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An investmentfonds wikipedia free fund also index tracker is a mutual fund or exchange-traded fund ETF designed to follow certain preset rules so that the fund can track a specified basket johann pfeiffer iforex underlying investments. Index funds may also have rules that screen for social and sustainable criteria. An index fund's rules of construction clearly identify the type of companies suitable for the fund. Additional index funds within these geographic markets may include indexes of companies that include rules based on company characteristics or factors, such as companies that are small, mid-sized, large, small value, large value, small growth, large growth, the level of gross profitability or investment capital, real estate, or indexes based on commodities and fixed-income. Companies are purchased and held within the index fund when they meet the specific index rules or parameters and are sold when they move outside of those rules or parameters. Think of an index fund as an investment utilizing rules-based investing.

White fleet xenon liquid fund investment rsj investments that shoot

White fleet xenon liquid fund investment

This behavioral strategy turned negative in early as investors favored dividend yielding and low volatility stocks. Stock selection in the computer hardware sector also hurt relative returns. Shawn M. Gallagher, CFA. He has been the lead portfolio manager to the Fund since and the Predecessor Fund since Gallagher has investment experience since 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. In January and early February, weak international economic data, continued commodity price declines and signs of a general deterioration in financial conditions drove investors to adopt a risk-averse attitude that weighed on stocks.

These sectors posted strong double-digit gains, on average. These more cyclical holdings underperformed as investors gravitated to stocks perceived to be safe in a period marked by heightened uncertainty over global growth, the prospect of a recession and the impacts of the U. The Fund underperformed its benchmark for the period, with most of.

These sectors rallied as investors were attracted to stocks offering relatively high dividend yields in the low interest rate environment. A modest overweight position in the banking industry also weighed on relative results as these holdings underperformed as interest rates remained low. Stock selection in the materials sector also weighed on results, particularly in the chemicals subsector.

Lack of exposure to the metals and mining industry also hurt results, as that subsector benefitted from sharply higher gold and industrial metals prices beginning in early Stock selection in the health care sector added to relative returns. The Fund benefited from exposure to several medical equipment manufacturers, which performed well due in part to strong earnings results driven by organic growth and acquisition activity.

Stock selection in the energy sector also added to results, as did an underweight position in this sector early in the period which helped avoid some of the losses incurred by the benchmark in early when the price of oil dropped. The Fund added to its energy sector holdings as oil prices began to recover, which helped boost results as that sector rebounded in the latter half of the period.

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, 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, , is based on the performance of the shares of the Predecessor Fund. The Board of Trustees of the Fund approved a change of the fiscal year of the Fund from December 31st to September 30th.

The indices do not reflect the deduction of expenses associated with a mutual fund, such as investment management and fund accounting fees. Andrew T. DiZio, CFA. He has been the lead portfolio manager of the Fund since and the Predecessor Fund since DiZio has investment experience since 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. The real estate sector delivered strong returns over the month period. That positive performance was driven primarily by strong underlying fundamentals, namely favorable supply and demand trends that drove occupancy and rental rates higher for most property types.

Global macroeconomic factors, including declining global interest rates and rising economic and political uncertainty, also helped drive positive absolute returns as investors favored equities that offered steady cash flows, including REITs. After the Board of Directors of the shopping center REIT announced accounting irregularities and fired its management team, the Fund sold the holding. The stock then rebounded when no further.

Stalled corporate profitability reduced demand for hotel rooms from business travelers, while the rise of Airbnb options reduced demand from leisure travelers. Stock selection within the residential and infrastructure subsectors was the largest contributor to relative performance. Within the infrastructure subsector, the Fund benefitted from owning a unique REIT with significant underground fiber assets.

Stock selection within the specialty, health care, office and data center subsectors also boosted returns. The Fund is measured against the Index, an unmanaged index, which is generally considered to be representative of the performance of the stock market as a whole. Gerald M. Van Horn, CFA. Van Horn has investment experience since Small cap company stocks are generally riskier than large company stocks due to greater volatility and less liquidity.

Small-cap equity markets posted strong absolute returns for the month period despite a weak start in late and early Shifting macroeconomic data in mid-February, including a rebound in oil prices and a weaker U. The gains continued through the remainder of the period, despite some periods of increased volatility. Stock selection in the financial services sector also weighed on relative results. Shares of a consumer products company were the subject of a takeover during the period, which added to results.

The Fund also benefited from a below-benchmark exposure to the broader energy sector, which generally underperformed. Stock selection within the health care sector also added to relative results. Mark Montgomery, CFA. Montgomery, Senior Managing Director joined Sterling Capital in and has been a co-portfolio manager of the Fund since inception. Richard T. 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.

Treasury Bill Index. Falling yields and increased demand for risk assets helped drive prices higher on the securities held in the portfolio. The Fund outperformed its benchmark as interest rates declined for the period and the yield curve flattened.

The Fund was able to take advantage of the flattening curve through its duration and yield curve. The Fund also benefited from an overweight allocation to risk assets, which outperformed due to declining credit risk premiums. Citi 6-Month U. The Fund is measured against the Citi 6-Month U.

Treasury Bill Index, which measures the performance of Treasury bills with a maturity of six months or less. Montgomery, Senior Managing Director joined Sterling Capital in and has been a co-portfolio manager of the Fund since Corporate Government Index. Investors grew more comfortable with risk as market volatility eased during the period. Their efforts to seek out higher yield among riskier assets drove up demand, which led to higher prices and helped risk assets outperform for the period.

The Fund outperformed compared to its benchmark, in part due to its bias toward slightly longer durations on the short end of the yield curve. The Fund was positioned to take advantage of a yield curve that. The Fund also benefited from its overweight exposure to risk assets, which outperformed during the period as credit risk premiums declined on higher investor demand. Lower-quality credit outperformed higher-quality credit and the Fund was overweight to triple-B rated bonds and high yield securities, which contributed positively to relative results.

The corporate sector outperformed across a number of sectors, including financials, industrials and utilities, which contributed to relative results. Corporate Government Index, which consists of securities with a maturity from one to three years. Brad D. Eppard, CFA. 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. Although U. Treasury, other U. No assurance can be given that the U. Government Intermediate Index. The Fund invests primarily in government securities and maintains an average portfolio duration of between two and a half years and seven years. Low inflation dragged on income early in the period, but this dynamic changed as inflation picked up in mid During the period the Fund maintained a duration longer than its benchmark.

This proved beneficial as yields on longer-term securities fell, driving prices higher. The Fund also maintained a modest barbell. The Fund benefited from that strategy as the yield curve flattened during the period. Bloomberg Barclays U. The Fund is measured against the Bloomberg Barclays U. Government Intermediate Index, an unmanaged index comprised of all publicly issued non-convertible domestic debt of the U.

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. Aggregate Bond Index. Long-term interest rates declined during the period, which helped drive up prices on existing bonds.

A decline in credit risk premiums also helped drive up prices, as volatility eased later in the period and investors grew less risk averse. Risk assets outperformed during the year as a result, and investors sought out higher yields and were willing to take on more risk. These trends helped drive up prices on the securities held by the Fund.

Falling commodity prices generally weighed on absolute results, particularly oil prices, which caused an increase in credit risk premiums and ratings downgrades in the energy sector. The Fund outperformed its benchmark for the period, particularly due to an overweight allocation to risk assets, as credit risk premiums.

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 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.

Aggressive monetary policies, which pushed interest rates down, eased globally during the period. That trend, along with strong demand for fixed income investments, helped bonds post positive total returns for the period. The Fund outperformed its benchmark, in large part due to its allocation to lower-quality, higher-yielding bonds, including subordinated and preferred securities.

Investors seeking yield continued to move lower down the risk and quality spectrums which drove up. Finally, the period saw a flattening yield curve as investors sought bonds with longer maturities and amid the continued possibility that the Federal Reserve would raise interest rates. The Fund benefitted by including an overweight allocation to the short and long ends of the curve and an underweight allocation to the intermediate area of the curve.

A slight bias toward holdings with short durations also detracted from relative performance. To obtain performance information current to the most recent month end, please call The Fund is measured against the Bloomberg Barclays Corporate Intermediate Bond Index, an unmanaged index consisting of dollar-denominated debt from U. Michael Z. Sun, CFA. Sun, Executive Director, joined Sterling Capital in and has been a co-portfolio manager to the Fund since Byron G.

Mims, CFA. Mims, Director, joined Sterling Capital in and has been a co-portfolio manager to the Fund since Mims has investment experience since He was a summa cum laude graduate and was recognized as valedictorian. Jeffrey D. Ormsby, CFA. Ormsby, Director, joined Sterling Capital in and has been a co-portfolio manager to the Fund since Ormsby has investment experience since He was a summa cum laude graduate and was recognized as Valedictorian.

Mortgage Backed Securities Index. All sectors within the Fund had positive absolute returns for the period. And while short-term interest rates rose, which negatively impacted prices on shorter duration securities, the higher yields on those holdings was more than enough to offset the negative impacts. The Fund outperformed its benchmark, due primarily to its overweight allocation to risk assets.

As investors sought yield, they turned to risk assets such as commercial mortgage-backed securities, asset-backed securities and residential mortgage-backed securities. The Fund was positioned defensively in this sector in order to guard against higher interest rates and higher interest rate volatility, which could have weighed on mortgage-backed returns. The index measures the performance of investment grade fixed-rate mortgage-backed pass-through securities of Ginnie Mae, Fannie Mae, and Freddie Mac.

Robert F. Millikan, CFA. 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 and has investment experience since The Fund is subject to the same risks as the underlying bonds in the portfolios such as credit, prepayment and interest rate risk.

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. Municipal bond markets delivered positive returns during the month period. Concerns about lagging global growth and low yields on government bonds elsewhere boosted demand for municipal bonds.

The surge in demand for municipal bonds resulted in higher prices and pushed down yields, which tumbled to near-record lows. Yields were further suppressed by a reduction in supply due to several factors, including weak refunding levels and reluctance among some states and municipalities to take on new debt. That said, those issues were more muted later in the period and municipal bond supply rebounded strongly.

