,867 |
| |
|
| Construction Materials — 0.4% |
|
|
| |
18,582 |
| U.S. Concrete, Inc.(a) |
| 1,027,213 |
| |
|
|
|
|
|
| |
|
| Consumer Finance — 3.7% |
|
|
| |
34,239 |
| Encore Capital Group, Inc.(a) |
| 1,141,015 |
| |
35,367 |
| Enova International, Inc.(a) |
| 733,865 |
| |
72,853 |
| Navient Corp. |
| 932,518 |
| |
30,828 |
| Nelnet, Inc., Class A |
| 1,960,661 |
| |
31,832 |
| OneMain Holdings, Inc. |
| 1,167,598 |
| |
31,364 |
| Regional Management Corp.(a) |
| 883,210 |
| |
63,451 |
| Santander Consumer USA Holdings, Inc |
| 1,618,635 |
| |
75,994 |
| SLM Corp. |
| 670,647 |
| |
|
|
|
| 9,108,149 |
| |
|
| Containers & Packaging — 0.7% |
|
|
| |
20,690 |
| Berry Global Group, Inc.(a) |
| 812,496 |
| |
29,991 |
| Silgan Holdings, Inc. |
| 900,780 |
| |
|
|
|
| 1,713,276 |
| |
|
| Diversified Consumer Services — 0.5% |
|
|
| |
45,718 |
| K12, Inc.(a) |
| 1,206,955 |
| |
|
|
|
|
|
| |
|
| Diversified Financial Services — 0.4% |
|
|
| |
16,945 |
| Voya Financial, Inc. |
| 922,486 |
| |
|
|
|
|
|
| |
|
| Electric Utilities — 2.1% |
|
|
| |
27,687 |
| OGE Energy Corp. |
| 1,256,436 |
| |
78,697 |
| PG&E Corp.(a) |
| 786,970 |
| |
2,370 |
| Pinnacle West Capital Corp. |
| 230,056 |
| |
50,524 |
| Portland General Electric Co. |
| 2,848,038 |
| |
|
|
|
| 5,121,500 |
| |
|
| Electrical Equipment — 0.9% |
|
|
| |
38,837 |
| Atkore International Group, Inc.(a) |
| 1,178,703 |
| |
17,475 |
| Encore Wire Corp. |
| 983,493 |
| |
|
|
|
| 2,162,196 |
| |
|
| Electronic Equipment, Instruments & Components — 2.5% |
|
|
| |
18,233 |
| Benchmark Electronics, Inc. |
| 529,851 |
| |
20,455 |
| Insight Enterprises, Inc.(a) |
| 1,139,139 |
| |
41,537 |
| Sanmina Corp.(a) |
| 1,333,753 |
| |
19,890 |
| Tech Data Corp.(a) |
| 2,073,334 |
| |
97,561 |
| TTM Technologies, Inc.(a) |
| 1,189,756 |
| |
|
|
|
| 6,265,833 |
| |
|
| Energy Equipment & Services — 1.6% |
|
|
| |
150,641 |
| Helix Energy Solutions Group, Inc.(a) |
| 1,214,166 |
| |
132,958 |
| Keane Group, Inc.(a) |
| 805,725 |
| |
22,679 |
| SEACOR Holdings, Inc.(a) |
| 1,067,501 |
| |
64,341 |
| Solaris Oilfield Infrastructure, Inc., Class A |
| 863,456 |
| |
|
|
|
| 3,950,848 |
| |
|
| Entertainment — 0.3% |
|
|
| |
39,773 |
| IMAX Corp.(a) |
| 873,017 |
| |
|
|
|
|
|
| |
|
| Equity Real Estate Investment Trusts (REITS) — 9.4% |
|
|
| |
57,974 |
| Apple Hospitality REIT, Inc. |
| 961,209 |
| |
62,756 |
| Brixmor Property Group, Inc. |
| 1,273,319 |
| |
See accompanying Notes to the Financial Statements.
Shares |
|
|
| Fair Value |
| |
COMMON STOCKS — (continued) |
|
|
| |||
|
| Equity Real Estate Investment Trusts (REITS) — (continued) |
|
|
| |
28,119 |
| Chatham Lodging Trust |
| $ | 510,360 |
|
20,990 |
| CorEnergy Infrastructure Trust, Inc. |
| 991,148 |
| |
142,022 |
| DiamondRock Hospitality Co. |
| 1,455,725 |
| |
27,339 |
| Equity Commonwealth |
| 936,361 |
| |
147,319 |
| Franklin Street Properties Corp. |
| 1,246,319 |
| |
63,108 |
| Industrial Logistics Properties Trust |
| 1,341,045 |
| |
87,614 |
| Medical Properties Trust, Inc. |
| 1,713,730 |
| |
41,221 |
| Office Properties Income Trust |
| 1,263,011 |
| |
38,912 |
| Park Hotels & Resorts, Inc. |
| 971,633 |
| |
27,140 |
| Retail Value, Inc. |
| 1,005,266 |
| |
9,653 |
| Ryman Hospitality Properties, Inc. |
| 789,712 |
| |
73,988 |
| Sabra Health Care REIT, Inc. |
| 1,698,764 |
| |
10,895 |
| SL Green Realty Corp. |
| 890,666 |
| |
101,027 |
| Summit Hotel Properties, Inc. |
| 1,171,913 |
| |
103,347 |
| Sunstone Hotel Investors, Inc |
| 1,419,988 |
| |
55,202 |
| Tanger Factory Outlet Centers, Inc. |
| 854,527 |
| |
43,063 |
| VICI Properties, Inc. |
| 975,377 |
| |
72,441 |
| Xenia Hotels & Resorts, Inc. |
| 1,529,954 |
| |
|
|
|
| 23,000,027 |
| |
|
| Food & Staples Retailing — 1.2% |
|
|
| |
5,102 |
| Casey’s General Stores, Inc. |
| 822,238 |
| |
33,626 |
| Ingles Markets, Inc., Class A |
| 1,306,706 |
| |
79,946 |
| United Natural Foods, Inc.(a) |
| 920,978 |
| |
|
|
|
| 3,049,922 |
| |
|
| Food Products — 0.5% |
|
|
| |
4,060 |
| Bunge, Ltd. |
| 229,877 |
| |
10,751 |
| John B Sanfilippo & Son, Inc. |
| 1,038,547 |
| |
|
|
|
| 1,268,424 |
| |
|
| Gas Utilities — 1.1% |
|
|
| |
19,604 |
| National Fuel Gas Co |
| 919,820 |
| |
19,314 |
| Southwest Gas Holdings, Inc. |
| 1,758,347 |
| |
|
|
|
| 2,678,167 |
| |
|
| Health Care Equipment & Supplies — 0.3% |
|
|
| |
25,845 |
| Lantheus Holdings, Inc.(a) |
| 647,805 |
| |
|
|
|
|
|
| |
|
| Health Care Providers & Services — 2.1% |
|
|
| |
14,246 |
| DaVita, Inc.(a) |
| 813,019 |
| |
14,597 |
| Ensign Group, Inc. (The) |
| 692,336 |
| |
14,819 |
| Magellan Health, Inc.(a) |
| 920,260 |
| |
26,525 |
| Premier, Inc., Class A(a) |
| 767,103 |
| |
55,507 |
| Select Medical Holdings Corp.(a) |
| 919,751 |
| |
42,930 |
| Tenet Healthcare Corp.(a) |
| 949,612 |
| |
|
|
|
| 5,062,081 |
| |
|
| Hotels, Restaurants & Leisure — 0.3% |
|
|
| |
89,563 |
| Everi Holdings, Inc.(a) |
| 757,703 |
| |
|
|
|
|
|
| |
|
| Household Durables — 2.5% |
|
|
| |
26,740 |
| Meritage Homes Corp.(a) |
| 1,881,159 |
| |
29,518 |
| PulteGroup, Inc. |
| 1,078,883 |
| |
61,349 |
| Taylor Morrison Home Corp.(a) |
| 1,591,393 |
| |
98,950 |
| TRI Pointe Group, Inc.(a) |
| 1,488,208 |
| |
|
|
|
| 6,039,643 |
| |
|
| Independent Power and Renewable Electricity Producers — 0.7% |
|
|
| |
109,336 |
| AES Corp. |
| 1,786,550 |
| |
|
|
|
|
|
| |
|
| Insurance — 4.9% |
|
|
| |
72,725 |
| American Equity Investment Life Holding Co. |
| 1,759,945 |
| |
28,143 |
| Assured Guaranty, Ltd. |
| 1,251,238 |
| |
17,001 |
| Athene Holding, Ltd., Class A(a) |
| 715,062 |
| |
24,181 |
| Brighthouse Financial, Inc.(a) |
| 978,605 |
| |
86,045 |
| CNO Financial Group, Inc. |
| 1,362,092 |
| |
15,269 |
| Employers Holdings, Inc. |
| 665,423 |
| |
368,623 |
| Genworth Financial, Inc., Class A(a) |
| 1,621,941 |
| |
44,154 |
| Old Republic International Corp. |
| 1,040,710 |
| |
10,561 |
| Reinsurance Group of America, Inc. |
| 1,688,493 |
| |
30,432 |
| Unum Group |
| 904,439 |
| |
|
|
|
| 11,987,948 |
| |
|
| Interactive Media & Services — 0.3% |
|
|
| |
263,404 |
| Meet Group, Inc. (The)(a) |
| 862,648 |
| |
|
|
|
|
|
| |
|
| IT Services — 1.1% |
|
|
| |
6,683 |
| Alliance Data Systems Corp. |
| 856,293 |
| |
878 |
| CACI International, Inc., Class A(a) |
| 203,046 |
| |
32,755 |
| Cardtronics PLC, Class A(a) |
| 990,511 |
| |
51,506 |
| International Money Express, Inc.(a) |
| 707,692 |
| |
|
|
|
| 2,757,542 |
| |
|
| Life Sciences Tools & Services — 0.5% |
|
|
| |
14,418 |
| Medpace Holdings, Inc.(a) |
| 1,211,689 |
| |
|
|
|
|
|
| |
|
| Machinery — 2.0% |
|
|
| |
13,597 |
| AGCO Corp. |
| 1,029,293 |
| |
23,744 |
| Allison Transmission Holdings, Inc. |
| 1,117,155 |
| |
48,543 |
| Meritor, Inc.(a) |
| 898,046 |
| |
38,264 |
| Mueller Industries, Inc. |
| 1,097,412 |
| |
57,976 |
| Wabash National Corp. |
| 841,232 |
| |
|
|
|
| 4,983,138 |
| |
|
| Media — 1.0% |
|
|
| |
5,824 |
| DISH Network Corp., Class A(a) |
| 198,424 |
| |
138,213 |
| National CineMedia, Inc. |
| 1,133,347 |
| |
26,787 |
| Sinclair Broadcast Group, Inc., Class A |
| 1,144,876 |
| |
|
|
|
| 2,476,647 |
| |
|
| Metals & Mining — 1.2% |
|
|
| |
10,373 |
| Reliance Steel & Aluminum Co. |
| 1,033,773 |
| |
42,482 |
| Schnitzer Steel Industries, Inc., Class A |
| 877,678 |
| |
53,672 |
| Warrior Met Coal, Inc. |
| 1,047,677 |
| |
|
|
|
| 2,959,128 |
| |
|
| Mortgage Real Estate Investment Trusts (REITS) — 5.4% |
|
|
| |
246,826 |
| Anworth Mortgage Asset Corp. |
| 814,526 |
| |
68,294 |
| Arbor Realty Trust, Inc. |
| 895,334 |
| |
66,997 |
| Ares Commercial Real Estate Corp. |
| 1,020,364 |
| |
56,315 |
| Chimera Investment Corp. |
| 1,101,521 |
| |
57,866 |
| Ellington Financial, Inc. |
| 1,045,639 |
| |
83,716 |
| Exantas Capital Corp. |
| 951,851 |
| |
61,612 |
| Great Ajax Corp. |
| 954,986 |
| |
88,215 |
| Ladder Capital Corp. |
| 1,523,473 |
| |
196,995 |
| New York Mortgage Trust, Inc. |
| 1,199,700 |
| |
67,961 |
| PennyMac Mortgage Investment Trust. |
| 1,510,773 |
| |
74,963 |
| Redwood Trust, Inc. |
| 1,230,143 |
| |
101,790 |
| Western Asset Mortgage Capital Corp. |
| 982,274 |
| |
|
|
|
| 13,230,584 |
| |
|
| Multi-Utilities — 2.1% |
|
|
| |
35,219 |
| Avista Corp. |
| 1,706,008 |
| |
Continued
Shares |
|
|
| Fair Value |
| |
COMMON STOCKS — (continued) |
|
|
| |||
|
| Multi-Utilities — (continued) |
|
|
| |
31,845 |
| MDU Resources Group, Inc. |
| $ | 897,711 |
|
33,222 |
| NorthWestern Corp. |
| 2,493,311 |
| |
|
|
|
| 5,097,030 |
| |
|
| Oil, Gas & Consumable Fuels — 4.3% |
|
|
| |
17,413 |
| Arch Coal, Inc., Class A |
| 1,292,045 |
| |
37,418 |
| CONSOL Energy, Inc.(a) |
| 584,843 |
| |
24,743 |
| CVR Energy, Inc. |
| 1,089,434 |
| |
45,727 |
| Delek U.S. Holdings, Inc. |
| 1,659,890 |
| |
283,899 |
| Denbury Resources, Inc.(a) |
| 337,840 |
| |
166,622 |
| DHT Holdings, Inc. |
| 1,024,725 |
| |
23,156 |
| HollyFrontier Corp. |
| 1,242,088 |
| |
40,489 |
| Magnolia Oil & Gas Corp., Class A(a) |
| 449,428 |
| |
46,728 |
| Scorpio Tankers, Inc. |
| 1,390,625 |
| |
39,685 |
| World Fuel Services Corp. |
| 1,585,019 |
| |
|
|
|
| 10,655,937 |
| |
|
| Paper & Forest Products — 0.2% |
|
|
| |
12,785 |
| Boise Cascade Co. |
| 416,663 |
| |
|
|
|
|
|
| |
|
| Pharmaceuticals — 1.5% |
|
|
| |
82,447 |
| Corcept Therapeutics, Inc.(a) |
| 1,165,388 |
| |
74,754 |
| Innoviva, Inc.(a) |
| 787,907 |
| |
71,799 |
| Lannett Co., Inc.(a) |
| 804,149 |
| |
43,101 |
| Mylan NV(a) |
| 852,538 |
| |
|
|
|
| 3,609,982 |
| |
|
| Professional Services — 1.0% |
|
|
| |
15,210 |
| Barrett Business Services, Inc. |
| 1,350,952 |
| |
43,018 |
| Kelly Services, Inc., Class A |
| 1,041,896 |
| |
|
|
|
| 2,392,848 |
| |
|
| Real Estate Management & Development — 1.5% |
|
|
| |
6,330 |
| Jones Lang LaSalle, Inc. |
| 880,250 |
| |
24,489 |
| Marcus & Millichap, Inc.(a) |
| 869,115 |
| |
174,206 |
| Realogy Holdings Corp. |
| 1,163,696 |
| |
18,838 |
| RMR Group, Inc. (The), Class A |
| 856,752 |
| |
|
|
|
| 3,769,813 |
| |
|
| Road & Rail — 0.2% |
|
|
| |
26,771 |
| Universal Logistics Holdings, Inc |
| 623,229 |
| |
|
|
|
|
|
| |
|
| Semiconductors & Semiconductor Equipment — 4.0% |
|
|
| |
133,497 |
| Amkor Technology, Inc.(a) |
| 1,214,823 |
| |
37,336 |
| Cirrus Logic, Inc.(a) |
| 2,000,463 |
| |
25,325 |
| Diodes, Inc.(a) |
| 1,016,799 |
| |
11,503 |
| Qorvo, Inc.(a) |
| 852,832 |
| |
134,344 |
| Rambus, Inc.(a) |
| 1,763,265 |
| |
33,384 |
| SMART Global Holdings, Inc.(a) |
| 850,624 |
| |
63,773 |
| Ultra Clean Holdings, Inc.(a) |
| 933,318 |
| |
53,512 |
| Xperi Corp. |
| 1,106,628 |
| |
|
|
|
| 9,738,752 |
| |
|
| Specialty Retail — 5.7% |
|
|
| |
19,463 |
| AutoNation, Inc.(a) |
| 986,774 |
| |
50,383 |
| Buckle, Inc. (The) |
| 1,037,890 |
| |
38,896 |
| Conn’s, Inc.(a) |
| 966,955 |
| |
28,350 |
| Dick’s Sporting Goods, Inc. |
| 1,156,963 |
| |
25,707 |
| Genesco, Inc.(a) |
| 1,028,794 |
| |
15,330 |
| Group 1 Automotive, Inc. |
| 1,415,112 |
| |
56,338 |
| Hibbett Sports, Inc.(a) |
| 1,290,140 |
| |
10,135 |
| Lithia Motors, Inc., Class A |
| 1,341,671 |
| |
62,245 |
| Rent-A-Center, Inc. |
| 1,605,299 |
| |
5,400 |
| RH(a) |
| 922,482 |
| |
28,140 |
| Shoe Carnival, Inc. |
| 912,017 |
| |
41,454 |
| Zumiez, Inc.(a) |
| 1,313,055 |
| |
|
|
|
| 13,977,152 |
| |
|
| Textiles,Apparel & Luxury Goods — 0.6% |
|
|
| |
82,207 |
| Fossil Group, Inc.(a) |
| 1,028,410 |
| |
49,238 |
| Vera Bradley, Inc.(a) |
| 497,304 |
| |
|
|
|
| 1,525,714 |
| |
|
| Thrifts & Mortgage Finance — 5.6% |
|
|
| |
55,949 |
| Dime Community Bancshares, Inc. |
| 1,197,868 |
| |
36,853 |
| Essent Group, Ltd. |
| 1,756,783 |
| |
13,945 |
| Federal Agricultural Mortgage Corp., Class C |
| 1,138,749 |
| |
47,293 |
| Flagstar Bancorp, Inc. |
| 1,766,394 |
| |
135,678 |
| MGIC Investment Corp. |
| 1,706,829 |
| |
100,969 |
| Mr Cooper Group, Inc.(a) |
| 1,072,291 |
| |
50,241 |
| PennyMac Financial Services, Inc.(a) |
| 1,526,322 |
| |
113,608 |
| Radian Group, Inc. |
| 2,594,807 |
| |
18,083 |
| Walker & Dunlop, Inc. |
| 1,011,382 |
| |
|
|
|
| 13,771,425 |
| |
|
| Tobacco — 0.4% |
|
|
| |
74,737 |
| Vector Group, Ltd |
| 890,118 |
| |
|
|
|
|
|
| |
|
| Trading Companies & Distributors — 1.7% |
|
|
| |
61,146 |
| BMC Stock Holdings, Inc.(a) |
| 1,600,802 |
| |
57,395 |
| Foundation Building Materials, Inc.(a) |
| 889,049 |
| |
36,647 |
| GMS, Inc.(a) |
| 1,052,502 |
| |
50,804 |
| Titan Machinery, Inc.(a) |
| 728,529 |
| |
|
|
|
| 4,270,882 |
| |
|
| Wireless Telecommunication Services — 0.4% |
|
|
| |
24,167 |
| U.S. Cellular Corp.(a) |
| 908,196 |
| |
|
| Total Common Stocks |
| 233,809,118 |
| |
|
|
|
|
|
| |
EXCHANGE TRADED FUND — 1.6% |
|
|
| |||
33,566 |
| iShares Russell 2000 Value ETF |
| 4,008,116 |
| |
|
| Total Exchange Traded Fund |
| 4,008,116 |
| |
|
|
|
|
|
| |
MONEY MARKET FUND — 0.6% |
|
|
| |||
1,316,025 |
| Federated Treasury Obligations Fund, Institutional Shares, 1.84%(b) |
| 1,316,025 |
| |
|
| Total Money Market Fund |
| 1,316,025 |
| |
Total Investments — 97.4% |
| 239,133,259 |
| |||
Net Other Assets (Liabilities) — 2.6% |
| 6,381,699 |
| |||
NET ASSETS — 100.0% |
| $ | 245,514,958 |
|
(a) Represents non-income producing security.
(b) Represents the current yield as of report date.
ETF — Exchange Traded Fund
Continued
Sterling Capital Special Opportunities Fund
Schedule of Portfolio Investments
September 30, 2019
Shares |
|
|
| Fair Value |
| |
COMMON STOCKS — 99.3% |
|
|
| |||
|
| Air Freight & Logistics — 2.5% |
|
|
| |
176,000 |
| FedEx Corp. |
| $ | 25,620,320 |
|
|
|
|
|
|
| |
|
| Airlines — 3.6% |
|
|
| |
570,900 |
| Alaska Air Group, Inc. |
| 37,057,119 |
| |
|
|
|
|
|
| |
|
| Auto Components — 3.6% |
|
|
| |
427,900 |
| Aptiv PLC |
| 37,407,018 |
| |
|
|
|
|
|
| |
|
| Biotechnology — 3.2% |
|
|
| |
525,000 |
| Gilead Sciences, Inc. |
| 33,274,500 |
| |
|
|
|
|
|
| |
|
| Capital Markets — 1.7% |
|
|
| |
428,064 |
| Charles Schwab Corp. (The) |
| 17,905,917 |
| |
|
|
|
|
|
| |
|
| Chemicals — 2.0% |
|
|
| |
297,000 |
| Albemarle Corp. |
| 20,647,440 |
| |
|
|
|
|
|
| |
|
| Communications Equipment — 5.9% |
|
|
| |
1,244,000 |
| Cisco Systems, Inc. |
| 61,466,040 |
| |
|
|
|
|
|
| |
|
| Consumer Finance — 4.3% |
|
|
| |
488,296 |
| Capital One Financial Corp. |
| 44,425,170 |
| |
|
|
|
|
|
| |
|
| Entertainment — 3.4% |
|
|
| |
664,500 |
| Activision Blizzard, Inc. |
| 35,165,340 |
| |
|
|
|
|
|
| |
|
| Equity Real Estate Investment Trusts (REITS) — 1.2% |
|
|
| |
154,500 |
| Ryman Hospitality Properties, Inc. |
| 12,639,645 |
| |
|
|
|
|
|
| |
|
| Health Care Equipment & Supplies — 7.4% |
|
|
| |
287,500 |
| Danaher Corp. |
| 41,523,625 |
| |
701,000 |
| Hologic, Inc.(a) |
| 35,393,490 |
| |
|
|
|
| 76,917,115 |
| |
|
| Health Care Providers & Services — 6.1% |
|
|
| |
307,900 |
| HCA Healthcare, Inc. |
| 37,077,318 |
| |
121,500 |
| UnitedHealth Group, Inc. |
| 26,404,380 |
| |
|
|
|
| 63,481,698 |
| |
|
| Health Care Technology — 3.0% |
|
|
| |
464,000 |
| Cerner Corp. |
| 31,630,880 |
| |
|
|
|
|
|
| |
|
| Hotels, Restaurants & Leisure — 4.6% |
|
|
| |
937,000 |
| Norwegian Cruise Line Holdings, Ltd.(a) |
| 48,508,490 |
| |
|
|
|
|
|
| |
|
| Household Durables — 3.5% |
|
|
| |
651,500 |
| Lennar Corp., Class A |
| 36,386,275 |
| |
|
|
|
|
|
| |
|
| Interactive Media & Services — 6.6% |
|
|
| |
56,900 |
| Alphabet, Inc., Class C(a) |
| 69,361,100 |
| |
|
|
|
|
|
| |
|
| IT Services — 4.1% |
|
|
| |
468,000 |
| Akamai Technologies, Inc.(a) |
| 42,765,840 |
| |
|
|
|
|
|
| |
|
| Media — 11.3% |
|
|
| |
630,000 |
| CBS Corp., Class B |
| 25,433,100 |
| |
1,314,500 |
| Comcast Corp., Class A |
| 59,257,660 |
| |
1,359,500 |
| Discovery, Inc., Class C(a) |
| 33,470,890 |
| |
|
|
|
| 118,161,650 |
| |
|
| Pharmaceuticals — 3.3% |
|
|
| |
681,000 |
| Bristol-Myers Squibb Co. |
| 34,533,510 |
| |
|
|
|
|
|
| |
|
| Professional Services — 3.6% |
|
|
| |
235,900 |
| Verisk Analytics, Inc. |
| 37,305,226 |
| |
|
|
|
|
|
| |
|
| Real Estate Management & Development — 3.2% |
|
|
| |
640,000 |
| CBRE Group, Inc., Class A(a) |
| 33,926,400 |
| |
|
|
|
|
|
| |
|
| Semiconductors & Semiconductor Equipment — 4.1% |
|
|
| |
391,000 |
| NXP Semiconductors NV |
| 42,665,920 |
| |
|
|
|
|
|
| |
|
| Software — 7.1% |
|
|
| |
366,000 |
| CDK Global, Inc. |
| 17,600,940 |
| |
224,500 |
| Check Point Software Technologies, Ltd.(a) |
| 24,582,750 |
| |
119,500 |
| Intuit, Inc. |
| 31,779,830 |
| |
|
|
|
| 73,963,520 |
| |
|
| Total Common Stocks |
| 1,035,216,133 |
| |
|
|
|
| |||
MONEY MARKET FUND — 0.6% |
|
|
| |||
6,401,354 |
| Federated Treasury Obligations Fund, Institutional Shares, 1.84%(b) |
| 6,401,354 |
| |
|
| Total Money Market Fund |
| 6,401,354 |
| |
Total Investments — 99.9% |
| 1,041,617,487 |
| |||
Net Other Assets (Liabilities) — 0.1% |
| 895,337 |
| |||
NET ASSETS — 100.0% |
| $ | 1,042,512,824 |
|
(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
September 30, 2019
Shares |
|
|
| Fair Value |
| |
COMMON STOCKS — 96.5% |
|
|
| |||
|
| Air Freight & Logistics — 3.0% |
|
|
| |
465,900 |
| United Parcel Service, Inc., Class B |
| $ | 55,824,138 |
|
|
|
|
|
|
| |
|
| Airlines — 3.1% |
|
|
| |
984,000 |
| Delta Air Lines, Inc. |
| 56,678,400 |
| |
|
|
|
|
|
| |
|
| Automobiles — 3.2% |
|
|
| |
1,587,000 |
| General Motors Co. |
| 59,480,760 |
| |
|
|
|
|
|
| |
|
| Banks — 2.3% |
|
|
| |
848,500 |
| Wells Fargo & Co. |
| 42,798,340 |
| |
|
|
|
|
|
| |
|
| Beverages — 3.8% |
|
|
| |
505,900 |
| PepsiCo, Inc. |
| 69,358,890 |
| |
|
|
|
|
|
| |
|
| Biotechnology — 3.0% |
|
|
| |
721,000 |
| AbbVie, Inc. |
| 54,594,120 |
| |
|
|
|
|
|
| |
|
| Capital Markets — 3.8% |
|
|
| |
1,017,000 |
| Morgan Stanley |
| 43,395,390 |
| |
270,000 |
| Nasdaq, Inc. |
| 26,824,500 |
| |
|
|
|
| 70,219,890 |
| |
|
| Consumer Finance — 4.6% |
|
|
| |
1,047,000 |
| Discover Financial Services |
| 84,901,230 |
| |
|
|
|
|
|
| |
|
| Diversified Telecommunication Services — 3.8% |
|
|
| |
1,168,000 |
| Verizon Communications, Inc. |
| 70,500,480 |
| |
|
|
|
|
|
| |
|
| Electronic Equipment, Instruments & Components — 2.6% |
|
|
| |
1,674,062 |
| Corning, Inc. |
| 47,744,248 |
| |
|
|
|
|
|
| |
|
| Equity Real Estate Investment Trusts (REITS) — 3.8% |
|
|
| |
505,522 |
| Crown Castle International Corp. |
| 70,272,613 |
| |
|
|
|
|
|
| |
|
| Health Care Equipment & Supplies — 7.9% |
|
|
| |
905,300 |
| Abbott Laboratories |
| 75,746,451 |
| |
631,900 |
| Medtronic PLC |
| 68,636,978 |
| |
|
|
|
| 144,383,429 |
| |
|
| Health Care Providers & Services — 5.1% |
|
|
| |
154,600 |
| Anthem, Inc. |
| 37,119,460 |
| |
889,000 |
| CVS Health Corp. |
| 56,069,230 |
| |
|
|
|
| 93,188,690 |
| |
|
| Hotels, Restaurants & Leisure — 5.3% |
|
|
| |
1,059,500 |
| Carnival Corp. |
| 46,310,745 |
| |
581,500 |
| Starbucks Corp.(a) |
| 51,416,230 |
| |
|
|
|
| 97,726,975 |
| |
|
| Industrial Conglomerates — 3.4% |
|
|
| |
373,000 |
| Honeywell International, Inc. |
| 63,111,600 |
| |
|
|
|
|
|
| |
|
| Insurance — 1.9% |
|
|
| |
218,000 |
| Chubb, Ltd. |
| 35,193,920 |
| |
|
|
|
|
|
| |
|
| IT Services — 4.0% |
|
|
| |
380,100 |
| Accenture PLC, Class A |
| 73,112,235 |
| |
|
|
|
|
|
| |
|
| Oil, Gas & Consumable Fuels — 8.3% |
|
|
| |
1,482,000 |
| Enbridge, Inc. |
| 51,988,560 |
| |
958,900 |
| Occidental Petroleum Corp. |
| 42,642,283 |
| |
560,387 |
| Phillips 66 |
| 57,383,629 |
| |
|
|
|
| 152,014,472 |
| |
|
| Pharmaceuticals — 7.0% |
|
|
| |
336,200 |
| Johnson & Johnson |
| 43,497,556 |
| |
765,800 |
| Merck & Co., Inc. |
| 64,465,044 |
| |
592,836 |
| Pfizer, Inc. |
| 21,300,598 |
| |
|
|
|
| 129,263,198 |
| |
|
| Semiconductors & Semiconductor Equipment — 7.3% |
|
|
| |
574,234 |
| Analog Devices, Inc. |
| 64,159,165 |
| |
1,025,000 |
| Maxim Integrated Products, Inc. |
| 59,357,750 |
| |
131,939 |
| QUALCOMM, Inc. |
| 10,064,307 |
| |
|
|
|
| 133,581,222 |
| |
|
| Software — 5.0% |
|
|
| |
658,500 |
| Microsoft Corp. |
| 91,551,255 |
| |
|
|
|
|
|
| |
|
| Specialty Retail — 4.3% |
|
|
| |
335,800 |
| Home Depot, Inc. (The) |
| 77,912,316 |
| |
|
| Total Common Stocks |
| 1,773,412,421 |
| |
|
|
|
|
|
| |
MONEY MARKET FUND — 3.1% |
|
|
| |||
58,172,412 |
| Federated Treasury Obligations Fund, Institutional Shares, 1.84%(b) |
| 58,172,412 |
| |
|
| Total Money Market Fund |
| 58,172,412 |
| |
Total Investments Before Options Written — 99.6% |
| $1,831,584,833 |
| |||
Options Written — 0.0% |
| (7,800 | ) | |||
Total Investments — 99.6% |
| 1,831,577,033 |
| |||
Net Other Assets (Liabilities) — 0.4% |
| 6,663,857 |
| |||
NET ASSETS — 100.0% |
| $ | 1,838,240,890 |
|
(a) All or a portion of security was held as collateral for written call options.
(b) Represents the current yield as of report date.
See accompanying Notes to the Financial Statements.
As of September 30, 2019, exchange traded options written outstanding were as follows:
|
|
|
| Number of |
| Notional |
| Exercise |
| Expiration |
|
|
| |||
Description |
| Call/Put |
| Contracts |
| Amount |
| Price |
| Date |
| Value |
| |||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
EXCHANGE TRADED OPTIONS WRITTEN — 0.0% |
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Starbucks Corp. |
| Call |
| 1300 |
| $ | 11,494,600 |
| $ | 105.00 |
| 11/15/19 |
| $ | (7,800 | ) |
Total Exchange Traded Options Written (Premiums $115,168) |
|
|
|
|
|
|
|
|
|
|
| $ | (7,800 | ) | ||
Continued
Sterling Capital Behavioral International Equity Fund
Schedule of Portfolio Investments
September 30, 2019
Shares |
|
|
| Fair Value |
| |
COMMON STOCKS — 97.8% |
|
|
| |||
|
| Australia — 7.6% |
|
|
| |
540,650 |
| AusNet Services |
| $ | 662,372 |
|
69,250 |
| Australia & New Zealand Banking Group, Ltd. |
| 1,330,271 |
| |
22,875 |
| Commonwealth Bank of Australia |
| 1,247,819 |
| |
87,375 |
| Fortescue Metals Group, Ltd. |
| 520,075 |
| |
6,725 |
| Macquarie Group, Ltd. |
| 596,119 |
| |
173,650 |
| Santos, Ltd. |
| 905,446 |
| |
234,425 |
| Stockland, REIT |
| 720,081 |
| |
66,100 |
| Westpac Banking Corp. |
| 1,320,193 |
| |
|
|
|
| 7,302,376 |
| |
|
| Austria — 1.1% |
|
|
| |
19,050 |
| OMV AG |
| 1,021,053 |
| |
|
|
|
|
|
| |
|
| Belgium — 3.0% |
|
|
| |
13,725 |
| Anheuser-Busch InBev SA/NV |
| 1,306,344 |
| |
12,350 |
| KBC Group NV |
| 802,152 |
| |
16,200 |
| Telenet Group Holding NV(a) |
| 764,474 |
| |
|
|
|
| 2,872,970 |
| |
|
| Denmark — 0.9% |
|
|
| |
5,925 |
| Carlsberg A/S, Class B |
| 875,585 |
| |
|
|
|
|
|
| |
|
| France — 12.9% |
|
|
| |
13,575 |
| Amundi SA(b) |
| 945,610 |
| |
12,700 |
| Atos SE |
| 893,948 |
| |
16,900 |
| BNP Paribas SA |
| 821,628 |
| |
8,500 |
| Capgemini SE |
| 1,000,888 |
| |
25,600 |
| Cie de Saint-Gobain |
| 1,003,337 |
| |
8,825 |
| Cie Generale des Etablissements Michelin SCA |
| 982,606 |
| |
63,275 |
| Credit Agricole SA |
| 765,870 |
| |
9,400 |
| Eiffage SA |
| 974,455 |
| |
27,375 |
| Eutelsat Communications SA |
| 509,231 |
| |
8,825 |
| Faurecia SE |
| 418,360 |
| |
8,875 |
| Ingenico Group SA |
| 865,011 |
| |
27,825 |
| Klepierre SA, REIT |
| 944,953 |
| |
40,575 |
| Peugeot SA |
| 1,012,705 |
| |
9,725 |
| Publicis Groupe SA |
| 478,523 |
| |
7,800 |
| Sanofi |
| 722,538 |
| |
|
|
|
| 12,339,663 |
| |
|
| Germany — 6.2% |
|
|
| |
175 |
| Allianz SE |
| 40,735 |
| |
4,825 |
| Bayer AG |
| 339,937 |
| |
52,800 |
| Deutsche Telekom AG |
| 885,618 |
| |
2,525 |
| Fraport AG Frankfurt Airport Services Worldwide |
| 214,008 |
| |
3,800 |
| Fresenius SE & Co. KGaA |
| 177,767 |
| |
9,125 |
| HeidelbergCement AG |
| 659,283 |
| |
10,500 |
| Henkel AG & Co. KGaA |
| 961,235 |
| |
4,825 |
| HOCHTIEF AG |
| 549,860 |
| |
1,800 |
| KION Group AG |
| 94,661 |
| |
54,875 |
| METRO AG |
| 865,732 |
| |
4,300 |
| Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen |
| 1,110,685 |
| |
|
|
|
| 5,899,521 |
| |
|
| Hong Kong — 2.5% |
|
|
| |
189,000 |
| Henderson Land Development Co., Ltd. |
| 880,328 |
| |
461,275 |
| HKT Trust & HKT, Ltd. |
| 731,731 |
| |
42,700 |
| Melco Resorts & Entertainment Ltd., ADR |
| 828,807 |
| |
|
|
|
| 2,440,866 |
| |
|
| Israel — 0.9% |
|
|
| |
124,675 |
| Teva Pharmaceutical Industries, Ltd., ADR(a) |
| 857,764 |
| |
|
|
|
|
|
| |
|
| Italy — 4.5% |
|
|
| |
46,275 |
| Assicurazioni Generali SpA |
| 896,798 |
| |
28,550 |
| Atlantia SpA |
| 689,993 |
| |
74,175 |
| Mediobanca Banca di Credito Finanziario SpA |
| 809,681 |
| |
146,250 |
| Snam SpA |
| 738,745 |
| |
1,509,100 |
| Telecom Italia SpA/Milano |
| 825,479 |
| |
28,550 |
| Tenaris SA |
| 302,814 |
| |
|
|
|
| 4,263,510 |
| |
|
| Japan — 22.5% |
|
|
| |
85,300 |
| Amada Holdings Co., Ltd. |
| 924,353 |
| |
78,600 |
| Astellas Pharma, Inc. |
| 1,124,307 |
| |
3,500 |
| Central Japan Railway Co. |
| 721,733 |
| |
16,900 |
| FUJIFILM Holdings Corp. |
| 744,452 |
| |
24,200 |
| Hitachi, Ltd. |
| 906,295 |
| |
1,300 |
| Hoya Corp. |
| 106,474 |
| |
22,500 |
| Inpex Corp. |
| 207,355 |
| |
57,000 |
| ITOCHU Corp. |
| 1,180,677 |
| |
1,400 |
| Japan Tobacco, Inc. |
| 30,674 |
| |
48,100 |
| KDDI Corp. |
| 1,255,061 |
| |
7,100 |
| Lawson, Inc. |
| 363,559 |
| |
42,800 |
| Medipal Holdings Corp. |
| 955,392 |
| |
16,500 |
| Mitsubishi Heavy Industries, Ltd. |
| 648,589 |
| |
155,700 |
| Mitsubishi UFJ Lease & Finance Co., Ltd. |
| 903,118 |
| |
53,900 |
| Mitsui & Co., Ltd. |
| 885,384 |
| |
11,400 |
| MS&AD Insurance Group Holdings, Inc. |
| 370,547 |
| |
48,100 |
| Nexon Co., Ltd.(a) |
| 584,423 |
| |
22,000 |
| Nippon Telegraph & Telephone Corp. |
| 1,052,562 |
| |
53,700 |
| ORIX Corp. |
| 803,298 |
| |
89,700 |
| Rakuten, Inc. |
| 889,158 |
| |
149,100 |
| Renesas Electronics Corp.(a) |
| 977,084 |
| |
103,600 |
| Resona Holdings, Inc. |
| 445,806 |
| |
53,100 |
| Sekisui House, Ltd. |
| 1,047,779 |
| |
50,600 |
| Sumitomo Corp. |
| 792,166 |
| |
22,500 |
| Taiheiyo Cement Corp. |
| 604,607 |
| |
23,600 |
| Toyota Motor Corp. |
| 1,584,982 |
| |
26,400 |
| Toyota Tsusho Corp. |
| 856,883 |
| |
25,800 |
| Yokohama Rubber Co., Ltd. (The) |
| 518,498 |
| |
|
|
|
| 21,485,216 |
| |
|
| Netherlands — 2.6% |
|
|
| |
9,200 |
| Heineken Holding NV |
| 915,310 |
| |
8,875 |
| NXP Semiconductors NV |
| 968,440 |
| |
12,600 |
| Randstad NV |
| 618,612 |
| |
|
|
|
| 2,502,362 |
| |
|
| Norway — 0.7% |
|
|
| |
40,475 |
| DNB ASA |
| 713,493 |
| |
|
|
|
|
|
| |
|
| Portugal — 0.9% |
|
|
| |
51,825 |
| Jeronimo Martins SGPS SA |
| 873,960 |
| |
|
|
|
|
|
| |
|
| Singapore — 0.9% |
|
|
| |
308,100 |
| Wilmar International, Ltd. |
| 831,556 |
| |
|
|
|
|
|
| |
|
| Spain — 3.7% |
|
|
| |
18,350 |
| ACS Actividades de Construccion y Servicios SA |
| 733,195 |
| |
214,025 |
| Banco Bilbao Vizcaya Argentaria SA |
| 1,114,108 |
| |
24,075 |
| Enagas SA |
| 556,532 |
| |
31,100 |
| Endesa SA |
| 818,110 |
| |
See accompanying Notes to the Financial Statements
Shares |
|
|
| Fair Value |
| |
COMMON STOCKS — (continued) |
|
|
| |||
|
| Spain — (continued) |
|
|
| |
22,202 |
| Repsol SA |
| $ | 346,263 |
|
|
|
|
| 3,568,208 |
| |
|
| Sweden — 4.0% |
|
|
| |
32,500 |
| Essity AB, Class B |
| 948,299 |
| |
103,650 |
| Skandinaviska Enskilda Banken AB, Class A |
| 952,409 |
| |
46,875 |
| Skanska AB, Class B |
| 948,991 |
| |
69,475 |
| Volvo AB, Class B |
| 974,952 |
| |
|
|
|
| 3,824,651 |
| |
|
| Switzerland — 8.2% |
|
|
| |
16,325 |
| Adecco Group AG |
| 903,390 |
| |
8,375 |
| LafargeHolcim, Ltd. |
| 412,417 |
| |
11,275 |
| Novartis AG |
| 978,523 |
| |
8,050 |
| Roche Holding AG |
| 2,343,876 |
| |
10,225 |
| Swiss Re AG |
| 1,066,915 |
| |
67,200 |
| UBS Group AG |
| 763,018 |
| |
3,550 |
| Zurich Insurance Group AG |
| 1,359,678 |
| |
|
|
|
| 7,827,817 |
| |
|
| United Kingdom — 14.7% |
|
|
| |
43,875 |
| Anglo American PLC |
| 1,008,329 |
| |
38,150 |
| Antofagasta PLC |
| 421,157 |
| |
151,450 |
| Aviva PLC |
| 743,492 |
| |
125,925 |
| Barratt Developments PLC |
| 1,002,439 |
| |
20,400 |
| Berkeley Group Holdings PLC |
| 1,047,421 |
| |
55,900 |
| BHP Group PLC |
| 1,193,978 |
| |
38,200 |
| British American Tobacco PLC |
| 1,410,729 |
| |
137,725 |
| Evraz PLC |
| 792,682 |
| |
63,675 |
| GlaxoSmithKline PLC |
| 1,364,842 |
| |
243,875 |
| Legal & General Group PLC |
| 744,381 |
| |
24,275 |
| Rio Tinto PLC |
| 1,261,871 |
| |
39,900 |
| Royal Dutch Shell PLC, Class A |
| 1,170,180 |
| |
19,550 |
| Smurfit Kappa Group PLC |
| 584,055 |
| |
50,175 |
| SSE PLC |
| 767,565 |
| |
62,800 |
| Tate & Lyle PLC |
| 568,156 |
| |
|
|
|
| 14,081,277 |
| |
|
| Total Common Stocks |
| 93,581,848 |
| |
|
|
|
|
|
| |
PREFERRED STOCKS — 0.4% |
|
|
| |||
|
| Germany — 0.4% |
|
|
| |
5,550 |
| Porsche Automobil Holding SE |
| 359,791 |
| |
|
| Total Preferred Stocks |
| 359,791 |
| |
|
|
|
|
|
| |
EXCHANGE TRADED FUNDS — 0.3% |
|
|
| |||
|
| United States — 0.3% |
|
|
| |
5,000 |
| iShares MSCI EAFE ETF |
| 326,050 |
| |
|
| Total Exchange Traded Funds |
| 326,050 |
| |
|
|
|
| |||
MONEY MARKET FUND — 0.5% |
|
|
| |||
|
| United States — 0.5% |
|
|
| |
439,902 |
| Federated Treasury Obligations Fund, Institutional Shares, 1.84%(c) |
|
| 439,902 |
|
|
| Total Money Market Fund |
| 439,902 |
| |
Total Investments — 99.0% |
| 94,707,591 |
| |||
Net Other Assets (Liabilities) — 1.0% |
| 921,104 |
| |||
NET ASSETS — 100.0% |
| $ | 95,628,695 |
|
(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. Sterling Capital Management LLC (the “Advisor”), using Board approved procedures, has deemed these securities or a portion of these securities to be liquid.
(c) Represents the current yield as of report date.
ADR — American Depository Receipts
ETF — Exchange Traded Fund
Continued
|
| Percentage |
|
Industry |
| of net assets |
|
Auto Components |
| 2.0 | % |
Automobiles |
| 3.1 | % |
Banks |
| 10.8 | % |
Beverages |
| 3.2 | % |
Building Products |
| 1.0 | % |
Capital Markets |
| 2.4 | % |
Construction & Engineering |
| 3.4 | % |
Construction Materials |
| 1.8 | % |
Containers & Packaging |
| 0.6 | % |
Diversified Financial Services |
| 1.8 | % |
Diversified Telecommunication Services |
| 3.7 | % |
Electric Utilities |
| 2.3 | % |
Electronic Equipment, Instruments & Components |
| 1.9 | % |
Energy Equipment & Services |
| 0.3 | % |
Entertainment |
| 0.6 | % |
Equity Real Estate Investment Trusts (REITS) |
| 1.7 | % |
Food & Staples Retailing |
| 2.2 | % |
Food Products |
| 1.5 | % |
Gas Utilities |
| 1.4 | % |
Health Care Equipment & Supplies |
| 0.1 | % |
Health Care Providers & Services |
| 1.2 | % |
Hotels, Restaurants & Leisure |
| 0.9 | % |
Household Durables |
| 3.2 | % |
Household Products |
| 2.0 | % |
Insurance |
| 6.6 | % |
Internet & Direct Marketing Retail |
| 0.9 | % |
IT Services |
| 2.0 | % |
Machinery |
| 2.8 | % |
Media |
| 1.8 | % |
Metals & Mining |
| 5.4 | % |
Money Market Fund |
| 0.8 | % |
Oil, Gas & Consumable Fuels |
| 3.8 | % |
Pharmaceuticals |
| 8.1 | % |
Professional Services |
| 1.6 | % |
Real Estate Management & Development |
| 0.9 | % |
Road & Rail |
| 0.8 | % |
Semiconductors & Semiconductor Equipment |
| 2.0 | % |
Technology Hardware, Storage & Peripherals |
| 0.8 | % |
Tobacco |
| 1.5 | % |
Trading Companies & Distributors |
| 3.9 | % |
Transportation Infrastructure |
| 0.9 | % |
Wireless Telecommunication Services |
| 1.3 | % |
|
| 99.0 | % |
Continued
Sterling Capital SMID Opportunities Fund
Schedule of Portfolio Investments
September 30, 2019
Shares |
|
|
| Fair Value |
| |
COMMON STOCKS — 96.4% |
|
|
| |||
|
| Aerospace & Defense — 1.4% |
|
|
| |
1,632 |
| Hexcel Corp. |
| $ | 134,036 |
|
|
|
|
|
|
| |
|
| Airlines — 4.4% |
|
|
| |
6,600 |
| Alaska Air Group, Inc. |
| 428,406 |
| |
|
|
|
|
|
| |
|
| Auto Components — 4.0% |
|
|
| |
2,782 |
| Aptiv PLC |
| 243,202 |
| |
5,263 |
| Gentex Corp. |
| 144,917 |
| |
|
|
|
| 388,119 |
| |
|
| Banks — 6.8% |
|
|
| |
12,249 |
| Towne Bank |
| 340,583 |
| |
6,676 |
| Webster Financial Corp. |
| 312,904 |
| |
|
|
|
| 653,487 |
| |
|
| Commercial Services & Supplies — 3.0% |
|
|
| |
3,200 |
| Waste Connections, Inc. |
| 294,400 |
| |
|
|
|
|
|
| |
|
| Consumer Finance — 2.5% |
|
|
| |
26,942 |
| SLM Corp |
| 237,763 |
| |
|
|
|
|
|
| |
|
| Containers & Packaging — 3.3% |
|
|
| |
4,354 |
| Ball Corp |
| 317,015 |
| |
|
|
|
|
|
| |
|
| Electronic Equipment, Instruments & Components — 3.0% |
|
|
| |
2,100 |
| Rogers Corp.(a) |
| 287,091 |
| |
|
|
|
|
|
| |
|
| Entertainment — 1.9% |
|
|
| |
1,487 |
| Take-Two Interactive Software, Inc.(a) |
| 186,381 |
| |
|
|
|
|
|
| |
|
| Equity Real Estate Investment Trusts (REITS) — 1.9% |
|
|
| |
2,243 |
| Ryman Hospitality Properties, Inc. |
| 183,500 |
| |
|
|
|
|
|
| |
|
| Health Care Equipment & Supplies — 2.7% |
|
|
| |
761 |
| Teleflex, Inc. |
| 258,550 |
| |
|
|
|
|
|
| |
|
| Health Care Providers & Services — 10.2% |
|
|
| |
8,469 |
| Centene Corp.(a) |
| 366,369 |
| |
8,381 |
| Premier, Inc., Class A(a) |
| 242,378 |
| |
2,556 |
| Universal Health Services, Inc., Class B |
| 380,205 |
| |
|
|
|
| 988,952 |
| |
|
| Hotels, Restaurants & Leisure — 8.9% |
|
|
| |
11,810 |
| Aramark |
| 514,680 |
| |
6,781 |
| Norwegian Cruise Line Holdings, Ltd.(a) |
| 351,052 |
| |
|
|
|
| 865,732 |
| |
|
| Household Durables — 2.1% |
|
|
| |
54 |
| NVR, Inc.(a) |
| 200,737 |
| |
|
|
|
|
|
| |
|
| IT Services — 18.7% |
|
|
| |
5,700 |
| Amdocs, Ltd |
| 376,827 |
| |
3,000 |
| Black Knight, Inc.(a) |
| 183,180 |
| |
3,500 |
| Fiserv, Inc.(a) |
| 362,565 |
| |
12,276 |
| Genpact, Ltd. |
| 475,695 |
| |
2,600 |
| Global Payments, Inc. |
| 413,400 |
| |
|
|
|
| 1,811,667 |
| |
|
| Machinery — 3.1% |
|
|
| |
3,747 |
| Crane Co. |
| 302,121 |
| |
|
|
|
|
|
| |
|
| Oil, Gas & Consumable Fuels — 1.9% |
|
|
| |
40,323 |
| Encana Corp. |
| 185,486 |
| |
|
|
|
|
|
| |
|
| Real Estate Management & Development — 3.5% |
|
|
| |
3,300 |
| FirstService Corp. |
| 338,481 |
| |
|
|
|
|
|
| |
|
| Road & Rail — 4.7% |
|
|
| |
3,400 |
| Kansas City Southern |
| 452,234 |
| |
|
|
|
|
|
| |
|
| Software — 3.7% |
|
|
| |
7,434 |
| CDK Global, Inc. |
| 357,501 |
| |
|
|
|
|
|
| |
|
| Specialty Retail — 4.7% |
|
|
| |
5,120 |
| CarMax, Inc.(a) |
| 450,560 |
| |
|
| Total Common Stocks |
| 9,322,219 |
| |
|
|
|
|
|
| |
MONEY MARKET FUND — 4.2% |
|
|
| |||
404,688 |
| Federated Treasury Obligations Fund, Institutional Shares, 1.84%(b) |
| 404,688 |
| |
|
| Total Money Market Fund |
| 404,688 |
| |
Total Investments — 100.6% |
| 9,726,907 |
| |||
Net Other Assets (Liabilities) — (0.6)% |
| (56,626 | ) | |||
NET ASSETS — 100.0% |
| $ | 9,670,281 |
|
(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
September 30, 2019
Shares |
|
|
| Fair Value |
| |
COMMON STOCKS — 96.7% |
|
|
| |||
|
| Auto Components — 1.4% |
|
|
| |
16,540 |
| Magna International, Inc. |
| $ | 882,078 |
|
|
|
|
|
|
| |
|
| Banks — 7.1% |
|
|
| |
18,700 |
| East West Bancorp, Inc. |
| 828,223 |
| |
10,100 |
| First Republic Bank |
| 976,670 |
| |
67,700 |
| Huntington Bancshares, Inc. |
| 966,079 |
| |
47,700 |
| KeyCorp. |
| 850,968 |
| |
12,100 |
| Wintrust Financial Corp. |
| 782,023 |
| |
|
|
|
| 4,403,963 |
| |
|
| Capital Markets — 1.7% |
|
|
| |
7,200 |
| Ameriprise Financial, Inc. |
| 1,059,120 |
| |
|
|
|
|
|
| |
|
| Chemicals — 1.5% |
|
|
| |
13,900 |
| Westlake Chemical Corp. |
| 910,728 |
| |
|
|
|
|
|
| |
|
| Construction & Engineering — 2.5% |
|
|
| |
23,800 |
| MasTec, Inc.(a) |
| 1,545,334 |
| |
|
|
|
|
|
| |
|
| Containers & Packaging — 4.5% |
|
|
| |
14,700 |
| Avery Dennison Corp. |
| 1,669,479 |
| |
29,100 |
| Berry Global Group, Inc.(a) |
| 1,142,757 |
| |
|
|
|
| 2,812,236 |
| |
|
| Electronic Equipment, Instruments & Components — 4.2% |
|
|
| |
10,500 |
| Arrow Electronics, Inc.(a) |
| 783,090 |
| |
14,900 |
| CDW Corp. |
| 1,836,276 |
| |
|
|
|
| 2,619,366 |
| |
|
| Entertainment — 3.5% |
|
|
| |
19,600 |
| Activision Blizzard, Inc. |
| 1,037,232 |
| |
8,800 |
| Take-Two Interactive Software, Inc.(a) |
| 1,102,992 |
| |
|
|
|
| 2,140,224 |
| |
|
| Equity Real Estate Investment Trusts (REITS) — 14.6% |
|
|
| |
17,200 |
| CyrusOne, Inc. |
| 1,360,520 |
| |
8,100 |
| Digital Realty Trust, Inc. |
| 1,051,461 |
| |
13,900 |
| EastGroup Properties, Inc. |
| 1,737,778 |
| |
21,500 |
| Highwoods Properties, Inc. |
| 966,210 |
| |
30,000 |
| Hudson Pacific Properties, Inc. |
| 1,003,800 |
| |
14,900 |
| Mid-America Apartment Communities, Inc. |
| 1,937,149 |
| |
12,200 |
| Ryman Hospitality Properties, Inc. |
| 998,082 |
| |
|
|
|
| 9,055,000 |
| |
|
| Food & Staples Retailing — 5.5% |
|
|
| |
6,900 |
| Casey’s General Stores, Inc. |
| 1,112,004 |
| |
26,600 |
| Performance Food Group Co.(a) |
| 1,223,866 |
| |
26,500 |
| U.S. Foods Holding Corp.(a) |
| 1,089,150 |
| |
|
|
|
| 3,425,020 |
| |
|
| Food Products — 2.5% |
|
|
| |
21,300 |
| Lamb Weston Holdings, Inc. |
| 1,548,936 |
| |
|
|
|
|
|
| |
|
| Gas Utilities — 5.0% |
|
|
| |
20,000 |
| Southwest Gas Holdings, Inc. |
| 1,820,800 |
| |
24,900 |
| UGI Corp. |
| 1,251,723 |
| |
|
|
|
| 3,072,523 |
| |
|
| Health Care Equipment & Supplies — 3.7% |
|
|
| |
3,400 |
| Becton Dickinson & Co. |
| 860,064 |
| |
10,400 |
| Zimmer Biomet Holdings, Inc. |
| 1,427,608 |
| |
|
|
|
| 2,287,672 |
| |
|
| Hotels, Restaurants & Leisure — 1.5% |
|
|
| |
8,500 |
| Royal Caribbean Cruises, Ltd. |
| 920,805 |
| |
|
|
|
|
|
| |
|
| Household Durables — 2.1% |
|
|
| |
35,700 |
| PulteGroup, Inc. |
| 1,304,835 |
| |
|
|
|
|
|
| |
|
| Industrial Conglomerates — 1.7% |
|
|
| |
7,400 |
| Carlisle Cos., Inc. |
| 1,076,996 |
| |
|
|
|
|
|
| |
|
| Insurance — 8.2% |
|
|
| |
12,300 |
| American Financial Group, Inc. |
| 1,326,555 |
| |
22,300 |
| First American Financial Corp. |
| 1,315,923 |
| |
10,700 |
| Globe Life, Inc. |
| 1,024,632 |
| |
10,500 |
| Hanover Insurance Group, Inc. (The) |
| 1,423,170 |
| |
|
|
|
| 5,090,280 |
| |
|
| IT Services — 5.4% |
|
|
| |
6,800 |
| CACI International, Inc., Class A(a) |
| 1,572,568 |
| |
17,400 |
| Fiserv, Inc.(a) |
| 1,802,466 |
| |
|
|
|
| 3,375,034 |
| |
|
| Life Sciences Tools & Services — 6.8% |
|
|
| |
10,300 |
| ICON PLC(a) |
| 1,517,602 |
| |
5,710 |
| Medpace Holdings, Inc.(a) |
| 479,868 |
| |
14,300 |
| PerkinElmer, Inc. |
| 1,217,931 |
| |
3,500 |
| Thermo Fisher Scientific, Inc. |
| 1,019,445 |
| |
|
|
|
| 4,234,846 |
| |
|
| Machinery — 1.7% |
|
|
| |
14,300 |
| Oshkosh Corp |
| 1,083,940 |
| |
|
|
|
|
|
| |
|
| Oil, Gas & Consumable Fuels — 5.8% |
|
|
| |
46,700 |
| Cabot Oil & Gas Corp. |
| 820,519 |
| |
90,800 |
| Callon Petroleum Co.(a) |
| 394,072 |
| |
29,400 |
| Devon Energy Corp. |
| 707,364 |
| |
16,300 |
| Phillips 66 |
| 1,669,120 |
| |
|
|
|
| 3,591,075 |
| |
|
| Semiconductors & Semiconductor Equipment — 1.2% |
|
|
| |
9,400 |
| Skyworks Solutions, Inc. |
| 744,950 |
| |
|
|
|
|
|
| |
|
| Software — 1.1% |
|
|
| |
10,200 |
| PTC, Inc.(a) |
| 695,436 |
| |
|
|
|
|
|
| |
|
| Trading Companies & Distributors — 3.5% |
|
|
| |
35,300 |
| HD Supply Holdings, Inc.(a) |
| 1,382,878 |
| |
6,100 |
| United Rentals, Inc.(a) |
| 760,304 |
| |
|
|
|
| 2,143,182 |
| |
|
| Total Common Stocks |
| 60,023,579 |
| |
See accompanying Notes to the Financial Statements.
Shares |
|
|
| Fair Value |
| |
MONEY MARKET FUND — 3.2% |
|
|
| |||
1,978,532 |
| Federated Treasury Obligations Fund, Institutional Shares, 1.84%(b) |
| $ | 1,978,532 |
|
|
| Total Money Market Fund |
| 1,978,532 |
| |
Total Investments — 99.9% |
| 62,002,111 |
| |||
Net Other Assets (Liabilities) — 0.1% |
| 33,714 |
| |||
NET ASSETS — 100.0% |
| $ | 62,035,825 |
|
(a) Represents non-income producing security.
(b) Represents the current yield as of report date.
Continued
Sterling Capital Stratton Real Estate Fund
Schedule of Portfolio Investments
September 30, 2019
Shares |
|
|
| Fair Value |
| |
COMMON STOCKS — 96.9% |
|
|
| |||
|
| Diversified — 4.4% |
|
|
| |
85,000 |
| Essential Properties Realty Trust, Inc. |
| $ | 1,947,350 |
|
53,000 |
| Liberty Property Trust |
| 2,720,490 |
| |
|
|
|
| 4,667,840 |
| |
|
| Health Care — 10.8% |
|
|
| |
59,000 |
| Healthcare Trust of America, Inc., Class A |
| 1,733,420 |
| |
111,000 |
| Medical Properties Trust, Inc. |
| 2,171,160 |
| |
53,000 |
| Ventas, Inc. |
| 3,870,590 |
| |
41,000 |
| Welltower, Inc. |
| 3,716,650 |
| |
|
|
|
| 11,491,820 |
| |
|
| Hotel & Resort — 5.4% |
|
|
| |
140,000 |
| DiamondRock Hospitality Co. |
| 1,435,000 |
| |
8,500 |
| Marriott International, Inc., Class A |
| 1,057,145 |
| |
40,000 |
| MGM Growth Properties, LLC, Class A |
| 1,202,000 |
| |
25,000 |
| Ryman Hospitality Properties, Inc. |
| 2,045,250 |
| |
|
|
|
| 5,739,395 |
| |
|
| Industrial — 6.8% |
|
|
| |
68,000 |
| Americold Realty Trust |
| 2,520,760 |
| |
16,300 |
| EastGroup Properties, Inc. |
| 2,037,826 |
| |
68,000 |
| First Industrial Realty Trust, Inc. |
| 2,690,080 |
| |
|
|
|
| 7,248,666 |
| |
|
| Office — 8.0% |
|
|
| |
20,000 |
| Alexandria Real Estate Equities, Inc. |
| 3,080,800 |
| |
37,500 |
| Cousins Properties, Inc. |
| 1,409,625 |
| |
37,000 |
| Highwoods Properties, Inc. |
| 1,662,780 |
| |
70,000 |
| Hudson Pacific Properties, Inc. |
| 2,342,200 |
| |
|
|
|
| 8,495,405 |
| |
|
| Residential — 17.4% |
|
|
| |
36,000 |
| American Campus Communities, Inc. |
| 1,730,880 |
| |
45,822 |
| Apartment Investment & Management Co., Class A |
| 2,389,159 |
| |
18,400 |
| Equity LifeStyle Properties, Inc. |
| 2,458,240 |
| |
10,800 |
| Essex Property Trust, Inc. |
| 3,527,820 |
| |
80,000 |
| Invitation Homes, Inc. |
| 2,368,800 |
| |
22,000 |
| Mid-America Apartment Communities, Inc. |
| 2,860,220 |
| |
65,000 |
| UDR, Inc. |
| 3,151,200 |
| |
|
|
|
| 18,486,319 |
| |
|
| Retail — 12.9% |
|
|
| |
49,500 |
| Acadia Realty Trust |
| 1,414,710 |
| |
15,700 |
| Federal Realty Investment Trust |
| 2,137,398 |
| |
37,000 |
| National Retail Properties, Inc. |
| 2,086,800 |
| |
77,000 |
| Retail Opportunity Investments Corp. |
| 1,403,710 |
| |
123,000 |
| Retail Properties of America, Inc., Class A |
| 1,515,360 |
| |
33,057 |
| Simon Property Group, Inc. |
| 5,145,322 |
| |
|
|
|
| 13,703,300 |
| |
|
| Specialized — 31.2% |
|
|
| |
24,500 |
| American Tower Corp |
| 5,417,685 |
| |
44,000 |
| Crown Castle International Corp. |
| 6,116,440 |
| |
68,000 |
| CubeSmart |
| 2,373,200 |
| |
26,700 |
| CyrusOne, Inc. |
| 2,111,970 |
| |
29,000 |
| Digital Realty Trust, Inc. |
| 3,764,490 |
| |
23,000 |
| EPR Properties |
| 1,767,780 |
| |
9,700 |
| Equinix, Inc. |
| 5,594,960 |
| |
19,500 |
| Life Storage, Inc. |
| 2,055,495 |
| |
40,000 |
| PotlatchDeltic Corp. |
| 1,643,400 |
| |
9,200 |
| SBA Communications Corp. |
| 2,218,580 |
| |
|
|
|
| 33,064,000 |
| |
|
| Total Common Stocks |
| 102,896,745 |
| |
|
|
|
| |||
MONEY MARKET FUND — 1.6% |
|
|
| |||
1,771,690 |
| Federated Treasury Obligations Fund, Institutional Shares, 1.84%(a) |
| 1,771,690 |
| |
|
| Total Money Market Fund |
| 1,771,690 |
| |
Total Investments — 98.5% |
| 104,668,435 |
| |||
Net Other Assets (Liabilities) — 1.5% |
| 1,552,801 |
| |||
NET ASSETS — 100.0% |
| $ | 106,221,236 |
|
(a) 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
September 30, 2019
Shares |
|
|
| Fair Value |
| |
COMMON STOCKS — 95.9% |
|
|
| |||
|
| Aerospace & Defense — 2.5% |
|
|
| |
299,625 |
| Moog, Inc., Class A |
| $ | 24,305,580 |
|
|
|
|
|
|
| |
|
| Airlines — 2.1% |
|
|
| |
1,212,300 |
| JetBlue Airways Corp.(a) |
| 20,306,025 |
| |
|
|
|
|
|
| |
|
| Banks — 18.3% |
|
|
| |
356,550 |
| Community Bank System, Inc. |
| 21,995,569 |
| |
713,650 |
| First Midwest Bancorp, Inc. |
| 13,901,902 |
| |
447,130 |
| Glacier Bancorp, Inc. |
| 18,090,880 |
| |
222,750 |
| IBERIABANK Corp. |
| 16,826,535 |
| |
141,200 |
| Signature Bank |
| 16,833,864 |
| |
45,500 |
| SVB Financial Group(a) |
| 9,507,225 |
| |
392,840 |
| TCF Financial Corp. |
| 14,955,419 |
| |
715,191 |
| Umpqua Holdings Corp. |
| 11,772,044 |
| |
351,750 |
| United Bankshares, Inc. |
| 13,320,773 |
| |
411,000 |
| Webster Financial Corp. |
| 19,263,570 |
| |
300,000 |
| Wintrust Financial Corp. |
| 19,389,000 |
| |
|
|
|
| 175,856,781 |
| |
|
| Capital Markets — 0.9% |
|
|
| |
105,700 |
| Affiliated Managers Group, Inc. |
| 8,810,095 |
| |
|
|
|
|
|
| |
|
| Chemicals — 2.1% |
|
|
| |
632,947 |
| PolyOne Corp. |
| 20,665,720 |
| |
|
|
|
|
|
| |
|
| Communications Equipment — 1.2% |
|
|
| |
500,000 |
| NetScout Systems, Inc.(a) |
| 11,530,000 |
| |
|
|
|
|
|
| |
|
| Construction & Engineering — 3.5% |
|
|
| |
520,550 |
| MasTec, Inc.(a) |
| 33,799,312 |
| |
|
|
|
|
|
| |
|
| Electric Utilities — 4.7% |
|
|
| |
237,904 |
| El Paso Electric Co. |
| 15,958,600 |
| |
511,150 |
| Portland General Electric Co. |
| 28,813,526 |
| |
|
|
|
| 44,772,126 |
| |
|
| Electrical Equipment — 2.1% |
|
|
| |
313,450 |
| EnerSys |
| 20,668,893 |
| |
|
|
|
|
|
| |
|
| Electronic Equipment, Instruments & Components — 3.7% |
|
|
| |
258,100 |
| Anixter International, Inc.(a) |
| 17,839,872 |
| |
325,808 |
| Belden, Inc. |
| 17,378,599 |
| |
|
|
|
| 35,218,471 |
| |
|
| Energy Equipment & Services — 0.4% |
|
|
| |
145,664 |
| Cactus, Inc., Class A(a) |
| 4,215,516 |
| |
|
|
|
|
|
| |
|
| Entertainment — 1.3% |
|
|
| |
100,410 |
| Take-Two Interactive Software, Inc.(a) |
| 12,585,389 |
| |
|
|
|
|
|
| |
|
| Equity Real Estate Investment Trusts (REITS) — 15.7% |
|
|
| |
495,200 |
| American Campus Communities, Inc. |
| 23,809,216 |
| |
715,813 |
| First Industrial Realty Trust, Inc. |
| 28,317,562 |
| |
472,064 |
| Highwoods Properties, Inc. |
| 21,214,556 |
| |
1,181,600 |
| Medical Properties Trust, Inc. |
| 23,112,096 |
| |
1,270,000 |
| Retail Properties of America, Inc., Class A |
| 15,646,400 |
| |
318,800 |
| Ryman Hospitality Properties, Inc. |
| 26,081,028 |
| |
158,300 |
| SL Green Realty Corp. |
| 12,941,025 |
| |
|
|
|
| 151,121,883 |
| |
|
| Food & Staples Retailing — 6.2% |
|
|
| |
173,800 |
| Casey’s General Stores, Inc. |
| 28,009,608 |
| |
692,000 |
| Performance Food Group Co.(a) |
| 31,838,920 |
| |
|
|
|
| 59,848,528 |
| |
|
| Food Products — 1.9% |
|
|
| |
325,000 |
| TreeHouse Foods, Inc.(a) |
|
| 18,021,250 |
|
|
|
|
|
|
| |
|
| Gas Utilities — 3.0% |
|
|
| |
321,260 |
| Southwest Gas Holdings, Inc. |
| 29,247,510 |
| |
|
|
|
|
|
| |
|
| Health Care Equipment & Supplies — 2.9% |
|
|
| |
196,173 |
| West Pharmaceutical Services, Inc. |
| 27,821,255 |
| |
|
|
|
|
|
| |
|
| Health Care Providers & Services — 1.5% |
|
|
| |
351,788 |
| BioTelemetry, Inc.(a) |
| 14,328,325 |
| |
|
|
|
|
|
| |
|
| Insurance — 5.9% |
|
|
| |
207,400 |
| Hanover Insurance Group, Inc. (The) |
| 28,110,996 |
| |
382,550 |
| Selective Insurance Group, Inc. |
| 28,763,935 |
| |
|
|
|
| 56,874,931 |
| |
|
| IT Services — 3.3% |
|
|
| |
136,700 |
| CACI International, Inc., Class A(a) |
| 31,613,242 |
| |
|
|
|
|
|
| |
|
| Machinery — 5.2% |
|
|
| |
312,500 |
| Crane Co. |
| 25,196,875 |
| |
323,700 |
| Oshkosh Corp. |
| 24,536,460 |
| |
|
|
|
| 49,733,335 |
| |
|
| Semiconductors & Semiconductor Equipment — 3.6% |
|
|
| |
990,707 |
| ON Semiconductor Corp.(a) |
| 19,031,481 |
| |
216,844 |
| Qorvo, Inc.(a) |
| 16,076,814 |
| |
|
|
|
| 35,108,295 |
| |
|
| Software — 1.2% |
|
|
| |
172,737 |
| PTC, Inc.(a) |
| 11,777,209 |
| |
|
|
|
|
|
| |
|
| Thrifts & Mortgage Finance — 1.2% |
|
|
| |
697,021 |
| Northwest Bancshares, Inc. |
| 11,424,174 |
| |
|
|
|
|
|
| |
|
| Trading Companies & Distributors — 1.5% |
|
|
| |
111,941 |
| United Rentals, Inc.(a) |
| 13,952,326 |
| |
|
| Total Common Stocks |
| 923,606,171 |
| |
|
|
|
|
|
| |
EXCHANGE TRADED FUND— 1.7% |
|
|
| |||
139,360 |
| iShares Russell 2000 Value ETF |
| 16,640,978 |
| |
|
| Total Exchange Traded Fund |
| 16,640,978 |
| |
|
|
|
|
|
| |
MONEY MARKET FUND — 0.9% |
|
|
| |||
8,580,895 |
| Federated Treasury Obligations Fund, Institutional Shares, 1.84%(b) |
| 8,580,895 |
| |
|
| Total Money Market Fund |
| 8,580,895 |
| |
Total Investments — 98.5% |
| 948,828,044 |
| |||
Net Other Assets (Liabilities) — 1.5% |
| 14,100,305 |
| |||
NET ASSETS — 100.0% |
| $ | 962,928,349 |
|
(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 Ultra Short Bond Fund
Schedule of Portfolio Investments
September 30, 2019
Principal |
|
|
|
|
| ||
Amount |
|
|
| Fair Value |
| ||
ASSET BACKED SECURITIES — 15.1% |
|
|
| ||||
$ | 135,000 |
| Ally Auto Receivables Trust, Series 2016-2, Class B, 2.150%, 4/15/21 |
| $ | 134,986 |
|
170,000 |
| AmeriCredit Automobile Receivables Trust, Series 2017-4, Class B, 2.360%, 12/19/22 |
| 170,419 |
| ||
181,000 |
| AmeriCredit Automobile Receivables Trust, Series 2017-3, Class B, 2.240%, 6/19/23 |
| 181,166 |
| ||
265,000 |
| Avis Budget Rental Car Funding AESOP, LLC, Series 2015-1A, Class A, 2.500%, 7/20/21(a). |
| 265,201 |
| ||
61,036 |
| Capital Auto Receivables Asset Trust, Series 2017-1, Class A3, 2.020%, 8/20/21(a) |
| 61,000 |
| ||
285,000 |
| CarMax Auto Owner Trust, Series 2015-3, Class B, 2.280%, 4/15/21 |
| 284,960 |
| ||
136,655 |
| Chesapeake Funding II, LLC, Series 2017-2A, Class A1, 1.990%, 5/15/29(a) |
| 136,461 |
| ||
33,003 |
| Citicorp Residential Mortgage Trust, STEP, Series 2007-2, Class A6, 5.005%, 6/25/37 |
| 33,415 |
| ||
95,554 |
| Countrywide Asset-Backed Certificates, Series 2004-12, Class MV4, 3.443%, (LIBOR USD 1-Month plus 1.43%), 3/25/35(b) |
| 95,865 |
| ||
249,133 |
| Countrywide Asset-Backed Certificates, Series 2006-3, Class 2A3, 2.308%, (LIBOR USD 1-Month plus 0.29%), 6/25/36(b) |
| 248,803 |
| ||
146,671 |
| Credit-Based Asset Servicing & Securitization, LLC, Series 2006-SC1, Class M2, 2.418%, (LIBOR USD 1-Month plus 0.40%), 5/25/36(a)(b) |
| 146,337 |
| ||
11,238 |
| JP Morgan Mortgage Acquisition Corp., Series 2005-OPT2, Class M1, 2.448%, (LIBOR USD 1-Month plus 0.43%), 12/25/35(b) |
| 11,239 |
| ||
252,618 |
| New Century Home Equity Loan Trust, Series 2005-3, Class M3, 2.783%, (LIBOR USD 1-Month plus 0.77%), 7/25/35(b) |
| 253,209 |
| ||
34,726 |
| Santander Drive Auto Receivables Trust, Series 2018-2, Class A3, 2.750%, 9/15/21 |
| 34,733 |
| ||
245,000 |
| Santander Drive Auto Receivables Trust, Series 2019-1, Class B, 3.210%, 9/15/23 |
| 247,835 |
| ||
115,179 |
| Saxon Asset Securities Trust, Series 2006-2, Class A3C, 2.168%, (LIBOR USD 1-Month plus 0.15%), 9/25/36(b) |
| 114,752 |
| ||
60,555 |
| Sofi Professional Loan Program, LLC, Series 2016-E, Class A1, 2.868%, (LIBOR USD 1-Month plus 0.85%), 7/25/39(a)(b) |
| 60,747 |
| ||
57,888 |
| Wheels SPV 2, LLC, Series 2017-1A, Class A2, 1.880%, 4/20/26(a) |
| 57,841 |
| ||
125,000 |
| World Omni Auto Receivables Trust, Series 2015-B, Class B, 2.150%, 8/15/22 |
| 124,989 |
| ||
|
| Total Asset Backed Securities |
| 2,663,958 |
| ||
|
|
|
| ||||
COLLATERALIZED MORTGAGE OBLIGATIONS — 3.5% |
|
|
| ||||
25,300 |
| Fannie Mae, Series 2011-55, Class AC, 3.000%, 7/25/25 |
| 25,279 |
| ||
32,138 |
| Freddie Mac, Series -3805, Class EK, 4.000%, 6/15/40 |
| 32,379 |
| ||
168,907 |
| Galton Funding Mortgage Trust, Series 2018-2, Class A41, 4.500%, 10/25/58(a)(c) |
| 172,818 |
| ||
309,576 |
| Galton Funding Mortgage Trust, Series 2019-1, Class A41, 4.500%, 2/25/59(a)(c) |
| 316,354 |
| ||
| 64,918 |
| MASTR Seasoned Securitization Trust, Series 2005-2, Class 1A1, 5.130%, 10/25/32 |
|
| 64,480 |
|
|
| Total Collateralized Mortgage Obligations |
| 611,310 |
| ||
|
|
|
|
|
| ||
COMMERCIAL MORTGAGE-BACKED SECURITIES — 4.0% |
|
|
| ||||
138,630 |
| COMM 2015-CCRE22 Mortgage Trust, Series 2015-CR22, Class A2, 2.856%, 3/10/48 |
| 138,636 |
| ||
399,642 |
| DBUBS 2011-LC2 Mortgage Trust, Series 2011-LC2A, Class A4, 4.537%, 7/10/44(a) |
| 410,476 |
| ||
149,922 |
| Ginnie Mae, Series 2011-27, Class C, 3.557%, 11/16/40(c) |
| 150,296 |
| ||
3,517 |
| WFRBS Commercial Mortgage Trust, Series 2011-C3, Class A3, 3.998%, 3/15/44(a) |
| 3,530 |
| ||
|
| Total Commercial Mortgage-Backed Securities |
| 702,938 |
| ||
|
|
|
| ||||
CORPORATE BONDS — 74.9% |
|
|
| ||||
|
| Aerospace & Defense — 0.9% |
|
|
| ||
149,000 |
| L3Harris Technologies, Inc., 4.950%, 2/15/21(a) |
| 153,092 |
| ||
|
|
|
|
|
| ||
|
| Automobiles — 2.4% |
|
|
| ||
230,000 |
| Advance Auto Parts, Inc., 4.500%, 1/15/22 |
| 239,953 |
| ||
189,000 |
| Hyundai Capital America, 3.243%, (LIBOR USD 3-Month plus 0.94%), 7/8/21(a)(b) |
| 189,211 |
| ||
|
|
|
| 429,164 |
| ||
|
| Banks — 9.3% |
|
|
| ||
228,000 |
| Associated Banc-Corp., 2.750%, 11/15/19 |
| 228,017 |
| ||
154,000 |
| Citigroup, Inc., 3.484%, (LIBOR USD 3-Month plus 1.38%), 3/30/21(b) |
| 156,298 |
| ||
380,000 |
| Citizens Bank NA / Providence RI, BKNT, 2.200%, 5/26/20 |
| 380,020 |
| ||
250,000 |
| DBS Group Holdings, Ltd., 2.592%, (LIBOR USD 3-Month plus 0.49%), 6/8/20(a)(b) |
| 250,197 |
| ||
250,000 |
| DNB Bank ASA, 2.455%, (LIBOR USD 3-Month plus 0.37%), 10/2/20(a)(b) |
| 250,385 |
| ||
150,000 |
| Macquarie Bank, Ltd., 6.625%, 4/7/21(a) |
| 158,988 |
| ||
205,000 |
| Morgan Stanley, GMTN, 2.731%, (LIBOR USD 3-Month plus 0.55%), 2/10/21(b) |
| 205,180 |
| ||
|
|
|
| 1,629,085 |
| ||
|
| Beverages — 0.9% |
|
|
| ||
150,000 |
| Constellation Brands, Inc., 2.858%, (LIBOR USD 3-Month plus 0.70%), 11/15/21(b) |
| 150,000 |
| ||
|
|
|
|
|
| ||
|
| Chemicals — 1.7% |
|
|
| ||
150,000 |
| DowDuPont, Inc., 2.868%, (LIBOR USD 3-Month plus 0.71%), 11/15/20(b) |
| 150,715 |
| ||
156,000 |
| INVISTA Finance, LLC, 4.250%, 10/15/19(a) |
| 156,077 |
| ||
|
|
|
| 306,792 |
| ||
|
| Communications Equipment — 1.5% |
|
|
| ||
105,000 |
| CommScope, Inc., 5.000%, 6/15/21(a) |
| 105,031 |
| ||
156,000 |
| Verizon Communications, Inc., 2.700%, (LIBOR USD 3-Month plus 0.55%), 5/22/20(b) |
| 156,420 |
| ||
|
|
|
| 261,451 |
|
See accompanying Notes to the Financial Statements.
