# EDGAR Filing Document

**Accession Number:** 0000889284
**File Stem:** 0001398344-25-011431
**Filing Date:** 2025-6
**Character Count:** 679684
**Document Hash:** 3f467812a0c4fff0cd0e3ff64f866004
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001398344-25-011431.hdr.sgml**: 20250606

**ACCESSION NUMBER**: 0001398344-25-011431

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 142

**CONFORMED PERIOD OF REPORT**: 20250331

**FILED AS OF DATE**: 20250606

**DATE AS OF CHANGE**: 20250606

**EFFECTIVENESS DATE**: 20250606

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** STERLING CAPITAL FUNDS
- **CENTRAL INDEX KEY:** 0000889284

**ORGANIZATION NAME:**
- **EIN:** 043331055
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-06719
- **FILM NUMBER:** 251029311

**BUSINESS ADDRESS:**
- **STREET 1:** 434 FAYETTEVILLE ST
- **STREET 2:** SUITE 500
- **CITY:** RALEIGH
- **STATE:** NC
- **ZIP:** 27601
- **BUSINESS PHONE:** 8002281872

**MAIL ADDRESS:**
- **STREET 1:** 434 FAYETTEVILLE ST
- **STREET 2:** SUITE 500
- **CITY:** RALEIGH
- **STATE:** NC
- **ZIP:** 27601

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

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

## Series and Classes Contracts Data

### STERLING CAPITAL BEHAVIORAL LARGE CAP VALUE EQUITY FUND (Series ID: S000003536)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000009819 | INSTITUTIONAL CLASS | BBISX           |
| C000009820 | A CLASS             | BBTGX           |
| C000009822 | C CLASS             | BCVCX           |
| C000199529 | Class R6            | STRAX           |

### STERLING CAPITAL MID VALUE FUND (Series ID: S000003539)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000009831 | INSTITUTIONAL CLASS | OVEIX           |
| C000009832 | A CLASS             | OVEAX           |
| C000009834 | C CLASS             | OVECX           |
| C000199530 | Class R6            | STRMX           |

### STERLING CAPITAL NORTH CAROLINA INTERMEDIATE TAX-FREE FUND (Series ID: S000003541)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000009837 | INSTITUTIONAL CLASS | BBNTX           |
| C000009838 | A CLASS             | BNCAX           |
| C000112495 | C Shares            | BBNCX           |

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

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000009843 | INSTITUTIONAL CLASS | BOPIX           |
| C000009844 | A CLASS             | BOPAX           |
| C000009846 | C CLASS             | BOPCX           |
| C000199531 | Class R6            | STRSX           |

### STERLING CAPITAL SOUTH CAROLINA INTERMEDIATE TAX-FREE FUND (Series ID: S000003545)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000009851 | INSTITUTIONAL CLASS | BSCIX           |
| C000009852 | A CLASS             | BASCX           |
| C000112496 | C Shares            | BSCCX           |

### STERLING CAPITAL SHORT DURATION BOND FUND (Series ID: S000003547)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000009857 | INSTITUTIONAL CLASS | BBSGX           |
| C000009858 | A CLASS             | BSGAX           |
| C000112497 | C Shares            | BBSCX           |
| C000225245 | R6 Shares           | SHTRX           |

### STERLING CAPITAL TOTAL RETURN BOND FUND (Series ID: S000003549)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000009863 | INSTITUTIONAL CLASS | BIBTX           |
| C000009864 | A CLASS             | BICAX           |
| C000009866 | C CLASS             | BICCX           |
| C000199532 | Class R6            | STRDX           |

### STERLING CAPITAL VIRGINIA INTERMEDIATE TAX-FREE FUND (Series ID: S000003551)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000009871 | INSTITUTIONAL CLASS | BVATX           |
| C000009872 | A CLASS             | BVAAX           |
| C000112498 | C Shares            | BVACX           |

### STERLING CAPITAL WEST VIRGINIA INTERMEDIATE TAX-FREE FUND (Series ID: S000003552)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000009873 | INSTITUTIONAL CLASS | OWVAX           |
| C000009874 | A CLASS             | BWVAX           |
| C000112499 | C Shares            | BWVCX           |

### STERLING CAPITAL EQUITY INCOME FUND (Series ID: S000003555)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000009883 | INSTITUTIONAL CLASS | BEGIX           |
| C000009884 | A CLASS             | BAEIX           |
| C000009886 | C CLASS             | BCEGX           |
| C000199533 | Class R6            | STREX           |

### STERLING CAPITAL INTERMEDIATE US GOVERNMENT FUND (Series ID: S000003557)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000009890 | INSTITUTIONAL CLASS | BBGVX           |
| C000009891 | A CLASS             | BGVAX           |
| C000009893 | C CLASS             | BIUCX           |

### Sterling Capital Behavioral Small Cap Value Equity Fund (Series ID: S000012930)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000034900 | INSTITUTIONAL SHARES | SPSCX           |
| C000084353 | Class A              | SPSAX           |
| C000084355 | Class C              | SPSDX           |
| C000199534 | Class R6             | STRBX           |

### Sterling Capital Long Duration Corporate Bond Fund (Series ID: S000033166)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000123268 | A Class             | SCCMX           |
| C000123269 | C Class             | SCCNX           |
| C000123270 | Institutional Class | SCCPX           |
| C000234127 | CLASS R6            | STRFX           |

### Sterling Capital Quality Income Fund (Series ID: S000033167)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000123271 | A Class             | SCSSX           |
| C000123272 | C Class             | SCSTX           |
| C000123273 | Institutional Class | SCSPX           |

### Sterling Capital Ultra Short Bond Fund (Series ID: S000039047)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000119973 | A CLASS             | BUSRX           |
| C000119975 | INSTITUTIONAL CLASS | BUSIX           |

### Sterling Capital Mid Cap Relative Value Fund (Series ID: S000049655)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000156996 | A Shares             | STRLX           |
| C000156997 | C Shares             | STRNX           |
| C000156998 | Institutional Shares | STRGX           |

### Sterling Capital Real Estate Fund (Series ID: S000049656)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000156999 | A Shares             | STMMX           |
| C000157000 | C Shares             | STMOX           |
| C000157001 | Institutional Shares | STMDX           |
| C000217819 | R6 Shares            | SCREX           |

### Sterling Capital Small Cap Value Fund (Series ID: S000049657)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000157002 | A Shares             | STSNX           |
| C000157003 | C Shares             | STSOX           |
| C000157004 | Institutional Shares | STSCX           |
| C000217820 | R6 Shares            | SCSIX           |

?xml version='1.0' encoding='ASCII'? Consolidated ssr-output-EDGAR XBRL File

**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 Office) (Zip Code)** 

**Registrant's Telephone Number, including Area Code: (800) 228-1872** 

**(Name and Address of Agent for Service)** 

**James T. Gillespie, President**

**Sterling Capital Funds**

**434 Fayetteville St., Suite 500**

**Raleigh, NC 27601**

 **Date of fiscal year end: September 30** 

**Date of reporting period: March 31, 2025**

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.** **Report to Stockholders.** 

**![Image](i7a53f54b2c795a2859db45ab.jpg)

Sterling Capital Behavioral Large Cap Value Equity Fund

March 31, 2025

SEMI-ANNUAL SHAREHOLDER REPORT

https://sterlingcapitalfunds.com/funds/

Class A (BBTGX)

This semi-annual shareholder report contains important information about Sterling Capital Behavioral Large Cap Value Equity Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund athttps://sterlingcapitalfunds.com/funds/. You can also request this information by contacting us at (888) 228-1872.

#### KEY FUND STATISTICS (as of Period End)
* Net Assets$37,249,125

* Number of Portfolio Holdings109

* Advisory Fee (net of waivers)$84,248

* Portfolio Turnover43%

#### WHAT WERE THE FUND COSTS FOR THE YEAR?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $53 | 1.04% |

---

#### Asset Weighting (as a % of Total Investments)
![Group By Asset Type Chart](i53f03a3cc113acd568308363.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Common Stocks | 99.9% |
| Money Market Funds | 0.1% |

---

#### SECTOR WEIGHTING (as a % of Net Assets)

---

| | |
|:---|:---|
| Money Market Funds | 0.1% |
| Materials | 3.0% |
| Real Estate | 5.0% |
| Utilities | 5.9% |
| Communication Services | 6.1% |
| Consumer Discretionary | 6.9% |
| Information Technology | 7.2% |
| Consumer Staples | 8.2% |
| Energy | 8.3% |
| Industrials | 11.0% |
| Health Care | 15.6% |
| Financials | 22.7% |
| Other Assets in Excess of Liabilities | -% |

---

#### Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, and holdings, visit https://sterlingcapitalfunds.com/funds/.

Information about the Fund's proxy voting records is available by calling (888) 228-1872.

TSR-SAR 033125-BBTGX

![Image](i095422da43dd3dc5d27439b5.jpg)

Sterling Capital Behavioral Large Cap Value Equity Fund

March 31, 2025

SEMI-ANNUAL SHAREHOLDER REPORT

https://sterlingcapitalfunds.com/funds/

Class C (BCVCX)

This semi-annual shareholder report contains important information about Sterling Capital Behavioral Large Cap Value Equity Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund athttps://sterlingcapitalfunds.com/funds/. You can also request this information by contacting us at (888) 228-1872.

#### KEY FUND STATISTICS (as of Period End)
* Net Assets$37,249,125

* Number of Portfolio Holdings109

* Advisory Fee (net of waivers)$84,248

* Portfolio Turnover43%

#### WHAT WERE THE FUND COSTS FOR THE YEAR?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class C | $91 | 1.79% |

---

#### Asset Weighting (as a % of Total Investments)
![Group By Asset Type Chart](i109f6236436648b8568ba189.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Common Stocks | 99.9% |
| Money Market Funds | 0.1% |

---

#### SECTOR WEIGHTING (as a % of Net Assets)

---

| | |
|:---|:---|
| Money Market Funds | 0.1% |
| Materials | 3.0% |
| Real Estate | 5.0% |
| Utilities | 5.9% |
| Communication Services | 6.1% |
| Consumer Discretionary | 6.9% |
| Information Technology | 7.2% |
| Consumer Staples | 8.2% |
| Energy | 8.3% |
| Industrials | 11.0% |
| Health Care | 15.6% |
| Financials | 22.7% |
| Other Assets in Excess of Liabilities | -% |

---

#### Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, and holdings, visit https://sterlingcapitalfunds.com/funds/.

Information about the Fund's proxy voting records is available by calling (888) 228-1872.

TSR-SAR 033125-BCVCX

![Image](i7431d49aa4b86107ea65de8f.jpg)

Sterling Capital Behavioral Large Cap Value Equity Fund

March 31, 2025

SEMI-ANNUAL SHAREHOLDER REPORT

https://sterlingcapitalfunds.com/funds/

Class Institutional (BBISX)

This semi-annual shareholder report contains important information about Sterling Capital Behavioral Large Cap Value Equity Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund athttps://sterlingcapitalfunds.com/funds/. You can also request this information by contacting us at (888) 228-1872.

#### KEY FUND STATISTICS (as of Period End)
* Net Assets$37,249,125

* Number of Portfolio Holdings109

* Advisory Fee (net of waivers)$84,248

* Portfolio Turnover43%

#### WHAT WERE THE FUND COSTS FOR THE YEAR?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class Institutional | $41 | 0.80% |

---

#### Asset Weighting (as a % of Total Investments)
![Group By Asset Type Chart](id718c09eff6d446a5093de85.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Common Stocks | 99.9% |
| Money Market Funds | 0.1% |

---

#### SECTOR WEIGHTING (as a % of Net Assets)

---

| | |
|:---|:---|
| Money Market Funds | 0.1% |
| Materials | 3.0% |
| Real Estate | 5.0% |
| Utilities | 5.9% |
| Communication Services | 6.1% |
| Consumer Discretionary | 6.9% |
| Information Technology | 7.2% |
| Consumer Staples | 8.2% |
| Energy | 8.3% |
| Industrials | 11.0% |
| Health Care | 15.6% |
| Financials | 22.7% |
| Other Assets in Excess of Liabilities | -% |

---

#### Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, and holdings, visit https://sterlingcapitalfunds.com/funds/.

Information about the Fund's proxy voting records is available by calling (888) 228-1872.

TSR-SAR 033125-BBISX

![Image](ifa1807e5e2d1635e456b2adb.jpg)

Sterling Capital Behavioral Large Cap Value Equity Fund

March 31, 2025

SEMI-ANNUAL SHAREHOLDER REPORT

https://sterlingcapitalfunds.com/funds/

Class R6 (STRAX)

This semi-annual shareholder report contains important information about Sterling Capital Behavioral Large Cap Value Equity Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund athttps://sterlingcapitalfunds.com/funds/. You can also request this information by contacting us at (888) 228-1872.

#### KEY FUND STATISTICS (as of Period End)
* Net Assets$37,249,125

* Number of Portfolio Holdings109

* Advisory Fee (net of waivers)$84,248

* Portfolio Turnover43%

#### WHAT WERE THE FUND COSTS FOR THE YEAR?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class R6 | $36 | 0.70% |

---

#### Asset Weighting (as a % of Total Investments)
![Group By Asset Type Chart](i97994eeed763388da7095be2.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Common Stocks | 99.9% |
| Money Market Funds | 0.1% |

---

#### SECTOR WEIGHTING (as a % of Net Assets)

---

| | |
|:---|:---|
| Money Market Funds | 0.1% |
| Materials | 3.0% |
| Real Estate | 5.0% |
| Utilities | 5.9% |
| Communication Services | 6.1% |
| Consumer Discretionary | 6.9% |
| Information Technology | 7.2% |
| Consumer Staples | 8.2% |
| Energy | 8.3% |
| Industrials | 11.0% |
| Health Care | 15.6% |
| Financials | 22.7% |
| Other Assets in Excess of Liabilities | -% |

---

#### Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, and holdings, visit https://sterlingcapitalfunds.com/funds/.

Information about the Fund's proxy voting records is available by calling (888) 228-1872.

TSR-SAR 033125-STRAX

![Image](i2cab261ec4f25d3dd809afdf.jpg)

Sterling Capital Behavioral Small Cap Value Equity Fund

March 31, 2025

SEMI-ANNUAL SHAREHOLDER REPORT

https://sterlingcapitalfunds.com/funds/

Class A (SPSAX)

This semi-annual shareholder report contains important information about Sterling Capital Behavioral Small Cap Value Equity Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund athttps://sterlingcapitalfunds.com/funds/. You can also request this information by contacting us at (888) 228-1872.

#### KEY FUND STATISTICS (as of Period End)
* Net Assets$91,269,875

* Number of Portfolio Holdings246

* Advisory Fee (net of waivers)$288,091

* Portfolio Turnover44%

#### WHAT WERE THE FUND COSTS FOR THE YEAR?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $51 | 1.07% |

---

#### Asset Weighting (as a % of Total Investments)
![Group By Asset Type Chart](i17aa30787e7a242b1ccbffc7.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Common Stocks | 98.7% |
| Money Market Funds | 1.3% |

---

#### SECTOR WEIGHTING (as a % of Net Assets)

---

| | |
|:---|:---|
| Communications | 1.1% |
| Technology | 1.3% |
| Money Market Funds | 1.3% |
| Communication Services | 2.1% |
| Consumer Staples | 2.7% |
| Materials | 3.8% |
| Information Technology | 5.2% |
| Utilities | 5.5% |
| Energy | 6.8% |
| Health Care | 9.0% |
| Consumer Discretionary | 9.1% |
| Real Estate | 11.0% |
| Industrials | 11.0% |
| Financials | 30.0% |
| Other Assets in Excess of Liabilities | 0.1% |

---

#### Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, and holdings, visit https://sterlingcapitalfunds.com/funds/.

Information about the Fund's proxy voting records is available by calling (888) 228-1872.

TSR-SAR 033125-SPSAX

![Image](i0279a48ec33039a11b0b3b5d.jpg)

Sterling Capital Behavioral Small Cap Value Equity Fund

March 31, 2025

SEMI-ANNUAL SHAREHOLDER REPORT

https://sterlingcapitalfunds.com/funds/

Class C (SPSDX)

This semi-annual shareholder report contains important information about Sterling Capital Behavioral Small Cap Value Equity Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund athttps://sterlingcapitalfunds.com/funds/. You can also request this information by contacting us at (888) 228-1872.

#### KEY FUND STATISTICS (as of Period End)
* Net Assets$91,269,875

* Number of Portfolio Holdings246

* Advisory Fee (net of waivers)$288,091

* Portfolio Turnover44%

#### WHAT WERE THE FUND COSTS FOR THE YEAR?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class C | $87 | 1.82% |

---

#### Asset Weighting (as a % of Total Investments)
![Group By Asset Type Chart](i6966c7da2e3e8a28676b9069.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Common Stocks | 98.7% |
| Money Market Funds | 1.3% |

---

#### SECTOR WEIGHTING (as a % of Net Assets)

---

| | |
|:---|:---|
| Communications | 1.1% |
| Technology | 1.3% |
| Money Market Funds | 1.3% |
| Communication Services | 2.1% |
| Consumer Staples | 2.7% |
| Materials | 3.8% |
| Information Technology | 5.2% |
| Utilities | 5.5% |
| Energy | 6.8% |
| Health Care | 9.0% |
| Consumer Discretionary | 9.1% |
| Real Estate | 11.0% |
| Industrials | 11.0% |
| Financials | 30.0% |
| Other Assets in Excess of Liabilities | 0.1% |

---

#### Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, and holdings, visit https://sterlingcapitalfunds.com/funds/.

Information about the Fund's proxy voting records is available by calling (888) 228-1872.

TSR-SAR 033125-SPSDX

![Image](i93d3f1ee457f0d283fc678c6.jpg)

Sterling Capital Behavioral Small Cap Value Equity Fund

March 31, 2025

SEMI-ANNUAL SHAREHOLDER REPORT

https://sterlingcapitalfunds.com/funds/

Class R6 (STRBX)

This semi-annual shareholder report contains important information about Sterling Capital Behavioral Small Cap Value Equity Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund athttps://sterlingcapitalfunds.com/funds/. You can also request this information by contacting us at (888) 228-1872.

#### KEY FUND STATISTICS (as of Period End)
* Net Assets$91,269,875

* Number of Portfolio Holdings246

* Advisory Fee (net of waivers)$288,091

* Portfolio Turnover44%

#### WHAT WERE THE FUND COSTS FOR THE YEAR?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class R6 | $36 | 0.75% |

---

#### Asset Weighting (as a % of Total Investments)
![Group By Asset Type Chart](ibe82ff30ab9f2d5cd11fcf21.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Common Stocks | 98.7% |
| Money Market Funds | 1.3% |

---

#### SECTOR WEIGHTING (as a % of Net Assets)

---

| | |
|:---|:---|
| Communications | 1.1% |
| Technology | 1.3% |
| Money Market Funds | 1.3% |
| Communication Services | 2.1% |
| Consumer Staples | 2.7% |
| Materials | 3.8% |
| Information Technology | 5.2% |
| Utilities | 5.5% |
| Energy | 6.8% |
| Health Care | 9.0% |
| Consumer Discretionary | 9.1% |
| Real Estate | 11.0% |
| Industrials | 11.0% |
| Financials | 30.0% |
| Other Assets in Excess of Liabilities | 0.1% |

---

#### Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, and holdings, visit https://sterlingcapitalfunds.com/funds/.

Information about the Fund's proxy voting records is available by calling (888) 228-1872.

TSR-SAR 033125-STRBX

![Image](iefc914f2b7b37a2ca48714c8.jpg)

Sterling Capital Behavioral Small Cap Value Equity Fund

March 31, 2025

SEMI-ANNUAL SHAREHOLDER REPORT

https://sterlingcapitalfunds.com/funds/

Class Institutional (SPSCX)

This semi-annual shareholder report contains important information about Sterling Capital Behavioral Small Cap Value Equity Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund athttps://sterlingcapitalfunds.com/funds/. You can also request this information by contacting us at (888) 228-1872.

#### KEY FUND STATISTICS (as of Period End)
* Net Assets$91,269,875

* Number of Portfolio Holdings246

* Advisory Fee (net of waivers)$288,091

* Portfolio Turnover44%

#### WHAT WERE THE FUND COSTS FOR THE YEAR?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class Institutional | $39 | 0.82% |

---

#### Asset Weighting (as a % of Total Investments)
![Group By Asset Type Chart](if36769067452590067b5f9cb.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Common Stocks | 98.7% |
| Money Market Funds | 1.3% |

---

#### SECTOR WEIGHTING (as a % of Net Assets)

---

| | |
|:---|:---|
| Communications | 1.1% |
| Technology | 1.3% |
| Money Market Funds | 1.3% |
| Communication Services | 2.1% |
| Consumer Staples | 2.7% |
| Materials | 3.8% |
| Information Technology | 5.2% |
| Utilities | 5.5% |
| Energy | 6.8% |
| Health Care | 9.0% |
| Consumer Discretionary | 9.1% |
| Real Estate | 11.0% |
| Industrials | 11.0% |
| Financials | 30.0% |
| Other Assets in Excess of Liabilities | 0.1% |

---

#### Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, and holdings, visit https://sterlingcapitalfunds.com/funds/.

Information about the Fund's proxy voting records is available by calling (888) 228-1872.

TSR-SAR 033125-SPSCX

![Image](i77c3f794dd5358f192ba474d.jpg)

Sterling Capital Equity Income Fund

March 31, 2025

SEMI-ANNUAL SHAREHOLDER REPORT

https://sterlingcapitalfunds.com/funds/

Class A (BAEIX)

This semi-annual shareholder report contains important information about Sterling Capital Equity Income Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund athttps://sterlingcapitalfunds.com/funds/. You can also request this information by contacting us at (888) 228-1872.

#### KEY FUND STATISTICS (as of Period End)
* Net Assets$1,425,079,893

* Number of Portfolio Holdings32

* Advisory Fee (net of waivers)$4,473,418

* Portfolio Turnover27%

#### WHAT WERE THE FUND COSTS FOR THE YEAR?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $53 | 1.08% |

---

#### Asset Weighting (as a % of Total Investments)
![Group By Asset Type Chart](ic787f6c3457612f178f4d4eb.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Common Stocks | 96.7% |
| Money Market Funds | 3.3% |

---

#### SECTOR WEIGHTING (as a % of Net Assets)

---

| | |
|:---|:---|
| Real Estate | 2.5% |
| Consumer Discretionary | 3.2% |
| Money Market Funds | 3.3% |
| Materials | 7.7% |
| Consumer Staples | 7.9% |
| Energy | 9.1% |
| Information Technology | 11.3% |
| Industrials | 13.2% |
| Health Care | 17.8% |
| Financials | 24.1% |
| Liabilities in Excess of Other Assets | -0.1% |

---

#### Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, and holdings, visit https://sterlingcapitalfunds.com/funds/.

Information about the Fund's proxy voting records is available by calling (888) 228-1872.

TSR-SAR 033125-BAEIX

![Image](i6b6bdea1d10eb4e5409ba19f.jpg)

Sterling Capital Equity Income Fund

March 31, 2025

SEMI-ANNUAL SHAREHOLDER REPORT

https://sterlingcapitalfunds.com/funds/

Class C (BCEGX)

This semi-annual shareholder report contains important information about Sterling Capital Equity Income Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund athttps://sterlingcapitalfunds.com/funds/. You can also request this information by contacting us at (888) 228-1872.

#### KEY FUND STATISTICS (as of Period End)
* Net Assets$1,425,079,893

* Number of Portfolio Holdings32

* Advisory Fee (net of waivers)$4,473,418

* Portfolio Turnover27%

#### WHAT WERE THE FUND COSTS FOR THE YEAR?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class C | $89 | 1.83% |

---

#### Asset Weighting (as a % of Total Investments)
![Group By Asset Type Chart](i829d904fbfe5eee89064ff81.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Common Stocks | 96.7% |
| Money Market Funds | 3.3% |

---

#### SECTOR WEIGHTING (as a % of Net Assets)

---

| | |
|:---|:---|
| Real Estate | 2.5% |
| Consumer Discretionary | 3.2% |
| Money Market Funds | 3.3% |
| Materials | 7.7% |
| Consumer Staples | 7.9% |
| Energy | 9.1% |
| Information Technology | 11.3% |
| Industrials | 13.2% |
| Health Care | 17.8% |
| Financials | 24.1% |
| Liabilities in Excess of Other Assets | -0.1% |

---

#### Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, and holdings, visit https://sterlingcapitalfunds.com/funds/.

Information about the Fund's proxy voting records is available by calling (888) 228-1872.

TSR-SAR 033125-BCEGX

![Image](ic8303dc7af3ebe310a1c6ccd.jpg)

Sterling Capital Equity Income Fund

March 31, 2025

SEMI-ANNUAL SHAREHOLDER REPORT

https://sterlingcapitalfunds.com/funds/

Class R6 (STREX)

This semi-annual shareholder report contains important information about Sterling Capital Equity Income Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund athttps://sterlingcapitalfunds.com/funds/. You can also request this information by contacting us at (888) 228-1872.

#### KEY FUND STATISTICS (as of Period End)
* Net Assets$1,425,079,893

* Number of Portfolio Holdings32

* Advisory Fee (net of waivers)$4,473,418

* Portfolio Turnover27%

#### WHAT WERE THE FUND COSTS FOR THE YEAR?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class R6 | $35 | 0.72% |

---

#### Asset Weighting (as a % of Total Investments)
![Group By Asset Type Chart](id6a435f14246100ee886484e.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Common Stocks | 96.7% |
| Money Market Funds | 3.3% |

---

#### SECTOR WEIGHTING (as a % of Net Assets)

---

| | |
|:---|:---|
| Real Estate | 2.5% |
| Consumer Discretionary | 3.2% |
| Money Market Funds | 3.3% |
| Materials | 7.7% |
| Consumer Staples | 7.9% |
| Energy | 9.1% |
| Information Technology | 11.3% |
| Industrials | 13.2% |
| Health Care | 17.8% |
| Financials | 24.1% |
| Liabilities in Excess of Other Assets | -0.1% |

---

#### Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, and holdings, visit https://sterlingcapitalfunds.com/funds/.

Information about the Fund's proxy voting records is available by calling (888) 228-1872.

TSR-SAR 033125-STREX

![Image](i3fb26d5aff833c6a42288435.jpg)

Sterling Capital Equity Income Fund

March 31, 2025

SEMI-ANNUAL SHAREHOLDER REPORT

https://sterlingcapitalfunds.com/funds/

Class Institutional (BEGIX)

This semi-annual shareholder report contains important information about Sterling Capital Equity Income Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund athttps://sterlingcapitalfunds.com/funds/. You can also request this information by contacting us at (888) 228-1872.

#### KEY FUND STATISTICS (as of Period End)
* Net Assets$1,425,079,893

* Number of Portfolio Holdings32

* Advisory Fee (net of waivers)$4,473,418

* Portfolio Turnover27%

#### WHAT WERE THE FUND COSTS FOR THE YEAR?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class Institutional | $41 | 0.83% |

---

#### Asset Weighting (as a % of Total Investments)
![Group By Asset Type Chart](ic8bc022736ee30fd9b9a2910.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Common Stocks | 96.7% |
| Money Market Funds | 3.3% |

---

#### SECTOR WEIGHTING (as a % of Net Assets)

---

| | |
|:---|:---|
| Real Estate | 2.5% |
| Consumer Discretionary | 3.2% |
| Money Market Funds | 3.3% |
| Materials | 7.7% |
| Consumer Staples | 7.9% |
| Energy | 9.1% |
| Information Technology | 11.3% |
| Industrials | 13.2% |
| Health Care | 17.8% |
| Financials | 24.1% |
| Liabilities in Excess of Other Assets | -0.1% |

---

#### Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, and holdings, visit https://sterlingcapitalfunds.com/funds/.

Information about the Fund's proxy voting records is available by calling (888) 228-1872.

TSR-SAR 033125-BEGIX

![Image](i898328a979d50e6dc1d3db72.jpg)

Sterling Capital Intermediate U.S. Government Fund

March 31, 2025

SEMI-ANNUAL SHAREHOLDER REPORT

https://sterlingcapitalfunds.com/funds/

Class A (BGVAX)

This semi-annual shareholder report contains important information about Sterling Capital Intermediate U.S. Government Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund athttps://sterlingcapitalfunds.com/funds/. You can also request this information by contacting us at (888) 228-1872.

#### KEY FUND STATISTICS (as of Period End)
* Net Assets$18,692,434

* Number of Portfolio Holdings103

* Advisory Fee (net of waivers)$11,728

* Portfolio Turnover16%

#### WHAT WERE THE FUND COSTS FOR THE YEAR?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $39 | 0.79% |

---

#### Asset Weighting (as a % of Total Investments)
![Group By Asset Type Chart](i580ffe512e3f341411ff8878.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Asset Backed Securities | 5.4% |
| Collateralized Mortgage Obligations | 22.5% |
| Commercial Mortgage-Backed Securities | 13.6% |
| Money Market Funds | 1.1% |
| Mortgage-Backed Securities | 34.0% |
| Municipal Bonds | 0.4% |
| U.S. Government Agencies | 0.4% |
| U.S. Treasury Bonds & Notes | 22.6% |

---

#### SECTOR WEIGHTING (as a % of Net Assets)

---

| | |
|:---|:---|
| U.S. Government Agencies | 0.4% |
| Municipal Bonds | 0.4% |
| Money Market Funds | 1.2% |
| Asset Backed Securities | 5.5% |
| Commercial Mortgage-Backed Securities | 13.9% |
| Collateralized Mortgage Obligations | 22.9% |
| U.S. Treasury Bonds & Notes | 23.1% |
| Mortgage-Backed Securities | 34.7% |
| Liabilities in Excess of Other Assets | -2.1% |

---

#### Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, and holdings, visit https://sterlingcapitalfunds.com/funds/.

Information about the Fund's proxy voting records is available by calling (888) 228-1872.

TSR-SAR 033125-BGVAX

![Image](i521d8cee6248a91b82c7838c.jpg)

Sterling Capital Intermediate U.S. Government Fund

March 31, 2025

SEMI-ANNUAL SHAREHOLDER REPORT

https://sterlingcapitalfunds.com/funds/

Class C (BIUCX)

This semi-annual shareholder report contains important information about Sterling Capital Intermediate U.S. Government Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund athttps://sterlingcapitalfunds.com/funds/. You can also request this information by contacting us at (888) 228-1872.

#### KEY FUND STATISTICS (as of Period End)
* Net Assets$18,692,434

* Number of Portfolio Holdings103

* Advisory Fee (net of waivers)$11,728

* Portfolio Turnover16%

#### WHAT WERE THE FUND COSTS FOR THE YEAR?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class C | $77 | 1.54% |

---

#### Asset Weighting (as a % of Total Investments)
![Group By Asset Type Chart](i2ed20777ac75143e2ed0a244.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Asset Backed Securities | 5.4% |
| Collateralized Mortgage Obligations | 22.5% |
| Commercial Mortgage-Backed Securities | 13.6% |
| Money Market Funds | 1.1% |
| Mortgage-Backed Securities | 34.0% |
| Municipal Bonds | 0.4% |
| U.S. Government Agencies | 0.4% |
| U.S. Treasury Bonds & Notes | 22.6% |

---

#### SECTOR WEIGHTING (as a % of Net Assets)

---

| | |
|:---|:---|
| U.S. Government Agencies | 0.4% |
| Municipal Bonds | 0.4% |
| Money Market Funds | 1.2% |
| Asset Backed Securities | 5.5% |
| Commercial Mortgage-Backed Securities | 13.9% |
| Collateralized Mortgage Obligations | 22.9% |
| U.S. Treasury Bonds & Notes | 23.1% |
| Mortgage-Backed Securities | 34.7% |
| Liabilities in Excess of Other Assets | -2.1% |

---

#### Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, and holdings, visit https://sterlingcapitalfunds.com/funds/.

Information about the Fund's proxy voting records is available by calling (888) 228-1872.

TSR-SAR 033125-BIUCX

![Image](i66554e1630956074e501787c.jpg)

Sterling Capital Intermediate U.S. Government Fund

March 31, 2025

SEMI-ANNUAL SHAREHOLDER REPORT

https://sterlingcapitalfunds.com/funds/

Class Institutional (BBGVX)

This semi-annual shareholder report contains important information about Sterling Capital Intermediate U.S. Government Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund athttps://sterlingcapitalfunds.com/funds/. You can also request this information by contacting us at (888) 228-1872.

#### KEY FUND STATISTICS (as of Period End)
* Net Assets$18,692,434

* Number of Portfolio Holdings103

* Advisory Fee (net of waivers)$11,728

* Portfolio Turnover16%

#### WHAT WERE THE FUND COSTS FOR THE YEAR?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class Institutional | $27 | 0.54% |

---

#### Asset Weighting (as a % of Total Investments)
![Group By Asset Type Chart](i8ebff1c2929bb29f09c5b0fa.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Asset Backed Securities | 5.4% |
| Collateralized Mortgage Obligations | 22.5% |
| Commercial Mortgage-Backed Securities | 13.6% |
| Money Market Funds | 1.1% |
| Mortgage-Backed Securities | 34.0% |
| Municipal Bonds | 0.4% |
| U.S. Government Agencies | 0.4% |
| U.S. Treasury Bonds & Notes | 22.6% |

---

#### SECTOR WEIGHTING (as a % of Net Assets)

---

| | |
|:---|:---|
| U.S. Government Agencies | 0.4% |
| Municipal Bonds | 0.4% |
| Money Market Funds | 1.2% |
| Asset Backed Securities | 5.5% |
| Commercial Mortgage-Backed Securities | 13.9% |
| Collateralized Mortgage Obligations | 22.9% |
| U.S. Treasury Bonds & Notes | 23.1% |
| Mortgage-Backed Securities | 34.7% |
| Liabilities in Excess of Other Assets | -2.1% |

---

#### Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, and holdings, visit https://sterlingcapitalfunds.com/funds/.

Information about the Fund's proxy voting records is available by calling (888) 228-1872.

TSR-SAR 033125-BBGVX

![Image](i99ab44b0d8214c1d9442a730.jpg)

Sterling Capital Long Duration Corporate Bond Fund

March 31, 2025

SEMI-ANNUAL SHAREHOLDER REPORT

https://sterlingcapitalfunds.com/funds/

Class A (SCCMX)

This semi-annual shareholder report contains important information about Sterling Capital Long Duration Corporate Bond Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund athttps://sterlingcapitalfunds.com/funds/. You can also request this information by contacting us at (888) 228-1872.

#### KEY FUND STATISTICS (as of Period End)
* Net Assets$46,977,330

* Number of Portfolio Holdings360

* Advisory Fee (net of waivers)$11,467

* Portfolio Turnover26%

#### WHAT WERE THE FUND COSTS FOR THE YEAR?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $35 | 0.71% |

---

#### Asset Weighting (as a % of Total Investments)
![Group By Asset Type Chart](ic0b91a27abfc9578512d4f49.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Corporate Bonds | 93.7% |
| Money Market Funds | 1.0% |
| U.S. Treasury Bonds & Notes | 5.3% |

---

#### SECTOR WEIGHTING (as a % of Net Assets)

---

| | |
|:---|:---|
| Money Market Funds | 1.0% |
| Technology | 1.5% |
| Real Estate | 2.4% |
| Materials | 2.6% |
| Consumer Discretionary | 3.7% |
| Communications | 4.4% |
| U.S. Treasury Bonds & Notes | 5.2% |
| Communication Services | 6.2% |
| Information Technology | 6.4% |
| Consumer Staples | 6.5% |
| Industrials | 6.5% |
| Health Care | 9.2% |
| Energy | 10.1% |
| Utilities | 16.6% |
| Financials | 17.0% |
| Other Assets in Excess of Liabilities | 0.7% |

---

#### Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, and holdings, visit https://sterlingcapitalfunds.com/funds/.

Information about the Fund's proxy voting records is available by calling (888) 228-1872.

TSR-SAR 033125-SCCMX

![Image](ib5e01081657cdc89198f8ac8.jpg)

Sterling Capital Long Duration Corporate Bond Fund

March 31, 2025

SEMI-ANNUAL SHAREHOLDER REPORT

https://sterlingcapitalfunds.com/funds/

Class C (SCCNX)

This semi-annual shareholder report contains important information about Sterling Capital Long Duration Corporate Bond Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund athttps://sterlingcapitalfunds.com/funds/. You can also request this information by contacting us at (888) 228-1872.

#### KEY FUND STATISTICS (as of Period End)
* Net Assets$46,977,330

* Number of Portfolio Holdings360

* Advisory Fee (net of waivers)$11,467

* Portfolio Turnover26%

#### WHAT WERE THE FUND COSTS FOR THE YEAR?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class C | $71 | 1.45% |

---

#### Asset Weighting (as a % of Total Investments)
![Group By Asset Type Chart](i32c028afc87171ae009ce07d.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Corporate Bonds | 93.7% |
| Money Market Funds | 1.0% |
| U.S. Treasury Bonds & Notes | 5.3% |

---

#### SECTOR WEIGHTING (as a % of Net Assets)

---

| | |
|:---|:---|
| Money Market Funds | 1.0% |
| Technology | 1.5% |
| Real Estate | 2.4% |
| Materials | 2.6% |
| Consumer Discretionary | 3.7% |
| Communications | 4.4% |
| U.S. Treasury Bonds & Notes | 5.2% |
| Communication Services | 6.2% |
| Information Technology | 6.4% |
| Consumer Staples | 6.5% |
| Industrials | 6.5% |
| Health Care | 9.2% |
| Energy | 10.1% |
| Utilities | 16.6% |
| Financials | 17.0% |
| Other Assets in Excess of Liabilities | 0.7% |

---

#### Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, and holdings, visit https://sterlingcapitalfunds.com/funds/.

Information about the Fund's proxy voting records is available by calling (888) 228-1872.

TSR-SAR 033125-SCCNX

![Image](i22b8ab8c6574d2964d5ca070.jpg)

Sterling Capital Long Duration Corporate Bond Fund

March 31, 2025

SEMI-ANNUAL SHAREHOLDER REPORT

https://sterlingcapitalfunds.com/funds/

Class R6 (STRFX)

This semi-annual shareholder report contains important information about Sterling Capital Long Duration Corporate Bond Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund athttps://sterlingcapitalfunds.com/funds/. You can also request this information by contacting us at (888) 228-1872.

#### KEY FUND STATISTICS (as of Period End)
* Net Assets$46,977,330

* Number of Portfolio Holdings360

* Advisory Fee (net of waivers)$11,467

* Portfolio Turnover26%

#### WHAT WERE THE FUND COSTS FOR THE YEAR?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class R6 | $18 | 0.37% |

---

#### Asset Weighting (as a % of Total Investments)
![Group By Asset Type Chart](i165419ab1ee3894b15460cb8.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Corporate Bonds | 93.7% |
| Money Market Funds | 1.0% |
| U.S. Treasury Bonds & Notes | 5.3% |

---

#### SECTOR WEIGHTING (as a % of Net Assets)

---

| | |
|:---|:---|
| Money Market Funds | 1.0% |
| Technology | 1.5% |
| Real Estate | 2.4% |
| Materials | 2.6% |
| Consumer Discretionary | 3.7% |
| Communications | 4.4% |
| U.S. Treasury Bonds & Notes | 5.2% |
| Communication Services | 6.2% |
| Information Technology | 6.4% |
| Consumer Staples | 6.5% |
| Industrials | 6.5% |
| Health Care | 9.2% |
| Energy | 10.1% |
| Utilities | 16.6% |
| Financials | 17.0% |
| Other Assets in Excess of Liabilities | 0.7% |

---

#### Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, and holdings, visit https://sterlingcapitalfunds.com/funds/.

Information about the Fund's proxy voting records is available by calling (888) 228-1872.

TSR-AR 093024-STRFX

![Image](i23599ee8c004b9920c5bba7f.jpg)

Sterling Capital Long Duration Corporate Bond Fund

March 31, 2025

SEMI-ANNUAL SHAREHOLDER REPORT

https://sterlingcapitalfunds.com/funds/

Class Institutional (SCCPX)

This semi-annual shareholder report contains important information about Sterling Capital Long Duration Corporate Bond Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund athttps://sterlingcapitalfunds.com/funds/. You can also request this information by contacting us at (888) 228-1872.

#### KEY FUND STATISTICS (as of Period End)
* Net Assets$46,977,330

* Number of Portfolio Holdings360

* Advisory Fee (net of waivers)$11,467

* Portfolio Turnover26%

#### WHAT WERE THE FUND COSTS FOR THE YEAR?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class Institutional | $23 | 0.46% |

---

#### Asset Weighting (as a % of Total Investments)
![Group By Asset Type Chart](i86205b8063d732570536d2f0.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Corporate Bonds | 93.7% |
| Money Market Funds | 1.0% |
| U.S. Treasury Bonds & Notes | 5.3% |

---

#### SECTOR WEIGHTING (as a % of Net Assets)

---

| | |
|:---|:---|
| Money Market Funds | 1.0% |
| Technology | 1.5% |
| Real Estate | 2.4% |
| Materials | 2.6% |
| Consumer Discretionary | 3.7% |
| Communications | 4.4% |
| U.S. Treasury Bonds & Notes | 5.2% |
| Communication Services | 6.2% |
| Information Technology | 6.4% |
| Consumer Staples | 6.5% |
| Industrials | 6.5% |
| Health Care | 9.2% |
| Energy | 10.1% |
| Utilities | 16.6% |
| Financials | 17.0% |
| Other Assets in Excess of Liabilities | 0.7% |

---

#### Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, and holdings, visit https://sterlingcapitalfunds.com/funds/.

Information about the Fund's proxy voting records is available by calling (888) 228-1872.

TSR-SAR 033125-SCCPX

![Image](i119af235a41cd02d34c47f59.jpg)

Sterling Capital Mid Cap Relative Value Fund

March 31, 2025

SEMI-ANNUAL SHAREHOLDER REPORT

https://sterlingcapitalfunds.com/funds/

Class A (STRLX)

This semi-annual shareholder report contains important information about Sterling Capital Mid Cap Relative Value Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund athttps://sterlingcapitalfunds.com/funds/. You can also request this information by contacting us at (888) 228-1872. This report describes material fund changes to the Fund that occurred during the period in the MATERIAL FUND CHANGES section of this report.

#### KEY FUND STATISTICS (as of Period End)
* Net Assets$32,237,199

* Number of Portfolio Holdings48

* Advisory Fee $114,463

* Portfolio Turnover6%

#### WHAT WERE THE FUND COSTS FOR THE YEAR?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $55 | 1.14% |

---

#### Asset Weighting (as a % of Total Investments)
![Group By Asset Type Chart](i268607f0e1555005843b9835.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Common Stocks | 98.8% |
| Money Market Funds | 1.2% |

---

#### SECTOR WEIGHTING (as a % of Net Assets)

---

| | |
|:---|:---|
| Money Market Funds | 1.2% |
| Communication Services | 2.6% |
| Consumer Discretionary | 3.1% |
| Utilities | 6.1% |
| Health Care | 6.6% |
| Materials | 6.8% |
| Information Technology | 7.3% |
| Energy | 7.6% |
| Real Estate | 10.1% |
| Consumer Staples | 10.3% |
| Financials | 19.0% |
| Industrials | 19.3% |
| Other Assets in Excess of Liabilities | -% |

---

#### MATERIAL FUND CHANGES
On January 26, 2025, The Board of Trustees of Sterling Capital Funds approved a proposal by Sterling Capital Management LLC, the investment adviser to Sterling Capital Mid Value Fund (the "Acquired Fund"), to effect the merger of the Acquired Fund into the Sterling Capital Mid Cap Relative Value Fund on or about May 12, 2025.

#### Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, and holdings, visit https://sterlingcapitalfunds.com/funds/.

Information about the Fund's proxy voting records is available by calling (888) 228-1872.

TSR-SAR 033125-STRLX

![Image](i94add945e2cdbd1d4bd18223.jpg)

Sterling Capital Mid Cap Relative Value Fund

March 31, 2025

SEMI-ANNUAL SHAREHOLDER REPORT

https://sterlingcapitalfunds.com/funds/

Class C (STRNX)

This semi-annual shareholder report contains important information about Sterling Capital Mid Cap Relative Value Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund athttps://sterlingcapitalfunds.com/funds/. You can also request this information by contacting us at (888) 228-1872. This report describes material fund changes to the Fund that occurred during the period in the MATERIAL FUND CHANGES section of this report.

#### KEY FUND STATISTICS (as of Period End)
* Net Assets$32,237,199

* Number of Portfolio Holdings48

* Advisory Fee $114,463

* Portfolio Turnover6%

#### WHAT WERE THE FUND COSTS FOR THE YEAR?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class C | $91 | 1.88% |

---

#### Asset Weighting (as a % of Total Investments)
![Group By Asset Type Chart](i6da4aa3ed5b705b1f689004f.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Common Stocks | 98.8% |
| Money Market Funds | 1.2% |

---

#### SECTOR WEIGHTING (as a % of Net Assets)

---

| | |
|:---|:---|
| Money Market Funds | 1.2% |
| Communication Services | 2.6% |
| Consumer Discretionary | 3.1% |
| Utilities | 6.1% |
| Health Care | 6.6% |
| Materials | 6.8% |
| Information Technology | 7.3% |
| Energy | 7.6% |
| Real Estate | 10.1% |
| Consumer Staples | 10.3% |
| Financials | 19.0% |
| Industrials | 19.3% |
| Other Assets in Excess of Liabilities | -% |

---

#### MATERIAL FUND CHANGES
On January 26, 2025, The Board of Trustees of Sterling Capital Funds approved a proposal by Sterling Capital Management LLC, the investment adviser to Sterling Capital Mid Value Fund (the "Acquired Fund"), to effect the merger of the Acquired Fund into the Sterling Capital Mid Cap Relative Value Fund on or about May 12, 2025.

#### Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, and holdings, visit https://sterlingcapitalfunds.com/funds/.

Information about the Fund's proxy voting records is available by calling (888) 228-1872.

TSR-SAR 033125-STRNX

![Image](i35ff9fc3c5940b7338443abe.jpg)

Sterling Capital Mid Cap Relative Value Fund

March 31, 2025

SEMI-ANNUAL SHAREHOLDER REPORT

https://sterlingcapitalfunds.com/funds/

Class Institutional (STRGX)

This semi-annual shareholder report contains important information about Sterling Capital Mid Cap Relative Value Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund athttps://sterlingcapitalfunds.com/funds/. You can also request this information by contacting us at (888) 228-1872. This report describes material fund changes to the Fund that occurred during the period in the MATERIAL FUND CHANGES section of this report.

#### KEY FUND STATISTICS (as of Period End)
* Net Assets$32,237,199

* Number of Portfolio Holdings48

* Advisory Fee $114,463

* Portfolio Turnover6%

#### WHAT WERE THE FUND COSTS FOR THE YEAR?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class Institutional | $43 | 0.89% |

---

#### Asset Weighting (as a % of Total Investments)
![Group By Asset Type Chart](id4d652cf6661ec8b7efb483a.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Common Stocks | 98.8% |
| Money Market Funds | 1.2% |

---

#### SECTOR WEIGHTING (as a % of Net Assets)

---

| | |
|:---|:---|
| Money Market Funds | 1.2% |
| Communication Services | 2.6% |
| Consumer Discretionary | 3.1% |
| Utilities | 6.1% |
| Health Care | 6.6% |
| Materials | 6.8% |
| Information Technology | 7.3% |
| Energy | 7.6% |
| Real Estate | 10.1% |
| Consumer Staples | 10.3% |
| Financials | 19.0% |
| Industrials | 19.3% |
| Other Assets in Excess of Liabilities | -% |

---

#### MATERIAL FUND CHANGES
On January 26, 2025, The Board of Trustees of Sterling Capital Funds approved a proposal by Sterling Capital Management LLC, the investment adviser to Sterling Capital Mid Value Fund (the "Acquired Fund"), to effect the merger of the Acquired Fund into the Sterling Capital Mid Cap Relative Value Fund on or about May 12, 2025.

#### Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, and holdings, visit https://sterlingcapitalfunds.com/funds/.

Information about the Fund's proxy voting records is available by calling (888) 228-1872.

TSR-SAR 033125-STRGX

![Image](i08086d7bdb85111acfbc173c.jpg)

Sterling Capital Mid Value Fund

March 31, 2025

SEMI-ANNUAL SHAREHOLDER REPORT

https://sterlingcapitalfunds.com/funds/

Class A (OVEAX)

This semi-annual shareholder report contains important information about Sterling Capital Mid Value Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund athttps://sterlingcapitalfunds.com/funds/. You can also request this information by contacting us at (888) 228-1872. This report describes material fund changes to the Fund that occurred during the period in the MATERIAL FUND CHANGES section of this report.

#### KEY FUND STATISTICS (as of Period End)
* Net Assets$27,594,299

* Number of Portfolio Holdings38

* Advisory Fee (net of waivers)$120,042

* Portfolio Turnover20%

#### WHAT WERE THE FUND COSTS FOR THE YEAR?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $60 | 1.22% |

---

#### Asset Weighting (as a % of Total Investments)
![Group By Asset Type Chart](i597f05170fa6d1afb772f6ef.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Common Stocks | 98.8% |
| Money Market Funds | 1.2% |

---

#### SECTOR WEIGHTING (as a % of Net Assets)

---

| | |
|:---|:---|
| Money Market Funds | 1.2% |
| Consumer Staples | 3.2% |
| Communication Services | 3.7% |
| Energy | 3.8% |
| Real Estate | 3.9% |
| Information Technology | 5.3% |
| Materials | 6.3% |
| Health Care | 7.0% |
| Utilities | 8.5% |
| Consumer Discretionary | 13.4% |
| Industrials | 21.2% |
| Financials | 22.5% |
| Other Assets in Excess of Liabilities | -% |

---

#### MATERIAL FUND CHANGES
On January 26, 2025, The Board of Trustees of Sterling Capital Funds approved a proposal by Sterling Capital Management LLC, the investment adviser to Sterling Capital Mid Value Fund (the "Acquired Fund"), to effect the merger of the Acquired Fund into the Sterling Capital Mid Cap Relative Value Fund on or about May 12, 2025.

#### Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, and holdings, visit https://sterlingcapitalfunds.com/funds/.

Information about the Fund's proxy voting records is available by calling (888) 228-1872.

TSR-SAR 033125-OVEAX

![Image](i582340854b3f8b39d411e7d0.jpg)

Sterling Capital Mid Value Fund

March 31, 2025

SEMI-ANNUAL SHAREHOLDER REPORT

https://sterlingcapitalfunds.com/funds/

Class C (OVECX)

This semi-annual shareholder report contains important information about Sterling Capital Mid Value Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund athttps://sterlingcapitalfunds.com/funds/. You can also request this information by contacting us at (888) 228-1872. This report describes material fund changes to the Fund that occurred during the period in the MATERIAL FUND CHANGES section of this report.

#### KEY FUND STATISTICS (as of Period End)
* Net Assets$27,594,299

* Number of Portfolio Holdings38

* Advisory Fee (net of waivers)$120,042

* Portfolio Turnover20%

#### WHAT WERE THE FUND COSTS FOR THE YEAR?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class C | $97 | 1.97% |

---

#### Asset Weighting (as a % of Total Investments)
![Group By Asset Type Chart](i0e7a123911a75eeadf9aaa48.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Common Stocks | 98.8% |
| Money Market Funds | 1.2% |

---

#### SECTOR WEIGHTING (as a % of Net Assets)

---

| | |
|:---|:---|
| Money Market Funds | 1.2% |
| Consumer Staples | 3.2% |
| Communication Services | 3.7% |
| Energy | 3.8% |
| Real Estate | 3.9% |
| Information Technology | 5.3% |
| Materials | 6.3% |
| Health Care | 7.0% |
| Utilities | 8.5% |
| Consumer Discretionary | 13.4% |
| Industrials | 21.2% |
| Financials | 22.5% |
| Other Assets in Excess of Liabilities | -% |

---

#### MATERIAL FUND CHANGES
On January 26, 2025, The Board of Trustees of Sterling Capital Funds approved a proposal by Sterling Capital Management LLC, the investment adviser to Sterling Capital Mid Value Fund (the "Acquired Fund"), to effect the merger of the Acquired Fund into the Sterling Capital Mid Cap Relative Value Fund on or about May 12, 2025.

#### Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, and holdings, visit https://sterlingcapitalfunds.com/funds/.

Information about the Fund's proxy voting records is available by calling (888) 228-1872.

TSR-SAR 033125-OVECX

![Image](i1a11f2592974e3090a584cf5.jpg)

Sterling Capital Mid Value Fund

March 31, 2025

SEMI-ANNUAL SHAREHOLDER REPORT

https://sterlingcapitalfunds.com/funds/

Class R6 (STRMX)

This semi-annual shareholder report contains important information about Sterling Capital Mid Value Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund athttps://sterlingcapitalfunds.com/funds/. You can also request this information by contacting us at (888) 228-1872. This report describes material fund changes to the Fund that occurred during the period in the MATERIAL FUND CHANGES section of this report.

#### KEY FUND STATISTICS (as of Period End)
* Net Assets$27,594,299

* Number of Portfolio Holdings38

* Advisory Fee (net of waivers)$120,042

* Portfolio Turnover20%

#### WHAT WERE THE FUND COSTS FOR THE YEAR?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class R6 | $43 | 0.88% |

---

#### Asset Weighting (as a % of Total Investments)
![Group By Asset Type Chart](i815dec5bae906587abf645f7.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Common Stocks | 98.8% |
| Money Market Funds | 1.2% |

---

#### SECTOR WEIGHTING (as a % of Net Assets)

---

| | |
|:---|:---|
| Money Market Funds | 1.2% |
| Consumer Staples | 3.2% |
| Communication Services | 3.7% |
| Energy | 3.8% |
| Real Estate | 3.9% |
| Information Technology | 5.3% |
| Materials | 6.3% |
| Health Care | 7.0% |
| Utilities | 8.5% |
| Consumer Discretionary | 13.4% |
| Industrials | 21.2% |
| Financials | 22.5% |
| Other Assets in Excess of Liabilities | -% |

---

#### MATERIAL FUND CHANGES
On January 26, 2025, The Board of Trustees of Sterling Capital Funds approved a proposal by Sterling Capital Management LLC, the investment adviser to Sterling Capital Mid Value Fund (the "Acquired Fund"), to effect the merger of the Acquired Fund into the Sterling Capital Mid Cap Relative Value Fund on or about May 12, 2025.

#### Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, and holdings, visit https://sterlingcapitalfunds.com/funds/.

Information about the Fund's proxy voting records is available by calling (888) 228-1872.

TSR-SAR 033125-STRMX

![Image](i315de3dd2a7a524fb5ac6ee7.jpg)

Sterling Capital Mid Value Fund

March 31, 2025

SEMI-ANNUAL SHAREHOLDER REPORT

https://sterlingcapitalfunds.com/funds/

Class Institutional (OVEIX)

This semi-annual shareholder report contains important information about Sterling Capital Mid Value Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund athttps://sterlingcapitalfunds.com/funds/. You can also request this information by contacting us at (888) 228-1872. This report describes material fund changes to the Fund that occurred during the period in the MATERIAL FUND CHANGES section of this report.

#### KEY FUND STATISTICS (as of Period End)
* Net Assets$27,594,299

* Number of Portfolio Holdings38

* Advisory Fee (net of waivers)$120,042

* Portfolio Turnover20%

#### WHAT WERE THE FUND COSTS FOR THE YEAR?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class Institutional | $48 | 0.97% |

---

#### Asset Weighting (as a % of Total Investments)
![Group By Asset Type Chart](i3b242de0aa5dc5b7a7e82d90.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Common Stocks | 98.8% |
| Money Market Funds | 1.2% |

---

#### SECTOR WEIGHTING (as a % of Net Assets)

---

| | |
|:---|:---|
| Money Market Funds | 1.2% |
| Consumer Staples | 3.2% |
| Communication Services | 3.7% |
| Energy | 3.8% |
| Real Estate | 3.9% |
| Information Technology | 5.3% |
| Materials | 6.3% |
| Health Care | 7.0% |
| Utilities | 8.5% |
| Consumer Discretionary | 13.4% |
| Industrials | 21.2% |
| Financials | 22.5% |
| Other Assets in Excess of Liabilities | -% |

---

#### MATERIAL FUND CHANGES
On January 26, 2025, The Board of Trustees of Sterling Capital Funds approved a proposal by Sterling Capital Management LLC, the investment adviser to Sterling Capital Mid Value Fund (the "Acquired Fund"), to effect the merger of the Acquired Fund into the Sterling Capital Mid Cap Relative Value Fund on or about May 12, 2025.

#### Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, and holdings, visit https://sterlingcapitalfunds.com/funds/.

Information about the Fund's proxy voting records is available by calling (888) 228-1872.

TSR-SAR 033125-OVEIX

![Image](i345130d611dcf735a1f5d0f6.jpg)

Sterling Capital North Carolina Intermediate Tax-Free Fund

March 31, 2025

SEMI-ANNUAL SHAREHOLDER REPORT

https://sterlingcapitalfunds.com/funds/

Class A (BNCAX)

This semi-annual shareholder report contains important information about Sterling Capital North Carolina Intermediate Tax-Free Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund athttps://sterlingcapitalfunds.com/funds/. You can also request this information by contacting us at (888) 228-1872.

#### KEY FUND STATISTICS (as of Period End)
* Net Assets$123,804,237

* Number of Portfolio Holdings80

* Advisory Fee $220,342

* Portfolio Turnover14%

#### WHAT WERE THE FUND COSTS FOR THE YEAR?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $41 | 0.82% |

---

#### Asset Weighting (as a % of Total Investments)
![Group By Asset Type Chart](i1de36430ee554f44c4115fac.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Money Market Funds | 0.8% |
| Municipal Bonds | 99.2% |

---

#### HOLDINGS BY STATE OF ISSUANCE (as a % of Net Assets)

---

| | |
|:---|:---|
| North Carolina | 97.8% |
| Other Assets in Excess of Liabilities | 2.2% |

---

#### Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, and holdings, visit https://sterlingcapitalfunds.com/funds/.

Information about the Fund's proxy voting records is available by calling (888) 228-1872.

TSR-SAR 033125-BNCAX

![Image](i7198a9e6c16966da7c8ca718.jpg)

Sterling Capital North Carolina Intermediate Tax-Free Fund

March 31, 2025

SEMI-ANNUAL SHAREHOLDER REPORT

https://sterlingcapitalfunds.com/funds/

Class C (BBNCX)

This semi-annual shareholder report contains important information about Sterling Capital North Carolina Intermediate Tax-Free Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund athttps://sterlingcapitalfunds.com/funds/. You can also request this information by contacting us at (888) 228-1872.

#### KEY FUND STATISTICS (as of Period End)
* Net Assets$123,804,237

* Number of Portfolio Holdings80

* Advisory Fee $220,342

* Portfolio Turnover14%

#### WHAT WERE THE FUND COSTS FOR THE YEAR?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class C | $78 | 1.57% |

---

#### Asset Weighting (as a % of Total Investments)
![Group By Asset Type Chart](ib4bc4b582907d756c3e0c3b2.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Money Market Funds | 0.8% |
| Municipal Bonds | 99.2% |

---

#### HOLDINGS BY STATE OF ISSUANCE (as a % of Net Assets)

---

| | |
|:---|:---|
| North Carolina | 97.8% |
| Other Assets in Excess of Liabilities | 2.2% |

---

#### Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, and holdings, visit https://sterlingcapitalfunds.com/funds/.

Information about the Fund's proxy voting records is available by calling (888) 228-1872.

TSR-SAR 033125-BBNCX

![Image](ia05b85def141d2935312c81e.jpg)

Sterling Capital North Carolina Intermediate Tax-Free Fund

March 31, 2025

SEMI-ANNUAL SHAREHOLDER REPORT

https://sterlingcapitalfunds.com/funds/

Class Institutional (BBNTX)

This semi-annual shareholder report contains important information about Sterling Capital North Carolina Intermediate Tax-Free Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund athttps://sterlingcapitalfunds.com/funds/. You can also request this information by contacting us at (888) 228-1872.

#### KEY FUND STATISTICS (as of Period End)
* Net Assets$123,804,237

* Number of Portfolio Holdings80

* Advisory Fee $220,342

* Portfolio Turnover14%

#### WHAT WERE THE FUND COSTS FOR THE YEAR?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class Institutional | $28 | 0.57% |

---

#### Asset Weighting (as a % of Total Investments)
![Group By Asset Type Chart](i90a87b03e25f7cd5476c07e6.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Money Market Funds | 0.8% |
| Municipal Bonds | 99.2% |

---

#### HOLDINGS BY STATE OF ISSUANCE (as a % of Net Assets)

---

| | |
|:---|:---|
| North Carolina | 97.8% |
| Other Assets in Excess of Liabilities | 2.2% |

---

#### Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, and holdings, visit https://sterlingcapitalfunds.com/funds/.

Information about the Fund's proxy voting records is available by calling (888) 228-1872.

TSR-SAR 033125-BBNTX

![Image](i2ca96629b965a0c10a80b4b8.jpg)

Sterling Capital Quality Income Fund

March 31, 2025

SEMI-ANNUAL SHAREHOLDER REPORT

https://sterlingcapitalfunds.com/funds/

Class A (SCSSX)

This semi-annual shareholder report contains important information about Sterling Capital Quality Income Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund athttps://sterlingcapitalfunds.com/funds/. You can also request this information by contacting us at (888) 228-1872.

#### KEY FUND STATISTICS (as of Period End)
* Net Assets$152,298,643

* Number of Portfolio Holdings236

* Advisory Fee (net of waivers)$220,393

* Portfolio Turnover28%

#### WHAT WERE THE FUND COSTS FOR THE YEAR?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $38 | 0.77% |

---

#### Asset Weighting (as a % of Total Investments)
![Group By Asset Type Chart](icbed99463b6983a913dd40d4.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Asset Backed Securities | 10.7% |
| Collateralized Mortgage Obligations | 29.4% |
| Commercial Mortgage-Backed Securities | 10.3% |
| Corporate Bonds | 0.1% |
| Money Market Funds | 0.8% |
| Mortgage-Backed Securities | 46.0% |
| U.S. Treasury Bonds & Notes | 2.7% |

---

#### SECTOR WEIGHTING (as a % of Net Assets)

---

| | |
|:---|:---|
| Real Estate | 0.1% |
| Money Market Funds | 0.8% |
| U.S. Treasury Bonds & Notes | 2.7% |
| Commercial Mortgage-Backed Securities | 10.3% |
| Asset Backed Securities | 10.6% |
| Collateralized Mortgage Obligations | 29.3% |
| Mortgage-Backed Securities | 45.8% |
| Other Assets in Excess of Liabilities | 0.4% |

---

#### Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, and holdings, visit https://sterlingcapitalfunds.com/funds/.

Information about the Fund's proxy voting records is available by calling (888) 228-1872.

TSR-SAR 033125-SCSSX

![Image](i0507672668a4a8356f73e13a.jpg)

Sterling Capital Quality Income Fund

March 31, 2025

SEMI-ANNUAL SHAREHOLDER REPORT

https://sterlingcapitalfunds.com/funds/

Class C (SCSTX)

This semi-annual shareholder report contains important information about Sterling Capital Quality Income Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund athttps://sterlingcapitalfunds.com/funds/. You can also request this information by contacting us at (888) 228-1872.

#### KEY FUND STATISTICS (as of Period End)
* Net Assets$152,298,643

* Number of Portfolio Holdings236

* Advisory Fee (net of waivers)$220,393

* Portfolio Turnover28%

#### WHAT WERE THE FUND COSTS FOR THE YEAR?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class C | $75 | 1.50% |

---

#### Asset Weighting (as a % of Total Investments)
![Group By Asset Type Chart](ic7013d157d9f6b69e1758b4b.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Asset Backed Securities | 10.7% |
| Collateralized Mortgage Obligations | 29.4% |
| Commercial Mortgage-Backed Securities | 10.3% |
| Corporate Bonds | 0.1% |
| Money Market Funds | 0.8% |
| Mortgage-Backed Securities | 46.0% |
| U.S. Treasury Bonds & Notes | 2.7% |

---

#### SECTOR WEIGHTING (as a % of Net Assets)

---

| | |
|:---|:---|
| Real Estate | 0.1% |
| Money Market Funds | 0.8% |
| U.S. Treasury Bonds & Notes | 2.7% |
| Commercial Mortgage-Backed Securities | 10.3% |
| Asset Backed Securities | 10.6% |
| Collateralized Mortgage Obligations | 29.3% |
| Mortgage-Backed Securities | 45.8% |
| Other Assets in Excess of Liabilities | 0.4% |

---

#### Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, and holdings, visit https://sterlingcapitalfunds.com/funds/.

Information about the Fund's proxy voting records is available by calling (888) 228-1872.

TSR-SAR 033125-SCSTX

![Image](ib598693e3cd0c268e6b4061e.jpg)

Sterling Capital Quality Income Fund

March 31, 2025

SEMI-ANNUAL SHAREHOLDER REPORT

https://sterlingcapitalfunds.com/funds/

Class Institutional (SCSPX)

This semi-annual shareholder report contains important information about Sterling Capital Quality Income Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund athttps://sterlingcapitalfunds.com/funds/. You can also request this information by contacting us at (888) 228-1872.

#### KEY FUND STATISTICS (as of Period End)
* Net Assets$152,298,643

* Number of Portfolio Holdings236

* Advisory Fee (net of waivers)$220,393

* Portfolio Turnover28%

#### WHAT WERE THE FUND COSTS FOR THE YEAR?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class Institutional | $25 | 0.50% |

---

#### Asset Weighting (as a % of Total Investments)
![Group By Asset Type Chart](i1e2117aab7ed142dd790ead9.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Asset Backed Securities | 10.7% |
| Collateralized Mortgage Obligations | 29.4% |
| Commercial Mortgage-Backed Securities | 10.3% |
| Corporate Bonds | 0.1% |
| Money Market Funds | 0.8% |
| Mortgage-Backed Securities | 46.0% |
| U.S. Treasury Bonds & Notes | 2.7% |

---

#### SECTOR WEIGHTING (as a % of Net Assets)

---

| | |
|:---|:---|
| Real Estate | 0.1% |
| Money Market Funds | 0.8% |
| U.S. Treasury Bonds & Notes | 2.7% |
| Commercial Mortgage-Backed Securities | 10.3% |
| Asset Backed Securities | 10.6% |
| Collateralized Mortgage Obligations | 29.3% |
| Mortgage-Backed Securities | 45.8% |
| Other Assets in Excess of Liabilities | 0.4% |

---

#### Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, and holdings, visit https://sterlingcapitalfunds.com/funds/.

Information about the Fund's proxy voting records is available by calling (888) 228-1872.

TSR-SAR 033125-SCSPX

![Image](i15e468d8b5b58c2815d16c23.jpg)

Sterling Capital Real Estate Fund

March 31, 2025

SEMI-ANNUAL SHAREHOLDER REPORT

https://sterlingcapitalfunds.com/funds/

Class A (STMMX)

This semi-annual shareholder report contains important information about Sterling Capital Real Estate Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund athttps://sterlingcapitalfunds.com/funds/. You can also request this information by contacting us at (888) 228-1872.

#### KEY FUND STATISTICS (as of Period End)
* Net Assets$69,523,875

* Number of Portfolio Holdings32

* Advisory Fee (net of waivers)$205,774

* Portfolio Turnover7%

#### WHAT WERE THE FUND COSTS FOR THE YEAR?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $55 | 1.12% |

---

#### Asset Weighting (as a % of Total Investments)
![Group By Asset Type Chart](i2de25aeb857b0d8c3d534b7d.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Common Stocks | 92.8% |
| Money Market Funds | 1.8% |
| REITs | 5.4% |

---

#### SECTOR WEIGHTING (as a % of Net Assets)

---

| | |
|:---|:---|
| Money Market Funds | 1.8% |
| Real Estate | 97.9% |
| Other Assets in Excess of Liabilities | 0.3% |

---

#### Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, and holdings, visit https://sterlingcapitalfunds.com/funds/.

Information about the Fund's proxy voting records is available by calling (888) 228-1872.

TSR-SAR 033125-STMMX

![Image](ia6a57106bfaaa4050bda6c17.jpg)

Sterling Capital Real Estate Fund

March 31, 2025

SEMI-ANNUAL SHAREHOLDER REPORT

https://sterlingcapitalfunds.com/funds/

Class C (STMOX)

This semi-annual shareholder report contains important information about Sterling Capital Real Estate Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund athttps://sterlingcapitalfunds.com/funds/. You can also request this information by contacting us at (888) 228-1872.

#### KEY FUND STATISTICS (as of Period End)
* Net Assets$69,523,875

* Number of Portfolio Holdings32

* Advisory Fee (net of waivers)$205,774

* Portfolio Turnover7%

#### WHAT WERE THE FUND COSTS FOR THE YEAR?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class C | $91 | 1.87% |

---

#### Asset Weighting (as a % of Total Investments)
![Group By Asset Type Chart](i0914220f6ee60c6100dae205.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Common Stocks | 92.8% |
| Money Market Funds | 1.8% |
| REITs | 5.4% |

---

#### SECTOR WEIGHTING (as a % of Net Assets)

---

| | |
|:---|:---|
| Money Market Funds | 1.8% |
| Real Estate | 97.9% |
| Other Assets in Excess of Liabilities | 0.3% |

---

#### Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, and holdings, visit https://sterlingcapitalfunds.com/funds/.

Information about the Fund's proxy voting records is available by calling (888) 228-1872.

TSR-SAR 033125-STMOX

![Image](i77aa7777d2a2b0a8f86d5cc2.jpg)

Sterling Capital Real Estate Fund

March 31, 2025

SEMI-ANNUAL SHAREHOLDER REPORT

https://sterlingcapitalfunds.com/funds/

Class R6 (SCREX)

This semi-annual shareholder report contains important information about Sterling Capital Real Estate Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund athttps://sterlingcapitalfunds.com/funds/. You can also request this information by contacting us at (888) 228-1872.

#### KEY FUND STATISTICS (as of Period End)
* Net Assets$69,523,875

* Number of Portfolio Holdings32

* Advisory Fee (net of waivers)$205,774

* Portfolio Turnover7%

#### WHAT WERE THE FUND COSTS FOR THE YEAR?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class R6 | $38 | 0.77% |

---

#### Asset Weighting (as a % of Total Investments)
![Group By Asset Type Chart](i704e45475446d53b7dac5763.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Common Stocks | 92.8% |
| Money Market Funds | 1.8% |
| REITs | 5.4% |

---

#### SECTOR WEIGHTING (as a % of Net Assets)

---

| | |
|:---|:---|
| Money Market Funds | 1.8% |
| Real Estate | 97.9% |
| Other Assets in Excess of Liabilities | 0.3% |

---

#### Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, and holdings, visit https://sterlingcapitalfunds.com/funds/.

Information about the Fund's proxy voting records is available by calling (888) 228-1872.

TSR-SAR 033125-SCREX

![Image](i70f19066dd5b361420a4178c.jpg)

Sterling Capital Real Estate Fund

March 31, 2025

SEMI-ANNUAL SHAREHOLDER REPORT

https://sterlingcapitalfunds.com/funds/

Class Institutional (STMDX)

This semi-annual shareholder report contains important information about Sterling Capital Real Estate Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund athttps://sterlingcapitalfunds.com/funds/. You can also request this information by contacting us at (888) 228-1872.

#### KEY FUND STATISTICS (as of Period End)
* Net Assets$69,523,875

* Number of Portfolio Holdings32

* Advisory Fee (net of waivers)$205,774

* Portfolio Turnover7%

#### WHAT WERE THE FUND COSTS FOR THE YEAR?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class Institutional | $42 | 0.87% |

---

#### Asset Weighting (as a % of Total Investments)
![Group By Asset Type Chart](i204dd1ed2f902f396a59b858.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Common Stocks | 92.8% |
| Money Market Funds | 1.8% |
| REITs | 5.4% |

---

#### SECTOR WEIGHTING (as a % of Net Assets)

---

| | |
|:---|:---|
| Money Market Funds | 1.8% |
| Real Estate | 97.9% |
| Other Assets in Excess of Liabilities | 0.3% |

---

#### Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, and holdings, visit https://sterlingcapitalfunds.com/funds/.

Information about the Fund's proxy voting records is available by calling (888) 228-1872.

TSR-SAR 033125-STMDX

![Image](i2258b4237e8e25b935dc721a.jpg)

Sterling Capital Short Duration Bond Fund

March 31, 2025

SEMI-ANNUAL SHAREHOLDER REPORT

https://sterlingcapitalfunds.com/funds/

Class A (BSGAX)

This semi-annual shareholder report contains important information about Sterling Capital Short Duration Bond Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund athttps://sterlingcapitalfunds.com/funds/. You can also request this information by contacting us at (888) 228-1872.

#### KEY FUND STATISTICS (as of Period End)
* Net Assets$42,590,319

* Number of Portfolio Holdings124

* Advisory Fee (net of waivers)$36,832

* Portfolio Turnover32%

#### WHAT WERE THE FUND COSTS FOR THE YEAR?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $40 | 0.80% |

---

#### Asset Weighting (as a % of Total Investments)
![Group By Asset Type Chart](i8f739c6722dbd39c135cdd91.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Asset Backed Securities | 28.0% |
| Collateralized Mortgage Obligations | 4.6% |
| Commercial Mortgage-Backed Securities | 5.9% |
| Corporate Bonds | 55.8% |
| Money Market Funds | 1.8% |
| Preferred Stocks | 0.6% |
| U.S. Treasury Bonds & Notes | 3.3% |

---

#### SECTOR WEIGHTING (as a % of Net Assets)

---

| | |
|:---|:---|
| Materials | 0.3% |
| Information Technology | 0.5% |
| Health Care | 0.6% |
| Communications | 0.6% |
| Consumer Staples | 0.8% |
| Money Market Funds | 1.8% |
| Real Estate | 2.0% |
| Technology | 2.2% |
| Energy | 2.5% |
| Consumer Discretionary | 3.1% |
| U.S. Treasury Bonds & Notes | 3.3% |
| Collateralized Mortgage Obligations | 4.6% |
| Utilities | 5.1% |
| Commercial Mortgage-Backed Securities | 5.9% |
| Industrials | 6.0% |
| Asset Backed Securities | 28.1% |
| Financials | 32.8% |
| Liabilities in Excess of Other Assets | -0.2% |

---

#### Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, and holdings, visit https://sterlingcapitalfunds.com/funds/.

Information about the Fund's proxy voting records is available by calling (888) 228-1872.

TSR-SAR 033125-BSGAX

![Image](i645e0fede5dba68e3c8659b1.jpg)

Sterling Capital Short Duration Bond Fund

March 31, 2025

SEMI-ANNUAL SHAREHOLDER REPORT

https://sterlingcapitalfunds.com/funds/

Class C (BBSCX)

This semi-annual shareholder report contains important information about Sterling Capital Short Duration Bond Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund athttps://sterlingcapitalfunds.com/funds/. You can also request this information by contacting us at (888) 228-1872.

#### KEY FUND STATISTICS (as of Period End)
* Net Assets$42,590,319

* Number of Portfolio Holdings124

* Advisory Fee (net of waivers)$36,832

* Portfolio Turnover32%

#### WHAT WERE THE FUND COSTS FOR THE YEAR?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class C | $77 | 1.54% |

---

#### Asset Weighting (as a % of Total Investments)
![Group By Asset Type Chart](if4ea1959e03da5d7fa82dde7.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Asset Backed Securities | 28.0% |
| Collateralized Mortgage Obligations | 4.6% |
| Commercial Mortgage-Backed Securities | 5.9% |
| Corporate Bonds | 55.8% |
| Money Market Funds | 1.8% |
| Preferred Stocks | 0.6% |
| U.S. Treasury Bonds & Notes | 3.3% |

---

#### SECTOR WEIGHTING (as a % of Net Assets)

---

| | |
|:---|:---|
| Materials | 0.3% |
| Information Technology | 0.5% |
| Health Care | 0.6% |
| Communications | 0.6% |
| Consumer Staples | 0.8% |
| Money Market Funds | 1.8% |
| Real Estate | 2.0% |
| Technology | 2.2% |
| Energy | 2.5% |
| Consumer Discretionary | 3.1% |
| U.S. Treasury Bonds & Notes | 3.3% |
| Collateralized Mortgage Obligations | 4.6% |
| Utilities | 5.1% |
| Commercial Mortgage-Backed Securities | 5.9% |
| Industrials | 6.0% |
| Asset Backed Securities | 28.1% |
| Financials | 32.8% |
| Liabilities in Excess of Other Assets | -0.2% |

---

#### Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, and holdings, visit https://sterlingcapitalfunds.com/funds/.

Information about the Fund's proxy voting records is available by calling (888) 228-1872.

TSR-SAR 033125-BBSCX

![Image](i580bc62389e57a613c28099b.jpg)

Sterling Capital Short Duration Bond Fund

March 31, 2025

SEMI-ANNUAL SHAREHOLDER REPORT

https://sterlingcapitalfunds.com/funds/

Class R6 (SHTRX)

This semi-annual shareholder report contains important information about Sterling Capital Short Duration Bond Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund athttps://sterlingcapitalfunds.com/funds/. You can also request this information by contacting us at (888) 228-1872.

#### KEY FUND STATISTICS (as of Period End)
* Net Assets$42,590,319

* Number of Portfolio Holdings124

* Advisory Fee (net of waivers)$36,832

* Portfolio Turnover32%

#### WHAT WERE THE FUND COSTS FOR THE YEAR?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class R6 | $22 | 0.44% |

---

#### Asset Weighting (as a % of Total Investments)
![Group By Asset Type Chart](ic236faa531fd9d6057eafbcf.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Asset Backed Securities | 28.0% |
| Collateralized Mortgage Obligations | 4.6% |
| Commercial Mortgage-Backed Securities | 5.9% |
| Corporate Bonds | 55.8% |
| Money Market Funds | 1.8% |
| Preferred Stocks | 0.6% |
| U.S. Treasury Bonds & Notes | 3.3% |

---

#### SECTOR WEIGHTING (as a % of Net Assets)

---

| | |
|:---|:---|
| Materials | 0.3% |
| Information Technology | 0.5% |
| Health Care | 0.6% |
| Communications | 0.6% |
| Consumer Staples | 0.8% |
| Money Market Funds | 1.8% |
| Real Estate | 2.0% |
| Technology | 2.2% |
| Energy | 2.5% |
| Consumer Discretionary | 3.1% |
| U.S. Treasury Bonds & Notes | 3.3% |
| Collateralized Mortgage Obligations | 4.6% |
| Utilities | 5.1% |
| Commercial Mortgage-Backed Securities | 5.9% |
| Industrials | 6.0% |
| Asset Backed Securities | 28.1% |
| Financials | 32.8% |
| Liabilities in Excess of Other Assets | -0.2% |

---

#### Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, and holdings, visit https://sterlingcapitalfunds.com/funds/.

Information about the Fund's proxy voting records is available by calling (888) 228-1872.

TSR-SAR 033125-SHTRX

![Image](ibdaac394f2dcde20487a245a.jpg)

Sterling Capital Short Duration Bond Fund

March 31, 2025

SEMI-ANNUAL SHAREHOLDER REPORT

https://sterlingcapitalfunds.com/funds/

Class Institutional (BBSGX)

This semi-annual shareholder report contains important information about Sterling Capital Short Duration Bond Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund athttps://sterlingcapitalfunds.com/funds/. You can also request this information by contacting us at (888) 228-1872.

#### KEY FUND STATISTICS (as of Period End)
* Net Assets$42,590,319

* Number of Portfolio Holdings124

* Advisory Fee (net of waivers)$36,832

* Portfolio Turnover32%

#### WHAT WERE THE FUND COSTS FOR THE YEAR?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class Institutional | $27 | 0.54% |

---

#### Asset Weighting (as a % of Total Investments)
![Group By Asset Type Chart](if4416218d77742e2519df140.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Asset Backed Securities | 28.0% |
| Collateralized Mortgage Obligations | 4.6% |
| Commercial Mortgage-Backed Securities | 5.9% |
| Corporate Bonds | 55.8% |
| Money Market Funds | 1.8% |
| Preferred Stocks | 0.6% |
| U.S. Treasury Bonds & Notes | 3.3% |

---

#### SECTOR WEIGHTING (as a % of Net Assets)

---

| | |
|:---|:---|
| Materials | 0.3% |
| Information Technology | 0.5% |
| Health Care | 0.6% |
| Communications | 0.6% |
| Consumer Staples | 0.8% |
| Money Market Funds | 1.8% |
| Real Estate | 2.0% |
| Technology | 2.2% |
| Energy | 2.5% |
| Consumer Discretionary | 3.1% |
| U.S. Treasury Bonds & Notes | 3.3% |
| Collateralized Mortgage Obligations | 4.6% |
| Utilities | 5.1% |
| Commercial Mortgage-Backed Securities | 5.9% |
| Industrials | 6.0% |
| Asset Backed Securities | 28.1% |
| Financials | 32.8% |
| Liabilities in Excess of Other Assets | -0.2% |

---

#### Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, and holdings, visit https://sterlingcapitalfunds.com/funds/.

Information about the Fund's proxy voting records is available by calling (888) 228-1872.

TSR-SAR 033125-BBSGX

![Image](i9163bd578f0cb409d5ab9071.jpg)

Sterling Capital Small Cap Value Fund

March 31, 2025

SEMI-ANNUAL SHAREHOLDER REPORT

https://sterlingcapitalfunds.com/funds/

Class A (STSNX)

This semi-annual shareholder report contains important information about Sterling Capital Small Cap Value Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund athttps://sterlingcapitalfunds.com/funds/. You can also request this information by contacting us at (888) 228-1872.

#### KEY FUND STATISTICS (as of Period End)
* Net Assets$156,119,912

* Number of Portfolio Holdings43

* Advisory Fee (net of waivers)$684,806

* Portfolio Turnover2%

#### WHAT WERE THE FUND COSTS FOR THE YEAR?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $62 | 1.30% |

---

#### Asset Weighting (as a % of Total Investments)
![Group By Asset Type Chart](i41d7390c64c9dd6e8a50287f.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Common Stocks | 99.7% |
| Money Market Funds | 0.3% |

---

#### SECTOR WEIGHTING (as a % of Net Assets)

---

| | |
|:---|:---|
| Money Market Funds | 0.3% |
| Health Care | 2.0% |
| Materials | 2.6% |
| Communication Services | 2.6% |
| Utilities | 4.8% |
| Energy | 5.2% |
| Consumer Discretionary | 5.7% |
| Real Estate | 6.7% |
| Information Technology | 11.6% |
| Consumer Staples | 11.7% |
| Industrials | 23.1% |
| Financials | 23.7% |
| Other Assets in Excess of Liabilities | -% |

---

#### Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, and holdings, visit https://sterlingcapitalfunds.com/funds/.

Information about the Fund's proxy voting records is available by calling (888) 228-1872.

TSR-SAR 033125-STSNX

![Image](ic266d2c9c4ffdd69d85915cf.jpg)

Sterling Capital Small Cap Value Fund

March 31, 2025

SEMI-ANNUAL SHAREHOLDER REPORT

https://sterlingcapitalfunds.com/funds/

Class C (STSOX)

This semi-annual shareholder report contains important information about Sterling Capital Small Cap Value Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund athttps://sterlingcapitalfunds.com/funds/. You can also request this information by contacting us at (888) 228-1872.

#### KEY FUND STATISTICS (as of Period End)
* Net Assets$156,119,912

* Number of Portfolio Holdings43

* Advisory Fee (net of waivers)$684,806

* Portfolio Turnover2%

#### WHAT WERE THE FUND COSTS FOR THE YEAR?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class C | $98 | 2.04% |

---

#### Asset Weighting (as a % of Total Investments)
![Group By Asset Type Chart](if6adebd1dbcc65c804967c77.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Common Stocks | 99.7% |
| Money Market Funds | 0.3% |

---

#### SECTOR WEIGHTING (as a % of Net Assets)

---

| | |
|:---|:---|
| Money Market Funds | 0.3% |
| Health Care | 2.0% |
| Materials | 2.6% |
| Communication Services | 2.6% |
| Utilities | 4.8% |
| Energy | 5.2% |
| Consumer Discretionary | 5.7% |
| Real Estate | 6.7% |
| Information Technology | 11.6% |
| Consumer Staples | 11.7% |
| Industrials | 23.1% |
| Financials | 23.7% |
| Other Assets in Excess of Liabilities | -% |

---

#### Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, and holdings, visit https://sterlingcapitalfunds.com/funds/.

Information about the Fund's proxy voting records is available by calling (888) 228-1872.

TSR-SAR 033125-STSOX

![Image](idbc2ae01f0d3e05a3f3b7374.jpg)

Sterling Capital Small Cap Value Fund

March 31, 2025

SEMI-ANNUAL SHAREHOLDER REPORT

https://sterlingcapitalfunds.com/funds/

Class R6 (SCSIX)

This semi-annual shareholder report contains important information about Sterling Capital Small Cap Value Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund athttps://sterlingcapitalfunds.com/funds/. You can also request this information by contacting us at (888) 228-1872.

#### KEY FUND STATISTICS (as of Period End)
* Net Assets$156,119,912

* Number of Portfolio Holdings43

* Advisory Fee (net of waivers)$684,806

* Portfolio Turnover2%

#### WHAT WERE THE FUND COSTS FOR THE YEAR?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class R6 | $44 | 0.92% |

---

#### Asset Weighting (as a % of Total Investments)
![Group By Asset Type Chart](i53d0b4c0ceacdafcb39c8b2f.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Common Stocks | 99.7% |
| Money Market Funds | 0.3% |

---

#### SECTOR WEIGHTING (as a % of Net Assets)

---

| | |
|:---|:---|
| Money Market Funds | 0.3% |
| Health Care | 2.0% |
| Materials | 2.6% |
| Communication Services | 2.6% |
| Utilities | 4.8% |
| Energy | 5.2% |
| Consumer Discretionary | 5.7% |
| Real Estate | 6.7% |
| Information Technology | 11.6% |
| Consumer Staples | 11.7% |
| Industrials | 23.1% |
| Financials | 23.7% |
| Other Assets in Excess of Liabilities | -% |

---

#### Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, and holdings, visit https://sterlingcapitalfunds.com/funds/.

Information about the Fund's proxy voting records is available by calling (888) 228-1872.

TSR-SAR 033125-SCSIX

![Image](id242f0c91840b39cb57aab5f.jpg)

Sterling Capital Small Cap Value Fund

March 31, 2025

SEMI-ANNUAL SHAREHOLDER REPORT

https://sterlingcapitalfunds.com/funds/

Class Institutional (STSCX)

This semi-annual shareholder report contains important information about Sterling Capital Small Cap Value Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund athttps://sterlingcapitalfunds.com/funds/. You can also request this information by contacting us at (888) 228-1872.

#### KEY FUND STATISTICS (as of Period End)
* Net Assets$156,119,912

* Number of Portfolio Holdings43

* Advisory Fee (net of waivers)$684,806

* Portfolio Turnover2%

#### WHAT WERE THE FUND COSTS FOR THE YEAR?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class Institutional | $50 | 1.05% |

---

#### Asset Weighting (as a % of Total Investments)
![Group By Asset Type Chart](i20c578b9874e2f4738e8a593.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Common Stocks | 99.7% |
| Money Market Funds | 0.3% |

---

#### SECTOR WEIGHTING (as a % of Net Assets)

---

| | |
|:---|:---|
| Money Market Funds | 0.3% |
| Health Care | 2.0% |
| Materials | 2.6% |
| Communication Services | 2.6% |
| Utilities | 4.8% |
| Energy | 5.2% |
| Consumer Discretionary | 5.7% |
| Real Estate | 6.7% |
| Information Technology | 11.6% |
| Consumer Staples | 11.7% |
| Industrials | 23.1% |
| Financials | 23.7% |
| Other Assets in Excess of Liabilities | -% |

---

#### Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, and holdings, visit https://sterlingcapitalfunds.com/funds/.

Information about the Fund's proxy voting records is available by calling (888) 228-1872.

TSR-SAR 033125-STSCX

![Image](i22922d88eb53c5a488af7006.jpg)

Sterling Capital South Carolina Intermediate Tax-Free Fund

March 31, 2025

SEMI-ANNUAL SHAREHOLDER REPORT

https://sterlingcapitalfunds.com/funds/

Class A (BASCX)

This semi-annual shareholder report contains important information about Sterling Capital South Carolina Intermediate Tax-Free Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund athttps://sterlingcapitalfunds.com/funds/. You can also request this information by contacting us at (888) 228-1872.

#### KEY FUND STATISTICS (as of Period End)
* Net Assets$22,951,057

* Number of Portfolio Holdings32

* Advisory Fee $45,875

* Portfolio Turnover5%

#### WHAT WERE THE FUND COSTS FOR THE YEAR?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $44 | 0.89% |

---

#### Asset Weighting (as a % of Total Investments)
![Group By Asset Type Chart](i698133eadfe1fe7a6ad9d6b0.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Money Market Funds | 7.0% |
| Municipal Bonds | 93.0% |

---

#### HOLDINGS BY STATE OF ISSUANCE (as a % of Net Assets)

---

| | |
|:---|:---|
| South Carolina | 94.3% |
| Liabilities in Excess of Other Assets | 5.7% |

---

#### Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, and holdings, visit https://sterlingcapitalfunds.com/funds/.

Information about the Fund's proxy voting records is available by calling (888) 228-1872.

TSR-SAR 033125-BASCX

![Image](ib0bf5a9ab3f4fb9f12cc7e52.jpg)

Sterling Capital South Carolina Intermediate Tax-Free Fund

March 31, 2025

SEMI-ANNUAL SHAREHOLDER REPORT

https://sterlingcapitalfunds.com/funds/

Class C (BSCCX)

This semi-annual shareholder report contains important information about Sterling Capital South Carolina Intermediate Tax-Free Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund athttps://sterlingcapitalfunds.com/funds/. You can also request this information by contacting us at (888) 228-1872.

#### KEY FUND STATISTICS (as of Period End)
* Net Assets$22,951,057

* Number of Portfolio Holdings32

* Advisory Fee $45,875

* Portfolio Turnover5%

#### WHAT WERE THE FUND COSTS FOR THE YEAR?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class C | $81 | 1.64% |

---

#### Asset Weighting (as a % of Total Investments)
![Group By Asset Type Chart](i8b05608f3ae2f18c94ba1f0c.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Money Market Funds | 7.0% |
| Municipal Bonds | 93.0% |

---

#### HOLDINGS BY STATE OF ISSUANCE (as a % of Net Assets)

---

| | |
|:---|:---|
| South Carolina | 94.3% |
| Liabilities in Excess of Other Assets | 5.7% |

---

#### Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, and holdings, visit https://sterlingcapitalfunds.com/funds/.

Information about the Fund's proxy voting records is available by calling (888) 228-1872.

TSR-SAR 033125-BSCCX

![Image](i47acc1385062eb89aa059f28.jpg)

Sterling Capital South Carolina Intermediate Tax-Free Fund

March 31, 2025

SEMI-ANNUAL SHAREHOLDER REPORT

https://sterlingcapitalfunds.com/funds/

Class Institutional (BSCIX)

This semi-annual shareholder report contains important information about Sterling Capital South Carolina Intermediate Tax-Free Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund athttps://sterlingcapitalfunds.com/funds/. You can also request this information by contacting us at (888) 228-1872.

#### KEY FUND STATISTICS (as of Period End)
* Net Assets$22,951,057

* Number of Portfolio Holdings32

* Advisory Fee $45,875

* Portfolio Turnover5%

#### WHAT WERE THE FUND COSTS FOR THE YEAR?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class Institutional | $32 | 0.64% |

---

#### Asset Weighting (as a % of Total Investments)
![Group By Asset Type Chart](i0e4f77e454135c29c31d910a.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Money Market Funds | 7.0% |
| Municipal Bonds | 93.0% |

---

#### HOLDINGS BY STATE OF ISSUANCE (as a % of Net Assets)

---

| | |
|:---|:---|
| South Carolina | 94.3% |
| Liabilities in Excess of Other Assets | 5.7% |

---

#### Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, and holdings, visit https://sterlingcapitalfunds.com/funds/.

Information about the Fund's proxy voting records is available by calling (888) 228-1872.

TSR-SAR 033125-BSCIX

![Image](i1b1b7639855911f089a7183d.jpg)

Sterling Capital Special Opportunities Fund

March 31, 2025

SEMI-ANNUAL SHAREHOLDER REPORT

https://sterlingcapitalfunds.com/funds/

Class A (BOPAX)

This semi-annual shareholder report contains important information about Sterling Capital Special Opportunities Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund athttps://sterlingcapitalfunds.com/funds/. You can also request this information by contacting us at (888) 228-1872.

#### KEY FUND STATISTICS (as of Period End)
* Net Assets$372,647,148

* Number of Portfolio Holdings32

* Advisory Fee (net of waivers)$1,342,659

* Portfolio Turnover20%

#### WHAT WERE THE FUND COSTS FOR THE YEAR?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $56 | 1.14% |

---

#### Asset Weighting (as a % of Total Investments)
![Group By Asset Type Chart](i10f2fe5d463ac6f0b43478b9.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Common Stocks | 99.0% |
| Money Market Funds | 1.0% |

---

#### SECTOR WEIGHTING (as a % of Net Assets)

---

| | |
|:---|:---|
| Money Market Funds | 1.0% |
| Real Estate | 2.1% |
| Communication Services | 3.2% |
| Materials | 3.4% |
| Energy | 4.2% |
| Consumer Discretionary | 4.6% |
| Information Technology | 4.9% |
| Communications | 6.9% |
| Industrials | 7.2% |
| Financials | 12.0% |
| Health Care | 17.3% |
| Technology | 33.3% |
| Liabilities in Excess of Other Assets | -0.1% |

---

#### Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, and holdings, visit https://sterlingcapitalfunds.com/funds/.

Information about the Fund's proxy voting records is available by calling (888) 228-1872.

TSR-SAR 033125-BOPAX

![Image](iedc241eec2d3d52668ac36b4.jpg)

Sterling Capital Special Opportunities Fund

March 31, 2025

SEMI-ANNUAL SHAREHOLDER REPORT

https://sterlingcapitalfunds.com/funds/

Class C (BOPCX)

This semi-annual shareholder report contains important information about Sterling Capital Special Opportunities Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund athttps://sterlingcapitalfunds.com/funds/. You can also request this information by contacting us at (888) 228-1872.

#### KEY FUND STATISTICS (as of Period End)
* Net Assets$372,647,148

* Number of Portfolio Holdings32

* Advisory Fee (net of waivers)$1,342,659

* Portfolio Turnover20%

#### WHAT WERE THE FUND COSTS FOR THE YEAR?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class C | $93 | 1.89% |

---

#### Asset Weighting (as a % of Total Investments)
![Group By Asset Type Chart](iddecd66a98feb39be35accb4.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Common Stocks | 99.0% |
| Money Market Funds | 1.0% |

---

#### SECTOR WEIGHTING (as a % of Net Assets)

---

| | |
|:---|:---|
| Money Market Funds | 1.0% |
| Real Estate | 2.1% |
| Communication Services | 3.2% |
| Materials | 3.4% |
| Energy | 4.2% |
| Consumer Discretionary | 4.6% |
| Information Technology | 4.9% |
| Communications | 6.9% |
| Industrials | 7.2% |
| Financials | 12.0% |
| Health Care | 17.3% |
| Technology | 33.3% |
| Liabilities in Excess of Other Assets | -0.1% |

---

#### Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, and holdings, visit https://sterlingcapitalfunds.com/funds/.

