# EDGAR Filing Document

**Accession Number:** 0000889284
**File Stem:** 0001398344-26-010654
**Filing Date:** 2026-6
**Character Count:** 836445
**Document Hash:** 4be1c5cf0a6a42d0ad3ee383f5537460
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001398344-26-010654.hdr.sgml**: 20260609

**ACCESSION NUMBER**: 0001398344-26-010654

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 75

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260609

**DATE AS OF CHANGE**: 20260609

**EFFECTIVENESS DATE**: 20260609

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-06719
- **FILM NUMBER:** 261077215

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

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

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

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

## Series and Classes Contracts Data

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000156996 | A Shares             | STRLX           |
| C000156997 | C Shares             | STRNX           |
| C000156998 | Institutional Shares | STRGX           |
| C000260431 | Class R6             |  |

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

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

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

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

### STERLING CAPITAL HEDGED EQUITY PREMIUM INCOME ETF (Series ID: S000097702)

| Class ID   | Class Name                                        | Ticker Symbol   |
|:---|:---|:---|
| C000267176 | STERLING CAPITAL HEDGED EQUITY PREMIUM INCOME ETF |  |

### STERLING CAPITAL MULTI-STRATEGY INCOME ETF (Series ID: S000097703)

| Class ID   | Class Name                                 | Ticker Symbol   |
|:---|:---|:---|
| C000267177 | STERLING CAPITAL MULTI-STRATEGY INCOME ETF |  |

### STERLING CAPITAL NATIONAL MUNICIPAL BOND ETF (Series ID: S000097704)

| Class ID   | Class Name                                   | Ticker Symbol   |
|:---|:---|:---|
| C000267178 | STERLING CAPITAL NATIONAL MUNICIPAL BOND ETF |  |

### STERLING CAPITAL SHORT DURATION BOND ETF (Series ID: S000097705)

| Class ID   | Class Name                               | Ticker Symbol   |
|:---|:---|:---|
| C000267179 | STERLING CAPITAL SHORT DURATION BOND ETF |  |

### Sterling Capital Ultra Short Bond ETF (Series ID: S000097706)

| Class ID   | Class Name                            | Ticker Symbol   |
|:---|:---|:---|
| C000267180 | Sterling Capital Ultra Short Bond ETF |  |

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

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

?xml version='1.0' encoding='ASCII'? Sterling Capital Funds - N-CSRS - Inline XBRL

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED**

**MANAGEMENT INVESTMENT COMPANIES**

**Investment Company Act File Number: 811-06719**

**STERLING CAPITAL FUNDS**

**(Exact name of Registrant as Specified in Charter)**

**434 Fayetteville St., Suite 500**

**Raleigh, NC 27601**

**(Address of Principal Executive Office) (Zip Code)**

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

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

**James T. Gillespie, President**

**Sterling Capital Funds**

**434 Fayetteville St., Suite 500**

**Raleigh, NC 27601**

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

**Date of reporting period: March 31, 2026**

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

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

**Item 1. Report to Stockholders.**

---

| | | |
|:---|:---|:---|
| ![Sterling Capital](scf-logo.jpg) | Guardian Capital Dividend Growth Fund<br>Institutional Class (DIVGX) | March 31, 2026<br>SEMI-ANNUAL SHAREHOLDER<br>REPORT<br>**www.sterlingcapital.com** |

---

**This semi-annual shareholder report contains important information about Guardian Capital Dividend Growth Fund for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://sterlingcapitalfunds.com/funds/. You can also request this information by contacting us at (888) 228-1872. This report describes material fund changes to the Fund that occurred during the year in the MATERIAL FUND CHANGES section of this report.**

#### What were the Fund's costs for the last six months?

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Class | $48 | 0.95% |

---

#### KEY FUND STATISTICS (as of Period End)

---

| | |
|:---|:---|
| Net Assets | $41975858 |
| Number of Portfolio Holdings | 42 |
| Advisory Fee (net of waivers) | $86290 |
| Portfolio Turnover | 9% |

---

![Holdings](divgx-holdings.jpg)

#### MATERIAL FUND CHANGES
As previously disclosed in a supplement to the Funds' Prospectuses and Statements of Additional Information filed on September 16, 2025, on August 28, 2025, Guardian Capital Group Limited ("Guardian"), the indirect parent company of Sterling Capital Management LLC, the investment adviser to each of the Funds, announced that it had entered into a definitive agreement 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 whereby DGAM will purchase all of the issued and outstanding shares of Guardian, other than certain Guardian shares held by specific shareholders who entered into equity rollover agreements to exchange certain of their Guardian shares for a combination of cash and shares in the capital of DGAM (the "Transaction"). The closing of the Transaction (the "Closing") occurred on March 23, 2026.

Sterling Capital is now an indirect, wholly-owned subsidiary of Desjardins. It is anticipated that Sterling Capital will continue to operate as a standalone entity. To provide continuity and stability, Sterling Capital's team of management and senior professionals will continue servicing Sterling Capital's clients, including the Funds.

As permitted by Rule 15a-4 under the 1940 Act ("Rule 15a-4"), if shareholder approval of the New Investment Advisory Agreement with respect to a Fund has not been obtained by the Closing, Sterling Capital will provide investment advisory services to any such Fund(s) under an Interim Investment Advisory Agreement between Sterling Capital and the Trust, on behalf of such Fund(s) (the "Interim Agreement"). The Interim Investment Advisory Agreement and New Investment Advisory Agreement was approved by the Board at an in-person meeting on November 18-19, 2025.

#### Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, and holdings, visit **www.sterlingcapital.com**. Information about the Fund's proxy voting records is available by calling **(888) 228-1872**.

TSR-SAR 033126-DIVGX

---

| | | |
|:---|:---|:---|
| ![Sterling Capital](scf-logo.jpg) | Sterling Capital Behavioral Large Cap Value Equity Fund<br>Class A (BBTGX) | March 31, 2026<br>SEMI-ANNUAL SHAREHOLDER<br>REPORT<br>**www.sterlingcapital.com** |

---

**This semi-annual shareholder report contains important information about Sterling Capital Behavioral Large Cap Value Equity Fund for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://sterlingcapitalfunds.com/funds/. You can also request this information by contacting us at (888) 228-1872. This report describes material fund changes to the Fund that occurred during the year in the MATERIAL FUND CHANGES section of this report.**

#### What were the Fund's costs for the last six months?

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $53 | 1.01% |

---

#### KEY FUND STATISTICS (as of Period End)

---

| | |
|:---|:---|
| Net Assets | $63690888 |
| Number of Portfolio Holdings | 111 |
| Advisory Fee (net of waivers) | $121924 |
| Portfolio Turnover | 68% |

---

![Holdings](bbtgx-holdings.jpg)

#### MATERIAL FUND CHANGES
As previously disclosed in a supplement to the Funds' Prospectuses and Statements of Additional Information filed on September 16, 2025, on August 28, 2025, Guardian Capital Group Limited ("Guardian"), the indirect parent company of Sterling Capital Management LLC, the investment adviser to each of the Funds, announced that it had entered into a definitive agreement 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 whereby DGAM will purchase all of the issued and outstanding shares of Guardian, other than certain Guardian shares held by specific shareholders who entered into equity rollover agreements to exchange certain of their Guardian shares for a combination of cash and shares in the capital of DGAM (the "Transaction"). The closing of the Transaction (the "Closing") occurred on March 23, 2026.

Sterling Capital is now an indirect, wholly-owned subsidiary of Desjardins. It is anticipated that Sterling Capital will continue to operate as a standalone entity. To provide continuity and stability, Sterling Capital's team of management and senior professionals will continue servicing Sterling Capital's clients, including the Funds.

As permitted by Rule 15a-4 under the 1940 Act ("Rule 15a-4"), if shareholder approval of the New Investment Advisory Agreement with respect to a Fund has not been obtained by the Closing, Sterling Capital will provide investment advisory services to any such Fund(s) under an Interim Investment Advisory Agreement between Sterling Capital and the Trust, on behalf of such Fund(s) (the "Interim Agreement"). The Interim Investment Advisory Agreement and New Investment Advisory Agreement was approved by the Board at an in-person meeting on November 18-19, 2025.

#### Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, and holdings, visit **www.sterlingcapital.com**. Information about the Fund's proxy voting records is available by calling **(888) 228-1872**.

TSR-SAR 033126-BBTGX

---

| | | |
|:---|:---|:---|
| ![Sterling Capital](scf-logo.jpg) | Sterling Capital Behavioral Large Cap Value Equity Fund<br>Class C (BCVCX) | March 31, 2026<br>SEMI-ANNUAL SHAREHOLDER<br>REPORT<br>**www.sterlingcapital.com** |

---

**This semi-annual shareholder report contains important information about Sterling Capital Behavioral Large Cap Value Equity Fund for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://sterlingcapitalfunds.com/funds/. You can also request this information by contacting us at (888) 228-1872. This report describes material fund changes to the Fund that occurred during the year in the MATERIAL FUND CHANGES section of this report.**

#### What were the Fund's costs for the last six months?

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $92 | 1.76% |

---

#### KEY FUND STATISTICS (as of Period End)

---

| | |
|:---|:---|
| Net Assets | $63690888 |
| Number of Portfolio Holdings | 111 |
| Advisory Fee (net of waivers) | $121924 |
| Portfolio Turnover | 68% |

---

![Holdings](bcvcx-holdings.jpg)

#### MATERIAL FUND CHANGES
As previously disclosed in a supplement to the Funds' Prospectuses and Statements of Additional Information filed on September 16, 2025, on August 28, 2025, Guardian Capital Group Limited ("Guardian"), the indirect parent company of Sterling Capital Management LLC, the investment adviser to each of the Funds, announced that it had entered into a definitive agreement 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 whereby DGAM will purchase all of the issued and outstanding shares of Guardian, other than certain Guardian shares held by specific shareholders who entered into equity rollover agreements to exchange certain of their Guardian shares for a combination of cash and shares in the capital of DGAM (the "Transaction"). The closing of the Transaction (the "Closing") occurred on March 23, 2026.

Sterling Capital is now an indirect, wholly-owned subsidiary of Desjardins. It is anticipated that Sterling Capital will continue to operate as a standalone entity. To provide continuity and stability, Sterling Capital's team of management and senior professionals will continue servicing Sterling Capital's clients, including the Funds.

As permitted by Rule 15a-4 under the 1940 Act ("Rule 15a-4"), if shareholder approval of the New Investment Advisory Agreement with respect to a Fund has not been obtained by the Closing, Sterling Capital will provide investment advisory services to any such Fund(s) under an Interim Investment Advisory Agreement between Sterling Capital and the Trust, on behalf of such Fund(s) (the "Interim Agreement"). The Interim Investment Advisory Agreement and New Investment Advisory Agreement was approved by the Board at an in-person meeting on November 18-19, 2025.

#### Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, and holdings, visit **www.sterlingcapital.com**. Information about the Fund's proxy voting records is available by calling **(888) 228-1872**.

TSR-SAR 033126-BCVCX

---

| | | |
|:---|:---|:---|
| ![Sterling Capital](scf-logo.jpg) | Sterling Capital Behavioral Large Cap Value Equity Fund<br>Class Institutional (BBISX) | March 31, 2026<br>SEMI-ANNUAL SHAREHOLDER<br>REPORT<br>**www.sterlingcapital.com** |

---

**This semi-annual shareholder report contains important information about Sterling Capital Behavioral Large Cap Value Equity Fund for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://sterlingcapitalfunds.com/funds/. You can also request this information by contacting us at (888) 228-1872. This report describes material fund changes to the Fund that occurred during the year in the MATERIAL FUND CHANGES section of this report.**

#### What were the Fund's costs for the last six months?

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class Institutional | $40 | 0.76% |

---

#### KEY FUND STATISTICS (as of Period End)

---

| | |
|:---|:---|
| Net Assets | $63690888 |
| Number of Portfolio Holdings | 111 |
| Advisory Fee (net of waivers) | $121924 |
| Portfolio Turnover | 68% |

---

![Holdings](bbisx-holdings.jpg)

#### MATERIAL FUND CHANGES
As previously disclosed in a supplement to the Funds' Prospectuses and Statements of Additional Information filed on September 16, 2025, on August 28, 2025, Guardian Capital Group Limited ("Guardian"), the indirect parent company of Sterling Capital Management LLC, the investment adviser to each of the Funds, announced that it had entered into a definitive agreement 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 whereby DGAM will purchase all of the issued and outstanding shares of Guardian, other than certain Guardian shares held by specific shareholders who entered into equity rollover agreements to exchange certain of their Guardian shares for a combination of cash and shares in the capital of DGAM (the "Transaction"). The closing of the Transaction (the "Closing") occurred on March 23, 2026.

Sterling Capital is now an indirect, wholly-owned subsidiary of Desjardins. It is anticipated that Sterling Capital will continue to operate as a standalone entity. To provide continuity and stability, Sterling Capital's team of management and senior professionals will continue servicing Sterling Capital's clients, including the Funds.

As permitted by Rule 15a-4 under the 1940 Act ("Rule 15a-4"), if shareholder approval of the New Investment Advisory Agreement with respect to a Fund has not been obtained by the Closing, Sterling Capital will provide investment advisory services to any such Fund(s) under an Interim Investment Advisory Agreement between Sterling Capital and the Trust, on behalf of such Fund(s) (the "Interim Agreement"). The Interim Investment Advisory Agreement and New Investment Advisory Agreement was approved by the Board at an in-person meeting on November 18-19, 2025.

#### Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, and holdings, visit **www.sterlingcapital.com**. Information about the Fund's proxy voting records is available by calling **(888) 228-1872**.

TSR-SAR 033126-BBISX

---

| | | |
|:---|:---|:---|
| ![Sterling Capital](scf-logo.jpg) | Sterling Capital Behavioral Large Cap Value Equity Fund<br>Class R6 (STRAX) | March 31, 2026<br>SEMI-ANNUAL SHAREHOLDER<br>REPORT<br>**www.sterlingcapital.com** |

---

**This semi-annual shareholder report contains important information about Sterling Capital Behavioral Large Cap Value Equity Fund for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://sterlingcapitalfunds.com/funds/. You can also request this information by contacting us at (888) 228-1872. This report describes material fund changes to the Fund that occurred during the year in the MATERIAL FUND CHANGES section of this report.**

#### What were the Fund's costs for the last six months?

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R6 | $33 | 0.63% |

---

#### KEY FUND STATISTICS (as of Period End)

---

| | |
|:---|:---|
| Net Assets | $63690888 |
| Number of Portfolio Holdings | 111 |
| Advisory Fee (net of waivers) | $121924 |
| Portfolio Turnover | 68% |

---

![Holdings](strax-holdings.jpg)

#### MATERIAL FUND CHANGES
As previously disclosed in a supplement to the Funds' Prospectuses and Statements of Additional Information filed on September 16, 2025, on August 28, 2025, Guardian Capital Group Limited ("Guardian"), the indirect parent company of Sterling Capital Management LLC, the investment adviser to each of the Funds, announced that it had entered into a definitive agreement 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 whereby DGAM will purchase all of the issued and outstanding shares of Guardian, other than certain Guardian shares held by specific shareholders who entered into equity rollover agreements to exchange certain of their Guardian shares for a combination of cash and shares in the capital of DGAM (the "Transaction"). The closing of the Transaction (the "Closing") occurred on March 23, 2026.

Sterling Capital is now an indirect, wholly-owned subsidiary of Desjardins. It is anticipated that Sterling Capital will continue to operate as a standalone entity. To provide continuity and stability, Sterling Capital's team of management and senior professionals will continue servicing Sterling Capital's clients, including the Funds.

As permitted by Rule 15a-4 under the 1940 Act ("Rule 15a-4"), if shareholder approval of the New Investment Advisory Agreement with respect to a Fund has not been obtained by the Closing, Sterling Capital will provide investment advisory services to any such Fund(s) under an Interim Investment Advisory Agreement between Sterling Capital and the Trust, on behalf of such Fund(s) (the "Interim Agreement"). The Interim Investment Advisory Agreement and New Investment Advisory Agreement was approved by the Board at an in-person meeting on November 18-19, 2025.

#### Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, and holdings, visit **www.sterlingcapital.com**. Information about the Fund's proxy voting records is available by calling **(888) 228-1872**.

TSR-SAR 033126-STRAX

---

| | | |
|:---|:---|:---|
| ![Sterling Capital](scf-logo.jpg) | Sterling Capital Behavioral Small Cap Value Equity Fund<br>Class A (SPSAX) | March 31, 2026<br>SEMI-ANNUAL SHAREHOLDER<br>REPORT<br>**www.sterlingcapital.com** |

---

**This semi-annual shareholder report contains important information about Sterling Capital Behavioral Small Cap Value Equity Fund for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://sterlingcapitalfunds.com/funds/. You can also request this information by contacting us at (888) 228-1872. This report describes material fund changes to the Fund that occurred during the year in the MATERIAL FUND CHANGES section of this report.**

#### What were the Fund's costs for the last six months?

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $58 | 1.12% |

---

#### KEY FUND STATISTICS (as of Period End)

---

| | |
|:---|:---|
| Net Assets | $69484095 |
| Number of Portfolio Holdings | 251 |
| Advisory Fee (net of waivers) | $249738 |
| Portfolio Turnover | 50% |

---

![Holdings](spsax-holdings.jpg)

#### MATERIAL FUND CHANGES
As previously disclosed in a supplement to the Funds' Prospectuses and Statements of Additional Information filed on September 16, 2025, on August 28, 2025, Guardian Capital Group Limited ("Guardian"), the indirect parent company of Sterling Capital Management LLC, the investment adviser to each of the Funds, announced that it had entered into a definitive agreement 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 whereby DGAM will purchase all of the issued and outstanding shares of Guardian, other than certain Guardian shares held by specific shareholders who entered into equity rollover agreements to exchange certain of their Guardian shares for a combination of cash and shares in the capital of DGAM (the "Transaction"). The closing of the Transaction (the "Closing") occurred on March 23, 2026.

Sterling Capital is now an indirect, wholly-owned subsidiary of Desjardins. It is anticipated that Sterling Capital will continue to operate as a standalone entity. To provide continuity and stability, Sterling Capital's team of management and senior professionals will continue servicing Sterling Capital's clients, including the Funds.

As permitted by Rule 15a-4 under the 1940 Act ("Rule 15a-4"), if shareholder approval of the New Investment Advisory Agreement with respect to a Fund has not been obtained by the Closing, Sterling Capital will provide investment advisory services to any such Fund(s) under an Interim Investment Advisory Agreement between Sterling Capital and the Trust, on behalf of such Fund(s) (the "Interim Agreement"). The Interim Investment Advisory Agreement and New Investment Advisory Agreement was approved by the Board at an in-person meeting on November 18-19, 2025.

#### Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, and holdings, visit **www.sterlingcapital.com**. Information about the Fund's proxy voting records is available by calling **(888) 228-1872**.

TSR-SAR 033126-SPSAX

---

| | | |
|:---|:---|:---|
| ![Sterling Capital](scf-logo.jpg) | Sterling Capital Behavioral Small Cap Value Equity Fund<br>Class C (SPSDX) | March 31, 2026<br>SEMI-ANNUAL SHAREHOLDER<br>REPORT<br>**www.sterlingcapital.com** |

---

**This semi-annual shareholder report contains important information about Sterling Capital Behavioral Small Cap Value Equity Fund for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://sterlingcapitalfunds.com/funds/. You can also request this information by contacting us at (888) 228-1872. This report describes material fund changes to the Fund that occurred during the year in the MATERIAL FUND CHANGES section of this report.**

#### What were the Fund's costs for the last six months?

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $97 | 1.89% |

---

#### KEY FUND STATISTICS (as of Period End)

---

| | |
|:---|:---|
| Net Assets | $69484095 |
| Number of Portfolio Holdings | 251 |
| Advisory Fee (net of waivers) | $249738 |
| Portfolio Turnover | 50% |

---

![Holdings](spsdx-holdings.jpg)

#### MATERIAL FUND CHANGES
As previously disclosed in a supplement to the Funds' Prospectuses and Statements of Additional Information filed on September 16, 2025, on August 28, 2025, Guardian Capital Group Limited ("Guardian"), the indirect parent company of Sterling Capital Management LLC, the investment adviser to each of the Funds, announced that it had entered into a definitive agreement 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 whereby DGAM will purchase all of the issued and outstanding shares of Guardian, other than certain Guardian shares held by specific shareholders who entered into equity rollover agreements to exchange certain of their Guardian shares for a combination of cash and shares in the capital of DGAM (the "Transaction"). The closing of the Transaction (the "Closing") occurred on March 23, 2026.

Sterling Capital is now an indirect, wholly-owned subsidiary of Desjardins. It is anticipated that Sterling Capital will continue to operate as a standalone entity. To provide continuity and stability, Sterling Capital's team of management and senior professionals will continue servicing Sterling Capital's clients, including the Funds.

As permitted by Rule 15a-4 under the 1940 Act ("Rule 15a-4"), if shareholder approval of the New Investment Advisory Agreement with respect to a Fund has not been obtained by the Closing, Sterling Capital will provide investment advisory services to any such Fund(s) under an Interim Investment Advisory Agreement between Sterling Capital and the Trust, on behalf of such Fund(s) (the "Interim Agreement"). The Interim Investment Advisory Agreement and New Investment Advisory Agreement was approved by the Board at an in-person meeting on November 18-19, 2025.

#### Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, and holdings, visit **www.sterlingcapital.com**. Information about the Fund's proxy voting records is available by calling **(888) 228-1872**.

TSR-SAR 033126-SPSDX

---

| | | |
|:---|:---|:---|
| ![Sterling Capital](scf-logo.jpg) | Sterling Capital Behavioral Small Cap Value Equity Fund<br>Class Institutional (SPSCX) | March 31, 2026<br>SEMI-ANNUAL SHAREHOLDER<br>REPORT<br>**www.sterlingcapital.com** |

---

**This semi-annual shareholder report contains important information about Sterling Capital Behavioral Small Cap Value Equity Fund for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://sterlingcapitalfunds.com/funds/. You can also request this information by contacting us at (888) 228-1872. This report describes material fund changes to the Fund that occurred during the year in the MATERIAL FUND CHANGES section of this report.**

#### What were the Fund's costs for the last six months?

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class Institutional | $46 | 0.89% |

---

#### KEY FUND STATISTICS (as of Period End)

---

| | |
|:---|:---|
| Net Assets | $69484095 |
| Number of Portfolio Holdings | 251 |
| Advisory Fee (net of waivers) | $249738 |
| Portfolio Turnover | 50% |

---

![Holdings](spscx-holdings.jpg)

#### MATERIAL FUND CHANGES
As previously disclosed in a supplement to the Funds' Prospectuses and Statements of Additional Information filed on September 16, 2025, on August 28, 2025, Guardian Capital Group Limited ("Guardian"), the indirect parent company of Sterling Capital Management LLC, the investment adviser to each of the Funds, announced that it had entered into a definitive agreement 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 whereby DGAM will purchase all of the issued and outstanding shares of Guardian, other than certain Guardian shares held by specific shareholders who entered into equity rollover agreements to exchange certain of their Guardian shares for a combination of cash and shares in the capital of DGAM (the "Transaction"). The closing of the Transaction (the "Closing") occurred on March 23, 2026.

Sterling Capital is now an indirect, wholly-owned subsidiary of Desjardins. It is anticipated that Sterling Capital will continue to operate as a standalone entity. To provide continuity and stability, Sterling Capital's team of management and senior professionals will continue servicing Sterling Capital's clients, including the Funds.

As permitted by Rule 15a-4 under the 1940 Act ("Rule 15a-4"), if shareholder approval of the New Investment Advisory Agreement with respect to a Fund has not been obtained by the Closing, Sterling Capital will provide investment advisory services to any such Fund(s) under an Interim Investment Advisory Agreement between Sterling Capital and the Trust, on behalf of such Fund(s) (the "Interim Agreement"). The Interim Investment Advisory Agreement and New Investment Advisory Agreement was approved by the Board at an in-person meeting on November 18-19, 2025.

#### Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, and holdings, visit **www.sterlingcapital.com**. Information about the Fund's proxy voting records is available by calling **(888) 228-1872**.