Issuance hit record levels in August and a strong issue calendar continued into September. We believed that lower-rated issuers did not adequately compensate investors for the additional risk they carry. However, lower-rated municipal issues outperformed their higher-rated peers. For instance, AAA-rated municipal bonds returned 3. The Fund benefited from an overweight position in revenue bonds, especially among healthcare and hospital bonds.

An underweight position in general obligation bonds also benefited relative performance, as these bonds lagged during the period. 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.

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. 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.

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. 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. Burke, and Brandon W.

Shane A. Burke, Director, joined Sterling Capital in and has been a co-portfolio manager of the Fund since Brandon W. Carl, CFA. Carl has been a co-portfolio manager to the Fund since Carl has investment experience since 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 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. Investments in REITs and high dividend yielding global equities continued to provide steady dividends and were bolstered by falling interest rates in the first half of Falling interest rates also increased prices for long-term Treasury bonds.

The Fund strategically. The Fund outperformed its benchmark for the fiscal year. While a covered call strategy limits downside risk, it also caps potential returns. 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.

Team Managed. Willis, Mr. Schappe and Mr. Stoll have managed the Funds since , and , respectively. Kevin J. Stoll, CFA. Stoll, Executive Director, joined Sterling Capital in and has been a co-portfolio manager to the Funds since 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. How did the Funds perform during the month period between October 1, and September 30, ? The broad equity and fixed income markets performed well over the fiscal year, spurred by the continuation of relatively low interest rates on the domestic side, subsiding fears of economic fallout in China and the recovery of the energy market in the second half of the reporting period.

The structural nature of the product, which includes short positions, also proved a drag on absolute returns. The Sterling Capital Special Opportunities Fund faced challenges due to an overweight position in healthcare, which suffered due to uncertainty related to the U. The Sterling Capital Equity Income Fund also dragged on relative returns, underperforming its benchmark largely because of an underweight position in the energy sector, which rebounded when oil prices increased.

The Sterling Capital Behavioral International Equity Fund also beat its benchmark, thanks to its strategy of employing an investment process rooted in principles of behavioral finance. 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. Currently all management fees are being waived. Summary of Portfolio Holdings Unaudited. Sterling Capital Funds invested, as a percentage of net assets, in the following industries, countries, states, funds or security types, as of September 30, Capital Goods.

Consumer Services. Diversified Financials. Real Estate. Telecommunication Services. Money Market Fund. Exchange Traded Fund. Exchange Traded Funds. Hong Kong. United Kingdom. Health Care. Asset Backed Securities. Collateralized Mortgage Obligations. Commercial Mortgage-Backed Securities.

Commercial Paper. Corporate Bonds. Municipal Bonds. Foreign Government Bond. Government Agencies. Treasury Note. Mortgage-Backed Securities. Treasury Notes. Preferred Stocks. Treasury Bonds. Kentucky Municipal Bonds. Maryland Municipal Bonds.

North Carolina Municipal Bonds. South Carolina Municipal Bonds. District of Columbia Municipal Bonds. Virginia Municipal Bonds. West Virginia Municipal Bonds. Equity Funds. Fixed Income Fund. Expense Example Unaudited. 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.

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. Class A Shares. Class B Shares. Class C Shares. Hypothetical Example for Comparison Purposes. 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. 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.

Range Resources Corp. Rice Energy, Inc. SM Energy Co. Southwestern Energy Co. Spectra Energy Corp. Tesoro Corp. Valero Energy Corp. Whiting Petroleum Corp. Williams Cos. World Fuel Services Corp. WPX Energy, Inc. Affiliated Managers Group, Inc. Ameriprise Financial, Inc. Artisan Partners Asset Management, Inc. Bank of New York Mellon Corp.

BlackRock, Inc. Charles Schwab Corp. Donnelley Financial Solutions, Inc. Eaton Vance Corp. Federated Investors, Inc. Franklin Resources, Inc. Goldman Sachs Group, Inc. Interactive Brokers Group, Inc. Invesco Ltd. Lazard Ltd. Legg Mason, Inc. Morgan Stanley. Northern Trust Corp. Raymond James Financial, Inc. SEI Investments Co. State Street Corp. Rowe Price Group, Inc. TD Ameritrade Holding Corp. Associated Banc-Corp. Bank of America Corp. Bank of Hawaii Corp.

BankUnited, Inc. BOK Financial Corp. CIT Group, Inc. Citizens Financial Group, Inc. Comerica, Inc. Commerce Bancshares, Inc. East West Bancorp, Inc. Fifth Third Bancorp. First Horizon National Corp. First Republic Bank. Huntington Bancshares, Inc. PacWest Bancorp. Popular, Inc. Regions Financial Corp. SunTrust Banks, Inc. Synovus Financial Corp. TCF Financial Corp. Zions Bancorporation. Ally Financial, Inc. American Express Co. Capital One Financial Corp. Credit Acceptance Corp.

Discover Financial Services. Navient Corp. SLM Corp. Synchrony Financial. Berkshire Hathaway, Inc. Citigroup, Inc. CME Group, Inc. Intercontinental Exchange, Inc. Leucadia National Corp. MSCI, Inc. Nasdaq, Inc. OneMain Holdings, Inc. Voya Financial, Inc. Aflac, Inc. Alleghany Corp. Allied World Assurance Co. Holdings AG. Allstate Corp. American Financial Group, Inc. American International Group, Inc.

American National Insurance Co. AmTrust Financial Services, Inc. Aon PLC. Arch Capital Group Ltd. Aspen Insurance Holdings Ltd. Assurant, Inc. Assured Guaranty Ltd. Axis Capital Holdings Ltd. Chubb Ltd. Cincinnati Financial Corp. CNA Financial Corp.

Endurance Specialty Holdings Ltd. Erie Indemnity Co. Everest Re Group Ltd. FNF Group. Hanover Insurance Group, Inc. Hartford Financial Services Group, Inc. Lincoln National Corp. Loews Corp. Markel Corp. Mercury General Corp. MetLife, Inc. Old Republic International Corp. Principal Financial Group, Inc. ProAssurance Corp. Progressive Corp. Prudential Financial, Inc. Reinsurance Group of America, Inc. RenaissanceRe Holdings Ltd. Torchmark Corp. Travelers Cos. Unum Group. Validus Holdings Ltd.

White Mountains Insurance Group Ltd. WR Berkley Corp. Xl Group Ltd. Alexandria Real Estate Equities, Inc. American Campus Communities, Inc. American Tower Corp. Annaly Capital Management, Inc. AvalonBay Communities, Inc. Boston Properties, Inc. Brandywine Realty Trust. Brixmor Property Group, Inc. Camden Property Trust. Care Capital Properties, Inc. Chimera Investment Corp. Corporate Office Properties Trust. Corrections Corp.

Crown Castle International Corp. CyrusOne, Inc. DDR Corp. Digital Realty Trust, Inc. Douglas Emmett, Inc. Duke Realty Corp. Empire State Realty Trust, Inc. Equinix, Inc. Equity Lifestyle Properties, Inc. Equity Residential. Essex Property Trust, Inc. Extra Space Storage, Inc. Federal Realty Investment Trust. Forest City Realty Trust, Inc. Gaming and Leisure Properties, Inc. General Growth Properties, Inc. HCP, Inc. Healthcare Trust of America, Inc.

Hospitality Properties Trust. Iron Mountain, Inc. Kilroy Realty Corp. Kimco Realty Corp. Lamar Advertising Co. Liberty Property Trust. Macerich Co. Mid-America Apartment Communities, Inc. National Retail Properties, Inc. NorthStar Realty Finance Corp. Omega Healthcare Investors, Inc. Outfront Media, Inc. Piedmont Office Realty Trust, Inc. Post Properties, Inc. Prologis, Inc. Public Storage. Rayonier, Inc. Realty Income Corp. Regency Centers Corp. Retail Properties of America, Inc.

Senior Housing Properties Trust. Simon Property Group, Inc. SL Green Realty Corp. Spirit Realty Capital, Inc. Starwood Property Trust, Inc. Tanger Factory Outlet Centers, Inc. Taubman Centers, Inc. UDR, Inc. Ventas, Inc.

Vornado Realty Trust. Washington Prime Group, Inc. Weingarten Realty Investors. Welltower, Inc. Weyerhaeuser Co. WP Carey, Inc. Howard Hughes Corp. Jones Lang LaSalle, Inc. Realogy Holdings Corp. New York Community Bancorp, Inc. TFS Financial Corp. Agios Pharmaceuticals, Inc. Alexion Pharmaceuticals, Inc. Alnylam Pharmaceuticals, Inc. Amgen, Inc. Biogen, Inc. BioMarin Pharmaceutical, Inc. Celgene Corp. Gilead Sciences, Inc. Incyte Corp. Intercept Pharmaceuticals, Inc.

Intrexon Corp. Ionis Pharmaceuticals, Inc. Juno Therapeutics, Inc. Neurocrine Biosciences, Inc. Regeneron Pharmaceuticals, Inc. Seattle Genetics, Inc. United Therapeutics Corp. Vertex Pharmaceuticals, Inc. Abbott Laboratories.

Alere, Inc. Align Technology, Inc. Baxter International, Inc. Boston Scientific Corp. Cooper Cos. CR Bard, Inc. DexCom, Inc. Edwards Lifesciences Corp. Hill-Rom Holdings, Inc. Hologic, Inc. Intuitive Surgical, Inc. Medtronic PLC. ResMed, Inc. Jude Medical, Inc. Stryker Corp. Teleflex, Inc. Varian Medical Systems, Inc. Zimmer Biomet Holdings, Inc. Aetna, Inc. AmerisourceBergen Corp. Amsurg Corp. Anthem, Inc. Brookdale Senior Living, Inc. Cardinal Health, Inc.

Centene Corp. Cigna Corp. DaVita, Inc. Envision Healthcare Holdings, Inc. Express Scripts Holding Co. HCA Holdings, Inc. Henry Schein, Inc. Humana, Inc. Laboratory Corp. LifePoint Hospitals, Inc. McKesson Corp. Patterson Cos. Premier, Inc.

