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)
Registrants telephone number, including area code: (800) 228-1872
Date of fiscal year end: September 30
Date of reporting period: September 30, 2018
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.
Notice of Privacy Policy & Practices
Sterling Capital Funds provide this notice to you so that you will know what kinds of information we collect about shareholders1, prospective investors, and individuals (such as beneficiaries), and the circumstances in which that information may be disclosed to third parties who are not affiliated with Sterling Capital Funds.
Collection of Personal Information
We collect nonpublic personal information about you from the following sources:
● | Account Applications and other forms, which may include your name, address, social security number, and information about your investment goals and risk tolerance; |
● | Account History, including information about the transactions and balances in your account(s); |
● | Correspondence, written, telephonic or electronic between you and Sterling Capital Funds or service providers working on behalf of Sterling Capital Funds; |
● | Online, your name and e-mail address if you provide them; and |
● | Third Parties, such as your financial intermediary in connection with your transactions, or third-party data services used to verify or update personal information that you provide. |
To comply with federal regulations, information we receive from you or a third party will be used to verify your identity.
Disclosure of Personal Information
We may disclose your personal information as permitted by law to third parties who are not affiliated with the Sterling Capital Funds, including:
● | in connection with legal proceedings, such as responding to a subpoena; |
● | to service providers who maintain or service shareholder accounts for Sterling Capital Funds or to a shareholders 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.
Sterling Capital Funds
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Fund Summary |
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Letter from the President and the Investment Advisor
1 | S&P 500® is a registered service mark of Standard & Poors 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 Funds 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 Funds 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 Funds performance reflects the deduction of fees for these services. Investors cannot invest directly in an index, although they can invest in its underlying securities. |
Past performance does not guarantee future results. Mutual fund investing involves risk including the possible loss of principal.
This report is authorized for distribution only when preceded or accompanied by a prospectus. Please read the prospectus carefully before investing or sending money. Sterling Capital Management LLC (Sterling Capital) serves as investment advisor to the Sterling Capital Funds (each a Fund and collectively, the Funds) and is paid a fee for its services. Shares of the Funds are not deposits or obligations of, or guaranteed or endorsed by, Branch Banking and Trust Company or its affiliates. The Funds are not insured by the FDIC or any other government agency. The Funds currently are distributed by Sterling Capital Distributors, LLC. The distributor is not affiliated with Branch Banking and Trust Company or its affiliates.
The foregoing information and opinions are for general information only. Sterling Capital does not guarantee their accuracy or completeness, nor assume liability for any loss, which may result from the reliance by any person upon any such information or opinions. Such information and opinions are subject to change without notice, are for general information only and are not intended as an offer or solicitation with respect to the purchase or sale of any security or as offering individual or personalized investment advice.
1 | ||||
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 companys 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 companys 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.
Portfolio composition is as of September 30, 2018 and is subject to change and risk.
2 | ||||
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 investors 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 Funds 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.
3 | ||||
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.
4 | ||||
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 investors 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 Funds 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.
5 | ||||
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 companys 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.
6 | ||||
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 investors 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 Funds 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 Funds 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 Funds Institutional Shares would have been different because the Funds Institutional Shares have different expenses than the Predecessors 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.
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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 Funds 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 stocks current market price.
8 | ||||
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 investors 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 Funds 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.
9 | ||||
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 Funds 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 stocks current market price.
10 | ||||
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 investors 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 Funds 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.
11 | ||||
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 companys 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.
Portfolio composition is as of September 30, 2018 and is subject to change and risk.
12 | ||||
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 investors 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 Funds 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.
13 | ||||
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 newly formed fund has no operating history to evaluate and the risk that it may not attract sufficient assets to achieve or maximize investment and operational efficiencies. 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.
14 | ||||
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 investors 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 Funds 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.
15 | ||||
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.
Portfolio composition is as of September 30, 2018 and is subject to change and risk.
16 | ||||
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 investors 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 Funds 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.
17 | ||||
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.
Portfolio composition is as of September 30, 2018 and is subject to change and risk.
18 | ||||
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 investors 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 Funds 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.
19 | ||||
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.
Portfolio composition is as of September 30, 2018 and is subject to change and risk.
20 | ||||
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 investors 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 Funds 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.
21 | ||||
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 Capitals 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 Capitals 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.
Portfolio composition is as of September 30, 2018 and is subject to change and risk.
22 | ||||
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 investors 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 Funds 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.
23 | ||||
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 Capitals 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 Capitals 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.
Portfolio composition is as of September 30, 2018 and is subject to change and risk.
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 investors 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 Funds 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.
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Sterling Capital Intermediate U.S. Government Fund
Portfolio Manager
Brad D. Eppard, CFA
Sterling Capital Intermediate U.S. Government Fund (the Fund) is managed by Brad D. Eppard, CFA, Director and portfolio manager for Sterling Capital Management LLC (Sterling Capital), advisor to the Fund. Mr. Eppard joined BB&T Asset Management in 2003 and Sterling Capital through merger in 2010 and has been lead portfolio manager to the Fund since 2003. He has investment experience since 1985. Mr. Eppard is a graduate of Radford University where he received his BS in Business Administration/Accounting.
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.
Portfolio composition is as of September 30, 2018 and is subject to change and risk.
26 | ||||
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 investors 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 Funds 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.
27 | ||||
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 Capitals 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 Capitals 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.
Portfolio composition is as of September 30, 2018 and is subject to change and risk.
28 | ||||
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 investors 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 Funds 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.
29 | ||||
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 Capitals 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 Capitals 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.
Portfolio composition is as of September 30, 2018 and is subject to change and risk.
30 | ||||
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 investors 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 Funds 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.
31 | ||||
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 Hills 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.
Portfolio composition is as of September 30, 2018 and is subject to change and risk.
32 | ||||
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 investors 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 Funds 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.
33 | ||||
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.
Portfolio composition is as of September 30, 2018 and is subject to change and risk.
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 investors 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 Funds 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.
35 | ||||
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.
Portfolio composition is as of September 30, 2018 and is subject to change and risk.
36 | ||||
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 investors 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 Funds 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.
37 | ||||
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.
Portfolio composition is as of September 30, 2018 and is subject to change and risk.
38 | ||||
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 investors 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 Funds 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.
39 | ||||
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.
Portfolio composition is as of September 30, 2018 and is subject to change and risk.
40 | ||||
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 investors 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 Funds 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.
41 | ||||
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.
Portfolio composition is as of September 30, 2018 and is subject to change and risk.
42 | ||||
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 investors 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 Funds 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.
43 | ||||
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.
Portfolio composition is as of September 30, 2018 and is subject to change and risk.
44 | ||||
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 investors 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 Funds 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.
45 | ||||
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 Funds 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.
Portfolio composition is as of September 30, 2018 and is subject to change and risk.
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 investors 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 Funds 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.
47 | ||||
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 Universitys 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.
Portfolio composition is as of September 30, 2018 and is subject to change and risk.
48 | ||||
Sterling Capital Strategic Allocation Balanced Fund
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 investors 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 Funds 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.
49 | ||||
Sterling Capital Strategic Allocation Growth Fund
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 investors 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 Funds 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.
50 | ||||
Sterling Capital Funds
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Sterling Capital Funds invested, as a percentage of net assets, in the following industries, countries, states, funds or security types, as of September 30, 2018:
51
Sterling Capital Funds
|
Summary of Portfolio Holdings (Unaudited) |
52
Sterling Capital Funds
|
Summary of Portfolio Holdings (Unaudited) |
53
Sterling Capital Funds
|
Summary of Portfolio Holdings (Unaudited) |
54
Sterling Capital Funds
|
Summary of Portfolio Holdings (Unaudited) |
55
Sterling Capital Funds
|
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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, 2018 through September 30, 2018.
Actual Example
The table below provides information about actual account values and actual expenses. You may use the information below, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled Expenses Paid During Period to estimate the expenses you paid on your account during this period.
Beginning Account Value 4/1/18 |
Ending Account Value 9/30/18 |
Expenses Paid During Period* 4/1/18 - 9/30/18 |
Annualized Expense Ratio During Period 4/1/18 - 9/30/18 | |||||||||||||||||
Sterling Capital Behavioral Large Cap Value Equity Fund |
||||||||||||||||||||
Class A Shares |
$ | 1,000.00 | $ | 1,057.62 | $ | 4.49 | 0.87 | % | ||||||||||||
Class C Shares |
1,000.00 | 1,054.20 | 8.34 | 1.62 | % | |||||||||||||||
Institutional Shares |
1,000.00 | 1,059.19 | 3.10 | 0.60 | % | |||||||||||||||
Class R6 Shares |
1,000.00 | 1,059.39 | 2.99 | 0.58 | % | |||||||||||||||
Sterling Capital Mid Value Fund |
||||||||||||||||||||
Class A Shares |
1,000.00 | 1,020.32 | 5.93 | 1.17 | % | |||||||||||||||
Class C Shares |
1,000.00 | 1,016.89 | 9.71 | 1.92 | % | |||||||||||||||
Institutional Shares |
1,000.00 | 1,022.11 | 4.66 | 0.92 | % | |||||||||||||||
Class R Shares |
1,000.00 | 1,019.36 | 7.24 | 1.43 | % | |||||||||||||||
Class R6 Shares |
1,000.00 | 1,023.17 | 4.21 | 0.83 | % | |||||||||||||||
Sterling Capital Behavioral Small Cap Value Equity Fund |
||||||||||||||||||||
Class A Shares |
1,000.00 | 1,053.07 | 5.30 | 1.03 | % | |||||||||||||||
Class C Shares |
1,000.00 | 1,049.27 | 9.14 | 1.78 | % | |||||||||||||||
Institutional Shares |
1,000.00 | 1,054.33 | 3.97 | 0.77 | % | |||||||||||||||
Class R Shares |
1,000.00 | 1,051.68 | 6.58 | 1.28 | % | |||||||||||||||
Class R6 Shares |
1,000.00 | 1,054.87 | 3.76 | 0.73 | % | |||||||||||||||
Sterling Capital Special Opportunities Fund |
||||||||||||||||||||
Class A Shares |
1,000.00 | 1,108.44 | 5.81 | 1.10 | % | |||||||||||||||
Class C Shares |
1,000.00 | 1,103.97 | 9.76 | 1.85 | % | |||||||||||||||
Institutional Shares |
1,000.00 | 1,110.09 | 4.50 | 0.85 | % | |||||||||||||||
Class R Shares |
1,000.00 | 1,106.82 | 7.13 | 1.35 | % | |||||||||||||||
Class R6 Shares |
1,000.00 | 1,110.44 | 4.13 | 0.78 | % | |||||||||||||||
Sterling Capital Equity Income Fund |
||||||||||||||||||||
Class A Shares |
1,000.00 | 1,110.56 | 5.40 | 1.02 | % | |||||||||||||||
Class C Shares |
1,000.00 | 1,106.20 | 9.35 | 1.77 | % | |||||||||||||||
Institutional Shares |
1,000.00 | 1,112.27 | 4.08 | 0.77 | % | |||||||||||||||
Class R Shares |
1,000.00 | 1,109.26 | 6.72 | 1.27 | % | |||||||||||||||
Class R6 Shares |
1,000.00 | 1,112.83 | 3.50 | 0.66 | % | |||||||||||||||
Sterling Capital Behavioral International Equity Fund |
||||||||||||||||||||
Class A Shares |
1,000.00 | 964.60 | 4.43 | 0.90 | % | |||||||||||||||
Class C Shares |
1,000.00 | 960.90 | 8.16 | 1.66 | % | |||||||||||||||
Institutional Shares |
1,000.00 | 965.46 | 3.20 | 0.65 | % | |||||||||||||||
Class R6 Shares |
1,000.00 | 966.32 | 3.06 | 0.62 | % | |||||||||||||||
Sterling Capital SMID Opportunities Fund |
||||||||||||||||||||
Class A Shares |
1,000.00 | 1,103.81 | 5.48 | 1.04 | % | |||||||||||||||
Class C Shares |
1,000.00 | 1,099.20 | 9.37 | 1.78 | % | |||||||||||||||
Institutional Shares |
1,000.00 | 1,105.40 | 4.22 | 0.80 | % | |||||||||||||||
Sterling Capital Stratton Mid Cap Value Fund |
||||||||||||||||||||
Class A Shares |
1,000.00 | 1,038.52 | 6.18 | 1.21 | % | |||||||||||||||
Class C Shares |
1,000.00 | 1,034.36 | 10.05 | 1.97 | % | |||||||||||||||
Institutional Shares |
1,000.00 | 1,039.79 | 4.96 | 0.97 | % | |||||||||||||||
Sterling Capital Stratton Real Estate Fund |
||||||||||||||||||||
Class A Shares |
1,000.00 | 1,095.47 | 5.67 | 1.08 | % | |||||||||||||||
Class C Shares |
1,000.00 | 1,091.18 | 9.59 | 1.83 | % | |||||||||||||||
Institutional Shares |
1,000.00 | 1,096.73 | 4.31 | 0.82 | % |
56
Sterling Capital Funds
|
Expense Example (Unaudited) |
Beginning Account Value 4/1/18 |
Ending Account Value 9/30/18 |
Expenses Paid During Period* 4/1/18 - 9/30/18 |
Annualized Expense Ratio During Period 4/1/18 - 9/30/18 | |||||||||||||||||
Sterling Capital Stratton Small Cap Value Fund |
||||||||||||||||||||
Class A Shares |
$ | 1,000.00 | $ | 1,055.80 | $ | 6.60 | 1.28 | % | ||||||||||||
Class C Shares |
1,000.00 | 1,051.82 | 10.39 | 2.02 | % | |||||||||||||||
Institutional Shares |
1,000.00 | 1,057.20 | 5.21 | 1.01 | % | |||||||||||||||
Sterling Capital Ultra Short Bond Fund |
||||||||||||||||||||
Class A Shares |
1,000.00 | 1,011.11 | 3.33 | 0.66 | % | |||||||||||||||
Institutional Shares |
1,000.00 | 1,012.38 | 2.07 | 0.41 | % | |||||||||||||||
Sterling Capital Short Duration Bond Fund |
||||||||||||||||||||
Class A Shares |
1,000.00 | 1,010.47 | 3.38 | 0.67 | % | |||||||||||||||
Class C Shares |
1,000.00 | 1,005.49 | 7.14 | 1.42 | % | |||||||||||||||
Institutional Shares |
1,000.00 | 1,011.71 | 2.12 | 0.42 | % | |||||||||||||||
Sterling Capital Intermediate U.S. Government Fund |
||||||||||||||||||||
Class A Shares |
1,000.00 | 994.67 | 4.55 | 0.91 | % | |||||||||||||||
Class C Shares |
1,000.00 | 991.94 | 8.29 | 1.66 | % | |||||||||||||||
Institutional Shares |
1,000.00 | 995.93 | 3.25 | 0.65 | % | |||||||||||||||
Sterling Capital Total Return Bond Fund |
||||||||||||||||||||
Class A Shares |
1,000.00 | 1,000.05 | 3.51 | 0.70 | % | |||||||||||||||
Class C Shares |
1,000.00 | 995.35 | 7.25 | 1.45 | % | |||||||||||||||
Institutional Shares |
1,000.00 | 1,000.33 | 2.26 | 0.45 | % | |||||||||||||||
Class R Shares |
1,000.00 | 999.03 | 4.61 | 0.92 | % | |||||||||||||||
Class R6 Shares |
1,000.00 | 1,000.83 | 1.76 | 0.35 | % | |||||||||||||||
Sterling Capital Corporate Fund |
||||||||||||||||||||
Class A Shares |
1,000.00 | 1,004.76 | 4.47 | 0.89 | % | |||||||||||||||
Class C Shares |
1,000.00 | 1,002.01 | 8.23 | 1.64 | % | |||||||||||||||
Institutional Shares |
1,000.00 | 1,007.01 | 3.22 | 0.64 | % | |||||||||||||||
Sterling Capital Securitized Opportunities Fund |
||||||||||||||||||||
Class A Shares |
1,000.00 | 1,001.03 | 4.16 | 0.83 | % | |||||||||||||||
Class C Shares |
1,000.00 | 997.32 | 7.91 | 1.58 | % | |||||||||||||||
Institutional Shares |
1,000.00 | 1,003.36 | 2.91 | 0.58 | % | |||||||||||||||
Sterling Capital Kentucky Intermediate Tax-Free Fund |
||||||||||||||||||||
Class A Shares |
1,000.00 | 1,001.50 | 4.67 | 0.93 | % | |||||||||||||||
Class C Shares |
1,000.00 | 999.16 | 9.62 | 1.92 | % | |||||||||||||||
Institutional Shares |
1,000.00 | 1,002.79 | 3.41 | 0.68 | % | |||||||||||||||
Sterling Capital Maryland Intermediate Tax-Free Fund |
||||||||||||||||||||
Class A Shares |
1,000.00 | 1,001.83 | 4.42 | 0.88 | % | |||||||||||||||
Class C Shares |
1,000.00 | 998.10 | 8.16 | 1.63 | % | |||||||||||||||
Institutional Shares |
1,000.00 | 1,003.11 | 3.16 | 0.63 | % | |||||||||||||||
Sterling Capital North Carolina Intermediate Tax-Free Fund |
||||||||||||||||||||
Class A Shares |
1,000.00 | 1,001.79 | 3.96 | 0.79 | % | |||||||||||||||
Class C Shares |
1,000.00 | 997.08 | 7.71 | 1.54 | % | |||||||||||||||
Institutional Shares |
1,000.00 | 1,003.04 | 2.71 | 0.54 | % | |||||||||||||||
Sterling Capital South Carolina Intermediate Tax-Free Fund |
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Class A Shares |
1,000.00 | 1,001.93 | 4.01 | 0.80 | % | |||||||||||||||
Class C Shares |
1,000.00 | 997.26 | 7.76 | 1.55 | % | |||||||||||||||
Institutional Shares |
1,000.00 | 1,002.19 | 2.76 | 0.55 | % | |||||||||||||||
Sterling Capital Virginia Intermediate Tax-Free Fund |
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Class A Shares |
1,000.00 | 1,002.09 | 4.02 | 0.80 | % | |||||||||||||||
Class C Shares |
1,000.00 | 998.34 | 7.76 | 1.55 | % | |||||||||||||||
Institutional Shares |
1,000.00 | 1,003.36 | 2.76 | 0.55 | % | |||||||||||||||
Sterling Capital West Virginia Intermediate Tax-Free Fund |
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Class A Shares |
1,000.00 | 1,002.68 | 3.97 | 0.79 | % | |||||||||||||||
Class C Shares |
1,000.00 | 997.86 | 7.71 | 1.54 | % | |||||||||||||||
Institutional Shares |
1,000.00 | 1,003.93 | 2.71 | 0.54 | % | |||||||||||||||
Sterling Capital Diversified Income Fund |
||||||||||||||||||||
Class A Shares |
1,000.00 | 1,027.71 | 4.07 | 0.80 | % | |||||||||||||||
Class C Shares |
1,000.00 | 1,023.96 | 7.86 | 1.55 | % | |||||||||||||||
Institutional Shares |
1,000.00 | 1,028.69 | 2.80 | 0.55 | % | |||||||||||||||
Sterling Capital Strategic Allocation Balanced Fund |
||||||||||||||||||||
Class A Shares |
1,000.00 | 1,020.71 | 2.08 | 0.41 | % | |||||||||||||||
Class C Shares |
1,000.00 | 1,017.14 | 5.92 | 1.17 | % | |||||||||||||||
Institutional Shares |
1,000.00 | 1,021.00 | 0.81 | 0.16 | % | |||||||||||||||
Sterling Capital Strategic Allocation Growth Fund |
||||||||||||||||||||
Class A Shares |
1,000.00 | 1,025.86 | 2.29 | 0.45 | % | |||||||||||||||
Class C Shares |
1,000.00 | 1,022.55 | 6.08 | 1.20 | % | |||||||||||||||
Institutional Shares |
1,000.00 | 1,027.14 | 1.02 | 0.20 | % |
* | Expenses are equal to the average account value over the period multiplied by the Funds annualized expense ratio, multiplied by 183 days divided by 365 (to reflect the six month period). |
57
Sterling Capital Funds
|
Expense Example (Unaudited) |
Hypothetical Example for Comparison Purposes
The table below provides information about hypothetical account values and hypothetical expenses based on the Funds actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Funds actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the year. You may use this information to compare the ongoing costs of investing in a Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), redemption fees, or exchange fees. Therefore, the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
Beginning Account Value 4/1/18 |
Ending Account Value 9/30/18 |
Expenses Paid During Period* 4/1/18 - 9/30/18 |
Annualized Expense Ratio During Period 4/1/18 - 9/30/18 | |||||||||||||||||
Sterling Capital Behavioral Large Cap Value Equity Fund |
||||||||||||||||||||
Class A Shares |
$ | 1,000.00 | $ | 1,020.71 | $ | 4.41 | 0.87 | % | ||||||||||||
Class C Shares |
1,000.00 | 1,016.95 | 8.19 | 1.62 | % | |||||||||||||||
Institutional Shares |
1,000.00 | 1,022.06 | 3.04 | 0.60 | % | |||||||||||||||
Class R6 Shares |
1,000.00 | 1,022.16 | 2.94 | 0.58 | % | |||||||||||||||
Sterling Capital Mid Value Fund |
||||||||||||||||||||
Class A Shares |
1,000.00 | 1,019.20 | 5.92 | 1.17 | % | |||||||||||||||
Class C Shares |
1,000.00 | 1,015.44 | 9.70 | 1.92 | % | |||||||||||||||
Institutional Shares |
1,000.00 | 1,020.46 | 4.66 | 0.92 | % | |||||||||||||||
Class R Shares |
1,000.00 | 1,017.90 | 7.23 | 1.43 | % | |||||||||||||||
Class R6 Shares |
1,000.00 | 1,020.91 | 4.20 | 0.83 | % | |||||||||||||||
Sterling Capital Behavioral Small Cap Value Equity Fund |
||||||||||||||||||||
Class A Shares |
1,000.00 | 1,019.90 | 5.22 | 1.03 | % | |||||||||||||||
Class C Shares |
1,000.00 | 1,016.14 | 9.00 | 1.78 | % | |||||||||||||||
Institutional Shares |
1,000.00 | 1,021.21 | 3.90 | 0.77 | % | |||||||||||||||
Class R Shares |
1,000.00 | 1,018.65 | 6.48 | 1.28 | % | |||||||||||||||
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 | 1,021.16 | 3.95 | 0.78 | % | |||||||||||||||
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 | 1,020.56 | 4.56 | 0.90 | % | |||||||||||||||
Class C Shares |
1,000.00 | 1,016.75 | 8.39 | 1.66 | % | |||||||||||||||
Institutional Shares |
1,000.00 | 1,021.81 | 3.29 | 0.65 | % | |||||||||||||||
Class R6 Shares |
1,000.00 | 1,021.96 | 3.14 | 0.62 | % | |||||||||||||||
Sterling Capital SMID Opportunities Fund |
||||||||||||||||||||
Class A Shares |
1,000.00 | 1,019.85 | 5.27 | 1.04 | % | |||||||||||||||
Class C Shares |
1,000.00 | 1,016.14 | 9.00 | 1.78 | % | |||||||||||||||
Institutional Shares |
1,000.00 | 1,021.06 | 4.05 | 0.80 | % | |||||||||||||||
Sterling Capital Stratton Mid Cap Value Fund |
||||||||||||||||||||
Class A Shares |
1,000.00 | 1,019.00 | 6.12 | 1.21 | % | |||||||||||||||
Class C Shares |
1,000.00 | 1,015.19 | 9.95 | 1.97 | % | |||||||||||||||
Institutional Shares |
1,000.00 | 1,020.21 | 4.91 | 0.97 | % | |||||||||||||||
Sterling Capital Stratton Real Estate Fund |
||||||||||||||||||||
Class A Shares |
1,000.00 | 1,019.65 | 5.47 | 1.08 | % | |||||||||||||||
Class C Shares |
1,000.00 | 1,015.89 | 9.25 | 1.83 | % | |||||||||||||||
Institutional Shares |
1,000.00 | 1,020.96 | 4.15 | 0.82 | % | |||||||||||||||
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 | 1,014.94 | 10.20 | 2.02 | % | |||||||||||||||
Institutional Shares |
1,000.00 | 1,020.00 | 5.11 | 1.01 | % |
58
Sterling Capital Funds
|
Expense Example (Unaudited) |
Beginning Account Value 4/1/18 |
Ending Account Value 9/30/18 |
Expenses Paid During Period* 4/1/18 - 9/30/18 |
Annualized Expense Ratio During Period 4/1/18 - 9/30/18 | |||||||||||||||||
Sterling Capital Ultra Short Bond Fund |
||||||||||||||||||||
Class A Shares |
$ | 1,000.00 | $ | 1,021.76 | $ | 3.35 | 0.66 | % | ||||||||||||
Institutional Shares |
1,000.00 | 1,023.01 | 2.08 | 0.41 | % | |||||||||||||||
Sterling Capital Short Duration Bond Fund |
||||||||||||||||||||
Class A Shares |
1,000.00 | 1,021.71 | 3.40 | 0.67 | % | |||||||||||||||
Class C Shares |
1,000.00 | 1,017.95 | 7.18 | 1.42 | % | |||||||||||||||
Institutional Shares |
1,000.00 | 1,022.96 | 2.13 | 0.42 | % | |||||||||||||||
Sterling Capital Intermediate U.S. Government Fund |
||||||||||||||||||||
Class A Shares |
1,000.00 | 1,020.51 | 4.61 | 0.91 | % | |||||||||||||||
Class C Shares |
1,000.00 | 1,016.75 | 8.39 | 1.66 | % | |||||||||||||||
Institutional Shares |
1,000.00 | 1,021.81 | 3.29 | 0.65 | % | |||||||||||||||
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 | 1,020.46 | 4.66 | 0.92 | % | |||||||||||||||
Class R6 Shares |
1,000.00 | 1,023.31 | 1.78 | 0.35 | % | |||||||||||||||
Sterling Capital Corporate Fund |
||||||||||||||||||||
Class A Shares |
1,000.00 | 1,020.61 | 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 | % | |||||||||||||||
Sterling Capital Securitized Opportunities Fund |
||||||||||||||||||||
Class A Shares |
1,000.00 | 1,020.91 | 4.20 | 0.83 | % | |||||||||||||||
Class C Shares |
1,000.00 | 1,017.15 | 7.99 | 1.58 | % | |||||||||||||||
Institutional Shares |
1,000.00 | 1,022.16 | 2.94 | 0.58 | % | |||||||||||||||
Sterling Capital Kentucky Intermediate Tax-Free Fund |
||||||||||||||||||||
Class A Shares |
1,000.00 | 1,020.41 | 4.71 | 0.93 | % | |||||||||||||||
Class C Shares |
1,000.00 | 1,015.44 | 9.70 | 1.92 | % | |||||||||||||||
Institutional Shares |
1,000.00 | 1,021.66 | 3.45 | 0.68 | % | |||||||||||||||
Sterling Capital Maryland Intermediate Tax-Free Fund |
||||||||||||||||||||
Class A Shares |
1,000.00 | 1,020.66 | 4.46 | 0.88 | % | |||||||||||||||
Class C Shares |
1,000.00 | 1,016.90 | 8.24 | 1.63 | % | |||||||||||||||
Institutional Shares |
1,000.00 | 1,021.91 | 3.19 | 0.63 | % | |||||||||||||||
Sterling Capital North Carolina Intermediate Tax-Free Fund |
||||||||||||||||||||
Class A Shares |
1,000.00 | 1,021.11 | 4.00 | 0.79 | % | |||||||||||||||
Class C Shares |
1,000.00 | 1,017.35 | 7.79 | 1.54 | % | |||||||||||||||
Institutional Shares |
1,000.00 | 1,022.36 | 2.74 | 0.54 | % | |||||||||||||||
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 | 1,021.06 | 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 West Virginia Intermediate Tax-Free Fund |
||||||||||||||||||||
Class A Shares |
1,000.00 | 1,021.11 | 4.00 | 0.79 | % | |||||||||||||||
Class C Shares |
1,000.00 | 1,017.35 | 7.79 | 1.54 | % | |||||||||||||||
Institutional Shares |
1,000.00 | 1,022.36 | 2.74 | 0.54 | % | |||||||||||||||
Sterling Capital Diversified Income 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 Strategic Allocation Balanced Fund |
||||||||||||||||||||
Class A Shares |
1,000.00 | 1,023.01 | 2.08 | 0.41 | % | |||||||||||||||
Class C Shares |
1,000.00 | 1,019.20 | 5.92 | 1.17 | % | |||||||||||||||
Institutional Shares |
1,000.00 | 1,024.27 | 0.81 | 0.16 | % | |||||||||||||||
Sterling Capital Strategic Allocation Growth Fund |
||||||||||||||||||||
Class A Shares |
1,000.00 | 1,022.81 | 2.28 | 0.45 | % | |||||||||||||||
Class C Shares |
1,000.00 | 1,019.05 | 6.07 | 1.20 | % | |||||||||||||||
Institutional Shares |
1,000.00 | 1,024.07 | 1.01 | 0.20 | % |
* | Expenses are equal to the average account value over the period multiplied by the Funds annualized expense ratio, multiplied by 183 days divided by 365 (to reflect the six month period). |
59
Sterling Capital Behavioral Large Cap Value Equity Fund
|
Schedule of Portfolio Investments |
September 30, 2018 |
Continued
60
Sterling Capital Behavioral Large Cap Value Equity Fund
|
Schedule of Portfolio Investments (continued) |
September 30, 2018 |
See accompanying Notes to the Financial Statements.
61
Sterling Capital Mid Value Fund
|
Schedule of Portfolio Investments |
September 30, 2018 |
See accompanying Notes to the Financial Statements.
62
Sterling Capital Behavioral Small Cap Value Equity Fund
|
Schedule of Portfolio Investments |
September 30, 2018 |
Continued
63
Sterling Capital Behavioral Small Cap Value Equity Fund
|
Schedule of Portfolio Investments (continued) |
September 30, 2018 |
Continued
64
Sterling Capital Behavioral Small Cap Value Equity Fund
|
Schedule of Portfolio Investments (continued) |
September 30, 2018 |
See accompanying Notes to the Financial Statements.
65
Sterling Capital Special Opportunities Fund
|
Schedule of Portfolio Investments |
September 30, 2018 |
See accompanying Notes to the Financial Statements.
66
Sterling Capital Equity Income Fund
|
Schedule of Portfolio Investments |
September 30, 2018 |
See accompanying Notes to the Financial Statements.
67
Sterling Capital Behavioral International Equity Fund
|
Schedule of Portfolio Investments |
September 30, 2018 |
Continued
68
Sterling Capital Behavioral International Equity Fund
|
Schedule of Portfolio Investments (continued) |
September 30, 2018 |
See accompanying Notes to the Financial Statements.
69
Sterling Capital SMID Opportunities Fund
|
Schedule of Portfolio Investments |
September 30, 2018 |
See accompanying Notes to the Financial Statements.
70
Sterling Capital Stratton Mid Cap Value Fund
|
Schedule of Portfolio Investments |
September 30, 2018 |
Continued
71
Sterling Capital Stratton Mid Cap Value Fund
|
Schedule of Portfolio Investments (continued) |
September 30, 2018 |
See accompanying Notes to the Financial Statements.
72
Sterling Capital Stratton Real Estate Fund
|
Schedule of Portfolio Investments |
September 30, 2018 |
See accompanying Notes to the Financial Statements.
73
Sterling Capital Stratton Small Cap Value Fund
|
Schedule of Portfolio Investments |
September 30, 2018 |
Continued
74
Sterling Capital Stratton Small Cap Value Fund
|
Schedule of Portfolio Investments (continued) |
September 30, 2018 |
See accompanying Notes to the Financial Statements.
75
Sterling Capital Ultra Short Bond Fund
|
Schedule of Portfolio Investments |
September 30, 2018 |
Continued
76
Sterling Capital Ultra Short Bond Fund
|
Schedule of Portfolio Investments (continued) |
September 30, 2018 |
Continued
77
Sterling Capital Ultra Short Bond Fund
|
Schedule of Portfolio Investments (continued) |
September 30, 2018 |
See accompanying Notes to the Financial Statements.
78
Sterling Capital Short Duration Bond Fund
|
Schedule of Portfolio Investments |
September 30, 2018 |
Continued
79
Sterling Capital Short Duration Bond Fund
|
Schedule of Portfolio Investments (continued) |
September 30, 2018 |
Continued
80
Sterling Capital Short Duration Bond Fund
|
Schedule of Portfolio Investments (continued) |
September 30, 2018 |
Continued
81
Sterling Capital Short Duration Bond Fund
|
Schedule of Portfolio Investments (continued) |
September 30, 2018 |
Continued
82
Sterling Capital Short Duration Bond Fund
|
Schedule of Portfolio Investments (continued) |
September 30, 2018 |
See accompanying Notes to the Financial Statements.
83
Sterling Capital Intermediate U.S. Government Fund
|
Schedule of Portfolio Investments |
September 30, 2018 |
Continued
84
Sterling Capital Intermediate U.S. Government Fund
|
Schedule of Portfolio Investments (continued) |
September 30, 2018 |
See accompanying Notes to the Financial Statements.
85
Sterling Capital Total Return Bond Fund
|
Schedule of Portfolio Investments |
September 30, 2018 |
Continued
86
Sterling Capital Total Return Bond Fund
|
Schedule of Portfolio Investments (continued) |
September 30, 2018 |
Continued
87
Sterling Capital Total Return Bond Fund
|
Schedule of Portfolio Investments (continued) |
September 30, 2018 |
Continued
88
Sterling Capital Total Return Bond Fund
|
Schedule of Portfolio Investments (continued) |
September 30, 2018 |
Continued
89
Sterling Capital Total Return Bond Fund
|
Schedule of Portfolio Investments (continued) |
September 30, 2018 |
Continued
90
Sterling Capital Total Return Bond Fund
|
Schedule of Portfolio Investments (continued) |
September 30, 2018 |
Continued
91
Sterling Capital Total Return Bond Fund
|
Schedule of Portfolio Investments (continued) |
September 30, 2018 |
Continued
92
Sterling Capital Total Return Bond Fund
|
Schedule of Portfolio Investments (continued) |
September 30, 2018 |
See accompanying Notes to the Financial Statements.
93
Sterling Capital Corporate Fund
|
Schedule of Portfolio Investments |
September 30, 2018 |
Continued
94
Sterling Capital Corporate Fund
|
Schedule of Portfolio Investments (continued) |
September 30, 2018 |
Continued
95
Sterling Capital Corporate Fund
|
Schedule of Portfolio Investments (continued) |
September 30, 2018 |
See accompanying Notes to the Financial Statements.
96
Sterling Capital Securitized Opportunities Fund
|
Schedule of Portfolio Investments |
September 30, 2018 |
Continued
97
Sterling Capital Securitized Opportunities Fund
|
Schedule of Portfolio Investments (continued) |
September 30, 2018 |
Continued
98
Sterling Capital Securitized Opportunities Fund
|
Schedule of Portfolio Investments (continued) |
September 30, 2018 |
See accompanying Notes to the Financial Statements.
99
Sterling Capital Kentucky Intermediate Tax-Free Fund
|
Schedule of Portfolio Investments |
September 30, 2018 |
Continued
100
Sterling Capital Kentucky Intermediate Tax-Free Fund
|
Schedule of Portfolio Investments (continued) |
September 30, 2018 |
See accompanying Notes to the Financial Statements.
101
Sterling Capital Maryland Intermediate Tax-Free Fund
|
Schedule of Portfolio Investments |
September 30, 2018 |
Continued
102
Sterling Capital Maryland Intermediate Tax-Free Fund
|
Schedule of Portfolio Investments (continued) |
September 30, 2018 |
See accompanying Notes to the Financial Statements.
103
Sterling Capital North Carolina Intermediate Tax-Free Fund
|
Schedule of Portfolio Investments |
September 30, 2018 |
Continued
104
Sterling Capital North Carolina Intermediate Tax-Free Fund
|
Schedule of Portfolio Investments (continued) |
September 30, 2018 |
Continued
105
Sterling Capital North Carolina Intermediate Tax-Free Fund
|
Schedule of Portfolio Investments (continued) |
September 30, 2018 |
See accompanying Notes to the Financial Statements.
106
Sterling Capital South Carolina Intermediate Tax-Free Fund
|
Schedule of Portfolio Investments |
September 30, 2018 |
Continued
107
Sterling Capital South Carolina Intermediate Tax-Free Fund
|
Schedule of Portfolio Investments (continued) |
September 30, 2018 |
See accompanying Notes to the Financial Statements.
108
Sterling Capital Virginia Intermediate Tax-Free Fund
|
Schedule of Portfolio Investments |
September 30, 2018 |
Continued
109
Sterling Capital Virginia Intermediate Tax-Free Fund
|
Schedule of Portfolio Investments (continued) |
September 30, 2018 |
See accompanying Notes to the Financial Statements.
110
Sterling Capital West Virginia Intermediate Tax-Free Fund
|
Schedule of Portfolio Investments |
September 30, 2018 |
Continued
111
Sterling Capital West Virginia Intermediate Tax-Free Fund
|
Schedule of Portfolio Investments (continued) |
September 30, 2018 |
See accompanying Notes to the Financial Statements.
112
Sterling Capital Diversified Income Fund
|
Schedule of Portfolio Investments |
September 30, 2018 |
See accompanying Notes to the Financial Statements.
113
Sterling Capital Strategic Allocation Balanced Fund
|
Schedule of Portfolio Investments |
September 30, 2018 |
See accompanying Notes to the Financial Statements.
114
Sterling Capital Strategic Allocation Growth Fund
|
Schedule of Portfolio Investments |
September 30, 2018 |
See accompanying Notes to the Financial Statements.
115
|
Statements of Assets and Liabilities |
September 30, 2018 |
Sterling Capital Behavioral Large Cap Value Equity Fund |
Sterling Capital Mid Value Fund | |||||||||
Assets: |
||||||||||
Investments at fair value (a) |
$ | 312,802,082 | $ | 643,847,799 | ||||||
Foreign currency, at value |
| | ||||||||
Dividends receivable |
208,521 | 432,395 | ||||||||
Receivable for investments sold |
| | ||||||||
Receivable for capital shares issued |
130,296 | 675,146 | ||||||||
Prepaid and other expenses |
24,339 | 48,449 | ||||||||
|
|
|
|
|||||||
Total Assets |
313,165,238 | 645,003,789 | ||||||||
|
|
|
|
|||||||
Liabilities: |
||||||||||
Payable for investments purchased |
| | ||||||||
Payable for capital shares redeemed |
670 | 634,508 | ||||||||
Accrued expenses and other payables: |
||||||||||
Investment advisory fees |
116,383 | 377,486 | ||||||||
Accounting out-of-pocket fees |
2,791 | 4,435 | ||||||||
Administration fees |
13,340 | 27,171 | ||||||||
Audit fees |
16,164 | 37,537 | ||||||||
Compliance service fees |
306 | 610 | ||||||||
Distribution (12b-1) fees |
7,589 | 9,914 | ||||||||
Custodian fees |
2,389 | 5,047 | ||||||||
Transfer agent fees |
8,804 | 54,832 | ||||||||
Other fees and liabilities |
17,327 | 36,945 | ||||||||
|
|
|
|
|||||||
Total Liabilities |
185,763 | 1,188,485 | ||||||||
|
|
|
|
|||||||
Net Assets |
$ | 312,979,475 | $ | 643,815,304 | ||||||
|
|
|
|
|||||||
Net Assets Consist of: |
||||||||||
Capital |
$ | 240,527,744 | $ | 476,485,746 | ||||||
Total distributable earnings |
72,451,731 | 167,329,558 | ||||||||
|
|
|
|
|||||||
Net Assets |
$ | 312,979,475 | $ | 643,815,304 | ||||||
|
|
|
|
|||||||
Net Assets |
||||||||||
Class A Shares |
$ | 33,125,910 | $ | 30,856,765 | ||||||
Class C Shares |
887,068 | 4,096,976 | ||||||||
Institutional Shares |
8,861,765 | 323,011,702 | ||||||||
Class R Shares |
| 2,909 | ||||||||
Class R6 Shares |
270,104,732 | 285,846,952 | ||||||||
|
|
|
|
|||||||
Total |
$ | 312,979,475 | $ | 643,815,304 | ||||||
|
|
|
|
|||||||
Shares of Beneficial Interest Outstanding (Unlimited number of shares authorized, no par value) |
||||||||||
Class A Shares |
1,485,286 | 1,616,898 | ||||||||
Class C Shares |
40,942 | 242,955 | ||||||||
Institutional Shares |
395,091 | 16,632,270 | ||||||||
Class R Shares |
| 158 | ||||||||
Class R6 Shares |
12,041,524 | 14,707,245 | ||||||||
|
|
|
|
|||||||
Total |
13,962,843 | 33,199,526 | ||||||||
|
|
|
|
|||||||
Net Asset Value |
||||||||||
Class A Shares - redemption price per share |
$ | 22.30 | $ | 19.08 | ||||||
|
|
|
|
|||||||
Class C Shares - offering price per share* |
$ | 21.67 | $ | 16.86 | ||||||
|
|
|
|
|||||||
Institutional Shares |
$ | 22.43 | $ | 19.42 | ||||||
|
|
|
|
|||||||
Class R Shares |
$ | | $ | 18.43 | ** | |||||
|
|
|
|
|||||||
Class R6 Shares |
$ | 22.43 | $ | 19.44 | ||||||
|
|
|
|
|||||||
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 |
$ | 23.66 | $ | 20.24 | ||||||
|
|
|
|
|||||||
(a) Investments at cost |
$ | 264,295,587 | $ | 513,004,618 |
* | Redemption price per share varies by length of time shares are held. |
** | The Sterling Capital Mid Value Fund net asset value for Class R, Sterling Capital Behavioral Small Cap Value Equity Fund net asset value for Class R and Sterling Capital Stratton Mid Cap Value Fund net asset value for Class C Shares is calculated using unrounded net assets of $2,908.80, $62,893.47 and $1,380.84 divided by the unrounded shares of 157.85, 3,396.74 and 20.47, respectively. |
See accompanying Notes to the Financial Statements.
116
|
|
|
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 | |||||||||||||||||||||||
$ | 238,171,308 | $ | 1,201,884,011 | $ | 1,674,922,169 | $ | 82,233,767 | $ | 9,223,691 | $ | 66,647,044 | |||||||||||||||||
|
|
|
|
|
|
|
191,934 |
|
|
|
|
|||||||||||||||||
413,480 | 511,704 | 1,582,041 | 585,067 | 7,673 | 68,168 | |||||||||||||||||||||||
287,277 | 2,418,883 | 556,560 | | | | |||||||||||||||||||||||
337,522 | 1,047,313 | 1,811,283 | | | | |||||||||||||||||||||||
11,628 | 5,681 | 21,655 | 5,040 | 12,422 | 7,943 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
239,221,215 | 1,205,867,592 | 1,678,893,708 | 83,015,808 | 9,243,786 | 66,723,155 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
| 1,877,982 | 2,026,503 | | | | |||||||||||||||||||||||
106 | 880,019 | 2,535,095 | | | 3,936 | |||||||||||||||||||||||
119,555 | 638,454 | 758,384 | 26,962 | 6,844 | 39,161 | |||||||||||||||||||||||
4,473 | 6,902 | 9,939 | 11,308 | 628 | 1,193 | |||||||||||||||||||||||
8,014 | 92,432 | 95,030 | 2,759 | 602 | 4,459 | |||||||||||||||||||||||
11,482 | 59,418 | 81,144 | 4,366 | 482 | 3,470 | |||||||||||||||||||||||
253 | 973 | 1,284 | 132 | 72 | 118 | |||||||||||||||||||||||
2,001 | 187,549 | 238,082 | 215 | 1,789 | 23 | |||||||||||||||||||||||
1,843 | 8,898 | 12,376 | 4,745 | 68 | 523 | |||||||||||||||||||||||
8,218 | 104,085 | 160,472 | 2,181 | 1,355 | 4,802 | |||||||||||||||||||||||
12,950 | 74,104 | 89,019 | 4,527 | 706 | 3,805 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
168,895 | 3,930,816 | 6,007,328 | 57,195 | 12,546 | 61,490 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
$ | 239,052,320 | $ | 1,201,936,776 | $ | 1,672,886,380 | $ | 82,958,613 | $ | 9,231,240 | $ | 66,661,665 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
$ | 181,056,654 | $ | 704,194,442 | $ | 1,047,669,185 | $ | 71,703,651 | $ | 7,500,983 | $ | 38,046,675 | |||||||||||||||||
57,995,666 | 497,742,334 | 625,217,195 | 11,254,962 | 1,730,257 | 28,614,990 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
$ | 239,052,320 | $ | 1,201,936,776 | $ | 1,672,886,380 | $ | 82,958,613 | $ | 9,231,240 | $ | 66,661,665 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
$ | 8,710,908 | $ | 334,687,241 | $ | 316,245,321 | $ | 827,512 | $ | 2,869,825 | $ | 106,691 | |||||||||||||||||
180,306 | 144,099,641 | 207,658,531 | 61,061 | 1,475,831 | 1,381 | |||||||||||||||||||||||
39,046,734 | 350,029,656 | 828,607,376 | 19,265,990 | 4,885,584 | 66,553,593 | |||||||||||||||||||||||
62,893 | 172,723 | 2,548,450 | | | | |||||||||||||||||||||||
191,051,479 | 372,947,515 | 317,826,702 | 62,804,050 | | | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
$ | 239,052,320 | $ | 1,201,936,776 | $ | 1,672,886,380 | $ | 82,958,613 | $ | 9,231,240 | $ | 66,661,665 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
467,123 | 12,693,655 | 14,674,735 | 74,087 | 230,662 | 1,552 | |||||||||||||||||||||||
10,080 | 6,554,817 | 9,730,150 | 5,522 | 119,941 | 20 | |||||||||||||||||||||||
2,074,508 | 12,624,043 | 38,348,716 | 1,722,803 | 391,514 | 964,308 | |||||||||||||||||||||||
3,397 | 6,486 | 119,129 | | | | |||||||||||||||||||||||
10,142,343 | 13,441,660 | 14,707,322 | 5,614,888 | | | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
12,697,451 | 45,320,661 | 77,580,052 | 7,417,300 | 742,117 | 965,880 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
$ | 18.65 | $ | 26.37 | $ | 21.55 | $ | 11.17 | $ | 12.44 | $ | 68.74 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
$ | 17.89 | $ | 21.98 | $ | 21.34 | $ | 11.06 | $ | 12.30 | $ | 67.46 | ** | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
$ | 18.82 | $ | 27.73 | $ | 21.61 | $ | 11.18 | $ | 12.48 | $ | 69.02 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
$ | 18.52 | ** | $ | 26.63 | $ | 21.39 | $ | | $ | | $ | | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
$ | 18.84 | $ | 27.75 | $ | 21.61 | $ | 11.19 | $ | | $ | | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
5.75 | % | 5.75 | % | 5.75 | % | 5.75 | % | 5.75 | % | 5.75 | % | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
$ |
19.79 |
$ |
27.98 |
$ |
22.86 |
$ |
11.85 |
$ |
13.20 |
$ |
72.93 |
|||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
$ | 206,337,674 | $ | 779,573,268 | $ | 1,166,357,349 | $ | 76,090,393 | $ | 7,459,140 | $ | 42,115,986 |
117
Sterling Capital Funds
|
Statements of Assets and Liabilities |
September 30, 2018 |
Sterling Capital Stratton Real Estate Fund |
Sterling Capital Stratton Small Cap Value Fund | |||||||||
Assets: |
||||||||||
Investments at fair value (a) |
$ | 91,734,651 | $ | 1,299,354,535 | ||||||
Cash |
| | ||||||||
Interest and dividends receivable |
436,054 | 2,114,206 | ||||||||
Receivable for investments sold |
| | ||||||||
Receivable for capital shares issued |
16,932 | 871,635 | ||||||||
Prepaid expenses |
8,384 | 15,943 | ||||||||
|
|
|
|
|||||||
Total Assets |
92,196,021 | 1,302,356,319 | ||||||||
|
|
|
|
|||||||
Liabilities: |
||||||||||
Cash overdraft |
| | ||||||||
Distributions payable |
| | ||||||||
Payable for investments purchased |
| | ||||||||
Payable for capital shares redeemed |
5,072 | 1,975,799 | ||||||||
Accrued expenses and other payables: |
||||||||||
Investment advisory fees |
44,171 | 863,096 | ||||||||
Accounting out-of-pocket fees |
1,223 | 8,993 | ||||||||
Administration fees |
6,125 | 85,995 | ||||||||
Audit Fees |
4,557 | 64,689 | ||||||||
Compliance service fees |
136 | 1,071 | ||||||||
Distribution (12b-1) fees |
165 | 541 | ||||||||
Transfer agent fees |
7,693 | 107,764 | ||||||||
Other fees |
5,790 | 79,762 | ||||||||
|
|
|
|
|||||||
Total Liabilities |
74,932 | 3,187,710 | ||||||||
|
|
|
|
|||||||
Net Assets |
$ | 92,121,089 | $ | 1,299,168,609 | ||||||
|
|
|
|
|||||||
Net Assets Consist of: |
||||||||||
Capital |
$ | 56,758,854 | $ | 567,273,468 | ||||||
Total distributable earnings |
35,362,235 | 731,895,141 | ||||||||
|
|
|
|
|||||||
Net Assets |
$ | 92,121,089 | $ | 1,299,168,609 | ||||||
|
|
|
|
|||||||
Net Assets |
||||||||||
Class A Shares |
$ | 397,628 | $ | 2,159,865 | ||||||
Class C Shares |
97,930 | 112,059 | ||||||||
Institutional Shares |
91,625,531 | 1,296,896,685 | ||||||||
Class R Shares |
| | ||||||||
Class R6 Shares |
| | ||||||||
|
|
|
|
|||||||
Total |
$ | 92,121,089 | $ | 1,299,168,609 | ||||||
|
|
|
|
|||||||
Shares of Beneficial Interest Outstanding (Unlimited number of shares authorized, no par value) |
||||||||||
Class A Shares |
10,584 | 24,343 | ||||||||
Class C Shares |
2,619 | 1,289 | ||||||||
Institutional Shares |
2,434,711 | 14,554,101 | ||||||||
Class R Shares |
| | ||||||||
Class R6 Shares |
| | ||||||||
|
|
|
|
|||||||
Total |
2,447,914 | 14,579,733 | ||||||||
|
|
|
|
|||||||
Net Asset Value |
||||||||||
Class A Shares - redemption price per share |
$ | 37.57 | $ | 88.73 | ||||||
|
|
|
|
|||||||
Class C Shares - offering price per share* |
$ | 37.40 | ** | $ | 86.92 | ** | ||||
|
|
|
|
|||||||
Institutional Shares |
$ | 37.63 | $ | 89.11 | ||||||
|
|
|
|
|||||||
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 |
$ | 39.86 | $ | 94.14 | ||||||
|
|
|
|
|||||||
(a) Investments at cost |
$ | 60,073,195 | $ | 639,397,089 |
* | Redemption price per share varies by length of time shares are held. |
** | The Sterling Capital Stratton Real Estate Fund net asset value for Class C Shares, Sterling Capital Stratton Small Cap Value Fund net asset value for 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 $97,930.25, $112,058.90 and $1,534.44 divided by the unrounded shares of 2,618.56, 1,289.25 and 154.80, respectively. |
See accompanying Notes to the Financial Statements.
