UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number          811-06719         

Sterling Capital Funds

(Exact name of registrant as specified in charter)

434 Fayetteville St., Suite 500
Raleigh, NC 27601

(Address of principal executive offices) (Zip code)

James T. Gillespie, President
Sterling Capital Funds
434 Fayetteville St., Suite 500
Raleigh, NC 27601

(Name and address of agent for service)

Registrant’s telephone number, including area code: (800) 228-1872

Date of fiscal year end: September 30

Date of reporting period: September 30, 2023

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

Item 1. Reports to Stockholders.

(a) The Report to Shareholders is attached herewith.

Sterling Capital Funds

Table of Contents

Letter from the President and the Investment Advisor	1
Fund Summary
Sterling Capital Behavioral Large Cap Value Equity Fund	3
Sterling Capital Mid Value Fund	5
Sterling Capital Behavioral Small Cap Value Equity Fund	7
Sterling Capital Special Opportunities Fund	9
Sterling Capital Equity Income Fund	11
Sterling Capital Behavioral International Equity Fund	13
Sterling Capital SMID Opportunities Fund	15
Sterling Capital Mid Cap Relative Value Fund	17
Sterling Capital Real Estate Fund	19
Sterling Capital Small Cap Value Fund	21
Sterling Capital Ultra Short Bond Fund	23
Sterling Capital Short Duration Bond Fund	25
Sterling Capital Intermediate U.S. Government Fund	27
Sterling Capital Total Return Bond Fund	29
Sterling Capital Long Duration Corporate Bond Fund	31
Sterling Capital Quality Income Fund	33
Sterling Capital North Carolina Intermediate Tax-Free Fund	35
Sterling Capital South Carolina Intermediate Tax-Free Fund	37
Sterling Capital Virginia Intermediate Tax-Free Fund	39
Sterling Capital West Virginia Intermediate Tax-Free Fund	41
Summary of Portfolio Holdings	43
Expense Example	48
Schedules of Portfolio Investments
Sterling Capital Behavioral Large Cap Value Equity Fund	54
Sterling Capital Mid Value Fund	57
Sterling Capital Behavioral Small Cap Value Equity Fund	59
Sterling Capital Special Opportunities Fund	63
Sterling Capital Equity Income Fund	64
Sterling Capital Behavioral International Equity Fund	65
Sterling Capital SMID Opportunities Fund	68
Sterling Capital Mid Cap Relative Value Fund	69
Sterling Capital Real Estate Fund	71
Sterling Capital Small Cap Value Fund	72
Sterling Capital Ultra Short Bond Fund	74
Sterling Capital Short Duration Bond Fund	78
Sterling Capital Intermediate U.S. Government Fund	83
Sterling Capital Total Return Bond Fund	86
Sterling Capital Long Duration Corporate Bond Fund	94
Sterling Capital Quality Income Fund	100
Sterling Capital North Carolina Intermediate Tax-Free Fund	105
Sterling Capital South Carolina Intermediate Tax-Free Fund	108
Sterling Capital Virginia Intermediate Tax-Free Fund	110
Sterling Capital West Virginia Intermediate Tax-Free Fund	112
Financial Statements	115
Notes to Financial Statements	167
Report of Independent Registered Public Accounting Firm	191
Other Information	193
Board of Trustees	194
Liquidity Risk Management Program	196
Notice of Privacy Policy & Practices	197

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Letter from the President and the Investment Advisor

Dear Shareholders:

We are pleased to present this Sterling Capital Funds Annual Report covering the 12 months from October 1, 2022, to September 30, 2023.

Equity markets posted double-digit returns over the 12-month period under review. Share prices rebounded strongly in October 2022 after relatively weak performance for much of the calendar year. Stock prices peaked early in the third quarter of 2023 before declining modestly through the end of the period.

Inflation and the Federal Reserve’s (Fed’s) monetary policy decisions were major themes influencing domestic equity performance during the 12-month period under review. Investors began the period concerned that the Fed’s rate hikes would drive the U.S. economy into a recession. Those fears faded with the New Year as inflation showed signs of cooling and economic fundamentals remained strong, but they were renewed after the Fed raised interest rates in July and again in September after Fed Chair Jerome Powell adopted a more hawkish tone about potential interest rate moves in 2024.

Although U.S. and developed international equities ended the 12-month period largely in line with one another, the pace of those gains and the nature of the trends differed. For instance, domestic equities underperformed international equities for the fourth quarter of 2022, while that pattern reversed across the latter half of the period. In fact, most of the gains for international stocks took place during the fourth quarter of 2022, when large-cap international stocks, as measured by the MSCI¹ EAFE Large Cap (LC) Index, gained 17.3% and the S&P 500®² Index, a measure of large-cap U.S. stocks, posted a 7.5% gain. Value stocks also generally outperformed growth names during this final quarter of 2022, as they did for most of 2022.

In early 2023, U.S. Investors appeared to regain some of their appetite for risk. Fears of a financial crisis, triggered by the well-publicized failure of a few regional banks in March, kept share prices mostly in check across the first quarter of 2023. However, U.S. equities rebounded strongly through the second quarter of 2023. Despite mixed economic data, investors’ appetite for risk increased, leading to a shift toward growth stocks and away from value names. In fact, across the first three quarters of 2023, U.S. large-cap growth stocks, as measured by the Russell³ 1000® Growth Index, returned 25.0%, outperforming the 1.8% return by U.S. large-cap value stocks, as measured by the Russell 1000® Value Index. By comparison, value stocks continued to outperform growth names in international markets across the same final three quarters of the period, even as the difference was more muted. The MSCI ACWI ex USA Value Index, a measure of large- and mid-cap international value stocks, returned 8.8% during the first nine months of 2023. That compared to a 2.9% gain for the MSCI ACWI ex USA Growth Index. It was only in the final quarter of the period that investor enthusiasm for growth stocks waned. During that period, investors worried about the potential for additional interest rate hikes, a more hawkish stance by the Fed, the risk of a government shutdown, and the economic impact of a prolonged autoworkers strike. U.S. large-cap growth and value stocks both declined equally across the final quarter of the period.

Domestic investors’ pivot to growth during the period was visible in the performance of individual sectors of the S&P 500. In the fourth quarter of 2022, the energy, industrials, and materials sectors posted the strongest gains, while consumer discretionary and communication services were the only sectors of the index to post a loss for the quarter. When considering the first three quarters of 2023, however, the three top-performing sectors were communications services, information technology, and consumer discretionary. Meanwhile, more-defensive areas such as health care, consumer staples, real estate, and utilities all lagged their peers.

Over the course of the 12-month period, the Fed raised the fed funds rate⁴ – a key short-term interest rate – six times for a total increase of 225 basis points⁵ (bps), or 2.25%. The two rate hikes in the fourth quarter of 2022 accounted for 125bps, while the four rate hikes in February, March, May, and July were each 25bp increases. The rapid rise in interest rates had the expected effect on bonds of pushing down prices. However, those effects were mixed along the length of the yield curve⁶ as investors worked to process the monthly changes in inflation data and the shifting tone of the Fed.

In the fourth quarter of 2022, short-term yields skyrocketed, with the yield on 6-month Treasuries up 100bps for the quarter. Meanwhile, the yield on 10-year Treasuries remained relatively flat. In the first quarter of 2023, a banking crisis among regional banks in March 2023 led to a flight to safety which saw Treasury yields decline despite the single Fed interest rate increase that took place in February. The inversion between two- and 10-year Treasuries declined to -56bps by the end of the quarter. Meanwhile, the spread on corporate yields narrowed as the Fed and FDIC aggressively intervened in the regional banking crisis, and confidence in the resilience of the banking system returned.

In the second quarter, yields rose once again as investors regained confidence in the economy, but the increases were uneven across the length of the yield curve. The inversion between 2- and 10-year Treasuries grew -106bps by the end of the quarter. The spread on corporate yields tightened even further. In the third quarter, yields increased sharply across the curve as the economy demonstrated its resilience to the aggressive Fed rate hikes as it added more jobs than expected, and markets began to weigh future rate increases. The yield curve began to normalize near the end of the period, and the inversion between two- and 10-year Treasuries was reduced to just -50bps by the end of the quarter. Yields on 2-year Treasuries ended the period at 5.0% (up from 4.2% at the start of the period) and yields on 10-year Treasuries ended the period at 4.6% (up from 3.8% at the start of the period) – levels not seen since before the 2008 Financial Crisis. The rise in interest rates across the period negatively affected bond returns, and the Bloomberg⁷ U.S. Aggregate Bond Index was down 1.21% YTD through September 30.

The Fed’s aggressive rate hikes proved effective in cooling inflation over the 12-month period, although not quite down to the Fed’s target of 2.0%. The Consumer Price Index⁸ (CPI) began the period at 7.7% and finished the period at 3.7%, with its lowest point at 3.0% in June. Despite the aggressive rate hikes, the economy remained resilient, with gross domestic product⁹ (GDP) increasing at an annualized rate of 2.6% in the fourth quarter of 2022 and increases of 2.2% and 2.1% across the first and second quarters of 2023, respectively. The advance estimate for GDP growth in the third quarter of 2023 is a robust 4.9%. Employment data was one of the key metrics investors turned to for confirmation of the U.S. economy’s strength in the face of rising interest rates. The monthly unemployment rate started the 12-month period at 3.7% and ended the period at 3.8%.

The S&P 500 gained 21.6% (total return) during the 12 months under review. Small-cap stocks underperformed their large-cap counterparts over the same period, with the Russell 2000® Index gaining 8.9% (total return). International markets also posted strong returns, with the MSCI EAFE Index up 22.3% (price return), while the MSCI Emerging Markets Index posted a more modest gain of 11.7% (net return) for the period.

We will continue to monitor the evolving economic and market climate and will manage the Sterling Capital Funds accordingly. Thank you for your confidence in Sterling Capital Management. We look forward to serving your investment needs during the months and years ahead.

Past performance is not indicative of future results. Any type of investing involves risk and there are no guarantees that these methods will be successful.

Specific securities identified and described do not represent all of the securities purchased, sold or recommended to clients. There are no assurances that securities identified will be profitable investments. The securities described are neither a recommendation nor a solicitation. Security information is being obtained from resources the firm believes to be accurate, but no warrant is made as to the accuracy or completeness of the information.

The volatility of an index varies greatly. All indices are unmanaged and investments cannot be made directly in an index.

Sincerely,

James T. Gillespie
President
Sterling Capital Funds

Jeffrey J. Schappe, CFA^®
Managing Director
Sterling Capital Management LLC

¹  “MSCI Inc. is an American finance company headquartered in New York, NY. MSCI is a global provider of equity, fixed income, real estate indexes, multi-asset portfolio analysis tools, ESG and climate products. It operates the MSCI Europe/Australasia/Far East (EAFE) Indices (EAFE), the MSCI All Country World Indices (ACWI), and the MSCI Emerging Markets Indices referenced herein, among others.

²  “S&P 500^®” is a registered service mark of Standard & Poor’s Corporation, which does not sponsor and is in no way affiliated with the Sterling Capital Funds. The S&P 500^® Index is generally considered to be representative of the performance of the stock market as a whole.

³  LSEG Group, the parent company of FTSE Russell, is a global finance company headquartered in London, UK and is a provider of investment data, indices, and analytics across multiple asset classes. FTSE Russell operates the Russell 1000^® and Russell 2000^® U.S. equity indices referenced herein, among others.

1

Letter from the President and the Investment Advisor

⁴  The Fed Funds Rate refers to the interest rate that depository institutions (such as banks and credit unions) charge other depository institutions for overnight lending of capital from their reserve balances on an uncollateralized basis.

⁵  Basis points (bps) are a measure equal to 1/100 of one percent, typically used to express differences in interest rates.

⁶  A yield curve is a line that plots the yields of bonds of similar credit quality but different maturity dates.

⁷  “Bloomberg^®” and the Bloomberg indices are service marks of Bloomberg Finance L.P. and its affiliates, including Bloomberg Index Services Limited (“BISL”), the administrator of the index (collectively, “Bloomberg”) and have been licensed for use for certain purposes by Sterling Capital Management LLC and its affiliates. Bloomberg is not affiliated with Sterling Capital Management LLC or its affiliates, and Bloomberg does not approve, endorse, review, or recommend the product(s) presented herein. Bloomberg does not guarantee the timeliness, accurateness, or completeness of any data or information relating to the product(s) presented herein. It operates the Bloomberg U.S. Aggregate Bond Index referenced herein, among others.

⁸  The Consumer Price Index (CPI) is a measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services. Indexes are available for the U.S. and various geographic areas. Average price data for select utility, automotive fuel, and food items are also available.

⁹  Real gross domestic product (GDP) is an inflation-adjusted measure that reflects the value of all goods and services produced by an economy in a given year, expressed in base-year prices.

Past performance does not guarantee future results. Mutual fund investing involves risk including the possible loss of principal.

This report is authorized for distribution only when preceded or accompanied by a prospectus. Please read the prospectus carefully before investing or sending money. Sterling Capital Management LLC (“Sterling Capital”) serves as investment advisor to the Sterling Capital Funds (each a “Fund” and collectively, the “Funds”) and is paid a fee for its services. Shares of the Funds are not deposits or obligations of, or guaranteed or endorsed by, Truist Financial Corporation (“Truist”) or its affiliates. The Funds are not insured by the FDIC or any other government agency. The Funds currently are distributed by Sterling Capital Distributors, LLC. The distributor is not affiliated with Truist Financial Corporation or its affiliates.

The foregoing information and opinions are for general information only. Sterling Capital does not guarantee their accuracy or completeness, nor assume liability for any loss, which may result from the reliance by any person upon any such information or opinions. Such information and opinions are subject to change without notice, are for general information only and are not intended as an offer or solicitation with respect to the purchase or sale of any security or as offering individual or personalized investment advice.

2

Sterling Capital Behavioral Large Cap Value Equity Fund

Portfolio Managers

Sterling Capital Behavioral Large Cap Value Equity Fund (the “Fund”) is managed by Portfolio Managers Robert W. Bridges, CFA^®, Senior Managing Director, and Robert O. Weller, CFA^®, Executive Director, for Sterling Capital Management LLC (“Sterling Capital”), advisor to the Fund.

Robert W. Bridges, CFA^®

Robert W. Bridges, CFA, Senior Managing Director, CIO and Head of Equity, joined Sterling Capital in 1996 and has investment experience since 1991. He has been co-portfolio manager of the Behavioral Large Cap Value Equity Fund since August 2013. Bob is a graduate of Wake Forest University, where he received a B.S. in Business. He holds the Chartered Financial Analyst designation.

Robert O. Weller, CFA^®

Robert O. Weller, CFA, Executive Director, joined Sterling Capital in 2012 and has investment experience since 1996. He has been co-portfolio manager of the Behavioral Large Cap Value Equity Fund since August 2013. Rob is a graduate of Loyola University Maryland, where he received a B.B.A. in Finance. He holds the Chartered Financial Analyst designation.

Investment Considerations

The overall results of the Fund will be dependent on the process and ability of the Adviser to apply “behavioral finance” principles to recognize a company’s value, earnings revisions and price momentum. The Fund may invest in undervalued securities which may not appreciate in value as anticipated or remain undervalued for longer than anticipated. The overall results of the Fund will be dependent on the process and ability of the Adviser to recognize a company’s value. The Fund may invest in REITs (Real Estate Investment Trusts), the value of which will be affected by conditions of the real estate industry. The Fund may also invest in exchange-traded funds (ETFs); thus shareholders may bear additional costs and the ETF may not exactly replicate the performance it seeks to track.

Q. How did the Fund perform during the 12-month period between October 1, 2022 and September 30, 2023?

A. The Fund’s Institutional Shares outperformed its current benchmark, the Russell 1000^® Value Index.

Q. What factors affected the Fund’s performance?

A. The Russell 1000^® Index as a whole posted double-digit gains during the 12-month period amid strong domestic equity returns. A large portion of those gains were driven by large-cap, high-growth technology companies that make up a large portion of the Index. These companies benefited from investor enthusiasm about artificial intelligence (AI) and a general increase in investor optimism in the resilience of the economy despite the rapid rise in interest rates. This shift in attitude helped drive investors to pivot in early 2023 toward growth-oriented names and away from value-oriented stocks. This trend negatively affected the absolute performance of both the Fund and its value-oriented benchmark as it drove value to underperform growth for the period under review. Investor enthusiasm waned briefly in March after the well-publicized failures of a few regional financial institutions fanned fears about liquidity and potential bank runs. However, markets quickly rebounded in the second quarter of 2023 and continued to post steady gains throughout most of the rest of the period.

The Fund applies principles of behavioral finance to its investment strategy. This process is designed to capitalize on known investor biases and heuristics (mental shortcuts) by accounting for the impact on markets of behavioral factors such as greed, fear, and ego. One element of the Fund’s strategy is a focus on how investor fears result in cheaper stocks. Shares held at discounts provided most of the relative outperformance over the year as such holdings posted positive returns, while expensive stocks underperformed.

The Fund’s relative performance suffered from investors’ pivot toward riskier investments in January. This shift led momentum stocks to underperform, and targeting momentum is one of the Fund’s priorities. The shift caused the Fund to underperform significantly in January, but some of those losses were recouped later in the quarter when the regional bank failures triggered investor concerns around liquidity and caused the markets to pull back.

A Note on Indices: The volatility of an index varies greatly. All indices are unmanaged and investments cannot be made directly in an index.

The Russell 1000^® Index measures the performance of the large-cap segment of the U.S. equity universe.

The Russell 1000^® Value Index measures the performance of value-style investing in large-cap U.S. stocks.

Portfolio composition is as of September 30, 2023 and is subject to change and risk.

3

Average Annual Total Returns
As of September 30, 2023	Inception Date	1 Year	5 Years	10 Years
Class A Shares*	10/9/92	9.74%	3.85%	7.54%
Class C Shares**	2/1/01	15.57%	4.31%	7.38%
Institutional Shares	10/9/92	16.74%	5.34%	8.45%
Class R6 Shares	2/1/181	16.84%	5.43%	8.49%
Russell 1000® Value Index	N/A	14.44%	6.23%	8.45%
Bloomberg U.S. 1000 Value Index	N/A	14.99%	6.81%	9.01%

Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. Total return figures include change in share price, reinvestment of dividends and capital gains, and do not reflect taxes that a shareholder would pay on fund distributions or on the redemption of fund shares. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. To obtain performance information current to the most recent month end, please visit www.sterlingcapitalfunds.com.

The chart above represents a comparison of a hypothetical $10,000 investment in the indicated share class versus a similar investment in the Fund’s benchmark.

* Reflects 5.75% maximum sales charge.

** Reflects the applicable maximum CDSC of 1.00% (applicable only to redemptions within one year of purchase, and as such, are not reflected in the Average Annual Total Returns table since the periods reflected are for a year or longer).

¹  Class R6 Shares were not in existence prior to 2/1/18. Performance for periods prior to 2/1/18 is based on the performance of Institutional Shares.

The Russell 1000^® Value Index is a widely recognized index of common stocks that measures the performance of the large-cap value sector of the U.S. equity market. The index is unmanaged and does not reflect the deduction of expenses associated with a mutual fund, such as investment management and fund accounting fees. Investors cannot invest directly in an index, although they can invest in its underlying securities.

The Bloomberg U.S. 1000 Value Index provides exposure to companies with superior value factor scores based on their earnings yield, valuation, dividend yield, and growth.

4

Sterling Capital Mid Value Fund

Portfolio Managers

Sterling Capital Mid Value Fund (the “Fund”) is managed by Portfolio Managers Patrick W. Rau, CFA^®, Managing Director, William C. Smith, CFA^®, Executive Director and Lee D. Houser, CFA^®, Executive Director for Sterling Capital Management LLC (“Sterling Capital”), advisor to the Fund.

Patrick W. Rau, CFA^®

Patrick W. Rau, CFA^®, Managing Director, joined Sterling Capital Management in 2001 and has investment experience since 1993. Patrick has been co-portfolio manager of Mid Value Fund since August 2021. Patrick received his A.B. in Political Science from Duke University and his MBA from Vanderbilt University. He holds the Chartered Financial Analyst designation.

William C. Smith, CFA^®

William C. Smith, CFA^®, Executive Director, joined Sterling Capital Management in 2015 and has investment experience since 2002. Will has been co-portfolio manager of the Mid Value Fund since August 2021 and served as associate portfolio manager of the Fund from February 2021 to August 2021. Will received his B.E. in Structural Engineering from Vanderbilt University and his MBA from the London Business School. He holds the Chartered Financial Analyst^® designation.

Lee D. Houser, CFA^®

Lee D. Houser, CFA^®, Executive Director, joined Sterling Capital Management in 2006 and has investment experience since 1999. Lee has been associate portfolio manager of the Mid Value Fund since February 2021. Lee received his B.S. in Mathematics and Economics from James Madison University, where he was a summa cum laude graduate, and his MBA from Duke University. He holds the Chartered Financial Analyst^® designation.

Investment Considerations

The Fund may invest in undervalued securities that may not appreciate in value as anticipated or remain undervalued for longer than anticipated. Investments made in small to mid-capitalization companies are subject to greater risks than large company stocks due to limited resources and inventory and are more sensitive to adverse conditions. The Fund may invest in foreign securities, which may be more volatile and less liquid due to currency fluctuation, political instability, and social and economic risks.

Q. How did the Fund perform during the 12-month period between October 1, 2022 and September 30, 2023?

A. The Fund’s Institutional Shares outperformed its benchmark, the Russell Midcap^® Value Index.

Q. What factors affected the Fund’s performance?

A. Despite an aggressive series of interest rate hikes by the Federal Reserve (the Fed) throughout the period under review, the economy remained resilient. As the period progressed, investors grew increasingly optimistic about the Fed’s ability to rein in inflation without triggering a recession. The stubbornly high inflation rate eased throughout the 12-month period, even as the unemployment rate remained near historic lows. In this environment, domestic equities generally performed well as investors, encouraged by healthy corporate profits, shifted significant assets into equities, which helped boost the Fund’s absolute returns. Amid this shift to a more risk-on attitude, the Fund’s holdings within the consumer discretionary, real estate, and utilities sectors added to absolute

performance, while investments in industrials, materials, and consumer staples generally lagged on an absolute basis.

The Fund’s relative performance benefited from stock selection in the consumer discretionary, health care, and communications services sectors. Leading contributors included a video game company that announced a major product upgrade and an outpatient services company that benefitted from lower labor costs.

Stock selection within industrials and materials dragged on the Fund’s performance relative to its benchmark. Detractors included a staffing company experiencing a slowdown in demand and an agricultural products company facing a destocking cycle.

A Note on Indices: The volatility of an index varies greatly. All indices are unmanaged and investments cannot be made directly in an index.

The Russell Midcap^® Value Index measures the performance of value-style investing in mid-cap U.S. stocks.

Portfolio composition is as of September 30, 2023 and is subject to change and risk.

5

Average Annual Total Returns
As of September 30, 2023	Inception Date	1 Year	5 Years	10 Years
Class A Shares*	8/1/96	6.92%	2.99%	5.80%
Class C Shares**	7/25/01	12.57%	3.44%	5.64%
Institutional Shares	8/1/96	13.77%	4.49%	6.70%
Class R6 Shares	2/1/181	13.86%	4.56%	6.75%
Russell Midcap® Value Index	N/A	11.05%	5.18%	7.92%
Bloomberg U.S. Mid Cap Value Index	N/A	11.50%	6.24%	8.84%

Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. Total return figures include change in share price, reinvestment of dividends and capital gains, and do not reflect taxes that a shareholder would pay on fund distributions or on the redemption of fund shares. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. To obtain performance information current to the most recent month end, please visit www.sterlingcapitalfunds.com.

The chart above represents a comparison of a hypothetical $10,000 investment in the indicated share class versus a similar investment in the Fund’s benchmark.

* Reflects 5.75% maximum sales charge.

** Reflects the applicable maximum CDSC of 1.00% (applicable only to redemptions within one year of purchase, and as such, are not reflected in the Average Annual Total Returns table since the periods reflected are for a year or longer).

1 Class R6 Shares were not in existence prior to 2/1/18. Performance for periods prior to 2/1/18 is based on the performance of Institutional Shares.

The Fund is measured against the Russell Midcap^® Value Index, an unmanaged index, which measures the performance of the mid-cap value segment of the U.S. equity universe. It includes those Russell Midcap^® Index companies with lower price-to-book ratios and lower forecasted growth values. The index is unmanaged and does not reflect the deduction of expenses associated with a mutual fund, such as investment management and fund accounting fees. Investors cannot invest directly in an index, although they can invest in its underlying securities.

The Bloomberg U.S. Mid Cap Value Index is a float market-cap-weighted index based on an equal-weighted combination of four factors:

earnings yield, valuation, dividend yield, and growth.

6

Sterling Capital Behavioral Small Cap Value Equity Fund

Portfolio Managers

Sterling Capital Behavioral Small Cap Value Equity Fund (the “Fund”) is managed by Portfolio Managers Robert W. Bridges, CFA^®, Senior Managing Director, and Robert O. Weller, CFA^®, Executive Director, for Sterling Capital Management LLC (“Sterling Capital”), advisor to the Fund.

Robert W. Bridges, CFA^®

Robert W. Bridges, CFA^®, Senior Managing Director, CIO and Head of Equity, joined Sterling Capital in 1996 and has investment experience since 1991. He has been co-portfolio manager of the Behavioral Small Cap Value Equity Fund since June 2013. Bob is a graduate of Wake Forest University, where he received a B.S. in Business. He holds the Chartered Financial Analyst^® designation.

Robert O. Weller, CFA^®

Robert O. Weller, CFA^®, Executive Director, joined Sterling Capital in 2012 and has investment experience since 1996. He has been co-portfolio manager of the Behavioral Small Cap Value Equity Fund since June 2013. Rob is a graduate of Loyola University Maryland, where he received a B.B.A. in Finance. He holds the Chartered Financial Analyst^® designation.

Investment Considerations

The overall results of the Fund will be dependent on the process and ability of the Adviser to apply “behavioral finance” principles to recognize a company’s value, earnings revisions and price momentum. The Fund may invest in undervalued securities which may not appreciate in value as anticipated or remain undervalued for longer than anticipated. Investments made in small to mid-capitalization companies are subject to greater risks than large company stocks due to limited resources and inventory as well as more sensitive to adverse conditions.

Q. How did the Fund perform during the 12-month period between October 1, 2022 and September 30, 2023?

A. The Fund’s Institutional Shares outperformed its current benchmark, the Russell 2000^® Value Index.

Q. What factors affected the Fund’s performance?

A. The Russell 2000 posted single-digit gains during the 12-month period amid strong domestic equity returns. Small-cap stocks generally underperformed their large-cap counterparts in large part due to robust gains by the equity market’s biggest, highest-growth technology companies who benefited from investor enthusiasm about artificial intelligence (AI). Investors regained their appetite for risk in early 2023 as inflation showed signs of easing without slowing the economy enough to tip it into a recession. However, rates continued to increase throughout most of the period, causing markets to rise and fall as investors attempted to predict the Federal Reserve’s strategy and to interpret the future effects of higher rates on the economy.

The Fund applies principles of behavioral finance to its investment strategy. This process is designed to capitalize on known investor biases and heuristics (mental shortcuts) by accounting for the impact on markets of behavioral factors such as greed, fear, and ego. One

element of the Fund’s strategy is a focus on how investor fears result in cheaper stocks. Shares held at discounts provided most of the relative outperformance over the year as such holdings posted positive returns, while expensive stocks underperformed.

The shift by investors toward a risk on attitude in January detracted from the Fund’s performance relative to its benchmark due to the Fund’s strategy of targeting momentum stocks. The shift led investors to pivot to growth-oriented stocks and away from value-oriented stocks that had previously experienced increased momentum, which caused the momentum strategy to significantly detract from relative returns early in the period. The Fund was able to recapture some of those lost returns after the well-publicized failures of a few regional banks caused markets to pull back in March. However, the strategy remained largely neutral to relative results throughout the rest of the period.

A Note on Indices: The volatility of an index varies greatly. All indices are unmanaged and investments cannot be made directly in an index.

The Russell 2000^® Index measures the performance of the small-cap segment of the U.S. equity universe.

The Russell 2000^® Value Index measures the performance of value-style investing in small cap U.S. stocks.

Portfolio composition is as of September 30, 2023 and is subject to change and risk.

7

Average Annual Total Returns
As of September 30, 2023	Inception Date	1 Year	5 Years	10 Years
Class A Shares*	1/29/10	6.99%	2.52%	5.73%
Class C Shares**	1/29/10	12.70%	2.97%	5.56%
Institutional Shares	1/2/97	13.86%	4.01%	6.62%
Class R6 Shares	2/1/181	13.94%	4.07%	6.66%
Russell 2000® Value Index	N/A	7.84%	2.59%	6.19%
Bloomberg U.S. 2000 Value Index	N/A	12.88%	4.34%	7.32%

Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. Total return figures include change in share price, reinvestment of dividends and capital gains, and do not reflect taxes that a shareholder would pay on fund distributions or on the redemption of fund shares. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. To obtain performance information current to the most recent month end, please visit www.sterlingcapitalfunds.com. Performance would have been lower without waivers in effect.

The chart above represents a comparison of a hypothetical $10,000 investment in the indicated share class versus a similar investment in the Fund’s benchmark.

* Reflects 5.75% maximum sales charge.

** Reflects the applicable maximum CDSC of 1.00% (applicable only to redemptions within one year of purchase, and as such, are not reflected in the Average Annual Total Returns table since the periods reflected are for a year or longer).

1 Class R6 Shares were not in existence prior to 2/1/18. Performance for periods prior to 2/1/18 is based on the performance of Institutional Shares.

The Russell 2000^® Value Index is a widely recognized index of common stocks that measures the performance of the small-cap value sector of the U.S. equity market. The index is unmanaged and does not reflect the deduction of expenses associated with a mutual fund, such as investment management and fund accounting fees. Investors cannot invest directly in an index, although they can invest in its underlying securities.

The Bloomberg U.S. 2000 Value Index is a float market-cap-weighted benchmark of the lower 2000 in capitalization of the Bloomberg U.S. 3000 Index that provides exposure to companies with superior value factor scores based on their earnings yield, valuation, dividend yield, and growth.

8

Sterling Capital Special Opportunities Fund

Portfolio Managers

Sterling Capital Special Opportunities Fund (the “Fund”) is managed by Portfolio Managers James L. Curtis, CFA^®, Executive Director and Daniel A. Morrall, Executive Director for Sterling Capital Management LLC (“Sterling Capital”), advisor to the Fund.

James L. Curtis, CFA^®

James L. Curtis, CFA^®, Executive Director, first worked at Sterling Capital Management from 1999 to 2001 and rejoined the firm in 2020. He has investment experience since 1996 and has served as Co-Portfolio Manager of the Special Opportunities Fund since April 2023. Jim received his B.S.B.A. in Finance from the University of North Carolina at Chapel Hill’s Kenan-Flagler Business School and his M.B.A. in Finance from Emory University’s Goizueta Business School. He holds the Chartered Financial Analyst^® designation.

Daniel A. Morrall

Daniel A. Morrall, Executive Director, joined Sterling Capital Management in 2014 and has investment experience since 2001. Dan has been co-portfolio manager of the Special Opportunities Fund since December 2021 and was associate portfolio manager of the Fund from July 2021 to December 2021. Dan received his B.S. in Business and Economics from Washington and Lee University, his MBA from Columbia Business School, and his M.S.I.T. from Capella University.

Investment Considerations

The Fund is subject to investment style risk, which depends on the market segment in which the Fund is primarily invested. An investment in growth stocks may be particularly sensitive to market conditions while value stocks may be undervalued for longer than anticipated. The Fund may invest in foreign securities subject to risks such as currency volatility and political and social instability or small capitalization companies subject to greater volatility and less liquidity due to limited resources or product lines.

Q. How did the Fund perform during the 12-month period between October 1, 2022 and September 30, 2023?

A. The Fund’s Institutional Shares underperformed its current benchmark, the Russell 3000^® Index.

Q. What factors affected the Fund’s performance?

A. The Russell 3000^® posted double-digit gains during the 12-month period despite continued hikes in the federal funds interest rate by the Federal Reserve. Rising corporate earnings helped boost investor optimism about growth prospects in 2023 and dampen any concerns about the potential for a recession. As a result, counter-cyclical sectors such as utilities, consumer staples, real estate, and health care did poorly, while investor appetite for high-growth technology areas such as artificial intelligence (AI), cloud-based services, video streaming, and electric vehicles all increased. These economic conditions similarly drove the Fund to post double-digit returns for the period, although those gains mostly came across the first three quarters of the period. The Fund declined on an absolute basis in the third quarter 2023 due to concerns about the effects of higher costs of capital.

The Fund’s performance relative to its benchmark suffered mostly from allocation decisions. For example, an above-benchmark exposure to the health care sector lagged as investors sought growth opportunities elsewhere. Similarly, the Fund’s overweight exposure to the financials sector detracted due to investor concerns

about liquidity and potential bank runs after the well-publicized failures of a few regional banks in March. Meanwhile, the Fund’s below-benchmark exposure to the energy sector (a result of its strategy of focusing on enterprises with strong secular growth and balance sheets) also weighed on relative results as oil prices rose during the period, boosting share prices in that sector. Lastly, the Fund’s lack of ownership of four large technology companies, which comprise 12% of the benchmark, was a detractor from relative performance as those companies outperformed during the period. The Fund management team regarded those names as either too pricey or had issues with their underlying fundamentals.

The Fund’s relative returns benefitted from an above-benchmark exposure to the technology and communications services sectors as well as stock selection within the sectors that benefited from developments in generative AI and other digital transformations. Those investments included holdings of a leading Internet company, as well as two semiconductor providers and a major software business. The Fund’s below-benchmark exposure to the struggling sectors of utilities, real estate, and consumer staples also added on a relative basis.

A Note on Indices: The volatility of an index varies greatly. All indices are unmanaged and investments cannot be made directly in an index.

The Russell 3000^® Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market.

Portfolio composition is as of September 30, 2023 and is subject to change and risk.

9

Average Annual Total Returns
As of September 30, 2023	Inception Date	1 Year	5 Years	10 Years
Class A Shares*	6/2/03	11.18%	5.73%	9.42%
Class C Shares**	6/2/03	17.07%	6.19%	9.25%
Institutional Shares	6/2/03	18.28%	7.25%	10.35%
Class R6 Shares	2/1/181	18.39%	7.34%	10.40%
Russell 3000® Index	N/A	20.46%	9.14%	11.28%
Bloomberg U.S. 3000 Index	N/A	20.41%	9.12%	11.27%

Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. Total return figures include change in share price, reinvestment of dividends and capital gains, and do not reflect taxes that a shareholder would pay on fund distributions or on the redemption of fund shares. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. To obtain performance information current to the most recent month end, please visit www.sterlingcapitalfunds.com.

The chart above represents a comparison of a hypothetical $10,000 investment in the indicated share class versus a similar investment in the Fund’s benchmark.

* Reflects 5.75% maximum sales charge.

** Reflects the applicable maximum CDSC of 1.00% (applicable only to redemptions within one year of purchase, and as such, are not reflected in the Average Annual Total Returns table since the periods reflected are for a year or longer).

¹ Class R6 Shares were not in existence prior to 2/1/18. Performance for periods prior to 2/1/18 is based on the performance of Institutional Shares.

The Fund is measured against the Russell 3000^® Index, an unmanaged index that is generally considered to be representative of the performance of the stock market as a whole. The index does not reflect the deduction of expenses associated with a mutual fund, such as investment management and fund accounting fees. Investors cannot invest directly in an index, although they can invest in its underlying securities.

The Bloomberg U.S. 3000 Index is a float market-cap-weighted benchmark of the 3000 most highly capitalized U.S. companies.

10

Sterling Capital Equity Income Fund

Portfolio Managers

Sterling Capital Equity Income Fund (the “Fund”) is managed by Portfolio Managers Jeremy M. Lopez, CFA^®, Executive Director and Charles J. Wittmann, CFA^®, Executive Director for Sterling Capital Management LLC (“Sterling Capital”), advisor to the Fund.

Jeremy M. Lopez, CFA^®

Jeremy M. Lopez, CFA^®, Executive Director, joined Sterling Capital Management in 2016 and has investment experience since 1997. Jeremy has been co-manager of the Equity Income Fund since November 2022. Jeremy received his B.A. in Economics from Wheaton College and his M.B.A. from the University of Chicago's Booth School of Business. He holds the Chartered Financial Analyst^® designation.

Charles J. Wittmann, CFA^®

Charles J. Wittmann, CFA^®, Executive Director, joined Sterling Capital Management in 2014 and has investment experience since 1995. He has been co-portfolio manager of the Equity Income Fund since December 2021 and was associate portfolio manager of the Fund from July 2021 to December 2021. Chip received his B.A. in Economics from Davidson College and his MBA from Duke University's Fuqua School of Business. He earned the Certificate in ESG Investing, which is developed, administered and awarded by the CFA^® Society of the United Kingdom. He holds the Chartered Financial Analyst^® designation.

Investment Considerations

The Fund invests primarily in dividend-paying securities. These securities may be undervalued and their value could be negatively affected by a rise in interest rates. The Fund may engage in writing covered call options on securities. By writing covered call options, the Fund limits its opportunity to profit from an increase in the price of the underlying stock above the premium and the strike price, but continues to bear the risk of a decline in the stock price. While the Fund receives premiums for writing covered call options, the price it realizes from the exercise of an option could be substantially below a stock’s current market price.

Q. How did the Fund perform during the 12-month period between October 1, 2022 and September 30, 2023?

A. The Fund’s Institutional Shares underperformed its benchmark, the Russell 1000 Value^® Index.

Q. What factors affected the Fund’s performance?

A. Equity markets experienced strong gains for the 12-month period under review, including the Fund’s benchmark, which posted double-digit gains. Share prices rose as investors grew less concerned that the economy was headed for a recession and more optimistic about corporate earnings estimates for 2024. The optimism persisted, despite continued interest rate hikes by the Federal Reserve (the Fed). In total, the Fed raised interest rates six times throughout the period, bringing the federal funds rate from 3.25% at the start of the period up to 5.50% by the end. In this environment, the investment pillars that underlie the Fund’s strategy had mixed performance for the period under review, with dividend growth and yield falling out of favor. From a sector perspective, consumer discretionary, energy, industrials, information technology, and materials all posted gains of more than 20% on an absolute basis.

The Fund’s lack of exposure to a major social media platform company was the largest single detractor from relative performance for the period. That company, which does not pay a dividend, made up a large portion of the Russell 1000

Value Index for the first three quarters of the period, posting strong gains over that timeframe. The Fund’s exposure to the underperforming health care sector also weighed on relative results, along with a below-benchmark exposure to the outperforming energy sector. The latter sector did well, as oil prices rose during the final quarter of the period under review.

The Fund’s relative results benefited from its investments within the information technology sector. In particular, the Fund benefited from stock selection related to generative artificial intelligence (AI) and semiconductor companies (as well as its above-benchmark exposure to the sector in general) which outperformed. The Fund’s investments in a variety of insurance companies within the financials sector also added to relative results, as did stock selection within industrials. The Fund’s new investments in a plumbing and HVAC company as well as a human resources management provider both added to relative results as those companies outperformed. The Fund’s lack of exposure to the struggling utilities sector also added to performance on a relative basis.

A Note on Indices: The volatility of an index varies greatly. All indices are unmanaged and investments cannot be made directly in an index.

The Russell 1000^® Value Index measures the performance of the large-cap value segment of the U.S. equity universe.

Portfolio composition is as of September 30, 2023 and is subject to change and risk.

11

Average Annual Total Returns
As of September 30, 2023	Inception Date	1 Year	5 Years	10 Years
Class A Shares*	6/30/04	6.08%	7.74%	8.88%
Class C Shares**	6/30/04	11.71%	8.21%	8.71%
Institutional Shares	6/30/04	12.83%	9.29%	9.80%
Class R6 Shares	2/1/181	12.94%	9.40%	9.86%
Russell 1000® Value Index	N/A	14.44%	6.23%	8.45%
Bloomberg U.S. 1000 Value Index	N/A	14.99%	6.81%	9.01%

Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. Total return figures include change in share price, reinvestment of dividends and capital gains, and do not reflect taxes that a shareholder would pay on fund distributions or on the redemption of fund shares. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. To obtain performance information current to the most recent month end, please visit www.sterlingcapitalfunds.com.

The chart above represents a comparison of a hypothetical $10,000 investment in the indicated share class versus a similar investment in the Fund’s benchmark.

* Reflects 5.75% maximum sales charge.

** Reflects the applicable maximum CDSC of 1.00% (applicable only to redemptions within one year of purchase, and as such, are not reflected in the Average Annual Total Returns table since the periods reflected are for a year or longer).

¹ Class R6 Shares were not in existence prior to 2/1/18. Performance for periods prior to 2/1/18 is based on the performance of Institutional Shares.

The Fund is measured against the Russell 1000^® Value Index, an unmanaged index that is generally considered to be representative of the performance of the stock market as a whole. The index does not reflect the deduction of expenses associated with a mutual fund, such as investment management and fund accounting fees. Investors cannot invest directly in an index, although they can invest in its underlying securities.

The Bloomberg U.S. 1000 Value Index provides exposure to companies with superior value factor scores based on their earnings yield, valuation, dividend yield, and growth.

12

Sterling Capital Behavioral International Equity Fund

Portfolio Managers

Sterling Capital Behavioral International Equity Fund (the “Fund”) is managed by Portfolio Managers Robert W. Bridges, CFA^®, Senior Managing Director, and Robert O. Weller, CFA^®, Executive Director, for Sterling Capital Management LLC (“Sterling Capital”), advisor to the Fund.

Robert W. Bridges, CFA^®

Robert W. Bridges, CFA^®, Senior Managing Director, CIO and Head of Equity, joined Sterling Capital in 1996 and has investment experience since 1991. He has been co-portfolio manager of the Behavioral International Equity Fund since inception. Bob is a graduate of Wake Forest University, where he received a B.S. in Business. He holds the Chartered Financial Analyst^® designation.

Robert O. Weller, CFA^®

Robert O. Weller, CFA^®, Executive Director, joined Sterling Capital in 2012 and has investment experience since 1996. He has been co-portfolio manager of the Behavioral International Equity Fund since inception. Rob is a graduate of Loyola University Maryland, where he received a B.B.A. in Finance. He holds the Chartered Financial Analyst^® designation.

Investment Considerations

The overall results of the Fund will be dependent on the process and ability of the Adviser to apply “behavioral finance” principles to recognize a company’s value, earnings revisions and market momentum. The Fund will invest in foreign securities which may be more volatile and less liquid due to currency fluctuation, political instability, and social and economic risks. The Fund may invest in REITs (Real Estate Investment Trusts), the value of which will be affected by conditions of the real estate industry, and exchange-traded funds (ETFs). Investing in ETFs may cause shareholders to bear additional costs, and an ETF may not exactly replicate the performance it seeks to track.

Q. How did the Fund perform during the 12-month period between October 1, 2022 and September 30, 2023?

A. The Fund’s Institutional Shares outperformed its current benchmark, the Bloomberg Developed Markets ex.-North America Large and Mid-Cap Index.

Q. What factors affected the Fund’s performance?

A. International large- and mid-cap stocks posted double-digit returns during the 12-month period under review. Most of these gains occurred in late 2022 and January 2023 as investors saw that Europe would avoid a worst-case scenario energy shortage caused by the war in Ukraine. The international financials sector also benefitted from the relative strength of European Union banks compared to their American counterparts, where mid-cap financial institutions have suffered from higher costs and the fallout from the failure of a few regional banks in March 2023.

The Fund applies principles of behavioral finance to its investment strategy. This process is designed to capitalize on known investor biases and heuristics (mental shortcuts) by accounting for the impact on markets of behavioral factors such as greed, fear, and ego.

The Fund’s relative performance benefited from its strategy by targeting momentum stocks. Unlike the shift toward high-growth technology names that occurred in domestic markets as investors adopted a risk-on attitude in January 2023, international investors remained more cautious and continued with their strategies from 2022, which allowed momentum stocks and the Fund’s momentum strategy to outperform. Value-oriented stocks remained more in favor in international markets

than they did domestically, which also added to the Fund’s relative results through its behavioral strategy, as stocks held at discounts generally outperformed.

The two biggest detractors from the Fund’s performance relative to its benchmark were sector allocations that resulted from its strategies targeting favorable valuations, momentum, and earnings revisions. An above-benchmark exposure to the industrials sector and an underweight position in information technology both weighed on relative results as the former underperformed and the latter outperformed.

A Note on Indices: The volatility of an index varies greatly. All indices are unmanaged and investments cannot be made directly in an index.

The Bloomberg Developed Markets ex.-North America Large & Mid Cap Index is a float market-cap-weighted equity benchmark that covers 85% market cap of the measured market.

“Bloomberg^®” and the Bloomberg indices are service marks of Bloomberg Finance L.P. and its affiliates, including Bloomberg Index Services Limited (“BISL”), the administrator of the index (collectively, “Bloomberg”) and have been licensed for use for certain purposes by Sterling Capital Management LLC and its affiliates. Bloomberg is not affiliated with Sterling Capital Management LLC or its affiliates, and Bloomberg does not approve, endorse, review, or recommend the product(s) presented herein. Bloomberg does not guarantee the timeliness, accurateness, or completeness of any data or information relating to the product(s) presented herein.

Portfolio composition is as of September 30, 2023 and is subject to change and risk.

13

Average Annual Total Returns
As of September 30, 2023	Inception Date	1 Year	5 Years	Since Inception
Class A Shares*	11/28/14	24.95%	-1.25%	1.39%
Class C Shares**	11/28/14	31.56%	-0.83%	1.31%
Institutional Shares	11/28/14	33.01%	0.19%	2.31%
Class R6 Shares	2/1/181	32.87%	0.20%	2.33%
Bloomberg Developed Markets ex North America Large and Mid Cap Index (Net)	N/A	25.72%	3.32%	3.82%
MSCI EAFE® Net Index	11/30/14	25.65%	3.24%	3.86%

Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. Total return figures include change in share price, reinvestment of dividends and capital gains, and do not reflect taxes that a shareholder would pay on fund distributions or on the redemption of fund shares. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. To obtain performance information current to the most recent month end, please visit ww.sterlingcapitalfunds.com. Performance would have been lower without limitations and/or waivers in effect.

The chart above represents a comparison of a hypothetical $10,000 investment in the indicated share class versus a similar investment in the Fund’s benchmark.

* Reflects 5.75% maximum sales charge.

** Reflects the applicable maximum CDSC of 1.00% (applicable only to redemptions within one year of purchase, and as such, are not reflected in the Average Annual Total Returns table since the periods reflected are for a year or longer).

¹ Class R6 Shares were not in existence prior to 2/1/18. Performance for periods prior to 2/1/18 is based on the performance of Institutional Shares.

The Fund is measured against the MSCI EAFE^® Net Index, an unmanaged index which is generally representative of large- and mid-cap equity across developed markets countries around the world, excluding the U.S. and Canada. The index does not reflect the deduction of expenses associated with a mutual fund, such as investment management and fund accounting fees. Investors cannot invest directly in an index, although they can invest in its underlying securities. Effective February 1, 2023, the primary benchmark for the Fund changed from the MSCI EAFE Net Index to the Bloomberg Developed Markets ex North America Large and Mid Cap Index (Net).

14

Sterling Capital SMID Opportunities Fund

Portfolio Manager

Sterling Capital SMID Opportunities Fund (the “Fund”) is managed by Portfolio Manager Lee D. Houser, CFA^®, Executive Director.

Lee D. Houser, CFA^®

Lee D. Houser, CFA^®, Executive Director, joined Sterling Capital Management in 2006 and has investment experience since 1999. Lee has been portfolio manager of the SMID Opportunities Fund since August 2021. Lee received his B.S. in Mathematics and Economics from James Madison University, where he was a summa cum laude graduate, and his MBA from Duke University. He holds the Chartered Financial Analyst^® designation.

Investment Considerations

The Fund uses a multi-style approach and invests in both growth and value-oriented companies. A growth investment style may be particularly sensitive to market conditions. Value investing involves the risk that an investment made in undervalued securities may not appreciate in value as anticipated or remain undervalued for long periods of time. The Fund invests in small and middle capitalization companies which may be riskier, more volatile and vulnerable to economic, market and industry changes than investments in larger more established companies. As a result, share price changes may be more erratic or trade less frequently in lesser quantities.

Q. How did the Fund perform during the period from its inception on October 1, 2022 to September 30, 2023?

A. The Fund’s Institutional Shares outperformed its benchmark, the Russell 2500^® Index.

Q. What factors affected the Fund’s performance?

A. Despite an aggressive series of interest rate hikes by the Federal Reserve (the Fed) throughout the period under review, the economy remained resilient. As the period progressed, investors grew increasingly optimistic about the Fed’s ability to rein in inflation without triggering a recession. The stubbornly high inflation rate eased throughout the 12-month period, even as the unemployment rate remained near historic lows. In this environment, domestic equities generally performed well as investors, encouraged by healthy corporate profits, shifted significant assets into equities, which helped boost the Fund’s absolute returns. Amid this shift to a more risk-on attitude, the Fund’s holdings within the healthcare, consumer discretionary, and materials sectors added to absolute performance, while investments in industrials, information technology, and financials lagged on an absolute basis.

The Fund held an above-benchmark exposure to mid-cap firms during the period. This relative positioning contributed to the Fund’s outperformance relative to its benchmark as stocks of medium-sized companies generally outperformed those of smaller companies.

Stock selection in the industrials sector weighed most heavily on the Fund’s relative performance during the period. A manufacturer of sensors used in automobiles performed poorly as supply chain disruptions negatively impacted global automobile production, thus generating a headwind that negatively affected the company’s profit margin. A below-benchmark exposure to the information technology sector also dragged on relative results, as the sector outperformed partly due to the excitement surrounding advancements in artificial intelligence.

A Note on Indices: The volatility of an index varies greatly. All indices are unmanaged and investments cannot be made directly in an index.

The Russell 2500^® Index is a market cap-weighted index that includes the smallest 2,500 companies covered in the Russell 3000 universe of U.S.-based listed equities.

Portfolio composition is as of September 30, 2023 and is subject to change and risk.

15

Average Annual Total Returns
As of September 30, 2023	Inception Date	1 Year	5 Years	Since Inception
Class A Shares*	9/30/16	5.05%	3.08%	5.75%
Class C Shares**	9/30/16	10.74%	3.54%	5.86%
Institutional Shares	9/30/16	11.84%	4.58%	6.92%
Russell 2500® Index	9/30/16	11.28%	4.55%	7.96%
Bloomberg U.S. 2500 Index	N/A	11.61%	4.28%	7.79%

Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. Total return figures include change in share price, reinvestment of dividends and capital gains, and do not reflect taxes that a shareholder would pay on fund distributions or on the redemption of fund shares. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. To obtain performance information current to the most recent month end, please visit www.sterlingcapitalfunds.com. Performance would have been lower without limitations and/ or waivers in effect.

The chart above represents a comparison of a hypothetical $10,000 investment in the indicated share class versus a similar investment in the Fund’s benchmark.

* Reflects 5.75% maximum sales charge.

** Reflects the applicable maximum CDSC of 1.00% (applicable only to redemptions within one year of purchase, and as such, are not reflected in the Average Annual Total Returns table since the periods reflected are for a year or longer).

The Russell 2500^® Index is a widely recognized index of common stocks that measures the performance of the small and mid cap sector of the U.S. equity market. The index is unmanaged and does not reflect the deduction of expenses associated with a mutual fund, such as investment management and fund accounting fees. Investors cannot invest directly in an index, although they can invest in its underlying securities.

The Bloomberg U.S. 2500 Index is a float market-cap-weighted benchmark of the lower 2500 in capitalization of the Bloomberg U.S. 3000 Index.

16

Sterling Capital Mid Cap Relative Value Fund

Portfolio Managers 

Sterling Capital Mid Cap Relative Value Fund (the “Fund”) is managed by Portfolio Managers Shawn M. Gallagher, CFA^®, Executive Director and Andrew T. DiZio, CFA, Executive Director for Sterling Capital Management LLC (“Sterling Capital”), advisor to the Fund.

Shawn M. Gallagher, CFA^®

Shawn M. Gallagher, CFA^®, Executive Director, joined Stratton Management Company in 2005 and Sterling Capital Management as part of a business acquisition in 2015. He has investment experience since 2003 and has been co-portfolio manager of the Stratton Mid Cap Value Fund since November 2015. Shawn received his B.S. in Finance from Pennsylvania State University. He holds the Chartered Financial Analyst designation and is a member of the CFA Society of Philadelphia and the CFA Institute.

Andrew T. DiZio, CFA^®

Andrew T. DiZio, CFA^®, Executive Director, joined Stratton Management Company in 2012 and Sterling Capital Management as part of a business acquisition in 2015. He has investment experience since 2003. Andy has been co-portfolio manager of the Mid Cap Value Fund since August 2021 and was associate portfolio manager of the Fund from November 2015 to August 2021. Andy received his B.S. in Finance with a minor in Economics from Pennsylvania State University. He holds the Chartered Financial Analyst^® designation and is a member of the CFA Society of Philadelphia and the CFA Institute.

Investment Considerations

Mid-capitalization companies are generally riskier than large company stocks due to greater volatility and less liquidity. Value stocks can perform differently than other types of stocks and can continue to be undervalued by the market for long periods of time.

Q.  How did the Fund perform during the 12-month period between October 1, 2022 and September 30, 2023?

A. The Fund’s Institutional Shares outperformed its benchmark, the Russell Midcap^® Value Index.

Q. What factors affected the Fund’s performance?

A. Equity markets posted strong returns for the 12-month period under review, due in part to a resilient domestic economy. Share prices rose as investors maintained their risk-on attitude in the face of a historically aggressive tightening campaign by the Federal Reserve (the Fed) and fading pandemic-era stimuli. Low unemployment and easing inflation helped drive increased investor optimism that the Fed would manage a soft landing for the economy and avoid a recession. The Fund’s holdings within the consumer discretionary, energy, and consumer staples sectors added to absolute performance, while investments in utilities, financials, and real estate weighed on the Fund’s overall return on an absolute basis.

Stock selection within the consumer staples sector added the most to the Fund’s relative returns. The Fund’s three investments in that sector (a convenience store operator, a restaurant supply distributor, and a producer of frozen potato products) all outperformed based on strong earnings and resilient fundamentals. The Fund also benefited from stock selection within the technology and communications services sectors, which added to relative performance.

Stock selection within the financials sector was the largest drag on relative results for the period under review. The Fund’s investments in several banks underperformed as they were caught in the broader sell-off triggered by a few notable regional banks in the middle of March. Stock selection within the utilities sector also weighed on relative results, as did the Fund’s below-benchmark exposure to the outperforming consumer discretionary sector.

A Note on Indices: The volatility of an index varies greatly. All indices are unmanaged and investments cannot be made directly in an index.

The Russell Midcap^® Value Index measures the performance of value-style investing in mid-cap U.S. stocks.

Portfolio composition is as of September 30, 2023 and is subject to change and risk. 

17

 

Average Annual Total Returns
As of September 30, 2023	Inception Date	1 Year	5 Years	10 Years
Class A Shares*	11/13/15	8.15%	3.78%	6.85%
Class C Shares**	11/13/15	14.00%	4.34%	6.91%
Institutional Shares	9/30/72	15.03%	5.28%	7.70%
Russell Midcap®
Value Index	N/A	11.05%	5.18%	7.92%
Bloomberg U.S. Mid
Cap Value Index	N/A	11.50%	6.24%	8.84%

Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. Total return figures include change in share price, reinvestment of dividends and capital gains, and do not reflect taxes that a shareholder would pay on fund distributions or on the redemption of fund shares. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. The performance shown here (for periods prior to the date of commencement of operations on November 16, 2015) is that of Mid Cap Value Fund (the “Predecessor Fund”), whose shares were reorganized into Institutional Shares of the Fund at the close of business on November 13, 2015. Because the Fund had no investment operations prior to the closing of the reorganization, and based on the similarity of the Fund to the Predecessor Fund, the Predecessor Fund is treated as the survivor of the reorganization for accounting and performance reporting purposes. Accordingly, all performance and other information shown for the Fund for periods prior to November 16, 2015 is that of the Predecessor Fund. Performance for Class A Shares and Class C Shares, prior to the date of commencement of operations on November 16, 2015, is based on the performance of the shares of the Predecessor Fund. To obtain performance information current to the most recent month end, please visit www.sterlingcapitalfunds.com. Performance would have been lower without waivers in effect.

The chart above represents a comparison of a hypothetical $10,000 investment in the indicated share class versus a similar investment in the Fund’s benchmark.

* Reflects 5.75% maximum sales charge.

** Reflects the applicable maximum CDSC of 1.00% (applicable only to redemptions within one year of purchase, and as such, are not reflected in the Average Annual Total Returns table since the periods reflected are for a year or longer).

The Fund is measured against the Russell Midcap^® Value Index, an unmanaged index, which measures the performance of the mid-cap value segment of the U.S. equity universe. It includes those Russell Midcap^® Index companies with lower price-to-book ratios and lower forecasted growth values. The index is unmanaged and does not reflect the deduction of expenses associated with a mutual fund, such as investment management and fund accounting fees. Investors cannot invest directly in an index, although they can invest in its underlying securities.

The Bloomberg U.S. Mid Cap Value Index is a float market-cap-weighted index based on an equal-weighted combination of four factors: earnings yield, valuation, dividend yield, and growth. 

18

Sterling Capital Real Estate Fund

Portfolio Managers

Sterling Capital Real Estate Fund (the “Fund”) is managed by Portfolio Managers Andrew T. DiZio, CFA^®, Executive Director and Shawn M. Gallagher, CFA^®, Executive Director for Sterling Capital Management LLC (“Sterling Capital”), advisor to the Fund.

Andrew T. DiZio, CFA^®

Andrew T. DiZio, CFA^®, Executive Director, joined Stratton Management Company in 2012 and Sterling Capital Management as part of a business acquisition in 2015. He has investment experience since 2003. Andy is co-portfolio manager of the Real Estate Fund and has managed the Fund since November 2015. Andy received his B.S. in Finance with a minor in Economics from Pennsylvania State University. He holds the Chartered Financial Analyst^® designation and is a member of the CFA Society of Philadelphia and the CFA Institute.

Shawn M. Gallagher, CFA^®

Shawn M. Gallagher, CFA^®, Executive Director, joined Stratton Management Company in 2005 and Sterling Capital Management as part of a business acquisition in 2015. He has investment experience since 2003. Shawn has been co-portfolio manager of the Real Estate Fund since August 2021 and was associate portfolio manager of the Fund from November 2015 to August 2021. Shawn received his B.S. in Finance from Pennsylvania State University. He holds the Chartered Financial Analyst^® designation and is a member of the CFA Society of Philadelphia and the CFA Institute.

Investment Considerations

Real Estate Funds may be subject to a higher degree of market risk because of concentration in a specific industry or geographic sector. Risks include declines in value of real estate, general and economic conditions, changes in the value of the underlying property and defaults by borrowers.

Q.  How did the Fund perform during the 12-month period between October 1, 2022 and September 30, 2023?

A. The Fund’s Institutional Shares outperformed its benchmark, the Bloomberg U.S. 3000 REIT Index.

Q. What factors affected the Fund’s performance?

A.The rise in interest rates was the largest single factor influencing REIT share prices throughout the 12-month period under review. Higher interest rates typically have a negative effect on real estate values as financing becomes more expensive, and that relationship held true over the past 12 months. The Federal Reserve (the Fed) chose to hike interest rates six times during the period, leading to a total increase of 2.25 percentage points, or 225 basis points. The successive rate hikes dragged on share prices of REITs as the values of the underlying property declined. In this challenging environment, leasing demand for several property types remained strong, including data centers, shopping centers, hotels, warehouses, and senior living. REITs with exposure to those sectors generally increased their cash flows and experienced gains in their share price despite the higher interest rates.

The Fund’s stock selection within the retail and self-storage subsectors were the largest positive contributors to relative performance. Within the retail space, the Fund benefited from an above-benchmark exposure to an outlet-based REIT that outperformed as the company’s new management team did a better-than-expected job of growing leasing and accelerating its cash flow. Within the self-storage subsector, the Fund benefited from an above-benchmark investment in a smaller operator whose share price gained strongly when it was acquired by a larger public competitor.

Stock selection within the residential subsector dragged on the Fund’s relative results, as did an above-benchmark exposure to the infrastructure subsector. Together, these two factors were the largest negative contributors to relative performance. Within the residential space, the Fund’s above-benchmark exposure to landlords with concentrated assets

across the southeastern United States weighed on results, as the leasing fundamentals in that region weakened as new supply became available. The Fund’s investments in the infrastructure subsector dragged on results as rising interest rates, along with slower leasing as deployment of 5G decelerated, combined to generate headwinds for REITs with cell tower exposure.

A Note on Indices: The volatility of an index varies greatly. All indices are unmanaged and investments cannot be made directly in an index.

FTSE NAREIT All Equity REITs Index contains all tax-qualified REITs with more than 50 percent of total assets in qualifying real estate assets other than mortgages secured by real properly that also meet minimum size and liquidity criteria. The FTSE NAREIT All Equity REITs Index is designed to present investors with a comprehensive family of REIT performance indexes that spans the commercial real estate space across the U.S. economy. The index series provides investors with exposure to all investment and property sectors. In addition, the more narrowly focused property sector and sub-sector indexes provide the facility to concentrate commercial real estate exposure in more selected markets.

The Bloomberg U.S. 3000 REIT Index is a float market-capitalization-weighted index that provides exposure to companies classified as per the Bloomberg Industry Classification System (BICS) with a level 3 sub-industry of REIT.

“Bloomberg^®” and the Bloomberg indices are service marks of Bloomberg Finance L.P. and its affiliates, including Bloomberg Index Services Limited (“BISL”), the administrator of the index (collectively, “Bloomberg”) and have been licensed for use for certain purposes by Sterling Capital Management LLC and its affiliates. Bloomberg is not affiliated with Sterling Capital Management LLC or its affiliates, and Bloomberg does not approve, endorse, review, or recommend the product(s) presented herein. Bloomberg does not guarantee the timeliness, accurateness, or completeness of any data or information relating to the product(s) presented herein.

Portfolio composition is as of September 30, 2023 and is subject to change and risk. 

19

Average Annual Total Returns
As of September 30, 2023	Inception Date	1 Year	5 Years	10 Years
Class A Shares*	11/13/15	-5.10%	1.82%	5.65%
Class C Shares**	11/13/15	-0.06%	2.27%	5.66%
Institutional Shares	5/31/08	0.95%	3.29%	6.49%
Class R6 Shares	1/31/201	1.01%	3.38%	6.53%
S&P 500® Index	N/A	21.62%	9.92%	11.91%
Bloomberg U.S. 3000 REIT Index	N/A	-1.68%	2.83%	6.22%
FTSE NAREIT All Equity REITs Index	N/A	-1.71%	2.80%	6.17%

Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. Total return figures include change in share price, reinvestment of dividends and capital gains, and do not reflect taxes that a shareholder would pay on fund distributions or on the redemption of fund shares. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. The performance shown here (for periods prior to the date of commencement of operations on November 16, 2015) is that of Real Estate Fund (the “Predecessor Fund”), whose shares were reorganized into Institutional Shares of the Fund at the close of business on November 13, 2015. Because the Fund had no investment operations prior to the closing of the reorganization, and based on the similarity of the Fund to the Predecessor Fund, the Predecessor Fund is treated as the survivor of the reorganization for accounting and performance reporting purposes. Accordingly, all performance and other information shown for the Fund for periods prior to November 16, 2015 is that of the Predecessor Fund. Performance for Class A Shares and Class C Shares, prior to the date of commencement of operations on November 16, 2015, is based on the performance of the shares of the Predecessor Fund. To obtain performance information current to the most recent month end, please visit www.sterlingcapitalfunds.com. Performance would have been lower without waivers in effect.

The chart above represents a comparison of a hypothetical $10,000 investment in the indicated share class versus a similar investment in the Fund’s benchmarks.

* Reflects 5.75% maximum sales charge.

** Reflects the applicable maximum CDSC of 1.00% (applicable only to redemptions within one year of purchase, and as such, are not reflected in the Average Annual Total Returns table since the periods reflected are for a year or longer).

¹ Class R6 Shares were not in existence prior to 2/1/18. Performance for periods prior to 2/1/18 is based on the performance of Institutional Shares.

The Fund is measured against the Bloomberg U.S. 3000 REIT Index, a float market-capitalization-weighted index that provides exposure to companies classified as per the Bloomberg Industry Classification System (BICS) with a level 3 sub-industry of REIT. The Fund is also measured against the FTSE NAREIT All Equity REITs Index, an unmanaged index, which contains all tax-qualified REITs with more than 50 percent of total assets in qualifying real estate assets other than mortgages secured by real property that also meet minimum size and liquidity criteria. The S&P 500^® Index is an unmanaged index, which is generally considered to be representative of the performance of the stock market as a whole. The indices do not reflect the deduction of expenses associated with a mutual fund, such as investment management and fund accounting fees. Investors cannot invest directly in an index, although they can invest in its underlying securities. Effective March 31, 2023, the primary benchmark for the Fund changed from FTSE NAREIT All Equity REITs Index to the Bloomberg U.S. 3000 REIT Index. 

20

Sterling Capital Small Cap Value Fund

Portfolio Managers

Sterling Capital Small Cap Value Fund (the “Fund”) is managed by Portfolio Managers Gerald M. Van Horn, CFA^®, Executive Director, Shawn M. Gallagher, CFA^®, Executive Director and Andrew T. DiZio, CFA, Executive Director for Sterling Capital Management LLC (“Sterling Capital”), advisor to the Fund.

Gerald M. Van Horn, CFA^®

Gerald M. Van Horn, CFA^®, Executive Director, joined Stratton Management Company in 1998 and Sterling Capital as part of a business acquisition in August 2015. He has investment experience since 1996. Jerry has been lead portfolio manager for the Sterling Capital Small Cap Value Fund since inception on November 2015 and the predecessor fund since 2000. He received his B.A. in Economics from The College of New Jersey and holds the Chartered Financial Analyst^® designation.

Shawn M. Gallagher, CFA^®

Shawn M. Gallagher, CFA^®, Executive Director, joined Stratton Management Company in 2005 and Sterling Capital Management as part of a business acquisition in 2015. He has investment experience since 2003 and is associate portfolio manager of the Sterling Capital Small Cap Value Fund. Shawn received his B.S. in Finance from Pennsylvania State University. He holds the Chartered Financial Analyst^® designation and is a member of the CFA Society of Philadelphia and the CFA Institute.

Andrew T. DiZio, CFA^®

Andrew T. DiZio, CFA^®, Executive Director, joined Stratton Management Company in 2012 and Sterling Capital Management as part of a business acquisition in 2015. He has investment experience since 2003 and is associate portfolio manager of the Sterling Capital Small Cap Value Fund. Andy received his B.S. in Finance with a minor in Economics from Pennsylvania State University. He holds the Chartered Financial Analyst^® designation and is a member of the CFA Society of Philadelphia and the CFA Institute.

Investment Considerations

Small cap company stocks are generally riskier than large company stocks due to greater volatility and less liquidity. Value stocks can perform differently than other types of stocks and can continue to be undervalued by the market for long periods of time.

Q.  How did the Fund perform during the 12-month period between October 1, 2022 and September 30, 2023?

A. The Fund’s Institutional Shares outperformed its benchmark, the Russell 2000^® Value Index.

Q. What factors affected the Fund’s performance?

A. Equity markets experienced strong gains for the 12-month period under review. Fears of an impending recession driven by the Federal Reserve’s historically aggressive tightening campaign (including the lagged impact of restrictive monetary policy) took a back seat to investor optimism about falling inflation and resilient corporate earnings. The economy’s strong fundamentals persisted, despite rising interest rates and tightening financial conditions, which helped investors maintain a risk-on attitude for the period under review. The Fund’s absolute returns benefited from its investments in the industrials, information technology, and consumer staples sectors. Meanwhile, its holdings in the financials and utilities sectors dragged on an absolute basis during the period.

Stock selection within the information technology sector added to relative results. In particular, the Fund’s investments in a manufacturer of networking and cable products, an industrials technology company, a semiconductor manufacturer, and a global software company

outperformed due to strong demand in industrial-related end markets. These companies benefited from the economic tailwinds of ongoing infrastructure spending and the return of manufacturing capacity to the United States. The Fund’s relative performance also benefited from its below-benchmark exposure to the health care sector, which underperformed the broader benchmark by a wide margin during the period.

The Fund’s stock selection within the financials sector weighed on relative results, particularly its investments in four regional banks that underperformed amidst the bank failures and resulting FDIC takeovers that occurred in March. The Fund’s relative results were also negatively affected by its below-benchmark exposure to the consumer discretionary sector, although positive stock selection helped offset the negative effects as the Fund’s investments in a homebuilder and home furnishings manufacturer outperformed during the period. A below-benchmark exposure to the energy sector also weighed on results, as did stock selection in the real estate sector due to the underperformance of a health care REIT.

A Note on Indices: The volatility of an index varies greatly. All indices are unmanaged and investments cannot be made directly in an index.

The Russell 2000^® Value Index measures the performance of value-style investing in small cap U.S. stocks.

Portfolio composition is as of September 30, 2023 and is subject to change and risk.

21

Average Annual Total Returns
As of September 30, 2023	Inception Date	1 Year	5 Years	10 Years
Class A Shares*	11/13/15	8.43%	3.33%	6.45%
Class C Shares**	11/13/15	14.18%	3.78%	6.46%
Institutional Shares	4/12/93	15.31%	4.82%	7.29%
Class R6 Shares	1/31/201	15.45%	4.90%	7.33%
Russell 2000® Value Index	N/A	7.84%	2.59%	6.19%
Bloomberg U.S. 2000 Value Index	N/A	12.88%	4.34%	7.32%

Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. Total return figures include change in share price, reinvestment of dividends and capital gains, and do not reflect taxes that a shareholder would pay on fund distributions or on the redemption of fund shares. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. The performance shown here (for periods prior to the date of commencement of operations on November 16, 2015) is that of Sterling Capital Small Cap Value Fund (the “Predecessor Fund”), whose shares were reorganized into Institutional Shares of the Fund at the close of business on November 13, 2015. Because the Fund had no investment operations prior to the closing of the reorganization, and based on the similarity of the Fund to the Predecessor Fund, the Predecessor Fund is treated as the survivor of the reorganization for accounting and performance reporting purposes. Accordingly, all performance and other information shown for the Fund for periods prior to November 16, 2015 is that of the Predecessor Fund. Performance for Class A Shares and Class C Shares, prior to the date of commencement of operations on November 16, 2015, is based on the performance of the shares of the Predecessor Fund. To obtain performance information current to the most recent month end, please visit www.sterlingcapitalfunds.com.

The chart above represents a comparison of a hypothetical $10,000 investment in the indicated share class versus a similar investment in the Fund’s benchmark.

* Reflects 5.75% maximum sales charge.

** Reflects the applicable maximum CDSC of 1.00% (applicable only to redemptions within one year of purchase, and as such, are not reflected in the Average Annual Total Returns table since the periods reflected are for a year or longer).

¹ Class R6 Shares were not in existence prior to 2/1/18. Performance for periods prior to 2/1/18 is based on the performance of Institutional Shares.

The Russell 2000^® Value Index is a widely recognized index of common stocks that measures the performance of the small-cap value sector of the U.S. equity market. The index is unmanaged and does not reflect the deduction of expenses associated with a mutual fund, such as investment management and fund accounting fees. Investors cannot invest directly in an index, although they can invest in its underlying securities.

The Bloomberg U.S. 2000 Value Index is a float market-cap-weighted benchmark of the lower 2000 in capitalization of the Bloomberg U.S. 3000 Index that provides exposure to companies with superior value factor scores based on their earnings yield, valuation, dividend yield, and growth. 

22

Sterling Capital Ultra Short Bond Fund

Portfolio Managers

Sterling Capital Ultra Short Bond Fund (the “Fund”) is managed by Portfolio Managers Mark M. Montgomery, CFA^®, Senior Managing Director, Byron G. Mims, CFA^®, Executive Director, and Jeffrey D. Ormsby, CFA^®, Executive Director, for Sterling Capital Management LLC (“Sterling Capital”), advisor to the Fund.

Mark M. Montgomery, CFA^®

Mark M. Montgomery, CFA^®, Senior Managing Director, CIO and Head of Fixed Income, joined Sterling Capital in 1997 and has investment experience since 1990. He has been co-portfolio manager of the Ultra Short Bond Fund since its inception. Mark received his B.S. in Marketing with a minor in Public Administration and his MBA from Drexel University. He holds the Chartered Financial Analyst designation.

Byron G. Mims, CFA^®

Byron G. Mims, CFA^®, Executive Director, joined Sterling Capital in 2012 and has investment experience since 2006. He has been co-portfolio manager of the Ultra Short Bond Fund since February 2020. Byron received his B.S. in Economics from North Carolina State University. He holds the Chartered Financial Analyst designation.

Jeffrey D. Ormsby, CFA^®

Jeffrey D. Ormsby, CFA^®, Executive Director, joined Sterling Capital in 2011 and has investment experience since 2006. He has been co-portfolio manager of the Ultra Short Bond Fund since February 2020. Jeff received his B.S. in Economics from North Carolina State University and his MBA from UNC’s Kenan-Flagler Business School. He holds the Chartered Financial Analyst designation.

Investment Considerations

The Fund is subject to the same risks as the underlying bonds in the portfolio such as credit, prepayment, call and interest rate risk. As interest rates rise, the value of bond prices will decline and an investor may lose money. The Fund may invest in more aggressive investments, such as foreign securities, which may expose the Fund to currency and exchange rate fluctuations; mortgage-backed securities sensitive to interest rates; and high yield debt (also known as junk bonds), all of which may cause greater volatility and less liquidity.

Q.  How did the Fund perform during the 12-month period between October 1, 2022 and September 30, 2023?

A. The Fund’s Institutional Shares outperformed its current benchmark, the FTSE U.S. Six-Month Treasury Bill Index.

Q. What factors affected the Fund’s performance?

A. Risk assets performed well over the 12-month period under review as the economy proved stronger-than-expected despite the Federal Reserve’s aggressive strategy of interest rate increases. Investors grew increasingly optimistic that the Fed’s efforts would not push the economy into a recession, which led them to adopt a “risk-on” attitude as the period progressed. Amid this environment, floating rate commercial mortgage-backed securities (CMBS) performed best in absolute terms over the period, as interest rates rose throughout the period. Corporate bonds and off-the-run asset-backed securities (ABS) also performed well, which added to the Fund’s returns on an absolute basis. However, the portfolio's exposure to commercial paper, Treasuries, and cash weighed on its absolute returns.

Given the higher starting yields and tightening spreads for risk assets during the second and third quarters of 2023, the Fund’s off-benchmark exposure to corporate bonds and CMBS added to its performance relative to the benchmark. The Fund’s relative returns also benefited from the changing shape of the yield curve. Given the Fed’s more hawkish tone, shorter rates rose more than longer rates, and the Fund held an above-benchmark exposure to key longer rates, which aided its performance on a relative basis.

The Fund’s relative performance suffered from its Treasury holdings. The Fund's Treasury assets are concentrated in the short term and are mostly used to fund redemptions. These short Treasuries underperformed the benchmark due to the shortest rates rising more than longer rates. The Fund’s exposure to auto loan ABS and commercial paper also dragged on relative returns, as these sectors underperformed the benchmark.

A Note on Indices: The volatility of an index varies greatly. All indices are unmanaged and investments cannot be made directly in an index.

The FTSE U.S. Six-Month Treasury Bill Index is an average of the last six 6-month Treasury bill month-end rates. This family of indices measures return equivalents of yield averages and the instruments are not marked to market.

Portfolio composition is as of September 30, 2023 and is subject to change and risk. 

23

Average Annual Total Returns
As of September 30, 2023	Inception Date	1 Year	5 Years	10 Years
Class A Shares*	11/30/12	4.97%	1.84%	1.28%
Institutional Shares	11/30/12	5.12%	2.09%	1.53%
FTSE U.S. Six-Month Treasury Bill Index	N/A	4.63%	1.81%	1.18%

Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. Total return figures include change in share price, reinvestment of dividends and capital gains, and do not reflect taxes that a shareholder would pay on fund distributions or on the redemption of fund shares. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. To obtain performance information current to the most recent month end, please visit www.sterlingcapitalfunds.com. Performance would have been lower without limitations and/or waivers in effect.

The chart above represents a comparison of a hypothetical $10,000 investment in the indicated share class versus a similar investment in the Fund’s benchmark.

* Reflects 0.00% maximum sales charge.

The Fund is measured against the FTSE U.S. Six-Month Treasury Bill Index, which measures the performance of Treasury bills with a maturity of six months or less. The index does not reflect the deduction of expenses associated with a mutual fund, such as investment management and fund accounting fees. Investors cannot invest directly in an index, although they can invest in its underlying securities. 

24

Sterling Capital Short Duration Bond Fund

Portfolio Managers

Sterling Capital Short Duration Bond Fund (the “Fund”) is managed by Portfolio Managers Mark M. Montgomery, CFA^®, Senior Managing Director, and Peter L. Brown, CFA^®, Managing Director, for Sterling Capital Management LLC (“Sterling Capital”), advisor to the Fund.

Mark M. Montgomery, CFA^®

Mark M. Montgomery, CFA^®, Senior Managing Director, CIO and Head of Fixed Income, joined Sterling Capital in 1997 and has investment experience since 1990. He has been co-portfolio manager of the Short Duration Bond Fund since February 2011. Mark received his B.S. in Marketing with a minor in Public Administration and his MBA from Drexel University. He holds the Chartered Financial Analyst^® designation.

Peter L. Brown, CFA^®

Peter L. Brown, CFA^®, Executive Director, joined Sterling Capital in 2004 and has investment experience since 2000. He has been co-portfolio manager of the Short Duration Bond Fund since February 2020. Pete received a B.S. in Statistics with minors in Business Management, Marketing and Communications from Cornell University, and a MBA from Wake Forest University. He holds the Chartered Financial Analyst^® designation.

Investment Considerations

The Fund is subject to the same risks as the underlying bonds in the portfolio such as credit, prepayment, call and interest rate risk. As interest rates rise, the value of bond prices will decline and an investor may lose money. The Fund may invest in more aggressive investments, such as foreign securities, which may expose the Fund to currency and exchange rate fluctuations; mortgage-backed securities sensitive to interest rates; and high yield debt (also known as junk bonds), all of which may cause greater volatility and less liquidity.

Q. How did the Fund perform during the 12-month period between October 1, 2022 and September 30, 2023?

A. The Fund’s Institutional Shares outperformed its current benchmark, the ICE BofA 1-3 Year U.S. Corporate Government Bond Index.

Q. What factors affected the Fund’s performance?

A. Bond yields rose considerably during the final quarter of 2022 and the first three quarters of 2023 as stubbornly high inflation led the Federal Reserve (the Fed) to continue raising interest rates. A higher-than-expected U.S. government budget deficit caused the Treasury to issue more long-term debt, further driving up yields. The rise in rates caused existing bond prices to fall, which dragged on total returns on an absolute basis. However, the Fund began the period with a higher yield-to-maturity than it held in previous years, which helped absorb some of the losses generated by falling prices.

The U.S. economy performed better than expected, which meant that risk premia on non-government assets such as corporate bonds, asset-backed securities (ABS) and commercial mortgage-backed securities (CMBS) narrowed versus Treasuries, which added to the Fund’s returns on an absolute basis.

The Fund’s relative performance benefited from its duration positioning. In anticipation of a rise in short-term interest rates, the Fund maintained a short duration position relative to its benchmark throughout the period, which boosted relative returns. The Fund’s relative returns also benefitted from an overweight position to corporate bonds in general, and an off-benchmark exposure to below-investment-grade securities, in particular. Short duration investment grade corporate bonds benefitted from a strong U.S. economy, solid earnings, and modest issuance during

the period, while riskier corporate bonds fared even better in the strong economy. Security selection within the Fund’s corporate bond allocation also helped relative performance, particularly due to a lower quality bias in the industrial sector. In addition, the Fund’s choice of investment grade securities in the energy, consumer, and technology sectors helped the Fund’s allocation to corporate bonds outperform its benchmark.

The Fund’s overweight exposure to taxable municipal bonds and short duration securitized assets also boosted returns on a relative basis. Taxable municipal bonds outperformed Treasuries and securitized assets due to a strong fundamental position for U.S. municipalities driven by pandemic-related stimulus. An overweight position to ABS and non-agency CMBS also boosted the Fund’s relative performance. Although delinquencies in both consumer loans and the commercial real estate market rose during the period, high-quality securities in these sectors remained in demand and thus outperformed Treasuries.

The Fund’s exposure to mid-sized regional banks in the financial sector weighed on its relative performance, as investors grew concerned about profitability and unrealized losses on the balance sheets of these institutions. An overweight allocation to the insurance sector, which generated positive excess returns but underperformed other financial sub-sectors, also dragged on relative results.

A Note on Indices: The volatility of an index varies greatly. All indices are unmanaged and investments cannot be made directly in an index.

The ICE BofA 1-3 Year U.S. Corporate Government Bond Index includes fixed rate debt issues rated investment grade or higher by Moody’s and S&P. All issues have at least one year to three years to maturity and an outstanding par value of at least $300 million.

Portfolio composition is as of September 30, 2023 and is subject to change and risk. 

25

Average Annual Total Returns
As of September 30, 2023	Inception Date	1 Year	5 Years	10 Years
Class A Shares*	11/30/92	1.60%	1.07%	1.05%
Class C Shares**	1/31/12	2.84%	0.74%	0.51%
Institutional Shares	11/30/92	3.87%	1.73%	1.51%
Class R6 Shares	2/1/211	4.09%	1.69%	1.37%
ICE BofA 1-3 Year U.S. Corporate Government Bond Index	N/A	2.85%	1.22%	1.04%

Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. Total return figures include change in share price, reinvestment of dividends and capital gains, and do not reflect taxes that a shareholder would pay on fund distributions or on the redemption of fund shares. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. To obtain performance information current to the most recent month end, please visit www.sterlingcapitalfunds.com. Performance would have been lower without limitations and/or waivers in effect.

The chart above represents a comparison of a hypothetical $10,000 investment in the indicated share class versus a similar investment in the Fund’s benchmark.

* Reflects 2% maximum sales charge.

** Reflects the applicable maximum CDSC of 1.00% (applicable only to redemptions within one year of purchase, and as such, are not reflected in the Average Annual Total Returns table since the periods reflected are for a year or longer).

¹ Class R6 Shares were not in existence prior to 2/1/18. Performance for periods prior to 2/1/18 is based on the performance of Institutional Shares.

The Fund is measured against the ICE BofA 1-3 Year U.S. Corporate Government Bond Index, which consists of securities with a maturity from one to three years. The index does not reflect the deduction of expenses associated with a mutual fund, such as investment management and fund accounting fees. Investors cannot invest directly in an index, although they can invest in its underlying securities. 

26

Sterling Capital Intermediate U.S. Government Fund

Portfolio Managers

Sterling Capital Intermediate U.S. Government Fund (the “Fund”) is managed by Executive Directors and Portfolio Managers Michael Sun and Jeffrey D. Ormsby, CFA^® for Sterling Capital Management LLC (“Sterling Capital”), advisor to the Fund.

Michael Z. Sun, CFA^®

Michael Z. Sun, CFA^®, Executive Director, joined Sterling Capital in 2009 and has investment experience since 1998. He has been co-portfolio manager of the Intermediate U.S. Government Fund since February 2019. Michael received his M.A. in Economics from Bowling Green State University, his M.S. in Urban & Regional Study from Beijing University and his B.S. in Geography from Nanjing University. He holds the Chartered Financial Analyst designation.