Quest Diagnostics, Inc. Quorum Health Corp. Tenet Healthcare Corp. UnitedHealth Group, Inc. Universal Health Services, Inc. VCA, Inc. Allscripts Healthcare Solutions, Inc. Cerner Corp. Inovalon Holdings, Inc. Veeva Systems, Inc.

Agilent Technologies, Inc. Bio-Rad Laboratories, Inc. Bruker Corp. Charles River Laboratories International, Inc. Illumina, Inc. Mettler-Toledo International, Inc. PerkinElmer, Inc. Thermo Fisher Scientific, Inc. VWR Corp. Waters Corp. AbbVie, Inc. Akorn, Inc. Bristol-Myers Squibb Co.

Perrigo Co. Pfizer, Inc. Zoetis, Inc. Boeing Co. BWX Technologies, Inc. General Dynamics Corp. Hexcel Corp. Honeywell International, Inc. Huntington Ingalls Industries, Inc. L-3 Communications Holdings, Inc. Lockheed Martin Corp. Northrop Grumman Corp. Raytheon Co. Rockwell Collins, Inc. Spirit AeroSystems Holdings, Inc. Textron, Inc. TransDigm Group, Inc. United Technologies Corp. Robinson Worldwide, Inc. Expeditors International of Washington, Inc. FedEx Corp. United Parcel Service, Inc.

Alaska Air Group, Inc. American Airlines Group, Inc. Delta Air Lines, Inc. JetBlue Airways Corp. Southwest Airlines Co. Spirit Airlines, Inc. United Continental Holdings, Inc. Allegion PLC. Armstrong Flooring, Inc. Armstrong World Industries, Inc. Lennox International, Inc. Masco Corp. Owens Corning. Smith A. Cintas Corp. Copart, Inc. Herc Holdings, Inc. LSC Communications, Inc. Republic Services, Inc. Stericycle, Inc. Waste Management, Inc.

Fluor Corp. Jacobs Engineering Group, Inc. KBR, Inc. Quanta Services, Inc. TopBuild Corp. Acuity Brands, Inc. Eaton Corp. Emerson Electric Co. Hubbell, Inc. Regal Beloit Corp. Rockwell Automation, Inc. SolarCity Corp. Fortive Corp. Carlisle Cos. Danaher Corp. General Electric Co. Roper Technologies, Inc. AGCO Corp. Allison Transmission Holdings, Inc. Caterpillar, Inc. Colfax Corp. Crane Co. Cummins, Inc. Donaldson Co. Dover Corp. Flowserve Corp. Graco, Inc.

IDEX Corp. Illinois Tool Works, Inc. Ingersoll-Rand PLC. ITT, Inc. Joy Global, Inc. Lincoln Electric Holdings, Inc. Manitowoc Co. Manitowoc Foodservice, Inc. Middleby Corp. Nordson Corp. Oshkosh Corp. Parker-Hannifin Corp. Pentair PLC. Snap-on, Inc. SPX Corp. Terex Corp. Timken Co. Toro Co. Trinity Industries, Inc. Valmont Industries, Inc. Wabtec Corp. Xylem, Inc. Kirby Corp. Equifax, Inc. IHS Markit Ltd. ManpowerGroup, Inc. Nielsen Holdings PLC. Robert Half International, Inc.

Verisk Analytics, Inc. Avis Budget Group, Inc. CSX Corp. Hertz Global Holdings, Inc. Kansas City Southern. Landstar System, Inc. Norfolk Southern Corp. Old Dominion Freight Line, Inc. Ryder System, Inc. Union Pacific Corp. Air Lease Corp. Fastenal Co. HD Supply Holdings, Inc. NOW, Inc. United Rentals, Inc. Watsco, Inc. WW Grainger, Inc. Macquarie Infrastructure Corp. Sabre Corp. Brocade Communications Systems, Inc.

Cisco Systems, Inc. EchoStar Corp. F5 Networks, Inc. Harris Corp. Juniper Networks, Inc. Lumentum Holdings, Inc. Motorola Solutions, Inc. Palo Alto Networks, Inc. Viavi Solutions, Inc. Apple, Inc. HP, Inc. Lexmark International, Inc. NCR Corp. NetApp, Inc. Western Digital Corp. Amphenol Corp. Arrow Electronics, Inc. CDW Corp. Cognex Corp. Corning, Inc.

Dolby Laboratories, Inc. Fitbit, Inc. Ingram Micro, Inc. IPG Photonics Corp. National Instruments Corp. Trimble Navigation Ltd. Akamai Technologies, Inc. Alphabet, Inc. CoStar Group, Inc. Facebook, Inc. GoDaddy, Inc. LinkedIn Corp. Match Group, Inc. Pandora Media, Inc. Rackspace Hosting, Inc. Twitter, Inc. VeriSign, Inc. Yelp, Inc. Zillow Group, Inc.

Alliance Data Systems Corp. Amdocs Ltd. Automatic Data Processing, Inc. Black Knight Financial Services, Inc. Booz Allen Hamilton Holding Corp. Broadridge Financial Solutions, Inc. Cognizant Technology Solutions Corp. Computer Sciences Corp. CoreLogic, Inc. CSRA, Inc. DST Systems, Inc. Fidelity National Information Services, Inc.

First Data Corp. Fiserv, Inc. FleetCor Technologies, Inc. Gartner, Inc. Genpact Ltd. Global Payments, Inc. Hewlett Packard Enterprise Co. International Business Machines Corp. Leidos Holdings, Inc. Mastercard, Inc. Paychex, Inc. PayPal Holdings, Inc.

Square, Inc. Teradata Corp. Total System Services, Inc. Vantiv, Inc. VeriFone Systems, Inc. Visa, Inc. Western Union Co. Xerox Corp. Analog Devices, Inc. Applied Materials, Inc. Broadcom Ltd. Cypress Semiconductor Corp. Intel Corp. KLA-Tencor Corp. Lam Research Corp. Linear Technology Corp. Marvell Technology Group Ltd. Maxim Integrated Products, Inc.

Microchip Technology, Inc. Micron Technology, Inc. ON Semiconductor Corp. Qorvo, Inc. Skyworks Solutions, Inc. SunPower Corp. Teradyne, Inc. Texas Instruments, Inc. Xilinx, Inc. Activision Blizzard, Inc. Adobe Systems, Inc. Atlassian Corp. Autodesk, Inc. CA, Inc. Cadence Design Systems, Inc. CDK Global, Inc. Citrix Systems, Inc. CommerceHub, Inc. Dell Technologies, Inc. Electronic Arts, Inc. FactSet Research Systems, Inc. Fortinet, Inc. Intuit, Inc. Microsoft Corp. NetSuite, Inc. Oracle Corp. PTC, Inc.

Red Hat, Inc. ServiceNow, Inc. Splunk, Inc. Symantec Corp. Synopsys, Inc. Tableau Software, Inc. Ultimate Software Group, Inc. VMware, Inc. Workday, Inc. Zynga, Inc.

IREMIT FOREX SINGAPORE

The Fund added to its energy sector holdings as oil prices began to recover, which helped boost results as that sector rebounded in the latter half of the period. 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, 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, , is based on the performance of the shares of the Predecessor Fund.

The Board of Trustees of the Fund approved a change of the fiscal year of the Fund from December 31st to September 30th. The indices do not reflect the deduction of expenses associated with a mutual fund, such as investment management and fund accounting fees. Andrew T. DiZio, CFA. He has been the lead portfolio manager of the Fund since and the Predecessor Fund since DiZio has investment experience since 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. The real estate sector delivered strong returns over the month period. That positive performance was driven primarily by strong underlying fundamentals, namely favorable supply and demand trends that drove occupancy and rental rates higher for most property types.

Global macroeconomic factors, including declining global interest rates and rising economic and political uncertainty, also helped drive positive absolute returns as investors favored equities that offered steady cash flows, including REITs. After the Board of Directors of the shopping center REIT announced accounting irregularities and fired its management team, the Fund sold the holding. The stock then rebounded when no further. Stalled corporate profitability reduced demand for hotel rooms from business travelers, while the rise of Airbnb options reduced demand from leisure travelers.

Stock selection within the residential and infrastructure subsectors was the largest contributor to relative performance. Within the infrastructure subsector, the Fund benefitted from owning a unique REIT with significant underground fiber assets. Stock selection within the specialty, health care, office and data center subsectors also boosted returns.

The Fund is measured against the Index, an unmanaged index, which is generally considered to be representative of the performance of the stock market as a whole. Gerald M. Van Horn, CFA. Van Horn has investment experience since Small cap company stocks are generally riskier than large company stocks due to greater volatility and less liquidity.

Small-cap equity markets posted strong absolute returns for the month period despite a weak start in late and early Shifting macroeconomic data in mid-February, including a rebound in oil prices and a weaker U. The gains continued through the remainder of the period, despite some periods of increased volatility. Stock selection in the financial services sector also weighed on relative results. Shares of a consumer products company were the subject of a takeover during the period, which added to results.

The Fund also benefited from a below-benchmark exposure to the broader energy sector, which generally underperformed. Stock selection within the health care sector also added to relative results. Mark Montgomery, CFA. Montgomery, Senior Managing Director joined Sterling Capital in and has been a co-portfolio manager of the Fund since inception. Richard T. 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. Treasury Bill Index. Falling yields and increased demand for risk assets helped drive prices higher on the securities held in the portfolio.

The Fund outperformed its benchmark as interest rates declined for the period and the yield curve flattened. The Fund was able to take advantage of the flattening curve through its duration and yield curve. The Fund also benefited from an overweight allocation to risk assets, which outperformed due to declining credit risk premiums.

Citi 6-Month U. The Fund is measured against the Citi 6-Month U. Treasury Bill Index, which measures the performance of Treasury bills with a maturity of six months or less. Montgomery, Senior Managing Director joined Sterling Capital in and has been a co-portfolio manager of the Fund since Corporate Government Index. Investors grew more comfortable with risk as market volatility eased during the period.

Their efforts to seek out higher yield among riskier assets drove up demand, which led to higher prices and helped risk assets outperform for the period. The Fund outperformed compared to its benchmark, in part due to its bias toward slightly longer durations on the short end of the yield curve.

