# EDGAR Filing Document

**Accession Number:** 0000889284
**File Stem:** 0001398344-23-001732
**Filing Date:** 2023-2
**Character Count:** 17391
**Document Hash:** c70e671cd2b7fdda8995cee2dd7e65ba
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001398344-23-001732.hdr.sgml**: 20230201

**ACCESSION NUMBER**: 0001398344-23-001732

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 3

**FILED AS OF DATE**: 20230201

**DATE AS OF CHANGE**: 20230201

**EFFECTIVENESS DATE**: 20230201

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** STERLING CAPITAL FUNDS
- **CENTRAL INDEX KEY:** 0000889284
- **IRS NUMBER:** 043331055
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** 497K
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 033-49098
- **FILM NUMBER:** 23575622

**BUSINESS ADDRESS:**
- **STREET 1:** 3605 GLENWOOD AVENUE
- **STREET 2:** SUITE 100
- **CITY:** RALEIGH
- **STATE:** NC
- **ZIP:** 27612
- **BUSINESS PHONE:** 8002281872

**MAIL ADDRESS:**
- **STREET 1:** 3605 GLENWOOD AVENUE
- **STREET 2:** SUITE 100
- **CITY:** RALEIGH
- **STATE:** NC
- **ZIP:** 27612

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** BB&T FUNDS /
- **DATE OF NAME CHANGE:** 20010419

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** BB&T MUTUAL FUNDS GROUP
- **DATE OF NAME CHANGE:** 19920929

## Series and Classes Contracts Data

### STERLING CAPITAL SPECIAL OPPORTUNITIES FUND (Series ID: S000003543)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000009843 | INSTITUTIONAL CLASS | BOPIX           |

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| |
|:---|
| **Summary Prospectus** February 1, 2023 |
| Sterling Capital Special Opportunities Fund <br>**Institutional Shares BOPIX** |
| Before you invest, you may want to review the Fund's Prospectus, which contains information about the Fund and its risks. The Fund's Prospectus and Statement of Additional Information, both dated February 1, 2023, are incorporated by reference into this Summary Prospectus. You can find the Fund's Prospectus and other information about the Fund online at www.sterlingcapitalfunds.com/funds. You can also get this information at no cost by calling 1-800-228-1872 or by sending an e-mail request to fundinfo@sterling-capital.com. |

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**Investment Objective** 

The Fund seeks long-term capital appreciation.

**Fee Table** 

This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.

&nbsp;&nbsp;**Shareholder Fees** (fees paid directly from your investment) <br>

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| | |
|:---|:---|
|  | **Institutional <br> Shares**  |
| &nbsp;&nbsp;Maximum Sales Charge (load) on Purchases (as a % of offering price)  |  |
| &nbsp;&nbsp;Maximum Deferred Sales Charge (load) (as a % of the lesser of the cost of your shares or their net asset value at the time of redemption) |  |
| &nbsp;&nbsp;Redemption Fee  |  |

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&nbsp;&nbsp;**Annual Fund Operating Expenses** (expenses that you pay each year as a percentage of the value of your investment)<br>

---

| | |
|:---|:---|
|  | **Institutional <br> Shares**  |
| &nbsp;&nbsp;Management Fees  | 0.65% |
| &nbsp;&nbsp;Distribution and Service (12b-1) Fees  | 0.00% |
| &nbsp;&nbsp;Other Expenses  | 0.24% |
| &nbsp;&nbsp;Total Annual Fund Operating Expenses | 0.89% |

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&nbsp;&nbsp;**Example**<br>

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 <br> Year**  | **3 <br> Years**  | **5 <br> Years**  | **10 <br> Years**  |
| &nbsp;&nbsp;**Institutional Shares**  | $91 | $284 | $493 | $1096 |

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&nbsp;&nbsp;**Portfolio Turnover**<br>

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 28.06% of the average value of its portfolio.

**Strategy, Risks and Performance** 

**Principal Strategy** 

To pursue its investment objective, the Fund will invest, under normal circumstances, at least 80% of its net assets plus borrowings for investment purposes in equity securities. The securities may include common stock, preferred stock, warrants, American Depositary Receipts ("ADRs"), or debt instruments that are convertible to common stock. The Fund invests, under normal market conditions, primarily in domestically traded U.S. common stocks and U.S. traded equity stocks of foreign companies, including ADRs. The Fund uses a multi-style approach, meaning that it not only invests across different capitalization levels but may target both value- and growth-oriented companies.

The portfolio manager looks for companies experiencing above-average revenue and profit growth as well as out-of-favor stocks that may be depressed due to what the portfolio manager believes to be temporary economic circumstances. In choosing individual stocks, the portfolio manager then performs a fundamental analysis to examine the valuation, growth and momentum characteristics of a particular issuer. The portfolio manager may consider environmental, social and governance ("ESG") factors as part of the investment process.