Jeffrey D. Ormsby, CFA^®

Jeffrey D. Ormsby, CFA^®, Executive Director, joined Sterling Capital in 2011 and has investment experience since 2006. He has been co-portfolio manager of the Ultra Short Bond Fund since February 2020. Jeff received his B.S. in Economics from North Carolina State University and his MBA from UNC’s Kenan-Flagler Business School. He holds the Chartered Financial Analyst designation.

Investment Considerations

The Fund is subject to the same risks as the underlying bonds in the portfolio such as credit, prepayment, call and interest rate risk. As interest rates rise, the value of bond prices will decline and an investor may lose money. The Fund may invest in mortgage-backed securities, which tend to be more sensitive to changes in interest rates. The Fund invests in securities issued or guaranteed by the U.S. government or its agencies (such as Fannie Mae or Freddie Mac). Although U.S. government securities issued directly by the U.S. government are guaranteed by the U.S. Treasury, other U.S. government securities issued by an agency or instrumentality of the U.S. government may not be. No assurance can be given that the U.S. government would provide financial support to its agencies and instrumentalities if not required to do so by law.

Q.  How did the Fund perform during the 12-month period between October 1, 2022 and September 30, 2023?

A. The Fund’s Institutional Shares underperformed its current benchmark, the Bloomberg U.S. Intermediate Government Bond Index.

Q. What factors affected the Fund’s performance?

A. The Federal Reserve (the Fed) repeatedly raised the federal funds rate during the 12-month period, for a total increase of 225 basis points or 2.25%. Since bond prices generally move in the opposite direction of interest rates, these rate hikes hurt the Fund’s performance on an absolute basis. The economy’s unexpected resilience to the aggressive rate hikes helped reduce risk premiums—the additional yield other debt securities pay over Treasuries to compensate investors for taking on greater risk. The lower risk premiums helped offset some of the negative effects of higher Treasury yields because it meant that the yields of other securities held by the Fund did not rise as much, and therefore their prices did not fall as much.

The largest detractor to the Fund’s relative performance was its longer average duration relative to that of its benchmark. Also dragging on performance was the Fund’s overweight exposure to collateralized mortgage obligations (CMO). A rising-rate environment made prepayment on this debt less likely, which led to extending the duration of CMOs and consequently hurt returns.

The Fund’s bias toward asset-backed securities (ABS), commercial mortgage-backed securities (CMBS), taxable municipal bonds

and corporate bonds contributed positively to the Fund’s relative performance, as each of these categories outperformed duration-matched Treasuries in the benchmark due to the lower risk premiums. The Fund’s overweight position in five- to 10-year securities also added to relative results. The interest rates for this part of the yield curve did not rise as high as they did for the shorter and longer ends of the yield curve.

A Note on Indices: The volatility of an index varies greatly. All indices are unmanaged and investments cannot be made directly in an index.

The Bloomberg U.S. Intermediate Government Bond Index measures the performance of U.S. dollar-denominated U.S. Treasuries, government-related and investment grade U.S. corporate securities that have a remaining maturity of greater than one year and less than ten years.

“Bloomberg^®” and the Bloomberg indices are service marks of Bloomberg Finance L.P. and its affiliates, including Bloomberg Index Services Limited (“BISL”), the administrator of the index (collectively, “Bloomberg”) and have been licensed for use for certain purposes by Sterling Capital Management LLC and its affiliates. Bloomberg is not affiliated with Sterling Capital Management LLC or its affiliates, and Bloomberg does not approve, endorse, review, or recommend the product(s) presented herein. Bloomberg does not guarantee the timeliness, accurateness, or completeness of any data or information relating to the product(s) presented herein.

Portfolio composition is as of September 30, 2023 and is subject to change and risk. 

27

Average Annual Total Returns
As of September 30, 2023	Inception Date	1 Year	5 Years	10 Years
Class A Shares*	10/9/92	-1.54%	-0.60%	0.04%
Class C Shares**	2/1/01	-0.32%	-0.97%	-0.51%
Institutional Shares	10/9/92	0.80%	0.05%	0.49%
Bloomberg U.S. Intermediate Government Bond Index	N/A	1.33%	0.68%	0.81%

Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. Total return figures include change in share price, reinvestment of dividends and capital gains, and do not reflect taxes that a shareholder would pay on fund distributions or on the redemption of fund shares. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. To obtain performance information current to the most recent month end, please visit www.sterlingcapitalfunds.com. Performance would have been lower without limitations and/or waivers in effect.

The chart above represents a comparison of a hypothetical $10,000 investment in the indicated share class versus a similar investment in the Fund’s benchmark.

* Reflects 2% maximum sales charge.

** Reflects the applicable maximum CDSC of 1.00% (applicable only to redemptions within one year of purchase, and as such, are not reflected in the Average Annual Total Returns table since the periods reflected are for a year or longer).

The Fund is measured against the Bloomberg U.S. Government Bond Intermediate Index, an unmanaged index comprised of all publicly issued non-convertible domestic debt of the U.S. government or any agency there of, or corporate debt guaranteed by the U.S. government all with outstanding principal of $1 million and maturity between one and ten years. The index does not reflect the deduction of expenses associated with a mutual fund, such as investment management and fund accounting fees. Investors cannot invest directly in an index, although they can invest in its underlying securities. 

28

Sterling Capital Total Return Bond Fund

Portfolio Managers

Sterling Capital Total Return Bond Fund (the “Fund”) is managed by Portfolio Managers Mark M. Montgomery, CFA^®, Senior Managing Director, and Peter L. Brown, CFA^®, Managing Director, for Sterling Capital Management LLC (“Sterling Capital”), advisor to the Fund.

Mark M. Montgomery, CFA^®

Mark M. Montgomery, CFA^®, Senior Managing Director, CIO and Head of Fixed Income, joined Sterling Capital in 1997 and has investment experience since 1990. He has been co-portfolio manager of the Total Return Bond Fund since January 2008. Mark received his B.S. in Marketing with a minor in Public Administration and his MBA from Drexel University. He holds the Chartered Financial Analyst designation.

Peter L. Brown, CFA^®

Peter L. Brown, CFA^®, Managing Director, joined Sterling Capital in 2004 and has investment experience since 2000. He has been co-portfolio manager of the Total Return Bond Fund since February 2020. Pete received a B.S. in Statistics with minors in Business Management, Marketing and Communications from Cornell University, and a MBA from Wake Forest University. He holds the Chartered Financial Analyst^® designation.

Investment Considerations

The Fund is subject to the same risks as the underlying bonds in the portfolio such as credit, prepayment, call and interest rate risk. As interest rates rise, the value of bond prices will decline and an investor may lose money. The Fund may invest in foreign securities, which may expose the fund to currency and exchange rate fluctuations; and mortgage-backed securities sensitive to interest rates; and high yield debt (also known as junk bonds), all of which may cause greater volatility and less liquidity. Derivatives may be more sensitive to changes in market conditions and may amplify risks.

Q. How did the Fund perform during the 12-month period between October 1, 2022 and September 30, 2023?

A. The Fund’s Institutional Shares outperformed its current benchmark, the Bloomberg U.S. Aggregate Bond Index.

Q. What factors affected the Fund’s performance?

A. Bond yields rose considerably during the final quarter of 2022 and the first three quarters of 2023 as stubbornly high inflation forced the Federal Reserve to continue raising interest rates. A higher-than-expected U.S. government budget deficit forced the Treasury to issue increasing amounts of longer-term debt, further driving up yields. The rise in rates caused existing bond prices to fall, which dragged on total returns on an absolute basis. However, the Fund began the period with a higher yield-to-maturity than it held in previous years, which helped absorb some of the losses generated by falling prices.

The U.S. economy performed better than expected, which meant that risk premia on non-government assets such as corporate bonds, asset-backed securities (ABS), and commercial mortgage-backed securities (CMBS) narrowed versus Treasuries, which further added to the Fund’s returns on an absolute basis.

The Fund’s overweight position in corporate bonds boosted its performance on a relative basis. Corporate bonds benefitted from a strong U.S. economy, solid earnings, and modest issuance, and they significantly outperformed duration-matched Treasuries during the period under review. Additionally, well-timed decisions to increase and decrease corporate bond exposure added to the Fund’s relative results, as did security selection, particularly in the form of long duration exposure to companies with improving credit. The Fund’s overweight exposure to taxable municipals also benefited relative returns as these securities generally outperformed Treasuries and securitized assets during the

period due to a very strong fundamental position for U.S. municipalities driven by pandemic-related stimulus. With many municipal issuers in a strong budgetary position, there was little need for issuance, which drove risk premia tighter and lifted municipal bond prices.

The Fund’s positioning and selection within securitized assets also benefited relative returns. The Fund carried an overweight position to ABS and non-agency CMBS versus agency mortgage-backed securities (MBS), which struggled for much of the period due to elevated interest rate volatility. And though delinquencies in both consumer loans and the commercial real estate market rose during the period, high-quality securities in these sectors remained in demand. Within CMBS, investors’ concerns about falling asset prices hurt performance, but the Fund’s concentration in shorter duration, floating rate securities and higher quality securities added to relative results. Investor preference for higher coupon agency MBS was likewise additive to relative returns.

The Fund shifted from a short-to-neutral position on duration relative to its benchmark to a longer position in mid-2023. This proved to be premature as interest rates continued to rise, hurting relative performance. Likewise, the Fund’s overweight allocation to securitized assets hurt relative performance as they underperformed other risk assets, including corporate bonds and government-related sectors, namely local-authority and sovereign bonds.

A Note on Indices: The volatility of an index varies greatly. All indices are unmanaged and investments cannot be made directly in an index.

The Bloomberg U.S. Aggregate Bond Index is an unmanaged index composed of securities that are SEC-registered, taxable, and dollar denominated. The index covers the U.S. investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities.

Portfolio composition is as of September 30, 2023 and is subject to change and risk.

29

Average Annual Total Returns
As of September 30, 2023	Inception Date	1 Year	5 Years	10 Years
Class A Shares*	11/30/99	-1.64%	-0.17%	1.17%
Class C Shares**	2/1/01	-0.22%	-0.49%	0.62%
Institutional Shares	11/30/99	0.78%	0.51%	1.62%
Class R6 Shares	1/31/181	0.88%	0.61%	1.68%
Bloomberg U.S. Aggregate Bond Index	N/A	0.64%	0.10%	1.13%

Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. Total return figures include change in share price, reinvestment of dividends and capital gains, and do not reflect taxes that a shareholder would pay on fund distributions or on the redemption of fund shares. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. To obtain performance information current to the most recent month end, please visit www.sterlingcapitalfunds.com. Performance would have been lower without limitations and/ or waivers in effect.

The chart above represents a comparison of a hypothetical $10,000 investment in the indicated share class versus a similar investment in the Fund’s benchmark.

* Reflects 2% maximum sales charge.

** Reflects the applicable maximum CDSC of 1.00% (applicable only to redemptions within one year of purchase, and as such, are not reflected in the Average Annual Total Returns table since the periods reflected are for a year or longer).

¹ Class R6 Shares were not in existence prior to 2/1/18. Performance for periods prior to 2/1/18 is based on the performance of Institutional Shares.

The Fund is measured against the Bloomberg U.S. Aggregate Bond Index, an unmanaged index, which is a market value-weighted performance benchmark for investment-grade fixed-rate debt issues, including government, corporate, asset-backed, and mortgage-backed securities, with maturities of at least one year. The index is unmanaged and does not reflect the deduction of expenses associated with a mutual fund, such as investment management and fund accounting fees. Investors cannot invest directly in an index, although they can invest in its underlying securities.

30

Sterling Capital Long Duration Corporate Bond Fund

Portfolio Managers

Sterling Capital Long Duration Corporate Bond Fund (the “Fund”) is managed by Portfolio Managers Mark M. Montgomery, CFA^®, Senior Managing Director, Peter L. Brown, CFA^®, Managing Director, and Robert A. Brown, CFA^®, Managing Director for Sterling Capital Management LLC (“Sterling Capital”), advisor to the Fund.

Mark M. Montgomery, CFA^®

Mark M. Montgomery, CFA^®, Senior Managing Director, CIO and Head of Fixed Income, joined Sterling Capital in 1997 and has investment experience since 1990. He has been co-portfolio manager of the Corporate Fund since inception. Mark received his B.S. in Marketing with a minor in Public Administration and his MBA from Drexel University. He holds the Chartered Financial Analyst^® designation.

Peter L. Brown, CFA^®

Peter L. Brown, CFA^®, Managing Director, joined Sterling Capital in 2004 and has investment experience since 2000. He has been co-portfolio manager of the Corporate Fund since February 2020. Pete received a B.S. in Statistics with minors in Business Management, Marketing and Communications from Cornell University, and a MBA from Wake Forest University. He holds the Chartered Financial Analyst^® designation.

Robert A. Brown, CFA^®

Robert A. Brown, CFA^®, Managing Director, joined Sterling Capital Management in 2016 and has investment experience since 1986. He has co-managed the Fund since February 2022. Robert received his B.A. in Geography with Economics from the University of Exeter. He holds the Chartered Financial Analyst^® designation.

Investment Considerations

The Fund is subject to the same risks as the underlying bonds in the portfolio such as credit, prepayment, call and interest rate risk. As interest rates rise, the value of bond prices will decline and an investor may lose money. The Fund may invest in more aggressive investments, such as foreign securities, which may expose the fund to currency and exchange rate fluctuations; mortgage-backed securities sensitive to interest rates; and high yield debt (also known as junk bonds), all of which may cause greater volatility and less liquidity. Derivatives may be more sensitive to changes in market conditions and may amplify risks.

Q. How did the Fund perform during the 12-month period between October 1, 2022 and September 30, 2023?

A. The Fund’s Institutional Shares underperformed its current benchmark, the Bloomberg Long U.S. Corporate Bond Index.

Q. What factors affected the Fund’s performance?

A. Bond yields rose considerably during the end of 2022 and throughout the first three quarters of 2023 as the Federal Reserve continued raising interest rates to combat stubbornly high inflation. A higher-than-expected U.S. government budget deficit caused the Treasury to issue increasing amounts of longer-term debt, which put additional upward pressure on yields. Rising rates caused existing bond prices to fall, which hurt the Fund’s total returns on an absolute basis.

The Fund’s performance relative to its benchmark suffered from its decision to shift from a short-to-neutral position on duration relative to its benchmark to a longer position in mid-2023. This proved to be premature, however, as interest rates continued to rise, thus weighing on relative results. The Fund’s above-benchmark exposure to Treasuries also detracted from relative performance, as Treasuries underperformed corporate bonds.

Likewise, the Fund’s overweight exposure to the financials and utilities sectors and underweight exposure to the industrials sector weighed on results, as financials underperformed and utilities were dragged down by an increase in securities issued. Security selection within the utilities sector also dragged on performance during the period. Investor preference for lower quality, wider-trading names coupled with a relatively benign California wildfire season helped two of the largest companies in the benchmark outperform other utilities names. The

Fund’s underweight exposure to the California utility companies hurt relative performance.

The Fund benefited from its overweight exposure to the aircraft leasing industry as well as its exposure to REITs. The Fund’s decision to avoid exposure to traditional office real estate boosted relative results, as commercial real estate prices declined during the period. The Fund’s relative returns also benefited from security selection in the communications sector, as a handful of major communications companies were among the top-performing issuers during this period.

A Note on Indices: The volatility of an index varies greatly. All indices are unmanaged and investments cannot be made directly in an index.

The Bloomberg Long U.S. Corporate Bond Index measures the investment grade, fixed-rate, taxable corporate bond market. It includes USD-denominated securities publicly issued by U.S. and non-U.S. industrial, utility and financial issuers that have a remaining maturity of ten years or more.

“Bloomberg^®” and the Bloomberg indices are service marks of Bloomberg Finance L.P. and its affiliates, including Bloomberg Index Services Limited (“BISL”), the administrator of the index (collectively, “Bloomberg”) and have been licensed for use for certain purposes by Sterling Capital Management LLC and its affiliates. Bloomberg is not affiliated with Sterling Capital Management LLC or its affiliates, and Bloomberg does not approve, endorse, review, or recommend the product(s) presented herein. Bloomberg does not guarantee the timeliness, accurateness, or completeness of any data or information relating to the product(s) presented herein.

Portfolio composition is as of September 30, 2023 and is subject to change and risk. 

31

Average Annual Total Returns
As of September 30, 2023	Inception Date	1 Year	5 Years	10 Years
Class A Shares*	1/31/131	-0.72%	-3.07%	-0.24%
Class C Shares**	1/31/131	0.78%	-3.37%	-0.78%
Institutional Shares	6/30/112	1.64%	-2.43%	0.21%
Class R6 Shares	1/31/223	1.72%	-2.40%	0.23%
Bloomberg Long U.S. Corporate Bond Index	N/A	2.55%	-0.16%	2.74%

Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. Total return figures include change in share price, reinvestment of dividends and capital gains, and do not reflect taxes that a shareholder would pay on fund distributions or on the redemption of fund shares. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. To obtain performance information current to the most recent month end, please visit www.sterlingcapitalfunds.com.

The chart above represents a comparison of a hypothetical $10,000 investment in the indicated share class versus a similar investment in the Fund’s benchmark.

* Reflects 2% maximum sales charge.

** Reflects the applicable maximum CDSC of 1.00% (applicable only to redemptions within one year of purchase, and as such, are not reflected in the Average Annual Total Returns table since the periods reflected are for a year or longer).

¹ The Fund converted Class S Shares into Institutional Shares effective 2/1/13.

² Class R6 Shares were not in existence prior to 1/31/22. Performance for periods prior to 1/31/22 is based on the performance of Institutional Shares.

The Fund is measured against the Bloomberg Long U.S. Corporate Bond Index, which measures the investment grade, fixed-rate, taxable corporate bond market. It includes USD-denominated securities publicly issued by U.S. and non-U.S. industrial, utility and financial issuers that have a remaining maturity of ten years or more. The index does not reflect the deduction of expenses associated with a mutual fund, such as investment management and fund accounting fees. Investors cannot invest directly in an index, although they can invest in its underlying securities.

The Bloomberg Long U.S. Corporate Bond Index measures the investment grade, fixed-rate, taxable corporate bond market. It includes USD-denominated securities publicly issued by U.S. and non-U.S. industrial, utility and financial issuers that have a remaining maturity of ten years or more.

32

Sterling Capital Quality Income Fund

Portfolio Managers

Sterling Capital Quality Income Fund (the “Fund”) is managed by Executive Directors and portfolio managers Michael Z. Sun, CFA^®, Jeffrey D. Ormsby, CFA^® and Byron G. Mims, CFA^®, for Sterling Capital Management LLC (“Sterling Capital”), advisor to the Fund.

Michael Z. Sun, CFA^®

Michael Z. Sun, CFA^®, Executive Director, joined Sterling Capital in 2009 and has investment experience since 1998. He has been co-portfolio manager of the Quality Income Fund since February 2014. Michael received his M.A. in Economics from Bowling Green State University, his M.S. in Urban & Regional Study from Beijing University and his B.S. in Geography from Nanjing University. He holds the Chartered Financial Analyst^® designation.

Jeffrey D. Ormsby, CFA^®

Jeffrey D. Ormsby, CFA^®, Executive Director, joined Sterling Capital in 2011 and has investment experience since 2006. He has been co-portfolio manager of the Quality Income Fund since February 2016. Jeff received his B.S. in Economics from North Carolina State University and his MBA from UNC’s Kenan-Flagler Business School. He holds the Chartered Financial Analyst^® designation.

Byron G. Mims, CFA^®

Byron G. Mims, CFA^®, Executive Director, joined Sterling Capital in 2012 and has investment experience since 2006. He has been co-portfolio manager of the Quality Income Fund since February 2016. Byron received his B.S. in Economics from North Carolina State University. He holds the Chartered Financial Analyst^® designation.

Investment Considerations

The Fund is subject to the same risks as the underlying bonds in the portfolio such as credit, prepayment, call and interest rate risk. As interest rates rise, the value of bond prices will decline and an investor may lose money. The Fund may invest in more aggressive investments, such as foreign securities, which may expose the Fund to currency and exchange rate fluctuations; mortgage-backed securities sensitive to interest rates; and high yield debt (also known as junk bonds), all of which may cause greater volatility and less liquidity.

Q. How did the Fund perform during the 12-month period between October 1, 2022 and September 30, 2023?

A. The Fund’s Institutional Shares outperformed its current benchmark, the Bloomberg U.S. MBS Index.

Q. What factors affected the Fund’s performance?

A. The Federal Reserve (the Fed) raised the federal funds rate six times during the 12-month period, for a total increase of 225 basis points or 2.25%. Amid rising rates, the Fund’s exposure to shorter-duration securities contributed the most to absolute returns, as those securities can take advantage of higher rates earlier than others. Single-asset or single-borrower (SASB) commercial mortgage-backed securities (CMBS) were the Fund’s top-performing subsector on an absolute basis, benefiting from higher rates due to their floating-rate coupons. The Fund’s exposure to short-duration asset-backed securities (ABS) also contributed to absolute returns. By comparison, the portfolio’s holdings in longer-duration agency debentures, fixed-rate Treasury securities and longer-duration fixed-rate collateralized mortgage securities all dragged on absolute returns, as these securities saw negative returns for the period under review.

The Fund’s bias toward non-agency CMBS and consumer ABS boosted performance relative to the benchmark, as both sectors outperformed agency MBS during the period. Within agency mortgage-backed securities (MBS), the Fund also benefited from its below-benchmark exposure to lower-coupon 30-year securities, as those underperformed within the sector. A third contributing factor to the Fund’s outperformance was its average duration, which was shorter than that of the benchmark and therefore better positioned to weather rising interest rates.

The Fund’s yield curve positioning detracted from relative performance. The Fund had a below-benchmark exposure to bonds in the five- and 10-year range, which saw smaller interest rate increases than both shorter-and longer-term bonds, and therefore saw smaller price drops. The Fund’s off-benchmark allocation to Treasuries also weighed on relative results, as each of the major securitized subsectors posted positive excess returns compared to duration-matched Treasuries during the period.

A Note on Indices: The volatility of an index varies greatly. All indices are unmanaged and investments cannot be made directly in an index.

The Bloomberg U.S. MBS Index covers the mortgage-backed pass-through securities of Ginnie Mae (GNMA), Fannie Mae (FNMA), and Freddie Mac (FHLMC). It is formed by grouping the universe of individual fixed rate MBS pools into generic aggregates.

“Bloomberg^®” and the Bloomberg indices are service marks of Bloomberg Finance L.P. and its affiliates, including Bloomberg Index Services Limited (“BISL”), the administrator of the index (collectively, “Bloomberg”) and have been licensed for use for certain purposes by Sterling Capital Management LLC and its affiliates. Bloomberg is not affiliated with Sterling Capital Management LLC or its affiliates, and Bloomberg does not approve, endorse, review, or recommend the product(s) presented herein. Bloomberg does not guarantee the timeliness, accurateness, or completeness of any data or information relating to the product(s) presented herein.

33

Average Annual Total Returns
As of September 30, 2023	Inception Date	1 Year	5 Years	10 Years
Class A Shares*	1/31/13	-1.83%	-0.37%	0.87%
Class C Shares**	1/31/13	-0.52%	-0.67%	0.35%
Institutional Shares	6/30/11	0.44%	0.27%	1.33%
Bloomberg U.S. Mortgage Backed Securities Index	N/A	-0.17%	-0.78%	0.61%

Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. Total return figures include change in share price, reinvestment of dividends and capital gains, and do not reflect taxes that a shareholder would pay on fund distributions or on the redemption of fund shares. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. To obtain performance information current to the most recent month end, please visit www.sterlingcapitalfunds.com.

The chart above represents a comparison of a hypothetical $10,000 investment in the indicated share class versus a similar investment in the Fund’s benchmark.

* Reflects 2% maximum sales charge.

** Reflects the applicable maximum CDSC of 1.00% (applicable only to redemptions within one year of purchase, and as such, are not reflected in the Average Annual Total Returns table since the periods reflected are for a year or longer).

The Fund is measured against the Bloomberg U.S. Mortgage Backed Securities Index. The index measures the performance of investment grade fixed-rate mortgage-backed pass-through securities of Ginnie Mae, Fannie Mae, and Freddie Mac. The index is unmanaged and does not reflect the deduction of expenses associated with a mutual fund, such as investment management and fund accounting fees. Investors cannot invest directly in an index, although they can invest in its underlying securities.

34

Sterling Capital North Carolina Intermediate Tax-Free Fund

Portfolio Managers

Sterling Capital North Carolina Intermediate Tax-Free Fund (the “Fund”) is managed by Portfolio Managers Robert F. Millikan, CFA^®, Executive Director and Michael P. McVicker, Executive Director for Sterling Capital Management LLC (“Sterling Capital”), advisor to the Fund.

Robert F. Millikan, CFA^®

Robert F. Millikan, CFA^®, Executive Director, joined BB&T Asset Management in 2000 and Sterling Capital through merger in October 2010. He has investment experience since 1990 and joined the team that manages each of the Tax-Free Bond Funds in February 2000. He is a graduate of Wake Forest University where he received his B.A. in Economics. He holds the Chartered Financial Analyst designation.

Michael P. McVicker

Michael P. McVicker, Executive Director, joined Sterling Capital in 1992 and has investment experience since 1992. He has been associate portfolio manager for each of the Tax-Free Bond Funds since February 2016. Michael is a graduate of the University of North Carolina – Charlotte where he received his B.S.B.A. in Finance with a minor in Psychology.

Investment Considerations

The Fund is subject to the same risks as the underlying bonds in the portfolios such as credit, prepayment and interest rate risk. As interest rates rise, the value of bond prices will decline and an investor may lose money. The Fund is non-diversified and may invest a greater percentage of its assets in a single issuer than funds that are more diversified. Furthermore, the Fund invests primarily in municipal obligations issued by North Carolina and its political subdivisions and therefore will be affected by economic, political or other events affecting North Carolina.

Q. How did the Fund perform during the 12-month period between October 1, 2022 and September 30, 2023?

A. The Fund’s Institutional Shares underperformed its current benchmark, the ICE BofA 2-17 Year U.S. Municipal Bond Index.

Q. What factors affected the Fund’s performance?

A. The Federal Reserve (the Fed) raised the federal funds rate six times during the 12-month period, for a total increase of 225 basis points or 2.25%. When interest rates rise, bond prices tend to fall, which weighs on returns. Interest rate increases were not uniform across the yield curve, however. For instance, one-year rates rose 64 basis points, five-year rates rose 31 basis points, 10-year rates rose 15 basis points, and 20-year rates rose 42 basis points. This distribution of interest rate increases inverted the yield curve. Amid this inversion, and rising rates generally, the Fund’s position in one- to three-year bonds contributed to returns on an absolute basis.

Lower-quality bonds outperformed higher quality bonds during the period, as investors were willing to take on risk to seek higher income in

a better-than-expected economic environment. Therefore, the Fund’s bias toward AAA- and AA-rated securities dragged on its performance relative to the benchmark.

The Fund’s selective overweight position in five-year and 10-year bonds boosted relative performance, as rates rose less among those assets than among one- and 20-year bonds, which caused a smaller decline in their prices. The Fund’s below-benchmark exposure to durations longer than 10 years also added to relative performance, as rates rose higher and prices dropped further among those bonds.

A Note on Indices: The volatility of an index varies greatly. All indices are unmanaged and investments cannot be made directly in an index.

The ICE BofA 2-17 U.S. Year Municipal Bond Index is an unmanaged index composed of securities that are SEC-registered, tax-exempt, and dollar denominated. The index covers the intermediate U.S. investment grade fixed rate municipal bond market, with index components for municipal securities.

Portfolio composition is as of September 30, 2023 and is subject to change and risk.

35

Average Annual Total Returns
As of September 30, 2023	Inception Date	1 Year	5 Years	10 Years
Class A Shares*	10/16/92	-0.93%	-0.02%	0.89%
Class C Shares**	1/31/12	0.32%	-0.37%	0.33%
Institutional Shares	10/16/92	1.44%	0.63%	1.34%
ICE BofA 2-17 Year U.S. Municipal Bond Index	N/A	2.71%	1.27%	2.06%

Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. Total return figures include change in share price, reinvestment of dividends and capital gains, and do not reflect taxes that a shareholder would pay on fund distributions or on the redemption of fund shares. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. To obtain performance information current to the most recent month end, please visit www.sterlingcapitalfunds.com.

The chart above represents a comparison of a hypothetical $10,000 investment in the indicated share class versus a similar investment in the Fund’s benchmark.

* Reflects 2% maximum sales charge.

** Reflects the applicable maximum CDSC of 1.00% (applicable only to redemptions within one year of purchase, and as such, are not reflected in the Average Annual Total Returns table since the periods reflected are for a year or longer).

The Fund is measured against the ICE BofA 2-17 Year U.S. Municipal Bond Index, an unmanaged index, which is representative of municipal bonds. The index does not reflect the deduction of expenses associated with a mutual fund, such as investment management and fund accounting fees. Investors cannot invest directly in an index, although they can invest in its underlying securities.

36

Sterling Capital South Carolina Intermediate Tax-Free

Portfolio Managers

Sterling Capital South Carolina Intermediate Tax-Free Fund (the “Fund”) is managed by Portfolio Managers Robert F. Millikan, CFA^®, Executive Director and Michael P. McVicker, Executive Director for Sterling Capital Management LLC (“Sterling Capital”), advisor to the Fund.

Robert F. Millikan, CFA^®

Robert F. Millikan, CFA^®, Executive Director, joined BB&T Asset Management in 2000 and Sterling Capital through merger in October 2010. He has investment experience since 1990 and joined the team that manages each of the Tax-Free Bond Funds in February 2000. He is a graduate of Wake Forest University where he received his B.A. in Economics. He holds the Chartered Financial Analyst^® designation.

Michael P. McVicker

Michael P. McVicker, Executive Director, joined Sterling Capital in 1992 and has investment experience since 1992. He has been associate portfolio manager for each of the Tax-Free Bond Funds since February 2016. Michael is a graduate of the University of North Carolina – Charlotte where he received his B.S.B.A. in Finance with a minor in Psychology.

Investment Considerations

The Fund is subject to the same risks as the underlying bonds in the portfolios such as credit, prepayment and interest rate risk. As interest rates rise, the value of bond prices will decline and an investor may lose money. The Fund is non-diversified and may invest a greater percentage of its assets in a single issuer than funds that are more diversified. Furthermore, the Fund invests primarily in municipal obligations issued by South Carolina and its political subdivisions and therefore will be affected by economic, political or other events affecting South Carolina.

Q. How did the Fund perform during the 12-month period between October 1, 2022 and September 30, 2023?

A. The Fund’s Institutional Shares underperformed its current benchmark, the ICE BofA 2-17 Year U.S. Municipal Bond Index.

Q. What factors affected the Fund’s performance?

A. The Federal Reserve (the Fed) raised the federal funds rate six times during the 12-month period, for a total increase of 225 basis points or 2.25%. When interest rates rise, bond prices tend to fall, which weighs on returns. Interest rate increases were not uniform across the yield curve, however. For instance, one-year rates rose 64 basis points, five-year rates rose 31 basis points, 10-year rates rose 15 basis points, and 20-year rates rose 42 basis points. This distribution of interest rate increases inverted the yield curve. Amid this inversion, and rising rates generally, the Fund’s position in one- to three-year bonds contributed to returns on an absolute basis. The Fund’s exposure to lower quality A-rated bonds also added on an absolute basis, as lower-quality bonds outperformed higher quality bonds during the period. Investors were willing to take on risk to seek higher income in a better-than-expected economic environment.

On a relative basis, however, the Fund’s above-benchmark exposure to AAA- and AA-rated securities dragged on its returns. This bias toward higher-quality bonds relative to the benchmark was the primary driver of relative underperformance.

The Fund’s selective overweight position in five-year and 10-year bonds boosted relative performance, as rates rose less among those assets than among one- and 20-year bonds, which caused a smaller decline in their prices. The Fund’s below-benchmark exposure to durations longer than 10 years also added to relative performance, as rates rose higher and prices dropped further among those bonds.

A Note on Indices: The volatility of an index varies greatly. All indices are unmanaged and investments cannot be made directly in an index.

ICE BofA 2-17 Year U.S. Municipal Bond Index is an unmanaged index composed of securities that are SEC-registered, tax-exempt, and dollar denominated. The index covers the intermediate U.S. investment grade fixed rate municipal bond market, with index components for municipal securities.

Portfolio composition is as of September 30, 2023 and is subject to change and risk.

37

Average Annual Total Returns
As of September 30, 2023	Inception Date	1 Year	5 Years	10 Years
Class A Shares*	10/20/97	-0.88%	0.17%	1.00%
Class C Shares**	1/31/12	0.30%	-0.18%	0.44%
Institutional Shares	10/20/97	1.40%	0.84%	1.45%
ICE BofA 2-17 Year U.S. Municipal Bond Index	N/A	2.71%	1.27%	2.06%

Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. Total return figures include change in share price, reinvestment of dividends and capital gains, and do not reflect taxes that a shareholder would pay on fund distributions or on the redemption of fund shares. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. To obtain performance information current to the most recent month end, please visit www.sterlingcapitalfunds.com.

The chart above represents a comparison of a hypothetical $10,000 investment in the indicated share class versus a similar investment in the Fund’s benchmark.

* Reflects 2% maximum sales charge.

** Reflects the applicable maximum CDSC of 1.00% (applicable only to redemptions within one year of purchase, and as such, are not reflected in the Average Annual Total Returns table since the periods reflected are for a year or longer).

The Fund is measured against the ICE BofA 2-17 Year U.S. Municipal Bond Index, an unmanaged index, which is representative of municipal bonds. The index does not reflect the deduction of expenses associated with a mutual fund, such as investment management and fund accounting fees. Investors cannot invest directly in an index, although they can invest in its underlying securities.

38

Sterling Capital Virginia Intermediate Tax-Free Fund

Portfolio Managers

Sterling Capital Virginia Intermediate Tax-Free Fund (the “Fund”) is managed by Portfolio Managers Robert F. Millikan, CFA^®, Executive Director and Michael P. McVicker, Executive Director for Sterling Capital Management LLC (“Sterling Capital”), advisor to the Fund.

Robert F. Millikan, CFA

Robert F. Millikan, CFA, Executive Director, joined BB&T Asset Management in 2000 and Sterling Capital through merger in October 2010. He has investment experience since 1990 and joined the team that manages each of the Tax-Free Bond Funds in February 2000. He is a graduate of Wake Forest University where he received his B.A. in Economics. He holds the Chartered Financial Analyst designation.

Michael P. McVicker

Michael P. McVicker, Executive Director, joined Sterling Capital in 1992 and has investment experience since 1992. He has been associate portfolio manager for each of the Tax-Free Bond Funds since February 2016. Michael is a graduate of the University of North Carolina – Charlotte where he received his B.S.B.A. in Finance with a minor in Psychology.

Investment Considerations

The Fund is subject to the same risks as the underlying bonds in the portfolios such as credit, prepayment and interest rate risk. As interest rates rise, the value of bond prices will decline and an investor may lose money. The Fund is non-diversified and may invest a greater percentage of its assets in a single issuer than funds that are more diversified. Furthermore, the Fund invests primarily in municipal obligations issued by Virginia and its political subdivisions and therefore will be affected by economic, political or other events affecting Virginia.

Q. How did the Fund perform during the 12-month period between October 1, 2022 and September 30, 2023?

A. The Fund’s Institutional Shares underperformed its current benchmark, the ICE BofA 2-17 Year U.S. Municipal Bond Index.

Q. What factors affected the Fund’s performance?

A. The Federal Reserve (the Fed) raised the federal funds rate six times during the 12-month period, for a total increase of 225 basis points or 2.25%. When interest rates rise, bond prices tend to fall, which weighs on returns. Interest rate increases were not uniform across the yield curve, however. For instance, one-year rates rose 64 basis points, five-year rates rose 31 basis points, 10-year rates rose 15 basis points, and 20-year rates rose 42 basis points. This distribution of interest rate increases inverted the yield curve. Amid this inversion, and rising rates generally, the Fund’s position in pre-refunded bonds contributed to returns on an absolute basis.

Lower-quality bonds outperformed higher quality bonds during the period, as investors were willing to take on risk to seek higher income in

a better-than-expected economic environment. Therefore, the Fund’s bias toward AAA- and AA-rated securities dragged on its performance relative to the benchmark.

The Fund’s selective overweight position in five-year and 10-year bonds boosted relative performance, as rates rose less among those assets than among one- and 20-year bonds, which caused a smaller decline in their prices. The Fund’s below-benchmark exposure to durations longer than 10 years also added to relative performance, as rates rose higher and prices dropped further among those bonds.

A Note on Indices: The volatility of an index varies greatly. All indices are unmanaged and investments cannot be made directly in an index.

The ICE BofA 2-17 Year U.S. Municipal Bond Index is an unmanaged index composed of securities that are SEC-registered, tax-exempt, and dollar denominated. The index covers the intermediate U.S. investment grade fixed rate municipal bond market, with index components for municipal securities.

Portfolio composition is as of September 30, 2023 and is subject to change and risk.

39

Average Annual Total Returns
As of September 30, 2023	Inception Date	1 Year	5 Years	10 Years
Class A Shares*	5/17/99	-0.97%	0.01%	0.84%
Class C Shares**	1/31/12	0.13%	-0.38%	0.27%
Institutional Shares	5/17/99	1.30%	0.66%	1.29%
ICE BofA 2-17 Year U.S. Municipal Bond Index	N/A	2.71%	1.27%	2.06%

Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. Total return figures include change in share price, reinvestment of dividends and capital gains, and do not reflect taxes that a shareholder would pay on fund distributions or on the redemption of fund shares. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. To obtain performance information current to the most recent month end, please visit www.sterlingcapitalfunds.com.

The chart above represents a comparison of a hypothetical $10,000 investment in the indicated share class versus a similar investment in the Fund’s benchmark.

* Reflects 2% maximum sales charge.

** Reflects the applicable maximum CDSC of 1.00% (applicable only to redemptions within one year of purchase, and as such, are not reflected in the Average Annual Total Returns table since the periods reflected are for a year or longer).

The Fund is measured against the ICE BofA 2-17 Year U.S. Municipal Bond Index, an unmanaged index, which is representative of municipal bonds. The index does not reflect the deduction of expenses associated with a mutual fund, such as investment management and fund accounting fees. Investors cannot invest directly in an index, although they can invest in its underlying securities.

40

Sterling Capital West Virginia Intermediate Tax-Free Fund

Portfolio Managers

Sterling Capital West Virginia Intermediate Tax-Free Fund (the “Fund”) is managed by Portfolio Managers Robert F. Millikan, CFA^®, Executive Director and Michael P. McVicker, Executive Director for Sterling Capital Management LLC (“Sterling Capital”), advisor to the Fund.

Robert F. Millikan, CFA^®

Robert F. Millikan, CFA^®, Executive Director, joined BB&T Asset Management in 2000 and Sterling Capital through merger in October 2010. He has investment experience since 1990 and joined the team that manages each of the Tax-Free Bond Funds in February 2000. He is a graduate of Wake Forest University where he received his B.A. in Economics. He holds the Chartered Financial Analyst designation.

Michael P. McVicker

Michael P. McVicker, Executive Director, joined Sterling Capital in 1992 and has investment experience since 1992. He has been associate portfolio manager for each of the Tax-Free Bond Funds since February 2016. Michael is a graduate of the University of North Carolina – Charlotte where he received his B.S.B.A. in Finance with a minor in Psychology.

Investment Considerations

The Fund is subject to the same risks as the underlying bonds in the portfolios such as credit, prepayment and interest rate risk. As interest rates rise, the value of bond prices will decline and an investor may lose money. The Fund is non-diversified and may invest a greater percentage of its assets in a single issuer than funds that are more diversified. Furthermore, the Fund invests primarily in municipal obligations issued by West Virginia and its political subdivisions and therefore will be affected by economic, political or other events affecting West Virginia.

Q. How did the Fund perform during the 12-month period between October 1, 2022 and September 30, 2023?

A. The Fund’s Institutional Shares underperformed its current benchmark, the ICE BofA 2-17 Year U.S. Municipal Bond Index.

Q. What factors affected the Fund’s performance?

A. The Federal Reserve (the Fed) raised the federal funds rate six times during the 12-month period, for a total increase of 225 basis points or 2.25%. When interest rates rise, bond prices tend to fall, which weighs on returns. Interest rate increases were not uniform across the yield curve, however. For instance, one-year rates rose 64 basis points, five-year rates rose 31 basis points, 10-year rates rose 15 basis points, and 20-year rates rose 42 basis points. This distribution of interest rate increases inverted the yield curve. Amid this inversion, and rising rates generally, the Fund’s position in one- to three-year bonds along with its exposure to higher-income bonds lower-quality bonds that offer higher yields contributed to returns on an absolute basis.

Lower-quality bonds outperformed higher quality bonds during the period, as investors were willing to take on risk to seek higher income in a better-than-expected economic environment. Therefore, the Fund’s bias toward AAA- and AA-rated securities dragged on its performance relative to the benchmark.

The Fund’s selective overweight position in five-year and 10-year bonds boosted relative performance, as rates rose less among those assets than among one- and 20-year bonds, which caused a smaller decline in their prices. The Fund’s below-benchmark exposure to durations longer than 10 years also added to relative performance, as rates rose higher and prices dropped further among those bonds.

A Note on Indices: The volatility of an index varies greatly. All indices are unmanaged and investments cannot be made directly in an index.

The ICE BofA 2-17 Year U.S. Municipal Bond Index is an unmanaged index composed of securities that are SEC-registered, tax-exempt, and dollar denominated. The index covers the intermediate U.S. investment grade fixed rate municipal bond market, with index components for municipal securities.

Portfolio composition is as of September 30, 2023 and is subject to change and risk.

41

Average Annual Total Returns
As of September 30, 2023	Inception Date	1 Year	5 Years	10 Years
Class A Shares*	12/17/93	-0.97%	0.24%	1.13%
Class C Shares**	1/31/12	0.62%	-0.04%	0.60%
Institutional Shares	12/1/93	1.43%	0.92%	1.59%
ICE BofA 2-17 Year U.S. Municipal Bond Index	N/A	2.71%	1.27%	2.06%

Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. Total return figures include change in share price, reinvestment of dividends and capital gains, and do not reflect taxes that a shareholder would pay on fund distributions or on the redemption of fund shares. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. To obtain performance information current to the most recent month end, please visit www.sterlingcapitalfunds.com.

The chart above represents a comparison of a hypothetical $10,000 investment in the indicated share class versus a similar investment in the Fund’s benchmark.

* Reflects 2% maximum sales charge.

** Reflects the applicable maximum CDSC of 1.00% (applicable only to redemptions within one year of purchase, and as such, are not reflected in the Average Annual Total Returns table since the periods reflected are for a year or longer).

The Fund is measured against the ICE BofA 2-17 Year U.S. Municipal Bond Index, an unmanaged index, which is representative of municipal bonds. The index does not reflect the deduction of expenses associated with a mutual fund, such as investment management and fund accounting fees. Investors cannot invest directly in an index, although they can invest in its underlying securities.

42

Sterling Capital Funds

Summary of Portfolio Holdings (Unaudited)

Sterling Capital Funds invested, as a percentage of net assets, in the following industries, countries, states, funds or security types, as of September 30, 2023:

Sterling Capital Behavioral Large Cap Value Equity Fund	Percentage of net assets
Air Freight & Logistics	1.7%
Automobiles	1.9%
Banks	5.3%
Beverages	0.5%
Biotechnology	4.9%
Building Products	2.4%
Capital Markets	3.2%
Communications Equipment	2.4%
Construction Materials	0.5%
Consumer Finance	0.4%
Consumer Staples Distribution & Retail	0.7%
Diversified Consumer Services	0.2%
Diversified Telecommunication Services	1.8%
Electric Utilities	3.4%
Electronic Equipment, Instruments & Components	1.1%
Energy Equipment & Services	1.5%
Financial Services	4.8%
Food Products	1.3%
Gas Utilities	0.3%
Health Care Providers & Services	6.8%
Hotels, Restaurants & Leisure	2.3%
Household Durables	2.4%
Household Products	0.9%
Insurance	5.0%
Interactive Media & Services	1.6%
IT Services	1.7%
Machinery	6.9%
Media	2.7%
Metals & Mining	3.3%
Mortgage Real Estate Investment Trusts (REITs)	0.9%
Multi-Utilities	0.3%
Office REITs	0.3%
Oil, Gas & Consumable Fuels	8.3%
Passenger Airlines	0.9%
Personal Care Products	0.2%
Pharmaceuticals	2.8%
Professional Services	0.1%
Retail REITs	1.7%
Semiconductors & Semiconductor Equipment	4.7%
Software	2.1%
Specialized REITs	1.3%
Specialty Retail	2.2%
Technology Hardware, Storage & Peripherals	0.1%
Tobacco	1.6%
Trading Companies & Distributors	0.1%
Money Market Fund	0.4%
	99.9%

Sterling Capital Mid Value Fund	Percentage of net assets
Automobile Components	3.1%
Banks	6.1%
Broadline Retail	1.4%
Chemicals	3.2%
Consumer Finance	3.3%
Consumer Staples Distribution & Retail	4.6%
Containers & Packaging	3.1%
Electric Utilities	3.1%
Electrical Equipment	2.6%
Entertainment	2.9%
Financial Services	7.3%
Health Care Providers & Services	14.8%
Hotels, Restaurants & Leisure	2.2%
Household Durables	2.2%
Household Products	2.5%
Insurance	5.9%
Interactive Media & Services	1.5%
Life Sciences Tools & Services	0.5%
Machinery	3.5%
Media	2.9%
Multi-Utilities	0.5%
Oil, Gas & Consumable Fuels	6.0%
Professional Services	7.4%
Real Estate Management & Development	2.6%
Software	1.6%
Trading Companies & Distributors	3.2%
Money Market Fund	2.2%
	100.2%

43

Sterling Capital Funds

Summary of Portfolio Holdings (Unaudited)

Sterling Capital Behavioral Small Cap Value Equity Fund	Percentage of net assets
Banks	10.8%
Beverages	0.2%
Broadline Retail	0.6%
Building Products	3.4%
Capital Markets	0.7%
Chemicals	0.2%
Commercial Services & Supplies	0.7%
Construction & Engineering	0.7%
Construction Materials	0.4%
Consumer Finance	2.2%
Consumer Staples Distribution & Retail	1.5%
Diversified Consumer Services	0.6%
Diversified REITs	1.0%
Diversified Telecommunication Services	0.4%
Electric Utilities	3.1%
Electrical Equipment	2.2%
Electronic Equipment, Instruments & Components	2.5%
Energy Equipment & Services	0.9%
Entertainment	0.7%
Financial Services	4.6%
Food Products	0.3%
Gas Utilities	0.3%
Ground Transportation	0.0%*
Health Care Equipment & Supplies	2.0%
Health Care Providers & Services	4.2%
Health Care REITs	0.3%
Health Care Technology	0.8%
Hotel & Resort REITs	2.9%
Household Durables	6.0%
Household Products	0.7%
Independent Power and Renewable Electricity Producers	0.2%
Industrial REITs	0.5%
Insurance	3.8%
Interactive Media & Services	0.6%
Machinery	3.1%
Marine Transportation	0.6%
Media	0.7%
Metals & Mining	4.7%
Mortgage Real Estate Investment Trusts (REITs)	2.4%
Office REITs	1.5%
Oil, Gas & Consumable Fuels	9.8%
Passenger Airlines	0.9%
Pharmaceuticals	1.3%
Real Estate Management & Development	1.1%
Retail REITs	1.3%
Semiconductors & Semiconductor Equipment	2.4%
Software	0.9%
Specialized REITs	1.4%
Specialty Retail	2.7%
Technology Hardware, Storage & Peripherals	0.3%
Textiles, Apparel & Luxury Goods	0.4%
Trading Companies & Distributors	3.3%
Exchange Traded Fund	0.5%
Money Market Fund	1.1%
	100.4%

* Amount represents less than 0.05%.

Sterling Capital Special Opportunities Fund	Percentage of net assets
Automobile Components	3.6%
Broadline Retail	5.3%
Capital Markets	6.9%
Communications Equipment	3.6%
Consumer Finance	1.9%
Consumer Staples Distribution & Retail	0.8%
Containers & Packaging	3.7%
Electronic Equipment, Instruments & Components	3.8%
Entertainment	4.0%
Financial Services	9.8%
Health Care Providers & Services	8.1%
Interactive Media & Services	5.5%
IT Services	3.0%
Life Sciences Tools & Services	8.2%
Media	3.9%
Pharmaceuticals	1.8%
Professional Services	3.3%
Real Estate Management & Development	2.4%
Semiconductors & Semiconductor Equipment	6.9%
Software	7.3%
Wireless Telecommunication Services	3.8%
Money Market Fund	2.9%
	100.5%
Sterling Capital Equity Income Fund	Percentage of net assets
Air Freight & Logistics	2.1%
Beverages	2.9%
Biotechnology	3.8%
Broadline Retail	1.9%
Capital Markets	16.4%
Chemicals	2.3%
Communications Equipment	1.6%
Consumer Finance	0.6%
Containers & Packaging	4.0%
Health Care Equipment & Supplies	3.6%
Health Care Providers & Services	6.9%
Insurance	11.9%
IT Services	4.0%
Pharmaceuticals	4.6%
Professional Services	7.3%
Semiconductors & Semiconductor Equipment	4.7%
Software	4.5%
Specialized REITs	2.7%
Specialty Retail	3.8%
Tobacco	3.4%
Trading Companies & Distributors	4.6%
Money Market Fund	2.3%
	99.9%

44

Sterling Capital Funds

Summary of Portfolio Holdings (Unaudited)

Sterling Capital Behavioral International Equity Fund	Percentage of net assets
Australia	5.2%
Austria	1.2%
Belgium	0.9%
Bermuda	0.3%
Denmark	1.8%
Finland	1.1%
France	13.1%
Germany	9.9%
Ireland	1.2%
Israel	2.0%
Italy	3.4%
Japan	20.7%
Luxembourg	0.1%
Netherlands	5.3%
Norway	0.8%
Singapore	1.8%
Spain	4.7%
Sweden	2.8%
Switzerland	8.6%
United Kingdom	12.8%
Money Market Fund	1.3%
	99.0%

Sterling Capital SMID Opportunities Fund	Percentage of net assets
Aerospace & Defense	2.1%
Automobile Components	4.1%
Banks	2.6%
Building Products	3.6%
Chemicals	2.4%
Commercial Services & Supplies	8.1%
Consumer Finance	3.0%
Containers & Packaging	2.5%
Electrical Equipment	2.0%
Entertainment	3.7%
Financial Services	11.3%
Health Care Providers & Services	9.9%
Hotels, Restaurants & Leisure	2.7%
Household Durables	5.3%
Insurance	2.6%
Leisure Products	2.1%
Media	3.6%
Metals & Mining	3.9%
Oil, Gas & Consumable Fuels	7.3%
Professional Services	6.9%
Real Estate Management & Development	2.3%
Trading Companies & Distributors	2.7%
Money Market Fund	5.2%
	99.9%

Sterling Capital Mid Cap Relative Value Fund	Percentage of net assets
Automobile Components	1.9%
Banks	3.1%
Building Products	2.8%
Capital Markets	3.1%
Chemicals	3.4%
Communications Equipment	1.1%
Construction & Engineering	1.8%
Consumer Staples Distribution & Retail	6.0%
Containers & Packaging	5.2%
Electronic Equipment, Instruments & Components	7.6%
Entertainment	4.0%
Financial Services	2.7%
Food Products	2.1%
Gas Utilities	2.3%
Health Care Equipment & Supplies	3.7%
Household Durables	1.1%
Industrial REITs	2.4%
Insurance	7.4%
Leisure Products	1.2%
Life Sciences Tools & Services	7.0%
Machinery	2.1%
Multi-Utilities	1.7%
Office REITs	1.0%
Oil, Gas & Consumable Fuels	5.7%
Professional Services	3.5%
Real Estate Management & Development	1.6%
Residential REITs	1.8%
Semiconductors & Semiconductor Equipment	1.4%
Software	3.8%
Specialized REITs	1.5%
Trading Companies & Distributors	2.3%
Money Market Fund	3.7%
	100.0%

Sterling Capital Real Estate Fund	Percentage of net assets
Data Center	11.9%
Diversified	1.7%
Health Care	7.6%
Hotel & Resort	3.4%
Industrial	14.8%
Multi-Family Residential	13.2%
Office	4.3%
Other Specialized	4.0%
Real Estate Development	1.6%
Retail	13.8%
Self-Storage	6.2%
Single-Family Residential	4.0%
Telecom Tower	11.7%
Money Market Fund	1.7%
	99.9%

45

Sterling Capital Funds

Summary of Portfolio Holdings (Unaudited)

Sterling Capital Small Cap Value Fund	Percentage of net assets
Aerospace & Defense	3.6%
Automobile Components	1.3%
Banks	11.4%
Capital Markets	2.0%
Chemicals	3.2%
Construction & Engineering	2.6%
Consumer Staples Distribution & Retail	9.9%
Electric Utilities	2.3%
Electrical Equipment	3.1%
Electronic Equipment, Instruments & Components	5.9%
Entertainment	1.9%
Gas Utilities	2.3%
Household Durables	4.1%
Industrial REITs	3.5%
Insurance	7.1%
Life Sciences Tools & Services	3.7%
Machinery	7.9%
Office REITs	1.1%
Oil, Gas & Consumable Fuels	3.8%
Professional Services	3.7%
Retail REITs	1.0%
Semiconductors & Semiconductor Equipment	5.5%
Software	3.2%
Trading Companies & Distributors	4.3%
Money Market Fund	0.5%
	98.9%

Sterling Capital Ultra Short Bond Fund	Percentage of net assets
Asset Backed Securities	13.9%
Collateralized Mortgage Obligations	3.7%
Commercial Mortgage-Backed Securities	9.5%
Commercial Paper	2.9%
Corporate Bonds	63.4%
U.S. Government Agencies	2.7%
U.S. Treasury Bills	1.7%
Money Market Fund	3.6%
	101.4%

Sterling Capital Short Duration Bond Fund	Percentage of net assets
Asset Backed Securities	20.1%
Collateralized Mortgage Obligations	2.0%
Commercial Mortgage-Backed Securities	6.5%
Corporate Bonds	60.7%
Municipal Bonds	3.3%
U.S. Government Agencies	0.8%
U.S. Treasury Notes	4.5%
Money Market Fund	3.0%
	100.9%

Sterling Capital Intermediate U.S. Government Fund	Percentage of net assets
Asset Backed Securities	1.9%
Collateralized Mortgage Obligations	20.1%
Commercial Mortgage-Backed Securities	20.2%
Corporate Bonds	2.2%
Mortgage-Backed Securities	31.0%
Municipal Bonds	0.7%
U.S. Government Agencies	13.5%
U.S. Treasury Notes	9.6%
Money Market Fund	0.4%
	99.6%

Sterling Capital Total Return Bond Fund	Percentage of net assets
Asset Backed Securities	10.7%
Collateralized Mortgage Obligations	2.3%
Commercial Mortgage-Backed Securities	11.1%
Corporate Bonds	25.2%
Mortgage-Backed Securities	27.5%
Municipal Bonds	4.9%
U.S. Government Agencies	0.8%
U.S. Treasury Bonds	6.5%
U.S. Treasury Notes	9.9%
Money Market Fund	0.6%
	99.5%

Sterling Capital Long Duration Corporate Bond Fund	Percentage of net assets
Corporate Bonds	92.9%
U.S. Government Agencies	0.2%
U.S. Treasury Bonds	5.1%
Money Market Fund	0.5%
	98.7%

Sterling Capital Quality Income Fund	Percentage of net assets
Asset Backed Securities	16.1%
Collateralized Mortgage Obligations	20.7%
Commercial Mortgage-Backed Securities	18.7%
Corporate Bonds	0.3%
Mortgage-Backed Securities	38.7%
U.S. Government Agencies	0.5%
U.S. Treasury Bonds	2.4%
U.S. Treasury Notes	1.1%
Money Market Fund	1.4%
	99.9%

Sterling Capital North Carolina Intermediate Tax-Free Fund	Percentage of net assets
North Carolina Municipal Bonds	96.8%
Money Market Fund	2.2%
	99.0%
Sterling Capital South Carolina Intermediate Tax-Free Fund	Percentage of net assets
South Carolina Municipal Bonds	97.8%
Money Market Fund	1.2%
	99.0%

46

Sterling Capital Funds

Summary of Portfolio Holdings (Unaudited)

Sterling Capital Virginia Intermediate Tax-Free Fund	Percentage of net assets
Virginia Municipal Bonds	98.7%
Money Market Fund	0.8%
	99.5%

Sterling Capital West Virginia Intermediate Tax-Free Fund	Percentage of net assets
West Virginia Municipal Bonds	96.8%
Money Market Fund	1.9%
	98.7%

47

Sterling Capital Funds

Expense Example (Unaudited)

As a shareholder of the Sterling Capital Funds (each, a “Fund” and collectively, the “Funds”), you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchases and (2) ongoing costs, including management fees; distribution and/or service (12b-1) fees; and other Fund expenses.

These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds. These examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire period from April 1, 2023 through September 30, 2023.

Actual Example

The table below provides information about actual account values and actual expenses. You may use the information below, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

		Beginning Account Value 4/1/23		Ending Account Value 9/30/23		Expenses Paid During Period* 4/1/23 - 9/30/23	Annualized Expense Ratio During Period 4/1/23 - 9/30/23
Sterling Capital Behavioral Large Cap Value Equity Fund
Class A Shares	$	1,000.00	$	1,027.81	$	5.80	1.14%
Class C Shares		1,000.00		1,024.31		9.59	1.89%
Institutional Shares		1,000.00		1,029.28		4.53	0.89%
Class R6 Shares		1,000.00		1,029.64		4.17	0.82%
Sterling Capital Mid Value Fund
Class A Shares		1,000.00		1,020.45		5.72	1.13%
Class C Shares		1,000.00		1,016.10		9.50	1.88%
Institutional Shares		1,000.00		1,021.84		4.46	0.88%
Class R6 Shares		1,000.00		1,022.48		4.06	0.80%
Sterling Capital Behavioral Small Cap Value Equity Fund
Class A Shares		1,000.00		1,041.91		5.89	1.15%
Class C Shares		1,000.00		1,037.69		9.71	1.90%
Institutional Shares		1,000.00		1,043.39		4.56	0.89%
Class R6 Shares		1,000.00		1,043.66		4.25	0.83%
Sterling Capital Special Opportunities Fund
Class A Shares		1,000.00		1,064.06		5.95	1.15%
Class C Shares		1,000.00		1,059.60		9.81	1.90%
Institutional Shares		1,000.00		1,065.17		4.66	0.90%
Class R6 Shares		1,000.00		1,066.02		4.20	0.81%
Sterling Capital Equity Income Fund
Class A Shares		1,000.00		1,002.77		5.42	1.08%
Class C Shares		1,000.00		998.98		9.17	1.83%
Institutional Shares		1,000.00		1,004.01		4.17	0.83%
Class R6 Shares		1,000.00		1,004.13		3.67	0.73%
Sterling Capital Behavioral International Equity Fund
Class A Shares		1,000.00		1,017.84		4.86	0.96%
Class C Shares		1,000.00		1,013.32		8.53	1.69%
Institutional Shares		1,000.00		1,018.95		3.59	0.71%
Class R6 Shares		1,000.00		1,018.95		3.34	0.66%
Sterling Capital SMID Opportunities Fund
Class A Shares		1,000.00		1,043.07		5.33	1.04%
Class C Shares		1,000.00		1,040.04		9.15	1.79%
Institutional Shares		1,000.00		1,044.88		4.05	0.79%
Sterling Capital Mid Cap Relative Value Fund
Class A Shares		1,000.00		1,014.29		5.66	1.12%
Class C Shares		1,000.00		1,010.88		8.92	1.77%
Institutional Shares		1,000.00		1,015.56		4.40	0.87%

48

Sterling Capital Funds

Expense Example (Unaudited)

		Beginning Account Value 4/1/23		Ending Account Value 9/30/23		Expenses Paid During Period* 4/1/23 - 9/30/23	Annualized Expense Ratio During Period 4/1/23 - 9/30/23
Sterling Capital Real Estate Fund
Class A Shares	$	1,000.00	$	933.30	$	5.43	1.12%
Class C Shares		1,000.00		929.79		9.05	1.87%
Institutional Shares		1,000.00		934.40		4.22	0.87%
Class R6 Shares		1,000.00		934.72		3.93	0.81%
Sterling Capital Small Cap Value Fund
Class A Shares		1,000.00		1,027.80		6.46	1.27%
Class C Shares		1,000.00		1,023.74		10.25	2.02%
Institutional Shares		1,000.00		1,028.82		5.19	1.02%
Class R6 Shares		1,000.00		1,029.56		4.68	0.92%
Sterling Capital Ultra Short Bond Fund
Class A Shares		1,000.00		1,025.91		2.64	0.52%
Institutional Shares		1,000.00		1,026.14		1.37	0.27%
Sterling Capital Short Duration Bond Fund
Class A Shares		1,000.00		1,010.98		3.43	0.68%
Class C Shares		1,000.00		1,007.19		7.20	1.43%
Institutional Shares		1,000.00		1,012.23		2.17	0.43%
Class R6 Shares		1,000.00		1,013.93		1.72	0.34%
Sterling Capital Intermediate U.S. Government Fund
Class A Shares		1,000.00		974.01		3.71	0.75%
Class C Shares		1,000.00		970.27		7.41	1.50%
Institutional Shares		1,000.00		976.38		2.48	0.50%
Sterling Capital Total Return Bond Fund
Class A Shares		1,000.00		962.39		3.44	0.70%
Class C Shares		1,000.00		958.88		7.12	1.45%
Institutional Shares		1,000.00		963.64		2.22	0.45%
Class R6 Shares		1,000.00		964.12		1.72	0.35%
Sterling Capital Long Duration Corporate Bond Fund
Class A Shares		1,000.00		918.71		3.37	0.70%
Class C Shares		1,000.00		916.51		6.92	1.44%
Institutional Shares		1,000.00		921.16		2.17	0.45%
Class R6 Shares		1,000.00		920.27		1.73	0.36%
Sterling Capital Quality Income Fund
Class A Shares		1,000.00		969.36		4.20	0.85%
Class C Shares		1,000.00		966.92		7.79	1.58%
Institutional Shares		1,000.00		971.70		2.97	0.60%
Sterling Capital North Carolina Intermediate Tax-Free Fund
Class A Shares		1,000.00		959.27		4.17	0.85%
Class C Shares		1,000.00		955.61		7.89	1.61%
Institutional Shares		1,000.00		961.44		2.95	0.60%
Sterling Capital South Carolina Intermediate Tax-Free Fund
Class A Shares		1,000.00		965.65		3.99	0.81%
Class C Shares		1,000.00		961.05		7.67	1.56%
Institutional Shares		1,000.00		966.57		2.76	0.56%
Sterling Capital Virginia Intermediate Tax-Free Fund
Class A Shares		1,000.00		959.96		4.32	0.88%
Class C Shares		1,000.00		954.77		7.79	1.59%
Institutional Shares		1,000.00		961.17		3.10	0.63%

49

Sterling Capital Funds

Expense Example (Unaudited)

		Beginning Account Value 4/1/23		Ending Account Value 9/30/23		Expenses Paid During Period* 4/1/23 - 9/30/23	Annualized Expense Ratio During Period 4/1/23 - 9/30/23
Sterling Capital West Virginia Intermediate Tax-Free Fund
Class A Shares	$	1,000.00	$	968.95	$	4.34	0.88%
Class C Shares		1,000.00		967.12		7.35	1.49%
Institutional Shares		1,000.00		971.29		3.16	0.64%

* Expenses are equal to the average account value over the period multiplied by the Fund’s annualized expense ratio, multiplied by 182 days divided by 365 (to reflect the six month period).

50

Sterling Capital Funds

Expense Example (Unaudited)

Hypothetical Example for Comparison Purposes

The table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the year. You may use this information to compare the ongoing costs of investing in a Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), redemption fees, or exchange fees. Therefore, the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

		Beginning Account Value 4/1/23		Ending Account Value 9/30/23		Expenses Paid During Period* 4/1/23 - 9/30/23	Annualized Expense Ratio During Period 4/1/23 - 9/30/23
Sterling Capital Behavioral Large Cap Value Equity Fund
Class A Shares	$	1,000.00	$	1,019.35	$	5.77	1.14%
Class C Shares		1,000.00		1,015.59		9.55	1.89%
Institutional Shares		1,000.00		1,020.61		4.51	0.89%
Class R6 Shares		1,000.00		1,020.96		4.15	0.82%
Sterling Capital Mid Value Fund
Class A Shares		1,000.00		1,019.40		5.72	1.13%
Class C Shares		1,000.00		1,015.64		9.50	1.88%
Institutional Shares		1,000.00		1,020.66		4.46	0.88%
Class R6 Shares		1,000.00		1,021.06		4.05	0.80%
Sterling Capital Behavioral Small Cap Value Equity Fund
Class A Shares		1,000.00		1,019.30		5.82	1.15%
Class C Shares		1,000.00		1,015.54		9.60	1.90%
Institutional Shares		1,000.00		1,020.61		4.51	0.89%
Class R6 Shares		1,000.00		1,020.91		4.20	0.83%
Sterling Capital Special Opportunities Fund
Class A Shares		1,000.00		1,019.30		5.82	1.15%
Class C Shares		1,000.00		1,015.54		9.60	1.90%
Institutional Shares		1,000.00		1,020.56		4.56	0.90%
Class R6 Shares		1,000.00		1,021.01		4.10	0.81%
Sterling Capital Equity Income Fund
Class A Shares		1,000.00		1,019.65		5.47	1.08%
Class C Shares		1,000.00		1,015.89		9.25	1.83%
Institutional Shares		1,000.00		1,020.91		4.20	0.83%
Class R6 Shares		1,000.00		1,021.41		3.70	0.73%
Sterling Capital Behavioral International Equity Fund
Class A Shares		1,000.00		1,020.26		4.86	0.96%
Class C Shares		1,000.00		1,016.60		8.54	1.69%
Institutional Shares		1,000.00		1,021.51		3.60	0.71%
Class R6 Shares		1,000.00		1,021.76		3.35	0.66%
Sterling Capital SMID Opportunities Fund
Class A Shares		1,000.00		1,019.85		5.27	1.04%
Class C Shares		1,000.00		1,016.09		9.05	1.79%
Institutional Shares		1,000.00		1,021.11		4.00	0.79%
Sterling Capital Mid Cap Relative Value Fund
Class A Shares		1,000.00		1,019.45		5.67	1.12%
Class C Shares		1,000.00		1,016.19		8.95	1.77%
Institutional Shares		1,000.00		1,020.71		4.41	0.87%

51

Sterling Capital Funds

Expense Example (Unaudited)

		Beginning Account Value 4/1/23		Ending Account Value 9/30/23		Expenses Paid During Period* 4/1/23 - 9/30/23	Annualized Expense Ratio During Period 4/1/23 - 9/30/23
Sterling Capital Real Estate Fund
Class A Shares	$	1,000.00	$	1,019.45	$	5.67	1.12%
Class C Shares		1,000.00		1,015.69		9.45	1.87%
Institutional Shares		1,000.00		1,020.71		4.41	0.87%
Class R6 Shares		1,000.00		1,021.01		4.10	0.81%
Sterling Capital Small Cap Value Fund
Class A Shares		1,000.00		1,018.70		6.43	1.27%
Class C Shares		1,000.00		1,014.94		10.20	2.02%
Institutional Shares		1,000.00		1,019.95		5.16	1.02%
Class R6 Shares		1,000.00		1,020.46		4.66	0.92%
Sterling Capital Ultra Short Bond Fund
Class A Shares		1,000.00		1,022.46		2.64	0.52%
Institutional Shares		1,000.00		1,023.71		1.37	0.27%
Sterling Capital Short Duration Bond Fund
Class A Shares		1,000.00		1,021.66		3.45	0.68%
Class C Shares		1,000.00		1,017.90		7.23	1.43%
Institutional Shares		1,000.00		1,022.91		2.18	0.43%
Class R6 Shares		1,000.00		1,023.36		1.72	0.34%
Sterling Capital Intermediate U.S. Government Fund
Class A Shares		1,000.00		1,021.31		3.80	0.75%
Class C Shares		1,000.00		1,017.55		7.59	1.50%
Institutional Shares		1,000.00		1,022.56		2.54	0.50%
Sterling Capital Total Return Bond Fund
Class A Shares		1,000.00		1,021.56		3.55	0.70%
Class C Shares		1,000.00		1,017.80		7.33	1.45%
Institutional Shares		1,000.00		1,022.81		2.28	0.45%
Class R6 Shares		1,000.00		1,023.31		1.78	0.35%
Sterling Capital Long Duration Corporate Bond Fund
Class A Shares		1,000.00		1,021.56		3.55	0.70%
Class C Shares		1,000.00		1,017.85		7.28	1.44%
Institutional Shares		1,000.00		1,022.81		2.28	0.45%
Class R6 Shares		1,000.00		1,023.26		1.83	0.36%
Sterling Capital Quality Income Fund
Class A Shares		1,000.00		1,020.81		4.31	0.85%
Class C Shares		1,000.00		1,017.15		7.99	1.58%
Institutional Shares		1,000.00		1,022.06		3.04	0.60%
Sterling Capital North Carolina Intermediate Tax-Free Fund
Class A Shares		1,000.00		1,020.81		4.31	0.85%
Class C Shares		1,000.00		1,017.00		8.14	1.61%
Institutional Shares		1,000.00		1,022.06		3.04	0.60%
Sterling Capital South Carolina Intermediate Tax-Free Fund
Class A Shares		1,000.00		1,021.01		4.10	0.81%
Class C Shares		1,000.00		1,017.25		7.89	1.56%
Institutional Shares		1,000.00		1,022.26		2.84	0.56%
Sterling Capital Virginia Intermediate Tax-Free Fund
Class A Shares		1,000.00		1,020.66		4.46	0.88%
Class C Shares		1,000.00		1,017.10		8.04	1.59%
Institutional Shares		1,000.00		1,021.91		3.19	0.63%

52

Sterling Capital Funds

Expense Example (Unaudited)

		Beginning Account Value 4/1/23		Ending Account Value 9/30/23		Expenses Paid During Period* 4/1/23 - 9/30/23	Annualized Expense Ratio During Period 4/1/23 - 9/30/23
Sterling Capital West Virginia Intermediate Tax-Free Fund
Class A Shares	$	1,000.00	$	1,020.66	$	4.46	0.88%
Class C Shares		1,000.00		1,017.60		7.54	1.49%
Institutional Shares		1,000.00		1,021.86		3.24	0.64%

* Expenses are equal to the average account value over the period multiplied by the Fund’s annualized expense ratio, multiplied by 182 days divided by 365 (to reflect the six month period).

53

Sterling Capital Behavioral Large Cap Value Equity Fund

Schedule of Portfolio Investments
September 30, 2023

Shares			Fair Value
COMMON STOCKS — 99.5%
		Air Freight & Logistics — 1.7%
	2,000	FedEx Corp.	$	529,840
		Automobiles — 1.9%
	10,625	Ford Motor Co.		131,962
	13,275	General Motors Co.		437,677
				569,639
		Banks — 5.3%
	7,575	JPMorgan Chase & Co.		1,098,526
	13,200	New York Community Bancorp, Inc.		149,688
	9,300	Wells Fargo & Co.		379,998
				1,628,212
		Beverages — 0.5%
	2,250	Molson Coors Beverage Co., Class B		143,078
		Biotechnology — 4.9%
	2,800	AbbVie, Inc.		417,368
	1,200	Amgen, Inc.		322,512
	7,050	Gilead Sciences, Inc.		528,327
	150	Regeneron Pharmaceuticals, Inc.(a)		123,444
	200	United Therapeutics Corp.(a)		45,174
	200	Vertex Pharmaceuticals, Inc.(a)		69,548
				1,506,373
		Building Products — 2.4%
	950	Builders FirstSource, Inc.(a)		118,266
	8,525	Carrier Global Corp.		470,580
	1,000	Owens Corning		136,410
				725,256
		Capital Markets — 3.2%
	525	Ameriprise Financial, Inc.		173,082
	4,050	Bank of New York Mellon Corp. (The)		172,733
	3,450	Interactive Brokers Group, Inc., Class A		298,632
	5,175	Janus Henderson Group PLC		133,618
	475	T. Rowe Price Group, Inc.		49,813
	6,275	XP, Inc., Class A		144,639
				972,517
		Communications Equipment — 2.4%
	13,650	Cisco Systems, Inc.		733,824
		Construction Materials — 0.5%
	925	Eagle Materials, Inc.		154,031
		Consumer Finance — 0.4%
	3,100	OneMain Holdings, Inc.		124,279
		Consumer Staples Distribution & Retail — 0.7%
	3,700	Kroger Co. (The)		165,575
	1,600	U.S. Foods Holding Corp.(a)		63,520
				229,095
		Diversified Consumer Services — 0.2%
	400	Grand Canyon Education, Inc.(a)		46,752

Shares			Fair Value
COMMON STOCKS — (continued)
		Diversified Telecommunication Services — 1.8%
	35,675	AT&T, Inc.	$	535,838
		Electric Utilities — 3.4%
	3,925	Duke Energy Corp.		346,420
	2,125	Edison International		134,491
	2,600	Evergy, Inc.		131,820
	3,925	NRG Energy, Inc.		151,191
	4,275	OGE Energy Corp.		142,486
	1,750	Pinnacle West Capital Corp.		128,940
				1,035,348
		Electronic Equipment, Instruments & Components — 1.1%
	1,625	Jabil, Inc.		206,196
	4,450	Vontier Corp.		137,594
				343,790
		Energy Equipment & Services — 1.5%
	12,900	Baker Hughes Co.		455,628
		Financial Services — 4.8%
	4,600	Apollo Global Management, Inc.		412,896
	7,800	Corebridge Financial, Inc.		154,050
	4,200	Fiserv, Inc.(a)		474,432
	8,050	MGIC Investment Corp.		134,355
	27,075	UWM Holdings Corp.		131,314
	12,275	Western Union Co. (The)		161,784
				1,468,831
		Food Products — 1.3%
	5,400	Archer-Daniels-Midland Co.		407,268
		Gas Utilities — 0.3%
	1,475	National Fuel Gas Co.		76,567
		Health Care Providers & Services — 6.8%
	2,075	Cencora, Inc.		373,438
	5,400	Centene Corp.(a)		371,952
	600	Cigna Group (The)		171,642
	524	Elevance Health, Inc.		228,160
	1,775	HCA Healthcare, Inc.		436,615
	1,124	McKesson Corp.		488,771
				2,070,578
		Hotels, Restaurants & Leisure — 2.3%
	125	Booking Holdings, Inc.(a)		385,494
	2,375	Boyd Gaming Corp.		144,471
	425	Marriott International, Inc., Class A		83,538
	850	Royal Caribbean Cruises, Ltd.(a)		78,319
				691,822
		Household Durables — 2.4%
	3,975	DR Horton, Inc.		427,193
	1,250	Lennar Corp., Class A		140,288
	2,300	Toll Brothers, Inc.		170,108
				737,589

See accompanying Notes to the Financial Statements.

54

Sterling Capital Behavioral Large Cap Value Equity Fund

Schedule of Portfolio Investments — (continued)
September 30, 2023

Shares			Fair Value
COMMON STOCKS — (continued)
		Household Products — 0.9%
	1,125	Kimberly-Clark Corp.	$	135,956
	1,775	Spectrum Brands Holdings, Inc.		139,071
				275,027
		Insurance — 5.0%
	6,600	Aflac, Inc.		506,550
	8,125	American International Group, Inc.		492,375
	2,750	Prudential Financial, Inc.		260,947
	700	Reinsurance Group of America, Inc.		101,633
	3,550	Unum Group		174,625
				1,536,130
		Interactive Media & Services — 1.6%
	600	Alphabet, Inc., Class C(a)		79,110
	1,400	Meta Platforms, Inc., Class A(a)		420,294
				499,404
		IT Services — 1.7%
	6,375	Cognizant Technology Solutions Corp., Class A		431,843
	600	International Business Machines Corp.		84,180
				516,023
		Machinery — 6.9%
	2,300	Allison Transmission Holdings, Inc.		135,838
	1,775	Caterpillar, Inc.		484,575
	950	Deere & Co.		358,511
	5,850	PACCAR, Inc.		497,367
	1,250	Parker-Hannifin Corp.		486,900
	550	Snap-on, Inc.		140,283
				2,103,474
		Media — 2.7%
	225	Charter Communications, Inc., Class A(a)		98,960
	16,050	Comcast Corp., Class A		711,657
				810,617
		Metals & Mining — 3.3%
	3,000	Nucor Corp.		469,050
	625	Reliance Steel & Aluminum Co.		163,894
	3,200	Southern Copper Corp.		240,928
	1,400	Steel Dynamics, Inc.		150,108
				1,023,980
		Mortgage Real Estate Investment Trusts (REITs) — 0.9%
	13,375	Rithm Capital Corp.		124,254
	7,150	Starwood Property Trust, Inc.		138,352
				262,606
		Multi-Utilities — 0.3%
	1,575	Public Service Enterprise Group, Inc.		89,633
		Office REITs — 0.3%
	1,800	Boston Properties, Inc.		107,064

Shares			Fair Value
COMMON STOCKS — (continued)
		Oil, Gas & Consumable Fuels — 8.3%
	3,425	Exxon Mobil Corp.	$	402,711
	2,375	HF Sinclair Corp.		135,209
	3,450	Marathon Petroleum Corp.		522,123
	4,250	Phillips 66		510,637
	2,050	Pioneer Natural Resources Co.		470,578
	3,500	Valero Energy Corp.		495,985
				2,537,243
		Passenger Airlines — 0.9%
	1,550	Copa Holdings SA, Class A		138,136
	3,300	United Airlines Holdings, Inc.(a)		139,590
				277,726
		Personal Care Products — 0.2%
	6,625	Coty, Inc., Class A(a)		72,676
		Pharmaceuticals — 2.8%
	1,025	Jazz Pharmaceuticals PLC(a)		132,676
	7,025	Merck & Co., Inc.		723,224
				855,900
		Professional Services — 0.1%
	275	Science Applications International Corp.		29,024
		Retail REITs — 1.7%
	3,875	Simon Property Group, Inc.		418,616
	3,000	Spirit Realty Capital, Inc.		100,590
				519,206
		Semiconductors & Semiconductor Equipment — 4.7%
	2,900	Applied Materials, Inc.		401,505
	476	Broadcom, Inc.		395,356
	600	KLA Corp.		275,196
	4,550	Microchip Technology, Inc.		355,128
				1,427,185
		Software — 2.1%
	4,925	NCR Corp.(a)		132,827
	4,800	Oracle Corp.		508,416
				641,243
		Specialized REITs — 1.3%
	3,150	EPR Properties		130,851
	2,450	Gaming & Leisure Properties, Inc.		111,598
	5,175	VICI Properties, Inc.		150,592
				393,041
		Specialty Retail — 2.2%
	775	AutoNation, Inc.(a)		117,335
	150	AutoZone, Inc.(a)		380,998
	1,000	Penske Automotive Group, Inc.		167,060
				665,393
		Technology Hardware, Storage & Peripherals — 0.1%
	1,375	HP, Inc.		35,338

Continued

55

Sterling Capital Behavioral Large Cap Value Equity Fund

Schedule of Portfolio Investments — (continued)
September 30, 2023

Shares			Fair Value
COMMON STOCKS — (continued)
		Tobacco — 1.6%
	11,500	Altria Group, Inc.	$	483,575
		Trading Companies & Distributors — 0.1%
	1,575	Core & Main, Inc., Class A(a)		45,439
		Total Common Stocks
		(Cost $27,584,562)		30,393,102
MONEY MARKET FUND — 0.4%
	132,774	Federated Treasury Obligations Fund, Institutional Shares, 5.21%(b)		132,774
		Total Money Market Fund
		(Cost $132,774)		132,774
Total Investments — 99.9%
(Cost $27,717,336)				30,525,876
Net Other Assets (Liabilities) — 0.1%				36,929
NET ASSETS — 100.0%			$	30,562,805

(a) Represents non-income producing security.

(b) Represents the current yield as of report date.

Continued

56

Sterling Capital Mid Value Fund

Schedule of Portfolio Investments
September 30, 2023

Shares			Fair Value
COMMON STOCKS — 98.0%
		Automobile Components — 3.1%
	43,035	Gentex Corp.	$	1,400,359
		Banks — 6.1%
	8,685	M&T Bank Corp.		1,098,218
	12,821	Pinnacle Financial Partners, Inc.		859,520
	12,137	SouthState Corp.		817,548
				2,775,286
		Broadline Retail — 1.4%
	14,942	eBay, Inc.		658,793
		Chemicals — 3.2%
	28,825	Corteva, Inc.		1,474,687
		Consumer Finance — 3.3%
	2,568	Discover Financial Services		222,466
	92,671	SLM Corp.		1,262,179
				1,484,645
		Consumer Staples Distribution & Retail — 4.6%
	7,837	Dollar General Corp.		829,155
	11,404	Target Corp.		1,260,940
				2,090,095
		Containers & Packaging — 3.1%
	16,180	Crown Holdings, Inc.		1,431,606
		Electric Utilities — 3.1%
	26,472	ALLETE, Inc.		1,397,722
		Electrical Equipment — 2.6%
	31,105	Sensata Technologies Holding PLC		1,176,391
		Entertainment — 2.9%
	9,445	Take-Two Interactive Software, Inc.(a)		1,325,984
		Financial Services — 7.3%
	13,646	Euronet Worldwide, Inc.(a)		1,083,219
	13,320	Global Payments, Inc.		1,536,995
	28,394	Radian Group, Inc.		712,973
				3,333,187
		Health Care Providers & Services — 14.8%
	25,321	Centene Corp.(a)		1,744,110
	3,874	Cigna Group (The)		1,108,235
	16,929	Encompass Health Corp.		1,136,952
	7,386	Laboratory Corp. of America Holdings		1,484,955
	2,915	McKesson Corp.		1,267,588
				6,741,840
		Hotels, Restaurants & Leisure — 2.2%
	6,740	Hilton Worldwide Holdings, Inc.		1,012,213
		Household Durables — 2.2%
	11,456	Mohawk Industries, Inc.(a)		983,039
		Household Products — 2.5%
	24,177	GCI Liberty Escrow Shares(a)(b)		-

Shares			Fair Value
COMMON STOCKS — (continued)
		Household Products — (continued)
	14,776	Spectrum Brands Holdings, Inc.	$	1,157,700
		Insurance — 5.9%
	11,475	Globe Life, Inc.		1,247,677
	978	Markel Group, Inc.(a)		1,440,095
				2,687,772
		Interactive Media & Services — 1.5%
	13,966	IAC, Inc.(a)		703,747
		Life Sciences Tools & Services — 0.5%
	7,386	Fortrea Holdings, Inc.(a)		211,166
		Machinery — 3.5%
	65,617	Trinity Industries, Inc.		1,597,774
		Media — 2.9%
	14,737	Liberty Broadband Corp., Class C(a)		1,345,783
		Multi-Utilities — 0.5%
	9,045	NiSource, Inc.		223,231
		Oil, Gas & Consumable Fuels — 6.0%
	48,995	CNX Resources Corp.(a)		1,106,307
	7,051	Pioneer Natural Resources Co.		1,618,557
				2,724,864
		Professional Services — 7.4%
	14,736	ASGN, Inc.(a)		1,203,636
	10,393	Jacobs Solutions, Inc.		1,418,645
	14,447	SS&C Technologies Holdings, Inc.		759,045
				3,381,326
		Real Estate Management & Development — 2.6%
	15,815	CBRE Group, Inc., Class A(a)		1,168,096
		Software 1.6%
	26,377	NCR Corp.(a)		711,388
		Trading Companies & Distributors — 3.2%
	37,130	Air Lease Corp.		1,463,293
		Total Common Stocks
		(Cost $36,290,209)		44,661,987
MONEY MARKET FUND — 2.2%
	991,488	Federated Treasury Obligations Fund, Institutional Shares, 5.21%(c)		991,488
		Total Money Market Fund
		(Cost $991,488)		991,488
Total Investments 100.2%
(Cost $37,281,697)				45,653,475
Net Other Assets (Liabilities) (0.2)%				(109,403	)
NET ASSETS 100.0%			$	45,544,072

See accompanying Notes to the Financial Statements.