Principal |
|
|
|
|
| ||
Amount |
|
|
| Fair Value |
| ||
CORPORATE BONDS — (continued) |
|
|
| ||||
|
| Construction Materials — 2.3% |
|
|
| ||
$ | 157,000 |
| Martin Marietta Materials, Inc., 2.656%, (LIBOR USD 3-Month plus 0.50%), 12/20/19(b) |
| $ | 157,027 |
|
240,000 |
| Vulcan Materials Co., 2.782%, (LIBOR USD 3-Month plus 0.65%), 3/1/21(b) |
| 240,198 |
| ||
|
|
|
| 397,225 |
| ||
|
| Diversified Financial Services — 4.3% |
|
|
| ||
150,000 |
| AerCap Ireland Capital DAC / AerCap Global Aviation Trust, 4.625%, 10/30/20 |
| 153,552 |
| ||
150,000 |
| Ally Financial, Inc., 3.750%, 11/18/19 |
| 150,135 |
| ||
325,000 |
| Park Aerospace Holdings, Ltd., 3.625%, 3/15/21(a) |
| 327,405 |
| ||
130,000 |
| TD Ameritrade Holding Corp., 2.683%, (LIBOR USD 3-Month plus 0.43%), 11/1/21(b) |
| 130,429 |
| ||
|
|
|
| 761,521 |
| ||
|
| Diversified Telecommunication Services — 2.2% |
|
|
| ||
110,000 |
| AT&T, Inc., 2.800%, 2/17/21 |
| 110,916 |
| ||
125,000 |
| Sprint Spectrum Co., LLC / Sprint Spectrum Co. II LLC / Sprint Spectrum Co. III LLC, 3.360%, 9/20/21(a) |
| 125,469 |
| ||
154,000 |
| Telefonica Emisiones SA, 5.134%, 4/27/20 |
| 156,464 |
| ||
|
|
|
| 392,849 |
| ||
|
| Electric Utilities — 6.4% |
|
|
| ||
150,000 |
| American Electric Power Co., Inc., 2.150%, 11/13/20 |
| 150,087 |
| ||
228,000 |
| Dominion Energy, Inc., 2.579%, 7/1/20 |
| 228,510 |
| ||
25,000 |
| Duke Energy Florida, LLC, 2.100%, 12/15/19 |
| 24,994 |
| ||
157,000 |
| Exelon Generation Co., LLC, 2.950%, 1/15/20 |
| 157,214 |
| ||
162,000 |
| Mississippi Power Co., 2.750%, (LIBOR USD 3-Month plus 0.65%), 3/27/20(b) |
| 162,062 |
| ||
250,000 |
| Pennsylvania Electric Co., 5.200%, 4/1/20 |
| 253,657 |
| ||
150,000 |
| San Diego Gas & Electric Co., 3.000%, 8/15/21. |
| 151,850 |
| ||
|
|
|
| 1,128,374 |
| ||
|
| Electrical Equipment — 2.6% |
|
|
| ||
154,000 |
| iStar, Inc., 6.500%, 7/1/21 |
| 156,618 |
| ||
150,000 |
| Keysight Technologies, Inc., 3.300%, 10/30/19 |
| 150,028 |
| ||
150,000 |
| Textron, Inc., 2.731%, (LIBOR USD 3-Month plus 0.55%), 11/10/20(b) |
| 149,932 |
| ||
|
|
|
| 456,578 |
| ||
|
| Energy — 2.8% |
|
|
| ||
275,000 |
| Spectra Energy Partners L.P., 2.827%, (LIBOR USD 3-Month plus 0.70%), 6/5/20(b) |
| 275,513 |
| ||
219,000 |
| Williams Partners L.P., 5.250%, 3/15/20 |
| 221,851 |
| ||
|
|
|
| 497,364 |
| ||
|
| Energy Equipment & Services — 6.8% |
|
|
| ||
438,462 |
| Cenovus Energy, Inc., 5.700%, 10/15/19 |
| 438,939 |
| ||
156,000 |
| Enbridge, Inc., 2.819%, (LIBOR USD 3-Month plus 0.70%), 6/15/20(b) |
| 156,276 |
| ||
156,000 |
| Kinder Morgan, Inc./DE, 3.050%, 12/1/19 |
| 156,087 |
| ||
209,000 |
| Penske Truck Leasing Co. L.P. / PTL Finance Corp., 3.200%, 7/15/20(a) |
| 210,238 |
| ||
67,000 |
| Range Resources Corp., 5.750%, 6/1/21 |
| 66,498 |
| ||
162,000 |
| Sunoco Logistics Partners Operations L.P., 4.400%, 4/1/21 |
| 166,407 |
| ||
|
|
|
| 1,194,445 |
| ||
|
| Equity Real Estate Investment Trusts (REITS) — 5.9% |
|
|
| ||
| 156,000 |
| American Tower Corp., 2.800%, 6/1/20 |
|
| 156,594 |
|
271,000 |
| AvalonBay Communities, Inc., MTN, 2.733%, (LIBOR USD 3-Month plus 0.43%), 1/15/21(b) |
| 270,850 |
| ||
189,000 |
| Scentre Group Trust 1 / Scentre Group Trust 2, 2.375%, 11/5/19(a) |
| 188,945 |
| ||
228,000 |
| SL Green Operating Partnership L.P., 3.148%, (LIBOR USD 3-Month plus 0.98%), 8/16/21(b) |
| 228,038 |
| ||
184,000 |
| Starwood Property Trust, Inc., 3.625%, 2/1/21 |
| 184,690 |
| ||
|
|
|
| 1,029,117 |
| ||
|
| Food & Staples Retailing — 3.3% |
|
|
| ||
125,000 |
| Cargill, Inc., 3.250%, 11/15/21(a) |
| 127,758 |
| ||
130,000 |
| Conagra Brands, Inc., 3.028%, (LIBOR USD 3-Month plus 0.75%), 10/22/20(b) |
| 130,027 |
| ||
156,000 |
| CVS Health Corp., 2.822%, (LIBOR USD 3-Month plus 0.72%), 3/9/21(b) |
| 156,752 |
| ||
170,000 |
| Dollar Tree, Inc., 3.003%, (LIBOR USD 3-Month plus 0.70%), 4/17/20(b) |
| 170,031 |
| ||
|
|
|
| 584,568 |
| ||
|
| Food Products — 3.5% |
|
|
| ||
436,000 |
| Smithfield Foods, Inc., 2.700%, 1/31/20(a) |
| 435,742 |
| ||
175,000 |
| Tyson Foods, Inc., 2.250%, 8/23/21 |
| 175,206 |
| ||
|
|
|
| 610,948 |
| ||
|
| Health Care Providers & Services — 1.9% |
|
|
| ||
198,000 |
| Becton Dickinson and Co., 2.979%, (LIBOR USD 3-Month plus 0.88%), 12/29/20(b) |
| 198,066 |
| ||
134,000 |
| Centene Corp., 5.625%, 2/15/21 |
| 135,904 |
| ||
|
|
|
| 333,970 |
| ||
|
| Hotels, Restaurants & Leisure — 0.9% |
|
|
| ||
153,000 |
| Carnival Corp., 3.950%, 10/15/20 |
| 155,726 |
| ||
|
|
|
|
|
| ||
|
| Household Durables — 0.4% |
|
|
| ||
71,000 |
| DR Horton, Inc., 4.000%, 2/15/20 |
| 71,418 |
| ||
|
|
|
|
|
| ||
|
| Insurance — 3.5% |
|
|
| ||
19,000 |
| Assurant, Inc., 3.363%, (LIBOR USD 3-Month plus 1.25%), 3/26/21(b) |
| 19,002 |
| ||
71,000 |
| AXIS Specialty Finance, LLC, 5.875%, 6/1/20 |
| 72,656 |
| ||
150,000 |
| Jackson National Life Global Funding, 2.603%, (LIBOR USD 3-Month plus 0.30%), 10/15/20(a)(b) |
| 150,171 |
| ||
153,000 |
| Marsh & McLennan Cos., Inc., 3.500%, 12/29/20 |
| 155,442 |
| ||
150,000 |
| Protective Life Global Funding, 2.624%, (LIBOR USD 3-Month plus 0.52%), 6/28/21(a)(b) |
| 150,643 |
| ||
58,000 |
| Reliance Standard Life Global Funding II, 3.050%, 1/20/21(a) |
| 58,582 |
| ||
|
|
|
| 606,496 |
| ||
|
| Materials — 1.8% |
|
|
| ||
306,000 |
| FMC Corp., 5.200%, 12/15/19 |
| 307,526 |
| ||
|
|
|
|
|
| ||
|
| Media — 1.6% |
|
|
| ||
209,000 |
| Interpublic Group of Cos., Inc. (The), 3.500%, 10/1/20 |
| 211,455 |
|
Continued
Principal |
|
|
|
|
| ||
Amount |
|
|
| Fair Value |
| ||
CORPORATE BONDS — (continued) |
|
|
| ||||
|
| Media — (continued) |
|
|
| ||
$ | 75,000 |
| Viacom, Inc., 2.750%, 12/15/19 |
| $ | 75,005 |
|
|
|
|
| 286,460 |
| ||
|
| Multi-Utilities — 0.9% |
|
|
| ||
158,000 |
| Public Service Enterprise Group, Inc., 1.600%, 11/15/19 |
| 157,862 |
| ||
|
|
|
|
|
| ||
|
| Oil, Gas & Consumable Fuels — 2.0% |
|
|
| ||
189,000 |
| Andeavor Logistics L.P. / Tesoro Logistics Finance Corp., 5.500%, 10/15/19 |
| 189,199 |
| ||
155,000 |
| Occidental Petroleum Corp., 2.600%, 8/13/21 |
| 156,010 |
| ||
|
|
|
| 345,209 |
| ||
|
| Pharmaceuticals — 1.1% |
|
|
| ||
189,000 |
| EMD Finance, LLC, 2.400%, 3/19/20(a) |
| 188,977 |
| ||
|
|
|
|
|
| ||
|
| Road & Rail — 0.7% |
|
|
| ||
125,000 |
| Ryder System, Inc., 2.800%, 3/1/22 |
| 126,585 |
| ||
|
|
|
|
|
| ||
|
| Software — 0.9% |
|
|
| ||
156,000 |
| VMware, Inc., 2.300%, 8/21/20. |
| 156,081 |
| ||
|
|
|
|
|
| ||
|
| Specialty Retail — 1.3% |
|
|
| ||
229,000 |
| Expedia Group, Inc., 5.950%, 8/15/20 |
| 236,202 |
| ||
|
|
|
|
|
| ||
|
| Utilities — 1.1% |
|
|
| ||
200,000 |
| Korea Hydro & Nuclear Power Co., Ltd., 2.375%, 10/28/19(a) |
| 200,016 |
| ||
|
| Total Corporate Bonds |
| 13,155,101 |
| ||
Shares |
|
|
|
|
| |
MONEY MARKET FUND — 1.8% |
|
|
| |||
310,929 |
| Federated Treasury Obligations Fund, Institutional Shares, 1.84%(d) |
| 310,929 |
| |
|
| Total Money Market Fund |
| 310,929 |
| |
Total Investments — 99.3% |
| 17,444,236 |
| |||
Net Other Assets (Liabilities) — 0.7% |
| 117,539 |
| |||
NET ASSETS — 100.0%. |
| $ | 17,561,775 |
| ||
(a) Rule 144A, Section 4(2) or other security that is restricted as to resale to qualified institutional investors. The Advisor, using Board approved procedures, has deemed these securities or a portion of these securities to be liquid.
(b) The interest rate for this 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 September 30, 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 September 30, 2019. The maturity date reflected is the final maturity date.
(d) Represents the current yield as of report date.
BKNT — Bank Note
GMTN — Global Medium Term Note
MTN — Medium Term Note
STEP — Step Coupon Bond
Continued
Sterling Capital Short Duration Bond Fund
Schedule of Portfolio Investments
September 30, 2019
Principal |
|
|
|
|
| ||
Amount |
|
|
| Fair Value |
| ||
ASSET BACKED SECURITIES — 21.9% |
|
|
| ||||
$ | 60,894 |
| AmeriCredit Automobile Receivables Trust, Series 2015-3, Class C, 2.730%, 3/8/21 |
| $ | 60,911 |
|
1,060,000 |
| AmeriCredit Automobile Receivables Trust, Series 2017-4, Class B, 2.360%, 12/19/22 |
| 1,062,613 |
| ||
1,500,000 |
| AmeriCredit Automobile Receivables Trust, Series 2017-4, Class C, 2.600%, 9/18/23 |
| 1,512,537 |
| ||
1,290,000 |
| Americredit Automobile Receivables Trust, Series 2018-3, Class C, 3.740%, 10/18/24 |
| 1,347,919 |
| ||
815,000 |
| Americredit Automobile Receivables Trust, Series 2019-1, Class B, 3.130%, 2/18/25 |
| 830,039 |
| ||
64,234 |
| Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates, Series 2004-R6, Class M1, 4.120%, (LIBOR USD 1-Month plus 2.10%), 7/25/34(a) |
| 64,412 |
| ||
2,075,000 |
| ARI Fleet Lease Trust, Series 2019-A, Class A2A, 2.410%, 11/15/27(b) |
| 2,088,140 |
| ||
1,800,000 |
| Avis Budget Rental Car Funding AESOP, LLC, Series 2019-1A, Class A, 3.450%, 3/20/23(b) |
| 1,848,855 |
| ||
1,000,000 |
| Avis Budget Rental Car Funding AESOP, LLC, Series 2017-2A, Class A, 2.970%, 3/20/24(b) |
| 1,021,673 |
| ||
750,000 |
| Capital Auto Receivables Asset Trust, Series 2016-3, Class B, 1.890%, 5/20/21(c) |
| 749,066 |
| ||
795,000 |
| Capital Auto Receivables Asset Trust, Series 2017-1, Class B, 2.430%, 5/20/22(b)(c) |
| 797,721 |
| ||
890,000 |
| Capital Auto Receivables Asset Trust, Series 2017-1, Class C, 2.700%, 9/20/22(b). |
| 898,306 |
| ||
1,750,000 |
| Capital One Multi-Asset Execution Trust, Series 2019-A1, Class A1, 2.840%, 12/15/24 |
| 1,789,645 |
| ||
1,250,000 |
| Capital One Prime Auto Receivables Trust, Series 2019-2, Class A4, 1.960%, 2/18/25 |
| 1,250,752 |
| ||
205,969 |
| Carmax Auto Owner Trust, Series 2016-3, Class A3, 1.390%, 5/17/21 |
| 205,652 |
| ||
300,000 |
| CarMax Auto Owner Trust, Series 2017-3, Class B, 2.440%, 2/15/23 |
| 301,763 |
| ||
861,000 |
| CarMax Auto Owner Trust, Series 2018-3, Class A4, 3.270%, 3/15/24 |
| 891,535 |
| ||
231,263 |
| Chesapeake Funding II, LLC, Series 2017-2A, Class A1, 1.990%, 5/15/29(b) |
| 230,934 |
| ||
731,669 |
| Chesapeake Funding II, LLC, Series 2018-1A, Class A1, 3.040%, 4/15/30(b) |
| 739,614 |
| ||
362,345 |
| Chesapeake Funding II, LLC, Series 2018-2A, Class A1, 3.230%, 8/15/30(b) |
| 367,177 |
| ||
1,148,314 |
| Chesapeake Funding II, LLC, Series 2018-3A, Class A1, 3.390%, 1/15/31(b) |
| 1,168,574 |
| ||
918,651 |
| Chesapeake Funding II, LLC, Series 2019-1A, Class A1, 2.940%, 4/15/31(b) |
| 930,244 |
| ||
56,323 |
| Citicorp Residential Mortgage Trust, STEP, Series 2007-2, Class A6, 5.010%, 6/25/37 |
| 57,025 |
| ||
1,104,110 |
| Citigroup Mortgage Loan Trust, Inc., Series 2005-HE1, Class M3, 2.990%, (LIBOR USD 1-Month plus 0.98%), 5/25/35(a)(c) |
| 1,116,386 |
| ||
151,149 |
| Countrywide Asset-Backed Certificates, Series 2004-12, Class MV4, 3.440%, (LIBOR USD 1-Month plus 1.43%), 3/25/35(a) |
| 151,641 |
| ||
150,861 |
| Credit-Based Asset Servicing & Securitization, LLC, Series 2006-SC1, Class M2, 2.420%, (LIBOR USD 1-Month plus 0.40%), 5/25/36(a)(b) |
| 150,518 |
| ||
2,966,000 |
| Enterprise Fleet Financing, LLC, Series 2019-1, Class A3, 3.070%, 10/22/24(b) |
| 3,049,355 |
| ||
518,000 |
| Ford Credit Auto Owner Trust, Series 2017-B, Class B, 2.150%, 10/15/22 |
| 517,065 |
| ||
975,000 |
| Ford Credit Auto Owner Trust, Series 2015-1, Class A, 2.120%, 7/15/26(b)(c) |
| 974,608 |
| ||
1,750,000 |
| Ford Credit Auto Owner Trust, Series 2017-1, Class A, 2.620%, 8/15/28(b) |
| 1,771,785 |
| ||
1,146,000 |
| Ford Credit Auto Owner Trust, Series 2017-2, Class A, 2.360%, 3/15/29(b) |
| 1,151,099 |
| ||
1,850,000 |
| GM Financial Consumer Automobile Receivables Trust, Series 2019-1, Class A3, 2.970%, 11/16/23 |
| 1,876,389 |
| ||
1,800,000 |
| Hertz Fleet Lease Funding L.P., Series 2019-1, Class A2, 2.700%, 1/10/33(b) |
| 1,812,385 |
| ||
1,600,000 |
| Hertz Vehicle Financing II L.P., Series 2015-1A, Class A, 2.730%, 3/25/21(b) |
| 1,602,246 |
| ||
17,618 |
| JP Morgan Mortgage Acquisition Corp., Series 2005-OPT2, Class M1, 2.450%, (LIBOR USD 1-Month plus 0.43%), 12/25/35(a) |
| 17,620 |
| ||
344,709 |
| Santander Drive Auto Receivables Trust, Series 2016-2, Class C, 2.660%, 11/15/21 |
| 345,005 |
| ||
341,552 |
| Santander Drive Auto Receivables Trust, Series 2016-1, Class C, 3.090%, 4/15/22 |
| 341,881 |
| ||
900,000 |
| Santander Drive Auto Receivables Trust, Series 2019-1, Class B, 3.210%, 9/15/23 |
| 910,413 |
| ||
270,629 |
| Sofi Professional Loan Program, LLC, Series 2016-B, Class A1, 3.220%, (LIBOR USD 1-Month plus 1.20%), 6/25/33(a)(b) |
| 273,287 |
| ||
96,175 |
| Sofi Professional Loan Program, LLC, Series 2016-E, Class A1, 2.870%, (LIBOR USD 1-Month plus 0.85%), 7/25/39(a)(b) |
| 96,480 |
| ||
80,192 |
| Wheels SPV 2, LLC, Series 2016-1A, Class A3, 1.870%, 5/20/25(b) |
| 80,117 |
| ||
324,171 |
| Wheels SPV 2, LLC, Series 2017-1A, Class A2, 1.880%, 4/20/26(b) |
| 323,907 |
| ||
305,000 |
| Wheels SPV 2, LLC, Series 2017-1A, Class A4, 2.400%, 4/20/26(b) |
| 305,974 |
| ||
1,250,000 |
| Wheels SPV 2, LLC, Series 2019-1A, Class A3, 2.350%, 5/22/28(b) |
| 1,257,230 |
| ||
312,895 |
| World Omni Auto Receivables Trust, Series 2016-B, Class A3, 1.300%, 2/15/22 |
| 311,948 |
| ||
|
| Total Asset Backed Securities |
| 38,652,446 |
| ||
|
|
|
|
|
| ||
COLLATERALIZED MORTGAGE OBLIGATIONS — 2.3% |
|
|
| ||||
346,232 |
| Banc of America Funding 2004-C Trust, Series 2004-C, Class 4A3, 2.940%, (LIBOR USD 1-Month plus 0.90%), 12/20/34(a) |
| 348,378 |
| ||
70,935 |
| Countrywide Alternative Loan Trust, Series 2004-22CB, Class 1A1, 6.000%, 10/25/34 |
| 72,648 |
| ||
31,982 |
| Fannie Mae, Series 2005-67, Class HG, 5.500%, 1/25/35 |
| 32,365 |
| ||
685,135 |
| Fannie Mae, Series 2014-76, Class BC, 3.000%, 5/25/37(c). |
| 688,170 |
| ||
134,215 |
| Fannie Mae, Series 2013-72, Class NA, 2.500%, 8/25/42 |
| 136,018 |
| ||
336,449 |
| Freddie Mac, Series -4030, Class PD, 3.000%, 6/15/40 |
| 340,592 |
| ||
167,507 |
| Galton Funding Mortgage Trust, Series 2018-1, Class A43, 3.500%, 11/25/57(b)(d) |
| 169,587 |
| ||
1,084,901 |
| Galton Funding Mortgage Trust, Series 2018-2, Class A41, 4.500%, 10/25/58(b)(d) |
| 1,110,025 |
| ||
1,163,354 |
| Galton Funding Mortgage Trust, Series 2019-1, Class A41, 4.500%, 2/25/59(b)(d) |
| 1,188,826 |
| ||
See accompanying Notes to the Financial Statements.
Principal |
|
|
|
|
| ||
Amount |
|
|
| Fair Value |
| ||
COLLATERALIZED MORTGAGE OBLIGATIONS — (continued) |
|
|
| ||||
$ | 13,665 |
| Wells Fargo Mortgage Backed Securities Trust, Series 2007-16, Class 1A1, 6.000%, 12/28/37 |
| $ | 13,678 |
|
|
| Total Collateralized Mortgage Obligations |
| 4,100,287 |
| ||
|
|
|
|
|
| ||
COMMERCIAL MORTGAGE-BACKED SECURITIES — 5.9% |
|
|
| ||||
1,743,610 |
| COMM 2012-CCRE1 Mortgage Trust, Series 2012-CR1, Class A3, 3.390%, 5/15/45 |
| 1,788,997 |
| ||
458,739 |
| COMM 2014-CCRE15 Mortgage Trust, Series 2014-CR15, Class A2, 2.930%, 2/10/47 |
| 458,652 |
| ||
104,906 |
| DBUBS 2011-LC2 Mortgage Trust, Series 2011-LC2A, Class A4, 4.540%, 7/10/44(b) |
| 107,750 |
| ||
750,000 |
| DBUBS Mortgage Trust, Series 2011-LC1A, Class B, 5.470%, 11/10/46(b)(c)(d) |
| 775,083 |
| ||
600,000 |
| GS Mortgage Securities Trust, Series 2010-C1, Class A2, 4.590%, 8/10/43(b) |
| 606,674 |
| ||
300,000 |
| GS Mortgage Securities Trust, Series 2010-C1, Class B, 5.150%, 8/10/43(b) |
| 304,271 |
| ||
950,000 |
| GS Mortgage Securities Trust, Series 2010-C2, Class A2, 5.160%, 12/10/43(b)(d) |
| 977,130 |
| ||
690,125 |
| GS Mortgage Securities Trust, Series 2014-GC24, Class AAB, 3.650%, 9/10/47 |
| 714,696 |
| ||
5,205 |
| JPMBB Commercial Mortgage Securities Trust, Series 2014-C19, Class A2, 3.050%, 4/15/47 |
| 5,263 |
| ||
435,552 |
| JPMorgan Chase Commercial Mortgage Securities Trust, Series 2011-C3, Class A4, 4.720%, 2/15/46(b) |
| 446,410 |
| ||
1,500,000 |
| Morgan Stanley Capital I Trust, Series 2016-BNK2, Class A2, 2.450%, 11/15/49 |
| 1,507,418 |
| ||
967,196 |
| WFRBS Commercial Mortgage Trust, Series 2011-C2, Class A4, 4.870%, 2/15/44(b)(d) |
| 990,906 |
| ||
35,167 |
| WFRBS Commercial Mortgage Trust, Series 2011-C3, Class A3, 4.000%, 3/15/44(b) |
| 35,301 |
| ||
1,200,000 |
| WFRBS Commercial Mortgage Trust, Series 2011-C3, Class A4, 4.380%, 3/15/44(b) |
| 1,231,171 |
| ||
500,000 |
| WFRBS Commercial Mortgage Trust, Series 2011-C5, Class A4, 3.670%, 11/15/44 |
| 511,838 |
| ||
|
| Total Commercial Mortgage-Backed Securities |
| 10,461,560 |
| ||
|
|
|
|
|
| ||
CORPORATE BONDS — 56.5% |
|
|
| ||||
|
| Automobiles — 1.0% |
|
|
| ||
180,000 |
| General Motors Financial Co., Inc., 4.200%, 11/6/21 |
| 185,698 |
| ||
300,000 |
| General Motors Financial Co., Inc., 3.410%, (LIBOR USD 3-Month plus 1.31%), 6/30/22(a). |
| 300,162 |
| ||
1,200,000 |
| Toyota Industries Corp., 3.110%, 3/12/22(b) |
| 1,222,078 |
| ||
|
|
|
| 1,707,938 |
| ||
|
| Banks — 9.4% |
|
|
| ||
2,625,000 |
| Bank of America Corp., 3.000%, (LIBOR USD 3-Month plus 0.79%), 12/20/23(e) |
| 2,680,827 |
| ||
1,000,000 |
| BPCE SA, MTN, 2.750%, 12/2/21 |
| 1,010,554 |
| ||
1,300,000 |
| Capital One NA, BKNT, 2.650%, 8/8/22(c) |
| 1,314,773 |
| ||
800,000 |
| Citigroup, Inc., 3.570%, (LIBOR USD 3-Month plus 1.43%), 9/1/23(a) |
| 813,722 |
| ||
1,075,000 |
| Citizens Bank NA / Providence RI, BKNT, 2.940%, (LIBOR USD 3-Month plus 0.81%), 5/26/22(a)(c) |
| 1,076,956 |
| ||
625,000 |
| DBS Group Holdings, Ltd., 2.850%, 4/16/22(b) |
| 633,068 |
| ||
380,000 |
| Fifth Third Bancorp, 3.500%, 3/15/22 |
| 391,868 |
| ||
750,000 |
| Huntington National Bank (The), BKNT, 3.125%, 4/1/22 |
| 768,002 |
| ||
900,000 |
| JPMorgan Chase & Co., 2.550%, 3/1/21(c) |
| 905,052 |
| ||
720,000 |
| JPMorgan Chase & Co., Series I, 5.740%, (LIBOR USD 3-Month plus 3.47%),(d)(f) |
| 723,375 |
| ||
1,050,000 |
| KeyBank NA/Cleveland OH, BKNT, 3.350%, 6/15/21 |
| 1,071,126 |
| ||
1,000,000 |
| Macquarie Bank, Ltd., 6.630%, 4/7/21(b) |
| 1,059,917 |
| ||
1,400,000 |
| Mitsubishi UFJ Financial Group, Inc., 2.670%, 7/25/22 |
| 1,414,460 |
| ||
825,000 |
| Regions Bank/Birmingham AL, BKNT, 2.480%, (LIBOR USD 3-Month plus 0.38%), 4/1/21(a) |
| 823,852 |
| ||
1,150,000 |
| Sumitomo Mitsui Financial Group, Inc., 2.780%, 10/18/22. |
| 1,166,819 |
| ||
750,000 |
| Zions Bancorp NA, 3.500%, 8/27/21 |
| 766,379 |
| ||
|
|
|
| 16,620,750 |
| ||
|
| Beverages — 0.7% |
|
|
| ||
1,200,000 |
| Constellation Brands, Inc., 2.650%, 11/7/22 |
| 1,213,385 |
| ||
|
|
|
|
|
| ||
|
| Capital Goods — 0.6% |
|
|
| ||
1,000,000 |
| Caterpillar Financial Services Corp., MTN, 2.950%, 2/26/22 |
| 1,023,494 |
| ||
|
|
|
|
|
| ||
|
| Capital Markets — 0.7% |
|
|
| ||
1,200,000 |
| Morgan Stanley, GMTN, 2.500%, 4/21/21 |
| 1,208,046 |
| ||
|
|
|
|
|
| ||
|
| Chemicals — 1.1% |
|
|
| ||
623,000 |
| DuPont de Nemours, Inc., 3.770%, 11/15/20(c) |
| 634,468 |
| ||
1,000,000 |
| FMC Corp., 3.950%, 2/1/22 |
| 1,030,016 |
| ||
365,000 |
| Sherwin-Williams Co. (The), 2.750%, 6/1/22 |
| 369,928 |
| ||
|
|
|
| 2,034,412 |
| ||
|
| Commercial Services & Supplies — 0.6% |
|
|
| ||
1,000,000 |
| WPP Finance 2010, 4.750%, 11/21/21 |
| 1,047,057 |
| ||
|
|
|
|
|
| ||
|
| Communications Equipment — 0.3% |
|
|
| ||
501,000 |
| CommScope, Inc., 5.000%, 6/15/21(b) |
| 501,150 |
| ||
|
|
|
|
|
| ||
|
| Construction Materials — 0.6% |
|
|
| ||
1,055,000 |
| Vulcan Materials Co., 2.780%, (LIBOR USD 3-Month plus 0.65%), 3/1/21(a). |
| 1,055,872 |
| ||
|
|
|
|
|
| ||
|
| Diversified Financial Services — 5.4% |
|
|
| ||
474,000 |
| AerCap Ireland Capital, DAC/AerCap Global Aviation Trust, 4.250%, 7/1/20 |
| 480,512 |
| ||
450,000 |
| AerCap Ireland Capital, DAC/AerCap Global Aviation Trust, 4.450%, 12/16/21 |
| 467,902 |
| ||
600,000 |
| Ally Financial, Inc., 4.125%, 3/30/20 |
| 603,750 |
| ||
875,000 |
| Avolon Holdings Funding, Ltd., 3.630%, 5/1/22(b). |
| 886,813 |
| ||
400,000 |
| Bank of New York Mellon Corp., MTN (The), 2.500%, 4/15/21 |
| 403,064 |
| ||
850,000 |
| Blackstone Holdings Finance Co., LLC, 5.880%, 3/15/21(b) |
| 893,763 |
| ||
590,000 |
| Carlyle Holdings Finance, LLC, 3.880%, 2/1/23(b) |
| 611,255 |
| ||
400,000 |
| Export-Import Bank of Korea, 2.500%, 11/1/20 |
| 400,975 |
| ||
Continued
Principal |
|
|
|
|
| ||
Amount |
|
|
| Fair Value |
| ||
CORPORATE BONDS — (continued) |
|
|
| ||||
|
| Diversified Financial Services — (continued) |
|
|
| ||
$ | 750,000 |
| Goldman Sachs Group, Inc. (The), 3.000%, 4/26/22 |
| $ | 758,153 |
|
1,200,000 |
| Goldman Sachs Group, Inc. (The), 2.910%, (LIBOR USD 3-Month plus 1.05%), 6/5/23(e) |
| 1,215,518 |
| ||
466,000 |
| Nationwide Financial Services, Inc., 5.380%, 3/25/21(b) |
| 482,867 |
| ||
1,000,000 |
| PayPal Holdings, Inc., 2.200%, 9/26/22 |
| 1,003,441 |
| ||
1,275,000 |
| Penske Truck Leasing Co. L.P. / PTL Finance Corp., 2.700%, 3/14/23(b) |
| 1,285,053 |
| ||
|
|
|
| 9,493,066 |
| ||
|
| Diversified Telecommunication Services —1.4% |
|
|
| ||
2,000,000 |
| AT&T, Inc., 3.600%, 2/17/23 |
| 2,085,712 |
| ||
380,000 |
| Sprint Spectrum Co., LLC / Sprint Spectrum Co. II LLC / Sprint Spectrum Co. III LLC, 3.360%, 9/20/21(b) |
| 381,425 |
| ||
|
|
|
| 2,467,137 |
| ||
|
| Electric Utilities — 3.7% |
|
|
| ||
1,000,000 |
| American Electric Power Co., Inc., Series I, 3.650%, 12/1/21(c). |
| 1,029,982 |
| ||
1,000,000 |
| Baltimore Gas & Electric Co., 2.800%, 8/15/22(c) |
| 1,016,914 |
| ||
985,000 |
| CenterPoint Energy, Inc., 3.600%, 11/1/21 |
| 1,011,177 |
| ||
1,240,000 |
| Dominion Energy, Inc., 2.720%, 8/15/21 |
| 1,247,581 |
| ||
1,200,000 |
| Duke Energy Corp., 3.050%, 8/15/22 |
| 1,228,474 |
| ||
1,000,000 |
| Korea East-West Power Co., Ltd., 2.500%, 6/2/20(b) |
| 1,001,088 |
| ||
|
|
|
| 6,535,216 |
| ||
|
| Electrical Equipment — 0.3% |
|
|
| ||
525,000 |
| Textron, Inc., 3.650%, 3/1/21 |
| 535,037 |
| ||
|
|
|
|
|
| ||
|
| Energy Equipment & Services — 5.2% |
|
|
| ||
957,308 |
| Cenovus Energy, Inc., 5.700%, 10/15/19 |
| 958,350 |
| ||
1,300,000 |
| Energy Transfer Operating L.P., 4.250%, 3/15/23 |
| 1,358,192 |
| ||
1,100,000 |
| Midwest Connector Capital Co., LLC, 3.630%, 4/1/22(b). |
| 1,128,392 |
| ||
854,000 |
| Murphy Oil Corp., 4.000%, 6/1/22 |
| 857,203 |
| ||
116,000 |
| Nabors Industries, Inc., 5.000%, 9/15/20 |
| 113,390 |
| ||
777,000 |
| NuStar Logistics L.P., 4.800%, 9/1/20 |
| 789,626 |
| ||
626,000 |
| Range Resources Corp., 5.750%, 6/1/21 |
| 621,305 |
| ||
935,000 |
| Sabine Pass Liquefaction, LLC, 5.630%, 2/1/21 |
| 965,776 |
| ||
1,050,000 |
| Saudi Arabian Oil Co., 2.750%, 4/16/22(b) |
| 1,058,876 |
| ||
1,260,000 |
| Williams Cos., Inc. (The), 3.600%, 3/15/22 |
| 1,294,247 |
| ||
|
|
|
| 9,145,357 |
| ||
|
| Equity Real Estate Investment Trusts (REITS) — 6.8% |
|
|
| ||
780,000 |
| Alexandria Real Estate Equities, Inc., 4.000%, 1/15/24 |
| 832,574 |
| ||
400,000 |
| AvalonBay Communities, Inc., MTN, 2.730%, (LIBOR USD 3-Month plus 0.43%), 1/15/21(a) |
| 399,779 |
| ||
955,000 |
| Brixmor Operating Partnership L.P., 3.880%, 8/15/22 |
| 992,541 |
| ||
750,000 |
| Crown Castle International Corp., 3.400%, 2/15/21(c) |
| 760,284 |
| ||
575,000 |
| Federal Realty Investment Trust, 2.550%, 1/15/21 |
| 577,262 |
| ||
138,000 |
| Iron Mountain, Inc., 4.380%, 6/1/21(b) |
| 139,409 |
| ||
776,000 |
| iStar, Inc., 6.500%, 7/1/21 |
| 789,192 |
| ||
875,000 |
| Jones Lang LaSalle, Inc., 4.400%, 11/15/22 |
| 910,525 |
| ||
1,000,000 |
| National Retail Properties, Inc., 3.800%, 10/15/22 |
| 1,038,215 |
| ||
1,075,000 |
| Ontario Teachers’ Cadillac Fairview Properties Trust, 3.125%, 3/20/22(b) |
| 1,099,824 |
| ||
1,010,000 |
| Realty Income Corp., 5.750%, 1/15/21 |
| 1,047,443 |
| ||
800,000 |
| Scentre Group Trust 1 / Scentre Group Trust 2, 2.375%, 4/28/21(b) |
| 798,734 |
| ||
915,000 |
| Starwood Property Trust, Inc., 3.630%, 2/1/21 |
| 918,431 |
| ||
630,000 |
| VEREIT Operating Partnership L.P., 4.125%, 6/1/21 |
| 646,528 |
| ||
1,000,000 |
| WEA Finance, LLC, 3.150%, 4/5/22(b) |
| 1,020,252 |
| ||
|
|
|
| 11,970,993 |
| ||
|
| Food & Staples Retailing — 2.3% |
|
|
| ||
1,235,000 |
| Conagra Brands, Inc., 3.800%, 10/22/21 |
| 1,274,589 |
| ||
1,100,000 |
| CVS Health Corp., 2.130%, 6/1/21 |
| 1,098,892 |
| ||
1,607,000 |
| Seven & i Holdings Co., Ltd., 3.350%, 9/17/21(b) |
| 1,640,290 |
| ||
|
|
|
| 4,013,771 |
| ||
|
| Health Care Providers & Services — 2.3% |
|
|
| ||
1,000,000 |
| Becton Dickinson and Co., 2.890%, 6/6/22 |
| 1,015,208 |
| ||
760,000 |
| Centene Corp., 5.630%, 2/15/21 |
| 770,800 |
| ||
1,100,000 |
| Cigna Corp., 3.750%, 7/15/23 |
| 1,151,894 |
| ||
1,085,000 |
| Shire Acquisitions Investments Ireland DAC, 2.880%, 9/23/23 |
| 1,106,103 |
| ||
|
|
|
| 4,044,005 |
| ||
|
| Hotels, Restaurants & Leisure — 0.1% |
|
|
| ||
66,000 |
| Prime Security Services Borrower, LLC / Prime Finance, Inc., 9.250%, 5/15/23(b) |
| 69,386 |
| ||
100,000 |
| Royal Caribbean Cruises, Ltd., 2.650%, 11/28/20 |
| 100,403 |
| ||
|
|
|
| 169,789 |
| ||
|
| Insurance — 4.3% |
|
|
| ||
775,000 |
| Alleghany Corp., 5.630%, 9/15/20 |
| 799,706 |
| ||
142,000 |
| Assurant, Inc., 3.360%, (LIBOR USD 3-Month plus 1.25%), 3/26/21(a) |
| 142,013 |
| ||
750,000 |
| Athene Global Funding, 3.000%, 7/1/22(b) |
| 763,197 |
| ||
350,000 |
| Guardian Life Global Funding, 2.000%, 4/26/21(b) |
| 349,810 |
| ||
1,175,000 |
| Jackson National Life Global Funding, 3.300%, 2/1/22(b) |
| 1,204,727 |
| ||
750,000 |
| MassMutual Global Funding II, 2.500%, 4/13/22(b) |
| 759,050 |
| ||
1,000,000 |
| Metropolitan Life Global Funding I, 3.380%, 1/11/22(b) |
| 1,028,757 |
| ||
425,000 |
| New York Life Global Funding, 2.000%, 4/13/21(b) |
| 425,138 |
| ||
775,000 |
| Reinsurance Group of America, Inc., 5.000%, 6/1/21 |
| 809,905 |
| ||
1,275,000 |
| Reliance Standard Life Global Funding II, 2.630%, 7/22/22(b) |
| 1,285,651 |
| ||
|
|
|
| 7,567,954 |
| ||
|
| Materials — 0.2% |
|
|
| ||
325,000 |
| Masco Corp., 7.130%, 3/15/20 |
| 331,437 |
| ||
Continued
Principal |
|
|
|
|
| ||
Amount |
|
|
| Fair Value |
| ||
CORPORATE BONDS — (continued) |
|
|
| ||||
|
| Media — 2.7% |
|
|
| ||
$ | 1,104,000 |
| Charter Communications Operating, LLC / Charter Communications Operating Capital, 4.460%, 7/23/22(c) |
| $ | 1,162,314 |
|
750,000 |
| Fox Corp., 3.670%, 1/25/22(b) |
| 774,376 |
| ||
1,065,000 |
| Interpublic Group of Cos., Inc. (The), 3.750%, 10/1/21 |
| 1,091,798 |
| ||
1,225,000 |
| NBCUniversal Media, LLC, 2.880%, 1/15/23 |
| 1,257,975 |
| ||
96,000 |
| Univision Communications, Inc., 6.750%, 9/15/22(b) |
| 97,320 |
| ||
384,000 |
| Walt Disney Co. (The), 1.650%, 9/1/22 |
| 383,137 |
| ||
|
|
|
| 4,766,920 |
| ||
|
| Multiline Retail — 0.3% |
|
|
| ||
550,000 |
| Family Dollar Stores, Inc., 5.000%, 2/1/21 |
| 567,136 |
| ||
|
|
|
|
|
| ||
|
| Oil, Gas & Consumable Fuels — 0.8% |
|
|
| ||
515,000 |
| Marathon Petroleum Corp., 5.380%, 10/1/22 |
| 521,447 |
| ||
825,000 |
| Newfield Exploration Co., 5.750%, 1/30/22 |
| 880,690 |
| ||
|
|
|
| 1,402,137 |
| ||
|
| Paper & Forest Products — 0.7% |
|
|
| ||
1,200,000 |
| Georgia-Pacific, LLC, 5.400%, 11/1/20(b) |
| 1,241,301 |
| ||
|
|
|
|
|
| ||
|
| Road & Rail — 0.8% |
|
|
| ||
750,000 |
| Ryder System, Inc., MTN, 3.500%, 6/1/21 |
| 766,246 |
| ||
202,000 |
| Ryder System, Inc., MTN, 2.880%, 6/1/22 |
| 205,226 |
| ||
425,000 |
| Ryder System, Inc., MTN, 2.500%, 9/1/22 |
| 428,001 |
| ||
|
|
|
| 1,399,473 |
| ||
|
| Semiconductors & Semiconductor Equipment — 0.5% |
|
|
| ||
825,000 |
| Microchip Technology, Inc., 3.920%, 6/1/21 |
| 842,635 |
| ||
|
|
|
|
|
| ||
|
| Software — 0.7% |
|
|
| ||
1,200,000 |
| VMware, Inc., 2.950%, 8/21/22 |
| 1,216,808 |
| ||
|
|
|
|
|
| ||
|
| Specialty Retail — 0.4% |
|
|
| ||
802,000 |
| Ashtead Capital, Inc., 5.630%, 10/1/24(b) |
| 826,060 |
| ||
|
|
|
|
|
| ||
|
| Technology Hardware, Storage & Peripherals — 1.9% |
|
|
| ||
600,000 |
| EMC Corp., 3.380%, 6/1/23 |
| 600,060 |
| ||
1,670,000 |
| L3Harris Technologies, Inc., 4.950%, 2/15/21(b) |
| 1,715,859 |
| ||
975,000 |
| United Technologies Corp., 3.350%, 8/16/21 |
| 1,000,180 |
| ||
|
|
|
| 3,316,099 |
| ||
|
| Tobacco — 0.7% |
|
|
| ||
1,200,000 |
| BAT Capital Corp., 2.760%, 8/15/22 |
| 1,210,596 |
| ||
|
| Total Corporate Bonds |
| 99,475,031 |
| ||
|
|
|
|
|
| ||
MUNICIPAL BONDS — 2.8% |
|
|
| ||||
|
| California — 0.3% |
|
|
| ||
575,000 |
| University of California Revenue, Refunding, Taxable, Series AS, 1.490%, 5/15/20 |
| 573,856 |
| ||
|
|
|
|
|
| ||
|
| New Jersey — 0.2% |
|
|
| ||
325,000 |
| New Jersey Economic Development Authority, School Facilities Construction Refunding Revenue, Taxable, Series C, 4.520%, 6/15/21 |
| 335,072 |
| ||
|
|
|
|
|
| ||
|
| North Carolina — 0.3% |
|
|
| ||
500,000 |
| North Carolina Eastern Municipal Power Agency, Refunding Revenue (AGM), 3.560%, 7/1/22 |
| 521,625 |
| ||
|
|
|
|
|
| ||
|
| Texas — 1.4% |
|
|
| ||
1,250,000 |
| City of Houston, TX, Combined Utility System Revenue, Taxable Revenue, First Lien-Series C, Advance Refunding Revenue Bonds, 1.750%, 11/15/23 |
| 1,243,413 |
| ||
1,250,000 |
| City of Houston, TX, Combined Utility System Revenue, Taxable Revenue, Series B, Advance Refunding G.O., 1.820%, 3/1/23 |
| 1,244,713 |
| ||
|
|
|
| 2,488,126 |
| ||
|
| Virginia — 0.6% |
|
|
| ||
1,000,000 |
| Hampton Roads Sanitation District, Taxable Revenue, Sub-Series A, Advance Refunding Revenue Bonds, 1.760%, 2/1/23(g) |
| 994,260 |
| ||
|
| Total Municipal Bonds |
| 4,912,939 |
| ||
|
|
|
|
|
| ||
U.S.TREASURY NOTES — 9.5% |
|
|
| ||||
3,611,300 |
| 1.875%, 8/31/22 |
| 3,641,629 |
| ||
12,925,000 |
| 2.130%, 12/31/22 |
| 13,145,634 |
| ||
|
| Total U.S. Treasury Notes |
| 16,787,263 |
| ||
|
|
|
|
|
| ||
Shares |
|
|
|
|
| ||
MONEY MARKET FUND — 1.1% |
|
|
| ||||
1,847,535 |
| Federated Treasury Obligations Fund, Institutional Shares, 1.84%(h) |
| 1,847,535 |
| ||
|
| Total Money Market Fund |
| 1,847,535 |
| ||
Total Investments — 100.0% |
| 176,237,061 |
| ||||
Net Other Assets (Liabilities) — 0.0% |
| 1,394 |
| ||||
NET ASSETS — 100.0% |
| $ | 176,238,455 |
| |||
(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 September 30, 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 September 30, 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 September 30, 2019, total cost of investments purchased on a when-issued basis was $1,000,000.
(h) Represents the current yield as of report date.
Continued
BKNT — Bank Note
AGM — Assured Guaranty Municipal Corp.
GMTN — Global Medium Term Note
MTN — Medium Term Note
STEP — Step Coupon Bond
Continued
Sterling Capital Intermediate U.S. Government Fund
Schedule of Portfolio Investments
September 30, 2019
Principal |
|
|
|
|
| ||
Amount |
|
|
| Fair Value |
| ||
ASSET BACKED SECURITIES — 1.3% |
|
|
| ||||
|
| Asset Backed Securities — 1.3% |
|
|
| ||
$ | 182,618 |
| United States Small Business Administration, Series 2015-20G, Class 1, 2.880%, 7/1/35 |
| $ | 188,731 |
|
|
| Total Asset Backed Securities |
| 188,731 |
| ||
|
|
|
|
|
| ||
COLLATERALIZED MORTGAGE OBLIGATIONS — 13.7% |
|
|
| ||||
164,205 |
| Fannie Mae, Series 2010-129, 3.500%, 3/25/25 |
| 165,995 |
| ||
88,240 |
| Fannie Mae, Series 2003-44, Class Q, 3.500%, 6/25/33 |
| 91,492 |
| ||
364,219 |
| Fannie Mae, Series 2016-49, Class DA, 3.500%, 10/25/42 |
| 383,233 |
| ||
483,927 |
| Fannie Mae, Series 2016-49, Class PA, 3.000%, 9/25/45 |
| 498,872 |
| ||
236,752 |
| Freddie Mac, Series 4281, Class GA, 3.000%, 2/15/39 |
| 240,018 |
| ||
146,931 |
| Freddie Mac, Series 4648, Class E, 3.500%, 8/15/43 |
| 150,639 |
| ||
370,983 |
| Freddie Mac, Series 4656, Class PA, 3.500%, 10/15/45 |
| 391,714 |
| ||
117,265 |
| Ginnie Mae, Series 2011-71, Class QE, 3.500%, 9/16/40 |
| 119,426 |
| ||
|
| Total Collateralized Mortgage Obligations |
| 2,041,389 |
| ||
|
|
|
|
|
| ||
COMMERCIAL MORTGAGE-BACKED SECURITIES — 13.3% |
|
|
| ||||
145,000 |
| Citigroup Commercial Mortgage Trust, Series 2015-GC29, Class A3, 2.935%, 4/10/48 |
| 150,249 |
| ||
102,677 |
| COMM Mortgage Trust, Series 2012-CR3, Class A3, 2.822%, 10/15/45 |
| 104,103 |
| ||
60,000 |
| COMM Mortgage Trust, Series 2014-CR20, Class A4, 3.590%, 11/10/47 |
| 63,805 |
| ||
300,000 |
| Freddie Mac Multifamily Structured Pass Through Certificates, Series K033, Class A2, 3.060%, 7/25/23(a) |
| 310,920 |
| ||
140,000 |
| Freddie Mac Multifamily Structured Pass Through Certificates, Series K049, Class A2, 3.010%, 7/25/25 |
| 147,213 |
| ||
210,000 |
| Freddie Mac Multifamily Structured Pass Through Certificates, Series K060, Class A2, 3.300%, 10/25/26 |
| 226,821 |
| ||
210,000 |
| Freddie Mac Multifamily Structured Pass Through Certificates, Series K061, Class A2, 3.347%, 11/25/26(a) |
| 227,380 |
| ||
160,000 |
| Freddie Mac Multifamily Structured Pass Through Certificates, Series K069, Class A2, 3.187%, 9/25/27(a) |
| 172,018 |
| ||
57,355 |
| FRESB Mortgage Trust, Series 2016-SB23, Class A5H, 1.980%, (LIBOR USD 1-Month plus 1.98%), 9/25/36(b) |
| 57,226 |
| ||
150,000 |
| Wells Fargo Commercial Mortgage Trust, Series 2010-C1, Class A2, 4.393%, 11/15/43(c) |
| 152,015 |
| ||
150,244 |
| WFRBS Commercial Mortgage Trust, Series 2011-C2, Class A4, 4.869%, 2/15/44(a)(c) |
| 153,927 |
| ||
110,000 |
| WFRBS Commercial Mortgage Trust, Series 2011-C5, Class A4, 3.667%, 11/15/44 |
| 112,604 |
| ||
35,000 |
| WFRBS Commercial Mortgage Trust, Series 2012-C8, Class A3, 3.001%, 8/15/45 |
| 35,707 |
| ||
69,975 |
| WFRBS Commercial Mortgage Trust, Series 2014-C25, Class A2, 2.932%, 11/15/47 |
| 69,947 |
| ||
|
| Total Commercial Mortgage-Backed Securities |
| 1,983,935 |
| ||
|
|
|
|
|
| ||
MORTGAGE-BACKED SECURITIES — 23.5% |
|
|
| ||||
|
| Fannie Mae — 14.5% |
|
|
| ||
437,216 |
| 3.587%, 9/1/20, Pool #FN0000 |
| 442,524 |
| ||
448,408 |
| 4.000%, 12/1/33, Pool #MA1689 |
| 475,020 |
| ||
129,405 |
| 4.000%, 12/1/36, Pool #MA2856 |
| 135,926 |
| ||
139,880 |
| 4.000%, 2/1/37, Pool #MA2914 |
| 146,741 |
| ||
73,626 |
| 4.000%, 9/1/42, Pool #MA1178 |
| 78,356 |
| ||
158,736 |
| 4.000%, 5/1/47, Pool #BE9598 |
| 166,360 |
| ||
382,716 |
| 3.500%, 12/1/47, Pool #CA0833 |
| 394,969 |
| ||
312,535 |
| 5.000%, 8/1/48, Pool #CA2219 |
| 335,822 |
| ||
|
|
|
| 2,175,718 |
| ||
|
| Freddie Mac — 8.8% |
|
|
| ||
266,097 |
| 4.000%, 12/1/35, Pool #C91860 |
| 282,282 |
| ||
291,122 |
| 3.500%, 6/1/36, Pool #C91875 |
| 302,051 |
| ||
356,262 |
| 4.000%, 3/1/39, Pool #C92039 |
| 373,091 |
| ||
346,109 |
| 3.500%, 1/1/47, Pool #U69037 |
| 357,092 |
| ||
|
|
|
| 1,314,516 |
| ||
|
| Ginnie Mae — 0.2% |
|
|
| ||
30,645 |
| 5.000%, 11/20/38, Pool #4283 |
| 31,246 |
| ||
|
| Total Mortgage-Backed Securities |
| 3,521,480 |
| ||
|
|
|
|
|
| ||
MUNICIPAL BONDS — 4.0% |
|
|
| ||||
|
| California — 0.5% |
|
|
| ||
75,000 |
| State Of California, Refunding G.O., Taxable, 6.200%, 10/1/19 |
| 75,000 |
| ||
|
|
|
|
|
| ||
|
| North Carolina — 1.7% |
|
|
| ||
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 |
| 256,490 |
| ||
|
|
|
|
|
| ||
|
| Texas — 0.4% |
|
|
| ||
60,000 |
| Bexar County, TX, Build America Bonds, Public Improvements G.O., Taxable, Series C, Callable 11/4/19 @ 100, 6.628%, 6/15/39 |
| 60,214 |
| ||
|
|
|
|
|
| ||
|
| Wisconsin — 1.4% |
|
|
| ||
185,000 |
| State of Wisconsin, TXB, Revenue Bonds, Pension Funding, Series A, (AGM), 5.700%, 5/1/26 |
| 210,462 |
| ||
|
| Total Municipal Bonds |
| 602,166 |
| ||
|
|
|
|
|
| ||
U.S. GOVERNMENT AGENCIES — 24.3% |
|
|
| ||||
|
| Fannie Mae — 17.6% |
|
|
| ||
500,000 |
| 1.875%, 9/24/26 |
| 506,207 |
| ||
1,000,000 |
| 6.250%, 5/15/29 |
| 1,382,563 |
| ||
500,000 |
| 7.125%, 1/15/30 |
| 742,727 |
| ||
|
|
|
| 2,631,497 |
| ||
|
| Federal Farm Credit Bank — 3.3% |
|
|
| ||
500,000 |
| 2.670%, 12/20/27 |
| 500,014 |
| ||
See accompanying Notes to the Financial Statements.
Principal |
|
|
|
|
| ||
Amount |
|
|
| Fair Value |
| ||
U.S. GOVERNMENT AGENCIES — (continued) |
|
|
| ||||
|
| Federal Home Loan Bank — 3.4% |
|
|
| ||
$ | 500,000 |
| 3.270%, 2/7/28 |
| $ | 501,662 |
|
|
| Total U.S. Government Agencies |
| 3,633,173 |
| ||
|
|
|
|
|
| ||
U.S. TREASURY NOTES — 18.2% |
|
|
| ||||
600,000 |
| 1.750%, 5/15/23 |
| 603,492 |
| ||
284,844 |
| 0.500%, 4/15/24(d) |
| 288,253 |
| ||
250,000 |
| 2.500%, 5/15/24 |
| 260,293 |
| ||
280,000 |
| 2.000%, 8/15/25 |
| 286,213 |
| ||
750,000 |
| 2.500%, 2/28/26 |
| 790,225 |
| ||
500,000 |
| 1.625%, 8/15/29 |
| 497,695 |
| ||
|
| Total U.S. Treasury Notes |
| 2,726,171 |
| ||
|
|
|
|
|
| ||
Shares |
|
|
|
|
| ||
MONEY MARKET FUND — 1.3% |
|
|
| ||||
196,367 |
| Federated Treasury Obligations Fund, Institutional Shares, 1.84%(e) |
| 196,367 |
| ||
|
| Total Money Market Fund |
| 196,367 |
| ||
|
|
|
| ||||
Total Investments — 99.6% |
| 14,893,412 |
| ||||
Net Other Assets (Liabilities) — 0.4% |
| 66,734 |
| ||||
NET ASSETS — 100.0% |
| $ | 14,960,146 |
| |||
(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 September 30, 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 September 30, 2019. The maturity date reflected is the final maturity date.
(c) 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.
(d) Inflation protection security. Principal amount periodically adjusted for inflation.
(e) Represents the current yield as of report date.
AGM — Assured Guaranty Municipal Corp.