TSR-SAR 033126-SPSCX

---

| | | |
|:---|:---|:---|
| ![Sterling Capital](scf-logo.jpg) | Sterling Capital Behavioral Small Cap Value Equity Fund<br>Class R6 (STRBX) | March 31, 2026<br>SEMI-ANNUAL SHAREHOLDER<br>REPORT<br>**www.sterlingcapital.com** |

---

**This semi-annual shareholder report contains important information about Sterling Capital Behavioral Small Cap Value Equity Fund for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://sterlingcapitalfunds.com/funds/. You can also request this information by contacting us at (888) 228-1872. This report describes material fund changes to the Fund that occurred during the year in the MATERIAL FUND CHANGES section of this report.**

#### What were the Fund's costs for the last six months?

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R6 | $42 | 0.82% |

---

#### KEY FUND STATISTICS (as of Period End)

---

| | |
|:---|:---|
| Net Assets | $69484095 |
| Number of Portfolio Holdings | 251 |
| Advisory Fee (net of waivers) | $249738 |
| Portfolio Turnover | 50% |

---

![Holdings](strbx-holdings.jpg)

#### MATERIAL FUND CHANGES
As previously disclosed in a supplement to the Funds' Prospectuses and Statements of Additional Information filed on September 16, 2025, on August 28, 2025, Guardian Capital Group Limited ("Guardian"), the indirect parent company of Sterling Capital Management LLC, the investment adviser to each of the Funds, announced that it had entered into a definitive agreement 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 whereby DGAM will purchase all of the issued and outstanding shares of Guardian, other than certain Guardian shares held by specific shareholders who entered into equity rollover agreements to exchange certain of their Guardian shares for a combination of cash and shares in the capital of DGAM (the "Transaction"). The closing of the Transaction (the "Closing") occurred on March 23, 2026.

Sterling Capital is now an indirect, wholly-owned subsidiary of Desjardins. It is anticipated that Sterling Capital will continue to operate as a standalone entity. To provide continuity and stability, Sterling Capital's team of management and senior professionals will continue servicing Sterling Capital's clients, including the Funds.

As permitted by Rule 15a-4 under the 1940 Act ("Rule 15a-4"), if shareholder approval of the New Investment Advisory Agreement with respect to a Fund has not been obtained by the Closing, Sterling Capital will provide investment advisory services to any such Fund(s) under an Interim Investment Advisory Agreement between Sterling Capital and the Trust, on behalf of such Fund(s) (the "Interim Agreement"). The Interim Investment Advisory Agreement and New Investment Advisory Agreement was approved by the Board at an in-person meeting on November 18-19, 2025.

#### Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, and holdings, visit **www.sterlingcapital.com**. Information about the Fund's proxy voting records is available by calling **(888) 228-1872**.

TSR-SAR 033126-STRBX

---

| | | |
|:---|:---|:---|
| ![Sterling Capital](scf-logo.jpg) | Sterling Capital Equity Income Fund<br>Class A (BAEIX) | March 31, 2026<br>SEMI-ANNUAL SHAREHOLDER<br>REPORT<br>**www.sterlingcapital.com** |

---

**This semi-annual shareholder report contains important information about Sterling Capital Equity Income Fund for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://sterlingcapitalfunds.com/funds/. You can also request this information by contacting us at (888) 228-1872. This report describes material fund changes to the Fund that occurred during the year in the MATERIAL FUND CHANGES section of this report.**

#### What were the Fund's costs for the last six months?

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

---

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

---

#### KEY FUND STATISTICS (as of Period End)

---

| | |
|:---|:---|
| Net Assets | $626679797 |
| Number of Portfolio Holdings | 33 |
| Advisory Fee (net of waivers) | $2177622 |
| Portfolio Turnover | 22% |

---

![Holdings](baeix-holdings.jpg)

#### MATERIAL FUND CHANGES
As previously disclosed in a supplement to the Funds' Prospectuses and Statements of Additional Information filed on September 16, 2025, on August 28, 2025, Guardian Capital Group Limited ("Guardian"), the indirect parent company of Sterling Capital Management LLC, the investment adviser to each of the Funds, announced that it had entered into a definitive agreement 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 whereby DGAM will purchase all of the issued and outstanding shares of Guardian, other than certain Guardian shares held by specific shareholders who entered into equity rollover agreements to exchange certain of their Guardian shares for a combination of cash and shares in the capital of DGAM (the "Transaction"). The closing of the Transaction (the "Closing") occurred on March 23, 2026.

Sterling Capital is now an indirect, wholly-owned subsidiary of Desjardins. It is anticipated that Sterling Capital will continue to operate as a standalone entity. To provide continuity and stability, Sterling Capital's team of management and senior professionals will continue servicing Sterling Capital's clients, including the Funds.

As permitted by Rule 15a-4 under the 1940 Act ("Rule 15a-4"), if shareholder approval of the New Investment Advisory Agreement with respect to a Fund has not been obtained by the Closing, Sterling Capital will provide investment advisory services to any such Fund(s) under an Interim Investment Advisory Agreement between Sterling Capital and the Trust, on behalf of such Fund(s) (the "Interim Agreement"). The Interim Investment Advisory Agreement and New Investment Advisory Agreement was approved by the Board at an in-person meeting on November 18-19, 2025.

#### Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, and holdings, visit **www.sterlingcapital.com**. Information about the Fund's proxy voting records is available by calling **(888) 228-1872**.

TSR-SAR 033126-BAEIX

---

| | | |
|:---|:---|:---|
| ![Sterling Capital](scf-logo.jpg) | Sterling Capital Equity Income Fund<br>Class C (BCEGX) | March 31, 2026<br>SEMI-ANNUAL SHAREHOLDER<br>REPORT<br>**www.sterlingcapital.com** |

---

**This semi-annual shareholder report contains important information about Sterling Capital Equity Income Fund for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://sterlingcapitalfunds.com/funds/. You can also request this information by contacting us at (888) 228-1872. This report describes material fund changes to the Fund that occurred during the year in the MATERIAL FUND CHANGES section of this report.**

#### What were the Fund's costs for the last six months?

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $92 | 1.87% |

---

#### KEY FUND STATISTICS (as of Period End)

---

| | |
|:---|:---|
| Net Assets | $626679797 |
| Number of Portfolio Holdings | 33 |
| Advisory Fee (net of waivers) | $2177622 |
| Portfolio Turnover | 22% |

---

![Holdings](bcegx-holdings.jpg)

#### MATERIAL FUND CHANGES
As previously disclosed in a supplement to the Funds' Prospectuses and Statements of Additional Information filed on September 16, 2025, on August 28, 2025, Guardian Capital Group Limited ("Guardian"), the indirect parent company of Sterling Capital Management LLC, the investment adviser to each of the Funds, announced that it had entered into a definitive agreement 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 whereby DGAM will purchase all of the issued and outstanding shares of Guardian, other than certain Guardian shares held by specific shareholders who entered into equity rollover agreements to exchange certain of their Guardian shares for a combination of cash and shares in the capital of DGAM (the "Transaction"). The closing of the Transaction (the "Closing") occurred on March 23, 2026.

Sterling Capital is now an indirect, wholly-owned subsidiary of Desjardins. It is anticipated that Sterling Capital will continue to operate as a standalone entity. To provide continuity and stability, Sterling Capital's team of management and senior professionals will continue servicing Sterling Capital's clients, including the Funds.

As permitted by Rule 15a-4 under the 1940 Act ("Rule 15a-4"), if shareholder approval of the New Investment Advisory Agreement with respect to a Fund has not been obtained by the Closing, Sterling Capital will provide investment advisory services to any such Fund(s) under an Interim Investment Advisory Agreement between Sterling Capital and the Trust, on behalf of such Fund(s) (the "Interim Agreement"). The Interim Investment Advisory Agreement and New Investment Advisory Agreement was approved by the Board at an in-person meeting on November 18-19, 2025.

#### Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, and holdings, visit **www.sterlingcapital.com**. Information about the Fund's proxy voting records is available by calling **(888) 228-1872**.

TSR-SAR 033126-BCEGX

---

| | | |
|:---|:---|:---|
| ![Sterling Capital](scf-logo.jpg) | Sterling Capital Equity Income Fund<br>Class Institutional (BEGIX) | March 31, 2026<br>SEMI-ANNUAL SHAREHOLDER<br>REPORT<br>**www.sterlingcapital.com** |

---

**This semi-annual shareholder report contains important information about Sterling Capital Equity Income Fund for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://sterlingcapitalfunds.com/funds/. You can also request this information by contacting us at (888) 228-1872. This report describes material fund changes to the Fund that occurred during the year in the MATERIAL FUND CHANGES section of this report.**

#### What were the Fund's costs for the last six months?

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class Institutional | $43 | 0.87% |

---

#### KEY FUND STATISTICS (as of Period End)

---

| | |
|:---|:---|
| Net Assets | $626679797 |
| Number of Portfolio Holdings | 33 |
| Advisory Fee (net of waivers) | $2177622 |
| Portfolio Turnover | 22% |

---

![Holdings](begix-holdings.jpg)

#### MATERIAL FUND CHANGES
As previously disclosed in a supplement to the Funds' Prospectuses and Statements of Additional Information filed on September 16, 2025, on August 28, 2025, Guardian Capital Group Limited ("Guardian"), the indirect parent company of Sterling Capital Management LLC, the investment adviser to each of the Funds, announced that it had entered into a definitive agreement 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 whereby DGAM will purchase all of the issued and outstanding shares of Guardian, other than certain Guardian shares held by specific shareholders who entered into equity rollover agreements to exchange certain of their Guardian shares for a combination of cash and shares in the capital of DGAM (the "Transaction"). The closing of the Transaction (the "Closing") occurred on March 23, 2026.

Sterling Capital is now an indirect, wholly-owned subsidiary of Desjardins. It is anticipated that Sterling Capital will continue to operate as a standalone entity. To provide continuity and stability, Sterling Capital's team of management and senior professionals will continue servicing Sterling Capital's clients, including the Funds.

As permitted by Rule 15a-4 under the 1940 Act ("Rule 15a-4"), if shareholder approval of the New Investment Advisory Agreement with respect to a Fund has not been obtained by the Closing, Sterling Capital will provide investment advisory services to any such Fund(s) under an Interim Investment Advisory Agreement between Sterling Capital and the Trust, on behalf of such Fund(s) (the "Interim Agreement"). The Interim Investment Advisory Agreement and New Investment Advisory Agreement was approved by the Board at an in-person meeting on November 18-19, 2025.

#### Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, and holdings, visit **www.sterlingcapital.com**. Information about the Fund's proxy voting records is available by calling **(888) 228-1872**.

TSR-SAR 033126-BEGIX

---

| | | |
|:---|:---|:---|
| ![Sterling Capital](scf-logo.jpg) | Sterling Capital Equity Income Fund<br>Class R6 (STREX) | March 31, 2026<br>SEMI-ANNUAL SHAREHOLDER<br>REPORT<br>**www.sterlingcapital.com** |

---

**This semi-annual shareholder report contains important information about Sterling Capital Equity Income Fund for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://sterlingcapitalfunds.com/funds/. You can also request this information by contacting us at (888) 228-1872. This report describes material fund changes to the Fund that occurred during the year in the MATERIAL FUND CHANGES section of this report.**

#### What were the Fund's costs for the last six months?

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

---

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

---

#### KEY FUND STATISTICS (as of Period End)

---

| | |
|:---|:---|
| Net Assets | $626679797 |
| Number of Portfolio Holdings | 33 |
| Advisory Fee (net of waivers) | $2177622 |
| Portfolio Turnover | 22% |

---

![Holdings](strex-holdings.jpg)

#### MATERIAL FUND CHANGES
As previously disclosed in a supplement to the Funds' Prospectuses and Statements of Additional Information filed on September 16, 2025, on August 28, 2025, Guardian Capital Group Limited ("Guardian"), the indirect parent company of Sterling Capital Management LLC, the investment adviser to each of the Funds, announced that it had entered into a definitive agreement 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 whereby DGAM will purchase all of the issued and outstanding shares of Guardian, other than certain Guardian shares held by specific shareholders who entered into equity rollover agreements to exchange certain of their Guardian shares for a combination of cash and shares in the capital of DGAM (the "Transaction"). The closing of the Transaction (the "Closing") occurred on March 23, 2026.

Sterling Capital is now an indirect, wholly-owned subsidiary of Desjardins. It is anticipated that Sterling Capital will continue to operate as a standalone entity. To provide continuity and stability, Sterling Capital's team of management and senior professionals will continue servicing Sterling Capital's clients, including the Funds.

As permitted by Rule 15a-4 under the 1940 Act ("Rule 15a-4"), if shareholder approval of the New Investment Advisory Agreement with respect to a Fund has not been obtained by the Closing, Sterling Capital will provide investment advisory services to any such Fund(s) under an Interim Investment Advisory Agreement between Sterling Capital and the Trust, on behalf of such Fund(s) (the "Interim Agreement"). The Interim Investment Advisory Agreement and New Investment Advisory Agreement was approved by the Board at an in-person meeting on November 18-19, 2025.

#### Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, and holdings, visit **www.sterlingcapital.com**. Information about the Fund's proxy voting records is available by calling **(888) 228-1872**.

TSR-SAR 033126-STREX

---

| | | |
|:---|:---|:---|
| ![Sterling Capital](scf-logo.jpg) | Sterling Capital Hedged Equity Premium Income ETF<br>(SCEP) Cboe BZX Exchange, Inc. | March 31, 2026<br>SEMI-ANNUAL SHAREHOLDER<br>REPORT<br>**www.sterlingcapital.com** |

---

**This semi-annual shareholder report contains important information about Sterling Capital Hedged Equity Premium Income ETF for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://sterlingcapitalfunds.com/funds/. You can also request this information by contacting us at (888) 228-1872. This report describes material fund changes to the Fund that occurred during the year in the MATERIAL FUND CHANGES section of this report.**

#### What were the Fund's costs for the last six months?

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| SCEP | $24 | 0.65% |

---

#### KEY FUND STATISTICS (as of Period End)

---

| | |
|:---|:---|
| Net Assets | $214625562 |
| Number of Portfolio Holdings | 57 |
| Advisory Fee | $301221 |
| Portfolio Turnover | 19% |

---

![Holdings](scep-holdings.jpg)

#### MATERIAL FUND CHANGES
As previously disclosed in a supplement to the Funds' Prospectuses and Statements of Additional Information filed on September 16, 2025, on August 28, 2025, Guardian Capital Group Limited ("Guardian"), the indirect parent company of Sterling Capital Management LLC, the investment adviser to each of the Funds, announced that it had entered into a definitive agreement 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 whereby DGAM will purchase all of the issued and outstanding shares of Guardian, other than certain Guardian shares held by specific shareholders who entered into equity rollover agreements to exchange certain of their Guardian shares for a combination of cash and shares in the capital of DGAM (the "Transaction"). The closing of the Transaction (the "Closing") occurred on March 23, 2026.

Sterling Capital is now an indirect, wholly-owned subsidiary of Desjardins. It is anticipated that Sterling Capital will continue to operate as a standalone entity. To provide continuity and stability, Sterling Capital's team of management and senior professionals will continue servicing Sterling Capital's clients, including the Funds.

As permitted by Rule 15a-4 under the 1940 Act ("Rule 15a-4"), if shareholder approval of the New Investment Advisory Agreement with respect to a Fund has not been obtained by the Closing, Sterling Capital will provide investment advisory services to any such Fund(s) under an Interim Investment Advisory Agreement between Sterling Capital and the Trust, on behalf of such Fund(s) (the "Interim Agreement"). The Interim Investment Advisory Agreement and New Investment Advisory Agreement was approved by the Board at an in-person meeting on November 18-19, 2025.

#### Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, and holdings, visit **www.sterlingcapital.com**. Information about the Fund's proxy voting records is available by calling **(888) 228-1872**.

TSR-SAR 033126-SCEP

---

| | | |
|:---|:---|:---|
| ![Sterling Capital](scf-logo.jpg) | Sterling Capital Intermediate U.S. Government Fund<br>Class A (BGVAX) | March 31, 2026<br>SEMI-ANNUAL SHAREHOLDER<br>REPORT<br>**www.sterlingcapital.com** |

---

**This semi-annual shareholder report contains important information about Sterling Capital Intermediate U.S. Government Fund for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://sterlingcapitalfunds.com/funds/. You can also request this information by contacting us at (888) 228-1872. This report describes material fund changes to the Fund that occurred during the year in the MATERIAL FUND CHANGES section of this report.**

#### What were the Fund's costs for the last six months?

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $41 | 0.81% |

---

#### KEY FUND STATISTICS (as of Period End)

---

| | |
|:---|:---|
| Net Assets | $20399418 |
| Number of Portfolio Holdings | 110 |
| Advisory Fee (net of waivers) | $11824 |
| Portfolio Turnover | 6% |

---

![Holdings](bgvax-holdings.jpg)

#### MATERIAL FUND CHANGES
As previously disclosed in a supplement to the Funds' Prospectuses and Statements of Additional Information filed on September 16, 2025, on August 28, 2025, Guardian Capital Group Limited ("Guardian"), the indirect parent company of Sterling Capital Management LLC, the investment adviser to each of the Funds, announced that it had entered into a definitive agreement 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 whereby DGAM will purchase all of the issued and outstanding shares of Guardian, other than certain Guardian shares held by specific shareholders who entered into equity rollover agreements to exchange certain of their Guardian shares for a combination of cash and shares in the capital of DGAM (the "Transaction"). The closing of the Transaction (the "Closing") occurred on March 23, 2026.

Sterling Capital is now an indirect, wholly-owned subsidiary of Desjardins. It is anticipated that Sterling Capital will continue to operate as a standalone entity. To provide continuity and stability, Sterling Capital's team of management and senior professionals will continue servicing Sterling Capital's clients, including the Funds.

As permitted by Rule 15a-4 under the 1940 Act ("Rule 15a-4"), if shareholder approval of the New Investment Advisory Agreement with respect to a Fund has not been obtained by the Closing, Sterling Capital will provide investment advisory services to any such Fund(s) under an Interim Investment Advisory Agreement between Sterling Capital and the Trust, on behalf of such Fund(s) (the "Interim Agreement"). The Interim Investment Advisory Agreement and New Investment Advisory Agreement was approved by the Board at an in-person meeting on November 18-19, 2025.

#### Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, and holdings, visit **www.sterlingcapital.com**. Information about the Fund's proxy voting records is available by calling **(888) 228-1872**.

TSR-SAR 033126-BGVAX

---

| | | |
|:---|:---|:---|
| ![Sterling Capital](scf-logo.jpg) | Sterling Capital Intermediate U.S. Government Fund<br>Class C (BIUCX) | March 31, 2026<br>SEMI-ANNUAL SHAREHOLDER<br>REPORT<br>**www.sterlingcapital.com** |

---

**This semi-annual shareholder report contains important information about Sterling Capital Intermediate U.S. Government Fund for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://sterlingcapitalfunds.com/funds/. You can also request this information by contacting us at (888) 228-1872. This report describes material fund changes to the Fund that occurred during the year in the MATERIAL FUND CHANGES section of this report.**

#### What were the Fund's costs for the last six months?

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $78 | 1.56% |

---

#### KEY FUND STATISTICS (as of Period End)

---

| | |
|:---|:---|
| Net Assets | $20399418 |
| Number of Portfolio Holdings | 110 |
| Advisory Fee (net of waivers) | $11824 |
| Portfolio Turnover | 6% |

---

![Holdings](biucx-holdings.jpg)

#### MATERIAL FUND CHANGES
As previously disclosed in a supplement to the Funds' Prospectuses and Statements of Additional Information filed on September 16, 2025, on August 28, 2025, Guardian Capital Group Limited ("Guardian"), the indirect parent company of Sterling Capital Management LLC, the investment adviser to each of the Funds, announced that it had entered into a definitive agreement 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 whereby DGAM will purchase all of the issued and outstanding shares of Guardian, other than certain Guardian shares held by specific shareholders who entered into equity rollover agreements to exchange certain of their Guardian shares for a combination of cash and shares in the capital of DGAM (the "Transaction"). The closing of the Transaction (the "Closing") occurred on March 23, 2026.

Sterling Capital is now an indirect, wholly-owned subsidiary of Desjardins. It is anticipated that Sterling Capital will continue to operate as a standalone entity. To provide continuity and stability, Sterling Capital's team of management and senior professionals will continue servicing Sterling Capital's clients, including the Funds.

As permitted by Rule 15a-4 under the 1940 Act ("Rule 15a-4"), if shareholder approval of the New Investment Advisory Agreement with respect to a Fund has not been obtained by the Closing, Sterling Capital will provide investment advisory services to any such Fund(s) under an Interim Investment Advisory Agreement between Sterling Capital and the Trust, on behalf of such Fund(s) (the "Interim Agreement"). The Interim Investment Advisory Agreement and New Investment Advisory Agreement was approved by the Board at an in-person meeting on November 18-19, 2025.

#### Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, and holdings, visit **www.sterlingcapital.com**. Information about the Fund's proxy voting records is available by calling **(888) 228-1872**.

TSR-SAR 033126-BIUCX

---

| | | |
|:---|:---|:---|
| ![Sterling Capital](scf-logo.jpg) | Sterling Capital Intermediate U.S. Government Fund<br>Class Institutional (BBGVX) | March 31, 2026<br>SEMI-ANNUAL SHAREHOLDER<br>REPORT<br>**www.sterlingcapital.com** |

---

**This semi-annual shareholder report contains important information about Sterling Capital Intermediate U.S. Government Fund for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://sterlingcapitalfunds.com/funds/. You can also request this information by contacting us at (888) 228-1872. This report describes material fund changes to the Fund that occurred during the year in the MATERIAL FUND CHANGES section of this report.**

#### What were the Fund's costs for the last six months?

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class Institutional | $28 | 0.56% |

---

#### KEY FUND STATISTICS (as of Period End)

---

| | |
|:---|:---|
| Net Assets | $20399418 |
| Number of Portfolio Holdings | 110 |
| Advisory Fee (net of waivers) | $11824 |
| Portfolio Turnover | 6% |

---

![Holdings](bbgvx-holdings.jpg)

#### MATERIAL FUND CHANGES
As previously disclosed in a supplement to the Funds' Prospectuses and Statements of Additional Information filed on September 16, 2025, on August 28, 2025, Guardian Capital Group Limited ("Guardian"), the indirect parent company of Sterling Capital Management LLC, the investment adviser to each of the Funds, announced that it had entered into a definitive agreement 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 whereby DGAM will purchase all of the issued and outstanding shares of Guardian, other than certain Guardian shares held by specific shareholders who entered into equity rollover agreements to exchange certain of their Guardian shares for a combination of cash and shares in the capital of DGAM (the "Transaction"). The closing of the Transaction (the "Closing") occurred on March 23, 2026.

Sterling Capital is now an indirect, wholly-owned subsidiary of Desjardins. It is anticipated that Sterling Capital will continue to operate as a standalone entity. To provide continuity and stability, Sterling Capital's team of management and senior professionals will continue servicing Sterling Capital's clients, including the Funds.

As permitted by Rule 15a-4 under the 1940 Act ("Rule 15a-4"), if shareholder approval of the New Investment Advisory Agreement with respect to a Fund has not been obtained by the Closing, Sterling Capital will provide investment advisory services to any such Fund(s) under an Interim Investment Advisory Agreement between Sterling Capital and the Trust, on behalf of such Fund(s) (the "Interim Agreement"). The Interim Investment Advisory Agreement and New Investment Advisory Agreement was approved by the Board at an in-person meeting on November 18-19, 2025.

#### Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, and holdings, visit **www.sterlingcapital.com**. Information about the Fund's proxy voting records is available by calling **(888) 228-1872**.

TSR-SAR 033126-BBGVX

---

| | | |
|:---|:---|:---|
| ![Sterling Capital](scf-logo.jpg) | Sterling Capital Long Duration Corporate Bond Fund<br>Class A (SCCMX) | March 31, 2026<br>SEMI-ANNUAL SHAREHOLDER<br>REPORT<br>**www.sterlingcapital.com** |

---

**This semi-annual shareholder report contains important information about Sterling Capital Long Duration Corporate Bond Fund for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://sterlingcapitalfunds.com/funds/. You can also request this information by contacting us at (888) 228-1872. This report describes material fund changes to the Fund that occurred during the year in the MATERIAL FUND CHANGES section of this report.**

#### What were the Fund's costs for the last six months?

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $35 | 0.70% |

---

#### KEY FUND STATISTICS (as of Period End)

---

| | |
|:---|:---|
| Net Assets | $56067114 |
| Number of Portfolio Holdings | 365 |
| Advisory Fee (net of waivers) | $20570 |
| Portfolio Turnover | 27% |

---

![Holdings](sccmx-holdings.jpg)

#### MATERIAL FUND CHANGES
As previously disclosed in a supplement to the Funds' Prospectuses and Statements of Additional Information filed on September 16, 2025, on August 28, 2025, Guardian Capital Group Limited ("Guardian"), the indirect parent company of Sterling Capital Management LLC, the investment adviser to each of the Funds, announced that it had entered into a definitive agreement 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 whereby DGAM will purchase all of the issued and outstanding shares of Guardian, other than certain Guardian shares held by specific shareholders who entered into equity rollover agreements to exchange certain of their Guardian shares for a combination of cash and shares in the capital of DGAM (the "Transaction"). The closing of the Transaction (the "Closing") occurred on March 23, 2026.

Sterling Capital is now an indirect, wholly-owned subsidiary of Desjardins. It is anticipated that Sterling Capital will continue to operate as a standalone entity. To provide continuity and stability, Sterling Capital's team of management and senior professionals will continue servicing Sterling Capital's clients, including the Funds.

