# EDGAR Filing Document

**Accession Number:** 0000889284
**File Stem:** 0001398344-26-003189
**Filing Date:** 2026-2
**Character Count:** 340441
**Document Hash:** a1f0cb5cae978c998e0dfaaee3a88e38
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001398344-26-003189.hdr.sgml**: 20260217

**ACCESSION NUMBER**: 0001398344-26-003189

**CONFORMED SUBMISSION TYPE**: 497

**PUBLIC DOCUMENT COUNT**: 5

**FILED AS OF DATE**: 20260217

**DATE AS OF CHANGE**: 20260213

**EFFECTIVENESS DATE**: 20260217

**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:** 497
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-292751
- **FILM NUMBER:** 26635364

**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

### GUARDIAN CAPITAL DIVIDEND GROWTH FUND (Series ID: S000100607)

---

|  |  |
|:---|:---|
| Class Name           | Class ID   |
| INSTITUTIONAL SHARES | C000270436 |

---

## Series and Classes Contracts Data

### GUARDIAN CAPITAL DIVIDEND GROWTH FUND (Series ID: S000100607)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000270436 | INSTITUTIONAL SHARES |  |

Filed pursuant to Rule 497(c)

File No. 333-292751

**CAPITOL SERIES TRUST**

**Guardian Capital Dividend Growth Fund**

**225 Pictoria Drive, Suite 450**

**Cincinnati, Ohio 45246**

**(513) 587-3400**

February 14, 2026

Dear Valued Shareholder:

A Special Meeting of Shareholders of the Guardian Capital Dividend Growth Fund (the "Target Fund"), a series of Capitol Series Trust ("CST"), will be held at the offices of Ultimus Fund Solutions, the Target Fund's Administrator located at 225 Pictoria Drive, Suite 450**,** Cincinnati, Ohio 45246, on March 20, 2026 at 11:00 a.m. Eastern time (the "Special Meeting"). The Special Meeting has been called to vote on two important proposals relating to the Target Fund:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. To approve an Agreement and Plan of Reorganization (the "Plan")
to reorganize (the "Reorganization") the Target Fund into the Guardian
Capital Dividend Growth Fund, a new series of Sterling Capital Funds (the "Acquiring Fund", and together with the Target Fund,
the "Funds"). Importantly, approval of the Plan would provide for substantial continuity of the Target Fund's current
operations. As discussed in the attached Proxy Statement/Prospectus, both Funds have the same investment objective and substantially similar
principal investment strategies and risks. In addition, the Funds' portfolio managers will remain the same, and Guardian Capital
LP ("Guardian Capital"), who serves as the investment adviser to the Target Fund, will serve as investment sub-adviser to
the Acquiring Fund and will continue to be responsible for the day-to-day management of your Fund. Further, it is anticipated that each
class of shares of the Acquiring Fund will bear the same total annual fund operating expense ratio as the corresponding class of the Target
Fund. The Reorganization is expected to benefit Target Fund shareholders by having all registered funds advised by Guardian Capital and
its affiliate, Sterling Capital Management LLC ("Sterling Capital"), organized as part of the Sterling Capital Funds, and
thereby benefit from potential economies of scale and the same corporate governance, operations, and compliance platforms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. To approve a New Investment Advisory Agreement between Guardian Capital and the
Target Fund (the "New Agreement"). As discussed in the attached Proxy Statement/Prospectus, shareholders are being
asked to approve the New Agreement because of an anticipated change in control of Guardian Capital (the "Adviser Transaction"),
which will result in the automatic termination of the current Investment Advisory Agreement between Guardian Capital and the Target Fund.
To the extent the Adviser Transaction closes before the Reorganization is completed (or if the Reorganization is not approved by shareholders),
the New Agreement, if approved by shareholders, would help ensure continuity of management of the Target Fund following the Adviser Transaction.
If the Reorganization is completed before the Adviser Transaction, the New Agreement would not be necessary and would not take effect ;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. To transact such other business, if any, as may properly come before the Special Meeting or any adjournments
or postponements thereof.

The attached Proxy Statement/Prospectus is designed to give you more information about the proposals. If you have any questions regarding the proposals, please do not hesitate to call the number listed on the enclosed proxy card. If you were a shareholder of record of the Target Fund as of the close of business on January 22, 2026, the record date for the Special Meeting, you are entitled to vote on the proposals at the Special Meeting and at any adjournment or postponement thereof. While you are, of course, welcome to join us at the Special Meeting, we expect that most shareholders will cast their votes by (i) filling out and signing the enclosed proxy card, (ii) by calling the toll-free number listed on the enclosed proxy card, or (iii) via the internet by following the instructions set forth on the enclosed proxy card.

Whether or not you are planning to attend the Special Meeting, we need your vote. Please submit your vote via one of the options listed on your proxy card. You may vote by completing, dating, and signing your proxy card and mailing it in the enclosed postage prepaid envelope, or by calling the toll-free number on your proxy card to vote by telephone, or through the Internet website address listed on your proxy card. You should follow the enclosed instructions on your proxy card as to how to vote. You may revoke your proxy before it is exercised at the Special Meeting, either by writing to the Secretary of CST at the address noted in the Proxy Statement/Prospectus or in person at the time of the Special Meeting. A prior proxy can also be revoked by voting your proxy at a later date through the toll-free number or the Internet website address listed in the enclosed voting instructions or submitting a later dated proxy card.

Thank you for taking the time to consider this important proposal and for your continuing investment in the Guardian Capital Dividend Growth Fund.

Sincerely,

---

| |
|:---|
| /s/ Matthew J. Miller |
| Matthew J. Miller |
| President |

---

**CAPITOL SERIES TRUST**

**Guardian Capital Dividend Growth Fund**

**225 Pictoria Drive, Suite 450**

**Cincinnati, Ohio 45246**

**(513) 587-3400**

**NOTICE OF SPECIAL MEETING OF SHAREHOLDERS**<br> **TO BE HELD MARCH 20, 2026**

Capitol Series Trust, an Ohio business trust ("CST"), will hold a Special Meeting of Shareholders (the "Special Meeting") of the Guardian Capital Dividend Growth Fund (the "Target Fund"), a series of CST, at the offices of Ultimus Fund Solutions, the Target Fund's Administrator located at 225 Pictoria Drive, Suite 450**,** Cincinnati, Ohio 45246, on March 20, 2026, at 11:00 a.m. Eastern time.

At the Special Meeting, you and the other shareholders of the Target Fund will be asked to consider and vote upon the following proposals:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Approval of an Agreement and Plan of Reorganization (the "Plan") providing for (i) the acquisition
of the assets and assumption of the liabilities of the Target Fund by the Guardian Capital Dividend Growth Fund, a newly-created series
of Sterling Capital Funds (the "Acquiring Fund"), in exchange for shares of the Acquiring Fund with an aggregate net asset
value ("NAV") equal to the aggregate NAV of the shares of the Target Fund; (ii) the pro rata distribution of such shares to
the shareholders of the Target Fund, and (iii) the complete liquidation and dissolution of the Target Fund, all upon the terms and conditions
set forth in the Plan (the "Reorganization").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Approval of a New Investment Advisory Agreement between Guardian Capital LP ("Guardian Capital")
and the Target Fund (the "New Agreement"). Shareholders are being asked to approve the New Agreement because of an anticipated
change in control of Guardian Capital (the "Adviser Transaction"), which will result in the automatic termination of the current
Investment Advisory Agreement between Guardian Capital and the Target Fund. To the extent the Adviser Transaction closes before the Reorganization
is completed (or if the Reorganization is not approved by shareholders), the New Agreement, if approved by shareholders, would help ensure
continuity of management of the Target Fund following the Adviser Transaction. If the Reorganization is completed before the Adviser Transaction,
the New Agreement would not be necessary and would not take effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The transaction of such other business as may properly come before the Special Meeting or any continuations
after an adjournment thereof.

The proposals are not conditioned on one another and shareholders may approve one proposal but not the other.

To the extent the Adviser Transaction closes before the Reorganization is completed (or if the Reorganization is not approved by shareholders), the New Agreement, if approved by shareholders, would help ensure continuity of management of the Target Fund following the Adviser Transaction. If the Reorganization is completed before the Adviser Transaction, the New Agreement would not be necessary as the Target Fund will have merged with and into the Acquiring Fund, and therefore the New Agreement would not take effect.

Only shareholders of record of the Target Fund at the close of business on January 22, 2026, the record date for this Special Meeting, will be entitled to notice of, and to vote at, the Special Meeting or any postponements or continuations after an adjournment thereof.

As a shareholder, you are asked to attend the Special Meeting either in person or by proxy. If you are unable to attend the Special Meeting in person, we urge you to please submit your vote via one of the options listed on your proxy card. You may vote by completing, dating and signing your proxy card and mailing it in the enclosed postage prepaid envelope, or by calling the toll-free number on your proxy card to vote by telephone, or through the Internet website address listed on your proxy card. Your prompt voting by proxy will help ensure a quorum at the Special Meeting. Voting by proxy will not prevent you from voting your shares in person at the Special Meeting. You may revoke your proxy before it is exercised at the Special Meeting, either by writing to the Secretary of CST at the address noted in the Proxy Statement/Prospectus or in person at the time of the Special Meeting. A prior proxy can also be revoked by voting your proxy at a later date through the toll-free number or the Internet website address listed in the enclosed voting instructions or submitting a later dated proxy card.

***By Order of the Board of Trustees of Capitol Series Trust***

---

| |
|:---|
| /s/ Matthew J. Miller |
| Matthew J. Miller |
| President |

---

**COMBINED PROXY STATEMENT AND PROSPECTUS**

**FOR THE REORGANIZATION OF**

**Guardian Capital Dividend Growth Fund**

***a series of Capitol Series Trust***

**225 Pictoria Drive, Suite 450**

**Cincinnati, Ohio 45246**

**(513) 587-3400** 

**INTO**

**Guardian Capital Dividend Growth Fund**

***a series of Sterling Capital Funds***

**434 Fayetteville St., Suite 500**

**Raleigh, NC 27601**

**(800) 228-1872**

**February 14, 2026**

This Combined Proxy Statement and Prospectus (the "Proxy Statement/Prospectus") is being sent to you in connection with the solicitation of proxies by the Board of Trustees (the "Board") of Capitol Series Trust ("CST") for use at a Special Meeting of Shareholders (the "Special Meeting") of Guardian Capital Dividend Growth Fund, a series of CST (the "Target Fund"), to be held at the offices of Ultimus Fund Solutions, the Target Fund's Administrator located at 225 Pictoria Drive, Suite 450**,** Cincinnati, Ohio 45246 on March 20, 2026 at 11:00 a.m. Eastern time. At the Special Meeting, you and the other shareholders of the Target Fund will be asked to consider and vote upon the following proposals:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Approval of an Agreement and Plan of Reorganization (the "Plan") providing for (i) the acquisition
of the assets and assumption of the liabilities of the Target Fund by the Guardian Capital Dividend Growth Fund (the "Acquiring
Fund"), a newly-created series of Sterling Capital Funds (the "Sterling Trust"), in exchange for shares of the Acquiring
Fund with an aggregate net asset value ("NAV") equal to the aggregate NAV of the shares of the Target Fund; (ii) the pro rata
distribution of such shares to the shareholders of the Target Fund, and (iii) the complete liquidation and dissolution of the Target Fund,
all upon the terms and conditions set forth in the Plan (the "Reorganization").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Approval of a New Investment Advisory Agreement between Guardian Capital LP ("Guardian Capital")
and the Target Fund (the "New Agreement"). Shareholders are being asked to approve the New Agreement because of an anticipated
change in control of Guardian Capital (the "Adviser Transaction"), which will result in the automatic termination of the current
Investment Advisory Agreement between Guardian Capital and the Target Fund. To the extent the Adviser Transaction closes before the proposed
reorganization is completed (or if the Reorganization is not approved by shareholders), the New Agreement, if approved by shareholders,
would help ensure continuity of management of the Target Fund following the Adviser Transaction. If the Reorganization is completed before
the Adviser Transaction, the New Agreement would not be necessary and would not take effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The transaction of such other business as may properly come before the Special Meeting or any adjournment
or postponement thereof.

The CST Board has fixed the close of business on January 22, 2026 as the record date ("Record Date") for the determination of shareholders entitled to notice of and to vote at the Special Meeting and at any adjournment or postponement thereof. Shareholders of the Target Fund on the Record Date will be entitled to one vote for each share of the Target Fund held (and a proportionate fractional vote for each fractional share). This Proxy Statement/Prospectus, the enclosed Notice of Special Meeting of Shareholders, and the enclosed proxy card will be mailed on or about February 20, 2026 to all shareholders eligible to vote on the proposals.

Shareholders who execute proxies may revoke them at any time before they are voted. Any shareholder giving a proxy may revoke it before it is exercised at the Special Meeting, either by writing to the Secretary of CST, at the address noted in the Proxy Statement/Prospectus or in person at the time of the Special Meeting. A prior proxy can also be revoked by voting your proxy at a later date through the toll-free number or the Internet website address listed in the enclosed voting instructions or submitting a later dated proxy card. If your shares are held in the name of a brokerage firm, bank, nominee, or other institution, you should provide instructions to your broker, bank, nominee or other institution on how to vote your shares. If you hold your shares in the name of a brokerage firm, bank, nominee, or other institution, you must provide a legal proxy from that institution in order to vote your shares in person at the Special Meeting.

The Target Fund is a series of CST, an open-end management investment company registered with the U.S. Securities and Exchange Commission (the "SEC") and organized as an Ohio business trust. The Acquiring Fund is a newly created series of the Sterling Trust, an open-end management investment company registered with the SEC, which is organized as a Massachusetts business trust.

This Proxy Statement/Prospectus includes information about the proposals prior to voting on them. The following documents each have been filed with the SEC, and are incorporated herein by reference:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Target Fund [Prospectus and Statement of Additional Information](https://www.sec.gov/Archives/edgar/data/1587551/000158064226000467/capitolseriestrust_485b.htm) dated January 28, 2026, as supplemented, filed with the SEC (File Nos. 333-191495 and 811-22895);
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Target Fund Annual Report to Shareholders and financial statements included in the [Fund's Form N-CSR filing](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001587551/000158064225007555/capitolseries_ncsr.htm) for the fiscal year ended September 30, 2025 filed with the SEC (File No. 811-22895); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Acquiring Fund [Prospectus and Statement of Additional Information](https://www.sec.gov/Archives/edgar/data/889284/000139834426002675/fp0097480-1_485bposixbrl.htm) dated February 11, 2026 filed with the SEC (File Nos. 333-49098 and 811-06719).

The Target Fund's Prospectus, Statement of Additional Information, and Annual Report to Shareholders are available upon request and without charge by writing to CST, by calling (800) 957-0681 or visiting <u>www.guardiancapitalfunds.com</u>.

The Acquiring Fund's Prospectus and Statement of Additional Information are available without charge by calling (800) 228-1872. Because the Acquiring Fund has not commenced operations as of the date of this Proxy Statement/Prospectus, it has not yet issued an annual or semi-annual report.

This Proxy Statement/Prospectus sets forth the basic information you should know before voting on the proposals. You should read it and keep it for future reference. Additional information is set forth in the Statement of Additional Information dated February 14, 2026, relating to this Proxy Statement/Prospectus, which is also incorporated by reference into this Proxy Statement. The Statement of Additional Information is available upon request and without charge by calling (800) 228-1872.

**Important Notice Regarding Availability of Proxy Materials for the Special Meeting to be Held on March 20, 2026.** This Proxy Statement/Prospectus is available on the Internet at www.proxyvote.com. Shareholders of record will be able to enter their control number on their proxy card and access the material online. If you need any assistance or have any questions regarding the proposal or how to vote your shares, please call the toll-free number on your enclosed proxy card. Representatives are available Monday through Friday 9:00 a.m. to 10:00 p.m. Eastern Time.

**THE SEC HAS NOT APPROVED OR DISAPPROVED THESE SECURITIES NOR HAS IT PASSED ON THE ACCURACY OR ADEQUACY OF THIS PROXY STATEMENT/PROSPECTUS. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.**

**The shares offered by this Proxy Statement/Prospectus are not deposits or obligations of any bank and are not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. An investment in the Acquiring Fund involves investment risk, including the possible loss of principal.**

**Summary**

We recommend that you read the complete Proxy Statement/Prospectus. The following Questions and Answers provide an overview of the proposals and of the information contained in this Proxy Statement/Prospectus. The Target Fund and the Acquiring Fund are referred to collectively herein as the "Funds."

**Q.** **What is this document and why did you send it to me?** 

A. The attached document is a proxy statement to solicit votes from shareholders of the Target Fund at the
Special Meeting, and a registration statement for the Acquiring Fund, a newly created series of the Sterling Trust.

The Proxy Statement/Prospectus is being provided to you by CST in connection with the solicitation of proxies to vote on two important proposals:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. A Plan providing for (i) the acquisition of the assets and assumption of the liabilities of the Target
Fund by the Acquiring Fund in exchange for shares of the Acquiring Fund with a NAV equal to the aggregate NAV of the shares of the Target
Fund; (ii) the pro rata distribution of such shares to the shareholders of the Target Fund, and (iii) the complete liquidation and dissolution
of the Target Fund, all upon the terms and conditions set forth in the Plan; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. A New Agreement, which is necessary because of the Adviser Transaction, which under the Investment Company
Act of 1940, as amended (the "Investment Company Act"), will constitute an assignment of the current Investment Advisory Agreement
between Guardian Capital and the Target Fund, resulting in the immediate termination of the current Investment Advisory Agreement. To
the extent the Adviser Transaction closes before the Reorganization is completed (or if the Reorganization is not approved by shareholders),
the New Agreement, if approved by shareholders, would help ensure continuity of management of the Target Fund following the Adviser Transaction.
If the Reorganization is completed before the Adviser Transaction, the New Agreement would not be necessary and would not take effect.

**Proposal 1 – Approval of an Agreement and Plan of Reorganization to reorganize the Target Fund into the Acquiring Fund**

**Q.** **What is the purpose of the Reorganization?** 

A. The primary purpose of the Reorganization is for the Acquiring Fund to acquire the assets of the Target
Fund and continue the business of the Target Fund. Shareholders are being asked to approve the Plan, which provides for: (i) the
acquisition of the assets and assumption of the liabilities of the Target Fund by the Acquiring Fund in exchange for shares of the Acquiring
Fund with an aggregate NAV equal to the aggregate NAV of the shares of the Target Fund; (ii) the pro rata distribution of such shares
to the shareholders of the Target Fund, and (iii) the complete liquidation and dissolution of the Target Fund as a series of CST, all
upon the terms and conditions set forth in the Plan. A copy of the form of Plan is provided in <u>Exhibit B</u>.

**Q.** **Why is the Reorganization being recommended at this time?** 

A. At a meeting held on October 23, 2025, the CST Board considered the proposal to reorganize the Target
Fund with and into the Acquiring Fund. After careful consideration, for the reasons discussed in the attached Proxy Statement/Prospectus
and based on the recommendations of Guardian Capital, the investment adviser to the Target Fund, the CST Board unanimously approved the
Plan and voted to recommend that shareholders of the Target Fund vote to approve the Plan. The CST Board's decision and recommendation
was based in part on representations made by Sterling Capital Management LLC ("Sterling Capital"), an affiliate of Guardian
Capital and the investment adviser and administrator to each series of the Sterling Trust, concerning the operational and corporate governance
benefits of having all of the SEC registered funds advised by Guardian Capital and Sterling Capital operate as part of a single fund family,
and the benefits of making that change now when all such funds are already required to have proxy votes because of the Adviser Transaction.

**Q.** **How will the Reorganization be effected?** 

A. Assuming the Target Fund shareholders approve the Reorganization, the Target Fund will transfer all of
its assets to the Acquiring Fund in exchange for (a) shares of the Acquiring Fund, and (b) the Acquiring Fund's assumption of all
of the liabilities of the Target Fund.

Upon the closing of the Reorganization, Target Fund shareholders will receive Institutional Class shares of the Acquiring Fund. Each shareholder of the Target Fund will receive a number of Acquiring Fund shares having an aggregate value equal to the aggregate NAV of the Target Fund shares held by such shareholder, computed as of the Closing Date (as defined in the Plan) of the Reorganization.

**Q.** **Will the Reorganization result in an increase in the fees and expenses that are paid by shareholders?** 

A. No, the Reorganization will not result in an increase in the fees that are paid by shareholders. The investment
advisory fee rate and the expense ratio of the Acquiring Fund are expected to be the same as those of the Target Fund. Each Fund will
have an investment advisory fee of 0.75% of the Fund's net assets and Sterling Capital has contractually agreed to limit the total
annual fund operating expenses of the Acquiring Fund's Institutional Class shares (other than acquired fund fees and expenses, interest,
taxes, and extraordinary expenses) to 0.95% through at least January 31, 2027, which is the same contractual expense limitation currently
in place for the Target Fund.

**Q.** **Are there differences between the advisory arrangements and agreements of the Funds?** 

A. Yes, there are some differences. Guardian Capital serves as investment adviser to the Target Fund and
is responsible for day-to-day investment management of the Fund pursuant to an investment advisory agreement between Guardian Capital
and CST. Sterling Capital will serve as investment adviser to the Acquiring Fund pursuant to an investment advisory agreement between
Sterling Capital and the Sterling Trust. Guardian Capital will serve as investment sub-adviser to the Acquiring Fund, responsible for
day-to-day investment management of the Acquiring Fund subject to oversight by the Sterling Trust and Sterling Capital, pursuant to an
investment subadvisory agreement between Sterling Capital and Guardian Capital. Sterling Capital will pay Guardian Capital for its services
to the Acquiring Fund out of the investment advisory fee Sterling Capital receives from the Acquiring Fund (the "Subadvisory Fee").
The Subadvisory Fee shall be reduced pro rata to the extent that Sterling Capital, pursuant to a contractual waiver or reimbursement arrangement
with the Acquiring Fund, waives fees or reimburses expenses payable by the Fund to Sterling Capital.

The standard of care for the Target Fund's investment advisory agreement is a negligence standard, while the standard of care for the Acquiring Fund's advisory agreement is a gross negligence standard. Another difference is that the investment advisory agreement for the Target Fund includes reciprocal indemnification provisions between the CST Trust and Guardian Capital, subject to a negligence standard, while the investment advisory agreement for the Acquiring Fund does not. In addition, the subadvisory agreement between Sterling Capital and Guardian Capital with respect to the Acquiring Fund includes indemnification provisions subject to a gross negligence standard. The use of a gross negligence standard is consistent with both applicable law and the advisory agreements of other Sterling Capital Funds.

**Q.** **Will the Target Fund and the Acquiring Fund have the same portfolio management team?** 

A. Yes. As noted above, Guardian Capital will serve as the Acquiring Fund's investment subadviser and
will be responsible for the day-to-day investment and reinvestment of the Acquiring Fund's assets. The Target Fund's portfolio
management team will serve as the portfolio management team to the Acquiring Fund.

**Q.** **Do the Funds have similar investment objectives, investment strategies and risks?** 

A. Yes. The Acquiring Fund has the same investment objective, and substantially similar investment strategies
and risks as the Target Fund. For additional information, please refer to section I.C.

**Q.** **Will there be any portfolio repositioning in connection with the Reorganization?** 

A. No. Since both the Target Fund and the Acquiring Fund have the same investment objectives and substantially
similar investment strategies, Guardian Capital and Sterling Capital do not anticipate material portfolio repositioning in connection
with the Reorganization.

**Q.** **Will the Reorganization constitute a taxable event for the Target Fund shareholders?** 

A. Generally, no. The Reorganization is expected to be a "reorganization" within the meaning
of Section 368(a) of the Internal Revenue Code of 1986, as amended (the "Code"), and therefore is generally not expected to
result in the recognition of gain or loss by the Target Fund or its shareholders for federal income tax purposes. The tax basis and holding
period of a shareholder's Target Fund shares are expected to carry over to the Acquiring Fund shares the shareholder receives in
the Reorganization. As a condition to the closing of the Reorganization, the Funds will receive an opinion of counsel to that effect.
If a shareholder chooses to sell Target Fund shares prior to the Reorganization, the sale will generally result in the recognition of
gain or loss for federal income tax purposes by the selling shareholder. The shareholder may be subject to ordinary income and capital
gain distributions as a result of the normal operations of the Target Fund whether or not the proposed Reorganization occurs. Shareholders
should consult their own tax advisers concerning the potential tax consequences of the Reorganization to them, including foreign, state,
and local tax consequences.

**Q.** **Will the value of my investment change as a result of the approval of the proposed Reorganization?** 

A. No. Shareholders of the Target Fund will receive a number of Acquiring Fund shares equal in value to the
aggregate NAV of the shareholder's Target Fund shares.

**Q.** **What vote is required to approve the proposed Reorganization?** 

A. Approval of the proposed Reorganization requires the affirmative vote of a majority of the outstanding
voting securities of the Target Fund. The "vote of a majority of the outstanding voting securities" is defined in the Investment
Company Act as the vote of (i) 67% or more of the Target Fund shares present at the Special Meeting, if the holders of more than 50% of
the outstanding shares of the Target Fund are present in person or represented by proxy, or (ii) more than 50% of the outstanding shares
of the Target Fund, whichever is less.

**Q.** **How does the CST Board recommend that shareholders vote on the Reorganization?** 

A. After careful consideration, the CST Board recommends that shareholders vote <u>FOR</u> the proposal to
approve the Plan.

**Q.** **What will happen if the required shareholder approval is not obtained?** 

A. In the event that shareholders of the Target Fund do not approve the Reorganization, the CST Board will
consider potential courses of action, including a possible reorganization of the Target Fund into another fund complex, the possible liquidation
of the Target Fund or the possible continuation of the Target Fund.

**Q.** **When would the proposed Reorganization be effective?** 

A. If approved, the Reorganization is expected to occur as soon as reasonably practicable after shareholder
approval is obtained.

**Proposal 2 – Approval of a New Agreement between Guardian Capital and the Target Fund.**

**Q.** **Why are shareholders being asked in the Special Meeting to approve a New Agreement between Guardian Capital and the Target Fund?** 

A. As more fully described below, shareholders are being asked to approve a New Agreement between Guardian
Capital and the Target Fund to enable Guardian Capital to continue to serve as the investment adviser to the Target Fund under the New
Agreement following the closing of a transaction involving Guardian Capital's parent that will cause a change in control of Guardian
Capital (the "Adviser Transaction") and result in the automatic termination of the existing Investment Advisory Agreement
between CST and Guardian Capital for the Target Fund dated as of March 14, 2019, as amended from time to time (the "Current Agreement"),
upon the closing of the Adviser Transaction.

**Q.** **What is the Adviser Transaction?** 

A. On August 28, 2025, Guardian Capital Group Limited ("Guardian Capital Group"), the parent
company of Guardian Capital, the investment adviser to the Target Fund, announced that it had entered into a definitive agreement (as
amended by a first amending agreement dated September 17, 2025) with Desjardins Global Asset Management Inc. ("DGAM"), a wholly-owned
indirect subsidiary of Fédération des caisses Desjardins du Québec ("Desjardins"), to be taken private
pursuant to an arrangement agreement whereby DGAM will purchase all of the issued and outstanding shares of Guardian Capital Group for
cash, other than certain Guardian Capital Group shares held by specified shareholders who entered into equity rollover agreements to exchange
certain of their Guardian Capital Group shares for a combination of cash and shares in the capital of DGAM (the "Adviser Transaction").
The closing of the Adviser Transaction (the "Closing") is subject to various customary approvals and conditions and is expected
to take place in the first quarter of 2026.

The Adviser Transaction, if consummated, will result in an indirect change of control of Guardian Capital effective as of the Closing. Pursuant to the terms of the Current Agreement, the Adviser Transaction would be deemed an "assignment," as such term is used for purposes of the Investment Company Act, of the Current Agreement resulting in its automatic termination.

Following the Closing, it is anticipated that Guardian Capital will continue to operate as a standalone entity, indirectly owned by Desjardins. To provide continuity and stability, Guardian Capital's team of management and senior professionals are currently expected to continue servicing Guardian Capital's clients, including the Funds, after the Closing.

Section 15(a) of the Investment Company Act prohibits any person from serving as an investment adviser to a registered investment company except pursuant to a written contract that has been approved by the shareholders of such registered investment company. Therefore, if the Reorganization is not approved by shareholders, in order for Guardian Capital to continue to serve as investment adviser to the Target Fund on an ongoing basis after the Closing, shareholders of the Target Fund must approve the New Agreement.

**Q.** **What actions did the CST Board take to address the termination of the Current Advisory Agreement resulting from the anticipated change in control of Sterling Capital in connection with the Adviser Transaction?** 

A. In anticipation of the Adviser Transaction and the termination of the Current Agreement, the CST Board,
comprised entirely of Trustees who are not "interested persons" as that term is defined in the Investment Company Act (the
"Independent Trustees"), convened an in person meeting of the CST Board on December 3, 2025, which included representatives
of both Sterling Capital and Guardian Capital, to consider approval of the New Agreement. The CST Board then held a supplemental meeting
with representatives of Sterling Capital on December 17, 2025 to clarify certain matters related to such approval (collectively, the "December
Meeting"). On the basis of information presented at the December Meeting, the CST Board unanimously voted to approve the New Agreement
with respect to the Target Fund, subject to shareholder approval. The New Agreement contains substantially identical terms to the Current
Agreement, including identical advisory fees of 0.75%. Accordingly, at the Special Meeting, shareholders will be asked to consider and
approve the New Agreement. **The Trustees recommend that shareholders of the Target Fund approve the New Agreement.** 

As permitted by Rule 15a-4 under the Investment Company Act ("Rule 15a-4"), if shareholder approval of the New Agreement has not been obtained by the Closing, Guardian Capital will provide investment advisory services to the Target Fund under an Interim Investment Advisory Agreement between Guardian Capital and CST, on behalf of the Target Fund (the "Interim Agreement"), which would immediately go into effect on the date of the Closing, with a maximum duration of 150 days. The Interim Agreement was also unanimously approved by the CST Board at the December Meeting. The Interim Agreement will allow the CST Board to pursue other courses of action if the New Agreement is not approved by shareholders of the Target Fund as planned.

**Q.** **What factors did the CST Board consider in deciding to approve the New Agreement, subject to shareholder approval?** 

A. At the December Meeting, the CST Board considered all the factors that a registered investment company
board is required to consider in deciding whether to approve or renew a registered investment company investment advisory contract, including
the nature and quality of the services provided, the profitability of the Target Fund to Guardian Capital, whether the Target Fund has
or is likely to achieve economies of scale, comparative fee structures and whether there are any fallout benefits to Guardian Capital
from its relationship with the Target Fund. In deciding to approve the agreement, the Trustees in particular noted the high quality of
the investment personnel servicing the Target Fund. They also noted the Target Fund's strong performance and reasonable expense
structure relative to its Morningstar category (Global Large Stock Blend) and selected peer group funds over 1 year, 3 year, 5 year and
since inception time periods, as well as Morningstar's overall 4 star rating for the Fund. They also noted that the Target Fund
is unprofitable to Guardian Capital at current asset levels and is likely to remain so until assets increase significantly, and that Guardian
Capital is currently contractually waiving a substantial proportion of its fees in order to cap the total expense ratio of the Target
Fund.

**Q.** **Will the New Agreement result in an increase in the advisory fees that are paid by shareholders of the Target Fund?** 

A. No. The total advisory fee payable to Guardian Capital by the Target Fund under both the Current Agreement
and New Agreement is the same: 75 basis points (0.75%).

**Q.** **Are there any material differences between the Current Agreement and New Agreement?** 

A. No. A copy of the form of New Agreement is included as <u>Exhibit A</u> to this Proxy Statement/Prospectus.
The terms of the New Agreement are substantially identical to those of the Current Agreement. Under both Agreements, Guardian Capital
acts as adviser to the Target Fund with regard to selecting the Fund's investments and placing all orders for purchases and sales
of the Fund's securities. Guardian Capital's investment decisions and trading activities are subject to the direction and
supervision of the CST Board, to any written guidelines adopted by the CST Board and furnished to Guardian Capital, and must be made in
accordance with the Target Fund's written investment objectives, strategies and restrictions, as set forth in the Fund's then-current
prospectus and statement of additional information ("SAI").

**Q.** **If shareholders approve the New Agreement, when will the Agreement go into effect and what is its term?** 

A. If shareholders approve the New Agreement for the Target Fund, the Agreement will go into effect upon
the Closing of the Adviser Transaction if either the Reorganization is not approved or the Closing of the Adviser Transaction occurs prior
to the Reorganization.

If shareholders approve the Reorganization and the Reorganization closes prior to the Closing of the Adviser Transaction, the New Agreement will not be necessary and will not take effect as the Target Fund will have merged with and into the Acquiring Fund.