The portfolio manager may consider selling a stock owned by the Fund for a variety of reasons including but not limited to: when the factors that induced the portfolio manager to buy the stock have changed, the company faces earnings growth risk or has issued substantial new debt, or to reduce the Fund's position in a particular stock if the stock represents a disproportionately large position within the Fund's portfolio.

In addition, the Fund may engage in writing covered call options on securities to generate income from premiums received in connection with the option. A call option gives the buyer the right to buy, and obligates the option seller to sell a security at a specified price. Generally, a written call option is covered if a fund owns the security

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| | | |
|:---|:---|:---|
| **Summary Prospectus** | 1 of 4 | **Sterling Capital Special Opportunities Fund** |

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or instrument underlying the call or has an absolute right to acquire that security or instrument without additional cash consideration. When the Fund writes a covered call option on a security, the Fund limits its opportunity to profit from an increase in the market price of the security above the exercise price of the option. The Fund will not write a covered call option if, as a result, the aggregate fair value of all portfolio securities covering call options exceeds 50% of the fair value of its net assets.

**Principal Risks** 

All investments carry a certain amount of risk and the Fund cannot guarantee that it will achieve its investment objective. An investment in the Fund is not a deposit or obligation of any bank, is not endorsed or guaranteed by any bank and is not insured by the Federal Deposit Insurance Corporation ("FDIC") or any other government agency. You may lose money by investing in the Fund. Below are the principal risks of investing in the Fund.

**Market Risk:** The possibility that the Fund's stock holdings will decline in price because of a broad stock market decline. Markets generally move in cycles, with periods of rising prices followed by periods of falling prices. The value of your investment will tend to increase or decrease in response to these movements.

**Interest Rate Risk:** The possibility that the value of the Fund's investments will decline due to an increase in interest rates. Interest rate risk is generally higher for longer-term debt instruments and lower for shorter-term debt instruments.

**Investment Style Risk:** The possibility that the market segment on which this Fund is primarily invested in, whether growth or value; large-, mid- or small-cap; could underperform other kinds of investments or market averages that include style-focused investments.

**Small Capitalization Company Risk:** Investing in smaller, lesser-known companies involves greater risk than investing in those that are more established. A small company's financial well-being may, for example, depend heavily on just a few products or services. In addition, small company stocks tend to trade less frequently and in lesser quantities, and their market prices often fluctuate more, than those of larger firms.

**Mid Capitalization Company Risk:** Investments in middle capitalization companies may be riskier, more volatile and more vulnerable to economic, market and industry changes than investments in larger, more established companies. As a result, share price changes may be more sudden or erratic than the prices of other equity securities, especially over the short term.

**Company-Specific Risk:** The possibility that a particular stock may lose value due to factors specific to the company itself, including deterioration of its fundamental characteristics, an occurrence of adverse events at the company, or a downturn in its business prospects.

**Foreign Investment Risk:** Foreign securities involve risks not typically associated with investing in U.S. securities. Foreign securities may be adversely affected by various factors, including currency fluctuations and social, economic or political instability.

**Counterparty Risk:** The possibility that a counterparty to a contract will default or otherwise become unable to honor a financial obligation.

**Options Risk:** There are significant differences between the securities and options markets that could result in an imperfect correlation between these markets, causing an options transaction not to achieve its objectives. A decision as to whether, when and how to use options involves the exercise of skill and judgment, and even a well conceived transaction may be unsuccessful to some degree because of market behavior or unexpected events. There can be no assurance that a liquid secondary market will exist for any particular option at a particular time; as a result, it may be costly to liquidate options. There is also no assurance that a liquid market will exist for any particular option contract on an exchange.

**Preferred Stock Risk:** Preferred stock represents an interest in a company that generally entitles the holder to receive, in preference to the holders of common stock, dividends and a fixed share of the proceeds resulting from a liquidation of the company. Preferred stocks are generally subordinated in right of payment to all debt obligations and creditors of the issuer.

**Operational and Technology Risk:** Cyber-attacks, disruptions, or failures that affect the Fund's service providers, counterparties, market participants, or issuers of securities held by the Fund may adversely affect the Fund and its shareholders, including by causing losses for the Fund or impairing Fund operations.

**Focused Investment Risk:** Investments focused in asset classes, countries, regions, sectors, industries, or issuers that are subject to the same or similar risk factors and investments whose prices are closely correlated are subject to greater overall risk than investments that are more diversified or whose prices are not as closely correlated.

**Management Risk:** The risk that an investment technique used by the Fund's portfolio manager may fail to produce the intended result.