The Fund was positioned to take advantage of a yield curve that. The Fund also benefited from its overweight exposure to risk assets, which outperformed during the period as credit risk premiums declined on higher investor demand. Lower-quality credit outperformed higher-quality credit and the Fund was overweight to triple-B rated bonds and high yield securities, which contributed positively to relative results.

The corporate sector outperformed across a number of sectors, including financials, industrials and utilities, which contributed to relative results. Corporate Government Index, which consists of securities with a maturity from one to three years.

Brad D. Eppard, CFA. 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. Although U. Treasury, other U. No assurance can be given that the U.

Government Intermediate Index. The Fund invests primarily in government securities and maintains an average portfolio duration of between two and a half years and seven years. Low inflation dragged on income early in the period, but this dynamic changed as inflation picked up in mid During the period the Fund maintained a duration longer than its benchmark.

This proved beneficial as yields on longer-term securities fell, driving prices higher. The Fund also maintained a modest barbell. The Fund benefited from that strategy as the yield curve flattened during the period. Bloomberg Barclays U. The Fund is measured against the Bloomberg Barclays U. Government Intermediate Index, an unmanaged index comprised of all publicly issued non-convertible domestic debt of the U.

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. Aggregate Bond Index. Long-term interest rates declined during the period, which helped drive up prices on existing bonds. A decline in credit risk premiums also helped drive up prices, as volatility eased later in the period and investors grew less risk averse.

Risk assets outperformed during the year as a result, and investors sought out higher yields and were willing to take on more risk. These trends helped drive up prices on the securities held by the Fund. Falling commodity prices generally weighed on absolute results, particularly oil prices, which caused an increase in credit risk premiums and ratings downgrades in the energy sector. The Fund outperformed its benchmark for the period, particularly due to an overweight allocation to risk assets, as credit risk premiums.

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 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.

Aggressive monetary policies, which pushed interest rates down, eased globally during the period. That trend, along with strong demand for fixed income investments, helped bonds post positive total returns for the period. The Fund outperformed its benchmark, in large part due to its allocation to lower-quality, higher-yielding bonds, including subordinated and preferred securities.

Investors seeking yield continued to move lower down the risk and quality spectrums which drove up. Finally, the period saw a flattening yield curve as investors sought bonds with longer maturities and amid the continued possibility that the Federal Reserve would raise interest rates. The Fund benefitted by including an overweight allocation to the short and long ends of the curve and an underweight allocation to the intermediate area of the curve.

A slight bias toward holdings with short durations also detracted from relative performance. To obtain performance information current to the most recent month end, please call The Fund is measured against the Bloomberg Barclays Corporate Intermediate Bond Index, an unmanaged index consisting of dollar-denominated debt from U.

Michael Z. Sun, CFA. Sun, Executive Director, joined Sterling Capital in and has been a co-portfolio manager to the Fund since Byron G. Mims, CFA. Mims, Director, joined Sterling Capital in and has been a co-portfolio manager to the Fund since Mims has investment experience since He was a summa cum laude graduate and was recognized as valedictorian. Jeffrey D. Ormsby, CFA. Ormsby, Director, joined Sterling Capital in and has been a co-portfolio manager to the Fund since Ormsby has investment experience since He was a summa cum laude graduate and was recognized as Valedictorian.

Mortgage Backed Securities Index. All sectors within the Fund had positive absolute returns for the period. And while short-term interest rates rose, which negatively impacted prices on shorter duration securities, the higher yields on those holdings was more than enough to offset the negative impacts. The Fund outperformed its benchmark, due primarily to its overweight allocation to risk assets.

As investors sought yield, they turned to risk assets such as commercial mortgage-backed securities, asset-backed securities and residential mortgage-backed securities. The Fund was positioned defensively in this sector in order to guard against higher interest rates and higher interest rate volatility, which could have weighed on mortgage-backed returns. The index measures the performance of investment grade fixed-rate mortgage-backed pass-through securities of Ginnie Mae, Fannie Mae, and Freddie Mac.

Robert F. Millikan, CFA. 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 and has investment experience since The Fund is subject to the same risks as the underlying bonds in the portfolios such as credit, prepayment and interest rate risk.

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. Municipal bond markets delivered positive returns during the month period.

Concerns about lagging global growth and low yields on government bonds elsewhere boosted demand for municipal bonds. The surge in demand for municipal bonds resulted in higher prices and pushed down yields, which tumbled to near-record lows. Yields were further suppressed by a reduction in supply due to several factors, including weak refunding levels and reluctance among some states and municipalities to take on new debt.

That said, those issues were more muted later in the period and municipal bond supply rebounded strongly. Issuance hit record levels in August and a strong issue calendar continued into September. We believed that lower-rated issuers did not adequately compensate investors for the additional risk they carry. However, lower-rated municipal issues outperformed their higher-rated peers. For instance, AAA-rated municipal bonds returned 3.

The Fund benefited from an overweight position in revenue bonds, especially among healthcare and hospital bonds. An underweight position in general obligation bonds also benefited relative performance, as these bonds lagged during the period. 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. 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.

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. 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.

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. Burke, and Brandon W. Shane A. Burke, Director, joined Sterling Capital in and has been a co-portfolio manager of the Fund since Brandon W.

Carl, CFA. Carl has been a co-portfolio manager to the Fund since Carl has investment experience since 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 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.

Investments in REITs and high dividend yielding global equities continued to provide steady dividends and were bolstered by falling interest rates in the first half of Falling interest rates also increased prices for long-term Treasury bonds. The Fund strategically. The Fund outperformed its benchmark for the fiscal year. While a covered call strategy limits downside risk, it also caps potential returns.

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. Team Managed. Willis, Mr. Schappe and Mr. Stoll have managed the Funds since , and , respectively.

Kevin J. Stoll, CFA. Stoll, Executive Director, joined Sterling Capital in and has been a co-portfolio manager to the Funds since 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. How did the Funds perform during the month period between October 1, and September 30, ? The broad equity and fixed income markets performed well over the fiscal year, spurred by the continuation of relatively low interest rates on the domestic side, subsiding fears of economic fallout in China and the recovery of the energy market in the second half of the reporting period.

The structural nature of the product, which includes short positions, also proved a drag on absolute returns. The Sterling Capital Special Opportunities Fund faced challenges due to an overweight position in healthcare, which suffered due to uncertainty related to the U. The Sterling Capital Equity Income Fund also dragged on relative returns, underperforming its benchmark largely because of an underweight position in the energy sector, which rebounded when oil prices increased.

The Sterling Capital Behavioral International Equity Fund also beat its benchmark, thanks to its strategy of employing an investment process rooted in principles of behavioral finance. 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. Currently all management fees are being waived. Summary of Portfolio Holdings Unaudited. Sterling Capital Funds invested, as a percentage of net assets, in the following industries, countries, states, funds or security types, as of September 30, Capital Goods.

Consumer Services. Diversified Financials. Real Estate. Telecommunication Services. Money Market Fund. Exchange Traded Fund. Exchange Traded Funds. Hong Kong. United Kingdom. Health Care. Asset Backed Securities. Collateralized Mortgage Obligations. Commercial Mortgage-Backed Securities. Commercial Paper. Corporate Bonds. Municipal Bonds. Foreign Government Bond. Government Agencies. Treasury Note.

Mortgage-Backed Securities. Treasury Notes. Preferred Stocks. Treasury Bonds. Kentucky Municipal Bonds. Maryland Municipal Bonds. North Carolina Municipal Bonds. South Carolina Municipal Bonds. District of Columbia Municipal Bonds. Virginia Municipal Bonds. West Virginia Municipal Bonds. Equity Funds. Fixed Income Fund. Expense Example Unaudited.

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. 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. Class A Shares. Class B Shares. Class C Shares.

Hypothetical Example for Comparison Purposes. 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. 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. Schedule of Portfolio Investments. Lear Corp. PacWest Bancorp. Popular, Inc.

Regions Financial Corp. SunTrust Banks, Inc. Cummins, Inc. Eaton Corp. Honeywell International, Inc. Huntington Ingalls Industries, Inc. Illinois Tool Works, Inc. L-3 Communications Holdings, Inc. Vectrus, Inc. Michael Kors Holdings, Ltd. BlackRock, Inc. Discover Financial Services. Eaton Vance Corp.

Realty Income Corp. Regency Centers Corp. Retail Properties of America, Inc. Senior Housing Properties Trust. Simon Property Group, Inc. SL Green Realty Corp. Spirit Realty Capital, Inc. Starwood Property Trust, Inc.

Tanger Factory Outlet Centers, Inc. Taubman Centers, Inc. UDR, Inc. Ventas, Inc. Vornado Realty Trust. Washington Prime Group, Inc. Weingarten Realty Investors. Welltower, Inc. Weyerhaeuser Co. WP Carey, Inc. Howard Hughes Corp. Jones Lang LaSalle, Inc. Realogy Holdings Corp. New York Community Bancorp, Inc. TFS Financial Corp. Agios Pharmaceuticals, Inc.

Alexion Pharmaceuticals, Inc. Alnylam Pharmaceuticals, Inc. Amgen, Inc. Biogen, Inc. BioMarin Pharmaceutical, Inc. Celgene Corp. Gilead Sciences, Inc. Incyte Corp. Intercept Pharmaceuticals, Inc. Intrexon Corp. Ionis Pharmaceuticals, Inc. Juno Therapeutics, Inc. Neurocrine Biosciences, Inc. Regeneron Pharmaceuticals, Inc.

Seattle Genetics, Inc. United Therapeutics Corp. Vertex Pharmaceuticals, Inc. Abbott Laboratories. Alere, Inc. Align Technology, Inc. Baxter International, Inc. Boston Scientific Corp. Cooper Cos. CR Bard, Inc. DexCom, Inc. Edwards Lifesciences Corp. Hill-Rom Holdings, Inc. Hologic, Inc. Intuitive Surgical, Inc. Medtronic PLC. ResMed, Inc. Jude Medical, Inc. Stryker Corp. Teleflex, Inc. Varian Medical Systems, Inc. Zimmer Biomet Holdings, Inc.