**Q.** **Why did the Target Fund enter into an Interim Agreement with Guardian Capital, and what are the terms of that Agreement?** 

A. The Target Fund entered into an Interim Agreement with Guardian Capital in order to give the Target Fund
additional flexibility to pursue other viable contractual alternatives in the event that shareholders do not approve the proposals sought
by this Proxy Statement/Prospectus as planned. An Interim Agreement under Rule 15a-4 of the Investment Company Act is a temporary investment
advisory contract that allows a registered investment company (mutual fund or ETF) to continue operating without interruption when its
existing advisory agreement has terminated automatically, most often because of a "change in control" of the adviser that
results in the assignment of the existing advisory agreement. The Interim Agreement, which must provide for the same advisory services
and fee rate as those provided under the Fund's prior investment advisory agreement, goes into effect immediately upon termination
of the prior agreement and has a maximum term of 150 days in order to allow the CST Board and Target Fund shareholders sufficient time
to approve a new advisory agreement for the Target Fund. During the period that the Interim Agreement is in place, the Target Fund continues
to accrue advisory fees at the same rate previously approved by shareholders. However, all advisory fees earned by Guardian Capital must
be paid into an interest-bearing escrow account maintained by an independent escrow agent, and if the CST Board and shareholders approve
the New Agreement, the advisory fees held in escrow, together with interest earned (less escrow expenses), will be released to Guardian
Capital.

**Q.** **How does the CST Board recommend that shareholders vote on the New Agreement?** 

A. After careful consideration, the CST Board recommends that shareholders vote FOR the proposal to approve
the New Agreement.

**Additional Information**

**Q.** **Who is paying for expenses related to the Special Meeting and the Reorganization?** 

A. Sterling Capital or its affiliates, including Guardian Capital, will bear the costs associated with the
Reorganization and the Special Meeting. Sterling Capital (or its affiliates) will pay the expenses associated with the Reorganization
regardless of whether the Reorganization occurs.

**Q.** **How do I vote?** 

A. You can vote in any one of four ways:

● by mail, by sending the enclosed proxy card, signed and dated;

● by phone, by calling one of the toll-free numbers listed on your proxy card for an automated touchtone voting line or to speak with a live operator;

● via the Internet by following the instructions set forth on your proxy card; or

● in person, by attending the Special Meeting.

Whichever method you choose, please take the time to read the full text of the enclosed Proxy Statement/Prospectus before you vote.

**Q.** **Whom should I call for additional information about the Proxy Statement/Prospectus?** 

A. Please call Broadridge Financial Solutions, Inc., the Target Fund's proxy solicitor, at (855) 206-1408,
weekdays from 9:00 a.m. to 10:00 p.m. Eastern time.

**Table of Contents**

---

| | | |
|:---|:---|:---|
|  |  | **Page** |
| I. | Proposal 1 - To Approve the Agreement and Plan of Reorganization | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. | &nbsp;&nbsp;&nbsp;Overview | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. | &nbsp;&nbsp;&nbsp;Comparison Fee Table and Example | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. | &nbsp;&nbsp;&nbsp;The Funds' Investment Objectives, Principal Investment Strategies and Risks | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. | &nbsp;&nbsp;&nbsp;Comparison of Investment Restrictions | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. | &nbsp;&nbsp;&nbsp;Comparison of Investment Advisory Agreements | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. | &nbsp;&nbsp;&nbsp;Comparison of Distribution, Purchase and Redemption, and Distribution Plan | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. | &nbsp;&nbsp;&nbsp;Key Information about the Reorganization | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H. | &nbsp;&nbsp;&nbsp;Additional Information about the Funds | 27 |
| II. | Proposal 2 – To approve a New Investment Advisory Agreement between CST and Guardian Capital with respect to the Target Fund (the "New Agreement"). | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. | &nbsp;&nbsp;&nbsp;Overview | 33 |
| III. | Voting Information | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. | &nbsp;&nbsp;&nbsp;General Information | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. | &nbsp;&nbsp;&nbsp;Method and Cost of Solicitation | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. | &nbsp;&nbsp;&nbsp;Right to Revoke Proxy | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. | &nbsp;&nbsp;&nbsp;Voting Securities and Principal Holders | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. | &nbsp;&nbsp;&nbsp;Interest of Certain Persons in the Transaction | 38 |
| IV. | Miscellaneous Information | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. | &nbsp;&nbsp;&nbsp;Other Business | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. | &nbsp;&nbsp;&nbsp;Next Meeting of Shareholders | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. | &nbsp;&nbsp;&nbsp;Independent Registered Public Accounting Firm | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. | &nbsp;&nbsp;&nbsp;Information About the Funds | 38 |
| Exhibit A - Form of New Agreement | Exhibit A - Form of New Agreement | 40 |
| Exhibit B – Form of Agreement and Plan of Reorganization | Exhibit B – Form of Agreement and Plan of Reorganization | 56 |
| Exhibit C – Financial Highlights of the Target Fund | Exhibit C – Financial Highlights of the Target Fund | 76 |
| Exhibit D – Comparison of Ohio and Massachusetts Governing Instruments and State Law | Exhibit D – Comparison of Ohio and Massachusetts Governing Instruments and State Law | 77 |
| Statement of Additional Information | Statement of Additional Information | 86 |

---

The CST Board has called the Special Meeting to ask shareholders of the Target Fund to consider and vote on two related matters, summarized below. The first is to reorganize the Target Fund into the Acquiring Fund, a newly-created series of the Sterling Trust. The second is to approve a new investment advisory agreement for the Target Fund. **The CST Board recommends shareholders vote to approve each proposal.**

I. Proposal 1 - To Approve the Agreement and Plan of Reorganization

A. Overview

The first proposal asks shareholders to consider and vote on the proposed Reorganization of the Target Fund into the Acquiring Fund, a newly created series of the Sterling Trust. The CST Board (including a majority of the Independent Trustees) considered the Reorganization, including the Plan and determined that the Reorganization is in the best interests of the Target Fund and that the interests of the existing shareholders of the Target Fund will not be diluted as a result of the Reorganization. The CST Board reviewed information regarding and considered and approved the Reorganization at a meeting held on October 23, 2025, subject to the approval of the Target Fund's shareholders.

The Target Fund is a series of CST. Guardian Capital serves as the investment adviser to the Target Fund. If the Reorganization is approved, Sterling Capital, an affiliate of Guardian Capital and the investment adviser and administrator to each series of the Sterling Trust, will serve as the investment adviser and administrator to the Acquiring Fund. Guardian Capital will serve as the investment sub-adviser to the Acquiring Fund. The Target Fund's portfolio managers will also serve as portfolio managers of the Acquiring Fund. Additionally, the Target Fund and the Acquiring Fund have the same investment objective and substantially similar investment strategies and risks. Certain non-material differences between the Target Fund and the Acquiring Fund are described in *The Funds' Investment Objectives, Principal Investment Strategies and Risks* section below.

CST is a multiple series trust that offers a number of portfolios managed by separate investment advisers. The Sterling Trust is not affiliated with CST.

CST and the Sterling Trust are each governed by separate, different Boards of Trustees. The Funds have some service providers in common but also use different service providers in certain instances, as listed below:

---

| | | |
|:---|:---|:---|
| | **Target Fund** | **Acquiring Fund** |
| **Administrator** | Ultimus Fund Solutions, LLC<br> 225 Pictoria Drive, Suite 450<br> Cincinnati, Ohio 45246 | Sterling Capital<br> 434 Fayetteville St., Suite 500,<br> Raleigh, NC 27601<br>Sub-Administrator:<br>Ultimus Fund Solutions, LLC<br> 225 Pictoria Drive, Suite 450<br> Cincinnati, Ohio 45246 |

---

---

| | | |
|:---|:---|:---|
| | **Target Fund** | **Acquiring Fund** |
| **Fund Accounting Agent** | Ultimus Fund Solutions, LLC<br> 225 Pictoria Drive, Suite 450<br> Cincinnati, Ohio 45246 | Ultimus Fund Solutions, LLC<br> 225 Pictoria Drive, Suite 450<br> Cincinnati, Ohio 45246 |
| **Distributor** | Ultimus Fund Distributors, LLC<br> 225 Pictoria Drive, Suite 450<br> Cincinnati, Ohio 45246 | Sterling Capital Distributors, LLC<br> Three Canal Plaza, Suite<br> 100 Portland, ME 04101 |
| **Transfer Agent** | Ultimus Fund Solutions, LLC<br> 225 Pictoria Drive, Suite 450<br> Cincinnati, Ohio 45246 | Ultimus Fund Solutions, LLC<br> 225 Pictoria Drive, Suite 450<br> Cincinnati, Ohio 45246 |
| **Independent Registered Public Accounting Firm** | Ernst & Young, LLP<br> 221 East 4<sup>th</sup> Street, Suite 2900<br> Cincinnati, Ohio 4520 | Cohen & Company, Ltd.<br> 1350 Euclid Ave., Suite 800<br> Cleveland, OH 44115 |
| **Custodian** | Huntington National Bank<br> 41 South High Street<br> Columbus, Ohio 43215 | U.S. Bank, National Association<br> 425 Walnut Street, M.L. CN-OH-W6TC<br> Cincinnati, OH 45202 |

---

CST and the Sterling Trust anticipate that the Reorganization will constitute a "reorganization" within the meaning of Section 368(a) of the Code. The closing of the Reorganization is conditioned upon the receipt by CST and the Sterling Trust of an opinion to such effect from Ropes & Gray, tax counsel to the Sterling Trust. If the Reorganization so qualifies, neither the Target Fund nor its shareholders generally are expected to recognize any gain or loss for federal income tax purposes on the transfer of the Target Fund's assets, the assumption of its liabilities, and its receipt and distribution of Acquiring Fund shares in the Reorganization.

Furthermore, the Target Fund will not pay for the costs of the Reorganization, the Special Meeting, or the solicitation of proxies. Sterling Capital or its affiliates, including Guardian Capital, will bear the costs associated with the Reorganization, Special Meeting, and solicitation of proxies, including the expenses associated with preparing and filing the registration statement that includes this Proxy Statement/Prospectus and the cost of copying, printing, and mailing proxy materials. In addition to solicitations by mail, Sterling Capital also may solicit proxies, without special compensation, by telephone or otherwise. Sterling Capital (or its affiliates) will pay these costs regardless of whether the Reorganization is consummated. The costs associated with proxy solicitation are estimated to be $4,986.

The CST Board, including a majority of the Independent Trustees, believes that the terms of the Reorganization are fair and reasonable, that the Reorganization is in the best interests of the Target Fund and its shareholders, and that the interests of existing shareholders of the Target Fund will not be diluted as a result of the Reorganization. In approving the Reorganization, the CST Board considered, among other things:

● that the Reorganization was recommended by Guardian Capital as the current adviser to the Target Fund and the proposed sub-adviser to the Acquiring Fund;

● representations made by Sterling Capital concerning potential economies of scale and other benefits of having all of the SEC registered funds advised by Guardian Capital and Sterling Capital operate as part of a single fund family with the same corporate governance, operational and compliance platforms, and the benefits of making that change now when all such funds are already required to have proxy votes because of the Adviser Transaction.

● the terms of the Reorganization;

● the expectation that the Reorganization will constitute a reorganization within the meaning of Section 368(a) of the Code and that the Target Fund and its shareholders generally will not recognize gain or loss for U.S. federal income tax purposes in the Reorganization;

● that the Funds have the same investment objectives and substantially similar investment strategies and risks;

● that the Acquiring Fund's portfolio will be managed by portfolio managers who are also members of the portfolio management team that is currently responsible for the day-to-day management of the Target Fund's portfolio;

● that the Acquiring Fund is expected to have the same total annual fund operating expenses as the Target Fund after current contractual expense limitations in place for each Fund;

● the differences in the standard of care for the Target Fund ("negligence") and the Acquiring Fund ("gross negligence"), and that counsel to the CST Board discussed with the CST Board that the gross negligence standard is consistent with both applicable law and the advisory agreements of other Sterling Capital Funds and is used by many fund complexes;

● the differences in the fundamental investment restrictions of the Target Fund compared to the Acquiring Fund, and that counsel to the CST Board discussed with the CST Board that while such restrictions were not identically described for each Fund, such disclosures are substantially similar, and any differences are not intended or expected to change the universe of permissible investments for the Acquiring Fund;

● the quality and experience of the Acquiring Fund's service providers;

● the experience and background of the Sterling Trust's Independent Trustees;

● that the Reorganization would not result in the dilution of shareholders' interests;

● that Sterling Capital (or its affiliates), and not the Target Fund, will bear all direct costs of the Reorganization;

● that the Reorganization will be submitted to the shareholders of the Target Fund for their approval;

● that shareholders of the Target Fund who do not wish to become shareholders of the Acquiring Fund may redeem their Target Fund shares before the Reorganization;

● that the Target Fund may benefit from the Sterling Trust's and Guardian Capital's investment advisory experience; and

● that liquidation of the Target Fund (as an alternative to the Reorganization) would generally be a taxable event in which shareholders would recognize gain or loss on their investments for U.S. federal income tax purposes.

After considering Sterling Capital's and Guardian Capital's presentations and recommendations to the CST Board during a meeting held on October 23, 2025 in which the CST Board, based on these considerations, approved the Reorganization and the solicitation of shareholders of the Target Fund to vote on the Plan, the form of which is attached to this Proxy Statement/Prospectus in <u>Exhibit B</u>.

B. Comparison Fee Table and Example

The following shows the fees and expenses for the Target Fund as of September 30, 2025 and the Acquiring Fund's proposed fees and expenses. The table also shows the estimated pro forma fees and expenses attributable to the pro forma Acquiring Fund. The Management Fees and the Total Annual Fund Operating Expenses for the Target Fund are the same as those of the Acquiring Fund.

***Fees Table***

***Shareholder Fees (fees paid directly from your investment)***

 ****

---

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

---

---

| | | | |
|:---|:---|:---|:---|
| **Annual Fund Operating Expenses**<br> ***(expenses that you pay each year as a percentage of the value of your investment)*** | **Target Fund** | **Acquiring Fund** | **Acquiring Fund**<br> ***(Pro forma)*** |
| Management Fees | 0.75% | 0.75% | 0.75% |
| Distribution and service (Rule 12b-1) Fees |  |  |  |
| Other Expenses | 0.59% | 0.26%<sup>1</sup> | 0.26%<sup>1</sup> |
| Total Annual Operating Expenses | 1.34% | 1.01% | 1.01% |
| Expense Reduction/Reimbursement | (0.39)%<sup>2</sup> | (0.06)%<sup>3</sup> | (0.06)%<sup>3</sup> |
| **Total Annual Fund Operating Expenses** | **0.95%** | **0.95%** | **0.95%** |

---

 

<sup>1</sup> Amounts have been estimated for the current fiscal year.

<sup>2</sup> Guardian Capital has contractually agreed to waive its management fee and/or reimburse expenses so that total annual operating expenses for the Target Fund (excluding (i) interest; (ii) taxes; (iii) brokerage fees and commissions; (iv) other extraordinary expenses not incurred in the ordinary course of the Target Fund's business; (v) dividend expense on short sales; and (vi) indirect expenses such as acquired fund fees and expenses) do not exceed 0.95% of the average daily net assets of the Target Fund through January 31, 2027 (the "Expense Limitation"). During any fiscal year that the Investment Advisory Agreement between Guardian Capital and CST is in effect, Guardian Capital may recoup the sum of all fees previously waived or expenses reimbursed, less any reimbursement previously paid, provided that the Guardian Capital is only permitted to recoup fees or expenses within 36 months from the date the fee waiver or expense reimbursement first occurred and provided further that such recoupment can be achieved within the Expense Limitation Agreement currently in effect and the Expense Limitation Agreement in place when the waiver/reimbursement occurred. This Expense Limitation Agreement may not be terminated by Guardian Capital prior to its expiration date, but the CST Board may terminate such agreement at any time. The Expense Limitation Agreement terminates automatically upon the termination of the Advisory Agreement with Guardian Capital.

<sup>3</sup> Sterling Capital has contractually agreed to waive its fees, pay Acquiring Fund operating expenses, and/or reimburse the Acquiring Fund to the extent that the total annual fund operating expenses of the Acquiring Fund (other than acquired fund fees and expenses, interest, taxes, and extraordinary expenses) exceed 0.95% through January 31, 2027. This contractual limitation may be terminated during this period only by the Acquiring Fund's Board of Trustees, and will automatically terminate upon termination of the Investment Advisory Agreement between the Acquiring Fund and Sterling Capital.

***Example***

The Example below is intended to help you compare the cost of investing in the Target Fund with the cost of investing in the Acquiring Fund on a pro forma basis. The Example assumes that you invest $10,000 in the Fund and then redeem all of your shares at the end of each period. The Example also assumes that your investment has a 5% annual return, that the Fund's Total Annual Fund Operating Expenses remain the same, except for the expiration of the contractual expense limitation for each Fund on January 31, 2027. Although your actual costs may be higher or lower, based on these assumptions, your costs would be as follows, if you redeem your shares:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Institutional Shares | **One Year** | **Three Years** | **Five Years** | **10 Years** |
| Target Fund | $97 | $386 | $697 | $1579 |
| Acquiring Fund | $97 | $316 | $552 | $1231 |
| Acquiring Fund (Pro forma) | $97 | $316 | $552 | $1231 |

---

C. The Funds' Investment Objectives, Principal Investment Strategies and Risks

As discussed in more detail below, the investment objectives of the Target Fund and the Acquiring Fund are the same. The principal investment strategies and principal risks of the Funds are substantially similar.

**Comparison of Investment Objectives**

The investment objective of the Target Fund and the Acquiring Fund are the same. Each Fund seeks long-term capital appreciation and current income. Each Fund's investment objective is a non-fundamental investment policy and may be changed by the respective Fund's Board of Trustees without shareholder approval.

**Comparison of Principal Investment Strategies**

The Funds have substantially similar principal investment strategies.

The following is the Target Fund's principal investment strategies, which have been amended to reflect the principal investment strategies of the Acquiring Fund. The bold text and strikethroughs highlight certain changes in the description of the investment strategy that will result if the Reorganization is approved by shareholders. These amendments are intended to clarify the principal investment strategies of the Funds and how the Funds are managed, as well as to reflect disclosure suggestions from the SEC staff. Neither Guardian Capital nor Sterling Capital believes these differences will result in any significant changes to the management of the Fund.

---

| |
|:---|
| **Comparison of Target Fund and Acquired Fund Principal Investment Strategies** |
| The Guardian Dividend Fund invests primarily in a diversified portfolio of equity securities of both U.S. and non-U.S. companies that pay current dividends, including American Depository Receipts ("ADRs"). Under normal market conditions, the Fund will invest at least 80% of its net assets (including the amount of any borrowings for investment purposes) in such dividend-paying equity securities of dividend growth companies. Dividend growth companies include both U.S. and non-U.S. companies, including American Depository Receipts ("ADRs"), that pay current dividends with the potential for growth of dividends. The Fund may invest in companies of all sizes but will focus primarily on medium and larger capitalization companies that pay a dividend, and may trade warrants and rights. The Fund considers market capitalizations between $2 billion and $25 billion to qualify as medium capitalization, and those over $25 billion to qualify as large capitalization. These dollar amounts may change due to market conditions. The Fund may also invest in real estate investment trusts ("REITs") and limited partnership interests in Master Limited Partnerships ("MLPs").<br>In selecting securities for the Fund, the Adviser primarily seeks to identify companies that it believes have the potential for growth of income and capital appreciation over time, with an emphasis on companies that the Adviser believes have the ability to grow earnings and a willingness to sustainably increase dividends.<br>The international portion of the Fund's portfolio will generally be diversified across a number of foreign countries, and may, at times, comprise a significant majority of the Fund's portfolio. The Fund may also invest up to 15% of its net assets in securities of companies that are listed in, or whose principal business activities are located in, emerging market countries. Emerging markets countries include those defined or classified currently or in the future as an emerging market by the Morgan Stanley Capital International ("MSCI") Emerging Markets Index.<br>The investment process used by Guardian Capital LP, the Fund's sub-adviser (the "Sub-Adviser") in selecting securities for the Fund primarily relies on bottom-up analysis and seeks to identify companies that have the potential for dividend growth, sustainable income, and capital appreciation over time. The Sub-Adviser's quantitative process uses a combination of relative, intrinsic, and artificial intelligence models to rank companies within each economic sector.<br>The relative analysis uses multiple factors, including earnings growth, dividend growth, value, yield, momentum, and quality in order to derive a fundamental rank of a given stock within each sector. The intrinsic analysis projects future cash flow growth and uses customized discount rates and discount models to arrive at an intrinsic valuation target. The artificial intelligence component uses both traditional fundamental datasets and un-structured datasets. The process uses machine learning algorithms to forecast expected earnings and dividend growth rates and also the probability of a dividend cut for each stock. Each of these three models are combined to create a ranking of all stocks within each sector to create the universe of stocks available for the Fund's portfolio.<br>A team of portfolio managers then constructs the portfolio based upon the above stock selection process, while taking into account the overall economic environment and the portfolio's exposure to risk. The combination of a systematic stock selection process and a team-refined portfolio construction process results in a diversified portfolio of dividend-paying equity securities that provide above average yield and dividend growth. |

---

Guardian Capital serves as investment adviser to the Target Fund and is responsible for day-to-day investment management of the Fund pursuant to an investment advisory agreement between Guardian Capital and CST. Sterling Capital will serve as investment adviser to the Acquiring Fund pursuant to an investment advisory agreement between Sterling Capital and the Sterling Trust. Guardian Capital will serve as investment sub-adviser to the Acquiring Fund, responsible for day-to-day investment management of the Acquiring Fund subject to oversight by the Sterling Trust and Sterling Capital, pursuant to an investment subadvisory agreement between Sterling Capital and Guardian Capital. Sterling Capital will pay Guardian Capital for its services to the Acquiring Fund out of the investment advisory fee Sterling Capital receives from the Acquiring Fund.

Each Fund's investment policy with respect to the investment of 80% of such Fund's net assets may be changed by the applicable Fund's Board without shareholder approval as long as shareholders are given 60 days' advance written notice of the change.

**Comparison of Principal Investment Risks**

This section will help you compare the risks of the Target Fund and the Acquiring Fund. Because the Funds have the same investment objective and substantially similar investment strategies, they are generally subject to the same risks. The following specific factors have been identified as the principal risks of investing in the Acquiring Fund, and these risks are also applicable to the Target Fund, except where otherwise noted.

While there are certain differences between the Acquiring Fund's and the Target Fund's risk disclosures, Guardian Capital and Sterling Capital do not expect the differences in the disclosure or description of such risks to result in or reflect any material differences in how the Acquiring Fund will be managed relative to how the Target Fund is currently managed. For example, the Acquiring Fund may include additional risks or use different terminology to describe the risks applicable to such Fund's principal investment strategies that are intended to clarify the risks associated with an investment in the Acquiring Fund.

---

| |
|:---|
| **Principal Risks Applicable to both the Target Fund and Acquiring Fund** |
| **Foreign Currency Transaction Risk**: Funds that invest directly in foreign currencies and in securities that trade in, or receive revenues in, foreign currencies are subject to the risk that those currencies will fluctuate in value relative to the U.S. dollar. |
| **Market Risk**: The possibility that the Fund's investment holdings will decline in price because of a market decline, or other domestic, regional, or global events. Markets generally move in cycles, with periods of rising prices followed by periods of falling prices. The value of your investment will tend to increase or decrease in response to these movements. |
| **Dividend Risk**: Companies that issue dividend-yielding securities are not required to continue to pay dividends on such securities. Therefore, there is the possibility that such companies could reduce or eliminate the payment of dividends in the future. |
| **Company-Specific Risk**: The possibility that a particular stock may lose value due to factors specific to the company itself, including deterioration of its fundamental characteristics, an occurrence of adverse events at the company, or a downturn in its business prospects. *(This is not a listed risk of the Target Fund)* |
| **Investment Style Risk**: The possibility that a market segment on which this Fund focuses — e.g., large-cap stocks, mid-cap stocks and growth stocks — will underperform other kinds of investments or market averages. A stock owned primarily for its growth characteristics may start to underperform abruptly. There can be no guarantee that the factors that the Fund's investment adviser considers in selecting stocks, and the weight that the adviser puts on each factor, will be effective in identifying and capitalizing on stock price anomalies. *(This is not a listed risk of the Target Fund)* |
| **Foreign Custody Risk**: The Fund may hold foreign securities and cash with foreign banks, agents, and securities depositories. Such foreign banks or securities depositories may be subject to limited regulatory oversight. The laws of certain countries also may limit the Fund's ability to recover its assets if a foreign bank or depository enters into bankruptcy. |
| **Foreign Investment Risk**: Foreign securities involve risks not typically associated with investing in U.S. securities. Foreign securities may be adversely affected by various factors, including currency fluctuations and social, economic or political instability. These risks are particularly pronounced for emerging markets. |
| **Emerging Markets Risk**: The risks associated with foreign investments (see "Foreign Investment Risk" above) are particularly pronounced in connection with investments in emerging markets. |
| **ADR Risk**: Investments in ADRs are subject to many of the same risks that are associated with direct investments in securities of foreign issuers (see, "Foreign Investment Risk" above). These risks may adversely affect the value of the Fund's investments in ADRs. In addition, ADRs may not track the price of the underlying foreign securities, and their value may change materially at times when the U.S. markets are not open for trading. In a sponsored ADR arrangement, the foreign issuer assumes the obligation to pay some or all of the depository's transaction fees. Under an unsponsored ADR arrangement, the foreign issuer assumes no obligations and the depositary's transaction fees are paid directly by the ADR holders. Because unsponsored ADR arrangements are organized independently and without the cooperation of the issuer of the underlying securities, available information concerning the foreign issuer may not be as current as for sponsored ADRs and voting rights with respect to the deposited securities are not passed through. |

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|:---|
| **Large Company Risk**: Larger, more established companies may be unable to attain the high growth rates of successful, smaller companies, especially during extended periods of economic expansion. Larger, more established companies may be unable to respond quickly to new competitive challenges such as changes in consumer tastes or innovative smaller competitors, potentially resulting in lower market prices for their common stock. |
| **Management Risk**: The risk that an investment technique used by the Fund's portfolio manager may fail to produce the intended result. |
| **Focused Investment Risk**: Investments focused in asset classes, countries, regions, sectors, industries, or issuers that are subject to the same or similar risk factors and investments whose prices are closely correlated are subject to greater overall risk than investments that are more diversified or whose prices are not as closely correlated. *(This is not a listed risk of the Target Fund)* |
| **MLP Risk**. Investments in MLPs are generally subject to many of the risks that apply to partnerships. For example, holders of the units of MLPs may have limited control and limited voting rights on matters affecting the partnership. MLPs that concentrate in a particular industry or region are subject to risks associated with such industry or region. Investments held by MLPs may be illiquid. Certain MLPs may also be subject to leverage risk. MLPs in which the Fund invests will generally be treated as qualified publicly traded partnerships for U.S. federal income tax purposes. If an MLP in which the Fund invests were treated as a partnership for U.S. federal income tax purposes, the Fund would be required to include in its taxable income its allocable share of the MLP's income regardless of whether any distributions are made by the MLP. If the distributions received by the Fund are less than that Fund's allocable share of the MLP's income, the Fund may be required to sell other securities so that it may satisfy the requirements to qualify as a regulated investment company and avoid U.S. federal income and excise taxes. See "Additional Tax Information" below for more information. |
| **Mid Capitalization Company Risk**: Investments in middle capitalization companies may be riskier, more volatile and more vulnerable to economic, market and industry changes than investments in larger, more established companies. As a result, share price changes may be more sudden or erratic than the prices of other equity securities, especially over the short term. |
| **Operational and Technology Risk**: Cyber-attacks, disruptions, or failures that affect the Fund's service providers, counterparties, market participants, or issuers of securities held by the Fund may adversely affect the Fund and its shareholders, including by causing losses for the Fund or impairing Fund operations. |

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|:---|
| **Quantitative Model Risk**: The Fund's portfolio managers may use quantitative models as part of their investment process. Securities or other investments selected using quantitative methods may perform differently from the market as a whole or from their expected performance for many reasons, including factors used in building the quantitative analytical framework, the weights placed on each factor, and changing sources of market returns. There can be no assurance that these methodologies will produce the desired results or enable the Fund to achieve its objectives. A given model may be more effective with certain instruments or strategies than others, and there can be no assurance that any model can identify and incorporate all factors that will affect an investment's price or performance. When models prove to be incorrect or incomplete, including because data is stale, missing or unavailable, any decisions made in reliance thereon expose the Fund to potential risks. Models rely on correct data inputs. If incorrect data is entered into even a well-founded model, the resulting information will be incorrect. *(This is not a listed risk of the Target Fund)* |
| **AI Risk**: The Fund's portfolio managers, the Fund and the issuers in which they invest, service providers, and other market participants may utilize AI technologies in investment and business operations. It is possible that the information provided through use of AI could be insufficient, incomplete, inaccurate or biased leading to adverse effects for the Fund, including, potentially, operational errors and investment losses. The legal and regulatory frameworks within which AI technologies operate continue to rapidly evolve, and it is not possible to predict the full extent of current or future risks related thereto. *(This is not a listed risk of the Target Fund)* |
| **Real Estate-Related Investment and REIT Risk**: Real estate-related investments may decline in value as a result of factors affecting the real estate industry. Risks associated with investments in securities of companies in the real estate industry include decline in the value of the underlying real estate, default, prepayment, changes in value resulting from changes in interest rates and demand for real and rental property, and the management skill and creditworthiness of REIT issuers. The Fund will indirectly bear its proportionate share of expenses, including management fees, paid by each REIT in which the Fund invests. |
| **Legal and Regulatory Risk**. Legal, tax, and regulatory changes could occur during the term of the Fund that may adversely affect the Fund. New (or revised) laws or regulations or interpretations of existing law may be issued by the IRS or Treasury Department, the Commodity Futures Trading Commission, the SEC, the U.S. Federal Reserve or other banking regulators, or other governmental regulatory authorities, or self-regulatory organizations that supervise the financial markets that could adversely affect the Fund. |
| **Sector Risk**. The risk that a fund comprised of companies with similar characteristics will be more susceptible to any economic, business, political, or other developments that generally affect these entities. Developments affecting companies with similar characteristics might include changes in interest rates, changes in the economic cycle affecting credit losses and regulatory changes. |
| **Warrants and Rights Risk**: The Fund may purchase warrants and rights, or it may acquire ownership of such investments by virtue of its ownership of common stocks. Investments in warrants and rights involve certain risks, including the possible lack of a liquid market for resale, potential price fluctuations as a result of speculation or other factors, and failure of the price of the underlying security to reach or have reasonable prospects of reaching a level at which the warrant or right can be prudently exercised. |

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The following risks are applicable to the Target Fund. These risks also generally apply to the Acquiring Fund but do not represent a material change in risks between the Target Fund and the Acquiring Fund.

**Investment Company Risk:** Investing in another investment company or pooled vehicle, including exchange-traded funds ("ETFs") and business development companies, subjects a fund to that company's risks, including the risk that the investment company or pooled vehicle will not perform as expected. The Adviser may have an economic incentive to invest a portion of the Fund's assets in investment companies sponsored or managed by the Adviser or its affiliates in lieu of investments by the Fund directly in portfolio securities, or may choose to invest in such investment companies over investment companies sponsored or managed by others. Similarly, the Adviser may delay or decide against the sale of interests held by the Fund in investment companies sponsored or managed by the Adviser or its affiliates, where it might do otherwise if the Fund were invested in investment companies managed or sponsored by others.

**Issuer Risk**. The Target Fund will be affected by factors specific to the issuers of securities and other instruments in which the Fund invests, including actual or perceived changes in the financial condition or business prospects of such issuers.

**Equity Security Risk**. The value of equity securities is influenced by a number of factors which may relate directly to the issuer of the equity securities or broader economic or market events including changes in interest rates. Common stock ranks below preferred stock and debt securities in claims for dividends and for assets of the company issuing the equity securities in a liquidation or bankruptcy.

D. Comparison of Investment Restrictions

The fundamental limitations of the Target Fund and the Acquiring Fund are set forth below. The fundamental investment limitations of the Target Fund and Acquiring Fund are substantially similar.