Information about the Fund's proxy voting records is available by calling (888) 228-1872.

TSR-SAR 033125-BOPCX

![Image](ib97d7ce50bea7ea5ac2c1d20.jpg)

Sterling Capital Special Opportunities Fund

March 31, 2025

SEMI-ANNUAL SHAREHOLDER REPORT

https://sterlingcapitalfunds.com/funds/

Class R6 (STRSX)

This semi-annual shareholder report contains important information about Sterling Capital Special Opportunities Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund athttps://sterlingcapitalfunds.com/funds/. You can also request this information by contacting us at (888) 228-1872.

#### KEY FUND STATISTICS (as of Period End)
* Net Assets$372,647,148

* Number of Portfolio Holdings32

* Advisory Fee (net of waivers)$1,342,659

* Portfolio Turnover20%

#### WHAT WERE THE FUND COSTS FOR THE YEAR?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class R6 | $39 | 0.79% |

---

#### Asset Weighting (as a % of Total Investments)
![Group By Asset Type Chart](i1827635a5e16a605cb71dc5e.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Common Stocks | 99.0% |
| Money Market Funds | 1.0% |

---

#### SECTOR WEIGHTING (as a % of Net Assets)

---

| | |
|:---|:---|
| Money Market Funds | 1.0% |
| Real Estate | 2.1% |
| Communication Services | 3.2% |
| Materials | 3.4% |
| Energy | 4.2% |
| Consumer Discretionary | 4.6% |
| Information Technology | 4.9% |
| Communications | 6.9% |
| Industrials | 7.2% |
| Financials | 12.0% |
| Health Care | 17.3% |
| Technology | 33.3% |
| Liabilities in Excess of Other Assets | -0.1% |

---

#### Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, and holdings, visit https://sterlingcapitalfunds.com/funds/.

Information about the Fund's proxy voting records is available by calling (888) 228-1872.

TSR-SAR 033125-STRSX

![Image](i74a73c5b6904766b1013d306.jpg)

Sterling Capital Special Opportunities Fund

March 31, 2025

SEMI-ANNUAL SHAREHOLDER REPORT

https://sterlingcapitalfunds.com/funds/

Class Institutional (BOPIX)

This semi-annual shareholder report contains important information about Sterling Capital Special Opportunities Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund athttps://sterlingcapitalfunds.com/funds/. You can also request this information by contacting us at (888) 228-1872.

#### KEY FUND STATISTICS (as of Period End)
* Net Assets$372,647,148

* Number of Portfolio Holdings32

* Advisory Fee (net of waivers)$1,342,659

* Portfolio Turnover20%

#### WHAT WERE THE FUND COSTS FOR THE YEAR?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class Institutional | $44 | 0.89% |

---

#### Asset Weighting (as a % of Total Investments)
![Group By Asset Type Chart](i0d3447d5132abdbcde619b8b.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Common Stocks | 99.0% |
| Money Market Funds | 1.0% |

---

#### SECTOR WEIGHTING (as a % of Net Assets)

---

| | |
|:---|:---|
| Money Market Funds | 1.0% |
| Real Estate | 2.1% |
| Communication Services | 3.2% |
| Materials | 3.4% |
| Energy | 4.2% |
| Consumer Discretionary | 4.6% |
| Information Technology | 4.9% |
| Communications | 6.9% |
| Industrials | 7.2% |
| Financials | 12.0% |
| Health Care | 17.3% |
| Technology | 33.3% |
| Liabilities in Excess of Other Assets | -0.1% |

---

#### Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, and holdings, visit https://sterlingcapitalfunds.com/funds/.

Information about the Fund's proxy voting records is available by calling (888) 228-1872.

TSR-SAR 033125-BOPIX

![Image](i7d8684a9354070ace924c235.jpg)

Sterling Capital Total Return Bond Fund

March 31, 2025

SEMI-ANNUAL SHAREHOLDER REPORT

https://sterlingcapitalfunds.com/funds/

Class A (BICAX)

This semi-annual shareholder report contains important information about Sterling Capital Total Return Bond Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund athttps://sterlingcapitalfunds.com/funds/. You can also request this information by contacting us at (888) 228-1872.

#### KEY FUND STATISTICS (as of Period End)
* Net Assets$1,472,363,327

* Number of Portfolio Holdings356

* Advisory Fee (net of waivers)$1,360,859

* Portfolio Turnover38%

#### WHAT WERE THE FUND COSTS FOR THE YEAR?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $35 | 0.71% |

---

#### Asset Weighting (as a % of Total Investments)
![Group By Asset Type Chart](i36053340ae7e286cdaff4893.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Asset Backed Securities | 12.4% |
| Collateralized Mortgage Obligations | 4.5% |
| Commercial Mortgage-Backed Securities | 10.9% |
| Corporate Bonds | 20.4% |
| Money Market Funds | 0.6% |
| Mortgage-Backed Securities | 26.9% |
| Municipal Bonds | 1.1% |
| U.S. Treasury Bonds & Notes | 23.2% |

---

#### SECTOR WEIGHTING (as a % of Net Assets)

---

| | |
|:---|:---|
| Communication Services | 0.2% |
| Materials | 0.5% |
| Information Technology | 0.5% |
| Money Market Funds | 0.6% |
| Communications | 0.7% |
| Health Care | 0.9% |
| Industrials | 0.9% |
| Technology | 1.0% |
| Municipal Bonds | 1.1% |
| Consumer Discretionary | 1.1% |
| Real Estate | 1.1% |
| Consumer Staples | 1.1% |
| Energy | 1.3% |
| Utilities | 2.3% |
| Collateralized Mortgage Obligations | 4.5% |
| Financials | 8.8% |
| Commercial Mortgage-Backed Securities | 10.9% |
| Asset Backed Securities | 12.4% |
| U.S. Treasury Bonds & Notes | 23.2% |
| Mortgage-Backed Securities | 26.9% |
| Other Assets in Excess of Liabilities | -% |

---

#### Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, and holdings, visit https://sterlingcapitalfunds.com/funds/.

Information about the Fund's proxy voting records is available by calling (888) 228-1872.

TSR-SAR 033125-BICAX

![Image](id792a570b3dad75a3d4b8ee3.jpg)

Sterling Capital Total Return Bond Fund

March 31, 2025

SEMI-ANNUAL SHAREHOLDER REPORT

https://sterlingcapitalfunds.com/funds/

Class C (BICCX)

This semi-annual shareholder report contains important information about Sterling Capital Total Return Bond Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund athttps://sterlingcapitalfunds.com/funds/. You can also request this information by contacting us at (888) 228-1872.

#### KEY FUND STATISTICS (as of Period End)
* Net Assets$1,472,363,327

* Number of Portfolio Holdings356

* Advisory Fee (net of waivers)$1,360,859

* Portfolio Turnover38%

#### WHAT WERE THE FUND COSTS FOR THE YEAR?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class C | $73 | 1.46% |

---

#### Asset Weighting (as a % of Total Investments)
![Group By Asset Type Chart](i2d83f7e22d1f4bbf9882eff6.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Asset Backed Securities | 12.4% |
| Collateralized Mortgage Obligations | 4.5% |
| Commercial Mortgage-Backed Securities | 10.9% |
| Corporate Bonds | 20.4% |
| Money Market Funds | 0.6% |
| Mortgage-Backed Securities | 26.9% |
| Municipal Bonds | 1.1% |
| U.S. Treasury Bonds & Notes | 23.2% |

---

#### SECTOR WEIGHTING (as a % of Net Assets)

---

| | |
|:---|:---|
| Communication Services | 0.2% |
| Materials | 0.5% |
| Information Technology | 0.5% |
| Money Market Funds | 0.6% |
| Communications | 0.7% |
| Health Care | 0.9% |
| Industrials | 0.9% |
| Technology | 1.0% |
| Municipal Bonds | 1.1% |
| Consumer Discretionary | 1.1% |
| Real Estate | 1.1% |
| Consumer Staples | 1.1% |
| Energy | 1.3% |
| Utilities | 2.3% |
| Collateralized Mortgage Obligations | 4.5% |
| Financials | 8.8% |
| Commercial Mortgage-Backed Securities | 10.9% |
| Asset Backed Securities | 12.4% |
| U.S. Treasury Bonds & Notes | 23.2% |
| Mortgage-Backed Securities | 26.9% |
| Other Assets in Excess of Liabilities | -% |

---

#### Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, and holdings, visit https://sterlingcapitalfunds.com/funds/.

Information about the Fund's proxy voting records is available by calling (888) 228-1872.

TSR-SAR 033125-BICCX

![Image](i090a95585501ddb68c414668.jpg)

Sterling Capital Total Return Bond Fund

March 31, 2025

SEMI-ANNUAL SHAREHOLDER REPORT

https://sterlingcapitalfunds.com/funds/

Class R6 (STRDX)

This semi-annual shareholder report contains important information about Sterling Capital Total Return Bond Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund athttps://sterlingcapitalfunds.com/funds/. You can also request this information by contacting us at (888) 228-1872.

#### KEY FUND STATISTICS (as of Period End)
* Net Assets$1,472,363,327

* Number of Portfolio Holdings356

* Advisory Fee (net of waivers)$1,360,859

* Portfolio Turnover38%

#### WHAT WERE THE FUND COSTS FOR THE YEAR?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class R6 | $18 | 0.36% |

---

#### Asset Weighting (as a % of Total Investments)
![Group By Asset Type Chart](i3dcd8c5c702e2963c692e40a.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Asset Backed Securities | 12.4% |
| Collateralized Mortgage Obligations | 4.5% |
| Commercial Mortgage-Backed Securities | 10.9% |
| Corporate Bonds | 20.4% |
| Money Market Funds | 0.6% |
| Mortgage-Backed Securities | 26.9% |
| Municipal Bonds | 1.1% |
| U.S. Treasury Bonds & Notes | 23.2% |

---

#### SECTOR WEIGHTING (as a % of Net Assets)

---

| | |
|:---|:---|
| Communication Services | 0.2% |
| Materials | 0.5% |
| Information Technology | 0.5% |
| Money Market Funds | 0.6% |
| Communications | 0.7% |
| Health Care | 0.9% |
| Industrials | 0.9% |
| Technology | 1.0% |
| Municipal Bonds | 1.1% |
| Consumer Discretionary | 1.1% |
| Real Estate | 1.1% |
| Consumer Staples | 1.1% |
| Energy | 1.3% |
| Utilities | 2.3% |
| Collateralized Mortgage Obligations | 4.5% |
| Financials | 8.8% |
| Commercial Mortgage-Backed Securities | 10.9% |
| Asset Backed Securities | 12.4% |
| U.S. Treasury Bonds & Notes | 23.2% |
| Mortgage-Backed Securities | 26.9% |
| Other Assets in Excess of Liabilities | -% |

---

#### Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, and holdings, visit https://sterlingcapitalfunds.com/funds/.

Information about the Fund's proxy voting records is available by calling (888) 228-1872.

TSR-SAR 033125-STRDX

![Image](ibb6bc339473fd9945fa1eb45.jpg)

Sterling Capital Total Return Bond Fund

March 31, 2025

SEMI-ANNUAL SHAREHOLDER REPORT

https://sterlingcapitalfunds.com/funds/

Class Institutional (BIBTX)

This semi-annual shareholder report contains important information about Sterling Capital Total Return Bond Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund athttps://sterlingcapitalfunds.com/funds/. You can also request this information by contacting us at (888) 228-1872.

#### KEY FUND STATISTICS (as of Period End)
* Net Assets$1,472,363,327

* Number of Portfolio Holdings356

* Advisory Fee (net of waivers)$1,360,859

* Portfolio Turnover38%

#### WHAT WERE THE FUND COSTS FOR THE YEAR?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class Institutional | $23 | 0.46% |

---

#### Asset Weighting (as a % of Total Investments)
![Group By Asset Type Chart](i4b0f828173b7a5e13e03a622.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Asset Backed Securities | 12.4% |
| Collateralized Mortgage Obligations | 4.5% |
| Commercial Mortgage-Backed Securities | 10.9% |
| Corporate Bonds | 20.4% |
| Money Market Funds | 0.6% |
| Mortgage-Backed Securities | 26.9% |
| Municipal Bonds | 1.1% |
| U.S. Treasury Bonds & Notes | 23.2% |

---

#### SECTOR WEIGHTING (as a % of Net Assets)

---

| | |
|:---|:---|
| Communication Services | 0.2% |
| Materials | 0.5% |
| Information Technology | 0.5% |
| Money Market Funds | 0.6% |
| Communications | 0.7% |
| Health Care | 0.9% |
| Industrials | 0.9% |
| Technology | 1.0% |
| Municipal Bonds | 1.1% |
| Consumer Discretionary | 1.1% |
| Real Estate | 1.1% |
| Consumer Staples | 1.1% |
| Energy | 1.3% |
| Utilities | 2.3% |
| Collateralized Mortgage Obligations | 4.5% |
| Financials | 8.8% |
| Commercial Mortgage-Backed Securities | 10.9% |
| Asset Backed Securities | 12.4% |
| U.S. Treasury Bonds & Notes | 23.2% |
| Mortgage-Backed Securities | 26.9% |
| Other Assets in Excess of Liabilities | -% |

---

#### Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, and holdings, visit https://sterlingcapitalfunds.com/funds/.

Information about the Fund's proxy voting records is available by calling (888) 228-1872.

TSR-SAR 033125-BIBTX

![Image](ie2f547f701c98977b25aa704.jpg)

Sterling Capital Ultra Short Bond Fund

March 31, 2025

SEMI-ANNUAL SHAREHOLDER REPORT

https://sterlingcapitalfunds.com/funds/

Class A (BUSRX)

This semi-annual shareholder report contains important information about Sterling Capital Ultra Short Bond Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund athttps://sterlingcapitalfunds.com/funds/. You can also request this information by contacting us at (888) 228-1872.

#### KEY FUND STATISTICS (as of Period End)
* Net Assets$27,090,172

* Number of Portfolio Holdings119

* Advisory Fee (net of waivers)$6,925

* Portfolio Turnover38%

#### WHAT WERE THE FUND COSTS FOR THE YEAR?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $34 | 0.68% |

---

#### Asset Weighting (as a % of Total Investments)
![Group By Asset Type Chart](i836875fd0f183e6b2f92a4f9.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Asset Backed Securities | 32.0% |
| Collateralized Mortgage Obligations | 4.9% |
| Commercial Mortgage-Backed Securities | 15.7% |
| Corporate Bonds | 41.6% |
| Money Market Funds | 2.2% |
| Municipal Bonds | 0.6% |
| U.S. Government & Agencies | 3.0% |

---

#### SECTOR WEIGHTING (as a % of Net Assets)

---

| | |
|:---|:---|
| Energy | 0.6% |
| Municipal Bonds | 0.6% |
| Consumer Staples | 0.9% |
| Communications | 0.9% |
| Real Estate | 0.9% |
| Technology | 1.0% |
| Health Care | 1.9% |
| Money Market Funds | 2.2% |
| Utilities | 2.2% |
| Consumer Discretionary | 2.9% |
| U.S. Treasury Obligations | 3.0% |
| Industrials | 4.8% |
| Collateralized Mortgage Obligations | 4.9% |
| Commercial Mortgage-Backed Securities | 15.9% |
| Financials | 25.8% |
| Asset Backed Securities | 32.2% |
| Liabilities in Excess of Other Assets | -0.7% |

---

#### Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, and holdings, visit https://sterlingcapitalfunds.com/funds/.

Information about the Fund's proxy voting records is available by calling (888) 228-1872.

TSR-SAR 033125-BUSRX

![Image](i8deeb2b31a8d60784ed91882.jpg)

Sterling Capital Ultra Short Bond Fund

March 31, 2025

SEMI-ANNUAL SHAREHOLDER REPORT

https://sterlingcapitalfunds.com/funds/

Class Institutional (BUSIX)

This semi-annual shareholder report contains important information about Sterling Capital Ultra Short Bond Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund athttps://sterlingcapitalfunds.com/funds/. You can also request this information by contacting us at (888) 228-1872.

#### KEY FUND STATISTICS (as of Period End)
* Net Assets$27,090,172

* Number of Portfolio Holdings119

* Advisory Fee (net of waivers)$6,925

* Portfolio Turnover38%

#### WHAT WERE THE FUND COSTS FOR THE YEAR?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class Institutional | $22 | 0.43% |

---

#### Asset Weighting (as a % of Total Investments)
![Group By Asset Type Chart](ic1e2d5e866ce5ac0d42e1929.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Asset Backed Securities | 32.0% |
| Collateralized Mortgage Obligations | 4.9% |
| Commercial Mortgage-Backed Securities | 15.7% |
| Corporate Bonds | 41.6% |
| Money Market Funds | 2.2% |
| Municipal Bonds | 0.6% |
| U.S. Government & Agencies | 3.0% |

---

#### SECTOR WEIGHTING (as a % of Net Assets)

---

| | |
|:---|:---|
| Energy | 0.6% |
| Municipal Bonds | 0.6% |
| Consumer Staples | 0.9% |
| Communications | 0.9% |
| Real Estate | 0.9% |
| Technology | 1.0% |
| Health Care | 1.9% |
| Money Market Funds | 2.2% |
| Utilities | 2.2% |
| Consumer Discretionary | 2.9% |
| U.S. Treasury Obligations | 3.0% |
| Industrials | 4.8% |
| Collateralized Mortgage Obligations | 4.9% |
| Commercial Mortgage-Backed Securities | 15.9% |
| Financials | 25.8% |
| Asset Backed Securities | 32.2% |
| Liabilities in Excess of Other Assets | -0.7% |

---

#### Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, and holdings, visit https://sterlingcapitalfunds.com/funds/.

Information about the Fund's proxy voting records is available by calling (888) 228-1872.

TSR-SAR 033125-BUSIX

![Image](ic1cca2d68bb11acd58d7cc99.jpg)

Sterling Capital Virginia Intermediate Tax-Free Fund

March 31, 2025

SEMI-ANNUAL SHAREHOLDER REPORT

https://sterlingcapitalfunds.com/funds/

Class A (BVAAX)

This semi-annual shareholder report contains important information about Sterling Capital Virginia Intermediate Tax-Free Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund athttps://sterlingcapitalfunds.com/funds/. You can also request this information by contacting us at (888) 228-1872.

#### KEY FUND STATISTICS (as of Period End)
* Net Assets$42,560,059

* Number of Portfolio Holdings39

* Advisory Fee $77,029

* Portfolio Turnover10%

#### WHAT WERE THE FUND COSTS FOR THE YEAR?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $42 | 0.85% |

---

#### Asset Weighting (as a % of Total Investments)
![Group By Asset Type Chart](i6ff5d8aff587401485181bfd.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Money Market Funds | 0.4% |
| Municipal Bonds | 99.6% |

---

#### HOLDINGS BY STATE OF ISSUANCE (as a % of Net Assets)

---

| | |
|:---|:---|
| Virginia | 98.6% |
| Other Assets in Excess of Liabilities | 1.4% |

---

#### Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, and holdings, visit https://sterlingcapitalfunds.com/funds/.

Information about the Fund's proxy voting records is available by calling (888) 228-1872.

TSR-SAR 033125-BVAAX

![Image](i465b3899a5a51da62ffe569d.jpg)

Sterling Capital Virginia Intermediate Tax-Free Fund

March 31, 2025

SEMI-ANNUAL SHAREHOLDER REPORT

https://sterlingcapitalfunds.com/funds/

Class C (BVACX)

This semi-annual shareholder report contains important information about Sterling Capital Virginia Intermediate Tax-Free Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund athttps://sterlingcapitalfunds.com/funds/. You can also request this information by contacting us at (888) 228-1872.

#### KEY FUND STATISTICS (as of Period End)
* Net Assets$42,560,059

* Number of Portfolio Holdings39

* Advisory Fee $77,029

* Portfolio Turnover10%

#### WHAT WERE THE FUND COSTS FOR THE YEAR?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class C | $78 | 1.58% |

---

#### Asset Weighting (as a % of Total Investments)
![Group By Asset Type Chart](ie75c9b3c733252016853e6e4.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Money Market Funds | 0.4% |
| Municipal Bonds | 99.6% |

---

#### HOLDINGS BY STATE OF ISSUANCE (as a % of Net Assets)

---

| | |
|:---|:---|
| Virginia | 98.6% |
| Other Assets in Excess of Liabilities | 1.4% |

---

#### Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, and holdings, visit https://sterlingcapitalfunds.com/funds/.

Information about the Fund's proxy voting records is available by calling (888) 228-1872.

TSR-SAR 033125-BVACX

![Image](iba7380125b452e90618bb5e1.jpg)

Sterling Capital Virginia Intermediate Tax-Free Fund

March 31, 2025

SEMI-ANNUAL SHAREHOLDER REPORT

https://sterlingcapitalfunds.com/funds/

Class Institutional (BVATX)

This semi-annual shareholder report contains important information about Sterling Capital Virginia Intermediate Tax-Free Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund athttps://sterlingcapitalfunds.com/funds/. You can also request this information by contacting us at (888) 228-1872.

#### KEY FUND STATISTICS (as of Period End)
* Net Assets$42,560,059

* Number of Portfolio Holdings39

* Advisory Fee $77,029

* Portfolio Turnover10%

#### WHAT WERE THE FUND COSTS FOR THE YEAR?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class Institutional | $30 | 0.60% |

---

#### Asset Weighting (as a % of Total Investments)
![Group By Asset Type Chart](i4ac006dc004de5162d737ad0.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Money Market Funds | 0.4% |
| Municipal Bonds | 99.6% |

---

#### HOLDINGS BY STATE OF ISSUANCE (as a % of Net Assets)

---

| | |
|:---|:---|
| Virginia | 98.6% |
| Other Assets in Excess of Liabilities | 1.4% |

---

#### Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, and holdings, visit https://sterlingcapitalfunds.com/funds/.

Information about the Fund's proxy voting records is available by calling (888) 228-1872.

TSR-SAR 033125-BVATX

![Image](i4bc0ca067f63ee5e8a20d764.jpg)

Sterling Capital West Virginia Intermediate Tax-Free Fund

March 31, 2025

SEMI-ANNUAL SHAREHOLDER REPORT

https://sterlingcapitalfunds.com/funds/

Class A (BWVAX)

This semi-annual shareholder report contains important information about Sterling Capital West Virginia Intermediate Tax-Free Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund athttps://sterlingcapitalfunds.com/funds/. You can also request this information by contacting us at (888) 228-1872.

#### KEY FUND STATISTICS (as of Period End)
* Net Assets$51,511,634

* Number of Portfolio Holdings44

* Advisory Fee $93,455

* Portfolio Turnover3%

#### WHAT WERE THE FUND COSTS FOR THE YEAR?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $42 | 0.85% |

---

#### Asset Weighting (as a % of Total Investments)
![Group By Asset Type Chart](i25ccc440e7171e25449ad5dc.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Money Market Funds | 1.9% |
| Municipal Bonds | 98.1% |

---

#### HOLDINGS BY STATE OF ISSUANCE (as a % of Net Assets)

---

| | |
|:---|:---|
| West Virginia | 96.6% |
| Other Assets in Excess of Liabilities | 3.4% |

---

#### Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, and holdings, visit https://sterlingcapitalfunds.com/funds/.

Information about the Fund's proxy voting records is available by calling (888) 228-1872.

TSR-SAR 033125-BWVAX

![Image](i91fe2d5f07c09ac9174df94e.jpg)

Sterling Capital West Virginia Intermediate Tax-Free Fund

March 31, 2025

SEMI-ANNUAL SHAREHOLDER REPORT

https://sterlingcapitalfunds.com/funds/

Class C (BWVCX)

This semi-annual shareholder report contains important information about Sterling Capital West Virginia Intermediate Tax-Free Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund athttps://sterlingcapitalfunds.com/funds/. You can also request this information by contacting us at (888) 228-1872.

#### KEY FUND STATISTICS (as of Period End)
* Net Assets$51,511,634

* Number of Portfolio Holdings44

* Advisory Fee $93,455

* Portfolio Turnover3%

#### WHAT WERE THE FUND COSTS FOR THE YEAR?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class C | $79 | 1.60% |

---

#### Asset Weighting (as a % of Total Investments)
![Group By Asset Type Chart](i4f12b6ba1e48869f45b63dd6.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Money Market Funds | 1.9% |
| Municipal Bonds | 98.1% |

---

#### HOLDINGS BY STATE OF ISSUANCE (as a % of Net Assets)

---

| | |
|:---|:---|
| West Virginia | 96.6% |
| Other Assets in Excess of Liabilities | 3.4% |

---

#### Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, and holdings, visit https://sterlingcapitalfunds.com/funds/.

Information about the Fund's proxy voting records is available by calling (888) 228-1872.

TSR-SAR 033125-BWVCX

![Image](idbc227eac8cc118060d3d3fa.jpg)

Sterling Capital West Virginia Intermediate Tax-Free Fund

March 31, 2025

SEMI-ANNUAL SHAREHOLDER REPORT

https://sterlingcapitalfunds.com/funds/

Class Institutional (OWVAX)

This semi-annual shareholder report contains important information about Sterling Capital West Virginia Intermediate Tax-Free Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund athttps://sterlingcapitalfunds.com/funds/. You can also request this information by contacting us at (888) 228-1872.

#### KEY FUND STATISTICS (as of Period End)
* Net Assets$51,511,634

* Number of Portfolio Holdings44

* Advisory Fee $93,455

* Portfolio Turnover3%

#### WHAT WERE THE FUND COSTS FOR THE YEAR?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class Institutional | $30 | 0.60% |

---

#### Asset Weighting (as a % of Total Investments)
![Group By Asset Type Chart](ifa1038a0be1afc9aded64b94.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Money Market Funds | 1.9% |
| Municipal Bonds | 98.1% |

---

#### HOLDINGS BY STATE OF ISSUANCE (as a % of Net Assets)

---

| | |
|:---|:---|
| West Virginia | 96.6% |
| Other Assets in Excess of Liabilities | 3.4% |

---

#### Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, and holdings, visit https://sterlingcapitalfunds.com/funds/.

Information about the Fund's proxy voting records is available by calling (888) 228-1872.

TSR-SAR 033125-OWVAX**

**Item 2.** **Code of Ethics.** 

Not applicable – disclosed with annual report.

**Item 3.** **Audit Committee Financial Expert.** 

Not applicable – disclosed with annual report.

**Item 4.** **Principal Accountant Fees and Services.**

Not applicable – disclosed with annual report.

**Item 5.** **Audit Committee of Listed Registrants.** 

Not applicable – disclosed with annual report.

**Item 6.** **Schedule of Investments.** 

The Registrant's schedule of investments in unaffiliated issuers is included in the Financial Statements under Item 7 of this form.

**Item 7.** **Financial Statements and Financial Highlights for Open-End Management Investment Companies.**

![](fp0093273-1_01.jpg)

**STERLING CAPITAL FUNDS**

**FINANCIAL STATEMENTS**

---

| | |
|:---|:---|
| Schedules of Investments | Page 2 |
| Statements of Assets and Liabilities | Page 42 |
| Statements of Operations | Page 45 |
| Statements of Changes in Net Assets | Page 48 |
| Financial Highlights | Page 58 |
| Notes to Financial Statements | Page 86 |
| Other Information | Page 106 |

---

**Sterling Capital Behavioral Large Cap Value Fund**

**Schedule of Investments**

*March 31, 2025 (Unaudited)*

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
| **COMMON STOCKS — 99.85%** | **COMMON STOCKS — 99.85%** | **COMMON STOCKS — 99.85%** |
|  | **Aerospace & Defense — 1.98%** |  |
| 5570 | &nbsp;&nbsp;&nbsp;Raytheon Technologies Corp. | $737802 |
|  | **Automobiles — 1.48%** |  |
| 11710 | &nbsp;&nbsp;&nbsp;General Motors Co. | 550721 |
|  | **Banks — 8.30%** |  |
| 1350 | &nbsp;&nbsp;&nbsp;Citigroup, Inc. | 95837 |
| 6135 | &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | 1504915 |
| 3030 | &nbsp;&nbsp;&nbsp;PNC Financial Services Group, Inc. | 532583 |
| 7360 | &nbsp;&nbsp;&nbsp;U.S. Bancorp | 310739 |
| 9000 | &nbsp;&nbsp;&nbsp;Wells Fargo & Co. | 646109 |
|  |  | 3090183 |
|  | **Biotechnology — 4.08%** |  |
| 3860 | &nbsp;&nbsp;&nbsp;AbbVie, Inc. | 808747 |
| 6340 | &nbsp;&nbsp;&nbsp;Gilead Sciences, Inc. | 710397 |
|  |  | 1519144 |
|  | **Broadline Retail — 0.42%** |  |
| 2310 | &nbsp;&nbsp;&nbsp;eBay, Inc. | 156456 |
|  | **Building Products — 1.46%** |  |
| 6790 | &nbsp;&nbsp;&nbsp;Johnson Controls International PLC | 543947 |
|  | **Capital Markets — 8.06%** |  |
| 900 | &nbsp;&nbsp;&nbsp;Ameriprise Financial, Inc. | 435699 |
| 7200 | &nbsp;&nbsp;&nbsp;Bank of New York Mellon Corp. (The) | 603864 |
| 1180 | &nbsp;&nbsp;&nbsp;Goldman Sachs Group, Inc. (The) | 644622 |
| 9600 | &nbsp;&nbsp;&nbsp;Invesco Ltd. | 145632 |
| 4615 | &nbsp;&nbsp;&nbsp;Janus Henderson Group PLC | 166832 |
| 5610 | &nbsp;&nbsp;&nbsp;Morgan Stanley | 654520 |
| 1780 | &nbsp;&nbsp;&nbsp;State Street Corp. | 159363 |
| 5050 | &nbsp;&nbsp;&nbsp;Virtu Financial, Inc., Class A | 192506 |
|  |  | 3003038 |
|  | **Chemicals — 0.79%** |  |
| 4330 | &nbsp;&nbsp;&nbsp;Axalta Coating Systems Ltd.<sup>(a)</sup> | 143626 |
| 2740 | &nbsp;&nbsp;&nbsp;Scotts Miracle-Gro Co./The<sup>(a)</sup> | 150399 |
|  |  | 294025 |
|  | **Communications Equipment — 2.31%** |  |
| 13900 | &nbsp;&nbsp;&nbsp;Cisco Systems, Inc. | 857769 |
|  | **Construction & Engineering — 0.27%** |  |
| 270 | &nbsp;&nbsp;&nbsp;EMCOR Group, Inc. | 99800 |
|  | **Construction Materials — 0.76%** |  |
| 3200 | &nbsp;&nbsp;&nbsp;CRH PLC | 281504 |
|  | **Consumer Finance — 2.01%** |  |
| 3230 | &nbsp;&nbsp;&nbsp;Capital One Financial Corp. | 579139 |
| 3195 | &nbsp;&nbsp;&nbsp;Synchrony Financial | 169143 |
|  |  | 748282 |
|  | **Consumer Staples Distribution & Retail — 2.37%** | **Consumer Staples Distribution & Retail — 2.37%** |
| 8460 | &nbsp;&nbsp;&nbsp;Kroger Co. (The) | 572657 |
| 3650 | &nbsp;&nbsp;&nbsp;Maplebear Inc<sup>(a)</sup> | 145599 |
| 2490 | &nbsp;&nbsp;&nbsp;US Foods Holding Corp.<sup>(a)</sup> | 162995 |
|  |  | 881251 |
|  | **Containers & Packaging — 1.24%** |  |
| 13490 | &nbsp;&nbsp;&nbsp;Amcor PLC | 130853 |
| 1890 | &nbsp;&nbsp;&nbsp;Crown Holdings, Inc. | 168701 |
| 3230 | &nbsp;&nbsp;&nbsp;Siligan Holdings, Inc. | 165118 |
|  |  | 464672 |
|  | **Diversified Consumer Services — 0.61%** | **Diversified Consumer Services — 0.61%** |
| 22130 | &nbsp;&nbsp;&nbsp;ADT, Inc.<sup>(a)</sup> | 180139 |
| 830 | &nbsp;&nbsp;&nbsp;H&R Block, Inc. | 45575 |
|  |  | 225714 |
|  | **Diversified Telecommunication Services — 3.22%** | **Diversified Telecommunication Services — 3.22%** |
| 29475 | &nbsp;&nbsp;&nbsp;AT&T, Inc. | 833553 |
| 8070 | &nbsp;&nbsp;&nbsp;Verizon Communications, Inc. | 366055 |
|  |  | 1199608 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Fair Value** | **Fair Value** |
| **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** |
|  | **Electric Utilities — 4.45%** |  |  |
| 5510 | &nbsp;&nbsp;&nbsp;American Electric Power Co., Inc. | $| 602078 |
| 5295 | &nbsp;&nbsp;&nbsp;Duke Energy Corp. |  | 645831 |
| 8880 | &nbsp;&nbsp;&nbsp;Exelon Corp. |  | 409190 |
|  |  |  | 1657099 |
|  | **Electrical Equipment — 1.82%** |  |  |
| 510 | &nbsp;&nbsp;&nbsp;Acuity Brands, Inc. |  | 134309 |
| 4960 | &nbsp;&nbsp;&nbsp;Emerson Electric Co. |  | 543814 |
|  |  |  | 678123 |
|  | **Energy Equipment & Services — 0.57%** |  |  |
| 6680 | &nbsp;&nbsp;&nbsp;TechnipFMC PLC |  | 211689 |
|  | **Financial Services — 0.54%** |  |  |
| 8050 | &nbsp;&nbsp;&nbsp;MGIC Investment Corp. |  | 199479 |
|  | **Food Products — 0.75%** |  |  |
| 770 | &nbsp;&nbsp;&nbsp;Ingredion, Inc. |  | 104112 |
| 3190 | &nbsp;&nbsp;&nbsp;Pilgrim's Pride Corp.<sup>(a)</sup> |  | 173887 |
|  |  |  | 277999 |
|  | **Health Care Equipment & Supplies — 0.34%** | **Health Care Equipment & Supplies — 0.34%** | **Health Care Equipment & Supplies — 0.34%** |
| 550 | &nbsp;&nbsp;&nbsp;Medtronic PLC |  | 49423 |
| 1040 | &nbsp;&nbsp;&nbsp;Solventum Corp.<sup>(a)</sup> |  | 79082 |
|  |  |  | 128505 |
|  | **Health Care Providers & Services — 6.92%** | **Health Care Providers & Services — 6.92%** | **Health Care Providers & Services — 6.92%** |
| 1965 | &nbsp;&nbsp;&nbsp;Cencora, Inc. |  | 546447 |
| 1640 | &nbsp;&nbsp;&nbsp;Cigna Group (The) |  | 539560 |
| 1740 | &nbsp;&nbsp;&nbsp;HCA Healthcare, Inc. |  | 601257 |
| 884 | &nbsp;&nbsp;&nbsp;McKesson Corp. |  | 594923 |
| 1230 | &nbsp;&nbsp;&nbsp;Tenet Healthcare Corp.<sup>(a)</sup> |  | 165435 |
| 700 | &nbsp;&nbsp;&nbsp;Universal Health Services, Inc., Class B |  | 131530 |
|  |  |  | 2579152 |
|  | **Health Care REITs — 0.41%** |  |  |
| 3990 | &nbsp;&nbsp;&nbsp;Omega Healthcare Investors, Inc. |  | 151939 |
|  | **Hotels, Restaurants & Leisure — 2.19%** |  |  |
| 1020 | &nbsp;&nbsp;&nbsp;Expedia, Inc.<sup>(a)</sup> |  | 171462 |
| 2290 | &nbsp;&nbsp;&nbsp;Royal Caribbean Cruises Ltd. |  | 470458 |
| 3760 | &nbsp;&nbsp;&nbsp;Travel + Leisure Co.<sup>(a)</sup> |  | 174050 |
|  |  |  | 815970 |
|  | **Household Products — 0.88%** |  |  |
| 510 | &nbsp;&nbsp;&nbsp;Clorox Co./The |  | 75098 |
| 1785 | &nbsp;&nbsp;&nbsp;Kimberly-Clark Corp. |  | 253862 |
|  |  |  | 328960 |
|  | **Industrial Conglomerates — 1.56%** |  |  |
| 3960 | &nbsp;&nbsp;&nbsp;3M Co. |  | 581566 |
|  | **Insurance — 3.44%** |  |  |
| 4970 | &nbsp;&nbsp;&nbsp;Aflac, Inc. |  | 552615 |
| 1860 | &nbsp;&nbsp;&nbsp;Allstate Corp. |  | 385150 |
| 1260 | &nbsp;&nbsp;&nbsp;Axis Capital Holdings Ltd. |  | 126302 |
| 980 | &nbsp;&nbsp;&nbsp;Hanover Insurance Group, Inc. (The) |  | 170471 |
| 1150 | &nbsp;&nbsp;&nbsp;Old Republic International Corp. |  | 45103 |
|  |  |  | 1279641 |
|  | **It Services — 2.26%** |  |  |
| 3390 | &nbsp;&nbsp;&nbsp;International Business Machines Corp. |  | 842957 |
|  | **Leisure Products — 0.44%** |  |  |
| 8380 | &nbsp;&nbsp;&nbsp;Mattel, Inc.<sup>(a)</sup> |  | 162823 |
|  | **Machinery — 2.79%** |  |  |
| 1790 | &nbsp;&nbsp;&nbsp;Allison Transmission Holdings, Inc. |  | 171249 |
| 470 | &nbsp;&nbsp;&nbsp;Cummins, Inc. |  | 147317 |
| 8730 | &nbsp;&nbsp;&nbsp;Gates Industrial Corp. PLC<sup>(a)</sup> |  | 160719 |
| 920 | &nbsp;&nbsp;&nbsp;Parker-Hannifin Corp. |  | 559222 |
|  |  |  | 1038507 |
|  | **Media — 2.92%** |  |  |
| 1460 | &nbsp;&nbsp;&nbsp;Charter Communications, Inc., Class A<sup>(a)</sup> |  | 538054 |
| 3960 | &nbsp;&nbsp;&nbsp;Fox Corporation, Class B |  | 208732 |
| 2940 | &nbsp;&nbsp;&nbsp;Fox Corporation, Class A<sup>(a)</sup> |  | 166404 |

---

2 *See accompanying notes to financial statements.*

**Sterling Capital Behavioral Large Cap Value Fund**

**Schedule of Investments (continued)**

*March 31, 2025 (Unaudited)*

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Fair Value** | **Fair Value** |
| **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** |
|  | **Media — (continued)** |  |  |
| 970 | &nbsp;&nbsp;&nbsp;Nexstar Media Group, Inc. | $| 173843 |
|  |  |  | 1087033 |
|  | **Mortgage Real Estate Investment Trusts (REITs) — 0.41%** | **Mortgage Real Estate Investment Trusts (REITs) — 0.41%** | **Mortgage Real Estate Investment Trusts (REITs) — 0.41%** |
| 13375 | &nbsp;&nbsp;&nbsp;Rithm Capital Corp.<sup>(a)</sup> |  | 153144 |
|  | **Multi-Utilities — 1.46%** |  |  |
| 9730 | &nbsp;&nbsp;&nbsp;Dominion Resources, Inc. |  | 545561 |
|  | **Office REITs — 0.46%** |  |  |
| 5850 | &nbsp;&nbsp;&nbsp;Cousins Properties, Inc. |  | 172575 |
|  | **Oil, Gas & Consumable Fuels — 7.70%** |  |  |
| 2440 | &nbsp;&nbsp;&nbsp;Cheniere Energy, Inc. |  | 564616 |
| 4570 | &nbsp;&nbsp;&nbsp;EOG Resources, Inc. |  | 586057 |
| 21190 | &nbsp;&nbsp;&nbsp;Kinder Morgan, Inc. |  | 604551 |
| 9870 | &nbsp;&nbsp;&nbsp;Occidental Petroleum Corp. |  | 487183 |
| 10470 | &nbsp;&nbsp;&nbsp;Williams Companies, Inc. (The) |  | 625687 |
|  |  |  | 2868094 |
|  | **Paper & Forest Products — 0.25%** |  |  |
| 1010 | &nbsp;&nbsp;&nbsp;Louisiana-Pacific Corp. |  | 92900 |
|  | **Passenger Airlines — 0.88%** |  |  |
| 2750 | &nbsp;&nbsp;&nbsp;American Airlines Group, Inc.<sup>(a)</sup> |  | 29013 |
| 3260 | &nbsp;&nbsp;&nbsp;Delta Air Lines, Inc. |  | 142136 |
| 2250 | &nbsp;&nbsp;&nbsp;United Continental Holdings, Inc.<sup>(a)</sup> |  | 155362 |
|  |  |  | 326511 |
|  | **Pharmaceuticals — 4.27%** |  |  |
| 11270 | &nbsp;&nbsp;&nbsp;Bristol-Myers Squibb Co. |  | 687357 |
| 1365 | &nbsp;&nbsp;&nbsp;Jazz Pharmaceuticals PLC<sup>(a)</sup> |  | 169465 |
| 22250 | &nbsp;&nbsp;&nbsp;Pfizer, Inc. |  | 563815 |
| 5400 | &nbsp;&nbsp;&nbsp;Royalty Pharma PLC, Class A<sup>(a)</sup> |  | 168102 |
|  |  |  | 1588739 |
|  | **Professional Services — 0.24%** |  |  |
| 670 | &nbsp;&nbsp;&nbsp;Leidos Holdings, Inc. |  | 90410 |
|  | **Retail REITs — 2.86%** |  |  |
| 9260 | &nbsp;&nbsp;&nbsp;Realty Income Corp. |  | 537173 |
| 3175 | &nbsp;&nbsp;&nbsp;Simon Property Group, Inc. |  | 527304 |
|  |  |  | 1064477 |
|  | **Semiconductors & Semiconductor Equipment — 1.82%** | **Semiconductors & Semiconductor Equipment — 1.82%** | **Semiconductors & Semiconductor Equipment — 1.82%** |
| 280 | &nbsp;&nbsp;&nbsp;Broadcom, Inc. |  | 46880 |
| 1660 | &nbsp;&nbsp;&nbsp;Cirrus Logic, Inc.<sup>(a)</sup> |  | 165427 |
| 3030 | &nbsp;&nbsp;&nbsp;QUALCOMM, Inc. |  | 465439 |
|  |  |  | 677746 |
|  | **Software — 0.45%** |  |  |
| 6340 | &nbsp;&nbsp;&nbsp;Gen Digital, Inc. |  | 168264 |
|  | **Specialized REITs — 1.23%** |  |  |
| 3150 | &nbsp;&nbsp;&nbsp;EPR Properties |  | 165722 |
| 2450 | &nbsp;&nbsp;&nbsp;Gaming and Leisure Properties, Inc. |  | 124705 |
| 5175 | &nbsp;&nbsp;&nbsp;VICI Properties, Inc. |  | 168808 |
|  |  |  | 459235 |
|  | **Specialty Retail — 0.45%** |  |  |
| 8220 | &nbsp;&nbsp;&nbsp;Gap, Inc. (The) |  | 169414 |
|  | **Technology Hardware, Storage & Peripherals — 0.32%** | **Technology Hardware, Storage & Peripherals — 0.32%** | **Technology Hardware, Storage & Peripherals — 0.32%** |
| 4350 | &nbsp;&nbsp;&nbsp;HP, Inc. |  | 120452 |
|  | **Textiles, Apparel & Luxury Goods — 1.26%** | **Textiles, Apparel & Luxury Goods — 1.26%** | **Textiles, Apparel & Luxury Goods — 1.26%** |
| 750 | &nbsp;&nbsp;&nbsp;Ralph Lauren Corp. |  | 165556 |
| 2140 | &nbsp;&nbsp;&nbsp;Tapestry, Inc. |  | 150677 |
| 9960 | &nbsp;&nbsp;&nbsp;VF Corp. |  | 154579 |
|  |  |  | 470812 |
|  | **Tobacco — 4.15%** |  |  |
| 10990 | &nbsp;&nbsp;&nbsp;Altria Group, Inc. |  | 659620 |
| 5600 | &nbsp;&nbsp;&nbsp;Philip Morris International, Inc. |  | 888888 |
|  |  |  | 1548508 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | | **Fair Value** |
| **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** |
| | **Tobacco — (continued)** | **Tobacco — (continued)** |
|  | &nbsp;&nbsp;&nbsp;Total Common Stocks |  |
|  | &nbsp;&nbsp;&nbsp;(Cost $31,474,566) | $37192200 |
| **Shares** |  | **Fair Value** |
| **MONEY MARKET FUNDS — 0.11%** | **MONEY MARKET FUNDS — 0.11%** | **MONEY MARKET FUNDS — 0.11%** |
| 42383 | &nbsp;&nbsp;&nbsp;Federated Hermes Treasury Obligations Fund, Institutional Shares, 4.21%<sup>(b)</sup> | 42383 |
|  | &nbsp;&nbsp;&nbsp;Total Money Market Funds |  |
|  | &nbsp;&nbsp;&nbsp;(Cost $42,383) | 42383 |
| Total Investments— 99.96% | Total Investments— 99.96% | Total Investments— 99.96% |
| (Cost $31,516,949) | (Cost $31,516,949) | 37234583 |
| Other Assets in Excess of Liabilities— 0.04% | Other Assets in Excess of Liabilities— 0.04% | 14542 |
| NET ASSETS — 100.00% | NET ASSETS — 100.00% | $37249125 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income
 producing security.

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

*See accompanying notes to financial statements.* 3

**Sterling Capital Mid Value Fund**

**Schedule of Investments**

*March 31, 2025 (Unaudited)*

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
| **COMMON STOCKS — 98.74%** | **COMMON STOCKS — 98.74%** | **COMMON STOCKS — 98.74%** |
|  | **Automobile Components — 2.60%** |  |
| 30806 | &nbsp;&nbsp;&nbsp;Gentex Corp. | $717780 |
|  | **Banks — 2.22%** |  |
| 5765 | &nbsp;&nbsp;&nbsp;Pinnacle Financial Partners, Inc. | 611321 |
|  | **Broadline Retail — 1.90%** |  |
| 7728 | &nbsp;&nbsp;&nbsp;eBay, Inc. | 523417 |
|  | **Building Products — 2.43%** |  |
| 5135 | &nbsp;&nbsp;&nbsp;Allegion PLC | 669912 |
|  | **Chemicals — 4.22%** |  |
| 18487 | &nbsp;&nbsp;&nbsp;Corteva, Inc. | 1163387 |
|  | **Consumer Finance — 3.23%** |  |
| 30324 | &nbsp;&nbsp;&nbsp;SLM Corp. | 890616 |
|  | **Consumer Staples Distribution & Retail — 3.16%** | **Consumer Staples Distribution & Retail — 3.16%** |
| 9932 | &nbsp;&nbsp;&nbsp;Dollar General Corp. | 873321 |
|  | **Containers & Packaging — 2.09%** |  |
| 6460 | &nbsp;&nbsp;&nbsp;Crown Holdings, Inc. | 576620 |
|  | **Diversified Reits — 3.88%** |  |
| 8183 | &nbsp;&nbsp;&nbsp;CBRE Group, Inc., Class A<sup>(a)</sup> | 1070173 |
|  | **Electric Utilities — 1.60%** |  |
| 3810 | &nbsp;&nbsp;&nbsp;IDACORP, Inc. | 442798 |
|  | **Electronic Equipment, Instruments & Components — 2.10%** | **Electronic Equipment, Instruments & Components — 2.10%** |
| 5599 | &nbsp;&nbsp;&nbsp;Arrow Electronics, Inc.<sup>(a)</sup> | 581345 |
|  | **Entertainment — 3.67%** |  |
| 4888 | &nbsp;&nbsp;&nbsp;Take-Two Interactive Software, Inc.<sup>(a)</sup> | 1013038 |
|  | **Financial Services — 9.24%** |  |
| 9448 | &nbsp;&nbsp;&nbsp;Euronet Worldwide, Inc.<sup>(a)</sup> | 1009518 |
| 7214 | &nbsp;&nbsp;&nbsp;Global Payments, Inc. | 706395 |
| 25191 | &nbsp;&nbsp;&nbsp;Radian Group, Inc. | 833066 |
|  |  | 2548979 |
|  | **Ground Transportation — 1.89%** |  |
| 17694 | &nbsp;&nbsp;&nbsp;CSX Corp. | 520734 |
|  | **Health Care Providers & Services — 6.61%** | **Health Care Providers & Services — 6.61%** |
| 12402 | &nbsp;&nbsp;&nbsp;Centene Corp.<sup>(a)</sup> | 752925 |
| 4048 | &nbsp;&nbsp;&nbsp;Humana, Inc. | 1071101 |
|  |  | 1824026 |
|  | **Hotels, Restaurants & Leisure — 2.82%** | **Hotels, Restaurants & Leisure — 2.82%** |
| 3415 | &nbsp;&nbsp;&nbsp;Hilton Worldwide Holdings, Inc. | 777083 |
|  | **Household Durables — 3.64%** |  |
| 4830 | &nbsp;&nbsp;&nbsp;Mohawk Industries, Inc.<sup>(a)</sup> | 551490 |
| 7614 | &nbsp;&nbsp;&nbsp;Somnigroup International, Inc. | 455926 |
|  |  | 1007416 |
|  | **Insurance — 7.79%** |  |
| 9276 | &nbsp;&nbsp;&nbsp;Globe Life, Inc. | 1221834 |
| 496 | &nbsp;&nbsp;&nbsp;Markel Corp.<sup>(a)</sup> | 927327 |
|  |  | 2149161 |
|  | **It Services — 1.91%** |  |
| 8368 | &nbsp;&nbsp;&nbsp;ASGN, Inc.<sup>(a)</sup> | 527351 |
|  | **Life Sciences Tools & Services — 0.34%** | **Life Sciences Tools & Services — 0.34%** |
| 12330 | &nbsp;&nbsp;&nbsp;Fortrea Holdings, Inc.<sup>(a)</sup> | 93092 |
|  | **Machinery — 1.93%** |  |
| 6983 | &nbsp;&nbsp;&nbsp;Mueller Industries, Inc. | 531686 |
|  | **Multi-Utilities — 6.91%** |  |
| 10719 | &nbsp;&nbsp;&nbsp;CMS Energy Corp. | 805104 |
| 27460 | &nbsp;&nbsp;&nbsp;Nisource, Inc. | 1100872 |
|  |  | 1905976 |
|  | **Oil, Gas & Consumable Fuels — 3.83%** | **Oil, Gas & Consumable Fuels — 3.83%** |
| 13614 | &nbsp;&nbsp;&nbsp;Devon Energy Corp. | 509164 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Fair Value** | **Fair Value** |
| **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** |
|  | **Oil, Gas & Consumable Fuels — (continued)** | **Oil, Gas & Consumable Fuels — (continued)** | **Oil, Gas & Consumable Fuels — (continued)** |
| 39483 | &nbsp;&nbsp;&nbsp;Permian Resources Corp. | $| 546839 |
|  |  |  | 1056003 |
|  | **Professional Services — 12.46%** |  |  |
| 1536 | &nbsp;&nbsp;&nbsp;CACI International, Inc., Class A<sup>(a)</sup> |  | 563589 |
| 6431 | &nbsp;&nbsp;&nbsp;Jacobs Solutions, Inc. |  | 777444 |
| 5107 | &nbsp;&nbsp;&nbsp;Paycom Software, Inc. |  | 1115777 |
| 11768 | &nbsp;&nbsp;&nbsp;SS&C Technologies Holdings, Inc. |  | 982981 |
|  |  |  | 3439791 |
|  | **Software — 1.33%** |  |  |
| 37504 | &nbsp;&nbsp;&nbsp;NCR Voyix Corp.<sup>(a)</sup> |  | 365664 |
|  | **Textiles, Apparel & Luxury Goods — 2.43%** | **Textiles, Apparel & Luxury Goods — 2.43%** | **Textiles, Apparel & Luxury Goods — 2.43%** |
| 8847 | &nbsp;&nbsp;&nbsp;Columbia Sportswear Co. |  | 669629 |
|  | **Trading Companies & Distributors — 2.51%** | **Trading Companies & Distributors — 2.51%** | **Trading Companies & Distributors — 2.51%** |
| 14372 | &nbsp;&nbsp;&nbsp;Air Lease Corp. |  | 694311 |
|  | &nbsp;&nbsp;&nbsp;Total Common Stocks |  |  |
|  | &nbsp;&nbsp;&nbsp;(Cost $19,554,751) |  | 27244630 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
| **MONEY MARKET FUNDS — 1.24%** | **MONEY MARKET FUNDS — 1.24%** | **MONEY MARKET FUNDS — 1.24%** |
| 343305 | &nbsp;&nbsp;&nbsp;Federated Hermes Treasury Obligations Fund, Institutional Shares, 4.21%<sup>(b)</sup> | 343305 |
|  | &nbsp;&nbsp;&nbsp;Total Money Market Funds |  |
|  | &nbsp;&nbsp;&nbsp;(Cost $343,305) | 343305 |
| Total Investments— 99.98% | Total Investments— 99.98% |  |
| (Cost $19,898,056) | (Cost $19,898,056) | 27587935 |
| Other Assets in Excess of Liabilities— 0.02% | Other Assets in Excess of Liabilities— 0.02% | 6364 |
| NET ASSETS — 100.00% | NET ASSETS — 100.00% | $27594299 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income producing security.

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

4 *See accompanying notes to financial statements.*

**Sterling Capital Behavioral Small Cap Value Fund**

**Schedule of Investments**

*March 31, 2025 (Unaudited)*

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
| **COMMON STOCKS — 98.66%** | **COMMON STOCKS — 98.66%** | |
|  | **Automobile Components — 0.41%** |  |
| 28190 | &nbsp;&nbsp;&nbsp;Dana, Inc. | $375773 |
|  | **Automotive — 1.35%** |  |
| 70290 | &nbsp;&nbsp;&nbsp;American Axle & Manufacturing Holdings, Inc.<sup>(a)</sup> | 286080 |
| 4230 | &nbsp;&nbsp;&nbsp;Aptiv Holdings Ltd.<sup>(a)</sup> | 251685 |
| 9220 | &nbsp;&nbsp;&nbsp;Phinia, Inc. | 391204 |
| 12160 | &nbsp;&nbsp;&nbsp;Standard Motor Products, Inc. | 303149 |
|  |  | 1232118 |
|  | **Banking — 3.52%** |  |
| 7950 | &nbsp;&nbsp;&nbsp;Capital City Bank Group, Inc.<sup>(a)</sup> | 285882 |
| 13980 | &nbsp;&nbsp;&nbsp;CNB Financial Corp. | 311055 |
| 8660 | &nbsp;&nbsp;&nbsp;Enterprise Financial Services Corp. | 465388 |
| 9630 | &nbsp;&nbsp;&nbsp;First Mid-Illinois Bancshares, Inc.<sup>(a)</sup> | 336087 |
| 5500 | &nbsp;&nbsp;&nbsp;Great Southern Bancorp, Inc. | 304535 |
| 9160 | &nbsp;&nbsp;&nbsp;HomeTrust Bancshares, Inc. | 314005 |
| 22210 | &nbsp;&nbsp;&nbsp;Shore Bancshares, Inc.<sup>(a)</sup> | 300723 |
| 8920 | &nbsp;&nbsp;&nbsp;Third Coast Bancshares Inc.<sup>(a)</sup> | 297660 |
| 66820 | &nbsp;&nbsp;&nbsp;Valley National Bancorp | 594031 |
|  |  | 3209366 |
|  | **Banks — 15.12%** |  |
| 6350 | &nbsp;&nbsp;&nbsp;1st Source Corp. | 379794 |
| 11400 | &nbsp;&nbsp;&nbsp;Amalgamated Financial Corp. | 327750 |
| 24040 | &nbsp;&nbsp;&nbsp;Associated Banc-Corp. | 541621 |
| 9524 | &nbsp;&nbsp;&nbsp;Axos Financial, Inc.<sup>(a)</sup> | 614487 |
| 11710 | &nbsp;&nbsp;&nbsp;Bank of NT Butterfield & Son Ltd. (The) | 455753 |
| 6558 | &nbsp;&nbsp;&nbsp;Bank OZK | 284945 |
| 15631 | &nbsp;&nbsp;&nbsp;BankUnited, Inc. | 538332 |
| 15053 | &nbsp;&nbsp;&nbsp;Business First Bancshares, Inc. | 366541 |
| 13640 | &nbsp;&nbsp;&nbsp;Byline Bancorp, Inc. | 356822 |
| 8050 | &nbsp;&nbsp;&nbsp;Camden National Corp. | 325784 |
| 11634 | &nbsp;&nbsp;&nbsp;Cathay General Bancorp | 500611 |
| 15673 | &nbsp;&nbsp;&nbsp;Central Pacific Financial Corp. | 423798 |
| 14720 | &nbsp;&nbsp;&nbsp;Columbia Banking System, Inc. | 367117 |
| 7260 | &nbsp;&nbsp;&nbsp;Community Trust Bancorp, Inc.<sup>(a)</sup> | 365614 |
| 7520 | &nbsp;&nbsp;&nbsp;Customers Bancorp, Inc.<sup>(a)</sup> | 377504 |
| 14460 | &nbsp;&nbsp;&nbsp;Eagle Bancorp, Inc. | 303660 |
| 3740 | &nbsp;&nbsp;&nbsp;East West Bancorp, Inc. | 335702 |
| 6052 | &nbsp;&nbsp;&nbsp;First Financial Corp. | 296427 |
| 11640 | &nbsp;&nbsp;&nbsp;Hancock Whitney Corp. | 610518 |
| 14560 | &nbsp;&nbsp;&nbsp;Hanmi Financial Corp. | 329930 |
| 12962 | &nbsp;&nbsp;&nbsp;Independent Bank Corp. Michigan<sup>(a)</sup> | 399100 |
| 7999 | &nbsp;&nbsp;&nbsp;Mercantile Bank Corp.<sup>(a)</sup> | 347477 |
| 5862 | &nbsp;&nbsp;&nbsp;Northeast Bank<sup>(a)</sup> | 536607 |
| 12600 | &nbsp;&nbsp;&nbsp;Northeast Community Bancorp, Inc. | 295344 |
| 15243 | &nbsp;&nbsp;&nbsp;OFG Bancorp | 610025 |
| 4432 | &nbsp;&nbsp;&nbsp;Preferred Bank | 370781 |
| 5840 | &nbsp;&nbsp;&nbsp;QCR Holdings, Inc. | 416509 |
| 12580 | &nbsp;&nbsp;&nbsp;Renasant Corp. | 426839 |
| 9123 | &nbsp;&nbsp;&nbsp;South Plains Financial, Inc.<sup>(a)</sup> | 302154 |
| 6560 | &nbsp;&nbsp;&nbsp;UMB Financial Corp. | 663215 |
| 15780 | &nbsp;&nbsp;&nbsp;Univest Financial Corp.<sup>(a)</sup> | 447521 |
| 3630 | &nbsp;&nbsp;&nbsp;Webster Financial Corp. | 187127 |
| 3189 | &nbsp;&nbsp;&nbsp;Wintrust Financial Corp. | 358635 |
| 6760 | &nbsp;&nbsp;&nbsp;Zions Bancorp. | 337054 |
|  |  | 13801098 |
|  | **Biotech & Pharma — 0.42%** |  |
| 21300 | &nbsp;&nbsp;&nbsp;Innoviva, Inc.<sup>(a)</sup> | 386169 |
|  | **Broadline Retail — 0.27%** |  |
| 690 | &nbsp;&nbsp;&nbsp;Dillard's, Inc., Class A<sup>(a)</sup> | 247110 |
|  | **Building Products — 0.15%** |  |
| 1870 | &nbsp;&nbsp;&nbsp;Griffon Corp. | 133705 |
|  | **Cable & Satellite — 0.30%** |  |
| 23800 | &nbsp;&nbsp;&nbsp;Liberty Global Ltd., Class A<sup>(a)</sup> | 273938 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Fair Value** | **Fair Value** |
| **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** |  |  |
|  | **Capital Markets — 0.32%** |  |  |
| 2920 | &nbsp;&nbsp;&nbsp;Northern Trust Corp. | $| 288058 |
|  | **Chemicals — 1.97%** |  |  |
| 3380 | &nbsp;&nbsp;&nbsp;Cabot Corp. |  | 281013 |
| 3850 | &nbsp;&nbsp;&nbsp;CF Industries Holdings, Inc. |  | 300878 |
| 49300 | &nbsp;&nbsp;&nbsp;Ecovyst, Inc.<sup>(a)</sup> |  | 305659 |
| 37980 | &nbsp;&nbsp;&nbsp;Perimeter Solutions, Inc.<sup>(a)</sup> |  | 382458 |
| 46050 | &nbsp;&nbsp;&nbsp;Rayonier Advanced Materials, Inc.<sup>(a)</sup> |  | 264788 |
| 4880 | &nbsp;&nbsp;&nbsp;Scotts Miracle-Gro Co./The<sup>(a)</sup> |  | 267863 |
|  |  |  | 1802659 |
|  | **Commercial Services & Supplies — 1.89%** | **Commercial Services & Supplies — 1.89%** | **Commercial Services & Supplies — 1.89%** |
| 23790 | &nbsp;&nbsp;&nbsp;CoreCivic, Inc.<sup>(a)</sup> |  | 482699 |
| 27578 | &nbsp;&nbsp;&nbsp;Interface, Inc. |  | 547147 |
| 38110 | &nbsp;&nbsp;&nbsp;Pitney Bowes Inc. |  | 344896 |
| 31522 | &nbsp;&nbsp;&nbsp;Steelcase, Inc., Class A |  | 345481 |
|  |  |  | 1720223 |
|  | **Commercial Support Services — 1.10%** |  |  |
| 9410 | &nbsp;&nbsp;&nbsp;Heidrick & Struggles International, Inc. |  | 403030 |
| 6760 | &nbsp;&nbsp;&nbsp;V2X Inc.<sup>(a)</sup> |  | 331578 |
| 26960 | &nbsp;&nbsp;&nbsp;Vestis Corp |  | 266904 |
|  |  |  | 1001512 |
|  | **Communications Equipment — 0.35%** |  |  |
| 13070 | &nbsp;&nbsp;&nbsp;NETGEAR, Inc.<sup>(a)</sup> |  | 319692 |
|  | **Construction & Engineering — 1.76%** |  |  |
| 3990 | &nbsp;&nbsp;&nbsp;Argan, Inc. |  | 523368 |
| 4240 | &nbsp;&nbsp;&nbsp;Granite Construction, Inc. |  | 319696 |
| 3566 | &nbsp;&nbsp;&nbsp;Sterling Construction Co., Inc.<sup>(a)</sup> |  | 403707 |
| 16100 | &nbsp;&nbsp;&nbsp;Tutor Perini Corp.<sup>(a)</sup> |  | 373198 |
|  |  |  | 1619969 |
|  | **Consumer Finance — 1.09%** |  |  |
| 11428 | &nbsp;&nbsp;&nbsp;Bread Financial Holdings, Inc. |  | 572314 |
| 7999 | &nbsp;&nbsp;&nbsp;Synchrony Financial |  | 423467 |
|  |  |  | 995781 |
|  | **Consumer Services — 0.20%** |  |  |
| 27550 | &nbsp;&nbsp;&nbsp;Coursera, Inc.<sup>(a)</sup> |  | 183483 |
|  | **Consumer Staples Distribution & Retail — 0.44%** | **Consumer Staples Distribution & Retail — 0.44%** | **Consumer Staples Distribution & Retail — 0.44%** |
| 14570 | &nbsp;&nbsp;&nbsp;United Natural Foods, Inc.<sup>(a)</sup> |  | 399072 |
|  | **Containers & Packaging — 0.34%** |  |  |
| 6000 | &nbsp;&nbsp;&nbsp;Siligan Holdings, Inc. |  | 306720 |
|  | **Diversified Consumer Services — 1.04%** | **Diversified Consumer Services — 1.04%** | **Diversified Consumer Services — 1.04%** |
| 42070 | &nbsp;&nbsp;&nbsp;ADT, Inc.<sup>(a)</sup> |  | 342450 |
| 630 | &nbsp;&nbsp;&nbsp;Graham Holdings Co. |  | 605342 |
|  |  |  | 947792 |
|  | **Diversified Telecommunication Services — 0.60%** | **Diversified Telecommunication Services — 0.60%** | **Diversified Telecommunication Services — 0.60%** |
| 139780 | &nbsp;&nbsp;&nbsp;Lumen Technologies, Inc.<sup>(a)</sup> |  | 547938 |
|  | **Electric Utilities — 2.77%** |  |  |
| 22300 | &nbsp;&nbsp;&nbsp;AES Corp. |  | 276966 |
| 5740 | &nbsp;&nbsp;&nbsp;Edison International |  | 338201 |
| 4650 | &nbsp;&nbsp;&nbsp;Eversource Energy |  | 288812 |
| 8059 | &nbsp;&nbsp;&nbsp;Otter Tail Corp. |  | 647702 |
| 3310 | &nbsp;&nbsp;&nbsp;Pinnacle West Capital Corp. |  | 315278 |
| 14747 | &nbsp;&nbsp;&nbsp;Portland General Electric Co. |  | 657716 |
|  |  |  | 2524675 |
|  | **Electronic Equipment, Instruments & Components — 3.28%** | **Electronic Equipment, Instruments & Components — 3.28%** | **Electronic Equipment, Instruments & Components — 3.28%** |
| 5940 | &nbsp;&nbsp;&nbsp;Bel Fuse, Inc., Class B |  | 444668 |
| 9680 | &nbsp;&nbsp;&nbsp;Benchmark Electronics, Inc. |  | 368130 |
| 5370 | &nbsp;&nbsp;&nbsp;Eplus, Inc.<sup>(a)</sup> |  | 327731 |
| 3507 | &nbsp;&nbsp;&nbsp;Jabil, Inc. |  | 477198 |
| 5238 | &nbsp;&nbsp;&nbsp;PC Connection, Inc. |  | 326956 |
| 3650 | &nbsp;&nbsp;&nbsp;Plexus Corp.<sup>(a)</sup> |  | 467676 |
| 9030 | &nbsp;&nbsp;&nbsp;ScanSource, Inc.<sup>(a)</sup> |  | 307110 |
| 2650 | &nbsp;&nbsp;&nbsp;TD SYNNEX Corp. |  | 275494 |
|  |  |  | 2994963 |

---

*See accompanying notes to financial statements.* 5

**Sterling Capital Behavioral Small Cap Value Fund**

**Schedule of Investments (continued)**

*March 31, 2025 (Unaudited)*

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Fair Value** | **Fair Value** |
| **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** |
|  | **Energy Equipment & Services — 0.35%** |  |  |
| 43590 | &nbsp;&nbsp;&nbsp;ProPetro Holding Corp.<sup>(a)</sup> | $| 320387 |
|  | **Engineering & Construction — 0.31%** |  |  |
| 4870 | &nbsp;&nbsp;&nbsp;Primoris Services Corp. |  | 279587 |
|  | **Entertainment — 0.49%** |  |  |
| 8107 | &nbsp;&nbsp;&nbsp;Marcus Corp. (The)<sup>(a)</sup> |  | 135306 |
| 28980 | &nbsp;&nbsp;&nbsp;Warner Bros Discovery, Inc.<sup>(a)</sup> |  | 310955 |
|  |  |  | 446261 |
|  | **Equity Real Estate - Investment Trusts -(Reits) — 1.21%** | **Equity Real Estate - Investment Trusts -(Reits) — 1.21%** | **Equity Real Estate - Investment Trusts -(Reits) — 1.21%** |
| 16690 | &nbsp;&nbsp;&nbsp;American Assets Trust, Inc. |  | 336137 |
| 23446 | &nbsp;&nbsp;&nbsp;Essential Properties Realty Trust, Inc. |  | 765277 |
|  |  |  | 1101414 |
|  | **Financial Services — 3.84%** |  |  |
| 12440 | &nbsp;&nbsp;&nbsp;Banco Latinoamericano de Comercio Exterior SA, Class E |  | 455304 |
| 11774 | &nbsp;&nbsp;&nbsp;Enact Holdings, Inc.<sup>(a)</sup> |  | 409147 |
| 12100 | &nbsp;&nbsp;&nbsp;Jackson Financial Corp. |  | 1013738 |
| 12857 | &nbsp;&nbsp;&nbsp;MGIC Investment Corp. |  | 318596 |
| 7989 | &nbsp;&nbsp;&nbsp;Mr. Cooper Group, Inc.<sup>(a)</sup> |  | 955484 |
| 10668 | &nbsp;&nbsp;&nbsp;Radian Group, Inc. |  | 352791 |
|  |  |  | 3505060 |
|  | **Food Products — 1.84%** |  |  |
| 7630 | &nbsp;&nbsp;&nbsp;Cal-Maine Foods, Inc. |  | 693568 |
| 21975 | &nbsp;&nbsp;&nbsp;Dole PLC |  | 317539 |
| 2380 | &nbsp;&nbsp;&nbsp;Ingredion, Inc. |  | 321800 |
| 6440 | &nbsp;&nbsp;&nbsp;Pilgrim's Pride Corp.<sup>(a)</sup> |  | 351044 |
|  |  |  | 1683951 |
|  | **Gas Utilities — 1.49%** |  |  |
| 18370 | &nbsp;&nbsp;&nbsp;MDU Resources Group, Inc. |  | 310637 |
| 5055 | &nbsp;&nbsp;&nbsp;National Fuel Gas Co. |  | 400304 |
| 5710 | &nbsp;&nbsp;&nbsp;New Jersey Resources Corp. |  | 280133 |
| 2030 | &nbsp;&nbsp;&nbsp;Northwest Natural Holdings Co. |  | 86722 |
| 8430 | &nbsp;&nbsp;&nbsp;UGI Corp. |  | 278780 |
|  |  |  | 1356576 |
|  | **Ground Transportation — 0.28%** |  |  |
| 27940 | &nbsp;&nbsp;&nbsp;Heartland Express, Inc. |  | 257607 |
|  | **Health Care Equipment & Supplies — 1.62%** | **Health Care Equipment & Supplies — 1.62%** | **Health Care Equipment & Supplies — 1.62%** |
| 7170 | &nbsp;&nbsp;&nbsp;Inmode Ltd.<sup>(a)</sup> |  | 127196 |
| 4452 | &nbsp;&nbsp;&nbsp;Lantheus Holdings, Inc.<sup>(a)</sup> |  | 434516 |
| 10780 | &nbsp;&nbsp;&nbsp;Omnicell, Inc.<sup>(a)</sup> |  | 376869 |
| 73501 | &nbsp;&nbsp;&nbsp;OraSure Technologies, Inc.<sup>(a)</sup> |  | 247698 |
| 22120 | &nbsp;&nbsp;&nbsp;Tactile Systems Technology, Inc.<sup>(a)</sup> |  | 292426 |
|  |  |  | 1478705 |
|  | **Health Care Facilities & Services — 0.55%** | **Health Care Facilities & Services — 0.55%** | **Health Care Facilities & Services — 0.55%** |
| 34750 | &nbsp;&nbsp;&nbsp;Pediatrix Medical Group, Inc.<sup>(a)</sup> |  | 503528 |
|  | **Health Care Providers & Services — 2.72%** | **Health Care Providers & Services — 2.72%** | **Health Care Providers & Services — 2.72%** |
| 31670 | &nbsp;&nbsp;&nbsp;AdaptHealth Corp.<sup>(a)</sup> |  | 343303 |
| 2448 | &nbsp;&nbsp;&nbsp;DaVita, Inc.<sup>(a)</sup> |  | 374471 |
| 4430 | &nbsp;&nbsp;&nbsp;Encompass Health Corp. |  | 448669 |
| 16400 | &nbsp;&nbsp;&nbsp;Premier, Inc., Class A |  | 316192 |
| 10133 | &nbsp;&nbsp;&nbsp;Select Medical Holdings Corp. |  | 169221 |
| 3023 | &nbsp;&nbsp;&nbsp;Tenet Healthcare Corp.<sup>(a)</sup> |  | 406594 |
| 2267 | &nbsp;&nbsp;&nbsp;Universal Health Services, Inc., Class B |  | 425969 |
|  |  |  | 2484419 |
|  | **Health Care REITs — 1.94%** |  |  |
| 2590 | &nbsp;&nbsp;&nbsp;Alexandria Real Estate Equities, Inc. |  | 239601 |
| 16260 | &nbsp;&nbsp;&nbsp;CareTrust REIT, Inc. |  | 464711 |
| 12360 | &nbsp;&nbsp;&nbsp;LTC Properties, Inc. |  | 438162 |
| 36060 | &nbsp;&nbsp;&nbsp;Sabra Health Care REIT, Inc. |  | 629968 |
|  |  |  | 1772442 |
|  | **Health Care Technology — 0.65%** |  |  |
| 13950 | &nbsp;&nbsp;&nbsp;HealthStream, Inc.<sup>(a)</sup> |  | 448911 |
| 33280 | &nbsp;&nbsp;&nbsp;Veradigm, Inc.<sup>(a)</sup> |  | 145101 |
|  |  |  | 594012 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Fair Value** | **Fair Value** |
| **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** |
|  | **Hotel & Resort REITs — 1.59%** |  |  |
| 36709 | &nbsp;&nbsp;&nbsp;Apple Hospitality REIT, Inc. | $| 473913 |
| 49646 | &nbsp;&nbsp;&nbsp;DiamondRock Hospitality Co. |  | 383267 |
| 24705 | &nbsp;&nbsp;&nbsp;Park Hotels & Resorts, Inc. |  | 263849 |
| 42330 | &nbsp;&nbsp;&nbsp;RLJ Lodging Trust<sup>(a)</sup> |  | 333984 |
|  |  |  | 1455013 |
|  | **Hotels, Restaurants & Leisure — 0.86%** | **Hotels, Restaurants & Leisure — 0.86%** | **Hotels, Restaurants & Leisure — 0.86%** |
| 24510 | &nbsp;&nbsp;&nbsp;Accel Entertainment Inc<sup>(a)</sup> |  | 243139 |
| 1610 | &nbsp;&nbsp;&nbsp;Expedia, Inc.<sup>(a)</sup> |  | 270641 |
| 5810 | &nbsp;&nbsp;&nbsp;Travel + Leisure Co.<sup>(a)</sup> |  | 268945 |
|  |  |  | 782725 |
|  | **Household Durables — 0.62%** |  |  |
| 11750 | &nbsp;&nbsp;&nbsp;Ethan Allen Interiors, Inc. |  | 325475 |
| 2080 | &nbsp;&nbsp;&nbsp;Mohawk Industries, Inc.<sup>(a)</sup> |  | 237494 |
|  |  |  | 562969 |
|  | **Household Products — 0.43%** |  |  |
| 11980 | &nbsp;&nbsp;&nbsp;Central Garden & Pet Co., Class A<sup>(a)</sup> |  | 392105 |
|  | **Industrial Intermediate Prod — 0.54%** | **Industrial Intermediate Prod — 0.54%** | **Industrial Intermediate Prod — 0.54%** |
| 10690 | &nbsp;&nbsp;&nbsp;Insteel Industries, Inc. |  | 281147 |
| 15480 | &nbsp;&nbsp;&nbsp;Mayville Engineering Co., Inc.<sup>(a)</sup> |  | 207896 |
|  |  |  | 489043 |
|  | **Industrial REITs — 0.38%** |  |  |
| 6432 | &nbsp;&nbsp;&nbsp;Innovative Industrial Properties, Inc. |  | 347907 |
|  | **Industrial Support Services — 0.60%** |  |  |
| 6640 | &nbsp;&nbsp;&nbsp;DXP Enterprises, Inc.<sup>(a)</sup> |  | 546206 |
|  | **Insurance — 4.27%** |  |  |
| 3290 | &nbsp;&nbsp;&nbsp;Assured Guaranty Ltd. |  | 289849 |
| 5295 | &nbsp;&nbsp;&nbsp;Axis Capital Holdings Ltd. |  | 530771 |
| 6549 | &nbsp;&nbsp;&nbsp;Brighthouse Financial, Inc.<sup>(a)</sup> |  | 379777 |
| 16630 | &nbsp;&nbsp;&nbsp;CNO Financial Group, Inc. |  | 692639 |
| 8013 | &nbsp;&nbsp;&nbsp;Employers Holdings, Inc. |  | 405778 |
| 25670 | &nbsp;&nbsp;&nbsp;Heritage Insurance Holdings, Inc.<sup>(a)</sup> |  | 370161 |
| 7450 | &nbsp;&nbsp;&nbsp;Lincoln National Corp. |  | 267530 |
| 12520 | &nbsp;&nbsp;&nbsp;United Fire Group, Inc. |  | 368839 |
| 7317 | &nbsp;&nbsp;&nbsp;Unum Group |  | 596043 |
|  |  |  | 3901387 |
|  | **Internet Media & Services — 0.30%** |  |  |
| 22700 | &nbsp;&nbsp;&nbsp;Lyft, Inc., Class A<sup>(a)</sup> |  | 269449 |
|  | **Leisure Facilities & Services — 0.62%** |  |  |
| 3870 | &nbsp;&nbsp;&nbsp;Monarch Casino & Resort, Inc. |  | 300893 |
| 13770 | &nbsp;&nbsp;&nbsp;Norwegian Cruise Lines Holdings Ltd.<sup>(a)</sup> |  | 261079 |
|  |  |  | 561972 |
|  | **Leisure Products — 0.30%** |  |  |
| 14090 | &nbsp;&nbsp;&nbsp;Mattel, Inc.<sup>(a)</sup> |  | 273769 |
|  | **Machinery — 1.06%** |  |  |
| 8557 | &nbsp;&nbsp;&nbsp;Mueller Industries, Inc. |  | 651530 |
| 37180 | &nbsp;&nbsp;&nbsp;Titan International, Inc.<sup>(a)</sup> |  | 311940 |
|  |  |  | 963470 |
|  | **Marine Transportation — 0.73%** |  |  |
| 5216 | &nbsp;&nbsp;&nbsp;Matson, Inc. |  | 668535 |
|  | **Media — 1.04%** |  |  |
| 6430 | &nbsp;&nbsp;&nbsp;Fox Corporation, Class B |  | 338925 |
| 6050 | &nbsp;&nbsp;&nbsp;Fox Corporation, Class A<sup>(a)</sup> |  | 342431 |
| 1520 | &nbsp;&nbsp;&nbsp;Nexstar Media Group, Inc. |  | 272414 |
|  |  |  | 953770 |
|  | **Metals & Mining — 0.66%** |  |  |
| 1817 | &nbsp;&nbsp;&nbsp;Alpha Metallurgical Resources, Inc.<sup>(a)</sup> |  | 227579 |
| 40304 | &nbsp;&nbsp;&nbsp;SunCoke Energy, Inc. |  | 370797 |
|  |  |  | 598376 |
|  | **Mortgage Real Estate Investment - Trusts (Reits) — 0.33%** | **Mortgage Real Estate Investment - Trusts (Reits) — 0.33%** | **Mortgage Real Estate Investment - Trusts (Reits) — 0.33%** |
| 40310 | &nbsp;&nbsp;&nbsp;Orchid Island Capital Inc<sup>(a)</sup> |  | 303131 |

---

6 *See accompanying notes to financial statements.*

**Sterling Capital Behavioral Small Cap Value Fund**

**Schedule of Investments (continued)**

*March 31, 2025 (Unaudited)*

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
| **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** |
|  | **Mortgage Real Estate Investment Trusts (REITs) — 0.82%** | **Mortgage Real Estate Investment Trusts (REITs) — 0.82%** |
| 28750 | &nbsp;&nbsp;&nbsp;PennyMac Mortgage Investment Trust | $421187 |
| 28784 | &nbsp;&nbsp;&nbsp;Rithm Capital Corp.<sup>(a)</sup> | 329577 |
|  |  | 750764 |
|  | **Multi-Utilities — 1.29%** |  |
| 14030 | &nbsp;&nbsp;&nbsp;Avista Corp. | 587436 |
| 10260 | &nbsp;&nbsp;&nbsp;NorthWestern Corp. | 593746 |
|  |  | 1181182 |
|  | **Office REITs — 0.68%** |  |
| 11298 | &nbsp;&nbsp;&nbsp;Cousins Properties, Inc. | 333291 |
| 8708 | &nbsp;&nbsp;&nbsp;Kilroy Realty Corp. | 285274 |
|  |  | 618565 |
|  | **Oil & Gas Producers — 1.02%** |  |
| 20700 | &nbsp;&nbsp;&nbsp;CNX Resources Corp.<sup>(a)</sup> | 651636 |
| 6990 | &nbsp;&nbsp;&nbsp;Range Resources Corp. | 279111 |
|  |  | 930747 |
|  | **Oil & Gas Services & Equipment — 0.93%** | **Oil & Gas Services & Equipment — 0.93%** |
| 29390 | &nbsp;&nbsp;&nbsp;MRC Global, Inc.<sup>(a)</sup> | 337397 |
| 61740 | &nbsp;&nbsp;&nbsp;Patterson-UTI Energy, Inc. | 507503 |
|  |  | 844900 |
|  | **Oil, Gas & Consumable Fuels — 4.54%** |  |
| 13150 | &nbsp;&nbsp;&nbsp;APA Corp. | 276413 |
| 73890 | &nbsp;&nbsp;&nbsp;Berry Petroleum Corp. | 237187 |
| 12510 | &nbsp;&nbsp;&nbsp;Coterra Energy, Inc. | 361539 |
| 35830 | &nbsp;&nbsp;&nbsp;DHT Holdings, Inc.<sup>(a)</sup> | 376215 |
| 13250 | &nbsp;&nbsp;&nbsp;Dorian LPT Ltd. | 296005 |
| 2090 | &nbsp;&nbsp;&nbsp;Gulport Energy Corp.<sup>(a)</sup> | 384853 |
| 13350 | &nbsp;&nbsp;&nbsp;Magnolia Oil & Gas Corp., Class A | 337221 |
| 4660 | &nbsp;&nbsp;&nbsp;Matador Resources Co. | 238079 |
| 6840 | &nbsp;&nbsp;&nbsp;Ovintiv, Inc. | 292752 |
| 19410 | &nbsp;&nbsp;&nbsp;Permian Resources Corp. | 268829 |
| 19440 | &nbsp;&nbsp;&nbsp;Sitio Royalties Corp., Class A | 386272 |
| 14470 | &nbsp;&nbsp;&nbsp;Vital Energy Inc<sup>(a)</sup> | 307053 |
| 13600 | &nbsp;&nbsp;&nbsp;World Fuel Services Corp. | 385696 |
|  |  | 4148114 |
|  | **Paper & Forest Products — 0.44%** |  |
| 6040 | &nbsp;&nbsp;&nbsp;Sylvamo Corp. | 405103 |
|  | **Passenger Airlines — 1.76%** |  |
| 6140 | &nbsp;&nbsp;&nbsp;Allegiant Travel Co. | 317131 |
| 2903 | &nbsp;&nbsp;&nbsp;Copa Holdings SA, Class A | 268411 |
| 8704 | &nbsp;&nbsp;&nbsp;SkyWest, Inc.<sup>(a)</sup> | 760469 |
| 21920 | &nbsp;&nbsp;&nbsp;Sun Country Airlines Holdings Inc.<sup>(a)</sup> | 270054 |
|  |  | 1616065 |
|  | **Pharmaceuticals — 3.03%** |  |
| 9279 | &nbsp;&nbsp;&nbsp;Amphastar Pharmaceuticals, Inc.<sup>(a)</sup> | 268998 |
| 8070 | &nbsp;&nbsp;&nbsp;Harmony Biosciences Holdings, Inc.<sup>(a)</sup> | 267843 |
| 2736 | &nbsp;&nbsp;&nbsp;Jazz Pharmaceuticals PLC<sup>(a)</sup> | 339674 |
| 15000 | &nbsp;&nbsp;&nbsp;Organon & Co. | 223350 |
| 14820 | &nbsp;&nbsp;&nbsp;Pacira Pharmaceuticals, Inc./DE<sup>(a)</sup> | 368277 |
| 16830 | &nbsp;&nbsp;&nbsp;Phibro Animal Health Corp., Class A | 359489 |
| 10330 | &nbsp;&nbsp;&nbsp;Royalty Pharma PLC, Class A<sup>(a)</sup> | 321573 |
| 11970 | &nbsp;&nbsp;&nbsp;Supernus Pharmaceuticals, Inc.<sup>(a)</sup> | 392017 |
| 24822 | &nbsp;&nbsp;&nbsp;Viatris, Inc. | 216200 |
|  |  | 2757421 |
|  | **Professional Services — 0.31%** |  |
| 11580 | &nbsp;&nbsp;&nbsp;IBEX Holdings Ltd<sup>(a)</sup> | 281973 |
|  | **Real Estate Management & Development — 0.65%** | **Real Estate Management & Development — 0.65%** |
| 15130 | &nbsp;&nbsp;&nbsp;Forestar Group, Inc.<sup>(a)</sup> | 319849 |
| 16659 | &nbsp;&nbsp;&nbsp;RMR Group, Inc. (The), Class A<sup>(a)</sup> | 277372 |
|  |  | 597221 |
|  | **Real Estate Services — 0.33%** |  |
| 29660 | &nbsp;&nbsp;&nbsp;Cushman & Wakefield PLC<sup>(a)</sup> | 303125 |
|  | **Retail - Discretionary — 0.86%** |  |
| 7230 | &nbsp;&nbsp;&nbsp;Build-A-Bear Workshop, Inc. | 268739 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Fair Value** | **Fair Value** |
| **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** |
|  | **Retail - Discretionary — (continued)** | **Retail - Discretionary — (continued)** | **Retail - Discretionary — (continued)** |
| 9680 | &nbsp;&nbsp;&nbsp;Rush Enterprises, Inc., A | $| 517009 |
|  |  |  | 785748 |
|  | **Retail REITs — 0.57%** |  |  |
| 24608 | &nbsp;&nbsp;&nbsp;Kimco Realty Corp. |  | 522674 |
|  | **Semiconductors & Semiconductor Equipment — 0.73%** | **Semiconductors & Semiconductor Equipment — 0.73%** | **Semiconductors & Semiconductor Equipment — 0.73%** |
| 13776 | &nbsp;&nbsp;&nbsp;Amkor Technology, Inc. |  | 248795 |
| 20140 | &nbsp;&nbsp;&nbsp;Photronics, Inc.<sup>(a)</sup> |  | 418106 |
|  |  |  | 666901 |
|  | **Software — 1.21%** |  |  |
| 25233 | &nbsp;&nbsp;&nbsp;Adeia, Inc. |  | 333580 |
| 14500 | &nbsp;&nbsp;&nbsp;Consensus Cloud Solutions, Inc.<sup>(a)</sup> |  | 334660 |
| 6740 | &nbsp;&nbsp;&nbsp;Gen Digital, Inc. |  | 178880 |
| 10090 | &nbsp;&nbsp;&nbsp;RingCentral, Inc., Class A<sup>(a)</sup> |  | 249828 |
|  |  |  | 1096948 |
|  | **Specialized REITs — 3.66%** |  |  |
| 22780 | &nbsp;&nbsp;&nbsp;Alexander & Baldwin, Inc. |  | 392499 |
| 19120 | &nbsp;&nbsp;&nbsp;COPT Defense Properties |  | 521403 |
| 6275 | &nbsp;&nbsp;&nbsp;EPR Properties |  | 330128 |
| 6410 | &nbsp;&nbsp;&nbsp;Gaming and Leisure Properties, Inc. |  | 326269 |
| 10060 | &nbsp;&nbsp;&nbsp;Rayonier, Inc. |  | 280473 |
| 20630 | &nbsp;&nbsp;&nbsp;Safehold, Inc. |  | 386194 |
| 115469 | &nbsp;&nbsp;&nbsp;Uniti Group, Inc. |  | 581963 |
| 15550 | &nbsp;&nbsp;&nbsp;VICI Properties, Inc. |  | 507241 |
|  |  |  | 3326170 |
|  | **Specialty Finance — 0.69%** |  |  |
| 40040 | &nbsp;&nbsp;&nbsp;AG Mortgage Investment Trust, Inc.<sup>(a)</sup> |  | 292292 |
| 16570 | &nbsp;&nbsp;&nbsp;PRA Group, Inc.<sup>(a)</sup> |  | 341673 |
|  |  |  | 633965 |
|  | **Specialty Retail — 1.88%** |  |  |
| 2960 | &nbsp;&nbsp;&nbsp;Abercrombie & Fitch Co., Class A<sup>(a)</sup> |  | 226055 |
| 13830 | &nbsp;&nbsp;&nbsp;Gap, Inc. (The) |  | 285036 |
| 7870 | &nbsp;&nbsp;&nbsp;Genesco, Inc.<sup>(a)</sup> |  | 167080 |
| 35610 | &nbsp;&nbsp;&nbsp;Sally Beauty Holdings, Inc.<sup>(a)</sup> |  | 321558 |
| 9280 | &nbsp;&nbsp;&nbsp;Urban Outfitters, Inc.<sup>(a)</sup> |  | 486272 |
| 12860 | &nbsp;&nbsp;&nbsp;Victoria's Secret & Co.<sup>(a)</sup> |  | 238939 |
|  |  |  | 1724940 |
|  | **Steel — 0.35%** |  |  |
| 13810 | &nbsp;&nbsp;&nbsp;Ryerson Holding Corp.<sup>(a)</sup> |  | 317078 |
|  | **Technology Hardware — 0.92%** |  |  |
| 66070 | &nbsp;&nbsp;&nbsp;CommScope Holding Co., Inc.<sup>(a)</sup> |  | 350831 |
| 44270 | &nbsp;&nbsp;&nbsp;Cricut, Inc., Class A<sup>(a)</sup> |  | 227991 |
| 21520 | &nbsp;&nbsp;&nbsp;Daktronics, Inc.<sup>(a)</sup> |  | 262114 |
|  |  |  | 840936 |
|  | **Telecommunications — 0.50%** |  |  |
| 12480 | &nbsp;&nbsp;&nbsp;Globalstar, Inc.<sup>(a)</sup> |  | 260333 |
| 7320 | &nbsp;&nbsp;&nbsp;Iridium Communications, Inc.<sup>(a)</sup> |  | 199982 |
|  |  |  | 460315 |
|  | **Textiles, Apparel & Luxury Goods — 0.68%** | **Textiles, Apparel & Luxury Goods — 0.68%** | **Textiles, Apparel & Luxury Goods — 0.68%** |
| 12692 | &nbsp;&nbsp;&nbsp;G-III Apparel Group Ltd.<sup>(a)</sup> |  | 347126 |
| 1220 | &nbsp;&nbsp;&nbsp;Ralph Lauren Corp. |  | 269303 |
|  |  |  | 616429 |
|  | **Trading Companies & Distributors — 0.50%** | **Trading Companies & Distributors — 0.50%** | **Trading Companies & Distributors — 0.50%** |
| 26710 | &nbsp;&nbsp;&nbsp;DNOW, Inc.<sup>(a)</sup> |  | 456207 |
|  | &nbsp;&nbsp;&nbsp;Total Common Stocks |  |  |
|  | &nbsp;&nbsp;&nbsp;(Cost $82,470,469) |  | 90049081 |

---

*See accompanying notes to financial statements.* 7

**Sterling Capital Behavioral Small Cap Value Fund**

**Schedule of Investments (continued)**

*March 31, 2025 (Unaudited)*

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
| **MONEY MARKET FUNDS — 1.25%** | **MONEY MARKET FUNDS — 1.25%** | |
| 1141041 | &nbsp;&nbsp;&nbsp;Federated Hermes Treasury Obligations Fund, Institutional Shares, 4.21%<sup>(b)</sup> | $1141041 |
|  | &nbsp;&nbsp;&nbsp;Total Money Market Funds |  |
|  | &nbsp;&nbsp;&nbsp;(Cost $1,141,041) | 1141041 |
| Total Investments— 99.91% | Total Investments— 99.91% |  |
| (Cost $83,611,510) | (Cost $83,611,510) | 91190122 |
| Other Assets in Excess of Liabilities— 0.09% | Other Assets in Excess of Liabilities— 0.09% | 79753 |
| NET ASSETS — 100.00% | NET ASSETS — 100.00% | $91269875 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income producing security.