Aetna, Inc. AmerisourceBergen Corp. Amsurg Corp. Anthem, Inc. Brookdale Senior Living, Inc. Cardinal Health, Inc. Centene Corp. Cigna Corp. DaVita, Inc. Envision Healthcare Holdings, Inc. Express Scripts Holding Co. HCA Holdings, Inc. Henry Schein, Inc. Humana, Inc. Laboratory Corp. LifePoint Hospitals, Inc.

McKesson Corp. Patterson Cos. Premier, Inc. Quest Diagnostics, Inc. Quorum Health Corp. Tenet Healthcare Corp. UnitedHealth Group, Inc. Universal Health Services, Inc. VCA, Inc. Allscripts Healthcare Solutions, Inc. Cerner Corp. Inovalon Holdings, Inc. Veeva Systems, Inc. Agilent Technologies, Inc. Bio-Rad Laboratories, Inc. Bruker Corp. Charles River Laboratories International, Inc. Illumina, Inc. Mettler-Toledo International, Inc.

PerkinElmer, Inc. Thermo Fisher Scientific, Inc. VWR Corp. Waters Corp. AbbVie, Inc. Akorn, Inc. Bristol-Myers Squibb Co. Perrigo Co. Pfizer, Inc. Zoetis, Inc. Boeing Co. BWX Technologies, Inc. General Dynamics Corp. Hexcel Corp. Honeywell International, Inc. Huntington Ingalls Industries, Inc. L-3 Communications Holdings, Inc. Lockheed Martin Corp. Northrop Grumman Corp. Raytheon Co. Rockwell Collins, Inc. Spirit AeroSystems Holdings, Inc. Textron, Inc. TransDigm Group, Inc. United Technologies Corp.

Robinson Worldwide, Inc. Expeditors International of Washington, Inc. FedEx Corp. United Parcel Service, Inc. Alaska Air Group, Inc. American Airlines Group, Inc. Delta Air Lines, Inc. JetBlue Airways Corp. Southwest Airlines Co. Spirit Airlines, Inc. United Continental Holdings, Inc. Allegion PLC.

Armstrong Flooring, Inc. Armstrong World Industries, Inc. Lennox International, Inc. Masco Corp. Owens Corning. Smith A. Cintas Corp. Copart, Inc. Herc Holdings, Inc. LSC Communications, Inc. Republic Services, Inc. Stericycle, Inc. Waste Management, Inc. Fluor Corp. Jacobs Engineering Group, Inc. KBR, Inc. Quanta Services, Inc. TopBuild Corp. Acuity Brands, Inc. Eaton Corp. Emerson Electric Co. Hubbell, Inc. Regal Beloit Corp. Rockwell Automation, Inc. SolarCity Corp.

Fortive Corp. Carlisle Cos. Danaher Corp. General Electric Co. Roper Technologies, Inc. AGCO Corp. Allison Transmission Holdings, Inc. Caterpillar, Inc. Colfax Corp. Crane Co. Cummins, Inc. Donaldson Co. Dover Corp. Flowserve Corp. Graco, Inc. IDEX Corp.

Illinois Tool Works, Inc. Ingersoll-Rand PLC. ITT, Inc. Joy Global, Inc. Lincoln Electric Holdings, Inc. Manitowoc Co. Manitowoc Foodservice, Inc. Middleby Corp. Nordson Corp. Oshkosh Corp. Parker-Hannifin Corp. Pentair PLC. Snap-on, Inc. SPX Corp. Terex Corp. Timken Co. Toro Co. Trinity Industries, Inc. Valmont Industries, Inc. Wabtec Corp. Xylem, Inc. Kirby Corp. Equifax, Inc. IHS Markit Ltd. ManpowerGroup, Inc.

Nielsen Holdings PLC. Robert Half International, Inc. Verisk Analytics, Inc. Avis Budget Group, Inc. CSX Corp. Hertz Global Holdings, Inc. Kansas City Southern. Landstar System, Inc. Norfolk Southern Corp. Old Dominion Freight Line, Inc.

Ryder System, Inc. Union Pacific Corp. Air Lease Corp. Fastenal Co. HD Supply Holdings, Inc. NOW, Inc. United Rentals, Inc. Watsco, Inc. WW Grainger, Inc. Macquarie Infrastructure Corp. Sabre Corp. Brocade Communications Systems, Inc. Cisco Systems, Inc. EchoStar Corp. F5 Networks, Inc. Harris Corp. Juniper Networks, Inc. Lumentum Holdings, Inc. Motorola Solutions, Inc. Palo Alto Networks, Inc.

Viavi Solutions, Inc. Apple, Inc. HP, Inc. Lexmark International, Inc. NCR Corp. NetApp, Inc. Western Digital Corp. Amphenol Corp. Arrow Electronics, Inc. CDW Corp. Cognex Corp. Corning, Inc. Dolby Laboratories, Inc. Fitbit, Inc. Ingram Micro, Inc.

IPG Photonics Corp. National Instruments Corp. Trimble Navigation Ltd. Akamai Technologies, Inc. Alphabet, Inc. CoStar Group, Inc. Facebook, Inc. GoDaddy, Inc. LinkedIn Corp. Match Group, Inc. Pandora Media, Inc. Rackspace Hosting, Inc. Twitter, Inc. VeriSign, Inc. Yelp, Inc. Zillow Group, Inc. Alliance Data Systems Corp. Amdocs Ltd.

Automatic Data Processing, Inc. Black Knight Financial Services, Inc. Booz Allen Hamilton Holding Corp. Broadridge Financial Solutions, Inc. Cognizant Technology Solutions Corp. Computer Sciences Corp. CoreLogic, Inc. CSRA, Inc. DST Systems, Inc. Fidelity National Information Services, Inc. First Data Corp. Fiserv, Inc.

FleetCor Technologies, Inc. Gartner, Inc. Genpact Ltd. Global Payments, Inc. Hewlett Packard Enterprise Co. International Business Machines Corp. Leidos Holdings, Inc. Mastercard, Inc. Paychex, Inc. PayPal Holdings, Inc. Square, Inc. Teradata Corp. Total System Services, Inc. Vantiv, Inc. VeriFone Systems, Inc. Visa, Inc. Western Union Co.

Xerox Corp. Analog Devices, Inc. Applied Materials, Inc. Broadcom Ltd. Cypress Semiconductor Corp. Intel Corp. KLA-Tencor Corp. Lam Research Corp. Linear Technology Corp. Marvell Technology Group Ltd. Maxim Integrated Products, Inc. Microchip Technology, Inc. Micron Technology, Inc. ON Semiconductor Corp.

Qorvo, Inc. Skyworks Solutions, Inc. SunPower Corp. Teradyne, Inc. Texas Instruments, Inc. Xilinx, Inc. Activision Blizzard, Inc. Adobe Systems, Inc. Atlassian Corp. Autodesk, Inc. CA, Inc. Cadence Design Systems, Inc. CDK Global, Inc. Citrix Systems, Inc. CommerceHub, Inc. Dell Technologies, Inc. Electronic Arts, Inc. FactSet Research Systems, Inc. Fortinet, Inc. Intuit, Inc. Microsoft Corp. NetSuite, Inc. Oracle Corp. PTC, Inc. Red Hat, Inc. ServiceNow, Inc.

Splunk, Inc. Symantec Corp. Synopsys, Inc. Tableau Software, Inc. Ultimate Software Group, Inc. VMware, Inc. Workday, Inc. Zynga, Inc. Arista Networks, Inc. Zayo Group Holdings, Inc. AdvanSix, Inc. Albemarle Corp. Ashland Global Holdings, Inc. Axalta Coating Systems Ltd. Cabot Corp. Celanese Corp. CF Industries Holdings, Inc. Dow Chemical Co. Eastman Chemical Co. Ecolab, Inc.

FMC Corp. Huntsman Corp. Ingevity Corp. Monsanto Co. Mosaic Co. PPG Industries, Inc. Praxair, Inc. RPM International, Inc. Sherwin-Williams Co. Valspar Corp. Versum Materials, Inc. Westlake Chemical Corp. Eagle Materials, Inc. Martin Marietta Materials, Inc. Vulcan Materials Co. Avery Dennison Corp. Ball Corp. Bemis Co. Owens-Illinois, Inc. Packaging Corp. Sealed Air Corp. Silgan Holdings, Inc. WestRock Co. Alcoa, Inc.

Freeport-McMoRan, Inc. Newmont Mining Corp. Nucor Corp. Royal Gold, Inc. Southern Copper Corp. Steel Dynamics, Inc. Tahoe Resources, Inc. United States Steel Corp. Domtar Corp. International Paper Co. CenturyLink, Inc. Frontier Communications Corp. Verizon Communications, Inc. SBA Communications Corp. Sprint Corp. T-Mobile US, Inc. American Electric Power Co. Avangrid, Inc. Duke Energy Corp. Edison International. Entergy Corp. Eversource Energy.

Exelon Corp. FirstEnergy Corp. NextEra Energy, Inc. PPL Corp. Southern Co. UGI Corp. AES Corp. Calpine Corp. NRG Energy, Inc. CenterPoint Energy, Inc. CMS Energy Corp. Consolidated Edison, Inc. Dominion Resources, Inc. OGE Energy Corp. Public Service Enterprise Group, Inc. Sempra Energy. Vectren Corp. Xcel Energy, Inc. American Water Works Co. Aqua America, Inc.

Community Health Systems, Inc. Daiwa Capital Markets America, 0. Government Securities 2. Nomura Securities International, Inc. These inputs are summarized in the three broad levels listed below. Wilmington Large-Cap Strategy Fund concluded. Investments in Securities. Repurchase Agreements. The following acronyms are used throughout this Fund:. See Notes which are an integral part of the Financial Statements.

Wilmington Large-Cap Strategy. Investments, at identified cost. Investments in repurchase agreements, at value. Income receivable. Receivable for shares sold. Receivable for investments sold. Prepaid assets. Payable to custodian. Collateral for securities on loan.

Payable for shares redeemed. Pending Litigation See Note 7. Other accrued expenses. Paid-in capital. Undistributed accumulated net investment income loss. Accumulated net realized gain loss on investments. Net unrealized appreciation depreciation of investments. Net Assets. Shares outstanding unlimited shares authorized. Net Asset Value per share. Securities lending income. Investment advisory fee.