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| | | |
|:---|:---|:---|
| **Target Fund Investment Restrictions** | &nbsp;&nbsp;&nbsp;**Acquiring Fund Investment Restrictions** | **Differences** |
| **Diversification**. The Target Fund is operated as a diversified fund. | &nbsp;&nbsp;&nbsp;As a diversified fund, as to 75% of its total assets, may not purchase securities of any issuer (other than obligations of, or guaranteed by, the U.S. government, its agencies or its instrumentalities) if, as a result, more than 5% of the value of its total assets would be invested in the securities of such issuer or more than 10% of the issuer's voting securities would be held by the fund. | No material differences. |

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| | | |
|:---|:---|:---|
| **Target Fund Investment Restrictions** | &nbsp;&nbsp;&nbsp;**Acquiring Fund Investment Restrictions** | **Differences** |
| **Concentration.** The Target Fund will not invest 25% or more of its total assets in a particular industry or industry group. This limitation is not applicable to investments in obligations issued or guaranteed by the U.S. Government, its agencies and instrumentalities or repurchase agreements with respect thereto. With respect to the percentages adopted by the Trust as maximum limitations on the Fund**'**s investment policies and limitations, an excess amount above the fixed percentage will not be a violation of the policy or limitation unless the excess amount results immediately and directly from the acquisition of any security or the action taken. This paragraph does not apply to the borrowing policy set forth above. | &nbsp;&nbsp;&nbsp;The Acquiring Fund may not purchase any securities that would cause 25% or more of the value of such Fund's total assets at the time of purchase to be invested in securities of one or more issuers conducting their principal business activities in the same industry, provided that (a) there is no limitation with respect to obligations issued or guaranteed by the U.S. government or its agencies or instrumentalities and repurchase agreements secured by obligations of the U.S. government or its agencies or instrumentalities; (b) wholly-owned finance companies will be considered to be in the industries of their parents if their activities are primarily related to financing the activities of their parents; and (c) utilities will be divided according to their services. For example, electric utilities, gas utilities, and water utilities will each be considered a separate industry. | No material differences. |
| **Borrowing.** The Target Fund will not borrow money, except (a) from a bank, provided that immediately after such borrowing there is an asset coverage of 300% for all borrowings of a Fund; or (b) from a bank or other persons for temporary purposes only, provided that such temporary borrowings are in an amount not exceeding 5% of a Fund**'**s total assets at the time when the borrowing is made. This limitation does not preclude a Fund from entering into reverse repurchase transactions, provided that the Fund has an asset coverage of 300% for all borrowings and repurchase commitments of the Fund pursuant to reverse repurchase transactions. | &nbsp;&nbsp;&nbsp; The Acquiring Fund may borrow money or lend to the extent permitted by the Investment Company Act, or the rules or regulations thereunder as such statute, rules or regulations may be amended from time to time, or by regulatory guidance or interpretation of such statute, rules or regulations. | No material differences. |

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| | | |
|:---|:---|:---|
| **Target Fund Investment Restrictions** | &nbsp;&nbsp;&nbsp;**Acquiring Fund Investment Restrictions** | **Differences** |
| **Senior Securities**. The Target Fund will not issue senior securities. This limitation is not applicable to activities that may be deemed to involve the issuance or sale of a senior security by a Fund, provided that the Fund**'**s engagement in such activities is consistent with or permitted by the Investment Company Act, the rules and regulations promulgated thereunder or interpretations of the SEC or its staff. | &nbsp;&nbsp;&nbsp;The Acquiring Fund may issue senior securities to the extent permitted by the Investment Company Act, or the rules or regulations thereunder as such statute, rules or regulations may be amended from time to time, or by regulatory guidance or interpretation of such statute, rules or regulations. | No material differences. |
| **Commodities.** The Target Fund will not purchase or sell commodities unless acquired as a result of ownership of securities or other investments. This limitation does not preclude a Fund from purchasing or selling options or futures contracts, including commodities futures contracts, from investing in securities or other instruments backed by commodities or from investing in companies which are engaged in a commodities business or have a significant portion of their assets in commodities. | &nbsp;&nbsp;&nbsp;The Acquiring Fund may purchase or sell commodities, commodities contracts, or future contracts or real estate to the extent permitted by the Investment Company Act, or the rules or regulations thereunder as such statute, rules or regulations may be amended from time to time, or by regulatory guidance or interpretation of such statute, rules or regulations. | The Target Fund restriction may be more restrictive in that it restricts purchase or sales of certain commodities except as a result of ownership of securities or other investments. This could be more restrictive than the Acquiring Fund's policy to allow such investments in accordance with applicable law. |

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| | | |
|:---|:---|:---|
| **Target Fund Investment Restrictions** | &nbsp;&nbsp;&nbsp;**Acquiring Fund Investment Restrictions** | **Differences** |
| **Underwriting.** The Target Fund will not act as underwriter of securities issued by other persons. This limitation is not applicable to the extent that, in connection with the disposition of portfolio securities (including restricted securities), a Fund may be deemed an underwriter under certain federal securities laws. | &nbsp;&nbsp;&nbsp;The Acquiring Fund's Statement of Additional Information ("SAI") notes that to the extent permitted by the "Investment Restrictions" section, the Fund may underwrite securities to the extent permitted by the Investment Company Act, or the rules and regulations thereunder, as such statute, rules or regulations may be amended from time to time, or by regulatory guidance or interpretations of such statute, rules or regulations. | The Target Fund restricts the Fund from acting as an underwriter of securities, whereas the Acquiring Fund does not have such a limitation. The Target Fund's limitation can only be changed with shareholder approval. |
| **Real Estate.** The Target Fund will not purchase or sell real estate. This limitation is not applicable to investments in marketable securities which are secured by or represent interests in real estate. This limitation does not preclude a Fund from investing in mortgage-related securities or investing in companies engaged in the real estate business or that have a significant portion of their assets in real estate (including REITs). | &nbsp;&nbsp;&nbsp;See Commodities limitation above. | The Target Fund restriction may be more restrictive in that it restricts purchase or sales of real estate except for a list of designated instruments. This could be more restrictive than the Acquiring Fund's policy to allow such investments in accordance with applicable law. |
| **Loans.** The Target Fund will not make loans to other persons, except (a) by loaning portfolio securities, (b) by engaging in repurchase agreements, dollar rolls and similar transactions consistent with applicable law, or (c) by purchasing non-publicly offered debt securities. For purposes of this limitation, the term **"**loans**"** shall not include the purchase of a portion of an issue of publicly distributed bonds, debentures, or other securities. | &nbsp;&nbsp;&nbsp;The Acquiring Fund's SAI notes that the Investment Company Act restricts the ability of any mutual fund to lend. Under the Investment Company Act, the Acquiring Fund may only make loans if expressly permitted to do so by the Acquiring Fund's investment policies, and the Acquiring Fund may not make loans to persons who control or are under common control with the Acquiring Fund. Thus, the Investment Company Act effectively prohibits the Acquiring Fund from making loans to certain persons when conflicts of interest or undue influence are most likely present. | The Target Fund's restriction may be more restrictive in that it restricts all loans except for a list of designated instruments/transactions whereas the Acquiring Fund does not have such a limitation. The Target Fund's limitation can only be changed with shareholder approval. |

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The Target Fund has adopted the following non-fundamental investment restrictions which may be changed by the CST Board without the approval of the Target Fund's shareholders. The Target Fund may not:

**Pledging**. The Target Fund will not mortgage, pledge, hypothecate or in any manner transfer, as security for indebtedness, any assets of the Fund except as may be necessary in connection with borrowings described in limitation (1) above. Margin deposits, security interests, liens, and collateral arrangements with respect to transactions involving options, futures contracts, short sales and other permitted investments and techniques are not deemed to be a mortgage, pledge or hypothecation of assets for purposes of this limitation.

**Borrowing**. The Target Fund will not purchase any security while borrowings (including reverse repurchase agreements) representing more than 5% of its total assets are outstanding.

**Illiquid Securities**. The Target Fund will not invest greater than 15% of its net assets in illiquid or restricted securities.

The Acquiring Fund has adopted the following non-fundamental investment restriction, which the Target Fund has not adopted:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Acquiring Fund may not purchase securities on margin, except that the Acquiring Fund may obtain such
short-term credits as are necessary for the clearance of portfolio transactions, and the Acquiring Fund may make margin payments in connection
with futures contracts, options, forward contracts, swaps, caps, floors, collars and other financial instruments.

E. Comparison of Investment Advisory Agreements

***Investment Advisory Agreements***

<u>Target Fund Advisory Agreement</u>. Guardian Capital serves as investment adviser to the Target Fund pursuant to an investment advisory agreement between CST and Guardian Capital (the "Target Fund Advisory Agreement"). The Target Fund Advisory Agreement describes the services Guardian Capital provides to the Target Fund, which generally include the provision of general investment advice and guidance to the Target Fund, research support and compliance/compliance oversight services. Guardian Capital also provides trading, proxy voting, record-keeping, and other administrative services for the Funds, subject to oversight by the CST Board.

Pursuant to the Target Fund Advisory Agreement, Guardian Capital is entitled to receive an annual fee of 0.75% of the Guardian Dividend Fund's average daily net assets. Guardian Capital has contractually agreed to waive its management fee and/or reimburse expenses so that total annual operating expenses for the Target Fund (excluding (i) interest; (ii) taxes; (iii) brokerage fees and commissions; (iv) other extraordinary expenses not incurred in the ordinary course of the Fund's business; (v) dividend expense on short sales; and (vi) indirect expenses such as acquired fund fees and expenses) do not exceed 0.95% of the Target Fund's average daily net assets through January 31, 2027 (the "Expense Limitation"). During any fiscal year that the Target Fund Advisory Agreement is in effect, Guardian Capital may recoup the sum of all fees previously waived or expenses reimbursed, less any reimbursement previously paid, provided that Guardian Capital is only permitted to recoup fees or expenses within 36 months from the date the fee waiver or expense reimbursement first occurred and provided further that such recoupment can be achieved within the Expense Limitation Agreement currently in effect and the Expense Limitation Agreement in place when the waiver/reimbursement occurred. This Expense Limitation Agreement may not be terminated by Guardian Capital prior to its expiration date, but the CST Board may terminate such agreement at any time. The Expense Limitation Agreement terminates automatically upon the termination of the Target Fund Advisory Agreement.

Under the terms of the Target Fund Advisory Agreement, Guardian Capital is not liable to CST, the Target Fund or any Target Fund shareholders for any mistake of judgment or mistake of law, for any loss arising out of any investment, or for any act or omission taken or in any event whatsoever in the absence of: (i) bad faith, willful misfeasance or negligence in the performance of Guardian Capital's duties or obligations under the agreement or (ii) Guardian Capital's reckless disregard of its duties and obligations under the agreement. The Target Fund Advisory Agreement also includes reciprocal indemnification provisions between CST and Guardian Capital, subject to a negligence standard.

The Target Fund Advisory Agreement may be terminated at any time, without the payment of any penalty: (i) by the CST Board or by a vote of a majority of the outstanding voting securities of the Target Fund on 60 days' written notice to the Guardian Capital; or (ii) by Guardian Capital on 60 days' written notice to CST. In addition, the Target Fund Advisory Agreement will terminate automatically upon its assignment.

The Target Fund paid Guardian Capital the following management fee for the following fiscal periods:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Fiscal Year Ended** | **Advisory Fees Accrued** | **Fee Waiver/Expense Reimbursement** | **Advisory Fees Recouped** | **Advisory Fees Paid** |
| September 30, 2025 | $293126 | ($153104) | $0 | $140022 |
| September 30, 2024 | $182987 | ($154852) | $0 | $28135 |
| September 30, 2023 | $151989 | ($144066) | $0 | $7923 |

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A discussion summarizing the basis of the CST Board's approval of the Target Fund Advisory Agreement between the Target Fund and Guardian Capital is included in the Target Fund's Form N-CSR for the fiscal year ended September 30, 2025.

<u>Acquiring Fund Advisory Agreement</u>. Sterling Capital will serve as the investment adviser to the Acquiring Fund, pursuant to an investment advisory agreement between the Sterling Trust and Sterling Capital (the "Acquiring Fund Advisory Agreement"). The Acquiring Fund Advisory Agreement describes the services Sterling Capital will provide to the Acquiring Fund, which generally includes oversight of the day-to-day investment decisions of the Fund and continuous review, supervision and administration of the Fund's investment programs, subject to oversight by the Board of Trustees of the Sterling Trust (the "Sterling Trust Board").

The Acquiring Fund Advisory Agreement will continue in effect until January 31, 2027 and from year to year thereafter with respect to the Acquiring Fund so long as it is specifically approved at least annually in the manner required by the Investment Company Act. For its services under the Acquiring Fund Advisory Agreement, Sterling Capital will be entitled to a fee at the annual rate of 0.75% of the Acquiring Fund's average daily net assets. Sterling Capital has contractually agreed to waive its fees, pay Acquiring Fund operating expenses, and/or reimburse the Acquiring Fund to the extent that the total annual fund operating expenses of the Acquiring Fund (other than acquired fund fees and expenses, interest, taxes, and extraordinary expenses) exceed 0.95% through January 31, 2027. This contractual limitation may be terminated during this period only by the Acquiring Fund's Board of Trustees and will automatically terminate upon termination of the Acquiring Fund Advisory Agreement.

The standard of care under the Acquiring Fund Advisory Agreement is a gross negligence standard. In addition, unlike the Target Fund Advisory Agreement, the Acquiring Fund Advisory Agreement does not contain reciprocal indemnification provisions between the Sterling Trust and Sterling Capital.

The Acquiring Fund has not commenced operations and does not have any management fee information to report.

A discussion summarizing the basis of the Sterling Trust Board's approval of the Acquiring Fund Advisory Agreement will be included in the Acquiring Fund's first Form N-CSR filing.

<u>Acquiring Fund Sub-Advisory Agreement</u>. Guardian Capital will serve as the investment sub-adviser to the Acquiring Fund, pursuant to an investment sub-advisory agreement between Sterling Capital and Guardian Capital (the "Acquiring Fund Sub-Advisory Agreement"). The Acquiring Fund Sub-Advisory Agreement describes the services Guardian Capital will provide to the Acquiring Fund, which generally include management of and investment recommendations relating to the securities and other assets of the Acquiring Fund, subject to oversight by Sterling Capital and the Sterling Trust Board.

The Acquiring Fund Sub-Advisory Agreement will continue in effect until January 31, 2027 and from year to year thereafter with respect to the Acquiring Fund so long as it is specifically approved at least annually in the manner required by the Investment Company Act. Sterling Capital will pay Guardian Capital for its services to the Acquiring Fund out of the investment advisory fee Sterling Capital receives from the Acquiring Fund (the "Subadvisory Fee"). The Subadvisory Fee shall be reduced pro rata to the extent that Sterling Capital, pursuant to a contractual waiver or reimbursement arrangement with the Acquiring Fund, waives fees or reimburses expenses payable by the Acquiring Fund to the Adviser.

A discussion summarizing the basis of the Sterling Trust Board's approval of the Acquiring Fund Sub-Advisory Agreement will be included in the Acquiring Fund's first Form N-CSR filing.

F. Comparison of Distribution, Purchase and Redemption, and Distribution Plan

The Target Fund and the Acquiring Fund have substantially similar distribution procedures, purchase and redemption procedures, and distribution plans, except that the Target Fund requires a $2,500 minimum initial investment for Institutional Class shares and a $100 minimum subsequent investment ($50 for automatic investment contributions), while the Acquiring Fund requires a $1,000,000 minimum initial investment and no minimum for subsequent investments for Institutional Class shares. Target Fund shareholders will not be subject to the minimum initial investment amount of $1 million when receiving Institutional Class shares of the Acquiring Fund in the Reorganization.

A summary comparison of the Target Fund's and the Acquiring Fund's distribution procedures, purchase and redemption procedures, and distribution plans is set forth below.

 

***Distributions and Dividend Reinvestment Plan***

 ****

The Target Fund typically distributes to its respective shareholders, as dividends, substantially all of its net investment income and realized net capital gains. The Target Fund's distributions, including any distributions of return of capital, are automatically reinvested in the Target Fund unless the shareholder requests cash distributions via the fund application or through a written request to the Target Fund.

The Acquiring Fund will automatically reinvest all dividends and distributions unless a shareholder specifically requests otherwise. There are no sales charges for reinvested distributions. Income dividends for the Acquiring Fund will be declared and paid quarterly to the extent they exceed a de minimis amount set by the Acquiring Fund's Board of Trustees. The Acquiring Fund will normally distribute its net investment income and net realized capital gains, if any, to shareholders. Any such distributions are generally taxable to you as ordinary income or capital gains, unless you are investing through a tax-advantaged arrangement, such as a 401(k) plan (which may be taxable upon withdrawal) or an individual retirement account (which may be taxable upon withdrawal).

***Purchase and Redemption***

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Institutional Class shares of each Fund are sold without a sales charge. The Target Fund and the Acquiring Fund have similar procedures for purchases and sales of Fund shares.

Target Fund shares can be purchased directly from the Target Fund or other financial institutions. Target Fund shares are available for purchase for a minimum initial investment of $2,500. The minimum subsequent investment is $100 ($50 for automatic investment contributions). The Target Fund may waive or lower investment minimums for investors who invest in the Target Fund through an asset-based fee program made available through a financial intermediary. If a shareholder purchases or redeems shares directly from the Target Fund, the shareholder will not incur charges on purchases and redemptions.

Acquiring Fund shares can be purchased directly from the Acquiring Fund or other financial institutions. The minimum initial investment in Institutional Class shares of the Acquiring Fund is $1,000,000. A shareholder's minimum investment can be calculated by combining all accounts he/she maintains with the Sterling Trust. Investors purchasing shares through financial service providers or intermediaries approved by the Acquiring Fund and other investors approved by the Acquiring Fund are not subject to a minimum initial investment requirement.

***Methods of Redemption by the Acquiring Fund***

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Shareholders may sell shares of the Acquiring Fund at any time. The sales price will be the next NAV determined after the sell order is received in good order by the Fund, its transfer agent, or the shareholder's investment representative. Under normal conditions, the Acquiring Fund typically expects to use cash for redemption payments. The Fund, however, has the right to use assets other than cash (or a combination of cash and other assets) for redemption payments (including payment in securities, known as "redemption in kind") and is more likely to do so during times of deteriorating market conditions or market stress, in cases where a significant portion of the Acquiring Fund's portfolio is comprised of less-liquid securities or in the case of a very large redemption that could affect Acquiring Fund operations. In cases where the Acquiring Fund uses assets other than cash for redemption payments, the value of the non-cash assets will be determined as of the redemption date; the value of the assets when received by the redeeming shareholder may be lower (or higher) than their value as of the redemption date. Redemptions paid with portfolio assets other than cash may require shareholders to enter into new custodial arrangements if they do not have accounts available for holding securities and other assets directly. If the Acquiring Fund deems redemption in kind advisable for the benefit of all shareholders, redemption in kind will consist of assets other than cash (or a combination of cash and other assets) equal in market value to the shares being redeemed. Redemptions in kind will generally result in one of the following: (i) a pro rata distribution of each security and other assets, which may include cash; (ii) a distribution of securities and other assets (which may include cash) that are representative of the Acquiring Fund's portfolio; (iii) a non-pro rata distribution of one or more individual securities and other assets (which may include cash); or (iv) a portion distributed on a pro rata basis and a portion distributed on a non-pro rata basis of individual securities and other assets, which may include cash. When you convert any securities distributed to you to cash, you may pay taxes and brokerage charges. Any securities received will also be subject to market risk until sold.

***Pricing of Acquiring Fund Shares***

 ****

The per share NAV of the Acquiring Fund is calculated by adding the total value of the Acquiring Fund's investments and other assets, subtracting its liabilities, and then dividing that figure by the number of outstanding shares of the Acquiring Fund. The per share NAV for the Acquiring Fund is determined, and its shares are priced as of close of regular trading on the NYSE, normally at 4:00 p.m. Eastern time on days the NYSE is open for regular trading. On any day that the bond or stock markets close early, such as days in advance of or following holidays or in the event of an emergency, the Fund reserves the right to advance the time NAV is determined and by which purchase, redemption, and exchange orders must be received on that day. Your order for purchase, sale or exchange of shares is priced at the next NAV calculated after your order is received in good order by the Acquiring Fund. This is what is known as the offering price. The Acquiring Fund's securities are generally valued at current market prices. If market quotations are not readily available, or if available market quotations are determined not to be reliable, or if a security's value has been materially affected by events occurring after the close of trading on the exchange or market on which the security is traded, but before the Acquiring Fund's NAV is calculated, prices will be based on fair value as determined by the Sterling Trust's Pricing Committee (the "Pricing Committee") pursuant to procedures established by the Acquiring Fund's Board of Trustees.

 **

***Financial Intermediary Support Payments by the Acquiring Fund***

 **

<u>Revenue Sharing</u>

Sterling Capital and/or its affiliates will under certain circumstances pay out of their own assets (and not as an additional charge to the Acquiring 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 Acquiring Fund investors and Acquiring 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 Acquiring Fund. These additional payments may be made to supplement commissions reallowed to dealers, and will take various forms, including: (1) due diligence payments for a financial intermediary's examination of the Acquiring Fund and payments for employee training and education relating to the Acquiring Fund; (2) listing fees for the placement of the Acquiring Fund on a financial intermediary's list of mutual funds available for purchase by its clients; (3) fees for providing assistance in promoting the sale of shares; (4) payments in connection with attendance at sales meetings for the promotion of the sale of shares; and (5) payments for the sale of shares and/or the maintenance of share balances. The amount of these payments is determined at the discretion of Sterling Capital 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 the Acquiring Fund or a particular share class of the Acquiring Fund. You should review your financial intermediary's compensation disclosure and/or talk to your financial advisor for additional information.

<u>Shareholder Service Fees</u>

The Acquiring Fund may also directly enter into agreements with financial intermediaries pursuant to which the Acquiring Fund will pay the financial intermediary for services such as networking or sub-transfer agency services. Payments by the Acquiring Fund made pursuant to such agreements are generally based on either (1) a percentage of the average daily net assets of clients serviced by such financial intermediary up to a set maximum dollar amount per shareholder account serviced, or (2) the number of accounts serviced by such financial intermediary, with a maximum per account charge for each account serviced. Payments made pursuant to such agreements are in addition to any Rule 12b-1 fees the financial intermediary may also be receiving pursuant to agreements with the Distributor and the revenue sharing payments discussed above.

***Distribution Plans***

 ****

The Target Fund and the Acquiring Fund have not adopted a distribution and service plan under Rule 12b-1 under the Investment Company Act with respect to Institutional Class shares of each Fund.

G. Key Information about the Reorganization

The following is a summary of key information concerning the Reorganization. Keep in mind that more detailed information appears in the Plan, the form of which is attached to this Proxy Statement/Prospectus as <u>Exhibit B</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Agreement and Plan of Reorganization

At the Special Meeting, the shareholders of the Target Fund will be asked to approve the Plan to reorganize the Target Fund into the Acquiring Fund. The Acquiring Fund is a newly created series of the Sterling Trust. If the Plan is approved by the shareholders of the Target Fund and the Reorganization is completed, the Target Fund will transfer all of its assets to the Acquiring Fund in exchange for (i) a number of shares of the Acquiring Fund with an aggregate NAV equal to the aggregate NAV of the Target Fund as of the closing date of the Reorganization, and (ii) the assumption by the Acquiring Fund of all of the Target Fund's liabilities. Immediately thereafter, the Target Fund will distribute the shares of the Acquiring Fund in exchange for the Target Fund shares held by Target Fund shareholders and in proportion to the relative NAV of their holdings of shares of the Target Fund in complete liquidation of the Target Fund. The expenses associated with the Reorganization will be borne by Sterling Capital (or its affiliates). Certificates evidencing Acquiring Fund shares will not be issued to the Target Fund's shareholders. Upon completion of the Reorganization, each shareholder of the Target Fund will own a number of shares of the Acquiring Fund equal in value to the aggregate value of such shareholder's shares of the Target Fund at the time of the exchange.

The Reorganization is subject to a number of conditions, including, without limitation, the approval of the Plan by the shareholders of the Target Fund and the receipt of a legal opinion from tax counsel to each of the Target Fund and Acquiring Fund with respect to the U.S. federal income tax consequences of the Reorganization. Assuming satisfaction of the conditions in the Plan, the Reorganization is expected to be effective on March 30, 2026 or such other date agreed to by CST and the Sterling Trust.

The Plan may be amended, modified, or supplemented in such manner as may be mutually agreed upon in writing by the authorized officers of the Target Fund and the Acquiring Fund, notwithstanding approval of the Plan by the Target Fund's shareholders, provided that following approval by Target shareholders no such amendment may have the effect of changing the provisions for determining the number of shares of the Acquiring Fund to be issued to the shareholders of the Target Fund to the detriment of such shareholders without their further approval. In addition, the Plan may be terminated at any time prior to the closing of the Reorganization by the mutual agreement of the Sterling Trust, on behalf of the Acquiring Fund, and CST, on behalf of the Target Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Description of the Acquiring Fund's Shares

The Acquiring Fund's shares issued to the shareholders of the Target Fund pursuant to the Reorganization will be duly authorized, validly issued, fully paid and non-assessable when issued, will be transferable without restriction and will have no preemptive or conversion rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Board Considerations Relating to the Reorganization

The CST Board considered and discussed the Reorganization with representatives of Guardian Capital and Sterling Capital at a meeting held on October 23, 2025. The CST Board, based on these considerations and the recommendation of Guardian Capital, approved the Reorganization and the solicitation of shareholders of the Target Fund to vote on the Plan.

In considering the Reorganization, the CST Board and the Independent Trustees reviewed information provided by the Sterling Trust, Sterling Capital and Guardian Capital in response to an information request addressing, among other information, things, the nature and structure of the Reorganization, the proposed impact and benefits to shareholders, any changes in portfolio strategy, management, or design, and the tax impact of the Reorganization. At a meeting on October 23, 2025, Sterling Capital and Guardian Capital presented their reasoning for the Reorganization of the Target Fund into the Acquiring Fund and recommended that the CST Board approve the Reorganization. Among the reasons provided and factors considered were:

● that the Reorganization was recommended by Guardian Capital, the current adviser to the Target Fund and the proposed sub-adviser to the Acquiring Fund;

● representations made by Sterling Capital concerning potential economies of scale and other benefits of having all of the SEC registered funds advised by Guardian Capital and Sterling Capital operate as part of a single fund family with the same corporate governance, operational and compliance platforms, and the benefits of making that change now when all such funds are already required to have proxy votes because of the Adviser Transaction;

● the terms of the Reorganization;

● the expectation that the Reorganization will constitute a reorganization within the meaning of Section 368(a) of the Code and that the Target Fund and its shareholders generally will not recognize gain or loss for U.S. federal income tax purposes in the Reorganization;

● that the Funds have the same investment objectives and substantially similar investment strategies and risks;

● that the Acquiring Fund's portfolio will be managed by portfolio managers who are also members of the portfolio management team that is currently responsible for the day-to-day management of the Target Fund's portfolio;

● that the Acquiring Fund is expected to have the same total annual fund operating expenses as the Target Fund after current contractual expense limitations in place for each Fund;

● the differences in the standard of care for the Target Fund ("negligence") and Acquiring Fund ("gross negligence"), and that counsel to the CST Board discussed with the CST Board that the gross negligence standard is consistent with both applicable law and the advisory agreements of other Sterling Capital Funds and is used by many fund complexes;

● the differences in the fundamental investment restrictions of the Target Fund compared to the Acquiring Fund, and that counsel to the CST Board discussed with the CST Board that while such restrictions were not identically described for each Fund, such disclosures are substantially similar, and any differences are not intended or expected to change the universe of permissible investments for the Acquiring Fund;

● the quality and experience of the Acquiring Fund's service providers;

● the experience and background of the Sterling Trust's Independent Trustees;

● that the Reorganization would not result in the dilution of shareholders' interests;

● that Sterling Capital (or its affiliates), and not the Target Fund, will bear all direct costs of the Reorganization;

● that the Reorganization will be submitted to the shareholders of the Target Fund for their approval;

● that shareholders of the Target Fund who do not wish to become shareholders of the Acquiring Fund may redeem their Target Fund shares before the Reorganization;

● that the Target Fund may benefit from the Sterling Trust's and Guardian Capital's investment advisory experience; and

● that liquidation of the Target Fund (as an alternative to the Reorganization) would generally be a taxable event in which shareholders would recognize gain or loss on their investments for U.S. federal income tax purposes.

The CST Board did not identify any particular information or consideration that was all-important or controlling, and each individual Trustee may have attributed different weights to various factors.

After consideration of these and other factors it deemed appropriate, the CST Board determined that the Reorganization is in the best interests of the Target Fund and that the Reorganization would not otherwise dilute Target Fund shareholders. The CST Board, including all of its Independent Trustees, unanimously approved the Reorganization of the Target Fund, subject to approval by its shareholders. The CST Board noted that if shareholders of the Target Fund do not approve the Reorganization, the Target Fund would not be reorganized into the Acquiring Fund and the CST Board would consider what steps to take, including the possible liquidation of the Target Fund, or the possible continuation of the Target Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Federal Income Tax Consequences

As a condition to the closing of the Reorganization, CST and the Sterling Trust will receive, on behalf of the Target Fund and the Acquiring Fund, a tax opinion from Ropes & Gray LLP, tax counsel to the Sterling Trust, with respect to the Reorganization substantially to the effect that on the basis of existing provisions of the Code, U.S. Treasury regulations promulgated thereunder, current administrative rules, pronouncements and court decisions, and based upon certain facts, assumptions and representations and upon certifications made by the CST, on behalf of the Target Fund, the Sterling Trust, on behalf of the Acquiring Fund, and their respective officers, for U.S. federal income tax purposes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Reorganization will constitute a "reorganization" within the meaning of Section 368(a)
of the Code, and the Acquiring Fund and the Target Fund will each be a "party to a reorganization" within the meaning of Section
368(b) of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Under Section 1032 of the Code, no gain or loss will be recognized by the Acquiring Fund upon the receipt
of the assets of the Target Fund solely in exchange for the Acquiring Fund shares and the assumption by the Acquiring Fund of the liabilities
of the Target Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Under Sections 361 and 357 of the Code, no gain or loss will be recognized by the Target Fund upon the
transfer of its assets to the Acquiring Fund in exchange for the Acquiring Fund shares and the assumption by the Acquiring Fund of the
liabilities of the Target Fund or upon the distribution of the Acquiring Fund shares by the Target Fund to its shareholders in complete
liquidation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Under Section 354 of the Code, no gain or loss will be recognized by the Target Fund shareholders upon
the exchange of their Target Fund shares solely for the Acquiring Fund shares as part of the Reorganization.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Under Section 358 of the Code, the aggregate tax basis for the Acquiring Fund shares received by a Target
Fund shareholder pursuant to the Reorganization will be the same as the aggregate tax basis of the Target Fund shares exchanged therefor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Under Section 1223(1) of the Code, the holding period of the Acquiring Fund shares received by a Target
Fund shareholder will include the period during which the Target Fund shares exchanged therefor were held or treated for federal income
tax purposes as held by such shareholder (provided the Target Fund shares were held as capital assets on the date of the exchange).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Under Section 362(b) of the Code, the tax basis of the assets in the hands of the Acquiring Fund will
be the same as the tax basis of such assets in the hands of the Target Fund immediately prior to the transfer of such assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Under Section 1223(2) of the Code, the holding period of each asset in the hands of the Acquiring Fund
will include the period during which the asset was held or treated for federal income tax purposes as held by the Target Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Acquiring Fund will succeed to and take into account the items of Target Fund described in Section
381(c) of the Code, subject to the conditions and limitations specified in Sections 381, 382, 383 and 384 of the Code and the Regulations
thereunder.

In rendering the opinion, counsel will rely upon, among other things, certain facts and assumptions and certain representations of CST, the Sterling Trust, the Target Fund, and the Acquiring Fund. The condition that the parties to the Reorganization receive such an opinion may not be waived.

No tax ruling has been or will be received from the Internal Revenue Service ("IRS") in connection with the Reorganization. An opinion of counsel is not binding on the IRS or a court, and no assurance can be given that the IRS would not assert, or a court would not sustain, a contrary position.

Although CST is not aware of any adverse state income tax consequences, CST has not made any investigation as to those consequences for the shareholders. **Because each shareholder may have unique tax issues, shareholders should consult their own tax advisors.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Comparison of Forms of Organization and Shareholder Rights

The Target Fund is a series of CST, an Ohio business trust, and the Acquiring Fund is a newly-created series of Sterling Trust, a Massachusetts business trust. In general, while the Ohio statutory requirements and the CST governing documents differ in some respects from Massachusetts business trust statutory requirements and the Sterling Trust governing instrument, in many instances, shareholders of the Target Fund will have the same or similar rights as shareholders of the Acquiring Fund.

Target Fund shareholders can refer to <u>Exhibit D</u> for a summary comparison of various corporate governance topics. The summary is qualified in its entirety by reference to the respective trust instruments and by-laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Capitalization

The following table shows, as of December 31, 2025, (1) the unaudited capitalization of the Target Fund and unaudited capitalization of the Acquiring Fund, and (2) the pro forma combined capitalization of the Acquiring Fund, giving effect to the Reorganization as of that date. The capitalizations of the Target Fund and the Acquiring Fund are likely to be different upon the closing of the Reorganization as a result of daily share purchase, redemption, and market activity.

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| | | | |
|:---|:---|:---|:---|
| **Fund** | **Net Assets** | **Net Asset**<br> **Value**<br> **Per Share** | **Shares**<br> **Outstanding** |
| Target Fund Shares | $42793348 | $14.75 | 2900291 |
| Acquiring Fund Shares | $0 | $0 | 0 |
| Acquiring Fund Shares After the Reorganization *(Pro forma)* | $42793348 | $14.75 | 2900291 |

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The Target Fund will be the accounting and performance survivor following the Reorganization.

H. Additional Information about the Funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Past Performance of the Target Fund

***Performance Summary***

 ****

The performance information below provides some indication of the risks of investing in the Target Fund. The bar chart shows changes in the performance of the Institutional shares from year to year. Effective January 28, 2022, the Target Fund's Class I Shares were renamed Institutional Shares. The table shows the average annual returns of the Target Fund's Institutional Shares for the periods of 1 Year, 5 Years and Since Inception compared to a broad-based market index. Investors should be aware that past performance before and after taxes is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available at no cost by visiting www.guardiancapitalfunds.com or by calling (800) 957-0681 for current performance information.

The Acquiring Fund has not commenced operations as of the date of this Proxy Statement/Prospectus and does not have any performance information. If the Reorganization is approved, the Acquiring Fund will assume the performance history of the Target Fund and the Target Fund will be the accounting survivor of the Reorganization. Sterling Capital will serve as the investment adviser to the Acquiring Fund. Guardian Capital, the current investment adviser to the Target Fund, will serve as the investment sub-adviser to the Acquiring Fund with the same portfolio management team, and will follow the same investment objective, and substantially similar investment strategies and risks as the Target Fund, as described elsewhere in this Proxy Statement/Prospectus.