As permitted by Rule 15a-4 under the 1940 Act ("Rule 15a-4"), if shareholder approval of the New Investment Advisory Agreement with respect to a Fund has not been obtained by the Closing, Sterling Capital will provide investment advisory services to any such Fund(s) under an Interim Investment Advisory Agreement between Sterling Capital and the Trust, on behalf of such Fund(s) (the "Interim Agreement"). The Interim Investment Advisory Agreement and New Investment Advisory Agreement was approved by the Board at an in-person meeting on November 18-19, 2025.

#### Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, and holdings, visit **www.sterlingcapital.com**. Information about the Fund's proxy voting records is available by calling **(888) 228-1872**.

TSR-SAR 033126-SCCMX

---

| | | |
|:---|:---|:---|
| ![Sterling Capital](scf-logo.jpg) | Sterling Capital Long Duration Corporate Bond Fund<br>Class C (SCCNX) | March 31, 2026<br>SEMI-ANNUAL SHAREHOLDER<br>REPORT<br>**www.sterlingcapital.com** |

---

**This semi-annual shareholder report contains important information about Sterling Capital Long Duration Corporate Bond Fund for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://sterlingcapitalfunds.com/funds/. You can also request this information by contacting us at (888) 228-1872. This report describes material fund changes to the Fund that occurred during the year in the MATERIAL FUND CHANGES section of this report.**

#### What were the Fund's costs for the last six months?

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $72 | 1.45% |

---

#### KEY FUND STATISTICS (as of Period End)

---

| | |
|:---|:---|
| Net Assets | $56067114 |
| Number of Portfolio Holdings | 365 |
| Advisory Fee (net of waivers) | $20570 |
| Portfolio Turnover | 27% |

---

![Holdings](sccnx-holdings.jpg)

#### MATERIAL FUND CHANGES
As previously disclosed in a supplement to the Funds' Prospectuses and Statements of Additional Information filed on September 16, 2025, on August 28, 2025, Guardian Capital Group Limited ("Guardian"), the indirect parent company of Sterling Capital Management LLC, the investment adviser to each of the Funds, announced that it had entered into a definitive agreement 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 whereby DGAM will purchase all of the issued and outstanding shares of Guardian, other than certain Guardian shares held by specific shareholders who entered into equity rollover agreements to exchange certain of their Guardian shares for a combination of cash and shares in the capital of DGAM (the "Transaction"). The closing of the Transaction (the "Closing") occurred on March 23, 2026.

Sterling Capital is now an indirect, wholly-owned subsidiary of Desjardins. It is anticipated that Sterling Capital will continue to operate as a standalone entity. To provide continuity and stability, Sterling Capital's team of management and senior professionals will continue servicing Sterling Capital's clients, including the Funds.

As permitted by Rule 15a-4 under the 1940 Act ("Rule 15a-4"), if shareholder approval of the New Investment Advisory Agreement with respect to a Fund has not been obtained by the Closing, Sterling Capital will provide investment advisory services to any such Fund(s) under an Interim Investment Advisory Agreement between Sterling Capital and the Trust, on behalf of such Fund(s) (the "Interim Agreement"). The Interim Investment Advisory Agreement and New Investment Advisory Agreement was approved by the Board at an in-person meeting on November 18-19, 2025.

#### Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, and holdings, visit **www.sterlingcapital.com**. Information about the Fund's proxy voting records is available by calling **(888) 228-1872**.

TSR-SAR 033126-SCCNX

---

| | | |
|:---|:---|:---|
| ![Sterling Capital](scf-logo.jpg) | Sterling Capital Long Duration Corporate Bond Fund<br>Class Institutional (SCCPX) | March 31, 2026<br>SEMI-ANNUAL SHAREHOLDER<br>REPORT<br>**www.sterlingcapital.com** |

---

**This semi-annual shareholder report contains important information about Sterling Capital Long Duration Corporate Bond Fund for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://sterlingcapitalfunds.com/funds/. You can also request this information by contacting us at (888) 228-1872. This report describes material fund changes to the Fund that occurred during the year in the MATERIAL FUND CHANGES section of this report.**

#### What were the Fund's costs for the last six months?

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class Institutional | $22 | 0.45% |

---

#### KEY FUND STATISTICS (as of Period End)

---

| | |
|:---|:---|
| Net Assets | $56067114 |
| Number of Portfolio Holdings | 365 |
| Advisory Fee (net of waivers) | $20570 |
| Portfolio Turnover | 27% |

---

![Holdings](sccpx-holdings.jpg)

#### MATERIAL FUND CHANGES
As previously disclosed in a supplement to the Funds' Prospectuses and Statements of Additional Information filed on September 16, 2025, on August 28, 2025, Guardian Capital Group Limited ("Guardian"), the indirect parent company of Sterling Capital Management LLC, the investment adviser to each of the Funds, announced that it had entered into a definitive agreement 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 whereby DGAM will purchase all of the issued and outstanding shares of Guardian, other than certain Guardian shares held by specific shareholders who entered into equity rollover agreements to exchange certain of their Guardian shares for a combination of cash and shares in the capital of DGAM (the "Transaction"). The closing of the Transaction (the "Closing") occurred on March 23, 2026.

Sterling Capital is now an indirect, wholly-owned subsidiary of Desjardins. It is anticipated that Sterling Capital will continue to operate as a standalone entity. To provide continuity and stability, Sterling Capital's team of management and senior professionals will continue servicing Sterling Capital's clients, including the Funds.

As permitted by Rule 15a-4 under the 1940 Act ("Rule 15a-4"), if shareholder approval of the New Investment Advisory Agreement with respect to a Fund has not been obtained by the Closing, Sterling Capital will provide investment advisory services to any such Fund(s) under an Interim Investment Advisory Agreement between Sterling Capital and the Trust, on behalf of such Fund(s) (the "Interim Agreement"). The Interim Investment Advisory Agreement and New Investment Advisory Agreement was approved by the Board at an in-person meeting on November 18-19, 2025.

#### Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, and holdings, visit **www.sterlingcapital.com**. Information about the Fund's proxy voting records is available by calling **(888) 228-1872**.

TSR-SAR 033126-SCCPX

---

| | | |
|:---|:---|:---|
| ![Sterling Capital](scf-logo.jpg) | Sterling Capital Long Duration Corporate Bond Fund<br>Class R6 (STRFX) | March 31, 2026<br>SEMI-ANNUAL SHAREHOLDER<br>REPORT<br>**www.sterlingcapital.com** |

---

**This semi-annual shareholder report contains important information about Sterling Capital Long Duration Corporate Bond Fund for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://sterlingcapitalfunds.com/funds/. You can also request this information by contacting us at (888) 228-1872. This report describes material fund changes to the Fund that occurred during the year in the MATERIAL FUND CHANGES section of this report.**

#### What were the Fund's costs for the last six months?

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R6 | $19 | 0.38% |

---

#### KEY FUND STATISTICS (as of Period End)

---

| | |
|:---|:---|
| Net Assets | $56067114 |
| Number of Portfolio Holdings | 365 |
| Advisory Fee (net of waivers) | $20570 |
| Portfolio Turnover | 27% |

---

![Holdings](strfx-holdings.jpg)

#### MATERIAL FUND CHANGES
As previously disclosed in a supplement to the Funds' Prospectuses and Statements of Additional Information filed on September 16, 2025, on August 28, 2025, Guardian Capital Group Limited ("Guardian"), the indirect parent company of Sterling Capital Management LLC, the investment adviser to each of the Funds, announced that it had entered into a definitive agreement 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 whereby DGAM will purchase all of the issued and outstanding shares of Guardian, other than certain Guardian shares held by specific shareholders who entered into equity rollover agreements to exchange certain of their Guardian shares for a combination of cash and shares in the capital of DGAM (the "Transaction"). The closing of the Transaction (the "Closing") occurred on March 23, 2026.

Sterling Capital is now an indirect, wholly-owned subsidiary of Desjardins. It is anticipated that Sterling Capital will continue to operate as a standalone entity. To provide continuity and stability, Sterling Capital's team of management and senior professionals will continue servicing Sterling Capital's clients, including the Funds.

As permitted by Rule 15a-4 under the 1940 Act ("Rule 15a-4"), if shareholder approval of the New Investment Advisory Agreement with respect to a Fund has not been obtained by the Closing, Sterling Capital will provide investment advisory services to any such Fund(s) under an Interim Investment Advisory Agreement between Sterling Capital and the Trust, on behalf of such Fund(s) (the "Interim Agreement"). The Interim Investment Advisory Agreement and New Investment Advisory Agreement was approved by the Board at an in-person meeting on November 18-19, 2025.

#### Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, and holdings, visit **www.sterlingcapital.com**. Information about the Fund's proxy voting records is available by calling **(888) 228-1872**.

TSR-SAR 033126-STRFX

---

| | | |
|:---|:---|:---|
| ![Sterling Capital](scf-logo.jpg) | Sterling Capital Mid Cap Relative Value Fund<br>Class A (STRLX) | March 31, 2026<br>SEMI-ANNUAL SHAREHOLDER<br>REPORT<br>**www.sterlingcapital.com** |

---

**This semi-annual shareholder report contains important information about Sterling Capital Mid Cap Relative Value Fund for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://sterlingcapitalfunds.com/funds/. You can also request this information by contacting us at (888) 228-1872. This report describes material fund changes to the Fund that occurred during the year in the MATERIAL FUND CHANGES section of this report.**

#### What were the Fund's costs for the last six months?

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $60 | 1.20% |

---

#### KEY FUND STATISTICS (as of Period End)

---

| | |
|:---|:---|
| Net Assets | $51809540 |
| Number of Portfolio Holdings | 48 |
| Advisory Fee (net of waivers) | $147893 |
| Portfolio Turnover | 10% |

---

![Holdings](strlx-holdings.jpg)

#### MATERIAL FUND CHANGES
As previously disclosed in a supplement to the Funds' Prospectuses and Statements of Additional Information filed on September 16, 2025, on August 28, 2025, Guardian Capital Group Limited ("Guardian"), the indirect parent company of Sterling Capital Management LLC, the investment adviser to each of the Funds, announced that it had entered into a definitive agreement 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 whereby DGAM will purchase all of the issued and outstanding shares of Guardian, other than certain Guardian shares held by specific shareholders who entered into equity rollover agreements to exchange certain of their Guardian shares for a combination of cash and shares in the capital of DGAM (the "Transaction"). The closing of the Transaction (the "Closing") occurred on March 23, 2026.

Sterling Capital is now an indirect, wholly-owned subsidiary of Desjardins. It is anticipated that Sterling Capital will continue to operate as a standalone entity. To provide continuity and stability, Sterling Capital's team of management and senior professionals will continue servicing Sterling Capital's clients, including the Funds.

As permitted by Rule 15a-4 under the 1940 Act ("Rule 15a-4"), if shareholder approval of the New Investment Advisory Agreement with respect to a Fund has not been obtained by the Closing, Sterling Capital will provide investment advisory services to any such Fund(s) under an Interim Investment Advisory Agreement between Sterling Capital and the Trust, on behalf of such Fund(s) (the "Interim Agreement"). The Interim Investment Advisory Agreement and New Investment Advisory Agreement was approved by the Board at an in-person meeting on November 18-19, 2025.

#### Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, and holdings, visit **www.sterlingcapital.com**. Information about the Fund's proxy voting records is available by calling **(888) 228-1872**.

TSR-SAR 033126-STRLX

---

| | | |
|:---|:---|:---|
| ![Sterling Capital](scf-logo.jpg) | Sterling Capital Mid Cap Relative Value Fund<br>Class C (STRNX) | March 31, 2026<br>SEMI-ANNUAL SHAREHOLDER<br>REPORT<br>**www.sterlingcapital.com** |

---

**This semi-annual shareholder report contains important information about Sterling Capital Mid Cap Relative Value Fund for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://sterlingcapitalfunds.com/funds/. You can also request this information by contacting us at (888) 228-1872. This report describes material fund changes to the Fund that occurred during the year in the MATERIAL FUND CHANGES section of this report.**

#### What were the Fund's costs for the last six months?

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $98 | 1.95% |

---

#### KEY FUND STATISTICS (as of Period End)

---

| | |
|:---|:---|
| Net Assets | $51809540 |
| Number of Portfolio Holdings | 48 |
| Advisory Fee (net of waivers) | $147893 |
| Portfolio Turnover | 10% |

---

![Holdings](strnx-holdings.jpg)

#### MATERIAL FUND CHANGES
As previously disclosed in a supplement to the Funds' Prospectuses and Statements of Additional Information filed on September 16, 2025, on August 28, 2025, Guardian Capital Group Limited ("Guardian"), the indirect parent company of Sterling Capital Management LLC, the investment adviser to each of the Funds, announced that it had entered into a definitive agreement 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 whereby DGAM will purchase all of the issued and outstanding shares of Guardian, other than certain Guardian shares held by specific shareholders who entered into equity rollover agreements to exchange certain of their Guardian shares for a combination of cash and shares in the capital of DGAM (the "Transaction"). The closing of the Transaction (the "Closing") occurred on March 23, 2026.

Sterling Capital is now an indirect, wholly-owned subsidiary of Desjardins. It is anticipated that Sterling Capital will continue to operate as a standalone entity. To provide continuity and stability, Sterling Capital's team of management and senior professionals will continue servicing Sterling Capital's clients, including the Funds.

As permitted by Rule 15a-4 under the 1940 Act ("Rule 15a-4"), if shareholder approval of the New Investment Advisory Agreement with respect to a Fund has not been obtained by the Closing, Sterling Capital will provide investment advisory services to any such Fund(s) under an Interim Investment Advisory Agreement between Sterling Capital and the Trust, on behalf of such Fund(s) (the "Interim Agreement"). The Interim Investment Advisory Agreement and New Investment Advisory Agreement was approved by the Board at an in-person meeting on November 18-19, 2025.

#### Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, and holdings, visit **www.sterlingcapital.com**. Information about the Fund's proxy voting records is available by calling **(888) 228-1872**.

TSR-SAR 033126-STRNX

---

| | | |
|:---|:---|:---|
| ![Sterling Capital](scf-logo.jpg) | Sterling Capital Mid Cap Relative Value Fund<br>Class Institutional (STRGX) | March 31, 2026<br>SEMI-ANNUAL SHAREHOLDER<br>REPORT<br>**www.sterlingcapital.com** |

---

**This semi-annual shareholder report contains important information about Sterling Capital Mid Cap Relative Value Fund for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://sterlingcapitalfunds.com/funds/. You can also request this information by contacting us at (888) 228-1872. This report describes material fund changes to the Fund that occurred during the year in the MATERIAL FUND CHANGES section of this report.**

#### What were the Fund's costs for the last six months?

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class Institutional | $48 | 0.95% |

---

#### KEY FUND STATISTICS (as of Period End)

---

| | |
|:---|:---|
| Net Assets | $51809540 |
| Number of Portfolio Holdings | 48 |
| Advisory Fee (net of waivers) | $147893 |
| Portfolio Turnover | 10% |

---

![Holdings](strgx-holdings.jpg)

#### MATERIAL FUND CHANGES
As previously disclosed in a supplement to the Funds' Prospectuses and Statements of Additional Information filed on September 16, 2025, on August 28, 2025, Guardian Capital Group Limited ("Guardian"), the indirect parent company of Sterling Capital Management LLC, the investment adviser to each of the Funds, announced that it had entered into a definitive agreement 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 whereby DGAM will purchase all of the issued and outstanding shares of Guardian, other than certain Guardian shares held by specific shareholders who entered into equity rollover agreements to exchange certain of their Guardian shares for a combination of cash and shares in the capital of DGAM (the "Transaction"). The closing of the Transaction (the "Closing") occurred on March 23, 2026.

Sterling Capital is now an indirect, wholly-owned subsidiary of Desjardins. It is anticipated that Sterling Capital will continue to operate as a standalone entity. To provide continuity and stability, Sterling Capital's team of management and senior professionals will continue servicing Sterling Capital's clients, including the Funds.

As permitted by Rule 15a-4 under the 1940 Act ("Rule 15a-4"), if shareholder approval of the New Investment Advisory Agreement with respect to a Fund has not been obtained by the Closing, Sterling Capital will provide investment advisory services to any such Fund(s) under an Interim Investment Advisory Agreement between Sterling Capital and the Trust, on behalf of such Fund(s) (the "Interim Agreement"). The Interim Investment Advisory Agreement and New Investment Advisory Agreement was approved by the Board at an in-person meeting on November 18-19, 2025.

#### Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, and holdings, visit **www.sterlingcapital.com**. Information about the Fund's proxy voting records is available by calling **(888) 228-1872**.

TSR-SAR 033126-STRGX

---

| | | |
|:---|:---|:---|
| ![Sterling Capital](scf-logo.jpg) | Sterling Capital Mid Cap Relative Value Fund<br>Class R6 (SCMCX) | March 31, 2026<br>SEMI-ANNUAL SHAREHOLDER<br>REPORT<br>**www.sterlingcapital.com** |

---

**This semi-annual shareholder report contains important information about Sterling Capital Mid Cap Relative Value Fund for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://sterlingcapitalfunds.com/funds/. You can also request this information by contacting us at (888) 228-1872. This report describes material fund changes to the Fund that occurred during the year in the MATERIAL FUND CHANGES section of this report.**

#### What were the Fund's costs for the last six months?

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R6 | $55 | 1.10% |

---

#### KEY FUND STATISTICS (as of Period End)

---

| | |
|:---|:---|
| Net Assets | $51809540 |
| Number of Portfolio Holdings | 48 |
| Advisory Fee (net of waivers) | $147893 |
| Portfolio Turnover | 10% |

---

![Holdings](scmcx-holdings.jpg)

#### MATERIAL FUND CHANGES
As previously disclosed in a supplement to the Funds' Prospectuses and Statements of Additional Information filed on September 16, 2025, on August 28, 2025, Guardian Capital Group Limited ("Guardian"), the indirect parent company of Sterling Capital Management LLC, the investment adviser to each of the Funds, announced that it had entered into a definitive agreement 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 whereby DGAM will purchase all of the issued and outstanding shares of Guardian, other than certain Guardian shares held by specific shareholders who entered into equity rollover agreements to exchange certain of their Guardian shares for a combination of cash and shares in the capital of DGAM (the "Transaction"). The closing of the Transaction (the "Closing") occurred on March 23, 2026.

Sterling Capital is now an indirect, wholly-owned subsidiary of Desjardins. It is anticipated that Sterling Capital will continue to operate as a standalone entity. To provide continuity and stability, Sterling Capital's team of management and senior professionals will continue servicing Sterling Capital's clients, including the Funds.

As permitted by Rule 15a-4 under the 1940 Act ("Rule 15a-4"), if shareholder approval of the New Investment Advisory Agreement with respect to a Fund has not been obtained by the Closing, Sterling Capital will provide investment advisory services to any such Fund(s) under an Interim Investment Advisory Agreement between Sterling Capital and the Trust, on behalf of such Fund(s) (the "Interim Agreement"). The Interim Investment Advisory Agreement and New Investment Advisory Agreement was approved by the Board at an in-person meeting on November 18-19, 2025.

#### Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, and holdings, visit **www.sterlingcapital.com**. Information about the Fund's proxy voting records is available by calling **(888) 228-1872**.

TSR-SAR 033126-SCMCX

---

| | | |
|:---|:---|:---|
| ![Sterling Capital](scf-logo.jpg) | Sterling Capital Multi-Strategy Income ETF<br>(SCMC) Cboe BZX Exchange, Inc. | March 31, 2026<br>SEMI-ANNUAL SHAREHOLDER<br>REPORT<br>**www.sterlingcapital.com** |

---

**This semi-annual shareholder report contains important information about Sterling Capital Multi-Strategy Income ETF for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://sterlingcapitalfunds.com/funds/. You can also request this information by contacting us at (888) 228-1872. This report describes material fund changes to the Fund that occurred during the year in the MATERIAL FUND CHANGES section of this report.**

#### What were the Fund's costs for the last six months?

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| SCMC | $21 | 0.55% |

---

#### KEY FUND STATISTICS (as of Period End)

---

| | |
|:---|:---|
| Net Assets | $168278103 |
| Number of Portfolio Holdings | 156 |
| Advisory Fee | $193273 |
| Portfolio Turnover | 18% |

---

![Holdings](scmc-holdings.jpg)

#### MATERIAL FUND CHANGES
As previously disclosed in a supplement to the Funds' Prospectuses and Statements of Additional Information filed on September 16, 2025, on August 28, 2025, Guardian Capital Group Limited ("Guardian"), the indirect parent company of Sterling Capital Management LLC, the investment adviser to each of the Funds, announced that it had entered into a definitive agreement 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 whereby DGAM will purchase all of the issued and outstanding shares of Guardian, other than certain Guardian shares held by specific shareholders who entered into equity rollover agreements to exchange certain of their Guardian shares for a combination of cash and shares in the capital of DGAM (the "Transaction"). The closing of the Transaction (the "Closing") occurred on March 23, 2026.

Sterling Capital is now an indirect, wholly-owned subsidiary of Desjardins. It is anticipated that Sterling Capital will continue to operate as a standalone entity. To provide continuity and stability, Sterling Capital's team of management and senior professionals will continue servicing Sterling Capital's clients, including the Funds.

As permitted by Rule 15a-4 under the 1940 Act ("Rule 15a-4"), if shareholder approval of the New Investment Advisory Agreement with respect to a Fund has not been obtained by the Closing, Sterling Capital will provide investment advisory services to any such Fund(s) under an Interim Investment Advisory Agreement between Sterling Capital and the Trust, on behalf of such Fund(s) (the "Interim Agreement"). The Interim Investment Advisory Agreement and New Investment Advisory Agreement was approved by the Board at an in-person meeting on November 18-19, 2025.

#### Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, and holdings, visit **www.sterlingcapital.com**. Information about the Fund's proxy voting records is available by calling **(888) 228-1872**.

TSR-SAR 033126-SCMC

---

| | | |
|:---|:---|:---|
| ![Sterling Capital](scf-logo.jpg) | Sterling Capital National Municipal Bond ETF<br>(SCNM) Cboe BZX Exchange, Inc. | March 31, 2026<br>SEMI-ANNUAL SHAREHOLDER<br>REPORT<br>**www.sterlingcapital.com** |

---

**This semi-annual shareholder report contains important information about Sterling Capital National Municipal Bond ETF for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://sterlingcapitalfunds.com/funds/. You can also request this information by contacting us at (888) 228-1872. This report describes material fund changes to the Fund that occurred during the year in the MATERIAL FUND CHANGES section of this report.**

#### What were the Fund's costs for the last six months?

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| SCNM | $13 | 0.35% |

---

#### KEY FUND STATISTICS (as of Period End)

---

| | |
|:---|:---|
| Net Assets | $196629341 |
| Number of Portfolio Holdings | 74 |
| Advisory Fee | $137748 |
| Portfolio Turnover | 57% |

---

![Holdings](scnm-holdings.jpg)

#### MATERIAL FUND CHANGES
As previously disclosed in a supplement to the Funds' Prospectuses and Statements of Additional Information filed on September 16, 2025, on August 28, 2025, Guardian Capital Group Limited ("Guardian"), the indirect parent company of Sterling Capital Management LLC, the investment adviser to each of the Funds, announced that it had entered into a definitive agreement 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 whereby DGAM will purchase all of the issued and outstanding shares of Guardian, other than certain Guardian shares held by specific shareholders who entered into equity rollover agreements to exchange certain of their Guardian shares for a combination of cash and shares in the capital of DGAM (the "Transaction"). The closing of the Transaction (the "Closing") occurred on March 23, 2026.

Sterling Capital is now an indirect, wholly-owned subsidiary of Desjardins. It is anticipated that Sterling Capital will continue to operate as a standalone entity. To provide continuity and stability, Sterling Capital's team of management and senior professionals will continue servicing Sterling Capital's clients, including the Funds.

As permitted by Rule 15a-4 under the 1940 Act ("Rule 15a-4"), if shareholder approval of the New Investment Advisory Agreement with respect to a Fund has not been obtained by the Closing, Sterling Capital will provide investment advisory services to any such Fund(s) under an Interim Investment Advisory Agreement between Sterling Capital and the Trust, on behalf of such Fund(s) (the "Interim Agreement"). The Interim Investment Advisory Agreement and New Investment Advisory Agreement was approved by the Board at an in-person meeting on November 18-19, 2025.

#### Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, and holdings, visit **www.sterlingcapital.com**. Information about the Fund's proxy voting records is available by calling **(888) 228-1872**.