118
|
|
|
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 | |||||||||||||||||||||||||||
$ | 31,999,267 | $ | 131,201,450 | $ | 21,460,977 | $ | 1,210,630,300 | $ | 31,016,632 | $ | 37,139,049 | $ | 11,216,694 | ||||||||||||||||||||
2,718 | 3,757 | | 44,348 | 3,866 | | | |||||||||||||||||||||||||||
152,686 | 809,138 | 148,004 | 7,305,218 | 310,207 | 110,633 | 157,904 | |||||||||||||||||||||||||||
| | 1,200,000 | 8,433,345 | | | | |||||||||||||||||||||||||||
| 619,544 | 34,134 | 2,221,551 | 57,131 | | | |||||||||||||||||||||||||||
12,986 | 15,202 | 5,282 | 42,114 | 6,767 | 7,683 | 3,438 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
32,167,657 | 132,649,091 | 22,848,397 | 1,228,676,876 | 31,394,603 | 37,257,365 | 11,378,036 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
| | | | | 1,299 | | |||||||||||||||||||||||||||
14,925 | 64,325 | 30,869 | 1,172,856 | 80 | 5,480 | 13,383 | |||||||||||||||||||||||||||
| | | 6,302,380 | | | | |||||||||||||||||||||||||||
5,131,478 | 164,103 | 3,172 | 2,104,837 | 86,056 | 84,535 | 1,614 | |||||||||||||||||||||||||||
2,700 | 21,291 | 5,998 | 221,984 | 8,925 | 9,771 | 3,361 | |||||||||||||||||||||||||||
8,840 | 11,058 | 3,213 | 28,879 | 5,631 | 9,267 | 2,089 | |||||||||||||||||||||||||||
2,154 | 8,485 | 1,495 | 47,940 | 2,033 | 2,514 | 766 | |||||||||||||||||||||||||||
1,994 | 4,536 | 989 | 58,195 | 1,379 | 1,927 | 627 | |||||||||||||||||||||||||||
101 | 153 | 83 | 986 | 88 | 95 | 75 | |||||||||||||||||||||||||||
1,053 | 1,832 | 1,299 | 20,195 | 125 | 30 | 751 | |||||||||||||||||||||||||||
1,721 | 4,375 | 1,008 | 91,222 | 753 | 922 | 463 | |||||||||||||||||||||||||||
2,510 | 7,166 | 1,444 | 72,251 | 1,953 | 2,469 | 790 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
5,167,476 | 287,324 | 49,570 | 10,121,725 | 107,023 | 118,309 | 23,919 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
$ | 27,000,181 | $ | 132,361,767 | $ | 22,798,827 | $ | 1,218,555,151 | $ | 31,287,580 | $ | 37,139,056 | $ | 11,354,117 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
$ | 28,207,482 | $ | 142,075,882 | $ | 24,033,094 | $ | 1,268,471,761 | $ | 31,809,708 | $ | 39,782,301 | $ | 11,268,428 | ||||||||||||||||||||
(1,207,301 | ) | (9,714,115 | ) | (1,234,267 | ) | (49,916,610 | ) | (522,128 | ) | (2,643,245 | ) | 85,689 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
$ | 27,000,181 | $ | 132,361,767 | $ | 22,798,827 | $ | 1,218,555,151 | $ | 31,287,580 | $ | 37,139,056 | $ | 11,354,117 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
$ | 5,074,451 | $ | 4,392,929 | $ | 4,350,008 | $ | 68,981,590 | $ | 439,855 | $ | 18,424 | $ | 3,647,469 | ||||||||||||||||||||
| 1,090,653 | 487,858 | 7,463,951 | 42,281 | 32,759 | 1,534 | |||||||||||||||||||||||||||
21,925,730 | 126,878,185 | 17,960,961 | 860,436,774 | 30,805,444 | 37,087,873 | 7,705,114 | |||||||||||||||||||||||||||
| | | 35,600 | | | | |||||||||||||||||||||||||||
| | | 281,637,236 | | | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
$ | 27,000,181 | $ | 132,361,767 | $ | 22,798,827 | $ | 1,218,555,151 | $ | 31,287,580 | $ | 37,139,056 | $ | 11,354,117 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
520,559 | 515,781 | 458,674 | 6,766,105 | 44,828 | 1,919 | 368,287 | |||||||||||||||||||||||||||
| 128,127 | 51,523 | 731,028 | 4,316 | 3,412 | 155 | |||||||||||||||||||||||||||
2,248,834 | 14,896,820 | 1,892,017 | 84,353,587 | 3,140,818 | 3,857,284 | 779,113 | |||||||||||||||||||||||||||
| | | 3,504 | | | | |||||||||||||||||||||||||||
| | | 27,612,809 | | | | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
2,769,393 | 15,540,728 | 2,402,214 | 119,467,033 | 3,189,962 | 3,862,615 | 1,147,555 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
$ | 9.75 | $ | 8.52 | $ | 9.48 | $ | 10.20 | $ | 9.81 | $ | 9.60 | $ | 9.90 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
$ | | $ | 8.51 | $ | 9.47 | $ | 10.21 | $ | 9.80 | $ | 9.60 | $ | 9.91 | ** | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
$ | 9.75 | $ | 8.52 | $ | 9.49 | $ | 10.20 | $ | 9.81 | $ | 9.62 | $ | 9.89 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
$ | | $ | | $ | | $ | 10.16 | $ | | $ | | $ | | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
$ | | $ | | $ | | $ | 10.20 | $ | | $ | | $ | | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
0.50 | % | 2.00 | % | 2.00 | % | 5.75 | % | 2.00 | % | 2.00 | % | 2.00 | % | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
$ | 9.80 | $ | 8.69 | $ | 9.67 | $ | 10.82 | $ | 10.01 | $ | 9.80 | $ | 10.10 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
$ | 32,071,864 | $ | 132,231,953 | $ | 21,921,746 | $ | 1,235,426,788 | $ | 31,368,583 | $ | 37,783,697 | $ | 11,208,599 |
119
Sterling Capital Funds
|
Statements of Assets and Liabilities |
September 30, 2018 |
Sterling Capital Maryland Intermediate Tax-Free Fund |
Sterling Capital North Carolina Intermediate Tax-Free Fund | |||||||||
Assets: |
||||||||||
Investments at fair value - unaffiliated (a) |
$ | 18,853,035 | $ | 171,911,187 | ||||||
Investments at fair value - affiliated (b) |
| | ||||||||
Interest and dividends receivable - unaffiliated |
218,510 | 2,663,532 | ||||||||
Dividends receivable - affiliated |
| | ||||||||
Receivable for capital shares issued |
13 | 25,647 | ||||||||
Prepaid and other expenses |
8,094 | 10,393 | ||||||||
|
|
|
|
|||||||
Total Assets |
19,079,652 | 174,610,759 | ||||||||
|
|
|
|
|||||||
Liabilities: |
||||||||||
Distributions payable |
20,621 | 201,576 | ||||||||
Payable for investments purchased |
| | ||||||||
Payable for capital shares redeemed |
227,336 | 272,826 | ||||||||
Accrued expenses and other payables: |
||||||||||
Investment advisory fees |
5,564 | 50,201 | ||||||||
Administration fees |
1,268 | 11,439 | ||||||||
Audit fees |
1,155 | 9,402 | ||||||||
Compliance service fees |
81 | 203 | ||||||||
Distribution (12b-1) fees |
1,521 | 10,382 | ||||||||
Printing fees |
588 | 4,935 | ||||||||
Transfer agent fees |
888 | 7,201 | ||||||||
Other fees |
3,169 | 13,879 | ||||||||
|
|
|
|
|||||||
Total Liabilities |
262,191 | 582,044 | ||||||||
|
|
|
|
|||||||
Net Assets |
$ | 18,817,461 | $ | 174,028,715 | ||||||
|
|
|
|
|||||||
Net Assets Consist of: |
||||||||||
Capital |
$ | 18,496,086 | $ | 173,256,119 | ||||||
Total distributable earnings |
321,375 | 772,596 | ||||||||
|
|
|
|
|||||||
Net Assets |
$ | 18,817,461 | $ | 174,028,715 | ||||||
|
|
|
|
|||||||
Net Assets |
||||||||||
Class A Shares |
$ | 4,991,275 | $ | 36,857,143 | ||||||
Class C Shares |
590,518 | 3,359,117 | ||||||||
Institutional Shares |
13,235,668 | 133,812,455 | ||||||||
|
|
|
|
|||||||
Total |
$ | 18,817,461 | $ | 174,028,715 | ||||||
|
|
|
|
|||||||
Shares of Beneficial Interest Outstanding (Unlimited number of shares authorized, no par value) |
||||||||||
Class A Shares |
470,106 | 3,533,899 | ||||||||
Class C Shares |
55,603 | 322,302 | ||||||||
Institutional Shares |
1,244,543 | 12,830,463 | ||||||||
|
|
|
|
|||||||
Total |
1,770,252 | 16,686,664 | ||||||||
|
|
|
|
|||||||
Net Asset Value |
||||||||||
Class A Shares - redemption price per share |
$ | 10.62 | $ | 10.43 | ||||||
|
|
|
|
|||||||
Class C Shares - offering price per share* |
$ | 10.62 | $ | 10.42 | ||||||
|
|
|
|
|||||||
Institutional Shares |
$ | 10.63 | $ | 10.43 | ||||||
|
|
|
|
|||||||
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 |
$ | 10.84 | $ | 10.64 | ||||||
|
|
|
|
|||||||
Investments at cost: |
||||||||||
(a) Investments at cost - unaffiliated |
$ | 18,771,684 | $ | 169,939,689 | ||||||
(b) Investments at cost - affiliated |
$ | | $ | |
* | Redemption price per share varies by length of time shares are held. |
See accompanying Notes to the Financial Statements.
120
|
|
|
Sterling Capital South Carolina Intermediate Tax-Free Fund |
Sterling Capital Virginia Intermediate Tax-Free Fund |
Sterling Capital West Virginia Intermediate Tax-Free Fund |
Sterling Capital Diversified Income Fund |
Sterling Capital Strategic Allocation Balanced Fund |
Sterling Capital Strategic Allocation Growth Fund | |||||||||||||||||||||||
$ | 77,059,030 | $ | 82,322,835 | $ | 78,608,788 | $ | 20,336,696 | $ | 253,584 | $ | 408,379 | |||||||||||||||||
| | | | 28,995,494 | 22,475,285 | |||||||||||||||||||||||
999,585 | 968,782 | 1,101,924 | 51,755 | | | |||||||||||||||||||||||
| | | | 29,945 | 14,505 | |||||||||||||||||||||||
50,185 | 14 | | 3,846 | 52 | 116 | |||||||||||||||||||||||
6,601 | 10,191 | 5,930 | 2,666 | 3,925 | 2,470 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
78,115,401 | 83,301,822 | 79,716,642 | 20,394,963 | 29,283,000 | 22,900,755 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
86,077 | 107,915 | 107,077 | 2,573 | 98 | 103 | |||||||||||||||||||||||
| | | 30,612 | | | |||||||||||||||||||||||
34,030 | 34,623 | 12,040 | 22,579 | 2,587 | 769 | |||||||||||||||||||||||
22,822 | 24,222 | 23,044 | 4,212 | | | |||||||||||||||||||||||
5,201 | 5,520 | 5,251 | 1,344 | | | |||||||||||||||||||||||
4,440 | 4,801 | 4,516 | 1,240 | 1,573 | 1,229 | |||||||||||||||||||||||
133 | 133 | 132 | 82 | 88 | 83 | |||||||||||||||||||||||
3,673 | 4,998 | 5,612 | 3,453 | 6,317 | 4,800 | |||||||||||||||||||||||
2,342 | 2,494 | 2,364 | 640 | 819 | 639 | |||||||||||||||||||||||
3,499 | 3,368 | 2,840 | 1,785 | 1,554 | 1,234 | |||||||||||||||||||||||
7,798 | 7,917 | 7,184 | 781 | 1,400 | 1,159 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
170,015 | 195,991 | 170,060 | 69,301 | 14,436 | 10,016 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
$ | 77,945,386 | $ | 83,105,831 | $ | 79,546,582 | $ | 20,325,662 | $ | 29,268,564 | $ | 22,890,739 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
$ | 78,199,395 | $ | 82,672,650 | $ | 78,873,750 | $ | 20,806,700 | $ | 29,399,706 | $ | 24,583,739 | |||||||||||||||||
(254,009 | ) | 433,181 | 672,832 | (481,038 | ) | (131,142 | ) | (1,693,000 | ) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
$ | 77,945,386 | $ | 83,105,831 | $ | 79,546,582 | $ | 20,325,662 | $ | 29,268,564 | $ | 22,890,739 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
$ | 13,863,649 | $ | 20,842,244 | $ | 23,832,658 | $ | 12,467,770 | $ | 28,469,879 | $ | 21,714,765 | |||||||||||||||||
991,340 | 843,958 | 725,612 | 1,051,280 | 575,968 | 427,247 | |||||||||||||||||||||||
63,090,397 | 61,419,629 | 54,988,312 | 6,806,612 | 222,717 | 748,727 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
$ | 77,945,386 | $ | 83,105,831 | $ | 79,546,582 | $ | 20,325,662 | $ | 29,268,564 | $ | 22,890,739 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
1,287,477 | 1,828,475 | 2,451,914 | 1,173,122 | 2,356,694 | 1,772,251 | |||||||||||||||||||||||
92,106 | 74,052 | 74,623 | 99,773 | 48,623 | 36,234 | |||||||||||||||||||||||
5,899,451 | 5,389,785 | 5,650,763 | 632,332 | 18,293 | 60,968 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
7,279,034 | 7,292,312 | 8,177,300 | 1,905,227 | 2,423,610 | 1,869,453 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
$ | 10.77 | $ | 11.40 | $ | 9.72 | $ | 10.63 | $ | 12.08 | $ | 12.25 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
$ | 10.76 | $ | 11.40 | $ | 9.72 | $ | 10.54 | $ | 11.85 | $ | 11.79 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
$ | 10.69 | $ | 11.40 | $ | 9.73 | $ | 10.76 | $ | 12.17 | $ | 12.28 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
2.00 | % | 2.00 | % | 2.00 | % | 5.75 | % | 5.75 | % | 5.75 | % | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
$ | 10.99 | $ | 11.63 | $ | 9.92 | $ | 11.28 | $ | 12.82 | $ | 13.00 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
$ | 76,741,164 | $ | 81,552,375 | $ | 78,133,652 | $ | 19,793,755 | $ | 253,584 | $ | 408,379 | |||||||||||||||||
$ | | $ | | $ | | $ | | $ | 25,912,241 | $ | 19,442,664 |
121
Sterling Capital Funds
|
Statements of Operations |
For the year Ended September 30, 2018 |
Sterling Capital Behavioral Large Cap Value Equity Fund |
Sterling Capital Mid Value Fund | |||||||||
Investment Income: |
||||||||||
Dividend income |
7,263,861 | 7,153,652 | ||||||||
Foreign tax withholding |
| | ||||||||
|
|
|
|
|||||||
Total investment income |
7,263,861 | 7,153,652 | ||||||||
|
|
|
|
|||||||
Expenses: |
||||||||||
Investment advisory fees (See Note 6) |
1,418,500 | 4,954,466 | ||||||||
Administration fees (See Note 6) |
253,589 | 569,469 | ||||||||
Distribution fees - Class A Shares (See Note 6) |
84,604 | 81,466 | ||||||||
Distribution fees - Class C Shares (See Note 6) |
9,284 | 43,474 | ||||||||
Distribution fees - Class R Shares (See Note 6) |
| 11 | ||||||||
Compliance service fees (See Note 6) |
2,945 | 6,921 | ||||||||
Trustee fees |
25,306 | 58,572 | ||||||||
Accounting and out-of-pocket fees |
11,727 | 18,949 | ||||||||
Audit fees |
25,794 | 57,972 | ||||||||
Custodian fees |
14,865 | 33,322 | ||||||||
Fund accounting fees (See Note 6) |
23,642 | 53,084 | ||||||||
Interest expense (See Note 8) |
| | ||||||||
Legal fees |
33,900 | 77,863 | ||||||||
Printing fees |
18,974 | 46,068 | ||||||||
Registration fees |
42,656 | 59,683 | ||||||||
Transfer agent fees (See Note 6) |
71,578 | 512,383 | ||||||||
Other fees |
25,296 | 47,491 | ||||||||
|
|
|
|
|||||||
Total expenses before waivers |
2,062,660 | 6,621,194 | ||||||||
Less expenses waived by the Investment Advisor (See Note 6) |
| | ||||||||
Less expenses waived by the Administrator (See Note 6) |
(54,966 | ) | (130,510 | ) | ||||||
|
|
|
|
|||||||
Net expenses |
2,007,694 | 6,490,684 | ||||||||
|
|
|
|
|||||||
Net investment income (loss) |
5,256,167 | 662,968 | ||||||||
|
|
|
|
|||||||
Realized and Unrealized Gain (Loss): |
||||||||||
Net realized gain (loss) from: |
||||||||||
Investments |
28,260,872 | 47,322,662 | ||||||||
Written options |
| | ||||||||
Foreign currency transactions |
| | ||||||||
Change in unrealized appreciation/depreciation on: |
||||||||||
Investments |
(421,809 | ) | 2,857,171 | |||||||
Written options |
| | ||||||||
Foreign currency transactions |
| | ||||||||
|
|
|
|
|||||||
Total realized and unrealized gain (loss) |
27,839,063 | 50,179,833 | ||||||||
|
|
|
|
|||||||
Change in net assets from operations |
$ | 33,095,230 | $ | 50,842,801 | ||||||
|
|
|
|
See accompanying Notes to the Financial Statements.
122
|
|
|
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 | |||||||||||||||||||||||
4,485,260 | $ | 13,591,072 | 43,812,236 | 3,473,840 | 61,463 | 920,377 | ||||||||||||||||||||||
(501 | ) | (7,624 | ) | (523,803 | ) | (274,052 | ) | (588 | ) | (3,138 | ) | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
4,484,759 | 13,583,448 | 43,288,433 | 3,199,788 | 60,875 | 917,239 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
1,389,188 | 7,586,696 | 8,838,157 | 506,433 | 64,721 | 475,877 | |||||||||||||||||||||||
186,239 | 938,949 | 1,292,670 | 67,906 | 7,439 | 54,690 | |||||||||||||||||||||||
22,572 | 842,861 | 834,437 | 1,680 | 8,142 | 266 | |||||||||||||||||||||||
1,832 | 1,457,811 | 2,182,705 | 617 | 14,200 | 14 | |||||||||||||||||||||||
252 | 1,325 | 16,236 | | | | |||||||||||||||||||||||
2,289 | 11,425 | 16,008 | 1,097 | 489 | 1,092 | |||||||||||||||||||||||
18,264 | 96,005 | 132,122 | 6,784 | 770 | 5,641 | |||||||||||||||||||||||
14,157 | 28,729 | 38,914 | 33,483 | 2,772 | 4,982 | |||||||||||||||||||||||
18,958 | 95,494 | 131,839 | 6,877 | 682 | 5,548 | |||||||||||||||||||||||
10,928 | 55,030 | 75,657 | 31,142 | 436 | 3,221 | |||||||||||||||||||||||
17,365 | 87,539 | 120,520 | 6,330 | 693 | 5,099 | |||||||||||||||||||||||
| | 3,020 | 204 | | | |||||||||||||||||||||||
24,836 | 128,417 | 178,104 | 8,964 | 1,107 | 7,605 | |||||||||||||||||||||||
14,475 | 75,103 | 101,213 | 5,374 | 1,217 | 4,783 | |||||||||||||||||||||||
35,035 | 99,382 | 74,643 | 7,655 | 3,099 | 20,571 | |||||||||||||||||||||||
62,339 | 770,964 | 1,313,882 | 17,684 | 8,960 | 47,919 | |||||||||||||||||||||||
20,565 | 71,678 | 97,112 | 20,729 | 3,482 | 8,169 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
1,839,294 | 12,347,408 | 15,447,239 | 722,959 | 118,209 | 645,477 | |||||||||||||||||||||||
| | | (168,811 | ) | (22,698 | ) | | |||||||||||||||||||||
(48,013 | ) | (118,528 | ) | (160,073 | ) | (13,082 | ) | | | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
1,791,281 | 12,228,880 | 15,287,166 | 541,066 | 95,511 | 645,477 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
2,693,478 | 1,354,568 | 28,001,267 | 2,658,722 | (34,636 | ) | 271,762 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
25,196,365 | 94,144,139 | 155,810,534 | 3,061,628 | 35,926 | 4,739,674 | |||||||||||||||||||||||
| 484,147 | 321,432 | | | | |||||||||||||||||||||||
| | | (76,103 | ) | | | ||||||||||||||||||||||
(15,060,171 | ) | 89,731,290 | 46,082,607 | (6,854,855 | ) | 672,203 | 52,071 | |||||||||||||||||||||
| 323,969 | 62,202 | | | | |||||||||||||||||||||||
| | | (5,967 | ) | | | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
10,136,194 | 184,683,545 | 202,276,775 | (3,875,297 | ) | 708,129 | 4,791,745 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
$ | 12,829,672 | $ | 186,038,113 | $ | 230,278,042 | $ | (1,216,575 | ) | $ | 673,493 | $ | 5,063,507 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
123
Sterling Capital Funds
|
Statements of Operations |
For the year Ended September 30, 2018 |
Sterling Capital Stratton Real Estate Fund |
Sterling Capital Stratton Small Cap Value Fund |
Sterling Capital Ultra Short Bond Fund |
Sterling Capital Short Duration Bond Fund | |||||||||||||||||
Investment Income: |
||||||||||||||||||||
Interest income |
| $ | | $ | 770,972 | $ | 2,657,279 | |||||||||||||
Dividend income |
$ | 2,788,374 | 16,734,204 | 13,908 | 24,918 | |||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Total investment income |
2,788,374 | 16,734,204 | 784,880 | 2,682,197 | ||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Expenses: |
||||||||||||||||||||
Investment advisory fees (See Note 6) |
530,148 | 10,761,717 | 76,354 | 306,819 | ||||||||||||||||
Administration fees (See Note 6) |
74,183 | 1,018,450 | 30,719 | 82,222 | ||||||||||||||||
Distribution fees - Class A Shares (See Note 6) |
795 | 2,800 | 14,186 | 12,407 | ||||||||||||||||
Distribution fees - Class C Shares (See Note 6) |
791 | 1,102 | | 12,743 | ||||||||||||||||
Distribution fees - Class R Shares (See Note 6) |
| | | | ||||||||||||||||
Compliance service fees (See Note 6) |
1,335 | 13,327 | 797 | 1,432 | ||||||||||||||||
Trustee fees |
7,804 | 103,589 | 3,265 | 8,080 | ||||||||||||||||
Accounting and out-of-pocket fees |
4,900 | 31,870 | 22,000 | 29,362 | ||||||||||||||||
Audit fees |
7,320 | 105,815 | 3,154 | 8,355 | ||||||||||||||||
Custodian fees |
4,344 | 60,211 | 1,865 | 4,850 | ||||||||||||||||
Fund accounting fees (See Note 6) |
6,915 | 94,956 | 2,863 | 7,671 | ||||||||||||||||
Interest expense (See Note 8) |
51 | | | 4 | ||||||||||||||||
Legal fees |
10,307 | 140,270 | 4,263 | 11,303 | ||||||||||||||||
Printing fees |
6,555 | 78,502 | 2,683 | 6,332 | ||||||||||||||||
Registration fees |
24,467 | 45,741 | 27,881 | 30,141 | ||||||||||||||||
Transfer agent fees (See Note 6) |
63,507 | 926,464 | 11,598 | 31,991 | ||||||||||||||||
Other fees |
9,831 | 52,398 | 6,729 | 9,512 | ||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Total expenses before waivers |
753,253 | 13,437,212 | 208,357 | 563,224 | ||||||||||||||||
Less expenses waived by the Investment Advisor (See Note 6) |
| (429,913 | ) | (38,177 | ) | (102,273 | ) | |||||||||||||
Less expenses waived by the Administrator (See Note 6) |
| | | | ||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Net expenses |
753,253 | 13,007,299 | 170,180 | 460,951 | ||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Net investment income |
2,035,121 | 3,726,905 | 614,700 | 2,221,246 | ||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Realized and Unrealized Gain (Loss): |
||||||||||||||||||||
Net realized gain (loss) from: |
||||||||||||||||||||
Investments |
2,932,979 | 106,702,424 | (53,414 | ) | (189,432 | ) | ||||||||||||||
Change in unrealized appreciation/depreciation on investments |
433,930 | (17,527,452 | ) | (14,558 | ) | (983,819 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Total realized and unrealized gain |
3,366,909 | 89,174,972 | (67,972 | ) | (1,173,251 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Change in net assets from operations |
$ | 5,402,030 | $ | 92,901,877 | $ | 546,728 | $ | 1,047,995 | ||||||||||||
|
|
|
|
|
|
|
|
See accompanying Notes to the Financial Statements.
124
|
|
|
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 | |||||||||||||||||||
$ | 538,103 | $ | 37,689,641 | $ | 1,078,404 | $ | 1,348,587 | $ | 343,049 | ||||||||||||||
6,284 | 363,010 | 5,639 | 6,168 | 6,107 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||||
544,387 | 38,052,651 | 1,084,043 | 1,354,755 | 349,156 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||||
66,115 | 4,301,010 | 99,378 | 133,645 | 42,479 | |||||||||||||||||||
16,621 | 935,098 | 22,842 | 30,721 | 9,765 | |||||||||||||||||||
12,010 | 181,063 | 981 | 122 | 9,793 | |||||||||||||||||||
5,108 | 74,289 | 424 | 332 | 15 | |||||||||||||||||||
| 46 | | | | |||||||||||||||||||
604 | 11,699 | 683 | 786 | 520 | |||||||||||||||||||
1,720 | 94,532 | 2,354 | 3,239 | 1,029 | |||||||||||||||||||
9,047 | 88,416 | 16,482 | 23,552 | 6,728 | |||||||||||||||||||
1,702 | 94,557 | 2,327 | 3,137 | 996 | |||||||||||||||||||
975 | 55,471 | 1,330 | 1,808 | 571 | |||||||||||||||||||
1,549 | 87,183 | 2,130 | 2,864 | 910 | |||||||||||||||||||
| | 26 | 22 | | |||||||||||||||||||
7,482 | 135,277 | 3,291 | 4,445 | 1,351 | |||||||||||||||||||
1,811 | 73,413 | 2,092 | 2,590 | 1,244 | |||||||||||||||||||
16,982 | 56,692 | 15,039 | 15,996 | 9,971 | |||||||||||||||||||
7,589 | 658,362 | 6,552 | 8,361 | 3,499 | |||||||||||||||||||
5,183 | 67,157 | 5,547 | 5,815 | 3,485 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||||
154,498 | 6,914,265 | 181,478 | 237,435 | 92,356 | |||||||||||||||||||
(2,541 | ) | (1,383,726 | ) | | (15,274 | ) | | ||||||||||||||||
| (147,010 | ) | | | | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||||
151,957 | 5,383,529 | 181,478 | 222,161 | 92,356 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||||
392,430 | 32,669,122 | 902,565 | 1,132,594 | 256,800 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||||
(131,836 | ) | (6,406,390 | ) | (123,986 | ) | (144,404 | ) | 70,740 | |||||||||||||||
(550,383 | ) | (34,574,914 | ) | (883,886 | ) | (1,096,353 | ) | (478,198 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||||
(682,219 | ) | (40,981,304 | ) | (1,007,872 | ) | (1,240,757 | ) | (407,458 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||||
$ | (289,789 | ) | $ | (8,312,182 | ) | $ | (105,307 | ) | $ | (108,163 | ) | $ | (150,658 | ) | |||||||||
|
|
|
|
|
|
|
|
|
|
125
Sterling Capital Funds
|
Statements of Operations |
For the year Ended September 30, 2018 |
Sterling Capital Maryland Intermediate Tax-Free Fund |
Sterling Capital North Carolina Intermediate Tax-Free Fund | |||||||||
Investment Income: |
||||||||||
Interest income |
$ | 588,267 | $ | 5,407,365 | ||||||
Dividend income - unaffiliated |
7,044 | 41,883 | ||||||||
Dividend income - affiliated* |
| | ||||||||
|
|
|
|
|||||||
Total investment income |
595,311 | 5,449,248 | ||||||||
|
|
|
|
|||||||
Expenses: |
||||||||||
Investment advisory fees (See Note 6) |
75,313 | 631,224 | ||||||||
Administration fees (See Note 6) |
17,317 | 145,120 | ||||||||
Distribution fees - Class A Shares (See Note 6) |
13,560 | 102,189 | ||||||||
Distribution fees - Class C Shares (See Note 6) |
6,310 | 39,548 | ||||||||
Compliance service fees (See Note 6) |
615 | 2,241 | ||||||||
Trustee fees |
1,865 | 15,431 | ||||||||
Accounting and out-of-pocket fees |
7,027 | 21,405 | ||||||||
Audit fees |
1,778 | 14,798 | ||||||||
Custodian fees |
1,001 | 8,375 | ||||||||
Fund accounting fees (See Note 6) |
1,614 | 13,526 | ||||||||
Interest expense (See Note 8) |
| | ||||||||
Legal fees |
2,410 | 22,935 | ||||||||
Printing fees |
1,780 | 10,856 | ||||||||
Registration fees |
12,880 | 12,149 | ||||||||
Transfer agent fees (See Note 6) |
6,785 | 56,376 | ||||||||
Other fees |
4,630 | 13,731 | ||||||||
|
|
|
|
|||||||
Total expenses before waivers |
154,885 | 1,109,904 | ||||||||
Less expenses waived by the Investment Advisor (See Note 6) |
| | ||||||||
|
|
|
|
|||||||
Net expenses |
154,885 | 1,109,904 | ||||||||
|
|
|
|
|||||||
Net investment income |
440,426 | 4,339,344 | ||||||||
|
|
|
|
|||||||
Realized and Unrealized Gain (Loss): |
||||||||||
Net realized gain (loss) from: |
||||||||||
Investments - unaffiliated |
293,987 | 11,029 | ||||||||
Investments - affiliated |
| | ||||||||
Distributions from affiliated funds |
| | ||||||||
Change in unrealized appreciation/depreciation on investments |
(986,187 | ) | (6,002,811 | ) | ||||||
|
|
|
|
|||||||
Total realized and unrealized gain |
(692,200 | ) | (5,991,782 | ) | ||||||
|
|
|
|
|||||||
Change in net assets from operations |
$ | (251,774 | ) | $ | (1,652,438 | ) | ||||
|
|
|
|
* This dividend income is derived from affiliates other than controlled companies.
See accompanying Notes to the Financial Statements.
126
|
|
|
Sterling Capital South Carolina Intermediate Tax-Free Fund |
Sterling Capital Virginia Intermediate Tax-Free Fund |
Sterling Capital West Virginia Intermediate Tax-Free Fund |
Sterling Capital Diversified Income Fund |
Sterling Capital Strategic Allocation Balanced Fund |
Sterling Capital Strategic Allocation Growth Fund | |||||||||||||||||||||||
$ | 2,235,936 | $ | 2,488,357 | $ | 2,504,330 | $ | | $ | | $ | | |||||||||||||||||
26,954 | 19,935 | 17,479 | 918,650 | 5,738 | 3,934 | |||||||||||||||||||||||
| | | | 701,026 | 507,680 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
2,262,890 | 2,508,292 | 2,521,809 | 918,650 | 706,764 | 511,614 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
298,309 | 317,513 | 300,562 | 57,349 | 75,417 | 58,984 | |||||||||||||||||||||||
68,579 | 73,005 | 69,101 | 18,460 | | | |||||||||||||||||||||||
38,170 | 59,031 | 69,373 | 34,143 | 73,300 | 56,127 | |||||||||||||||||||||||
12,880 | 8,771 | 7,262 | 11,156 | 7,022 | 4,162 | |||||||||||||||||||||||
1,276 | 1,325 | 1,280 | 630 | 704 | 637 | |||||||||||||||||||||||
7,271 | 7,819 | 7,342 | 1,963 | 2,548 | 1,987 | |||||||||||||||||||||||
13,796 | 13,193 | 12,155 | 2,031 | 2,063 | 1,910 | |||||||||||||||||||||||
6,990 | 7,471 | 7,063 | 1,911 | 2,472 | 1,928 | |||||||||||||||||||||||
3,997 | 4,226 | 4,025 | 1,083 | 1,410 | 1,105 | |||||||||||||||||||||||
6,392 | 6,804 | 6,441 | 1,721 | 2,263 | 1,770 | |||||||||||||||||||||||
| | | | 28 | 52 | |||||||||||||||||||||||
9,451 | 10,158 | 9,596 | 2,579 | 3,414 | 2,666 | |||||||||||||||||||||||
5,585 | 5,818 | 5,574 | 1,964 | 2,726 | 2,349 | |||||||||||||||||||||||
10,757 | 14,630 | 15,708 | 17,926 | 14,387 | 16,087 | |||||||||||||||||||||||
28,527 | 27,895 | 23,335 | 14,129 | 11,830 | 9,785 | |||||||||||||||||||||||
7,836 | 8,890 | 8,385 | 5,412 | 5,035 | 4,849 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
519,816 | 566,549 | 547,202 | 172,457 | 204,619 | 164,398 | |||||||||||||||||||||||
| | | (2,302 | ) | (75,416 | ) | (58,984 | ) | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
519,816 | 566,549 | 547,202 | 170,155 | 129,203 | 105,414 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
1,743,074 | 1,941,743 | 1,974,607 | 748,495 | 577,561 | 406,200 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
(17,226 | ) | 107,829 | 124,013 | 139,840 | 441 | 67 | ||||||||||||||||||||||
| | | | 233,478 | 201,380 | |||||||||||||||||||||||
| | | | 757,415 | 758,611 | |||||||||||||||||||||||
(2,585,296 | ) | (3,023,583 | ) | (2,851,084 | ) | (390,086 | ) | (419,774 | ) | (185,060 | ) | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
(2,602,522 | ) | (2,915,754 | ) | (2,727,071 | ) | (250,246 | ) | 571,560 | 774,998 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
$ | (859,448 | ) | $ | (974,011 | ) | $ | (752,464 | ) | $ | 498,249 | $ | 1,149,121 | $ | 1,181,198 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
127
Sterling Capital Funds
|
Statements of Changes in Net Assets |
Sterling Capital Behavioral Large Cap Value Equity Fund |
||||||||
For the | For the | |||||||
Year Ended | Year Ended | |||||||
September 30, | September 30, | |||||||
2018 | 2017 | |||||||
From Investment Activities: |
||||||||
Operations: |
||||||||
Net investment income |
$ | 5,256,167 | $ | 6,076,557 | ||||
Net realized gain (loss) |
28,260,872 | 19,515,133 | ||||||
Change in unrealized appreciation/depreciation |
(421,809 | ) | 25,080,854 | |||||
|
|
|
|
|||||
Change in net assets from operations |
33,095,230 | 50,672,544 | ||||||
|
|
|
|
|||||
Distributions to Shareholders*: |
||||||||
Class A |
(990,196 | ) | (491,567 | ) | ||||
Class B |
| (643 | ) | |||||
Class C |
(21,258 | ) | (8,310 | ) | ||||
Institutional Class |
(6,190,611 | ) | (4,597,729 | ) | ||||
Class R |
| | ||||||
Class R6 |
(2,717,325 | ) | | |||||
|
|
|
|
|||||
Change in net assets from shareholder distributions |
$ | (9,919,390 | ) | $ | (5,098,249 | ) | ||
|
|
|
|
|||||
Capital Transactions: |
||||||||
Change in net assets from capital transactions |
(17,023,853 | ) | (11,005,526 | ) | ||||
|
|
|
|
|||||
Change in net assets |
6,151,987 | 34,568,769 | ||||||
Net Assets: |
||||||||
Beginning of year |
306,827,488 | 272,258,719 | ||||||
|
|
|
|
|||||
End of year |
312,979,475 | 306,827,488 | ||||||
|
|
|
|
*Distribution classification for the year ended September 30, 2017 can be found in Note 2.
See accompanying Notes to the Financial Statements.
128
|
|
|
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, | |||||||||||||||||
2018 | 2017 | 2018 | 2017 | 2018 | 2017 | |||||||||||||||||
$ | 662,968 | $ | 859,274 | $ | 2,693,478 | $ | 1,965,199 | $ | 1,354,568 | $ | 1,013,494 | |||||||||||
47,322,662 | 36,656,141 | 25,196,365 | 11,740,082 | 94,628,286 | 93,847,885 | |||||||||||||||||
2,857,171 | 53,440,681 | (15,060,171 | ) | 24,476,737 | 90,055,259 | 72,606,728 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
50,842,801 | 90,956,096 | 12,829,672 | 38,182,018 | 186,038,113 | 167,468,107 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
(1,456,516 | ) | (991,131 | ) | (376,877 | ) | (48,544 | ) | (28,254,937 | ) | (6,462,864 | ) | |||||||||||
| (7,484 | ) | | (127 | ) | | (26,525 | ) | ||||||||||||||
(215,133 | ) | (179,472 | ) | (6,737 | ) | (1,321 | ) | (14,014,589 | ) | (3,913,050 | ) | |||||||||||
(30,863,123 | ) | (17,545,255 | ) | (9,282,877 | ) | (1,042,074 | ) | (54,218,748 | ) | (10,812,975 | ) | |||||||||||
(80 | ) | (6 | ) | (1,463 | ) | (1 | ) | (31,772 | ) | (8,322 | ) | |||||||||||
| | | | (3 | ) | | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
$ | (32,534,852 | ) | $ | (18,723,348 | ) | $ | (9,667,954 | ) | $ | (1,092,067 | ) | $ | (96,520,049 | ) | $ | (21,223,736 | ) | |||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
(45,226,819 | ) | 10,626,377 | 17,982,337 | 14,214,014 | (33,823,588 | ) | (121,666,902 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
(26,918,870 | ) | 82,859,125 | 21,144,055 | 51,303,965 | 55,694,476 | 24,577,469 | ||||||||||||||||
670,734,174 | 587,875,049 | 217,908,265 | 166,604,300 | 1,146,242,300 | 1,121,664,831 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
643,815,304 | 670,734,174 | 239,052,320 | 217,908,265 | 1,201,936,776 | 1,146,242,300 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
129
Sterling Capital Funds
|
Statements of Changes in Net Assets (continued) |
Sterling Capital Equity Income Fund |
||||||||
For the | For the | |||||||
Year Ended | Year Ended | |||||||
September 30, | September 30, | |||||||
2018 | 2017 | |||||||
From Investment Activities: |
||||||||
Operations: |
||||||||
Net investment income (loss) |
$ | 28,001,267 | $ | 29,168,293 | ||||
Net realized gain (loss) |
156,131,966 | 145,082,928 | ||||||
Change in unrealized appreciation/depreciation |
46,144,809 | 66,729,281 | ||||||
|
|
|
|
|||||
Change in net assets from operations |
230,278,042 | 240,980,502 | ||||||
|
|
|
|
|||||
Distributions to Shareholders**: |
||||||||
Class A |
(36,580,437 | ) | (8,685,632 | ) | ||||
Class B |
| (4,371 | ) | |||||
Class C |
(22,777,251 | ) | (3,262,746 | ) | ||||
Institutional Class |
(108,613,745 | ) | (21,027,721 | ) | ||||
Class R |
(380,583 | ) | (54,242 | ) | ||||
Class R6 |
(3,308,989 | ) | | |||||
|
|
|
|
|||||
Change in net assets from shareholder distributions |
(171,661,005 | ) | (33,034,712 | ) | ||||
|
|
|
|
|||||
Capital Transactions: |
||||||||
Change in net assets from capital transactions |
47,058,558 | (326,246,229 | ) | |||||
|
|
|
|
|||||
Change in net assets |
105,675,595 | (118,300,439 | ) | |||||
Net Assets: |
||||||||
Beginning of period |
1,567,210,785 | 1,685,511,224 | ||||||
|
|
|
|
|||||
End of period |
$ | 1,672,886,380 | $ | 1,567,210,785 | ||||
|
|
|
|
* Commencement of operations was October 3, 2016.
**Distribution classification for the year ended September 30, 2017 can be found in Note 2.
See accompanying Notes to the Financial Statements.
130
|
|
|
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 | Period Ended | Year Ended | Year Ended | |||||||||||||||||
September 30, | September 30, | September 30, | September 30, | September 30, | September 30, | |||||||||||||||||
2018 | 2017 | 2018 | 2017* | 2018 | 2017 | |||||||||||||||||
$ 2,658,722 | $ | 1,914,461 | $ | (34,636 | ) | $ | (2,567 | ) | $ | 271,762 | $ | 202,233 | ||||||||||
2,985,525 | 2,312,708 | 35,926 | 151,598 | 4,739,674 | 2,543,953 | |||||||||||||||||
(6,860,822 | ) | 11,631,146 | 672,203 | 1,092,348 | 52,071 | 8,606,305 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
(1,216,575 | ) | 15,858,315 | 673,493 | 1,241,379 | 5,063,507 | 11,352,491 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
(18,632 | ) | (5,337 | ) | (67,906 | ) | (1,611 | ) | (3,985 | ) | (375 | ) | |||||||||||
| | | | | | |||||||||||||||||
(1,747 | ) | (451 | ) | (23,727 | ) | | (45 | ) | (5 | ) | ||||||||||||
(3,136,628 | ) | (1,170,042 | ) | (97,308 | ) | (4,317 | ) | (2,556,507 | ) | (379,324 | ) | |||||||||||
| | | | | | |||||||||||||||||
| | | | | | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
(3,157,007 | ) | (1,175,830) | (188,941 | ) | (5,928 | ) | (2,560,537 | ) | (379,704 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
4,887,175 | (2,592,999 | ) | (1,165,195 | ) | 8,676,432 | (1,980,103 | ) | (8,367,488 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
513,593 | 12,089,486 | (680,643 | ) | 9,911,883 | 522,867 | 2,605,299 | ||||||||||||||||
82,445,020 | 70,355,534 | 9,911,883 | | 66,138,798 | 63,533,499 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
$82,958,613 | $ | 82,445,020 | $ | 9,231,240 | $ | 9,911,883 | $ | 66,661,665 | $ | 66,138,798 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
131
Sterling Capital Funds
|
Statements of Changes in Net Assets (continued) |
Sterling Capital Stratton Real Estate Fund |
||||||||
For the | For the | |||||||
Year Ended | Year Ended | |||||||
September 30, | September 30, | |||||||
2018 | 2017 | |||||||
From Investment Activities: |
||||||||
Operations: |
||||||||
Net investment income |
$ | 2,035,121 | $ | 2,122,913 | ||||
Net realized gain |
2,932,979 | 2,939,296 | ||||||
Change in unrealized appreciation/depreciation |
433,930 | (4,404,129 | ) | |||||
|
|
|
|
|||||
Change in net assets from operations |
5,402,030 | 658,080 | ||||||
|
|
|
|
|||||
Distributions to Shareholders*: |
||||||||
Class A |
(14,105 | ) | (11,005 | ) | ||||
Class C |
(2,786 | ) | (1,463 | ) | ||||
Institutional Class |
(4,544,554 | ) | (7,361,695 | ) | ||||
|
|
|
|
|||||
Change in net assets from shareholder distributions |
(4,561,445 | ) | (7,374,163 | ) | ||||
|
|
|
|
|||||
Capital Transactions: |
||||||||
Change in net assets from capital transactions |
(5,285,085 | ) | (1,541,548 | ) | ||||
Redemption Fees |
| | ||||||
|
|
|
|
|||||
Change in net assets |
(4,444,500 | ) | (8,257,631 | ) | ||||
Net Assets: |
||||||||
Beginning of period |
96,565,589 | 104,823,220 | ||||||
|
|
|
|
|||||
End of period |
$ | 92,121,089 | $ | 96,565,589 | ||||
|
|
|
|
*Distribution classification for the year ended September 30, 2017 can be found in Note 2.
See accompanying Notes to the Financial Statements.
132
|
|
|
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, | |||||||||||
2018 | 2017 | 2018 | 2017 | |||||||||||
$ | 3,726,905 | $ | 2,337,308 | $ | 614,700 | $ | 424,144 | |||||||
106,702,424 | 82,152,610 | (53,414 | ) | 5,950 | ||||||||||
(17,527,452 | ) | 147,809,607 | (14,558 | ) | 118,167 | |||||||||
|
|
|
|
|
|
|
|
|||||||
92,901,877 | 232,299,525 | 546,728 | 548,261 | |||||||||||
|
|
|
|
|
|
|
|
|||||||
(49,681 | ) | (8,602 | ) | (90,901 | ) | (71,543 | ) | |||||||
(9,281 | ) | (3,494 | ) | | | |||||||||
(103,370,613 | ) | (63,427,909 | ) | (602,875 | ) | (630,638 | ) | |||||||
|
|
|
|
|
|
|
|
|||||||
(103,429,575 | ) | (63,440,005 | ) | (693,776 | ) | (702,181 | ) | |||||||
|
|
|
|
|
|
|
|
|||||||
125,085,570 | (197,746,684 | ) | (11,394,380 | ) | (21,737,857 | ) | ||||||||
| 1,457 | | | |||||||||||
|
|
|
|
|
|
|
|
|||||||
114,557,872 | (28,885,707 | ) | (11,541,428 | ) | (21,891,777 | ) | ||||||||
1,184,610,737 | 1,213,496,444 | 38,541,609 | 60,433,386 | |||||||||||
|
|
|
|
|
|
|
|
|||||||
$ | 1,299,168,609 | $ | 1,184,610,737 | $ | 27,000,181 | $ | 38,541,609 | |||||||
|
|
|
|
|
|
|
|
133
Sterling Capital Funds
|
Statements of Changes in Net Assets (continued) |
Sterling Capital Short Duration Bond Fund |
||||||||
For the | For the | |||||||
Year Ended | Year Ended | |||||||
September 30, | September 30, | |||||||
2018 | 2017 | |||||||
From Investment Activities: |
||||||||
Operations: |
||||||||
Net investment income |
$ | 2,221,246 | $ | 1,092,466 | ||||
Net realized gain (loss) |
(189,432 | ) | (87,137 | ) | ||||
Change in unrealized appreciation/depreciation |
(983,819 | ) | 33,904 | |||||
|
|
|
|
|||||
Change in net assets from operations |
1,047,995 | 1,039,233 | ||||||
|
|
|
|
|||||
Distributions to Shareholders*: |
||||||||
Class A |
(125,174 | ) | (156,953 | ) | ||||
Class B |
| | ||||||
Class C |
(22,585 | ) | (29,145 | ) | ||||
Institutional Class |
(2,667,343 | ) | (1,953,116 | ) | ||||
Class R |
| | ||||||
Class R6 |
| | ||||||
|
|
|
|
|||||
Change in net assets from shareholder distributions |
(2,815,102 | ) | (2,139,214 | ) | ||||
|
|
|
|
|||||
Capital Transactions: |
||||||||
Change in net assets from capital transactions |
59,370,236 | (10,733,229 | ) | |||||
|
|
|
|
|||||
Change in net assets |
57,603,129 | (11,833,210 | ) | |||||
Net Assets: |
||||||||
Beginning of period |
74,758,638 | 86,591,848 | ||||||
|
|
|
|
|||||
End of period |
$ | 132,361,767 | $ | 74,758,638 | ||||
|
|
|
|
*Distribution classification for the year ended September 30, 2017 can be found in Note 2.