As of December 31, 2025.

![](fp0097605-1_01.jpg)

**Highest and Lowest Quarter Returns**<br> (for periods shown in the bar chart)

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| | | |
|:---|:---|:---|
| Highest | 10/1/2021 – 12/31/2021 | 15.48% |
| Lowest | 1/1/2020 – 3/31/2020 | (16.16)% |

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| | | | |
|:---|:---|:---|:---|
| **Target Fund** | **1 Year** | **5 Years** | **Since Inception (5/1/19)** |
| Institutional Shares – Before Taxes | 13.45% | 11.37% | 11.57% |
| Institutional Shares – After Taxes on Distributions<sup>(1)</sup> | 7.58% | 9.81% | 10.30% |
| Institutional Shares – After Taxes on Distributions and Sale of Fund Shares<sup>(1)</sup> | 12.10% | 8.96% | 9.27% |
| MSCI World Index (reflects no deduction for fees, expenses or taxes)<sup>(2)</sup> | 21.09% | 12.15% | 13.03% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) After-tax returns are estimated using the highest historical individual
federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's
tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold Target Fund shares through tax-deferred
arrangements such as 401(k) plans or individual retirement accounts. After-tax returns are for Institutional Shares only. The Return
After Taxes on Distributions and Sale of Fund Shares for a period may be greater than the Return After Taxes on Distributions for the
same period if there was a loss realized on the sale of Target Fund shares. The benefit of the tax loss (to the extent it can be used
to offset other gains) may result in a higher return. After-tax returns for other share classes will vary.

&nbsp;&nbsp;&nbsp;&nbsp;(2) The MSCI World Index is an unmanaged free float-adjusted market
capitalization index that is designed to measure global developed market equity performance. Currently the MSCI World Index consists
of the following 23 developed market country indices: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong,
Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the United Kingdom
and the United States. The performance of the index is expressed in terms of U.S. dollars, and does not reflect the deduction of fees
that a mutual fund pays, such as investment management and fund accounting fees, or taxes. Individuals cannot invest directly in a benchmark
index; however, an individual can invest in exchange-traded funds or other investment vehicles that attempt to track the performance
of a benchmark index.

Financial Highlights for the Target Fund are provided in <u>Exhibit C</u>.

The Acquiring Fund has not commenced operations and therefore does not have any performance information to provide.

***Portfolio Turnover***

 ****

Each Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Total Annual Fund Operating Expenses or in the Example, affect a Fund's performance. For the fiscal year ended September 30, 2025, the Target Fund's portfolio turnover rate was 66% of the average value of its portfolio. The Acquiring Fund has not yet commenced operations and therefore does not yet have portfolio turnover information to provide.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Investment Advisers, Portfolio Managers and Manager of Managers Structure

***Investment Adviser – Target Fund***

 ****

Guardian Capital LP, located at 199 Bay Street, Suite 2700, P.O. Box 201, Toronto, Ontario M5L 1E8, serves as investment adviser to the Target Fund.

As described earlier in this Proxy Statement/Prospectus, on August 28, 2025, Guardian Capital Group entered into the Adviser Transaction, the Closing of which is subject to various customary approvals and conditions and is expected to take place in the first half of 2026.

The Adviser Transaction, if consummated, will result in an indirect change of control of Guardian Capital effective as of the Closing. Pursuant to the terms of the Current Agreement, the Adviser Transaction would be deemed an "assignment," as such term is used for purposes of the Investment Company Act, of the Current Agreement, resulting in its automatic termination.

Following the Closing, it is anticipated that Guardian Capital will continue to operate as a standalone entity, indirectly owned by Desjardins. To provide continuity and stability, Guardian Capital's team of management and senior professionals are currently expected to continue servicing Guardian Capital's clients, including the Fund, after the Closing.

Pursuant to the Current Agreement, Guardian Capital is primarily responsible for managing the Target Fund's investments and providing a continuous investment program for the Target Fund, subject to the supervision of the CST Board. For its advisory services to the Target Fund, Guardian Capital is entitled to receive an annual fee of 0.75% of the Target Fund's average daily net assets.

***Investment Adviser – Acquiring Fund***

 ****

Sterling Capital will serve as the investment adviser to the Acquiring Fund. Sterling Capital, located at 4350 Congress Street, Suite 1000, Charlotte, NC 28209, is a North Carolina limited liability company and an independently managed indirect, wholly owned subsidiary of Guardian Capital Group. Effective July 2, 2024 Guardian Capital Group, through its wholly owned subsidiary Guardian Capital US Asset Management LLC, acquired 100% of the ownership interests of Sterling Capital from Truist Financial Corporation (the "Guardian Acquisition"). Guardian Capital Group is a global investment management company servicing institutional, retail, and private clients through its subsidiaries. Sterling Capital manages and supervises the investment of the Acquiring Fund's assets on a discretionary basis, subject to oversight by the Sterling Trust Board. Sterling Capital has provided investment management services to corporations, pension and profit sharing plans, trusts, estates and other institutions and individuals since 1970. As of September 30, 2025, Sterling Capital had more than $69 billion in assets under management.

On August 28, 2025, Guardian Capital Group Limited ("Guardian Capital Group"), the parent company of Guardian Capital and the investment adviser to the Target Fund, announced that it had entered into a definitive agreement (as amended by a first amending agreement dated September 17, 2025) with Desjardins Global Asset Management Inc. ("DGAM"), a wholly-owned indirect subsidiary of Fédération des caisses Desjardins du Québec ("Desjardins"), to be taken private pursuant to an arrangement agreement whereby DGAM will purchase all of the issued and outstanding shares of Guardian Capital Group for cash, other than certain Guardian Capital Group shares held by specified shareholders who entered into equity rollover agreements to exchange certain of their Guardian Capital Group shares for a combination of cash and shares in the capital of DGAM (the "Adviser Transaction"). The closing of the Adviser Transaction (the "Closing") is subject to various customary approvals and conditions and is expected to take place in the first quarter of 2026.

Following the Closing of the Adviser Transaction (as defined above), it is anticipated that Sterling Capital will continue to operate as a standalone entity, indirectly owned by Desjardins. To provide continuity and stability, Sterling Capital's team of management and senior professionals are currently expected to continue servicing Sterling Capital's clients, including the Acquiring Fund, after the Closing.

For the services it provides to the Acquiring Fund, the Acquiring Fund pays Sterling Capital a fee, calculated daily and paid monthly, at an annual rate of 0.75% of the Acquiring Fund's average daily net assets.

***Investment Sub-Adviser – Acquiring Fund***

 ****

Guardian Capital will serve as the investment sub-adviser to the Acquiring Fund. The Sub-Adviser manages and supervises the investment of the Acquiring Fund's assets on a discretionary basis, subject to oversight by Sterling Capital and the Sterling Trust Board. As of September 30, 2025, the Sub-Adviser had approximately $19 million CAD ($13.7 million in USD) in assets under management. Sterling Capital will pay Guardian Capital for its services to the Acquiring Fund out of the investment advisory fee Sterling Capital receives from the Acquiring Fund, subject to any applicable reductions (the "Subadvisory Fee"). The Subadvisory Fee shall be reduced pro rata to the extent that Sterling Capital, pursuant to a contractual waiver or reimbursement arrangement with the Acquiring Fund, waives fees or reimburses expenses payable by the Acquiring Fund to Sterling Capital.

***Portfolio Managers – Target Fund***

 ****

**Srikanth Iyer, MBA**

*Managing Director – Head of i<sup>3</sup> Investments<sup>TM</sup>*

Srikanth (Sri) Iyer is Lead Portfolio Manager and Managing Director, and Head of i<sup>3</sup> Investments<sup>TM</sup> for Guardian Capital. He joined Guardian Capital in 2001 to lead the development and implementation of i<sup>3</sup> Investments<sup>TM</sup>. His career in the financial services industry began in 1995, when prior to assuming his role at Guardian Capital, he joined Global Value Investors in Princeton, New Jersey, and was responsible for a variety of portfolio management and financial engineering roles. Sri graduated from University of Bombay (1989) with a Bachelor of Commerce and earned the Chartered Cost and Works Accountant (India) designation. He received an MBA in Applied Finance and Statistics from Rutgers Graduate School of Management.

He currently leads the development and implementation of Guardian Capital's proprietary systematic strategies. An expert in quantitative investments and risk management his responsibilities include being the primary lead for a set of Global, International, U.S. and Canadian based solutions that employ a differentiated process combining relative, intrinsic, data sciences and artificial intelligence across long only and alternative approaches. He is also tasked with the overall development and implementation of systematic strategies for the firm. His additional responsibilities include managing a team of experts with complementary skill sets.

**Fiona Wilson, MBA, CFA<sup>®</sup>**

*Senior Portfolio Manager – i<sup>3</sup> Investments<sup>TM</sup> – Guardian Capital LP*

Fiona joined Guardian Capital in 2011 in her current role. Her career in the financial services industry began in 1989 when she joined the Canadian Imperial Bank of Commerce (CIBC) as an options trader. Prior to joining Guardian, Fiona was Portfolio Manager, Global Derivative Instruments with Ontario Municipal Employees Retirement System (OMERS). Previous roles included Head of Currency Options Marketing, South East Asia for Societe Generale with postings in Tokyo, Singapore, and London. Her experiences included structuring classical and exotic option trading and hedging strategies for central banks, corporate and institutional clients throughout Asia. Fiona graduated from University of Western Ontario with a BA and obtained from University of Windsor an Honours Bachelor of Commerce and MBA. She is a CFA<sup>®</sup> Charterholder.

In her current role, her responsibilities include focusing on daily portfolio management, including initiating relevant trades and risk management. She also engages in client facing functions, including performance attribution and product introduction to new prospects.

Mr. Iyer and Ms. Wilson have served as Co-Portfolio Managers of the Guardian Dividend Fund since its inception in March 2019.

***Portfolio Managers – Acquiring Fund***

 ****

Mr. Iyer and Ms. Wilson, the co-portfolio managers of the Target Fund, will serve as co-portfolio managers to the Acquiring Fund.

The Target Fund's SAI and the Acquiring Fund's SAI provide additional information about the portfolio managers' method of compensation, other accounts managed by the portfolio managers and the portfolio managers' ownership of Fund securities.

***Manager of Managers Structure***

The Acquiring Fund and Sterling Capital have obtained exemptive relief from the SEC that permits Sterling Capital, subject to certain conditions, including the one-time prior approval of the Acquiring Fund's Board and shareholders, to appoint and replace sub-advisers, as appropriate, enter into sub-advisory agreements, and amend and terminate sub-advisory agreements on behalf of the Acquiring Fund without shareholder approval. Sterling Capital has received the one-time approval from the Acquiring Fund's Board and shareholders. Pursuant to the exemptive relief from the SEC, Sterling Capital now has the ability to change the fee payable to a sub-adviser or appoint a new sub-adviser at a fee different than that paid to the current sub-adviser, which in turn may result in a different fee retained by Sterling Capital. Such relief has been granted only with respect to unaffiliated sub-advisers. Sterling Capital has the ultimate responsibility, subject to oversight by the Acquiring Fund's Board, to oversee the sub-advisers and recommend their hiring, termination, and replacement.

The Target Fund does not have similar exemptive relief.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Trustees for the Target Fund and Acquiring Fund

CST and the Sterling Trust are operated by their respective board of trustees and officers appointed by each board.

***Trustees of CST***

 ****

The CST Board has four trustees, all of whom are Independent Trustees. The following individuals comprise the CST Board: Walter B. Grimm, Lori Kaiser, Janet Smith Meeks and Mary Madick.

***Trustees of the Sterling Trust***

 ****

The Sterling Trust Board has six trustees, five of whom are Independent Trustees of the Sterling Trust. The following individuals comprise the Sterling Trust Board: Drew T. Kagan, Laura C. Bingham, Alan G. Priest, Kimberly R. Storms, David L. Wedding and Scott A. Haenni (interested Trustee).

**The CST Board recommends that Target Fund shareholders vote <u>FOR</u> approval of PROPOSAL 1.**

II. Proposal 2 – To approve a New Investment Advisory Agreement between CST and Guardian Capital with respect to the Target Fund
(the "New Agreement").

A. Overview

As more fully described below, it is proposed that Guardian Capital continue to serve as the investment adviser to the Target Fund under the New Agreement, following the automatic termination of the Current Agreement, upon the Closing of the Adviser Transaction.

As described earlier in this Proxy Statement/Prospectus, Guardian Capital Group entered into the Adviser Transaction, the Closing of which is subject to various customary approvals and conditions and is expected to take place in the first half of 2026.

The Adviser Transaction, if consummated, will result in an indirect change of control of Guardian Capital effective as of the Closing. Pursuant to the terms of the Current Agreement, the Adviser Transaction would be deemed an "assignment," as such term is used for purposes of the Investment Company Act, of the Current Agreement, resulting in its automatic termination.

Following the Closing of the Adviser Transaction, it is anticipated that Guardian Capital will continue to operate as a standalone entity, indirectly owned by Desjardins. To provide continuity and stability, Guardian Capital's team of management and senior professionals are currently expected to continue servicing Guardian Capital's clients, including the Funds, after the Closing.

Section 15(a) of the Investment Company Act prohibits any person from serving as an investment adviser to a registered investment company except pursuant to a written contract that has been approved by the shareholders of such registered investment company. Therefore, if the Reorganization is not approved by shareholders in order for Guardian Capital to continue to serve as investment adviser to the Target Fund on an ongoing basis after the Closing, shareholders of the Target Fund must approve the New Agreement.

In anticipation of the termination of the Current Agreement, the CST Board, comprised entirely of Independent Trustees, convened the December Meeting. On the basis of the information presented at the December Meeting, the CST Board unanimously voted to approve the New Agreement with respect to the Target Fund, subject to shareholder approval. The New Agreement contains substantially identical terms to the Current Agreement, including identical advisory fees of 0.75%. Accordingly, at the Special Meeting, shareholders will be asked to consider and approve the New Agreement. **The Trustees recommend that Shareholders of the Target Fund approve the New Agreement.**

In deciding to approve the New Agreement, the CST Board considered all the factors that a registered investment company Board is required to consider in deciding whether to approve or renew a registered investment company investment advisory contract, including the nature and quality of the services provided, the profitability of the Target Fund to Guardian Capital, whether the Target Fund has or is likely to achieve economies of scale, comparative fee structures and whether there are any fallout benefits to Guardian Capital from its relationship with the Target Fund. In deciding to approve the New Agreement, the Trustees in particular noted the high quality of the investment personnel servicing the Target Fund. They also noted the Target Fund's strong performance and reasonable expense structure relative to its Morningstar category (Global Large Stock Blend) and to selected peer group funds over 1 year, 3 year, 5 year and since inception time periods, as well as Morningstar's overall 4 star rating for the Fund. Thay also noted that the Target Fund is unprofitable to Guardian Capital at current asset levels and is likely to remain so until assets increase significantly, and that Guardian Capital is currently contractually waiving a substantial proportion of its fees in order to cap the total expense ratio of the Target Fund.

A copy of the form of the New Agreement is included as <u>Exhibit A</u>. The description of the New Agreement is only a summary and is qualified in its entirety by the full Agreement.

Finally, the CST Board discussed and approved an Interim Advisory Agreement with Guardian Capital for the Target Fund (the "Interim Agreement"), with Practus, LLP ("Counsel") noting that the New Agreement will give the Target Fund additional flexibility to pursue other viable contractual alternatives for the Target Fund in the event that shareholders do not approve the New Agreement as planned. In connection with this approval, Counsel reminded the CST Board that an Interim Agreement under Rule 15a-4 of the Investment Company Act is a temporary investment advisory contract that allows a registered investment company (mutual fund or ETF) to continue operating without interruption when its existing advisory agreement has terminated automatically, most often because of a "change in control" of the adviser that results in the assignment of the existing advisory agreement. The Interim Agreement, which must provide for the same advisory services and fee rate as those provided under the Target Fund's prior investment advisory agreement, goes into effect immediately upon termination of the prior agreement and has a maximum term of 150 days in order to allow the CST Board and Target Fund shareholders sufficient time to approve a new advisory agreement for the Target Fund. During the period that the Interim Agreement is in place, the Target Fund continues to accrue advisory fees at the same rate previously approved by shareholders. However, all advisory fees earned by Guardian Capital must be deposited into an interest-bearing escrow account maintained by an independent escrow agent, and if the CST Board and shareholders approve the New Agreement, the advisory fees held in escrow, together with interest earned (less escrow expenses), will be released to Guardian Capital. Counsel concluded the discussion of the Interim Agreement by stating that if the Interim Agreement ever went into effect, he would expect that the CST Board would meet with Sterling Capital and Guardian Capital to discuss a mutually agreeable course of action for the future of the Target Fund.

The Interim Agreement may be terminated on 60 days' written notice by (i) the CST Trust at any time without the payment of any penalty by vote of the CST Board or by vote of a majority of the outstanding voting securities of the Target Fund, or (ii) by Guardian Capital. In addition, the Interim Agreement immediately terminates (i) in the event of its assignment, (ii) upon effectiveness of the New Agreement, or (iii) on the expiration of 150 days after the date of the Closing of the Adviser Transaction, which is the date on which the Interim Agreement will become effective.

**The CST Board recommends that Target Fund shareholders vote <u>FOR</u> approval of PROPOSAL 2.**

III. Voting Information

A. General Information

***How to Vote***

 ****

This Proxy Statement/Prospectus is being provided in connection with the solicitation of proxies by the Board to solicit your vote at a special meeting of shareholders of the Target Fund. The Special Meeting will be held at the offices of Ultimus Fund Solutions, the Target Fund's Administrator located at 225 Pictoria Drive, Suite 450, Cincinnati, Ohio 45246.

You may vote in one of the following ways:

● in person, by attending the Special Meeting;

● complete and sign the enclosed proxy card and mail it to us in the prepaid return envelope (if mailed in the United States);

● call the toll-free number listed on the enclosed proxy card to reach an automated touchtone voting line; or to

● speak with a live operator; or

● via the Internet by following the instructions set forth on your proxy card

You may revoke a proxy once it is given. If you desire to revoke a proxy before it is exercised at the Special Meeting, you may do so either by writing to the Secretary of CST at the address noted in the Proxy Statement/Prospectus or in person at the time of the Special Meeting. A prior proxy can also be revoked by voting your proxy at a later date through the toll-free number or the Internet website address listed in the enclosed voting instructions or submitting a later dated proxy card. If not so revoked, the votes will be cast at the Special Meeting, and any postponements or, adjournments thereof. Attendance by a shareholder at the Special Meeting does not, by itself, revoke a proxy.

***Quorum***

Only shareholders of record on January 22, 2026 (the "Record Date") are entitled to receive notice of and to vote at the Special Meeting or at any adjournment or postponement thereof. Each whole share is entitled to one vote on each matter on which it is entitled to vote, and each fractional share is entitled to a proportionate fractional vote. The presence in person (or via a virtual meeting, if applicable) or by proxy of shareholders owning a majority of the outstanding shares of the Target Fund that are entitled to vote will be considered a quorum for the transaction of business with respect to the Target Fund. Any lesser number shall be sufficient for adjournments.

***Vote Required***

Approval of Proposal 1 and 2 will each require the affirmative vote of a majority of the outstanding shares of the Target Fund entitled to vote at the Special Meeting. For this purpose, the term "vote of a majority of the outstanding shares entitled to vote" means the vote of the lesser of (1) 67% or more of the voting securities present at the Special Meeting, if more than 50% of the outstanding voting securities of the Target Fund are present or represented by proxy; or (2) more than 50% of the outstanding voting securities of the Target Fund.

***Adjournments***

If a quorum of shareholders of the Target Fund is not present at the Special Meeting, or if a quorum is present but sufficient votes to approve the proposal described in this Proxy Statement/Prospectus are not received, the persons named as proxies may, but are under no obligation to, propose one or more adjournments or postponements of the Special Meeting of the Target Fund to permit further solicitation of proxies. Any business that might have been transacted at the Special Meeting with respect to the Target Fund may be transacted at any such adjourned session(s) at which a quorum is present. **The Special Meeting with respect to the Target Fund may be adjourned from time to time by a majority of the votes of the Target Fund properly cast upon the question of adjourning the Special Meeting of the Target Fund to another date and time, whether or not a quorum is present, and the Special Meeting of the Target Fund may be held as adjourned without further notice. The persons designated as proxies may use their discretionary authority to vote on questions of adjournment and on any other proposals raised at the Special Meeting to the extent permitted by the SEC's proxy rules, including proposals for which timely notice was not received, as set forth in the SEC's proxy rules.**

***Effect of Abstentions and Broker "Non-Votes"***

All proxies voted, including abstentions, will be counted toward establishing a quorum. Assuming the presence of a quorum, abstentions and broker non-votes will have the effect of votes against the proposals. Abstentions will have no effect on the outcome of a vote on adjournment.

B. Method and Cost of Solicitation

This Proxy Statement/Prospectus is being sent to you in connection with the solicitation of proxies by the CST Board for use at the Special Meeting. The close of business on January 22, 2026 is the Record Date for determining the shareholders of the Target Fund entitled to receive notice of the Special Meeting and to vote, and for determining the number of shares that may be voted with respect to the Special Meeting or any adjournment or postponement thereof. CST expects that the solicitation of proxies will be primarily by mail and telephone. Sterling Capital has retained Broadridge Financial Solutions, Inc. ("Broadridge") to provide proxy services, at an estimated cost of approximately $4,986. Sterling Capital (or its affiliates) will bear the costs of the Special Meeting, including legal costs, the costs of retaining Broadridge, and other expenses incurred in connection with the solicitation of proxies. Sterling Capital (or its affiliates) will pay these costs regardless of whether the Reorganization is consummated.

C. Right to Revoke Proxy

Any shareholder giving a proxy may revoke it before it is exercised at the Special Meeting, either by writing to the Secretary of CST, at the address noted in the Proxy Statement/Prospectus or in person at the time of the Special Meeting. A prior proxy can also be revoked by voting your proxy at a later date through the toll-free number or the Internet website address listed in the enclosed voting instructions or submitting a later dated proxy card. If not so revoked, the votes will be cast at the Special Meeting, and any adjournments or postponements thereof. Attendance by a shareholder at the Special Meeting does not, by itself, revoke a proxy.

D. Voting Securities and Principal Holders

Shareholders of the Target Fund at the close of business on the Record Date will be entitled to be present and vote on the Proposals related to the Target Fund at the Special Meeting. As of the Record Date, there were 2,902,541.2100 shares outstanding and entitled to vote at the Special Meeting (including omnibus accounts representing multiple underlying beneficial owners such as those in the names of brokers).

Any person owning, directly or indirectly, more than 25% of the outstanding shares of the Target Fund is presumed to control the Target Fund. Principal holders are persons who own 5% or more of the outstanding shares of the Target Fund.

To the knowledge of the Target Fund, as of January 22, 2026, the following persons held of record or beneficially 5% or more of the outstanding shares of the Target Fund. Persons holding more than 25% of the outstanding shares of the Target Fund may be deemed to have "control" (as that term is defined in the Investment Company Act) and may be able to affect or determine the outcome of matters presented for a vote of shareholders of such Fund.

---

| | | |
|:---|:---|:---|
| **Target Fund**<br> **Name/Address** | **Number of Shares** | **Percentage of**<br> **Total Outstanding Shares** |
| Raymond James/Omnibus<br> For Mutual Funds<br> House Acct Firm 92500015<br> Attn Courtney Waller<br> 880 Carillon Pkwy<br> Saint Petersburg, FL 33716 | 847126.6720 | 29.19% |
| Alexandria Bancorp Limited<br> PO Box 2428<br> Georgetown<br> Grand Cayman KY 1-1105<br> Cayman Islands | 2054832.8360 | 70.79% |

---

The Acquiring Fund has not commenced operations and therefore does not have any 5% or greater shareholders to report.

E. Interest of Certain Persons in the Transaction

Sterling Capital and Guardian Capital may be deemed to have an interest in the Reorganization because it will receive fees from the Acquiring Fund for its services as investment adviser or sub-adviser, respectively.

IV. Miscellaneous Information

A. Other Business

The CST Board knows of no other business to be brought before the Special Meeting. If any other matters come before the Special Meeting, the CST Board intends that proxies that do not contain specific restrictions to the contrary will be voted on those matters in accordance with the judgment of the persons named in the enclosed proxy card.

B. Next Meeting of Shareholders

The Target Fund is not required and does not intend to hold annual or other periodic meetings of shareholders except as required by the Investment Company Act. By observing this policy, the Target Fund seeks to avoid the expenses customarily incurred in the preparation of proxy material and the holding of shareholder meetings, as well as the related expenditure of staff time. The next meeting of the shareholders of the Target Fund will be held at such time as the Board may determine or at such time as may be legally required.

C. Independent Registered Public Accounting Firm

The Target Fund commenced operations on May 1, 2019 and has a fiscal year end of September 30. The Target Fund's audited financial statements have been audited by E&Y.

The Acquiring Fund has not yet commenced operations and therefore does not yet have audited financial statements.

D. Information About the Funds

Information about the Target Fund and the Acquiring Fund is included in such Fund's Prospectus. The Prospectus of the Target Fund and the Acquiring Fund is incorporated by reference into and is considered a part of this Proxy Statement/Prospectus. Additional information about the Target Fund and the Acquiring Fund is included in such Fund's SAI. The SAI of the Target Fund and the Acquiring Fund is incorporated by reference into and is considered a part of this Proxy Statement/Prospectus. The SAI relating to this Proxy Statement/Prospectus is also considered part of this Proxy Statement/Prospectus and is incorporated by reference into this Proxy Statement/Prospectus. Information about the Target Fund is also included in each Target Fund's Form N-CSR filing for the fiscal year ended September 30, 2025 and its Form N-CSRS filing for the fiscal period ended March 31, 2025.

You may request a free copy of each Fund's Prospectus and SAI, and the Target Fund's Form N-CSR or N-CSRS filings, the SAI relating to this Proxy Statement/Prospectus, and other information by calling Guardian Capital at (800) 957-0681 or by writing to a Fund at c/o Ultimus Fund Solutions, LLC, P.O. Box 46707, Cincinnati, OH 45246. The Target Fund's Prospectus may also be found at <u>http://www.guardiancapitalfunds.com/</u>.

CST, on behalf of the Target Fund, and the Sterling Trust, on behalf of the Acquiring Fund, file materials, reports and other information with the SEC in accordance with the informational requirements of the Securities Exchange Act of 1934 and the Investment Company Act. These materials can be viewed on the EDGAR database on the SEC's Internet site at http://www.sec.gov, and may be obtained, after paying a duplicating fee, by electronic request at the following email address: publicinfo@sec.gov.

**EXHIBIT A - FORM OF NEW AGREEMENT FOR TARGET FUND**

**CAPITOL SERIES TRUST**

**INVESTMENT ADVISORY AGREEMENT**

This **AGREEMENT** is made effective as of _____________, 2026, by and between Capitol Series Trust (the "Trust"), an Ohio business trust, with its principal office and place of business at 225 Pictoria Drive, Suite 450, Cincinnati, Ohio, 45246, and Guardian Capital LP, a limited partnership organized under the laws of the Province of Ontario, Canada, with its principal office and place of business at 199 Bay Street, Suite 3100, Toronto, Ontario, M5L1E8 (the "Adviser").

**WHEREAS**, the Trust is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end, management investment company and may issue shares of beneficial interest ("Shares"), no par value, in separate series;

**WHEREAS**, the Adviser is registered under the Investment Advisers Act of 1940, as amended (the "Advisers Act"), as an investment adviser and is engaged in the business of rendering investment advice and investment management services as an independent contractor; and

**WHEREAS,** the Trust desires that the Adviser perform investment advisory services for each series of the Trust listed in Appendix A hereto (each a "Fund"), and the Adviser is willing to provide those services on the terms and conditions set forth in this Agreement;

**NOW THEREFORE**, for and in consideration of the mutual covenants and agreements contained herein, the Trust and the Adviser hereby agree as follows:

**SECTION 1. APPOINTMENT; DELIVERY OF DOCUMENTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Trust hereby employs the Adviser, subject to the direction and control of the Board of Trustees of the Trust ("Board"), to manage the investment and reinvestment of the assets in each Fund and to provide other services as specified herein. The Adviser accepts this employment and agrees to render its services for the compensation set forth herein. The Adviser shall for all purposes herein be an independent contractor and shall, unless otherwise expressly provided or authorized, have no authority to act for or be an agent of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In connection therewith, the Trust shall deliver to the Adviser copies of: (i) the Trust's Agreement and Declaration of Trust and By-laws (collectively, as currently in effect and as amended from time to time, "Organic Documents"); (ii) the Trust's current Registration Statement filed with the U.S. Securities and Exchange Commission ("SEC") pursuant to the Securities Act of 1933, as amended (the "Securities Act"), and the 1940 Act with respect to each Fund (as amended from time to time, the "Registration Statement"); (iii) the Trust's current Prospectus and Statement of Additional Information of each Fund (collectively, as currently in effect and as amended or supplemented, the "Prospectus"); (iv) any shareholder service plan, distribution plan or similar documents adopted by the Trust with respect to each Fund (collectively, and as may be amended from time to time, the "Plans"); and (v) all written policies and procedures adopted by the Trust with respect to each Fund (e.g., repurchase agreement procedures, Rule 17a-7 Procedures and Rule 17e-1 Procedures, collectively, as currently in effect and as amended for time to time, the "Procedures"). The Trust shall furnish the Adviser with all amendments of or supplements to the foregoing.

The Trust shall also deliver to the Adviser: (vi) a certified copy of the resolution of the Board, including a majority of the Trustees who are not interested persons of the Trust, appointing the Adviser and any subadviser (each a "Subadviser") and approving this Agreement and any subadvisory agreement relating to a Fund (each, a "Subadvisory Agreement"); (vii) a certified copy of the resolution of each Fund's shareholder(s), if applicable, appointing the Adviser; (viii) a copy of all proxy statements and related materials relating to each Fund; (ix) a certified copy of the resolution of the Trust electing officers of the Trust; and (x) any other documents, materials or information that the Adviser shall reasonably request to enable it to perform its duties pursuant to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Adviser has delivered to the Trust a copy of its: (i) Form ADV as most recently filed with the SEC, (ii) code of ethics complying with the requirements of Rule 17j-1 under the 1940 Act (the "Code") and (iii) compliance manual adopted and implemented pursuant to Rule 206(4)-7 under the Advisers Act (the "Compliance Manual"). The Trust acknowledges receipt of the Adviser's Form ADV, Code, and Compliance Manual.

The Adviser shall promptly furnish the Trust with all amendments of or supplements to the foregoing.

**SECTION 2. DUTIES OF THE TRUST**

In order for the Adviser to perform the services required by this Agreement, the Trust: (i) shall cause all service providers to the Trust to furnish information to the Adviser and to assist the Adviser as may be reasonably requested by the Adviser; and (ii) shall ensure that the Adviser has reasonable access to all records and documents maintained by the Trust or any service provider to the Trust.

**SECTION 3. DUTIES OF THE ADVISER**

Subject to the delegation of any of the following duties to one or more persons as permitted by Section 11 of this Agreement, the Adviser, at its own expense, shall render the following services to the Trust:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Adviser shall assume all investment duties and have full discretionary power and authority with respect to the investment of the assets of each Fund. Without limiting the generality of the foregoing, the Adviser shall, with respect to the assets of each Fund: (i) obtain and evaluate such information and advice relating to the economy, securities markets, and securities and other investments as it deems necessary or useful to discharge its duties hereunder; (ii) continuously invest Fund assets in a manner reasonably consistent with the directions and policies set from time to time by the Board and any amendments thereto ("Board Policies"), the Organic Documents, the Prospectus, the Procedures (the Board Policies, the Organic Documents, the Prospectus, and the Procedures, collectively, the "Governing Documents"), and any other written guidelines or restrictions agreed to in writing by the Trust and the Adviser with respect to a Fund that are not inconsistent with the Governing Documents (the "Adviser Guidelines"), each as promptly provided to the Adviser by the Trust; (iii) determine the securities and other investments to be purchased, sold or otherwise disposed of and the timing of such purchases, sales and dispositions; (iv) vote all proxies for securities owned by a Fund and exercise all other voting rights with respect to such securities in accordance with the proxy voting policies and procedures approved by the Board; (vi) promptly issue settlement instructions to custodians designated by the Trust on behalf of each Fund; (vii) evaluate the credit worthiness of securities dealers, banks and other entities with which the Trust, on behalf of each Fund, may engage in repurchase agreements and monitor the status of such agreements; and (viii) take such further action, including, the placing of purchase and sale orders, selecting broker-dealers to execute such orders on behalf of each Fund, negotiating commission rates to be paid to broker-dealers, opening and maintaining trading accounts in the name of each Fund, and executing for each Fund, as its agent and attorney-in-fact, standard institutional customer agreements with broker-dealers, each as the Adviser shall deem necessary or appropriate, in its sole discretion, to carry out its duties under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In effecting transactions on behalf of each Fund, the Adviser's primary consideration shall be to seek best execution. In selecting broker-dealers to execute transactions, the Adviser may take the following, among other things, into consideration: the best net price available; the reliability, integrity and financial condition of the broker-dealer; the size of and the difficulty in executing the order; and the value of the expected contribution of the broker-dealer to the investment performance of each Fund on a continuing basis. The execution price of a transaction may be less favorable than that available from another broker-dealer if the difference is reasonably justified by other aspects of the execution services offered.