57

Sterling Capital Mid Value Fund

Schedule of Portfolio Investments — (continued)
September 30, 2023

(a) Represents non-income producing security.

(b) The value of this security has been determined in good faith under policies of the Board of Trustees.

(c) Represents the current yield as of report date.

Continued

58

Sterling Capital Behavioral Small Cap Value Equity Fund

Schedule of Portfolio Investments
September 30, 2023

Shares			Fair Value
COMMON STOCKS — 98.8%
		Banks — 10.8%
	10,709	Axos Financial, Inc.(a)	$	405,443
	13,320	Bank of NT Butterfield & Son, Ltd. (The)		360,706
	7,410	Bank OZK		274,689
	17,612	BankUnited, Inc.		399,792
	16,840	Business First Bancshares, Inc.		315,918
	15,340	Byline Bancorp, Inc.		302,351
	12,877	Cathay General Bancorp		447,605
	15,488	Central Pacific Financial Corp.		258,340
	11,517	Customers Bancorp, Inc.(a)		396,761
	9,665	Eagle Bancorp, Inc.		207,314
	33,290	First BanCorp.		448,083
	6,826	First Financial Corp.		230,787
	18,488	Hanmi Financial Corp.		300,060
	40,045	Hope Bancorp, Inc.		354,398
	13,401	Independent Bank Corp.		245,774
	5,378	Mercantile Bank Corp.		166,234
	12,223	Midland States Bancorp, Inc.		251,060
	25,281	New York Community Bancorp, Inc.		286,687
	6,630	Northeast Bank		292,383
	19,972	Northeast Community Bancorp, Inc.		294,787
	17,693	OceanFirst Financial Corp.		256,018
	17,212	OFG Bancorp		513,950
	23,060	Old Second Bancorp, Inc.		313,847
	4,350	Popular, Inc.		274,093
	4,978	Preferred Bank		309,880
	12,993	RBB Bancorp		166,051
	10,306	South Plains Financial, Inc.		272,491
	10,470	TrustCo Bank Corp. NY		285,726
	17,530	Trustmark Corp.		380,927
	12,518	Univest Financial Corp.		217,563
	13,385	Washington Federal, Inc.		342,924
	3,580	Wintrust Financial Corp.		270,290
				9,842,932
		Beverages — 0.2%
	2,690	Molson Coors Beverage Co., Class B		171,057
		Broadline Retail — 0.6%
	1,564	Dillard's, Inc., Class A		517,387
		Building Products — 3.4%
	4,884	American Woodmark Corp.(a)		369,279
	6,710	Apogee Enterprises, Inc.		315,907
	3,196	Builders FirstSource, Inc.(a)		397,870
	27,035	JELD-WEN Holding, Inc.(a)		361,188
	3,989	Owens Corning		544,139
	12,370	Quanex Building Products Corp.		348,463
	6,842	UFP Industries, Inc.		700,621
				3,037,467
		Capital Markets — 0.7%
	4,025	StoneX Group, Inc.(a)		390,103
	11,009	XP, Inc., Class A		253,757
				643,860

Shares			Fair Value
COMMON STOCKS — (continued)
		Chemicals — 0.2%
	1,391	Westlake Corp.	$	173,416
		Commercial Services & Supplies — 0.7%
	31,390	Interface, Inc.		307,936
	32,540	Steelcase, Inc., Class A		363,472
				671,408
		Construction & Engineering — 0.7%
	8,100	Sterling Infrastructure, Inc.(a)		595,188
		Construction Materials— 0.4%
	2,013	Eagle Materials, Inc.		335,205
		Consumer Finance — 2.2%
	9,836	Ally Financial, Inc.		262,424
	12,840	Bread Financial Holdings, Inc.		439,128
	11,749	Enova International, Inc.(a)		597,672
	25,614	Navient Corp.		441,073
	9,022	Synchrony Financial		275,803
				2,016,100
		Consumer Staples Distribution & Retail — 1.5%
	9,280	Andersons, Inc. (The)		478,013
	4,170	PriceSmart, Inc.		310,373
	13,093	Sprouts Farmers Market, Inc.(a)		560,380
				1,348,766
		Diversified Consumer Services — 0.6%
	30,835	Perdoceo Education Corp.		527,279
		Diversified REITs — 1.0%
	31,631	Broadstone Net Lease, Inc.		452,323
	22,355	Essential Properties Realty Trust, Inc.		483,539
				935,862
		Diversified Telecommunication Services — 0.4%
	44,064	Liberty Latin America, Ltd., Class C(a)		359,562
		Electric Utilities — 3.1%
	9,569	ALLETE, Inc.		505,243
	8,050	Avangrid, Inc.		242,868
	21,070	Hawaiian Electric Industries, Inc.		259,372
	7,100	NRG Energy, Inc.		273,492
	9,175	Otter Tail Corp.		696,566
	4,293	Pinnacle West Capital Corp.		316,308
	12,570	Portland General Electric Co.		508,834
				2,802,683
		Electrical Equipment — 2.2%
	3,011	Atkore, Inc.(a)		449,211
	4,037	Encore Wire Corp.		736,591
	22,161	LSI Industries, Inc.		351,917
	5,209	Powell Industries, Inc.		431,826
				1,969,545
		Electronic Equipment, Instruments & Components — 2.5%
	6,772	Bel Fuse, Inc., Class B		323,160

See accompanying Notes to the Financial Statements.

59

Sterling Capital Behavioral Small Cap Value Equity Fund

Schedule of Portfolio Investments — (continued)
September 30, 2023

Shares			Fair Value
COMMON STOCKS — (continued)
		Electronic Equipment, Instruments & Components — (continued)
	1,882	Insight Enterprises, Inc.(a)	$	273,831
	4,229	Jabil, Inc.		536,618
	2,620	PC Connection, Inc.		139,856
	29,179	TTM Technologies, Inc.(a)		375,825
	25,614	Vishay Intertechnology, Inc.		633,178
				2,282,468
		Energy Equipment & Services — 0.9%
	14,904	Oceaneering International, Inc.(a)		383,331
	4,385	Weatherford International PLC(a)		396,097
				779,428
		Entertainment — 0.7%
	18,083	Cinemark Holdings, Inc.(a)		331,823
	20,054	Marcus Corp. (The)		310,837
				642,660
		Financial Services — 4.6%
	8,530	A-Mark Precious Metals, Inc.		250,185
	14,060	Banco Latinoamericano de Comercio Exterior SA, Class E		298,072
	16,452	Corebridge Financial, Inc.		324,927
	13,238	Enact Holdings, Inc.		360,471
	13,688	Jackson Financial, Inc., Class A		523,155
	14,470	MGIC Investment Corp.		241,504
	11,902	Mr Cooper Group, Inc.(a)		637,471
	39,042	Pagseguro Digital, Ltd., Class A(a)		336,151
	27,281	Radian Group, Inc.		685,026
	38,213	StoneCo, Ltd., Class A(a)		407,733
				4,064,695
		Food Products — 0.3%
	22,685	Dole PLC.		262,692
		Gas Utilities — 0.3%
	5,693	National Fuel Gas Co.		295,524
		Ground Transportation — 0.0%
	433	ArcBest Corp.		44,014
		Health Care Equipment & Supplies — 2.0%
	3,381	Haemonetics Corp.(a)		302,870
	7,431	Inmode, Ltd.(a)		226,348
	5,040	Lantheus Holdings, Inc.(a)		350,179
	7,030	Omnicell, Inc.(a)		316,631
	52,750	OraSure Technologies, Inc.(a)		312,808
	17,410	Varex Imaging Corp.(a)		327,134
				1,835,970
		Health Care Providers & Services — 4.2%
	3,428	Addus HomeCare Corp.(a)		292,031
	3,204	AMN Healthcare Services, Inc.(a)		272,917
	12,069	Cross Country Healthcare, Inc.(a)		299,190
	2,764	DaVita, Inc.(a)		261,281
	4,966	Encompass Health Corp.		333,517
	3,689	Ensign Group, Inc. (The)		342,819

Shares			Fair Value
COMMON STOCKS — (continued)
		Health Care Providers & Services — (continued)
	11,346	Fulgent Genetics, Inc.(a)	$	303,392
	2,870	Option Care Health, Inc.(a)		92,844
	22,846	Owens & Minor, Inc.(a)		369,191
	14,750	PetIQ, Inc.(a)		290,575
	7,628	Premier, Inc., Class A		164,002
	10,460	Select Medical Holdings Corp.		264,324
	3,420	Tenet Healthcare Corp.(a)		225,344
	2,587	Universal Health Services, Inc., Class B		325,264
				3,836,691
		Health Care REITs — 0.3%
	50,666	Medical Properties Trust, Inc.		276,130
		Health Care Technology — 0.8%
	15,784	HealthStream, Inc.		340,619
	29,968	Veradigm, Inc.(a)		393,779
				734,398
		Hotel & Resort REITs — 2.9%
	35,231	Apple Hospitality REIT, Inc.		540,444
	49,039	DiamondRock Hospitality Co.		393,783
	16,227	Host Hotels & Resorts, Inc.		260,768
	21,497	Park Hotels & Resorts, Inc.		264,843
	38,813	RLJ Lodging Trust		379,979
	44,718	Sunstone Hotel Investors, Inc.		418,113
	31,560	Xenia Hotels & Resorts, Inc.		371,777
				2,629,707
		Household Durables — 6.0%
	13,980	Beazer Homes USA, Inc.(a)		348,242
	6,210	Century Communities, Inc.		414,704
	13,781	Ethan Allen Interiors, Inc.		412,052
	9,633	Green Brick Partners, Inc.(a)		399,866
	10,726	KB Home		496,399
	12,249	La-Z-Boy, Inc.		378,249
	6,253	M/I Homes, Inc.(a)		525,502
	10,435	MDC Holdings, Inc.		430,235
	5,034	Meritage Homes Corp.		616,111
	14,537	Taylor Morrison Home Corp.(a)		619,422
	4,473	Toll Brothers, Inc.		330,823
	15,902	TRI Pointe Homes, Inc.(a)		434,920
				5,406,525
		Household Products — 0.7%
	6,480	Central Garden & Pet Co.(a)		286,027
	9,490	Central Garden & Pet Co., Class A(a)		380,454
				666,481
		Independent Power and Renewable Electricity Producers — 0.2%
	8,528	Brookfield Renewable Corp., Class A		204,160
		Industrial REITs — 0.5%
	5,710	Innovative Industrial Properties, Inc.		432,019
		Insurance — 3.8%
	25,110	Ambac Financial Group, Inc.(a)		302,827

Continued

60

Sterling Capital Behavioral Small Cap Value Equity Fund

Schedule of Portfolio Investments — (continued)
September 30, 2023

Shares			Fair Value
COMMON STOCKS — (continued)
		Insurance — (continued)
	12,413	American Equity Investment Life Holding Co.(a)	$	665,833
	5,921	Axis Capital Holdings, Ltd.		333,767
	6,028	Brighthouse Financial, Inc.(a)		295,010
	9,129	Employers Holdings, Inc.		364,703
	12,955	Old Republic International Corp.		349,008
	1,890	Reinsurance Group of America, Inc.		274,409
	2,152	RenaissanceRe Holdings, Ltd.		425,924
	8,235	Unum Group		405,080
				3,416,561
		Interactive Media & Services — 0.6%
	14,774	Cargurus, Inc.(a)		258,840
	6,440	Yelp, Inc.(a)		267,840
				526,680
		Machinery — 3.1%
	2,154	AGCO Corp.		254,775
	6,034	Allison Transmission Holdings, Inc.		356,368
	15,460	Blue Bird Corp.(a)		330,071
	17,692	Manitowoc Co., Inc. (The)(a)		266,264
	7,204	Mueller Industries, Inc.		541,453
	19,420	REV Group, Inc.		310,720
	7,943	Terex Corp.		457,676
	11,703	Wabash National Corp.		247,167
				2,764,494
		Marine Transportation — 0.6%
	5,910	Matson, Inc.		524,335
		Media — 0.7%
	8,370	Fox Corp., Class A		261,144
	8,980	Scholastic Corp.		342,497
				603,641
		Metals & Mining — 4.7%
	2,515	Alpha Metallurgical Resources, Inc.		653,221
	14,551	Commercial Metals Co.		718,965
	5,890	Olympic Steel, Inc.		331,077
	1,026	Reliance Steel & Aluminum Co.		269,048
	9,164	Ryerson Holding Corp.		266,581
	45,476	SunCoke Energy, Inc.		461,582
	16,570	TimkenSteel Corp.(a)		359,900
	15,854	Warrior Met Coal, Inc.		809,822
	6,394	Worthington Industries, Inc.		395,277
				4,265,473
		Mortgage Real Estate Investment Trusts (REITs) — 2.4%
	35,842	Arbor Realty Trust, Inc.		544,082
	26,626	Invesco Mortgage Capital, Inc.		266,526
	37,924	Ladder Capital Corp.		389,100
	38,254	Ready Capital Corp.		386,748
	32,810	Rithm Capital Corp.		304,805
	13,510	Starwood Property Trust, Inc.		261,419
				2,152,680

Shares			Fair Value
COMMON STOCKS — (continued)
		Office REITs — 1.5%
	12,840	Cousins Properties, Inc.	$	261,551
	12,113	Highwoods Properties, Inc.		249,649
	8,990	Kilroy Realty Corp.		284,174
	54,980	Office Properties Income Trust		225,418
	11,730	Vornado Realty Trust.		266,036
				1,286,828
		Oil, Gas & Consumable Fuels — 9.8%
	38,890	Berry Corp.		318,898
	10,520	California Resources Corp.		589,225
	6,170	Centrus Energy Corp., Class A(a)		350,209
	4,820	Chord Energy Corp.		781,178
	9,328	Civitas Resources, Inc.		754,355
	24,840	CNX Resources Corp.(a)		560,887
	8,160	CVR Energy, Inc.		277,685
	20,958	Dorian LPG, Ltd.		602,123
	52,870	Equitrans Midstream Corp.		495,392
	3,310	Gulfport Energy Corp.(a)		392,765
	4,540	HF Sinclair Corp.		258,462
	10,192	International Seaways, Inc.		458,640
	12,763	Par Pacific Holdings, Inc.(a)		458,702
	15,579	PBF Energy, Inc., Class A		833,944
	8,970	Range Resources Corp.		290,718
	7,740	REX American Resources Corp.(a)		315,173
	16,450	SM Energy Co.		652,243
	10,102	Teekay Tankers, Ltd., Class A		420,546
				8,811,145
		Passenger Airlines — 0.9%
	1,376	Copa Holdings SA, Class A		122,629
	9,780	SkyWest, Inc.(a)		410,173
	6,953	United Airlines Holdings, Inc.(a)		294,112
				826,914
		Pharmaceuticals — 1.3%
	9,579	Amphastar Pharmaceuticals, Inc.(a)		440,538
	8,430	Corcept Therapeutics, Inc.(a)		229,675
	1,936	Jazz Pharmaceuticals PLC(a)		250,596
	25,623	Viatris, Inc.		252,643
				1,173,452
		Real Estate Management & Development — 1.1%
	15,619	Forestar Group, Inc.(a)		420,776
	4,331	Howard Hughes Holdings, Inc.(a)		321,057
	11,933	RMR Group, Inc. (The), Class A		292,597
				1,034,430
		Retail REITs — 1.3%
	25,210	Acadia Realty Trust.		361,763
	27,952	Kimco Realty Corp.		491,676
	33,850	Whitestone REIT		325,975
				1,179,414

Continued

61

Sterling Capital Behavioral Small Cap Value Equity Fund

Schedule of Portfolio Investments — (continued)
September 30, 2023

Shares			Fair Value
COMMON STOCKS — (continued)
		Semiconductors & Semiconductor Equipment — 2.4%
	32,533	Amkor Technology, Inc.	$	735,246
	3,259	Axcelis Technologies, Inc.(a)		531,380
	22,628	Photronics, Inc.(a)		457,312
	14,340	Veeco Instruments, Inc.(a)		403,097
				2,127,035
		Software — 0.9%
	26,048	Adeia, Inc.		278,193
	2,938	InterDigital, Inc.		235,745
	10,934	NCR Corp.(a)		294,890
				808,828
		Specialized REITs — 1.4%
	7,077	EPR Properties		293,979
	88,878	Uniti Group, Inc.		419,504
	17,487	VICI Properties, Inc.		508,872
				1,222,355
		Specialty Retail — 2.7%
	23,010	Aaron's Co., Inc. (The)		240,915
	1,983	AutoNation, Inc.(a)		300,226
	13,706	Build-A-Bear Workshop, Inc.		403,093
	2,919	Group 1 Automotive, Inc.		784,365
	10,699	ODP Corp. (The)(a)		493,759
	1,482	Penske Automotive Group, Inc.		247,583
				2,469,941
		Technology Hardware, Storage & Peripherals — 0.3%
	40,395	Immersion Corp.		267,011
		Textiles, Apparel & Luxury Goods — 0.4%
	14,320	G-III Apparel Group, Ltd.(a)		356,854
		Trading Companies & Distributors — 3.3%
	7,380	Beacon Roofing Supply, Inc.(a)		569,515
	5,468	BlueLinx Holdings, Inc.(a)		448,868
	11,483	Boise Cascade Co.		1,183,208
	6,123	GMS, Inc.(a)		391,688
	10,119	Textainer Group Holdings, Ltd.		376,933
				2,970,212
		Total Common Stocks
		(Cost $81,059,357)		89,129,562
WARRANTS — 0.0%
		Energy Equipment & Services — 0.0%
	689	Nabors Industries, Ltd., 06/11/2026(a)		10,129
		Total Warrants
		(Cost $ )		10,129

Shares			Fair Value
EXCHANGE TRADED FUND — 0.5%
	3,000	iShares Russell 2000 Value ETF	$	406,650
		Total Exchange Traded Fund
		(Cost $410,769)		406,650
MONEY MARKET FUND — 1.1%
	1,036,511	Federated Treasury Obligations Fund, Institutional Shares, 5.21%(b)		1,036,511
		Total Money Market Fund
		(Cost $1,036,511)		1,036,511
Total Investments 100.4%
(Cost $82,506,637)				90,582,852
Net Other Assets (Liabilities) (0.4)%.				(328,744	)
NET ASSETS — 100.0%			$	90,254,108

(a) Represents non-income producing security.

(b) Represents the current yield as of report date.

ETF Exchange Traded Fund

Continued

62

Sterling Capital Special Opportunities Fund

Schedule of Portfolio Investments
September 30, 2023

Shares			Fair Value
COMMON STOCKS — 97.6%
		Automobile Components — 3.6%
	170,292	Aptiv PLC(a)	$	16,789,088
		Broadline Retail — 5.3%
	192,238	Amazon.com, Inc.(a)		24,437,295
		Capital Markets — 6.9%
	375,568	Charles Schwab Corp. (The)		20,618,683
	31,557	S&P Global, Inc.		11,531,244
				32,149,927
		Communications Equipment — 3.6%
	104,192	F5, Inc.(a)		16,789,499
		Consumer Finance — 1.9%
	93,231	Capital One Financial Corp.		9,048,069
		Consumer Staples Distribution & Retail — 0.8%
	36,569	Dollar General Corp.		3,869,000
		Containers & Packaging — 3.7%
	192,529	Crown Holdings, Inc.		17,034,966
		Electronic Equipment, Instruments & Components — 3.8%
	540,697	Coherent Corp.(a)		17,648,350
		Entertainment — 4.0%
	131,361	Take-Two Interactive Software, Inc.(a)		18,441,771
		Financial Services — 9.8%
	168,249	Global Payments, Inc.		19,414,252
	142,966	PayPal Holdings, Inc.(a)		8,357,793
	77,392	Visa, Inc., Class A		17,800,934
				45,572,979
		Health Care Providers & Services — 8.1%
	64,984	HCA Healthcare, Inc.		15,984,764
	42,926	UnitedHealth Group, Inc.		21,642,860
				37,627,624
		Interactive Media & Services — 5.5%
	192,373	Alphabet, Inc., Class C(a)		25,364,380
		IT Services — 3.0%
	131,174	Akamai Technologies, Inc.(a)		13,975,278
		Life Sciences Tools & Services — 8.2%
	78,626	Danaher Corp.		19,507,111
	94,110	IQVIA Holdings, Inc.(a)		18,516,142
				38,023,253
		Media — 3.9%
	403,892	Comcast Corp., Class A		17,908,571
		Pharmaceuticals — 1.8%
	143,055	Bristol-Myers Squibb Co.		8,302,912
		Professional Services — 3.3%
	131,021	Genpact, Ltd.		4,742,960

Shares			Fair Value
COMMON STOCKS — (continued)
		Professional Services — (continued)
	45,977	Verisk Analytics, Inc.	$	10,861,606
				15,604,566
		Real Estate Management & Development — 2.4%
	153,467	CBRE Group, Inc., Class A(a)		11,335,073
		Semiconductors & Semiconductor Equipment — 6.9%
	238,665	Marvell Technology, Inc.		12,918,936
	94,478	NXP Semiconductors NV		18,888,042
				31,806,978
		Software — 7.3%
	37,004	Intuit, Inc.		18,906,824
	46,982	Microsoft Corp.		14,834,566
				33,741,390
		Wireless Telecommunication Services — 3.8%
	126,065	T-Mobile U.S. Inc(a)		17,655,403
		Total Common Stocks
		(Cost $292,038,469)		453,126,372
MONEY MARKET FUND — 2.9%
	13,253,066	Federated Treasury Obligations Fund, Institutional Shares, 5.21%(b)		13,253,066
		Total Money Market Fund
		(Cost $13,253,066)		13,253,066
Total Investments — 100.5%
(Cost $305,291,535)				466,379,438
Net Other Assets (Liabilities) — (0.5)%				(2,157,637	)
NET ASSETS — 100.0%			$	464,221,801

(a) Represents non-income producing security.

(b) Represents the current yield as of report date.

See accompanying Notes to the Financial Statements.

63

Sterling Capital Equity Income Fund

Schedule of Portfolio Investments
September 30, 2023

Shares			Fair Value
COMMON STOCKS — 97.6%
		Air Freight & Logistics — 2.1%
	248,488	United Parcel Service, Inc., Class B	$	38,731,825
		Beverages — 2.9%
	318,985	PepsiCo, Inc.		54,048,818
		Biotechnology — 3.8%
	480,505	AbbVie, Inc.		71,624,075
		Broadline Retail — 1.9%
	827,698	eBay, Inc.		36,493,205
		Capital Markets — 16.4%
	221,642	Ameriprise Financial, Inc.		73,070,934
	81,604	BlackRock, Inc.		52,756,170
	1,128,904	Charles Schwab Corp. (The)		61,976,830
	196,077	Goldman Sachs Group, Inc. (The)		63,444,635
	1,178,686	Nasdaq, Inc.		57,272,353
				308,520,922
		Chemicals — 2.3%
	150,721	Air Products & Chemicals, Inc.		42,714,331
		Communications Equipment — 1.6%
	111,137	Motorola Solutions, Inc.		30,255,937
		Consumer Finance — 0.6%
	124,106	Discover Financial Services		10,751,303
		Containers & Packaging — 4.0%
	414,563	Avery Dennison Corp.		75,728,223
		Health Care Equipment & Supplies — 3.6%
	690,512	Abbott Laboratories		66,876,087
		Health Care Providers & Services — 6.9%
	719,293	CVS Health Corp.		50,221,037
	184,335	Elevance Health, Inc.		80,263,146
				130,484,183
		Insurance — 11.9%
	813,875	Aflac, Inc.		62,464,906
	216,436	Chubb, Ltd.		45,057,646
	404,033	Marsh & McLennan Cos., Inc.		76,887,480
	616,282	MetLife, Inc.		38,770,301
				223,180,333
		IT Services — 4.0%
	246,237	Accenture PLC, Class A		75,621,845
		Pharmaceuticals — 4.6%
	371,110	Johnson & Johnson		57,800,382
	286,007	Merck & Co., Inc.		29,444,421
				87,244,803
		Professional Services — 7.3%
	321,511	Automatic Data Processing, Inc.		77,349,116
	550,394	Booz Allen Hamilton Holding Corp.		60,141,553
				137,490,669

Shares			Fair Value
COMMON STOCKS — (continued)
		Semiconductors & Semiconductor Equipment — 4.7%
	384,916	Analog Devices, Inc.	$	67,394,942
	220,605	Skyworks Solutions, Inc.		21,749,447
				89,144,389
		Software — 4.5%
	270,351	Microsoft Corp.		85,363,328
		Specialized REITs — 2.7%
	1,307,575	CubeSmart		49,857,835
		Specialty Retail — 3.8%
	236,926	Home Depot, Inc. (The)		71,589,560
		Tobacco — 3.4%
	1,535,430	Altria Group, Inc.		64,564,832
		Trading Companies & Distributors — 4.6%
	523,957	Ferguson PLC		86,175,208
		Total Common Stocks
		(Cost $1,269,882,585)		1,836,461,711
MONEY MARKET FUND — 2.3%
	43,200,889	Federated Treasury Obligations Fund, Institutional Shares, 5.21%(a)		43,200,889
		Total Money Market Fund
		(Cost $43,200,889)		43,200,889
Total Investments  — 99.9%
(Cost $1,313,083,474)				1,879,662,600
Net Other Assets (Liabilities) — 0.1%				1,376,447
NET ASSETS — 100.0%			$	1,881,039,047

(a) Represents the current yield as of report date.

See accompanying Notes to the Financial Statements. 

64 

Sterling Capital Behavioral International Equity Fund

Schedule of Portfolio Investments
September 30, 2023

Shares			Fair Value
COMMON STOCKS  — 96.0%
		Australia  — 5.2%
	85,525	ANZ Group Holdings, Ltd.	$	1,411,000
	1,580	BHP Group, Ltd.		44,952
	87,522	BlueScope Steel, Ltd.		1,093,933
	349,236	Pilbara Minerals, Ltd.		965,527
	233,536	Qantas Airways, Ltd.(a)		777,787
	84,407	Santos, Ltd.		428,729
	121,920	Suncorp Group, Ltd.		1,095,087
	256,594	Vicinity Centres		279,636
				6,096,651
		Austria  — 1.2%
	30,671	Erste Group Bank AG		1,064,251
	8,052	OMV AG		385,808
				1,450,059
		Belgium  — 0.9%
	9,364	Solvay SA		1,038,024
		Bermuda  — 0.3%
	6,400	Jardine Matheson Holdings, Ltd.		297,088
		Denmark  — 1.8%
	8,118	Carlsberg AS, Class B		1,025,790
	10,623	Pandora A/S		1,101,686
				2,127,476
		Finland  — 1.1%
	110,896	Nordea Bank Abp		1,220,753
		France  — 13.1%
	17,850	Amundi SA(b)		1,006,816
	31,094	AXA SA		926,393
	4,226	BNP Paribas SA		269,997
	2,981	Capgemini SE		522,546
	19,909	Cie de Saint-Gobain SA		1,197,255
	44,627	Credit Agricole SA		551,651
	3,716	Dassault Aviation SA		700,887
	9,942	Eiffage SA		946,427
	77,223	Engie SA		1,186,288
	8,278	Ipsen SA		1,086,988
	2,024	LVMH Moet Hennessy Louis Vuitton SE		1,533,006
	96,284	Orange SA		1,105,507
	15,147	Publicis Groupe SA		1,149,176
	26,757	Renault SA		1,099,729
	18,061	Sanofi		1,937,760
				15,220,426
		Germany  — 8.2%
	12,478	Bayerische Motoren Werke AG		1,271,480
	1,925	Brenntag SE		149,547
	83,339	Deutsche Lufthansa AG(a)		661,355
	72,485	Deutsche Telekom AG		1,522,580
	96,951	E.ON SE		1,148,016
	9,825	Fresenius Medical Care AG & Co. KGaA		424,225
	36,610	Fresenius SE & Co. KGaA		1,140,276
	16,370	Heidelberg Materials AG		1,272,424
	12,395	Henkel AG & Co. KGaA		782,608

Shares			Fair Value
COMMON STOCKS — (continued)
		Germany — (continued)
	5,924	Infineon Technologies AG	$	196,381
	13,212	Mercedes-Benz Group AG		920,377
				9,489,269
		Ireland  — 1.2%
	24,800	CRH PLC		1,357,304
		Israel  — 2.0%
	8,452	Check Point Software Technologies, Ltd.(a)		1,126,483
	115,922	Teva Pharmaceutical Industries, Ltd., ADR(a)		1,182,404
				2,308,887
		Italy  — 3.4%
	32,350	Enel SpA		199,056
	499,493	Intesa Sanpaolo SpA		1,288,537
	21,000	Recordati Industria Chimica e Farmaceutica SpA		992,663
	63,346	UniCredit SpA		1,522,286
				4,002,542
		Japan  — 20.7%
	37,400	Astellas Pharma, Inc.		519,055
	85,300	Chubu Electric Power Co., Inc.		1,088,511
	28,900	Daiwa House Industry Co., Ltd.		776,455
	51,000	Honda Motor Co., Ltd.		574,023
	8,300	Inpex Corp.		125,300
	40,747	ITOCHU Corp.		1,474,025
	58,718	Japan Tobacco, Inc.		1,351,646
	70,600	JFE Holdings, Inc.		1,035,095
	77,000	Kansai Electric Power Co., Inc. (The)		1,070,446
	74,465	Marubeni Corp.		1,162,021
	42,100	Mitsubishi Chemical Holdings Corp.		265,576
	32,028	Mitsubishi Corp.		1,527,674
	166,553	Mitsubishi HC Capital, Inc.		1,110,056
	38,523	Mitsui & Co., Ltd.		1,397,954
	34,786	Mitsui OSK Lines, Ltd.		956,708
	22,700	MS&AD Insurance Group Holdings, Inc.		834,693
	16,000	Nitto Denko Corp.		1,050,107
	53,930	Ono Pharmaceutical Co., Ltd.		1,035,006
	28,200	Otsuka Holdings Co., Ltd.		1,002,587
	101,000	Panasonic Holdings Corp.		1,136,791
	67,614	Renesas Electronics Corp.(a)		1,034,072
	24,900	Shionogi & Co., Ltd.		1,114,035
	59,785	Sumitomo Corp.		1,193,780
	21,400	Toyota Tsusho Corp.		1,259,455
				24,095,071
		Luxembourg  — 0.1%
	5,427	ArcelorMittal SA		136,414
		Netherlands  — 5.3%
	65,902	ABN AMRO Bank NV(b)		936,430
	13,968	Koninklijke Ahold Delhaize NV		421,174
	30,471	NN Group NV		980,639
	19,907	Randstad NV		1,102,425
	75,177	Stellantis NV		1,447,347

See accompanying Notes to the Financial Statements.

65 

Sterling Capital Behavioral International Equity Fund

Schedule of Portfolio Investments — (continued)
September 30, 2023

Shares			Fair Value
COMMON STOCKS — (continued)
		Netherlands — (continued)
	28,096	STMicroelectronics NV	$	1,217,439
				6,105,454
		Norway  — 0.8%
	45,707	DNB Bank ASA		921,263
		Singapore  — 1.8%
	43,900	Jardine Cycle & Carriage, Ltd.		1,025,404
	223,600	Singapore Airlines, Ltd.		1,056,661
				2,082,065
		Spain  — 4.7%
	194,457	Banco Bilbao Vizcaya Argentaria SA		1,585,096
	275,149	CaixaBank SA		1,101,352
	16,593	Industria de Diseno Textil SA		619,091
	70,751	Repsol SA		1,164,659
	243,100	Telefonica SA		994,144
				5,464,342
		Sweden  — 2.8%
	52,750	H & M Hennes & Mauritz AB, Class B		750,582
	130,976	Securitas AB, Class B		1,038,884
	32,461	Svenska Handelsbanken AB, Class A		289,861
	62,632	Swedbank AB, Class A		1,153,976
				3,233,303
		Switzerland  — 8.6%
	34,986	Coca-Cola HBC AG		960,018
	20,752	Holcim AG		1,332,608
	16,675	Julius Baer Group, Ltd.		1,072,257
	500	Kuehne + Nagel International AG		142,568
	15,417	Logitech International SA		1,065,808
	27,090	Novartis AG		2,778,105
	668	Roche Holding AG		182,772
	12,478	Swiss Re AG		1,285,765
	2,675	Zurich Insurance Group AG		1,227,692
				10,047,593
		United Kingdom  — 12.8%
	100,450	BAE Systems PLC		1,222,894
	293,365	BP PLC		1,902,065
	28,514	Burberry Group PLC		663,966
	18,327	Coca-Cola Europacific Partners PLC		1,145,071
	5,565	GSK PLC		101,305
	50,700	Imperial Brands PLC		1,031,191
	12,635	InterContinental Hotels Group PLC		936,365
	309,290	J Sainsbury PLC		953,978
	548,719	JD Sports Fashion PLC		1,002,229
	123,062	Phoenix Group Holdings PLC		724,013
	469,169	Rolls-Royce Holdings PLC(a)		1,264,505
	83,917	Shell PLC		2,668,209
	358,577	Tesco PLC		1,155,874
	172,083	Vodafone Group PLC		161,290
				14,932,955
		Total Common Stocks
		(Cost $101,061,881)		111,626,939

Shares			Fair Value
PREFERRED STOCKS  — 1.7%
		Germany  — 1.7%
	11,077	Bayerische Motoren Werke AG	$	1,034,095
	14,075	Henkel AG & Co. KGaA		1,003,859
		Total Preferred Stocks
		(Cost $1,885,171)		2,037,954
MONEY MARKET FUND  — 1.3%
		United States  — 1.3%
	1,527,600	Federated Treasury Obligations Fund, Institutional Shares, 5.21%(c)		1,527,600
		Total Money Market Fund
		(Cost $1,527,600)		1,527,600
Total Investments  — 99.0%
(Cost $104,474,652)				115,192,493
Net Other Assets (Liabilities) — 1.0%				1,123,706
NET ASSETS - 100.0%			$	116,316,199

(a) Represents non-income producing security.

(b) Rule 144A, Section 4(a)(2) or other security that is restricted as to resale to qualified institutional investors. Sterling Capital Management LLC (the “Advisor”), using Board approved procedures, has deemed these securities or a portion of these securities to be liquid.

(c) Represents the current yield as of report date.

ADR American Depositary Receipt

Continued

66 

Sterling Capital Behavioral International Equity Fund

Schedule of Portfolio Investments — (continued)
September 30, 2023

Industry	Percentage of net assets
Aerospace & Defense	2.7%
Automobiles	5.4%
Banks	11.5%
Beverages	2.7%
Building Products	1.0%
Capital Markets	1.8%
Chemicals	2.0%
Commercial Services & Supplies	0.9%
Construction & Engineering	0.8%
Construction Materials	3.4%
Consumer Staples Distribution & Retail	2.2%
Diversified Telecommunication Services	3.2%
Electric Utilities	2.0%
Financial Services	0.9%
Health Care Providers & Services	1.3%
Hotels, Restaurants & Leisure	0.8%
Household Durables	1.0%
Household Products	1.5%
Industrial Conglomerates	1.2%
Insurance	6.1%
IT Services	0.5%
Marine Transportation	0.9%
Media	1.0%
Metals & Mining	2.7%
Money Market Fund	1.3%
Multi-Utilities	2.0%
Oil, Gas & Consumable Fuels	5.7%
Passenger Airlines	2.2%
Pharmaceuticals	10.3%
Professional Services	1.0%
Real Estate Management & Development	0.7%
Retail REITs	0.2%
Semiconductors & Semiconductor Equipment	2.2%
Software	1.0%
Specialty Retail	2.0%
Technology Hardware, Storage & Peripherals	0.9%
Textiles, Apparel & Luxury Goods	2.8%
Tobacco	2.1%
Trading Companies & Distributors	7.0%
Wireless Telecommunication Services	0.1%
	99.0%

Continued

67 

Sterling Capital SMID Opportunities Fund

Schedule of Portfolio Investments
September 30, 2023

Shares			Fair Value
COMMON STOCKS — 94.7%
		Aerospace & Defense — 2.1%
	2,170	Ducommun, Inc.(a)	$	94,417
		Automobile Components — 4.1%
	5,592	Gentex Corp.		181,964
		Banks — 2.6%
	1,703	SouthState Corp.		114,714
		Building Products — 3.6%
	3,481	AZZ, Inc.		158,664
		Chemicals — 2.4%
	1,264	CF Industries Holdings, Inc.		108,375
		Commercial Services & Supplies — 8.1%
	8,900	Civeo Corp.		184,497
	1,322	Waste Connections, Inc.		177,545
				362,042
		Consumer Finance — 3.0%
	9,878	SLM Corp.		134,538
		Containers & Packaging — 2.5%
	1,238	Crown Holdings, Inc.		109,538
		Electrical Equipment — 2.0%
	2,399	Sensata Technologies Holding PLC		90,730
		Entertainment — 3.7%
	1,170	Take-Two Interactive Software, Inc.(a)		164,256
		Financial Services — 11.3%
	9,468	Cannae Holdings, Inc.(a)		176,484
	1,220	Euronet Worldwide, Inc.(a)		96,843
	2,017	Global Payments, Inc.		232,742
				506,069
		Health Care Providers & Services — 9.9%
	2,695	Centene Corp.(a)		185,631
	2,379	Encompass Health Corp.		159,774
	493	Laboratory Corp. of America Holdings		99,118
				444,523
		Hotels, Restaurants & Leisure — 2.7%
	811	Hilton Worldwide Holdings, Inc.		121,796
		Household Durables — 5.3%
	6,932	Legacy Housing Corp.(a)		134,550
	1,172	Mohawk Industries, Inc.(a)		100,570
				235,120
		Insurance — 2.6%
	1,082	Globe Life, Inc.		117,646
		Leisure Products — 2.1%
	4,282	MasterCraft Boat Holdings, Inc.(a)		95,146
		Media — 3.6%
	263	Cable One, Inc.		161,913

Shares			Fair Value
COMMON STOCKS — (continued)
		Metals & Mining — 3.9%
	1,029	Arch Resources, Inc.	$	175,609
		Oil, Gas & Consumable Fuels — 7.3%
	5,503	Callon Petroleum Co.(a)		215,278
	473	Pioneer Natural Resources Co.		108,577
				323,855
		Professional Services — 6.9%
	1,069	ASGN, Inc.(a)		87,316
	1,006	Jacobs Solutions, Inc.		137,319
	1,605	SS&C Technologies Holdings, Inc.		84,327
				308,962
		Real Estate Management & Development — 2.3%
	1,398	CBRE Group, Inc., Class A(a)		103,256
		Trading Companies & Distributors — 2.7%
	3,040	Air Lease Corp.		119,806
		Total Common Stocks
		(Cost $3,756,125)		4,232,939
MONEY MARKET FUND — 5.2%
	232,639	Federated Treasury Obligations Fund, Institutional Shares, 5.21%(b)		232,639
		Total Money Market Fund
		(Cost $232,639)		232,639
Total Investments  — 99.9%
(Cost $3,988,764)				4,465,578
Net Other Assets (Liabilities) — 0.1%				4,268
NET ASSETS — 100.0%			$	4,469,846

(a) Represents non-income producing security.

(b) Represents the current yield as of report date.

See accompanying Notes to the Financial Statements.

68 

Sterling Capital Mid Cap Relative Value Fund

Schedule of Portfolio Investments
September 30, 2023

Shares			Fair Value
COMMON STOCKS — 96.3%
		Automobile Components — 1.9%
	15,200	Magna International, Inc.	$	814,872
		Banks — 3.1%
	7,861	East West Bancorp, Inc.		414,353
	34,589	Huntington Bancshares, Inc.		359,726
	7,796	Wintrust Financial Corp.		588,598
				1,362,677
		Building Products — 2.8%
	4,623	Carlisle Cos., Inc.		1,198,559
		Capital Markets — 3.1%
	4,157	Ameriprise Financial, Inc.		1,370,480
		Chemicals — 3.4%
	13,915	Avient Corp.		491,478
	7,867	Westlake Corp.		980,779
				1,472,257
		Communications Equipment — 1.1%
	10,367	Ciena Corp.(a)		489,944
		Construction & Engineering — 1.8%
	10,805	MasTec, Inc.(a)		777,636
		Consumer Staples Distribution & Retail — 6.0%
	5,366	Casey's General Stores, Inc.		1,456,976
	19,688	Performance Food Group Co.(a)		1,158,836
				2,615,812
		Containers & Packaging — 5.2%
	6,317	Avery Dennison Corp.		1,153,926
	17,748	Berry Global Group, Inc.		1,098,779
				2,252,705
		Electronic Equipment, Instruments & Components — 7.6%
	6,641	Arrow Electronics, Inc.(a)		831,719
	7,253	CDW Corp.		1,463,365
	18,790	nVent Electric PLC		995,682
				3,290,766
		Entertainment — 4.0%
	8,353	Activision Blizzard, Inc.		782,091
	6,905	Take-Two Interactive Software, Inc.(a)		969,393
				1,751,484
		Financial Services — 2.7%
	10,404	Fiserv, Inc.(a)		1,175,236
		Food Products — 2.1%
	9,921	Lamb Weston Holdings, Inc.		917,296
		Gas Utilities — 2.3%
	16,534	Southwest Gas Holdings, Inc.		998,819
		Health Care Equipment & Supplies — 3.7%
	2,670	Becton Dickinson & Co.		690,275

Shares			Fair Value
COMMON STOCKS — (continued)
		Health Care Equipment & Supplies — (continued)
	8,080	Zimmer Biomet Holdings, Inc.	$	906,738
				1,597,013
		Household Durables — 1.1%
	6,565	PulteGroup, Inc.		486,138
		Industrial REITs — 2.4%
	6,188	EastGroup Properties, Inc.		1,030,488
		Insurance — 7.4%
	6,445	American Financial Group, Inc.		719,713
	13,245	First American Financial Corp.		748,210
	9,474	Globe Life, Inc.		1,030,108
	6,445	Hanover Insurance Group, Inc. (The)		715,266
				3,213,297
		Leisure Products — 1.2%
	4,839	Polaris, Inc.		503,933
		Life Sciences Tools & Services — 7.0%
	5,056	ICON PLC(a)		1,245,040
	7,867	Revvity, Inc.		870,877
	1,829	Thermo Fisher Scientific, Inc.		925,785
				3,041,702
		Machinery — 2.1%
	9,545	Oshkosh Corp.		910,879
		Multi-Utilities — 1.7%
	29,245	NiSource, Inc.		721,766
		Office REITs — 1.0%
	4,567	Alexandria Real Estate Equities, Inc.		457,157
		Oil, Gas & Consumable Fuels — 5.7%
	32,707	Coterra Energy, Inc.		884,724
	4,555	Diamondback Energy, Inc.		705,479
	7,366	Phillips 66		885,025
				2,475,228
		Professional Services — 3.5%
	4,859	CACI International, Inc., Class A(a)		1,525,386
		Real Estate Management & Development — 1.6%
	9,603	Howard Hughes Holdings, Inc.(a)		711,870
		Residential REITs — 1.8%
	6,094	Mid-America Apartment Communities, Inc.		783,993
		Semiconductors & Semiconductor Equipment — 1.4%
	6,132	Skyworks Solutions, Inc.		604,554
		Software — 3.8%
	23,696	Dropbox, Inc., Class A(a)		645,242

See accompanying Notes to the Financial Statements.

69 

Sterling Capital Mid Cap Relative Value Fund

Schedule of Portfolio Investments — (continued)
September 30, 2023

Shares			Fair Value
COMMON STOCKS — (continued)
		Software — (continued)
	7,156	PTC, Inc.(a)	$	1,013,862
				1,659,104
		Specialized REITs — 1.5%
	5,346	Digital Realty Trust, Inc.		646,973
		Trading Companies & Distributors — 2.3%
	2,218	United Rentals, Inc.		986,056
		Total Common Stocks
		(Cost $22,166,986)		41,844,080
MONEY MARKET FUND — 3.7%
	1,629,056	Federated Treasury Obligations Fund, Institutional Shares, 5.21%(b)		1,629,056
		Total Money Market Fund
		(Cost $1,629,056)		1,629,056
Total Investments  — 100.0%
(Cost $23,796,042)				43,473,136
Net Other Assets (Liabilities) — 0.0%				6,356
NET ASSETS — 100.0%			$	43,479,492

(a) Represents non-income producing security.

(b) Represents the current yield as of report date.

Continued

70 

Sterling Capital Real Estate Fund

Schedule of Portfolio Investments
September 30, 2023

Shares			Fair Value
COMMON STOCKS — 98.2%
		Data Center — 11.9%
	23,682	Digital Realty Trust, Inc.	$	2,865,996
	6,584	Equinix, Inc.		4,781,696
				7,647,692
		Diversified — 1.7%
	51,838	Essential Properties Realty Trust, Inc.		1,121,256
		Health Care — 7.6%
	42,841	Ventas, Inc.		1,804,891
	38,095	Welltower, Inc.		3,120,743
				4,925,634
		Hotel & Resort — 3.4%
	36,204	Apple Hospitality REIT, Inc.		555,369
	19,483	Ryman Hospitality Properties, Inc.		1,622,544
				2,177,913
		Industrial — 14.8%
	12,491	EastGroup Properties, Inc.		2,080,126
	36,269	First Industrial Realty Trust, Inc.		1,726,042
	51,115	Prologis, Inc.		5,735,614
				9,541,782
		Multi-Family Residential — 13.2%
	14,774	Camden Property Trust		1,397,325
	9,510	Essex Property Trust, Inc.		2,016,976
	15,940	Mid-America Apartment Communities, Inc.		2,050,681
	23,510	NexPoint Residential Trust, Inc.		756,552
	62,080	UDR, Inc.		2,214,393
				8,435,927
		Office — 4.3%
	16,600	Alexandria Real Estate Equities, Inc.		1,661,660
	30,555	Highwoods Properties, Inc.		629,739
	73,859	Hudson Pacific Properties, Inc.		491,162
				2,782,561
		Other Specialized — 4.0%
	88,262	VICI Properties, Inc.		2,568,424
		Real Estate Development — 1.6%
	13,664	Howard Hughes Holdings, Inc.(a)		1,012,912
		Retail — 13.8%
	83,765	Brixmor Property Group, Inc.		1,740,637
	43,153	InvenTrust Properties Corp.		1,027,473
	104,210	Kite Realty Group Trust		2,232,178
	62,040	NETSTREIT Corp.		966,583
	79,188	Retail Opportunity Investments Corp.		980,348
	85,790	Tanger Factory Outlet Centers, Inc.		1,938,854
				8,886,073
		Self-Storage — 6.2%
	50,857	CubeSmart		1,939,177

Shares			Fair Value
COMMON STOCKS — (continued)
		Self-Storage — (continued)
	16,973	Extra Space Storage, Inc.	$	2,063,577
				4,002,754
		Single-Family Residential — 4.0%
	80,959	Invitation Homes, Inc.		2,565,591
		Telecom Tower — 11.7%
	32,209	American Tower Corp.		5,296,770
	10,969	SBA Communications Corp.		2,195,665
				7,492,435
		Total Common Stocks
		(Cost $42,869,758)		63,160,954
MONEY MARKET FUND — 1.7%
	1,075,168	Federated Treasury Obligations Fund, Institutional Shares, 5.21%(b)		1,075,168
		Total Money Market Fund
		(Cost $1,075,168)		1,075,168
Total Investments  — 99.9%
(Cost $43,944,926)				64,236,122
Net Other Assets (Liabilities) — 0.1%				45,154
NET ASSETS — 100.0%			$	64,281,276

(a) Represents non-income producing security.

(b) Represents the current yield as of report date.

See accompanying Notes to the Financial Statements.

71 

Sterling Capital Small Cap Value Fund

Schedule of Portfolio Investments
September 30, 2023

Shares			Fair Value
COMMON STOCKS — 98.4%
		Aerospace & Defense — 3.6%
	86,007	Moog, Inc., Class A	$	9,715,351
		Automobile Components — 1.3%
	46,559	Dorman Products, Inc.(a)		3,527,310
		Banks — 11.4%
	125,611	Columbia Banking System, Inc.		2,549,903
	125,828	Community Bank System, Inc.		5,311,200
	155,520	Glacier Bancorp, Inc.		4,432,320
	203,110	Old National Bancorp.		2,953,219
	89,848	United Bankshares, Inc.		2,478,906
	133,597	Webster Financial Corp.		5,385,295
	104,095	Wintrust Financial Corp.		7,859,173
				30,970,016
		Capital Markets — 2.0%
	41,183	Affiliated Managers Group, Inc.		5,367,792
		Chemicals — 3.2%
	243,016	Avient Corp.		8,583,325
		Construction & Engineering — 2.6%
	96,160	MasTec, Inc.(a)		6,920,635
		Consumer Staples Distribution & Retail — 9.9%
	137,477	BJ's Wholesale Club Holdings, Inc.(a)		9,811,734
	39,564	Casey's General Stores, Inc.		10,742,417
	106,240	Performance Food Group Co.(a)		6,253,286
				26,807,437
		Electric Utilities — 2.3%
	156,774	Portland General Electric Co.		6,346,211
		Electrical Equipment — 3.1%
	90,208	EnerSys		8,539,991
		Electronic Equipment, Instruments & Components — 5.9%
	109,417	Belden, Inc.		10,564,212
	86,612	ePlus, Inc.(a)		5,501,594
				16,065,806
		Entertainment — 1.9%
	36,257	Take-Two Interactive Software, Inc.(a)		5,090,120
		Gas Utilities — 2.3%
	103,637	Southwest Gas Holdings, Inc.		6,260,711
		Household Durables — 4.1%
	129,955	Ethan Allen Interiors, Inc.		3,885,654
	58,415	Meritage Homes Corp.		7,149,412
				11,035,066
		Industrial REITs — 3.5%
	201,266	First Industrial Realty Trust, Inc.		9,578,249
		Insurance — 7.1%
	76,342	Hanover Insurance Group, Inc. (The)		8,472,435

Shares			Fair Value
COMMON STOCKS — (continued)
		Insurance — (continued)
	103,417	Selective Insurance Group, Inc.	$	10,669,532
				19,141,967
		Life Sciences Tools & Services — 3.7%
	27,095	West Pharmaceutical Services, Inc.		10,166,315
		Machinery — 7.9%
	88,122	Crane Co.		7,828,758
	87,168	Crane NXT Co.		4,843,926
	90,605	Oshkosh Corp.		8,646,435
				21,319,119
		Office REITs — 1.1%
	151,377	Highwoods Properties, Inc.		3,119,880
		Oil, Gas & Consumable Fuels — 3.8%
	20,900	Chord Energy Corp.		3,387,263
	50,903	Matador Resources Co.		3,027,711
	96,384	Northern Oil & Gas, Inc.		3,877,528
				10,292,502
		Professional Services — 3.7%
	31,559	CACI International, Inc., Class A(a)		9,907,317
		Retail REITs — 1.0%
	125,471	Tanger Factory Outlet Centers, Inc.		2,835,645
		Semiconductors & Semiconductor Equipment — 5.5%
	108,964	ON Semiconductor Corp.(a)		10,128,204
	50,825	Qorvo, Inc.(a)		4,852,263
				14,980,467
		Software — 3.2%
	60,907	PTC, Inc.(a)		8,629,304
		Trading Companies & Distributors — 4.3%
	8,678	Herc Holdings, Inc.		1,032,161
	23,685	United Rentals, Inc.		10,529,641
				11,561,802
		Total Common Stocks
		(Cost $87,758,025)		266,762,338
MONEY MARKET FUND — 0.5%
	1,313,608	Federated Treasury Obligations Fund, Institutional Shares, 5.21%(b)		1,313,608
		Total Money Market Fund
		(Cost $1,313,608)		1,313,608
Total Investments  — 98.9%
(Cost $89,071,633)				268,075,946
Net Other Assets (Liabilities) — 1.1%				3,104,478
NET ASSETS — 100.0%			$	271,180,424

See accompanying Notes to the Financial Statements.

72 

Sterling Capital Small Cap Value Fund

Schedule of Portfolio Investments — (continued)
September 30, 2023

(a) Represents non-income producing security.

(b) Represents the current yield as of report date.

Continued

73 

Sterling Capital Ultra Short Bond Fund

Schedule of Portfolio Investments

September 30, 2023

Principal Amount			Fair Value
ASSET BACKED SECURITIES — 13.9%
$	63,455	Ally Auto Receivables Trust, Series 2022-3, Class A2, 5.290%, 6/16/25	$	63,364
	96,252	AmeriCredit Automobile Receivables Trust, Series 2019-3, Class C, 2.320%, 7/18/25		95,759
	350,000	AmeriCredit Automobile Receivables Trust, Series 2021-2, Class B, 0.690%, 1/19/27		332,843
	16,796	AmeriCredit Automobile Receivables Trust, Series 2022-1, Class A2, 2.050%, 1/20/26		16,764
	55,282	ARI Fleet Lease Trust, Series 2021-A, Class A2, 0.370%, 3/15/30(a)		54,951
	174,376	Carmax Auto Owner Trust, Series 2022-4, Class A2A, 5.340%, 12/15/25		174,006
	230,000	CarMax Auto Owner Trust, Series 2020-4, Class A4, 0.630%, 6/15/26		217,946
	42,709	Carvana Auto Receivables Trust, Series 2021-P2, Class A3, 0.490%, 3/10/26		41,776
	182,780	Chesapeake Funding II, LLC, Series 2020- 1A, Class A1, 0.870%, 8/15/32(a)		180,734
	234,545	Chesapeake Funding II, LLC, Series 2021- 1A, Class A1, 0.470%, 4/15/33(a)		228,280
	253	Citicorp Residential Mortgage Trust, STEP, Series 2007-2, Class A6, 4.622%, 6/25/37		250
	51,374	Enterprise Fleet Financing, LLC, Series 2020-2, Class A2, 0.610%, 7/20/26(a)		50,851
	136,432	Enterprise Fleet Financing, LLC, Series 2021-2, Class A2, 0.480%, 5/20/27(a)		132,282
	325,000	GreatAmerica Leasing Receivables, Series 2023-1, Class A2, 5.350%, 2/16/26(a)		322,320
	94,413	GreatAmerica Leasing Receivables Funding, LLC, Series 2021-1, Class A3, 0.340%, 8/15/24(a)		93,414
	450,000	Hertz Vehicle Financing, LLC, Series 2021-1A, Class A, 1.210%, 12/26/25(a)		427,073
	300,000	OneMain Direct Auto Receivables Trust 2021-1, Series 2021-1A, Class A, 0.870%, 7/14/28(a)		285,734
	186,305	OneMain Financial Issuance Trust, Series 2018-2A, Class A, 3.570%, 3/14/33(a)		184,109
	17,759	OneMain Financial Issuance Trust, Series 2020-1A, Class A, 3.840%, 5/14/32(a)		17,726
	60,463	Santander Consumer Auto Receivables Trust 2021-A, Series 2021-AA, Class A3, 0.330%, 10/15/25(a)		60,139
	10,761	Santander Drive Auto Receivables Trust, Series 2021-1, Class C, 0.750%, 2/17/26		10,737
	300,000	Santander Drive Auto Receivables Trust, Series 2022-5, Class B, 4.430%, 3/15/27		294,217
	313,955	Wheels SPV 2, LLC, Series 2020-1A, Class A3, 0.620%, 8/20/29(a)		308,754
	191,060	World Omni Auto Receivables Trust, Series 2021-B, Class A3, 0.420%, 6/15/26		184,909

Principal Amount			Fair Value
ASSET BACKED SECURITIES — (continued)
$	284,595	World Omni Select Auto Trust, Series 2023-A, Class A2A, 5.920%, 3/15/27	$	284,143
		Total Asset Backed Securities
		(Cost $4,080,439)		4,063,081
COLLATERALIZED MORTGAGE OBLIGATIONS — 3.7%
	227,013	Fannie Mae, Series 2011-140, Class BH, 2.500%, 1/25/27		219,513
	268,002	Freddie Mac, Series 4213, Class GV, 3.500%, 6/15/26		260,853
	366,700	Freddie Mac, Series 4841, Class PV, 4.500%, 11/15/29		361,747
	254,558	Ginnie Mae, Series 2013-144, Class GA, 2.500%, 12/20/40		245,633
		Total Collateralized Mortgage Obligations
		(Cost $1,092,927)		1,087,746
COMMERCIAL MORTGAGE-BACKED SECURITIES — 9.5%
	172,000	BX Commercial Mortgage Trust, Series 2021-ACNT, Class C, 6.946%, (TSFR1M plus 1.61%), 11/15/38(a)(b)		167,683
	202,000	BX Commercial Mortgage Trust, Series 2021-CIP, Class B, 6.717%, (TSFR1M plus 1.39%), 12/15/38(a)(b)		196,931
	12,305	Citigroup Commercial Mortgage Trust, Series 2013-GC17, Class A4, 4.131%, 11/10/46		12,274
	100,000	Citigroup Commercial Mortgage Trust, Series 2015-GC33, Class A4, 3.778%, 9/10/58		93,787
	86,066	COMM 2013-CCRE12 Mortgage Trust, Series 2013-CR12, Class A4, 4.046%, 10/10/46		85,822
	206,924	COMM 2013-CCRE13 Mortgage Trust, Series 2013-CR13, Class A4, 4.194%, 11/10/46(c)		206,244
	290,000	COMM Mortgage Trust, Series 2014- UBS2, Class A5, 3.961%, 3/10/47		287,806
	155,000	ELP Commercial Mortgage Trust, Series 2021-ELP, Class C, 6.767%, (TSFR1M plus 1.43%), 11/15/38(a)(b)		151,110
	300,000	JP Morgan Chase Commercial Mortgage Securities Trust, Series 2014-C20, Class A5, 3.805%, 7/15/47		295,686
	125,178	OPG Trust, Series 2021-PORT, Class C, 6.279%, (TSFR1M plus 0.95%), 10/15/36(a)(b)		120,780
	226,000	Wells Fargo Commercial Mortgage Trust, Series 2014-LC18, Class A5, 3.405%, 12/15/47		217,008

See accompanying Notes to the Financial Statements.

 74

Sterling Capital Ultra Short Bond Fund

Schedule of Portfolio Investments — (continued)

September 30, 2023

Principal Amount			Fair Value
COMMERCIAL MORTGAGE-BACKED SECURITIES — (continued)
$	325,000	WFRBS Commercial Mortgage Trust, Series 2014-C22, Class A5, 3.752%, 9/15/57	$	314,928
	300,000	WFRBS Commercial Mortgage Trust, Series 2014-C23, Class A5, 3.917%, 10/15/57		289,569
	350,000	WFRBS Commercial Mortgage Trust, Series 2014-LC14, Class A5, 4.045%, 3/15/47		347,925
		Total Commercial Mortgage-Backed Securities
		(Cost $2,841,612)		2,787,553
CORPORATE BONDS — 63.4%
		Automobiles — 3.0%
	250,000	American Honda Finance Corp., MTN, 0.550%, 7/12/24		240,383
	200,000	Ford Motor Credit Co., LLC, 3.810%, 1/9/24		197,677
	250,000	General Motors Financial Co., Inc., 5.920%, (SOFR plus 0.62%), 10/15/24(b)		249,240
	203,000	Mercedes-Benz Finance North America, LLC, 3.650%, 2/22/24(a)		201,218
				888,518
		Banks — 13.7%
	350,000	Bank of America Corp., MTN, 6.062%, (SOFR plus 0.73%), 10/24/24(b)		350,084
	250,000	Bank of New Zealand, 3.500%, 2/20/24(a)		247,645
	250,000	BPCE SA, 4.625%, 7/11/24(a)		245,218
	325,000	Citigroup, Inc., 0.776%, (SOFR plus 0.69%), 10/30/24(d)		323,483
	250,000	Citizens Bank NA, BKNT, 4.119%, (SOFR plus 1.40%), 5/23/25(d)		241,722
	250,000	Credit Suisse AG, 0.495%, 2/2/24		245,139
	200,000	Federation des Caisses Desjardins du Quebec, 5.772%, (SOFR plus 0.43%), 5/21/24(a)(b)		199,765
	250,000	Fifth Third Bancorp, 4.300%, 1/16/24		248,456
	250,000	Huntington National Bank (The), BKNT, 3.550%, 10/6/23		249,935
	300,000	JPMorgan Chase & Co., 0.563%, (SOFR plus 0.42%), 2/16/25(d)		293,296
	250,000	KeyBank NA, BKNT, 5.664%, (SOFRINDX plus 0.32%), 6/14/24(c)		245,989
	150,000	Macquarie Group, Ltd., 6.008%, (SOFR plus 0.71%), 10/14/25(a)(b)		149,163
	325,000	Morgan Stanley, MTN, 5.790%, (SOFR plus 0.46%), 1/25/24(c)		324,932
	250,000	Standard Chartered PLC, 0.991%, (1-Year Treasury Constant Maturity plus 0.78%), 1/12/25(a)(c)		245,862

Principal Amount			Fair Value
CORPORATE BONDS — (continued)
		Banks — (continued)
$	400,000	Wells Fargo & Co., MTN, 0.805%, (SOFR plus 0.51%), 5/19/25(d)	$	385,763
				3,996,452
		Communications Equipment — 1.2%
	350,000	Cisco Systems, Inc., 3.625%, 3/4/24		346,863
		Diversified REITs — 1.4%
	225,000	SBA Tower Trust, STEP, Series 2014-2A, Class C, 3.869%, 10/15/49(a)		218,999
	179,000	Starwood Property Trust, Inc., 5.500%, 11/1/23(a)		178,635
				397,634
		Diversified Telecommunication Services — 0.8%
	225,000	Sprint, LLC, 7.125%, 6/15/24		226,435
		Electric Utilities — 9.8%
	545,000	American Electric Power Co., Inc., 2.031%, 3/15/24(e)		534,795
	325,000	CMS Energy Corp., 3.875%, 3/1/24		322,069
	250,000	Dominion Energy, Inc., STEP, 3.071%, 8/15/24		243,372
	303,000	DTE Energy Co., STEP, Series C, 2.529%, 10/1/24		292,301
	300,000	Entergy Louisiana, LLC, 0.950%, 10/1/24		286,007
	280,000	Georgia Power Co., Series A, 2.200%, 9/15/24		270,021
	85,000	NextEra Energy Capital Holdings, Inc., 6.051%, 3/1/25		85,134
	300,000	Oncor Electric Delivery Co., LLC, 2.750%, 6/1/24		293,803
	250,000	Southern California Edison Co., 6.175%, (SOFRINDX plus 0.83%), 4/1/24(b)		250,017
	300,000	Vistra Operations Co., LLC, 4.875%, 5/13/24(a)		296,568
				2,874,087
		Energy Equipment & Services — 6.0%
	220,000	Crestwood Midstream Partners L.P./Crestwood Midstream Finance Corp., 5.750%, 4/1/25		216,423
	300,000	Enbridge, Inc., 2.150%, 2/16/24		295,705
	250,000	Energy Transfer L.P., 5.875%, 1/15/24		249,844
	200,000	Kinder Morgan Energy Partners L.P., 4.150%, 2/1/24		198,703
	175,000	NuStar Logistics L.P., 5.750%, 10/1/25		170,188
	341,000	Penske Truck Leasing Co. L.P./PTL Finance Corp., 3.450%, 7/1/24(a)		334,454
	250,000	Plains All American Pipeline L.P./PAA Finance Corp., 3.850%, 10/15/23		249,772
	55,000	Sabine Pass Liquefaction, LLC, 5.750%, 5/15/24		54,883
				1,769,972

Continued

 75

Sterling Capital Ultra Short Bond Fund

Schedule of Portfolio Investments — (continued)

September 30, 2023

Principal Amount			Fair Value
CORPORATE BONDS — (continued)
		Financial Services — 7.0%
$	300,000	AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 1.650%, 10/29/24	$	285,429
	250,000	Air Lease Corp., MTN, 2.300%, 2/1/25		236,823
	300,000	Ally Financial, Inc., 1.450%, 10/2/23		300,000
	335,000	Avolon Holdings Funding, Ltd., 5.125%, 10/1/23(a)		335,000
	290,000	Blue Owl Capital Corp., 5.250%, 4/15/24		288,010
	270,000	BNP Paribas SA, 3.375%, 1/9/25(a)		260,580
	87,000	OneMain Finance Corp., 6.125%, 3/15/24		86,722
	250,000	Sumitomo Mitsui Financial Group, Inc., 4.436%, 4/2/24(a)		247,745
				2,040,309
		Gas Utilities — 0.9%
	271,000	Sempra, 3.300%, 4/1/25		260,515
		Health Care Providers & Services — 3.4%
	250,000	Amgen, Inc., 3.625%, 5/22/24		246,509
	500,000	Bristol-Myers Squibb Co., 3.250%, 11/1/23		498,872
	250,000	Pfizer Investment Enterprises Pte, Ltd., 4.650%, 5/19/25		246,569
				991,950
		Industrial REITs — 0.7%
	205,000	Public Storage Operating Co., 5.790%, (SOFR plus 0.47%), 4/23/24(b)		204,912
		Insurance — 7.4%
	300,000	Athene Global Funding, 2.750%, 6/25/24(a)		291,953
	75,000	Brighthouse Financial Global Funding, 6.053%, (SOFR plus 0.76%), 4/12/24(a)(b)		74,646
	300,000	Corebridge Global Funding, 0.450%, 12/8/23(a)		296,491
	260,000	Five Corners Funding Trust, 4.419%, 11/15/23(a)		259,319
	200,000	GA Global Funding Trust, 0.800%, 9/13/24(a)		188,811
	272,000	John Hancock Life Insurance Co., 7.375%, 2/15/24(a)		272,821
	300,000	Nationwide Mutual Insurance Co., 7.961%, (LIBOR USD 3-Month plus 2.29%), 12/15/24(a)(c)		299,990
	250,000	Protective Life Global Funding, 0.473%, 1/12/24(a)		246,286
	250,000	Symetra Financial Corp., 4.250%, 7/15/24		243,910
				2,174,227
		Oil, Gas & Consumable Fuels — 1.9%
	200,000	Baker Hughes Holdings, LLC/Baker Hughes Co-Obligor, Inc., 1.231%, 12/15/23		198,023
	350,000	HF Sinclair Corp., 2.625%, 10/1/23		350,000
				548,023

Principal Amount			Fair Value
CORPORATE BONDS — (continued)
		Semiconductors & Semiconductor Equipment — 0.8%
$	250,000	Xilinx, Inc., 2.950%, 6/1/24	$	244,936
		Software — 3.0%
	300,000	Hewlett Packard Enterprise Co., 5.900%, 10/1/24		299,762
	305,000	Take-Two Interactive Software, Inc., 3.300%, 3/28/24		300,851
	275,000	VMware, Inc., 1.000%, 8/15/24		263,415
				864,028
		Specialty Retail — 0.5%
	161,000	Nordstrom, Inc., 2.300%, 4/8/24		157,627
		Telecommunication Services — 0.6%
	187,501	Sprint Spectrum Co., LLC/Sprint Spectrum Co. II, LLC/Sprint Spectrum Co. III, LLC, 4.738%, 3/20/25(a)		185,519
		Tobacco — 1.3%
	145,000	BAT Capital Corp., 3.222%, 8/15/24		141,381
	250,000	Philip Morris International, Inc., 2.875%, 5/1/24		245,795
				387,176
		Total Corporate Bonds
		(Cost $18,608,891)		18,559,183
U.S. GOVERNMENT AGENCIES — 2.7%
		Federal Home Loan Banks — 2.7%
	810,000	0.440%, 9/23/24		770,571
		Total U.S. Government Agencies
		(Cost $778,452)		770,571
COMMERCIAL PAPER — 2.9%
		Banks — 2.9%
	600,000	DNB Bank ASA, 5.105%, 10/10/23		599,036
	250,000	Westpac Banking Corp., 5.246%, 11/15/23		248,283
				847,319
		Total Commercial Paper
		(Cost $847,684)		847,319
U.S. TREASURY BILLS — 1.7%
	500,000	5.316%, 10/10/23(f)		499,415
		Total U.S. Treasury Bills
		(Cost $499,343)		499,415

Continued

 76

Sterling Capital Ultra Short Bond Fund

Schedule of Portfolio Investments — (continued)

September 30, 2023

Shares			Fair Value
MONEY MARKET FUND — 3.6%
	1,067,441	Federated Treasury Obligations Fund, Institutional Shares, 5.21%(g)	$	1,067,441
		Total Money Market Fund
		(Cost $1,067,441)		1,067,441
Total Investments  — 101.4%
(Cost $29,816,789)				29,682,309
Net Other Assets (Liabilities) — (1.4)%				(404,275	)
NET ASSETS — 100.0%			$	29,278,034

(a)	Rule 144A, Section 4(a)(2) or other security that is restricted as to resale to qualified institutional investors. The Advisor, using Board approved procedures, has deemed these securities or a portion of these securities to be liquid.
(b)	The interest rate for this floating rate note, which will change periodically, is based either on the prime rate or an index of market rates. The reflected rate is in effect as of September 30, 2023. The maturity date reflected is the final maturity date.
(c)	The interest rate for this variable rate note, which will change periodically, is based either on the prime rate or an index of market rates. The reflected rate is in effect as of September 30, 2023. The maturity date reflected is the final maturity date.
(d)	Security is a fix-to-float security, which carries a fixed coupon until a certain date, upon which it switches to a floating rate. Rate shown is the fixed rate.
(e)	All or a portion of the securities are held in a separate collateral account at US Bank.
(f)	Yield to maturity at time of purchase.
(g)	Represents the current yield as of report date.

BKNT Bank Note

MTN Medium Term Note

STEP Step Coupon Bond

Continued

 77

Sterling Capital Short Duration Bond Fund

Schedule of Portfolio Investments

September 30, 2023

Principal Amount			Fair Value
ASSET BACKED SECURITIES — 20.1%
$	205,000	Ally Auto Receivables Trust, Series 2022-3, Class A4, 5.070%, 6/15/31.	$	203,098
	1,009,000	AmeriCredit Automobile Receivables Trust, Series 2021-1, Class B, 0.680%, 10/19/26		986,295
	975,000	Avis Budget Rental Car Funding AESOP, LLC, Series 2020-2A, Class A, 2.020%, 2/20/27(a)		889,814
	590,000	Avis Budget Rental Car Funding AESOP, LLC, Series 2023-3A, Class A, 5.440%, 2/22/28(a)		579,382
	753,000	BA Credit Card Trust, Series 2022-A2, Class A2, 5.000%, 4/15/28		745,235
	1,000,000	CarMax Auto Owner Trust, Series 2022-1, Class A4, 1.700%, 8/16/27		918,919
	1,159,000	CarMax Auto Owner Trust, Series 2022-4, Class A3, 5.340%, 8/16/27		1,148,308
	348,075	Carvana Auto Receivables Trust, Series 2021-P2, Class A3, 0.490%, 3/10/26		340,478
	496,916	Chesapeake Funding II, LLC, Series 2021- 1A, Class A1, 0.470%, 4/15/33(a)		483,644
	199	Citicorp Residential Mortgage Trust, STEP, Series 2007-2, Class A6, 4.622%, 6/25/37		196
	975,000	Discover Card Execution Note Trust, Series 2023-A2, Class A, 4.930%, 6/15/28		963,168
	1,183,000	Enterprise Fleet Financing, LLC, Series 2023-1, Class A3, 5.420%, 10/22/29(a)		1,165,590
	1,500,000	Enterprise Fleet Funding, LLC, Series 2021-1, Class A3, 0.700%, 12/21/26(a)		1,430,291
	1,500,000	Ford Credit Auto Owner Trust 2020- REV2, Series 2020-2, Class A, 1.060%, 4/15/33(a)		1,363,156
	971,375	GreatAmerica Leasing Receivables Funding, LLC, Series 2021-2, Class A3, 0.670%, 7/15/25(a)		940,912
	1,288,000	Hertz Vehicle Financing III L.P., Series 2021-2A, Class A, 1.680%, 12/27/27(a)		1,130,119
	490,000	Hertz Vehicle Financing, LLC, Series 2021-1A, Class A, 1.210%, 12/26/25(a)		465,035
	1,078,000	OneMain Direct Auto Receivables Trust 2019-1, Series 2019-1A, Class A, 3.630%, 9/14/27(a)		1,046,358
	890,000	OneMain Direct Auto Receivables Trust 2023-1, Series 2023-1A, Class A, 5.410%, 11/14/29(a)		876,309
	59,195	OneMain Financial Issuance Trust, Series 2020-1A, Class A, 3.840%, 5/14/32(a)		59,085
	775,000	OneMain Financial Issuance Trust 2022- 2, Series 2022-2A, Class A, 4.890%, 10/14/34(a)		758,722
	700,000	OneMain Financial Issuance Trust 2022- 3, Series 2022-3A, Class A, 5.940%, 5/15/34(a)		695,432

Principal Amount			Fair Value
ASSET BACKED SECURITIES — (continued)
$	600,000	Santander Drive Auto Receivables Trust, Series 2022-7, Class A3, 5.750%, 4/15/27	$	597,732
	810,000	Synchrony Card Funding, LLC, Series 2023-A1, Class A, 5.540%, 7/15/29		809,148
	941,865	Wheels SPV 2, LLC, Series 2020-1A, Class A3, 0.620%, 8/20/29(a).		926,263
	1,400,000	World Omni Select Auto Trust, Series 2023-A, Class A3, 5.650%, 7/17/28		1,395,033
		Total Asset Backed Securities
		(Cost $21,147,619)		20,917,722
COLLATERALIZED MORTGAGE OBLIGATIONS — 2.0%
	695,625	Chase Home Lending Mortgage Trust, Series 2019-ATR2, Class A3, 3.500%, 7/25/49(a)(b)		596,188
	43,023	Fannie Mae, Series 2012-152, Class PC, 1.750%, 8/25/42		41,779
	484,598	Fannie Mae, Series 2013-35, Class CB, 2.000%, 2/25/43		448,744
	31,480	Fannie Mae, Series 2013-72, Class NA, 2.500%, 8/25/42		29,989
	351,735	Fannie Mae, Series 2015-71, Class PD, 2.500%, 3/25/43		336,477
	261,576	Fannie Mae, Series 2016-100, Class DA, 3.000%, 2/25/43		245,968
	364,558	Freddie Mac, Series 4828, Class QA, 3.500%, 3/15/47		345,380
		Total Collateralized Mortgage Obligations
		(Cost $2,254,839)		2,044,525
COMMERCIAL MORTGAGE-BACKED SECURITIES — 6.5%
	434,500	BX Commercial Mortgage Trust, Series 2021-ACNT, Class C, 6.946%, (TSFR1M plus 1.61%), 11/15/38(a)(c)		423,595
	653,000	BX Commercial Mortgage Trust, Series 2021-CIP, Class B, 6.717%, (TSFR1M plus 1.39%), 12/15/38(a)(c)		636,614
	395,241	BX Trust, Series 2021-RISE, Class C, 6.896%, (TSFR1M plus 1.56%), 11/15/36(a)(c)		386,562
	1,100,000	COMM Mortgage Trust, Series 2014- LC15, Class A4, 4.006%, 4/10/47		1,089,933
	394,500	ELP Commercial Mortgage Trust, Series 2021-ELP, Class C, 6.767%, (TSFR1M plus 1.43%), 11/15/38(a)(c)		384,599
	30,196	GS Mortgage Securities Trust, Series 2010- C1, Class B, 5.148%, 8/10/43(a)		29,924
	107,268	GS Mortgage Securities Trust, Series 2014- GC24, Class AAB, 3.650%, 9/10/47		105,750

See accompanying Notes to the Financial Statements.

 78

Sterling Capital Short Duration Bond Fund

Schedule of Portfolio Investments — (continued)

September 30, 2023

Principal Amount			Fair Value
COMMERCIAL MORTGAGE-BACKED SECURITIES — (continued)
$	1,000,000	JP Morgan Chase Commercial Mortgage Securities Trust, Series 2014-C20, Class A5, 3.805%, 7/15/47	$	985,619
	300,000	JPMBB Commercial Mortgage Securities Trust, Series 2014-C23, Class A5, 3.934%, 9/15/47		292,022
	1,121,000	Morgan Stanley Bank of America Merrill Lynch Trust, Series 2014-C18, Class A4, 3.923%, 10/15/47		1,088,601
	623,229	OPG Trust, Series 2021-PORT, Class C, 6.279%, (TSFR1M plus 0.95%), 10/15/36(a)(c)		601,329
	265,329	SMR Mortgage Trust, Series 2022-IND, Class A, 6.982%, (TSFR1M plus 1.65%), 2/15/39(a)(c)		253,645
	500,000	WFRBS Commercial Mortgage Trust, Series 2014-C21, Class A5, 3.678%, 8/15/47		486,884
		Total Commercial Mortgage-Backed Securities
		(Cost $6,852,947)		6,765,077
CORPORATE BONDS — 60.7%
		Aerospace & Defense — 0.3%
	280,000	RTX Corp., 5.000%, 2/27/26		276,636
		Automobiles — 3.4%
	825,000	Daimler Truck Finance North America, LLC, 3.500%, 4/7/25(a)		796,445
	540,000	Ford Motor Credit Co., LLC, 2.300%, 2/10/25(d)		505,739
	765,000	General Motors Financial Co., Inc., 5.400%, 4/6/26		749,257
	760,000	Mercedes-Benz Finance North America, LLC, 4.800%, 3/30/26(a)		746,805
	750,000	Toyota Motor Credit Corp., 4.450%, 5/18/26		733,483
				3,531,729
		Banks — 15.6%
	1,075,000	Bank of America Corp., MTN, 0.981%, (SOFR plus 0.91%), 9/25/25(e)		1,018,215
	776,000	Bank of New York Mellon Corp. (The), 4.947%, (SOFR plus 1.03%), 4/26/27(e)		757,546
	800,000	Canadian Imperial Bank of Commerce, 5.926%, 10/2/26		799,808
	825,000	Citigroup, Inc., 3.352%, (TSFR3M plus 1.16%), 4/24/25(e)		810,311
	750,000	Citizens Bank NA, BKNT, 4.119%, (SOFR plus 1.40%), 5/23/25(e)		725,166
	800,000	Cooperatieve Rabobank UA, 5.500%, 10/5/26		797,628
	535,000	Fifth Third Bank NA, 5.852%, (SOFRINDX plus 1.23%), 10/27/25(e)		526,338

Principal Amount			Fair Value
CORPORATE BONDS — (continued)
		Banks — (continued)
$	625,000	HSBC Holdings PLC, 2.999%, (SOFR plus 1.43%), 3/10/26(e)	$	595,636
	650,000	Huntington National Bank (The), 4.008%, (SOFR plus 1.21%), 5/16/25(e)		633,622
	950,000	ING Groep NV, 6.083%, (SOFR plus 1.56%), 9/11/27(e)		946,345
	775,000	KeyBank NA, 4.700%, 1/26/26		735,052
	1,045,000	Morgan Stanley, MTN, 1.164%, (SOFR plus 0.56%), 10/21/25(e)		986,492
	855,000	National Securities Clearing Corp., 0.750%, 12/7/25(a)		771,464
	850,000	NatWest Markets PLC, 6.105%, (SOFR plus 0.76%), 9/29/26(a)(c)		835,993
	1,025,000	PNC Financial Services Group, Inc. (The), 4.758%, (SOFR plus 1.09%), 1/26/27(e)		996,528
	842,000	PNC Financial Services Group, Inc. (The), Series O, 9.312%, (TSFR3M plus 3.94%)(b)(f)		842,745
	125,000	Royal Bank of Canada, GMTN, 4.875%, 1/12/26(d)		122,691
	755,000	State Street Corp., 5.751%, (SOFR plus 1.35%), 11/4/26(e)		752,447
	750,000	Sumitomo Mitsui Trust Bank, Ltd., 5.650%, 3/9/26(a)		747,982
	750,000	Svenska Handelsbanken AB, 5.250%, 6/15/26(a)		739,773
	1,160,000	Toronto-Dominion Bank (The), MTN, 1.200%, 6/3/26		1,028,773
				16,170,555
		Chemicals — 0.7%
	696,000	NOVA Chemicals Corp., 4.875%, 6/1/24(a)		683,687
		Commercial Services & Supplies — 0.5%
	554,000	GFL Environmental, Inc., 4.250%, 6/1/25(a)		532,455
		Construction Materials — 0.6%
	575,000	Martin Marietta Materials, Inc., 4.250%, 7/2/24		568,462
		Consumer Staples Distribution & Retail — 1.4%
	750,000	Cargill, Inc., 3.500%, 4/22/25(a)		727,486
	779,000	Cargill, Inc., 4.500%, 6/24/26(a)		761,977
				1,489,463
		Diversified REITs — 0.9%
	502,000	Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., 5.250%, 10/1/25(a)		483,267
	518,000	Starwood Property Trust, Inc., 3.750%, 12/31/24(a)		493,166
				976,433

Continued

 79

Sterling Capital Short Duration Bond Fund

Schedule of Portfolio Investments — (continued)

September 30, 2023

Principal Amount			Fair Value
CORPORATE BONDS — (continued)
		Diversified Telecommunication Services — 1.0%
$	367,125	Sprint Spectrum Co., LLC/Sprint Spectrum Co. II, LLC/Sprint Spectrum Co. III, LLC, 4.738%, 3/20/25(a)	$	363,244
	650,000	Sprint, LLC, 7.625%, 3/1/26		668,291
				1,031,535
		Electric Utilities — 5.1%
	770,000	CenterPoint Energy, Inc., 5.250%, 8/10/26		760,277
	750,000	Duke Energy Progress, LLC, 3.250%, 8/15/25		720,344
	300,000	Korea East-West Power Co., Ltd., 3.600%, 5/6/25(a)		289,706
	650,000	NextEra Energy Capital Holdings, Inc., 5.749%, 9/1/25		648,362
	390,000	NextEra Energy Capital Holdings, Inc., 6.051%, 3/1/25		390,613
	275,000	Public Service Electric & Gas Co., MTN, 2.250%, 9/15/26		252,651
	795,000	Puget Energy, Inc., 3.650%, 5/15/25		762,111
	825,000	Sempra, 3.300%, 4/1/25		793,080
	690,000	Southern California Edison Co., 4.900%, 6/1/26		677,805
				5,294,949
		Energy Equipment & Services — 3.0%
	750,000	Crestwood Midstream Partners L.P./Crestwood Midstream Finance Corp., 5.750%, 4/1/25		737,805
	586,000	Holly Energy Partners L.P./Holly Energy Finance Corp., 6.375%, 4/15/27(a)		573,547
	800,000	NuStar Logistics L.P., 5.750%, 10/1/25		778,000
	996,000	Williams Cos., Inc. (The), 5.400%, 3/2/26		988,334
				3,077,686
		Entertainment — 0.5%
	525,000	Mattel, Inc., 3.375%, 4/1/26(a)		487,243
		Financial Services — 5.9%
	600,000	AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 6.100%, 1/15/27		597,126
	800,000	Ally Financial, Inc., 5.750%, 11/20/25		777,365
	775,000	American Express Co., 2.250%, 3/4/25(d)		736,535
	776,000	American Express Co., 4.900%, 2/13/26		761,411
	825,000	Blackstone Private Credit Fund, 1.750%, 9/15/24		787,253
	768,000	Charles Schwab Corp. (The), 5.875%, 8/24/26		765,527
	753,000	ERAC USA Finance, LLC, 3.850%, 11/15/24(a)		735,446
	770,000	Lloyds Banking Group PLC, 5.985%, (1-Year Treasury Constant Maturity plus 1.48%), 8/7/27(b)		763,524
	241,000	OneMain Finance Corp., 6.125%, 3/15/24		240,231
				6,164,418

Principal Amount			Fair Value
CORPORATE BONDS — (continued)
		Gas Utilities — 0.3%
$	334,000	National Rural Utilities Cooperative Finance Corp., 4.450%, 3/13/26	$	326,295
		Ground Transportation — 0.9%
	525,000	Union Pacific Corp., 2.750%, 3/1/26		493,360
	455,000	Union Pacific Corp., 4.750%, 2/21/26		449,352
				942,712
		Health Care Providers & Services — 1.5%
	800,000	Novartis Capital Corp., 3.000%, 11/20/25		762,505
	780,000	Pfizer Investment Enterprises Pte, Ltd., 4.450%, 5/19/26		762,335
				1,524,840
		Hotels, Restaurants & Leisure — 0.5%
	534,000	Prime Security Services Borrower, LLC/Prime Finance, Inc., 5.250%, 4/15/24(a)		530,343
		Household Products — 1.4%
	750,000	Haleon UK Capital PLC, 3.125%, 3/24/25		720,447
	755,000	Kenvue, Inc., 5.350%, 3/22/26(a)		753,327
				1,473,774
		Insurance — 7.1%
	825,000	Apollo Management Holdings L.P., 4.000%, 5/30/24(a)		812,806
	770,000	Corebridge Global Funding, 5.750%, 7/2/26(a)		760,792
	825,000	F&G Global Funding, 0.900%, 9/20/24(a)		778,911
	880,000	GA Global Funding Trust, 0.800%, 9/13/24(a)		830,769
	625,000	Jackson National Life Global Funding, 3.875%, 6/11/25(a)		595,124
	770,000	Metropolitan Life Global Funding I, 5.000%, 1/6/26(a)		760,953
	900,000	New York Life Global Funding, 5.450%, 9/18/26(a)		897,791
	1,135,000	Reliance Standard Life Global Funding II, 5.243%, 2/2/26(a)		1,104,022
	815,000	Security Benefit Global Funding, 1.250%, 5/17/24(a)		786,542
				7,327,710
		Internet & Direct Marketing Retail — 0.7%
	850,000	Amazon.com, Inc., 1.000%, 5/12/26		764,339
		Machinery — 0.7%
	770,000	John Deere Capital Corp., MTN, 4.800%, 1/9/26		761,169
		Media — 0.7%
	800,000	Gray Television, Inc., 5.875%, 7/15/26(a)		718,697
		Oil, Gas & Consumable Fuels — 2.6%
	700,000	Occidental Petroleum Corp., 5.550%, 3/15/26		690,774

Continued

 80

Sterling Capital Short Duration Bond Fund

Schedule of Portfolio Investments — (continued)

September 30, 2023

Principal Amount			Fair Value
CORPORATE BONDS — (continued)
		Oil, Gas & Consumable Fuels — (continued)
$	1,060,000	Pioneer Natural Resources Co., 5.100%, 3/29/26	$	1,046,814
	1,060,000	Shell International Finance BV, 2.875%, 5/10/26		1,000,037
				2,737,625
		Semiconductors & Semiconductor Equipment — 1.5%
	803,000	Microchip Technology, Inc., 4.250%, 9/1/25		776,899
	780,000	NXP BV/NXP Funding, LLC, 5.350%, 3/1/26		768,573
				1,545,472
		Software — 1.8%
	790,000	Microsoft Corp., 3.125%, 11/3/25		756,949
	375,000	Oracle Corp., 5.800%, 11/10/25		376,436
	770,000	Take-Two Interactive Software, Inc., 5.000%, 3/28/26		755,699
				1,889,084
		Specialty Retail — 1.4%
	765,000	Lowe's Cos., Inc., 4.800%, 4/1/26		750,725
	717,000	Nordstrom, Inc., 2.300%, 4/8/24		701,979
				1,452,704
		Tobacco — 0.7%
	781,000	Philip Morris International, Inc., 4.875%, 2/13/26		768,274
		Total Corporate Bonds
		(Cost $64,619,092)		63,048,289
MUNICIPAL BONDS — 3.3%
		California — 0.7%
	750,000	University of California, Current Refunding, Taxable Revenue Bonds, Series AX, Callable 4/1/25 @ 100, 3.063%, 7/1/25		722,737
		Connecticut — 0.5%
	525,000	State of Connecticut, Miscellaneous Purposes Revenue, Taxable Revenue G.O., Series A, 5.050%, 5/15/26		523,079
		Hawaii — 0.2%
	240,000	State of Hawaii, HI, Public Improvements, Cash Flow Management G.O., 0.802%, 10/1/24		229,102
		Illinois — 0.8%
	805,000	Sales Tax Securitization Corp., Current Refunding, Taxable Revenue Bonds, Series B, 4.558%, 1/1/26		788,328

Principal Amount			Fair Value
MUNICIPAL BONDS — (continued)
		Massachusetts — 1.0%
$	1,085,000	Commonwealth of Massachusetts, Cash Flow Management, Taxable Revenue Bonds, Series A, 3.670%, 1/15/26	$	1,048,696
		Texas — 0.1%
	140,000	Dallas Fort Worth International Airport, Current Refunding, Taxable Revenue Bonds, Series A, 4.738%, 11/1/26(d)		138,251
		Total Municipal Bonds
		(Cost $3,518,707)		3,450,193
U.S. GOVERNMENT AGENCIES — 0.8%
		Federal Home Loan Banks — 0.8%
	900,000	0.500%, 9/22/25		820,551
		Total U.S. Government Agencies
		(Cost $827,600)		820,551
U.S. TREASURY NOTES — 4.5%
	2,040,000	3.000%, 7/15/25		1,965,970
	1,750,000	3.625%, 5/15/26		1,696,406
	1,000,000	4.625%, 9/15/26		995,235
		Total U.S. Treasury Notes
		(Cost $4,716,304)		4,657,611

Shares
MONEY MARKET FUND — 3.0%
	3,151,037	Federated Treasury Obligations Fund, Institutional Shares, 5.21%(g)		3,151,037
		Total Money Market Fund
		(Cost $3,151,037)		3,151,037
Total Investments  — 100.9%
(Cost $107,088,145)				104,855,005
Net Other Assets (Liabilities) — (0.9)%				(903,883	)
NET ASSETS — 100.0%			$	103,951,122

(a) Rule 144A, Section 4(a)(2) or other security that is restricted as to resale to qualified institutional investors. The Advisor, using Board approved procedures, has deemed these securities or a portion of these securities to be liquid.