Administrative personnel and services fees. Portfolio accounting and administration fees. Custodian fees. Transfer and dividend disbursing agent fees and expenses. Professional fees. Share registration costs. Printing and postage. Net expenses. Net investment income loss.

Net realized gain loss on investments. Net change in unrealized appreciation depreciation of investments. Net realized and unrealized gain loss on investments. Change in net assets resulting from operations. Distributions from net investment income. Distributions from net realized gain on investments. Change in net assets resulting from distributions to shareholders.

Proceeds from sale of shares. Distributions reinvested. Cost of shares redeemed. Change in net assets resulting from share transactions. Change in net assets. Beginning of period. End of period. Undistributed accumulated net investment income loss included in net assets at end of period. Shares sold. Shares redeemed. Net change resulting from share transactions. For a share outstanding throughout each period:.

Net Asset Value, Beginning of Period. Income Loss From Operations:. Net Investment Income Loss a. Total Income Loss From Operations. Less Distributions From:. Net Investment Income. Net Realized Gains. Total Distributions.

Net Asset Value, End of Period. Total Return b. Ratios to Average Net Assets. Gross Expense. Net Expenses d. Net Investment Income Loss. Portfolio Turnover Rate. The remaining 13 funds are presented in separate reports. All shares of the Trust have equal rights with respect to voting, except on class-specific matters. In the normal course of business, the Fund may enter into contracts that provide general indemnifications. The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of its financial statements.

These policies are in conformity with U. Actual results could differ from those estimated. In computing its NAV, the Fund values foreign securities using the latest closing price on the primary exchange on which they are traded immediately prior to the closing of the NYSE.

Certain foreign currency exchange rates are generally determined at the latest rate prior to the closing of the NYSE. Foreign securities quoted in foreign currencies are translated into U. Events that affect these values and exchange rates may occur between the times at which they are determined and the closing of the NYSE.

Washington, D.

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Foreign investment promotion board india wikipedia Return on marketing investment deutschland
Experts traders of us30 673
Cara trade gold forex brussel Reflects the applicable contingent deferred sales charge CDSCmaximum of 5. Cinemark Holdings, Inc. Foreign securities quoted in foreign currencies are translated into U. CMS Energy Corp. AbbVie, Inc. Whiting Petroleum Corp. Williams Cos.

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James C. Willis, CFA. Highland Capital Healthcare Advisors, L. All investments carry a certain amount of risk and the Fund cannot guarantee that it will achieve its investment objective. Short sales by a fund theoretically involve unlimited loss potential since the market price of securities sold short may continuously increase.

These strategies may involve significant transaction costs and may amplify risk. Equity markets posted strong returns during the month period. Stocks faltered early in the period amid concerns over global economic growth and a continued decline in commodity prices. However, modestly improving economic conditions in the U. In that environment, defensive sectors performed well as investors sought out relatively safe areas of the equity market.

The real estate and utility sectors also benefited as investors were attracted to the dividend yields offered by many companies in these sectors. Net exposure was a modest contributor to relative returns. The Fund is measured against the HFRX Equity Hedge Index, an unmanaged index that is generally considered to be representative of the performance of the stock market as a whole. 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.

Investing in ETFs may cause shareholders to bear additional costs, and an ETF may not exactly replicate the performance it seeks to track. International equities generated positive returns during the fiscal year ending September 30, While slow global economic growth and geopolitical turmoil dragged down stocks during the first half of the period, stocks reversed course during the second half, boosted by accommodative monetary policy, rising commodity prices and positive economic data in China.

Emerging markets far outpaced developed markets during the period. This process is specifically designed to capitalize upon known investor biases and heuristics mental shortcuts by taking into account the impact on markets of behavioral factors such as greed, fear and ego.

This behavioral strategy turned negative in early as investors favored dividend yielding and low volatility stocks. Stock selection in the computer hardware sector also hurt relative returns. Shawn M. Gallagher, CFA. He has been the lead portfolio manager to the Fund since and the Predecessor Fund since Gallagher has investment experience since 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. In January and early February, weak international economic data, continued commodity price declines and signs of a general deterioration in financial conditions drove investors to adopt a risk-averse attitude that weighed on stocks.

These sectors posted strong double-digit gains, on average. These more cyclical holdings underperformed as investors gravitated to stocks perceived to be safe in a period marked by heightened uncertainty over global growth, the prospect of a recession and the impacts of the U. The Fund underperformed its benchmark for the period, with most of. These sectors rallied as investors were attracted to stocks offering relatively high dividend yields in the low interest rate environment.

A modest overweight position in the banking industry also weighed on relative results as these holdings underperformed as interest rates remained low. Stock selection in the materials sector also weighed on results, particularly in the chemicals subsector.

Lack of exposure to the metals and mining industry also hurt results, as that subsector benefitted from sharply higher gold and industrial metals prices beginning in early Stock selection in the health care sector added to relative returns. The Fund benefited from exposure to several medical equipment manufacturers, which performed well due in part to strong earnings results driven by organic growth and acquisition activity.

Stock selection in the energy sector also added to results, as did an underweight position in this sector early in the period which helped avoid some of the losses incurred by the benchmark in early when the price of oil dropped. The Fund added to its energy sector holdings as oil prices began to recover, which helped boost results as that sector rebounded in the latter half of the period. 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, 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, , is based on the performance of the shares of the Predecessor Fund. The Board of Trustees of the Fund approved a change of the fiscal year of the Fund from December 31st to September 30th. The indices do not reflect the deduction of expenses associated with a mutual fund, such as investment management and fund accounting fees.

Andrew T. DiZio, CFA. He has been the lead portfolio manager of the Fund since and the Predecessor Fund since DiZio has investment experience since 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. The real estate sector delivered strong returns over the month period.

That positive performance was driven primarily by strong underlying fundamentals, namely favorable supply and demand trends that drove occupancy and rental rates higher for most property types. Global macroeconomic factors, including declining global interest rates and rising economic and political uncertainty, also helped drive positive absolute returns as investors favored equities that offered steady cash flows, including REITs.

After the Board of Directors of the shopping center REIT announced accounting irregularities and fired its management team, the Fund sold the holding. The stock then rebounded when no further. Stalled corporate profitability reduced demand for hotel rooms from business travelers, while the rise of Airbnb options reduced demand from leisure travelers.

Stock selection within the residential and infrastructure subsectors was the largest contributor to relative performance. Within the infrastructure subsector, the Fund benefitted from owning a unique REIT with significant underground fiber assets. Stock selection within the specialty, health care, office and data center subsectors also boosted returns. The Fund is measured against the Index, an unmanaged index, which is generally considered to be representative of the performance of the stock market as a whole.

Gerald M. Van Horn, CFA. Van Horn has investment experience since Small cap company stocks are generally riskier than large company stocks due to greater volatility and less liquidity. Small-cap equity markets posted strong absolute returns for the month period despite a weak start in late and early Shifting macroeconomic data in mid-February, including a rebound in oil prices and a weaker U.

The gains continued through the remainder of the period, despite some periods of increased volatility. Stock selection in the financial services sector also weighed on relative results. Shares of a consumer products company were the subject of a takeover during the period, which added to results. The Fund also benefited from a below-benchmark exposure to the broader energy sector, which generally underperformed. Stock selection within the health care sector also added to relative results.

Mark Montgomery, CFA. Montgomery, Senior Managing Director joined Sterling Capital in and has been a co-portfolio manager of the Fund since inception. Richard T. 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. Treasury Bill Index. Falling yields and increased demand for risk assets helped drive prices higher on the securities held in the portfolio.

The Fund outperformed its benchmark as interest rates declined for the period and the yield curve flattened. The Fund was able to take advantage of the flattening curve through its duration and yield curve. The Fund also benefited from an overweight allocation to risk assets, which outperformed due to declining credit risk premiums. Citi 6-Month U. The Fund is measured against the Citi 6-Month U. Treasury Bill Index, which measures the performance of Treasury bills with a maturity of six months or less.

Montgomery, Senior Managing Director joined Sterling Capital in and has been a co-portfolio manager of the Fund since Corporate Government Index. Investors grew more comfortable with risk as market volatility eased during the period. Their efforts to seek out higher yield among riskier assets drove up demand, which led to higher prices and helped risk assets outperform for the period.

The Fund outperformed compared to its benchmark, in part due to its bias toward slightly longer durations on the short end of the yield curve. The Fund was positioned to take advantage of a yield curve that. The Fund also benefited from its overweight exposure to risk assets, which outperformed during the period as credit risk premiums declined on higher investor demand.

Lower-quality credit outperformed higher-quality credit and the Fund was overweight to triple-B rated bonds and high yield securities, which contributed positively to relative results. The corporate sector outperformed across a number of sectors, including financials, industrials and utilities, which contributed to relative results. Corporate Government Index, which consists of securities with a maturity from one to three years. Brad D. Eppard, CFA. 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. Although U. Treasury, other U. No assurance can be given that the U. Government Intermediate Index. The Fund invests primarily in government securities and maintains an average portfolio duration of between two and a half years and seven years. Low inflation dragged on income early in the period, but this dynamic changed as inflation picked up in mid During the period the Fund maintained a duration longer than its benchmark.

This proved beneficial as yields on longer-term securities fell, driving prices higher. The Fund also maintained a modest barbell. The Fund benefited from that strategy as the yield curve flattened during the period. Bloomberg Barclays U. The Fund is measured against the Bloomberg Barclays U. Government Intermediate Index, an unmanaged index comprised of all publicly issued non-convertible domestic debt of the U.

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. Aggregate Bond Index. Long-term interest rates declined during the period, which helped drive up prices on existing bonds.

A decline in credit risk premiums also helped drive up prices, as volatility eased later in the period and investors grew less risk averse. Risk assets outperformed during the year as a result, and investors sought out higher yields and were willing to take on more risk. These trends helped drive up prices on the securities held by the Fund. Falling commodity prices generally weighed on absolute results, particularly oil prices, which caused an increase in credit risk premiums and ratings downgrades in the energy sector.