Consistent with Section 28(e) of the Securities Exchange Act of 1934, as amended (the "1934 Act") and applicable regulations and interpretations, the Adviser may allocate brokerage on behalf of each Fund to a broker-dealer who provide research services. Subject to compliance with Section 28(e), the Adviser may cause each Fund to pay to a broker-dealer who provides research services a commission that exceeds the commission each Fund might have paid to a different broker-dealer for the same transaction if the Adviser determines, in good faith, that such amount of commission is reasonable in relationship to the value of such brokerage or research services provided viewed in terms of that particular transaction or the Adviser's overall responsibilities to each Fund or its other advisory clients.

The Adviser may aggregate sales and purchase orders of the assets of each Fund with similar orders being made simultaneously for other accounts advised by the Adviser or its affiliates. Whenever the Adviser simultaneously places orders to purchase or sell the same asset on behalf of a Fund and one or more other accounts advised by the Adviser, the orders shall be allocated as to price and amount among all such accounts in a manner believed to be equitable and consistent with its fiduciary obligations to the Fund and such other accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Adviser shall report to the Board at each meeting thereof as requested by the Board all material changes in each Fund since the prior report, and shall also keep the Board informed of important developments affecting each Fund and the Adviser, on its own initiative, or as requested by the Board, shall furnish the Board from time to time with such information as the Adviser may believe appropriate for this purpose, whether concerning the individual investments comprising each Fund's portfolio, the performance of each Fund's portfolio or otherwise. The Adviser shall also furnish the Board with such statistical and analytical information with respect to investments of each Fund as the Adviser may believe appropriate or as the Board reasonably may request. In providing investment advisory services pursuant to this Agreement, the Adviser shall comply with: (i) the Board Policies, the Organic Documents, each Fund's objective, investment policies, and investment restrictions as set forth in the Prospectus, the Adviser Guidelines, and the Procedures, each as promptly provided to the Adviser by the Trust; (ii) the 1940 Act; (iii) the Advisers Act; (iv) the Securities Act; (v) the 1934 Act; (vi) the Internal Revenue Code of 1986, as amended; and (vii) other applicable laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Adviser shall from time to time employ or associate with such persons as the Adviser believes to be particularly fitted to assist in the execution of the Adviser's duties hereunder, the cost of performance of such duties to be borne and paid by the Adviser. No obligation may be incurred on the Trust's behalf in any such respect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Adviser shall report to the Board all matters related to the Adviser that are material to the Adviser's performance of this Agreement. The Adviser shall notify the Trust as soon as reasonably practicable, and where possible, in advance of any change of control of the Adviser and any changes in the key personnel who are either the portfolio manager(s) of a Fund or senior management of the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Adviser shall maintain the Compliance Manual that includes policies and procedures relating to the services it provides to the Trust that are reasonable designed to prevent violations of the federal securities laws as defined in Rule 38a-1 under the 1940 Act ("Federal Securities Laws") as they relate to each Fund, and shall employ personnel to administer the policies and procedures who have the requisite level of skill and competence required to effectively discharge its responsibilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Adviser shall provide the Trust's chief compliance officer (the "Trust CCO"), upon reasonable request, with direct access to the Adviser's chief compliance officer and, upon reasonable request, shall provide the Trust CCO, at its own expense, with information the Trust CCO reasonably believes is required to administer the Trust's compliance program implemented pursuant to Rule 38a-1 under the 1940 Act including, without limitation: (i) periodic reports/certifications regarding the Adviser's compliance with the Federal Securities Laws and the Adviser's compliance program as set forth in the Compliance Manual; (ii) special reports in the event of any Material Compliance Matter (as defined in Rule 38a-1 under the 1940 Act); and (iii) periodic reports regarding the Adviser's compliance with Federal Securities Laws and its compliance program as set forth in the Compliance Manual. Upon the written request of the Trust, the Adviser shall also permit the Trust or its representatives to examine the reports required to be made to the Adviser under the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The Adviser shall maintain records relating to its duties hereunder (including portfolio transactions and placing and allocation of brokerage orders) as are required to be maintained by the Trust under the 1940 Act. The Adviser shall prepare and maintain, or cause to be prepared and maintained, in such form, for such periods and in such locations as may be required by applicable law, all documents and records relating to the services provided by the Adviser pursuant to this Agreement required to be prepared and maintained by the Adviser or the Trust pursuant to applicable law. To the extent required by applicable law, the books and records pertaining to the Trust which are in possession of the Adviser shall be the property of the Trust (the "Trust Records"). The Trust, or its representatives, shall have access to such books and records at all times during the Adviser's normal business hours. Upon the reasonable request of the Trust, copies of any such books and records shall be provided promptly by the Adviser to the Trust or its representatives.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Adviser shall cooperate with each Fund's independent public accountants and shall take reasonable action to make all necessary information available to those accountants for the performance of the accountants' duties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) The Adviser shall provide the Trust and each Fund's custodian and fund accountant on each business day with such information relating to each Fund's transactions and each Fund's assets and liabilities as the Trust or each Fund's custodian and fund accountant may reasonably require, including but not limited to information required to be provided under the Trust's Valuation and NAV Error Correction Procedures, provided, however, the Adviser shall not be deemed to be the pricing agent for any Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Except as permitted by the Procedures, the Adviser shall not disclose and shall treat confidentially all information specifically relating to each Fund's investments including, without limitation, the identification and market value or other pricing information of any and all portfolio securities or other investments held by each Fund, and any and all trades effected for each Fund (including past, pending and proposed trades). The foregoing shall not in any way restrict the Adviser's ability to disclose information relating to any Fund assets to the extent that such assets are held in other accounts managed or advised by the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) The Adviser shall, consistent with the Procedures: (i) cooperate with and provide reasonable assistance to each Fund's administrator, custodian, fund accountant transfer agent and pricing agents and all other agents and representatives of each Fund; (ii) provide such persons with Fund data as they may reasonably deem necessary to the performance of their obligations to each Fund; and (iii) maintain any appropriate interfaces with each so as to promote the efficient exchange of information.

**SECTION 4. COMPENSATION**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In consideration of the foregoing, the Trust shall pay the Adviser, with respect to each Fund, a fee at an annual rate as listed in Appendix A hereto. Such fees shall be accrued by the Trust daily and shall be payable monthly in arrears on the first business day of each calendar month for services performed hereunder during the prior calendar month. If fees begin to accrue in the middle of a month or if this Agreement terminates before the end of any month, all fees for the period from that date to the end of that month or from the beginning of that month to the date of termination, as the case may be, shall be prorated according to the proportion that the period bears to the full month in which the effectiveness or termination occurs. Upon the termination of this Agreement with respect to a Fund, the Trust shall pay to the Adviser such compensation as shall be payable prior to the effective date of termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Adviser shall reimburse expenses of a Fund or waive its fees to the extent necessary to maintain a Fund's expense ratio at an agreed-upon amount for a period of time specified in a separate expense limitation agreement ("Expense Limitation Agreement"). The Adviser's reimbursement of a Fund's expenses shall be estimated and paid to the Trust monthly in arrears, at the same time as the Trust's payment to the Adviser for such month. Any such reductions made by the Adviser in its fees or payment of expenses which are the Fund's obligation may be subject to reimbursement by the Fund consistent with the terms of the Expense Limitation Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The fee payable to the Adviser under this Agreement may be reduced to the extent of any receivable owed by the Adviser to the Trust (provided that such obligation is not subject to a good faith dispute) or as required under any operating expense limitation agreement applicable to a Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) No fee shall be payable hereunder with respect to that portion of a Fund's assets which are invested in any other account or investment company for which the Adviser serves as investment adviser or subadviser and for which the Adviser already receives an advisory fee.

**SECTION 5. EXPENSES**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Adviser shall pay its own expenses in connection with rendering the services to be provided by it pursuant to this Agreement. In addition, the Adviser shall be responsible for: (i) each Fund's organizational expenses (unless reimbursement from the Trust is requested pursuant to Section 4(b) of this Agreement); (ii) the costs of any special Board meetings or shareholder meetings convened for the primary benefit of, and specifically requested by, the Adviser (unless such cost is otherwise allocated by the Board); (iii) any costs of liquidating or reorganizing a Fund if the liquidation or reorganization is made at the request of the Adviser (unless such cost is otherwise allocated by the Board); (iv) amendments to the Registration Statement (other than amendments implemented in connection with the annual Registration Statement update) or supplements to the Prospectus as specifically requested by the Adviser (collectively, "Updates") (unless such cost is otherwise allocated by the Board); and (v) the dissemination of such Updates (unless such cost is otherwise allocated by the Board).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Trust shall be responsible for and assumes the obligation for payment of all Trust expenses not waived, assumed or agreed to be paid by the Adviser, including but not limited to: (i) the fee payable under this Agreement; (ii) the fees payable to the administrator under an agreement between the administrator and the Trust; (iii) expenses of issuance, transfer, repurchase and redemption of Shares; (iv) interest charges, taxes, brokerage fees and commissions, dividends on short sales, and other fees and expenses incurred in connection with borrowings or the acquisition, holding, and disposition of securities and other investments; (v) premiums of insurance for the Trust, its Trustees and officers, and fidelity bond premiums; (vi) fees and expenses of third parties, including the Trust's independent public accountant(s), custodian, transfer agent, dividend disbursing agent and fund accountant; (vii) fees of pricing, interest, dividend, credit and other reporting services; (viii) costs of membership in trade associations; (ix) telecommunications expenses; (x) funds' transmission expenses; (xi) auditing, legal and compliance expenses; (xii) costs of maintaining the Trust's existence; (xiii) costs of preparing, filing and printing the Trust's prospectuses, subscription application forms and shareholder reports, advertising materials, and other communications and delivering them to potential or existing record and beneficial shareholders; (xiv) expenses of meetings of shareholders and proxy solicitations therefor; (xv) costs of maintaining books of original entry for portfolio and fund accounting and other required books and accounts, of calculating the net asset value of Shares and of preparing tax returns; (xvi) costs of reproduction, stationery, supplies and postage; (xvii) fees and expenses of the Trust's Trustees and officers (xviii) costs of Board, Board committee and other corporate meetings; (xix) SEC registration fees and related expenses; (xx) state, territory or foreign securities laws registration fees and related expenses; (xxi) all fees and expenses paid by the Trust in accordance with any Plan; and (xxii) all other costs of its operations including any extraordinary and non-reoccurring expenses including litigation, proceedings, claims and indemnification obligations to its directors, officers, and service providers, except as herein otherwise prescribed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) To the extent that the Adviser pays fees with respect to a Fund, in addition to any distribution or servicing fees paid by the Fund, to a third party, including without limitation banks, broker-dealers, financial advisors, or pension administrators, for sub-administration, sub-transfer agency or any other servicing or distribution services, the Adviser shall report such payments (and to which third parties) regularly to the Trust.

**SECTION 6. STANDARD OF CARE**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Adviser shall be responsible for the accuracy and completeness (and shall be liable for any material lack thereof) of any information with respect to the Adviser, its personnel, or a Fund's strategies contained in the Trust's offering materials (including the Registration Statement, the Prospectus and advertising and sales materials) or proxy materials if such disclosure has been reviewed and approved by the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Trust shall expect of the Adviser, and the Adviser shall give the Trust the benefit of, the Adviser's best judgment and reasonable efforts in rendering the services to the Trust contemplated under this Agreement. In performing its duties under this Agreement, the Adviser shall act at all times in the best interests of the Trust and each Fund. The Adviser shall not be liable hereunder to the Trust, any Fund or any Fund shareholders for any mistake of judgment or mistake of law, for any loss arising out of any investment, or for any act or omission taken or in any event whatsoever in the absence of: (i) bad faith, willful misfeasance or negligence in the performance of the Adviser's duties or obligations under this Agreement or (ii) the Adviser's reckless disregard of its duties and obligations under this Agreement. The Adviser acknowledges that federal and state securities laws impose liabilities under certain circumstances on persons who act in good faith and, therefore, nothing herein shall in any way constitute a waiver or limitation of any rights which the Trust, a Fund or a Fund's shareholders may have under applicable federal or state securities laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Adviser shall not be liable for the errors of other service providers to the Trust, including the errors of pricing services, the administrator, the fund accountant, the custodian or the transfer agent to the Trust unless such errors arise from the Adviser's providing false or misleading information to such service providers. The Adviser shall not be liable to the Trust, a Fund or any of the Fund's shareholders for any action taken or failure to act in good faith reliance upon: (i) information, instructions or requests, whether oral or written, with respect to the Fund made to the Adviser by a duly authorized officer of the Trust (other than a duly authorized Trust officer that is also a member of, affiliated with or interested person of the Adviser, its affiliates, or successors thereto (each an "Advisory Representative"); (ii) the advice of counsel to the Trust; and (iii) any written instruction or certified copy of any resolution of the Board or any agent of the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Adviser shall not be responsible or liable for any failure or delay in performance of its obligations under this Agreement arising out of or caused, directly or indirectly, by circumstances beyond its reasonable control including, without limitation, acts of civil or military authority, national emergencies, labor difficulties (other than those related to the Adviser's employees), fire, mechanical breakdowns, flood or catastrophe, acts of God, insurrection, war, riots or failure of the mails, transportation, communication or power supply.

**SECTION 7. INDEMNIFICATION**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Adviser shall indemnify the Trust, each Fund and the Trust's officers, directors, employees, affiliates and agents (each, a "Trust Indemnitee") for, and shall defend and hold each Trust Indemnitee harmless from, all losses, costs, damages and expenses (including reasonable legal fees) (collectively, the "Losses") incurred by the Trust Indemnitee and arising from or in connection with the performance of this Agreement or a Subadvisory Agreement and resulting from the Adviser's bad faith, willful misfeasance, or negligence in the performance of its duties under this Agreement or a Subadvisory Agreement, the Adviser's reckless disregard of its duties or obligations under this Agreement or a Subadvisory Agreement, or the breach of its fiduciary duty to the Trust under federal securities laws or state laws; provided, however, no such indemnification shall be required to the extent that the Losses result from the Trust's bad faith, willful misfeasance, or negligence in the performance of its duties under this Agreement or the Trust's reckless disregard of its duties or obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Trust shall indemnify the Adviser, its officers, directors, employees, affiliates and agents (each, an "Adviser Indemnitee") for, and shall defend and hold each Adviser Indemnitee harmless from all Losses incurred by the Adviser Indemnitee and arising from or in connection with the performance of its duties under this Agreement; provided, however, no such indemnification shall be required to the extent that the Losses result from the Adviser's bad faith, willful misfeasance, or negligence in the performance of its duties under this Agreement or a Subadvisory Agreement, the Adviser's reckless disregard of its duties or obligations under this Agreement or a Subadvisory Agreement, or the Adviser's breach of its fiduciary duty under federal securities laws and state law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Upon the assertion of a claim for which a party may be required to indemnify an Trust Indemnitee or an Adviser Indemnity (each, an "Indemnitee"), the Indemnitee must promptly notify the indemnifying party of such assertion, and shall keep the indemnifying party advised with respect to all developments concerning such claim. The indemnifying party shall have the option to participate with the Indemnitee in the defense of such claim or to defend against said claim in its own name or in the name of the Indemnitee. The Indemnitee shall in no case confess any claim or make any compromise in any case in which the indemnifying party may be required to indemnify it except with the indemnifying party's prior written consent, which shall not be unreasonably withheld, conditioned or delayed; notwithstanding Sections 7(a) and 7(b) hereof, in the event the Indemnitee has not secured such consent from the indemnifying party, the indemnifying party shall have no obligation to indemnify the Indemnitee.

**SECTION 8. EFFECTIVENESS, DURATION AND TERMINATION**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement shall become effective with respect to a Fund as of the date first written above after approval: (i) by a vote of the majority of those Trustees of the Trust who are not parties to this Agreement or interested persons of such party (other than as Trustees of the Trust) cast in person at a meeting called for the purpose of voting on the Agreement, and (ii) if required by the 1940 Act or applicable staff interpretations thereof, by vote of a majority of the Fund's outstanding voting securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) This Agreement shall remain in effect with respect to a Fund for a period of two years from the effective date of this Agreement and shall continue in effect with respect to that Fund for successive annual periods thereafter; provided, however, that such continuance is specifically approved at least annually: (i) by the Board or by the vote of a majority of the outstanding voting securities of the Fund, and, in either case; (ii) by a majority of the Trust's Trustees who are not parties to this Agreement or interested persons of any such party (other than as Trustees of the Trust) by votes cast in person at a meeting called for the purpose of voting on such approval; provided, however, that if the continuation of this Agreement as to a Fund is not approved, the Adviser may continue to render to that Fund the services described herein in the manner and to the extent permitted by applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) This Agreement may be terminated immediately by the Trust with respect to a Fund if the Board, in its reasonable discretion and having due regard to the protection of investors and to the effectuation of the policies declared in section 1(b) of the 1940 Act, find that the services being rendered by the Adviser under this Agreement fail in a material way to provide responsible management to the Fund as reasonably expected by an investment adviser, as defined in the Advisers Act; provided that the Adviser shall have the opportunity, within ten (10) days of receipt of a written notice describing any such failure and the reasons therefor in reasonable detail, to cure the failure that is the subject of such notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) This Agreement may also be terminated with respect to a Fund at any time, without the payment of any penalty: (i) by the Board or by a vote of a majority of the outstanding voting securities of the Fund on 60 days' written notice to the Adviser; or (ii) by the Adviser on 60 days' written notice to the Trust. This Agreement shall terminate immediately upon its assignment.

**SECTION 9. ACTIVITIES OF THE ADVISER**

Except to the extent necessary to perform its obligations hereunder, nothing herein shall be deemed to limit or restrict the Adviser's right, or the right of any of the Adviser's directors, officers or employees to engage in any other business or to devote time and attention to the management or other aspects of any other business, whether of a similar or dissimilar nature, or to render services of any kind to any other person.

**SECTION 10. REPRESENTATIONS OF ADVISER**

The Adviser represents and warrants that it: (i) is registered as an investment adviser under the Advisers Act (and shall continue to be so registered for so long as this Agreement remains in effect); (ii) is not prohibited by the 1940 Act or the Advisers Act from performing the services contemplated by this Agreement; (iii) has met, and shall seek to continue to meet for so long as this Agreement remains in effect, any other applicable federal or state requirements, or the applicable requirements of any self-regulatory agency, necessary to be met in order to perform the services contemplated by this Agreement; (iv) shall promptly notify the Trust of the occurrence of any event that would disqualify the Adviser from serving as an investment adviser of an investment company pursuant to Section 9(a) of the 1940 Act or otherwise; (v) shall promptly notify the Trust if the Adviser is the subject of an administrative proceeding or enforcement action by the SEC or other regulatory authority; (vi) shall promptly notify the Trust of any material fact known to the Adviser regarding or relating to the Adviser that would make any written information provided to the Trust materially inaccurate or incomplete or if any written information becomes untrue in any material respect; (vii) shall promptly notify the Trust if the Adviser suffers a material adverse change in its business that would materially impair its ability to perform its duties under the Agreement; (viii) has adopted and implemented (and shall continue to maintain and implement for so long as this Agreement remains in effect) a Code that complies with the requirements of Rule 17j-1 under the 1940 Act; and (ix) has adopted and implemented (and shall continue to maintain and implement for so long as this Agreement remains in effect) a Compliance Manual that is reasonably designed to prevent violations of Federal Securities Laws by the Adviser, its employees, officers, and agents. For purposes of this paragraph, a "material adverse change" shall include, but shall not be limited to, a material loss of assets or accounts under management or the departure (or threatened departure) of senior investment professionals to the extent such professions are not replaced promptly with professions of comparable experience and quality.

**SECTION 11. SUBADVISERS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) At its own expense, the Adviser may carry out any of its obligations under this Agreement by employing, subject to the approval, direction and control of the Board, one or more Subadvisers who are registered as investment advisers pursuant to the Advisers Act. The Adviser shall: (i) evaluate, select and recommend Subadvisers to manage all or a portion of a Fund's assets; (ii) allocate and, when appropriate, reallocate a Fund's assets among multiple Subadvisers; (iii) terminate any Subadviser; (iv) monitor and evaluate each Subadviser's performance; and (v) implement procedures reasonable designed to help ensure that Subadvisers, in providing services to a Fund, comply with the Fund's investment objective, investment policies, and investment restrictions documented in the Board Policies, the Organic Documents, the Prospectus, the Adviser Guidelines, and the Procedures, each as provided to the Adviser by the Trust; the 1940 Act; the Advisers Act, the Securities Act; the 1934 Act; the Internal Revenue Code of 1986, as amended; and other applicable laws. Despite the Advisor's ability to employ Subadvisers to perform the duties set forth in Section 3 of this Agreement, the Adviser shall retain overall supervisory responsibility for the general management and investment of a Fund's assets.

The Adviser shall be liable under this Agreement: (i) for its failure to exercise good faith in the employment of a Subadviser; (ii) for its failure to exercise appropriate supervision of a Subadviser; and (iii) as may be otherwise agreed by the Trust and the Adviser in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject to the review and approval of the Board, the Adviser may (i) enter into and amend Subadvisory Agreements with new or current Subadvisers; and (ii) replace any Subadviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Each Subadviser's employment shall be evidenced by a separate written agreement approved by the Board and, to the extent required by law or regulation, by the shareholders of each applicable Fund.

**SECTION 12. LIMITATION OF SHAREHOLDER AND TRUSTEE LIABILITY**

The Trust's Trustees and each Fund's shareholders shall not be personally liable for any obligations of the Trust or a Fund under this Agreement, and the Adviser agrees that, in asserting any rights or claims under this Agreement, it shall look only to the assets and property of the Fund to which the Adviser's rights or claims relate in settlement of such rights or claims, and not to the Trust's Trustees or that Fund's shareholders.

**SECTION 13. RIGHTS TO NAME**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If the Adviser ceases to act as investment adviser to any Fund whose name includes the term "Guardian" or "Guardian Capital" (the "Mark") or, if the Adviser requests in writing, the Trust shall take prompt action to change the name of any Fund to a name that does not include the Mark. The Adviser may from time to time make available, without charge, for use by a Fund other marks or symbols owned by the Adviser, including marks or symbols containing the Mark or any variation thereof, as the Adviser deems appropriate ("Other Marks"). Upon the Adviser's written request, the Trust shall cease to use any Mark or Other Marks. The Trust acknowledges that any rights in the Mark and Other Marks which may exist on the date of this Agreement or arise hereafter are, and under any and all circumstances shall continue to be, the sole property of the Adviser. The Adviser may permit other parties, including other investment companies, to use the Marks and Other Marks without the consent of the Trust. The Trust shall not use the Mark or Other Marks in conducting any business other than that of an investment company registered under the 1940 Act without the consent of the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Adviser shall not use the name of the Trust or a Fund on any checks, bank drafts, bank statements or forms for other than internal use in a manner not approved by the Trust prior thereto in writing; provided however, that the approval of the Trust shall not be required for the use of the Trust's or a Fund's name which merely refers in accurate and factual terms to the Trust or a Fund in connection with Adviser's role hereunder or which is required by any appropriate regulatory, governmental or judicial authority; and further provided that in no event shall such approval be unreasonably withheld or delayed.

**SECTION 14: AFFILIATIONS OF PARTIES**

Subject to and in accordance with the Organic Documents, the organizational documents of the Adviser, and the 1940 Act, the Trustees, officers, agents or shareholders of a Fund are or may be Advisory Representatives of the Adviser as directors, officers, shareholders, agents, or otherwise and Advisory Representatives are or may be interested persons of the Trust as Trustees, officers, agents, shareholders, or otherwise. The Adviser and its affiliates may be interested persons of the Trust. Such relationships shall be governed by the aforementioned governing instruments.

**SECTION 15. CONFIDENTIALITY**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "Confidential Information" includes Trust Records and all tangible and intangible information and materials being disclosed in connection with this Agreement by one of the parties to this Agreement ("Disclosing Party") to another party to this Agreement ("Receiving Party"), in any form or medium (and without regard to whether the information is owned by a party to this Agreement (each, a "Party") or by a third party), that satisfy at least one of the following criteria:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) information related to a Disclosing Party's, its respective affiliates' or its third party licensors' or vendors' trade secrets, customers, business plans, procedures, strategies, forecasts or forecast assumptions, operations, methods of doing business, records, finances, assets, technology, software, systems data or other proprietary or confidential business or technical information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) information designated as confidential in writing by the Disclosing Party or information that the Receiving Party should reasonably know to be information that is of a confidential or proprietary nature; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any information derived from, or developed by reference to or use of, any information described in the preceding clauses (i) and (ii);

provided, however, that, notwithstanding the foregoing, the following shall not be considered Confidential Information: (iv) information that is disclosed to the Receiving Party without any obligation of confidentiality by a third person who has a right to make such disclosure; (v) information that is or becomes publicly known without violation of this Agreement by the Receiving Party; or (vi) information that is independently developed by the Receiving Party or its employees or affiliates without reference to the Disclosing Party's information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Except as expressly provided otherwise herein, each Party shall, during the term of this Agreement: (i) use a level of care no less rigorous than that taken to protect its own Confidential Information of a similar nature (but in no event less than a reasonable level of care) to keep confidential, and to prevent any unauthorized disclosure of, any Confidential Information of the other Party, (ii) use such Confidential Information only in connection with this Agreement, (iii) not make any commercial use of such Confidential Information for the benefit of itself or any third party beyond the scope of this Agreement, and (iv) except where required by law, order, or demand of any governmental or regulatory authority, or as required or permitted by this Agreement, not make any such Confidential Information, or parts thereof, available to any third party. If any Party receives a request or demand from a third party to inspect any documents or other hard or electronic materials containing Confidential Information, the Party receiving such a request or demand shall endeavor to notify the applicable Party and to secure instructions to produce the requested Confidential Information from that Party or an authorized person of that Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Each Party shall only reproduce another Party's Confidential Information to a third party to the extent necessary to permit it to meet its obligations under this Agreement, and shall notify the other party promptly if the other Party's Confidential Information is disclosed in violation of the provisions of this Agreement or is otherwise lost or unaccounted for. Each party shall have the right to disclose another Party's Confidential Information to its employees, officers, directors, advisers, attorneys, consultants, vendors, affiliates, and third party service providers (the "Representatives") who have an obligation to keep such Confidential Information confidential in accordance with the terms of this Agreement or substantially similar terms. Each Party shall be liable for a breach of confidentiality by its Representatives.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Trust consents to the disclosure by the Adviser to third parties of its investment results from management of a Fund's assets: (i) as part of composite investment results; or (ii) otherwise, if approved in advanced by the Trust, which such approval shall not be unreasonably withheld. Each Party consents to the disclosure to third parties of its relationship with the other Party, including the value of Trust assets, collectively, managed by the Adviser from time to time.

**SECTION 16. CERTIFICATIONS; DISCLOSURE CONTROLS AND PROCEDURES**

The Adviser acknowledges that, in compliance with the Sarbanes-Oxley Act of 2002 ("SOX"), and the implementing regulations thereunder, the Trust is required to make certain certifications and has adopted disclosure controls and procedures ("DCP"). To the extent reasonably requested by the Trust, the Adviser agrees to use its commercially reasonable efforts to assist the Trust in complying with SOX and implementing the DCP. The Adviser agrees to inform the Trust of any material developments relating to the services it provided under this Agreement that the Adviser reasonably believes is relevant to the Trust's certification obligations under SOX.

**SECTION 17. MISCELLANEOUS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) No provisions of this Agreement may be amended or modified in any manner except by a written agreement properly authorized and executed by both Parties hereto and, if required by the 1940 Act, by a vote of a majority of the outstanding voting securities of each Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Neither party to this Agreement shall be liable to the other Party for consequential damages under any provision of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) This Agreement shall be governed by, and the provisions of this Agreement shall be construed and interpreted under and in accordance with, the laws of the State of Ohio; provided, however, that applicable federal law shall apply if such law preempts relevant state law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) This Agreement constitutes the entire agreement between the Parties hereto and supersedes any prior agreement between those Parties with respect to the subject matter hereof, whether oral or written.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) This Agreement may be executed by the Parties hereto on any number of counterparts, and all of the counterparts taken together shall be deemed to constitute one and the same instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) If any part, term or provision of this Agreement is held to be illegal, in conflict with any law or otherwise invalid, the remaining portion or portions shall be considered severable and not be affected, and the rights and obligations of the Parties shall be construed and enforced as if the Agreement did not contain the particular part, term or provision held to be illegal or invalid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Section headings in this Agreement are included for convenience only and are not to be used to construe or interpret this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Notices, requests, instructions and communications received by the Parties at their respective principal places of business, as indicated above, or at such other address as a Party may have designated in writing, shall be deemed to have been properly given.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The terms "vote of a majority of the outstanding voting securities", "interested person", "affiliated person," "control" and "assignment" shall have the meanings ascribed thereto in the 1940 Act. Where the effect of a requirement of the 1940 Act reflected in any provision of this Agreement is altered by a rule, regulation or order of the SEC, whether of special or general application, such provision shall be deemed to incorporate the effect of such rule, regulation or order.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Each of the undersigned warrants and represents that they have full power and authority to sign this Agreement on behalf of the Party indicated and that their signature shall bind the Party indicated to the terms hereof and each Party hereto warrants and represents that this Agreement, when executed and delivered, shall constitute a legal, valid and binding obligation of the Party, enforceable against the party in accordance with its terms, subject to bankruptcy, insolvency, reorganization, moratorium and other laws of general application affecting the rights and remedies of creditors and secured parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) The provisions of Sections 3(g)-(i), 3(k), 6, 7, the second paragraph of 11(a), 12-13, 15, 16, and 17 shall survive any termination of this Agreement.

**IN WITNESS WHEREOF,** the parties hereto have caused this Agreement to be duly executed all as of the day and year first above written.

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| | | |
|:---|:---|:---|
|  | **CAPITOL SERIES TRUST** on behalf of its | **CAPITOL SERIES TRUST** on behalf of its |
|  | Series listed in Appendix A | Series listed in Appendix A |
| By: |  |  |
|  | Name: | Matthew J. Miller |
|  | Title: | President |

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| | |
|:---|:---|
| **GUARDIAN CAPITAL LP** | **GUARDIAN CAPITAL LP** |
| By: |  |
|  | Name: |
|  | Title: |
| By: |  |
|  | Name: |
|  | Title: |

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**CAPITOL SERIES TRUST**

**INVESTMENT ADVISORY AGREEMENT**

Appendix A

---

| | |
|:---|:---|
| **Fund** | **Fee as a % of the Annual**<br> **Average Daily Net Assets of the Fund**  |
| Guardian Capital Dividend Growth Fund | 0.75% |

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**EXHIBIT B - FORM OF AGREEMENT AND PLAN OF REORGANIZATION**

**<u>AGREEMENT AND PLAN OF REORGANIZATION</u>**

THIS AGREEMENT AND PLAN OF REORGANIZATION (the "Agreement") is made as of this [] day of [], 2026, by and between Sterling Capital Funds, a Massachusetts business trust (the "Sterling Funds" or "Acquiring Trust"), with its principal place of business at 434 Fayetteville St., Suite 500, Raleigh, NC 27601, with respect to its Guardian Capital Dividend Growth Fund (the "Acquiring Fund") and Capitol Series Trust (the "Capitol Trust"), an Ohio business trust, with its principal place of business at 225 Pictoria Drive, Suite 450, Cincinnati, OH 45246, with respect to its Guardian Capital Dividend Growth Fund (the "Selling Fund").

The reorganization will consist of (i) the sale, assignment, conveyance, transfer and delivery of all of the property and assets of the Selling Fund to the Acquiring Fund in exchange solely for: (a) shares of beneficial interest, without par value per share, of each class of the Acquiring Fund (each an "Acquiring Class") relating to a corresponding class of shares of the Selling Fund (each a "Selling Class"); and (b) the assumption by the Acquiring Fund of all of the liabilities of the Selling Fund; and (ii) the subsequent distribution, of the shares of each Acquiring Class (collectively, "Acquiring Fund Shares") to the shareholders of each corresponding Selling Class, and on a *pro rata* basis as set forth in paragraph 1.4 below, in complete redemption of the shares of beneficial interest (which are all of the shares of beneficial interest) of the Selling Fund (the "Selling Fund Shares") and the liquidation of the Selling Fund as provided herein (the "Reorganization" and, together with the transactions described in clauses (i) and (ii) of this sentence, the "Merger"), all upon the terms and conditions hereinafter set forth in this Agreement.