G.O. — General Obligation
Continued
Sterling Capital Total Return Bond Fund
Schedule of Portfolio Investments
September 30, 2019
Principal |
|
|
|
|
| ||
Amount |
|
|
| Fair Value |
| ||
ASSET BACKED SECURITIES — 15.8% |
|
|
| ||||
$ | 1,321,111 |
| Aegis Asset Backed Securities Trust, Series 2005-5, Class 1A4, 2.368%, (LIBOR USD 1-Month plus 0.35%), 12/25/35(a) |
| $ | 1,317,553 |
|
2,818,257 |
| AmeriCredit Automobile Receivables Trust, Series 2016-3, Class B, 1.800%, 10/8/21 |
| 2,816,003 |
| ||
4,565,000 |
| AmeriCredit Automobile Receivables Trust, Series 2016-4, Class B, 1.830%, 12/8/21 |
| 4,559,527 |
| ||
4,600,000 |
| AmeriCredit Automobile Receivables Trust, Series 2017-4, Class B, 2.360%, 12/19/22 |
| 4,611,339 |
| ||
11,757,000 |
| AmeriCredit Automobile Receivables Trust, Series 2017-4, Class C, 2.600%, 9/18/23 |
| 11,855,266 |
| ||
281,764 |
| Argent Securities, Inc. Pass Through Certificates, Series 2005-W3, Class A2D, 2.358%, (LIBOR USD 1-Month plus 0.34%), 11/25/35(a) |
| 282,186 |
| ||
11,465,000 |
| ARI Fleet Lease Trust, Series 2019-A, Class A3, 2.530%, 11/15/27(b) |
| 11,607,348 |
| ||
4,000,000 |
| Avis Budget Rental Car Funding AESOP, LLC, Series 2016-1A, Class A, 2.990%, 6/20/22(b) |
| 4,043,308 |
| ||
7,060,000 |
| Avis Budget Rental Car Funding AESOP, LLC, Series 2017-1A, Class A, 3.070%, 9/20/23(b) |
| 7,207,568 |
| ||
2,405,000 |
| Avis Budget Rental Car Funding AESOP, LLC, Series 2017-2A, Class A, 2.970%, 3/20/24(b) |
| 2,457,122 |
| ||
8,000,000 |
| Avis Budget Rental Car Funding AESOP, LLC, Series 2019-2A, Class A, 3.350%, 9/22/25(b) |
| 8,324,973 |
| ||
1,050,394 |
| Bear Stearns Asset Backed Securities I Trust, Series 2004-BO1, Class M5, 3.418%, (LIBOR USD 1-Month plus 1.40%), 10/25/34(a) |
| 1,053,954 |
| ||
647,566 |
| Capital Auto Receivables Asset Trust, Series 2016-3, Class A4, 1.690%, 3/20/21 |
| 647,147 |
| ||
4,110,000 |
| Capital Auto Receivables Asset Trust, Series 2016-3, Class B, 1.890%, 5/20/21 |
| 4,104,881 |
| ||
4,210,000 |
| Capital Auto Receivables Asset Trust, Series 2016-3, Class C, 2.350%, 9/20/21 |
| 4,212,209 |
| ||
9,320,000 |
| Capital Auto Receivables Asset Trust, Series 2018-1, Class B, 3.090%, 8/22/22(b) |
| 9,423,884 |
| ||
3,195,000 |
| Capital Auto Receivables Asset Trust, Series 2017-1, Class C, 2.700%, 9/20/22(b) |
| 3,224,819 |
| ||
12,034,000 |
| Capital One Multi-Asset Execution Trust, Series 2019-A3, Class A3, 2.060%, 8/15/28 |
| 11,962,316 |
| ||
8,020,000 |
| Citibank Credit Card Issuance Trust, Series 2017-A6, Class A6, 2.798%, (LIBOR USD 1-Month plus 0.77%), 5/14/29(a) |
| 7,992,127 |
| ||
2,495,000 |
| Citibank Credit Card Issuance Trust, Series 2007-A3, Class A3, 6.150%, 6/15/39 |
| 3,531,467 |
| ||
355,429 |
| Citicorp Residential Mortgage Trust, STEP, Series 2007-2, Class A6, 5.005%, 6/25/37 |
| 359,859 |
| ||
701,885 |
| Countrywide Asset-Backed Certificates, Series 2004-12, Class MV4, 3.443%, (LIBOR USD 1-Month plus 1.43%), 3/25/35(a) |
| 704,174 |
| ||
9,200,000 |
| Discover Card Execution Note Trust, Series 2017-A4, Class A4, 2.530%, 10/15/26 |
| 9,402,444 |
| ||
3,645,947 |
| Encore Credit Receivables Trust, Series 2005-4, Class M2, 2.458%, (LIBOR USD 1-Month plus 0.44%), 1/25/36(a) |
| 3,646,559 |
| ||
9,010,000 |
| Enterprise Fleet Financing, LLC, Series 2018-1, Class A3, 3.100%, 10/20/23(b) |
| 9,155,386 |
| ||
12,838,000 |
| Enterprise Fleet Financing, LLC, Series 2018-2, Class A3, 3.340%, 2/20/24(b) |
| 13,166,094 |
| ||
1,822,000 |
| Ford Credit Auto Owner Trust, Series 2017-2, Class A, 2.360%, 3/15/29(b) |
| 1,830,107 |
| ||
| 16,790,000 |
| Ford Credit Auto Owner Trust, Series 2018-1, Class A, 3.190%, 7/15/31(b) |
|
| 17,487,072 |
|
580,440 |
| GSAMP Trust, Series 2006-SEA1, Class M1, 2.518%, (LIBOR USD 1-Month plus 0.50%), 5/25/36(a)(b) |
| 577,012 |
| ||
13,390,000 |
| Hertz Fleet Lease Funding L.P., Series 2019-1, Class A2, 2.700%, 1/10/33(b) |
| 13,482,133 |
| ||
5,000,000 |
| Hertz Vehicle Financing II L.P., Series 2015-1A, Class A, 2.730%, 3/25/21(b) |
| 5,007,019 |
| ||
7,664,000 |
| Hertz Vehicle Financing II L.P., Series 2015-3A, Class A, 2.670%, 9/25/21(b) |
| 7,691,394 |
| ||
1,706,062 |
| Home Equity Mortgage Loan Asset-Backed Trust, Series 2005-B, Class M3, 2.753%, (LIBOR USD 1-Month plus 0.74%), 8/25/35(a) |
| 1,708,327 |
| ||
1,575,861 |
| JP Morgan Mortgage Acquisition Corp., Series 2005-OPT1, Class M2, 2.723%, (LIBOR USD 1-Month plus 0.71%), 6/25/35(a) |
| 1,579,198 |
| ||
763,037 |
| New Century Home Equity Loan Trust, Series 2003-4, Class M1, 3.143%, (LIBOR USD 1-Month plus 1.13%), 10/25/33(a)(c) |
| 765,604 |
| ||
2,214,498 |
| Park Place Securities, Inc., Series 2005-WHQ2, Class M2, 2.708%, (LIBOR USD 1-Month plus 0.69%), 5/25/35(a) |
| 2,219,668 |
| ||
1,921,856 |
| RAMP Trust, Series 2005-RZ4, Class M2, 2.518%, (LIBOR USD 1-Month plus 0.50%), 11/25/35(a) |
| 1,920,797 |
| ||
5,960,000 |
| Santander Drive Auto Receivables Trust, Series 2018-4, Class B, 3.270%, 1/17/23 |
| 5,995,927 |
| ||
6,529,000 |
| Santander Drive Auto Receivables Trust, Series 2019-1, Class B, 3.210%, 9/15/23 |
| 6,604,540 |
| ||
3,582,922 |
| Saxon Asset Securities Trust, Series 2004-3, Class M1, 2.918%, (LIBOR USD 1-Month plus 0.90%), 12/26/34(a) |
| 3,567,096 |
| ||
412,307 |
| Sofi Professional Loan Program, LLC, Series 2016-E, Class A1, 2.868%, (LIBOR USD 1-Month plus 0.85%), 7/25/39(a)(b) |
| 413,613 |
| ||
8,405,000 |
| Toyota Auto Loan Extended Note Trust, Series 2019-1A, Class A, 2.560%, 11/25/31(b) |
| 8,590,921 |
| ||
3,580,000 |
| Wheels SPV 2, LLC, Series 2018-1A, Class A4, 3.410%, 4/20/27(b) |
| 3,673,341 |
| ||
9,250,000 |
| Wheels SPV 2, LLC, Series 2019-1A, Class A3, 2.350%, 5/22/28(b) |
| 9,303,500 |
| ||
|
| Total Asset Backed Securities |
| 234,086,782 |
| ||
|
|
|
|
|
| ||
COLLATERALIZED MORTGAGE OBLIGATIONS — 7.4% |
|
|
| ||||
177,021 |
| Adjustable Rate Mortgage Trust, Series 2004-5, Class 4A1, 4.348%, 4/25/35(d) |
| 179,895 |
| ||
1,804,278 |
| Banc of America Funding Trust, Series 2004-C, Class 4A1, 2.704%, (LIBOR USD 1-Month plus 0.66%), 12/20/34(a) |
| 1,819,093 |
| ||
263,235 |
| Banc of America Funding Trust, Series 2005-B, Class 3A1, 2.504%, (LIBOR USD 1-Month plus 0.46%), 4/20/35(a) |
| 263,153 |
| ||
499,155 |
| Banc of America Funding Trust, Series 2006-2, Class 3A1, 6.000%, 3/25/36 |
| 508,197 |
| ||
84,186 |
| Banc of America Mortgage Trust, Series 2005-3, Class 1A24, 5.500%, 4/25/35 |
| 86,608 |
|
See accompanying Notes to the Financial Statements.
Principal |
|
|
|
|
| ||
Amount |
|
|
| Fair Value |
| ||
COLLATERALIZED MORTGAGE OBLIGATIONS — (continued) |
|
|
| ||||
$ | 10,221 |
| Citigroup Mortgage Loan Trust, Inc., Series 2004-NCM2, Class 3CB2, 6.500%, 8/25/19(c) |
| $ | 10,180 |
|
404,327 |
| Countrywide Alternative Loan Trust, Series 2004-22CB, Class 1A1, 6.000%, 10/25/34 |
| 414,094 |
| ||
108,130 |
| Countrywide Home Loan Mortgage Pass Through Trust, Series 2004-3, Class A4, 5.750%, 4/25/34 |
| 111,614 |
| ||
285,726 |
| Credit Suisse First Boston Mortgage Securities Corp., Series 2004-1, Class 2A1, 6.500%, 2/25/34 |
| 298,677 |
| ||
764,964 |
| Fannie Mae, Series 2013-133, Class AV, 4.000%, 12/25/26 |
| 803,815 |
| ||
1,505,451 |
| Fannie Mae, Series 2014-39, Class VP, 3.000%, 8/25/27 |
| 1,552,183 |
| ||
1,604,103 |
| Fannie Mae, Series 2011-38, Class D, 4.500%, 5/25/41(c) |
| 1,771,739 |
| ||
1,000,000 |
| Fannie Mae, Series 2013-70, Class CY, 3.500%, 7/25/43 |
| 1,069,808 |
| ||
996,443 |
| Fannie Mae, Series 2017-64, Class PD, 2.500%, 7/25/47 |
| 996,385 |
| ||
2,025,671 |
| FirstKey Mortgage Trust, Series 2014-1, Class A12, 3.500%, 11/25/44(b)(d) |
| 2,036,907 |
| ||
895,074 |
| Freddie Mac, Series -3768, Class V, 4.000%, 11/15/23 |
| 929,961 |
| ||
1,996,699 |
| Freddie Mac, Series -4387, Class VM, 4.000%, 11/15/25 |
| 2,086,210 |
| ||
1,449,492 |
| Freddie Mac, Series -4287, Class V, 4.500%, 10/15/26 |
| 1,542,943 |
| ||
419,275 |
| Freddie Mac, Series -4136, Class HZ, 3.500%, 11/15/27 |
| 451,325 |
| ||
2,266,495 |
| Freddie Mac, Series -4331, Class V, 4.000%, 11/15/28 |
| 2,386,324 |
| ||
569,000 |
| Freddie Mac, Series -4120, Class YK, 2.000%, 10/15/32 |
| 545,375 |
| ||
1,238,000 |
| Freddie Mac, Series -4160, Class HH, 2.500%, 12/15/32 |
| 1,213,795 |
| ||
10,000,000 |
| Freddie Mac, Series -4655, Class GV, 3.500%, 12/15/36 |
| 10,632,063 |
| ||
5,500,000 |
| Freddie Mac, Series -4657, Class VT, 3.500%, 6/15/37 |
| 5,801,289 |
| ||
989,395 |
| Freddie Mac, Series -3632, Class PK, 5.000%, 2/15/40 |
| 1,077,199 |
| ||
1,679,353 |
| Freddie Mac, Series -4077, Class PJ, 3.500%, 11/15/40 |
| 1,732,984 |
| ||
819,000 |
| Freddie Mac, Series -3762, Class LN, 4.000%, 11/15/40 |
| 939,287 |
| ||
3,665,625 |
| Freddie Mac, Series -4100, Class PA, 3.000%, 1/15/42 |
| 3,782,826 |
| ||
1,697,205 |
| Freddie Mac, Series -4508, Class UZ, 3.000%, 7/15/43 |
| 1,688,943 |
| ||
1,319,159 |
| Freddie Mac, Series -4328, Class KD, 3.000%, 8/15/43 |
| 1,366,359 |
| ||
6,941,014 |
| Freddie Mac, Series -4648, Class E, 3.500%, 8/15/43 |
| 7,116,183 |
| ||
4,837,000 |
| Freddie Mac, Series -4801, Class LT, 4.000%, 12/15/43 |
| 5,108,925 |
| ||
3,738,578 |
| Freddie Mac, Series -4710, Class GA, 3.000%, 3/15/44 |
| 3,819,810 |
| ||
8,000,000 |
| Freddie Mac, Series -4752, Class HB, 3.500%, 4/15/44 |
| 8,329,751 |
| ||
| 10,000,000 |
| Freddie Mac, Series -4776, Class DW, 4.000%, 9/15/44 |
|
| 10,402,194 |
|
3,796,570 |
| Freddie Mac, Series -4654, Class KA, 3.000%, 6/15/45 |
| 3,892,951 |
| ||
2,690,587 |
| Galton Funding Mortgage Trust, Series 2018-1, Class A43, 3.500%, 11/25/57(b)(d) |
| 2,723,989 |
| ||
7,938,619 |
| Galton Funding Mortgage Trust, Series 2018-2, Class A41, 4.500%, 10/25/58(b)(d) |
| 8,122,457 |
| ||
8,185,839 |
| Galton Funding Mortgage Trust, Series 2019-1, Class A41, 4.500%, 2/25/59(b)(d) |
| 8,365,071 |
| ||
394,742 |
| Ginnie Mae, Series 2008-51, Class PG, 5.000%, 6/20/38 |
| 428,069 |
| ||
619,306 |
| MASTR Alternative Loan Trust, Series 2003-5, Class 8A1, 5.500%, 6/25/33 |
| 647,408 |
| ||
493,659 |
| MASTR Alternative Loan Trust, Series 2004-13, Class 3A1, 6.500%, 1/25/35 |
| 491,414 |
| ||
16,229 |
| MASTR Seasoned Securitization Trust, Series 2005-2, Class 1A1, 5.130%, 10/25/32 |
| 16,120 |
| ||
1,092 |
| RAAC Trust, Series 2004-SP3, Class AI5, 4.890%, 12/25/32(d) |
| 1,110 |
| ||
411,737 |
| RAAC Trust, STEP, Series 2004-SP1, Class AI3, 6.118%, 3/25/34 |
| 417,359 |
| ||
190,466 |
| Residential Asset Securitization Trust, Series 2004-IP2, Class 4A, 4.571%, 12/25/34(d) |
| 191,240 |
| ||
263,193 |
| Wells Fargo Mortgage Backed Securities Trust, Series 2004-BB, Class A2, 4.946%, 1/25/35(d) |
| 269,532 |
| ||
476,191 |
| Wells Fargo Mortgage Backed Securities Trust, Series 2005-AR16, Class 6A3, 4.915%, 10/25/35(d) |
| 487,459 |
| ||
44,029 |
| Wells Fargo Mortgage Backed Securities Trust, Series 2007-16, Class 1A1, 6.000%, 12/28/37 |
| 44,070 |
| ||
|
| Total Collateralized Mortgage Obligations |
| 108,974,343 |
| ||
|
|
|
|
|
| ||
COMMERCIAL MORTGAGE-BACKED SECURITIES — 12.5% |
|
|
| ||||
4,842,000 |
| CD Mortgage Trust, Series 2016-CD2, Class A4, 3.526%, 11/10/49(d) |
| 5,216,915 |
| ||
3,868,000 |
| CFCRE Commercial Mortgage Trust, Series 2016-C7, Class A3, 3.839%, 12/10/54 |
| 4,217,576 |
| ||
1,540,000 |
| CFCRE Commercial Mortgage Trust, Series 2016-C4, Class A2, 2.707%, 5/10/58 |
| 1,547,117 |
| ||
1,500,000 |
| Citigroup Commercial Mortgage Trust, Series 2017-P7, Class A4, 3.712%, 4/14/50 |
| 1,635,236 |
| ||
5,730,000 |
| Citigroup Commercial Mortgage Trust, Series 2018-B2, Class A4, 4.009%, 3/10/51 |
| 6,408,831 |
| ||
1,000,000 |
| COMM Mortgage Trust, Series 2012-CR1, Class AM, 3.912%, 5/15/45 |
| 1,034,786 |
| ||
3,545,000 |
| COMM Mortgage Trust, Series 2013-CR12, Class A4, 4.046%, 10/10/46 |
| 3,777,992 |
| ||
892,000 |
| COMM Mortgage Trust, Series 2014-CR16, Class A4, 4.051%, 4/10/47 |
| 957,761 |
| ||
1,208,000 |
| COMM Mortgage Trust, Series 2014-LC17, Class A5, 3.917%, 10/10/47 |
| 1,302,344 |
| ||
1,844,000 |
| COMM Mortgage Trust, Series 2014-CR20, Class A4, 3.590%, 11/10/47 |
| 1,960,956 |
| ||
8,030,000 |
| COMM Mortgage Trust, Series 2017-COR2, Class A3, 3.510%, 9/10/50 |
| 8,618,333 |
|
Continued
Principal |
|
|
|
|
| ||
Amount |
|
|
| Fair Value |
| ||
COMMERCIAL MORTGAGE-BACKED SECURITIES — (continued) |
|
|
| ||||
$ | 3,450,000 |
| DBUBS Mortgage Trust, Series 2011-LC1A, Class C, 5.885%, 11/10/46(b)(d) |
| $ | 3,568,116 |
|
6,410,000 |
| Freddie Mac Multifamily Structured Pass Through Certificates, Series -K064, Class A2, 3.224%, 3/25/27 |
| 6,889,121 |
| ||
3,350,000 |
| Freddie Mac Multifamily Structured Pass Through Certificates, Series -K068, Class A2, 3.244%, 8/25/27 |
| 3,614,665 |
| ||
3,920,000 |
| Freddie Mac Multifamily Structured Pass Through Certificates, Series -K069, Class A2, 3.187%, 9/25/27(d) |
| 4,214,446 |
| ||
3,800,000 |
| Freddie Mac Multifamily Structured Pass Through Certificates, Series -K153, Class A3, 3.117%, 10/25/31(d) |
| 4,096,604 |
| ||
9,580,000 |
| Freddie Mac Multifamily Structured Pass Through Certificates, Series -K155, Class A3, 3.750%, 4/25/33 |
| 10,940,399 |
| ||
5,265,984 |
| FRESB Mortgage Trust, Series 2017-SB37, Class A10F, 2.750%, 7/25/27(d) |
| 5,400,768 |
| ||
7,765,157 |
| FRESB Mortgage Trust, Series 2018-SB52, Class A10F, 3.480%, 6/25/28(d) |
| 8,165,737 |
| ||
1,462,563 |
| FRESB Mortgage Trust, Series 2016-SB23, Class A5H, 1.980%, (LIBOR USD 1-Month plus 1.98%), 9/25/36(a) |
| 1,459,252 |
| ||
1,759,000 |
| GS Mortgage Securities Trust, Series 2010-C1, Class A2, 4.592%, 8/10/43(b) |
| 1,778,567 |
| ||
3,000,000 |
| GS Mortgage Securities Trust, Series 2010-C1, Class B, 5.148%, 8/10/43(b) |
| 3,042,706 |
| ||
2,524,000 |
| GS Mortgage Securities Trust, Series 2014-GC24, Class A5, 3.931%, 9/10/47 |
| 2,717,055 |
| ||
2,044,000 |
| GS Mortgage Securities Trust, Series 2016-GS4, Class A4, 3.442%, 11/10/49(d) |
| 2,190,116 |
| ||
1,680,000 |
| JP Morgan Chase Commercial Mortgage Securities Trust, Series 2013-C10, Class AS, 3.372%, 12/15/47 |
| 1,730,315 |
| ||
1,702,000 |
| JP Morgan Chase Commercial Mortgage Securities Trust, Series 2016-JP4, Class A4, 3.648%, 12/15/49(d) |
| 1,844,901 |
| ||
1,397,000 |
| JPMBB Commercial Mortgage Securities Trust, Series 2014-C23, Class A5, 3.934%, 9/15/47 |
| 1,505,596 |
| ||
4,200,000 |
| JPMCC Commercial Mortgage Securities Trust, Series 2017-JP5, Class A5, 3.723%, 3/15/50 |
| 4,579,762 |
| ||
4,000,000 |
| JPMorgan Chase Commercial Mortgage Securities Trust, Series 2011-C3, Class B, 5.013%, 2/15/46(b)(d) |
| 4,105,803 |
| ||
660,000 |
| Morgan Stanley Bank of America Merrill Lynch Trust, Series 2014-C18, Class A4, 3.923%, 10/15/47 |
| 709,395 |
| ||
5,834,000 |
| Morgan Stanley Bank of America Merrill Lynch Trust, Series 2016-C32, Class A4, 3.720%, 12/15/49 |
| 6,340,005 |
| ||
4,000,000 |
| Morgan Stanley Capital I Trust, Series 2011-C1, Class B, 5.554%, 9/15/47(b)(d) |
| 4,144,070 |
| ||
640,000 |
| Morgan Stanley Capital I Trust, Series 2011-C1, Class C, 5.554%, 9/15/47(b)(d) |
| 662,395 |
| ||
2,562,000 |
| Morgan Stanley Capital I Trust, Series 2016-BNK2, Class A4, 3.049%, 11/15/49 |
| 2,677,935 |
| ||
10,000,000 |
| Morgan Stanley Capital I, Inc., Series 2017-HR2, Class A4, 3.587%, 12/15/50 |
| 10,829,130 |
| ||
10,335,000 |
| Morgan Stanley Capital I, Inc., Series 2018-H3, Class A5, 4.177%, 7/15/51 |
| 11,679,551 |
| ||
| 2,500,000 |
| Wells Fargo Commercial Mortgage Trust, Series 2010-C1, Class A2, 4.393%, 11/15/43(b) |
|
| 2,533,585 |
|
3,156,000 |
| Wells Fargo Commercial Mortgage Trust, Series 2015-P2, Class A4, 3.809%, 12/15/48 |
| 3,424,319 |
| ||
9,642,000 |
| Wells Fargo Commercial Mortgage Trust, Series 2017-C40, Class A4, 3.581%, 10/15/50 |
| 10,428,964 |
| ||
1,665,831 |
| WFRBS Commercial Mortgage Trust, Series 2011-C2, Class A4, 4.869%, 2/15/44(b)(d) |
| 1,706,667 |
| ||
2,000,000 |
| WFRBS Commercial Mortgage Trust, Series 2011-C2, Class B, 5.174%, 2/15/44(b)(d) |
| 2,056,592 |
| ||
8,405,000 |
| WFRBS Commercial Mortgage Trust, Series 2011-C3, Class A4, 4.375%, 3/15/44(b) |
| 8,623,330 |
| ||
4,550,000 |
| WFRBS Commercial Mortgage Trust, Series 2012-C7, Class A2, 3.431%, 6/15/45 |
| 4,684,716 |
| ||
1,500,000 |
| WFRBS Commercial Mortgage Trust, Series 2012-C8, Class AS, 3.660%, 8/15/45 |
| 1,549,829 |
| ||
3,716,000 |
| WFRBS Commercial Mortgage Trust, Series 2014-C22, Class A5, 3.752%, 9/15/57 |
| 3,967,446 |
| ||
1,008,000 |
| WFRBS Commercial Mortgage Trust, Series 2014-C23, Class A5, 3.917%, 10/15/57 |
| 1,083,753 |
| ||
|
| Total Commercial Mortgage-Backed Securities |
| 185,623,458 |
| ||
|
|
|
|
|
| ||
CORPORATE BONDS — 33.4% |
|
|
| ||||
|
| Aerospace & Defense — 0.5% |
|
|
| ||
3,158,000 |
| L3Harris Technologies, Inc., 3.832%, 4/27/25 |
| 3,372,606 |
| ||
3,460,000 |
| United Technologies Corp., 4.125%, 11/16/28 |
| 3,914,595 |
| ||
|
|
|
| 7,287,201 |
| ||
|
| Automobiles — 0.2% |
|
|
| ||
2,949,000 |
| General Motors Financial Co., Inc., 4.200%, 11/6/21 |
| 3,042,352 |
| ||
|
|
|
|
|
| ||
|
| Banks — 6.3% |
|
|
| ||
3,278,000 |
| Associated Banc-Corp., 2.750%, 11/15/19 |
| 3,278,248 |
| ||
4,129,000 |
| Bank of America Corp., 3.419%, (LIBOR USD 3-Month plus 1.04%), 12/20/28(e) |
| 4,312,332 |
| ||
8,259,000 |
| Bank of America Corp., MTN, 3.093%, (LIBOR USD 3-Month plus 1.09%), 10/1/25(e) |
| 8,497,359 |
| ||
4,725,000 |
| Bank of Montreal, Series E, 3.300%, 2/5/24 |
| 4,916,787 |
| ||
3,586,000 |
| Capital One Financial Corp., 3.300%, 10/30/24 |
| 3,711,548 |
| ||
2,900,000 |
| CIT Bank NA, BKNT, 2.969%, 9/27/25(e) |
| 2,899,130 |
| ||
2,248,000 |
| Citigroup, Inc., 3.142%, (LIBOR USD 3-Month plus 0.72%), 1/24/23(e) |
| 2,288,959 |
| ||
4,648,000 |
| Citigroup, Inc., 3.200%, 10/21/26 |
| 4,804,799 |
| ||
2,825,000 |
| Citigroup, Inc., Series N, 5.800%, (LIBOR USD 3-Month plus 4.09%),(e)(f) |
| 2,827,119 |
| ||
3,908,000 |
| Citizens Bank NA / Providence RI, BKNT, 2.942%, (LIBOR USD 3-Month plus 0.81%), 5/26/22(a) |
| 3,915,110 |
| ||
2,810,000 |
| Cooperatieve Rabobank UA, 3.950%, 11/9/22 |
| 2,926,669 |
| ||
3,993,000 |
| Huntington Bancshares, Inc./OH, 2.625%, 8/6/24 |
| 4,031,721 |
| ||
3,945,000 |
| ING Groep NV, 3.150%, 3/29/22 |
| 4,033,884 |
| ||
4,932,000 |
| JPMorgan Chase & Co., 3.625%, 5/13/24 |
| 5,223,370 |
| ||
4,725,000 |
| JPMorgan Chase & Co., 4.452%, (LIBOR USD 3-Month plus 1.33%), 12/5/29(e) |
| 5,341,243 |
| ||
2,000,000 |
| KeyBank NA/Cleveland OH, BKNT, 2.300%, 9/14/22 |
| 2,010,555 |
| ||
2,921,000 |
| Macquarie Bank, Ltd., 6.625%, 4/7/21(b) |
| 3,096,017 |
|
Continued
Principal |
|
|
|
|
| ||
Amount |
|
|
| Fair Value |
| ||
CORPORATE BONDS — (continued) |
|
|
| ||||
|
| Banks — (continued) |
|
|
| ||
$ | 4,331,000 |
| Mitsubishi UFJ Financial Group, Inc., 3.761%, 7/26/23 |
| $ | 4,552,989 |
|
3,324,000 |
| PNC Financial Services Group, Inc. (The), 3.450%, 4/23/29 |
| 3,556,268 |
| ||
4,400,000 |
| Sumitomo Mitsui Financial Group, Inc., 2.778%, 10/18/22 |
| 4,464,350 |
| ||
3,458,000 |
| SunTrust Bank, BKNT, 3.689%, (LIBOR USD 3-Month plus 0.74%), 8/2/24(e) |
| 3,625,051 |
| ||
3,360,000 |
| Toronto-Dominion Bank (The), 3.625%, 9/15/31(d) |
| 3,481,556 |
| ||
3,059,000 |
| Wells Fargo & Co., MTN, 4.150%, 1/24/29 |
| 3,391,760 |
| ||
2,112,000 |
| Westpac Banking Corp., GMTN, 4.322%, 11/23/31(d) |
| 2,232,679 |
| ||
|
|
|
| 93,419,503 |
| ||
|
| Beverages — 1.4% |
|
|
| ||
2,838,000 |
| Anheuser-Busch InBev Worldwide, Inc., 4.750%, 1/23/29(c) |
| 3,298,498 |
| ||
2,579,000 |
| Anheuser-Busch InBev Worldwide, Inc., 5.800%, 1/23/59 |
| 3,482,436 |
| ||
3,163,000 |
| Bacardi, Ltd., 4.450%, 5/15/25(b) |
| 3,382,787 |
| ||
3,913,000 |
| Coca-Cola Co. (The), 2.125%, 9/6/29 |
| 3,834,472 |
| ||
3,580,000 |
| Constellation Brands, Inc., 4.400%, 11/15/25 |
| 3,958,101 |
| ||
1,970,000 |
| PepsiCo, Inc., 3.450%, 10/6/46 |
| 2,123,089 |
| ||
|
|
|
| 20,079,383 |
| ||
|
| Biotechnology — 0.4% |
|
|
| ||
4,116,000 |
| Celgene Corp., 5.000%, 8/15/45(c) |
| 5,161,088 |
| ||
|
|
|
|
|
| ||
|
| Capital Goods — 0.2% |
|
|
| ||
2,463,000 |
| Keysight Technologies, Inc., 4.550%, 10/30/24 |
| 2,656,988 |
| ||
|
|
|
|
|
| ||
|
| Capital Markets — 0.4% |
|
|
| ||
3,268,000 |
| Morgan Stanley, 3.971%, (LIBOR USD 3-Month plus 1.46%), 7/22/38(e) |
| 3,585,427 |
| ||
2,250,000 |
| Morgan Stanley, GMTN, 5.500%, 1/26/20 |
| 2,274,172 |
| ||
|
|
|
| 5,859,599 |
| ||
|
| Chemicals — 1.1% |
|
|
| ||
2,542,000 |
| Albemarle Corp., 5.450%, 12/1/44(c) |
| 2,885,088 |
| ||
3,151,000 |
| Celanese U.S. Holdings, LLC, 3.500%, 5/8/24 |
| 3,266,928 |
| ||
3,606,000 |
| FMC Corp., 3.450%, 10/1/29 |
| 3,663,569 |
| ||
3,878,000 |
| INVISTA Finance, LLC, 4.250%, 10/15/19(b) |
| 3,879,920 |
| ||
1,903,000 |
| NOVA Chemicals Corp., 4.875%, 6/1/24(b) |
| 1,956,950 |
| ||
|
|
|
| 15,652,455 |
| ||
|
| Commercial Services & Supplies — 0.5% |
|
|
| ||
1,400,000 |
| Republic Services, Inc., 3.550%, 6/1/22 |
| 1,450,484 |
| ||
2,801,000 |
| Waste Connections, Inc., 3.500%, 5/1/29(c) |
| 2,987,978 |
| ||
500,000 |
| Waste Management, Inc., 3.900%, 3/1/35 |
| 551,385 |
| ||
2,692,000 |
| Waste Management, Inc., 4.100%, 3/1/45 |
| 3,083,491 |
| ||
|
|
|
| 8,073,338 |
| ||
|
| Construction Materials — 0.2% |
|
|
| ||
2,667,000 |
| Vulcan Materials Co., 4.500%, 6/15/47 |
| 2,865,253 |
| ||
|
|
|
|
|
| ||
|
| Diversified Financial Services — 1.9% |
|
|
| ||
3,650,000 |
| AerCap Ireland Capital, DAC/AerCap Global Aviation Trust, 4.875%, 1/16/24 |
| 3,941,402 |
| ||
3,741,000 |
| Credit Suisse Group Funding Guernsey, Ltd., 3.800%, 9/15/22 |
| 3,890,189 |
| ||
7,144,000 |
| Goldman Sachs Group, Inc. (The), 3.000%, 4/26/22 |
| 7,221,655 |
| ||
3,379,000 |
| Goldman Sachs Group, Inc. (The), 2.908%, (LIBOR USD 3-Month plus 1.05%), 6/5/23(e) |
| 3,422,695 |
| ||
2,560,000 |
| Goldman Sachs Group, Inc. (The), 6.250%, 2/1/41 |
| 3,534,677 |
| ||
3,203,000 |
| Lazard Group, LLC, 4.500%, 9/19/28 |
| 3,493,356 |
| ||
3,187,000 |
| Park Aerospace Holdings, Ltd., 4.500%, 3/15/23(b) |
| 3,297,908 |
| ||
|
|
|
| 28,801,882 |
| ||
|
| Diversified Telecommunication Services — 0.7% |
|
|
| ||
2,500,000 |
| CommScope, Inc., 5.500%, 3/1/24(b) |
| 2,571,875 |
| ||
3,700,000 |
| Sprint Spectrum Co., LLC / Sprint Spectrum Co. II LLC / Sprint Spectrum Co. III LLC, 4.738%, 3/20/25(b) |
| 3,933,137 |
| ||
2,982,000 |
| Verizon Communications, Inc., 5.012%, 4/15/49 |
| 3,749,343 |
| ||
|
|
|
| 10,254,355 |
| ||
|
| Electric Utilities — 2.1% |
|
|
| ||
2,385,000 |
| Dominion Energy, Inc., 2.579%, 7/1/20 |
| 2,390,333 |
| ||
3,432,000 |
| Dominion Energy, Inc., 3.071%, 8/15/24 |
| 3,515,591 |
| ||
3,729,000 |
| Duke Energy Progress, LLC, 3.600%, 9/15/47 |
| 3,954,647 |
| ||
2,198,000 |
| Entergy Louisiana, LLC, 4.200%, 9/1/48 |
| 2,575,028 |
| ||
3,180,000 |
| Entergy Mississippi, LLC, 3.100%, 7/1/23 |
| 3,261,151 |
| ||
2,965,000 |
| Florida Power & Light Co., 3.990%, 3/1/49 |
| 3,460,893 |
| ||
2,700,000 |
| Indiana Michigan Power Co., Series K, 4.550%, 3/15/46 |
| 3,265,539 |
| ||
3,042,000 |
| Korea East-West Power Co., Ltd., 2.500%, 6/2/20(b) |
| 3,045,311 |
| ||
2,164,000 |
| Mississippi Power Co., 2.750%, (LIBOR USD 3-Month plus 0.65%), 3/27/20(a) |
| 2,164,827 |
| ||
2,530,000 |
| Ohio Edison Co., 6.875%, 7/15/36(c) |
| 3,624,148 |
| ||
|
|
|
| 31,257,468 |
| ||
|
| Electrical Equipment — 0.2% |
|
|
| ||
3,128,000 |
| Textron, Inc., 3.650%, 3/1/21 |
| 3,187,799 |
| ||
|
|
|
|
|
| ||
|
| Energy Equipment & Services — 1.9% |
|
|
| ||
3,101,000 |
| Apache Corp., 4.375%, 10/15/28 |
| 3,175,660 |
| ||
3,491,000 |
| Cenovus Energy, Inc., 4.250%, 4/15/27 |
| 3,629,527 |
| ||
1,180,000 |
| Enterprise Products Operating, LLC, 5.950%, 2/1/41(c) |
| 1,509,370 |
| ||
1,565,000 |
| Hess Corp., 7.875%, 10/1/29(c) |
| 1,977,146 |
| ||
3,355,000 |
| Kinder Morgan, Inc./DE, 4.300%, 6/1/25 |
| 3,627,166 |
| ||
3,326,000 |
| Midwest Connector Capital Co., LLC, 3.900%, 4/1/24(b) |
| 3,503,276 |
| ||
3,173,000 |
| MPLX L.P., 4.125%, 3/1/27 |
| 3,346,179 |
| ||
2,970,000 |
| MPLX L.P., 5.200%, 12/1/47(b) |
| 3,238,477 |
| ||
2,128,000 |
| NuStar Logistics L.P., 4.800%, 9/1/20 |
| 2,162,580 |
| ||
255,000 |
| NuStar Logistics L.P., 6.000%, 6/1/26 |
| 275,987 |
| ||
1,550,000 |
| Sabine Pass Liquefaction, LLC, 5.625%, 3/1/25 |
| 1,740,399 |
| ||
|
|
|
| 28,185,767 |
| ||
|
| Equity Real Estate Investment Trusts (REITS) — 3.9% |
|
|
| ||
2,895,000 |
| Alexandria Real Estate Equities, Inc., 4.000%, 1/15/24(c) |
| 3,090,130 |
| ||
4,089,000 |
| American Homes 4 Rent LP, 4.250%, 2/15/28(c) |
| 4,402,944 |
| ||
3,680,000 |
| American Tower Trust, 3.652%, 3/23/28(b)(c) |
| 3,957,823 |
| ||
Continued
Principal |
|
|
|
|
| ||
Amount |
|
|
| Fair Value |
| ||
CORPORATE BONDS — (continued) |
|
|
| ||||
|
| Equity Real Estate Investment Trusts (REITS) — (continued) |
|
|
| ||
$ | 2,974,000 |
| Crown Castle International Corp., 5.250%, 1/15/23 |
| $ | 3,237,999 |
|
739,000 |
| Duke Realty L.P., 3.250%, 6/30/26 |
| 764,846 |
| ||
1,562,000 |
| Healthcare Realty Trust, Inc., 3.625%, 1/15/28 |
| 1,624,920 |
| ||
3,573,000 |
| Healthcare Trust of America Holdings L.P., 3.100%, 2/15/30 |
| 3,561,794 |
| ||
3,686,000 |
| Host Hotels & Resorts L.P., Series H, 3.375%, 12/15/29 |
| 3,680,484 |
| ||
3,624,000 |
| Hudson Pacific Properties L.P., 3.250%, 1/15/30(g) |
| 3,583,964 |
| ||
975,000 |
| Iron Mountain, Inc., 4.375%, 6/1/21(b) |
| 984,955 |
| ||
2,853,000 |
| Jones Lang LaSalle, Inc., 4.400%, 11/15/22 |
| 2,968,833 |
| ||
3,393,000 |
| Kimco Realty Corp., 2.700%, 3/1/24 |
| 3,419,902 |
| ||
3,350,000 |
| Ontario Teachers’ Cadillac Fairview Properties Trust, 3.875%, 3/20/27(b) |
| 3,628,137 |
| ||
3,974,000 |
| Physicians Realty L.P., 4.300%, 3/15/27 |
| 4,247,214 |
| ||
2,664,000 |
| Sabra Health Care L.P. / Sabra Capital Corp., 4.800%, 6/1/24 |
| 2,811,079 |
| ||
3,708,000 |
| Spirit Realty L.P., 3.400%, 1/15/30 |
| 3,680,734 |
| ||
429,000 |
| Starwood Property Trust, Inc., 3.625%, 2/1/21 |
| 430,609 |
| ||
896,000 |
| Starwood Property Trust, Inc., 5.000%, 12/15/21 |
| 925,120 |
| ||
3,128,000 |
| STORE Capital Corp., 4.625%, 3/15/29 |
| 3,439,598 |
| ||
2,500,000 |
| WEA Finance, LLC / Westfield UK & Europe Finance PLC, 4.750%, 9/17/44(b) |
| 2,921,052 |
| ||
|
|
|
| 57,362,137 |
| ||
|
| Food & Staples Retailing — 1.2% |
|
|
| ||
3,847,000 |
| AbbVie, Inc., 4.875%, 11/14/48 |
| 4,244,150 |
| ||
2,992,000 |
| Conagra Brands, Inc., 4.850%, 11/1/28 |
| 3,383,837 |
| ||
3,105,000 |
| Conagra Brands, Inc., 5.300%, 11/1/38 |
| 3,586,415 |
| ||
3,165,000 |
| CVS Health Corp., 4.300%, 3/25/28 |
| 3,422,426 |
| ||
2,336,000 |
| Smithfield Foods, Inc., 5.200%, 4/1/29(b) |
| 2,570,773 |
| ||
|
|
|
| 17,207,601 |
| ||
|
| Food, Beverage &Tobacco — 0.1% |
|
|
| ||
1,300,000 |
| PepsiCo, Inc., 4.450%, 4/14/46 |
| 1,619,518 |
| ||
|
|
|
|
|
| ||
|
| Gas Utilities — 0.3% |
|
|
| ||
4,124,000 |
| Sempra Energy, 3.800%, 2/1/38 |
| 4,241,525 |
| ||
|
|
|
|
|
| ||
|
| Health Care Equipment & Services — 0.3% |
|
|
| ||
1,302,000 |
| HCA Healthcare, Inc., 6.250%, 2/15/21 |
| 1,363,324 |
| ||
3,065,000 |
| HCA, Inc., 5.000%, 3/15/24 |
| 3,346,822 |
| ||
|
|
|
| 4,710,146 |
| ||
|
| Health Care Providers & Services — 0.7% |
|
|
| ||
3,373,000 |
| Anthem, Inc., 4.101%, 3/1/28(c) |
| 3,643,055 |
| ||
2,889,000 |
| Becton Dickinson and Co., 2.979%, (LIBOR USD 3-Month plus 0.88%), 12/29/20(a) |
| 2,889,966 |
| ||
3,338,000 |
| Becton Dickinson and Co., 3.700%, 6/6/27 |
| 3,543,552 |
| ||
|
|
|
| 10,076,573 |
| ||
|
| Hotels, Restaurants & Leisure — 0.0% |
|
|
| ||
258,000 |
| Prime Security Services Borrower, LLC / Prime Finance, Inc., 9.250%, 5/15/23(b) |
| 271,235 |
| ||
|
|
|
|
|
| ||
|
| Household Durables — 0.1% |
|
|
| ||
1,100,000 |
| Mohawk Industries, Inc., 3.850%, 2/1/23 |
| 1,147,750 |
| ||
|
|
|
|
|
| ||
|
| Insurance — 1.9% |
|
|
| ||
575,000 |
| Alleghany Corp., 4.900%, 9/15/44(c) |
| 663,455 |
| ||
2,424,000 |
| Aspen Insurance Holdings, Ltd., 4.650%, 11/15/23 |
| 2,591,717 |
| ||
438,000 |
| Assurant, Inc., 3.363%, (LIBOR USD 3-Month plus 1.25%), 3/26/21(a) |
| 438,039 |
| ||
2,028,000 |
| Athene Global Funding, 2.750%, 4/20/20(b) |
| 2,035,058 |
| ||
2,915,000 |
| Carlyle Finance, LLC, 5.650%, 9/15/48(b) |
| 3,440,578 |
| ||
2,779,000 |
| CBRE Services, Inc., 5.250%, 3/15/25 |
| 3,111,580 |
| ||
2,680,000 |
| KKR Group Finance Co. III, LLC, 5.125%, 6/1/44(b) |
| 3,139,841 |
| ||
2,000,000 |
| Meiji Yasuda Life Insurance Co., 5.200%, 10/20/45(b)(d) |
| 2,205,000 |
| ||
756,000 |
| Ohio National Life Insurance Co., 6.875%, 6/15/42(b) |
| 871,635 |
| ||
3,765,000 |
| Reinsurance Group of America, Inc., 3.900%, 5/15/29 |
| 4,005,989 |
| ||
2,049,000 |
| Symetra Financial Corp., 4.250%, 7/15/24 |
| 2,187,337 |
| ||
2,117,000 |
| Transatlantic Holdings, Inc., 8.000%, 11/30/39 |
| 3,130,137 |
| ||
|
|
|
| 27,820,366 |
| ||
|
| IT Services — 0.2% |
|
|
| ||
3,472,000 |
| Fiserv, Inc., 3.200%, 7/1/26 |
| 3,593,156 |
| ||
|
|
|
|
|
| ||
|
| Machinery — 0.0% |
|
|
| ||
230,000 |
| Colfax Corp., 6.000%, 2/15/24(b) |
| 243,422 |
| ||
|
|
|
|
|
| ||
|
| Media — 1.4% |
|
|
| ||
2,912,000 |
| Charter Communications Operating, LLC/Charter Communications Operating Capital, 6.384%, 10/23/35 |
| 3,525,953 |
| ||
3,203,000 |
| Comcast Corp., 3.700%, 4/15/24 |
| 3,415,405 |
| ||
2,511,000 |
| Comcast Corp., 4.600%, 10/15/38 |
| 2,999,641 |
| ||
3,144,000 |
| Discovery Communications, LLC, 5.200%, 9/20/47 |
| 3,437,810 |
| ||
2,983,000 |
| Fox Corp., 5.476%, 1/25/39(b) |
| 3,656,192 |
| ||
3,426,000 |
| Viacom, Inc., 4.375%, 3/15/43 |
| 3,533,468 |
| ||
|
|
|
| 20,568,469 |
| ||
|
| Metals & Mining — 0.2% |
|
|
| ||
3,176,000 |
| Nucor Corp., 4.400%, 5/1/48 |
| 3,654,292 |
| ||
|
|
|
|
|
| ||
|
| Multi-Utilities — 0.5% |
|
|
| ||
2,275,000 |
| CMS Energy Corp., 4.700%, 3/31/43 |
| 2,611,803 |
| ||
1,903,000 |
| Progress Energy, Inc., 3.150%, 4/1/22 |
| 1,942,316 |
| ||
2,982,000 |
| Puget Sound Energy, Inc., 4.223%, 6/15/48 |
| 3,475,235 |
| ||
|
|
|
| 8,029,354 |
| ||
|
| Oil, Gas & Consumable Fuels — 0.9% |
|
|
| ||
803,000 |
| Energy Transfer Operating L.P., 6.125%, 12/15/45 |
| 942,072 |
| ||
3,812,000 |
| HollyFrontier Corp., 5.875%, 4/1/26 |
| 4,270,954 |
| ||
2,071,000 |
| Marathon Petroleum Corp., 5.375%, 10/1/22 |
| 2,096,925 |
| ||
3,260,000 |
| Newfield Exploration Co., 5.625%, 7/1/24 |
| 3,596,233 |
| ||
2,356,000 |
| Saudi Arabian Oil Co., 4.375%, 4/16/49(b) |
| 2,573,554 |
| ||
|
|
|
| 13,479,738 |
| ||
|
| Pharmaceuticals — 0.4% |
|
|
| ||
2,094,000 |
| Merck & Co., Inc., 3.900%, 3/7/39 |
| 2,427,015 |
| ||
2,872,000 |
| SC Johnson & Son, Inc., 4.750%, 10/15/46(b) |
| 3,557,309 |
| ||
|
|
|
| 5,984,324 |
| ||
|
| Road & Rail — 0.2% |
|
|
| ||
2,619,000 |
| Burlington Northern Santa Fe, LLC, 4.950%, 9/15/41 |
| 3,249,007 |
| ||
Continued
Principal |
|
|
|
|
| ||
Amount |
|
|
| Fair Value |
| ||
CORPORATE BONDS — (continued) |
|
|
| ||||
|
| Semiconductors & Semiconductor Equipment — 0.2% |
|
|
| ||
$ | 2,210,000 |
| Microchip Technology, Inc., 3.922%, 6/1/21 |
| $ | 2,257,241 |
|
|
|
|
|
|
| ||
|
| Software — 0.7% |
|
|
| ||
1,978,000 |
| Dell International, LLC / EMC Corp., 5.875%, 6/15/21(b) |
| 2,009,648 |
| ||
1,779,000 |
| International Business Machines Corp., 3.000%, 5/15/24 |
| 1,844,479 |
| ||
2,670,000 |
| Microsoft Corp., 4.750%, 11/3/55 |
| 3,598,002 |
| ||
2,959,000 |
| Trimble, Inc., 4.900%, 6/15/28 |
| 3,210,467 |
| ||
|
|
|
| 10,662,596 |
| ||
|
| Specialty Retail — 0.8% |
|
|
| ||
1,991,000 |
| ERAC USA Finance, LLC, 4.200%, 11/1/46(b) |
| 2,153,054 |
| ||
2,972,000 |
| Expedia Group, Inc., 5.000%, 2/15/26 |
| 3,338,659 |
| ||
2,732,000 |
| Expedia Group, Inc., 3.250%, 2/15/30(b) |
| 2,724,209 |
| ||
3,345,000 |
| Target Corp., 3.375%, 4/15/29 |
| 3,603,220 |
| ||
|
|
|
| 11,819,142 |
| ||
|
| Telecommunication Services — 0.8% |
|
|
| ||
3,250,000 |
| AT&T, Inc., 3.400%, 6/15/22 |
| 3,350,123 |
| ||
3,546,000 |
| AT&T, Inc., 4.100%, 2/15/28 |
| 3,833,360 |
| ||
3,572,000 |
| AT&T, Inc., 4.750%, 5/15/46 |
| 3,961,227 |
| ||
|
|
|
| 11,144,710 |
| ||
|
| Textiles,Apparel & Luxury Goods — 0.2% |
|
|
| ||
3,089,000 |
| Cintas Corp. No 2, 3.700%, 4/1/27 |
| 3,368,253 |
| ||
|
|
|
|
|
| ||
|
| Tobacco — 0.2% |
|
|
| ||
3,567,000 |
| BAT Capital Corp., 4.540%, 8/15/47 |
| 3,419,297 |
| ||
|
|
|
|
|
| ||
|
| Trading Companies & Distributors — 0.2% |
|
|
| ||
2,856,000 |
| Ashtead Capital, Inc., 5.625%, 10/1/24(b) |
| 2,941,680 |
| ||
|
| Total Corporate Bonds |
| 494,655,963 |
| ||
|
|
|
|
|
| ||
MORTGAGE-BACKED SECURITIES — 13.5% |
|
|
| ||||
|
| Fannie Mae — 7.9% |
|
|
| ||
2,167 |
| 5.000%, 8/1/20, Pool #832058 |
| 2,235 |
| ||
47,378 |
| 5.000%, 9/1/25, Pool #255892 |
| 50,672 |
| ||
9,382,693 |
| 3.010%, 11/1/27, Pool #AN7299 |
| 9,802,773 |
| ||
2,762,609 |
| 4.000%, 12/1/33, Pool #MA1689 |
| 2,926,563 |
| ||
1,717,230 |
| 4.000%, 6/1/34, Pool #MA1922 |
| 1,818,741 |
| ||
80,189 |
| 6.500%, 1/1/35, Pool #809198 |
| 92,008 |
| ||
1,542,466 |
| 4.000%, 3/1/35, Pool #MA2211 |
| 1,630,939 |
| ||
19,842 |
| 7.000%, 6/1/35, Pool #255820 |
| 22,727 |
| ||
61,233 |
| 6.500%, 3/1/36, Pool #866062 |
| 69,457 |
| ||
32,711 |
| 6.500%, 7/1/36, Pool #885493 |
| 36,444 |
| ||
6,201,660 |
| 3.430%, 6/1/37, Pool #AN5480 |
| 6,695,589 |
| ||
634,976 |
| 5.500%, 8/1/37, Pool #995082 |
| 717,680 |
| ||
383,638 |
| 4.500%, 10/1/39, Pool #AC2645 |
| 415,430 |
| ||
282,455 |
| 5.000%, 6/1/40, Pool #AD4927 |
| 312,007 |
| ||
232,655 |
| 5.000%, 6/1/40, Pool #AD8718 |
| 256,700 |
| ||
848,247 |
| 4.500%, 12/1/40, Pool #AH1100 |
| 919,040 |
| ||
302,305 |
| 4.500%, 3/1/41, Pool #AB2467 |
| 329,630 |
| ||
622,997 |
| 4.500%, 5/1/41, Pool #AI1023 |
| 675,129 |
| ||
423,454 |
| 4.500%, 11/1/41, Pool #AJ4994 |
| 458,517 |
| ||
629,683 |
| 4.500%, 12/1/41, Pool #AJ7696 |
| 682,003 |
| ||
1,431,427 |
| 3.500%, 6/1/42, Pool #AB5373 |
| 1,503,091 |
| ||
2,535,768 |
| 4.000%, 9/1/42, Pool #MA1178 |
| 2,698,679 |
| ||
1,917,359 |
| 3.500%, 5/1/43, Pool #AB9368 |
| 2,016,409 |
| ||
1,713,348 |
| 3.500%, 5/1/43, Pool #AL3605 |
| 1,807,136 |
| ||
1,959,086 |
| 3.500%, 8/1/43, Pool #AU0613 |
| 2,068,011 |
| ||
807,806 |
| 4.500%, 11/1/44, Pool #MA2100 |
| 863,090 |
| ||
5,427,553 |
| 3.500%, 1/1/45, Pool #Q30876 |
| 5,682,190 |
| ||
2,026,286 |
| 4.500%, 1/1/45, Pool #MA2158 |
| 2,177,638 |
| ||
2,885,647 |
| 4.000%, 3/1/45, Pool #MA2217(c) |
| 3,046,841 |
| ||
2,607,057 |
| 4.000%, 6/1/46, Pool #MA2653 |
| 2,744,726 |
| ||
2,890,724 |
| 4.500%, 7/1/46, Pool #AS7568 |
| 3,074,491 |
| ||
3,202,752 |
| 4.000%, 11/1/46, Pool #MA2808 |
| 3,364,933 |
| ||
4,929,165 |
| 4.000%, 5/1/47, Pool #BE9598 |
| 5,165,907 |
| ||
12,414,760 |
| 3.500%, 6/1/47, Pool #BE3695 |
| 12,844,523 |
| ||
2,460,232 |
| 4.000%, 7/1/47, Pool #MA3058 |
| 2,569,872 |
| ||
5,672,741 |
| 4.000%, 8/1/47, Pool #BH5117 |
| 5,940,032 |
| ||
8,740,383 |
| 3.500%, 1/1/48, Pool #Q53670 |
| 9,023,931 |
| ||
11,727,199 |
| 4.000%, 4/1/48, Pool #BM3900 |
| 12,273,467 |
| ||
8,586,906 |
| 5.000%, 8/1/48, Pool #CA2219 |
| 9,226,710 |
| ||
|
|
|
| 116,005,961 |
| ||
|
| Freddie Mac — 5.6% |
|
|
| ||
24,095 |
| 5.500%, 10/1/21, Pool #G12425 |
| 24,641 |
| ||
31,666 |
| 5.000%, 12/1/21, Pool #J04025 |
| 32,676 |
| ||
68,959 |
| 5.000%, 7/1/25, Pool #C90908 |
| 73,796 |
| ||
247,406 |
| 2.500%, 1/1/28, Pool #J22069 |
| 250,624 |
| ||
944,269 |
| 3.500%, 7/1/30, Pool #G18562 |
| 981,040 |
| ||
81,463 |
| 5.000%, 3/1/36, Pool #G08115 |
| 89,946 |
| ||
2,943,307 |
| 4.000%, 4/1/36, Pool #C91874 |
| 3,119,058 |
| ||
4,208,398 |
| 3.500%, 6/1/36, Pool #C91875(c) |
| 4,366,373 |
| ||
22,089 |
| 5.000%, 7/1/36, Pool #G02291 |
| 24,417 |
| ||
2,302,272 |
| 3.500%, 8/1/36, Pool #C91888 |
| 2,388,638 |
| ||
239,955 |
| 6.500%, 9/1/36, Pool #G08152 |
| 275,043 |
| ||
5,330,139 |
| 3.500%, 11/1/36, Pool #C91906 |
| 5,530,516 |
| ||
78,587 |
| 5.000%, 2/1/37, Pool #A57714 |
| 86,762 |
| ||
4,797,983 |
| 4.000%, 5/1/37, Pool #C91938 |
| 5,040,715 |
| ||
106,401 |
| 4.500%, 10/1/39, Pool #A89346 |
| 115,239 |
| ||
315,003 |
| 5.000%, 6/1/40, Pool #C03479 |
| 348,303 |
| ||
901,269 |
| 5.000%, 7/1/40, Pool #A93070 |
| 996,543 |
| ||
108,354 |
| 5.000%, 9/1/40, Pool #C03518 |
| 119,670 |
| ||
1,130,779 |
| 4.000%, 12/1/42, Pool #G07266 |
| 1,208,814 |
| ||
911,054 |
| 3.500%, 5/1/43, Pool #Q18305 |
| 957,149 |
| ||
641,502 |
| 4.000%, 5/1/44, Pool #V81186 |
| 678,243 |
| ||
333,859 |
| 4.000%, 7/1/44, Pool #ZS4573 |
| 352,809 |
| ||
367,994 |
| 4.000%, 9/1/44, Pool #Q28299 |
| 388,808 |
| ||
7,708,080 |
| 3.500%, 5/1/46, Pool #G08706 |
| 8,020,762 |
| ||
1,772,361 |
| 4.000%, 8/1/46, Pool #G08717 |
| 1,864,934 |
| ||
4,811,029 |
| 3.500%, 9/1/46, Pool #G08722 |
| 5,006,369 |
| ||
16,196,561 |
| 3.500%, 2/1/47, Pool #Q46278 |
| 16,791,769 |
| ||
9,055,831 |
| 3.500%, 9/1/47, Pool #Q50962 |
| 9,363,729 |
| ||
1,946,202 |
| 3.500%, 1/1/48, Pool #Q53640 |
| 2,009,077 |
| ||
3,065,554 |
| 4.000%, 2/1/48, Pool #G61816 |
| 3,215,594 |
| ||
2,017,294 |
| 4.000%, 6/1/48, Pool #G67713 |
| 2,135,960 |
| ||
6,995,609 |
| 4.000%, 4/1/49, Pool #Q62771 |
| 7,279,529 |
| ||
|
|
|
| 83,137,546 |
| ||
|
| Ginnie Mae — 0.0% |
|
|
| ||
161,395 |
| 5.000%, 2/15/40, Pool #737037 |
| 181,234 |
| ||
|
| Total Mortgage-Backed Securities |
| 199,324,741 |
| ||
Continued
Principal |
|
|
|
|
| ||
Amount |
|
|
| Fair Value |
| ||
MUNICIPAL BONDS — 3.3% |
|
|
| ||||
|
| Alabama — 0.2% |
|
|
| ||
$ | 3,000,000 |
| Alabama Economic Settlement Authority, Economic Imports, Taxable BP - Settlement Revenue, Series B, 4.263%, 9/15/32(c) |
| $ | 3,412,260 |
|
|
|
|
|
|
| ||
|
| California — 0.9% |
|
|
| ||
1,889,000 |
| California Institute of Technology, 4.283%, 9/1/16(c) |
| 2,263,445 |
| ||
1,285,000 |
| State of California, Build America Bonds, School Improvements G.O., 7.625%, 3/1/40 |
| 2,108,428 |
| ||
8,000,000 |
| State of California, Refunding, Taxable-Various Purpose-Bid Group, Transit Improvements G.O., 2.650%, 4/1/26(c) |
| 8,220,000 |
| ||
|
|
|
| 12,591,873 |
| ||
|
| Connecticut — 0.2% |
|
|
| ||
3,000,000 |
| State of Connecticut Special Tax Revenue, Build America Bonds, Transition Infrastructure, Series B, 4.126%, 11/1/20 |
| 3,061,740 |
| ||
|
|
|
|
|
| ||
|
| Illinois — 0.3% |
|
|
| ||
1,800,000 |
| State of Illinois, Public Improvements, Taxable Building Revenue, 3.481%, 6/15/26 |
| 1,855,296 |
| ||
3,130,000 |
| State of Illinois, Public Improvements, Taxable Revenue, Series B, 2.620%, 6/15/26 |
| 3,057,885 |
| ||
|
|
|
| 4,913,181 |
| ||
|
| New Jersey — 0.3% |
|
|
| ||
1,335,000 |
| New Jersey Economic Development Authority, Advance Refunding Revenue, Series B, 5.000%, 11/1/19 |
| 1,338,551 |
| ||
2,375,000 |
| New Jersey Economic Development Authority, School Facilities Construction Refunding Revenue, Taxable, Series C, 4.521%, 6/15/21 |
| 2,448,601 |
| ||
|
|
|
| 3,787,152 |
| ||
|
| NewYork — 0.3% |
|
|
| ||
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 |
| 3,229,920 |
| ||
1,640,000 |
| New York, NY, Build America Bonds, Public Improvements G.O., 4.874%, 3/1/21 |
| 1,702,287 |
| ||
|
|
|
| 4,932,207 |
| ||
|
| North Carolina — 0.2% |
|
|
| ||
2,600,000 |
| Duke University, 3.299%, 10/1/46 |
| 2,733,943 |
| ||
|
|
|
|
|
| ||
|
| Ohio — 0.4% |
|
|
| ||
5,658,000 |
| Premier Health Partners, Series G, Callable 5/15/26 @ 100, 2.911%, 11/15/26 |
| 5,534,949 |
| ||
|
|
|
|
|
| ||
|
| Pennsylvania — 0.5% |
|
|
| ||
1,005,000 |
| Commonwealth Financing Authority, School Improvements, Taxable Revenue, Series A, 4.014%, 6/1/33 |
| 1,149,810 |
| ||
4,375,000 |
| Lehigh University, 3.479%, 11/15/46 |
| 4,444,067 |
| ||
2,260,000 |
| Philadelphia Authority for Industrial Development, Refunding Revenue, Taxable, 3.664%, 4/15/22 |
| 2,317,969 |
| ||
|
|
|
| 7,911,846 |
| ||
|
| Total Municipal Bonds |
| 48,879,151 |
| ||
|
|
|
|
|
| ||
U.S.TREASURY BONDS — 5.0% |
|
|
| ||||
68,909,100 |
| 2.500%, 2/15/45 |
| 74,147,268 |
| ||
|
| Total U.S. Treasury Bonds |
| 74,147,268 |
| ||
|
|
|
|
|
| ||
U.S.TREASURY NOTES — 7.0% |
|
|
| ||||
10,000,000 |
| 1.375%, 4/30/20 |
| 9,970,703 |
| ||
10,346,800 |
| 1.875%, 2/28/22 |
| 10,407,426 |
| ||
1,300,000 |
| 2.125%, 12/31/22 |
| 1,322,191 |
| ||
1,424,500 |
| 2.625%, 6/30/23 |
| 1,478,753 |
| ||
17,466,900 |
| 2.500%, 1/31/24 |
| 18,143,060 |
| ||
792,600 |
| 2.250%, 4/30/24 |
| 816,471 |
| ||
12,050,500 |
| 2.500%, 2/28/26(c) |
| 12,696,802 |
| ||
7,716,500 |
| 2.250%, 8/15/27 |
| 8,067,058 |
| ||
1,962,700 |
| 2.250%, 11/15/27 |
| 2,053,092 |
| ||
35,826,500 |
| 2.625%, 2/15/29 |
| 38,775,189 |
| ||
|
| Total U.S. Treasury Notes |
| 103,730,745 |
| ||
|
|
|
|
|
| ||
Shares |
|
|
|
|
| ||
PREFERRED STOCKS — 0.2% |
|
|
| ||||
|
| Energy Equipment & Services — 0.2% |
|
|
| ||
90,000 |
| Energy Transfer Operating L.P., Series D, 7.625% |
| 2,223,000 |
| ||
|
| Total Preferred Stocks |
| 2,223,000 |
| ||
|
|
|
|
|
| ||
MONEY MARKET FUND — 2.0% |
|
|
| ||||
28,990,375 |
| Federated Treasury Obligations Fund, Institutional Shares, 1.84%(h) |
| 28,990,375 |
| ||
|
| Total Money Market Fund |
| 28,990,375 |
| ||
|
|
|
|
|
| ||
Total Investments — 100.1% |
| 1,480,635,826 |
| ||||
Net Other Assets (Liabilities) — (0.1)% |
| (1,352,874 | ) | ||||
NET ASSETS — 100.0% |
| $ | 1,479,282,952 |
| |||
(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 September 30, 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 September 30, 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 September 30, 2019, total cost of investments purchased on a when-issued basis was $3,244,078.
(h) Represents the current yield as of report date.
Continued
BKNT — Bank Note
G.O. — General Obligation
GMTN — Global Medium Term Note
MTN — Medium Term Note
STEP — Step Coupon Bond
Continued
Sterling Capital Corporate Fund
Schedule of Portfolio Investments
September 30, 2019
Principal |
|
|
|
|
| ||
Amount |
|
|
| Fair Value |
| ||
CORPORATE BONDS — 97.7% |
|
|
| ||||
|
| Aerospace & Defense — 0.7% |
|
|
| ||
$ | 150,000 |
| L3Harris Technologies, Inc., 4.950%, 2/15/21(a) |
| $ | 154,119 |
|
|
|
|
|
|
| ||
|
| Automobiles — 1.5% |
|
|
| ||
200,000 |
| Ford Motor Credit Co., LLC, 5.085%, 1/7/21 |
| 205,101 |
| ||
140,000 |
| General Motors Financial Co., Inc., 3.550%, 7/8/22 |
| 142,865 |
| ||
|
|
|
| 347,966 |
| ||
|
| Banks — 15.0% |
|
|
| ||
200,000 |
| Associated Banc-Corp., 2.750%, 11/15/19 |
| 200,015 |
| ||
225,000 |
| Bank of America Corp., 3.366%, 1/23/26(b) |
| 234,031 |
| ||
230,000 |
| Bank of America Corp., MTN, 2.503%, 10/21/22 |
| 231,564 |
| ||
188,000 |
| Bank of America Corp., MTN, 3.093%, 10/1/25(b) |
| 193,426 |
| ||
110,000 |
| Bank of Montreal, Series E, 3.300%, 2/5/24 |
| 114,465 |
| ||
185,000 |
| Capital One Financial Corp., 3.200%, 2/5/25 |
| 190,203 |
| ||
400,000 |
| Citigroup, Inc., 4.400%, 6/10/25 |
| 430,556 |
| ||
250,000 |
| Citizens Bank NA / Providence RI, BKNT, 2.942%, (LIBOR USD 3-Month plus 0.81%), 5/26/22(c) |
| 250,455 |
| ||
250,000 |
| Cooperatieve Rabobank UA, 3.950%, 11/9/22 |
| 260,380 |
| ||
280,000 |
| JPMorgan Chase & Co., 2.400%, 6/7/21 |
| 281,331 |
| ||
272,000 |
| JPMorgan Chase & Co., 3.625%, 5/13/24 |
| 288,069 |
| ||
225,000 |
| Sumitomo Mitsui Financial Group, Inc., 2.778%, 10/18/22 |
| 228,291 |
| ||
200,000 |
| Toronto-Dominion Bank (The), 3.625%, 9/15/31(d) |
| 207,235 |
| ||
110,000 |
| Westpac Banking Corp., 2.800%, 1/11/22 |
| 111,896 |
| ||
250,000 |
| Zions Bancorp NA, 3.500%, 8/27/21 |
| 255,460 |
| ||
|
|
|
| 3,477,377 |
| ||
|
| Beverages — 3.8% |
|
|
| ||
225,000 |
| Anheuser-Busch Cos., LLC / Anheuser-Busch InBev Worldwide, Inc., 3.650%, 2/1/26 |
| 241,042 |
| ||
155,000 |
| Bacardi, Ltd., 4.450%, 5/15/25(a) |
| 165,770 |
| ||
235,000 |
| Coca-Cola Co. (The), 2.250%, 9/1/26 |
| 236,243 |
| ||
235,000 |
| Constellation Brands, Inc., 2.858%, (LIBOR USD 3-Month plus 0.70%), 11/15/21(c) |
| 235,000 |
| ||
|
|
|
| 878,055 |
| ||
|
| Capital Goods — 0.9% |
|
|
| ||
61,000 |
| Keysight Technologies, Inc., 4.550%, 10/30/24 |
| 65,804 |
| ||
135,000 |
| Trimble, Inc., 4.900%, 6/15/28 |
| 146,473 |
| ||
|
|
|
| 212,277 |
| ||
|
| Chemicals — 2.8% |
|
|
| ||
88,000 |
| Celanese U.S. Holdings, LLC, 3.500%, 5/8/24 |
| 91,238 |
| ||
132,000 |
| DowDuPont, Inc., 4.493%, 11/15/25 |
| 145,875 |
| ||
140,000 |
| FMC Corp., 3.950%, 2/1/22 |
| 144,202 |
| ||
127,000 |
| FMC Corp., 3.450%, 10/1/29 |
| 129,027 |
| ||
34,000 |
| NOVA Chemicals Corp., 4.875%, 6/1/24(a) |
| 34,964 |
| ||
110,000 |
| Westlake Chemical Corp., 3.600%, 8/15/26 |
| 113,576 |
| ||
|
|
|
| 658,882 |
| ||
|
| Commercial Services & Supplies — 2.3% |
|
|
| ||
141,000 |
| Waste Connections, Inc., 3.500%, 5/1/29 |
| 150,412 |
| ||
250,000 |
| Waste Management, Inc., 2.950%, 6/15/24 |
| 258,691 |
| ||
110,000 |
| WPP Finance 2010, 3.625%, 9/7/22 |
| 113,467 |
| ||
|
|
|
| 522,570 |
| ||
|
| Communications Equipment — 0.3% |
|
|
| ||
81,000 |
| CommScope Technologies, LLC, 5.000%, 3/15/27(a) |
| 66,825 |
| ||
|
|
|
|
|
| ||
|
| Diversified Financial Services — 10.5% |
|
|
| ||
110,000 |
| American Express Co., 3.000%, 10/30/24 |
| 113,594 |
| ||
190,000 |
| Ares Finance Co., LLC, 4.000%, 10/8/24(a) |
| 187,071 |
| ||
120,000 |
| Avolon Holdings Funding, Ltd., 3.625%, 5/1/22(a) |
| 121,620 |
| ||
60,000 |
| Carlyle Holdings Finance, LLC, 3.875%, 2/1/23(a) |
| 62,162 |
| ||
250,000 |
| Credit Suisse Group, AG, 2.593%, 9/11/25(a)(b) |
| 247,525 |
| ||
461,000 |
| Goldman Sachs Group, Inc. (The), 2.908%, 6/5/23(b) |
| 466,961 |
| ||
378,000 |
| Goldman Sachs Group, Inc. (The), 4.250%, 10/21/25 |
| 404,499 |
| ||
60,000 |
| Jefferies Group, LLC / Jefferies Group Capital Finance, Inc., 4.850%, 1/15/27 |
| 63,645 |
| ||
168,000 |
| KKR Group Finance Co. VI, LLC, 3.750%, 7/1/29(a) |
| 177,050 |
| ||
250,000 |
| Macquarie Group, Ltd., 6.250%, 1/14/21(a) |
| 262,195 |
| ||
210,000 |
| Nationwide Financial Services, Inc., 5.375%, 3/25/21(a) |
| 217,601 |
| ||
111,000 |
| ORIX Corp., 2.900%, 7/18/22 |
| 112,868 |
| ||
|
|
|
| 2,436,791 |
| ||
|
| Diversified Telecommunication Services — 4.1% |
|
|
| ||
110,000 |
| AT&T, Inc., 3.000%, 6/30/22 |
| 112,280 |
| ||
204,000 |
| AT&T, Inc., 4.100%, 2/15/28 |
| 220,532 |
| ||
200,000 |
| Sprint Spectrum Co., LLC / Sprint Spectrum Co. II LLC / Sprint Spectrum Co. III LLC, 4.738%, 3/20/25(a) |
| 212,602 |
| ||
150,000 |
| Telefonica Emisiones SA, 4.103%, 3/8/27 |
| 163,233 |
| ||
209,000 |
| Verizon Communications, Inc., 4.016%, 12/3/29 |
| 232,268 |
| ||
|
|
|
| 940,915 |
| ||
|
| Electric Utilities — 1.8% |
|
|
| ||
200,000 |
| Appalachian Power Co., 4.600%, 3/30/21 |
| 205,931 |
| ||
200,000 |
| Exelon Corp., 3.950%, 6/15/25 |
| 214,146 |
| ||
|
|
|
| 420,077 |
| ||
|
| Electrical Equipment — 0.8% |
|
|
| ||
185,000 |
| Textron, Inc., 3.650%, 3/1/21 |
| 188,537 |
| ||
|
|
|
|
|
| ||
|
| Energy Equipment & Services — 5.9% |
|
|
| ||
101,923 |
| Cenovus Energy, Inc., 5.700%, 10/15/19 |
| 102,034 |
| ||
107,000 |
| Cenovus Energy, Inc., 4.250%, 4/15/27 |
| 111,246 |
| ||
160,000 |
| Energy Transfer Operating L.P., 4.050%, 3/15/25 |
| 167,412 |
| ||
89,000 |
| Hess Corp., 7.875%, 10/1/29 |
| 112,438 |
| ||
154,000 |
| Kinder Morgan, Inc./DE, 4.300%, 6/1/25 |
| 166,493 |
| ||
165,000 |
| Midwest Connector Capital Co., LLC, 3.900%, 4/1/24(a) |
| 173,795 |
| ||
105,000 |
| MPLX L.P., 5.250%, 1/15/25(a) |
| 110,834 |
| ||
148,000 |
| MPLX L.P., 4.125%, 3/1/27 |
| 156,078 |
| ||
43,000 |
| NuStar Logistics L.P., 4.800%, 9/1/20 |
| 43,699 |
| ||
187,000 |
| Penske Truck Leasing Co. L.P. / PTL Finance Corp., 3.400%, 11/15/26(a) |
| 191,122 |
| ||
23,000 |
| Sabine Pass Liquefaction, LLC, 5.625%, 3/1/25 |
| 25,825 |
| ||
|
|
|
| 1,360,976 |
| ||
See accompanying Notes to the Financial Statements.