(b) The interest rate for this variable rate note, which will change periodically, is based either on the prime rate or an index of market rates. The reflected rate is in effect as of September 30, 2023. The maturity date reflected is the final maturity date.

(c) The interest rate for this floating rate note, which will change periodically, is based either on the prime rate or an index of market rates. The reflected rate is in effect as of September 30, 2023. The maturity date reflected is the final maturity date.

(d) All or a portion of the securities are held in a separate collateral account at US Bank.

Continued

 81

Sterling Capital Short Duration Bond Fund

Schedule of Portfolio Investments — (continued)

September 30, 2023

(e) Security is a fix-to-float security, which carries a fixed coupon until a certain date, upon which it switches to a floating rate. Rate shown is the fixed rate.

(f) Security is perpetual in nature and has no stated maturity date.

(g) Represents the current yield as of report date.

BKNT	Bank Note
GMTN	Global Medium Term Note
G.O.	General Obligation
MTN	Medium Term Note
STEP	Step Coupon Bond

Continued

 82

Sterling Capital Intermediate U.S. Government Fund

Schedule of Portfolio Investments

September 30, 2023

Principal Amount			Fair Value
ASSET BACKED SECURITIES — 1.9%
$	265,000	Avis Budget Rental Car Funding AESOP, LLC, Series 2019-3A, Class A, 2.360%, 3/20/26(a)	$	252,267
	77,835	United States Small Business Administration, Series 2015-20G, Class 1, 2.880%, 7/1/35(b)		70,214
		Total Asset Backed Securities
		(Cost $344,259)		322,481
COLLATERALIZED MORTGAGE OBLIGATIONS — 20.1%
	36,282	Fannie Mae, Series 2003-44, Class Q, 3.500%, 6/25/33		33,764
	142,085	Fannie Mae, Series 2005-31, Class PB, 5.500%, 4/25/35		141,275
	141,258	Fannie Mae, Series 2012-150, Class KA, 1.750%, 1/25/43		109,634
	222,606	Fannie Mae, Series 2012-87, Class MB, 2.000%, 5/25/42		197,676
	84,562	Fannie Mae, Series 2013-44, Class DJ, 1.850%, 5/25/33		74,582
	139,718	Fannie Mae, Series 2016-24, Class CD, 1.750%, 2/25/46		112,687
	47,402	Fannie Mae, Series 2016-49, Class DA, 3.500%, 10/25/42		45,697
	192,225	Fannie Mae, Series 2016-49, Class PA, 3.000%, 9/25/45		171,885
	245,526	Fannie Mae, Series 2016-88, Class PK, 2.500%, 3/25/46		212,861
	206,536	Fannie Mae, Series 2019-25, Class PD, 2.500%, 5/25/48		175,810
	171,675	Freddie Mac, Series 3787, Class LM, 4.000%, 1/15/31		165,277
	65,106	Freddie Mac, Series 4122, Class BC, 3.000%, 5/15/40		58,486
	94,557	Freddie Mac, Series 4151, Class PA, 2.000%, 1/15/33		86,809
	175,041	Freddie Mac, Series 4173, Class NB, 3.000%, 3/15/43		151,561
	410,079	Freddie Mac, Series 4601, Class NJ, 1.900%, 9/15/45		345,920
	118,008	Freddie Mac, Series 4656, Class PA, 3.500%, 10/15/45		109,343
	315,000	Freddie Mac, Series 4669, Class QY, 3.500%, 9/15/44		289,146
	191,212	Freddie Mac, Series 4863, Class AJ, 3.500%, 7/15/38		175,169
	222,100	Freddie Mac, Series 4942, Class NC, 2.500%, 10/25/49		185,479
	63,004	Ginnie Mae, Series 2013-133, Class PL, 3.500%, 2/16/37		59,889
	50,210	Ginnie Mae, Series 2015-162, Class EB, 2.500%, 9/20/44		46,059
	222,799	Ginnie Mae, Series 2022-137, Class PA, 4.000%, 5/20/52		205,813

Principal Amount			Fair Value
COLLATERALIZED MORTGAGE OBLIGATIONS — (continued)
$	172,039	Ginnie Mae, Series 2023-79, Class DV, 5.500%, 5/20/34	$	166,849
		Total Collateralized Mortgage Obligations
		(Cost $3,672,026)		3,321,671
COMMERCIAL MORTGAGE-BACKED SECURITIES — 20.2%
	136,114	Citigroup Commercial Mortgage Trust, Series 2015-GC29, Class A3, 2.935%, 4/10/48		131,959
	409,363	Fannie Mae-Aces, Series 2015-M17, Class A2, 3.003%, 11/25/25(c)		390,276
	392,246	Fannie Mae-Aces, Series 2017-M7, Class A2, 2.961%, 2/25/27(c)		366,631
	218,455	Fannie Mae-Aces, Series 2017-M8, Class A2, 3.061%, 5/25/27(c)		203,113
	390,000	Fannie Mae-Aces, Series 2018-M10, Class A2, 3.469%, 7/25/28(c)		363,037
	140,000	Freddie Mac Multifamily Structured Pass Through Certificates, Series K049, Class A2, 3.010%, 7/25/25		134,162
	210,000	Freddie Mac Multifamily Structured Pass Through Certificates, Series K060, Class A2, 3.300%, 10/25/26		198,469
	500,000	Freddie Mac Multifamily Structured Pass Through Certificates, Series K061, Class A2, 3.347%, 11/25/26(c)		471,860
	125,000	Freddie Mac Multifamily Structured Pass Through Certificates, Series K066, Class A2, 3.117%, 6/25/27		116,351
	160,000	Freddie Mac Multifamily Structured Pass Through Certificates, Series K069, Class A2, 3.187%, 9/25/27(c)		148,679
	275,000	Freddie Mac Multifamily Structured Pass Through Certificates, Series K079, Class A2, 3.926%, 6/25/28		260,901
	250,000	JPMBB Commercial Mortgage Securities Trust, Series 2014-C23, Class A5, 3.934%, 9/15/47		243,352
	71,000	Morgan Stanley Bank of America Merrill Lynch Trust, Series 2014-C18, Class A4, 3.923%, 10/15/47		68,948
	250,000	Morgan Stanley Bank of America Merrill Lynch Trust, Series 2014-C19, Class A4, 3.526%, 12/15/47		240,964
		Total Commercial Mortgage-Backed Securities
		(Cost $3,613,646)		3,338,702

See accompanying Notes to the Financial Statements.

 83

Sterling Capital Intermediate U.S. Government Fund

Schedule of Portfolio Investments — (continued)

September 30, 2023

Principal Amount			Fair Value
CORPORATE BONDS — 2.2%
		Banks — 0.4%
$	70,000	Bank of America Corp., GMTN, 3.500%, 4/19/26	$	66,098
		Electric Utilities — 0.4%
	75,000	Public Service Electric & Gas Co., MTN, 2.250%, 9/15/26(b)		68,905
		Retail REITs — 1.4%
	250,000	Federal Realty OP L.P., 1.250%, 2/15/26(b)		224,630
		Total Corporate Bonds
		(Cost $401,115)		359,633
MORTGAGE-BACKED SECURITIES — 31.0%
		Fannie Mae — 19.3%
	177,197	4.000%, 12/1/33, Pool #MA1689		164,851
	241,833	4.500%, 3/1/34, Pool #CA3294		234,134
	42,807	4.000%, 12/1/36, Pool #MA2856		39,246
	42,551	4.000%, 2/1/37, Pool #MA2914		39,012
	379,756	1.500%, 12/1/40, Pool #MA4202		294,757
	157,223	6.000%, 9/1/43, Pool #MA5158		156,487
	39,507	4.000%, 5/1/47, Pool #BE9598		35,763
	109,192	3.500%, 12/1/47, Pool #CA0833		95,722
	52,460	5.000%, 8/1/48, Pool #CA2219		50,390
	53,422	3.500%, 9/1/49, Pool #BJ9608		46,733
	59,775	3.500%, 10/1/49, Pool #CA4431		52,260
	91,979	3.000%, 3/1/50, Pool #FM2714		77,155
	204,824	3.000%, 7/1/50, Pool #CA6422		170,734
	204,336	3.000%, 7/1/50, Pool #CA6421		170,390
	170,286	2.000%, 8/1/50, Pool #CA6799		131,091
	258,858	2.000%, 9/1/50, Pool #CA7019		198,381
	298,188	2.500%, 9/1/50, Pool #BQ2883		238,802
	140,827	2.500%, 9/1/50, Pool #BQ0538		112,778
	366,815	2.000%, 10/1/50, Pool #CA7224		281,542
	295,118	2.500%, 10/1/50, Pool #FM4638		236,415
	277,938	2.500%, 10/1/50, Pool #FM4530		222,421
	146,094	5.000%, 11/1/52, Pool #CB5278		138,061
				3,187,125
		Freddie Mac — 10.9%
	103,248	4.000%, 12/1/35, Pool #ZA2401		95,008
	93,144	3.500%, 6/1/36, Pool #ZA2414		85,532
	59,986	4.000%, 3/1/39, Pool #ZA6403		54,734
	196,110	2.000%, 12/1/40, Pool #RB5090		159,022
	130,586	3.500%, 1/1/47, Pool #ZT0941		115,157
	97,963	3.000%, 12/1/51, Pool #SD8184		81,617
	184,870	4.500%, 6/1/52, Pool #SD1265		170,542
	183,844	4.500%, 8/1/52, Pool #SD1515		169,068
	275,354	5.000%, 9/1/52, Pool #RA7936		260,029
	164,661	5.500%, 2/1/53, Pool #QF8052		159,414
	197,944	5.000%, 3/1/53, Pool #SD2390		186,932
	98,494	6.000%, 5/1/53, Pool #SD3072		97,326
	167,973	6.000%, 7/1/53, Pool #SD3223		166,564
				1,800,945

Principal Amount			Fair Value
MORTGAGE-BACKED SECURITIES — (continued)
		Ginnie Mae — 0.6%
$	107,195	4.000%, 7/20/52, Pool #786280	$	96,929
		Ginnie Mae II — 0.2%
	26,565	5.000%, 11/20/38, Pool #4283		24,832
		Total Mortgage-Backed Securities
		(Cost $6,042,048)		5,109,831
MUNICIPAL BONDS — 0.7%
		Wisconsin — 0.7%
	115,000	State of Wisconsin, TXB, Revenue Bonds, Pension Funding, Series A, (AGM), 5.700%, 5/1/26(b)		115,872
		Total Municipal Bonds
		(Cost $118,848)		115,872
U.S. GOVERNMENT AGENCIES — 13.5%
		Fannie Mae — 9.9%
	1,000,000	6.250%, 5/15/29		1,074,193
	500,000	7.125%, 1/15/30		562,523
				1,636,716
		Federal Farm Credit Banks Funding Corp. — 0.4%
	86,000	2.400%, 3/24/36		62,244
		Federal Home Loan Banks — 3.2%
	500,000	1.200%, 12/30/24		474,244
	60,000	1.900%, 10/7/31		46,890
				521,134
		Total U.S. Government Agencies
		(Cost $2,377,224)		2,220,094
U.S. TREASURY NOTES — 9.6%
	595,000	0.250%, 9/30/25		541,473
	1,150,200	1.125%, 2/15/31		907,355
	150,000	2.750%, 8/15/32		129,897
		Total U.S. Treasury Notes
		(Cost $1,727,510)		1,578,725

Shares
MONEY MARKET FUND — 0.4%
	62,540	Federated Treasury Obligations Fund, Institutional Shares, 5.21%(d)		62,540
		Total Money Market Fund
		(Cost $62,540)		62,540
Total Investments  — 99.6%
(Cost $18,359,216)				16,429,549
Net Other Assets (Liabilities) — 0.4%				66,298
NET ASSETS — 100.0%			$	16,495,847

Continued

 84

Sterling Capital Intermediate U.S. Government Fund

Schedule of Portfolio Investments — (continued)

September 30, 2023

(a) Rule 144A, Section 4(a)(2) or other security that is restricted as to resale to qualified institutional investors. The Advisor, using Board approved procedures, has deemed these securities or a portion of these securities to be liquid.

(b) All or a portion of the securities are held in a separate collateral account at US Bank.

(c) The interest rate for this variable rate note, which will change periodically, is based either on the prime rate or an index of market rates. The reflected rate is in effect as of September 30, 2023. The maturity date reflected is the final maturity date.

(d) Represents the current yield as of report date.

AGM	Assured Guaranty Municipal Corp.
GMTN	Global Medium Term Note
MTN	Medium Term Note
TXB	Taxable Bond

Continued

 85

Sterling Capital Total Return Bond Fund

Schedule of Portfolio Investments

September 30, 2023

Principal Amount			Fair Value
ASSET BACKED SECURITIES — 10.7%
$	2,030,000	Avis Budget Rental Car Funding AESOP, LLC, Series 2019-3A, Class A, 2.360%, 3/20/26(a)	$	1,932,461
	2,500,000	Avis Budget Rental Car Funding AESOP, LLC, Series 2020-2A, Class A, 2.020%, 2/20/27(a)		2,281,575
	6,250,000	Avis Budget Rental Car Funding AESOP, LLC, Series 2021-1A, Class A, 1.380%, 8/20/27(a)		5,515,334
	8,720,000	Carvana Auto Receivables Trust, Series 2021-P2, Class B, 1.270%, 3/10/27		7,791,290
	4,791,000	Citibank Credit Card Issuance Trust, Series 2007-A3, Class A3, 6.150%, 6/15/39		4,922,771
	1,116	Citicorp Residential Mortgage Trust, STEP, Series 2007-2, Class A6, 4.622%, 6/25/37		1,103
	7,000,000	Enterprise Fleet Financing, LLC, Series 2022-1, Class A3, 3.270%, 1/20/28(a)		6,632,453
	7,101,000	Enterprise Fleet Financing, LLC, Series 2023-1, Class A3, 5.420%, 10/22/29(a)		6,996,495
	10,559,000	Ford Credit Auto Owner Trust 2021- REV2, Series 2021-2, Class A, 1.530%, 5/15/34(a)		9,320,431
	6,000,000	GM Financial Revolving Receivables Trust, Series 2021-1, Class A, 1.170%, 6/12/34(a)		5,281,717
	15,735,000	Hertz Vehicle Financing III L.P., Series 2021-2A, Class A, 1.680%, 12/27/27(a)		13,806,222
	7,000,000	Hertz Vehicle Financing, LLC, Series 2022-2A, Class A, 2.330%, 6/26/28(a)		6,183,397
	382,771	New Century Home Equity Loan Trust, Series 2003-4, Class M1, 6.559%, (TSFR1M plus 1.24%), 10/25/33(b)(c)		374,512
	13,050,000	OneMain Direct Auto Receivables Trust 2023-1, Series 2023-1A, Class A, 5.410%, 11/14/29(a)		12,849,244
	3,950,000	OneMain Financial Issuance Trust, Series 2022-S1, Class A, 4.130%, 5/14/35(a)		3,790,322
	20,805,000	OneMain Financial Issuance Trust 2021-1, Series 2021-1A, Class A1, 1.550%, 6/16/36(a)		18,074,868
	1,870,614	Saxon Asset Securities Trust, Series 2004-3, Class M1, 6.334%, (TSFR1M plus 1.01%), 12/26/34(b)		1,754,146
		Total Asset Backed Securities
		(Cost $118,347,042)		107,508,341
COLLATERALIZED MORTGAGE OBLIGATIONS — 2.3%
	16,505	Adjustable Rate Mortgage Trust, Series 2004-5, Class 4A1, 4.040%, 4/25/35(d)		16,370
	9,160	Citigroup Mortgage Loan Trust, Inc., Series 2004-NCM2, Class 3CB2, 6.500%, 8/25/19(c)		8,920

Principal Amount			Fair Value
COLLATERALIZED MORTGAGE OBLIGATIONS — (continued)
$	45,850	Countrywide Home Loan Mortgage Pass- Through Trust, Series 2004-3, Class A4, 5.750%, 4/25/34	$	42,935
	120,545	Credit Suisse First Boston Mortgage- Backed Pass-Through Certificates, Series 2004-1, Class 2A1, 6.500%, 2/25/34		117,885
	658,918	Fannie Mae, Series 2011-38, Class D, 4.500%, 5/25/41(c)		631,053
	1,432,444	Fannie Mae, Series 2013-16, Class A, 1.750%, 1/25/40		1,375,353
	891,000	Fannie Mae, Series 2013-70, Class CY, 3.500%, 7/25/43		703,686
	779,782	Fannie Mae, Series 2014-39, Class VP, 3.000%, 8/25/27		761,817
	134,352	Fannie Mae, Series 2017-64, Class PD, 2.500%, 7/25/47		112,798
	258,709	Freddie Mac, Series 3632, Class PK, 5.000%, 2/15/40		251,727
	730,000	Freddie Mac, Series 3762, Class LN, 4.000%, 11/15/40		659,456
	331,083	Freddie Mac, Series 4077, Class PJ, 3.500%, 11/15/40		320,916
	1,128,041	Freddie Mac, Series 4100, Class PA, 3.000%, 1/15/42		1,030,586
	507,000	Freddie Mac, Series 4120, Class YK, 2.000%, 10/15/32		394,486
	429,613	Freddie Mac, Series 4136, Class HZ, 3.500%, 11/15/27		397,105
	324,000	Freddie Mac, Series 4160, Class HH, 2.500%, 12/15/32		281,338
	99,978	Freddie Mac, Series 4287, Class V, 4.500%, 10/15/26		99,692
	336,341	Freddie Mac, Series 4328, Class KD, 3.000%, 8/15/43		309,685
	1,465,504	Freddie Mac, Series 4427, Class KA, 2.250%, 7/15/44		1,305,467
	1,075,046	Freddie Mac, Series 4654, Class KA, 3.000%, 6/15/45		983,744
	222,114	Freddie Mac, Series 4710, Class GA, 3.000%, 3/15/44		215,692
	10,541,017	Freddie Mac, Series 5300, Class AB, 5.500%, 1/25/49		10,303,836
	137,277	Ginnie Mae, Series 2008-51, Class PG, 5.000%, 6/20/38		133,159
	2,852,078	Ginnie Mae, Series 2014-2, Class AG, 2.307%, 3/20/40(d)		2,453,681
	345,899	MASTR Alternative Loan Trust, Series 2003-5, Class 8A1, 5.500%, 6/25/33		309,015
	2	RAAC Trust, Series 2004-SP3, Class AI5, 4.890%, 12/25/32(d)		2
	46,685	RAAC Trust, STEP, Series 2004-SP1, Class AI3, 6.118%, 3/25/34		45,148
		Total Collateralized Mortgage Obligations
		(Cost $24,814,472)		23,265,552

See accompanying Notes to the Financial Statements.

86 

Sterling Capital Total Return Bond Fund

Schedule of Portfolio Investments — (continued)

September 30, 2023

Principal Amount			Fair Value
COMMERCIAL MORTGAGE-BACKED SECURITIES — 11.1%
$	3,417,000	BX Commercial Mortgage Trust, Series 2021-ACNT, Class C, 6.946%, (TSFR1M plus 1.61%), 11/15/38(a)(b)	$	3,331,245
	2,972,000	BX Commercial Mortgage Trust, Series 2021-CIP, Class B, 6.717%, (TSFR1M plus 1.39%), 12/15/38(a)(b)		2,897,421
	3,106,909	BX Trust, Series 2021-RISE, Class C, 6.896%, (TSFR1M plus 1.56%), 11/15/36(a)(b)		3,038,682
	4,314,000	CD Mortgage Trust, Series 2016-CD2, Class A4, 3.526%, 11/10/49(d)		3,921,500
	530,000	CD Mortgage Trust, Series 2017-CD3, Class A4, 3.631%, 2/10/50		476,173
	3,447,000	CFCRE Commercial Mortgage Trust, Series 2016-C7, Class A3, 3.839%, 12/10/54		3,232,733
	1,337,000	Citigroup Commercial Mortgage Trust, Series 2017-P7, Class A4, 3.712%, 4/14/50		1,217,538
	1,394,263	COMM 2013-CCRE12 Mortgage Trust, Series 2013-CR12, Class A4, 4.046%, 10/10/46		1,390,319
	795,000	COMM Mortgage Trust, Series 2014-CR16, Class A4, 4.051%, 4/10/47		782,707
	1,643,000	COMM Mortgage Trust, Series 2014-CR20, Class A4, 3.590%, 11/10/47		1,591,194
	1,070,000	COMM Mortgage Trust, Series 2014-UBS4, Class A5, 3.694%, 8/10/47		1,040,153
	7,155,000	COMM Mortgage Trust, Series 2017-COR2, Class A3, 3.510%, 9/10/50		6,495,116
	1,337,000	CSAIL Commercial Mortgage Trust, Series 2015-C4, Class A4, 3.808%, 11/15/48		1,262,866
	3,084,000	ELP Commercial Mortgage Trust, Series 2021-ELP, Class C, 6.767%, (TSFR1M plus 1.43%), 11/15/38(a)(b)		3,006,601
	2,998,787	Fannie Mae-Aces, Series 2017-M8, Class A2, 3.061%, 5/25/27(d)		2,788,184
	1,898,104	Fannie Mae-Aces, Series 2019-M9, Class A2, 2.937%, 6/25/29		1,709,848
	3,386,000	Freddie Mac Multifamily Structured Pass Through Certificates, Series K153, Class A3, 3.117%, 10/25/31(d)		2,922,340
	8,536,000	Freddie Mac Multifamily Structured Pass Through Certificates, Series K155, Class A3, 3.750%, 4/25/33		7,582,694
	4,880,322	FRESB Mortgage Trust, Series 2018-SB52, Class A10F, 3.480%, 6/25/28(d)		4,549,138
	269,046	GS Mortgage Securities Trust, Series 2010- C1, Class B, 5.148%, 8/10/43(a)		266,617
	2,249,000	GS Mortgage Securities Trust, Series 2014- GC24, Class A5, 3.931%, 9/10/47		2,179,877
	2,209,000	GS Mortgage Securities Trust, Series 2016-GS4, Class A4, 3.442%, 11/10/49(d)		2,038,019

Principal Amount			Fair Value
COMMERCIAL MORTGAGE-BACKED SECURITIES — (continued)
$	2,029,616	JP Morgan Chase Commercial Mortgage Securities Trust, Series 2011-C3, Class B, 5.013%, 2/15/46(a)(d)	$	1,886,469
	1,517,000	J P Morgan Chase Commercial Mortgage Securities Trust, Series 2016-JP4, Class A4, 3.648%, 12/15/49(d)		1,402,704
	3,742,000	JPMCC Commercial Mortgage Securities Trust, Series 2017-JP5, Class A5, 3.723%, 3/15/50		3,425,489
	3,343,454	Med Trust, Series 2021-MDLN, Class C, 7.246%, (TSFR1M plus 1.91%), 11/15/38(a)(b)		3,246,337
	589,000	Morgan Stanley Bank of America Merrill Lynch Trust, Series 2014-C18, Class A4, 3.923%, 10/15/47		571,977
	5,198,000	Morgan Stanley Bank of America Merrill Lynch Trust, Series 2016-C32, Class A4, 3.720%, 12/15/49		4,796,282
	2,562,000	Morgan Stanley Capital I Trust, Series 2016-BNK2, Class A4, 3.049%, 11/15/49		2,318,197
	9,850,000	Morgan Stanley Capital I Trust, Series 2018-H3, Class A5, 4.177%, 7/15/51		9,105,480
	8,910,000	Morgan Stanley Capital I, Inc., Series 2017-HR2, Class A4, 3.587%, 12/15/50		8,051,454
	4,947,877	OPG Trust, Series 2021-PORT, Class C, 6.279%, (TSFR1M plus 0.95%), 10/15/36(a)(b)		4,774,010
	2,631,955	SMR Mortgage Trust, Series 2022-IND, Class A, 6.982%, (TSFR1M plus 1.65%), 2/15/39(a)(b)		2,516,053
	2,812,000	Wells Fargo Commercial Mortgage Trust, Series 2015-P2, Class A4, 3.809%, 12/15/48		2,662,450
	723,000	Wells Fargo Commercial Mortgage Trust, Series 2016-C37, Class A5, 3.794%, 12/15/49		672,964
	8,591,000	Wells Fargo Commercial Mortgage Trust, Series 2017-C40, Class A4, 3.581%, 10/15/50		7,827,621
	899,000	WFRBS Commercial Mortgage Trust, Series 2014-C23, Class A5, 3.917%, 10/15/57		867,743
		Total Commercial Mortgage-Backed Securities
		(Cost $122,805,682)		111,846,195
CORPORATE BONDS — 25.2%
		Aerospace & Defense — 0.7%
	4,410,000	Boeing Co. (The), 5.705%, 5/1/40		4,065,716
	1,593,000	Lockheed Martin Corp., 4.450%, 5/15/28		1,541,965
	1,670,000	RTX Corp., 4.500%, 6/1/42		1,369,574
				6,977,255

Continued

87 

Sterling Capital Total Return Bond Fund

Schedule of Portfolio Investments — (continued)

September 30, 2023

Principal Amount			Fair Value
CORPORATE BONDS — (continued)
		Automobiles — 0.7%
$	2,945,000	Daimler Truck Finance North America, LLC, 2.000%, 12/14/26(a)	$	2,631,585
	1,850,000	General Motors Financial Co., Inc., 5.850%, 4/6/30		1,772,080
	3,286,000	Mercedes-Benz Finance North America, LLC, 5.050%, 8/3/33(a)		3,113,886
				7,517,551
		Banks — 4.8%
	3,101,000	Bank of America Corp., 3.419%, (TSFR3M plus 1.30%), 12/20/28(e)		2,791,289
	1,853,000	Bank of America Corp., 5.288%, (SOFR plus 1.91%), 4/25/34(e)		1,724,265
	2,441,000	BPCE SA, 2.375%, 1/14/25(a)		2,313,054
	2,154,000	Fifth Third Bancorp, 4.055%, (SOFR plus 1.36%), 4/25/28(e)		1,982,392
	910,000	Fifth Third Bancorp, 4.337%, (SOFR plus 1.66%), 4/25/33(e)		769,853
	3,216,000	First Citizens BancShares, Inc., 3.375%, (TSFR3M plus 2.47%), 3/15/30(e)		2,999,997
	4,025,000	JPMorgan Chase & Co., 2.083%, (SOFR plus 1.85%), 4/22/26(e)		3,778,154
	3,537,000	JPMorgan Chase & Co., 6.205%, (SOFR plus 0.89%), 4/22/27(b)		3,512,064
	1,755,000	KeyCorp, MTN, 2.550%, 10/1/29		1,369,570
	2,810,000	Lloyds Banking Group PLC, 4.582%, 12/10/25		2,687,492
	2,749,000	Macquarie Group, Ltd., 1.340%, (SOFR plus 1.07%), 1/12/27(a)(e)		2,459,613
	2,012,000	Morgan Stanley, MTN, 5.250%, (SOFR plus 1.87%), 4/21/34(e)		1,868,999
	2,569,000	PNC Financial Services Group, Inc. (The), 5.068%, (SOFR plus 1.93%), 1/24/34(e)		2,329,995
	2,748,000	PNC Financial Services Group, Inc. (The), Series O, 9.312%, (TSFR3M plus 3.94%)(d)(f)		2,750,430
	3,152,000	Sumitomo Mitsui Financial Group, Inc., 2.130%, 7/8/30		2,467,425
	3,054,000	Toronto-Dominion Bank (The), 3.625%, (5 yr. Swap Semi 30/360 USD plus 2.21%), 9/15/31(d)		2,825,974
	1,330,000	U.S. Bancorp, 5.850%, (SOFR plus 2.09%), 10/21/33(e)		1,259,431
	1,904,000	Visa, Inc., 2.700%, 4/15/40		1,339,915
	3,524,000	Wells Fargo & Co., 3.068%, (SOFR plus 2.53%), 4/30/41(e)		2,367,243
	1,890,000	Wells Fargo & Co., 5.389%, (SOFR plus 2.02%), 4/24/34(e)		1,767,448
	1,378,000	Wells Fargo & Co., MTN, 4.808%, (SOFR plus 1.98%), 7/25/28(e)		1,315,606
	1,922,000	Westpac Banking Corp., GMTN, 4.322%, (USISOA05 plus 2.24%), 11/23/31(d)		1,779,871
				48,460,080

Principal Amount			Fair Value
CORPORATE BONDS — (continued)
		Beverages — 0.3%
$	1,419,000	Anheuser-Busch InBev Worldwide, Inc., 5.800%, 1/23/59	$	1,387,898
	1,461,000	Bacardi, Ltd./Bacardi-Martini BV, 5.400%, 6/15/33(a)		1,369,408
				2,757,306
		Broadline Retail — 0.1%
	1,526,000	Dollar General Corp., 5.450%, 7/5/33		1,410,170
		Capital Markets — 0.3%
	2,958,000	Morgan Stanley, 2.188%, (SOFR plus 1.99%), 4/28/26(e)		2,778,917
		Chemicals — 0.4%
	2,856,000	Albemarle Corp., 5.450%, 12/1/44(c)		2,455,729
	1,267,000	FMC Corp., 3.450%, 10/1/29		1,067,069
				3,522,798
		Commercial Services & Supplies — 0.2%
	2,695,000	Waste Connections, Inc., 2.950%, 1/15/52		1,633,472
		Construction Materials — 0.1%
	1,741,000	Vulcan Materials Co., 4.500%, 6/15/47		1,395,073
		Consumer Discretionary Distribution & Retail — 0.4%
	3,517,000	Amazon.com, Inc., 2.700%, 6/3/60(c)		1,986,493
	2,436,000	Meta Platforms, Inc., 4.600%, 5/15/28		2,382,981
				4,369,474
		Consumer Staples Distribution & Retail — 0.6%
	3,008,000	AbbVie, Inc., 4.875%, 11/14/48		2,626,281
	1,596,000	Cargill, Inc., 4.750%, 4/24/33(a)		1,505,971
	2,097,000	General Mills, Inc., 4.950%, 3/29/33		1,965,475
				6,097,727
		Diversified REITs — 0.9%
	3,279,000	American Tower Trust, 3.652%, 3/23/28(a)(c)		2,999,484
	2,074,000	LXP Industrial Trust, 2.700%, 9/15/30		1,606,665
	5,037,000	SBA Tower Trust, Series 2014-2A, Class C, 3.869%, 10/15/49(a)		4,902,669
				9,508,818
		Diversified Telecommunication Services — 0.8%
	58,125	Sprint Spectrum Co., LLC/Sprint Spectrum Co. II, LLC/Sprint Spectrum Co. III, LLC, 4.738%, 3/20/25(a)		57,510
	2,550,000	Sprint, LLC, 7.625%, 3/1/26		2,621,758
	870,000	T-Mobile USA, Inc., 6.000%, 6/15/54		828,434
	2,671,000	Verizon Communications, Inc., 1.450%, 3/20/26		2,412,007
	1,933,000	Warnermedia Holdings, Inc., 4.054%, 3/15/29		1,726,132
				7,645,841

Continued

88 

Sterling Capital Total Return Bond Fund

Schedule of Portfolio Investments — (continued)

September 30, 2023

Principal Amount			Fair Value
CORPORATE BONDS — (continued)
		Electric Utilities — 1.8%
$	1,537,000	American Electric Power Co., Inc., 5.750%, 11/1/27	$	1,546,121
	2,819,000	CenterPoint Energy, Inc., 2.950%, 3/1/30		2,363,061
	2,023,000	DTE Electric Co., 5.200%, 4/1/33		1,962,255
	3,707,000	Duke Energy Progress, LLC, 3.600%, 9/15/47		2,578,649
	2,028,000	Georgia Power Co., 4.950%, 5/17/33		1,901,306
	3,256,000	Indiana Michigan Power Co., Series K, 4.550%, 3/15/46		2,647,136
	1,000,000	Korea East-West Power Co., Ltd., 1.750%, 5/6/25(a)		938,165
	2,641,000	NextEra Energy Capital Holdings, Inc., 2.440%, 1/15/32		2,043,745
	1,986,000	Southern California Edison Co., 5.950%, 11/1/32		1,981,058
				17,961,496
		Energy Equipment & Services — 1.0%
	2,678,000	Aker BP ASA, 3.750%, 1/15/30(a)		2,300,010
	1,398,000	Cheniere Corpus Christi Holdings, LLC, 3.700%, 11/15/29		1,240,421
	1,637,000	Cheniere Energy, Inc., 4.625%, 10/15/28		1,509,906
	1,849,000	Enterprise Products Operating, LLC, 5.950%, 2/1/41		1,819,577
	1,537,000	Hess Corp., 7.875%, 10/1/29(c)		1,666,869
	1,796,000	Sempra Global, 3.250%, 1/15/32(a)		1,406,925
				9,943,708
		Financial Services — 2.3%
	2,750,000	AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 6.150%, 9/30/30		2,709,053
	2,843,000	Avolon Holdings Funding, Ltd., 2.875%, 2/15/25(a)		2,684,241
	1,770,000	Barings BDC, Inc., 3.300%, 11/23/26		1,553,290
	3,509,000	BlackRock, Inc., 1.900%, 1/28/31(c)		2,772,887
	1,595,000	Blue Owl Capital Corp., 3.400%, 7/15/26		1,430,687
	2,920,000	Blue Owl Finance, LLC, 4.125%, 10/7/51(a)		1,701,972
	2,427,000	Charles Schwab Corp. (The), 5.643%, (SOFR plus 2.21%), 5/19/29(e)		2,377,416
	1,023,000	Citigroup, Inc., 6.174%, (SOFR plus 2.66%), 5/25/34(e)		978,821
	2,272,000	Citigroup, Inc., 6.270%, (SOFR plus 2.34%), 11/17/33(e)		2,267,612
	1,355,000	Jefferies Financial Group, Inc., 4.150%, 1/23/30		1,196,715
	1,373,000	Mitsubishi UFJ Financial Group, Inc., 5.422%, (1-Year Treasury Constant Maturity plus 1.38%), 2/22/29(d)		1,343,995
	2,024,000	S&P Global, Inc., 5.250%, 9/15/33(a)		1,973,735
				22,990,424
		Gas Utilities — 0.7%
	2,231,000	Entergy Louisiana, LLC, 2.350%, 6/15/32		1,716,801
	2,078,000	National Grid PLC, 5.809%, 6/12/33		2,019,038

Principal Amount			Fair Value
CORPORATE BONDS — (continued)
		Gas Utilities — (continued)
$	4,380,000	Sempra, 3.800%, 2/1/38	$	3,405,334
				7,141,173
		Ground Transportation — 0.5%
	2,484,000	Burlington Northern Santa Fe, LLC, 4.950%, 9/15/41		2,240,915
	3,434,000	Canadian Pacific Railway Co., 4.200%, 11/15/69		2,440,983
				4,681,898
		Health Care Equipment & Services — 0.3%
	1,711,000	GE HealthCare Technologies, Inc., 5.857%, 3/15/30		1,696,989
	974,000	HCA, Inc., 3.125%, 3/15/27		884,808
				2,581,797
		Health Care Providers & Services — 1.1%
	2,169,000	Amgen, Inc., 5.250%, 3/2/30		2,119,366
	3,750,000	Bristol-Myers Squibb Co., 2.550%, 11/13/50		2,139,194
	2,101,000	CSL Finance PLC, 4.250%, 4/27/32(a)		1,901,972
	2,984,000	CVS Health Corp., 2.700%, 8/21/40		1,878,475
	2,031,000	Elevance Health, Inc., 3.600%, 3/15/51(c)		1,392,549
	2,211,000	Pfizer Investment Enterprises Pte, Ltd., 4.750%, 5/19/33		2,094,659
				11,526,215
		Household Products — 0.3%
	2,695,000	Kenvue, Inc., 5.000%, 3/22/30(a)		2,626,117
		Insurance — 1.7%
	2,769,000	Athene Global Funding, 2.500%, 1/14/25(a)		2,617,105
	1,664,000	AXIS Specialty Finance, LLC, 3.900%, 7/15/29		1,484,232
	1,658,000	Corebridge Financial, Inc., 3.900%, 4/5/32		1,396,552
	2,002,000	Enstar Group, Ltd., 3.100%, 9/1/31		1,508,342
	1,554,000	KKR Group Finance Co. III, LLC, 5.125%, 6/1/44(a)		1,285,566
	3,064,000	Meiji Yasuda Life Insurance Co., 5.200%, (5 yr. Swap Semi 30/360 USD plus 4.23%), 10/20/45(a)(d)		2,982,138
	1,689,000	Prudential Financial, Inc., 3.935%, 12/7/49		1,212,708
	609,000	Reinsurance Group of America, Inc., 3.150%, 6/15/30		504,613
	1,343,000	Sammons Financial Group, Inc., 3.350%, 4/16/31(a)		1,014,530
	1,292,000	SBL Holdings, Inc., 5.000%, 2/18/31(a)		1,005,418
	1,870,000	Transatlantic Holdings, Inc., 8.000%, 11/30/39		2,176,998
				17,188,202
		Machinery — 0.1%
	1,754,000	Deere & Co., 3.750%, 4/15/50		1,384,295

Continued

89 

Sterling Capital Total Return Bond Fund

Schedule of Portfolio Investments — (continued)

September 30, 2023

Principal Amount			Fair Value
CORPORATE BONDS — (continued)
		Media — 0.5%
$	1,739,000	Discovery Communications, LLC, 5.200%, 9/20/47	$	1,317,400
	1,303,000	FactSet Research Systems, Inc., 2.900%, 3/1/27		1,188,409
	1,831,000	FactSet Research Systems, Inc., 3.450%, 3/1/32		1,517,687
	1,602,000	Time Warner Cable, LLC, 6.550%, 5/1/37		1,453,751
				5,477,247
		Multi-Utilities — 0.6%
	2,310,000	CMS Energy Corp., 4.700%, 3/31/43		1,873,854
	2,933,000	Newmont Corp., 2.250%, 10/1/30		2,335,770
	2,946,000	Puget Sound Energy, Inc., 4.223%, 6/15/48		2,230,589
				6,440,213
		Oil, Gas & Consumable Fuels — 0.7%
	1,917,000	EQT Corp., 7.000%, 2/1/30		1,973,820
	1,518,000	Halliburton Co., 4.850%, 11/15/35		1,365,688
	1,829,000	HF Sinclair Corp., 5.875%, 4/1/26		1,823,856
	1,778,000	Schlumberger Investment SA, 2.650%, 6/26/30		1,505,550
				6,668,914
		Pharmaceuticals — 0.1%
	1,705,000	SC Johnson & Son, Inc., 4.750%, 10/15/46(a)		1,433,607
		Residential REITs — 0.2%
	1,400,000	Invitation Homes Operating Partnership  L.P., 4.150%, 4/15/32		1,204,797
	1,694,000	Tanger Properties L.P., 2.750%, 9/1/31		1,222,116
				2,426,913
		Retail REITs — 0.2%
	1,870,000	Retail Opportunity Investments Partnership  L.P., 6.750%, 10/15/28		1,846,045
		Semiconductors & Semiconductor Equipment — 1.0%
	2,323,000	Broadcom, Inc., 4.926%, 5/15/37(a)		2,002,810
	2,280,000	Lam Research Corp., 2.875%, 6/15/50		1,413,298
	2,240,000	Marvell Technology, Inc., 2.950%, 4/15/31		1,812,799
	589,000	Marvell Technology, Inc., 5.950%, 9/15/33		578,362
	2,363,000	NVIDIA Corp., 2.850%, 4/1/30		2,062,080
	2,251,000	NXP BV / NXP Funding, LLC/NXP USA, Inc., 5.000%, 1/15/33		2,071,601
				9,940,950
		Software — 0.6%
	3,958,000	Oracle Corp., 4.900%, 2/6/33		3,652,116
	2,653,000	Take-Two Interactive Software, Inc., 5.000%, 3/28/26		2,603,725
				6,255,841
		Specialty Retail — 0.3%
	1,718,000	ERAC USA Finance, LLC, 4.200%, 11/1/46(a)		1,320,412

Principal Amount			Fair Value
CORPORATE BONDS — (continued)
		Specialty Retail — (continued)
$	1,775,000	Lowe's Cos., Inc., 5.150%, 7/1/33	$	1,686,589
				3,007,001
		Telecommunication Services — 0.4%
	3,783,000	AT&T, Inc., 3.550%, 9/15/55(c)		2,307,733
	2,900,000	AT&T, Inc., 3.850%, 6/1/60(c)		1,846,985
				4,154,718
		Tobacco — 0.5%
	2,883,000	BAT Capital Corp., 6.421%, 8/2/33		2,803,075
	2,224,000	Philip Morris International, Inc., 5.625%, 9/7/33		2,139,318
				4,942,393
		Total Corporate Bonds
		(Cost $290,995,796)		254,693,649
MORTGAGE-BACKED SECURITIES — 27.5%
		Fannie Mae — 15.9%
	6,946	5.000%, 9/1/25, Pool #255892		6,642
	972,764	4.000%, 12/1/33, Pool #MA1689		904,989
	571,209	4.000%, 6/1/34, Pool #MA1922		537,858
	553,669	4.000%, 3/1/35, Pool #MA2211		510,056
	233,805	5.500%, 8/1/37, Pool #995082		232,911
	2,495,036	3.500%, 8/1/38, Pool #FM2472		2,246,330
	93,133	4.500%, 10/1/39, Pool #AC2645		87,543
	94,721	5.000%, 6/1/40, Pool #AD4927		92,573
	90,823	5.000%, 6/1/40, Pool #AD8718		88,762
	6,006,894	4.000%, 8/1/40, Pool #FM4673		5,540,946
	11,980,424	1.500%, 12/1/40, Pool #MA4202		9,298,899
	189,622	4.500%, 12/1/40, Pool #AH1100		179,230
	122,384	4.500%, 3/1/41, Pool #AB2467		115,675
	189,451	4.500%, 5/1/41, Pool #AI1023		178,077
	142,974	4.500%, 11/1/41, Pool #AJ4994		135,137
	169,808	4.500%, 12/1/41, Pool #AJ7696		160,280
	416,168	3.500%, 6/1/42, Pool #AB5373		369,440
	755,951	3.500%, 5/1/43, Pool #AL3605		663,463
	378,947	3.500%, 5/1/43, Pool #AB9368		336,100
	9,072,242	3.000%, 8/1/43, Pool #AL9500		7,764,964
	1,027,110	3.500%, 8/1/43, Pool #AU0613		907,555
	229,195	4.500%, 11/1/44, Pool #MA2100		215,203
	570,418	4.500%, 1/1/45, Pool #MA2158		535,607
	701,472	4.000%, 3/1/45, Pool #MA2217(c)		641,246
	633,419	4.000%, 6/1/46, Pool #MA2653		576,504
	595,431	4.500%, 7/1/46, Pool #AS7568		559,112
	792,741	4.000%, 11/1/46, Pool #MA2808		721,164
	1,093,091	4.000%, 5/1/47, Pool #BE9598		989,507
	1,235,856	4.000%, 8/1/47, Pool #BH5117		1,122,670
	3,173,540	4.000%, 4/1/48, Pool #BM3900		2,878,149
	1,284,232	5.000%, 8/1/48, Pool #CA2219		1,233,535
	3,073,820	3.000%, 11/1/48, Pool #BM5822		2,599,310
	3,941,939	3.500%, 10/1/49, Pool #CA4431		3,446,348
	10,789,379	3.000%, 3/1/50, Pool #FM2870		9,075,563
	6,251,738	3.000%, 3/1/50, Pool #FM2714		5,244,135
	2,934,006	2.500%, 5/1/50, Pool #FM3287		2,350,132

Continued

90 

Sterling Capital Total Return Bond Fund

Schedule of Portfolio Investments — (continued)

September 30, 2023

Principal Amount			Fair Value
MORTGAGE-BACKED SECURITIES — (continued)
		Fannie Mae — (continued)
$	7,103,674	2.000%, 7/1/50, Pool #CA6301	$	5,466,918
	8,868,741	2.500%, 9/1/50, Pool #BQ0538		7,102,368
	3,521,124	2.500%, 9/1/50, Pool #BQ2883		2,819,871
	3,692,477	3.000%, 10/1/50, Pool #CA7381		3,079,051
	4,544,984	3.000%, 11/1/51, Pool #CB2170		3,771,438
	14,948,830	3.500%, 4/1/52, Pool #FS1475		13,035,043
	11,846,039	3.500%, 4/1/52, Pool #FS1185		10,224,776
	9,351,586	4.500%, 6/1/52, Pool #FS2157		8,652,807
	6,772,748	4.500%, 11/1/52, Pool #FS3809		6,228,127
	6,910,263	5.000%, 11/1/52, Pool #CB5278		6,530,304
	7,612,074	5.500%, 3/1/53, Pool #FS3925		7,395,947
	7,792,489	4.500%, 5/1/53, Pool #CB6304		7,166,554
	9,550,482	5.500%, 5/1/53, Pool #FS4571		9,250,891
	7,087,584	6.000%, 7/1/53, Pool #FS5233		7,013,945
				160,283,655
		Freddie Mac — 11.0%
	9,181	5.000%, 7/1/25, Pool #ZA1892		8,780
	66,473	2.500%, 1/1/28, Pool #ZK4918		63,194
	217,596	3.500%, 7/1/30, Pool #ZS8575		204,641
	31,545	5.000%, 3/1/36, Pool #ZS4230		30,915
	936,192	4.000%, 4/1/36, Pool #ZA2413		858,720
	1,199,796	3.500%, 6/1/36, Pool #ZA2414(c)		1,101,740
	8,666	5.000%, 7/1/36, Pool #ZS1139		8,489
	707,147	3.500%, 8/1/36, Pool #ZA2425		646,800
	91,868	6.500%, 9/1/36, Pool #ZS4257		94,378
	1,828,804	3.500%, 11/1/36, Pool #ZA2439		1,659,547
	37,222	5.000%, 2/1/37, Pool #ZI5759		36,443
	1,372,534	4.000%, 5/1/37, Pool #ZA2461		1,258,348
	34,016	4.500%, 10/1/39, Pool #ZI9349		31,975
	4,573,637	3.000%, 5/1/40, Pool #RB5049		3,957,040
	100,826	5.000%, 6/1/40, Pool #ZA1049		98,610
	240,288	5.000%, 7/1/40, Pool #ZJ0194		234,464
	28,495	5.000%, 9/1/40, Pool #ZA1066		27,775
	6,102,955	2.000%, 12/1/40, Pool #RB5090		4,948,779
	376,024	4.000%, 12/1/42, Pool #ZS3671		343,252
	282,900	3.500%, 5/1/43, Pool #ZL5915		250,881
	157,854	4.000%, 5/1/44, Pool #ZA4468		144,301
	75,078	4.000%, 7/1/44, Pool #ZS4573		68,663
	136,536	4.000%, 9/1/44, Pool #ZL8439		124,203
	1,647,767	3.500%, 1/1/45, Pool #ZL8964		1,455,272
	1,492,027	3.500%, 5/1/46, Pool #ZS4663		1,321,517
	417,750	4.000%, 8/1/46, Pool #ZS4673		380,060
	1,018,894	3.500%, 9/1/46, Pool #ZS4678		897,735
	2,306,017	3.500%, 9/1/47, Pool #ZM4305		2,021,332
	610,020	3.500%, 1/1/48, Pool #ZM5375		534,707
	568,181	4.000%, 2/1/48, Pool #ZT1639		516,142
	518,552	4.000%, 6/1/48, Pool #ZT0541		472,120
	5,968,432	2.500%, 11/1/49, Pool #QA4396		4,783,736
	2,530,003	3.000%, 11/1/49, Pool #QA4336		2,127,982
	2,346,086	3.500%, 6/1/50, Pool #RA2794		2,042,399
	9,457,492	2.500%, 7/1/50, Pool #RA2970		7,565,881
	235,276	3.000%, 1/1/51, Pool #SD8123		195,183
	1,307,599	3.000%, 12/1/51, Pool #SD8184		1,089,404
	5,179,233	3.500%, 4/1/52, Pool #RA7191		4,466,024

Principal Amount			Fair Value
MORTGAGE-BACKED SECURITIES — (continued)
		Freddie Mac — (continued)
$	10,030,392	4.000%, 5/1/52, Pool #RA7306	$	8,970,035
	9,913,784	4.500%, 8/1/52, Pool #SD1515		9,116,982
	10,123,842	5.000%, 9/1/52, Pool #RA7936		9,560,382
	8,650,167	5.000%, 10/1/52, Pool #SD1710		8,183,552
	9,479,777	5.500%, 2/1/53, Pool #QF8052		9,177,721
	12,150,437	4.000%, 3/1/53, Pool #SD3107		10,865,562
	3,214,204	5.000%, 3/1/53, Pool #SD2390		3,035,395
	5,958,883	6.000%, 5/1/53, Pool #SD3072		5,888,233
				110,869,294
		Ginnie Mae — 0.6%
	49,152	5.000%, 2/15/40, Pool #737037		47,768
	6,613,436	4.000%, 7/20/52, Pool #786280		5,980,123
				6,027,891
		Total Mortgage-Backed Securities
		(Cost $315,024,045)		277,180,840
MUNICIPAL BONDS — 4.9%
		Alabama — 0.2%
	2,675,000	Alabama Economic Settlement Authority, Economic Imports, Taxable BP - Settlement Revenue, Series B, 4.263%, 9/15/32(c)		2,469,212
		California — 0.7%
	2,675,000	Municipal Improvement Corp. of Los Angeles, Advance Refunding Revenue Bonds, Series A, 1.448%, 11/1/27		2,297,023
	2,230,000	Municipal Improvement Corp. of Los Angeles, Advance Refunding Revenue Bonds, Series A, 1.648%, 11/1/28		1,864,904
	2,370,000	San Diego County Water Authority, Taxable Green Bonds, Advance Refunding Revenue Bonds, Series A, 1.531%, 5/1/30		1,898,915
	1,145,000	State of California, Build America Bonds, School Improvements G.O., 7.625%, 3/1/40(c)		1,342,169
				7,403,011
		Connecticut — 0.3%
	2,760,000	State of Connecticut, Miscellaneous Purposes Revenue, Taxable Revenue G.O., Series A, 4.607%, 5/15/29		2,691,331
		Florida — 0.3%
	1,905,000	Central Florida Tourism Oversight District, Advance Refunding, Taxable Revenue Bonds, G.O., Series A, 2.147%, 6/1/29		1,610,697
	1,810,000	Central Florida Tourism Oversight District, Advance Refunding, Taxable Revenue Bonds, G.O., Series A, 2.197%, 6/1/30		1,486,462
				3,097,159

Continued

91 

Sterling Capital Total Return Bond Fund

Schedule of Portfolio Investments — (continued)

September 30, 2023

Principal Amount			Fair Value
MUNICIPAL BONDS — (continued)
		Illinois — 1.0%
$	7,155,000	Sales Tax Securitization Corp., Second Lien, Current Refunding, Taxable Revenue Bonds, Series B, 3.057%, 1/1/34	$	5,716,773
	1,605,000	State of Illinois Sales Tax Revenue, Public Improvements, Taxable Building Revenue, 3.481%, 6/15/26		1,511,461
	2,790,000	State of Illinois Sales Tax Revenue, Public Improvements, Taxable Revenue, Series B, 2.620%, 6/15/26		2,568,223
				9,796,457
		New York — 1.2%
	4,630,000	Metropolitan Transportation Authority, Taxable Green Bonds, Green Purpose Revenue Bonds, Series C2, 5.175%, 11/15/49		3,979,300
	2,695,000	New York City Transitional Finance Authority Future Tax Secured Revenue, Public Improvements, Taxable Revenue, Callable 2/1/27 @ 100, 3.330%, 2/1/28		2,498,588
	7,130,000	New York City Transitional Finance Authority Future Tax Secured Revenue Bonds, Public Improvements, Taxable Revenue, Sub Series B3, Callable 11/1/29 @ 100, 3.000%, 11/1/33		5,724,748
				12,202,636
		North Carolina — 0.2%
	2,317,000	Duke University, 3.299%, 10/1/46		1,611,344
		Pennsylvania — 0.5%
	2,320,000	City of Pittsburgh, PA, Refunding, Taxable Revenue Bonds, G.O., Series B, 1.189%, 9/1/26		2,074,799
	3,898,000	Lehigh University, 3.479%, 11/15/46		2,646,549
				4,721,348
		Texas — 0.5%
	1,580,000	Dallas Area Rapid Transit, Advance Refunding, Taxable Revenue Bonds, Series C, Callable 12/1/29 @ 100, 1.846%, 12/1/30		1,269,040
	4,605,000	Tarrant Regional Water District, Advance Refunding Revenue Bonds, Series S, 1.450%, 9/1/29		3,773,706
				5,042,746
		Total Municipal Bonds
		(Cost $59,829,762)		49,035,244
U.S. GOVERNMENT AGENCIES — 0.8%
		Federal Farm Credit Banks Funding Corp. — 0.8%
	4,769,000	4.125%, 12/15/32		4,442,679

Principal Amount			Fair Value
U.S. GOVERNMENT AGENCIES — (continued)
		Federal Farm Credit Banks Funding Corp. — (continued)
$	5,325,000	2.400%, 3/24/36	$	3,854,069
				8,296,748
		Total U.S. Government Agencies
		(Cost $8,997,109)		8,296,748
U.S. TREASURY BONDS — 6.5%
68,474,300		2.500%, 2/15/45		46,458,208
39,349,200		1.375%, 8/15/50		19,171,975
		Total U.S. Treasury Bonds
		(Cost $79,761,419)		65,630,183
U.S. TREASURY NOTES — 9.9%
11,240,500		2.625%, 2/15/29		10,170,018
93,010,200		4.125%, 11/15/32		89,718,511
		Total U.S. Treasury Notes
		(Cost $104,981,090)		99,888,529

Shares
MONEY MARKET FUND — 0.6%
	5,905,651	Federated Treasury Obligations Fund, Institutional Shares, 5.21% (g)		5,905,651
		Total Money Market Fund
		(Cost $5,905,651)		5,905,651
Total Investments — 99.5%
(Cost $1,131,462,068)				1,003,250,932
Net Other Assets (Liabilities) — 0.5%.				5,265,077
NET ASSETS — 100.0%			$	1,008,516,009

(a) Rule 144A, Section 4(a)(2) or other security that is restricted as to resale to qualified institutional investors. The Advisor, using Board approved procedures, has deemed these securities or a portion of these securities to be liquid.

(b) The interest rate for this floating rate note, which will change periodically, is based either on the prime rate or an index of market rates. The reflected rate is in effect as of September 30, 2023. The maturity date reflected is the final maturity date.

(c) All or a portion of the securities are held in a separate collateral account at US Bank.

(d) The interest rate for this variable rate note, which will change periodically, is based either on the prime rate or an index of market rates. The reflected rate is in effect as of September 30, 2023. The maturity date reflected is the final maturity date.

(e) Security is a fix-to-float security, which carries a fixed coupon until a certain date, upon which it switches to a floating rate. Rate shown is the fixed rate.

(f) Security is perpetual in nature and has no stated maturity date.

(g) Represents the current yield as of report date.

Continued

92 

Sterling Capital Total Return Bond Fund

Schedule of Portfolio Investments — (continued)

September 30, 2023

GMTN Global Medium Term Note

G.O. General Obligation

MTN Medium Term Note

STEP Step Coupon Bond

Continued

93 

Sterling Capital Long Duration Corporate Bond Fund

Schedule of Portfolio Investments
September 30, 2023

Principal Amount			Fair Value
CORPORATE BONDS — 92.9%
		Aerospace & Defense — 3.3%
$	90,000	Boeing Co. (The), 3.825%, 3/1/59	$	57,483
	180,000	Boeing Co. (The), 3.900%, 5/1/49		125,392
	285,000	Boeing Co. (The), 5.705%, 5/1/40		262,750
	70,000	L3Harris Technologies, Inc., 4.854%, 4/27/35		63,691
	237,000	Lockheed Martin Corp., 4.150%, 6/15/53		186,721
	160,000	RTX Corp., 2.820%, 9/1/51		91,630
	70,000	RTX Corp., 3.030%, 3/15/52		42,060
	185,000	RTX Corp., 4.450%, 11/16/38		155,745
	35,000	RTX Corp., 5.375%, 2/27/53		31,650
				1,017,122
		Apparel — 0.3%
	110,000	NIKE, Inc., 3.375%, 3/27/50		78,349
		Automobiles — 0.6%
	90,000	Ford Motor Co., 5.291%, 12/8/46		68,426
	135,000	General Motors Co., 5.150%, 4/1/38		112,748
				181,174
		Banks — 8.3%
	90,000	Bank of America Corp., 2.482%, (5-Year Treasury Constant Maturity plus 1.20%), 9/21/36(a)		65,508
	70,000	Bank of America Corp., 4.244%, (TSFR3M plus 2.08%), 4/24/38(b)		57,818
	110,000	Bank of America Corp., 6.110%, 1/29/37		108,550
	340,000	Bank of America Corp., MTN, 2.676%, (SOFR plus 1.93%), 6/19/41(b)		219,105
	155,000	Bank of America Corp., MTN, 4.330%, (TSFR3M plus 1.78%), 3/15/50(b)		120,460
	70,000	Citigroup, Inc., 3.878%, (TSFR3M plus 1.43%), 1/24/39(b)		54,422
	85,000	Citigroup, Inc., 5.316%, (SOFR plus 4.55%), 3/26/41(b)		76,727
	100,000	Citigroup, Inc., 5.875%, 1/30/42		96,001
	21,000	Citigroup, Inc., Series U, 5.000%, (SOFR plus 3.81%)(b)(c)		19,969
	50,000	Fifth Third Bancorp, 8.250%, 3/1/38		53,310
	130,000	Goldman Sachs Group, Inc. (The), 2.908%, (SOFR plus 1.47%), 7/21/42(b)		83,913
	140,000	Goldman Sachs Group, Inc. (The), 6.750%, 10/1/37		141,821
	400,000	JPMorgan Chase & Co., 3.109%, (TSFR3M plus 2.46%), 4/22/41(b)		277,851
	165,000	JPMorgan Chase & Co., 3.882%, (TSFR3M plus 1.62%), 7/24/38(b)		131,807
	120,000	JPMorgan Chase & Co., 4.260%, (TSFR3M plus 1.84%), 2/22/48(b)		93,369
	100,000	Morgan Stanley, 2.484%, (SOFR plus 1.36%), 9/16/36(b)		72,649
	120,000	Morgan Stanley, 3.217%, (SOFR plus 1.49%), 4/22/42(b)		82,612
	195,000	Morgan Stanley, 3.971%, 7/22/38(a)		154,751

Principal Amount			Fair Value
CORPORATE BONDS — (continued)
		Banks — (continued)
$	135,000	PNC Financial Services Group, Inc. (The), Series O, 9.312%, (TSFR3M plus 3.94%)(a)(c)	$	135,119
	195,000	Wells Fargo & Co., 3.068%, (SOFR plus 2.53%), 4/30/41(b)		130,991
	290,000	Wells Fargo & Co., 5.375%, 11/2/43		251,264
	110,000	Wells Fargo & Co., MTN, 5.013%, (TSFR3M plus 4.50%), 4/4/51(b)		92,335
	90,000	Westpac Banking Corp., 2.963%, 11/16/40		54,712
				2,575,064
		Beverages — 3.5%
	160,000	Anheuser-Busch Cos., LLC/Anheuser-Busch InBev Worldwide, Inc., 4.700%, 2/1/36		146,691
	265,000	Anheuser-Busch Cos., LLC/Anheuser-Busch InBev Worldwide, Inc., 4.900%, 2/1/46		233,492
	200,000	Anheuser-Busch InBev Worldwide, Inc., 4.600%, 6/1/60		164,537
	50,000	Anheuser-Busch InBev Worldwide, Inc., 5.800%, 1/23/59		48,904
	100,000	Bacardi, Ltd., 5.300%, 5/15/48(d)		86,115
	170,000	Constellation Brands, Inc., 3.750%, 5/1/50		120,795
	100,000	Diageo Capital PLC, 3.875%, 4/29/43		77,291
	90,000	PepsiCo, Inc., 2.750%, 10/21/51		56,224
	185,000	PepsiCo, Inc., 4.650%, 2/15/53		164,083
				1,098,132
		Broadline Retail — 0.2%
	115,000	Walmart, Inc., 2.500%, 9/22/41		76,993
		Capital Goods — 0.5%
	90,000	Caterpillar, Inc., 3.803%, 8/15/42		71,997
	130,000	Packaging Corp. of America, 3.050%, 10/1/51		77,395
				149,392
		Chemicals — 1.2%
	110,000	Air Products & Chemicals, Inc., 2.700%, 5/15/40		75,350
	55,000	Albemarle Corp., 5.450%, 12/1/44		47,292
	42,000	Dow Chemical Co. (The), 4.375%, 11/15/42		32,732
	90,000	DuPont de Nemours, Inc., 5.319%, 11/15/38		84,220
	170,000	Ecolab, Inc., 2.750%, 8/18/55		95,895
	50,000	LYB International Finance III, LLC, 4.200%, 5/1/50		35,165
				370,654
		Commercial Services & Supplies — 0.8%
	62,216	Polar Tankers, Inc., 5.951%, 5/10/37(d)		61,557
	130,000	Republic Services, Inc., 2.375%, 3/15/33		99,936

See accompanying Notes to the Financial Statements.

94 

Sterling Capital Long Duration Corporate Bond Fund

Schedule of Portfolio Investments — (continued)
September 30, 2023

Principal Amount			Fair Value
CORPORATE BONDS — (continued)
		Commercial Services & Supplies — (continued)
$	150,000	Waste Connections, Inc., 2.950%, 1/15/52	$	90,917
				252,410
		Construction Materials — 0.4%
	80,000	Martin Marietta Materials, Inc., 4.250%, 12/15/47		60,587
	80,000	Vulcan Materials Co., 4.500%, 6/15/47		64,104
				124,691
		Consumer Discretionary Distribution & Retail — 1.0%
	225,000	Amazon.com, Inc., 2.500%, 6/3/50		132,160
	300,000	Amazon.com, Inc., 2.700%, 6/3/60		169,448
				301,608
		Consumer Staples Distribution & Retail — 1.3%
	115,000	Hershey Co. (The), 3.125%, 11/15/49		75,934
	60,000	Hormel Foods Corp., 3.050%, 6/3/51		38,442
	66,000	Kraft Heinz Foods Co., 4.875%, 10/1/49		55,048
	145,000	Kraft Heinz Foods Co., 6.875%, 1/26/39		151,955
	150,000	Nestle Holdings, Inc., 2.500%, 9/14/41(d)		98,867
				420,246
		Diversified REITs — 0.5%
	157,000	American Tower Trust, 3.652%, 3/23/28(d)		143,617
		Diversified Telecommunication Services — 2.5%
	100,000	America Movil SAB de CV, 6.125%, 3/30/40		98,937
	100,000	T-Mobile USA, Inc., 3.600%, 11/15/60		61,912
	210,000	T-Mobile USA, Inc., 4.375%, 4/15/40		168,770
	95,000	T-Mobile USA, Inc., 5.650%, 1/15/53		86,750
	180,000	T-Mobile USA, Inc., 5.800%, 9/15/62		164,017
	80,000	Vodafone Group PLC, 4.250%, 9/17/50		57,957
	135,000	Warnermedia Holdings, Inc., 5.050%, 3/15/42		104,518
	50,000	Warnermedia Holdings, Inc., 5.141%, 3/15/52		37,085
				779,946
		Electric Utilities — 13.9%
	110,000	AEP Transmission Co., LLC, Series M, 3.650%, 4/1/50(e)		77,883
	90,000	Appalachian Power Co., Series L, 5.800%, 10/1/35		85,445
	40,000	Avista Corp., 4.000%, 4/1/52		28,475
	150,000	Baltimore Gas & Electric Co., 2.900%, 6/15/50		89,268
	80,000	Berkshire Hathaway Energy Co., 4.250%, 10/15/50		59,189
	75,000	Berkshire Hathaway Energy Co., 4.600%, 5/1/53		58,523
	70,000	CenterPoint Energy Houston Electric, LLC, Series AC, 4.250%, 2/1/49		55,226
	200,000	CenterPoint Energy Houston Electric, LLC, Series AD, 2.900%, 7/1/50(e)		121,705

Principal Amount			Fair Value
CORPORATE BONDS — (continued)
		Electric Utilities — (continued)
$	110,000	CMS Energy Corp., 3.750%, (5-Year Treasury Constant Maturity plus 2.90%), 12/1/50(a)	$	82,616
	70,000	CMS Energy Corp., 4.700%, 3/31/43		56,783
	60,000	Commonwealth Edison Co., 5.900%, 3/15/36		60,039
	80,000	Connecticut Light & Power Co. (The), 4.000%, 4/1/48		60,982
	135,000	Consolidated Edison Co. of New York, Inc., 4.450%, 3/15/44		107,917
	70,000	Consolidated Edison Co. of New York, Inc., Series E, 4.650%, 12/1/48		56,641
	60,000	Dominion Energy South Carolina, Inc., 5.100%, 6/1/65		51,688
	40,000	Dominion Energy, Inc., Series B, 3.300%, 4/15/41		27,293
	80,000	DTE Electric Co., 3.750%, 8/15/47		57,735
	130,000	DTE Electric Co., Series B, 3.650%, 3/1/52		90,936
	68,000	Duke Energy Carolinas, LLC, 5.350%, 1/15/53		62,089
	43,000	Duke Energy Carolinas, LLC, 5.400%, 1/15/54		39,684
	80,000	Duke Energy Carolinas, LLC, 6.100%, 6/1/37		79,429
	130,000	Duke Energy Corp., 5.000%, 8/15/52		108,093
	70,000	Duke Energy Corp., 6.100%, 9/15/53		67,819
	60,000	Duke Energy Florida, LLC, 6.350%, 9/15/37		61,347
	200,000	Duke Energy Indiana, LLC, 3.750%, 5/15/46		141,050
	80,000	Duke Energy Ohio, Inc., 3.700%, 6/15/46		55,422
	130,000	Duke Energy Progress, LLC, 2.900%, 8/15/51		76,580
	205,000	Entergy Texas, Inc., 3.550%, 9/30/49		138,154
	50,000	Entergy Texas, Inc., 5.800%, 9/1/53		47,800
	70,000	Exelon Corp., 4.450%, 4/15/46		54,556
	70,000	Exelon Corp., 5.100%, 6/15/45		59,812
	120,000	FirstEnergy Corp., Series C, 5.100%, 7/15/47		101,839
	40,000	FirstEnergy Transmission, LLC, 4.550%, 4/1/49(d)		31,287
	120,000	Florida Power & Light Co., 4.125%, 2/1/42		96,672
	45,000	Florida Power & Light Co., 5.850%, 5/1/37		43,119
	259,000	Georgia Power Co., Series B, 3.700%, 1/30/50		181,336
	110,000	Indiana Michigan Power Co., 5.625%, 4/1/53		103,692
	80,000	Massachusetts Electric Co., 5.900%, 11/15/39(d)		74,897
	90,000	MidAmerican Energy Co., 2.700%, 8/1/52		50,961
	70,000	MidAmerican Energy Co., 4.800%, 9/15/43		59,674
	80,000	NextEra Energy Capital Holdings, Inc., 2.440%, 1/15/32		61,908
	90,000	Northern States Power Co., 3.200%, 4/1/52		57,496

Continued

95 

Sterling Capital Long Duration Corporate Bond Fund

Schedule of Portfolio Investments — (continued)
September 30, 2023

Principal Amount			Fair Value
CORPORATE BONDS — (continued)
		Electric Utilities — (continued)
$	40,000	Northern States Power Co., 4.500%, 6/1/52	$	32,472
	80,000	Oncor Electric Delivery Co., LLC, 4.950%, 9/15/52		69,627
	240,000	PECO Energy Co., 2.850%, 9/15/51		141,900
	50,000	Public Service Electric & Gas Co., 5.450%, 8/1/53		47,596
	110,000	Public Service Electric & Gas Co., MTN, 5.375%, 11/1/39		101,756
	110,000	Puget Sound Energy, Inc., 2.893%, 9/15/51		64,100
	60,000	Puget Sound Energy, Inc., 5.638%, 4/15/41		55,502
	115,000	San Diego Gas & Electric Co., Series TTT, 4.100%, 6/15/49		85,152
	105,000	San Diego Gas & Electric Co., Series UUU, 3.320%, 4/15/50		66,930
	155,000	Sempra, 3.800%, 2/1/38		120,508
	159,000	Southern California Edison Co., 5.700%, 3/1/53		145,949
	50,000	Southern California Edison Co., 5.875%, 12/1/53		46,919
	90,000	Union Electric Co., 3.250%, 10/1/49		56,876
	55,000	Union Electric Co., 5.450%, 3/15/53		50,698
	110,000	Virginia Electric & Power Co., 4.000%, 1/15/43		83,971
	110,000	Xcel Energy, Inc., 3.500%, 12/1/49		71,696
				4,324,712
		Energy Equipment & Services — 5.6%
	100,000	Cheniere Corpus Christi Holdings, LLC, 2.742%,12/31/39		74,805
	95,000	DCP Midstream Operating L.P., 5.600%, 4/1/44		83,840
	75,000	Eastern Gas Transmission & Storage, Inc., 4.800%,11/1/43		60,959
	155,000	Energy Transfer L.P., 5.000%, 5/15/44		121,118
	40,000	Energy Transfer L.P., 5.000%, 5/15/50		31,313
	105,000	Energy Transfer L.P., 5.350%, 5/15/45		86,045
	80,000	Energy Transfer L.P., 7.500%, 7/1/38		83,957
	210,000	Enterprise Products Operating, LLC, 3.300%, 2/15/53		136,513
	140,000	Enterprise Products Operating, LLC, 5.950%, 2/1/41		137,772
	80,000	Enterprise Products Operating, LLC, 6.125%, 10/15/39		79,814
	90,000	Kinder Morgan Energy Partners L.P., 5.625%, 9/1/41		77,719
	145,000	Kinder Morgan, Inc., 3.600%, 2/15/51		92,043
	50,000	Kinder Morgan, Inc., 5.450%, 8/1/52		42,543
	70,000	Kinder Morgan, Inc., 5.550%, 6/1/45		60,312
	51,000	MPLX L.P., 4.950%, 3/14/52		39,915
	90,000	MPLX L.P., 5.200%, 12/1/47		72,642
	60,000	MPLX L.P., 5.650%, 3/1/53		51,517
	65,000	ONEOK, Inc., 6.625%, 9/1/53		63,638
	100,000	Plains All American Pipeline L.P./PAA Finance Corp., 4.700%, 6/15/44		73,807

Principal Amount			Fair Value
CORPORATE BONDS — (continued)
		Energy Equipment & Services — (continued)
$	80,000	Spectra Energy Partners L.P., 4.500%, 3/15/45	$	60,719
	85,000	Targa Resources Corp., 6.250%, 7/1/52		77,984
	94,000	TransCanada PipeLines, Ltd., 4.625%, 3/1/34		81,913
	70,000	Williams Cos., Inc. (The), 6.300%, 4/15/40		68,516
				1,759,404
		Entertainment — 0.5%
	185,000	Activision Blizzard, Inc., 2.500%, 9/15/50		110,047
	37,000	Mattel, Inc., 5.450%, 11/1/41		30,531
				140,578
		Financial Services — 2.6%
	150,000	AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 3.850%, 10/29/41		106,360
	100,000	American Express Co., 4.050%, 12/3/42		79,498
	60,000	Blackstone Holdings Finance Co., LLC, 6.250%, 8/15/42(d)		55,594
	70,000	Blue Owl Finance, LLC, 4.125%, 10/7/51(d)		40,801
	100,000	Charles Schwab Corp. (The), Series H, 4.000%, (10-Year Treasury Constant  Maturity plus 3.08%)(a)(c)		70,521
	180,000	CSL Finance PLC, 4.750%, 4/27/52(d)		152,182
	130,000	Intercontinental Exchange, Inc., 4.250%, 9/21/48		102,468
	40,000	Jefferies Financial Group, Inc., 6.500%, 1/20/43		38,654
	105,000	S&P Global, Inc., 3.700%, 3/1/52		75,800
	90,000	Visa, Inc., 4.300%, 12/14/45		76,095
				797,973
		Ground Transportation — 3.2%
	140,000	Burlington Northern Santa Fe, LLC, 4.900%, 4/1/44		123,807
	85,000	Burlington Northern Santa Fe, LLC, 4.950%, 9/15/41		76,682
	75,000	Burlington Northern Santa Fe, LLC, 5.200%, 4/15/54		68,633
	165,000	Canadian Pacific Railway Co., 3.500%, 5/1/50		112,875
	100,000	CSX Corp., 4.500%, 11/15/52		81,350
	70,000	CSX Corp., 6.000%, 10/1/36		71,046
	120,000	FedEx Corp., 4.550%, 4/1/46		94,948
	50,000	Norfolk Southern Corp., 3.400%, 11/1/49		32,984
	70,000	Norfolk Southern Corp., 3.950%, 10/1/42		53,642
	210,000	Union Pacific Corp., 2.950%, 3/10/52		129,296
	30,000	Union Pacific Corp., 3.375%, 2/14/42		22,012
	95,000	Union Pacific Corp., 3.600%, 9/15/37		76,375
	70,000	United Parcel Service, Inc., 5.300%, 4/1/50		66,615
				1,010,265
		Health Care Providers & Services — 11.0%
	70,000	Abbott Laboratories, 4.900%, 11/30/46		63,926
	60,000	AbbVie, Inc., 4.050%, 11/21/39		49,065

Continued

96 

Sterling Capital Long Duration Corporate Bond Fund

Schedule of Portfolio Investments — (continued)
September 30, 2023

Principal  Amount			Fair Value
CORPORATE BONDS — (continued)
		Health Care Providers & Services — (continued)
$	150,000	AbbVie, Inc., 4.250%, 11/21/49	$	118,621
	95,000	AbbVie, Inc., 4.400%, 11/6/42		78,944
	140,000	AbbVie, Inc., 4.450%, 5/14/46		114,327
	70,000	Aetna, Inc., 4.500%, 5/15/42		55,275
	70,000	Amgen, Inc., 2.770%, 9/1/53		38,972
	165,000	Amgen, Inc., 2.800%, 8/15/41		106,976
	100,000	Amgen, Inc., 4.400%, 2/22/62		74,010
	55,000	Amgen, Inc., 5.150%, 11/15/41		48,525
	120,000	Amgen, Inc., 5.600%, 3/2/43		111,633
	110,000	Baxalta, Inc., 5.250%, 6/23/45		97,912
	100,000	Baxter International, Inc., 3.132%, 12/1/51		59,420
	80,000	Becton Dickinson & Co., 4.875%, 5/15/44		63,915
	145,000	Bristol-Myers Squibb Co., 2.350%, 11/13/40		91,684
	185,000	Bristol-Myers Squibb Co., 2.550%, 11/13/50		105,534
	130,000	Bristol-Myers Squibb Co., 3.700%, 3/15/52		93,274
	110,000	Bristol-Myers Squibb Co., 4.250%, 10/26/49		87,063
	70,000	Bristol-Myers Squibb Co., 4.625%, 5/15/44		59,851
	70,000	Cigna Group (The), 4.800%, 8/15/38		61,657
	95,000	CVS Health Corp., 2.700%, 8/21/40		59,804
	65,000	CVS Health Corp., 4.780%, 3/25/38		55,977
	40,000	CVS Health Corp., 5.050%, 3/25/48		33,317
	130,000	CVS Health Corp., 5.125%, 7/20/45		109,990
	105,000	CVS Health Corp., 5.875%, 6/1/53		97,051
	125,000	Danaher Corp., 2.800%, 12/10/51		76,101
	180,000	Elevance Health, Inc., 4.375%, 12/1/47		143,100
	90,000	Elevance Health, Inc., 5.125%, 2/15/53		79,375
	90,000	Gilead Sciences, Inc., 2.600%, 10/1/40		59,369
	40,000	Gilead Sciences, Inc., 5.550%, 10/15/53		38,416
	150,000	HCA, Inc., 3.500%, 7/15/51		93,516
	125,000	HCA, Inc., 5.500%, 6/15/47		107,189
	75,000	Novartis Capital Corp., 2.750%, 8/14/50		47,829
	100,000	Pfizer Investment Enterprises Pte, Ltd., 5.110%, 5/19/43		91,909
	200,000	Roche Holdings, Inc., 2.607%, 12/13/51(d)		119,524
	80,000	Stryker Corp., 4.625%, 3/15/46		67,349
	300,000	UnitedHealth Group, Inc., 3.500%, 8/15/39		230,818
	140,000	UnitedHealth Group, Inc., 3.750%, 10/15/47		102,874
	155,000	Wyeth, LLC, 5.950%, 4/1/37		159,332
	90,000	Zoetis, Inc., 4.700%, 2/1/43		77,525
				3,430,949
		Household Products — 0.6%
	135,000	Kenvue, Inc., 5.050%, 3/22/53(d)		122,519
	60,000	Procter & Gamble Co. (The), 5.550%, 3/5/37		61,872
				184,391
		Industrial REITs — 0.2%
	55,000	Prologis L.P., 5.250%, 6/15/53		49,380