TSR-SAR 033126-SCNM

---

| | | |
|:---|:---|:---|
| ![Sterling Capital](scf-logo.jpg) | Sterling Capital North Carolina Intermediate Tax-Free Fund<br>Class A (BNCAX) | March 31, 2026<br>SEMI-ANNUAL SHAREHOLDER<br>REPORT<br>**www.sterlingcapital.com** |

---

**This semi-annual shareholder report contains important information about Sterling Capital North Carolina Intermediate Tax-Free Fund for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://sterlingcapitalfunds.com/funds/. You can also request this information by contacting us at (888) 228-1872. This report describes material fund changes to the Fund that occurred during the year in the MATERIAL FUND CHANGES section of this report.**

#### What were the Fund's costs for the last six months?

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $42 | 0.84% |

---

#### KEY FUND STATISTICS (as of Period End)

---

| | |
|:---|:---|
| Net Assets | $114516217 |
| Number of Portfolio Holdings | 75 |
| Advisory Fee | $204122 |
| Portfolio Turnover | 6% |

---

![Holdings](bncax-holdings.jpg)

#### MATERIAL FUND CHANGES
As previously disclosed in a supplement to the Funds' Prospectuses and Statements of Additional Information filed on September 16, 2025, on August 28, 2025, Guardian Capital Group Limited ("Guardian"), the indirect parent company of Sterling Capital Management LLC, the investment adviser to each of the Funds, announced that it had entered into a definitive agreement 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 whereby DGAM will purchase all of the issued and outstanding shares of Guardian, other than certain Guardian shares held by specific shareholders who entered into equity rollover agreements to exchange certain of their Guardian shares for a combination of cash and shares in the capital of DGAM (the "Transaction"). The closing of the Transaction (the "Closing") occurred on March 23, 2026.

Sterling Capital is now an indirect, wholly-owned subsidiary of Desjardins. It is anticipated that Sterling Capital will continue to operate as a standalone entity. To provide continuity and stability, Sterling Capital's team of management and senior professionals will continue servicing Sterling Capital's clients, including the Funds.

As permitted by Rule 15a-4 under the 1940 Act ("Rule 15a-4"), if shareholder approval of the New Investment Advisory Agreement with respect to a Fund has not been obtained by the Closing, Sterling Capital will provide investment advisory services to any such Fund(s) under an Interim Investment Advisory Agreement between Sterling Capital and the Trust, on behalf of such Fund(s) (the "Interim Agreement"). The Interim Investment Advisory Agreement and New Investment Advisory Agreement was approved by the Board at an in-person meeting on November 18-19, 2025.

#### Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, and holdings, visit **www.sterlingcapital.com**. Information about the Fund's proxy voting records is available by calling **(888) 228-1872**.

TSR-SAR 033126-BNCAX

---

| | | |
|:---|:---|:---|
| ![Sterling Capital](scf-logo.jpg) | Sterling Capital North Carolina Intermediate Tax-Free Fund<br>Class C (BBNCX) | March 31, 2026<br>SEMI-ANNUAL SHAREHOLDER<br>REPORT<br>**www.sterlingcapital.com** |

---

**This semi-annual shareholder report contains important information about Sterling Capital North Carolina Intermediate Tax-Free Fund for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://sterlingcapitalfunds.com/funds/. You can also request this information by contacting us at (888) 228-1872. This report describes material fund changes to the Fund that occurred during the year in the MATERIAL FUND CHANGES section of this report.**

#### What were the Fund's costs for the last six months?

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $80 | 1.60% |

---

#### KEY FUND STATISTICS (as of Period End)

---

| | |
|:---|:---|
| Net Assets | $114516217 |
| Number of Portfolio Holdings | 75 |
| Advisory Fee | $204122 |
| Portfolio Turnover | 6% |

---

![Holdings](bbncx-holdings.jpg)

#### MATERIAL FUND CHANGES
As previously disclosed in a supplement to the Funds' Prospectuses and Statements of Additional Information filed on September 16, 2025, on August 28, 2025, Guardian Capital Group Limited ("Guardian"), the indirect parent company of Sterling Capital Management LLC, the investment adviser to each of the Funds, announced that it had entered into a definitive agreement 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 whereby DGAM will purchase all of the issued and outstanding shares of Guardian, other than certain Guardian shares held by specific shareholders who entered into equity rollover agreements to exchange certain of their Guardian shares for a combination of cash and shares in the capital of DGAM (the "Transaction"). The closing of the Transaction (the "Closing") occurred on March 23, 2026.

Sterling Capital is now an indirect, wholly-owned subsidiary of Desjardins. It is anticipated that Sterling Capital will continue to operate as a standalone entity. To provide continuity and stability, Sterling Capital's team of management and senior professionals will continue servicing Sterling Capital's clients, including the Funds.

As permitted by Rule 15a-4 under the 1940 Act ("Rule 15a-4"), if shareholder approval of the New Investment Advisory Agreement with respect to a Fund has not been obtained by the Closing, Sterling Capital will provide investment advisory services to any such Fund(s) under an Interim Investment Advisory Agreement between Sterling Capital and the Trust, on behalf of such Fund(s) (the "Interim Agreement"). The Interim Investment Advisory Agreement and New Investment Advisory Agreement was approved by the Board at an in-person meeting on November 18-19, 2025.

#### Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, and holdings, visit **www.sterlingcapital.com**. Information about the Fund's proxy voting records is available by calling **(888) 228-1872**.

TSR-SAR 033126-BBNCX

---

| | | |
|:---|:---|:---|
| ![Sterling Capital](scf-logo.jpg) | Sterling Capital North Carolina Intermediate Tax-Free Fund<br>Class Institutional (BBNTX) | March 31, 2026<br>SEMI-ANNUAL SHAREHOLDER<br>REPORT<br>**www.sterlingcapital.com** |

---

**This semi-annual shareholder report contains important information about Sterling Capital North Carolina Intermediate Tax-Free Fund for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://sterlingcapitalfunds.com/funds/. You can also request this information by contacting us at (888) 228-1872. This report describes material fund changes to the Fund that occurred during the year in the MATERIAL FUND CHANGES section of this report.**

#### What were the Fund's costs for the last six months?

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class Institutional | $30 | 0.59% |

---

#### KEY FUND STATISTICS (as of Period End)

---

| | |
|:---|:---|
| Net Assets | $114516217 |
| Number of Portfolio Holdings | 75 |
| Advisory Fee | $204122 |
| Portfolio Turnover | 6% |

---

![Holdings](bbntx-holdings.jpg)

#### MATERIAL FUND CHANGES
As previously disclosed in a supplement to the Funds' Prospectuses and Statements of Additional Information filed on September 16, 2025, on August 28, 2025, Guardian Capital Group Limited ("Guardian"), the indirect parent company of Sterling Capital Management LLC, the investment adviser to each of the Funds, announced that it had entered into a definitive agreement 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 whereby DGAM will purchase all of the issued and outstanding shares of Guardian, other than certain Guardian shares held by specific shareholders who entered into equity rollover agreements to exchange certain of their Guardian shares for a combination of cash and shares in the capital of DGAM (the "Transaction"). The closing of the Transaction (the "Closing") occurred on March 23, 2026.

Sterling Capital is now an indirect, wholly-owned subsidiary of Desjardins. It is anticipated that Sterling Capital will continue to operate as a standalone entity. To provide continuity and stability, Sterling Capital's team of management and senior professionals will continue servicing Sterling Capital's clients, including the Funds.

As permitted by Rule 15a-4 under the 1940 Act ("Rule 15a-4"), if shareholder approval of the New Investment Advisory Agreement with respect to a Fund has not been obtained by the Closing, Sterling Capital will provide investment advisory services to any such Fund(s) under an Interim Investment Advisory Agreement between Sterling Capital and the Trust, on behalf of such Fund(s) (the "Interim Agreement"). The Interim Investment Advisory Agreement and New Investment Advisory Agreement was approved by the Board at an in-person meeting on November 18-19, 2025.

#### Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, and holdings, visit **www.sterlingcapital.com**. Information about the Fund's proxy voting records is available by calling **(888) 228-1872**.

TSR-SAR 033126-BBNTX

---

| | | |
|:---|:---|:---|
| ![Sterling Capital](scf-logo.jpg) | Sterling Capital Quality Income Fund<br>Class A (SCSSX) | March 31, 2026<br>SEMI-ANNUAL SHAREHOLDER<br>REPORT<br>**www.sterlingcapital.com** |

---

**This semi-annual shareholder report contains important information about Sterling Capital Quality Income Fund for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://sterlingcapitalfunds.com/funds/. You can also request this information by contacting us at (888) 228-1872. This report describes material fund changes to the Fund that occurred during the year in the MATERIAL FUND CHANGES section of this report.**

#### What were the Fund's costs for the last six months?

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $44 | 0.88% |

---

#### KEY FUND STATISTICS (as of Period End)

---

| | |
|:---|:---|
| Net Assets | $146394791 |
| Number of Portfolio Holdings | 226 |
| Advisory Fee (net of waivers) | $221458 |
| Portfolio Turnover | 11% |

---

![Holdings](scssx-holdings.jpg)

#### MATERIAL FUND CHANGES
As previously disclosed in a supplement to the Funds' Prospectuses and Statements of Additional Information filed on September 16, 2025, on August 28, 2025, Guardian Capital Group Limited ("Guardian"), the indirect parent company of Sterling Capital Management LLC, the investment adviser to each of the Funds, announced that it had entered into a definitive agreement 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 whereby DGAM will purchase all of the issued and outstanding shares of Guardian, other than certain Guardian shares held by specific shareholders who entered into equity rollover agreements to exchange certain of their Guardian shares for a combination of cash and shares in the capital of DGAM (the "Transaction"). The closing of the Transaction (the "Closing") occurred on March 23, 2026.

Sterling Capital is now an indirect, wholly-owned subsidiary of Desjardins. It is anticipated that Sterling Capital will continue to operate as a standalone entity. To provide continuity and stability, Sterling Capital's team of management and senior professionals will continue servicing Sterling Capital's clients, including the Funds.

As permitted by Rule 15a-4 under the 1940 Act ("Rule 15a-4"), if shareholder approval of the New Investment Advisory Agreement with respect to a Fund has not been obtained by the Closing, Sterling Capital will provide investment advisory services to any such Fund(s) under an Interim Investment Advisory Agreement between Sterling Capital and the Trust, on behalf of such Fund(s) (the "Interim Agreement"). The Interim Investment Advisory Agreement and New Investment Advisory Agreement was approved by the Board at an in-person meeting on November 18-19, 2025.

#### Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, and holdings, visit **www.sterlingcapital.com**. Information about the Fund's proxy voting records is available by calling **(888) 228-1872**.

TSR-SAR 033126-SCSSX

---

| | | |
|:---|:---|:---|
| ![Sterling Capital](scf-logo.jpg) | Sterling Capital Quality Income Fund<br>Class C (SCSTX) | March 31, 2026<br>SEMI-ANNUAL SHAREHOLDER<br>REPORT<br>**www.sterlingcapital.com** |

---

**This semi-annual shareholder report contains important information about Sterling Capital Quality Income Fund for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://sterlingcapitalfunds.com/funds/. You can also request this information by contacting us at (888) 228-1872. This report describes material fund changes to the Fund that occurred during the year in the MATERIAL FUND CHANGES section of this report.**

#### What were the Fund's costs for the last six months?

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $82 | 1.63% |

---

#### KEY FUND STATISTICS (as of Period End)

---

| | |
|:---|:---|
| Net Assets | $146394791 |
| Number of Portfolio Holdings | 226 |
| Advisory Fee (net of waivers) | $221458 |
| Portfolio Turnover | 11% |

---

![Holdings](scstx-holdings.jpg)

#### MATERIAL FUND CHANGES
As previously disclosed in a supplement to the Funds' Prospectuses and Statements of Additional Information filed on September 16, 2025, on August 28, 2025, Guardian Capital Group Limited ("Guardian"), the indirect parent company of Sterling Capital Management LLC, the investment adviser to each of the Funds, announced that it had entered into a definitive agreement 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 whereby DGAM will purchase all of the issued and outstanding shares of Guardian, other than certain Guardian shares held by specific shareholders who entered into equity rollover agreements to exchange certain of their Guardian shares for a combination of cash and shares in the capital of DGAM (the "Transaction"). The closing of the Transaction (the "Closing") occurred on March 23, 2026.

Sterling Capital is now an indirect, wholly-owned subsidiary of Desjardins. It is anticipated that Sterling Capital will continue to operate as a standalone entity. To provide continuity and stability, Sterling Capital's team of management and senior professionals will continue servicing Sterling Capital's clients, including the Funds.

As permitted by Rule 15a-4 under the 1940 Act ("Rule 15a-4"), if shareholder approval of the New Investment Advisory Agreement with respect to a Fund has not been obtained by the Closing, Sterling Capital will provide investment advisory services to any such Fund(s) under an Interim Investment Advisory Agreement between Sterling Capital and the Trust, on behalf of such Fund(s) (the "Interim Agreement"). The Interim Investment Advisory Agreement and New Investment Advisory Agreement was approved by the Board at an in-person meeting on November 18-19, 2025.

#### Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, and holdings, visit **www.sterlingcapital.com**. Information about the Fund's proxy voting records is available by calling **(888) 228-1872**.

TSR-SAR 033126-SCSTX

---

| | | |
|:---|:---|:---|
| ![Sterling Capital](scf-logo.jpg) | Sterling Capital Quality Income Fund<br>Class Institutional (SCSPX) | March 31, 2026<br>SEMI-ANNUAL SHAREHOLDER<br>REPORT<br>**www.sterlingcapital.com** |

---

**This semi-annual shareholder report contains important information about Sterling Capital Quality Income Fund for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://sterlingcapitalfunds.com/funds/. You can also request this information by contacting us at (888) 228-1872. This report describes material fund changes to the Fund that occurred during the year in the MATERIAL FUND CHANGES section of this report.**

#### What were the Fund's costs for the last six months?

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class Institutional | $32 | 0.63% |

---

#### KEY FUND STATISTICS (as of Period End)

---

| | |
|:---|:---|
| Net Assets | $146394791 |
| Number of Portfolio Holdings | 226 |
| Advisory Fee (net of waivers) | $221458 |
| Portfolio Turnover | 11% |

---

![Holdings](scspx-holdings.jpg)

#### MATERIAL FUND CHANGES
As previously disclosed in a supplement to the Funds' Prospectuses and Statements of Additional Information filed on September 16, 2025, on August 28, 2025, Guardian Capital Group Limited ("Guardian"), the indirect parent company of Sterling Capital Management LLC, the investment adviser to each of the Funds, announced that it had entered into a definitive agreement 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 whereby DGAM will purchase all of the issued and outstanding shares of Guardian, other than certain Guardian shares held by specific shareholders who entered into equity rollover agreements to exchange certain of their Guardian shares for a combination of cash and shares in the capital of DGAM (the "Transaction"). The closing of the Transaction (the "Closing") occurred on March 23, 2026.

Sterling Capital is now an indirect, wholly-owned subsidiary of Desjardins. It is anticipated that Sterling Capital will continue to operate as a standalone entity. To provide continuity and stability, Sterling Capital's team of management and senior professionals will continue servicing Sterling Capital's clients, including the Funds.

As permitted by Rule 15a-4 under the 1940 Act ("Rule 15a-4"), if shareholder approval of the New Investment Advisory Agreement with respect to a Fund has not been obtained by the Closing, Sterling Capital will provide investment advisory services to any such Fund(s) under an Interim Investment Advisory Agreement between Sterling Capital and the Trust, on behalf of such Fund(s) (the "Interim Agreement"). The Interim Investment Advisory Agreement and New Investment Advisory Agreement was approved by the Board at an in-person meeting on November 18-19, 2025.

#### Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, and holdings, visit **www.sterlingcapital.com**. Information about the Fund's proxy voting records is available by calling **(888) 228-1872**.

TSR-SAR 033126-SCSPX

---

| | | |
|:---|:---|:---|
| ![Sterling Capital](scf-logo.jpg) | Sterling Capital Real Estate Fund<br>Class A (STMMX) | March 31, 2026<br>SEMI-ANNUAL SHAREHOLDER<br>REPORT<br>**www.sterlingcapital.com** |

---

**This semi-annual shareholder report contains important information about Sterling Capital Real Estate Fund for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://sterlingcapitalfunds.com/funds/. You can also request this information by contacting us at (888) 228-1872. This report describes material fund changes to the Fund that occurred during the year in the MATERIAL FUND CHANGES section of this report.**

#### What were the Fund's costs for the last six months?

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $58 | 1.16% |

---

#### KEY FUND STATISTICS (as of Period End)

---

| | |
|:---|:---|
| Net Assets | $59427921 |
| Number of Portfolio Holdings | 30 |
| Advisory Fee (net of waivers) | $184969 |
| Portfolio Turnover | 3% |

---

![Holdings](stmmx-holdings.jpg)

#### MATERIAL FUND CHANGES
As previously disclosed in a supplement to the Funds' Prospectuses and Statements of Additional Information filed on September 16, 2025, on August 28, 2025, Guardian Capital Group Limited ("Guardian"), the indirect parent company of Sterling Capital Management LLC, the investment adviser to each of the Funds, announced that it had entered into a definitive agreement 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 whereby DGAM will purchase all of the issued and outstanding shares of Guardian, other than certain Guardian shares held by specific shareholders who entered into equity rollover agreements to exchange certain of their Guardian shares for a combination of cash and shares in the capital of DGAM (the "Transaction"). The closing of the Transaction (the "Closing") occurred on March 23, 2026.

Sterling Capital is now an indirect, wholly-owned subsidiary of Desjardins. It is anticipated that Sterling Capital will continue to operate as a standalone entity. To provide continuity and stability, Sterling Capital's team of management and senior professionals will continue servicing Sterling Capital's clients, including the Funds.

As permitted by Rule 15a-4 under the 1940 Act ("Rule 15a-4"), if shareholder approval of the New Investment Advisory Agreement with respect to a Fund has not been obtained by the Closing, Sterling Capital will provide investment advisory services to any such Fund(s) under an Interim Investment Advisory Agreement between Sterling Capital and the Trust, on behalf of such Fund(s) (the "Interim Agreement"). The Interim Investment Advisory Agreement and New Investment Advisory Agreement was approved by the Board at an in-person meeting on November 18-19, 2025.

#### Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, and holdings, visit **www.sterlingcapital.com**. Information about the Fund's proxy voting records is available by calling **(888) 228-1872**.

TSR-SAR 033126-STMMX

---

| | | |
|:---|:---|:---|
| ![Sterling Capital](scf-logo.jpg) | Sterling Capital Real Estate Fund<br>Class C (STMOX) | March 31, 2026<br>SEMI-ANNUAL SHAREHOLDER<br>REPORT<br>**www.sterlingcapital.com** |

---

**This semi-annual shareholder report contains important information about Sterling Capital Real Estate Fund for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://sterlingcapitalfunds.com/funds/. You can also request this information by contacting us at (888) 228-1872. This report describes material fund changes to the Fund that occurred during the year in the MATERIAL FUND CHANGES section of this report.**

#### What were the Fund's costs for the last six months?

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $96 | 1.91% |

---

#### KEY FUND STATISTICS (as of Period End)

---

| | |
|:---|:---|
| Net Assets | $59427921 |
| Number of Portfolio Holdings | 30 |
| Advisory Fee (net of waivers) | $184969 |
| Portfolio Turnover | 3% |

---

![Holdings](stmox-holdings.jpg)

#### MATERIAL FUND CHANGES
As previously disclosed in a supplement to the Funds' Prospectuses and Statements of Additional Information filed on September 16, 2025, on August 28, 2025, Guardian Capital Group Limited ("Guardian"), the indirect parent company of Sterling Capital Management LLC, the investment adviser to each of the Funds, announced that it had entered into a definitive agreement 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 whereby DGAM will purchase all of the issued and outstanding shares of Guardian, other than certain Guardian shares held by specific shareholders who entered into equity rollover agreements to exchange certain of their Guardian shares for a combination of cash and shares in the capital of DGAM (the "Transaction"). The closing of the Transaction (the "Closing") occurred on March 23, 2026.

Sterling Capital is now an indirect, wholly-owned subsidiary of Desjardins. It is anticipated that Sterling Capital will continue to operate as a standalone entity. To provide continuity and stability, Sterling Capital's team of management and senior professionals will continue servicing Sterling Capital's clients, including the Funds.

As permitted by Rule 15a-4 under the 1940 Act ("Rule 15a-4"), if shareholder approval of the New Investment Advisory Agreement with respect to a Fund has not been obtained by the Closing, Sterling Capital will provide investment advisory services to any such Fund(s) under an Interim Investment Advisory Agreement between Sterling Capital and the Trust, on behalf of such Fund(s) (the "Interim Agreement"). The Interim Investment Advisory Agreement and New Investment Advisory Agreement was approved by the Board at an in-person meeting on November 18-19, 2025.

#### Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, and holdings, visit **www.sterlingcapital.com**. Information about the Fund's proxy voting records is available by calling **(888) 228-1872**.

TSR-SAR 033126-STMOX

---

| | | |
|:---|:---|:---|
| ![Sterling Capital](scf-logo.jpg) | Sterling Capital Real Estate Fund<br>Class Institutional (STMDX) | March 31, 2026<br>SEMI-ANNUAL SHAREHOLDER<br>REPORT<br>**www.sterlingcapital.com** |

---

**This semi-annual shareholder report contains important information about Sterling Capital Real Estate Fund for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://sterlingcapitalfunds.com/funds/. You can also request this information by contacting us at (888) 228-1872. This report describes material fund changes to the Fund that occurred during the year in the MATERIAL FUND CHANGES section of this report.**

#### What were the Fund's costs for the last six months?

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class Institutional | $46 | 0.91% |

---

#### KEY FUND STATISTICS (as of Period End)

---

| | |
|:---|:---|
| Net Assets | $59427921 |
| Number of Portfolio Holdings | 30 |
| Advisory Fee (net of waivers) | $184969 |
| Portfolio Turnover | 3% |

---

![Holdings](stmdx-holdings.jpg)

#### MATERIAL FUND CHANGES
As previously disclosed in a supplement to the Funds' Prospectuses and Statements of Additional Information filed on September 16, 2025, on August 28, 2025, Guardian Capital Group Limited ("Guardian"), the indirect parent company of Sterling Capital Management LLC, the investment adviser to each of the Funds, announced that it had entered into a definitive agreement 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 whereby DGAM will purchase all of the issued and outstanding shares of Guardian, other than certain Guardian shares held by specific shareholders who entered into equity rollover agreements to exchange certain of their Guardian shares for a combination of cash and shares in the capital of DGAM (the "Transaction"). The closing of the Transaction (the "Closing") occurred on March 23, 2026.

Sterling Capital is now an indirect, wholly-owned subsidiary of Desjardins. It is anticipated that Sterling Capital will continue to operate as a standalone entity. To provide continuity and stability, Sterling Capital's team of management and senior professionals will continue servicing Sterling Capital's clients, including the Funds.

As permitted by Rule 15a-4 under the 1940 Act ("Rule 15a-4"), if shareholder approval of the New Investment Advisory Agreement with respect to a Fund has not been obtained by the Closing, Sterling Capital will provide investment advisory services to any such Fund(s) under an Interim Investment Advisory Agreement between Sterling Capital and the Trust, on behalf of such Fund(s) (the "Interim Agreement"). The Interim Investment Advisory Agreement and New Investment Advisory Agreement was approved by the Board at an in-person meeting on November 18-19, 2025.

#### Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, and holdings, visit **www.sterlingcapital.com**. Information about the Fund's proxy voting records is available by calling **(888) 228-1872**.

TSR-SAR 033126-STMDX

---

| | | |
|:---|:---|:---|
| ![Sterling Capital](scf-logo.jpg) | Sterling Capital Real Estate Fund<br>Class R6 (SCREX) | March 31, 2026<br>SEMI-ANNUAL SHAREHOLDER<br>REPORT<br>**www.sterlingcapital.com** |

---

**This semi-annual shareholder report contains important information about Sterling Capital Real Estate Fund for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://sterlingcapitalfunds.com/funds/. You can also request this information by contacting us at (888) 228-1872. This report describes material fund changes to the Fund that occurred during the year in the MATERIAL FUND CHANGES section of this report.**

#### What were the Fund's costs for the last six months?

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R6 | $40 | 0.79% |

---

#### KEY FUND STATISTICS (as of Period End)

---

| | |
|:---|:---|
| Net Assets | $59427921 |
| Number of Portfolio Holdings | 30 |
| Advisory Fee (net of waivers) | $184969 |
| Portfolio Turnover | 3% |

---

![Holdings](screx-holdings.jpg)

#### MATERIAL FUND CHANGES
As previously disclosed in a supplement to the Funds' Prospectuses and Statements of Additional Information filed on September 16, 2025, on August 28, 2025, Guardian Capital Group Limited ("Guardian"), the indirect parent company of Sterling Capital Management LLC, the investment adviser to each of the Funds, announced that it had entered into a definitive agreement 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 whereby DGAM will purchase all of the issued and outstanding shares of Guardian, other than certain Guardian shares held by specific shareholders who entered into equity rollover agreements to exchange certain of their Guardian shares for a combination of cash and shares in the capital of DGAM (the "Transaction"). The closing of the Transaction (the "Closing") occurred on March 23, 2026.