See accompanying Notes to the Financial Statements.
134
|
|
|
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, | |||||||||||||||||
2018 | 2017 | 2018 | 2017 | 2018 | 2017 | |||||||||||||||||
$ | 392,430 | $ | 422,930 | $ | 32,669,122 | $ | 21,373,848 | $ | 902,565 | $ | 936,402 | |||||||||||
(131,836 | ) | (326 | ) | (6,406,390 | ) | 1,138,610 | (123,986 | ) | 191,973 | |||||||||||||
(550,383 | ) | (716,174 | ) | (34,574,914 | ) | (9,697,355 | ) | (883,886 | ) | (442,237 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
(289,789 | ) | (293,570 | ) | (8,312,182 | ) | 12,815,103 | (105,307 | ) | 686,138 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
(129,138 | ) | (126,044 | ) | (2,065,674 | ) | (1,963,457 | ) | (14,226 | ) | (13,808 | ) | |||||||||||
| (281 | ) | | (2,480 | ) | | | |||||||||||||||
(9,904 | ) | (8,445 | ) | (156,059 | ) | (160,528 | ) | (1,207 | ) | (1,129 | ) | |||||||||||
(445,387 | ) | (415,985 | ) | (29,603,997 | ) | (25,297,071 | ) | (1,073,071 | ) | (1,036,045 | ) | |||||||||||
| | (248 | ) | (136 | ) | | | |||||||||||||||
| | (4,164,355 | ) | | | | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
(584,429 | ) | (550,755 | ) | (35,990,333 | ) | (27,423,672 | ) | (1,088,504 | ) | (1,050,982 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
1,265,840 | (3,464,355 | ) | 186,165,642 | 303,638,901 | 2,595,179 | (2,002,949 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
391,622 | (4,308,680 | ) | 141,863,127 | 289,030,332 | 1,401,368 | (2,367,793 | ) | |||||||||||||||
22,407,205 | 26,715,885 | 1,076,692,024 | 787,661,692 | 29,886,212 | 32,254,005 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
$ | 22,798,827 | $ | 22,407,205 | $ | 1,218,555,151 | $ | 1,076,692,024 | $ | 31,287,580 | $ | 29,886,212 | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
135
Sterling Capital Funds
|
Statements of Changes in Net Assets (continued) |
Sterling Capital Securitized Opportunities Fund |
||||||||
For the | For the | |||||||
Year Ended | Year Ended | |||||||
September 30, | September 30, | |||||||
2018 | 2017 | |||||||
From Investment Activities: |
||||||||
Operations: |
||||||||
Net investment income |
$ | 1,132,594 | $ | 980,679 | ||||
Net realized gain (loss) |
(144,404 | ) | 20,227 | |||||
Change in unrealized appreciation/depreciation |
(1,096,353 | ) | (532,285 | ) | ||||
|
|
|
|
|||||
Change in net assets from operations |
(108,163 | ) | 468,621 | |||||
|
|
|
|
|||||
Distributions to Shareholders*: |
||||||||
Class A |
(1,330 | ) | (3,640 | ) | ||||
Class C |
(696 | ) | (620 | ) | ||||
Institutional Class |
(1,178,896 | ) | (1,149,450 | ) | ||||
|
|
|
|
|||||
Change in net assets from shareholder distributions |
(1,180,922 | ) | (1,153,710 | ) | ||||
|
|
|
|
|||||
Capital Transactions: |
||||||||
Change in net assets from capital transactions |
(1,232,768 | ) | (6,434,806 | ) | ||||
|
|
|
|
|||||
Change in net assets |
(2,521,853 | ) | (7,119,895 | ) | ||||
Net Assets: |
||||||||
Beginning of period |
39,660,909 | 46,780,804 | ||||||
|
|
|
|
|||||
End of period |
$ | 37,139,056 | $ | 39,660,909 | ||||
|
|
|
|
*Distribution classification for the year ended September 30, 2017 can be found in Note 2.
See accompanying Notes to the Financial Statements.
136
|
|
|
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, | |||||||||||||||||
2018 | 2017 | 2018 | 2017 | 2018 | 2017 | |||||||||||||||||
$ | 256,800 | $ | 272,123 | $ | 440,426 | $ | 568,603 | $ | 4,339,344 | $ | 4,576,412 | |||||||||||
70,740 | 32,828 | 293,987 | 90,250 | 11,029 | (1,316,007 | ) | ||||||||||||||||
(478,198 | ) | (326,097 | ) | (986,187 | ) | (730,718 | ) | (6,002,811 | ) | (3,866,576 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
(150,658 | ) | (21,146 | ) | (251,774 | ) | (71,865 | ) | (1,652,438 | ) | (606,171 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
(87,277 | ) | (141,113 | ) | (134,728 | ) | (159,348 | ) | (912,555 | ) | (1,155,319 | ) | |||||||||||
(26 | ) | (72 | ) | (11,004 | ) | (13,124 | ) | (58,619 | ) | (89,200 | ) | |||||||||||
(202,693 | ) | (294,771 | ) | (425,743 | ) | (611,052 | ) | (3,366,222 | ) | (4,041,255 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
(289,996 | ) | (435,956 | ) | (571,475 | ) | (783,524 | ) | (4,337,396 | ) | (5,285,774 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
(305,281 | ) | (401,512 | ) | (3,795,441 | ) | (7,668,981 | ) | (10,412,980 | ) | (19,198,010 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
(745,935 | ) | (858,614 | ) | (4,618,690 | ) | (8,524,370 | ) | (16,402,814 | ) | (25,089,955 | ) | |||||||||||
12,100,052 | 12,958,666 | 23,436,151 | 31,960,521 | 190,431,529 | 215,521,484 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
$ | 11,354,117 | $ | 12,100,052 | $ | 18,817,461 | $ | 23,436,151 | $ | 174,028,715 | $ | 190,431,529 | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
137
Sterling Capital Funds
|
Statements of Changes in Net Assets (continued) |
Sterling Capital South Carolina Intermediate Tax-Free Fund |
||||||||
For the | For the | |||||||
Year Ended | Year Ended | |||||||
September 30, | September 30, | |||||||
2018 | 2017 | |||||||
From Investment Activities: |
||||||||
Operations: |
||||||||
Net investment income |
$ | 1,743,074 | $ | 1,761,642 | ||||
Net realized gain |
(17,226 | ) | (582,808 | ) | ||||
Change in unrealized appreciation/depreciation |
(2,585,296 | ) | (1,138,430 | ) | ||||
|
|
|
|
|||||
Change in net assets from operations |
(859,448 | ) | 40,404 | |||||
|
|
|
|
|||||
Distributions to Shareholders*: |
||||||||
Class A |
(283,214 | ) | (304,811 | ) | ||||
Class C |
(14,253 | ) | (17,784 | ) | ||||
Institutional Class |
(1,445,607 | ) | (1,448,996 | ) | ||||
|
|
|
|
|||||
Change in net assets from shareholder distributions |
(1,743,074 | ) | (1,771,591 | ) | ||||
|
|
|
|
|||||
Capital Transactions: |
||||||||
Change in net assets from capital transactions |
(6,469,460 | ) | (4,461,832 | ) | ||||
|
|
|
|
|||||
Change in net assets |
(9,071,982 | ) | (6,193,019 | ) | ||||
Net Assets: |
||||||||
Beginning of period |
87,017,368 | 93,210,387 | ||||||
|
|
|
|
|||||
End of period |
$ | 77,945,386 | $ | 87,017,368 | ||||
|
|
|
|
*Distribution classification for the year ended September 30, 2017 can be found in Note 2.
See accompanying Notes to the Financial Statements.
138
|
|
|
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, | |||||||||||
2018 | 2017 | 2018 | 2017 | |||||||||||
$ | 1,941,743 | $ | 2,248,949 | $ | 1,974,607 | $ | 2,147,703 | |||||||
107,829 | (421,377 | ) | 124,013 | 104,033 | ||||||||||
(3,023,583 | ) | (2,441,251 | ) | (2,851,084 | ) | (2,037,191 | ) | |||||||
|
|
|
|
|
|
|
|
|||||||
(974,011 | ) | (613,679 | ) | (752,464 | ) | 214,545 | ||||||||
|
|
|
|
|
|
|
|
|||||||
(463,739 | ) | (835,282 | ) | (627,314 | ) | (850,733 | ) | |||||||
(10,664 | ) | (20,715 | ) | (10,940 | ) | (14,265 | ) | |||||||
(1,467,336 | ) | (2,263,627 | ) | (1,439,698 | ) | (1,732,476 | ) | |||||||
|
|
|
|
|
|
|
|
|||||||
(1,941,739 | ) | (3,119,624 | ) | (2,077,952 | ) | (2,597,474 | ) | |||||||
|
|
|
|
|
|
|
|
|||||||
(13,174,353 | ) | (16,896,699 | ) | (8,062,488 | ) | (9,913,424 | ) | |||||||
|
|
|
|
|
|
|
|
|||||||
(16,090,103 | ) | (20,630,002 | ) | (10,892,904 | ) | (12,296,353 | ) | |||||||
99,195,934 | 119,825,936 | 90,439,486 | 102,735,839 | |||||||||||
|
|
|
|
|
|
|
|
|||||||
$ | 83,105,831 | $ | 99,195,934 | $ | 79,546,582 | $ | 90,439,486 | |||||||
|
|
|
|
|
|
|
|
139
Sterling Capital Funds
|
Statements of Changes in Net Assets (continued) |
Sterling Capital Diversified Income Fund |
||||||||
For the | For the | |||||||
Year Ended | Year Ended | |||||||
September 30, | September 30, | |||||||
2018 | 2017 | |||||||
From Investment Activities: |
||||||||
Operations: |
||||||||
Net investment income |
$ | 748,495 | $ | 1,288,920 | ||||
Net realized gain (loss) |
139,840 | 271,905 | ||||||
Change in unrealized appreciation/depreciation |
(390,086 | ) | (530,011 | ) | ||||
|
|
|
|
|||||
Change in net assets from operations |
498,249 | 1,030,814 | ||||||
|
|
|
|
|||||
Distributions to Shareholders*: |
||||||||
Class A |
(523,412 | ) | (567,986 | ) | ||||
Class B |
| (2,237 | ) | |||||
Class C |
(34,796 | ) | (34,231 | ) | ||||
Institutional Class |
(330,547 | ) | (671,189 | ) | ||||
|
|
|
|
|||||
Change in net assets from shareholder distributions |
(888,755 | ) | (1,275,643 | ) | ||||
|
|
|
|
|||||
Capital Transactions: |
||||||||
Change in net assets from capital transactions |
(3,155,120 | ) | (18,719,549 | ) | ||||
|
|
|
|
|||||
Change in net assets |
(3,545,626 | ) | (18,964,378 | ) | ||||
Net Assets: |
||||||||
Beginning of period |
23,871,288 | 42,835,666 | ||||||
|
|
|
|
|||||
End of period |
$ | 20,325,662 | $ | 23,871,288 | ||||
|
|
|
|
*Distribution classification for the year ended September 30, 2017 can be found in Note 2.
See accompanying Notes to the Financial Statements.
140
|
|
|
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, | |||||||||||
2018 | 2017 | 2018 | 2017 | |||||||||||
$ | 577,561 | $ | 424,352 | $ | 406,200 | $ | 239,723 | |||||||
991,334 | 265,964 | 960,058 | 145,557 | |||||||||||
(419,774 | ) | 2,692,215 | (185,060 | ) | 2,709,231 | |||||||||
|
|
|
|
|
|
|
|
|||||||
1,149,121 | 3,382,531 | 1,181,198 | 3,094,511 | |||||||||||
|
|
|
|
|
|
|
|
|||||||
(651,806 | ) | (429,055 | ) | (466,835 | ) | (234,587 | ) | |||||||
| (1,247 | ) | | (931 | ) | |||||||||
(11,239 | ) | (5,300 | ) | (5,908 | ) | (2,531 | ) | |||||||
(3,510 | ) | (2,002 | ) | (16,605 | ) | (9,486 | ) | |||||||
|
|
|
|
|
|
|
|
|||||||
(666,555 | ) | (437,604 | ) | (489,348 | ) | (247,535 | ) | |||||||
|
|
|
|
|
|
|
|
|||||||
(2,290,246 | ) | (4,900,160 | ) | (1,735,373 | ) | (2,316,008 | ) | |||||||
|
|
|
|
|
|
|
|
|||||||
(1,807,680 | ) | (1,955,233 | ) | (1,043,523 | ) | 530,968 | ||||||||
31,076,244 | 33,031,477 | 23,934,262 | 23,403,294 | |||||||||||
|
|
|
|
|
|
|
|
|||||||
$ | 29,268,564 | $ | 31,076,244 | $ | 22,890,739 | $ | 23,934,262 | |||||||
|
|
|
|
|
|
|
|
141
Sterling Capital Funds
|
Statements of Changes in Net Assets |
Sterling Capital Behavioral Large Cap Value Equity Fund | ||||||||||
For the Year Ended September 30, 2018 |
For the Year Ended September 30, 2017 | |||||||||
Capital Transactions: |
||||||||||
Class A Shares: |
||||||||||
Proceeds from shares issued1 |
$ | 695,001 | $ | 674,247 | ||||||
Distributions reinvested |
967,715 | 478,214 | ||||||||
Value of shares redeemed |
(4,387,955 | ) | (2,979,194 | ) | ||||||
|
|
|
|
|||||||
Change in net assets from Class A Share transactions |
(2,725,239 | ) | (1,826,733 | ) | ||||||
Class B Shares: |
||||||||||
Proceeds from shares issued |
| | ||||||||
Distributions reinvested |
| 639 | ||||||||
Value of shares redeemed |
| (226,941 | ) | |||||||
|
|
|
|
|||||||
Change in net assets from Class B Share transactions2 |
| (226,302 | ) | |||||||
Class C Shares: |
||||||||||
Proceeds from shares issued |
10,788 | 131,224 | ||||||||
Distributions reinvested |
19,650 | 7,399 | ||||||||
Value of shares redeemed |
(176,181 | ) | (247,106 | ) | ||||||
|
|
|
|
|||||||
Change in net assets from Class C Share transactions |
(145,743 | ) | (108,483 | ) | ||||||
Institutional Shares: |
||||||||||
Proceeds from shares issued |
8,002,945 | 15,314,059 | ||||||||
Distributions reinvested |
6,159,674 | 4,569,679 | ||||||||
Value of shares redeemed |
(286,588,176 | ) | (28,727,746 | ) | ||||||
|
|
|
|
|||||||
Change in net assets from Institutional Share transactions |
(272,425,557 | ) | (8,844,008 | ) | ||||||
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 |
271,539,471 | | ||||||||
Distributions reinvested |
2,717,326 | | ||||||||
Value of shares redeemed |
(15,984,111 | ) | | |||||||
|
|
|
|
|||||||
Change in net assets from Class R6 Share transactions |
258,272,686 | | ||||||||
|
|
|
|
|||||||
Change in net assets from capital transactions |
$ | (17,023,853 | ) | $ | (11,005,526 | ) | ||||
|
|
|
|
|||||||
Share Transactions: |
||||||||||
Class A Shares: |
||||||||||
Issued1 |
31,995 | 35,125 | ||||||||
Reinvested |
44,503 | 24,525 | ||||||||
Redeemed |
(202,109 | ) | (154,626 | ) | ||||||
|
|
|
|
|||||||
Change in Class A Shares |
(125,611 | ) | (94,976 | ) | ||||||
Class B Shares: |
||||||||||
Issued |
| | ||||||||
Reinvested |
| 34 | ||||||||
Redeemed |
| (12,048 | ) | |||||||
|
|
|
|
|||||||
Change in Class B Shares2 |
| (12,014 | ) | |||||||
Class C Shares: |
||||||||||
Issued |
511 | 7,005 | ||||||||
Reinvested |
929 | 394 | ||||||||
Redeemed |
(8,454 | ) | (12,907 | ) | ||||||
|
|
|
|
|||||||
Change in Class C Shares |
(7,014 | ) | (5,508 | ) | ||||||
Institutional Shares: |
||||||||||
Issued |
362,623 | 786,049 | ||||||||
Reinvested |
282,164 | 232,754 | ||||||||
Redeemed |
(13,335,368 | ) | (1,488,771 | ) | ||||||
|
|
|
|
|||||||
Change in Institutional Shares. |
(12,690,581 | ) | (469,968 | ) | ||||||
Class R Shares: |
||||||||||
Issued |
| | ||||||||
Reinvested |
| | ||||||||
Redeemed |
| | ||||||||
|
|
|
|
|||||||
Change in Class R Shares |
| | ||||||||
|
|
|
|
|||||||
Class R6 Shares: |
||||||||||
Issued |
12,642,561 | | ||||||||
Reinvested |
123,904 | | ||||||||
Redeemed |
(724,941 | ) | | |||||||
|
|
|
|
|||||||
Change in Class R6 Shares |
12,041,524 | | ||||||||
|
|
|
|
|||||||
Change in Shares |
(781,682 | ) | (582,466 | ) | ||||||
|
|
|
|
1Includes 1,751, 1,887, 278, 8,666 shares and $33,961, $33,910, $4,737, 203,123 for the year ended September 30, 2017, due to the conversion of Class B Shares into Class A Shares for the Sterling Capital Behavioral Large Cap Value Fund, the Sterling Capital Mid Value Fund, the Sterling Capital Behavioral Small Cap Value Fund, and the Sterling Capital Special Opportunities Fund, respectively.
2Class B Shares of the Funds closed effective May 26, 2017.
See accompanying Notes to the Financial Statements.
142
|
|
|
Sterling Capital Mid Value Fund |
Sterling Capital Behavioral Small Cap Value Equity Fund |
Sterling Capital Special Opportunities Fund |
||||||||||||||||||||
For the Year Ended September 30, 2018 |
For the Year Ended September 30, 2017 |
For the Year Ended September 30, 2018 |
For the Year Ended September 30, 2017 |
For the Year Ended September 30, 2018 |
For the Year Ended September 30, 2017 |
|||||||||||||||||
$ | 1,890,208 | $ | 4,343,902 | $ | 455,475 | $ | 709,058 | $ | 26,916,779 | $ | 36,743,182 | |||||||||||
1,413,723 | 946,688 | 368,244 | 46,754 | 27,232,699 | 6,033,116 | |||||||||||||||||
(6,664,281 | ) | (7,180,262 | ) | (1,517,076 | ) | (1,958,445 | ) | (88,609,565 | ) | (95,968,887 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
(3,360,350 | ) | (1,889,672 | ) | (693,357 | ) | (1,202,633 | ) | (34,460,087 | ) | (53,192,589 | ) | |||||||||||
| 2,970 | | | | 4,346 | |||||||||||||||||
| 7,483 | | 129 | | 26,333 | |||||||||||||||||
| (299,115 | ) | | (127,631 | ) | | (1,733,762 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| (288,662 | ) | | (127,502 | ) | | (1,703,083 | ) | ||||||||||||||
316,302 | 556,357 | 19,222 | 14,347 | 9,116,398 | 14,125,863 | |||||||||||||||||
199,111 | 144,501 | 6,576 | 1,289 | 13,385,364 | 3,641,709 | |||||||||||||||||
(815,506 | ) | (2,150,491 | ) | (38,465 | ) | (252,227 | ) | (36,254,964 | ) | (69,306,861 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
(300,093 | ) | (1,449,633 | ) | (12,667 | ) | (236,591 | ) | (13,753,202 | ) | (51,539,289 | ) | |||||||||||
135,204,402 | 111,117,696 | 18,628,260 | 33,280,116 | 109,653,337 | 133,167,163 | |||||||||||||||||
30,067,843 | 16,510,873 | 9,153,125 | 1,026,322 | 45,402,061 | 9,057,456 | |||||||||||||||||
(487,070,043 | ) | (113,375,498 | ) | (191,104,113 | ) | (18,556,309 | ) | (476,418,274 | ) | (157,492,117 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
(321,797,798 | ) | 14,253,071 | (163,322,728 | ) | 15,750,129 | (321,362,876 | ) | (15,267,498 | ) | |||||||||||||
1,271 | 1,273 | 28,634 | 30,622 | 155,088 | 376,666 | |||||||||||||||||
80 | | 1,463 | | 31,773 | 3,361 | |||||||||||||||||
(9 | ) | | (1,112 | ) | (11 | ) | (289,447 | ) | (344,470 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
1,342 | 1,273 | 28,985 | 30,611 | (102,586 | ) | 35,557 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
294,949,675 | | 187,352,514 | | 352,969,195 | | |||||||||||||||||
| | | | | | |||||||||||||||||
(14,719,595 | ) | | (5,370,410 | ) | | (17,114,032 | ) | | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
280,230,080 | | 181,982,104 | | 335,855,163 | | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
$ | (45,226,819 | ) | $ | 10,626,377 | $ | 17,982,337 | $ | 14,214,014 | $ | (33,823,588 | ) | $ | (121,666,902 | ) | ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
98,778 | 241,699 | 24,245 | 41,055 | 1,086,976 | 1,609,590 | |||||||||||||||||
76,171 | 53,942 | 20,113 | 2,658 | 1,157,456 | 275,825 | |||||||||||||||||
(347,539 | ) | (398,892 | ) | (81,894 | ) | (112,752 | ) | (3,579,537 | ) | (4,179,557 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
(172,590 | ) | (103,251 | ) | (37,536 | ) | (69,039 | ) | (1,335,105 | ) | (2,294,142 | ) | |||||||||||
| 179 | | | | 224 | |||||||||||||||||
| 471 | | 7 | | 1,406 | |||||||||||||||||
| (18,447 | ) | | (7,665 | ) | | (89,431 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| (17,797 | ) | | (7,658 | ) | | (87,801 | ) | ||||||||||||||
18,696 | 34,326 | 1,061 | 864 | 441,714 | 724,893 | |||||||||||||||||
12,067 | 9,146 | 375 | 76 | 678,899 | 194,308 | |||||||||||||||||
(48,148 | ) | (132,565 | ) | (2,164 | ) | (14,914 | ) | (1,742,917 | ) | (3,507,612 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
(17,385 | ) | (89,093 | ) | (728 | ) | (13,974 | ) | (622,304 | ) | (2,588,411 | ) | |||||||||||
7,022,935 | 6,085,489 | 996,647 | 1,956,248 | 4,229,093 | 5,517,811 | |||||||||||||||||
1,594,947 | 929,668 | 495,180 | 57,919 | 1,836,334 | 396,534 | |||||||||||||||||
(25,293,509 | ) | (6,255,862 | ) | (10,649,128 | ) | (1,073,596 | ) | (18,865,288 | ) | (6,621,904 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
(16,675,627 | ) | 759,295 | (9,157,301 | ) | 940,571 | (12,799,861 | ) | (707,559 | ) | |||||||||||||
69 | 72 | 1,601 | 1,763 | 6,177 | 16,897 | |||||||||||||||||
5 | | 80 | | 1,335 | 152 | |||||||||||||||||
(1 | ) | | (59 | ) | (1 | ) | (11,754 | ) | (15,056 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
73 | 72 | 1,622 | 1,762 | (4,242 | ) | 1,993 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
15,457,973 | | 10,427,613 | | 14,092,446 | | |||||||||||||||||
| | | | | | |||||||||||||||||
(750,728 | ) | | (285,270 | ) | | (650,786 | ) | | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
14,707,245 | | 10,142,343 | | 13,441,660 | | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
(2,158,284 | ) | 549,226 | 948,400 | 851,662 | (1,319,852 | ) | (5,675,920 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
143
Sterling Capital Funds
|
Statements of Changes in Net Assets (continued) |
Sterling Capital Equity Income Fund | ||||||||||
For the
Year Ended September 30, 2018 |
For the Year Ended September 30, 2017 | |||||||||
Capital Transactions: |
||||||||||
Class A Shares: |
||||||||||
Proceeds from shares issued1 |
$ | 17,261,515 | $ | 48,847,040 | ||||||
Distributions reinvested |
34,930,386 | 7,782,389 | ||||||||
Value of shares redeemed |
(95,382,911 | ) | (230,002,765 | ) | ||||||
|
|
|
|
|||||||
Change in net assets from Class A Share transactions |
(43,191,010 | ) | (173,373,336 | ) | ||||||
Class B Shares: |
||||||||||
Proceeds from shares issued |
| 770 | ||||||||
Distributions reinvested |
| 4,275 | ||||||||
Value of shares redeemed |
| (1,485,282 | ) | |||||||
|
|
|
|
|||||||
Change in net assets from Class B Share transactions2 |
| (1,480,237 | ) | |||||||
Class C Shares: |
||||||||||
Proceeds from shares issued |
10,292,839 | 9,106,010 | ||||||||
Distributions reinvested |
22,170,768 | 3,019,207 | ||||||||
Value of shares redeemed |
(65,951,870 | ) | (82,332,579 | ) | ||||||
|
|
|
|
|||||||
Change in net assets from Class C Share transactions |
(33,488,263 | ) | (70,207,362 | ) | ||||||
Institutional Shares: |
||||||||||
Proceeds from shares issued |
199,599,403 | 247,053,532 | ||||||||
Distributions reinvested |
91,165,619 | 17,810,637 | ||||||||
Value of shares redeemed |
(455,884,460 | ) | (347,435,423 | ) | ||||||
|
|
|
|
|||||||
Change in net assets from Institutional Share transactions |
(165,119,438 | ) | (82,571,254 | ) | ||||||
Class R Shares: |
||||||||||
Proceeds from shares issued |
168,020 | 1,451,626 | ||||||||
Distributions reinvested |
380,583 | 54,243 | ||||||||
Value of shares redeemed |
(1,773,434 | ) | (119,909 | ) | ||||||
|
|
|
|
|||||||
Change in net assets from Class R Share transactions |
(1,224,831 | ) | 1,385,960 | |||||||
Class R6 Shares: |
||||||||||
Proceeds from shares issued |
303,183,215 | | ||||||||
Distributions reinvested |
3,308,989 | | ||||||||
Value of shares redeemed |
(16,410,104 | ) | | |||||||
|
|
|
|
|||||||
Change in net assets from Class R6 Share transactions |
290,082,100 | | ||||||||
|
|
|
|
|||||||
Change in net assets from capital transactions |
$ | 47,058,558 | $ | (326,246,229 | ) | |||||
|
|
|
|
|||||||
Share Transactions: |
||||||||||
Class A Shares: |
||||||||||
Issued1 |
832,543 | 2,573,771 | ||||||||
Reinvested |
1,729,173 | 398,999 | ||||||||
Redeemed |
(4,607,856 | ) | (11,799,496 | ) | ||||||
|
|
|
|
|||||||
Change in Class A Shares |
(2,046,140 | ) | (8,826,726 | ) | ||||||
Class B Shares: |
||||||||||
Issued |
| 40 | ||||||||
Reinvested |
| 226 | ||||||||
Redeemed |
| (77,845 | ) | |||||||
|
|
|
|
|||||||
Change in Class B Shares2 |
| (77,579 | ) | |||||||
Class C Shares: |
||||||||||
Issued |
501,096 | 483,859 | ||||||||
Reinvested |
1,109,613 | 156,743 | ||||||||
Redeemed |
(3,214,105 | ) | (4,278,567 | ) | ||||||
|
|
|
|
|||||||
Change in Class C Shares |
(1,603,396 | ) | (3,637,965 | ) | ||||||
Institutional Shares: |
||||||||||
Issued |
9,619,889 | 12,693,555 | ||||||||
Reinvested |
4,497,406 | 907,290 | ||||||||
Redeemed |
(22,736,323 | ) | (18,052,683 | ) | ||||||
|
|
|
|
|||||||
Change in Institutional Shares |
(8,619,028 | ) | (4,451,838 | ) | ||||||
Class R Shares: |
||||||||||
Issued |
8,149 | 76,183 | ||||||||
Reinvested |
18,990 | 2,778 | ||||||||
Redeemed |
(86,486 | ) | (6,124 | ) | ||||||
|
|
|
|
|||||||
Change in Class R Shares |
(59,347 | ) | 72,837 | |||||||
|
|
|
|
|||||||
Class R6 Shares: |
||||||||||
Issued |
15,336,819 | | ||||||||
Reinvested |
158,621 | | ||||||||
Redeemed |
(788,118 | ) | | |||||||
|
|
|
|
|||||||
Change in Class R6 Shares |
14,707,322 | | ||||||||
|
|
|
|
|||||||
Change in Shares |
2,379,411 | (16,921,271 | ) | |||||||
|
|
|
|
* Commencement of operations was October 3, 2016.
1Includes 4,692 shares and $91,822 for the year ended September 30, 2017, due to the conversion of Class B Shares into Class A Shares for the Sterling Capital Equity Income Fund.
2Class B Shares of the Sterling Capital Equity Income Fund closed effective May 26, 2017.
See accompanying Notes to the Financial Statements.
144
|
|
|
Sterling Capital Behavioral International Equity Fund |
Sterling Capital SMID Opportunities Fund |
Sterling Capital Stratton Mid Cap Value Fund |
||||||||||||||||||||
For the Year Ended September 30, 2018 |
For the Year Ended September 30, 2017 |
For the Year Ended September 30, 2018 |
For
the Period Ended September 30, 2017* |
For the Year Ended September 30, 2018 |
For the Year Ended September 30, 2017 |
|||||||||||||||||
$ | 548,941 | $ | 92,688 | $ | 1,043,516 | $ | 4,430,264 | $ | 6,558 | $ | 81,511 | |||||||||||
18,535 | 5,263 | 67,890 | 1,331 | 3,985 | 375 | |||||||||||||||||
(207,111 | ) | (28,072 | ) | (2,399,337 | ) | (812,537 | ) | (15,201 | ) | (6,574 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
360,365 | 69,879 | (1,287,931 | ) | 3,619,058 | (4,658 | ) | 75,312 | |||||||||||||||
| | | | | | |||||||||||||||||
| | | | | | |||||||||||||||||
| | | | | | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| | | | | | |||||||||||||||||
3,957 | 28,100 | 241,260 | 1,613,608 | | | |||||||||||||||||
1,747 | 451 | 23,727 | | | | |||||||||||||||||
(38 | ) | (26,807 | ) | (280,538 | ) | (373,570 | ) | | | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
5,666 | 1,744 | (15,551 | ) | 1,240,038 | | | ||||||||||||||||
3,376,195 | 125,675 | 317,828 | 4,607,084 | 2,447,622 | 836,470 | |||||||||||||||||
2,644,718 | 886,316 | 97,308 | 4,026 | 2,411,974 | 361,848 | |||||||||||||||||
(67,284,550 | ) | (3,676,613 | ) | (276,849 | ) | (793,774 | ) | (6,835,041 | ) | (9,641,118 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
(61,263,637 | ) | (2,664,622 | ) | 138,287 | 3,817,336 | (1,975,445 | ) | (8,442,800 | ) | |||||||||||||
| | | | | | |||||||||||||||||
| | | | | | |||||||||||||||||
| | | | | | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| | | | | | |||||||||||||||||
65,784,781 | | | | | | |||||||||||||||||
| | | | | | |||||||||||||||||
| | | | | | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
65,784,781 | | | | | | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
$ | 4,887,175 | $ | (2,592,999 | ) | $ | (1,165,195 | ) | $ | 8,676,432 | $ | (1,980,103 | ) | $ | (8,367,488 | ) | |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
46,928 | 8,840 | 88,686 | 419,022 | 97 | 1,383 | |||||||||||||||||
1,571 | 550 | 5,887 | 127 | 59 | 6 | |||||||||||||||||
(17,810 | ) | (2,603 | ) | (207,677 | ) | (75,383 | ) | (229 | ) | (106 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
30,689 | 6,787 | (113,104 | ) | 343,766 | (73 | ) | 1,283 | |||||||||||||||
| | | | | | |||||||||||||||||
| | | | | | |||||||||||||||||
| | | | | | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| | | | | | |||||||||||||||||
329 | 2,840 | 20,618 | 154,551 | | | |||||||||||||||||
149 | 47 | 2,064 | | | | |||||||||||||||||
(3 | ) | (2,697 | ) | (23,963 | ) | (33,328 | ) | | | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
475 | 190 | (1,281 | ) | 121,223 | | | ||||||||||||||||
277,788 | 11,739 | 27,509 | 453,247 | 35,437 | 13,831 | |||||||||||||||||
224,238 | 92,711 | 8,450 | 384 | 35,512 | 6,147 | |||||||||||||||||
(5,740,263 | ) | (361,180 | ) | (23,400 | ) | (74,676 | ) | (100,081 | ) | (161,321 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
(5,238,237 | ) | (256,730 | ) | 12,559 | 378,955 | (29,132 | ) | (141,343 | ) | |||||||||||||
| | | | | | |||||||||||||||||
| | | | | | |||||||||||||||||
| | | | | | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| | | | | | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
5,614,888 | | | | | | |||||||||||||||||
| | | | | | |||||||||||||||||
| | | | | | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
5,614,888 | | | | | | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
407,815 | (249,753 | ) | (101,826 | ) | 843,944 | (29,205 | ) | (140,060 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
145
Sterling Capital Funds
|
Statements of Changes in Net Assets (continued) |
Sterling Capital Stratton Real Estate Fund | ||||||||||
For the Year Ended September 30, 2018 |
For the Year Ended September 30, 2017 | |||||||||
Capital Transactions: |
||||||||||
Class A Shares: |
||||||||||
Proceeds from shares issued |
$ | 199,930 | $ | 202,166 | ||||||
Distributions reinvested |
12,636 | 10,702 | ||||||||
Value of shares redeemed |
(118,705 | ) | (18,317 | ) | ||||||
|
|
|
|
|||||||
Change in net assets from Class A Share transactions |
93,861 | 194,551 | ||||||||
Class C Shares: |
||||||||||
Proceeds from shares issued |
38,003 | 45,614 | ||||||||
Distributions reinvested |
2,786 | 1,259 | ||||||||
Value of shares redeemed |
(8,746 | ) | (1,266 | ) | ||||||
|
|
|
|
|||||||
Change in net assets from Class C Share transactions |
32,043 | 45,607 | ||||||||
Institutional Shares: |
||||||||||
Proceeds from shares issued |
6,722,737 | 13,015,551 | ||||||||
Distributions reinvested |
4,044,383 | 6,438,662 | ||||||||
Value of shares redeemed |
(16,178,109 | ) | (21,235,919 | ) | ||||||
|
|
|
|
|||||||
Change in net assets from Institutional Share transactions |
(5,410,989 | ) | (1,781,706 | ) | ||||||
|
|
|
|
|||||||
Change in net assets from capital transactions |
$ | (5,285,085 | ) | $ | (1,541,548 | ) | ||||
|
|
|
|
|||||||
Share Transactions: |
||||||||||
Class A Shares: |
||||||||||
Issued |
5,304 | 5,445 | ||||||||
Reinvested |
341 | 296 | ||||||||
Redeemed |
(3,210 | ) | (493 | ) | ||||||
|
|
|
|
|||||||
Change in Class A Shares |
2,435 | 5,248 | ||||||||
Class C Shares: |
||||||||||
Issued |
1,049 | 1,239 | ||||||||
Reinvested |
75 | 35 | ||||||||
Redeemed |
(247 | ) | (36 | ) | ||||||
|
|
|
|
|||||||
Change in Class C Shares |
877 | 1,238 | ||||||||
Institutional Shares: |
||||||||||
Issued |
182,158 | 352,541 | ||||||||
Reinvested |
109,143 | 178,417 | ||||||||
Redeemed |
(449,637 | ) | (572,330 | ) | ||||||
|
|
|
|
|||||||
Change in Institutional Shares |
(158,336 | ) | (41,372 | ) | ||||||
|
|
|
|
|||||||
Change in Shares |
(155,024 | ) | (34,886 | ) | ||||||
|
|
|
|
See accompanying Notes to the Financial Statements.
146
|
|
|
Sterling Capital Stratton Small Cap Value Fund |
Sterling Capital Ultra Short Bond Fund |
|||||||||||||
For the Year Ended September 30, 2018 |
For the Year Ended September 30, 2017 |
For the Year Ended September 30, 2018 |
For the Year Ended September 30, 2017 |
|||||||||||
$ | 1,687,322 | $ | 394,368 | $ | 4,735,145 | $ | 2,194,481 | |||||||
44,946 | 8,601 | 77,021 | 64,325 | |||||||||||
(118,054 | ) | | (4,376,419 | ) | (3,827,246 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||
1,614,214 | 402,969 | 435,747 | (1,568,440 | ) | ||||||||||
3,625 | 65,685 | | | |||||||||||
9,282 | 3,494 | | | |||||||||||
(6,219 | ) | (39,053 | ) | | | |||||||||
|
|
|
|
|
|
|
|
|||||||
6,688 | 30,126 | | | |||||||||||
292,065,741 | 172,185,996 | 7,550,761 | 10,080,208 | |||||||||||
82,688,186 | 45,985,577 | 540,774 | 535,956 | |||||||||||
(251,289,259 | ) | (416,351,352 | ) | (19,921,662 | ) | (30,785,581 | ) | |||||||
|
|
|
|
|
|
|
|
|||||||
123,464,668 | (198,179,779 | ) | (11,830,127 | ) | (20,169,417 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||
$ | 125,085,570 | (197,746,684 | ) | $ | (11,394,380 | ) | $ | (21,737,857 | ) | |||||
|
|
|
|
|
|
|
|
|||||||
19,281 | 4,672 | 484,332 | 223,984 | |||||||||||
526 | 102 | 7,901 | 6,569 | |||||||||||
(1,352 | ) | | (448,147 | ) | (390,838 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||
18,455 | 4,774 | 44,086 | (160,285 | ) | ||||||||||
43 | 787 | | | |||||||||||
110 | 42 | | | |||||||||||
(71 | ) | (461 | ) | | | |||||||||
|
|
|
|
|
|
|
|
|||||||
82 | 368 | | | |||||||||||
3,325,502 | 2,056,541 | 774,686 | 1,029,490 | |||||||||||
964,732 | 544,409 | 55,470 | 54,733 | |||||||||||
(2,864,279 | ) | (4,936,706 | ) | (2,043,410 | ) | (3,143,484 | ) | |||||||
|
|
|
|
|
|
|
|
|||||||
1,425,955 | (2,335,756 | ) | (1,213,254 | ) | (2,059,261 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||
1,444,492 | (2,330,614 | ) | (1,169,168 | ) | (2,219,546 | ) | ||||||||
|
|
|
|
|
|
|
|
147
Sterling Capital Funds
|
Statements of Changes in Net Assets (continued) |
Sterling Capital Short Duration Bond Fund | ||||||||||
For the Year Ended September 30, 2018 |
For the Year Ended September 30, 2017 | |||||||||
Capital Transactions: |
||||||||||
Class A Shares: |
||||||||||
Proceeds from shares issued1 |
$ | 470,987 | $ | 938,772 | ||||||
Distributions reinvested |
110,645 | 126,305 | ||||||||
Value of shares redeemed |
(1,829,666 | ) | (2,559,563 | ) | ||||||
|
|
|
|
|||||||
Change in net assets from Class A Share transactions |
(1,248,034 | ) | (1,494,486 | ) | ||||||
Class B Shares: |
||||||||||
Distributions reinvested |
| | ||||||||
Value of shares redeemed |
| | ||||||||
|
|
|
|
|||||||
Change in net assets from Class B Share transactions2 |
| | ||||||||
Class C Shares: |
||||||||||
Proceeds from shares issued |
6,324 | 254,128 | ||||||||
Distributions reinvested |
19,529 | 18,328 | ||||||||
Value of shares redeemed |
(453,677 | ) | (588,672 | ) | ||||||
|
|
|
|
|||||||
Change in net assets from Class C Share transactions |
(427,824 | ) | (316,216 | ) | ||||||
Institutional Shares: |
||||||||||
Proceeds from shares issued |
83,320,675 | 29,138,991 | ||||||||
Distributions reinvested |
1,811,206 | 720,706 | ||||||||
Value of shares redeemed |
(24,085,787 | ) | (38,782,224 | ) | ||||||
|
|
|
|
|||||||
Change in net assets from Institutional Share transactions |
61,046,094 | (8,922,527 | ) | |||||||
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 |
$ | 59,370,236 | $ | (10,733,229 | ) | |||||
|
|
|
|
|||||||
Share Transactions: |
||||||||||
Class A Shares: |
||||||||||
Issued1 |
55,182 | 107,646 | ||||||||
Reinvested |
12,910 | 14,490 | ||||||||
Redeemed |
(213,397 | ) | (293,666 | ) | ||||||
|
|
|
|
|||||||
Change in Class A Shares |
(145,305 | ) | (171,530 | ) | ||||||
Class B Shares: |
||||||||||
Reinvested |
| | ||||||||
Redeemed |
| | ||||||||
|
|
|
|
|||||||
Change in Class B Shares2 |
| | ||||||||
Class C Shares: |
||||||||||
Issued |
738 | 29,219 | ||||||||
Reinvested |
2,280 | 2,103 | ||||||||
Redeemed |
(52,881 | ) | (67,565 | ) | ||||||
|
|
|
|
|||||||
Change in Class C Shares |
(49,863 | ) | (36,243 | ) | ||||||
Institutional Shares: |
||||||||||
Issued |
9,731,130 | 3,343,791 | ||||||||
Reinvested |
211,938 | 82,705 | ||||||||
Redeemed |
(2,808,942 | ) | (4,450,157 | ) | ||||||
|
|
|
|
|||||||
Change in Institutional Shares |
7,134,126 | (1,023,661 | ) | |||||||
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 |
6,938,958 | (1,231,434 | ) | |||||||
|
|
|
|
1Includes 1,325 and 380 shares and $13,207 and $4,018 for the year ended September 30, 2017, due to the conversion of Class B Shares into Class A Shares for the Sterling Capital Intermediate U.S. Government Fund and the Sterling Capital Total Return Bond Fund, respectively.
2Class B Shares of the Sterling Capital Intermediate U.S. Government Fund and the Sterling Capital Total Return Fund closed effective May 26, 2017.
See accompanying Notes to the Financial Statements.
148
|
|
|
Sterling Capital Intermediate U.S. Government Fund |
Sterling Capital Total Return Bond Fund |
Sterling Capital Corporate Fund |
||||||||||||||||||||
For the Year Ended September 30, 2018 |
For the Year Ended September 30, 2017 |
For the Year Ended September 30, 2018 |
For the Year Ended September 30, 2017 |
For the Year Ended September 30, 2018 |
For the Year Ended September 30, 2017 |
|||||||||||||||||
$ | 32,004 | $ | 111,043 | $ | 14,575,793 | $ | 31,854,988 | $ | 133,619 | $ | 37,468 | |||||||||||
122,083 | 112,816 | 1,992,744 | 1,806,087 | 14,122 | 13,500 | |||||||||||||||||
(1,010,069 | ) | (1,650,754 | ) | (16,806,056 | ) | (30,480,865 | ) | (63,236 | ) | (115,435 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
(855,982 | ) | (1,426,895 | ) | (237,519 | ) | 3,180,210 | 84,505 | (64,467 | ) | |||||||||||||
| 223 | | 1,773 | | | |||||||||||||||||
| (71,823 | ) | | (354,051 | ) | | | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| (71,600 | ) | | (352,278 | ) | | | |||||||||||||||
7,656 | 53,587 | 2,517,014 | 2,182,694 | | | |||||||||||||||||
9,886 | 8,353 | 122,808 | 123,885 | 1,206 | 1,110 | |||||||||||||||||
(84,443 | ) | (168,791 | ) | (2,470,980 | ) | (2,490,364 | ) | | (15,719 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
(66,901 | ) | (106,851 | ) | 168,842 | (183,785 | ) | 1,206 | (14,609 | ) | |||||||||||||
8,934,794 | 2,646,464 | 377,719,394 | 476,910,643 | 9,455,433 | 4,062,269 | |||||||||||||||||
82,950 | 116,820 | 16,766,290 | 15,532,066 | 1,071,268 | 1,031,909 | |||||||||||||||||
(6,829,021 | ) | (4,622,293 | ) | (493,447,788 | ) | (191,448,091 | ) | (8,017,233 | ) | (7,018,051 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
2,188,723 | (1,859,009 | ) | (98,962,104 | ) | 300,994,618 | 2,509,468 | (1,923,873 | ) | ||||||||||||||
| | 30,426 | | | | |||||||||||||||||
| | 248 | 136 | | | |||||||||||||||||
| | (55 | ) | | | | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| | 30,619 | 136 | | | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| | 298,303,123 | | | | |||||||||||||||||
| | 4,164,349 | | | | |||||||||||||||||
| | (17,301,668 | ) | | | | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| | 285,165,804 | | | | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
$ | 1,265,840 | $ | (3,464,355 | ) | $ | 186,165,642 | $ | 303,638,901 | $ | 2,595,179 | $ | (2,002,949 | ) | |||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
3,302 | 11,119 | 1,399,318 | 3,017,726 | 13,427 | 3,678 | |||||||||||||||||
12,647 | 11,321 | 192,297 | 171,241 | 1,414 | 1,326 | |||||||||||||||||
(104,135 | ) | (165,854 | ) | (1,625,612 | ) | (2,887,533 | ) | (6,310 | ) | (11,275 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
(88,186 | ) | (143,414 | ) | (33,997 | ) | 301,434 | 8,531 | (6,271 | ) | |||||||||||||
| 22 | | 168 | | | |||||||||||||||||
| (7,202 | ) | | (33,676 | ) | | | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| (7,180 | ) | | (33,508 | ) | | | |||||||||||||||
787 | 5,375 | 242,058 | 206,244 | | | |||||||||||||||||
1,026 | 840 | 11,835 | 11,728 | 120 | 109 | |||||||||||||||||
(8,644 | ) | (16,938 | ) | (237,640 | ) | (235,936 | ) | | (1,535 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
(6,831 | ) | (10,723 | ) | 16,253 | (17,964 | ) | 120 | (1,426 | ) | |||||||||||||
934,128 | 265,519 | 36,365,096 | 45,239,726 | 960,307 | 399,391 | |||||||||||||||||
8,580 | 11,712 | 1,613,303 | 1,471,267 | 107,332 | 101,294 | |||||||||||||||||
(705,599 | ) | (463,995 | ) | (47,710,560 | ) | (18,184,131 | ) | (803,488 | ) | (688,868 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
237,109 | (186,764 | ) | (9,732,161 | ) | 28,526,862 | 264,151 | (188,183 | ) | ||||||||||||||
| | 2,972 | | | | |||||||||||||||||
| | 24 | 13 | | | |||||||||||||||||
| | (5 | ) | | | | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| | 2,991 | 13 | | | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| | 28,894,822 | | | | |||||||||||||||||
| | 405,977 | | | | |||||||||||||||||
| | (1,687,990 | ) | | | | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| | 27,612,809 | | | | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
142,092 | (348,081 | ) | 17,865,895 | 28,776,837 | 272,802 | (195,880 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
149
Sterling Capital Funds
|
Statements of Changes in Net Assets (continued) |
Sterling Capital Securitized Opportunities Fund | ||||||||||
For the Year Ended September 30, 2018 |
For the Year Ended September 30, 2017 | |||||||||
Capital Transactions: |
||||||||||
Class A Shares: |
||||||||||
Proceeds from shares issued |
$ | 422 | $ | 17,906 | ||||||
Distributions reinvested |
1,330 | 3,533 | ||||||||
Value of shares redeemed |
(75,841 | ) | (301,975 | ) | ||||||
|
|
|
|
|||||||
Change in net assets from Class A Share transactions |
(74,089 | ) | (280,536 | ) | ||||||
Class C Shares: |
||||||||||
Proceeds from shares issued |
| | ||||||||
Distributions reinvested |
696 | 614 | ||||||||
Value of shares redeemed |
(546 | ) | (6,227 | ) | ||||||
|
|
|
|
|||||||
Change in net assets from Class C Share transactions |
150 | (5,613 | ) | |||||||
Institutional Shares: |
||||||||||
Proceeds from shares issued |
5,670,308 | 2,113,567 | ||||||||
Distributions reinvested |
1,144,285 | 1,137,751 | ||||||||
Value of shares redeemed |
(7,973,422 | ) | (9,399,975 | ) | ||||||
|
|
|
|
|||||||
Change in net assets from Institutional Share transactions |
(1,158,829 | ) | (6,148,657 | ) | ||||||
|
|
|
|
|||||||
Change in net assets from capital transactions |
$ | (1,232,768 | ) | $ | (6,434,806 | ) | ||||
|
|
|
|
|||||||
Share Transactions: |
||||||||||
Class A Shares: |
||||||||||
Issued |
43 | 1,816 | ||||||||
Reinvested |
136 | 356 | ||||||||
Redeemed |
(7,750 | ) | (30,041 | ) | ||||||
|
|
|
|
|||||||
Change in Class A Shares |
(7,571 | ) | (27,869 | ) | ||||||
Class C Shares: |
||||||||||
Issued |
| | ||||||||
Reinvested |
71 | 62 | ||||||||
Redeemed |
(56 | ) | (633 | ) | ||||||
|
|
|
|
|||||||
Change in Class C Shares. |
15 | (571 | ) | |||||||
Institutional Shares: |
||||||||||
Issued |
586,820 | 213,092 | ||||||||
Reinvested |
117,388 | 114,458 | ||||||||
Redeemed |
(820,358 | ) | (943,751 | ) | ||||||
|
|
|
|
|||||||
Change in Institutional Shares |
(116,150 | ) | (616,201 | ) | ||||||
|
|
|
|
|||||||
Change in Shares |
(123,706 | ) | (644,641 | ) | ||||||
|
|
|
|
See accompanying Notes to the Financial Statements.