Principal |
|
|
|
|
| ||
Amount |
|
|
| Fair Value |
| ||
CORPORATE BONDS — (continued) |
|
|
| ||||
|
| Equity Real Estate Investment Trusts (REITS) — 11.7% |
|
|
| ||
$ | 170,000 |
| American Homes 4 Rent LP, 4.250%, 2/15/28 |
| $ | 183,052 |
|
157,000 |
| American Tower Trust, 3.652%, 3/23/28(a) |
| 168,853 |
| ||
115,000 |
| Duke Realty L.P., 3.250%, 6/30/26 |
| 119,022 |
| ||
200,000 |
| Essex Portfolio L.P., 3.250%, 5/1/23 |
| 205,633 |
| ||
186,000 |
| Healthcare Realty Trust, Inc., 3.625%, 1/15/28 |
| 193,492 |
| ||
165,000 |
| Healthcare Trust of America Holdings L.P., 3.100%, 2/15/30 |
| 164,482 |
| ||
245,000 |
| Host Hotels & Resorts L.P., Series H, 3.375%, 12/15/29 |
| 244,633 |
| ||
25,000 |
| iStar, Inc., 4.750%, 10/1/24 |
| 25,439 |
| ||
233,000 |
| Jones Lang LaSalle, Inc., 4.400%, 11/15/22 |
| 242,460 |
| ||
200,000 |
| Kimco Realty Corp., 2.700%, 3/1/24 |
| 201,586 |
| ||
189,000 |
| Physicians Realty L.P., 4.300%, 3/15/27 |
| 201,994 |
| ||
120,000 |
| Realty Income Corp., 4.650%, 8/1/23 |
| 130,354 |
| ||
128,000 |
| Sabra Health Care L.P. / Sabra Capital Corp., 4.800%, 6/1/24 |
| 135,067 |
| ||
275,000 |
| Spirit Realty L.P., 3.400%, 1/15/30 |
| 272,978 |
| ||
21,000 |
| Starwood Property Trust, Inc., 3.625%, 2/1/21 |
| 21,079 |
| ||
29,000 |
| Starwood Property Trust, Inc., 5.000%, 12/15/21 |
| 29,943 |
| ||
165,000 |
| STORE Capital Corp., 4.625%, 3/15/29 |
| 181,437 |
| ||
|
|
|
| 2,721,504 |
| ||
|
| Food Products — 1.5% |
|
|
| ||
160,000 |
| Conagra Brands, Inc., 4.300%, 5/1/24 |
| 171,730 |
| ||
161,000 |
| Smithfield Foods, Inc., 5.200%, 4/1/29(a) |
| 177,181 |
| ||
|
|
|
| 348,911 |
| ||
|
| Food, Beverage &Tobacco — 1.6% |
|
|
| ||
265,000 |
| CVS Health Corp., 3.700%, 3/9/23 |
| 275,849 |
| ||
100,000 |
| Darling Ingredients, Inc., 5.250%, 4/15/27(a) |
| 105,000 |
| ||
|
|
|
| 380,849 |
| ||
|
| Health Care Providers & Services — 1.8% |
|
|
| ||
135,000 |
| Becton Dickinson and Co., 3.700%, 6/6/27 |
| 143,313 |
| ||
140,000 |
| Celgene Corp., 3.250%, 8/15/22 |
| 144,246 |
| ||
26,000 |
| HCA Healthcare, Inc., 6.250%, 2/15/21 |
| 27,225 |
| ||
105,000 |
| HCA, Inc., 5.000%, 3/15/24 |
| 114,655 |
| ||
|
|
|
| 429,439 |
| ||
|
| Hotels, Restaurants & Leisure — 1.1% |
|
|
| ||
154,000 |
| Hyatt Hotels Corp., 4.375%, 9/15/28 |
| 168,020 |
| ||
21,000 |
| Prime Security Services Borrower, LLC / Prime Finance, Inc., 9.250%, 5/15/23(a) |
| 22,077 |
| ||
55,000 |
| Prime Security Services Borrower, LLC / Prime Finance, Inc., 5.750%, 4/15/26(a) |
| 57,271 |
| ||
|
|
|
| 247,368 |
| ||
|
| Industrial Conglomerates — 1.0% |
|
|
| ||
214,000 |
| Carlisle Cos., Inc., 3.500%, 12/1/24 |
| 222,141 |
| ||
|
|
|
|
|
| ||
|
| Insurance — 9.3% |
|
|
| ||
155,000 |
| Alleghany Corp., 4.950%, 6/27/22 |
| 165,059 |
| ||
160,000 |
| Aspen Insurance Holdings, Ltd., 4.650%, 11/15/23 |
| 171,070 |
| ||
92,000 |
| AXA Equitable Holdings, Inc., 3.900%, 4/20/23 |
| 96,024 |
| ||
180,000 |
| CBRE Services, Inc., 5.250%, 3/15/25 |
| 201,542 |
| ||
163,000 |
| Horace Mann Educators Corp., 4.500%, 12/1/25 |
| 172,182 |
| ||
110,000 |
| Jackson National Life Global Funding, 3.250%, 1/30/24(a) |
| 114,387 |
| ||
55,000 |
| Liberty Mutual Group, Inc., 4.250%, 6/15/23(a) |
| 58,317 |
| ||
190,000 |
| Liberty Mutual Group, Inc., 4.569%, 2/1/29(a) |
| 212,000 |
| ||
475,000 |
| Morgan Stanley, GMTN, 3.700%, 10/23/24 |
| 502,964 |
| ||
164,000 |
| Radian Group, Inc., 4.875%, 3/15/27 |
| 166,050 |
| ||
270,000 |
| Symetra Financial Corp., 4.250%, 7/15/24 |
| 288,229 |
| ||
|
|
|
| 2,147,824 |
| ||
|
| IT Services — 0.8% |
|
|
| ||
175,000 |
| Fiserv, Inc., 2.750%, 7/1/24 |
| 178,041 |
| ||
|
|
|
|
|
| ||
|
| Media — 4.2% |
|
|
| ||
165,000 |
| Charter Communications Operating, LLC / Charter Communications Operating Capital, 4.200%, 3/15/28 |
| 173,524 |
| ||
158,000 |
| Comcast Corp., 4.150%, 10/15/28 |
| 177,233 |
| ||
34,000 |
| Diamond Sports Group, LLC / Diamond Sports Finance Co., 6.625%, 8/15/27(a) |
| 35,275 |
| ||
143,000 |
| Discovery Communications, LLC, 3.950%, 3/20/28 |
| 148,436 |
| ||
50,000 |
| TEGNA, Inc., 5.000%, 9/15/29(a) |
| 50,693 |
| ||
165,000 |
| Viacom, Inc., 3.875%, 4/1/24 |
| 173,543 |
| ||
225,000 |
| Walt Disney Co. (The), 1.750%, 8/30/24 |
| 222,783 |
| ||
|
|
|
| 981,487 |
| ||
|
| Metals & Mining — 0.6% |
|
|
| ||
124,000 |
| Nucor Corp., 3.950%, 5/1/28 |
| 135,311 |
| ||
|
|
|
|
|
| ||
|
| Multi-Utilities — 2.2% |
|
|
| ||
200,000 |
| Entergy Louisiana, LLC, 4.440%, 1/15/26 |
| 220,065 |
| ||
275,000 |
| Progress Energy, Inc., 3.150%, 4/1/22 |
| 280,681 |
| ||
|
|
|
| 500,746 |
| ||
|
| Oil, Gas & Consumable Fuels — 3.6% |
|
|
| ||
150,000 |
| Canadian Natural Resources, Ltd., 3.800%, 4/15/24 |
| 157,090 |
| ||
84,000 |
| HollyFrontier Corp., 5.875%, 4/1/26 |
| 94,113 |
| ||
146,000 |
| Marathon Petroleum Corp., 5.375%, 10/1/22 |
| 147,828 |
| ||
54,000 |
| Murphy Oil Corp., 4.000%, 6/1/22 |
| 54,203 |
| ||
190,000 |
| Newfield Exploration Co., 5.625%, 7/1/24 |
| 209,596 |
| ||
165,000 |
| Occidental Petroleum Corp., 2.600%, 8/13/21 |
| 166,075 |
| ||
|
|
|
| 828,905 |
| ||
|
| Pharmaceuticals — 1.6% |
|
|
| ||
200,000 |
| AbbVie, Inc., 3.600%, 5/14/25 |
| 208,017 |
| ||
143,000 |
| Merck & Co., Inc., 3.400%, 3/7/29 |
| 155,120 |
| ||
|
|
|
| 363,137 |
| ||
|
| Semiconductors & Semiconductor Equipment — 0.6% |
|
|
| ||
130,000 |
| Microchip Technology, Inc., 3.922%, 6/1/21 |
| 132,779 |
| ||
|
|
|
|
|
| ||
|
| Software — 0.8% |
|
|
| ||
170,000 |
| International Business Machines Corp., 3.300%, 5/15/26 |
| 179,269 |
| ||
|
|
|
|
|
| ||
|
| Specialty Retail — 1.9% |
|
|
| ||
135,000 |
| ERAC USA Finance, LLC, 3.800%, 11/1/25(a) |
| 143,974 |
| ||
157,000 |
| Expedia Group, Inc., 5.000%, 2/15/26 |
| 176,369 |
| ||
125,000 |
| Lowe’s Cos., Inc., 2.500%, 4/15/26 |
| 124,558 |
| ||
|
|
|
| 444,901 |
| ||
|
| Technology Hardware, Storage & Peripherals — 0.3% |
|
|
| ||
80,000 |
| EMC Corp., 3.375%, 6/1/23 |
| 80,008 |
| ||
Continued
Principal |
|
|
|
|
| ||
Amount |
|
|
| Fair Value |
| ||
CORPORATE BONDS — (continued) |
|
|
| ||||
|
| Textiles, Apparel & Luxury Goods — 0.3% |
|
|
| ||
$ | 75,000 |
| Cintas Corp. No 2, 3.700%, 4/1/27 |
| $ | 81,780 |
|
|
|
|
|
|
| ||
|
| Tobacco — 1.5% |
|
|
| ||
150,000 |
| Altria Group, Inc., 4.400%, 2/14/26 |
| 160,402 |
| ||
180,000 |
| BAT Capital Corp., 3.557%, 8/15/27 |
| 181,310 |
| ||
|
|
|
| 341,712 |
| ||
|
| Trading Companies & Distributors — 0.9% |
|
|
| ||
200,000 |
| Ashtead Capital, Inc., 5.625%, 10/1/24(a) |
| 206,000 |
| ||
|
| Total Corporate Bonds |
| 22,617,479 |
| ||
|
|
|
|
|
| ||
U.S.TREASURY NOTES — 0.1% |
|
|
| ||||
17,400 |
| 2.250%, 8/15/27 |
| 18,190 |
| ||
|
| Total U.S. Treasury Notes |
| 18,190 |
| ||
Shares |
|
|
|
|
| |
MONEY MARKET FUND — 1.4% |
|
|
| |||
342,319 |
| Federated Treasury Obligations Fund, Institutional Shares, 1.84%(e) |
| 342,319 |
| |
|
| Total Money Market Fund |
| 342,319 |
| |
Total Investments — 99.2% |
| 22,977,988 |
| |||
Net Other Assets (Liabilities) — 0.8% |
| 174,842 |
| |||
NET ASSETS — 100.0% |
| $ | 23,152,830 |
| ||
(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 September 30, 2019. The maturity date reflected is the final maturity date.
(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 September 30, 2019. The maturity date reflected is the final maturity date.
(e) Represents the current yield as of report date.
BKNT — Bank Note
GMTN — Global Medium Term Note
MTN — Medium Term Note
Continued
Sterling Capital Securitized Opportunities Fund
Schedule of Portfolio Investments
September 30, 2019
Principal |
|
|
|
|
| ||
Amount |
|
|
| Fair Value |
| ||
ASSET BACKED SECURITIES — 20.3% |
|
|
| ||||
$ | 406,773 |
| Aegis Asset Backed Securities Trust, Series 2005-5, Class 1A4, 2.368%, (LIBOR USD 1-Month plus 0.35%), 12/25/35(a) |
| $ | 405,677 |
|
300,000 |
| AmeriCredit Automobile Receivables Trust, Series 2017-1, Class C, 2.710%, 8/18/22 |
| 302,315 |
| ||
88,554 |
| Argent Securities, Inc. Pass Through Certificates, Series 2005-W3, Class A2D, 2.358%, (LIBOR USD 1-Month plus 0.34%), 11/25/35(a) |
| 88,687 |
| ||
500,000 |
| Avis Budget Rental Car Funding AESOP, LLC, Series 2017-1A, Class A, 3.070%, 9/20/23(b) |
| 510,451 |
| ||
300,000 |
| Avis Budget Rental Car Funding AESOP, LLC, Series 2017-2A, Class A, 2.970%, 3/20/24(b) |
| 306,502 |
| ||
135,827 |
| Bear Stearns Asset Backed Securities I Trust, Series 2004-BO1, Class M5, 3.418%, (LIBOR USD 1-Month plus 1.40%), 10/25/34(a) |
| 136,287 |
| ||
81,374 |
| Bear Stearns Asset Backed Securities I Trust, Series 2004-HE11, Class M2, 3.593%, (LIBOR USD 1-Month plus 1.58%), 12/25/34(a) |
| 82,251 |
| ||
450,000 |
| Citibank Credit Card Issuance Trust, Series 2007-A3, Class A3, 6.150%, 6/15/39 |
| 636,938 |
| ||
34,486 |
| Citicorp Residential Mortgage Trust, STEP, Series 2007-2, Class A6, 5.005%, 6/25/37 |
| 34,915 |
| ||
293,341 |
| Credit-Based Asset Servicing & Securitization, LLC, Series 2006-SC1, Class M2, 2.418%, (LIBOR USD 1-Month plus 0.40%), 5/25/36(a)(b) |
| 292,674 |
| ||
366,888 |
| Encore Credit Receivables Trust, Series 2005-4, Class M2, 2.458%, (LIBOR USD 1-Month plus 0.44%), 1/25/36(a) |
| 366,949 |
| ||
500,000 |
| Ford Credit Auto Owner Trust, Series 2019-1, Class A, 3.520%, 7/15/30(b) |
| 528,812 |
| ||
350,000 |
| Ford Credit Auto Owner Trust, Series 2018-1, Class A, 3.190%, 7/15/31(b) |
| 364,531 |
| ||
181,387 |
| GSAMP Trust, Series 2006-SEA1, Class M1, 2.518%, (LIBOR USD 1-Month plus 0.50%), 5/25/36(a)(b) |
| 180,316 |
| ||
750,000 |
| Hertz Vehicle Financing II L.P., Series 2015-3A, Class A, 2.670%, 9/25/21(b) |
| 752,681 |
| ||
283,455 |
| Home Equity Asset Trust, Series 2005-7, Class M1, 2.468%, (LIBOR USD 1-Month plus 0.45%), 1/25/36(a) |
| 284,427 |
| ||
107,159 |
| Home Equity Asset Trust, Series 2005-8, Class M1, 2.448%, (LIBOR USD 1-Month plus 0.43%), 2/25/36(a) |
| 107,474 |
| ||
262,643 |
| JP Morgan Mortgage Acquisition Corp., Series 2005-OPT1, Class M2, 2.723%, (LIBOR USD 1-Month plus 0.71%), 6/25/35(a) |
| 263,200 |
| ||
246,050 |
| New Century Home Equity Loan Trust, Series 2005-4, Class M2, 2.528%, (LIBOR USD 1-Month plus 0.51%), 9/25/35(a) |
| 246,277 |
| ||
280,711 |
| Park Place Securities, Inc., Series 2005-WHQ2, Class M2, 2.708%, (LIBOR USD 1-Month plus 0.69%), 5/25/35(a) |
| 281,366 |
| ||
212,718 |
| Park Place Securities, Inc. Pass Through Certificates, Series 2005-WCW3, Class M1, 2.498%, (LIBOR USD 1-Month plus 0.48%), 8/25/35(a) |
| 213,297 |
| ||
229,475 |
| RAMP Trust, Series 2005-RZ4, Class M2, 2.518%, (LIBOR USD 1-Month plus 0.50%), 11/25/35(a) |
| 229,349 |
| ||
400,000 |
| Santander Drive Auto Receivables Trust, Series 2018-4, Class B, 3.270%, 1/17/23 |
| 402,411 |
| ||
221,111 |
| Saxon Asset Securities Trust, Series 2004-3, Class M1, 2.918%, (LIBOR USD 1-Month plus 0.90%), 12/26/34(a) |
| 220,134 |
| ||
135,517 |
| United States Small Business Administration, Series 2010-20D, Class 1, 4.360%, 4/1/30 |
| 145,166 |
| ||
|
| Total Asset Backed Securities |
| 7,383,087 |
| ||
|
|
|
|
|
| ||
COLLATERALIZED MORTGAGE OBLIGATIONS — 23.0% |
|
|
| ||||
45,244 |
| Banc of America Funding Trust, Series 2005-B, Class 3A1, 2.504%, (LIBOR USD 1-Month plus 0.46%), 4/20/35(a) |
| 45,229 |
| ||
56,124 |
| Banc of America Mortgage Trust, Series 2005-3, Class 1A24, 5.500%, 4/25/35 |
| 57,739 |
| ||
65,430 |
| Citicorp Mortgage Securities, Inc., Series 2005-1, Class 1A4, 5.500%, 2/25/35 |
| 68,136 |
| ||
10,195 |
| Citigroup Mortgage Loan Trust, Inc., Series 2004-NCM2, Class 3CB2, 6.500%, 8/25/19 |
| 10,154 |
| ||
106,402 |
| Countrywide Alternative Loan Trust, Series 2004-22CB, Class 1A1, 6.000%, 10/25/34 |
| 108,972 |
| ||
64,878 |
| Countrywide Home Loan Mortgage Pass Through Trust, Series 2004-3, Class A4, 5.750%, 4/25/34 |
| 66,968 |
| ||
110,533 |
| Credit Suisse First Boston Mortgage Securities Corp., Series 2004-1, Class 2A1, 6.500%, 2/25/34 |
| 115,543 |
| ||
192,600 |
| Fannie Mae, Series 2003-21, Class OW, 4.000%, 3/25/33 |
| 208,871 |
| ||
22,061 |
| Fannie Mae, Series 2003-19, Class AR, 5.500%, 3/25/33 |
| 24,838 |
| ||
380,000 |
| Fannie Mae, Series 2011-131, Class PB, 4.500%, 12/25/41 |
| 437,737 |
| ||
514,000 |
| Fannie Mae, Series 2013-2, Class LB, 3.000%, 2/25/43 |
| 538,226 |
| ||
585,000 |
| Fannie Mae, Series 2013-30, Class PY, 3.000%, 4/25/43 |
| 607,242 |
| ||
119,518 |
| FirstKey Mortgage Trust, Series 2014-1, Class A12, 3.500%, 11/25/44(b)(c) |
| 120,181 |
| ||
25,785 |
| Freddie Mac, Series 4079, Class WV, 3.500%, 3/15/27 |
| 26,641 |
| ||
195,000 |
| Freddie Mac, Series 4097, Class CU, 1.500%, 8/15/27 |
| 186,370 |
| ||
360,608 |
| Freddie Mac, Series 4136, Class HZ, 3.500%, 11/15/27 |
| 388,175 |
| ||
180,000 |
| Freddie Mac, Series 4230, Class VB, 2.500%, 12/15/31 |
| 182,362 |
| ||
153,862 |
| Freddie Mac, Series 2485, Class WG, 6.000%, 8/15/32 |
| 174,240 |
| ||
533,000 |
| Freddie Mac, Series 4136, Class PY, 2.000%, 11/15/32 |
| 510,350 |
| ||
400,000 |
| Freddie Mac, Series 4160, Class HH, 2.500%, 12/15/32 |
| 392,179 |
| ||
212,682 |
| Freddie Mac, Series 3440, Class EM, 5.000%, 4/15/38 |
| 233,573 |
| ||
409,233 |
| Freddie Mac, Series 3816, Class HM, 4.500%, 5/15/40 |
| 439,721 |
| ||
See accompanying Notes to the Financial Statements.
Principal |
|
|
|
|
| ||
Amount |
|
|
| Fair Value |
| ||
COLLATERALIZED MORTGAGE OBLIGATIONS — (continued) |
|
|
| ||||
$ | 500,000 |
| Freddie Mac, Series 3714, Class PB, 4.750%, 8/15/40 |
| $ | 605,434 |
|
80,472 |
| Freddie Mac, Series 3803, Class PJ, 4.250%, 1/15/41 |
| 83,491 |
| ||
200,000 |
| Freddie Mac, Series 3815, Class TB, 4.500%, 2/15/41 |
| 231,793 |
| ||
129,685 |
| Freddie Mac, Series 4293, Class MH, 3.000%, 12/15/41 |
| 132,825 |
| ||
400,000 |
| Freddie Mac, Series 3989, Class JW, 3.500%, 1/15/42 |
| 427,773 |
| ||
500,000 |
| Freddie Mac, Series 4650, Class BC, 3.500%, 5/15/43 |
| 523,958 |
| ||
564,233 |
| Freddie Mac, Series 4508, Class UZ, 3.000%, 7/15/43 |
| 561,486 |
| ||
130,865 |
| Galton Funding Mortgage Trust, Series 2018-1, Class A43, 3.500%, 11/25/57(b)(c) |
| 132,490 |
| ||
246,864 |
| Galton Funding Mortgage Trust, Series 2018-2, Class A41, 4.500%, 10/25/58(b)(c) |
| 252,581 |
| ||
52,576 |
| Ginnie Mae, Series 2010-85, Class DQ, 3.000%, 12/20/39 |
| 53,545 |
| ||
220,112 |
| MASTR Alternative Loan Trust, Series 2003-5, Class 8A1, 5.500%, 6/25/33 |
| 230,100 |
| ||
47,158 |
| MASTR Alternative Loan Trust, Series 2004-13, Class 3A1, 6.500%, 1/25/35 |
| 46,943 |
| ||
103,488 |
| MASTR Seasoned Securitization Trust, Series 2005-2, Class 1A1, 5.130%, 10/25/32 |
| 102,792 |
| ||
56,833 |
| RBSGC Mortgage Loan Trust, Series 2007-B, Class 3A1, 4.777%, 7/25/35(c) |
| 58,033 |
| ||
|
| Total Collateralized Mortgage Obligations |
| 8,386,691 |
| ||
|
|
|
|
|
| ||
COMMERCIAL MORTGAGE-BACKED SECURITIES — 20.6% |
|
|
| ||||
500,000 |
| CD Mortgage Trust, Series 2016-CD2, Class A4, 3.526%, 11/10/49(c) |
| 538,715 |
| ||
300,000 |
| Citigroup Commercial Mortgage Trust, Series 2013-GC17, Class AS, 4.544%, 11/10/46 |
| 325,867 |
| ||
250,000 |
| COMM Mortgage Trust, Series 2017-COR2, Class A3, 3.510%, 9/10/50 |
| 268,317 |
| ||
500,000 |
| CSAIL Commercial Mortgage Trust, Series 2015-C3, Class A4, 3.718%, 8/15/48 |
| 536,342 |
| ||
200,000 |
| DBUBS Mortgage Trust, Series 2011-LC1A, Class C, 5.885%, 11/10/46(b)(c) |
| 206,847 |
| ||
491,347 |
| FRESB Mortgage Trust, Series 2017-SB36, Class A10F, 2.880%, 7/25/27(c) |
| 508,199 |
| ||
160,000 |
| Ginnie Mae, Series 2011-20, Class C, 3.562%, 4/16/41(c) |
| 164,728 |
| ||
175,000 |
| GS Mortgage Securities Trust, Series 2010-C1, Class B, 5.148%, 8/10/43(b) |
| 177,491 |
| ||
550,000 |
| GS Mortgage Securities Trust, Series 2012-GCJ7, Class AS, 4.085%, 5/10/45 |
| 572,035 |
| ||
500,000 |
| GS Mortgage Securities Trust, Series 2016-GS4, Class A4, 3.442%, 11/10/49(c) |
| 535,743 |
| ||
500,000 |
| JPMorgan Chase Commercial Mortgage Securities Trust, Series 2011-C3, Class B, 5.013%, 2/15/46(b)(c) |
| 513,225 |
| ||
100,000 |
| Morgan Stanley Bank of America Merrill Lynch Trust, Series 2014-C18, Class A4, 3.923%, 10/15/47 |
| 107,484 |
| ||
500,000 |
| Morgan Stanley Bank of America Merrill Lynch Trust, Series 2016-C32, Class A4, 3.720%, 12/15/49 |
| 543,367 |
| ||
760,000 |
| Wells Fargo Commercial Mortgage Trust, Series 2010-C1, Class B, 5.276%, 11/15/43(b)(c) |
| 778,250 |
| ||
300,000 |
| Wells Fargo Commercial Mortgage Trust, Series 2015-P2, Class A4, 3.809%, 12/15/48 |
| 325,506 |
| ||
400,000 |
| WF-RBS Commercial Mortgage Trust, Series 2011-C2, Class B, 5.174%, 2/15/44(b)(c) |
| 411,318 |
| ||
100,000 |
| WF-RBS Commercial Mortgage Trust, Series 2011-C2, Class C, 5.392%, 2/15/44(b)(c) |
| 102,741 |
| ||
326,000 |
| WF-RBS Commercial Mortgage Trust, Series 2011-C4, Class A4, 4.902%, 6/15/44(b)(c) |
| 336,762 |
| ||
350,000 |
| WF-RBS Commercial Mortgage Trust, Series 2012-C8, Class AS, 3.660%, 8/15/45 |
| 361,627 |
| ||
164,000 |
| WF-RBS Commercial Mortgage Trust, Series 2014-C23, Class A5, 3.917%, 10/15/57 |
| 176,325 |
| ||
|
| Total Commercial Mortgage-Backed Securities |
| 7,490,889 |
| ||
|
|
|
|
|
| ||
CORPORATE BONDS — 1.8% |
|
|
| ||||
|
| 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) |
| 372,054 |
| ||
|
|
|
|
|
| ||
|
| Equity Real Estate Investment Trusts (REITS) — 0.8% |
|
|
| ||
250,000 |
| American Tower Trust, 3.652%, 3/23/28(b) |
| 268,874 |
| ||
|
| Total Corporate Bonds |
| 640,928 |
| ||
|
|
|
|
|
| ||
MORTGAGE-BACKED SECURITIES — 32.7% |
|
|
| ||||
|
| Fannie Mae — 21.6% |
|
|
| ||
340,305 |
| 3.010%, 11/1/27, Pool #AN7299 |
| 355,541 |
| ||
500,000 |
| 3.515%, 4/1/28, Pool #AN9042 |
| 534,835 |
| ||
425,000 |
| 3.220%, 9/1/32, Pool #AN6850 |
| 440,174 |
| ||
124,086 |
| 5.500%, 6/1/38, Pool #984277 |
| 139,822 |
| ||
67,751 |
| 5.500%, 8/1/38, Pool #995072 |
| 76,389 |
| ||
100,276 |
| 4.500%, 9/1/39, Pool #AC1830 |
| 108,585 |
| ||
89,884 |
| 4.500%, 10/1/40, Pool #AE4855 |
| 97,376 |
| ||
155,582 |
| 3.500%, 2/1/41, Pool #AH5646 |
| 164,096 |
| ||
292,761 |
| 4.000%, 3/1/41, Pool #AH4008 |
| 312,807 |
| ||
81,581 |
| 4.500%, 6/1/41, Pool #AC9298 |
| 88,408 |
| ||
199,844 |
| 5.000%, 7/1/41, Pool #AI5595 |
| 219,968 |
| ||
279,937 |
| 4.000%, 9/1/41, Pool #AJ1717 |
| 299,108 |
| ||
329,687 |
| 3.500%, 6/1/42, Pool #AB5373 |
| 346,193 |
| ||
320,942 |
| 3.500%, 3/1/43, Pool #MA1372 |
| 332,210 |
| ||
95,189 |
| 4.500%, 10/1/44, Pool #MA2066 |
| 102,323 |
| ||
343,449 |
| 4.000%, 12/1/44, Pool #MA2127 |
| 362,771 |
| ||
402,555 |
| 3.500%, 1/1/45, Pool #Q30876 |
| 421,441 |
| ||
335,091 |
| 4.500%, 1/1/45, Pool #MA2158 |
| 360,121 |
| ||
339,776 |
| 3.500%, 3/1/45, Pool #AS4552 |
| 355,581 |
| ||
536,870 |
| 4.000%, 10/1/45, Pool #AL7487 |
| 566,376 |
| ||
291,359 |
| 4.000%, 11/1/46, Pool #MA2808 |
| 306,113 |
| ||
246,458 |
| 4.000%, 5/1/47, Pool #BE9598 |
| 258,295 |
| ||
477,491 |
| 3.500%, 6/1/47, Pool #BE3695 |
| 494,020 |
| ||
247,153 |
| 4.500%, 11/1/47, Pool #BM3286 |
| 261,131 |
| ||
489,521 |
| 3.500%, 12/1/47, Pool #CA0833 |
| 505,193 |
| ||
Continued
Principal |
|
|
|
|
| ||
Amount |
|
|
| Fair Value |
| ||
MORTGAGE-BACKED SECURITIES — (continued) |
|
|
| ||||
|
| Fannie Mae — (continued) |
|
|
| ||
$ | 328,223 |
| 4.500%, 5/1/48, Pool #CA1711 |
| $ | 346,616 |
|
|
|
|
| 7,855,493 |
| ||
|
| Freddie Mac — 11.1% |
|
|
| ||
115,641 |
| 4.000%, 11/1/32, Pool #ZS8993 |
| 122,506 |
| ||
466,292 |
| 3.000%, 6/1/34, Pool #SB0016 |
| 476,936 |
| ||
503,408 |
| 3.500%, 5/1/35, Pool #C91829 |
| 524,027 |
| ||
400,448 |
| 4.000%, 5/1/37, Pool #C91938 |
| 420,707 |
| ||
46,929 |
| 5.500%, 10/1/39, Pool #A89387 |
| 52,801 |
| ||
96,457 |
| 5.000%, 4/1/40, Pool #A91812 |
| 106,653 |
| ||
163,539 |
| 5.500%, 4/1/40, Pool #C03467 |
| 184,299 |
| ||
71,792 |
| 5.000%, 8/1/40, Pool #C03491 |
| 79,327 |
| ||
158,625 |
| 4.000%, 11/1/40, Pool #A94742 |
| 169,518 |
| ||
178,288 |
| 4.000%, 12/1/40, Pool #A95447 |
| 190,557 |
| ||
375,381 |
| 3.500%, 8/1/42, Pool #Q10324 |
| 394,517 |
| ||
511,926 |
| 3.500%, 3/1/43, Pool #U99045 |
| 536,725 |
| ||
330,872 |
| 3.500%, 3/1/45, Pool #U99124 |
| 346,900 |
| ||
406,357 |
| 4.000%, 4/1/46, Pool #Q40048 |
| 427,897 |
| ||
|
|
|
| 4,033,370 |
| ||
|
| Ginnie Mae — 0.0% |
|
|
| ||
17,360 |
| 4.000%, 12/20/40, Pool #755678 |
| 18,436 |
| ||
|
| Total Mortgage-Backed Securities |
| 11,907,299 |
| ||
|
|
|
|
|
| ||
Shares |
|
|
|
|
| ||
MONEY MARKET FUND — 1.5% |
|
|
| ||||
565,395 |
| Federated Treasury Obligations Fund, Institutional Shares, 1.84%(d) |
| 565,395 |
| ||
|
| Total Money Market Fund |
| 565,395 |
| ||
|
|
|
| ||||
Total Investments — 99.9% |
| 36,374,289 |
| ||||
Net Other Assets (Liabilities) — 0.1% |
| 40,774 |
| ||||
NET ASSETS — 100.0% |
| $ | 36,415,063 |
| |||
(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 September 30, 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 September 30, 2019. The maturity date reflected is the final maturity date.
(d) Represents the current yield as of report date.
STEP — Step Coupon Bond
Continued
Sterling Capital Kentucky Intermediate Tax-Free Fund
Schedule of Portfolio Investments
September 30, 2019
Principal |
|
|
|
|
| ||
Amount |
|
|
| Fair Value |
| ||
MUNICIPAL BONDS — 95.6% |
|
|
| ||||
|
| Kentucky — 95.6% |
|
|
| ||
$ | 300,000 |
| Bowling Green Independent School District Finance Corp., School Improvements Revenue, (State Intercept), 5.000%, 8/1/24 |
| $ | 347,511 |
|
210,000 |
| Bowling Green, KY, Advance Refunding G.O., Series C, Callable 6/1/26 @ 102, 4.000%, 6/1/27 |
| 246,141 |
| ||
250,000 |
| Campbell Kenton & Boone Counties Sanitation District No. 1, Advance Refunding Revenue, Callable 8/1/26 @ 100, 5.000%, 8/1/29 |
| 306,680 |
| ||
195,000 |
| Commonwealth of Kentucky, Certificate of Participation, Public Facilities, State Office Building Project, Callable 4/15/28 @ 100, OID, 4.000%, 4/15/48 |
| 212,905 |
| ||
300,000 |
| Commonwealth of Kentucky, Certificate of Participation, Public Improvements, Callable 6/15/25 @ 100, 5.000%, 6/15/34 |
| 347,601 |
| ||
400,000 |
| Eastern Kentucky University, Refunding Revenue, Series A, (State Intercept), 5.000%, 4/1/24 |
| 458,264 |
| ||
300,000 |
| Eastern Kentucky University, University & College Improvements Revenue, Series A (State Intercept), 5.000%, 4/1/25 |
| 352,803 |
| ||
250,000 |
| Fayette County School District Finance Corp., School Improvements Revenue, Series A, Callable 5/1/26 @ 100, (State Intercept), 4.000%, 5/1/38 |
| 275,110 |
| ||
200,000 |
| Hopkinsville, KY, Refunding G.O., Series A, 4.000%, 10/1/24 |
| 224,366 |
| ||
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 |
| 338,502 |
| ||
250,000 |
| Jefferson County, KY, School District Finance Corp., School Improvements Revenue, Series A, Callable 4/1/25 @ 100, 5.000%, 4/1/27 |
| 294,430 |
| ||
125,000 |
| Kenton County Airport Board, Airport & Marina Improvements Revenue, Callable 1/1/29 @ 100, 5.000%, 1/1/31 |
| 159,026 |
| ||
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 |
| 284,157 |
| ||
400,000 |
| Kentucky Association of Counties Finance Corp., Public Improvements Revenue, First Series B, 4.000%, 2/1/25 |
| 447,840 |
| ||
200,000 |
| Kentucky Association of Counties Finance Corp., Water Utility Improvements Revenue, Series B, 5.000%, 2/1/26 |
| 239,560 |
| ||
210,000 |
| Kentucky Bond Development Corp., Recreational Facility Improvements Revenue, Callable 9/1/28 @ 100, 5.000%, 9/1/35 |
| 256,874 |
| ||
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 |
| 252,123 |
| ||
200,000 |
| Kentucky State Property & Building Commission, Project No. 114, University & College Improvements Revenue, Callable 10/1/26 @ 100, 5.000%, 10/1/28 |
| 242,448 |
| ||
250,000 |
| Kentucky State Property & Building Commission, Project No. 116, University & College Improvements Revenue, (AGM-State Intercept), 5.000%, 10/1/26 |
| 303,923 |
| ||
200,000 |
| Kentucky State Property & Building Commission, Project No. 117, Series B, Public Improvements Revenue, Callable 5/1/27 @ 100, 5.000%, 5/1/28 |
| 242,006 |
| ||
270,000 |
| Kentucky State Property & Building Commission, Project No. 119, Public Improvements Revenue, Callable 5/1/28 @ 100, 5.000%, 5/1/37 |
| 323,128 |
| ||
280,000 |
| Kentucky State Property & Building Commission, Refunding Revenue, Callable 8/1/25 @ 100, 5.000%, 8/1/31 |
| 326,578 |
| ||
250,000 |
| Kentucky Turnpike Authority, Revitalization Projects, Revenue, Series A, 4.000%, 7/1/21 |
| 260,955 |
| ||
250,000 |
| Laurel County, KY, Correctional Facilities Improvements G.O., Series A, Callable 5/1/27 @ 100, (BAM), 5.000%, 5/1/28 |
| 306,447 |
| ||
300,000 |
| Laurel County, KY, School District Finance Corp., Refunding Revenue, Callable 3/1/25 @ 100 (State Intercept), 4.000%, 6/1/25 |
| 336,354 |
| ||
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 |
| 304,533 |
| ||
250,000 |
| Louisville & Jefferson County, KY, Metropolitan Government, Refunding G.O., Series F, Callable 11/1/24 @ 100, 4.000%, 11/1/26 |
| 281,513 |
| ||
250,000 |
| Louisville & Jefferson County, KY, Metropolitan Sewer District, Sewer Refunding Revenue, Series A, Callable 11/15/21 @ 100, 5.000%, 5/15/30 |
| 268,085 |
| ||
325,000 |
| Louisville & Jefferson County, Metropolitan Government, Center City Project, Refunding Notes, G.O., Callable 12/1/25 @ 100, 5.000%, 12/1/28 |
| 392,766 |
| ||
200,000 |
| Louisville & Jefferson County, Metropolitan Sewer District, Sewer Improvements Revenue, Series A, 5.000%, 5/15/25 |
| 239,252 |
| ||
170,000 |
| McCracken County School District Finance Corp., School Building Revenue Bonds, School Improvements Revenue, (State Intercept), 5.000%, 6/1/22 |
| 185,012 |
| ||
300,000 |
| Murray, KY, School District Finance Corp., School Improvements Revenue, (State Intercept), 5.000%, 3/1/27 |
| 368,094 |
| ||
250,000 |
| Owensboro, KY, Public Improvements G.O., Series A, 4.000%, 5/1/22 |
| 265,697 |
| ||
200,000 |
| Russell, KY, Bon Secours Health System, Refunding Revenue, Callable 11/1/22 @ 100, 5.000%, 11/1/26 |
| 221,696 |
| ||
See accompanying Notes to the Financial Statements.
Principal |
|
|
|
|
| ||
Amount |
|
|
| Fair Value |
| ||
MUNICIPAL BONDS — (continued) |
|
|
| ||||
|
| Kentucky — (continued) |
|
|
| ||
$ | 250,000 |
| Taylor County Public Courthouse Corp., Justice Center Project, Refunding Revenue, Callable 9/1/26 @ 100, 4.000%, 9/1/27 |
| $ | 280,270 |
|
|
| Total Municipal Bonds |
| 10,192,650 |
| ||
|
|
|
|
|
| ||
Shares |
|
|
|
|
| ||
MONEY MARKET FUND — 3.3% |
|
|
| ||||
355,919 |
| Federated Treasury Obligations Fund, Institutional Shares, 1.84%(a) |
| 355,919 |
| ||
|
| Total Money Market Fund |
| 355,919 |
| ||
Total Investments — 98.9% |
| 10,548,569 |
| ||||
Net Other Assets (Liabilities) — 1.1% |
| 119,876 |
| ||||
NET ASSETS — 100.0% |
| $ | 10,668,445 |
| |||
(a) Represents the current yield as of report date.
AGM — Assured Guaranty Municipal Corp.
BAM — Build America Mutual
G.O. — General Obligation
OID — Original Issue Discount
Continued
Sterling Capital Maryland Intermediate Tax-Free Fund
Schedule of Portfolio Investments
September 30, 2019
Principal |
|
|
|
|
| ||
Amount |
|
|
| Fair Value |
| ||
MUNICIPAL BONDS — 96.8% |
|
|
| ||||
|
| District of Columbia — 3.0% |
|
|
| ||
$ | 350,000 |
| Washington Metropolitan Area Transit Authority, Series A-1, Advance Refunding Revenue Bonds, 5.000%, 7/1/26 |
| $ | 430,588 |
|
|
|
|
|
|
| ||
|
| Maryland — 93.8% |
|
|
| ||
415,000 |
| Anne Arundel County, MD, Consolidated Water & Sewer Improvements, G.O., Callable 10/1/29 @100, 5.000%, 10/1/31 |
| 543,293 |
| ||
475,000 |
| Baltimore City, MD, Consolidated Public Improvements, Refunding G.O., Series B, Callable 10/15/22 @ 100, 5.000%, 10/15/23 |
| 527,435 |
| ||
500,000 |
| Baltimore City, MD, Senior Refunding Revenue Bonds, Series D, Callable 1/1/25 @ 100, 5.000%, 7/1/30 |
| 589,030 |
| ||
400,000 |
| Calvert County, MD, County Commissioners Public Improvements, School Improvements G.O., Callable 7/1/29 @100, 4.000%, 7/1/31 |
| 479,088 |
| ||
400,000 |
| Cecil County, MD, Consolidated Public School Improvements, Advance Refunding G.O., 4.000%, 2/1/24 |
| 445,576 |
| ||
250,000 |
| Charles County, MD, Consolidated Public School Improvements G.O., Callable 7/15/23 @ 100, 5.000%, 7/15/25 |
| 284,657 |
| ||
400,000 |
| Dorchester County, MD, Telecommunications Improvements, G.O., Callable 1/1/28 @ 100, 5.000%, 1/1/31 |
| 503,896 |
| ||
275,000 |
| Howard County, MD, Housing Commission, General Capital Improvement Program, Local Multifamily Housing Revenue, 4.000%, 6/1/22 |
| 290,887 |
| ||
420,000 |
| Maryland Economic Development Corp., Public Health Laboratory Public Improvements Revenue, Callable 6/1/21 @ 100, 5.000%, 6/1/26 |
| 444,881 |
| ||
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 |
| 306,487 |
| ||
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 |
| 345,129 |
| ||
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 |
| 546,870 |
| ||
250,000 |
| Maryland Health & Higher Educational Facilities Authority, Greater Baltimore Medical Center, Refunding Revenue, Series A, Callable 7/1/22 @ 100, 5.000%, 7/1/26 |
| 274,310 |
| ||
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 |
| 550,190 |
| ||
470,000 |
| Maryland Health & Higher Educational Facilities Authority, Lifebridge Health, Current Refunding Revenue Bonds, Callable 7/1/27 @ 100, 5.000%, 7/1/32 |
| 568,512 |
| ||
250,000 |
| Maryland Health & Higher Educational Facilities Authority, Maryland Institute College of Art, Refunding Revenue, Callable 6/1/22 @ 100, 5.000%, 6/1/23 |
| 273,595 |
| ||
400,000 |
| Maryland Health & Higher Educational Facilities Authority, Meritus Medical Center Issue, Refunding Revenue, 5.000%, 7/1/22 |
| 437,192 |
| ||
500,000 |
| Maryland Stadium Authority, Construction & Revitalization, School Improvements Revenue, Callable 5/1/28 @ 100, 5.000%, 5/1/35 |
| 616,275 |
| ||
400,000 |
| Maryland Stadium Authority, Refunding Revenue, 5.000%, 6/15/23 |
| 452,872 |
| ||
500,000 |
| Montgomery County, MD, Consolidated Public Improvements, Refunding G.O., Series A, Callable 11/1/28 @ 100, 5.000%, 11/1/32 |
| 640,605 |
| ||
500,000 |
| Montgomery County, MD, Department Liquor Control Public Improvements Revenue, Series A, Callable 4/1/21 @ 100, OID, 4.500%, 4/1/26 |
| 522,895 |
| ||
500,000 |
| Montgomery County, MD, West Germantown Development District, Refunding, Special Tax, 4.000%, 7/1/23 |
| 545,760 |
| ||
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 |
| 451,376 |
| ||
500,000 |
| St Mary’s College of Maryland, Academic Fees & Auxiliary, Refunding Revenue, (BAM), 4.000%, 9/1/25 |
| 571,285 |
| ||
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 |
| 323,130 |
| ||
400,000 |
| Washington Suburban Sanitary Commission, Consolidated Public Water Utility Improvements, G.O., 4.000%, 6/1/24 |
| 448,724 |
| ||
400,000 |
| Washington Suburban Sanitary Commission, Consolidated Public Water Utility Improvements, G.O., Callable 6/1/26 @ 100, 5.000%, 6/1/27 |
| 492,828 |
| ||
500,000 |
| Washington Suburban Sanitary Commission, Consolidated Public Water Utility Improvements, G.O., Callable 6/1/26 @ 100, 5.000%, 6/1/38 |
| 599,125 |
| ||
400,000 |
| Worcester County, MD, Consolidated Public Improvements, School Improvements G.O., Callable 8/1/29 @100, 4.000%, 8/1/32 |
| 475,684 |
| ||
|
|
|
| 13,551,587 |
| ||
|
| Total Municipal Bonds |
| 13,982,175 |
| ||
See accompanying Notes to the Financial Statements.
Shares |
|
|
|
|
| |
MONEY MARKET FUND—2.1% |
|
|
| |||
306,096 |
| Federated Treasury Obligations Fund, Institutional Shares, 1.84%(a) |
| $ | 306,096 |
|
|
| Total Money Market Fund |
| 306,096 |
| |
Total Investments — 98.9% |
| 14,288,271 |
| |||
Net Other Assets (Liabilities) — 1.1% |
| 152,695 |
| |||
NET ASSETS — 100.0% |
| $ | 14,440,966 |
|
(a) Represents the current yield as of report date.
BAM — Build America Mutual
G.O. — General Obligation
OID — Original Issue Discount
Continued
Sterling Capital North Carolina Intermediate Tax-Free Fund
Schedule of Portfolio Investments
September 30, 2019
Principal |
|
|
|
|
| ||
Amount |
|
|
| Fair Value |
| ||
MUNICIPAL BONDS — 95.3% |
|
|
| ||||
|
| North Carolina — 95.3% |
|
|
| ||
$ | 2,405,000 |
| Appalachian State University, University & College Improvements Revenue, Callable 10/1/21 @ 100, 4.750%, 10/1/27 |
| $ | 2,569,045 |
|
1,000,000 |
| Beaufort County, NC, Refunding Revenue Limited Obligation, Callable 6/1/22 @ 100, 5.000%, 6/1/24 |
| 1,089,960 |
| ||
1,000,000 |
| Beaufort County, NC, Refunding Revenue Limited Obligation, Callable 6/1/22 @ 100, 5.000%, 6/1/26 |
| 1,086,400 |
| ||
1,000,000 |
| Broad River Water Authority, Water System Refunding Revenue, 5.000%, 6/1/24 |
| 1,153,670 |
| ||
1,025,000 |
| Buncombe County Metropolitan Sewerage District, Sewer Improvements Revenue, Callable 7/1/24 @ 100, 5.000%, 7/1/39 |
| 1,175,060 |
| ||
1,475,000 |
| Buncombe County, NC, Advance Refunding Revenue Limited Obligation, Callable 6/1/25 @ 100, 5.000%, 6/1/28 |
| 1,763,805 |
| ||
1,010,000 |
| Cape Fear Public Utility Authority, Advance Refunding Revenue Bonds, 5.000%, 8/1/25 |
| 1,215,222 |
| ||
1,475,000 |
| Cape Fear Public Utility Authority, Water & Sewer System, Improvements Refunding Revenue, Callable 8/1/21 @ 100, 5.000%, 8/1/26 |
| 1,573,943 |
| ||
1,535,000 |
| Cape Fear Public Utility Authority, Water & Sewer System, Improvements Refunding Revenue, Callable 8/1/21 @ 100, 5.000%, 8/1/28 |
| 1,637,968 |
| ||
1,000,000 |
| Charlotte, NC, Charlotte Douglas International Airport Refunding Revenue, Callable 7/1/24 @ 100, 5.000%, 7/1/31 |
| 1,149,350 |
| ||
1,000,000 |
| Charlotte, NC, Convention Facility, Refunding Revenue, Certification of Participation, Callable 06/01/29 @ 100, 5.000%, 6/1/30 |
| 1,302,600 |
| ||
1,000,000 |
| Charlotte, NC, Convention Facility, Refunding Revenue, Certification of Participation, Callable 06/01/29 @ 100, 5.000%, 6/1/31 |
| 1,294,340 |
| ||
1,000,000 |
| Charlotte, NC, Convention Facility, Refunding Revenue, Certification of Participation, Callable 06/01/29 @ 100, 5.000%, 6/1/32 |
| 1,289,310 |
| ||
2,275,000 |
| Charlotte, NC, Recreational Facilities Improvements Revenue, Callable 12/1/28 @ 100, 5.000%, 12/1/33 |
| 2,897,303 |
| ||
1,520,000 |
| Charlotte, NC, Recreational Facilities Improvements Revenue, Callable 12/1/28 @ 100, 5.000%, 12/1/34 |
| 1,925,232 |
| ||
2,180,000 |
| Charlotte, NC, Refunding G.O., Series A, Callable 6/1/29 @ 100, 5.000%, 6/1/30 |
| 2,871,649 |
| ||
1,875,000 |
| Charlotte, NC, Refunding Revenue G.O., Series A, 5.000%, 7/1/25 |
| 2,262,375 |
| ||
2,295,000 |
| Charlotte, NC, Water & Sewer System Revenue, Refunding Revenue, 5.000%, 7/1/27 |
| 2,914,811 |
| ||
3,000,000 |
| Charlotte, NC, Water & Sewer System Revenue, Refunding Revenue, Callable 07/01/28 @ 100, 5.000%, 7/1/36 |
| 3,794,610 |
| ||
2,035,000 |
| Chatham County, NC, Refunding Revenue (County Guaranteed), 5.000%, 12/1/28 |
| 2,484,409 |
| ||
2,000,000 |
| Concord, NC, Utilities Systems, Refunding Revenue, Series B, Callable 12/1/19 @ 100, 5.000%, 12/1/22 |
| 2,011,760 |
| ||
2,500,000 |
| Durham Capital Financing Corp., Refunding Revenue Limited Obligation, Callable 6/1/23 @ 100, 5.000%, 6/1/38 |
| 2,774,975 |
| ||
1,225,000 |
| East Carolina University, University & College Improvements Revenue, Series A, Callable 4/1/26 @ 100, 5.000%, 10/1/27 |
| 1,498,616 |
| ||
1,000,000 |
| Elizabeth City State University, Board of Governors of NC, Advance Refunding Revenue Bonds (AGM), 5.000%, 4/1/40 |
| 1,235,660 |
| ||
1,750,000 |
| Fayetteville, NC, Public Works Commission, Electric Light & Power Improvements Revenue, Callable 3/1/24 @ 100, 4.000%, 3/1/27 |
| 1,934,957 |
| ||
1,690,000 |
| Fayetteville, NC, Public Works Commission, Multi-Utility Improvements Revenue, Callable 3/1/28 @ 100, 5.000%, 3/1/29 |
| 2,155,274 |
| ||
3,000,000 |
| Forsyth County NC, Public Improvements, G.O., Series B, Callable 3/1/29 @ 100, 5.000%, 3/1/31 |
| 3,921,120 |
| ||
2,200,000 |
| Forsyth County NC, Refunding Revenue, G.O., 5.000%, 7/1/26 |
| 2,728,924 |
| ||
1,675,000 |
| Guilford County, NC, Advance Refunding, G.O., Series A, Callable 2/1/26 @ 100, 5.000%, 2/1/28 |
| 2,045,594 |
| ||
2,075,000 |
| High Point, NC, Combined Water & Sewer System, Advance Refunding Revenue Bonds, 5.000%, 11/1/26 |
| 2,586,446 |
| ||
1,010,000 |
| Holly Springs, NC, Public Improvements Revenue, Callable 10/1/24 @ 100, 5.000%, 10/1/27 |
| 1,172,559 |
| ||
1,195,000 |
| Monroe, NC, Advance Refunding Revenue Bonds, Callable 3/1/26 @ 100, 5.000%, 3/1/29 |
| 1,447,874 |
| ||
1,465,000 |
| Moore County, Advance Refunding Revenue, G.O., 5.000%, 6/1/28 |
| 1,886,627 |
| ||
1,000,000 |
| North Carolina Agricultural & Technical State University, Series A, Refunding Revenue, Callable 10/1/25 @ 100, 5.000%, 10/1/32 |
| 1,183,030 |
| ||
1,215,000 |
| North Carolina Agricultural & Technical State University, Series A, Refunding Revenue, Callable 10/1/25 @100, 5.000%, 10/1/34 |
| 1,430,517 |
| ||
1,305,000 |
| North Carolina Capital Facilities Finance Agency, Johnson & Wales University Project, Refunding Revenue, 5.000%, 4/1/21 |
| 1,368,397 |
| ||
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 |
| 1,097,410 |
| ||
840,000 |
| North Carolina Capital Facilities Finance Agency, Meredith College Project, Refunding Revenue, 5.000%, 6/1/24 |
| 961,750 |
| ||
750,000 |
| North Carolina Capital Facilities Finance Agency, Meredith College Project, Refunding Revenue, 5.000%, 6/1/25 |
| 877,313 |
| ||
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 |
| 1,208,020 |
| ||
See accompanying Notes to the Financial Statements.
Principal |
|
|
|
|
| ||
Amount |
|
|
| Fair Value |
| ||
MUNICIPAL BONDS — (continued) |
|
|
| ||||
|
| North Carolina — (continued) |
|
|
| ||
$ | 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 |
| $ | 2,054,185 |
|
1,205,000 |
| North Carolina Central University, University & College Improvements, Revenue Bonds, Callable 04/01/29 @ 100, 5.000%, 4/1/33 |
| 1,507,527 |
| ||
1,000,000 |
| North Carolina Central University, University & College Improvements, Revenue Bonds, Callable 04/01/29 @ 100, 5.000%, 4/1/37 |
| 1,236,920 |
| ||
715,000 |
| North Carolina Eastern Municipal Power Agency, Electric, Lights & Power Improvements Revenue, Series A, OID, 6.400%, 1/1/21 |
| 740,761 |
| ||
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 |
| 5,048,119 |
| ||
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 |
| 5,449,800 |
| ||
1,530,000 |
| North Carolina Medical Care Commission, North Carolina Baptist Hospital, Refunding Revenue, Callable 6/1/20 @ 100, 5.250%, 6/1/29 |
| 1,568,342 |
| ||
635,000 |
| North Carolina Medical Care Commission, United Methodist Retirement Homes, Refunding Revenue, Callable 10/1/23 @ 103, 5.000%, 10/1/30 |
| 720,192 |
| ||
650,000 |
| North Carolina Medical Care Commission, United Methodist Retirement Homes, Refunding Revenue, Callable 10/1/23 @ 103, 5.000%, 10/1/31 |
| 735,384 |
| ||
1,000,000 |
| North Carolina Medical Care Commission, United Methodist Retirement Homes, Refunding Revenue, Callable 10/1/23 @ 103, 5.000%, 10/1/37 |
| 1,118,610 |
| ||
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 |
| 3,036,955 |
| ||
2,000,000 |
| North Carolina State University at Raleigh, Refunding Revenue, Series A, Callable 10/1/23 @ 100, 5.000%, 10/1/28 |
| 2,277,860 |
| ||
3,000,000 |
| North Carolina State, Advance Refunding Revenue Bonds, Series B, Callable 5/1/27 @ 100, 5.000%, 5/1/28 |
| 3,757,020 |
| ||
4,385,000 |
| North Carolina State, Advance Refunding, Revenue, Series B, Callable 5/1/27 @ 100, 5.000%, 5/1/30 |
| 5,444,811 |
| ||
2,645,000 |
| North Carolina State, Refunding Revenue G.O., Series B, 5.000%, 6/1/25 |
| 3,188,785 |
| ||
1,250,000 |
| North Carolina Turnpike Authority, Senior Lien, Advance Refunding Revenue (AGM), 5.000%, 1/1/26 |
| 1,494,300 |
| ||
1,500,000 |
| North Carolina Turnpike Authority, Senior Lien, Advance Refunding Revenue (AGM), 5.000%, 1/1/27 |
| 1,834,155 |
| ||
2,100,000 |
| North Carolina Turnpike Authority, Senior Lien, Advance Refunding Revenue (AGM), Callable 1/1/27 @ 100, 5.000%, 1/1/28 |
| 2,560,992 |
| ||
1,660,000 |
| Northern Hospital District Of Surry County, Advance Refunding Revenue, 5.000%, 10/1/27 |
| 1,976,014 |
| ||
1,210,000 |
| Pender County, NC, Limited Obligation Refunding Revenue, Callable 6/1/22 @ 100, 5.000%, 6/1/26 |
| 1,321,175 |
| ||
1,060,000 |
| Pitt County, NC, Advance Refunding Revenue Bonds, Series B, Callable 10/1/26 @ 100, 5.000%, 4/1/30 |
| 1,296,422 |
| ||
1,395,000 |
| Pitt County, NC, Certificate of Participation, Refunding, Callable 4/1/22 @ 100, 5.000%, 4/1/25 |
| 1,517,495 |
| ||
2,160,000 |
| Raleigh Durham Airport Authority, Refunding Revenue, Series B1, Callable 5/1/20 @ 100, 5.000%, 11/1/28 |
| 2,204,021 |
| ||
1,500,000 |
| Raleigh, NC, Combined Enterprise System, Refunding Revenue, Series A, Callable 3/1/23 @ 100, 5.000%, 3/1/27 |
| 1,685,490 |
| ||
1,615,000 |
| Raleigh, NC, Combined Enterprise System, Refunding Revenue, Series A, Callable 3/1/23 @ 100, 5.000%, 3/1/28 |
| 1,812,401 |
| ||
1,000,000 |
| Raleigh, NC, Refunding Revenue, Callable 02/1/26 @ 100, 5.000%, 2/1/27 |
| 1,218,620 |
| ||
1,985,000 |
| Sampson County, NC, Refunding Revenue, Callable 12/1/25 @ 100, 5.000%, 12/1/26 |
| 2,390,794 |
| ||
720,000 |
| Surry County, NC, School Improvements, Revenue Bonds, Callable 06/01/29 @ 100, 5.000%, 6/1/30 |
| 933,394 |
| ||
1,025,000 |
| Surry County, NC, School Improvements, Revenue Bonds, Callable 06/01/29 @ 100, 4.000%, 6/1/35 |
| 1,185,207 |
| ||
870,000 |
| Town of Oak Island, NC, Combined Enterprise System, Advance Refunding Revenue (AGM), 5.000%, 6/1/25 |
| 1,032,098 |
| ||
1,000,000 |
| Union County, NC, Enterprise Systems, Refunding Revenue, Series A, Callable 12/1/21 @ 100, 4.000%, 12/1/22 |
| 1,058,900 |
| ||
2,235,000 |
| Union County, NC, Enterprise Systems, Water Utility Improvements, Refunding Revenue, Series A, Callable 06/01/29 @ 100, 4.000%, 6/1/38 |
| 2,596,891 |
| ||
2,205,000 |
| Union County, NC, Refunding G.O., Series A, 5.000%, 3/1/22 |
| 2,402,700 |
| ||
1,000,000 |
| Union County, NC, Refunding Revenue, 5.000%, 12/1/23 |
| 1,148,400 |
| ||
2,000,000 |
| Union County, NC, University & College Improvements G.O., Series C, Callable 9/1/29 @ 100, 4.000%, 9/1/31 |
| 2,428,040 |
| ||
1,695,000 |
| University of North Carolina at Greensboro, University & College Improvements Revenue, Callable 4/1/24 @ 100, 5.000%, 4/1/28 |
| 1,949,047 |
| ||
2,735,000 |
| University of North Carolina System, Appalachian State University, Unrefunded Revenue, Callable 4/1/20 @ 100, 5.250%, 10/1/22 |
| 2,786,856 |
| ||
Continued
Principal |
|
|
|
|
| ||
Amount |
|
|
| Fair Value |
| ||
MUNICIPAL BONDS — (continued) |
|
|
| ||||
|
| North Carolina — (continued) |
|
|
| ||
$ | 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 |
| $ | 1,513,304 |
|
1,985,000 |
| Wake County, NC, Advance Refunding Revenue Bonds, Series A, Callable 12/1/26 @ 100, 5.000%, 12/1/28 |
| 2,462,631 |
| ||
1,585,000 |
| Wake County, NC, Public Improvements, G.O., Series A, Callable 3/1/28 @ 100, 5.000%, 3/1/30 |
| 2,030,496 |
| ||
2,025,000 |
| Wake County, NC, Public Improvements, G.O., Series A, Callable 3/1/29 @ 100, 5.000%, 3/1/30 |
| 2,657,367 |
| ||
2,000,000 |
| Wake County, NC, School Improvements, Revenue Bonds, Callable 9/1/29 @ 100, 5.000%, 9/1/30 |
| 2,620,560 |
| ||
1,270,000 |
| Wake County, NC, School Improvements, Revenue Bonds, Series A, 5.000%, 9/1/29 |
| 1,672,565 |
| ||
2,125,000 |
| Watauga Public Facilities Corp., Revenue, Series A, Callable 6/1/22 @ 100, 5.000%, 6/1/24 |
| 2,331,337 |
| ||
1,000,000 |
| Watauga Public Facilities Corp., Revenue, Series A, Callable 6/1/22 @ 100, 5.000%, 6/1/26 |
| 1,097,100 |
| ||
1,000,000 |
| Winston-Salem State University Foundation LLC, Refunding Revenue, Callable 4/1/22 @ 100, 5.000%, 4/1/25 |
| 1,076,800 |
| ||
1,000,000 |
| Winston-Salem, NC, Transit Improvements, Refunding Revenue, Series C, Callable 6/1/24 @ 100, 5.000%, 6/1/30 |
| 1,155,620 |
| ||
1,165,000 |
| Winston-Salem, NC, Water & Sewer System, Refunding Revenue, Series A, 5.000%, 6/1/24 |
| 1,362,339 |
| ||
1,875,000 |
| Winston-Salem, NC, Water & Sewer System, Refunding Revenue, Series A, Callable 6/1/24 @ 100, 5.000%, 6/1/25 |
| 2,192,606 |
| ||
1,000,000 |
| Winston-Salem, NC, Water & Sewer System, Refunding Revenue, Series A, Callable 6/1/24 @ 100, 5.000%, 6/1/28 |
| 1,162,970 |
| ||
|
| Total Municipal Bonds |
| 173,032,263 |
| ||
|
|
|
|
|
| ||
Shares |
|
|
|
|
| ||
MONEY MARKET FUND — 3.3% |
|
|
| ||||
5,957,402 |
| Federated Treasury Obligations Fund, Institutional Shares, 1.84%(a) |
| 5,957,402 |
| ||
|
| Total Money Market Fund |
| 5,957,402 |
| ||
Total Investments — 98.6% |
| 178,989,665 |
| ||||
Net Other Assets (Liabilities) — 1.4% |
| 2,496,508 |
| ||||
NET ASSETS — 100.0% |
| $ | 181,486,173 |
| |||
(a) Represents the current yield as of report date.
AGM — Assured Guaranty Municipal Corp.
G.O. — General Obligation
OID — Original Issue Discount
Continued
Sterling Capital South Carolina Intermediate Tax-Free Fund
Schedule of Portfolio Investments
September 30, 2019
Principal |
|
|
|
|
| ||
Amount |
|
|
| Fair Value |
| ||
MUNICIPAL BONDS — 97.3% |
|
|
| ||||
|
| South Carolina — 97.3% |
|
|
| ||
$ | 1,000,000 |
| Aiken County, SC, Consolidated School District, School Improvements G.O., Series A, Callable 4/1/29 @ 100, (SCSDE), 4.000%, 4/1/34 |
| $ | 1,170,390 |
|
1,000,000 |
| Aiken County, SC, Consolidated School District, Special Obligation Bonds, School Improvements Revenue, Callable 6/1/29 @ 100, 4.000%, 6/1/31 |
| 1,183,970 |
| ||
850,000 |
| Aiken County, SC, Consolidated School District, Special Obligation Bonds, School Improvements Revenue, Callable 6/1/29 @ 100, 4.000%, 6/1/33 |
| 999,617 |
| ||
1,770,000 |
| Anderson County, SC, School District No. 2, Refunding, G.O., (SCSDE), 5.000%, 3/1/24 |
| 2,047,802 |
| ||
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 |
| 1,796,835 |
| ||
1,000,000 |
| Anderson Regional Joint Water System, Refunding Revenue, Series A, Callable 7/15/21 @ 100, 5.000%, 7/15/25 |
| 1,062,490 |
| ||
1,000,000 |
| Beaufort-Jasper Water & Sewer Authority, Advance Refunding Revenue, Series B, 5.000%, 3/1/24 |
| 1,156,950 |
| ||
1,000,000 |
| Beaufort-Jasper Water & Sewer Authority, Advance Refunding Revenue, Series B, 5.000%, 3/1/25 |
| 1,189,480 |
| ||
425,000 |
| Charleston County, Airport District Port, Airport & Marina Improvements Revenue, Callable 7/1/29 @100, 5.000%, 7/1/30 |
| 551,722 |
| ||
1,000,000 |
| Charleston County, SC, Port, Airport & Marina Improvements Revenue, 5.000%, 12/1/22 |
| 1,114,880 |
| ||
1,500,000 |
| Charleston Educational Excellence Finance Corp., Charleston County School Refunding Revenue, 5.000%, 12/1/21 |
| 1,618,755 |
| ||
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 |
| 1,257,700 |
| ||
1,215,000 |
| Charleston, SC, Waterworks & Sewer System Revenue, Advance Refunding Revenue, Series A, Callable 7/1/26 @ 100, 4.000%, 1/1/41 |
| 1,359,864 |
| ||
1,355,000 |
| Coastal Carolina University, University & College Improvements Revenue, Callable 6/1/24 @ 100, 5.000%, 6/1/34 |
| 1,534,497 |
| ||
1,295,000 |
| College of Charleston, University & College Improvements Refunding Revenue, Series A, Callable 4/1/21 @ 100, 5.000%, 4/1/25 |
| 1,361,097 |
| ||
1,000,000 |
| College of Charleston, University & College Improvements Revenue, Series A, Callable 4/1/24 @ 100, 5.000%, 4/1/25 |
| 1,146,600 |
| ||
1,000,000 |
| College of Charleston, University & College Improvements Revenue, Series B, 5.000%, 4/1/27 |
| 1,239,390 |
| ||
1,650,000 |
| Columbia, SC, Waterworks & Sewer System Revenue, Water & Sewer Utility Improvements Revenue, Callable 2/1/28 @ 100, 5.000%, 2/1/48 |
| 1,999,784 |
| ||
1,135,000 |
| East Richland County Public Service District, Refunding Revenue, 4.000%, 1/1/22 |
| 1,197,754 |
| ||
1,000,000 |
| Florence County, SC, McLeod Regional Medical Center Project, Refunding Revenue, Callable 11/1/24 @ 100, 5.000%, 11/1/28 |
| 1,164,360 |
| ||
1,100,000 |
| Florence County, SC, McLeod Regional Medical Center Project, Refunding Revenue, Callable 11/1/24 @ 100, 5.000%, 11/1/33 |
| 1,261,425 |
| ||
1,000,000 |
| Georgetown County, SC, School District, School Improvements, G.O., Callable 3/1/28 @ 100 (SCSDE), 4.000%, 3/1/30 |
| 1,184,700 |
| ||
1,000,000 |
| Greenville County, SC, School District Building Refunding Revenue, 5.000%, 12/1/22 |
| 1,113,560 |
| ||
1,000,000 |
| Greenville Health System, Hospital System Board, Refunding Revenue, Callable 5/1/22 @ 100, 5.000%, 5/1/31 |
| 1,075,870 |
| ||
1,415,000 |
| Greenville Health System, Hospital System Board, Series B, Callable 05/01/24 @ 100, 5.000%, 5/1/31 |
| 1,605,105 |
| ||
1,000,000 |
| Greenwood County, SC, Self Regional Healthcare Refunding Revenue, Series B, Callable 4/1/22 @ 100, 5.000%, 10/1/24 |
| 1,083,180 |
| ||
2,025,000 |
| Horry County, SC, School District, Refunding, G.O., Series B (SCSDE), 5.000%, 3/1/23 |
| 2,275,412 |
| ||
1,000,000 |
| Kershaw County, SC, Kershaw County School District Project, Refunding Revenue, 5.000%, 12/1/23 |
| 1,137,950 |
| ||
1,855,000 |
| Lancaster County SC, Lancaster School District, School Improvements, G.O. (SCSDE), Callable 3/1/27 @ 100, 4.000%, 3/1/28 |
| 2,177,084 |
| ||
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 |
| 1,817,248 |
| ||
1,500,000 |
| Lexington County, School District No. 2 , G.O., Series C, Callable 3/1/27 @ 100, (SCSDE), 5.000%, 3/1/29 |
| 1,868,940 |
| ||
1,345,000 |
| Lexington County, School District No. 2, G.O., Series C, Callable 3/1/27 @ 100, (SCSDE), 5.000%, 3/1/30 |
| 1,665,527 |
| ||
1,000,000 |
| Lugoff-Elgin Water Authority, Refunding Revenue, Series B, Callable 7/1/26 @ 100, 5.000%, 7/1/30 |
| 1,203,710 |
| ||
1,460,000 |
| Newberry, SC, Refunding Revenue (AGM), 5.000%, 4/1/24 |
| 1,674,722 |
| ||
1,485,000 |
| Orangeburg County, SC, Correctional Facilities Improvements, Installment Purchase Revenue Bonds, Callable 12/1/27 @ 100, 5.000%, 12/1/29 |
| 1,852,567 |
| ||
1,570,000 |
| Orangeburg County, SC, School District No. 4, School Improvements Refunding, G.O., Series A (SCSDE), 5.000%, 3/1/24 |
| 1,816,412 |
| ||
1,000,000 |
| Piedmont Municipal Power Agency, Power System Refunding Revenue, Series B, Callable 1/1/22 @ 100, 4.000%, 1/1/23 |
| 1,051,300 |
| ||
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 |
| 1,916,110 |
| ||
1,000,000 |
| Rock Hill, SC, Combined Utility System, Refunding Revenue, Series A, Callable 1/1/22 @100 (AGM), 5.000%, 1/1/23 |
| 1,077,070 |
| ||
See accompanying Notes to the Financial Statements.