Sterling Capital is now an indirect, wholly-owned subsidiary of Desjardins. It is anticipated that Sterling Capital will continue to operate as a standalone entity. To provide continuity and stability, Sterling Capital's team of management and senior professionals will continue servicing Sterling Capital's clients, including the Funds.

As permitted by Rule 15a-4 under the 1940 Act ("Rule 15a-4"), if shareholder approval of the New Investment Advisory Agreement with respect to a Fund has not been obtained by the Closing, Sterling Capital will provide investment advisory services to any such Fund(s) under an Interim Investment Advisory Agreement between Sterling Capital and the Trust, on behalf of such Fund(s) (the "Interim Agreement"). The Interim Investment Advisory Agreement and New Investment Advisory Agreement was approved by the Board at an in-person meeting on November 18-19, 2025.

#### Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, and holdings, visit **www.sterlingcapital.com**. Information about the Fund's proxy voting records is available by calling **(888) 228-1872**.

TSR-SAR 033126-SCREX

---

| | | |
|:---|:---|:---|
| ![Sterling Capital](scf-logo.jpg) | Sterling Capital Short Duration Bond ETF<br>(SCSB) Cboe BZX Exchange, Inc. | March 31, 2026<br>SEMI-ANNUAL SHAREHOLDER<br>REPORT<br>**www.sterlingcapital.com** |

---

**This semi-annual shareholder report contains important information about Sterling Capital Short Duration Bond ETF for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://sterlingcapitalfunds.com/funds/. You can also request this information by contacting us at (888) 228-1872. This report describes material fund changes to the Fund that occurred during the year in the MATERIAL FUND CHANGES section of this report.**

#### What were the Fund's costs for the last six months?

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| SCSB | $1 | 0.33% |

---

#### KEY FUND STATISTICS (as of Period End)

---

| | |
|:---|:---|
| Net Assets | $33427567 |
| Number of Portfolio Holdings | 130 |
| Advisory Fee | $604 |
| Portfolio Turnover | 10% |

---

![Holdings](scsb-holdings.jpg)

#### MATERIAL FUND CHANGES
As previously disclosed in a supplement to the Funds' Prospectuses and Statements of Additional Information filed on September 16, 2025, on August 28, 2025, Guardian Capital Group Limited ("Guardian"), the indirect parent company of Sterling Capital Management LLC, the investment adviser to each of the Funds, announced that it had entered into a definitive agreement 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 whereby DGAM will purchase all of the issued and outstanding shares of Guardian, other than certain Guardian shares held by specific shareholders who entered into equity rollover agreements to exchange certain of their Guardian shares for a combination of cash and shares in the capital of DGAM (the "Transaction"). The closing of the Transaction (the "Closing") occurred on March 23, 2026.

Sterling Capital is now an indirect, wholly-owned subsidiary of Desjardins. It is anticipated that Sterling Capital will continue to operate as a standalone entity. To provide continuity and stability, Sterling Capital's team of management and senior professionals will continue servicing Sterling Capital's clients, including the Funds.

As permitted by Rule 15a-4 under the 1940 Act ("Rule 15a-4"), if shareholder approval of the New Investment Advisory Agreement with respect to a Fund has not been obtained by the Closing, Sterling Capital will provide investment advisory services to any such Fund(s) under an Interim Investment Advisory Agreement between Sterling Capital and the Trust, on behalf of such Fund(s) (the "Interim Agreement"). The Interim Investment Advisory Agreement and New Investment Advisory Agreement was approved by the Board at an in-person meeting on November 18-19, 2025.

#### Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, and holdings, visit **www.sterlingcapital.com**. Information about the Fund's proxy voting records is available by calling **(888) 228-1872**.

TSR-SAR 033126-SCSB

---

| | | |
|:---|:---|:---|
| ![Sterling Capital](scf-logo.jpg) | Sterling Capital Small Cap Value Fund<br>Class A (STSNX) | March 31, 2026<br>SEMI-ANNUAL SHAREHOLDER<br>REPORT<br>**www.sterlingcapital.com** |

---

**This semi-annual shareholder report contains important information about Sterling Capital Small Cap Value Fund for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://sterlingcapitalfunds.com/funds/. You can also request this information by contacting us at (888) 228-1872. This report describes material fund changes to the Fund that occurred during the year in the MATERIAL FUND CHANGES section of this report.**

#### What were the Fund's costs for the last six months?

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $68 | 1.31% |

---

#### KEY FUND STATISTICS (as of Period End)

---

| | |
|:---|:---|
| Net Assets | $174429389 |
| Number of Portfolio Holdings | 47 |
| Advisory Fee (net of waivers) | $646311 |
| Portfolio Turnover | 4% |

---

![Holdings](stsnx-holdings.jpg)

#### MATERIAL FUND CHANGES
As previously disclosed in a supplement to the Funds' Prospectuses and Statements of Additional Information filed on September 16, 2025, on August 28, 2025, Guardian Capital Group Limited ("Guardian"), the indirect parent company of Sterling Capital Management LLC, the investment adviser to each of the Funds, announced that it had entered into a definitive agreement 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 whereby DGAM will purchase all of the issued and outstanding shares of Guardian, other than certain Guardian shares held by specific shareholders who entered into equity rollover agreements to exchange certain of their Guardian shares for a combination of cash and shares in the capital of DGAM (the "Transaction"). The closing of the Transaction (the "Closing") occurred on March 23, 2026.

Sterling Capital is now an indirect, wholly-owned subsidiary of Desjardins. It is anticipated that Sterling Capital will continue to operate as a standalone entity. To provide continuity and stability, Sterling Capital's team of management and senior professionals will continue servicing Sterling Capital's clients, including the Funds.

As permitted by Rule 15a-4 under the 1940 Act ("Rule 15a-4"), if shareholder approval of the New Investment Advisory Agreement with respect to a Fund has not been obtained by the Closing, Sterling Capital will provide investment advisory services to any such Fund(s) under an Interim Investment Advisory Agreement between Sterling Capital and the Trust, on behalf of such Fund(s) (the "Interim Agreement"). The Interim Investment Advisory Agreement and New Investment Advisory Agreement was approved by the Board at an in-person meeting on November 18-19, 2025.

#### Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, and holdings, visit **www.sterlingcapital.com**. Information about the Fund's proxy voting records is available by calling **(888) 228-1872**.

TSR-SAR 033126-STSNX

---

| | | |
|:---|:---|:---|
| ![Sterling Capital](scf-logo.jpg) | Sterling Capital Small Cap Value Fund<br>Class C (STSOX) | March 31, 2026<br>SEMI-ANNUAL SHAREHOLDER<br>REPORT<br>**www.sterlingcapital.com** |

---

**This semi-annual shareholder report contains important information about Sterling Capital Small Cap Value Fund for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://sterlingcapitalfunds.com/funds/. You can also request this information by contacting us at (888) 228-1872. This report describes material fund changes to the Fund that occurred during the year in the MATERIAL FUND CHANGES section of this report.**

#### What were the Fund's costs for the last six months?

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $106 | 2.05% |

---

#### KEY FUND STATISTICS (as of Period End)

---

| | |
|:---|:---|
| Net Assets | $174429389 |
| Number of Portfolio Holdings | 47 |
| Advisory Fee (net of waivers) | $646311 |
| Portfolio Turnover | 4% |

---

![Holdings](stsox-holdings.jpg)

#### MATERIAL FUND CHANGES
As previously disclosed in a supplement to the Funds' Prospectuses and Statements of Additional Information filed on September 16, 2025, on August 28, 2025, Guardian Capital Group Limited ("Guardian"), the indirect parent company of Sterling Capital Management LLC, the investment adviser to each of the Funds, announced that it had entered into a definitive agreement 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 whereby DGAM will purchase all of the issued and outstanding shares of Guardian, other than certain Guardian shares held by specific shareholders who entered into equity rollover agreements to exchange certain of their Guardian shares for a combination of cash and shares in the capital of DGAM (the "Transaction"). The closing of the Transaction (the "Closing") occurred on March 23, 2026.

Sterling Capital is now an indirect, wholly-owned subsidiary of Desjardins. It is anticipated that Sterling Capital will continue to operate as a standalone entity. To provide continuity and stability, Sterling Capital's team of management and senior professionals will continue servicing Sterling Capital's clients, including the Funds.

As permitted by Rule 15a-4 under the 1940 Act ("Rule 15a-4"), if shareholder approval of the New Investment Advisory Agreement with respect to a Fund has not been obtained by the Closing, Sterling Capital will provide investment advisory services to any such Fund(s) under an Interim Investment Advisory Agreement between Sterling Capital and the Trust, on behalf of such Fund(s) (the "Interim Agreement"). The Interim Investment Advisory Agreement and New Investment Advisory Agreement was approved by the Board at an in-person meeting on November 18-19, 2025.

#### Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, and holdings, visit **www.sterlingcapital.com**. Information about the Fund's proxy voting records is available by calling **(888) 228-1872**.

TSR-SAR 033126-STSOX

---

| | | |
|:---|:---|:---|
| ![Sterling Capital](scf-logo.jpg) | Sterling Capital Small Cap Value Fund<br>Class Institutional (STSCX) | March 31, 2026<br>SEMI-ANNUAL SHAREHOLDER<br>REPORT<br>**www.sterlingcapital.com** |

---

**This semi-annual shareholder report contains important information about Sterling Capital Small Cap Value Fund for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://sterlingcapitalfunds.com/funds/. You can also request this information by contacting us at (888) 228-1872. This report describes material fund changes to the Fund that occurred during the year in the MATERIAL FUND CHANGES section of this report.**

#### What were the Fund's costs for the last six months?

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class Institutional | $55 | 1.06% |

---

#### KEY FUND STATISTICS (as of Period End)

---

| | |
|:---|:---|
| Net Assets | $174429389 |
| Number of Portfolio Holdings | 47 |
| Advisory Fee (net of waivers) | $646311 |
| Portfolio Turnover | 4% |

---

![Holdings](stscx-holdings.jpg)

#### MATERIAL FUND CHANGES
As previously disclosed in a supplement to the Funds' Prospectuses and Statements of Additional Information filed on September 16, 2025, on August 28, 2025, Guardian Capital Group Limited ("Guardian"), the indirect parent company of Sterling Capital Management LLC, the investment adviser to each of the Funds, announced that it had entered into a definitive agreement 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 whereby DGAM will purchase all of the issued and outstanding shares of Guardian, other than certain Guardian shares held by specific shareholders who entered into equity rollover agreements to exchange certain of their Guardian shares for a combination of cash and shares in the capital of DGAM (the "Transaction"). The closing of the Transaction (the "Closing") occurred on March 23, 2026.

Sterling Capital is now an indirect, wholly-owned subsidiary of Desjardins. It is anticipated that Sterling Capital will continue to operate as a standalone entity. To provide continuity and stability, Sterling Capital's team of management and senior professionals will continue servicing Sterling Capital's clients, including the Funds.

As permitted by Rule 15a-4 under the 1940 Act ("Rule 15a-4"), if shareholder approval of the New Investment Advisory Agreement with respect to a Fund has not been obtained by the Closing, Sterling Capital will provide investment advisory services to any such Fund(s) under an Interim Investment Advisory Agreement between Sterling Capital and the Trust, on behalf of such Fund(s) (the "Interim Agreement"). The Interim Investment Advisory Agreement and New Investment Advisory Agreement was approved by the Board at an in-person meeting on November 18-19, 2025.

#### Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, and holdings, visit **www.sterlingcapital.com**. Information about the Fund's proxy voting records is available by calling **(888) 228-1872**.

TSR-SAR 033126-STSCX

---

| | | |
|:---|:---|:---|
| ![Sterling Capital](scf-logo.jpg) | Sterling Capital Small Cap Value Fund<br>Class R6 (SCSIX) | March 31, 2026<br>SEMI-ANNUAL SHAREHOLDER<br>REPORT<br>**www.sterlingcapital.com** |

---

**This semi-annual shareholder report contains important information about Sterling Capital Small Cap Value Fund for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://sterlingcapitalfunds.com/funds/. You can also request this information by contacting us at (888) 228-1872. This report describes material fund changes to the Fund that occurred during the year in the MATERIAL FUND CHANGES section of this report.**

#### What were the Fund's costs for the last six months?

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R6 | $47 | 0.90% |

---

#### KEY FUND STATISTICS (as of Period End)

---

| | |
|:---|:---|
| Net Assets | $174429389 |
| Number of Portfolio Holdings | 47 |
| Advisory Fee (net of waivers) | $646311 |
| Portfolio Turnover | 4% |

---

![Holdings](scsix-holdings.jpg)

#### MATERIAL FUND CHANGES
As previously disclosed in a supplement to the Funds' Prospectuses and Statements of Additional Information filed on September 16, 2025, on August 28, 2025, Guardian Capital Group Limited ("Guardian"), the indirect parent company of Sterling Capital Management LLC, the investment adviser to each of the Funds, announced that it had entered into a definitive agreement 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 whereby DGAM will purchase all of the issued and outstanding shares of Guardian, other than certain Guardian shares held by specific shareholders who entered into equity rollover agreements to exchange certain of their Guardian shares for a combination of cash and shares in the capital of DGAM (the "Transaction"). The closing of the Transaction (the "Closing") occurred on March 23, 2026.

Sterling Capital is now an indirect, wholly-owned subsidiary of Desjardins. It is anticipated that Sterling Capital will continue to operate as a standalone entity. To provide continuity and stability, Sterling Capital's team of management and senior professionals will continue servicing Sterling Capital's clients, including the Funds.

As permitted by Rule 15a-4 under the 1940 Act ("Rule 15a-4"), if shareholder approval of the New Investment Advisory Agreement with respect to a Fund has not been obtained by the Closing, Sterling Capital will provide investment advisory services to any such Fund(s) under an Interim Investment Advisory Agreement between Sterling Capital and the Trust, on behalf of such Fund(s) (the "Interim Agreement"). The Interim Investment Advisory Agreement and New Investment Advisory Agreement was approved by the Board at an in-person meeting on November 18-19, 2025.

#### Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, and holdings, visit **www.sterlingcapital.com**. Information about the Fund's proxy voting records is available by calling **(888) 228-1872**.

TSR-SAR 033126-SCSIX

---

| | | |
|:---|:---|:---|
| ![Sterling Capital](scf-logo.jpg) | Sterling Capital South Carolina Intermediate Tax-Free Fund<br>Class A (BASCX) | March 31, 2026<br>SEMI-ANNUAL SHAREHOLDER<br>REPORT<br>**www.sterlingcapital.com** |

---

**This semi-annual shareholder report contains important information about Sterling Capital South Carolina Intermediate Tax-Free Fund for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://sterlingcapitalfunds.com/funds/. You can also request this information by contacting us at (888) 228-1872. This report describes material fund changes to the Fund that occurred during the year in the MATERIAL FUND CHANGES section of this report.**

#### What were the Fund's costs for the last six months?

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $47 | 0.94% |

---

#### KEY FUND STATISTICS (as of Period End)

---

| | |
|:---|:---|
| Net Assets | $22359891 |
| Number of Portfolio Holdings | 38 |
| Advisory Fee | $37991 |
| Portfolio Turnover | 5% |

---

![Holdings](bascx-holdings.jpg)

#### MATERIAL FUND CHANGES
As previously disclosed in a supplement to the Funds' Prospectuses and Statements of Additional Information filed on September 16, 2025, on August 28, 2025, Guardian Capital Group Limited ("Guardian"), the indirect parent company of Sterling Capital Management LLC, the investment adviser to each of the Funds, announced that it had entered into a definitive agreement 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 whereby DGAM will purchase all of the issued and outstanding shares of Guardian, other than certain Guardian shares held by specific shareholders who entered into equity rollover agreements to exchange certain of their Guardian shares for a combination of cash and shares in the capital of DGAM (the "Transaction"). The closing of the Transaction (the "Closing") occurred on March 23, 2026.

Sterling Capital is now an indirect, wholly-owned subsidiary of Desjardins. It is anticipated that Sterling Capital will continue to operate as a standalone entity. To provide continuity and stability, Sterling Capital's team of management and senior professionals will continue servicing Sterling Capital's clients, including the Funds.

As permitted by Rule 15a-4 under the 1940 Act ("Rule 15a-4"), if shareholder approval of the New Investment Advisory Agreement with respect to a Fund has not been obtained by the Closing, Sterling Capital will provide investment advisory services to any such Fund(s) under an Interim Investment Advisory Agreement between Sterling Capital and the Trust, on behalf of such Fund(s) (the "Interim Agreement"). The Interim Investment Advisory Agreement and New Investment Advisory Agreement was approved by the Board at an in-person meeting on November 18-19, 2025.

#### Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, and holdings, visit **www.sterlingcapital.com**. Information about the Fund's proxy voting records is available by calling **(888) 228-1872**.

TSR-SAR 033126-BASCX

---

| | | |
|:---|:---|:---|
| ![Sterling Capital](scf-logo.jpg) | Sterling Capital South Carolina Intermediate Tax-Free Fund<br>Class C (BSCCX) | March 31, 2026<br>SEMI-ANNUAL SHAREHOLDER<br>REPORT<br>**www.sterlingcapital.com** |

---

**This semi-annual shareholder report contains important information about Sterling Capital South Carolina Intermediate Tax-Free Fund for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://sterlingcapitalfunds.com/funds/. You can also request this information by contacting us at (888) 228-1872. This report describes material fund changes to the Fund that occurred during the year in the MATERIAL FUND CHANGES section of this report.**

#### What were the Fund's costs for the last six months?

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $84 | 1.69% |

---

#### KEY FUND STATISTICS (as of Period End)

---

| | |
|:---|:---|
| Net Assets | $22359891 |
| Number of Portfolio Holdings | 38 |
| Advisory Fee | $37991 |
| Portfolio Turnover | 5% |

---

![Holdings](bsccx-holdings.jpg)

#### MATERIAL FUND CHANGES
As previously disclosed in a supplement to the Funds' Prospectuses and Statements of Additional Information filed on September 16, 2025, on August 28, 2025, Guardian Capital Group Limited ("Guardian"), the indirect parent company of Sterling Capital Management LLC, the investment adviser to each of the Funds, announced that it had entered into a definitive agreement 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 whereby DGAM will purchase all of the issued and outstanding shares of Guardian, other than certain Guardian shares held by specific shareholders who entered into equity rollover agreements to exchange certain of their Guardian shares for a combination of cash and shares in the capital of DGAM (the "Transaction"). The closing of the Transaction (the "Closing") occurred on March 23, 2026.

Sterling Capital is now an indirect, wholly-owned subsidiary of Desjardins. It is anticipated that Sterling Capital will continue to operate as a standalone entity. To provide continuity and stability, Sterling Capital's team of management and senior professionals will continue servicing Sterling Capital's clients, including the Funds.

As permitted by Rule 15a-4 under the 1940 Act ("Rule 15a-4"), if shareholder approval of the New Investment Advisory Agreement with respect to a Fund has not been obtained by the Closing, Sterling Capital will provide investment advisory services to any such Fund(s) under an Interim Investment Advisory Agreement between Sterling Capital and the Trust, on behalf of such Fund(s) (the "Interim Agreement"). The Interim Investment Advisory Agreement and New Investment Advisory Agreement was approved by the Board at an in-person meeting on November 18-19, 2025.

#### Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, and holdings, visit **www.sterlingcapital.com**. Information about the Fund's proxy voting records is available by calling **(888) 228-1872**.

TSR-SAR 033126-BSCCX

---

| | | |
|:---|:---|:---|
| ![Sterling Capital](scf-logo.jpg) | Sterling Capital South Carolina Intermediate Tax-Free Fund<br>Class Institutional (BSCIX) | March 31, 2026<br>SEMI-ANNUAL SHAREHOLDER<br>REPORT<br>**www.sterlingcapital.com** |

---

**This semi-annual shareholder report contains important information about Sterling Capital South Carolina Intermediate Tax-Free Fund for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://sterlingcapitalfunds.com/funds/. You can also request this information by contacting us at (888) 228-1872. This report describes material fund changes to the Fund that occurred during the year in the MATERIAL FUND CHANGES section of this report.**

#### What were the Fund's costs for the last six months?

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class Institutional | $35 | 0.69% |

---

#### KEY FUND STATISTICS (as of Period End)

---

| | |
|:---|:---|
| Net Assets | $22359891 |
| Number of Portfolio Holdings | 38 |
| Advisory Fee | $37991 |
| Portfolio Turnover | 5% |

---

![Holdings](bscix-holdings.jpg)

#### MATERIAL FUND CHANGES
As previously disclosed in a supplement to the Funds' Prospectuses and Statements of Additional Information filed on September 16, 2025, on August 28, 2025, Guardian Capital Group Limited ("Guardian"), the indirect parent company of Sterling Capital Management LLC, the investment adviser to each of the Funds, announced that it had entered into a definitive agreement 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 whereby DGAM will purchase all of the issued and outstanding shares of Guardian, other than certain Guardian shares held by specific shareholders who entered into equity rollover agreements to exchange certain of their Guardian shares for a combination of cash and shares in the capital of DGAM (the "Transaction"). The closing of the Transaction (the "Closing") occurred on March 23, 2026.

Sterling Capital is now an indirect, wholly-owned subsidiary of Desjardins. It is anticipated that Sterling Capital will continue to operate as a standalone entity. To provide continuity and stability, Sterling Capital's team of management and senior professionals will continue servicing Sterling Capital's clients, including the Funds.

As permitted by Rule 15a-4 under the 1940 Act ("Rule 15a-4"), if shareholder approval of the New Investment Advisory Agreement with respect to a Fund has not been obtained by the Closing, Sterling Capital will provide investment advisory services to any such Fund(s) under an Interim Investment Advisory Agreement between Sterling Capital and the Trust, on behalf of such Fund(s) (the "Interim Agreement"). The Interim Investment Advisory Agreement and New Investment Advisory Agreement was approved by the Board at an in-person meeting on November 18-19, 2025.

#### Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, and holdings, visit **www.sterlingcapital.com**. Information about the Fund's proxy voting records is available by calling **(888) 228-1872**.

TSR-SAR 033126-BSCIX

---

| | | |
|:---|:---|:---|
| ![Sterling Capital](scf-logo.jpg) | Sterling Capital Special Opportunities Fund<br>Class A (BOPAX) | March 31, 2026<br>SEMI-ANNUAL SHAREHOLDER<br>REPORT<br>**www.sterlingcapital.com** |

---

**This semi-annual shareholder report contains important information about Sterling Capital Special Opportunities Fund for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://sterlingcapitalfunds.com/funds/. You can also request this information by contacting us at (888) 228-1872. This report describes material fund changes to the Fund that occurred during the year in the MATERIAL FUND CHANGES section of this report.**

#### What were the Fund's costs for the last six months?

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $55 | 1.13% |

---

#### KEY FUND STATISTICS (as of Period End)

---

| | |
|:---|:---|
| Net Assets | $311699909 |
| Number of Portfolio Holdings | 36 |
| Advisory Fee (net of waivers) | $1081939 |
| Portfolio Turnover | 25% |

---

![Holdings](bopax-holdings.jpg)

#### MATERIAL FUND CHANGES
As previously disclosed in a supplement to the Funds' Prospectuses and Statements of Additional Information filed on September 16, 2025, on August 28, 2025, Guardian Capital Group Limited ("Guardian"), the indirect parent company of Sterling Capital Management LLC, the investment adviser to each of the Funds, announced that it had entered into a definitive agreement 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 whereby DGAM will purchase all of the issued and outstanding shares of Guardian, other than certain Guardian shares held by specific shareholders who entered into equity rollover agreements to exchange certain of their Guardian shares for a combination of cash and shares in the capital of DGAM (the "Transaction"). The closing of the Transaction (the "Closing") occurred on March 23, 2026.

Sterling Capital is now an indirect, wholly-owned subsidiary of Desjardins. It is anticipated that Sterling Capital will continue to operate as a standalone entity. To provide continuity and stability, Sterling Capital's team of management and senior professionals will continue servicing Sterling Capital's clients, including the Funds.

As permitted by Rule 15a-4 under the 1940 Act ("Rule 15a-4"), if shareholder approval of the New Investment Advisory Agreement with respect to a Fund has not been obtained by the Closing, Sterling Capital will provide investment advisory services to any such Fund(s) under an Interim Investment Advisory Agreement between Sterling Capital and the Trust, on behalf of such Fund(s) (the "Interim Agreement"). The Interim Investment Advisory Agreement and New Investment Advisory Agreement was approved by the Board at an in-person meeting on November 18-19, 2025.

#### Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, and holdings, visit **www.sterlingcapital.com**. Information about the Fund's proxy voting records is available by calling **(888) 228-1872**.