150
|
|
|
Sterling Capital Kentucky Intermediate Tax-Free Fund |
Sterling Capital Maryland Intermediate Tax-Free Fund |
Sterling Capital North Carolina Intermediate Tax-Free Fund |
||||||||||||||||||||
For the Year Ended September 30, 2018 |
For the Year Ended September 30, 2017 |
For the Year Ended September 30, 2018 |
For the Year Ended September 30, 2017 |
For the Year Ended September 30, 2018 |
For the Year Ended September 30, 2017 |
|||||||||||||||||
$ | 12,851 | $ | 77,209 | $ | 208,485 | $ | 104,097 | $ | 2,537,656 | $ | 2,670,602 | |||||||||||
84,773 | 124,254 | 109,475 | 114,904 | 792,745 | 951,142 | |||||||||||||||||
(378,208 | ) | (331,819 | ) | (939,490 | ) | (762,604 | ) | (10,459,959 | ) | (8,946,496 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
(280,584 | ) | (130,356 | ) | (621,530 | ) | (543,603 | ) | (7,129,558 | ) | (5,324,752 | ) | |||||||||||
| 1,533 | 103,365 | 53,854 | 975,837 | 353,532 | |||||||||||||||||
26 | 61 | 11,004 | 13,100 | 57,854 | 78,171 | |||||||||||||||||
| (19,711 | ) | (127,076 | ) | (221,816 | ) | (2,130,630 | ) | (1,778,404 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
26 | (18,117 | ) | (12,707 | ) | (154,862 | ) | (1,096,939 | ) | (1,346,701 | ) | ||||||||||||
1,336,803 | 2,541,134 | 764,677 | 2,861,004 | 27,347,433 | 33,197,391 | |||||||||||||||||
15,888 | 37,709 | 78,432 | 178,778 | 900,556 | 1,095,218 | |||||||||||||||||
(1,377,414 | ) | (2,831,882 | ) | (4,004,313 | ) | (10,010,298 | ) | (30,434,472 | ) | (46,819,166 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
(24,723 | ) | (253,039 | ) | (3,161,204 | ) | (6,970,516 | ) | (2,186,483 | ) | (12,526,557 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
$ | (305,281 | ) | $ | (401,512 | ) | $ | (3,795,441 | ) | $ | (7,668,981 | ) | $ | (10,412,980 | ) | $ | (19,198,010 | ) | |||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
1,275 | 7,295 | 19,485 | 9,394 | 238,687 | 248,011 | |||||||||||||||||
8,435 | 12,177 | 10,146 | 10,525 | 75,036 | 88,591 | |||||||||||||||||
(37,818 | ) | (32,517 | ) | (87,455 | ) | (70,107 | ) | (987,278 | ) | (833,304 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
(28,108 | ) | (13,045 | ) | (57,824 | ) | (50,188 | ) | (673,555 | ) | (496,702 | ) | |||||||||||
| 148 | 9,546 | 4,877 | 91,894 | 32,852 | |||||||||||||||||
3 | 6 | 1,019 | 1,199 | 5,479 | 7,295 | |||||||||||||||||
| (1,906 | ) | (11,840 | ) | (20,135 | ) | (201,199 | ) | (165,600 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
3 | (1,752 | ) | (1,275 | ) | (14,059 | ) | (103,826 | ) | (125,453 | ) | ||||||||||||
133,119 | 247,367 | 70,464 | 260,773 | 2,587,873 | 3,099,533 | |||||||||||||||||
1,582 | 3,698 | 7,262 | 16,336 | 85,310 | 102,014 | |||||||||||||||||
(138,001 | ) | (275,956 | ) | (372,473 | ) | (911,570 | ) | (2,874,906 | ) | (4,363,035 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
(3,300 | ) | (24,891 | ) | (294,747 | ) | (634,461 | ) | (201,723 | ) | (1,161,488 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
(31,405 | ) | (39,688 | ) | (353,846 | ) | (698,708 | ) | (979,104 | ) | (1,783,643 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
151
Sterling Capital Funds
|
Statements of Changes in Net Assets (continued) |
Sterling Capital South Carolina Intermediate Tax-Free Fund | ||||||||||
For the Year Ended September 30, 2018 |
For the Year Ended September 30, 2017 | |||||||||
Capital Transactions: |
||||||||||
Class A Shares: |
||||||||||
Proceeds from shares issued |
$ | 2,214,300 | $ | 648,471 | ||||||
Distributions reinvested |
275,293 | 266,413 | ||||||||
Value of shares redeemed |
(3,992,034 | ) | (3,424,373 | ) | ||||||
|
|
|
|
|||||||
Change in net assets from Class A Share transactions |
(1,502,441 | ) | (2,509,489 | ) | ||||||
Class C Shares: |
||||||||||
Proceeds from shares issued |
9,569 | 375,128 | ||||||||
Distributions reinvested |
14,215 | 16,331 | ||||||||
Value of shares redeemed |
(432,827 | ) | (723,675 | ) | ||||||
|
|
|
|
|||||||
Change in net assets from Class C Share transactions |
(409,043 | ) | (332,216 | ) | ||||||
Institutional Shares: |
||||||||||
Proceeds from shares issued |
14,435,688 | 16,394,614 | ||||||||
Distributions reinvested |
378,336 | 345,285 | ||||||||
Value of shares redeemed |
(19,372,000 | ) | (18,360,026 | ) | ||||||
|
|
|
|
|||||||
Change in net assets from Institutional Share transactions |
(4,557,976 | ) | (1,620,127 | ) | ||||||
|
|
|
|
|||||||
Change in net assets from capital transactions |
$ | (6,469,460 | ) | $ | (4,461,832 | ) | ||||
|
|
|
|
|||||||
Share Transactions: |
||||||||||
Class A Shares: |
||||||||||
Issued |
202,414 | 58,854 | ||||||||
Reinvested |
25,275 | 24,130 | ||||||||
Redeemed |
(366,316 | ) | (310,299 | ) | ||||||
|
|
|
|
|||||||
Change in Class A Shares |
(138,627 | ) | (227,315 | ) | ||||||
Class C Shares: |
||||||||||
Issued |
868 | 34,231 | ||||||||
Reinvested |
1,305 | 1,480 | ||||||||
Redeemed |
(39,796 | ) | (65,819 | ) | ||||||
|
|
|
|
|||||||
Change in Class C Shares |
(37,623 | ) | (30,108 | ) | ||||||
Institutional Shares: |
||||||||||
Issued |
1,328,951 | 1,498,678 | ||||||||
Reinvested |
34,972 | 31,477 | ||||||||
Redeemed |
(1,790,163 | ) | (1,684,343 | ) | ||||||
|
|
|
|
|||||||
Change in Institutional Shares |
(426,240 | ) | (154,188 | ) | ||||||
|
|
|
|
|||||||
Change in Shares |
(602,490 | ) | (411,611 | ) | ||||||
|
|
|
|
See accompanying Notes to the Financial Statements.
152
|
|
|
Sterling Capital Virginia Intermediate Tax-Free Fund |
Sterling Capital West Virginia Intermediate Tax-Free Fund |
|||||||||||||
For the Year Ended September 30, 2018 |
For the Year Ended September 30, 2017 |
For the Year Ended September 30, 2018 |
For the Year Ended September 30, 2017 |
|||||||||||
$ | 127,607 | $ | 528,328 | $ | 489,092 | $ | 720,477 | |||||||
402,911 | 680,708 | 565,984 | 687,934 | |||||||||||
(6,408,355 | ) | (7,343,890 | ) | (6,439,300 | ) | (8,091,281 | ) | |||||||
|
|
|
|
|
|
|
|
|||||||
(5,877,837 | ) | (6,134,854 | ) | (5,384,224 | ) | (6,682,870 | ) | |||||||
1,074 | 16,637 | 12,856 | 10,000 | |||||||||||
10,205 | 18,579 | 10,940 | 11,695 | |||||||||||
(75,043 | ) | (233,626 | ) | (12,951 | ) | (81,644 | ) | |||||||
|
|
|
|
|
|
|
|
|||||||
(63,764 | ) | (198,410 | ) | 10,845 | (59,949 | ) | ||||||||
7,846,063 | 16,571,968 | 9,470,740 | 10,716,379 | |||||||||||
197,739 | 449,673 | 136,406 | 312,834 | |||||||||||
(15,276,554 | ) | (27,585,076 | ) | (12,296,255 | ) | (14,199,818 | ) | |||||||
|
|
|
|
|
|
|
|
|||||||
(7,232,752 | ) | (10,563,435 | ) | (2,689,109 | ) | (3,170,605 | ) | |||||||
|
|
|
|
|
|
|
|
|||||||
$ | (13,174,353 | ) | $ | (16,896,699 | ) | $ | (8,062,488 | ) | $ | (9,913,424 | ) | |||
|
|
|
|
|
|
|
|
|||||||
11,053 | 44,688 | 49,296 | 71,330 | |||||||||||
34,924 | 58,264 | 57,489 | 68,957 | |||||||||||
(553,854 | ) | (626,811 | ) | (655,601 | ) | (812,178 | ) | |||||||
|
|
|
|
|
|
|
|
|||||||
(507,877 | ) | (523,859 | ) | (548,816 | ) | (671,891 | ) | |||||||
93 | 1,425 | 1,309 | 978 | |||||||||||
885 | 1,593 | 1,111 | 1,173 | |||||||||||
(6,455 | ) | (19,991 | ) | (1,321 | ) | (8,105 | ) | |||||||
|
|
|
|
|
|
|
|
|||||||
(5,477 | ) | (16,973 | ) | 1,099 | (5,954 | ) | ||||||||
679,539 | 1,420,477 | 961,065 | 1,069,141 | |||||||||||
17,156 | 38,531 | 13,819 | 31,393 | |||||||||||
(1,326,202 | ) | (2,364,171 | ) | (1,249,228 | ) | (1,419,137 | ) | |||||||
|
|
|
|
|
|
|
|
|||||||
(629,507 | ) | (905,163 | ) | (274,344 | ) | (318,603 | ) | |||||||
|
|
|
|
|
|
|
|
|||||||
(1,142,861 | ) | (1,445,995 | ) | (822,061 | ) | (996,448 | ) | |||||||
|
|
|
|
|
|
|
|
153
Sterling Capital Funds
|
Statements of Changes in Net Assets (continued) |
Sterling Capital Diversified Income Fund | ||||||||||
For the Year Ended September 30, 2018 |
For the Year Ended September 30, 2017 | |||||||||
Capital Transactions: |
||||||||||
Class A Shares: |
||||||||||
Proceeds from shares issued1 |
$ | 623,110 | $ | 1,747,062 | ||||||
Distributions reinvested |
514,960 | 508,624 | ||||||||
Value of shares redeemed |
(3,226,948 | ) | (2,587,858 | ) | ||||||
|
|
|
|
|||||||
Change in net assets from Class A Share transactions |
(2,088,878 | ) | (332,172 | ) | ||||||
Class B Shares: |
||||||||||
Distributions reinvested |
| 2,230 | ||||||||
Value of shares redeemed |
| (224,406 | ) | |||||||
|
|
|
|
|||||||
Change in net assets from Class B Share transactions2 |
| (222,176 | ) | |||||||
Class C Shares: |
||||||||||
Proceeds from shares issued |
5,041 | 436,323 | ||||||||
Distributions reinvested |
34,796 | 25,726 | ||||||||
Value of shares redeemed |
(127,071 | ) | (458,425 | ) | ||||||
|
|
|
|
|||||||
Change in net assets from Class C Share transactions |
(87,234 | ) | 3,624 | |||||||
Institutional Shares: |
||||||||||
Proceeds from shares issued |
3,391,639 | 2,563,776 | ||||||||
Distributions reinvested |
288,712 | 593,471 | ||||||||
Value of shares redeemed |
(4,659,359 | ) | (21,326,072 | ) | ||||||
|
|
|
|
|||||||
Change in net assets from Institutional Share transactions |
(979,008 | ) | (18,168,825 | ) | ||||||
|
|
|
|
|||||||
Change in net assets from capital transactions |
$ | (3,155,120 | ) | $ | (18,719,549 | ) | ||||
|
|
|
|
|||||||
Share Transactions: |
||||||||||
Class A Shares: |
||||||||||
Issued1 |
58,371 | 163,312 | ||||||||
Reinvested |
48,139 | 47,637 | ||||||||
Redeemed |
(301,022 | ) | (241,353 | ) | ||||||
|
|
|
|
|||||||
Change in Class A Shares |
(194,512 | ) | (30,404 | ) | ||||||
Class B Shares: |
||||||||||
Reinvested |
| 211 | ||||||||
Redeemed |
| (20,951 | ) | |||||||
|
|
|
|
|||||||
Change in Class B Shares2 |
| (20,740 | ) | |||||||
Class C Shares: |
||||||||||
Issued |
467 | 41,109 | ||||||||
Reinvested |
3,281 | 2,430 | ||||||||
Redeemed |
(11,968 | ) | (43,317 | ) | ||||||
|
|
|
|
|||||||
Change in Class C Shares. |
(8,220 | ) | 222 | |||||||
Institutional Shares: |
||||||||||
Issued |
309,419 | 235,780 | ||||||||
Reinvested |
26,648 | 55,329 | ||||||||
Redeemed |
(432,816 | ) | (1,967,676 | ) | ||||||
|
|
|
|
|||||||
Change in Institutional Shares |
(96,749 | ) | (1,676,567 | ) | ||||||
|
|
|
|
|||||||
Change in Shares |
(299,481 | ) | (1,727,489 | ) | ||||||
|
|
|
|
1Includes 4,169, 1,478, 992 shares and $45,151, $16,779, $11,136, for the year ended September 30, 2017, due to the conversion of Class B Shares into Class A Shares for the Sterling Capital Diversified Income Fund, the Sterling Capital Strategic Allocation Balanced Fund, and the Sterling Capital Strategic Allocation Growth Fund, respectively.
2Class B Shares of the Funds closed effective May 26, 2017.
See accompanying Notes to the Financial Statements.
154
|
|
|
Sterling Capital Strategic Allocation Balanced Fund |
Sterling Capital Strategic Allocation Growth Fund |
|||||||||||||
For the Year Ended September 30, 2018 |
For the Year Ended September 30, 2017 |
For the Year Ended September 30, 2018 |
For the Year Ended September 30, 2017 |
|||||||||||
$ | 773,902 | $ | 773,282 | $ | 298,745 | $ | 770,418 | |||||||
650,429 | 420,490 | 465,075 | 231,090 | |||||||||||
(3,606,861 | ) | (5,819,188 | ) | (2,544,309 | ) | (2,782,419 | ) | |||||||
|
|
|
|
|
|
|
|
|||||||
(2,182,530 | ) | (4,625,416 | ) | (1,780,489 | ) | (1,780,911 | ) | |||||||
| 1,247 | | 931 | |||||||||||
| (267,509 | ) | | (340,392 | ) | |||||||||
|
|
|
|
|
|
|
|
|||||||
| (266,262 | ) | | (339,461 | ) | |||||||||
7,916 | 100,614 | 26,390 | 32,456 | |||||||||||
11,239 | 5,294 | 5,540 | 2,396 | |||||||||||
(237,097 | ) | (133,952 | ) | (22,952 | ) | (112,371 | ) | |||||||
|
|
|
|
|
|
|
|
|||||||
(217,942 | ) | (28,044 | ) | 8,978 | (77,519 | ) | ||||||||
114,410 | 50,806 | 31,181 | 37,599 | |||||||||||
3,510 | 2,003 | 16,607 | 9,485 | |||||||||||
(7,694 | ) | (33,247 | ) | (11,650 | ) | (165,201 | ) | |||||||
|
|
|
|
|
|
|
|
|||||||
110,226 | 19,562 | 36,138 | (118,117 | ) | ||||||||||
|
|
|
|
|
|
|
|
|||||||
$ | (2,290,246 | ) | $ | (4,900,160 | ) | $ | (1,735,373 | ) | $ | (2,316,008 | ) | |||
|
|
|
|
|
|
|
|
|||||||
64,193 | 69,675 | 24,657 | 70,463 | |||||||||||
53,984 | 37,993 | 38,281 | 21,422 | |||||||||||
(299,224 | ) | (523,782 | ) | (209,052 | ) | (253,617 | ) | |||||||
|
|
|
|
|
|
|
|
|||||||
(181,047 | ) | (416,114 | ) | (146,114 | ) | (161,732 | ) | |||||||
| 118 | | 91 | |||||||||||
| (24,586 | ) | | (32,351 | ) | |||||||||
|
|
|
|
|
|
|
|
|||||||
| (24,468 | ) | | (32,260 | ) | |||||||||
671 | 8,871 | 2,250 | 3,094 | |||||||||||
949 | 498 | 472 | 235 | |||||||||||
(20,240 | ) | (11,935 | ) | (1,960 | ) | (10,723 | ) | |||||||
|
|
|
|
|
|
|
|
|||||||
(18,620 | ) | (2,566 | ) | 762 | (7,394 | ) | ||||||||
9,385 | 4,673 | 2,571 | 3,411 | |||||||||||
290 | 179 | 1,364 | 873 | |||||||||||
(632 | ) | (2,919 | ) | (947 | ) | (14,966 | ) | |||||||
|
|
|
|
|
|
|
|
|||||||
9,043 | 1,933 | 2,988 | (10,682 | ) | ||||||||||
|
|
|
|
|
|
|
|
|||||||
(190,624 | ) | (441,215 | ) | (142,364 | ) | (212,068 | ) | |||||||
|
|
|
|
|
|
|
|
155
Sterling Capital Funds
|
Financial Highlights, Class A Shares |
|
The financial highlights table is intended to help you understand the Funds financial performance for the past 5 years or, if shorter, the period of the Funds operations. Certain information reflects financial results for a single Fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the Fund (assuming reinvestment of all dividends and distributions).
Investment Activities | Distributions | ||||||||||||||||||||||||||||||||||
Net Asset Value, Beginning of Year |
Net investment income (loss)(a) |
Net realized/ unrealized gains (losses) on investments |
Total from Investment Activities |
Net investment income |
Net realized gains on investments |
Total Distributions | |||||||||||||||||||||||||||||
Sterling Capital Behavioral Large Cap Value Equity Fund |
|
||||||||||||||||||||||||||||||||||
Year Ended September 30, 2018 |
$ | 20.71 | 0.31 | 1.91 | 2.22 | (0.44 | ) | (0.19 | ) | (0.63 | ) | ||||||||||||||||||||||||
Year Ended September 30, 2017 |
$ | 17.68 | 0.36 | 2.97 | 3.33 | (0.30 | ) | | (0.30 | ) | |||||||||||||||||||||||||
Year Ended September 30, 2016 |
$ | 16.53 | 0.27 | 1.15 | 1.42 | (0.27 | ) | | (0.27 | ) | |||||||||||||||||||||||||
Year Ended September 30, 2015 |
$ | 17.24 | 0.22 | (0.69 | ) | (0.47 | ) | (0.24 | ) | | (0.24 | ) | |||||||||||||||||||||||
Year Ended September 30, 2014 |
$ | 14.16 | 0.18 | 3.06 | 3.24 | (0.16 | ) | | (0.16 | ) | |||||||||||||||||||||||||
Sterling Capital Mid Value Fund |
|||||||||||||||||||||||||||||||||||
Year Ended September 30, 2018 |
$ | 18.72 | (0.03 | ) | 1.23 | 1.20 | | (0.84 | ) | (0.84 | ) | ||||||||||||||||||||||||
Year Ended September 30, 2017 |
$ | 16.71 | (0.02 | ) | 2.56 | 2.54 | | (0.53 | ) | (0.53 | ) | ||||||||||||||||||||||||
Year Ended September 30, 2016 |
$ | 17.97 | 0.02 | 2.06 | 2.08 | | (3.34 | ) | (3.34 | ) | |||||||||||||||||||||||||
Year Ended September 30, 2015 |
$ | 19.33 | 0.06 | (0.14 | ) | (0.08 | ) | (0.11 | ) | (1.17 | ) | (1.28 | ) | ||||||||||||||||||||||
Year Ended September 30, 2014 |
$ | 18.78 | 0.05 | 1.76 | 1.81 | (0.06 | ) | (1.20 | ) | (1.26 | ) | ||||||||||||||||||||||||
Sterling Capital Behavioral Small Cap Value Equity Fund |
|
||||||||||||||||||||||||||||||||||
Year Ended September 30, 2018 |
$ | 18.39 | 0.17 | 0.86 | 1.03 | (0.12 | ) | (0.65 | ) | (0.77 | ) | ||||||||||||||||||||||||
Year Ended September 30, 2017 |
$ | 15.19 | 0.12 | 3.17 | 3.29 | (0.09 | ) | | (0.09 | ) | |||||||||||||||||||||||||
Year Ended September 30, 2016 |
$ | 14.04 | 0.18 | 1.15 | 1.33 | (0.17 | ) | (0.01 | ) | (0.18 | ) | ||||||||||||||||||||||||
Year Ended September 30, 2015 |
$ | 14.34 | 0.18 | 0.16 | 0.34 | (0.20 | ) | (0.44 | ) | (0.64 | ) | ||||||||||||||||||||||||
Year Ended September 30, 2014 |
$ | 15.25 | 0.11 | 0.93 | 1.04 | (0.08 | ) | (1.87 | ) | (1.95 | ) | ||||||||||||||||||||||||
Sterling Capital Special Opportunities Fund |
|||||||||||||||||||||||||||||||||||
Year Ended September 30, 2018 |
$ | 24.51 | 0.01 | 3.93 | 3.94 | (0.14 | ) | (1.94 | ) | (2.08 | ) | ||||||||||||||||||||||||
Year Ended September 30, 2017 |
$ | 21.53 | 0.02 | 3.37 | 3.39 | | (0.41 | ) | (0.41 | ) | |||||||||||||||||||||||||
Year Ended September 30, 2016 |
$ | 22.96 | | 1.88 | 1.88 | | (3.31 | ) | (3.31 | ) | |||||||||||||||||||||||||
Year Ended September 30, 2015 |
$ | 23.33 | (0.06 | ) | 0.89 | 0.83 | | (1.20 | ) | (1.20 | ) | ||||||||||||||||||||||||
Year Ended September 30, 2014 |
$ | 21.38 | (0.02 | ) | 4.26 | 4.24 | (0.01 | ) | (2.28 | ) | (2.29 | ) | |||||||||||||||||||||||
Sterling Capital Equity Income Fund |
|||||||||||||||||||||||||||||||||||
Year Ended September 30, 2018 |
$ | 20.84 | 0.34 | 2.66 | 3.00 | (0.34 | ) | (1.95 | ) | (2.29 | ) | ||||||||||||||||||||||||
Year Ended September 30, 2017 |
$ | 18.30 | 0.34 | 2.59 | 2.93 | (0.37 | ) | (0.02 | ) | (0.39 | ) | ||||||||||||||||||||||||
Year Ended September 30, 2016 |
$ | 17.35 | 0.31 | 2.05 | 2.36 | (0.31 | ) | (1.10 | ) | (1.41 | ) | ||||||||||||||||||||||||
Year Ended September 30, 2015 |
$ | 18.94 | 0.31 | (1.06 | ) | (0.75 | ) | (0.33 | ) | (0.51 | ) | (0.84 | ) | ||||||||||||||||||||||
Year Ended September 30, 2014 |
$ | 18.14 | 0.34 | 1.40 | 1.74 | (0.31 | ) | (0.63 | ) | (0.94 | ) |
* | During the periods certain fees were waived (See Note 6 in the Notes to the Financial Statements). If such reductions had not occurred, the ratios would have been as indicated. |
** | Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued. |
(a) | Per share net investment income (loss) has been calculated using the average daily shares method. |
See accompanying Notes to the Financial Statements.
156
|
|
|
Ratios/Supplementary Data | |||||||||||||||||||||||||||||||||
Net Asset Value, End of Year |
Total Return (excludes sales charge) |
Net Assets, End of Year (000) |
Ratio of net expenses to average net assets |
Ratio of net investment income (loss) to average net assets |
Ratio of expenses to average net assets* |
Portfolio turnover rate** | |||||||||||||||||||||||||||
$ | 22.30 | 10.87 | % | $ | 33,126 | 0.87 | % | 1.44 | % | 0.87 | % | 127.89 | % | ||||||||||||||||||||
$ | 20.71 | 18.94 | % | $ | 33,358 | 0.89 | % | 1.87 | % | 0.89 | % | 144.85 | % | ||||||||||||||||||||
$ | 17.68 | 8.66 | % | $ | 30,159 | 1.01 | % | 1.58 | % | 1.15 | % | 145.53 | % | ||||||||||||||||||||
$ | 16.53 | (2.81 | )% | $ | 31,079 | 1.06 | % | 1.25 | % | 1.16 | % | 135.05 | % | ||||||||||||||||||||
$ | 17.24 | 22.96 | % | $ | 34,395 | 1.06 | % | 1.09 | % | 1.16 | % | 113.75 | % | ||||||||||||||||||||
$ | 19.08 | 6.54 | % | $ | 30,857 | 1.17 | % | (0.16 | )% | 1.17 | % | 34.62 | % | ||||||||||||||||||||
$ | 18.72 | 15.42 | % | $ | 33,503 | 1.15 | % | (0.09 | )% | 1.15 | % | 24.83 | % | ||||||||||||||||||||
$ | 16.71 | 13.07 | % | $ | 31,625 | 1.18 | % | 0.15 | % | 1.18 | % | 25.45 | % | ||||||||||||||||||||
$ | 17.97 | (0.69 | )% | $ | 34,792 | 1.19 | % | 0.29 | % | 1.19 | % | 30.61 | % | ||||||||||||||||||||
$ | 19.33 | 9.91 | % | $ | 41,403 | 1.18 | % | 0.26 | % | 1.18 | % | 27.30 | % | ||||||||||||||||||||
$ | 18.65 | 5.69 | % | $ | 8,711 | 1.03 | % | 0.91 | % | 1.03 | % | 89.85 | % | ||||||||||||||||||||
$ | 18.39 | 21.65 | % | $ | 9,281 | 1.05 | % | 0.72 | % | 1.10 | % | 109.05 | % | ||||||||||||||||||||
$ | 15.19 | 9.52 | % | $ | 8,714 | 1.13 | % | 1.29 | % | 1.21 | % | 120.42 | % | ||||||||||||||||||||
$ | 14.04 | 2.20 | % | $ | 13,261 | 1.25 | % | 1.18 | % | 1.25 | % | 101.99 | % | ||||||||||||||||||||
$ | 14.34 | 7.09 | % | $ | 9,681 | 1.24 | % | 0.74 | % | 1.24 | % | 68.50 | % | ||||||||||||||||||||
$ | 26.37 | 17.16 | % | $ | 334,687 | 1.11 | % | 0.05 | % | 1.11 | % | 22.78 | % | ||||||||||||||||||||
$ | 24.51 | 15.97 | % | $ | 343,873 | 1.12 | % | 0.07 | % | 1.12 | % | 18.92 | % | ||||||||||||||||||||
$ | 21.53 | 8.57 | % | $ | 351,467 | 1.17 | % | 0.02 | % | 1.22 | % | 27.32 | % | ||||||||||||||||||||
$ | 22.96 | 3.75 | % | $ | 264,294 | 1.22 | % | (0.25 | )% | 1.22 | % | 26.98 | % | ||||||||||||||||||||
$ | 23.33 | 21.71 | % | $ | 364,368 | 1.21 | % | (0.11 | )% | 1.21 | % | 32.35 | % | ||||||||||||||||||||
$ | 21.55 | 15.28 | % | $ | 316,245 | 1.02 | % | 1.66 | % | 1.02 | % | 19.49 | % | ||||||||||||||||||||
$ | 20.84 | 16.19 | % | $ | 348,427 | 1.03 | % | 1.78 | % | 1.03 | % | 16.93 | % | ||||||||||||||||||||
$ | 18.30 | 14.50 | % | $ | 467,470 | 1.21 | % | 1.78 | % | 1.21 | % | 20.64 | % | ||||||||||||||||||||
$ | 17.35 | (4.16 | )% | $ | 478,393 | 1.21 | % | 1.66 | % | 1.21 | % | 27.53 | % | ||||||||||||||||||||
$ | 18.94 | 9.76 | % | $ | 714,457 | 1.20 | % | 1.79 | % | 1.20 | % | 16.13 | % |
157
Sterling Capital Funds
|
Financial Highlights, Class A Shares |
|
The financial highlights table is intended to help you understand the Funds financial performance for the past 5 years or, if shorter, the period of the Funds operations. Certain information reflects financial results for a single Fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the Fund (assuming reinvestment of all dividends and distributions).
Investment Activities | Distributions | ||||||||||||||||||||||||||||||||||
Net Asset Value, Beginning of Period |
Net investment income (loss)(a) |
Net realized/ unrealized gains (losses) on investments |
Total from Investment Activities |
Net investment income |
Net realized gains on investments |
Total Distributions | |||||||||||||||||||||||||||||
Sterling Capital Behavioral International Equity Fund |
|
||||||||||||||||||||||||||||||||||
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, 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, 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, 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, 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, 2018 |
$ | 9.79 | 0.14 | (0.02 | ) | 0.12 | (0.16 | ) | | (0.16 | ) | ||||||||||||||||||||||||
Year Ended September 30, 2017 |
$ | 9.82 | 0.07 | 0.03 | 0.10 | (0.13 | ) | | (0.13 | ) | |||||||||||||||||||||||||
Year Ended September 30, 2016 |
$ | 9.87 | 0.07 | 0.03 | 0.10 | (0.15 | ) | | (0.15 | ) | |||||||||||||||||||||||||
Year Ended September 30, 2015 |
$ | 9.94 | 0.04 | (0.02 | ) | 0.02 | (0.09 | ) | | (0.09 | ) | ||||||||||||||||||||||||
Year Ended September 30, 2014 |
$ | 9.98 | 0.05 | (0.03 | ) | 0.02 | (0.06 | ) | | (0.06 | ) |
* | During the periods certain fees were waived (See Note 6 in the Notes to the Financial Statements). If such reductions had not occurred, the ratios would have been as indicated. |
** | Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued. |
(a) | Per share net investment income (loss) has been calculated using the average daily shares method. |
(b) | Not annualized for periods less than one year. |
(c) | Annualized for periods less than one year. |
(d) | Period from commencement of operations. |
(e) | Amount is less than $0.005. |
See accompanying Notes to the Financial Statements.
158
|
|
|
Ratios/Supplementary Data | |||||||||||||||||||||||||||||||||
Net Asset Value, End of Period |
Total Return (excludes sales charge) (b) |
Net Assets, End of Period (000) |
Ratio of net expenses to average net assets (c) |
Ratio of net investment income (loss) to average net assets (c) |
Ratio of expenses to average net assets*(c) |
Portfolio turnover rate**(b) | |||||||||||||||||||||||||||
$ | 11.17 | (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 | % | ||||||||||||||||||||
$ | 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 | % | ||||||||||||||||||||
$ | 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 | % | ||||||||||||||||||||
$ | 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 | % | ||||||||||||||||||||
$ | 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 | % | ||||||||||||||||||||
$ | 9.75 | 1.20 | % | $ | 5,074 | 0.66 | % | 1.39 | % | 0.76 | % | 74.56 | % | ||||||||||||||||||||
$ | 9.79 | 1.00 | % | $ | 4,663 | 0.68 | % | 0.71 | % | 0.78 | % | 59.57 | % | ||||||||||||||||||||
$ | 9.82 | 0.99 | % | $ | 6,250 | 0.71 | % | 0.72 | % | 0.80 | % | 43.02 | % | ||||||||||||||||||||
$ | 9.87 | 0.25 | % | $ | 8,295 | 0.78 | % | 0.43 | % | 0.80 | % | 66.19 | % | ||||||||||||||||||||
$ | 9.94 | 0.21 | % | $ | 11,184 | 0.73 | % | 0.51 | % | 0.73 | % | 79.98 | % |
159
Sterling Capital Funds
|
Financial Highlights, Class A Shares |
|
The financial highlights table is intended to help you understand the Funds financial performance for the past 5 years or, if shorter, the period of the Funds operations. Certain information reflects financial results for a single Fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the Fund (assuming reinvestment of all dividends and distributions).
Investment Activities | Distributions | |||||||||||||||||||||||||||||||||||||||
Net Asset Value, Beginning of Year |
Net investment income(a) |
Net realized/ unrealized gains (losses) on investments |
Total from Investment Activities |
Net investment income |
Net realized gains on investments |
Return of capital |
Total Distributions | |||||||||||||||||||||||||||||||||
Sterling Capital Short Duration Bond Fund |
|
|||||||||||||||||||||||||||||||||||||||
Year Ended September 30, 2018 |
$ | 8.69 | 0.16 | (0.11 | ) | 0.05 | (0.22 | ) | | | (0.22 | ) | ||||||||||||||||||||||||||||
Year Ended September 30, 2017 |
$ | 8.81 | 0.10 | (0.01 | ) | 0.09 | (0.21 | ) | | | (0.21 | ) | ||||||||||||||||||||||||||||
Year Ended September 30, 2016 |
$ | 8.86 | 0.10 | 0.07 | 0.17 | (0.22 | ) | | | (0.22 | ) | |||||||||||||||||||||||||||||
Year Ended September 30, 2015 |
$ | 9.07 | 0.10 | (0.05 | ) | 0.05 | (0.26 | ) | | | (0.26 | ) | ||||||||||||||||||||||||||||
Year Ended September 30, 2014 |
$ | 9.24 | 0.14 | (0.04 | ) | 0.10 | (0.27 | ) | | | (0.27 | ) | ||||||||||||||||||||||||||||
Sterling Capital Intermediate U.S. Government Fund |
|
|||||||||||||||||||||||||||||||||||||||
Year Ended September 30, 2018 |
$ | 9.91 | 0.17 | (0.34 | ) | (0.17 | ) | (0.26 | ) | | | (0.26 | ) | |||||||||||||||||||||||||||
Year Ended September 30, 2017 |
$ | 10.24 | 0.15 | (0.27 | ) | (0.12 | ) | (0.21 | ) | | | (0.21 | ) | |||||||||||||||||||||||||||
Year Ended September 30, 2016 |
$ | 10.18 | 0.13 | 0.11 | 0.24 | (0.18 | ) | | | (0.18 | ) | |||||||||||||||||||||||||||||
Year Ended September 30, 2015 |
$ | 10.19 | 0.13 | 0.05 | 0.18 | (0.19 | ) | | | (0.19 | ) | |||||||||||||||||||||||||||||
Year Ended September 30, 2014 |
$ | 10.29 | 0.14 | 0.09 | 0.23 | (0.33 | ) | | | (0.33 | ) | |||||||||||||||||||||||||||||
Sterling Capital Total Return Bond Fund |
|
|||||||||||||||||||||||||||||||||||||||
Year Ended September 30, 2018 |
$ | 10.59 | 0.27 | (0.36 | ) | (0.09 | ) | (0.30 | ) | | | (0.30 | ) | |||||||||||||||||||||||||||
Year Ended September 30, 2017 |
$ | 10.81 | 0.23 | (0.15 | ) | 0.08 | (0.30 | ) | | | (0.30 | ) | ||||||||||||||||||||||||||||
Year Ended September 30, 2016 |
$ | 10.53 | 0.26 | 0.34 | 0.60 | (0.32 | ) | | | (0.32 | ) | |||||||||||||||||||||||||||||
Year Ended September 30, 2015 |
$ | 10.66 | 0.28 | (0.06 | ) | 0.22 | (0.35 | ) | | | (0.35 | ) | ||||||||||||||||||||||||||||
Year Ended September 30, 2014 |
$ | 10.52 | 0.31 | 0.21 | 0.52 | (0.37 | ) | (0.01 | ) | | (0.38 | ) | ||||||||||||||||||||||||||||
Sterling Capital Corporate Fund |
|
|||||||||||||||||||||||||||||||||||||||
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 | ) | ||||||||||||||||||||||||||
Year Ended September 30, 2014 |
$ | 10.15 | 0.31 | 0.20 | 0.51 | (0.31 | ) | (0.10 | ) | | (0.41 | ) | ||||||||||||||||||||||||||||
Sterling Capital Securitized Opportunities Fund |
|
|||||||||||||||||||||||||||||||||||||||
Year Ended September 30, 2018 |
$ | 9.94 | 0.25 | (0.31 | ) | (0.06 | ) | (0.28 | ) | | | (0.28 | ) | |||||||||||||||||||||||||||
Year Ended September 30, 2017 |
$ | 10.10 | 0.21 | (0.12 | ) | 0.09 | (0.25 | ) | | | (0.25 | ) | ||||||||||||||||||||||||||||
Year Ended September 30, 2016 |
$ | 9.98 | 0.19 | 0.16 | 0.35 | (0.23 | ) | | | (0.23 | ) | |||||||||||||||||||||||||||||
Year Ended September 30, 2015 |
$ | 9.90 | 0.20 | 0.13 | 0.33 | (0.25 | ) | | | (0.25 | ) | |||||||||||||||||||||||||||||
Year Ended September 30, 2014 |
$ | 9.85 | 0.22 | 0.11 | 0.33 | (0.28 | ) | | | (0.28 | ) | |||||||||||||||||||||||||||||
Sterling Capital Kentucky Intermediate Tax-Free Fund |
|
|||||||||||||||||||||||||||||||||||||||
Year Ended September 30, 2018 |
$ | 10.27 | 0.20 | (0.34 | ) | (0.14 | ) | (0.20 | ) | (0.03 | ) | | (0.23 | ) | ||||||||||||||||||||||||||
Year Ended September 30, 2017 |
$ | 10.64 | 0.21 | (0.23 | ) | (0.02 | ) | (0.21 | ) | (0.14 | ) | | (0.35 | ) | ||||||||||||||||||||||||||
Year Ended September 30, 2016 |
$ | 10.62 | 0.24 | 0.15 | 0.39 | (0.24 | ) | (0.13 | ) | | (0.37 | ) | ||||||||||||||||||||||||||||
Year Ended September 30, 2015 |
$ | 10.86 | 0.25 | (0.06 | ) | 0.19 | (0.25 | ) | (0.18 | ) | | (0.43 | ) | |||||||||||||||||||||||||||
Year Ended September 30, 2014 |
$ | 10.67 | 0.27 | 0.18 | 0.45 | (0.26 | ) | | | (0.26 | ) | |||||||||||||||||||||||||||||
Sterling Capital Maryland Intermediate Tax-Free Fund |
|
|||||||||||||||||||||||||||||||||||||||
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 | ) | |||||||||||||||||||||||||||
Year Ended September 30, 2014 |
$ | 10.96 | 0.19 | 0.27 | 0.46 | (0.19 | ) | | | (0.19 | ) |
* | During the periods certain fees were waived (See Note 6 in the Notes to the Financial Statements). If such reductions had not occurred, the ratios would have been as indicated. |
** | Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued. |
(a) | Per share net investment income has been calculated using the average daily shares method. |
(b) | Amount is less than $0.005. |
See accompanying Notes to the Financial Statements.
160
|
|
|
Ratios/Supplementary Data | ||||||||||||||||||||||||||||||||||
Net Asset Value, End of Year |
Total Return (excludes sales charge) |
Net Assets, End of Year (000) |
Ratio of net expenses to average net assets |
Ratio of net investment income to average net assets |
Ratio of expenses to average net assets* |
Portfolio turnover rate** | ||||||||||||||||||||||||||||
$ | 8.52 | 0.55 | % | $ | 4,393 | 0.68 | % | 1.84 | % | 0.78 | % | 62.02 | % | |||||||||||||||||||||
$ | 8.69 | 1.02 | % | $ | 5,746 | 0.70 | % | 1.11 | % | 0.80 | % | 78.77 | % | |||||||||||||||||||||
$ | 8.81 | 1.98 | % | $ | 7,332 | 0.74 | % | 1.09 | % | 0.81 | % | 54.68 | % | |||||||||||||||||||||
$ | 8.86 | 0.56 | % | $ | 8,075 | 0.79 | % | 1.17 | % | 0.81 | % | 55.74 | % | |||||||||||||||||||||
$ | 9.07 | 1.13 | % | $ | 10,468 | 0.76 | % | 1.48 | % | 0.80 | % | 56.10 | % | |||||||||||||||||||||
$ | 9.48 | (1.73 | )% | $ | 4,350 | 0.91 | % | 1.73 | % | 0.92 | % | 40.85 | % | |||||||||||||||||||||
$ | 9.91 | (1.20 | )% | $ | 5,418 | 0.87 | % | 1.54 | % | 0.91 | % | 32.44 | % | |||||||||||||||||||||
$ | 10.24 | 2.37 | % | $ | 7,066 | 0.85 | % | 1.24 | % | 0.97 | % | 49.39 | % | |||||||||||||||||||||
$ | 10.18 | 1.81 | % | $ | 7,625 | 0.91 | % | 1.29 | % | 0.98 | % | 62.02 | % | |||||||||||||||||||||
$ | 10.19 | 2.23 | % | $ | 8,778 | 0.93 | % | 1.41 | % | 0.93 | % | 35.74 | % | |||||||||||||||||||||
$ | 10.20 | (0.90 | )% | $ | 68,982 | 0.70 | % | 2.56 | % | 0.82 | % | 62.28 | % | |||||||||||||||||||||
$ | 10.59 | 0.75 | % | $ | 72,030 | 0.72 | % | 2.13 | % | 0.82 | % | 64.07 | % | |||||||||||||||||||||
$ | 10.81 | 5.84 | % | $ | 70,257 | 0.74 | % | 2.42 | % | 0.84 | % | 65.47 | % | |||||||||||||||||||||
$ | 10.53 | 2.04 | % | $ | 47,782 | 0.73 | % | 2.63 | % | 0.83 | % | 41.37 | % | |||||||||||||||||||||
$ | 10.66 | 5.03 | % | $ | 38,929 | 0.81 | % | 2.90 | % | 0.83 | % | 75.21 | % | |||||||||||||||||||||
$ | 9.81 | (0.80 | )% | $ | 440 | 0.89 | % | 2.94 | % | 0.89 | % | 66.82 | % | |||||||||||||||||||||
$ | 10.25 | 2.07 | % | $ | 372 | 0.88 | % | 2.84 | % | 0.88 | % | 78.79 | % | |||||||||||||||||||||
$ | 10.37 | 5.55 | % | $ | 441 | 0.89 | % | 2.77 | % | 0.89 | % | 83.88 | % | |||||||||||||||||||||
$ | 10.10 | 1.51 | % | $ | 348 | 0.88 | % | 2.87 | % | 0.88 | % | 33.94 | % | |||||||||||||||||||||
$ | 10.25 | 5.16 | % | $ | 269 | 0.86 | % | 3.04 | % | 0.86 | % | 105.03 | % | |||||||||||||||||||||
$ | 9.60 | (0.63 | )% | $ | 18 | 0.83 | % | 2.54 | % | 0.87 | % | 19.17 | % | |||||||||||||||||||||
$ | 9.94 | 0.89 | % | $ | 94 | 0.85 | % | 2.06 | % | 0.89 | % | 34.72 | % | |||||||||||||||||||||
$ | 10.10 | 3.60 | % | $ | 377 | 0.84 | % | 1.89 | % | 0.88 | % | 43.63 | % | |||||||||||||||||||||
$ | 9.98 | 3.39 | % | $ | 124 | 0.84 | % | 2.01 | % | 0.88 | % | 19.85 | % | |||||||||||||||||||||
$ | 9.90 | 3.38 | % | $ | 87 | 0.85 | % | 2.20 | % | 0.88 | % | 98.34 | % | |||||||||||||||||||||
$ | 9.90 | (1.44 | )% | $ | 3,647 | 0.93 | % | 1.95 | % | 0.93 | % | 20.37 | % | |||||||||||||||||||||
$ | 10.27 | (0.19 | )% | $ | 4,072 | 0.93 | % | 2.01 | % | 0.96 | % | 17.93 | % | |||||||||||||||||||||
$ | 10.64 | 3.69 | % | $ | 4,358 | 0.91 | % | 2.25 | % | 1.02 | % | 16.44 | % | |||||||||||||||||||||
$ | 10.62 | 1.80 | % | $ | 4,532 | 0.95 | % | 2.37 | % | 1.04 | % | 17.34 | % | |||||||||||||||||||||
$ | 10.86 | 4.31 | % | $ | 4,615 | 0.97 | % | 2.47 | % | 0.97 | % | 11.13 | % | |||||||||||||||||||||
$ | 10.62 | (1.23 | )% | $ | 4,991 | 0.88 | % | 1.89 | % | 0.88 | % | 31.12 | % | |||||||||||||||||||||
$ | 11.02 | 0.00 | % | $ | 5,818 | 0.86 | % | 1.88 | % | 0.90 | % | 5.89 | % | |||||||||||||||||||||
$ | 11.31 | 3.71 | % | $ | 6,537 | 0.86 | % | 1.75 | % | 0.96 | % | 14.36 | % | |||||||||||||||||||||
$ | 11.17 | 1.79 | % | $ | 6,865 | 0.90 | % | 1.82 | % | 0.96 | % | 18.38 | % | |||||||||||||||||||||
$ | 11.23 | 4.26 | % | $ | 6,763 | 0.94 | % | 1.74 | % | 0.94 | % | 19.90 | % |
161
Sterling Capital Funds
|
Financial Highlights, Class A Shares |
|
The financial highlights table is intended to help you understand the Funds financial performance for the past 5 years or, if shorter, the period of the Funds operations. Certain information reflects financial results for a single Fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the Fund (assuming reinvestment of all dividends and distributions).