Principal |
|
|
|
|
| ||
Amount |
|
|
| Fair Value |
| ||
MUNICIPAL BONDS — (continued) |
|
|
| ||||
|
| South Carolina — (continued) |
|
|
| ||
$ | 1,000,000 |
| Rock Hill, SC, Hospital Fee Pledge, Refunding Revenue, Callable 4/1/23 @100, 5.000%, 4/1/33 |
| $ | 1,103,100 |
|
1,500,000 |
| SCAGO Educational Facilities Corp. for Cherokee School District No. 1, Refunding Revenue, 5.000%, 12/1/24 |
| 1,758,690 |
| ||
1,135,000 |
| SCAGO Educational Facilities Corp. for Colleton School District, Refunding Revenue, 5.000%, 12/1/20 |
| 1,180,502 |
| ||
790,000 |
| SCAGO Educational Facilities Corp. for Union School District, Refunding Revenue, 5.000%, 12/1/21 |
| 845,521 |
| ||
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 |
| 998,147 |
| ||
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 |
| 1,111,680 |
| ||
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 |
| 1,647,990 |
| ||
1,540,000 |
| South Carolina Jobs-Economic Development Authority, Wofford College Project, University & College Improvements Revenue, Callable 4/1/29 @ 100, 5.000%, 4/1/44 |
| 1,829,335 |
| ||
1,000,000 |
| South Carolina Jobs-Economic Development Authority, Wofford College Project, University & College Improvements Revenue, Callable 4/1/29 @ 100, 5.000%, 4/1/49 |
| 1,180,630 |
| ||
1,400,000 |
| South Carolina State Fiscal Accountability Authority, Department of Mental Health Project, Callable 4/01/27 @ 100, 5.000%, 10/1/37 |
| 1,693,706 |
| ||
1,250,000 |
| South Carolina Transportation Infrastructure Bank, Advance Refunding Revenue, Series A, 5.000%, 10/1/23 |
| 1,429,950 |
| ||
1,000,000 |
| South Carolina Transportation Infrastructure Bank, Advance Refunding Revenue, Series A, Callable 10/1/27 @ 100 (AGM-CR), 5.000%, 10/1/38 |
| 1,222,620 |
| ||
1,740,000 |
| Spartanburg, SC, Water System Revenue, Water Utility Improvements Refunding Revenue, Series B, Callable 6/1/27 @ 100, 5.000%, 6/1/39 |
| 2,113,682 |
| ||
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 |
| 1,514,715 |
| ||
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 |
| 1,515,678 |
| ||
1,150,000 |
| Town of Mount Pleasant, SC, Public Facilities, G.O., Callable 6/1/28 @ 100, 5.000%, 6/1/30 |
| 1,483,776 |
| ||
|
| Total Municipal Bonds |
| 77,641,551 |
| ||
|
|
|
|
|
| ||
Shares |
|
|
|
|
| ||
MONEY MARKET FUND — 1.6% |
|
|
| ||||
1,279,764 |
| Federated Treasury Obligations Fund, Institutional Shares, 1.84%(a) |
| 1,279,764 |
| ||
|
| Total Money Market Fund |
| 1,279,764 |
| ||
Total Investments — 98.9% |
| 78,921,315 |
| ||||
Net Other Assets (Liabilities) — 1.1% |
| 865,114 |
| ||||
NET ASSETS — 100.0% |
| $ | 79,786,429 |
| |||
(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
Continued
Sterling Capital Virginia Intermediate Tax-Free Fund
Schedule of Portfolio Investments
September 30, 2019
Principal |
|
|
|
|
| ||
Amount |
|
|
| Fair Value |
| ||
MUNICIPAL BONDS — 98.6% |
|
|
| ||||
|
| District of Columbia — 3.6% |
|
|
| ||
$ | 1,160,000 |
| Metropolitan Washington Airports Authority, Port, Airport & Marina Improvement Revenue, Series A, Callable 10/1/20 @ 100, 5.000%, 10/1/23 |
| $ | 1,204,509 |
|
1,325,000 |
| Washington Metropolitan Area Transit Authority, DC, Transit Improvements Revenue, Callable 7/1/27 @ 100, 5.000%, 7/1/36 |
| 1,621,230 |
| ||
|
|
|
| 2,825,739 |
| ||
|
| Virginia — 95.0% |
|
|
| ||
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 |
| 1,898,000 |
| ||
1,240,000 |
| Albemarle County, VA, Economic Development Authority, Public Improvements Revenue, 5.000%, 6/1/27 |
| 1,560,552 |
| ||
1,365,000 |
| Albemarle County, VA, School Improvements G.O., (State Aid Withholding), 5.000%, 6/1/26 |
| 1,693,405 |
| ||
1,000,000 |
| Alexandria, VA, Refunding G.O. (State Aid Withholding), 5.000%, 6/15/21 |
| 1,063,320 |
| ||
1,450,000 |
| Arlington County, VA, Public Improvements G.O., Callable 8/15/27 @ 100, 5.000%, 8/15/30 |
| 1,841,399 |
| ||
1,500,000 |
| Arlington County, VA, Public Improvements G.O., Series A, Callable 8/15/27 @ 100, 5.000%, 8/15/29 |
| 1,910,295 |
| ||
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 |
| 1,288,644 |
| ||
1,770,000 |
| Chesapeake, VA, Public Improvements, Refunding G.O., Series A, Callable 8/1/27 @ 100, 5.000%, 8/1/30 |
| 2,232,430 |
| ||
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 |
| 1,183,690 |
| ||
1,145,000 |
| Culpeper County, VA, Economic Development Authority, VA Capital Projects, Refunding Revenue, Callable 6/1/24 @ 100, 4.000%, 6/1/26 |
| 1,276,274 |
| ||
2,500,000 |
| Fairfax County, VA, Economic Development Authority, Laurel Hill Public Facilities Project, Refunding Revenue, Series A, 5.000%, 6/1/22 |
| 2,744,850 |
| ||
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 |
| 2,610,160 |
| ||
1,000,000 |
| Fredericksburg Economic Development Authority, Mary Washington Healthcare Obligation Group, Refunding Revenue, Callable 6/15/24 @ 100, 5.000%, 6/15/26 |
| 1,154,420 |
| ||
1,680,000 |
| Henrico County, VA, Economic Development Authority, Westminster Canterbury Project, Current Refunding, Callable 10/1/24 @ 100, 5.000%, 10/1/28 |
| 1,971,026 |
| ||
1,700,000 |
| Leesburg, VA, Refunding G.O., Callable 1/15/24 @ 100, (State Aid Withholding), 4.000%, 1/15/27 |
| 1,887,782 |
| ||
1,000,000 |
| Leesburg, VA, Refunding G.O., Callable 1/15/25 @ 100, (State Aid Withholding), 5.000%, 1/15/27 |
| 1,188,050 |
| ||
1,000,000 |
| Loudoun County, VA, Economic Development Authority, Public Improvements Revenue, Callable 12/1/24 @ 100, 5.000%, 12/1/27 |
| 1,175,720 |
| ||
1,365,000 |
| Loudoun County, VA, Industrial Development Authority, Refunding Revenue, 4.000%, 12/15/22 |
| 1,480,534 |
| ||
1,250,000 |
| Loudoun County, VA, Public Improvements, Advance Refunding G.O., Series A, Callable 12/1/25 @ 100, 5.000%, 12/1/26 |
| 1,519,113 |
| ||
1,000,000 |
| Lynchburg Economic Development Authority, Current Refunding Revenue Bonds, Series A, 5.000%, 1/1/26 |
| 1,199,380 |
| ||
1,810,000 |
| Manassas, VA, Public Improvements, Public Facilities G.O., Callable 7/1/29 @ 100 (State Aid Withholding), 4.000%, 7/1/33 |
| 2,166,099 |
| ||
1,000,000 |
| Newport News, VA, General Water Improvements, Refunding G.O., Series B, 5.250%, 7/1/21 |
| 1,069,260 |
| ||
1,500,000 |
| Newport News, VA, Public Improvements, G.O., Series A (State Aid Withholding), 5.000%, 2/1/29 |
| 1,966,200 |
| ||
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 |
| 1,105,290 |
| ||
1,000,000 |
| Norfolk, VA, Economic Development Authority, Sentara Healthcare Facilities, Inc., Current Refunding Revenue Bonds, Series B, Callable 11/1/28 @ 100, 4.000%, 11/1/48 |
| 1,111,500 |
| ||
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 |
| 1,107,790 |
| ||
1,465,000 |
| Norfolk, VA, Economic Development Authority, Sentara Healthcare, Refunding Revenue, Series B, Callable 11/1/22 @ 100, 5.000%, 11/1/36 |
| 1,602,461 |
| ||
1,445,000 |
| Norfolk, VA, Public Improvements, G.O., Callable 8/1/28 @ 100 (State Aid Withholding), 5.000%, 8/1/47 |
| 1,874,266 |
| ||
2,000,000 |
| Norfolk, VA, Public Improvements, G.O., Series A, Callable 10/1/26 @ 100, 5.000%, 10/1/30 |
| 2,485,860 |
| ||
1,500,000 |
| Portsmouth, VA, Public Improvements, Refunding G.O., Callable 2/1/23 @ 100, (State Aid Withholding), 5.000%, 2/1/27 |
| 1,678,215 |
| ||
1,245,000 |
| Rappahannock Regional Jail Authority, Refunding Revenue, Callable 10/1/2025 @ 100, 5.000%, 10/1/26 |
| 1,502,391 |
| ||
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 |
| 2,321,080 |
| ||
1,250,000 |
| Richmond, VA, Public Utility Advance Refunding Revenue Bonds, Callable 1/15/26 @ 100, 5.000%, 1/15/27 |
| 1,527,500 |
| ||
See accompanying Notes to the Financial Statements.
Principal |
|
|
|
|
| ||
Amount |
|
|
| Fair Value |
| ||
MUNICIPAL BONDS — (continued) |
|
|
| ||||
|
| Virginia — (continued) |
|
|
| ||
$ | 1,530,000 |
| Smyth County, VA, Public Improvement, Refunding G.O., Series A, Callable 11/1/21 @ 100 (State Aid Withholding), 5.000%, 11/1/25 |
| $ | 1,644,827 |
|
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 |
| 2,292,501 |
| ||
1,500,000 |
| Virginia College Building Authority, 21st Century College & Equipment, University & College Improvements Revenue, Series A, 5.000%, 2/1/22 |
| 1,628,100 |
| ||
1,500,000 |
| Virginia Commonwealth Transportation Board, Capital Projects, Highway Improvements, Revenue Bonds, Callable 5/15/29 @ 100, 5.000%, 5/15/30 |
| 1,960,185 |
| ||
1,215,000 |
| Virginia Commonwealth Transportation Board, Federal Highway Transportation Grant, Callable 9/15/26 @ 100, 5.000%, 9/15/30 |
| 1,497,913 |
| ||
2,000,000 |
| Virginia Commonwealth Transportation Board, Federal Transportation Grant, Anticipation Advance Refunding Revenue, Callable 9/15/27 @ 100, 5.000%, 9/15/31 |
| 2,507,060 |
| ||
2,000,000 |
| Virginia Public Building Authority, Public Improvements Revenue, Series A, Callable 8/1/21 @ 100, 5.000%, 8/1/26 |
| 2,136,040 |
| ||
1,515,000 |
| Virginia Public School Authority, Advance Refunding Revenue, Callable 8/1/25 @ 100 (State Aid Withholding), 5.000%, 8/1/26 |
| 1,828,499 |
| ||
1,000,000 |
| Virginia Public School Authority, School Improvements, Revenue Bonds, Series A, Callable 8/1/29 @ 100, 4.000%, 8/1/32 |
| 1,195,150 |
| ||
1,525,000 |
| Western Regional Jail Authority, Refunding Revenue, Callable 12/1/25 @ 100, 5.000%, 12/1/26 |
| 1,848,285 |
| ||
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 |
| 1,044,688 |
| ||
|
|
|
| 73,980,204 |
| ||
|
| Total Municipal Bonds |
| 76,805,943 |
| ||
|
|
|
|
|
| ||
Shares |
|
|
|
|
| ||
MONEY MARKET FUND — 0.4% |
|
|
| ||||
345,538 |
| Federated Treasury Obligations Fund, Institutional Shares, 1.84%(a) |
| 345,538 |
| ||
|
| Total Money Market Fund |
| 345,538 |
| ||
Total Investments — 99.0% |
| 77,151,481 |
| ||||
Net Other Assets (Liabilities) — 1.0% |
| 777,389 |
| ||||
NET ASSETS — 100.0% |
| $ | 77,928,870 |
| |||
(a) Represents the current yield as of report date.
AGM — Assured Guaranty Municipal Corp.
G.O. — General Obligation
Continued
Sterling Capital West Virginia Intermediate Tax-Free Fund
Schedule of Portfolio Investments
September 30, 2019
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 |
| $ | 1,121,173 |
|
1,085,000 |
| Berkeley County, WV, Building Commission, Lease Refunding Revenue, Callable 12/1/22 @ 100, 4.000%, 12/1/26 |
| 1,166,277 |
| ||
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 |
| 1,645,200 |
| ||
410,000 |
| Berkeley County, WV, Public Service Sewer District, Sewer Improvements Revenue, Series A, Callable 5/13/19 @ 100, 5.000%, 3/1/22 |
| 411,497 |
| ||
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 |
| 1,307,718 |
| ||
1,005,000 |
| Fairmont State University, WV, University & College Improvements, Refunding Revenue, Series A, Callable 6/1/21 @ 100, 5.000%, 6/1/23 |
| 1,061,461 |
| ||
1,390,000 |
| Marshall University, WV, University & College Improvements Revenue, Callable 5/1/21 @ 100, 5.000%, 5/1/26 |
| 1,465,991 |
| ||
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 |
| 1,090,140 |
| ||
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 |
| 736,702 |
| ||
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 |
| 1,051,802 |
| ||
915,000 |
| Monongalia County, WV, Building Commission, Health System Obligated Group Refunding Revenue, Callable 7/1/21 @ 100, OID, 6.250%, 7/1/31 |
| 981,850 |
| ||
2,000,000 |
| Monongalia County, WV, Building Commission, Monongalia Health System Group Refunding Revenue, Callable 7/1/25 @ 100, 5.000%, 7/1/26 |
| 2,266,020 |
| ||
1,810,000 |
| Ohio County, WV, Board of Education, School Improvements G.O., (West Virginia Board Commission), 4.000%, 6/1/29 |
| 2,198,028 |
| ||
2,275,000 |
| Ohio County, WV, Board of Education, School Improvements G.O., Callable 6/1/29 @ 100, (West Virginia Board Commission), 3.000%, 6/1/30 |
| 2,441,530 |
| ||
1,845,000 |
| Ohio County, WV, Board of Education, School Improvements G.O., Callable 6/1/29 @ 100, (West Virginia Board Commission), 3.000%, 6/1/31 |
| 1,978,449 |
| ||
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 |
| 1,048,630 |
| ||
1,165,000 |
| Pleasants County, WV, Board of Education, Public School Improvements G.O., Callable 5/1/21 @ 100, 4.000%, 5/1/24 |
| 1,212,008 |
| ||
1,285,000 |
| Princeton, WV, Princeton Community Hospital Project, Refunding Revenue, 5.000%, 5/1/22 |
| 1,373,112 |
| ||
680,000 |
| School Building Authority of West Virginia, Lottery Capital Improvements Revenue, Callable 7/1/24 @ 100, Series A, 5.000%, 7/1/27 |
| 789,310 |
| ||
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 |
| 1,465,199 |
| ||
1,720,000 |
| State of West Virginia, Current Refunding G.O., Series A, 5.000%, 6/1/24 |
| 2,008,788 |
| ||
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 |
| 2,474,640 |
| ||
1,765,000 |
| State of West Virginia, Fuel Sales Tax Revenue, Group 2 Highway Improvements, G.O., Series B, Callable 6/1/28 @ 100, 4.000%, 6/1/43 |
| 1,976,570 |
| ||
1,000,000 |
| State of West Virginia, General Fund, Highway Improvements G.O., Series B, Callable 6/1/28 @ 100, 5.000%, 6/1/36 |
| 1,250,930 |
| ||
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 |
| 2,176,080 |
| ||
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 |
| 4,005,374 |
| ||
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 |
| 1,424,265 |
| ||
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 |
| 1,850,085 |
| ||
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 |
| 1,195,670 |
| ||
1,000,000 |
| West Virginia Higher Education Policy, Community & Technical College Capital, University & College Improvements Refunding Revenue, Callable 7/1/27 @100, 5.000%, 7/1/30 |
| 1,228,630 |
| ||
725,000 |
| West Virginia Hospital Finance Authority, Cabell Huntington Hospital Obligated Group, Refunding Revenue, Callable 1/1/29 @ 100, 5.000%, 1/1/31 |
| 894,527 |
| ||
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 |
| 1,083,065 |
| ||
See accompanying Notes to the Financial Statements.
Principal |
|
|
|
|
| ||
Amount |
|
|
| Fair Value |
| ||
MUNICIPAL BONDS — (continued) |
|
|
| ||||
|
| West Virginia — (continued) |
|
|
| ||
$ | 1,250,000 |
| West Virginia Hospital Finance Authority, Charleston Area Medical Center Inc., Health, Hospital, Nursing Home Improvements, Refunding Revenue, Callable 9/1/29 @100, 5.000%, 9/1/39 |
| $ | 1,518,625 |
|
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 |
| 2,220,880 |
| ||
515,000 |
| West Virginia Hospital Finance Authority, Valley Health System Obligated Group, Refunding Revenue, 5.000%, 1/1/24 |
| 588,537 |
| ||
630,000 |
| West Virginia Hospital Finance Authority, Valley Health System Obligated Group, Refunding Revenue, Callable 1/1/24 @ 100, 5.000%, 1/1/26 |
| 717,047 |
| ||
1,650,000 |
| West Virginia Parkways Authority, Senior Turnpike Toll Revenue, Highway Improvements, 5.000%, 6/1/26 |
| 2,024,467 |
| ||
2,065,000 |
| West Virginia Parkways Authority, Senior Turnpike Toll Revenue, Highway Improvements, Callable 6/1/28 @ 100, 5.000%, 6/1/39 |
| 2,548,644 |
| ||
1,500,000 |
| West Virginia Parkways Authority, Senior Turnpike Toll Revenue, Highway Improvements, Callable 6/1/28 @ 100, 5.000%, 6/1/43 |
| 1,836,885 |
| ||
1,295,000 |
| West Virginia State Building Commission, Regional Jail Refunding Revenue, Series A, (AMBAC), 5.375%, 7/1/21 |
| 1,371,250 |
| ||
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 |
| 1,139,570 |
| ||
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 |
| 2,870,950 |
| ||
2,000,000 |
| West Virginia University, University Projects, University & College Improvements Revenue, Callable 10/1/29 @ 100, 5.000%, 10/1/33 |
| 2,554,120 |
| ||
1,750,000 |
| West Virginia University, University Projects, University & College Improvements Revenue, Series B, Callable 10/1/21 @ 100, 5.000%, 10/1/30 |
| 1,860,880 |
| ||
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 |
| 1,667,516 |
| ||
520,000 |
| West Virginia Water Development Authority, Loan Program II, Refunding Revenue, Series A-II, 5.000%, 11/1/24 |
| 608,873 |
| ||
1,000,000 |
| West Virginia Water Development Authority, Loan Program II, Refunding Revenue, Series A-II, 5.000%, 11/1/25 |
| 1,200,970 |
| ||
1,205,000 |
| Wood County, WV, Board of Education, Public School Improvements, G.O., (West Virginia Board Commission), 4.000%, 6/1/25 |
| 1,367,928 |
| ||
|
| Total Municipal Bonds |
| 74,477,863 |
| ||
|
|
|
|
|
| ||
Shares |
|
|
|
|
| ||
MONEY MARKET FUND — 0.9% |
|
|
| ||||
719,119 |
| Federated Treasury Obligations Fund, Institutional Shares, 1.84%(a) |
| 719,119 |
| ||
|
| Total Money Market Fund |
| 719,119 |
| ||
Total Investments — 98.8% |
| 75,196,982 |
| ||||
Net Other Assets (Liabilities) — 1.2% |
| 879,135 |
| ||||
NET ASSETS — 100.0% |
| $ | 76,076,117 |
| |||
(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
Continued
Sterling Capital Diversified Income Fund
Schedule of Portfolio Investments
September 30, 2019
Shares |
|
|
| Fair Value |
| |
EQUITY FUNDS — 37.7% |
|
|
| |||
61,260 |
| First Trust DJ Global Select Dividend Index Fund |
| $ | 1,404,386 |
|
44,246 |
| Global Super Dividend U.S. ETF |
| 1,042,878 |
| |
138,601 |
| Invesco Oppenheimer SteelPath MLP Select 40 Fund |
| 1,014,560 |
| |
224,665 |
| Madison Covered Call & Equity Income Fund |
| 1,815,296 |
| |
20,857 |
| SPDR S&P Global Dividend ETF |
| 1,408,265 |
| |
10,374 |
| Vanguard High Dividend Yield ETF |
| 920,485 |
| |
|
| Total Equity Funds |
| 7,605,870 |
| |
FIXED INCOME FUNDS — 61.6% |
|
|
| |||
232,975 |
| Ashmore Emerging Markets Short Duration Fund |
| 2,099,109 |
| |
157,362 |
| Federated Institutional High-Yield Bond Fund |
| 1,542,148 |
| |
28 |
| Fidelity Intermediate Treasury Bond Index Fund |
| 312 |
| |
36,460 |
| Fidelity Long-Term Treasury Bond Index Fund |
| 542,160 |
| |
49,352 |
| Fidelity Short Term Treasury Bond Index Fund |
| 520,668 |
| |
71,261 |
| Hotchkis & Wiley High Yield Fund |
| 815,230 |
| |
185,759 |
| Loomis Sayles Senior Floating Rate and Fixed Income Fund |
| 1,734,989 |
| |
92,990 |
| Principal Spectrum Preferred and Capital Securities Income Fund |
| 955,012 |
| |
205,162 |
| Stone Ridge High Yield Reinsurance Risk Premium Fund |
| 1,901,852 |
| |
43,466 |
| VanEck Vectors Fallen Angel High Yield Bond ETF |
| 1,274,423 |
| |
100,086 |
| Voya Securitized Credit Fund |
| 1,038,889 |
| |
|
| Total Fixed Income Funds |
| 12,424,792 |
| |
MONEY MARKET FUND — 0.9% |
|
|
| |||
185,242 |
| Federated Treasury Obligations Fund, Institutional Shares, 1.84%(a) |
| 185,242 |
| |
|
| Total Money Market Fund |
| 185,242 |
| |
Total Investments — 100.2% |
| 20,215,904 |
| |||
Net Other Assets (Liabilities) — (0.2)% |
| (48,041 | ) | |||
NET ASSETS — 100.0% |
| $ | 20,167,863 |
|
(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
September 30, 2019
Shares |
|
|
| Fair Value |
| |
EQUITY FUNDS — 62.7% |
|
|
| |||
853,789 |
| Sterling Capital Behavioral International Equity Fund, Institutional Shares(a) |
| $ | 8,102,454 |
|
184,926 |
| Sterling Capital Equity Income Fund, Institutional Shares(a) |
| 3,944,477 |
| |
153,736 |
| Sterling Capital Special Opportunities Fund, Institutional Shares(a) |
| 4,007,910 |
| |
|
| Total Equity Funds |
| 16,054,841 |
| |
FIXED INCOME FUND — 36.2% |
|
|
| |||
851,119 |
| Sterling Capital Total Return Bond Fund, Institutional Shares(a) |
| 9,268,681 |
| |
|
| Total Fixed Income Fund |
| 9,268,681 |
| |
MONEY MARKET FUND — 1.0% |
|
|
| |||
244,796 |
| Federated Treasury Obligations Fund, Institutional Shares, 1.84%(b) |
| 244,796 |
| |
|
| Total Money Market Fund |
| 244,796 |
| |
Total Investments — 99.9% |
| 25,568,318 |
| |||
Net Other Assets (Liabilities) — 0.1% |
| 18,072 |
| |||
NET ASSETS — 100.0% |
| $ | 25,586,390 |
|
(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
September 30, 2019
Shares |
|
|
| Fair Value |
| |
EQUITY FUNDS — 75.9% |
|
|
| |||
831,465 |
| Sterling Capital Behavioral International Equity Fund, Institutional Shares(a) |
| $ | 7,890,605 |
|
184,839 |
| Sterling Capital Equity Income Fund, Institutional Shares(a) |
| 3,942,615 |
| |
151,758 |
| Sterling Capital Special Opportunities Fund, Institutional Shares(a) |
| 3,956,320 |
| |
|
| Total Equity Funds |
| 15,789,540 |
| |
FIXED INCOME FUND — 22.3% |
|
|
| |||
425,541 |
| Sterling Capital Total Return Bond Fund, Institutional Shares(a) |
| 4,634,138 |
| |
|
| Total Fixed Income Fund |
| 4,634,138 |
| |
MONEY MARKET FUND—1.8% |
|
|
| |||
373,663 |
| Federated Treasury Obligations Fund, Institutional Shares, 1.84%(b) |
| 373,663 |
| |
|
| Total Money Market Fund |
| 373,663 |
| |
Total Investments — 100.0% |
| 20,797,341 |
| |||
Net Other Assets (Liabilities) — 0.0% |
| 10,332 |
| |||
NET ASSETS — 100.0% |
| $ | 20,807,673 |
|
(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 Funds
Statements of Assets and Liabilities
September 30, 2019
|
| Sterling Capital |
| Sterling Capital |
| ||
|
| Behavioral Large Cap |
| Mid |
| ||
|
| Value Equity Fund |
| Value Fund |
| ||
Assets: |
|
|
|
|
| ||
Investments at fair value (a) |
| $ | 276,165,745 |
| $ | 436,639,041 |
|
Foreign currency, at value |
| — |
| — |
| ||
Dividends receivable |
| 361,119 |
| 222,942 |
| ||
Receivable for investments sold |
| — |
| — |
| ||
Receivable for capital shares issued |
| 105,712 |
| 172,864 |
| ||
Prepaid and other expenses |
| 23,467 |
| 25,741 |
| ||
Total Assets |
| 276,656,043 |
| 437,060,588 |
| ||
Liabilities: |
|
|
|
|
| ||
Call options written |
| — |
| — |
| ||
Payable for investments purchased |
| — |
| 7,341,032 |
| ||
Payable for capital shares redeemed |
| 13,467 |
| 1,326,889 |
| ||
Accrued expenses and other payables: |
|
|
|
|
| ||
Investment advisory fees |
| 102,008 |
| 252,458 |
| ||
Accounting out-of-pocket fees |
| 2,201 |
| 3,056 |
| ||
Administration fees |
| 8,181 |
| 7,647 |
| ||
Compliance service fees |
| 287 |
| 418 |
| ||
Distribution (12b-1) fees |
| 6,404 |
| 7,175 |
| ||
Custodian fees |
| 2,155 |
| 3,514 |
| ||
Transfer agent fees |
| 7,886 |
| 37,019 |
| ||
Other fees and liabilities |
| 17,762 |
| 28,182 |
| ||
Total Liabilities |
| 160,351 |
| 9,007,390 |
| ||
Net Assets |
| $ | 276,495,692 |
| $ | 428,053,198 |
|
Net Assets Consist of: |
|
|
|
|
| ||
Capital |
| $ | 242,605,956 |
| $ | 365,288,341 |
|
Total distributable earnings |
| 33,889,736 |
| 62,764,857 |
| ||
Net Assets |
| $ | 276,495,692 |
| $ | 428,053,198 |
|
Net Assets |
|
|
|
|
| ||
Class A Shares |
| $ | 28,548,383 |
| $ | 23,013,139 |
|
Class C Shares |
| 634,044 |
| 2,826,095 |
| ||
Institutional Shares |
| 7,550,300 |
| 154,259,265 |
| ||
Class R Shares |
| — |
| 5,328 |
| ||
Class R6 Shares |
| 239,762,965 |
| 247,949,371 |
| ||
Total |
| $ | 276,495,692 |
| $ | 428,053,198 |
|
Shares of Beneficial Interest Outstanding (Unlimited number of shares authorized, no par value) |
|
|
|
|
| ||
Class A Shares |
| 1,464,532 |
| 1,429,332 |
| ||
Class C Shares |
| 33,586 |
| 204,310 |
| ||
Institutional Shares |
| 384,895 |
| 9,372,330 |
| ||
Class R Shares |
| — |
| 345 |
| ||
Class R6 Shares |
| 12,221,319 |
| 15,047,305 |
| ||
Total |
| 14,104,332 |
| 26,053,622 |
| ||
Net Asset Value |
|
|
|
|
| ||
Class A Shares - redemption price per share |
| $ | 19.49 |
| $ | 16.10 |
|
Class C Shares - offering price per share* |
| $ | 18.88 |
| $ | 13.83 |
|
Institutional Shares |
| $ | 19.62 |
| $ | 16.46 |
|
Class R Shares |
| $ | — |
| $ | 15.43 | ** |
Class R6 Shares |
| $ | 19.62 |
| $ | 16.48 |
|
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 |
| $ | 20.68 |
| $ | 17.08 |
|
(a) Investments at cost |
| $ | 250,346,991 |
| $ | 364,890,438 |
|
* 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 $5,327.94 and $1,394.98 divided by the unrounded shares of 345.33 and 22.327, respectively.
See accompanying Notes to the Financial Statements.
Sterling Capital |
| Sterling Capital |
| Sterling Capital |
| Sterling Capital |
| Sterling Capital |
| Sterling Capital |
| ||||||
Behavioral Small Cap |
| Special |
| Equity |
| Behavioral International |
| SMID |
| Stratton Mid Cap |
| ||||||
Value Equity Fund |
| Opportunities Fund |
| Income Fund |
| Equity Fund |
| Opportunities Fund |
| Value Fund |
| ||||||
$ | 239,133,259 |
| $ | 1,041,617,487 |
| $ | 1,831,584,833 |
| $ | 94,707,591 |
| $ | 9,726,907 |
| $ | 62,002,111 |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
— |
| — |
| — |
| 339,795 |
| — |
| — |
| ||||||
454,515 |
| 752,946 |
| 1,749,193 |
| 647,684 |
| 8,272 |
| 68,361 |
| ||||||
7,183,189 |
| 2,096,786 |
| 4,369,000 |
| — |
| — |
| — |
| ||||||
846 |
| 971,934 |
| 3,007,176 |
| — |
| 13,430 |
| 500 |
| ||||||
18,018 | �� | 31,960 |
| 60,768 |
| 4,947 |
| 4,697 |
| 12,608 |
| ||||||
246,789,827 |
| 1,045,471,113 |
| 1,840,770,970 |
| 95,700,017 |
| 9,753,306 |
| 62,083,580 |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||
— |
| — |
| 7,800 |
| — |
| — |
| — |
| ||||||
— |
| — |
| — |
| — |
| 76,650 |
| — |
| ||||||
1,117,036 |
| 2,044,807 |
| 1,107,937 |
| 17,234 |
| — |
| — |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||
122,762 |
| 561,961 |
| 831,326 |
| 31,386 |
| 1,854 |
| 35,493 |
| ||||||
2,503 |
| 6,573 |
| 10,242 |
| 5,902 |
| 240 |
| 665 |
| ||||||
7,331 |
| 50,782 |
| 91,713 |
| 4,354 |
| 653 |
| 4,126 |
| ||||||
248 |
| 916 |
| 1,522 |
| 134 |
| 73 |
| 114 |
| ||||||
1,528 |
| 137,240 |
| 202,453 |
| 156 |
| 1,662 |
| 27 |
| ||||||
1,602 |
| 8,349 |
| 14,092 |
| 4,758 |
| 75 |
| 472 |
| ||||||
7,125 |
| 80,839 |
| 149,770 |
| 1,848 |
| 1,140 |
| 2,863 |
| ||||||
14,734 |
| 66,822 |
| 113,225 |
| 5,550 |
| 678 |
| 3,995 |
| ||||||
1,274,869 |
| 2,958,289 |
| 2,530,080 |
| 71,322 |
| 83,025 |
| 47,755 |
| ||||||
$ | 245,514,958 |
| $ | 1,042,512,824 |
| $ | 1,838,240,890 |
| $ | 95,628,695 |
| $ | 9,670,281 |
| $ | 62,035,825 |
|
$ | 237,671,393 |
| $ | 629,820,799 |
| $ | 1,226,055,988 |
| $ | 95,943,729 |
| $ | 7,369,121 |
| $ | 37,807,932 |
|
7,843,565 |
| 412,692,025 |
| 612,184,902 |
| (315,034 | ) | 2,301,160 |
| 24,227,893 |
| ||||||
$ | 245,514,958 |
| $ | 1,042,512,824 |
| $ | 1,838,240,890 |
| $ | 95,628,695 |
| $ | 9,670,281 |
| $ | 62,035,825 |
|
$ | 6,599,107 |
| $ | 322,003,108 |
| $ | 338,293,176 |
| $ | 536,792 |
| $ | 3,096,772 |
| $ | 126,214 |
|
149,965 |
| 83,450,971 |
| 158,352,861 |
| 63,329 |
| 1,187,556 |
| 1,395 |
| ||||||
28,223,130 |
| 281,099,478 |
| 992,963,759 |
| 16,721,421 |
| 5,385,953 |
| 61,908,216 |
| ||||||
106,788 |
| 287,633 |
| 2,825,016 |
| — |
| — |
| — |
| ||||||
210,435,968 |
| 355,671,634 |
| 345,806,078 |
| 78,307,153 |
| — |
| — |
| ||||||
$ | 245,514,958 |
| $ | 1,042,512,824 |
| $ | 1,838,240,890 |
| $ | 95,628,695 |
| $ | 9,670,281 |
| $ | 62,035,825 |
|
453,937 |
| 13,074,433 |
| 15,905,065 |
| 56,626 |
| 233,952 |
| 1,971 |
| ||||||
10,757 |
| 4,164,765 |
| 7,522,256 |
| 6,757 |
| 91,397 |
| 22 |
| ||||||
1,925,559 |
| 10,784,410 |
| 46,547,205 |
| 1,762,715 |
| 404,674 |
| 962,595 |
| ||||||
7,404 |
| 11,582 |
| 133,914 |
| — |
| — |
| — |
| ||||||
14,347,403 |
| 13,631,426 |
| 16,207,462 |
| 8,249,642 |
| — |
| — |
| ||||||
16,745,060 |
| 41,666,616 |
| 86,315,902 |
| 10,075,740 |
| 730,023 |
| 964,588 |
| ||||||
$ | 14.54 |
| $ | 24.63 |
| $ | 21.27 |
| $ | 9.48 |
| $ | 13.24 |
| $ | 64.04 |
|
$ | 13.94 |
| $ | 20.04 |
| $ | 21.05 |
| $ | 9.37 |
| $ | 12.99 |
| $ | 62.48 | ** |
$ | 14.66 |
| $ | 26.07 |
| $ | 21.33 |
| $ | 9.49 |
| $ | 13.31 |
| $ | 64.31 |
|
$ | 14.42 |
| $ | 24.83 |
| $ | 21.10 |
| $ | — |
| $ | — |
| $ | — |
|
$ | 14.67 |
| $ | 26.09 |
| $ | 21.34 |
| $ | 9.49 |
| $ | — |
| $ | — |
|
5.75 | % | 5.75 | % | 5.75 | % | 5.75 | % | 5.75 | % | 5.75 | % | ||||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||
$ | 15.43 |
| $ | 26.13 |
| $ | 22.57 |
| $ | 10.06 |
| $ | 14.05 |
| $ | 67.95 |
|
$ | 224,507,885 |
| $ | 680,413,170 |
| $ | 1,295,087,978 |
| $ | 91,334,422 |
| $ | 7,885,056 |
| $ | 39,373,338 |
|
|
| Sterling Capital |
| Sterling Capital |
| ||
|
| Stratton |
| Stratton |
| ||
|
| Real Estate |
| Small Cap |
| ||
|
| Fund |
| Value Fund |
| ||
Assets: |
|
|
|
|
| ||
Investments at fair value (a) |
| $ | 104,668,435 |
| $ | 948,828,044 |
|
Interest and dividends receivable |
| 386,862 |
| 2,086,835 |
| ||
Receivable for investments sold |
| 1,182,651 |
| 13,376,985 |
| ||
Receivable for capital shares issued |
| 154,428 |
| 355,199 |
| ||
Prepaid expenses |
| 13,016 |
| 28,877 |
| ||
Total Assets |
| 106,405,392 |
| 964,675,940 |
| ||
Liabilities: |
|
|
|
|
| ||
Distributions payable |
| — |
| — |
| ||
Payable for investments purchased |
| — |
| — |
| ||
Payable for capital shares redeemed |
| 112,121 |
| 894,425 |
| ||
Accrued expenses and other payables: |
|
|
|
|
| ||
Investment advisory fees |
| 49,783 |
| 637,497 |
| ||
Accounting out-of-pocket fees |
| 836 |
| 3,502 |
| ||
Administration fees |
| 7,047 |
| 64,845 |
| ||
Compliance service fees |
| 148 |
| 849 |
| ||
Distribution (12b-1) fees |
| 328 |
| 773 |
| ||
Printing fees |
| 2,808 |
| 28,533 |
| ||
Transfer agent fees |
| 6,311 |
| 75,875 |
| ||
Other fees |
| 4,774 |
| 41,292 |
| ||
Total Liabilities |
| 184,156 |
| 1,747,591 |
| ||
Net Assets |
| $ | 106,221,236 |
| $ | 962,928,349 |
|
Net Assets Consist of: |
|
|
|
|
| ||
Capital |
| $ | 59,179,397 |
| $ | 403,391,116 |
|
Total distributable earnings |
| 47,041,839 |
| 559,537,233 |
| ||
Net Assets |
| $ | 106,221,236 |
| $ | 962,928,349 |
|
Net Assets |
|
|
|
|
| ||
Class A Shares |
| $ | 800,371 |
| $ | 2,774,513 |
|
Class C Shares |
| 204,530 |
| 278,668 |
| ||
Institutional Shares |
| 105,216,335 |
| 959,875,168 |
| ||
Class R Shares |
| — |
| — |
| ||
Class R6 Shares |
| — |
| — |
| ||
Total |
| $ | 106,221,236 |
| $ | 962,928,349 |
|
Shares of Beneficial Interest Outstanding (Unlimited number of shares authorized, no par value) |
|
|
|
|
| ||
Class A Shares |
| 18,931 |
| 35,573 |
| ||
Class C Shares |
| 4,863 |
| 3,673 |
| ||
Institutional Shares |
| 2,483,645 |
| 12,246,914 |
| ||
Class R Shares |
| — |
| — |
| ||
Class R6 Shares |
| — |
| — |
| ||
Total |
| 2,507,439 |
| 12,286,160 |
| ||
Net Asset Value |
|
|
|
|
| ||
Class A Shares - redemption price per share |
| $ | 42.28 |
| $ | 78.00 |
|
Class C Shares - offering price per share* |
| $ | 42.06 |
| $ | 75.87 |
|
Institutional Shares |
| $ | 42.36 |
| $ | 78.38 |
|
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 |
| $ | 44.86 |
| $ | 82.76 |
|
(a) Investments at cost |
| $ | 61,853,280 |
| $ | 449,760,625 |
|
* Redemption price per share varies by length of time shares are held.
** The Sterling Capital Corporate Fund net assets value of Class C Shares and Sterling Capital Kentucky Tax-Free Intermediate Fund net asset value for Class C Shares is calculated using unrounded net assets of $3,133.53 and $1,630.72 divided by the unrounded shares of 302.36 and 157.83, respectively.
See accompanying Notes to the Financial Statements.
Sterling Capital |
| Sterling Capital |
| Sterling Capital |
| Sterling Capital |
| Sterling Capital |
| Sterling Capital |
| Sterling Capital |
| |||||||
$ | 17,444,236 |
| $ | 176,237,061 |
| $ | 14,893,412 |
| $ | 1,480,635,826 |
| $ | 22,977,988 |
| $ | 36,374,289 |
| $ | 10,548,569 |
|
119,138 |
| 1,028,809 |
| 84,984 |
| 7,739,036 |
| 215,965 |
| 102,712 |
| 134,540 |
| |||||||
— |
| — |
| — |
| 3,420,771 |
| — |
| — |
| — |
| |||||||
2 |
| 230,994 |
| 5,000 |
| 1,867,093 |
| 13,917 |
| — |
| — |
| |||||||
15,915 |
| 14,385 |
| 7,724 |
| 37,821 |
| 7,543 |
| 8,235 |
| 5,904 |
| |||||||
17,579,291 |
| 177,511,249 |
| 14,991,120 |
| 1,493,700,547 |
| 23,215,413 |
| 36,485,236 |
| 10,689,013 |
| |||||||
3,259 |
| 89,949 |
| 22,217 |
| 1,161,080 |
| 84 |
| 3,521 |
| 9,865 |
| |||||||
— |
| 1,000,000 |
| — |
| 11,459,507 |
| — |
| — |
| — |
| |||||||
3,337 |
| 109,104 |
| 484 |
| 1,194,874 |
| 47,950 |
| 45,324 |
| 3,444 |
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
1,442 |
| 29,373 |
| 1,972 |
| 299,767 |
| 6,663 |
| 9,272 |
| 3,089 |
| |||||||
4,623 |
| 10,560 |
| 2,045 |
| 23,653 |
| 4,011 |
| 5,968 |
| 1,412 |
| |||||||
1,174 |
| 11,955 |
| 1,003 |
| 69,166 |
| 1,550 |
| 2,435 |
| 718 |
| |||||||
102 |
| 212 |
| 78 |
| 1,221 |
| 85 |
| 95 |
| 74 |
| |||||||
456 |
| 1,527 |
| 1,055 |
| 18,154 |
| 105 |
| 31 |
| 746 |
| |||||||
946 |
| 4,997 |
| 478 |
| 37,299 |
| 705 |
| 1,025 |
| 302 |
| |||||||
1,201 |
| 7,216 |
| 840 |
| 91,228 |
| 667 |
| 811 |
| 391 |
| |||||||
976 |
| 7,901 |
| 802 |
| 61,646 |
| 763 |
| 1,691 |
| 527 |
| |||||||
17,516 |
| 1,272,794 |
| 30,974 |
| 14,417,595 |
| 62,583 |
| 70,173 |
| 20,568 |
| |||||||
$ | 17,561,775 |
| $ | 176,238,455 |
| $ | 14,960,146 |
| $ | 1,479,282,952 |
| $ | 23,152,830 |
| $ | 36,415,063 |
| $ | 10,668,445 |
|
$ | 18,548,030 |
| $ | 182,795,821 |
| $ | 15,411,623 |
| $ | 1,443,822,221 |
| $ | 22,439,361 |
| $ | 37,310,067 |
| $ | 10,151,002 |
|
(986,255 | ) | (6,557,366 | ) | (451,477 | ) | 35,460,731 |
| 713,469 |
| (895,004 | ) | 517,443 |
| |||||||
$ | 17,561,775 |
| $ | 176,238,455 |
| $ | 14,960,146 |
| $ | 1,479,282,952 |
| $ | 23,152,830 |
| $ | 36,415,063 |
| $ | 10,668,445 |
|
$ | 2,219,038 |
| $ | 3,196,738 |
| $ | 3,530,817 |
| $ | 55,512,667 |
| $ | 498,346 |
| $ | 19,898 |
| $ | 3,630,995 |
|
— |
| 1,052,387 |
| 377,522 |
| 8,265,721 |
| 3,134 |
| 34,472 |
| 1,631 |
| |||||||
15,342,737 |
| 171,989,330 |
| 11,051,807 |
| 1,065,346,108 |
| 22,651,350 |
| 36,360,693 |
| 7,035,819 |
| |||||||
— |
| — |
| — |
| 29,310 |
| — |
| — |
| — |
| |||||||
— |
| — |
| — |
| 350,129,146 |
| — |
| — |
|
|
| |||||||
$ | 17,561,775 |
| $ | 176,238,455 |
| $ | 14,960,146 |
| $ | 1,479,282,952 |
| $ | 23,152,830 |
| $ | 36,415,063 |
| $ | 10,668,445 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
226,799 |
| 369,602 |
| 355,838 |
| 5,099,990 |
| 48,002 |
| 1,973 |
| 351,729 |
| |||||||
— |
| 121,746 |
| 38,111 |
| 758,281 |
| 302 |
| 3,419 |
| 158 |
| |||||||
1,567,410 |
| 19,886,324 |
| 1,112,789 |
| 97,824,326 |
| 2,182,704 |
| 3,600,370 |
| 682,558 |
| |||||||
— |
| — |
| — |
| 2,703 |
| — |
| — |
| — |
| |||||||
— |
| — |
| — |
| 32,152,996 |
| — |
| — |
| — |
| |||||||
1,794,209 |
| 20,377,672 |
| 1,506,738 |
| 135,838,296 |
| 2,231,008 |
| 3,605,762 |
| 1,034,445 |
| |||||||
$ | 9.78 |
| $ | 8.65 |
| $ | 9.92 |
| $ | 10.88 |
| $ | 10.38 |
| $ | 10.09 |
| $ | 10.32 |
|
$ | — |
| $ | 8.64 |
| $ | 9.91 |
| $ | 10.90 |
| $ | 10.36 | ** | $ | 10.08 |
| $ | 10.33 | ** |
$ | 9.79 |
| $ | 8.65 |
| $ | 9.93 |
| $ | 10.89 |
| $ | 10.38 |
| $ | 10.10 |
| $ | 10.31 |
|
$ | — |
| $ | — |
| $ | — |
| $ | 10.84 |
| $ | — |
| $ | — |
| $ | — |
|
$ | — |
| $ | — |
| $ | — |
| $ | 10.89 |
| $ | — |
| $ | — |
| $ | — |
|
0.50 | % | 2.00 | % | 2.00 | % | 5.75 | % | 2.00 | % | 2.00 | % | 2.00 | % | |||||||
$ | 9.83 |
| $ | 8.83 |
| $ | 10.12 |
| $ | 11.54 |
| $ | 10.59 |
| $ | 10.30 |
| $ | 10.53 |
|
$ | 17,400,241 |
| $ | 174,348,792 |
| $ | 14,412,576 |
| $ | 1,427,380,303 |
| $ | 22,100,933 |
| $ | 35,288,207 |
| $ | 10,066,987 |
|
|
| Sterling Capital |
| Sterling Capital |
| ||
|
| Maryland |
| North Carolina |
| ||
|
| Intermediate |
| Intermediate |
| ||
|
| Tax-Free Fund |
| Tax-Free Fund |
| ||
Assets: |
|
|
|
|
| ||
Investments at fair value - unaffiliated (a) |
| $ | 14,288,271 |
| $ | 178,989,665 |
|
Investments at fair value - affiliated (b) |
| — |
| — |
| ||
Interest and dividends receivable - unaffiliated |
| 170,208 |
| 2,356,017 |
| ||
Dividends receivable - affiliated |
| — |
| — |
| ||
Receivable for capital shares issued |
| 200 |
| 507,891 |
| ||
Prepaid and other expenses |
| 8,062 |
| 8,770 |
| ||
Total Assets |
| 14,466,741 |
| 181,862,343 |
| ||
Liabilities: |
|
|
|
|
| ||
Distributions payable |
| 14,654 |
| 174,872 |
| ||
Payable for investments purchased |
| — |
| — |
| ||
Payable for capital shares redeemed |
| 1,618 |
| 101,147 |
| ||
Accrued expenses and other payables: |
|
|
|
|
| ||
Investment advisory fees |
| 4,159 |
| 52,068 |
| ||
Accounting out-of-pocket fees |
| 1,352 |
| 4,757 |
| ||
Administration fees |
| 967 |
| 12,110 |
| ||
Compliance service fees |
| 78 |
| 211 |
| ||
Distribution (12b-1) fees |
| 1,247 |
| 10,241 |
| ||
Legal fees |
| 296 |
| 6,581 |
| ||
Printing fees |
| 452 |
| 4,896 |
| ||
Transfer agent fees |
| 525 |
| 5,183 |
| ||
Other fees |
| 427 |
| 4,104 |
| ||
Total Liabilities |
| 25,775 |
| 376,170 |
| ||
Net Assets |
| $ | 14,440,966 |
| $ | 181,486,173 |
|
Net Assets Consist of: |
|
|
|
|
| ||
Capital |
| $ | 13,648,482 |
| $ | 173,247,689 |
|
Total distributable earnings |
| 792,484 |
| 8,238,484 |
| ||
Net Assets |
| $ | 14,440,966 |
| $ | 181,486,173 |
|
Net Assets |
|
|
|
|
| ||
Class A Shares |
| $ | 3,947,092 |
| $ | 38,586,886 |
|
Class C Shares |
| 527,932 |
| 2,877,724 |
| ||
Institutional Shares |
| 9,965,942 |
| 140,021,563 |
| ||
Total |
| $ | 14,440,966 |
| $ | 181,486,173 |
|
Shares of Beneficial Interest Outstanding (Unlimited number of shares authorized, no par value) |
|
|
|
|
| ||
Class A Shares |
| 360,312 |
| 3,538,299 |
| ||
Class C Shares |
| 48,177 |
| 264,059 |
| ||
Institutional Shares |
| 908,141 |
| 12,839,822 |
| ||
Total |
| 1,316,630 |
| 16,642,180 |
| ||
Net Asset Value |
|
|
|
|
| ||
Class A Shares - redemption price per share |
| $ | 10.95 |
| $ | 10.91 |
|
Class C Shares - offering price per share* |
| $ | 10.96 |
| $ | 10.90 |
|
Institutional Shares |
| $ | 10.97 |
| $ | 10.91 |
|
Maximum Sales Charge - Class A Shares |
| 2.00 | % | 2.00 | % | ||
Maximum Offering Price (100%/(100% - Maximum Sales Charge)) of net asset value adjusted to the nearest cent per share - Class A Shares |
| $ | 11.17 |
| $ | 11.13 |
|
Investments at cost: |
|
|
|
|
| ||
(a) Investments at cost - unaffiliated |
| $ | 13,578,909 |
| $ | 169,986,085 |
|
(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 |
| Sterling Capital |
| Sterling Capital |
|
|
|
|
|
|
| ||||||
South Carolina |
| Virginia |
| West Virginia |
| Sterling Capital |
| Sterling Capital |
| Sterling Capital |
| ||||||
Intermediate |
| Intermediate |
| Intermediate |
| Diversified |
| Strategic Allocation |
| Strategic Allocation |
| ||||||
Tax-Free Fund |
| Tax-Free Fund |
| Tax-Free Fund |
| Income Fund |
| Balanced Fund |
| Growth Fund |
| ||||||
$ | 78,921,315 |
| $ | 77,151,481 |
| $ | 75,196,982 |
| $ | 20,215,904 |
| $ | 244,796 |
| $ | 373,663 |
|
— |
| — |
| — |
| — |
| — |
| — |
| ||||||
955,247 |
| 910,462 |
| 1,020,640 |
| 21,316 |
| — |
| — |
| ||||||
— |
| — |
| — |
| — |
| 23,109 |
| 11,449 |
| ||||||
80,750 |
| 155 |
| — |
| 471 |
| 675 |
| 255 |
| ||||||
8,402 |
| 8,731 |
| 8,494 |
| 7,151 |
| 7,390 |
| 6,795 |
| ||||||
79,965,714 |
| 78,070,829 |
| 76,226,116 |
| 20,244,842 |
| 25,599,492 |
| 20,815,840 |
| ||||||
87,452 |
| 89,551 |
| 97,443 |
| 19,330 |
| 190 |
| 107 |
| ||||||
— |
| — |
| — |
| 17,772 |
| — |
| — |
| ||||||
49,040 |
| 9,387 |
| 10,471 |
| 28,347 |
| 3,674 |
| 590 |
| ||||||
22,902 |
| 22,513 |
| 21,885 |
| 4,174 |
| — |
| — |
| ||||||
2,928 |
| 2,608 |
| 2,404 |
| 305 |
| 194 |
| 161 |
| ||||||
5,327 |
| 5,236 |
| 5,091 |
| 1,359 |
| — |
| — |
| ||||||
131 |
| 130 |
| 128 |
| 82 |
| 87 |
| 83 |
| ||||||
3,380 |
| 4,337 |
| 4,895 |
| 2,789 |
| 5,480 |
| 4,409 |
| ||||||
1,626 |
| 1,609 |
| 1,558 |
| 408 |
| 517 |
| 424 |
| ||||||
2,224 |
| 2,245 |
| 2,084 |
| 533 |
| 764 |
| 606 |
| ||||||
2,415 |
| 2,471 |
| 2,230 |
| 1,260 |
| 1,513 |
| 1,196 |
| ||||||
1,860 |
| 1,872 |
| 1,810 |
| 620 |
| 683 |
| 591 |
| ||||||
179,285 |
| 141,959 |
| 149,999 |
| 76,979 |
| 13,102 |
| 8,167 |
| ||||||
$ | 79,786,429 |
| $ | 77,928,870 |
| $ | 76,076,117 |
| $ | 20,167,863 |
| $ | 25,586,390 |
| $ | 20,807,673 |
|
$ | 76,513,192 |
| $ | 73,661,394 |
| $ | 72,528,847 |
| $ | 21,308,505 |
| $ | 23,475,035 |
| $ | 19,047,101 |
|
3,273,237 |
| 4,267,476 |
| 3,547,270 |
| (1,140,642 | ) | 2,111,355 |
| 1,760,572 |
| ||||||
$ | 79,786,429 |
| $ | 77,928,870 |
| $ | 76,076,117 |
| $ | 20,167,863 |
| $ | 25,586,390 |
| $ | 20,807,673 |
|
$ | 12,477,742 |
| $ | 17,794,697 |
| $ | 22,388,554 |
| $ | 10,688,340 |
| $ | 24,849,582 |
| $ | 19,757,675 |
|
977,750 |
| 822,106 |
| 335,088 |
| 680,266 |
| 405,855 |
| 350,389 |
| ||||||
66,330,937 |
| 59,312,067 |
| 53,352,475 |
| 8,799,257 |
| 330,953 |
| 699,609 |
| ||||||
$ | 79,786,429 |
| $ | 77,928,870 |
| $ | 76,076,117 |
| $ | 20,167,863 |
| $ | 25,586,390 |
| $ | 20,807,673 |
|
1,106,831 |
| 1,485,874 |
| 2,211,412 |
| 1,038,823 |
| 2,058,374 |
| 1,636,294 |
| ||||||
86,775 |
| 68,660 |
| 33,090 |
| 66,699 |
| 34,281 |
| 30,184 |
| ||||||
5,924,582 |
| 4,954,118 |
| 5,264,360 |
| 843,805 |
| 27,194 |
| 57,808 |
| ||||||
7,118,188 |
| 6,508,652 |
| 7,508,862 |
| 1,949,327 |
| 2,119,849 |
| 1,724,286 |
| ||||||
$ | 11.27 |
| $ | 11.98 |
| $ | 10.12 |
| $ | 10.29 |
| $ | 12.07 |
| $ | 12.07 |
|
$ | 11.27 |
| $ | 11.97 |
| $ | 10.13 |
| $ | 10.20 |
| $ | 11.84 |
| $ | 11.61 |
|
$ | 11.20 |
| $ | 11.97 |
| $ | 10.13 |
| $ | 10.43 |
| $ | 12.17 |
| $ | 12.10 |
|
2.00 | % | 2.00 | % | 2.00 | % | 5.75 | % | 5.75 | % | 5.75 | % | ||||||
$ | 11.50 |
| $ | 12.22 |
| $ | 10.33 |
| $ | 10.92 |
| $ | 12.81 |
| $ | 12.81 |
|
$ | 75,174,137 |
| $ | 72,880,689 |
| $ | 71,781,302 |
| $ | 20,271,135 |
| $ | 244,796 |
| $ | 373,663 |
|
$ | — |
| $ | — |
| $ | — |
| $ | — |
| $ | 23,130,706 |
| $ | 18,518,630 |
|
|
| Sterling Capital |
| Sterling Capital |
| ||
|
| Behavioral Large Cap |
| Mid |
| ||
|
| Value Equity Fund |
| Value Fund |
| ||
Investment Income: |
|
|
|
|
| ||
Dividend income |
| $ | 8,189,023 |
| $ | 7,055,497 |
|
Foreign tax withholding |
| (7,838 | ) | — |
| ||
Total investment income |
| 8,181,185 |
| 7,055,497 |
| ||
Expenses: |
|
|
|
|
| ||
Investment advisory fees (See Note 5) |
| 1,258,097 |
| 3,374,835 |
| ||
Administration fees (See Note 5) |
| 231,451 |
| 399,071 |
| ||
Distribution fees - Class A Shares (See Note 5) |
| 73,598 |
| 62,543 |
| ||
Distribution fees - Class C Shares (See Note 5) |
| 6,979 |
| 31,034 |
| ||
Distribution fees - Class R Shares (See Note 5) |
| — |
| 20 |
| ||
Compliance service fees (See Note 5) |
| 3,272 |
| 5,316 |
| ||
Trustee fees |
| 28,232 |
| 50,354 |
| ||
Accounting and out-of-pocket fees |
| 12,224 |
| 15,057 |
| ||
Audit fees |
| 18,603 |
| 30,583 |
| ||
Custodian fees |
| 13,344 |
| 22,715 |
| ||
Fund accounting fees (See Note 5) |
| 20,968 |
| 36,159 |
| ||
Interest expense (See Note 7) |
| — |
| 575 |
| ||
Legal fees |
| 31,183 |
| 58,559 |
| ||
Printing fees |
| 35,433 |
| 65,227 |
| ||
Registration fees |
| 45,462 |
| 78,398 |
| ||
Transfer agent fees (See Note 5) |
| 67,486 |
| 315,402 |
| ||
Other fees |
| 26,542 |
| 44,338 |
| ||
Total expenses before waivers |
| 1,872,874 |
| 4,590,186 |
| ||
Less expenses waived by the Investment Advisor (See Note 5) |
| — |
| — |
| ||
Less expenses waived by the Administrator (See Note 5) |
| (147,565 | ) | (295,039 | ) | ||
Net expenses |
| 1,725,309 |
| 4,295,147 |
| ||
Net investment income (loss) |
| 6,455,876 |
| 2,760,350 |
| ||
Realized and Unrealized Gain (Loss): |
|
|
|
|
| ||
Net realized gain (loss) from: |
|
|
|
|
| ||
Investments |
| 8,586,607 |
| 24,707,781 |
| ||
Foreign currency transactions |
| — |
| — |
| ||
Change in unrealized appreciation/depreciation on: |
|
|
|
|
| ||
Investments |
| (22,687,741 | ) | (59,094,578 | ) | ||
Written options |
| — |
| — |
| ||
Foreign currency transactions |
| — |
| — |
| ||
Total realized and unrealized gain (loss) |
| (14,101,134 | ) | (34,386,797 | ) | ||
Change in net assets from operations |
| $ | (7,645,258 | ) | $ | (31,626,447 | ) |
See accompanying Notes to the Financial Statements.
Sterling Capital |
| Sterling Capital |
| Sterling Capital |
| Sterling Capital |
| Sterling Capital |
| Sterling Capital |
| ||||||
Behavioral Small Cap |
| Special |
| Equity |
| Behavioral International |
| SMID |
| Stratton Mid Cap |
| ||||||
Value Equity Fund |
| Opportunities Fund |
| Income Fund |
| Equity Fund |
| Opportunities Fund |
| Value Fund |
| ||||||
$ | 4,805,524 |
| $ | 12,574,583 |
| $ | 50,238,103 |
| $ | 3,680,268 |
| $ | 76,553 |
| $ | 1,014,210 |
|
(6,580 | ) | (73,800 | ) | (504,234 | ) | (280,476 | ) | (902 | ) | (3,535 | ) | ||||||
4,798,944 |
| 12,500,783 |
| 49,733,869 |
| 3,399,792 |
| 75,651 |
| 1,010,675 |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||
1,279,341 |
| 6,967,393 |
| 9,285,784 |
| 468,258 |
| 62,031 |
| 420,213 |
| ||||||
176,440 |
| 887,335 |
| 1,397,388 |
| 64,583 |
| 7,334 |
| 49,688 |
| ||||||
18,039 |
| 796,069 |
| 792,175 |
| 1,398 |
| 6,766 |
| 266 |
| ||||||
1,562 |
| 1,046,690 |
| 1,725,869 |
| 649 |
| 12,659 |
| 14 |
| ||||||
411 |
| 1,241 |
| 13,703 |
| — |
| — |
| — |
| ||||||
2,569 |
| 11,427 |
| 17,770 |
| 1,188 |
| 492 |
| 1,016 |
| ||||||
21,100 |
| 108,439 |
| 165,764 |
| 7,590 |
| 870 |
| 6,047 |
| ||||||
15,029 |
| 28,253 |
| 40,706 |
| 34,734 |
| 3,104 |
| 5,184 |
| ||||||
14,481 |
| 71,702 |
| 113,254 |
| 5,148 |
| 580 |
| 4,002 |
| ||||||
9,914 |
| 51,606 |
| 81,434 |
| 33,366 |
| 427 |
| 2,856 |
| ||||||
15,992 |
| 80,393 |
| 126,624 |
| 5,853 |
| 665 |
| 4,502 |
| ||||||
— |
| 2,624 |
| 1,422 |
| 609 |
| — |
| — |
| ||||||
25,740 |
| 119,277 |
| 186,431 |
| 8,852 |
| 979 |
| 6,700 |
| ||||||
26,723 |
| 140,302 |
| 212,468 |
| 9,564 |
| 1,263 |
| 7,901 |
| ||||||
27,692 |
| 23,789 |
| 62,652 |
| 10,136 |
| 16,839 |
| 17,948 |
| ||||||
60,301 |
| 640,484 |
| 1,282,533 |
| 17,482 |
| 7,312 |
| 35,108 |
| ||||||
22,087 |
| 76,756 |
| 107,371 |
| 23,926 |
| 4,121 |
| 8,483 |
| ||||||
1,717,421 |
| 11,053,780 |
| 15,613,348 |
| 693,336 |
| 125,442 |
| 569,928 |
| ||||||
— |
| — |
| — |
| (156,086 | ) | (36,010 | ) | — |
| ||||||
(116,260 | ) | (299,354 | ) | (369,990 | ) | (47,182 | ) | — |
| — |
| ||||||
1,601,161 |
| 10,754,426 |
| 15,243,358 |
| 490,068 |
| 89,432 |
| 569,928 |
| ||||||
3,197,783 |
| 1,746,357 |
| 34,490,511 |
| 2,909,724 |
| (13,781 | ) | 440,747 |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||
(7,053,333 | ) | 63,257,242 |
| 81,979,112 |
| (6,282,444 | ) | 492,439 |
| 2,230,489 |
| ||||||
— |
| — |
| — |
| (39,053 | ) | — |
| — |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||
(17,208,260 | ) | (61,106,426 | ) | 27,932,035 |
| (2,770,205 | ) | 77,300 |
| (1,902,285 | ) | ||||||
— |
| — |
| 107,368 |
| — |
| — |
| — |
| ||||||
— |
| — |
| — |
| (13,247 | ) | — |
| — |
| ||||||
(24,261,593 | ) | 2,150,816 |
| 110,018,515 |
| (9,104,949 | ) | 569,739 |
| 328,204 |
| ||||||
$ | (21,063,810 | ) | $ | 3,897,173 |
| $ | 144,509,026 |
| $ | (6,195,225 | ) | $ | 555,958 |
| $ | 768,951 |
|
|
| Sterling Capital |
| Sterling Capital |
| Sterling Capital |
| Sterling Capita |
| ||||
|
| Stratton Real |
| Stratton Small Cap |
| Ultra Short |
| Short Duration |
| ||||
|
| Estate Fund |
| Value Fund |
| Bond Fund |
| Bond Fund |
| ||||
Investment Income: |
|
|
|
|
|
|
|
|
| ||||
Interest income |
| $ | — |
| $ | — |
| $ | 1,062,640 |
| $ | 5,369,867 |
|
Dividend income |
| 2,732,491 |
| 17,400,302 |
| 21,388 |
| 54,342 |
| ||||
Total investment income |
| 2,732,491 |
| 17,400,302 |
| 1,084,028 |
| 5,424,209 |
| ||||
Expenses: |
|
|
|
|
|
|
|
|
| ||||
Investment advisory fees (See Note 5) |
| 552,066 |
| 8,876,939 |
| 69,672 |
| 522,614 |
| ||||
Administration fees (See Note 5) |
| 79,479 |
| 864,509 |
| 28,918 |
| 144,261 |
| ||||
Distribution fees - Class A Shares (See Note 5) |
| 1,347 |
| 5,453 |
| 10,045 |
| 9,401 |
| ||||
Distribution fees - Class C Shares (See Note 5) |
| 1,555 |
| 1,602 |
| — |
| 10,741 |
| ||||
Distribution fees - Class R Shares (See Note 5) |
| — |
| — |
| — |
| — |
| ||||
Compliance service fees (See Note 5) |
| 1,385 |
| 11,147 |
| 773 |
| 2,202 |
| ||||
Trustee fees |
| 9,516 |
| 107,872 |
| 3,735 |
| 16,728 |
| ||||
Accounting and out-of-pocket fees |
| 5,242 |
| 27,125 |
| 23,918 |
| 44,675 |
| ||||
Audit fees |
| 6,699 |
| 67,065 |
| 2,288 |
| 12,216 |
| ||||
Custodian fees |
| 4,567 |
| 49,616 |
| 1,635 |
| 8,438 |
| ||||
Fund accounting fees (See Note 5) |
| 7,201 |
| 78,326 |
| 2,613 |
| 13,066 |
| ||||
Interest expense (See Note 7) |
| 138 |
| 1,004 |
| 32 |
| — |
| ||||
Legal fees |
| 10,620 |
| 117,776 |
| 3,966 |
| 19,328 |
| ||||
Printing fees |
| 12,786 |
| 136,537 |
| 4,575 |
| 20,707 |
| ||||
Registration fees |
| 20,859 |
| 28,599 |
| 22,562 |
| 30,340 |
| ||||
Transfer agent fees (See Note 5) |
| 63,380 |
| 824,505 |
| 10,030 |
| 79,332 |
| ||||
Other fees |
| 10,520 |
| 76,671 |
| 6,307 |
| 14,076 |
| ||||
Total expenses before waivers |
| 787,360 |
| 11,274,746 |
| 191,069 |
| 948,125 |
| ||||
Less expenses waived by the Investment Advisor (See Note 5) |
| — |
| (522,173 | ) | (35,827 | ) | (174,205 | ) | ||||
Less expenses waived by the Administrator (See Note 5) |
| — |
| — |
| — |
| — |
| ||||
Net expenses |
| 787,360 |
| 10,752,573 |
| 155,242 |
| 773,920 |
| ||||
Net investment income |
| 1,945,131 |
| 6,647,729 |
| 928,786 |
| 4,650,289 |
| ||||
Realized and Unrealized Gain (Loss): |
|
|
|
|
|
|
|
|
| ||||
Net realized gain (loss) from: |
|
|
|
|
|
|
|
|
| ||||
Investments |
| 4,052,238 |
| 80,480,253 |
| 90,770 |
| 304,183 |
| ||||
Change in unrealized appreciation/depreciation on investments |
| 11,153,699 |
| (160,890,027 | ) | 116,592 |
| 2,918,772 |
| ||||
Total realized and unrealized gain |
| 15,205,937 |
| (80,409,774 | ) | 207,362 |
| 3,222,955 |
| ||||
Change in net assets from operations |
| $ | 17,151,068 |
| $ | (73,762,045 | ) | $ | 1,136,148 |
| $ | 7,873,244 |
|
See accompanying Notes to the Financial Statements.