TSR-SAR 033126-BOPAX

---

| | | |
|:---|:---|:---|
| ![Sterling Capital](scf-logo.jpg) | Sterling Capital Special Opportunities Fund<br>Class C (BOPCX) | March 31, 2026<br>SEMI-ANNUAL SHAREHOLDER<br>REPORT<br>**www.sterlingcapital.com** |

---

**This semi-annual shareholder report contains important information about Sterling Capital Special Opportunities Fund for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://sterlingcapitalfunds.com/funds/. You can also request this information by contacting us at (888) 228-1872. This report describes material fund changes to the Fund that occurred during the year in the MATERIAL FUND CHANGES section of this report.**

#### What were the Fund's costs for the last six months?

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

---

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

---

#### KEY FUND STATISTICS (as of Period End)

---

| | |
|:---|:---|
| Net Assets | $311699909 |
| Number of Portfolio Holdings | 36 |
| Advisory Fee (net of waivers) | $1081939 |
| Portfolio Turnover | 25% |

---

![Holdings](bopcx-holdings.jpg)

#### MATERIAL FUND CHANGES
As previously disclosed in a supplement to the Funds' Prospectuses and Statements of Additional Information filed on September 16, 2025, on August 28, 2025, Guardian Capital Group Limited ("Guardian"), the indirect parent company of Sterling Capital Management LLC, the investment adviser to each of the Funds, announced that it had entered into a definitive agreement 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 whereby DGAM will purchase all of the issued and outstanding shares of Guardian, other than certain Guardian shares held by specific shareholders who entered into equity rollover agreements to exchange certain of their Guardian shares for a combination of cash and shares in the capital of DGAM (the "Transaction"). The closing of the Transaction (the "Closing") occurred on March 23, 2026.

Sterling Capital is now an indirect, wholly-owned subsidiary of Desjardins. It is anticipated that Sterling Capital will continue to operate as a standalone entity. To provide continuity and stability, Sterling Capital's team of management and senior professionals will continue servicing Sterling Capital's clients, including the Funds.

As permitted by Rule 15a-4 under the 1940 Act ("Rule 15a-4"), if shareholder approval of the New Investment Advisory Agreement with respect to a Fund has not been obtained by the Closing, Sterling Capital will provide investment advisory services to any such Fund(s) under an Interim Investment Advisory Agreement between Sterling Capital and the Trust, on behalf of such Fund(s) (the "Interim Agreement"). The Interim Investment Advisory Agreement and New Investment Advisory Agreement was approved by the Board at an in-person meeting on November 18-19, 2025.

#### Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, and holdings, visit **www.sterlingcapital.com**. Information about the Fund's proxy voting records is available by calling **(888) 228-1872**.

TSR-SAR 033126-BOPCX

---

| | | |
|:---|:---|:---|
| ![Sterling Capital](scf-logo.jpg) | Sterling Capital Special Opportunities Fund<br>Class Institutional (BOPIX) | March 31, 2026<br>SEMI-ANNUAL SHAREHOLDER<br>REPORT<br>**www.sterlingcapital.com** |

---

**This semi-annual shareholder report contains important information about Sterling Capital Special Opportunities Fund for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://sterlingcapitalfunds.com/funds/. You can also request this information by contacting us at (888) 228-1872. This report describes material fund changes to the Fund that occurred during the year in the MATERIAL FUND CHANGES section of this report.**

#### What were the Fund's costs for the last six months?

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

---

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

---

#### KEY FUND STATISTICS (as of Period End)

---

| | |
|:---|:---|
| Net Assets | $311699909 |
| Number of Portfolio Holdings | 36 |
| Advisory Fee (net of waivers) | $1081939 |
| Portfolio Turnover | 25% |

---

![Holdings](bopix-holdings.jpg)

#### MATERIAL FUND CHANGES
As previously disclosed in a supplement to the Funds' Prospectuses and Statements of Additional Information filed on September 16, 2025, on August 28, 2025, Guardian Capital Group Limited ("Guardian"), the indirect parent company of Sterling Capital Management LLC, the investment adviser to each of the Funds, announced that it had entered into a definitive agreement 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 whereby DGAM will purchase all of the issued and outstanding shares of Guardian, other than certain Guardian shares held by specific shareholders who entered into equity rollover agreements to exchange certain of their Guardian shares for a combination of cash and shares in the capital of DGAM (the "Transaction"). The closing of the Transaction (the "Closing") occurred on March 23, 2026.

Sterling Capital is now an indirect, wholly-owned subsidiary of Desjardins. It is anticipated that Sterling Capital will continue to operate as a standalone entity. To provide continuity and stability, Sterling Capital's team of management and senior professionals will continue servicing Sterling Capital's clients, including the Funds.

As permitted by Rule 15a-4 under the 1940 Act ("Rule 15a-4"), if shareholder approval of the New Investment Advisory Agreement with respect to a Fund has not been obtained by the Closing, Sterling Capital will provide investment advisory services to any such Fund(s) under an Interim Investment Advisory Agreement between Sterling Capital and the Trust, on behalf of such Fund(s) (the "Interim Agreement"). The Interim Investment Advisory Agreement and New Investment Advisory Agreement was approved by the Board at an in-person meeting on November 18-19, 2025.

#### Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, and holdings, visit **www.sterlingcapital.com**. Information about the Fund's proxy voting records is available by calling **(888) 228-1872**.

TSR-SAR 033126-BOPIX

---

| | | |
|:---|:---|:---|
| ![Sterling Capital](scf-logo.jpg) | Sterling Capital Special Opportunities Fund<br>Class R6 (STRSX) | March 31, 2026<br>SEMI-ANNUAL SHAREHOLDER<br>REPORT<br>**www.sterlingcapital.com** |

---

**This semi-annual shareholder report contains important information about Sterling Capital Special Opportunities Fund for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://sterlingcapitalfunds.com/funds/. You can also request this information by contacting us at (888) 228-1872. This report describes material fund changes to the Fund that occurred during the year in the MATERIAL FUND CHANGES section of this report.**

#### What were the Fund's costs for the last six months?

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R6 | $38 | 0.78% |

---

#### KEY FUND STATISTICS (as of Period End)

---

| | |
|:---|:---|
| Net Assets | $311699909 |
| Number of Portfolio Holdings | 36 |
| Advisory Fee (net of waivers) | $1081939 |
| Portfolio Turnover | 25% |

---

![Holdings](strsx-holdings.jpg)

#### MATERIAL FUND CHANGES
As previously disclosed in a supplement to the Funds' Prospectuses and Statements of Additional Information filed on September 16, 2025, on August 28, 2025, Guardian Capital Group Limited ("Guardian"), the indirect parent company of Sterling Capital Management LLC, the investment adviser to each of the Funds, announced that it had entered into a definitive agreement 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 whereby DGAM will purchase all of the issued and outstanding shares of Guardian, other than certain Guardian shares held by specific shareholders who entered into equity rollover agreements to exchange certain of their Guardian shares for a combination of cash and shares in the capital of DGAM (the "Transaction"). The closing of the Transaction (the "Closing") occurred on March 23, 2026.

Sterling Capital is now an indirect, wholly-owned subsidiary of Desjardins. It is anticipated that Sterling Capital will continue to operate as a standalone entity. To provide continuity and stability, Sterling Capital's team of management and senior professionals will continue servicing Sterling Capital's clients, including the Funds.

As permitted by Rule 15a-4 under the 1940 Act ("Rule 15a-4"), if shareholder approval of the New Investment Advisory Agreement with respect to a Fund has not been obtained by the Closing, Sterling Capital will provide investment advisory services to any such Fund(s) under an Interim Investment Advisory Agreement between Sterling Capital and the Trust, on behalf of such Fund(s) (the "Interim Agreement"). The Interim Investment Advisory Agreement and New Investment Advisory Agreement was approved by the Board at an in-person meeting on November 18-19, 2025.

#### Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, and holdings, visit **www.sterlingcapital.com**. Information about the Fund's proxy voting records is available by calling **(888) 228-1872**.

TSR-SAR 033126-STRSX

---

| | | |
|:---|:---|:---|
| ![Sterling Capital](scf-logo.jpg) | Sterling Capital Total Return Bond Fund<br>Class A (BICAX) | March 31, 2026<br>SEMI-ANNUAL SHAREHOLDER<br>REPORT<br>**www.sterlingcapital.com** |

---

**This semi-annual shareholder report contains important information about Sterling Capital Total Return Bond Fund for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://sterlingcapitalfunds.com/funds/. You can also request this information by contacting us at (888) 228-1872. This report describes material fund changes to the Fund that occurred during the year in the MATERIAL FUND CHANGES section of this report.**

#### What were the Fund's costs for the last six months?

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $35 | 0.70% |

---

#### KEY FUND STATISTICS (as of Period End)

---

| | |
|:---|:---|
| Net Assets | $1476044813 |
| Number of Portfolio Holdings | 386 |
| Advisory Fee (net of waivers) | $1302537 |
| Portfolio Turnover | 34% |

---

![Holdings](bicax-holdings.jpg)

#### MATERIAL FUND CHANGES
As previously disclosed in a supplement to the Funds' Prospectuses and Statements of Additional Information filed on September 16, 2025, on August 28, 2025, Guardian Capital Group Limited ("Guardian"), the indirect parent company of Sterling Capital Management LLC, the investment adviser to each of the Funds, announced that it had entered into a definitive agreement 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 whereby DGAM will purchase all of the issued and outstanding shares of Guardian, other than certain Guardian shares held by specific shareholders who entered into equity rollover agreements to exchange certain of their Guardian shares for a combination of cash and shares in the capital of DGAM (the "Transaction"). The closing of the Transaction (the "Closing") occurred on March 23, 2026.

Sterling Capital is now an indirect, wholly-owned subsidiary of Desjardins. It is anticipated that Sterling Capital will continue to operate as a standalone entity. To provide continuity and stability, Sterling Capital's team of management and senior professionals will continue servicing Sterling Capital's clients, including the Funds.

As permitted by Rule 15a-4 under the 1940 Act ("Rule 15a-4"), if shareholder approval of the New Investment Advisory Agreement with respect to a Fund has not been obtained by the Closing, Sterling Capital will provide investment advisory services to any such Fund(s) under an Interim Investment Advisory Agreement between Sterling Capital and the Trust, on behalf of such Fund(s) (the "Interim Agreement"). The Interim Investment Advisory Agreement and New Investment Advisory Agreement was approved by the Board at an in-person meeting on November 18-19, 2025.

#### Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, and holdings, visit **www.sterlingcapital.com**. Information about the Fund's proxy voting records is available by calling **(888) 228-1872**.

TSR-SAR 033126-BICAX

---

| | | |
|:---|:---|:---|
| ![Sterling Capital](scf-logo.jpg) | Sterling Capital Total Return Bond Fund<br>Class C (BICCX) | March 31, 2026<br>SEMI-ANNUAL SHAREHOLDER<br>REPORT<br>**www.sterlingcapital.com** |

---

**This semi-annual shareholder report contains important information about Sterling Capital Total Return Bond Fund for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://sterlingcapitalfunds.com/funds/. You can also request this information by contacting us at (888) 228-1872. This report describes material fund changes to the Fund that occurred during the year in the MATERIAL FUND CHANGES section of this report.**

#### What were the Fund's costs for the last six months?

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $72 | 1.45% |

---

#### KEY FUND STATISTICS (as of Period End)

---

| | |
|:---|:---|
| Net Assets | $1476044813 |
| Number of Portfolio Holdings | 386 |
| Advisory Fee (net of waivers) | $1302537 |
| Portfolio Turnover | 34% |

---

![Holdings](biccx-holdings.jpg)

#### MATERIAL FUND CHANGES
As previously disclosed in a supplement to the Funds' Prospectuses and Statements of Additional Information filed on September 16, 2025, on August 28, 2025, Guardian Capital Group Limited ("Guardian"), the indirect parent company of Sterling Capital Management LLC, the investment adviser to each of the Funds, announced that it had entered into a definitive agreement 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 whereby DGAM will purchase all of the issued and outstanding shares of Guardian, other than certain Guardian shares held by specific shareholders who entered into equity rollover agreements to exchange certain of their Guardian shares for a combination of cash and shares in the capital of DGAM (the "Transaction"). The closing of the Transaction (the "Closing") occurred on March 23, 2026.

Sterling Capital is now an indirect, wholly-owned subsidiary of Desjardins. It is anticipated that Sterling Capital will continue to operate as a standalone entity. To provide continuity and stability, Sterling Capital's team of management and senior professionals will continue servicing Sterling Capital's clients, including the Funds.

As permitted by Rule 15a-4 under the 1940 Act ("Rule 15a-4"), if shareholder approval of the New Investment Advisory Agreement with respect to a Fund has not been obtained by the Closing, Sterling Capital will provide investment advisory services to any such Fund(s) under an Interim Investment Advisory Agreement between Sterling Capital and the Trust, on behalf of such Fund(s) (the "Interim Agreement"). The Interim Investment Advisory Agreement and New Investment Advisory Agreement was approved by the Board at an in-person meeting on November 18-19, 2025.

#### Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, and holdings, visit **www.sterlingcapital.com**. Information about the Fund's proxy voting records is available by calling **(888) 228-1872**.

TSR-SAR 033126-BICCX

---

| | | |
|:---|:---|:---|
| ![Sterling Capital](scf-logo.jpg) | Sterling Capital Total Return Bond Fund<br>Class Institutional (BIBTX) | March 31, 2026<br>SEMI-ANNUAL SHAREHOLDER<br>REPORT<br>**www.sterlingcapital.com** |

---

**This semi-annual shareholder report contains important information about Sterling Capital Total Return Bond Fund for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://sterlingcapitalfunds.com/funds/. You can also request this information by contacting us at (888) 228-1872. This report describes material fund changes to the Fund that occurred during the year in the MATERIAL FUND CHANGES section of this report.**

#### What were the Fund's costs for the last six months?

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class Institutional | $23 | 0.45% |

---

#### KEY FUND STATISTICS (as of Period End)

---

| | |
|:---|:---|
| Net Assets | $1476044813 |
| Number of Portfolio Holdings | 386 |
| Advisory Fee (net of waivers) | $1302537 |
| Portfolio Turnover | 34% |

---

![Holdings](bibtx-holdings.jpg)

#### MATERIAL FUND CHANGES
As previously disclosed in a supplement to the Funds' Prospectuses and Statements of Additional Information filed on September 16, 2025, on August 28, 2025, Guardian Capital Group Limited ("Guardian"), the indirect parent company of Sterling Capital Management LLC, the investment adviser to each of the Funds, announced that it had entered into a definitive agreement 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 whereby DGAM will purchase all of the issued and outstanding shares of Guardian, other than certain Guardian shares held by specific shareholders who entered into equity rollover agreements to exchange certain of their Guardian shares for a combination of cash and shares in the capital of DGAM (the "Transaction"). The closing of the Transaction (the "Closing") occurred on March 23, 2026.

Sterling Capital is now an indirect, wholly-owned subsidiary of Desjardins. It is anticipated that Sterling Capital will continue to operate as a standalone entity. To provide continuity and stability, Sterling Capital's team of management and senior professionals will continue servicing Sterling Capital's clients, including the Funds.

As permitted by Rule 15a-4 under the 1940 Act ("Rule 15a-4"), if shareholder approval of the New Investment Advisory Agreement with respect to a Fund has not been obtained by the Closing, Sterling Capital will provide investment advisory services to any such Fund(s) under an Interim Investment Advisory Agreement between Sterling Capital and the Trust, on behalf of such Fund(s) (the "Interim Agreement"). The Interim Investment Advisory Agreement and New Investment Advisory Agreement was approved by the Board at an in-person meeting on November 18-19, 2025.

#### Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, and holdings, visit **www.sterlingcapital.com**. Information about the Fund's proxy voting records is available by calling **(888) 228-1872**.

TSR-SAR 033126-BIBTX

---

| | | |
|:---|:---|:---|
| ![Sterling Capital](scf-logo.jpg) | Sterling Capital Total Return Bond Fund<br>Class R6 (STRDX) | March 31, 2026<br>SEMI-ANNUAL SHAREHOLDER<br>REPORT<br>**www.sterlingcapital.com** |

---

**This semi-annual shareholder report contains important information about Sterling Capital Total Return Bond Fund for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://sterlingcapitalfunds.com/funds/. You can also request this information by contacting us at (888) 228-1872. This report describes material fund changes to the Fund that occurred during the year in the MATERIAL FUND CHANGES section of this report.**

#### What were the Fund's costs for the last six months?

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R6 | $18 | 0.35% |

---

#### KEY FUND STATISTICS (as of Period End)

---

| | |
|:---|:---|
| Net Assets | $1476044813 |
| Number of Portfolio Holdings | 386 |
| Advisory Fee (net of waivers) | $1302537 |
| Portfolio Turnover | 34% |

---

![Holdings](strdx-holdings.jpg)

#### MATERIAL FUND CHANGES
As previously disclosed in a supplement to the Funds' Prospectuses and Statements of Additional Information filed on September 16, 2025, on August 28, 2025, Guardian Capital Group Limited ("Guardian"), the indirect parent company of Sterling Capital Management LLC, the investment adviser to each of the Funds, announced that it had entered into a definitive agreement 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 whereby DGAM will purchase all of the issued and outstanding shares of Guardian, other than certain Guardian shares held by specific shareholders who entered into equity rollover agreements to exchange certain of their Guardian shares for a combination of cash and shares in the capital of DGAM (the "Transaction"). The closing of the Transaction (the "Closing") occurred on March 23, 2026.

Sterling Capital is now an indirect, wholly-owned subsidiary of Desjardins. It is anticipated that Sterling Capital will continue to operate as a standalone entity. To provide continuity and stability, Sterling Capital's team of management and senior professionals will continue servicing Sterling Capital's clients, including the Funds.

As permitted by Rule 15a-4 under the 1940 Act ("Rule 15a-4"), if shareholder approval of the New Investment Advisory Agreement with respect to a Fund has not been obtained by the Closing, Sterling Capital will provide investment advisory services to any such Fund(s) under an Interim Investment Advisory Agreement between Sterling Capital and the Trust, on behalf of such Fund(s) (the "Interim Agreement"). The Interim Investment Advisory Agreement and New Investment Advisory Agreement was approved by the Board at an in-person meeting on November 18-19, 2025.

#### Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, and holdings, visit **www.sterlingcapital.com**. Information about the Fund's proxy voting records is available by calling **(888) 228-1872**.

TSR-SAR 033126-STRDX

---

| | | |
|:---|:---|:---|
| ![Sterling Capital](scf-logo.jpg) | Sterling Capital Ultra Short Bond ETF<br>(SCUB) Cboe BZX Exchange, Inc. | March 31, 2026<br>SEMI-ANNUAL SHAREHOLDER<br>REPORT<br>**www.sterlingcapital.com** |

---

**This semi-annual shareholder report contains important information about Sterling Capital Ultra Short Bond ETF for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://sterlingcapitalfunds.com/funds/. You can also request this information by contacting us at (888) 228-1872. This report describes material fund changes to the Fund that occurred during the year in the MATERIAL FUND CHANGES section of this report.**

#### What were the Fund's costs for the last six months?

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| SCUB | $1 | 0.30% |

---

#### KEY FUND STATISTICS (as of Period End)

---

| | |
|:---|:---|
| Net Assets | $21558272 |
| Number of Portfolio Holdings | 108 |
| Advisory Fee | $349 |
| Portfolio Turnover | 8% |

---

![Holdings](scub-holdings.jpg)

#### MATERIAL FUND CHANGES
As previously disclosed in a supplement to the Funds' Prospectuses and Statements of Additional Information filed on September 16, 2025, on August 28, 2025, Guardian Capital Group Limited ("Guardian"), the indirect parent company of Sterling Capital Management LLC, the investment adviser to each of the Funds, announced that it had entered into a definitive agreement 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 whereby DGAM will purchase all of the issued and outstanding shares of Guardian, other than certain Guardian shares held by specific shareholders who entered into equity rollover agreements to exchange certain of their Guardian shares for a combination of cash and shares in the capital of DGAM (the "Transaction"). The closing of the Transaction (the "Closing") occurred on March 23, 2026.

Sterling Capital is now an indirect, wholly-owned subsidiary of Desjardins. It is anticipated that Sterling Capital will continue to operate as a standalone entity. To provide continuity and stability, Sterling Capital's team of management and senior professionals will continue servicing Sterling Capital's clients, including the Funds.

As permitted by Rule 15a-4 under the 1940 Act ("Rule 15a-4"), if shareholder approval of the New Investment Advisory Agreement with respect to a Fund has not been obtained by the Closing, Sterling Capital will provide investment advisory services to any such Fund(s) under an Interim Investment Advisory Agreement between Sterling Capital and the Trust, on behalf of such Fund(s) (the "Interim Agreement"). The Interim Investment Advisory Agreement and New Investment Advisory Agreement was approved by the Board at an in-person meeting on November 18-19, 2025.

#### Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, and holdings, visit **www.sterlingcapital.com**. Information about the Fund's proxy voting records is available by calling **(888) 228-1872**.

TSR-SAR 033126-SCUB

---

| | | |
|:---|:---|:---|
| ![Sterling Capital](scf-logo.jpg) | Sterling Capital Virginia Intermediate Tax-Free Fund<br>Class A (BVAAX) | March 31, 2026<br>SEMI-ANNUAL SHAREHOLDER<br>REPORT<br>**www.sterlingcapital.com** |

---

**This semi-annual shareholder report contains important information about Sterling Capital Virginia Intermediate Tax-Free Fund for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://sterlingcapitalfunds.com/funds/. You can also request this information by contacting us at (888) 228-1872. This report describes material fund changes to the Fund that occurred during the year in the MATERIAL FUND CHANGES section of this report.**

#### What were the Fund's costs for the last six months?

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $45 | 0.90% |

---

#### KEY FUND STATISTICS (as of Period End)

---

| | |
|:---|:---|
| Net Assets | $32014822 |
| Number of Portfolio Holdings | 39 |
| Advisory Fee | $57321 |
| Portfolio Turnover | 9% |

---

![Holdings](bvaax-holdings.jpg)

#### MATERIAL FUND CHANGES
As previously disclosed in a supplement to the Funds' Prospectuses and Statements of Additional Information filed on September 16, 2025, on August 28, 2025, Guardian Capital Group Limited ("Guardian"), the indirect parent company of Sterling Capital Management LLC, the investment adviser to each of the Funds, announced that it had entered into a definitive agreement 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 whereby DGAM will purchase all of the issued and outstanding shares of Guardian, other than certain Guardian shares held by specific shareholders who entered into equity rollover agreements to exchange certain of their Guardian shares for a combination of cash and shares in the capital of DGAM (the "Transaction"). The closing of the Transaction (the "Closing") occurred on March 23, 2026.

Sterling Capital is now an indirect, wholly-owned subsidiary of Desjardins. It is anticipated that Sterling Capital will continue to operate as a standalone entity. To provide continuity and stability, Sterling Capital's team of management and senior professionals will continue servicing Sterling Capital's clients, including the Funds.

As permitted by Rule 15a-4 under the 1940 Act ("Rule 15a-4"), if shareholder approval of the New Investment Advisory Agreement with respect to a Fund has not been obtained by the Closing, Sterling Capital will provide investment advisory services to any such Fund(s) under an Interim Investment Advisory Agreement between Sterling Capital and the Trust, on behalf of such Fund(s) (the "Interim Agreement"). The Interim Investment Advisory Agreement and New Investment Advisory Agreement was approved by the Board at an in-person meeting on November 18-19, 2025.

#### Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, and holdings, visit **www.sterlingcapital.com**. Information about the Fund's proxy voting records is available by calling **(888) 228-1872**.

TSR-SAR 033126-BVAAX

---

| | | |
|:---|:---|:---|
| ![Sterling Capital](scf-logo.jpg) | Sterling Capital Virginia Intermediate Tax-Free Fund<br>Class C (BVACX) | March 31, 2026<br>SEMI-ANNUAL SHAREHOLDER<br>REPORT<br>**www.sterlingcapital.com** |

---

**This semi-annual shareholder report contains important information about Sterling Capital Virginia Intermediate Tax-Free Fund for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://sterlingcapitalfunds.com/funds/. You can also request this information by contacting us at (888) 228-1872. This report describes material fund changes to the Fund that occurred during the year in the MATERIAL FUND CHANGES section of this report.**

#### What were the Fund's costs for the last six months?

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $83 | 1.67% |

---

#### KEY FUND STATISTICS (as of Period End)

---

| | |
|:---|:---|
| Net Assets | $32014822 |
| Number of Portfolio Holdings | 39 |
| Advisory Fee | $57321 |
| Portfolio Turnover | 9% |

---

![Holdings](bvacx-holdings.jpg)

#### MATERIAL FUND CHANGES
As previously disclosed in a supplement to the Funds' Prospectuses and Statements of Additional Information filed on September 16, 2025, on August 28, 2025, Guardian Capital Group Limited ("Guardian"), the indirect parent company of Sterling Capital Management LLC, the investment adviser to each of the Funds, announced that it had entered into a definitive agreement 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 whereby DGAM will purchase all of the issued and outstanding shares of Guardian, other than certain Guardian shares held by specific shareholders who entered into equity rollover agreements to exchange certain of their Guardian shares for a combination of cash and shares in the capital of DGAM (the "Transaction"). The closing of the Transaction (the "Closing") occurred on March 23, 2026.