Investment Activities | Distributions | ||||||||||||||||||||||||||||||||||
Net Asset Value, Beginning of Year |
Net investment income(a) |
Net realized/ unrealized gains (losses) on investments |
Total from Investment Activities |
Net investment income |
Net realized gains on investments |
Total Distributions | |||||||||||||||||||||||||||||
Sterling Capital North Carolina Intermediate Tax-Free Fund |
|
||||||||||||||||||||||||||||||||||
Year Ended September 30, 2018 |
$ | 10.78 | 0.24 | (0.35 | ) | (0.11 | ) | (0.24 | ) | | (0.24 | ) | |||||||||||||||||||||||
Year Ended September 30, 2017 |
$ | 11.08 | 0.23 | (0.27 | ) | (0.04 | ) | (0.22 | ) | (0.04 | ) | (0.26 | ) | ||||||||||||||||||||||
Year Ended September 30, 2016 |
$ | 10.97 | 0.23 | 0.17 | 0.40 | (0.23 | ) | (0.06 | ) | (0.29 | ) | ||||||||||||||||||||||||
Year Ended September 30, 2015 |
$ | 10.98 | 0.24 | 0.01 | 0.25 | (0.24 | ) | (0.02 | ) | (0.26 | ) | ||||||||||||||||||||||||
Year Ended September 30, 2014 |
$ | 10.74 | 0.24 | 0.24 | 0.48 | (0.24 | ) | | (0.24 | ) | |||||||||||||||||||||||||
Sterling Capital South Carolina Intermediate Tax-Free Fund |
|
||||||||||||||||||||||||||||||||||
Year Ended September 30, 2018 |
$ | 11.10 | 0.20 | (0.33 | ) | (0.13 | ) | (0.20 | ) | | (0.20 | ) | |||||||||||||||||||||||
Year Ended September 30, 2017 |
$ | 11.30 | 0.20 | (0.20 | ) | | (0.20 | ) | | (0.20 | ) | ||||||||||||||||||||||||
Year Ended September 30, 2016 |
$ | 11.14 | 0.20 | 0.20 | 0.40 | (0.20 | ) | (0.04 | ) | (0.24 | ) | ||||||||||||||||||||||||
Year Ended September 30, 2015 |
$ | 11.14 | 0.21 | 0.02 | 0.23 | (0.21 | ) | (0.02 | ) | (0.23 | ) | ||||||||||||||||||||||||
Year Ended September 30, 2014 |
$ | 10.85 | 0.22 | 0.29 | 0.51 | (0.22 | ) | | (0.22 | ) | |||||||||||||||||||||||||
Sterling Capital Virginia Intermediate Tax-Free Fund |
|
||||||||||||||||||||||||||||||||||
Year Ended September 30, 2018 |
$ | 11.76 | 0.23 | (0.36 | ) | (0.13 | ) | (0.23 | ) | | (0.23 | ) | |||||||||||||||||||||||
Year Ended September 30, 2017 |
$ | 12.13 | 0.23 | (0.28 | ) | (0.05 | ) | (0.23 | ) | (0.09 | ) | (0.32 | ) | ||||||||||||||||||||||
Year Ended September 30, 2016 |
$ | 11.98 | 0.24 | 0.19 | 0.43 | (0.24 | ) | (0.04 | ) | (0.28 | ) | ||||||||||||||||||||||||
Year Ended September 30, 2015 |
$ | 12.06 | 0.25 | (0.01 | ) | 0.24 | (0.25 | ) | (0.07 | ) | (0.32 | ) | |||||||||||||||||||||||
Year Ended September 30, 2014 |
$ | 11.79 | 0.24 | 0.27 | 0.51 | (0.24 | ) | | (0.24 | ) | |||||||||||||||||||||||||
Sterling Capital West Virginia Intermediate Tax-Free Fund |
|
||||||||||||||||||||||||||||||||||
Year Ended September 30, 2018 |
$ | 10.04 | 0.21 | (0.31 | ) | (0.10 | ) | (0.21 | ) | (0.01 | ) | (0.22 | ) | ||||||||||||||||||||||
Year Ended September 30, 2017 |
$ | 10.27 | 0.21 | (0.18 | ) | 0.03 | (0.21 | ) | (0.05 | ) | (0.26 | ) | |||||||||||||||||||||||
Year Ended September 30, 2016 |
$ | 10.14 | 0.21 | 0.18 | 0.39 | (0.21 | ) | (0.05 | ) | (0.26 | ) | ||||||||||||||||||||||||
Year Ended September 30, 2015 |
$ | 10.16 | 0.21 | 0.01 | 0.22 | (0.21 | ) | (0.03 | ) | (0.24 | ) | ||||||||||||||||||||||||
Year Ended September 30, 2014 |
$ | 9.90 | 0.21 | 0.26 | 0.47 | (0.21 | ) | | (0.21 | ) | |||||||||||||||||||||||||
Sterling Capital Diversified Income Fund(b) |
|
||||||||||||||||||||||||||||||||||
Year Ended September 30, 2018 |
$ | 10.79 | 0.35 | (0.10 | ) | 0.25 | (0.41 | ) | | (0.41 | ) | ||||||||||||||||||||||||
Year Ended September 30, 2017 |
$ | 10.82 | 0.41 | (0.03 | ) | 0.38 | (0.41 | ) | | (0.41 | ) | ||||||||||||||||||||||||
Year Ended September 30, 2016 |
$ | 10.21 | 0.33 | 0.65 | 0.98 | (0.37 | ) | | (0.37 | ) | |||||||||||||||||||||||||
Year Ended September 30, 2015 |
$ | 10.59 | 0.26 | (0.40 | ) | (0.14 | ) | (0.24 | ) | | (0.24 | ) | |||||||||||||||||||||||
Year Ended September 30, 2014 |
$ | 9.95 | 0.22 | 0.65 | 0.87 | (0.23 | ) | | (0.23 | ) | |||||||||||||||||||||||||
Sterling Capital Strategic Allocation Balanced Fund(b) |
|
||||||||||||||||||||||||||||||||||
Year Ended September 30, 2018 |
$ | 11.89 | 0.23 | 0.23 | 0.46 | (0.27 | ) | | (0.27 | ) | |||||||||||||||||||||||||
Year Ended September 30, 2017 |
$ | 10.82 | 0.15 | 1.08 | 1.23 | (0.16 | ) | | (0.16 | ) | |||||||||||||||||||||||||
Year Ended September 30, 2016 |
$ | 10.31 | 0.17 | 0.55 | 0.72 | (0.21 | ) | | (0.21 | ) | |||||||||||||||||||||||||
Year Ended September 30, 2015 |
$ | 10.66 | 0.13 | (0.33 | ) | (0.20 | ) | (0.15 | ) | | (0.15 | ) | |||||||||||||||||||||||
Year Ended September 30, 2014 |
$ | 9.77 | 0.17 | 0.90 | 1.07 | (0.18 | ) | | (0.18 | ) | |||||||||||||||||||||||||
Sterling Capital Strategic Allocation Growth Fund(b) |
|
||||||||||||||||||||||||||||||||||
Year Ended September 30, 2018 |
$ | 11.90 | 0.21 | 0.39 | 0.60 | (0.25 | ) | | (0.25 | ) | |||||||||||||||||||||||||
Year Ended September 30, 2017 |
$ | 10.53 | 0.11 | 1.38 | 1.49 | (0.12 | ) | | (0.12 | ) | |||||||||||||||||||||||||
Year Ended September 30, 2016 |
$ | 9.99 | 0.14 | 0.57 | 0.71 | (0.17 | ) | | (0.17 | ) | |||||||||||||||||||||||||
Year Ended September 30, 2015 |
$ | 10.39 | 0.07 | (0.37 | ) | (0.30 | ) | (0.10 | ) | | (0.10 | ) | |||||||||||||||||||||||
Year Ended September 30, 2014 |
$ | 9.35 | 0.12 | 1.06 | 1.18 | (0.14 | ) | | (0.14 | ) |
* | During the periods certain fees were waived (See Note 6 in the Notes to the Financial Statements). If such reductions had not occurred, the ratios would have been as indicated. |
** | Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued. |
(a) | Per share net investment income has been calculated using the average daily shares method. |
(b) | The expense ratios exclude the impact of fees/expenses paid by each underlying fund. |
See accompanying Notes to the Financial Statements.
162
|
|
|
Ratios/Supplementary Data | ||||||||||||||||||||||||||||||||||
Net Asset Value, End of Year |
Total Return (excludes sales charge) |
Net Assets, End of Year (000) |
Ratio of net expenses to average net assets |
Ratio of net investment income to average net assets |
Ratio of expenses to average net assets* |
Portfolio turnover rate** | ||||||||||||||||||||||||||||
$ | 10.43 | (1.06 | )% | $ | 36,857 | 0.79 | % | 2.23 | % | 0.79 | % | 22.06 | % | |||||||||||||||||||||
$ | 10.78 | (0.31 | )% | $ | 45,357 | 0.79 | % | 2.09 | % | 0.83 | % | 25.92 | % | |||||||||||||||||||||
$ | 11.08 | 3.69 | % | $ | 52,130 | 0.80 | % | 2.08 | % | 0.90 | % | 10.05 | % | |||||||||||||||||||||
$ | 10.97 | 2.28 | % | $ | 45,940 | 0.84 | % | 2.19 | % | 0.91 | % | 16.80 | % | |||||||||||||||||||||
$ | 10.98 | 4.55 | % | $ | 48,426 | 0.91 | % | 2.25 | % | 0.91 | % | 11.67 | % | |||||||||||||||||||||
$ | 10.77 | (1.15 | )% | $ | 13,864 | 0.80 | % | 1.85 | % | 0.80 | % | 27.71 | % | |||||||||||||||||||||
$ | 11.10 | 0.01 | % | $ | 15,832 | 0.81 | % | 1.78 | % | 0.84 | % | 31.17 | % | |||||||||||||||||||||
$ | 11.30 | 3.59 | % | $ | 18,683 | 0.82 | % | 1.78 | % | 0.92 | % | 2.69 | % | |||||||||||||||||||||
$ | 11.14 | 2.11 | % | $ | 16,802 | 0.86 | % | 1.93 | % | 0.93 | % | 12.53 | % | |||||||||||||||||||||
$ | 11.14 | 4.76 | % | $ | 17,748 | 0.93 | % | 2.02 | % | 0.93 | % | 15.51 | % | |||||||||||||||||||||
$ | 11.40 | (1.14 | )% | $ | 20,842 | 0.80 | % | 1.96 | % | 0.80 | % | 21.08 | % | |||||||||||||||||||||
$ | 11.76 | (0.39 | )% | $ | 27,481 | 0.80 | % | 1.93 | % | 0.84 | % | 23.25 | % | |||||||||||||||||||||
$ | 12.13 | 3.65 | % | $ | 34,691 | 0.81 | % | 1.99 | % | 0.91 | % | 16.18 | % | |||||||||||||||||||||
$ | 11.98 | 1.98 | % | $ | 36,672 | 0.85 | % | 2.08 | % | 0.92 | % | 16.01 | % | |||||||||||||||||||||
$ | 12.06 | 4.39 | % | $ | 41,130 | 0.91 | % | 2.04 | % | 0.91 | % | 20.48 | % | |||||||||||||||||||||
$ | 9.72 | (0.98 | )% | $ | 23,833 | 0.80 | % | 2.14 | % | 0.80 | % | 17.53 | % | |||||||||||||||||||||
$ | 10.04 | 0.28 | % | $ | 30,134 | 0.81 | % | 2.08 | % | 0.85 | % | 21.00 | % | |||||||||||||||||||||
$ | 10.27 | 3.92 | % | $ | 37,720 | 0.82 | % | 2.05 | % | 0.92 | % | 11.31 | % | |||||||||||||||||||||
$ | 10.14 | 2.19 | % | $ | 35,279 | 0.85 | % | 2.12 | % | 0.92 | % | 10.34 | % | |||||||||||||||||||||
$ | 10.16 | 4.82 | % | $ | 35,190 | 0.91 | % | 2.14 | % | 0.91 | % | 21.09 | % | |||||||||||||||||||||
$ | 10.63 | 2.38 | % | $ | 12,468 | 0.79 | % | 3.25 | % | 0.80 | % | 48.19 | % | |||||||||||||||||||||
$ | 10.79 | 3.57 | % | $ | 14,754 | 0.77 | % | 3.84 | % | 0.77 | % | 43.86 | % | |||||||||||||||||||||
$ | 10.82 | 9.87 | % | $ | 15,126 | 0.64 | % | 3.17 | % | 0.72 | % | 67.18 | % | |||||||||||||||||||||
$ | 10.21 | (1.40 | )% | $ | 14,321 | 0.45 | % | 2.45 | % | 0.70 | % | 126.46 | % | |||||||||||||||||||||
$ | 10.59 | 8.81 | % | $ | 15,589 | 0.45 | % | 2.11 | % | 0.70 | % | 8.67 | % | |||||||||||||||||||||
$ | 12.08 | 3.88 | % | $ | 28,470 | 0.41 | % | 1.93 | % | 0.66 | % | 14.41 | % | |||||||||||||||||||||
$ | 11.89 | 11.46 | % | $ | 30,181 | 0.42 | % | 1.37 | % | 0.67 | % | 0.80 | % | |||||||||||||||||||||
$ | 10.82 | 7.02 | % | $ | 31,951 | 0.40 | % | 1.65 | % | 0.65 | % | 5.19 | % | |||||||||||||||||||||
$ | 10.31 | (1.92 | )% | $ | 34,047 | 0.40 | % | 1.16 | % | 0.65 | % | 49.24 | % | |||||||||||||||||||||
$ | 10.66 | 11.05 | % | $ | 35,437 | 0.39 | % | 1.64 | % | 0.64 | % | 5.70 | % | |||||||||||||||||||||
$ | 12.25 | 5.08 | % | $ | 21,715 | 0.44 | % | 1.73 | % | 0.69 | % | 17.81 | % | |||||||||||||||||||||
$ | 11.90 | 14.24 | % | $ | 22,836 | 0.44 | % | 1.04 | % | 0.69 | % | 1.92 | % | |||||||||||||||||||||
$ | 10.53 | 7.22 | % | $ | 21,912 | 0.43 | % | 1.34 | % | 0.68 | % | 5.95 | % | |||||||||||||||||||||
$ | 9.99 | (2.93 | )% | $ | 22,848 | 0.42 | % | 0.69 | % | 0.67 | % | 58.40 | % | |||||||||||||||||||||
$ | 10.39 | 12.65 | % | $ | 23,709 | 0.41 | % | 1.23 | % | 0.66 | % | 8.60 | % |
163
Sterling Capital Funds
|
Financial Highlights, Class C Shares |
|
The financial highlights table is intended to help you understand the Funds financial performance for the past 5 years or, if shorter, the period of the Funds operations. Certain information reflects financial results for a single Fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the Fund (assuming reinvestment of all dividends and distributions).
Investment Activities | Distributions | ||||||||||||||||||||||||||||||||||
Net Asset Value, Beginning of Period |
Net investment income (loss)(a) |
Net realized/ unrealized gains (losses) on investments |
Total from Investment Activities |
Net investment income |
Net realized gains on investments |
Total Distributions | |||||||||||||||||||||||||||||
Sterling Capital Behavioral Large Cap Value Equity Fund |
|
||||||||||||||||||||||||||||||||||
Year Ended September 30, 2018 |
$ | 20.13 | 0.15 | 1.86 | 2.01 | (0.28 | ) | (0.19 | ) | (0.47 | ) | ||||||||||||||||||||||||
Year Ended September 30, 2017 |
$ | 17.20 | 0.21 | 2.87 | 3.08 | (0.15 | ) | | (0.15 | ) | |||||||||||||||||||||||||
Year Ended September 30, 2016 |
$ | 16.09 | 0.14 | 1.12 | 1.26 | (0.15 | ) | | (0.15 | ) | |||||||||||||||||||||||||
Year Ended September 30, 2015 |
$ | 16.79 | 0.09 | (0.67 | ) | (0.58 | ) | (0.12 | ) | | (0.12 | ) | |||||||||||||||||||||||
Year Ended September 30, 2014 |
$ | 13.81 | 0.05 | 3.00 | 3.05 | (0.07 | ) | | (0.07 | ) | |||||||||||||||||||||||||
Sterling Capital Mid Value Fund |
|||||||||||||||||||||||||||||||||||
Year Ended September 30, 2018 |
$ | 16.76 | (0.15 | ) | 1.09 | 0.94 | | (0.84 | ) | (0.84 | ) | ||||||||||||||||||||||||
Year Ended September 30, 2017 |
$ | 15.12 | (0.14 | ) | 2.31 | 2.17 | | (0.53 | ) | (0.53 | ) | ||||||||||||||||||||||||
Year Ended September 30, 2016 |
$ | 16.67 | (0.09 | ) | 1.88 | 1.79 | | (3.34 | ) | (3.34 | ) | ||||||||||||||||||||||||
Year Ended September 30, 2015 |
$ | 18.06 | (0.08 | ) | (0.13 | ) | (0.21 | ) | (0.01 | ) | (1.17 | ) | (1.18 | ) | |||||||||||||||||||||
Year Ended September 30, 2014 |
$ | 17.72 | (0.07 | ) | 1.63 | 1.56 | (0.02 | ) | (1.20 | ) | (1.22 | ) | |||||||||||||||||||||||
Sterling Capital Behavioral Small Cap Value Equity Fund |
|
||||||||||||||||||||||||||||||||||
Year Ended September 30, 2018 |
$ | 17.69 | 0.03 | 0.82 | 0.85 | | (0.65 | ) | (0.65 | ) | |||||||||||||||||||||||||
Year Ended September 30, 2017 |
$ | 14.70 | (0.02 | ) | 3.07 | 3.05 | (0.06 | ) | | (0.06 | ) | ||||||||||||||||||||||||
Year Ended September 30, 2016 |
$ | 13.60 | 0.07 | 1.11 | 1.18 | (0.07 | ) | (0.01 | ) | (0.08 | ) | ||||||||||||||||||||||||
Year Ended September 30, 2015 |
$ | 13.87 | 0.06 | 0.15 | 0.21 | (0.04 | ) | (0.44 | ) | (0.48 | ) | ||||||||||||||||||||||||
Year Ended September 30, 2014 |
$ | 14.88 | | (d) | 0.92 | 0.92 | (0.06 | ) | (1.87 | ) | (1.93 | ) | |||||||||||||||||||||||
Sterling Capital Special Opportunities Fund |
|
||||||||||||||||||||||||||||||||||
Year Ended September 30, 2018 |
$ | 20.88 | (0.14 | ) | 3.29 | 3.15 | (0.11 | ) | (1.94 | ) | (2.05 | ) | |||||||||||||||||||||||
Year Ended September 30, 2017 |
$ | 18.54 | (0.13 | ) | 2.88 | 2.75 | | (0.41 | ) | (0.41 | ) | ||||||||||||||||||||||||
Year Ended September 30, 2016 |
$ | 20.34 | (0.14 | ) | 1.65 | 1.51 | | (3.31 | ) | (3.31 | ) | ||||||||||||||||||||||||
Year Ended September 30, 2015 |
$ | 20.95 | (0.20 | ) | 0.79 | 0.59 | | (1.20 | ) | (1.20 | ) | ||||||||||||||||||||||||
Year Ended September 30, 2014 |
$ | 19.55 | (0.17 | ) | 3.85 | 3.68 | | (2.28 | ) | (2.28 | ) | ||||||||||||||||||||||||
Sterling Capital Equity Income Fund |
|||||||||||||||||||||||||||||||||||
Year Ended September 30, 2018 |
$ | 20.66 | 0.19 | 2.62 | 2.81 | (0.18 | ) | (1.95 | ) | (2.13 | ) | ||||||||||||||||||||||||
Year Ended September 30, 2017 |
$ | 18.14 | 0.20 | 2.56 | 2.76 | (0.22 | ) | (0.02 | ) | (0.24 | ) | ||||||||||||||||||||||||
Year Ended September 30, 2016 |
$ | 17.21 | 0.18 | 2.03 | 2.21 | (0.18 | ) | (1.10 | ) | (1.28 | ) | ||||||||||||||||||||||||
Year Ended September 30, 2015 |
$ | 18.80 | 0.17 | (1.06 | ) | (0.89 | ) | (0.19 | ) | (0.51 | ) | (0.70 | ) | ||||||||||||||||||||||
Year Ended September 30, 2014 |
$ | 18.01 | 0.19 | 1.40 | 1.59 | (0.17 | ) | (0.63 | ) | (0.80 | ) | ||||||||||||||||||||||||
Sterling Capital Behavioral International Equity Fund |
|
||||||||||||||||||||||||||||||||||
Year Ended September 30, 2018 |
$ | 11.64 | 0.25 | (0.48 | ) | (0.23 | ) | (0.24 | ) | (0.11 | ) | (0.35 | ) | ||||||||||||||||||||||
Year Ended September 30, 2017 |
$ | 9.62 | 0.15 | 1.96 | 2.11 | (0.09 | ) | | (0.09 | ) | |||||||||||||||||||||||||
Year Ended September 30, 2016 |
$ | 9.18 | 0.17 | 0.42 | 0.59 | (0.15 | ) | | (0.15 | ) | |||||||||||||||||||||||||
November 28, 2014 to September 30, 2015(e) |
$ | 10.00 | 0.19 | (0.99 | ) | (0.80 | ) | (0.02 | ) | | (0.02 | ) |
* | During the periods certain fees were waived (See Note 6 in the Notes to the Financial Statements). If such reductions had not occurred, the ratios would have been as indicated. |
** | Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued. |
(a) | Per share net investment income (loss) has been calculated using the average daily shares method. |
(b) | Not annualized for periods less than one year. |
(c) | Annualized for periods less than one year. |
(d) | Amount is less than $0.005. |
(e) | Period from commencement of operations. |
See accompanying Notes to the Financial Statements.
164
|
|
|
Ratios/Supplementary Data | ||||||||||||||||||||||||||||||||||
Net Asset Value, End of Period |
Total Return (excludes sales charge) (b) |
Net Assets, End of Period (000) |
Ratio of net expenses to average net assets (c) |
Ratio of net investment income (loss) to average net assets (c) |
Ratio of expenses to average net assets*(c) |
Portfolio turnover rate**(b) | ||||||||||||||||||||||||||||
$ | 21.67 | 10.11 | % | $ | 887 | 1.62 | % | 0.69 | % | 1.62 | % | 127.89 | % | |||||||||||||||||||||
$ | 20.13 | 18.00 | % | $ | 966 | 1.64 | % | 1.12 | % | 1.64 | % | 144.85 | % | |||||||||||||||||||||
$ | 17.20 | 7.87 | % | $ | 919 | 1.76 | % | 0.81 | % | 1.90 | % | 145.53 | % | |||||||||||||||||||||
$ | 16.09 | (3.52 | )% | $ | 805 | 1.81 | % | 0.52 | % | 1.91 | % | 135.05 | % | |||||||||||||||||||||
$ | 16.79 | 22.09 | % | $ | 534 | 1.81 | % | 0.34 | % | 1.92 | % | 113.75 | % | |||||||||||||||||||||
$ | 16.86 | 5.72 | % | $ | 4,097 | 1.92 | % | (0.91 | )% | 1.92 | % | 34.62 | % | |||||||||||||||||||||
$ | 16.76 | 14.58 | % | $ | 4,363 | 1.90 | % | (0.87 | )% | 1.90 | % | 24.83 | % | |||||||||||||||||||||
$ | 15.12 | 12.22 | % | $ | 5,282 | 1.93 | % | (0.61 | )% | 1.93 | % | 25.45 | % | |||||||||||||||||||||
$ | 16.67 | (1.43 | )% | $ | 5,309 | 1.94 | % | (0.41 | )% | 1.94 | % | 30.61 | % | |||||||||||||||||||||
$ | 18.06 | 9.12 | % | $ | 4,661 | 1.94 | % | (0.40 | )% | 1.94 | % | 27.30 | % | |||||||||||||||||||||
$ | 17.89 | 4.88 | % | $ | 180 | 1.78 | % | 0.17 | % | 1.78 | % | 89.85 | % | |||||||||||||||||||||
$ | 17.69 | 20.73 | % | $ | 191 | 1.80 | % | (0.10 | )% | 1.85 | % | 109.05 | % | |||||||||||||||||||||
$ | 14.70 | 8.68 | % | $ | 364 | 1.88 | % | 0.52 | % | 1.98 | % | 120.42 | % | |||||||||||||||||||||
$ | 13.60 | 1.37 | % | $ | 330 | 2.00 | % | 0.45 | % | 2.00 | % | 101.99 | % | |||||||||||||||||||||
$ | 13.87 | 6.38 | % | $ | 312 | 1.99 | % | (0.01 | )% | 1.99 | % | 68.50 | % | |||||||||||||||||||||
$ | 21.98 | 16.27 | % | $ | 144,100 | 1.86 | % | (0.70 | )% | 1.86 | % | 22.78 | % | |||||||||||||||||||||
$ | 20.88 | 15.08 | % | $ | 149,892 | 1.87 | % | (0.68 | )% | 1.87 | % | 18.92 | % | |||||||||||||||||||||
$ | 18.54 | 7.76 | % | $ | 181,061 | 1.92 | % | (0.73 | )% | 1.97 | % | 27.32 | % | |||||||||||||||||||||
$ | 20.34 | 2.99 | % | $ | 143,597 | 1.98 | % | (0.98 | )% | 1.98 | % | 26.98 | % | |||||||||||||||||||||
$ | 20.95 | 20.76 | % | $ | 120,469 | 1.96 | % | (0.86 | )% | 1.96 | % | 32.35 | % | |||||||||||||||||||||
$ | 21.34 | 14.41 | % | $ | 207,659 | 1.77 | % | 0.91 | % | 1.77 | % | 19.49 | % | |||||||||||||||||||||
$ | 20.66 | 15.36 | % | $ | 234,108 | 1.78 | % | 1.03 | % | 1.78 | % | 16.93 | % | |||||||||||||||||||||
$ | 18.14 | 13.66 | % | $ | 271,598 | 1.96 | % | 1.03 | % | 1.96 | % | 20.64 | % | |||||||||||||||||||||
$ | 17.21 | (4.92 | )% | $ | 279,355 | 1.97 | % | 0.91 | % | 1.97 | % | 27.53 | % | |||||||||||||||||||||
$ | 18.80 | 8.98 | % | $ | 315,948 | 1.95 | % | 1.04 | % | 1.95 | % | 16.13 | % | |||||||||||||||||||||
$ | 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 | % |
165
Sterling Capital Funds
|
Financial Highlights, Class C Shares |
|
The financial highlights table is intended to help you understand the Funds financial performance for the past 5 years or, if shorter, the period of the Funds operations. Certain information reflects financial results for a single Fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the Fund (assuming reinvestment of all dividends and distributions).
Investment Activities | Distributions | ||||||||||||||||||||||||||||||||||
Net Asset Value, Beginning of Period |
Net investment income (loss)(a) |
Net realized/ unrealized gains (losses) on investments |
Total from Investment Activities |
Net investment income |
Net realized gains on investments |
Total Distributions | |||||||||||||||||||||||||||||
Sterling Capital SMID Opportunities Fund |
|
||||||||||||||||||||||||||||||||||
Year Ended September 30, 2018 |
$ | 11.67 | (0.13 | ) | 0.96 | 0.83 | (0.02 | ) | (0.18 | ) | (0.20 | ) | |||||||||||||||||||||||
October 3, 2016 to September 30, 2017(d) |
$ | 10.00 | (0.09 | ) | 1.76 | 1.67 | | | | ||||||||||||||||||||||||||
Sterling Capital Stratton Mid Cap Value Fund |
|
||||||||||||||||||||||||||||||||||
Year Ended September 30, 2018 |
$ | 65.40 | (0.42 | ) | 4.77 | 4.35 | | (2.29 | ) | (2.29 | ) | ||||||||||||||||||||||||
Year Ended September 30, 2017 |
$ | 55.55 | (0.41 | ) | 10.53 | 10.12 | | (0.27 | ) | (0.27 | ) | ||||||||||||||||||||||||
Period Ended September 30, 2016 |
$ | 52.54 | (0.32 | ) | 3.33 | 3.01 | | | | ||||||||||||||||||||||||||
November 16, 2015 to December 31, 2015(d) |
$ | 53.97 | | 0.45 | 0.45 | (0.10 | ) | (1.78 | ) | (1.88 | ) | ||||||||||||||||||||||||
Sterling Capital Stratton Real Estate Fund |
|
||||||||||||||||||||||||||||||||||
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 |
|
||||||||||||||||||||||||||||||||||
Year Ended September 30, 2018 |
$ | 88.75 | (0.62 | ) | 6.48 | 5.86 | | (7.69 | ) | (7.69 | ) | ||||||||||||||||||||||||
Year Ended September 30, 2017 |
$ | 77.88 | (0.64 | ) | 15.61 | 14.97 | | (4.10 | ) | (4.10 | ) | ||||||||||||||||||||||||
Period Ended September 30, 2016 |
$ | 69.88 | (0.41 | ) | 8.41 | 8.00 | | | | ||||||||||||||||||||||||||
November 16, 2015 to December 31, 2015(d) |
$ | 71.71 | (0.01 | ) | (0.81 | ) | (0.82 | ) | (0.01 | ) | (1.00 | ) | (1.01 | ) | |||||||||||||||||||||
Sterling Capital Short Duration Bond Fund |
|
||||||||||||||||||||||||||||||||||
Year Ended September 30, 2018 |
$ | 8.69 | 0.09 | (0.12 | ) | (0.03 | ) | (0.15 | ) | | (0.15 | ) | |||||||||||||||||||||||
Year Ended September 30, 2017 |
$ | 8.80 | 0.03 | | 0.03 | (0.14 | ) | | (0.14 | ) | |||||||||||||||||||||||||
Year Ended September 30, 2016 |
$ | 8.85 | 0.03 | 0.07 | 0.10 | (0.16 | ) | | (0.16 | ) | |||||||||||||||||||||||||
Year Ended September 30, 2015 |
$ | 9.07 | 0.04 | (0.07 | ) | (0.03 | ) | (0.19 | ) | | (0.19 | ) | |||||||||||||||||||||||
Year Ended September 30, 2014 |
$ | 9.24 | 0.06 | (0.03 | ) | 0.03 | (0.20 | ) | | (0.20 | ) |
* | During the periods certain fees were waived (See Note 6 in the Notes to the Financial Statements). If such reductions had not occurred, the ratios would have been as indicated. |
** | Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued. |
(a) | Per share net investment income (loss) has been calculated using the average daily shares method. |
(b) | Not annualized for periods less than one year. |
(c) | Annualized for periods less than one year. |
(d) | Period from commencement of operations. |
See accompanying Notes to the Financial Statements.
166
|
|
|
Ratios/Supplementary Data | ||||||||||||||||||||||||||||||||||
Net Asset Value, End of Period |
Total Return (excludes sales charge) (b) |
Net Assets, End of Period (000) |
Ratio of net expenses to average net assets (c) |
Ratio of net investment income (loss) to average net assets (c) |
Ratio of expenses to average net assets*(c) |
Portfolio turnover rate**(b) | ||||||||||||||||||||||||||||
$ | 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 | % | |||||||||||||||||||||
$ | 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 | % | |||||||||||||||||||||
$ | 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 | % | |||||||||||||||||||||
$ | 86.92 | 6.90 | % | $ | 112 | 2.03 | % | (0.71 | )% | 2.06 | % | 15.51 | % | |||||||||||||||||||||
$ | 88.75 | 19.55 | % | $ | 107 | 2.06 | % | 0.78 | % | 2.06 | % | 7.04 | % | |||||||||||||||||||||
$ | 77.88 | 11.45 | % | $ | 65 | 2.08 | % | (0.74 | )% | 2.08 | % | 3.42 | % | |||||||||||||||||||||
$ | 69.88 | (1.12 | )% | $ | 1 | 2.06 | % | (0.15 | )% | 2.06 | % | 6.33 | % | |||||||||||||||||||||
$ | 8.51 | (0.32 | )% | $ | 1,091 | 1.43 | % | 1.07 | % | 1.53 | % | 62.02 | % | |||||||||||||||||||||
$ | 8.69 | 0.38 | % | $ | 1,546 | 1.45 | % | 0.37 | % | 1.55 | % | 78.77 | % | |||||||||||||||||||||
$ | 8.80 | 1.22 | % | $ | 1,886 | 1.49 | % | 0.35 | % | 1.56 | % | 54.68 | % | |||||||||||||||||||||
$ | 8.85 | (0.29 | )% | $ | 2,415 | 1.55 | % | 0.39 | % | 1.57 | % | 55.74 | % | |||||||||||||||||||||
$ | 9.07 | 0.37 | % | $ | 1,906 | 1.53 | % | 0.69 | % | 1.56 | % | 56.10 | % |
167
Sterling Capital Funds
|
Financial Highlights, Class C Shares |
|
The financial highlights table is intended to help you understand the Funds financial performance for the past 5 years or, if shorter, the period of the Funds operations. Certain information reflects financial results for a single Fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the Fund (assuming reinvestment of all dividends and distributions).
Investment Activities | Distributions | |||||||||||||||||||||||||||||||||||||||
Net Asset Value, Beginning of Year |
Net investment income(a) |
Net realized/ unrealized gains (losses) on investments |
Total from Investment Activities |
Net investment income |
Net realized gains on investments |
Return of capital |
Total Distributions | |||||||||||||||||||||||||||||||||
Sterling Capital Intermediate U.S. Government Fund |
|
|||||||||||||||||||||||||||||||||||||||
Year Ended September 30, 2018 |
$ | 9.89 | 0.09 | (0.32 | ) | (0.23 | ) | (0.19 | ) | | | (0.19 | ) | |||||||||||||||||||||||||||
Year Ended September 30, 2017 |
$ | 10.22 | 0.08 | (0.28 | ) | (0.20 | ) | (0.13 | ) | | | (0.13 | ) | |||||||||||||||||||||||||||
Year Ended September 30, 2016 |
$ | 10.17 | 0.05 | 0.10 | 0.15 | (0.10 | ) | | | (0.10 | ) | |||||||||||||||||||||||||||||
Year Ended September 30, 2015 |
$ | 10.18 | 0.06 | 0.05 | 0.11 | (0.12 | ) | | | (0.12 | ) | |||||||||||||||||||||||||||||
Year Ended September 30, 2014 |
$ | 10.27 | 0.07 | 0.09 | 0.16 | (0.25 | ) | | | (0.25 | ) | |||||||||||||||||||||||||||||
Sterling Capital Total Return Bond Fund |
|
|||||||||||||||||||||||||||||||||||||||
Year Ended September 30, 2018 |
$ | 10.61 | 0.19 | (0.37 | ) | (0.18 | ) | (0.22 | ) | | | (0.22 | ) | |||||||||||||||||||||||||||
Year Ended September 30, 2017 |
$ | 10.83 | 0.15 | (0.15 | ) | | (0.22 | ) | | | (0.22 | ) | ||||||||||||||||||||||||||||
Year Ended September 30, 2016 |
$ | 10.55 | 0.18 | 0.35 | 0.53 | (0.25 | ) | | | (0.25 | ) | |||||||||||||||||||||||||||||
Year Ended September 30, 2015 |
$ | 10.68 | 0.20 | (0.06 | ) | 0.14 | (0.27 | ) | | | (0.27 | ) | ||||||||||||||||||||||||||||
Year Ended September 30, 2014 |
$ | 10.54 | 0.23 | 0.21 | 0.44 | (0.29 | ) | (0.01 | ) | | (0.30 | ) | ||||||||||||||||||||||||||||
Sterling Capital Corporate Fund |
|
|||||||||||||||||||||||||||||||||||||||
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 | ) | ||||||||||||||||||||||||||
Year Ended September 30, 2014 |
$ | 10.15 | 0.24 | 0.18 | 0.42 | (0.23 | ) | (0.10 | ) | | (0.33 | ) | ||||||||||||||||||||||||||||
Sterling Capital Securitized Opportunities Fund |
|
|||||||||||||||||||||||||||||||||||||||
Year Ended September 30, 2018 |
$ | 9.93 | 0.19 | (0.32 | ) | (0.13 | ) | (0.20 | ) | | | (0.20 | ) | |||||||||||||||||||||||||||
Year Ended September 30, 2017 |
$ | 10.09 | 0.13 | (0.12 | ) | 0.01 | (0.17 | ) | | | (0.17 | ) | ||||||||||||||||||||||||||||
Year Ended September 30, 2016 |
$ | 9.97 | 0.12 | 0.16 | 0.28 | (0.16 | ) | | | (0.16 | ) | |||||||||||||||||||||||||||||
Year Ended September 30, 2015 |
$ | 9.89 | 0.13 | 0.13 | 0.26 | (0.18 | ) | | | (0.18 | ) | |||||||||||||||||||||||||||||
Year Ended September 30, 2014 |
$ | 9.84 | 0.16 | 0.11 | 0.27 | (0.22 | ) | | | (0.22 | ) | |||||||||||||||||||||||||||||
Sterling Capital Kentucky Intermediate Tax-Free Fund |
|
|||||||||||||||||||||||||||||||||||||||
Year Ended September 30, 2018 |
$ | 10.28 | 0.15 | (0.34 | ) | (0.19 | ) | (0.15 | ) | (0.03 | ) | | (0.18 | ) | ||||||||||||||||||||||||||
Year Ended September 30, 2017 |
$ | 10.65 | 0.14 | (0.22 | ) | (0.08 | ) | (0.15 | ) | (0.14 | ) | | (0.29 | ) | ||||||||||||||||||||||||||
Year Ended September 30, 2016 |
$ | 10.63 | 0.16 | 0.15 | 0.31 | (0.16 | ) | (0.13 | ) | | (0.29 | ) | ||||||||||||||||||||||||||||
Year Ended September 30, 2015 |
$ | 10.86 | 0.17 | (0.05 | ) | 0.12 | (0.17 | ) | (0.18 | ) | | (0.35 | ) | |||||||||||||||||||||||||||
Year Ended September 30, 2014 |
$ | 10.67 | 0.19 | 0.18 | 0.37 | (0.18 | ) | | | (0.18 | ) | |||||||||||||||||||||||||||||
Sterling Capital Maryland Intermediate Tax-Free Fund |
|
|||||||||||||||||||||||||||||||||||||||
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 | ) | |||||||||||||||||||||||||||
Year Ended September 30, 2014 |
$ | 10.96 | 0.11 | 0.28 | 0.39 | (0.11 | ) | | | (0.11 | ) | |||||||||||||||||||||||||||||
Sterling Capital North Carolina Intermediate Tax-Free Fund |
|
|||||||||||||||||||||||||||||||||||||||
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 | ) | |||||||||||||||||||||||||||
Year Ended September 30, 2014 |
$ | 10.74 | 0.16 | 0.24 | 0.40 | (0.16 | ) | | | (0.16 | ) |
* | During the periods certain fees were waived (See Note 6 in the Notes to the Financial Statements). If such reductions had not occurred, the ratios would have been as indicated. |
** | Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued. |
(a) | Per share net investment income has been calculated using the average daily shares method. |
(b) | Amount is less than $0.005. |
See accompanying Notes to the Financial Statements.
168
|
|
|
Ratios/Supplementary Data | ||||||||||||||||||||||||||||||||||
Net Asset Value, End of Year |
Total Return (excludes sales charge) |
Net Assets, End of Year (000) |
Ratio of net expenses to average net assets |
Ratio of net investment income to average net assets |
Ratio of expenses to average net assets* |
Portfolio turnover rate** | ||||||||||||||||||||||||||||
$ | 9.47 | (2.37 | )% | $ | 488 | 1.66 | % | 0.98 | % | 1.67 | % | 40.85 | % | |||||||||||||||||||||
$ | 9.89 | (1.94 | )% | $ | 577 | 1.62 | % | 0.80 | % | 1.66 | % | 32.44 | % | |||||||||||||||||||||
$ | 10.22 | 1.51 | % | $ | 706 | 1.60 | % | 0.48 | % | 1.72 | % | 49.39 | % | |||||||||||||||||||||
$ | 10.17 | 1.06 | % | $ | 777 | 1.67 | % | 0.56 | % | 1.73 | % | 62.02 | % | |||||||||||||||||||||
$ | 10.18 | 1.56 | % | $ | 823 | 1.68 | % | 0.66 | % | 1.68 | % | 35.74 | % | |||||||||||||||||||||
$ | 10.21 | (1.73 | )% | $ | 7,464 | 1.45 | % | 1.81 | % | 1.57 | % | 62.28 | % | |||||||||||||||||||||
$ | 10.61 | 0.00 | % | $ | 7,582 | 1.47 | % | 1.38 | % | 1.57 | % | 64.07 | % | |||||||||||||||||||||
$ | 10.83 | 5.05 | % | $ | 7,933 | 1.49 | % | 1.66 | % | 1.59 | % | 65.47 | % | |||||||||||||||||||||
$ | 10.55 | 1.28 | % | $ | 6,362 | 1.48 | % | 1.87 | % | 1.58 | % | 41.37 | % | |||||||||||||||||||||
$ | 10.68 | 4.24 | % | $ | 5,578 | 1.56 | % | 2.15 | % | 1.58 | % | 75.21 | % | |||||||||||||||||||||
$ | 9.80 | (1.44 | )% | $ | 42 | 1.63 | % | 2.19 | % | 1.63 | % | 66.82 | % | |||||||||||||||||||||
$ | 10.23 | 1.30 | % | $ | 43 | 1.64 | % | 2.09 | % | 1.64 | % | 78.79 | % | |||||||||||||||||||||
$ | 10.35 | 4.69 | % | $ | 58 | 1.64 | % | 2.03 | % | 1.64 | % | 83.88 | % | |||||||||||||||||||||
$ | 10.09 | 0.75 | % | $ | 9 | 1.63 | % | 2.12 | % | 1.63 | % | 33.94 | % | |||||||||||||||||||||
$ | 10.24 | 4.25 | % | $ | 9 | 1.59 | % | 2.31 | % | 1.59 | % | 105.03 | % | |||||||||||||||||||||
$ | 9.60 | (1.27 | )% | $ | 33 | 1.58 | % | 1.97 | % | 1.62 | % | 19.17 | % | |||||||||||||||||||||
$ | 9.93 | 0.12 | % | $ | 34 | 1.60 | % | 1.31 | % | 1.64 | % | 34.72 | % | |||||||||||||||||||||
$ | 10.09 | 2.83 | % | $ | 40 | 1.61 | % | 1.16 | % | 1.65 | % | 43.63 | % | |||||||||||||||||||||
$ | 9.97 | 2.62 | % | $ | 39 | 1.59 | % | 1.30 | % | 1.63 | % | 19.85 | % | |||||||||||||||||||||
$ | 9.89 | 2.72 | % | $ | 38 | 1.58 | % | 1.59 | % | 1.62 | % | 98.34 | % | |||||||||||||||||||||
$ | 9.91 | (1.93 | )% | $ | 2 | 1.68 | % | 1.45 | % | 1.68 | % | 20.37 | % | |||||||||||||||||||||
$ | 10.28 | (0.74 | )% | $ | 2 | 1.58 | % | 1.32 | % | 1.65 | % | 17.93 | % | |||||||||||||||||||||
$ | 10.65 | 2.93 | % | $ | 20 | 1.65 | % | 1.50 | % | 1.76 | % | 16.44 | % | |||||||||||||||||||||
$ | 10.63 | 1.13 | % | $ | 20 | 1.71 | % | 1.62 | % | 1.79 | % | 17.34 | % | |||||||||||||||||||||
$ | 10.86 | 3.53 | % | $ | 19 | 1.71 | % | 1.72 | % | 1.71 | % | 11.13 | % | |||||||||||||||||||||
$ | 10.62 | (1.97 | )% | $ | 591 | 1.63 | % | 1.14 | % | 1.63 | % | 31.12 | % | |||||||||||||||||||||
$ | 11.02 | (0.74 | )% | $ | 627 | 1.61 | % | 1.13 | % | 1.65 | % | 5.89 | % | |||||||||||||||||||||
$ | 11.31 | 2.85 | % | $ | 802 | 1.61 | % | 1.01 | % | 1.71 | % | 14.36 | % | |||||||||||||||||||||
$ | 11.18 | 1.04 | % | $ | 741 | 1.65 | % | 1.07 | % | 1.71 | % | 18.38 | % | |||||||||||||||||||||
$ | 11.24 | 3.58 | % | $ | 747 | 1.69 | % | 0.99 | % | 1.69 | % | 19.90 | % | |||||||||||||||||||||
$ | 10.42 | (1.80 | )% | $ | 3,359 | 1.54 | % | 1.48 | % | 1.54 | % | 22.06 | % | |||||||||||||||||||||
$ | 10.77 | (1.06 | )% | $ | 4,591 | 1.54 | % | 1.34 | % | 1.58 | % | 25.92 | % | |||||||||||||||||||||
$ | 11.07 | 2.91 | % | $ | 6,108 | 1.55 | % | 1.31 | % | 1.65 | % | 10.05 | % | |||||||||||||||||||||
$ | 10.96 | 1.43 | % | $ | 3,350 | 1.59 | % | 1.44 | % | 1.66 | % | 16.80 | % | |||||||||||||||||||||
$ | 10.98 | 3.77 | % | $ | 2,864 | 1.66 | % | 1.52 | % | 1.66 | % | 11.67 | % |
169
Sterling Capital Funds
|
Financial Highlights, Class C Shares |
|
The financial highlights table is intended to help you understand the Funds financial performance for the past 5 years or, if shorter, the period of the Funds operations. Certain information reflects financial results for a single Fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the Fund (assuming reinvestment of all dividends and distributions).
Investment Activities | Distributions | ||||||||||||||||||||||||||||||||||
Net Asset Value, Beginning of Year |
Net investment income(a) |
Net realized/ unrealized gains (losses) on investments |
Total from Investment Activities |
Net investment income |
Net realized gains on investments |
Total Distributions | |||||||||||||||||||||||||||||
Sterling Capital South Carolina Intermediate Tax-Free Fund |
|
||||||||||||||||||||||||||||||||||
Year Ended September 30, 2018 |
$ | 11.10 | 0.12 | (0.34 | ) | (0.22 | ) | (0.12 | ) | | (0.12 | ) | |||||||||||||||||||||||
Year Ended September 30, 2017 |
$ | 11.30 | 0.11 | (0.20 | ) | (0.09 | ) | (0.11 | ) | | (0.11 | ) | |||||||||||||||||||||||
Year Ended September 30, 2016 |
$ | 11.14 | 0.12 | 0.20 | 0.32 | (0.12 | ) | (0.04 | ) | (0.16 | ) | ||||||||||||||||||||||||
Year Ended September 30, 2015 |
$ | 11.14 | 0.13 | 0.02 | 0.15 | (0.13 | ) | (0.02 | ) | (0.15 | ) | ||||||||||||||||||||||||
Year Ended September 30, 2014 |
$ | 10.85 | 0.14 | 0.29 | 0.43 | (0.14 | ) | | (0.14 | ) | |||||||||||||||||||||||||
Sterling Capital Virginia Intermediate Tax-Free Fund |
|
||||||||||||||||||||||||||||||||||
Year Ended September 30, 2018 |
$ | 11.76 | 0.14 | (0.36 | ) | (0.22 | ) | (0.14 | ) | | (0.14 | ) | |||||||||||||||||||||||
Year Ended September 30, 2017 |
$ | 12.13 | 0.14 | (0.28 | ) | (0.14 | ) | (0.14 | ) | (0.09 | ) | (0.23 | ) | ||||||||||||||||||||||
Year Ended September 30, 2016 |
$ | 11.98 | 0.15 | 0.19 | 0.34 | (0.15 | ) | (0.04 | ) | (0.19 | ) | ||||||||||||||||||||||||
Year Ended September 30, 2015 |
$ | 12.06 | 0.16 | (0.01 | ) | 0.15 | (0.16 | ) | (0.07 | ) | (0.23 | ) | |||||||||||||||||||||||
Year Ended September 30, 2014 |
$ | 11.79 | 0.15 | 0.27 | 0.42 | (0.15 | ) | | (0.15 | ) | |||||||||||||||||||||||||
Sterling Capital West Virginia Intermediate Tax-Free Fund |
|
||||||||||||||||||||||||||||||||||
Year Ended September 30, 2018 |
$ | 10.05 | 0.14 | (0.32 | ) | (0.18 | ) | (0.14 | ) | (0.01 | ) | (0.15 | ) | ||||||||||||||||||||||
Year Ended September 30, 2017 |
$ | 10.27 | 0.13 | (0.17 | ) | (0.04 | ) | (0.13 | ) | (0.05 | ) | (0.18 | ) | ||||||||||||||||||||||
Year Ended September 30, 2016 |
$ | 10.14 | 0.13 | 0.18 | 0.31 | (0.13 | ) | (0.05 | ) | (0.18 | ) | ||||||||||||||||||||||||
Year Ended September 30, 2015 |
$ | 10.16 | 0.14 | 0.01 | 0.15 | (0.14 | ) | (0.03 | ) | (0.17 | ) | ||||||||||||||||||||||||
Year Ended September 30, 2014 |
$ | 9.91 | 0.14 | 0.25 | 0.39 | (0.14 | ) | | (0.14 | ) | |||||||||||||||||||||||||
Sterling Capital Diversified Income Fund(b) |
|
||||||||||||||||||||||||||||||||||
Year Ended September 30, 2018 |
$ | 10.70 | 0.27 | (0.10 | ) | 0.17 | (0.33 | ) | | (0.33 | ) | ||||||||||||||||||||||||
Year Ended September 30, 2017 |
$ | 10.73 | 0.33 | (0.03 | ) | 0.30 | (0.33 | ) | | (0.33 | ) | ||||||||||||||||||||||||
Year Ended September 30, 2016 |
$ | 10.13 | 0.24 | 0.66 | 0.90 | (0.30 | ) | | (0.30 | ) | |||||||||||||||||||||||||
Year Ended September 30, 2015 |
$ | 10.53 | 0.22 | (0.44 | ) | (0.22 | ) | (0.18 | ) | | (0.18 | ) | |||||||||||||||||||||||
Year Ended September 30, 2014 |
$ | 9.90 | 0.14 | 0.66 | 0.80 | (0.17 | ) | | (0.17 | ) | |||||||||||||||||||||||||
Sterling Capital Strategic Allocation Balanced Fund(b) |
|
||||||||||||||||||||||||||||||||||
Year Ended September 30, 2018 |
$ | 11.67 | 0.15 | 0.21 | 0.36 | (0.18 | ) | | (0.18 | ) | |||||||||||||||||||||||||
Year Ended September 30, 2017 |
$ | 10.62 | 0.07 | 1.06 | 1.13 | (0.08 | ) | | (0.08 | ) | |||||||||||||||||||||||||
Year Ended September 30, 2016 |
$ | 10.13 | 0.09 | 0.53 | 0.62 | (0.13 | ) | | (0.13 | ) | |||||||||||||||||||||||||
Year Ended September 30, 2015 |
$ | 10.47 | 0.04 | (0.31 | ) | (0.27 | ) | (0.07 | ) | | (0.07 | ) | |||||||||||||||||||||||
Year Ended September 30, 2014 |
$ | 9.60 | 0.09 | 0.89 | 0.98 | (0.11 | ) | | (0.11 | ) | |||||||||||||||||||||||||
Sterling Capital Strategic Allocation Growth Fund(b) |
|
||||||||||||||||||||||||||||||||||
Year Ended September 30, 2018 |
$ | 11.47 | 0.11 | 0.38 | 0.49 | (0.17 | ) | | (0.17 | ) | |||||||||||||||||||||||||
Year Ended September 30, 2017 |
$ | 10.18 | 0.03 | 1.32 | 1.35 | (0.06 | ) | | (0.06 | ) | |||||||||||||||||||||||||
Year Ended September 30, 2016 |
$ | 9.68 | 0.05 | 0.57 | 0.62 | (0.12 | ) | | (0.12 | ) | |||||||||||||||||||||||||
Year Ended September 30, 2015 |
$ | 10.09 | (0.01 | ) | (0.35 | ) | (0.36 | ) | (0.05 | ) | | (0.05 | ) | ||||||||||||||||||||||
Year Ended September 30, 2014 |
$ | 9.09 | 0.05 | 1.02 | 1.07 | (0.07 | ) | | (0.07 | ) |
* | During the periods certain fees were waived (See Note 6 in the Notes to the Financial Statements). If such reductions had not occurred, the ratios would have been as indicated. |
** | Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued. |
(a) | Per share net investment income (loss) has been calculated using the average daily shares method. |
(b) | The expense ratios exclude the impact of fees/expenses paid by each underlying fund. |
See accompanying Notes to the Financial Statements.