Sterling Capital |
| Sterling Capital |
| Sterling Capital |
| Sterling Capital |
| Sterling Capital |
| |||||
Intermediate U.S. |
| Total Return |
| Corporate |
| Securitized |
| Kentucky Intermediate |
| |||||
Government Fund |
| Bond Fund |
| Fund |
| Opportunities Fund |
| Tax-Free Fund |
| |||||
|
|
|
|
|
|
|
|
|
| |||||
$ | 495,486 |
| $ | 45,142,537 |
| $ | 959,950 |
| $ | 1,331,209 |
| $ | 282,075 |
|
5 |
| 616,028 |
| 12,055 |
| 10,390 |
| 8,669 |
| |||||
495,491 |
| 45,758,565 |
| 972,005 |
| 1,341,599 |
| 290,744 |
| |||||
|
|
|
|
|
|
|
|
|
| |||||
54,260 |
| 4,770,757 |
| 86,574 |
| 125,309 |
| 37,044 |
| |||||
14,033 |
| 1,067,277 |
| 20,473 |
| 29,643 |
| 8,762 |
| |||||
10,143 |
| 146,588 |
| 1,162 |
| 48 |
| 8,219 |
| |||||
4,472 |
| 77,003 |
| 47 |
| 335 |
| 16 |
| |||||
— |
| 150 |
| — |
| — |
| — |
| |||||
575 |
| 13,620 |
| 656 |
| 768 |
| 508 |
| |||||
1,796 |
| 125,206 |
| 2,555 |
| 3,594 |
| 1,068 |
| |||||
9,802 |
| 96,999 |
| 22,115 |
| 25,435 |
| 7,578 |
| |||||
1,202 |
| 86,960 |
| 1,726 |
| 2,415 |
| 701 |
| |||||
791 |
| 61,460 |
| 1,161 |
| 1,701 |
| 497 |
| |||||
1,272 |
| 96,704 |
| 1,855 |
| 2,685 |
| 794 |
| |||||
— |
| — |
| — |
| — |
| — |
| |||||
1,948 |
| 151,406 |
| 2,965 |
| 4,258 |
| 1,188 |
| |||||
2,480 |
| 157,950 |
| 3,219 |
| 4,448 |
| 1,455 |
| |||||
12,297 |
| 66,293 |
| 15,184 |
| 14,085 |
| 8,042 |
| |||||
6,349 |
| 701,653 |
| 6,097 |
| 7,824 |
| 2,946 |
| |||||
5,412 |
| 81,163 |
| 5,865 |
| 6,074 |
| 3,673 |
| |||||
126,832 |
| 7,701,189 |
| 171,654 |
| 228,622 |
| 82,491 |
| |||||
(16,478 | ) | (1,644,247 | ) | (2,441 | ) | (14,321 | ) | — |
| |||||
— |
| (334,426 | ) | — |
| — |
| — |
| |||||
110,354 |
| 5,722,516 |
| 169,213 |
| 214,301 |
| 82,491 |
| |||||
385,137 |
| 40,036,049 |
| 802,792 |
| 1,127,298 |
| 208,253 |
| |||||
|
|
|
|
|
|
|
|
|
| |||||
(135,818 | ) | 9,093,529 |
| 1,362 |
| (2,517 | ) | 23,293 |
| |||||
941,605 |
| 78,052,011 |
| 1,229,006 |
| 1,730,730 |
| 473,487 |
| |||||
805,787 |
| 87,145,540 |
| 1,230,368 |
| 1,728,213 |
| 496,780 |
| |||||
$ | 1,190,924 |
| $ | 127,181,589 |
| $ | 2,033,160 |
| $ | 2,855,511 |
| $ | 705,033 |
|
|
| Sterling Capital |
| Sterling Capital |
| ||
|
| Maryland |
| North Carolina |
| ||
|
| Intermediate |
| Intermediate |
| ||
|
| Tax-Free Fund |
| Tax-Free Fund |
| ||
Investment Income: |
|
|
|
|
| ||
Interest income |
| $ | 432,019 |
| $ | 4,874,586 |
|
Dividend income - unaffiliated |
| 9,094 |
| 96,853 |
| ||
Dividend income - affiliated* |
| — |
| — |
| ||
Total investment income |
| 441,113 |
| 4,971,439 |
| ||
Expenses: |
|
|
|
|
| ||
Investment advisory fees (See Note 5) |
| 55,966 |
| 596,260 |
| ||
Administration fees (See Note 5) |
| 13,240 |
| 141,015 |
| ||
Distribution fees - Class A Shares (See Note 5) |
| 10,346 |
| 95,144 |
| ||
Distribution fees - Class C Shares (See Note 5) |
| 5,612 |
| 29,639 |
| ||
Compliance service fees (See Note 5) |
| 564 |
| 2,145 |
| ||
Trustee fees |
| 1,661 |
| 16,855 |
| ||
Accounting and out-of-pocket fees |
| 8,033 |
| 19,612 |
| ||
Audit fees |
| 1,019 |
| 11,192 |
| ||
Custodian fees |
| 740 |
| 8,019 |
| ||
Fund accounting fees (See Note 5) |
| 1,199 |
| 12,777 |
| ||
Interest expense (See Note 7) |
| — |
| — |
| ||
Legal fees |
| 1,820 |
| 22,037 |
| ||
Printing fees |
| 2,144 |
| 20,391 |
| ||
Registration fees |
| 14,941 |
| 16,724 |
| ||
Transfer agent fees (See Note 5) |
| 4,780 |
| 52,341 |
| ||
Other fees |
| 4,627 |
| 13,818 |
| ||
Total expenses before waivers |
| 126,692 |
| 1,057,969 |
| ||
Less expenses waived by the Investment Advisor (See Note 5) |
| (3,330 | ) | — |
| ||
Net expenses |
| 123,362 |
| 1,057,969 |
| ||
Net investment income |
| 317,751 |
| 3,913,470 |
| ||
Realized and Unrealized Gain (Loss): |
|
|
|
|
| ||
Net realized gain (loss) from: |
|
|
|
|
| ||
Investments - unaffiliated |
| 65,387 |
| 432,735 |
| ||
Investments - affiliated |
| — |
| — |
| ||
Distributions from unaffiliated funds |
| — |
| — |
| ||
Distributions from affiliated funds |
| — |
| — |
| ||
Change in unrealized appreciation/depreciation on investments |
| 628,011 |
| 7,032,082 |
| ||
Total realized and unrealized gain |
| 693,398 |
| 7,464,817 |
| ||
Change in net assets from operations |
| $ | 1,011,149 |
| $ | 11,378,287 |
|
* This dividend income is derived from affiliates other than controlled companies.
See accompanying Notes to the Financial Statements.
Sterling Capital |
| Sterling Capital |
| Sterling Capital |
|
|
| Sterling Capital |
|
|
| ||||||
South Carolina |
| Virginia |
| West Virginia |
| Sterling Capital |
| Strategic Allocation |
| Sterling Capital |
| ||||||
Intermediate |
| Intermediate |
| Intermediate |
| Diversified |
| Balanced |
| Strategic Allocation |
| ||||||
Tax-Free Fund |
| Tax-Free Fund |
| Tax-Free Fund |
| Income Fund |
| Fund |
| Growth Fund |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||
$ | 2,045,192 |
| $ | 2,120,669 |
| $ | 2,131,517 |
| $ | — |
| $ | — |
| $ | — |
|
41,801 |
| 33,668 |
| 38,895 |
| 980,880 |
| 5,533 |
| 4,955 |
| ||||||
— |
| — |
| — |
| — |
| 685,406 |
| 500,489 |
| ||||||
2,086,993 |
| 2,154,337 |
| 2,170,412 |
| 980,880 |
| 690,939 |
| 505,444 |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||
271,590 |
| 274,509 |
| 253,864 |
| 46,455 |
| 67,533 |
| 53,468 |
| ||||||
64,238 |
| 64,931 |
| 60,030 |
| 15,380 |
| — |
| — |
| ||||||
32,633 |
| 46,106 |
| 53,994 |
| 28,287 |
| 65,821 |
| 50,782 |
| ||||||
9,726 |
| 8,238 |
| 6,270 |
| 8,493 |
| 4,869 |
| 3,815 |
| ||||||
1,191 |
| 1,205 |
| 1,140 |
| 590 |
| 678 |
| 620 |
| ||||||
7,720 |
| 7,845 |
| 7,253 |
| 1,825 |
| 2,735 |
| 2,147 |
| ||||||
12,858 |
| 11,116 |
| 11,038 |
| 3,384 |
| 2,427 |
| 2,298 |
| ||||||
5,101 |
| 5,084 |
| 4,727 |
| 1,176 |
| 1,773 |
| 1,405 |
| ||||||
3,634 |
| 3,691 |
| 3,395 |
| 890 |
| 1,271 |
| 1,007 |
| ||||||
5,820 |
| 5,882 |
| 5,440 |
| 1,394 |
| 2,026 |
| 1,604 |
| ||||||
— |
| — |
| — |
| — |
| 108 |
| 22 |
| ||||||
8,755 |
| 8,824 |
| 8,149 |
| 2,093 |
| 3,024 |
| 2,391 |
| ||||||
9,429 |
| 9,724 |
| 8,917 |
| 2,747 |
| 3,873 |
| 3,135 |
| ||||||
11,429 |
| 16,992 |
| 13,174 |
| 10,591 |
| 10,260 |
| 7,514 |
| ||||||
22,988 |
| 21,904 |
| 19,321 |
| 9,655 |
| 10,247 |
| 7,840 |
| ||||||
7,953 |
| 8,558 |
| 8,171 |
| 5,372 |
| 5,213 |
| 4,982 |
| ||||||
475,065 |
| 494,609 |
| 464,883 |
| 138,332 |
| 181,858 |
| 143,030 |
| ||||||
— |
| — |
| — |
| (1,283 | ) | (67,533 | ) | (53,468 | ) | ||||||
475,065 |
| 494,609 |
| 464,883 |
| 137,049 |
| 114,325 |
| 89,562 |
| ||||||
1,611,928 |
| 1,659,728 |
| 1,705,529 |
| 843,831 |
| 576,614 |
| 415,882 |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||
97,934 |
| 333,963 |
| 51,276 |
| (44,682 | ) | 34 |
| 5 |
| ||||||
— |
| — |
| — |
| — |
| (127,286 | ) | (121,124 | ) | ||||||
— |
| — |
| — |
| 62,046 |
| — |
| — |
| ||||||
— |
| — |
| — |
| — |
| 951,750 |
| 910,090 |
| ||||||
3,429,312 |
| 3,500,332 |
| 2,940,544 |
| (598,172 | ) | (890,437 | ) | (1,127,573 | ) | ||||||
3,527,246 |
| 3,834,295 |
| 2,991,820 |
| (580,808 | ) | (65,939 | ) | (338,602 | ) | ||||||
$ | 5,139,174 |
| $ | 5,494,023 |
| $ | 4,697,349 |
| $ | 263,023 |
| $ | 510,675 |
| $ | 77,280 |
|
|
| Sterling Capital |
| ||||
|
| Behavioral Large Cap |
| ||||
|
| Value Equity Fund |
| ||||
|
| For the |
| For the |
| ||
|
| Year Ended |
| Year Ended |
| ||
|
| September 30, |
| September 30, |
| ||
|
| 2019 |
| 2018 |
| ||
From Investment Activities: |
|
|
|
|
| ||
Operations: |
|
|
|
|
| ||
Net investment income |
| $ | 6,455,876 |
| $ | 5,256,167 |
|
Net realized gain (loss) |
| 8,586,607 |
| 28,260,872 |
| ||
Change in unrealized appreciation/depreciation |
| (22,687,741 | ) | (421,809 | ) | ||
Change in net assets from operations |
| (7,645,258 | ) | 33,095,230 |
| ||
Distributions to Shareholders: |
|
|
|
|
| ||
Class A |
| (3,138,063 | ) | (990,196 | ) | ||
Class C |
| (80,167 | ) | (21,258 | ) | ||
Institutional Class |
| (858,373 | ) | (6,190,611 | ) | ||
Class R |
| — |
| — |
| ||
Class R6 |
| (26,185,374 | ) | (2,717,325 | ) | ||
Change in net assets from shareholder distributions |
| $ | (30,261,977 | ) | $ | (9,919,390 | ) |
Capital Transactions: |
|
|
|
|
| ||
Change in net assets from capital transactions |
| 1,423,452 |
| (17,023,853 | ) | ||
Change in net assets |
| (36,483,783 | ) | 6,151,987 |
| ||
Net Assets: |
|
|
|
|
| ||
Beginning of year |
| 312,979,475 |
| 306,827,488 |
| ||
End of year |
| 276,495,692 |
| 312,979,475 |
|
See accompanying Notes to the Financial Statements.
Sterling Capital |
| Sterling Capital |
| Sterling Capital |
| ||||||||||||
Mid Value |
| Behavioral Small Cap |
| Special Opportunities |
| ||||||||||||
Fund |
| Value Equity Fund |
| Fund |
| ||||||||||||
For the |
| For the |
| For the |
| For the |
| For the |
| For the |
| ||||||
Year Ended |
| Year Ended |
| Year Ended |
| Year Ended |
| Year Ended |
| Year Ended |
| ||||||
September 30, |
| September 30, |
| September 30, |
| September 30, |
| September 30, |
| September 30, |
| ||||||
2019 |
| 2018 |
| 2019 |
| 2018 |
| 2019 |
| 2018 |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||
$ | 2,760,350 |
| $ | 662,968 |
| $ | 3,197,783 |
| $ | 2,693,478 |
| $ | 1,746,357 |
| $ | 1,354,568 |
|
24,707,781 |
| 47,322,662 |
| (7,053,333 | ) | 25,196,365 |
| 63,257,242 |
| 94,628,286 |
| ||||||
(59,094,578 | ) | 2,857,171 |
| (17,208,260 | ) | (15,060,171 | ) | (61,106,426 | ) | 90,055,259 |
| ||||||
(31,626,447 | ) | 50,842,801 |
| (21,063,810 | ) | 12,829,672 |
| 3,897,173 |
| 186,038,113 |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||
(3,408,094 | ) | (1,456,516 | ) | (1,025,701 | ) | (376,877 | ) | (23,254,518 | ) | (28,254,937 | ) | ||||||
(477,465 | ) | (215,133 | ) | (20,475 | ) | (6,737 | ) | (11,770,076 | ) | (14,014,589 | ) | ||||||
(30,649,387 | ) | (30,863,123 | ) | (4,266,355 | ) | (9,282,877 | ) | (23,120,615 | ) | (54,218,748 | ) | ||||||
(513 | ) | (80 | ) | (8,674 | ) | (1,463 | ) | (18,880 | ) | (31,772 | ) | ||||||
(33,160,969 | ) | — |
| (23,767,086 | ) | — |
| (24,985,390 | ) | (3 | ) | ||||||
$ | (67,696,428 | ) | $ | (32,534,852 | ) | $ | (29,088,291 | ) | $ | (9,667,954 | ) | $ | (83,149,479 | ) | $ | (96,520,049 | ) |
|
|
|
|
|
|
|
|
|
|
|
| ||||||
(116,439,231 | ) | (45,226,819 | ) | 56,614,739 |
| 17,982,337 |
| (80,171,646 | ) | (33,823,588 | ) | ||||||
(215,762,106 | ) | (26,918,870 | ) | 6,462,638 |
| 21,144,055 |
| (159,423,952 | ) | 55,694,476 |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||
643,815,304 |
| 670,734,174 |
| 239,052,320 |
| 217,908,265 |
| 1,201,936,776 |
| 1,146,242,300 |
| ||||||
428,053,198 |
| 643,815,304 |
| 245,514,958 |
| 239,052,320 |
| 1,042,512,824 |
| 1,201,936,776 |
|
|
| Sterling Capital |
| ||||
|
| Equity Income |
| ||||
|
| Fund |
| ||||
|
| For the |
| For the |
| ||
|
| Year Ended |
| Year Ended |
| ||
|
| September 30, |
| September 30, |
| ||
|
| 2019 |
| 2018 |
| ||
From Investment Activities: |
|
|
|
|
| ||
Operations: |
|
|
|
|
| ||
Net investment income (loss) |
| $ | 34,490,511 |
| $ | 28,001,267 |
|
Net realized gain (loss) |
| 81,979,112 |
| 156,131,966 |
| ||
Change in unrealized appreciation/depreciation |
| 28,039,403 |
| 46,144,809 |
| ||
Change in net assets from operations |
| 144,509,026 |
| 230,278,042 |
| ||
Distributions to Shareholders: |
|
|
|
|
| ||
Class A |
| (27,902,929 | ) | (36,580,437 | ) | ||
Class C |
| (15,778,727 | ) | (22,777,251 | ) | ||
Institutional Class |
| (77,612,408 | ) | (108,613,745 | ) | ||
Class R |
| (248,333 | ) | (380,583 | ) | ||
Class R6 |
| (29,401,719 | ) | (3,308,989 | ) | ||
Change in net assets from shareholder distributions |
| (150,944,116 | ) | (171,661,005 | ) | ||
Capital Transactions: |
|
|
|
|
| ||
Change in net assets from capital transactions |
| 171,789,600 |
| 47,058,558 |
| ||
Change in net assets |
| 165,354,510 |
| 105,675,595 |
| ||
Net Assets: |
|
|
|
|
| ||
Beginning of year |
| 1,672,886,380 |
| 1,567,210,785 |
| ||
End of year |
| $ | 1,838,240,890 |
| $ | 1,672,886,380 |
|
See accompanying Notes to the Financial Statements.
Sterling Capital |
| Sterling Capital |
| Sterling Capital |
| ||||||||||||
Behavioral International |
| SMID |
| Stratton Mid Cap |
| ||||||||||||
Equity Fund |
| Opportunities Fund |
| Value Fund |
| ||||||||||||
For the |
| For the |
| For the |
| For the |
| For the |
| For the |
| ||||||
Year Ended |
| Year Ended |
| Year Ended |
| Year Ended |
| Year Ended |
| Year Ended |
| ||||||
September 30, |
| September 30, |
| September 30, |
| September 30, |
| September 30, |
| September 30, |
| ||||||
2019 |
| 2018 |
| 2019 |
| 2018 |
| 2019 |
| 2018 |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||
$ | 2,909,724 |
| $ | 2,658,722 |
| $ | (13,781 | ) | $ | (34,636 | ) | $ | 440,747 |
| $ | 271,762 |
|
(6,321,497 | ) | 2,985,525 |
| 492,439 |
| 35,926 |
| 2,230,489 |
| 4,739,674 |
| ||||||
(2,783,452 | ) | (6,860,822 | ) | 77,300 |
| 672,203 |
| (1,902,285 | ) | 52,071 |
| ||||||
(6,195,225 | ) | (1,216,575 | ) | 555,958 |
| 673,493 |
| 768,951 |
| 5,063,507 |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||
(45,602 | ) | (18,632 | ) | — |
| (67,906 | ) | (8,075 | ) | (3,985 | ) | ||||||
(4,299 | ) | (1,747 | ) | — |
| (23,727 | ) | (103 | ) | (45 | ) | ||||||
(1,243,697 | ) | (3,136,628 | ) | — |
| (97,308 | ) | (5,084,526 | ) | (2,556,507 | ) | ||||||
— |
| — |
| — |
| — |
| — |
| — |
| ||||||
(4,081,173 | ) | — |
| — |
| — |
| — |
| — |
| ||||||
(5,374,771 | ) | (3,157,007 | ) | — |
| (188,941 | ) | (5,092,704 | ) | (2,560,537 | ) | ||||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||
24,240,078 |
| 4,887,175 |
| (116,917 | ) | (1,165,195 | ) | (302,087 | ) | (1,980,103 | ) | ||||||
12,670,082 |
| 513,593 |
| 439,041 |
| (680,643 | ) | (4,625,840 | ) | 522,867 |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||
82,958,613 |
| 82,445,020 |
| 9,231,240 |
| 9,911,883 |
| 66,661,665 |
| 66,138,798 |
| ||||||
$ | 95,628,695 |
| $ | 82,958,613 |
| $ | 9,670,281 |
| $ | 9,231,240 |
| $ | 62,035,825 |
| $ | 66,661,665 |
|
|
| Sterling Capital |
| ||||
|
| For the |
| For the |
| ||
|
| Year Ended |
| Year Ended |
| ||
|
| September 30, |
| September 30, |
| ||
|
| 2019 |
| 2018 |
| ||
From Investment Activities: |
|
|
|
|
| ||
Operations: |
|
|
|
|
| ||
Net investment income |
| $ | 1,945,131 |
| $ | 2,035,121 |
|
Net realized gain (loss) |
| 4,052,238 |
| 2,932,979 |
| ||
Change in unrealized appreciation/depreciation |
| 11,153,699 |
| 433,930 |
| ||
Change in net assets from operations |
| 17,151,068 |
| 5,402,030 |
| ||
Distributions to Shareholders: |
|
|
|
|
| ||
Class A |
| (27,282 | ) | (14,105 | ) | ||
Class C |
| (6,293 | ) | (2,786 | ) | ||
Institutional Class |
| (5,133,185 | ) | (4,544,554 | ) | ||
Change in net assets from shareholder distributions |
| (5,166,760 | ) | (4,561,445 | ) | ||
Capital Transactions: |
|
|
|
|
| ||
Change in net assets from capital transactions |
| 2,115,839 |
| (5,285,085 | ) | ||
Change in net assets |
| 14,100,147 |
| (4,444,500 | ) | ||
Net Assets: |
|
|
|
|
| ||
Beginning of year |
| 92,121,089 |
| 96,565,589 |
| ||
End of year |
| $ | 106,221,236 |
| $ | 92,121,089 |
|
See accompanying Notes to the Financial Statements.
Sterling Capital |
| Sterling Capital |
| ||||||||
Stratton Small Cap |
| Ultra Short |
| ||||||||
Value Fund |
| Bond Fund |
| ||||||||
For the |
| For the |
| For the |
| For the |
| ||||
Year Ended |
| Year Ended |
| Year Ended |
| Year Ended |
| ||||
September 30, |
| September 30, |
| September 30, |
| September 30, |
| ||||
2019 |
| 2018 |
| 2019 |
| 2018 |
| ||||
|
|
|
|
|
|
|
| ||||
|
|
|
|
|
|
|
| ||||
$ | 6,647,729 |
| $ | 3,726,905 |
| $ | 928,786 |
| $ | 614,700 |
|
80,480,253 |
| 106,702,424 |
| 90,770 |
| (53,414 | ) | ||||
(160,890,027 | ) | (17,527,452 | ) | 116,592 |
| (14,558 | ) | ||||
(73,762,045 | ) | 92,901,877 |
| 1,136,148 |
| 546,728 |
| ||||
|
|
|
|
|
|
|
| ||||
(133,162 | ) | (49,681 | ) | (94,793 | ) | (90,901 | ) | ||||
(7,554 | ) | (9,281 | ) | — |
| — |
| ||||
(87,347,809 | ) | (103,370,613 | ) | (820,309 | ) | (602,875 | ) | ||||
(87,488,525 | ) | (103,429,575 | ) | (915,102 | ) | (693,776 | ) | ||||
|
|
|
|
|
|
|
| ||||
(174,989,690 | ) | 125,085,570 |
| (9,659,452 | ) | (11,394,380 | ) | ||||
(336,240,260 | ) | 114,557,872 |
| (9,438,406 | ) | (11,541,428 | ) | ||||
|
|
|
|
|
|
|
| ||||
1,299,168,609 |
| 1,184,610,737 |
| 27,000,181 |
| 38,541,609 |
| ||||
$ | 962,928,349 |
| $ | 1,299,168,609 |
| $ | 17,561,775 |
| $ | 27,000,181 |
|
|
| Sterling Capital |
| ||||
|
| Short Duration |
| ||||
|
| Bond Fund |
| ||||
|
| For the |
| For the |
| ||
|
| Year Ended |
| Year Ended |
| ||
|
| September 30, |
| September 30, |
| ||
|
| 2019 |
| 2018 |
| ||
From Investment Activities: |
|
|
|
|
| ||
Operations: |
|
|
|
|
| ||
Net investment income |
| $ | 4,650,289 |
| $ | 2,221,246 |
|
Net realized gain (loss) |
| 304,183 |
| (189,432 | ) | ||
Change in unrealized appreciation/depreciation |
| 2,918,772 |
| (983,819 | ) | ||
Change in net assets from operations |
| 7,873,244 |
| 1,047,995 |
| ||
Distributions to Shareholders: |
|
|
|
|
| ||
Class A |
| (101,425 | ) | (125,174 | ) | ||
Class C |
| (20,881 | ) | (22,585 | ) | ||
Institutional Class |
| (4,979,836 | ) | (2,667,343 | ) | ||
Class R |
| — |
| — |
| ||
Class R6 |
| — |
| — |
| ||
Change in net assets from shareholder distributions |
| (5,102,142 | ) | (2,815,102 | ) | ||
Capital Transactions: |
|
|
|
|
| ||
Change in net assets from capital transactions |
| 41,105,586 |
| 59,370,236 |
| ||
Change in net assets |
| 43,876,688 |
| 57,603,129 |
| ||
Net Assets: |
|
|
|
|
| ||
Beginning of year |
| 132,361,767 |
| 74,758,638 |
| ||
End of year |
| $ | 176,238,455 |
| $ | 132,361,767 |
|
See accompanying Notes to the Financial Statements.
Sterling Capital |
| Sterling Capital |
| Sterling Capital |
| ||||||||||||
Intermediate U.S. |
| Total Return |
| Corporate |
| ||||||||||||
Government Fund |
| Bond Fund |
| Fund |
| ||||||||||||
For the |
| For the |
| For the |
| For the |
| For the |
| For the |
| ||||||
Year Ended |
| Year Ended |
| Year Ended |
| Year Ended |
| Year Ended |
| Year Ended |
| ||||||
September 30, |
| September 30, |
| September 30, |
| September 30, |
| September 30, |
| September 30, |
| ||||||
2019 |
| 2018 |
| 2019 |
| 2018 |
| 2019 |
| 2018 |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||
$ | 385,137 |
| $ | 392,430 |
| $ | 40,036,049 |
| $ | 32,669,122 |
| $ | 802,792 |
| $ | 902,565 |
|
(135,818 | ) | (131,836 | ) | 9,093,529 |
| (6,406,390 | ) | 1,362 |
| (123,986 | ) | ||||||
941,605 |
| (550,383 | ) | 78,052,011 |
| (34,574,914 | ) | 1,229,006 |
| (883,886 | ) | ||||||
1,190,924 |
| (289,789 | ) | 127,181,589 |
| (8,312,182 | ) | 2,033,160 |
| (105,307 | ) | ||||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||
(100,924 | ) | (129,138 | ) | (1,758,079 | ) | (2,065,674 | ) | (13,849 | ) | (14,226 | ) | ||||||
(7,749 | ) | (9,904 | ) | (172,524 | ) | (156,059 | ) | (111 | ) | (1,207 | ) | ||||||
(337,311 | ) | (445,387 | ) | (29,747,187 | ) | (29,603,997 | ) | (788,778 | ) | (1,073,071 | ) | ||||||
— |
| — |
| (829 | ) | (248 | ) | — |
| — |
| ||||||
— |
| — |
| (10,125,629 | ) | (4,164,355 | ) | — |
| — |
| ||||||
(445,984 | ) | (584,429 | ) | (41,804,248 | ) | (35,990,333 | ) | (802,738 | ) | (1,088,504 | ) | ||||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||
(8,583,621 | ) | 1,265,840 |
| 175,350,460 |
| 186,165,642 |
| (9,365,172 | ) | 2,595,179 |
| ||||||
(7,838,681 | ) | 391,622 |
| 260,727,801 |
| 141,863,127 |
| (8,134,750 | ) | 1,401,368 |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||
22,798,827 |
| 22,407,205 |
| 1,218,555,151 |
| 1,076,692,024 |
| 31,287,580 |
| 29,886,212 |
| ||||||
$ | 14,960,146 |
| $ | 22,798,827 |
| $ | 1,479,282,952 |
| $ | 1,218,555,151 |
| $ | 23,152,830 |
| $ | 31,287,580 |
|
|
| Sterling Capital |
| ||||
|
| Securitized Opportunities |
| ||||
|
| Fund |
| ||||
|
| For the |
| For the |
| ||
|
| Year Ended |
| Year Ended |
| ||
|
| September 30, |
| September 30, |
| ||
|
| 2019 |
| 2018 |
| ||
From Investment Activities: |
|
|
|
|
| ||
Operations: |
|
|
|
|
| ||
Net investment income |
| $ | 1,127,298 |
| $ | 1,132,594 |
|
Net realized gain (loss) |
| (2,517 | ) | (144,404 | ) | ||
Change in unrealized appreciation/depreciation |
| 1,730,730 |
| (1,096,353 | ) | ||
Change in net assets from operations |
| 2,855,511 |
| (108,163 | ) | ||
Distributions to Shareholders: |
|
|
|
|
| ||
Class A |
| (543 | ) | (1,330 | ) | ||
Class C |
| (701 | ) | (696 | ) | ||
Institutional Class |
| (1,106,026 | ) | (1,178,896 | ) | ||
Change in net assets from shareholder distributions |
| (1,107,270 | ) | (1,180,922 | ) | ||
Capital Transactions: |
|
|
|
|
| ||
Change in net assets from capital transactions |
| (2,472,234 | ) | (1,232,768 | ) | ||
Change in net assets |
| (723,993 | ) | (2,521,853 | ) | ||
Net Assets: |
|
|
|
|
| ||
Beginning of year |
| 37,139,056 |
| 39,660,909 |
| ||
End of year |
| $ | 36,415,063 |
| $ | 37,139,056 |
|
See accompanying Notes to the Financial Statements.
Sterling Capital |
| Sterling Capital |
| Sterling Capital |
| ||||||||||||
Kentucky |
| Maryland |
| North Carolina |
| ||||||||||||
Intermediate |
| Intermediate |
| Intermediate |
| ||||||||||||
Tax-Free Fund |
| Tax-Free Fund |
| Tax-Free Fund |
| ||||||||||||
For the |
| For the |
| For the |
| For the |
| For the |
| For the |
| ||||||
Year Ended |
| Year Ended |
| Year Ended |
| Year Ended |
| Year Ended |
| Year Ended |
| ||||||
September 30, |
| September 30, |
| September 30, |
| September 30, |
| September 30, |
| September 30, |
| ||||||
2019 |
| 2018 |
| 2019 |
| 2018 |
| 2019 |
| 2018 |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||
$ | 208,253 |
| $ | 256,800 |
| $ | 317,751 |
| $ | 440,426 |
| $ | 3,913,470 |
| $ | 4,339,344 |
|
23,293 |
| 70,740 |
| 65,387 |
| 293,987 |
| 432,735 |
| 11,029 |
| ||||||
473,487 |
| (478,198 | ) | 628,011 |
| (986,187 | ) | 7,032,082 |
| (6,002,811 | ) | ||||||
705,033 |
| (150,658 | ) | 1,011,149 |
| (251,774 | ) | 11,378,287 |
| (1,652,438 | ) | ||||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||
(78,236 | ) | (87,277 | ) | (127,247 | ) | (134,728 | ) | (807,558 | ) | (912,555 | ) | ||||||
(31 | ) | (26 | ) | (13,595 | ) | (11,004 | ) | (40,835 | ) | (58,619 | ) | ||||||
(195,012 | ) | (202,693 | ) | (399,198 | ) | (425,743 | ) | (3,064,006 | ) | (3,366,222 | ) | ||||||
(273,279 | ) | (289,996 | ) | (540,040 | ) | (571,475 | ) | (3,912,399 | ) | (4,337,396 | ) | ||||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||
(1,117,426 | ) | (305,281 | ) | (4,847,604 | ) | (3,795,441 | ) | (8,430 | ) | (10,412,980 | ) | ||||||
(685,672 | ) | (745,935 | ) | (4,376,495 | ) | (4,618,690 | ) | 7,457,458 |
| (16,402,814 | ) | ||||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||
11,354,117 |
| 12,100,052 |
| 18,817,461 |
| 23,436,151 |
| 174,028,715 |
| 190,431,529 |
| ||||||
$ | 10,668,445 |
| $ | 11,354,117 |
| $ | 14,440,966 |
| $ | 18,817,461 |
| $ | 181,486,173 |
| $ | 174,028,715 |
|
|
| Sterling Capital |
| ||||
|
| South Carolina |
| ||||
|
| Intermediate |
| ||||
|
| Tax-Free Fund |
| ||||
|
| For the |
| For the |
| ||
|
| Year Ended |
| Year Ended |
| ||
|
| September 30, |
| September 30, |
| ||
|
| 2019 |
| 2018 |
| ||
From Investment Activities: |
|
|
|
|
| ||
Operations: |
|
|
|
|
| ||
Net investment income |
| $ | 1,611,928 |
| $ | 1,743,074 |
|
Net realized gain (loss) |
| 97,934 |
| (17,226 | ) | ||
Change in unrealized appreciation/depreciation |
| 3,429,312 |
| (2,585,296 | ) | ||
Change in net assets from operations |
| 5,139,174 |
| (859,448 | ) | ||
Distributions to Shareholders: |
|
|
|
|
| ||
Class A |
| (245,867 | ) | (283,214 | ) | ||
Class C |
| (11,011 | ) | (14,253 | ) | ||
Institutional Class |
| (1,355,050 | ) | (1,445,607 | ) | ||
Change in net assets from shareholder distributions |
| (1,611,928 | ) | (1,743,074 | ) | ||
Capital Transactions: |
|
|
|
|
| ||
Change in net assets from capital transactions |
| (1,686,203 | ) | (6,469,460 | ) | ||
Change in net assets |
| 1,841,043 |
| (9,071,982 | ) | ||
Net Assets: |
|
|
|
|
| ||
Beginning of year |
| 77,945,386 |
| 87,017,368 |
| ||
End of year |
| $ | 79,786,429 |
| $ | 77,945,386 |
|
See accompanying Notes to the Financial Statements.
Sterling Capital |
| Sterling Capital |
| ||||||||
Virginia |
| West Virginia |
| ||||||||
Intermediate |
| Intermediate |
| ||||||||
Tax-Free Fund |
| Tax-Free Fund |
| ||||||||
For the |
| For the |
| For the |
| For the |
| ||||
Year Ended |
| Year Ended |
| Year Ended |
| Year Ended |
| ||||
September 30, |
| September 30, |
| September 30, |
| September 30, |
| ||||
2019 |
| 2018 |
| 2019 |
| 2018 |
| ||||
|
|
|
|
|
|
|
| ||||
|
|
|
|
|
|
|
| ||||
$ | 1,659,728 |
| $ | 1,941,743 |
| $ | 1,705,529 |
| $ | 1,974,607 |
|
333,963 |
| 107,829 |
| 51,276 |
| 124,013 |
| ||||
3,500,332 |
| (3,023,583 | ) | 2,940,544 |
| (2,851,084 | ) | ||||
5,494,023 |
| (974,011 | ) | 4,697,349 |
| (752,464 | ) | ||||
|
|
|
|
|
|
|
| ||||
(357,345 | ) | (463,739 | ) | (506,838 | ) | (627,314 | ) | ||||
(9,779 | ) | (10,664 | ) | (10,261 | ) | (10,940 | ) | ||||
(1,292,604 | ) | (1,467,336 | ) | (1,305,041 | ) | (1,439,698 | ) | ||||
(1,659,728 | ) | (1,941,739 | ) | (1,822,140 | ) | (2,077,952 | ) | ||||
|
|
|
|
|
|
|
| ||||
(9,011,256 | ) | (13,174,353 | ) | (6,345,674 | ) | (8,062,488 | ) | ||||
(5,176,961 | ) | (16,090,103 | ) | (3,470,465 | ) | (10,892,904 | ) | ||||
|
|
|
|
|
|
|
| ||||
83,105,831 |
| 99,195,934 |
| 79,546,582 |
| 90,439,486 |
| ||||
$ | 77,928,870 |
| $ | 83,105,831 |
| $ | 76,076,117 |
| $ | 79,546,582 |
|
|
| Sterling Capital |
| ||||
|
| Diversified |
| ||||
|
| Income Fund |
| ||||
|
| For the |
| For the |
| ||
|
| Year Ended |
| Year Ended |
| ||
|
| September 30, |
| September 30, |
| ||
|
| 2019 |
| 2018 |
| ||
From Investment Activities: |
|
|
|
|
| ||
Operations: |
|
|
|
|
| ||
Net investment income |
| $ | 843,831 |
| $ | 748,495 |
|
Net realized gain (loss) |
| 17,364 |
| 139,840 |
| ||
Change in unrealized appreciation/depreciation |
| (598,172 | ) | (390,086 | ) | ||
Change in net assets from operations |
| 263,023 |
| 498,249 |
| ||
Distributions to Shareholders: |
|
|
|
|
| ||
Class A |
| (555,310 | ) | (523,412 | ) | ||
Class C |
| (35,414 | ) | (34,796 | ) | ||
Institutional Class |
| (331,903 | ) | (330,547 | ) | ||
Change in net assets from shareholder distributions |
| (922,627 | ) | (888,755 | ) | ||
Capital Transactions: |
|
|
|
|
| ||
Change in net assets from capital transactions |
| 501,805 |
| (3,155,120 | ) | ||
Change in net assets |
| (157,799 | ) | (3,545,626 | ) | ||
Net Assets: |
|
|
|
|
| ||
Beginning of year |
| 20,325,662 |
| 23,871,288 |
| ||
End of year |
| $ | 20,167,863 |
| $ | 20,325,662 |
|
See accompanying Notes to the Financial Statements.
Sterling Capital |
| Sterling Capital |
| ||||||||
Strategic Allocation |
| Strategic Allocation |
| ||||||||
Balanced Fund |
| Growth Fund |
| ||||||||
For the |
| For the |
| For the |
| For the |
| ||||
Year Ended |
| Year Ended |
| Year Ended |
| Year Ended |
| ||||
September 30, |
| September 30, |
| September 30, |
| September 30, |
| ||||
2019 |
| 2018 |
| 2019 |
| 2018 |
| ||||
|
|
|
|
|
|
|
| ||||
|
|
|
|
|
|
|
| ||||
$ | 576,614 |
| $ | 577,561 |
| $ | 415,882 |
| $ | 406,200 |
|
824,498 |
| 991,334 |
| 788,971 |
| 960,058 |
| ||||
(890,437 | ) | (419,774 | ) | (1,127,573 | ) | (185,060 | ) | ||||
510,675 |
| 1,149,121 |
| 77,280 |
| 1,181,198 |
| ||||
|
|
|
|
|
|
|
| ||||
(573,911 | ) | (651,806 | ) | (403,342 | ) | (466,835 | ) | ||||
(7,432 | ) | (11,239 | ) | (5,356 | ) | (5,908 | ) | ||||
(5,227 | ) | (3,510 | ) | (15,673 | ) | (16,605 | ) | ||||
(586,570 | ) | (666,555 | ) | (424,371 | ) | (489,348 | ) | ||||
|
|
|
|
|
|
|
| ||||
(3,606,279 | ) | (2,290,246 | ) | (1,735,975 | ) | (1,735,373 | ) | ||||
(3,682,174 | ) | (1,807,680 | ) | (2,083,066 | ) | (1,043,523 | ) | ||||
|
|
|
|
|
|
|
| ||||
29,268,564 |
| 31,076,244 |
| 22,890,739 |
| 23,934,262 |
| ||||
$ | 25,586,390 |
| $ | 29,268,564 |
| $ | 20,807,673 |
| $ | 22,890,739 |
|
|
| Sterling Capital |
| ||||
|
| Behavioral Large Cap |
| ||||
|
| Value Equity Fund |
| ||||
|
| For the |
| For the |
| ||
|
| Year Ended |
| Year Ended |
| ||
|
| September 30, |
| September 30, |
| ||
|
| 2019 |
| 2018 |
| ||
Capital Transactions: |
|
|
|
|
| ||
Class A Shares: |
|
|
|
|
| ||
Proceeds from shares issued |
| $ | 935,934 |
| $ | 695,001 |
|
Distributions reinvested |
| 3,024,043 |
| 967,715 |
| ||
Value of shares redeemed |
| (4,522,058 | ) | (4,387,955 | ) | ||
Change in net assets from Class A Share transactions |
| (562,081 | ) | (2,725,239 | ) | ||
Class C Shares: |
|
|
|
|
| ||
Proceeds from shares issued |
| 34,072 |
| 10,788 |
| ||
Distributions reinvested |
| 76,180 |
| 19,650 |
| ||
Value of shares redeemed |
| (244,255 | ) | (176,181 | ) | ||
Change in net assets from Class C Share transactions |
| (134,003 | ) | (145,743 | ) | ||
Institutional Shares: |
|
|
|
|
| ||
Proceeds from shares issued |
| 348,169 |
| 8,002,945 |
| ||
Distributions reinvested |
| 813,806 |
| 6,159,674 |
| ||
Value of shares redeemed |
| (1,379,019 | ) | (286,588,176 | ) | ||
Change in net assets from Institutional Share transactions |
| (217,044 | ) | (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 |
| 8,476,640 |
| 271,539,471 |
| ||
Distributions reinvested |
| 26,185,374 |
| 2,717,326 |
| ||
Value of shares redeemed |
| (32,325,434 | ) | (15,984,111 | ) | ||
Change in net assets from Class R6 Share transactions |
| 2,336,580 |
| 258,272,686 |
| ||
Change in net assets from capital transactions |
| $ | 1,423,452 |
| $ | (17,023,853 | ) |
Share Transactions: |
|
|
|
|
| ||
Class A Shares: |
|
|
|
|
| ||
Issued |
| 51,282 |
| 31,995 |
| ||
Reinvested |
| 163,604 |
| 44,503 |
| ||
Redeemed |
| (235,640 | ) | (202,109 | ) | ||
Change in Class A Shares |
| (20,754 | ) | (125,611 | ) | ||
Class C Shares: |
|
|
|
|
| ||
Issued |
| 1,858 |
| 511 |
| ||
Reinvested |
| 4,266 |
| 929 |
| ||
Redeemed |
| (13,480 | ) | (8,454 | ) | ||
Change in Class C Shares |
| (7,356 | ) | (7,014 | ) | ||
Institutional Shares: |
|
|
|
|
| ||
Issued |
| 17,721 |
| 362,623 |
| ||
Reinvested |
| 43,752 |
| 282,164 |
| ||
Redeemed |
| (71,669 | ) | (13,335,368 | ) | ||
Change in Institutional Shares |
| (10,196 | ) | (12,690,581 | ) | ||
Class R Shares: |
|
|
|
|
| ||
Issued |
| — |
| — |
| ||
Reinvested |
| — |
| — |
| ||
Redeemed |
| — |
| — |
| ||
Change in Class R Shares |
| — |
| — |
| ||
Class R6 Shares: |
|
|
|
|
| ||
Issued |
| 441,965 |
| 12,642,561 |
| ||
Reinvested |
| 1,406,557 |
| 123,904 |
| ||
Redeemed |
| (1,668,727 | ) | (724,941 | ) | ||
Change in Class R6 Shares |
| 179,795 |
| 12,041,524 |
| ||
Change in Shares |
| 141,489 |
| (781,682 | ) |
See accompanying Notes to the Financial Statements.
Sterling Capital |
| Sterling Capital |
| Sterling Capital |
| ||||||||||||
Mid Value |
| Behavioral Small Cap |
| Special Opportunities |
| ||||||||||||
Fund |
| Value Equity Fund |
| Fund |
| ||||||||||||
For the |
| For the |
| For the |
| For the |
| For the |
| For the |
| ||||||
Year Ended |
| Year Ended |
| Year Ended |
| Year Ended |
| Year Ended |
| Year Ended |
| ||||||
September 30, |
| September 30, |
| September 30, |
| September 30, |
| September 30, |
| September 30, |
| ||||||
2019 |
| 2018 |
| 2019 |
| 2018 |
| 2019 |
| 2018 |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||
$ | 694,889 |
| $ | 1,890,208 |
| $ | 147,039 |
| $ | 455,475 |
| $ | 50,507,639 |
| $ | 26,916,779 |
|
3,287,181 |
| 1,413,723 |
| 986,210 |
| 368,244 |
| 22,655,125 |
| 27,232,699 |
| ||||||
(7,119,018 | ) | (6,664,281 | ) | (1,370,407 | ) | (1,517,076 | ) | (64,745,949 | ) | (88,609,565 | ) | ||||||
(3,136,948 | ) | (3,360,350 | ) | (237,158 | ) | (693,357 | ) | 8,416,815 |
| (34,460,087 | ) | ||||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||
85,785 |
| 316,302 |
| 1,704 |
| 19,222 |
| 7,033,672 |
| 9,116,398 |
| ||||||
452,191 |
| 199,111 |
| 20,117 |
| 6,576 |
| 11,253,584 |
| 13,385,364 |
| ||||||
(1,116,509 | ) | (815,506 | ) | (13,228 | ) | (38,465 | ) | (64,942,936 | ) | (36,254,964 | ) | ||||||
(578,533 | ) | (300,093 | ) | 8,593 |
| (12,667 | ) | (46,655,680 | ) | (13,753,202 | ) | ||||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||
65,563,253 |
| 135,204,402 |
| 3,001,531 |
| 18,628,260 |
| 64,929,181 |
| 109,653,337 |
| ||||||
27,818,006 |
| 30,067,843 |
| 3,836,811 |
| 9,153,125 |
| 15,827,150 |
| 45,402,061 |
| ||||||
(209,396,363 | ) | (487,070,043 | ) | (9,417,780 | ) | (191,104,113 | ) | (125,765,263 | ) | (476,418,274 | ) | ||||||
(116,015,104 | ) | (321,797,798 | ) | (2,579,438 | ) | (163,322,728 | ) | (45,008,932 | ) | (321,362,876 | ) | ||||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||
2,348 |
| 1,271 |
| 55,513 |
| 28,634 |
| 117,708 |
| 155,088 |
| ||||||
513 |
| 80 |
| 8,673 |
| 1,463 |
| 18,879 |
| 31,773 |
| ||||||
— |
| (9 | ) | (6,067 | ) | (1,112 | ) | (14,718 | ) | (289,447 | ) | ||||||
2,861 |
| 1,342 |
| 58,119 |
| 28,985 |
| 121,869 |
| (102,586 | ) | ||||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||
13,151,563 |
| 294,949,675 |
| 57,985,597 |
| 187,352,514 |
| 22,632,332 |
| 352,969,195 |
| ||||||
33,160,969 |
| — |
| 23,767,086 |
| — |
| 24,985,390 |
| — |
| ||||||
(43,024,039 | ) | (14,719,595 | ) | (22,388,060 | ) | (5,370,410 | ) | (44,663,440 | ) | (17,114,032 | ) | ||||||
3,288,493 |
| 280,230,080 |
| 59,364,623 |
| 181,982,104 |
| 2,954,282 |
| 335,855,163 |
| ||||||
$ | (116,439,231 | ) | $ | (45,226,819 | ) | $ | 56,614,739 |
| $ | 17,982,337 |
| $ | (80,171,646 | ) | $ | (33,823,588 | ) |
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||
42,603 |
| 98,778 |
| 9,619 |
| 24,245 |
| 2,122,752 |
| 1,086,976 |
| ||||||
213,849 |
| 76,171 |
| 70,278 |
| 20,113 |
| 1,019,586 |
| 1,157,456 |
| ||||||
(444,018 | ) | (347,539 | ) | (93,083 | ) | (81,894 | ) | (2,761,560 | ) | (3,579,537 | ) | ||||||
(187,566 | ) | (172,590 | ) | (13,186 | ) | (37,536 | ) | 380,778 |
| (1,335,105 | ) | ||||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||
6,192 |
| 18,696 |
| 123 |
| 1,061 |
| 365,472 |
| 441,714 |
| ||||||
33,914 |
| 12,067 |
| 1,500 |
| 375 |
| 618,729 |
| 678,899 |
| ||||||
(78,751 | ) | (48,148 | ) | (946 | ) | (2,164 | ) | (3,374,253 | ) | (1,742,917 | ) | ||||||
(38,645 | ) | (17,385 | ) | 677 |
| (728 | ) | (2,390,052 | ) | (622,304 | ) | ||||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||
3,972,320 |
| 7,022,935 |
| 206,914 |
| 996,647 |
| 2,632,339 |
| 4,229,093 |
| ||||||
1,790,222 |
| 1,594,947 |
| 270,694 |
| 495,180 |
| 674,880 |
| 1,836,334 |
| ||||||
(13,022,482 | ) | (25,293,509 | ) | (626,557 | ) | (10,649,128 | ) | (5,146,852 | ) | (18,865,288 | ) | ||||||
(7,259,940 | ) | (16,675,627 | ) | (148,949 | ) | (9,157,301 | ) | (1,839,633 | ) | (12,799,861 | ) | ||||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||
153 |
| 69 |
| 3,815 |
| 1,601 |
| 4,875 |
| 6,177 |
| ||||||
34 |
| 5 |
| 622 |
| 80 |
| 841 |
| 1,335 |
| ||||||
— |
| (1 | ) | (430 | ) | (59 | ) | (620 | ) | (11,754 | ) | ||||||
187 |
| 73 |
| 4,007 |
| 1,622 |
| 5,096 |
| (4,242 | ) | ||||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||
787,365 |
| 15,457,973 |
| 4,022,893 |
| 10,427,613 |
| 897,401 |
| 14,092,446 |
| ||||||
2,109,457 |
| — |
| 1,674,722 |
| — |
| 1,064,068 |
| — |
| ||||||
(2,556,762 | ) | (750,728 | ) | (1,492,555 | ) | (285,270 | ) | (1,771,703 | ) | (650,786 | ) | ||||||
340,060 |
| 14,707,245 |
| 4,205,060 |
| 10,142,343 |
| 189,766 |
| 13,441,660 |
| ||||||
(7,145,904 | ) | (2,158,284 | ) | 4,047,609 |
| 948,400 |
| (3,654,045 | ) | (1,319,852 | ) |
|
| Sterling Capital |
| ||||
|
| Equity Income |
| ||||
|
| Fund |
| ||||
|
| For the |
| For the |
| ||
|
| Year Ended |
| Year Ended |
| ||
|
| September 30, |
| September 30, |
| ||
|
| 2019 |
| 2018 |
| ||
Capital Transactions: |
|
|
|
|
| ||
Class A Shares: |
|
|
|
|
| ||
Proceeds from shares issued |
| $ | 55,127,466 |
| $ | 17,261,515 |
|
Distributions reinvested |
| 26,666,056 |
| 34,930,386 |
| ||
Value of shares redeemed |
| (58,116,549 | ) | (95,382,911 | ) | ||
Change in net assets from Class A Share transactions |
| 23,676,973 |
| (43,191,010 | ) | ||
Class C Shares: |
|
|
|
|
| ||
Proceeds from shares issued |
| 13,893,581 |
| 10,292,839 |
| ||
Distributions reinvested |
| 15,208,917 |
| 22,170,768 |
| ||
Value of shares redeemed |
| (73,739,039 | ) | (65,951,870 | ) | ||
Change in net assets from Class C Share transactions |
| (44,636,541 | ) | (33,488,263 | ) | ||
Institutional Shares: |
|
|
|
|
| ||
Proceeds from shares issued |
| 277,543,621 |
| 199,599,403 |
| ||
Distributions reinvested |
| 59,774,878 |
| 91,165,619 |
| ||
Value of shares redeemed |
| (173,731,332 | ) | (455,884,460 | ) | ||
Change in net assets from Institutional Share transactions |
| 163,587,167 |
| (165,119,438 | ) | ||
Class R Shares: |
|
|
|
|
| ||
Proceeds from shares issued |
| 743,404 |
| 168,020 |
| ||
Distributions reinvested |
| 248,332 |
| 380,583 |
| ||
Value of shares redeemed |
| (709,460 | ) | (1,773,434 | ) | ||
Change in net assets from Class R Share transactions |
| 282,276 |
| (1,224,831 | ) | ||
Class R6 Shares: |
|
|
|
|
| ||
Proceeds from shares issued |
| 31,522,334 |
| 303,183,215 |
| ||
Distributions reinvested |
| 29,401,719 |
| 3,308,989 |
| ||
Value of shares redeemed |
| (32,044,328 | ) | (16,410,104 | ) | ||
Change in net assets from Class R6 Share transactions |
| 28,879,725 |
| 290,082,100 |
| ||
Change in net assets from capital transactions |
| $ | 171,789,600 |
| $ | 47,058,558 |
|
Share Transactions: |
|
|
|
|
| ||
Class A Shares: |
|
|
|
|
| ||
Issued |
| 2,746,680 |
| 832,543 |
| ||
Reinvested |
| 1,367,419 |
| 1,729,173 |
| ||
Redeemed |
| (2,883,769 | ) | (4,607,856 | ) | ||
Change in Class A Shares |
| 1,230,330 |
| (2,046,140 | ) | ||
Class C Shares: |
|
|
|
|
| ||
Issued |
| 701,973 |
| 501,096 |
| ||
Reinvested |
| 792,747 |
| 1,109,613 |
| ||
Redeemed |
| (3,702,614 | ) | (3,214,105 | ) | ||
Change in Class C Shares |
| (2,207,894 | ) | (1,603,396 | ) | ||
Institutional Shares: |
|
|
|
|
| ||
Issued |
| 13,723,097 |
| 9,619,889 |
| ||
Reinvested |
| 3,051,663 |
| 4,497,406 |
| ||
Redeemed |
| (8,576,271 | ) | (22,736,323 | ) | ||
Change in Institutional Shares |
| 8,198,489 |
| (8,619,028 | ) | ||
Class R Shares: |
|
|
|
|
| ||
Issued |
| 37,398 |
| 8,149 |
| ||
Reinvested |
| 12,867 |
| 18,990 |
| ||
Redeemed |
| (35,480 | ) | (86,486 | ) | ||
Change in Class R Shares |
| 14,785 |
| (59,347 | ) | ||
Class R6 Shares: |
|
|
|
|
| ||
Issued |
| 1,562,417 |
| 15,336,819 |
| ||
Reinvested |
| 1,500,794 |
| 158,621 |
| ||
Redeemed |
| (1,563,071 | ) | (788,118 | ) | ||
Change in Class R6 Shares |
| 1,500,140 |
| 14,707,322 |
| ||
Change in Shares |
| 8,735,850 |
| 2,379,411 |
|
See accompanying Notes to the Financial Statements.
Sterling Capital |
| Sterling Capital |
| Sterling Capital |
| ||||||||||||
Behavioral International |
| SMID |
| Stratton Mid Cap |
| ||||||||||||
Equity Fund |
| Opportunities Fund |
| Value Fund |
| ||||||||||||
For the |
| For the |
| For the |
| For the |
| For the |
| For the |
| ||||||
Year Ended |
| Year Ended |
| Year Ended |
| Year Ended |
| Year Ended |
| Year Ended |
| ||||||
September 30, |
| September 30, |
| September 30, |
| September 30, |
| September 30, |
| September 30, |
| ||||||
2019 |
| 2018 |
| 2019 |
| 2018 |
| 2019 |
| 2018 |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||
$ | 123,265 |
| $ | 548,941 |
| $ | 366,941 |
| $ | 1,043,516 |
| $ | 21,905 |
| $ | 6,558 |
|
45,511 |
| 18,535 |
| — |
| 67,890 |
| 8,075 |
| 3,985 |
| ||||||
(345,274 | ) | (207,111 | ) | (309,895 | ) | (2,399,337 | ) | (5,899 | ) | (15,201 | ) | ||||||
(176,498 | ) | 360,365 |
| 57,046 |
| (1,287,931 | ) | 24,081 |
| (4,658 | ) | ||||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||
14,205 |
| 3,957 |
| 84,270 |
| 241,260 |
| — |
| — |
| ||||||
4,299 |
| 1,747 |
| — |
| 23,727 |
| 103 |
| — |
| ||||||
(5,850 | ) | (38 | ) | (423,647 | ) | (280,538 | ) | — |
| — |
| ||||||
12,654 |
| 5,666 |
| (339,377 | ) | (15,551 | ) | 103 |
| — |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||
1,837,673 |
| 3,376,195 |
| 690,359 |
| 317,828 |
| 725,039 |
| 2,447,622 |
| ||||||
710,669 |
| 2,644,718 |
| — |
| 97,308 |
| 4,783,434 |
| 2,411,974 |
| ||||||
(2,231,436 | ) | (67,284,550 | ) | (524,945 | ) | (276,849 | ) | (5,834,744 | ) | (6,835,041 | ) | ||||||
316,906 |
| (61,263,637 | ) | 165,414 |
| 138,287 |
| (326,271 | ) | (1,975,445 | ) | ||||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||
— |
| — |
| — |
| — |
| — |
| — |
| ||||||
— |
| — |
| — |
| — |
| — |
| — |
| ||||||
— |
| — |
| — |
| — |
| — |
| — |
| ||||||
— |
| — |
| — |
| — |
| — |
| — |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||
20,005,843 |
| 65,784,781 |
| — |
| — |
| — |
| — |
| ||||||
4,081,173 |
| — |
| — |
| — |
| — |
| — |
| ||||||
— |
| — |
| — |
| — |
| — |
| — |
| ||||||
24,087,016 |
| 65,784,781 |
| — |
| — |
| — |
| — |
| ||||||
$ | 24,240,078 |
| $ | 4,887,175 |
| $ | (116,917 | ) | $ | (1,165,195 | ) | $ | (302,087 | ) | $ | (1,980,103 | ) |
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||
13,137 |
| 46,928 |
| 29,734 |
| 88,686 |
| 372 |
| 97 |
| ||||||
4,942 |
| 1,571 |
| — |
| 5,887 |
| 144 |
| 59 |
| ||||||
(35,540 | ) | (17,810 | ) | (26,444 | ) | (207,677 | ) | (97 | ) | (229 | ) | ||||||
(17,461 | ) | 30,689 |
| 3,290 |
| (113,104 | ) | 419 |
| (73 | ) | ||||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||
1,381 |
| 329 |
| 7,505 |
| 20,618 |
| — |
| — |
| ||||||
470 |
| 149 |
| — |
| 2,064 |
| 2 |
| — |
| ||||||
(616 | ) | (3 | ) | (36,049 | ) | (23,963 | ) | — |
| — |
| ||||||
1,235 |
| 475 |
| (28,544 | ) | (1,281 | ) | 2 |
| — |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||
197,397 |
| 277,788 |
| 60,406 |
| 27,509 |
| 12,066 |
| 35,437 |
| ||||||
75,256 |
| 224,238 |
| — |
| 8,450 |
| 84,617 |
| 35,512 |
| ||||||
(232,741 | ) | (5,740,263 | ) | (47,246 | ) | (23,400 | ) | (98,396 | ) | (100,081 | ) | ||||||
39,912 |
| (5,238,237 | ) | 13,160 |
| 12,559 |
| (1,713 | ) | (29,132 | ) | ||||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||
— |
| — |
| — |
| — |
| — |
| — |
| ||||||
— |
| — |
| — |
| — |
| — |
| — |
| ||||||
— |
| — |
| — |
| — |
| — |
| — |
| ||||||
— |
| — |
| — |
| — |
| — |
| — |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||
2,190,581 |
| 5,614,888 |
| — |
| — |
| — |
| — |
| ||||||
444,173 |
| — |
| — |
| — |
| — |
| — |
| ||||||
— |
| — |
| — |
| — |
| — |
| — |
| ||||||
2,634,754 |
| 5,614,888 |
| — |
| — |
| — |
| — |
| ||||||
2,658,440 |
| 407,815 |
| (12,094 | ) | (101,826 | ) | (1,292 | ) | (29,205 | ) |
|
| Sterling Capital |
| ||||
|
| Stratton Real |
| ||||
|
| Estate Fund |
| ||||
|
| For the |
| For the |
| ||
|
| Year Ended |
| Year Ended |
| ||
|
| September 30, |
| September 30, |
| ||
|
| 2019 |
| 2018 |
| ||
Capital Transactions: |
|
|
|
|
| ||
Class A Shares: |
|
|
|
|
| ||
Proceeds from shares issued |
| $ | 402,433 |
| $ | 199,930 |
|
Distributions reinvested |
| 25,560 |
| 12,636 |
| ||
Value of shares redeemed |
| (100,521 | ) | (118,705 | ) | ||
Change in net assets from Class A Share transactions |
| 327,472 |
| 93,861 |
| ||
Class C Shares: |
|
|
|
|
| ||
Proceeds from shares issued |
| 80,202 |
| 38,003 |
| ||
Distributions reinvested |
| 6,292 |
| 2,786 |
| ||
Value of shares redeemed |
| (1,561 | ) | (8,746 | ) | ||
Change in net assets from Class C Share transactions |
| 84,933 |
| 32,043 |
| ||
Institutional Shares: |
|
|
|
|
| ||
Proceeds from shares issued |
| 17,505,972 |
| 6,722,737 |
| ||
Distributions reinvested |
| 4,554,669 |
| 4,044,383 |
| ||
Value of shares redeemed |
| (20,357,207 | ) | (16,178,109 | ) | ||
Change in net assets from Institutional Share transactions |
| 1,703,434 |
| (5,410,989 | ) | ||
Change in net assets from capital transactions |
| $ | 2,115,839 |
| $ | (5,285,085 | ) |
Share Transactions: |
|
|
|
|
| ||
Class A Shares: |
|
|
|
|
| ||
Issued |
| 10,283 |
| 5,304 |
| ||
Reinvested |
| 682 |
| 341 |
| ||
Redeemed |
| (2,618 | ) | (3,210 | ) | ||
Change in Class A Shares |
| 8,347 |
| 2,435 |
| ||
Class C Shares: |
|
|
|
|
| ||
Issued |
| 2,115 |
| 1,049 |
| ||
Reinvested |
| 170 |
| 75 |
| ||
Redeemed |
| (41 | ) | (247 | ) | ||
Change in Class C Shares |
| 2,244 |
| 877 |
| ||
Institutional Shares: |
|
|
|
|
| ||
Issued |
| 451,964 |
| 182,158 |
| ||
Reinvested |
| 121,837 |
| 109,143 |
| ||
Redeemed |
| (524,867 | ) | (449,637 | ) | ||
Change in Institutional Shares |
| 48,934 |
| (158,336 | ) | ||
Change in Shares |
| 59,525 |
| (155,024 | ) |
See accompanying Notes to the Financial Statements.
Sterling Capital |
| Sterling Capital |
| ||||||||
Stratton Small Cap |
| Ultra Short |
| ||||||||
Value Fund |
| Bond Fund |
| ||||||||
For the |
| For the |
| For the |
| For the |
| ||||
Year Ended |
| Year Ended |
| Year Ended |
| Year Ended |
| ||||
September 30, |
| September 30, |
| September 30, |
| September 30, |
| ||||
2019 |
| 2018 |
| 2019 |
| 2018 |
| ||||
|
|
|
|
|
|
|
| ||||
|
|
|
|
|
|
|
| ||||
$ | 1,407,442 |
| $ | 1,687,322 |
| $ | 875,745 |
| $ | 4,735,145 |
|
130,424 |
| 44,946 |
| 68,193 |
| 77,021 |
| ||||
(678,947 | ) | (118,054 | ) | (3,815,644 | ) | (4,376,419 | ) | ||||
858,919 |
| 1,614,214 |
| (2,871,706 | ) | 435,747 |
| ||||
|
|
|
|
|
|
|
| ||||
168,061 |
| 3,625 |
| — |
| — |
| ||||
7,554 |
| 9,282 |
| — |
| — |
| ||||
(2,000 | ) | (6,219 | ) | — |
| — |
| ||||
173,615 |
| 6,688 |
| — |
| — |
| ||||
|
|
|
|
|
|
|
| ||||
129,863,570 |
| 292,065,741 |
| 21,239,320 |
| 7,550,761 |
| ||||
59,385,321 |
| 82,688,186 |
| 679,867 |
| 540,774 |
| ||||
(365,271,115 | ) | (251,289,259 | ) | (28,706,933 | ) | (19,921,662 | ) | ||||
(176,022,224 | ) | 123,464,668 |
| (6,787,746 | ) | (11,830,127 | ) | ||||
$ | (174,989,690 | ) | 125,085,570 |
| $ | (9,659,452 | ) | $ | (11,394,380 | ) | |
|
|
|
|
|
|
|
| ||||
|
|
|
|
|
|
|
| ||||
18,224 |
| 19,281 |
| 89,884 |
| 484,332 |
| ||||
1,791 |
| 526 |
| 6,986 |
| 7,901 |
| ||||
(8,785 | ) | (1,352 | ) | (390,630 | ) | (448,147 | ) | ||||
11,230 |
| 18,455 |
| (293,760 | ) | 44,086 |
| ||||
|
|
|
|
|
|
|
| ||||
2,303 |
| 43 |
| — |
| — |
| ||||
106 |
| 110 |
| — |
| — |
| ||||
(25 | ) | (71 | ) | — |
| — |
| ||||
2,384 |
| 82 |
| — |
| — |
| ||||
|
|
|
|
|
|
|
| ||||
1,700,927 |
| 3,325,502 |
| 2,182,523 |
| 774,686 |
| ||||
813,078 |
| 964,732 |
| 69,593 |
| 55,470 |
| ||||
(4,821,192 | ) | (2,864,279 | ) | (2,933,540 | ) | (2,043,410 | ) | ||||
(2,307,187 | ) | 1,425,955 |
| (681,424 | ) | (1,213,254 | ) | ||||
(2,293,573 | ) | 1,444,492 |
| (975,184 | ) | (1,169,168 | ) | ||||
|
| Sterling Capital |
| ||||
|
| Short Duration |
| ||||
|
| Bond Fund |
| ||||
|
| For the |
| For the |
| ||
|
| Year Ended |
| Year Ended |
| ||
|
| September 30, |
| September 30, |
| ||
|
| 2019 |
| 2018 |
| ||
Capital Transactions: |
|
|
|
|
| ||
Class A Shares: |
|
|
|
|
| ||
Proceeds from shares issued |
| $ | 132,602 |
| $ | 470,987 |
|
Distributions reinvested |
| 91,963 |
| 110,645 |
| ||
Value of shares redeemed |
| (1,475,687 | ) | (1,829,666 | ) | ||
Change in net assets from Class A Share transactions |
| (1,251,122 | ) | (1,248,034 | ) | ||
Class C Shares: |
|
|
|
|
| ||
Proceeds from shares issued |
| 122,296 |
| 6,324 |
| ||
Distributions reinvested |
| 19,926 |
| 19,529 |
| ||
Value of shares redeemed |
| (197,504 | ) | (453,677 | ) | ||
Change in net assets from Class C Share transactions |
| (55,282 | ) | (427,824 | ) | ||
Institutional Shares: |
|
|
|
|
| ||
Proceeds from shares issued |
| 76,584,610 |
| 83,320,675 |
| ||
Distributions reinvested |
| 3,897,901 |
| 1,811,206 |
| ||
Value of shares redeemed |
| (38,070,521 | ) | (24,085,787 | ) | ||
Change in net assets from Institutional Share transactions |
| 42,411,990 |
| 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 |
| $ | 41,105,586 |
| $ | 59,370,236 |
|
Share Transactions: |
|
|
|
|
| ||
Class A Shares: |
|
|
|
|
| ||
Issued |
| 15,539 |
| 55,182 |
| ||
Reinvested |
| 10,734 |
| 12,910 |
| ||
Redeemed |
| (172,452 | ) | (213,397 | ) | ||
Change in Class A Shares |
| (146,179 | ) | (145,305 | ) | ||
Class C Shares: |
|
|
|
|
| ||
Issued |
| 14,418 |
| 738 |
| ||
Reinvested |
| 2,326 |
| 2,280 |
| ||
Redeemed |
| (23,125 | ) | (52,881 | ) | ||
Change in Class C Shares |
| (6,381 | ) | (49,863 | ) | ||
Institutional Shares: |
|
|
|
|
| ||
Issued |
| 8,975,919 |
| 9,731,130 |
| ||
Reinvested |
| 454,557 |
| 211,938 |
| ||
Redeemed |
| (4,440,972 | ) | (2,808,942 | ) | ||
Change in Institutional Shares |
| 4,989,504 |
| 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 |
| 4,836,944 |
| 6,938,958 |
|
See accompanying Notes to the Financial Statements.