Principal  Amount			Fair Value
CORPORATE BONDS — (continued)
		Insurance — 3.9%
$	103,000	Athene Holding, Ltd., 3.950%, 5/25/51	$	67,510
	55,000	Berkshire Hathaway Finance Corp., 3.850%, 3/15/52		40,983
	70,000	Berkshire Hathaway Finance Corp., 4.200%, 8/15/48		57,084
	40,000	Carlyle Holdings II Finance, LLC, 5.625%, 3/30/43(d)		33,227
	84,000	Corebridge Financial, Inc., 4.400%, 4/5/52		61,364
	80,000	Enstar Finance, LLC, 5.500%, (5-Year Treasury Constant Maturity plus 4.01%), 1/15/42(a)		63,723
	37,000	Enstar Group, Ltd., 3.100%, 9/1/31		27,876
	90,000	Fidelity National Financial, Inc., 3.200%, 9/17/51		49,492
	80,000	Global Atlantic Fin Co., 4.700%, (5-Year Treasury Constant Maturity plus 3.80%), 10/15/51(a)(d)		57,866
	70,000	Guardian Life Insurance Co. of America (The), 4.875%, 6/19/64(d)		55,076
	70,000	KKR Group Finance Co. III, LLC, 5.125%, 6/1/44(d)		57,908
	100,000	Nationwide Mutual Insurance Co., 4.350%, 4/30/50(d)		71,351
	103,000	New York Life Insurance Co., 3.750%, 5/15/50(d)		71,030
	80,000	New York Life Insurance Co., 4.450%, 5/15/69(d)		58,682
	100,000	New York Life Insurance Co., 6.750%, 11/15/39(d)		104,559
	90,000	Northwestern Mutual Life Insurance Co. (The), 3.450%, 3/30/51(d)		57,526
	80,000	Pacific LifeCorp, 3.350%, 9/15/50(d)		51,009
	100,000	Prudential Financial, Inc., 3.700%, (5-Year Treasury Constant Maturity plus 3.04%), 10/1/50(a)		81,348
	70,000	Securian Financial Group, Inc., 4.800%, 4/15/48(d)		50,629
	70,000	Voya Financial, Inc., 4.800%, 6/15/46		53,242
	90,000	W R Berkley Corp., 3.150%, 9/30/61		49,581
				1,221,066
		Internet & Direct Marketing Retail — 0.3%
	120,000	Meta Platforms, Inc., 4.450%, 8/15/52		95,360
		IT Services — 0.2%
	100,000	Fiserv, Inc., 4.400%, 7/1/49		76,593
		Machinery — 0.2%
	80,000	Deere & Co., 3.900%, 6/9/42		66,033
		Media — 4.2%
	190,000	Charter Communications Operating, LLC/ Charter Communications Operating Capital, 4.400%, 12/1/61		116,986

Continued

97

Sterling Capital Long Duration Corporate Bond Fund

Schedule of Portfolio Investments — (continued)
September 30, 2023

Principal  Amount			Fair Value
CORPORATE BONDS — (continued)
		Media — (continued)
$	110,000	Charter Communications Operating, LLC/ Charter Communications Operating Capital, 6.484%, 10/23/45	$	96,043
	130,000	Comcast Corp., 2.800%, 1/15/51		76,043
	170,000	Comcast Corp., 2.987%, 11/1/63		93,668
	130,000	Comcast Corp., 3.250%, 11/1/39		94,936
	100,000	Comcast Corp., 3.400%, 7/15/46		68,199
	150,000	Comcast Corp., 5.500%, 5/15/64		136,143
	90,000	Discovery Communications, LLC, 4.000%, 9/15/55		53,946
	100,000	Discovery Communications, LLC, 5.200%, 9/20/47		75,756
	90,000	Interpublic Group of Cos., Inc. (The), 3.375%, 3/1/41		59,486
	70,000	Time Warner Cable, LLC, 5.875%, 11/15/40		58,035
	155,000	Time Warner Cable, LLC, 6.550%, 5/1/37		140,656
	100,000	Walt Disney Co. (The), 2.750%, 9/1/49		59,359
	130,000	Walt Disney Co. (The), 3.500%, 5/13/40		97,653
	70,000	Walt Disney Co. (The), 6.200%, 12/15/34		72,766
				1,299,675
		Metals & Mining — 0.9%
	100,000	Nucor Corp., 2.979%, 12/15/55		56,822
	100,000	Southern Copper Corp., 7.500%, 7/27/35		110,005
	80,000	Steel Dynamics, Inc., 3.250%, 10/15/50		48,536
	62,000	Teck Resources, Ltd., 6.000%, 8/15/40		55,400
				270,763
		Office REITs — 0.1%
	50,000	Alexandria Real Estate Equities, Inc., 3.000%, 5/18/51		28,193
		Oil, Gas & Consumable Fuels — 4.6%
	77,000	Apache Corp., 5.250%, 2/1/42		60,361
	80,000	Atmos Energy Corp., 4.125%, 10/15/44		62,588
	90,000	BP Capital Markets America, Inc., 2.939%, 6/4/51		54,984
	95,000	BP Capital Markets America, Inc., 3.060%, 6/17/41		65,533
	75,000	ConocoPhillips Co., 4.025%, 3/15/62		53,821
	61,000	Devon Energy Corp., 5.600%, 7/15/41		53,934
	113,000	Diamondback Energy, Inc., 4.250%, 3/15/52		80,075
	80,000	Equinor ASA, 5.100%, 8/17/40		74,905
	70,000	Exxon Mobil Corp., 4.114%, 3/1/46		56,190
	202,000	Exxon Mobil Corp., 4.227%, 3/19/40		171,972
	80,000	Halliburton Co., 4.850%, 11/15/35		71,973
	85,000	Halliburton Co., 5.000%, 11/15/45		72,016
	35,000	Hess Corp., 5.600%, 2/15/41		31,574
	80,000	Marathon Petroleum Corp., 6.500%, 3/1/41		79,093
	85,000	NiSource, Inc., 4.800%, 2/15/44		69,934
	100,000	Shell International Finance BV, 4.550%, 8/12/43		84,815

Principal  Amount			Fair Value
CORPORATE BONDS — (continued)
		Oil, Gas & Consumable Fuels — (continued)
$	145,000	Shell International Finance BV, 6.375%, 12/15/38	$	154,698
	225,000	Southern Co. Gas Capital Corp., Series 21A, 3.150%, 9/30/51		133,240
				1,431,706
		Residential REITs — 0.7%
	110,000	American Homes 4 Rent L.P., 4.300%, 4/15/52		79,477
	30,000	Mid-America Apartments L.P., 2.875%, 9/15/51		17,251
	120,000	NNN REIT, Inc., 3.500%, 4/15/51		75,362
	80,000	UDR, Inc., 3.100%, 11/1/34		60,333
				232,423
		Retail REITs — 0.4%
	110,000	Kimco Realty OP, LLC, 4.250%, 4/1/45		79,381
	80,000	Simon Property Group L.P., 3.250%, 9/13/49		49,487
				128,868
		Semiconductors & Semiconductor Equipment — 2.6%
	55,000	Broadcom, Inc., 3.469%, 4/15/34(d)		43,211
	80,000	Broadcom, Inc., 3.500%, 2/15/41(d)		55,566
	90,000	Broadcom, Inc., 3.750%, 2/15/51(d)		60,301
	155,000	Lam Research Corp., 2.875%, 6/15/50		96,079
	125,000	NVIDIA Corp., 3.500%, 4/1/50		91,009
	50,000	NXP BV / NXP Funding, LLC/NXP USA, Inc., 3.250%, 11/30/51		30,377
	120,000	NXP BV/NXP Funding, LLC/NXP USA, Inc., 5.000%, 1/15/33		110,436
	70,000	QUALCOMM, Inc., 4.300%, 5/20/47		56,591
	200,000	QUALCOMM, Inc., 4.500%, 5/20/52		163,878
	90,000	Texas Instruments, Inc., 5.000%, 3/14/53		81,414
	41,000	Texas Instruments, Inc., 5.050%, 5/18/63		36,305
				825,167
		Software — 4.3%
	130,000	Apple, Inc., 2.650%, 5/11/50		79,524
	180,000	Apple, Inc., 2.800%, 2/8/61		105,557
	150,000	Apple, Inc., 3.850%, 5/4/43		121,252
	80,000	Apple, Inc., 3.850%, 8/4/46		63,293
	170,000	Apple, Inc., 3.950%, 8/8/52		133,193
	90,000	Microsoft Corp., 2.525%, 6/1/50		54,851
	305,000	Microsoft Corp., 2.675%, 6/1/60		178,818
	220,000	Oracle Corp., 3.650%, 3/25/41		156,895
	100,000	Oracle Corp., 3.800%, 11/15/37		76,405
	90,000	Oracle Corp., 3.850%, 4/1/60		57,364
	90,000	Oracle Corp., 3.950%, 3/25/51		61,625
	110,000	Oracle Corp., 4.000%, 7/15/46		77,860
	115,000	Oracle Corp., 5.550%, 2/6/53		100,900
	75,000	Oracle Corp., 6.900%, 11/9/52		77,311
				1,344,848

Continued

98

Sterling Capital Long Duration Corporate Bond Fund

Schedule of Portfolio Investments — (continued) 
September 30, 2023

Principal  Amount			Fair Value
CORPORATE BONDS — (continued)
		Specialty Retail — 2.7%
$	90,000	ERAC USA Finance, LLC, 5.625%, 3/15/42(d)	$	83,945
	225,000	Home Depot, Inc. (The), 2.750%, 9/15/51		133,832
	130,000	Home Depot, Inc. (The), 3.125%, 12/15/49		85,120
	110,000	Lowe's Cos., Inc., 5.000%, 4/15/40		96,536
	150,000	Lowe's Cos., Inc., 5.625%, 4/15/53		137,055
	135,000	McDonald's Corp., MTN, 3.625%, 9/1/49		94,951
	140,000	McDonald's Corp., MTN, 4.875%, 12/9/45		121,117
	135,000	Starbucks Corp., 3.500%, 11/15/50		91,085
				843,641
		Telecommunication Services — 4.1%
	170,000	AT&T, Inc., 3.500%, 6/1/41		118,017
	240,000	AT&T, Inc., 3.650%, 9/15/59		146,008
	245,000	AT&T, Inc., 3.850%, 6/1/60		156,038
	240,000	AT&T, Inc., 4.500%, 5/15/35		205,613
	150,000	Deutsche Telekom AG, 3.625%, 1/21/50(d)		102,414
	60,000	Telefonica Emisiones SA, 5.213%, 3/8/47		47,814
	150,000	Verizon Communications, Inc., 2.650%, 11/20/40		94,889
	250,000	Verizon Communications, Inc., 3.400%, 3/22/41		177,172
	80,000	Verizon Communications, Inc., 3.700%, 3/22/61		50,949
	60,000	Verizon Communications, Inc., 4.400%, 11/1/34		52,225
	150,000	Verizon Communications, Inc., 5.250%, 3/16/37		140,170
				1,291,309
		Tobacco — 1.7%
	80,000	Altria Group, Inc., 3.875%, 9/16/46		52,463
	190,000	BAT Capital Corp., 4.390%, 8/15/37		145,448
	90,000	BAT Capital Corp., 4.540%, 8/15/47		62,031
	70,000	Cargill, Inc., 4.375%, 4/22/52(d)		56,816
	90,000	Cargill, Inc., 4.760%, 11/23/45(d)		76,298
	180,000	Philip Morris International, Inc., 4.375%, 11/15/41		140,833
				533,889
		Total Corporate Bonds
		(Cost $36,942,518)		28,956,584
U.S. GOVERNMENT AGENCIES — 0.2%
		Tennessee Valley Authority — 0.2%
	70,000	4.250%, 9/15/52		57,312
		Total U.S. Government Agencies
		(Cost $67,789)		57,312
U.S. TREASURY BONDS — 5.1%
	1,937,000	2.000%, 11/15/41		1,255,948

Principal  Amount			Fair Value
U.S. TREASURY BONDS — (continued)
$	567,900	2.000%, 8/15/51	$	327,252
		Total U.S. Treasury Bonds
		(Cost $1,801,312)		1,583,200

Shares
MONEY MARKET FUND — 0.5%
	162,187	Federated Treasury Obligations Fund, Institutional Shares, 5.21%(f)		162,187
		Total Money Market Fund
		(Cost $162,187)		162,187
Total Investments  — 98.7%
(Cost $38,973,806)				30,759,283
Net Other Assets (Liabilities) — 1.3%				418,530
NET ASSETS — 100.0%			$	31,177,813

(a) The interest rate for this variable rate note, which will change periodically, is based either on the prime rate or an index of market rates. The reflected rate is in effect as of September 30, 2023. The maturity date reflected is the final maturity date.

(b) Security is a fix-to-float security, which carries a fixed coupon until a certain date, upon which it switches to a floating rate. Rate shown is the fixed rate.

(c) Security is perpetual in nature and has no stated maturity date.

(d) Rule 144A, Section 4(a)(2) or other security that is restricted as to resale to qualified institutional investors. The Advisor, using Board approved procedures, has deemed these securities or a portion of these securities to be liquid.

(e) All or a portion of the securities are held in a separate collateral account at US Bank.

(f) Represents the current yield as of report date.

MTN Medium Term Note

Continued

99

Sterling Capital Quality Income Fund

Schedule of Portfolio Investments
September 30, 2023

Principal  Amount			Fair Value
ASSET BACKED SECURITIES — 16.1%
$	22,069	AmeriCredit Automobile Receivables Trust, Series 2019-2, Class C, 2.740%, 4/18/25	$	22,036
	555,000	AmeriCredit Automobile Receivables Trust, Series 2021-2, Class B, 0.690%, 1/19/27		527,795
	170,000	ARI Fleet Lease Trust, Series 2021-A, Class A3, 0.680%, 3/15/30(a)		165,704
	470,000	ARI Fleet Lease Trust, Series 2022-A, Class A3, 3.430%, 1/15/31(a)		452,391
	1,250,000	Avis Budget Rental Car Funding AESOP, LLC, Series 2023-4A, Class A, 5.490%, 6/20/29(a)		1,216,552
	550,000	Carvana Auto Receivables Trust, Series 2021-P1, Class A4, 0.860%, 1/11/27		516,659
	509,000	Carvana Auto Receivables Trust, Series 2021-P2, Class B, 1.270%, 3/10/27		454,790
	600,000	Carvana Auto Receivables Trust, Series 2021-P3, Class B, 1.420%, 8/10/27		519,872
	620,000	Citibank Credit Card Issuance Trust, Series 2007-A3, Class A3, 6.150%, 6/15/39(b)		637,052
	122	Citicorp Residential Mortgage Trust, STEP, Series 2007-2, Class A6, 4.622%, 6/25/37		120
	300,000	Enterprise Fleet Financing, LLC, Series 2021-2, Class A3, 0.740%, 5/20/27(a)		278,325
	410,000	Enterprise Fleet Financing, LLC, Series 2021-3, Class A3, 1.220%, 8/20/27(a)		378,103
	544,000	Enterprise Fleet Financing, LLC, Series 2023-1, Class A3, 5.420%, 10/22/29(a)		535,994
	375,000	Enterprise Fleet Funding, LLC, Series 2021-1, Class A3, 0.700%, 12/21/26(a)		357,573
	642,000	Ford Credit Auto Owner Trust 2020- REV2, Series 2020-2, Class A, 1.060%, 4/15/33(a)(b)		583,431
	415,000	Ford Credit Auto Owner Trust 2021- REV2, Series 2021-2, Class A, 1.530%, 5/15/34(a)		366,320
	205,000	GreatAmerica Leasing Receivables Funding, LLC, Series 2021-1, Class A4, 0.550%, 12/15/26(a)		195,358
	1,295,000	Hertz Vehicle Financing III L.P., Series 2021-2A, Class A, 1.680%, 12/27/27(a)		1,136,260
	1,315,000	OneMain Direct Auto Receivables Trust 2023-1, Series 2023-1A, Class A, 5.410%, 11/14/29(a)		1,294,771
	29,598	OneMain Financial Issuance Trust, Series 2020-1A, Class A, 3.840%, 5/14/32(a)		29,542
	630,000	OneMain Financial Issuance Trust 2019- 2, Series 2019-2A, Class A, 3.140%, 10/14/36(a)(b)		570,255
	480,000	OneMain Financial Issuance Trust 2021-1, Series 2021-1A, Class A1, 1.550%, 6/16/36(a)(b)		417,012
	750,000	Santander Drive Auto Receivables Trust, Series 2023-3, Class B, 5.610%, 7/17/28		743,138

Principal Amount			Fair Value
ASSET BACKED SECURITIES — (continued)
$	129,557	Saxon Asset Securities Trust, Series 2004-3, Class M1, 6.334%, (TSFR1M plus 1.01%), 12/26/34(c)	$	121,491
	280,721	SoFi Professional Loan Program Trust, Series 2020-A, Class A2FX, 2.540%, 5/15/46(a)(b)		256,974
	561,000	Synchrony Card Funding, LLC, Series 2023-A1, Class A, 5.540%, 7/15/29		560,410
	750,000	Toyota Auto Loan Extended Note Trust 2021-1, Series 2021-1A, Class A, 1.070%, 2/27/34(a)(b)		671,557
	1,000,000	Toyota Auto Loan Extended Note Trust 2022-1, Series 2022-1A, Class A, 3.820%, 4/25/35(a)		940,796
	45,340	U.S. Small Business Administration, Series 2010-20D, Class 1, 4.360%, 4/1/30(b)		43,306
	150,001	Wheels SPV 2, LLC, Series 2020-1A, Class A3, 0.620%, 8/20/29(a)		147,516
		Total Asset Backed Securities
		(Cost $15,128,735)		14,141,103
COLLATERALIZED MORTGAGE OBLIGATIONS — 20.7%
	348,451	Chase Home Lending Mortgage Trust, Series 2019-ATR2, Class A3, 3.500%, 7/25/49(a)(d)		298,641
	9,137	Citigroup Mortgage Loan Trust, Inc., Series 2004-NCM2, Class 3CB2, 6.500%, 8/25/19		8,898
	27,510	Countrywide Home Loan Mortgage Pass- Through Trust, Series 2004-3, Class A4, 5.750%, 4/25/34		25,761
	52,339	Credit Suisse First Boston Mortgage- Backed Pass-Through Certificates, Series 2004-1, Class 2A1, 6.500%, 2/25/34		51,184
	38,956	Fannie Mae, Series 2003-19, Class AR, 5.500%, 3/25/33		38,524
	176,655	Fannie Mae, Series 2003-21, Class OW, 4.000%, 3/25/33		165,117
	682,000	Fannie Mae, Series 2008-2, Class PH, 5.500%, 2/25/38		669,207
	527,000	Fannie Mae, Series 2009-28, Class HX, 5.000%, 5/25/39		509,349
	825,833	Fannie Mae, Series 2010-150, Class YL, 4.000%, 1/25/41		711,006
	869,075	Fannie Mae, Series 2011-131, Class PB, 4.500%, 12/25/41		825,809
	112,068	Fannie Mae, Series 2011-74, Class QM, 4.500%, 11/25/40		109,936
	1,050,281	Fannie Mae, Series 2013-30, Class PY, 3.000%, 4/25/43		978,047
	356,921	Fannie Mae, Series 2013-91, Class DV, 3.000%, 10/25/26		344,201
	928,514	Fannie Mae, Series 2015-65, Class CZ, 3.500%, 9/25/45		727,567

See accompanying Notes to the Financial Statements.

100

Sterling Capital Quality Income Fund

Schedule of Portfolio Investments — (continued)
September 30, 2023

Principal Amount			Fair Value
COLLATERALIZED MORTGAGE OBLIGATIONS — (continued)
$	496,931	Fannie Mae, Series 2016-11, Class GA, 2.500%, 3/25/46	$	442,544
	127,197	Fannie Mae, Series 2016-85, Class GA, 2.500%, 10/25/45		111,632
	1,495,000	Fannie Mae, Series 2017-42, Class HL, 3.000%, 6/25/47		1,268,102
	337,555	Fannie Mae, Series 2020-10, Class Q, 3.000%, 3/25/50		279,114
	64,387	Freddie Mac, Series 2485, Class WG, 6.000%, 8/15/32		64,681
	134,468	Freddie Mac, Series 2768, Class PC, 4.000%, 3/15/34		127,620
	115,134	Freddie Mac, Series 3042, Class PZ, 5.750%, 9/15/35		114,909
	87,504	Freddie Mac, Series 3440, Class EM, 5.000%, 4/15/38		85,601
	500,000	Freddie Mac, Series 3714, Class PB, 4.750%, 8/15/40(b)		475,234
	7,332	Freddie Mac, Series 3803, Class PJ, 4.250%, 1/15/41		7,208
	200,000	Freddie Mac, Series 3815, Class TB, 4.500%, 2/15/41		183,264
	117,826	Freddie Mac, Series 3816, Class HM, 4.500%, 5/15/40		112,379
	990,000	Freddie Mac, Series 3895, Class PW, 4.500%, 7/15/41		942,763
	296,893	Freddie Mac, Series 3989, Class JW, 3.500%, 1/15/42(b)		266,017
	338,000	Freddie Mac, Series 4088, Class CD, 3.000%, 8/15/42		251,890
	300,000	Freddie Mac, Series 4094, Class ME, 2.500%, 8/15/42		246,060
	215,000	Freddie Mac, Series 4097, Class CU, 1.500%, 8/15/27		190,277
	724,000	Freddie Mac, Series 4125, Class JC, 2.500%, 11/15/42		496,207
	628,000	Freddie Mac, Series 4135, Class AY, 2.000%, 11/15/42		455,604
	467,283	Freddie Mac, Series 4136, Class HZ, 3.500%, 11/15/27		431,925
	119,000	Freddie Mac, Series 4160, Class HH, 2.500%, 12/15/32(b)		103,331
	122,529	Freddie Mac, Series 4173, Class NB, 3.000%, 3/15/43		106,092
	81,669	Freddie Mac, Series 4215, Class LD, 2.000%, 7/15/41		75,924
	34,269	Freddie Mac, Series 4293, Class MH, 3.000%, 12/15/41		31,461
	93,275	Freddie Mac, Series 4352, Class ZX, 4.000%, 4/15/44		85,752
	1,000,000	Freddie Mac, Series 4507, Class GB, 3.000%, 9/15/45		800,333
	475,000	Freddie Mac, Series 4650, Class JE, 3.000%, 7/15/46		374,610

Principal Amount			Fair Value
COLLATERALIZED MORTGAGE OBLIGATIONS — (continued)
$	898,398	Freddie Mac, Series 4941, Class MB, 3.000%, 7/25/49	$	763,006
	391,438	Freddie Mac, Series 5115, Class G, 2.500%, 9/25/50		310,714
	215,951	Freddie Mac Strips, Series 219, Class PO, 3/1/32		185,196
	995,345	Freddie Mac Strips, Series 236, Class PO, 4/1/36		794,762
	51,632	Ginnie Mae, Series 2004-69, Class GC, 5.500%, 4/20/34		51,213
	426,916	Ginnie Mae, Series 2005-60, Class WZ, 5.500%, 9/20/35		420,125
	183,452	Ginnie Mae, Series 2007-57, Class ZA, 5.750%, 10/20/37		183,577
	750,000	Ginnie Mae, Series 2011-135, Class PG, 3.000%, 10/16/41		620,643
	612,000	Ginnie Mae, Series 2017-75, Class DL, 3.000%, 3/20/47		475,072
	800,000	Ginnie Mae, Series 2019-6, Class JK, 3.500%, 1/20/49		680,131
	137,978	MASTR Alternative Loan Trust, Series 2003-5, Class 8A1, 5.500%, 6/25/33(b)		123,265
		Total Collateralized Mortgage Obligations
		(Cost $20,437,224)		18,201,485
COMMERCIAL MORTGAGE-BACKED SECURITIES — 18.7%
	250,000	BANK 2020-BNK29, Series 2020-BN29, Class A4, 1.997%, 11/15/53		185,437
	325,000	BBCMS Mortgage Trust, Series 2020-C7, Class A5, 2.037%, 4/15/53		257,357
	589,492	Benchmark Mortgage Trust, Series 2020- B18, Class A5, 1.925%, 7/15/53		450,037
	1,250,000	Benchmark Mortgage Trust, Series 2020- B21, Class A5, 1.978%, 12/17/53(b)		954,690
	277,000	BX Commercial Mortgage Trust, Series 2021-ACNT, Class C, 6.946%, (TSFR1M plus 1.61%), 11/15/38(a)(c)		270,048
	252,184	BX Trust, Series 2021-RISE, Class C, 6.896%, (TSFR1M plus 1.56%), 11/15/36(a)(c)		246,647
	589,000	CD Mortgage Trust, Series 2016-CD2, Class A4, 3.526%, 11/10/49(b)(d)		535,411
	700,000	CD Mortgage Trust, Series 2017-CD3, Class A4, 3.631%, 2/10/50		628,908
	100,000	CFCRE Commercial Mortgage Trust, Series 2016-C7, Class A3, 3.839%, 12/10/54		93,784
	405,000	Citigroup Commercial Mortgage Trust, Series 2013-GC17, Class AS, 4.544%, 11/10/46(b)		402,948

Continued

101

Sterling Capital Quality Income Fund

Schedule of Portfolio Investments — (continued)
September 30, 2023

Principal Amount			Fair Value
COMMERCIAL MORTGAGE-BACKED SECURITIES — (continued)
$	500,000	Citigroup Commercial Mortgage Trust, Series 2015-GC33, Class A4, 3.778%, 9/10/58	$	468,936
	44,341	COMM 2013-CCRE13 Mortgage Trust, Series 2013-CR13, Class A4, 4.194%, 11/10/46(d)		44,195
	350,000	COMM 2014-CCRE15 Mortgage Trust, Series 2014-CR15, Class A4, 4.074%, 2/10/47(d)		347,534
	500,000	COMM 2014-CCRE18 Mortgage Trust, Series 2014-CR18, Class A5, 3.828%, 7/15/47(b)		490,922
	266,000	COMM Mortgage Trust, Series 2014- CR20, Class A4, 3.590%, 11/10/47		257,613
	153,000	COMM Mortgage Trust, Series 2014- UBS2, Class A5, 3.961%, 3/10/47		151,842
	455,000	COMM Mortgage Trust, Series 2014- UBS4, Class A5, 3.694%, 8/10/47		442,308
	250,000	COMM Mortgage Trust, Series 2017- COR2, Class A3, 3.510%, 9/10/50(b)		226,943
	500,000	CSAIL Commercial Mortgage Trust, Series 2015-C3, Class A4, 3.718%, 8/15/48(b)		473,318
	251,000	ELP Commercial Mortgage Trust, Series 2021-ELP, Class C, 6.767%, (TSFR1M plus 1.43%), 11/15/38(a)(c)		244,701
	1,000,000	Freddie Mac Multifamily Structured Pass Through Certificates, Series K1522, Class A2, 2.361%, 10/25/36		711,304
	140,000	Freddie Mac Multifamily Structured Pass Through Certificates, Series K159, Class A2, 3.950%, 11/25/30(d)		129,230
	363,690	FRESB Mortgage Trust, Series 2017-SB36, Class A10F, 2.880%, 7/25/27(b)(d)		335,103
	573,183	Ginnie Mae, Series 2014-126, Class A, 2.500%, 11/16/46		529,458
	352,763	Ginnie Mae, Series 2019-79, Class V, 2.800%, 3/16/29		323,199
	17,614	GS Mortgage Securities Trust, Series 2010- C1, Class B, 5.148%, 8/10/43(a)		17,455
	85,000	GS Mortgage Securities Trust, Series 2014- GC24, Class A5, 3.931%, 9/10/47		82,388
	500,000	GS Mortgage Securities Trust, Series 2016- GS4, Class A4, 3.442%, 11/10/49(b)(d)		461,299
	64,000	GS Mortgage Securities Trust, Series 2020- GC47, Class A5, 2.377%, 5/12/53		51,395
	500,000	GS Mortgage Securities Trust, Series 2020- GSA2, Class A5, 2.012%, 12/12/53(b)		380,070
	142,369	JP Morgan Chase Commercial Mortgage Securities Trust, Series 2011-C3, Class B, 5.013%, 2/15/46(a)(d)		132,328
	500,000	JP Morgan Chase Commercial Mortgage Securities Trust, Series 2014-C20, Class A5, 3.805%, 7/15/47(b)		492,810

Principal Amount			Fair Value
COMMERCIAL MORTGAGE-BACKED SECURITIES — (continued)
$	185,000	JP Morgan Chase Commercial Mortgage Securities Trust, Series 2016-JP4, Class A4, 3.648%, 12/15/49(d)	$	171,061
	272,691	Med Trust, Series 2021-MDLN, Class C, 7.246%, (TSFR1M plus 1.91%), 11/15/38(a)(c)		264,770
	100,000	Morgan Stanley Bank of America Merrill Lynch Trust, Series 2014-C18, Class A4, 3.923%, 10/15/47(b)		97,110
	300,167	Morgan Stanley Bank of America Merrill Lynch Trust, Series 2014-C19, Class A4, 3.526%, 12/15/47		289,317
	500,000	Morgan Stanley Bank of America Merrill Lynch Trust, Series 2016-C32, Class A4, 3.720%, 12/15/49(b)		461,359
	435,000	Morgan Stanley Capital I Trust, Series 2018-H3, Class A5, 4.177%, 7/15/51		402,120
	659,333	Morgan Stanley Capital I Trust, Series 2020-HR8, Class A4, 2.041%, 7/15/53		513,879
	199,753	OPG Trust, Series 2021-PORT, Class C, 6.279%, (TSFR1M plus 0.95%), 10/15/36(a)(c)		192,734
	235,642	SMR Mortgage Trust, Series 2022-IND, Class A, 6.982%, (TSFR1M plus 1.65%), 2/15/39(a)(c)		225,265
	600,000	Wells Fargo Commercial Mortgage Trust, Series 2014-LC18, Class A5, 3.405%, 12/15/47		576,127
	644,000	Wells Fargo Commercial Mortgage Trust, Series 2015-P2, Class A4, 3.809%, 12/15/48		609,750
	50,000	Wells Fargo Commercial Mortgage Trust, Series 2016-C37, Class A5, 3.794%, 12/15/49		46,540
	300,000	Wells Fargo Commercial Mortgage Trust, Series 2017-C40, Class A4, 3.581%, 10/15/50		273,343
	220,800	Wells Fargo Commercial Mortgage Trust, Series 2020-C56, Class A5, 2.448%, 6/15/53		177,832
	500,000	Wells Fargo Commercial Mortgage Trust, Series 2020-C57, Class A4, 2.118%, 8/15/53		392,933
	300,000	Wells Fargo Commercial Mortgage Trust, Series 2020-C58, Class A4, 2.092%, 7/15/53		230,777
	475,000	WFRBS Commercial Mortgage Trust, Series 2014-C20, Class AS, 4.176%, 5/15/47		444,823

Continued

102

Sterling Capital Quality Income Fund

Schedule of Portfolio Investments — (continued)
September 30, 2023

Principal  Amount			Fair Value
COMMERCIAL MORTGAGE-BACKED SECURITIES — (continued)
$	302,000	WFRBS Commercial Mortgage Trust, Series 2014-C23, Class A5, 3.917%, 10/15/57	$	291,500
		Total Commercial Mortgage-Backed Securities
		(Cost $18,873,908)		16,480,858
CORPORATE BONDS — 0.3%
		Diversified REITs — 0.3%
	250,000	American Tower Trust, 3.652%, 3/23/28(a)(b)		228,689
		Total Corporate Bonds
		(Cost $250,000)		228,689
MORTGAGE-BACKED SECURITIES — 38.7%
		Fannie Mae — 15.3%
	99,762	3.000%, 1/1/31, Pool #BA6574		93,076
	302,291	4.500%, 3/1/34, Pool #CA3294		292,667
	270,375	2.500%, 11/1/35, Pool #CA7939		238,527
	54,293	5.500%, 6/1/38, Pool #984277(b)		54,064
	29,732	5.500%, 8/1/38, Pool #995072		29,657
	38,817	4.500%, 9/1/39, Pool #AC1830		36,690
	36,572	4.500%, 10/1/40, Pool #AE4855		34,568
	70,229	3.500%, 2/1/41, Pool #AH5646		62,417
	111,749	4.000%, 3/1/41, Pool #AH4008		102,451
	327,078	2.500%, 5/1/41, Pool #MA4334		267,584
	28,310	4.500%, 6/1/41, Pool #AC9298		26,758
	80,313	5.000%, 7/1/41, Pool #AI5595		78,027
	132,988	4.000%, 9/1/41, Pool #AJ1717		121,906
	107,583	3.500%, 6/1/42, Pool #AB5373		95,503
	681,668	6.000%, 8/1/43, Pool #MA5129		677,534
	36,695	4.500%, 10/1/44, Pool #MA2066		34,455
	113,080	4.000%, 12/1/44, Pool #MA2127		103,374
	105,864	4.500%, 1/1/45, Pool #MA2158		99,403
	135,635	3.500%, 3/1/45, Pool #AS4552		119,396
	119,369	4.000%, 10/1/45, Pool #AL7487		108,980
	835,306	3.000%, 10/1/46, Pool #BC4764		706,220
	80,937	4.000%, 11/1/46, Pool #MA2808		73,630
	109,152	3.000%, 2/1/47, Pool #BE2329		92,234
	61,340	4.000%, 5/1/47, Pool #BE9598		55,527
	52,737	4.500%, 11/1/47, Pool #BM3286		50,259
	196,800	3.500%, 12/1/47, Pool #CA0833		172,522
	62,292	4.500%, 5/1/48, Pool #CA1711		58,170
	89,036	3.500%, 9/1/49, Pool #BJ9608		77,888
	206,030	3.500%, 6/1/50, Pool #CA6097		179,212
	204,824	3.000%, 7/1/50, Pool #CA6422		170,734
	204,336	3.000%, 7/1/50, Pool #CA6421		170,390
	518,206	2.500%, 8/1/50, Pool #FM4053		417,704
	330,498	2.500%, 8/1/50, Pool #FM4055		264,675
	787,593	3.000%, 8/1/50, Pool #FS0973		663,414
	388,347	2.500%, 10/1/50, Pool #FM4702		311,001
	480,023	2.500%, 3/1/51, Pool #FM6523		384,318

Principal  Amount			Fair Value
MORTGAGE-BACKED SECURITIES — (continued)
		Fannie Mae — (continued)
$	329,303	3.000%, 5/1/51, Pool #FM7346	$	274,492
	1,050,662	2.500%, 8/1/51, Pool #FM8438		843,838
	1,257,049	4.000%, 8/1/51, Pool #FS1976		1,138,298
	311,064	3.000%, 11/1/51, Pool #CB2170		258,121
	835,173	3.500%, 2/1/52, Pool #MA4550		720,539
	960,388	3.000%, 3/1/52, Pool #BV4143		807,193
	734,069	3.500%, 4/1/52, Pool #FS1185		633,604
	681,286	3.500%, 4/1/52, Pool #FS1260		591,266
	663,461	4.500%, 6/1/52, Pool #FS2157		613,885
	506,460	5.000%, 11/1/52, Pool #CB5278		478,613
	567,481	5.500%, 3/1/53, Pool #FS3925		551,369
				13,436,153
		Freddie Mac — 22.9%
	37,856	4.000%, 11/1/32, Pool #ZS8993		35,185
	174,992	3.500%, 5/1/35, Pool #ZA2378		160,786
	128,562	4.000%, 5/1/37, Pool #ZA2461		117,866
	18,441	5.500%, 10/1/39, Pool #ZI9359		18,359
	33,328	5.000%, 4/1/40, Pool #ZI9910		32,537
	54,574	5.500%, 4/1/40, Pool #ZA1042		54,524
	427,526	2.000%, 8/1/40, Pool #RB5076		347,472
	22,441	5.000%, 8/1/40, Pool #ZA1056		21,909
	58,511	4.000%, 11/1/40, Pool #ZJ0654		53,493
	63,217	4.000%, 12/1/40, Pool #ZJ0811		57,954
	149,841	3.500%, 8/1/42, Pool #ZL3508		133,202
	575,364	3.000%, 12/1/42, Pool #Q14108		494,737
	651,042	6.000%, 2/1/43, Pool #RB5221		645,890
	193,335	3.500%, 3/1/43, Pool #ZT1107		170,512
	809,056	3.500%, 1/1/45, Pool #SD1309		716,699
	137,172	3.500%, 1/1/45, Pool #ZL8964		121,148
	112,675	3.500%, 3/1/45, Pool #ZT1164		99,274
	88,982	3.000%, 1/1/46, Pool #ZS4646		75,325
	91,802	4.000%, 4/1/46, Pool #ZM1015		83,605
	94,030	3.500%, 12/1/47, Pool #ZM5123		82,421
	238,485	2.500%, 11/1/49, Pool #QA4396		191,147
	115,833	3.000%, 1/1/50, Pool #QA6230		96,888
	505,144	3.000%, 6/1/51, Pool #SD8152		419,803
	646,904	2.500%, 7/1/51, Pool #QC4230		521,523
	369,942	3.000%, 7/1/51, Pool #RA5552		308,326
	285,991	3.500%, 7/1/51, Pool #RA5549		247,276
	1,002,126	3.000%, 8/1/51, Pool #SD8162		832,437
	984,764	2.500%, 9/1/51, Pool #RA5921		784,225
	552,787	3.500%, 1/1/52, Pool #RA6531		476,873
	441,776	3.000%, 2/1/52, Pool #SD8195		366,367
	950,891	3.500%, 4/1/52, Pool #RA7191		819,948
	879,069	3.500%, 4/1/52, Pool #SD0957		757,448
	739,482	4.500%, 6/1/52, Pool #SD1265		682,166
	1,149,025	4.500%, 8/1/52, Pool #SD1515		1,056,674
	762,549	5.000%, 10/1/52, Pool #SD1710		721,415
	968,072	5.000%, 11/1/52, Pool #SD1727		917,039
	716,150	5.000%, 1/1/53, Pool #RA8382		676,772
	940,921	5.500%, 2/1/53, Pool #QF8052		910,940
	989,720	5.000%, 3/1/53, Pool #SD2390		934,660
	1,318,061	4.500%, 5/1/53, Pool #SD2952		1,219,160
	467,846	6.000%, 5/1/53, Pool #SD3072		462,299

Continued

103

Sterling Capital Quality Income Fund

Schedule of Portfolio Investments — (continued)
September 30, 2023

Principal Amount			Fair Value
MORTGAGE-BACKED SECURITIES — (continued)
		Freddie Mac — (continued)
$	995,619	5.000%, 6/1/53, Pool #SD3128	$	940,529
	994,607	5.500%, 6/1/53, Pool #SD3136		963,138
	1,333,907	6.000%, 7/1/53, Pool #SD3223		1,322,716
				20,152,667
		Ginnie Mae — 0.5%
	7,142	4.000%, 12/20/40, Pool #755678		6,618
	517,330	4.000%, 7/20/52, Pool #786280		467,790
				474,408
		Total Mortgage-Backed Securities
		(Cost $38,365,664)		34,063,228
U.S. GOVERNMENT AGENCIES — 0.5%
		Federal Home Loan Banks — 0.5%
	550,000	1.900%, 10/7/31		429,827
		Total U.S. Government Agencies
		(Cost $462,746)		429,827
U.S. TREASURY BONDS — 2.4%
	2,250,000	2.375%, 2/15/42		1,553,994
	1,065,000	1.875%, 11/15/51(b)		592,697
		Total U.S. Treasury Bonds
		(Cost $2,723,278)		2,146,691
U.S. TREASURY NOTES — 1.1%
	200,000	1.375%, 11/15/31		156,750
	1,000,000	1.875%, 2/15/32		812,422
		Total U.S. Treasury Notes
		(Cost $1,166,304)		969,172

Shares
MONEY MARKET FUND —1.4%
	1,258,182	Federated Treasury Obligations Fund, Institutional Shares, 5.21%(e)		1,258,182
		Total Money Market Fund
		(Cost $1,258,182)		1,258,182
Total Investments  — 99.9%
(Cost $98,666,041)				87,919,235
Net Other Assets (Liabilities) — 0.1%				120,731
NET ASSETS — 100.0%			$	88,039,966

(a) Rule 144A, Section 4(a)(2) or other security that is restricted as to resale to qualified institutional investors. The Advisor, using Board approved procedures, has deemed these securities or a portion of these securities to be liquid.

(b) All or a portion of the securities are held in a separate collateral account at US Bank.

(c) The interest rate for this floating rate note, which will change periodically, is based either on the prime rate or an index of market rates. The reflected rate is in effect as of September 30, 2023. The maturity date reflected is the final maturity date.

(d) The interest rate for this variable rate note, which will change periodically, is based either on the prime rate or an index of market rates. The reflected rate is in effect as of September 30, 2023. The maturity date reflected is the final maturity date.

(e) Represents the current yield as of report date.

STEP Step Coupon Bond

Continued

104

Sterling Capital North Carolina Intermediate Tax-Free Fund

Schedule of Portfolio Investments
September 30, 2023

Principal  Amount			Fair Value
MUNICIPAL BONDS — 96.8%
		North Carolina — 96.8%
$	1,000,000	Broad River Water Authority, Water System Refunding Revenue, 5.000%, 6/1/24	$	1,006,120
	1,390,000	Brunswick County, NC, School Improvements G.O., 5.000%, 8/1/28		1,489,246
	1,025,000	Buncombe County Metropolitan Sewerage District, Sewer Improvements Revenue, Callable 7/1/24 @ 100, 5.000%, 7/1/39		1,027,593
	1,475,000	Buncombe County, NC, Advance Refunding Revenue Limited Obligation, Callable 6/1/25 @ 100, 5.000%, 6/1/28		1,500,945
	1,100,000	Cabarrus County, NC, Refunding Revenue Bonds, Series A, 5.000%, 6/1/31		1,205,457
	1,010,000	Cape Fear Public Utility Authority, Advance Refunding Revenue Bonds, 5.000%, 8/1/25		1,032,664
	1,000,000	Charlotte, NC, Charlotte Douglas International Airport Refunding Revenue, Callable 7/1/24 @ 100, 5.000%, 7/1/31		997,460
	3,195,000	Charlotte, NC, Current Refunding G.O., Series A, 5.000%, 6/1/29		3,454,242
	2,000,000	Charlotte, NC, Current Refunding G.O., Series A, Callable 6/1/29 @ 100, 5.000%, 6/1/34		2,149,060
	2,000,000	Charlotte, NC, Public Facilities, Certificate of Participation, Series B, Callable 12/1/31 @ 100, 5.000%, 12/1/32		2,205,120
	2,275,000	Charlotte, NC, Recreational Facilities Improvements Revenue, Callable 12/1/28 @ 100, 5.000%, 12/1/33		2,419,372
	1,520,000	Charlotte, NC, Recreational Facilities Improvements Revenue, Callable 12/1/28 @ 100, 5.000%, 12/1/34		1,613,374
	2,650,000	Charlotte, NC, Water & Sewer System Revenue, Refunding Revenue Bonds, Series A, Callable 7/1/32 @ 100, 5.000%, 7/1/39		2,835,845
	2,035,000	Chatham County, NC, Refunding Revenue (County Guaranteed), 5.000%, 12/1/28		2,105,228
	2,100,000	Concord, NC, Recreational Facility Improvements G.O., Callable 9/1/33 @ 100, 5.000%, 9/1/34		2,352,000
	1,890,000	Durham County, NC, Current Refunding G.O., 5.000%, 6/1/29		2,044,375
	1,225,000	East Carolina University, University & College Improvements Revenue, Series A, Callable 4/1/26 @ 100, 5.000%, 10/1/27		1,252,673
	1,000,000	Elizabeth City State University, Board of Governors of NC, Advance Refunding Revenue Bonds, Callable 4/1/29 @ 100 (AGM), 5.000%, 4/1/40		1,009,500

Principal  Amount			Fair Value
MUNICIPAL BONDS — (continued)
		North Carolina — (continued)
$	1,750,000	Fayetteville, NC, Public Works Commission, Electric Light & Power Improvements Revenue, Callable 3/1/24 @ 100, 4.000%, 3/1/27	$	1,718,570
	1,690,000	Fayetteville, NC, Public Works Commission, Multi-Utility Improvements Revenue, Callable 3/1/28 @ 100, 5.000%, 3/1/29		1,787,175
	3,000,000	Forsyth County NC, Public Improvements, G.O., Series B, Callable 3/1/29 @ 100, 5.000%, 3/1/31		3,221,820
	1,500,000	Gaston County, NC, Current Refunding G.O., 5.000%, 2/1/29		1,613,895
	2,000,000	Greensboro, NC, Recreational Facility Improvements G.O., Series B, Callable 4/1/32 @ 100, 5.000%, 4/1/40		2,129,120
	1,675,000	Guilford County, NC, Advance Refunding, G.O., Series A, Callable 2/1/26 @ 100, 5.000%, 2/1/28		1,726,389
	2,075,000	High Point, NC, Combined Water & Sewer System, Advance Refunding Revenue Bonds, 5.000%, 11/1/26		2,162,337
	880,000	Johnston County, NC, Water Utility Improvements Revenue Bonds, Callable 4/1/33 @ 100, 5.000%, 4/1/39		936,126
	430,000	Johnston County, NC, Water Utility Improvements Revenue Bonds, Callable 4/1/33 @ 100, 5.000%, 4/1/40		455,585
	3,640,000	Mecklenburg County, Recreational Facility Improvements, Public Improvements G.O., 5.000%, 3/1/24		3,655,179
	1,195,000	Monroe, NC, Advance Refunding Revenue Bonds, Callable 3/1/26 @ 100, 5.000%, 3/1/29		1,226,906
	1,000,000	North Carolina Agricultural & Technical State University, Series A, Refunding Revenue, Callable 10/1/25 @ 100, 5.000%, 10/1/32		1,010,890
	1,215,000	North Carolina Agricultural & Technical State University, Series A, Refunding Revenue, Callable 10/1/25 @ 100, 5.000%, 10/1/34		1,226,846
	840,000	North Carolina Capital Facilities Finance Agency, Meredith College Project, Refunding Revenue, 5.000%, 6/1/24		843,830
	750,000	North Carolina Capital Facilities Finance Agency, Meredith College Project, Refunding Revenue, 5.000%, 6/1/25		757,710
	1,045,000	North Carolina Capital Facilities Finance Agency, The Arc of North Carolina Project, Refunding Revenue (Housing and Urban Development, Section 8), 5.000%, 10/1/25		1,040,695

See accompanying Notes to the Financial Statements.

105

Sterling Capital North Carolina Intermediate Tax-Free Fund

Schedule of Portfolio Investments — (continued)
September 30, 2023

Principal  Amount			Fair Value
MUNICIPAL BONDS — (continued)
		North Carolina — (continued)
$	1,750,000	North Carolina Capital Facilities Finance Agency, The Arc of North Carolina Project, Refunding Revenue, Callable 10/1/27 @ 100 (Housing and Urban Development, Section 8), 5.000%, 10/1/34	$	1,668,782
	1,205,000	North Carolina Central University, University & College Improvements, Revenue Bonds, Callable 4/1/29 @ 100, 5.000%, 4/1/33		1,252,622
	1,000,000	North Carolina Central University, University & College Improvements, Revenue Bonds, Callable 4/1/29 @ 100, 5.000%, 4/1/37		1,018,090
	2,000,000	North Carolina Medical Care Commission, Advance Refunding Revenue Bonds, Vidant Health, Callable 6/1/25 @ 100, 5.000%, 6/1/40		1,960,360
	1,500,000	North Carolina Medical Care Commission, Health, Hospital and Nursinghome Improvements, Revenue Bonds, Series A, Callable 1/1/30 @ 100, 5.000%, 7/1/32		1,568,955
	1,000,000	North Carolina Municipal Power Agency No. 1, Advance Refunding Revenue Bonds, Series A, Callable 7/1/26 @ 100, 5.000%, 1/1/29		1,022,370
	3,100,000	North Carolina State, Advance Refunding Revenue Bonds, Series B, Callable 5/1/27 @ 100, 5.000%, 5/1/28		3,247,808
	4,385,000	North Carolina State, Advance Refunding Revenue Bonds, Series B, Callable 5/1/27 @ 100, 5.000%, 5/1/30(a)		4,576,361
	2,500,000	North Carolina State, Build North Carolina Bonds, Highway Improvements Revenue Bonds, Series A, Callable 5/1/29 @ 100, 5.000%, 5/1/31		2,680,800
	5,000,000	North Carolina State, Highway Improvements Revenue Bonds, Series N, Callable 3/1/31 @ 100, 4.000%, 3/1/34		5,029,550
	1,250,000	North Carolina Turnpike Authority, Senior Lien, Advance Refunding Revenue (AGM), 5.000%, 1/1/26		1,273,387
	1,500,000	North Carolina Turnpike Authority, Senior Lien, Advance Refunding Revenue (AGM), 5.000%, 1/1/27		1,544,985
	2,100,000	North Carolina Turnpike Authority, Senior Lien, Advance Refunding Revenue, Callable 1/1/27 @ 100 (AGM), 5.000%, 1/1/28		2,168,565
	1,060,000	Pitt County, NC, Advance Refunding Revenue Bonds, Series B, Callable 10/1/26 @ 100, 5.000%, 4/1/30		1,094,598

Principal  Amount			Fair Value
MUNICIPAL BONDS — (continued)
		North Carolina — (continued)
$	2,000,000	Raleigh, NC, Refunding Notes G.O., Series A, Callable 4/1/33 @ 100, 5.000%, 4/1/35	$	2,226,460
	1,025,000	Raleigh, NC, Refunding Notes G.O., Series A, Callable 4/1/33 @ 100, 5.000%, 4/1/36		1,130,893
	2,200,000	Raleigh, NC, Refunding Notes G.O., Series A, Callable 4/1/33 @ 100, 5.000%, 4/1/40		2,355,782
	3,000,000	Raleigh, NC, Combined Enterprise System Revenue, Current Refunding Revenue Bonds, Callable 9/1/33 @ 100, 5.000%, 9/1/48		3,140,070
	1,985,000	Sampson County, NC, Refunding Revenue, Callable 12/1/25 @ 100, 5.000%, 12/1/26(a)		2,026,288
	1,025,000	Surry County, NC, School Improvements, Revenue Bonds, Callable 6/1/29 @ 100, 4.000%, 6/1/35		1,011,962
	720,000	Surry County, NC, School Improvements, Revenue Bonds, Callable 6/1/29 @ 100, 5.000%, 6/1/30		769,802
	1,195,000	Town of Fuquay-Varina NC, Multi-Utility Improvements G.O., 5.000%, 8/1/31		1,322,017
	1,425,000	Town of Fuquay-Varina NC, Multi-Utility Improvements G.O., Callable 8/1/33 @ 100, 5.000%, 8/1/37		1,553,806
	1,080,000	Town of Garner NC, Public Improvements G.O., 5.000%, 2/1/31		1,190,624
	1,080,000	Town of Garner NC, Public Improvements G.O., Callable 2/1/33 @ 100, 5.000%, 2/1/34		1,208,444
	1,010,000	Town of Holly Springs, NC, Public Improvements Revenue, Callable 10/1/24 @ 100, 5.000%, 10/1/27		1,021,908
	870,000	Town of Oak Island, NC, Combined Enterprise System, Advance Refunding Revenue (AGM), 5.000%, 6/1/25		884,668
	1,030,000	Union County, NC, Public Improvements Bonds G.O., Callable 3/1/32 @ 100, 5.000%, 3/1/34		1,141,147
	1,720,000	Union County, School Improvements G.O., Callable 9/1/33 @ 100, 5.000%, 9/1/42		1,828,601
	1,500,000	University of North Carolina at Chapel Hill, Current Refunding Revenue Bonds, Series B, Callable 12/1/31 @ 100, 5.000%, 12/1/36		1,627,125
	1,695,000	University of North Carolina at Greensboro, University & College Improvements Revenue, Callable 4/1/24 @ 100, 5.000%, 4/1/28		1,701,441

Continued

106

Sterling Capital North Carolina Intermediate Tax-Free Fund

Schedule of Portfolio Investments — (continued)
September 30, 2023

Principal Amount			Fair Value
MUNICIPAL BONDS — (continued)
		North Carolina — (continued)
$	1,000,000	University of North Carolina at Wilmington, Current Refunding Revenue Bonds, Series B, Callable 10/1/29 @ 100, 5.000%, 10/1/34	$	1,063,480
	410,000	University of North Carolina System, Asheville/Wilmington, Refunding Revenue, Series C, Callable 10/30/23 @ 100 (Assured Guaranty), 5.250%, 10/1/24		410,242
	1,985,000	Wake County, NC, Advance Refunding Revenue Bonds, Series A, Callable 12/1/26 @ 100, 5.000%, 12/1/28		2,062,653
	1,585,000	Wake County, NC, Public Improvements, G.O., Series A, Callable 3/1/28 @ 100, 5.000%, 3/1/30		1,682,335
	1,725,000	Wake County, NC, Refunding Revenue Bonds, Series A, Callable 8/1/28 @ 100, 5.000%, 8/1/32		1,831,812
	325,000	Watauga Public Facilities Corp., School Improvements Revenue Bonds, Callable 6/1/32 @ 100, 5.000%, 6/1/35		353,334
	400,000	Watauga Public Facilities Corp., School Improvements Revenue Bonds, Callable 6/1/32 @ 100, 5.000%, 6/1/36		431,048
	375,000	Watauga Public Facilities Corp., School Improvements Revenue Bonds, Callable 6/1/32 @ 100, 5.000%, 6/1/37		400,189
	375,000	Watauga Public Facilities Corp., School Improvements Revenue Bonds, Callable 6/1/32 @ 100, 5.000%, 6/1/38		396,503
	350,000	Watauga Public Facilities Corp., School Improvements Revenue Bonds, Callable 6/1/32 @ 100, 5.250%, 6/1/40		375,057
	650,000	Watauga Public Facilities Corp., School Improvements Revenue Bonds, Callable 6/1/32 @ 100, 5.250%, 6/1/42		691,145
	2,060,000	Wilmington, NC, Public Improvements G.O., Series A, 5.000%, 5/1/31		2,277,289
	1,000,000	Winston-Salem, NC, Transit Improvements, Refunding Revenue, Series C, Callable 6/1/24 @ 100, 5.000%, 6/1/30		1,007,490
	1,875,000	Winston-Salem, NC, Water & Sewer System, Refunding Revenue, Series A, Callable 6/1/24 @ 100, 5.000%, 6/1/25(a)		1,891,069
	1,365,000	Winston-Salem, NC, Public Improvements G.O., Series B, Callable 6/1/33 @ 100, 5.000%, 6/1/35		1,519,928
		Total Municipal Bonds
		(Cost $134,924,381)		129,855,192

Shares			Fair Value
MONEY MARKET FUND — 2.2%
	2,996,657	Federated Treasury Obligations Fund, Institutional Shares, 5.21%(b)	$	2,996,657
		Total Money Market Fund
		(Cost $2,996,657)		2,996,657
Total Investments  — 99.0%
(Cost $137,921,038)				132,851,849
Net Other Assets (Liabilities) — 1.0%				1,385,084
NET ASSETS — 100.0%			$	134,236,933

(a) All or a portion of the securities are held in a separate collateral account at US Bank.

(b) Represents the current yield as of report date.

AGM Assured Guaranty Municipal Corp.

G.O. General Obligation

Continued

107

Sterling Capital South Carolina Intermediate Tax-Free Fund

Schedule of Portfolio Investments

September 30, 2023

Principal Amount			Fair Value
MUNICIPAL BONDS — 97.8%
		South Carolina — 97.8%
$	1,000,000	Aiken County, SC, Consolidated School District, School Improvements G.O., Series A, Callable 4/1/29 @ 100 (SCSDE), 4.000%, 4/1/34	$	994,950
	1,000,000	Aiken County, SC, Consolidated School District, Special Obligation Bonds, School Improvements Revenue, Callable 6/1/29 @ 100, 4.000%, 6/1/31		1,005,570
	750,000	Aiken County, SC, Consolidated School District, Special Obligation Bonds, School Improvements Revenue, Callable 6/1/29 @ 100, 4.000%, 6/1/33		744,465
	1,000,000	Beaufort-Jasper Water & Sewer Authority, Advance Refunding Revenue, Series B, 5.000%, 3/1/25		1,017,040
	1,000,000	Charleston Public Facilities Corp., Charleston City Project Series, Parking Facilities Improvement Revenue, Callable 9/1/27 @ 100, 5.000%, 9/1/29		1,049,010
	1,000,000	Charleston, SC, Waterworks & Sewer System Revenue, Water Utility Improvements Revenue Bonds, Callable 1/1/30 @ 100, 5.000%, 1/1/38		1,055,700
	750,000	Charleston, SC, Waterworks & Sewer System Revenue, Water Utility Improvements Revenue Bonds, Callable 7/1/32 @ 100, 5.000%, 1/1/52(a)		775,883
	1,000,000	College of Charleston, University & College Improvements Revenue, Series B, 5.000%, 4/1/27		1,040,180
	1,000,000	Columbia, SC, Waterworks & Sewer System Revenue, Water & Sewer Utility Improvements Revenue, Callable 2/1/28 @ 100, 5.000%, 2/1/48		1,061,700
	1,000,000	Columbia, SC, Waterworks & Sewer System Revenue, Water & Sewer Utility Improvements Revenue, Callable 2/1/33 @ 100, 5.250%, 2/1/52		1,052,120
	780,000	Dorchester County, School District No. 4, School Improvements G.O., Series A, Callable 9/1/33 @ 100 (SCSDE), 5.000%, 3/1/43		815,942
	1,100,000	Florence County, SC, McLeod Regional Medical Center Project, Refunding Revenue, Callable 11/1/24 @ 100, 5.000%, 11/1/33(a)		1,103,993
	830,000	Florence, SC, Combined Waterworks & Sewerage System Revenue, Water Utility Improvements Revenue Bonds, Callable 9/1/33 @ 100, 5.000%, 9/1/37		895,537
	1,000,000	Greenville Health System, Hospital System Board, Series B, Callable 5/1/24 @ 100, 5.000%, 5/1/31		987,660

Principal Amount			Fair Value
MUNICIPAL BONDS — (continued)
		South Carolina — (continued)
$	1,000,000	Lancaster County, SC, School District, School Improvements G.O., Series A, Callable 3/1/27 @ 100 (SCSDE), 4.000%, 3/1/30	$	1,002,020
	1,000,000	Lancaster Educational Assistance Program, Inc., SC, Lancaster County School District Refunding Revenue, Callable 12/1/23 @ 100, 5.000%, 12/1/24		1,001,610
	600,000	Lexington County, SC, School District No. 1, School Improvements G.O., Series B, Callable 2/1/29 @ 100 (SCSDE), 5.000%, 2/1/31		641,928
	1,000,000	Lexington County, School District No. 2, G.O., Series C, Callable 3/1/27 @ 100 (SCSDE), 5.000%, 3/1/30		1,041,750
	1,085,000	Lugoff-Elgin Water Authority, Refunding Revenue, Series B, Callable 7/1/26 @ 100, 5.000%, 7/1/30(a)		1,117,528
	1,000,000	Orangeburg County, SC, Correctional Facilities Improvements, Installment Purchase Revenue Bonds, Callable 12/1/27 @ 100, 5.000%, 12/1/29		1,025,030
	1,160,000	Richland County, SC, Public Facilities G.O., 5.000%, 3/1/30		1,264,307
	1,000,000	Richland County, SC, School District No. 2, Refunding Bonds, G.O., Series B, Callable 3/1/27 @ 100 (SCSDE), 4.000%, 3/1/29		1,008,600
	805,000	Richland County, SC, School District No. 2, School Improvements G.O., Series A, Callable 3/1/32 @ 100 (SCSDE), 5.000%, 3/1/36		872,274
	1,000,000	SCAGO Educational Facilities Corp. for Cherokee School District No. 1, Refunding Revenue, 5.000%, 12/1/24		1,010,890
	625,000	SCAGO Educational Facilities Corp. for Spartanburg School District No. 1, Refunding Revenue, Series B, 5.000%, 6/1/25		633,025
	600,000	SCAGO Educational Facilities Corp. for Sumter County School 17, Refunding Revenue, 5.000%, 12/1/24		605,856
	490,000	SCAGO Educational Facilities Corp. for Sumter County School 17, Refunding Revenue, 5.000%, 12/1/25		499,060
	850,000	South Carolina Jobs-Economic
		Development Authority, AnMed Health Project, Advance Refunding Revenue Bonds, Callable 2/1/26 @ 100, 5.000%, 2/1/29		863,413

See accompanying Notes to the Financial Statements.

108

Sterling Capital South Carolina Intermediate Tax-Free Fund

Schedule of Portfolio Investments — (continued)

September 30, 2023

Principal Amount			Fair Value
MUNICIPAL BONDS — (continued)
		South Carolina — (continued)
$	1,000,000	South Carolina Jobs-Economic Development Authority, Wofford College Project, University & College Improvements Revenue, Callable 4/1/29 @ 100, 5.000%, 4/1/44	$	994,010
	1,000,000	South Carolina Transportation Infrastructure Bank, Advance Refunding Revenue, Series A, Callable 10/1/27 @ 100 (AGM-CR), 5.000%, 10/1/38		1,020,930
	1,000,000	Spartanburg, SC, Water System Revenue, Water Utility Improvements Refunding Revenue, Series B, Callable 6/1/27 @ 100, 5.000%, 6/1/39		1,017,340
	1,000,000	Spartanburg County School District No 5, School Improvements G.O., Callable 3/1/32 @ 100 (SCSDE), 5.000%, 3/1/37		1,073,240
	1,000,000	Spartanburg County School District No. 4, SC, School Improvements G.O., Series A, Callable 3/1/32 @ 100 (SCSDE), 5.000%, 3/1/40		1,053,810
	750,000	State of South Carolina, University & College Improvements G.O., Series A, Callable 4/1/32 @ 100, 5.000%, 4/1/39		803,048

Principal Amount			Fair Value
MUNICIPAL BONDS — (continued)
		South Carolina — (continued)
$	1,195,000	State of South Carolina, University & College Improvements, G.O., Series B, Callable 10/1/27 @ 100 (State Aid Withholding), 5.000%, 4/1/30	$	1,252,850
1,150,000		Town of Mount Pleasant, SC, Public Facilities, G.O., Callable 6/1/28 @ 100, 5.000%, 6/1/30		1,219,172
		Total Municipal Bonds
		(Cost $36,085,468)		34,621,441
Shares
MONEY MARKET FUND — 1.2%
417,030		Federated Treasury Obligations Fund, Institutional Shares, 5.21%(b)		417,030
		Total Money Market Fund
		(Cost $417,030)		417,030
Total Investments  — 99.0%
(Cost $36,502,498)				35,038,471
Net Other Assets (Liabilities) — 1.0%				348,514
NET ASSETS — 100.0%			$	35,386,985

(a) All or a portion of the securities are held in a separate collateral account at US Bank.

(b) Represents the current yield as of report date.

AGM Assured Guaranty Municipal Corp.

G.O. General Obligation

SCAGO South Carolina Association of Governmental Organizations

SCSDE South Carolina School District Enhancement

Continued

109

Sterling Capital Virginia Intermediate Tax-Free Fund

Schedule of Portfolio Investments

September 30, 2023

Principal Amount			Fair Value
MUNICIPAL BONDS — 98.7%
		Virginia — 98.7%
$	1,240,000	Albemarle County, VA, Economic Development Authority, Public Improvements Revenue, 5.000%, 6/1/27	$	1,302,397
	1,365,000	Albemarle County, VA, School Improvements G.O., (State Aid Withholding), 5.000%, 6/1/26		1,413,362
	1,475,000	Arlington County, VA, Public Improvements G.O., Callable 8/15/27 @ 100, 5.000%, 8/15/30		1,551,818
	1,500,000	Arlington County, VA, Public Improvements G.O., Series A, Callable 8/15/27 @ 100, 5.000%, 8/15/29(a)		1,582,155
	1,580,000	Arlington County, VA, School Improvements G.O., Callable 6/15/31 @ 100, 5.000%, 6/15/39		1,682,337
	1,030,000	Charlottesville, VA, Public Improvements G.O., Callable 6/15/31 @ 100 (State Aid Withholding), 5.000%, 6/15/33		1,137,408
	1,770,000	Chesapeake, VA, Public Improvements, Refunding G.O., Series A, Callable 8/1/27 @ 100, 5.000%, 8/1/30		1,866,536
	1,085,000	Chesapeake Bay Bridge & Tunnel District, First Tier General Resolution, Highway Improvements, Revenue Bonds, Callable 7/1/26 @ 100 (AGM), 5.000%, 7/1/41		1,098,432
	1,000,000	Chesterfield County, School Improvements G.O., Callable 1/1/33 @ 100 (State Aid Withholding), 5.000%, 1/1/39		1,076,830
	1,000,000	Chesterfield County, School Improvements G.O., Callable 1/1/33 @ 100 (State Aid Withholding), 5.000%, 1/1/40		1,073,160
	1,000,000	Chesterfield County, VA, School District, School Public Improvement, G.O., Series A, Callable 1/1/28 @ 100 (State Aid Withholding), 4.000%, 1/1/31		1,018,120
	1,145,000	Culpeper County, VA, Economic Development Authority, VA Capital Projects, Refunding Revenue, Callable 6/1/24 @ 100, 4.000%, 6/1/26		1,143,512
	1,145,000	Fairfax County, VA, School Improvements G.O., Current Refunding, Series A, Callable 4/1/30 @ 100 (State Aid Withholding), 5.000%, 10/1/30(a)		1,246,974
	1,000,000	Fredericksburg Economic Development Authority, Mary Washington Healthcare Obligation Group, Refunding Revenue, Callable 6/15/24 @ 100, 5.000%, 6/15/26		1,002,140
	1,545,000	Harrisonburg, VA, School Improvements G.O., Current Refunding, Series A (State Aid Withholding), 5.000%, 7/15/30		1,686,074
	1,000,000	Leesburg, VA, Refunding G.O., Callable 1/15/25 @ 100 (State Aid Withholding), 5.000%, 1/15/27		1,013,250

Principal Amount			Fair Value
MUNICIPAL BONDS — (continued)
		Virginia — (continued)
$	1,000,000	Loudoun County, VA, Economic Development Authority, Public Improvements Revenue, Callable 12/1/24 @ 100, 5.000%, 12/1/27	$	1,011,360
	2,000,000	Loudoun County, VA, Miscellaneous Purposes Revenue G.O., Series A (State Aid Withholding), 5.000%, 12/1/29		2,173,600
	1,250,000	Loudoun County, VA, Public Improvements, Advance Refunding G.O., Series A, Callable 12/1/25 @ 100, 5.000%, 12/1/26		1,285,450
	1,320,000	Loudoun County Economic Development Authority, Loudoun County Public Improvements Projects, Revenue Bonds, Series A, Callable 12/1/31 @ 100, 5.000%, 12/1/36		1,428,016
	1,810,000	Manassas, VA, Public Improvements, Public Facilities G.O., Callable 7/1/29 @ 100 (State Aid Withholding), 4.000%, 7/1/33		1,842,652
	1,500,000	Newport News, VA, Public Improvements, G.O., Series A (State Aid Withholding), 5.000%, 2/1/29		1,613,895
	600,000	Norfolk, Public Improvements G.O., Series A, Callable 9/1/32 @ 100 (State Aid Withholding), 5.000%, 9/1/36		655,494
	1,025,000	Norfolk, VA, Public Improvements G.O., Series A, Callable 3/1/31 @ 100, 5.000%, 3/1/34		1,122,580
	1,465,000	Norfolk, VA, Public Improvements, G.O., Callable 8/1/28 @ 100 (State Aid Withholding), 5.000%, 8/1/47		1,566,905
	1,375,000	Rappahannock Regional Jail Authority, Refunding Revenue, Callable 10/1/25 @ 100, 5.000%, 10/1/26		1,399,172
	2,000,000	Richmond, VA, Public Improvements, Refunding G.O., Series A, Callable 3/1/24 @ 100 (State Aid Withholding), 5.000%, 3/1/28(a)		2,008,920
	1,295,000	Richmond, VA, Public Utility Advance Refunding Revenue Bonds, Callable 1/15/26 @ 100, 5.000%, 1/15/27		1,326,637
	1,265,000	Roanoke, VA, School Improvements G.O., Callable 4/1/32 @ 100 (State Aid Withholding), 5.000%, 4/1/34(a)		1,392,689
	1,380,000	Salem, VA, School Improvements G.O., Current Refunding, 5.000%, 5/1/28		1,466,968
	1,000,000	Spotsylvania County, School Improvements G.O., Callable 7/15/32 @ 100, 5.000%, 1/15/37		1,085,770
	1,000,000	Spotsylvania County, School Improvements G.O., Callable 7/15/32 @ 100, 5.000%, 1/15/38		1,078,320

See accompanying Notes to the Financial Statements.

110

Sterling Capital Virginia Intermediate Tax-Free Fund

Schedule of Portfolio Investments — (continued)

September 30, 2023

Principal Amount			Fair Value
MUNICIPAL BONDS — (continued)
		Virginia — (continued)
$	1,295,000	Virginia Beach, VA, Storm Water Utility Revenue, Public Improvements Revenue Bonds, Series A, Callable 11/15/30 @ 100, 5.000%, 11/15/31	$	1,417,170
	1,950,000	Virginia College Building Authority, 21st Century College Programs, University & College Improvements Revenue, Callable 2/1/27 @ 100, 5.000%, 2/1/31		2,009,397
	1,630,000	Virginia College Building Authority, University & College Improvements Revenue Bonds, Callable 2/1/32 @ 100, 5.250%, 2/1/41		1,731,533
	1,000,000	Virginia College Building Authority, University & College Improvements, Revenue Bonds, Series C (State Intercept), 5.000%, 9/1/29		1,073,190
	1,215,000	Virginia Commonwealth Transportation Board, Federal Highway Transportation Grant, Callable 9/15/26 @ 100, 5.000%, 9/15/30		1,253,722
	2,000,000	Virginia Commonwealth Transportation Board, Federal Transportation Grant, Anticipation Advance Refunding Revenue, Callable 9/15/27 @ 100, 5.000%, 9/15/31		2,091,040
	1,500,000	Virginia Port Authority Commonwealth Port Fund, Airport & Marina Improvements Revenue Bonds, Series A, Callable 7/1/33 @ 100, 5.000%, 7/1/41		1,598,445
	1,515,000	Virginia Public School Authority, Advance Refunding Revenue, Callable 8/1/25 @ 100 (State Intercept), 5.000%, 8/1/26		1,549,224
	2,000,000	Virginia Public School Authority, School Improvements Revenue Bonds (State Aid Withholding), 5.000%, 1/15/30		2,177,820
	1,035,000	Virginia Public School Authority, School Improvements Revenue Bonds (State Aid Withholding), 5.000%, 8/15/30		1,131,855
	2,000,000	Virginia Public School Authority, School Improvements Revenue Bonds, Series A, Callable 8/1/33 @ 100 (State Aid Withholding), 5.000%, 8/1/40		2,137,200
		Total Municipal Bonds
		(Cost $63,972,932)		61,523,529

Shares			Fair Value
MONEY MARKET FUND — 0.8%
	467,448	Federated Treasury Obligations Fund, Institutional Shares, 5.21%(b)	$	467,448
		Total Money Market Fund
		(Cost $467,448)		467,448
Total Investments  — 99.5%
(Cost $64,440,380)				61,990,977
Net Other Assets (Liabilities) — 0.5%				281,784
NET ASSETS — 100.0%			$	62,272,761

(a) All or a portion of the securities are held in a separate collateral account at US Bank.

(b) Represents the current yield as of report date.

AGM Assured Guaranty Municipal Corp.

G.O. Obligation

Continued

111

Sterling Capital West Virginia Intermediate Tax-Free Fund

Schedule of Portfolio Investments

September 30, 2023

Principal Amount			Fair Value
MUNICIPAL BONDS — 96.8%
		West Virginia — 96.8%
$	2,000,000	Berkeley County, Board of Education, School Improvements G.O. (West Virginia Board Commission), 4.000%, 6/1/28	$	2,020,020
	1,750,000	Berkeley County, Board of Education, School Improvements G.O., Callable 6/1/33 @ 100 (West Virginia Board Commission), 4.000%, 6/1/36		1,718,097
	1,500,000	Berkeley County, WV, Public Service Sewer District, Miscellaneous Purposes Revenue, Series C, Callable 10/30/23 @ 100 (BAM), 4.500%, 10/1/32		1,500,390
	1,080,000	Braxton County, WV, Board of Education, Public School, Advance Refunding G.O., Callable 5/1/26 @ 100 (West Virginia Board Commission), 5.000%, 5/1/28(a)		1,107,378
	1,000,000	Cabell County Board of Education, School Improvements G.O., (AGM West Virginia Board Commission), 3.000%, 6/1/29		951,250
	530,000	Fairmont, WV, Water Revenue, Current Refunding Revenue, Series A (BAM), 3.000%, 7/1/24		523,264
	1,000,000	Jefferson County, WV, Board of Education, School Improvements G.O., (West Virginia Board Commission), 3.000%, 6/1/29		948,530
	1,760,000	Marshall University, WV, University & College Improvements Revenue Bonds, Series A (AGM), 5.000%, 5/1/30		1,879,134
	2,000,000	Monongalia County, WV, Building Commission, Monongalia Health System Group Refunding Revenue, Callable 7/1/25 @ 100, 5.000%, 7/1/26		1,968,860
	705,000	Morgantown Utility Board, WV, Combined Water Utility Improvements Revenue, Series B, Callable 6/1/28 @ 100, 5.000%, 12/1/34		735,801
	575,000	Morgantown Utility Board, WV, Refunding Revenue Green Bonds, Series A (BAM), 4.000%, 12/1/29		576,708
	1,140,000	Morgantown Utility Board, Inc., Water Utility Improvements Revenue Bonds, Series B, Callable 6/1/28 @ 100, 5.000%, 12/1/36		1,178,452
	1,575,000	Ohio County, WV, Board of Education, School Improvements G.O., (West Virginia Board Commission), 3.000%, 6/1/28		1,500,345
	2,010,000	Ohio County, WV, Board of Education, School Improvements G.O., (West Virginia Board Commission), 4.000%, 6/1/29		2,043,467

Principal Amount			Fair Value
MUNICIPAL BONDS — (continued)
		West Virginia — (continued)
$	1,000,000	Ohio County, WV, Country Commission, Fort Henry Centre Financing District, Public Improvement, Tax Allocation, Callable 10/30/23 @ 100, 4.750%, 6/1/31	$	956,720
	695,000	School Building Authority of West Virginia, Lottery Capital Improvements Revenue, Series A, Callable 7/1/24 @ 100, 5.000%, 7/1/27		700,991
	1,265,000	School Building Authority of West Virginia, Lottery Capital Improvements Revenue, Series A, Callable 7/1/24 @ 100, 5.000%, 7/1/28		1,275,816
	1,375,000	State Of West Virginia, Fuel Sales Tax Revenue, Group 1 Highway Improvements, G.O., Series S, Callable 6/1/29 @ 100, 5.000%, 12/1/35		1,454,338
	2,030,000	State of West Virginia, Fuel Sales Tax Revenue, Group 2 Highway Improvements, G.O., Series B, Callable 6/1/28 @ 100, 5.000%, 12/1/39		2,092,768
	1,100,000	State of West Virginia, Fuel Sales Tax Revenue, Group 2 Highway Improvements, G.O., Series S, Callable 6/1/29 @ 100, 5.000%, 12/1/43		1,129,480
	2,090,000	State of West Virginia, Highway Improvements G.O., Series A, Callable 6/1/31 @ 100, 5.000%, 6/1/38		2,198,304
	1,640,000	State of West Virginia, Highway Improvements G.O., Series A, Callable 6/1/31 @ 100, 5.000%, 12/1/42		1,701,352
	2,505,000	State of West Virginia, Highway Improvements G.O., Series A, Callable 6/1/31 @ 100, 5.000%, 6/1/45		2,579,398
	1,000,000	State of West Virginia, Highway Improvements, State Road Bonds G.O., Series A, Callable 6/1/29 @ 100, 5.000%, 12/1/41		1,029,560
	2,000,000	West Virginia Economic Development Authority, Correctional Juvenile Public Safety Facilities Lease, Refunding Revenue, Callable 10/30/23 @ 100, 5.000%, 6/1/25(a)		2,001,380
	1,685,000	West Virginia Economic Development Authority, Correctional Juvenile Public Safety Facilities Lease, Refunding Revenue, Callable 10/30/23 @ 100, 5.000%, 6/1/26		1,686,196
	1,145,000	West Virginia Economic Development Authority, Lottery Recreational Facilities Improvements Revenue, Series A, Callable 7/1/27 @ 100, 5.000%, 7/1/28		1,197,521

See accompanying Notes to the Financial Statements.

112

Sterling Capital West Virginia Intermediate Tax-Free Fund

Schedule of Portfolio Investments — (continued)

September 30, 2023

Principal Amount			Fair Value
MUNICIPAL BONDS — (continued)
		West Virginia — (continued)
$	1,825,000	West Virginia Economic Development Authority, Lottery Recreational Facilities Improvements Revenue, Series A, Callable 7/1/28 @ 100, 5.000%, 7/1/35	$	1,919,480
	1,500,000	West Virginia Economic Development Authority, Provident Group - Marshall Prperties L.L.C., Current Refunding Revenue Bonds, Series A-1, Callable 7/1/33 @ 100 (AGM), 5.000%, 7/1/37		1,576,350
	1,015,000	West Virginia Economic Development Authority, State Office Building 3, Public Improvements Revenue, Series D, Callable 6/1/25 @ 100, 5.000%, 6/1/26		1,031,240
	1,000,000	West Virginia Higher Education Policy, Community & Technical College Capital, University & College Improvements Refunding Revenue, Callable 7/1/27 @ 100, 5.000%, 7/1/30		1,041,320
	775,000	West Virginia Hospital Finance Authority, Cabell Huntington Hospital Obligated Group, Refunding Revenue, Callable 1/1/29 @ 100, 5.000%, 1/1/31		770,404
	2,170,000	West Virginia Hospital Finance Authority, Cabell Huntington Hospital Obligated Group, Refunding Revenue, Callable 1/1/29 @ 100, 5.000%, 1/1/36		2,072,654
	945,000	West Virginia Hospital Finance Authority, Charleston Area Medical Center Inc., Health, Hospital, Nursing Home Improvements, Refunding Revenue, Callable 9/1/24 @ 100, 5.000%, 9/1/25		947,296
	1,970,000	West Virginia Hospital Finance Authority, Charleston Area Medical Center Inc., Health, Hospital, Nursing Home Improvements, Refunding Revenue, Callable 9/1/29 @ 100, 5.000%, 9/1/39		1,866,516
	1,000,000	West Virginia Hospital Finance Authority, Health Care Facilities Revenue Bonds, Series A, Callable 6/1/33 @ 100, 5.000%, 6/1/41		1,011,950
	1,385,000	West Virginia Hospital Finance Authority, United Health System Obligation, Health, Hospital, Nursing Home Improvements Refunding Revenue Bonds, 5.000%, 6/1/26		1,419,196
	515,000	West Virginia Hospital Finance Authority, Valley Health System Obligated Group, Refunding Revenue, 5.000%, 1/1/24		516,102
	630,000	West Virginia Hospital Finance Authority, Valley Health System Obligated Group, Refunding Revenue, Callable 1/1/24 @ 100, 5.000%, 1/1/26		631,058

Principal Amount			Fair Value
MUNICIPAL BONDS — (continued)
		West Virginia — (continued)
$	1,070,000	West Virginia Housing Development FundRevenue Bonds, Series A, 3.250%, 5/1/29	$	997,400
	905,000	West Virginia Housing Development FundRevenue Bonds, Series A, 3.300%, 11/1/29		836,700
	2,980,000	West Virginia Parkways Authority, Highway Improvements, Senior Lien Revenue Bonds, Callable 6/1/31 @ 100, 5.000%, 6/1/47		3,028,306
	2,065,000	West Virginia Parkways Authority, Senior Turnpike Toll Revenue, Highway Improvements, Callable 6/1/28 @ 100, 5.000%, 6/1/39(a)		2,122,366
	1,540,000	West Virginia State School Building Authority, Lottery Revenue, School Improvements Revenue, Series A, Callable 7/1/28 @ 100, 5.000%, 7/1/29		1,626,871
	1,050,000	West Virginia State Water Development Authority, Loan Program II, Refunding Revenue, Series A-II, Callable 11/1/23 @ 100, 5.000%, 11/1/26(a)		1,050,672
	2,000,000	West Virginia State Water Development Authority, Loan Program II, Refunding Revenue, Series A-II, Callable 11/1/23 @ 100, 5.000%, 11/1/27		2,001,180
	2,160,000	West Virginia University, University & College Improvements, University Projects Revenue Bonds, Series A, Callable 10/1/24 @ 100, 5.000%, 10/1/44		2,183,414
	1,685,000	West Virginia University, University Projects, University & College Improvements Revenue, Series A, Callable 10/1/31 @ 100, 5.000%, 10/1/43		1,733,006
	3,445,000	West Virginia University, University Projects, University & College Improvements Revenue, Series A, Callable 10/1/31 @ 100, 5.000%, 10/1/44		3,530,746
	515,000	West Virginia Water Development Authority, Chesapeake Bay/Greenbrier River, Water Utility Improvements Revenue, Callable 7/1/24 @ 100, 5.000%, 7/1/25		518,966
	1,025,000	West Virginia Water Development Authority, Loan Program II, Refunding Revenue, Series A-II, 5.000%, 11/1/25		1,048,421
	740,000	West Virginia Water Development Authority, West Virginia Infrastructure & Jobs, Current Refunding Revenue Bonds, Callable 10/1/26 @ 100, 5.000%, 10/1/30		758,922

Continued

113

Sterling Capital West Virginia Intermediate Tax-Free Fund

Schedule of Portfolio Investments — (continued)

September 30, 2023

Principal Amount			Fair Value
MUNICIPAL BONDS — (continued)
		West Virginia — (continued)
$	1,100,000	West Virginia Water Development Authority, West Virginia Infrastructure & Jobs, Current Refunding Revenue Bonds, Callable 10/1/26 @ 100, 5.000%, 10/1/3	$	1,127,500
	1,255,000	Wood County, WV, Board of Education, Public School Improvements, G.O., (West Virginia Board Commission), 4.000%, 6/1/25		1,257,987
		Total Municipal Bonds
		(Cost $80,971,259)		77,281,543

Shares
MONEY MARKET FUND — 1.9%
	1,476,871	Federated Treasury Obligations Fund, Institutional Shares, 5.21%(b)		1,476,871
		Total Money Market Fund
		(Cost $1,476,871)		1,476,871
Total Investments  — 98.7%
(Cost $82,448,130)				78,758,414
Net Other Assets (Liabilities) — 1.3%				1,032,217
NET ASSETS — 100.0%			$	79,790,631

(a) All or a portion of the securities are held in a separate collateral account at US Bank.

(b) Represents the current yield as of report date.

AGM Assured Guaranty Municipal Corp.