WHEREAS, it is intended that, for United States federal income tax purposes (i) the transaction contemplated by this Agreement constitute a "reorganization" within the meaning of Section 368(a) of the Internal Revenue Code of 1986, as amended (the "Code"), and (ii) this Agreement constitute a plan of reorganization within the meaning of Section 368 of the Code and Treasury Regulations Section 1.368-2(g);

WHEREAS, the Selling Fund and the Acquiring Fund are each a separate investment series of an open-end investment company of the management type registered under the Investment Company Act of 1940, as amended (the "1940 Act"), and the Selling Fund owns securities that generally are assets of the character in which the Acquiring Fund is permitted to invest;

WHEREAS, the Acquiring Fund has been organized in order to continue the business and operations of the Selling Fund;

WHEREAS, the Selling Fund and the Acquiring Fund are authorized to issue their shares of beneficial interest;

WHEREAS, the Acquiring Fund currently has no assets or liabilities and has carried on no business activities prior to the date first shown above. Prior to the Closing Date, the Acquiring Fund shall have no liabilities and its only assets, if any, shall be a de minimis amount of assets to facilitate its organization;

WHEREAS, the Trustees of the Sterling Funds, including a majority of Trustees who are not interested persons of the Sterling Funds, have determined, with respect to the Acquiring Fund, that the sale, assignment, conveyance, transfer and delivery of all of the property and assets of the Selling Fund for Acquiring Fund Shares and the assumption of all liabilities of the Selling Fund by the Acquiring Fund (except as set forth below) is in the best interests of the Acquiring Fund and its shareholders and that the interests of the existing shareholders of the Acquiring Fund will not be diluted as a result of this transaction;

WHEREAS, the Trustees of the Capitol Trust, including a majority of Trustees who are not interested persons of the Capitol Trust, have determined that the Merger is in the best interests of the Selling Fund and that the interests of the existing shareholders of the Selling Fund will not be diluted as a result of the Merger;

NOW, THEREFORE, in consideration of the premises and of the covenants and agreements hereinafter set forth, the parties hereto covenant and agree as follows:

ARTICLE I

TRANSFER OF ASSETS BY THE CAPITOL TRUST ON BEHALF OF THE SELLING FUND IN EXCHANGE FOR THE ACQUIRING FUND SHARES AND ASSUMPTION BY THE STERLING FUNDS ON BEHALF OF THE ACQUIRING FUND OF SELLING LIABILITIES AND LIQUIDATION OF THE SELLING FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 THE EXCHANGE. Subject to the terms and conditions herein set forth and on the basis of the representations and warranties contained herein, the Capitol Trust, on behalf of the Selling Fund, agrees to sell, assign, convey, transfer and deliver all of its property and assets attributable to the Selling Fund as set forth in paragraph 1.2 to the Acquiring Fund. The Sterling Funds, on behalf of the Acquiring Fund, agrees in exchange for the Selling Fund's property and assets (i) to deliver to the Selling Fund the full and fractional shares of each Acquiring Class as of the Closing (as defined in paragraph 3.1) in amounts sufficient to permit the Capitol Trust to make the distribution described in paragraph 1.4. The Acquiring Trust shall determine the number of shares of each Acquiring Class to be issued by dividing the value of the net assets (computed in the manner and as of the time and date set forth in paragraph 2.1) of each corresponding Selling Class by the net asset value of one share of the Acquiring Class (computed in the manner and as of the time and date set forth in paragraph 2.2). Such transactions shall take place on the Closing Date provided for in paragraph 3.1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 ASSETS TO BE ACQUIRED. The property and assets of the Selling Fund to be sold, assigned, conveyed, transferred and delivered to Acquiring Fund shall consist of all assets and property of every kind and nature of the Selling Fund, including, without limitation, receivables (including dividend, interest and other receivables), cash, cash equivalents, claims (whether absolute or contingent, known or unknown), securities, commodities, interests in futures, good will and other intangible property, originals or copies of or access to all books and records of the Selling Fund, and deferred or prepaid expenses and all interests, rights, privileges and powers that the Selling Fund owns at the Valuation Date (as defined in paragraph 2.1) (collectively, "Assets").

The Selling Fund will promptly assign, convey, transfer and deliver to the Acquiring Fund any rights, stock dividends, cash dividends or other securities received by the Selling Fund after the Closing Date as stock dividends, cash dividends or other distributions on or with respect to the Assets transferred, which rights, stock dividends, cash dividends and other securities shall be deemed included in the Assets transferred to the Acquiring Fund at the Closing Date and shall not be separately valued; provided, for the avoidance of doubt, that distributions with respect to securities that have gone "ex" prior to the Valuation Date shall be included in the determination of the value of the Assets of the Selling Fund acquired by the Acquiring Fund.

The Capitol Trust will, at least thirty (30) business days prior to the Closing Date, furnish the Acquiring Fund with a list of the then-held assets, including but not limited to portfolio securities and other investments, of the Selling Fund, and shall identify any investments of the Selling Fund being fair valued by the Selling Fund or being valued based on broker-dealer quotes.

The Acquiring Fund will, within a reasonable time prior to the Closing Date, furnish the Selling Fund with a list of the securities, if any, on the Selling Fund's list referred to in the previous paragraph that do not conform to the Acquiring Fund's investment objectives, policies, and restrictions. In the event that the Selling Fund holds any investments that the Acquiring Fund may not hold, the Selling Fund, if requested by the Acquiring Fund, will dispose of such securities prior to the Closing Date. In addition, if it is determined that the Selling Fund and the Acquiring Fund portfolios, when aggregated, would contain investments exceeding certain percentage limitations imposed upon the Acquiring Fund with respect to such investments, the Selling Fund, if requested by the Acquiring Fund, will dispose of a sufficient amount of such investments as may be necessary to avoid violating such limitations as of the Closing Date. Notwithstanding the foregoing, (i) any request by the Acquiring Fund made pursuant to this paragraph shall be made in writing at least 20 days before the Closing Date, (ii) the Selling Fund shall be required to dispose of assets pursuant to this paragraph only to the extent permissible and consistent with the Selling Fund's investment objectives and policies and (iii) nothing herein will require the Selling Fund to dispose of any assets including but not limited to securities and other investments if, in the reasonable judgment of the Selling Fund, such disposition would violate the Selling Fund's fiduciary duty to its shareholders or would adversely effect the status of the Merger as a "reorganization" under Section 368(a) of the Code.

Notwithstanding anything to the contrary contained in this Section 1.2, in Section 1.3 below or elsewhere in this Agreement, the Capitol Trust shall retain the assets and liabilities, if any, associated with deferred compensation payable on behalf of the Selling Fund to the Trustees of the Selling Fund at the time of the Reorganization.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3 LIABILITIES TO BE ASSUMED. The Selling Fund will endeavor to discharge all of its material, known liabilities and obligations, if any, prior to the Valuation Date, except for liabilities and obligations incurred in its ordinary course of business as an investment company. Regardless of the extent of the Selling Fund's success in doing so, however, the Acquiring Fund shall assume all of the Selling Fund's liabilities and obligations of any kind whatsoever, except for the liabilities, if any, referenced in the final paragraph of Section 1.2, whether absolute, accrued, contingent, known or unknown or otherwise in existence at the Valuation Date (collectively, "Liabilities").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4 LIQUIDATION AND DISTRIBUTION. As soon as practicable following the actions contemplated by paragraph 1.1, the Capitol Trust shall take such actions as may be necessary or appropriate to complete the liquidation of the Selling Fund. To complete the liquidation, the Capitol Trust, on behalf of the Selling Fund, shall: (a) distribute to the shareholders of record of each Selling Class as of the Closing Date (collectively, "Selling Fund Shareholders"), on a *pro rata* basis, the shares of the corresponding Acquiring Class received by Selling Fund, pursuant to paragraph 1.1, in complete redemption of the Selling Fund Shares, and (b) liquidate the Selling Fund consistent with applicable law. Such distribution and redemption will be accomplished by the transfer of the shares of each Acquiring Class then credited to the account of the Selling Fund on the books of the Acquiring Fund to open accounts on the share records of the Acquiring Fund in the names of shareholders of the corresponding Selling Class, as of the Closing Date. The aggregate net asset value of the shares of each Acquiring Class to be so credited to the shareholders of the corresponding Selling Class shall be equal to the aggregate net asset value of the Selling Class shares owned by the shareholders of the Selling Class on the Closing Date. All issued and outstanding shares of the Selling Fund will simultaneously be canceled on the books of the Selling Fund. The Acquiring Fund shall not issue certificates representing the Acquiring Fund Shares in connection with such exchange.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5 OWNERSHIP OF SHARES. Ownership of Acquiring Fund Shares will be shown on the books of the Acquiring Fund's transfer agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.6 TRANSFER TAXES. Any transfer taxes payable upon issuance of the shares of each Acquiring Class Shares in a name other than the registered holder of shares of the corresponding Selling Class on the books of the Selling Fund as of that time shall, as a condition of such issuance and transfer, be paid by the person to whom such shares of the Acquiring Class are to be issued and transferred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.7 REPORTING RESPONSIBILITY. Any reporting responsibility of the Selling Fund, including, but not limited to, the responsibility for filing regulatory reports, tax returns for the periods ending on or before the Closing Date, or other documents with the U.S. Securities and Exchange Commission ("Commission"), any state securities commission, and any federal, state or local tax authorities or any other relevant regulatory authority, is and shall remain the responsibility of the Capitol Trust, on behalf of the Selling Fund.

ARTICLE II

VALUATION

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 VALUATION OF ASSETS. The value of the Assets and the amount of the Liabilities of the Selling Fund shall be determined as of 4:00 p.m. Eastern Standard time on the business day immediately preceding the Closing Date (as defined below), or such earlier or later days as may be agreed upon by the parties hereto (such time and date being hereinafter called the "Valuation Date"), using the valuation policies and procedures established by the Trustees of the Capitol Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 VALUATION OF SHARES. The net asset value per share (including fractional shares, if any) of each Acquiring Class shall be determined as of the Valuation Date, using the valuation policies and procedures established by the Trustees of the Sterling Funds as described in the Acquiring Fund's currently effective prospectus and statement of additional information.

ARTICLE III

CLOSING AND CLOSING DATE

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 CLOSING DATE. Subject to the terms and conditions set forth herein, the Closing Date shall be [], 2026 ("the "Closing Date"), or such other date as may be agreed upon by the parties hereto. All acts taking place at the closing of the transactions provided for in this Agreement shall be deemed to take place simultaneously by 9:00 a.m. Eastern standard time on the Closing Date unless otherwise agreed to by the parties (the "Closing"). The Closing shall be held at the offices of the Capitol Trust, or at such other time and/or place as the parties may agree.

At the Closing, the Capitol Trust shall direct the Huntington National Bank ("Huntington") to transfer ownership of the Assets from the accounts of the Selling Fund to the custodian of the Acquiring Fund for the accounts of the Acquiring Fund. The Capitol Trust shall, within one business day after the Closing, deliver to the Sterling Funds a certificate of an authorized officer stating that (i) the Assets of the Selling Fund have been so transferred as of the Closing Date, and (ii) all necessary taxes in connection with the delivery of the Assets of the Selling Fund, including all applicable federal and state stock transfer stamps, if any, have been paid or provision for payment has been made.

At the Closing the Capitol Trust shall deliver, or shall cause Huntington to deliver, a list of the names, addresses, federal taxpayer identification numbers, tax basis and holding period information, and backup withholding and nonresident alien withholding statuses of the Selling Fund Shareholders, by Selling Class, as of the Valuation Date, along with documentation regarding withholding statuses (e.g., Forms W-8 and W-9) for Selling Fund Shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 EFFECT OF SUSPENSION IN TRADING. In the event that on the Valuation Date (a) the New York Stock Exchange or another primary trading market for portfolio securities of the Acquiring Fund or the Selling Fund shall be closed to trading or trading thereon shall be restricted; or (b) trading or the reporting of trading on said Exchange or elsewhere shall be disrupted so that accurate appraisal of the value of the net assets of the Acquiring Fund or the Selling Fund is impracticable (in the judgment of the Trustees of the Sterling Funds with respect to the Acquiring Fund and the Trustees of the Capitol Trust with respect to the Selling Fund), the Valuation Date shall be postponed until the first Friday (that is also a business day) after the day when trading shall have been fully resumed and reporting shall have been restored.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 TRANSFER AGENT'S CERTIFICATE. The Capitol Trust shall direct its transfer agent, Ultimus Fund Solutions, LLC, to issue and deliver to the Secretary of the Sterling Funds, within one business day after the Closing, a certificate of an authorized officer stating that its records contain the names and addresses of the Selling Fund Shareholders by Selling Class and the number and percentage ownership of outstanding shares of each Selling Class owned by each such shareholder of that class immediately prior to the Closing. Within one business day after the Closing, Sterling Funds shall issue and deliver, or cause its transfer agent, Ultimus Fund Solutions, LLC, to issue and deliver, to the Secretary of the Capitol Trust a confirmation evidencing that: (a) the appropriate number of Acquiring Fund Shares of the appropriate Acquiring Fund classes have been credited to the Selling Fund's account on the books of the Acquiring Fund pursuant to paragraph 1.1 prior to the actions contemplated by paragraph 1.4, and (b) the appropriate number of shares of each Acquiring Class have been credited to the accounts of the Selling Fund Shareholders on the books of the Acquiring Fund for each corresponding Selling Class pursuant to paragraph 1.4. At the Closing, each party shall deliver to the other such bills of sale, checks, assignments, share certificates, if any, receipts and other documents as such other party or its counsel may reasonably request.

ARTICLE IV

REPRESENTATIONS AND WARRANTIES

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 REPRESENTATIONS OF THE SELLING FUND. Except as has been fully disclosed to the Sterling Funds in Schedule 4.1 of this Agreement, the Capitol Trust, on behalf of the Selling Fund, represents and warrants to the Sterling Funds and the Acquiring Fund as follows:

&nbsp;&nbsp;&nbsp;&nbsp;(a) The Selling Fund (and each Selling Class) is duly established as a separate investment series (or class
of the Selling Fund) of the Capitol Trust, an Ohio business trust duly established and validly existing under the laws of Ohio, with power
under the Amended and Restated Agreement and Declaration of Trust of the Capitol Trust, as from time to time in effect (the "Capitol
Trust Declaration of Trust"), to own all of its assets and to carry on its business as being conducted as of the date hereof. The
Capitol Trust is duly qualified to do business as a foreign trust in each jurisdiction in which the conduct of its business makes such
qualification necessary except where the failure to so qualify would not have a material adverse effect on the condition (financial or
otherwise), business, properties, net assets or results of operations of the Capitol Trust. The Capitol Trust has all necessary federal,
state and local authorization to carry on its business as now being conducted and to fulfill the terms of this Agreement, except as set
forth in paragraph 4.1(t).

&nbsp;&nbsp;&nbsp;&nbsp;(b) The Capitol Trust is registered as an investment company classified as a management company of the open-end
type, and its registration with the Commission as an investment company under the 1940 Act, and the registration of the Selling Fund Shares
under the Securities Act of 1933, as amended (the "1933 Act"), is in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The current prospectus and statement of additional information of the Selling Fund (true and correct copies
of which have been delivered to the Sterling Funds) and each prospectus and statement of additional information of the Selling Fund used
during the three years prior to the date of this Agreement conform or conformed at the time of their use in all material respects to the
applicable requirements of the 1933 Act and the 1940 Act and the rules and regulations of the Commission thereunder, and do not or did
not at the time of their use, and with respect to the Selling Fund, include any untrue statement of a material fact or omit to state any
material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they
were made, not misleading.

&nbsp;&nbsp;&nbsp;&nbsp;(d) The Selling Fund is not engaged currently, and the execution, delivery, and performance of this Agreement
by the Capitol Trust, on behalf of the Selling Fund, will not result, in a material violation of Ohio law or of the Capitol Trust Declaration
of Trust or Bylaws of the Capitol Trust, as such may be amended from time to time (the "Capitol Trust Bylaws") or of any material
agreement, indenture, instrument, contract, lease, or other undertaking to which the Capitol Trust, on behalf of the Selling Fund, is
a party or by which it is bound, and the execution, delivery and performance of this Agreement by the Capitol Trust, on behalf of the
Selling Fund, will not result in the acceleration of any material obligation, or the imposition of any material penalty, under any agreement,
indenture, instrument, contract, lease, judgment or decree to which the Capitol Trust, on behalf of the Selling Fund, is a party or by
which it is bound.

&nbsp;&nbsp;&nbsp;&nbsp;(e) All
material contracts or other commitments of the Capitol Trust, on behalf of the Selling Fund (other than this Agreement and those contracts
listed in Schedule 4.1), will terminate without liability to the Selling Fund on or prior to the Closing Date. Each contract listed in
Schedule 4.1 is a valid, binding and enforceable obligation of the Capitol Trust, on behalf of the Selling Fund.

&nbsp;&nbsp;&nbsp;&nbsp;(f) No litigation, administrative proceeding, or, to the Capitol Trust's knowledge, investigation of
or before any court or governmental body is presently pending or, to the Capitol Trust's knowledge, threatened against the Capitol
Trust with respect to the Selling Fund or any of its properties or assets. The Capitol Trust, on behalf of the Selling Fund, has not received
any verbal or written notification from any person containing information that may form the basis for the institution of any such proceedings
which, if adversely determined, would materially and adversely affect the Selling Fund's financial condition, the conduct of the
Selling Fund's business, or the ability of the Capitol Trust, on behalf of the Selling Fund, to carry out the transactions contemplated
by this Agreement. The Capitol Trust, on behalf of the Selling Fund, is not a party to or subject to the provisions of any order, decree,
or judgment of any court or governmental body that materially and adversely affects the Selling Fund's business or its ability to
consummate the transactions herein contemplated.

&nbsp;&nbsp;&nbsp;&nbsp;(g) The audited financial statements of the Selling Fund at September 30, 2025 are in accordance with generally
accepted accounting principles in the United States ("GAAP") applied, and such statements (true and correct copies of which
have been furnished to the Sterling Funds) present fairly, in all material respects, the financial condition of the Selling Fund as of
such date and for such period in accordance with GAAP, and there were no known contingent, accrued or other liabilities of the Selling
Fund as of such date not disclosed therein.

&nbsp;&nbsp;&nbsp;&nbsp;(h) Since September 30, 2025, there has not been any material adverse change in the Selling Fund's financial
condition, assets, liabilities, or business other than changes occurring in the ordinary course of business, or any incurrence by the
Selling Fund of indebtedness maturing more than one year from the date such indebtedness was incurred, except as otherwise disclosed to
and accepted by the Acquiring Fund. For the purposes of this subparagraph (h), a decline in the net asset value of the Selling Fund shall
not constitute a material adverse change.

&nbsp;&nbsp;&nbsp;&nbsp;(i) At the Closing Date, all federal and other tax returns, dividend reporting forms and other tax-related
reports of the Selling Fund required by law to have been filed on or before the Closing Date (taking into account any extensions) shall
have been filed, and shall be true, correct and complete in all material respects, and all federal and other taxes shown as due or required
to be shown as due from the Selling Fund on said returns, forms and reports shall have been paid, or provision shall have been made for
the payment thereof. To the best of the Capitol Trust's knowledge, no such return, form or report is currently under audit by the
Internal Revenue Service or by any state or local tax authority, and no assessment has been asserted with respect to such returns, forms
or reports.

&nbsp;&nbsp;&nbsp;&nbsp;(j) The Selling Fund is a separate series of the Capitol Trust that is treated as a corporation separate from
any and all other series of the Capitol Trust under Section 851(g) of the Code. For each taxable year of its operation, the Selling Fund
has met the requirements of Subchapter M of the Code for qualification and treatment as a "regulated investment company,"
has elected to be treated as such, and has been (and would be) eligible to compute and has computed its federal income tax under Section
852 of the Code. For each taxable year of its operation ending prior to the Closing Date, the Selling Fund has distributed substantially
all of (a) its investment company taxable income (as defined in the Code) (computed without regard to any deduction for dividends paid),
(b) the excess of its interest income excludable from gross income under Section 103(a) of the Code, if any, over its deductions disallowed
under Section 265 and Section 171(a)(2) of the Code, and (c) any net capital gain (as defined in the Code) (after reduction for any allowable
capital loss carryover) that was accrued or been recognized, respectively, such that for all tax periods ended before the Closing Date,
the Selling Fund will not have any unpaid tax liability under Section 852 of the Code. For each calendar year of its operation, the Selling
Fund made such distributions, as are necessary so that for all calendar years ending before the Closing Date, the Selling Fund will not
have any unpaid tax liability under Section 4982 of the Code. The Selling Fund has no earnings and profits accumulated for any taxable
year ended before the Closing Date for which the provisions of Subchapter M of the Code did not apply. All dividends paid by the Selling
Fund at any time prior to the Closing Date shall have been deductible pursuant to the dividends-paid deduction under Section 562 of the
Code.

&nbsp;&nbsp;&nbsp;&nbsp;(k) The Capitol Trust is authorized to issue an unlimited number of shares of beneficial interest, without
par value, of the Selling Fund. All issued and outstanding Selling Fund Shares of the Selling Fund are, and at the Closing Date will be,
duly and validly issued and outstanding, fully paid and non-assessable by the Capitol Trust and have been offered and sold in any state,
territory or the District of Columbia in compliance in all material respects with applicable registration requirements of all applicable
federal and state securities laws. All of the issued and outstanding Selling Fund Shares of the Selling Fund will, at the time of the
Closing Date, be held by the persons and in the amounts set forth in the records of the Selling Fund's transfer agent, on behalf
of the Selling Fund, as provided in paragraph 3.3. The Selling Fund does not have outstanding any options, warrants, or other rights to
subscribe for or purchase any of the Selling Fund Shares of the Selling Fund, nor is there outstanding any security convertible into any
of the Selling Fund Shares of the Selling Fund.

&nbsp;&nbsp;&nbsp;&nbsp;(l) At the Closing Date, the Capitol Trust, on behalf of the Selling Fund, will have good and marketable title
to the Assets and full right, power, and authority to sell, assign, convey, transfer, and deliver such assets hereunder free any liens
or other encumbrances, except as previously disclosed to the Acquiring Fund, and, upon delivery and payment for such assets, the Sterling
Funds, on behalf of the Acquiring Fund, will, to the knowledge of the Capitol Trust, acquire good and marketable title thereto, subject
to no restrictions on the full transfer thereof, including such restrictions as might arise under the 1933 Act.

&nbsp;&nbsp;&nbsp;&nbsp;(m) The Selling Fund has no known Liabilities of a material nature, contingent or otherwise, other than those
shown as belonging to it on its statement of assets and liabilities as of the Valuation Date, those incurred pursuant to this Agreement
and those incurred in the ordinary course of the Target Fund's business, as an investment company, since such date.

&nbsp;&nbsp;&nbsp;&nbsp;(n) The books and records of or relating to the Selling Fund (including all books and records required to
be maintained under the 1940 Act and the Code and the rules and regulations under the 1940 Act and the Code) made available to the Sterling
Funds and/or its counsel are true and correct in all material respects and contain no material omissions with respect to the business
and operations of the Capitol Trust and the Selling Fund.

&nbsp;&nbsp;&nbsp;&nbsp;(o) The execution, delivery, and performance of this Agreement, and the transactions contemplated herein,
have been duly authorized by all necessary action on the part of the Trustees of the Capitol Trust, on behalf of the Selling Fund and
this Agreement constitutes a valid and binding obligation of the Capitol Trust, on behalf of the Selling Fund, subject to approval by
the Selling Fund's shareholders, enforceable in accordance with its terms, subject as to enforcement, to bankruptcy, insolvency,
reorganization, moratorium, and other laws relating to or affecting creditors' rights and to general equity principles.

&nbsp;&nbsp;&nbsp;&nbsp;(p) Any information furnished or to be furnished by the Capitol Trust, on behalf of Selling Fund, in writing
to the Sterling Funds specifically for use in the Registration Statement (as defined in paragraph 5.9) and other documents that may be
necessary in connection with the transactions contemplated hereby is or shall be accurate and complete in all material respects and complies
or shall comply in all material respects with federal securities and other laws and regulations thereunder applicable thereto.

&nbsp;&nbsp;&nbsp;&nbsp;(q) The Registration Statement (as
defined in paragraph 5.9), insofar as it relates to the Selling Fund, from the effective date of the Registration Statement through the
date of the meeting of the shareholders of the Selling Fund contemplated herein and on Closing Date, will, with respect to the Selling
Fund, (i) not contain any statement which, at the time and in the light of the circumstances under which it is made, is false or misleading
with respect to any material fact, or which omits to state any material fact necessary in order to make the statements therein not false
or misleading (provided that this representation and warranty shall not apply to statements in or omissions from the Registration Statement
made in reliance upon and in conformity with information that was furnished by the Sterling Funds, on behalf of the Acquiring Fund, for
use therein), and (ii) comply in all material respects with the provisions of the Securities Exchange Act of 1934 Act, as amended (the
"1934 Act") and the 1940
Act and the rules and regulations thereunder; provided, that the representations and warranties in this paragraph 4.1(n) shall not apply
to statements in or omissions from the Registration Statement made by the Sterling Funds that are not in reliance upon and in conformity
with information that was furnished in writing by the Capitol Trust, on behalf of the Selling Fund, for use therein, contained in the
Capitol Trust's registration statement on Form N-1A as it pertains to the Selling Fund, or contained in the currently effective
prospectus or statement of additional information of the Capitol Trust as they relate to the Selling Fund.

&nbsp;&nbsp;&nbsp;&nbsp;(r) The Selling Fund currently complies in all material respects with, and has complied in all material respects
with, the requirements of, and the rules and regulations under, the 1933 Act, the 1934 Act, the 1940 Act, state "Blue Sky"
laws and all other applicable federal and state laws or regulations. The Selling Fund currently complies in all material respects with,
and has complied in all material respects with, all investment objectives, policies, guidelines and restrictions established by the Capitol
Trust with respect to the Selling Fund. All advertising and sales material used by the Selling Fund complies in all material respects
with, and has complied in all material respects with, the applicable requirements of the 1933 Act, the 1940 Act, the rules and regulations
of the Commission promulgated thereunder, and, to the extent applicable, the Conduct Rules of the Financial Industry Regulatory Authority
("FINRA") and any applicable state regulatory authority. All registration statements, prospectuses, reports, proxy materials
or other filings required to be made or filed with the Commission, FINRA or any state securities authorities by the Capitol Trust, on
behalf of the Selling Fund, have been duly filed and have been approved or declared effective, if such approval or declaration of effectiveness
is required by law, except for any filings that, if not filed, did not or are not reasonably likely to have a material adverse effect
on the Selling Fund. Such registration statements, prospectuses, reports, proxy materials and other filings under 1933 Act, the 1934 Act
and the 1940 Act, except as did not or are not reasonably likely to have a material adverse effect on the Selling Fund, (i) are or were
in compliance in all material respects with the requirements of all applicable statutes and the rules and regulations promulgated thereunder
and (ii) do not or did not contain any untrue statement of a material fact or omit to state a material fact required to be stated therein
or necessary to make the statements therein, in light of the circumstances in which they were made, not false or misleading.

&nbsp;&nbsp;&nbsp;&nbsp;(s) Neither the Selling Fund nor, to the knowledge of the Capitol Trust, any "affiliated person"
of the Selling Fund has been convicted of any felony or misdemeanor, described in Section 9(a)(1) of the 1940 Act, nor, to the knowledge
of the Capitol Trust, has any affiliated person of the Selling Fund been the subject, or presently is the subject, of any proceeding or
investigation with respect to any disqualification that would be a basis for denial, suspension or revocation of registration as an investment
adviser under Section 203(e) of the Investment Advisers Act of 1940, as amended (the "Advisers Act"), or Rule 206(4)-4(b)
thereunder or of a broker-dealer under Section 15 of the 1934 Act, or for disqualification as an investment adviser, employee, officer
or director of an investment company under Section 9 of the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;(t) The tax representation certificate to be delivered by the Capitol Trust, on behalf of the Selling Fund,
to Ropes & Gray, LLP pursuant to paragraph 8.5 hereof will not on the Closing Date contain any untrue statement of a material fact
or omit to state a material fact necessary to make the statements therein not misleading.

&nbsp;&nbsp;&nbsp;&nbsp;(u) There are no certificates representing ownership of Selling Fund Shares currently outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;(v) No consent, approval, authorization, or order of any court or governmental authority is required for the
consummation by the Capitol Trust, on behalf of the Selling Fund, of the transactions contemplated herein, except such as may be required
under the 1933 Act, the 1934 Act, the 1940 Act, state securities laws and the Hart-Scott-Rodino Act.

&nbsp;&nbsp;&nbsp;&nbsp;(w) Selling Fund does not own any "converted property" (as that term is defined in Treasury Regulation
Section 1.337(d)-7(a)(1)) that is subject to the rules of Section 1374 of the Code as a consequence of the application of Section 337(d)(1)
of the Code and Treasury Regulations thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 REPRESENTATIONS OF THE ACQUIRING FUND. Except as has been fully disclosed to the Capitol Trust in Schedule 4.2 to this Agreement, the Sterling Funds, on behalf of the Acquiring Fund, represents and warrants to the Capitol Trust and the Selling Fund as follows:

&nbsp;&nbsp;&nbsp;&nbsp;(a) The Acquiring Fund (and each Acquiring Class) is duly established as a separate investment series (or
class of the Acquiring Fund) of the Sterling Funds, a Massachusetts business trust duly organized, validly existing, and in good standing
under the laws of the Commonwealth of Massachusetts, with power under its Agreement and Declaration of Trust (the "Sterling Funds
Declaration of Trust"), to own all of its assets and to carry on its business as being conducted as of the date hereof. The Sterling
Funds is duly qualified to do business as a foreign trust in each jurisdiction in which the conduct of its business makes such qualified
necessary except where the failure to so qualify would not have a material adverse effect on the condition (financial or otherwise), business,
properties, net assets or results of operations of the Sterling Funds. The Sterling Funds has all necessary federal, state and local authorization
to carry on its business as now being conducted and to fulfill the terms of this Agreement, except as set forth in paragraph 4.1(o).

&nbsp;&nbsp;&nbsp;&nbsp;(b) The Acquiring Fund is registered as an investment company classified as a management company of the open-end
type, and its registration with the Commission as an investment company under the 1940 Act, and the registration of the Acquiring Fund
Shares under the 1933 Act is or will be in full force and effect as of the Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The Post-Effective Amendments (as defined in paragraph 5.10) to be filed by the Sterling Funds, insofar
as they relate to the Acquiring Fund, pursuant to this Agreement will, on the effective date of the Post-Effective Amendments, comply
in all material respects with the 1933 Act and the 1940 Act and the rules and regulations thereunder. The Post-Effective Amendments will
not, on the effective date of the Post-Effective Amendments, include any untrue statement of a material fact or omit to state any material
fact required to be stated or necessary to make such statements therein, in light of the circumstances under which they were made, not
misleading.

&nbsp;&nbsp;&nbsp;&nbsp;(d) The Acquiring Fund is not engaged currently, and the execution, delivery and performance of this Agreement
by the Sterling Funds, on behalf of the Acquiring Fund, will not result, in a material violation of Massachusetts law or the Sterling
Funds' Declaration of Trust or By-Laws or of any material agreement, indenture, instrument, contract, lease, or other undertaking
to which the Sterling Funds, on behalf of the Acquiring Fund, is a party or by which it is bound, and the execution, delivery and performance
of this Agreement by the Sterling Funds, on behalf of the Acquiring Fund, will not result in the acceleration of any material obligation,
or the imposition of any material penalty, under any agreement, indenture, instrument, contract, lease, judgment or decree to which the
Sterling Funds, on behalf of the Acquiring Fund, is a party or by which it is bound.

&nbsp;&nbsp;&nbsp;&nbsp;(e) No litigation, administrative proceeding or, to the Sterling Funds' knowledge, investigation of
or before any court or governmental body is presently pending or, to the Sterling Funds' knowledge, threatened against the Sterling
Funds, with respect to the Acquiring Fund, or any of its properties or assets, which, if adversely determined, would materially and adversely
affect the Acquiring Fund's financial condition, the conduct of the Acquiring Fund's business or the ability of the Sterling
Funds, on behalf of the Acquiring Fund, to carry out the transactions contemplated by this Agreement. The Sterling Funds, on behalf of
the Acquiring Fund, has not received any verbal or written notification from any person containing information that may form the basis
for the institution of any such proceedings which, if adversely determined, would materially and adversely affect the Acquiring Fund's
financial condition, the conduct of the Acquiring Fund's business or the ability of the Sterling Funds, on behalf of the Acquiring
Fund, to carry out the transactions contemplated by this Agreement. The Sterling Funds, on behalf of the Acquiring Fund, is not a party
to or subject to the provisions of any order, decree, or judgment of any court or governmental body that materially and adversely affects
the Acquiring Fund's business or its ability to consummate the transactions contemplated herein on behalf of the Acquiring Fund.

&nbsp;&nbsp;&nbsp;&nbsp;(f) The Acquiring Fund currently has no assets or liabilities and, prior to the Closing Date, will have carried
on no business activities. Prior to the Closing Date, the Acquiring Fund shall have no liabilities and its only assets, if any, shall
be a de minimis amount of assets to facilitate its organization.

&nbsp;&nbsp;&nbsp;&nbsp;(g) The Acquiring Fund is a newly formed separate series of the Sterling Funds that will be treated as a corporation
separate from any and all other series of the Sterling Funds under Section 851(g) of the Code. Acquiring Fund has not yet filed its first
federal income tax return and thus has not yet elected to be treated as a "regulated investment company" for federal income
tax purposes. Subject to the accuracy of the representations and warranties in paragraph 4.1(j), for the taxable year that includes the
Closing Date and for subsequent taxable periods, the Sterling Funds reasonably expects that the Acquiring Fund will meet the requirements
of Subchapter M of the Code for qualification as a regulated investment company and will be eligible to, and will, compute its federal
income tax under Section 852 of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;(h) The Acquiring Fund Shares to be issued to the Selling Fund have been duly authorized and, when issued
and delivered pursuant to this Agreement, will be legally and validly issued, fully paid and except as described in the Registration Statement
non-assessable by the Acquiring Fund, and no shareholder of the Sterling Funds or the Acquiring Fund will have any preemptive right of
subscription or purchase in respect thereof.