The Fund outperformed its benchmark for the period, particularly due to an overweight allocation to risk assets, as credit risk premiums. 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 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. Aggressive monetary policies, which pushed interest rates down, eased globally during the period.

That trend, along with strong demand for fixed income investments, helped bonds post positive total returns for the period. The Fund outperformed its benchmark, in large part due to its allocation to lower-quality, higher-yielding bonds, including subordinated and preferred securities. Investors seeking yield continued to move lower down the risk and quality spectrums which drove up. Finally, the period saw a flattening yield curve as investors sought bonds with longer maturities and amid the continued possibility that the Federal Reserve would raise interest rates.

The Fund benefitted by including an overweight allocation to the short and long ends of the curve and an underweight allocation to the intermediate area of the curve. A slight bias toward holdings with short durations also detracted from relative performance. To obtain performance information current to the most recent month end, please call The Fund is measured against the Bloomberg Barclays Corporate Intermediate Bond Index, an unmanaged index consisting of dollar-denominated debt from U.

Michael Z. Sun, CFA. Sun, Executive Director, joined Sterling Capital in and has been a co-portfolio manager to the Fund since Byron G. Mims, CFA. Mims, Director, joined Sterling Capital in and has been a co-portfolio manager to the Fund since Mims has investment experience since He was a summa cum laude graduate and was recognized as valedictorian. Jeffrey D. Ormsby, CFA. Ormsby, Director, joined Sterling Capital in and has been a co-portfolio manager to the Fund since Ormsby has investment experience since He was a summa cum laude graduate and was recognized as Valedictorian.

Mortgage Backed Securities Index. All sectors within the Fund had positive absolute returns for the period. And while short-term interest rates rose, which negatively impacted prices on shorter duration securities, the higher yields on those holdings was more than enough to offset the negative impacts. The Fund outperformed its benchmark, due primarily to its overweight allocation to risk assets.

As investors sought yield, they turned to risk assets such as commercial mortgage-backed securities, asset-backed securities and residential mortgage-backed securities. The Fund was positioned defensively in this sector in order to guard against higher interest rates and higher interest rate volatility, which could have weighed on mortgage-backed returns. The index measures the performance of investment grade fixed-rate mortgage-backed pass-through securities of Ginnie Mae, Fannie Mae, and Freddie Mac.

Robert F. Millikan, CFA. 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 and has investment experience since The Fund is subject to the same risks as the underlying bonds in the portfolios such as credit, prepayment and interest rate risk. 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. Municipal bond markets delivered positive returns during the month period. Concerns about lagging global growth and low yields on government bonds elsewhere boosted demand for municipal bonds.

The surge in demand for municipal bonds resulted in higher prices and pushed down yields, which tumbled to near-record lows. Yields were further suppressed by a reduction in supply due to several factors, including weak refunding levels and reluctance among some states and municipalities to take on new debt.

That said, those issues were more muted later in the period and municipal bond supply rebounded strongly. Issuance hit record levels in August and a strong issue calendar continued into September. We believed that lower-rated issuers did not adequately compensate investors for the additional risk they carry.

However, lower-rated municipal issues outperformed their higher-rated peers. For instance, AAA-rated municipal bonds returned 3. The Fund benefited from an overweight position in revenue bonds, especially among healthcare and hospital bonds. An underweight position in general obligation bonds also benefited relative performance, as these bonds lagged during the period. 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.

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. 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.

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. 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.

Burke, and Brandon W. Shane A. Burke, Director, joined Sterling Capital in and has been a co-portfolio manager of the Fund since Brandon W. Carl, CFA. Carl has been a co-portfolio manager to the Fund since Carl has investment experience since 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 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. Investments in REITs and high dividend yielding global equities continued to provide steady dividends and were bolstered by falling interest rates in the first half of Falling interest rates also increased prices for long-term Treasury bonds.

The Fund strategically. The Fund outperformed its benchmark for the fiscal year. While a covered call strategy limits downside risk, it also caps potential returns. 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. Team Managed. Willis, Mr. Schappe and Mr. Stoll have managed the Funds since , and , respectively.

Kevin J. Stoll, CFA. Stoll, Executive Director, joined Sterling Capital in and has been a co-portfolio manager to the Funds since 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. How did the Funds perform during the month period between October 1, and September 30, ? The broad equity and fixed income markets performed well over the fiscal year, spurred by the continuation of relatively low interest rates on the domestic side, subsiding fears of economic fallout in China and the recovery of the energy market in the second half of the reporting period. The structural nature of the product, which includes short positions, also proved a drag on absolute returns.

The Sterling Capital Special Opportunities Fund faced challenges due to an overweight position in healthcare, which suffered due to uncertainty related to the U. The Sterling Capital Equity Income Fund also dragged on relative returns, underperforming its benchmark largely because of an underweight position in the energy sector, which rebounded when oil prices increased.

The Sterling Capital Behavioral International Equity Fund also beat its benchmark, thanks to its strategy of employing an investment process rooted in principles of behavioral finance. 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.

Currently all management fees are being waived. Summary of Portfolio Holdings Unaudited. Sterling Capital Funds invested, as a percentage of net assets, in the following industries, countries, states, funds or security types, as of September 30, Capital Goods. Consumer Services. Diversified Financials. Real Estate.

Telecommunication Services. Money Market Fund. Exchange Traded Fund. Exchange Traded Funds. Hong Kong. United Kingdom. Health Care. Asset Backed Securities. Collateralized Mortgage Obligations. Commercial Mortgage-Backed Securities. Commercial Paper. Corporate Bonds. Municipal Bonds. Foreign Government Bond.

Government Agencies. Treasury Note. Mortgage-Backed Securities. Treasury Notes. Preferred Stocks. Treasury Bonds. Kentucky Municipal Bonds. Maryland Municipal Bonds. Gentex Corp. Lear Corp. Visteon Corp. Ford Motor Co. General Motors Co. Harley-Davidson, Inc. Tesla Motors, Inc. Thor Industries, Inc. Genuine Parts Co. LKQ Corp. Graham Holdings Co. Service Corp. ServiceMaster Global Holdings, Inc. Wilmington Large-Cap Strategy Fund continued.

Brinker International, Inc. Carnival Corp. Chipotle Mexican Grill, Inc. Choice Hotels International, Inc. Darden Restaurants, Inc. Hilton Worldwide Holdings, Inc. Hyatt Hotels Corp. International Game Technology. Las Vegas Sands Corp. Marriott International, Inc. Panera Bread Co. Restaurant Brands International LP. Royal Caribbean Cruises Ltd.

Six Flags Entertainment Corp. Starbucks Corp. Wyndham Worldwide Corp. Wynn Resorts Ltd. Brands, Inc. CalAtlantic Group, Inc. DR Horton, Inc. Garmin Ltd. Harman International Industries, Inc. Lennar Corp. Mohawk Industries, Inc. Newell Brands, Inc. NVR, Inc. PulteGroup, Inc. Tempur Sealy International, Inc.

Toll Brothers, Inc. Tupperware Brands Corp. Whirlpool Corp. Expedia, Inc. Groupon, Inc. Liberty Interactive Corp. Netflix, Inc. Priceline Group, Inc. TripAdvisor, Inc. Brunswick Corp. Hasbro, Inc. Mattel, Inc.

Polaris Industries, Inc. Vista Outdoor, Inc. AMC Networks, Inc. Cable One, Inc. CBS Corp. Charter Communications, Inc. Cinemark Holdings, Inc. Clear Channel Outdoor Holdings, Inc. Comcast Corp. Discovery Communications, Inc. Gannett Co. Interpublic Group of Cos. Liberty Broadband Corp. Liberty Media Corp. Lions Gate Entertainment Corp. Live Nation Entertainment, Inc.

Madison Square Garden Co. Morningstar, Inc. News Corp. Omnicom Group, Inc. Scripps Networks Interactive, Inc. Sirius XM Holdings, Inc. Thomson Reuters Corp. Time Warner, Inc. Tribune Media Co. Twenty-First Century Fox, Inc. Viacom, Inc. Walt Disney Co. Burlington Stores, Inc. Dollar General Corp. Dollar Tree, Inc. JC Penney Co. Nordstrom, Inc. Sears Holdings Corp.

Target Corp. Advance Auto Parts, Inc. AutoNation, Inc. AutoZone, Inc. Best Buy Co. CarMax, Inc. CST Brands, Inc. Foot Locker, Inc. GameStop Corp. Gap, Inc. Home Depot, Inc. L Brands, Inc. Michaels Cos, Inc. Murphy USA, Inc. Penske Automotive Group, Inc. Ross Stores, Inc. Sally Beauty Holdings, Inc. Signet Jewelers Ltd. Staples, Inc. TJX Cos. Tractor Supply Co. Urban Outfitters, Inc. Williams-Sonoma, Inc. Coach, Inc. Hanesbrands, Inc.

Michael Kors Holdings Ltd. NIKE, Inc. PVH Corp. Ralph Lauren Corp. Skechers U. Under Armour, Inc. VF Corp. Brown-Forman Corp. Coca-Cola Co. Constellation Brands, Inc. Pepper Snapple Group, Inc. Molson Coors Brewing Co. Monster Beverage Corp. PepsiCo, Inc. Costco Wholesale Corp. CVS Health Corp. Kroger Co. Rite Aid Corp. Sprouts Farmers Market, Inc. Sysco Corp. US Foods Holding Corp. Walgreens Boots Alliance, Inc. Wal-Mart Stores, Inc. Whole Foods Market, Inc. Archer-Daniels-Midland Co.

Blue Buffalo Pet Products, Inc. Bunge Ltd. Campbell Soup Co. ConAgra Foods, Inc. General Mills, Inc. Hain Celestial Group, Inc. Hershey Co. Hormel Foods Corp. Ingredion, Inc. JM Smucker Co. Kellogg Co. Kraft Heinz Co. Mead Johnson Nutrition Co. Mondelez International, Inc. Tyson Foods, Inc. WhiteWave Foods Co. Clorox Co. Colgate-Palmolive Co. Energizer Holdings, Inc. Kimberly-Clark Corp. Spectrum Brands Holdings, Inc. Edgewell Personal Care Co. Estee Lauder Cos. Herbalife Ltd. Nu Skin Enterprises, Inc.