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

8 *See accompanying notes to financial statements.*

**Sterling Capital Special Opportunities Fund Schedule of Investments**

*March 31, 2025 (Unaudited)*

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
| **COMMON STOCKS — 99.09%** | **COMMON STOCKS — 99.09%** |  |
|  | **Asset Management — 3.21%** |  |
| 87450 | &nbsp;&nbsp;&nbsp;Apollo Global Management, Inc., Class A | 11975403 |
|  | **Capital Markets — 5.47%** |  |
| 150528 | &nbsp;&nbsp;&nbsp;Charles Schwab Corp. (The) | 11783332 |
| 16923 | &nbsp;&nbsp;&nbsp;S&P Global, Inc. | 8598576 |
|  |  | 20381908 |
|  | **Communications Equipment — 2.28%** | **Communications Equipment — 2.28%** |
| 31852 | &nbsp;&nbsp;&nbsp;F5, Inc.<sup>(a)</sup> | 8481232 |
|  | **Construction Materials — 3.40%** | **Construction Materials — 3.40%** |
| 143830 | &nbsp;&nbsp;&nbsp;CRH PLC | 12652725 |
|  | **Entertainment — 3.17%** |  |
| 56998 | &nbsp;&nbsp;&nbsp;Take-Two Interactive Software, Inc.<sup>(a)</sup> | 11812836 |
|  | **Health Care Equipment & Supplies — 4.71%** | **Health Care Equipment & Supplies — 4.71%** |
| 49492 | &nbsp;&nbsp;&nbsp;Danaher Corp. | 10145860 |
| 108325 | &nbsp;&nbsp;&nbsp;DexCom, Inc.<sup>(a)</sup> | 7397514 |
|  |  | 17543374 |
|  | **Health Care Facilities & Services — 4.98%** | **Health Care Facilities & Services — 4.98%** |
| 35454 | &nbsp;&nbsp;&nbsp;UnitedHealth Group, Inc. | 18569033 |
|  | **Health Care Providers & Services — 2.52%** | **Health Care Providers & Services — 2.52%** |
| 27189 | &nbsp;&nbsp;&nbsp;HCA Healthcare, Inc. | 9395159 |
|  | **Insurance — 3.37%** |  |
| 100970 | &nbsp;&nbsp;&nbsp;Brown & Brown, Inc. | 12560668 |
|  | **Interactive Media & Services — 3.86%** | **Interactive Media & Services — 3.86%** |
| 91869 | &nbsp;&nbsp;&nbsp;Alphabet, Inc., Class C | 14352694 |
|  | **Internet & Direct Marketing Retail — 4.62%** | **Internet & Direct Marketing Retail — 4.62%** |
| 90546 | &nbsp;&nbsp;&nbsp;Amazon.com, Inc.<sup>(a)</sup> | 17227282 |
|  | **IT Services — 6.85%** |  |
| 120203 | &nbsp;&nbsp;&nbsp;Akamai Technologies, Inc.<sup>(a)</sup> | 9676342 |
| 43241 | &nbsp;&nbsp;&nbsp;CACI International, Inc., Class A<sup>(a)</sup> | 15865988 |
|  |  | 25542330 |
|  | **Machinery — 3.97%** | **Machinery — 3.97%** |
| 19446 | &nbsp;&nbsp;&nbsp;Deere & Co. | 9126980 |
| 74291 | &nbsp;&nbsp;&nbsp;Mueller Industries, Inc. | 5656517 |
|  |  | 14783497 |
|  | **Oil & Gas Producers — 4.16%** | **Oil & Gas Producers — 4.16%** |
| 156240 | &nbsp;&nbsp;&nbsp;ONEOK, Inc. | 15502133 |
|  | **Pharmaceuticals — 5.11%** |  |
| 1238528 | &nbsp;&nbsp;&nbsp;Teva Pharmaceutical Industries Ltd. - ADR<sup>(a)</sup> | 19036175 |
|  | **Professional Services — 1.17%** | **Professional Services — 1.17%** |
| 14669 | &nbsp;&nbsp;&nbsp;Verisk Analytics, Inc. | 4365788 |
|  | **Real Estate Management & Development — 2.15%** | **Real Estate Management & Development — 2.15%** |
| 61221 | &nbsp;&nbsp;&nbsp;CBRE Group, Inc., Class A<sup>(a)</sup> | 8006482 |
|  | **Semiconductors — 6.43%** |  |
| 188083 | &nbsp;&nbsp;&nbsp;Coherent Corp.<sup>(a)</sup> | 12214110 |
| 191056 | &nbsp;&nbsp;&nbsp;Marvell Technology, Inc. | 11763318 |
|  |  | 23977428 |
|  | **Semiconductors & Semiconductor Equipment — 6.04%** | **Semiconductors & Semiconductor Equipment — 6.04%** |
| 138660 | &nbsp;&nbsp;&nbsp;NVIDIA Corp. | 15027971 |
| 39445 | &nbsp;&nbsp;&nbsp;NXP Semiconductors N.V. | 7496917 |
|  |  | 22524888 |
|  | **Software — 12.19%** | **Software — 12.19%** |
| 21687 | &nbsp;&nbsp;&nbsp;Intuit, Inc. | 13315601 |
| 48205 | &nbsp;&nbsp;&nbsp;Microsoft Corp. | 18095674 |
| 100310 | &nbsp;&nbsp;&nbsp;Oracle Corp. | 14024341 |
|  |  | 45435616 |
|  | **Technology Services — 4.37%** | **Technology Services — 4.37%** |
| 46470 | &nbsp;&nbsp;&nbsp;Visa, Inc., Class A | 16285876 |
|  | **Transportation & Logistics — 2.03%** | **Transportation & Logistics — 2.03%** |
| 107739 | &nbsp;&nbsp;&nbsp;Canadian Pacific Kansas City Ltd. | 7564355 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
| **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** | |
|  | **Wireless Telecommunication Services — 3.03%** | **Wireless Telecommunication Services — 3.03%** |
| 42388 | &nbsp;&nbsp;&nbsp;T-Mobile US, Inc. | $11305303 |
|  | &nbsp;&nbsp;&nbsp;Total Common Stocks |  |
|  | &nbsp;&nbsp;&nbsp;(Cost $231,817,355) | 369282185 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
| **MONEY MARKET FUNDS — 0.99%** | **MONEY MARKET FUNDS — 0.99%** |  |
| 3679694 | &nbsp;&nbsp;&nbsp;Federated Hermes Treasury Obligations Fund, , 4.21%<sup>(b)</sup> | 3679694 |
|  | &nbsp;&nbsp;&nbsp;Total Money Market Funds |  |
|  | &nbsp;&nbsp;&nbsp;(Cost $3,679,694) | 3679694 |
| Total Investments— 100.08% | Total Investments— 100.08% |  |
| (Cost $235,497,049) | (Cost $235,497,049) | 372961879 |
| Liabilities in Excess of Other Assets — (0.08)% | Liabilities in Excess of Other Assets — (0.08)% | (314731) |
| NET ASSETS — 100.00% | NET ASSETS — 100.00% | $372647148 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income producing security.

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

*See accompanying notes to financial statements.* 9

**Sterling Capital Equity Income Fund Schedule of Investments**

*March 31, 2025 (Unaudited)*

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Fair Value** | **Fair Value** |
| **COMMON STOCKS — 96.84%** | **COMMON STOCKS — 96.84%** |  |  |
|  | **Beverages — 3.93%** |  |  |
| 373763 | &nbsp;&nbsp;&nbsp;PepsiCo, Inc. | $| 56042024 |
|  | **Biotechnology — 3.17%** |  |  |
| 215357 | &nbsp;&nbsp;&nbsp;AbbVie, Inc. |  | 45121599 |
|  | **Capital Markets — 14.00%** |  |  |
| 120154 | &nbsp;&nbsp;&nbsp;Ameriprise Financial, Inc. |  | 58167753 |
| 1015062 | &nbsp;&nbsp;&nbsp;Charles Schwab Corp. (The) |  | 79459054 |
| 43491 | &nbsp;&nbsp;&nbsp;Goldman Sachs Group, Inc. (The) |  | 23758698 |
| 255248 | &nbsp;&nbsp;&nbsp;Nasdaq, Inc. |  | 19363113 |
| 135972 | &nbsp;&nbsp;&nbsp;Raymond James Financial, Inc. |  | 18887871 |
|  |  |  | 199636489 |
|  | **Chemicals — 4.43%** |  |  |
| 135559 | &nbsp;&nbsp;&nbsp;New Linde PLC |  | 63121693 |
|  | **Containers & Packaging — 3.22%** | **Containers & Packaging — 3.22%** | **Containers & Packaging — 3.22%** |
| 257733 | &nbsp;&nbsp;&nbsp;Avery Dennison Corp. |  | 45868742 |
|  | **Electrical Equipment — 3.20%** |  |  |
| 176346 | &nbsp;&nbsp;&nbsp;Rockwell Automation, Inc. |  | 45564279 |
|  | **Health Care Equipment & Supplies — 4.20%** | **Health Care Equipment & Supplies — 4.20%** | **Health Care Equipment & Supplies — 4.20%** |
| 223488 | &nbsp;&nbsp;&nbsp;Abbott Laboratories |  | 29645683 |
| 131790 | &nbsp;&nbsp;&nbsp;Becton Dickinson and Co. |  | 30187818 |
|  |  |  | 59833501 |
|  | **Health Care Providers & Services — 10.20%** | **Health Care Providers & Services — 10.20%** | **Health Care Providers & Services — 10.20%** |
| 168851 | &nbsp;&nbsp;&nbsp;Elevance Health, Inc. |  | 73443430 |
| 137272 | &nbsp;&nbsp;&nbsp;UnitedHealth Group, Inc. |  | 71896210 |
|  |  |  | 145339640 |
|  | **Insurance — 10.04%** |  |  |
| 116864 | &nbsp;&nbsp;&nbsp;Aflac, Inc. |  | 12994108 |
| 147858 | &nbsp;&nbsp;&nbsp;Everest Group, Ltd. |  | 53721247 |
| 193125 | &nbsp;&nbsp;&nbsp;Marsh & McLennan Cos., Inc. |  | 47128294 |
| 364501 | &nbsp;&nbsp;&nbsp;MetLife, Inc. |  | 29265785 |
|  |  |  | 143109434 |
|  | **It Services — 3.04%** |  |  |
| 139056 | &nbsp;&nbsp;&nbsp;Accenture PLC, Class A |  | 43391034 |
|  | **Oil, Gas & Consumable Fuels — 9.09%** | **Oil, Gas & Consumable Fuels — 9.09%** | **Oil, Gas & Consumable Fuels — 9.09%** |
| 193782 | &nbsp;&nbsp;&nbsp;Chevron Corp. |  | 32417791 |
| 1824190 | &nbsp;&nbsp;&nbsp;Coterra Energy, Inc. |  | 52719091 |
| 335762 | &nbsp;&nbsp;&nbsp;Valero Energy Corp. |  | 44344087 |
|  |  |  | 129480969 |
|  | **Pharmaceuticals — 0.27%** |  |  |
| 23515 | &nbsp;&nbsp;&nbsp;Johnson & Johnson |  | 3899728 |
|  | **Professional Services — 7.70%** |  |  |
| 207198 | &nbsp;&nbsp;&nbsp;Automatic Data Processing, Inc. |  | 63305205 |
| 444092 | &nbsp;&nbsp;&nbsp;Booz Allen Hamilton Corp. |  | 46443141 |
|  |  |  | 109748346 |
|  | **Semiconductors & Semiconductor Equipment — 4.16%** | **Semiconductors & Semiconductor Equipment — 4.16%** | **Semiconductors & Semiconductor Equipment — 4.16%** |
| 293542 | &nbsp;&nbsp;&nbsp;Analog Devices, Inc. |  | 59198616 |
|  | **Software — 4.14%** |  |  |
| 157085 | &nbsp;&nbsp;&nbsp;Microsoft Corp. |  | 58968138 |
|  | **Specialized REITs — 2.47%** |  |  |
| 825717 | &nbsp;&nbsp;&nbsp;CubeSmart |  | 35266373 |
|  | **Specialty Retail — 3.23%** |  |  |
| 125418 | &nbsp;&nbsp;&nbsp;Home Depot, Inc. (The) |  | 45964443 |
|  | **Tobacco — 4.01%** |  |  |
| 951498 | &nbsp;&nbsp;&nbsp;Altria Group, Inc. |  | 57108910 |
|  | **Trading Companies & Distributors — 2.34%** | **Trading Companies & Distributors — 2.34%** | **Trading Companies & Distributors — 2.34%** |
| 208116 | &nbsp;&nbsp;&nbsp;Exagen, Inc. |  | 33346427 |
|  | &nbsp;&nbsp;&nbsp;Total Common Stocks |  |  |
|  | &nbsp;&nbsp;&nbsp;(Cost $984,544,100) |  | 1380010385 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
| **MONEY MARKET FUNDS — 3.28%** | **MONEY MARKET FUNDS — 3.28%** |  |
| 46747898 | &nbsp;&nbsp;&nbsp;Federated Hermes Treasury Obligations Fund, Institutional Shares, 4.21%<sup>(a)</sup> | $46747898 |
|  | &nbsp;&nbsp;&nbsp;Total Money Market Funds |  |
|  | &nbsp;&nbsp;&nbsp;(Cost $46,747,898) | 46747898 |
| Total Investments— 100.12% | Total Investments— 100.12% |  |
| (Cost $1,031,291,998) | (Cost $1,031,291,998) | 1426758283 |
| Liabilities in Excess of Other Assets — (0.12)% | Liabilities in Excess of Other Assets — (0.12)% | (1678390) |
| NET ASSETS — 100.00% | NET ASSETS — 100.00% | $1425079893 |

---

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

10 *See accompanying notes to financial statements.*

**Sterling Capital Mid Cap Relative Value Fund Schedule of Investments**

*March 31, 2025 (Unaudited)*

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
| **COMMON STOCKS — 98.78%** | **COMMON STOCKS — 98.78%** |  |
|  | **Aerospace & Defense — 1.52%** | **Aerospace & Defense — 1.52%** |
| 1545 | &nbsp;&nbsp;&nbsp;Curtiss-Wright Corp. | $490182 |
|  | **Automobile Components — 1.59%** | **Automobile Components — 1.59%** |
| 4259 | &nbsp;&nbsp;&nbsp;Dorman Products, Inc.<sup>(a)</sup> | 513379 |
|  | **Banks — 6.37%** |  |
| 5927 | &nbsp;&nbsp;&nbsp;East West Bancorp, Inc. | 532008 |
| 25182 | &nbsp;&nbsp;&nbsp;Huntington Bancshares, Inc. | 377982 |
| 4887 | &nbsp;&nbsp;&nbsp;UMB Financial Corp. | 494076 |
| 5769 | &nbsp;&nbsp;&nbsp;Wintrust Financial Corp. | 648781 |
|  |  | 2052847 |
|  | **Building Products — 2.43%** |  |
| 2296 | &nbsp;&nbsp;&nbsp;Carlisle Cos., Inc. | 781788 |
|  | **Capital Markets — 2.38%** |  |
| 1583 | &nbsp;&nbsp;&nbsp;Ameriprise Financial, Inc. | 766346 |
|  | **Chemicals — 2.92%** |  |
| 10232 | &nbsp;&nbsp;&nbsp;Avient Corp. | 380221 |
| 5618 | &nbsp;&nbsp;&nbsp;Westlake Corp. | 561969 |
|  |  | 942190 |
|  | **Construction & Engineering — 4.20%** | **Construction & Engineering — 4.20%** |
| 11612 | &nbsp;&nbsp;&nbsp;MasTec, Inc.<sup>(a)</sup> | 1355238 |
|  | **Consumer Staples Distribution & Retail — 10.26%** | **Consumer Staples Distribution & Retail — 10.26%** |
| 8560 | &nbsp;&nbsp;&nbsp;BJ's Wholesale Club Holdings, Inc.<sup>(a)</sup> | 976696 |
| 3433 | &nbsp;&nbsp;&nbsp;Casey's General Stores, Inc. | 1490059 |
| 10709 | &nbsp;&nbsp;&nbsp;Performance Food Group Co.<sup>(a)</sup> | 842049 |
|  |  | 3308804 |
|  | **Containers & Packaging — 3.93%** |  |
| 4575 | &nbsp;&nbsp;&nbsp;Avery Dennison Corp. | 814213 |
| 6482 | &nbsp;&nbsp;&nbsp;Berry Global Group, Inc. | 452508 |
|  |  | 1266721 |
|  | **Electrical Equipment — 2.47%** |  |
| 9126 | &nbsp;&nbsp;&nbsp;nVent Electric PLC | 478385 |
| 1866 | &nbsp;&nbsp;&nbsp;Powell Industries, Inc. | 317836 |
|  |  | 796221 |
|  | **Electronic Equipment, Instruments & Components — 3.01%** | **Electronic Equipment, Instruments & Components — 3.01%** |
| 4957 | &nbsp;&nbsp;&nbsp;Arrow Electronics, Inc.<sup>(a)</sup> | 514685 |
| 2853 | &nbsp;&nbsp;&nbsp;CDW Corp. | 457222 |
|  |  | 971907 |
|  | **Entertainment — 2.60%** |  |
| 4041 | &nbsp;&nbsp;&nbsp;Take-Two Interactive Software, Inc.<sup>(a)</sup> | 837497 |
|  | **Financial Services — 3.87%** |  |
| 5648 | &nbsp;&nbsp;&nbsp;Fiserv, Inc.<sup>(a)</sup> | 1247248 |
|  | **Gas Utilities — 2.70%** |  |
| 12140 | &nbsp;&nbsp;&nbsp;Southwest Gas Corp. | 871652 |
|  | **Health Care Equipment & Supplies — 1.34%** | **Health Care Equipment & Supplies — 1.34%** |
| 1891 | &nbsp;&nbsp;&nbsp;Becton Dickinson and Co. | 433152 |
|  | **Health Care REITs — 1.98%** |  |
| 36588 | &nbsp;&nbsp;&nbsp;Sabra Health Care REIT, Inc. | 639192 |
|  | **Household Durables — 1.53%** |  |
| 4792 | &nbsp;&nbsp;&nbsp;PulteGroup, Inc. | 492618 |
|  | **Industrial REITs — 2.42%** |  |
| 4433 | &nbsp;&nbsp;&nbsp;EastGroup Properties, Inc. | 780873 |
|  | **Insurance — 6.35%** |  |
| 4620 | &nbsp;&nbsp;&nbsp;American Financial Group, Inc. | 606791 |
| 9709 | &nbsp;&nbsp;&nbsp;First American Financial Corp. | 637202 |
| 4620 | &nbsp;&nbsp;&nbsp;Hanover Insurance Group, Inc. (The) | 803648 |
|  |  | 2047641 |
|  | **Life Sciences Tools & Services — 5.25%** | **Life Sciences Tools & Services — 5.25%** |
| 2613 | &nbsp;&nbsp;&nbsp;ICON PLC<sup>(a)</sup> | 457249 |
| 5621 | &nbsp;&nbsp;&nbsp;Revvity, Inc. | 594702 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Fair Value** | **Fair Value** |
| **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** |  |  |
|  | **Life Sciences Tools & Services — (continued)** | **Life Sciences Tools & Services — (continued)** | **Life Sciences Tools & Services — (continued)** |
| 1283 | &nbsp;&nbsp;&nbsp;Thermo Fisher Scientific, Inc. | $| 638421 |
|  |  |  | 1690372 |
|  | **Machinery — 2.09%** |  |  |
| 7166 | &nbsp;&nbsp;&nbsp;Oshkosh Corp. |  | 674177 |
|  | **Multi-Utilities — 3.39%** |  |  |
| 27248 | &nbsp;&nbsp;&nbsp;Nisource, Inc. |  | 1092372 |
|  | **Oil, Gas & Consumable Fuels — 7.61%** | **Oil, Gas & Consumable Fuels — 7.61%** | **Oil, Gas & Consumable Fuels — 7.61%** |
| 24174 | &nbsp;&nbsp;&nbsp;Coterra Energy, Inc. |  | 698629 |
| 3378 | &nbsp;&nbsp;&nbsp;Diamondback Energy, Inc. |  | 540075 |
| 2393 | &nbsp;&nbsp;&nbsp;Gulport Energy Corp.<sup>(a)</sup> |  | 440647 |
| 6270 | &nbsp;&nbsp;&nbsp;Phillips 66 |  | 774219 |
|  |  |  | 2453570 |
|  | **Professional Services — 3.41%** |  |  |
| 2996 | &nbsp;&nbsp;&nbsp;CACI International, Inc., Class A<sup>(a)</sup> |  | 1099292 |
|  | **Residential REITs — 2.27%** |  |  |
| 4363 | &nbsp;&nbsp;&nbsp;Mid-America Apartment Communities, Inc. |  | 731152 |
|  | **Retail REITs — 1.72%** |  |  |
| 20902 | &nbsp;&nbsp;&nbsp;Brixmor Property Group, Inc. |  | 554948 |
|  | **Semiconductors & Semiconductor Equipment — 0.65%** | **Semiconductors & Semiconductor Equipment — 0.65%** | **Semiconductors & Semiconductor Equipment — 0.65%** |
| 3246 | &nbsp;&nbsp;&nbsp;Skyworks Solutions, Inc. |  | 209789 |
|  | **Software — 3.64%** |  |  |
| 3149 | &nbsp;&nbsp;&nbsp;Commvault Systems, Inc.<sup>(a)</sup> |  | 496786 |
| 4351 | &nbsp;&nbsp;&nbsp;PTC, Inc.<sup>(a)</sup> |  | 674188 |
|  |  |  | 1170974 |
|  | **Specialized REITs — 1.71%** |  |  |
| 3839 | &nbsp;&nbsp;&nbsp;Digital Realty Trust, Inc. |  | 550090 |
|  | **Trading Companies & Distributors — 3.17%** | **Trading Companies & Distributors — 3.17%** | **Trading Companies & Distributors — 3.17%** |
| 1630 | &nbsp;&nbsp;&nbsp;United Rentals, Inc. |  | 1021521 |
|  | &nbsp;&nbsp;&nbsp;Total Common Stocks |  |  |
|  | &nbsp;&nbsp;&nbsp;(Cost $15,720,723) |  | 31843753 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
| **MONEY MARKET FUNDS — 1.20%** | **MONEY MARKET FUNDS — 1.20%** |  |
| 386386 | &nbsp;&nbsp;&nbsp;Federated Hermes Treasury Obligations Fund, Institutional Shares, 4.21%<sup>(b)</sup> | 386386 |
|  | &nbsp;&nbsp;&nbsp;Total Money Market Funds |  |
|  | &nbsp;&nbsp;&nbsp;(Cost $386,386) | 386386 |
| Total Investments— 99.98% | Total Investments— 99.98% |  |
| (Cost $16,107,109) | (Cost $16,107,109) | 32230139 |
| Other Assets in Excess of Liabilities— 0.02% | Other Assets in Excess of Liabilities— 0.02% | 7060 |
| NET ASSETS — 100.00% | NET ASSETS — 100.00% | $32237199 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income producing security.

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

*See accompanying notes to financial statements.* 11

**Sterling Capital Real Estate Fund**

**Schedule of Investments**

*March 31, 2025 (Unaudited)*

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
| **COMMON STOCKS — 97.90%** | **COMMON STOCKS — 97.90%** |  |
|  | **Equity Real Estate Investment Trusts (REITs) — 2.27%** | **Equity Real Estate Investment Trusts (REITs) — 2.27%** |
| 48337 | &nbsp;&nbsp;&nbsp;Essential Properties Realty Trust, Inc. | $1577720 |
|  | **Health Care REITs — 14.56%** | **Health Care REITs — 14.56%** |
| 95029 | &nbsp;&nbsp;&nbsp;Sabra Health Care REIT, Inc. | 1660157 |
| 46574 | &nbsp;&nbsp;&nbsp;Ventas, Inc. | 3202428 |
| 34315 | &nbsp;&nbsp;&nbsp;Welltower, Inc. | 5257401 |
|  |  | 10119986 |
|  | **Hotel & Resort REITs — 3.10%** | **Hotel & Resort REITs — 3.10%** |
| 53095 | &nbsp;&nbsp;&nbsp;Apple Hospitality REIT, Inc. | 685456 |
| 16078 | &nbsp;&nbsp;&nbsp;Ryman Hospitality Properties, Inc. | 1470173 |
|  |  | 2155629 |
|  | **Industrial REITs — 13.08%** | **Industrial REITs — 13.08%** |
| 11648 | &nbsp;&nbsp;&nbsp;EastGroup Properties, Inc. | 2051795 |
| 31578 | &nbsp;&nbsp;&nbsp;First Industrial Realty Trust, Inc. | 1703949 |
| 31486 | &nbsp;&nbsp;&nbsp;Prologis, Inc. | 3519820 |
| 46521 | &nbsp;&nbsp;&nbsp;Rexford Industrial Realty, Inc. | 1821297 |
|  |  | 9096861 |
|  | **Office REITs — 4.21%** | **Office REITs — 4.21%** |
| 18113 | &nbsp;&nbsp;&nbsp;Boston Properties, Inc. | 1217013 |
| 165729 | &nbsp;&nbsp;&nbsp;Brandywine Realty Trust | 739151 |
| 32904 | &nbsp;&nbsp;&nbsp;Highwoods Properties, Inc. | 975275 |
|  |  | 2931439 |
|  | **Residential REITs — 17.65%** | **Residential REITs — 17.65%** |
| 12741 | &nbsp;&nbsp;&nbsp;Camden Property Trust | 1558224 |
| 8418 | &nbsp;&nbsp;&nbsp;Essex Property Trust, Inc. | 2580706 |
| 65865 | &nbsp;&nbsp;&nbsp;Invitation Homes, Inc. | 2295395 |
| 14862 | &nbsp;&nbsp;&nbsp;Mid-America Apartment Communities, Inc. | 2490574 |
| 21921 | &nbsp;&nbsp;&nbsp;NexPoint Residential Trust, Inc. | 866537 |
| 54874 | &nbsp;&nbsp;&nbsp;UDR, Inc. | 2478659 |
|  |  | 12270095 |
|  | **Retail REITs — 11.50%** | **Retail REITs — 11.50%** |
| 73624 | &nbsp;&nbsp;&nbsp;Brixmor Property Group, Inc. | 1954717 |
| 36769 | &nbsp;&nbsp;&nbsp;InvenTrust Properties Corp.<sup>(a)</sup> | 1079906 |
| 89482 | &nbsp;&nbsp;&nbsp;Kite Realty Group Trust | 2001712 |
| 49082 | &nbsp;&nbsp;&nbsp;NETSTREIT Corp.<sup>(a)</sup> | 777950 |
| 64592 | &nbsp;&nbsp;&nbsp;Tanger Factory Outlet Centers, Inc. | 2182563 |
|  |  | 7996848 |
|  | **Specialized REITs — 31.53%** | **Specialized REITs — 31.53%** |
| 28949 | &nbsp;&nbsp;&nbsp;American Tower Corp., Class A | 6299302 |
| 34655 | &nbsp;&nbsp;&nbsp;CubeSmart | 1480115 |
| 30019 | &nbsp;&nbsp;&nbsp;Digital Realty Trust, Inc. | 4301423 |
| 3856 | &nbsp;&nbsp;&nbsp;Equinix, Inc. | 3143990 |
| 17103 | &nbsp;&nbsp;&nbsp;Extra Space Storage, Inc. | 2539624 |
| 6971 | &nbsp;&nbsp;&nbsp;SBA Communications Corp., Class A | 1533690 |
| 80294 | &nbsp;&nbsp;&nbsp;VICI Properties, Inc. | 2619190 |
|  |  | 21917334 |
|  | &nbsp;&nbsp;&nbsp;Total Common Stocks |  |
|  | &nbsp;&nbsp;&nbsp;(Cost $39,544,572) | 68065912 |
| **Shares** |  | **Fair Value** |
| **MONEY MARKET FUNDS — 1.81%** | **MONEY MARKET FUNDS — 1.81%** |  |
| 1258104 | &nbsp;&nbsp;&nbsp;Federated Hermes Treasury Obligations Fund, Institutional Shares, 4.21%<sup>(b)</sup> | 1258104 |
|  | &nbsp;&nbsp;&nbsp;Total Money Market Funds |  |
|  | &nbsp;&nbsp;&nbsp;(Cost $1,258,104) | 1258104 |
| Total Investments— 99.71% | Total Investments— 99.71% |  |
| (Cost $40,802,676) | (Cost $40,802,676) | 69324016 |
| Other Assets in Excess of Liabilities— 0.29% | Other Assets in Excess of Liabilities— 0.29% | 199859 |
| NET ASSETS — 100.00% | NET ASSETS — 100.00% | $&nbsp;&nbsp;&nbsp;&nbsp;69523875 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income producing security.

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

12 *See accompanying notes to financial statements.*

**Sterling Capital Small Cap Value Fund**

**Schedule of Investments**

*March 31, 2025 (Unaudited)*

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
| **COMMON STOCKS — 99.69%** | **COMMON STOCKS — 99.69%** | **COMMON STOCKS — 99.69%** |
|  | **Aerospace & Defense — 3.84%** | **Aerospace & Defense — 3.84%** |
| 34546 | &nbsp;&nbsp;&nbsp;Moog, Inc., Class A | $5988549 |
|  | **Automobile Components — 3.07%** | **Automobile Components — 3.07%** |
| 24755 | &nbsp;&nbsp;&nbsp;Dorman Products, Inc.<sup>(a)</sup> | 2983967 |
| 215732 | &nbsp;&nbsp;&nbsp;Garret Motion, Inc.<sup>(a)</sup> | 1805677 |
|  |  | 4789644 |
|  | **Banks — 14.33%** | **Banks — 14.33%** |
| 70299 | &nbsp;&nbsp;&nbsp;Columbia Banking System, Inc. | 1753257 |
| 67224 | &nbsp;&nbsp;&nbsp;Community Bank System, Inc. | 3822357 |
| 83104 | &nbsp;&nbsp;&nbsp;Glacier Bancorp, Inc. | 3674859 |
| 112542 | &nbsp;&nbsp;&nbsp;Old National Bancorp | 2384765 |
| 49750 | &nbsp;&nbsp;&nbsp;United Bankshares, Inc. | 1724833 |
| 71398 | &nbsp;&nbsp;&nbsp;Webster Financial Corp. | 3680567 |
| 47360 | &nbsp;&nbsp;&nbsp;Wintrust Financial Corp. | 5326105 |
|  |  | 22366743 |
|  | **Capital Markets — 2.37%** | **Capital Markets — 2.37%** |
| 21984 | &nbsp;&nbsp;&nbsp;Affiliated Managers Group, Inc. | 3693972 |
|  | **Chemicals — 2.62%** | **Chemicals — 2.62%** |
| 109866 | &nbsp;&nbsp;&nbsp;Avient Corp. | 4082621 |
|  | **Construction & Engineering — 3.34%** | **Construction & Engineering — 3.34%** |
| 44688 | &nbsp;&nbsp;&nbsp;MasTec, Inc.<sup>(a)</sup> | 5215536 |
|  | **Consumer Staples Distribution & Retail — 11.72%** | **Consumer Staples Distribution & Retail — 11.72%** |
| 61053 | &nbsp;&nbsp;&nbsp;BJ's Wholesale Club Holdings, Inc.<sup>(a)</sup> | 6966147 |
| 15846 | &nbsp;&nbsp;&nbsp;Casey's General Stores, Inc. | 6877798 |
| 56735 | &nbsp;&nbsp;&nbsp;Performance Food Group Co.<sup>(a)</sup> | 4461073 |
|  |  | 18305018 |
|  | **Electric Utilities — 2.35%** | **Electric Utilities — 2.35%** |
| 82140 | &nbsp;&nbsp;&nbsp;Portland General Electric Co. | 3663444 |
|  | **Electrical Equipment — 2.71%** | **Electrical Equipment — 2.71%** |
| 46120 | &nbsp;&nbsp;&nbsp;EnerSys | 4223670 |
|  | **Electronic Equipment, Instruments & Components — 6.52%** | **Electronic Equipment, Instruments & Components — 6.52%** |
| 51692 | &nbsp;&nbsp;&nbsp;Belden, Inc. | 5182123 |
| 44566 | &nbsp;&nbsp;&nbsp;Crane NXT Co. | 2290692 |
| 44300 | &nbsp;&nbsp;&nbsp;Eplus, Inc.<sup>(a)</sup> | 2703629 |
|  |  | 10176444 |
|  | **Energy Equipment & Services — 1.25%** | **Energy Equipment & Services — 1.25%** |
| 185280 | &nbsp;&nbsp;&nbsp;Select Energy Services, Inc., Class A | 1945440 |
|  | **Entertainment — 2.57%** | **Entertainment — 2.57%** |
| 19362 | &nbsp;&nbsp;&nbsp;Take-Two Interactive Software, Inc.<sup>(a)</sup> | 4012775 |
|  | **Gas Utilities — 2.49%** | **Gas Utilities — 2.49%** |
| 54250 | &nbsp;&nbsp;&nbsp;Southwest Gas Corp. | 3895150 |
|  | **Household Durables — 2.61%** | **Household Durables — 2.61%** |
| 57544 | &nbsp;&nbsp;&nbsp;Meritage Homes Corp. | 4078719 |
|  | **Industrial REITs — 3.30%** | **Industrial REITs — 3.30%** |
| 95638 | &nbsp;&nbsp;&nbsp;First Industrial Realty Trust, Inc. | 5160626 |
|  | **Insurance — 7.01%** | **Insurance — 7.01%** |
| 35871 | &nbsp;&nbsp;&nbsp;Hanover Insurance Group, Inc. (The) | 6239761 |
| 51339 | &nbsp;&nbsp;&nbsp;Selective Insurance Group, Inc. | 4699572 |
|  |  | 10939333 |
|  | **Life Sciences Tools & Services — 1.97%** | **Life Sciences Tools & Services — 1.97%** |
| 13772 | &nbsp;&nbsp;&nbsp;West Pharmaceutical Services, Inc. | 3083275 |
|  | **Machinery — 6.30%** | **Machinery — 6.30%** |
| 36956 | &nbsp;&nbsp;&nbsp;Crane Co. | 5660920 |
| 44441 | &nbsp;&nbsp;&nbsp;Oshkosh Corp. | 4181009 |
|  |  | 9841929 |
|  | **Office REITs — 1.54%** | **Office REITs — 1.54%** |
| 80892 | &nbsp;&nbsp;&nbsp;Highwoods Properties, Inc. | 2397639 |
|  | **Oil, Gas & Consumable Fuels — 3.97%** | **Oil, Gas & Consumable Fuels — 3.97%** |
| 16549 | &nbsp;&nbsp;&nbsp;Chord Energy Corp. | 1865403 |
| 40311 | &nbsp;&nbsp;&nbsp;Matador Resources Co. | 2059489 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
| **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** |
|  | **Oil, Gas & Consumable Fuels — (continued)** | **Oil, Gas & Consumable Fuels — (continued)** |
| 75552 | &nbsp;&nbsp;&nbsp;Northern Oil and Gas, Inc. | $2283937 |
|  |  | 6208829 |
|  | **Professional Services — 2.90%** | **Professional Services — 2.90%** |
| 12356 | &nbsp;&nbsp;&nbsp;CACI International, Inc., Class A<sup>(a)</sup> | 4533664 |
|  | **Retail REITs — 1.81%** | **Retail REITs — 1.81%** |
| 83581 | &nbsp;&nbsp;&nbsp;Tanger Factory Outlet Centers, Inc. | 2824202 |
|  | **Semiconductors & Semiconductor Equipment — 2.42%** | **Semiconductors & Semiconductor Equipment — 2.42%** |
| 55743 | &nbsp;&nbsp;&nbsp;ON Semiconductor Corp.<sup>(a)</sup> | 2268183 |
| 20856 | &nbsp;&nbsp;&nbsp;Qorvo, Inc.<sup>(a)</sup> | 1510183 |
|  |  | 3778366 |
|  | **Software — 2.70%** | **Software — 2.70%** |
| 27234 | &nbsp;&nbsp;&nbsp;PTC, Inc.<sup>(a)</sup> | 4219908 |
|  | **Trading Companies & Distributors — 3.98%** | **Trading Companies & Distributors — 3.98%** |
| 10381 | &nbsp;&nbsp;&nbsp;Herc Holdings, Inc. | 1393857 |
| 7685 | &nbsp;&nbsp;&nbsp;United Rentals, Inc. | 4816189 |
|  |  | 6210046 |
|  | &nbsp;&nbsp;&nbsp;Total Common Stocks |  |
|  | &nbsp;&nbsp;&nbsp;(Cost $49,351,694) | 155635542 |
| **Shares** |  | **Fair Value** |
| **MONEY MARKET FUNDS — 0.32%** | **MONEY MARKET FUNDS — 0.32%** | **MONEY MARKET FUNDS — 0.32%** |
| 494922 | &nbsp;&nbsp;&nbsp;Federated Hermes Treasury Obligations Fund, Institutional Shares, 4.21%<sup>(b)</sup> | 494922 |
|  | &nbsp;&nbsp;&nbsp;Total Money Market Funds |  |
|  | &nbsp;&nbsp;&nbsp;(Cost $494,922) | 494922 |
| Total Investments— 100.01% | Total Investments— 100.01% |  |
| (Cost $49,846,616) | (Cost $49,846,616) | 156130464 |
| Liabilities in Excess of Other Assets — (0.01)% | Liabilities in Excess of Other Assets — (0.01)% | (10552) |
| NET ASSETS — 100.00% | NET ASSETS — 100.00% | $156119912 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income
 producing security.

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

*See accompanying notes to financial statements.* 13

**Sterling Capital Ultra Short Bond Fund**

**Schedule of Investments**

*March 31, 2025 (Unaudited)*

---

| | | |
|:---|:---|:---|
| **Principal Amount** |  | **Fair Value** |
| **CORPORATE BONDS — 41.86%** | **CORPORATE BONDS — 41.86%** | **CORPORATE BONDS — 41.86%** |
|  | **AEROSPACE & DEFENSE — 0.91%** | **AEROSPACE & DEFENSE — 0.91%** |
| $250000 | &nbsp;&nbsp;&nbsp;Boeing Co. (The), 2.60%, 10/30/25 | $246873 |
|  | **ASSET MANAGEMENT — 2.78%** | **ASSET MANAGEMENT — 2.78%** |
| 250000 | &nbsp;&nbsp;&nbsp;Blackstone Secured Lending Fund, 3.63%, 1/15/26 | 247374 |
| 300000 | &nbsp;&nbsp;&nbsp;UBS Group AG, 2.19%, 6/05/26 (SOFR + 204.40 bps)<sup>(a)</sup><sup>(b)</sup> | 298591 |
| 215000 | &nbsp;&nbsp;&nbsp;Blackstone Private Credit Fund, 2.63%, 12/15/26 | 205902 |
|  |  | 751867 |
|  | **AUTOMOTIVE — 2.04%** | **AUTOMOTIVE — 2.04%** |
| 250000 | &nbsp;&nbsp;&nbsp;Ford Motor Credit Co LLC, 4.69%, 6/09/25 | 249655 |
| 300000 | &nbsp;&nbsp;&nbsp;Hyundai Capital America, 5.50%, 3/30/26<sup>(a)</sup> | 302527 |
|  |  | 552182 |
|  | **BANKING — 4.11%** | **BANKING — 4.11%** |
| 300000 | &nbsp;&nbsp;&nbsp;Societe Generale SA, 4.75%, 11/24/25<sup>(a)</sup> | 298874 |
| 250000 | &nbsp;&nbsp;&nbsp;Credit Agricole SA/London, 1.91%, 6/16/26 (SOFRRATE + 167.60 bps)<sup>(a)</sup><sup>(b)</sup> | 248471 |
| 300000 | &nbsp;&nbsp;&nbsp;Barclays PLC, 7.33%, 11/02/26 (H15T1Y + 305 bps)<sup>(b)</sup> | 304319 |
| 260000 | &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co., 5.22%, 10/22/28 (O/N SOFR +86 bps)<sup>(b)</sup> | 261196 |
|  |  | 1112860 |
|  | **BANKS — 5.57%** | **BANKS — 5.57%** |
| 250000 | &nbsp;&nbsp;&nbsp;ABN AMRO Bank N.V., 4.75%, 7/28/25<sup>(a)</sup> | 249465 |
| 364000 | &nbsp;&nbsp;&nbsp;Lloyds Banking Group PLC, 4.58%, 12/10/25 | 363299 |
| 400000 | &nbsp;&nbsp;&nbsp;Wells Fargo & Co., 3.91%, 4/25/26 | 399733 |
| 250000 | &nbsp;&nbsp;&nbsp;Australia & New Zealand Banking Group Ltd, 4.40%, 5/19/26<sup>(a)</sup> | 249205 |
| 250000 | &nbsp;&nbsp;&nbsp;Cooperative Rabobank UA, 1.34%, 6/24/26 (H15T1Y + 100 bps)<sup>(a)</sup><sup>(b)</sup> | 248011 |
|  |  | 1509713 |
|  | **BEVERAGES — 0.90%** | **BEVERAGES — 0.90%** |
| 250000 | &nbsp;&nbsp;&nbsp;Bacardi Ltd., 2.75%, 7/15/26<sup>(a)</sup> | 244036 |
|  | **CAPITAL MARKETS — 2.53%** | **CAPITAL MARKETS — 2.53%** |
| 250000 | &nbsp;&nbsp;&nbsp;Ares Capital Corp., 3.25%, 7/15/25 | 248963 |
| 300000 | &nbsp;&nbsp;&nbsp;Blue Owl Capital Corp., 3.75%, 7/22/25 | 298662 |
| 140000 | &nbsp;&nbsp;&nbsp;Brightsphere Investment Group, Inc., 4.80%, 7/27/26 | 137967 |
|  |  | 685592 |
|  | **ELECTRIC UTILITIES — 1.21%** | **ELECTRIC UTILITIES — 1.21%** |
| 250000 | &nbsp;&nbsp;&nbsp;Puget Energy, Inc., 3.65%, 5/15/25 | 249546 |
| 78000 | &nbsp;&nbsp;&nbsp;Vistra Operations Co. LLC, 5.05%, 12/30/26<sup>(a)</sup> | 78222 |
|  |  | 327768 |
|  | **ENTERTAINMENT CONTENT — 0.92%** | **ENTERTAINMENT CONTENT — 0.92%** |
| 250000 | &nbsp;&nbsp;&nbsp;Discovery Communications LLC, 4.90%, 3/11/26 | 250014 |
|  | **HEALTH CARE FACILITIES & SERVICES — 1.90%** | **HEALTH CARE FACILITIES & SERVICES — 1.90%** |
| 300000 | &nbsp;&nbsp;&nbsp;HCA Inc., 5.25%, 6/15/26 | 300877 |
| 215000 | &nbsp;&nbsp;&nbsp;IQVIA, Inc., 5.00%, 10/15/26<sup>(a)</sup> | 213454 |
|  |  | 514331 |
|  | **INSURANCE — 5.67%** | **INSURANCE — 5.67%** |
| 300000 | &nbsp;&nbsp;&nbsp;F&G Global Funding, 5.15%, 7/07/25<sup>(a)</sup><sup>(c)</sup> | 300021 |
| 250000 | &nbsp;&nbsp;&nbsp;Reliance Standard Life Global Funding II, 5.24%, 2/02/26<sup>(a)</sup> | 250673 |
| 190000 | &nbsp;&nbsp;&nbsp;Brighthouse Financial Global Funding, 1.55%, 5/24/26<sup>(a)</sup> | 183235 |
| 300000 | &nbsp;&nbsp;&nbsp;Athene Global Funding, 5.36%, 8/27/26 (SOFRIX + 103 bps)<sup>(a)</sup><sup>(b)</sup> | 301149 |
| 250000 | &nbsp;&nbsp;&nbsp;SBL Holdings, Inc., 5.13%, 11/13/26<sup>(a)</sup> | 247257 |
| 250000 | &nbsp;&nbsp;&nbsp;Marsh & McLennan Cos, Inc., 5.07%, 11/08/27 | 250996 |
|  |  | 1533331 |
|  | **LEISURE FACILITIES & SERVICES — 0.89%** | **LEISURE FACILITIES & SERVICES — 0.89%** |
| 230000 | &nbsp;&nbsp;&nbsp;NCL Corp Ltd., 8.13%, 1/15/29<sup>(a)</sup> | 241922 |
|  | **MACHINERY — 0.93%** | **MACHINERY — 0.93%** |
| 250000 | &nbsp;&nbsp;&nbsp;Regal Rexnord Corp., 6.05%, 2/15/26 | 251893 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal Amount** | **Principal Amount** |  | **Fair Value** |
| **CORPORATE BONDS — (continued)** | **CORPORATE BONDS — (continued)** | **CORPORATE BONDS — (continued)** | **CORPORATE BONDS — (continued)** |
|  |  | **MORTGAGE REAL ESTATE INVESTMENT - TRUSTS (REITS) — 0.80%** | **MORTGAGE REAL ESTATE INVESTMENT - TRUSTS (REITS) — 0.80%** |
| $| 225000 | &nbsp;&nbsp;&nbsp;Starwood Property Trust, Inc., 3.63%, 7/15/26<sup>(a)</sup> | $218009 |
|  |  | **MULTI-UTILITIES — 1.00%** | **MULTI-UTILITIES — 1.00%** |
|  | 271000 | &nbsp;&nbsp;&nbsp;Sempra Energy, 3.30%, 4/01/25<sup>(c)</sup> | 271000 |
|  |  | **OIL & GAS PRODUCERS — 0.58%** | **OIL & GAS PRODUCERS — 0.58%** |
|  | 158000 | &nbsp;&nbsp;&nbsp;DCP Midstream Operating LP, 5.38%, 7/15/25 | 158088 |
|  |  | **REIT — 0.91%** | **REIT — 0.91%** |
|  | 250000 | &nbsp;&nbsp;&nbsp;VICI Properties LP / VICI Note Co., Inc., 4.25%, 12/01/26<sup>(a)</sup> | 247268 |
|  |  | **SOFTWARE — 0.94%** | **SOFTWARE — 0.94%** |
|  | 250000 | &nbsp;&nbsp;&nbsp;Concentrix Corp., 6.65%, 8/02/26 | 255053 |
|  |  | **SPECIALTY FINANCE — 4.37%** | **SPECIALTY FINANCE — 4.37%** |
|  | 108000 | &nbsp;&nbsp;&nbsp;Ladder Capital Finance Holdings LLLP, Class B, 5.25%, 10/01/25<sup>(a)</sup> | 107673 |
|  | 250000 | &nbsp;&nbsp;&nbsp;Capital One Financial Corp., 4.20%, 10/29/25 | 249021 |
|  | 250000 | &nbsp;&nbsp;&nbsp;Air Lease Corp, 2.88%, 1/15/26 | 246372 |
|  | 300000 | &nbsp;&nbsp;&nbsp;Avolon Holdings Funding Ltd., 5.50%, 1/15/26<sup>(a)</sup> | 301243 |
|  | 285000 | &nbsp;&nbsp;&nbsp;AerCap Ireland Capial DAC, 1.75%, 1/30/26 | 278289 |
|  |  |  | 1182598 |
|  |  | **TRANSPORTATION & LOGISTICS — 1.90%** | **TRANSPORTATION & LOGISTICS — 1.90%** |
|  | 112500 | &nbsp;&nbsp;&nbsp;Delta Air Lines, Inc./ SkyMiles IP Ltd., 4.50%, 10/20/25<sup>(a)</sup> | 112109 |
|  | 250000 | &nbsp;&nbsp;&nbsp;Delta Air Lines, Inc., 7.38%, 1/15/26 | 254358 |
|  | 148000 | &nbsp;&nbsp;&nbsp;United Airlines, Inc., 4.38%, 4/15/26<sup>(a)</sup><sup>(c)</sup> | 145647 |
|  |  |  | 512114 |
|  |  | **TRANSPORTATION EQUIPMENT — 1.00%** | **TRANSPORTATION EQUIPMENT — 1.00%** |
|  | 271000 | &nbsp;&nbsp;&nbsp;Daimler Truck Finance North America LLC, 5.33%, 9/25/27 (O/N SOFR + 96 bps)<sup>(a)</sup><sup>(b)</sup> | 271215 |
|  |  | &nbsp;&nbsp;&nbsp;**Total (Cost $11,314,270)** | 11337727 |
| **Principal Amount** | **Principal Amount** |  | **Fair Value** |
| **ASSET BACKED SECURITIES — 32.20%** | **ASSET BACKED SECURITIES — 32.20%** | **ASSET BACKED SECURITIES — 32.20%** | **ASSET BACKED SECURITIES — 32.20%** |
|  | 85273 | &nbsp;&nbsp;&nbsp;GreatAmerica Leasing Receivables Funding LLC, Series 1 , Class A2, 5.35%, 2/16/26<sup>(a)</sup> | 85368 |
|  | 225000 | &nbsp;&nbsp;&nbsp;Hertz Vehicle Financing LLC , Class A, 3.73%, 9/25/26<sup>(a)</sup> | 224319 |
|  | 58418 | &nbsp;&nbsp;&nbsp;Carmax Auto Owner Trust, Series 2023-3 , Class A2A, 5.72%, 11/16/26 | 58485 |
|  | 51457 | &nbsp;&nbsp;&nbsp;Fannie Mae, Series 140 , Class BH, 2.50%, 1/25/27 | 50890 |
|  | 220615 | &nbsp;&nbsp;&nbsp;Mercedes-Benz Auto Lease Trust, Series 2024-A , Class A2B, 4.70%, 2/16/27 (SOFR30A + 42 bps)<sup>(b)</sup> | 220566 |
|  | 29974 | &nbsp;&nbsp;&nbsp;Santander Drive Auto Receivables Trust, Series 1 , Class A2, 5.71%, 2/16/27 | 29987 |
|  | 375000 | &nbsp;&nbsp;&nbsp;Avis Budget Rental Car Funding AESOP LLC, Series 2A , Class A, 2.02%, 2/20/27<sup>(a)</sup> | 368159 |
|  | 8789 | &nbsp;&nbsp;&nbsp;Santander Drive Auto Receivables Trust, Series 5 , Class B, 4.43%, 3/15/27 | 8787 |
|  | 9070 | &nbsp;&nbsp;&nbsp;World Omni Select Auto Trust, Series A , Class A2A, 5.92%, 3/15/27 | 9074 |
|  | 200000 | &nbsp;&nbsp;&nbsp;Ford Credit Floorplan Master Owner Trust, Series 1 , Class A2, 5.10%, 4/15/27 (SOFR30A + 75 bps)<sup>(a)</sup><sup>(b)</sup> | 200697 |
|  | 43755 | &nbsp;&nbsp;&nbsp;GM Financial Consumer Automobile Receivables, Series 3 , Class A3, 3.64%, 4/16/27 | 43615 |
|  | 150000 | &nbsp;&nbsp;&nbsp;Hertz Vehicle Financing LLC, Series 1A , Class A, 5.49%, 6/25/27<sup>(a)</sup> | 150935 |
|  | 350000 | &nbsp;&nbsp;&nbsp;Ford Credit Auto Owner Trust, Series 2022-A , Class B, 1.91%, 7/15/27 | 343539 |
|  | 22487 | &nbsp;&nbsp;&nbsp;Santander Drive Auto Receivables Trust, Series 5 , Class A2, 6.31%, 7/15/27 | 22496 |

---

14 *See accompanying notes to financial statements.*

**Sterling Capital Ultra Short Bond Fund**

**Schedule of Investments (continued)**

*March 31, 2025 (Unaudited)*

---

| | | |
|:---|:---|:---|
| **Principal Amount** |  | **Fair Value** |
| **ASSET BACKED SECURITIES — (continued)** | **ASSET BACKED SECURITIES — (continued)** | **ASSET BACKED SECURITIES — (continued)** |
| $74674 | &nbsp;&nbsp;&nbsp;OneMain Direct Auto Receivables Trust, Series 1A , Class A, 3.63%, 9/14/27<sup>(a)</sup> | $74391 |
| 350000 | &nbsp;&nbsp;&nbsp;GreatAmerica Leasing Receivables Funding LLC, Series 2 , Class B, 1.31%, 9/15/27<sup>(a)</sup> | 343330 |
| 241046 | &nbsp;&nbsp;&nbsp;Carmax Select Receivables Trust, Series 2024-A , Class A2A, 5.78%, 9/15/27 | 241958 |
| 144000 | &nbsp;&nbsp;&nbsp;GM Financial Consumer Automobile Receivables, Series 4 , Class A4, 0.99%, 10/18/27 | 141128 |
| 50407 | &nbsp;&nbsp;&nbsp;Santander Drive Auto Receivables Trust, Series 2022-4 , 4.42%, 11/15/27 | 50373 |
| 547000 | &nbsp;&nbsp;&nbsp;Enterprise Fleet Financing, Series 1 , Class A3, 3.27%, 1/20/28<sup>(a)</sup> | 543619 |
| 225648 | &nbsp;&nbsp;&nbsp;World Omni Select Auto Trust, Series 2024-A , Class A2A, 5.37%, 2/15/28 | 226351 |
| 226156 | &nbsp;&nbsp;&nbsp;AmeriCredit Automobile Receivables Trust, Series 2024-1 , Class A2A, 5.75%, 2/18/28 | 226878 |
| 300000 | &nbsp;&nbsp;&nbsp;PFS Financing Corp., Series C , Class A, 5.15%, 4/17/28<sup>(a)</sup><sup>(d)</sup> | 300890 |
| 60118 | &nbsp;&nbsp;&nbsp;OneMain Direct Auto Receivables Trust, Series 1A , Class A, 0.87%, 7/14/28<sup>(a)</sup> | 59424 |
| 115000 | &nbsp;&nbsp;&nbsp;Santander Drive Auto Receivables Trust, Series 2023-4 , Class B, 5.77%, 12/15/28 | 116581 |
| 35234 | &nbsp;&nbsp;&nbsp;Enterprise Fleet Financing, Series 2 , Class A2, 4.65%, 5/20/29<sup>(a)</sup> | 35215 |
| 46043 | &nbsp;&nbsp;&nbsp;Freddie Mac, Series 4841 , Class PV, 4.50%, 11/15/29 | 45939 |
| 350000 | &nbsp;&nbsp;&nbsp;Chenango Park CLO Ltd, Series 1A , Class A1AR, 5.40%, 4/15/30 (TSFR3M + 105 bps)<sup>(a)</sup><sup>(b)</sup> | 350000 |
| 185774 | &nbsp;&nbsp;&nbsp;ARI Fleet Lease Trust, Series A , Class A3, 3.43%, 1/15/31<sup>(a)</sup> | 185260 |
| 380013 | &nbsp;&nbsp;&nbsp;OCP CLO 2014-5 Ltd., Series 5A , Class A1R, 5.64%, 4/26/31 (TSFR3M + 108 bps)<sup>(a)</sup><sup>(b)</sup> | 379981 |
| 300000 | &nbsp;&nbsp;&nbsp;Affirm Master Trust, Series 1A , Class A, 4.99%, 2/15/33<sup>(a)</sup> | 301564 |
| 275000 | &nbsp;&nbsp;&nbsp;Ford Credit Auto Owner Trust, Series 2 , Class A, 1.06%, 4/15/33<sup>(a)</sup> | 269791 |
| 367879 | &nbsp;&nbsp;&nbsp;OneMain Financial Issuance Trust, Series 3A , Class A, 5.94%, 5/15/34<sup>(a)</sup> | 369730 |
| 114180 | &nbsp;&nbsp;&nbsp;Fannie Mae, Series 80 , Class VM, 3.00%, 8/25/34 | 113637 |
| 125396 | &nbsp;&nbsp;&nbsp;SMB Private Education Loan Trust, Series 2017-A , Class A2A, 2.88%, 9/15/34<sup>(a)</sup> | 124731 |
| 336225 | &nbsp;&nbsp;&nbsp;Chesapeake Funding II LLC, Series 1A , Class A1, 5.52%, 5/15/36<sup>(a)</sup> | 339851 |
| 100000 | &nbsp;&nbsp;&nbsp;OneMain Financial Issuance Trust, Series 2021-1 , Class A2, 5.11%, 6/16/36 (SOFR30A + 76 bps)<sup>(a)</sup><sup>(b)</sup> | 99931 |
| 199228 | &nbsp;&nbsp;&nbsp;Fannie Mae , 6.91%, 7/01/36 (H15T1Y + 219.40 bps)<sup>(b)</sup> | 205375 |
| 122200 | &nbsp;&nbsp;&nbsp;OPG Trust, Series 2021-PORT , Class C, 5.27%, 10/15/36<sup>(a)</sup> | 121436 |
| 282232 | &nbsp;&nbsp;&nbsp;SMB Private Education Loan Trust, Series B , Class A2B, 5.43%, 6/15/37<sup>(a)</sup> | 282510 |
| 194146 | &nbsp;&nbsp;&nbsp;Sierra Timeshare Rec Funding LLC, Series 2021-1 , Class A, 0.99%, 11/20/37<sup>(a)</sup> | 189422 |
| 326533 | &nbsp;&nbsp;&nbsp;Wheels Fleet Lease Funding 1 LLC, Series 1A , Class A2, 5.15%, 2/18/39 (TSFR1M + 83 bps)<sup>(a)</sup><sup>(b)</sup> | 326978 |
| 73561 | &nbsp;&nbsp;&nbsp;Government National Mortgage Association, Series 144 , Class GA, 2.50%, 12/20/40 | 72764 |
| 369000 | &nbsp;&nbsp;&nbsp;Tricon Residential Trust, Series 2025-SFR , Class A, 5.40%, 3/17/42 (TSFR1M + 110 bps)<sup>(a)</sup><sup>(b)</sup> | 368999 |
| 125846 | &nbsp;&nbsp;&nbsp;SMB Private Education Loan Trust, Series 2024-C , Class A1B, 5.45%, 6/17/52 (SOFR30A + 110 bps)<sup>(a)</sup><sup>(b)</sup> | 125845 |
| 275000 | &nbsp;&nbsp;&nbsp;Nelnet Student Loan Trust, Series 2025-A , Class A1B, 5.43%, 3/15/57<sup>(a)</sup> | 272828 |
|  | &nbsp;&nbsp;&nbsp;**Total (Cost $8,664,087)** | 8723627 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount** |  | **Fair Value** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS — 4.90%** | **COLLATERALIZED MORTGAGE OBLIGATIONS — 4.90%** | **COLLATERALIZED MORTGAGE OBLIGATIONS — 4.90%** |
| $127084 | &nbsp;&nbsp;&nbsp;AmeriCredit Automobile Receivables Trust, Series 2021-3, Class B, 1.17%, 8/18/27 | $126139 |
| 300000 | &nbsp;&nbsp;&nbsp;World Omni Auto Receivables Trust, Series 2021-C, Class A4, 0.64%, 9/15/27 | 296443 |
| 350000 | &nbsp;&nbsp;&nbsp;Bridgecrest Lending Auto Sec. Trust, Series 2025-1, Class A2, 5.01%, 9/15/27 | 349988 |
| 257231 | &nbsp;&nbsp;&nbsp;MMAF Equipment Finance LLC, Series 2022-A, Class A3, 3.20%, 1/13/28<sup>(a)</sup> | 255147 |
| 300000 | &nbsp;&nbsp;&nbsp;SoFi Consumer Loan Program Trust, Series 2025-1, Class A, 4.80%, 2/27/34<sup>(a)</sup> | 300154 |
|  | &nbsp;&nbsp;&nbsp;**Total (Cost $1,325,002)** | 1327871 |
| **Principal Amount** |  | **Fair Value** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES — 15.87%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES — 15.87%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES — 15.87%** |
| 158548 | &nbsp;&nbsp;&nbsp;Freddie Mac Multifamily Structured Pass Through, Series K052, Class A2, 3.15%, 11/25/25 | 157196 |
| 323210 | &nbsp;&nbsp;&nbsp;BX Trust, Series 2021-BXMF, Class A, 5.07%, 10/15/26 (TSFR1M + 75.00 bps)<sup>(a)</sup><sup>(b)</sup> | 321392 |
| 280000 | &nbsp;&nbsp;&nbsp;PFS Financing Corp., Series A, Class A, 5.20%, 1/15/28<sup>(a)</sup> | 280876 |
| 338132 | &nbsp;&nbsp;&nbsp;BX Trust, Series 2021-RISE, Class A, 5.18%, 11/15/36 (TSFR1M + 86.20 bps)<sup>(a)</sup><sup>(b)</sup> | 335173 |
| 167242 | &nbsp;&nbsp;&nbsp;Hilton Grand Vacations Trust, Series 2023-1, Class A, 5.72%, 1/25/38<sup>(a)</sup> | 170450 |
| 154820 | &nbsp;&nbsp;&nbsp;ELP Commercial Mortgage Trust, Series 2021-ELP, Class C, 5.75%, 11/15/38<sup>(a)</sup> | 153997 |
| 147455 | &nbsp;&nbsp;&nbsp;BX Commercial Mortgage Trust, Series 2021-ACNT, Class C, 5.93%, 11/15/38<sup>(a)</sup> | 146856 |
| 92530 | &nbsp;&nbsp;&nbsp;BX Commercial Mortgage Trust, Series 2021-CIP, Class B, 5.70%, 12/15/38<sup>(a)</sup> | 92183 |
| 3005 | &nbsp;&nbsp;&nbsp;JPMBB Commercial Mortgage Securities Trust, Series 2014-C23, Class A5, 3.93%, 9/15/47 | 2970 |
| 364737 | &nbsp;&nbsp;&nbsp;CSAIL Commercial Mortgage Trust, Series 2015-C3, Class A4, 3.72%, 8/15/48 | 363142 |
| 400000 | &nbsp;&nbsp;&nbsp;CSAIL Commercial Mortgage Trust, Series 2015-C4, Class A4, 3.81%, 11/15/48 | 397337 |
| 350000 | &nbsp;&nbsp;&nbsp;Wells Fargo Commercial Mortgage Trust, Series P2, Class A4, 3.81%, 12/15/48 | 346769 |
| 400000 | &nbsp;&nbsp;&nbsp;Citigroup Commercial Mortgage Trust, Series P3, Class A3, 3.06%, 4/15/49 | 395040 |
| 170000 | &nbsp;&nbsp;&nbsp;Citigroup Commercial Mortgage Trust, Series 2016-C1, 3.21%, 5/10/49 | 166814 |
| 350000 | &nbsp;&nbsp;&nbsp;Morgan Stanley Bank of America Merrill Lynch Trust, Series C29, Class A4, 3.33%, 5/15/49 | 343895 |
| 340000 | &nbsp;&nbsp;&nbsp;CSAIL Commercial Mortgage Trust, Series 2015-C7, Class A5, 3.50%, 11/15/49 | 330453 |
| 200000 | &nbsp;&nbsp;&nbsp;JPMCC Commercial Mortgage Securities Trust, Series JP5, Class A5, 3.72%, 3/15/50 | 195505 |
| 100000 | &nbsp;&nbsp;&nbsp;Citigroup Commercial Mortgage Trust, Series GC33, Class A4, 3.78%, 9/10/58 | 99211 |
|  | &nbsp;&nbsp;&nbsp;**Total (Cost $4,255,598)** | 4299259 |
| **Principal Amount** |  | **Fair Value** |
| **MUNICIPAL BONDS — 0.59%** | **MUNICIPAL BONDS — 0.59%** | **MUNICIPAL BONDS — 0.59%** |
|  | **New Jersey — 0.59%** | **New Jersey — 0.59%** |
| 160000 | &nbsp;&nbsp;&nbsp;NJ Transportation Trust Fund Authority*,* 5.09 *%,*6/15/25 | 160143 |
|  | &nbsp;&nbsp;&nbsp;**Total (Cost $160,000)** | 160143 |
| **Principal Amount** |  | **Fair Value** |
| **U.S. GOVERNMENT & AGENCIES — 3.04%** | **U.S. GOVERNMENT & AGENCIES — 3.04%** | **U.S. GOVERNMENT & AGENCIES — 3.04%** |
| 500000 | &nbsp;&nbsp;&nbsp;United States Treasury Bill, 4.33 *%*, 4/01/25 | 500000 |

---

*See accompanying notes to financial statements.* 15

**Sterling Capital Ultra Short Bond Fund**

**Schedule of Investments (continued)**

*March 31, 2025 (Unaudited)*

---

| | | | |
|:---|:---|:---|:---|
| **Principal** | **Principal** |  | |
| **Amount** | **Amount** |  |<br>**Fair Value** |
| **U.S. GOVERNMENT & AGENCIES — (continued)** | **U.S. GOVERNMENT & AGENCIES — (continued)** | **U.S. GOVERNMENT & AGENCIES — (continued)** | **U.S. GOVERNMENT & AGENCIES — (continued)** |
| $| 325000 | &nbsp;&nbsp;&nbsp;United States Treasury Bill, 4.44 *%*, 4/08/25 | $324732 |
|  |  | &nbsp;&nbsp;&nbsp;**Total (Cost $824,730)** | 824732 |
| **Shares** | **Shares** |  | **Fair Value** |
| **MONEY MARKET FUNDS — 2.21%** | **MONEY MARKET FUNDS — 2.21%** | **MONEY MARKET FUNDS — 2.21%** |  |
|  | 598901 | &nbsp;&nbsp;&nbsp;Federated Hermes Treasury Obligations Fund, Institutional Shares, 4.21%<sup>(e)</sup> | 598901 |
|  |  | &nbsp;&nbsp;&nbsp;Total Money Market Funds |  |
|  |  | &nbsp;&nbsp;&nbsp;(Cost $598,901) | 598901 |
| Total Investments— 100.67% | Total Investments— 100.67% | Total Investments— 100.67% |  |
| (Cost $27,142,588) | (Cost $27,142,588) | (Cost $27,142,588) | 27272260 |
| Liabilities in Excess of Other Assets — (0.67)% | Liabilities in Excess of Other Assets — (0.67)% | Liabilities in Excess of Other Assets — (0.67)% | (182088) |
| NET ASSETS — 100.00% | NET ASSETS — 100.00% | NET ASSETS — 100.00% | $27090172 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Security exempt
 from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from
 registration, normally to qualified institutional buyers. 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 March 31, 2025. 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. The total value of securities held in a separate collateral account
 as of the period ended March 31, 2025 is $716,668, which represents 2.7% of net assets.

(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) Represents
 the current yield as of report date.

16 *See accompanying notes to financial statements.*

**Sterling Capital Short Duration Bond Fund** 

**Schedule of Investments**

 

*March 31, 2025 (Unaudited)*

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
| **PREFERRED STOCKS — 0.59%** | **PREFERRED STOCKS — 0.59%** |  |
| **Insurance — 0.59%** | **Insurance — 0.59%** |  |
| 10000 | &nbsp;&nbsp;&nbsp;Athene Holding Ltd.<sup>(a)</sup> | $249400 |
|  | &nbsp;&nbsp;&nbsp;Total Preferred Stocks |  |
|  | &nbsp;&nbsp;&nbsp;(Cost $252,262) | 249400 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount** |  | **Fair Value** |
| **CORPORATE BONDS — 55.93%** | **CORPORATE BONDS — 55.93%** |  |
|  | **AEROSPACE & DEFENSE — 3.42%** | **AEROSPACE & DEFENSE — 3.42%** |
| $408000 | &nbsp;&nbsp;&nbsp;RTX Corp., 5.75%, 11/08/26 | 415495 |
| 400000 | &nbsp;&nbsp;&nbsp;BAE Systems PLC, 5.00%, 3/26/27<sup>(b)</sup> | 403462 |
| 365000 | &nbsp;&nbsp;&nbsp;Boeing Co. (The), 6.26%, 5/01/27 | 375534 |
| 250000 | &nbsp;&nbsp;&nbsp;Howmet Aerospace, Inc., 6.75%, 1/15/28 | 264112 |
|  |  | 1458603 |
|  | **ASSET MANAGEMENT — 1.47%** | **ASSET MANAGEMENT — 1.47%** |
| 371000 | &nbsp;&nbsp;&nbsp;Blackstone Private Credit Fund, 3.25%, 3/15/27 | 357467 |
| 268000 | &nbsp;&nbsp;&nbsp;Blue Owl Technology Finance Corp, 6.10%, 3/15/28<sup>(b)</sup> | 267299 |
|  |  | 624766 |
|  | **AUTOMOTIVE — 1.52%** | **AUTOMOTIVE — 1.52%** |
| 419000 | &nbsp;&nbsp;&nbsp;Hyundai Capital America, 5.25%, 1/08/27<sup>(b)</sup> | 422239 |
| 225000 | &nbsp;&nbsp;&nbsp;Ford Motor Credit Co. LLC, 5.80%, 3/05/27 | 225974 |
|  |  | 648213 |
|  | **BANKING — 2.31%** |  |
| 325000 | &nbsp;&nbsp;&nbsp;Nordea Bank Abp, 4.38%, 3/17/28<sup>(b)</sup> | 325496 |
| 200000 | &nbsp;&nbsp;&nbsp;Standard Chartered PLC, 5.55%, 1/21/29 (H15T1Y + 105 bps)<sup>(b)(c)</sup> | 203490 |
| 450000 | &nbsp;&nbsp;&nbsp;Bank of America Corp, 4.98%, 1/24/29 (SOFRRATE + 83 bps)<sup>(c)</sup> | 454562 |
|  |  | 983548 |
|  | **BANKS — 13.07%** |  |
| 404000 | &nbsp;&nbsp;&nbsp;Canadian Imperial Bank of Commerce, 5.93%, 10/02/26 | 412128 |
| 400000 | &nbsp;&nbsp;&nbsp;Citibank NA, 5.49%, 12/04/26 | 406747 |
| 414000 | &nbsp;&nbsp;&nbsp;Macquarie Bank Ltd., 5.39%, 12/07/26<sup>(b)</sup> | 420761 |
| 650000 | &nbsp;&nbsp;&nbsp;Wells Fargo Bank NA, 5.25%, 12/11/26 | 659227 |
| 342000 | &nbsp;&nbsp;&nbsp;Bank of Montreal, 5.37%, 6/04/27 | 348257 |
| 400000 | &nbsp;&nbsp;&nbsp;National Australia Bank Ltd/New York, 5.09%, 6/11/27 | 406615 |
| 345000 | &nbsp;&nbsp;&nbsp;Lloyds Banking Group PLC, 5.99%, 8/07/27 | 350663 |
| 310000 | &nbsp;&nbsp;&nbsp;ING Groep N.V., 6.08%, 9/11/27 | 316247 |
| 500000 | &nbsp;&nbsp;&nbsp;Danske Bank A/S, 5.43%, 3/01/28<sup>(b)</sup> | 508333 |
| 528000 | &nbsp;&nbsp;&nbsp;Morgan Stanley, 5.59%, 4/13/28 | 538928 |
| 497000 | &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co., 5.57%, 4/22/28 | 506933 |
| 350000 | &nbsp;&nbsp;&nbsp;Bank of Nova Scotia (The), 4.40%, 9/08/28 (SOFR + 100 bps)<sup>(c)</sup> | 348350 |
| 339000 | &nbsp;&nbsp;&nbsp;Barclays PLC, 4.84%, 9/10/28 (SOFR + 134 bps)<sup>(c)</sup> | 339300 |
|  |  | 5562489 |
|  | **BIOTECH & PHARMA — 0.59%** | **BIOTECH & PHARMA — 0.59%** |
| 247000 | &nbsp;&nbsp;&nbsp;Eli Lilly & Co, 4.55%, 2/12/28 | 249441 |
|  | **CAPITAL MARKETS — 1.50%** | **CAPITAL MARKETS — 1.50%** |
| 237000 | &nbsp;&nbsp;&nbsp;Brightsphere Investment Group, Inc., 4.80%, 7/27/26<sup>(d)</sup> | 233558 |
| 400000 | &nbsp;&nbsp;&nbsp;Blackstone Secured Lending Fund, 5.88%, 11/15/27 | 406599 |
|  |  | 640157 |
|  | **COMMERCIAL SERVICES & SUPPLIES — 0.81%** | **COMMERCIAL SERVICES & SUPPLIES — 0.81%** |
| 339000 | &nbsp;&nbsp;&nbsp;Element Fleet Management Corp., 5.64%, 3/13/27<sup>(b)</sup> | 344594 |
|  | **COMMERCIAL SUPPORT SERVICES — 0.51%** | **COMMERCIAL SUPPORT SERVICES — 0.51%** |
| 216000 | &nbsp;&nbsp;&nbsp;Prime Security Services Borrower LLC, 5.75%, 4/15/26<sup>(b)</sup> | 215684 |
|  | **CONSUMER FINANCE — 0.94%** | **CONSUMER FINANCE — 0.94%** |
| 396000 | &nbsp;&nbsp;&nbsp;American Express Co., 5.10%, 2/16/28 | 400733 |
|  | **DIVERSIFIED FINANCIAL SERVICES — 0.98%** | **DIVERSIFIED FINANCIAL SERVICES — 0.98%** |
| 408000 | &nbsp;&nbsp;&nbsp;National Rural Utilities Cooperative Finance Corp., 5.60%, 11/13/26 | 415549 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount** |  | **Fair Value** |
| **CORPORATE BONDS — (continued)** | **CORPORATE BONDS — (continued)** | **CORPORATE BONDS — (continued)** |
|  | **ELECTRIC UTILITIES — 4.22%** | **ELECTRIC UTILITIES — 4.22%** |
| $419000 | &nbsp;&nbsp;&nbsp;Southern California Edison Co., 4.90%, 6/01/26 | $419303 |
| 126000 | &nbsp;&nbsp;&nbsp;Vistra Operations Co. LLC, 5.05%, 12/30/26<sup>(b)</sup> | 126358 |
| 380000 | &nbsp;&nbsp;&nbsp;Duke Energy Corp., 4.85%, 1/05/27<sup>(d)</sup> | 382484 |
| 133000 | &nbsp;&nbsp;&nbsp;Georgia Power Co., 5.00%, 2/23/27 | 134672 |
| 400000 | &nbsp;&nbsp;&nbsp;FirstEnergy Corp., 3.90%, 7/15/27 | 393310 |
| 350000 | &nbsp;&nbsp;&nbsp;Entergy Louisiana LLC, 3.25%, 4/01/28 | 338480 |
|  |  | 1794607 |
|  | **FOOD — 0.79%** | **FOOD — 0.79%** |
| 337000 | &nbsp;&nbsp;&nbsp;Mars, Inc., 4.60%, 3/01/28<sup>(b)</sup> | 338355 |
|  | **HOME CONSTRUCTION — 0.79%** | **HOME CONSTRUCTION — 0.79%** |
| 335000 | &nbsp;&nbsp;&nbsp;Meritage Homes Corp., 5.13%, 6/06/27 | 337344 |
|  | **HOTELS, RESTAURANTS & LEISURE — 0.74%** | **HOTELS, RESTAURANTS & LEISURE — 0.74%** |
| 315000 | &nbsp;&nbsp;&nbsp;Carnival Corp., 5.75%, 3/01/27<sup>(b)</sup> | 315198 |
|  | **INSTITUTIONAL FINANCIAL SERVICES — 0.99%** | **INSTITUTIONAL FINANCIAL SERVICES — 0.99%** |
| 70000 | &nbsp;&nbsp;&nbsp;LPL Holdings, Inc., 5.70%, 5/20/27 | 71153 |
| 350000 | &nbsp;&nbsp;&nbsp;Sumitomo Mitsui Trust Bank Ltd., 4.45%, 9/10/27<sup>(b)</sup> | 349775 |
|  |  | 420928 |
|  | **INSURANCE — 6.75%** | **INSURANCE — 6.75%** |
| 292000 | &nbsp;&nbsp;&nbsp;Corebridge Global Funding, 5.75%, 7/02/26<sup>(b)</sup> | 296292 |
| 257000 | &nbsp;&nbsp;&nbsp;New York Life Global Funding, Class B, 5.45%, 9/18/26<sup>(b)</sup> | 261297 |
| 439000 | &nbsp;&nbsp;&nbsp;SBL Holdings, Inc., 5.13%, 11/13/26<sup>(b)</sup> | 434184 |
| 322000 | &nbsp;&nbsp;&nbsp;Jackson National Life Global Funding, 4.90%, 1/13/27<sup>(b)</sup> | 323401 |
| 279000 | &nbsp;&nbsp;&nbsp;Aon North America, Inc., 5.13%, 3/01/27 | 282012 |
| 400000 | &nbsp;&nbsp;&nbsp;F&G Global Funding, 5.88%, 6/10/27<sup>(b)</sup> | 408117 |
| 425000 | &nbsp;&nbsp;&nbsp;Athene Global Funding, 5.35%, 7/09/27<sup>(b)</sup> | 430769 |
| 345000 | &nbsp;&nbsp;&nbsp;GA Global Funding Trust, 4.40%, 9/23/27<sup>(b)</sup> | 342969 |
| 96000 | &nbsp;&nbsp;&nbsp;Sammons Financial Group Global Funding, 5.05%, 1/10/28<sup>(b)</sup> | 97132 |
|  |  | 2876173 |
|  | **METALS & MINING — 0.34%** | **METALS & MINING — 0.34%** |
| 146000 | &nbsp;&nbsp;&nbsp;Rio Tinto Finance USA PLC, 4.50%, 3/14/28 | 146849 |
|  | **MORTGAGE REAL ESTATE INVESTMENT - TRUSTS (REITS) — 1.11%** | **MORTGAGE REAL ESTATE INVESTMENT - TRUSTS (REITS) — 1.11%** |
| 489000 | &nbsp;&nbsp;&nbsp;Starwood Property Trust, Inc., 3.63%, 7/15/26<sup>(b)</sup> | 473807 |
|  | **MULTI-UTILITIES — 0.87%** |  |
| 390000 | &nbsp;&nbsp;&nbsp;Ameren Corp., 1.95%, 3/15/27 | 371452 |
|  | **OIL & GAS PRODUCERS — 2.23%** |  |
| 333000 | &nbsp;&nbsp;&nbsp;Permian Resources Operating LLC, 8.00%, 4/15/27<sup>(b)</sup> | 339293 |
| 274000 | &nbsp;&nbsp;&nbsp;ONEOK, Inc., 4.25%, 9/24/27 | 271573 |
| 340000 | &nbsp;&nbsp;&nbsp;APA Corp, 4.88%, 11/15/27<sup>(b)</sup> | 340839 |
|  |  | 951705 |
|  | **OIL, GAS & CONSUMABLE FUELS — 0.26%** | **OIL, GAS & CONSUMABLE FUELS — 0.26%** |
| 109000 | &nbsp;&nbsp;&nbsp;Diamondback Energy, Inc., 5.20%, 4/18/27 | 110335 |
|  | **REIT — 2.01%** |  |
| 208000 | &nbsp;&nbsp;&nbsp;VICI Properties LP / VICI Note Co., Inc., 4.25%, 12/01/26<sup>(b)</sup> | 205727 |
| 425000 | &nbsp;&nbsp;&nbsp;Brixmor Operating Partnership LP, 3.90%, 3/15/27 | 417744 |
| 245000 | &nbsp;&nbsp;&nbsp;Global Net Lease Operating Partnership LP, 3.75%, 12/15/27<sup>(b)</sup> | 230592 |
|  |  | 854063 |
|  | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 0.52%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 0.52%** |
| 220000 | &nbsp;&nbsp;&nbsp;Broadcom, Inc., 5.05%, 7/12/27 | 222773 |
|  | **SOFTWARE — 0.74%** |  |
| 312000 | &nbsp;&nbsp;&nbsp;Synopsys, Inc., 4.65%, 4/01/28 | 313784 |

---

*See accompanying notes to financial statements.* 17

**Sterling Capital Short Duration Bond Fund**

**Schedule of Investments (continued)**

 

*March 31, 2025 (Unaudited)*

---

| | | | |
|:---|:---|:---|:---|
| **Principal Amount** |  | **Fair Value** | **Fair Value** |
| **CORPORATE BONDS — (continued)** | **CORPORATE BONDS — (continued)** | **CORPORATE BONDS — (continued)** | **CORPORATE BONDS — (continued)** |
|  | **SPECIALTY FINANCE — 3.08%** |  |  |
| $502000 | &nbsp;&nbsp;&nbsp;Ladder Capital Finance Holdings LLLP, Class B, 5.25%, 10/01/25<sup>(b)</sup> | $| 500478 |
| 248000 | &nbsp;&nbsp;&nbsp;OneMain Finance Corp., 3.50%, 1/15/27 |  | 237691 |
| 450000 | &nbsp;&nbsp;&nbsp;AerCap Ireland Capital DAC, 6.10%, 1/15/27 |  | 460121 |
| 113000 | &nbsp;&nbsp;&nbsp;Avolon Holdings Funding Ltd, 4.95%, 1/15/28<sup>(b)</sup> |  | 112526 |
|  |  |  | 1310816 |
|  | **TECHNOLOGY HARDWARE — 0.74%** | **TECHNOLOGY HARDWARE — 0.74%** | **TECHNOLOGY HARDWARE — 0.74%** |
| 316000 | &nbsp;&nbsp;&nbsp;Dell International LLC / EMC Corp, 4.75%, 4/01/28 |  | 317445 |
|  | **TECHNOLOGY SERVICES — 0.69%** | **TECHNOLOGY SERVICES — 0.69%** | **TECHNOLOGY SERVICES — 0.69%** |
| 292000 | &nbsp;&nbsp;&nbsp;Fiserv, Inc., 5.15%, 3/15/27 |  | 294854 |
|  | **TELECOMMUNICATIONS — 0.64%** | **TELECOMMUNICATIONS — 0.64%** | **TELECOMMUNICATIONS — 0.64%** |
| 273000 | &nbsp;&nbsp;&nbsp;Sprint Spectrum Co. LLC / Sprint Spectrum Co. II LLC, 5.15%, 3/20/28<sup>(b)</sup> |  | 273639 |
|  | **TRANSPORTATION & LOGISTICS — 1.30%** | **TRANSPORTATION & LOGISTICS — 1.30%** | **TRANSPORTATION & LOGISTICS — 1.30%** |
| 258000 | &nbsp;&nbsp;&nbsp;United Airlines, Inc., 4.38%, 4/15/26<sup>(b)</sup> |  | 253897 |
| 300000 | &nbsp;&nbsp;&nbsp;Delta Air Lines, Inc./ SkyMiles IP Ltd, 4.75%, 10/20/28<sup>(b)</sup> |  | 298754 |
|  |  |  | 552651 |
|  | &nbsp;&nbsp;&nbsp;**Total (Cost $23,566,793)** |  | 23820555 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount** |  | **Fair Value** |
| **ASSET BACKED SECURITIES — 28.05%** | **ASSET BACKED SECURITIES — 28.05%** |  |
| 298145 | &nbsp;&nbsp;&nbsp;OneMain Direct Auto Receivables Trust, Series 1A , Class A, 3.63%, 9/14/27<sup>(b)</sup> | 297012 |
| 240000 | &nbsp;&nbsp;&nbsp;Americredit Automobile Receivables Trust, Series 1 , Class C, 2.98%, 9/20/27 | 236503 |
| 1288000 | &nbsp;&nbsp;&nbsp;Hertz Vehicle Financing III LP, Series 2A , Class A, 1.68%, 12/27/27<sup>(b)</sup> | 1229981 |
| 590000 | &nbsp;&nbsp;&nbsp;Avis Budget Rental Car Funding AESOP LLC, Series 3A , Class A, 5.44%, 2/22/28<sup>(b)</sup> | 597512 |
| 545000 | &nbsp;&nbsp;&nbsp;AmeriCredit Automobile Receivables Trust, Series 2 , Class C, 5.32%, 4/18/28 | 550544 |
| 200000 | &nbsp;&nbsp;&nbsp;BANK5 Trust, Series 2024-5YR5 , 6.27%, 2/15/29 | 206079 |
| 500000 | &nbsp;&nbsp;&nbsp;PFS Financing Corp., Series D , Class A, 5.34%, 4/16/29<sup>(b)</sup> | 508859 |
| 810000 | &nbsp;&nbsp;&nbsp;Synchrony Card Funding LLC, Series A1 , Class A, 5.54%, 7/15/29 | 820902 |
| 683000 | &nbsp;&nbsp;&nbsp;Enterprise Fleet Financing, Series 1 , Class A3, 5.42%, 10/22/29<sup>(b)</sup> | 691401 |
| 392000 | &nbsp;&nbsp;&nbsp;OneMain Direct Auto Receivables Trust, Series 1A , Class A, 5.41%, 11/14/29<sup>(b)</sup> | 396241 |
| 450000 | &nbsp;&nbsp;&nbsp;Santander Drive Auto Receivables Trust 2025-2 , 4.87%, 5/15/31 | 451412 |
| 274310 | &nbsp;&nbsp;&nbsp;ARI Fleet Lease Trust, Series B , Class A2, 6.05%, 7/15/32<sup>(b)</sup> | 276786 |
| 424000 | &nbsp;&nbsp;&nbsp;Affirm Master Trust, Series 1A , Class A, 4.99%, 2/15/33<sup>(b)</sup> | 426211 |
| 328398 | &nbsp;&nbsp;&nbsp;Fannie Mae , 6.91%, 7/01/36 (H15T1Y + 219.40 bps)<sup>(c)</sup> | 338531 |
| 608400 | &nbsp;&nbsp;&nbsp;OPG Trust, Series 2021-PORT , Class C, 5.27%, 10/15/36<sup>(b)</sup> | 604597 |
| 364337 | &nbsp;&nbsp;&nbsp;BX Trust, Series 2021-RISE , Class C, 5.88%, 11/15/36<sup>(b)</sup> | 359783 |
| 397106 | &nbsp;&nbsp;&nbsp;Hilton Grand Vacations Trust, Series 2024-3A , Class A, 4.98%, 8/27/40<sup>(b)</sup> | 399974 |
| 332281 | &nbsp;&nbsp;&nbsp;Sierra Timeshare 2024-2 Receivables Funding LLC, Series 2A , Class A, 5.14%, 6/20/41<sup>(b)</sup> | 336066 |
| 188261 | &nbsp;&nbsp;&nbsp;Sierra Timeshare Receivables Funding LLC, Series 3A , Class A, 4.83%, 8/20/41<sup>(b)</sup> | 188451 |
| 529000 | &nbsp;&nbsp;&nbsp;Tricon Residential Trust, Series 2025-SFR , Class A, 5.40%, 3/17/42 (TSFR1M + 110 bps)(b)<sup>(c)</sup> | 528999 |
| 498227 | &nbsp;&nbsp;&nbsp;MVW LLC, Series 2024-2 , Class A, 4.43%, 3/20/42<sup>(b)</sup> | 493790 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount** |  | **Fair Value** |
| **ASSET BACKED SECURITIES — (continued)** | **ASSET BACKED SECURITIES — (continued)** |  |
| $400000 | &nbsp;&nbsp;&nbsp;HINNT LLC, Series 2025-A , Class A, 5.01%, 3/15/44<sup>(b)</sup> | $401904 |
| 357000 | &nbsp;&nbsp;&nbsp;Morgan Stanley Bank of America, Series C31 , Class A5, 3.10%, 11/15/49 | 344986 |
| 468569 | &nbsp;&nbsp;&nbsp;SMB Private Education Loan Trust, Series 2021-B , Class A, 1.31%, 7/17/51(b)<sup>(d)</sup> | 435857 |
| 400000 | &nbsp;&nbsp;&nbsp;Navient Refinance Loan Trust, Series A , Class A, 5.15%, 2/16/55<sup>(b)</sup> | 401070 |
| 75000 | &nbsp;&nbsp;&nbsp;Benchmark Mortgage Trust, Series 2023-V2 , Class A3, 5.81%, 5/15/55 | 76878 |
| 228000 | &nbsp;&nbsp;&nbsp;BMO Mortgage Trust, Series 2023-5C1 , 7.12%, 8/15/56 | 241224 |
| 100000 | &nbsp;&nbsp;&nbsp;BANK5 Trust, Series 2023-5YR3 , Class AS, 7.32%, 9/15/56 | 107031 |
|  | &nbsp;&nbsp;&nbsp;**Total (Cost $11,874,941)** | 11948584 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount** |  | **Fair Value** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES — 5.94%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES — 5.94%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES — 5.94%** |
| 394041 | &nbsp;&nbsp;&nbsp;ELP Commercial Mortgage Trust, Series 2021-ELP, Class C, 5.75%, 11/15/38<sup>(b)</sup> | 391948 |
| 372496 | &nbsp;&nbsp;&nbsp;BX Commercial Mortgage Trust, Series 2021-ACNT, Class C, 5.93%, 11/15/38<sup>(b)</sup> | 370983 |
| 299119 | &nbsp;&nbsp;&nbsp;BX Commercial Mortgage Trust, Series 2021-CIP, Class B, 5.70%, 12/15/38<sup>(b)</sup> | 297998 |
| 261884 | &nbsp;&nbsp;&nbsp;SMR Mortgage Trust, Series 2022-IND, Class A, 5.96%, 2/15/39<sup>(b)</sup> | 259155 |
| 2785 | &nbsp;&nbsp;&nbsp;GS Mortgage Securities Trust, Series 2010-C1, Class B, 5.15%, 8/10/43<sup>(b)</sup> | 2780 |
| 3606 | &nbsp;&nbsp;&nbsp;JPMBB Commercial Mortgage Securities Trust, Series 2014-C23, Class A5, 3.93%, 9/15/47 | 3564 |
| 89360 | &nbsp;&nbsp;&nbsp;CSAIL Commercial Mortgage Trust, Series 2015-C3, Class A4, 3.72%, 8/15/48 | 88970 |
| 415092 | &nbsp;&nbsp;&nbsp;CD Mortgage Trust, Series 2016-CD2, Class A4, 3.53%, 11/10/49 | 398748 |
| 410000 | &nbsp;&nbsp;&nbsp;CD Mortgage Trust, Series 2017-CD3, Class A4, 3.63%, 2/10/50 | 391082 |
| 225000 | &nbsp;&nbsp;&nbsp;JPMCC Commercial Mortgage Securities Trust, Series JP5, Class A5, 3.72%, 3/15/50 | 219943 |
| 100000 | &nbsp;&nbsp;&nbsp;BANK5 Trust, Series 2023-5YR4, Class AS, 7.27%, 12/15/56 | 106145 |
|  | &nbsp;&nbsp;&nbsp;**Total (Cost $2,519,574)** | 2531316 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount** |  | **Fair Value** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS — 4.63%** | **COLLATERALIZED MORTGAGE OBLIGATIONS — 4.63%** | **COLLATERALIZED MORTGAGE OBLIGATIONS — 4.63%** |
| 913 | &nbsp;&nbsp;&nbsp;Fannie Mae, Series 152, Class PC, 1.75%, 8/25/42 | 910 |
| 11980 | &nbsp;&nbsp;&nbsp;Fannie Mae, Series 72, Class NA, 2.50%, 8/25/42 | 11818 |
| 320608 | &nbsp;&nbsp;&nbsp;Fannie Mae, Series 35, Class CB, 2.00%, 2/25/43 | 309523 |
| 187230 | &nbsp;&nbsp;&nbsp;Fannie Mae, Series 100, Class DA, 3.00%, 2/25/43 | 182437 |
| 122164 | &nbsp;&nbsp;&nbsp;Fannie Mae, Series 71, Class PD, 2.50%, 3/25/43 | 120610 |
| 265000 | &nbsp;&nbsp;&nbsp;Freddie Mac, Series 4828, Class QA, 3.50%, 3/15/47 | 260255 |
| 577452 | &nbsp;&nbsp;&nbsp;Chase Home Lending Mortgage Trust, Series 2019- ATR2, Class A3, 3.50%, 8/25/49<sup>(b)</sup> | 523298 |
| 150000 | &nbsp;&nbsp;&nbsp;CSAIL Commercial Mortgage Trust, Series 2015-C7, Class A5, 3.50%, 11/15/49 | 145788 |
| 400000 | &nbsp;&nbsp;&nbsp;Benchmark Mortgage Trust, Series 2023-V3, Class A3, 6.36%, 7/15/56 | 416898 |
|  | &nbsp;&nbsp;&nbsp;**Total (Cost $2,061,787)** | 1971537 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount** |  | **Fair Value** |
| **U.S. GOVERNMENT & AGENCIES — 2.28%** | **U.S. GOVERNMENT & AGENCIES — 2.28%** |  |
| 1000000 | &nbsp;&nbsp;&nbsp;United States Treasury Note, 2.75 *%*, 2/15/28 | 969375 |
|  | &nbsp;&nbsp;&nbsp;**Total (Cost $967,708)** | 969375 |

---

18 *See accompanying notes to financial statements.*

**Sterling Capital Short Duration Bond Fund** 

**Schedule of Investments (continued)**

 

*March 31, 2025 (Unaudited)*

---

| | | |
|:---|:---|:---|
| **Principal Amount** |  | **Fair Value** |
| **U.S. TREASURY BONDS & NOTES — 1.00%** | **U.S. TREASURY BONDS & NOTES — 1.00%** |  |
| $424400 | &nbsp;&nbsp;&nbsp;United States Treasury Note, 4.13 *%*, 11/15/27 | $426837 |
|  | &nbsp;&nbsp;&nbsp;**Total (Cost $421,973)** | 426837 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
| **MONEY MARKET FUNDS — 1.82%** | **MONEY MARKET FUNDS — 1.82%** |  |
| 775821 | &nbsp;&nbsp;&nbsp;Federated Hermes Treasury Obligations Fund, Institutional Shares, 4.21%<sup>(e)</sup> | 775821 |
|  | &nbsp;&nbsp;&nbsp;Total Money Market Funds |  |
|  | &nbsp;&nbsp;&nbsp;(Cost $775,821) | 775821 |
| Total Investments— 100.24% | Total Investments— 100.24% |  |
| (Cost $42,440,859) | (Cost $42,440,859) | 42693425 |
| Liabilities in Excess of Other Assets — (0.24)% | Liabilities in Excess of Other Assets — (0.24)% | (103106) |
| NET ASSETS — 100.00% | NET ASSETS — 100.00% | $42590319 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Security is perpetual in nature and has no stated maturity date.

(b) Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security
 may be resold in transactions exempt from registration, normally to qualified institutional buyers. The Advisor, using Board approved
 procedures, has deemed these securities or a portion of these securities to be liquid.

(c) The interest rate for this variable rate note, which will change periodically, is based either on the prime
 rate or an index of market rates. The reflected rate is in effect as of March 31, 2025. 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. The total value
 of securities held in a separate collateral account as of the period ended March 31, 2025 is $1,051,903, which represents 2.5% of net
 assets.