&nbsp;&nbsp;&nbsp;&nbsp;(i) All issued and outstanding shares of the Acquiring Fund are, and at the Closing Date will be, duly and
validly issued and outstanding, fully paid and except as described in the Registration Statement non-assessable by the Sterling Funds
or the Acquiring Fund. The Acquiring Fund does not have outstanding any options, warrants or other rights to subscribe for or purchase
any of the Acquiring Fund's shares, nor is there outstanding any security convertible into any of the Acquiring Fund's shares.

&nbsp;&nbsp;&nbsp;&nbsp;(j) The execution, delivery, and performance of this Agreement, and the transactions contemplated herein,
have been duly authorized by all necessary action on the part of the Trustees of the Sterling Funds, on behalf of the Acquiring Fund,
and this Agreement constitutes a valid and binding obligation of the Sterling Funds, on behalf of the Acquiring Fund, enforceable in accordance
with its terms, subject as to enforcement, to bankruptcy, insolvency, reorganization, moratorium, and other laws relating to or affecting
creditors' rights and to general equity principles.

&nbsp;&nbsp;&nbsp;&nbsp;(k) The information furnished or to be furnished by the Sterling Funds, on behalf of the Acquiring Fund, for
use in the Registration Statement (as defined in paragraph 5.9) and other documents that may be necessary in connection with the transactions
contemplated hereby, is or shall be accurate and complete in all material respects and complies or shall comply in all material respects
with federal securities and other laws and regulations applicable thereto.

&nbsp;&nbsp;&nbsp;&nbsp;(l) The Registration Statement (as defined in paragraph 5.9), insofar as it relates to the Acquiring Fund,
from the effective date of the Registration Statement through the date of the meeting of the shareholders of the Selling Fund contemplated
herein and on Closing Date, will, with respect to the Acquiring Fund, (i) not contain any statement which, at the time and in the light
of the circumstances under which it is made, is false or misleading with respect to any material fact, or which omits to state any material
fact necessary in order to make the statements therein not false or misleading (provided that this representation and warranty shall not
apply to statements in or omissions from the Registration Statement made in reliance upon and in conformity with information that was
furnished by the Capitol Trust, on behalf of the Selling Fund, for use therein), and (ii) comply in all material respects with the provisions
of 1934 Act and the 1940 Act and the rules and regulations thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;(m) No consent, approval, authorization, or order of any court or governmental authority is required for the
consummation by the Acquiring Fund of the transactions contemplated herein, except such as may be required under the 1933 Act, the 1934
Act, the 1940 Act, state securities laws and the Hart-Scott- Rodino Act.

&nbsp;&nbsp;&nbsp;&nbsp;(n) Neither the Acquiring Fund nor, to the knowledge of the Sterling Funds, any "affiliated person"
of the Acquiring Fund has been convicted of any felony or misdemeanor, described in Section 9(a)(1) of the 1940 Act, nor, to the knowledge
of the Sterling Funds, has any affiliated person of the Acquiring Fund been the subject, or presently is the subject, of any proceeding
or investigation with respect to any disqualification that would be a basis for denial, suspension or revocation of registration as an
investment adviser under Section 203(e) of the Advisers Act or Rule 206(4)-4(b) thereunder or of a broker-dealer under Section 15 of the
1934 Act, or for disqualification as an investment adviser, employee, officer or director of an investment company under Section 9 of
the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;(o) The tax representation certificate to be delivered by the Sterling Funds, on behalf of the Acquiring Fund,
to Ropes & Gray LLP at the Closing pursuant to paragraph 8.5 hereof will not on the Closing Date contain any untrue statement of a
material fact or omit to state a material fact necessary to make the statements therein not misleading.

&nbsp;&nbsp;&nbsp;&nbsp;(p) The Sterling Funds satisfies the fund governance standards set forth in Rule 0-1(a)(7)(ii), (iii), (v),
(vi) and (vii) under the 1940 Act.

ARTICLE V

COVENANTS OF THE ACQUIRING FUND AND THE SELLING FUND

The Sterling Funds, on behalf of the Acquiring Fund, and the Capitol Trust, on behalf of the Selling Fund, respectively, hereby, further covenant as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 OPERATION IN ORDINARY COURSE. The Acquiring Fund and the Selling Fund each will operate its business in the ordinary course and shall comply in all material respects with all applicable laws, rules and regulations between the date hereof and the Closing Date, it being understood that such ordinary course of business will include the declaration and payment of customary dividends and other distributions, and any other distribution that may be advisable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 INVESTMENT REPRESENTATION. The Selling Fund covenants that the Acquiring Fund Shares to be issued hereunder are not being acquired for the purpose of making any distribution thereof other than in accordance with the terms of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3 ADDITIONAL INFORMATION. The Selling Fund will use commercially reasonable efforts to assist the Sterling Funds in obtaining such information as the Acquiring Fund reasonably requests concerning the beneficial ownership of the Selling Fund shares and a copy of any books and records of the Selling Fund necessary for purposes of preparing any regulatory filings, tax returns, reports and any related schedules, forms, statements or documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4 FURTHER ACTION. Subject to the provisions of this Agreement, the Acquiring Fund and the Selling Fund each will each take, or cause to be taken, all action, and do or cause to be done, all things reasonably necessary, proper or advisable to consummate and make effective the transactions contemplated by this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5 REASONABLE EFFORTS. The Sterling Funds, on behalf of the Acquiring Fund, and the Capitol Trust, on behalf of the Selling Fund, will use all commercially reasonable efforts to fulfill or obtain the fulfillment of the conditions precedent to effect the transaction contemplated by this Agreement as promptly as practicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.6 EVIDENCE OF TITLE. The Capitol Trust, on behalf of the Selling Fund, will, from time to time, as and when reasonably requested by the Sterling Funds, execute and deliver or cause to be executed and delivered all such assignments and other instruments and will take or cause to be taken such further action as the Sterling Funds, on behalf of the Acquiring Fund, may reasonably deem necessary or desirable in order to vest in and confirm (a) the Capitol Trust's title to and possession of the Acquiring Fund Shares to be delivered hereunder and (b) the Sterling Funds' title to and possession of all the Assets, and to otherwise to carry out the intent and purpose of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.7 REGULATORY AUTHORIZATIONS. The Sterling Funds, on behalf of the Acquiring Fund, will use all reasonable efforts to obtain the approvals and authorizations required by the 1933 Act, the 1940 Act and such of the state blue sky or securities laws as may be necessary in order to operate after the Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.8 SHAREHOLDER MEETING. The Capitol Trust will call a meeting of the shareholders of the Selling Fund to consider and act upon this Agreement and to take all other action necessary to obtain approval of the transactions contemplated herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.9 REGISTRATION STATEMENT ON FORM N-14. The Capitol Trust, on behalf of the Selling Fund, shall prepare and file a registration statement on Form N-14 in compliance with the 1933 Act, the 1934 Act and the 1940 Act and the rules and regulations thereunder with respect to the Reorganization (the "Registration Statement"). The Sterling Funds, on behalf of the Acquiring Fund, will provide to the Capitol Trust such information regarding the Acquiring Fund as may be reasonably necessary for the preparation of the Registration Statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10 REGISTRATION STATEMENT ON FORM N-1A. The Sterling Funds, on behalf of the Acquiring Fund, shall prepare and file one or more post-effective amendments to its registration statement on Form N-1A (the "Post-Effective Amendments") to become effective on or before the Closing Date to register Acquiring Fund Shares under the 1933 Act and the 1940 Act.

ARTICLE VI

CONDITIONS PRECEDENT TO OBLIGATIONS OF THE CAPITOL TRUST ON BEHALF OF THE SELLING FUND

The obligations of the Capitol Trust, on behalf of the Selling Fund, to consummate the transactions provided for herein shall be subject, at its election, to the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 All representations and warranties of the Sterling Funds, on behalf of the Acquiring Fund, contained in this Agreement shall be true and correct in all material respects as of the date hereof and, except as they may be affected by the transactions contemplated by this Agreement, as of the Closing Date with the same force and effect as if made on and as of the Closing Date, and the Sterling Funds, on behalf of the Acquiring Fund, shall have delivered to the Capitol Trust on the Closing Date a certificate executed in its name by the Sterling Funds' President or Vice President, in form and substance reasonably satisfactory to the Capitol Trust and dated as of the Closing Date, to such effect and as to such other matters as the Selling Fund shall reasonably request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 With respect to the Acquiring Fund, the Capitol Trust shall have received on the Closing Date an opinion from Ropes & Gray LLP, counsel to the Sterling Funds dated as of the Closing Date, in a form reasonably satisfactory to the Capitol Trust, substantially to the effect that, based on certain facts and certifications made by the Sterling Funds, on behalf of the Acquiring Fund, and its officers:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Acquiring Fund is duly established as a separate investment series of the Sterling Funds, a business
trust duly organized, validly existing and in good standing under the laws of the Commonwealth of Massachusetts and the Sterling Funds,
with respect to the Acquiring Fund, has the trust power as a business trust to carry on its business as presently conducted in accordance
with the description thereof in the Sterling Funds' registration statement as an open-end investment company registered under the
1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) This Agreement has been duly authorized, executed, and, to the knowledge of such counsel, delivered by
the Sterling Funds, on behalf of the Acquiring Fund and, assuming due authorization, execution and delivery of this Agreement by the Capitol
Trust on behalf of the Selling Fund, is a valid and legally binding obligation of the Sterling Funds, on behalf of the Acquiring Fund,
enforceable against the Sterling Funds in accordance with its terms, subject as to enforcement, to bankruptcy, insolvency, reorganization,
moratorium, and other laws relating to or affecting creditors' rights generally and to general equity principles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The execution and delivery of this Agreement did not, and the consummation of the transactions contemplated
hereby will not, result in a violation of the Sterling Funds' Declaration of Trust or By-Laws or a material provision of any material
agreement, indenture, instrument, contract, lease or other undertaking (in each case known to such counsel) to which the Sterling Funds,
on behalf of the Acquiring Fund, is a party or by which it or any of its properties may be bound.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Assuming that the Acquiring Fund Shares are issued in accordance with the terms of the Sterling Funds'
registration statement, or any amendment thereto, in effect at the time of such issuance, all issued and outstanding shares of the Acquiring
Fund will be validly issued, fully paid and non-assessable.

Such opinion shall contain such assumptions and limitations as shall be in the opinion of Ropes & Gray LLP appropriate to render the opinions expressed therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 The Sterling Funds, on behalf of the Acquiring Fund, shall have performed all of the covenants and complied with all of the provisions required by this Agreement to be performed or complied with by the Sterling Funds, on behalf of the Acquiring Fund, on or before the Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3 The Sterling Funds, on behalf of the Acquiring Fund, shall have executed and delivered an assumption of the Liabilities of the Selling Fund and all such other agreements and instruments as the Capitol Trust may reasonably deem necessary or desirable in order to vest in and confirm (a) the Capitol Trust's, on behalf of the Selling Fund, title to and possession of the Acquiring Fund Shares to be delivered hereunder and (b) the Sterling Funds' assumption of all of the Liabilities, and to otherwise to carry out the intent and purpose of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.5 The Sterling Funds, on behalf of the Acquiring Fund, and the Capitol Trust, on behalf of the Selling Fund, shall have agreed on the number of full and fractional shares of each Acquiring Class to be issued in connection with the Reorganization after such number has been calculated in accordance with paragraph 1.1.

ARTICLE VII

CONDITIONS PRECEDENT TO OBLIGATIONS OF THE STERLING FUNDS ON BEHALF OF THE ACQUIRING FUND

The obligations of the Sterling Funds, on behalf of the Acquiring Fund, to consummate the transactions provided for herein shall be subject, at its election, to the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1 All representations and warranties of the Capitol Trust, on behalf of the Selling Fund, contained in this Agreement shall be true and correct in all material respects as of the date hereof and, except as they may be affected by the transactions contemplated by this Agreement, as of the Closing Date with the same force and effect as if made on and as of the Closing Date, and the Capitol Trust, on behalf of the Selling Fund, shall have delivered to the Sterling Funds on the Closing Date a certificate executed in its name by the Capitol Trust's President or Vice President, in form and substance satisfactory to the Acquiring Fund and dated as of the Closing Date, to such effect and as to such other matters as the Acquiring Fund shall reasonably request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2 The Capitol Trust, on behalf of the Selling Fund, shall have delivered to the Sterling Funds, a statement of the Selling Fund's assets and liabilities, together with a list of the Selling Fund's portfolio securities showing the tax costs of such securities by lot and the holding periods of such securities, as of the Valuation Date, certified by the Treasurer or Assistant Treasurer of the Capitol Trust. The Capitol Trust, on behalf of the Selling Fund, shall have executed and delivered, or shall have caused to be executed and delivered, all such assignments and other instruments of transfer as the Sterling Funds may reasonably deem necessary or desirable in order to vest in and confirm (a) the Selling Fund's title to and possession of the Acquiring Fund Shares to be delivered hereunder and (b) the Acquiring Fund's title to and possession of all the Assets and to otherwise to carry out the intent and purpose of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3 With respect to the Selling Fund, the Sterling Funds shall have received on the Closing Date an opinion of Practus LLC, counsel to the Capitol Trust dated as of the Closing Date, in a form reasonably satisfactory to the Sterling Funds, substantially to the effect that, based on certain facts and certifications made by the Capitol Trust, on behalf of the Selling Fund, and its officers:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Capitol Trust is a business trust validly existing and in good standing under and by virtue of the
laws of the state of Ohio and the Capitol Trust, with respect to the Selling Fund, has the trust power as a business trust to carry on
its business as presently conducted in accordance with the description thereof in the Capitol Trust's registration statement as
an open-end investment company registered under the 1940 Act, and the Selling Fund is a separate series of the Capitol Trust duly constituted
in accordance with the Capitol Trust's Declaration of Trust and Bylaws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) This Agreement has been duly authorized, executed and, to the knowledge of such counsel, delivered by
the Capitol Trust, on behalf of the Selling Fund and, assuming due authorization, execution, and delivery of this Agreement by the Capitol
Trust on behalf of the Selling Fund, is a valid and binding obligation of the Capitol Trust, on behalf of the Selling Fund, enforceable
against the Capitol Trust in accordance with its terms, subject as to enforcement, to bankruptcy, insolvency, reorganization, moratorium
and other laws relating to or affecting creditors' rights generally and to general equity principles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The execution and delivery of this Agreement did not, and the consummation of the transactions contemplated
hereby will not, result in a violation of the Capitol Trust's Declaration of Trust or Bylaws, or a material provision of any material
agreement, indenture, instrument, contract, lease or other undertaking (in each case known to such counsel) to which the Capitol Trust,
on behalf of the Selling Fund, is a party or by which it or any of its properties may be bound.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Assuming that that the outstanding shares of the Selling Fund were issued in accordance with the terms
of the Capitol Trust's registration statement, or any amendment thereto, in effect at the time of such issuance, all issued and
outstanding shares of the Selling Fund have been validly issued and are fully paid and non-assessable.

Such opinion shall contain such other assumptions and limitations as shall be in the opinion of Practus LLC, appropriate to render the opinions expressed therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4 The Capitol Trust, on behalf of the Selling Fund, shall have performed all of the covenants and complied with all of the provisions required by this Agreement to be performed or complied with by the Capitol Trust, on behalf of the Selling Fund, on or before the Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.5 The Capitol Trust, on behalf of the Selling Fund, and the Sterling Funds, on behalf of the Acquiring Fund, shall have agreed on the number of full and fractional shares of each Acquiring Class to be issued by the Acquiring Fund in connection with the Reorganization after such number has been calculated in accordance with paragraph 1.1.

ARTICLE VIII

FURTHER CONDITIONS PRECEDENT TO OBLIGATIONS OF THE STERLING FUNDS, ON BEHALF OF THE ACQUIRING FUND AND THE CAPITOL TRUST ON BEHALF OF THE SELLING FUND

If any of the conditions set forth below are not satisfied on or before the Closing Date with respect to the Capitol Trust, on behalf of the Selling Fund, or the Sterling Funds, on behalf of the Acquiring Fund, the other party to this Agreement shall be entitled, on behalf of the Selling Fund or Acquiring Fund, as applicable, at its option, to (and shall, in the case of a failure to satisfy the conditions set forth in paragraphs 8.1 and 8.5) refuse to consummate the transactions contemplated by this Agreement with respect to the Selling Fund and the Acquiring Fund:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1 This Agreement and the transactions contemplated herein shall have been approved by the requisite vote of the holders of the outstanding shares of the Selling Fund, in accordance with the provisions of the Capitol Trust's Declaration of Trust, Bylaws, and Ohio law, and certified copies of the resolutions evidencing such approval shall have been delivered to the Sterling Funds. Notwithstanding anything herein to the contrary, neither the Sterling Funds nor the Capitol Trust may waive the condition set forth in this paragraph 8.1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2 On the Closing Date: (a) no court or governmental agency of competent jurisdiction shall have issued any order that remains in effect and that restrains or enjoins the Capitol Trust, with respect to the Selling Fund, or the Sterling Funds, with respect to the Acquiring Fund, from completing the transactions contemplated by this Agreement; and (b) no action, suit or other proceeding shall be threatened or pending before any court or governmental agency in which it is sought to restrain or prohibit, or obtain damages or other relief in connection with, this Agreement or the transactions contemplated herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3 All required consents of other parties and all other consents, orders, and permits of federal, state and local regulatory authorities (including those of the Commission and of state Blue Sky securities authorities, including any necessary "no-action" positions of and exemptive orders from such federal and state authorities) to permit consummation of the transactions contemplated hereby shall have been obtained, except where failure to obtain any such consent, order, or permit would not involve a risk of a material adverse effect on the assets or properties of the Sterling Funds with respect to Acquiring Fund or the Capitol Trust with respect to the Selling Fund, provided that either party hereto may for itself waive any of such conditions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.4 The Registration Statement shall have become effective under the 1933 Act and no stop orders suspending the effectiveness thereof shall have been issued and, to the best knowledge of the parties hereto, no investigation or proceeding for that purpose shall have been instituted or be pending. The Post-Effective Amendments shall have become effective, and no stop orders suspending the effectiveness thereof shall have been issued and, to the best knowledge of the parties hereto, no investigation or proceeding for that purpose shall have been instituted or be pending.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.5 The Sterling Funds and Capitol Trust shall each have received the opinion of Ropes & Gray LLP, dated as of the Closing Date (which opinion will be subject to certain qualifications), in a form reasonably acceptable to each of the Sterling Funds and the Capitol Trust, substantially to the effect that, on the basis of the existing provisions of the Code, Treasury regulations promulgated thereunder, current administrative rules, and court decisions, and based upon certain facts, assumptions and representations and upon certifications made by the Capitol Trust, on behalf of the Selling Fund, the Sterling Funds, on behalf of the Acquiring Fund, and their respective officers, for U.S. federal income tax purposes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Reorganization will constitute a "reorganization" within the meaning of Section 368(a)
of the Code, and the Acquiring Fund and the Selling Fund will each be a "party to a reorganization" within the meaning of
Section 368(b) of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No gain or loss will be recognized by the Acquiring Fund upon the receipt of the Assets of the Selling Fund solely in exchange for
the Acquiring Fund Shares and the assumption by the Acquiring Fund of the Liabilities of the Selling Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) No gain or loss will be recognized by the Selling Fund upon the transfer of its Assets to the Acquiring
Fund in exchange for the Acquiring Fund Shares and the assumption by the Acquiring Fund of the Liabilities of the Selling Fund or upon
the distribution of the Acquiring Fund Shares by the Selling Fund to its Selling Fund Shareholders in complete liquidation of the Selling
Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) No gain or loss will be recognized by the Selling Fund Shareholders upon the exchange of all of their
Selling Fund Shares solely for the Acquiring Fund Shares as part of the Reorganization.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The aggregate tax basis for the Acquiring Fund Shares received by the Selling Fund Shareholder receives
pursuant to the Reorganization will be the same as the aggregate tax basis of the Selling Fund Shares exchanged therefor, and the holding
period of the Acquiring Fund Shares received by each Selling Fund Shareholder will include the period during which the Selling Fund Shares
exchanged therefor were held or treated for federal income tax purposes as held by such shareholder (provided the Selling Fund shares
were held as capital assets on the date of the exchange).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The tax basis of the Assets in the hands of the Acquiring Fund will be the same as the tax basis of such
Assets in the hands of the Selling Fund immediately prior to the transfer of such Assets, recognized by the Selling Fund upon the transfer,
and the holding period of each Asset in the hands of the Acquiring Fund, will include the period during which the Asset was held or treated
for federal income tax purposes as held by the Selling Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Acquiring Fund will succeed to and take into account the items of Selling Fund described in Section 381(c)
of the Code, subject to the conditions and limitations specified in Sections 381, 382, 383 and 384 of the Code and the Regulations thereunder.

The delivery of such opinion is conditioned upon the receipt by Ropes & Gray LLP of representations it shall request of the Sterling Funds and the Capitol Trust. Notwithstanding anything herein to the contrary, neither the Sterling Funds nor the Capitol Trust may waive the condition set forth in this paragraph 8.5.

ARTICLE IX

INDEMNIFICATION; RECOURSE

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1 The Sterling Funds, out of the Acquiring Fund's assets and property (which shall be deemed to include the Assets of the Selling Fund represented by the Acquiring Fund Shares following the Closing Date) (including any amounts paid to the Acquiring Fund pursuant to any applicable liability insurance policies) but no other assets, agrees to indemnify and hold harmless the Capitol Trust and the Trustees of the Capitol Trust and its officers from and against any and all losses, claims, damages, liabilities or expenses (including, without limitation, the payment of reasonable legal fees and reasonable costs of investigation) to which the Capitol Trust and those Trustees and officers may become subject, insofar as such loss, claim, damage, liability or expense (or actions with respect thereto) arises out of or is based on (a) any breach by the Sterling Funds, on behalf of the Acquiring Fund, of any of its representations, warranties, covenants or agreements set forth in this Agreement or (b) any act, error, omission, neglect, misstatement, materially misleading statement, breach of duty or other act wrongfully done or attempted to be committed by the Sterling Funds, its Trustees of the Sterling Funds or its officers prior to the Closing Date contained in or related to, as applicable, this Agreement, the Registration Statement, the Post-Effective Amendment or any amendment or supplement to the foregoing; provided that no such indemnification by the Sterling Funds is required: (i) to the extent any such error, misstatement or materially misleading statement contained in or any omission from the Registration Statement, the Post-Effective Amendment or any amendment or supplement to the foregoing is caused by information provided by the Capitol Trust, on behalf of the Selling Fund, in writing to the Sterling Funds specifically for use in such document, is contained in the Capitol Trust's registration statement on Form N-1A as it pertains to the Selling Fund, and/or is contained in the currently effective prospectus or statement of additional information of the Capitol Trust as they relate to the Selling Fund; (ii) if the indemnification is in violation of any applicable law; or (iii) if the indemnification is otherwise prohibited as a result of any applicable order or decree issued by any governing regulatory authority or court of competent jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2 The Capitol Trust, out of the Selling Fund's assets and property (including any amounts paid to the Selling Fund pursuant to any applicable liability insurance policies) but no other assets, agrees to indemnify and hold harmless the Sterling Funds and the Trustees the Sterling Funds Board and its officers from and against any and all losses, claims, damages, liabilities or expenses (including, without limitation, the payment of reasonable legal fees and reasonable costs of investigation) to which the Sterling Funds and those Trustees and officers may become subject, insofar as such loss, claim, damage, liability or expense (or actions with respect thereto) arises out of or is based on (a) any breach by the Capitol Trust, on behalf of the Selling Fund, of any of its representations, warranties, covenants or agreements set forth in this Agreement or (b) any act, error, omission, neglect, misstatement, materially misleading statement, breach of duty or other act wrongfully done or attempted to be committed by the Capitol Trust, its Trustees or its officers prior to the Closing Date contained in or related to, as applicable, this Agreement, the Capitol Trust's registration statement on Form N-1A as it pertains to the Selling Fund, or the currently effective prospectus or statement of additional information of the Capitol Trust as they relate to the Selling Fund; provided that such indemnification by the Capitol Trust is not (i) in violation of any applicable law or (ii) otherwise prohibited as a result of any applicable order or decree issued by any governing regulatory authority or court of competent jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.3. All persons dealing with the Acquiring Fund or the Selling Fund must look solely to the property of such fund for the enforcement of any claims against such fund, as neither the trustees, directors, officers, agents nor shareholders of the Acquiring Fund or Selling Fund, or other series of the Sterling Funds or the Capitol Trust, respectively, assume any liability for obligations entered into on behalf of any of the Funds.

ARTICLE X

BROKERAGE FEES; EXPENSES

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1 The Sterling Funds, on behalf of the Acquiring Fund, and the Capitol Trust, on behalf of the Selling Fund, represent and warrant to each other that there are no brokers or finders entitled to receive any payments in connection with the transactions provided for herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2 All expenses of the transactions contemplated by this Agreement incurred by the Capitol Trust, on behalf of the Selling Fund, and the Sterling Funds, on behalf of the Acquiring Fund, whether incurred before or after the date of this Agreement, will be borne by Guardian Capital LP ("Guardian Capital"), or its respective affiliates, and not by the shareholders of the Selling Fund or the Acquiring Fund. Such expenses include without limitation: (a) expenses incurred in connection with the entering into and the carrying out of the provisions of this Plan; (b) expenses associated with the preparation and filing of the registration statement on Form N-14 which includes this Proxy Statement/Prospectus; (c) postage; (d) printing; (e) accounting fees; (f) legal fees; and (g) solicitation costs of the transaction (except, in each case, that the Selling Fund will bear the expenses of its legal counsel). The Selling Fund will bear the costs, if any, of restructuring the Selling Fund's portfolio prior to the Closing of the Reorganization, such as brokerage commissions and other transaction costs. The Acquiring Fund will bear any expenses associated with the registration of the Acquiring Fund shares that will be issued in connection with the Reorganization. Guardian Capital, or its affiliates, will bear the costs of the Selling Fund's legal counsel in connection with the Reorganization. Notwithstanding any of the foregoing, expenses will in any event be paid by the party directly incurring such expenses (without reimbursement by another person) if and to the extent that the payment by another person of such expenses would prevent such party from being treated as a "regulated investment company" under the Code or would prevent the Reorganization from qualifying as a tax-free reorganization.

ARTICLE XI

COOPERATION AND EXCHANGE OF INFORMATION

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1 The Selling Fund will deliver to the Acquiring Fund copies of all relevant tax books and records and will otherwise reasonably cooperate with the Acquiring Fund in connection with (i) the preparation and filing of tax returns for the Selling Fund and/or the Acquiring Fund for tax periods or portions thereof ending on or before or that include the Closing Date and (ii) the declaration and payment of any dividend or dividends, including pursuant to Section 855 of the Code, for purposes of making distributions of the Selling Fund's or the Acquiring Fund's, as applicable, (x) investment company taxable income (if any), net tax-exempt income (if any), and net capital gains (if any) in respect of a taxable year of the Selling Fund or the Acquiring Fund ending on or before or that includes the Closing Date of an amount or amounts sufficient for the Selling Fund or the Acquiring Fund, as applicable, to qualify for treatment as a regulated investment company under Subchapter M of the Code and to otherwise avoid the incurrence of any fund-level U.S. federal income taxes for any such taxable year and (y) ordinary income and capital gain net income in an amount or amounts sufficient to avoid the incurrence of any fund-level U.S. federal excise taxes under Section 4982 of the Code for any calendar year ending on or before December 31, 2026, in each case without any additional consideration therefor; it being understood that such books and records shall remain the property of and may be retained by Capitol Trust following the provision of such copies thereof to the Acquiring Fund.

ARTICLE XII

ENTIRE AGREEMENT; SURVIVAL

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1 The Sterling Funds and the Capitol Trust agree that neither party has made any representation, warranty or covenant, on behalf of the Acquiring Fund or the Selling Fund, respectively, not set forth herein and that this Agreement constitutes the entire agreement between the parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2 The covenants to be performed after the Closing by both the Acquiring Trust and the Capitol Trust, and the obligations of the Acquiring Trust and the Capitol Trust set forth in Sections 5.3 and 5.4 of Article 5 and Article 9, shall survive the Closing. All other representations, warranties, and covenants contained in this Agreement or in any document delivered pursuant hereto or in connection herewith shall not survive the consummation of the transactions contemplated hereunder.

ARTICLE XIII

TERMINATION

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.1 This Agreement may be terminated at any time prior to the Closing by the mutual agreement of the Sterling Funds, on behalf of the Acquiring Fund, and the Capitol Trust, on behalf of the Selling Fund. Each of the Capitol Trust, on behalf of the Selling Fund, and the Sterling Funds, on behalf of the Acquiring Fund, after consultation with counsel and by consent of its Trustees or an officer authorized by such Trustees, may waive any condition to its respective obligations hereunder. If the transactions contemplated by this Agreement have not been substantially completed by [], 2026, this Agreement shall automatically terminate on that date unless a later date is agreed to by each of the Selling Fund and the Acquiring Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.2 In the event of termination pursuant to paragraph 13.1, in the absence of willful default, there shall be no liability for damages on the part of the Acquiring Fund, the Selling Fund, the Sterling Funds, the Capitol Trust, or their respective Trustees or officers, to the other party, but each shall bear the expenses incurred by it incidental to the preparation and carrying out of this Agreement as provided in paragraph 10.2.

ARTICLE XIV

AMENDMENTS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.1 This Agreement may be amended, modified, or supplemented in such manner as may be mutually agreed upon in writing by the authorized officers of the Sterling Funds, on behalf of the Acquiring Fund, and the Capitol Trust, on behalf of the Selling Fund; provided, however, that following the meeting of the Selling Fund Shareholders called by the Capitol Trust, on behalf of the Selling Fund pursuant to paragraph 5.8 of this Agreement, no such amendment may have the effect of changing the provisions for determining the number of shares of each Acquiring Class to be issued to the shareholders of each corresponding Selling Class under this Agreement to the detriment of such shareholders without their further approval.

ARTICLE XV

NOTICES

Any notice, report, statement or demand required or permitted by any provisions of this Agreement shall be in writing and shall be given by facsimile, electronic delivery (i.e., e-mail), personal service or prepaid or certified mail addressed to the Sterling Funds or the Capitol Trust, at its address set forth in the preamble to this Agreement, in each case to the attention of its President, or, as applicable, to Matthew J. Miller at <u>mmiller@ultimusfundsolutions.com</u> or to James T. Gillespie at jgillespie@sterlingcapital.com.

ARTICLE XVI

HEADINGS; COUNTERPARTS; GOVERNING LAW; ASSIGNMENT; LIMITATION OF LIABILITY

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.1 The Article and paragraph headings contained in this Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.2 This Agreement may be executed in any number of counterparts, each of which shall be deemed an original.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.3 This Agreement shall be governed by and construed in accordance with the laws of the Commonwealth of Massachusetts, without giving effect to the conflicts of laws provisions thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.4 This Agreement shall bind and inure to the benefit of the parties hereto and their respective successors and assigns, but no assignment or transfer hereof or of any rights or obligations hereunder shall be made by any party without the written consent of the other party. Nothing herein expressed or implied is intended or shall be construed to confer upon or give any person, firm, or corporation, other than the parties hereto and their respective successors and permitted assigns, any rights or remedies under or by reason of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.5 The Sterling Funds' Declaration of Trust is on file with the Secretary of the Commonwealth of Massachusetts. Consistent with the Sterling Funds' Declaration of Trust, the obligations of the Sterling Funds with respect to the Acquiring Fund entered into in the name or on behalf of the Sterling Funds by any of its trustees, officers, employees or agents are made not individually, but in such capacities, and are not binding upon any of the trustees, officers, employees, agents or shareholders of the Sterling Funds personally, but bind only the assets of the Sterling Funds belonging to the Acquiring Fund, and all persons dealing with any series of the Sterling Funds must look solely to the assets of the Sterling Funds belonging to such series for the enforcement of any claims against the Sterling Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.6 The Capitol Trust Declaration of Trust is on file with the Secretary of the state of Ohio. Consistent with the Capitol Trust's Declaration of Trust, the obligations of the Capitol Trust with respect to the Selling Fund entered into in the name or on behalf of the Capitol Trust by any of its trustees, officers, employees or agents are made not individually, but in such capacities, and are not binding upon any of the trustees, officers, employees, agents or shareholders of the Capitol Trust personally, but bind only the assets of the Capitol Trust belonging to the Selling Fund, and all persons dealing with any series of the Capitol Trust must look solely to the assets of the Capitol Trust belonging to such series for the enforcement of any claims against the Capitol Trust.

IN WITNESS WHEREOF, the parties have duly executed this Agreement, all as of the date first written above.