Sterling Capital is now an indirect, wholly-owned subsidiary of Desjardins. It is anticipated that Sterling Capital will continue to operate as a standalone entity. To provide continuity and stability, Sterling Capital's team of management and senior professionals will continue servicing Sterling Capital's clients, including the Funds.

As permitted by Rule 15a-4 under the 1940 Act ("Rule 15a-4"), if shareholder approval of the New Investment Advisory Agreement with respect to a Fund has not been obtained by the Closing, Sterling Capital will provide investment advisory services to any such Fund(s) under an Interim Investment Advisory Agreement between Sterling Capital and the Trust, on behalf of such Fund(s) (the "Interim Agreement"). The Interim Investment Advisory Agreement and New Investment Advisory Agreement was approved by the Board at an in-person meeting on November 18-19, 2025.

#### Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, and holdings, visit **www.sterlingcapital.com**. Information about the Fund's proxy voting records is available by calling **(888) 228-1872**.

TSR-SAR 033126-BVACX

---

| | | |
|:---|:---|:---|
| ![Sterling Capital](scf-logo.jpg) | Sterling Capital Virginia Intermediate Tax-Free Fund<br>Class Institutional (BVATX) | March 31, 2026<br>SEMI-ANNUAL SHAREHOLDER<br>REPORT<br>**www.sterlingcapital.com** |

---

**This semi-annual shareholder report contains important information about Sterling Capital Virginia Intermediate Tax-Free Fund for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://sterlingcapitalfunds.com/funds/. You can also request this information by contacting us at (888) 228-1872. This report describes material fund changes to the Fund that occurred during the year in the MATERIAL FUND CHANGES section of this report.**

#### What were the Fund's costs for the last six months?

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class Institutional | $33 | 0.65% |

---

#### KEY FUND STATISTICS (as of Period End)

---

| | |
|:---|:---|
| Net Assets | $32014822 |
| Number of Portfolio Holdings | 39 |
| Advisory Fee | $57321 |
| Portfolio Turnover | 9% |

---

![Holdings](bvatx-holdings.jpg)

#### MATERIAL FUND CHANGES
As previously disclosed in a supplement to the Funds' Prospectuses and Statements of Additional Information filed on September 16, 2025, on August 28, 2025, Guardian Capital Group Limited ("Guardian"), the indirect parent company of Sterling Capital Management LLC, the investment adviser to each of the Funds, announced that it had entered into a definitive agreement 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 whereby DGAM will purchase all of the issued and outstanding shares of Guardian, other than certain Guardian shares held by specific shareholders who entered into equity rollover agreements to exchange certain of their Guardian shares for a combination of cash and shares in the capital of DGAM (the "Transaction"). The closing of the Transaction (the "Closing") occurred on March 23, 2026.

Sterling Capital is now an indirect, wholly-owned subsidiary of Desjardins. It is anticipated that Sterling Capital will continue to operate as a standalone entity. To provide continuity and stability, Sterling Capital's team of management and senior professionals will continue servicing Sterling Capital's clients, including the Funds.

As permitted by Rule 15a-4 under the 1940 Act ("Rule 15a-4"), if shareholder approval of the New Investment Advisory Agreement with respect to a Fund has not been obtained by the Closing, Sterling Capital will provide investment advisory services to any such Fund(s) under an Interim Investment Advisory Agreement between Sterling Capital and the Trust, on behalf of such Fund(s) (the "Interim Agreement"). The Interim Investment Advisory Agreement and New Investment Advisory Agreement was approved by the Board at an in-person meeting on November 18-19, 2025.

#### Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, and holdings, visit **www.sterlingcapital.com**. Information about the Fund's proxy voting records is available by calling **(888) 228-1872**.

TSR-SAR 033126-BVATX

---

| | | |
|:---|:---|:---|
| ![Sterling Capital](scf-logo.jpg) | Sterling Capital West Virginia Intermediate Tax-Free Fund<br>Class A (BWVAX) | March 31, 2026<br>SEMI-ANNUAL SHAREHOLDER<br>REPORT<br>**www.sterlingcapital.com** |

---

**This semi-annual shareholder report contains important information about Sterling Capital West Virginia Intermediate Tax-Free Fund for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://sterlingcapitalfunds.com/funds/. You can also request this information by contacting us at (888) 228-1872. This report describes material fund changes to the Fund that occurred during the year in the MATERIAL FUND CHANGES section of this report.**

#### What were the Fund's costs for the last six months?

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $44 | 0.87% |

---

#### KEY FUND STATISTICS (as of Period End)

---

| | |
|:---|:---|
| Net Assets | $48297625 |
| Number of Portfolio Holdings | 44 |
| Advisory Fee | $85887 |
| Portfolio Turnover | 5% |

---

![Holdings](bwvax-holdings.jpg)

#### MATERIAL FUND CHANGES
As previously disclosed in a supplement to the Funds' Prospectuses and Statements of Additional Information filed on September 16, 2025, on August 28, 2025, Guardian Capital Group Limited ("Guardian"), the indirect parent company of Sterling Capital Management LLC, the investment adviser to each of the Funds, announced that it had entered into a definitive agreement 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 whereby DGAM will purchase all of the issued and outstanding shares of Guardian, other than certain Guardian shares held by specific shareholders who entered into equity rollover agreements to exchange certain of their Guardian shares for a combination of cash and shares in the capital of DGAM (the "Transaction"). The closing of the Transaction (the "Closing") occurred on March 23, 2026.

Sterling Capital is now an indirect, wholly-owned subsidiary of Desjardins. It is anticipated that Sterling Capital will continue to operate as a standalone entity. To provide continuity and stability, Sterling Capital's team of management and senior professionals will continue servicing Sterling Capital's clients, including the Funds.

As permitted by Rule 15a-4 under the 1940 Act ("Rule 15a-4"), if shareholder approval of the New Investment Advisory Agreement with respect to a Fund has not been obtained by the Closing, Sterling Capital will provide investment advisory services to any such Fund(s) under an Interim Investment Advisory Agreement between Sterling Capital and the Trust, on behalf of such Fund(s) (the "Interim Agreement"). The Interim Investment Advisory Agreement and New Investment Advisory Agreement was approved by the Board at an in-person meeting on November 18-19, 2025.

#### Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, and holdings, visit **www.sterlingcapital.com**. Information about the Fund's proxy voting records is available by calling **(888) 228-1872**.

TSR-SAR 033126-BWVAX

---

| | | |
|:---|:---|:---|
| ![Sterling Capital](scf-logo.jpg) | Sterling Capital West Virginia Intermediate Tax-Free Fund<br>Class C (BWVCX) | March 31, 2026<br>SEMI-ANNUAL SHAREHOLDER<br>REPORT<br>**www.sterlingcapital.com** |

---

**This semi-annual shareholder report contains important information about Sterling Capital West Virginia Intermediate Tax-Free Fund for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://sterlingcapitalfunds.com/funds/. You can also request this information by contacting us at (888) 228-1872. This report describes material fund changes to the Fund that occurred during the year in the MATERIAL FUND CHANGES section of this report.**

#### What were the Fund's costs for the last six months?

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

---

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

---

#### KEY FUND STATISTICS (as of Period End)

---

| | |
|:---|:---|
| Net Assets | $48297625 |
| Number of Portfolio Holdings | 44 |
| Advisory Fee | $85887 |
| Portfolio Turnover | 5% |

---

![Holdings](bwvcx-holdings.jpg)

#### MATERIAL FUND CHANGES
As previously disclosed in a supplement to the Funds' Prospectuses and Statements of Additional Information filed on September 16, 2025, on August 28, 2025, Guardian Capital Group Limited ("Guardian"), the indirect parent company of Sterling Capital Management LLC, the investment adviser to each of the Funds, announced that it had entered into a definitive agreement 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 whereby DGAM will purchase all of the issued and outstanding shares of Guardian, other than certain Guardian shares held by specific shareholders who entered into equity rollover agreements to exchange certain of their Guardian shares for a combination of cash and shares in the capital of DGAM (the "Transaction"). The closing of the Transaction (the "Closing") occurred on March 23, 2026.

Sterling Capital is now an indirect, wholly-owned subsidiary of Desjardins. It is anticipated that Sterling Capital will continue to operate as a standalone entity. To provide continuity and stability, Sterling Capital's team of management and senior professionals will continue servicing Sterling Capital's clients, including the Funds.

As permitted by Rule 15a-4 under the 1940 Act ("Rule 15a-4"), if shareholder approval of the New Investment Advisory Agreement with respect to a Fund has not been obtained by the Closing, Sterling Capital will provide investment advisory services to any such Fund(s) under an Interim Investment Advisory Agreement between Sterling Capital and the Trust, on behalf of such Fund(s) (the "Interim Agreement"). The Interim Investment Advisory Agreement and New Investment Advisory Agreement was approved by the Board at an in-person meeting on November 18-19, 2025.

#### Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, and holdings, visit **www.sterlingcapital.com**. Information about the Fund's proxy voting records is available by calling **(888) 228-1872**.

TSR-SAR 033126-BWVCX

---

| | | |
|:---|:---|:---|
| ![Sterling Capital](scf-logo.jpg) | Sterling Capital West Virginia Intermediate Tax-Free Fund<br>Class Institutional (OWVAX) | March 31, 2026<br>SEMI-ANNUAL SHAREHOLDER<br>REPORT<br>**www.sterlingcapital.com** |

---

**This semi-annual shareholder report contains important information about Sterling Capital West Virginia Intermediate Tax-Free Fund for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://sterlingcapitalfunds.com/funds/. You can also request this information by contacting us at (888) 228-1872. This report describes material fund changes to the Fund that occurred during the year in the MATERIAL FUND CHANGES section of this report.**

#### What were the Fund's costs for the last six months?

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class Institutional | $31 | 0.62% |

---

#### KEY FUND STATISTICS (as of Period End)

---

| | |
|:---|:---|
| Net Assets | $48297625 |
| Number of Portfolio Holdings | 44 |
| Advisory Fee | $85887 |
| Portfolio Turnover | 5% |

---

![Holdings](owvax-holdings.jpg)

#### MATERIAL FUND CHANGES
As previously disclosed in a supplement to the Funds' Prospectuses and Statements of Additional Information filed on September 16, 2025, on August 28, 2025, Guardian Capital Group Limited ("Guardian"), the indirect parent company of Sterling Capital Management LLC, the investment adviser to each of the Funds, announced that it had entered into a definitive agreement 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 whereby DGAM will purchase all of the issued and outstanding shares of Guardian, other than certain Guardian shares held by specific shareholders who entered into equity rollover agreements to exchange certain of their Guardian shares for a combination of cash and shares in the capital of DGAM (the "Transaction"). The closing of the Transaction (the "Closing") occurred on March 23, 2026.

Sterling Capital is now an indirect, wholly-owned subsidiary of Desjardins. It is anticipated that Sterling Capital will continue to operate as a standalone entity. To provide continuity and stability, Sterling Capital's team of management and senior professionals will continue servicing Sterling Capital's clients, including the Funds.

As permitted by Rule 15a-4 under the 1940 Act ("Rule 15a-4"), if shareholder approval of the New Investment Advisory Agreement with respect to a Fund has not been obtained by the Closing, Sterling Capital will provide investment advisory services to any such Fund(s) under an Interim Investment Advisory Agreement between Sterling Capital and the Trust, on behalf of such Fund(s) (the "Interim Agreement"). The Interim Investment Advisory Agreement and New Investment Advisory Agreement was approved by the Board at an in-person meeting on November 18-19, 2025.

#### Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, and holdings, visit **www.sterlingcapital.com**. Information about the Fund's proxy voting records is available by calling **(888) 228-1872**.

TSR-SAR 033126-OWVAX

**Item 2. Code of Ethics.**

Not applicable – disclosed with annual report.

**Item 3. Audit Committee Financial Expert.**

Not applicable – disclosed with annual report.

**Item 4. Principal Accountant Fees and Services.**

Not applicable – disclosed with annual report.

**Item 5. Audit Committee of Listed Registrants.**

Not applicable – disclosed with annual report.

**Item 6. Schedule of Investments.**

The Registrant's schedule of investments in unaffiliated issuers is included in the Financial Statements under Item 7 of this form.

**Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.**

**STERLING CAPITAL FUNDS**

**FINANCIAL STATEMENTS**

---

| | |
|:---|:---|
| [Schedule of Investments (Unaudited)](#a_001) | [Page 2](#a_001) |
| [Statements of Assets and Liabilities (Unaudited)](#a_002) | [Page 61](#a_002) |
| [Statements of Operations (Unaudited)](#a_003) | [Page 65](#a_003) |
| [Statements of Changes in Net Assets](#a_004) | [Page 69](#a_004) |
| [Financial Highlights](#a_005) | [Page 79](#a_005) |
| [Notes to Financial Statements (Unaudited)](#a_006) | [Page 111](#a_006) |
| [Supplemental Information (Unaudited)](#a_007) | [Page 136](#a_007) |

---

**Sterling Capital Behavioral Large Cap Value Equity Fund**

**Schedule of Investments (Unaudited)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
| **COMMON STOCKS — 99.09%** | **COMMON STOCKS — 99.09%** |  |
|  | **Aerospace & Defense — 1.50%** |  |
| 1580 | &nbsp;&nbsp;&nbsp;Lockheed Martin Corporation, B | $954936 |
|  | **Air Freight & Logistics — 1.64%** |  |
| 2924 | &nbsp;&nbsp;&nbsp;FedEx Corporation | 1041470 |
|  | **Automobiles — 1.79%** |  |
| 6350 | &nbsp;&nbsp;&nbsp;Ford Motor Co. | 73279 |
| 14330 | &nbsp;&nbsp;&nbsp;General Motors Co. | 1067585 |
|  |  | 1140864 |
|  | **Banks — 7.88%** |  |
| 13397 | &nbsp;&nbsp;&nbsp;Citigroup, Inc. | 1519354 |
| 4269 | &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | 1255769 |
| 5430 | &nbsp;&nbsp;&nbsp;PNC Financial Services Group, Inc. | 1129929 |
| 21422 | &nbsp;&nbsp;&nbsp;U.S. Bancorp | 1114158 |
|  |  | 5019210 |
|  | **Biotechnology — 5.93%** |  |
| 4660 | &nbsp;&nbsp;&nbsp;AbbVie, Inc. | 1013503 |
| 2161 | &nbsp;&nbsp;&nbsp;Amgen, Inc. | 760348 |
| 7623 | &nbsp;&nbsp;&nbsp;Gilead Sciences, Inc. | 1062418 |
| 1220 | &nbsp;&nbsp;&nbsp;Regeneron Pharmaceuticals, Inc. | 942621 |
|  |  | 3778890 |
|  | **Broadline Retail — 0.82%** |  |
| 457 | &nbsp;&nbsp;&nbsp;Dillard's, Inc., Class A | 261454 |
| 14346 | &nbsp;&nbsp;&nbsp;Macy's, Inc. | 259519 |
|  |  | 520973 |
|  | **Capital Markets — 9.57%** |  |
| 8303 | &nbsp;&nbsp;&nbsp;Bank of New York Mellon Corp. (The) | 984985 |
| 9708 | &nbsp;&nbsp;&nbsp;Charles Schwab Corp. (The) | 912358 |
| 10352 | &nbsp;&nbsp;&nbsp;Franklin Resources, Inc. | 244514 |
| 1860 | &nbsp;&nbsp;&nbsp;Goldman Sachs Group, Inc. (The) | 1573540 |
| 11200 | &nbsp;&nbsp;&nbsp;Invesco Ltd. | 272048 |
| 7733 | &nbsp;&nbsp;&nbsp;Morgan Stanley | 1272619 |
| 1801 | &nbsp;&nbsp;&nbsp;Northern Trust Corp. | 251366 |
| 2294 | &nbsp;&nbsp;&nbsp;State Street Corp. | 290329 |
| 6506 | &nbsp;&nbsp;&nbsp;Virtu Financial, Inc., Class A | 286134 |
|  |  | 6087893 |
|  | **Chemicals — 0.54%** |  |
| 2654 | &nbsp;&nbsp;&nbsp;CF Industries Holdings, Inc. | 344595 |
|  | **Communications Equipment — 0.41%** |  |
| 3386 | &nbsp;&nbsp;&nbsp;Cisco Systems, Inc. | 262720 |
|  | **Construction & Engineering — 0.39%** |  |
| 624 | &nbsp;&nbsp;&nbsp;Valmont Industries, Inc. | 249332 |
|  | **Consumer Finance — 0.44%** |  |
| 4118 | &nbsp;&nbsp;&nbsp;Synchrony Financial | 280106 |
|  | **Consumer Staples Distribution & Retail — 1.31%** |  |
| 2030 | &nbsp;&nbsp;&nbsp;Dollar General Corp. | 241022 |
| 1888 | &nbsp;&nbsp;&nbsp;Dollar Tree, Inc.(a) | 206755 |
| 2360 | &nbsp;&nbsp;&nbsp;Maplebear Inc.(a) | 88406 |
| 3211 | &nbsp;&nbsp;&nbsp;US Foods Holding Corp.(a) | 296086 |
|  |  | 832269 |
|  | **Diversified Telecommunication Services — 4.75%** |  |
| 51906 | &nbsp;&nbsp;&nbsp;AT&T, Inc. | 1504755 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
| **COMMON STOCKS — (** **continued)** | **COMMON STOCKS — (** **continued)** |  |
| 30326 | &nbsp;&nbsp;&nbsp;Verizon Communications, Inc. | 1522365 |
|  |  | 3027120 |
|  | **Electric Utilities — 3.27%** |  |
| 8928 | &nbsp;&nbsp;&nbsp;Duke Energy Corp. | 1169033 |
| 4160 | &nbsp;&nbsp;&nbsp;Edison International | 304429 |
| 5670 | &nbsp;&nbsp;&nbsp;Exelon Corp. | 277943 |
| 2970 | &nbsp;&nbsp;&nbsp;PG&E Corporation | 52183 |
| 5320 | &nbsp;&nbsp;&nbsp;Portland General Electric Co. | 280736 |
|  |  | 2084324 |
|  | **Electrical Equipment — 0.42%** |  |
| 7599 | &nbsp;&nbsp;&nbsp;Sensata Technologies Holding PLC | 267637 |
|  | **Energy Equipment & Services — 2.76%** |  |
| 15270 | &nbsp;&nbsp;&nbsp;Baker Hughes Company | 932234 |
| 2670 | &nbsp;&nbsp;&nbsp;SLB Ltd. | 137211 |
| 5469 | &nbsp;&nbsp;&nbsp;TechnipFMC PLC | 378072 |
| 3280 | &nbsp;&nbsp;&nbsp;Weatherford International plc | 310222 |
|  |  | 1757739 |
|  | **Equity Real Estate - Investment Trusts -(Reits) — 0.10%** |  |
| 910 | &nbsp;&nbsp;&nbsp;WP Carey, Inc. | 61844 |
|  | **Food Products — 1.85%** |  |
| 5830 | &nbsp;&nbsp;&nbsp;Darling Ingredients, Inc.(a) | 360585 |
| 2720 | &nbsp;&nbsp;&nbsp;J M Smucker Company (The) | 262317 |
| 12210 | &nbsp;&nbsp;&nbsp;JBS N.V., Class A(a) | 219292 |
| 12164 | &nbsp;&nbsp;&nbsp;Smithfield Foods Inc. | 340227 |
|  |  | 1182421 |
|  | **Health Care Providers & Services — 6.19%** |  |
| 1390 | &nbsp;&nbsp;&nbsp;Cigna Group (The) | 370783 |
| 15287 | &nbsp;&nbsp;&nbsp;CVS Health Corp. | 1097911 |
| 1971 | &nbsp;&nbsp;&nbsp;HCA Healthcare, Inc. | 932756 |
| 1274 | &nbsp;&nbsp;&nbsp;McKesson Corp. | 1102468 |
| 1153 | &nbsp;&nbsp;&nbsp;Tenet Healthcare Corp.(a) | 217583 |
| 1212 | &nbsp;&nbsp;&nbsp;Universal Health Services, Inc., Class B | 216912 |
|  |  | 3938413 |
|  | **Health Care REITs — 0.35%** |  |
| 5141 | &nbsp;&nbsp;&nbsp;Omega Healthcare Investors, Inc. | 225279 |
|  | **Hotel & Resort REITs — 0.45%** |  |
| 14940 | &nbsp;&nbsp;&nbsp;Host Hotels & Resorts, Inc. | 286250 |
|  | **Hotels, Restaurants & Leisure — 1.30%** |  |
| 9350 | &nbsp;&nbsp;&nbsp;Carnival Corporation | 241978 |
| 1396 | &nbsp;&nbsp;&nbsp;Expedia, Inc. | 322323 |
| 3797 | &nbsp;&nbsp;&nbsp;Travel + Leisure Co. | 262714 |
|  |  | 827015 |
|  | **Household Products — 1.02%** |  |
| 4920 | &nbsp;&nbsp;&nbsp;Colgate-Palmolive Co. | 419332 |
| 10774 | &nbsp;&nbsp;&nbsp;Reynolds Consumer Products, Inc. | 228193 |
|  |  | 647525 |
|  | **Insurance — 4.69%** |  |
| 4783 | &nbsp;&nbsp;&nbsp;Allstate Corp. | 991708 |
| 2528 | &nbsp;&nbsp;&nbsp;Chubb Ltd. | 823951 |
| 5814 | &nbsp;&nbsp;&nbsp;Lincoln National Corp. | 206397 |
| 3318 | &nbsp;&nbsp;&nbsp;Travelers Cos., Inc. (The) | 967794 |
|  |  | 2989850 |
|  | **Machinery — 3.46%** |  |
| 809 | &nbsp;&nbsp;&nbsp;Caterpillar, Inc. | 573144 |

---

See accompanying notes to financial statements.