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

*See accompanying notes to financial statements.* 19

**Sterling Capital Intermediate U.S. Government Fund**

**Schedule of Investments**

 

*March 31, 2025 (Unaudited)*

---

| | | |
|:---|:---|:---|
| **Principal Amount** |  | **Fair Value** |
| **ASSET BACKED SECURITIES — 5.55%** | **ASSET BACKED SECURITIES — 5.55%** |  |
| $100000 | &nbsp;&nbsp;&nbsp;BANK5 Trust, Series 2024-5YR5 , 6.27%, 2/15/29 | $103040 |
| 183000 | &nbsp;&nbsp;&nbsp;Avis Budget Rental Car Funding AESOP LLC, Series 2023-1A , Class A, 5.36%, 6/20/30<sup>(a)</sup> | 186774 |
| 148063 | &nbsp;&nbsp;&nbsp;Fannie Mae-Aces, Series M1 , Class 1A3, 3.43%, 1/25/33 | 138087 |
| 100000 | &nbsp;&nbsp;&nbsp;BANK Trust, Series 2024-BNK48 , Class A5, 5.05%, 9/15/34 | 99948 |
| 62689 | &nbsp;&nbsp;&nbsp;United States Small Business Administration, Series 2015-20G , Class 1, 2.88%, 7/01/35<sup>(b)</sup> | 58993 |
| 26000 | &nbsp;&nbsp;&nbsp;BMO Mortgage Trust, Series 2023-5C1 , 7.12%, 8/15/56 | 27508 |
| 150000 | &nbsp;&nbsp;&nbsp;BANK5 Trust, Series 2023-5YR3 , Class AS, 7.32%, 9/15/56 | 160547 |
| 150000 | &nbsp;&nbsp;&nbsp;BANK5 Trust, Series 2024-5YR6 , Class A3, 6.23%, 5/15/57 | 157083 |
| 100000 | &nbsp;&nbsp;&nbsp;BANK5 Trust, Series 2024-5YR6 , Class AS, 6.79%, 5/15/57 | 105017 |
|  | &nbsp;&nbsp;&nbsp;**Total (Cost $1,031,696)** | 1036997 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount** |  | **Fair Value** |
| **MORTGAGE-BACKED SECURITIES — 34.43%** | **MORTGAGE-BACKED SECURITIES — 34.43%** | **MORTGAGE-BACKED SECURITIES — 34.43%** |
|  | **Fannie Mae — 21.54%** |  |
| 139457 | &nbsp;&nbsp;&nbsp;4.00%, 12/01/33, Pool #MA1689 | 137501 |
| 35185 | &nbsp;&nbsp;&nbsp;4.00%, 12/01/36, Pool #MA2856 | 34542 |
| 35098 | &nbsp;&nbsp;&nbsp;4.00%, 2/01/37, Pool #MA2914 | 34461 |
| 337744 | &nbsp;&nbsp;&nbsp;1.50%, 12/01/40, Pool #MA4202 | 280877 |
| 115127 | &nbsp;&nbsp;&nbsp;6.00%, 9/01/43, Pool #MA5158 | 117728 |
| 33159 | &nbsp;&nbsp;&nbsp;4.00%, 5/01/47, Pool #BE9598 | 31283 |
| 98006 | &nbsp;&nbsp;&nbsp;3.50%, 12/01/47, Pool #CA0833 | 89502 |
| 43429 | &nbsp;&nbsp;&nbsp;5.00%, 8/01/48, Pool #CA2219 | 43379 |
| 43927 | &nbsp;&nbsp;&nbsp;3.50%, 9/01/49, Pool #BJ9608 | 40040 |
| 52148 | &nbsp;&nbsp;&nbsp;3.50%, 10/01/49, Pool #CA4431 | 47471 |
| 79451 | &nbsp;&nbsp;&nbsp;3.00%, 3/01/50, Pool #FM2714 | 69775 |
| 179222 | &nbsp;&nbsp;&nbsp;3.00%, 7/01/50, Pool #CA6421 | 156368 |
| 181933 | &nbsp;&nbsp;&nbsp;3.00%, 7/01/50, Pool #CA6422 | 158733 |
| 148620 | &nbsp;&nbsp;&nbsp;2.00%, 8/01/50, Pool #CA6799 | 119885 |
| 166086 | &nbsp;&nbsp;&nbsp;2.50%, 8/01/50, Pool #CA6707 | 141030 |
| 228486 | &nbsp;&nbsp;&nbsp;2.00%, 9/01/50, Pool #CA7019 | 184044 |
| 267072 | &nbsp;&nbsp;&nbsp;2.50%, 9/01/50, Pool #BQ2883 | 224618 |
| 124340 | &nbsp;&nbsp;&nbsp;2.50%, 9/01/50, Pool #BQ0538 | 104264 |
| 412939 | &nbsp;&nbsp;&nbsp;3.50%, 9/01/50, Pool #FS5284 | 375849 |
| 327313 | &nbsp;&nbsp;&nbsp;2.00%, 10/01/50, Pool #CA7224 | 263122 |
| 263597 | &nbsp;&nbsp;&nbsp;2.50%, 10/01/50, Pool #FM4638 | 221546 |
| 244660 | &nbsp;&nbsp;&nbsp;2.50%, 10/01/50, Pool #FM4530 | 205625 |
| 169497 | &nbsp;&nbsp;&nbsp;4.00%, 7/01/52, Pool #FS2516 | 158482 |
| 385417 | &nbsp;&nbsp;&nbsp;4.50%, 11/01/52, Pool #FS6858 | 369307 |
| 123145 | &nbsp;&nbsp;&nbsp;5.00%, 11/01/52, Pool #CB5278 | 121148 |
| 289650 | &nbsp;&nbsp;&nbsp;6.00%, 5/01/54, Pool #FM2472 | 296753 |
|  |  | 4027333 |
|  | **Freddie Mac — 12.29%** |  |
| 82423 | &nbsp;&nbsp;&nbsp;4.00%, 12/01/35, Pool #ZA2401 | 81017 |
| 51169 | &nbsp;&nbsp;&nbsp;4.00%, 3/01/39, Pool #ZA6403 | 49929 |
| 173585 | &nbsp;&nbsp;&nbsp;2.00%, 12/01/40, Pool #RB5090 | 148432 |
| 111858 | &nbsp;&nbsp;&nbsp;3.50%, 1/01/47, Pool #ZT0941 | 102595 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount** |  | **Fair Value** |
| **MORTGAGE-BACKED SECURITIES — (continued)** | **MORTGAGE-BACKED SECURITIES — (continued)** | **MORTGAGE-BACKED SECURITIES — (continued)** |
|  | **Freddie Mac — (continued)** |  |
| 84415 | &nbsp;&nbsp;&nbsp;3.00%, 12/01/51, Pool #SD8184 | 73806 |
| 104069 | &nbsp;&nbsp;&nbsp;3.50%, 6/01/52, Pool #SD2670 | 95153 |
| 161164 | &nbsp;&nbsp;&nbsp;4.50%, 6/01/52, Pool #SD1265 | 155348 |
| 161658 | &nbsp;&nbsp;&nbsp;4.50%, 8/01/52, Pool #SD1515 | 154907 |
| 240210 | &nbsp;&nbsp;&nbsp;5.00%, 9/01/52, Pool #RA7936 | 236825 |
| 166012 | &nbsp;&nbsp;&nbsp;4.00%, 2/01/53, Pool #SD7560 | 156564 |
| 147536 | &nbsp;&nbsp;&nbsp;5.50%, 2/01/53, Pool #QF8052 | 148482 |
| 171865 | &nbsp;&nbsp;&nbsp;5.00%, 3/01/53, Pool #SD2390 | 169403 |
| 86534 | &nbsp;&nbsp;&nbsp;6.00%, 5/01/53, Pool #SD3072 | 88706 |
| 146997 | &nbsp;&nbsp;&nbsp;6.00%, 7/01/53, Pool #SD3223 | 150738 |
| 188289 | &nbsp;&nbsp;&nbsp;5.50%, 6/01/54, Pool #SD5479 | 189102 |
| 289605 | &nbsp;&nbsp;&nbsp;6.00%, 9/01/54, Pool #SD6337 | 296467 |
|  |  | $2297474 |
|  | **Ginnie Mae II — 0.60%** |  |
| 24782 | &nbsp;&nbsp;&nbsp;5.00%, 11/20/38, Pool #4283 | 24538 |
| 92768 | &nbsp;&nbsp;&nbsp;4.00%, 7/20/52, Pool #786280 | 87132 |
|  |  | 111670 |
|  | &nbsp;&nbsp;&nbsp;**Total (Cost $6,995,975)** | 6436477 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount** |  | **Fair Value** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS — 22.91%** | **COLLATERALIZED MORTGAGE OBLIGATIONS — 22.91%** | **COLLATERALIZED MORTGAGE OBLIGATIONS — 22.91%** |
| 118130 | &nbsp;&nbsp;&nbsp;Freddie Mac, Series 3787, Class LM, 4.00%, 1/15/31 | 117754 |
| 62226 | &nbsp;&nbsp;&nbsp;Freddie Mac, Series 4151, Class PA, 2.00%, 1/15/33 | 58877 |
| 175000 | &nbsp;&nbsp;&nbsp;Freddie Mac, Series 4172, Class KB, 3.00%, 2/15/33 | 162349 |
| 221066 | &nbsp;&nbsp;&nbsp;Ginnie Mae, Series 181, Class AV, 5.50%, 2/20/33 | 226332 |
| 64442 | &nbsp;&nbsp;&nbsp;Fannie Mae, Series 2013-44, Class DJ, 1.85%, 5/25/33 | 59831 |
| 26580 | &nbsp;&nbsp;&nbsp;Fannie Mae, Series 2003-44, Class Q, 3.50%, 6/25/33 | 25947 |
| 153394 | &nbsp;&nbsp;&nbsp;Ginnie Mae, Series 2023-79, Class DV, 5.50%, 5/20/34 | 155527 |
| 103739 | &nbsp;&nbsp;&nbsp;Fannie Mae, Series 2005-31, Class PB, 5.50%, 4/25/35 | 106333 |
| 36844 | &nbsp;&nbsp;&nbsp;Ginnie Mae, Series 2013-133, Class PL, 3.50%, 2/16/37 | 36194 |
| 519334 | &nbsp;&nbsp;&nbsp;Fannie Mae-Aces, Series M1, Class 2A1, 3.94%, 12/25/37 | 503433 |
| 151806 | &nbsp;&nbsp;&nbsp;Freddie Mac, Series 4863, Class AJ, 3.50%, 7/15/38 | 146331 |
| 54236 | &nbsp;&nbsp;&nbsp;Freddie Mac, Series 4122, Class BC, 3.00%, 5/15/40 | 51245 |
| 147427 | &nbsp;&nbsp;&nbsp;Ginnie Mae, Series 137, Class WA, 5.59%, 7/20/40 | 151268 |
| 150000 | &nbsp;&nbsp;&nbsp;Ginnie Mae, Series 81, Class AL, 4.50%, 8/20/40 | 146904 |
| 100000 | &nbsp;&nbsp;&nbsp;Progress Residential Trust, 3.40%, 2/17/42<sup>(a)</sup> | 93407 |
| 173139 | &nbsp;&nbsp;&nbsp;Fannie Mae, Series 2012-87, Class MB, 2.00%, 5/25/42 | 161939 |
| 21231 | &nbsp;&nbsp;&nbsp;Fannie Mae, Series 2016-49, Class DA, 3.50%, 10/25/42 | 21092 |
| 118732 | &nbsp;&nbsp;&nbsp;Fannie Mae, Series 2012-150, Class KA, 1.75%, 1/25/43 | 99073 |
| 147494 | &nbsp;&nbsp;&nbsp;Freddie Mac, Series 4173, Class NB, 3.00%, 3/15/43 | 134227 |
| 315000 | &nbsp;&nbsp;&nbsp;Freddie Mac, Series 4669, Class QY, 3.50%, 9/15/44 | 305083 |
| 40440 | &nbsp;&nbsp;&nbsp;Ginnie Mae, Series 2015-162, Class EB, 2.50%, 9/20/44 | 38132 |
| 340785 | &nbsp;&nbsp;&nbsp;Freddie Mac, Series 4601, Class NJ, 1.90%, 9/15/45 | 301556 |
| 154257 | &nbsp;&nbsp;&nbsp;Fannie Mae, Series 2016-49, Class PA, 3.00%, 9/25/45 | 145044 |
| 91315 | &nbsp;&nbsp;&nbsp;Freddie Mac, Series 4656, Class PA, 3.50%, 10/15/45 | 88660 |
| 124591 | &nbsp;&nbsp;&nbsp;Fannie Mae, Series 2016-24, Class CD, 1.75%, 2/25/46 | 105003 |
| 196786 | &nbsp;&nbsp;&nbsp;Fannie Mae, Series 2016-88, Class PK, 2.50%, 3/25/46 | 179914 |
| 96205 | &nbsp;&nbsp;&nbsp;Freddie Mac, Series 5380, Class A, 5.50%, 9/25/47 | 96500 |

---

20 *See accompanying notes to financial statements.*

**Sterling Capital Intermediate U.S. Government Fund** 

**Schedule of Investments (continued)**

 

*March 31, 2025 (Unaudited)*

---

| | | |
|:---|:---|:---|
| **Principal Amount** |  | **Fair Value** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS — (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS — (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS — (continued)** |
| 233279 | &nbsp;&nbsp;&nbsp;Fannie Mae, Series 2019-25, Class PD, 2.50%, 5/25/48 | 208602 |
| 191073 | &nbsp;&nbsp;&nbsp;Freddie Mac, Series 4942, Class NC, 2.50%, 10/25/49 | 165684 |
| 195753 | &nbsp;&nbsp;&nbsp;Ginnie Mae, Series 2022-137, Class PA, 4.00%, 5/20/52 | 190144 |
|  | &nbsp;&nbsp;&nbsp;**Total (Cost $4,412,908)** | $4282385 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount** |  | **Fair Value** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES — 13.88%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES — 13.88%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES — 13.88%** |
| 135028 | &nbsp;&nbsp;&nbsp;Freddie Mac Multifamily Structured Pass Through, Series K049, Class A2, 3.01%, 7/25/25 | 134278 |
| 295923 | &nbsp;&nbsp;&nbsp;Fannie Mae-Aces, Series 2015-M17, Class A2, 2.91%, 11/25/25 | 293331 |
| 210000 | &nbsp;&nbsp;&nbsp;Freddie Mac Multifamily Structured Pass Through, Series K060, Class A2, 3.30%, 10/25/26 | 206774 |
| 484432 | &nbsp;&nbsp;&nbsp;Freddie Mac Multifamily Structured Pass Through, Series K061, Class A2, 3.35%, 11/25/26 | 476170 |
| 376895 | &nbsp;&nbsp;&nbsp;Fannie Mae-Aces, Series 2017-M7, Class A2, 2.96%, 2/25/27 | 367893 |
| 198036 | &nbsp;&nbsp;&nbsp;Fannie Mae-Aces, Series 2017-M8, Class A2, 3.06%, 5/25/27 | 193475 |
| 125000 | &nbsp;&nbsp;&nbsp;Freddie Mac Multifamily Structured Pass Through, Series K066, Class A2, 3.12%, 6/25/27 (Special footnote) | 122155 |
| 157816 | &nbsp;&nbsp;&nbsp;Freddie Mac Multifamily Structured Pass Through, Series K069, Class A2, 3.19%, 9/25/27 | 153921 |
| 275000 | &nbsp;&nbsp;&nbsp;Freddie Mac Multifamily Structured Pass Through, Series K079, Class A2, 3.93%, 6/25/28 | 272062 |
| 381552 | &nbsp;&nbsp;&nbsp;Fannie Mae-Aces, Series 2018-M10, Class A2, 3.36%, 7/25/28 | 372149 |
| 3005 | &nbsp;&nbsp;&nbsp;JPMBB Commercial Mortgage Securities Trust, Series 2014-C23, Class A5, 3.93%, 9/15/47 | 2970 |
|  | &nbsp;&nbsp;&nbsp;**Total (Cost $2,660,674)** | 2595178 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount** |  | **Fair Value** |
| **U.S. GOVERNMENT AGENCIES — 0.65%** | **U.S. GOVERNMENT AGENCIES — 0.65%** |  |
| 60000 | &nbsp;&nbsp;&nbsp;Federal Home Loan Banks, 1.90 *%*, 10/07/31 | 51909 |
| 86000 | &nbsp;&nbsp;&nbsp;Federal Farm Credit Banks Funding Corp., 2.40 *%*, 3/24/36 | 69049 |
|  | &nbsp;&nbsp;&nbsp;**Total (Cost $121,907)** | 120958 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount** |  | **Fair Value** |
| **MUNICIPAL BONDS — 0.43%** | **MUNICIPAL BONDS — 0.43%** | **MUNICIPAL BONDS — 0.43%** |
|  | **Wisconsin — 0.43%** | **Wisconsin — 0.43%** |
| $80000 | &nbsp;&nbsp;&nbsp;State of Wisconsin, TXB, Revenue Bonds, Pension Fundings Series A, (AGM)*,* 5.70 *%,*5/1/26<sup>(b)</sup> | 80624 |
|  | &nbsp;&nbsp;&nbsp;**Total (Cost $81,158)** | 80624 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount** |  | **Fair Value** |
| **U.S. TREASURY BONDS & NOTES — 13.06%** | **U.S. TREASURY BONDS & NOTES — 13.06%** |  |
| 980000 | &nbsp;&nbsp;&nbsp;United States Treasury Note, 0.63 *%*, 8/15/30 | 822013 |
| 1150200 | &nbsp;&nbsp;&nbsp;United States Treasury Note, 1.13 *%*, 2/15/31<sup>(b)</sup> | 979018 |
| 700000 | &nbsp;&nbsp;&nbsp;United States Treasury Note, 2.75 *%*, 8/15/32(<sup>b)</sup> | 640008 |
|  | &nbsp;&nbsp;&nbsp;**Total (Cost $2,503,935)** | 2441039 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount** |  | **Fair Value** |
| **U.S. GOVERNMENT & AGENCIES — 10.01%** | **U.S. GOVERNMENT & AGENCIES — 10.01%** |  |
| 1350000 | &nbsp;&nbsp;&nbsp;United States Treasury Strip Coupon, 0.00 *%*, 5/15/29 | 1145375 |
| 1000000 | &nbsp;&nbsp;&nbsp;United States Treasury Strip Coupon, 0.00 *%*, 11/15/32 | 725946 |

---

---

| | | |
|:---|:---|:---|
| **Principal <br> Amount** |  | **Fair Value** |
| **U.S. GOVERNMENT & AGENCIES — (continued)** | **U.S. GOVERNMENT & AGENCIES — (continued)** | **U.S. GOVERNMENT & AGENCIES — (continued)** |
|  | &nbsp;&nbsp;&nbsp;**Total (Cost $1,838,197)** | $1871321 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | | **Fair Value** |
| **MONEY MARKET FUNDS — 1.17%** | **MONEY MARKET FUNDS — 1.17%** | **MONEY MARKET FUNDS — 1.17%** |
| 218679 | &nbsp;&nbsp;&nbsp;Federated Hermes Treasury Obligations Fund, Institutional Shares, 4.21%<sup>(c)</sup> | 218679 |
|  | &nbsp;&nbsp;&nbsp;Total Money Market Funds | &nbsp;&nbsp;&nbsp;Total Money Market Funds |
|  | &nbsp;&nbsp;&nbsp;(Cost $218,679) | 218679 |
| Total Investments— 102.09% | Total Investments— 102.09% | Total Investments— 102.09% |
| (Cost $19,865,129) | (Cost $19,865,129) | 19083658 |
| Liabilities in Excess of Other Assets — (2.09)% | Liabilities in Excess of Other Assets — (2.09)% | (391224) |
| NET ASSETS — 100.00% | NET ASSETS — 100.00% | $18692434 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security
 may be resold in transactions exempt from registration, normally to qualified institutional buyers. 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. The total value of securities held in a separate collateral account
 as of the period ended March 31, 2025 is $572,317, which represents 3.1% of net assets.

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

AGM Assured Guaranty Municipal Corp. <br> TXB Taxable Bond

*See accompanying notes to financial statements.* 21

**Sterling Capital Total Return Bond Fund**

**Schedule of Investments** 

 

*March 31, 2025 (Unaudited)*

---

| | | |
|:---|:---|:---|
| **Principal Amount** |  | **Fair Value** |
| **CORPORATE BONDS — 20.44%** | **CORPORATE BONDS — 20.44%** | **CORPORATE BONDS — 20.44%** |
|  | **AEROSPACE & DEFENSE — 0.79%** |  |
| $2740000 | &nbsp;&nbsp;&nbsp;BAE Systems PLC, 5.13%, 3/26/29<sup>(a)</sup> | $2782200 |
| 1667000 | &nbsp;&nbsp;&nbsp;Boeing Co., (The), 6.30%, 5/01/29 | 1748169 |
| 1273000 | &nbsp;&nbsp;&nbsp;Boeing Co,. (The), 6.53%, 5/01/34 | 1364002 |
| 2013000 | &nbsp;&nbsp;&nbsp;Howmet Aerospace, Inc., 5.95%, 2/01/37 | 2106963 |
| 1396000 | &nbsp;&nbsp;&nbsp;Boeing Co., (The), 5.71%, 5/01/40 | 1357060 |
| 2723000 | &nbsp;&nbsp;&nbsp;RTX Corp., 4.50%, 6/01/42 | 2395155 |
|  |  | 11753549 |
|  | **ASSET MANAGEMENT — 0.40%** | **ASSET MANAGEMENT — 0.40%** |
| 1606000 | &nbsp;&nbsp;&nbsp;Apollo Debt Solutions BDC, 6.90%, 4/13/29 | 1666348 |
| 1347000 | &nbsp;&nbsp;&nbsp;Ares Capital Corp., 5.95%, 7/15/29 | 1368857 |
| 1461000 | &nbsp;&nbsp;&nbsp;Blackstone Private Credit Fund, 5.95%, 7/16/29 | 1476799 |
| 1475000 | &nbsp;&nbsp;&nbsp;Ares Finance Co. III LLC, 4.13%, 6/30/51 (H15T5Y + 323.70 bps)<sup>(a)(b)</sup> | 1422674 |
|  |  | 5934678 |
|  | **AUTOMOBILES — 0.09%** |  |
| 1397000 | &nbsp;&nbsp;&nbsp;Ford Motor Co., 6.10%, 8/19/32 | 1369765 |
|  | **BANKING — 0.21%** | **BANKING — 0.21%** |
| 2221000 | &nbsp;&nbsp;&nbsp;Mitsubishi UFJ Financial Group Inc, 2.49%, 10/13/32 (H15T1Y + 97 bps)<sup>(b)</sup> | 1910930 |
| 1116000 | &nbsp;&nbsp;&nbsp;Bank of America Corp., 5.74%, 2/12/36 (SOFRRATE + 169.70 bps)<sup>(b)</sup> | 1113868 |
|  |  | 3024798 |
|  | **BANKS — 3.91%** |  |
| 3659000 | &nbsp;&nbsp;&nbsp;Macquarie Group Ltd., 1.34%, 1/12/27 (SOFR + 107 bps)<sup>(a)(b)</sup> | 3566340 |
| 2864000 | &nbsp;&nbsp;&nbsp;Fifth Third Bancorp, 4.06%, 4/25/28<sup>(c)</sup> | 2828658 |
| 2893000 | &nbsp;&nbsp;&nbsp;Wells Fargo & Co., MTN, 4.81%, 7/25/28<sup>(c)</sup> | 2902283 |
| 5994000 | &nbsp;&nbsp;&nbsp;Bank of America Corp., 3.42%, 12/20/28<sup>(c)</sup> | 5808936 |
| 1981000 | &nbsp;&nbsp;&nbsp;Huntington Bancshares, Inc., 6.21%, 8/21/29 | 2062163 |
| 2004000 | &nbsp;&nbsp;&nbsp;KeyCorp, 2.55%, 10/01/29 | 1812339 |
| 4899000 | &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co., 5.01%, 1/23/30 | 4953404 |
| 2376000 | &nbsp;&nbsp;&nbsp;Citizens Financial Group, Inc., 5.84%, 1/23/30 | 2440533 |
| 1536000 | &nbsp;&nbsp;&nbsp;Comerica, Inc., 5.98%, 1/30/30 (SOFR + 215.50 bps)<sup>(b)</sup> | 1560829 |
| 3571000 | &nbsp;&nbsp;&nbsp;First Citizens BancShares, Inc., 3.38%, 3/15/30 (TSFR3M + 247 bps)<sup>(b)</sup> | 3570936 |
| 4192000 | &nbsp;&nbsp;&nbsp;Sumitomo Mitsui Financial Group, Inc., 2.13%, 7/08/30 | 3671596 |
| 3748000 | &nbsp;&nbsp;&nbsp;Wells Fargo & Co., 2.88%, 10/30/30 | 3454284 |
| 3292000 | &nbsp;&nbsp;&nbsp;Citigroup, Inc., 2.98%, 11/05/30 | 3031454 |
| 3554000 | &nbsp;&nbsp;&nbsp;Toronto-Dominion Bank (The), 3.63%, 9/15/31 (USSW5 + 220.50 bps)<sup>(b)</sup> | 3482218 |
| 3128000 | &nbsp;&nbsp;&nbsp;Westpac Banking Corp., GMTN, 4.32%, 11/23/31 (USISOA05 + 224 bps)<sup>(b)</sup> | 3101373 |
| 4161000 | &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co., 4.91%, 7/25/33 | 4127913 |
| 1760000 | &nbsp;&nbsp;&nbsp;US Bancorp, Series AA, 5.85%, 10/21/33 (SOFR + 209 bps)<sup>(b)</sup> | 1823976 |
| 3482000 | &nbsp;&nbsp;&nbsp;Bank of America Corp., 5.29%, 4/25/34<sup>(c)</sup> | 3497729 |
|  |  | 57696964 |
|  | **BEVERAGES — 0.39%** |  |
| 1036000 | &nbsp;&nbsp;&nbsp;Constellation Brands Inc, 4.90%, 5/01/33 | 1010736 |
| 2641000 | &nbsp;&nbsp;&nbsp;Bacardi Ltd / Bacardi-Martini BV, 5.40%, 6/15/33<sup>(a)</sup> | 2587354 |
| 2144000 | &nbsp;&nbsp;&nbsp;Anheuser-Busch InBev Finance, Inc., 4.90%, 2/01/46 | 1964784 |
|  |  | 5562874 |
|  | **BIOTECH & PHARMA — 0.29%** | **BIOTECH & PHARMA — 0.29%** |
| 2059000 | &nbsp;&nbsp;&nbsp;Pfizer Investment Enterprises Pte Ltd, 4.65%, 5/19/30 | 2069598 |
| 2137000 | &nbsp;&nbsp;&nbsp;CSL Finance PLC, 4.25%, 4/27/32<sup>(a)</sup> | 2045081 |
|  |  | 4114679 |
|  | **BIOTECHNOLOGY — 0.23%** | **BIOTECHNOLOGY — 0.23%** |
| 3382000 | &nbsp;&nbsp;&nbsp;Amgen, Inc., 5.25%, 3/02/30 | 3459157 |
|  | **CABLE & SATELLITE — 0.22%** | **CABLE & SATELLITE — 0.22%** |
| 1583000 | &nbsp;&nbsp;&nbsp;Charter Communications Operating LLC, 6.10%, 6/01/29 | 1634527 |

---

---

| | | |
|:---|:---|:---|
| **Principal <br> Amount** |  | **Fair Value** |
| **CORPORATE BONDS — (continued)** | **CORPORATE BONDS — (continued)** | **CORPORATE BONDS — (continued)** |
|  | **CABLE & SATELLITE — (continued)** |  |
| $1583000 | &nbsp;&nbsp;&nbsp;Charter Communications Operating LLC, 6.55%, 6/01/34 | 1628390 |
|  |  | 3262917 |
|  | **CAPITAL MARKETS — 1.31%** | **CAPITAL MARKETS — 1.31%** |
| 2125000 | &nbsp;&nbsp;&nbsp;Blue Owl Capital Corp., 3.40%, 7/15/26 | 2075626 |
| 4031000 | &nbsp;&nbsp;&nbsp;Morgan Stanley, 3.59%, 7/22/28 | 3930597 |
| 1893000 | &nbsp;&nbsp;&nbsp;Ares Management Corp., 6.38%, 11/10/28 | 1996157 |
| 1805000 | &nbsp;&nbsp;&nbsp;Jefferies Financial Group, Inc., 4.15%, 1/23/30 | 1729604 |
| 3509000 | &nbsp;&nbsp;&nbsp;BlackRock, Inc., 1.90%, 1/28/31<sup>(d)</sup> | 3036597 |
| 2284000 | &nbsp;&nbsp;&nbsp;FactSet Research Systems, Inc., 3.45%, 3/01/32 | 2056488 |
| 4389000 | &nbsp;&nbsp;&nbsp;Morgan Stanley, MTN, 5.25%, 4/21/34 | 4391168 |
|  |  | 19216237 |
|  | **CONSUMER SERVICES — 0.31%** | **CONSUMER SERVICES — 0.31%** |
| 2317000 | &nbsp;&nbsp;&nbsp;Duke University, 3.30%, 10/01/46 | 1716995 |
| 3898000 | &nbsp;&nbsp;&nbsp;Lehigh University, 3.48%, 11/15/46 | 2857161 |
|  |  | 4574156 |
|  | **DIVERSIFIED TELECOMMUNICATION SERVICES — 0.14%** | **DIVERSIFIED TELECOMMUNICATION SERVICES — 0.14%** |
| 2646000 | &nbsp;&nbsp;&nbsp;AT&T, Inc., 3.50%, 6/01/41 | 2041502 |
|  | **ELECTRIC UTILITIES — 1.87%** | **ELECTRIC UTILITIES — 1.87%** |
| 3246000 | &nbsp;&nbsp;&nbsp;NextEra Energy Capital Holdings, Inc., 2.44%, 1/15/32 | 2773097 |
| 1957000 | &nbsp;&nbsp;&nbsp;Southern California Edison Co., 5.95%, 11/01/32 | 2009448 |
| 2683000 | &nbsp;&nbsp;&nbsp;DTE Electric Co., 5.20%, 4/01/33 | 2716320 |
| 2688000 | &nbsp;&nbsp;&nbsp;Georgia Power Co., 4.95%, 5/17/33 | 2669459 |
| 2022000 | &nbsp;&nbsp;&nbsp;CenterPoint Energy Houston Electric LLC, 5.15%, 3/01/34 | 2021251 |
| 2206000 | &nbsp;&nbsp;&nbsp;Duke Energy Florida LLC, 6.40%, 6/15/38 | 2401879 |
| 3106000 | &nbsp;&nbsp;&nbsp;Indiana Michigan Power Co., 4.55%, 3/15/46 | 2642403 |
| 3670000 | &nbsp;&nbsp;&nbsp;Duke Energy Progress LLC, 3.60%, 9/15/47 | 2705871 |
| 2529000 | &nbsp;&nbsp;&nbsp;Puget Sound Energy, Inc., 4.22%, 6/15/48 | 2042556 |
| 2037000 | &nbsp;&nbsp;&nbsp;Entergy Louisiana LLC, 5.70%, 3/15/54 | 2008408 |
| 1421000 | &nbsp;&nbsp;&nbsp;Southern California Edison Co., 5.75%, 4/15/54 | 1335501 |
| 621000 | &nbsp;&nbsp;&nbsp;Nevada Power Co., 6.25%, 5/15/55 (H15T5Y + 193.60 bps)<sup>(b)</sup> | 614393 |
| 1614000 | &nbsp;&nbsp;&nbsp;Dominion Energy, Inc., 6.63%, 5/15/55 (H15T5Y + 220.70 bps)<sup>(b)</sup> | 1602662 |
|  |  | 27543248 |
|  | **ENERGY EQUIPMENT & SERVICES — 0.09%** | **ENERGY EQUIPMENT & SERVICES — 0.09%** |
| 1423000 | &nbsp;&nbsp;&nbsp;Halliburton Co., 4.85%, 11/15/35 | 1365015 |
|  | **FINANCIAL SERVICES — 0.13%** | **FINANCIAL SERVICES — 0.13%** |
| 2074000 | &nbsp;&nbsp;&nbsp;KKR Group Finance Co. III LLC, 5.13%, 6/01/44<sup>(a)</sup> | 1876429 |
|  | **FOOD — 0.29%** |  |
| 2277000 | &nbsp;&nbsp;&nbsp;Mars, Inc., 5.20%, 3/01/35<sup>(a)</sup> | 2288400 |
| 2323000 | &nbsp;&nbsp;&nbsp;Kraft Heinz Foods Co., 4.88%, 10/01/49 | 2010595 |
|  |  | 4298995 |
|  | **GAS & WATER UTILITIES — 0.14%** | **GAS & WATER UTILITIES — 0.14%** |
| 2396000 | &nbsp;&nbsp;&nbsp;Sempra Global, 3.25%, 1/15/32<sup>(a)</sup> | 2024489 |
|  | **HEALTH CARE EQUIPMENT & SUPPLIES — 0.18%** | **HEALTH CARE EQUIPMENT & SUPPLIES — 0.18%** |
| 2576000 | &nbsp;&nbsp;&nbsp;GE HealthCare Technologies, Inc., 5.86%, 3/15/30 | 2689081 |
|  | **HEALTH CARE FACILITIES & SERVICES — 0.21%** | **HEALTH CARE FACILITIES & SERVICES — 0.21%** |
| 1446000 | &nbsp;&nbsp;&nbsp;IQVIA, Inc., 6.25%, 2/01/29 | 1505691 |
| 1607000 | &nbsp;&nbsp;&nbsp;HCA, Inc., 5.50%, 6/01/33 | 1613010 |
|  |  | 3118701 |
|  | **HOTELS, RESTAURANTS & LEISURE — 0.11%** |  |
| 1702000 | &nbsp;&nbsp;&nbsp;Carnival Corp., 4.00%, 8/01/28<sup>(a)</sup> | 1628303 |
|  | **HOUSEHOLD DURABLES — 0.14%** | **HOUSEHOLD DURABLES — 0.14%** |
| 2148000 | &nbsp;&nbsp;&nbsp;Meritage Homes Corp., 3.88%, 4/15/29<sup>(a)</sup> | 2044715 |
|  | **HOUSEHOLD PRODUCTS — 0.13%** | **HOUSEHOLD PRODUCTS — 0.13%** |
| 2275000 | &nbsp;&nbsp;&nbsp;SC Johnson & Son, Inc., 4.75%, 10/15/46<sup>(a)</sup> | 1973502 |
|  | **INSTITUTIONAL FINANCIAL SERVICES — 0.14%** | **INSTITUTIONAL FINANCIAL SERVICES — 0.14%** |
| 1937000 | &nbsp;&nbsp;&nbsp;LPL Holdings, Inc., 6.75%, 11/17/28 | 2047834 |

---

22 *See accompanying notes to financial statements.*

**Sterling Capital Total Return Bond Fund** 

**Schedule of Investments (continued)**

 

*March 31, 2025 (Unaudited)*

---

| | | |
|:---|:---|:---|
| **Principal Amount** |  | **Fair Value** |
| **CORPORATE BONDS — (continued)** | **CORPORATE BONDS — (continued)** | **CORPORATE BONDS — (continued)** |
|  | **INSURANCE — 2.26%** | **INSURANCE — 2.26%** |
| $2806000 | &nbsp;&nbsp;&nbsp;SBL Holdings, Inc., 5.13%, 11/13/26<sup>(a)</sup> | $2775217 |
| 2147000 | &nbsp;&nbsp;&nbsp;GA Global Funding Trust, 5.50%, 1/08/29<sup>(a)</sup> | 2190237 |
| 2214000 | &nbsp;&nbsp;&nbsp;AXIS Specialty Finance LLC, 3.90%, 7/15/29 | 2128192 |
| 1349000 | &nbsp;&nbsp;&nbsp;American National Global Funding, 5.55%, 1/28/30<sup>(a)</sup> | 1373845 |
| 2338000 | &nbsp;&nbsp;&nbsp;Fortitude Group Holdings LLC, 6.25%, 4/01/30<sup>(a)</sup> | 2363595 |
| 1333000 | &nbsp;&nbsp;&nbsp;RGA Global Funding, 5.50%, 1/11/31<sup>(a)</sup> | 1370049 |
| 1793000 | &nbsp;&nbsp;&nbsp;Sammons Financial Group, Inc., 3.35%, 4/16/31<sup>(a)</sup> | 1605216 |
| 1583000 | &nbsp;&nbsp;&nbsp;Enstar Group Ltd., 3.10%, 9/01/31 | 1364620 |
| 1341000 | &nbsp;&nbsp;&nbsp;American National Group Inc, 6.14%, 6/13/32<sup>(a)</sup> | 1359365 |
| 1764000 | &nbsp;&nbsp;&nbsp;Athene Holding Ltd., 5.88%, 1/15/34 | 1791582 |
| 1370000 | &nbsp;&nbsp;&nbsp;F&G Annuities & Life, Inc., 6.25%, 10/04/34 | 1326878 |
| 1394000 | &nbsp;&nbsp;&nbsp;SBL Holdings, Inc., 7.20%, 10/30/34<sup>(a)</sup> | 1314079 |
| 1639000 | &nbsp;&nbsp;&nbsp;Transatlantic Holdings, Inc., 8.00%, 11/30/39 | 2011936 |
| 3454000 | &nbsp;&nbsp;&nbsp;Meiji Yasuda Life Insurance Co., 5.20%, 10/20/45<sup>(a)</sup> | 3448912 |
| 1572000 | &nbsp;&nbsp;&nbsp;Global Atlantic Fin Co., 6.75%, 3/15/54<sup>(a)</sup> | 1595810 |
| 1349000 | &nbsp;&nbsp;&nbsp;Corebridge Financial, Inc., 6.38%, 9/15/54 (H15T5Y + 264.60 bps)<sup>(b)</sup> | 1340214 |
| 1341000 | &nbsp;&nbsp;&nbsp;Athene Holding Ltd., 6.63%, 10/15/54 | 1327913 |
| 2700000 | &nbsp;&nbsp;&nbsp;Meiji Yasuda Life Insurance Co., 6.10%, 6/11/55<sup>(a)</sup> | 2690506 |
|  |  | 33378166 |
|  | **INTERACTIVE MEDIA & SERVICES — 0.11%** | **INTERACTIVE MEDIA & SERVICES — 0.11%** |
| 1681000 | &nbsp;&nbsp;&nbsp;Meta Platforms, Inc., 5.40%, 8/15/54 | 1647053 |
|  | **INTERNET & DIRECT MARKETING RETAIL — 0.14%** | **INTERNET & DIRECT MARKETING RETAIL — 0.14%** |
| 3517000 | &nbsp;&nbsp;&nbsp;Amazon.com, Inc., 2.70%, 6/03/60<sup>(d)</sup> | 2044449 |
|  | **IT SERVICES — 0.14%** |  |
| 2087000 | &nbsp;&nbsp;&nbsp;Gartner, Inc., 4.50%, 7/01/28<sup>(a)</sup> | 2046183 |
|  | **METALS & MINING — 0.51%** | **METALS & MINING — 0.51%** |
| 1914000 | &nbsp;&nbsp;&nbsp;Newmont Corp., 2.80%, 10/01/29 | 1778205 |
| 2024000 | &nbsp;&nbsp;&nbsp;Anglo American Capital PLC, 5.50%, 5/02/33<sup>(a)</sup> | 2034077 |
| 1701000 | &nbsp;&nbsp;&nbsp;Steel Dynamics, Inc., 5.38%, 8/15/34 | 1705540 |
| 2075000 | &nbsp;&nbsp;&nbsp;Freeport-McMoRan Inc, 5.45%, 3/15/43 | 1945623 |
|  |  | 7463445 |
|  | **MULTI-UTILITIES — 0.28%** |  |
| 2523000 | &nbsp;&nbsp;&nbsp;Sempra, 3.80%, 2/01/38 | 2074814 |
| 2343000 | &nbsp;&nbsp;&nbsp;CMS Energy Corp., 4.70%, 3/31/43 | 2030084 |
|  |  | 4104898 |
|  | **OIL & GAS PRODUCERS — 0.35%** |  |
| 1402000 | &nbsp;&nbsp;&nbsp;Antero Resources Corp., 5.38%, 3/01/30<sup>(a)</sup> | 1376492 |
| 2180000 | &nbsp;&nbsp;&nbsp;Energy Transfer LP, 3.75%, 5/15/30 | 2061196 |
| 1903000 | &nbsp;&nbsp;&nbsp;APA Corp, 5.10%, 9/01/40<sup>(a)</sup> | 1652957 |
|  |  | 5090645 |
|  | **OIL, GAS & CONSUMABLE FUELS — 0.87%** | **OIL, GAS & CONSUMABLE FUELS — 0.87%** |
| 1010000 | &nbsp;&nbsp;&nbsp;Hess Corp., 7.88%, 10/01/29<sup>(d)</sup> | 1135649 |
| 2200000 | &nbsp;&nbsp;&nbsp;Aker BP ASA, 3.75%, 1/15/30<sup>(a)</sup> | 2078485 |
| 2415000 | &nbsp;&nbsp;&nbsp;Pioneer Natural Resources Co., 1.90%, 8/15/30 | 2099025 |
| 1896000 | &nbsp;&nbsp;&nbsp;Targa Resources Corp., 6.50%, 3/30/34 | 2024487 |
| 1414000 | &nbsp;&nbsp;&nbsp;Diamondback Energy, Inc., 5.40%, 4/18/34 | 1411650 |
| 2289000 | &nbsp;&nbsp;&nbsp;MPLX LP, 4.50%, 4/15/38 | 2009944 |
| 1878000 | &nbsp;&nbsp;&nbsp;ONEOK, Inc., 7.15%, 1/15/51 | 2039871 |
|  |  | 12799111 |
|  | **REIT — 1.11%** |  |
| 3279000 | &nbsp;&nbsp;&nbsp;American Tower Trust #1, Series 2018-1, Class A, 3.65%, 3/15/28(a)<sup>(d)</sup> | 3172224 |
| 2764000 | &nbsp;&nbsp;&nbsp;LXP Industrial Trust, 2.70%, 9/15/30 | 2431905 |
| 2961000 | &nbsp;&nbsp;&nbsp;Store Capital LLC, 2.75%, 11/18/30 | 2595624 |
| 2373000 | &nbsp;&nbsp;&nbsp;Tanger Properties LP, 2.75%, 9/01/31 | 2046306 |
| 2183000 | &nbsp;&nbsp;&nbsp;Invitation Homes Operating Partnership LP, 4.15%, 4/15/32 | 2036808 |
| 1996000 | &nbsp;&nbsp;&nbsp;Prologis Targeted US Logistics Fund LP, 5.50%, 4/01/34<sup>(a)</sup> | 2021651 |
| 2163000 | &nbsp;&nbsp;&nbsp;Phillips Edison Grocery Center, 4.95%, 1/15/35 | 2053990 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount** |  | **Fair Value** |
| **CORPORATE BONDS — (continued)** | **CORPORATE BONDS — (continued)** | **CORPORATE BONDS — (continued)** |
|  | **REIT — (continued)** |  |
|  |  | 16358508 |
|  | **RETAIL - DISCRETIONARY — 0.27%** | **RETAIL - DISCRETIONARY — 0.27%** |
| $2087000 | &nbsp;&nbsp;&nbsp;O'Reilly Automotive Inc, 4.20%, 4/01/30 | 2036284 |
| 2147000 | &nbsp;&nbsp;&nbsp;Home Depot, Inc., (The), 2.70%, 4/15/30 | 1970620 |
|  |  | 4006904 |
|  | **SEMICONDUCTORS — 0.50%** | **SEMICONDUCTORS — 0.50%** |
| 2130000 | &nbsp;&nbsp;&nbsp;Broadcom, Inc., 4.15%, 11/15/30 | 2061484 |
| 3286000 | &nbsp;&nbsp;&nbsp;Foundry JV Holdco LLC, 6.15%, 1/25/32<sup>(a)</sup> | 3416177 |
| 1830000 | &nbsp;&nbsp;&nbsp;Intel Corp., 5.20%, 2/10/33 | 1806884 |
|  |  | 7284545 |
|  | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 0.32%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 0.32%** |
| 1534000 | &nbsp;&nbsp;&nbsp;Marvell Technology, Inc., 2.95%, 4/15/31 | 1368967 |
| 1312000 | &nbsp;&nbsp;&nbsp;Marvell Technology, Inc., 5.95%, 9/15/33 | 1368501 |
| 2116000 | &nbsp;&nbsp;&nbsp;Broadcom, Inc., 4.93%, 5/15/37<sup>(a)</sup> | 2034498 |
|  |  | 4771966 |
|  | **SOFTWARE — 0.11%** |  |
| 1644000 | &nbsp;&nbsp;&nbsp;Oracle Corp, 6.13%, 8/03/65 | 1641737 |
|  | **SPECIALTY FINANCE — 0.41%** | **SPECIALTY FINANCE — 0.41%** |
| 1986000 | &nbsp;&nbsp;&nbsp;Avolon Holdings Funding Ltd., 5.75%, 3/01/29<sup>(a)</sup> | 2022611 |
| 2565000 | &nbsp;&nbsp;&nbsp;AerCap Ireland Capital DAC, 6.15%, 9/30/30 | 2706955 |
| 1296000 | &nbsp;&nbsp;&nbsp;Ally Financial Inc., 5.54%, 1/17/31 (SOFRINDX + 173 bps)<sup>(b)</sup> | 1289444 |
|  |  | 6019010 |
|  | **TECHNOLOGY HARDWARE — 0.11%** | **TECHNOLOGY HARDWARE — 0.11%** |
| 1592000 | &nbsp;&nbsp;&nbsp;Dell International LLC / EMC Corp., 5.40%, 4/15/34 | 1604336 |
|  | **TECHNOLOGY SERVICES — 0.33%** | **TECHNOLOGY SERVICES — 0.33%** |
| 3194000 | &nbsp;&nbsp;&nbsp;Kyndryl Holdings, Inc., 3.15%, 10/15/31 | 2804722 |
| 2083000 | &nbsp;&nbsp;&nbsp;Verisk Analytics, Inc., 5.25%, 3/15/35 | 2080385 |
|  |  | 4885107 |
|  | **TELECOMMUNICATIONS — 0.48%** | **TELECOMMUNICATIONS — 0.48%** |
| 2305000 | &nbsp;&nbsp;&nbsp;AT&T, Inc., 4.30%, 2/15/30 | 2269326 |
| 2230000 | &nbsp;&nbsp;&nbsp;Sprint Capital Corp, 8.75%, 3/15/32 | 2682007 |
| 1996000 | &nbsp;&nbsp;&nbsp;T-Mobile USA, Inc., 6.00%, 6/15/54 | 2037384 |
|  |  | 6988717 |
|  | **TOBACCO & CANNABIS — 0.28%** | **TOBACCO & CANNABIS — 0.28%** |
| 2073000 | &nbsp;&nbsp;&nbsp;Philip Morris International, Inc., 5.13%, 2/15/30 | 2113753 |
| 1933000 | &nbsp;&nbsp;&nbsp;BAT Capital Corp., 6.42%, 8/02/33 | 2063066 |
|  |  | 4176819 |
|  | **TRANSPORTATION & LOGISTICS — 0.14%** | **TRANSPORTATION & LOGISTICS — 0.14%** |
| 2132000 | &nbsp;&nbsp;&nbsp;Burlington Northern Santa Fe LLC, 4.95%, 9/15/41 | 2001649 |
|  | &nbsp;&nbsp;&nbsp;**Total (Cost $304,603,038)** | 300934836 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount** |  | **Fair Value** |
| **MUNICIPAL BONDS — 1.08%** | **MUNICIPAL BONDS — 1.08%** | **MUNICIPAL BONDS — 1.08%** |
|  | **Alabama — 0.18%** | **Alabama — 0.18%** |
| 2675000 | &nbsp;&nbsp;&nbsp;Alabama Economic Settlement Authority, Economic Imports, Taxable BP - Settlement Revenue Series B*,* 4.26 *%,*9/15/32<sup>(d)</sup> | 2616904 |
|  | **California — 0.09%** |  |
| 1145000 | &nbsp;&nbsp;&nbsp;State of California, Build America Bonds, School Improvements G.O.*,* 7.63 *%,*3/1/40(d) | 1377287 |
|  | **New York — 0.81%** |  |
| 5000000 | &nbsp;&nbsp;&nbsp;City of New York NY*,* 5.68 *%,*10/1/33 | 5322823 |
| 345000 | &nbsp;&nbsp;&nbsp;Metropolitan Transportation Authority, Taxable Green Bonds, Green Purpose Revenue Bonds Series C2*,* 5.18 *%,*11/15/49 | 310452 |
| 7130000 | &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Future Tax Secured Revenue, Public Improvements, Taxable Revenue, Callable 2/1/27 @ 100*,* 3.00 *%,*11/1/33 | 6258547 |
|  | &nbsp;&nbsp;&nbsp;**Total (Cost $16,451,684)** | 15886013 |

---

*See accompanying notes to financial statements.* 23

**Sterling Capital Total Return Bond Fund**

**Schedule of Investments (continued)**

 

*March 31, 2025 (Unaudited)*

---

| | | |
|:---|:---|:---|
| **Principal Amount** |  | **Fair Value** |
| **ASSET BACKED SECURITIES — 12.44%** | **ASSET BACKED SECURITIES — 12.44%** |  |
| $8720000 | &nbsp;&nbsp;&nbsp;Carvana Auto Receivables Trust, Series P2 , Class B, 1.27%, 3/10/27 | $8460938 |
| 6250000 | &nbsp;&nbsp;&nbsp;Avis Budget Rental Car Funding AESOP LLC, Series 1A , Class A, 1.38%, 8/20/27<sup>(a)</sup> | 6017139 |
| 5024000 | &nbsp;&nbsp;&nbsp;BANK5 Trust, Series 2024-5YR5 , 6.27%, 2/15/29 | 5176705 |
| 5730000 | &nbsp;&nbsp;&nbsp;CarMax Auto Owner Trust, Series 4 , Class A4, 5.96%, 5/15/29 | 5918560 |
| 7101000 | &nbsp;&nbsp;&nbsp;Enterprise Fleet Financing, Series 1 , Class A3, 5.42%, 10/22/29<sup>(a)</sup> | 7188342 |
| 13050000 | &nbsp;&nbsp;&nbsp;OneMain Direct Auto Receivables Trust, Series 1A , Class A, 5.41%, 11/14/29<sup>(a)</sup> | 13191200 |
| 4543000 | &nbsp;&nbsp;&nbsp;Avis Budget Rental Car Funding AESOP LLC, Series 8A , Class A, 6.02%, 2/20/30<sup>(a)</sup> | 4741381 |
| 3127000 | &nbsp;&nbsp;&nbsp;Avis Budget Rental Car Funding AESOP LLC, Series 2023-1A , Class A, 5.36%, 6/20/30<sup>(a)</sup> | 3191483 |
| 17494000 | &nbsp;&nbsp;&nbsp;Hertz Vehicle Financing III LLC, Series 2A , Class A, 5.48%, 1/27/31<sup>(a)</sup> | 17738410 |
| 5625000 | &nbsp;&nbsp;&nbsp;ARI Fleet Lease Trust, Series B , Class A3, 5.89%, 7/15/32<sup>(a)</sup> | 5763867 |
| 255394 | &nbsp;&nbsp;&nbsp;New Century Home Equity Loan Trust, Series 4 , Class M1, 5.56%, 10/25/33<sup>(d)</sup> | 254637 |
| 15708 | &nbsp;&nbsp;&nbsp;RAAC Trust, STEP, Series 2004-SP1 , Class AI3, 6.12%, 3/25/34 | 15575 |
| 11959000 | &nbsp;&nbsp;&nbsp;Ford Credit Auto Owner Trust, Series 2 , Class A, 1.53%, 5/15/34<sup>(a)</sup> | 11409572 |
| 1196597 | &nbsp;&nbsp;&nbsp;Saxon Asset Securities Trust, Series 3 , Class M1, 5.34%, 12/26/34 (TSFR1M + 101 bps)<sup>(b)</sup> | 1157547 |
| 3950000 | &nbsp;&nbsp;&nbsp;OneMain Financial Issuance Trust, Series S1 , Class A, 4.13%, 5/14/35<sup>(a)</sup> | 3930171 |
| 20805000 | &nbsp;&nbsp;&nbsp;OneMain Financial Issuance Trust, Series 1A , Class A1, 1.55%, 6/16/36<sup>(a)</sup> | 19715736 |
| 4830150 | &nbsp;&nbsp;&nbsp;OPG Trust, Series 2021-PORT , Class C, 5.27%, 10/15/36<sup>(a)</sup> | 4799962 |
| 2863975 | &nbsp;&nbsp;&nbsp;BX Trust, Series 2021-RISE , Class C, 5.88%, 11/15/36<sup>(a)</sup> | 2828175 |
| 10000000 | &nbsp;&nbsp;&nbsp;Reese Park CLO Ltd., Series 1A , Class ARR, 5.62%, 1/15/38 (TSFR3M + 132 bps)(a)<sup>(b)</sup> | 9981880 |
| 3992975 | &nbsp;&nbsp;&nbsp;MVW LLC, Series 2024-2 , Class A, 4.43%, 3/20/42<sup>(a)</sup> | 3957411 |
| 13518803 | &nbsp;&nbsp;&nbsp;Freddie Mac , 1.50%, 7/25/50 | 10318645 |
| 2002000 | &nbsp;&nbsp;&nbsp;BMO Mortgage Trust, Series 2023-5C1 , 7.12%, 8/15/56 | 2118114 |
| 3607000 | &nbsp;&nbsp;&nbsp;BANK5 Trust, Series 2023-5YR3 , Class AS, 7.32%, 9/15/56 | 3860619 |
| 13747981 | &nbsp;&nbsp;&nbsp;SMB Private Education Loan Trust, Series 2024-E , Class A-1A, 5.09%, 10/16/56<sup>(a)</sup> | 13853633 |
| 7392000 | &nbsp;&nbsp;&nbsp;BANK5 Trust, Series 2024-5YR6 , Class A3, 6.23%, 5/15/57 | 7741102 |
| 9377000 | &nbsp;&nbsp;&nbsp;BANK5 Trust, Series 2024-5YR6 , Class AS, 6.79%, 5/15/57 | 9847422 |
|  | &nbsp;&nbsp;&nbsp;**Total (Cost $183,624,282)** | 183178226 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount** |  | **Fair Value** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES — 10.90%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES — 10.90%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES — 10.90%** |
| 2718496 | &nbsp;&nbsp;&nbsp;Fannie Mae-Aces, Series 2017-M8, Class A2, 3.06%, 5/25/27 | 2655886 |
| 4143365 | &nbsp;&nbsp;&nbsp;FRESB Mortgage Trust, Series SB52, Class A10F, 3.46%, 6/25/28 | 4016389 |
| 1396000 | &nbsp;&nbsp;&nbsp;Benchmark Mortgage Trust, Series V6, Class A3, 5.93%, 3/15/29 | 1448018 |
| 5293000 | &nbsp;&nbsp;&nbsp;Benchmark Mortgage Trust, Series V6, Class AS, 6.38%, 3/15/29 | 5483986 |
| 1476190 | &nbsp;&nbsp;&nbsp;Fannie Mae-Aces, Series 2019-M9, Class A2, 2.94%, 6/25/29 | 1407604 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount** |  | **Fair Value** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES — (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES — (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES — (continued)** |
| $3386000 | &nbsp;&nbsp;&nbsp;Freddie Mac Multifamily Structured Pass Through, Series K153, Class A3, 3.12%, 10/25/31 | $3123823 |
| 8536000 | &nbsp;&nbsp;&nbsp;Freddie Mac Multifamily Structured Pass Through, Series K155, Class A3, 3.75%, 4/25/33 | 8075320 |
| 36602 | &nbsp;&nbsp;&nbsp;CSFB Mortgage-Backed Pass-Through Certificates, Series 1, Class 2A1, 6.50%, 2/25/34 | 36650 |
| 38033 | &nbsp;&nbsp;&nbsp;CHL Mortgage Pass-Through Trust, Series 3, Class A4, 5.75%, 4/25/34 | 37404 |
| 9012 | &nbsp;&nbsp;&nbsp;Citigroup Mortgage Loan Trust, Inc., Series NCM2, Class 3CB2, 6.50%, 8/25/34<sup>(d)</sup> | 8983 |
| 1 | &nbsp;&nbsp;&nbsp;Citicorp Residential Mortgage Trust, STEP, Series 2007-2, Class A6, 6.77%, 6/25/37 | 1 |
| 3080414 | &nbsp;&nbsp;&nbsp;ELP Commercial Mortgage Trust, Series 2021-ELP, Class C, 5.75%, 11/15/38<sup>(a)</sup> | 3064050 |
| 2929389 | &nbsp;&nbsp;&nbsp;BX Commercial Mortgage Trust, Series 2021-ACNT, Class C, 5.93%, 11/15/38<sup>(a)</sup> | 2917488 |
| 2722765 | &nbsp;&nbsp;&nbsp;BX Commercial Mortgage Trust, Series 2021-CIP, Class B, 5.70%, 12/15/38<sup>(a)</sup> | 2712555 |
| 2597776 | &nbsp;&nbsp;&nbsp;SMR Mortgage Trust, Series 2022-IND, Class A, 5.96%, 2/15/39<sup>(a)</sup> | 2570704 |
| 24814 | &nbsp;&nbsp;&nbsp;GS Mortgage Securities Trust, Series 2010-C1, Class B, 5.15%, 8/10/43<sup>(a)</sup> | 24771 |
| 59010 | &nbsp;&nbsp;&nbsp;Freddie Mac, Series 4710, Class GA, 3.00%, 3/15/44 | 58642 |
| 1201144 | &nbsp;&nbsp;&nbsp;JP Morgan Chase Commercial Mortgage, Series C3, Class B, 5.01%, 2/15/46<sup>(a)</sup> | 1147117 |
| 23791 | &nbsp;&nbsp;&nbsp;COMM Mortgage Trust, 3.69%, 8/10/47 | 23437 |
| 49648 | &nbsp;&nbsp;&nbsp;GS Mortgage Securities Trust, 3.93%, 9/12/47 | 49297 |
| 1337000 | &nbsp;&nbsp;&nbsp;CSAIL Commercial Mortgage Trust, Series 2015-C4, Class A4, 3.81%, 11/15/48 | 1328095 |
| 2812000 | &nbsp;&nbsp;&nbsp;Wells Fargo Commercial Mortgage Trust, Series P2, Class A4, 3.81%, 12/15/48 | 2786043 |
| 4314000 | &nbsp;&nbsp;&nbsp;CD Mortgage Trust, Series 2016-CD2, Class A4, 3.53%, 11/10/49 | 4144153 |
| 2562000 | &nbsp;&nbsp;&nbsp;Morgan Stanley Capital I Trust, Series BNK2, Class A4, 3.05%, 11/15/49 | 2476097 |
| 2209000 | &nbsp;&nbsp;&nbsp;GS Mortgage Securities Trust, Series 2016-GS4, Class A4, 3.44%, 11/15/49 | 2161334 |
| 1517000 | &nbsp;&nbsp;&nbsp;JP Morgan Chase Commercial Mortgage, Series JP4, Class A4, 3.65%, 12/15/49 | 1485777 |
| 5198000 | &nbsp;&nbsp;&nbsp;Morgan Stanley Bank of America Merrill Lynch Trust, Series C32, Class A4, 3.72%, 12/15/49 | 5090584 |
| 723000 | &nbsp;&nbsp;&nbsp;Wells Fargo Commercial Mortgage Trust, Series C37, Class A5, 3.79%, 12/15/49 | 707897 |
| 530000 | &nbsp;&nbsp;&nbsp;CD Mortgage Trust, Series 2017-CD3, Class A4, 3.63%, 2/10/50 | 505545 |
| 3742000 | &nbsp;&nbsp;&nbsp;JPMCC Commercial Mortgage Securities Trust, Series JP5, Class A5, 3.72%, 3/15/50 | 3657893 |
| 1337000 | &nbsp;&nbsp;&nbsp;Citigroup Commercial Mortgage Trust, Series P7, Class A4, 3.71%, 4/14/50 | 1295672 |
| 7241000 | &nbsp;&nbsp;&nbsp;COMM Mortgage Trust, Series COR2, Class A3, 3.51%, 9/10/50 | 7011538 |
| 8591000 | &nbsp;&nbsp;&nbsp;Wells Fargo Commercial Mortgage Trust, Series C40, Class A4, 3.58%, 10/15/50 | 8346857 |
| 8910000 | &nbsp;&nbsp;&nbsp;Morgan Stanley Capital I, Series HR2, Class A4, 3.59%, 12/15/50 | 8610576 |
| 9850000 | &nbsp;&nbsp;&nbsp;Morgan Stanley Capital I Trust, Series H3, Class A5, 4.18%, 7/15/51 | 9627041 |
| 3447000 | &nbsp;&nbsp;&nbsp;CFCRE Commercial Mortgage Trust, Series C7, Class A3, 3.84%, 12/10/54 | 3370382 |
| 3127000 | &nbsp;&nbsp;&nbsp;Benchmark Mortgage Trust, Series V2, Class AS, 6.54%, 5/15/55 | 3230946 |
| 8156000 | &nbsp;&nbsp;&nbsp;Benchmark Mortgage Trust, Series 2024-V7, Class A3, 6.23%, 5/15/56 | 8547649 |

---

24 *See accompanying notes to financial statements.*

**Sterling Capital Total Return Bond Fund** 

**Schedule of Investments (continued)**

 

*March 31, 2025 (Unaudited)*

---

| | | |
|:---|:---|:---|
| **Principal Amount** |  | **Fair Value** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES — (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES — (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES — (continued)** |
| $6548000 | &nbsp;&nbsp;&nbsp;Benchmark Mortgage Trust, Series 2024-V7, Class AS, 6.53%, 5/15/56 | $6837657 |
| 5789000 | &nbsp;&nbsp;&nbsp;BANK5 Trust, Series 2023-5YR4, Class AS, 7.27%, 12/15/56 | 6144757 |
| 8434000 | &nbsp;&nbsp;&nbsp;Benchmark Mortgage Trust, Series V5, Class A3, 5.81%, 1/10/57 | 8686575 |
| 2940000 | &nbsp;&nbsp;&nbsp;BBCMS Mortgage Trust, Series 5C25, Class A3, 5.95%, 3/15/57 | 3051073 |
| 2002000 | &nbsp;&nbsp;&nbsp;BBCMS Mortgage Trust, Series 5C25, Class AS, 6.36%, 3/15/57 | 2078093 |
| 7717000 | &nbsp;&nbsp;&nbsp;BMO Mortgage Trust, Series 2024-C9, Class A5, 5.76%, 7/15/57 | 8070744 |
| 6115000 | &nbsp;&nbsp;&nbsp;BMO Mortgage Trust, Series 2024-C9, Class AS, 6.13%, 7/15/57 | 6392918 |
| 4185000 | &nbsp;&nbsp;&nbsp;BMO Mortgage Trust, Series 2024-C10, Class A5, 5.48%, 11/15/57 | 4296089 |
| 1620000 | &nbsp;&nbsp;&nbsp;BMO Mortgage Trust, Series 2024-C10, Class AS, 5.73%, 11/15/57 | 1641511 |
|  | &nbsp;&nbsp;&nbsp;**Total (Cost $164,546,984)** | 160445621 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount** |  | **Fair Value** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS — 4.46%** | **COLLATERALIZED MORTGAGE OBLIGATIONS — 4.46%** | **COLLATERALIZED MORTGAGE OBLIGATIONS — 4.46%** |
| 452736 | &nbsp;&nbsp;&nbsp;Freddie Mac, Series 4136, Class HZ, 3.50%, 11/15/27 | 447556 |
| 6820000 | &nbsp;&nbsp;&nbsp;SFS Auto Receivables Securitization Trust, Series 2025-1, Class A2, 4.65%, 5/22/28<sup>(a)</sup> | 6823942 |
| 2107000 | &nbsp;&nbsp;&nbsp;BANK5, Series 2023-5YR4, Class B, 7.61%, 12/15/28 | 2243810 |
| 324000 | &nbsp;&nbsp;&nbsp;Freddie Mac, Series 4160, Class HH, 2.50%, 12/15/32 | 303843 |
| 8287369 | &nbsp;&nbsp;&nbsp;Ginnie Mae, Series 132, Class DV, 6.00%, 7/20/34 | 8457699 |
| 106297 | &nbsp;&nbsp;&nbsp;Ginnie Mae, Series 2008-51, Class PG, 5.00%, 6/20/38 | 107295 |
| 271786 | &nbsp;&nbsp;&nbsp;Fannie Mae, Series 2013-16, Class A, 1.75%, 1/25/40 | 269935 |
| 164138 | &nbsp;&nbsp;&nbsp;Freddie Mac, Series 3632, Class PK, 5.00%, 2/15/40 | 166378 |
| 2406174 | &nbsp;&nbsp;&nbsp;Ginnie Mae, Series 2014-2, Class AG, 2.26%, 3/20/40 | 2125100 |
| 78006 | &nbsp;&nbsp;&nbsp;Freddie Mac, Series 4077, Class PJ, 3.50%, 11/15/40 | 77698 |
| 730000 | &nbsp;&nbsp;&nbsp;Freddie Mac, Series 3762, Class LN, 4.00%, 11/15/40 | 689869 |
| 495867 | &nbsp;&nbsp;&nbsp;Fannie Mae, Series 2011-38, Class D, 4.50%, 5/25/41<sup>(d)</sup> | 494863 |
| 7855000 | &nbsp;&nbsp;&nbsp;Progress Residential Trust, 3.40%, 2/17/42<sup>(a)</sup> | 7337158 |
| 3393402 | &nbsp;&nbsp;&nbsp;Freddie Mac, Series 5427, Class HZ, 3.50%, 8/15/42 | 2853092 |
| 6956976 | &nbsp;&nbsp;&nbsp;Freddie Mac, Series 4112, Class PB, 4.00%, 9/15/42 | 6575359 |
| 891000 | &nbsp;&nbsp;&nbsp;Fannie Mae, Series 2013-70, Class CY, 3.50%, 7/25/43 | 773318 |
| 258430 | &nbsp;&nbsp;&nbsp;Freddie Mac, Series 4328, Class KD, 3.00%, 8/15/43 | 248644 |
| 1167234 | &nbsp;&nbsp;&nbsp;Freddie Mac, Series 4427, Class KA, 2.25%, 7/15/44 | 1091084 |
| 8601602 | &nbsp;&nbsp;&nbsp;Freddie Mac, Series 5300, Class AB, 5.50%, 1/25/49 | 8662610 |
| 10775024 | &nbsp;&nbsp;&nbsp;Ginnie Mae, Series 154, Class GA, 6.00%, 4/20/50 | 11020967 |
| 4740917 | &nbsp;&nbsp;&nbsp;Freddie Mac, Series 5499, Class A, 5.50%, 10/25/52 | 4845197 |
|  | &nbsp;&nbsp;&nbsp;**Total (Cost $65,362,127)** | 65615417 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount** |  | **Fair Value** |
| **MORTGAGE-BACKED SECURITIES — 25.68%** | **MORTGAGE-BACKED SECURITIES — 25.68%** | **MORTGAGE-BACKED SECURITIES — 25.68%** |
|  | **Fannie Mae — 14.78%** |  |
| 772 | &nbsp;&nbsp;&nbsp;5.00%, 9/01/25, Pool #255892 | 770 |
| 765583 | &nbsp;&nbsp;&nbsp;4.00%, 12/01/33, Pool #MA1689 | 754842 |
| 444593 | &nbsp;&nbsp;&nbsp;4.00%, 6/01/34, Pool #MA1922 | 437203 |
| 412365 | &nbsp;&nbsp;&nbsp;4.00%, 3/01/35, Pool #MA2211 | 405352 |
| 185344 | &nbsp;&nbsp;&nbsp;5.50%, 8/01/37, Pool #995082 | 189238 |
| 2051380 | &nbsp;&nbsp;&nbsp;3.50%, 8/01/38, Pool #FM2472 | 1962186 |
| 73321 | &nbsp;&nbsp;&nbsp;4.50%, 10/01/39, Pool #AC2645 | 71942 |
| 81224 | &nbsp;&nbsp;&nbsp;5.00%, 6/01/40, Pool #AD4927 | 81936 |
| 85096 | &nbsp;&nbsp;&nbsp;5.00%, 6/01/40, Pool #AD8718 | 85842 |
| 4778475 | &nbsp;&nbsp;&nbsp;4.00%, 8/01/40, Pool #FM4673 | 4700021 |
| 10655049 | &nbsp;&nbsp;&nbsp;1.50%, 12/01/40, Pool #MA4202 | 8861008 |
| 162778 | &nbsp;&nbsp;&nbsp;4.50%, 12/01/40, Pool #AH1100 | 160670 |
| 101514 | &nbsp;&nbsp;&nbsp;4.50%, 3/01/41, Pool #AB2467 | 100084 |
| 178518 | &nbsp;&nbsp;&nbsp;4.50%, 5/01/41, Pool #AI1023 | 174438 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount** |  | **Fair Value** |
| **MORTGAGE-BACKED SECURITIES — (continued)** | **MORTGAGE-BACKED SECURITIES — (continued)** | **MORTGAGE-BACKED SECURITIES — (continued)** |
|  | **Fannie Mae — (continued)** |  |
| $130667 | &nbsp;&nbsp;&nbsp;4.50%, 11/01/41, Pool #AJ4994 | $128853 |
| 147768 | &nbsp;&nbsp;&nbsp;4.50%, 12/01/41, Pool #AJ7696 | 145626 |
| 372494 | &nbsp;&nbsp;&nbsp;3.50%, 6/01/42, Pool #AB5373 | 347207 |
| 333169 | &nbsp;&nbsp;&nbsp;3.50%, 5/01/43, Pool #AB9368 | 310545 |
| 642980 | &nbsp;&nbsp;&nbsp;3.50%, 5/01/43, Pool #AL3605 | 592971 |
| 886964 | &nbsp;&nbsp;&nbsp;3.50%, 8/01/43, Pool #AU0613 | 824535 |
| 166380 | &nbsp;&nbsp;&nbsp;4.50%, 11/01/44, Pool #MA2100 | 162904 |
| 537154 | &nbsp;&nbsp;&nbsp;4.50%, 1/01/45, Pool #MA2158 | 525154 |
| 636859 | &nbsp;&nbsp;&nbsp;4.00%, 3/01/45, Pool #MA2217<sup>(d)</sup> | 603874 |
| 584856 | &nbsp;&nbsp;&nbsp;4.00%, 6/01/46, Pool #MA2653 | 553711 |
| 511099 | &nbsp;&nbsp;&nbsp;4.50%, 7/01/46, Pool #AS7568 | 498835 |
| 690642 | &nbsp;&nbsp;&nbsp;4.00%, 11/01/46, Pool #MA2808 | 653150 |
| 917470 | &nbsp;&nbsp;&nbsp;4.00%, 5/01/47, Pool #BE9598 | 865559 |
| 1169100 | &nbsp;&nbsp;&nbsp;4.00%, 8/01/47, Pool #BH5117 | 1103459 |
| 2990129 | &nbsp;&nbsp;&nbsp;4.00%, 4/01/48, Pool #BM3900 | 2816986 |
| 1063141 | &nbsp;&nbsp;&nbsp;5.00%, 8/01/48, Pool #CA2219 | 1061916 |
| 2720335 | &nbsp;&nbsp;&nbsp;3.00%, 11/01/48, Pool #BM5822 | 2407933 |
| 9234942 | &nbsp;&nbsp;&nbsp;4.50%, 11/01/48, Pool #BM7046 | 9053122 |
| 3804014 | &nbsp;&nbsp;&nbsp;3.50%, 10/01/49, Pool #CA4431 | 3462855 |
| 5400199 | &nbsp;&nbsp;&nbsp;3.00%, 3/01/50, Pool #FM2714 | 4742540 |
| 9412491 | &nbsp;&nbsp;&nbsp;3.00%, 3/01/50, Pool #FM2870 | 8310394 |
| 6281558 | &nbsp;&nbsp;&nbsp;2.00%, 7/01/50, Pool #CA6301 | 5061010 |
| 7830467 | &nbsp;&nbsp;&nbsp;2.50%, 9/01/50, Pool #BQ0538 | 6566138 |
| 14153705 | &nbsp;&nbsp;&nbsp;3.50%, 9/01/50, Pool #FS5284 | 12882467 |
| 3254807 | &nbsp;&nbsp;&nbsp;3.00%, 10/01/50, Pool #CA7381 | 2839252 |
| 4318274 | &nbsp;&nbsp;&nbsp;4.00%, 8/01/51, Pool #FS8708 | 4055497 |
| 3940592 | &nbsp;&nbsp;&nbsp;3.00%, 11/01/51, Pool #CB2170 | 3429182 |
| 10332856 | &nbsp;&nbsp;&nbsp;3.50%, 4/01/52, Pool #FS1185 | 9335603 |
| 13242974 | &nbsp;&nbsp;&nbsp;3.50%, 4/01/52, Pool #FS1475 | 12072439 |
| 1696024 | &nbsp;&nbsp;&nbsp;4.00%, 5/01/52, Pool #FS1790 | 1582640 |
| 8011286 | &nbsp;&nbsp;&nbsp;4.50%, 6/01/52, Pool #FS2157 | 7751984 |
| 6013514 | &nbsp;&nbsp;&nbsp;4.50%, 11/01/52, Pool #FS3809 | 5762602 |
| 5824759 | &nbsp;&nbsp;&nbsp;5.00%, 11/01/52, Pool #CB5278 | 5730296 |
| 6768590 | &nbsp;&nbsp;&nbsp;5.50%, 3/01/53, Pool #FS3925 | 6824207 |
| 7118885 | &nbsp;&nbsp;&nbsp;4.50%, 5/01/53, Pool #CB6304 | 6818632 |
| 14688085 | &nbsp;&nbsp;&nbsp;5.00%, 5/01/53, Pool #FS4929 | 14642975 |
| 8806311 | &nbsp;&nbsp;&nbsp;5.50%, 5/01/53, Pool #FS4571 | 8868738 |
| 8900415 | &nbsp;&nbsp;&nbsp;6.00%, 6/01/53, Pool #FS6616 | 9095711 |
| 10790427 | &nbsp;&nbsp;&nbsp;5.50%, 7/01/53, Pool #FS5589 | 10854265 |
| 6292737 | &nbsp;&nbsp;&nbsp;6.00%, 7/01/53, Pool #FS5233 | 6448021 |
| 18886195 | &nbsp;&nbsp;&nbsp;6.00%, 9/01/53, Pool #CB7124 | 19510857 |
|  |  | 217290177 |
|  | **Freddie Mac — 10.53%** |  |
| 856 | &nbsp;&nbsp;&nbsp;5.00%, 7/01/25, Pool #ZA1892 | 853 |
| 34324 | &nbsp;&nbsp;&nbsp;2.50%, 1/01/28, Pool #ZK4918 | 33572 |
| 147286 | &nbsp;&nbsp;&nbsp;3.50%, 7/01/30, Pool #ZS8575 | 144890 |
| 24289 | &nbsp;&nbsp;&nbsp;5.00%, 3/01/36, Pool #ZS4230 | 24477 |
| 756538 | &nbsp;&nbsp;&nbsp;4.00%, 4/01/36, Pool #ZA2413 | 743453 |
| 6909 | &nbsp;&nbsp;&nbsp;5.00%, 7/01/36, Pool #ZS1139 | 6966 |
| 580962 | &nbsp;&nbsp;&nbsp;3.50%, 8/01/36, Pool #ZA2425 | 557452 |
| 75991 | &nbsp;&nbsp;&nbsp;6.50%, 9/01/36, Pool #ZS4257 | 79461 |
| 1411319 | &nbsp;&nbsp;&nbsp;3.50%, 11/01/36, Pool #ZA2439 | 1355735 |
| 33281 | &nbsp;&nbsp;&nbsp;5.00%, 2/01/37, Pool #ZI5759 | 33573 |
| 1154644 | &nbsp;&nbsp;&nbsp;4.00%, 5/01/37, Pool #ZA2461 | 1130440 |
| 28118 | &nbsp;&nbsp;&nbsp;4.50%, 10/01/39, Pool #ZI9349 | 27601 |
| 3884548 | &nbsp;&nbsp;&nbsp;3.00%, 5/01/40, Pool #RB5049 | 3581405 |
| 87762 | &nbsp;&nbsp;&nbsp;5.00%, 6/01/40, Pool #ZA1049 | 88531 |
| 217626 | &nbsp;&nbsp;&nbsp;5.00%, 7/01/40, Pool #ZJ0194 | 219534 |
| 26425 | &nbsp;&nbsp;&nbsp;5.00%, 9/01/40, Pool #ZA1066 | 26656 |
| 5401959 | &nbsp;&nbsp;&nbsp;2.00%, 12/01/40, Pool #RB5090 | 4619193 |
| 316515 | &nbsp;&nbsp;&nbsp;4.00%, 12/01/42, Pool #ZS3671 | 302746 |
| 247712 | &nbsp;&nbsp;&nbsp;3.50%, 5/01/43, Pool #ZL5915 | 230892 |
| 126578 | &nbsp;&nbsp;&nbsp;4.00%, 5/01/44, Pool #ZA4468 | 120154 |

---

*See accompanying notes to financial statements.* 25

**Sterling Capital Total Return Bond Fund** 

**Schedule of Investments (continued)**

 

*March 31, 2025 (Unaudited)*

---

| | | |
|:---|:---|:---|
| **Principal Amount** |  | **Fair Value** |
| **MORTGAGE-BACKED SECURITIES — (continued)** | **MORTGAGE-BACKED SECURITIES — (continued)** | **MORTGAGE-BACKED SECURITIES — (continued)** |
|  | &nbsp;&nbsp;&nbsp;**Freddie Mac — (continued)** |  |
| $65089 | &nbsp;&nbsp;&nbsp;4.00%, 7/01/44, Pool #ZS4573 | $61907 |
| 116750 | &nbsp;&nbsp;&nbsp;4.00%, 9/01/44, Pool #ZL8439 | 110559 |
| 1470195 | &nbsp;&nbsp;&nbsp;3.50%, 1/01/45, Pool #ZL8964 | 1365493 |
| 1300730 | &nbsp;&nbsp;&nbsp;3.50%, 5/01/46, Pool #ZS4663 | 1195180 |
| 367186 | &nbsp;&nbsp;&nbsp;4.00%, 8/01/46, Pool #ZS4673 | 347404 |
| 887816 | &nbsp;&nbsp;&nbsp;3.50%, 9/01/46, Pool #ZS4678 | 817666 |
| 2058277 | &nbsp;&nbsp;&nbsp;3.50%, 9/01/47, Pool #ZM4305 | 1880506 |
| 538943 | &nbsp;&nbsp;&nbsp;3.50%, 1/01/48, Pool #ZM5375 | 492267 |
| 453372 | &nbsp;&nbsp;&nbsp;4.00%, 2/01/48, Pool #ZT1639 | 428122 |
| 443094 | &nbsp;&nbsp;&nbsp;4.00%, 6/01/48, Pool #ZT0541 | 418142 |
| 2236254 | &nbsp;&nbsp;&nbsp;3.00%, 11/01/49, Pool #QA4336 | 1968370 |
| 1953595 | &nbsp;&nbsp;&nbsp;3.50%, 6/01/50, Pool #RA2794 | 1780739 |
| 8278881 | &nbsp;&nbsp;&nbsp;2.50%, 7/01/50, Pool #RA2970 | 6955970 |
| 199894 | &nbsp;&nbsp;&nbsp;3.00%, 1/01/51, Pool #SD8123 | 174744 |
| 1126757 | &nbsp;&nbsp;&nbsp;3.00%, 12/01/51, Pool #SD8184 | 985145 |
| 4554815 | &nbsp;&nbsp;&nbsp;3.50%, 4/01/52, Pool #RA7191 | 4142532 |
| 9032973 | &nbsp;&nbsp;&nbsp;4.00%, 5/01/52, Pool #RA7306 | 8444851 |
| 10737831 | &nbsp;&nbsp;&nbsp;3.50%, 6/01/52, Pool #SD2670 | 9817872 |
| 9268532 | &nbsp;&nbsp;&nbsp;4.00%, 8/01/52, Pool #SD3617 | 8756496 |
| 8717397 | &nbsp;&nbsp;&nbsp;4.50%, 8/01/52, Pool #SD1515 | 8353343 |
| 8831706 | &nbsp;&nbsp;&nbsp;5.00%, 9/01/52, Pool #RA7936 | 8707259 |
| 8296133 | &nbsp;&nbsp;&nbsp;5.00%, 10/01/52, Pool #SD1710 | 8171532 |
| 8493861 | &nbsp;&nbsp;&nbsp;5.50%, 2/01/53, Pool #QF8052 | 8548303 |
| 10782032 | &nbsp;&nbsp;&nbsp;4.00%, 3/01/53, Pool #SD3107 | 10080040 |
| 2790730 | &nbsp;&nbsp;&nbsp;5.00%, 3/01/53, Pool #SD2390 | 2750757 |
| 15113320 | &nbsp;&nbsp;&nbsp;5.50%, 3/01/53, Pool #SD2774 | 15238387 |
| 5235326 | &nbsp;&nbsp;&nbsp;6.00%, 5/01/53, Pool #SD3072 | 5366718 |
| 10012656 | &nbsp;&nbsp;&nbsp;5.00%, 8/01/53, Pool #SD3814 | 9839465 |
| 3318819 | &nbsp;&nbsp;&nbsp;6.00%, 8/01/53, Pool #SD3636 | 3401046 |
| 1541881 | &nbsp;&nbsp;&nbsp;5.00%, 9/01/53, Pool #SD4220 | 1520143 |
| 5660795 | &nbsp;&nbsp;&nbsp;6.00%, 10/01/53, Pool #SD4222 | 5803273 |
| 4243286 | &nbsp;&nbsp;&nbsp;5.50%, 12/01/54, Pool #SD6940 | 4268290 |
|  |  | 155520105 |
|  | **Ginnie Mae I — 0.00%** |  |
| 44367 | &nbsp;&nbsp;&nbsp;5.00%, 2/15/40, Pool #737037 | 44902 |
|  | **Ginnie Mae II — 0.37%** |  |
| 5723396 | &nbsp;&nbsp;&nbsp;4.00%, 7/20/52, Pool #786280 | 5375644 |
|  | &nbsp;&nbsp;&nbsp;**Total (Cost $393,193,539)** | 378230828 |

---

---

| | | |
|:---|:---|:---|
| **Principal <br> Amount** |  | **Fair Value** |
| **U.S. GOVERNMENT & AGENCIES — 4.22%** | **U.S. GOVERNMENT & AGENCIES — 4.22%** |  |
| 13433918 | Fannie Mae, 6.00 *%*, 4/01/54 | 13705474 |
| 51240500 | United States Treasury Note/Bond, 4.25 *%*, 8/15/54 | 48366228 |
|  | **Total (Cost $62,180,700)** | 62071702 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount** |  | **Fair Value** |
| **U.S. GOVERNMENT AGENCIES — 0.29%** | **U.S. GOVERNMENT AGENCIES — 0.29%** |  |
| 5325000 | Federal Farm Credit Banks Funding Corp., 2.40 *%*, 3/24/36 | 4275423 |
|  | **Total (Cost $4,326,971)** | 4275423 |

---

---

| | | |
|:---|:---|:---|
| **Principal <br> Amount** |  | **Fair Value** |
| **U.S. TREASURY BONDS & NOTES — 19.89%** | **U.S. TREASURY BONDS & NOTES — 19.89%** |  |
| 51119200 | &nbsp;&nbsp;&nbsp;U.S. Treasury Note, 2.63 *%*, 2/15/29 | 48762925 |
| 109190100 | &nbsp;&nbsp;&nbsp;United States Treasury Note, 4.13 *%*, 11/15/32<sup>(d)</sup> | 109352179 |
| 30937000 | &nbsp;&nbsp;&nbsp;United States Treasury Note, 4.00 *%*, 2/15/34 | 30516450 |
| 92546300 | &nbsp;&nbsp;&nbsp;United States Treasury Bond, 2.50 *%*, 2/15/45 | 66723713 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount** |  | **Fair Value** |
| **U.S. TREASURY BONDS & NOTES — (continued)** | **U.S. TREASURY BONDS & NOTES — (continued)** | **U.S. TREASURY BONDS & NOTES — (continued)** |
| $73559400 | &nbsp;&nbsp;&nbsp;United States Treasury Bond, 1.38 *%*, 8/15/50 | $37483686 |
|  | &nbsp;&nbsp;&nbsp;**Total (Cost $289,340,085)** | 292838953 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
| **MONEY MARKET FUNDS — 0.60%** | **MONEY MARKET FUNDS — 0.60%** |  |
| 8847920 | &nbsp;&nbsp;&nbsp;Federated Hermes Treasury Obligations Fund, Institutional Shares, 4.21%<sup>(e)</sup> | 8847920 |
|  | &nbsp;&nbsp;&nbsp;Total Money Market Funds |  |
|  | &nbsp;&nbsp;&nbsp;(Cost $8,847,920) | 8847920 |
| Total Investments— 100.00% | Total Investments— 100.00% |  |
| (Cost $1,492,477,330) | (Cost $1,492,477,330) | 1472324939 |
| Other Assets in Excess of Liabilities— 0.00% | Other Assets in Excess of Liabilities— 0.00% | 38388 |
| NET ASSETS — 100.00% | NET ASSETS — 100.00% | $1472363327 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security
 may be resold in transactions exempt from registration, normally to qualified institutional buyers. 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 March 31, 2025. The maturity date reflected is the final maturity
 date.

(c) 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.

(d) All or a portion of the securities are held in a separate collateral
 account at US Bank. The total value of securities held in a separate collateral account
 as of the period ended March 31, 2025 is $89,147,844, which represents 6.1% of net assets.