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| | |
|:---|:---|
| STERLING CAPITAL FUNDS ON BEHALF OF THE GUARDIAN CAPITAL DIVIDEND GROWTH FUND, ACQUIRING FUND | STERLING CAPITAL FUNDS ON BEHALF OF THE GUARDIAN CAPITAL DIVIDEND GROWTH FUND, ACQUIRING FUND |
| By: |  |
| Name: | James Gillespie |
| Title: | President |
| CAPITOL SERIES TRUST ON BEHALF OF THE GUARDIAN CAPITAL DIVIDEND GROWTH FUND, SELLING FUND | CAPITOL SERIES TRUST ON BEHALF OF THE GUARDIAN CAPITAL DIVIDEND GROWTH FUND, SELLING FUND |
| By: |  |
| Name: | Matthew J. Miller |
| Title: | President |
| GUARDIAN CAPITAL LP AS TO SECTION 10.2 ONLY | GUARDIAN CAPITAL LP AS TO SECTION 10.2 ONLY |
| By: |  |
| Name: |  |
| Title: | President |

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**EXHIBIT C – FINANCIAL HIGHLIGHTS OF THE TARGET FUND**

It is anticipated that following the Reorganization, the Target Fund will be the accounting survivor of the Reorganization. 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 Target Fund (assuming reinvestment of all dividends and distributions).

The information below has been derived from the financial statements audited by Ernst & Young LLP ("E&Y"), the Target Fund's independent registered public accounting firm. E&Y's report, along with the Target Fund's financial statements, are incorporated by reference into the SAI. The Target Fund's [Form N-CSR](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001587551/000158064225007555/capitolseries_ncsr.htm) (which includes the Fund's audited financial statements) and SAI are incorporated by reference herein and available at no cost at the following toll-free number: 1-800-957-0681.

As of the date of this combined Proxy Statement/Prospectus, the Acquiring Fund has not commenced operations. Therefore, the Acquiring Fund does not have financial highlight information.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Years Ended September 30,** | **For the Years Ended September 30,** | **For the Years Ended September 30,** | **For the Years Ended September 30,** | | |
|  | **2025** | **2024** | **2023** | **2022** | **For the<br> Five Months Ended<br> September 30,**<br>**2021 <sup>(a)</sup>** | **For the<br> Year Ended<br> April 30,**<br>**2021** |
| **Net asset value, beginning of period** | $**16.80** | $**12.99** | $**11.24** | $**12.87** | $**12.68** | $**9.85** |
| **Investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Net investment income** | **0.18** | **0.19** | **0.22** | **0.22** | **0.11** | **0.16** |
| &nbsp;&nbsp;&nbsp;**Net realized and unrealized gain (loss) on investments** | **1.65** | **3.82** | **1.89** | **(1.63)** | **0.20** | **2.82** |
| **Total from investment operations** | **1.83** | **4.01** | **2.11** | **(1.41)** | **0.31** | **2.98** |
| **Distributions from:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Net investment income** | **(0.17)** | **(0.20)** | **(0.22)** | **(0.22)** | **(0.12)** | **(0.15)** |
| &nbsp;&nbsp;&nbsp;**Net realized gains** | **-** | **-** | **(0.14)** | **-** | **-** | **-** |
| **Total from distributions** | **(0.17)** | **(0.20)** | **(0.36)** | **(0.22)** | **(0.12)** | **(0.15)** |
| **Net asset value, end of period** | $**18.46** | $**16.80** | $**12.99** | $**11.24** | $**12.87** | $**12.68** |
| **Total Return<sup>(b)</sup>** | **10.94%** | **30.99%** | **18.91%** | **(11.11)%** | **2.42** **%<sup>(c)</sup>** | **30.41%** |
| **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| **Net assets, end of period (000 omitted)** | $**41532** | $**27465** | $**20789** | $**17573** | $**19864** | $**19449** |
| **Before waiver or recoupment:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Ratio of expenses to average net assets** | **1.34%** | **1.59%** | **1.66%** | **1.67%** | **1.78** **%<sup>(d)</sup>** | **1.73%** |
| **After waiver or recoupment:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Ratio of expenses to average net assets** | **0.95%** | **0.95%** | **0.95%** | **0.95%** | **0.95** **%<sup>(d)</sup>** | **0.95%** |
| &nbsp;&nbsp;&nbsp;**Ratio of net investment income to average net assets** | **1.11%** | **1.28%** | **1.71%** | **1.71%** | **1.94** **%<sup>(d)</sup>** | **1.40%** |
| **Portfolio turnover rate** | **66%** | **8%** | **7%** | **25%** | **6** **%<sup>(c)</sup>** | **47%** |

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&nbsp;&nbsp;&nbsp;&nbsp;**(a)** **The Fund changed its fiscal year end to September 30.** 

**(b)** **Total return represents the rate that the investor would have earned or lost on an investment in the Fund, assuming reinvestment of distributions.** 

**(c)** **Not annualized.** 

**(d)** **Annualized.** 

**EXHIBIT D – COMPARISON OF OHIO AND MASSACHUSETTS**

**GOVERNING INSTRUMENTS AND STATE LAW**

The following is only a discussion of certain principal differences between the governing documents for the Target Fund, as a series of CST, an Ohio business trust, and the Acquiring Fund, as a newly-created series of Sterling Trust, a Massachusetts business trust. In general, while the Ohio statutory requirements and the CST governing documents differ in some respects from Massachusetts business trust statutory requirements and the Sterling Trust governing instrument, in many instances, shareholders of the Target Fund will have the same or similar rights as shareholders of the Acquiring Fund, as described below.

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| | |
|:---|:---|
| **Organization and Capital Structure** | **Organization and Capital Structure** |
| **STERLING TRUST** | &nbsp;&nbsp;&nbsp;**CST TRUST** |
| The Acquiring Fund is a series of the Sterling Trust. The Sterling Trust was established as a business trust under Massachusetts law by the Amended and Restated Agreement and Declaration of Trust, dated as of August 27, 2025 (the "Sterling Declaration of Trust"). The Sterling Trust is also governed by its Amended and Restated Bylaws, dated November 19, 2015 (the "Sterling Bylaws") and by applicable Massachusetts law governing business trusts. | &nbsp;&nbsp;&nbsp;The Target Fund is a series of CST. CST was established as a business trust under Ohio law by an Agreement and Declaration of Trust (the "CST Declaration of Trust") dated September 18, 2013, as amended. Capitol Series Trust is also governed by its By-laws, dated September 18, 2013 (the "CST Bylaws") and by the Ohio business trust statute ("Ohio Act"). |
| The Sterling Declaration of Trust provides that Shares shall be issued in one or more series as the Trustees may, without shareholder approval, authorize. Each series may be divided into two or more classes. Each series or class shall be preferred over all other series or classes in respect of the assets allocated to that series or class. The beneficial interest in each series or class shall be divided into Shares, with a par value of $0.00001, each of which shall represent an equal proportionate interest in the series or class with each other Share of the same series or class, none having priority or preference over another. The number of Shares authorized shall be unlimited. The Trustees may from time to time divide or combine the Shares into a greater or lesser number without thereby changing the proportionate beneficial interests in the series or class. | &nbsp;&nbsp;&nbsp;The CST Trust Instrument permits the CST Board, without shareholder approval, to issue an unlimited number of shares of beneficial interest, without par value, in separate series and to divided series into classes of shares. The CST Board may from time to time, and without shareholder approval, divide or combine the shares of a series or class thereof into a greater or lesser number of shares of that series or class so long as the proportionate beneficial interest in the assets belonging to that series or class and the rights of shares of any other series or class are in no way affected. Each share of a series represents an equal proportionate interest in the assets and liabilities belonging to that series and in such dividends and distributions out of income belonging to that series as are declared by the CST Board. No shares of any series have cumulative voting rights, any preemptive or conversion rights, or any sinking fund provisions. |

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| | |
|:---|:---|
| Notwithstanding anything contained in the Sterling Declaration of Trust to the contrary, the Trustees may, from time to time and without shareholder approval, determine to issue or redeem Shares of any ETF in large aggregations of Shares (e.g., 10,000 or more Shares) as shall be determined at any time by the Trustees in their sole discretion, which are known as "Creation Units," and, in connection with the issuance and redemption of such Creation Units, to charge such transaction fees or such other fees as the Trustees shall determine; provided however, that the Trustees shall have the power to determine and change from time to time without shareholder approval the number of Shares constituting a Creation Unit. |  |
| **Meetings of Shareholders and Voting Rights** | **Meetings of Shareholders and Voting Rights** |
| The Sterling Declaration of Trust and Sterling Bylaws do not require annual meetings of shareholders.<br>The Shareholders of the Sterling Trust have power to vote only (i) for the election of Trustees, provided, however, that no meeting of Shareholders is required to be called for the purpose of electing Trustees unless and until such time as less than a majority of the Trustees have been elected by the Shareholders, (ii) with respect to any Manager or Sub-Adviser (as provided in the Declaration of Trust) to the extent required by the Investment Company Act, (iii) with respect to any termination of the Sterling Trust to the extent and as provided in the Declaration of Trust, (iv) with respect to certain amendments of the Declaration of Trust, (v) to the same extent as the stockholders of a Massachusetts business corporation as to whether or not a court action, proceeding or claim should or should not be brought or maintained derivatively or as a class action on behalf of the Trust or the Shareholders, and (vi) with respect to such additional matters relating to the Sterling Trust as may be required by law, the Sterling Declaration of Trust, the Sterling Bylaws or any registration of the Sterling Trust with the SEC (or any successor agency) or any state, or as the Trustees may consider necessary or desirable. Each whole Share shall be entitled to one vote as to any matter on which it is entitled to vote and each fractional Share shall be entitled to a proportionate fractional vote. The Shareholders of any particular series or class shall not be entitled to vote on any matters as to which such series or class is not affected. Except with respect to matters as to which the Trustees have determined that only the interests of one or more particular series are affected or as required by law, all of the Shares of each series or class shall, on matters as to which it is entitled to vote, vote with other series so entitled as a single class. Notwithstanding the foregoing, with respect to matters which would otherwise be voted on by two or more series as a single class, the Trustees may, in their sole discretion, submit such matters to the Shareholders of any or all such series, separately. There shall be no cumulative voting in the election of Trustees. Shares may be voted in person or by proxy. A proxy with respect to Shares held in the name of two or more persons shall be valid if executed by any one of them unless at or prior to exercise of the proxy the Trust receives a specific written notice to the contrary from any one of them. A proxy purporting to be executed by or on behalf of a Shareholder shall be deemed valid unless challenged at or prior to its exercise and the burden of proving invalidity shall rest on the challenger. Until Shares are issued, the Trustees may exercise all rights of Shareholders and may take any action required by law, the Sterling Declaration of Trust or the Sterling Bylaws to be taken by shareholders. | &nbsp;&nbsp;&nbsp; Annual meetings of shareholders are not required by the Ohio Act or the CST Trust Instrument, and it is anticipated that shareholder meetings will be held only when specifically required by Federal or state law. When matters are submitted to shareholders for a vote, each shareholder is entitled to one vote for each whole share owned and fractional votes for each fractional share owns.<br>The circumstances under which meetings of shareholders may be held under the following circumstances: (i) for the election or removal of Trustees, (ii) with respect to any contract as to which shareholder approval is required by the Investment Company Act, (iii) with respect to any termination or reorganization of the Trust or any series to the extent provided for in the CST Trust Instrument, (iv) with respect to any amendment of the CST Trust Instrument as provided for in the CST Trust Instrument, (v) to the same extent as the stockholders of an Ohio business corporation as to whether or not a court action, proceeding or claim should or should not be brought or maintained derivatively or as a class action on behalf of the Capitol Series Trust or the shareholders, and (vi) with respect to such additional matters relating to the Capitol Series Trust as may be required by the Investment Company Act, the CST Trust Instrument, the CST By-Laws or any registration of the Capitol Series Trust with the SEC or any state, or as the Trustees may consider necessary or desirable. |

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| | |
|:---|:---|
| The Sterling Bylaws provide that a majority of Shares entitled to vote shall be a quorum for the transaction of business at a Shareholders' meeting, except that where any provision of law or of the Sterling Declaration of Trust or the Sterling Bylaws permits or requires that holders of any series shall vote as a series, then a majority of the aggregate number of Shares of that series entitled to vote shall be necessary to constitute a quorum for the transaction of business by that series. Any lesser number shall be sufficient for adjournments. Any adjourned session or sessions may be held, within a reasonable time after the date set for the original meeting, without the necessity of further notice. Except when a larger vote is required by any provision of law or the Sterling Declaration of Trust or the Sterling Bylaws, a majority of the Shares voted shall decide any questions and a plurality shall elect a Trustee, provided that where any provision of law or of the Sterling Declaration of Trust or the Sterling Bylaws permits or requires that the holders of any series shall vote as a series, then a majority of the Shares of that series voted on the matter (or a plurality with respect to the election of a Trustee) shall decide that matter insofar as that series is concerned. | &nbsp;&nbsp;&nbsp;The CST Trust Instrument provides that a majority of Shares entitled to vote shall be a quorum for the transaction of business at a Shareholders' meeting, except that where any provision of law or of the CST Trust Instrument permits or requires that holders of any Series or Class thereof shall vote as a Series or Class, then a majority of the aggregate number of Shares of that Series or Class thereof entitled to vote shall be necessary to constitute a quorum for the transaction of business by that Series or Class. Any lesser number shall be sufficient for adjournments. Any adjourned session or sessions may be held, within a reasonable time after the date set for the original meeting, without the necessity of further notice. Except when a larger vote is required by any provision the CST Trust Instrument or the CST By-Laws, a majority of the Shares voted, at a meeting at which a quorum is present, shall decide any questions and a plurality shall elect a Trustee, provided that where any provision of law or of the CST Trust Instrument permits or requires that the holders of any Series or Class shall vote as a Series or Class, then a majority of the Shares of that Series or Class voted on the matter shall decide that matter insofar as that Series or Class is concerned. |
| **Liability of Shareholders** | **Liability of Shareholders** |
| Under Massachusetts law, shareholders of a business trust may, under certain limited circumstances, be held personally liable as partners for the obligations of the Acquiring Fund. However, the Sterling Declaration of Trust contains an express disclaimer of shareholder liability in case any Shareholder or former Shareholder is held to be personally liable solely by reason of his or her being or having been a Shareholder and not because of his or her acts or omissions or for some other reason, the Shareholder or former Shareholder (or his or her heirs, executors, administrators or other legal representatives or in the case of a corporation or other entity, its corporate or other general successor) shall be entitled to be held harmless from and indemnified against all loss and expense arising from such liability, but only out of the assets of the particular series of Shares of which he or she is or was a Shareholder. | &nbsp;&nbsp;&nbsp;Pursuant to the CST Trust Instrument, shareholders of a series of CST generally are not personally liable for the acts, omissions or obligations of CST. |

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| | |
|:---|:---|
| **Election of Directors/Trustees; Terms; Removal** | **Election of Directors/Trustees; Terms; Removal** |
| The Sterling Declaration of Trust provides that the number of Trustees shall be as provided in the Sterling Bylaws or as fixed from to time by the Trustees. The shareholders may elect Trustees at any meeting of Shareholders called by the Trustees for that purpose. Each Trustee shall serve during the continued lifetime of the Sterling Trust until he dies, resigns or is removed, or, if sooner, until the next meeting of Shareholders called for the purpose of electing Trustees and the election and qualification of his successor. Any Trustee may resign at any time by written instrument signed by him and delivered to any officer of the Sterling Trust, to each other Trustee or to a meeting of the Trustees. Such resignation shall be effective upon receipt unless specified to be effective at some other time. Except to the extent expressly provided in a written agreement with the Trust, no Trustee resigning and no Trustee removed shall have any right to any compensation for any period following his resignation or removal, or any right to damages on account of such removal. | &nbsp;&nbsp;&nbsp;Under the CST Trust Instrument, each CST Trustee shall serve as a Trustee during the lifetime of the Trust and until its termination as hereinafter provided or until such Trustee sooner dies, resigns, retires or is removed. The Trustees may elect their own successors and may, consistent with the provisions of the CST Trust Instrument, appoint Trustees to fill vacancies; provided that, immediately after filling a vacancy, at least two-thirds of the Trustees then holding office shall have been elected to such office by the shareholders at an annual or special meeting. If at any time less than a majority of the Trustees then holding office were so elected, the Trustees shall cause to be held as promptly as possible, and in any event within the period required by the Investment Company Act, a meeting of shareholders for the purpose of electing Trustees to fill any existing vacancies. Any Trustee may be removed by vote of the shareholders holding not less than two-thirds of the outstanding shares of CST. |
| **Liability of Trustees and Officers; Indemnification** | **Liability of Trustees and Officers; Indemnification** |
| The Trustees shall not be responsible or liable in any event for any neglect or wrongdoing of any officer, agent, employee, manager or principal underwriter of the Sterling Trust, nor shall any Trustee be responsible for the act or omission of any other Trustee, but nothing herein contained shall protect any Trustee against any liability to which he or she would otherwise be subject by reason of willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of his or her office.<br>Every note, bond, contract, instrument, certificate or undertaking and every other act or thing whatsoever executed or done by or on behalf of the Trust or the Trustees or any of them in connection with the Trust shall be conclusively deemed to have been executed or done only in or with respect to their or his or her capacity as Trustees or Trustee, and such Trustees or Trustee shall not be personally liable thereon. | &nbsp;&nbsp;&nbsp;Under the CST Trust Instrument, neither shareholders nor the trustees, nor any of the Trust's officers, will be personally liable for any claims against the Trust or any of its series in the absence of willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of the office of Trustee or of such officer. A Trustee shall be liable for his own willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of the office of Trustee, and for nothing else, and shall not be liable for errors of judgment or mistakes of fact or law. |

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| The Sterling Trust shall indemnify each of its Trustees and officers (including persons who serve at the Sterling Trust's request as directors, officers or trustees of another organization in which the Trust has any interest as a shareholder, creditor or otherwise) (hereinafter referred to as a "Covered Person'') against all liabilities and expenses, including but not limited to amounts paid in satisfaction of judgments, in compromise or as fines and penalties, and counsel fees reasonably incurred by any Covered Person in connection with the defense or disposition of any action, suit or other proceeding, whether civil or criminal, before any court or administrative or legislative body, in which such Covered Person may be or may have been involved as a party or otherwise or with which such Covered Person may be or may have been threatened, while in office or thereafter, by reason of being or having been such a Covered Person except with respect to any matter as to which such Covered Person shall have been finally adjudicated in any such action, suit or other proceeding to be liable to the Trust or its Shareholders by reason of willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of such Covered Person's office. | &nbsp;&nbsp;&nbsp; Under Ohio law, a business may indemnify or agree to indemnify any person who was or is a party, or is threatened to be made a party, to any threatened, pending, or completed action or suit by or in the right of the trust to procure a judgment in its favor, by reason of the fact that the person is or was a director, officer, employee, or agent of the trust, or is or was serving at the request of the trust as a director, trustee, officer, employee, member, manager, or agent of another trust, domestic or foreign, nonprofit or for profit, a limited liability company, or a partnership, joint venture, trust, or other enterprise, against expenses, including attorney's fees, actually and reasonably incurred by the person in connection with the defense or settlement of such action or suit, if the person acted in good faith and in a manner the person reasonably believed to be in or not opposed to the best interests of the trust, except that no indemnification shall be made in respect of any of the following:<br>(a) Any claim, issue, or matter as to which such person is adjudged to be liable for negligence or misconduct in the performance of the person's duty to the trust unless, and only to the extent that, the court of common pleas or the court in which such action or suit was brought determines, upon application, that, despite the adjudication of liability, but in view of all the circumstances of the case, such person is fairly and reasonably entitled to indemnity for such expenses as the court of common pleas or such other court shall deem proper; |

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| Indemnification of Shareholders. In case any Shareholder or former Shareholder shall be held to be personally liable solely by reason of his or her being or having been a Shareholder and not because of his or her acts or omissions or for some other reason, the Shareholder or former Shareholder (or his or her heirs, executors, administrators or other legal representatives or in the case of a corporation or other entity, its corporate or other general successor) shall be entitled to be held harmless from and indemnified against all loss and expense arising from such liability, but only out of the assets of the particular series of Shares of which he or she is or was a Shareholder. | &nbsp;&nbsp;&nbsp; (b) Any action or suit in which the only liability asserted against a director is pursuant to section 1701.95 of the Ohio Revised Code.<br>Indemnification of Shareholders. Under the CST Trust Instrument, in case any Shareholder or former Shareholder shall be charged or held to be personally liable for any obligation or liability of the Trust solely by reason of being or having been a Shareholder and not because of such Shareholder's acts or omissions or for some other reason, the Trust (upon proper and timely request by the Shareholder) shall assume the defense against such charge and satisfy any judgment thereon, and the Shareholder or former Shareholder (or his heirs, executors, administrators or other legal representatives or in the case of a corporation or other entity, its corporate or other general successor) shall be entitled out of the assets of the Trust estate to be held harmless from and indemnified against all loss and expense arising from such liability; provided that, in the event the Trust shall consist of more than one Series, Shareholders of a particular Series who are faced with claims or liabilities solely by reason of their status as Shareholders of that Series shall be limited to the assets of that Series for recovery of such loss and related expenses. The rights accruing to a Shareholder the CST Trust Instrument shall not exclude any other right to which such Shareholder may be lawfully entitled, nor shall anything herein contained restrict the right of the Trust to indemnify or reimburse a Shareholder in any appropriate situation even though not specifically provided herein. |

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| | &nbsp;&nbsp;&nbsp;Indemnification of Trustees, Officers, etc. Under the CST Trust Instrument, subject to and except as otherwise provided in the Securities Act of 1933, as amended, and the Investment Company Act, CST shall indemnify each of its Trustees and officers (including persons who serve at CST's request as directors, officers or trustees of another organization in which the Trust has any interest as a shareholder, creditor or otherwise (hereinafter referred to as a "Covered Person") against all liabilities, including but not limited to amounts paid in satisfaction of judgments, in compromise or as fines and penalties, and expenses, including reasonable accountants' and counsel fees, incurred by any Covered Person in connection with the defense or disposition of any action, suit or other proceeding, whether civil or criminal, before any court or administrative or legislative body, in which such Covered Person may be or may have been involved as a party or otherwise or with which such person may be or may have been threatened, while in office or thereafter, by reason of being or having been such a Trustee or officer, director or trustee, and except that no Covered Person shall be indemnified against any liability to CST or its Shareholders to which such Covered Person would otherwise be subject by reason of willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of such Covered Person's office. |
| **Preemptive, Dissenter's and Other Rights** | **Preemptive, Dissenter's and Other Rights** |
| The Sterling Declaration of Trust provides that Shareholders shall have no preemptive or other right to subscribe to any additional Shares or other securities issued by the Sterling Trust. | &nbsp;&nbsp;&nbsp;The CST Trust Instrument provides that shareholders have no preemptive or other right to subscribe to any additional shares or other securities issued by the Trust. |
| **Amendments to Organizational Documents** | **Amendments to Organizational Documents** |
| This Sterling Declaration of Trust may be amended at any time by an instrument in writing signed by a majority of the then Trustees when authorized to do so by vote of Shareholders holding a majority of the Shares of each series entitled to vote, except that an amendment which shall affect the holders of one or more series or class of Shares but not the holders of all outstanding series or class shall be authorized by vote of the Shareholders holding a majority of the Shares entitled to vote of each series or class affected and no vote of Shareholders of a series or class not affected shall be required. Amendments having the purpose of changing the name of the Trust, of establishing, changing, or eliminating the par value of the shares or of supplying any omission, curing any ambiguity or curing, correcting or supplementing any defective or inconsistent provision contained herein shall not require authorization by Shareholder vote. | &nbsp;&nbsp;&nbsp;All rights granted to the Shareholders under the CST Trust Instrument are granted subject to the reservation of the right to amend the CST Trust Instrument, except that no amendment shall repeal the limitations on personal liability of any Shareholder or Trustee or repeal the prohibition of assessment upon the Shareholders without the express consent of each Shareholder or Trustee involved. Subject to the foregoing, the provisions of CST Trust Instrument (whether or not related to the rights of Shareholders) may be amended at any time so long as such amendment does not adversely affect the rights of any Shareholder with respect to which such amendment is or purports to be applicable and so long as such amendment is not in contravention of applicable law, including the Investment Company Act, by an instrument in writing signed by a majority of the then Trustees (or by an officer of CST pursuant to the vote of a majority of such Trustees). |

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| **Dissolution** | **Dissolution** |
| The Sterling Trust may be terminated at any time by the vote of Shareholders holding at least a majority of the Shares of each series entitled to vote or by the Trustees by written notice to the Shareholders. Any series or class of Shares may be terminated at any time by vote of Shareholders holding at least a majority of the Shares of such series entitled to vote or by the Trustees by written notice to the Shareholders of such series or class.<br>Upon termination of the Sterling Trust or of any one or more series of Shares, after paying or otherwise providing for all charges, taxes, expenses and liabilities, whether due or accrued 'or anticipated, of the Sterling Trust or of the particular series as may be determined by the Trustees, the Sterling Trust shall, in accordance with such procedures as the Trustees consider appropriate, reduce the remaining assets to distributable form in cash or shares or other securities, or any combination thereof, and distribute the proceeds to the Shareholders of the series involved, ratably according to the number of Shares of such series held by the several Shareholders of such series on the date of termination. | &nbsp;&nbsp;&nbsp;Under the CST Trust Instrument, CST may be terminated at any time by an instrument executed by a majority of the Trustees then in office upon prior written notice to the Shareholders. Any Series or Class (and the establishment and designation thereof) may be terminated at any time by an instrument executed by a majority of the Trustees upon prior written notice to the Shareholders of that Series or Class). In the event of the liquidation or dissolution of CST, the Shareholders of each Series or Class that has been established and designated shall be entitled to receive, as a Series or Class, when and as declared by the Trustees, the excess of the assets belonging to that Series or Class over the liabilities belonging to that Series or Class. The assets so distributable to the Shareholders of any particular Series or Class shall be distributed among such Shareholders in proportion to the number of Shares of that Series or Class held by them and recorded on the books of CST. The liquidation of any particular Series or Class may be authorized by vote of a majority of the Trustees. |

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| **Derivative Actions** | **Derivative Actions** |
| No Shareholder shall have the right to bring or maintain any court action or other proceeding asserting a derivative claim or any claim asserted on behalf of the Sterling Trust or involving any alleged harm to the Sterling Trust without first making written demand on the Trustees requesting the Trustees to bring or maintain such action, proceeding or claim. Such demand shall not be excused under any circumstances, including claims of alleged interest on the part of the Trustees, unless the Shareholder makes a specific showing that irreparable nonmonetary injury to the Sterling Trust would otherwise result. Such demand shall be mailed to the Clerk of the Sterling Trust at the Trust's principal office and shall set forth with particularity the nature of the proposed court action, proceeding or claim and the essential facts relied upon by the Shareholder to support the allegations made in the demand. The Trustees shall consider such demand within 90 days of its receipt by the Sterling Trust. In their sole discretion, the Trustees, including a majority of Trustees who are not interested persons of the Trust within the meaning set forth in the Investment Company Act ("Interested Persons"), may submit the matter to a vote of Shareholders of the Sterling Trust. Any decision by the Trustees, including a majority of Trustees who are not Interested Persons of the Trust, to bring, maintain or settle (or not to bring, maintain or settle) such court action, proceeding or claim, or to submit the matter to a vote of Shareholders, shall be binding upon the Shareholders. | &nbsp;&nbsp;&nbsp;Under the CST Trust Instrument, shareholders have the same power to vote as to whether or not a court action, proceeding or claim should or should not be brought or maintained derivatively or as a class action on behalf of CST or the Shareholders as do stockholders of an Ohio business corporation. In a derivative action brought by one or more legal or equitable owners of shares to enforce a right of a corporation, the corporation having failed to enforce a right which may properly be asserted by it, the complaint must be verified and must allege that the plaintiff was a shareholder at the time the transaction of which he complains, The complaint shall also allege with particularity the efforts, if any, made by the plaintiff to obtain the action he desires from the directors and, if necessary, from the shareholders and the reasons for his failure to obtain the action or for not making the effort. The derivative action may not be maintained if it appears that the plaintiff does not fairly and adequately represent the interests of the shareholders similarly situated in enforcing the right of the corporation. The action shall not be dismissed or compromised without the approval of the court, and notice of the proposed dismissal or compromise shall be given to shareholders in such manner as the court directs. |

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**STATEMENT OF ADDITIONAL INFORMATION**

**FOR THE REORGANIZATION OF**

**Guardian Capital Dividend Growth Fund**

***a series of Capitol Series Trust***

**225 Pictoria Drive, Suite 450**

**Cincinnati, Ohio 45246**

**(513) 587-3400**

**INTO**

**Guardian Capital Dividend Growth Fund**

***a series of Sterling Capital Funds***

**434 Fayetteville St., Suite 500**

**Raleigh, NC 27601**

**(800) 228-1872** 

**February 14, 2026**

This Statement of Additional Information ("SAI") is not a prospectus but should be read in conjunction with the Proxy Statement/Prospectus dated February 14, 2026 that is being furnished to shareholders of the Guardian Capital Dividend Growth Fund (the "Target Fund"), a separate series of Capitol Series Trust ("CST"), an open-end management investment company, and the Guardian Capital Dividend Growth Fund (the "Acquiring Fund"), a newly-created series of Sterling Capital Funds (the "Sterling Trust"), an open-end management investment company, in connection with a Special Meeting of Shareholders (the "Special Meeting") called by the Board of Trustees of the Target Fund to be held at the offices of Ultimus Fund Solutions, the Target Fund's Administrator located at 225 Pictoria Drive, Suite 450, Cincinnati, Ohio 45246, on March 20, 2026 at 11:00 a.m. Eastern time. At the Special Meeting, shareholders of the Target Fund will be asked to approve:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) An Agreement and Plan of Reorganization (the "Plan") providing for (i) the acquisition of
the assets and assumption of the liabilities of the Target Fund by the Acquiring Fund in exchange for shares of the Acquiring Fund with
an aggregate net asset value ("NAV") equal to the aggregate NAV of the shares of the Target Fund; (ii) the pro rata distribution
of such shares to the shareholders of the Target Fund, and (iii) the complete liquidation and dissolution of the Target Fund, all upon
the terms and conditions set forth in the Plan (the "Reorganization").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) A New Investment Advisory Agreement between Guardian Capital and the
Target Fund (the "New Agreement").

Copies of the Proxy Statement/Prospectus may be obtained at no charge by writing the Target Fund at c/o Ultimus Fund Solutions, LLC, P.O. Box 46707, Cincinnati, OH 45246, or calling the Target Fund at (800) 957-0681.

The Target Fund's Prospectus, Statement of Additional Information, and Annual Report to Shareholders are available upon request and without charge by writing to CST, by calling (800) 957-0681 or visiting <u>www.guardiancapitalfunds.com</u>.

The Acquiring Fund's Prospectus and Statement of Additional Information are available without charge by calling (800) 228-1872. Because the Acquiring Fund has not commenced operations as of the date of this Proxy Statement/Prospectus, it has not yet issued an annual or semi-annual report.

The Target Fund shall be the accounting and performance survivor in the Reorganization. Additionally, there are no material differences in accounting policies of the Target Fund as compared to those of the Acquiring Fund.

Unless otherwise indicated, capitalized terms used herein and not otherwise defined have the same meanings as are given to them in the Proxy Statement/Prospectus. The term "Fund" as used in this SAI, refers to the Target Fund.

This SAI incorporates by reference the following documents, which have each been filed with the U.S. Securities and Exchange Commission and will be sent to any shareholder requesting this SAI:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Target Fund [Prospectus and Statement of Additional Information](https://www.sec.gov/Archives/edgar/data/1587551/000158064226000467/capitolseriestrust_485b.htm) dated January 28, 2026, as supplemented, filed with the SEC (File Nos. 333-191495 and 811-22895);
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Target Fund Annual Report to Shareholders and financial statements included in the [Fund's Form N-CSR filing](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001587551/000158064225007555/capitolseries_ncsr.htm) for the fiscal year ended September 30, 2025 filed with the SEC (File No. 811-22895); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Acquiring Fund [Prospectus and Statement of Additional Information](https://www.sec.gov/ix?doc=/Archives/edgar/data/889284/000139834426002675/fp0097480-1_485bposixbrl.htm) dated February 11, 2026, filed with the SEC (File Nos. 333-49098 and 811-06719).

**SUPPLEMENTAL FINANCIAL INFORMATION**

Rule 6-11(d)(2) under Regulation S-X requires that, with respect to any fund acquisition, registered investment companies must provide certain supplemental financial information in lieu of *pro forma* financial statements required by Regulation S-X. For this reason, *pro forma* financial statements of the Acquiring Fund are not included in this SAI.

Tables showing the fees of the Target Fund and the Acquiring Fund, and the fees and expenses of the Acquiring Fund on a *pro forma* basis after giving effect to the Reorganization, are included in the "Comparison Fee Table and Example" section of the Proxy Statement/Prospectus.

The Merger will not result in a material change to the investment portfolio of the Target Fund due to the investment restrictions of the Acquiring Fund. As a result, a schedule of investments of each of those Funds modified to show the effects of the change is not required and is not included. Notwithstanding the foregoing, changes may be made to the Target Fund's portfolio in advance of the Reorganization, as may be described in the Proxy Statement/Prospectus.

There are no material differences in accounting policies of the Target Fund as compared to those of the Acquiring Fund.

![](fp0097605-1_proxy01.jpg)