BAM Build America Mutual

G.O. General Obligation

Continued

114

Sterling Capital Funds

Statement of Assets and Liabilities 

September 30, 2023 

	Sterling Capital Behavioral Large Cap Value Equity Fund			Sterling Capital Mid Value Fund
Assets:
Investments at fair value (a)	$	30,525,876‌		$	45,653,475‌
Foreign currency, at value (cost $—, $—, $—, $—, $—, $266,415 and $—, respectively)		—‌			—‌
Dividends receivable		50,848‌			14,396‌
Receivable for capital shares issued		222‌			4,681‌
Prepaid and other expenses		20,644‌			10,903‌
Total Assets		30,597,590‌			45,683,455‌
Liabilities:
Cash overdraft		7,516‌			1,882‌
Distributions payable		—‌			—‌
Payable for investments purchased		—‌			94,109‌
Payable for capital shares redeemed		3,329‌			1,743‌
Accrued expenses and other payables:
Investment advisory fees		8,232‌			21,833‌
Administration fees		2,344‌			3,662‌
Compliance service fees		34‌			34‌
Distribution (12b-1) fees		6,223‌			4,092‌
Accounting out-of-pocket fees		1,332‌			975‌
Audit fees		2,393‌			3,753‌
Custodian fees		511‌			789‌
Transfer agent fees		2,208‌			4,363‌
Other fees and liabilities		663‌			2,148‌
Total Liabilities		34,785‌			139,383‌
Net Assets	$	30,562,805‌		$	45,544,072
Net Assets Consist of:
Capital	$	43,980,838‌		$	34,474,231‌
Total distributable earnings		(13,418,033‌)			11,069,841‌
Net Assets	$	30,562,805‌		$	45,544,072‌
Net Assets
Class A Shares	$	28,453,684‌		$	17,911,037‌
Class C Shares		279,680‌			378,686‌
Institutional Shares		1,499,459‌			26,899,878‌
Class R6 Shares		329,982‌			354,471‌
Total	$	30,562,805‌		$	45,544,072‌
Shares of Beneficial Interest Outstanding (Unlimited number of shares authorized, no par value)
Class A Shares		1,231,694‌			1,237,381‌
Class C Shares		12,606‌			33,328‌
Institutional Shares		64,416‌			1,796,966‌
Class R6 Shares		14,121‌			23,623‌
Total		1,322,837‌			3,091,298‌
Net Asset Value
Class A Shares - redemption price per share	$	23.10		$	14.47‌
Class C Shares - offering price per share*	$	22.19‌		$	11.36‌
Institutional Shares	$	23.28‌		$	14.97‌
Class R6 Shares	$	23.37‌		$	15.01‌
Maximum Sales Charge - Class A Shares		5.75	%		5.75	%
Maximum Offering Price (100%/(100% - Maximum Sales Charge)) of net asset value adjusted to the nearest cent per share - Class A Shares	$	24.51‌		$	15.36‌
(a) Investments at cost	$	27,717,336‌		$	37,281,697‌

* Redemption price per share varies by length of time shares are held.

See accompanying Notes to the Financial Statements.

115 

Sterling Capital Behavioral Small Cap Value Equity Fund

Sterling Capital Special Opportunities Fund

Sterling Capital Equity Income Fund

Sterling Capital Behavioral International Equity Fund

Sterling Capital SMID Opportunities Fund

$

90,582,852‌

$

466,379,438‌

$

1,879,662,600‌

$

115,192,493‌

$

4,465,578

—‌

—‌

—‌

265,459‌

—‌

158,290‌

124,508‌

3,338,713‌

954,353‌

1,408‌

162‌

132,925‌

1,356,263‌

—‌

—‌

12,230‌

24,760‌

49,391‌

4,399‌

7,272‌

90,753,534‌

466,661,631‌

1,884,406,967‌

116,416,704‌

4,474,258‌

6,744‌

8,739‌

37,743‌

11,681‌

30‌

—‌

—‌

2‌

—‌

—‌

410,769‌

1,683,996‌

—‌

—‌

—‌

325‌

258,872‌

1,654,588‌

—‌

—‌

45,431‌

256,990‌

876,073‌

38,849‌

856‌

3,340‌

35,204‌

146,034‌

4,659‌

358‌

31‌

—‌

52‌

51‌

41‌

1,227‌

76,940‌

143,633‌

96‌

715‌

3,181‌

5,832‌

23,894‌

11,007‌

479‌

10,096‌

38,236‌

165,056‌

8,801‌

556‌

1,699‌

7,832‌

34,244‌

17,717‌

105‌

8,582‌

48,650‌

233,708‌

6,423‌

1,030‌

8,001‌

18,539‌

52,893‌

1,221‌

242‌

499,426‌

2,439,830‌

3,367,920‌

100,505‌

4,412‌

$

90,254,108‌

$

464,221,801‌

$

1,881,039,047‌

$

116,316,199‌

$

4,469,846

$

81,656,153‌

$

235,546,558‌

$

1,164,705,096‌

$

113,410,089‌

$

3,200,869

8,597,955‌

228,675,243‌

716,333,951‌

2,906,110‌

1,268,977‌

$

90,254,108‌

$

464,221,801‌

$

1,881,039,047‌

$

116,316,199‌

$

4,469,846

$

5,694,924‌

$

269,412,536‌

$

418,724,980‌

$

369,022‌

$

2,608,516

28,284‌

22,619,047‌

64,849,136‌

23,320‌

166,817‌

5,804,079‌

135,284,200‌

1,296,237,147‌

679,099‌

1,694,513‌

78,726,821‌

36,906,018‌

101,227,784‌

115,244,758‌

–‌

$

90,254,108‌

$

464,221,801‌

$

1,881,039,047‌

$

116,316,199‌

$

4,469,846

335,326‌

10,329,996‌

16,578,170‌

40,427‌

215,346‌

1,757‌

1,188,967‌

2,594,053‌

2,554‌

14,599‌

338,495‌

4,783,739‌

51,136,414‌

74,339‌

137,361‌

4,585,507‌

1,306,101‌

3,990,895‌

12,606,729‌

—‌

5,261,085‌

17,608,803‌

74,299,532‌

12,724,049‌

367,306‌

$

16.98‌

$

26.08‌

$

25.26‌

$

9.13‌

$

12.11

$

16.10‌

$

19.02 ‌

$

25.00‌

$

9.13‌

$

11.43

$

17.15‌

$

28.28‌

$

25.35‌

$

9.14‌

$

12.34

$

17.17‌

$

28.26‌

$

25.36‌

$

9.14‌

$

—

5.75

%

5.75

%

5.75

%

5.75

%

5.75

%

$

18.02‌

$

27.67‌

$

26.80‌

$

9.68‌

$

12.85

$

82,506,637‌

$

305,291,535‌

$

1,313,083,474‌

$

104,474,652‌

$

3,988,764

116 

Sterling Capital Funds

Statement of Assets and Liabilities 

September 30, 2023

	Sterling Capital Mid Cap Relative Value Fund			Sterling Capital Real Estate Fund
Assets:
Investments at fair value (a)	$	43,473,136‌		$	64,236,122‌
Cash		—‌			—‌
Interest and dividends receivable		32,820‌			218,315‌
Receivable for investments sold		—‌			—‌
Receivable for capital shares issued		—‌			321‌
Prepaid and other expenses		10,932‌			12,750‌
Total Assets		43,516,888‌			64,467,508‌
Liabilities:
Cash overdraft		510‌			948‌
Distributions payable		—‌			—‌
Payable for investments purchased		—‌			—‌
Payable for capital shares redeemed		—‌			131,237‌
Accrued expenses and other payables:
Investment advisory fees		22,197‌			32,276‌
Administration fees		3,574‌			5,368‌
Compliance service fees		26‌			38‌
Distribution (12b-1) fees		100‌			215‌
Accounting out-of-pocket fees		1,036‌			1,241‌
Audit fees		3,593‌			5,813‌
Printing fees		1,439‌			3,467‌
Transfer agent fees		3,056‌			2,676‌
Other fees and liabilities		1,865‌			2,953‌
Total Liabilities		37,396‌			186,232‌
Net Assets	$	43,479,492‌		$	64,281,276‌
Net Assets Consist of:
Capital	$	19,855,929‌		$	39,933,882‌
Total distributable earnings		23,623,563‌			24,347,394‌
Net Assets	$	43,479,492‌		$	64,281,276‌
Net Assets
Class A Shares	$	460,001‌		$	543,138‌
Class C Shares		3,335‌			112,047‌
Institutional Shares		43,016,156‌			62,707,955‌
Class R6 Shares		–‌			918,136‌
Total	$	43,479,492‌		$	64,281,276‌
Shares of Beneficial Interest Outstanding (Unlimited number of shares authorized, no par value)
Class A Shares		7,549‌			16,790‌
Class C Shares		57‌			3,501‌
Institutional Shares		700,255‌			1,933,072‌
Class R6 Shares		—‌			28,177‌
Total		707,861‌			1,981,540‌
Net Asset Value
Class A Shares - redemption price per share	$	60.94‌		$	32.35‌
Class C Shares - offering price per share*	$	58.68	‌**	$	32.00‌
Institutional Shares	$	61.43‌		$	32.44‌
Class R6 Shares	$	—‌		$	32.58‌
Maximum Sales Charge - Class A Shares		5.75	%		5.75	%
Maximum Offering Price (100%/(100% - Maximum Sales Charge)) of net asset value adjusted to the nearest cent per share - Class A Shares	$	64.65‌		$	34.32‌
(a) Investments at cost	$	23,796,042‌		$	43,944,926‌

*	Redemption price per share varies by length of time shares are held.
**	Class C Shares of Sterling Capital Quality Income Fund net asset values are calculated using unrounded net assets $3,334.95, divided by unrounded shares of 56.831.

See accompanying Notes to the Financial Statements.

117 

Sterling Capital Small Cap Value Fund

Sterling Capital Ultra Short Bond Fund

Sterling Capital Short Duration Bond Fund

Sterling Capital Intermediate U.S. Government Fund

Sterling Capital Total Return Bond Fund

$

268,075,946

$

29,682,309‌

$

104,855,005‌

$

16,429,549‌

$

1,003,250,932‌

—

—‌

23,801‌

—‌

—‌

343,312

196,999‌

760,662‌

77,137‌

7,160,624‌

3,097,910

—‌

120,183‌

—‌

—‌

43,761

—‌

80,871‌

—‌

960,656‌

20,278

21,356‌

16,056‌

6,664‌

77,538‌

271,581,207

29,900,664‌

105,856,578‌

16,513,350‌

1,011,449,750‌

12,203

8,808‌

—‌

2,489‌

39,023‌

—

2,944‌

85,718‌

806‌

769,827‌

—

579,409‌

1,597,728‌

—‌

—‌

78,731

7,745‌

155,636‌

454‌

1,556,400‌

166,039

—‌

10,853‌

1,424‌

177,051‌

21,541

2,351‌

7,608‌

1,329‌

59,479‌

—

42‌

75‌

42‌

—‌

910

1,231‌

879‌

640‌

12,174‌

4,334

13,603‌

16,499‌

6,268‌

43,970‌

27,051

2,199‌

9,612‌

1,278‌

78,489‌

28,571

1,221‌

5,337‌

1,013‌

60,158‌

44,946

2,105‌

11,094‌

1,157‌

120,814‌

16,457

972‌

4,417‌

603‌

16,356‌

400,783

622,630‌

1,905,456‌

17,503‌

2,933,741‌

$

271,180,424

$

29,278,034‌

$

103,951,122‌

$

16,495,847‌

$

1,008,516,009‌

$

20,063,664

$

30,803,246‌

$

118,334,752‌

$

20,223,039‌

$

1,236,112,008‌

251,116,760

(1,525,212‌)

(14,383,630‌)

(3,727,192‌)

(227,595,999‌)

$

271,180,424

$

29,278,034‌

$

103,951,122‌

$

16,495,847‌

$

1,008,516,009‌

$

2,656,219

$

5,755,678‌

$

3,227,849‌

$

2,550,275‌

$

46,771,870‌

458,388

–‌

280,248‌

122,416‌

2,902,754‌

261,706,170

23,522,356‌

87,220,906‌

13,823,156‌

695,207,024‌

6,359,647

–‌

13,222,119‌

–‌

263,634,361‌

$

271,180,424

$

29,278,034‌

$

103,951,122‌

$

16,495,847‌

$

1,008,516,009‌

50,919

594,545‌

396,313‌

305,733‌

5,271,321‌

9,572

—‌

34,425‌

14,706‌

326,625‌

4,957,074

2,428,760‌

10,714,261‌

1,656,224‌

78,314,763‌

120,046

—‌

1,623,331‌

—‌

29,702,048‌

5,137,611

3,023,305‌

12,768,330‌

1,976,663‌

113,614,757‌

$

52.17

$

9.68‌

$

8.14‌

$

8.34‌

$

8.87‌

$

47.89

$

—‌

$

8.14‌

$

8.32‌

$

8.89‌

$

52.79

$

9.68‌

$

8.14‌

$

8.35‌

$

8.88‌

$

52.98

$

—‌

$

8.15‌

$

—‌

$

8.88‌

5.75

%

0.00

%

2.00

%

2.00

%

2.00

%

$

55.35

$

9.68‌

$

8.31‌

$

8.51‌

$

9.05‌

$

89,071,633

$

29,816,789‌

$

107,088,145‌

$

18,359,216‌

$

1,131,462,068‌

118 

Sterling Capital Funds

Statement of Assets and Liabilities 

September 30, 2023

	Sterling Capital Long Duration Corporate Bond Fund			Sterling Capital Quality Income Fund
Assets:
Investments at fair value (a)	$	30,759,283‌		$	87,919,235‌
Interest and dividends receivable		431,587‌			290,456‌
Receivable for capital shares issued		—‌			14,012‌
Prepaid and other expenses		10,334‌			7,713‌
Total Assets		31,201,204‌			88,231,416‌
Liabilities:
Cash overdraft		1,337‌			4,768‌
Distributions payable		116‌			118,000‌
Payable for capital shares redeemed		40‌			7,859‌
Accrued expenses and other payables:
Investment advisory fees		—‌			22,700‌
Administration fees		263‌			7,180‌
Compliance service fees		36‌			30‌
Distribution (12b-1) fees		66‌			8‌
Accounting out-of-pocket fees		18,578‌			19,507‌
Audit fees		1,923‌			6,115‌
Other fees and liabilities		1,032‌			5,283‌
Total Liabilities		23,391‌			191,450‌
Net Assets	$	31,177,813‌		$	88,039,966‌
Net Assets Consist of:
Capital	$	41,381,407‌		$	101,858,838‌
Total distributable earnings		(10,203,594‌)			(13,818,872‌)
Net Assets	$	31,177,813‌		$	88,039,966‌
Net Assets
Class A Shares	$	307,695‌		$	31,724‌
Class C Shares		2,439‌			2,748‌
Institutional Shares		435,628‌			88,005,494‌
Class R6 Shares		30,432,051‌			–‌
Total	$	31,177,813‌		$	88,039,966‌
Shares of Beneficial Interest Outstanding (Unlimited number of shares authorized, no par value)
Class A Shares		47,682‌			3,706‌
Class C Shares		379‌			321‌
Institutional Shares		67,588‌			10,270,487‌
Class R6 Shares		4,717,461‌			—‌
Total		4,833,110‌			10,274,514‌
Net Asset Value
Class A Shares - redemption price per share	$	6.45‌		$	8.56‌
Class C Shares - offering price per share*	$	6.44‌		$	8.56‌
Institutional Shares	$	6.45‌		$	8.57‌
Class R6 Shares	$	6.45‌		$	—‌
Maximum Sales Charge - Class A Shares		2.00	%		2.00	%
Maximum Offering Price (100%/(100% - Maximum Sales Charge)) of net asset value adjusted to the nearest cent per share - Class A Shares	$	6.58‌		$	8.73‌
(a) Investments at cost	$	38,973,806‌		$	98,666,041‌

* Redemption price per share varies by length of time shares are held.

See accompanying Notes to the Financial Statements.

119 

Sterling Capital North Carolina Intermediate Tax-Free Fund			Sterling Capital South Carolina Intermediate Tax-Free Fund			Sterling Capital Virginia Intermediate Tax-Free Fund			Sterling Capital West Virginia Intermediate Tax-Free Fund
$	132,851,849‌		$	35,038,471‌		$	61,990,977‌		$	78,758,414‌
	1,816,222‌			430,117‌			692,793‌			1,221,111‌
	11,984‌			—‌			40,022‌			20,000‌
	10,708‌			6,573‌			8,219‌			9,677‌
	134,690,763			35,475,161‌			62,732,011‌			80,009,202‌
	2,512‌			1,541‌			1,371‌			1,313‌
	106,447‌			28,539‌			91,013‌			119,595‌
	243,205‌			27,090‌			316,744‌			37,253‌
	39,638‌			9,421‌			18,451‌			23,805‌
	10,998‌			2,824‌			5,124‌			6,616‌
	48‌			42‌			68‌			45‌
	5,490‌			1,555‌			2,364‌			4,436‌
	9,900‌			6,046‌			5,474‌			6,748‌
	11,165‌			2,923‌			5,818‌			6,583‌
	24,427‌			8,195‌			12,823‌			12,177‌
	453,830‌			88,176‌			459,250‌			218,571‌
$	134,236,933‌		$	35,386,985‌		$	62,272,761‌		$	79,790,631‌
$	145,084,011‌		$	38,009,846‌		$	66,639,865‌		$	85,924,108‌
	(10,847,078‌)			(2,622,861‌)			(4,367,104‌)			(6,133,477‌)
$	134,236,933‌		$	35,386,985‌		$	62,272,761‌		$	79,790,631‌
$	22,320,440‌		$	6,369,337‌		$	11,272,374‌		$	20,854,878‌
	965,918‌			268,092‌			5,280‌			1,725‌
	110,950,575‌			28,749,556‌			50,995,107‌			58,934,028‌
	–‌			–‌			–‌			–‌
$	134,236,933‌		$	35,386,985‌		$	62,272,761‌		$	79,790,631‌
	2,289,614‌			627,145‌			1,054,525‌			2,285,552‌
	99,156‌			26,410‌			495‌			189‌
	11,383,198‌			2,850,219‌			4,772,101‌			6,451,259‌
	—‌			—‌			—‌			—‌
	13,771,968‌			3,503,774‌			5,827,121‌			8,737,000‌
$	9.75‌		$	10.16‌		$	10.69‌		$	9.12‌
$	9.74‌		$	10.15‌		$	10.67‌		$	9.14‌
$	9.75‌		$	10.09‌		$	10.69‌		$	9.14‌
$	—‌		$	—‌		$	—‌		$	—‌
	2.00	%		2.00	%		2.00	%		2.00	%
$	9.95‌		$	10.36‌		$	10.91‌		$	9.31‌
$	137,921,038‌		$	36,502,498‌		$	64,440,380‌		$	82,448,130‌

120 

Sterling Capital Funds

Statements of Operations

September 30, 2023

	Sterling Capital Behavioral Large Cap Value Equity Fund			Sterling Capital Mid Value Fund
Investment Income:
Dividend income	$	839,250		$	751,165
Foreign tax withholding		—			(61	)
Total investment income		839,250			751,104
Expenses:
Investment advisory fees (See Note 4)		140,492			287,869
Administration fees (See Note 4)		30,075			46,212
Distribution fees - Class A Shares (See Note 4)		72,580			46,245
Distribution fees - Class C Shares (See Note 4)		2,784			5,138
Compliance service fees (See Note 4)		948			1,187
Trustee fees		6,012			9,493
Accounting and out-of-pocket fees		3,031			2,669
Audit fees		2,474			3,907
Custodian fees		1,425			2,358
Fund accounting fees (See Note 4)		2,342			3,598
Interest expense (See Note 8)		—			—
Legal fees		5,945			9,229
Printing fees		3,878			6,227
Registration fees		63,972			35,165
Transfer agent fees (See Note 4)		14,125			28,318
Other fees		6,840			8,329
Total expenses before waivers		356,923			495,944
Less expenses waived by the Investment Advisor (See Note 4)		(19,663	)		(8,240	)
Less expenses waived by the Administrator (See Note 4)		(238	)		(352	)
Net expenses		337,022			487,352
Net investment income (loss)		502,228			263,752
Realized and Unrealized Gain (Loss):
Net realized gain (loss) from:
Investments		616,669			3,474,632
Foreign currency transactions		—			—
Change in unrealized appreciation/depreciation on:
Investments		3,500,559			2,593,820
Foreign currency transactions		—			—
Total realized and unrealized gain		4,117,228			6,068,452
Change in net assets from operations	$	4,619,456		$	6,332,204

See accompanying Notes to the Financial Statements.

121

Sterling Capital Behavioral Small Cap Value Equity Fund			Sterling Capital Special Opportunities Fund			Sterling Capital Equity Income Fund			Sterling Capital Behavioral International Equity Fund			Sterling Capital SMID Opportunities Fund
$	3,178,335		$	4,020,627		$	49,960,934		$	5,700,193		$	54,685
	(5,882	)		(69,346	)		—			(558,229	)		(807	)
	3,172,453			3,951,281			49,960,934			5,141,964			53,878
	713,485			3,195,201			11,402,471			487,613			44,502
	114,325			473,508			1,996,383			117,491			6,115
	15,109			701,976			1,103,340			949			8,950
	304			269,059			689,734			263			3,836
	2,169			7,586			30,784			2,341			594
	21,899			97,211			414,603			22,475			1,401
	7,334			15,581			63,678			23,025			1,420
	10,346			39,686			170,658			9,000			579
	5,693			23,849			105,198			43,994			327
	8,919			36,868			155,488			9,143			477
	2,809			—			809			2,378			23
	24,256			94,759			411,208			21,933			1,317
	15,375			64,490			282,204			13,969			1,007
	26,825			39,245			61,119			9,371			10,420
	37,755			341,539			1,692,446			29,136			5,946
	15,920			48,055			200,439			28,105			3,684
	1,022,523			5,448,613			18,780,562			821,186			90,598
	—			—			—			—			(27,565	)
	(58,376	)		(34,251	)		(105,937	)		(60,431	)		—
	964,147			5,414,362			18,674,625			760,755			63,033
	2,208,306			(1,463,081	)		31,286,309			4,381,209			(9,155	)
	(21,401	)		79,277,344			180,698,775			5,392,081			1,193,868
	—			—			—			24,789			—
	8,721,068			5,111,423			49,418,026			23,263,619			(407,042	)
	—			—			—			40,736			—
	8,699,667			84,388,767			230,116,801			28,721,225			786,826
$	10,907,973		$	82,925,686		$	261,403,110		$	33,102,434		$	777,671

122

Sterling Capital Funds

Statements of Operations 

September 30, 2023

	Sterling Capital Mid Cap Relative Value Fund			Sterling Capital Real Estate Fund
Investment Income:
Interest income	$	—		$	—
Dividend income		812,984			2,170,940
Foreign tax withholding		(6,266	)		—
Total investment income		806,718			2,170,940
Expenses:
Investment advisory fees (See Note 4)		273,994			426,840
Administration fees (See Note 4)		43,980			71,492
Distribution fees - Class A Shares (See Note 4)		1,050			1,658
Distribution fees - Class C Shares (See Note 4)		34			1,272
Compliance service fees (See Note 4)		1,150			1,586
Trustee fees		9,019			14,994
Accounting and out-of-pocket fees		2,745			3,369
Audit fees		3,726			6,037
Custodian fees		2,223			3,719
Fund accounting fees (See Note 4)		3,425			5,567
Interest expense (See Note 8)		—			—
Legal fees		8,777			14,553
Printing fees		5,796			11,532
Registration fees		17,839			27,900
Transfer agent fees (See Note 4)		17,911			45,301
Other fees		6,957			9,856
Total expenses before waivers		398,626			645,676
Less expenses waived by the Investment Advisor (See Note 4)		—			—
Less expenses waived by the Administrator (See Note 4)		—			(532	)
Net expenses		398,626			645,144
Net investment income		408,092			1,525,796
Realized and Unrealized Gain (Loss):
Net realized gain (loss) from:
Investments		3,980,908			4,123,735
Change in unrealized appreciation/depreciation on:
Investments		2,414,630			(4,241,006	)
Total realized and unrealized gain (loss)		6,395,538			(117,271	)
Change in net assets from operations	$	6,803,630		$	1,408,525

See accompanying Notes to the Financial Statements.

123

Sterling Capital Small Cap Value Fund			Sterling Capital Ultra Short Bond Fund			Sterling Capital Short Duration Bond Fund			Sterling Capital Intermediate U.S. Government Fund			Sterling Capital Total Return Bond Fund
$	—		$	1,115,197		$	4,735,382		$	437,044		$	37,794,886
	4,913,981			41,250			60,199			10,670			427,086
	—			—			—			—			—
	4,913,981			1,156,447			4,795,581			447,714			38,221,972
	2,385,090			61,151			256,403			54,142			2,588,359
	306,008			29,471			123,505			16,304			997,604
	6,400			18,596			8,658			6,962			121,651
	3,704			—			3,330			1,332			31,869
	5,078			942			2,349			748			15,454
	67,923			6,030			24,228			3,285			204,554
	11,330			22,411			26,087			12,472			79,213
	28,147			2,291			9,948			1,322			81,666
	15,227			1,496			6,448			858			50,917
	23,851			2,293			9,615			1,269			77,651
	4,347			912			—			—			2,812
	64,458			5,868			23,316			3,092			180,565
	49,571			3,656			15,715			2,073			131,584
	34,650			24,735			36,437			11,815			65,303
	305,600			9,713			68,923			6,104			683,338
	33,714			4,276			13,338			3,725			86,352
	3,345,098			193,841			628,300			125,503			5,398,892
	(51,050	)		(91,779	)		(40,557	)		(32,613	)		(583,514	)
	(6,374	)		—			(14,068	)		—			(250,184	)
	3,287,674			102,062			573,675			92,890			4,565,194
	1,626,307			1,054,385			4,221,906			354,824			33,656,778
	88,086,506			(36,397	)		(2,227,527	)		(96,205	)		(40,413,781	)
	(38,439,825	)		525,824			3,049,062			(134,394	)		15,775,118
	49,646,681			489,427			821,535			(230,599	)		(24,638,663	)
$	51,272,988		$	1,543,812		$	5,043,441		$	124,225		$	9,018,115

124

Sterling Capital Funds

Statements of Operations

September 30, 2023

	Sterling Capital Long Duration Corporate Bond Fund			Sterling Capital Quality Income Fund
Investment Income:
Interest income	$	1,352,527		$	2,784,554
Dividend income		10,149			82,110
Total investment income		1,362,676			2,866,664
Expenses:
Investment advisory fees (See Note 4)		70,749			293,618
Administration fees (See Note 4)		27,297			80,868
Distribution fees - Class A Shares (See Note 4)		1,043			81
Distribution fees - Class C Shares (See Note 4)		26			29
Compliance service fees (See Note 4)		906			1,706
Trustee fees		4,986			15,768
Accounting and out-of-pocket fees		34,689			41,356
Audit fees		1,967			6,300
Custodian fees		1,305			4,197
Fund accounting fees (See Note 4)		2,122			6,292
Interest expense (See Note 8)		—			—
Legal fees		4,826			15,626
Printing fees		3,006			9,715
Registration fees		22,891			16,791
Transfer agent fees (See Note 4)		6,343			20,951
Other fees		5,339			9,839
Total expenses before waivers		187,495			523,137
Less expenses waived by the Investment Advisor (See Note 4)		(59,078	)		(33,556	)
Less expenses waived by the Administrator (See Note 4)		(24,748	)		—
Net expenses		103,669			489,581
Net investment income		1,259,007			2,377,083
Realized and Unrealized Gain (Loss):
Net realized gain (loss) from:
Investments		(1,369,799	)		(284,289	)
Change in unrealized appreciation/depreciation on:
Investments		18,537			(1,950,595	)
Total realized and unrealized (loss)		(1,351,262	)		(2,234,884	)
Change in net assets from operations	$	(92,255	)	$	142,199

See accompanying Notes to the Financial Statements.

125

Sterling Capital North Carolina Intermediate Tax-Free Fund			Sterling Capital South Carolina Intermediate Tax-Free Fund			Sterling Capital Virginia Intermediate Tax-Free Fund			Sterling Capital West Virginia Intermediate Tax-Free Fund
$	3,964,673		$	994,063		$	1,850,724		$	2,491,602
	126,505			44,656			57,489			78,491
	4,091,178			1,038,719			1,908,213			2,570,093
	505,207			130,267			252,785			298,688
	139,065			35,855			69,550			82,222
	59,126			17,622			32,106			55,008
	10,930			3,276			147			119
	2,610			1,034			1,581			1,751
	28,689			7,612			15,015			16,580
	18,212			8,330			10,956			13,019
	11,576			3,075			6,015			6,808
	7,155			1,767			3,752			4,256
	10,826			2,792			5,417			6,401
	—			—			23			5,029
	24,731			6,877			14,463			16,135
	18,183			4,847			9,418			10,551
	23,552			13,388			16,488			25,533
	55,867			14,132			25,136			25,467
	14,992			5,327			9,010			9,734
	930,721			256,201			471,862			577,301
	—			(6,375	)		—			—
	—			—			—			—
	930,721			249,826			471,862			577,301
	3,160,457			788,893			1,436,351			1,992,792
	(1,664,313	)		(703,509	)		(714,687	)		(1,503,912	)
	751,162			460,221			581,974			657,730
	(913,151	)		(243,288	)		(132,713	)		(846,182	)
$	2,247,306		$	545,605		$	1,303,638		$	1,146,610

126

Sterling Capital Funds

Statements of Changes in Net Assets

September 30, 2023

	Sterling Capital Behavioral Large Cap Value Equity Fund
	For the Year Ended September 30, 2023			For the Year Ended September 30, 2022
From Investment Activities:
Operations:
Net investment income (loss)	$	502,228		$	565,718
Net realized gain (loss)		616,669			2,611,731
Change in unrealized appreciation/depreciation		3,500,559			(6,173,918	)
Change in net assets from operations		4,619,456			(2,996,469	)
Distributions to Shareholders:
Income distribution:
Class A		(500,061	)		(476,471	)
Class C		(2,993	)		(2,568	)
Institutional Class		(30,123	)		(39,354	)
Class R6		(7,382	)		(13	)
Change in net assets from shareholder distributions		(540,559	)		(518,406	)
Capital Transactions:
Change in net assets from capital transactions (See Note 5)		(1,401,553	)		(1,797,076	)
Change in net assets		2,677,344			(5,311,951	)
Net Assets:
Beginning of year		27,885,461			33,197,412
End of year	$	30,562,805		$	27,885,461

See accompanying Notes to the Financial Statements.

127

Sterling Capital Mid Value Fund						Sterling Capital Behavioral Small Cap Value Equity Fund						Sterling Capital Special Opportunities Fund
For the Year Ended September 30, 2023			For the Year Ended September 30, 2022			For the Year Ended September 30, 2023			For the Year Ended September 30, 2022			For the Year Ended September 30, 2023			For the Year Ended September 30, 2022
$	263,752		$	160,462		$	2,208,306		$	1,139,103		$	(1,463,081	)	$	(2,384,356	)
	3,474,632			9,493,174			(21,401	)		16,819,971			79,277,344			42,334,321
	2,593,820			(19,290,537	)		8,721,068			(24,041,910	)		5,111,423			(156,233,127	)
	6,332,204			(9,636,901	)		10,907,973			(6,082,836	)		82,925,686			(116,283,162	)
	(3,067,418	)		(1,874,485	)		(62,185	)		(699,909	)		(21,815,525	)		(43,211,898	)
	(101,527	)		(83,961	)		(89	)		(3,471	)		(3,031,376	)		(7,853,006	)
	(4,879,982	)		(4,044,300	)		(131,693	)		(1,366,695	)		(10,387,547	)		(24,533,645	)
	(79,347	)		(24,626	)		(1,655,217	)		(8,845,595	)		(3,204,690	)		(5,075,978	)
	(8,128,274	)		(6,027,372	)		(1,849,184	)		(10,915,670	)		(38,439,138	)		(80,674,527	)
	370,972			(13,905,347	)		45,403,164			(53,178,549	)		(74,760,160	)		22,803,338
	(1,425,098	)		(29,569,620	)		54,461,953			(70,177,055	)		(30,273,612	)		(174,154,351	)
	46,969,170			76,538,790			35,792,155			105,969,210			494,495,413			668,649,764
$	45,544,072		$	46,969,170		$	90,254,108		$	35,792,155		$	464,221,801		$	494,495,413

128

Sterling Capital Funds

Statements of Changes in Net Assets

September 30, 2023

	Sterling Capital Equity Income Fund
	For the Year Ended September 30, 2023			For the Year Ended September 30, 2022
From Investment Activities:
Operations:
Net investment income (loss)	$	31,286,309		$	34,041,516
Net realized gain (loss)		180,698,775			167,909,932
Change in unrealized appreciation/depreciation		49,418,026			(317,324,225	)
Change in net assets from operations		261,403,110			(115,372,777	)
Distributions to Shareholders:
Income distribution:
Class A		(35,207,532	)		(14,200,798	)
Class C		(4,998,216	)		(1,831,748	)
Institutional Class		(124,192,935	)		(56,490,711	)
Class R6		(9,084,244	)		(2,396,776	)
Change in net assets from shareholder distributions		(173,482,927	)		(74,920,033	)
Capital Transactions:
Change in net assets from capital transactions (See Note 5)		(221,342,653	)		(30,597,835	)
Change in net assets		(133,422,470	)		(220,890,645	)
Net Assets:
Beginning of year		2,014,461,517			2,235,352,162
End of year	$	1,881,039,047		$	2,014,461,517

See accompanying Notes to the Financial Statements.

129

Sterling Capital Behavioral International Equity Fund						Sterling Capital SMID Opportunities Fund						Sterling Capital Mid Cap Relative Value Fund
For the Year Ended September 30, 2023			For the Year Ended September 30, 2022			For the Year Ended September 30, 2023			For the Year Ended September 30, 2022			For the Year Ended September 30, 2023			For the Year Ended September 30, 2022
$	4,381,209		$	3,737,570		$	(9,155	)	$	(5,456	)	$	408,092		$	440,187
	5,416,870			(8,424,469	)		1,193,868			868,503			3,980,908			7,317,042
	23,304,355			(19,824,761	)		(407,042	)		(2,529,581	)		2,414,630			(14,324,669	)
	33,102,434			(24,511,660	)		777,671			(1,666,534	)		6,803,630			(6,567,440	)
	(11,319	)		(20,546	)		(397,670	)		(427,285	)		(64,334	)		(30,339	)
	(216	)		(2,002	)		(57,986	)		(133,622	)		(513	)		(250	)
	(17,962	)		(31,374	)		(303,812	)		(389,794	)		(7,178,386	)		(4,998,468	)
	(3,663,801	)		(4,003,413	)		–			–			–			–
	(3,693,298	)		(4,057,335	)		(759,468	)		(950,701	)		(7,243,233	)		(5,029,057	)
	(11,455,991	)		39,989,968			(2,779,952	)		(1,350,340	)		(1,519,703	)		(8,839,376	)
	17,953,145			11,420,973			(2,761,749	)		(3,967,575	)		(1,959,306	)		(20,435,873	)
	98,363,054			86,942,081			7,231,595			11,199,170			45,438,798			65,874,671
$	116,316,199		$	98,363,054		$	4,469,846		$	7,231,595		$	43,479,492		$	45,438,798

130

Sterling Capital Funds

Statements of Changes in Net Assets 

September 30, 2023

	Sterling Capital Real Estate Fund
	For the Year Ended September 30, 2023			For the Year Ended September 30, 2022
From Investment Activities:
Operations:
Net investment income	$	1,525,796‌		$	870,154‌
Net realized gain (loss)		4,123,735‌			5,415,357‌
Change in unrealized appreciation/depreciation		(4,241,006	)		(23,147,437‌	)
Change in net assets from operations		1,408,525‌			(16,861,926‌	)
Distributions to Shareholders:
Income distribution:
Class A		(54,431‌	)		(53,913‌	)
Class C		(9,581‌	)		(12,662‌	)
Institutional Class		(6,079,027‌	)		(7,579,099‌	)
Class R6		(60,933‌	)		(1,363‌	)
Change in net assets from shareholder distributions		(6,203,972‌	)		(7,647,037‌	)
Capital Transactions:
Change in net assets from capital transactions (See Note 5)		(5,609,321‌	)		2,203,071‌
Change in net assets		(10,404,768‌	)		(22,305,892‌	)
Net Assets:
Beginning of year		74,686,044‌			96,991,936‌
End of year	$	64,281,276‌		$	74,686,044‌

See accompanying Notes to the Financial Statements.

131 

Sterling Capital Small Cap Value Fund						Sterling Capital Ultra Short Bond Fund
For the Year Ended September 30, 2023			For the Year Ended September 30, 2022			For the Year Ended September 30, 2023			For the Year Ended September 30, 2022
$	1,626,307‌		$	1,736,703‌		$	1,054,385‌		$	397,553‌
	88,086,506‌			84,129,501‌			(36,397‌	)		(128,185‌	)
	(38,439,825‌	)		(139,878,030‌	)		525,824‌			(613,903‌	)
	51,272,988‌			(54,011,826‌	)		1,543,812‌			(344,535‌	)
	(561,313‌	)		(718,382‌	)		(262,277‌	)		(94,279‌	)
	(82,031‌	)		(95,212‌	)		–‌			–‌
	(76,098,395‌	)		(104,869,046‌	)		(875,649‌	)		(423,309‌	)
	(1,534,096‌	)		(981,746‌	)		–‌			–‌
	(78,275,835‌	)		(106,664,386‌	)		(1,137,926‌	)		(517,588‌	)
	(58,556,692‌	)		(4,107,586‌	)		1,517,221‌			(11,494,089‌	)
	(85,559,539‌	)		(164,783,798‌	)		1,923,107‌			(12,356,212‌	)
	356,739,963‌			521,523,761‌			27,354,927‌			39,711,139‌
$	271,180,424‌		$	356,739,963‌		$	29,278,034‌		$	27,354,927‌

132 

Sterling Capital Funds

Statements of Changes in Net Assets 

September 30, 2023

	Sterling Capital Short Duration Bond Fund
	For the Year Ended September 30, 2023			For the Year Ended September 30, 2022
From Investment Activities:
Operations:
Net investment income	$	4,221,906‌		$	1,604,478‌
Net realized (loss)		(2,227,527‌	)		(1,142,255‌	)
Change in unrealized appreciation/depreciation		3,049,062‌			(6,544,910‌	)
Change in net assets from operations		5,043,441‌			(6,082,687‌	)
Distributions to Shareholders:
Income distribution:
Class A		(96,932‌	)		(77,983‌	)
Class C		(6,702‌	)		(9,133‌	)
Institutional Class		(3,325,550‌	)		(2,495,380‌	)
Class R6		(488,093‌	)		(474,774‌	)
Change in net assets from shareholder distributions		(3,917,277‌	)		(3,057,270‌	)
Capital Transactions:
Change in net assets from capital transactions (See Note 5)		(1,643,630‌	)		(83,167,834‌	)
Change in net assets		(517,466‌	)		(92,307,791‌	)
Net Assets:
Beginning of year		104,468,588‌			196,776,379‌
End of year	$	103,951,122‌		$	104,468,588‌

See accompanying Notes to the Financial Statements.

133 

Sterling Capital Intermediate U.S. Government Fund						Sterling Capital Total Return Bond Fund
For the Year Ended September 30, 2023			For the Year Ended September 30, 2022			For the Year Ended September 30, 2023			For the Year Ended September 30, 2022
$	354,824‌		$	195,052‌		$	33,656,778‌		$	26,361,668‌
	(96,205‌	)		(161,313‌	)		(40,413,781‌	)		(48,317,061‌	)
	(134,394‌	)		(2,125,140‌	)		15,775,118‌			(183,707,125‌	)
	124,225‌			(2,091,401‌	)		9,018,115‌			(205,662,518‌	)
	(68,040‌	)		(64,077‌	)		(1,498,338‌	)		(1,679,055‌	)
	(2,275‌	)		(1,493‌	)		(73,772‌	)		(106,188‌	)
	(377,519‌	)		(355,581‌	)		(24,379,270‌	)		(32,571,476‌	)
	–‌			–‌			(8,620,123‌	)		(10,158,386‌	)
	(447,834‌	)		(421,151‌	)		(34,571,503‌	)		(44,515,105‌	)
	105,182‌			(557,502‌	)		(29,410,288‌	)		(240,397,279‌	)
	(218,427‌	)		(3,070,054‌	)		(54,963,676‌	)		(490,574,902‌	)
	16,714,274‌			19,784,328‌			1,063,479,685‌			1,554,054,587‌
$	16,495,847‌		$	16,714,274‌		$	1,008,516,009‌		$	1,063,479,685‌

134 

Sterling Capital Funds

Statements of Changes in Net Assets 

September 30, 2023

	Sterling Capital  Long Duration Corporate Bond Fund
	For the  Year Ended September 30, 2023			For the Year Ended September 30, 2022
From Investment Activities:
Operations:
Net investment income	$	1,259,007		$	724,462
Net realized (loss)		(1,369,799	)		(589,254	)
Change in unrealized appreciation/depreciation.		18,537			(8,498,946	)
Change in net assets from operations.		(92,255	)		(8,363,738	)
Distributions to Shareholders:
Income distribution:
Class A		(17,085	)		(76,145	)
Class C		(88	)		(2,558	)
Institutional Class		(16,776	)		(624,683	)
Class R6		(1,227,995	)		(637,292	)
Change in net assets from shareholder distributions.		(1,261,944	)		(1,340,678	)
Capital Transactions:
Change in net assets from capital transactions (See Note 5)		9,444,642			25,648,255
Change in net assets		8,090,443			15,943,839
Net Assets:
Beginning of year		23,087,370			7,143,531
End of year	$	31,177,813		$	23,087,370

See accompanying Notes to the Financial Statements.

135

Sterling Capital Quality Income Fund						Sterling Capital North Carolina Intermediate Tax-Free Fund
	For the Year Ended September 30, 2023			For the  Year Ended September 30, 2022			For the  Year Ended September 30, 2023			For the Year Ended September 30, 2022
$	2,377,083		$	1,279,771		$	3,160,457		$	2,909,921
	(284,289	)		(464,475	)		(1,664,313	)		(3,925,912	)
	(1,950,595	)		(9,405,234	)		751,162			(14,152,072	)
	142,199			(8,589,938	)		2,247,306			(15,168,063	)
	(880	)		(603	)		(469,880	)		(443,470	)
	(58	)		(39	)		(13,514	)		(9,185	)
	(2,499,050	)		(1,556,001	)		(2,677,063	)		(2,457,262	)
	–			–			–			–
	(2,499,988	)		(1,556,643	)		(3,160,457	)		(2,909,917	)
	12,111,363			25,681,610			(17,394,662	)		(16,450,675	)
	9,753,574			15,535,029			(18,307,813	)		(34,528,655	)
	78,286,392			62,751,363			152,544,746			187,073,401
$	88,039,966		$	78,286,392		$	134,236,933		$	152,544,746

136

Sterling Capital Funds

Statements of Changes in Net Assets 

September 30, 2023

	Sterling Capital South Carolina Intermediate Tax-Free Fund
	For the  Year Ended September 30, 2023			For the Year Ended September 30, 2022
From Investment Activities:
Operations:
Net investment income	$	788,893		$	1,176,317
Net realized (loss)		(703,509	)		(439,370	)
Change in unrealized appreciation/depreciation.		460,221			(6,014,907	)
Change in net assets from operations.		545,605			(5,277,960	)
Distributions to Shareholders:
Income distribution:
Class A		(135,550	)		(147,210	)
Class C		(3,836	)		(4,027	)
Institutional Class		(649,506	)		(1,025,078	)
Change in net assets from shareholder distributions.		(788,892	)		(1,176,315	)
Capital Transactions:
Change in net assets from capital transactions (See Note 5)		(6,079,786	)		(35,097,479	)
Change in net assets		(6,323,073	)		(41,551,754	)
Net Assets:
Beginning of year		41,710,058			83,261,812
End of year	$	35,386,985		$	41,710,058

See accompanying Notes to the Financial Statements.

137

Sterling Capital Virginia Intermediate Tax-Free Fund						Sterling Capital West Virginia Intermediate Tax-Free Fund
	For the Year Ended September 30, 2023			For the  Year Ended September 30, 2022			For the  Year Ended September 30, 2023			For the Year Ended September 30, 2022
$	1,436,351		$	1,301,206		$	1,992,792		$	1,593,986
	(714,687	)		(1,266,182	)		(1,503,912	)		(1,020,923	)
	581,974			(6,989,773	)		657,730			(8,383,049	)
	1,303,638			(6,954,749	)		1,146,610			(7,809,986	)
	(229,106	)		(236,698	)		(471,650	)		(382,129	)
	(151	)		(208	)		(158	)		(199	)
	(1,207,094	)		(1,152,188	)		(1,520,984	)		(1,219,569	)
	(1,436,351	)		(1,389,094	)		(1,992,792	)		(1,601,897	)
	(18,739,172	)		7,068,723			(6,506,623	)		1,544,062
	(18,871,885	)		(1,275,120	)		(7,352,805	)		(7,867,821	)
	81,144,646			82,419,766			87,143,436			95,011,257
$	62,272,761		$	81,144,646		$	79,790,631		$	87,143,436

138

Sterling Capital Funds

Financial Highlights, Class A Shares

September 30, 2023

The financial highlights table is intended to help you understand the Funds’ financial performance for the past 5 years or, if shorter, the period of the Funds’ operations. Certain information reflects financial results for a single Fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the Fund (assuming reinvestment of all dividends and distributions).

			Investment Activities									Distributions
	Net Asset Value, Beginning of Year		Net investment income (loss)(a)			Net realized/ unrealized gains (losses) on investments			Total from Investment Activities			Net investment income			Net realized gains on investments			Return of capital			Total Distributions
Sterling Capital Behavioral Large Cap Value Equity Fund
Year Ended September 30, 2023	$	20.19		0.37			2.94			3.31			(0.40	)		—			—			(0.40	)
Year Ended September 30, 2022	$	22.75		0.40			(2.60	)		(2.20	)		(0.36	)		—			—			(0.36	)
Year Ended September 30, 2021	$	16.72		0.03			6.21			6.24			(0.04	)		—			(0.17	)		(0.21	)
Year Ended September 30, 2020	$	19.49		0.36			(2.07	)		(1.71	)		(0.48	)		(0.58	)		—			(1.06	)
Year Ended September 30, 2019	$	22.30		0.39			(1.07	)		(0.68	)		(0.38	)		(1.75	)		—			(2.13	)
Sterling Capital Mid Value Fund
Year Ended September 30, 2023	$	15.21		0.06			1.95			2.01			(0.03	)		(2.72	)		—			(2.75	)
Year Ended September 30, 2022	$	20.01		0.02			(3.18	)		(3.16	)		—			(1.64	)		—			(1.64	)
Year Ended September 30, 2021	$	13.99		(0.02	)		6.07			6.05			(0.03	)		—			—			(0.03	)
Year Ended September 30, 2020	$	16.10		0.02			(0.80	)		(0.78	)		(0.20	)		(1.13	)		—			(1.33	)
Year Ended September 30, 2019	$	19.08		0.05			(0.77	)		(0.72	)		—			(2.26	)		—			(2.26	)
Sterling Capital Behavioral Small Cap Value Equity Fund
Year Ended September 30, 2023	$	15.12		0.26			1.78			2.04			(0.18	)		—			—			(0.18	)
Year Ended September 30, 2022	$	19.37		0.17			(2.45	)		(2.28	)		(0.15	)		(1.82	)		—			(1.97	)
Year Ended September 30, 2021	$	11.83		0.11			7.53			7.64			(0.10	)		—			—			(0.10	)
Year Ended September 30, 2020	$	14.54		0.10			(2.67	)		(2.57	)		(0.14	)		—			—			(0.14	)
Year Ended September 30, 2019	$	18.65		0.17			(2.07	)		(1.90	)		(0.23	)		(1.98	)		—			(2.21	)
Sterling Capital Special Opportunities Fund
Year Ended September 30, 2023	$	23.95		(0.09	)		4.21			4.12			—			(1.99	)		—			(1.99	)
Year Ended September 30, 2022	$	33.44		(0.13	)		(5.25	)		(5.38	)		—			(4.11	)		—			(4.11	)
Year Ended September 30, 2021	$	24.67		(0.11	)		9.21			9.10			—			(0.33	)		—			(0.33	)
Year Ended September 30, 2020	$	24.63		(0.01	)		1.38			1.37			—			(1.33	)		—			(1.33	)
Year Ended September 30, 2019	$	26.37		0.02			0.10			0.12			—			(1.86	)		—			(1.86	)
Sterling Capital Equity Income Fund
Year Ended September 30, 2023	$	24.27		0.35			2.73			3.08			(0.35	)		(1.74	)		—			(2.09	)
Year Ended September 30, 2022	$	26.57		0.35			(1.82	)		(1.47	)		(0.35	)		(0.48	)		—			(0.83	)
Year Ended September 30, 2021	$	20.04		0.29			6.53			6.82			(0.29	)		—			—			(0.29	)
Year Ended September 30, 2020	$	21.27		0.36			(0.39	)		(0.03	)		(0.36	)		(0.84	)		—			(1.20	)
Year Ended September 30, 2019	$	21.55		0.39			1.23			1.62			(0.38	)		(1.52	)		—			(1.90	)

* During the periods certain fees were waived (See Note 4 in the Notes to the Financial Statements). If such reductions had not occurred, the ratios would have been as indicated.

** Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued.

(a) Per share net investment income (loss) has been calculated using the average daily shares method.

See accompanying Notes to the Financial Statements.

139

					Ratios/Supplementary Data
Net Asset Value, End of Year		Total Return (excludes sales charge)			Net Assets, End of Year (000)		Ratio of net expenses to average net assets			Ratio of net investment income (loss) to average net assets			Ratio of expenses to average net assets*			Portfolio turnover rate**
$	23.10		16.42	%	$	28,454		1.09	%		1.60	%		1.15	%		110.98	%
$	20.19		(9.84	)%	$	25,985		1.00	%		1.68	%		1.03	%		125.15	%
$	22.75		37.59	%	$	30,870		0.88	%		0.16	%		1.02	%		122.64	%
$	16.72		(9.15	)%	$	24,497		0.89	%		2.00	%		0.96	%		167.34	%
$	19.49		(2.34	)%	$	28,548		0.89	%		2.04	%		0.89	%		142.59	%
$	14.47		13.45	%	$	17,911		1.16	%		0.40	%		1.18	%		19.99	%
$	15.21		(17.48	)%	$	17,191		1.14	%		0.10	%		1.14	%		29.05	%
$	20.01		43.32	%	$	23,421		1.12	%		(0.08	)%		1.15	%		34.00	%
$	13.99		(5.76	)%	$	18,851		1.13	%		0.13	%		1.26	%		28.77	%
$	16.10		(2.80	)%	$	23,013		1.18	%		0.29	%		1.18	%		26.62	%
$	16.98		13.50	%	$	5,695		1.11	%		1.54	%		1.11	%		154.69	%
$	15.12		(13.50	)%	$	5,644		1.11	%		0.90	%		1.11	%		70.82	%
$	19.37		64.73	%	$	7,212		1.06	%		0.66	%		1.06	%		110.07	%
$	11.83		(17.84	)%	$	4,948		1.06	%		0.81	%		1.08	%		119.76	%
$	14.54		(9.57	)%	$	6,599		1.05	%		1.17	%		1.05	%		124.82	%
$	26.08		17.96	%	$	269,413		1.16	%		(0.36	)%		1.16	%		31.19	%
$	23.95		(18.91	)%	$	267,480		1.13	%		(0.44	)%		1.13	%		28.06	%
$	33.44		37.18	%	$	355,673		1.11	%		(0.36	)%		1.12	%		27.20	%
$	24.67		5.55	%	$	276,975		1.11	%		(0.04	)%		1.11	%		17.50	%
$	24.63		1.21	%	$	322,003		1.11	%		0.06	%		1.11	%		17.31	%
$	25.26		12.55	%	$	418,725		1.07	%		1.34	%		1.07	%		39.43	%
$	24.27		(5.85	)%	$	411,766		1.04	%		1.29	%		1.04	%		31.23	%
$	26.57		34.11	%	$	460,034		1.03	%		1.15	%		1.04	%		13.00	%
$	20.04		(0.10	)%	$	320,255		1.03	%		1.79	%		1.03	%		33.60	%
$	21.27		8.48	%	$	338,293		1.02	%		1.92	%		1.02	%		23.20	%

140

Sterling Capital Funds

Financial Highlights, Class A Shares

September 30, 2023

The financial highlights table is intended to help you understand the Funds’ financial performance for the past 5 years or, if shorter, the period of the Funds’ operations. Certain information reflects financial results for a single Fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the Fund (assuming reinvestment of all dividends and distributions).

			Investment Activities									Distributions
	Net Asset Value, Beginning of Year		Net investment income (loss)(a)			Net realized/ unrealized gains (losses) on investments			Total from Investment Activities			Net investment income			Net realized gains on investments			Return of capital		Total Distributions
Sterling Capital Behavioral International Equity Fund
Year Ended September 30, 2023	$	7.09		0.29			1.99			2.28			(0.24	)		—			—		(0.24	)
Year Ended September 30, 2022	$	9.80		0.36			(2.64	)		(2.28	)		(0.43	)		—			—		(0.43	)
Year Ended September 30, 2021	$	8.14		0.26			1.62			1.88			(0.22	)		—			—		(0.22	)
Year Ended September 30, 2020	$	9.48		0.24			(1.30	)		(1.06	)		(0.28	)		—			—		(0.28	)
Year Ended September 30, 2019	$	11.17		0.31			(1.31	)		(1.00	)		(0.29	)		(0.40	)		—		(0.69	)
Sterling Capital SMID Opportunities Fund
Year Ended September 30, 2023	$	12.08		(0.02	)		1.38			1.36			—			(1.33	)		—		(1.33	)
Year Ended September 30, 2022	$	16.08		(0.01	)		(2.59	)		(2.60	)		—			(1.40	)		—		(1.40	)
Year Ended September 30, 2021	$	12.45		(0.06	)		3.69			3.63			—			—			—		—
Year Ended September 30, 2020	$	13.24		(0.03	)		(0.13	)		(0.16	)		—			(0.63	)		—		(0.63	)
Year Ended September 30, 2019	$	12.44		(0.02	)		0.82			0.80			—			—			—		—
Sterling Capital Mid Cap Relative Value Fund
Year Ended September 30, 2023	$	62.45		0.40			8.65			9.05			(0.39	)		(10.17	)		—		(10.56	)
Year Ended September 30, 2022	$	78.45		0.39			(10.09	)		(9.70	)		(0.33	)		(5.97	)		—		(6.30	)
Year Ended September 30, 2021	$	58.67		0.28			19.97			20.25			(0.24	)		(0.23	)		—		(0.47	)
Year Ended September 30, 2020	$	64.04		0.25			(3.65	)		(3.40	)		(0.46	)		(1.51	)		—		(1.97	)
Year Ended September 30, 2019	$	68.74		0.30			0.17			0.47			(0.15	)		(5.02	)		—		(5.17	)
Sterling Capital Real Estate Fund
Year Ended September 30, 2023	$	34.86		0.64			(0.25	)		0.39			(0.67	)		(2.23	)		—		(2.90	)
Year Ended September 30, 2022	$	46.09		0.27			(7.99	)		(7.72	)		(0.52	)		(2.99	)		—		(3.51	)
Year Ended September 30, 2021	$	36.61		0.35			10.46			10.81			(0.51	)		(0.82	)		—		(1.33	)
Year Ended September 30, 2020	$	42.28		0.25			(3.72	)		(3.47	)		(0.68	)		(1.52	)		—		(2.20	)
Year Ended September 30, 2019	$	37.57		0.75			5.98			6.73			(0.78	)		(1.24	)		—		(2.02	)
Sterling Capital Small Cap Value Fund
Year Ended September 30, 2023	$	57.67		0.16			8.11			8.27			(0.09	)		(13.68	)		—		(13.77	)
Year Ended September 30, 2022	$	83.01		0.09			(8.16	)		(8.07	)		—			(17.27	)		—		(17.27	)
Year Ended September 30, 2021	$	63.67		(0.01	)		30.82			30.81			(0.25	)		(11.22	)		—		(11.47	)
Year Ended September 30, 2020	$	78.00		0.25			(9.36	)		(9.11	)		(0.29	)		(4.93	)		—		(5.22	)
Year Ended September 30, 2019	$	88.73		0.32			(5.00	)		(4.68	)		(0.15	)		(5.90	)		—		(6.05	)
Sterling Capital Ultra Short Bond Fund
Year Ended September 30, 2023	$	9.55		0.31			0.16			0.47			(0.34	)		—			—		(0.34	)
Year Ended September 30, 2022	$	9.78		0.08			(0.19	)		(0.11	)		(0.12	)		—			—		(0.12	)
Year Ended September 30, 2021	$	9.82		0.08			(0.02	)		0.06			(0.10	)		—			—		(0.10	)
Year Ended September 30, 2020	$	9.78		0.17			0.04			0.21			(0.17	)		—			—		(0.17	)
Year Ended September 30, 2019	$	9.75		0.23			0.03			0.26			(0.23	)		—			—		(0.23	)

* During the periods certain fees were waived (See Note 4 in the Notes to the Financial Statements). If such reductions had not occurred, the ratios would have been as indicated.

** Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued.

(a) Per share net investment income (loss) has been calculated using the average daily shares method.

See accompanying Notes to the Financial Statements.

141

					Ratios/Supplementary Data
Net Asset Value, End of Year		Total Return (excludes sales charge)			Net Assets, End of Year (000)		Ratio of net expenses to average net assets			Ratio of net investment income (loss) to average net assets			Ratio of expenses to average net assets*			Portfolio turnover rate**
$	9.13		32.53	%	$	369		0.92	%		3.26	%		0.92	%		86.05	%
$	7.09		(24.40	)%	$	308		0.91	%		3.99	%		0.92	%		103.20	%
$	9.80		23.46	%	$	490		0.92	%		2.73	%		0.98	%		158.16	%
$	8.14		(11.76	)%	$	426		0.88	%		2.81	%		1.08	%		164.02	%
$	9.48		(8.72	)%	$	537		0.94	%		3.16	%		1.14	%		97.74	%
$	12.11		11.49	%	$	2,608		1.04	%		(0.19	)%		1.47	%		72.61	%
$	12.08		(18.16	)%	$	3,688		1.04	%		(0.06	)%		1.38	%		23.35	%
$	16.08		29.16	%	$	5,095		1.04	%		(0.42	)%		1.31	%		33.93	%
$	12.45		(1.54	)%	$	4,425		1.04	%		(0.22	)%		1.34	%		60.03	%
$	13.24		6.43	%	$	3,097		1.04	%		(0.18	)%		1.45	%		45.11	%
$	60.94		14.75	%	$	460		1.12	%		0.65	%		1.12	%		4.89	%
$	62.45		(13.89	)%	$	380		1.10	%		0.53	%		1.10	%		7.94	%
$	78.45		34.65	%	$	369		1.10	%		0.38	%		1.11	%		8.23	%
$	58.67		(5.63	)%	$	145		1.16	%		0.42	%		1.19	%		9.21	%
$	64.04		1.72	%	$	126		1.20	%		0.50	%		1.20	%		6.75	%
$	32.35		0.70	%	$	543		1.12	%		1.81	%		1.12	%		6.06	%
$	34.86		(18.60	)%	$	670		1.07	%		0.60	%		1.07	%		12.58	%
$	46.09		30.08	%	$	719		1.05	%		0.82	%		1.05	%		12.68	%
$	36.61		(8.33	)%	$	537		1.08	%		0.67	%		1.08	%		19.58	%
$	42.28		18.76	%	$	800		1.07	%		1.92	%		1.07	%		14.56	%
$	52.17		15.05	%	$	2,656		1.28	%		0.29	%		1.30	%		0.77	%
$	57.67		(14.14	)%	$	2,464		1.25	%		0.13	%		1.25	%		5.26	%
$	83.01		52.43	%	$	3,468		1.23	%		(0.01	)%		1.26	%		6.15	%
$	63.67		(12.81	)%	$	2,048		1.25	%		0.37	%		1.33	%		8.33	%
$	78.00		(4.79	)%	$	2,775		1.28	%		0.42	%		1.33	%		8.60	%
$	9.68		4.97	%	$	5,756		0.52	%		3.26	%		0.82	%		45.10	%
$	9.55		(1.07	)%	$	7,090		0.52	%		0.87	%		0.75	%		50.11	%
$	9.78		0.51	%	$	7,219		0.53	%		0.82	%		0.75	%		48.71	%
$	9.82		2.20	%	$	2,675		0.63	%		1.73	%		0.81	%		43.45	%
$	9.78		2.70	%	$	2,219		0.68	%		2.39	%		0.79	%		103.69	%

142

Sterling Capital Funds

Financial Highlights, Class A Shares

September 30, 2023

The financial highlights table is intended to help you understand the Funds’ financial performance for the past 5 years or, if shorter, the period of the Funds’ operations. Certain information reflects financial results for a single Fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the Fund (assuming reinvestment of all dividends and distributions).

			Investment Activities								Distributions
	Net Asset Value, Beginning of Year		Net investment income(a)		Net realized/ unrealized gains (losses) on investments			Total from Investment Activities			Net investment income			Net realized gains on investments			Return of capital		Total Distributions
Sterling Capital Short Duration Bond Fund
Year Ended September 30, 2023	$	8.08		0.25		0.04			0.29			(0.23	)		—			—		(0.23	)
Year Ended September 30, 2022	$	8.68		0.08		(0.51	)		(0.43	)		(0.17	)		—			—		(0.17	)
Year Ended September 30, 2021	$	8.78		0.10		(0.02	)		0.08			(0.18	)		—			—		(0.18	)
Year Ended September 30, 2020	$	8.65		0.17		0.16			0.33			(0.20	)		—			—		(0.20	)
Year Ended September 30, 2019	$	8.52		0.21		0.15			0.36			(0.23	)		—			—		(0.23	)
Sterling Capital Intermediate U.S. Government Fund
Year Ended September 30, 2023	$	8.51		0.16		(0.12	)		0.04			(0.21	)		—			—		(0.21	)
Year Ended September 30, 2022	$	9.78		0.08		(1.15	)		(1.07	)		(0.20	)		—			—		(0.20	)
Year Ended September 30, 2021	$	10.13		0.06		(0.18	)		(0.12	)		(0.23	)		—			—		(0.23	)
Year Ended September 30, 2020	$	9.92		0.17		0.29			0.46			(0.25	)		—			—		(0.25	)
Year Ended September 30, 2019	$	9.48		0.21		0.47			0.68			(0.24	)		—			—		(0.24	)
Sterling Capital Total Return Bond Fund
Year Ended September 30, 2023	$	9.11		0.28		(0.24	)		0.04			(0.28	)		—			—		(0.28	)
Year Ended September 30, 2022	$	11.04		0.18		(1.80	)		(1.62	)		(0.22	)		(0.09	)		—		(0.31	)
Year Ended September 30, 2021	$	11.38		0.17		(0.12	)		0.05			(0.24	)		(0.15	)		—		(0.39	)
Year Ended September 30, 2020	$	10.88		0.24		0.55			0.79			(0.29	)		—	(b)		—		(0.29	)
Year Ended September 30, 2019	$	10.20		0.30		0.69			0.99			(0.31	)		—			—		(0.31	)
Sterling Capital Long Duration Corporate Bond Fund
Year Ended September 30, 2023	$	6.63		0.28		(0.17	)		0.11			(0.29	)		—			—		(0.29	)
Year Ended September 30, 2022	$	10.51		0.25		(2.85	)		(2.60	)		(0.25	)		(1.03	)		—		(1.28	)
Year Ended September 30, 2021	$	10.78		0.25		0.03			0.28			(0.25	)		(0.30	)		—		(0.55	)
Year Ended September 30, 2020	$	10.38		0.27		0.40			0.67			(0.27	)		—			—		(0.27	)
Year Ended September 30, 2019	$	9.81		0.30		0.57			0.87			(0.30	)		—			—		(0.30	)
Sterling Capital Quality Income Fund
Year Ended September 30, 2023	$	8.78		0.23		(0.21	)		0.02			(0.24	)		—			—		(0.24	)
Year Ended September 30, 2022	$	10.04		0.14		(1.23	)		(1.09	)		(0.17	)		—			—		(0.17	)
Year Ended September 30, 2021.	$	10.25		0.13		(0.15	)		(0.02	)		(0.19	)		—			—		(0.19	)
Year Ended September 30, 2020	$	10.09		0.21		0.20			0.41			(0.25	)		—			—		(0.25	)
Year Ended September 30, 2019	$	9.60		0.28		0.49			0.77			(0.28	)		—			—		(0.28	)

* During the periods certain fees were waived (See Note 4 in the Notes to the Financial Statements). If such reductions had not occurred, the ratios would have been as indicated.

** Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued.

(a) Per share net investment income (loss) has been calculated using the average daily shares method.

(b) Amount is less than $0.005.

See accompanying Notes to the Financial Statements.

143

					Ratios/Supplementary Data
Net Asset Value, End of Year		Total Return (excludes sales charge)			Net Assets, End of Year (000)		Ratio of net expenses to average net assets			Ratio of net investment income (loss) to average net assets			Ratio of expenses to average net assets*			Portfolio turnover rate**
$	8.14		3.62	%	$	3,228		0.70	%		3.02	%		0.73	%		98.01	%
$	8.08		(5.02	)%	$	3,665		0.73	%		0.94	%		0.73	%		76.98	%
$	8.68		0.94	%	$	4,419		0.68	%		1.15	%		0.71	%		39.26	%
$	8.78		3.86	%	$	4,260		0.67	%		1.93	%		0.77	%		64.69	%
$	8.65		4.29	%	$	3,197		0.68	%		2.44	%		0.78	%		78.58	%
$	8.34		0.43	%	$	2,550		0.75	%		1.89	%		0.94	%		7.91	%
$	8.51		(11.12	)%	$	2,879		0.73	%		0.87	%		0.92	%		14.18	%
$	9.78		(1.23	)%	$	3,388		0.68	%		0.64	%		0.86	%		71.31	%
$	10.13		4.66	%	$	3,930		0.79	%		1.68	%		0.95	%		47.36	%
$	9.92		7.27	%	$	3,531		0.81	%		2.12	%		0.91	%		40.13	%
$	8.87		0.41	%	$	46,772		0.70	%		2.99	%		0.76	%		47.80	%
$	9.11		(14.94	)%	$	47,701		0.70	%		1.75	%		0.74	%		47.98	%
$	11.04		0.44	%	$	60,694		0.70	%		1.52	%		0.75	%		48.80	%
$	11.38		7.33	%	$	57,202		0.70	%		2.20	%		0.82	%		59.59	%
$	10.88		9.90	%	$	55,513		0.70	%		2.87	%		0.83	%		79.40	%
$	6.45		1.38	%	$	308		0.70	%		4.09	%		0.89	%		26.27	%
$	6.63		(27.78	)%	$	436		0.85	%		2.94	%		1.04	%		161.62	%
$	10.51		2.67	%	$	632		0.97	%		2.40	%		1.16	%		47.29	%
$	10.78		6.56	%	$	490		0.92	%		2.57	%		0.94	%		52.28	%
$	10.38		9.01	%	$	498		0.93	%		2.98	%		0.95	%		82.23	%
$	8.56		0.18	%	$	32		0.83	%		2.57	%		0.88	%		9.85	%
$	8.78		(10.93	)%	$	32		0.82	%		1.44	%		0.86	%		35.18	%
$	10.04		(0.23	)%	$	29		0.82	%		1.29	%		0.86	%		73.60	%
$	10.25		4.07	%	$	25		0.84	%		2.06	%		0.88	%		35.96	%
$	10.09		8.13	%	$	20		0.85	%		2.90	%		0.89	%		17.58	%

144

Sterling Capital Funds

Financial Highlights, Class A Shares

September 30, 2023

The financial highlights table is intended to help you understand the Funds’ financial performance for the past 5 years or, if shorter, the period of the Funds’ operations. Certain information reflects financial results for a single Fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the Fund (assuming reinvestment of all dividends and distributions).

			Investment Activities								Distributions
	Net Asset Value, Beginning of Year		Net investment income(a)		Net realized/ unrealized gains (losses) on investments			Total from Investment Activities			Net investment income			Net realized gains on investments			Return of capital		Total Distributions
Sterling Capital North Carolina Intermediate Tax-Free Fund
Year Ended September 30, 2023	$	9.84		0.20		(0.09	)		0.11			(0.20	)		—			—		(0.20	)
Year Ended September 30, 2022	$	10.97		0.16		(1.13	)		(0.97	)		(0.16	)		—			—		(0.16	)
Year Ended September 30, 2021	$	11.12		0.15		(0.15	)		—			(0.15	)		—			—		(0.15	)
Year Ended September 30, 2020	$	10.91		0.18		0.21			0.39			(0.18	)		—			—		(0.18	)
Year Ended September 30, 2019	$	10.43		0.23		0.48			0.71			(0.23	)		—			—		(0.23	)
Sterling Capital South Carolina Intermediate Tax-Free Fund
Year Ended September 30, 2023	$	10.24		0.20		(0.08	)		0.12			(0.20	)		—			—		(0.20	)
Year Ended September 30, 2022	$	11.40		0.18		(1.16	)		(0.98	)		(0.18	)		—			—		(0.18	)
Year Ended September 30, 2021	$	11.47		0.17		(0.07	)		0.10			(0.17	)		—			—		(0.17	)
Year Ended September 30, 2020	$	11.27		0.20		0.20			0.40			(0.20	)		—			—		(0.20	)
Year Ended September 30, 2019	$	10.77		0.21		0.50			0.71			(0.21	)		—			—		(0.21	)
Sterling Capital Virginia Intermediate Tax-Free Fund
Year Ended September 30, 2023	$	10.77		0.20		(0.08	)		0.12			(0.20	)		—			—		(0.20	)
Year Ended September 30, 2022	$	11.98		0.16		(1.20	)		(1.04	)		(0.16	)		(0.01	)		—		(0.17	)
Year Ended September 30, 2021	$	12.23		0.16		(0.22	)		(0.06	)		(0.16	)		(0.03	)		—		(0.19	)
Year Ended September 30, 2020	$	11.98		0.20		0.25			0.45			(0.20	)		—			—		(0.20	)
Year Ended September 30, 2019	$	11.40		0.23		0.58			0.81			(0.23	)		—			—		(0.23	)
Sterling Capital West Virginia Intermediate Tax-Free Fund
Year Ended September 30, 2023	$	9.22		0.20		(0.10	)		0.10			(0.20	)		—			—		(0.20	)
Year Ended September 30, 2022	$	10.20		0.15		(0.98	)		(0.83	)		(0.15	)		—	(b)		—		(0.15	)
Year Ended September 30, 2021	$	10.29		0.16		(0.08	)		0.08			(0.16	)		(0.01	)		—		(0.17	)
Year Ended September 30, 2020	$	10.12		0.19		0.18			0.37			(0.19	)		(0.01	)		—		(0.20	)
Year Ended September 30, 2019	$	9.72		0.22		0.42			0.64			(0.22	)		(0.02	)		—		(0.24	)

* During the periods certain fees were waived (See Note 4 in the Notes to the Financial Statements). If such reductions had not occurred, the ratios would have been as indicated.

** Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued.

(a) Per share net investment income (loss) has been calculated using the average daily shares method.

(b) Amount is less than $0.005.

See accompanying Notes to the Financial Statements.

145 

					Ratios/Supplementary Data
Net Asset Value, End of Year		Total Return (excludes sales charge)			Net Assets, End of Year (000)		Ratio of net expenses to average net assets			Ratio of net investment income (loss) to average net assets			Ratio of expenses to average net assets*			Portfolio turnover rate**
$	9.75		1.08	%	$	22,320		0.85	%		1.99	%		0.85	%	38.07	%
$	9.84		(8.92	)%	$	24,664		0.82	%		1.52	%		0.82	%	50.21	%
$	10.97		(0.01	)%	$	31,234		0.80	%		1.34	%		0.80	%	7.97	%
$	11.12		3.64	%	$	33,648		0.79	%		1.68	%		0.79	%	17.06	%
$	10.91		6.84	%	$	38,587		0.80	%		2.12	%		0.80	%	33.12	%
$	10.16		1.15	%	$	6,369		0.87	%		1.92	%		0.88	%	32.34	%
$	10.24		(8.66	)%	$	7,056		0.85	%		1.64	%		0.85	%	9.94	%
$	11.40		0.86	%	$	11,204		0.81	%		1.44	%		0.81	%	20.23	%
$	11.47		3.58	%	$	11,926		0.81	%		1.76	%		0.81	%	4.84	%
$	11.27		6.62	%	$	12,478		0.81	%		1.88	%		0.81	%	23.84	%
$	10.69		1.05	%	$	11,272		0.86	%		1.78	%		0.86	%	17.86	%
$	10.77		(8.72	)%	$	14,162		0.83	%		1.40	%		0.83	%	37.23	%
$	11.98		(0.52	)%	$	17,292		0.81	%		1.31	%		0.81	%	8.98	%
$	12.23		3.80	%	$	17,446		0.81	%		1.67	%		0.81	%	15.44	%
$	11.98		7.13	%	$	17,795		0.81	%		1.94	%		0.81	%	24.57	%
$	9.12		1.07	%	$	20,855		0.86	%		2.14	%		0.86	%	37.11	%
$	9.22		(8.18	)%	$	23,829		0.82	%		1.54	%		0.82	%	18.08	%
$	10.20		0.72	%	$	27,208		0.81	%		1.53	%		0.81	%	8.56	%
$	10.29		3.66	%	$	27,866		0.81	%		1.84	%		0.81	%	3.28	%
$	10.12		6.59	%	$	22,389		0.81	%		2.18	%		0.81	%	33.73	%

146 

Sterling Capital Funds

Financial Highlights, Class C Shares

September 30, 2023

The financial highlights table is intended to help you understand the Funds’ financial performance for the past 5 years or, if shorter, the period of the Funds’ operations. Certain information reflects financial results for a single Fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the Fund (assuming reinvestment of all dividends and distributions).

			Investment Activities									Distributions
	Net Asset Value, Beginning of Year		Net investment income (loss)(a)			Net realized/ unrealized gains (losses) on investments			Total from Investment Activities			Net investment income			Net realized gains on investments			Return of capital			Total Distributions
Sterling Capital Behavioral Large Cap Value Equity Fund
Year Ended September 30, 2023	$	19.41		0.19			2.83			3.02			(0.24	)		—			—			(0.24	)
Year Ended September 30, 2022	$	21.88		0.21			(2.49	)		(2.28	)		(0.19	)		—			—			(0.19	)
Year Ended September 30, 2021	$	16.17		(0.04	)		5.92			5.88			(0.03	)		—			(0.14	)		(0.17	)
Year Ended September 30, 2020	$	18.88		0.21			(1.99	)		(1.78	)		(0.35	)		(0.58	)		—			(0.93	)
Year Ended September 30, 2019	$	21.67		0.24			(1.04	)		(0.80	)		(0.24	)		(1.75	)		—			(1.99	)
Sterling Capital Mid Value Fund
Year Ended September 30, 2023	$	12.52		(0.04	)		1.60			1.56			—			(2.72	)		—			(2.72	)
Year Ended September 30, 2022	$	16.86		(0.11	)		(2.59	)		(2.70	)		—			(1.64	)		—			(1.64	)
Year Ended September 30, 2021	$	11.85		(0.13	)		5.14			5.01			—			—			—			—
Year Ended September 30, 2020	$	13.83		(0.07	)		(0.68	)		(0.75	)		(0.10	)		(1.13	)		—			(1.23	)
Year Ended September 30, 2019	$	16.86		(0.07	)		(0.70	)		(0.77	)		—			(2.26	)		—			(2.26	)
Sterling Capital Behavioral Small Cap Value Equity Fund
Year Ended September 30, 2023	$	14.33		0.13			1.69			1.82			(0.05	)		—			—			(0.05	)
Year Ended September 30, 2022	$	18.46		0.03			(2.34	)		(2.31	)		—			(1.82	)		—			(1.82	)
Year Ended September 30, 2021	$	11.28		0.01			7.17			7.18			—			—			—			—
Year Ended September 30, 2020	$	13.94		0.01			(2.56	)		(2.55	)		(0.11	)		—			—			(0.11	)
Year Ended September 30, 2019	$	17.89		0.06			(1.98	)		(1.92	)		(0.05	)		(1.98	)		—			(2.03	)
Sterling Capital Special Opportunities Fund
Year Ended September 30, 2023	$	18.09		(0.21	)		3.13			2.92			—			(1.99	)		—			(1.99	)
Year Ended September 30, 2022	$	26.39		(0.27	)		(3.92	)		(4.19	)		—			(4.11	)		—			(4.11	)
Year Ended September 30, 2021	$	19.67		(0.27	)		7.32			7.05			—			(0.33	)		—			(0.33	)
Year Ended September 30, 2020	$	20.04		(0.15	)		1.11			0.96			—			(1.33	)		—			(1.33	)
Year Ended September 30, 2019	$	21.98		(0.14	)		0.06			(0.08	)		—			(1.86	)		—			(1.86	)
Sterling Capital Equity Income Fund
Year Ended September 30, 2023	$	24.04		0.15			2.70			2.85			(0.15	)		(1.74	)		—			(1.89	)
Year Ended September 30, 2022	$	26.32		0.15			(1.81	)		(1.66	)		(0.14	)		(0.48	)		—			(0.62	)
Year Ended September 30, 2021	$	19.83		0.10			6.47			6.57			(0.08	)		—			—			(0.08	)
Year Ended September 30, 2020	$	21.05		0.21			(0.38	)		(0.17	)		(0.21	)		(0.84	)		—			(1.05	)
Year Ended September 30, 2019	$	21.34		0.24			1.21			1.45			(0.22	)		(1.52	)		—			(1.74	)
Sterling Capital Behavioral International Equity Fund
Year Ended September 30, 2023	$	7.01		0.19			2.01			2.20			(0.08	)		—			—			(0.08	)
Year Ended September 30, 2022	$	9.69		0.29			(2.61	)		(2.32	)		(0.36	)		—			—			(0.36	)
Year Ended September 30, 2021	$	8.06		0.19			1.60			1.79			(0.16	)		—			—			(0.16	)
Year Ended September 30, 2020	$	9.37		0.18			(1.31	)		(1.13	)		(0.18	)		—			—			(0.18	)
Year Ended September 30, 2019	$	11.06		0.26			(1.33	)		(1.07	)		(0.22	)		(0.40	)		—			(0.62	)

* During the periods certain fees were waived (See Note 4 in the Notes to the Financial Statements). If such reductions had not occurred, the ratios would have been as indicated.

** Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued.

(a) Per share net investment income (loss) has been calculated using the average daily shares method.

See accompanying Notes to the Financial Statements.

147 

					Ratios/Supplementary Data
Net Asset Value, End of Year		Total Return (excludes sales charge)			Net Assets, End of Year (000)		Ratio of net expenses to average net assets			Ratio of net investment income (loss) to average net assets			Ratio of expenses to average net assets*			Portfolio turnover rate**
$	22.19		15.57	%	$	280		1.84	%		0.85	%		1.90	%	110.98	%
$	19.41		(10.50	)%	$	248		1.75	%		0.93	%		1.78	%	125.15	%
$	21.88		36.56	%	$	304		1.60	%		(0.22	)%		1.79	%	122.64	%
$	16.17		(9.81	)%	$	567		1.64	%		1.26	%		1.71	%	167.34	%
$	18.88		(3.08	)%	$	634		1.64	%		1.29	%		1.64	%	142.59	%
$	11.36		12.57	%	$	379		1.91	%		(0.35	)%		1.93	%	19.99	%
$	12.52		(18.06	)%	$	473		1.88	%		(0.67	)%		1.88	%	29.05	%
$	16.86		42.28	%	$	1,101		1.87	%		(0.85	)%		1.90	%	34.00	%
$	11.85		(6.46	)%	$	1,584		1.88	%		(0.61	)%		2.02	%	28.77	%
$	13.83		(3.52	)%	$	2,826		1.93	%		(0.46	)%		1.93	%	26.62	%
$	16.10		12.70	%	$	28		1.86	%		0.79	%		1.86	%	154.69	%
$	14.33		(14.19	)%	$	29		1.85	%		0.19	%		1.85	%	70.82	%
$	18.46		63.65	%	$	38		1.82	%		0.04	%		1.82	%	110.07	%
$	11.28		(18.47	)%	$	100		1.81	%		0.05	%		1.83	%	119.76	%
$	13.94		(10.28	)%	$	150		1.80	%		0.43	%		1.80	%	124.82	%
$	19.02		17.07	%	$	22,619		1.91	%		(1.11	)%		1.91	%	31.19	%
$	18.09		(19.53	)%	$	29,566		1.88	%		(1.19	)%		1.88	%	28.06	%
$	26.39		36.19	%	$	52,182		1.86	%		(1.11	)%		1.87	%	27.20	%
$	19.67		4.73	%	$	60,777		1.86	%		(0.79	)%		1.86	%	17.50	%
$	20.04		0.48	%	$	83,451		1.86	%		(0.71	)%		1.86	%	17.31	%
$	25.00		11.71	%	$	64,849		1.82	%		0.60	%		1.82	%	39.43	%
$	24.04		(6.57	)%	$	64,899		1.79	%		0.54	%		1.79	%	31.23	%
$	26.32		33.15	%	$	81,338		1.78	%		0.42	%		1.79	%	13.00	%
$	19.83		(0.85	)%	$	119,475		1.77	%		1.04	%		1.78	%	33.60	%
$	21.05		7.66	%	$	158,353		1.77	%		1.17	%		1.77	%	23.20	%
$	9.13		31.56	%	$	23		1.66	%		2.25	%		1.66	%	86.05	%
$	7.01		(24.92	)%	$	41		1.67	%		3.27	%		1.67	%	103.20	%
$	9.69		22.44	%	$	54		1.67	%		1.99	%		1.73	%	158.16	%
$	8.06		(12.41	)%	$	44		1.63	%		2.03	%		1.83	%	164.02	%
$	9.37		(9.44	)%	$	63		1.69	%		2.68	%		1.89	%	97.74	%

148 

Sterling Capital Funds

Financial Highlights, Class C Shares

September 30, 2023

The financial highlights table is intended to help you understand the Funds’ financial performance for the past 5 years or, if shorter, the period of the Funds’ operations. Certain information reflects financial results for a single Fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the Fund (assuming reinvestment of all dividends and distributions).