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

---

| | |
|:---|:---|
| GMTN | Global Medium Term Note |
| G.O. | Global Obligation |
| MTN | Medium Term Note |
| STEP | Step Coupon |

---

26 *See accompanying notes to financial statements.*

**Sterling Capital Long Duration Corporation Bond Fund**

**Schedule of Investments**

*March 31, 2025 (Unaudited)*

---

| | | |
|:---|:---|:---|
| **Principal Amount** |  | **Fair Value** |
| **CORPORATE BONDS — 93.06%** | **CORPORATE BONDS — 93.06%** | **CORPORATE BONDS — 93.06%** |
|  | **AEROSPACE & DEFENSE — 3.35%** |  |
| $172000 | &nbsp;&nbsp;&nbsp;Howmet Aerospace, Inc., 5.95%, 2/01/37 | $180029 |
| 160000 | &nbsp;&nbsp;&nbsp;RTX Corp., 4.45%, 11/16/38 | 145956 |
| 268000 | &nbsp;&nbsp;&nbsp;Boeing Co., (The), 5.71%, 5/01/40 | 260524 |
| 212000 | &nbsp;&nbsp;&nbsp;RTX Corp., 2.82%, 9/01/51 | 129639 |
| 194000 | &nbsp;&nbsp;&nbsp;Lockheed Martin Corp., 4.15%, 6/15/53 | 155154 |
| 205000 | &nbsp;&nbsp;&nbsp;L3Harris Technologies, Inc., 5.60%, 7/31/53 | 201467 |
| 111000 | &nbsp;&nbsp;&nbsp;RTX Corp., 6.40%, 3/15/54 | 121502 |
| 246000 | &nbsp;&nbsp;&nbsp;Boeing Co., (The), 6.86%, 5/01/54 | 267205 |
| 125000 | &nbsp;&nbsp;&nbsp;Boeing Co., (The), 5.93%, 5/01/60 | 117582 |
|  |  | 1579058 |
|  | **ASSET MANAGEMENT — 0.56%** |  |
| 95000 | &nbsp;&nbsp;&nbsp;Blue Owl Finance LLC, Series C10, 4.13%, 10/07/51 | 67826 |
| 97000 | &nbsp;&nbsp;&nbsp;KKR Group Finance Co X LLC, 3.25%, 12/15/51<sup>(a)</sup> | 61669 |
| 146000 | &nbsp;&nbsp;&nbsp;Ares Management Corp., 5.60%, 10/11/54 | 135681 |
|  |  | 265176 |
|  | **AUTOMOTIVE — 0.53%** | **AUTOMOTIVE — 0.53%** |
| 67000 | &nbsp;&nbsp;&nbsp;General Motors Financial Co., Inc., 6.10%, 1/07/34 | 67272 |
| 241000 | &nbsp;&nbsp;&nbsp;Ford Motor Co., 4.75%, 1/15/43 | 182879 |
|  |  | 250151 |
|  | **BANKS — 7.95%** | **BANKS — 7.95%** |
| 143000 | &nbsp;&nbsp;&nbsp;Morgan Stanley, 2.48%, 9/16/36 | 118560 |
| 114000 | &nbsp;&nbsp;&nbsp;Bank of America Corp., 2.48%, 9/21/36 | 95073 |
| 96000 | &nbsp;&nbsp;&nbsp;Fifth Third Bancorp, 8.25%, 3/01/38 | 115239 |
| 219000 | &nbsp;&nbsp;&nbsp;Bank of America Corp., 4.24%, 4/24/38 | 197503 |
| 100000 | &nbsp;&nbsp;&nbsp;HSBC Holdings PLC, 6.80%, 6/01/38 | 106734 |
| 264000 | &nbsp;&nbsp;&nbsp;Morgan Stanley, 3.97%, 7/22/38 | 228672 |
| 212000 | &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co., 3.88%, 7/24/38 (TSFR3M + 162 bps)<sup>(b)</sup> | 184442 |
| 81000 | &nbsp;&nbsp;&nbsp;Citigroup, Inc., 3.88%, 1/24/39 | 68386 |
| 128000 | &nbsp;&nbsp;&nbsp;Westpac Banking Corp., 2.96%, 11/16/40 | 94605 |
| 118000 | &nbsp;&nbsp;&nbsp;Citigroup, Inc., 5.32%, 3/26/41 | 114120 |
| 365000 | &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co., 3.11%, 4/22/41 (TSFR3M + 246 bps)<sup>(b)</sup> | 275631 |
| 211000 | &nbsp;&nbsp;&nbsp;Wells Fargo & Co., 3.07%, 4/30/41 | 157247 |
| 418000 | &nbsp;&nbsp;&nbsp;Bank of America Corp., MTN, 2.68%, 6/19/41 | 296495 |
| 56000 | &nbsp;&nbsp;&nbsp;Citigroup, Inc., 5.88%, 1/30/42 | 57327 |
| 153000 | &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co., 3.16%, 4/22/42 | 114226 |
| 204000 | &nbsp;&nbsp;&nbsp;Barclays PLC, 3.33%, 11/24/42 (H15T1Y + 130 bps)<sup>(b)</sup> | 149036 |
| 200000 | &nbsp;&nbsp;&nbsp;UBS Group AG, 3.18%, 2/11/43<sup>(a)</sup> | 145850 |
| 363000 | &nbsp;&nbsp;&nbsp;Wells Fargo & Co., 5.38%, 11/02/43 | 340578 |
| 93000 | &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co., 5.53%, 11/29/45 | 92077 |
| 200000 | &nbsp;&nbsp;&nbsp;Lloyds Banking Group PLC, 3.37%, 12/14/46 | 142817 |
| 161000 | &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co., 4.26%, 2/22/48 | 133837 |
| 136000 | &nbsp;&nbsp;&nbsp;Charles Schwab Corp. (The), Series H, 4.00%, 12/31/49 (H15T10Y + 307.90 bps)<sup>(b)(c)</sup> | 120530 |
| 232000 | &nbsp;&nbsp;&nbsp;Bank of America Corp., MTN, 4.33%, 3/15/50 (TSFR3M + 178 bps)<sup>(b)</sup> | 191268 |
| 117000 | &nbsp;&nbsp;&nbsp;Wells Fargo & Co., MTN, 5.01%, 4/04/51 (TSFR3M + 450 bps)<sup>(b)</sup> | 105311 |
| 113000 | &nbsp;&nbsp;&nbsp;S&P Global, Inc., 3.70%, 3/01/52 | 85252 |
|  |  | 3730816 |
|  | **BEVERAGES — 2.60%** | **BEVERAGES — 2.60%** |
| 109000 | &nbsp;&nbsp;&nbsp;Diageo Capital PLC, 3.88%, 4/29/43 | 87529 |
| 317000 | &nbsp;&nbsp;&nbsp;Anheuser-Busch Cos. LLC, 4.90%, 2/01/46 | 292300 |
| 200000 | &nbsp;&nbsp;&nbsp;Bacardi Ltd., 5.30%, 5/15/48<sup>(a)</sup> | 175929 |
| 275000 | &nbsp;&nbsp;&nbsp;Anheuser-Busch InBev Worldwide Inc, 5.55%, 1/23/49 | 275348 |
| 214000 | &nbsp;&nbsp;&nbsp;Constellation Brands, Inc., 3.75%, 5/01/50 | 154421 |
| 96000 | &nbsp;&nbsp;&nbsp;PepsiCo, Inc., 2.75%, 10/21/51 | 60349 |
| 194000 | &nbsp;&nbsp;&nbsp;PepsiCo, Inc., 4.65%, 2/15/53 | 171495 |
|  |  | 1217371 |
|  | **BIOTECH & PHARMA — 1.42%** | **BIOTECH & PHARMA — 1.42%** |
| 110000 | &nbsp;&nbsp;&nbsp;Wyeth LLC, 5.95%, 4/01/37 | 116559 |
| 105000 | &nbsp;&nbsp;&nbsp;Pfizer Investment Enterprises Pte Ltd., 5.11%, 5/19/43 | 100136 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount** |  | **Fair Value** |
| **CORPORATE BONDS — (continued)** | **CORPORATE BONDS — (continued)** | **CORPORATE BONDS — (continued)** |
|  | **BIOTECH & PHARMA — (continued)** | **BIOTECH & PHARMA — (continued)** |
| $200000 | &nbsp;&nbsp;&nbsp;Roche Holdings, Inc., 2.61%, 12/13/51<sup>(a)</sup> | 120930 |
| 190000 | &nbsp;&nbsp;&nbsp;CSL Finance PLC, 4.75%, 4/27/52<sup>(a)</sup> | 165253 |
| 136000 | &nbsp;&nbsp;&nbsp;CSL Finance PLC, 5.42%, 4/03/54<sup>(a)</sup> | 130232 |
| 35000 | &nbsp;&nbsp;&nbsp;AbbVie Inc, 5.60%, 3/15/55 | 35422 |
|  |  | 668532 |
|  | **BIOTECHNOLOGY — 2.96%** | **BIOTECHNOLOGY — 2.96%** |
| 134000 | &nbsp;&nbsp;&nbsp;AbbVie, Inc., 4.05%, 11/21/39 | 117511 |
| 96000 | &nbsp;&nbsp;&nbsp;Gilead Sciences, Inc., 2.60%, 10/01/40 | 68500 |
| 178000 | &nbsp;&nbsp;&nbsp;Amgen, Inc., 2.80%, 8/15/41 | 127656 |
| 56000 | &nbsp;&nbsp;&nbsp;Amgen, Inc., 5.15%, 11/15/41 | 52797 |
| 131000 | &nbsp;&nbsp;&nbsp;AbbVie, Inc., 4.40%, 11/06/42 | 115660 |
| 133000 | &nbsp;&nbsp;&nbsp;Amgen, Inc., 5.60%, 3/02/43 | 131833 |
| 117000 | &nbsp;&nbsp;&nbsp;Baxalta, Inc., 5.25%, 6/23/45 | 110753 |
| 149000 | &nbsp;&nbsp;&nbsp;AbbVie, Inc., 4.45%, 5/14/46 | 129469 |
| 218000 | &nbsp;&nbsp;&nbsp;Amgen, Inc., 5.65%, 3/02/53 | 213843 |
| 114000 | &nbsp;&nbsp;&nbsp;Amgen, Inc., 2.77%, 9/01/53 | 67800 |
| 116000 | &nbsp;&nbsp;&nbsp;AbbVie, Inc., 5.40%, 3/15/54 | 113934 |
| 171000 | &nbsp;&nbsp;&nbsp;Amgen, Inc., 4.40%, 2/22/62 | 134415 |
|  |  | 1384171 |
|  | **CABLE & SATELLITE — 2.10%** | **CABLE & SATELLITE — 2.10%** |
| 214000 | &nbsp;&nbsp;&nbsp;Time Warner Cable LLC, 6.55%, 5/01/37 | 212272 |
| 103000 | &nbsp;&nbsp;&nbsp;Time Warner Cable LLC, 5.88%, 11/15/40 | 94437 |
| 384000 | &nbsp;&nbsp;&nbsp;Charter Communications Operating LLC, 6.48%, 10/23/45 | 365060 |
| 139000 | &nbsp;&nbsp;&nbsp;Charter Communications Operating LLC, 6.83%, 10/23/55 | 135240 |
| 269000 | &nbsp;&nbsp;&nbsp;Charter Communications Operating LLC, 4.40%, 12/01/61 | 178622 |
|  |  | 985631 |
|  | **CAPITAL MARKETS — 0.91%** | **CAPITAL MARKETS — 0.91%** |
| 146000 | &nbsp;&nbsp;&nbsp;Goldman Sachs Group, Inc. (The), 6.75%, 10/01/37 | 157881 |
| 106000 | &nbsp;&nbsp;&nbsp;Jefferies Financial Group, Inc., 6.50%, 1/20/43 | 107971 |
| 193000 | &nbsp;&nbsp;&nbsp;Intercontinental Exchange, Inc., 4.25%, 9/21/48 | 159458 |
|  |  | 425310 |
|  | **CHEMICALS — 0.39%** | **CHEMICALS — 0.39%** |
| 111000 | &nbsp;&nbsp;&nbsp;Dow Chemical Co. (The), 4.38%, 11/15/42 | 91254 |
| 120000 | &nbsp;&nbsp;&nbsp;LYB International Finance III LLC, 4.20%, 5/01/50 | 89621 |
|  |  | 180875 |
|  | **COMMERCIAL SERVICES & SUPPLIES — 0.24%** | **COMMERCIAL SERVICES & SUPPLIES — 0.24%** |
| 175000 | &nbsp;&nbsp;&nbsp;Republic Services, Inc., 2.95%, 1/15/52 | 111343 |
|  | **COMMUNICATIONS EQUIPMENT — 0.10%** | **COMMUNICATIONS EQUIPMENT — 0.10%** |
| 48000 | &nbsp;&nbsp;&nbsp;Cisco Systems, Inc., 5.30%, 2/26/54 | 46986 |
|  | **CONSTRUCTION MATERIALS — 0.34%** | **CONSTRUCTION MATERIALS — 0.34%** |
| 106000 | &nbsp;&nbsp;&nbsp;Vulcan Materials Co., 4.50%, 6/15/47 | 89629 |
| 88000 | &nbsp;&nbsp;&nbsp;Martin Marietta Materials, Inc., 4.25%, 12/15/47 | 71471 |
|  |  | 161100 |
|  | **CONTAINERS & PACKAGING — 0.65%** | **CONTAINERS & PACKAGING — 0.65%** |
| 27000 | &nbsp;&nbsp;&nbsp;Packaging Corp. of America, 4.05%, 12/15/49 | 20659 |
| 139000 | &nbsp;&nbsp;&nbsp;Packaging Corp. of America, 3.05%, 10/01/51 | 88525 |
| 200000 | &nbsp;&nbsp;&nbsp;Smurfit Kappa Treasury ULC, 5.78%, 4/03/54<sup>(a)</sup> | 197234 |
|  |  | 306418 |
|  | **DIVERSIFIED FINANCIAL SERVICES — 0.48%** | **DIVERSIFIED FINANCIAL SERVICES — 0.48%** |
| 140000 | &nbsp;&nbsp;&nbsp;Corebridge Financial, Inc., 4.40%, 4/05/52 | 112047 |
| 116000 | &nbsp;&nbsp;&nbsp;Apollo Global Management, Inc., 5.80%, 5/21/54 | 114616 |
|  |  | 226663 |
|  | **DIVERSIFIED TELECOMMUNICATION SERVICES — 3.85%** | **DIVERSIFIED TELECOMMUNICATION SERVICES — 3.85%** |
| 324000 | &nbsp;&nbsp;&nbsp;AT&T, Inc., 4.50%, 5/15/35 | 304540 |
| 197000 | &nbsp;&nbsp;&nbsp;Verizon Communications, Inc., 5.25%, 3/16/37 | 195618 |
| 127000 | &nbsp;&nbsp;&nbsp;Verizon Communications, Inc., 2.65%, 11/20/40 | 89190 |
| 149000 | &nbsp;&nbsp;&nbsp;Verizon Communications, Inc., 3.40%, 3/22/41 | 114718 |
| 267000 | &nbsp;&nbsp;&nbsp;AT&T, Inc., 3.50%, 6/01/41 | 206002 |
| 150000 | &nbsp;&nbsp;&nbsp;Deutsche Telekom AG, 3.63%, 1/21/50<sup>(a)</sup> | 108602 |

---

*See accompanying notes to financial statements.* 27

**Sterling Capital Long Duration Corporation Bond Fund**

**Schedule of Investments (continued)**

*March 31, 2025 (Unaudited)*

---

| | | | |
|:---|:---|:---|:---|
| **Principal Amount** |  | **Fair Value** | **Fair Value** |
| **CORPORATE BONDS — (continued)** | **CORPORATE BONDS — (continued)** | **CORPORATE BONDS — (continued)** | **CORPORATE BONDS — (continued)** |
|  | **DIVERSIFIED TELECOMMUNICATION SERVICES — (continued)** | **DIVERSIFIED TELECOMMUNICATION SERVICES — (continued)** | **DIVERSIFIED TELECOMMUNICATION SERVICES — (continued)** |
| $345000 | &nbsp;&nbsp;&nbsp;AT&T, Inc., 3.65%, 9/15/59 | $| 232679 |
| 547000 | &nbsp;&nbsp;&nbsp;AT&T, Inc., 3.85%, 6/01/60 |  | 381054 |
| 252000 | &nbsp;&nbsp;&nbsp;Verizon Communications, Inc., 3.70%, 3/22/61 |  | 173546 |
|  |  |  | 1805949 |
|  | **ELECTRIC UTILITIES — 14.27%** | **ELECTRIC UTILITIES — 14.27%** | **ELECTRIC UTILITIES — 14.27%** |
| 115000 | &nbsp;&nbsp;&nbsp;Appalachian Power Co., 5.80%, 10/01/35 |  | 118530 |
| 66000 | &nbsp;&nbsp;&nbsp;Commonwealth Edison Co., 5.90%, 3/15/36 |  | 69381 |
| 68000 | &nbsp;&nbsp;&nbsp;Florida Power & Light Co., 5.85%, 5/01/37 |  | 70619 |
| 124000 | &nbsp;&nbsp;&nbsp;Duke Energy Carolinas LLC, 6.10%, 6/01/37 |  | 130728 |
| 74000 | &nbsp;&nbsp;&nbsp;Duke Energy Florida LLC, 6.35%, 9/15/37 |  | 80827 |
| 140000 | &nbsp;&nbsp;&nbsp;Public Service Electric & Gas Co., MTN, 5.38%, 11/01/39 |  | 142477 |
| 107000 | &nbsp;&nbsp;&nbsp;Massachusetts Electric Co., 5.90%, 11/15/39<sup>(a)</sup> |  | 109747 |
| 65000 | &nbsp;&nbsp;&nbsp;Puget Sound Energy, Inc., 5.64%, 4/15/41 |  | 64526 |
| 160000 | &nbsp;&nbsp;&nbsp;Florida Power & Light Co., 4.13%, 2/01/42 |  | 135424 |
| 161000 | &nbsp;&nbsp;&nbsp;Virginia Electric and Power Co., 4.00%, 1/15/43 |  | 130857 |
| 110000 | &nbsp;&nbsp;&nbsp;MidAmerican Energy Co., 4.80%, 9/15/43 |  | 100322 |
| 184000 | &nbsp;&nbsp;&nbsp;Consolidated Edison Co. of New York, Inc., 4.45%, 3/15/44 |  | 158571 |
| 76000 | &nbsp;&nbsp;&nbsp;Exelon Corp., 5.10%, 6/15/45 |  | 68807 |
| 125000 | &nbsp;&nbsp;&nbsp;Exelon Corp., 4.45%, 4/15/46 |  | 103473 |
| 271000 | &nbsp;&nbsp;&nbsp;Duke Energy Indiana LLC, 3.75%, 5/15/46 |  | 205790 |
| 120000 | &nbsp;&nbsp;&nbsp;Duke Energy Ohio, Inc., 3.70%, 6/15/46 |  | 89761 |
| 156000 | &nbsp;&nbsp;&nbsp;FirstEnergy Corp., 4.85%, 7/15/47 |  | 133403 |
| 118000 | &nbsp;&nbsp;&nbsp;DTE Electric Co., 3.75%, 8/15/47 |  | 91043 |
| 100000 | &nbsp;&nbsp;&nbsp;Alabama Power Co., 3.70%, 12/01/47<sup>(d)</sup> |  | 75072 |
| 113000 | &nbsp;&nbsp;&nbsp;Connecticut Light and Power Co. (The), 4.00%, 4/01/48 |  | 89417 |
| 79000 | &nbsp;&nbsp;&nbsp;Consolidated Edison Co. of New York, Inc., 4.65%, 12/01/48 |  | 68054 |
| 83000 | &nbsp;&nbsp;&nbsp;CenterPoint Energy Houston Electric LLC, 4.25%, 2/01/49 |  | 67201 |
| 80000 | &nbsp;&nbsp;&nbsp;FirstEnergy Transmission LLC, 4.55%, 4/01/49<sup>(a)</sup> |  | 68461 |
| 141000 | &nbsp;&nbsp;&nbsp;San Diego Gas & Electric Co., 4.10%, 6/15/49 |  | 109965 |
| 279000 | &nbsp;&nbsp;&nbsp;Entergy Texas, Inc., 3.55%, 9/30/49 |  | 197661 |
| 137000 | &nbsp;&nbsp;&nbsp;Union Electric Co., 3.25%, 10/01/49 |  | 93927 |
| 197000 | &nbsp;&nbsp;&nbsp;Xcel Energy, Inc., 3.50%, 12/01/49 |  | 134729 |
| 332000 | &nbsp;&nbsp;&nbsp;Georgia Power Co., 3.70%, 1/30/50 |  | 246551 |
| 172000 | &nbsp;&nbsp;&nbsp;AEP Transmission Co. LLC, 3.65%, 4/01/50<sup>(d)</sup> |  | 125589 |
| 132000 | &nbsp;&nbsp;&nbsp;San Diego Gas & Electric Co., 3.32%, 4/15/50 |  | 89852 |
| 161000 | &nbsp;&nbsp;&nbsp;Baltimore Gas and Electric Co., 2.90%, 6/15/50 |  | 100678 |
| 266000 | &nbsp;&nbsp;&nbsp;CenterPoint Energy Houston Electric LLC, 2.90%, 7/01/50<sup>(d)</sup> |  | 169615 |
| 113000 | &nbsp;&nbsp;&nbsp;Berkshire Hathaway Energy Co., 4.25%, 10/15/50 |  | 89928 |
| 125000 | &nbsp;&nbsp;&nbsp;Commonwealth Edison Co., 3.13%, 3/15/51 |  | 82165 |
| 178000 | &nbsp;&nbsp;&nbsp;Duke Energy Progress LLC, 2.90%, 8/15/51 |  | 111982 |
| 195000 | &nbsp;&nbsp;&nbsp;PECO Energy Co., 2.85%, 9/15/51 |  | 121489 |
| 151000 | &nbsp;&nbsp;&nbsp;Puget Sound Energy, Inc., 2.89%, 9/15/51 |  | 94079 |
| 182000 | &nbsp;&nbsp;&nbsp;DTE Electric Co., 3.65%, 3/01/52 |  | 134362 |
| 118000 | &nbsp;&nbsp;&nbsp;Northern States Power Co., 3.20%, 4/01/52 |  | 79358 |
| 55000 | &nbsp;&nbsp;&nbsp;Northern States Power Co., 4.50%, 6/01/52 |  | 46467 |
| 109000 | &nbsp;&nbsp;&nbsp;MidAmerican Energy Co., 2.70%, 8/01/52 |  | 66548 |
| 178000 | &nbsp;&nbsp;&nbsp;Duke Energy Corp., 5.00%, 8/15/52 |  | 155280 |
| 109000 | &nbsp;&nbsp;&nbsp;Oncor Electric Delivery Co. LLC, 4.95%, 9/15/52 |  | 97127 |
| 93000 | &nbsp;&nbsp;&nbsp;Duke Energy Carolinas LLC, 5.35%, 1/15/53 |  | 88824 |
| 204000 | &nbsp;&nbsp;&nbsp;Southern California Edison Co., 5.70%, 3/01/53 |  | 190636 |
| 70000 | &nbsp;&nbsp;&nbsp;Union Electric Co., 5.45%, 3/15/53 |  | 67644 |
| 150000 | &nbsp;&nbsp;&nbsp;Indiana Michigan Power Co., 5.63%, 4/01/53 |  | 147138 |
| 80000 | &nbsp;&nbsp;&nbsp;Berkshire Hathaway Energy Co., 4.60%, 5/01/53 |  | 66790 |
| 95000 | &nbsp;&nbsp;&nbsp;Public Service Electric and Gas Co., 5.45%, 8/01/53 |  | 92953 |
| 81000 | &nbsp;&nbsp;&nbsp;Entergy Texas, Inc., 5.80%, 9/01/53 |  | 80931 |
| 92000 | &nbsp;&nbsp;&nbsp;Duke Energy Corp., 6.10%, 9/15/53 |  | 93553 |
| 68000 | &nbsp;&nbsp;&nbsp;Southern California Edison Co., 5.88%, 12/01/53 |  | 65231 |
| 69000 | &nbsp;&nbsp;&nbsp;Duke Energy Carolinas LLC, 5.40%, 1/15/54 |  | 66532 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount** |  | **Fair Value** |
| **CORPORATE BONDS — (continued)** | **CORPORATE BONDS — (continued)** | **CORPORATE BONDS — (continued)** |
|  | **ELECTRIC UTILITIES — (continued)** | **ELECTRIC UTILITIES — (continued)** |
| $162000 | &nbsp;&nbsp;&nbsp;NextEra Energy Capital Holdings, Inc., 5.55%, 3/15/54 | 154889 |
| 158000 | &nbsp;&nbsp;&nbsp;Entergy Louisiana LLC, 5.70%, 3/15/54 | 155782 |
| 68000 | &nbsp;&nbsp;&nbsp;Southern California Edison Co., 5.75%, 4/15/54 | 63909 |
| 40000 | &nbsp;&nbsp;&nbsp;Public Service Electric and Gas Co, 5.50%, 3/01/55 | 39430 |
| 114000 | &nbsp;&nbsp;&nbsp;Duke Energy Progress LLC, 5.55%, 3/15/55 | 111511 |
| 229000 | &nbsp;&nbsp;&nbsp;Virginia Electric and Power Co., 5.65%, 3/15/55 | 224969 |
| 35000 | &nbsp;&nbsp;&nbsp;Entergy Mississippi LLC, 5.80%, 4/15/55 | 34845 |
| 116000 | &nbsp;&nbsp;&nbsp;Dominion Energy, Inc., 6.63%, 5/15/55 (H15T5Y + 220.70 bps)<sup>(b)</sup> | 115185 |
| 145000 | &nbsp;&nbsp;&nbsp;Dominion Energy South Carolina, Inc., 5.10%, 6/01/65 | 127815 |
|  |  | 6708410 |
|  | **ENERGY EQUIPMENT & SERVICES — 0.38%** | **ENERGY EQUIPMENT & SERVICES — 0.38%** |
| 84000 | &nbsp;&nbsp;&nbsp;Halliburton Co., 4.85%, 11/15/35 | 80577 |
| 111000 | &nbsp;&nbsp;&nbsp;Halliburton Co., 5.00%, 11/15/45 | 99870 |
|  |  | 180447 |
|  | **ENTERTAINMENT CONTENT — 0.44%** | **ENTERTAINMENT CONTENT — 0.44%** |
| 180000 | &nbsp;&nbsp;&nbsp;Warnermedia Holdings, Inc., 5.05%, 3/15/42 | 143964 |
| 87000 | &nbsp;&nbsp;&nbsp;Warnermedia Holdings, Inc., 5.14%, 3/15/52 | 63423 |
|  |  | 207387 |
|  | **EQUITY REAL ESTATE - INVESTMENT TRUSTS -(REITS) — 0.28%** | **EQUITY REAL ESTATE - INVESTMENT TRUSTS -(REITS) — 0.28%** |
| 198000 | &nbsp;&nbsp;&nbsp;NNN REIT, Inc., 3.50%, 4/15/51 | 133302 |
|  | **FINANCIAL SERVICES — 1.15%** | **FINANCIAL SERVICES — 1.15%** |
| 97000 | &nbsp;&nbsp;&nbsp;Blackstone Holdings Finance Co. LLC, 6.25%, 8/15/42<sup>(a)</sup> | 101307 |
| 69000 | &nbsp;&nbsp;&nbsp;Carlyle Holdings II Finance LLC, 5.63%, 3/30/43<sup>(a)</sup> | 67590 |
| 125000 | &nbsp;&nbsp;&nbsp;KKR Group Finance Co. III LLC, 5.13%, 6/01/44<sup>(a)</sup> | 113092 |
| 200000 | &nbsp;&nbsp;&nbsp;UBS Group AG, 5.38%, 9/06/45 (USISSO01 + 186 bps)<sup>(a)(b)</sup> | 191026 |
| 37000 | &nbsp;&nbsp;&nbsp;BlackRock Funding, Inc., 5.25%, 3/14/54 | 35680 |
| 33000 | &nbsp;&nbsp;&nbsp;BlackRock Funding, Inc., 5.35%, 1/08/55 | 32090 |
|  |  | 540785 |
|  | **FOOD — 1.91%** | **FOOD — 1.91%** |
| 225000 | &nbsp;&nbsp;&nbsp;Kraft Heinz Foods Co., 6.88%, 1/26/39 | 249914 |
| 150000 | &nbsp;&nbsp;&nbsp;Nestle Holdings, Inc., 2.50%, 9/14/41<sup>(a)</sup> | 104375 |
| 96000 | &nbsp;&nbsp;&nbsp;Cargill, Inc., 4.76%, 11/23/45<sup>(a)</sup> | 86142 |
| 105000 | &nbsp;&nbsp;&nbsp;Kraft Heinz Foods Co., 4.88%, 10/01/49 | 90879 |
| 76000 | &nbsp;&nbsp;&nbsp;Cargill, Inc., 4.38%, 4/22/52<sup>(a)</sup> | 63394 |
| 304000 | &nbsp;&nbsp;&nbsp;Mars, Inc., 5.70%, 5/01/55<sup>(a)</sup> | 303743 |
|  |  | 898447 |
|  | **FOOD & STAPLES RETAILING — 0.23%** | **FOOD & STAPLES RETAILING — 0.23%** |
| 157000 | &nbsp;&nbsp;&nbsp;Kenvue, Inc., 2.50%, 9/22/41 | 110145 |
|  | **GAS & WATER UTILITIES — 0.42%** | **GAS & WATER UTILITIES — 0.42%** |
| 309000 | &nbsp;&nbsp;&nbsp;Southern Co Gas Capital Corp., 3.15%, 9/30/51 | 196013 |
|  | **GAS UTILITIES — 0.16%** | **GAS UTILITIES — 0.16%** |
| 88000 | &nbsp;&nbsp;&nbsp;Atmos Energy Corp., 4.13%, 10/15/44 | 72945 |
|  | **HEALTH CARE EQUIPMENT & SUPPLIES — 0.53%** | **HEALTH CARE EQUIPMENT & SUPPLIES — 0.53%** |
| 84000 | &nbsp;&nbsp;&nbsp;Stryker Corp., 4.63%, 3/15/46 | 74825 |
| 70000 | &nbsp;&nbsp;&nbsp;Abbott Laboratories, 4.90%, 11/30/46<sup>(d)</sup> | 66242 |
| 100000 | &nbsp;&nbsp;&nbsp;GE HealthCare Technologies, Inc., 6.38%, 11/22/52 | 108472 |
|  |  | 249539 |
|  | **HEALTH CARE FACILITIES & SERVICES — 0.98%** | **HEALTH CARE FACILITIES & SERVICES — 0.98%** |
| 121000 | &nbsp;&nbsp;&nbsp;UnitedHealth Group Inc, 2.75%, 5/15/40 | 87418 |
| 169000 | &nbsp;&nbsp;&nbsp;HCA, Inc., 5.50%, 6/15/47 | 155629 |
| 162000 | &nbsp;&nbsp;&nbsp;HCA, Inc., 3.50%, 7/15/51 | 106827 |
| 116000 | &nbsp;&nbsp;&nbsp;HCA, Inc., 6.00%, 4/01/54 | 112233 |
|  |  | 462107 |
|  | **HEALTH CARE PROVIDERS & SERVICES — 1.92%** | **HEALTH CARE PROVIDERS & SERVICES — 1.92%** |
| 76000 | &nbsp;&nbsp;&nbsp;Cigna Group (The), 4.80%, 8/15/38 | 71015 |
| 226000 | &nbsp;&nbsp;&nbsp;UnitedHealth Group, Inc., 3.50%, 8/15/39 | 183903 |
| 229000 | &nbsp;&nbsp;&nbsp;CVS Health Corp., 5.13%, 7/20/45 | 199651 |
| 154000 | &nbsp;&nbsp;&nbsp;UnitedHealth Group, Inc., 3.75%, 10/15/47 | 116266 |

---

28 *See accompanying notes to financial statements.*

**Sterling Capital Long Duration Corporation Bond Fund**

**Schedule of Investments (continued)**

*March 31, 2025 (Unaudited)*

---

| | | |
|:---|:---|:---|
| **Principal Amount** |  | **Fair Value** |
| **CORPORATE BONDS — (continued)** | **CORPORATE BONDS — (continued)** | **CORPORATE BONDS — (continued)** |
|  | **HEALTH CARE PROVIDERS & SERVICES — (continued)** | **HEALTH CARE PROVIDERS & SERVICES — (continued)** |
| $194000 | &nbsp;&nbsp;&nbsp;Elevance Health, Inc., 4.38%, 12/01/47 | 159133 |
| 70000 | &nbsp;&nbsp;&nbsp;CVS Health Corp., 5.88%, 6/01/53 | 66082 |
| 123000 | &nbsp;&nbsp;&nbsp;UnitedHealth Group, Inc., 4.95%, 5/15/62 | 106811 |
|  |  | 902861 |
|  | **HOTELS, RESTAURANTS & LEISURE — 0.95%** | **HOTELS, RESTAURANTS & LEISURE — 0.95%** |
| 173000 | &nbsp;&nbsp;&nbsp;McDonald's Corp., 4.88%, 12/09/45 | 156608 |
| 185000 | &nbsp;&nbsp;&nbsp;McDonald's Corp., 3.63%, 9/01/49 | 134972 |
| 224000 | &nbsp;&nbsp;&nbsp;Starbucks Corp., 3.50%, 11/15/50 | 156171 |
|  |  | 447751 |
|  | **INDEPENDENT POWER/RENEWABLE ELECTRICITY PRODUCERS — 0.13%** | **INDEPENDENT POWER/RENEWABLE ELECTRICITY PRODUCERS — 0.13%** |
| 70000 | &nbsp;&nbsp;&nbsp;Tennessee Valley Authority, 4.25%, 9/15/52 | 60003 |
|  | **INSURANCE — 5.20%** | **INSURANCE — 5.20%** |
| 119000 | &nbsp;&nbsp;&nbsp;SBL Holdings, Inc., 7.20%, 10/30/34<sup>(a)</sup> | 112177 |
| 133000 | &nbsp;&nbsp;&nbsp;New York Life Insurance Co., 6.75%, 11/15/39<sup>(a)</sup> | 150679 |
| 57000 | &nbsp;&nbsp;&nbsp;Transatlantic Holdings, Inc., 8.00%, 11/30/39 | 69970 |
| 123000 | &nbsp;&nbsp;&nbsp;Enstar Finance LLC, 5.50%, 1/15/42 (H15T5Y + 400.60 bps)<sup>(b)</sup> | 119916 |
| 76000 | &nbsp;&nbsp;&nbsp;Securian Financial Group, Inc., 4.80%, 4/15/48<sup>(a)</sup> | 66851 |
| 76000 | &nbsp;&nbsp;&nbsp;Berkshire Hathaway Finance Corp., 4.20%, 8/15/48 | 63439 |
| 100000 | &nbsp;&nbsp;&nbsp;Nationwide Mutual Insurance Co., 4.35%, 4/30/50<sup>(a)</sup> | 76567 |
| 154000 | &nbsp;&nbsp;&nbsp;New York Life Insurance Co., 3.75%, 5/15/50<sup>(a)</sup> | 113463 |
| 132000 | &nbsp;&nbsp;&nbsp;Pacific LifeCorp, 3.35%, 9/15/50<sup>(a)</sup> | 89521 |
| 130000 | &nbsp;&nbsp;&nbsp;Prudential Financial, Inc., 3.70%, 10/01/50 (H15T5Y + 303.50 bps)<sup>(b)</sup> | 117309 |
| 162000 | &nbsp;&nbsp;&nbsp;Northwestern Mutual Life Insurance Co. (The), 3.45%, 3/30/51<sup>(a)</sup> | 112786 |
| 96000 | &nbsp;&nbsp;&nbsp;Fidelity National Financial, Inc., 3.20%, 9/17/51 | 58942 |
| 197000 | &nbsp;&nbsp;&nbsp;Global Atlantic Fin Co., 4.70%, 10/15/51 (H15T5Y + 379.60 bps)<sup>(a)(b)</sup> | 189850 |
| 60000 | &nbsp;&nbsp;&nbsp;Berkshire Hathaway Finance Corp., 3.85%, 3/15/52 | 46186 |
| 185000 | &nbsp;&nbsp;&nbsp;Athene Holding Ltd., 3.45%, 5/15/52 | 118726 |
| 113000 | &nbsp;&nbsp;&nbsp;Aon North America, Inc., 5.75%, 3/01/54 | 111441 |
| 91000 | &nbsp;&nbsp;&nbsp;Global Atlantic Fin Co., 6.75%, 3/15/54<sup>(a)</sup> | 92378 |
| 158000 | &nbsp;&nbsp;&nbsp;Athene Holding Ltd., 6.25%, 4/01/54 | 158242 |
| 164000 | &nbsp;&nbsp;&nbsp;Corebridge Financial, Inc., 6.38%, 9/15/54 (H15T5Y + 264.60 bps)<sup>(b)</sup> | 162932 |
| 165000 | &nbsp;&nbsp;&nbsp;Athene Holding Ltd., 6.63%, 10/15/54 | 163390 |
| 150000 | &nbsp;&nbsp;&nbsp;W R Berkley Corp., 3.15%, 9/30/61 | 90217 |
| 76000 | &nbsp;&nbsp;&nbsp;Guardian Life Insurance Co. of America (The), 4.88%, 6/19/64<sup>(a)</sup> | 66451 |
| 115000 | &nbsp;&nbsp;&nbsp;New York Life Insurance Co., 4.45%, 5/15/69<sup>(a)</sup> | 89748 |
|  |  | 2441181 |
|  | **INTERACTIVE MEDIA & SERVICES — 0.62%** | **INTERACTIVE MEDIA & SERVICES — 0.62%** |
| 183000 | &nbsp;&nbsp;&nbsp;Meta Platforms, Inc., 4.45%, 8/15/52 | 155801 |
| 48000 | &nbsp;&nbsp;&nbsp;Meta Platforms, Inc., 5.40%, 8/15/54 | 47031 |
| 89000 | &nbsp;&nbsp;&nbsp;Meta Platforms, Inc., 5.75%, 5/15/63 | 90375 |
|  |  | 293207 |
|  | **INTERNET & DIRECT MARKETING RETAIL — 0.80%** | **INTERNET & DIRECT MARKETING RETAIL — 0.80%** |
| 225000 | &nbsp;&nbsp;&nbsp;Amazon.com, Inc., 2.50%, 6/03/50 | 136110 |
| 411000 | &nbsp;&nbsp;&nbsp;Amazon.com, Inc., 2.70%, 6/03/60 | 238916 |
|  |  | 375026 |
|  | **IT SERVICES — 0.72%** | **IT SERVICES — 0.72%** |
| 129000 | &nbsp;&nbsp;&nbsp;Visa, Inc., 4.30%, 12/14/45 | 112467 |
| 272000 | &nbsp;&nbsp;&nbsp;Fiserv, Inc., 4.40%, 7/01/49 | 224151 |
|  |  | 336618 |
|  | **MACHINERY — 0.57%** | **MACHINERY — 0.57%** |
| 108000 | &nbsp;&nbsp;&nbsp;Deere & Co., 3.90%, 6/09/42 | 91305 |
| 111000 | &nbsp;&nbsp;&nbsp;Caterpillar, Inc., 3.80%, 8/15/42 | 91422 |
| 87000 | &nbsp;&nbsp;&nbsp;Cummins, Inc., 5.45%, 2/20/54 | 85205 |
|  |  | 267932 |
|  | **MEDIA — 1.06%** | **MEDIA — 1.06%** |
| 180000 | &nbsp;&nbsp;&nbsp;Comcast Corp., 3.25%, 11/01/39 | 139776 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal Amount** |  | **Fair Value** | **Fair Value** |
| **CORPORATE BONDS — (continued)** | **CORPORATE BONDS — (continued)** | **CORPORATE BONDS — (continued)** | **CORPORATE BONDS — (continued)** |
|  | **MEDIA — (continued)** | **MEDIA — (continued)** | **MEDIA — (continued)** |
| $182000 | &nbsp;&nbsp;&nbsp;Comcast Corp., 2.80%, 1/15/51 | $| 109706 |
| 117000 | &nbsp;&nbsp;&nbsp;Comcast Corp., 2.89%, 11/01/51 |  | 71355 |
| 190000 | &nbsp;&nbsp;&nbsp;Comcast Corp., 5.50%, 5/15/64 |  | 178449 |
|  |  |  | 499286 |
|  | **METALS & MINING — 1.17%** | **METALS & MINING — 1.17%** | **METALS & MINING — 1.17%** |
| 100000 | &nbsp;&nbsp;&nbsp;Newmont Corp., 4.88%, 3/15/42 |  | 92047 |
| 142000 | &nbsp;&nbsp;&nbsp;Southern Copper Corp., 5.88%, 4/23/45 |  | 139925 |
| 169000 | &nbsp;&nbsp;&nbsp;Steel Dynamics, Inc., 3.25%, 10/15/50 |  | 111327 |
| 120000 | &nbsp;&nbsp;&nbsp;Rio Tinto Finance USA PLC, 5.75%, 3/14/55 |  | 120199 |
| 145000 | &nbsp;&nbsp;&nbsp;Nucor Corp., 2.98%, 12/15/55 |  | 88171 |
|  |  |  | 551669 |
|  | **MULTI-UTILITIES — 1.58%** | **MULTI-UTILITIES — 1.58%** | **MULTI-UTILITIES — 1.58%** |
| 273000 | &nbsp;&nbsp;&nbsp;Sempra, 3.80%, 2/01/38 |  | 224505 |
| 169000 | &nbsp;&nbsp;&nbsp;Dominion Energy, Inc., 3.30%, 4/15/41 |  | 124498 |
| 95000 | &nbsp;&nbsp;&nbsp;CMS Energy Corp., 4.70%, 3/31/43 |  | 82312 |
| 117000 | &nbsp;&nbsp;&nbsp;NiSource, Inc., 4.80%, 2/15/44 |  | 103620 |
| 147000 | &nbsp;&nbsp;&nbsp;CMS Energy Corp., 3.75%, 12/01/50 |  | 129097 |
| 93000 | &nbsp;&nbsp;&nbsp;Dominion Energy, Inc., 4.85%, 8/15/52 |  | 79416 |
|  |  |  | 743448 |
|  | **OIL & GAS PRODUCERS — 4.92%** | **OIL & GAS PRODUCERS — 4.92%** | **OIL & GAS PRODUCERS — 4.92%** |
| 89000 | &nbsp;&nbsp;&nbsp;TransCanada PipeLines Ltd., 6.20%, 10/15/37 |  | 92105 |
| 110000 | &nbsp;&nbsp;&nbsp;Enterprise Products Operating LLC, 6.13%, 10/15/39 |  | 116689 |
| 100000 | &nbsp;&nbsp;&nbsp;Cheniere Corpus Christi Holdings LLC, 2.74%, 12/31/39 |  | 80020 |
| 84000 | &nbsp;&nbsp;&nbsp;Enterprise Products Operating LLC, 6.45%, 9/01/40 |  | 92044 |
| 94000 | &nbsp;&nbsp;&nbsp;BP Capital Markets America, Inc., 3.06%, 6/17/41 |  | 69034 |
| 132000 | &nbsp;&nbsp;&nbsp;APA Corp, 5.25%, 2/01/42<sup>(a)</sup> |  | 110403 |
| 105000 | &nbsp;&nbsp;&nbsp;Shell Finance US, Inc., 4.55%, 8/12/43 |  | 93096 |
| 80000 | &nbsp;&nbsp;&nbsp;Eastern Gas Transmission & Storage, Inc., 4.80%, 11/01/43 |  | 71630 |
| 97000 | &nbsp;&nbsp;&nbsp;DCP Midstream Operating LP, 5.60%, 4/01/44 |  | 90045 |
| 109000 | &nbsp;&nbsp;&nbsp;Plains All American Pipeline LP/PAA Finance Corp., 4.70%, 6/15/44 |  | 91363 |
| 108000 | &nbsp;&nbsp;&nbsp;Marathon Petroleum Corp., 4.75%, 9/15/44 |  | 90655 |
| 165000 | &nbsp;&nbsp;&nbsp;APA Corp, 5.35%, 7/01/49<sup>(a)</sup> |  | 136764 |
| 227000 | &nbsp;&nbsp;&nbsp;Enterprise Products Operating LLC, 3.30%, 2/15/53 |  | 151593 |
| 212000 | &nbsp;&nbsp;&nbsp;Woodside Finance Ltd., 5.70%, 9/12/54 |  | 197733 |
| 150000 | &nbsp;&nbsp;&nbsp;Aker BP ASA, 5.80%, 10/01/54<sup>(a)</sup> |  | 136781 |
| 80000 | &nbsp;&nbsp;&nbsp;ConocoPhillips Co., 4.03%, 3/15/62 |  | 58419 |
| 200000 | &nbsp;&nbsp;&nbsp;Saudi Arabian Oil Co., 5.88%, 7/17/64<sup>(a)</sup> |  | 186973 |
| 167000 | &nbsp;&nbsp;&nbsp;TotalEnergies Capital SA, 5.43%, 9/10/64 |  | 157260 |
| 306000 | &nbsp;&nbsp;&nbsp;ONEOK, Inc., 5.85%, 11/01/64 |  | 287632 |
|  |  |  | 2310239 |
|  | **OIL, GAS & CONSUMABLE FUELS — 4.84%** | **OIL, GAS & CONSUMABLE FUELS — 4.84%** | **OIL, GAS & CONSUMABLE FUELS — 4.84%** |
| 209000 | &nbsp;&nbsp;&nbsp;MPLX LP, 4.50%, 4/15/38 |  | 183521 |
| 85000 | &nbsp;&nbsp;&nbsp;Energy Transfer LP, 7.50%, 7/01/38 |  | 96866 |
| 336000 | &nbsp;&nbsp;&nbsp;Exxon Mobil Corp., 4.23%, 3/19/40 |  | 299687 |
| 73000 | &nbsp;&nbsp;&nbsp;Williams Cos., Inc. (The), 6.30%, 4/15/40 |  | 76938 |
| 85000 | &nbsp;&nbsp;&nbsp;Equinor ASA, 5.10%, 8/17/40 |  | 84137 |
| 158000 | &nbsp;&nbsp;&nbsp;Kinder Morgan Energy Partners LP, 5.63%, 9/01/41 |  | 149033 |
| 211000 | &nbsp;&nbsp;&nbsp;Energy Transfer LP, 5.00%, 5/15/44 |  | 182079 |
| 126000 | &nbsp;&nbsp;&nbsp;Energy Transfer LP, 5.35%, 5/15/45 |  | 113154 |
| 72000 | &nbsp;&nbsp;&nbsp;Kinder Morgan, Inc., 5.55%, 6/01/45 |  | 67486 |
| 153000 | &nbsp;&nbsp;&nbsp;MPLX LP, 5.20%, 12/01/47 |  | 134569 |
| 82000 | &nbsp;&nbsp;&nbsp;MPLX LP, 4.70%, 4/15/48 |  | 67103 |
| 63000 | &nbsp;&nbsp;&nbsp;Energy Transfer LP, 5.00%, 5/15/50 |  | 53048 |
| 69000 | &nbsp;&nbsp;&nbsp;ONEOK, Inc., 7.15%, 1/15/51 |  | 74947 |
| 80000 | &nbsp;&nbsp;&nbsp;MPLX LP, 4.95%, 3/14/52 |  | 67228 |
| 88000 | &nbsp;&nbsp;&nbsp;Diamondback Energy, Inc., 4.25%, 3/15/52 |  | 66798 |
| 132000 | &nbsp;&nbsp;&nbsp;Targa Resources Corp., 6.25%, 7/01/52 |  | 133324 |
| 88000 | &nbsp;&nbsp;&nbsp;Kinder Morgan, Inc., 5.45%, 8/01/52 |  | 80475 |
| 109000 | &nbsp;&nbsp;&nbsp;Ovintiv, Inc., 7.10%, 7/15/53 |  | 115146 |
| 89000 | &nbsp;&nbsp;&nbsp;ONEOK, Inc., 6.63%, 9/01/53 |  | 93134 |

---

*See accompanying notes to financial statements.* 29

**Sterling Capital Long Duration Corporation Bond Fund**

**Schedule of Investments (continued)**

*March 31, 2025 (Unaudited)*

---

| | | |
|:---|:---|:---|
| **Principal Amount** |  | **Fair Value** |
| **CORPORATE BONDS — (continued)** | **CORPORATE BONDS — (continued)** | **CORPORATE BONDS — (continued)** |
|  | **OIL, GAS & CONSUMABLE FUELS — (continued)** | **OIL, GAS & CONSUMABLE FUELS — (continued)** |
| $70000 | &nbsp;&nbsp;&nbsp;Energy Transfer LP, 5.95%, 5/15/54 | 66849 |
| 72000 | &nbsp;&nbsp;&nbsp;Diamondback Energy, Inc., 5.90%, 4/18/64 | 67730 |
|  |  | 2273252 |
|  | **PERSONAL PRODUCTS — 0.29%** | **PERSONAL PRODUCTS — 0.29%** |
| 144000 | &nbsp;&nbsp;&nbsp;Kenvue, Inc., 5.05%, 3/22/53 | 134778 |
|  | **PHARMACEUTICALS — 1.35%** | **PHARMACEUTICALS — 1.35%** |
| 158000 | &nbsp;&nbsp;&nbsp;Bristol-Myers Squibb Co., 2.35%, 11/13/40 | 107870 |
| 96000 | &nbsp;&nbsp;&nbsp;Zoetis, Inc., 4.70%, 2/01/43 | 87181 |
| 166000 | &nbsp;&nbsp;&nbsp;Bristol-Myers Squibb Co., 4.25%, 10/26/49 | 135805 |
| 154000 | &nbsp;&nbsp;&nbsp;Bristol-Myers Squibb Co., 2.55%, 11/13/50 | 90705 |
| 88000 | &nbsp;&nbsp;&nbsp;Merck & Co., Inc., 2.75%, 12/10/51 | 54467 |
| 146000 | &nbsp;&nbsp;&nbsp;Bristol-Myers Squibb Co., 6.40%, 11/15/63 | 159701 |
|  |  | 635729 |
|  | **REIT — 2.08%** | **REIT — 2.08%** |
| 157000 | &nbsp;&nbsp;&nbsp;American Tower Trust #1, Series 2018-1, Class A, 3.65%, 3/15/28<sup>(a)</sup> | 151887 |
| 113000 | &nbsp;&nbsp;&nbsp;UDR, Inc., 3.10%, 11/01/34 | 93760 |
| 150000 | &nbsp;&nbsp;&nbsp;Kimco Realty OP LLC, 4.25%, 4/01/45 | 121906 |
| 88000 | &nbsp;&nbsp;&nbsp;Simon Property Group LP, 3.25%, 9/13/49 | 59249 |
| 182000 | &nbsp;&nbsp;&nbsp;Alexandria Real Estate Equities, Inc., 3.00%, 5/18/51 | 112172 |
| 40000 | &nbsp;&nbsp;&nbsp;Mid-America Apartments LP, 2.88%, 9/15/51 | 25224 |
| 146000 | &nbsp;&nbsp;&nbsp;American Homes 4 Rent LP, 4.30%, 4/15/52 | 113907 |
| 71000 | &nbsp;&nbsp;&nbsp;Prologis LP, 5.25%, 6/15/53 | 67413 |
| 70000 | &nbsp;&nbsp;&nbsp;Public Storage Operating Co., 5.35%, 8/01/53 | 67154 |
| 77000 | &nbsp;&nbsp;&nbsp;VICI Properties LP, 6.13%, 4/01/54 | 75055 |
| 94000 | &nbsp;&nbsp;&nbsp;Realty Income Corp., 5.38%, 9/01/54 | 89961 |
|  |  | 977688 |
|  | **RETAIL - DISCRETIONARY — 0.24%** | **RETAIL - DISCRETIONARY — 0.24%** |
| 110000 | &nbsp;&nbsp;&nbsp;ERAC USA Finance LLC, 5.63%, 3/15/42<sup>(a)</sup> | 110732 |
|  | **ROAD & RAIL — 1.40%** | **ROAD & RAIL — 1.40%** |
| 92000 | &nbsp;&nbsp;&nbsp;CSX Corp., 6.00%, 10/01/36 | 98333 |
| 105000 | &nbsp;&nbsp;&nbsp;Union Pacific Corp., 3.60%, 9/15/37 | 90201 |
| 31000 | &nbsp;&nbsp;&nbsp;Union Pacific Corp., 3.38%, 2/14/42 | 24018 |
| 76000 | &nbsp;&nbsp;&nbsp;Norfolk Southern Corp., 3.95%, 10/01/42 | 61966 |
| 87000 | &nbsp;&nbsp;&nbsp;CSX Corp., 4.30%, 3/01/48 | 72617 |
| 56000 | &nbsp;&nbsp;&nbsp;Norfolk Southern Corp., 3.40%, 11/01/49 | 39291 |
| 245000 | &nbsp;&nbsp;&nbsp;Union Pacific Corp., 2.95%, 3/10/52 | 156784 |
| 133000 | &nbsp;&nbsp;&nbsp;CSX Corp., 4.50%, 11/15/52 | 113614 |
|  |  | 656824 |
|  | **SEMICONDUCTORS — 0.76%** | **SEMICONDUCTORS — 0.76%** |
| 177000 | &nbsp;&nbsp;&nbsp;Foundry JV Holdco LLC, 6.40%, 1/25/38<sup>(a)</sup> | 185306 |
| 259000 | &nbsp;&nbsp;&nbsp;Intel Corp., 2.80%, 8/12/41 | 171768 |
|  |  | 357074 |
|  | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 1.32%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 1.32%** |
| 145000 | &nbsp;&nbsp;&nbsp;Broadcom, Inc., 3.47%, 4/15/34<sup>(a)</sup> | 127637 |
| 205000 | &nbsp;&nbsp;&nbsp;Broadcom, Inc., 3.50%, 2/15/41<sup>(a)</sup> | 160526 |
| 201000 | &nbsp;&nbsp;&nbsp;Lam Research Corp., 2.88%, 6/15/50 | 129037 |
| 123000 | &nbsp;&nbsp;&nbsp;Broadcom, Inc., 3.75%, 2/15/51<sup>(a)</sup> | 91990 |
| 122000 | &nbsp;&nbsp;&nbsp;KLA Corp., 4.95%, 7/15/52 | 111762 |
|  |  | 620952 |
|  | **SOFTWARE — 3.39%** | **SOFTWARE — 3.39%** |
| 138000 | &nbsp;&nbsp;&nbsp;Oracle Corp., 3.80%, 11/15/37 | 116271 |
| 291000 | &nbsp;&nbsp;&nbsp;Oracle Corp., 3.65%, 3/25/41 | 225805 |
| 145000 | &nbsp;&nbsp;&nbsp;Oracle Corp., 4.00%, 7/15/46 | 110890 |
| 128000 | &nbsp;&nbsp;&nbsp;Oracle Corp., 3.60%, 4/01/50 | 88930 |
| 285000 | &nbsp;&nbsp;&nbsp;Microsoft Corp., 2.53%, 6/01/50 | 178532 |
| 121000 | &nbsp;&nbsp;&nbsp;Oracle Corp., 3.95%, 3/25/51 | 88870 |
| 173000 | &nbsp;&nbsp;&nbsp;Salesforce, Inc., 2.90%, 7/15/51 | 111616 |
| 101000 | &nbsp;&nbsp;&nbsp;Oracle Corp., 6.90%, 11/09/52 | 111339 |
| 114000 | &nbsp;&nbsp;&nbsp;Synopsys, Inc., 5.70%, 4/01/55 | 113192 |
| 86000 | &nbsp;&nbsp;&nbsp;Oracle Corp., 4.38%, 5/15/55 | 67020 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount** |  | **Fair Value** |
| **CORPORATE BONDS — (continued)** | **CORPORATE BONDS — (continued)** | **CORPORATE BONDS — (continued)** |
|  | **SOFTWARE — (continued)** | **SOFTWARE — (continued)** |
| $129000 | &nbsp;&nbsp;&nbsp;Oracle Corp., 3.85%, 4/01/60 | 88641 |
| 380000 | &nbsp;&nbsp;&nbsp;Microsoft Corp., 2.68%, 6/01/60 | 226956 |
| 65000 | &nbsp;&nbsp;&nbsp;Oracle Corp, 6.13%, 8/03/65 | 64911 |
|  |  | 1592973 |
|  | **SPECIALTY FINANCE — 0.76%** | **SPECIALTY FINANCE — 0.76%** |
| 450000 | &nbsp;&nbsp;&nbsp;AerCap Ireland Capital DAC, 3.85%, 10/29/41 | 355956 |
|  | **SPECIALTY RETAIL — 1.20%** | **SPECIALTY RETAIL — 1.20%** |
| 117000 | &nbsp;&nbsp;&nbsp;Lowe's Cos, Inc., 5.00%, 4/15/40 | 110403 |
| 141000 | &nbsp;&nbsp;&nbsp;Home Depot, Inc. (The), 3.13%, 12/15/49 | 95640 |
| 262000 | &nbsp;&nbsp;&nbsp;Lowe's Cos, Inc., 3.50%, 4/01/51 | 180446 |
| 291000 | &nbsp;&nbsp;&nbsp;Home Depot, Inc. (The), 2.75%, 9/15/51 | 179468 |
|  |  | 565957 |
|  | **STEEL — 0.07%** | **STEEL — 0.07%** |
| 34000 | &nbsp;&nbsp;&nbsp;Steel Dynamics Inc, 5.75%, 5/15/55 | 32942 |
|  | **TECHNOLOGY HARDWARE — 0.36%** | **TECHNOLOGY HARDWARE — 0.36%** |
| 79000 | &nbsp;&nbsp;&nbsp;Dell International LLC / EMC Corp., 5.40%, 4/15/34 | 79612 |
| 130000 | &nbsp;&nbsp;&nbsp;Dell International LLC / EMC Corp., 3.45%, 12/15/51 | 87857 |
|  |  | 167469 |
|  | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 1.27%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 1.27%** |
| 191000 | &nbsp;&nbsp;&nbsp;Apple, Inc., 3.85%, 5/04/43 | 160196 |
| 88000 | &nbsp;&nbsp;&nbsp;Apple, Inc., 3.85%, 8/04/46 | 71661 |
| 180000 | &nbsp;&nbsp;&nbsp;Apple, Inc., 2.65%, 5/11/50 | 113367 |
| 248000 | &nbsp;&nbsp;&nbsp;Apple, Inc., 2.70%, 8/05/51 | 156263 |
| 116000 | &nbsp;&nbsp;&nbsp;Apple, Inc., 3.95%, 8/08/52 | 93365 |
|  |  | 594852 |
|  | **TELECOMMUNICATIONS — 1.87%** | **TELECOMMUNICATIONS — 1.87%** |
| 262000 | &nbsp;&nbsp;&nbsp;T-Mobile USA, Inc., 4.38%, 4/15/40 | 230622 |
| 101000 | &nbsp;&nbsp;&nbsp;Telefonica Emisiones SA, 5.21%, 3/08/47 | 89282 |
| 159000 | &nbsp;&nbsp;&nbsp;T-Mobile USA, Inc., 5.65%, 1/15/53 | 155106 |
| 169000 | &nbsp;&nbsp;&nbsp;T-Mobile USA, Inc., 3.60%, 11/15/60 | 113144 |
| 296000 | &nbsp;&nbsp;&nbsp;T-Mobile USA, Inc., 5.80%, 9/15/62 | 290526 |
|  |  | 878680 |
|  | **TOBACCO — 0.73%** | **TOBACCO — 0.73%** |
| 294000 | &nbsp;&nbsp;&nbsp;Philip Morris International, Inc., 4.38%, 11/15/41 | 253652 |
| 123000 | &nbsp;&nbsp;&nbsp;Altria Group, Inc., 3.88%, 9/16/46 | 90104 |
|  |  | 343756 |
|  | **TOBACCO & CANNABIS — 0.70%** | **TOBACCO & CANNABIS — 0.70%** |
| 69000 | &nbsp;&nbsp;&nbsp;BAT Capital Corp., 4.39%, 8/15/37 | 60589 |
| 141000 | &nbsp;&nbsp;&nbsp;BAT Capital Corp., 4.54%, 8/15/47 | 112630 |
| 142000 | &nbsp;&nbsp;&nbsp;BAT Capital Corp., 7.08%, 8/02/53 | 156156 |
|  |  | 329375 |
|  | **TRANSPORTATION & LOGISTICS — 0.93%** | **TRANSPORTATION & LOGISTICS — 0.93%** |
| 77258 | &nbsp;&nbsp;&nbsp;Polar Tankers, Inc., 5.95%, 5/10/37<sup>(a)</sup> | 79744 |
| 88000 | &nbsp;&nbsp;&nbsp;Burlington Northern Santa Fe LLC, 4.95%, 9/15/41 | 82620 |
| 172000 | &nbsp;&nbsp;&nbsp;Burlington Northern Santa Fe LLC, 4.90%, 4/01/44 | 159854 |
| 119000 | &nbsp;&nbsp;&nbsp;Burlington Northern Santa Fe LLC, 5.20%, 4/15/54 | 113266 |
|  |  | 435484 |
|  | **WIRELESS TELECOMMUNICATION SERVICES — 0.68%** | **WIRELESS TELECOMMUNICATION SERVICES — 0.68%** |
| 200000 | &nbsp;&nbsp;&nbsp;America Movil SAB de CV, 6.13%, 3/30/40 | 206256 |
| 145000 | &nbsp;&nbsp;&nbsp;Vodafone Group PLC, 4.25%, 9/17/50 | 111660 |
|  |  | 317916 |
|  | &nbsp;&nbsp;&nbsp;**Total (Cost $47,173,581)** | 43716687 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount** |  | **Fair Value** |
| **U.S. TREASURY BONDS & NOTES — 5.20%** | **U.S. TREASURY BONDS & NOTES — 5.20%** | **U.S. TREASURY BONDS & NOTES — 5.20%** |
| 195100 | &nbsp;&nbsp;&nbsp;United States Treasury Note, 4.00 *%*, 2/15/34 | 192448 |
| 377300 | &nbsp;&nbsp;&nbsp;United States Treasury Bond, 2.00 *%*, 11/15/41 | 265009 |
| 2754700 | &nbsp;&nbsp;&nbsp;United States Treasury Bond, 2.50 *%*, 2/15/45 | 1986074 |
|  | &nbsp;&nbsp;&nbsp;**Total (Cost $2,397,307)** | 2443531 |

---

30 *See accompanying notes to financial statements.*

**Sterling Capital Long Duration Corporation Bond Fund**

**Schedule of Investments (continued)**

*March 31, 2025 (Unaudited)*

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
| **MONEY MARKET FUNDS — 1.04%** | **MONEY MARKET FUNDS — 1.04%** | **MONEY MARKET FUNDS — 1.04%** |
| 489341 | &nbsp;&nbsp;&nbsp;Federated Hermes Treasury Obligations Fund, Institutional Shares, 4.21%<sup>(e)</sup> | $489341 |
|  | &nbsp;&nbsp;&nbsp;Total Money Market Funds |  |
|  | &nbsp;&nbsp;&nbsp;(Cost $489,341) | 489341 |
| Total Investments— 99.30% | Total Investments— 99.30% | Total Investments— 99.30% |
| (Cost $50,060,229) | (Cost $50,060,229) | 46649559 |
| Other Assets in Excess of Liabilities— 0.70% | Other Assets in Excess of Liabilities— 0.70% | 327771 |
| NET ASSETS — 100.00% | NET ASSETS — 100.00% | $46977330 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Security exempt from registration under Rule 144A
 or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified
 institutional buyers. 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 March
 31, 2025. The maturity date reflected is the final maturity date.

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

(d) All or portion of the securities are held in a
 separate collateral account at US Bank. The total value of securities held in a separate collateral account as of the period ended March
 31, 2025 is $257,116, which represents 0.1% of net assets.

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

MTN Medium Term Note

*See accompanying notes to financial statements.* 31

**Sterling Capital Quality Income Fund**

**Schedule of Investments**

*March 31, 2025 (Unaudited)*

---

| | | |
|:---|:---|:---|
| **Principal Amount** |  | **Fair Value** |
| **CORPORATE BONDS — 0.16%** | **CORPORATE BONDS — 0.16%** | **CORPORATE BONDS — 0.16%** |
|  | **REIT — 0.16%** | **REIT — 0.16%** |
| $250000 | &nbsp;&nbsp;&nbsp;American Tower Trust #1, Series 2018-1, Class A, 3.65%, 3/15/28<sup>(a)(d)</sup> | $241859 |
|  | &nbsp;&nbsp;&nbsp;**Total (Cost $250,000)** | 241859 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount** |  | **Fair Value** |
| **ASSET BACKED SECURITIES — 10.63%** | **ASSET BACKED SECURITIES — 10.63%** | **ASSET BACKED SECURITIES — 10.63%** |
| 509000 | &nbsp;&nbsp;&nbsp;Carvana Auto Receivables Trust, Series P2 , Class B, 1.27%, 3/10/27 | 493878 |
| 600000 | &nbsp;&nbsp;&nbsp;Carvana Auto Receivables Trust, Series P3 , Class B, 1.42%, 8/10/27 | 570526 |
| 309000 | &nbsp;&nbsp;&nbsp;BANK5 Trust, Series 2024-5YR5 , 6.27%, 2/15/29 | 318392 |
| 1250000 | &nbsp;&nbsp;&nbsp;Avis Budget Rental Car Funding AESOP LLC, Series 4A , Class A, 5.49%, 6/20/29<sup>(a)</sup> | 1277913 |
| 415000 | &nbsp;&nbsp;&nbsp;OneMain Direct Auto Receivables Trust, Series 1A , Class A, 5.41%, 11/14/29<sup>(a)</sup> | 419490 |
| 1000000 | &nbsp;&nbsp;&nbsp;Avis Budget Rental Car Funding AESOP LLC, Series 8A , Class A, 6.02%, 2/20/30<sup>(a)</sup> | 1043667 |
| 1000000 | &nbsp;&nbsp;&nbsp;Hertz Vehicle Financing III LLC, Series 4A , Class A, 6.15%, 3/25/30<sup>(a)</sup> | 1035364 |
| 32389 | &nbsp;&nbsp;&nbsp;United States Small Business Administration, Series 20D , Class 1, 4.36%, 4/01/30<sup>(d)</sup> | 32264 |
| 994000 | &nbsp;&nbsp;&nbsp;Hertz Vehicle Financing III LLC, Series 2A , Class A, 5.48%, 1/27/31<sup>(a)</sup> | 1007887 |
| 82875 | &nbsp;&nbsp;&nbsp;Saxon Asset Securities Trust, Series 3 , Class M1, 5.34%, 12/26/34 (TSFR1M + 101 bps)<sup>(b)</sup> | 80171 |
| 630000 | &nbsp;&nbsp;&nbsp;OneMain Financial Issuance Trust, Series 2A , Class A, 3.14%, 10/14/36<sup>(a)(d)</sup> | 610289 |
| 195000 | &nbsp;&nbsp;&nbsp;OPG Trust, Series 2021-PORT , Class C, 5.27%, 10/15/36<sup>(a)</sup> | 193781 |
| 232466 | &nbsp;&nbsp;&nbsp;BX Trust, Series 2021-RISE , Class C, 5.88%, 11/15/36<sup>(a)</sup> | 229560 |
| 1500000 | &nbsp;&nbsp;&nbsp;Reese Park CLO Ltd., Series 1A , Class ARR, 5.62%, 1/15/38 (TSFR3M + 132 bps)<sup>(a)(b)</sup> | 1497282 |
| 1500177 | &nbsp;&nbsp;&nbsp;Hilton Grand Vacations Trust, Series 2024-3A , Class A, 4.98%, 8/27/40<sup>(a)</sup> | 1511013 |
| 552336 | &nbsp;&nbsp;&nbsp;Sierra Timeshare Receivables Funding LLC, Series 3A , Class A, 4.83%, 8/20/41<sup>(a)</sup> | 552895 |
| 1858000 | &nbsp;&nbsp;&nbsp;Tricon Residential Trust, Series 2025-SFR , Class A, 5.40%, 3/17/42 (TSFR1M + 110 bps)<sup>(a)(b)</sup> | 1857996 |
| 990193 | &nbsp;&nbsp;&nbsp;MVW LLC, Series 2024-2 , Class A, 4.43%, 3/20/42<sup>(a)</sup> | 981374 |
| 181263 | &nbsp;&nbsp;&nbsp;SoFi Professional Loan Program Trust, Series A , Class A2FX, 2.54%, 5/15/46<sup>(a)(d)</sup> | 173945 |
| 1507594 | &nbsp;&nbsp;&nbsp;Government National Mortgage Association, Series 27 , Class AW, 5.89%, 2/20/51 | 1546342 |
| 51000 | &nbsp;&nbsp;&nbsp;BMO Mortgage Trust, Series 2023-5C1 , 7.12%, 8/15/56 | 53958 |
| 178000 | &nbsp;&nbsp;&nbsp;BANK5 Trust, Series 2023-5YR3 , Class AS, 7.32%, 9/15/56 | 190516 |
| 252000 | &nbsp;&nbsp;&nbsp;BANK5 Trust, Series 2024-5YR6 , Class A3, 6.23%, 5/15/57 | 263901 |
| 240000 | &nbsp;&nbsp;&nbsp;BANK5 Trust, Series 2024-5YR6 , Class AS, 6.79%, 5/15/57 | 252040 |
|  | &nbsp;&nbsp;&nbsp;**Total (Cost $16,220,163)** | 16194444 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount** |  | **Fair Value** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES — 10.27%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES — 10.27%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES — 10.27%** |
| 320779 | &nbsp;&nbsp;&nbsp;FRESB Mortgage Trust, Series 2017-SB36, Class A10F, 2.88%, 7/25/27<sup>(d)</sup> | 310886 |
| 85000 | &nbsp;&nbsp;&nbsp;Benchmark Mortgage Trust, Series V6, Class A3, 5.93%, 3/15/29 | 88167 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount** |  | **Fair Value** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES — (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES — (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES — (continued)** |
| $553000 | &nbsp;&nbsp;&nbsp;Benchmark Mortgage Trust, Series V6, Class AS, 6.38%, 3/15/29 | $572954 |
| 140000 | &nbsp;&nbsp;&nbsp;Freddie Mac Multifamily Structured Pass Through, Series K159, Class A2, 3.95%, 11/25/30<sup>(c)</sup> | 137192 |
| 15892 | &nbsp;&nbsp;&nbsp;CSFB Mortgage-Backed Pass-Through Certificates, Series 1, Class 2A1, 6.50%, 2/25/34 | 15913 |
| 22820 | &nbsp;&nbsp;&nbsp;CHL Mortgage Pass-Through Trust, Series 3, Class A4, 5.75%, 4/25/34 | 22442 |
| 8989 | &nbsp;&nbsp;&nbsp;Citigroup Mortgage Loan Trust, Inc., Series NCM2, Class 3CB2, 6.50%, 8/25/34 | 8961 |
| 1000000 | &nbsp;&nbsp;&nbsp;Freddie Mac Multifamily Structured Pass Through, Series K1522, Class A2, 2.36%, 10/25/36 | 792387 |
| 250708 | &nbsp;&nbsp;&nbsp;ELP Commercial Mortgage Trust, Series 2021-ELP, Class C, 5.75%, 11/15/38<sup>(a)(c)</sup> | 249376 |
| 237472 | &nbsp;&nbsp;&nbsp;BX Commercial Mortgage Trust, Series 2021-ACNT, Class C, 5.93%, 11/15/38<sup>(a)(c)</sup> | 236507 |
| 232582 | &nbsp;&nbsp;&nbsp;SMR Mortgage Trust, Series 2022-IND, Class A, 5.96%, 2/15/39<sup>(a)</sup> | 230158 |
| 1625 | &nbsp;&nbsp;&nbsp;GS Mortgage Securities Trust, Series 2010-C1, Class B, 5.15%, 8/10/43<sup>(a)</sup> | 1622 |
| 84255 | &nbsp;&nbsp;&nbsp;JP Morgan Chase Commercial Mortgage, Series C3, Class B, 5.01%, 2/15/46<sup>(a)(c)</sup> | 80466 |
| 10117 | &nbsp;&nbsp;&nbsp;COMM Mortgage Trust, 3.69%, 8/10/47 | 9966 |
| 1876 | &nbsp;&nbsp;&nbsp;GS Mortgage Securities Trust, 3.93%, 9/12/47 | 1863 |
| 455921 | &nbsp;&nbsp;&nbsp;CSAIL Commercial Mortgage Trust, Series 2015-C3, Class A4, 3.72%, 8/15/48<sup>(d)</sup> | 453928 |
| 644000 | &nbsp;&nbsp;&nbsp;Wells Fargo Commercial Mortgage Trust, Series P2, Class A4, 3.81%, 12/15/48 | 638055 |
| 589000 | &nbsp;&nbsp;&nbsp;CD Mortgage Trust, Series 2016-CD2, Class A4, 3.53%, 11/10/49<sup>(d)</sup> | 565810 |
| 500000 | &nbsp;&nbsp;&nbsp;GS Mortgage Securities Trust, Series 2016-GS4, Class A4, 3.44%, 11/15/49 | 489211 |
| 185000 | &nbsp;&nbsp;&nbsp;JP Morgan Chase Commercial Mortgage, Series JP4, Class A4, 3.65%, 12/15/49<sup>(c)</sup> | 181192 |
| 500000 | &nbsp;&nbsp;&nbsp;Morgan Stanley Bank of America Merrill Lynch Trust, Series C32, Class A4, 3.72%, 12/15/49<sup>(d)</sup> | 489668 |
| 50000 | &nbsp;&nbsp;&nbsp;Wells Fargo Commercial Mortgage Trust, Series C37, Class A5, 3.79%, 12/15/49 | 48956 |
| 700000 | &nbsp;&nbsp;&nbsp;CD Mortgage Trust, Series 2017-CD3, Class A4, 3.63%, 2/10/50 | 667701 |
| 250000 | &nbsp;&nbsp;&nbsp;COMM Mortgage Trust, Series COR2, Class A3, 3.51%, 9/10/50<sup>(d)</sup> | 242078 |
| 300000 | &nbsp;&nbsp;&nbsp;Wells Fargo Commercial Mortgage Trust, Series C40, Class A4, 3.58%, 10/15/50 | 291474 |
| 435000 | &nbsp;&nbsp;&nbsp;Morgan Stanley Capital I Trust, Series H3, Class A5, 4.18%, 7/15/51 | 425154 |
| 325000 | &nbsp;&nbsp;&nbsp;BBCMS Mortgage Trust, Series C7, Class A5, 2.04%, 4/15/53 | 284013 |
| 64000 | &nbsp;&nbsp;&nbsp;GS Mortgage Securities Trust, Series GC47, Class A5, 2.38%, 5/12/53 | 56796 |
| 220800 | &nbsp;&nbsp;&nbsp;Wells Fargo Commercial Mortgage Trust, Series C56, Class A5, 2.45%, 6/15/53 | 197394 |
| 589492 | &nbsp;&nbsp;&nbsp;Benchmark Mortgage Trust, Series B18, Class A5, 1.93%, 7/15/53 | 504225 |
| 659333 | &nbsp;&nbsp;&nbsp;Morgan Stanley Capital I Trust, Series HR8, Class A4, 2.04%, 7/15/53 | 572915 |
| 300000 | &nbsp;&nbsp;&nbsp;Wells Fargo Commercial Mortgage Trust, Series C58, Class A4, 2.09%, 7/15/53 | 258022 |
| 500000 | &nbsp;&nbsp;&nbsp;Wells Fargo Commercial Mortgage Trust, Series C57, Class A4, 2.12%, 8/15/53 | 437964 |
| 250000 | &nbsp;&nbsp;&nbsp;BANK Trust, Series 2020-BNK29, Class A4, 2.00%, 11/15/53 | 210744 |
| 500000 | &nbsp;&nbsp;&nbsp;GS Mortgage Securities Trust, Series GSA2, Class A5, 2.01%, 12/12/53<sup>(d)</sup> | 425676 |

---

32 *See accompanying notes to financial statements.*

**Sterling Capital Quality Income Fund**

**Schedule of Investments (continued)**

*March 31, 2025 (Unaudited)*

---

| | | |
|:---|:---|:---|
| **Principal Amount** |  | **Fair Value** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES — (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES — (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES — (continued)** |
| $1250000 | &nbsp;&nbsp;&nbsp;Benchmark Mortgage Trust, Series B21, Class A5, 1.98%, 12/17/53<sup>(d)</sup> | $1063808 |
| 100000 | &nbsp;&nbsp;&nbsp;CFCRE Commercial Mortgage Trust, Series C7, Class A3, 3.84%, 12/10/54 | 97777 |
| 80000 | &nbsp;&nbsp;&nbsp;Benchmark Mortgage Trust, Series V2, Class AS, 6.54%, 5/15/55 | 82659 |
| 209000 | &nbsp;&nbsp;&nbsp;Benchmark Mortgage Trust, Series 2024-V7, Class A3, 6.23%, 5/15/56 | 219036 |
| 167000 | &nbsp;&nbsp;&nbsp;Benchmark Mortgage Trust, Series 2024-V7, Class AS, 6.53%, 5/15/56 | 174387 |
| 1000000 | &nbsp;&nbsp;&nbsp;BANK5 Trust, Series 2023-5YR4, Class AS, 7.27%, 12/15/56 | 1061455 |
| 220000 | &nbsp;&nbsp;&nbsp;Benchmark Mortgage Trust, Series V5, Class A3, 5.81%, 1/10/57 | 226588 |
| 75000 | &nbsp;&nbsp;&nbsp;BBCMS Mortgage Trust, Series 5C25, Class A3, 5.95%, 3/15/57 | 77833 |
| 51000 | &nbsp;&nbsp;&nbsp;BBCMS Mortgage Trust, Series 5C25, Class AS, 6.36%, 3/15/57 | 52938 |
| 185000 | &nbsp;&nbsp;&nbsp;BMO Mortgage Trust, Series 2024-C9, Class A5, 5.76%, 7/15/57 | 193480 |
| 156000 | &nbsp;&nbsp;&nbsp;BMO Mortgage Trust, Series 2024-C9, Class AS, 6.13%, 7/15/57 | 163090 |
| 1000000 | &nbsp;&nbsp;&nbsp;BMO Mortgage Trust, Series 2024-C10, Class A5, 5.48%, 11/15/57 | 1026545 |
| 500000 | &nbsp;&nbsp;&nbsp;BMO Mortgage Trust, Series 2024-C10, Class AS, 5.73%, 11/15/57 | 506639 |
| 500000 | &nbsp;&nbsp;&nbsp;Citigroup Commercial Mortgage Trust, Series GC33, Class A4, 3.78%, 9/10/58 | 496053 |
|  | &nbsp;&nbsp;&nbsp;**Total (Cost $16,725,512)** | 15642124 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount** |  | **Fair Value** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS — 29.27%** | **COLLATERALIZED MORTGAGE OBLIGATIONS — 29.27%** | **COLLATERALIZED MORTGAGE OBLIGATIONS — 29.27%** |
| 181847 | &nbsp;&nbsp;&nbsp;Fannie Mae, Series 2013-91, Class DV, 3.00%, 10/25/26 | 179946 |
| 215000 | &nbsp;&nbsp;&nbsp;Freddie Mac, Series 4097, Class CU, 1.50%, 8/15/27 | 206162 |
| 492433 | &nbsp;&nbsp;&nbsp;Freddie Mac, Series 4136, Class HZ, 3.50%, 11/15/27 | 486800 |
| 208000 | &nbsp;&nbsp;&nbsp;BANK5, Series 2023-5YR4, Class B, 7.61%, 12/15/28 | 221506 |
| 318072 | &nbsp;&nbsp;&nbsp;Ginnie Mae, Series 79, Class V, 2.80%, 3/16/29 | 304175 |
| 148855 | &nbsp;&nbsp;&nbsp;Freddie Mac Principal Strips, Series 219, –%, 3/01/32 | 133959 |
| 46425 | &nbsp;&nbsp;&nbsp;Freddie Mac, Series 2485, Class WG, 6.00%, 8/15/32 | 48211 |
| 119000 | &nbsp;&nbsp;&nbsp;Freddie Mac, Series 4160, Class HH, 2.50%, 12/15/32<sup>(d)</sup> | 111597 |
| 116901 | &nbsp;&nbsp;&nbsp;Fannie Mae, Series 2003-21, Class OW, 4.00%, 3/25/33 | 113190 |
| 29512 | &nbsp;&nbsp;&nbsp;Fannie Mae, Series 2003-19, Class AR, 5.50%, 3/25/33 | 30360 |
| 109934 | &nbsp;&nbsp;&nbsp;Freddie Mac, Series 2768, Class PC, 4.00%, 3/15/34 | 105792 |
| 43070 | &nbsp;&nbsp;&nbsp;Ginnie Mae, Series 2004-69, Class GC, 5.50%, 4/20/34 | 43735 |
| 125480 | &nbsp;&nbsp;&nbsp;Freddie Mac, Series 3042, Class PZ, 5.75%, 9/15/35 | 130917 |
| 342729 | &nbsp;&nbsp;&nbsp;Ginnie Mae, Series 2005-60, Class WZ, 5.50%, 9/20/35 | 349583 |
| 788883 | &nbsp;&nbsp;&nbsp;Freddie Mac Principal Strips, Series 236, 0%, 4/01/36 | 648247 |
| 580327 | &nbsp;&nbsp;&nbsp;Fannie Mae, Series 59, Class DH, 6.50%, 7/25/36 | 617483 |
| 151550 | &nbsp;&nbsp;&nbsp;Ginnie Mae, Series 2007-57, Class ZA, 5.75%, 10/20/37 | 153476 |
| 622487 | &nbsp;&nbsp;&nbsp;Fannie Mae, Series 2008-2, Class PH, 5.50%, 2/25/38 | 629794 |
| 65738 | &nbsp;&nbsp;&nbsp;Freddie Mac, Series 3440, Class EM, 5.00%, 4/15/38 | 67104 |
| 527000 | &nbsp;&nbsp;&nbsp;Fannie Mae, Series 2009-28, Class HX, 5.00%, 5/25/39 | 524137 |
| 92474 | &nbsp;&nbsp;&nbsp;Freddie Mac, Series 3816, Class HM, 4.50%, 5/15/40 | 92550 |
| 500000 | &nbsp;&nbsp;&nbsp;Freddie Mac, Series 3714, Class PB, 4.75%, 8/15/40<sup>(d)</sup> | 493159 |
| 1000000 | &nbsp;&nbsp;&nbsp;Ginnie Mae, Series 81, Class AL, 4.50%, 8/20/40 | 979359 |
| 6224 | &nbsp;&nbsp;&nbsp;Fannie Mae, Series 74, Class QM, 4.50%, 11/25/40 | 6201 |
| 1067 | &nbsp;&nbsp;&nbsp;Freddie Mac, Series 3803, Class PJ, 4.25%, 1/15/41 | 1063 |
| 825833 | &nbsp;&nbsp;&nbsp;Fannie Mae, Series 2010-150, Class YL, 4.00%, 1/25/41 | 748137 |
| 200000 | &nbsp;&nbsp;&nbsp;Freddie Mac, Series 3815, Class TB, 4.50%, 2/15/41 | 191327 |
| 45900 | &nbsp;&nbsp;&nbsp;Freddie Mac, Series 4215, Class LD, 2.00%, 7/15/41 | 44379 |
| 949804 | &nbsp;&nbsp;&nbsp;Freddie Mac, Series 3895, Class PW, 4.50%, 7/15/41 | 934455 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount** |  | **Fair Value** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS — (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS — (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS — (continued)** |
| $750000 | &nbsp;&nbsp;&nbsp;Ginnie Mae, Series 2011-135, Class PG, 3.00%, 10/16/41 | $662835 |
| 26576 | &nbsp;&nbsp;&nbsp;Freddie Mac, Series 4293, Class MH, 3.00%, 12/15/41 | 25550 |
| 873240 | &nbsp;&nbsp;&nbsp;Fannie Mae, Series 2011-131, Class PB, 4.50%, 12/25/41 | 863783 |
| 257281 | &nbsp;&nbsp;&nbsp;Freddie Mac, Series 4094, Class ME, 2.50%, 8/15/42 | 227228 |
| 460000 | &nbsp;&nbsp;&nbsp;Freddie Mac, Series 4088, Class CD, 3.00%, 8/15/42 | 377148 |
| 1539838 | &nbsp;&nbsp;&nbsp;Freddie Mac, Series 5427, Class HZ, 3.50%, 8/15/42 | 1294659 |
| 628000 | &nbsp;&nbsp;&nbsp;Freddie Mac, Series 4135, Class AY, 2.00%, 11/15/42 | 507017 |
| 724000 | &nbsp;&nbsp;&nbsp;Freddie Mac, Series 4125, Class JC, 2.50%, 11/15/42 | 567497 |
| 103246 | &nbsp;&nbsp;&nbsp;Freddie Mac, Series 4173, Class NB, 3.00%, 3/15/43 | 93959 |
| 78765 | &nbsp;&nbsp;&nbsp;Freddie Mac, Series 4352, Class ZX, 4.00%, 4/15/44 | 74943 |
| 1000000 | &nbsp;&nbsp;&nbsp;Freddie Mac, Series 4507, Class GB, 3.00%, 9/15/45 | 866462 |
| 2655897 | &nbsp;&nbsp;&nbsp;Fannie Mae, Series 2015-65, Class CZ, 3.50%, 9/25/45 | 2275318 |
| 100774 | &nbsp;&nbsp;&nbsp;Fannie Mae, Series 2016-85, Class GA, 2.50%, 10/25/45 | 92597 |
| 475000 | &nbsp;&nbsp;&nbsp;Freddie Mac, Series 4650, Class JE, 3.00%, 7/15/46 | 410492 |
| 1200909 | &nbsp;&nbsp;&nbsp;Fannie Mae, Series 73, Class DZ, 3.00%, 10/25/46<sup>(d)</sup> | 1044852 |
| 499731 | &nbsp;&nbsp;&nbsp;Ginnie Mae, Series 126, Class A, 2.50%, 11/16/46 | 474899 |
| 712000 | &nbsp;&nbsp;&nbsp;Ginnie Mae, Series 2017-75, Class DL, 3.00%, 3/20/47 | 562966 |
| 1495000 | &nbsp;&nbsp;&nbsp;Fannie Mae, Series 2017-42, Class HL, 3.00%, 6/25/47 | 1353982 |
| 640903 | &nbsp;&nbsp;&nbsp;Fannie Mae, Series 20, Class KL, 3.50%, 1/25/48 | 534359 |
| 953862 | &nbsp;&nbsp;&nbsp;Freddie Mac, Series 4795, Class JB, 4.00%, 5/15/48 | 899458 |
| 2107598 | &nbsp;&nbsp;&nbsp;Freddie Mac, Series 4841, Class PZ, 4.50%, 9/15/48 | 2029813 |
| 863000 | &nbsp;&nbsp;&nbsp;Ginnie Mae, Series 2019-6, Class JK, 3.50%, 1/20/49 | 763972 |
| 3867314 | &nbsp;&nbsp;&nbsp;Government National Mortgage Association, Series 90, Class AB, 3.00%, 7/20/49 | 3424934 |
| 727090 | &nbsp;&nbsp;&nbsp;Freddie Mac, Series 4941, Class MB, 3.00%, 7/25/49 | 653192 |
| 289256 | &nbsp;&nbsp;&nbsp;Chase Home Lending Mortgage Trust, Series 2019- ATR2, Class A3, 3.50%, 8/25/49<sup>(a)</sup> | 262129 |
| 662399 | &nbsp;&nbsp;&nbsp;Fannie Mae, Series 2015-65, Class BL, 3.50%, 9/25/49 | 544391 |
| 3387447 | &nbsp;&nbsp;&nbsp;Freddie Mac, Series 4938, Class KA, 2.50%, 10/25/49 | 2930879 |
| 772021 | &nbsp;&nbsp;&nbsp;Fannie Mae, Series 5, Class MG, 3.50%, 2/25/50 | 704717 |
| 441995 | &nbsp;&nbsp;&nbsp;Fannie Mae, Series 12, Class LC, 2.00%, 3/25/50 | 363765 |
| 315341 | &nbsp;&nbsp;&nbsp;Fannie Mae, Series 2020-10, Class Q, 3.00%, 3/25/50 | 267922 |
| 1500000 | &nbsp;&nbsp;&nbsp;Fannie Mae, Series 56, Class AQ, 2.00%, 8/25/50 | 1184929 |
| 351178 | &nbsp;&nbsp;&nbsp;Freddie Mac, Series 5115, Class G, 2.50%, 9/25/50 | 285180 |
| 1511233 | &nbsp;&nbsp;&nbsp;SMB Private Education Loan Trust, Series 2024-F, Class A1A, 5.06%, 3/16/54<sup>(a)</sup> | 1519537 |
| 1495000 | &nbsp;&nbsp;&nbsp;Benchmark Mortgage Trust, Series 2023-B39, Class A5, 5.75%, 7/15/56 | 1561990 |
| 1500000 | &nbsp;&nbsp;&nbsp;BANK Trust, Series 2023-BNK46, Class A4, 5.75%, 8/15/56 | 1569206 |
| 1500000 | &nbsp;&nbsp;&nbsp;BMO Mortgage Trust, Series 2023-C7, Class A5, 6.16%, 12/15/56 | 1608748 |
| 1500000 | &nbsp;&nbsp;&nbsp;BANK Trust, Series 2024-BNK47, Class A5, 5.72%, 6/15/57 | 1569113 |
| 1500000 | &nbsp;&nbsp;&nbsp;Wells Fargo Commercial Mortgage Trust, Series 2024-C63, Class A5, 5.31%, 8/15/57 | 1526967 |
|  | &nbsp;&nbsp;&nbsp;**Total (Cost $45,612,530)** | 44578192 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount** |  | **Fair Value** |
| **MORTGAGE-BACKED SECURITIES — 44.54%** | **MORTGAGE-BACKED SECURITIES — 44.54%** | **MORTGAGE-BACKED SECURITIES — 44.54%** |
|  | **Fannie Mae — 27.68%** | **Fannie Mae — 27.68%** |
| 233644 | &nbsp;&nbsp;&nbsp;4.50%, 3/01/34, Pool #CA3294 | 232974 |
| 45554 | &nbsp;&nbsp;&nbsp;5.50%, 6/01/38, Pool #984277<sup>(d)</sup> | 46278 |
| 25424 | &nbsp;&nbsp;&nbsp;5.50%, 8/01/38, Pool #995072 | 25850 |
| 32715 | &nbsp;&nbsp;&nbsp;4.50%, 9/01/39, Pool #AC1830 | 32315 |
| 33076 | &nbsp;&nbsp;&nbsp;4.50%, 10/01/40, Pool #AE4855 | 32621 |
| 57868 | &nbsp;&nbsp;&nbsp;3.50%, 2/01/41, Pool #AH5646 | 53941 |
| 90175 | &nbsp;&nbsp;&nbsp;4.00%, 3/01/41, Pool #AH4008 | 86867 |
| 287361 | &nbsp;&nbsp;&nbsp;2.50%, 5/01/41, Pool #MA4334 | 253747 |
| 26675 | &nbsp;&nbsp;&nbsp;4.50%, 6/01/41, Pool #AC9298 | 26187 |
| 63150 | &nbsp;&nbsp;&nbsp;5.00%, 7/01/41, Pool #AI5595 | 63665 |

---

*See accompanying notes to financial statements.* 33

**Sterling Capital Quality Income Fund**

**Schedule of Investments (continued)**

*March 31, 2025 (Unaudited)*

---

| | | | |
|:---|:---|:---|:---|
| **Principal Amount** |  | **Fair Value** | **Fair Value** |
| **MORTGAGE-BACKED SECURITIES — (continued)** | **MORTGAGE-BACKED SECURITIES — (continued)** | **MORTGAGE-BACKED SECURITIES — (continued)** | **MORTGAGE-BACKED SECURITIES — (continued)** |
|  | **Fannie Mae — (continued)** | **Fannie Mae — (continued)** | **Fannie Mae — (continued)** |
| $112567 | &nbsp;&nbsp;&nbsp;4.00%, 9/01/41, Pool #AJ1717 | $| 108273 |
| 1709723 | &nbsp;&nbsp;&nbsp;6.00%, 10/01/41, Pool #FS4183 |  | 1782634 |
| 1531180 | &nbsp;&nbsp;&nbsp;2.00%, 12/01/41, Pool #MA4501 |  | 1305253 |
| 488582 | &nbsp;&nbsp;&nbsp;6.00%, 8/01/43, Pool #MA5129 |  | 499925 |
| 34632 | &nbsp;&nbsp;&nbsp;4.50%, 10/01/44, Pool #MA2066 |  | 33844 |
| 101124 | &nbsp;&nbsp;&nbsp;4.00%, 12/01/44, Pool #MA2127 |  | 95950 |
| 99690 | &nbsp;&nbsp;&nbsp;4.50%, 1/01/45, Pool #MA2158 |  | 97463 |
| 117951 | &nbsp;&nbsp;&nbsp;3.50%, 3/01/45, Pool #AS4552 |  | 109173 |
| 104994 | &nbsp;&nbsp;&nbsp;4.00%, 10/01/45, Pool #AL7487 |  | 99426 |
| 739009 | &nbsp;&nbsp;&nbsp;3.00%, 10/01/46, Pool #BC4764 |  | 654340 |
| 70513 | &nbsp;&nbsp;&nbsp;4.00%, 11/01/46, Pool #MA2808 |  | 66685 |
| 94528 | &nbsp;&nbsp;&nbsp;3.00%, 2/01/47, Pool #BE2329 |  | 83552 |
| 51484 | &nbsp;&nbsp;&nbsp;4.00%, 5/01/47, Pool #BE9598 |  | 48571 |
| 45389 | &nbsp;&nbsp;&nbsp;4.50%, 11/01/47, Pool #BM3286 |  | 44510 |
| 3023715 | &nbsp;&nbsp;&nbsp;4.00%, 12/01/47, Pool #BM5019 |  | 2880947 |
| 53199 | &nbsp;&nbsp;&nbsp;4.50%, 5/01/48, Pool #CA1711 |  | 51670 |
| 1308198 | &nbsp;&nbsp;&nbsp;3.50%, 6/01/50, Pool #CA6097 |  | 1190087 |
| 179222 | &nbsp;&nbsp;&nbsp;3.00%, 7/01/50, Pool #CA6421 |  | 156368 |
| 181933 | &nbsp;&nbsp;&nbsp;3.00%, 7/01/50, Pool #CA6422 |  | 158733 |
| 678179 | &nbsp;&nbsp;&nbsp;3.00%, 8/01/50, Pool #FS0973 |  | 597777 |
| 842733 | &nbsp;&nbsp;&nbsp;3.50%, 9/01/50, Pool #FS5284 |  | 767042 |
| 414203 | &nbsp;&nbsp;&nbsp;2.50%, 3/01/51, Pool #FM6523 |  | 348332 |
| 290210 | &nbsp;&nbsp;&nbsp;3.00%, 5/01/51, Pool #FM7346 |  | 253806 |
| 927820 | &nbsp;&nbsp;&nbsp;2.50%, 8/01/51, Pool #FM8438 |  | 781273 |
| 1099640 | &nbsp;&nbsp;&nbsp;4.00%, 8/01/51, Pool #FS1976 |  | 1037325 |
| 2902247 | &nbsp;&nbsp;&nbsp;3.00%, 9/01/51, Pool #FM8821 |  | 2537496 |
| 269698 | &nbsp;&nbsp;&nbsp;3.00%, 11/01/51, Pool #CB2170 |  | 234697 |
| 697024 | &nbsp;&nbsp;&nbsp;3.50%, 2/01/52, Pool #MA4550 |  | 633286 |
| 779834 | &nbsp;&nbsp;&nbsp;3.00%, 3/01/52, Pool #BV4143 |  | 681630 |
| 596885 | &nbsp;&nbsp;&nbsp;3.50%, 4/01/52, Pool #FS1260 |  | 543875 |
| 3009900 | &nbsp;&nbsp;&nbsp;3.50%, 5/01/52, Pool #CB3593 |  | 2728305 |
| 568371 | &nbsp;&nbsp;&nbsp;4.50%, 6/01/52, Pool #FS2157 |  | 549975 |
| 3407671 | &nbsp;&nbsp;&nbsp;4.50%, 10/01/52, Pool #BW9905 |  | 3273699 |
| 426903 | &nbsp;&nbsp;&nbsp;5.00%, 11/01/52, Pool #CB5278 |  | 419979 |
| 504599 | &nbsp;&nbsp;&nbsp;5.50%, 3/01/53, Pool #FS3925 |  | 508746 |
| 1199982 | &nbsp;&nbsp;&nbsp;6.00%, 6/01/53, Pool #FS6616 |  | 1226313 |
| 1557186 | &nbsp;&nbsp;&nbsp;6.00%, 7/01/53, Pool #FS5233 |  | 1595612 |
| 3635866 | &nbsp;&nbsp;&nbsp;4.50%, 9/01/53, Pool #FS8829 |  | 3484035 |
| 2803063 | &nbsp;&nbsp;&nbsp;6.00%, 5/01/54, Pool #FM2472 |  | 2871811 |
| 3398788 | &nbsp;&nbsp;&nbsp;5.00%, 10/01/54, Pool #FS9535 |  | 3335666 |
| 3421959 | &nbsp;&nbsp;&nbsp;5.50%, 11/01/54, Pool #FS9455 |  | 3440597 |
|  |  |  | 42173126 |
|  | **Freddie Mac — 16.58%** | **Freddie Mac — 16.58%** | **Freddie Mac — 16.58%** |
| 27231 | &nbsp;&nbsp;&nbsp;4.00%, 11/01/32, Pool #ZS8993 |  | 26930 |
| 124867 | &nbsp;&nbsp;&nbsp;4.00%, 5/01/37, Pool #ZA2461 |  | 122249 |
| 15638 | &nbsp;&nbsp;&nbsp;5.50%, 10/01/39, Pool #ZI9359 |  | 15891 |
| 28644 | &nbsp;&nbsp;&nbsp;5.00%, 4/01/40, Pool #ZI9910 |  | 28895 |
| 47517 | &nbsp;&nbsp;&nbsp;5.50%, 4/01/40, Pool #ZA1042 |  | 48382 |
| 147731 | &nbsp;&nbsp;&nbsp;2.00%, 8/01/40, Pool #RB5076 |  | 129099 |
| 19891 | &nbsp;&nbsp;&nbsp;5.00%, 8/01/40, Pool #ZA1056 |  | 20065 |
| 51889 | &nbsp;&nbsp;&nbsp;4.00%, 11/01/40, Pool #ZJ0654 |  | 49932 |
| 54835 | &nbsp;&nbsp;&nbsp;4.00%, 12/01/40, Pool #ZJ0811 |  | 52823 |
| 130239 | &nbsp;&nbsp;&nbsp;3.50%, 8/01/42, Pool #ZL3508 |  | 121397 |
| 481388 | &nbsp;&nbsp;&nbsp;6.00%, 2/01/43, Pool #RB5221 |  | 492526 |
| 167229 | &nbsp;&nbsp;&nbsp;3.50%, 3/01/43, Pool #ZT1107 |  | 155670 |
| 99091 | &nbsp;&nbsp;&nbsp;3.50%, 3/01/45, Pool #ZT1164 |  | 92119 |
| 78469 | &nbsp;&nbsp;&nbsp;3.00%, 1/01/46, Pool #ZS4646 |  | 69673 |
| 81986 | &nbsp;&nbsp;&nbsp;4.00%, 4/01/46, Pool #ZM1015 |  | 77637 |
| 81026 | &nbsp;&nbsp;&nbsp;3.50%, 12/01/47, Pool #ZM5123 |  | 73990 |
| 1648795 | &nbsp;&nbsp;&nbsp;4.00%, 6/01/48, Pool #ZT0541 |  | 1555946 |
| 556067 | &nbsp;&nbsp;&nbsp;2.50%, 7/01/51, Pool #QC4230 |  | 468941 |
| 875982 | &nbsp;&nbsp;&nbsp;3.00%, 8/01/51, Pool #SD8162 |  | 761291 |
| 923290 | &nbsp;&nbsp;&nbsp;3.00%, 2/01/52, Pool #RA6664 |  | 805241 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal Amount** |  | **Fair Value** | **Fair Value** |
| **MORTGAGE-BACKED SECURITIES — (continued)** | **MORTGAGE-BACKED SECURITIES — (continued)** | **MORTGAGE-BACKED SECURITIES — (continued)** | **MORTGAGE-BACKED SECURITIES — (continued)** |
|  | **Freddie Mac — (continued)** | **Freddie Mac — (continued)** | **Freddie Mac — (continued)** |
| $644656 | &nbsp;&nbsp;&nbsp;4.50%, 6/01/52, Pool #SD1265 | $| 621391 |
| 1010361 | &nbsp;&nbsp;&nbsp;4.50%, 8/01/52, Pool #SD1515 |  | 968167 |
| 683865 | &nbsp;&nbsp;&nbsp;5.00%, 10/01/52, Pool #SD1710 |  | 673594 |
| 1427443 | &nbsp;&nbsp;&nbsp;4.00%, 12/01/52, Pool #SD5808 |  | 1340444 |
| 606025 | &nbsp;&nbsp;&nbsp;5.00%, 1/01/53, Pool #RA8382 |  | 596197 |
| 3499571 | &nbsp;&nbsp;&nbsp;5.00%, 2/01/53, Pool #SD2473 |  | 3438554 |
| 843063 | &nbsp;&nbsp;&nbsp;5.50%, 2/01/53, Pool #QF8052 |  | 848467 |
| 1066990 | &nbsp;&nbsp;&nbsp;4.50%, 5/01/53, Pool #SD2952 |  | 1030488 |
| 471612 | &nbsp;&nbsp;&nbsp;6.00%, 5/01/53, Pool #SD3072 |  | 483448 |
| 910435 | &nbsp;&nbsp;&nbsp;5.00%, 6/01/53, Pool #SD3128 |  | 897648 |
| 879362 | &nbsp;&nbsp;&nbsp;5.50%, 6/01/53, Pool #SD3136 |  | 885988 |
| 1167328 | &nbsp;&nbsp;&nbsp;6.00%, 7/01/53, Pool #SD3223 |  | 1197038 |
| 706083 | &nbsp;&nbsp;&nbsp;5.50%, 6/01/54, Pool #SD5479 |  | 709134 |
| 2865078 | &nbsp;&nbsp;&nbsp;6.00%, 9/01/54, Pool #SD6558 |  | 2933379 |
| 3422554 | &nbsp;&nbsp;&nbsp;5.50%, 11/01/54, Pool #SD6622 |  | 3437347 |
|  |  |  | 25229981 |
|  | **Ginnie Mae II — 0.28%** | **Ginnie Mae II — 0.28%** | **Ginnie Mae II — 0.28%** |
| 6408 | &nbsp;&nbsp;&nbsp;4.00%, 12/20/40, Pool #755678 |  | 6137 |
| 447708 | &nbsp;&nbsp;&nbsp;4.00%, 7/20/52, Pool #786280 |  | 420505 |
|  |  |  | 426642 |
|  | &nbsp;&nbsp;&nbsp;**Total (Cost $69,110,588)** |  | 67829749 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount** |  | **Fair Value** |
| **U.S. GOVERNMENT & AGENCIES — 0.96%** | **U.S. GOVERNMENT & AGENCIES — 0.96%** | **U.S. GOVERNMENT & AGENCIES — 0.96%** |
| 1438125 | &nbsp;&nbsp;&nbsp;Fannie Mae, 6.00 *%*, 4/01/54 | 1467196 |
|  | &nbsp;&nbsp;&nbsp;**Total (Cost $1,457,861)** | 1467196 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount** |  | **Fair Value** |
| **U.S. GOVERNMENT AGENCIES — 0.31%** | **U.S. GOVERNMENT AGENCIES — 0.31%** | **U.S. GOVERNMENT AGENCIES — 0.31%** |
| 550000 | &nbsp;&nbsp;&nbsp;Federal Home Loan Banks, 1.90 *%*, 10/07/31 | 475828 |
|  | &nbsp;&nbsp;&nbsp;**Total (Cost $476,903)** | 475828 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount** |  | **Fair Value** |
| **U.S. TREASURY BONDS & NOTES — 2.70%** | **U.S. TREASURY BONDS & NOTES — 2.70%** | **U.S. TREASURY BONDS & NOTES — 2.70%** |
| 517000 | &nbsp;&nbsp;&nbsp;United States Treasury Note, 4.13 *%*, 11/15/32 | 517767 |
| 394000 | &nbsp;&nbsp;&nbsp;United States Treasury Note, 4.00 *%*, 2/15/34 | 388644 |
| 2644100 | &nbsp;&nbsp;&nbsp;United States Treasury Bond, 2.38 *%*, 2/15/42<sup>(d)</sup> | 1962418 |
| 2158200 | &nbsp;&nbsp;&nbsp;United States Treasury Bond, 1.88 *%*, 11/15/51<sup>(d)</sup> | 1241387 |
|  | &nbsp;&nbsp;&nbsp;**Total (Cost $4,647,059)** | 4110216 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
| **MONEY MARKET FUNDS — 0.80%** | **MONEY MARKET FUNDS — 0.80%** | **MONEY MARKET FUNDS — 0.80%** |
| 1217198 | &nbsp;&nbsp;&nbsp;Federated Hermes Treasury Obligations Fund, Institutional Shares, 4.21%<sup>(e)</sup> | 1217198 |
|  | &nbsp;&nbsp;&nbsp;Total Money Market Funds |  |
|  | &nbsp;&nbsp;&nbsp;(Cost $1,217,198) | 1217198 |
| Total Investments— 99.64% | Total Investments— 99.64% | Total Investments— 99.64% |
| (Cost $155,717,814) | (Cost $155,717,814) | 151756806 |
| Other Assets in Excess of Liabilities— 0.36% | Other Assets in Excess of Liabilities— 0.36% | 541837 |
| NET ASSETS — 100.00% | NET ASSETS — 100.00% | $152298643 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Security exempt from registration under Rule 144A
 or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified
 institutional buyers. 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 March
 31, 2025. The maturity date reflected is the final maturity date.