170
|
|
|
Ratios/Supplementary Data | ||||||||||||||||||||||||||||||||||
Net Asset Value, End of Year |
Total Return (excludes sales charge) |
Net Assets, End of Year (000) |
Ratio of net expenses to average net assets |
Ratio of net investment income to average net assets |
Ratio of expenses to average net assets* |
Portfolio turnover rate** | ||||||||||||||||||||||||||||
$ | 10.76 | (1.98 | )% | $ | 991 | 1.55 | % | 1.11 | % | 1.55 | % | 27.71 | % | |||||||||||||||||||||
$ | 11.10 | (0.74 | )% | $ | 1,440 | 1.56 | % | 1.04 | % | 1.59 | % | 31.17 | % | |||||||||||||||||||||
$ | 11.30 | 2.82 | % | $ | 1,806 | 1.56 | % | 1.02 | % | 1.66 | % | 2.69 | % | |||||||||||||||||||||
$ | 11.14 | 1.35 | % | $ | 1,517 | 1.61 | % | 1.18 | % | 1.68 | % | 12.53 | % | |||||||||||||||||||||
$ | 11.14 | 3.97 | % | $ | 1,465 | 1.67 | % | 1.26 | % | 1.67 | % | 15.51 | % | |||||||||||||||||||||
$ | 11.40 | (1.87 | )% | $ | 844 | 1.55 | % | 1.22 | % | 1.55 | % | 21.08 | % | |||||||||||||||||||||
$ | 11.76 | (1.14 | )% | $ | 935 | 1.55 | % | 1.18 | % | 1.59 | % | 23.25 | % | |||||||||||||||||||||
$ | 12.13 | 2.88 | % | $ | 1,170 | 1.56 | % | 1.24 | % | 1.66 | % | 16.18 | % | |||||||||||||||||||||
$ | 11.98 | 1.22 | % | $ | 1,245 | 1.60 | % | 1.32 | % | 1.67 | % | 16.01 | % | |||||||||||||||||||||
$ | 12.06 | 3.61 | % | $ | 1,490 | 1.66 | % | 1.30 | % | 1.66 | % | 20.48 | % | |||||||||||||||||||||
$ | 9.72 | (1.82 | )% | $ | 726 | 1.55 | % | 1.39 | % | 1.55 | % | 17.53 | % | |||||||||||||||||||||
$ | 10.05 | (0.38 | )% | $ | 739 | 1.56 | % | 1.34 | % | 1.59 | % | 21.00 | % | |||||||||||||||||||||
$ | 10.27 | 3.14 | % | $ | 817 | 1.57 | % | 1.29 | % | 1.67 | % | 11.31 | % | |||||||||||||||||||||
$ | 10.14 | 1.42 | % | $ | 409 | 1.61 | % | 1.36 | % | 1.67 | % | 10.34 | % | |||||||||||||||||||||
$ | 10.16 | 3.93 | % | $ | 457 | 1.66 | % | 1.39 | % | 1.66 | % | 21.09 | % | |||||||||||||||||||||
$ | 10.54 | 1.64 | % | $ | 1,051 | 1.54 | % | 2.52 | % | 1.55 | % | 48.19 | % | |||||||||||||||||||||
$ | 10.70 | 2.84 | % | $ | 1,155 | 1.52 | % | 3.08 | % | 1.52 | % | 43.86 | % | |||||||||||||||||||||
$ | 10.73 | 9.07 | % | $ | 1,157 | 1.39 | % | 2.43 | % | 1.47 | % | 67.18 | % | |||||||||||||||||||||
$ | 10.13 | (2.14 | )% | $ | 795 | 1.20 | % | 2.04 | % | 1.45 | % | 126.46 | % | |||||||||||||||||||||
$ | 10.53 | 8.07 | % | $ | 291 | 1.20 | % | 1.35 | % | 1.45 | % | 8.67 | % | |||||||||||||||||||||
$ | 11.85 | 3.09 | % | $ | 576 | 1.16 | % | 1.23 | % | 1.41 | % | 14.41 | % | |||||||||||||||||||||
$ | 11.67 | 10.68 | % | $ | 785 | 1.17 | % | 0.62 | % | 1.42 | % | 0.80 | % | |||||||||||||||||||||
$ | 10.62 | 6.18 | % | $ | 741 | 1.15 | % | 0.89 | % | 1.40 | % | 5.19 | % | |||||||||||||||||||||
$ | 10.13 | (2.60 | )% | $ | 751 | 1.15 | % | 0.42 | % | 1.40 | % | 49.24 | % | |||||||||||||||||||||
$ | 10.47 | 10.24 | % | $ | 757 | 1.14 | % | 0.88 | % | 1.40 | % | 5.70 | % | |||||||||||||||||||||
$ | 11.79 | 4.27 | % | $ | 427 | 1.19 | % | 0.95 | % | 1.44 | % | 17.81 | % | |||||||||||||||||||||
$ | 11.47 | 13.36 | % | $ | 407 | 1.19 | % | 0.31 | % | 1.44 | % | 1.92 | % | |||||||||||||||||||||
$ | 10.18 | 6.46 | % | $ | 436 | 1.18 | % | 0.56 | % | 1.43 | % | 5.95 | % | |||||||||||||||||||||
$ | 9.68 | (3.62 | )% | $ | 491 | 1.17 | % | (0.06 | )% | 1.42 | % | 58.40 | % | |||||||||||||||||||||
$ | 10.09 | 11.75 | % | $ | 506 | 1.16 | % | 0.48 | % | 1.41 | % | 8.60 | % |
171
Sterling Capital Funds
|
Financial Highlights, Institutional Shares |
|
The financial highlights table is intended to help you understand the Funds financial performance for the past 5 years or, if shorter, the period of the Funds operations. Certain information reflects financial results for a single Fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the Fund (assuming reinvestment of all dividends and distributions).
Investment Activities | Distributions | ||||||||||||||||||||||||||||||||||
Net Asset Value, Beginning of Year |
Net investment income (loss)(a) |
Net realized/ unrealized gains (losses) on investments |
Total from Investment Activities |
Net investment income |
Net realized gains on investments |
Total Distributions | |||||||||||||||||||||||||||||
Sterling Capital Behavioral Large Cap Value Equity Fund |
|
||||||||||||||||||||||||||||||||||
Year Ended September 30, 2018 |
$ | 20.82 | 0.33 | 1.97 | 2.30 | (0.50 | ) | (0.19 | ) | (0.69 | ) | ||||||||||||||||||||||||
Year Ended September 30, 2017 |
$ | 17.78 | 0.41 | 2.98 | 3.39 | (0.35 | ) | | (0.35 | ) | |||||||||||||||||||||||||
Year Ended September 30, 2016 |
$ | 16.62 | 0.32 | 1.16 | 1.48 | (0.32 | ) | | (0.32 | ) | |||||||||||||||||||||||||
Year Ended September 30, 2015 |
$ | 17.33 | 0.27 | (0.70 | ) | (0.43 | ) | (0.28 | ) | | (0.28 | ) | |||||||||||||||||||||||
Year Ended September 30, 2014 |
$ | 14.23 | 0.22 | 3.08 | 3.30 | (0.20 | ) | | (0.20 | ) | |||||||||||||||||||||||||
Sterling Capital Mid Value Fund |
|
||||||||||||||||||||||||||||||||||
Year Ended September 30, 2018 |
$ | 19.00 | 0.01 | 1.26 | 1.27 | (0.01 | ) | (0.84 | ) | (0.85 | ) | ||||||||||||||||||||||||
Year Ended September 30, 2017 |
$ | 16.92 | 0.03 | 2.59 | 2.62 | (0.01 | ) | (0.53 | ) | (0.54 | ) | ||||||||||||||||||||||||
Year Ended September 30, 2016 |
$ | 18.14 | 0.07 | 2.07 | 2.14 | (0.02 | ) | (3.34 | ) | (3.36 | ) | ||||||||||||||||||||||||
Year Ended September 30, 2015 |
$ | 19.50 | 0.11 | (0.14 | ) | (0.03 | ) | (0.16 | ) | (1.17 | ) | (1.33 | ) | ||||||||||||||||||||||
Year Ended September 30, 2014 |
$ | 18.91 | 0.10 | 1.77 | 1.87 | (0.08 | ) | (1.20 | ) | (1.28 | ) | ||||||||||||||||||||||||
Sterling Capital Behavioral Small Cap Value Equity Fund |
|
||||||||||||||||||||||||||||||||||
Year Ended September 30, 2018 |
$ | 18.55 | 0.19 | 0.89 | 1.08 | (0.16 | ) | (0.65 | ) | (0.81 | ) | ||||||||||||||||||||||||
Year Ended September 30, 2017 |
$ | 15.30 | 0.17 | 3.18 | 3.35 | (0.10 | ) | | (0.10 | ) | |||||||||||||||||||||||||
Year Ended September 30, 2016 |
$ | 14.14 | 0.22 | 1.16 | 1.38 | (0.21 | ) | (0.01 | ) | (0.22 | ) | ||||||||||||||||||||||||
Year Ended September 30, 2015 |
$ | 14.47 | 0.22 | 0.15 | 0.37 | (0.26 | ) | (0.44 | ) | (0.70 | ) | ||||||||||||||||||||||||
Year Ended September 30, 2014 |
$ | 15.34 | 0.15 | 0.94 | 1.09 | (0.09 | ) | (1.87 | ) | (1.96 | ) | ||||||||||||||||||||||||
Sterling Capital Special Opportunities Fund |
|
||||||||||||||||||||||||||||||||||
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 | ) | ||||||||||||||||||||||||
Year Ended September 30, 2014 |
$ | 21.96 | 0.03 | 4.39 | 4.42 | (0.04 | ) | (2.28 | ) | (2.32 | ) | ||||||||||||||||||||||||
Sterling Capital Equity Income Fund |
|
||||||||||||||||||||||||||||||||||
Year Ended September 30, 2018 |
$ | 20.89 | 0.40 | 2.66 | 3.06 | (0.39 | ) | (1.95 | ) | (2.34 | ) | ||||||||||||||||||||||||
Year Ended September 30, 2017 |
$ | 18.34 | 0.39 | 2.60 | 2.99 | (0.42 | ) | (0.02 | ) | (0.44 | ) | ||||||||||||||||||||||||
Year Ended September 30, 2016 |
$ | 17.39 | 0.35 | 2.06 | 2.41 | (0.36 | ) | (1.10 | ) | (1.46 | ) | ||||||||||||||||||||||||
Year Ended September 30, 2015 |
$ | 18.98 | 0.36 | (1.07 | ) | (0.71 | ) | (0.37 | ) | (0.51 | ) | (0.88 | ) | ||||||||||||||||||||||
Year Ended September 30, 2014 |
$ | 18.18 | 0.38 | 1.41 | 1.79 | (0.36 | ) | (0.63 | ) | (0.99 | ) |
* | During the periods certain fees were waived (See Note 6 in the Notes to the Financial Statements). If such reductions had not occurred, the ratios would have been as indicated. |
** | Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued. |
(a) | Per share net investment income (loss) has been calculated using the average daily shares method. |
(b) | Amount is less than $0.005. |
See accompanying Notes to the Financial Statements.
172
|
|
|
Ratios/Supplementary Data | |||||||||||||||||||||||||||||||||
Net Asset Value, End of Year |
Total Return |
Net Assets, End of Year (000) |
Ratio of net expenses to average net assets |
Ratio of net investment income (loss) to average net assets |
Ratio of expenses to average net assets* |
Portfolio turnover rate** | |||||||||||||||||||||||||||
$ | 22.43 | 11.19 | % | $ | 8,862 | 0.63 | % | 1.51 | % | 0.63 | % | 127.89 | % | ||||||||||||||||||||
$ | 20.82 | 19.18 | % | $ | 272,504 | 0.64 | % | 2.12 | % | 0.64 | % | 144.85 | % | ||||||||||||||||||||
$ | 17.78 | 8.94 | % | $ | 240,971 | 0.76 | % | 1.83 | % | 0.90 | % | 145.53 | % | ||||||||||||||||||||
$ | 16.62 | (2.55 | )% | $ | 221,481 | 0.81 | % | 1.50 | % | 0.91 | % | 135.05 | % | ||||||||||||||||||||
$ | 17.33 | 23.29 | % | $ | 234,809 | 0.81 | % | 1.34 | % | 0.91 | % | 113.75 | % | ||||||||||||||||||||
$ | 19.42 | 6.82 | % | $ | 323,012 | 0.92 | % | 0.08 | % | 0.92 | % | 34.62 | % | ||||||||||||||||||||
$ | 19.00 | 15.73 | % | $ | 632,867 | 0.90 | % | 0.15 | % | 0.90 | % | 24.83 | % | ||||||||||||||||||||
$ | 16.92 | 13.32 | % | $ | 550,697 | 0.93 | % | 0.41 | % | 0.93 | % | 25.45 | % | ||||||||||||||||||||
$ | 18.14 | (0.43 | )% | $ | 588,537 | 0.94 | % | 0.55 | % | 0.94 | % | 30.61 | % | ||||||||||||||||||||
$ | 19.50 | 10.17 | % | $ | 696,468 | 0.93 | % | 0.53 | % | 0.93 | % | 27.30 | % | ||||||||||||||||||||
$ | 18.82 | 5.96 | % | $ | 39,047 | 0.78 | % | 1.04 | % | 0.78 | % | 89.85 | % | ||||||||||||||||||||
$ | 18.55 | 21.89 | % | $ | 208,404 | 0.80 | % | 0.99 | % | 0.85 | % | 109.05 | % | ||||||||||||||||||||
$ | 15.30 | 9.80 | % | $ | 157,413 | 0.88 | % | 1.54 | % | 0.98 | % | 120.42 | % | ||||||||||||||||||||
$ | 14.14 | 2.42 | % | $ | 111,757 | 1.00 | % | 1.44 | % | 1.00 | % | 101.99 | % | ||||||||||||||||||||
$ | 14.47 | 7.40 | % | $ | 121,011 | 0.99 | % | 0.99 | % | 0.99 | % | 68.50 | % | ||||||||||||||||||||
$ | 27.73 | 17.46 | % | $ | 350,030 | 0.86 | % | 0.35 | % | 0.86 | % | 22.78 | % | ||||||||||||||||||||
$ | 25.65 | 16.22 | % | $ | 652,211 | 0.87 | % | 0.32 | % | 0.87 | % | 18.92 | % | ||||||||||||||||||||
$ | 22.48 | 8.86 | % | $ | 587,320 | 0.92 | % | 0.27 | % | 0.97 | % | 27.32 | % | ||||||||||||||||||||
$ | 23.78 | 4.02 | % | $ | 491,982 | 0.97 | % | 0.01 | % | 0.97 | % | 26.98 | % | ||||||||||||||||||||
$ | 24.06 | 22.00 | % | $ | 574,783 | 0.96 | % | 0.14 | % | 0.96 | % | 32.35 | % | ||||||||||||||||||||
$ | 21.61 | 15.58 | % | $ | 828,607 | 0.77 | % | 1.91 | % | 0.77 | % | 19.49 | % | ||||||||||||||||||||
$ | 20.89 | 16.51 | % | $ | 980,982 | 0.78 | % | 2.04 | % | 0.78 | % | 16.93 | % | ||||||||||||||||||||
$ | 18.34 | 14.75 | % | $ | 943,101 | 0.96 | % | 2.04 | % | 0.96 | % | 20.64 | % | ||||||||||||||||||||
$ | 17.39 | (3.90 | )% | $ | 807,729 | 0.97 | % | 1.91 | % | 0.97 | % | 27.53 | % | ||||||||||||||||||||
$ | 18.98 | 10.01 | % | $ | 1,038,013 | 0.95 | % | 2.03 | % | 0.95 | % | 16.13 | % |
173
Sterling Capital Funds
|
Financial Highlights, Institutional Shares |
|
The financial highlights table is intended to help you understand the Funds financial performance for the past 5 years or, if shorter, the period of the Funds operations. Certain information reflects financial results for a single Fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the Fund (assuming reinvestment of all dividends and distributions).
Investment Activities | Distributions | |||||||||||||||||||||||||||||||||||||||
Net Asset Value, Beginning of Period |
Net investment income (loss)(a) |
Net realized/ unrealized gains (losses) on investments |
Total from Investment Activities |
Net investment income |
Net realized gains on investments |
Total Distributions |
Redemption Fees | |||||||||||||||||||||||||||||||||
Sterling Capital Behavioral International Equity Fund |
|
|||||||||||||||||||||||||||||||||||||||
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, 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, 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) | |||||||||||||||||||||||||
Year Ended December 31, 2014 |
$ | 51.63 | 0.02 | 3.85 | 3.87 | (0.02 | ) | | (0.02 | ) | 0.02 | |||||||||||||||||||||||||||||
Sterling Capital Stratton Real Estate Fund |
|
|||||||||||||||||||||||||||||||||||||||
Year Ended September 30, 2018 |
$ | 37.10 | 0.81 | 1.52 | 2.33 | (0.58 | ) | (1.22 | ) | (1.80 | ) | | ||||||||||||||||||||||||||||
Year Ended September 30, 2017 |
$ | 39.74 | 0.83 | (0.53 | ) | 0.30 | (1.19 | ) | (1.75 | ) | (2.94 | ) | | |||||||||||||||||||||||||||
Period Ended September 30, 2016 |
$ | 36.01 | 0.61 | 3.62 | 4.23 | (0.50 | ) | | (0.50 | ) | | |||||||||||||||||||||||||||||
Year Ended December 31, 2015 |
$ | 36.44 | 0.66 | (0.04 | ) | 0.62 | (0.59 | ) | (0.47 | ) | (1.06 | ) | 0.01 | |||||||||||||||||||||||||||
Year Ended December 31, 2014 |
$ | 29.86 | 0.62 | 8.47 | 9.09 | (0.62 | ) | (1.89 | ) | (2.51 | ) | | (f) | |||||||||||||||||||||||||||
Sterling Capital Stratton Small Cap Value Fund(e) |
|
|||||||||||||||||||||||||||||||||||||||
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) | |||||||||||||||||||||||||
Year Ended December 31, 2014 |
$ | 73.31 | 0.02 | 2.21 | 2.23 | (0.02 | ) | (1.48 | ) | (1.50 | ) | 0.01 | ||||||||||||||||||||||||||||
Sterling Capital Ultra Short Bond Fund |
|
|||||||||||||||||||||||||||||||||||||||
Year Ended September 30, 2018 |
$ | 9.79 | 0.16 | (0.02 | ) | 0.14 | (0.18 | ) | | (0.18 | ) | | ||||||||||||||||||||||||||||
Year Ended September 30, 2017 |
$ | 9.81 | 0.09 | 0.04 | 0.13 | (0.15 | ) | | (0.15 | ) | | |||||||||||||||||||||||||||||
Year Ended September 30, 2016 |
$ | 9.86 | 0.09 | 0.03 | 0.12 | (0.17 | ) | | (0.17 | ) | | |||||||||||||||||||||||||||||
Year Ended September 30, 2015 |
$ | 9.94 | 0.07 | (0.03 | ) | 0.04 | (0.12 | ) | | (0.12 | ) | | ||||||||||||||||||||||||||||
Year Ended September 30, 2014 |
$ | 9.98 | 0.08 | (0.03 | ) | 0.05 | (0.09 | ) | | (0.09 | ) | |
* | During the periods certain fees were waived (See Note 6 in the Notes to the Financial Statements). If such reductions had not occurred, the ratios would have been as indicated. |
** | Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued. |
(a) | Per share net investment income (loss) has been calculated using the average daily shares method. |
(b) | Not annualized for periods less than one year. |
(c) | Annualized for periods less than one year. |
(d) | Period from commencement of operations. |
(e) | 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.
174
|
|
|
Ratios/Supplementary Data | |||||||||||||||||||||||||||||||||
Net Asset Value, End of Period |
Total Return (b) |
Net Assets, End of Period (000) |
Ratio of net expenses to average net assets (c) |
Ratio of net investment income (loss) to average net assets (c) |
Ratio of expenses to average net assets*(c) |
Portfolio turnover rate**(b) | |||||||||||||||||||||||||||
$ | 11.18 | (1.25 | )% | $ | 19,266 | 0.65 | % | 2.33 | % | 0.85 | % | 96.65 | % | ||||||||||||||||||||
$ | 11.76 | 23.46 | % | $ | 81,876 | 0.68 | % | 2.59 | % | 0.95 | % | 91.65 | % | ||||||||||||||||||||
$ | 9.69 | 7.30 | % | $ | 69,954 | 0.80 | % | 2.48 | % | 1.16 | % | 125.35 | % | ||||||||||||||||||||
$ | 9.24 | (7.36 | )% | $ | 18,592 | 1.03 | % | 2.82 | % | 1.18 | % | 133.50 | % | ||||||||||||||||||||
$ | 12.48 | 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 | % | ||||||||||||||||||||
$ | 69.02 | 7.81 | % | $ | 66,554 | 0.95 | % | 0.40 | % | 0.95 | % | 14.47 | % | ||||||||||||||||||||
$ | 66.47 | 19.47 | % | $ | 66,030 | 0.91 | % | 0.32 | % | 0.92 | % | 12.19 | % | ||||||||||||||||||||
$ | 55.97 | 6.51 | % | $ | 63,513 | 0.95 | % | 0.18 | % | 0.97 | % | 11.16 | % | ||||||||||||||||||||
$ | 52.55 | (1.75 | )% | $ | 64,364 | 1.04 | % | 0.26 | % | 1.04 | % | 19.28 | % | ||||||||||||||||||||
$ | 55.50 | 7.54 | % | $ | 74,637 | 1.05 | % | 0.03 | % | 1.05 | % | 55.45 | % | ||||||||||||||||||||
$ | 37.63 | 6.42 | % | $ | 91,626 | 0.82 | % | 2.21 | % | 0.82 | % | 8.34 | % | ||||||||||||||||||||
$ | 37.10 | 1.16 | % | $ | 96,199 | 0.79 | % | 2.23 | % | 0.81 | % | 13.52 | % | ||||||||||||||||||||
$ | 39.74 | 11.73 | % | $ | 104,688 | 0.83 | % | 2.13 | % | 0.85 | % | 18.43 | % | ||||||||||||||||||||
$ | 36.01 | 1.85 | % | $ | 96,198 | 0.89 | % | 1.82 | % | 0.89 | % | 15.47 | % | ||||||||||||||||||||
$ | 36.44 | 30.69 | % | $ | 93,984 | 0.96 | % | 1.81 | % | 0.96 | % | 14.20 | % | ||||||||||||||||||||
$ | 89.11 | 7.98 | % | $ | 1,296,897 | 1.03 | % | 0.29 | % | 1.06 | % | 15.51 | % | ||||||||||||||||||||
$ | 90.19 | 20.73 | % | $ | 1,183,974 | 1.06 | % | 0.19 | % | 1.06 | % | 7.04 | % | ||||||||||||||||||||
$ | 78.46 | 12.26 | % | $ | 1,213,344 | 1.08 | % | 0.20 | % | 1.08 | % | 3.42 | % | ||||||||||||||||||||
$ | 69.89 | (4.14 | )% | $ | 1,156,577 | 1.11 | % | 0.10 | % | 1.11 | % | 6.33 | % | ||||||||||||||||||||
$ | 74.05 | 3.09 | % | $ | 1,413,694 | 1.11 | % | 0.03 | % | 1.11 | % | 11.15 | % | ||||||||||||||||||||
$ | 9.75 | 1.46 | % | $ | 21,926 | 0.41 | % | 1.65 | % | 0.51 | % | 74.56 | % | ||||||||||||||||||||
$ | 9.79 | 1.36 | % | $ | 33,879 | 0.43 | % | 0.95 | % | 0.53 | % | 59.57 | % | ||||||||||||||||||||
$ | 9.81 | 1.24 | % | $ | 54,183 | 0.45 | % | 0.90 | % | 0.54 | % | 43.02 | % | ||||||||||||||||||||
$ | 9.86 | 0.40 | % | $ | 35,384 | 0.53 | % | 0.66 | % | 0.55 | % | 66.19 | % | ||||||||||||||||||||
$ | 9.94 | 0.46 | % | $ | 47,197 | 0.48 | % | 0.76 | % | 0.48 | % | 79.98 | % |
175
Sterling Capital Funds
|
Financial Highlights, Institutional Shares |
|
The financial highlights table is intended to help you understand the Funds financial performance for the past 5 years or, if shorter, the period of the Funds operations. Certain information reflects financial results for a single Fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the Fund (assuming reinvestment of all dividends and distributions).
Investment Activities | Distributions | |||||||||||||||||||||||||||||||||||||||
Net Asset Value, Beginning of Year |
Net investment income(a) |
Net realized/ unrealized gains (losses) on investments |
Total from Investment Activities |
Net investment income |
Net realized gains on investments |
Return of capital |
Total Distributions | |||||||||||||||||||||||||||||||||
Sterling Capital Short Duration Bond Fund |
|
|||||||||||||||||||||||||||||||||||||||
Year Ended September 30, 2018 |
$ | 8.69 | 0.19 | (0.12 | ) | 0.07 | (0.24 | ) | | | (0.24 | ) | ||||||||||||||||||||||||||||
Year Ended September 30, 2017 |
$ | 8.81 | 0.12 | (0.01 | ) | 0.11 | (0.23 | ) | | | (0.23 | ) | ||||||||||||||||||||||||||||
Year Ended September 30, 2016 |
$ | 8.86 | 0.12 | 0.07 | 0.19 | (0.24 | ) | | | (0.24 | ) | |||||||||||||||||||||||||||||
Year Ended September 30, 2015 |
$ | 9.07 | 0.13 | (0.06 | ) | 0.07 | (0.28 | ) | | | (0.28 | ) | ||||||||||||||||||||||||||||
Year Ended September 30, 2014 |
$ | 9.24 | 0.16 | (0.03 | ) | 0.13 | (0.30 | ) | | | (0.30 | ) | ||||||||||||||||||||||||||||
Sterling Capital Intermediate U.S. Government Fund |
|
|||||||||||||||||||||||||||||||||||||||
Year Ended September 30, 2018 |
$ | 9.92 | 0.19 | (0.34 | ) | (0.15 | ) | (0.28 | ) | | | (0.28 | ) | |||||||||||||||||||||||||||
Year Ended September 30, 2017 |
$ | 10.25 | 0.18 | (0.28 | ) | (0.10 | ) | (0.23 | ) | | | (0.23 | ) | |||||||||||||||||||||||||||
Year Ended September 30, 2016 |
$ | 10.19 | 0.15 | 0.12 | 0.27 | (0.21 | ) | | | (0.21 | ) | |||||||||||||||||||||||||||||
Year Ended September 30, 2015 |
$ | 10.21 | 0.16 | 0.04 | 0.20 | (0.22 | ) | | | (0.22 | ) | |||||||||||||||||||||||||||||
Year Ended September 30, 2014 |
$ | 10.30 | 0.17 | 0.09 | 0.26 | (0.35 | ) | | | (0.35 | ) | |||||||||||||||||||||||||||||
Sterling Capital Total Return Bond Fund |
|
|||||||||||||||||||||||||||||||||||||||
Year Ended September 30, 2018 |
$ | 10.60 | 0.29 | (0.37 | ) | (0.08 | ) | (0.32 | ) | | | (0.32 | ) | |||||||||||||||||||||||||||
Year Ended September 30, 2017 |
$ | 10.82 | 0.25 | (0.15 | ) | 0.10 | (0.32 | ) | | | (0.32 | ) | ||||||||||||||||||||||||||||
Year Ended September 30, 2016 |
$ | 10.54 | 0.28 | 0.35 | 0.63 | (0.35 | ) | | | (0.35 | ) | |||||||||||||||||||||||||||||
Year Ended September 30, 2015 |
$ | 10.67 | 0.31 | (0.07 | ) | 0.24 | (0.37 | ) | | | (0.37 | ) | ||||||||||||||||||||||||||||
Year Ended September 30, 2014 |
$ | 10.53 | 0.34 | 0.21 | 0.55 | (0.40 | ) | (0.01 | ) | | (0.41 | ) | ||||||||||||||||||||||||||||
Sterling Capital Corporate Fund |
|
|||||||||||||||||||||||||||||||||||||||
Year Ended September 30, 2018 |
$ | 10.24 | 0.32 | (0.36 | ) | (0.04 | ) | (0.32 | ) | (0.07 | ) | | (0.39 | ) | ||||||||||||||||||||||||||
Year Ended September 30, 2017 |
$ | 10.36 | 0.32 | (0.09 | ) | 0.23 | (0.31 | ) | (0.04 | ) | | (0.35 | ) | |||||||||||||||||||||||||||
Year Ended September 30, 2016 |
$ | 10.10 | 0.31 | 0.26 | 0.57 | (0.31 | ) | | | (0.31 | ) | |||||||||||||||||||||||||||||
Year Ended September 30, 2015 |
$ | 10.25 | 0.32 | (0.14 | ) | 0.18 | (0.31 | ) | (0.01 | ) | (0.01 | ) | (0.33 | ) | ||||||||||||||||||||||||||
Year Ended September 30, 2014 |
$ | 10.15 | 0.34 | 0.20 | 0.54 | (0.34 | ) | (0.10 | ) | | (0.44 | ) | ||||||||||||||||||||||||||||
Sterling Capital Securitized Opportunities Fund |
|
|||||||||||||||||||||||||||||||||||||||
Year Ended September 30, 2018 |
$ | 9.95 | 0.29 | (0.32 | ) | (0.03 | ) | (0.30 | ) | | | (0.30 | ) | |||||||||||||||||||||||||||
Year Ended September 30, 2017 |
$ | 10.10 | 0.23 | (0.11 | ) | 0.12 | (0.27 | ) | | | (0.27 | ) | ||||||||||||||||||||||||||||
Year Ended September 30, 2016 |
$ | 9.98 | 0.22 | 0.16 | 0.38 | (0.26 | ) | | | (0.26 | ) | |||||||||||||||||||||||||||||
Year Ended September 30, 2015 |
$ | 9.91 | 0.23 | 0.12 | 0.35 | (0.28 | ) | | | (0.28 | ) | |||||||||||||||||||||||||||||
Year Ended September 30, 2014 |
$ | 9.85 | 0.25 | 0.11 | 0.36 | (0.30 | ) | | | (0.30 | ) | |||||||||||||||||||||||||||||
Sterling Capital Kentucky Intermediate Tax-Free Fund |
|
|||||||||||||||||||||||||||||||||||||||
Year Ended September 30, 2018 |
$ | 10.26 | 0.22 | (0.34 | ) | (0.12 | ) | (0.22 | ) | (0.03 | ) | | (0.25 | ) | ||||||||||||||||||||||||||
Year Ended September 30, 2017 |
$ | 10.63 | 0.23 | (0.23 | ) | | (0.23 | ) | (0.14 | ) | | (0.37 | ) | |||||||||||||||||||||||||||
Year Ended September 30, 2016 |
$ | 10.61 | 0.27 | 0.14 | 0.41 | (0.26 | ) | (0.13 | ) | | (0.39 | ) | ||||||||||||||||||||||||||||
Year Ended September 30, 2015 |
$ | 10.84 | 0.28 | (0.05 | ) | 0.23 | (0.28 | ) | (0.18 | ) | | (0.46 | ) | |||||||||||||||||||||||||||
Year Ended September 30, 2014 |
$ | 10.65 | 0.29 | 0.19 | 0.48 | (0.29 | ) | | | (0.29 | ) | |||||||||||||||||||||||||||||
Sterling Capital Maryland Intermediate Tax-Free Fund |
|
|||||||||||||||||||||||||||||||||||||||
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 | ) | |||||||||||||||||||||||||||
Year Ended September 30, 2014 |
$ | 10.97 | 0.22 | 0.28 | 0.50 | (0.22 | ) | | | (0.22 | ) |
* | During the periods certain fees were waived (See Note 6 in the Notes to the Financial Statements). If such reductions had not occurred, the ratios would have been as indicated. |
** | Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued. |
(a) | Per share net investment income (loss) has been calculated using the average daily shares method. |
(b) | Amount is less than $0.005. |
See accompanying Notes to the Financial Statements.
176
|
|
|
Ratios/Supplementary Data | ||||||||||||||||||||||||||||||||||
Net Asset Value, End of Year |
Total Return |
Net Assets, End of Year (000) |
Ratio of net expenses to average net assets |
Ratio of net investment income to average net assets |
Ratio of expenses to average net assets* |
Portfolio turnover rate** | ||||||||||||||||||||||||||||
$ | 8.52 | 0.80 | % | $ | 126,878 | 0.43 | % | 2.20 | % | 0.53 | % | 62.02 | % | |||||||||||||||||||||
$ | 8.69 | 1.28 | % | $ | 67,467 | 0.45 | % | 1.37 | % | 0.55 | % | 78.77 | % | |||||||||||||||||||||
$ | 8.81 | 2.24 | % | $ | 77,374 | 0.49 | % | 1.34 | % | 0.56 | % | 54.68 | % | |||||||||||||||||||||
$ | 8.86 | 0.82 | % | $ | 78,390 | 0.55 | % | 1.41 | % | 0.57 | % | 55.74 | % | |||||||||||||||||||||
$ | 9.07 | 1.38 | % | $ | 81,206 | 0.52 | % | 1.72 | % | 0.55 | % | 56.10 | % | |||||||||||||||||||||
$ | 9.49 | (1.48 | )% | $ | 17,961 | 0.65 | % | 1.99 | % | 0.66 | % | 40.85 | % | |||||||||||||||||||||
$ | 9.92 | (0.95 | )% | $ | 16,412 | 0.62 | % | 1.80 | % | 0.66 | % | 32.44 | % | |||||||||||||||||||||
$ | 10.25 | 2.63 | % | $ | 18,871 | 0.61 | % | 1.48 | % | 0.72 | % | 49.39 | % | |||||||||||||||||||||
$ | 10.19 | 1.98 | % | $ | 21,648 | 0.67 | % | 1.56 | % | 0.73 | % | 62.02 | % | |||||||||||||||||||||
$ | 10.21 | 2.58 | % | $ | 23,119 | 0.68 | % | 1.66 | % | 0.68 | % | 35.74 | % | |||||||||||||||||||||
$ | 10.20 | (0.74 | )% | $ | 860,437 | 0.45 | % | 2.79 | % | 0.57 | % | 62.28 | % | |||||||||||||||||||||
$ | 10.60 | 1.00 | % | $ | 997,074 | 0.47 | % | 2.38 | % | 0.57 | % | 64.07 | % | |||||||||||||||||||||
$ | 10.82 | 6.10 | % | $ | 709,103 | 0.49 | % | 2.67 | % | 0.59 | % | 65.47 | % | |||||||||||||||||||||
$ | 10.54 | 2.29 | % | $ | 612,927 | 0.48 | % | 2.88 | % | 0.58 | % | 41.37 | % | |||||||||||||||||||||
$ | 10.67 | 5.29 | % | $ | 433,198 | 0.56 | % | 3.15 | % | 0.58 | % | 75.21 | % | |||||||||||||||||||||
$ | 9.81 | (0.45 | )% | $ | 30,805 | 0.63 | % | 3.18 | % | 0.63 | % | 66.82 | % | |||||||||||||||||||||
$ | 10.24 | 2.32 | % | $ | 29,471 | 0.63 | % | 3.09 | % | 0.63 | % | 78.79 | % | |||||||||||||||||||||
$ | 10.36 | 5.70 | % | $ | 31,755 | 0.64 | % | 3.02 | % | 0.64 | % | 83.88 | % | |||||||||||||||||||||
$ | 10.10 | 1.76 | % | $ | 63,992 | 0.63 | % | 3.12 | % | 0.63 | % | 33.94 | % | |||||||||||||||||||||
$ | 10.25 | 5.42 | % | $ | 50,353 | 0.60 | % | 3.30 | % | 0.60 | % | 105.03 | % | |||||||||||||||||||||
$ | 9.62 | (0.28 | )% | $ | 37,088 | 0.58 | % | 2.97 | % | 0.62 | % | 19.17 | % | |||||||||||||||||||||
$ | 9.95 | 1.23 | % | $ | 39,533 | 0.60 | % | 2.31 | % | 0.64 | % | 34.72 | % | |||||||||||||||||||||
$ | 10.10 | 3.86 | % | $ | 46,364 | 0.61 | % | 2.16 | % | 0.65 | % | 43.63 | % | |||||||||||||||||||||
$ | 9.98 | 3.54 | % | $ | 46,249 | 0.59 | % | 2.28 | % | 0.63 | % | 19.85 | % | |||||||||||||||||||||
$ | 9.91 | 3.75 | % | $ | 36,624 | 0.61 | % | 2.50 | % | 0.63 | % | 98.34 | % | |||||||||||||||||||||
$ | 9.89 | (1.19 | )% | $ | 7,705 | 0.68 | % | 2.20 | % | 0.68 | % | 20.37 | % | |||||||||||||||||||||
$ | 10.26 | 0.05 | % | $ | 8,026 | 0.68 | % | 2.26 | % | 0.71 | % | 17.93 | % | |||||||||||||||||||||
$ | 10.63 | 3.95 | % | $ | 8,580 | 0.66 | % | 2.50 | % | 0.77 | % | 16.44 | % | |||||||||||||||||||||
$ | 10.61 | 2.15 | % | $ | 9,533 | 0.70 | % | 2.62 | % | 0.79 | % | 17.34 | % | |||||||||||||||||||||
$ | 10.84 | 4.57 | % | $ | 10,532 | 0.72 | % | 2.72 | % | 0.72 | % | 11.13 | % | |||||||||||||||||||||
$ | 10.63 | (1.07 | )% | $ | 13,236 | 0.63 | % | 2.14 | % | 0.63 | % | 31.12 | % | |||||||||||||||||||||
$ | 11.04 | 0.26 | % | $ | 16,991 | 0.61 | % | 2.13 | % | 0.65 | % | 5.89 | % | |||||||||||||||||||||
$ | 11.33 | 3.97 | % | $ | 24,621 | 0.61 | % | 2.00 | % | 0.71 | % | 14.36 | % | |||||||||||||||||||||
$ | 11.19 | 2.05 | % | $ | 28,968 | 0.65 | % | 2.07 | % | 0.71 | % | 18.38 | % | |||||||||||||||||||||
$ | 11.25 | 4.61 | % | $ | 30,519 | 0.69 | % | 1.99 | % | 0.69 | % | 19.90 | % |
177
Sterling Capital Funds
|
Financial Highlights, Institutional Shares |
|
The financial highlights table is intended to help you understand the Funds financial performance for the past 5 years or, if shorter, the period of the Funds operations. Certain information reflects financial results for a single Fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the Fund (assuming reinvestment of all dividends and distributions).
Investment Activities | Distributions | ||||||||||||||||||||||||||||||||||
Net Asset Value, Beginning of Year |
Net investment income(a) |
Net realized/ unrealized gains (losses) on investments |
Total from Investment Activities |
Net investment income |
Net realized gains on investments |
Total Distributions | |||||||||||||||||||||||||||||
Sterling Capital North Carolina Intermediate Tax-Free Fund |
|
||||||||||||||||||||||||||||||||||
Year Ended September 30, 2018 |
$ | 10.78 | 0.26 | (0.35 | ) | (0.09 | ) | (0.26 | ) | | (0.26 | ) | |||||||||||||||||||||||
Year Ended September 30, 2017 |
$ | 11.08 | 0.25 | (0.26 | ) | (0.01 | ) | (0.25 | ) | (0.04 | ) | (0.29 | ) | ||||||||||||||||||||||
Year Ended September 30, 2016 |
$ | 10.97 | 0.26 | 0.17 | 0.43 | (0.26 | ) | (0.06 | ) | (0.32 | ) | ||||||||||||||||||||||||
Year Ended September 30, 2015 |
$ | 10.98 | 0.27 | 0.01 | 0.28 | (0.27 | ) | (0.02 | ) | (0.29 | ) | ||||||||||||||||||||||||
Year Ended September 30, 2014 |
$ | 10.74 | 0.27 | 0.24 | 0.51 | (0.27 | ) | | (0.27 | ) | |||||||||||||||||||||||||
Sterling Capital South Carolina Intermediate Tax-Free Fund |
|
||||||||||||||||||||||||||||||||||
Year Ended September 30, 2018 |
$ | 11.03 | 0.23 | (0.34 | ) | (0.11 | ) | (0.23 | ) | | (0.23 | ) | |||||||||||||||||||||||
Year Ended September 30, 2017 |
$ | 11.22 | 0.22 | (0.19 | ) | 0.03 | (0.22 | ) | | (0.22 | ) | ||||||||||||||||||||||||
Year Ended September 30, 2016 |
$ | 11.06 | 0.23 | 0.20 | 0.43 | (0.23 | ) | (0.04 | ) | (0.27 | ) | ||||||||||||||||||||||||
Year Ended September 30, 2015 |
$ | 11.07 | 0.24 | 0.01 | 0.25 | (0.24 | ) | (0.02 | ) | (0.26 | ) | ||||||||||||||||||||||||
Year Ended September 30, 2014 |
$ | 10.78 | 0.25 | 0.29 | 0.54 | (0.25 | ) | | (0.25 | ) | |||||||||||||||||||||||||
Sterling Capital Virginia Intermediate Tax-Free Fund |
|
||||||||||||||||||||||||||||||||||
Year Ended September 30, 2018 |
$ | 11.76 | 0.26 | (0.36 | ) | (0.10 | ) | (0.26 | ) | | (0.26 | ) | |||||||||||||||||||||||
Year Ended September 30, 2017 |
$ | 12.13 | 0.26 | (0.28 | ) | (0.02 | ) | (0.26 | ) | (0.09 | ) | (0.35 | ) | ||||||||||||||||||||||
Year Ended September 30, 2016 |
$ | 11.98 | 0.27 | 0.19 | 0.46 | (0.27 | ) | (0.04 | ) | (0.31 | ) | ||||||||||||||||||||||||
Year Ended September 30, 2015 |
$ | 12.06 | 0.28 | (0.01 | ) | 0.27 | (0.28 | ) | (0.07 | ) | (0.35 | ) | |||||||||||||||||||||||
Year Ended September 30, 2014 |
$ | 11.79 | 0.27 | 0.27 | 0.54 | (0.27 | ) | | (0.27 | ) | |||||||||||||||||||||||||
Sterling Capital West Virginia Intermediate Tax-Free Fund |
|
||||||||||||||||||||||||||||||||||
Year Ended September 30, 2018 |
$ | 10.05 | 0.24 | (0.31 | ) | (0.07 | ) | (0.24 | ) | (0.01 | ) | (0.25 | ) | ||||||||||||||||||||||
Year Ended September 30, 2017 |
$ | 10.28 | 0.23 | (0.18 | ) | 0.05 | (0.23 | ) | (0.05 | ) | (0.28 | ) | |||||||||||||||||||||||
Year Ended September 30, 2016 |
$ | 10.15 | 0.24 | 0.17 | 0.41 | (0.23 | ) | (0.05 | ) | (0.28 | ) | ||||||||||||||||||||||||
Year Ended September 30, 2015 |
$ | 10.17 | 0.24 | 0.01 | 0.25 | (0.24 | ) | (0.03 | ) | (0.27 | ) | ||||||||||||||||||||||||
Year Ended September 30, 2014 |
$ | 9.92 | 0.24 | 0.25 | 0.49 | (0.24 | ) | | (0.24 | ) | |||||||||||||||||||||||||
Sterling Capital Diversified Income Fund(b) |
|
||||||||||||||||||||||||||||||||||
Year Ended September 30, 2018 |
$ | 10.92 | 0.37 | (0.09 | ) | 0.28 | (0.44 | ) | | (0.44 | ) | ||||||||||||||||||||||||
Year Ended September 30, 2017 |
$ | 10.94 | 0.45 | (0.04 | ) | 0.41 | (0.43 | ) | | (0.43 | ) | ||||||||||||||||||||||||
Year Ended September 30, 2016 |
$ | 10.32 | 0.36 | 0.66 | 1.02 | (0.40 | ) | | (0.40 | ) | |||||||||||||||||||||||||
Year Ended September 30, 2015 |
$ | 10.71 | 0.46 | (0.58 | ) | (0.12 | ) | (0.27 | ) | | (0.27 | ) | |||||||||||||||||||||||
Year Ended September 30, 2014 |
$ | 10.05 | 0.24 | 0.68 | 0.92 | (0.26 | ) | | (0.26 | ) | |||||||||||||||||||||||||
Sterling Capital Strategic Allocation Balanced Fund(b) |
|
||||||||||||||||||||||||||||||||||
Year Ended September 30, 2018 |
$ | 11.98 | 0.25 | 0.24 | 0.49 | (0.30 | ) | | (0.30 | ) | |||||||||||||||||||||||||
Year Ended September 30, 2017 |
$ | 10.90 | 0.19 | 1.08 | 1.27 | (0.19 | ) | | (0.19 | ) | |||||||||||||||||||||||||
Year Ended September 30, 2016 |
$ | 10.39 | 0.20 | 0.54 | 0.74 | (0.23 | ) | | (0.23 | ) | |||||||||||||||||||||||||
Year Ended September 30, 2015 |
$ | 10.73 | 0.16 | (0.32 | ) | (0.16 | ) | (0.18 | ) | | (0.18 | ) | |||||||||||||||||||||||
Year Ended September 30, 2014 |
$ | 9.83 | 0.19 | 0.92 | 1.11 | (0.21 | ) | | (0.21 | ) | |||||||||||||||||||||||||
Sterling Capital Strategic Allocation Growth Fund(b) |
|
||||||||||||||||||||||||||||||||||
Year Ended September 30, 2018 |
$ | 11.93 | 0.24 | 0.39 | 0.63 | (0.28 | ) | | (0.28 | ) | |||||||||||||||||||||||||
Year Ended September 30, 2017 |
$ | 10.56 | 0.15 | 1.36 | 1.51 | (0.14 | ) | | (0.14 | ) | |||||||||||||||||||||||||
Year Ended September 30, 2016 |
$ | 10.01 | 0.14 | 0.61 | 0.75 | (0.20 | ) | | (0.20 | ) | |||||||||||||||||||||||||
Year Ended September 30, 2015 |
$ | 10.41 | 0.11 | (0.38 | ) | (0.27 | ) | (0.13 | ) | | (0.13 | ) | |||||||||||||||||||||||
Year Ended September 30, 2014 |
$ | 9.37 | 0.15 | 1.05 | 1.20 | (0.16 | ) | | (0.16 | ) |
* | During the periods certain fees were waived (See Note 6 in the Notes to the Financial Statements). If such reductions had not occurred, the ratios would have been as indicated. |
** | Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued. |
(a) | Per share net investment income has been calculated using the average daily shares method. |
(b) | The expense ratios exclude the impact of fees/expenses paid by each underlying fund. |
See accompanying Notes to the Financial Statements.