Sterling Capital |
| Sterling Capital |
|
|
| ||||||||||||
Intermediate U.S. |
| Total Return |
| Sterling Capital |
| ||||||||||||
Government Fund |
| Bond Fund |
| Corporate Fund |
| ||||||||||||
For the |
| For the |
| For the |
| For the |
| For the |
| For the |
| ||||||
Year Ended |
| Year Ended |
| Year Ended |
| Year Ended |
| Year Ended |
| Year Ended |
| ||||||
September 30, |
| September 30, |
| September 30, |
| September 30, |
| September 30, |
| September 30, |
| ||||||
2019 |
| 2018 |
| 2019 |
| 2018 |
| 2019 |
| 2018 |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||
$ | 100,741 |
| $ | 32,004 |
| $ | 10,027,413 |
| $ | 14,575,793 |
| $ | 62,259 |
| $ | 133,619 |
|
94,743 |
| 122,083 |
| 1,697,366 |
| 1,992,744 |
| 13,850 |
| 14,122 |
| ||||||
(1,199,621 | ) | (1,010,069 | ) | (28,820,527 | ) | (16,806,056 | ) | (44,374 | ) | (63,236 | ) | ||||||
(1,004,137 | ) | (855,982 | ) | (17,095,748 | ) | (237,519 | ) | 31,735 |
| 84,505 |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||
3,772 |
| 7,656 |
| 2,597,620 |
| 2,517,014 |
| — |
| — |
| ||||||
7,680 |
| 9,886 |
| 145,756 |
| 122,808 |
| 69 |
| 1,206 |
| ||||||
(141,933 | ) | (84,443 | ) | (2,446,047 | ) | (2,470,980 | ) | (39,205 | ) | — |
| ||||||
(130,481 | ) | (66,901 | ) | 297,329 |
| 168,842 |
| (39,136 | ) | 1,206 |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||
2,174,624 |
| 8,934,794 |
| 377,140,069 |
| 377,719,394 |
| 3,831,591 |
| 9,455,433 |
| ||||||
57,117 |
| 82,950 |
| 15,017,587 |
| 16,766,290 |
| 787,886 |
| 1,071,268 |
| ||||||
(9,680,744 | ) | (6,829,021 | ) | (248,196,183 | ) | (493,447,788 | ) | (13,977,248 | ) | (8,017,233 | ) | ||||||
(7,449,003 | ) | 2,188,723 |
| 143,961,473 |
| (98,962,104 | ) | (9,357,771 | ) | 2,509,468 |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||
— |
| — |
| — |
| 30,426 |
| — |
| — |
| ||||||
— |
| — |
| 829 |
| 248 |
| — |
| — |
| ||||||
— |
| — |
| (8,975 | ) | (55 | ) | — |
| — |
| ||||||
— |
| — |
| (8,146 | ) | 30,619 |
| — |
| — |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||
— |
| — |
| 78,280,930 |
| 298,303,123 |
| — |
| — |
| ||||||
— |
| — |
| 10,121,716 |
| 4,164,349 |
| — |
| — |
| ||||||
— |
| — |
| (40,207,094 | ) | (17,301,668 | ) | — |
| — |
| ||||||
— |
| — |
| 48,195,552 |
| 285,165,804 |
| — |
| — |
| ||||||
$ | (8,583,621 | ) | $ | 1,265,840 |
| $ | 175,350,460 |
| $ | 186,165,642 |
| $ | (9,365,172 | ) | $ | 2,595,179 |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||
10,380 |
| 3,302 |
| 949,954 |
| 1,399,318 |
| 6,118 |
| 13,427 |
| ||||||
9,748 |
| 12,647 |
| 162,462 |
| 192,297 |
| 1,380 |
| 1,414 |
| ||||||
(122,964 | ) | (104,135 | ) | (2,778,531 | ) | (1,625,612 | ) | (4,324 | ) | (6,310 | ) | ||||||
(102,836 | ) | (88,186 | ) | (1,666,115 | ) | (33,997 | ) | 3,174 |
| 8,531 |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||
391 |
| 787 |
| 247,292 |
| 242,058 |
| — |
| — |
| ||||||
791 |
| 1,026 |
| 13,896 |
| 11,835 |
| 7 |
| 120 |
| ||||||
(14,594 | ) | (8,644 | ) | (233,935 | ) | (237,640 | ) | (4,021 | ) | — |
| ||||||
(13,412 | ) | (6,831 | ) | 27,253 |
| 16,253 |
| (4,014 | ) | 120 |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||
224,428 |
| 934,128 |
| 35,941,744 |
| 36,365,096 |
| 383,753 |
| 960,307 |
| ||||||
5,876 |
| 8,580 |
| 1,430,579 |
| 1,613,303 |
| 78,805 |
| 107,332 |
| ||||||
(1,009,532 | ) | (705,599 | ) | (23,901,584 | ) | (47,710,560 | ) | (1,420,672 | ) | (803,488 | ) | ||||||
(779,228 | ) | 237,109 |
| 13,470,739 |
| (9,732,161 | ) | (958,114 | ) | 264,151 |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||
— |
| — |
| — |
| 2,972 |
| — |
| — |
| ||||||
— |
| — |
| 80 |
| 24 |
| — |
| — |
| ||||||
— |
| — |
| (881 | ) | (5 | ) | — |
| — |
| ||||||
— |
| — |
| (801 | ) | 2,991 |
| — |
| — |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||
— |
| — |
| 7,416,251 |
| 28,894,822 |
| — |
| — |
| ||||||
— |
| — |
| 964,467 |
| 405,977 |
| — |
| — |
| ||||||
— |
| — |
| (3,840,531 | ) | (1,687,990 | ) | — |
| — |
| ||||||
— |
| — |
| 4,540,187 |
| 27,612,809 |
| — |
| — |
| ||||||
(895,476 | ) | 142,092 |
| 16,371,263 |
| 17,865,895 |
| (958,954 | ) | 272,802 |
|
|
| Sterling Capital |
| ||||
|
| Securitized Opportunities |
| ||||
|
| Fund |
| ||||
|
| For the |
| For the |
| ||
|
| Year Ended |
| Year Ended |
| ||
|
| September 30, |
| September 30, |
| ||
|
| 2019 |
| 2018 |
| ||
Capital Transactions: |
|
|
|
|
| ||
Class A Shares: |
|
|
|
|
| ||
Proceeds from shares issued |
| $ | — |
| $ | 422 |
|
Distributions reinvested |
| 543 |
| 1,330 |
| ||
Value of shares redeemed |
| (9 | ) | (75,841 | ) | ||
Change in net assets from Class A Share transactions |
| 534 |
| (74,089 | ) | ||
Class C Shares: |
|
|
|
|
| ||
Proceeds from shares issued |
| — |
| — |
| ||
Distributions reinvested |
| 701 |
| 696 |
| ||
Value of shares redeemed |
| (639 | ) | (546 | ) | ||
Change in net assets from Class C Share transactions |
| 62 |
| 150 |
| ||
Institutional Shares: |
|
|
|
|
| ||
Proceeds from shares issued |
| 1,743,197 |
| 5,670,308 |
| ||
Distributions reinvested |
| 1,062,163 |
| 1,144,285 |
| ||
Value of shares redeemed |
| (5,278,190 | ) | (7,973,422 | ) | ||
Change in net assets from Institutional Share transactions |
| (2,472,830 | ) | (1,158,829 | ) | ||
Change in net assets from capital transactions |
| $ | (2,472,234 | ) | $ | (1,232,768 | ) |
Share Transactions: |
|
|
|
|
| ||
Class A Shares: |
|
|
|
|
| ||
Issued |
| — |
| 43 |
| ||
Reinvested |
| 55 |
| 136 |
| ||
Redeemed |
| (1 | ) | (7,750 | ) | ||
Change in Class A Shares |
| 54 |
| (7,571 | ) | ||
Class C Shares: |
|
|
|
|
| ||
Issued |
| — |
| — |
| ||
Reinvested |
| 72 |
| 71 |
| ||
Redeemed |
| (65 | ) | (56 | ) | ||
Change in Class C Shares |
| 7 |
| 15 |
| ||
Institutional Shares: |
|
|
|
|
| ||
Issued |
| 174,842 |
| 586,820 |
| ||
Reinvested |
| 107,799 |
| 117,388 |
| ||
Redeemed |
| (539,555 | ) | (820,358 | ) | ||
Change in Institutional Shares |
| (256,914 | ) | (116,150 | ) | ||
Change in Shares |
| (256,853 | ) | (123,706 | ) |
See accompanying Notes to the Financial Statements.
Sterling Capital |
| Sterling Capital |
| Sterling Capital |
| ||||||||||||
Kentucky |
| Maryland |
| North Carolina |
| ||||||||||||
Intermediate |
| Intermediate |
| Intermediate |
| ||||||||||||
Tax-Free Fund |
| Tax-Free Fund |
| Tax-Free Fund |
| ||||||||||||
For the |
| For the |
| For the |
| For the |
| For the |
| For the |
| ||||||
Year Ended |
| Year Ended |
| Year Ended |
| Year Ended |
| Year Ended |
| Year Ended |
| ||||||
September 30, |
| September 30, |
| September 30, |
| September 30, |
| September 30, |
| September 30, |
| ||||||
2019 |
| 2018 |
| 2019 |
| 2018 |
| 2019 |
| 2018 |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||
$ | 486,125 |
| $ | 12,851 |
| $ | 37,386 |
| $ | 208,485 |
| $ | 3,836,676 |
| $ | 2,537,656 |
|
75,439 |
| 84,773 |
| 101,927 |
| 109,475 |
| 687,412 |
| 792,745 |
| ||||||
(708,577 | ) | (378,208 | ) | (1,307,983 | ) | (939,490 | ) | (4,498,190 | ) | (10,459,959 | ) | ||||||
(147,013 | ) | (280,584 | ) | (1,168,670 | ) | (621,530 | ) | 25,898 |
| (7,129,558 | ) | ||||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||
— |
| — |
| 20,750 |
| 103,365 |
| 202,741 |
| 975,837 |
| ||||||
31 |
| 26 |
| 13,595 |
| 11,004 |
| 40,518 |
| 57,854 |
| ||||||
— |
| — |
| (114,271 | ) | (127,076 | ) | (853,777 | ) | (2,130,630 | ) | ||||||
31 |
| 26 |
| (79,926 | ) | (12,707 | ) | (610,518 | ) | (1,096,939 | ) | ||||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||
569,087 |
| 1,336,803 |
| 877,547 |
| 764,677 |
| 28,191,390 |
| 27,347,433 |
| ||||||
16,476 |
| 15,888 |
| 67,911 |
| 78,432 |
| 1,018,133 |
| 900,556 |
| ||||||
(1,556,007 | ) | (1,377,414 | ) | (4,544,466 | ) | (4,004,313 | ) | (28,633,333 | ) | (30,434,472 | ) | ||||||
(970,444 | ) | (24,723 | ) | (3,599,008 | ) | (3,161,204 | ) | 576,190 |
| (2,186,483 | ) | ||||||
$ | (1,117,426 | ) | $ | (305,281 | ) | $ | (4,847,604 | ) | $ | (3,795,441 | ) | $ | (8,430 | ) | $ | (10,412,980 | ) |
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||
47,623 |
| 1,275 |
| 3,439 |
| 19,485 |
| 360,881 |
| 238,687 |
| ||||||
7,490 |
| 8,435 |
| 9,561 |
| 10,146 |
| 64,342 |
| 75,036 |
| ||||||
(71,671 | ) | (37,818 | ) | (122,794 | ) | (87,455 | ) | (420,823 | ) | (987,278 | ) | ||||||
(16,558 | ) | (28,108 | ) | (109,794 | ) | (57,824 | ) | 4,400 |
| (673,555 | ) | ||||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||
— |
| — |
| 1,950 |
| 9,546 |
| 19,020 |
| 91,894 |
| ||||||
3 |
| 3 |
| 1,278 |
| 1,019 |
| 3,800 |
| 5,479 |
| ||||||
— |
| — |
| (10,654 | ) | (11,840 | ) | (81,063 | ) | (201,199 | ) | ||||||
3 |
| 3 |
| (7,426 | ) | (1,275 | ) | (58,243 | ) | (103,826 | ) | ||||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||
57,224 |
| 133,119 |
| 81,375 |
| 70,464 |
| 2,626,439 |
| 2,587,873 |
| ||||||
1,637 |
| 1,582 |
| 6,361 |
| 7,262 |
| 95,238 |
| 85,310 |
| ||||||
(155,416 | ) | (138,001 | ) | (424,138 | ) | (372,473 | ) | (2,712,318 | ) | (2,874,906 | ) | ||||||
(96,555 | ) | (3,300 | ) | (336,402 | ) | (294,747 | ) | 9,359 |
| (201,723 | ) | ||||||
(113,110 | ) | (31,405 | ) | (453,622 | ) | (353,846 | ) | (44,484 | ) | (979,104 | ) |
|
| Sterling Capital |
| ||||
|
| South Carolina |
| ||||
|
| Intermediate |
| ||||
|
| Tax-Free Fund |
| ||||
|
| For the |
| For the |
| ||
|
| Year Ended |
| Year Ended |
| ||
|
| September 30, |
| September 30, |
| ||
|
| 2019 |
| 2018 |
| ||
Capital Transactions: |
|
|
|
|
| ||
Class A Shares: |
|
|
|
|
| ||
Proceeds from shares issued |
| $ | 382,162 |
| $ | 2,214,300 |
|
Distributions reinvested |
| 238,267 |
| 275,293 |
| ||
Value of shares redeemed |
| (2,603,553 | ) | (3,992,034 | ) | ||
Change in net assets from Class A Share transactions |
| (1,983,124 | ) | (1,502,441 | ) | ||
Class C Shares: |
|
|
|
|
| ||
Proceeds from shares issued |
| 79,002 |
| 9,569 |
| ||
Distributions reinvested |
| 10,990 |
| 14,215 |
| ||
Value of shares redeemed |
| (147,972 | ) | (432,827 | ) | ||
Change in net assets from Class C Share transactions |
| (57,980 | ) | (409,043 | ) | ||
Institutional Shares: |
|
|
|
|
| ||
Proceeds from shares issued |
| 12,432,193 |
| 14,435,688 |
| ||
Distributions reinvested |
| 311,034 |
| 378,336 |
| ||
Value of shares redeemed |
| (12,388,326 | ) | (19,372,000 | ) | ||
Change in net assets from Institutional Share transactions |
| 354,901 |
| (4,557,976 | ) | ||
Change in net assets from capital transactions |
| $ | (1,686,203 | ) | $ | (6,469,460 | ) |
Share Transactions: |
|
|
|
|
| ||
Class A Shares: |
|
|
|
|
| ||
Issued |
| 35,168 |
| 202,414 |
| ||
Reinvested |
| 21,560 |
| 25,275 |
| ||
Redeemed |
| (237,374 | ) | (366,316 | ) | ||
Change in Class A Shares |
| (180,646 | ) | (138,627 | ) | ||
Class C Shares: |
|
|
|
|
| ||
Issued |
| 7,134 |
| 868 |
| ||
Reinvested |
| 994 |
| 1,305 |
| ||
Redeemed |
| (13,459 | ) | (39,796 | ) | ||
Change in Class C Shares |
| (5,331 | ) | (37,623 | ) | ||
Institutional Shares: |
|
|
|
|
| ||
Issued |
| 1,133,723 |
| 1,328,951 |
| ||
Reinvested |
| 28,322 |
| 34,972 |
| ||
Redeemed |
| (1,136,914 | ) | (1,790,163 | ) | ||
Change in Institutional Shares |
| 25,131 |
| (426,240 | ) | ||
Change in Shares |
| (160,846 | ) | (602,490 | ) |
See accompanying Notes to the Financial Statements.
Sterling Capital |
| Sterling Capital |
| ||||||||
Virginia |
| West Virginia |
| ||||||||
Intermediate |
| Intermediate |
| ||||||||
Tax-Free Fund |
| Tax-Free Fund |
| ||||||||
For the |
| For the |
| For the |
| For the |
| ||||
Year Ended |
| Year Ended |
| Year Ended |
| Year Ended |
| ||||
September 30, |
| September 30, |
| September 30, |
| September 30, |
| ||||
2019 |
| 2018 |
| 2019 |
| 2018 |
| ||||
|
|
|
|
|
|
|
| ||||
|
|
|
|
|
|
|
| ||||
$ | 330,984 |
| $ | 127,607 |
| $ | 2,471,962 |
| $ | 489,092 |
|
303,035 |
| 402,911 |
| 451,194 |
| 565,984 |
| ||||
(4,580,565 | ) | (6,408,355 | ) | (5,229,839 | ) | (6,439,300 | ) | ||||
(3,946,546 | ) | (5,877,837 | ) | (2,306,683 | ) | (5,384,224 | ) | ||||
|
|
|
|
|
|
|
| ||||
5,161 |
| 1,074 |
| 199,557 |
| 12,856 |
| ||||
9,346 |
| 10,205 |
| 10,210 |
| 10,940 |
| ||||
(76,755 | ) | (75,043 | ) | (627,510 | ) | (12,951 | ) | ||||
(62,248 | ) | (63,764 | ) | (417,743 | ) | 10,845 |
| ||||
|
|
|
|
|
|
|
| ||||
7,716,491 |
| 7,846,063 |
| 9,176,083 |
| 9,470,740 |
| ||||
181,453 |
| 197,739 |
| 115,667 |
| 136,406 |
| ||||
(12,900,406 | ) | (15,276,554 | ) | (12,912,998 | ) | (12,296,255 | ) | ||||
(5,002,462 | ) | (7,232,752 | ) | (3,621,248 | ) | (2,689,109 | ) | ||||
$ | (9,011,256 | ) | $ | (13,174,353 | ) | $ | (6,345,674 | ) | $ | (8,062,488 | ) |
|
|
|
|
|
|
|
| ||||
|
|
|
|
|
|
|
| ||||
28,227 |
| 11,053 |
| 247,431 |
| 49,296 |
| ||||
25,903 |
| 34,924 |
| 45,459 |
| 57,489 |
| ||||
(396,731 | ) | (553,854 | ) | (533,392 | ) | (655,601 | ) | ||||
(342,601 | ) | (507,877 | ) | (240,502 | ) | (548,816 | ) | ||||
|
|
|
|
|
|
|
| ||||
437 |
| 93 |
| 19,844 |
| 1,309 |
| ||||
799 |
| 885 |
| 1,032 |
| 1,111 |
| ||||
(6,628 | ) | (6,455 | ) | (62,409 | ) | (1,321 | ) | ||||
(5,392 | ) | (5,477 | ) | (41,533 | ) | 1,099 |
| ||||
|
|
|
|
|
|
|
| ||||
660,524 |
| 679,539 |
| 918,268 |
| 961,065 |
| ||||
15,497 |
| 17,156 |
| 11,662 |
| 13,819 |
| ||||
(1,111,688 | ) | (1,326,202 | ) | (1,316,333 | ) | (1,249,228 | ) | ||||
(435,667 | ) | (629,507 | ) | (386,403 | ) | (274,344 | ) | ||||
(783,660 | ) | (1,142,861 | ) | (668,438 | ) | (822,061 | ) |
|
| Sterling Capital |
| ||||
|
| Diversified |
| ||||
|
| Income Fund |
| ||||
|
| For the |
| For the |
| ||
|
| Year Ended |
| Year Ended |
| ||
|
| September 30, |
| September 30, |
| ||
|
| 2019 |
| 2018 |
| ||
Capital Transactions: |
|
|
|
|
| ||
Class A Shares: |
|
|
|
|
| ||
Proceeds from shares issued |
| $ | 389,953 |
| $ | 623,110 |
|
Distributions reinvested |
| 550,891 |
| 514,960 |
| ||
Value of shares redeemed |
| (2,331,497 | ) | (3,226,948 | ) | ||
Change in net assets from Class A Share transactions |
| (1,390,653 | ) | (2,088,878 | ) | ||
Class C Shares: |
|
|
|
|
| ||
Proceeds from shares issued |
| 416 |
| 5,041 |
| ||
Distributions reinvested |
| 35,414 |
| 34,796 |
| ||
Value of shares redeemed |
| (374,439 | ) | (127,071 | ) | ||
Change in net assets from Class C Share transactions |
| (338,609 | ) | (87,234 | ) | ||
Institutional Shares: |
|
|
|
|
| ||
Proceeds from shares issued |
| 3,888,968 |
| 3,391,639 |
| ||
Distributions reinvested |
| 277,718 |
| 288,712 |
| ||
Value of shares redeemed |
| (1,935,619 | ) | (4,659,359 | ) | ||
Change in net assets from Institutional Share transactions |
| 2,231,067 |
| (979,008 | ) | ||
Change in net assets from capital transactions |
| $ | 501,805 |
| $ | (3,155,120 | ) |
Share Transactions: |
|
|
|
|
| ||
Class A Shares: |
|
|
|
|
| ||
Issued |
| 37,763 |
| 58,371 |
| ||
Reinvested |
| 53,728 |
| 48,139 |
| ||
Redeemed |
| (225,790 | ) | (301,022 | ) | ||
Change in Class A Shares |
| (134,299 | ) | (194,512 | ) | ||
Class C Shares: |
|
|
|
|
| ||
Issued |
| 41 |
| 467 |
| ||
Reinvested |
| 3,487 |
| 3,281 |
| ||
Redeemed |
| (36,602 | ) | (11,968 | ) | ||
Change in Class C Shares |
| (33,074 | ) | (8,220 | ) | ||
Institutional Shares: |
|
|
|
|
| ||
Issued |
| 369,829 |
| 309,419 |
| ||
Reinvested |
| 26,739 |
| 26,648 |
| ||
Redeemed |
| (185,095 | ) | (432,816 | ) | ||
Change in Institutional Shares |
| 211,473 |
| (96,749 | ) | ||
Change in Shares |
| 44,100 |
| (299,481 | ) |
See accompanying Notes to the Financial Statements.
Sterling Capital |
| Sterling Capital |
| ||||||||
Strategic Allocation |
| Strategic Allocation |
| ||||||||
Balanced Fund |
| Growth Fund |
| ||||||||
For the |
| For the |
| For the |
| For the |
| ||||
Year Ended |
| Year Ended |
| Year Ended |
| Year Ended |
| ||||
September 30, |
| September 30, |
| September 30, |
| September 30, |
| ||||
2019 |
| 2018 |
| 2019 |
| 2018 |
| ||||
|
|
|
|
|
|
|
| ||||
|
|
|
|
|
|
|
| ||||
$ | 649,698 |
| $ | 773,902 |
| $ | 398,273 |
| $ | 298,745 |
|
572,661 |
| 650,429 |
| 401,982 |
| 465,075 |
| ||||
(4,773,194 | ) | (3,606,861 | ) | (2,428,833 | ) | (2,544,309 | ) | ||||
(3,550,835 | ) | (2,182,530 | ) | (1,628,578 | ) | (1,780,489 | ) | ||||
|
|
|
|
|
|
|
| ||||
4,500 |
| 7,916 |
| 19,434 |
| 26,390 |
| ||||
7,432 |
| 11,239 |
| 5,049 |
| 5,540 |
| ||||
(178,051 | ) | (237,097 | ) | (93,678 | ) | (22,952 | ) | ||||
(166,119 | ) | (217,942 | ) | (69,195 | ) | 8,978 |
| ||||
|
|
|
|
|
|
|
| ||||
160,939 |
| 114,410 |
| 36,945 |
| 31,181 |
| ||||
5,227 |
| 3,510 |
| 15,673 |
| 16,607 |
| ||||
(55,491 | ) | (7,694 | ) | (90,820 | ) | (11,650 | ) | ||||
110,675 |
| 110,226 |
| (38,202 | ) | 36,138 |
| ||||
$ | (3,606,279 | ) | $ | (2,290,246 | ) | $ | (1,735,975 | ) | $ | (1,735,373 | ) |
|
|
|
|
|
|
|
| ||||
|
|
|
|
|
|
|
| ||||
56,037 |
| 64,193 |
| 34,197 |
| 24,657 |
| ||||
50,445 |
| 53,984 |
| 35,868 |
| 38,281 |
| ||||
(404,802 | ) | (299,224 | ) | (206,022 | ) | (209,052 | ) | ||||
(298,320 | ) | (181,047 | ) | (135,957 | ) | (146,114 | ) | ||||
|
|
|
|
|
|
|
| ||||
394 |
| 671 |
| 1,721 |
| 2,250 |
| ||||
680 |
| 949 |
| 478 |
| 472 |
| ||||
(15,416 | ) | (20,240 | ) | (8,249 | ) | (1,960 | ) | ||||
(14,342 | ) | (18,620 | ) | (6,050 | ) | 762 |
| ||||
|
|
|
|
|
|
|
| ||||
13,119 |
| 9,385 |
| 3,127 |
| 2,571 |
| ||||
454 |
| 290 |
| 1,389 |
| 1,364 |
| ||||
(4,672 | ) | (632 | ) | (7,676 | ) | (947 | ) | ||||
8,901 |
| 9,043 |
| (3,160 | ) | 2,988 |
| ||||
(303,761 | ) | (190,624 | ) | (145,167 | ) | (142,364 | ) |
(This page has been left blank intentionally.)
(This page has been left blank intentionally.)
Sterling Capital Funds
Financial Highlights, Class A Shares
The financial highlights table is intended to help you understand the Funds’ financial performance for the past 5 years or, if shorter, the period of the Funds’ operations. Certain information reflects financial results for a single Fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the Fund (assuming reinvestment of all dividends and distributions).
|
|
|
| Investment Activities |
| Distributions |
| |||||||||
|
| Net Asset |
| Net |
| Net realized/ |
|
|
|
|
|
|
|
|
| |
|
| Value, |
| investment |
| unrealized |
| Total from |
| Net |
| Net realized |
|
|
| |
|
| Beginning |
| income |
| gains (losses) |
| Investment |
| investment |
| gains on |
| Total |
| |
|
| of Year |
| (loss)(a) |
| on investments |
| Activities |
| income |
| investments |
| Distributions |
| |
Sterling Capital Behavioral Large Cap Value Equity Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Year Ended September 30, 2019 |
| $ | 22.30 |
| 0.39 |
| (1.07 | ) | (0.68 | ) | (0.38 | ) | (1.75 | ) | (2.13 | ) |
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 | ) |
Sterling Capital Mid Value Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Year Ended September 30, 2019 |
| $ | 19.08 |
| 0.05 |
| (0.77 | ) | (0.72 | ) | — |
| (2.26 | ) | (2.26 | ) |
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 | ) |
Sterling Capital Behavioral Small Cap Value Equity Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Year Ended September 30, 2019 |
| $ | 18.65 |
| 0.17 |
| (2.07 | ) | (1.90 | ) | (0.23 | ) | (1.98 | ) | (2.21 | ) |
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 | ) |
Sterling Capital Special Opportunities Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Year Ended September 30, 2019 |
| $ | 26.37 |
| 0.02 |
| 0.10 |
| 0.12 |
| — |
| (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 | ) |
Sterling Capital Equity Income Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Year Ended September 30, 2019 |
| $ | 21.55 |
| 0.39 |
| 1.23 |
| 1.62 |
| (0.38 | ) | (1.52 | ) | (1.90 | ) |
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 | ) |
* During the periods certain fees were waived (See Note 5 in the Notes to the Financial Statements). If such reductions had not occurred, the ratios would have been as indicated.
** Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued.
(a) Per share net investment income (loss) has been calculated using the average daily shares method.
See accompanying Notes to the Financial Statements.
|
|
|
| Ratios/Supplementary Data |
| ||||||||||
|
|
|
|
|
|
|
| Ratio of net |
|
|
|
|
| ||
|
|
|
|
|
|
|
| investment |
|
|
|
|
| ||
Net Asset |
| Total |
| Net Assets, |
| Ratio of |
| income |
| Ratio of |
|
|
| ||
Value, |
| Return |
| End of |
| net expenses |
| (loss) to |
| expenses to |
|
|
| ||
End of |
| (excludes |
| Year |
| to average |
| average net |
| average |
| Portfolio |
| ||
Year |
| sales charge) |
| (000) |
| net assets |
| assets |
| net assets* |
| turnover rate** |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
$ | 19.49 |
| (2.34 | )% | $ | 28,548 |
| 0.89 | % | 2.04 | % | 0.89 | % | 142.59 | % |
$ | 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 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
$ | 16.10 |
| (2.80 | )% | $ | 23,013 |
| 1.18 | % | 0.29 | % | 1.18 | % | 26.62 | % |
$ | 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 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
$ | 14.54 |
| (9.57 | )% | $ | 6,599 |
| 1.05 | % | 1.17 | % | 1.05 | % | 124.82 | % |
$ | 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 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
$ | 24.63 |
| 1.21 | % | $ | 322,003 |
| 1.11 | % | 0.06 | % | 1.11 | % | 17.31 | % |
$ | 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 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
$ | 21.27 |
| 8.48 | % | $ | 338,293 |
| 1.02 | % | 1.92 | % | 1.02 | % | 23.20 | % |
$ | 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 | % |
The financial highlights table is intended to help you understand the Funds’ financial performance for the past 5 years or, if shorter, the period of the Funds’ operations. Certain information reflects financial results for a single Fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the Fund (assuming reinvestment of all dividends and distributions).
|
|
|
| Investment Activities |
| Distributions |
| |||||||||
|
| Net Asset |
| Net |
| Net realized/ |
|
|
|
|
|
|
|
|
| |
|
| Value, |
| investment |
| unrealized |
| Total from |
| Net |
| Net realized |
|
|
| |
|
| Beginning |
| income |
| gains (losses) |
| Investment |
| investment |
| gains on |
| Total |
| |
|
| of Period |
| (loss)(a) |
| on investments |
| Activities |
| income |
| investments |
| Distributions |
| |
Sterling Capital Behavioral International Equity Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Year Ended September 30, 2019 |
| $ | 11.17 |
| 0.31 |
| (1.31 | ) | (1.00 | ) | (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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Year Ended September 30, 2019 |
| $ | 12.44 |
| (0.02 | ) | 0.82 |
| 0.80 |
| — |
| — |
| — |
|
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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Year Ended September 30, 2019 |
| $ | 68.74 |
| 0.30 |
| 0.17 |
| 0.47 |
| (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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Year Ended September 30, 2019 |
| $ | 37.57 |
| 0.75 |
| 5.98 |
| 6.73 |
| (0.78 | ) | (1.24 | ) | (2.02 | ) |
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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Year Ended September 30, 2019 |
| $ | 88.73 |
| 0.32 |
| (5.00 | ) | (4.68 | ) | (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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Year Ended September 30, 2019 |
| $ | 9.75 |
| 0.23 |
| 0.03 |
| 0.26 |
| (0.23 | ) | — |
| (0.23 | ) |
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 | ) |
* | During the periods certain fees were waived (See Note 5 in the Notes to the Financial Statements). If such reductions had not occurred, the ratios would have been as indicated. |
** | Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued. |
(a) | Per share net investment income (loss) has been calculated using the average daily shares method. |
(b) | Not annualized for periods less than one year. |
(c) | Annualized for periods less than one year. |
(d) | Period from commencement of operations. |
(e) | Amount is less than $0.005. |
See accompanying Notes to the Financial Statements.
|
|
|
| Ratios/Supplementary Data |
| ||||||||||
|
|
|
|
|
|
|
| Ratio of net |
|
|
|
|
| ||
|
|
|
|
|
|
|
| investment |
|
|
|
|
| ||
Net Asset |
| Total |
| Net Assets, |
| Ratio of |
| income |
| Ratio of |
|
|
| ||
Value, |
| Return |
| End of |
| net expenses |
| (loss) to |
| expenses to |
|
|
| ||
End of |
| (excludes |
| Period |
| to average |
| average net |
| average |
| Portfolio |
| ||
Period |
| sales charge) (b) |
| (000) |
| net assets (c) |
| assets (c) |
| net assets*(c) |
| turnover rate**(b) |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
$ | 9.48 |
| (8.72 | )% | $ | 537 |
| 0.94 | % | 3.16 | % | 1.14 | % | 97.74 | % |
$ | 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 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
$ | 13.24 |
| 6.43 | % | $ | 3,097 |
| 1.04 | % | (0.18 | )% | 1.45 | % | 45.11 | % |
$ | 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 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
$ | 64.04 |
| 1.72 | % | $ | 126 |
| 1.20 | % | 0.50 | % | 1.20 | % | 6.75 | % |
$ | 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 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
$ | 42.28 |
| 18.76 | % | $ | 800 |
| 1.07 | % | 1.92 | % | 1.07 | % | 14.56 | % |
$ | 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 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
$ | 78.00 |
| (4.79 | )% | $ | 2,775 |
| 1.28 | % | 0.42 | % | 1.33 | % | 8.60 | % |
$ | 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 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
$ | 9.78 |
| 2.70 | % | $ | 2,219 |
| 0.68 | % | 2.39 | % | 0.79 | % | 103.69 | % |
$ | 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 | % |
The financial highlights table is intended to help you understand the Funds’ financial performance for the past 5 years or, if shorter, the period of the Funds’ operations. Certain information reflects financial results for a single Fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the Fund (assuming reinvestment of all dividends and distributions).
|
|
|
| Investment Activities |
| Distributions |
| |||||||||||
|
| Net Asset |
|
|
| Net realized/ |
|
|
|
|
|
|
|
|
|
|
| |
|
| Value, |
| Net |
| unrealized |
| Total from |
| Net |
| Net realized |
| Return |
|
|
| |
|
| Beginning |
| investment |
| gains (losses) |
| Investment |
| investment |
| gains on |
| of |
| Total |
| |
|
| of Year |
| income(a) |
| on investments |
| Activities |
| income |
| investments |
| capital |
| Distributions |
| |
Sterling Capital Short Duration Bond Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Year Ended September 30, 2019 |
| $ | 8.52 |
| 0.21 |
| 0.15 |
| 0.36 |
| (0.23 | ) | — |
| — |
| (0.23 | ) |
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 | ) |
Sterling Capital Intermediate U.S. Government Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Year Ended September 30, 2019 |
| $ | 9.48 |
| 0.21 |
| 0.47 |
| 0.68 |
| (0.24 | ) | — |
| — |
| (0.24 | ) |
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 | ) |
Sterling Capital Total Return Bond Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Year Ended September 30, 2019 |
| $ | 10.20 |
| 0.30 |
| 0.69 |
| 0.99 |
| (0.31 | ) | — |
| — |
| (0.31 | ) |
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 | ) |
Sterling Capital Corporate Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Year Ended September 30, 2019 |
| $ | 9.81 |
| 0.30 |
| 0.57 |
| 0.87 |
| (0.30 | ) | — |
| — |
| (0.30 | ) |
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 | ) | — | (b) | (0.30 | ) |
Sterling Capital Securitized Opportunities Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Year Ended September 30, 2019 |
| $ | 9.60 |
| 0.28 |
| 0.49 |
| 0.77 |
| (0.28 | ) | — |
| — |
| (0.28 | ) |
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 | ) |
Sterling Capital Kentucky Intermediate Tax-Free Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Year Ended September 30, 2019 |
| $ | 9.90 |
| 0.18 |
| 0.48 |
| 0.66 |
| (0.18 | ) | (0.06 | ) | — |
| (0.24 | ) |
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 | ) |
Sterling Capital Maryland Intermediate Tax-Free Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Year Ended September 30, 2019 |
| $ | 10.62 |
| 0.20 |
| 0.46 |
| 0.66 |
| (0.20 | ) | (0.13 | ) | — |
| (0.33 | ) |
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 |
| — | (b) | 0.20 |
| (0.20 | ) | (0.06 | ) | — |
| (0.26 | ) |
* During the periods certain fees were waived (See Note 5 in the Notes to the Financial Statements). If such reductions had not occurred, the ratios would have been as indicated.
** Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued.
(a) Per share net investment income has been calculated using the average daily shares method.
(b) Amount is less than $0.005.
See accompanying Notes to the Financial Statements.
The financial highlights table is intended to help you understand the Funds’ financial performance for the past 5 years or, if shorter, the period of the Funds’ operations. Certain information reflects financial results for a single Fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the Fund (assuming reinvestment of all dividends and distributions).
|
|
|
| Investment Activities |
| Distributions |
| |||||||||
|
| Net Asset |
|
|
| Net realized/ |
|
|
|
|
|
|
|
|
| |
|
| Value, |
| Net |
| unrealized |
| Total from |
| Net |
| Net realized |
|
|
| |
|
| Beginning |
| investment |
| gains (losses) |
| Investment |
| investment |
| gains on |
| Total |
| |
|
| of Year |
| income(a) |
| on investments |
| Activities |
| income |
| investments |
| Distributions |
| |
Sterling Capital North Carolina Intermediate Tax-Free Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Year Ended September 30, 2019 |
| $ | 10.43 |
| 0.23 |
| 0.48 |
| 0.71 |
| (0.23 | ) | — |
| (0.23 | ) |
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 | ) |
Sterling Capital South Carolina Intermediate Tax-Free Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Year Ended September 30, 2019 |
| $ | 10.77 |
| 0.21 |
| 0.50 |
| 0.71 |
| (0.21 | ) | — |
| (0.21 | ) |
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 | ) |
Sterling Capital Virginia Intermediate Tax-Free Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Year Ended September 30, 2019 |
| $ | 11.40 |
| 0.23 |
| 0.58 |
| 0.81 |
| (0.23 | ) | — |
| (0.23 | ) |
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 | ) |
Sterling Capital West Virginia Intermediate Tax-Free Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Year Ended September 30, 2019 |
| $ | 9.72 |
| 0.22 |
| 0.42 |
| 0.64 |
| (0.22 | ) | (0.02 | ) | (0.24 | ) |
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 | ) |
Sterling Capital Diversified Income Fund(b) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Year Ended September 30, 2019 |
| $ | 10.63 |
| 0.46 |
| (0.29 | ) | 0.17 |
| (0.51 | ) | — |
| (0.51 | ) |
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 | ) |
Sterling Capital Strategic Allocation Balanced Fund(b) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Year Ended September 30, 2019 |
| $ | 12.08 |
| 0.25 |
| — | (c) | 0.25 |
| (0.26 | ) | — |
| (0.26 | ) |
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 | ) |
Sterling Capital Strategic Allocation Growth Fund(b) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Year Ended September 30, 2019 |
| $ | 12.25 |
| 0.23 |
| (0.18 | ) | 0.05 |
| (0.23 | ) | — |
| (0.23 | ) |
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 | ) |
* During the periods certain fees were waived (See Note 5 in the Notes to the Financial Statements). If such reductions had not occurred, the ratios would have been as indicated.
** Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued.
(a) Per share net investment income has been calculated using the average daily shares method.
(b) The expense ratios exclude the impact of fees/expenses paid by each underlying fund.
(c) Amount is less than $0.005.
See accompanying Notes to the Financial Statements.
|
|
|
| Ratios/Supplementary Data |
| ||||||||||
|
|
|
|
|
|
|
| Ratio of net |
|
|
|
|
| ||
Net Asset |
| Total |
| Net Assets, |
| Ratio of |
| investment |
| Ratio of |
|
|
| ||
Value, |
| Return |
| End of |
| net expenses |
| income to |
| expenses to |
|
|
| ||
End of |
| (excludes |
| Year |
| to average |
| average net |
| average |
| Portfolio |
| ||
Year |
| sales charge) |
| (000) |
| net assets |
| assets |
| net assets* |
| turnover rate** |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
$ | 10.91 |
| 6.84 | % | $ | 38,587 |
| 0.80 | % | 2.12 | % | 0.80 | % | 33.12 | % |
$ | 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 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
$ | 11.27 |
| 6.62 | % | $ | 12,478 |
| 0.81 | % | 1.88 | % | 0.81 | % | 23.84 | % |
$ | 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 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
$ | 11.98 |
| 7.13 | % | $ | 17,795 |
| 0.81 | % | 1.94 | % | 0.81 | % | 24.57 | % |
$ | 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 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
$ | 10.12 |
| 6.59 | % | $ | 22,389 |
| 0.81 | % | 2.18 | % | 0.81 | % | 33.73 | % |
$ | 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 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
$ | 10.29 |
| 1.73 | % | $ | 10,688 |
| 0.79 | % | 4.46 | % | 0.80 | % | 26.68 | % |
$ | 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 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
$ | 12.07 |
| 2.18 | % | $ | 24,850 |
| 0.41 | % | 2.14 | % | 0.66 | % | 9.41 | % |
$ | 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 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
$ | 12.07 |
| 0.59 | % | $ | 19,758 |
| 0.41 | % | 1.95 | % | 0.66 | % | 10.69 | % |
$ | 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 | % |
Sterling Capital Funds
Financial Highlights, Class C Shares
The financial highlights table is intended to help you understand the Funds’ financial performance for the past 5 years or, if shorter, the period of the Funds’ operations. Certain information reflects financial results for a single Fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the Fund (assuming reinvestment of all dividends and distributions).
|
|
|
| Investment Activities |
| Distributions |
| |||||||||
|
| Net Asset |
| Net |
| Net realized/ |
|
|
|
|
|
|
|
|
| |
|
| Value, |
| investment |
| unrealized |
| Total from |
| Net |
| Net realized |
|
|
| |
|
| Beginning |
| income |
| gains (losses) |
| Investment |
| investment |
| gains on |
| Total |
| |
|
| of Period |
| (loss)(a) |
| on investments |
| Activities |
| income |
| investments |
| Distributions |
| |
Sterling Capital Behavioral Large |
|
|
|
|
|
|
|
|
| |||||||
Year Ended September 30, 2019 |
| $ | 21.67 |
| 0.24 |
| (1.04 | ) | (0.80 | ) | (0.24 | ) | (1.75 | ) | (1.99 | ) |
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 | ) |
Sterling Capital Mid Value Fund |
|
|
|
|
|
|
|
|
| |||||||
Year Ended September 30, 2019 |
| $ | 16.86 |
| (0.07 | ) | (0.70 | ) | (0.77 | ) | — |
| (2.26 | ) | (2.26 | ) |
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 | ) |
Sterling Capital Behavioral Small |
|
|
|
|
|
|
|
|
| |||||||
Year Ended September 30, 2019 |
| $ | 17.89 |
| 0.06 |
| (1.98 | ) | (1.92 | ) | (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 | ) |
Sterling Capital Special |
|
|
|
|
|
|
|
|
| |||||||
Year Ended September 30, 2019 |
| $ | 21.98 |
| (0.14 | ) | 0.06 |
| (0.08 | ) | — |
| (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 | ) |
Sterling Capital Equity Income Fund |
|
|
|
|
|
|
|
|
| |||||||
Year Ended September 30, 2019 |
| $ | 21.34 |
| 0.24 |
| 1.21 |
| 1.45 |
| (0.22 | ) | (1.52 | ) | (1.74 | ) |
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 | ) |
Sterling Capital Behavioral |
|
|
|
|
|
|
|
|
| |||||||
Year Ended September 30, 2019 |
| $ | 11.06 |
| 0.26 |
| (1.33 | ) | (1.07 | ) | (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 5 in the Notes to the Financial Statements). If such reductions had not occurred, the ratios would have been as indicated.
** Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued.
(a) Per share net investment income (loss) has been calculated using the average daily shares method.
(b) Not annualized for periods less than one year.
(c) Annualized for periods less than one year.
(d) Amount is less than $0.005.
(e) Period from commencement of operations.
See accompanying Notes to the Financial Statements.
|
|
|
| Ratios/Supplementary Data |
| ||||||||||
Net Asset |
| Total |
| Net Assets, |
| Ratio of |
| Ratio of net |
| Ratio of |
|
|
| ||
Value, |
| Return |
| End of |
| net expenses |
| investment |
| expenses to |
|
|
| ||
End of |
| (excludes |
| Period |
| to average |
| income (loss) to |
| average |
| Portfolio |
| ||
Period |
| sales charge) (b) |
| (000) |
| net assets (c) |
| average net assets (c) |
| net assets*(c) |
| turnover rate**(b) |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
$ | 18.88 |
| (3.08 | )% | $ | 634 |
| 1.64 | % | 1.29 | % | 1.64 | % | 142.59 | % |
$ | 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 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
$ | 13.83 |
| (3.52 | )% | $ | 2,826 |
| 1.93 | % | (0.46 | )% | 1.93 | % | 26.62 | % |
$ | 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 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
$ | 13.94 |
| (10.28 | )% | $ | 150 |
| 1.80 | % | 0.43 | % | 1.80 | % | 124.82 | % |
$ | 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 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
$ | 20.04 |
| 0.48 | % | $ | 83,451 |
| 1.86 | % | (0.71 | )% | 1.86 | % | 17.31 | % |
$ | 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 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
$ | 21.05 |
| 7.66 | % | $ | 158,353 |
| 1.77 | % | 1.17 | % | 1.77 | % | 23.20 | % |
$ | 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 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
$ | 9.37 |
| (9.44 | )% | $ | 63 |
| 1.69 | % | 2.68 | % | 1.89 | % | 97.74 | % |
$ | 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 | % |
Sterling Capital Funds
Financial Highlights, Class C Shares
The financial highlights table is intended to help you understand the Funds’ financial performance for the past 5 years or, if shorter, the period of the Funds’ operations. Certain information reflects financial results for a single Fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the Fund (assuming reinvestment of all dividends and distributions).
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| Net Asset |
| Net |
| Net realized/ |
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| Value, |
| investment |
| unrealized |
| Total from |
| Net |
| Net realized |
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| Beginning |
| income |
| gains (losses) |
| Investment |
| investment |
| gains on |
| Total |
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| of Period |
| (loss)(a) |
| on investments |
| Activities |
| income |
| investments |
| Distributions |
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Sterling Capital SMID Opportunities Fund |
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Year Ended September 30, 2019 |
| $ | 12.30 |
| (0.11 | ) | 0.80 |
| 0.69 |
| — |
| — |
| — |
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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 |
| — |
| — |
| — |
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Sterling Capital Stratton Mid Cap Value Fund |
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Year Ended September 30, 2019 |
| $ | 67.46 |
| (0.12 | ) | 0.16 |
| 0.04 |
| — |
| (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 |
| — |
| — |
| — |
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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 |
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Year Ended September 30, 2019 |
| $ | 37.40 |
| 0.42 |
| 5.99 |
| 6.41 |
| (0.51 | ) | (1.24 | ) | (1.75 | ) |
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 |
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Year Ended September 30, 2019 |
| $ | 86.92 |
| (0.19 | ) | (4.96 | ) | (5.15 | ) | — |
| (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 |
| — |
| — |
| — |
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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 |
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Year Ended September 30, 2019 |
| $ | 8.51 |
| 0.14 |
| 0.16 |
| 0.30 |
| (0.17 | ) | — |
| (0.17 | ) |
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 | ) |
* During the periods certain fees were waived (See Note 5 in the Notes to the Financial Statements). If such reductions had not occurred, the ratios would have been as indicated.
** Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued.
(a) Per share net investment income (loss) has been calculated using the average daily shares method.
(b) Not annualized for periods less than one year.
(c) Annualized for periods less than one year.
(d) Period from commencement of operations.
See accompanying Notes to the Financial Statements.
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| Ratios/Supplementary Data |
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Net Asset |
| Total |
| Net Assets, |
| Ratio of |
| Ratio of net |
| Ratio of |
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Value, |
| Return |
| End of |
| net expenses |
| investment |
| expenses to |
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End of |
| (excludes |
| Period |
| to average |
| income (loss) to |
| average |
| Portfolio |
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Period |
| sales charge) (b) |
| (000) |
| net assets (c) |
| average net assets (c) |
| net assets*(c) |
| turnover rate**(b) |
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$ | 12.99 |
| 5.61 | % | $ | 1,188 |
| 1.79 | % | (0.95 | )% | 2.19 | % | 45.11 | % |
$ | 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 | % |
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$ | 62.48 |
| 1.03 | % | $ | 1 |
| 1.95 | % | (0.21 | )% | 1.95 | % | 6.75 | % |
$ | 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 | % |
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$ | 42.06 |
| 17.88 | % | $ | 205 |
| 1.82 | % | 1.08 | % | 1.82 | % | 14.56 | % |
$ | 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 | % |
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$ | 75.87 |
| (5.49 | )% | $ | 279 |
| 2.03 | % | (0.25 | )% | 2.08 | % | 8.60 | % |
$ | 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 | % |
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$ | 8.64 |
| 3.52 | % | $ | 1,052 |
| 1.43 | % | 1.68 | % | 1.53 | % | 78.58 | % |
$ | 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 | % |
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).
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| Investment Activities |
| Distributions |
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| Net Asset |
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| Net realized/ |
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| Value, |
| Net |
| unrealized |
| Total from |
| Net |
| Net realized |
| Return |
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| Beginning |
| investment |
| gains (losses) |
| Investment |
| investment |
| gains on |
| of |
| Total |
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| of Year |
| income(a) |
| on investments |
| Activities |
| income |
| investments |
| capital |
| Distributions |
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Sterling Capital Intermediate U.S. Government Fund |
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Year Ended September 30, 2019 |
| $ | 9.47 |
| 0.13 |
| 0.48 |
| 0.61 |
| (0.17 | ) | — |
| — |
| (0.17 | ) |
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 | ) |
Sterling Capital Total Return Bond Fund |
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Year Ended September 30, 2019 |
| $ | 10.21 |
| 0.22 |
| 0.70 |
| 0.92 |
| (0.23 | ) | — | �� | — |
| (0.23 | ) |
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 | ) |
Sterling Capital Corporate Fund |
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Year Ended September 30, 2019 |
| $ | 9.80 |
| 0.24 |
| 0.55 |
| 0.79 |
| (0.23 | ) | — |
| — |
| (0.23 | ) |
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 | ) | — | (b) | (0.23 | ) |
Sterling Capital Securitized Opportunities Fund |
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Year Ended September 30, 2019 |
| $ | 9.60 |
| 0.21 |
| 0.48 |
| 0.69 |
| (0.21 | ) | — |
| — |
| (0.21 | ) |
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 | ) |
Sterling Capital Kentucky Intermediate Tax-Free Fund |
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Year Ended September 30, 2019 |
| $ | 9.91 |
| 0.13 |
| 0.48 |
| 0.61 |
| (0.13 | ) | (0.06 | ) | — |
| (0.19 | ) |
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 | ) |
Sterling Capital Maryland Intermediate Tax-Free Fund |
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Year Ended September 30, 2019 |
| $ | 10.62 |
| 0.12 |
| 0.47 |
| 0.59 |
| (0.12 | ) | (0.13 | ) | — |
| (0.25 | ) |
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 |
| — | (b) | 0.12 |
| (0.12 | ) | (0.06 | ) | — |
| (0.18 | ) |
Sterling Capital North Carolina Intermediate Tax-Free Fund |
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Year Ended September 30, 2019 |
| $ | 10.42 |
| 0.15 |
| 0.48 |
| 0.63 |
| (0.15 | ) | — |
| — |
| (0.15 | ) |
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 |
| — | (b) | 0.16 |
| (0.16 | ) | (0.02 | ) | — |
| (0.18 | ) |
* During the periods certain fees were waived (See Note 5 in the Notes to the Financial Statements). If such reductions had not occurred, the ratios would have been as indicated.
** Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued.
(a) Per share net investment income has been calculated using the average daily shares method.
(b) Amount is less than $0.005.
See accompanying Notes to the Financial Statements.
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| Ratios/Supplementary Data |
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| Ratio of net |
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Net Asset |
| Total |
| Net Assets, |
| Ratio of |
| investment |
| Ratio of |
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Value, |
| Return |
| End of |
| net expenses |
| income to |
| expenses to |
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End of |
| (excludes |
| Year |
| to average |
| average net |
| average |
| Portfolio |
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Year |
| sales charge) |
| (000) |
| net assets |
| assets |
| net assets* |
| turnover rate** |
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$ | 9.91 |
| 6.48 | % | $ | 378 |
| 1.56 | % | 1.37 | % | 1.66 | % | 40.13 | % |
$ | 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 | % |
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$ | 10.90 |
| 9.17 | % | $ | 8,266 |
| 1.45 | % | 2.11 | % | 1.58 | % | 79.40 | % |
$ | 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 | % |
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$ | 10.36 |
| 8.18 | % | $ | 3 |
| 1.68 | % | 2.36 | % | 1.68 | % | 82.23 | % |
$ | 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 | % |
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|
|
|
|
|
| ||
$ | 10.08 |
| 7.21 | % | $ | 34 |
| 1.60 | % | 2.15 | % | 1.64 | % | 17.58 | % |
$ | 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 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
$ | 10.33 |
| 6.28 | % | $ | 2 |
| 1.70 | % | 1.31 | % | 1.70 | % | 32.58 | % |
$ | 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 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
$ | 10.96 |
| 5.65 | % | $ | 528 |
| 1.67 | % | 1.09 | % | 1.69 | % | 20.76 | % |
$ | 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 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
$ | 10.90 |
| 6.05 | % | $ | 2,878 |
| 1.55 | % | 1.38 | % | 1.55 | % | 33.12 | % |
$ | 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 | % |
The financial highlights table is intended to help you understand the Funds’ financial performance for the past 5 years or, if shorter, the period of the Funds’ operations. Certain information reflects financial results for a single Fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the Fund (assuming reinvestment of all dividends and distributions).
|
|
|
| Investment Activities |
| Distributions |
| |||||||||
|
| Net Asset |
|
|
| Net realized/ |
|
|
|
|
|
|
|
|
| |
|
| Value, |
| Net |
| unrealized |
| Total from |
| Net |
| Net realized |
|
|
| |
|
| Beginning |
| investment |
| gains (losses) |
| Investment |
| investment |
| gains on |
| Total |
| |
|
| of Year |
| income(a) |
| on investments |
| Activities |
| income |
| investments |
| Distributions |
| |
Sterling Capital South Carolina Intermediate Tax-Free Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Year Ended September 30, 2019 |
| $ | 10.76 |
| 0.12 |
| 0.51 |
| 0.63 |
| (0.12 | ) | — |
| (0.12 | ) |
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 | ) |
Sterling Capital Virginia Intermediate Tax-Free Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Year Ended September 30, 2019 |
| $ | 11.40 |
| 0.14 |
| 0.57 |
| 0.71 |
| (0.14 | ) | — |
| (0.14 | ) |
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 | ) |
Sterling Capital West Virginia Intermediate Tax-Free Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Year Ended September 30, 2019 |
| $ | 9.72 |
| 0.14 |
| 0.43 |
| 0.57 |
| (0.14 | ) | (0.02 | ) | (0.16 | ) |
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 | ) |
Sterling Capital Diversified Income Fund(b) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Year Ended September 30, 2019 |
| $ | 10.54 |
| 0.38 |
| (0.29 | ) | 0.09 |
| (0.43 | ) | — |
| (0.43 | ) |
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 | ) |
Sterling Capital Strategic Allocation Balanced Fund(b) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Year Ended September 30, 2019 |
| $ | 11.85 |
| 0.17 |
| (0.02 | ) | 0.15 |
| (0.16 | ) | — |
| (0.16 | ) |
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 | ) |
Sterling Capital Strategic Allocation Growth Fund(b) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Year Ended September 30, 2019 |
| $ | 11.79 |
| 0.14 |
| (0.17 | ) | (0.03 | ) | (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 | ) |
* During the periods certain fees were waived (See Note 5 in the Notes to the Financial Statements). If such reductions had not occurred, the ratios would have been as indicated.
** Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued.
(a) Per share net investment income (loss) has been calculated using the average daily shares method.
(b) The expense ratios exclude the impact of fees/expenses paid by each underlying fund.
See accompanying Notes to the Financial Statements.
|
|
|
| Ratios/Supplementary Data |
| ||||||||||
|
|
|
|
|
|
|
| Ratio of net |
|
|
|
|
| ||
Net Asset |
| Total |
| Net Assets, |
| Ratio of |
| investment |
| Ratio of |
|
|
| ||
Value, |
| Return |
| End of |
| net expenses |
| income to |
| expenses to |
|
|
| ||
End of |
| (excludes |
| Year |
| to average |
| average net |
| average |
| Portfolio |
| ||
Year |
| sales charge) |
| (000) |
| net assets |
| assets |
| net assets* |
| turnover rate** |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
$ | 11.27 |
| 5.93 | % | $ | 978 |
| 1.56 | % | 1.13 | % | 1.56 | % | 23.84 | % |
$ | 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 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
$ | 11.97 |
| 6.25 | % | $ | 822 |
| 1.56 | % | 1.19 | % | 1.56 | % | 24.57 | % |
$ | 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 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
$ | 10.13 |
| 5.90 | % | $ | 335 |
| 1.56 | % | 1.45 | % | 1.56 | % | 33.73 | % |
$ | 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 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
$ | 10.20 |
| 0.96 | % | $ | 680 |
| 1.54 | % | 3.68 | % | 1.55 | % | 26.68 | % |
$ | 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 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
$ | 11.84 |
| 1.41 | % | $ | 406 |
| 1.16 | % | 1.47 | % | 1.41 | % | 9.41 | % |
$ | 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 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
$ | 11.61 |
| (0.12 | )% | $ | 350 |
| 1.16 | % | 1.25 | % | 1.41 | % | 10.69 | % |
$ | 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 | % |
Sterling Capital Funds
Financial Highlights, Institutional Shares
The financial highlights table is intended to help you understand the Funds’ financial performance for the past 5 years or, if shorter, the period of the Funds’ operations. Certain information reflects financial results for a single Fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the Fund (assuming reinvestment of all dividends and distributions).
|
|
|
| Investment Activities |
| Distributions |
| |||||||||
|
| Net Asset |
| Net |
| Net realized/ |
|
|
|
|
|
|
|
|
| |
|
| Value, |
| investment |
| unrealized |
| Total from |
| Net |
| Net realized |
|
|
| |
|
| Beginning |
| income |
| gains (losses) |
| Investment |
| investment |
| gains on |
| Total |
| |
|
| of Year |
| (loss)(a) |
| on investments |
| Activities |
| income |
| investments |
| Distributions |
| |
Sterling Capital Behavioral Large Cap Value Equity Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Year Ended September 30, 2019 |
| $ | 22.43 |
| 0.44 |
| (1.07 | ) | (0.63 | ) | (0.43 | ) | (1.75 | ) | (2.18 | ) |
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 | ) |
Sterling Capital Mid Value Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Year Ended September 30, 2019 |
| $ | 19.42 |
| 0.08 |
| (0.77 | ) | (0.69 | ) | (0.01 | ) | (2.26 | ) | (2.27 | ) |
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 | ) |
Sterling Capital Behavioral Small Cap Value Equity Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Year Ended September 30, 2019 |
| $ | 18.82 |
| 0.21 |
| (2.09 | ) | (1.88 | ) | (0.30 | ) | (1.98 | ) | (2.28 | ) |
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 | ) |
Sterling Capital Special Opportunities Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Year Ended September 30, 2019 |
| $ | 27.73 |
| 0.08 |
| 0.12 |
| 0.20 |
| — | (b) | (1.86 | ) | (1.86 | ) |
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 |
| — | (b) | 0.92 |
| 0.92 |
| — |
| (1.20 | ) | (1.20 | ) |
Sterling Capital Equity Income Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Year Ended September 30, 2019 |
| $ | 21.61 |
| 0.44 |
| 1.23 |
| 1.67 |
| (0.43 | ) | (1.52 | ) | (1.95 | ) |
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 | ) |
* During the periods certain fees were waived (See Note 5 in the Notes to the Financial Statements). If such reductions had not occurred, the ratios would have been as indicated.
** Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued.
(a) Per share net investment income (loss) has been calculated using the average daily shares method.
(b) Amount is less than $0.005.
See accompanying Notes to the Financial Statements.
|
|
|
| Ratios/Supplementary Data |
| ||||||||||
|
|
|
|
|
|
|
| Ratio of net |
|
|
|
|
| ||
|
|
|
|
|
|
|
| investment |
|
|
|
|
| ||
Net Asset |
|
|
| Net Assets, |
| Ratio of |
| income |
| Ratio of |
|
|
| ||
Value, |
|
|
| End of |
| net expenses |
| (loss) to |
| expenses to |
|
|
| ||
End of |
| Total |
| Year |
| to average |
| average net |
| average |
| Portfolio |
| ||
Year |
| Return |
| (000) |
| net assets |
| assets |
| net assets* |
| turnover rate** |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
$ | 19.62 |
| (2.08 | )% | $ | 7,550 |
| 0.64 | % | 2.28 | % | 0.64 | % | 142.59 | % |
$ | 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 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
$ | 16.46 |
| (2.54 | )% | $ | 154,259 |
| 0.93 | % | 0.49 | % | 0.93 | % | 26.62 | % |
$ | 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 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
$ | 14.66 |
| (9.32 | )% | $ | 28,223 |
| 0.80 | % | 1.42 | % | 0.80 | % | 124.82 | % |
$ | 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 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
$ | 26.07 |
| 1.47 | % | $ | 281,099 |
| 0.86 | % | 0.30 | % | 0.86 | % | 17.31 | % |
$ | 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 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
$ | 21.33 |
| 8.72 | % | $ | 992,964 |
| 0.77 | % | 2.17 | % | 0.77 | % | 23.20 | % |
$ | 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 | % |
The financial highlights table is intended to help you understand the Funds’ financial performance for the past 5 years or, if shorter, the period of the Funds’ operations. Certain information reflects financial results for a single Fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the Fund (assuming reinvestment of all dividends and distributions).
|
|
|
| Investment Activities |
| Distributions |
|
|
| |||||||||
|
| Net Asset |
| Net |
| Net realized/ |
|
|
|
|
|
|
|
|
|
|
| |
|
| Value, |
| investment |
| unrealized |
| Total from |
| Net |
| Net realized |
|
|
|
|
| |
|
| Beginning |
| income |
| gains (losses) |
| Investment |
| investment |
| gains on |
| Total |
| Redemption |
| |
|
| of Period |
| (loss)(a) |
| on investments |
| Activities |
| income |
| investments |
| Distributions |
| Fees |
| |
Sterling Capital Behavioral International Equity Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Year Ended September 30, 2019 |
| $ | 11.18 |
| 0.35 |
| (1.33 | ) | (0.98 | ) | (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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Year Ended September 30, 2019 |
| $ | 12.48 |
| 0.01 |
| 0.82 |
| 0.83 |
| — |
| — |
| — |
| — |
|
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(e) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Year Ended September 30, 2019 |
| $ | 69.02 |
| 0.45 |
| 0.15 |
| 0.60 |
| (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 | ) | — | (f) |
Sterling Capital Stratton Real Estate Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Year Ended September 30, 2019 |
| $ | 37.63 |
| 0.79 |
| 6.05 |
| 6.84 |
| (0.87 | ) | (1.24 | ) | (2.11 | ) | — |
|
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 |
|
Sterling Capital Stratton Small Cap Value Fund(e) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Year Ended September 30, 2019 |
| $ | 89.11 |
| 0.49 |
| (5.02 | ) | (4.53 | ) | (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 | ) | — | (f) |
Period Ended September 30, 2016 |
| $ | 69.89 |
| 0.10 |
| 8.47 |
| 8.57 |
| — |
| — |
| — |
| — | (f) |
Year Ended December 31, 2015 |
| $ | 74.05 |
| 0.07 |
| (3.15 | ) | (3.08 | ) | (0.08 | ) | (1.00 | ) | (1.08 | ) | — | (f) |
Sterling Capital Ultra Short Bond Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Year Ended September 30, 2019 |
| $ | 9.75 |
| 0.26 |
| 0.03 |
| 0.29 |
| (0.25 | ) | — |
| (0.25 | ) | — |
|
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 | ) | — |
|
* | During the periods certain fees were waived (See Note 5 in the Notes to the Financial Statements). If such reductions had not occurred, the ratios would have been as indicated. |
** | Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued. |
(a) | Per share net investment income (loss) has been calculated using the average daily shares method. |
(b) | Not annualized for periods less than one year. |
(c) | Annualized for periods less than one year. |
(d) | Period from commencement of operations. |
(e) | 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. |
(f) | Amount is less than $0.005. |
See accompanying Notes to the Financial Statements.
|
|
|
| Ratios/Supplementary Data |
| ||||||||||
|
|
|
|
|
|
|
| Ratio of net |
|
|
|
|
| ||
|
|
|
|
|
|
|
| investment |
|
|
|
|
| ||
Net Asset |
|
|
| Net Assets, |
| Ratio of |
| income |
| Ratio of |
|
|
| ||
Value, |
|
|
| End of |
| net expenses |
| (loss) to |
| expenses to |
|
|
| ||
End of |
| Total |
| Period |
| to average |
| average net |
| average |
| Portfolio |
| ||
Period |
| Return (b) |
| (000) |
| net assets (c) |
| assets (c) |
| net assets*(c) |
| turnover rate**(b) |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
$ | 9.49 |
| (8.44 | )% | $ | 16,721 |
| 0.69 | % | 3.62 | % | 0.89 | % | 97.74 | % |
$ | 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 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
$ | 13.31 |
| 6.65 | % | $ | 5,386 |
| 0.79 | % | 0.07 | % | 1.20 | % | 45.11 | % |
$ | 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 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
$ | 64.31 |
| 1.97 | % | $ | 61,908 |
| 0.95 | % | 0.73 | % | 0.95 | % | 6.75 | % |
$ | 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 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
$ | 42.36 |
| 19.06 | % | $ | 105,216 |
| 0.82 | % | 2.03 | % | 0.82 | % | 14.56 | % |
$ | 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 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
$ | 78.38 |
| (4.55 | )% | $ | 959,875 |
| 1.03 | % | 0.64 | % | 1.08 | % | 8.60 | % |
$ | 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 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
$ | 9.79 |
| 3.06 | % | $ | 15,343 |
| 0.42 | % | 2.70 | % | 0.52 | % | 103.69 | % |
$ | 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 | % |
The financial highlights table is intended to help you understand the Funds’ financial performance for the past 5 years or, if shorter, the period of the Funds’ operations. Certain information reflects financial results for a single Fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the Fund (assuming reinvestment of all dividends and distributions).
|
|
|
| Investment Activities |
| Distributions |
| |||||||||||
|
| Net Asset |
|
|
| Net realized/ |
|
|
|
|
|
|
|
|
|
|
| |
|
| Value, |
| Net |
| unrealized |
| Total from |
| Net |
| Net realized |
| Return |
|
|
| |
|
| Beginning |
| investment |
| gains (losses) |
| Investment |
| investment |
| gains on |
| of |
| Total |
| |
|
| of Year |
| income(a) |
| on investments |
| Activities |
| income |
| investments |
| capital |
| Distributions |
| |
Sterling Capital Short Duration Bond Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Year Ended September 30, 2019 |
| $ | 8.52 |
| 0.23 |
| 0.15 |
| 0.38 |
| (0.25 | ) | — |
| — |
| (0.25 | ) |
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 | ) |
Sterling Capital Intermediate U.S. Government Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Year Ended September 30, 2019 |
| $ | 9.49 |
| 0.23 |
| 0.48 |
| 0.71 |
| (0.27 | ) | — |
| — |
| (0.27 | ) |
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 | ) |
Sterling Capital Total Return Bond Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Year Ended September 30, 2019 |
| $ | 10.20 |
| 0.32 |
| 0.71 |
| 1.03 |
| (0.34 | ) | — |
| — |
| (0.34 | ) |
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 | ) |
Sterling Capital Corporate Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Year Ended September 30, 2019 |
| $ | 9.81 |
| 0.33 |
| 0.56 |
| 0.89 |
| (0.32 | ) | — |
| — |
| (0.32 | ) |
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 | ) |
Sterling Capital Securitized Opportunities Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Year Ended September 30, 2019 |
| $ | 9.62 |
| 0.31 |
| 0.47 |
| 0.78 |
| (0.30 | ) | — |
| — |
| (0.30 | ) |
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 | ) |
Sterling Capital Kentucky Intermediate Tax-Free Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Year Ended September 30, 2019 |
| $ | 9.89 |
| 0.21 |
| 0.48 |
| 0.69 |
| (0.21 | ) | (0.06 | ) | — |
| (0.27 | ) |
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 | ) |
Sterling Capital Maryland Intermediate Tax-Free Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Year Ended September 30, 2019 |
| $ | 10.63 |
| 0.22 |
| 0.47 |
| 0.69 |
| (0.22 | ) | (0.13 | ) | — |
| (0.35 | ) |
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 |
| — | (b) | 0.23 |
| (0.23 | ) | (0.06 | ) | — |
| (0.29 | ) |
* During the periods certain fees were waived (See Note 5 in the Notes to the Financial Statements). If such reductions had not occurred, the ratios would have been as indicated.
** Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued.
(a) Per share net investment income (loss) has been calculated using the average daily shares method.
(b) Amount is less than $0.005.
See accompanying Notes to the Financial Statements.
|
|
|
| Ratios/Supplementary Data |
| ||||||||||
|
|
|
|
|
|
|
| Ratio of net |
|
|
|
|
| ||
Net Asset |
|
|
| Net Assets, |
| Ratio of |
| investment |
| Ratio of |
|
|
| ||
Value, |
|
|
| End of |
| net expenses |
| income to |
| expenses to |
|
|
| ||
End of |
| Total |
| Year |
| to average |
| average net |
| average |
| Portfolio |
| ||
Year |
| Return |
| (000) |
| net assets |
| assets |
| net assets* |
| turnover rate** |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
$ | 8.65 |
| 4.55 | % | $ | 171,989 |
| 0.43 | % | 2.68 | % | 0.53 | % | 78.58 | % |
$ | 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 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
$ | 9.93 |
| 7.54 | % | $ | 11,052 |
| 0.57 | % | 2.35 | % | 0.66 | % | 40.13 | % |
$ | 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 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
$ | 10.89 |
| 10.27 | % | $ | 1,065,346 |
| 0.45 | % | 3.10 | % | 0.58 | % | 79.40 | % |
$ | 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 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
$ | 10.38 |
| 9.28 | % | $ | 22,651 |
| 0.68 | % | 3.25 | % | 0.69 | % | 82.23 | % |
$ | 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 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
$ | 10.10 |
| 8.27 | % | $ | 36,361 |
| 0.60 | % | 3.15 | % | 0.64 | % | 17.58 | % |
$ | 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 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
$ | 10.31 |
| 7.06 | % | $ | 7,036 |
| 0.70 | % | 2.05 | % | 0.70 | % | 32.58 | % |
$ | 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 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
$ | 10.97 |
| 6.70 | % | $ | 9,966 |
| 0.67 | % | 2.09 | % | 0.69 | % | 20.76 | % |
$ | 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 | % |
The financial highlights table is intended to help you understand the Funds’ financial performance for the past 5 years or, if shorter, the period of the Funds’ operations. Certain information reflects financial results for a single Fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the Fund (assuming reinvestment of all dividends and distributions).
|
|
|
| Investment Activities |
| Distributions |
| |||||||||
|
| Net Asset |
|
|
| Net realized/ |
|
|
|
|
|
|
|
|
| |
|
| Value, |
| Net |
| unrealized |
| Total from |
| Net |
| Net realized |
|
|
| |
|
| Beginning |
| investment |
| gains (losses) |
| Investment |
| investment |
| gains on |
| Total |
| |
|
| of Year |
| income(a) |
| on investments |
| Activities |
| income |
| investments |
| Distributions |
| |
Sterling Capital North Carolina Intermediate Tax-Free Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Year Ended September 30, 2019 |
| $ | 10.43 |
| 0.25 |
| 0.48 |
| 0.73 |
| (0.25 | ) | — |
| (0.25 | ) |
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 | ) |
Sterling Capital South Carolina Intermediate Tax-Free Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Year Ended September 30, 2019 |
| $ | 10.69 |
| 0.23 |
| 0.51 |
| 0.74 |
| (0.23 | ) | — |
| (0.23 | ) |
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 | ) |
Sterling Capital Virginia Intermediate Tax-Free Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Year Ended September 30, 2019 |
| $ | 11.40 |
| 0.26 |
| 0.57 |
| 0.83 |
| (0.26 | ) | — |
| (0.26 | ) |
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 | ) |
Sterling Capital West Virginia Intermediate Tax-Free Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Year Ended September 30, 2019 |
| $ | 9.73 |
| 0.24 |
| 0.42 |
| 0.66 |
| (0.24 | ) | (0.02 | ) | (0.26 | ) |
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 | ) |
Sterling Capital Diversified Income Fund(b) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Year Ended September 30, 2019 |
| $ | 10.76 |
| 0.50 |
| (0.29 | ) | 0.21 |
| (0.54 | ) | — |
| (0.54 | ) |
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 | ) |
Sterling Capital Strategic Allocation Balanced Fund(b) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Year Ended September 30, 2019 |
| $ | 12.17 |
| 0.29 |
| — | (c) | 0.29 |
| (0.29 | ) | — |
| (0.29 | ) |
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 | ) |
Sterling Capital Strategic Allocation Growth Fund(b) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Year Ended September 30, 2019 |
| $ | 12.28 |
| 0.26 |
| (0.18 | ) | 0.08 |
| (0.26 | ) | — |
| (0.26 | ) |
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 | ) |
* During the periods certain fees were waived (See Note 5 in the Notes to the Financial Statements). If such reductions had not occurred, the ratios would have been as indicated.
** Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued.
(a) Per share net investment income has been calculated using the average daily shares method.
(b) The expense ratios exclude the impact of fees/expenses paid by each underlying fund.
(c) Amount is less than $0.005.
See accompanying Notes to the Financial Statements.
|
|
|
| Ratios/Supplementary Data |
| ||||||||||
|
|
|
|
|
|
|
| Ratio of net |
|
|
|
|
| ||
Net Asset |
|
|
| Net Assets, |
| Ratio of |
| investment |
| Ratio of |
|
|
| ||
Value, |
|
|
| End of |
| net expenses |
| income to |
| expenses to |
|
|
| ||
End of |
| Total |
| Year |
| to average |
| average net |
| average |
| Portfolio |
| ||
Year |
| Return |
| (000) |
| net assets |
| assets |
| net assets* |
| turnover rate** |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
$ | 10.91 |
| 7.10 | % | $ | 140,022 |
| 0.55 | % | 2.37 | % | 0.55 | % | 33.12 | % |
$ | 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 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
$ | 11.20 |
| 7.02 | % | $ | 66,331 |
| 0.56 | % | 2.13 | % | 0.56 | % | 23.84 | % |
$ | 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 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
$ | 11.97 |
| 7.31 | % | $ | 59,312 |
| 0.56 | % | 2.18 | % | 0.56 | % | 24.57 | % |
$ | 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 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
$ | 10.13 |
| 6.85 | % | $ | 53,352 |
| 0.56 | % | 2.43 | % | 0.56 | % | 33.73 | % |
$ | 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 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
$ | 10.43 |
| 2.05 | % | $ | 8,799 |
| 0.54 | % | 4.79 | % | 0.54 | % | 26.68 | % |
$ | 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 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
$ | 12.17 |
| 2.50 | % | $ | 331 |
| 0.16 | % | 2.48 | % | 0.41 | % | 9.41 | % |
$ | 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 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
$ | 12.10 |
| 0.84 | % | $ | 700 |
| 0.16 | % | 2.23 | % | 0.41 | % | 10.69 | % |
$ | 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 | % |
Sterling Capital Funds
Financial Highlights, Class R Shares
The financial highlights table is intended to help you understand the Funds’ financial performance for the past 5 years or, if shorter, the period of the Funds’ operations. Certain information reflects financial results for a single Fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the Fund (assuming reinvestment of all dividends and distributions).
|
|
|
| Investment Activities |
| Distributions |
| |||||||||
|
| Net Asset |
|
|
| Net realized/ |
|
|
|
|
|
|
|
|
| |
|
| Value, |
| Net |
| unrealized |
| Total from |
| Net |
| Net realized |
|
|
| |
|
| Beginning |
| investment |
| gains (loss) |
| Investment |
| investment |
| gains on |
| Total |
| |
|
| of Year |
| income (loss)(a) |
| on investments |
| Activities |
| income |
| investments |
| Distributions |
| |
Sterling Capital Mid Value Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Year Ended September 30, 2019 |
| $ | 18.43 |
| 0.03 |
| (0.77 | ) | (0.74 | ) | — |
| (2.26 | ) | (2.26 | ) |
Year Ended September 30, 2018 |
| $ | 18.15 |
| (0.07 | ) | 1.19 |
| 1.12 |
| — |
| (0.84 | ) | (0.84 | ) |
Year Ended September 30, 2017 |
| $ | 16.25 |
| — | (b) | 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 | ) |
Sterling Capital Behavioral Small Cap Value Equity Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Year Ended September 30, 2019 |
| $ | 18.52 |
| 0.14 |
| (2.07 | ) | (1.93 | ) | (0.19 | ) | (1.98 | ) | (2.17 | ) |
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 | ) |
Sterling Capital Special Opportunities Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Year Ended September 30, 2019 |
| $ | 26.63 |
| (0.04 | ) | 0.10 |
| 0.06 |
| — |
| (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 | ) |
Sterling Capital Equity Income Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Year Ended September 30, 2019 |
| $ | 21.39 |
| 0.34 |
| 1.22 |
| 1.56 |
| (0.33 | ) | (1.52 | ) | (1.85 | ) |
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 | ) |
Sterling Capital Total Return Bond Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Year Ended September 30, 2019 |
| $ | 10.16 |
| 0.27 |
| 0.70 |
| 0.97 |
| (0.29 | ) | — |
| (0.29 | ) |
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 | ) |
* During the periods certain fees were waived (See Note 5 in the Notes to the Financial Statements). If such reductions had not occurred, the ratios would have been as indicated.
** Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued.
(a) Per share net investment income (loss) has been calculated using the average daily shares method.
(b) Amount is less than $0.005.
(c) Net Assets are below $1,000.
See accompanying Notes to the Financial Statements.
|
|
|
| Ratios/Supplementary Data |
| ||||||||||
|
|
|
|
|
|
|
| Ratio of net |
|
|
|
|
| ||
|
|
|
|
|
|
|
| investment |
|
|
|
|
| ||
Net Asset |
| Total |
| Net Assets, |
| Ratio of |
| income |
| Ratio of |
|
|
| ||
Value, |
| Return |
| End of |
| net expenses |
| (loss) to |
| expenses to |
|
|
| ||
End of |
| (excludes |
| Year |
| to average |
| average net |
| average |
| Portfolio |
| ||
Year |
| sales charge) |
| (000) |
| net assets |
| assets |
| net assets* |
| turnover rate** |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
$ | 15.43 |
| (3.02 | )% | $ | 5 |
| 1.42 | % | 0.19 | % | 1.42 | % | 26.62 | % |
$ | 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 | % | $ | — | (c) | 1.43 | % | (0.12 | )% | 1.43 | % | 25.45 | % |
$ | 17.59 |
| (0.89 | )% | $ | — | (c) | 1.44 | % | 0.08 | % | 1.44 | % | 30.61 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
$ | 14.42 |
| (9.84 | )% | $ | 107 |
| 1.30 | % | 0.97 | % | 1.30 | % | 124.82 | % |
$ | 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 | % | $ | — | (c) | 1.38 | % | 0.99 | % | 1.38 | % | 120.42 | % |
$ | 14.00 |
| 1.84 | % | $ | — | (c) | 1.50 | % | 0.89 | % | 1.50 | % | 101.99 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
$ | 24.83 |
| 0.95 | % | $ | 288 |
| 1.36 | % | (0.18 | )% | 1.36 | % | 17.31 | % |
$ | 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 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
$ | 21.10 |
| 8.24 | % | $ | 2,825 |
| 1.28 | % | 1.67 | % | 1.28 | % | 23.20 | % |
$ | 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 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
$ | 10.84 |
| 9.65 | % | $ | 29 |
| 0.95 | % | 2.62 | % | 1.08 | % | 79.40 | % |
$ | 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 | % |
Sterling Capital Funds
Financial Highlights, Class R6 Shares
The financial highlights table is intended to help you understand the Funds’ financial performance for the past 5 years or, if shorter, the period of the Funds’ operations. Certain information reflects financial results for a single Fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the Fund (assuming reinvestment of all dividends and distributions).
|
|
|
| Investment Activities |
| Distributions |
| |||||||||
|
| Net Asset |
|
|
| Net realized/ |
|
|
|
|
|
|
|
|
| |
|
| Value, |
| Net |
| unrealized |
| Total from |
| Net |
| Net realized |
|
|
| |
|
| Beginning |
| investment |
| gains |
| Investment |
| investment |
| gains on |
| Total |
| |
|
| of Period |
| income(a) |
| on investments |
| Activities |
| income |
| investments |
| Distributions |
| |
Sterling Capital Behavioral Large Cap Value Equity Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Year Ended September 30, 2019 |
| $ | 22.43 |
| 0.46 |
| (1.08 | ) | (0.62 | ) | (0.44 | ) | (1.75 | ) | (2.19 | ) |
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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Year Ended September 30, 2019 |
| $ | 19.44 |
| 0.11 |
| (0.78 | ) | (0.67 | ) | (0.03 | ) | (2.26 | ) | (2.29 | ) |
February 1, 2018 to September 30, 2018(d) |
| $ | 20.22 |
| 0.03 |
| (0.81 | ) | (0.78 | ) | — |
| — |
| — |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Sterling Capital Behavioral Small Cap Value Equity Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Year Ended September 30, 2019 |
| $ | 18.84 |
| 0.23 |
| (2.10 | ) | (1.87 | ) | (0.32 | ) | (1.98 | ) | (2.30 | ) |
February 1, 2018 to September 30, 2018(d) |
| $ | 18.59 |
| 0.17 |
| 0.08 |
| 0.25 |
| — |
| — |
| — |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Sterling Capital Special Opportunities Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Year Ended September 30, 2019 |
| $ | 27.75 |
| 0.10 |
| 0.12 |
| 0.22 |
| (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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Year Ended September 30, 2019 |
| $ | 21.61 |
| 0.47 |
| 1.23 |
| 1.70 |
| (0.45 | ) | (1.52 | ) | (1.97 | ) |
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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Year Ended September 30, 2019 |
| $ | 11.19 |
| 0.36 |
| (1.34 | ) | (0.98 | ) | (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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Year Ended September 30, 2019 |
| $ | 10.20 |
| 0.33 |
| 0.71 |
| 1.04 |
| (0.35 | ) | — |
| (0.35 | ) |
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 5 in the Notes to the Financial Statements). If such reductions had not occurred, the ratios would have been as indicated.
** Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued.
(a) Per share net investment income (loss) has been calculated using the average daily shares method.
(b) Not annualized for periods less than one year.
(c) Annualized for periods less than one year.
(d) Period from commencement of operations.
See accompanying notes to the financial statements.
|
|
|
| Ratios/Supplementary Data |
| ||||||||||
|
|
|
|
|
|
|
| Ratio of net |
|
|
|
|
| ||
Net Asset |
| Total |
| Net Assets, |
| Ratio of |
| investment |
| Ratio of |
|
|
| ||
Value, |
| Return |
| End of |
| net expenses |
| income to |
| expenses to |
|
|
| ||
End of |
| (excludes |
| Period |
| to average |
| average net |
| average |
| Portfolio |
| ||
Period |
| sales charge) (b) |
| (000) |
| net assets (c) |
| assets (c) |
| net assets*(c) |
| turnover rate**(b) |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
$ | 19.62 |
| (2.02 | )% | $ | 239,763 |
| 0.58 | % | 2.35 | % | 0.64 | % | 142.59 | % |
$ | 22.43 |
| (0.69 | )% | $ | 270,105 |
| 0.58 | % | 1.94 | % | 0.63 | % | 127.89 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
$ | 16.48 |
| (2.45 | )% | $ | 247,949 |
| 0.82 | % | 0.68 | % | 0.93 | % | 26.62 | % |
$ | 19.44 |
| (3.86 | )% | $ | 285,847 |
| 0.83 | % | 0.26 | % | 0.93 | % | 34.62 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
$ | 14.67 |
| (9.29 | )% | $ | 210,436 |
| 0.73 | % | 1.53 | % | 0.80 | % | 124.82 | % |
$ | 18.84 |
| 1.34 | % | $ | 191,051 |
| 0.73 | % | 1.38 | % | 0.79 | % | 89.85 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
$ | 26.09 |
| 1.53 | % | $ | 355,672 |
| 0.77 | % | 0.40 | % | 0.86 | % | 17.31 | % |
$ | 27.75 |
| 5.60 | % | $ | 372,948 |
| 0.78 | % | 0.21 | % | 0.85 | % | 22.78 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
$ | 21.34 |
| 8.89 | % | $ | 345,806 |
| 0.66 | % | 2.28 | % | 0.77 | % | 23.20 | % |
$ | 21.61 |
| 2.03 | % | $ | 317,827 |
| 0.66 | % | 2.16 | % | 0.77 | % | 19.49 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
$ | 9.49 |
| (8.48 | )% | $ | 78,307 |
| 0.61 | % | 3.77 | % | 0.89 | % | 97.74 | % |
$ | 11.19 |
| (9.39 | )% | $ | 62,804 |
| 0.62 | % | 4.63 | % | 0.87 | % | 96.65 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
$ | 10.89 |
| 10.38 | % | $ | 350,129 |
| 0.35 | % | 3.20 | % | 0.58 | % | 79.40 | % |
$ | 10.20 |
| (0.52 | )% | $ | 281,637 |
| 0.35 | % | 3.16 | % | 0.59 | % | 62.28 | % |
Sterling Capital Funds
Notes to Financial Statements
September 30, 2019
1. Organization:
Sterling Capital Funds (the “Trust”) commenced operations on October 5, 1992 and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end investment company established as a Massachusetts business trust.
The Trust offers shares of Sterling Capital Behavioral Large Cap Value Equity Fund, 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 1940Act. 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 September 30, 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 theTax-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.
Sterling Capital Funds
Notes to Financial Statements — (continued)
September 30, 2019
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 year ended September 30, 2019, there were no significant changes to the valuation policies and procedures.
Sterling Capital Funds
Notes to Financial Statements — (continued)
September 30, 2019
The summary of inputs used to determine the fair value of each Fund’s investments as of September 30, 2019 is as follows:
|
|
|
| Level 2— |
| Level 3— |
|
|
| ||||
|
| Level 1— |
| Other Significant |
| Significant |
|
|
| ||||
|
| Quoted Prices |
| Observable Inputs |
| Unobservable Inputs |
| Total |
| ||||
Assets: |
|
|
|
|
|
|
|
|
| ||||
Investments in Securities |
|
|
|
|
|
|
|
|
| ||||
Sterling Capital Behavioral Large Cap Value Equity Fund |
| $ | 276,165,745 | (a) | $ | — |
| $ | — |
| $ | 276,165,745 |
|
Sterling Capital Mid Value Fund |
| 436,639,041 | (a) | — |
| — |
| 436,639,041 |
| ||||
Sterling Capital Behavioral Small Cap Value Equity Fund |
| 239,133,259 | (a) | — |
| — |
| 239,133,259 |
| ||||
Sterling Capital Special Opportunities Fund |
| l,041,617,487 | (a) | — |
| — |
| 1,041,617,487 |
| ||||
Sterling Capital Equity Income Fund |
| l,831,584,833 | (a) | — |
| — |
| 1,831,584,833 |
| ||||
Sterling Capital Behavioral International Equity Fund |
| 3,420,963 | (a) | 91,286,628 | (a) | — |
| 94,707,591 |
| ||||
Sterling Capital SMID Opportunities Fund |
| 9,726,907 | (a) | — |
| — |
| 9,726,907 |
| ||||
Sterling Capital Stratton Mid Cap Value Fund |
| 62,002,111 | (a) | — |
| — |
| 62,002,111 |
| ||||
Sterling Capital Stratton Real Estate Fund |
| 104,668,435 | (a) | — |
| — |
| 104,668,435 |
| ||||
Sterling Capital Stratton Small Cap Value Fund |
| 948,828,044 | (a) | — |
| — |
| 948,828,044 |
| ||||
Sterling Capital Ultra Short Bond Fund |
| 310,929 | (b) | 17,133,307 | (a) | — |
| 17,444,236 |
| ||||
Sterling Capital Short Duration Bond Fund |
| l,847,535 | (b) | 174,389,526 | (a) | — |
| 176,237,061 |
| ||||
Sterling Capital Intermediate U.S. Government Fund |
| 196,367 | (b) | 14,697,045 | (a) | — |
| 14,893,412 |
| ||||
Sterling Capital Total Return Bond Fund |
| 31,213,375 | (b) | 1,449,422,451 | (a) | — |
| 1,480,635,826 |
| ||||
Sterling Capital Corporate Fund |
| 342,319 | (b) | 22,635,669 | (a) | — |
| 22,977,988 |
| ||||
Sterling Capital Securitized Opportunities Fund |
| 565,395 | (b) | 35,808,894 | (a) | — |
| 36,374,289 |
| ||||
Sterling Capital Kentucky Intermediate Tax-Free Fund |
| 355,919 | (b) | 10,192,650 | (a) | — |
| 10,548,569 |
| ||||
Sterling Capital Maryland Intermediate Tax-Free Fund |
| 306,096 | (b) | 13,982,175 | (a) | — |
| 14,288,271 |
| ||||
Sterling Capital North Carolina Intermediate Tax-Free Fund |
| 5,957,402 | (b) | 173,032,263 | (a) | — |
| 178,989,665 |
| ||||
Sterling Capital South Carolina Intermediate Tax-Free Fund |
| 1,279,764 | (b) | 77,641,551 | (a) | — |
| 78,921,315 |
| ||||
Sterling Capital Virginia Intermediate Tax-Free Fund |
| 345,538 | (b) | 76,805,943 | (a) | — |
| 77,151,481 |
| ||||
Sterling Capital West Virginia Intermediate Tax-Free Fund |
| 719,119 | (b) | 74,477,863 | (a) | — |
| 75,196,982 |
| ||||
Sterling Capital Diversified Income Fund |
| 20,215,904 | (a) | — |
| — |
| 20,215,904 |
| ||||
Sterling Capital Strategic Allocation Balanced Fund |
| 25,568,318 | (a) | — |
| — |
| 25,568,318 |
| ||||
Sterling Capital Strategic Allocation Growth Fund |
| 20,797,341 | (a) | — |
| — |
| 20,797,341 |
| ||||
|
|
|
|
|
|
|
|
|
| ||||
Liabilities: |
|
|
|
|
|
|
|
|
| ||||
Other Financial Instruments-Written Options (Equity Risk) |
|
|
|
|
|
|
|
|
| ||||
Sterling Capital Equity Income Fund(c) |
| 7,800 |
| — |
| — |
| 7,800 |
| ||||
(a) Industries, countries or security types are disclosed in the Schedules of Portfolio Investments.
(b) Represents money market funds and/or certain preferred stocks.
(c) Other financial instruments are written options shown at value.
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).
Sterling Capital Funds
Notes to Financial Statements — (continued)
September 30, 2019
Derivative Instruments Categorized by Risk Exposure — The Funds’ derivative contracts held at September 30, 2019, are not accounted for as hedging instruments under U.S. GAAP. The following is a summary of the location of the derivative instruments held by the Funds on the Statements of Assets and Liabilities and the category of primary risk exposure as of September 30, 2019:
|
|
|
|
|
| |
|
|
|
| Sterling Capital |
| |
Fair Values of Derivative Instruments |
| Statements of Assets |
| Equity |
| |
Liabilities |
| and Liabilities Location |
| Income Fund |
| |
Equity contracts |
| Call options written |
| $ | 7,800 |
|
The effect of derivative financial instruments on the Statements of Operations for the year ended September 30, 2019:
|
| Sterling Capital |
| |
|
| Equity |
| |
Net Change in Unrealized Appreciation (Depreciation) |
| Income Fund |
| |
Written options (equity contracts) |
| $ | 107,368 |
|
For the year ended September 30, 2019, the average quarterly balance of derivative financial instruments were as follows:
|
| Sterling Capital |
| |
|
| Equity |
| |
Options (Equity Risk) |
| Income Fund |
| |
Average number of written option contracts |
| 325 |
| |
Average premium of written option contracts |
| $ | 28,792 |
|
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. Distributions to shareholders are recorded on the ex-dividend date.
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.
Sterling Capital Funds
Notes to Financial Statements — (continued)
September 30, 2019
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.
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 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
Sterling Capital Funds
Notes to Financial Statements — (continued)
September 30, 2019
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. Discounts and premiums on securities purchased are accreted and amortized over the lives of the respective securities. 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 fiscal year ended September 30, 2019 were as follows:
|
| Purchases |
| Sales |
| ||
Sterling Capital Behavioral Large Cap Value Equity Fund |
| $ | 394,248,737 |
| $ | 419,847,966 |
|
Sterling Capital Mid Value Fund |
| 124,977,842 |
| 285,927,267 |
| ||
Sterling Capital Behavioral Small Cap Value Equity Fund |
| 292,180,666 |
| 264,594,513 |
| ||
Sterling Capital Special Opportunities Fund |
| 184,956,668 |
| 348,812,400 |
| ||
Sterling Capital Equity Income Fund |
| 415,383,695 |
| 384,383,546 |
| ||
Sterling Capital Behavioral International Equity Fund |
| 97,480,033 |
| 75,836,325 |
| ||
Sterling Capital SMID Opportunities Fund |
| 3,890,325 |
| 3,929,666 |
| ||
Sterling Capital Stratton Mid Cap Value Fund |
| 3,910,351 |
| 8,671,728 |
| ||
Sterling Capital Stratton Real Estate Fund |
| 13,732,483 |
| 15,378,767 |
| ||
Sterling Capital Stratton Small Cap Value Fund |
| 87,687,148 |
| 343,879,686 |
| ||
Sterling Capital Ultra Short Bond Fund |
| 26,982,393 |
| 29,089,231 |
| ||
Sterling Capital Short Duration Bond Fund |
| 148,094,236 |
| 103,163,227 |
| ||
Sterling Capital Intermediate U.S. Government Fund |
| 1,146,419 |
| 1,016,704 |
| ||
Sterling Capital Total Return Bond Fund |
| 635,512,142 |
| 568,836,723 |
| ||
Sterling Capital Corporate Fund |
| 15,770,316 |
| 24,855,602 |
| ||
Sterling Capital Securitized Opportunities Fund |
| 1,631,651 |
| 1,739,703 |
| ||
Sterling Capital Kentucky Intermediate Tax-Free Fund |
| 3,314,429 |
| 4,322,089 |
| ||
Sterling Capital Maryland Intermediate Tax-Free Fund |
| 3,221,611 |
| 8,241,550 |
| ||
Sterling Capital North Carolina Intermediate Tax-Free Fund |
| 54,816,519 |
| 55,706,209 |
| ||
Sterling Capital South Carolina Intermediate Tax-Free Fund |
| 17,990,854 |
| 18,358,717 |
| ||
Sterling Capital Virginia Intermediate Tax-Free Fund |
| 18,853,327 |
| 26,344,769 |
| ||
Sterling Capital West Virginia Intermediate Tax-Free Fund |
| 23,882,132 |
| 29,025,710 |
| ||
Sterling Capital Diversified Income Fund |
| 5,592,625 |
| 4,958,245 |
| ||
Sterling Capital Strategic Allocation Balanced Fund |
| 2,519,750 |
| 5,174,000 |
| ||
Sterling Capital Strategic Allocation Growth Fund |
| 2,261,090 |
| 3,064,000 |
| ||
Sterling Capital Funds
Notes to Financial Statements — (continued)
September 30, 2019
Purchases and sales of U.S. government securities (excluding securities maturing less than one year from acquisition) for the fiscal year ended September 30, 2019 were as follows:
|
| Purchases |
| Sales |
| ||
Sterling Capital Ultra Short Bond Fund |
| $ | 397,533 |
| $ | — |
|
Sterling Capital Short Duration Bond Fund |
| 41,561,697 |
| 28,845,590 |
| ||
Sterling Capital Intermediate U.S. Government Fund |
| 5,289,421 |
| 9,736,936 |
| ||
Sterling Capital Total Return Bond Fund |
| 594,835,075 |
| 446,341,277 |
| ||
Sterling Capital Corporate Fund |
| 4,304,673 |
| 4,289,077 |
| ||
Sterling Capital Securitized Opportunities Fund |
| 5,648,453 |
| 4,498,340 |
| ||
4. Investments in Affiliated Issuers:
A summary of the Funds’ transactions in the shares of affiliated issuers during the fiscal year ended September 30, 2019 is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Change in |
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| Distributions |
| Unrealized |
| ||||
|
|
|
|
|
|
|
|
|
|
|
| Dividend |
| and Net Realized |
| Appreciation/ |
| ||||
|
| Shares Held at |
|
|
|
|
| Shares Held at |
| Value at |
| Income |
| Gain (Loss) |
| Depreciation |
| ||||
|
| September 30, |
| Shares |
| Shares |
| September 30, |
| September 30, |
| October 1, 2018- |
| October 1, 2018- |
| October 1, 2018- |
| ||||
|
| 2018 |
| Purchased |
| Sold |
| 2019 |
| 2019 |
| September 30, 2019 |
| September 30, 2019 |
| September 30, 2019 |
| ||||
Sterling Capital Strategic Allocation Balanced Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Sterling Capital Behavioral International Equity Fund, Institutional Shares |
| 792,962 |
| 130,874 |
| 70,047 |
| 853,789 |
| $ | 8,102,454 |
| $ | 267,158 |
| $ | 141,473 |
| $ | (1,132,234 | ) |
Sterling Capital Equity Income Fund, Institutional Shares |
| 217,045 |
| 16,689 |
| 48,808 |
| 184,926 |
| 3,944,477 |
| 86,792 |
| 338,200 |
| (115,963 | ) | ||||
Sterling Capital Special Opportunities Fund, Institutional Shares |
| 171,506 |
| 16,563 |
| 34,333 |
| 153,736 |
| 4,007,910 |
| 818 |
| 377,156 |
| (350,819 | ) | ||||
Sterling Capital Total Return Bond Fund, Institutional Shares |
| 1,047,448 |
| 54,904 |
| 251,233 |
| 851,119 |
| 9,268,681 |
| 330,638 |
| (32,365 | ) | 708,579 |
| ||||
Total Affiliates |
| 2,228,961 |
| 219,030 |
| 404,421 |
| 2,043,570 |
| $ | 25,323,522 |
| $ | 685,406 |
| $ | 824,464 |
| $ | (890,437 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Sterling Capital Strategic Allocation Growth Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Sterling Capital Behavioral International Equity Fund, Institutional Shares |
| 778,451 |
| 125,955 |
| 72,941 |
| 831,465 |
| $ | 7,890,605 |
| $ | 253,563 |
| $ | 103,654 |
| $ | (1,071,127 | ) |
Sterling Capital Equity Income Fund, Institutional Shares |
| 201,092 |
| 15,729 |
| 31,982 |
| 184,839 |
| 3,942,615 |
| 86,453 |
| 344,268 |
| (100,259 | ) | ||||
Sterling Capital Special Opportunities Fund, Institutional Shares |
| 159,279 |
| 16,461 |
| 23,982 |
| 151,758 |
| 3,956,320 |
| 777 |
| 377,161 |
| (315,639 | ) | ||||
Sterling Capital Total Return Bond Fund, Institutional Shares |
| 491,157 |
| 38,981 |
| 104,597 |
| 425,541 |
| 4,634,138 |
| 159,696 |
| (36,117 | ) | 359,452 |
| ||||
Total Affiliates |
| 1,629,979 |
| 197,126 |
| 233,502 |
| 1,593,603 |
| $ | 20,423,678 |
| $ | 500,489 |
| $ | 788,966 |
| $ | (1,127,573 | ) |
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 fiscal year ended September 30, 2019:
Sterling Capital Funds
Notes to Financial Statements — (continued)
September 30, 2019
|
| Prior to February 1, 2019 |
| Effective February 1, 2019 |
| ||||
|
|
|
| Fee Rate after |
|
|
| Fee Rate after |
|
|
| Contractual |
| Contractual |
| Contractual |
| Contractual |
|
|
| Fee Rate |
| Waivers |
| Fee Rate |
| 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)(3) | 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 | % | 0.32 | % | 0.16 | %(2) |
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 | %(3) |
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 | % |
Sterling Capital Diversified Income Fund |
| 0.25 | % | 0.25 | %(3) | 0.25 | % | 0.25 | % |
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 fiscal year ended September 30, 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.
For the following funds, Sterling Capital has contractually agreed to waive its investment advisory 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 effective during the year and 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 | % |
For the following funds, Sterling Capital has contractually agreed to waive its administration fees, pay Fund operating expenses of Class R6 Shares, 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 effective during the year and through January 31, 2020 are as follows:
|
| Prior to |
| Effective |
|
|
| February 1, 2019 |
| February 1, 2019 |
|
Sterling Capital Behavioral Large Cap Value Equity Fund |
| 0.58 | % | 0.58 | % |
Sterling Capital Mid Value Fund |
| 0.83 | % | 0.81 | % |
Sterling Capital Behavioral Small Cap Value Equity Fund |
| 0.73 | % | 0.73 | % |
Sterling Capital Special Opportunities Fund |
| 0.78 | % | 0.77 | % |
Sterling Capital Equity Income Fund |
| 0.66 | % | 0.66 | % |
Sterling Capital Behavioral International Equity Fund |
| 0.62 | % | 0.60 | % |
Sterling Capital Total Return Bond Fund |
| 0.35 | % | 0.35 | % |
Sterling Capital Funds
Notes to Financial Statements — (continued)
September 30, 2019
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.”
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. Expenses incurred are reflected on the Statements of Operations as “Compliance Service Fees.”
For the fiscal year ended September 30, 2019, the Funds paid $2,600 in brokerage fees to BB&T Securities LLC on the execution of purchases and sales of the Funds’ portfolio investments.
The Funds have adopted a Distribution and Shareholder Services Plan (the “Plan”) in accordance with Rule 12b-1 under the 1940 Act. Sterling Capital Distributors, LLC (the “Distributor”) serves as distributor to the Funds pursuant to an underwriting agreement. The Plan provides for payments to the Distributor of up to 0.25%, 1.00% and 0.50% of the average daily net assets of the Class A Shares, Class C Shares, and Class R Shares, respectively. In addition, the Distributor is entitled to receive commissions on sales of shares of the Variable Net Asset Value Funds. For the fiscal year ended September 30, 2019, the Distributor received $258,747 from commissions earned on sales of shares of the Variable Net Asset Value Funds. The Distributor does not retain commissions for profit. These commissions and fees may be used by the Distributor to pay banks, broker dealers and other institutions, including affiliates of the Advisor.
The Advisor and/or its 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 and/or its 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. Commissions and finder’s fees financed by the Advisor and paid by the Distributor to affiliated broker-dealers during the fiscal year ended September 30, 2019 were $2,298.
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.
Sterling Capital Funds
Notes to Financial Statements — (continued)
September 30, 2019
6. Concentration of Credit Risk:
The Tax-Free Funds invest primarily in debt instruments of municipal issuers in their respective states. The issuers’ abilities to meet their obligations may be affected by economic developments in a specific state or region.
7. Line of Credit:
U.S. Bank, N.A. has made available a credit facility to the Trust, pursuant to an umbrella credit agreement (the “Agreement”). The primary purpose of the Agreement is to allow the Trust to avoid security liquidations that Sterling Capital believes are unfavorable to shareholders. Under the Agreement, an aggregate 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 fiscal year ended September 30, 2019, each of the following Funds utilized its line of credit:
|
| Average |
| Average |
| Number of |
| Interest Expense |
| Maximum Amount |
| |||
|
| Interest Rate |
| Loan Balance |
| Days Outstanding |
| Incurred |
| Borrowed |
| |||
Sterling Capital Mid Value Fund |
| 3.25 | % | $ | 1,592,250 |
| 4 |
| $ | 575 |
| $ | 2,029,000 |
|
Sterling Capital Special Opportunities Fund |
| 3.45 | % | 2,707,900 |
| 10 |
| 2,624 |
| 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 Real Estate |
| 3.50 | % | 709,500 |
| 2 |
| 138 |
| 800,000 |
| |||
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 year, 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.
Sterling Capital Funds
Notes to Financial Statements — (continued)
September 30, 2019
At September 30, 2019, 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 |
| Long-term |
| ||
|
| Losses |
| Losses |
| ||
Sterling Behavioral Small Cap Value Equity Fund |
| $ | 6,959,859 |
| $ | — |
|
Sterling Behavioral International Equity Fund |
| $ | 6,313,193 |
| — |
| |
Sterling Capital Ultra Short Bond Fund |
| 94,909 |
| 933,341 |
| ||
Sterling Capital Short Duration Bond Fund |
| 1,271,279 |
| 6,969,988 |
| ||
Sterling Capital Intermediate U.S. Government Fund |
| 265,991 |
| 747,188 |
| ||
Sterling Capital Total Return Bond Fund |
| — |
| 14,761,292 |
| ||
Sterling Capital Corporate Fund |
| 129,381 |
| 39,250 |
| ||
Sterling Capital Securitized Opportunities Fund |
| 1,384,975 |
| 585,897 |
| ||
Sterling Capital North Carolina Intermediate Tax-Free Fund |
| 876,979 |
| — |
| ||
Sterling Capital South Carolina Intermediate Tax-Free Fund |
| 502,100 |
| — |
| ||
Sterling Capital Virginia Intermediate Tax-Free Fund |
| 66,521 |
| — |
| ||
Sterling Capital Diversified Income Fund |
| 1,096,760 |
| 22,132 |
| ||
* Post-2010 Capital Losses: Must be utilized prior to losses subject to expiration.
Capital loss carryforwards utilized in the current year were as follows:
|
| Utilized |
| |
|
| Capital Loss |
| |
|
| Carryforwards |
| |
Sterling Capital North Carolina Intermediate Tax-Free Fund |
| $ | 432,735 |
|
Sterling Capital South Carolina Intermediate Tax-Free Fund |
| 97,934 |
| |
Sterling Capital Virginia Intermediate Tax-Free Fund |
| 333,963 |
| |
Sterling Capital Strategic Allocation Balanced Fund |
| 825,191 |
| |
Sterling Capital Strategic Allocation Growth Fund |
| 839,933 |
| |
Capital loss carryforwards expired in the current year were as follows:
|
| Expired |
| |
|
| Capital Loss |
| |
|
| Carryforwards |
| |
Sterling Capital Short Duration Bond Fund |
| $ | 385,647 |
|
Sterling Capital Intermediate U.S. Government Fund |
| 37,850 |
| |
Sterling Capital Strategic Allocation Balanced Fund |
| 2,318,392 |
| |
Sterling Capital Strategic Allocation Growth Fund |
| 3,800,663 |
| |
The character of income and gains distributed is determined in accordance with the Code and the Treasury regulations, which may differ from U.S. GAAP. These “book/tax” differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature (e.g., net operating loss write-off, equalization utilized, expired capital loss carryforward, and return of capital), such amounts are reclassified within the composition of net assets based on their federal tax-basis treatment; temporary differences do not require reclassification. These reclassifications have no impact on net assets or net asset values per share.
As of September 30, 2019, these reclassifications were as follows:
|
|
|
| Increase/ |
| ||
|
| Increase/ |
| (Decrease) |
| ||
|
| (Decrease) |
| Distributable |
| ||
|
| Paid-in-Capital |
| Earnings |
| ||
Sterling Capital Behavioral Large Cap Value Equity Fund |
| $ | 654,760 |
| $ | (654,760 | ) |
Sterling Capital Mid Value Fund |
| 5,241,826 |
| (5,241,826 | ) | ||
Sterling Capital Special Opportunities Fund |
| 5,798,003 |
| (5,798,003 | ) | ||
Sterling Capital Equity Income Fund |
| 6,597,203 |
| (6,597,203 | ) | ||
Sterling Capital SMID Opportunities Fund |
| (14,945 | ) | 14,945 |
| ||
Sterling Capital Stratton Mid Cap Value Fund |
| 63,344 |
| (63,344 | ) | ||
Sterling Capital Funds
Notes to Financial Statements — (continued)
September 30, 2019
|
|
|
| Increase/ |
| ||
|
| Increase/ |
| (Decrease) |
| ||
|
| (Decrease) |
| Distributable |
| ||
|
| Paid-in-Capital |
| Earnings |
| ||
Sterling Capital Stratton Real Estate Fund |
| $ | 304,704 |
| $ | (304,704 | ) |
Sterling Capital Stratton Small Cap Value Fund |
| 11,107,338 |
| (11,107,338 | ) | ||
Sterling Capital Short Duration Bond Fund |
| (385,647 | ) | 385,647 |
| ||
Sterling Capital Intermediate U.S. Government Fund |
| (37,850 | ) | 37,850 |
| ||
Sterling Capital Corporate Fund |
| (5,175 | ) | 5,175 |
| ||
Sterling Capital West Virginia Intermediate Tax-Free Fund |
| 771 |
| (771 | ) | ||
Sterling Capital Strategic Allocation Balanced Fund |
| (2,318,392 | ) | 2,318,392 |
| ||
Sterling Capital Strategic Allocation Growth Fund |
| (3,800,663 | ) | 3,800,663 |
| ||
The tax character of distributions paid to shareholders during the fiscal year ended September 30, 2019 was as follows:
|
| Distributions paid from |
|
|
|
|
|
|
|
|
| ||||||||
|
|
|
| Net |
|
|
|
|
|
|
| Total |
| ||||||
|
| Ordinary |
| Long-Term |
| Total Taxable |
| Return |
| Tax Exempt |
| Distributions |
| ||||||
|
| Income |
| Gains |
| Distributions |
| Of Capital |
| Distributions |
| Paid* |
| ||||||
Sterling Capital Behavioral Large Cap Value Equity Fund |
| $ | 6,455,876 |
| $ | 24,460,861 |
| $ | 30,916,737 |
| $ | ��� |
| $ | — |
| $ | 30,916,737 |
|
Sterling Capital Mid Value Fund |
| 17,006,752 |
| 55,931,502 |
| 72,938,254 |
| — |
| — |
| 72,938,254 |
| ||||||
Sterling Capital Behavioral Small Cap Value Equity Fund |
| 5,313,627 |
| 23,774,664 |
| 29,088,291 |
| — |
| — |
| 29,088,291 |
| ||||||
Sterling Capital Special Opportunities Fund |
| 468,140 |
| 88,479,342 |
| 88,947,482 |
| — |
| — |
| 88,947,482 |
| ||||||
Sterling Capital Equity Income Fund |
| 37,402,332 |
| 120,138,987 |
| 157,541,319 |
| — |
| — |
| 157,541,319 |
| ||||||
Sterling Capital Behavioral International Equity Fund |
| 2,426,684 |
| 2,948,087 |
| 5,374,771 |
| — |
| — |
| 5,374,771 |
| ||||||
Sterling Capital SMID Opportunities Fund |
| — |
| 3,816 |
| 3,816 |
| — |
| — |
| 3,816 |
| ||||||
Sterling Capital Stratton Mid Cap Value Fund |
| 301,242 |
| 4,854,806 |
| 5,156,048 |
| — |
| — |
| 5,156,048 |
| ||||||
Sterling Capital Stratton Real Estate Fund |
| 2,272,875 |
| 3,198,589 |
| 5,471,464 |
| — |
| — |
| 5,471,464 |
| ||||||
Sterling Capital Stratton Small Cap Value Fund |
| 4,935,667 |
| 93,660,196 |
| 98,595,863 |
| — |
| — |
| 98,595,863 |
| ||||||
Sterling Capital Ultra Short Bond Fund |
| 926,768 |
| — |
| 926,768 |
| — |
| — |
| 926,768 |
| ||||||
Sterling Capital Short Duration Bond Fund |
| 5,076,518 |
| — |
| 5,076,518 |
| — |
| — |
| 5,076,518 |
| ||||||
Sterling Capital Intermediate U.S. Government Fund |
| 454,636 |
| — |
| 454,636 |
| — |
| — |
| 454,636 |
| ||||||
Sterling Capital Total Return Bond Fund |
| 41,816,024 |
| — |
| 41,816,024 |
| — |
| — |
| 41,816,024 |
| ||||||
Sterling Capital Corporate Fund |
| 797,562 |
| — |
| 797,562 |
| 5,172 |
| — |
| 802,734 |
| ||||||
Sterling Capital Securitized Opportunities Fund |
| 1,109,229 |
| — |
| 1,109,229 |
| — |
| — |
| 1,109,229 |
| ||||||
Sterling Capital Kentucky Intermediate Tax-Free Fund |
| 7,051 |
| 65,026 |
| 72,077 |
| — |
| 204,720 |
| 276,797 |
| ||||||
Sterling Capital Maryland Intermediate Tax-Free Fund |
| 7,398 |
| 222,289 |
| 229,687 |
| — |
| 316,320 |
| 546,007 |
| ||||||
Sterling Capital North Carolina Intermediate Tax-Free Fund |
| 88,327 |
| — |
| 88,327 |
| — |
| 3,850,776 |
| 3,939,103 |
| ||||||
Sterling Capital South Carolina Intermediate Tax-Free Fund |
| 35,736 |
| — |
| 35,736 |
| — |
| 1,574,817 |
| 1,610,553 |
| ||||||
Sterling Capital Virginia Intermediate Tax-Free Fund |
| 58,115 |
| — |
| 58,115 |
| — |
| 1,619,978 |
| 1,678,093 |
| ||||||
Sterling Capital West Virginia Intermediate Tax-Free Fund |
| 33,006 |
| 117,382 |
| 150,388 |
| — |
| 1,682,156 |
| 1,832,544 |
| ||||||
Sterling Capital Diversified Income Fund |
| 905,870 |
| — |
| 905,870 |
| — |
| — |
| 905,870 |
| ||||||
Sterling Capital Strategic Allocation Balanced Fund |
| 586,478 |
| — |
| 586,478 |
| — |
| — |
| 586,478 |
| ||||||
Sterling Capital Strategic Allocation Growth Fund |
| 424,367 |
| — |
| 424,367 |
| — |
| — |
| 424,367 |
| ||||||
* 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.
Sterling Capital Funds
Notes to Financial Statements — (continued)
September 30, 2019
The tax character of distributions paid to shareholders during the fiscal year ended September 30, 2018 was as follows:
|
| Distributions paid from |
|
|
|
|
|
|
| |||||||
|
|
|
| Net |
|
|
|
|
| Total |
| |||||
|
| Ordinary |
| Long-Term |
| Total Taxable |
| Tax Exempt |
| Distributions |
| |||||
|
| Income |
| Gains |
| Distributions |
| 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.
As of September 30, 2019, the components of distributable earnings (accumulated deficit) on a tax basis were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total |
| |||||||
|
| Undistributed |
|
|
|
|
|
|
|
|
|
|
| Distributable |
| |||||||
|
| Ordinary |
| Undistributed |
|
|
|
|
| Accumulated |
| Unrealized |
| Earnings |
| |||||||
|
| Income/Tax |
| Long Term |
| Distributable |
| Distributions |
| Capital and |
| Appreciation |
| (Accumulated |
| |||||||
|
| Exempt Income |
| Capital Gains |
| Earnings |
| Payable |
| Other Losses |
| (Depreciation)* |
| Deficit) |
| |||||||
Sterling Capital Behavioral Large Cap Value Equity Fund |
| $ | — |
| $ | 8,070,984 |
| $ | 8,070,984 |
| $ | — |
| $ | — |
| $ | 25,818,752 |
| $ | 33,889,736 |
|
Sterling Capital Mid Value Fund |
| 1,226,470 |
| 1,021,434 |
| 2,247,904 |
| — |
| — |
| 60,516,953 |
| 62,764,857 |
| |||||||
Sterling Capital Behavioral Small Cap Value Equity Fund |
| 381,031 |
| — |
| 381,031 |
| — |
| (6,959,859 | ) | 14,422,393 |
| 7,843,565 |
| |||||||
Sterling Capital Special Opportunities Fund |
| 1,278,217 |
| 51,154,511 |
| 52,432,728 |
| — |
| — |
| 360,259,297 |
| 412,692,025 |
| |||||||
Sterling Capital Equity Income Fund |
| — |
| 76,162,769 |
| 76,162,769 |
| — |
| — |
| 536,022,133 |
| 612,184,902 |
| |||||||
Sterling Capital Behavioral International Equity Fund |
| 2,657,885 |
| — |
| 2,657,885 |
| — |
| (6,313,193 | ) | 3,340,274 |
| (315,034 | ) | |||||||
Sterling Capital SMID Opportunities Fund |
| — |
| 471,132 |
| 471,132 |
| — |
| (9,769 | ) | 1,839,797 |
| 2,301,160 |
| |||||||
Sterling Capital Stratton Mid Cap Value Fund |
| 391,493 |
| 1,211,659 |
| 1,603,152 |
| — |
| — |
| 22,624,741 |
| 24,227,893 |
| |||||||
Sterling Capital Stratton Real Estate Fund |
| 182,195 |
| 3,754,561 |
| 3,936,756 |
| — |
| — |
| 43,105,083 |
| 47,041,839 |
| |||||||
Sterling Capital Stratton Small Cap Value Fund |
| 3,422,632 |
| 57,047,182 |
| 60,469,814 |
| — |
| — |
| 499,067,419 |
| 559,537,233 |
| |||||||
Sterling Capital Ultra Short Bond Fund |
| 1,540 |
| — |
| 1,540 |
| (3,259 | ) | (1,028,250 | ) | 43,714 |
| (986,255 | ) | |||||||
Sterling Capital Short Duration Bond Fund |
| 187,158 |
| — |
| 187,158 |
| (89,949 | ) | (8,241,267 | ) | 1,586,692 |
| (6,557,366 | ) | |||||||
Sterling Capital Funds
Notes to Financial Statements — (continued)
September 30, 2019
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total |
| |||||||
|
| Undistributed |
|
|
|
|
|
|
|
|
|
|
| Distributable |
| |||||||
|
| Ordinary |
| Undistributed |
|
|
|
|
| Accumulated |
| Unrealized |
| Earnings |
| |||||||
|
| Income/Tax |
| Long Term |
| Distributable |
| Distributions |
| Capital and |
| Appreciation |
| (Accumulated |
| |||||||
|
| Exempt Income |
| Capital Gains |
| Earnings |
| Payable |
| Other Losses |
| (Depreciation)* |
| Deficit) |
| |||||||
Sterling Capital Intermediate U.S. Government Fund |
| $ | 180,846 |
| $ | — |
| $ | 180,846 |
| $ | (22,217 | ) | $ | (1,013,179 | ) | $ | 403,073 |
| $ | (451,477 | ) |
Sterling Capital Total Return Bond Fund |
| 2,597,525 |
| — |
| 2,597,525 |
| (1,161,080 | ) | (14,761,292 | ) | 48,785,578 |
| 35,460,731 |
| |||||||
Sterling Capital Corporate Fund |
| — |
| — |
| — |
| (84 | ) | (168,631 | ) | 882,184 |
| 713,469 |
| |||||||
Sterling Capital Securitized Opportunities Fund |
| 3,601 |
| — |
| 3,601 |
| (3,521 | ) | (1,970,872 | ) | 1,075,788 |
| (895,004 | ) | |||||||
Sterling Capital Kentucky Intermediate Tax- Free Fund |
| 22,675 |
| 23,052 |
| 45,727 |
| (9,865 | ) | — |
| 481,581 |
| 517,443 |
| |||||||
Sterling Capital Maryland Intermediate Tax- Free Fund |
| 32,389 |
| 65,387 |
| 97,776 |
| (14,654 | ) | — |
| 709,362 |
| 792,484 |
| |||||||
Sterling Capital North Carolina Intermediate Tax-Free Fund |
| 286,755 |
| — |
| 286,755 |
| (174,872 | ) | (876,979 | ) | 9,003,580 |
| 8,238,484 |
| |||||||
Sterling Capital South Carolina Intermediate Tax-Free Fund |
| 115,611 |
| — |
| 115,611 |
| (87,452 | ) | (502,100 | ) | 3,747,178 |
| 3,273,237 |
| |||||||
Sterling Capital Virginia Intermediate Tax- Free Fund |
| 152,753 |
| — |
| 152,753 |
| (89,550 | ) | (66,521 | ) | 4,270,794 |
| 4,267,476 |
| |||||||
Sterling Capital West Virginia Intermediate Tax-Free Fund |
| 178,570 |
| 50,461 |
| 229,031 |
| (97,443 | ) | — |
| 3,415,682 |
| 3,547,270 |
| |||||||
Sterling Capital Diversified Income Fund |
| 76,333 |
| — |
| 76,333 |
| (19,330 | ) | (1,118,892 | ) | (78,753 | ) | (1,140,642 | ) | |||||||
Sterling Capital Strategic Allocation Balanced Fund |
| 3,889 |
| — |
| 3,889 |
| (190 | ) | — |
| 2,107,656 |
| 2,111,355 |
| |||||||
Sterling Capital Strategic Allocation Growth Fund |
| 1,939 |
| — |
| 1,939 |
| (107 | ) | — |
| 1,758,740 |
| 1,760,572 |
| |||||||
* The primary differences between book basis and tax basis unrealized appreciation (depreciation) were due to the deferral of losses on wash sales, basis adjustments on partnership interests, Passive Foreign Investment Companies and the deferral of market discount and premium until point of sale and real estate investment trust adjustments.
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 Sterling Capital SMID Opportunities Fund had deferred qualified late-year losses during the fiscal year ended September 30, 2019 of $9,769.
As of September 30, 2019, federal income tax cost, gross unrealized appreciation and gross unrealized depreciation on securities were as follows:
|
|
|
|
|
|
|
| Net Tax |
| ||||
|
|
|
| Gross Tax |
| Gross Tax |
| Unrealized |
| ||||
|
|
|
| Unrealized |
| Unrealized |
| Appreciation |
| ||||
|
| Tax Cost |
| Appreciation |
| Depreciation |
| (Depreciation) |
| ||||
Sterling Capital Behavioral Large Cap Value Equity Fund |
| $ | 250,346,993 |
| $ | 28,056,035 |
| $ | (2,237,283 | ) | $ | 25,818,752 |
|
Sterling Capital Mid Value Fund |
| 376,122,088 |
| 113,717,046 |
| (53,200,093 | ) | 60,516,953 |
| ||||
Sterling Capital Behavioral Small Cap Value Equity Fund |
| 224,710,866 |
| 23,065,344 |
| (8,642,951 | ) | 14,422,393 |
| ||||
Sterling Capital Special Opportunities Fund |
| 681,358,190 |
| 384,124,662 |
| (23,865,365 | ) | 360,259,297 |
| ||||
Sterling Capital Equity Income Fund |
| 1,295,554,900 |
| 573,509,887 |
| (37,487,754 | ) | 536,022,133 |
| ||||
Sterling Capital Behavioral International Equity Fund |
| 91,351,986 |
| 7,417,928 |
| (4,062,323 | ) | 3,355,605 |
| ||||
Sterling Capital SMID Opportunities Fund |
| 7,887,110 |
| 2,094,346 |
| (254,549 | ) | 1,839,797 |
| ||||
Sterling Capital Stratton Mid Cap Value Fund |
| 39,377,370 |
| 24,357,719 |
| (1,732,978 | ) | 22,624,741 |
| ||||
Sterling Capital Stratton Real Estate Fund |
| 61,563,352 |
| 43,435,257 |
| (330,174 | ) | 43,105,083 |
| ||||
Sterling Capital Stratton Small Cap Value Fund |
| 449,760,625 |
| 499,884,121 |
| (816,702 | ) | 499,067,419 |
| ||||
Sterling Capital Ultra Short Bond Fund |
| 17,400,522 |
| 60,402 |
| (16,688 | ) | 43,714 |
| ||||
Sterling Capital Short Duration Bond Fund |
| 174,650,367 |
| 2,265,812 |
| (679,120 | ) | 1,586,692 |
| ||||
Sterling Capital Intermediate U.S. Government Fund |
| 14,490,339 |
| 540,197 |
| (137,124 | ) | 403,073 |
| ||||
Sterling Capital Total Return Bond Fund |
| 1,431,850,248 |
| 56,924,634 |
| (8,139,056 | ) | 48,785,578 |
| ||||
Sterling Capital Corporate Fund |
| 22,095,804 |
| 898,437 |
| (16,253 | ) | 882,184 |
| ||||
Sterling Capital Funds
Notes to Financial Statements — (continued)
September 30, 2019
|
|
|
|
|
|
|
| Net Tax |
| ||||
|
|
|
| Gross Tax |
| Gross Tax |
| Unrealized |
| ||||
|
|
|
| Unrealized |
| Unrealized |
| Appreciation |
| ||||
|
| Tax Cost |
| Appreciation |
| Depreciation |
| (Depreciation) |
| ||||
Sterling Capital Securitized Opportunities Fund |
| $ | 35,298,501 |
| $ | 1,258,664 |
| $ | (182,876 | ) | $ | 1,075,788 |
|
Sterling Capital Kentucky Intermediate Tax-Free Fund |
| 10,066,988 |
| 481,581 |
| — |
| 481,581 |
| ||||
Sterling Capital Maryland Intermediate Tax-Free Fund |
| 13,578,909 |
| 709,362 |
| — |
| 709,362 |
| ||||
Sterling Capital North Carolina Intermediate Tax-Free Fund |
| 169,986,085 |
| 9,030,612 |
| (27,032 | ) | 9,003,580 |
| ||||
Sterling Capital South Carolina Intermediate Tax-Free Fund |
| 75,174,137 |
| 3,775,746 |
| (28,568 | ) | 3,747,178 |
| ||||
Sterling Capital Virginia Intermediate Tax-Free Fund |
| 72,880,687 |
| 4,270,794 |
| — |
| 4,270,794 |
| ||||
Sterling Capital West Virginia Intermediate Tax-Free Fund |
| 71,781,300 |
| 3,415,682 |
| — |
| 3,415,682 |
| ||||
Sterling Capital Diversified Income Fund |
| 20,294,657 |
| 744,703 |
| (823,456 | ) | (78,753 | ) | ||||
Sterling Capital Strategic Allocation Balanced Fund |
| 23,460,662 |
| 2,542,686 |
| (435,030 | ) | 2,107,656 |
| ||||
Sterling Capital Strategic Allocation Growth Fund |
| 19,038,601 |
| 2,220,560 |
| (461,820 | ) | 1,758,740 |
| ||||
9. Subsequent Events:
Management has evaluated the need for the disclosure and/or adjustments resulting from subsequent events through the date the financial statements were issued, and has noted no events that require recognition or disclosure in the financial statements.
On October 3, 2019, a 401(k) plan redeemed its interests in Sterling Capital Behavioral Small Cap Value Equity Fund, the total value of which was $121,593,888.72 or approximately 51% of the Fund’s net assets as of the close of business on October 3, 2019.
On October 3, 2019, a 401(k) plan redeemed its interests in Sterling Capital Mid Value Fund, the total value of which was $237,873,707.99 or approximately 58% of the Fund’s net assets as of the close of business on October 3, 2019.
10. Change in Independent Registered Public Accounting Firm:
On June 12, 2019, KPMG LLP (“KPMG”) informed the Audit Committee and Board of Trustees of the Trust that it was resigning as the independent registered public accounting firm to the Trust, as upon the completion of the anticipated merger of BB&T Corporation, the parent company of the Advisor, and SunTrust Banks, Inc., KPMG would not be independent of Truist Financial Corporation, the new combined company. On June 12, 2019, the Audit Committee replaced KPMG LLP with Cohen & Company, Ltd. to serve as the Funds’ independent registered public accounting firm for the fiscal year ending September 30, 2019.
KPMG’s reports on the Funds’ financial statements for the fiscal years ended September 30, 2017 and September 30, 2018 contained no adverse opinion or disclaimer of opinion nor were they qualified or modified as to uncertainty, audit scope, or accounting principles. During such fiscal years and the subsequent interim period through June 12, 2019: (i) there were no disagreements with KPMG on any matter of accounting principles or practices, financial statement disclosure, or audit scope or procedure, which disagreements, if not resolved to the satisfaction of KPMG, would have caused them to make reference to the subject matter of the disagreements in connection with their reports on the Fund’s financial statements for such years, (ii) there were no reportable events, and (iii) neither the Funds nor anyone acting on their behalf consulted with Cohen & Company, Ltd. regarding the application of accounting principles to a specific transaction or the type of audit opinion that might be rendered on the Funds’ financial statements, or any disagreement or reportable event.
Report of Independent Registered Public Accounting Firm
To the Shareholders and Board of Trustees of Sterling Capital Funds:
Opinion on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of portfolio investments, of Sterling Capital Funds, comprising 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 (the “Funds”) as of September 30, 2019, and the related statements of operations and changes in net assets, including the related notes, and the financial highlights for the year then ended (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of September 30, 2019, and the results of their operations, the changes in their net assets and the financial highlights for the year then ended, in conformity with accounting principles generally accepted in the United States of America.
The Funds’ financial statements and financial highlights for the years ended September 30, 2018, and prior, were audited by other auditors whose report dated November 21, 2018, expressed an unqualified opinion on those financial statements and financial highlights.
Basis for Opinion
These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of September 30, 2019, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from brokers or counterparties were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.
We have served as the Funds’ auditor since 2019.
COHEN & COMPANY, LTD.
Milwaukee, Wisconsin
November 21, 2019
Sterling Capital Funds
September 30, 2019
Notice to Shareholders (Unaudited)
All amounts and percentages below are based on financial information available as of the date of this annual report and, accordingly are subject to change. For each item it is the intention of the Funds to report the maximum amount permitted under the Internal Revenue Code and the regulations thereunder.
For the fiscal year ended September 30, 2019, each Fund is reporting the following items with regard to distributions paid during the year.
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| Long-Term |
| Qualified |
| Dividends |
| Exempt- |
| U.S. |
| Foreign |
| Foreign |
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| Capital |
| Dividend |
| Received |
| Interest |
| Government |
| Taxes |
| Source |
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| Gain |
| Income % |
| Deduction % |
| Dividend |
| Income |
| Paid |
| Income |
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Sterling Capital Behavioral Large Cap Value Equity Fund |
| $ | 24,460,861 |
| 100.00 | % | 100.00 | % | $ | — |
| — |
| $ | — |
| — |
|
Sterling Capital Mid Value Fund |
| 55,931,502 |
| 41.02 | % | 43.84 | % | — |
| — |
| — |
| — |
| |||
Sterling Capital Behavioral Small Cap Value Equity Fund |
| 23,774,664 |
| 78.93 | % | 76.33 | % | — |
| — |
| — |
| — |
| |||
Sterling Capital Special Opportunities Fund |
| 88,479,342 |
| 100.00 | % | 100.00 | % | — |
| — |
| — |
| — |
| |||
Sterling Capital Equity Income Fund |
| 120,138,987 |
| 100.00 | % | 100.00 | % | — |
| — |
| — |
| — |
| |||
Sterling Capital Behavioral International Equity Fund |
| 2,948,087 |
| 100.00 | % | 0.80 | % | — |
| — |
| 158,888 |
| 100.00 | % | |||
Sterling Capital SMID Opportunities Fund |
| 3,816 |
| — |
| — |
| — |
| — |
| — |
| — |
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Sterling Capital Stratton Mid Cap Value Fund |
| 4,854,806 |
| 100.00 | % | 100.00 | % | — |
| — |
| — |
| — |
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Sterling Capital Stratton Real Estate Fund |
| 3,198,589 |
| 0.85 | % | 0.85 | % | — |
| — |
| — |
| — |
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Sterling Capital Stratton Small Cap Value Fund |
| 93,660,196 |
| 100.00 | % | 100.00 | % | — |
| — |
| — |
| — |
| |||
Sterling Capital Short Duration Bond Fund |
| — |
| — |
| — |
| — |
| 3.01 | % | — |
| — |
| |||
Sterling Capital Intermediate U.S. Government Fund |
| — |
| — |
| — |
| — |
| 21.86 | % | — |
| — |
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Sterling Capital Total Return Bond Fund |
| — |
| 0.54 | % | 0.54 | % | — |
| 4.50 | % | — |
| — |
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Sterling Capital Corporate Fund |
| — |
| — |
| 0.67 | % | — |
| 1.14 | % | — |
| — |
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Sterling Capital Kentucky Intermediate Tax-Free Fund |
| 65,026 |
| — |
| — |
| 204,720 |
| — |
| — |
| — |
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Sterling Capital Maryland Intermediate Tax-Free Fund |
| 222,289 |
| — |
| — |
| 316,320 |
| — |
| — |
| — |
| |||
Sterling Capital North Carolina Intermediate Tax-Free Fund |
| — |
| — |
| — |
| 3,850,776 |
| — |
| — |
| — |
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Sterling Capital South Carolina Intermediate Tax-Free Fund |
| — |
| — |
| — |
| 1,574,817 |
| — |
| — |
| — |
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Sterling Capital Virginia Intermediate Tax-Free Fund |
| — |
| — |
| — |
| 1,619,978 |
| — |
| — |
| — |
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Sterling Capital West Virginia Intermediate Tax-Free Fund |
| 117,383 |
| — |
| — |
| 1,682,156 |
| — |
| — |
| — |
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Sterling Capital Diversified Income Fund |
| — |
| 1.25 | % | 0.34 | % | — |
| — |
| 29,962 |
| 11.61 | % | |||
Sterling Capital Strategic Allocation Balanced Fund |
| — |
| 57.36 | % | 16.55 | % | — |
| 2.06 | % | 17,400 |
| 38.23 | % | |||
Sterling Capital Strategic Allocation Growth Fund |
| — |
| 79.36 | % | 22.24 | % | — |
| 1.34 | % | 16,514 |
| 49.42 | % | |||
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.
Information about Trustees and Officers (Unaudited)
Overall responsibility for the management of the Funds rests with its Board of Trustees (“Trustees”), who are elected by the shareholders of the Funds. The Trustees elect the officers of the Funds to supervise actively its day-to-day operations. The names of the Trustees, birthdates, term of office and length of time served, principal occupations during the past five years, number of portfolios overseen and directorships held outside of the Funds are listed in the two tables immediately following. The business address of the persons listed below is 3605 Glenwood Avenue, Suite 100, Raleigh, North Carolina 27612.
INDEPENDENT TRUSTEES
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| Portfolios |
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| Other |
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| Term of Office/ |
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| Complex |
| Directorships |
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| Position(s) Held |
| Length of |
| Principal Occupation |
| Overseen |
| Held |
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Name and Birthdate |
| With the Funds |
| Time Served |
| During the Past 5 Years |
| by Trustee |
| by Trustee |
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Drew T. Kagan Birthdate: 02/48 |
| Trustee, Chairman of the Board of Trustees |
| Indefinite, 08/00 — Present |
| Retired; from September 2010 to March 2013, Chairman, Montecito Advisors, Inc.; from December 2003 to September 2010, CEO, Montecito Advisors, Inc.; from March 1996 to December 2003, President, Investment Affiliate, Inc. |
| 25 |
| None |
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Laura C. Bingham Birthdate: 11/56 |
| Trustee |
| Indefinite, 02/01 — Present |
| From March 2013 to present, Partner, Newport Board Group; from July 2010 to March 2013, governance and leadership consultant; from June 1998 to July 2010, President and CEO of Peace College |
| 25 |
| None |
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Douglas R. Van Scoy Birthdate: 11/43 |
| Trustee |
| Indefinite, 05/04 — Present |
| Retired; from November 1974 to July 2001, employee of Smith Barney (investment banking), most recently as Director of Private Client Group and Senior Executive Vice President |
| 25 |
| None |
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James L. Roberts Birthdate: 11/42 |
| Trustee |
| Indefinite, 11/04 — Present |
| Retired; from December 2009 to present, Consultant, Asphalt Systems, Inc.; from December 2007 to present, Consultant, Grand Mountain Bank |
| 25 |
| None |
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Alan G. Priest Birthdate: 05/52 |
| Trustee |
| Indefinite, 07/12 — Present |
| Retired; from April 1993 to April 2012, Partner, Ropes & Gray LLP |
| 25 |
| None |
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The following table shows information for the trustee who is an “interested person” of the Funds as defined in the 1940 Act:
INTERESTED TRUSTEES
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| Other |
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| Directorships |
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| Length of |
| Principal Occupation |
| Overseen |
| Held |
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Name and Birthdate |
| With the Funds |
| Time Served |
| During the Past 5 Years |
| by Trustee |
| by Trustee |
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Alexander W. McAlister* Birthdate: 03/60 |
| Trustee |
| Indefinite, 11/10 — Present |
| From August 1981 to present, President, Sterling Capital Management LLC |
| 25 |
| Director, Sterling Capital Management LLC |
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* Mr. McAlister is treated by the Funds as an “interested person” (as defined in Section 2(a)(19) of the 1940Act) of the Funds because he is an officer of the Advisor.
The following table shows information for officers of Funds:
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| Term of Office/ |
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| Position(s) Held |
| Length of |
| Principal Occupation |
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Name and Birthdate |
| With the Funds |
| Time Served |
| During the Past 5 Years |
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James T. Gillespie Birthdate: 11/66 |
| President |
| Indefinite, |
| From March 2012 to present, Executive Director, Sterling Capital Management LLC; From June 2010 to March 2012, Director, Sterling Capital Management LLC and its predecessors |
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Todd M. Miller Birthdate: 09/71 |
| Treasurer and Secretary |
| Indefinite, Treasurer, |
| From June 2009 to present, Director, Sterling Capital Management LLC and its predecessors |
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Michelle A. Whalen Birthdate: 04/69 |
| Vice President |
| Indefinite, |
| From August 2015 to present, Associate Director & Senior Mutual Fund Administrator, Sterling Capital; from September 2000 to July 2015, Supervisor Mutual Fund Administration, Stratton Management Co. | |
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Charles A. Durham Birthdate: 06/79 |
| Chief Compliance and Anti-Money Laundering Officer |
| Indefinite, |
| From June 2018 to present, Chief Compliance Officer and Executive Director, Sterling Capital; from September 2010 to June 2018, Vice President, Senior Compliance Manager, Brown Brothers Harriman & Co. |
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John A. Bruggeman Birthdate: 12/71 |
| Assistant Treasurer |
| Indefinite, Assistant Treasurer, |
| From January 2010 to present, Vice President and Senior Director, Fund Accounting and Administration Department, The Bank of New York Mellon |
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Julie M. Powers Birthdate: 10/69 |
| Assistant Secretary |
| Indefinite, |
| From November 2011 to present, Vice President, Regulatory Administration Department, The Bank of New York Mellon |
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The Funds’ Statement of Additional Information includes additional information about the Funds’ Trustees and Officers. To receive your free copy of the Statement of Additional Information, call toll free: 1-800-228-1872.
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 shareholders(1), 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.
(This page has been left blank intentionally.)
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
Cohen & Company, Ltd.
342 North Water Street, Suite 830
Milwaukee, WI 53202
Item 2. Code of Ethics.
(a) | The registrant, as of the end of the period covered by this report, has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party (the “Code of Ethics”). |
(c) | There have been no amendments, during the period covered by this report, to a provision of the Code of Ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, and that relates to any element of the code of ethics definition enumerated in Item 2(b) of Form N-CSR. |
(d) | The registrant has not granted any waivers, including an implicit waiver, from a provision of the code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, that relates to one or more of the items set forth in Item 2(b) of Form N-CSR. |
Item 3. Audit Committee Financial Expert.
As of the end of the period covered by the report, the registrant’s board of trustees has determined that Drew Kagan is qualified to serve as an audit committee financial expert serving on its audit committee and that he is “independent,” as defined by Item 3 of Form N-CSR.
Item 4. Principal Accountant Fees and Services.
Audit Fees
(a) | The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years are $365,500 for 2019 and $516,941 for 2018. |
Audit-Related Fees
(b) | The aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant's financial statements and are not reported under paragraph (a) of this Item are $0 for 2019 and $0 for 2018. These audit-related services include issuance of consents to use the name of the auditor in new Fund filings. |
Tax Fees
(c) | The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning are $95,500 for 2019 and $104,445 for 2018. Fees for both 2019 and 2018 relate to the preparation of federal income and excise tax returns and review of capital gains distribution calculations. |
All Other Fees
(d) | The aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item are $0 for 2019 and $0 for 2018. |
(e)(1) | Except as permitted by Rule 2-01(c)(7)(i)(C) of Regulation S-X, the Trust’s Audit Committee must pre-approve all audit and non-audit services provided by the independent accountants relating to the operations or financial reporting of the funds. Prior to the commencement of any audit or non-audit services to a fund, the Audit Committee reviews the services to determine whether they are appropriate and permissible under applicable law. |
(e)(2) | The percentage of services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X are as follows: |
(b) N/A
(c) 100%
(d) N/A
(f) | The percentage of hours expended on the principal accountant's engagement to audit the registrant's financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant's full-time, permanent employees was less than fifty percent. |
(g) | The aggregate non-audit fees billed by the registrant's accountant for services rendered to the registrant, and rendered to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for each of the last two fiscal years of the registrant was $0 for 2019 and $0 for 2018. |
(h) | The audit committee of the registrant’s board of trusteeshas considered whether the provision of non-audit services that were rendered to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant's independence. |
Item 5. Audit Committee of Listed Registrants.
Not applicable.
Item 6. Investments.
(a) | Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period is included as part of the report to shareholders filed under Item 1 of this form. |
(b) | Not applicable. |
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.
Item 10. Submission of Matters to a Vote of Security Holders.
There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of trustees, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407) (as required by Item 22(b)(15) of Schedule 14A (17 CFR 240.14a-101)), or this Item.
Item 11. Controls and Procedures.
(a) | The registrant’s principal executive officer and principal financial officer have concluded, based on their evaluation of the effectiveness of the design and operation of the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (17 CFR 270.30a-3(c))) as of a date within 90 days of the filing date of this report, that the design and operation of such procedures are effective to provide reasonable assurance that information required to be disclosed by the registrant on Form N-CSR is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms, and that information required to be disclosed by the registrant in the reports that it files or submits on Form N-CSR is accumulated and communicated to the registrant’s management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure. |
(b) | There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d))) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting. |
Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.
Item 13. Exhibits.
(a)(1) | The registrant’s Code of Ethics is attached hereto. |
(a)(2) | Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto. |
(a)(3) | Not applicable. |
(a)(4) | Change in the registrant’s independent public accountant is 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) | ||
Date | November 21, 2019 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By (Signature and Title) | /s/ James T. Gillespie | |
James T. Gillespie, President | ||
(principal executive officer) | ||
Date | November 21, 2019 | |
By (Signature and Title) | /s/ Todd M. Miller | |
Todd M. Miller, Treasurer | ||
(principal financial officer) | ||
Date | November 21, 2019 |