(c) 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.

34 *See accompanying notes to financial statements.*

**Sterling Capital Quality Income Fund**

**Schedule of Investments (continued)**

*March 31, 2025 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;(d) All
 or a portion of the securities are held in a separate collateral account at US Bank. The total value of securities held in a separate
 collateral account as of the period ended March 31, 2025 is $8,996,351, which represents 5.9% of net assets.

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

*See accompanying notes to financial statements.* 35

**Sterling Capital North Carolina Intermediate Tax-Free Fund**

**Schedule of Investments**

*March 31, 2025 (Unaudited)*

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount** |  | **Fair Value** |
| **MUNICIPAL BONDS — 98.12%** | **MUNICIPAL BONDS — 98.12%** | **MUNICIPAL BONDS — 98.12%** |
|  | **North Carolina — 98.12%** | **North Carolina — 98.12%** |
| $575000 | &nbsp;&nbsp;&nbsp;Brunswick County, NC, Enterprise Systems Revenue, Callable 2/1/33 @ 100*,* 5.00 *%,*2/1/41 | $617334 |
| 500000 | &nbsp;&nbsp;&nbsp;Brunswick County, NC, Enterprise Systems Revenue, Callable 2/1/33 @ 100*,* 5.00 *%,*2/1/42 | 533587 |
| 2000000 | &nbsp;&nbsp;&nbsp;Buncombe County, NC, Callable 6/1/34 @ 100*,* 5.00 *%,*6/1/36 | 2238520 |
| 1100000 | &nbsp;&nbsp;&nbsp; Cabarrus County, NC, Refunding Revenue Bonds Series A*,* 5.00 *%,*6/1/31  | 1222070 |
| 1000000 | &nbsp;&nbsp;&nbsp;Charlotte, NC, Charlotte Douglas International Airport Refunding Revenue, Callable 7/1/24 @ 100*,* 5.00 *%,*7/1/31 | 1004400 |
| 1695000 | &nbsp;&nbsp;&nbsp;Charlotte, NC, Current Refunding G.O. Series A*,* 5.00 *%,*6/1/29 | 1838756 |
| 2000000 | &nbsp;&nbsp;&nbsp;Charlotte, NC, Current Refunding G.O. Series A, Callable 6/1/29 @ 100*,* 5.00 *%,*6/1/34 | 2131292 |
| 2000000 | &nbsp;&nbsp;&nbsp;Charlotte, NC, Public Facilities, Certification of Participation Series B, Callable 12/1/31 @ 100*,* 5.00 *%,*12/1/32 | 2217341 |
| 2275000 | &nbsp;&nbsp;&nbsp;Charlotte, NC, Recreational Facilities Improvements Revenue, Callable 12/1/28 @ 100*,* 5.00 *%,*12/1/33 | 2402468 |
| 1520000 | &nbsp;&nbsp;&nbsp;Charlotte, NC, Recreational Facilities Improvements Revenue, Callable 12/1/28 @ 100*,* 5.00 *%,*12/1/34 | 1601442 |
| 2650000 | &nbsp;&nbsp;&nbsp;Charlotte, NC, Water & Sewer System Revenue, Refunding Revenue Bonds Series A, Callable 7/1/32 @ 100*,* 5.00 *%,*7/1/39 | 2875176 |
| 2055000 | &nbsp;&nbsp;&nbsp;Charlotte, NC, Water & Sewer System Revenue, Refunding Revenue Bonds Series A*,* 5.00 *%,*7/1/42 | 2228651 |
| 1590000 | &nbsp;&nbsp;&nbsp;Chatham County, NC, Refunding Revenue (County Guaranteed)*,* 5.00 *%,*12/1/28 | 1647815 |
| 2000000 | &nbsp;&nbsp;&nbsp;City of Greensboro NC*,* 5.00 *%,*4/1/41 | 2151467 |
| 2100000 | &nbsp;&nbsp;&nbsp;Concord, NC, Recreational Facility Improvements G.O., Callable 9/1/33 @ 100*,* 5.00 *%,*9/1/34 | 2375217 |
| 500000 | &nbsp;&nbsp;&nbsp;County of Ashe NC*,* 5.00 *%,*6/1/39 | 548614 |
| 720000 | &nbsp;&nbsp;&nbsp;County of Ashe NC*,* 5.00 *%,*6/1/38 | 794538 |
| 2210000 | &nbsp;&nbsp;&nbsp;County of Forsyth, NC*,* 5.00 *%,*6/1/30 | 2431721 |
| 2000000 | &nbsp;&nbsp;&nbsp;County of Guilford NC*,* 5.00 *%,*3/1/32 | 2249118 |
| 2000000 | &nbsp;&nbsp;&nbsp;County of Mecklenburg NC*,* 5.00 *%,*2/1/31 | 2219150 |
| 1795000 | &nbsp;&nbsp;&nbsp;County of Transylvania, NC*,* 5.00 *%,*4/1/30 | 1963779 |
| 1000000 | &nbsp;&nbsp;&nbsp;Currituck County, NC, Callable 4/1/33 @ 100*,* 5.00 *%,*4/1/38 | 1093125 |
| 1150000 | &nbsp;&nbsp;&nbsp;Currituck County, NC, Callable 4/1/33 @ 100*,* 5.00 *%,*4/1/37 | 1264024 |
| 1150000 | &nbsp;&nbsp;&nbsp;Currituck County, NC, Callable 4/1/33 @ 100*,* 5.00 *%,*4/1/36 | 1269938 |
| 1890000 | &nbsp;&nbsp;&nbsp;Durham County, NC, Current Refunding G.O.*,* 5.00 *%,*6/1/29 | 2051069 |
| 1000000 | &nbsp;&nbsp;&nbsp;Elizabeth City State University, Board of Governors of NC, Advance Refunding Revenue Bonds, Callable 4/1/29 @ 100 (AGM)*,* 5.00 *%,*4/1/40 | 1020693 |
| 1690000 | &nbsp;&nbsp;&nbsp;Fayetteville, NC, Public Works Commission, Electric Light & Power Improvements Revenue, Callable 3/1/24 @ 100*,* 5.00 *%,*3/1/29 | 1783240 |
| 1180000 | &nbsp;&nbsp;&nbsp;Fuquay-Varina NC Combined Utilities Revenue*,* 5.00 *%,*2/1/38 | 1300997 |
| 2000000 | &nbsp;&nbsp;&nbsp;Greensboro, NC, Recreational Facility Improvements G.O. Series B, Callable 4/1/32 @ 100*,* 5.00 *%,*4/1/40 | 2162708 |
| 880000 | &nbsp;&nbsp;&nbsp;Johnston County, NC, Water Utility Improvements Revenue Bonds, Callable 4/1/33 @ 100*,* 5.00 *%,*4/1/39 | 958478 |
| 1000000 | &nbsp;&nbsp;&nbsp;Macon County, NC*,* 5.00 *%,*10/1/41 | 1085025 |
| 1195000 | &nbsp;&nbsp;&nbsp;Monroe, NC, Advanced Refunding Revenue Bonds, Callable 3/1/26 @ 100*,* 5.00 *%,*3/1/29 | 1213714 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount** |  | **Fair Value** |
| **MUNICIPAL BONDS — (continued)** | **MUNICIPAL BONDS — (continued)** | **MUNICIPAL BONDS — (continued)** |
|  | **North Carolina — (continued)** | **North Carolina — (continued)** |
| $1000000 | &nbsp;&nbsp;&nbsp;North Carolina Agricultural & Technical State University, Refunding Revenue Series A, Callable 10/1/25 @ 100*,* 5.00 *%,*10/1/32 | $1008096 |
| 1215000 | &nbsp;&nbsp;&nbsp;North Carolina Agricultural & Technical State University, Refunding Revenue Series A, Callable 10/1/25 @ 100*,* 5.00 *%,*10/1/34 | 1224475 |
| 500000 | &nbsp;&nbsp;&nbsp;North Carolina Agricultural & Technical State University, Refunding Revenue Series A*,* 5.00 *%,*10/1/43 | 524036 |
| 500000 | &nbsp;&nbsp;&nbsp;North Carolina Agricultural & Technical State University, Refunding Revenue Series A*,* 5.00 *%,*10/1/48 | 520606 |
| 1000000 | &nbsp;&nbsp;&nbsp;North Carolina Agricultural & Technical State University, Refunding Revenue Series A*,* 5.00 *%,*10/1/52 | 1034911 |
| 750000 | &nbsp;&nbsp;&nbsp;North Carolina Capital Facilities Finance Agency, Meredith College Project, Refunding Revenue*,* 5.00 *%,*6/1/25 | 750404 |
| 1045000 | &nbsp;&nbsp;&nbsp;North Carolina Capital Facilities Finance Agency, The Arc of North Carolina Project, Refunding Revenue (Housing and Urban Development, Section 8)*,* 5.00 *%,*10/1/25 | 1045242 |
| 2345000 | &nbsp;&nbsp;&nbsp;North Carolina Capital Facilities Finance Agency, The Arc of North Carolina Project, Refunding Revenue (Housing and Urban Development, Section 8), Callable 10/1/27 @ 100*,* 5.00 *%,*10/1/34 | 2347546 |
| 1000000 | &nbsp;&nbsp;&nbsp;North Carolina Central University, University & College Improvements, Revenue Bonds, Callable 4/1/29 @ 100*,* 5.00 *%,*4/1/37 | 1034277 |
| 1205000 | &nbsp;&nbsp;&nbsp;North Carolina Central University, University & College Improvements, Revenue Bonds, Callable 4/1/29 @ 100*,* 5.00 *%,*4/1/33 | 1263640 |
| 1000000 | &nbsp;&nbsp;&nbsp;North Carolina Housing Finance Agency*,* 6.25 *%,*1/1/56 | 1116485 |
| 2500000 | &nbsp;&nbsp;&nbsp;North Carolina Medical Care Commission*,* 5.00 *%,*2/1/51 | 2536381 |
| 2000000 | &nbsp;&nbsp;&nbsp;North Carolina Medical Care Commission, Advance Refunding Revenue Bonds, Vidant Health, Callable 6/1/25 @ 100*,* 5.00 *%,*6/1/40 | 1983668 |
| 1500000 | &nbsp;&nbsp;&nbsp;North Carolina Medical Care Commission, Health, Hospital and Nursing Home Improvements, Revenue Bonds Series A, Callable 1/1/30 @ 100*,* 5.00 *%,*7/1/32 | 1597225 |
| 1040000 | &nbsp;&nbsp;&nbsp;North Carolina Municipal Power Agency No 1*,* 5.00 *%,*1/1/29 | 1062251 |
| 3000000 | &nbsp;&nbsp;&nbsp;North Carolina State, Advance Refunding Revenue Bonds Series B, Callable 5/1/27 @ 100*,* 5.00 *%,*5/1/30<sup>(a)</sup> | 3111682 |
| 1100000 | &nbsp;&nbsp;&nbsp;North Carolina State, Advance Refunding Revenue Bonds Series B, Callable 5/1/27 @ 100*,* 5.00 *%,*5/1/28 | 1146522 |
| 2500000 | &nbsp;&nbsp;&nbsp;North Carolina State, Build North Carolina Bonds, Highway Improvements Revenue Bonds Series A, Callable 5/1/29 @ 100*,* 5.00 *%,*5/1/31 | 2679973 |
| 3000000 | &nbsp;&nbsp;&nbsp;North Carolina State, Highway Improvements Revenue Bonds Series N, Callable 3/1/31 @ 100*,* 4.00 *%,*3/1/34 | 3050612 |
| 1500000 | &nbsp;&nbsp;&nbsp;North Carolina Turnpike Authority, Senior Lien, Advance Refunding Revenue (AGM)*,* 5.00 *%,*1/1/27 | 1552749 |
| 2100000 | &nbsp;&nbsp;&nbsp;North Carolina Turnpike Authority, Senior Lien, Advance Refunding Revenue, Callable 1/1/27 @ 100 (AGM)*,* 5.00 *%,*1/1/28 | 2166344 |
| 1060000 | &nbsp;&nbsp;&nbsp;Pitt County, NC, Advance Refunding Revenue Bonds Series B, Callable 10/1/26 @ 100*,* 5.00 *%,*4/1/30 | 1089566 |
| 3000000 | &nbsp;&nbsp;&nbsp;Raleigh, NC, Combined Enterprise System Revenue, Current Refunding Revenue Bonds, Callable 9/1/33 @ 100*,* 5.00 *%,*9/1/48 | 3166351 |

---

36 *See accompanying notes to financial statements.*

**Sterling Capital North Carolina Intermediate Tax-Free Fund**

**Schedule of Investments (continued)**

*March 31, 2025 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br> Amount** | **Principal<br> Amount** |  | **Fair Value** | **Fair Value** |
| **MUNICIPAL BONDS — (continued)** | **MUNICIPAL BONDS — (continued)** | **MUNICIPAL BONDS — (continued)** | **MUNICIPAL BONDS — (continued)** | **MUNICIPAL BONDS — (continued)** |
|  |  | **North Carolina — (continued)** | **North Carolina — (continued)** | **North Carolina — (continued)** |
| $| 2000000 | &nbsp;&nbsp;&nbsp;Raleigh, NC, Refunding Notes G.O. Series A, Callable 4/1/33 @ 100*,* 5.00 *%,*4/1/35 | $| 2243537 |
|  | 1025000 | &nbsp;&nbsp;&nbsp;Raleigh, NC, Refunding Notes G.O. Series A, Callable 4/1/33 @ 100*,* 5.00 *%,*4/1/36 |  | 1144783 |
|  | 2200000 | &nbsp;&nbsp;&nbsp;Raleigh, NC, Refunding Notes G.O. Series A, Callable 4/1/33 @ 100*,* 5.00 *%,*4/1/40 |  | 2402619 |
|  | 1985000 | &nbsp;&nbsp;&nbsp;Sampson County, NC, Refunding Revenue, Callable 12/1/25 @ 100*,* 5.00 *%,*12/1/26 |  | 2008943 |
|  | 1470000 | &nbsp;&nbsp;&nbsp;Town of Apex, NC, Callable 2/1/33 @ 100*,* 5.00 *%,*2/1/35<sup>(a)</sup> |  | 1644987 |
|  | 1195000 | &nbsp;&nbsp;&nbsp;Town of Fuquay-Varina NC, Multi-Utility Improvements G.O.*,* 5.00 *%,*8/1/31 |  | 1333728 |
|  | 1080000 | &nbsp;&nbsp;&nbsp;Town of Garner NC, Public Improvements G.O.*,* 5.00 *%,*2/1/31 |  | 1197120 |
|  | 1080000 | &nbsp;&nbsp;&nbsp;Town of Garner NC, Public Improvements G.O., Callable 2/1/33 @ 100*,* 5.00 *%,*2/1/34 |  | 1211842 |
|  | 1005000 | &nbsp;&nbsp;&nbsp;Town of Huntersville, NC*,* 5.00 *%,*12/1/28 |  | 1081883 |
|  | 1030000 | &nbsp;&nbsp;&nbsp;Union County, NC, Public Improvements Bonds G.O., Callable 3/1/32 @ 100*,* 5.00 *%,*3/1/34 |  | 1142870 |
|  | 1720000 | &nbsp;&nbsp;&nbsp;Union County, NC, School Improvements G.O., Callable 9/1/33 @ 100*,* 5.00 *%,*9/1/42 |  | 1850477 |
|  | 1500000 | &nbsp;&nbsp;&nbsp;University of North Carolina at Chapel Hill, Current Refunding Revenue Bonds Series B, Callable 12/1/31 @ 100*,* 5.00 *%,*12/1/36 |  | 1643609 |
|  | 1100000 | &nbsp;&nbsp;&nbsp;University of North Carolina at Wilmington, Current Refunding Revenue Bonds Series B, Callable 10/1/29 @ 100*,* 5.00 *%,*10/1/34 |  | 1171886 |
|  | 1585000 | &nbsp;&nbsp;&nbsp;Wake County, NC, Public Improvements, G.O. Series A, Callable 3/1/28 @ 100*,* 5.00 *%,*3/1/30 |  | 1674802 |
|  | 1725000 | &nbsp;&nbsp;&nbsp;Wake County, NC, Refunding Revenue Bonds Series A, Callable 8/1/28 @ 100*,* 5.00 *%,*8/1/32 |  | 1823322 |
|  | 350000 | &nbsp;&nbsp;&nbsp;Watauga Public Facilities Corp., School Improvements Revenue Bonds, Callable 6/1/32 @ 100*,* 5.25 *%,*6/1/40 |  | 381525 |
|  | 325000 | &nbsp;&nbsp;&nbsp;Watauga Public Facilities Corp., School Improvements Revenue Bonds, Callable 6/1/32 @ 100*,* 5.00 *%,*6/1/35 |  | 356703 |
|  | 400000 | &nbsp;&nbsp;&nbsp;Watauga Public Facilities Corp., School Improvements Revenue Bonds, Callable 6/1/32 @ 100*,* 5.00 *%,*6/1/36 |  | 437208 |
|  | 375000 | &nbsp;&nbsp;&nbsp;Watauga Public Facilities Corp., School Improvements Revenue Bonds, Callable 6/1/32 @ 100*,* 5.00 *%,*6/1/37 |  | 408132 |
|  | 375000 | &nbsp;&nbsp;&nbsp;Watauga Public Facilities Corp., School Improvements Revenue Bonds, Callable 6/1/32 @ 100*,* 5.00 *%,*6/1/38 |  | 406413 |
|  | 650000 | &nbsp;&nbsp;&nbsp;Watauga Public Facilities Corp., School Improvements Revenue Bonds, Callable 6/1/32 @ 100*,* 5.25 *%,*6/1/42 |  | 698391 |
|  | 2060000 | &nbsp;&nbsp;&nbsp;Wilmington, NC, Public Improvements G.O. Series A*,* 5.00 *%,*5/1/31 |  | 2293740 |
|  | 1365000 | &nbsp;&nbsp;&nbsp;Winston-Salem, NC, Public Improvements G.O. Series B, Callable 6/1/33 @ 100*,* 5.00 *%,*6/1/35 |  | 1530787 |
|  | 1875000 | &nbsp;&nbsp;&nbsp;Winston-Salem, NC, Water & Sewer System, Refunding Revenue Series A, Callable 6/1/24 @ 100*,* 5.00 *%,*6/1/25<sup>(a)</sup> |  | 1878154 |
|  |  | &nbsp;&nbsp;&nbsp;**Total (Cost $122,798,312)** |  | 121475970 |
| **Shares** | **Shares** |  | **Fair Value** | **Fair Value** |
| **MONEY MARKET FUNDS — 0.75%** | **MONEY MARKET FUNDS — 0.75%** | **MONEY MARKET FUNDS — 0.75%** | **MONEY MARKET FUNDS — 0.75%** | **MONEY MARKET FUNDS — 0.75%** |
|  | 933842 | &nbsp;&nbsp;&nbsp;Federated Hermes Treasury Obligations Fund, Institutional Shares, 4.21%<sup>(b)</sup> |  | 933842 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
| **MONEY MARKET FUNDS — 0.75% - continued** | **MONEY MARKET FUNDS — 0.75% - continued** |  |
|  | &nbsp;&nbsp;&nbsp;Total Money Market Funds | &nbsp;&nbsp;&nbsp;Total Money Market Funds |
|  | &nbsp;&nbsp;&nbsp;(Cost $933,842) | $933842 |
| Total Investments— 98.87% | Total Investments— 98.87% | Total Investments— 98.87% |
| (Cost $123,732,154) | (Cost $123,732,154) | 122409812 |
| Other Assets in Excess of Liabilities— 1.13% | Other Assets in Excess of Liabilities— 1.13% | 1394425 |
| NET ASSETS — 100.00% | NET ASSETS — 100.00% | $123804237 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) All
 or a portion of the securities are held in a separate collateral account at US Bank. The total value of securities held in a separate
 collateral account as of the period ended March 31, 2025 is $8,643,768, which represents 7.0% of net assets.

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

AGM Assured Guaranty Municipal Corp. <br> G.O. General Obligation

*See accompanying notes to financial statements.* 37

**Sterling Capital South Carolina Intermediate Tax-Free Fund**

**Schedule of Investments**

*March 31, 2025 (Unaudited)*

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount** |  | **Fair Value** |
| **MUNICIPAL BONDS — 94.30%** | **MUNICIPAL BONDS — 94.30%** | **MUNICIPAL BONDS — 94.30%** |
|  | **South Carolina — 94.30%** | **South Carolina — 94.30%** |
| $750000 | &nbsp;&nbsp;&nbsp;Aiken County, SC, Consolidated School District, Special Obligation Bonds, School Improvements Revenue, Callable 6/1/29 @ 100*,* 4.00 *%,*6/1/33 | $760765 |
| 500000 | &nbsp;&nbsp;&nbsp;Charleston, SC, Waterworks & Sewer System Revenue, Water Utility Improvements Revenue Bonds, Callable 1/1/30 @ 100*,* 5.00 *%,*1/1/38 | 531988 |
| 750000 | &nbsp;&nbsp;&nbsp;Charleston, SC, Waterworks & Sewer System Revenue, Water Utility Improvements Revenue Bonds, Callable 7/1/32 @ 100*,* 5.00 *%,*1/1/52<sup>(a)</sup> | 783241 |
| 500000 | &nbsp;&nbsp;&nbsp;Columbia, SC, Waterworks & Sewer System Revenue, Water & Sewer Utility Improvements Revenue, Callable 2/1/28 @ 100*,* 5.00 *%,*2/1/48 | 531423 |
| 500000 | &nbsp;&nbsp;&nbsp;Columbia, SC, Waterworks & Sewer System Revenue, Water & Sewer Utility Improvements Revenue, Callable 2/1/33 @ 100*,* 5.25 *%,*2/1/52 | 527827 |
| 700000 | &nbsp;&nbsp;&nbsp;County of Beaufort SC*,* 5.00 *%,*3/1/31 | 775879 |
| 780000 | &nbsp;&nbsp;&nbsp;Dorchester County School District No. 4, School Improvements G.O. Series A, Callable 9/1/33 @ 100 (SCSDE)*,* 5.00 *%,*3/1/43 | 831515 |
| 830000 | &nbsp;&nbsp;&nbsp;Florence, SC, Combined Waterworks & Sewerage System Revenue, Water Utility Improvements Revenue Bonds, Callable 9/1/33 @ 100*,* 5.00 *%,*9/1/37 | 913500 |
| 1000000 | &nbsp;&nbsp;&nbsp;Greenville Health System, Hospital System Board Series B, Callable 5/1/24 @ 100*,* 5.00 *%,*5/1/31 | 1001680 |
| 500000 | &nbsp;&nbsp;&nbsp;Greenwood County, SC*,* 5.00 *%,*10/1/32 | 535931 |
| 500000 | &nbsp;&nbsp;&nbsp;Lancaster County, SC, School District, School Improvements G.O. Series A, Callable 3/1/27 @ 100 (SCSDE)*,* 4.00 *%,*3/1/30 | 504517 |
| 600000 | &nbsp;&nbsp;&nbsp;Lexington County, SC, School District No. 1, School Improvements G.O. Series B, Callable 2/1/29 @ 100 (SCSDE)*,* 5.00 *%,*2/1/31 | 641075 |
| 500000 | &nbsp;&nbsp;&nbsp;Lexington County, SC, School District No. 2, G.O. Series C, Callable 3/1/27 @ 100 (SCSDE)*,* 5.00 *%,*3/1/31 | 516899 |
| 1085000 | &nbsp;&nbsp;&nbsp;Lugoff-Elgin Water Authority, Refunding Revenue Series B, Callable 7/1/26 @ 100*,* 5.00 *%,*7/1/30<sup>(a)</sup> | 1106677 |
| 500000 | &nbsp;&nbsp;&nbsp;Newberry Investing in Children's Education*,* 5.00 *%,*12/1/30 | 541812 |
| 1000000 | &nbsp;&nbsp;&nbsp;Oconee County, SC*,* 5.00 *%,*4/1/41 | 1074304 |
| 500000 | &nbsp;&nbsp;&nbsp;Orangeburg County, SC, Correctional Facilities Improvements, Installment Purchase Revenue Bonds, Callable 12/1/27 @ 100*,* 5.00 *%,*12/1/29 | 514920 |
| 715000 | &nbsp;&nbsp;&nbsp;Patriots Energy Group Financing Agency*,* 5.25 *%,*2/1/54 | 764611 |
| 500000 | &nbsp;&nbsp;&nbsp;Richland County, DC, School District No. 2, Refunding Bonds G.O. Series B, Callable 3/1/27 @ 100 (SCSDE)*,* 4.00 *%,*3/1/29 | 505148 |
| 805000 | &nbsp;&nbsp;&nbsp;Richland County, SC, School District No. 2, School Improvements G.O. Series A, Callable 3/1/32 @ 100 (SCSDE)*,* 5.00 *%,*3/1/36 | 882835 |
| 625000 | &nbsp;&nbsp;&nbsp;SCAGO Educational Facilities Corp. for Spartanburg School District No. 1, Refunding Revenue Series B*,* 5.00 *%,*6/1/25 | 626709 |
| 490000 | &nbsp;&nbsp;&nbsp;SCAGO Educational Facilities Corp. for Sumter County School 17, Refunding Revenue*,* 5.00 *%,*12/1/25 | 495826 |
| 645000 | &nbsp;&nbsp;&nbsp;South Carolina Jobs-Economic Development Authority*,* 5.00 *%,*11/1/34 | 710791 |
| 400000 | &nbsp;&nbsp;&nbsp;South Carolina Jobs-Economic Development Authority*,* 5.00 *%,*11/1/33<sup>(a)</sup> | 444943 |
| 850000 | &nbsp;&nbsp;&nbsp;South Carolina Jobs-Economic Development Authority, AnMed Health Project, Advanced Refunding Revenue Bonds, Callable 2/1/26 @ 100*,* 5.00 *%,*2/1/29 | 860729 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Principal**<br> **Amount** |  | **Fair Value** |
| **MUNICIPAL BONDS — (continued)** | **MUNICIPAL BONDS — (continued)** | **MUNICIPAL BONDS — (continued)** | **MUNICIPAL BONDS — (continued)** |
|  |  | **South Carolina — (continued)** | **South Carolina — (continued)** |
| $| 1000000 | &nbsp;&nbsp;&nbsp;South Carolina Jobs-Economic Development Authority, Wofford College Project, University & College Improvements Revenue, Callable 4/1/29 @ 100*,* 5.00 *%,*4/1/44 | $1018348 |
|  | 750000 | &nbsp;&nbsp;&nbsp;South Carolina Public Service Authority, Callable 12/1/32 @ 100*,* 5.25 *%,*12/1/36 | 827839 |
|  | 500000 | &nbsp;&nbsp;&nbsp;South Carolina Transportation Infrastructure Bank, Advance Refunding Revenue Series A, Callable 10/1/27 @ 100 (AGM)*,* 5.00 *%,*10/1/38 | 515451 |
|  | 500000 | &nbsp;&nbsp;&nbsp;Spartanburg County School District No. 4, SC, School Improvements G.O. (SCSDE) Series A, Callable 3/1/32 @ 100 (SCSDE)*,* 5.00 *%,*3/1/40 | 535817 |
|  | 500000 | &nbsp;&nbsp;&nbsp;Spartanburg County School District No. 5, SC, School Improvements G.O., Callable 3/1/32 (SCSDE)*,* 5.00 *%,*3/1/37 | 544199 |
|  | 750000 | &nbsp;&nbsp;&nbsp;State of South Carolina, University & College Improvements G.O. Series A, Callable 4/1/32 @ 100*,* 5.00 *%,*4/1/39 | 815290 |
|  |  | &nbsp;&nbsp;&nbsp;**Total (Cost $21,795,289)** | 21642489 |
| **Shares** | **Shares** |  | **Fair Value** |
| **MONEY MARKET FUNDS — 7.14%** | **MONEY MARKET FUNDS — 7.14%** | **MONEY MARKET FUNDS — 7.14%** | **MONEY MARKET FUNDS — 7.14%** |
|  | 1638757 | &nbsp;&nbsp;&nbsp;Federated Hermes Treasury Obligations Fund, Institutional Shares, 4.21%<sup>(b)</sup> | 1638757 |
|  |  | &nbsp;&nbsp;&nbsp;Total Money Market Funds | &nbsp;&nbsp;&nbsp;Total Money Market Funds |
|  |  | &nbsp;&nbsp;&nbsp;(Cost $1,638,757) | 1638757 |
| Total Investments— 101.44% | Total Investments— 101.44% | Total Investments— 101.44% | Total Investments— 101.44% |
| (Cost $23,434,046) | (Cost $23,434,046) | (Cost $23,434,046) | 23281246 |
| Liabilities in Excess of Other Assets — (1.44)% | Liabilities in Excess of Other Assets — (1.44)% | Liabilities in Excess of Other Assets — (1.44)% | (330189) |
| NET ASSETS — 100.00% | NET ASSETS — 100.00% | NET ASSETS — 100.00% | $22951057 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) All or a portion
 of the securities are held in a separate collateral account at US Bank. The total value of securities held in a separate collateral account
 as of the period ended March 31, 2025 is $2,334,862, which represents 10.17% of net assets.

(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 |

---

38 *See accompanying notes to financial statements.*

**Sterling Capital Virginia Intermediate Tax-Free Fund**

**Schedule of Investments**

*March 31, 2025 (Unaudited)*

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount** |  | **Fair Value** |
| **MUNICIPAL BONDS — 98.60%** | **MUNICIPAL BONDS — 98.60%** | **MUNICIPAL BONDS — 98.60%** |
|  | **Virginia — 98.60%** | **Virginia — 98.60%** |
| $1000000 | &nbsp;&nbsp;&nbsp;Albemarle County, VA, Economic Development Authority, Public Improvements Revenue*,* 5.00 *%,*6/1/27 | $1047372 |
| 1000000 | &nbsp;&nbsp;&nbsp;Albemarle County, VA, School Improvements G.O., (State Aid Withholding)*,* 5.00 *%,*6/1/26 | 1026314 |
| 1000000 | &nbsp;&nbsp;&nbsp;Arlington County, VA, Public Improvements G.O., Callable 8/15/27 @ 100*,* 5.00 *%,*8/15/30 | 1043558 |
| 1085000 | &nbsp;&nbsp;&nbsp;Chesapeake Bay Bridge & Tunnel District, First Tier General Resolution, Highway Improvements, Revenue Bonds, Callable 7/1/26 @ 100 (AGM)*,* 5.00 *%,*7/1/41 | 1094377 |
| 1000000 | &nbsp;&nbsp;&nbsp;Chesapeake, VA, Chesapeake Expressway, Callable 7/15/34 @ 100*,* 5.00 *%,*7/15/41 | 1078227 |
| 1000000 | &nbsp;&nbsp;&nbsp;Chesapeake, VA, Public Improvements, Refunding G.O. Series A, Callable 18/1/27 @ 100*,* 5.00 *%,*8/1/30 | 1043002 |
| 1000000 | &nbsp;&nbsp;&nbsp;Chesterfield County, VA, School Improvements G.O., (State Aid Withholding) Series A, Callable 1/1/28 @ 100*,* 4.00 *%,*1/1/31 | 1027924 |
| 1000000 | &nbsp;&nbsp;&nbsp;Chesterfield County, VA, School Improvements G.O., (State Aid Withholding), Callable 1/1/33 @ 100*,* 5.00 *%,*1/1/40 | 1089640 |
| 1000000 | &nbsp;&nbsp;&nbsp;City of Alexandria, VA*,* 5.00 *%,*12/15/33 | 1140208 |
| 1145000 | &nbsp;&nbsp;&nbsp;Culpeper County, VA, Economic Development Authority, VA Capital Projects, Refunding Revenue, Callable 6/1/24 @ 100*,* 4.00 *%,*6/1/26 | 1145758 |
| 1145000 | &nbsp;&nbsp;&nbsp;Fairfax County, VA, School Improvements G.O., Current Refunding Series A, Callable 4/1/30 @ 100*,* 5.00 *%,*10/1/30<sup>(a)</sup> | 1255655 |
| 1000000 | &nbsp;&nbsp;&nbsp;Fairfax County, VA, Sewer Revenue*,* 5.00 *%,*7/15/54 | 1055570 |
| 1000000 | &nbsp;&nbsp;&nbsp;Fredericksburg Economic Development Authority, Mary Washington Healthcare Obligation Group, Refunding Revenue, Callable 6/15/24 @ 100*,* 5.00 *%,*6/15/26 | 1000470 |
| 1000000 | &nbsp;&nbsp;&nbsp;Hampton Roads Transp. Accountability Comm.*,* 5.00 *%,*7/1/31 | 1089825 |
| 1320000 | &nbsp;&nbsp;&nbsp;Loudoun County Economic Development Authority, Loudoun County Public Improvements Projects, Revenue Bonds Series A, Callable 12/1/31 @ 100*,* 5.00 *%,*12/1/36 | 1433860 |
| 1000000 | &nbsp;&nbsp;&nbsp;Loudoun County, VA, Miscellaneous Purposes Revenue G.O. (State Aid Withholding) Series A*,* 5.00 *%,*12/1/29 | 1092303 |
| 1000000 | &nbsp;&nbsp;&nbsp;Lynchburg Economic Development Authority*,* 5.00 *%,*1/1/35 | 1069444 |
| 1000000 | &nbsp;&nbsp;&nbsp;Manassas, VA, Public Improvements, Public Facilities G.O. (State Aid Withholding), Callable 7/1/29 @ 100*,* 4.00 *%,*7/1/33 | 1031133 |
| 1000000 | &nbsp;&nbsp;&nbsp;Norfolk, VA, Callable 8/1/28 @ 100*,* 5.00 *%,*8/1/47 | 1069101 |
| 1135000 | &nbsp;&nbsp;&nbsp;Norfolk, VA, Water Revenue, Callable 11/1/33 @ 100*,* 5.00 *%,*11/1/44 | 1215423 |
| 1000000 | &nbsp;&nbsp;&nbsp;Norfolk, VA, Water Revenue, Callable 11/1/33 @ 100*,* 5.00 *%,*11/1/40 | 1088666 |
| 1295000 | &nbsp;&nbsp;&nbsp;Richmond, VA, Public Utility Advance Refunding Revenue Bonds, Callable 1/15/26 @ 100*,* 5.00 *%,*1/15/27 | 1316376 |
| 1000000 | &nbsp;&nbsp;&nbsp;Roanoke, VA, School Improvements G.O., Callable 4/1/32 @ 100*,* 5.00 *%,*4/1/34<sup>(a)</sup> | 1105694 |
| 1000000 | &nbsp;&nbsp;&nbsp;Salem, VA, School Improvements G.O., Current Refunding*,* 5.00 *%,*5/1/28 | 1063210 |
| 1000000 | &nbsp;&nbsp;&nbsp;Spotsylvania County, VA, School Improvements G.O., Callable 7/15/32 @ 100*,* 5.00 *%,*1/15/37 | 1095940 |
| 1000000 | &nbsp;&nbsp;&nbsp;Spotsylvania County, VA, School Improvements G.O., Callable 7/15/32 @ 100*,* 5.00 *%,*1/15/38 | 1089071 |
| 1085000 | &nbsp;&nbsp;&nbsp;Suffolk, VA, Callable 2/1/32 @ 100*,* 5.00 *%,*2/1/43<sup>(a)</sup> | 1150873 |
| 1000000 | &nbsp;&nbsp;&nbsp;Upper Occoquan Sewage Authority*,* 5.00 *%,*7/1/37 | 1127401 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Principal**<br> **Amount** |  | **Fair Value** |
| **MUNICIPAL BONDS — (continued)** | **MUNICIPAL BONDS — (continued)** | **MUNICIPAL BONDS — (continued)** | **MUNICIPAL BONDS — (continued)** |
|  |  | &nbsp;&nbsp;&nbsp;**Virginia — (continued)** | &nbsp;&nbsp;&nbsp;**Virginia — (continued)** |
| $| 1000000 | &nbsp;&nbsp;&nbsp;Virginia Beach, VA, Storm Water Utility Revenue, Public Improvements Revenue Bonds Series A, Callable 11/15/30 @ 100*,* 5.00 *%,*11/15/31 | $1101052 |
|  | 1000000 | &nbsp;&nbsp;&nbsp;Virginia College Building Authority, University & College Improvements Revenue Bonds (State Intercept) Series C*,* 5.00 *%,*9/1/29 | 1085467 |
|  | 1000000 | &nbsp;&nbsp;&nbsp;Virginia College Building Authority, University & College Improvements Revenue Bonds, Callable 2/1/32 @ 100*,* 5.25 *%,*2/1/41 | 1080809 |
|  | 1215000 | &nbsp;&nbsp;&nbsp;Virginia Commonwealth Transportation Board, Federal Highway Transportation Grant, Callable 9/15/26 @ 100*,* 5.00 *%,*9/15/30 | 1245918 |
|  | 1000000 | &nbsp;&nbsp;&nbsp;Virginia Commonwealth Transportation Board, Federal Transporation Grant, Anticipation Advance Refunding Revenue, Callable 9/15/27 @ 100*,* 5.00 *%,*9/15/31 | 1040155 |
|  | 1000000 | &nbsp;&nbsp;&nbsp;Virginia Housing Development Authority, Callable 4/1/26 @ 100*,* 3.00 *%,*10/1/29 | 978980 |
|  | 1000000 | &nbsp;&nbsp;&nbsp;Virginia Port Authority Commonwealth Port Fund, Airport & Marina Improvements Revenue Bonds Series A*,* 5.00 *%,*7/1/41 | 1071523 |
|  | 1000000 | &nbsp;&nbsp;&nbsp;Virginia Public School Authority, School Improvements Revenue Bonds (State Aid Withholding)*,* 5.00 *%,*1/15/30 | 1093699 |
|  | 1035000 | &nbsp;&nbsp;&nbsp;Virginia Public School Authority, School Improvements Revenue Bonds (State Aid Withholding)*,* 5.00 *%,*8/15/30 | 1138579 |
|  | 1000000 | &nbsp;&nbsp;&nbsp;Winchester Economic Development Authority, Callable 1/1/34 @ 100*,* 5.00 *%,*1/1/42 | 1039191 |
|  |  | &nbsp;&nbsp;&nbsp;**Total (Cost $42,410,411)** | 41961768 |
| **Shares** | **Shares** |  | **Fair Value** |
| **MONEY MARKET FUNDS — 0.43%** | **MONEY MARKET FUNDS — 0.43%** | **MONEY MARKET FUNDS — 0.43%** | **MONEY MARKET FUNDS — 0.43%** |
|  | 184604 | &nbsp;&nbsp;&nbsp;Federated Hermes Treasury Obligations Fund, Institutional Shares, 4.21%<sup>(b)</sup> | 184604 |
|  |  | &nbsp;&nbsp;&nbsp;Total Money Market Funds | &nbsp;&nbsp;&nbsp;Total Money Market Funds |
|  |  | &nbsp;&nbsp;&nbsp;(Cost $184,604) | 184604 |
| Total Investments— 99.03% | Total Investments— 99.03% | Total Investments— 99.03% | Total Investments— 99.03% |
| (Cost $42,595,015) | (Cost $42,595,015) | (Cost $42,595,015) | 42146372 |
| Other Assets in Excess of Liabilities— 0.97% | Other Assets in Excess of Liabilities— 0.97% | Other Assets in Excess of Liabilities— 0.97% | 413687 |
| NET ASSETS — 100.00% | NET ASSETS — 100.00% | NET ASSETS — 100.00% | $42560059 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) All
 or a portion of the securities are held in a separate collateral account at US Bank. The total value of securities held in a separate
 collateral account as of the period ended March 31, 2025 is $3,422,053, which represents 8.0% of net assets.

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

AGM Assured Guaranty Municipal Corp.

G.O. General Obligation

*See accompanying notes to financial statements.* 39

**Sterling Capital West Virginia Intermediate Tax-Free Fund**

**Schedule of Investments**

*March 31, 2025 (Unaudited)*

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount** |  | **Fair Value** |
| **MUNICIPAL BONDS — 96.68%** | **MUNICIPAL BONDS — 96.68%** | **MUNICIPAL BONDS — 96.68%** |
|  | **West Virginia — 96.68%** | **West Virginia — 96.68%** |
| $500000 | &nbsp;&nbsp;&nbsp;Berkeley County Public Service Sewer*,* 5.00 *%,*6/1/40 | $524852 |
| 1000000 | &nbsp;&nbsp;&nbsp;Berkeley County, Board of Education, School Improvements G.O. (West Virginia Board Commission)*,* 4.00 *%,*6/1/28 | 1030569 |
| 1750000 | &nbsp;&nbsp;&nbsp;Berkeley County, Board of Education, School Improvements G.O. (West Virginia Board Commission), Callable 6/1/33 @ 100*,* 4.00 *%,*6/1/36<sup>(a)</sup> | 1773837 |
| 1500000 | &nbsp;&nbsp;&nbsp;Berkeley County, WV, Public Service Sewer District, Miscellaneous Purposes Revenue Series C, Callable 10/30/23 @ 100 (BAM)*,* 4.50 *%,*10/1/32 | 1500387 |
| 1080000 | &nbsp;&nbsp;&nbsp;Braxton County, WV, Board of Education, Public School, Advance Refunding G.O. (West Virginia Board Commission), Callable 5/1/26 @ 100*,* 5.00 *%,*5/1/28<sup>(a)</sup> | 1104217 |
| 610000 | &nbsp;&nbsp;&nbsp;Fairmont State University*,* 5.00 *%,*6/1/26 | 622367 |
| 1360000 | &nbsp;&nbsp;&nbsp;Marshall University, WV, University & College Improvements Revenue Bonds Series A (AGM)*,* 5.00 *%,*5/1/30 | 1465541 |
| 705000 | &nbsp;&nbsp;&nbsp;Morgantown Utility Board, WV, Combined Water Utility Improvements Revenue Series B, Callable 6/1/28 @ 100*,* 5.00 *%,*12/1/34 | 737439 |
| 1140000 | &nbsp;&nbsp;&nbsp;Morgantown Utility Board, WV, Water Utility Improvements Revenue Bonds Series B, Callable 6/1/28 @ 100*,* 5.00 *%,*12/1/36 | 1187117 |
| 750000 | &nbsp;&nbsp;&nbsp;Ohio County, WV, Board of Education, School Improvements G.O. (West Virginia Board Commission)*,* 3.00 *%,*6/1/28 | 739669 |
| 1000000 | &nbsp;&nbsp;&nbsp;Ohio County, WV, Board of Education, School Improvements G.O. (West Virginia Board Commission)*,* 4.00 *%,*6/1/29 | 1029837 |
| 1275000 | &nbsp;&nbsp;&nbsp;Ohio County, WV, Callable 6/1/34 @ 100*,* 5.25 *%,*6/1/44 | 1286172 |
| 1265000 | &nbsp;&nbsp;&nbsp;School Building Authority of West Virginia, Lottery Capital Improvements Revenue Series A, Callable 7/1/24 @ 100*,* 5.00 *%,*7/1/28 | 1267535 |
| 1000000 | &nbsp;&nbsp;&nbsp;State of West Virginia, Callable 6/1/29 @ 100*,* 5.00 *%,*6/1/44 | 1029990 |
| 1505000 | &nbsp;&nbsp;&nbsp;State of West Virginia, Callable 6/1/31 @ 100*,* 5.00 *%,*6/1/45 | 1577883 |
| 1000000 | &nbsp;&nbsp;&nbsp;State of West Virginia, Fuel Sales Tax Revenue, Group 1 Highway Improvements, G.O. Series S, Callable 6/1/29 @ 100*,* 5.00 *%,*12/1/35 | 1053274 |
| 1100000 | &nbsp;&nbsp;&nbsp;State of West Virginia, Fuel Sales Tax Revenue, Group 2 Highway Improvements, G.O. Series S, Callable 6/1/29 @ 100*,* 5.00 *%,*12/1/43 | 1134383 |
| 1000000 | &nbsp;&nbsp;&nbsp;Taylor County, WV, Board of Education, Callable 6/1/34 @ 100*,* 5.00 *%,*6/1/35 | 1113209 |
| 1000000 | &nbsp;&nbsp;&nbsp;Taylor County, WV, Board of Education, Callable 6/1/34 @ 100*,* 5.00 *%,*6/1/36 | 1107580 |
| 850000 | &nbsp;&nbsp;&nbsp;West Virginia Commissioner of Highways, Callable 9/1/27 @ 100*,* 5.00 *%,*9/1/28 | 888423 |
| 500000 | &nbsp;&nbsp;&nbsp;West Virginia Economic Development Authority*,* 3.38 *%,*3/1/40 | 495983 |
| 1000000 | &nbsp;&nbsp;&nbsp;West Virginia Economic Development Authority, Callable 11/25/24 @ 100*,* 5.00 *%,*6/1/26 | 1005673 |
| 1145000 | &nbsp;&nbsp;&nbsp;West Virginia Economic Development Authority, Lottery Recreational Facilities Improvements Revenue Series A, Callable 7/1/27 @ 100*,* 5.00 *%,*7/1/28 | 1197484 |
| 1500000 | &nbsp;&nbsp;&nbsp;West Virginia Economic Development Authority, Provident Group - Marshall Properties L.L.C, Current Refunding Revenue Bonds Series A-1, Callable 7/1/33 @ 100*,* 5.00 *%,*7/1/37 | 1607036 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount** |  | **Fair Value** |
| **MUNICIPAL BONDS — (continued)** | **MUNICIPAL BONDS — (continued)** | **MUNICIPAL BONDS — (continued)** |
|  | **West Virginia — (continued)** | **West Virginia — (continued)** |
| $1015000 | &nbsp;&nbsp;&nbsp;West Virginia Economic Development Authority, State Office Building 3, Public Improvements Revenue Series D, Callable 6/1/5 @ 100*,* 5.00 *%,*6/1/26 | $1018409 |
| 1470000 | &nbsp;&nbsp;&nbsp;West Virginia Hospital Finance Authority, Charleston Area Medical Center Inc., Health, Hospital, Nursing Home Improvements, Refunding Revenue, Callable 9/1/29 @ 100*,* 5.00 *%,*9/1/39 | 1483585 |
| 1000000 | &nbsp;&nbsp;&nbsp;West Virginia Hospital Finance Authority, Health Care Facilities Revenue Bonds Series A, Callable 6/1/33 @ 100*,* 5.00 *%,*6/1/41 | 1047892 |
| 1385000 | &nbsp;&nbsp;&nbsp;West Virginia Hospital Finance Authority, United Health System Obligation, Health, Hospital, Nursing Home Improvements Refunding Revenue Bonds*,* 5.00 *%,*6/1/26 | 1414680 |
| 1070000 | &nbsp;&nbsp;&nbsp;West Virginia Housing Development Fund, Revenue Bonds Series A*,* 3.25 *%,*5/1/29 | 1065155 |
| 905000 | &nbsp;&nbsp;&nbsp;West Virginia Housing Development Fund, Revenue Bonds Series A*,* 3.30 *%,*11/1/29 | 901071 |
| 1980000 | &nbsp;&nbsp;&nbsp;West Virginia Parkways Authority, Highway Improvements, Senior Lien Revenue Bonds, Callable 6/1/31 @ 100*,* 5.00 *%,*6/1/47 | 2061303 |
| 1105000 | &nbsp;&nbsp;&nbsp;West Virginia Parkways Authority, Senior Turnpike Toll Revenue, Highway Improvements, Callable 6/1/28 @ 100*,* 5.00 *%,*6/1/39 | 1141502 |
| 1000000 | &nbsp;&nbsp;&nbsp;West Virginia State School Building Authority, Lottery Revenue, School Improvements Revenue Series A, Callable 7/1/28 @ 100*,* 5.00 *%,*7/1/29 | 1063086 |
| 1500000 | &nbsp;&nbsp;&nbsp;West Virginia University, University Projects, University & College Improvements Revenue Series A, Callable 10/1/31 @ 100*,* 5.00 *%,*10/1/44 | 1562739 |
| 1685000 | &nbsp;&nbsp;&nbsp;West Virginia University, University Projects, University & College Improvements Revenue Series A, Callable 10/1/31 @ 100*,* 5.00 *%,*10/1/43 | 1759202 |
| 1015000 | &nbsp;&nbsp;&nbsp;West Virginia Water Development Authority*,* 5.00 *%,*11/1/35 | 1048110 |
| 1050000 | &nbsp;&nbsp;&nbsp;West Virginia Water Development Authority, Loan Program II, Refunding Revenue Series A-II, Callable 11/1/23 @ 100*,* 5.00 *%,*11/1/26<sup>(a)</sup> | 1051604 |
| 740000 | &nbsp;&nbsp;&nbsp;West Virginia Water Development Authority, West Virginia Infrastructure & Jobs, Current Refunding Revenue Bonds, Callable 10/1/26 @ 100*,* 5.00 *%,*10/1/30 | 759823 |
| 1100000 | &nbsp;&nbsp;&nbsp;West Virginia Water Development Authority, West Virginia Infrastructure & Jobs, Current Refunding Revenue Bonds, Callable 10/1/26 @ 100*,* 5.00 *%,*10/1/31 | 1127841 |
| 1500000 | &nbsp;&nbsp;&nbsp;Wood County, WV, Board of Education, Callable 6/1/33 @ 100*,* 4.50 *%,*6/1/34 | 1582149 |
| 1000000 | &nbsp;&nbsp;&nbsp;Wood County, WV, Board of Education, Callable 6/1/33 @ 100*,* 4.50 *%,*6/1/35 | 1044731 |
| 1000000 | &nbsp;&nbsp;&nbsp;Wyoming County, WV, Board of Education, Callable 6/1/34 @ 100*,* 5.00 *%,*6/1/35 | 1095166 |
| 1000000 | &nbsp;&nbsp;&nbsp;Wyoming County, WV, Board of Education, Callable 6/1/34 @ 100*,* 5.00 *%,*6/1/36 | 1088839 |
|  | &nbsp;&nbsp;&nbsp;**Total (Cost $50,511,570)** | 49797344 |

---

40 *See accompanying notes to financial statements.*

**Sterling Capital West Virginia Intermediate Tax-Free Fund**

**Schedule of Investments (continued)**

*March 31, 2025 (Unaudited)*

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
| **MONEY MARKET FUNDS — 1.86%** | **MONEY MARKET FUNDS — 1.86%** | **MONEY MARKET FUNDS — 1.86%** |
| 960060 | &nbsp;&nbsp;&nbsp;Federated Hermes Treasury Obligations Fund, Institutional Shares, 4.21%<sup>(b)</sup> | $960060 |
|  | &nbsp;&nbsp;&nbsp;Total Money Market Funds | &nbsp;&nbsp;&nbsp;Total Money Market Funds |
|  | &nbsp;&nbsp;&nbsp;(Cost $960,060) | 960060 |
| Total Investments— 98.54% | Total Investments— 98.54% | Total Investments— 98.54% |
| (Cost $51,471,630) | (Cost $51,471,630) | 50757404 |
| Other Assets in Excess of Liabilities— 1.46% | Other Assets in Excess of Liabilities— 1.46% | 754230 |
| NET ASSETS — 100.00% | NET ASSETS — 100.00% | $51511634 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) All
 or a portion of the securities are held in a separate collateral account at US Bank. The total value of securities held in a separate
 collateral account as of the period ended March 31, 2025 is $3,037,570, which represents 5.9% of net assets.

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

AGM Assured Guaranty Municipal Corp.

BAM Build America Mutual

G.O. General Obligation

*See accompanying notes to financial statements.* 41

**STERLING CAPITAL FUNDS**

**STATEMENTS OF ASSETS AND LIABILITIES**

**March 31, 2025 (Unaudited)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Sterling Capital Behavioral Large Cap Value Equity**<br> **Fund** | **Sterling Capital Mid Value Fund** | **Sterling Capital Behavioral Small Cap Value Equity**<br> **Fund** | **Sterling Capital Special Opportunities**<br> **Fund** | **Sterling Capital Equity Income Fund** | **Sterling Capital Mid Cap Relative Value Fund** |  |
| **Assets:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments at fair value (a) | $37234583 | $27587935 | $91190122 | $372961879 | $1426758283 | $32230139 |  |
| &nbsp;&nbsp;&nbsp;Receivable for capital shares issued |  | 2650 |  | 32782 | 860612 | 500 |  |
| &nbsp;&nbsp;&nbsp;Interest and dividends receivable | 46122 | 10227 | 152562 | 171701 | 1707777 | 18213 |  |
| &nbsp;&nbsp;&nbsp;Prepaid and other expenses | 14651 | 37561 | 31276 | 39358 | 119583 | 12151 |  |
| &nbsp;&nbsp;&nbsp;Total Assets | 37295356 | 27638373 | 91373960 | 373205720 | 1429446255 | 32261003 |  |
| **Liabilities:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Payable for capital shares redeemed | 20000 | 27721 | 40400 | 221922 | 3009085 | 1358 |  |
| &nbsp;&nbsp;&nbsp;Accrued expenses and other payables: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment advisory fees | 14259 | 7219 | 10258 | 179121 | 605349 | 16645 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Administration fees | 2327 | 2276 | 38572 | 42280 | 156617 | 2048 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Compliance service fees |  | 4 |  |  |  | 52 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Custodian fees | 474 | 677 | 1173 | 5083 | 27707 | 571 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distribution (12b-1) fees | 7602 | 4206 | 1274 | 70339 | 137718 | 44 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Audit fees | 1199 |  | 5246 | 19921 | 84454 | 1866 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trustee fees |  |  |  |  | 1459 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other fees and liabilities | 370 | 1971 | 7162 | 19906 | 343973 | 1220 |  |
| &nbsp;&nbsp;&nbsp;Total Liabilities | 46231 | 44074 | 104085 | 558572 | 4366362 | 23804 |  |
| **Net Assets** | $37249125 | $27594299 | $91269875 | $372647148 | $1425079893 | $32237199 |  |
| **Net Assets consist of:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Capital | $41018106 | $16855651 | $76875581 | $207156244 | $894066093 | $12142066 |  |
| &nbsp;&nbsp;&nbsp;Total distributable earnings | (3768981 | 10738648 | 14394294 | 165490904 | 531013800 | 20095133 |  |
| Net Assets | $37249125 | $27594299 | $91269875 | $372647148 | $1425079893 | $32237199 |  |
| **Net Assets** |  |  |  |  |  |  |  |
| Class A Shares | $34249741 | $18625103 | $5728378 | $263106714 | $394082661 | $194975 |  |
| Class C Shares | 372696 | 265147 | 46744 | 13745335 | 63283601 | 3861 |  |
| Class Institutional Shares | 2601605 | 8187272 | 5737806 | 70447648 | 879362619 | 32038363 |  |
| Class R6 Shares | 25083 | 516777 | 79756947 | 25347451 | 88351012 |  |  |
| Total | $37249125 | $27594299 | $91269875 | $372647148 | $1425079893 | $32237199 |  |
| **Shares of Beneficial Interest Outstanding (Unlimited number of shares authorized, no par value)** | **Shares of Beneficial Interest Outstanding (Unlimited number of shares authorized, no par value)** | **Shares of Beneficial Interest Outstanding (Unlimited number of shares authorized, no par value)** | **Shares of Beneficial Interest Outstanding (Unlimited number of shares authorized, no par value)** | **Shares of Beneficial Interest Outstanding (Unlimited number of shares authorized, no par value)** | **Shares of Beneficial Interest Outstanding (Unlimited number of shares authorized, no par value)** | **Shares of Beneficial Interest Outstanding (Unlimited number of shares authorized, no par value)** | **Shares of Beneficial Interest Outstanding (Unlimited number of shares authorized, no par value)** |
| Class A Shares | 1113277 | 1307857 | 315491 | 11626937 | 17998393 | 3512 |  |
| Class C Shares | 12633 | 25111 | 2751 | 1002198 | 2932873 | 73 |  |
| Class Institutional Shares | 83898 | 553178 | 312050 | 2767878 | 39957355 | 572813 |  |
| Class R6 Shares | 806 | 34838 | 4329136 | 995270 | 4009845 |  |  |
| Total | 1210614 | 1920984 | 4959428 | 16392283 | 64898466 | 576398 |  |
| &nbsp;&nbsp;&nbsp;**Net Asset Value** |  |  |  |  |  |  |  |
| Class A Shares - redemption price per share | $30.76 | $14.24 | $18.16 | $22.63 | $21.90 | $55.52 |  |
| Class C Shares - Offering price per share<sup>\*</sup> | $29.50 | $10.56 | $16.99 | $13.72 | $21.58 | $52.79 | \*\* |
| Class Institutional Shares | $31.01 | $14.80 | $18.39 | $25.45 | $22.01 | $55.93 |  |
| Class R6 Shares | $31.11 | $14.83 | $18.42 | $25.47 | $22.03 |  |  |
| Maximum Offering Price (100%/(100% - Maximum Sales Charge)) of net asset value adjusted to the nearest cent per share - Class A Shares | $32.64 | $15.11 | $19.27 | $24.01 | $23.24 | $58.91 |  |
| (a) Investments at cost | $31516949 | $19898056 | $83611510 | $235497049 | $1031291998 | $16107109 |  |

---

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

\*\* Per share amounts may not recalculate due to rounding of net assets and/or shares outstanding.

See accompanying notes to financial statements.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **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.**<br> **Government**<br> **Fund** | **Sterling Capital Total Return Bond Fund** | **Sterling Capital Long Duration Corporate Bond Fund** |
| **Assets:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments at fair value (a) | $69324016 | $156130464 |  | $27272260 | $42693425 | $19083658 | $1472324939 | $46649559 |
| &nbsp;&nbsp;&nbsp;Cash |  |  |  | 15000 | 20000 |  | 1500000 | 50000 |
| &nbsp;&nbsp;&nbsp;Receivable for capital shares issued | 1188 | 68282 |  | 91387 | 120340 | 40535 | 4607867 |  |
| &nbsp;&nbsp;&nbsp;Interest and dividends receivable | 228917 | 207099 |  | 164912 | 332063 | 54331 | 9520669 | 824673 |
| &nbsp;&nbsp;&nbsp;Tax reclaims receivable |  |  |  |  |  |  |  | 301 |
| &nbsp;&nbsp;&nbsp;Prepaid and other expenses | 25530 | 44199 |  | 16765 | 25718 | 7239 | 133328 | 29671 |
| &nbsp;&nbsp;&nbsp;Total Assets | 69579651 | 156450044 |  | 27560324 | 43191546 | 19185763 | 1488086803 | 47554204 |
| **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
| &nbsp;&nbsp;&nbsp;Distributions payable |  |  |  | 97886 | 178441 | 42549 | 5189672 | 202925 |
| &nbsp;&nbsp;&nbsp;Payable for investments purchased |  |  |  | 350000 | 316026 | 182805 | 8308358 | 342427 |
| &nbsp;&nbsp;&nbsp;Payable for capital shares redeemed | 7709 | 125751 |  | 8246 | 68196 | 262941 | 1631553 | 440 |
| &nbsp;&nbsp;&nbsp;Accrued expenses and other payables: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment advisory fees | 33913 | 97047 |  | 1147 |  | 2083 | 25929 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Administration fees | 4814 | 14184 |  | 1764 | 9426 | 1240 | 291108 | 20963 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Compliance service fees |  | 8 |  | 59 |  | 54 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Custodian fees | 908 | 4306 |  | 352 | 596 | 251 | 20251 | 660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distribution (12b-1) fees | 176 | 1156 |  | 1019 | 693 | 584 | 12197 | 65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Audit fees | 2850 | 14785 |  | 1135 | 7046 | 643 | 35529 | 859 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trustee fees |  | 1450 |  |  | 942 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other fees and liabilities | 5406 | 71445 |  | 8544 | 19861 | 179 | 208879 | 8535 |
| &nbsp;&nbsp;&nbsp;Total Liabilities | 55776 | 330132 |  | 470152 | 601227 | 493329 | 15723476 | 576874 |
| **Net Assets** | $69523875 | $156119912 |  | $27090172 | $42590319 | $18692434 | $1472363327 | $46977330 |
| **Net Assets consist of:** | **Net Assets consist of:** | **Net Assets consist of:** | **Net Assets consist of:** | **Net Assets consist of:** | **Net Assets consist of:** | **Net Assets consist of:** | **Net Assets consist of:** | **Net Assets consist of:** |
| &nbsp;&nbsp;&nbsp;Capital | $38395933 | $29003041 |  | $28146775 | $54952898 | $21562453 | $1627894736 | $55431852 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings | 31127942 | 127116871 |  | (1056603) | (12362579) | (2870019) | (155531409) | (8454522) |
| Net Assets | $69523875 | $156119912 |  | $27090172 | $42590319 | $18692434 | $1472363327 | $46977330 |
| **Net Assets** | **Net Assets** | **Net Assets** | **Net Assets** | **Net Assets** | **Net Assets** | **Net Assets** | **Net Assets** | **Net Assets** |
| Class A Shares | $473764 | $2387430 |  | $4888963 | $3515007 | $2416281 | $49275525 | $303747 |
| Class C Shares | 81003 | 793593 |  |  | 43037 | 86401 | 2538867 | 2742 |
| Class Institutional Shares | 68302989 | 147384182 |  | 22201209 | 25209856 | 16189752 | 1023599127 | 146965 |
| Class R6 Shares | 666119 | 5554707 |  |  | 13822419 |  | 396949808 | 46523876 |
| Total | $69523875 | $156119912 |  | $27090172 | $42590319 | $18692434 | $1472363327 | $46977330 |
| **Shares of Beneficial Interest Outstanding (Unlimited number of shares authorized, no par value)** | **Shares of Beneficial Interest Outstanding (Unlimited number of shares authorized, no par value)** | **Shares of Beneficial Interest Outstanding (Unlimited number of shares authorized, no par value)** | **Shares of Beneficial Interest Outstanding (Unlimited number of shares authorized, no par value)** | **Shares of Beneficial Interest Outstanding (Unlimited number of shares authorized, no par value)** | **Shares of Beneficial Interest Outstanding (Unlimited number of shares authorized, no par value)** | **Shares of Beneficial Interest Outstanding (Unlimited number of shares authorized, no par value)** | **Shares of Beneficial Interest Outstanding (Unlimited number of shares authorized, no par value)** | **Shares of Beneficial Interest Outstanding (Unlimited number of shares authorized, no par value)** |
| Class A Shares | 13128 | 66253 |  | 496814 | 419424 | 276032 | 5278883 | 44321 |
| Class C Shares | 2273 | 25872 |  |  | 5136 | 9890 | 271561 | 401 |
| Class Institutional Shares | 1886667 | 4006877 |  | 2255505 | 3009287 | 1848526 | 109605805 | 21470 |
| Class R6 Shares | 18309 | 150182 |  |  | 1649168 |  | 42511803 | 6788055 |
| Total | 1920377 | 4249184 |  | 2752319 | 5083015 | 2134448 | 157668052 | 6854247 |
| &nbsp;&nbsp;&nbsp;**Net Asset Value** |  |  |  |  |  |  |  |  |
| Class A Shares - redemption price per share | $36.09 | $36.03 | \*\* | $9.84 | $8.38 | $8.75 | $9.33 | $6.85 |
| Class C Shares - Offering price per share<sup>\*</sup> | $35.64 | $30.67 |  |  | $8.38 | $8.74 | $9.35 | $6.84 |
| Class Institutional Shares | $36.20 | $36.78 |  | $9.84 | $8.38 | $8.76 | $9.34 | $6.85 |
| Class R6 Shares | $36.38 | $36.99 |  |  | $8.38 |  | $9.34 | $6.85 |
| Maximum Offering Price (100%/ (100% - Maximum Sales Charge)) of net asset value adjusted to the nearest cent per share - Class A Shares | $38.29 | $38.23 |  | $9.84 | $8.55 | $8.93 | $9.52 | $6.99 |
| (a) Investments at cost | $40802676 | $49846616 |  | $27142588 | $42440859 | $19865129 | $1492477330 | $50060229 |

---

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

\*\* Per share amounts may not recalculate due to rounding of net assets and/or shares outstanding.

**STERLING CAPITAL FUNDS**

**STATEMENTS OF ASSETS AND LIABILITIES**

**March 31, 2025 (Unaudited)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Sterling Capital Quality Income Fund** | **Sterling Capital North Carolina Intermediate Tax-**<br> **Free Fund** | **Sterling Capital South Carolina Intermediate Tax-**<br> **Free Fund** | **Sterling Capital Virginia Intermediate Tax-Free Fund** | **Sterling Capital West Virginia Intermediate Tax-Free Fund** |
| **Assets:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments at fair value (a) | $151756806 | $122409812 | $23281246 | $42146372 | $50757404 |
| &nbsp;&nbsp;&nbsp;Cash | 80000 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Receivable for capital shares issued | 511046 | 240583 |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest and dividends receivable | 571729 | 1768887 | 263557 | 502032 | 860717 |
| &nbsp;&nbsp;&nbsp;Prepaid and other expenses | 104054 | 16600 | 49349 | 38105 | 66956 |
| &nbsp;&nbsp;&nbsp;Total Assets | 153023635 | 124435882 | 23594152 | 42686509 | 51685077 |
| **Liabilities:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributions payable | 502904 | 276455 | 56702 | 93660 | 121436 |
| &nbsp;&nbsp;&nbsp;Payable for investments purchased |  |  | 545020 |  |  |
| &nbsp;&nbsp;&nbsp;Payable for capital shares redeemed | 161224 | 278269 | 21559 | 3872 | 12160 |
| &nbsp;&nbsp;&nbsp;Accrued expenses and other payables: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment advisory fees | 38587 | 37072 | 7140 | 13001 | 15595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Administration fees | 10220 | 8404 | 1493 | 2948 | 3536 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Compliance service fees |  |  | 63 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Custodian fees |  | 1770 | 461 | 665 | 6079 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distribution (12b-1) fees | 57 | 4884 | 1000 | 1981 | 4202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Audit fees | 3414 | 5854 | 1531 | 3178 | 3595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trustee fees |  |  | 36 | 114 | 263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other fees and liabilities | 8586 | 18937 | 8090 | 7031 | 6577 |
| &nbsp;&nbsp;&nbsp;Total Liabilities | 724992 | 631645 | 643095 | 126450 | 173443 |
| **Net Assets** | $152298643 | $123804237 | $22951057 | $42560059 | $51511634 |
| **Net Assets consist of:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Capital | $161159064 | $131740434 | $24783005 | $45547564 | $55210876 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings | (8860421) | (7936197) | (1831948) | (2987505) | (3699242 |
| Net Assets | $152298643 | $123804237 | $22951057 | $42560059 | $51511634 |
| **Net Assets** |  |  |  |  |  |
| Class A Shares | $114694 | $19567950 | $4145762 | $9236329 | $19383130 |
| Class C Shares | 38691 | 772891 | 75094 | 5516 | 1822 |
| Class Institutional Shares | 152145258 | 103463396 | 18730201 | 33318214 | 32126682 |
| Total | $152298643 | $123804237 | $22951057 | $42560059 | $51511634 |
| **Shares of Beneficial Interest Outstanding (Unlimited number of shares authorized, no par value)** | **Shares of Beneficial Interest Outstanding (Unlimited number of shares authorized, no par value)** | **Shares of Beneficial Interest Outstanding (Unlimited number of shares authorized, no par value)** | **Shares of Beneficial Interest Outstanding (Unlimited number of shares authorized, no par value)** | **Shares of Beneficial Interest Outstanding (Unlimited number of shares authorized, no par value)** | **Shares of Beneficial Interest Outstanding (Unlimited number of shares authorized, no par value)** |
| Class A Shares | 12714 | 1962715 | 399803 | 846144 | 2070179 |
| Class C Shares | 4287 | 77580 | 7247 | 506 | 194 |
| Class Institutional Shares | 16833408 | 10379602 | 1818854 | 3053062 | 3428004 |
| Total | 16850409 | 12419897 | 2225904 | 3899712 | 5498377 |
| &nbsp;&nbsp;&nbsp;**Net Asset Value** |  |  |  |  |  |
| Class A Shares - redemption price per share | $9.02 | $9.97 | $10.37 | $10.92 | $9.36 |
| Class C Shares - Offering price per share<sup>\*</sup> | $9.03 | $9.96 | $10.36 | $10.90 | $9.37 |
| Class Institutional Shares | $9.04 | $9.97 | $10.30 | $10.91 | $9.37 |
| Maximum Offering Price (100%/(100% - Maximum Sales Charge)) of net asset value adjusted to the nearest cent per share - Class A Shares | $9.20 | $10.17 | $10.58 | $11.14 | $9.55 |
| (a) Investments at cost | $155717814 | $123732154 | $23434046 | $42595015 | $51471630 |

---

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

\*\* Per share amounts may not recalculate due to rounding of net assets and/or shares outstanding.

See accompanying notes to financial statements.

**STERLING CAPITAL FUNDS**

**STATEMENTS OF OPERATIONS**

**For the six months ended March 31, 2025 (Unaudited)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Sterling Capital Behavioral Large Cap Value Equity**<br> **Fund** | **Sterling Capital**<br> **Mid Value Fund** | **Sterling Capital Behavioral Small Cap Value Equity**<br> **Fund** | **Sterling Capital Special Opportunities**<br> **Fund** | **Sterling Capital Equity Income**<br> **Fund** | **Sterling Capital Mid Cap Relative**<br> **Value Fund**  |
| **Investment Income:** |  |  |  |  |  |  |
| Interest income | $4872 | $16035 | $26698 | $92346 | $748947 | $13058 |
| Dividend income | 489621 | 269863 | 1207177 | 1526960 | 18451581 | 306434 |
| Foreign tax withholding |  | (1003) | (319) | (15602) |  |  |
| Total investment income | 494493 | 284895 | 1233556 | 1603704 | 19200528 | 319492 |
| **Expenses:** |  |  |  |  |  |  |
| Investment advisory fees (See Note 4) | 84260 | 130695 | 319557 | 1358919 | 4531459 | 114463 |
| Administration fees (See Note 4) | 15839 | 18360 | 44984 | 180954 | 695099 | 16094 |
| Distribution fees - Class A Shares (See Note 4) | 43167 | 24676 | 7955 | 369317 | 536063 | 294 |
| Distribution fees - Class C Shares (See Note 4) | 1858 | 1419 | 258 | 83263 | 342611 | 20 |
| Compliance service fees (See Note 4) | 307 | 381 | 875 | 3524 | 15052 | 320 |
| Trustee fees | 2911 | 3649 | 7464 | 32016 | 137384 | 3040 |
| Audit fees | 1779 | 3613 | 3723 | 16309 | 69790 | 1488 |
| Custodian fees | 936 | 1208 | 2778 | 10845 | 46651 | 1009 |
| Fund accounting fees (See Note 4) | 2116 | 2693 | 6080 | 24480 | 104835 | 2298 |
| Interest expense |  | 133 |  | 1119 | 6764 |  |
| Legal fees | 3143 | 4003 | 8835 | 36208 | 154815 | 3383 |
| Printing fees | 3052 | 2325 | 680 | 14112 | 78211 | 441 |
| Registration fees | 10294 | 26640 | 15188 | 30623 | 40706 | 11198 |
| Transfer agent fees (See Note 4) | 13826 | 10676 | 11276 | 53694 | 196923 | 4412 |
| Other fees | 10684 | 17858 | 15694 | 140626 | 793174 | 11593 |
| Total expenses before waivers | 194172 | 248329 | 445347 | 2356009 | 7749537 | 170053 |
| Less expenses waived by the Investment Advisor (See Note 4) | (12) | (10653) | (31466) | (16260) | (58041) |  |
| Net expenses | 194160 | 237676 | 413881 | 2339749 | 7691496 | 170053 |
| Net investment income (loss) | 300333 | 47219 | 819675 | (736045) | 11509032 | 149439 |
| **Net Realized and Unrealized Gain (Loss):** |  |  |  |  |  |  |
| Net realized gain (loss) from: |  |  |  |  |  |  |
| Investments | 2271260 | 3892375 | 6460197 | 37130266 | 144028255 | 4584370 |
| Change in unrealized appreciation/depreciation on: |  |  |  |  |  |  |
| Investments | (1190911) | (4562812) | (14754136) | (44590982) | (221722775) | (6702999) |
| Foreign currency |  |  |  | (61) |  |  |
| Net realized and change in unrealized gain (loss) on investments | 1080349 | (670437) | (8293939) | (7460777) | (77694520) | (2118629) |
| Net increase (decrease) in net assets resulting from operations | $1380682 | $(623218) | $(7474264) | $(8196822) | $(66185488) | $(1969190) |

---

See accompanying notes to financial statements.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Sterling Capital Real**<br> **Estate Fund** | **Sterling Capital Small Cap**<br> **Value Fund** | **Sterling Capital Ultra Short Bond**<br> **Fund** | **Sterling Capital Short Duration**<br> **Bond Fund** | **Sterling Capital Intermediate U.S.**<br> **Government**<br> **Fund** | **Sterling Capital Total Return Bond**<br> **Fund** | **Sterling Capital Long Duration Corporate**<br> **Bond Fund** |
| **Investment Income:** | | | | | | | |
| Interest income | $17304 | $35977 | $598299 | $1074148 | $331323 | $33026227 | $1195638 |
| Dividend income | 1299968 | 1308016 | 60480 | 60509 | 9870 | 1649007 |  |
| Foreign tax withholding |  |  |  |  |  |  |  |
| Total investment income | 1317272 | 1343993 | 658779 | 1134657 | 341193 | 34675234 | 1195638 |
| **Expenses:** |  |  |  |  |  |  |  |
| Investment advisory fees (See Note 4) | 206088 | 688822 | 27701 | 43862 | 28868 | 1814625 | 55351 |
| Administration fees (See Note 4) | 30013 | 77508 | 11707 | 18538 | 7631 | 613683 | 18737 |
| Distribution fees - Class A Shares (See Note 4) | 707 | 3803 | 6207 | 3926 | 3005 | 65015 | 442 |
| Distribution fees - Class C Shares (See Note 4) | 410 | 3199 |  | 223 | 425 | 13131 | 12 |
| Compliance service fees (See Note 4) | 607 | 1513 | 227 | 320 | 145 | 12614 | 365 |
| Trustee fees | 5445 | 12867 | 2339 | 2277 | 1408 | 124158 | 3717 |
| Audit fees | 3202 | 2957 | 1202 | 823 | 837 | 81255 | 2473 |
| Custodian fees | 1940 | 3957 | 729 | 964 | 458 | 39067 | 1108 |
| Fund accounting fees (See Note 4) | 4192 | 11057 | 1625 | 2602 | 1050 | 85097 | 2468 |
| Interest expense |  | 370 |  |  |  |  |  |
| Legal fees | 6163 | 16375 | 2401 | 3759 | 1555 | 131023 | 3760 |
| Printing fees | 1522 | 1435 | 391 | 423 | 175 | 30426 | 1026 |
| Registration fees | 14838 | 22113 | 13440 | 16577 | 6523 | 40952 | 8663 |
| Transfer agent fees (See Note 4) | 9051 | 13994 | 3345 | 5637 | 2678 | 121700 | 2698 |
| Other fees | 26213 | 108387 | 15745 | 24206 | 14571 | 484957 | 25177 |
| Total expenses before waivers | 310391 | 968357 | 87059 | 124137 | 69329 | 3657703 | 125997 |
| Less expenses waived by the Investment Advisor (See Note 4) | (314) | (4016) | (20776) | (7030) | (17140) | (453766) | (43884) |
| Net expenses | 310077 | 964341 | 66283 | 117107 | 52189 | 3203937 | 82113 |
| Net investment income | 1007195 | 379652 | 592496 | 1017550 | 289004 | 31471297 | 1113525 |
| **Net Realized and Unrealized Gain (Loss):** | **Net Realized and Unrealized Gain (Loss):** | **Net Realized and Unrealized Gain (Loss):** | **Net Realized and Unrealized Gain (Loss):** | **Net Realized and Unrealized Gain (Loss):** | **Net Realized and Unrealized Gain (Loss):** | **Net Realized and Unrealized Gain (Loss):** | **Net Realized and Unrealized Gain (Loss):** |
| Net realized gain (loss) from: |  |  |  |  |  |  |  |
| Investments | 2305915 | 21658919 | 112214 | 142683 | (88770) | (4576671) | (586044) |
| Change in unrealized appreciation/ depreciation on: |  |  |  |  |  |  |  |
| Investments | (6396333) | (34123943) | (44072) | (320382) | (109572) | (28350426) | (2304319) |
| Net realized and change in unrealized gain (loss) on investments | (4090418) | (12465024) | 68142 | (177699) | (198342) | (32927097) | (2890363) |
| Net increase (decrease) in net assets resulting from operations | $(3083223) | $(12085372) | $660638 | $839851 | $90662 | $(1455800) | $(1776838) |

---

**STERLING CAPITAL FUNDS**

**STATEMENTS OF OPERATIONS**

**For the six months ended March 31, 2025 (Unaudited)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Sterling Capital Quality Income**<br> **Fund** | **Sterling Capital North Carolina Intermediate Tax-**<br> **Free Fund** | **Sterling Capital South Carolina Intermediate Tax-**<br> **Free Fund**  | **Sterling Capital Virginia Intermediate Tax-**<br> **Free Fund**  | **Sterling Capital West Virginia Intermediate Tax-**<br> **Free Fund**  |
| **Investment Income:** | | | | | |
| Interest income | $2860683 | $2029040 | $452026 | $691269 | $923923 |
| Dividend income | 450613 |  |  |  |  |
| Foreign tax withholding |  |  |  |  |  |
| Total investment income | 3311296 | 2029040 | 452026 | 691269 | 923923 |
| **Expenses:** |  |  |  |  |  |
| Investment advisory fees (See Note 4) | 257125 | 220342 | 45875 | 77029 | 93455 |
| Administration fees (See Note 4) | 62457 | 53213 | 11070 | 18585 | 22567 |
| Distribution fees - Class A Shares (See Note 4) | 81 | 25271 | 6447 | 11911 | 24932 |
| Distribution fees - Class C Shares (See Note 4) | 44 | 3772 | 379 | 27 | 9 |
| Compliance service fees (See Note 4) | 809 | 1056 | 228 | 355 | 432 |
| Trustee fees | 7593 | 9650 | 2089 | 3039 | 4001 |
| Audit fees | 4394 | 4985 | 947 | 947 | 1376 |
| Custodian fees | 2485 | 3183 | 709 | 1085 | 1783 |
| Fund accounting fees (See Note 4) | 5416 | 7343 | 1658 | 2620 | 3190 |
| Legal fees | 8443 | 10935 | 2419 | 3804 | 4764 |
| Printing fees | 2428 | 877 | 195 | 314 | 695 |
| Registration fees | 11696 | 8595 | 7413 | 8817 | 11780 |
| Transfer agent fees (See Note 4) | 5394 | 8062 | 1957 | 3285 | 3692 |
| Other fees | 38458 | 32242 | 9467 | 11826 | 12556 |
| Total expenses before waivers | 406823 | 389526 | 90853 | 143644 | 185232 |
| Less expenses waived by the Investment Advisor (See Note 4) | (36732) |  |  |  |  |
| Net expenses | 370091 | 389526 | 90853 | 143644 | 185232 |
| Net investment income | 2941205 | 1639514 | 361173 | 547625 | 738691 |
| **Net Realized and Unrealized Gain (Loss):** |  |  |  |  |  |
| Net realized gain (loss) from: |  |  |  |  |  |
| Investments | (598530) | (235829) | (57520) | 16849 | (76715) |
| Change in unrealized appreciation/depreciation on: |  |  |  |  |  |
| Investments | (641636) | (2823109) | (572437) | (1121301) | (1042151) |
| Net realized and change in unrealized loss on investments | (1240166) | (3058938) | (629957) | (1104452) | (1118866) |
| Net increase (decrease) in net assets resulting from operations | $1701039 | $(1419424) | $(268784) | $(556827) | $(380175) |

---

See accompanying notes to financial statements.

**STERLING CAPITAL FUNDS**

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | |
|:---|:---|:---|
|  | **Sterling Capital Behavioral**<br> **Large Cap Value Equity Fund** | **Sterling Capital Behavioral**<br> **Large Cap Value Equity Fund** |
|  | **For the**<br> **Six Months**<br> **Ended**<br> **March 31,**<br> **2025**<br> **(Unaudited)** | **For the**<br> **Year Ended**<br> **September 30,**<br> **2024** |
| **Increase (Decrease) in Net Assets due to:** |  |  |
| **Operations:** |  |  |
| Net investment income (loss) | $300333 | $568729 |
| Net realized gain | 2271260 | 4474629 |
| Net change in unrealized appreciation (depreciation) | (1190911) | 4100005 |
| Net increase (decrease) in net assets resulting from operations | 1380682 | 9143363 |
| **Distributions to Shareholders:** |  |  |
| Income distribution: |  |  |
| &nbsp;&nbsp;&nbsp;Class A Shares | (273938) | (532361) |
| &nbsp;&nbsp;&nbsp;Class C Shares | (1713) | (3400) |
| &nbsp;&nbsp;&nbsp;Class Institutional Shares | (23736) | (35457) |
| &nbsp;&nbsp;&nbsp;Class R6 Shares | (236) | (4152) |
| Change in net assets from shareholder distributions | (299623) | (575370) |
| **Capital Transactions:** |  |  |
| Change in net assets from capital transactions (See Note 4) | (649481) | (2313251) |
| Change in net assets | 431578 | 6254742 |
| **Net Assets:** |  |  |
| Beginning of period | 36817547 | 30562805 |
| End of period | $37249125 | $36817547 |

---

See accompanying notes to financial statements.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Sterling Capital Mid Value Fund** | **Sterling Capital Mid Value Fund** | **Sterling Capital Behavioral**<br> **Small Cap Value Equity Fund** | **Sterling Capital Behavioral**<br> **Small Cap Value Equity Fund** | **Sterling Capital Special Opportunities Fund** | **Sterling Capital Special Opportunities Fund** |
| **For the Six Months**<br> **Ended March 31, 2025**<br> **(Unaudited)** | **For the Year Ended**<br> **September 30, 2024** | **For the Six Months**<br> **Ended March 31, 2025**<br> **(Unaudited)** | **For the Year Ended**<br> **September 30, 2024** | **For the Six Months**<br> **Ended March 31, 2025**<br> **(Unaudited)** | **For the Year Ended**<br> **September 30, 2024** |
| $47219 | $245298 | $819675 | $1656938 | $(736045) | $(1387908) |
| 3892375 | 4824649 | 6460197 | 8671154 | 37130266 | 85876663 |
| (4562812) | 3880913 | (14754136) | 14256533 | (44591043) | 20967909 |
| (623218) | 8950860 | (7474264) | 24584625 | (8196822) | 105456664 |
| (2031374) | (1334512) | (547951) | (113676) | (49024403) | (48470651) |
| (35431) | (33683) | (4848) | (788) | (4156880) | (5349947) |
| (2594072) | (2020317) | (521257) | (118903) | (12870592) | (14997857) |
| (80344) | (27483) | (8170703) | (1699464) | (4995068) | (6123350) |
| (4741221) | (3415995) | (9244759) | (1932831) | (71046943) | (74941805) |
| (15767285) | (2352914) | (1168404) | (3748600) | 19249534 | (62095281) |
| (21131724) | 3181951 | (17887427) | 18903194 | (59994231) | (31580422) |
| 48726023 | 45544072 | 109157302 | 90254108 | 432641379 | 464221801 |
| $27594299 | $48726023 | $91269875 | $109157302 | $372647148 | $432641379 |

---

**STERLING CAPITAL FUNDS**

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | |
|:---|:---|:---|
|  | **Sterling Capital Equity Income Fund** | **Sterling Capital Equity Income Fund** |
|  | **For the**<br> **Six Months** <br> **Ended**<br> **March 31,**<br> **2025**<br> **(Unaudited)** | **For the**<br> **Year Ended**<br> **September 30,**<br> **2024** |
| **Increase (Decrease) in Net Assets due to:** |  |  |
| **Operations:** |  |  |
| Net investment income | $11509032 | $28014041 |
| Net realized gain | 144028255 | 331191387 |
| Net change in unrealized appreciation (depreciation) | (221722775) | 50609934 |
| Net increase (decrease) in net assets resulting from operations | (66185488) | 409815362 |
| **Distributions to Shareholders:** |  |  |
| Income distribution: |  |  |
| &nbsp;&nbsp;&nbsp;Class A Shares | (89869325) | (40781730) |
| &nbsp;&nbsp;&nbsp;Class C Shares | (14406080) | (5906495) |
| &nbsp;&nbsp;&nbsp;Class Institutional Shares | (223748289) | (123753673) |
| &nbsp;&nbsp;&nbsp;Class R6 Shares | (20655535) | (9828898) |
| Change in net assets from shareholder distributions | (348679229) | (180270796) |
| **Capital Transactions:** |  |  |
| Change in net assets from capital transactions (See Note 4) | (52321541) | (218317462) |
| Change in net assets | (467186258) | 11227104 |
| **Net Assets:** |  |  |
| Beginning of period | 1892266151 | 1881039047 |
| End of period | $1425079893 | $1892266151 |

---

See accompanying notes to financial statements.

---

| | | | |
|:---|:---|:---|:---|
| **Sterling Capital Mid Cap Relative Value Fund** | **Sterling Capital Mid Cap Relative Value Fund** | **Sterling Capital Real Estate Fund** | **Sterling Capital Real Estate Fund** |
| **For the Six Months Ended**<br> **March 31, 2025 (Unaudited)** | **For the Year Ended**<br> **September 30, 2024** | **For the Six Months Ended**<br> **March 31, 2025 (Unaudited)** | **For the Year Ended**<br> **September 30, 2024** |
| $149439 | $328346 | $1007195 | $1686668 |
| 4584370 | 5917871 | 2305915 | 3388016 |
| (6702999) | 3148935 | (6396333) | 14626477 |
| (1969190) | 9395152 | (3083223) | 19701161 |
| (34375) | (49762) | (31696) | (41389) |
| (533) | (399) | (4276) | (7917) |
| (5204000) | (5094497) | (3934621) | (5246524) |
|  |  | (36191) | (39860) |
| (5238908) | (5144658) | (4006784) | (5335690) |
| (1072993) | (7211696) | 860070 | (2892935) |
| (8281091) | (2961202) | (6229937) | 11472536 |
| 40518290 | 43479492 | 75753812 | 64281276 |
| $32237199 | $40518290 | $69523875 | $75753812 |

---

**STERLING CAPITAL FUNDS**

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | |
|:---|:---|:---|
|  | **Sterling Capital Small Cap Value Fund** | **Sterling Capital Small Cap Value Fund** |
|  | **For the**<br> **Six Months**<br> **Ended**<br> **March 31,**<br> **2025**<br> **(Unaudited)** | **For the**<br> **Year Ended**<br> **September 30,**<br> **2024** |
| **Increase (Decrease) in Net Assets due to:** |  |  |
| **Operations:** |  |  |
| Net investment income | $379652 | $1208898 |
| Net realized gain (loss) | 21658919 | 97551304 |
| Net change in unrealized appreciation (depreciation) | (34123943) | (38596522) |
| Net increase (decrease) in net assets resulting from operations | (12085372) | 60163680 |
| **Distributions to Shareholders:** |  |  |
| Income distribution: |  |  |
| &nbsp;&nbsp;&nbsp;Class A Shares | (1252305) | (830751) |
| &nbsp;&nbsp;&nbsp;Class C Shares | (118532) | (135464) |
| &nbsp;&nbsp;&nbsp;Class Institutional Shares | (34153040) | (77402735) |
| &nbsp;&nbsp;&nbsp;Class R6 Shares | (1185361) | (1738566) |
| Change in net assets from shareholder distributions | (36709238) | (80107516) |
| **Capital Transactions:** |  |  |
| Change in net assets from capital transactions (See Note 4) | 7264819 | (53586885) |
| Change in net assets | (41529791) | (73530721) |
| **Net Assets:** |  |  |
| Beginning of period | 197649703 | 271180424 |
| End of period | $156119912 | $197649703 |

---

See accompanying notes to financial statements.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Sterling Capital Ultra Short Bond Fund** | **Sterling Capital Ultra Short Bond Fund** | **Sterling Capital Short Duration Bond Fund** | **Sterling Capital Short Duration Bond Fund** | **Sterling Capital Intermediate**<br> **U.S. Government Fund** | **Sterling Capital Intermediate**<br> **U.S. Government Fund** |
| **For the Six Months**<br> **Ended March 31, 2025**<br> **(Unaudited)** | **For the Year Ended**<br> **September 30, 2024** | **For the Six Months**<br> **Ended March 31, 2025**<br> **(Unaudited)** | **For the Year Ended**<br> **September 30, 2024** | **For the Six Months**<br> **Ended March 31, 2025**<br> **(Unaudited)** | **For the Year Ended**<br> **September 30, 2024** |
| $592496 | $1495201 | $1017550 | $2978012 | $289004 | $450653 |
| 112214 | 34533 | 142683 | (640244) | (88770) | (72448) |
| (44072) | 309437 | (320382) | 2813495 | (109572) | 1257630 |
| 660638 | 1839171 | 839851 | 5151263 | 90662 | 1635835 |
| (102244) | (302481) | (72346) | (131145) | (34645) | (83268) |
|  |  | (859) | (3817) | (905) | (2511) |
| (496649) | (1129825) | (671217) | (2168304) | (243498) | (504626) |
|  |  | (321886) | (600489) |  |  |
| (598893) | (1432306) | (1066308) | (2903755) | (279048) | (590405) |
| (1070958) | (1585514) | (2816468) | (60565386) | 697893 | 641650 |
| (1009213) | (1178649) | (3042925) | (58317878) | 509507 | 1687080 |
| 28099385 | 29278034 | 45633244 | 103951122 | 18182927 | 16495847 |
| $27090172 | $28099385 | $42590319 | $45633244 | $18692434 | $18182927 |

---

**STERLING CAPITAL FUNDS**

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | |
|:---|:---|:---|
|  | **Sterling Capital Total Return Bond Fund** | **Sterling Capital Total Return Bond Fund** |
|  | **For the**<br> **Six Months**<br> **Ended**<br> **March 31,**<br> **2025**<br> **(Unaudited)** | **For the**<br> **Year Ended**<br> **September 30,**<br> **2024** |
| **Increase (Decrease) in Net Assets due to:** |  |  |
| **Operations:** |  |  |
| Net investment income | $31471297 | $57220994 |
| Net realized loss | (4576671) | (32443663) |
| Net change in unrealized appreciation (depreciation) | (28350426) | 136519817 |
| Net increase (decrease) in net assets resulting from operations | (1455800) | 161297148 |
| **Distributions to Shareholders:** |  |  |
| Income distribution: |  |  |
| &nbsp;&nbsp;&nbsp;Class A Shares | (1024741) | (1885739) |
| &nbsp;&nbsp;&nbsp;Class C Shares | (41855) | (86758) |
| &nbsp;&nbsp;&nbsp;Class Institutional Shares | (21161658) | (40197403) |
| &nbsp;&nbsp;&nbsp;Class R6 Shares | (8310897) | (15067709) |
| Change in net assets from shareholder distributions | (30539151) | (57237609) |
| **Capital Transactions:** |  |  |
| Change in net assets from capital transactions (See Note 4) | (10363477) | 402146207 |
| Change in net assets | (42358428) | 506205746 |
| **Net Assets:** |  |  |
| Beginning of period | 1514721755 | 1008516009 |
| End of period | $1472363327 | $1514721755 |

---

See accompanying notes to financial statements.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Sterling Capital Long Duration**<br> **Corporate Bond Fund** | **Sterling Capital Long Duration**<br> **Corporate Bond Fund** | **Sterling Capital Quality Income Fund** | **Sterling Capital Quality Income Fund** | **Sterling Capital North Carolina**<br> **Intermediate Tax-Free Fund** | **Sterling Capital North Carolina**<br> **Intermediate Tax-Free Fund** |
| **For the Six Months**<br> **Ended March 31, 2025**<br> **(Unaudited)** | **For the Year Ended**<br> **September 30, 2024** | **For the Six Months**<br> **Ended March 31, 2025**<br> **(Unaudited)** | **For the Year Ended**<br> **September 30, 2024** | **For the Six Months**<br> **Ended March 31, 2025**<br> **(Unaudited)** | **For the Year Ended**<br> **September 30, 2024** |
| $1113525 | $1884068 | $2941205 | $2956704 | $1639514 | $3208779 |
| (586044) | (2469778) | (598530) | (1114890) | (235829) | (604710) |
| (2304319) | 7111244 | (641636) | 7427434 | (2823109) | 6559031 |
| (1776838) | 6525534 | 1701039 | 9269248 | (1419424) | 9163100 |
| (8256) | (14989) | (1225) | (958) | (242136) | (497427) |
| (50) | (92) | (137) | (69) | (6214) | (14093) |
| (4805) | (24777) | (2937370) | (3072077) | (1388334) | (2684591) |
| (1100846) | (1845809) |  |  |  |  |
| (1113957) | (1885667) | (2938732) | (3073104) | (1636684) | (3196111) |
| 6906314 | 7144131 | 65636664 | (6336438) | (1777179) | (11566398) |
| 4015519 | 11783998 | 64398971 | (140294) | (4833287) | (5599409) |
| 42961811 | 31177813 | 87899672 | 88039966 | 128637524 | 134236933 |
| $46977330 | $42961811 | $152298643 | $87899672 | $123804237 | $128637524 |

---

**STERLING CAPITAL FUNDS**

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | |
|:---|:---|:---|
|  | **Sterling Capital South Carolina**<br> **Intermediate Tax-Free Fund** | **Sterling Capital South Carolina**<br> **Intermediate Tax-Free Fund** |
|  | **For the**<br> **Six Months**<br> **Ended**<br> **March 31,**<br> **2025**<br> **(Unaudited)** | **For the**<br> **Year Ended**<br> **September 30,**<br> **2024** |
| **Increase (Decrease) in Net Assets due to:** |  |  |
| **Operations:** |  |  |
| Net investment income | $361173 | $810404 |
| Net realized gain (loss) | (57520) | (462910) |
| Net change in unrealized appreciation (depreciation) | (572437) | 1881016 |
| Net increase (decrease) in net assets resulting from operations | (268784) | 2228510 |
| **Distributions to Shareholders:** |  |  |
| Income distribution: |  |  |
| &nbsp;&nbsp;&nbsp;Class A Shares | (65926) | (147188) |
| &nbsp;&nbsp;&nbsp;Class C Shares | (686) | (3847) |
| &nbsp;&nbsp;&nbsp;Class Institutional Shares | (294571) | (656595) |
| Change in net assets from shareholder distributions | (361183) | (807630) |
| **Capital Transactions:** |  |  |
| Change in net assets from capital transactions (See Note 4) | (5860165) | (7366676) |
| Change in net assets | (6490132) | (5945796) |
| **Net Assets:** |  |  |
| Beginning of period | 29441189 | 35386985 |
| End of period | $22951057 | $29441189 |

---

See accompanying notes to financial statements.