178
|
|
|
Ratios/Supplementary Data | ||||||||||||||||||||||||||||||||||
Net Asset Value, End of Year |
Total Return |
Net Assets, End of Year (000) |
Ratio of net expenses to average net assets |
Ratio of net investment income to average net assets |
Ratio of expenses to average net assets* |
Portfolio turnover rate** | ||||||||||||||||||||||||||||
$ | 10.43 | (0.81 | )% | $ | 133,812 | 0.54 | % | 2.49 | % | 0.54 | % | 22.06 | % | |||||||||||||||||||||
$ | 10.78 | (0.06 | )% | $ | 140,484 | 0.54 | % | 2.34 | % | 0.58 | % | 25.92 | % | |||||||||||||||||||||
$ | 11.08 | 3.94 | % | $ | 157,284 | 0.55 | % | 2.33 | % | 0.65 | % | 10.05 | % | |||||||||||||||||||||
$ | 10.97 | 2.53 | % | $ | 147,048 | 0.59 | % | 2.44 | % | 0.66 | % | 16.80 | % | |||||||||||||||||||||
$ | 10.98 | 4.81 | % | $ | 151,267 | 0.66 | % | 2.50 | % | 0.66 | % | 11.67 | % | |||||||||||||||||||||
$ | 10.69 | (1.02 | )% | $ | 63,090 | 0.55 | % | 2.10 | % | 0.55 | % | 27.71 | % | |||||||||||||||||||||
$ | 11.03 | 0.34 | % | $ | 69,746 | 0.56 | % | 2.03 | % | 0.59 | % | 31.17 | % | |||||||||||||||||||||
$ | 11.22 | 3.87 | % | $ | 72,722 | 0.57 | % | 2.03 | % | 0.67 | % | 2.69 | % | |||||||||||||||||||||
$ | 11.06 | 2.27 | % | $ | 58,132 | 0.61 | % | 2.17 | % | 0.68 | % | 12.53 | % | |||||||||||||||||||||
$ | 11.07 | 5.03 | % | $ | 49,157 | 0.68 | % | 2.27 | % | 0.68 | % | 15.51 | % | |||||||||||||||||||||
$ | 11.40 | (0.88 | )% | $ | 61,420 | 0.55 | % | 2.22 | % | 0.55 | % | 21.08 | % | |||||||||||||||||||||
$ | 11.76 | (0.14 | )% | $ | 70,780 | 0.55 | % | 2.18 | % | 0.59 | % | 23.25 | % | |||||||||||||||||||||
$ | 12.13 | 3.91 | % | $ | 83,965 | 0.56 | % | 2.23 | % | 0.66 | % | 16.18 | % | |||||||||||||||||||||
$ | 11.98 | 2.24 | % | $ | 78,506 | 0.60 | % | 2.33 | % | 0.67 | % | 16.01 | % | |||||||||||||||||||||
$ | 12.06 | 4.65 | % | $ | 79,895 | 0.66 | % | 2.29 | % | 0.66 | % | 20.48 | % | |||||||||||||||||||||
$ | 9.73 | (0.73 | )% | $ | 54,988 | 0.55 | % | 2.39 | % | 0.55 | % | 17.53 | % | |||||||||||||||||||||
$ | 10.05 | 0.52 | % | $ | 59,567 | 0.56 | % | 2.34 | % | 0.59 | % | 21.00 | % | |||||||||||||||||||||
$ | 10.28 | 4.18 | % | $ | 64,199 | 0.57 | % | 2.30 | % | 0.67 | % | 11.31 | % | |||||||||||||||||||||
$ | 10.15 | 2.44 | % | $ | 66,716 | 0.60 | % | 2.37 | % | 0.67 | % | 10.34 | % | |||||||||||||||||||||
$ | 10.17 | 4.98 | % | $ | 70,273 | 0.66 | % | 2.39 | % | 0.66 | % | 21.09 | % | |||||||||||||||||||||
$ | 10.76 | 2.61 | % | $ | 6,807 | 0.55 | % | 3.39 | % | 0.55 | % | 48.19 | % | |||||||||||||||||||||
$ | 10.92 | 3.88 | % | $ | 7,962 | 0.50 | % | 4.11 | % | 0.50 | % | 43.86 | % | |||||||||||||||||||||
$ | 10.94 | 10.13 | % | $ | 26,328 | 0.39 | % | 3.43 | % | 0.47 | % | 67.18 | % | |||||||||||||||||||||
$ | 10.32 | (1.23 | )% | $ | 27,896 | 0.20 | % | 4.29 | % | 0.45 | % | 126.46 | % | |||||||||||||||||||||
$ | 10.71 | 9.19 | % | $ | 2,300 | 0.20 | % | 2.32 | % | 0.45 | % | 8.67 | % | |||||||||||||||||||||
$ | 12.17 | 4.11 | % | $ | 223 | 0.16 | % | 2.06 | % | 0.41 | % | 14.41 | % | |||||||||||||||||||||
$ | 11.98 | 11.75 | % | $ | 111 | 0.17 | % | 1.67 | % | 0.42 | % | 0.80 | % | |||||||||||||||||||||
$ | 10.90 | 7.24 | % | $ | 80 | 0.16 | % | 1.89 | % | 0.40 | % | 5.19 | % | |||||||||||||||||||||
$ | 10.39 | (1.57 | )% | $ | 106 | 0.15 | % | 1.43 | % | 0.40 | % | 49.24 | % | |||||||||||||||||||||
$ | 10.73 | 11.36 | % | $ | 244 | 0.14 | % | 1.87 | % | 0.39 | % | 5.70 | % | |||||||||||||||||||||
$ | 12.28 | 5.33 | % | $ | 749 | 0.19 | % | 1.95 | % | 0.44 | % | 17.81 | % | |||||||||||||||||||||
$ | 11.93 | 14.48 | % | $ | 692 | 0.19 | % | 1.34 | % | 0.44 | % | 1.92 | % | |||||||||||||||||||||
$ | 10.56 | 7.58 | % | $ | 725 | 0.18 | % | 1.35 | % | 0.43 | % | 5.95 | % | |||||||||||||||||||||
$ | 10.01 | (2.67 | )% | $ | 1,516 | 0.17 | % | 1.00 | % | 0.42 | % | 58.40 | % | |||||||||||||||||||||
$ | 10.41 | 12.89 | % | $ | 872 | 0.16 | % | 1.46 | % | 0.41 | % | 8.60 | % |
179
Sterling Capital Funds
|
Financial Highlights, Class R Shares |
|
The financial highlights table is intended to help you understand the Funds financial performance for the past 5 years or, if shorter, the period of the Funds operations. Certain information reflects financial results for a single Fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the Fund (assuming reinvestment of all dividends and distributions).
Investment Activities | Distributions | ||||||||||||||||||||||||||||||||||
Net Asset Value, Beginning of Year |
Net investment income (loss)(a) |
Net realized/ unrealized gains (loss) on investments |
Total from Investment Activities |
Net investment income |
Net realized gains on investments |
Total Distributions | |||||||||||||||||||||||||||||
Sterling Capital Mid Value Fund |
|
||||||||||||||||||||||||||||||||||
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 | ) | ||||||||||||||||||||||
Year Ended September 30, 2014 |
$ | 18.47 | | (b) | 1.74 | 1.74 | (0.08 | ) | (1.20 | ) | (1.28 | ) | |||||||||||||||||||||||
Sterling Capital Behavioral Small Cap Value Equity Fund |
|
||||||||||||||||||||||||||||||||||
Year Ended September 30, 2018 |
$ | 18.32 | 0.13 | 0.85 | 0.98 | (0.13 | ) | (0.65 | ) | (0.78 | ) | ||||||||||||||||||||||||
Year Ended September 30, 2017 |
$ | 15.14 | 0.18 | 3.08 | 3.26 | (0.08 | ) | | (0.08 | ) | |||||||||||||||||||||||||
Year Ended September 30, 2016 |
$ | 14.00 | 0.14 | 1.15 | 1.29 | (0.14 | ) | (0.01 | ) | (0.15 | ) | ||||||||||||||||||||||||
Year Ended September 30, 2015 |
$ | 14.28 | 0.13 | 0.15 | 0.28 | (0.12 | ) | (0.44 | ) | (0.56 | ) | ||||||||||||||||||||||||
Year Ended September 30, 2014 |
$ | 15.21 | 0.10 | 0.93 | 1.03 | (0.09 | ) | (1.87 | ) | (1.96 | ) | ||||||||||||||||||||||||
Sterling Capital Special Opportunities Fund |
|
||||||||||||||||||||||||||||||||||
Year Ended September 30, 2018 |
$ | 24.79 | (0.04 | ) | 3.94 | 3.90 | (0.12 | ) | (1.94 | ) | (2.06 | ) | |||||||||||||||||||||||
Year Ended September 30, 2017 |
$ | 21.83 | (0.04 | ) | 3.41 | 3.37 | | (0.41 | ) | (0.41 | ) | ||||||||||||||||||||||||
Year Ended September 30, 2016 |
$ | 23.28 | (0.05 | ) | 1.91 | 1.86 | | (3.31 | ) | (3.31 | ) | ||||||||||||||||||||||||
Year Ended September 30, 2015 |
$ | 23.69 | (0.11 | ) | 0.90 | 0.79 | | (1.20 | ) | (1.20 | ) | ||||||||||||||||||||||||
Year Ended September 30, 2014 |
$ | 21.72 | (0.09 | ) | 4.34 | 4.25 | | (2.28 | ) | (2.28 | ) | ||||||||||||||||||||||||
Sterling Capital Equity Income Fund |
|
||||||||||||||||||||||||||||||||||
Year Ended September 30, 2018 |
$ | 20.70 | 0.29 | 2.63 | 2.92 | (0.28 | ) | (1.95 | ) | (2.23 | ) | ||||||||||||||||||||||||
Year Ended September 30, 2017 |
$ | 18.18 | 0.29 | 2.58 | 2.87 | (0.33 | ) | (0.02 | ) | (0.35 | ) | ||||||||||||||||||||||||
Year Ended September 30, 2016 |
$ | 17.25 | 0.26 | 2.04 | 2.30 | (0.27 | ) | (1.10 | ) | (1.37 | ) | ||||||||||||||||||||||||
Year Ended September 30, 2015 |
$ | 18.84 | 0.26 | (1.06 | ) | (0.80 | ) | (0.28 | ) | (0.51 | ) | (0.79 | ) | ||||||||||||||||||||||
Year Ended September 30, 2014 |
$ | 18.04 | 0.29 | 1.40 | 1.69 | (0.26 | ) | (0.63 | ) | (0.89 | ) | ||||||||||||||||||||||||
Sterling Capital Total Return Bond Fund |
|
||||||||||||||||||||||||||||||||||
Year Ended September 30, 2018 |
$ | 10.55 | 0.25 | (0.37 | ) | (0.12 | ) | (0.27 | ) | | (0.27 | ) | |||||||||||||||||||||||
Year Ended September 30, 2017 |
$ | 10.77 | 0.20 | (0.15 | ) | 0.05 | (0.27 | ) | | (0.27 | ) | ||||||||||||||||||||||||
Year Ended September 30, 2016 |
$ | 10.49 | 0.23 | 0.35 | 0.58 | (0.30 | ) | | (0.30 | ) | |||||||||||||||||||||||||
Year Ended September 30, 2015 |
$ | 10.62 | 0.25 | (0.06 | ) | 0.19 | (0.32 | ) | | (0.32 | ) | ||||||||||||||||||||||||
Year Ended September 30, 2014 |
$ | 10.48 | 0.28 | 0.22 | 0.50 | (0.35 | ) | (0.01 | ) | (0.36 | ) |
* | During the periods certain fees were waived (See Note 6 in the Notes to the Financial Statements). If such reductions had not occurred, the ratios would have been as indicated. |
** | Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued. |
(a) | Per share net investment income (loss) has been calculated using the average daily shares method. |
(b) | Amount is less than $0.005. |
(c) | Net Assets are below $1,000. |
See accompanying Notes to the Financial Statements.
180
|
|
|
Ratios/Supplementary Data | |||||||||||||||||||||||||||||||||
Net Asset Value, End of Year |
Total Return (excludes sales charge) |
Net Assets, End of Year (000) |
Ratio of net expenses to average net assets |
Ratio of net investment income (loss) to average net assets |
Ratio of expenses to average net assets* |
Portfolio turnover rate** | |||||||||||||||||||||||||||
$ | 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 | % | |||||||||||||||||||
$ | 18.93 | 9.68 | % | $ | | (c) | 1.39 | % | 0.02 | % | 1.39 | % | 27.30 | % | |||||||||||||||||||
$ | 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 | % | |||||||||||||||||||
$ | 14.28 | 7.01 | % | $ | | (c) | 1.45 | % | 0.65 | % | 1.45 | % | 68.50 | % | |||||||||||||||||||
$ | 26.63 | 16.80 | % | $ | 173 | 1.36 | % | (0.18 | )% | 1.36 | % | 22.78 | % | ||||||||||||||||||||
$ | 24.79 | 15.66 | % | $ | 266 | 1.36 | % | (0.16 | )% | 1.36 | % | 18.92 | % | ||||||||||||||||||||
$ | 21.83 | 8.34 | % | $ | 191 | 1.42 | % | (0.25 | )% | 1.48 | % | 27.32 | % | ||||||||||||||||||||
$ | 23.28 | 3.51 | % | $ | 46 | 1.47 | % | (0.44 | )% | 1.47 | % | 26.98 | % | ||||||||||||||||||||
$ | 23.69 | 21.36 | % | $ | 26 | 1.46 | % | (0.41 | )% | 1.46 | % | 32.35 | % | ||||||||||||||||||||
$ | 21.39 | 14.97 | % | $ | 2,548 | 1.27 | % | 1.41 | % | 1.27 | % | 19.49 | % | ||||||||||||||||||||
$ | 20.70 | 15.96 | % | $ | 3,694 | 1.28 | % | 1.52 | % | 1.28 | % | 16.93 | % | ||||||||||||||||||||
$ | 18.18 | 14.18 | % | $ | 1,921 | 1.46 | % | 1.54 | % | 1.46 | % | 20.64 | % | ||||||||||||||||||||
$ | 17.25 | (4.40 | )% | $ | 1,957 | 1.47 | % | 1.40 | % | 1.47 | % | 27.53 | % | ||||||||||||||||||||
$ | 18.84 | 9.52 | % | $ | 1,811 | 1.45 | % | 1.56 | % | 1.45 | % | 16.13 | % | ||||||||||||||||||||
$ | 10.16 | (1.13 | )% | $ | 36 | 0.93 | % | 2.45 | % | 1.08 | % | 62.28 | % | ||||||||||||||||||||
$ | 10.55 | 0.50 | % | $ | 5 | 0.96 | % | 1.90 | % | 1.04 | % | 64.07 | % | ||||||||||||||||||||
$ | 10.77 | 5.59 | % | $ | 5 | 0.99 | % | 2.20 | % | 1.07 | % | 65.47 | % | ||||||||||||||||||||
$ | 10.49 | 1.77 | % | $ | 6 | 0.98 | % | 2.39 | % | 1.09 | % | 41.37 | % | ||||||||||||||||||||
$ | 10.62 | 4.81 | % | $ | 6 | 1.04 | % | 2.65 | % | 1.04 | % | 75.21 | % |
181
Sterling Capital Funds
|
Financial Highlights, Class R6 Shares |
|
Selected data for a share of beneficial interest outstanding throughout the periods indicated.
Investment Activities | Distributions | ||||||||||||||||||||||||||||||||||
Net Asset Value, Beginning of Period |
Net investment income(a) |
Net realized/ unrealized gains on investments |
Total from Investment Activities |
Net investment income |
Net realized gains on investments |
Total Distributions | |||||||||||||||||||||||||||||
Sterling Capital Behavioral Large Cap Value Equity Fund |
|
||||||||||||||||||||||||||||||||||
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 |
|
||||||||||||||||||||||||||||||||||
February 1, 2018 to September 30, 2018(d) |
$ | 20.22 | 0.03 | (0.81 | ) | (0.78 | ) | | | | |||||||||||||||||||||||||
Sterling Capital Behavioral Small Cap Value Equity Fund |
|
||||||||||||||||||||||||||||||||||
February 1, 2018 to September 30, 2018(d) |
$ | 18.59 | 0.17 | 0.08 | 0.25 | | | | |||||||||||||||||||||||||||
Sterling Capital Special Opportunities Fund |
|||||||||||||||||||||||||||||||||||
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 |
|
||||||||||||||||||||||||||||||||||
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 |
|
||||||||||||||||||||||||||||||||||
February 1, 2018 to September 30, 2018(d) |
$ | 12.35 | 0.35 | (1.51 | ) | (1.16 | ) | | | | |||||||||||||||||||||||||
Sterling Capital Total Return Bond Fund |
|
||||||||||||||||||||||||||||||||||
February 1, 2018 to September 30, 2018(d) |
$ | 10.48 | 0.21 | (0.27 | ) | (0.06 | ) | (0.22 | ) | | (0.22 | ) |
* | During the periods certain fees were waived (See Note 6 in the Notes to the Financial Statements). If such reductions had not occurred, the ratios would have been as indicated. |
** | Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued. |
(a) | Per share net investment income (loss) has been calculated using the average daily shares method. |
(b) | Not annualized for periods less than one year. |
(c) | Annualized for periods less than one year. |
(d) | Period from commencement of operations. |
See accompanying Notes to the Financial Statements.
182
|
|
|
Ratios/Supplementary Data | ||||||||||||||||||||||||||||||||||
Net Asset Value, End of Period |
Total Return (excludes sales charge) (b) |
Net Assets, End of Period (000) |
Ratio of net expenses to average net assets (c) |
Ratio of net investment income to average net assets (c) |
Ratio of expenses to average net assets*(c) |
Portfolio turnover rate**(b) | ||||||||||||||||||||||||||||
$ | 22.43 | (0.69 | )% | $ | 270,105 | 0.58 | % | 1.94 | % | 0.63 | % | 127.89 | % | |||||||||||||||||||||
$ | 19.44 | (3.86 | )% | $ | 285,847 | 0.83 | % | 0.26 | % | 0.93 | % | 34.62 | % | |||||||||||||||||||||
$ | 18.84 | 1.34 | % | $ | 191,051 | 0.73 | % | 1.38 | % | 0.79 | % | 89.85 | % | |||||||||||||||||||||
$ | 27.75 | 5.60 | % | $ | 372,948 | 0.78 | % | 0.21 | % | 0.85 | % | 22.78 | % | |||||||||||||||||||||
$ | 21.61 | 2.03 | % | $ | 317,827 | 0.66 | % | 2.16 | % | 0.77 | % | 19.49 | % | |||||||||||||||||||||
$ | 11.19 | (9.39 | )% | $ | 62,804 | 0.62 | % | 4.63 | % | 0.87 | % | 96.65 | % | |||||||||||||||||||||
$ | 10.20 | (0.52 | )% | $ | 281,637 | 0.35 | % | 3.16 | % | 0.59 | % | 62.28 | % |
183
Sterling Capital Funds
|
|
September 30, 2018 |
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 1940 Act. The Tax-Free Funds are non-diversified funds, which means they may invest in the securities of a limited number of issuers.
By owning shares of underlying investment companies, each of the Funds of Funds invests, to varying degrees, in securities of U.S. and non-U.S. companies, including small and medium sized companies, and in debt securities. Funds of Funds with exposure to underlying equity funds may include funds that invest in real estate related securities. In addition, underlying investment companies may invest in derivatives and may engage in long/short equity strategies and in option writing strategies. The Funds of Funds except for Sterling Capital Diversified Income Fund currently invest only in other Funds that are part of the Sterling Capital Funds group of investment companies (not including cash sweep vehicles). Financial information for those Sterling Capital Funds is included in this report and also is available at www.sec.gov. Financial information for the other underlying Funds is available at www.sec.gov.
The Funds are authorized to issue an unlimited amount of shares. As of September 30, 2018, 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 B Shares of the Funds closed effective May 26, 2017. Class A Shares of the Variable Net Asset Value Funds and Funds of Funds, excluding Sterling Capital Ultra Short Bond Fund, Sterling Capital Short Duration Bond Fund, Sterling Capital Intermediate U.S. Government Fund, Sterling Capital Corporate Fund, Sterling Capital Securitized Opportunities Fund, and the Tax-Free Funds, have a maximum sales charge of 5.75% as a percentage of original purchase price. Class A Shares of Sterling Capital Ultra Short Bond Fund have a maximum sales charge of 0.50%, and Class A Shares of Sterling Capital Short Duration Bond Fund, Sterling Capital Intermediate U.S. Government Fund, Sterling Capital Corporate Fund, Sterling Capital Securitized Opportunities Fund, and the Tax-Free Funds have a maximum sales charge of 2.00% as a percentage of the original purchase price. Purchases of $1 million or more of Class A Shares are not subject to a front-end sales charge but will be subject to a Contingent Deferred Sales Charge (CDSC) of 1.00% of the purchase price if redeemed within two years after purchase for all Funds except the Tax-Free Funds, Sterling Capital Short Duration Bond Fund, Sterling Capital Intermediate U.S. Government Fund, Sterling Capital Corporate Fund and Sterling Capital Securitized Opportunities Fund. With respect to the Tax-Free Funds, Sterling Capital Short Duration Bond Fund, Sterling Capital Intermediate U.S. Government Fund, Sterling Capital Corporate Fund and Sterling Capital Securitized Opportunities Fund, sales of Class A shares over $500,000 are not subject to a sales load but will be subject to a CDSC of 0.50% of the purchase price if redeemed within 18 months of purchase. This charge is based on the lower of the price paid for the shares or their net asset value at the time of redemption. Class C Shares of the Funds are offered without any front-end sales charge but will be subject to a maximum CDSC of 1.00% if redeemed less than one year after purchase.
184
Sterling Capital Funds
|
Notes to Financial Statements (continued) |
September 30, 2018 |
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 Trusts 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 Funds 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 Funds 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, 2018, there were no significant changes to the valuation policies and procedures.
185
Sterling Capital Funds
|
Notes to Financial Statements (continued) |
September 30, 2018 |
The summary of inputs used to determine the fair value of each Funds investments as of September 30, 2018 is as follows:
Level 1 Quoted Prices |
Level 2 Other Significant Observable Inputs |
Level 3 Significant Unobservable Inputs |
Total | |||||||||||||
Assets: |
||||||||||||||||
Investments in Securities |
||||||||||||||||
Sterling Capital Behavioral Large Cap Value Equity Fund |
$ | 312,802,082(a) | $ | | $ | $ | 312,802,082 | |||||||||
Sterling Capital Mid Value Fund |
643,847,799(a) | | | 643,847,799 | ||||||||||||
Sterling Capital Behavioral Small Cap Value Equity Fund |
238,171,308(a) | | | 238,171,308 | ||||||||||||
Sterling Capital Special Opportunities Fund |
1,201,884,011(a) | | | 1,201,884,011 | ||||||||||||
Sterling Capital Equity Income Fund |
1,674,922,169(a) | | | 1,674,922,169 | ||||||||||||
Sterling Capital Behavioral International Equity Fund |
82,233,767(a) | | | 82,233,767 | ||||||||||||
Sterling Capital SMID Opportunities Fund |
9,223,691(a) | | | 9,223,691 | ||||||||||||
Sterling Capital Stratton Mid Cap Value Fund |
66,647,044(a) | | | 66,647,044 | ||||||||||||
Sterling Capital Stratton Real Estate Fund |
91,734,651(a) | | | 91,734,651 | ||||||||||||
Sterling Capital Stratton Small Cap Value Fund |
1,299,354,535(a) | | | 1,299,354,535 | ||||||||||||
Sterling Capital Ultra Short Bond Fund |
5,258,829(b) | 26,740,438(a) | | 31,999,267 | ||||||||||||
Sterling Capital Short Duration Bond Fund |
1,864,988(b) | 129,336,462(a) | | 131,201,450 | ||||||||||||
Sterling Capital Intermediate U.S. Government Fund |
868,505(b) | 20,592,472(a) | | 21,460,977 | ||||||||||||
Sterling Capital Total Return Bond Fund |
17,711,891(b) | 1,192,918,409(a) | | 1,210,630,300 | ||||||||||||
Sterling Capital Corporate Fund |
609,224(b) | 30,407,408(a) | | 31,016,632 | ||||||||||||
Sterling Capital Securitized Opportunities Fund |
239,765(b) | 36,899,284(a) | | 37,139,049 | ||||||||||||
Sterling Capital Kentucky Intermediate Tax-Free Fund |
372,453(b) | 10,844,241(a) | | 11,216,694 | ||||||||||||
Sterling Capital Maryland Intermediate Tax-Free Fund |
322,623(b) | 18,530,412(a) | | 18,853,035 | ||||||||||||
Sterling Capital North Carolina Intermediate Tax-Free Fund |
3,178,433(b) | 168,732,754(a) | | 171,911,187 | ||||||||||||
Sterling Capital South Carolina Intermediate Tax-Free Fund |
1,393,716(b) | 75,665,314(a) | | 77,059,030 | ||||||||||||
Sterling Capital Virginia Intermediate Tax-Free Fund |
725,073(b) | 81,597,762(a) | | 82,322,835 | ||||||||||||
Sterling Capital West Virginia Intermediate Tax-Free Fund |
1,073,231(b) | 77,535,557(a) | | 78,608,788 | ||||||||||||
Sterling Capital Diversified Income Fund |
20,336,696(a) | | | 20,336,696 | ||||||||||||
Sterling Capital Strategic Allocation Balanced Fund |
29,249,078(a) | | | 29,249,078 | ||||||||||||
Sterling Capital Strategic Allocation Growth Fund |
22,883,664(a) | | | 22,883,664 |
(a) | Industries, countries or security types are disclosed in the Schedules of Portfolio Investments. |
(b) | Represents money market funds and/or certain preferred stocks. |
The Funds policy is to recognize transfers in and transfers out as of the beginning of the reporting period. There were no transfers between Level 1 and Level 2 during the year ended September 30, 2018.
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).
186
Sterling Capital Funds
|
Notes to Financial Statements (continued) |
September 30, 2018 |
Derivative Instruments Categorized by Risk Exposure The Funds derivative contracts held at September 30, 2018, if any, are not accounted for as hedging instruments under U.S. GAAP. The effect of derivative financial instruments on the Statements of Operations categorized by primary risk exposure for the fiscal year ended September 30, 2018:
Net Realized Gain (Loss) |
Sterling Capital Special Opportunities Fund |
Sterling Capital Equity Income Fund | |||||||||||||
Options (equity contracts)* |
$ | 484,147 | $ | 321,432 |
* | Purchased options gain/loss are included in realized gain (loss) on investments. |
Net Change in Unrealized Appreciation (Depreciation) |
Sterling Capital Special Opportunities Fund |
Sterling Capital Equity Income Fund | |||||||||||||
Written options (equity contracts) |
$ | 323,969 | $ | 62,202 |
For the fiscal year ended September 30, 2018, the average quarterly balance of derivative financial instruments were as follows:
Sterling Capital Special Opportunities Fund |
Sterling Capital Equity Income Fund | ||||||||||||||
Options (Equity Risk) |
|||||||||||||||
Average number of written option contracts |
625 | 923 | |||||||||||||
Average premium of written option contracts |
$ | 118,103 | $ | 220,934 |
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.
The U.S. GAAP basis of distributions paid to shareholders during the fiscal year ended September 30, 2017 was as follows:
Class A | Class B | Class C | Institutional | Class R | ||||||||||||||||||||||||||||||||||||||||||||||
Net | Net | Net | Net | Net | Net | Net | Net | Net | Net | |||||||||||||||||||||||||||||||||||||||||
Investment | Realized | Investment | Realized | Investment | Realized | Investment | Realized | Investment | Realized | |||||||||||||||||||||||||||||||||||||||||
Income | Gains | Income | Gains | Income | Gains | Income | Gains | Income | Gains | |||||||||||||||||||||||||||||||||||||||||
Sterling Capital Behavioral Large Cap Value Equity Fund |
$ | 491,567 | $ | | $ | 643 | $ | | $ | 8,310 | $ | | $ | 4,597,729 | $ | | $ | | $ | | ||||||||||||||||||||||||||||||
Sterling Capital Mid Value Fund |
| 991,131 | | 7,484 | | 179,472 | 392,245 | 17,153,010 | | 6 | ||||||||||||||||||||||||||||||||||||||||
Sterling Capital Behavioral Small Cap Value Equity Fund |
48,544 | | 127 | | 1,321 | | 1,042,074 | | 1 | | ||||||||||||||||||||||||||||||||||||||||
Sterling Capital Special Opportunities Fund |
| 6,462,864 | | 26,525 | | 3,913,050 | 376,646 | 10,436,329 | | 8,322 | ||||||||||||||||||||||||||||||||||||||||
Sterling Capital Equity Income Fund |
8,134,764 | 550,868 | 3,110 | 1,261 | 2,941,750 | 320,996 | 19,918,050 | 1,109,671 | 51,646 | 2,596 | ||||||||||||||||||||||||||||||||||||||||
Sterling Capital Behavioral International Equity Fund |
5,337 | | | | 451 | | 1,170,042 | | | |
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|
Notes to Financial Statements (continued) |
September 30, 2018 |
Class A | Class B | Class C | Institutional | Class R | ||||||||||||||||||||||||||||||||||||||||||||||
Net | Net | Net | Net | Net | Net | Net | Net | Net | Net | |||||||||||||||||||||||||||||||||||||||||
Investment | Realized | Investment | Realized | Investment | Realized | Investment | Realized | Investment | Realized | |||||||||||||||||||||||||||||||||||||||||
Income | Gains | Income | Gains | Income | Gains | Income | Gains | Income | Gains | |||||||||||||||||||||||||||||||||||||||||
Sterling Capital SMID Opportunities Fund |
1,611 | | | | | | 4,317 | | | | ||||||||||||||||||||||||||||||||||||||||
Sterling Capital Stratton Mid Cap Value Fund |
47 | 328 | | | | 5 | 85,765 | 293,559 | | | ||||||||||||||||||||||||||||||||||||||||
Sterling Capital Stratton Real Estate Value Fund |
5,791 | 5,214 | | | 479 | 984 | 3,051,930 | 4,309,765 | | | ||||||||||||||||||||||||||||||||||||||||
Sterling Capital Stratton Small Cap Value Fund |
115 | 8,487 | | | | 3,494 | 2,079,928 | 61,347,981 | | | ||||||||||||||||||||||||||||||||||||||||
Sterling Capital Ultra Short Bond Fund |
71,543 | | | | | | 630,638 | | | | ||||||||||||||||||||||||||||||||||||||||
Sterling Capital Short Duration Bond Fund |
156,953 | | | | 29,145 | | 1,953,116 | | | | ||||||||||||||||||||||||||||||||||||||||
Sterling Capital Intermediate U.S. Government Fund |
126,044 | | 281 | | 8,445 | | 415,985 | | | | ||||||||||||||||||||||||||||||||||||||||
Sterling Capital Total Return Bond Fund |
1,963,457 | | 2,480 | | 160,528 | | 25,297,071 | | 136 | | ||||||||||||||||||||||||||||||||||||||||
Sterling Capital Corporate Fund |
12,187 | 1,621 | | | 950 | 179 | 923,283 | 112,762 | | | ||||||||||||||||||||||||||||||||||||||||
Sterling Capital Securitized Opportunities Fund |
3,640 | | | | 620 | | 1,149,450 | | | | ||||||||||||||||||||||||||||||||||||||||
Sterling Capital Kentucky Intermediate Tax-Free Fund |
84,071 | 57,042 | | | 52 | 20 | 187,705 | 107,066 | | | ||||||||||||||||||||||||||||||||||||||||
Sterling Capital Maryland Intermediate Tax-Free Fund |
113,724 | 45,624 | | | 7,862 | 5,262 | 446,268 | 164,784 | | | ||||||||||||||||||||||||||||||||||||||||
Sterling Capital North Carolina Intermediate Tax-Free Fund |
989,324 | 165,995 | | | 70,080 | 19,120 | 3,515,161 | 526,094 | | | ||||||||||||||||||||||||||||||||||||||||
Sterling Capital South Carolina Intermediate Tax-Free Fund |
302,916 | 1,895 | | | 17,591 | 193 | 1,441,135 | 7,861 | | | ||||||||||||||||||||||||||||||||||||||||
Sterling Capital Virginia Intermediate Tax-Free Fund |
585,943 | 249,339 | | | 12,158 | 8,557 | 1,650,832 | 612,795 | | | ||||||||||||||||||||||||||||||||||||||||
Sterling Capital West Virginia Intermediate Tax-Free Fund |
688,584 | 162,149 | | | 10,623 | 3,642 | 1,445,525 | 286,951 | | | ||||||||||||||||||||||||||||||||||||||||
Sterling Capital Diversified Income Fund |
567,986 | | 2,237 | | 34,231 | | 671,189 | | | | ||||||||||||||||||||||||||||||||||||||||
Sterling Capital Strategic Allocation Balanced Fund |
429,055 | | 1,247 | | 5,300 | | 2,002 | | | | ||||||||||||||||||||||||||||||||||||||||
Sterling Capital Strategic Allocation Growth Fund |
234,587 | | 931 | | 2,531 | | 9,486 | | | |
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.
188
Sterling Capital Funds
|
Notes to Financial Statements (continued) |
September 30, 2018 |
Forward Foreign Currency Exchange Contracts The Sterling Capital Behavioral International Equity Fund, Sterling Capital Ultra Short Bond Fund, Sterling Capital Short Duration Bond Fund, Sterling Capital Total Return Bond Fund and Sterling Capital Corporate Fund may enter into forward foreign currency exchange contracts (foreign currency exchange risk) in connection with planned purchases or sales of securities or to hedge the U.S. dollar value of Funds securities denominated in a particular currency. A foreign currency exchange contract is an agreement between two parties to buy and sell a currency at a set exchange rate on a future date. The Funds can be exposed to risks if the counterparties to the contracts are unable to meet the terms of their contracts and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar. In the event of default by the counterparty to the transaction, the Funds maximum amount of loss, as either the buyer or seller, is the unrealized gain of the contract. The forward foreign currency exchange contracts are adjusted by the daily exchange rate of the underlying currency and any gains or losses are recorded for financial statement purposes as unrealized gains or losses until the contract settlement date. When the contract is closed, the Funds record a realized gain (loss) equal to the difference between the value at the time it was opened and the value at the time it was closed.
Mortgage Dollar Rolls The Variable Net Asset Value Funds may sell mortgage-backed securities for delivery in the current month and simultaneously contract to repurchase substantially similar (same type, coupon and maturity) securities on a specific future date at an agreed-upon price. The market value of the securities that a Fund is required to purchase may decline below the agreed upon repurchase price of those securities. Pools of mortgages collateralizing those securities may have different prepayment histories than those sold. During the period between the sale and repurchase, a Fund will not be entitled to receive interest and principal payments on the securities sold. Proceeds of the sale will be invested in additional instruments for a Fund, and the income from these investments will generate income for a Fund. If such income does not exceed the income, capital appreciation and gain or loss that would have been realized on the securities sold as part of the dollar roll, the use of this technique will diminish the investment performance of a Fund compared with what the performance would have been without the use of dollar rolls. The Funds account for mortgage dollar roll transactions as purchases and sales. The Funds did not hold any mortgage dollar rolls during the year.
Offering Costs Offering costs are amortized on a straight-line basis over one year from each Funds respective commencement of operations. In the event that any of the initial shares are redeemed during the period of amortization of a Funds offering costs, the redemption proceeds will be reduced by any such unamortized offering costs in the same proportion as the number of shares being redeemed bears to the number of those shares outstanding at the time of redemption.
Options Contracts Sterling Capital Special Opportunities Fund and Sterling Capital Equity Income Fund write (sell) covered call options on securities and purchase options on securities to close out options previously written by them. Sterling Capital Diversified Income Fund may invest in underlying funds that engage in options writing strategies (including cash-secured put writing and covered call writing).
In writing an option, a Fund contracts with a specified counterparty to purchase (put option written) or sell (call option written) a specified quantity (notional amount) of an underlying asset at a specified price during a specified period upon demand of 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 invested 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
189
Sterling Capital Funds
|
Notes to Financial Statements (continued) |
September 30, 2018 |
or social instability or diplomatic developments which could adversely affect investments in those countries. Certain foreign investments may also be subject to foreign withholding taxes.
Securities Transactions and Related Income During the period, security transactions are accounted for no later than one business day after the trade date. For financial reporting purposes, however, security transactions as of the last business day of the reporting period are accounted for on the trade date. Interest income is recognized on the accrual basis and includes, where applicable, the amortization/accretion of premium or discount. Dividend income is recorded on the ex-dividend date. Gains or losses realized from sales of securities are determined by comparing the identified cost of the security lot sold with the net sales proceeds.
When-Issued and Forward Commitments The Funds may purchase securities on a when-issued basis. Sterling Capital Behavioral Large Cap Value Equity Fund, Sterling Capital Mid Value Fund, Sterling Capital Behavioral Small Cap Value Equity Fund, Sterling Capital Special Opportunities Fund and Sterling Capital Equity Income Fund may also purchase or sell securities on a forward commitment basis. The Funds record when-issued securities on the trade date and pledge assets with a value at least equal to the purchase commitment for payment of the securities purchased. The value of the securities underlying when-issued or forward commitments to purchase securities, and any subsequent fluctuation in their value, is taken into account when determining the net asset value of the Funds commencing with the date the Funds agree to purchase the securities. The Funds do not accrue interest or dividends on when-issued securities until the underlying securities are received.
3. | New Accounting Pronouncements: |
In August 2018, the FASB issued Accounting Standards Update 2018-13, Fair Value Measurement (Topic 820). The new guidance includes additions and modifications to disclosures requirements for fair value measurements. For public entities, the amendments are effective for financial statements issued for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. At this time, management is currently evaluating the impact of this new guidance on the financial statements and disclosures.
4. | 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, 2018 were as follows:
Purchases | Sales | |||||||||
Sterling Capital Behavioral Large Cap Value Equity Fund |
$ | 396,651,339 | $ | 413,730,250 | ||||||
Sterling Capital Mid Value Fund |
236,063,661 | 316,275,325 | ||||||||
Sterling Capital Behavioral Small Cap Value Equity Fund |
215,664,792 | 203,350,046 | ||||||||
Sterling Capital Special Opportunities Fund |
259,514,485 | 360,542,380 | ||||||||
Sterling Capital Equity Income Fund |
309,031,563 | 422,551,331 | ||||||||
Sterling Capital Behavioral International Equity Fund |
83,756,594 | 80,158,109 | ||||||||
Sterling Capital SMID Opportunities Fund |
3,992,343 | 4,740,187 | ||||||||
Sterling Capital Stratton Mid Cap Value Fund |
9,408,009 | 13,691,571 | ||||||||
Sterling Capital Stratton Real Estate Fund |
7,602,254 | 14,987,828 | ||||||||
Sterling Capital Stratton Small Cap Value Fund |
209,815,881 | 189,529,890 | ||||||||
Sterling Capital Ultra Short Bond Fund |
22,693,663 | 28,043,496 | ||||||||
Sterling Capital Short Duration Bond Fund |
90,817,884 | 31,529,442 | ||||||||
Sterling Capital Intermediate U.S. Government Fund |
58,205 | 500,000 | ||||||||
Sterling Capital Total Return Bond Fund |
528,553,888 | 355,682,011 | ||||||||
Sterling Capital Corporate Fund |
19,157,399 | 17,186,858 | ||||||||
Sterling Capital Securitized Opportunities Fund |
5,066,760 | 2,536,331 | ||||||||
Sterling Capital Kentucky Intermediate Tax-Free Fund |
2,358,874 | 2,883,489 | ||||||||
Sterling Capital Maryland Intermediate Tax-Free Fund |
6,473,272 | 9,979,505 | ||||||||
Sterling Capital North Carolina Intermediate Tax-Free Fund |
38,937,775 | 46,576,916 | ||||||||
Sterling Capital South Carolina Intermediate Tax-Free Fund |
22,802,380 | 28,396,283 | ||||||||
Sterling Capital Virginia Intermediate Tax-Free Fund |
18,659,672 | 30,498,375 | ||||||||
Sterling Capital West Virginia Intermediate Tax-Free Fund |
14,706,056 | 21,536,130 | ||||||||
Sterling Capital Diversified Income Fund |
10,923,620 | 14,043,054 | ||||||||
Sterling Capital Strategic Allocation Balanced Fund |
4,277,415 | 5,955,247 | ||||||||
Sterling Capital Strategic Allocation Growth Fund |
4,133,611 | 5,510,106 |
190
Sterling Capital Funds
|
Notes to Financial Statements (continued) |
September 30, 2018 |
Purchases and sales of U.S. government securities (excluding securities maturing less than one year from acquisition) for the fiscal year ended September 30, 2018 were as follows:
Purchases | Sales | |||||||||
Sterling Capital Short Duration Bond Fund |
$ | 34,303,717 | $ | 30,940,545 | ||||||
Sterling Capital Intermediate U.S. Government Fund |
7,712,311 | 7,599,465 | ||||||||
Sterling Capital Total Return Bond Fund |
432,002,438 | 357,918,835 | ||||||||
Sterling Capital Corporate Fund |
1,504,902 | 1,501,642 | ||||||||
Sterling Capital Securitized Opportunities Fund |
6,306,415 | 4,710,384 | ||||||||
Sterling Capital Ultra Short Bond Fund |
1,165,430 | |
5. | Investments in Affiliated Issuers: |
A summary of the Funds transactions in the shares of affiliated issuers during the fiscal year ended September 30, 2018 is as follows:
Shares Held at September 30, 2017 |
Shares Purchased |
Shares Sold |
Shares Held at September 30, 2018 |
Value at September 30, 2018 |
Dividend Income October 1, 2017- September 30, 2018 |
Distributions and Net Realized Gain (Loss) October 1, 2017- September 30, 2018 |
Change in Unrealized Appreciation/ Depreciation October 1, 2017- September 30, 2018 | |||||||||||||||||||||||||||||||||
Sterling Capital Strategic Allocation Balanced Fund |
||||||||||||||||||||||||||||||||||||||||
Sterling Capital Behavioral International Equity Fund, Institutional Shares |
758,440 | 83,819 | 49,297 | 792,962 | $ | 8,865,316 | $ | 248,941 | $ | 167,069 | $ | (586,007 | ) | |||||||||||||||||||||||||||
Sterling Capital Equity Income Fund, Institutional Shares |
209,374 | 37,535 | 29,864 | 217,045 | 4,690,340 | 85,116 | 436,516 | 105,007 | ||||||||||||||||||||||||||||||||
Sterling Capital Long/Short Equity Fund, Institutional Shares |
337,412 | | 337,412 | | | | 95,657 | 109,793 | ||||||||||||||||||||||||||||||||
Sterling Capital Special Opportunities Fund, Institutional Shares |
165,887 | 25,183 | 19,564 | 171,506 | 4,755,872 | 32,399 | 342,447 | 328,434 | ||||||||||||||||||||||||||||||||
Sterling Capital Total Return Bond Fund, Institutional Shares |
958,185 | 173,936 | 84,673 | 1,047,448 | 10,683,966 | 334,570 | (50,796 | ) | (377,001 | ) | ||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
Total Affiliates |
2,429,298 | 320,473 | 520,810 | 2,228,961 | $ | 28,995,494 | $ | 701,026 | $ | 990,893 | $ | (419,774 | ) | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
Sterling Capital Strategic Allocation Growth Fund |
||||||||||||||||||||||||||||||||||||||||
Sterling Capital Behavioral International Equity Fund, Institutional Shares |
742,596 | 94,742 | 58,887 | 778,451 | $ | 8,703,078 | $ | 242,969 | $ | 163,056 | $ | (577,912 | ) | |||||||||||||||||||||||||||
Sterling Capital Equity Income Fund, Institutional Shares |
199,299 | 30,898 | 29,105 | 201,092 | 4,345,606 | 82,603 | 404,160 | 128,086 | ||||||||||||||||||||||||||||||||
Sterling Capital Long/Short Equity Fund, Institutional Shares |
313,902 | | 313,902 | | | | 94,649 | 100,470 | ||||||||||||||||||||||||||||||||
Sterling Capital Special Opportunities Fund, Institutional Shares |
158,748 | 23,846 | 23,315 | 159,279 | 4,416,798 | 31,888 | 328,130 | 331,793 | ||||||||||||||||||||||||||||||||
Sterling Capital Total Return Bond Fund, Institutional Shares |
370,972 | 163,941 | 43,756 | 491,157 | 5,009,803 | 150,220 | (30,004 | ) | (167,497 | ) | ||||||||||||||||||||||||||||||
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
Total Affiliates |
1,785,517 | 313,427 | 468,965 | 1,629,979 | $ | 22,475,285 | $ | 507,680 | $ | 959,991 | $ | (185,060 | ) | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
191
Sterling Capital Funds
|
Notes to Financial Statements (continued) |
September 30, 2018 |
6. | 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 Capitals 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, 2018:
Prior to February 1, 2018 | Effective February 1, 2018 | |||||||||||||||||||
Contractual Fee Rate |
Fee Rate after Contractual |
Contractual Fee Rate |
Fee Rate after | |||||||||||||||||
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 | % | 0.85 | % | 0.85 | % | 0.80 | %(2) | ||||||||||||
Sterling Capital Ultra Short Bond Fund |
0.20 | % | 0.10 | %(1) | 0.20 | % | 0.10 | %(2) | ||||||||||||
Sterling Capital Short Duration Bond Fund |
0.30 | % | 0.20 | %(1) | 0.30 | % | 0.20 | %(2) | ||||||||||||
Sterling Capital Intermediate U.S. Government Fund |
0.32 | % | 0.32 | %(3) | 0.32 | % | 0.32 | %(3) | ||||||||||||
Sterling Capital Total Return Bond Fund |
0.37 | % | 0.27 | %(1) | 0.37 | % | 0.25 | %(2) | ||||||||||||
Sterling Capital Corporate Fund |
0.35 | % | 0.35 | % | 0.35 | % | 0.35 | % | ||||||||||||
Sterling Capital Securitized Opportunities Fund |
0.35 | % | 0.31 | %(1) | 0.35 | % | 0.31 | %(2) | ||||||||||||
Sterling Capital Kentucky Intermediate Tax-Free Fund |
0.35 | % | 0.35 | % | 0.35 | % | 0.35 | % | ||||||||||||
Sterling Capital Maryland Intermediate Tax-Free Fund |
0.35 | % | 0.35 | % | 0.35 | % | 0.35 | % | ||||||||||||
Sterling Capital North Carolina Intermediate Tax-Free Fund |
0.35 | % | 0.35 | % | 0.35 | % | 0.35 | % | ||||||||||||
Sterling Capital South Carolina Intermediate Tax-Free Fund |
0.35 | % | 0.35 | % | 0.35 | % | 0.35 | % | ||||||||||||
Sterling Capital Virginia Intermediate Tax-Free Fund |
0.35 | % | 0.35 | % | 0.35 | % | 0.35 | % | ||||||||||||
Sterling Capital West Virginia Intermediate Tax-Free Fund |
0.35 | % | 0.35 | % | 0.35 | % | 0.35 | % | ||||||||||||
Sterling Capital Diversified Income Fund |
0.25 | % | 0.25 | %(3) | 0.25 | % | 0.25 | %(3) | ||||||||||||
Sterling Capital Strategic Allocation Balanced Fund |
0.25 | % | 0.00 | %(1) | 0.25 | % | 0.00 | %(2) | ||||||||||||
Sterling Capital Strategic Allocation Growth Fund |
0.25 | % | 0.00 | %(1) | 0.25 | % | 0.00 | %(2) |
(1) | Sterling Capital contractually agreed to limit the advisory fees paid by the Fund from February 1, 2017 through January 31, 2018. |
(2) | Sterling Capital contractually agreed to limit the advisory fees paid by the Fund from February 1, 2018 through January 31, 2019. |
(3) | For all or a portion of the fiscal year ended September 30, 2018, Sterling Capital voluntarily waived and/or reimbursed certain expenses of the Funds. Voluntary waivers and reimbursements of expenses may be discontinued at any time. |
Effective February 1, 2018, for the following funds, Sterling Capital has contractually agreed to waive its fees, pay Fund operating expenses, and/or reimburse fees or expenses, in order to limit expenses of the shares based on average daily net assets, excluding interest, taxes, acquired funds fees and extraordinary expenses. The expense limitations are for the period February 1, 2018 through January 31, 2019 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 | % |
192
Sterling Capital Funds
|
Notes to Financial Statements (continued) |
September 30, 2018 |
In addition, Sterling Capital has contractually agreed to limit the expenses of the Class R6 shares based on average daily net assets for the following funds for the period February 1, 2018 through January 31, 2019 as follows:
Class R6 | |||||
Sterling Capital Behavioral Large Cap Value Equity Fund |
0.58% | ||||
Sterling Capital Mid Value Fund |
0.83% | ||||
Sterling Capital Behavioral Small Cap Value Equity Fund |
0.73% | ||||
Sterling Capital Special Opportunities Fund |
0.78% | ||||
Sterling Capital Equity Income Fund |
0.66% | ||||
Sterling Capital Behavioral International Equity Fund |
0.62% | ||||
Sterling Capital Total Return Bond Fund |
0.35% |
Sterling Capital serves as the administrator to the Funds pursuant to an administration agreement. The Funds (except the Sterling Capital Strategic Allocation Balanced Fund and Sterling Capital Strategic Allocation Growth Fund) pay their portion of a fee to Sterling Capital for providing administration services based on the aggregate assets of the Funds, excluding the assets of the Funds of Funds, at a rate of 0.1075% on the first $3.5 billion of average net assets, 0.075% on the next $1 billion of average net assets; 0.06% on the next $1.5 billion of average net assets; and 0.04% of average net assets over $6 billion. Expenses incurred are reflected on the Statements of Operations as Administration fees. Pursuant to a sub-administration agreement with Sterling Capital, The Bank of New York Mellon (the Sub-Administrator), serves as the sub-administrator to the Funds subject to the general supervision of the Board and Sterling Capital. For these services, The Bank of New York Mellon is entitled to a fee payable by Sterling Capital. The Bank of New York Mellon also serves as the Funds fund accountant and receives compensation by the Funds for these services. Expenses incurred are reflected on the Statements of Operations as Fund accounting fees.
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 Capitals Chief Compliance Officer (CCO) serves as the Funds CCO. The CCOs 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 CCOs 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.
For the fiscal year ended September 30, 2018, the Funds paid $13,970 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. 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, 2018, the Distributor received $263,260 from commissions earned on sales of shares of the Variable Net Asset Value Funds. Commissions paid to affiliated broker-dealers during the fiscal year ended September 30, 2018 were $2,458. The fees may be used by the Distributor to pay banks, broker dealers and other institutions, including affiliates of the Advisor.
Sterling Capital, the Distributor and/or their affiliates may pay out of their own assets (and not as an additional charge to a fund) compensation to selected affiliated and unaffiliated brokers, dealers and other financial intermediaries in connection with the sale and distribution of the shares and/or the retention and/or servicing of Fund investors and Fund shares. These payments, sometimes referred to as revenue sharing payments are payments over and above any sales charges (including Rule 12b-1 fees) and service fees paid by the Funds. The amount of these payments is determined at the discretion of the Advisor, the Distributor and/or their affiliates from time to time, may be substantial, and may be different for different financial advisors. Receipt of, or the prospect of receiving, this additional compensation may influence your financial intermediarys recommendation of a Fund or of a particular share class of a Fund.