For more information about the Fund's risks, please see the "Additional Investment Strategies and Risks" section in this Prospectus.

**Performance** 

The following bar chart and table provide some indication of the risks of investing in the Fund. The bar chart shows changes in the Fund's performance from year to year. The table shows how the Fund's average annual returns for 1, 5 and 10 years compared with those of a broad measure of market performance. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. *Updated performance information is available at no cost by visiting www.sterlingcapitalfunds.com or by calling 1-800-228-1872.*

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| | | |
|:---|:---|:---|
| **Summary Prospectus** | 2 of 4 | **Sterling Capital Special Opportunities Fund** |

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&nbsp;&nbsp;**Institutional Shares Annual Total Returns for years ended 12/31**<br>

![](fp0081483-34_sof3.jpg)

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| | | |
|:---|:---|:---|
| Best quarter:  | 21.48% | 06/30/2020 |
| Worst quarter:  | -27.20% | 03/31/2020 |

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&nbsp;&nbsp;**Average Annual Total Returns** as of December 31, 2022<br>

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| | | | |
|:---|:---|:---|:---|
|  | **1 <br> Year**  | **5 <br> Years** | **10 <br> Years** |
| &nbsp;&nbsp;**Institutional Shares** |  |  |  |
| &nbsp;&nbsp;Return Before Taxes  | -20.03% | 7.27% | 11.06% |
| &nbsp;&nbsp;Return After Taxes on Distributions  | -21.38% | 5.62% | 9.19% |
| &nbsp;&nbsp;Return After Taxes on Distributions and Sale of Fund Shares  | -10.85% | 5.69% | 8.79% |
| &nbsp;&nbsp;**Russell 3000<sup>®</sup>** **Index**  |  |  |  |
| &nbsp;&nbsp;(reflects no deductions for fees, expenses, or taxes)  | -19.21% | 8.79% | 12.13% |
| &nbsp;&nbsp;**Bloomberg US 3000 Index** |  |  |  |
| &nbsp;&nbsp;(reflects no deductions for fees, expenses, or taxes) | -19.62% | 8.75% | 12.12% |

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After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their Fund shares through tax-advantaged arrangements such as 401(k) plans or individual retirement accounts.

**Management** 

**Investment Adviser** 

Sterling Capital Management LLC ("Sterling Capital")

**Portfolio Managers** 

Joshua L. Haggerty, CFA<br> Executive Director of Sterling Capital and Co-Portfolio Manager<br> Since July 2021<br> (formerly Associate Portfolio Manager from February 2016 - July 2021)

Daniel A. Morrall<br> Executive Director of Sterling Capital and Co- Portfolio Manager<br> Since December 2021<br> (formerly Associate Portfolio Manager from July 2021 - December 2021)

**Purchase and Sale of Fund Shares**

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Account Type**  | **Minimum <br> Initial <br> Investment\*** | **Minimum <br> Subsequent <br> Investment**  |
| &nbsp;&nbsp;Regular Account | $1000000  | $0  |
| &nbsp;&nbsp;Automatic Investment Plan | $1000000 | $25 |

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\* Investors purchasing shares through Truist Bank, its affiliates or other financial service providers or intermediaries approved by the Fund and other investors approved by the Fund are not subject to a minimum initial investment requirement.

You may buy or sell Institutional Shares of the Fund through procedures established by the Fund in connection with the requirements of fiduciary, advisory, agency, custodial and other similar accounts maintained by or on behalf of customers of Truist Bank or one of its affiliates or other financial service providers or intermediaries approved by the Fund. These parties are responsible for transmitting orders by close of business. Institutional Shares are available for purchase on any business day when the New York Stock Exchange (the NYSE) is open for regular trading. Please contact your investment representative or institution or the Funds directly at 1-800-228-1872 for more information regarding purchasing, redeeming and exchanging shares. In addition, Institutional Shares are available for purchase at www.sterlingcapitalfunds.com.

**Tax Information** 

The Fund normally distributes its net investment income and net realized capital gains, if any, to shareholders. These distributions are generally taxable to you as ordinary income or capital gains, unless you are investing through a tax-advantaged arrangement, such as a 401(k) plan (which may be taxable upon withdrawal) or an individual retirement account (which may be taxable upon withdrawal).

**Payments to Broker-Dealers and Other Financial Intermediaries** 

If you purchase the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's Web site for more information.

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| | | |
|:---|:---|:---|
| **Summary Prospectus** | 3 of 4 | **Sterling Capital Special Opportunities Fund** |

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SOPP-I-0223

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| | | |
|:---|:---|:---|
| **Summary Prospectus** | 4 of 4 | **Sterling Capital Special Opportunities Fund** |

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