---

| | | | |
|:---|:---|:---|:---|
| **Sterling Capital Virginia Intermediate Tax-Free Fund** | **Sterling Capital Virginia Intermediate Tax-Free Fund** | **Sterling Capital West Virginia Intermediate Tax-Free Fund** | **Sterling Capital West Virginia Intermediate Tax-Free Fund** |
| **For the Six Months Ended**<br> **March 31, 2025 (Unaudited)** | **For the Year Ended**<br> **September 30, 2024** | **For the Six Months Ended**<br> **March 31, 2025 (Unaudited)** | **For the Year Ended**<br> **September 30, 2024** |
| $547625 | $1214165 | $738691 | $1873103 |
| 16849 | (638608) | (76715) | (465941) |
| (1121301) | 3117113 | (1042151) | 4013370 |
| (556827) | 3692670 | (380175) | 5420532 |
| (109213) | (228315) | (260302) | (485310) |
| (43) | (82) | (18) | (35) |
| (438355) | (980236) | (478290) | (1382167) |
| (547611) | (1208633) | (738610) | (1867512) |
| (1760541) | (19331760) | (2922835) | (27790397) |
| (2864979) | (16847723) | (4041620) | (24237377) |
| 45425038 | 62272761 | 55553254 | 79790631 |
| $42560059 | $45425038 | $51511634 | $55553254 |

---

**STERLING CAPITAL FUNDS**

**FINANCIAL HIGHLIGHTS, A SHARES**

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Investment Activities** | **Investment Activities** | **Investment Activities** | **Distributions** | **Distributions** | **Distributions** | **Distributions** |
|  |<br>**Net asset value, beginning of**<br> **period**  | **Net investment income (loss)<sup>(a)</sup>** | **Net realized/ unrealized gain (loss) on**<br> **investments** | **Total from investment Activities** | **Net investment**<br> **income**  | **Net realized gains on**<br> **investments** | **Return of**<br> **capital**  | **Total from**<br> **distributions** |
| **Sterling Capital Behavioral Large Cap Value Equity Fund** | **Sterling Capital Behavioral Large Cap Value Equity Fund** | **Sterling Capital Behavioral Large Cap Value Equity Fund** | **Sterling Capital Behavioral Large Cap Value Equity Fund** | **Sterling Capital Behavioral Large Cap Value Equity Fund** | **Sterling Capital Behavioral Large Cap Value Equity Fund** | **Sterling Capital Behavioral Large Cap Value Equity Fund** | **Sterling Capital Behavioral Large Cap Value Equity Fund** | **Sterling Capital Behavioral Large Cap Value Equity Fund** |
| **For the Six Months Ended March 31, 2025 (Unaudited)** | $29.88 | 0.25 | 0.87 | 1.12 | (0.24) |  |  | (0.24) |
| **Year Ended September 30, 2024** | $23.10 | 0.45 | 6.79 | 7.24 | (0.46) |  |  | (0.46) |
| **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) |
| **Sterling Capital Mid Value Fund** |  |  |  |  |  |  |  |  |
| **For the Six Months Ended March 31, 2025 (Unaudited)** | $16.12 | 0.01 | (0.26) | (0.25) | (0.04) | (1.59) |  | (1.63) |
| **Year Ended September 30, 2024** | $14.47 | 0.06 | 2.70 | 2.76 | (0.06) | (1.05) |  | (1.11) |
| **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) |
| **Sterling Capital Behavioral Small Cap Value Equity Fund** | **Sterling Capital Behavioral Small Cap Value Equity Fund** | **Sterling Capital Behavioral Small Cap Value Equity Fund** | **Sterling Capital Behavioral Small Cap Value Equity Fund** | **Sterling Capital Behavioral Small Cap Value Equity Fund** | **Sterling Capital Behavioral Small Cap Value Equity Fund** | **Sterling Capital Behavioral Small Cap Value Equity Fund** | **Sterling Capital Behavioral Small Cap Value Equity Fund** | **Sterling Capital Behavioral Small Cap Value Equity Fund** |
| **For the Six Months Ended March 31, 2025 (Unaudited)** | $21.39 | 0.13 | (1.54) | (1.41) | (0.12) | (1.70) |  | (1.82) |
| **Year Ended September 30, 2024** | $16.98 | 0.27 | 4.50 | 4.77 | (0.36) |  |  | (0.36) |
| **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) |
| **Sterling Capital Special Opportunities Fund** | **Sterling Capital Special Opportunities Fund** | **Sterling Capital Special Opportunities Fund** | **Sterling Capital Special Opportunities Fund** | **Sterling Capital Special Opportunities Fund** | **Sterling Capital Special Opportunities Fund** | **Sterling Capital Special Opportunities Fund** | **Sterling Capital Special Opportunities Fund** | **Sterling Capital Special Opportunities Fund** |
| **For the Six Months Ended March 31, 2025 (Unaudited)** | $27.59 | (0.05) | (0.21) | (0.26) |  | (4.70) |  | (4.70) |
| **Year Ended September 30, 2024** | $26.08 | (0.10) | 6.40 | 6.30 |  | (4.79) |  | (4.79) |
| **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) |
| **Sterling Capital Equity Income Fund** |  |  |  |  |  |  |  |  |
| **For the Six Months Ended March 31, 2025 (Unaudited)** | $28.50 | 0.15 | (1.14) | (0.99) | (0.15) | (5.46) |  | (5.61) |
| **Year Ended September 30, 2024** | $25.26 | 0.35 | 5.39 | 5.74 | (0.36) | (2.14) |  | (2.50) |
| **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) |

---

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

\* 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.

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

(c) Annualized for periods less than one year.

See accompanying Notes to the Financial Statements

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios/Supplementary Data** | **Ratios/Supplementary Data** | **Ratios/Supplementary Data** | **Ratios/Supplementary Data** | **Ratios/Supplementary Data** |
|<br>**Net asset value, end of period**  |<br>**Total Return (excludes sales charge)**  | **Net assets, End of period (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\*\*** |
| $30.76 | 3.78 %<sup>(b)</sup> | $34250 | 1.04 %<sup>(c)</sup> | 1.58 %<sup>(c)</sup> | 1.04 %<sup>(c)</sup> | 43.00 %<sup>(b)</sup> |
| $29.88 | 31.47% | $34158 | 1.00% | 1.68% | 1.03% | 99.00% |
| $23.10 | 16.42% | $28454 | 1.09% | 1.60% | 1.15% | 110.98% |
| $20.19 | (9.84)% | $25985 | 1.00% | 1.68% | 1.03% | 125.15% |
| $22.75 | 37.59% | $30870 | 0.88% | 0.16% | 1.02% | 122.64% |
| $16.72 | (9.15)% | $24497 | 0.89% | 2.00% | 0.96% | 167.34% |
| $14.24 | (2.01)%<sup>(b)</sup> | $18625 | 1.22 %<sup>(c)</sup> | 0.11 %<sup>(c)</sup> | 1.28 %<sup>(c)</sup> | 19.86 %<sup>(b)</sup> |
| $16.12 | 19.90% | $20502 | 1.15% | 0.37% | 1.16% | 39.31% |
| $14.47 | 13.45% | $17911 | 1.16% | 0.40% | 1.18% | 19.99% |
| $15.21 | (17.48)% | $17191 | 1.14% | 0.10% | 1.14% | 29.05% |
| $20.01 | 43.32% | $23421 | 1.12% | (0.08)% | 1.15% | 34.00% |
| $13.99 | (5.76)% | $18851 | 1.13% | 0.13% | 1.26% | 28.77% |
| $18.16 | (7.69)%<sup>(b)</sup> | $5728 | 1.06 %<sup>(c)</sup> | 1.25 %<sup>(c)</sup> | 1.06 %<sup>(c)</sup> | 43.95 %<sup>(b)</sup> |
| $21.39 | 28.20% | $6564 | 1.09% | 1.38% | 1.09% | 74.00% |
| $16.98 | 13.50% | $5695 | 1.11% | 1.54% | 1.11% | 154.69% |
| $15.12 | (13.50)% | $5644 | 1.11% | 0.90% | 1.11% | 70.82% |
| $19.37 | 64.73% | $7212 | 1.06% | 0.66% | 1.06% | 111.07% |
| $11.83 | (17.84)% | $4948 | 1.06% | 0.81% | 1.08% | 119.76% |
| $22.63 | (2.82)%<sup>(b)</sup> | $263107 | 1.13 %<sup>(c)</sup> | (0.39)%<sup>(c)</sup> | 1.13 %<sup>(c)</sup> | 20.23 %<sup>(b)</sup> |
| $27.59 | 27.05% | $294004 | 1.16% | (0.37)% | 1.16% | 41.68% |
| $26.08 | 17.96% | $269413 | 1.16% | (0.36)% | 1.16% | 31.19% |
| $23.95 | (18.91)% | $267480 | 1.13% | (0.44)% | 1.13% | 28.06% |
| $33.44 | 37.18% | $355673 | 1.11% | (0.36)% | 1.12% | 27.20% |
| $24.67 | 5.55% | $276975 | 1.11% | (0.04)% | 1.11% | 17.50% |
| $21.90 | (4.02)%<sup>(b)</sup> | $394083 | 1.08 %<sup>(c)</sup> | 1.25 %<sup>(c)</sup> | 1.08 %<sup>(c)</sup> | 27.30 %<sup>(b)</sup> |
| $28.50 | 23.83% | $464807 | 1.08% | 1.32% | 1.08% | 41.82% |
| $25.26 | 12.55% | $418725 | 1.07% | 1.34% | 1.07% | 39.43% |
| $24.27 | (5.85)% | $411766 | 1.04% | 1.29% | 1.04% | 31.23% |
| $26.57 | 34.11% | $460034 | 1.03% | 1.15% | 1.04% | 13.00% |
| $20.04 | (0.10)% | $320255 | 1.03% | 1.79% | 1.03% | 33.60% |

---

**STERLING CAPITAL FUNDS**

**FINANCIAL HIGHLIGHTS, A SHARES**

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Investment Activities** | **Investment Activities** | **Investment Activities** | **Distributions** | **Distributions** | **Distributions** |
|  |<br>**Net asset value, beginning of**<br> **period** | **Net investment income (loss)<sup>(a)</sup>** | **Net realized/ unrealized gain (loss) on**<br> **investments** | **Total from investment**<br> **Activities** | **Net investment**<br> **income**  | **Net realized gains on**<br> **investments** | **Total from**<br> **distributions** |
| **Sterling Capital Mid Cap Relative Value Fund** | **Sterling Capital Mid Cap Relative Value Fund** | **Sterling Capital Mid Cap Relative Value Fund** | **Sterling Capital Mid Cap Relative Value Fund** | **Sterling Capital Mid Cap Relative Value Fund** | **Sterling Capital Mid Cap Relative Value Fund** | **Sterling Capital Mid Cap Relative Value Fund** | **Sterling Capital Mid Cap Relative Value Fund** |
| **For the Six Months Ended March 31, 2025 (Unaudited)** | $67.30 | 0.17 | (3.34) | (3.17) | (0.27) | (8.34) | (8.61) |
| **Year Ended September 30, 2024** | $60.94 | 0.34 | 13.28 | 13.62 | (0.25) | (7.01) | (7.26) |
| **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) |
| **Sterling Capital Real Estate Fund** |  |  |  |  |  |  |  |
| **For the Six Months Ended March 31, 2025 (Unaudited)** | $39.81 | 0.46 | (2.11) | (1.65) | (0.45) | (1.62) | (2.07) |
| **Year Ended September 30, 2024** | $32.35 | 0.78 | 9.42 | 10.20 | (0.65) | (2.09) | (2.74) |
| **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) |
| **Sterling Capital Small Cap Value Fund** |  |  |  |  |  |  |  |
| **For the Six Months Ended March 31, 2025 (Unaudited)** | $47.67 | 0.03 | (2.50) | (2.47) | (0.03) | (9.14) | (9.17) |
| **Year Ended September 30, 2024** | $52.17 | 0.13 | 11.70 | 11.83 | (0.13) | (16.20) | (16.33) |
| **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) |
| **Sterling Capital Ultra Short Bond Fund** | **Sterling Capital Ultra Short Bond Fund** | **Sterling Capital Ultra Short Bond Fund** | **Sterling Capital Ultra Short Bond Fund** | **Sterling Capital Ultra Short Bond Fund** | **Sterling Capital Ultra Short Bond Fund** | **Sterling Capital Ultra Short Bond Fund** | **Sterling Capital Ultra Short Bond Fund** |
| **For the Six Months Ended March 31, 2025 (Unaudited)** | $9.82 | 0.20 | 0.02 | 0.22 | (0.20) |  | (0.20) |
| **Year Ended September 30, 2024** | $9.68 | 0.47 | 0.11 | 0.58 | (0.44) |  | (0.44) |
| **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) |

---

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

\* 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.

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

(c) Annualized for periods less than one year.

See accompanying Notes to the Financial Statements

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios/Supplementary Data** | **Ratios/Supplementary Data** | **Ratios/Supplementary Data** | **Ratios/Supplementary Data** | **Ratios/Supplementary Data** |
|<br>**Net asset value, end of period**  |<br>**Total Return (excludes sales charge)**  | **Net assets, End of period (000)** | **Ratio of net**<br> **expenses to**<br> **average net**<br> **assets** | **Ratio of net**<br> **investment**<br> **income (loss)**<br> **to average net**<br> **assets** | **Ratio of**<br> **expenses to**<br> **average net**<br> **assets \*** | **Portfolio turnover<sup>\*\*</sup>** |
| $55.52 | (5.74)%<sup>(b)</sup> | $195 | 1.13 %<sup>(c)</sup> | 0.54 %<sup>(c)</sup> | 1.13 %<sup>(c)</sup> | 6.24 %<sup>(b)</sup> |
| $67.30 | 24.07% | $265 | 1.13% | 0.55% | 1.13% | 8.96% |
| $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% |
| $36.09 | (4.18)%<sup>(b)</sup> | $474 | 1.11 %<sup>(c)</sup> | 2.48 %<sup>(c)</sup> | 1.11 %<sup>(c)</sup> | 6.63 %<sup>(b)</sup> |
| $39.81 | 32.80% | $623 | 1.11% | 2.25% | 1.11% | 4.90% |
| $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% |
| $36.03 | (7.49)%<sup>(b)</sup> | $2387 | 1.29 %<sup>(c)</sup> | 0.15 %<sup>(c)</sup> | 1.29 %<sup>(c)</sup> | 1.67 %<sup>(b)</sup> |
| $47.67 | 28.51% | $3277 | 1.30% | 0.28% | 1.31% | 2.87% |
| $52.17 | 15.05% | $2656 | 1.28% | 0.29% | 1.30% | 0.77% |
| $57.67 | (14.14)% | $2464 | 1.25% | 0.13% | 1.25% | 5.26% |
| $83.01 | 52.43% | $3468 | 1.23% | (0.01)% | 1.26% | 6.15% |
| $63.67 | (12.81)% | $2048 | 1.25% | 0.37% | 1.33% | 8.33% |
| $9.84 | 2.27 %<sup>(b)</sup> | $4889 | 0.68 %<sup>(c)</sup> | 4.05 %<sup>(c)</sup> | 0.83 %<sup>(c)</sup> | 38.28 %<sup>(b)</sup> |
| $9.82 | 6.12% | $5114 | 0.63% | 4.84% | 0.81% | 50.87% |
| $9.68 | 4.97% | $5756 | 0.52% | 3.26% | 0.82% | 45.10% |
| $9.55 | (1.07)% | $7090 | 0.52% | 0.87% | 0.75% | 50.11% |
| $9.78 | 0.51% | $7219 | 0.53% | 0.82% | 0.75% | 48.71% |
| $9.82 | 2.20% | $2675 | 0.63% | 1.73% | 0.81% | 43.45% |

---

**STERLING CAPITAL FUNDS**

**FINANCIAL HIGHLIGHTS, A SHARES**

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Investment Activities** | **Investment Activities** | **Investment Activities** | **Distributions** | **Distributions** | **Distributions** |
|  |<br>**Net asset value, beginning of**<br> **period**  | **Net investment income<sup>(a)</sup>** | **Net realized/ unrealized gain (loss) on**<br> **investments** | **Total from investment**<br> **Activities** | **Net investment**<br> **income**  | **Net realized gains on**<br> **investments** | **Total from**<br> **distributions** |
| **Sterling Capital Short Duration Bond Fund** | **Sterling Capital Short Duration Bond Fund** | **Sterling Capital Short Duration Bond Fund** | **Sterling Capital Short Duration Bond Fund** | **Sterling Capital Short Duration Bond Fund** | **Sterling Capital Short Duration Bond Fund** | **Sterling Capital Short Duration Bond Fund** | **Sterling Capital Short Duration Bond Fund** |
| **For the Six Months Ended March 31, 2025 (Unaudited)** | $8.42 | 0.18 | (0.03) | 0.15 | (0.19) |  | (0.19) |
| **Year Ended September 30, 2024** | $8.14 | 0.37 | 0.27 | 0.64 | (0.36) |  | (0.36) |
| **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) |
| **Sterling Capital Intermediate U.S. Government Fund** | **Sterling Capital Intermediate U.S. Government Fund** | **Sterling Capital Intermediate U.S. Government Fund** | **Sterling Capital Intermediate U.S. Government Fund** | **Sterling Capital Intermediate U.S. Government Fund** | **Sterling Capital Intermediate U.S. Government Fund** | **Sterling Capital Intermediate U.S. Government Fund** | **Sterling Capital Intermediate U.S. Government Fund** |
| **For the Six Months Ended March 31, 2025 (Unaudited)** | $8.86 | 0.13 | (0.12) | 0.01 | (0.12) |  | (0.12) |
| **Year Ended September 30, 2024** | $8.34 | 0.21 | 0.59 | 0.80 | (0.28) |  | (0.28) |
| **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) |
| **Sterling Capital Total Return Bond Fund** | **Sterling Capital Total Return Bond Fund** | **Sterling Capital Total Return Bond Fund** | **Sterling Capital Total Return Bond Fund** | **Sterling Capital Total Return Bond Fund** | **Sterling Capital Total Return Bond Fund** | **Sterling Capital Total Return Bond Fund** | **Sterling Capital Total Return Bond Fund** |
| **For the Six Months Ended March 31, 2025 (Unaudited)** | $9.54 | 0.19 | (0.22) | (0.03) | (0.18) |  | (0.18) |
| **Year Ended September 30, 2024** | $8.87 | 0.35 | 0.67 | 1.02 | (0.35) |  | (0.35) |
| **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) | — <sup>(d)</sup> | (0.29) |
| **Sterling Capital Long Duration Corporate Bond Fund** | **Sterling Capital Long Duration Corporate Bond Fund** | **Sterling Capital Long Duration Corporate Bond Fund** | **Sterling Capital Long Duration Corporate Bond Fund** | **Sterling Capital Long Duration Corporate Bond Fund** | **Sterling Capital Long Duration Corporate Bond Fund** | **Sterling Capital Long Duration Corporate Bond Fund** | **Sterling Capital Long Duration Corporate Bond Fund** |
| **For the Six Months Ended March 31, 2025 (Unaudited)** | $7.30 | 0.16 | (0.45) | (0.29) | (0.16) |  | (0.16) |
| **Year Ended September 30, 2024** | $6.45 | 0.31 | 0.85 | 1.16 | (0.31) |  | (0.31) |
| **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) |
| **Sterling Capital Quality Income Fund** |  |  |  |  |  |  |  |
| **For the Six Months Ended March 31, 2025 (Unaudited)** | $9.18 | 0.17 | (0.16) | 0.01 | (0.17) |  | (0.17) |
| **Year Ended September 30, 2024** | $8.56 | 0.27 | 0.64 | 0.91 | (0.29) |  | (0.29) |
| **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) |

---

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

\* 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.

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

(c) Annualized for periods less than one year.

(d) Amount is less than $0.005.

See accompanying Notes to the Financial Statements

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios/Supplementary Data** | **Ratios/Supplementary Data** | **Ratios/Supplementary Data** | **Ratios/Supplementary Data** | **Ratios/Supplementary Data** |
|<br>**Net asset value, end of period**  |<br>**Total Return (excludes sales charge)**  | **Net assets, End**<br> **of period (000)** | **Ratio of net**<br> **expenses to**<br> **average net**<br> **assets** | **Ratio of net**<br> **investment**<br> **income to**<br> **average net**<br> **assets** | **Ratio of**<br> **expenses to**<br> **average net**<br> **assets \*** | **Portfolio turnover<sup>\*\*</sup>** |
| $8.38 | 1.83 %<sup>(b)</sup> | $3515 | 0.79 %<sup>(c)</sup> | 4.35 %<sup>(c)</sup> | 0.79 %<sup>(c)</sup> | 31.65 %<sup>(b)</sup> |
| $8.42 | 7.98% | $3068 | 0.76% | 4.43% | 0.83% | 67.85% |
| $8.14 | 3.62% | $3228 | 0.70% | 3.02% | 0.73% | 98.01% |
| $8.08 | (5.02)% | $3665 | 0.73% | 0.94% | 0.73% | 76.98% |
| $8.68 | 0.94% | $4419 | 0.68% | 1.15% | 0.71% | 39.26% |
| $8.78 | 3.86% | $4260 | 0.67% | 1.93% | 0.77% | 64.69% |
| $8.75 | 0.18 %<sup>(b)</sup> | $2416 | 0.78 %<sup>(c)</sup> | 2.97 %<sup>(c)</sup> | 0.97 %<sup>(c)</sup> | 16.47 %<sup>(b)</sup> |
| $8.86 | 9.72% | $2505 | 0.76% | 2.41% | 0.95% | 11.51% |
| $8.34 | 0.43% | $2550 | 0.75% | 1.89% | 0.94% | 7.91% |
| $8.51 | (11.12)% | $2879 | 0.73% | 0.87% | 0.92% | 14.18% |
| $9.78 | (1.23)% | $3388 | 0.68% | 0.64% | 0.86% | 71.31% |
| $10.13 | 4.66% | $3930 | 0.79% | 1.68% | 0.95% | 47.36% |
| $9.33 | (0.27)%<sup>(b)</sup> | $49276 | 0.70 %<sup>(c)</sup> | 4.04 %<sup>(c)</sup> | 0.74 %<sup>(c)</sup> | 37.67 %<sup>(b)</sup> |
| $9.54 | 11.67% | $53940 | 0.71% | 3.78% | 0.75% | 63.02% |
| $8.87 | 0.41% | $46772 | 0.70% | 2.99% | 0.76% | 47.80% |
| $9.11 | (14.94)% | $47701 | 0.70% | 1.75% | 0.74% | 47.98% |
| $11.04 | 0.44% | $60694 | 0.70% | 1.52% | 0.75% | 48.80% |
| $11.38 | 7.33% | $57202 | 0.70% | 2.20% | 0.82% | 59.59% |
| $6.85 | (3.95)%<sup>(b)</sup> | $304 | 0.70 %<sup>(c)</sup> | 4.64 %<sup>(c)</sup> | 0.82 %<sup>(c)</sup> | 26.38 %<sup>(b)</sup> |
| $7.30 | 18.30% | $405 | 0.71% | 4.43% | 0.85% | 47.46% |
| $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% |
| $9.02 | 0.09 %<sup>(b)</sup> | $115 | 0.76 %<sup>(c)</sup> | 3.74 %<sup>(c)</sup> | 0.81 %<sup>(c)</sup> | 28.35 %<sup>(b)</sup> |
| $9.18 | 10.77% | $32 | 0.82% | 3.11% | 0.87% | 25.02% |
| $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% |

---

**STERLING CAPITAL FUNDS**

**FINANCIAL HIGHLIGHTS, A SHARES**

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Investment Activities** | **Investment Activities** | **Investment Activities** | **Distributions** | **Distributions** | **Distributions** |
|  |<br>**Net asset value, beginning of**<br> **period**  | **Net investment income<sup>(a)</sup>** | **Net realized/ unrealized gain (loss) on**<br> **investments** | **Total from investment**<br> **Activities** | **Net investment**<br> **income** | **Net realized gains on**<br> **investments** | **Total from**<br> **distributions** |
| **Sterling Capital North Carolina Intermediate Tax-Free Fund** | **Sterling Capital North Carolina Intermediate Tax-Free Fund** | **Sterling Capital North Carolina Intermediate Tax-Free Fund** | **Sterling Capital North Carolina Intermediate Tax-Free Fund** | **Sterling Capital North Carolina Intermediate Tax-Free Fund** | **Sterling Capital North Carolina Intermediate Tax-Free Fund** | **Sterling Capital North Carolina Intermediate Tax-Free Fund** | **Sterling Capital North Carolina Intermediate Tax-Free Fund** |
| **For the Six Months Ended March 31, 2025 (Unaudited)** | $10.21 | 0.12 | (0.24) | (0.12) | (0.12) |  | (0.12) |
| **Year Ended September 30, 2024** | $9.75 | 0.23 | 0.46 | 0.69 | (0.23) |  | (0.23) |
| **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) |
| **Sterling Capital South Carolina Intermediate Tax-Free Fund** | **Sterling Capital South Carolina Intermediate Tax-Free Fund** | **Sterling Capital South Carolina Intermediate Tax-Free Fund** | **Sterling Capital South Carolina Intermediate Tax-Free Fund** | **Sterling Capital South Carolina Intermediate Tax-Free Fund** | **Sterling Capital South Carolina Intermediate Tax-Free Fund** | **Sterling Capital South Carolina Intermediate Tax-Free Fund** | **Sterling Capital South Carolina Intermediate Tax-Free Fund** |
| **For the Six Months Ended March 31, 2025 (Unaudited)** | $10.62 | 0.13 | (0.25) | (0.12) | (0.13) |  | (0.13) |
| **Year Ended September 30, 2024** | $10.16 | 0.25 | 0.46 | 0.71 | (0.25) |  | (0.25) |
| **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) |
| **Sterling Capital Virginia Intermediate Tax-Free Fund** | **Sterling Capital Virginia Intermediate Tax-Free Fund** | **Sterling Capital Virginia Intermediate Tax-Free Fund** | **Sterling Capital Virginia Intermediate Tax-Free Fund** | **Sterling Capital Virginia Intermediate Tax-Free Fund** | **Sterling Capital Virginia Intermediate Tax-Free Fund** | **Sterling Capital Virginia Intermediate Tax-Free Fund** | **Sterling Capital Virginia Intermediate Tax-Free Fund** |
| **For the Six Months Ended March 31, 2025 (Unaudited)** | $11.19 | 0.13 | (0.27) | (0.14) | (0.13) |  | (0.13) |
| **Year Ended September 30, 2024** | $10.69 | 0.24 | 0.50 | 0.74 | (0.24) |  | (0.24) |
| **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) |
| **Sterling Capital West Virginia Intermediate Tax-Free Fund** | **Sterling Capital West Virginia Intermediate Tax-Free Fund** | **Sterling Capital West Virginia Intermediate Tax-Free Fund** | **Sterling Capital West Virginia Intermediate Tax-Free Fund** | **Sterling Capital West Virginia Intermediate Tax-Free Fund** | **Sterling Capital West Virginia Intermediate Tax-Free Fund** | **Sterling Capital West Virginia Intermediate Tax-Free Fund** | **Sterling Capital West Virginia Intermediate Tax-Free Fund** |
| **For the Six Months Ended March 31, 2025 (Unaudited)** | $9.56 | 0.12 | (0.19) | (0.07) | (0.13) |  | (0.13) |
| **Year Ended September 30, 2024** | $9.12 | 0.24 | 0.44 | 0.68 | (0.24) |  | (0.24) |
| **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) | — <sup>(d)</sup> | (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) |

---

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

\* 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.

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

(c) Annualized for periods less than one year.

(d) Amount is less than $0.005.

See accompanying Notes to the Financial Statements

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios/Supplementary Data** | **Ratios/Supplementary Data** | **Ratios/Supplementary Data** | **Ratios/Supplementary Data** | **Ratios/Supplementary Data** |
|<br>**Net asset value, end of period**  |<br>**Total Return (excludes sales charge)**  | **Net assets, End**<br> **of period (000)** | **Ratio of net expenses to average net assets** | **Ratio of net investment income to average net assets** | **Ratio of**<br> **expenses to**<br> **average net**<br> **assets \*** | **Portfolio turnover<sup>\*\*</sup>** |
| $9.97 | (1.18)%<sup>(b)</sup> | $19568 | 0.82 %<sup>(c)</sup> | 2.38 %<sup>(c)</sup> | 0.82 %<sup>(c)</sup> | 13.87 %<sup>(b)</sup> |
| $10.21 | 7.13% | $20995 | 0.85% | 2.29% | 0.85% | 20.34% |
| $9.75 | 1.08% | $22320 | 0.85% | 1.99% | 0.85% | 38.07% |
| $9.84 | (8.92)% | $24664 | 0.82% | 1.52% | 0.82% | 50.21% |
| $10.97 | (0.01)% | $31234 | 0.80% | 1.34% | 0.80% | 7.97% |
| $11.12 | 3.64% | $33648 | 0.79% | 1.68% | 0.79% | 17.06% |
| $10.37 | (1.10)%<sup>(b)</sup> | $4146 | 0.89 %<sup>(c)</sup> | 2.54 %<sup>(c)</sup> | 0.89 %<sup>(c)</sup> | 5.18 %<sup>(b)</sup> |
| $10.62 | 7.09% | $5816 | 0.89% | 2.43% | 0.90% | 19.81% |
| $10.16 | 1.15% | $6369 | 0.87% | 1.92% | 0.88% | 32.34% |
| $10.24 | (8.66)% | $7056 | 0.85% | 1.64% | 0.85% | 9.94% |
| $11.40 | 0.86% | $11204 | 0.81% | 1.44% | 0.81% | 20.23% |
| $11.47 | 3.58% | $11926 | 0.81% | 1.76% | 0.81% | 4.84% |
| $10.92 | (1.29)%<sup>(b)</sup> | $9236 | 0.84 %<sup>(c)</sup> | 2.28 %<sup>(c)</sup> | 0.84 %<sup>(c)</sup> | 10.44 %<sup>(b)</sup> |
| $11.19 | 6.92% | $9816 | 0.87% | 2.14% | 0.87% | 20.54% |
| $10.69 | 1.05% | $11272 | 0.86% | 1.78% | 0.86% | 17.86% |
| $10.77 | (8.72)% | $14162 | 0.83% | 1.40% | 0.83% | 37.23% |
| $11.98 | (0.52)% | $17292 | 0.81% | 1.31% | 0.81% | 8.98% |
| $12.23 | 3.80% | $17446 | 0.81% | 1.67% | 0.81% | 15.44% |
| $9.36 | (0.81)%<sup>(b)</sup> | $19383 | 0.84 %<sup>(c)</sup> | 2.59 %<sup>(c)</sup> | 0.84 %<sup>(c)</sup> | 3.07 %<sup>(b)</sup> |
| $9.56 | 7.51% | $20407 | 0.88% | 2.54% | 0.88% | 25.08% |
| $9.12 | 1.07% | $20855 | 0.86% | 2.14% | 0.86% | 37.11% |
| $9.22 | (8.18)% | $23829 | 0.82% | 1.54% | 0.82% | 18.08% |
| $10.20 | 0.72% | $27208 | 0.81% | 1.53% | 0.81% | 8.56% |
| $10.29 | 3.66% | $27866 | 0.81% | 1.84% | 0.81% | 3.28% |

---

**STERLING CAPITAL FUNDS**

**FINANCIAL HIGHLIGHTS, C SHARES**

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Investment Activities** | **Investment Activities** | **Investment Activities** | **Distributions** | **Distributions** | **Distributions** |
|  |<br>**Net asset value, beginning of**<br> **period**  | **Net investment income (loss)<sup>(a)</sup>** | **Net realized/ unrealized gain (loss) on**<br> **investments** | **Total from investment**<br> **Activities** | **Net investment**<br> **income**  | **Net realized gains on**<br> **investments**  | **Return of capital**  |
| **Sterling Capital Behavioral Large Cap Value Equity Fund** | **Sterling Capital Behavioral Large Cap Value Equity Fund** | **Sterling Capital Behavioral Large Cap Value Equity Fund** | **Sterling Capital Behavioral Large Cap Value Equity Fund** | **Sterling Capital Behavioral Large Cap Value Equity Fund** | **Sterling Capital Behavioral Large Cap Value Equity Fund** | **Sterling Capital Behavioral Large Cap Value Equity Fund** | **Sterling Capital Behavioral Large Cap Value Equity Fund** |
| **For the Six Months Ended March 31, 2025 (Unaudited)** | $28.66 | 0.12 | 0.86 | 0.98 | (0.14) |  |  |
| **Year Ended September 30, 2024** | $22.19 | 0.24 | 6.50 | 6.74 | (0.27) |  |  |
| **Year Ended September 30, 2023** | $19.41 | 0.19 | 2.83 | 3.02 | (0.24) |  |  |
| **Year Ended September 30, 2022** | $21.88 | 0.21 | (2.49) | (2.28) | (0.19) |  |  |
| **Year Ended September 30, 2021** | $16.17 | (0.04) | 5.92 | 5.88 | (0.03) |  | (0.14) |
| **Year Ended September 30, 2020** | $18.88 | 0.21 | (1.99) | (1.78) | (0.35) | (0.58) |  |
| **Sterling Capital Mid Value Fund** |  |  |  |  |  |  |  |
| **For the Six Months Ended March 31, 2025 (Unaudited)** | $12.36 | (0.04) | (0.17) | (0.21) |  | (1.59) |  |
| **Year Ended September 30, 2024** | $11.36 | (0.04) | 2.09 | 2.05 |  | (1.05) |  |
| **Year Ended September 30, 2023** | $12.52 | (0.04) | 1.60 | 1.56 |  | (2.72) |  |
| **Year Ended September 30, 2022** | $16.86 | (0.11) | (2.59) | (2.70) |  | (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) |  |
| **Sterling Capital Behavioral Small Cap Value Equity Fund** | **Sterling Capital Behavioral Small Cap Value Equity Fund** | **Sterling Capital Behavioral Small Cap Value Equity Fund** | **Sterling Capital Behavioral Small Cap Value Equity Fund** | **Sterling Capital Behavioral Small Cap Value Equity Fund** | **Sterling Capital Behavioral Small Cap Value Equity Fund** | **Sterling Capital Behavioral Small Cap Value Equity Fund** | **Sterling Capital Behavioral Small Cap Value Equity Fund** |
| **For the Six Months Ended March 31, 2025 (Unaudited)** | $20.17 | 0.05 | (1.45) | (1.40) | (0.08) | (1.70) |  |
| **Year Ended September 30, 2024** | $16.10 | 0.11 | 4.26 | 4.37 | (0.30) |  |  |
| **Year Ended September 30, 2023** | $14.33 | 0.13 | 1.69 | 1.82 | (0.05) |  |  |
| **Year Ended September 30, 2022** | $18.46 | 0.03 | (2.34) | (2.31) |  | (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) |  |  |
| **Sterling Capital Special Opportunities Fund** | **Sterling Capital Special Opportunities Fund** | **Sterling Capital Special Opportunities Fund** | **Sterling Capital Special Opportunities Fund** | **Sterling Capital Special Opportunities Fund** | **Sterling Capital Special Opportunities Fund** | **Sterling Capital Special Opportunities Fund** | **Sterling Capital Special Opportunities Fund** |
| **For the Six Months Ended March 31, 2025 (Unaudited)** | $18.48 | (0.09) | 0.03 | (0.06) |  | (4.70) |  |
| **Year Ended September 30, 2024** | $19.02 | (0.20) | 4.45 | 4.25 |  | (4.79) |  |
| **Year Ended September 30, 2023** | $18.09 | (0.21) | 3.13 | 2.92 |  | (1.99) |  |
| **Year Ended September 30, 2022** | $26.39 | (0.27) | (3.92) | (4.19) |  | (4.11) |  |
| **Year Ended September 30, 2021** | $19.67 | (0.27) | 7.32 | 7.05 |  | (0.33) |  |
| **Year Ended September 30, 2020** | $20.04 | (0.15) | 1.11 | 0.96 |  | (1.33) |  |
| **Sterling Capital Equity Income Fund** |  |  |  |  |  |  |  |
| **For the Six Months Ended March 31, 2025 (Unaudited)** | $28.17 | 0.06 | (1.12) | (1.06) | (0.07) | (5.46) |  |
| **Year Ended September 30, 2024** | $25.00 | 0.15 | 5.32 | 5.47 | (0.16) | (2.14) |  |
| **Year Ended September 30, 2023** | $24.04 | 0.15 | 2.70 | 2.85 | (0.15) | (1.74) |  |
| **Year Ended September 30, 2022** | $26.32 | 0.15 | (1.81) | (1.66) | (0.14) | (0.48) |  |
| **Year Ended September 30, 2021** | $19.83 | 0.10 | 6.47 | 6.57 | (0.08) |  |  |
| **Year Ended September 30, 2020** | $21.05 | 0.21 | (0.38) | (0.17) | (0.21) | (0.84) |  |

---

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

\* 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.

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

(c) Annualized for periods less than one year.

See accompanying Notes to the Financial Statements

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | **Ratios/Supplementary Data** | **Ratios/Supplementary Data** | **Ratios/Supplementary Data** | **Ratios/Supplementary Data** | **Ratios/Supplementary Data** |
|<br>**Total from**<br> **distributions** |<br>**Net asset** <br> **value, end**<br> **of period** |<br>**Total**<br> **Return**<br> **(excludes**<br> **sales**<br> **charge)** | **Net assets,**<br> **End of**<br> **period (000)** | **Ratio of net**<br> **expenses to**<br> **average net**<br> **assets** | **Ratio of net**<br> **investment**<br> **income**<br> **(loss) to**<br> **average net**<br> **assets**  | **Ratio of**<br> **expenses to**<br> **average net**<br> **assets \*** | **Portfolio turnover\*\*** |
| (0.14) | $29.50 | 3.42 %<sup>(b)</sup> | $373 | 1.78 %<sup>(c)</sup> | 0.84 %<sup>(c)</sup> | 1.78 %<sup>(c)</sup> | 43.00 %<sup>(b)</sup> |
| (0.27) | $28.66 | 30.45% | $362 | 1.75% | 0.93% | 1.78% | 99.00% |
| (0.24) | $22.19 | 15.57% | $280 | 1.84% | 0.85% | 1.90% | 110.98% |
| (0.19) | $19.41 | (10.50)% | $248 | 1.75% | 0.93% | 1.78% | 125.15% |
| (0.17) | $21.88 | 36.56% | $304 | 1.60% | (0.22)% | 1.79% | 122.64% |
| (0.93) | $16.17 | (9.81)% | $567 | 1.64% | 1.26% | 1.71% | 167.34% |
| (1.59) | $10.56 | (2.33)%<sup>(b)</sup> | $265 | 1.97 %<sup>(c)</sup> | (0.66)%<sup>(c)</sup> | 2.03 %<sup>(c)</sup> | 19.86 %<sup>(b)</sup> |
| (1.05) | $12.36 | 18.96% | $349 | 1.90% | (0.36)% | 1.91% | 39.31% |
| (2.72) | $11.36 | 12.57% | $379 | 1.91% | (0.35)% | 1.93% | 19.99% |
| (1.64) | $12.52 | (18.06)% | $473 | 1.88% | (0.67)% | 1.88% | 29.05% |
|  | $16.86 | 42.28% | $1101 | 1.87% | (0.85)% | 1.90% | 34.00% |
| (1.23) | $11.85 | (6.46)% | $1584 | 1.88% | (0.61)% | 2.02% | 28.77% |
| (1.78) | $16.99 | (8.09)%<sup>(b)</sup> | $47 | 1.81 %<sup>(c)</sup> | 0.51 %<sup>(c)</sup> | 1.81 %<sup>(c)</sup> | 43.95 %<sup>(b)</sup> |
| (0.30) | $20.17 | 27.26% | $51 | 1.83% | 0.58% | 1.84% | 74.00% |
| (0.05) | $16.10 | 12.70% | $28 | 1.86% | 0.79% | 1.86% | 154.69% |
| (1.82) | $14.33 | (14.19)% | $29 | 1.85% | 0.19% | 1.85% | 70.82% |
|  | $18.46 | 63.65% | $38 | 1.82% | 0.04% | 1.82% | 111.07% |
| (0.11) | $11.28 | (18.47)% | $100 | 1.81% | 0.05% | 1.83% | 119.76% |
| (4.70) | $13.72 | (3.18)%<sup>(b)</sup> | $13745 | 1.88 %<sup>(c)</sup> | (1.14)%<sup>(c)</sup> | 1.88 %<sup>(c)</sup> | 20.23 %<sup>(b)</sup> |
| (4.79) | $18.48 | 26.15% | $16870 | 1.91% | (1.12)% | 1.91% | 41.68% |
| (1.99) | $19.02 | 17.07% | $22619 | 1.91% | (1.11)% | 1.91% | 31.19% |
| (4.11) | $18.09 | (19.53)% | $29566 | 1.88% | (1.19)% | 1.88% | 28.06% |
| (0.33) | $26.39 | 36.19% | $52182 | 1.86% | (1.11)% | 1.87% | 27.20% |
| (1.33) | $19.67 | 4.73% | $60777 | 1.86% | (0.79)% | 1.86% | 17.50% |
| (5.53) | $21.58 | (4.39)%<sup>(b)</sup> | $63284 | 1.82 %<sup>(c)</sup> | 0.51 %<sup>(c)</sup> | 1.82 %<sup>(c)</sup> | 27.30 %<sup>(b)</sup> |
| (2.30) | $28.17 | 22.92% | $72748 | 1.83% | 0.57% | 1.83% | 41.82% |
| (1.89) | $25.00 | 11.71% | $64849 | 1.82% | 0.60% | 1.82% | 39.43% |
| (0.62) | $24.04 | (6.57)% | $64899 | 1.79% | 0.54% | 1.79% | 31.23% |
| (0.08) | $26.32 | 33.15% | $81338 | 1.78% | 0.42% | 1.79% | 13.00% |
| (1.05) | $19.83 | (0.85)% | $119475 | 1.77% | 1.04% | 1.78% | 33.60% |

---

**STERLING CAPITAL FUNDS** 

**FINANCIAL HIGHLIGHTS, C SHARES**

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Investment Activities** | **Investment Activities** | **Investment Activities** | **Investment Activities** | **Distributions** | **Distributions** | **Distributions** |
|  | <br> **Net asset value,**<br> **beginning of**<br> **period** | **Net<br> **investment**<br> **income <br> (loss)<sup>(a)</sup>** | **Net realized/ unrealized gain (loss) on investments** | **Net realized/ unrealized gain (loss) on investments** | **Total from investment Activities** | **Net investment income** | **Net realized gains on investments** | **Total from distributions** |
| **Sterling Capital Mid Cap Relative Value Fund** | **Sterling Capital Mid Cap Relative Value Fund** | **Sterling Capital Mid Cap Relative Value Fund** | **Sterling Capital Mid Cap Relative Value Fund** |  |  |  |  |  |
| **For the Six Months Ended March 31, 2025 (Unaudited)** | $64.35 | (0.04) |  | (3.18) | (3.22) |  | (8.34) | (8.34) |
| **Year Ended September 30, 2024** | $58.68 | (0.08) |  | 12.76 | 12.68 |  | (7.01) | (7.01) |
| **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) |
| **Sterling Capital Real Estate Fund** | **Sterling Capital Real Estate Fund** | **Sterling Capital Real Estate Fund** | **Sterling Capital Real Estate Fund** | **Sterling Capital Real Estate Fund** | **Sterling Capital Real Estate Fund** | **Sterling Capital Real Estate Fund** | **Sterling Capital Real Estate Fund** | **Sterling Capital Real Estate Fund** |
| **For the Six Months Ended March 31, 2025 (Unaudited)** | $39.35 | 0.34 |  | (2.11) | (1.77) | (0.32) | (1.62) | (1.94) |
| **Year Ended September 30, 2024** | $32.00 | 0.52 |  | 9.31 | 9.83 | (0.39) | (2.09) | (2.48) |
| **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) |
| **Sterling Capital Small Cap Value Fund** | **Sterling Capital Small Cap Value Fund** | **Sterling Capital Small Cap Value Fund** | **Sterling Capital Small Cap Value Fund** | **Sterling Capital Small Cap Value Fund** | **Sterling Capital Small Cap Value Fund** | **Sterling Capital Small Cap Value Fund** | **Sterling Capital Small Cap Value Fund** | **Sterling Capital Small Cap Value Fund** |
| **For the Six Months Ended March 31, 2025 (Unaudited)** | $41.98 | (0.09) |  | (2.08) | (2.17) |  | (9.14) | (9.14) |
| **Year Ended September 30, 2024** | $47.89 | (0.19) |  | 10.48 | 10.29 |  | (16.20) | (16.20) |
| **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) |
| **Sterling Capital Short Duration Bond Fund** | **Sterling Capital Short Duration Bond Fund** | **Sterling Capital Short Duration Bond Fund** | **Sterling Capital Short Duration Bond Fund** | **Sterling Capital Short Duration Bond Fund** | **Sterling Capital Short Duration Bond Fund** | **Sterling Capital Short Duration Bond Fund** | **Sterling Capital Short Duration Bond Fund** | **Sterling Capital Short Duration Bond Fund** |
| **For the Six Months Ended March 31, 2025 (Unaudited)** | $8.42 | 0.15 |  | (0.03) | 0.12 | (0.16) |  | (0.16) |
| **Year Ended September 30, 2024** | $8.14 | 0.30 |  | 0.27 | 0.57 | (0.29) |  | (0.29) |
| **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) |

---

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

\* 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.

(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.

See accompanying Notes to the Financial Statements

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios/Supplementary Data** | **Ratios/Supplementary Data** | **Ratios/Supplementary Data** | **Ratios/Supplementary Data** | **Ratios/Supplementary Data** |
|<br>**Net asset** <br> **value, end of** <br> **period**  |<br>**Total Return** <br> **(excludes sales** <br> **charge)**  | **Net assets, End** <br> **of period (000)**  | **Ratio of net** <br> **expenses to** <br> **average net** <br> **assets**  | **Ratio of net** <br> **investment** <br> **income (loss)** <br> **to average net** <br> **assets**  | **Ratio of** <br> **expenses to** <br> **average net** <br> **assets <sup>\*</sup>**  | **Portfolio** <br> **turnover<sup>\*\*</sup>**  |
| $52.79 | (6.09)%<sup>(b)</sup> | $4 | 1.87 %<sup>(c)</sup> | (0.15)%<sup>(c)</sup> | 1.87 %<sup>(c)</sup> | 6.24 %<sup>(b)</sup> |
| $64.35 | 23.29% | $3 | 1.88% | (0.14)% | 1.88% | 8.96% |
| $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% |
| $35.64 | (4.56)%<sup>(b)</sup> | $81 | 1.86 %<sup>(c)</sup> | 1.85 %<sup>(c)</sup> | 1.86 %<sup>(c)</sup> | 6.63 %<sup>(b)</sup> |
| $39.35 | 31.81% | $93 | 1.86% | 1.52% | 1.86% | 4.90% |
| $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% |
| $30.67 | (7.83)%<sup>(b)</sup> | $794 | 2.03 %<sup>(c)</sup> | (0.50)%<sup>(c)</sup> | 2.03 %<sup>(c)</sup> | 1.67 %<sup>(b)</sup> |
| $41.98 | 27.56% | $559 | 2.05% | (0.48)% | 2.06% | 2.87% |
| $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% |
| $8.38 | 1.45 %<sup>(b)</sup> | $43 | 1.53 %<sup>(c)</sup> | 3.61 %<sup>(c)</sup> | 1.53 %<sup>(c)</sup> | 31.65 %<sup>(b)</sup> |
| $8.42 | 7.17% | $47 | 1.51% | 3.63% | 1.59% | 67.85% |
| $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% |

---

**STERLING CAPITAL FUNDS**

**FINANCIAL HIGHLIGHTS, C SHARES**

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Investment Activities** | **Investment Activities** | **Investment Activities** | **Investment Activities** | **Distributions** | **Distributions** | **Distributions** |
|  | <br>**Net asset value,**<br> **beginning of**<br> **period** | **Net**<br> **investment**<br> **income <br> (loss)<sup>(a)</sup>** | **Net realized/**<br> **unrealized**<br> **gain (loss) on**<br> **investments** | **Net realized/**<br> **unrealized**<br> **gain (loss) on**<br> **investments** | **Total from**<br> **investment**<br> **Activities** | **Net**<br> **investment**<br> **income** | **Net realized**<br> **gains on**<br> **investments** | **Total from**<br> **distributions** |
| **Sterling Capital Intermediate U.S. Government Fund** | **Sterling Capital Intermediate U.S. Government Fund** | **Sterling Capital Intermediate U.S. Government Fund** | **Sterling Capital Intermediate U.S. Government Fund** |  |  |  |  |  |
| **For the Six Months Ended March 31, 2025 (Unaudited)** | $8.84 | 0.10 |  | (0.11) | (0.01) | (0.09) |  | (0.09) |
| **Year Ended September 30, 2024** | $8.32 | 0.14 |  | 0.59 | 0.73 | (0.21) |  | (0.21) |
| **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) |
| **Sterling Capital Total Return Bond Fund** | **Sterling Capital Total Return Bond Fund** | **Sterling Capital Total Return Bond Fund** | **Sterling Capital Total Return Bond Fund** |  |  |  |  |  |
| **For the Six Months Ended March 31, 2025 (Unaudited)** | $9.56 | 0.15 |  | (0.21) | (0.06) | (0.15) |  | (0.15) |
| **Year Ended September 30, 2024** | $8.89 | 0.28 |  | 0.67 | 0.95 | (0.28) |  | (0.28) |
| **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) | — <sup>(d)</sup> | (0.20) |
| **Sterling Capital Long Duration Corporate Bond Fund** | **Sterling Capital Long Duration Corporate Bond Fund** | **Sterling Capital Long Duration Corporate Bond Fund** | **Sterling Capital Long Duration Corporate Bond Fund** |  |  |  |  |  |
| **For the Six Months Ended March 31, 2025 (Unaudited)** | $7.28 | 0.14 |  | (0.44) | (0.30) | (0.14) |  | (0.14) |
| **Year Ended September 30, 2024** | $6.44 | 0.25 |  | 0.84 | 1.09 | (0.25) |  | (0.25) |
| **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) |
| **Sterling Capital Quality Income Fund** |  |  |  |  |  |  |  |  |
| **For the Six Months Ended March 31, 2025 (Unaudited)** | $9.18 | 0.13 |  | (0.14) | (0.01) | (0.14) |  | (0.14) |
| **Year Ended September 30, 2024** | $8.56 | 0.22 |  | 0.63 | 0.85 | (0.23) |  | (0.23) |
| **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) |

---

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

\* 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.

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

(c) Annualized for periods less than
 one year.

(d) Period from commencement of operations.

(e) Amount is less than $0.005.

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

See accompanying Notes to the Financial Statements

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios/Supplementary Data** | **Ratios/Supplementary Data** | **Ratios/Supplementary Data** | **Ratios/Supplementary Data** | **Ratios/Supplementary Data** |
|<br>**Net asset** <br> **value, end of** <br> **period**  |<br>**Total Return** <br> **(excludes sales** <br> **charge)**  | **Net assets, End** <br> **of period (000)**  | **Ratio of net** <br> **expenses to** <br> **average net** <br> **assets**  | **Ratio of net** <br> **investment** <br> **income (loss)** <br> **to average net** <br> **assets**  | **Ratio of** <br> **expenses to** <br> **average net** <br> **assets <sup>\*</sup>**  | **Portfolio** <br> **turnover<sup>\*\*</sup>**  |
| $8.74 | (0.08)%<sup>(b)</sup> | $86 | 1.53 %<sup>(c)</sup> | 2.22 %<sup>(c)</sup> | 1.72 %<sup>(c)</sup> | 16.47 %<sup>(b)</sup> |
| $8.84 | 8.92% | $88 | 1.51% | 1.65% | 1.70% | 11.51% |
| $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% |
| $9.35 | (0.63)%<sup>(b)</sup> | $2539 | 1.45 %<sup>(c)</sup> | 3.29 %<sup>(c)</sup> | 1.48 %<sup>(c)</sup> | 37.67 %<sup>(b)</sup> |
| $9.56 | 10.83% | $2735 | 1.46% | 3.02% | 1.50% | 63.02% |
| $8.89 | (0.22)% | $2903 | 1.45% | 2.23% | 1.51% | 47.80% |
| $9.12 | (15.64)% | $3484 | 1.45% | 0.98% | 1.48% | 47.98% |
| $11.06 | (0.31)% | $5378 | 1.45% | 0.78% | 1.51% | 48.80% |
| $11.40 | 6.53% | $8332 | 1.45% | 1.44% | 1.57% | 59.59% |
| $6.84 | (4.17)%<sup>(b)</sup> | $3 | 1.43 %<sup>(c)</sup> | 3.96 %<sup>(c)</sup> | 1.51 %<sup>(c)</sup> | 26.38 %<sup>(b)</sup> |
| $7.28 | 17.26% | $1 | 1.49% | 3.65% | 1.57% | 47.46% |
| $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% |
| $9.03 | (0.12)%<sup>(b)</sup> | $39 | 1.49 %<sup>(c)</sup> | 2.97 %<sup>(c)</sup> | 1.53 %<sup>(c)</sup> | 28.35 %<sup>(b)</sup> |
| $9.18 | 10.04% | $— <sup>(e)</sup> | 1.59% | 2.47% | 1.60% | 25.02% |
| $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% |

---

**STERLING CAPITAL FUNDS** 

**FINANCIAL HIGHLIGHTS, C SHARES**

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Investment Activities** | **Investment Activities** | **Investment Activities** | **Investment Activities** | **Distributions** | **Distributions** | **Distributions** |
|  |<br>**Net asset value,**<br> **beginning of**<br> **period** | **Net** <br> **investment**<br> **income<sup>(a)</sup>** | **Net realized/**<br> **unrealized**<br> **gain (loss) on**<br> **investments** | **Net realized/**<br> **unrealized**<br> **gain (loss) on**<br> **investments** | **Total from**<br> **investment**<br> **Activities** | **Net**<br> **investment**<br> **income** | **Net realized**<br> **gains on**<br> **investments** | **Total from**<br> **distributions** |
| **Sterling Capital North Carolina Intermediate Tax-Free Fund** | **Sterling Capital North Carolina Intermediate Tax-Free Fund** | **Sterling Capital North Carolina Intermediate Tax-Free Fund** | **Sterling Capital North Carolina Intermediate Tax-Free Fund** |  |  |  |  |  |
| **For the Six Months Ended March 31, 2025 (Unaudited)** | $10.20 | 0.08 |  | (0.24) | (0.16) | (0.08) |  | (0.08) |
| **Year Ended September 30, 2024** | $9.74 | 0.15 |  | 0.46 | 0.61 | (0.15) |  | (0.15) |
| **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) |
| **Sterling Capital South Carolina Intermediate Tax-Free Fund** | **Sterling Capital South Carolina Intermediate Tax-Free Fund** | **Sterling Capital South Carolina Intermediate Tax-Free Fund** | **Sterling Capital South Carolina Intermediate Tax-Free Fund** |  |  |  |  |  |
| **For the Six Months Ended March 31, 2025 (Unaudited)** | $10.62 | 0.09 |  | (0.26) | (0.17) | (0.09) |  | (0.09) |
| **Year Ended September 30, 2024** | $10.15 | 0.17 |  | 0.48 | 0.65 | (0.18) |  | (0.18) |
| **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) |
| **Sterling Capital Virginia Intermediate Tax-Free Fund** | **Sterling Capital Virginia Intermediate Tax-Free Fund** | **Sterling Capital Virginia Intermediate Tax-Free Fund** | **Sterling Capital Virginia Intermediate Tax-Free Fund** |  |  |  |  |  |
| **For the Six Months Ended March 31, 2025 (Unaudited)** | $11.17 | 0.09 |  | (0.27) | (0.18) | (0.09) |  | (0.09) |
| **Year Ended September 30, 2024** | $10.67 | 0.17 |  | 0.50 | 0.67 | (0.17) |  | (0.17) |
| **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) |
| **Sterling Capital West Virginia Intermediate Tax-Free Fund** | **Sterling Capital West Virginia Intermediate Tax-Free Fund** | **Sterling Capital West Virginia Intermediate Tax-Free Fund** | **Sterling Capital West Virginia Intermediate Tax-Free Fund** |  |  |  |  |  |
| **For the Six Months Ended March 31, 2025 (Unaudited)** | $9.57 | 0.09 |  | (0.20) | (0.11) | (0.09) |  | (0.09) |
| **Year Ended September 30, 2024** | $9.14 | 0.18 |  | 0.43 | 0.61 | (0.18) |  | (0.18) |
| **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) | — <sup>(d)</sup> | (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) |

---

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

\* 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.

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

(c) Annualized for periods less than
 one year.

(d) Amount is less than $0.005.

See accompanying Notes to the Financial Statements

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios/Supplementary Data** | **Ratios/Supplementary Data** | **Ratios/Supplementary Data** | **Ratios/Supplementary Data** | **Ratios/Supplementary Data** |
|<br>**Net asset**<br> **value, end of**<br> **period** |<br>**Total Return**<br> **(excludes sales**<br> **charge)**  | **Net assets, End** <br> **of period (000)**  | **Ratio of net**<br> **expenses to**<br> **average net**<br> **assets** | **Ratio of net**<br> **investment**<br> **income to**<br> **average net**<br> **assets**  | **Ratio of**<br> **expenses to**<br> **average net**<br> **assets <sup>\*</sup>** | **Portfolio**<br> **turnover<sup>\*\*</sup>**  |
| $9.96 | (1.55)%<sup>(b)</sup> | $773 | 0.11 %<sup>(c)</sup> | 0.12 %<sup>(c)</sup> | 0.11 %<sup>(c)</sup> | 13.87 %<sup>(b)</sup> |
| $10.20 | 6.33% | $761 | 1.60% | 1.52% | 1.60% | 20.34% |
| $9.74 | 0.32% | $966 | 1.60% | 1.24% | 1.60% | 38.07% |
| $9.83 | (9.61)% | $1141 | 1.57% | 0.75% | 1.57% | 50.21% |
| $10.96 | (0.85)% | $1542 | 1.55% | 0.60% | 1.55% | 7.97% |
| $11.12 | 2.96% | $2793 | 1.54% | 0.92% | 1.54% | 17.06% |
| $10.36 | (1.56)%<sup>(b)</sup> | $75 | 1.63 %<sup>(c)</sup> | 1.80 %<sup>(c)</sup> | 1.63 %<sup>(c)</sup> | 5.18 %<sup>(b)</sup> |
| $10.62 | 6.39% | $100 | 1.64% | 1.67% | 1.65% | 19.81% |
| $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% |
| $10.90 | (1.65)%<sup>(b)</sup> | $6 | 1.58 %<sup>(c)</sup> | 1.54 %<sup>(c)</sup> | 1.58 %<sup>(c)</sup> | 10.44 %<sup>(b)</sup> |
| $11.17 | 6.27% | $6 | 1.62% | 1.51% | 1.62% | 20.54% |
| $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% |
| $9.37 | (1.14)%<sup>(b)</sup> | $2 | 1.64 %<sup>(c)</sup> | 1.97 %<sup>(c)</sup> | 1.64 %<sup>(c)</sup> | 3.07 %<sup>(b)</sup> |
| $9.57 | 6.77% | $2 | 1.63% | 1.95% | 1.63% | 25.08% |
| $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% |

---

**STERLING CAPITAL FUNDS** 

**FINANCIAL HIGHLIGHTS, INSTITUTIONAL SHARES**

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Investment Activities** | **Investment Activities** | **Investment Activities** | **Investment Activities** | **Distributions** | **Distributions** | **Distributions** |
|  |<br>**Net asset value,**<br> **beginning of**<br> **period** | **Net**<br> **investment**<br> **income <br> (loss)<sup>(a)</sup>** | **Net realized/**<br> **unrealized**<br> **gain (loss) on**<br> **investments** | **Net realized/**<br> **unrealized**<br> **gain (loss) on**<br> **investments** | **Total from**<br> **investment**<br> **Activities** | **Net**<br> **investment**<br> **income** | **Net realized**<br> **gains on**<br> **investments** | **Return of**<br> **capital** |
| **Sterling Capital Behavioral Large Cap Value Equity Fund** | **Sterling Capital Behavioral Large Cap Value Equity Fund** | **Sterling Capital Behavioral Large Cap Value Equity Fund** | **Sterling Capital Behavioral Large Cap Value Equity Fund** |  |  |  |  |  |
| **For the Six Months Ended March 31, 2025 (Unaudited)** | $30.12 | 0.29 |  | 0.88 | 1.17 | (0.28) |  |  |
| **Year Ended September 30, 2024** | $23.28 | 0.52 |  | 6.84 | 7.36 | (0.52) |  |  |
| **Year Ended September 30, 2023** | $20.34 | 0.42 |  | 2.98 | 3.40 | (0.46) |  |  |
| **Year Ended September 30, 2022** | $22.96 | 0.46 |  | (2.62) | (2.16) | (0.46) |  |  |
| **Year Ended September 30, 2021** | $16.83 | 0.09 |  | 6.24 | 6.33 | (0.04) |  | (0.16) |
| **Year Ended September 30, 2020** | $19.62 | 0.41 |  | (2.10) | (1.69) | (0.52) | (0.58) |  |
| **Sterling Capital Mid Value Fund** | **Sterling Capital Mid Value Fund** | **Sterling Capital Mid Value Fund** | **Sterling Capital Mid Value Fund** |  |  |  |  |  |
| **For the Six Months Ended March 31, 2025 (Unaudited)** | $16.72 | 0.03 |  | (0.27) | (0.24) | (0.09) | (1.59) |  |
| **Year Ended September 30, 2024** | $14.97 | 0.10 |  | 2.80 | 2.90 | (0.10) | (1.05) |  |
| **Year Ended September 30, 2023** | $15.65 | 0.10 |  | 2.02 | 2.12 | (0.08) | (2.72) |  |
| **Year Ended September 30, 2022** | $20.51 | 0.06 |  | (3.27) | (3.21) | (0.01) | (1.64) |  |
| **Year Ended September 30, 2021** | $14.33 | 0.03 |  | 6.22 | 6.25 | (0.07) |  |  |
| **Year Ended September 30, 2020** | $16.46 | 0.06 |  | (0.81) | (0.75) | (0.25) | (1.13) |  |
| **Sterling Capital Behavioral Small Cap Value Equity Fund** | **Sterling Capital Behavioral Small Cap Value Equity Fund** | **Sterling Capital Behavioral Small Cap Value Equity Fund** | **Sterling Capital Behavioral Small Cap Value Equity Fund** |  |  |  |  |  |
| **For the Six Months Ended March 31, 2025 (Unaudited)** | $21.63 | 0.16 |  | (1.57) | (1.41) | (0.13) | (1.70) |  |
| **Year Ended September 30, 2024** | $17.15 | 0.32 |  | 4.54 | 4.86 | (0.38) |  |  |
| **Year Ended September 30, 2023** | $15.29 | 0.31 |  | 1.81 | 2.12 | (0.26) |  |  |
| **Year Ended September 30, 2022** | $19.58 | 0.22 |  | (2.49) | (2.27) | (0.20) | (1.82) |  |
| **Year Ended September 30, 2021** | $11.95 | 0.16 |  | 7.60 | 7.76 | (0.13) |  |  |
| **Year Ended September 30, 2020** | $14.66 | 0.13 |  | (2.69) | (2.56) | (0.15) |  |  |
| **Sterling Capital Special Opportunities Fund** | **Sterling Capital Special Opportunities Fund** | **Sterling Capital Special Opportunities Fund** | **Sterling Capital Special Opportunities Fund** |  |  |  |  |  |
| **For the Six Months Ended March 31, 2025 (Unaudited)** | $30.46 | (0.02) |  | (0.29) | (0.31) |  | (4.70) |  |
| **Year Ended September 30, 2024** | $28.28 | (0.03) |  | 7.00 | 6.97 |  | (4.79) |  |
| **Year Ended September 30, 2023** | $25.75 | (0.03) |  | 4.55 | 4.52 |  | (1.99) |  |
| **Year Ended September 30, 2022** | $35.59 | (0.06) |  | (5.67) | (5.73) |  | (4.11) |  |
| **Year Ended September 30, 2021** | $26.20 | (0.03) |  | 9.79 | 9.76 | (0.04) | (0.33) |  |
| **Year Ended September 30, 2020** | $26.07 | 0.06 |  | 1.45 | 1.51 | (0.05) | (1.33) |  |
| **Sterling Capital Equity Income Fund** | **Sterling Capital Equity Income Fund** | **Sterling Capital Equity Income Fund** | **Sterling Capital Equity Income Fund** |  |  |  |  |  |
| **For the Six Months Ended March 31, 2025 (Unaudited)** | $28.62 | 0.18 |  | (1.15) | (0.97) | (0.18) | (5.46) |  |
| **Year Ended September 30, 2024** | $25.35 | 0.42 |  | 5.41 | 5.83 | (0.42) | (2.14) |  |
| **Year Ended September 30, 2023** | $24.35 | 0.41 |  | 2.74 | 3.15 | (0.41) | (1.74) |  |
| **Year Ended September 30, 2022** | $26.66 | 0.42 |  | (1.83) | (1.41) | (0.42) | 0.48 |  |
| **Year Ended September 30, 2021** | $20.10 | 0.35 |  | 6.56 | 6.91 | (0.35) |  |  |
| **Year Ended September 30, 2020** | $21.33 | 0.41 |  | (0.39) | 0.02 | (0.41) | (0.84) |  |

---

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

\* 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.

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

(c) Annualized for periods less than
 one year.

See accompanying Notes to the Financial Statements

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | **Ratios/Supplementary Data** | **Ratios/Supplementary Data** | **Ratios/Supplementary Data** | **Ratios/Supplementary Data** | **Ratios/Supplementary Data** |
| <br>**Total from** <br> **distributions**  | <br>**Net asset**<br> **value, end**<br> **of period** | <br>**Total**<br> **Return**<br> **(excludes**<br> **sales**<br> **charge)** | **Net assets,**<br> **End of**<br> **period (000)** | **Ratio of net**<br> **expenses to**<br> **average net**<br> **assets** | **Ratio of net**<br> **investment**<br> **income**<br> **(loss) to**<br> **average net**<br> **assets** | **Ratio of**<br> **expenses to**<br> **average net**<br> **assets <sup>\*</sup>** | **Portfolio**<br> **turnover<sup>\*\*</sup>** |
| (0.28) | $31.01 | 3.92 %<sup>(b)</sup> | $2602 | 0.79 %<sup>(c)</sup> | 1.83 %<sup>(c)</sup> | 0.79 %<sup>(c)</sup> | 43.00 %<sup>(b)</sup> |
| (0.52) | $30.12 | 31.80% | $2274 | 0.75% | 1.92% | 0.78% | 99.00% |
| (0.46) | $23.28 | 16.74% | $1499 | 0.84% | 1.83% | 0.90% | 110.98% |
| (0.46) | $20.34 | (9.62)% | $1652 | 0.75% | 1.94% | 0.78% | 125.15% |
| (0.20) | $22.96 | 37.90% | $2023 | 0.64% | 0.42% | 0.78% | 122.64% |
| (1.10) | $16.83 | (8.96)% | $1949 | 0.64% | 2.18% | 0.66% | 167.34% |
| (1.68) | $14.80 | (1.88)%<sup>(b)</sup> | $8187 | 0.97 %<sup>(c)</sup> | 0.32 %<sup>(c)</sup> | 1.01 %<sup>(c)</sup> | 19.86 %<sup>(b)</sup> |
| (1.15) | $16.72 | 20.17% | $27359 | 0.90% | 0.62% | 0.91% | 39.31% |
| (2.80) | $14.97 | 13.77% | $26900 | 0.91% | 0.66% | 0.93% | 19.99% |
| (1.65) | $15.65 | (17.30)% | $29189 | 0.88% | 0.33% | 0.88% | 29.05% |
| (0.07) | $20.51 | 43.72% | $51607 | 0.87% | 0.17% | 0.89% | 34.00% |
| (1.38) | $14.33 | (5.50)% | $36835 | 0.89% | 0.39% | 1.04% | 28.77% |
| (1.83) | $18.39 | (7.59)%<sup>(b)</sup> | $5738 | 0.82 %<sup>(c)</sup> | 1.51 %<sup>(c)</sup> | 0.82 %<sup>(c)</sup> | 43.95 %<sup>(b)</sup> |
| (0.38) | $21.63 | 28.48% | $6281 | 0.84% | 1.63% | 0.84% | 74.00% |
| (0.26) | $17.15 | 13.86% | $5804 | 0.85% | 1.79% | 0.85% | 154.69% |
| (2.02) | $15.29 | (13.35)% | $9788 | 0.85% | 1.13% | 0.85% | 70.82% |
| (0.13) | $19.58 | 65.21% | $14639 | 0.81% | 0.89% | 0.81% | 111.07% |
| (0.15) | $11.95 | (17.64)% | $6820 | 0.80% | 0.97% | 0.84% | 119.76% |
| (4.70) | $25.45 | (2.71)%<sup>(b)</sup> | $70448 | 0.88 %<sup>(c)</sup> | (0.14)%<sup>(c)</sup> | 0.88 %<sup>(c)</sup> | 20.23 %<sup>(b)</sup> |
| (4.79) | $30.46 | 27.36% | $88481 | 0.91% | (0.11)% | 0.91% | 41.68% |
| (1.99) | $28.28 | 18.28% | $135284 | 0.91% | (0.11)% | 0.91% | 31.19% |
| (4.11) | $25.75 | (18.74)% | $168110 | 0.89% | (0.19)% | 0.89% | 28.06% |
| (0.37) | $35.59 | 37.55% | $216341 | 0.86% | (0.11)% | 0.87% | 27.20% |
| (1.38) | $26.20 | 5.79% | $170323 | 0.86% | 0.22% | 0.86% | 17.50% |
| (5.64) | $22.01 | (3.93)%<sup>(b)</sup> | $879363 | 0.83 %<sup>(c)</sup> | 1.48 %<sup>(c)</sup> | 0.83 %<sup>(c)</sup> | 27.30 %<sup>(b)</sup> |
| (2.56) | $28.62 | 24.16% | $1238943 | 0.83% | 1.57% | 0.83% | 41.82% |
| (2.15) | $25.35 | 12.83% | $1296237 | 0.82% | 1.59% | 0.82% | 39.43% |
| (0.90) | $24.35 | (5.64)% | $1468388 | 0.79% | 1.55% | 0.79% | 31.23% |
| (0.35) | $26.66 | 34.47% | $1622233 | 0.78% | 1.40% | 0.79% | 13.00% |
| (1.25) | $20.10 | 0.15% | $1057722 | 0.77% | 2.06% | 0.78% | 33.60% |

---

**STERLING CAPITAL FUNDS** 

**FINANCIAL HIGHLIGHTS, INSTITUTIONAL SHARES**

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Investment Activities** | **Investment Activities** | **Investment Activities** | **Investment Activities** | **Distributions** | **Distributions** | **Distributions** |
|  |<br>**Net asset value,** <br> **beginning of** <br> **period**  | **Net** <br> **investment** <br> **income<sup>(a)</sup>**  | **Net realized/** <br> **unrealized** <br> **gain (loss) on** <br> **investments**  | **Net realized/** <br> **unrealized** <br> **gain (loss) on** <br> **investments**  | **Total from** <br> **investment** <br> **Activities**  | **Net** <br> **investment** <br> **income**  | **Net realized** <br> **gains on** <br> **investments**  | **Total from** <br> **distributions**  |
| **Sterling Capital Mid Cap Relative Value Fund** | **Sterling Capital Mid Cap Relative Value Fund** | **Sterling Capital Mid Cap Relative Value Fund** | **Sterling Capital Mid Cap Relative Value Fund** |  |  |  |  |  |
| **For the Six Months Ended March 31, 2025 (Unaudited)** | $67.81 | 0.24 |  | (3.36) | (3.12) | (0.42) | (8.34) | (8.76) |
| **Year Ended September 30, 2024** | $61.43 | 0.48 |  | 13.41 | 13.89 | (0.50) | (7.01) | (7.51) |
| **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) |
| **Sterling Capital Real Estate Fund** |  |  |  |  |  |  |  |  |
| **For the Six Months Ended March 31, 2025 (Unaudited)** | $39.94 | 0.53 |  | (2.15) | (1.62) | (0.50) | (1.62) | (2.12) |
| **Year Ended September 30, 2024** | $32.44 | 0.87 |  | 9.46 | 10.33 | (0.74) | (2.09) | (2.83) |
| **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) |
| **Sterling Capital Small Cap Value Fund** | **Sterling Capital Small Cap Value Fund** | **Sterling Capital Small Cap Value Fund** | **Sterling Capital Small Cap Value Fund** |  |  |  |  |  |
| **For the Six Months Ended March 31, 2025 (Unaudited)** | $48.50 | 0.09 |  | (2.56) | (2.47) | (0.11) | (9.14) | (9.25) |
| **Year Ended September 30, 2024** | $52.79 | 0.23 |  | 11.91 | 12.14 | (0.23) | (16.20) | (16.43) |
| **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) |
| **Sterling Capital Ultra Short Bond Fund** | **Sterling Capital Ultra Short Bond Fund** | **Sterling Capital Ultra Short Bond Fund** | **Sterling Capital Ultra Short Bond Fund** |  |  |  |  |  |
| **For the Six Months Ended March 31, 2025 (Unaudited)** | $9.82 | 0.21 |  | 0.02 | 0.23 | (0.21) |  | (0.21) |
| **Year Ended September 30, 2024** | $9.68 | 0.49 |  | 0.12 | 0.61 | (0.47) |  | (0.47) |
| **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) |

---

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

\* 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.

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

(c) Annualized for periods less than
 one year.

See accompanying Notes to the Financial Statements

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios/Supplementary Data** | **Ratios/Supplementary Data** | **Ratios/Supplementary Data** | **Ratios/Supplementary Data** | **Ratios/Supplementary Data** |
|<br>**Net asset** <br> **value, end of** <br> **period**  | <br>**Total Return** <br> **(excludes sales** <br> **charge)**  | **Net assets, End** <br> **of period (000)**  | **Ratio of net** <br> **expenses to** <br> **average net** <br> **assets**  | **Ratio of net** <br> **investment** <br> **income to** <br> **average net** <br> **assets**  | **Ratio of** <br> **expenses to** <br> **average net** <br> **assets <sup>\*</sup>**  | **Portfolio** <br> **turnover<sup>\*\*</sup>**  |
| $55.93 | (5.62)%<sup>(b)</sup> | $32038 | 0.88 %<sup>(c)</sup> | 0.78 %<sup>(c)</sup> | 0.88 %<sup>(c)</sup> | 6.24 %<sup>(b)</sup> |
| $67.81 | 24.40% | $40250 | 0.88% | 0.77% | 0.88% | 8.96% |
| $61.43 | 15.03% | $43016 | 0.87% | 0.90% | 0.87% | 4.89% |
| $62.89 | (13.68)% | $45055 | 0.84% | 0.78% | 0.84% | 7.94% |
| $78.92 | 35.02% | $65503 | 0.85% | 0.60% | 0.86% | 8.23% |
| $58.95 | (5.39)% | $53847 | 0.91% | 0.67% | 0.94% | 9.21% |
| $36.20 | (4.09)%<sup>(b)</sup> | $68303 | 0.86 %<sup>(c)</sup> | 2.82 %<sup>(c)</sup> | 0.86 %<sup>(c)</sup> | 6.63 %<sup>(b)</sup> |
| $39.94 | 33.15% | $74347 | 0.86% | 2.49% | 0.86% | 4.90% |
| $32.44 | 0.95% | $62708 | 0.87% | 2.06% | 0.87% | 6.06% |
| $34.95 | (18.39)% | $73873 | 0.82% | 0.91% | 0.82% | 12.58% |
| $46.19 | 30.40% | $96075 | 0.81% | 1.00% | 0.81% | 12.68% |
| $36.66 | (8.09)% | $85144 | 0.82% | 1.55% | 0.82% | 9.21% |
| $36.78 | (7.36)%<sup>(b)</sup> | $147384 | 1.04 %<sup>(c)</sup> | 0.41 %<sup>(c)</sup> | 1.04 %<sup>(c)</sup> | 1.67 %<sup>(b)</sup> |
| $48.50 | 28.85% | $187448 | 1.05% | 0.50% | 1.06% | 2.87% |
| $52.79 | 15.31% | $261706 | 1.03% | 0.51% | 1.05% | 0.77% |
| $58.24 | (13.93)% | $350163 | 1.00% | 0.38% | 1.00% | 5.26% |
| $83.58 | 52.78% | $514025 | 0.98% | 0.22% | 1.02% | 6.15% |
| $64.04 | (12.59)% | $475615 | 1.01% | 0.58% | 1.08% | 8.33% |
| $9.84 | 2.40 %<sup>(b)</sup> | $22201 | 0.43 %<sup>(c)</sup> | 4.29 %<sup>(c)</sup> | 0.58 %<sup>(c)</sup> | 38.28 %<sup>(b)</sup> |
| $9.82 | 6.39% | $22985 | 0.37% | 5.06% | 0.57% | 50.87% |
| $9.68 | 5.12% | $23522 | 0.27% | 3.51% | 0.57% | 45.10% |
| $9.56 | (0.82)% | $20265 | 0.27% | 1.11% | 0.50% | 50.11% |
| $9.78 | 0.75% | $32492 | 0.29% | 1.08% | 0.51% | 48.71% |
| $9.83 | 2.44% | $33699 | 0.38% | 1.90% | 0.55% | 43.45% |

---

**STERLING CAPITAL FUNDS**

**FINANCIAL HIGHLIGHTS, INSTITUTIONAL SHARES**

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Investment Activities** | **Investment Activities** | **Investment Activities** | **Distributions** | **Distributions** | **Distributions** |
|  |<br>**Net asset value,**<br> **beginning of**<br> **period** | **Net**<br> **investment**<br> **income<sup>(a)</sup>** | **Net realized/**<br> **unrealized**<br> **gain (loss) on**<br> **investments** | **Total from**<br> **investment**<br> **Activities** | **Net**<br> **investment**<br> **income** | **Net realized**<br> **gains on**<br> **investments** | **Total from**<br> **distributions** |
| **Sterling Capital Short Duration Bond Fund** | **Sterling Capital Short Duration Bond Fund** | **Sterling Capital Short Duration Bond Fund** | **Sterling Capital Short Duration Bond Fund** | **Sterling Capital Short Duration Bond Fund** |  |  |  |
| **For the Six Months Ended March 31, 2025 (Unaudited)** | $8.42 | 0.19 | (0.03) | 0.16 | (0.20) |  | (0.20) |
| **Year Ended September 30, 2024** | $8.14 | 0.38 | 0.28 | 0.66 | (0.38) |  | (0.38) |
| **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) |
| **Sterling Capital Intermediate U.S. Government Fund** | **Sterling Capital Intermediate U.S. Government Fund** | **Sterling Capital Intermediate U.S. Government Fund** | **Sterling Capital Intermediate U.S. Government Fund** | **Sterling Capital Intermediate U.S. Government Fund** |  |  |  |
| **For the Six Months Ended March 31, 2025 (Unaudited)** | $8.86 | 0.14 | (0.10) | 0.04 | (0.14) |  | (0.14) |
| **Year Ended September 30, 2024** | $8.35 | 0.23 | 0.58 | 0.81 | (0.30) |  | (0.30) |
| **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) |
| **Sterling Capital Total Return Bond Fund** | **Sterling Capital Total Return Bond Fund** | **Sterling Capital Total Return Bond Fund** | **Sterling Capital Total Return Bond Fund** | **Sterling Capital Total Return Bond Fund** |  |  |  |
| **For the Six Months Ended March 31, 2025 (Unaudited)** | $9.55 | 0.20 | (0.22) | (0.02) | (0.19) |  | (0.19) |
| **Year Ended September 30, 2024** | $8.88 | 0.37 | 0.67 | 1.04 | (0.37) |  | (0.37) |
| **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) | — <sup>(d)</sup> | (0.31) |
| **Sterling Capital Long Duration Corporate Bond Fund** | **Sterling Capital Long Duration Corporate Bond Fund** | **Sterling Capital Long Duration Corporate Bond Fund** | **Sterling Capital Long Duration Corporate Bond Fund** | **Sterling Capital Long Duration Corporate Bond Fund** |  |  |  |
| **For the Six Months Ended March 31, 2025 (Unaudited)** | $7.29 | 0.17 | (0.44) | (0.27) | (0.17) |  | (0.17) |
| **Year Ended September 30, 2024** | $6.45 | 0.32 | 0.84 | 1.16 | (0.32) |  | (0.32) |
| **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) |
| **Sterling Capital Quality Income Fund** | **Sterling Capital Quality Income Fund** | **Sterling Capital Quality Income Fund** | **Sterling Capital Quality Income Fund** | **Sterling Capital Quality Income Fund** |  |  |  |
| **For the Six Months Ended March 31, 2025 (Unaudited)** | $9.19 | 0.18 | (0.15) | 0.03 | (0.18) |  | (0.18) |
| **Year Ended September 30, 2024** | $8.57 | 0.30 | 0.63 | 0.93 | (0.31) |  | (0.31) |
| **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) |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Per share net investment income
 has been calculated using the average shares method.

\* 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.

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

&nbsp;&nbsp;&nbsp;&nbsp;(c) Annualized for periods less than
 one year.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Amount is less than $0.005.

See accompanying Notes to the Financial Statements

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios/Supplementary Data** | **Ratios/Supplementary Data** | **Ratios/Supplementary Data** | **Ratios/Supplementary Data** | **Ratios/Supplementary Data** |
|<br>**Net asset**<br> **value, end of**<br> **period** |<br>**Total Return**<br> **(excludes sales**<br> **charge)** | **Net assets, End**<br> **of period (000)** | **Ratio of net**<br> **expenses to**<br> **average net**<br> **assets** | **Ratio of net**<br> **investment**<br> **income to**<br> **average net**<br> **assets** | **Ratio of**<br> **expenses to**<br> **average net**<br> **assets <sup>\*</sup>** | **Portfolio**<br> **turnover<sup>\*\*</sup>** |
| $8.38 | 1.95 %<sup>(b)</sup> | $25210 | 0.54 %<sup>(c)</sup> | 4.60 %<sup>(c)</sup> | 0.54 %<sup>(c)</sup> | 31.65 %<sup>(b)</sup> |
| $8.42 | 8.24% | $30167 | 0.50% | 4.62% | 0.59% | 67.85% |
| $8.14 | 3.87% | $87221 | 0.45% | 3.30% | 0.48% | 98.01% |
| $8.08 | (4.78)% | $82934 | 0.47% | 1.17% | 0.47% | 76.98% |
| $8.68 | 1.19% | $161804 | 0.43% | 1.40% | 0.46% | 39.26% |
| $8.78 | 4.12% | $174891 | 0.42% | 2.20% | 0.52% | 64.69% |
| $8.76 | 0.42 %<sup>(b)</sup> | $16190 | 0.54 %<sup>(c)</sup> | 3.22 %<sup>(c)</sup> | 0.73 %<sup>(c)</sup> | 16.47 %<sup>(b)</sup> |
| $8.86 | 9.86% | $15589 | 0.51% | 2.67% | 0.70% | 11.51% |
| $8.35 | 0.80% | $13823 | 0.50% | 2.15% | 0.69% | 7.91% |
| $8.51 | (10.90)% | $13737 | 0.48% | 1.12% | 0.67% | 14.18% |
| $9.79 | (1.08)% | $16272 | 0.43% | 0.88% | 0.61% | 71.31% |
| $10.14 | 4.92% | $8049 | 0.54% | 1.95% | 0.70% | 47.36% |
| $9.34 | (0.14)%<sup>(b)</sup> | $1023599 | 0.45 %<sup>(c)</sup> | 4.29 %<sup>(c)</sup> | 0.49 %<sup>(c)</sup> | 37.67 %<sup>(b)</sup> |
| $9.55 | 11.94% | $1066501 | 0.46% | 4.02% | 0.50% | 63.02% |
| $8.88 | 0.78% | $695207 | 0.45% | 3.24% | 0.51% | 47.80% |
| $9.11 | (14.81)% | $782084 | 0.45% | 1.98% | 0.48% | 47.98% |
| $11.05 | 0.69% | $1139676 | 0.45% | 1.77% | 0.50% | 48.80% |
| $11.39 | 7.59% | $1051891 | 0.45% | 2.45% | 0.57% | 59.59% |
| $6.85 | (3.70)%<sup>(b)</sup> | $147 | 0.46 %<sup>(c)</sup> | 4.81 %<sup>(c)</sup> | 0.59 %<sup>(c)</sup> | 26.38 %<sup>(b)</sup> |
| $7.29 | 18.43% | $481 | 0.47% | 4.68% | 0.59% | 47.46% |
| $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% | $6508 | 0.71% | 2.61% | 0.87% | 47.29% |
| $10.77 | 6.72% | $18519 | 0.67% | 2.83% | 0.70% | 52.28% |
| $9.04 | 0.32 %<sup>(b)</sup> | $152145 | 0.50 %<sup>(c)</sup> | 3.97 %<sup>(c)</sup> | 0.55 %<sup>(c)</sup> | 28.35 %<sup>(b)</sup> |
| $9.19 | 11.04% | $87868 | 0.57% | 3.37% | 0.62% | 25.02% |
| $8.57 | 0.44% | $88005 | 0.58% | 2.83% | 0.62% | 9.85% |
| $8.79 | (10.69)% | $78252 | 0.57% | 1.73% | 0.61% | 35.18% |
| $10.05 | 0.02% | $62718 | 0.57% | 1.52% | 0.61% | 73.60% |
| $10.26 | 4.33% | $35808 | 0.59% | 2.36% | 0.63% | 35.96% |

---

**STERLING CAPITAL FUNDS**

**FINANCIAL HIGHLIGHTS, INSTITUTIONAL SHARES**

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Investment Activities** | **Investment Activities** | **Investment Activities** | **Distributions** | **Distributions** | **Distributions** |
|  |<br>**Net asset value,**<br> **beginning of**<br> **period** | **Net**<br> **investment**<br> **income<sup>(a)</sup>** | **Net realized/**<br> **unrealized**<br> **gain (loss) on**<br> **investments** | **Total from**<br> **investment**<br> **Activities** | **Net**<br> **investment**<br> **income** | **Net realized**<br> **gains on**<br> **investments** | **Total from**<br> **distributions** |
| **Sterling Capital North Carolina Intermediate Tax-Free Fund** | **Sterling Capital North Carolina Intermediate Tax-Free Fund** | **Sterling Capital North Carolina Intermediate Tax-Free Fund** | **Sterling Capital North Carolina Intermediate Tax-Free Fund** | **Sterling Capital North Carolina Intermediate Tax-Free Fund** |  |  |  |
| **For the Six Months Ended March 31, 2025 (Unaudited)** | $10.21 | 0.13 | (0.24) | (0.11) | (0.13) |  | (0.13) |
| **Year Ended September 30, 2024** | $9.75 | 0.25 | 0.47 | 0.72 | (0.26) |  | (0.26) |
| **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) |
| **Sterling Capital South Carolina Intermediate Tax-Free Fund** | **Sterling Capital South Carolina Intermediate Tax-Free Fund** | **Sterling Capital South Carolina Intermediate Tax-Free Fund** | **Sterling Capital South Carolina Intermediate Tax-Free Fund** | **Sterling Capital South Carolina Intermediate Tax-Free Fund** |  |  |  |
| **For the Six Months Ended March 31, 2025 (Unaudited)** | $10.55 | 0.15 | (0.25) | (0.10) | (0.15) |  | (0.15) |
| **Year Ended September 30, 2024** | $10.09 | 0.28 | 0.46 | 0.74 | (0.28) |  | (0.28) |
| **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) | (0.95) | (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) |
| **Sterling Capital Virginia Intermediate Tax-Free Fund** | **Sterling Capital Virginia Intermediate Tax-Free Fund** | **Sterling Capital Virginia Intermediate Tax-Free Fund** | **Sterling Capital Virginia Intermediate Tax-Free Fund** | **Sterling Capital Virginia Intermediate Tax-Free Fund** |  |  |  |
| **For the Six Months Ended March 31, 2025 (Unaudited)** | $11.19 | 0.14 | (0.28) | (0.14) | (0.14) |  | (0.14) |
| **Year Ended September 30, 2024** | $10.69 | 0.26 | 0.50 | 0.76 | (0.26) |  | (0.26) |
| **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) |
| **Sterling Capital West Virginia Intermediate Tax-Free Fund** | **Sterling Capital West Virginia Intermediate Tax-Free Fund** | **Sterling Capital West Virginia Intermediate Tax-Free Fund** | **Sterling Capital West Virginia Intermediate Tax-Free Fund** | **Sterling Capital West Virginia Intermediate Tax-Free Fund** |  |  |  |
| **For the Six Months Ended March 31, 2025 (Unaudited)** | $9.57 | 0.13 | (0.20) | (0.07) | (0.13) |  | (0.13) |
| **Year Ended September 30, 2024** | $9.14 | 0.26 | 0.43 | 0.69 | (0.26) |  | (0.26) |
| **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) | — <sup>(d)</sup> | (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) |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Per share net investment income
 has been calculated using the average shares method.

\* 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.

<sup>(b)</sup> Not annualized for periods less than one year.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Annualized for periods less than
 one year.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Amount is less than $0.005.