Certain Officers and a Trustee of the Funds are affiliated with Sterling Capital or the Sub-Administrator. Such Officers and Trustee receive no compensation from the Funds for serving in their respective roles. Each of the Trustees who are not interested persons (as defined in the 1940 Act) of the Trust who serve on the Board are compensated at the annual rate of $80,000 plus
193
Sterling Capital Funds
|
Notes to Financial Statements (continued) |
September 30, 2018 |
$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 $20,000, the Audit Committee Chairman receives additional compensation at the annual rate of $15,000, and the Chairman of the Nominations Committee receives additional compensation at the annual rate of $6,000. The fees are allocated across the Trust based upon relative net assets.
7. | 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.
8. | 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 27, 2019. During the fiscal year ended September 30, 2018, each of the following Funds utilized its line of credit:
Average Interest Rate |
Average Loan Balance |
Number of Days Outstanding |
Interest Expense Incurred |
Maximum Amount Borrowed | |||||||||||||||||||||
Sterling Capital Equity Income Fund |
2.50 | % | $ | 10,871,500 | 4 | $ | 3,020 | $ | 12,736,000 | ||||||||||||||||
Sterling Capital Stratton Real Estate |
2.58 | % | 227,000 | 3 | 51 | 511,000 | |||||||||||||||||||
Sterling Capital Short Duration Bond Fund |
2.25 | % | 17,000 | 4 | 4 | 38,000 | |||||||||||||||||||
Sterling Capital Corporate Fund |
2.75 | % | 115,000 | 3 | 26 | 115,000 | |||||||||||||||||||
Sterling Capital Securitized Opportunities Fund |
3.00 | % | 264,000 | 1 | 22 | 264,000 |
9. | Federal Tax Information: |
It is the policy of each Fund to continue to qualify as a regulated investment company as defined in the Internal Revenue Code of 1986, as amended (the Code), by complying with the applicable provisions of the Code and to make distributions of net investment income and net realized capital gains sufficient to relieve it from all, or substantially all, federal income taxes. Accordingly, no provision for federal income tax was required in the Funds financial statements.
Management evaluates its tax positions to determine if the tax positions taken meet the minimum recognition threshold in connection with accounting for uncertainties in income tax positions taken or expected to be taken for the purposes of measuring and recognizing tax liabilities in the financial statements. Recognition of tax benefits of an uncertain tax position is required only when the position is more likely than not to be sustained assuming examination by taxing authorities. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense. During the period, the Funds did not incur any interest or penalties.
Management has analyzed the Funds tax positions taken on federal income tax returns for all open tax years (current and prior three tax years), and has concluded that no provision for federal income tax was required in the Funds financial statements. The Funds federal income and excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state departments of revenue.
Capital losses originating in taxable years beginning on or before December 22, 2010 are permitted to be carried forward for eight taxable years; in the year to which they are carried forward, such losses are treated as short-term capital losses that first offset any short-term capital gains, and then offset any long-term capital gains. Under the Regulated Investment Company Modernization Act of 2010, capital losses originating in taxable years beginning after December 22, 2010 (post-2010 capital losses) are carried forward indefinitely. Furthermore, post-2010 capital losses will retain their character as either short-term or long-term capital losses rather than being considered all short-term capital losses as under previous law.
194
Sterling Capital Funds
|
Notes to Financial Statements (continued) |
September 30, 2018 |
At September 30, 2018, the following Funds had net capital loss carryforwards available to offset future net capital gains, if any, to the extent provided by the Code and the Treasury regulations:
Amount With No Expiration* | ||||||||||||||||||||
Short-term | Long-term | |||||||||||||||||||
Losses | Losses | Amount | Expires | |||||||||||||||||
Sterling Capital Ultra Short Bond Fund |
$ | 184,261 | $ | 830,198 | $ | | | |||||||||||||
Sterling Capital Short Duration Bond Fund |
1,526,578 | 6,186,114 | | | ||||||||||||||||
Sterling Capital Short Duration Bond Fund |
| | 385,647 | 2019 | ||||||||||||||||
Sterling Capital Intermediate U.S. Government Fund |
287,649 | 488,276 | | | ||||||||||||||||
Sterling Capital Intermediate U.S. Government Fund |
| | 37,850 | 2019 | ||||||||||||||||
Sterling Capital Total Return Bond Fund |
4,836,186 | 5,960,736 | | | ||||||||||||||||
Sterling Capital Securitized Opportunities Fund |
1,402,606 | 409,309 | | | ||||||||||||||||
Sterling Capital North Carolina Intermediate Tax-Free Fund |
1,309,715 | | | | ||||||||||||||||
Sterling Capital South Carolina Intermediate Tax-Free Fund |
600,034 | | | | ||||||||||||||||
Sterling Capital Virginia Intermediate Tax-Free Fund |
400,485 | | | | ||||||||||||||||
Sterling Capital Diversified Income Fund |
1,120,037 | | | | ||||||||||||||||
Sterling Capital Strategic Allocation Balanced Fund |
| | 3,143,583 | 2019 | ||||||||||||||||
Sterling Capital Strategic Allocation Growth Fund |
| | 4,640,596 | 2019 |
* | Post-2010 Capital Losses: Must be utilized prior to losses subject to expiration. |
Capital loss carryforwards utilized in the current year were as follows:
Utilized Capital Loss Carryforwards | |||||
Sterling Capital Diversified Income Fund |
$ | 33,521 | |||
Sterling Capital Strategic Allocation Balanced Fund |
895,539 | ||||
Sterling Capital Strategic Allocation Growth Fund |
869,169 |
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., reclass of net operating losses, disposition of market discount and market premium bonds, paydown gains and losses, mortgage dollar roll gains and losses, short dividend expense, the character of distributions and investments in regulated investment companies, partnerships, distributions in connection with fund share redemptions, royalty trusts and passive foreign investment companies (PFICs), 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, 2018, these reclassifications were as follows:
Increase/ (Decrease) Paid-in-Capital |
Increase/ (Decrease) Distributable Earnings | |||||||||
Sterling Capital Behavioral Large Cap Value Equity Fund |
$ | 1,385,999 | $ | (1,385,999 | ) | |||||
Sterling Capital Mid Value Fund |
2,635,350 | (2,635,350 | ) | |||||||
Sterling Capital Behavioral Small Cap Value Equity Fund |
788,410 | (788,410 | ) | |||||||
Sterling Capital Special Opportunities Fund |
5,545,350 | (5,545,350 | ) | |||||||
Sterling Capital Equity Income Fund |
11,856,126 | (11,856,126 | ) | |||||||
Sterling Capital Behavioral International Equity Fund |
25,138 | (25,138 | ) | |||||||
Sterling Capital SMID Opportunities Fund |
(26,644 | ) | 26,644 | |||||||
Sterling Capital Stratton Mid Cap Value Fund |
133,262 | (133,262 | ) | |||||||
Sterling Capital Stratton Real Estate Fund |
284,170 | (284,170 | ) | |||||||
Sterling Capital Stratton Small Cap Value Fund |
8,224,188 | (8,224,188 | ) | |||||||
Sterling Capital Kentucky Intermediate Tax-Free Fund |
5,346 | (5,346 | ) | |||||||
Sterling Capital Maryland Intermediate Tax-Free Fund |
30,874 | (30,874 | ) | |||||||
Sterling Capital West Virginia Intermediate Tax-Free Fund |
6,539 | (6,539 | ) |
195
Sterling Capital Funds
|
Notes to Financial Statements (continued) |
September 30, 2018 |
Increase/ (Decrease) Paid-in-Capital |
Increase/ (Decrease) Distributable Earnings | |||||||||
Sterling Capital Diversified Income Fund |
(5,148,573 | ) | 5,148,573 | |||||||
Sterling Capital Strategic Allocation Growth Fund |
(970,749 | ) | 970,749 |
The tax character of distributions paid to shareholders during the fiscal year ended September 30, 2018 was as follows:
Distributions paid from | ||||||||||||||||||||||||||||||
Ordinary Income |
Net Long-Term Gains |
Total Taxable Distributions |
Return Of Capital |
Tax Exempt Distributions |
Total Distributions Paid* | |||||||||||||||||||||||||
Sterling Capital Behavioral Large Cap Value Equity Fund |
$ | 7,229,983 | $ | 4,075,406 | $ | 11,305,389 | $ | | $ | | $ | 11,305,389 | ||||||||||||||||||
Sterling Capital Mid Value Fund |
1,268,408 | 33,901,796 | 35,170,204 | | | 35,170,204 | ||||||||||||||||||||||||
Sterling Capital Behavioral Small Cap Value Equity Fund |
2,095,349 | 8,361,015 | 10,456,364 | | | 10,456,364 | ||||||||||||||||||||||||
Sterling Capital Special Opportunities Fund |
8,064,108 | 94,001,292 | 102,065,400 | | | 102,065,400 | ||||||||||||||||||||||||
Sterling Capital Equity Income Fund |
28,256,090 | 155,261,074 | 183,517,164 | | | 183,517,164 | ||||||||||||||||||||||||
Sterling Capital Behavioral International Equity Fund |
3,066,437 | 115,708 | 3,182,145 | | | 3,182,145 | ||||||||||||||||||||||||
Sterling Capital SMID Opportunities Fund |
147,580 | 41,361 | 188,941 | | | 188,941 | ||||||||||||||||||||||||
Sterling Capital Stratton Mid Cap Value Fund |
308,630 | 2,385,169 | 2,693,799 | | | 2,693,799 | ||||||||||||||||||||||||
Sterling Capital Stratton Real Estate Fund |
2,129,991 | 2,715,815 | 4,845,806 | | | 4,845,806 | ||||||||||||||||||||||||
Sterling Capital Stratton Small Cap Value Fund |
3,688,565 | 107,965,197 | 111,653,762 | | | 111,653,762 | ||||||||||||||||||||||||
Sterling Capital Ultra Short Bond Fund |
682,478 | | 682,478 | | | 682,478 | ||||||||||||||||||||||||
Sterling Capital Short Duration Bond Fund |
2,844,454 | | 2,844,454 | | | 2,844,454 | ||||||||||||||||||||||||
Sterling Capital Intermediate U.S. Government Fund |
579,826 | | 579,826 | | | 579,826 | ||||||||||||||||||||||||
Sterling Capital Total Return Bond Fund |
35,749,155 | | 35,749,155 | | | 35,749,155 | ||||||||||||||||||||||||
Sterling Capital Corporate Fund |
903,406 | 185,154 | 1,088,560 | | | 1,088,560 | ||||||||||||||||||||||||
Sterling Capital Securitized Opportunities Fund |
1,177,848 | | 1,177,848 | | | 1,177,848 | ||||||||||||||||||||||||
Sterling Capital Kentucky Intermediate Tax-Free Fund |
4,994 | 38,542 | 43,536 | | 252,800 | 296,336 | ||||||||||||||||||||||||
Sterling Capital Maryland Intermediate Tax-Free Fund |
5,822 | 161,923 | 167,745 | | 441,393 | 609,138 | ||||||||||||||||||||||||
Sterling Capital North Carolina Intermediate Tax-Free Fund |
42,277 | | 42,277 | | 4,312,450 | 4,354,727 | ||||||||||||||||||||||||
Sterling Capital South Carolina Intermediate Tax-Free Fund |
23,099 | | 23,099 | | 1,724,027 | 1,747,126 | ||||||||||||||||||||||||
Sterling Capital Virginia Intermediate Tax-Free Fund |
17,056 | | 17,056 | | 1,933,651 | 1,950,707 | ||||||||||||||||||||||||
Sterling Capital West Virginia Intermediate Tax-Free Fund |
26,262 | 112,664 | 138,926 | | 1,948,245 | 2,087,171 | ||||||||||||||||||||||||
Sterling Capital Diversified Income Fund |
887,840 | | 887,840 | | | 887,840 | ||||||||||||||||||||||||
Sterling Capital Strategic Allocation Balanced Fund |
666,598 | | 666,598 | | | 666,598 | ||||||||||||||||||||||||
Sterling Capital Strategic Allocation Growth Fund |
489,319 | | 489,319 | | | 489,319 |
* | Total distributions paid may differ from the Statements of Changes in Net Assets because distributions are recognized when actually paid for tax purposes. The Funds may also utilize equalization accounting for tax purposes and designate earnings and profits, including net realized gains distributed to shareholders on redemption of shares, as part of the dividends. |
196
Sterling Capital Funds
|
Notes to Financial Statements (continued) |
September 30, 2018 |
The tax character of distributions paid to shareholders during the fiscal year ended September 30, 2017 was as follows:
Distributions paid from | ||||||||||||||||||||||||||||||
Ordinary Income |
Net Long-Term Gains |
Total Taxable Distributions |
Return Of Capital |
Tax Exempt Distributions |
Total Distributions Paid* | |||||||||||||||||||||||||
Sterling Capital Behavioral Large Cap Value Equity Fund |
$ | 5,098,249 | $ | 14,365 | $ | 5,112,614 | $ | | $ | | $ | 5,112,614 | ||||||||||||||||||
Sterling Capital Mid Value Fund |
859,274 | 19,688,320 | 20,547,594 | | | 20,547,594 | ||||||||||||||||||||||||
Sterling Capital Behavioral Small Cap Value Equity Fund |
1,165,485 | 377,136 | 1,542,621 | | | 1,542,621 | ||||||||||||||||||||||||
Sterling Capital Special Opportunities Fund |
3,161,157 | 28,041,508 | 31,202,665 | | | 31,202,665 | ||||||||||||||||||||||||
Sterling Capital Equity Income Fund |
31,049,429 | 19,540,561 | 50,589,990 | | | 50,589,990 | ||||||||||||||||||||||||
Sterling Capital Behavioral International Equity Fund |
1,203,608 | 437 | 1,204,045 | | | 1,204,045 | ||||||||||||||||||||||||
Sterling Capital SMID Opportunities Fund |
22,172 | 146 | 22,318 | | | 22,318 | ||||||||||||||||||||||||
Sterling Capital Stratton Mid Cap Value Fund |
91,752 | 368,607 | 460,359 | | | 460,359 | ||||||||||||||||||||||||
Sterling Capital Stratton Real Estate Value Fund |
2,833,402 | 4,765,485 | 7,598,887 | | | 7,598,887 | ||||||||||||||||||||||||
Sterling Capital Stratton Small Cap Value Fund |
2,313,979 | 72,021,026 | 74,335,005 | | | 74,335,005 | ||||||||||||||||||||||||
Sterling Capital Ultra Short Bond Fund |
704,198 | | 704,198 | | | 704,198 | ||||||||||||||||||||||||
Sterling Capital Short Duration Bond Fund |
2,151,401 | | 2,151,401 | | 21,626 | 2,173,027 | ||||||||||||||||||||||||
Sterling Capital Intermediate U.S. Government Fund |
546,204 | | 546,204 | | | 546,204 | ||||||||||||||||||||||||
Sterling Capital Total Return Bond Fund |
27,102,666 | | 27,102,666 | | 32,682 | 27,135,348 | ||||||||||||||||||||||||
Sterling Capital Corporate Fund |
1,019,559 | 50,514 | 1,070,073 | | | 1,070,073 | ||||||||||||||||||||||||
Sterling Capital Securitized Opportunities Fund |
1,151,304 | | 1,151,304 | | | 1,151,304 | ||||||||||||||||||||||||
Sterling Capital Kentucky Intermediate Tax-Free Fund |
| 164,128 | 164,128 | | 272,452 | 436,580 | ||||||||||||||||||||||||
Sterling Capital Maryland Intermediate Tax-Free Fund |
13,521 | 215,670 | 229,191 | | 557,772 | 786,963 | ||||||||||||||||||||||||
Sterling Capital North Carolina Intermediate Tax-Free Fund |
11,347 | 699,697 | 711,044 | | 4,582,294 | 5,293,338 | ||||||||||||||||||||||||
Sterling Capital South Carolina Intermediate Tax-Free Fund |
| 9,915 | 9,915 | | 1,766,112 | 1,776,027 | ||||||||||||||||||||||||
Sterling Capital Virginia Intermediate Tax-Free Fund |
| 870,685 | 870,685 | | 2,254,349 | 3,125,034 | ||||||||||||||||||||||||
Sterling Capital West Virginia Intermediate Tax-Free Fund |
| 452,742 | 452,742 | | 2,145,342 | 2,598,084 | ||||||||||||||||||||||||
Sterling Capital Diversified Income Fund |
1,282,181 | | 1,282,181 | | | 1,282,181 | ||||||||||||||||||||||||
Sterling Capital Strategic Allocation Balanced Fund |
438,670 | | 438,670 | | | 438,670 | ||||||||||||||||||||||||
Sterling Capital Strategic Allocation Growth Fund |
247,677 | | 247,677 | | | 247,677 |
* | 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 also may 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, 2018, the components of accumulated earnings (deficit) on a tax basis were as follows:
Undistributed Ordinary Income/Tax Exempt Income |
Undistributed Long Term Capital Gains |
Accumulated Earnings |
Distributions Payable |
Accumulated Capital and Other Losses |
Unrealized Appreciation (Depreciation)* |
Total Accumulated Earnings (Deficit) | |||||||||||||||||||||||||||||
Sterling Capital Behavioral Large Cap Value Equity Fund |
$ | | $ | 23,981,551 | $ | 23,981,551 | $ | | $ | | $ | 48,470,180 | $ | 72,451,731 | |||||||||||||||||||||
Sterling Capital Mid Value Fund |
15,472,873 | 28,630,115 | 44,102,988 | | | 123,226,570 | 167,329,558 | ||||||||||||||||||||||||||||
Sterling Capital Behavioral Small Cap Value Equity Fund |
2,496,875 | 23,774,664 | 26,271,539 | | | 31,724,127 | 57,995,666 | ||||||||||||||||||||||||||||
Sterling Capital Special Opportunities Fund |
| 75,872,012 | 75,872,012 | | | 421,870,322 | 497,742,334 | ||||||||||||||||||||||||||||
Sterling Capital Equity Income Fund |
2,911,821 | 113,890,331 | 116,802,152 | | | 508,415,043 | 625,217,195 | ||||||||||||||||||||||||||||
Sterling Capital Behavioral International Equity Fund |
2,224,994 | 2,948,087 | 5,173,081 | | | 6,081,881 | 11,254,962 | ||||||||||||||||||||||||||||
Sterling Capital SMID Opportunities Fund |
| | | | (19,335 | ) | 1,749,592 | 1,730,257 | |||||||||||||||||||||||||||
Sterling Capital Stratton Mid Cap Value Fund |
159,415 | 3,928,548 | 4,087,963 | | | 24,527,027 | 28,614,990 | ||||||||||||||||||||||||||||
Sterling Capital Stratton Real Estate Fund |
471,849 | 2,986,060 | 3,457,909 | | | 31,904,326 | 35,362,235 | ||||||||||||||||||||||||||||
Sterling Capital Stratton Small Cap Value Fund |
1,710,570 | 70,227,126 | 71,937,696 | | | 659,957,445 | 731,895,141 | ||||||||||||||||||||||||||||
Sterling Capital Ultra Short Bond Fund |
13,242 | | 13,242 | (14,925 | ) | (1,133,021 | ) | (72,597 | ) | (1,207,301 | ) | ||||||||||||||||||||||||
Sterling Capital Short Duration Bond Fund |
49,624 | | 49,624 | (64,325 | ) | (8,098,340 | ) | (1,601,074 | ) | (9,714,115 | ) | ||||||||||||||||||||||||
Sterling Capital Intermediate U.S. Government Fund |
167,398 | | 167,398 | (30,869 | ) | (813,775 | ) | (557,021 | ) | (1,234,267 | ) |
197
Sterling Capital Funds
|
Notes to Financial Statements (continued) |
September 30, 2018 |
Undistributed Ordinary Income/Tax Exempt Income |
Undistributed Long Term Capital Gains |
Accumulated Earnings |
Distributions Payable |
Accumulated Capital and Other Losses |
Unrealized Appreciation (Depreciation)* |
Total Accumulated Earnings (Deficit) | |||||||||||||||||||||||||||||
Sterling Capital Total Return Bond Fund |
2,102,966 | | 2,102,966 | (1,172,856 | ) | (21,992,213 | ) | (28,854,507 | ) | (49,916,610 | ) | ||||||||||||||||||||||||
Sterling Capital Corporate Fund |
| | | (80 | ) | (170,097 | ) | (351,951 | ) | (522,128 | ) | ||||||||||||||||||||||||
Sterling Capital Securitized Opportunities Fund |
5,560 | | 5,560 | (5,480 | ) | (1,986,246 | ) | (657,079 | ) | (2,643,245 | ) | ||||||||||||||||||||||||
Sterling Capital Kentucky Intermediate Tax- Free Fund |
26,193 | 65,025 | 91,218 | (13,383 | ) | | 7,854 | 85,689 | |||||||||||||||||||||||||||
Sterling Capital Maryland Intermediate Tax- Free Fund |
38,355 | 222,289 | 260,644 | (20,621 | ) | | 81,352 | 321,375 | |||||||||||||||||||||||||||
Sterling Capital North Carolina Intermediate Tax-Free Fund |
306,963 | | 306,963 | (201,576 | ) | (1,309,715 | ) | 1,976,924 | 772,596 | ||||||||||||||||||||||||||
Sterling Capital South Carolina Intermediate Tax-Free Fund |
114,236 | | 114,236 | (86,077 | ) | (600,034 | ) | 317,866 | (254,009 | ) | |||||||||||||||||||||||||
Sterling Capital Virginia Intermediate Tax- Free Fund |
171,119 | | 171,119 | (107,915 | ) | (400,485 | ) | 770,462 | 433,181 | ||||||||||||||||||||||||||
Sterling Capital West Virginia Intermediate Tax-Free Fund |
188,203 | 116,568 | 304,771 | (107,077 | ) | | 475,138 | 672,832 | |||||||||||||||||||||||||||
Sterling Capital Diversified Income Fund |
27,633 | | 27,633 | (2,573 | ) | (1,120,037 | ) | 613,939 | (481,038 | ) | |||||||||||||||||||||||||
Sterling Capital Strategic Allocation Balanced Fund |
5,914 | | 5,914 | (98 | ) | (3,143,583 | ) | 3,006,625 | (131,142 | ) | |||||||||||||||||||||||||
Sterling Capital Strategic Allocation Growth Fund |
2,821 | | 2,821 | (103 | ) | (4,640,596 | ) | 2,944,878 | (1,693,000 | ) |
* | The primary differences between book basis and tax basis unrealized appreciation (depreciation) were due to the deferral of losses on wash sales, recognition of gain on constructive sales, basis adjustments on partnership interests, hybrid securities, royalty trusts, PFICs and the deferral of market discount and premium until point of sale. |
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 Funds taxable year may be deferred and treated as occurring on the first business day of the following taxable year for tax purposes. The following Funds had deferred qualified late-year losses, which will be treated as arising on the first business day of the taxable year ending September 30, 2018:
Qualified Late-Year Ordinary Losses |
Qualified Late Year Short-term Capital Losses |
Qualified Late Year Long-term Capital Losses | |||||||||||||
Sterling Capital SMID Opportunities Fund |
$ | 14,748 | $ | 4,587 | $ | | |||||||||
Sterling Capital Ultra Short Bond Fund |
| 20,977 | 97,585 | ||||||||||||
Sterling Capital Total Return Bond Fund |
| 5,374,826 | 5,820,465 | ||||||||||||
Sterling Capital Corporate Fund |
| 184,590 | (14,493 | ) | |||||||||||
Sterling Capital Securitized Opportunities Fund |
| 19,424 | 154,907 |
198
Sterling Capital Funds
|
Notes to Financial Statements (continued) |
September 30, 2018 |
As of September 30, 2018, federal income tax cost, gross unrealized appreciation and gross unrealized depreciation on securities were as follows:
Tax Cost | Gross Tax Unrealized Appreciation |
Gross Tax Unrealized Depreciation |
Net Tax Unrealized Appreciation (Depreciation) | |||||||||||||||||
Sterling Capital Behavioral Large Cap Value Equity Fund |
$ | 264,331,900 | $ | 50,508,801 | $ | (2,038,619) | $ | 48,470,182 | ||||||||||||
Sterling Capital Mid Value Fund |
520,621,229 | 155,021,645 | (31,795,075 | ) | 123,226,570 | |||||||||||||||
Sterling Capital Behavioral Small Cap Value Equity Fund |
206,447,181 | 36,021,490 | (4,297,363 | ) | 31,724,127 | |||||||||||||||
Sterling Capital Special Opportunities Fund |
780,013,690 | 428,337,185 | (6,466,864 | ) | 421,870,321 | |||||||||||||||
Sterling Capital Equity Income Fund |
1,166,507,125 | 522,196,678 | (13,781,634 | ) | 508,415,044 | |||||||||||||||
Sterling Capital Behavioral International Equity Fund |
76,149,801 | 8,902,080 | (2,818,114 | ) | 6,083,966 | |||||||||||||||
Sterling Capital SMID Opportunities Fund |
7,474,098 | 1,845,486 | (95,893 | ) | 1,749,593 | |||||||||||||||
Sterling Capital Stratton Mid Cap Value Fund |
42,120,018 | 25,270,810 | (743,784 | ) | 24,527,026 | |||||||||||||||
Sterling Capital Stratton Real Estate Fund |
59,830,324 | 32,233,201 | (328,874 | ) | 31,904,327 | |||||||||||||||
Sterling Capital Stratton Small Cap Value Fund |
639,397,089 | 668,992,265 | (9,034,819 | ) | 659,957,446 | |||||||||||||||
Sterling Capital Ultra Short Bond Fund |
32,071,864 | 29,967 | (102,564 | ) | (72,597 | ) | ||||||||||||||
Sterling Capital Short Duration Bond Fund |
132,802,523 | 189,666 | (1,790,739 | ) | (1,601,073 | ) | ||||||||||||||
Sterling Capital Intermediate U.S. Government Fund |
22,017,998 | 83,940 | (640,961 | ) | (557,021 | ) | ||||||||||||||
Sterling Capital Total Return Bond Fund |
1,239,484,806 | 4,619,823 | (33,474,329 | ) | (28,854,506 | ) | ||||||||||||||
Sterling Capital Corporate Fund |
31,368,584 | 72,203 | (424,155 | ) | (351,952 | ) | ||||||||||||||
Sterling Capital Securitized Opportunities Fund |
37,796,127 | 320,002 | (977,080 | ) | (657,078 | ) | ||||||||||||||
Sterling Capital Kentucky Intermediate Tax-Free Fund |
11,208,840 | 137,390 | (129,536 | ) | 7,854 | |||||||||||||||
Sterling Capital Maryland Intermediate Tax-Free Fund |
18,771,684 | 219,099 | (137,748 | ) | 81,351 | |||||||||||||||
Sterling Capital North Carolina Intermediate Tax-Free Fund |
169,934,264 | 2,741,785 | (764,862 | ) | 1,976,923 | |||||||||||||||
Sterling Capital South Carolina Intermediate Tax-Free Fund |
76,741,164 | 706,880 | (389,014 | ) | 317,866 | |||||||||||||||
Sterling Capital Virginia Intermediate Tax-Free Fund |
81,552,373 | 1,127,252 | (356,790 | ) | 770,462 | |||||||||||||||
Sterling Capital West Virginia Intermediate Tax-Free Fund |
78,133,650 | 1,162,322 | (687,184 | ) | 475,138 | |||||||||||||||
Sterling Capital Diversified Income Fund |
19,722,757 | 975,746 | (361,807 | ) | 613,939 | |||||||||||||||
Sterling Capital Strategic Allocation Balanced Fund |
26,242,453 | 3,239,911 | (233,286 | ) | 3,006,625 | |||||||||||||||
Sterling Capital Strategic Allocation Growth Fund |
19,938,786 | 3,230,805 | (285,927 | ) | 2,944,878 |
10. | 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.
199
Report of Independent Registered Public Accounting Firm
The Board of Trustees and Shareholders 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 the Sterling Capital Funds (the Funds) comprised of the 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, as of September 30, 2018, the related statements of operations for the year then ended, the statements of changes in net assets for each of the years in the two year period then ended except for the Sterling Capital SMID Opportunities Fund, for which the period is from October 3, 2016 (commencement of operations) through September 30, 2018, and the related notes (collectively, the financial statements) and the financial highlights for each of the years or periods indicated therein. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Funds as of September 30, 2018, the results of their operations for the year then ended, the changes in their net assets for each of the years or periods in the two year period then ended, and the financial highlights for each of the years or periods indicated therein, in conformity with U.S. generally accepted accounting principles. The financial highlights for each of the years or periods in the two-year period ended December 31, 2014 for the Sterling Capital Stratton Mid Cap Value Fund, Sterling Capital Stratton Real Estate Fund, and Sterling Capital Stratton Small Cap Value Fund were audited by other independent registered public accountants whose report, dated February 18, 2015, expressed an unqualified opinion on those financial highlights.
Basis for Opinion
These financial statements and financial highlights are the responsibility of the Funds management. Our responsibility is to express an opinion on these financial statements and financial highlights 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 and financial highlights 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 and financial highlights, 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 and financial highlights. Such procedures also included confirmation of securities owned as of September 30, 2018, by correspondence with the custodian, the transfer agent of the underlying funds, and brokers or by other appropriate auditing procedures when replies from brokers 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 and financial highlights. We believe that our audits provide a reasonable basis for our opinion.
We have served as the auditor of one or more Sterling Capital Funds investment companies since 1992.
Philadelphia, Pennsylvania
November 21, 2018
200
Sterling Capital Funds
|
September 30, 2018 |
|
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, 2018, each Fund is reporting the following items with regard to distributions paid during the year.
Long-Term Capital Gain |
Qualified Dividend Income % |
(for corporate shareholders) Dividends Received Deduction % |
Exempt- Interest Dividend |
U.S. Government Income |
Foreign Taxes Paid |
Foreign Source Income | |||||||||||||||||||||||||||||
Sterling Capital Behavioral Large Cap Value Equity Fund |
$ | 4,075,406 | 100.00 | % | 100.00 | % | $ | | | $ | | | |||||||||||||||||||||||
Sterling Capital Mid Value Fund |
33,901,796 | 35.85 | % | 39.27 | % | | | | | ||||||||||||||||||||||||||
Sterling Capital Behavioral Small Cap Value Equity Fund |
8,361,015 | 95.13 | % | 93.18 | % | | | | | ||||||||||||||||||||||||||
Sterling Capital Special Opportunities Fund |
94,001,292 | 100.00 | % | 93.21 | % | | | | | ||||||||||||||||||||||||||
Sterling Capital Equity Income Fund |
155,261,074 | 100.00 | % | 100.00 | % | | | | | ||||||||||||||||||||||||||
Sterling Capital Behavioral International Equity Fund |
115,708 | 79.49 | % | 0.13 | % | | | 156,830 | 100.00 | % | |||||||||||||||||||||||||
Sterling Capital SMID Opportunities Fund |
41,361 | 29.50 | % | 30.69 | % | | | | | ||||||||||||||||||||||||||
Sterling Capital Stratton Mid Cap Value Fund |
2,385,169 | 100.00 | % | 100.00 | % | | | | | ||||||||||||||||||||||||||
Sterling Capital Stratton Real Estate Fund |
2,715,815 | 4.11 | % | 23.17 | % | | | | | ||||||||||||||||||||||||||
Sterling Capital Stratton Small Cap Value Fund |
107,965,197 | 100.00 | % | 100.00 | % | | | | | ||||||||||||||||||||||||||
Sterling Capital Ultra Short Bond Fund |
| | | | | | | ||||||||||||||||||||||||||||
Sterling Capital Short Duration Bond Fund |
| 0.02 | % | 0.02 | % | | 0.82 | % | | | |||||||||||||||||||||||||
Sterling Capital Intermediate U.S. Government Fund |
| | | | 34.38 | % | | | |||||||||||||||||||||||||||
Sterling Capital Total Return Bond Fund |
| 0.48 | % | 0.48 | % | | 4.95 | % | | | |||||||||||||||||||||||||
Sterling Capital Corporate Fund |
185,154 | | | | 0.17 | % | | | |||||||||||||||||||||||||||
Sterling Capital Securitized Opportunities Fund |
| | | | 0.00 | % | | | |||||||||||||||||||||||||||
Sterling Capital Kentucky Intermediate Tax-Free Fund |
38,542 | | | 252,800 | | | | ||||||||||||||||||||||||||||
Sterling Capital Maryland Intermediate Tax-Free Fund |
161,923 | | | 441,393 | | | | ||||||||||||||||||||||||||||
Sterling Capital North Carolina Intermediate Tax-Free Fund |
| | | 4,312,450 | | | | ||||||||||||||||||||||||||||
Sterling Capital South Carolina Intermediate Tax-Free Fund |
| | | 1,724,027 | | | | ||||||||||||||||||||||||||||
Sterling Capital Virginia Intermediate Tax-Free Fund |
| | | 1,933,651 | | | | ||||||||||||||||||||||||||||
Sterling Capital West Virginia Intermediate Tax-Free Fund |
112,664 | | | 1,948,245 | | | | ||||||||||||||||||||||||||||
Sterling Capital Diversified Income Fund |
| 1.81 | % | 0.52 | % | | | 5,453 | 6.34 | % | |||||||||||||||||||||||||
Sterling Capital Strategic Allocation Balanced Fund |
| 57.81 | % | 20.95 | % | | 0.02 | % | 10,021 | 31.40 | % | ||||||||||||||||||||||||
Sterling Capital Strategic Allocation Growth Fund |
| 75.92 | % | 27.41 | % | | 1.20 | % | 9,780 | 40.77 | % |
201
Sterling Capital Funds
|
September 30, 2018 |
|
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 Commissions (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 Commissions 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 on Form N-Q. The Funds Forms N-Q are available without charge on the Commissions website at www.sec.gov, or may be reviewed and copied at the Commissions Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.
On March 28, 2018, the Sterling Capital Special Opportunities Fund Class A Shares, Class C Shares, Institutional Shares, Class R Shares and Class R6 Shares paid distributions of $0.13868, $0.10644, $0.15246, $0.12455 and $0.15246 per share respectively. The following table shows the portion of that distribution that is estimated to have been made from each of net investment income, accumulated undistributed net profits from the sale of securities and return of capital as of the date of the distribution:
Ordinary Income | Net Long Term Capital Gains | Return of Capital | Total Distributions Paid | |||||||||||||||||
Class A Shares |
$ | 0.01578 | $ | 0.12290 | $ | | $ | 0.13868 | ||||||||||||
Class C Shares |
0.01211 | 0.09433 | | 0.10644 | ||||||||||||||||
Institutional Shares |
0.01735 | 0.13511 | | 0.15246 | ||||||||||||||||
Class R Shares |
0.01417 | 0.11038 | | 0.12455 | ||||||||||||||||
Class R6 Shares |
0.01735 | 0.13511 | | 0.15246 |
The actual amounts and sources for tax reporting purposes will depend on the Funds investment experience during the remainder of the year, and can only be determined after the end of the Funds fiscal year. In early 2019, the Fund will send a Form 1099-DIV to applicable shareholders that will specify how to report this distribution for federal income tax purposes.
On March 28, 2018, the Sterling Capital SMID Opportunities Fund Class A Shares, Class C Shares and Institutional Shares paid distributions of $0.058150, $0.022250 and $0.075430 per share respectively. The following table shows the portion of that distribution that is estimated to have been made from each of net investment income, accumulated undistributed net profits from the sale of securities, and return of capital as of the date of the distribution:
Ordinary Income | Net Long Term Capital Gains | Return of Capital | Total Distributions Paid | |||||||||||||||||
Class A Shares |
$ | | $ | 0.00873 | $ | 0.04942 | $ | 0.05815 | ||||||||||||
Class C Shares |
| 0.00334 | 0.01891 | 0.02225 | ||||||||||||||||
Institutional Shares |
| 0.01133 | 0.06410 | 0.07543 |
The actual amounts and sources for tax reporting purposes will depend on the Funds investment experience during the remainder of the year, and can only be determined after the end of the Funds fiscal year. In early 2019, the Fund will send a Form 1099-DIV to applicable shareholders that will specify how to report this distribution for federal income tax purposes.
202
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|
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
Name and Birthdate |
Position(s) Held With the Funds |
Term of Office/ Length of Time Served |
Principal Occupation |
Number of Portfolios in Fund Complex Overseen by Trustee |
Other by Trustee | |||||
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 | |||||
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 | |||||
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 | |||||
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 | |||||
Alan G. Priest Birthdate: 05/52 |
Trustee | Indefinite, 07/12 Present |
Retired; from April 1993 to April 2012, Partner, Ropes & Gray LLP | 25 | None |
203
Sterling Capital Funds
|
|
|
The following table shows information for the trustee who is an interested person of the Funds as defined in the 1940 Act:
INTERESTED TRUSTEES
Name and Birthdate |
Position(s) Held With the Funds |
Term of Office/ Length of Time Served |
Principal Occupation |
Number of Portfolios in Fund Complex Overseen by Trustee |
Other Directorships Held by Trustee | |||||
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 |
* | 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:
Name and Birthdate |
Position(s) Held With the Funds |
Term of Office/ Length of Time Served |
Principal Occupation During the Past 5 Years | |||
James T. Gillespie Birthdate: 11/66 |
President | Indefinite, 12/12 Present | 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 | |||
Todd M. Miller Birthdate: 09/71 |
Treasurer and Secretary | Indefinite, Vice President, 08/05 Present; Treasurer, 01/15 Present; Secretary, 08/10 Present | From June 2009 to present, Director, Sterling Capital Management LLC and its predecessors | |||
Michelle A. Whalen Birthdate: 04/69 |
Vice President | Indefinite, 11/15 Present | 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. | |||
Charles A. Durham Birthdate: 06/79 |
Chief Compliance and Anti-Money Laundering Officer | Indefinite, 06/18 Present | 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. | |||
John A. Bruggeman Birthdate: 12/71 |
Assistant Treasurer | Indefinite, Assistant Treasurer, 08/16 Present | From January 2010 to present, Vice President and Senior Director, Fund Accounting and Administration Department, The Bank of New York Mellon | |||
Julie M. Powers Birthdate: 10/69 |
Assistant Secretary | Indefinite, 11/11 Present | From November 2011 to present, Vice President, Regulatory Administration Department, The Bank of New York Mellon |
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.
204
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INVESTMENT ADVISOR
Sterling Capital Management LLC
4350 Congress Street, Suite 1000
Charlotte, NC 28209
DISTRIBUTOR
Sterling Capital Distributors, LLC
400 Berwyn Park
899 Cassatt Road
Berwyn, PA 19312
LEGAL COUNSEL
Ropes & Gray LLP
Prudential Tower
800 Boylston Street
Boston, MA 02199
TRANSFER AGENT
BNY Mellon Investment Servicing (US) Inc.
301 Bellevue Parkway
Wilmington, DE 19809
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
KPMG LLP
1601 Market Street
Philadelphia, PA 19103
Item 2. Code of Ethics.
(a) | The registrant, as of the end of the period covered by this report, has adopted a code of ethics that applies to the registrants 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 registrants 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 registrants 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 registrants 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 registrants 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 $516,941 for 2018 and $527,719 for 2017. |
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 registrants financial statements and are not reported under paragraph (a) of this Item are $0 for 2018 and $0 for 2017. 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 $104,445 for 2018 and $101,556 for 2017. Fees for both 2018 and 2017 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 2018 and $0 for 2017.
| |||||
(e)(1) |
Except as permitted by Rule 2-01(c)(7)(i)(C) of Regulation S-X, the Trusts 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 accountants engagement to audit the registrants financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountants full-time, permanent employees was less than fifty percent. |
(g) | The aggregate non-audit fees billed by the registrants accountant for services rendered to the registrant, and rendered to the registrants 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 2018 and $0 for 2017. |
(h) | The audit committee of the registrants board of trustees has considered whether the provision of non-audit services that were rendered to the registrants 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 accountants 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 registrants 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 registrants principal executive officer and principal financial officer have concluded, based on their evaluation of the effectiveness of the design and operation of the registrants 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 Commissions 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 |
registrants 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 registrants internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d))) that occurred during the last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrants 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 registrants 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) |
Not applicable.
| |||
(b) |
Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) Sterling Capital Funds
By (Signature and Title) /s/ James T. Gillespie | ||
James T. Gillespie, President | ||
(principal executive officer) |
Date 11/27/2018
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 11/27/2018
By (Signature and Title) /s/ Todd M. Miller | ||
Todd M. Miller, Treasurer | ||
(principal financial officer) |
Date 11/27/2018
STERLING CAPITAL FUNDS
CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND
PRINCIPAL FINANCIAL OFFICERS
I. Covered Officers/Purpose of the Code
The Sterling Capital Funds (the Funds) code of ethics (this Code) applies to the Funds Principal Executive Officer (President) and Principal Financial Officer (Treasurer) (the Covered Officers each of whom is identified in Exhibit A) for the purpose of promoting:
| honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships; |
| full, fair, accurate, timely and understandable disclosure in reports and documents that a registrant files with, or submits to, the Securities and Exchange Commission (SEC) and in other public communications made by the Funds; |
| compliance with applicable laws and governmental rules and regulations; |
| the prompt internal reporting of violations of the Code to an appropriate person or persons identified in the Code; and |
| accountability for adherence to the Code. |
Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to apparent as well as actual conflicts of interest.
II. Covered Officers Should Handle Ethically Actual and Apparent Conflicts of Interest
Overview. A conflict of interest occurs when a Covered Officers private interest interferes with the interests of, or his service to, the Funds. For example, a conflict of interest would arise if a Covered Officer, or a member of his family, receives improper personal benefits as a result of his position in the Funds.
Certain conflicts of interest arise out of the relationships between Covered Officers and the Fund and already are subject to conflict of interest provisions in the Investment Company Act of 1940, as amended (the 1940 Act). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the Fund because of their status as affiliated persons of the Fund. Each Covered Officer is an employee of the Funds Adviser or Sub-Administrator (Service Provider). The Funds and the Service Providers compliance programs and procedures are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.
1
Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between the Funds and the Service Provider of which the Covered Officers are also officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Funds or for the Service Provider, or for both), be involved in establishing policies and implementing decisions which will have different effects on the Service Provider and the Funds. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Funds and the Service Provider and is consistent with the performance by the Covered Officers of their duties as officers of the Funds. Thus, if performed in conformity with the provisions of the 1940 Act, will be deemed to have been handled ethically. In addition, it is recognized by the Board of Trustees (the Board) that the Covered Officers may also be officers or employees of one or more other investment companies covered by this or other Codes.
Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the 1940 Act. The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of the Funds.
Each Covered Officer must:
| not use his personal influence or personal relationships improperly to influence investment decisions or financial reporting by the Funds whereby the Covered Officer would benefit personally to the detriment of the Funds; |
| not cause the Funds to take action, or fail to take action, for the individual personal benefit of the Covered Officer rather than for the benefit of the Funds; and |
| not use material non-public knowledge of portfolio transactions made or contemplated for the Funds to trade personally or cause others to trade personally in contemplation of the market effect of such transactions. |
III. Disclosure & Compliance
| Each Covered Officer should familiarize himself with the disclosure requirements generally applicable to the Funds; |
| each Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts about the Funds to others, whether within or outside the Funds, including to the Funds Trustees and auditors, and to governmental regulators and self-regulatory organizations; |
| each Covered Officer should, to the extent appropriate within his area of responsibility, consult with other officers and employees of the Funds and the Funds adviser or subadviser and administrator with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Funds file with, or submit to, the SEC and in other public communications made by the Funds; and |
2
| it is the responsibility of each Covered Officer to promote compliance with the standards and restrictions imposed by applicable laws, rules and regulations. |
IV. Reporting and Accountability
Each Covered Officer must:
| upon adoption of the Code (or thereafter as applicable, upon becoming a Covered Officer), affirm in writing to the Board that he/she has received, read, and understands the Code (see Exhibit B); |
| annually thereafter affirm to the Board that he/she has complied with the requirements of the Code (see Exhibit C); |
| not retaliate against any employee or Covered Officer or their affiliated persons for reports of potential violations that are made in good faith; |
| notify the Qualified Legal Compliance Committee (QLCC) promptly if he knows of any violation of this Code. Failure to do so is itself a violation of this Code; and |
| report at least annually any change in his affiliations from the prior year. |
The QLCC is responsible for applying this Code to specific situations in which questions are presented under it and has the authority to interpret this Code in any particular situation.
The Funds will follow these procedures in investigating and enforcing this Code:
| the QLCC will take all appropriate action to investigate any potential violations reported to it; |
| if, after such investigation, the QLCC believes that no violation has occurred, the QLCC is not required to take any further action; |
| if the QLCC concurs that a violation has occurred, it will inform and make a recommendation to the Board, which will consider appropriate action, which may include review of, and appropriate modifications to, applicable policies and procedures; notification to appropriate personnel of the Service Provider or its board; or a recommendation to dismiss the Covered Officer; and |
| any changes to this Code will, to the extent required, be disclosed as provided by SEC rules. |
3
V. Other Policies and Procedures
This Code shall be the sole code of ethics adopted by the Funds for purposes of Section 406 of the Sarbanes-Oxley Act of 2002 and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Funds, the Funds adviser, principal underwriter, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superceded by this Code to the extent that they overlap or conflict with the provisions of this Code. The Funds and their investment advisers, principal underwriters and service providers codes of ethics under Rule 17j-1 under the 1940 Act and the advisers more detailed policies and procedures are separate requirements applying to the Covered Officers and others, and are not part of this Code.
VI. Amendments
Any amendments to this Code, other than amendments to Exhibit A, must be approved or ratified by a majority vote of the Funds board, including a majority of independent directors/trustees.
VII. Confidentiality
All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the appropriate Board and its counsel, the investment adviser and the respective Service Providers.
VIII. Internal Use
The Code is intended solely for the internal use by the Funds and does not constitute an admission, by or on behalf of the Funds, as to any fact, circumstance, or legal conclusion.
Date: November 19, 2003
As amended August 29, 2006, February 27, 2007, August 28, 2007, February 24, 2009 and May 20, 2016
4
STERLING CAPITAL FUNDS
CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND
PRINCIPAL FINANCIAL OFFICERS
Exhibit A - Persons Covered by this Code of Ethics
Principal Executive Officer and President
Principal Financial Officer and Treasurer
5
STERLING CAPITAL FUNDS
Exhibit B
INITIAL CERTIFICATION
-------------
CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND
--------------------------------------
PRINCIPAL FINANCIAL OFFICERS
-------------------------
I, __________________, [Principal Executive Officer/Principal Financial Officer] of Sterling Capital Funds (the Funds) hereby certify that I have received, read and understand the Code of Ethics for Principal Executive and Principal Financial Officers (Code) of the Funds.
Name:
Title:
Date:
6
STERLING CAPITAL FUNDS
Exhibit C
ANNUAL CERTIFICATION
-------------
CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND
--------------------------------------
PRINCIPAL FINANCIAL OFFICERS
-------------------------
I, __________________, [Principal Executive Officer/Principal Financial Officer] of Sterling Capital Funds (the Funds) hereby certify that I have received and read the Code of Ethics for Principal Executive and Principal Financial Officers (Code) of the Funds. I further certify to the Boards that I understand and have complied with the requirements of the Code.
Name:
Title:
Date:
7
Certification Pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the
Sarbanes-Oxley Act
I, James T. Gillespie, certify that:
1. | I have reviewed this report on Form N-CSR of Sterling Capital Funds; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; |
4. | The registrants other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: |
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
(b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
(c) | Evaluated the effectiveness of the registrants disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and |
(d) | Disclosed in this report any change in the registrants internal control over financial reporting that occurred during the registrants most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting; and |
5. | The registrants other certifying officer(s) and I have disclosed to the registrants auditors and the audit committee of the registrants board of directors (or persons performing the equivalent functions): |
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrants ability to record, process, summarize, and report financial information; and |
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrants internal control over financial reporting. |
Date: 11/27/2018 |
/s/ James T. Gillespie | |||||||
James T. Gillespie, President |
||||||||
(principal executive officer) |
Certification Pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the
Sarbanes-Oxley Act
I, Todd M. Miller, certify that:
1. | I have reviewed this report on Form N-CSR of Sterling Capital Funds; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; |
4. | The registrants other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: |
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
(b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
(c) | Evaluated the effectiveness of the registrants disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and |
(d) | Disclosed in this report any change in the registrants internal control over financial reporting that occurred during the registrants most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting; and |
5. | The registrants other certifying officer(s) and I have disclosed to the registrants auditors and the audit committee of the registrants board of directors (or persons performing the equivalent functions): |
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrants ability to record, process, summarize, and report financial information; and |
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrants internal control over financial reporting. |
Date: 11/27/2018 |
/s/ Todd M. Miller |
| ||||||
Todd M. Miller, Treasurer |
||||||||
(principal financial officer) |
Certification Pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the
Sarbanes-Oxley Act
I, James T. Gillespie, President of Sterling Capital Funds (the Registrant), certify that, to the best of my knowledge:
1. | The Form N-CSR of the Registrant for the period ended September 30, 2018 (the Report) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and |
2. | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant. |
Date: 11/27/2018 |
/s/ James T. Gillespie | |||||||
James T. Gillespie, President |
||||||||
(principal executive officer) |
I, Todd M. Miller, Treasurer of Sterling Capital Funds (the Registrant), certify that, to the best of my knowledge:
1. | The Form N-CSR of the Registrant for the period ended September 30, 2018 (the Report) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and |
2. | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant. |
Date: 11/27/2018 |
/s/ Todd M. Miller | |||||||
Todd M. Miller, Treasurer |
||||||||
(principal financial officer) |
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