			Investment Activities									Distributions
	Net Asset Value, Beginning of Year		Net investment income (loss)(a)			Net realized/ unrealized gains (losses) on investments			Total from Investment Activities			Net investment income			Net realized gains on investments			Return of capital		Total Distributions
Sterling Capital SMID Opportunities Fund
Year Ended September 30, 2023	$	11.54		(0.11	)		1.33			1.22			—			(1.33	)		—		(1.33	)
Year Ended September 30, 2022	$	15.54		(0.12	)		(2.48	)		(2.60	)		—			(1.40	)		—		(1.40	)
Year Ended September 30, 2021	$	12.12		(0.17	)		3.59			3.42			—			—			—		—
Year Ended September 30, 2020	$	12.99		(0.11	)		(0.13	)		(0.24	)		—			(0.63	)		—		(0.63	)
Year Ended September 30, 2019	$	12.30		(0.11	)		0.80			0.69			—			—			—		—
Sterling Capital Mid Cap Relative Value Fund
Year Ended September 30, 2023	$	60.48		(0.01	)		8.38			8.37			—			(10.17	)		—		(10.17	)
Year Ended September 30, 2022	$	76.32		(0.08	)		(9.79	)		(9.87	)		—			(5.97	)		—		(5.97	)
Year Ended September 30, 2021	$	57.24		(0.17	)		19.48			19.31			—			(0.23	)		—		(0.23	)
Year Ended September 30, 2020	$	62.48		(0.12	)		(3.60	)		(3.72	)		(0.01	)		(1.51	)		—		(1.52	)
Year Ended September 30, 2019	$	67.46		(0.12	)		0.16			0.04			—			(5.02	)		—		(5.02	)
Sterling Capital Real Estate Fund
Year Ended September 30, 2023	$	34.53		0.37			(0.25	)		0.12			(0.42	)		(2.23	)		—		(2.65	)
Year Ended September 30, 2022	$	45.65		(0.06	)		(7.89	)		(7.95	)		(0.18	)		(2.99	)		—		(3.17	)
Year Ended September 30, 2021	$	36.33		0.03			10.37			10.40			(0.26	)		(0.82	)		—		(1.08	)
Year Ended September 30, 2020	$	42.06		0.22			(3.94	)		(3.72	)		(0.49	)		(1.52	)		—		(2.01	)
Year Ended September 30, 2019	$	37.40		0.42			5.99			6.41			(0.51	)		(1.24	)		—		(1.75	)
Sterling Capital Small Cap Value Fund
Year Ended September 30, 2023	$	54.20		(0.22	)		7.59			7.37			—			(13.68	)		—		(13.68	)
Year Ended September 30, 2022	$	79.47		(0.42	)		(7.58	)		(8.00	)		—			(17.27	)		—		(17.27	)
Year Ended September 30, 2021	$	61.56		(0.58	)		29.71			29.13			—			(11.22	)		—		(11.22	)
Year Ended September 30, 2020	$	75.87		(0.24	)		(9.11	)		(9.35	)		(0.03	)		(4.93	)		—		(4.96	)
Year Ended September 30, 2019	$	86.92		(0.19	)		(4.96	)		(5.15	)		—			(5.90	)		—		(5.90	)
Sterling Capital Short Duration Bond Fund
Year Ended September 30, 2023	$	8.08		0.18			0.05			0.23			(0.17	)		—			—		(0.17	)
Year Ended September 30, 2022	$	8.68		0.01			(0.50	)		(0.49	)		(0.11	)		—			—		(0.11	)
Year Ended September 30, 2021	$	8.77		0.04			(0.01	)		0.03			(0.12	)		—			—		(0.12	)
Year Ended September 30, 2020	$	8.64		0.11			0.15			0.26			(0.13	)		—			—		(0.13	)
Year Ended September 30, 2019	$	8.51		0.14			0.16			0.30			(0.17	)		—			—		(0.17	)

* During the periods certain fees were waived (See Note 4 in the Notes to the Financial Statements). If such reductions had not occurred, the ratios would have been as indicated.

** Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued.

(a) Per share net investment income (loss) has been calculated using the average daily shares method.

See accompanying Notes to the Financial Statements.

149 

					Ratios/Supplementary Data
Net Asset Value, End of Year		Total Return (excludes sales charge)			Net Assets, End of Year (000)		Ratio of net expenses to average net assets			Ratio of net investment income (loss) to average net assets			Ratio of expenses to average net assets*			Portfolio turnover rate**
$	11.43		10.74	%	$	167		1.79	%		(0.96	)%		2.22	%	72.61	%
$	11.54		(18.83	)%	$	673		1.79	%		(0.84	)%		2.12	%	23.35	%
$	15.54		28.22	%	$	1,513		1.79	%		(1.17	)%		2.06	%	33.93	%
$	12.12		(2.22	)%	$	1,250		1.79	%		(0.97	)%		2.09	%	60.03	%
$	12.99		5.61	%	$	1,188		1.79	%		(0.95	)%		2.19	%	45.11	%
$	58.68		14.00	%	$	3		1.77	%		(0.01	)%		1.77	%	4.89	%
$	60.48		(14.45	)%	$	3		1.74	%		(0.11	)%		1.74	%	7.94	%
$	76.32		33.80	%	$	3		1.85	%		(0.23	)%		1.85	%	8.23	%
$	57.24		(6.21	)%	$	1		1.92	%		(0.20	)%		1.92	%	9.21	%
$	62.48		1.03	%	$	1		1.95	%		(0.21	)%		1.95	%	6.75	%
$	32.00		(0.06	)%	$	112		1.86	%		1.05	%		1.86	%	6.06	%
$	34.53		(19.19	)%	$	125		1.82	%		(0.14	)%		1.82	%	12.58	%
$	45.65		29.14	%	$	182		1.81	%		0.08	%		1.81	%	12.68	%
$	36.33		(9.02	)%	$	192		1.83	%		0.58	%		1.83	%	19.58	%
$	42.06		17.88	%	$	205		1.82	%		1.08	%		1.82	%	14.56	%
$	47.89		14.18	%	$	458		2.03	%		(0.45	)%		2.05	%	0.77	%
$	54.20		(14.79	)%	$	320		2.00	%		(0.63	)%		2.00	%	5.26	%
$	79.47		51.27	%	$	375		1.98	%		(0.75	)%		2.01	%	6.15	%
$	61.56		(13.46	)%	$	245		2.00	%		(0.35	)%		2.08	%	8.33	%
$	75.87		(5.49	)%	$	279		2.03	%		(0.25	)%		2.08	%	8.60	%
$	8.14		2.84	%	$	280		1.45	%		2.23	%		1.48	%	98.01	%
$	8.08		(5.73	)%	$	409		1.47	%		0.13	%		1.47	%	76.98	%
$	8.68		0.29	%	$	988		1.43	%		0.40	%		1.46	%	39.26	%
$	8.77		3.09	%	$	893		1.42	%		1.21	%		1.52	%	64.69	%
$	8.64		3.52	%	$	1,052		1.43	%		1.68	%		1.53	%	78.58	%

150 

Sterling Capital Funds

Financial Highlights, Class C Shares

September 30, 2023

The financial highlights table is intended to help you understand the Funds’ financial performance for the past 5 years or, if shorter, the period of the Funds’ operations. Certain information reflects financial results for a single Fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the Fund (assuming reinvestment of all dividends and distributions).

			Investment Activities									Distributions
	Net Asset Value, Beginning of Year		Net investment income (loss)(a)			Net realized/ unrealized gains (losses) on investments			Total from Investment Activities			Net investment income			Net realized gains on investments			Return of capital		Total Distributions
Sterling Capital Intermediate U.S. Government Fund
Year Ended September 30, 2023	$	8.49		0.10			(0.12	)		(0.02	)		(0.15	)		—			—		(0.15	)
Year Ended September 30, 2022	$	9.76		0.01			(1.15	)		(1.14	)		(0.13	)		—			—		(0.13	)
Year Ended September 30, 2021	$	10.11		(0.01	)		(0.19	)		(0.20	)		(0.15	)		—			—		(0.15	)
Year Ended September 30, 2020	$	9.91		0.09			0.28			0.37			(0.17	)		—			—		(0.17	)
Year Ended September 30, 2019	$	9.47		0.13			0.48			0.61			(0.17	)		—			—		(0.17	)
Sterling Capital Total Return Bond Fund
Year Ended September 30, 2023	$	9.12		0.21			(0.23	)		(0.02	)		(0.21	)		—			—		(0.21	)
Year Ended September 30, 2022	$	11.06		0.10			(1.80	)		(1.70	)		(0.15	)		(0.09	)		—		(0.24	)
Year Ended September 30, 2021	$	11.40		0.09			(0.13	)		(0.04	)		(0.15	)		(0.15	)		—		(0.30	)
Year Ended September 30, 2020	$	10.90		0.16			0.54			0.70			(0.20	)		—	(b)		—		(0.20	)
Year Ended September 30, 2019	$	10.21		0.22			0.70			0.92			(0.23	)		—			—		(0.23	)
Sterling Capital Long Duration Corporate Bond Fund
Year Ended September 30, 2023	$	6.61		0.23			(0.17	)		0.06			(0.23	)		—			—		(0.23	)
Year Ended September 30, 2022	$	10.49		0.17			(2.83	)		(2.66	)		(0.19	)		(1.03	)		—		(1.22	)
Year Ended September 30, 2021	$	10.76		0.18			0.03			0.21			(0.18	)		(0.30	)		—		(0.48	)
Year Ended September 30, 2020	$	10.36		0.19			0.40			0.59			(0.19	)		—			—		(0.19	)
Year Ended September 30, 2019	$	9.80		0.24			0.55			0.79			(0.23	)		—			—		(0.23	)
Sterling Capital Quality Income Fund
Year Ended September 30, 2023	$	8.78		0.16			(0.20	)		(0.04	)		(0.18	)		—			—		(0.18	)
Year Ended September 30, 2022	$	10.03		0.07			(1.21	)		(1.14	)		(0.11	)		—			—		(0.11	)
Year Ended September 30, 2021	$	10.24		0.06			(0.15	)		(0.09	)		(0.12	)		—			—		(0.12	)
Year Ended September 30, 2020	$	10.08		0.17			0.16			0.33			(0.17	)		—			—		(0.17	)
Year Ended September 30, 2019	$	9.60		0.21			0.48			0.69			(0.21	)		—			—		(0.21	)
Sterling Capital North Carolina Intermediate Tax-Free Fund
Year Ended September 30, 2023	$	9.83		0.12			(0.08	)		0.04			(0.13	)		—			—		(0.13	)
Year Ended September 30, 2022	$	10.96		0.08			(1.13	)		(1.05	)		(0.08	)		—			—		(0.08	)
Year Ended September 30, 2021	$	11.12		0.07			(0.16	)		(0.09	)		(0.07	)		—			—		(0.07	)
Year Ended September 30, 2020	$	10.90		0.10			0.22			0.32			(0.10	)		—			—		(0.10	)
Year Ended September 30, 2019	$	10.42		0.15			0.48			0.63			(0.15	)		—			—		(0.15	)

* During the periods certain fees were waived (See Note 4 in the Notes to the Financial Statements). If such reductions had not occurred, the ratios would have been as indicated.

** Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued.

(a) Per share net investment income (loss) has been calculated using the average daily shares method.

(b) Amount is less than $0.005.

See accompanying Notes to the Financial Statements.

151 

					Ratios/Supplementary Data
Net Asset Value, End of Year		Total Return (excludes sales charge)			Net Assets, End of Year (000)		Ratio of net expenses to average net assets			Ratio of net investment income (loss) to average net assets			Ratio of expenses to average net assets*			Portfolio turnover rate**
$	8.32		(0.32	)%	$	123		1.50	%		1.18	%		1.69	%		7.91	%
$	8.49		(11.81	)%	$	98		1.48	%		0.12	%		1.67	%		14.18	%
$	9.76		(1.97	)%	$	124		1.43	%		(0.11	)%		1.61	%		71.31	%
$	10.11		3.78	%	$	309		1.54	%		0.93	%		1.70	%		47.36	%
$	9.91		6.48	%	$	378		1.56	%		1.37	%		1.66	%		40.13	%
$	8.89		(0.22	)%	$	2,903		1.45	%		2.23	%		1.51	%		47.80	%
$	9.12		(15.64	)%	$	3,484		1.45	%		0.98	%		1.48	%		47.98	%
$	11.06		(0.31	)%	$	5,378		1.45	%		0.78	%		1.51	%		48.80	%
$	11.40		6.53	%	$	8,332		1.45	%		1.44	%		1.57	%		59.59	%
$	10.90		9.17	%	$	8,266		1.45	%		2.11	%		1.58	%		79.40	%
$	6.44		0.78	%	$	2		1.45	%		3.36	%		1.61	%		26.27	%
$	6.61		(28.37	)%	$	2		1.65	%		1.92	%		1.82	%		161.62	%
$	10.49		1.98	%	$	3		1.72	%		1.70	%		1.88	%		47.29	%
$	10.76		5.80	%	$	3		1.64	%		1.86	%		1.65	%		52.28	%
$	10.36		8.18	%	$	3		1.68	%		2.36	%		1.68	%		82.23	%
$	8.56		(0.52	)%	$	3		1.53	%		1.86	%		1.55	%		9.85	%
$	8.78		(11.45	)%	$	3		1.50	%		0.74	%		1.52	%		35.18	%
$	10.03		(0.92	)%	$	3		1.57	%		0.58	%		1.59	%		73.60	%
$	10.24		3.34	%	$	3		1.57	%		1.63	%		1.61	%		35.96	%
$	10.08		7.21	%	$	34		1.60	%		2.15	%		1.64	%		17.58	%
$	9.74		0.32	%	$	966		1.60	%		1.24	%		1.60	%		38.07	%
$	9.83		(9.61	)%	$	1,141		1.57	%		0.75	%		1.57	%		50.21	%
$	10.96		(0.85	)%	$	1,542		1.55	%		0.60	%		1.55	%		7.97	%
$	11.12		2.96	%	$	2,793		1.54	%		0.92	%		1.54	%		17.06	%
$	10.90		6.05	%	$	2,878		1.55	%		1.38	%		1.55	%		33.12	%

152 

Sterling Capital Funds

Financial Highlights, Class C Shares

September 30, 2023

The financial highlights table is intended to help you understand the Funds’ financial performance for the past 5 years or, if shorter, the period of the Funds’ operations. Certain information reflects financial results for a single Fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the Fund (assuming reinvestment of all dividends and distributions).

			Investment Activities								Distributions
	Net Asset Value, Beginning of Year		Net investment income(a)		Net realized/ unrealized gains (losses) on investments			Total from Investment Activities			Net investment income			Net realized gains on investments			Return of capital		Total Distributions
Sterling Capital South Carolina Intermediate Tax-Free Fund
Year Ended September 30, 2023	$	10.24		0.12		(0.09	)		0.03			(0.12	)		—			—		(0.12	)
Year Ended September 30, 2022	$	11.39		0.10		(1.15	)		(1.05	)		(0.10	)		—			—		(0.10	)
Year Ended September 30, 2021	$	11.46		0.08		(0.07	)		0.01			(0.08	)		—			—		(0.08	)
Year Ended September 30, 2020	$	11.27		0.11		0.19			0.30			(0.11	)		—			—		(0.11	)
Year Ended September 30, 2019	$	10.76		0.12		0.51			0.63			(0.12	)		—			—		(0.12	)
Sterling Capital Virginia Intermediate Tax-Free Fund
Year Ended September 30, 2023	$	10.77		0.11		(0.09	)		0.02			(0.12	)		—			—		(0.12	)
Year Ended September 30, 2022	$	11.97		0.07		(1.18	)		(1.11	)		(0.08	)		(0.01	)		—		(0.09	)
Year Ended September 30, 2021	$	12.22		0.07		(0.22	)		(0.15	)		(0.07	)		(0.03	)		—		(0.10	)
Year Ended September 30, 2020	$	11.97		0.11		0.25			0.36			(0.11	)		—			—		(0.11	)
Year Ended September 30, 2019	$	11.40		0.14		0.57			0.71			(0.14	)		—			—		(0.14	)
Sterling Capital West Virginia Intermediate Tax-Free Fund
Year Ended September 30, 2023	$	9.22		0.13		(0.07	)		0.06			(0.14	)		—			—		(0.14	)
Year Ended September 30, 2022	$	10.20		0.08		(0.98	)		(0.90	)		(0.08	)		—	(b)		—		(0.08	)
Year Ended September 30, 2021	$	10.30		0.09		(0.10	)		(0.01	)		(0.08	)		(0.01	)		—		(0.09	)
Year Ended September 30, 2020	$	10.13		0.11		0.18			0.29			(0.11	)		(0.01	)		—		(0.12	)
Year Ended September 30, 2019	$	9.72		0.14		0.43			0.57			(0.14	)		(0.02	)		—		(0.16	)

* During the periods certain fees were waived (See Note 4 in the Notes to the Financial Statements). If such reductions had not occurred, the ratios would have been as indicated.

** Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued.

(a) Per share net investment income (loss) has been calculated using the average daily shares method.

(b) Amount is less than $0.005.

See accompanying Notes to the Financial Statements.

 153

					Ratios/Supplementary Data
Net Asset Value, End of Year		Total Return (excludes sales charge)			Net Assets, End of Year (000)		Ratio of net expenses to average net assets			Ratio of net investment income (loss) to average net assets			Ratio of expenses to average net assets*			Portfolio turnover rate**
$	10.15		0.30	%	$	268		1.62	%		1.17	%		1.63	%		32.34	%
$	10.24		(9.27	)%	$	340		1.59	%		0.89	%		1.59	%		9.94	%
$	11.39		0.10	%	$	603		1.56	%		0.72	%		1.56	%		20.23	%
$	11.46		2.72	%	$	955		1.56	%		1.01	%		1.56	%		4.84	%
$	11.27		5.93	%	$	978		1.56	%		1.13	%		1.56	%		23.84	%
$	10.67		0.13	%	$	5		1.59	%		1.03	%		1.59	%		17.86	%
$	10.77		(9.32	)%	$	16		1.57	%		0.61	%		1.57	%		37.23	%
$	11.97		(1.27	)%	$	57		1.57	%		0.58	%		1.57	%		8.98	%
$	12.22		3.03	%	$	780		1.56	%		0.92	%		1.56	%		15.44	%
$	11.97		6.25	%	$	822		1.56	%		1.19	%		1.56	%		24.57	%
$	9.14		0.62	%	$	2		1.57	%		1.34	%		1.57	%		37.11	%
$	9.22		(8.85	)%	$	23		1.56	%		0.82	%		1.56	%		18.08	%
$	10.20		(0.13	)%	$	25		1.56	%		0.83	%		1.56	%		8.56	%
$	10.30		2.89	%	$	304		1.56	%		1.10	%		1.56	%		3.28	%
$	10.13		5.90	%	$	335		1.56	%		1.45	%		1.56	%		33.73	%

 154

Sterling Capital Funds

Financial Highlights, Institutional Shares

September 30, 2023

The financial highlights table is intended to help you understand the Funds’ financial performance for the past 5 years or, if shorter, the period of the Funds’ operations. Certain information reflects financial results for a single Fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the Fund (assuming reinvestment of all dividends and distributions).

			Investment Activities									Distributions
	Net Asset Value, Beginning of Year		Net investment income (loss)(a)			Net realized/ unrealized gains (losses) on investments			Total from Investment Activities			Net investment income			Net realized gains on investments			Return of capital			Total Distributions
Sterling Capital Behavioral Large Cap Value Equity Fund
Year Ended September 30, 2023	$	20.34		0.42			2.98			3.40			(0.46	)		—			—			(0.46	)
Year Ended September 30, 2022	$	22.96		0.46			(2.62	)		(2.16	)		(0.46	)		—			—			(0.46	)
Year Ended September 30, 2021	$	16.83		0.09			6.24			6.33			(0.04	)		—			(0.16	)		(0.20	)
Year Ended September 30, 2020	$	19.62		0.41			(2.10	)		(1.69	)		(0.52	)		(0.58	)		—			(1.10	)
Year Ended September 30, 2019	$	22.43		0.44			(1.07	)		(0.63	)		(0.43	)		(1.75	)		—			(2.18	)
Sterling Capital Mid Value Fund
Year Ended September 30, 2023	$	15.65		0.10			2.02			2.12			(0.08	)		(2.72	)		—			(2.80	)
Year Ended September 30, 2022	$	20.51		0.06			(3.27	)		(3.21	)		(0.01	)		(1.64	)		—			(1.65	)
Year Ended September 30, 2021	$	14.33		0.03			6.22			6.25			(0.07	)		—			—			(0.07	)
Year Ended September 30, 2020	$	16.46		0.06			(0.81	)		(0.75	)		(0.25	)		(1.13	)		—			(1.38	)
Year Ended September 30, 2019	$	19.42		0.08			(0.77	)		(0.69	)		(0.01	)		(2.26	)		—			(2.27	)
Sterling Capital Behavioral Small Cap Value Equity Fund
Year Ended September 30, 2023	$	15.29		0.31			1.81			2.12			(0.26	)		—			—			(0.26	)
Year Ended September 30, 2022	$	19.58		0.22			(2.49	)		(2.27	)		(0.20	)		(1.82	)		—			(2.02	)
Year Ended September 30, 2021	$	11.95		0.16			7.60			7.76			(0.13	)		—			—			(0.13	)
Year Ended September 30, 2020	$	14.66		0.13			(2.69	)		(2.56	)		(0.15	)		—			—			(0.15	)
Year Ended September 30, 2019	$	18.82		0.21			(2.09	)		(1.88	)		(0.30	)		(1.98	)		—			(2.28	)
Sterling Capital Special Opportunities Fund
Year Ended September 30, 2023	$	25.75		(0.03	)		4.55			4.52			—			(1.99	)		—			(1.99	)
Year Ended September 30, 2022	$	35.59		(0.06	)		(5.67	)		(5.73	)		—			(4.11	)		—			(4.11	)
Year Ended September 30, 2021	$	26.20		(0.03	)		9.79			9.76			(0.04	)		(0.33	)		—			(0.37	)
Year Ended September 30, 2020	$	26.07		0.06			1.45			1.51			(0.05	)		(1.33	)		—			(1.38	)
Year Ended September 30, 2019	$	27.73		0.08			0.12			0.20			0.00	(b)		(1.86	)		—			(1.86	)
Sterling Capital Equity Income Fund
Year Ended September 30, 2023	$	24.35		0.41			2.74			3.15			(0.41	)		(1.74	)		—			(2.15	)
Year Ended September 30, 2022	$	26.66		0.42			(1.83	)		(1.41	)		(0.42	)		(0.48	)		—			(0.90	)
Year Ended September 30, 2021	$	20.10		0.35			6.56			6.91			(0.35	)		—			—			(0.35	)
Year Ended September 30, 2020	$	21.33		0.41			(0.39	)		0.02			(0.41	)		(0.84	)		—			(1.25	)
Year Ended September 30, 2019	$	21.61		0.44			1.23			1.67			(0.43	)		(1.52	)		—			(1.95	)

* During the periods certain fees were waived (See Note 4 in the Notes to the Financial Statements). If such reductions had not occurred, the ratios would have been as indicated.

** Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued.

(a) Per share net investment income (loss) has been calculated using the average daily shares method.

(b) Amount is less than $0.005.

See accompanying Notes to the Financial Statements.

 155

					Ratios/Supplementary Data
Net Asset Value, End of Year		Total Return (excludes sales charge)			Net Assets, End of Year (000)		Ratio of net expenses to average net assets			Ratio of net investment income (loss) to average net assets			Ratio of expenses to average net assets*			Portfolio turnover rate**
$	23.28		16.74	%	$	1,499		0.84	%		1.83	%		0.90	%		110.98	%
$	20.34		(9.62	)%	$	1,652		0.75	%		1.94	%		0.78	%		125.15	%
$	22.96		37.90	%	$	2,023		0.64	%		0.42	%		0.78	%		122.64	%
$	16.83		(8.96	)%	$	1,949		0.64	%		2.18	%		0.66	%		167.34	%
$	19.62		(2.08	)%	$	7,550		0.64	%		2.28	%		0.64	%		142.59	%
$	14.97		13.77	%	$	26,900		0.91	%		0.66	%		0.93	%		19.99	%
$	15.65		(17.30	)%	$	29,189		0.88	%		0.33	%		0.88	%		29.05	%
$	20.51		43.72	%	$	51,607		0.87	%		0.17	%		0.89	%		34.00	%
$	14.33		(5.50	)%	$	36,835		0.89	%		0.39	%		1.04	%		28.77	%
$	16.46		(2.54	)%	$	154,259		0.93	%		0.49	%		0.93	%		26.62	%
$	17.15		13.86	%	$	5,804		0.85	%		1.79	%		0.85	%		154.69	%
$	15.29		(13.35	)%	$	9,788		0.85	%		1.13	%		0.85	%		70.82	%
$	19.58		65.21	%	$	14,639		0.81	%		0.89	%		0.81	%		110.07	%
$	11.95		(17.64	)%	$	6,820		0.80	%		0.97	%		0.84	%		119.76	%
$	14.66		(9.32	)%	$	28,223		0.80	%		1.42	%		0.80	%		124.82	%
$	28.28		18.28	%	$	135,284		0.91	%		(0.11	)%		0.91	%		31.19	%
$	25.75		(18.74	)%	$	168,110		0.89	%		(0.19	)%		0.89	%		28.06	%
$	35.59		37.55	%	$	216,341		0.86	%		(0.11	)%		0.87	%		27.20	%
$	26.20		5.79	%	$	170,323		0.86	%		0.22	%		0.86	%		17.50	%
$	26.07		1.47	%	$	281,099		0.86	%		0.30	%		0.86	%		17.31	%
$	25.35		12.83	%	$	1,296,237		0.82	%		1.59	%		0.82	%		39.43	%
$	24.35		(5.64	)%	$	1,468,388		0.79	%		1.55	%		0.79	%		31.23	%
$	26.66		34.47	%	$	1,622,233		0.78	%		1.40	%		0.79	%		13.00	%
$	20.10		0.15	%	$	1,057,722		0.77	%		2.06	%		0.78	%		33.60	%
$	21.33		8.72	%	$	992,964		0.77	%		2.17	%		0.77	%		23.20	%

 156

Sterling Capital Funds

Financial Highlights, Institutional Shares 

September 30, 2023

The financial highlights table is intended to help you understand the Funds’ financial performance for the past 5 years or, if shorter, the period of the Funds’ operations. Certain information reflects financial results for a single Fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the Fund (assuming reinvestment of all dividends and distributions).

Investment Activities

Distributions

Net Asset Value, Beginning of Year

Net investment income (loss)(a)

Net realized/ unrealized gains (losses) on investments

Total from Investment Activities

Net investment income

Net realized gains on investments

Return of capital

Total Distributions

Sterling Capital Behavioral International Equity Fund

Year Ended September 30, 2023

$

7.09‌

0.31‌

2.00‌

2.31‌

(0.26‌

)

—‌

—‌

(0.26‌

)

Year Ended September 30, 2022

$

9.81‌

0.38‌

(2.65‌

)

(2.27‌

)

(0.45‌

)

—‌

—‌

(0.45‌

)

Year Ended September 30, 2021

$

8.14‌

0.07‌

1.84‌

)

1.91‌

(0.24‌

)

—‌

—‌

(0.24‌

)

Year Ended September 30, 2020

$

9.49‌

0.27‌

(1.32‌

)

(1.05‌

)

(0.30‌

)

—‌

—‌

(0.30‌

)

Year Ended September 30, 2019

$

11.18‌

0.35‌

(1.33‌

)

(0.98‌

)

(0.31‌

)

(0.40‌

)

—‌

(0.71‌

)

Sterling Capital SMID Opportunities Fund

Year Ended September 30, 2023

$

12.25‌

0.01‌

1.41‌

1.42‌

—‌

(1.33‌

)

—‌

(1.33‌

)

Year Ended September 30, 2022

$

16.25‌

0.03‌

(2.63‌

)

(2.60‌

)

—‌

(1.40‌

)

—‌

(1.40‌

)

Year Ended September 30, 2021

$

12.55‌

(0.03

)‌

3.73‌

3.70‌

—‌

—‌

—‌

—‌

Year Ended September 30, 2020

$

13.31‌

—

(b)‌

(0.13‌

)

(0.13‌

)

—‌

(0.63‌

)

—‌

(0.63‌

)

Year Ended September 30, 2019

$

12.48‌

0.01‌

0.82‌

0.83‌

—‌

—‌

—‌

—‌

Sterling Capital Mid Cap Relative Value Fund

Year Ended September 30, 2023

$

62.89‌

0.56‌

8.70‌

9.26‌

(0.55‌

)

(10.17‌

)

—‌

(10.72‌

)

Year Ended September 30, 2022

$

78.92‌

0.58‌

(10.16‌

)

(9.58‌

)

(0.48‌

)

(5.97‌

)

—‌

(6.45‌

)

Year Ended September 30, 2021

$

58.95‌

0.45‌

20.09‌

20.54‌

(0.34‌

)

(0.23‌

)

—‌

(0.57‌

)

Year Ended September 30, 2020

$

64.31‌

0.40‌

(3.64‌

)

(3.24‌

)

(0.61‌

)

(1.51‌

)

—‌

(2.12‌

)

Year Ended September 30, 2019

$

69.02‌

0.45‌

0.15‌

0.60‌

(0.29‌

)

(5.02‌

)

—‌

(5.31‌

)

Sterling Capital Real Estate Fund

Year Ended September 30, 2023

$

34.95‌

0.73‌

(0.25‌

)

0.48‌

(0.76‌

)

(2.23‌

)

—‌

(2.99‌

)

Year Ended September 30, 2022

$

46.19‌

0.40‌

(8.03‌

)

(7.63‌

)

(0.62‌

)

(2.99‌

)

—‌

(3.61‌

)

Year Ended September 30, 2021

$

36.66‌

0.43‌

10.51‌

10.94‌

(0.59‌

)

(0.82‌

)

—‌

(1.41‌

)

Year Ended September 30, 2020

$

42.36‌

0.59‌

(3.97‌

)

(3.38‌

)

(0.80‌

)

(1.52‌

)

—‌

(2.32‌

)

Year Ended September 30, 2019

$

37.63‌

0.79‌

6.05‌

6.84‌

(0.87‌

)

(1.24‌

)

—‌

(2.11‌

)

Sterling Capital Small Cap Value Fund

Year Ended September 30, 2023

$

58.24‌

0.28‌

8.20‌

8.48‌

(0.25‌

)

(13.68‌

)

—‌

(13.93‌

)

Year Ended September 30, 2022

$

83.58‌

0.27‌

(8.25‌

)

(7.98‌

)

(0.09‌

)

(17.27‌

)

—‌

(17.36‌

)

Year Ended September 30, 2021

$

64.04‌

0.17‌

31.01‌

31.18‌

(0.42‌

)

(11.22‌

)

—‌

(11.64‌

)

Year Ended September 30, 2020

$

78.38‌

0.41‌

(9.36‌

)

(8.95‌

)

(0.46‌

)

(4.93‌

)

—‌

(5.39‌

)

Year Ended September 30, 2019

$

89.11‌

0.49‌

(5.02‌

)

(4.53‌

)

(0.30‌

)

(5.90‌

)

—‌

(6.20‌

)

*	During the periods certain fees were waived (See Note 4 in the Notes to the Financial Statements). If such reductions had not occurred, the ratios would have been as indicated.
**	Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued.
(a)	Per share net investment income (loss) has been calculated using the average daily shares method.
(b)	Amount is less than $0.005.

See accompanying Notes to the Financial Statements.

157

					Ratios/Supplementary Data
Net Asset Value, End of Year		Total Return (excludes sales charge)			Net Assets, End of Year (000)		Ratio of net expenses to average net assets			Ratio of net investment income (loss) to average net assets			Ratio of expenses to average net assets*			Portfolio turnover rate**
$	9.14		33.01	%	$	679		0.68	%		3.53	%		0.68	%		86.05	%
$	7.09		(24.27	)%	$	489		0.67	%		4.24	%		0.67	%		103.20	%
$	9.81		23.86	%	$	662		0.67	%		0.85	%		0.85	%		158.16	%
$	8.14		(11.65	)%	$	13,670		0.63	%		3.09	%		0.83	%		164.02	%
$	9.49		(8.44	)%	$	16,721		0.69	%		3.62	%		0.89	%		97.74	%
$	12.34		11.84	%	$	1,695		0.79	%		0.06	%		1.22	%		72.61	%
$	12.25		(17.95	)%	$	2,871		0.79	%		0.18	%		1.13	%		23.35	%
$	16.25		29.48	%	$	4,591		0.79	%		(0.19	)%		1.06	%		33.93	%
$	12.55		(1.30	)%	$	5,359		0.79	%		0.02	%		1.09	%		60.03	%
$	13.31		6.65	%	$	5,386		0.79	%		0.07	%		1.20	%		45.11	%
$	61.43		15.03	%	$	43,016		0.87	%		0.90	%		0.87	%		4.89	%
$	62.89		(13.68	)%	$	45,055		0.84	%		0.78	%		0.84	%		7.94	%
$	78.92		35.02	%	$	65,503		0.85	%		0.60	%		0.86	%		8.23	%
$	58.95		(5.39	)%	$	53,847		0.91	%		0.67	%		0.94	%		9.21	%
$	64.31		1.97	%	$	61,908		0.95	%		0.73	%		0.95	%		6.75	%
$	32.44		0.95	%	$	62,708		0.87	%		2.06	%		0.87	%		6.06	%
$	34.95		(18.39	)%	$	73,873		0.82	%		0.91	%		0.82	%		12.58	%
$	46.19		30.40	%	$	96,075		0.81	%		1.00	%		0.81	%		12.68	%
$	36.66		(8.09	)%	$	85,144		0.82	%		1.55	%		0.82	%		9.21	%
$	42.36		19.06	%	$	105,216		0.82	%		2.03	%		0.82	%		14.56	%
$	52.79		15.31	%	$	261,706		1.03	%		0.51	%		1.05	%		0.77	%
$	58.24		(13.93	)%	$	350,163		1.00	%		0.38	%		1.00	%		5.26	%
$	83.58		52.78	%	$	514,025		0.98	%		0.22	%		1.02	%		6.15	%
$	64.04		(12.59	)%	$	475,615		1.01	%		0.58	%		1.08	%		8.33	%
$	78.38		(4.55	)%	$	959,875		1.03	%		0.64	%		1.08	%		8.60	%

158

Sterling Capital Funds

Financial Highlights, Institutional Shares 

September 30, 2023

The financial highlights table is intended to help you understand the Funds’ financial performance for the past 5 years or, if shorter, the period of the Funds’ operations. Certain information reflects financial results for a single Fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the Fund (assuming reinvestment of all dividends and distributions).

Investment Activities

Distributions

Net Asset Value, Beginning of Year

Net investment income(a)

Net realized/ unrealized gains (losses) on investments

Total from Investment Activities

Net investment income

Net realized gains on investments

Return of capital

Total Distributions

Sterling Capital Ultra Short Bond Fund

Year Ended September 30, 2023

$

9.56‌

0.34‌

0.14‌

0.48‌

(0.36‌

)

—‌

—‌

(0.36‌

)

Year Ended September 30, 2022

$

9.78‌

0.11‌

(0.19‌

)

(0.08‌

)

(0.14‌

)

—‌

—‌

(0.14‌

)

Year Ended September 30, 2021

$

9.83‌

0.11‌

(0.04‌

)

0.07‌

(0.12‌

)

—‌

—‌

(0.12‌

)

Year Ended September 30, 2020

$

9.79‌

0.19‌

0.05‌

0.24‌

(0.20‌

)

—‌

—‌

(0.20‌

)

Year Ended September 30, 2019

$

9.75‌

0.26‌

0.03‌

0.29‌

(0.25‌

)

—‌

—‌

(0.25‌

)

Sterling Capital Short Duration Bond Fund

Year Ended September 30, 2023

$

8.08‌

0.27‌

0.04‌

0.31‌

(0.25‌

)

—‌

—‌

(0.25‌

)

Year Ended September 30, 2022

$

8.68‌

0.10‌

(0.51‌

)

(0.41‌

)

(0.19‌

)

—‌

—‌

(0.19‌

)

Year Ended September 30, 2021

$

8.78‌

0.12‌

(0.02‌

)

0.10‌

(0.20‌

)

—‌

—‌

(0.20‌

)

Year Ended September 30, 2020

$

8.65‌

0.19‌

0.16‌

0.35‌

(0.22‌

)

—‌

—‌

(0.22‌

)

Year Ended September 30, 2019

$

8.52‌

0.23‌

0.15‌

0.38‌

(0.25‌

)

—‌

—‌

(0.25‌

)

Sterling Capital Intermediate U.S. Government Fund

Year Ended September 30, 2023

$

8.51‌

0.18‌

(0.11‌

)

0.07‌

(0.23‌

)

—‌

—‌

(0.23‌

)

Year Ended September 30, 2022

$

9.79‌

0.10‌

(1.16‌

)

(1.06‌

)

(0.22‌

)

—‌

—‌

(0.22‌

)

Year Ended September 30, 2021

$

10.14‌

0.09‌

(0.19‌

)

(0.10‌

)

(0.25‌

)

—‌

—‌

(0.25‌

)

Year Ended September 30, 2020

$

9.93‌

0.20‌

0.28‌

0.48‌

(0.27‌

)

—‌

—‌

(0.27‌

)

Year Ended September 30, 2019

$

9.49‌

0.23‌

0.48‌

0.71‌

(0.27‌

)

—‌

—‌

(0.27‌

)

Sterling Capital Total Return Bond Fund

Year Ended September 30, 2023

$

9.11‌

0.30‌

(0.22‌

)

0.08‌

(0.31‌

)

—‌

—‌

(0.31‌

)

Year Ended September 30, 2022

$

11.05‌

0.20‌

(1.80‌

)

(1.60‌

)

(0.25‌

)

(0.09‌

)

—‌

(0.34‌

)

Year Ended September 30, 2021

$

11.39‌

0.20‌

(0.13‌

)

0.07‌

(0.26‌

)

(0.15‌

)

—‌

(0.41‌

)

Year Ended September 30, 2020

$

10.89‌

0.27‌

0.54‌

0.81‌

(0.31‌

)

—

(b)‌

—‌

(0.31‌

)

Year Ended September 30, 2019

$

10.20‌

0.32‌

0.71‌

1.03‌

(0.34‌

)

—‌

—‌

(0.34‌

)

Sterling Capital Long Duration Corporate Bond Fund

Year Ended September 30, 2023

$

6.63‌

0.30‌

(0.18‌

)

0.12‌

(0.30‌

)

—‌

—‌

(0.30‌

)

Year Ended September 30, 2022

$

10.50‌

0.23‌

(2.80‌

)

(2.57‌

)

(0.27‌

)

(1.03

)

—‌

(1.30‌

)

Year Ended September 30, 2021

$

10.77‌

0.28‌

0.03‌

0.31‌

(0.28‌

)

(0.30‌

)

—‌

(0.58‌

)

Year Ended September 30, 2020

$

10.38‌

0.30‌

0.39‌

0.69‌

(0.30‌

)

—‌

—‌

(0.30‌

)

Year Ended September 30, 2019

$

9.81‌

0.33‌

0.56‌

0.89‌

(0.32‌

)

—‌

—‌

(0.32‌

)

*	During the periods certain fees were waived (See Note 4 in the Notes to the Financial Statements). If such reductions had not occurred, the ratios would have been as indicated.
**	Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued.
(a)	Per share net investment income (loss) has been calculated using the average daily shares method.
(b)	Amount is less than $0.005.

See accompanying Notes to the Financial Statements.

159

					Ratios/Supplementary Data
Net Asset Value, End of Year		Total Return (excludes sales charge)			Net Assets, End of Year (000)		Ratio of net expenses to average net assets			Ratio of net investment income (loss) to average net assets			Ratio of expenses to average net assets*			Portfolio turnover rate**
$	9.68		5.12	%	$	23,522		0.27	%		3.51	%		0.57	%		45.10	%
$	9.56		(0.82	)%	$	20,265		0.27	%		1.11	%		0.50	%		50.11	%
$	9.78		0.75	%	$	32,492		0.29	%		1.08	%		0.51	%		48.71	%
$	9.83		2.44	%	$	33,699		0.38	%		1.90	%		0.55	%		43.45	%
$	9.79		3.06	%	$	15,343		0.42	%		2.70	%		0.52	%		103.69	%
$	8.14		3.87	%	$	87,221		0.45	%		3.30	%		0.48	%		98.01	%
$	8.08		(4.78	)%	$	82,934		0.47	%		1.17	%		0.47	%		76.98	%
$	8.68		1.19	%	$	161,804		0.43	%		1.40	%		0.46	%		39.26	%
$	8.78		4.12	%	$	174,891		0.42	%		2.20	%		0.52	%		64.69	%
$	8.65		4.55	%	$	171,989		0.43	%		2.68	%		0.53	%		78.58	%
$	8.35		0.80	%	$	13,823		0.50	%		2.15	%		0.69	%		7.91	%
$	8.51		(10.90	)%	$	13,737		0.48	%		1.12	%		0.67	%		14.18	%
$	9.79		(1.08	)%	$	16,272		0.43	%		0.88	%		0.61	%		71.31	%
$	10.14		4.92	%	$	8,049		0.54	%		1.95	%		0.70	%		47.36	%
$	9.93		7.54	%	$	11,052		0.57	%		2.35	%		0.66	%		40.13	%
$	8.88		0.78	%	$	695,207		0.45	%		3.24	%		0.51	%		47.80	%
$	9.11		(14.81	)%	$	782,084		0.45	%		1.98	%		0.48	%		47.98	%
$	11.05		0.69	%	$	1,139,676		0.45	%		1.77	%		0.50	%		48.80	%
$	11.39		7.59	%	$	1,051,891		0.45	%		2.45	%		0.57	%		59.59	%
$	10.89		10.27	%	$	1,065,346		0.45	%		3.10	%		0.58	%		79.40	%
$	6.45		1.64	%	$	436		0.45	%		4.38	%		0.67	%		26.27	%
$	6.63		(27.52	)%	$	97		0.63	%		2.50	%		0.80	%		161.62	%
$	10.50		2.92	%	$	6,508		0.71	%		2.61	%		0.87	%		47.29	%
$	10.77		6.72	%	$	18,519		0.67	%		2.83	%		0.70	%		52.28	%
$	10.38		9.28	%	$	22,651		0.68	%		3.25	%		0.69	%		82.23	%

160

Sterling Capital Funds

Financial Highlights, Institutional Shares 

September 30, 2023

The financial highlights table is intended to help you understand the Funds’ financial performance for the past 5 years or, if shorter, the period of the Funds’ operations. Certain information reflects financial results for a single Fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the Fund (assuming reinvestment of all dividends and distributions).

			Investment Activities								Distributions
	Net Asset Value, Beginning of Year		Net investment  income(a)		Net realized/  unrealized gains (losses) on investments			Total from Investment Activities			Net investment income			Net realized gains on investments			Return of capital		Total Distributions
Sterling Capital Quality Income Fund
Year Ended September 30, 2023	$	8.79		0.25		(0.21	)		0.04			(0.26	)		—			—		(0.26	)
Year Ended September 30, 2022	$	10.05		0.16		(1.22	)		(1.06	)		(0.20	)		—			—		(0.20	)
Year Ended September 30, 2021	$	10.26		0.15		(0.15	)		—			(0.21	)		—			—		(0.21	)
Year Ended September 30, 2020	$	10.10		0.24		0.19			0.43			(0.27	)		—			—		(0.27	)
Year Ended September 30, 2019	$	9.62		0.31		0.47			0.78			(0.30	)		—			—		(0.30	)
Sterling Capital North Carolina Intermediate Tax-Free Fund
Year Ended September 30, 2023	$	9.83		0.23		(0.08	)		0.15			(0.23	)		—			—		(0.23	)
Year Ended September 30, 2022	$	10.97		0.19		(1.14	)		(0.95	)		(0.19	)		—			—		(0.19	)
Year Ended September 30, 2021	$	11.12		0.18		(0.15	)		0.03			(0.18	)		—			—		(0.18	)
Year Ended September 30, 2020	$	10.91		0.21		0.21			0.42			(0.21	)		—			—		(0.21	)
Year Ended September 30, 2019	$	10.43		0.25		0.48			0.73			(0.25	)		—			—		(0.25	)
Sterling Capital South Carolina Intermediate Tax-Free Fund
Year Ended September 30, 2023	$	10.17		0.23		(0.08	)		0.15			(0.23	)		—			—		(0.23	)
Year Ended September 30, 2022	$	11.32		0.21		(1.15	)		(0.94	)		(0.21	)		—			—		(0.21	)
Year Ended September 30, 2021	$	11.39		0.20		(0.07	)		0.13			(0.20	)		—			—		(0.20	)
Year Ended September 30, 2020	$	11.20		0.23		0.19			0.42			(0.23	)		—			—		(0.23	)
Year Ended September 30, 2019	$	10.69		0.23		0.51			0.74			(0.23	)		—			—		(0.23	)
Sterling Capital Virginia Intermediate Tax-Free Fund
Year Ended September 30, 2023	$	10.77		0.22		(0.07	)		0.15			(0.23	)		—			—		(0.23	)
Year Ended September 30, 2022	$	11.97		0.19		(1.19	)		(1.00	)		(0.19	)		(0.01	)		—		(0.20	)
Year Ended September 30, 2021	$	12.22		0.19		(0.22	)		(0.03	)		(0.19	)		(0.03	)		—		(0.22	)
Year Ended September 30, 2020	$	11.97		0.23		0.25			0.48			(0.23	)		—			—		(0.23	)
Year Ended September 30, 2019	$	11.40		0.26		0.57			0.83			(0.26	)		—			—		(0.26	)
Sterling Capital West Virginia Intermediate Tax-Free Fund
Year Ended September 30, 2023	$	9.23		0.23		(0.09	)		0.14			(0.23	)		—			—		(0.23	)
Year Ended September 30, 2022	$	10.21		0.18		(0.98	)		(0.80	)		(0.18	)		—	(b)		—		(0.18	)
Year Ended September 30, 2021	$	10.31		0.18		(0.09	)		0.09			(0.18	)		(0.01	)		—		(0.19	)
Year Ended September 30, 2020	$	10.13		0.21		0.19			0.40			(0.21	)		(0.01	)		—		(0.22	)
Year Ended September 30, 2019	$	9.73		0.24		0.42			0.66			(0.24	)		(0.02	)		—		(0.26	)

* During the periods certain fees were waived (See Note 4 in the Notes to the Financial Statements). If such reductions had not occurred, the ratios would have been as indicated.

** Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued.

(a) Per share net investment income (loss) has been calculated using the average daily shares method.

(b) Amount is less than $0.005.

See accompanying Notes to the Financial Statements.

161

					Ratios/Supplementary Data
Net Asset Value,  End of Year		Total Return  (excludes sales  charge)			Net Assets, End  of Year (000)		Ratio of net  expenses to  average net  assets			Ratio of net  investment  income (loss) to  average net  assets			Ratio of  expenses to  average net  assets*			Portfolio  turnover  rate**
$	8.57		0.44	%	$	88,005		0.58	%		2.83	%		0.62	%		9.85	%
$	8.79		(10.69	)%	$	78,252		0.57	%		1.73	%		0.61	%		35.18	%
$	10.05		0.02	%	$	62,718		0.57	%		1.52	%		0.61	%		73.60	%
$	10.26		4.33	%	$	35,808		0.59	%		2.36	%		0.63	%		35.96	%
$	10.10		8.27	%	$	36,361		0.60	%		3.15	%		0.64	%		17.58	%
$	9.75		1.44	%	$	110,951		0.60	%		2.24	%		0.60	%		38.07	%
$	9.83		(8.78	)%	$	126,739		0.57	%		1.76	%		0.57	%		50.21	%
$	10.97		0.24	%	$	154,297		0.55	%		1.59	%		0.55	%		7.97	%
$	11.12		3.90	%	$	140,958		0.54	%		1.92	%		0.54	%		17.06	%
$	10.91		7.10	%	$	140,022		0.55	%		2.37	%		0.55	%		33.12	%
$	10.09		1.40	%	$	28,750		0.62	%		2.18	%		0.63	%		32.34	%
$	10.17		(8.42	)%	$	34,313		0.59	%		1.89	%		0.59	%		9.94	%
$	11.32		1.10	%	$	71,455		0.56	%		1.71	%		0.56	%		20.23	%
$	11.39		3.76	%	$	71,865		0.56	%		2.01	%		0.56	%		4.84	%
$	11.20		7.02	%	$	66,331		0.56	%		2.13	%		0.56	%		23.84	%
$	10.69		1.30	%	$	50,995		0.61	%		2.03	%		0.61	%		17.86	%
$	10.77		(8.41	)%	$	66,967		0.58	%		1.67	%		0.58	%		37.23	%
$	11.97		(0.27	)%	$	65,071		0.56	%		1.56	%		0.56	%		8.98	%
$	12.22		4.06	%	$	62,828		0.56	%		1.91	%		0.56	%		15.44	%
$	11.97		7.31	%	$	59,312		0.56	%		2.18	%		0.56	%		24.57	%
$	9.14		1.43	%	$	58,934		0.61	%		2.40	%		0.61	%		37.11	%
$	9.23		(7.93	)%	$	63,292		0.58	%		1.81	%		0.58	%		18.08	%
$	10.21		0.88	%	$	67,778		0.56	%		1.78	%		0.56	%		8.56	%
$	10.31		4.01	%	$	67,627		0.56	%		2.08	%		0.56	%		3.28	%
$	10.13		6.85	%	$	53,352		0.56	%		2.43	%		0.56	%		33.73	%

162

Sterling Capital Funds

Financial Highlights, Class R6 Shares 

September 30, 2023

The financial highlights table is intended to help you understand the Funds’ financial performance for the past 5 years or, if shorter, the period of the Funds’ operations. Certain information reflects financial results for a single Fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the Fund (assuming reinvestment of all dividends and distributions).

			Investment Activities									Distributions
	Net Asset  Value,  Beginning  of Year		Net  investment  income  (loss)(a)			Net realized/  unrealized  gains  (losses) on  investments			Total from  Investment  Activities			Net  investment  income			Net  realized  gains on  investments			Return  of  capital			Total  Distributions
Sterling Capital Behavioral Large Cap Value Equity Fund
Year Ended September 30, 2023	$	20.40		0.46			2.97			3.43			(0.46	)		—			—			(0.46	)
Year Ended September 30, 2022	$	22.99		0.50			(2.63	)		(2.13	)		(0.46	)		—			—			(0.46	)
Year Ended September 30, 2021	$	16.85		0.09			6.25			6.34			(0.04	)		—			(0.16	)		(0.20	)
Year Ended September 30, 2020	$	19.62		0.40			(2.07	)		(1.67	)		(0.52	)		(0.58	)		—			(1.10	)
Year Ended September 30, 2019	$	22.43		0.46			(1.08	)		(0.62	)		(0.44	)		(1.75	)		—			(2.19	)
Sterling Capital Mid Value Fund
Year Ended September 30, 2023	$	15.68		0.12			2.01			2.13			(0.08	)		(2.72	)		—			(2.80	)
Year Ended September 30, 2022	$	20.55		0.08			(3.27	)		(3.19	)		(0.04	)		(1.64	)		—			(1.68	)
Year Ended September 30, 2021	$	14.35		0.03			6.25			6.28			(0.08	)		—			—			(0.08	)
Year Ended September 30, 2020	$	16.48		(0.02	)		(0.75	)		(0.77	)		(0.23	)		(1.13	)		—			(1.36	)
Year Ended September 30, 2019	$	19.44		0.11			(0.78	)		(0.67	)		(0.03	)		(2.26	)		—			(2.29	)
Sterling Capital Behavioral Small Cap Value Equity Fund
Year Ended September 30, 2023	$	15.31		0.32			1.81			2.13			(0.27	)		—			—			(0.27	)
Year Ended September 30, 2022	$	19.60		0.22			(2.48	)		(2.26	)		(0.21	)		(1.82	)		—			(2.03	)
Year Ended September 30, 2021	$	11.97		0.17			7.60			7.77			(0.14	)		—			—			(0.14	)
Year Ended September 30, 2020	$	14.67		0.15			(2.70	)		(2.55	)		(0.15	)		—			—			(0.15	)
Year Ended September 30, 2019	$	18.84		0.23			(2.10	)		(1.87	)		(0.32	)		(1.98	)		—			(2.30	)
Sterling Capital Special Opportunities Fund
Year Ended September 30, 2023	$	25.71		(0.01	)		4.55			4.54			—			(1.99	)		—			(1.99	)
Year Ended September 30, 2022	$	35.51		(0.04	)		(5.65	)		(5.69	)		—			(4.11	)		—			(4.11	)
Year Ended September 30, 2021	$	26.22		(0.01	)		9.78			9.77			(0.15	)		(0.33	)		—			(0.48	)
Year Ended September 30, 2020	$	26.09		0.09			1.44			1.53			(0.07	)		(1.33	)		—			(1.40	)
Year Ended September 30, 2019	$	27.75		0.10			0.12			0.22			(0.02	)		(1.86	)		—			(1.88	)
Sterling Capital Equity Income Fund
Year Ended September 30, 2023	$	24.36		0.45			2.73			3.18			(0.44	)		(1.74	)		—			(2.18	)
Year Ended September 30, 2022	$	26.67		0.45			(1.83	)		(1.38	)		(0.45	)		(0.48	)		—			(0.93	)
Year Ended September 30, 2021	$	20.09		0.37			6.56			6.93			(0.35	)		—			—			(0.35	)
Year Ended September 30, 2020	$	21.34		0.43			(0.40	)		0.03			(0.44	)		(0.84	)		—			(1.28	)
Year Ended September 30, 2019	$	21.61		0.47			1.23			1.70			(0.45	)		(1.52	)		—			(1.97	)
Sterling Capital Behavioral International Equity Fund
Year Ended September 30, 2023	$	7.10		0.32			1.99			2.31			(0.27	)		—			—			(0.27	)
Year Ended September 30, 2022	$	9.81		0.39			(2.64	)		(2.25	)		(0.46	)		—			—			(0.46	)
Year Ended September 30, 2021	$	8.14		0.29			1.62			1.91			(0.24	)		—			—			(0.24	)
Year Ended September 30, 2020	$	9.49		0.27			(1.32	)		(1.05	)		(0.30	)		—			—			(0.30	)
Year Ended September 30, 2019	$	11.19		0.36			(1.34	)		(0.98	)		(0.32	)		(0.40	)		—			(0.72	)

* During the periods certain fees were waived (See Note 4 in the Notes to the Financial Statements). If such reductions had not occurred, the ratios would have been as indicated.

** Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued.

(a) Per share net investment income (loss) has been calculated using the average daily shares method.

(b) Net Assets are below $1,000.

See accompanying Notes to the Financial Statements.

163

					Ratios/Supplementary Data
Net Asset Value, End of Year		Total Return (excludes sales charge)			Net Assets, End of Year (000)			Ratio of net expenses to average net assets			Ratio of net investment income (loss) to average net assets			Ratio of expenses to average net assets*			Portfolio turnover rate**
$	23.37		16.84	%	$	330			0.77	%		1.99	%		0.90	%		110.98	%
$	20.40		(9.48	)%	$	1			0.59	%		2.09	%		0.59	%		125.15	%
$	22.99		37.92	%	$	1			0.58	%		0.43	%		0.63	%		122.64	%
$	16.85		(8.88	)%	$	—	(b)		0.59	%		2.19	%		0.64	%		167.34	%
$	19.62		(2.02	)%	$	239,763			0.58	%		2.35	%		0.64	%		142.59	%
$	15.01		13.86	%	$	354			0.82	%		0.80	%		0.93	%		19.99	%
$	15.68		(17.18	)%	$	117			0.79	%		0.40	%		0.88	%		29.05	%
$	20.55		43.85	%	$	402			0.79	%		0.17	%		0.97	%		34.00	%
$	14.35		(5.56	)%	$	3,477			0.54	%		(0.06	)%		0.56	%		28.77	%
$	16.48		(2.45	)%	$	247,949			0.82	%		0.68	%		0.93	%		26.62	%
$	17.17		13.94	%	$	78,727			0.79	%		1.88	%		0.85	%		154.69	%
$	15.31		(13.29	)%	$	20,331			0.78	%		1.14	%		0.83	%		70.82	%
$	19.60		65.36	%	$	83,819			0.75	%		0.96	%		0.81	%		110.07	%
$	11.97		(17.63	)%	$	70,372			0.74	%		1.11	%		0.82	%		119.76	%
$	14.67		(9.29	)%	$	210,436			0.73	%		1.53	%		0.80	%		124.82	%
$	28.26		18.39	%	$	36,906			0.82	%		(0.02	)%		0.91	%		31.19	%
$	25.71		(18.66	)%	$	29,340			0.80	%		(0.11	)%		0.88	%		28.06	%
$	35.51		37.67	%	$	44,452			0.78	%		(0.03	)%		0.87	%		27.20	%
$	26.22		5.87	%	$	40,057			0.78	%		0.38	%		0.86	%		17.50	%
$	26.09		1.53	%	$	355,672			0.77	%		0.40	%		0.86	%		17.31	%
$	25.36		12.94	%	$	101,228			0.72	%		1.73	%		0.82	%		39.43	%
$	24.36		(5.54	)%	$	69,408			0.69	%		1.65	%		0.79	%		31.23	%
$	26.67		34.61	%	$	70,388			0.68	%		1.50	%		0.79	%		13.00	%
$	20.09		0.21	%	$	56,277			0.67	%		2.18	%		0.78	%		33.60	%
$	21.34		8.89	%	$	345,806			0.66	%		2.28	%		0.77	%		23.20	%
$	9.14		32.87	%	$	115,245			0.62	%		3.60	%		0.67	%		86.05	%
$	7.10		(24.13	)%	$	97,525			0.62	%		4.41	%		0.67	%		103.20	%
$	9.81		23.70	%	$	85,736			0.63	%		3.04	%		0.74	%		158.16	%
$	8.14		(11.49	)%	$	69,236			0.63	%		3.10	%		0.83	%		164.02	%
$	9.49		(8.48	)%	$	78,307			0.61	%		3.77	%		0.89	%		97.74	%

164

Sterling Capital Funds

Financial Highlights, Class R6 Shares

September 30, 2023

The financial highlights table is intended to help you understand the Funds’ financial performance for the past 5 years or, if shorter, the period of the Funds’ operations. Certain information reflects financial results for a single Fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the Fund (assuming reinvestment of all dividends and distributions).

			Investment Activities								Distributions
	Net Asset Value, Beginning of Year		Net investment income(a)		Net realized/ unrealized gains (losses) on investments			Total from Investment Activities			Net investment income			Net realized gains on investments			Return of capital		Total Distributions
Sterling Capital Real Estate Fund
Year Ended September 30, 2023	$	35.09		0.80		(0.30	)		0.50			(0.78	)		(2.23	)		—		(3.01	)
Year Ended September 30, 2022	$	46.33		0.47		(8.09	)		(7.62	)		(0.63	)		(2.99	)		—		(3.62	)
Year Ended September 30, 2021	$	36.69		0.59		10.46			11.05			(0.59	)		(0.82	)		—		(1.41	)
January 31, 2020 to September 30, 2020(d)	$	41.35		0.36		(4.26	)		(3.90	)		(0.76	)		—			—		(0.76	)
Sterling Capital Small Cap Value Fund
Year Ended September 30, 2023	$	58.38		0.36		8.20			8.56			(0.28	)		(13.68	)		—		(13.96	)
Year Ended September 30, 2022	$	83.72		0.35		(8.28	)		(7.93	)		(0.14	)		(17.27	)		—		(17.41	)
Year Ended September 30, 2021	$	64.09		0.29		30.99			31.28			(0.43	)		(11.22	)		—		(11.65	)
January 31, 2020 to September 30, 2020(d)	$	77.13		0.49		(13.53	)		(13.04	)		—			—			—		—
Sterling Capital Short Duration Bond Fund
Year Ended September 30, 2023	$	8.08		0.27		0.06			0.33			(0.26	)		—			—		(0.26	)
Year Ended September 30, 2022	$	8.68		0.11		(0.51	)		(0.40	)		(0.20	)		—			—		(0.20	)
February 1, 2021 to September 30, 2021(d)	$	8.78		0.08		(0.04	)		0.04			(0.14	)		—			—		(0.14	)
Sterling Capital Total Return Bond Fund
Year Ended September 30, 2023	$	9.11		0.31		(0.22	)		0.09			(0.32	)		—			—		(0.32	)
Year Ended September 30, 2022	$	11.05		0.21		(1.80	)		(1.59	)		(0.26	)		(0.09	)		—		(0.35	)
Year Ended September 30, 2021	$	11.39		0.21		(0.12	)		0.09			(0.28	)		(0.15	)		—		(0.43	)
Year Ended September 30, 2020	$	10.89		0.28		0.54			0.82			(0.32	)		—	(f)		—		(0.32	)
Year Ended September 30, 2019	$	10.20		0.33		0.71			1.04			(0.35	)		—			—		(0.35	)
Sterling Capital Long Duration Corporate Bond Fund
Year Ended September 30, 2023	$	6.63		0.31		(0.18	)		0.13			(0.31	)		—			—		(0.31	)
January 31, 2022 to September 30, 2022(d)	$	9.16		0.19		(2.52	)		(2.33	)		(0.20	)		—			—		(0.20	)

* During the periods certain fees were waived (See Note 4 in the Notes to the Financial Statements). If such reductions had not occurred, the ratios would have been as indicated.

** Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued.

(a) Per share net investment income (loss) has been calculated using the average daily shares method.

(b) Not annualized for periods less than one year.

(c) Annualized for periods less than one year.

(d) Period from commencement of operations.

(e) Net Assets are below $1,000.

(f) Amount is less than $0.005.

See accompanying Notes to the Financial Statements.

165 

					Ratios/Supplementary Data
Net Asset Value, End of Year		Total Return (excludes sales charge)(b)			Net Assets, End of Year (000)			Ratio of net expenses to average net assets(c)			Ratio of net investment income (loss) to average net assets(c)			Ratio of expenses to average net assets*(c)			Portfolio turnover rate**(b)
$	32.58		1.01	%	$	918			0.80	%		2.25	%		0.87	%		6.06	%
$	35.09		(18.31	)%	$	18			0.73	%		1.06	%		0.82	%		12.58	%
$	46.33		30.67	%	$	16			0.62	%		1.33	%		0.73	%		12.68	%
$	36.69		(9.30	)%	$	—	(e)		0.70	%		1.47	%		0.70	%		19.58	%
$	52.98		15.45	%	$	6,360			0.93	%		0.66	%		1.05	%		0.77	%
$	58.38		(13.84	)%	$	3,792			0.90	%		0.50	%		1.00	%		5.26	%
$	83.72		52.98	%	$	3,656			0.88	%		0.36	%		1.02	%		6.15	%
$	64.09		(16.91	)%	$	2,882			0.87	%		1.17	%		1.09	%		8.33	%
$	8.15		4.09	%	$	13,222			0.36	%		3.34	%		0.48	%		98.01	%
$	8.08		(4.70	)%	$	17,460			0.39	%		1.27	%		0.48	%		76.98	%
$	8.68		0.44	%	$	29,565			0.40	%		1.52	%		0.49	%		39.26	%
$	8.88		0.88	%	$	263,634			0.35	%		3.36	%		0.51	%		47.80	%
$	9.11		(14.72	)%	$	230,211			0.35	%		2.08	%		0.48	%		47.98	%
$	11.05		0.79	%	$	348,271			0.35	%		1.88	%		0.52	%		48.80	%
$	11.39		7.70	%	$	642,344			0.35	%		2.52	%		0.58	%		59.59	%
$	10.89		10.38	%	$	350,129			0.35	%		3.20	%		0.58	%		79.40	%
$	6.45		1.72	%	$	30,432			0.36	%		4.46	%		0.66	%		26.27	%
$	6.63		(25.75	)%	$	22,553			0.36	%		3.81	%		0.57	%		161.62	%

166 

Sterling Capital Funds

Notes to Financial Statements 

September 30, 2023

1. Organization:

Sterling Capital Funds (the “Trust”) commenced operations on October 5, 1992 and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end investment company established as a Massachusetts business trust.

The Trust offers shares of Sterling Capital Behavioral Large Cap Value Equity Fund, Sterling Capital Mid Value Fund, Sterling Capital Behavioral Small Cap Value Equity Fund, Sterling Capital Special Opportunities Fund, Sterling Capital Equity Income Fund, Sterling Capital Behavioral International Equity Fund, Sterling Capital SMID Opportunities Fund, Sterling Capital Mid Cap Relative Value Fund, Sterling Capital Real Estate Fund, Sterling Capital Small Cap Value Fund, Sterling Capital Ultra Short Bond Fund, Sterling Capital Short Duration Bond Fund, Sterling Capital Intermediate U.S. Government Fund, Sterling Capital Total Return Bond Fund, Sterling Capital Long Duration Corporate Bond Fund, Sterling Capital Quality Income Fund, Sterling Capital North Carolina Intermediate Tax-Free Fund, Sterling Capital South Carolina Intermediate Tax-Free Fund, Sterling Capital Virginia Intermediate Tax-Free Fund and Sterling Capital West Virginia Intermediate Tax-Free Fund (referred to individually as a “Fund” and collectively as the “Funds”). Sterling Capital North Carolina Intermediate Tax-Free Fund, Sterling Capital South Carolina Intermediate Tax-Free Fund, Sterling Capital Virginia Intermediate Tax-Free Fund and Sterling Capital West Virginia Intermediate Tax-Free Fund are referred to as the “Tax-Free Funds.” All Funds are referred to as the “Variable Net Asset Value Funds.”

All Funds, other than the Tax-Free Funds, are “diversified” funds, as defined in the 1940 Act. The Tax-Free Funds are non-diversified funds, which means they may invest in the securities of a limited number of issuers.

The Funds are authorized to issue an unlimited amount of shares. As of September 30, 2023, the Funds discussed herein offered up to four classes of shares: Class A Shares, Class C Shares, Institutional Shares and Class R6 Shares. Class A Shares of Sterling Capital Behavioral Large Cap Value Equity Fund, Sterling Capital Mid Value Fund, Sterling Capital Behavioral Small Cap Value Equity Fund, Sterling Capital Special Opportunities Fund, Sterling Capital Equity Income Fund, Sterling Capital Behavioral International Equity Fund, Sterling Capital SMID Opportunities Fund, Sterling Capital Mid Cap Relative Value Fund, Sterling Capital Real Estate Fund and Sterling Capital Small Cap Value Fund have a maximum sales charge of 5.75% as a percentage of original purchase price. There is no initial sales charge on purchases of the Sterling Capital Ultra Short Bond Fund’s shares. Class A Shares of Sterling Capital Short Duration Bond Fund, Sterling Capital Intermediate U.S. Government Fund, Sterling Capital Total Return Bond Fund, Sterling Capital Long Duration Corporate Bond Fund, Sterling Capital Quality Income Fund, and the Tax-Free Funds have a maximum sales charge of 2.00% as a percentage of the original purchase price. Purchases of $1 million or more of Class A Shares are not subject to a front-end sales charge but will be subject to a Contingent Deferred Sales Charge (“CDSC”) of up to 1.00% of the purchase price if redeemed within two years after purchase for all Funds except the Tax-Free Funds, Sterling Capital Short Duration Bond Fund, Sterling Capital Intermediate U.S. Government Fund, Sterling Capital Long Duration Corporate Bond Fund, Sterling Capital Total Return Bond Fund and Sterling Capital Quality Income Fund. With respect to the Tax-Free Funds, Sterling Capital Short Duration Bond Fund, Sterling Capital Intermediate U.S. Government Fund, Sterling Capital Long Duration Corporate Bond Fund, Sterling Capital Total Return Bond Fund, and Sterling Capital Quality Income Fund, sales of Class A shares of $250,000 or more are not subject to a sales load but will be subject to a CDSC of up to 0.50% of the purchase price if redeemed within 18 months of purchase. This charge is based on the lower of the price paid for the shares or their net asset value at the time of redemption. Class C Shares of the Funds are offered without any front-end sales charge but will be subject to a maximum CDSC of 1.00% if redeemed less than one year after purchase.

Each class of shares has identical rights and privileges except with respect to the fees paid under the distribution plan, voting rights on matters affecting a single class of shares and the exchange privilege of each class of shares. Effective on the close of business on November 15, 2021, Class R Shares were converted into Class A Shares for the Sterling Capital Mid Value Fund, Sterling Capital Behavioral Small Cap Value Equity Fund, Sterling Capital Special Opportunities Fund, Sterling Capital Equity Income Fund, and Sterling Capital Total Return Bond Fund.

Under the Trust’s organizational documents, its Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, in the normal course of business, the Funds may enter into contracts with their vendors and others that provide for general indemnifications. The Funds’ maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds. However, based on experience, the Funds expect that risk of loss to be remote.

 167

Sterling Capital Funds

Notes to Financial Statements — (continued)

September 30, 2023

2. Significant Accounting Policies:

The Funds are investment companies and accordingly follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946, Financial Services-Investment Companies. The following is a summary of significant accounting policies followed by the Funds. The policies are in conformity with United States generally accepted accounting principles (“U.S. GAAP”). The preparation of these financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses for the reporting period. Actual results could differ from those estimates.

Securities Valuation — Investments of the Variable Net Asset Value Funds in securities traded on a national securities exchange or in the over-the-counter market are valued at the closing price on the principal exchange or market (including the NASDAQ Closing Price for securities traded on NASDAQ), typically 4:00 PM ET or, absent such a price, by reference to the latest available bid prices in the principal market in which such securities are normally traded. The Variable Net Asset Value Funds may also use an independent pricing service approved by the Board of Trustees (the “Board”) to value certain securities, including the use of electronic and matrix techniques. Investments in open-end investment companies are valued at their respective net asset values as reported by such companies. Investments in closed-end investment companies and exchange-traded funds are valued at their market values based upon the latest available sale price or, absent such a price, by reference to the latest available bid prices in the principal market in which such securities are normally traded. The differences between cost and fair value of investments are reflected as either unrealized appreciation or depreciation. Securities for which market quotations are not readily available (e.g., an approved pricing service does not provide a price, a furnished price is in error, certain stale prices, or an event occurs that materially affects the furnished price) will be fair valued by Sterling Capital Management LLC (“Sterling Capital” or the “Advisor”) in accordance with certain Board-approved fair valuation methodologies pursuant to Rule 2a-5 under the 1940 Act. The Fund’s Board has designated Sterling Capital as each Fund’s “Valuation Designee” pursuant to Rule 2a-5 to perform such fair value determinations. The Board oversees Sterling Capital in its role as the Valuation Designee and receives reports from Sterling Capital regarding its process and the valuation of each Fund’s investments to assist with such oversight.

Fair value pricing may be used if events materially affecting the value of foreign securities occur between the time when the exchange on which they are traded closes and the time when the Fund’s net asset value is calculated; such securities may be valued at fair value in accordance with procedures adopted by the Board.

Fair Value Measurements — The objective of a fair value measurement is to determine the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). Accordingly, the fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy are described as follows:

● Level 1 – quoted prices in active markets for identical securities

● Level 2 – based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

● Level 3 – based on significant unobservable inputs (including a Fund’s own assumptions in determining the fair value of investments)

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. During the year ended September 30, 2023, there were no significant changes to the Funds’ valuation policies and procedures.

 168

Sterling Capital Funds

Notes to Financial Statements — (continued) 

September 30, 2023

The summary of inputs used to determine the fair value of each Fund’s investments as of September 30, 2023 is as follows:

	Level 1- Quoted Prices			Level 2- Other Significant Observable Inputs			Level 3- Significant Unobservable Inputs			Total
Assets:
Investments in Securities
Sterling Capital Behavioral Large Cap Value Equity Fund	$	30,525,876	(a)	$	—‌		$	—‌		$	30,525,876‌
Sterling Capital Mid Value Fund		45,653,475	(a)		—‌			0.00	(b)		45,653,475‌
Sterling Capital Behavioral Small Cap Value Equity Fund		90,582,852	(a)		—‌			—‌			90,582,852‌
Sterling Capital Special Opportunities Fund		466,379,438	(a)		—‌			—‌			466,379,438‌
Sterling Capital Equity Income Fund		1,879,662,600	(a)		—‌			—‌			1,879,662,600‌
Sterling Capital Behavioral International Equity Fund		115,192,493	(c)		—‌			—‌			115,192,493‌
Sterling Capital SMID Opportunities Fund		4,465,578	(a)		—‌			—‌			4,465,578‌
Sterling Capital Mid Cap Relative Value Fund		43,473,136	(a)		—‌			—‌			43,473,136‌
Sterling Capital Real Estate Fund		64,236,122	(a)		—‌			—‌			64,236,122‌
Sterling Capital Small Cap Value Fund		268,075,946	(a)		—‌			—‌			268,075,946‌
Sterling Capital Ultra Short Bond Fund		1,067,441	(c)		28,614,868	(a)		—‌			29,682,309‌
Sterling Capital Short Duration Bond Fund		3,151,037	(c)		101,703,968	(a)		—‌			104,855,005‌
Sterling Capital Intermediate U.S. Government Fund		62,540	(c)		16,367,009	(a)		—‌			16,429,549‌
Sterling Capital Total Return Bond Fund		5,905,651	(c)		997,345,281	(a)		—‌			1,003,250,932‌
Sterling Capital Long Duration Corporate Bond Fund		162,187	(c)		30,597,096	(a)		—‌			30,759,283‌
Sterling Capital Quality Income Fund		1,258,182	(c)		86,661,053	(a)		—‌			87,919,235‌
Sterling Capital North Carolina Intermediate Tax-Free Fund		2,996,657	(c)		129,855,192	(a)		—‌			132,851,849‌
Sterling Capital South Carolina Intermediate Tax-Free Fund		417,030	(c)		34,621,441	(a)		—‌			35,038,471‌
Sterling Capital Virginia Intermediate Tax-Free Fund		467,448	(c)		61,523,529	(a)		—‌			61,990,977‌
Sterling Capital West Virginia Intermediate Tax-Free Fund		1,476,871	(c)		77,281,543	(a)		—‌			78,758,414‌

(a) Industries, countries or security types are disclosed in the Schedule of Portfolio Investments.

(b) Level 3 investments, if any, at the beginning and/or end of the year in relation to the net assets were not significant and accordingly, additional disclosures related to Level 3 assets for the year ending September 30, 2023 are not presented for the Fund.

(c) Represents money market funds and/or certain preferred stocks.

Cash and Cash Equivalents — The Funds consider liquid assets deposited with a bank, and certain short term debt instruments with original maturities of three months or less to be cash equivalents. These investments represent amounts held with financial institutions that are readily accessible to pay Fund expenses or investments. The Funds may invest their excess cash in the Federated Treasury Obligations Fund or a similar money market fund or other short-term investment.

Credit Enhancements — Certain obligations held in the Funds have credit enhancement or liquidity features that may, under certain circumstances, provide for repayment of principal and interest on the obligation upon demand date, interest rate reset date or final maturity. These enhancements may include: letters of credit; liquidity guarantees; security purchase agreements; tender option purchase agreements; and third party insurance (i.e., AMBAC).

Distributions to Shareholders — Dividends from net investment income are declared daily and paid monthly for Sterling Capital Ultra Short Bond Fund, Sterling Capital Short Duration Bond Fund, Sterling Capital Intermediate U.S. Government Fund, Sterling Capital Total Return Bond Fund, Sterling Capital Long Duration Corporate Bond Fund, Sterling Capital Quality Income Fund, and the Tax-Free Funds. Dividends from net investment income are declared and paid quarterly for Sterling Capital Mid Cap Relative Value Fund, Sterling Capital Real Estate Fund, Sterling Capital Small Cap Value Fund, Sterling Capital Behavioral Large Cap Value Equity Fund, Sterling Capital Mid Value Fund, Sterling Capital Behavioral Small Cap Value Equity Fund, Sterling Capital Special Opportunities Fund, Sterling Capital Equity Income Fund and Sterling Capital SMID Opportunities Fund, if the annualized yield of the distribution exceeds an amount determined annually by the Board. Dividends from net investment income for Sterling Capital Behavioral International Equity Fund is declared and paid annually. Distributable net realized gains, if any, are declared and distributed at least annually. Distributions to shareholders that exceed net investment income and net realized gains for tax purposes are reported as distributions of capital. Distributions to shareholders are recorded on the ex-dividend date.

 169

Sterling Capital Funds

Notes to Financial Statements — (continued)

September 30, 2023

Expenses and Allocation Methodology — Expenses directly attributable to a Fund are charged to that Fund. Expenses not directly attributable to a Fund are allocated proportionately among all Funds daily in relation to the net assets of each Fund or on another reasonable basis. Each class of shares bears its pro-rata portion of expenses attributable to its series, except that each class separately bears expenses related specifically to that class, such as distribution fees. Income and realized and unrealized gains or losses on investments are allocated to each class of shares based on its relative net assets or another appropriate basis.

Foreign Currency Translation — The accounting records of the Sterling Capital Behavioral International Equity Fund are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars at the latest foreign exchange bid quotation (from an approved pricing vendor) to determine the fair value of investments, assets and liabilities. Purchases and sales of securities, income and expenses are translated at the prevailing rate of exchange, on the respective dates of such transactions. The Sterling Capital Behavioral International Equity Fund does not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss from investments and foreign currencies.

Forward Foreign Currency Exchange Contracts — All Funds, except Sterling Capital SMID Opportunities Fund, Sterling Capital Intermediate U.S. Government Fund and the Tax-Free Funds, may enter into forward foreign currency exchange contracts (foreign currency exchange risk) in connection with planned purchases or sales of securities or to hedge the U.S. dollar value of Funds securities denominated in a particular currency. A foreign currency exchange contract is an agreement between two parties to buy and sell a currency at a set exchange rate on a future date. The Funds can be exposed to risks if the counterparties to the contracts are unable to meet the terms of their contracts and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar. In the event of default by the counterparty to the transaction, the Funds’ maximum amount of loss, as either the buyer or seller, is the unrealized gain of the contract. The forward foreign currency exchange contracts are adjusted by the daily exchange rate of the underlying currency and any gains or losses are recorded for financial statement purposes as unrealized gains or losses until the contract settlement date. When the contract is closed, the Funds record a realized gain (loss) equal to the difference between the value at the time it was opened and the value at the time it was closed.

Mortgage Dollar Rolls — The Variable Net Asset Value Funds may sell mortgage-backed securities for delivery in the current month and simultaneously contract to repurchase substantially similar (same type, coupon and maturity) securities on a specific future date at an agreed-upon price. The market value of the securities that a Fund is required to purchase may decline below the agreed upon repurchase price of those securities. Pools of mortgages collateralizing those securities may have different prepayment histories than those sold. During the period between the sale and repurchase, a Fund will not be entitled to receive interest and principal payments on the securities sold. Proceeds of the sale will be invested in additional instruments for a Fund, and the income from these investments will generate income for a Fund. If such income does not exceed the income, capital appreciation and gain or loss that would have been realized on the securities sold as part of the dollar roll, the use of this technique will diminish the investment performance of a Fund compared with what the performance would have been without the use of dollar rolls. The Funds account for mortgage dollar roll transactions as purchases and sales. The Funds did not hold any mortgage dollar rolls during the year.

Options Contracts — Sterling Capital Special Opportunities Fund and Sterling Capital Equity Income Fund write (sell) “covered” call options on securities and purchase options on securities to close out options previously written by them.

In writing an option, a Fund contracts with a specified counterparty to purchase (put option written) or sell (call option written) a specified quantity (notional amount) of an underlying asset at a specified price during a specified period upon demand of the counterparty. The risk associated with writing an option is that the Funds bear the market risk of an unfavorable change in the price of an underlying asset and are required to buy or sell an underlying asset under the contractual terms of the option at a price different from the current value. The Funds execute transactions in both listed and over-the-counter options. When purchasing over-the-counter options, a Fund bears the risk of economic loss from counterparty default, equal to the market value of the option. Listed options involve minimal counterparty risk since the listed options are guaranteed against default by the exchange on which they trade. Transactions in over-the-counter options expose the Funds to the risk of default by the counterparty to the transaction. In the event of default by the counterparty to the over-the-counter transaction, the Funds’ maximum amount of loss is the premium paid (as the purchaser) or the unrealized depreciation of the contract (as the writer).

 170

Sterling Capital Funds

Notes to Financial Statements — (continued)

September 30, 2023

Sterling Capital Special Opportunities Fund and Sterling Capital Equity Income Fund may invest in written options to economically hedge the downside exposure by collecting a premium when sold against the equity holding.

Risks Associated with Foreign Securities and Currencies — Investments in securities of foreign issuers carry certain risks not ordinarily associated with investments in securities of domestic issuers. Such risks include future political and economic developments and the possible imposition of exchange controls or other foreign governmental laws and restrictions. In addition, with respect to certain countries, there is the possibility of expropriation of assets, confiscatory taxation, political or social instability or diplomatic developments which could adversely affect investments in those countries. Certain foreign investments may also be subject to foreign withholding taxes.

Securities Transactions and Related Income — During the period, security transactions are accounted for no later than one business day after the trade date. For financial reporting purposes, however, security transactions as of the last business day of the reporting period are accounted for on the trade date. Interest income is recognized on the accrual basis and includes, where applicable, the amortization/accretion of premium or discount. Discounts and premiums on securities purchased are accreted and amortized over the lives of the respective securities. Dividend income is recorded on the ex-dividend date. Gains or losses realized from sales of securities are determined by comparing the identified cost of the security lot sold with the net sales proceeds.

When-Issued and Forward Commitments — The Funds may purchase securities on a “when-issued” basis. Sterling Capital Behavioral Large Cap Value Equity Fund, Sterling Capital Mid Value Fund, Sterling Capital Behavioral Small Cap Value Equity Fund, Sterling Capital Special Opportunities Fund and Sterling Capital Equity Income Fund may also purchase or sell securities on a forward commitment basis. The Funds record when-issued securities on the trade date and pledge assets with a value at least equal to the purchase commitment for payment of the securities purchased. The value of the securities underlying when-issued or forward commitments to purchase securities, and any subsequent fluctuation in their value, is taken into account when determining the net asset value of the Funds commencing with the date the Funds agree to purchase the securities. The Funds do not accrue interest or dividends on when-issued securities until the underlying securities are received.

Accounting Standards— The FASB issued Accounting Standards Update (ASU), ASU 2020-04, Reference Rate Reform (Topic 848), Facilitation of the Effects of Reference Rate Reform on Financial Reporting in March 2020 and ASU 2021-01 in January 2021 which provided further amendments and clarifications to Topic 848. These ASUs provide optional, temporary relief with respect to the financial reporting of contracts subject to certain types of modifications due to the planned discontinuation of the London Interbank Offered Rate (LIBOR), and other interbank-offered based reference rates, through December 31, 2022. In December 2022, FASB issued ASU 2022-06 which defers the sunset date of Topic 848 from December 31, 2022, to December 31, 2024, after which entities will no longer be permitted to apply the relief in Topic 848. Management intends to rely upon the relief provided under Topic 848, which is not expected to have a material impact on the Fund’s financial statements.