See accompanying Notes to the Financial Statements

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios/Supplementary Data** | **Ratios/Supplementary Data** | **Ratios/Supplementary Data** | **Ratios/Supplementary Data** | **Ratios/Supplementary Data** |
|<br>**Net asset**<br> **value, end of**<br> **period** |<br>**Total Return**<br> **(excludes sales**<br> **charge)** | **Net assets, End**<br> **of period (000)** | **Ratio of net**<br> **expenses to**<br> **average net**<br> **assets** | **Ratio of net**<br> **investment**<br> **income to**<br> **average net**<br> **assets** | **Ratio of**<br> **expenses to**<br> **average net**<br> **assets <sup>\*</sup>** | **Portfolio**<br> **turnover<sup>\*\*</sup>** |
| $9.97 | (1.06)%<sup>(b)</sup> | $103463 | 0.57 %<sup>(c)</sup> | 2.63 %<sup>(c)</sup> | 0.57 %<sup>(c)</sup> | 13.87 %<sup>(b)</sup> |
| $10.21 | 7.39% | $106881 | 0.60% | 2.52% | 0.60% | 20.34% |
| $9.75 | 1.44% | $110951 | 0.60% | 2.24% | 0.60% | 38.07% |
| $9.83 | (8.78)% | $126739 | 0.57% | 1.76% | 0.57% | 50.21% |
| $10.97 | 0.24% | $154297 | 0.55% | 1.59% | 0.55% | 7.97% |
| $11.12 | 3.90% | $140958 | 0.54% | 1.92% | 0.54% | 17.06% |
| $10.30 | (0.99)%<sup>(b)</sup> | $18730 | 0.64 %<sup>(c)</sup> | 2.79 %<sup>(c)</sup> | 0.64 %<sup>(c)</sup> | 5.18 %<sup>(b)</sup> |
| $10.55 | 7.38% | $23524 | 0.64% | 2.68% | 0.65% | 19.81% |
| $10.09 | 1.40% | $28750 | 0.62% | 2.18% | 0.63% | 32.34% |
| $10.17 | (8.42)% | $34313 | 0.59% | 1.89% | 0.59% | 9.94% |
| $11.32 | 1.10% | $71455 | 0.56% | 1.71% | 0.56% | 20.23% |
| $11.39 | 3.76% | $71865 | 0.56% | 2.01% | 0.56% | 4.84% |
| $10.91 | (1.26)%<sup>(b)</sup> | $33318 | 0.59 %<sup>(c)</sup> | 2.53 %<sup>(c)</sup> | 0.59 %<sup>(c)</sup> | 10.44 %<sup>(b)</sup> |
| $11.19 | 7.19% | $35603 | 0.62% | 2.39% | 0.62% | 20.54% |
| $10.69 | 1.30% | $50995 | 0.61% | 2.03% | 0.61% | 17.86% |
| $10.77 | (8.41)% | $66967 | 0.58% | 1.67% | 0.58% | 37.23% |
| $11.97 | (0.27)% | $65071 | 0.56% | 1.56% | 0.56% | 8.98% |
| $12.22 | 4.06% | $62828 | 0.56% | 1.91% | 0.56% | 15.44% |
| $9.37 | (0.69)%<sup>(b)</sup> | $32127 | 0.60 %<sup>(c)</sup> | 2.84 %<sup>(c)</sup> | 0.60 %<sup>(c)</sup> | 3.07 %<sup>(b)</sup> |
| $9.57 | 7.66% | $35144 | 0.63% | 2.80% | 0.63% | 25.08% |
| $9.14 | 1.43% | $58934 | 0.61% | 2.40% | 0.61% | 37.11% |
| $9.23 | (7.93)% | $63292 | 0.58% | 1.81% | 0.58% | 18.08% |
| $10.21 | 0.88% | $67778 | 0.56% | 1.78% | 0.56% | 8.56% |
| $10.31 | 4.01% | $67627 | 0.56% | 2.08% | 0.56% | 3.28% |

---

**STERLING CAPITAL FUNDS**

**FINANCIAL HIGHLIGHTS, R6 SHARES**

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Investment Activities** | **Investment Activities** | **Investment Activities** | **Distributions** | **Distributions** | **Distributions** |
|  |<br>**Net asset value,**<br> **beginning of**<br> **period** | **Net**<br> **investment**<br> **income**<br> **(loss)<sup>(a)</sup>** | **Net realized/**<br> **unrealized**<br> **gain (loss) on**<br> **investments** | **Total from**<br> **investment**<br> **Activities** | **Net**<br> **investment**<br> **income** | **Net realized**<br> **gains on**<br> **investments** | **Return of**<br> **capital** |
| **Sterling Capital Behavioral Large Cap Value Equity Fund** | **Sterling Capital Behavioral Large Cap Value Equity Fund** | **Sterling Capital Behavioral Large Cap Value Equity Fund** | **Sterling Capital Behavioral Large Cap Value Equity Fund** | **Sterling Capital Behavioral Large Cap Value Equity Fund** |  |  |  |
| **For the Six Months Ended March 31, 2025 (Unaudited)** | $30.22 | 0.30 | 0.89 | 1.19 | (0.30) |  |  |
| **Year Ended September 30, 2024** | $23.37 | 0.55 | 6.86 | 7.41 | (0.56) |  |  |
| **Year Ended September 30, 2023** | $20.40 | 0.46 | 2.97 | 3.43 | (0.46) |  |  |
| **Year Ended September 30, 2022** | $22.99 | 0.50 | (2.63) | (2.13) | (0.46) |  |  |
| **Year Ended September 30, 2021** | $16.85 | 0.09 | 6.25 | 6.34 | (0.04) |  | (0.16) |
| **Year Ended September 30, 2020** | $19.62 | 0.40 | (2.07) | (1.67) | (0.52) | (0.58) |  |
| **Sterling Capital Mid Value Fund** | **Sterling Capital Mid Value Fund** | **Sterling Capital Mid Value Fund** | **Sterling Capital Mid Value Fund** | **Sterling Capital Mid Value Fund** |  |  |  |
| **For the Six Months Ended March 31, 2025 (Unaudited)** | $16.76 | 0.03 | (0.27) | (0.24) | (0.10) | (1.59) |  |
| **Year Ended September 30, 2024** | $15.01 | 0.11 | 2.80 | 2.91 | (0.11) | (1.05) |  |
| **Year Ended September 30, 2023** | $15.68 | 0.12 | 2.01 | 2.13 | (0.08) | (2.72) |  |
| **Year Ended September 30, 2022** | $20.55 | 0.08 | (3.27) | (3.19) | (0.04) | (1.64) |  |
| **Year Ended September 30, 2021** | $14.35 | 0.03 | 6.25 | 6.28 | (0.08) |  |  |
| **Year Ended September 30, 2020** | $16.48 | (0.02) | (0.75) | (0.77) | (0.23) | (1.13) |  |
| **Sterling Capital Behavioral Small Cap Value Equity Fund** | **Sterling Capital Behavioral Small Cap Value Equity Fund** | **Sterling Capital Behavioral Small Cap Value Equity Fund** | **Sterling Capital Behavioral Small Cap Value Equity Fund** | **Sterling Capital Behavioral Small Cap Value Equity Fund** |  |  |  |
| **For the Six Months Ended March 31, 2025 (Unaudited)** | $21.67 | 0.16 | (1.58) | (1.42) | (0.13) | (1.70) |  |
| **Year Ended September 30, 2024** | $17.17 | 0.33 | 4.56 | 4.89 | (0.39) |  |  |
| **Year Ended September 30, 2023** | $15.31 | 0.32 | 1.81 | 2.13 | (0.27) |  |  |
| **Year Ended September 30, 2022** | $19.60 | 0.22 | (2.48) | (2.26) | (0.21) | (1.82) |  |
| **Year Ended September 30, 2021** | $11.97 | 0.17 | 7.60 | 7.77 | (0.14) |  |  |
| **Year Ended September 30, 2020** | $14.67 | 0.15 | (2.70) | (2.55) | (0.15) |  |  |
| **Sterling Capital Special Opportunities Fund** | **Sterling Capital Special Opportunities Fund** | **Sterling Capital Special Opportunities Fund** | **Sterling Capital Special Opportunities Fund** | **Sterling Capital Special Opportunities Fund** |  |  |  |
| **For the Six Months Ended March 31, 2025 (Unaudited)** | $30.47 | (0.01) | (0.29) | (0.30) |  | (4.70) |  |
| **Year Ended September 30, 2024** | $28.26 | (0.01) | 7.01 | 7.00 |  | (4.79) |  |
| **Year Ended September 30, 2023** | $25.71 | (0.01) | 4.55 | 4.54 |  | (1.99) |  |
| **Year Ended September 30, 2022** | $35.51 | (0.04) | (5.65) | (5.69) |  | (4.11) |  |
| **Year Ended September 30, 2021** | $26.22 | (0.01) | 9.78 | 9.77 | (0.15) | (0.33) |  |
| **Year Ended September 30, 2020** | $26.09 | 0.09 | 1.44 | 1.53 | (0.07) | (1.33) |  |
| **Sterling Capital Equity Income Fund** | **Sterling Capital Equity Income Fund** | **Sterling Capital Equity Income Fund** | **Sterling Capital Equity Income Fund** | **Sterling Capital Equity Income Fund** |  |  |  |
| **For the Six Months Ended March 31, 2025 (Unaudited)** | $28.64 | 0.20 | (1.15) | (0.95) | (0.20) | (5.46) |  |
| **Year Ended September 30, 2024** | $25.36 | 0.45 | 5.42 | 5.87 | (0.45) | (2.14) |  |
| **Year Ended September 30, 2023** | $24.36 | 0.45 | 2.73 | 3.18 | (0.44) | (1.74) |  |
| **Year Ended September 30, 2022** | $26.67 | 0.45 | (1.83) | (1.38) | (0.45) | (0.48) |  |
| **Year Ended September 30, 2021** | $20.09 | 0.37 | 6.56 | 6.93 | (0.35) |  |  |
| **Year Ended September 30, 2020** | $21.34 | 0.43 | (0.40) | 0.03 | (0.44) | (0.84) |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Per share net investment income
 has been calculated using the average shares method.

\* 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.

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

&nbsp;&nbsp;&nbsp;&nbsp;(c) Annualized for periods less than
 one year.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Net Assets are below $1,000.

See accompanying Notes to the Financial Statements

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | **Ratios/Supplementary Data** | **Ratios/Supplementary Data** | **Ratios/Supplementary Data** | **Ratios/Supplementary Data** | **Ratios/Supplementary Data** |
|<br>**Total from**<br> **distributions** |<br>**Net asset**<br> **value, end**<br> **of period** |<br>**Total**<br> **Return**<br> **(excludes**<br> **sales**<br> **charge)** | **Net assets,**<br> **End of**<br> **period (000)** | **Ratio of net**<br> **expenses to**<br> **average net**<br> **assets** | **Ratio of net**<br> **investment**<br> **income**<br> **(loss) to**<br> **average net**<br> **assets** | **Ratio of**<br> **expenses to**<br> **average net**<br> **assets <sup>\*</sup>** | **Portfolio**<br> **turnover<sup>\*\*</sup>** |
| (0.30) | $31.11 | 3.95 %<sup>(b)</sup> | $25 | 0.70 %<sup>(c)</sup> | 1.92 %<sup>(c)</sup> | 0.80 %<sup>(c)</sup> | 43.00 %<sup>(b)</sup> |
| (0.56) | $30.22 | 31.90% | $24 | 0.66% | 2.13% | 0.79% | 99.00% |
| (0.46) | $23.37 | 16.84% | $330 | 0.77% | 1.99% | 0.90% | 110.98% |
| (0.46) | $20.40 | (9.48)% | $1 | 0.59% | 2.09% | 0.59% | 125.15% |
| (0.20) | $22.99 | 37.92% | $1 | 0.58% | 0.43% | 0.63% | 122.64% |
| (1.10) | $16.85 | (8.88)% | $— <sup>(d)</sup> | 0.59% | 2.19% | 0.64% | 167.34% |
| (1.69) | $14.83 | (1.87)%<sup>(b)</sup> | $517 | 0.87 %<sup>(c)</sup> | 0.43 %<sup>(c)</sup> | 1.02 %<sup>(c)</sup> | 19.86 %<sup>(b)</sup> |
| (1.16) | $16.76 | 20.22% | $516 | 0.81% | 0.70% | 0.91% | 39.31% |
| (2.80) | $15.01 | 13.86% | $354 | 0.82% | 0.80% | 0.93% | 19.99% |
| (1.68) | $15.68 | (17.18)% | $117 | 0.79% | 0.40% | 0.88% | 29.05% |
| (0.08) | $20.55 | 43.85% | $402 | 0.79% | 0.17% | 0.97% | 34.00% |
| (1.36) | $14.35 | (5.56)% | $3477 | 0.54% | (0.06)% | 0.56% | 28.77% |
| (1.83) | $18.42 | (7.60)%<sup>(b)</sup> | $79757 | 0.75 %<sup>(c)</sup> | 1.55 %<sup>(c)</sup> | 0.81 %<sup>(c)</sup> | 43.95 %<sup>(b)</sup> |
| (0.39) | $21.67 | 28.61% | $96261 | 0.78% | 1.69% | 0.83% | 74.00% |
| (0.27) | $17.17 | 13.94% | $78727 | 0.79% | 1.88% | 0.85% | 154.69% |
| (2.03) | $15.31 | (13.29)% | $20331 | 0.78% | 1.14% | 0.83% | 70.82% |
| (0.14) | $19.60 | 65.36% | $83819 | 0.75% | 0.96% | 0.81% | 111.07% |
| (0.15) | $11.97 | (17.63)% | $70372 | 0.74% | 1.11% | 0.82% | 119.76% |
| (4.70) | $25.47 | (2.67)%<sup>(b)</sup> | $25347 | 0.78 %<sup>(c)</sup> | (0.04)%<sup>(c)</sup> | 0.88 %<sup>(c)</sup> | 20.23 %<sup>(b)</sup> |
| (4.79) | $30.47 | 27.50% | $33287 | 0.82% | (0.02)% | 0.90% | 41.68% |
| (1.99) | $28.26 | 18.39% | $36906 | 0.82% | (0.02)% | 0.91% | 31.19% |
| (4.11) | $25.71 | (18.66)% | $29340 | 0.80% | (0.11)% | 0.88% | 28.06% |
| (0.48) | $35.51 | 37.67% | $44452 | 0.78% | (0.03)% | 0.87% | 27.20% |
| (1.40) | $26.22 | 5.87% | $40057 | 0.78% | 0.38% | 0.86% | 17.50% |
| (5.66) | $22.03 | (3.88)%<sup>(b)</sup> | $88351 | 0.72 %<sup>(c)</sup> | 1.61 %<sup>(c)</sup> | 0.82 %<sup>(c)</sup> | 27.30 %<sup>(b)</sup> |
| (2.59) | $28.64 | 24.29% | $115769 | 0.72% | 1.68% | 0.83% | 41.82% |
| (2.18) | $25.36 | 12.94% | $101228 | 0.72% | 1.73% | 0.82% | 39.43% |
| (0.93) | $24.36 | (5.54)% | $69408 | 0.69% | 1.65% | 0.79% | 31.23% |
| (0.35) | $26.67 | 34.61% | $70388 | 0.68% | 1.50% | 0.79% | 13.00% |
| (1.28) | $20.09 | 0.21% | $56277 | 0.67% | 2.18% | 0.78% | 33.60% |

---

**STERLING CAPITAL FUNDS**

**FINANCIAL HIGHLIGHTS, R6 SHARES**

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Investment Activities** | **Investment Activities** | **Investment Activities** | **Distributions** | **Distributions** | **Distributions** |
|  |<br>**Net asset value,**<br> **beginning of**<br> **period** | **Net**<br> **investment**<br> **income<sup>(a)</sup>** | **Net realized/**<br> **unrealized**<br> **gain (loss) on**<br> **investments** | **Total from**<br> **investment**<br> **Activities** | **Net**<br> **investment**<br> **income** | **Net realized**<br> **gains on**<br> **investments** | **Total from**<br> **distributions** |
| **Sterling Capital Real Estate Fund** | **Sterling Capital Real Estate Fund** | **Sterling Capital Real Estate Fund** | **Sterling Capital Real Estate Fund** | **Sterling Capital Real Estate Fund** |  |  |  |
| **For the Six Months Ended March 31, 2025 (Unaudited)** | $40.12 | 0.54 | (2.14) | (1.60) | (0.52) | (1.62) | (2.14) |
| **Year Ended September 30, 2024** | $32.58 | 0.85 | 9.55 | 10.40 | (0.77) | (2.09) | (2.86) |
| **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) |
| **For the Period Ended September 30, 2020**<sup>(d)</sup>** | $41.35 | 0.36 | (4.26) | (3.90) | (0.76) |  | (0.76) |
| **Sterling Capital Small Cap Value Fund** | **Sterling Capital Small Cap Value Fund** | **Sterling Capital Small Cap Value Fund** | **Sterling Capital Small Cap Value Fund** | **Sterling Capital Small Cap Value Fund** |  |  |  |
| **For the Six Months Ended March 31, 2025 (Unaudited)** | $48.75 | 0.12 | (2.58) | (2.46) | (0.16) | (9.14) | (9.30) |
| **Year Ended September 30, 2024** | $52.98 | 0.29 | 11.95 | 12.24 | (0.27) | (16.20) | (16.47) |
| **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) |
| **For the Period Ended September 30, 2020**<sup>(d)</sup>** | $77.13 | 0.49 | (13.53) | (13.04) |  |  |  |
| **Sterling Capital Short Duration Bond Fund** | **Sterling Capital Short Duration Bond Fund** | **Sterling Capital Short Duration Bond Fund** | **Sterling Capital Short Duration Bond Fund** | **Sterling Capital Short Duration Bond Fund** |  |  |  |
| **For the Six Months Ended March 31, 2025 (Unaudited)** | $8.42 | 0.20 | (0.03) | 0.17 | (0.21) |  | (0.21) |
| **Year Ended September 30, 2024** | $8.15 | 0.40 | 0.26 | 0.66 | (0.39) |  | (0.39) |
| **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) |
| **For the Period Ended September 30, 2021**<sup>(d)</sup>** | $8.78 | 0.08 | (0.04) | 0.04 | (0.14) |  | (0.14) |
| **Sterling Capital Total Return Bond Fund** | **Sterling Capital Total Return Bond Fund** | **Sterling Capital Total Return Bond Fund** | **Sterling Capital Total Return Bond Fund** | **Sterling Capital Total Return Bond Fund** |  |  |  |
| **For the Six Months Ended March 31, 2025 (Unaudited)** | $9.54 | 0.20 | (0.20) |  | (0.20) |  | (0.20) |
| **Year Ended September 30, 2024** | $8.88 | 0.38 | 0.66 | 1.04 | (0.38) |  | (0.38) |
| **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) | — <sup>(f)</sup> | (0.32) |
| **Sterling Capital Long Duration Corporate Bond Fund** | **Sterling Capital Long Duration Corporate Bond Fund** | **Sterling Capital Long Duration Corporate Bond Fund** | **Sterling Capital Long Duration Corporate Bond Fund** | **Sterling Capital Long Duration Corporate Bond Fund** |  |  |  |
| **For the Six Months Ended March 31, 2025 (Unaudited)** | $7.30 | 0.17 | (0.45) | (0.28) | (0.17) |  | (0.17) |
| **Year Ended September 30, 2024** | $6.45 | 0.33 | 0.85 | 1.18 | (0.33) |  | (0.33) |
| **Year Ended September 30, 2023** | $6.63 | 0.31 | (0.18) | 0.13 | (0.31) |  | (0.31) |
| **For the Period Ended September 30, 2022**<sup>(d)</sup>** | $9.16 | 0.19 | (2.52) | (2.33) | (0.20) |  | (0.20) |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Per share net investment income
 has been calculated using the average shares method.

\* 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.

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

&nbsp;&nbsp;&nbsp;&nbsp;(c) Annualized for periods less than
 one year.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Period from commencement of operations.

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

&nbsp;&nbsp;&nbsp;&nbsp;(f) Amount is less than $0.005.

See accompanying Notes to the Financial Statements

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios/Supplementary Data** | **Ratios/Supplementary Data** | **Ratios/Supplementary Data** | **Ratios/Supplementary Data** | **Ratios/Supplementary Data** |
|<br>**Net asset**<br> **value, end of**<br> **period** |<br>**Total Return**<br> **(excludes sales**<br> **charge)** | **Net assets, End**<br> **of period (000)** | **Ratio of net**<br> **expenses to**<br> **average net**<br> **assets** | **Ratio of net**<br> **investment**<br> **income to**<br> **average net**<br> **assets** | **Ratio of**<br> **expenses to**<br> **average net**<br> **assets <sup>\*</sup>** | **Portfolio**<br> **turnover<sup>\*\*</sup>** |
| $36.38 | (4.02)%<sup>(b)</sup> | $666 | 0.77 %<sup>(c)</sup> | 2.91 %<sup>(c)</sup> | 0.86 %<sup>(c)</sup> | 6.63 %<sup>(b)</sup> |
| $40.12 | 33.25% | $691 | 0.78% | 2.43% | 0.86% | 4.90% |
| $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)%<sup>(b)</sup> | $— <sup>(e)</sup> | 0.70 %<sup>(c)</sup> | 1.47 %<sup>(c)</sup> | 0.70 %<sup>(c)</sup> | 19.58 %<sup>(b)</sup> |
| $36.99 | (7.30)%<sup>(b)</sup> | $5555 | 0.91 %<sup>(c)</sup> | 0.55 %<sup>(c)</sup> | 1.04 %<sup>(c)</sup> | 1.67 %<sup>(b)</sup> |
| $48.75 | 29.00% | $6365 | 0.93% | 0.64% | 1.06% | 2.87% |
| $52.98 | 15.45% | $6360 | 0.93% | 0.66% | 1.05% | 0.77% |
| $58.38 | (13.84)% | $3792 | 0.90% | 0.50% | 1.00% | 5.26% |
| $83.72 | 52.98% | $3656 | 0.88% | 0.36% | 1.02% | 6.15% |
| $64.09 | (16.91)%<sup>(b)</sup> | $2882 | 0.87 %<sup>(c)</sup> | 1.17 %<sup>(c)</sup> | 1.09 %<sup>(c)</sup> | 8.33 %<sup>(b)</sup> |
| $8.38 | 2.01 %<sup>(b)</sup> | $13822 | 0.44 %<sup>(c)</sup> | 4.70 %<sup>(c)</sup> | 0.54 %<sup>(c)</sup> | 31.65 %<sup>(b)</sup> |
| $8.42 | 8.35% | $12352 | 0.41% | 4.78% | 0.58% | 67.85% |
| $8.15 | 4.09% | $13222 | 0.36% | 3.34% | 0.48% | 98.01% |
| $8.08 | (4.70)% | $17460 | 0.39% | 1.27% | 0.48% | 76.98% |
| $8.68 | 0.44 %<sup>(b)</sup> | $29565 | 0.40 %<sup>(c)</sup> | 1.52 %<sup>(c)</sup> | 0.49 %<sup>(c)</sup> | 39.26 %<sup>(b)</sup> |
| $9.34 | 0.01 %<sup>(b)</sup> | $396950 | 0.35 %<sup>(c)</sup> | 4.39 %<sup>(c)</sup> | 0.48 %<sup>(c)</sup> | 37.67 %<sup>(b)</sup> |
| $9.54 | 11.95% | $391538 | 0.36% | 4.12% | 0.50% | 63.02% |
| $8.88 | 0.88% | $263634 | 0.35% | 3.36% | 0.51% | 47.80% |
| $9.11 | (14.72)% | $230211 | 0.35% | 2.08% | 0.48% | 47.98% |
| $11.05 | 0.79% | $348271 | 0.35% | 1.88% | 0.52% | 48.80% |
| $11.39 | 7.70% | $642344 | 0.35% | 2.52% | 0.58% | 59.59% |
| $6.85 | (3.79)%<sup>(b)</sup> | $46524 | 0.36 %<sup>(c)</sup> | 5.00 %<sup>(c)</sup> | 0.56 %<sup>(c)</sup> | 26.38 %<sup>(b)</sup> |
| $7.30 | 18.71% | $42074 | 0.36% | 4.79% | 0.60% | 47.46% |
| $6.45 | 1.72% | $30432 | 0.36% | 4.46% | 0.66% | 26.27% |
| $6.63 | (25.75)%<sup>(b)</sup> | $22553 | 0.36 %<sup>(c)</sup> | 3.81 %<sup>(c)</sup> | 0.57 %<sup>(c)</sup> | 161.62 %<sup>(b)</sup> |

---

**STERLING CAPITAL FUNDS**

***NOTES TO FINANCIAL STATEMENTS***

**March 31, 2025 (Unaudited)**

**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 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, 2024, 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 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.

Each Fund operates as a single operating segment. Each Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the Adviser, who is responsible for the oversight functions of each Fund, using the information presented in the financial statements and financial highlights.

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.

**STERLING CAPITAL FUNDS**

***NOTES TO FINANCIAL STATEMENTS (Continued)***

**March 31, 2025 (Unaudited)**

**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 period ended March 31, 2025, there were no significant changes to the Funds' valuation policies and procedures.

The summary of inputs used to determine the fair value of each Fund's investments as of March 31, 2025 is as follows:

**STERLING CAPITAL FUNDS**

***NOTES TO FINANCIAL STATEMENTS (Continued)***

**March 31, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1- Quoted**<br> **Prices** | **Level 2- Other Significant Observable**<br> **Inputs** | **Level 3- Significant Unobservable**<br> **Inputs** | **Total** |
| **<u>Assets:</u>** | | | | |
| **Investments in Securities** |  |  |  |  |
| Sterling Capital Behavioral Large Cap Value Equity Fund | $37234583 (a) | $— | $— | $37234583 |
| Sterling Capital Mid Value Fund | 27587935 (a) |  |  | 27587935 |
| Sterling Capital Behavioral Small Cap Value Equity Fund | 91190122 (a) |  |  | 91190122 |
| Sterling Capital Special Opportunities Fund | 372961879 (a) |  |  | 372961879 |
| Sterling Capital Equity Income Fund | 1426758283 (a) |  |  | 1426758283 |
| Sterling Capital Mid Cap Relative Value Fund | 32230139 (a) |  |  | 32230139 |
| Sterling Capital Real Estate Fund | 69324016 (a) |  |  | 69324016 |
| Sterling Capital Small Cap Value Fund | 156130464 (a) |  |  | 156130464 |
| Sterling Capital Ultra Short Bond Fund | 598901 (b) | 26673359 (a) |  | 27272260 |
| Sterling Capital Short Duration Bond Fund | 1025221 (b) | 41668204 (a) |  | 42693425 |
| Sterling Capital Intermediate U.S. Government Fund | 218679 (b) | 18864979 (a) |  | 19083658 |
| Sterling Capital Total Return Bond Fund | 8847920 (b) | 1463477019 (a) |  | 1472324939 |
| Sterling Capital Long Duration Corporate Bond Fund | 489341 (b) | 46160218 (a) |  | 46649559 |
| Sterling Capital Quality Income Fund | 1217198 (b) | 150539608 (a) |  | 151756806 |
| Sterling Capital North Carolina Intermediate Tax-Free Fund | 933842 (b) | 121475970 (a) |  | 122409812 |
| Sterling Capital South Carolina Intermediate Tax-Free Fund | 1638757 (b) | 21642489 (a) |  | 23281246 |
| Sterling Capital Virginia Intermediate Tax-Free Fund | 184604 (b) | 41961768 (a) |  | 42146372 |
| Sterling Capital West Virginia Intermediate Tax-Free Fund | 960060 (b) | 49797344 (a) |  | 50757404 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;*(b)* *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, and Sterling Capital Equity Income Fund, if the annualized yield of the distribution exceeds an amount determined annually by the Board. Distributable net realized gains, if any, are declared and distributed at least annually. Distributions to shareholders that exceed net investment income and net realized gains for tax purposes are reported as distributions of capital. Distributions to shareholders are recorded on the ex-dividend date.

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

*Foreign Currency Translation —* 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.

**STERLING CAPITAL FUNDS**

***NOTES TO FINANCIAL STATEMENTS (Continued)***

**March 31, 2025 (Unaudited)**

*Forward Foreign Currency Exchange Contracts —* All Funds, except 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 period.

*Options Contracts —* Sterling Capital Special Opportunities Fund and Sterling Capital Equity Income Fund may 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). 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. The Funds did not hold options contracts during the period.

*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".

**STERLING CAPITAL FUNDS**

***NOTES TO FINANCIAL STATEMENTS (Continued)***

**March 31, 2025 (Unaudited)**

*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 period ended March 31, 2025 were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
| **Sterling Capital Behavioral Large Cap Value Equity Fund** | $15967364 | $16424855 |
| **Sterling Capital Mid Value Fund** | 8525440 | 28198435 |
| **Sterling Capital Behavioral Small Cap Value Equity Fund** | 45918819 | 55422030 |
| **Sterling Capital Special Opportunities Fund** | 85189473 | 140626553 |
| **Sterling Capital Equity Income Fund** | 442122023 | 824026135 |
| **Sterling Capital Mid Cap Relative Value Fund** | 2336064 | 8335738 |
| **Sterling Capital Real Estate Fund** | 4705499 | 7560489 |
| **Sterling Capital Small Cap Value Fund** | 3036397 | 29912395 |
| **Sterling Capital Ultra Short Bond Fund** | 14168624 | 9813596 |
| **Sterling Capital Short Duration Bond Fund** | 9775419 | 12346496 |
| **Sterling Capital Intermediate U.S. Government Fund** | 1014860 | 2131350 |
| **Sterling Capital Total Return Bond Fund** | 251305975 | 323739118 |
| **Sterling Capital Long Duration Corporate Bond Fund** | 14156567 | 7675161 |
| **Sterling Capital Quality Income Fund** | 29854749 | 14234641 |
| **Sterling Capital North Carolina Intermediate Tax-Free Fund** | 17223239 | 17439648 |
| **Sterling Capital South Carolina Intermediate Tax-Free Fund** | 1324211 | 6406050 |
| **Sterling Capital Virginia Intermediate Tax-Free Fund** | 4505900 | 6875520 |
| **Sterling Capital West Virginia Intermediate Tax-Free Fund** | 1597029 | 3843585 |

---

Purchases and sales of U.S. government securities (excluding securities maturing less than one year from acquisition) for the period ended March 31, 2025 were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
| **Sterling Capital Ultra Short Bond Fund** | $— | $568951 |
| **Sterling Capital Short Duration Bond Fund** | 4026213 | 3851796 |
| **Sterling Capital Intermediate U.S. Government Fund** | 3000070 | 835547 |
| **Sterling Capital Total Return Bond Fund** | 301715110 | 221362844 |
| **Sterling Capital Long Duration Corporate Bond Fund** | 4684902 | 3721037 |
| **Sterling Capital Quality Income Fund** | 77808511 | 26963964 |

---

**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 period ended March 31, 2025:

**STERLING CAPITAL FUNDS**

***NOTES TO FINANCIAL STATEMENTS (Continued)***

**March 31, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Prior to February 1, 2025** | **Prior to February 1, 2025** | **Effective February 1, 2025** | **Effective February 1, 2025** |
|  | **Contractual**<br> **Fee Rate** | **Fee Rate**<br> **after**<br> **Contractual**<br> **Waiver** | **Contractual**<br> **Fee Rate** | **Fee Rate**<br> **after**<br> **Contractual**<br> **Waiver** |
| Sterling Capital Behavioral Large Cap Value Equity Fund | 0.45% | 0.45% | 0.45% | 0.45% |
| Sterling Capital Mid Value Fund | 0.60% | 0.60% | 0.60% | 0.60% |
| 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% | 0.60% | 0.60% |
| Sterling Capital Equity Income Fund | 0.55% | 0.55% | 0.55% | 0.55% |
| 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% |
| Sterling Capital Ultra Short Bond Fund | 0.20% | 0.05%<sup>(1)</sup> | 0.20% | 0.05%<sup>(2)</sup> |
| Sterling Capital Short Duration Bond Fund | 0.20% | 0.20% | 0.20% | 0.20% |
| Sterling Capital Intermediate U.S. Government Fund | 0.32% | 0.13%<sup>(3)</sup> | 0.32% | 0.13%<sup>(4)</sup> |
| 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% | 0.30%<sup>(5)</sup> | 0.35% | 0.30%<sup>(6)</sup> |
| Sterling Capital North Carolina Intermediate Tax-Free Fund | 0.35% | 0.35% | 0.35% | 0.35% |
| Sterling Capital South Carolina Intermediate Tax-Free Fund | 0.35% | 0.35% | 0.35% | 0.35% |
| Sterling Capital Virginia Intermediate Tax-Free Fund | 0.35% | 0.35% | 0.35% | 0.35% |
| Sterling Capital West Virginia Intermediate Tax-Free Fund | 0.35% | 0.35% | 0.35% | 0.35% |

---

&nbsp;&nbsp;&nbsp;&nbsp;*(1)* *The Fund's Adviser has contractually agreed to limit the management fees paid by the Fund to 0.05% for the period from February 1, 2024 through January 31, 2025.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(2)* *The Fund's Adviser has contractually agreed to limit the management fees paid by the Fund to 0.05% for the period from February 1, 2025 through January 31, 2026.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(3)* *The Fund's Adviser has contractually agreed to limit the management fees paid by the Fund to 0.13% for the period from February 1, 2024 through January 31, 2025.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(4)* *The Fund's Adviser has contractually agreed to limit the management fees paid by the Fund to 0.13% for the period from February 1, 2025 through January 31, 2026.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(5)* *The Fund's Adviser has contractually agreed to limit the management fees paid by the Fund to 0.30% for the period from February 1, 2024 through January 31, 2025.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(6)* *The Fund's Adviser has contractually agreed to limit the management fees paid by the Fund to 0.30% for the period from February 1, 2025 through January 31, 2026.* 

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, 2024 through January 31, 2025 and February 1, 2025 through January 31, 2026 are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Effective February 1, 2025** | **Effective February 1, 2025** | **Effective February 1, 2025** | **Effective February 1, 2025** |
|  | **Class A** | **Class C** | **Institutional** | **Class R6** |
| 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, 2025** | **Prior to February 1, 2025** | **Prior to February 1, 2025** | **Prior to February 1, 2025** |
|  | **Class A** | **Class C** | **Institutional** | **Class R6** |
| Sterling Capital Total Return Bond Fund | 0.71% | 1.46% | 0.46% | 0.46% |
| Sterling Capital Long Duration Corporate Bond Fund | 0.71% | 1.46% | 0.46% | 0.46% |

---

**STERLING CAPITAL FUNDS**

***NOTES TO FINANCIAL STATEMENTS (Continued)***

**March 31, 2025 (Unaudited)**

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, 2025 through January 31, 2026:

---

| | |
|:---|:---|
|  | **Effective** <br> **February 1, 2025** |
| Sterling Capital Behavioral Large Cap Value Equity Fund | 0.13% |
| Sterling Capital Mid Value Fund | 0.13% |
| Sterling Capital Behavioral Small Cap Value Equity Fund | 0.06% |
| Sterling Capital Special Opportunities Fund | 0.11% |
| Sterling Capital Equity Income Fund | 0.12% |
| Sterling Capital Real Estate Fund | 0.11% |
| Sterling Capital Small Cap Value Fund | 0.13% |
| Sterling Capital Short Duration Bond Fund | 0.11% |
| Sterling Capital Total Return Bond Fund | 0.10% |
| Sterling Capital Long Duration Corporate Bond Fund | 0.07% |

---

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, 2024 through January 31, 2025:

---

| | |
|:---|:---|
|  | **Prior to**<br> **February 1, 2025** |
| Sterling Capital Behavioral Large Cap Value Equity Fund | 0.08% |
| Sterling Capital Mid Value Fund | 0.09% |
| Sterling Capital Behavioral Small Cap Value Equity Fund | 0.07% |
| Sterling Capital Special Opportunities Fund | 0.10% |
| Sterling Capital Equity Income Fund | 0.11% |
| Sterling Capital Real Estate Fund | 0.09% |
| Sterling Capital Small Cap Value Fund | 0.13% |
| Sterling Capital Short Duration Bond Fund | 0.10% |
| Sterling Capital Total Return Bond Fund | 0.10% |
| Sterling Capital Long Duration Corporate Bond Fund | 0.10% |

---

Sterling Capital serves as the administrator to the Funds pursuant to an administration agreement. For the period September 30, 2024 through March 31, 2025, the Funds paid their portion of a fee to Sterling Capital for providing administration services based on the aggregate assets of the Funds, at a rate of 0.091% 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." For the period September 30, 2024 through March 31, 2025, pursuant to a sub-administration agreement with Sterling Capital, Ultimus Fund Solutions ("the Sub-Administrator"), served as the sub-administrator to the Funds subject to the general supervision of the Board and Sterling Capital. For these services, Ultimus Fund Solutions is entitled to a fee payable by Sterling Capital. Ultimus Fund Solutions also served 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."

For the period September 30, 2024 to March 31, 2025, Ultimus Fund Solutions, LLC served 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, March 31, 2025, the Distributor received $31,237 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.

**STERLING CAPITAL FUNDS**

***NOTES TO FINANCIAL STATEMENTS (Continued)***

**March 31, 2025 (Unaudited)**

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 period ended March 31, 2025 were $49,705.

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.

**5. Capital Transactions:**

Transactions in Class A, Class C, Institutional and Class R6 Shares were:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Six Months Ended**<br> **March 31, 2025 (Unaudited)** | **For the Six Months Ended**<br> **March 31, 2025 (Unaudited)** | **For the Year Ended**<br> **September 30, 2024**  | **For the Year Ended**<br> **September 30, 2024**  |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Sterling Capital Behavioral Large Cap Value Equity Fund<br>**  | | | | |
| **Class A Shares** | | | | |
| &nbsp;&nbsp;&nbsp;Issued | $28934 | 891172 | $15421 | 424065 |
| &nbsp;&nbsp;&nbsp;Reinvested | 8575 | 258516 | 17870 | 499769 |
| &nbsp;&nbsp;&nbsp;Redeemed | (67314) | (2061257) | (121903) | (3202335) |
| &nbsp;&nbsp;&nbsp;Total | (29805) | (911569) | (88612) | (2278501) |
| **Sterling Capital Behavioral Large Cap Value Equity Fund**<br>|  |  |  |  |
| **Class C Shares** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; <br> Issued | 58 | 1704 | 142 | 3600 |
| &nbsp;&nbsp;&nbsp;Reinvested | 59 | 1713 | 126 | 3400 |
| &nbsp;&nbsp;&nbsp;Redeemed | (98) | (2897) | (260) | (6706) |
| &nbsp;&nbsp;&nbsp;Total | 19 | 520 | 8 | 294 |
| **Sterling Capital Behavioral Large Cap Value Equity Fund**<br>|  |  |  |  |
| **Class Institutional Shares** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; <br> Issued | 15779 | 486855 | 27065 | 748006 |
| &nbsp;&nbsp;&nbsp;Reinvested | 606 | 18424 | 926 | 26148 |
| &nbsp;&nbsp;&nbsp;Redeemed | (8001) | (244473) | (16893) | (440576) |
| &nbsp;&nbsp;&nbsp;Total | 8384 | 260806 | 11098 | 333578 |
| **Sterling Capital Behavioral Large Cap Value Equity Fund**<br>|  |  |  |  |
| **Class R6 Shares** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; <br> Issued | 16 | 526 |  |  |
| &nbsp;&nbsp;&nbsp;Reinvested | 8 | 236 | 150 | 4152 |
| &nbsp;&nbsp;&nbsp;Redeemed |  |  | (13489) | (372774) |
| &nbsp;&nbsp;&nbsp;Total | 24 | 762 | (13339) | (368622) |

---

**STERLING CAPITAL FUNDS**

***NOTES TO FINANCIAL STATEMENTS (Continued)***

**March 31, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Six Months Ended**<br> **March 31, 2025 (Unaudited)** | **For the Six Months Ended**<br> **March 31, 2025 (Unaudited)** | **For the Year Ended**<br> **September 30, 2024**  | **For the Year Ended**<br> **September 30, 2024**  |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Sterling Capital Mid Value Fund** | | | | |
| **Class A Shares** | | | | |
| &nbsp;&nbsp;&nbsp;Issued | $12173 | 189359 | $164058 | 2770160 |
| &nbsp;&nbsp;&nbsp;Reinvested | 126679 | 1891357 | 84142 | 1227629 |
| &nbsp;&nbsp;&nbsp;Redeemed | (102937) | (1549064) | (213639) | (3246717) |
| &nbsp;&nbsp;&nbsp;Total | 35915 | 531652 | 34561 | 751072 |
| **Sterling Capital Mid Value Fund** |  |  |  |  |
| **Class C Shares** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 512 | 5650 | 15763 | 6961 |
| &nbsp;&nbsp;&nbsp;Reinvested | 3060 | 33908 | 3007 | 33683 |
| &nbsp;&nbsp;&nbsp;Redeemed | (6693) | (80333) | (23866) | (275223) |
| &nbsp;&nbsp;&nbsp;Total | (3121) | (40775) | (5096) | (234579) |
| **Sterling Capital Mid Value Fund** |  |  |  |  |
| **Class Institutional Shares** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 18922 | 302116 | 112113 | 1261230 |
| &nbsp;&nbsp;&nbsp;Reinvested | 163144 | 2534582 | 129286 | 1957960 |
| &nbsp;&nbsp;&nbsp;Redeemed | (1265682) | (19181932) | (401571) | (6205524) |
| &nbsp;&nbsp;&nbsp;Total | (1083616) | (16345234) | (160172) | (2986334) |
| **Sterling Capital Mid Value Fund** |  |  |  |  |
| **Class R6 Shares** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 18054 | 301270 | 5721 | 94941 |
| &nbsp;&nbsp;&nbsp;Reinvested | 4687 | 72983 | 1447 | 21986 |
| &nbsp;&nbsp;&nbsp;Redeemed | (18694) | (287181) |  |  |
| &nbsp;&nbsp;&nbsp;Total | 4047 | 87072 | 7168 | 116927 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Six Months Ended**<br> **March 31, 2025 (Unaudited)** | **For the Six Months Ended**<br> **March 31, 2025 (Unaudited)** | **For the Year Ended**<br> **September 30, 2024** | **For the Year Ended**<br> **September 30, 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Sterling Capital Behavioral Small Cap Value Equity Fund** |  |  |  |  |
| **Class A Shares** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | $3290 | 66241 | $12858 | 252829 |
| &nbsp;&nbsp;&nbsp;Reinvested | 25579 | 533568 | 5467 | 110500 |
| &nbsp;&nbsp;&nbsp;Redeemed | (20205) | (403598) | (46824) | (912593) |
| &nbsp;&nbsp;&nbsp;Total | 8664 | 196211 | (28499) | (549264) |
| **Sterling Capital Behavioral Small Cap Value Equity Fund** |  |  |  |  |
| **Class C Shares** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 192 | 4000 | 1006 | 18481 |
| &nbsp;&nbsp;&nbsp;Reinvested | 248 | 4848 | 41 | 788 |
| &nbsp;&nbsp;&nbsp;Redeemed | (240) | (4424) | (253) | (4520) |
| &nbsp;&nbsp;&nbsp;Total | 200 | 4424 | 794 | 14749 |
| **Sterling Capital Behavioral Small Cap Value Equity Fund** |  |  |  |  |
| **Class Institutional Shares** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 42865 | 873017 | 7449 | 139644 |
| &nbsp;&nbsp;&nbsp;Reinvested | 24240 | 511587 | 5592 | 114208 |
| &nbsp;&nbsp;&nbsp;Redeemed | (45407) | (924346) | (61184) | (1194490) |
| &nbsp;&nbsp;&nbsp;Total | 21698 | 460258 | (48143) | (940638) |
| **Sterling Capital Behavioral Small Cap Value Equity Fund** |  |  |  |  |
| **Class R6 Shares** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Reinvested | 386469 | 8170703 | 82894 | 1699465 |
| &nbsp;&nbsp;&nbsp;Redeemed | (500000) | (10000000) | (225734) | (3972912) |
| &nbsp;&nbsp;&nbsp;Total | (113531) | (1829297) | (142840) | (2273447) |

---

**STERLING CAPITAL FUNDS**

***NOTES TO FINANCIAL STATEMENTS (Continued)***

**March 31, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Six Months Ended**<br> **March 31, 2025 (Unaudited)** | **For the Six Months Ended**<br> **March 31, 2025 (Unaudited)** | **For the Year Ended**<br> **September 30, 2024**  | **For the Year Ended**<br> **September 30, 2024**  |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Sterling Capital Special Opportunities Fund** |  |  |  |  |
| **Class A Shares** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | $174995 | 4535663 | $470234 | 11973464 |
| &nbsp;&nbsp;&nbsp;Reinvested | 1822473 | 46381944 | 1923756 | 45843115 |
| &nbsp;&nbsp;&nbsp;Redeemed | (1025754) | (26316895) | (2068763) | (52692206) |
| &nbsp;&nbsp;&nbsp;Total | 971714 | 24600712 | 325227 | 5124373 |
| **Sterling Capital Special Opportunities Fund** |  |  |  |  |
| **Class C Shares** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 34453 | 538560 | 76734 | 1343322 |
| &nbsp;&nbsp;&nbsp;Reinvested | 264114 | 4083208 | 324379 | 5206279 |
| &nbsp;&nbsp;&nbsp;Redeemed | (209357) | (3243569) | (677092) | (11663345) |
| &nbsp;&nbsp;&nbsp;Total | 89210 | 1378199 | (275979) | (5113744) |
| **Sterling Capital Special Opportunities Fund** |  |  |  |  |
| **Class Institutional Shares** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 153499 | 4501681 | 272505 | 7577946 |
| &nbsp;&nbsp;&nbsp;Reinvested | 394120 | 11271844 | 504040 | 13231044 |
| &nbsp;&nbsp;&nbsp;Redeemed | (684238) | (19791758) | (2655787) | (76729659) |
| &nbsp;&nbsp;&nbsp;Total | (136619) | (4018233) | (1879242) | (55920669) |
| **Sterling Capital Special Opportunities Fund** |  |  |  |  |
| **Class R6 Shares** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 80996 | 2320773 | 211837 | 5834420 |
| &nbsp;&nbsp;&nbsp;Reinvested | 46201 | 1321802 | 57296 | 1502885 |
| &nbsp;&nbsp;&nbsp;Redeemed | (224533) | (6353719) | (482628) | (13522546) |
| &nbsp;&nbsp;&nbsp;Total | (97336) | (2711144) | (213495) | (6185241) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Six Months Ended**<br> **March 31, 2025 (Unaudited)** | **For the Six Months Ended**<br> **March 31, 2025 (Unaudited)** | **For the Year Ended**<br> **September 30, 2024**  | **For the Year Ended**<br> **September 30, 2024**  |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Sterling Capital Equity Income Fund** |  |  |  |  |
| **Class A Shares** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | $402291 | 9799743 | $745158 | 19829713 |
| &nbsp;&nbsp;&nbsp;Reinvested | 3522954 | 79955488 | 1413518 | 36614050 |
| &nbsp;&nbsp;&nbsp;Redeemed | (2235443) | (52849719) | (2428255) | (64825268) |
| &nbsp;&nbsp;&nbsp;Total | 1689802 | 36905512 | (269579) | (8381505) |
| **Sterling Capital Equity Income Fund** |  |  |  |  |
| **Class C Shares** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 185434 | 4553272 | 389837 | 10334003 |
| &nbsp;&nbsp;&nbsp;Reinvested | 635948 | 14216633 | 224467 | 5718914 |
| &nbsp;&nbsp;&nbsp;Redeemed | (470965) | (10654046) | (625901) | (16466056) |
| &nbsp;&nbsp;&nbsp;Total | 350417 | 8115859 | (11597) | (413139) |
| **Sterling Capital Equity Income Fund** |  |  |  |  |
| **Class Institutional Shares** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 2468970 | 60412189 | 6098512 | 163562254 |
| &nbsp;&nbsp;&nbsp;Reinvested | 8246585 | 188187656 | 3798065 | 98915203 |
| &nbsp;&nbsp;&nbsp;Redeemed | (14052238) | (342734744) | (17738953) | (473293726) |
| &nbsp;&nbsp;&nbsp;Total | (3336683) | (94134899) | (7842376) | (210816269) |
| **Sterling Capital Equity Income Fund** |  |  |  |  |
| **Class R6 Shares** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 814277 | 18778473 | 1391307 | 37355864 |
| &nbsp;&nbsp;&nbsp;Reinvested | 348072 | 7955390 | 155924 | 4064202 |
| &nbsp;&nbsp;&nbsp;Redeemed | (1194090) | (29941876) | (1496540) | (40126615) |
| &nbsp;&nbsp;&nbsp;Total | (31741) | (3208013) | 50691 | 1293451 |

---

**STERLING CAPITAL FUNDS**

***NOTES TO FINANCIAL STATEMENTS (Continued)***

**March 31, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Six Months Ended**<br> **March 31, 2025 (Unaudited)** | **For the Six Months Ended**<br> **March 31, 2025 (Unaudited)** | **For the Year Ended**<br> **September 30, 2024**  | **For the Year Ended**<br> **September 30, 2024**  |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Sterling Capital Mid Cap Relative Value Fund** |  |  |  |  |
| **Class A Shares** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | $87 | 6191 | $200 | 12603 |
| &nbsp;&nbsp;&nbsp;Reinvested | 280 | 16980 | 687 | 40550 |
| &nbsp;&nbsp;&nbsp;Redeemed | (800) | (46354) | (4491) | (274029) |
| &nbsp;&nbsp;&nbsp;Total | (433) | (23183) | (3604) | (220876) |
| **Sterling Capital Mid Cap Relative Value Fund** |  |  |  |  |
| **Class C Shares** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | $— |  | $— |  |
| &nbsp;&nbsp;&nbsp;Reinvested | 9 | 533 | 7 | 399 |
| &nbsp;&nbsp;&nbsp;Redeemed | 20 | 1300 | (20) | (1253) |
| &nbsp;&nbsp;&nbsp;Total | 29 | 1833 | (13) | (854) |
| **Sterling Capital Mid Cap Relative Value Fund** |  |  |  |  |
| **Class Institutional Shares** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 377 | 22999 | 809 | 51412 |
| &nbsp;&nbsp;&nbsp;Reinvested | 81202 | 4959502 | 81925 | 4882970 |
| &nbsp;&nbsp;&nbsp;Redeemed | (102305) | (6034144) | (189450) | (11924348) |
| &nbsp;&nbsp;&nbsp;Total | (20726) | (1051643) | (106716) | (6989966) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Six Months Ended**<br> **March 31, 2025 (Unaudited)** | **For the Six Months Ended**<br> **March 31, 2025 (Unaudited)** | **For the Year Ended**<br> **September 30, 2024** | **For the Year Ended**<br> **September 30, 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Sterling Capital Real Estate Fund** |  |  |  |  |
| **Class A Shares** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | $36 | 1140 | $851 | 31089 |
| &nbsp;&nbsp;&nbsp;Reinvested | 784 | 28810 | 1101 | 38781 |
| &nbsp;&nbsp;&nbsp;Redeemed | (3343) | (119669) | (3091) | (99720) |
| &nbsp;&nbsp;&nbsp;Total | (2523) | (89719) | (1139) | (29850) |
| **Sterling Capital Real Estate Fund** |  |  |  |  |
| **Class C Shares** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | $— |  | $— |  |
| &nbsp;&nbsp;&nbsp;Reinvested | 118 | 4275 | 229 | 7917 |
| &nbsp;&nbsp;&nbsp;Redeemed | (217) | (8149) | (1358) | (47258) |
| &nbsp;&nbsp;&nbsp;Total | (99) | (3874) | (1129) | (39341) |
| **Sterling Capital Real Estate Fund** |  |  |  |  |
| **Class Institutional Shares** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 34278 | 1252449 | 119401 | 4186096 |
| &nbsp;&nbsp;&nbsp;Reinvested | 99179 | 3656385 | 135474 | 4791707 |
| &nbsp;&nbsp;&nbsp;Redeemed | (108392) | (3992358) | (326345) | (11407444) |
| &nbsp;&nbsp;&nbsp;Total | 25065 | 916476 | (71470) | (2429641) |
| **Sterling Capital Real Estate Fund** |  |  |  |  |
| **Class R6 Shares** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 2056 | 74640 | 6164 | 214458 |
| &nbsp;&nbsp;&nbsp;Reinvested | 46 | 1714 | 38 | 1366 |
| &nbsp;&nbsp;&nbsp;Redeemed | (1011) | (39167) | (17161) | (609927) |
| &nbsp;&nbsp;&nbsp;Total | 1091 | 37187 | (10959) | (394103) |

---

**STERLING CAPITAL FUNDS**

***NOTES TO FINANCIAL STATEMENTS (Continued)***

**March 31, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Six Months Ended**<br> **March 31, 2025 (Unaudited)** | **For the Six Months Ended**<br> **March 31, 2025 (Unaudited)** | **For the Year Ended**<br> **September 30, 2024** | **For the Year Ended**<br> **September 30, 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Sterling Capital Small Cap Value Fund** |  |  |  |  |
| **Class A Shares** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | $125118 | 5677119 | $19961 | 891085 |
| &nbsp;&nbsp;&nbsp;Reinvested | 27556 | 1129592 | 20057 | 808577 |
| &nbsp;&nbsp;&nbsp;Redeemed | (155169) | (6263406) | (22189) | (984329) |
| &nbsp;&nbsp;&nbsp;Total | (2495) | 543305 | 17829 | 715333 |
| **Sterling Capital Small Cap Value Fund** |  |  |  |  |
| **Class C Shares** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 11365 | 368372 | 5996 | 224700 |
| &nbsp;&nbsp;&nbsp;Reinvested | 3391 | 118532 | 3800 | 135236 |
| &nbsp;&nbsp;&nbsp;Redeemed | (2202) | (79365) | (6050) | (239963) |
| &nbsp;&nbsp;&nbsp;Total | 12554 | 407539 | 3746 | 119973 |
| **Sterling Capital Small Cap Value Fund** |  |  |  |  |
| **Class Institutional Shares** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 140065 | 6235835 | 544768 | 25674510 |
| &nbsp;&nbsp;&nbsp;Reinvested | 790661 | 33094387 | 1828329 | 75021566 |
| &nbsp;&nbsp;&nbsp;Redeemed | (788379) | (33815151) | (3465641) | (155345024) |
| &nbsp;&nbsp;&nbsp;Total | 142347 | 5515071 | (1092544) | (54648948) |
| **Sterling Capital Small Cap Value Fund** |  |  |  |  |
| **Class R6 Shares** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 16165 | 660851 | 21565 | 943491 |
| &nbsp;&nbsp;&nbsp;Reinvested | 16426 | 691560 | 25036 | 1032698 |
| &nbsp;&nbsp;&nbsp;Redeemed | (12982) | (553507) | (36074) | (1749432) |
| &nbsp;&nbsp;&nbsp;Total | 196109 | 798904 | 10527 | 226757 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Six Months Ended**<br> **March 31, 2025 (Unaudited)** | **For the Six Months Ended**<br> **March 31, 2025 (Unaudited)** | **For the Year Ended**<br> **September 30, 2024** | **For the Year Ended**<br> **September 30, 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Sterling Capital Ultra Short Bond Fund** |  |  |  |  |
| **Class A Shares** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | $112478 | 1106085 | $949777 | 9267109 |
| &nbsp;&nbsp;&nbsp;Reinvested | 9099 | 89449 | 22567 | 220025 |
| &nbsp;&nbsp;&nbsp;Redeemed | (145602) | (1431538) | (1046050) | (10205198) |
| &nbsp;&nbsp;&nbsp;Total | (24025) | (236004) | (73706) | (718064) |
| **Sterling Capital Ultra Short Bond Fund** |  |  |  |  |
| **Class Institutional Shares** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 145590 | 1432696 | 290199 | 2822671 |
| &nbsp;&nbsp;&nbsp;Reinvested | 47190 | 464096 | 105280 | 1026733 |
| &nbsp;&nbsp;&nbsp;Redeemed | (277671) | (2731746) | (483843) | (4716854) |
| &nbsp;&nbsp;&nbsp;Total | (84891) | (834954) | (88364) | (867450) |

---

**STERLING CAPITAL FUNDS**

***NOTES TO FINANCIAL STATEMENTS (Continued)***

**March 31, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Six Months Ended**<br> **March 31, 2025 (Unaudited)** | **For the Six Months Ended**<br> **March 31, 2025 (Unaudited)** | **For the Year Ended**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **September 30, 2024**  | **For the Year Ended**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **September 30, 2024**  |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Sterling Capital Short Duration Bond Fund** |  |  |  |  |
| **Class A Shares** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | $79440 | 664116 | $47555 | 393338 |
| &nbsp;&nbsp;&nbsp;Reinvested | 7761 | 64907 | 14112 | 116931 |
| &nbsp;&nbsp;&nbsp;Redeemed | (31943) | (267469) | (93814) | (774096) |
| &nbsp;&nbsp;&nbsp;Total | 55258 | 461554 | (32147) | (263827) |
| **Sterling Capital Short Duration Bond Fund** |  |  |  |  |
| **Class C Shares** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 161 | 1341 |  |  |
| &nbsp;&nbsp;&nbsp;Reinvested | 102 | 856 | 438 | 3619 |
| &nbsp;&nbsp;&nbsp;Redeemed | (685) | (5723) | (29305) | (240816) |
| &nbsp;&nbsp;&nbsp;Total | (422) | (3526) | (28867) | (237197) |
| **Sterling Capital Short Duration Bond Fund** |  |  |  |  |
| **Class Institutional Shares** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 135733 | 1134447 | 904663 | 7480301 |
| &nbsp;&nbsp;&nbsp;Reinvested | 66662 | 557355 | 213217 | 1762465 |
| &nbsp;&nbsp;&nbsp;Redeemed | (775894) | (6488050) | (8249355) | (68002031) |
| &nbsp;&nbsp;&nbsp;Total | (573499) | (4796248) | (7131475) | (58759265) |
| **Sterling Capital Short Duration Bond Fund** |  |  |  |  |
| **Class R6 Shares** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 280497 | 2338944 | 164782 | 1352916 |
| &nbsp;&nbsp;&nbsp;Reinvested | 2377 | 19895 | 4130 | 34212 |
| &nbsp;&nbsp;&nbsp;Redeemed | (99928) | (837087) | (326021) | (2692226) |
| &nbsp;&nbsp;&nbsp;Total | 182946 | 1521752 | (157109) | (1305098) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Six Months Ended**<br> **March 31, 2025 (Unaudited)** | **For the Six Months Ended**<br> **March 31, 2025 (Unaudited)** | **For the Year Ended**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **September 30, 2024**  | **For the Year Ended**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **September 30, 2024**  |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Sterling Capital Intermediate U.S. Government Fund** |  |  |  |  |
| **Class A Shares** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | $563 | 4873 | $27266 | 235981 |
| &nbsp;&nbsp;&nbsp;Reinvested | 3513 | 30448 | 8567 | 73476 |
| &nbsp;&nbsp;&nbsp;Redeemed | (10956) | (94481) | (58654) | (503199) |
| &nbsp;&nbsp;&nbsp;Total | (6880) | (59160) | (22821) | (193742) |
| **Sterling Capital Intermediate U.S. Government Fund** |  |  |  |  |
| **Class C Shares** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued |  |  | 513 | 4443 |
| &nbsp;&nbsp;&nbsp;Reinvested | 105 | 906 | 284 | 2433 |
| &nbsp;&nbsp;&nbsp;Redeemed | (167) | (1437) | (5551) | (47080) |
| &nbsp;&nbsp;&nbsp;Total | (62) | (531) | (4754) | (40204) |
| **Sterling Capital Intermediate U.S. Government Fund** |  |  |  |  |
| **Class Institutional Shares** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 117222 | 1004081 | 218735 | 1903995 |
| &nbsp;&nbsp;&nbsp;Reinvested | 27468 | 238289 | 58369 | 501026 |
| &nbsp;&nbsp;&nbsp;Redeemed | (55504) | (484786) | (173988) | (1529425) |
| &nbsp;&nbsp;&nbsp;Total | 89186 | 757584 | 103116 | 875596 |

---

**STERLING CAPITAL FUNDS**

***NOTES TO FINANCIAL STATEMENTS (Continued)***

**March 31, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Six Months Ended**<br> **March 31, 2025 (Unaudited)** | **For the Six Months Ended**<br> **March 31, 2025 (Unaudited)** | **For the Year Ended**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **September 30, 2024**  | **For the Year Ended**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **September 30, 2024**  |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Sterling Capital Total Return Bond Fund** |  |  |  |  |
| **Class A Shares** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | $684999 | 6353609 | $1406165 | 12904126 |
| &nbsp;&nbsp;&nbsp;Reinvested | 107186 | 995928 | 197895 | 1822054 |
| &nbsp;&nbsp;&nbsp;Redeemed | (1166499) | (10874315) | (1222184) | (11165579) |
| &nbsp;&nbsp;&nbsp;Total | (374314) | (3524778) | 381876 | 3560601 |
| **Sterling Capital Total Return Bond Fund** |  |  |  |  |
| **Class C Shares** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 15682 | 146215 | 103040 | 942640 |
| &nbsp;&nbsp;&nbsp;Reinvested | 4314 | 40143 | 9003 | 82932 |
| &nbsp;&nbsp;&nbsp;Redeemed | (34646) | (321424) | (152457) | (1397760) |
| &nbsp;&nbsp;&nbsp;Total | (14650) | (135066) | (40414) | (372188) |
| **Sterling Capital Total Return Bond Fund** |  |  |  |  |
| **Class Institutional Shares** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 12973075 | 119951824 | 63282271 | 571300698 |
| &nbsp;&nbsp;&nbsp;Reinvested | 1728366 | 16066222 | 3269118 | 30127041 |
| &nbsp;&nbsp;&nbsp;Redeemed | (16815374) | (156366093) | (33146414) | (303941509) |
| &nbsp;&nbsp;&nbsp;Total | (2113933) | (20348047) | 33404975 | 297486230 |
| **Sterling Capital Total Return Bond Fund** |  |  |  |  |
| **Class R6 Shares** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 5153909 | 47615710 | 20352157 | 185002179 |
| &nbsp;&nbsp;&nbsp;Reinvested | 817910 | 7602810 | 1482912 | 13668046 |
| &nbsp;&nbsp;&nbsp;Redeemed | (4480945) | (41574106) | (10516188) | (97198661) |
| &nbsp;&nbsp;&nbsp;Total | 1490874 | 13644414 | 11318881 | 101471564 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Six Months Ended**<br> **March 31, 2025 (Unaudited)** | **For the Six Months Ended**<br> **March 31, 2025 (Unaudited)** | **For the Year Ended**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **September 30, 2024**  | **For the Year Ended**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **September 30, 2024**  |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Sterling Capital Long Duration Corporate Bond Fund** |  |  |  |  |
| **Class A Shares** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | $— |  | $6514 | 47688 |
| &nbsp;&nbsp;&nbsp;Reinvested | 920 | 6369 | 2055 | 14220 |
| &nbsp;&nbsp;&nbsp;Redeemed | (12158) | (81297) | (692) | (4548) |
| &nbsp;&nbsp;&nbsp;Total | (11238) | (74928) | 7877 | 57360 |
| **Sterling Capital Long Duration Corporate Bond Fund** |  |  |  |  |
| **Class C Shares** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | $— |  | $— |  |
| &nbsp;&nbsp;&nbsp;Reinvested | 289 | 2059 | 13 | 92 |
| &nbsp;&nbsp;&nbsp;Redeemed |  |  | (280) | (2001) |
| &nbsp;&nbsp;&nbsp;Total | 289 | 2059 | (267) | (1909) |
| **Sterling Capital Long Duration Corporate Bond Fund** |  |  |  |  |
| **Class Institutional Shares** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 17088 | 116217 | 11356 | 70000 |
| &nbsp;&nbsp;&nbsp;Reinvested | 653 | 4565 | 3521 | 24317 |
| &nbsp;&nbsp;&nbsp;Redeemed | (62310) | (431274) | (16426) | (116976) |
| &nbsp;&nbsp;&nbsp;Total | (44569) | (310492) | (1549) | (22659) |
| **Sterling Capital Long Duration Corporate Bond Fund** |  |  |  |  |
| **Class R6 Shares** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 1278595 | 9120042 | 2127781 | 14681187 |
| &nbsp;&nbsp;&nbsp;Reinvested | 159355 | 1100854 | 266961 | 1845856 |
| &nbsp;&nbsp;&nbsp;Redeemed | (415867) | (2931221) | (1346231) | (9415704) |
| &nbsp;&nbsp;&nbsp;Total | 1022083 | 7289675 | 1048511 | 7111339 |

---

**STERLING CAPITAL FUNDS**

***NOTES TO FINANCIAL STATEMENTS (Continued)***

**March 31, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Six Months Ended**<br> **March 31, 2025 (Unaudited)** | **For the Six Months Ended**<br> **March 31, 2025 (Unaudited)** | **For the Year Ended**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **September 30, 2024**  | **For the Year Ended**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **September 30, 2024**  |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Sterling Capital Quality Income Fund** |  |  |  |  |
| **Class A Shares** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | $12601 | 111403 | $298 | 2711 |
| &nbsp;&nbsp;&nbsp;Reinvested | 129 | 1161 | 107 | 947 |
| &nbsp;&nbsp;&nbsp;Redeemed | (3450) | (30870) | (677) | (6030) |
| &nbsp;&nbsp;&nbsp;Total | 9280 | 81694 | (272) | (2372) |
| **Sterling Capital Quality Income Fund** |  |  |  |  |
| **Class C Shares** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Reinvested | 4243 | 38316 | 8 | 69 |
| &nbsp;&nbsp;&nbsp;Redeemed |  |  | (285) | (2593) |
| &nbsp;&nbsp;&nbsp;Total | 4243 | 38316 | (277) | (2524) |
| **Sterling Capital Quality Income Fund** |  |  |  |  |
| **Class Institutional Shares** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 10621235 | 95502253 | 1364755 | 12067289 |
| &nbsp;&nbsp;&nbsp;Reinvested | 250066 | 2244687 | 170938 | 1514853 |
| &nbsp;&nbsp;&nbsp;Redeemed | (3596900) | (32230286) | (2247173) | (19913684) |
| &nbsp;&nbsp;&nbsp;Total | 7274401 | 65516654 | (711480) | (6331542) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Six Months Ended**<br> **March 31, 2025 (Unaudited)** | **For the Six Months Ended**<br> **March 31, 2025 (Unaudited)** | **For the Year Ended**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **September 30, 2024**  | **For the Year Ended**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **September 30, 2024**  |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Sterling Capital North Carolina Intermediate Tax-Free Fund** |  |  |  |  |
| **Class A Shares** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | $53858 | 540924 | $47468 | 481791 |
| &nbsp;&nbsp;&nbsp;Reinvested | 20405 | 205377 | 40198 | 406019 |
| &nbsp;&nbsp;&nbsp;Redeemed | (167465) | (1686627) | (321363) | (3238027) |
| &nbsp;&nbsp;&nbsp;Total | (93202) | (940326) | (233697) | (2350217) |
| **Sterling Capital North Carolina Intermediate Tax-Free Fund** |  |  |  |  |
| **Class C Shares** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 4956 | 50000 | 937 | 9160 |
| &nbsp;&nbsp;&nbsp;Reinvested | 618 | 6214 | 1397 | 14093 |
| &nbsp;&nbsp;&nbsp;Redeemed | (2533) | (25579) | (26951) | (272546) |
| &nbsp;&nbsp;&nbsp;Total | 3041 | 30635 | (24617) | (249293) |
| **Sterling Capital North Carolina Intermediate Tax-Free Fund** |  |  |  |  |
| **Class Institutional Shares** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 1471202 | 14828924 | 3187460 | 32157337 |
| &nbsp;&nbsp;&nbsp;Reinvested | 74119 | 745886 | 149106 | 1505563 |
| &nbsp;&nbsp;&nbsp;Redeemed | (1633759) | (16442298) | (4251724) | (42629788) |
| &nbsp;&nbsp;&nbsp;Total | (88438) | (867488) | (915158) | (8966888) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Six Months Ended**<br> **March 31, 2025 (Unaudited)** | **For the Six Months Ended**<br> **March 31, 2025 (Unaudited)** | **For the Year Ended**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **September 30, 2024**  | **For the Year Ended**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **September 30, 2024**  |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Sterling Capital South Carolina Intermediate Tax-Free Fund** |  |  |  |  |
| **Class A Shares** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | $2260 | 23707 | $19675 | 206889 |
| &nbsp;&nbsp;&nbsp;Reinvested | 5650 | 59173 | 12305 | 129240 |
| &nbsp;&nbsp;&nbsp;Redeemed | (155733) | (1630177) | (111499) | (1169670) |
| &nbsp;&nbsp;&nbsp;Total | (147823) | (1547297) | (79519) | (833541) |
| **Sterling Capital South Carolina Intermediate Tax-Free Fund** |  |  |  |  |
| **Class C Shares** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued |  |  | 2237 | 23440 |
| &nbsp;&nbsp;&nbsp;Reinvested | 66 | 686 | 361 | 3786 |
| &nbsp;&nbsp;&nbsp;Redeemed | (2285) | (24302) | (19542) | (204232) |
| &nbsp;&nbsp;&nbsp;Total | (2219) | (23616) | (16944) | (177006) |
| **Sterling Capital South Carolina Intermediate Tax-Free Fund** |  |  |  |  |
| **Class Institutional Shares** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 294837 | 3066101 | 351516 | 3682117 |
| &nbsp;&nbsp;&nbsp;Reinvested | 18881 | 196362 | 38404 | 400436 |
| &nbsp;&nbsp;&nbsp;Redeemed | (724986) | (7551715) | (1010017) | (10438682) |
| &nbsp;&nbsp;&nbsp;Total | (411268) | (4289252) | (620097) | (6356129) |

---

**STERLING CAPITAL FUNDS**

***NOTES TO FINANCIAL STATEMENTS (Continued)***

**March 31, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Six Months Ended** <br> **March 31, 2025 (Unaudited)** | **For the Six Months Ended** <br> **March 31, 2025 (Unaudited)** | **For the Year Ended**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **September 30, 2024**  | **For the Year Ended**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **September 30, 2024**  |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Sterling Capital Virginia Intermediate Tax-Free Fund** |  |  |  |  |
| **Class A Shares** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | $140 | 1538 | $9197 | 102797 |
| &nbsp;&nbsp;&nbsp;Reinvested | 8551 | 94266 | 17364 | 192056 |
| &nbsp;&nbsp;&nbsp;Redeemed | (39755) | (438924) | (203878) | (2249417) |
| &nbsp;&nbsp;&nbsp;Total | (31064) | (343120) | (177317) | (1954564) |
| **Sterling Capital Virginia Intermediate Tax-Free Fund** |  |  |  |  |
| **Class C Shares** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Reinvested | 4 | 43 | 7 | 83 |
| &nbsp;&nbsp;&nbsp;Redeemed |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total | 4 | 43 | 7 | 83 |
| **Sterling Capital Virginia Intermediate Tax-Free Fund** |  |  |  |  |
| **Class Institutional Shares** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 399318 | 4402497 | 313074 | 3478545 |
| &nbsp;&nbsp;&nbsp;Reinvested | 5433 | 59880 | 10959 | 121226 |
| &nbsp;&nbsp;&nbsp;Redeemed | (534160) | (5879841) | (1913663) | (20977050) |
| &nbsp;&nbsp;&nbsp;Total | (129409) | (1417464) | (1589630) | (17377279) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Six Months Ended**<br> **March 31, 2025 (Unaudited)** | **For the Six Months Ended**<br> **March 31, 2025 (Unaudited)** | **For the Year Ended**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **September 30, 2024**  | **For the Year Ended**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **September 30, 2024**  |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Sterling Capital West Virginia Intermediate Tax-Free Fund** |  |  |  |  |
| **Class A Shares** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | $8267 | 77820 | $1016507 | 9554498 |
| &nbsp;&nbsp;&nbsp;Reinvested | 24908 | 234887 | 44543 | 420513 |
| &nbsp;&nbsp;&nbsp;Redeemed | (98039) | (923281) | (1211559) | (11414326) |
| &nbsp;&nbsp;&nbsp;Total | (64864) | (610574) | (150509) | (1439315) |
| **Sterling Capital West Virginia Intermediate Tax-Free Fund** |  |  |  |  |
| **Class C Shares** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Reinvested | 2 | 17 | 3 | 35 |
| &nbsp;&nbsp;&nbsp;Redeemed |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total | 2 | 17 | 3 | 35 |
| **Sterling Capital West Virginia Intermediate Tax-Free Fund** |  |  |  |  |
| **Class Institutional Shares** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 159025 | 1502418 | 565024 | 5264564 |
| &nbsp;&nbsp;&nbsp;Reinvested | 8141 | 76853 | 20650 | 194962 |
| &nbsp;&nbsp;&nbsp;Redeemed | (412510) | (3891549) | (3363585) | (31810643) |
| &nbsp;&nbsp;&nbsp;Total | (245344) | (2312278) | (2777911) | (26351117) |

---

**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, 2026. During the period ended March 31, 2025, each of the following Funds utilized its line of credit:

**STERLING CAPITAL FUNDS**

***NOTES TO FINANCIAL STATEMENTS (Continued)***

**March 31, 2025 (Unaudited)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Average Interest Rate | Average Loan Balance\* | Number of Days Outstanding | Interest Expense Incurred | Maximum Amount Borrowed |
| Sterling Capital Mid Value Fund | 5.63% | $214250 | 2 | $133 | $537000 |
| Sterling Capital Special Opportunities Fund | 5.75% | 3502500 | 1 | 1119 | 7005000 |
| Sterling Capital Equity Income Fund | 5.75% | 21174000 | 1 | 6764 | 42348000 |
| Sterling Capital Small Cap Value Fund  | 5.75% | 1157000 | 1 | 370 | 2314000 |

---

*\** *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 March 31, 2025, certain third-parties and their affiliates possessed, on behalf of their 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, 47% of the Ultra Short Bond Fund and 78% of the Intermediate U.S. Government Fund. As a result, such entities may be deemed to be a "controlling person" of each of the above mentioned Funds under the 1940 Act.

**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 period, the Funds did not incur any interest or penalties.

Management has analyzed the Funds' tax positions taken on federal income tax returns for all open tax years (current and prior three tax years), and has concluded that no provision for federal income tax was required in the Funds' financial statements. The Funds' federal income and excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state departments of revenue.

Capital losses 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, 2024, 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** | **Amount With No Expiration** |
|  | **Short-term**<br> **Losses**  | **Long-term**<br> **Losses**  |
| **Sterling Capital Behavioral Large Cap Value Equity Fund** | $11748272 | $— |
| **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 Mid Cap Relative Value Fund** |  |  |
| **Sterling Capital Real Estate Fund** |  |  |
| **Sterling Capital Small Cap Value Fund** |  |  |
| **Sterling Capital Ultra Short Bond Fund** | 76951 | 1213579 |
| **Sterling Capital Short Duration Bond Fund** | 1852096 | 11169529 |

---

**STERLING CAPITAL FUNDS**

***NOTES TO FINANCIAL STATEMENTS (Continued)***

**March 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Amount With No Expiration** | **Amount With No Expiration** |
|  | **Short-term**<br> **Losses**  | **Long-term**<br> **Losses**  |
| **Sterling Capital Intermediate U.S. Government Fund** | $362750 | $1195484 |
| **Sterling Capital Total Return Bond Fund** | 18301774 | 95856814 |
| **Sterling Capital Long Duration Corporate Bond Fund** | 1226623 | 3101830 |
| **Sterling Capital Quality Income Fund** | 1846436 | 2457666 |
| **Sterling Capital North Carolina Intermediate Tax-Free Fund** | 3139298 | 3356017 |
| **Sterling Capital South Carolina Intermediate Tax-Free Fund** | 214651 | 1435616 |
| **Sterling Capital Virginia Intermediate Tax-Free Fund** | 856260 | 1763281 |
| **Sterling Capital West Virginia Intermediate Tax-Free Fund** | 259848 | 2731114 |

---

The tax character of distributions paid to shareholders during the fiscal year ended September 30, 2024 was as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Distributions paid from** | **Distributions paid from** | | | |
|  | **Ordinary**<br> **income**  | **Net Long-**<br> **Term Gains** | <br>**Total Taxable**<br> **Distributions** | <br>**Tax Exempt**<br> **Distributions** | <br>**Total distributions**<br> **paid\***  |
| **Sterling Capital Behavioral Large Cap Value Equity Fund** | $575370 | $— | $575370 | $— | $575370 |
| **Sterling Capital Mid Value Fund** | 710032 | 2705963 | 3415995 |  | 3415995 |
| **Sterling Capital Behavioral Small Cap Value Equity Fund** | 1932831 |  | 1932831 |  | 1932831 |
| **Sterling Capital Special Opportunities Fund** |  | 74941805 | 74941805 |  | 74941805 |
| **Sterling Capital Equity Income Fund** | 31980988 | 148289810 | 180270798 |  | 180270798 |
| **Sterling Capital Behavioral International Equity Fund** | 6071281 |  | 6071281 |  | 6071281 |
| **Sterling Capital Mid Cap Relative Value Fund** | 397363 | 4747295 | 5144658 |  | 5144658 |
| **Sterling Capital Real Estate Fund** | 1326500 | 4009190 | 5335690 |  | 5335690 |
| **Sterling Capital Small Cap Value Fund** | 1414792 | 78692724 | 80107516 |  | 80107516 |
| **Sterling Capital Ultra Short Bond Fund** | 1429031 |  | 1429031 |  | 1429031 |
| **Sterling Capital Short Duration Bond Fund** | 2917911 |  | 2917911 |  | 2917911 |
| **Sterling Capital Intermediate U.S. Government Fund** | 590430 |  | 590430 |  | 590430 |
| **Sterling Capital Total Return Bond Fund** | 57055580 |  | 57055580 |  | 53055580 |
| **Sterling Capital Long Duration Corporate Bond Fund** | 1885726 |  | 1885726 |  | 1885726 |
| **Sterling Capital Quality Income Fund** | 3067259 |  | 3067259 |  | 3067259 |
| **Sterling Capital North Carolina Intermediate Tax-Free Fund** | 102548 |  | 102548 | 3092595 | 3195143 |
| **Sterling Capital South Carolina Intermediate Tax-Free Fund** | 34441 |  | 34441 | 782081 | 816522 |
| **Sterling Capital Virginia Intermediate Tax-Free Fund** | 39472 |  | 39472 | 1194827 | 1234299 |
| **Sterling Capital West Virginia Intermediate Tax-Free Fund** | 52473 |  | 52473 | 1865093 | 1917566 |

---

*\** *Total distributions paid may differ from the Statements of Changes in Net Assets because distributions are recognized when actually paid for tax purposes. The Funds may also utilize equalization accounting for tax purposes and designate earnings and profits, including net realized gains distributed to shareholders on redemption of shares, as part of the dividends.*

**STERLING CAPITAL FUNDS**

***NOTES TO FINANCIAL STATEMENTS (Continued)***

**March 31, 2025 (Unaudited)**

As of September 30, 2024, the components of distributable earnings (accumulated deficit) on a tax basis were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Undistributed Ordinary Income/**<br> **Tax Exempt**<br> **Income** | **Undistributed Long-Term Capital Gains** | **Distributable Earnings** | **Distributions Payable** | **Accumulated Capital and Other Losses** | **Unrealized Appreciation (Depreciation)\*** | **Total Distributable Earnings (Accumulated**<br> **Deficit)** |
| Sterling Capital Behavioral Large Cap Value Equity Fund | $2340 | $— | $2340 | $— | $(11748272) | $6895892 | $(4850040) |
| Sterling Capital Mid Value Fund | 397210 | 3750920 | 4148130 |  |  | 11954957 | 16103087 |
| Sterling Capital Behavioral Small Cap Value Equity Fund | 1979157 | 6829404 | 8808561 |  |  | 22304756 | 31113317 |
| Sterling Capital Special Opportunities Fund |  | 65977970 | 65977970 |  | (1149906) | 179906605 | 244734669 |
| Sterling Capital Equity Income Fund | 17209218 | 270257219 | 287466437 |  |  | 615573253 | 903039690 |
| Sterling Capital Mid Cap Relative Value Fund | 213849 | 4267385 | 4481234 |  |  | 22821997 | 27303231 |
| Sterling Capital Real Estate Fund | 617725 | 2671626 | 3289351 |  |  | 34928598 | 38217949 |
| Sterling Capital Small Cap Value Fund | 750808 | 34752883 | 35503691 |  |  | 140407791 | 175911482 |
| Sterling Capital Ultra Short Bond Fund | 4499 |  | 4499 | (6219) | (1290531) | 173904 | (1118346) |
| Sterling Capital Short Duration Bond Fund | 206224 |  | 206224 | (71562) | (13021625) | 750840 | (12136123) |
| Sterling Capital Intermediate U.S. Government Fund | 62831 |  | 62831 | (781) | (1558234) | (1185449) | (2681633) |
| Sterling Capital Total Return Bond Fund | 2205380 |  | 2205380 | (951856) | (114158588) | (10631394) | (123536458) |
| Sterling Capital Long Duration Corporate Bond Fund | 11935 |  | 11935 | (57) | (4328453) | (1247152) | (5563727) |
| Sterling Capital Quality Income Fund | 125778 |  | 125778 | (123845) | (4304102) | (3320559) | (7622728) |
| Sterling Capital North Carolina Intermediate Tax-Free Fund | 221874 |  | 221874 | (107415) | (6495315) | 1500767 | (4880089) |
| Sterling Capital South Carolina Intermediate Tax-Free Fund | 48296 |  | 48296 | (19647) | (1650267) | 419637 | (1201981) |
| Sterling Capital Virginia Intermediate Tax-Free Fund | 129163 |  | 129163 | (65347) | (2619541) | 672658 | (1883067) |
| Sterling Capital West Virginia Intermediate Tax-Free Fund | 152121 |  | 152121 | (69541) | (2990962) | 327925 | (2580457) |

---

\* *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, the deferral of market discount and premium until time of sale, and real estate investment trust adjustments.*

**STERLING CAPITAL FUNDS**

***NOTES TO FINANCIAL STATEMENTS (Continued)***

**March 31, 2025 (Unaudited)**

As of March 31, 2025, federal income tax cost, gross unrealized appreciation and gross unrealized depreciation on securities were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Tax Cost** | **Gross Tax Unrealized**<br> **Appreciation** | **Gross Tax Unrealized**<br> **Depreciation** | **Net Tax Unrealized Appreciation (Depreciation)** |
| **Sterling Capital Behavioral Large Cap Value Equity Fund** | $31516949 | $6381537 | $(663903) | $5717634 |
| **Sterling Capital Mid Value Fund** | 19898056 | 8813542 | (1123663) | 7689879 |
| **Sterling Capital Behavioral Small Cap Value Equity Fund** | 83611510 | 12773640 | (5195028) | 7578612 |
| **Sterling Capital Special Opportunities Fund** | 235497049 | 141702809 | (4237979) | 137464830 |
| **Sterling Capital Equity Income Fund** | 1031291998 | 405955486 | (10489201) | 395466285 |
| **Sterling Capital Mid Cap Relative Value Fund** | 16107109 | 16370570 | (247540) | 16123030 |
| **Sterling Capital Real Estate Fund** | 40802676 | 29404640 | (883300) | 28521340 |
| **Sterling Capital Small Cap Value Fund** | 49846616 | 107356082 | (1072234) | 106283848 |
| **Sterling Capital Ultra Short Bond Fund** | 27142588 | 136848 | (7176) | 129672 |
| **Sterling Capital Short Duration Bond Fund** | 42440859 | 375706 | (123140) | 252566 |
| **Sterling Capital Intermediate U.S. Government Fund** | 19865129 | 140523 | (921994) | (781471) |
| **Sterling Capital Total Return Bond Fund** | 1492477330 | 16585417 | (36737808) | (20152391) |
| **Sterling Capital Long Duration Corporate Bond Fund** | 50060229 | 159111 | (3569781) | (3410670) |
| **Sterling Capital Quality Income Fund** | 155717814 | 620415 | (4581423) | (3961008) |
| **Sterling Capital North Carolina Intermediate Tax-Free Fund** | 123732154 | 329221 | (1651563) | (1322342) |
| **Sterling Capital South Carolina Intermediate Tax-Free Fund** | 23434046 | 81981 | (234781) | (152800) |
| **Sterling Capital Virginia Intermediate Tax-Free Fund** | 42595015 | 124378 | (573021) | (448643) |
| **Sterling Capital West Virginia Intermediate Tax-Free Fund** | 51471630 | 27919 | (742145) | (714226) |

---

**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 January 26, 2025, The Board of Trustees of Sterling Capital Funds approved a proposal by Sterling Capital Management LLC, the investment adviser to Sterling Capital Mid Value Fund (the "Acquired Fund"), to effect the merger of the Acquired Fund into the Sterling Capital Mid Cap Relative Value Fund on or about May 12, 2025.

**STERLING CAPITAL FUNDS**

**OTHER INFORMATION**

**March 31, 2025 (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.

**Changes in and Disagreements with Accountants for Open-End Management Investment Companies**

There were no changes in or disagreements with accountants during the period covered by this report.

**Proxy Disclosures for Open-End Management Investment Companies**

Not applicable.

**Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies**

Refer to the financial statements included herein.

**Statement Regarding Basis for Approval of Investment Advisory Contract**

*<u>Continuation of Current Advisory Agreement</u>*

The Board of Trustees conducted meetings in August and November 2024 to consider the continuance of the investment advisory agreement between Sterling Capital Funds (the "Trust") and Sterling Capital Management LLC ("Sterling Capital" or the "Adviser"), the investment adviser to each series of the Trust (collectively, the "Funds"), for a new term running through January 31, 2026. The above referenced agreement is referred to herein as the "Advisory Agreement."

The Trustees reviewed extensive material in connection with their consideration of the Advisory Agreement, including data from an independent provider of mutual fund data (as assembled by the Trust's administrator), which, where applicable, included comparisons with a peer group of comparable funds (based on average share class assets) for advisory fees, administrator fees, 12b-1 fees, and total fund expenses. The Trustees considered the contractual advisory fee levels for each Fund, as well as the fee waivers that Sterling Capital had agreed to implement for certain Funds. The Trustees noted that, as detailed below, Sterling Capital had agreed to reduce its contractual advisory fee rate for a number of Funds in recent years as part of the annual contract review process. The Board was assisted in its review by independent legal counsel, who provided a memorandum detailing the legal standards for review of the Advisory Agreement. The Board received detailed presentations from Sterling Capital, including analysis of each Fund's investment process and performance, and conducted site visits to the Adviser's offices in Charlotte. The Board also received and considered information from Sterling Capital relating to its profitability in respect of each Fund, and from all Funds in the aggregate. As part of their deliberations, the Independent Trustees conducted private meetings with their independent legal counsel, outside the presence of Sterling Capital and other Fund management.

In their deliberations regarding the Advisory Agreement, the Trustees attributed different weights to various factors involved in an analysis of the Advisory Agreement, and in each case no factor alone was considered determinative. The Trustees determined that the arrangement between the Trust and the Adviser, as provided in the Advisory Agreement, was fair and reasonable and that the continuance of the Advisory Agreement was in the best interests of each applicable Fund and its shareholders.

The Trustees considered the following factors, among others, in reaching their conclusions.

**STERLING CAPITAL FUNDS**

**OTHER INFORMATION (Continued)**

**March 31, 2025 (Unaudited)**

*Nature, Extent, and Quality of Services Provided by the Adviser*

The Trustees received and considered information regarding the nature, extent, and quality of the services provided by the Adviser to each Fund under the Advisory Agreement. The Trustees took into account information furnished throughout the year by the Adviser at Board meetings, as well as materials furnished by the Adviser specifically in connection with the annual review process. The Trustees conducted periodic meetings with representatives of each Fund's portfolio management team over the course of the year, and received periodic "deep dive" attribution analyses regarding specific Funds. The Trustees considered the background and experience of the Adviser's senior management and the expertise of investment personnel of the Adviser responsible for the day-to-day management of each Fund. The Trustees considered the overall reputation of the Adviser, and the capabilities and commitment of the Adviser to provide high quality services to each Fund.

The Trustees also considered the acquisition of the Adviser by Guardian Capital Group Limited ("Guardian") in July 2024, and the assurances provided by representatives of Sterling Capital and Guardian that Sterling Capital would continue to operate as a standalone entity following the acquisition and would continue to be led by its current team of management and senior professionals, providing continuity and stability for the Funds. These representatives also confirmed Guardian's commitment to the continued growth and success of Sterling Capital and the Funds.

The Trustees received information concerning the investment philosophy and investment processes applied or to be applied by the Adviser in managing each Fund as well as the Adviser's Form ADV. The Trustees also considered information regarding the Adviser's and the Funds' regulatory compliance and compliance with the investment policies of the Funds. The Trustees evaluated the Adviser's trading practices, and considered the procedures of the Adviser designed to fulfill the Adviser's fiduciary duty to the Funds with respect to possible conflicts of interest, including the Adviser's code of ethics (regulating, among other things, the personal trading of its officers and employees).

Based on their review, the Trustees concluded that, with respect to the nature, extent, and quality of services provided or to be provided by the Adviser, the nature and extent of responsibilities was or was expected to be consistent with mutual fund industry norms, and the quality of the services provided or to be provided by the Adviser was or was expected to be satisfactory or better.

*Investment Performance*

The Trustees considered the performance results of each Fund over various periods in absolute terms and relative to each Fund's benchmark and peer fund categories determined by an independent third-party data provider. In conducting their review, the Trustees focused particular attention on cases where a Fund's longer-term performance compared unfavorably with its relevant peer categories. The Trustees noted that Sterling Capital had been proactive in identifying and replacing underperforming portfolio managers over time and taking other steps to address underperformance concerns with certain Funds.

After reviewing the performance of each Fund and taking into consideration the management style, investment strategies, and prevailing market conditions during the prior year and for longer periods, the Trustees concluded that the performance of each Fund was acceptable or better or that, in cases where performance issues were encountered, Sterling Capital had taken appropriate steps to address the situation.

*Cost of Services, Including the Profits Realized by the Adviser and Affiliates, and Other Benefits*

The Trustees considered peer group information with respect to the advisory fees charged by Sterling Capital to each of the Funds, taking into consideration both contractual and actual (i.e., after fee waivers) fee levels. The Trustees concluded that the advisory fees paid by the Funds fell within an acceptable range as compared to peer groups, and were fair and reasonable, particularly in light of the fee waivers and reductions described below under "Economies of Scale."

As part of their review, the Trustees considered benefits to Sterling Capital aside from advisory fees. The Trustees reviewed administration fees received by Sterling Capital and considered the fallout benefits to Sterling Capital such as the research services available to Sterling Capital by reason of brokerage commissions generated by the Funds' portfolio transactions. The Trustees also considered benefits to Sterling Capital's affiliates, including brokerage commissions received by a Sterling Capital affiliate from time to time for executing certain trades on behalf of the Funds. With respect to these trades, the Trustees considered Sterling Capital's assurances that such trades were both infrequent and effected in accordance with board approved procedures.

**STERLING CAPITAL FUNDS**

**OTHER INFORMATION (Continued)**

**March 31, 2025 (Unaudited)**

The Trustees also considered information from Sterling Capital regarding fees for accounts managed by Sterling Capital with investment objectives and strategies similar to those of comparable Funds where applicable. This included information about the differences in services necessary to manage the Funds as compared to separate accounts, including management of cash flows and the need to comply with extensive and complex restrictions set by applicable regulations or established in Fund disclosure documents. Based on this information, the Trustees concluded that the differences between the services that Sterling Capital provides to the Funds and those it provides to separate accounts substantially limit the probative value of fee comparisons to those other separate account clients.

The Trustees also considered the reasonableness of current and proposed advisory fees in the context of the profitability of the Adviser. In determining whether the advisory fees were fair and reasonable, the Trustees considered profitability information provided by the Adviser with respect to investment advisory services. With respect to such information, the Trustees recognized that such profitability data was generally unaudited and represented the Adviser's own determination of its and its affiliates' revenues from the contractual services provided or expected to be provided to the Funds, less estimated expenses of providing such services. Expenses include direct and indirect costs and were calculated using an allocation methodology developed by the Adviser. Based on their review, the Trustees concluded that the profitability of the Adviser as a result of its relationships with the Funds was acceptable.

Based on the foregoing, the Trustees concluded that the fees proposed under the Advisory Agreement were fair and reasonable, in light of the services and benefits provided or expected to be provided to each Fund.

*Economies of Scale*

The Trustees also considered whether fee levels reflect economies of scale and whether economies of scale would be produced by the growth of the Funds' assets. The Trustees considered that Sterling Capital had taken steps to reduce the expense ratios for a number of Funds as part of the 2024 contract review process. In particular, Sterling Capital agreed to limit its advisory fee rates for the period February 1, 2025 to January 31, 2026 for Sterling Capital Quality Income Fund, Sterling Capital Ultra Short Bond Fund and Sterling Capital Intermediate U.S. Government Bond Fund as part of the 2024 contract review process. In addition, Sterling Capital agreed to implement total expense caps for the period February 1, 2025 to January 31, 2026 for each share class for Sterling Capital Total Return Bond Fund and Sterling Capital Long Duration Corporate Bond Fund, and to waive and/or reimburse certain expenses with respect to Class R6 shares of certain Funds. Finally, the Trustees noted that Sterling Capital had agreed to reduce its contractual advisory fee rate for a number of Funds as part of the last several contract review processes. As part of the 2020 contract review process, Sterling Capital agreed to reduce its contractual advisory fee rate for the following Funds: Sterling Capital Mid Value Fund, Sterling Capital Mid Cap Relative Value Fund, Sterling Capital Small Cap Value Fund, Sterling Capital Short Duration Bond Fund, and Sterling Capital Total Return Bond Fund. As part of the 2021 contract review process, Sterling Capital agreed to reduce its contractual advisory fee rate for the Sterling Capital Long Duration Corporate Bond Fund. As part of the 2024 contract review process, Sterling Capital agreed to reduce its contractual advisory fee rate for the Sterling Capital Special Opportunities Fund. The Trustees found that, taking into account these fee waivers and reductions, each Fund's fee schedule represents an appropriate sharing between the Fund and Sterling Capital of such economies of scale as may exist at current asset levels.

**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**

Ultimus Fund Solutions, LLC

225 Pictoria Drive

Cincinnati, OH 45246

**INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

Cohen & Company, Ltd.

1350 Euclid Avenue, Suite 800

Cleveland, OH 44115

![](fp0093273-1_02.jpg)

**Item 8.** **Changes in and Disagreements with Accountants for Open-End Management Investment Companies.** 

Not applicable.

**Item 9.** **Proxy Disclosures for Open-End Management Investment Companies.** 

Not applicable.

**Item 10.** **Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.**

Included under Item 7.

**Item 11.** **Statement Regarding Basis for Approval of Investment Advisory Contract.** 

Included under Item 7.

**Item 12.** **Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.**

Not applicable to Registrant.

**Item 13.** **Portfolio Managers of Closed-End Management Investment Companies.**

Not applicable to Registrant.

---

| | |
|:---|:---|
| **Item** **14.** | **Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.** |

---

Not applicable.

---

| | |
|:---|:---|
| **Item** **15.** | **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** **16.** | **Controls and Procedures** |

---

(a) The registrant's Principal Executive Officer and Principal Financial Officer have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act) are effective in design and operation and are sufficient to form the basis of the certifications required by Rule 30a-(2) under the Act, based on their evaluation of these disclosure controls and procedures as of a date within 90 days of this report on Form N-CSR.

(b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) 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 17.** **Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**

Not applicable to Registrant.

**Item 18.** **Recovery of Erroneously Awarded Compensation.**

(a)&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.

(b)&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.

**Item 19.** **Exhibits.**

(a)(1) Not applicable – disclosed with annual report.

(a)(2) Not applicable.

(a)(3) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act are attached hereto.

(b) Certifications required by Rule 30a-2(b) under the Act 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.

STERLING CAPITAL FUNDS

---

| | | |
|:---|:---|:---|
| Date: | 5/28/2025 |  |
|  |  | /s/ James T. Gillespie |
|  |  | James T. Gillespie, President |
|  |  | (Principal Executive Officer) |

---

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.

---

| | | |
|:---|:---|:---|
| Date: | 5/28/2025 |  |
|  |  | /s/ James T. Gillespie |
|  |  | James T. Gillespie, President |
|  |  | (Principal Executive Officer) |

---

---

| | | |
|:---|:---|:---|
| Date: | 5/28/2025 |  |
|  |  | /s/ Todd M. Miller |
|  |  | Todd M. Miller, Treasurer |
|  |  | (Principal Financial Officer) |

---

## Ex-99.Cert

**Exhibit 99.CERT** 

**CERTIFICATION** 

I, James T. Gillespie, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I
 have reviewed this report on Form N-CSR of Sterling Capital Funds;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based
 on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
 to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect
 to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based
 on my knowledge, the financial statements, and other financial information included in this report, fairly present in all
 material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial
 statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this
 report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The
 registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls
 and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial
 reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed
 such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
 to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to
 us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed
 such internal control over financial reporting, or caused such internal control over financial reporting to be designed under
 our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial
 statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated
 the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions
 about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of
 this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed
 in this report any change in the registrant's internal control over financial reporting that occurred during the period
 covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's
 internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's
 other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's
 board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All
 significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which
 are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial
 information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any
 fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's
 internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | 5/28/2025 | /s/ James T. Gillespie |
|  |  | James T. Gillespie |
|  |  | President and Principal Executive Officer |

---

**CERTIFICATION**

I, Todd M. Miller, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed
 this report on Form N-CSR of Sterling Capital Funds;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge,
 this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the
 statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period
 covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge,
 the financial statements, and other financial information included in this report, fairly present in all material respects
 the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required
 to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's
 other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as
 defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined
 in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed
 such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
 to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to
 us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed
 such internal control over financial reporting, or caused such internal control over financial reporting to be designed under
 our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial
 statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated
 the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions
 about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of
 this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed
 in this report any change in the registrant's internal control over financial reporting that occurred during the period
 covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's
 internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's
 other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's
 board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All
 significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which
 are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial
 information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any
fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's
internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | 5/28/2025 | /s/ Todd M. Miller |
|  |  | Todd M. Miller |
|  |  | Treasurer and Principal Financial Officer |

---

## Exhibit 99.906

**Exhibit 99.906CERT** 

**CERTIFICATION PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT** 

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, the undersigned officers of Sterling Capital Funds, do hereby certify, to the best of their knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The
 Registrant's periodic report on Form N-CSR for the period ended March 31, 2025
 (the "Form N-CSR") fully complies with the requirements of Sections 15(d)
 of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The
 information contained in the Form N-CSR fairly presents, in all material respects, the
 financial condition and results of operations of the Registrant.

---

| |
|:---|
| /s/ James T. Gillespie<br>|
| James T. Gillespie |
| President and Principal Executive Officer |

---

Date: <u>5/28/2025</u>

---

| |
|:---|
| /s/ Todd M. Miller<br>|
| Todd M. Miller |
| Chief Financial Officer and Principal Financial Officer |

---

Date: <u>5/28/2025</u>

This certification is being furnished solely pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not be deemed as filed by Sterling Capital Funds as part of the report or as a separate disclosure document.