Altria Group, Inc. Philip Morris International, Inc. Reynolds American, Inc. Baker Hughes, Inc. Diamond Offshore Drilling, Inc. Dril-Quip, Inc. FMC Technologies, Inc. Halliburton Co. Nabors Industries Ltd. National Oilwell Varco, Inc. Noble Corp. Oceaneering International, Inc. Rowan Cos. RPC, Inc. Schlumberger Ltd. Superior Energy Services, Inc.

Targa Resources Corp. Transocean Ltd. Anadarko Petroleum Corp. Antero Resources Corp. Apache Corp. Cheniere Energy, Inc. Chesapeake Energy Corp. Chevron Corp. Cimarex Energy Co. Cobalt International Energy, Inc. Concho Resources, Inc. Continental Resources, Inc. CVR Energy, Inc. Devon Energy Corp. Diamondback Energy, Inc. Energen Corp. EOG Resources, Inc. EQT Corp. Exxon Mobil Corp. Golar LNG Ltd. Gulfport Energy Corp.

Hess Corp. HollyFrontier Corp. Kinder Morgan, Inc. Kosmos Energy Ltd. Laredo Petroleum, Inc. Marathon Oil Corp. Marathon Petroleum Corp. Murphy Oil Corp. Newfield Exploration Co. Noble Energy, Inc. Occidental Petroleum Corp. PBF Energy, Inc. Phillips Pioneer Natural Resources Co. QEP Resources, Inc. Range Resources Corp. Rice Energy, Inc. SM Energy Co. Southwestern Energy Co. Spectra Energy Corp. Tesoro Corp. Valero Energy Corp.

Whiting Petroleum Corp. Williams Cos. World Fuel Services Corp. WPX Energy, Inc. Affiliated Managers Group, Inc. Ameriprise Financial, Inc. Artisan Partners Asset Management, Inc. Bank of New York Mellon Corp. BlackRock, Inc. Charles Schwab Corp.

Donnelley Financial Solutions, Inc. Eaton Vance Corp. Federated Investors, Inc. Franklin Resources, Inc. Goldman Sachs Group, Inc. Interactive Brokers Group, Inc. Invesco Ltd. Lazard Ltd. Legg Mason, Inc. Morgan Stanley. Northern Trust Corp. Raymond James Financial, Inc. SEI Investments Co. State Street Corp. Rowe Price Group, Inc. TD Ameritrade Holding Corp.

Associated Banc-Corp. Bank of America Corp. Bank of Hawaii Corp. BankUnited, Inc. BOK Financial Corp. CIT Group, Inc. Citizens Financial Group, Inc. Comerica, Inc. Commerce Bancshares, Inc. East West Bancorp, Inc. Fifth Third Bancorp. First Horizon National Corp. First Republic Bank. Huntington Bancshares, Inc. PacWest Bancorp. Popular, Inc. Regions Financial Corp. SunTrust Banks, Inc. Synovus Financial Corp. TCF Financial Corp. Zions Bancorporation. Ally Financial, Inc. American Express Co.

Capital One Financial Corp. Credit Acceptance Corp. Discover Financial Services. Navient Corp. SLM Corp. Synchrony Financial. Berkshire Hathaway, Inc. Citigroup, Inc. CME Group, Inc. Intercontinental Exchange, Inc. Leucadia National Corp. MSCI, Inc. Nasdaq, Inc. OneMain Holdings, Inc. Voya Financial, Inc. Aflac, Inc. Alleghany Corp. Allied World Assurance Co. Holdings AG. Allstate Corp. American Financial Group, Inc. American International Group, Inc. American National Insurance Co.

AmTrust Financial Services, Inc. Aon PLC. Arch Capital Group Ltd. Aspen Insurance Holdings Ltd. Assurant, Inc. Assured Guaranty Ltd. Axis Capital Holdings Ltd. Chubb Ltd. Cincinnati Financial Corp. CNA Financial Corp. Endurance Specialty Holdings Ltd.

Erie Indemnity Co. Everest Re Group Ltd. FNF Group. Hanover Insurance Group, Inc. Hartford Financial Services Group, Inc. Lincoln National Corp. Loews Corp. Markel Corp. Mercury General Corp. MetLife, Inc. Old Republic International Corp. Principal Financial Group, Inc.

ProAssurance Corp. Progressive Corp. Prudential Financial, Inc. Reinsurance Group of America, Inc. RenaissanceRe Holdings Ltd. Torchmark Corp. Travelers Cos. Unum Group. Validus Holdings Ltd. White Mountains Insurance Group Ltd. WR Berkley Corp. Xl Group Ltd. Alexandria Real Estate Equities, Inc. American Campus Communities, Inc. American Tower Corp. Annaly Capital Management, Inc. AvalonBay Communities, Inc.

Boston Properties, Inc. Brandywine Realty Trust. Brixmor Property Group, Inc. Camden Property Trust. Care Capital Properties, Inc. Chimera Investment Corp. Corporate Office Properties Trust. Corrections Corp. Crown Castle International Corp. CyrusOne, Inc. DDR Corp. Digital Realty Trust, Inc. Douglas Emmett, Inc. Duke Realty Corp. Empire State Realty Trust, Inc. Equinix, Inc. Equity Lifestyle Properties, Inc.

Equity Residential. Essex Property Trust, Inc. Extra Space Storage, Inc. Federal Realty Investment Trust. Forest City Realty Trust, Inc. Gaming and Leisure Properties, Inc. General Growth Properties, Inc. HCP, Inc. Healthcare Trust of America, Inc. Hospitality Properties Trust. Iron Mountain, Inc.

Kilroy Realty Corp. Kimco Realty Corp. Lamar Advertising Co. Liberty Property Trust. Macerich Co. Mid-America Apartment Communities, Inc. National Retail Properties, Inc. NorthStar Realty Finance Corp. Omega Healthcare Investors, Inc. Outfront Media, Inc. Piedmont Office Realty Trust, Inc. Post Properties, Inc. Prologis, Inc. Public Storage. Rayonier, Inc. Realty Income Corp. Regency Centers Corp. Retail Properties of America, Inc.

Senior Housing Properties Trust. Simon Property Group, Inc. SL Green Realty Corp. Spirit Realty Capital, Inc. Starwood Property Trust, Inc. Tanger Factory Outlet Centers, Inc. Taubman Centers, Inc. UDR, Inc. Ventas, Inc. Vornado Realty Trust. Washington Prime Group, Inc. Weingarten Realty Investors. Welltower, Inc. Weyerhaeuser Co. WP Carey, Inc. Howard Hughes Corp. Jones Lang LaSalle, Inc. Realogy Holdings Corp. New York Community Bancorp, Inc. TFS Financial Corp. Agios Pharmaceuticals, Inc. Alexion Pharmaceuticals, Inc.

Alnylam Pharmaceuticals, Inc. Amgen, Inc. Biogen, Inc. BioMarin Pharmaceutical, Inc. Celgene Corp. Gilead Sciences, Inc. Incyte Corp. Intercept Pharmaceuticals, Inc. Intrexon Corp. Ionis Pharmaceuticals, Inc. Juno Therapeutics, Inc.

Neurocrine Biosciences, Inc. Regeneron Pharmaceuticals, Inc. Seattle Genetics, Inc. United Therapeutics Corp. Vertex Pharmaceuticals, Inc. Abbott Laboratories. Alere, Inc. Align Technology, Inc. Baxter International, Inc. Boston Scientific Corp. Cooper Cos. CR Bard, Inc. DexCom, Inc. Edwards Lifesciences Corp. Hill-Rom Holdings, Inc.

Hologic, Inc. Intuitive Surgical, Inc. Medtronic PLC. ResMed, Inc. Jude Medical, Inc. Stryker Corp. Teleflex, Inc. Varian Medical Systems, Inc. Zimmer Biomet Holdings, Inc. Aetna, Inc. AmerisourceBergen Corp. Amsurg Corp. Anthem, Inc. Brookdale Senior Living, Inc.

Cardinal Health, Inc. Centene Corp. Cigna Corp. DaVita, Inc. Envision Healthcare Holdings, Inc. Express Scripts Holding Co. HCA Holdings, Inc. Henry Schein, Inc. Humana, Inc. Laboratory Corp. LifePoint Hospitals, Inc. McKesson Corp. Patterson Cos. Premier, Inc. Quest Diagnostics, Inc. Quorum Health Corp. Tenet Healthcare Corp. UnitedHealth Group, Inc. Universal Health Services, Inc.

VCA, Inc. Allscripts Healthcare Solutions, Inc. Cerner Corp. Inovalon Holdings, Inc. Veeva Systems, Inc. Agilent Technologies, Inc. Bio-Rad Laboratories, Inc. Bruker Corp. Charles River Laboratories International, Inc. Illumina, Inc. Mettler-Toledo International, Inc. PerkinElmer, Inc. Thermo Fisher Scientific, Inc. VWR Corp. Waters Corp. AbbVie, Inc. Akorn, Inc. Bristol-Myers Squibb Co.

Perrigo Co. Pfizer, Inc. Zoetis, Inc. Boeing Co. BWX Technologies, Inc. General Dynamics Corp. Hexcel Corp. Honeywell International, Inc. Huntington Ingalls Industries, Inc. L-3 Communications Holdings, Inc. Lockheed Martin Corp. Northrop Grumman Corp. Raytheon Co. Rockwell Collins, Inc. Spirit AeroSystems Holdings, Inc. Textron, Inc. TransDigm Group, Inc. United Technologies Corp. Robinson Worldwide, Inc.

Expeditors International of Washington, Inc. FedEx Corp.

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Status Active. Professionals 5. Investments Portfolio Exits Xenon Private Equity General Information Description Xenon Private Equity is a private equity firm that seeks to co-own and co-manage companies that not only show the usual LBO or growth-capital candidate features but possess some of the following main characteristics. Year Founded. Investor Status. Actively Seeking New Investments. Primary Investor Type. Other Investor Types.

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