3. Purchases and Sales of Securities:

Purchases and sales of securities (excluding U.S. government securities and securities maturing less than one year from acquisition) for the fiscal year ended September 30, 2023 were as follows:

	Purchases		Sales
Sterling Capital Behavioral Large Cap Value Equity Fund	$	34,434,914‌	$	35,887,102‌
Sterling Capital Mid Value Fund		9,382,885‌		16,340,267‌
Sterling Capital Behavioral Small Cap Value Equity Fund		222,684,373‌		177,094,373‌
Sterling Capital Special Opportunities Fund		151,718,464‌		277,175,696‌
Sterling Capital Equity Income Fund		804,967,583‌		1,192,072,275‌
Sterling Capital Behavioral International Equity Fund		101,817,827‌		113,517,605‌
Sterling Capital SMID Opportunities Fund		4,495,486‌		8,128,589‌
Sterling Capital Mid Cap Relative Value Fund		2,159,445‌		9,793,006‌
Sterling Capital Real Estate Fund		4,429,594‌		13,094,554‌
Sterling Capital Small Cap Value Fund		2,418,474‌		136,268,322‌

 171

Sterling Capital Funds

Notes to Financial Statements — (continued)

September 30, 2023

	Purchases		Sales
Sterling Capital Ultra Short Bond Fund	$	14,114,159‌	$	9,788,327‌
Sterling Capital Short Duration Bond Fund		85,898,756‌		71,382,505‌
Sterling Capital Intermediate U.S. Government Fund		—‌		214,102‌
Sterling Capital Total Return Bond Fund		160,998,855‌		268,436,126‌
Sterling Capital Long Duration Corporate Bond Fund		12,997,988‌		4,864,388‌
Sterling Capital Quality Income Fund		4,951,490‌		5,784,472‌
Sterling Capital North Carolina Intermediate Tax-Free Fund		53,189,606‌		69,381,631‌
Sterling Capital South Carolina Intermediate Tax-Free Fund		11,627,881‌		16,915,862‌
Sterling Capital Virginia Intermediate Tax-Free Fund		12,551,932‌		27,978,765‌
Sterling Capital West Virginia Intermediate Tax-Free Fund		30,677,856‌		35,026,776‌

Purchases and sales of U.S. government securities (excluding securities maturing less than one year from acquisition) for the fiscal year ended September 30, 2023 were as follows:

	Purchases		Sales
Sterling Capital Ultra Short Bond Fund	$	2,041,376‌	$	—‌
Sterling Capital Short Duration Bond Fund		39,854,148‌		51,407,774‌
Sterling Capital Intermediate U.S. Government Fund		3,133,612‌		1,103,426‌
Sterling Capital Total Return Bond Fund		347,946,527‌		222,105,787‌
Sterling Capital Long Duration Corporate Bond Fund		3,619,641‌		2,379,942‌
Sterling Capital Quality Income Fund		24,558,051‌		2,358,907‌

4. Related Party Transactions:

Under the terms of the investment advisory agreement, Sterling Capital is entitled to receive fees based on a percentage of the average daily net assets of the Funds. These fees are accrued daily and payable on a monthly basis and are reflected on the Statements of Operations as “Investment advisory fees.” Sterling Capital’s waived investment advisory fees are included on the Statements of Operations as “Less expenses waived by the Investment Advisor.” Information regarding these transactions is as follows for the fiscal year ended September 30, 2023:

	Prior to February 1, 2023						Effective February 1, 2023
				Fee Rate after						Fee Rate after
	Contractual			Contractual			Contractual			Contractual
	Fee Rate			Waivers			Fee Rate			Waivers
Sterling Capital Behavioral Large Cap Value Equity Fund		0.45	%		0.45	%		0.45	%		0.45	%(1)
Sterling Capital Mid Value Fund		0.60	%		0.60	%		0.60	%		0.60	%(1)
Sterling Capital Behavioral Small Cap Value Equity Fund		0.60	%		0.60	%		0.60	%		0.60	%
Sterling Capital Special Opportunities Fund		0.65	%		0.65	%		0.65	%		0.65	%
Sterling Capital Equity Income Fund		0.55	%		0.55	%		0.55	%		0.55	%
Sterling Capital Behavioral International Equity Fund		0.40	%		0.40	%		0.40	%		0.40	%
Sterling Capital SMID Opportunities Fund		0.70	%		0.70	%		0.70	%		0.70	%
Sterling Capital Mid Cap Relative Value Fund		0.60	%		0.60	%		0.60	%		0.60	%
Sterling Capital Real Estate Fund		0.58	%		0.58	%		0.58	%		0.58	%
Sterling Capital Small Cap Value Fund		0.75	%		0.75	%		0.75	%		0.75	%(1)
Sterling Capital Ultra Short Bond Fund		0.20	%		0.20	%		0.20	%		0.20	%
Sterling Capital Short Duration Bond Fund		0.20	%		0.20	%		0.20	%		0.20	%
Sterling Capital Intermediate U.S. Government Fund		0.32	%		0.32	%		0.32	%		0.32	%
Sterling Capital Total Return Bond Fund		0.25	%		0.25	%		0.25	%		0.25	%
Sterling Capital Long Duration Corporate Bond Fund		0.25	%		0.25	%		0.25	%		0.25	%
Sterling Capital Quality Income Fund		0.35	%		0.31	%(2)		0.35	%		0.31	%(3)
Sterling Capital North Carolina Intermediate Tax-Free Fund		0.35	%		0.35	%		0.35	%		0.35	%
Sterling Capital South Carolina Intermediate Tax-Free Fund		0.35	%		0.35	%		0.35	%		0.35	%(1)
Sterling Capital Virginia Intermediate Tax-Free Fund		0.35	%		0.35	%		0.35	%		0.35	%
Sterling Capital West Virginia Intermediate Tax-Free Fund		0.35	%		0.35	%		0.35	%		0.35	%

(1) For all or a portion of the year ended September 30, 2023, Sterling Capital voluntarily waived and/or reimbursed certain expenses of the Funds. Voluntary waivers and reimbursements of expenses may be discontinued at any time.

(2) Sterling Capital contractually agreed to limit the advisory fees paid by the Fund from February 1, 2022 through January 31, 2023.

(3) Sterling Capital contractually agreed to limit the advisory fees paid by the Fund from February 1, 2023 through January 31, 2024.

 172

Sterling Capital Funds

Notes to Financial Statements — (continued)

September 30, 2023 

For the following Funds, Sterling Capital has contractually agreed to waive its investment advisory fees, pay Fund operating expenses, and/or reimburse fees or expenses, in order to limit expenses of the shares based on average daily net assets, excluding interest, taxes, acquired funds fees and extraordinary expenses. The expense limitations for the periods February 1, 2022 through January 31, 2023 and February 1, 2023 through January 31, 2024 are as follows:

	Effective February 1, 2023
	Class A			Class C			Institutional			Class R6
Sterling Capital SMID Opportunities Fund		1.04	%		1.79	%		0.79	%		–	%
Sterling Capital Ultra Short Bond Fund		0.52	%		–	%		0.27	%		–	%
Sterling Capital Short Duration Bond Fund		0.68	%		1.43	%		0.43	%		0.43	%
Sterling Capital Intermediate U.S. Government Fund		0.75	%		1.50	%		0.50	%		–	%
Sterling Capital Total Return Bond Fund		0.70	%		1.45	%		0.45	%		0.45	%
Sterling Capital Long Duration Corporate Bond Fund		0.70	%		1.45	%		0.45	%		0.45	%

	Prior to February 1, 2023
	Class A			Class C			Institutional			Class R6
Sterling Capital SMID Opportunities Fund		1.04	%		1.79	%		0.79	%		–	%
Sterling Capital Ultra Short Bond Fund		0.52	%		–	%		0.27	%		–	%
Sterling Capital Intermediate U.S. Government Fund		0.75	%		1.50	%		0.50	%		–	%
Sterling Capital Total Return Bond Fund		0.70	%		1.45	%		0.45	%		0.45	%
Sterling Capital Long Duration Corporate Bond Fund		0.70	%		1.45	%		0.45	%		0.45	%

For the following Funds, Sterling Capital has contractually agreed to waive its administrative fees, pay Fund operating expenses, and/or reimburse a Fund the following levels with respect to the Funds' Class R6 Shares, effective for the period February 1, 2023 through January 31, 2024:

	Effective February 1, 2023
Sterling Capital Behavioral Large Cap Value Equity Fund		0.07	%
Sterling Capital Mid Value Fund		0.08	%
Sterling Capital Behavioral Small Cap Value Equity Fund		0.06	%
Sterling Capital Special Opportunities Fund		0.09	%
Sterling Capital Equity Income Fund		0.10	%
Sterling Capital Behavioral International Equity Fund		0.05	%
Sterling Capital Real Estate Fund		0.07	%
Sterling Capital Small Cap Value Fund		0.10	%
Sterling Capital Short Duration Bond Fund		0.09	%
Sterling Capital Total Return Bond Fund		0.10	%
Sterling Capital Long Duration Corporate Bond Fund		0.09	%

For the following Funds, Sterling Capital contractually agreed to waive its administrative fees, pay Fund operating expenses, and/or reimburse a Fund the following levels with respect to the Funds' Class R6 Shares, effective for the period February 1, 2022 to January 31, 2023:

	Prior to February 1, 2023
Sterling Capital Behavioral Large Cap Value Equity Fund		0.06	%
Sterling Capital Mid Value Fund		0.09	%
Sterling Capital Behavioral Small Cap Value Equity Fund		0.05	%
Sterling Capital Special Opportunities Fund		0.08	%
Sterling Capital Equity Income Fund		0.10	%
Sterling Capital Behavioral International Equity Fund		0.05	%
Sterling Capital Real Estate Fund		0.09	%
Sterling Capital Small Cap Value Fund		0.10	%
Sterling Capital Short Duration Bond Fund		0.09	%
Sterling Capital Total Return Bond Fund		0.10	%
Sterling Capital Long Duration Corporate Bond Fund		0.09	%

173

Sterling Capital Funds

Notes to Financial Statements — (continued) 

September 30, 2023

Sterling Capital serves as the administrator to the Funds pursuant to an administration agreement. The Funds pay their portion of a fee to Sterling Capital for providing administration services based on the aggregate assets of the Funds, at a rate of 0.1075% on the first $3.5 billion of average net assets, 0.075% on the next $1 billion of average net assets; 0.06% on the next $1.5 billion of average net assets; and 0.04% of average net assets over $6 billion. Expenses incurred are reflected on the Statements of Operations as “Administration fees.” Pursuant to a sub-administration agreement with Sterling Capital, The Bank of New York Mellon (“the “Sub-Administrator”), serves as the sub-administrator to the Funds subject to the general supervision of the Board and Sterling Capital. For these services, The Bank of New York Mellon is entitled to a fee payable by Sterling Capital. The Bank of New York Mellon also serves as the Funds’ fund accountant and receives compensation by the Funds for these services. Expenses incurred are reflected on the Statements of Operations as “Fund accounting fees.”

BNY Mellon Investment Servicing (US) Inc. serves as the Funds’ transfer agent and receives compensation by the Funds for these services. Expenses incurred are reflected on the Statements of Operations as “Transfer agent fees.”

Sterling Capital’s Chief Compliance Officer (“CCO”) serves as the Funds’ CCO. The CCO’s compensation is reviewed and approved by the Funds’ Board and paid by Sterling Capital. However, the Funds reimburse Sterling Capital for their allocable portion of the CCO’s base salary and incentive pay. As a result, the CCO fee paid by the Funds is only part of the total compensation received by the CCO. Expenses incurred are reflected on the Statements of Operations as “Compliance Service Fees.”

The Funds have adopted a Distribution and Shareholder Services Plan (the “Plan”) in accordance with Rule 12b-1 under the 1940 Act. Sterling Capital Distributors, LLC (the “Distributor”) serves as distributor to the Funds pursuant to an underwriting agreement. The Plan provides for payments to the Distributor of up to 0.25% and 1.00% of the average daily net assets of the Class A Shares and Class C Shares, respectively. In addition, the Distributor is entitled to receive commissions on sales of shares of the Variable Net Asset Value Funds. For the fiscal year ended September 30, 2023, the Distributor received $125,679 from commissions earned on sales of shares of the Variable Net Asset Value Funds. The Distributor does not retain commissions for profit. These commissions and fees may be used by the Distributor to pay banks, broker dealers and other institutions, including affiliates of the Advisor.

The Advisor and/or its affiliates may pay out of their own assets (and not as an additional charge to a fund) compensation to selected affiliated and unaffiliated brokers, dealers and other financial intermediaries in connection with the sale and distribution of the shares and/or the retention and/or servicing of Fund investors and Fund shares. These payments, sometimes referred to as “revenue sharing” payments are payments over and above any sales charges (including Rule 12b-1 fees) and service fees paid by the Funds. The amount of these payments is determined at the discretion of the Advisor and/or its affiliates from time to time, may be substantial, and may be different for different financial advisors. Receipt of, or the prospect of receiving, this additional compensation may influence your financial intermediary’s recommendation of a Fund or of a particular share class of a Fund. Commissions and finder’s fees financed by the Advisor and paid by the Distributor to affiliated broker-dealers during the fiscal year ended September 30, 2023 were $2,198.

Certain Officers and a Trustee of the Funds are affiliated with Sterling Capital or the Sub-Administrator. Such Officers and Trustee receive no compensation from the Funds for serving in their respective roles. Each of the Trustees who are not interested persons (as defined in the 1940 Act) of the Trust who serve on the Board are compensated at the annual rate of $100,000 plus $7,500 for each regularly scheduled quarterly meeting attended, $4,000 for each special meeting attended in person and $1,500 for each special meeting attended by telephone, plus reimbursement for certain out of pocket expenses. Each Trustee serving on a Committee of the Board receives a fee of $4,000 for each Committee meeting attended in person and $1,500 for each Committee meeting attended by telephone, plus reimbursement for certain out of pocket expenses. Committee meeting fees are only paid when such Committee meetings are not held in conjunction with a regular board meeting. Additionally, the Chairman of the Board receives additional compensation at the annual rate of $24,000, the Audit Committee Chairman receives additional compensation at the annual rate of $18,000, and the Chairman of the Nominations Committee receives additional compensation at the annual rate of $7,500. The fees are allocated across the Trust based upon relative net assets.

174

Sterling Capital Funds

Notes to Financial Statements — (continued) 

September 30, 2023

5. Capital Transactions:

Transactions in Class A, Class C, Institutional, Class R and Class R6 Shares were:

	For the Year Ended September 30, 2023						For the Year Ended September 30, 2022
Sterling Capital Behavioral Large Cap Value Equity Fund
Class A	Shares			Amount			Shares			Amount
Issued		32,971‌		$	733,762‌			46,240‌		$	1,131,180‌
Reinvested		20,188‌			462,091‌			19,445‌			445,439‌
Redeemed		(108,548	)		(2,527,759	)		(135,501	)		(3,192,006	)
Total		(55,389	)	$	(1,331,906	)		(69,816	)	$	(1,615,387	)

Sterling Capital Behavioral Large Cap Value Equity Fund
Class C	Shares			Amount			Shares			Amount
Issued		163‌		$	3,600‌			406‌		$	9,304‌
Reinvested		136‌			2,993‌			116‌			2,568‌
Redeemed		(455	)		(10,138	)		(1,675	)		(37,798	)
Total		(156	)	$	(3,545	)		(1,153	)	$	(25,926	)

Sterling Capital Behavioral Large Cap Value Equity Fund
Institutional	Shares			Amount			Shares			Amount
Issued		7,059‌		$	163,309‌			17,254‌		$	420,545‌
Reinvested		934‌			21,558‌			1,262‌			29,327‌
Redeemed		(24,806	)		(567,740	)		(25,384	)		(605,648	)
Total		(16,813	)	$	(382,873	)		(6,868	)	$	(155,776	)

Sterling Capital Behavioral Large Cap Value Equity Fund
Class R6	Shares			Amount			Shares		Amount
Issued		18,624‌		$	424,649‌			—‌	$	—‌
Reinvested		313‌			7,233‌			1‌		12‌
Redeemed		(4,844	)		(115,111	)		—‌		—‌
Total		14,093‌		$	316,771‌			1‌	$	12‌

Sterling Capital Mid Value Fund
Class A	Shares			Amount			Shares			Amount
Issued		72,651‌		$	1,034,837‌			34,712‌		$	658,109‌
Reinvested		201,671‌			2,891,666‌			92,289‌			1,765,483‌
Redeemed		(166,854	)		(2,474,158	)		(167,340	)		(3,144,157	)
Total		107,468‌		$	1,452,345‌			(40,339	)	$	(720,565	)

Sterling Capital Mid Value Fund
Class C	Shares			Amount			Shares			Amount
Issued		6,130‌		$	68,584‌			5,521‌		$	90,828‌
Reinvested		8,974‌			101,407‌			5,296‌			83,888‌
Redeemed		(19,541	)		(226,977	)		(38,319	)		(621,246	)
Total		(4,437	)	$	(56,986	)		(27,502	)	$	(446,530	)

Sterling Capital Mid Value Fund
Institutional	Shares			Amount			Shares			Amount
Issued		107,820‌		$	1,639,360‌			50,140‌		$	961,643‌
Reinvested		315,482‌			4,680,585‌			197,808‌			3,889,195‌
Redeemed		(491,134	)		(7,628,157	)		(899,900	)		(17,335,085	)
Total		(67,832	)	$	(1,308,212	)		(651,952	)	$	(12,484,247	)

175

Sterling Capital Funds

Notes to Financial Statements — (continued) 

September 30, 2023

	For the Year Ended				For the Year Ended
	September 30, 2023				September 30, 2022
Sterling Capital Mid Value Fund
Class R(1)	Shares		Amount		Shares			Amount
Issued		—‌	$	—‌		2‌		$	45‌
Redeemed		—‌		—‌		(430	)		(8,727	)
Total		—‌	$	—‌		(428	)	$	(8,682	)

Sterling Capital Mid Value Fund
Class R6	Shares			Amount			Shares			Amount
Issued		20,796‌		$	352,676‌			—‌		$	—‌
Reinvested		3,942‌			58,604‌			3‌			52‌
Redeemed		(8,553	)		(127,455	)		(12,148	)		(245,375	)
Total		16,185‌		$	283,825‌			(12,145	)	$	(245,323	)

Sterling Capital Behavioral Small Cap Value Equity Fund
Class A	Shares			Amount			Shares			Amount
Issued		14,873‌		$	250,506‌			19,604‌		$	404,596‌
Reinvested		3,580‌			60,271‌			36,543‌			677,365‌
Redeemed		(56,495	)		(954,837	)		(55,067	)		(1,066,272	)
Total		(38,042	)	$	(644,060	)		1,080‌		$	15,689‌

Sterling Capital Behavioral Small Cap Value Equity Fund
Class C	Shares			Amount			Shares			Amount
Issued		—‌		$	—‌			4,739‌		$	94,858‌
Reinvested		5‌			88‌			196‌			3,421‌
Redeemed		(283	)		(4,531	)		(4,983	)		(100,534	)
Total		(278	)	$	(4,443	)		(48	)	$	(2,255	)

Sterling Capital Behavioral Small Cap Value Equity Fund
Institutional	Shares			Amount			Shares			Amount
Issued		270,026‌		$	4,511,127‌			278,012‌		$	5,512,268‌
Reinvested		7,506‌			127,032‌			70,757‌			1,330,352‌
Redeemed		(579,029	)		(9,947,584	)		(456,563	)		(8,495,763	)
Total		(301,497	)	$	(5,309,425	)		(107,794	)	$	(1,653,143	)

Sterling Capital Behavioral Small Cap Value Equity Fund
Class R(1)	Shares		Amount		Shares			Amount
Issued		—‌	$	—‌		45‌		$	892‌
Redeemed		—‌		—‌		(13,648	)		(287,327	)
Total		—‌	$	—‌		(13,603	)	$	(286,435	)

Sterling Capital Behavioral Small Cap Value Equity Fund
Class R6	Shares			Amount			Shares			Amount
Issued		5,943,445‌		$	97,000,000‌			—‌		$	—‌
Reinvested		97,722‌			1,655,217‌			470,794‌			8,845,595‌
Redeemed		(2,783,252	)		(47,294,125	)		(3,419,302	)		(60,098,000	)
Total		3,257,915‌		$	51,361,092‌			(2,948,508	)	$	(51,252,405	)

Sterling Capital Special Opportunities Fund
Class A	Shares			Amount			Shares			Amount
Issued		353,053‌		$	8,941,236‌			606,260‌		$	17,829,825‌
Reinvested		861,988‌			20,592,897‌			1,303,455‌			40,511,385‌
Redeemed		(2,055,258	)		(51,968,950	)		(1,374,958	)		(40,078,119	)
Total		(840,217	)	$	(22,434,817	)		534,757‌		$	18,263,091‌

176

Sterling Capital Funds

Notes to Financial Statements — (continued) 

September 30, 2023

	For the Year Ended						For the Year Ended
	September 30, 2023						September 30, 2022
Sterling Capital Special Opportunities Fund
Class C	Shares			Amount			Shares			Amount
Issued		37,771‌		$	696,384‌			89,122‌		$	2,036,385‌
Reinvested		168,823‌			2,961,163‌			322,106‌			7,608,160‌
Redeemed		(652,168	)		(12,051,902	)		(753,972	)		(16,707,907	)
Total		(445,574	)	$	(8,394,355	)		(342,744	)	$	(7,063,362	)

Sterling Capital Special Opportunities Fund
Institutional	Shares			Amount			Shares			Amount
Issued		534,469‌		$	14,709,581‌			1,442,213‌		$	44,693,075‌
Reinvested		333,115‌			8,614,366‌			595,100‌			19,846,598‌
Redeemed		(2,612,726	)		(71,532,067	)		(1,587,962	)		(49,527,313	)
Total		(1,745,142	)	$	(48,208,120	)		449,351‌		$	15,012,360‌

Sterling Capital Special Opportunities Fund
Class R(1)	Shares		Amount		Shares			Amount
Redeemed		—‌	$	—‌		(42	)	$	(1,476	)
Total		—‌	$	—‌		(42	)	$	(1,476	)

Sterling Capital Special Opportunities Fund
Class R6	Shares			Amount			Shares			Amount
Issued		573,350‌		$	15,460,935‌			103,983‌		$	3,118,518‌
Reinvested		31,490‌			813,070‌			4,709‌			156,652‌
Redeemed		(440,049	)		(11,996,873	)		(219,268	)		(6,682,445	)
Total		164,791‌		$	4,277,132‌			(110,576	)	$	(3,407,275	)

Sterling Capital Equity Income Fund
Class A	Shares			Amount			Shares			Amount
Issued		984,966‌		$	25,427,867‌			1,659,576‌		$	45,526,877‌
Reinvested		1,203,098‌			31,261,542‌			452,265‌			12,426,367‌
Redeemed		(2,577,021	)		(66,440,114	)		(2,456,046	)		(66,942,929	)
Total		(388,957	)	$	(9,750,705	)		(344,205	)	$	(8,989,685	)

Sterling Capital Equity Income Fund
Class C	Shares			Amount			Shares			Amount
Issued		369,914‌		$	9,458,771‌			505,892‌		$	13,683,057‌
Reinvested		186,653‌			4,803,829‌			64,446‌			1,767,152‌
Redeemed		(662,296	)		(16,869,133	)		(960,780	)		(25,958,673	)
Total		(105,729	)	$	(2,606,533	)		(390,442	)	$	(10,508,464	)

Sterling Capital Equity Income Fund
Institutional	Shares			Amount			Shares			Amount
Issued		8,533,860‌		$	220,305,302‌			14,791,804‌		$	404,461,160‌
Reinvested		3,768,314‌			98,245,042‌			1,584,767‌			43,629,829‌
Redeemed		(21,471,513	)		(557,919,043	)		(16,918,132	)		(463,156,528	)
Total		(9,169,339	)	$	(239,368,699	)		(541,561	)	$	(15,065,539	)

Sterling Capital Equity Income Fund
Class R(1)	Shares		Amount		Shares			Amount
Issued		—‌	$	—‌		49‌		$	1,324‌
Redeemed		—‌		—‌		(51,591	)		(1,463,090	)
Total		—‌	$	—‌		(51,542	)	$	(1,461,766	)

177

Sterling Capital Funds

Notes to Financial Statements — (continued) 

September 30, 2023

For the Year Ended

For the Year Ended

September 30, 2023

September 30, 2022

Sterling Capital Equity Income Fund

Class R6

Shares

Amount

Shares

Amount

Issued

2,137,177‌

$

56,196,619‌

947,393‌

$

25,720,185‌

Reinvested

147,103‌

3,836,686‌

39,528‌

1,087,391‌

Redeemed

(1,142,384

)

(29,650,021

)

(776,741

)

(21,379,957

)

Total

1,141,896‌

$

30,383,284‌

210,180‌

$

5,427,619‌

Sterling Capital Behavioral International Equity Fund
Class A	Shares			Amount			Shares			Amount
Issued		5,754‌		$	49,383‌			2,046‌		$	18,619‌
Reinvested		1,170‌			9,712‌			1,867‌			17,718‌
Redeemed		(9,896	)		(88,366	)		(10,509	)		(91,568	)
Total		(2,972	)	$	(29,271	)		(6,596	)	$	(55,231	)

Sterling Capital Behavioral International Equity Fund
Class C	Shares			Amount			Shares			Amount
Issued		—‌		$	—‌			21‌		$	204‌
Reinvested		26‌			215‌			198‌			1,876‌
Redeemed		(3,283	)		(27,340	)		(1	)		(11	)
Total		(3,257	)	$	(27,125	)		218‌		$	2,069‌

Sterling Capital Behavioral International Equity Fund

Institutional

Shares

Amount

Shares

Amount

Issued

4,057‌

$

35,841‌

2,560‌

$

25,610‌

Reinvested

2,167‌

17,962‌

3,309‌

31,374‌

Redeemed

(885

)

(6,673

)

(4,377

)

(41,267

)

Total

5,339‌

$

47,130‌

1,492‌

$

15,717‌

Sterling Capital Behavioral International Equity Fund
Class R6	Shares			Amount			Shares		Amount
Issued		—‌		$	—‌			4,583,206‌	$	36,024,000‌
Reinvested		441,954‌			3,663,801‌			422,301‌		4,003,413‌
Redeemed		(1,578,946	)		(15,110,526	)		—‌		—‌
Total		(1,136,992	)	$	(11,446,725	)		5,005,507‌	$	40,027,413‌

Sterling Capital SMID Opportunities Fund
Class A	Shares			Amount			Shares			Amount
Issued		24,779‌		$	300,280‌			1,379‌		$	20,967‌
Reinvested		31,763‌			377,351‌			25,841‌			404,670‌
Redeemed		(146,582	)		(1,772,918	)		(38,609	)		(581,509	)
Total		(90,040	)	$	(1,095,287	)		(11,389	)	$	(155,872	)

Sterling Capital SMID Opportunities Fund
Class C	Shares			Amount			Shares			Amount
Issued		—‌		$	—‌			147‌		$	2,200‌
Reinvested		4,213‌			47,518‌			8,069‌			121,527‌
Redeemed		(47,917	)		(550,591	)		(47,327	)		(655,388	)
Total		(43,704	)	$	(503,073	)		(39,111	)	$	(531,661	)

178

Sterling Capital Funds

Notes to Financial Statements — (continued) 

September 30, 2023

	For the Year Ended						For the Year Ended
	September 30, 2023						September 30, 2022
Sterling Capital SMID Opportunities Fund
Institutional	Shares			Amount			Shares			Amount
Issued		20,213‌		$	248,271‌			11,805‌		$	164,466‌
Reinvested		23,110‌			279,169‌			22,884‌			362,713‌
Redeemed		(140,326	)		(1,709,032	)		(82,782	)		(1,189,986	)
Total		(97,003	)	$	(1,181,592	)		(48,093	)	$	(662,807	)

Sterling Capital Mid Cap Relative Value Fund

Class A

Shares

Amount

Shares

Amount

Issued

1,105‌

$

70,897‌

1,205‌

$

93,445‌

Reinvested

979‌

59,122‌

354‌

27,374‌

Redeemed

(626

)

(38,144

)

(174

)

(11,811

)

Total

1,458‌

$

91,875‌

1,385‌

$

109,008‌

Sterling Capital Mid Cap Relative Value Fund
Class C	Shares			Amount			Shares		Amount
Issued		—‌		$	—‌			9‌	$	729‌
Reinvested		9‌			513‌			3‌		250‌
Redeemed		(2	)		(139	)		—‌		—‌
Total		7‌		$	374‌			12‌	$	979‌

Sterling Capital Mid Cap Relative Value Fund
Institutional	Shares			Amount			Shares			Amount
Issued		36,764‌		$	2,346,775‌			2,488‌		$	200,026‌
Reinvested		112,501‌			6,851,053‌			59,267‌			4,619,348‌
Redeemed		(165,476	)		(10,809,780	)		(175,326	)		(13,768,737	)
Total		(16,211	)	$	(1,611,952	)		(113,571	)	$	(8,949,363	)

Sterling Capital Real Estate Fund
Class A	Shares			Amount			Shares			Amount
Issued		106‌		$	3,607‌			4,917‌		$	226,188‌
Reinvested		1,474‌			51,152‌			1,086‌			50,199‌
Redeemed		(4,012	)		(143,637	)		(2,372	)		(107,946	)
Total		(2,432	)	$	(88,878	)		3,631‌		$	168,441‌

Sterling Capital Real Estate Fund
Class C	Shares			Amount			Shares			Amount
Issued		—‌		$	—‌			357‌		$	15,117‌
Reinvested		277‌			9,525‌			270‌			12,595‌
Redeemed		(398	)		(13,902	)		(999	)		(43,125	)
Total		(121	)	$	(4,377	)		(372	)	$	(15,413	)

Sterling Capital Real Estate Fund
Institutional	Shares			Amount			Shares			Amount
Issued		52,990‌		$	1,898,800‌			129,299‌		$	5,914,197‌
Reinvested		161,021‌			5,599,784‌			147,479‌			6,869,233‌
Redeemed		(394,394	)		(13,981,350	)		(243,219	)		(10,740,629	)
Total		(180,383	)	$	(6,482,766	)		33,559‌		$	2,042,801‌

179

Sterling Capital Funds

Notes to Financial Statements — (continued) 

September 30, 2023

For the Year Ended

For the Year Ended

September 30, 2023

September 30, 2022

Sterling Capital Real Estate Fund

Class R6

Shares

Amount

Shares

Amount

Issued

31,232‌

$

1,093,590‌

137‌

$

6,214‌

Reinvested

151‌

5,280‌

30‌

1,363‌

Redeemed

(3,711

)

(132,170

)

(7

)

(335

)

Total

27,672‌

$

966,700‌

160‌

$

7,242‌

Sterling Capital Small Cap Value Fund

Class A

Shares

Amount

Shares

Amount

Issued

8,883‌

$

489,174‌

4,726‌

$

334,374‌

Reinvested

10,750‌

545,786‌

9,538‌

698,451‌

Redeemed

(11,449

)

(621,971

)

(13,308

)

(911,984

)

Total

8,184‌

$

412,989‌

956‌

$

120,841‌

Sterling Capital Small Cap Value Fund

Class C

Shares

Amount

Shares

Amount

Issued

2,787‌

$

139,061‌

981‌

$

77,427‌

Reinvested

1,748‌

81,839‌

1,371‌

94,969‌

Redeemed

(872

)

(40,199

)

(1,163

)

(70,198

)

Total

3,663‌

$

180,701‌

1,189‌

$

102,198‌

Sterling Capital Small Cap Value Fund
Institutional	Shares			Amount			Shares			Amount
Issued		330,448‌		$	18,021,758‌			391,138‌		$	27,467,186‌
Reinvested		1,365,585‌			70,212,133‌			1,184,084‌			87,493,753‌
Redeemed		(2,751,679	)		(150,715,997	)		(1,712,853	)		(121,143,954	)
Total		(1,055,646	)	$	(62,482,106	)		(137,631	)	$	(6,183,015	)

Sterling Capital Small Cap Value Fund

Class R6

Shares

Amount

Shares

Amount

Issued

55,662‌

$

3,411,842‌

12,771‌

$

1,180,452‌

Reinvested

18,696‌

964,477‌

13,254‌

981,746‌

Redeemed

(19,265

)

(1,044,595

)

(4,736

)

(309,808

)

Total

55,093‌

$

3,331,724‌

21,289‌

$

1,852,390‌

Sterling Capital Ultra Short Bond Fund
Class A	Shares			Amount			Shares			Amount
Issued		1,013,004‌		$	9,755,362‌			684,394‌		$	6,634,652‌
Reinvested		20,764‌			200,059‌			7,902‌			76,086‌
Redeemed		(1,181,554	)		(11,387,919	)		(688,452	)		(6,646,022	)
Total		(147,786	)	$	(1,432,498	)		3,844‌		$	64,716‌

Sterling Capital Ultra Short Bond Fund
Institutional	Shares			Amount			Shares			Amount
Issued		818,258‌		$	7,864,700‌			830,884‌		$	8,056,006‌
Reinvested		85,981‌			829,040‌			28,033‌			270,205‌
Redeemed		(596,108	)		(5,744,021	)		(2,060,051	)		(19,885,016	)
Total		308,131‌		$	2,949,719‌			(1,201,134	)	$	(11,558,805	)

180

Sterling Capital Funds

Notes to Financial Statements — (continued) 

September 30, 2023

	For the Year Ended						For the Year Ended
	September 30, 2023						September 30, 2022
Sterling Capital Short Duration Bond Fund
Class A	Shares			Amount			Shares			Amount
Issued		67,266‌		$	546,358‌			113,065‌		$	948,671‌
Reinvested		10,414‌			84,865‌			7,822‌			65,491‌
Redeemed		(134,723	)		(1,097,421	)		(176,507	)		(1,490,110	)
Total		(57,043	)	$	(466,198	)		(55,620	)	$	(475,948	)

Sterling Capital Short Duration Bond Fund
Class C	Shares			Amount			Shares			Amount
Issued		—‌		$	—‌			7,148‌		$	61,238‌
Reinvested		822‌			6,701‌			1,085‌			9,111‌
Redeemed		(17,062	)		(138,656	)		(71,447	)		(596,567	)
Total		(16,240	)	$	(131,955	)		(63,214	)	$	(526,218	)

Sterling Capital Short Duration Bond Fund
Institutional	Shares			Amount			Shares			Amount
Issued		6,299,295‌		$	50,998,857‌			6,167,118‌		$	51,425,144‌
Reinvested		363,359‌			2,961,393‌			259,645‌			2,177,983‌
Redeemed		(6,214,972	)		(50,629,861	)		(14,800,334	)		(125,027,654	)
Total		447,682‌		$	3,330,389‌			(8,373,571	)	$	(71,424,527	)

Sterling Capital Short Duration Bond Fund
Class R6	Shares			Amount			Shares			Amount
Issued		241,027‌		$	1,957,519‌			1,689,426‌		$	13,901,832‌
Reinvested		3,306‌			26,953‌			2,675‌			22,430‌
Redeemed		(781,086	)		(6,360,338	)		(2,936,346	)		(24,665,403	)
Total		(536,753	)	$	(4,375,866	)		(1,244,245	)	$	(10,741,141	)

Sterling Capital Intermediate U.S. Government Fund
Class A	Shares			Amount			Shares			Amount
Issued		3,927‌		$	33,721‌			36,203‌		$	324,650‌
Reinvested		7,160‌			61,234‌			6,250‌			57,448‌
Redeemed		(43,903	)		(376,040	)		(50,390	)		(469,204	)
Total		(32,816	)	$	(281,085	)		(7,937	)	$	(87,106	)

Sterling Capital Intermediate U.S. Government Fund
Class C	Shares			Amount			Shares			Amount
Issued		10,001‌		$	86,513‌			862‌		$	7,852‌
Reinvested		266‌			2,275‌			162‌			1,486‌
Redeemed		(7,131	)		(61,821	)		(2,115	)		(19,760	)
Total		3,136‌		$	26,967‌			(1,091	)	$	(10,422	)

Sterling Capital Intermediate U.S. Government Fund
Institutional	Shares			Amount			Shares			Amount
Issued		10,714‌		$	91,264‌			22,141‌		$	209,755‌
Reinvested		43,893‌			375,457‌			37,759‌			347,206‌
Redeemed		(12,519	)		(107,421	)		(108,728	)		(1,016,935	)
Total		42,088‌		$	359,300‌			(48,828	)	$	(459,974	)

181

Sterling Capital Funds

Notes to Financial Statements — (continued) 

September 30, 2023

	For the Year Ended						For the Year Ended
	September 30, 2023						September 30, 2022
Sterling Capital Total Return Bond Fund
Class A	Shares			Amount			Shares			Amount
Issued		878,957‌		$	8,107,142‌			568,993‌		$	5,770,503‌
Reinvested		154,919‌			1,425,366‌			153,923‌			1,585,238‌
Redeemed		(1,001,035	)		(9,209,698	)		(980,344	)		(9,989,308	)
Total		32,841‌		$	322,810‌			(257,428	)	$	(2,633,567	)

Sterling Capital Total Return Bond Fund
Class C	Shares			Amount			Shares			Amount
Issued		25,171‌		$	230,638‌			14,863‌		$	142,332‌
Reinvested		7,292‌			67,188‌			9,643‌			100,354‌
Redeemed		(87,824	)		(809,081	)		(128,754	)		(1,299,716	)
Total		(55,361	)	$	(511,255	)		(104,248	)	$	(1,057,030	)

Sterling Capital Total Return Bond Fund
Institutional	Shares			Amount			Shares			Amount
Issued		22,299,483‌		$	204,623,107‌			28,562,197‌		$	288,645,267‌
Reinvested		1,818,563‌			16,745,047‌			2,195,969‌			22,708,317‌
Redeemed		(31,653,420	)		(290,907,707	)		(48,063,346	)		(485,151,551	)
Total		(7,535,374	)	$	(69,539,553	)		(17,305,180	)	$	(173,797,967	)

Sterling Capital Total Return Bond Fund
Class R(1)	Shares		Amount		Shares			Amount
Issued		—‌	$	—‌		10‌		$	106‌
Reinvested		—‌		—‌		4‌			50‌
Redeemed		—‌		—‌		(3,148	)		(34,409	)
Total		—‌	$	—‌		(3,134	)	$	(34,253	)

Sterling Capital Total Return Bond Fund
Class R6	Shares			Amount			Shares			Amount
Issued		16,189,324‌		$	148,974,434‌			7,524,078‌		$	76,320,934‌
Reinvested		783,248‌			7,205,165‌			744,467‌			7,668,378‌
Redeemed		(12,545,363	)		(115,861,889	)		(14,521,917	)		(146,863,772	)
Total		4,427,209‌		$	40,317,710‌			(6,253,372	)	$	(62,874,460	)

Sterling Capital Long Duration Corporate Bond Fund
Class A	Shares			Amount			Shares			Amount
Issued		2,295‌		$	16,309‌			4,724‌		$	41,419‌
Reinvested		2,324‌			16,105‌			8,067‌			73,146‌
Redeemed		(22,668	)		(156,941	)		(7,184	)		(68,634	)
Total		(18,049	)	$	(124,527	)		5,607‌		$	45,931‌

Sterling Capital Long Duration Corporate Bond Fund

Class C

Shares

Amount

Shares

Amount

Issued

—‌

$

—‌

1,970‌

$

20,383‌

Reinvested

13‌

88‌

272‌

2,523‌

Redeemed

(12

)

(83

)

(2,196

)

(18,182

)

Total

1‌

$

5‌

46‌

$

4,724‌

182

Sterling Capital Funds

Notes to Financial Statements — (continued) 

September 30, 2023

	For the Year Ended						For the Year Ended
	September 30, 2023						September 30, 2022
Sterling Capital Long Duration Corporate Bond Fund
Institutional	Shares			Amount			Shares			Amount
Issued		149,095‌		$	1,096,226‌			3,366,560‌		$	30,840,102‌
Reinvested		2,332‌			16,181‌			15,196‌			139,838‌
Redeemed		(98,415	)		(686,794	)		(3,986,777	)		(35,579,918	)
Total		53,012‌		$	425,613‌			(605,021	)	$	(4,599,978	)

Sterling Capital Long Duration Corporate Bond Fund

Class R6

Shares

Amount

Shares

Amount

Issued

1,205,511‌

$

8,413,006‌

3,467,165‌

$

30,642,201‌

Reinvested

177,658‌

1,227,995‌

83,904‌

637,292‌

Redeemed

(68,995

)

(497,450

)

(147,782

)

(1,081,915

)

Total

1,314,174‌

$

9,143,551‌

3,403,287‌

$

30,197,578‌

Sterling Capital Quality Income Fund

Class A

Shares

Amount

Shares

Amount

Issued

13‌

$

118‌

1,274‌

$

12,275‌

Reinvested

100‌

880‌

64‌

603‌

Redeemed

(51

)

(467

)

(623

)

(5,743

)

Total

62‌

$

531‌

715‌

$

7,135‌

Sterling Capital Quality Income Fund
Class C	Shares			Amount			Shares			Amount
Issued		—‌		$	—‌			22‌		$	210‌
Reinvested		6‌			57‌			4‌			38‌
Redeemed		(12	)		(107	)		(47	)		(427	)
Total		(6	)	$	(50	)		(21	)	$	(179	)

Sterling Capital Quality Income Fund

Institutional

Shares

Amount

Shares

Amount

Issued

1,883,270‌

$

16,671,733‌

3,973,722‌

$

38,036,962‌

Reinvested

143,396‌

1,266,409‌

75,495‌

707,963‌

Redeemed

(656,768

)

(5,827,260

)

(1,390,930

)

(13,070,271

)

Total

1,369,898‌

$

12,110,882‌

2,658,287‌

$

25,674,654‌

Sterling Capital North Carolina Intermediate Tax-Free Fund
Class A	Shares			Amount			Shares			Amount
Issued		232,766‌		$	2,364,985‌			946,008‌		$	9,544,746‌
Reinvested		38,094‌			383,788‌			31,519‌			328,466‌
Redeemed		(489,022	)		(4,993,925	)		(1,316,412	)		(13,546,019	)
Total		(218,162	)	$	(2,245,152	)		(338,885	)	$	(3,672,807	)

Sterling Capital North Carolina Intermediate Tax-Free Fund
Class C	Shares			Amount			Shares			Amount
Issued		6,226‌		$	63,000‌			44,930‌		$	452,133‌
Reinvested		1,342‌			13,514‌			874‌			9,093‌
Redeemed		(24,557	)		(248,991	)		(70,301	)		(730,351	)
Total		(16,989	)	$	(172,477	)		(24,497	)	$	(269,125	)

183

Sterling Capital Funds

Notes to Financial Statements — (continued) 

September 30, 2023

	For the Year Ended						For the Year Ended
	September 30, 2023						September 30, 2022
Sterling Capital North Carolina Intermediate Tax-Free Fund
Institutional	Shares			Amount			Shares			Amount
Issued		3,606,451‌		$	36,449,589‌			5,558,068‌		$	57,292,898‌
Reinvested		145,502‌			1,465,451‌			103,330‌			1,075,095‌
Redeemed		(5,257,377	)		(52,892,072	)		(6,835,815	)		(70,876,736	)
Total		(1,505,424	)	$	(14,977,032	)		(1,174,417	)	$	(12,508,743	)

Sterling Capital South Carolina Intermediate Tax-Free Fund
Class A	Shares			Amount			Shares			Amount
Issued		42,487‌		$	441,326‌			24,937‌		$	275,190‌
Reinvested		11,378‌			119,001‌			12,192‌			132,564‌
Redeemed		(115,609	)		(1,211,789	)		(331,419	)		(3,618,340	)
Total		(61,744	)	$	(651,462	)		(294,290	)	$	(3,210,586	)

Sterling Capital South Carolina Intermediate Tax-Free Fund
Class C	Shares			Amount			Shares			Amount
Issued		—‌		$	—‌			5,318‌		$	56,000‌
Reinvested		288‌			3,009‌			237‌			2,576‌
Redeemed		(7,130	)		(75,053	)		(25,264	)		(275,848	)
Total		(6,842	)	$	(72,044	)		(19,709	)	$	(217,272	)

Sterling Capital South Carolina Intermediate Tax-Free Fund
Institutional	Shares			Amount			Shares			Amount
Issued		893,718‌		$	9,330,273‌			533,396‌		$	5,808,595‌
Reinvested		31,624‌			328,340‌			35,364‌			381,384‌
Redeemed		(1,448,154	)		(15,014,893	)		(3,509,711	)		(37,859,600	)
Total		(522,812	)	$	(5,356,280	)		(2,940,951	)	$	(31,669,621	)

Sterling Capital Virginia Intermediate Tax-Free Fund
Class A	Shares			Amount			Shares			Amount
Issued		11,270‌		$	125,094‌			120,530‌		$	1,339,229‌
Reinvested		16,896‌			186,447‌			16,863‌			192,590‌
Redeemed		(288,559	)		(3,170,891	)		(266,302	)		(3,018,698	)
Total		(260,393	)	$	(2,859,350	)		(128,909	)	$	(1,486,879	)

Sterling Capital Virginia Intermediate Tax-Free Fund
Class C	Shares			Amount			Shares			Amount
Issued		494‌		$	5,480‌			707‌		$	8,194‌
Reinvested		13‌			138‌			18‌			204‌
Redeemed		(1,509	)		(16,775	)		(3,966	)		(46,102	)
Total		(1,002	)	$	(11,157	)		(3,241	)	$	(37,704	)

Sterling Capital Virginia Intermediate Tax-Free Fund
Institutional	Shares			Amount			Shares			Amount
Issued		939,916‌		$	10,401,968‌			2,110,606‌		$	23,627,116‌
Reinvested		9,499‌			104,824‌			10,715‌			122,402‌
Redeemed		(2,397,176	)		(26,375,457	)		(1,336,270	)		(15,156,212	)
Total		(1,447,761	)	$	(15,868,665	)		785,051‌		$	8,593,306‌

184

Sterling Capital Funds

Notes to Financial Statements — (continued)

September 30, 2023

	For the Year Ended September 30, 2023					For the Year Ended September 30, 2022
Sterling Capital West Virginia Intermediate Tax-Free Fund
Class A	Shares			Amount		Shares			Amount
Issued	1,022,283		$	9,682,418		986,569		$	9,399,791
Reinvested	33,870			317,681		28,268			277,047
Redeemed	(1,354,284	)		(12,726,839	)	(1,097,767	)		(10,395,528	)
Total	(298,131	)	$	(2,726,740	)	(82,930	)	$	(718,690	)

Sterling Capital West Virginia Intermediate Tax-Free Fund
Class C	Shares			Amount		Shares			Amount
Reinvested	15		$	140		21		$	199
Redeemed	(2,290	)		(21,706	)	(1	)		(9	)
Total	(2,275	)	$	(21,566	)	20		$	190

Sterling Capital West Virginia Intermediate Tax-Free Fund
Institutional	Shares			Amount		Shares			Amount
Issued	629,358		$	5,951,282		1,477,300		$	14,410,877
Reinvested	22,627			212,819		21,651			210,969
Redeemed	(1,057,078	)		(9,922,418	)	(1,277,968	)		(12,359,284	)
Total	(405,093	)	$	(3,758,317	)	220,983		$	2,262,562

(1) Effective November 15, 2021 (the “Conversion Date”), all outstanding Class R shares were converted into Class A shares (the “Class Conversions”). The Class Conversions were completed based on the share classes’ relative net asset values on the Conversion Date, without the imposition of any fees or expenses, such that each Class R shareholder received Class A shares having the same aggregate value as the Class R shares held.

6. Concentration of Credit Risk:

The Tax-Free Funds invest primarily in debt instruments of municipal issuers in their respective states. The issuers’ abilities to meet their obligations may be affected by economic developments in a specific state or region.

7. Focused Investment Risk:

Focused Investment Risk relates to 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 that are subject to greater overall risk than investments that are more diversified or whose prices are not as closely correlated.

8. Line of Credit:

U.S. Bank, N.A. has made available a credit facility to the Trust, pursuant to an umbrella credit agreement (the “Agreement”). The primary purpose of the Agreement is to allow the Trust to avoid security liquidations that Sterling Capital believes are unfavorable to shareholders. Under the Agreement, an aggregate uncommitted amount of $100,000,000 has been made available for use by all Funds of the Trust for shareholder liquidations only. Outstanding principal amounts under the Agreement bear interest at a rate per annum equal to the Prime Rate minus two percent (2%), but never at a rate of less than one percent (1%) per annum. The Agreement will expire on March 25, 2024. During the fiscal year ended September 30, 2023, each of the following Funds utilized its line of credit:

	Average Interest Rate			Average Loan Balance*		Number of Days Outstanding		Interest Expense Incurred		Maximum Amount Borrowed
Sterling Capital Behavioral Small Cap Value Equity Fund		6.25	%	$	16,179,000		1	$	2,809	$	16,179,000
Sterling Capital Equity Income Fund		5.00	%		1,941,000		3		809		1,941,000
Sterling Capital Behavioral International Equity Fund		6.25	%		13,695,000		1		2,378		13,695,000
Sterling Capital SMID Opportunities Fund		4.88	%		77,500		2		23		141,000
Sterling Capital Small Cap Value Fund		5.10	%		3,908,250		8		4,347		8,106,000
Sterling Capital Short Duration Bond Fund		6.50	%		7,095,200		5		–		18,500,000
Sterling Capital Total Return Bond Fund		4.25	%		23,816,000		1		2,812		23,816,000
Sterling Capital Virginia Intermediate Tax-Free Fund		5.50	%		50,000		3		23		50,000
Sterling Capital West Virginia Intermediate Tax-Free Fund		5.75	%		7,871,000		4		5,029		7,871,000

185 

Sterling Capital Funds

Notes to Financial Statements — (continued)

September 30, 2023

* Average loan balance was calculated by taking the sum of the loans outstanding for each day divided by the number of days the loans were outstanding.

9. Fund Ownership:

As of September 30, 2023, Truist and its affiliates possessed, on behalf of its underlying accounts, voting or investment power with respect to the following Funds in the following amounts: 87% of the Behavioral Small Cap Value Equity Fund, 99% of the Behavioral International Equity Fund and 40% of the Ultra Short Bond Fund. As a result, Truist may be deemed to be a “controlling person” of each of the above mentioned Funds under the 1940 Act. Additionally, one non-affiliated shareholder, owning 81%, held more than 25% of the shares outstanding of the Intermediate U.S. Government Fund and may be deemed to control this Fund.

10. Federal Tax Information:

It is the policy of each Fund to continue to qualify as a regulated investment company as defined in the Internal Revenue Code of 1986, as amended (the “Code”), by complying with the applicable provisions of the Code and to make distributions of net investment income and net realized capital gains sufficient to relieve it from all, or substantially all, federal income taxes. Accordingly, no provision for federal income tax was required in the Funds’ financial statements.

Management evaluates its tax positions to determine if the tax positions taken meet the minimum recognition threshold in connection with accounting for uncertainties in income tax positions taken or expected to be taken for the purposes of measuring and recognizing tax liabilities in the financial statements. Recognition of tax benefits of an uncertain tax position is required only when the position is “more likely than not” to be sustained assuming examination by taxing authorities. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense. During the year, the Funds did not incur any interest or penalties.

Management has analyzed the Funds’ tax positions taken on federal income tax returns for all open tax years (current and prior three tax years), and has concluded that no provision for federal income tax was required in the Funds’ financial statements. The Funds’ federal income and excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state departments of revenue.

Capital losses are permitted to be carried forward without expiration. Such capital losses will retain their character as either short-term or long-term capital losses.

At September 30, 2023, the following Funds had net capital loss carryforwards available to offset future net capital gains, if any, to the extent provided by the Code and the Treasury regulations:

	Amount With No Expiration
	Short-term Losses			Long-term Losses
Sterling Capital Behavioral Large Cap Value Equity Fund	$	(16,228,571	)	$	—
Sterling Capital Behavioral Small Cap Value Equity Fund		(20,176	)		—
Sterling Capital Behavioral International Equity Fund		(12,342,667	)		—
Sterling Capital Ultra Short Bond Fund		(196,332	)		(1,060,036	)
Sterling Capital Short Duration Bond Fund		(1,843,189	)		(7,194,262	)
Sterling Capital Intermediate U.S. Government Fund		(390,931	)		(1,004,330	)
Sterling Capital Total Return Bond Fund		(14,480,537	)		(39,178,107	)
Sterling Capital Long Duration Corporate Bond Fund		(617,731	)		—
Sterling Capital Quality Income Fund		(1,908,273	)		(757,232	)
Sterling Capital North Carolina Intermediate Tax-Free Fund		(2,181,112	)		(2,079,545	)
Sterling Capital South Carolina Intermediate Tax-Free Fund		(106,324	)		(416,338	)
Sterling Capital Virginia Intermediate Tax-Free Fund		(600,324	)		(714,221	)
Sterling Capital West Virginia Intermediate Tax-Free Fund		(39,613	)		(1,017,988	)

Capital loss carryforwards utilized in the current year were as follows:

	Utilized Capital Loss Carryforwards
Sterling Capital Behavioral Large Cap Value Equity Fund	$	606,583

186 

Sterling Capital Funds

Notes to Financial Statements — (continued)

September 30, 2023

The character of income and gains distributed is determined in accordance with the Code and the Treasury regulations, which may differ from U.S. GAAP. These “book/tax” differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature (e.g., redemptions in-kind, net operating losses and equalization utilized), such amounts are reclassified within the composition of net assets based on their federal tax-basis treatment; temporary differences do not require reclassification. These reclassifications have no impact on net assets or net asset values per share.

	Increase/ (Decrease) Paid-in-Capital		Increase/ (Decrease) Distributable Earnings
Sterling Capital Mid Value Fund	$	198,967	$	(198,967	)
Sterling Capital Behavioral Small Cap Value Equity Fund		27,824		(27,824	)
Sterling Capital Special Opportunities Fund		5,947,276		(5,947,276	)
Sterling Capital Equity Income Fund		21,595,258		(21,595,258	)
Sterling Capital SMID Opportunities Fund		347,768		(347,768	)
Sterling Capital Mid Cap Relative Value Fund		272,577		(272,577	)
Sterling Capital Real Estate Fund		264,316		(264,316	)
Sterling Capital Small Cap Value Fund		14,546,122		(14,546,122	)

The tax character of distributions paid to shareholders during the fiscal year ended September 30, 2023 was as follows:

	Distributions paid from
	Ordinary Income		Net Long- Term Gains		Total Taxable Distributions		Tax Exempt Distributions		Total Distributions Paid*
Sterling Capital Behavioral Large Cap Value Equity Fund	$	540,559	$	—	$	540,559	$	—	$	540,559
Sterling Capital Mid Value Fund		189,120		7,939,154		8,128,274		—		8,128,274
Sterling Capital Behavioral Small Cap Value Equity Fund		1,849,184		—		1,849,184		—		1,849,184
Sterling Capital Special Opportunities Fund		—		38,439,138		38,439,138		—		38,439,138
Sterling Capital Equity Income Fund		55,370,491		118,112,434		173,482,925		—		173,482,925
Sterling Capital Behavioral International Equity Fund		3,693,298		—		3,693,298		—		3,693,298
Sterling Capital SMID Opportunities Fund		5,036		754,432		759,468		—		759,468
Sterling Capital Mid Cap Relative Value Fund		407,967		6,835,266		7,243,233		—		7,243,233
Sterling Capital Real Estate Fund		1,406,715		4,797,257		6,203,972		—		6,203,972
Sterling Capital Small Cap Value Fund		1,558,523		76,717,312		78,275,835		—		78,275,835
Sterling Capital Ultra Short Bond Fund		1,146,187		—		1,146,187		—		1,146,187
Sterling Capital Short Duration Bond Fund		3,892,164		—		3,892,164		—		3,892,164
Sterling Capital Intermediate U.S. Government Fund		447,781		—		447,781		—		447,781
Sterling Capital Total Return Bond Fund		34,534,996		—		34,534,996		—		34,534,996
Sterling Capital Long Duration Corporate Bond Fund		1,262,126		—		1,262,126		—		1,262,126
Sterling Capital Quality Income Fund		2,462,726		—		2,462,726		—		2,462,726
Sterling Capital North Carolina Intermediate Tax-Free Fund		126,020		—		126,020		3,039,971		3,165,991
Sterling Capital South Carolina Intermediate Tax-Free Fund		61,348		—		61,348		736,105		797,453
Sterling Capital Virginia Intermediate Tax-Free Fund		101,434		—		101,434		1,344,024		1,445,458
Sterling Capital West Virginia Intermediate Tax-Free Fund		66,372		—		66,372		1,919,955		1,986,327

187 

Sterling Capital Funds

Notes to Financial Statements — (continued)

September 30, 2023

The tax character of distributions paid to shareholders during the fiscal year ended September 30, 2022 was as follows:

	Distributions paid from
	Ordinary Income		Net Long- Term Gains		Total Taxable Distributions		Tax Exempt Distributions		Total Distributions Paid*
Sterling Capital Behavioral Large Cap Value Equity Fund	$	518,406	$	—	$	518,406	$	—	$	518,406
Sterling Capital Mid Value Fund		3,025,584		3,001,788		6,027,372		—		6,027,372
Sterling Capital Behavioral Small Cap Value Equity Fund		1,145,447		9,770,223		10,915,670		—		10,915,670
Sterling Capital Special Opportunities Fund		3,009,729		77,664,798		80,674,527		—		80,674,527
Sterling Capital Equity Income Fund		33,703,773		41,216,260		74,920,033		—		74,920,033
Sterling Capital Behavioral International Equity Fund		4,057,335		—		4,057,335		—		4,057,335
Sterling Capital SMID Opportunities Fund		2,871		947,830		950,701		—		950,701
Sterling Capital Mid Cap Relative Value Fund		953,965		4,075,092		5,029,057		—		5,029,057
Sterling Capital Real Estate Fund		1,606,241		6,040,796		7,647,037		—		7,647,037
Sterling Capital Small Cap Value Fund		3,425,428		103,238,958		106,664,386		—		106,664,386
Sterling Capital Ultra Short Bond Fund		517,531		—		517,531		—		517,531
Sterling Capital Short Duration Bond Fund		3,060,515		—		3,060,515		—		3,060,515
Sterling Capital Intermediate U.S. Government Fund		422,409		—		422,409		—		422,409
Sterling Capital Total Return Bond Fund		33,469,774		11,121,245		44,591,019		—		44,591,019
Sterling Capital Long Duration Corporate Bond Fund		779,062		573,447		1,352,509		—		1,352,509
Sterling Capital Quality Income Fund		1,536,725		—		1,536,725		—		1,536,725
Sterling Capital North Carolina Intermediate Tax-Free Fund		172,396		—		172,396		2,750,935		2,923,331
Sterling Capital South Carolina Intermediate Tax-Free Fund		31,880		—		31,880		1,178,534		1,210,414
Sterling Capital Virginia Intermediate Tax-Free Fund		345,744		87,833		433,577		928,912		1,362,489
Sterling Capital West Virginia Intermediate Tax-Free Fund		26,734		7,835		34,569		1,545,334		1,579,903

* Total distributions paid may differ from the Statements of Changes in Net Assets because distributions are recognized when actually paid for tax purposes. The Funds may also utilize equalization accounting for tax purposes and designate earnings and profits, including net realized gains distributed to shareholders on redemption of shares, as part of the dividends.

Under current tax law, net capital losses or, if there are no such losses, net long-term capital losses or net short-term capital losses realized after October 31, net ordinary losses from the sale, exchange or other taxable disposition of property realized after October 31 and other net ordinary losses realized after December 31 of a Fund’s taxable year may be deferred and treated as occurring on the first business day of the following taxable year for tax purposes. The following Funds had deferred qualified late-year losses, which will be treated as arising on the first business day of the taxable year ending September 30, 2023:

	Qualified Late-Year Ordinary Losses		Qualified Late-Year Short-term Capital Losses		Qualified Late-Year Long-term Capital Losses
Sterling Capital Special Opportunities Fund	$	1,032,276	$	—	$	—
Sterling Capital Ultra Short Bond Fund		—		—		124,979
Sterling Capital Short Duration Bond Fund		—		227,508		2,922,182
Sterling Capital Intermediate U.S. Government Fund		—		—		141,450
Sterling Capital Total Return Bond Fund		—		6,288,389		24,715,977
Sterling Capital Long Duration Corporate Bond Fund		—		555,876		747,166
Sterling Capital Quality Income Fund		—		12,568		389,786
Sterling Capital North Carolina Intermediate Tax-Free Fund		—		949,209		680,594
Sterling Capital South Carolina Intermediate Tax-Free Fund		—		108,327		556,314
Sterling Capital Virginia Intermediate Tax-Free Fund		—		2,345		663,979
Sterling Capital West Virginia Intermediate Tax-Free Fund		—		161,189		1,301,403

188 

Sterling Capital Funds

Notes to Financial Statements — (continued)

September 30, 2023

As of September 30, 2023, the components of distributable earnings (accumulated deficit) on a tax basis were as follows:

	Undistributed Ordinary Income/ Tax Exempt Income		Undistributed Long Term Capital Gains		Distributable Earnings		Distributions Payable			Accumulated Capital and Other Losses			Unrealized Appreciation (Depreciation)*			Total Distributable Earnings (Accumulated Deficit)
Sterling Capital Behavioral Large Cap Value Equity Fund	$	8,981	$	—	$	8,981	$	—		$	(16,228,571	)	$	2,801,557		$	(13,418,033	)
Sterling Capital Mid Value Fund		626,030		2,295,954		2,921,984		—			—			8,147,857			11,069,841
Sterling Capital Behavioral Small Cap Value Equity Fund		570,992		—		570,992		—			(20,176	)		8,047,139			8,597,955
Sterling Capital Special Opportunities Fund		—		71,908,862		71,908,862		—			(1,032,276	)		157,798,657			228,675,243
Sterling Capital Equity Income Fund		3,908,409		146,933,923		150,842,332		(2	)		—			565,491,621			716,333,951
Sterling Capital Behavioral International Equity Fund		5,740,634		—		5,740,634		—			(12,342,667	)		9,508,143			2,906,110
Sterling Capital SMID Opportunities Fund		17,148		860,561		877,709		—			—			391,268			1,268,977
Sterling Capital Mid Cap Relative Value Fund		289,739		3,696,095		3,985,834		—			—			19,637,729			23,623,563
Sterling Capital Real Estate Fund		—		3,914,555		3,914,555		—			—			20,432,839			24,347,394
Sterling Capital Small Cap Value Fund		903,633		71,208,814		72,112,447		—			—			179,004,313			251,116,760
Sterling Capital Ultra Short Bond Fund		1,497		—		1,497		(2,944	)		(1,381,347	)		(142,418	)		(1,525,212	)
Sterling Capital Short Duration Bond Fund		299,340		—		299,340		(85,718	)		(12,187,141	)		(2,410,111	)		(14,383,630	)
Sterling Capital Intermediate U.S. Government Fund		126,355		—		126,355		(806	)		(1,536,711	)		(2,316,030	)		(3,727,192	)
Sterling Capital Total Return Bond Fund		2,451,221		—		2,451,221		(769,827	)		(84,663,010	)		(144,614,383	)		(227,595,999	)
Sterling Capital Long Duration Corporate Bond Fund		10,839		—		10,839		(116	)		(1,920,773	)		(8,293,544	)		(10,203,594	)
Sterling Capital Quality Income Fund		118,086		—		118,086		(118,000	)		(3,067,859	)		(10,751,099	)		(13,818,872	)
Sterling Capital North Carolina Intermediate Tax-Free Fund		219,018		—		219,018		(106,447	)		(5,890,460	)		(5,069,189	)		(10,847,078	)
Sterling Capital South Carolina Intermediate Tax-Free Fund		57,008		—		57,008		(28,539	)		(1,187,303	)		(1,464,027	)		(2,622,861	)
Sterling Capital Virginia Intermediate Tax-Free Fund		154,181		—		154,181		(91,013	)		(1,980,869	)		(2,449,403	)		(4,367,104	)

* The primary differences between book basis and tax basis unrealized appreciation (depreciation) were due to the deferral of losses on wash sales, Passive Foreign Investment Companies, and the deferral of market discount and premium until time of sale and real estate investment trust adjustments.

189 

Sterling Capital Funds

Notes to Financial Statements — (continued)

September 30, 2023

As of September 30, 2023, federal income tax cost, gross unrealized appreciation and gross unrealized depreciation on securities were as follows:

	Tax Cost		Gross Tax Unrealized Appreciation		Gross Tax Unrealized Depreciation			Net Tax Unrealized Appreciation (Depreciation)
Sterling Capital Behavioral Large Cap Value Equity Fund	$	27,724,319	$	3,748,854	$	(947,297	)	$	2,801,557
Sterling Capital Mid Value Fund		37,505,618		11,238,428		(3,090,571	)		8,147,857
Sterling Capital Behavioral Small Cap Value Equity Fund		82,535,713		11,730,403		(3,683,264	)		8,047,139
Sterling Capital Special Opportunities Fund		308,580,781		171,411,001		(13,612,344	)		157,798,657
Sterling Capital Equity Income Fund		1,314,170,979		598,264,818		(32,773,197	)		565,491,621
Sterling Capital Behavioral International Equity Fund		105,668,021		13,961,838		(4,437,366	)		9,524,472
Sterling Capital SMID Opportunities Fund		4,074,310		663,391		(272,123	)		391,268
Sterling Capital Mid Cap Relative Value Fund		23,835,407		20,661,914		(1,024,185	)		19,637,729
Sterling Capital Real Estate Fund		43,803,283		23,505,347		(3,072,508	)		20,432,839
Sterling Capital Small Cap Value Fund		89,071,633		179,955,023		(950,710	)		179,004,313
Sterling Capital Ultra Short Bond Fund		29,824,727		58,219		(200,637	)		(142,418	)
Sterling Capital Short Duration Bond Fund		107,265,117		634,085		(3,044,197	)		(2,410,112	)
Sterling Capital Intermediate U.S. Government Fund		18,745,579		45,997		(2,362,027	)		(2,316,030	)
Sterling Capital Total Return Bond Fund		1,147,865,315		1,703,322		(146,317,705	)		(144,614,383	)
Sterling Capital Long Duration Corporate Bond Fund		39,052,829		2,248		(8,295,794	)		(8,293,546	)
Sterling Capital Quality Income Fund		98,670,334		2,970		(10,754,069	)		(10,751,099	)
Sterling Capital North Carolina Intermediate Tax-Free Fund		137,921,038		242		(5,069,431	)		(5,069,189	)
Sterling Capital South Carolina Intermediate Tax-Free Fund		36,502,498		—		(1,464,027	)		(1,464,027	)
Sterling Capital Virginia Intermediate Tax-Free Fund		64,440,380		—		(2,449,403	)		(2,449,403	)
Sterling Capital West Virginia Intermediate Tax-Free Fund		82,452,772		2,966		(3,697,324	)		(3,694,358	)

11. Subsequent Events:

Management has evaluated the need for the disclosure and/or adjustments resulting from subsequent events through the date the financial statements were issued, and has noted no events other than those noted below that require recognition or disclosure in the financial statements.

On November 16, 2023, the Board approved the reorganization of the Sterling Capital SMID Opportunities Fund (the “Acquired Fund”) into the Sterling Capital Mid Value Fund (the “Acquiring Fund”). The reorganization is anticipated to close on or about January 26, 2024, and pursuant to which, all shares of the Acquired Fund will be exchanged for shares of the Acquiring Fund on a pro rata basis immediately after the closing date. This merger will qualify as a tax-free reorganization under Section 368(a)(1)(C) of the Internal Revenue Code.

190 

 

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders and Board of Trustees of

Sterling Capital Funds

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of portfolio investments, of Sterling Capital Funds comprising, Sterling Capital Behavioral Large Cap Value Equity Fund, Sterling Capital Mid Value Fund, Sterling Capital Behavioral Small Cap Value Equity Fund, Sterling Capital Special Opportunities Fund, Sterling Capital Equity Income Fund, Sterling Capital Behavioral International Equity Fund, Sterling Capital SMID Opportunities Fund, Sterling Capital Mid Cap Relative Value Fund, Sterling Capital Real Estate Fund, Sterling Capital Small Cap Value Fund, Sterling Capital Ultra Short Bond Fund, Sterling Capital Short Duration Bond Fund, Sterling Capital Intermediate U.S. Government Fund, Sterling Capital Total Return Bond Fund, Sterling Capital Long Duration Corporate Bond Fund, Sterling Capital Quality Income Fund, Sterling Capital North Carolina Intermediate Tax-Free Fund, Sterling Capital South Carolina Intermediate Tax-Free Fund, Sterling Capital Virginia Intermediate Tax-Free Fund, and Sterling Capital West Virginia Intermediate Tax-Free Fund (the “Funds”), as of September 30, 2023, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the related notes, and the financial highlights for each of the five years in the period then ended (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of September 30, 2023, the results of their operations for the year then ended, the changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.

COHEN & COMPANY, LTD.

800.229.1099 | 866.818.4538 fax | cohencpa.com

Registered with the Public Company Accounting Oversight Board

191 

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of September 30, 2023, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the Funds’ auditor since 2019.

 

COHEN & COMPANY, LTD.

Milwaukee, Wisconsin

November 22, 2023

192 

Sterling Capital Funds

September 30, 2023

Notice to Shareholders (Unaudited)

All amounts and percentages below are based on financial information available as of the date of this annual report and, accordingly are subject to change. For each item it is the intention of the Funds to report the maximum amount permitted under the Internal Revenue Code and the regulations thereunder.

For the fiscal year ended September 30, 2023, each Fund is reporting the following items with regard to distributions paid during the year.

	Long-Term Capital Gain		Qualified Dividend Income %			(for corporate shareholders) Dividends Received Deduction %			Exempt- Interest Dividend			U.S. Government Income			Foreign Taxes Paid		Foreign Source Income
Sterling Capital Behavioral Large Cap Value Equity Fund	$	—		100.00	%		100.00	%	$	—			—		$	—	$	—
Sterling Capital Mid Value Fund		7,939,154		98.00	%		97.35	%		—			—			—		—
Sterling Capital Behavioral Small Cap Value Equity Fund		—		100.00	%		87.97	%		—			—			—		—
Sterling Capital Special Opportunities Fund		38,439,138		—			—			—			—			—		—
Sterling Capital Equity Income Fund		118,112,434		95.26	%		91.76	%		—			—			—		—
Sterling Capital Behavioral International Equity Fund		—		95.37	%		—			—			—			555,017		5,647,182
Sterling Capital SMID Opportunities Fund		754,432		100.00	%		100.00	%		—			—			—		—
Sterling Capital Mid Cap Relative Value Fund		6,835,266		100.00	%		100.00	%		—			—			—		—
Sterling Capital Real Estate Fund		4,797,257		1.71	%		—			—			—			—		—
Sterling Capital Small Cap Value Fund		76,717,312		100.00	%		100.00	%		—			—			—		—
Sterling Capital Ultra Short Duration Bond Fund		—		—			—			—			5.99	%		—		—
Sterling Capital Short Duration Bond Fund		—		—			—			—			15.85	%		—		—
Sterling Capital Intermediate U.S. Government Fund		—		—			—			—			9.61	%		—		—
Sterling Capital Total Return Bond Fund		—		—			—			—			16.13	%		—		—
Sterling Capital Long Duration Corporate Bond Fund		—		—			—			—			4.05	%		—		—
Sterling Capital Quality Income Fund		—		—			—			—			1.22	%		—		—
Sterling Capital North Carolina Intermediate Tax-Free Fund		—		—			—			96.01	%		—			—		—
Sterling Capital South Carolina Intermediate Tax-Free Fund		—		—			—			94.36	%		—			—		—
Sterling Capital Virginia Intermediate Tax-Free Fund		—		—			—			92.98	%		—			—		—
Sterling Capital West Virginia Intermediate Tax-Free Fund		—		—			—			96.67	%		—			—		—

Other Information (Unaudited)

A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities is available (i) without charge, upon request, by calling 1-800-228-1872; and (ii) on the Securities and Exchange Commission’s (the “Commission”) website at www.sec.gov.

Information regarding how the Funds voted proxies relating to portfolio securities during the most recent 12-month period ended June 30th is available (i) without charge, upon request, by calling 1-800-228-1872 and (ii) on the Commission’s website at www. sec.gov.

The Funds file complete Schedules of Portfolio Holdings with the Commission for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Funds’ Forms N-PORT reports, once filed, will be available without charge on the Commission’s website at www.sec.gov.

193 

Sterling Capital Funds

September 30, 2023

Information about Trustees and Officers (Unaudited)

Overall responsibility for the management of the Funds rests with its Board of Trustees (“Trustees”), who are elected by the shareholders of the Funds. The Trustees elect the officers of the Funds to supervise actively its day-to-day operations. The names of the Trustees, birthdates, term of office and length of time served, principal occupations during the past five years, number of portfolios overseen and directorships held outside of the Funds are listed in the two tables immediately following. The business address of the persons listed below is 434 Fayetteville Street, Suite 500, Raleigh, North Carolina 27601.

INDEPENDENT TRUSTEES
Name and Birthdate	Position(s) Held With the Funds	Term of Office/ Length of Time Served	Principal Occupation During the Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee
Drew T. Kagan Birthdate: 02/48	Trustee, Chairman of the Board of Trustees	Indefinite, 08/00 — Present	Retired; from September 2010 to March 2013, Chairman, Montecito Advisors, Inc.; from December 2003 to September 2010, CEO, Montecito Advisors, Inc.; from March 1996 to December 2003, President, Investment Affiliate, Inc.	20	None
Laura C. Bingham Birthdate: 11/56	Trustee	Indefinite, 02/01 — Present	From March 2013 to present, Partner, Newport Board Group; from July 2010 to March 2013, governance and leadership consultant; from June 1998 to July 2010, President and CEO of Peace College	20	None
Douglas R. Van Scoy Birthdate: 11/43	Trustee	Indefinite, 05/04 — Present	Retired; from November 1974 to July 2001, employee of Smith Barney (investment banking), most recently as Director of Private Client Group and Senior Executive Vice President	20	None
Alan G. Priest Birthdate: 05/52	Trustee	Indefinite, 07/12 — Present	Retired; from April 1993 to April 2012, Partner, Ropes & Gray LLP	20	None
Kimberly Storms Birthdate: 05/72	Trustee	Indefinite, 10/22 — Present	From 2004-2021, Senior Vice President and Director of Fund Administration SS&C ALPS; from 2012 to 2020, Principal Financial Officer of ALPS Series Trust (2012- 2020), Financial Investors Trust (2013-2020), Liberty All-Star Funds (2013-2020) and Cambria ETF Trust (2020)	20	Trustee, Consortio Funds Trust (2022 — Present)
David L. Wedding Birthdate: 08/58	Trustee	Indefinite, 10/22 — Present	Retired; from 2005 to 2020, Partner, Grant Thornton LLP	20	Board Member (2011-2020) and Chair of the Board (2012-2018), Grant Thornton LLP

On October 12, 2022 a special meeting of the shareholders of the Sterling Capital Funds was held pursuant to the notice given to all shareholders of record as of close of business on August 23, 2022, to elect Trustees of each Fund, each to hold office until their successors are duly elected and qualified. A quorum was established with greater than 50% of Trust outstanding share votes cast, in favor or, all Trustees.

194 

Sterling Capital Funds

September 30, 2023

The following table shows information for the trustee who is an “interested person” of the Funds as defined in the 1940 Act:

INTERESTED TRUSTEES
Name and Birthdate	Position(s) Held With the Funds	Term of Office/ Length of Time Served	Principal Occupation During the Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee
Scott A. Haenni* Birthdate: 02/73	Trustee	Indefinite, 05/23 — Present	From March 2023 to present, CEO, Sterling Capital; from January 2015 to March 2023, COO, Sterling Capital.	20	Director, Sterling Capital

* Mr. Haenni is treated by the Funds as an “interested person” (as defined in Section 2(a)(19) of the 1940 Act) of the Funds because he is an officer of the Adviser.

The following table shows information for officers of the Funds as of September 30, 2023:

Name and Birthdate	Position(s) Held With the Funds	Term of Office/ Length of Time Served	Principal Occupation During the Past 5 Years
James T. Gillespie Birthdate: 11/66	President	Indefinite, 12/12 — Present	From August 2020 to present, Managing Director, Sterling Capital Management LLC; From March 2012 to August 2020, Executive Director, Sterling Capital Management LLC; From June 2010 to March 2012, Director, Sterling Capital Management LLC and its predecessors
Todd M. Miller Birthdate: 09/71	Treasurer and Secretary	Indefinite, Treasurer, 01/15 — Present; Secretary, 08/10 — Present	From May 2021 to present, Executive Director, from June 2009 to May 2021, Director, Sterling Capital Management LLC and its predecessors
Michelle A. Whalen Birthdate: 04/69	Vice President	Indefinite, 11/15 — Present	From May 2021 to present, Director, from August 2015 to May 2021 Associate Director & Senior Mutual Fund Administrator, Sterling Capital; from September 2000 to July 2015, Supervisor
Charles A. Durham Birthdate: 06/79	Chief Compliance and Anti-Money Laundering Officer	Indefinite, 06/18 — Present	From June 2018 to present, Chief Compliance Officer and Executive Director, Sterling Capital; from September 2010 to June 2018, Vice President, Senior Compliance Manager, Brown Brothers Harriman & Co.
Lisa M. Weaver Birthdate: 2/69	Assistant Treasurer	Indefinite, 04/23 — Present	From April 2023 to present, Senior Vice President, Fund Administration, The Bank of New York Mellon; From October 2018 to March 2023, Vice President, Fund Administration, The Bank of New York Mellon.
Julie M. Powers Birthdate: 10/69	Assistant Secretary	Indefinite, 11/11 — Present	From November 2011 to present, Vice President, Regulatory Administration Department, The Bank of New York Mellon.

The Funds’ Statement of Additional Information includes additional information about the Funds’ Trustees and Officers. To receive your free copy of the Statement of Additional Information, call toll free: 1-800-228-1872.

195 

Liquidity Risk Management Program

The Funds have adopted a liquidity risk management program pursuant to Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Program”). The Funds’ board has designated Sterling Capital Management LLC (“Sterling Capital”) as the administrator of the Program. The Program’s principal objectives are to support the Funds’ compliance with limits on investments in illiquid assets and to mitigate the risk that a Fund is unable to meet its redemption obligations timely. In this regard, the Program includes a number of elements that support the management or assessment of liquidity risk, including an assessment of factors that influence a Fund’s liquidity and the periodic classification and, as determined necessary, re-classification of a Fund’s investments into buckets that reflect their relative liquidity under current market conditions.

The Funds’ Board reviewed a written report from Sterling Capital on May 17, 2023 addressing the Program’s operation, adequacy, and effectiveness (the “Report”). From January 1, 2022 through December 31, 2022, the period covered by the Report, the Program supported each Fund’s ability to honor redemption requests timely and Sterling Capital’s management of each Fund’s liquidity risk profile, including during any periods of market volatility and net redemptions.

There can be no assurance that the Program will achieve its objectives under all circumstances in the future. Please refer to your Fund’s prospectus for more information regarding the Fund’s exposure to liquidity risk and other risks to which it may be subject.

196

Notice of Privacy Policy & Practices

Sterling Capital Funds provide this notice to you so that you will know what kinds of information we collect about shareholders¹, prospective investors, and individuals (such as beneficiaries), and the circumstances in which that information may be disclosed to third parties who are not affiliated with Sterling Capital Funds.

Collection of Personal Information

We collect nonpublic personal information about you from the following sources:

● Account Applications and other forms, which may include your name, address, social security number, and information about your investment goals and risk tolerance;

● Account History, including information about the transactions and balances in your account(s);

● Correspondence, written, telephonic or electronic between you and Sterling Capital Funds or service providers working on behalf of Sterling Capital Funds;

● Online, your name and e-mail address if you provide them; and

● Third Parties, such as your financial intermediary in connection with your transactions, or third-party data services used to verify or update personal information that you provide.

To comply with federal regulations, information we receive from you or a third party will be used to verify your identity.

Disclosure of Personal Information

We may disclose your personal information as permitted by law to third parties who are not affiliated with the Sterling Capital Funds, including:

● in connection with legal proceedings, such as responding to a subpoena;

● to service providers who maintain or service shareholder accounts for Sterling Capital Funds or to a shareholder’s broker or agent; or to companies that mail account-related materials, such as shareholder reports; and

● to perform marketing services on our behalf, or pursuant to a joint marketing agreement with another financial institution.

Safeguarding of Personal Information

Sterling Capital Funds employs policies, practices and procedures for safeguarding your personal information that we believe comply with applicable law, however no security measures are perfect or impenetrable.

We request that all service providers to Sterling Capital Funds:

● maintain policies and procedures designed to assure only appropriate access to, and use of your personal information; and

● maintain physical, electronic and procedural safeguards that comply with applicable legal standards to guard your nonpublic personal information.

When information is shared with third parties, they are not permitted to use the information for any purpose other than to assist our servicing of your account(s), including helping us improve the services we offer.

¹  For purposes of this notice, the terms “shareholder” or “shareholders” includes both individual shareholders (both current and former) of the Sterling Capital Funds and individuals (such as beneficiaries, for example) whose nonpublic personal information is provided to the Sterling Capital Funds, even though they do not invest in Sterling Capital Funds shares.

197

INVESTMENT ADVISOR
Sterling Capital Management LLC
4350 Congress Street, Suite 1000

Charlotte, NC 28209

DISTRIBUTOR
Sterling Capital Distributors, LLC
3 Canal Plaza
Suite 100

Portland, ME 04101

LEGAL COUNSEL
Ropes & Gray LLP
Prudential Tower
800 Boylston Street
Boston, MA 02199

TRANSFER AGENT
BNY Mellon Investment Servicing (US) Inc.
301 Bellevue Parkway
Wilmington, DE 19809

INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
Cohen & Company, Ltd.
342 North Water Street, Suite 830
Milwaukee, WI 53202

(b) Not applicable

Item 2. Code of Ethics.

(a) The registrant, as of the end of the period covered by this report, has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party (the “Code of Ethics”).

(c) There have been no amendments, during the period covered by this report, to a provision of the Code of Ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, and that relates to any element of the code of ethics definition enumerated in Item 2(b) of Form N-CSR.

(d) The registrant has not granted any waivers, including an implicit waiver, from a provision of the code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, that relates to one or more of the items set forth in Item 2(b) of Form N-CSR.

Item 3. Audit Committee Financial Expert.

As of the end of the period covered by the report, the registrant’s board of trustees has determined that Drew Kagan is qualified to serve as an audit committee financial expert serving on its audit committee and that he is “independent,” as defined by Item 3 of Form N-CSR.

Item 4. Principal Accountant Fees and Services.

Audit Fees

(a) The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years are $310,500 for 2023 and $310,500 for 2022.

Audit-Related Fees

(b) The aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant’s financial statements and are not reported under paragraph (a) of this Item are $0 for 2023 and $0 for 2022. These audit-related services include issuance of consents to use the name of the auditor in new Fund filings.

Tax Fees

(c) The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning are $82,000 for 2023 and $82,000 for 2022. Fees for both 2023 and 2022 relate to the preparation of the registrant’s federal income and excise tax returns and review of the registrant’s capital gains distribution calculations.

All Other Fees

(d) The aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item are $0 for 2023 and $0 for 2022.

(e)(1) Except as permitted by Rule 2-01(c)(7)(i)(C) of Regulation S-X, the Trust’s Audit Committee must pre-approve all audit and non-audit services provided by the independent accountants relating to the operations or financial reporting of the funds. Prior to the commencement of any audit or non-audit services to a fund, the Audit Committee reviews the services to determine whether they are appropriate and permissible under applicable law.

(e)(2) The percentage of services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X are as follows:

(b) N/A

(c) 100%

(d) N/A

(f) The percentage of hours expended on the principal accountant’s engagement to audit the registrant’s financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees was less than fifty percent.

(g) The aggregate non-audit fees billed by the registrant’s accountant for services rendered to the registrant, and rendered to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for each of the last two fiscal years of the registrant was $0 for 2023 and $0 for 2022.

(h) Not applicable.

(i) Not applicable.

(j) Not applicable.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments.

(a) Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period is included as part of the report to shareholders filed under Item 1(a) of this form.

(b) Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of trustees, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407) (as required by Item 22(b)(15) of Schedule 14A (17 CFR 240.14a-101)), or this Item.

Item 11. Controls and Procedures.

(a) The registrant’s principal executive officer and principal financial officer have concluded, based on their evaluation of the effectiveness of the design and operation of the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (17 CFR 270.30a-3(c))) as of a date within 90 days of the filing date of this report, that the design and operation of such procedures are effective to provide reasonable assurance that information required to be disclosed by the registrant on Form N-CSR is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms, and that information required to be disclosed by the registrant in the reports that it files or submits on Form N-CSR is accumulated and communicated to the registrant’s management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d))) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 13. Exhibits.

(a)(1) The registrant’s Code of Ethics is attached hereto.

(a)(2) Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.

(a)(2)(1) There were no written solicitations to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the Registrant to 10 or more persons.

(a)(2)(2) There was no change in the Registrant’s independent public accountant during the period covered by the report.

(b) Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant)	Sterling Capital Funds
By (Signature and Title)	/s/ James T. Gillespie
	James T. Gillespie, President
	(principal executive officer)
Date	November 22, 2023

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title)	/s/ James T. Gillespie
	James T. Gillespie, President
	(principal executive officer)
Date	November 22, 2023
By (Signature and Title)	/s/ Todd M. Miller
	Todd M. Miller, Treasurer
	(principal financial officer)
Date	November 22, 2023