**Sterling Capital Behavioral Large Cap Value Equity Fund**

**Schedule of Investments (Unaudited) (continued)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
| **COMMON STOCKS — (** **continued)** | **COMMON STOCKS — (** **continued)** |  |
| 1678 | &nbsp;&nbsp;&nbsp;Cummins, Inc. | 902798 |
| 3892 | &nbsp;&nbsp;&nbsp;Flowserve Corporation | 286101 |
| 3870 | &nbsp;&nbsp;&nbsp;PACCAR, Inc. | 446985 |
|  |  | 2209028 |
|  | **Media — 1.28%** |  |
| 5274 | &nbsp;&nbsp;&nbsp;Fox Corporation, Class A | 308002 |
| 5103 | &nbsp;&nbsp;&nbsp;Fox Corporation, Class B | 270969 |
| 1306 | &nbsp;&nbsp;&nbsp;Nexstar Media Group, Inc. | 236164 |
|  |  | 815135 |
|  | **Metals & Mining — 3.96%** |  |
| 8412 | &nbsp;&nbsp;&nbsp;Anglogold Ashanti PLC | 818992 |
| 7986 | &nbsp;&nbsp;&nbsp;Newmont Goldcorp Corp. | 864485 |
| 4887 | &nbsp;&nbsp;&nbsp;Southern Copper Corp. | 840890 |
|  |  | 2524367 |
|  | **Multi-Utilities — 2.57%** |  |
| 15780 | &nbsp;&nbsp;&nbsp;Dominion Resources, Inc. | 975519 |
| 6811 | &nbsp;&nbsp;&nbsp;Sempra Energy | 661825 |
|  |  | 1637344 |
|  | **Oil & Gas Producers — 0.48%** |  |
| 4864 | &nbsp;&nbsp;&nbsp;HF Sinclair Corporation | 303465 |
|  | **Oil, Gas & Consumable Fuels — 8.73%** |  |
| 2260 | &nbsp;&nbsp;&nbsp;Chord Energy Corp. | 321327 |
| 7960 | &nbsp;&nbsp;&nbsp;EOG Resources, Inc. | 1150778 |
| 380 | &nbsp;&nbsp;&nbsp;Exxon Mobil Corp. | 64471 |
| 4621 | &nbsp;&nbsp;&nbsp;Marathon Petroleum Corp. | 1128356 |
| 5200 | &nbsp;&nbsp;&nbsp;Ovintiv, Inc. | 308672 |
| 14820 | &nbsp;&nbsp;&nbsp;Permian Resources Corp. | 315962 |
| 6262 | &nbsp;&nbsp;&nbsp;Phillips 66 | 1140811 |
| 4593 | &nbsp;&nbsp;&nbsp;Valero Energy Corp. | 1134838 |
|  |  | 5565215 |
|  | **Passenger Airlines — 0.59%** |  |
| 1602 | &nbsp;&nbsp;&nbsp;Delta Air Lines, Inc. | 106501 |
| 2900 | &nbsp;&nbsp;&nbsp;United Continental Holdings, Inc.(a) | 267003 |
|  |  | 373504 |
|  | **Pharmaceuticals — 4.19%** |  |
| 21111 | &nbsp;&nbsp;&nbsp;Bristol-Myers Squibb Co. | 1280382 |
| 375 | &nbsp;&nbsp;&nbsp;Jazz Pharmaceuticals PLC(a) | 70894 |
| 4120 | &nbsp;&nbsp;&nbsp;Johnson & Johnson | 1007093 |
| 23135 | &nbsp;&nbsp;&nbsp;Viatris, Inc. | 312554 |
|  |  | 2670923 |
|  | **Retail REITs — 2.77%** |  |
| 14484 | &nbsp;&nbsp;&nbsp;Realty Income Corp. | 886131 |
| 4697 | &nbsp;&nbsp;&nbsp;Simon Property Group, Inc. | 876131 |
|  |  | 1762262 |
|  | **Semiconductors & Semiconductor Equipment — 3.33%** |  |
| 2050 | &nbsp;&nbsp;&nbsp;Cirrus Logic, Inc.(a) | 296471 |
| 4033 | &nbsp;&nbsp;&nbsp;Lam Research Corp. | 861691 |
| 2853 | &nbsp;&nbsp;&nbsp;Micron Technology, Inc. | 963857 |
|  |  | 2122019 |
|  | **Software — 0.97%** |  |
| 2230 | &nbsp;&nbsp;&nbsp;BILL Holdings, Inc.(a) | 85409 |
| 7630 | &nbsp;&nbsp;&nbsp;RingCentral, Inc., Class A | 283760 |
| 9586 | &nbsp;&nbsp;&nbsp;Teradata Corporation(a) | 245689 |
|  |  | 614858 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
| **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** |  |
|  | **Specialized REITs — 0.32%** |  |
| 4060 | &nbsp;&nbsp;&nbsp;EPR Properties | 202838 |
|  | &nbsp;&nbsp;&nbsp;**Specialty Retail — 1.62%** |  |
| 10227 | &nbsp;&nbsp;&nbsp;Gap, Inc. (The) | 247493 |
| 2398 | &nbsp;&nbsp;&nbsp;Ross Stores, Inc. | 519479 |
| 504 | &nbsp;&nbsp;&nbsp;Ulta Beauty, Inc.(a) | 263446 |
|  |  | 1030418 |
|  | **Technology Hardware, Storage & Peripherals — 2.94%** |  |
| 6632 | &nbsp;&nbsp;&nbsp;Dell Technologies, Inc., Class C | 1088510 |
| 840 | &nbsp;&nbsp;&nbsp;Sandisk Corp(a) | 533686 |
| 915 | &nbsp;&nbsp;&nbsp;Western Digital Corp. | 247498 |
|  |  | 1869694 |
|  | **Technology Services — 0.37%** |  |
| 9066 | &nbsp;&nbsp;&nbsp;Amentum Holdings, Inc.(a) | 236441 |
|  | **Textiles, Apparel & Luxury Goods — 0.26%** |  |
| 2026 | &nbsp;&nbsp;&nbsp;Crocs, Inc.(a) | 168199 |
|  | &nbsp;&nbsp;&nbsp;**Tobacco — 1.88%** |  |
| 18194 | &nbsp;&nbsp;&nbsp;Altria Group, Inc. | 1200622 |
| Total Common Stocks | Total Common Stocks | 63115007 |
| (Cost $53,503,177) | (Cost $53,503,177) |  |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
| **MONEY MARKET FUNDS — 0.85%** | **MONEY MARKET FUNDS — 0.85%** |  |
| 538676 | &nbsp;&nbsp;&nbsp;Federated Hermes Treasury Obligations Fund, Institutional Shares, 3.58%(b) | 538676 |
| Total Money Market Funds | Total Money Market Funds | 538676 |
| (Cost $538,676) | (Cost $538,676) |  |
| Total Investments— 99.94% | Total Investments— 99.94% | 63653683 |
| (Cost $54,041,853) | (Cost $54,041,853) |  |
| Other Assets in Excess of Liabilities— 0.06% | Other Assets in Excess of Liabilities— 0.06% | 37205 |
| **NET ASSETS — 100.00%** | **NET ASSETS — 100.00%** | **63690888** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income producing security.

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

See accompanying notes to financial statements.

**Sterling Capital Behavioral Small Cap Value Equity Fund**

**Schedule of Investments (Unaudited)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
| **COMMON STOCKS — 99.30%** | **COMMON STOCKS — 99.30%** |  |
|  | **Automobile Components — 1.41%** |  |
| 17883 | &nbsp;&nbsp;&nbsp;Dana, Inc. | $601763 |
| 3091 | &nbsp;&nbsp;&nbsp;LCI Industries | 380131 |
|  |  | 981894 |
|  | **Automobiles — 0.33%** |  |
| 7490 | &nbsp;&nbsp;&nbsp;Winnebago Industries, Inc. | 232115 |
|  | **Automotive — 1.92%** |  |
| 44591 | &nbsp;&nbsp;&nbsp;American Axle & Manufacturing | 264425 |
|  | &nbsp;&nbsp;&nbsp;Holdings, Inc.(a) |  |
| 2684 | &nbsp;&nbsp;&nbsp;Aptiv Holdings Ltd.(a) | 186377 |
| 4580 | &nbsp;&nbsp;&nbsp;BorgWarner, Inc. | 248511 |
| 1954 | &nbsp;&nbsp;&nbsp;Lear Corp. | 236590 |
| 5849 | &nbsp;&nbsp;&nbsp;Phinia, Inc. | 400306 |
|  |  | 1336209 |
|  | **Banks — 17.51%** |  |
| 37188 | &nbsp;&nbsp;&nbsp;Capitol Federal Financial, Inc. | 265150 |
| 9186 | &nbsp;&nbsp;&nbsp;CNB Financial Corp. | 266027 |
| 5405 | &nbsp;&nbsp;&nbsp;Enterprise Financial Services Corp. | 292465 |
| 6109 | &nbsp;&nbsp;&nbsp;First Mid-Illinois Bancshares, Inc.(a) | 251630 |
| 1941 | &nbsp;&nbsp;&nbsp;HomeTrust Bancshares, Inc. | 82784 |
| 6337 | &nbsp;&nbsp;&nbsp;Orrstown Financial Services, Inc. | 228639 |
| 16088 | &nbsp;&nbsp;&nbsp;Provident Financial Services, Inc. | 340421 |
| 14089 | &nbsp;&nbsp;&nbsp;Shore Bancshares, Inc. | 263183 |
| 5658 | &nbsp;&nbsp;&nbsp;Third Coast Bancshares Inc.(a) | 214042 |
| 9090 | &nbsp;&nbsp;&nbsp;Valley National Bancorp | 111625 |
| 4028 | &nbsp;&nbsp;&nbsp;1st Source Corp. | 278778 |
| 1960 | &nbsp;&nbsp;&nbsp;Associated Banc-Corp. | 50686 |
| 6042 | &nbsp;&nbsp;&nbsp;Axos Financial, Inc.(a) | 514113 |
| 7631 | &nbsp;&nbsp;&nbsp;Bank of NT Butterfield & Son Ltd. (The) | 400475 |
| 10195 | &nbsp;&nbsp;&nbsp;BankUnited, Inc. | 460406 |
| 3616 | &nbsp;&nbsp;&nbsp;Burke & Herbert Financial Services Corp. | 225241 |
| 8741 | &nbsp;&nbsp;&nbsp;Business First Bancshares, Inc. | 236357 |
| 8653 | &nbsp;&nbsp;&nbsp;Byline Bancorp, Inc. | 273175 |
| 11374 | &nbsp;&nbsp;&nbsp;California BanCorp | 201547 |
| 7355 | &nbsp;&nbsp;&nbsp;Cathay General Bancorp | 366720 |
| 9319 | &nbsp;&nbsp;&nbsp;Civista Bancshares, Inc. | 212380 |
| 19930 | &nbsp;&nbsp;&nbsp;Columbia Banking System, Inc. | 546679 |
| 4605 | &nbsp;&nbsp;&nbsp;Community Trust Bancorp, Inc. | 279616 |
| 4771 | &nbsp;&nbsp;&nbsp;Customers Bancorp, Inc.(a) | 331155 |
| 3839 | &nbsp;&nbsp;&nbsp;First Financial Corp.(a) | 242625 |
| 9100 | &nbsp;&nbsp;&nbsp;First Merchants Corporation | 352443 |
| 6280 | &nbsp;&nbsp;&nbsp;Firstsun Capital Bancorp(a) | 228969 |
| 21070 | &nbsp;&nbsp;&nbsp;Fulton Financial Corp. | 428564 |
| 7384 | &nbsp;&nbsp;&nbsp;Hancock Whitney Corp. | 469548 |
| 9236 | &nbsp;&nbsp;&nbsp;Hanmi Financial Corp. | 243461 |
| 3666 | &nbsp;&nbsp;&nbsp;Home Bancorp, Inc. | 222086 |
| 7590 | &nbsp;&nbsp;&nbsp;Independent Bank Corp. Michigan | 252747 |
| 5074 | &nbsp;&nbsp;&nbsp;Mercantile Bank Corp. | 256237 |
| 12010 | &nbsp;&nbsp;&nbsp;NB Bancorp, Inc.(a) | 253051 |
| 2130 | &nbsp;&nbsp;&nbsp;Northeast Bank | 239348 |
| 17960 | &nbsp;&nbsp;&nbsp;Northfield Bancorp, Inc. | 243178 |
| 13630 | &nbsp;&nbsp;&nbsp;Northpointe Bancshares, Inc. | 235254 |
| 1561 | &nbsp;&nbsp;&nbsp;Popular, Inc. | 209439 |
| 2812 | &nbsp;&nbsp;&nbsp;Preferred Bank | 255020 |
| 5787 | &nbsp;&nbsp;&nbsp;South Plains Financial, Inc. | 242475 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
| **COMMON STOCKS — (** **continued)** | **COMMON STOCKS — (** **continued)** |  |
| 3540 | &nbsp;&nbsp;&nbsp;Tompkins Financial Corporation | 279094 |
| 4500 | &nbsp;&nbsp;&nbsp;Unity Bancorp, Inc. | 233235 |
| 10010 | &nbsp;&nbsp;&nbsp;Univest Financial Corp. | 342943 |
| 4288 | &nbsp;&nbsp;&nbsp;Zions Bancorp. | 247075 |
|  |  | 12170086 |
|  | **Biotech & Pharma — 1.28%** |  |
| 21138 | &nbsp;&nbsp;&nbsp;Amneal Pharmaceuticals, Inc.(a) | 262745 |
| 13512 | &nbsp;&nbsp;&nbsp;Innoviva, Inc.(a) | 314830 |
| 1076 | &nbsp;&nbsp;&nbsp;PTC Therapeutics, Inc.(a) | 73308 |
| 14610 | &nbsp;&nbsp;&nbsp;Theravance Biopharma Inc.(a) | 237120 |
|  |  | 888003 |
|  | **Biotechnology — 0.50%** |  |
| 3184 | &nbsp;&nbsp;&nbsp;Alkermes plc(a) | 112587 |
| 2144 | &nbsp;&nbsp;&nbsp;Aurinia Pharmaceuticals, Inc.(a) | 31774 |
| 1440 | &nbsp;&nbsp;&nbsp;Catalyst Pharmaceuticals, Inc.(a) | 35654 |
| 1700 | &nbsp;&nbsp;&nbsp;Exelixis, Inc.(a) | 72913 |
| 349 | &nbsp;&nbsp;&nbsp;Incyte Corp.(a) | 32848 |
| 3387 | &nbsp;&nbsp;&nbsp;Keros Therapeutics, Inc.(a) | 37392 |
| 818 | &nbsp;&nbsp;&nbsp;Rigel Pharmaceuticals, Inc.(a) | 22119 |
|  |  | 345287 |
|  | **Broadline Retail — 0.30%** |  |
| 11431 | &nbsp;&nbsp;&nbsp;Macy's, Inc. | 206787 |
|  | **Chemicals — 2.37%** |  |
| 2144 | &nbsp;&nbsp;&nbsp;Cabot Corp. | 161465 |
| 2614 | &nbsp;&nbsp;&nbsp;CF Industries Holdings, Inc. | 339402 |
| 4580 | &nbsp;&nbsp;&nbsp;DuPont de Nemours, Inc. | 209764 |
| 31275 | &nbsp;&nbsp;&nbsp;Ecovyst, Inc.(a) | 402197 |
| 3432 | &nbsp;&nbsp;&nbsp;Ingevity Corp.(a) | 244461 |
| 6807 | &nbsp;&nbsp;&nbsp;Intrepid Potash, Inc.(a) | 291135 |
|  |  | 1648424 |
|  | **Commercial Services & Supplies — 2.14%** |  |
| 2040 | &nbsp;&nbsp;&nbsp;Brink's Company (The) | 211405 |
| 3223 | &nbsp;&nbsp;&nbsp;Cimpress plc(a) | 235279 |
| 10240 | &nbsp;&nbsp;&nbsp;Deluxe Corp. | 282010 |
| 17977 | &nbsp;&nbsp;&nbsp;Interface, Inc. | 447986 |
| 28536 | &nbsp;&nbsp;&nbsp;Pitney Bowes Inc. | 315323 |
|  |  | 1492003 |
|  | **Commercial Support Services — 0.39%** |  |
| 14534 | &nbsp;&nbsp;&nbsp;Healthcare Services Group, Inc.(a) | 269606 |
|  | **Construction & Engineering — 2.03%** |  |
| 2690 | &nbsp;&nbsp;&nbsp;Granite Construction, Inc. | 322477 |
| 3673 | &nbsp;&nbsp;&nbsp;NWPX Infrastructure, Inc.(a) | 285980 |
| 10391 | &nbsp;&nbsp;&nbsp;Tutor Perini Corp.(a) | 802081 |
|  |  | 1410538 |
|  | **Consumer Finance — 2.09%** |  |
| 7249 | &nbsp;&nbsp;&nbsp;Bread Financial Holdings, Inc. | 542877 |
| 4190 | &nbsp;&nbsp;&nbsp;Encore Capital Group, Inc.(a) | 293803 |
| 2080 | &nbsp;&nbsp;&nbsp;Nelnet, Inc., A | 268237 |
| 5075 | &nbsp;&nbsp;&nbsp;Synchrony Financial | 345202 |
|  |  | 1450119 |
|  | **Consumer Staples Distribution & Retail — 0.60%** |  |
| 9243 | &nbsp;&nbsp;&nbsp;United Natural Foods, Inc.(a) | 416490 |
|  | **Containers & Packaging — 0.32%** |  |
| 55744 | &nbsp;&nbsp;&nbsp;Ardagh Metal Packaging SA | 225763 |

---

See accompanying notes to financial statements.

**Sterling Capital Behavioral Small Cap Value Equity Fund**

**Schedule of Investments (Unaudited) (continued)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
| **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** |  |
|  | **Distributors — 0.34%** |  |
| 5880 | &nbsp;&nbsp;&nbsp;Gold.com, Inc. | 235670 |
|  | **Diversified Consumer Services — 1.34%** |  |
| 400 | &nbsp;&nbsp;&nbsp;Graham Holdings Co., Class B | 422904 |
| 13741 | &nbsp;&nbsp;&nbsp;Perdoceo Education Corp. | 511303 |
|  |  | 934207 |
|  | **Diversified Telecommunication Services — 0.88%** |  |
| 87560 | &nbsp;&nbsp;&nbsp;Lumen Technologies, Inc. | 608542 |
|  | **Electric Utilities — 1.15%** |  |
| 3641 | &nbsp;&nbsp;&nbsp;Edison International | 266448 |
| 1229 | &nbsp;&nbsp;&nbsp;Eversource Energy | 85145 |
| 5113 | &nbsp;&nbsp;&nbsp;Otter Tail Corp. | 448769 |
|  |  | 800362 |
|  | **Electrical Equipment — 0.71%** |  |
| 1396 | &nbsp;&nbsp;&nbsp;EnerSys | 242513 |
| 10670 | &nbsp;&nbsp;&nbsp;Kimball Electronics, Inc.(a) | 252772 |
|  |  | 495285 |
|  | **Electronic Equipment, Instruments & Components — 0.83%** |  |
| 2824 | &nbsp;&nbsp;&nbsp;Sanmina Corporation(a) | 366104 |
| 5728 | &nbsp;&nbsp;&nbsp;ScanSource, Inc.(a) | 207926 |
|  |  | 574030 |
|  | **Equity Real Estate Investment Trusts (REITs) — 0.69%** |  |
| 13119 | &nbsp;&nbsp;&nbsp;Alpine Income Property Trust, Inc. | 236142 |
| 13271 | &nbsp;&nbsp;&nbsp;American Assets Trust, Inc. | 244319 |
|  |  | 480461 |
|  | **Financial Services — 3.22%** |  |
| 7891 | &nbsp;&nbsp;&nbsp;Banco Latinoamericano de Comercio Exterior SA, Class E | 403072 |
| 4749 | &nbsp;&nbsp;&nbsp;Enact Holdings, Inc. | 193807 |
| 7867 | &nbsp;&nbsp;&nbsp;Jackson Financial Corp. | 831700 |
| 21791 | &nbsp;&nbsp;&nbsp;Pagseguro Digital Ltd., Class A | 218346 |
| 11988 | &nbsp;&nbsp;&nbsp;Radian Group, Inc. | 396563 |
| 10727 | &nbsp;&nbsp;&nbsp;Velocity Financial, Inc.(a) | 194051 |
|  |  | 2237539 |
|  | **Food — 0.34%** |  |
| 15834 | &nbsp;&nbsp;&nbsp;Herbalife Ltd.(a) | 233076 |
|  | **Food Products — 1.50%** |  |
| 47630 | &nbsp;&nbsp;&nbsp;B&G Foods, Inc. | 229100 |
| 3570 | &nbsp;&nbsp;&nbsp;Darling Ingredients, Inc.(a) | 220805 |
| 6876 | &nbsp;&nbsp;&nbsp;Fresh Del Monte Produce, Inc. | 276828 |
| 11300 | &nbsp;&nbsp;&nbsp;Smithfield Foods Inc. | 316061 |
|  |  | 1042794 |
|  | **Gas Utilities — 1.38%** |  |
| 3207 | &nbsp;&nbsp;&nbsp;National Fuel Gas Co. | 301330 |
| 3440 | &nbsp;&nbsp;&nbsp;New Jersey Resources Corp. | 188925 |
| 5406 | &nbsp;&nbsp;&nbsp;ONE Gas, Inc. | 465618 |
|  |  | 955873 |
|  | **Health Care Equipment & Supplies — 0.48%** |  |
| 19444 | &nbsp;&nbsp;&nbsp;Avanos Medical, Inc.(a) | 272410 |
| 4548 | &nbsp;&nbsp;&nbsp;Inmode Ltd.(a) | 62217 |
|  |  | 334627 |
|  | **Health Care Facilities & Services — 1.01%** |  |
| 22686 | &nbsp;&nbsp;&nbsp;Pediatrix Medical Group, Inc.(a) | 485254 |
| 12637 | &nbsp;&nbsp;&nbsp;Progyny, Inc.(a) | 214576 |
|  |  | 699830 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
| **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** |  |
|  | **Health Care Providers & Services — 3.48%** |  |
| 25464 | &nbsp;&nbsp;&nbsp;AdaptHealth Corp.(a) | 303022 |
| 13460 | &nbsp;&nbsp;&nbsp;AMN Healthcare Services, Inc.(a) | 246856 |
| 6290 | &nbsp;&nbsp;&nbsp;Centene Corp.(a) | 205935 |
| 23400 | &nbsp;&nbsp;&nbsp;Cross Country Healthcare, Inc.(a) | 219960 |
| 1554 | &nbsp;&nbsp;&nbsp;DaVita, Inc.(a) | 238834 |
| 2811 | &nbsp;&nbsp;&nbsp;Encompass Health Corp. | 271908 |
| 1225 | &nbsp;&nbsp;&nbsp;Nutex Health, Inc.(a) | 116424 |
| 5969 | &nbsp;&nbsp;&nbsp;PACS Group, Inc.(a) | 191724 |
| 1918 | &nbsp;&nbsp;&nbsp;Tenet Healthcare Corp.(a) | 361946 |
| 1489 | &nbsp;&nbsp;&nbsp;Universal Health Services, Inc., Class B | 266486 |
|  |  | 2423095 |
|  | **Health Care REITs — 0.49%** |  |
| 51202 | &nbsp;&nbsp;&nbsp;Diversified Healthcare Trust | 339981 |
|  | **Health Care Technology — 0.05%** |  |
| 6083 | &nbsp;&nbsp;&nbsp;Teladoc Health, Inc.(a) | 33152 |
|  | **Hotel & Resort Reits — 0.47%** |  |
| 31210 | &nbsp;&nbsp;&nbsp;Park Hotels & Resorts, Inc. | 328641 |
|  | **Hotel & Resort REITs — 1.20%** |  |
| 27875 | &nbsp;&nbsp;&nbsp;Apple Hospitality REIT, Inc. | 320841 |
| 31495 | &nbsp;&nbsp;&nbsp;DiamondRock Hospitality Co. | 295108 |
| 11438 | &nbsp;&nbsp;&nbsp;Host Hotels & Resorts, Inc. | 219152 |
|  |  | 835101 |
|  | **Hotels, Restaurants & Leisure — 0.37%** |  |
| 3685 | &nbsp;&nbsp;&nbsp;Travel + Leisure Co. | 254965 |
|  | **Household Durables — 0.34%** |  |
| 2130 | &nbsp;&nbsp;&nbsp;Hovnanian Enterprises, Inc., Class A(a) | 236238 |
|  | **Household Products — 0.35%** |  |
| 7600 | &nbsp;&nbsp;&nbsp;Central Garden & Pet Co., Class A(a) | 246392 |
|  | **Independent Power/Renewable Electricity Producers — 0.39%** |  |
| 25550 | &nbsp;&nbsp;&nbsp;NextEra Energy Partners LP | 271341 |
|  | **Industrial Intermediate Prod — 0.34%** |  |
| 1897 | &nbsp;&nbsp;&nbsp;AZZ, Inc. | 237372 |
|  | **Industrial REITs — 0.37%** |  |
| 5081 | &nbsp;&nbsp;&nbsp;Innovative Industrial Properties, Inc. | 254863 |
|  | **Industrial Support Services — 0.31%** |  |
| 12732 | &nbsp;&nbsp;&nbsp;Titan Machinery, Inc.(a) | 212879 |
|  | **Insurance — 6.16%** |  |
| 2221 | &nbsp;&nbsp;&nbsp;Assured Guaranty Ltd. | 180967 |
| 3360 | &nbsp;&nbsp;&nbsp;Axis Capital Holdings Ltd. | 340738 |
| 4530 | &nbsp;&nbsp;&nbsp;CAN Financial Corp. | 208018 |
| 10550 | &nbsp;&nbsp;&nbsp;CNO Financial Group, Inc. | 433182 |
| 13223 | &nbsp;&nbsp;&nbsp;Donegal Group Inc., Class A | 227171 |
| 3570 | &nbsp;&nbsp;&nbsp;First American Financial Corp. | 215235 |
| 1380 | &nbsp;&nbsp;&nbsp;HCI Group, Inc. | 213362 |
| 16284 | &nbsp;&nbsp;&nbsp;Heritage Insurance Holdings, Inc.(a) | 427455 |
| 5902 | &nbsp;&nbsp;&nbsp;Lincoln National Corp. | 209521 |
| 1003 | &nbsp;&nbsp;&nbsp;Reinsurance Group of America, Inc. | 204772 |
| 743 | &nbsp;&nbsp;&nbsp;RenaissanceRe Holdings, Ltd. | 220842 |
| 13607 | &nbsp;&nbsp;&nbsp;SiriusPoint Ltd.(a) | 293095 |
| 15970 | &nbsp;&nbsp;&nbsp;Slide Insurance Holdings, Inc.(a) | 287460 |
| 7942 | &nbsp;&nbsp;&nbsp;United Fire Group, Inc. | 294331 |
| 19580 | &nbsp;&nbsp;&nbsp;United Insurance Holdings Corp.(a) | 220275 |
| 8932 | &nbsp;&nbsp;&nbsp;Universal Insurance Holdings, Inc. | 305117 |
|  |  | 4281541 |

---

See accompanying notes to financial statements.

**Sterling Capital Behavioral Small Cap Value Equity Fund**

**Schedule of Investments (Unaudited) (continued)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
| **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** |  |
|  | **Internet Media & Services — 0.66%** | **Internet Media & Services — 0.66%** |
| 7511 | &nbsp;&nbsp;&nbsp;EverQuote, Inc.(a) | 115820 |
| 14400 | &nbsp;&nbsp;&nbsp;Lyft, Inc., Class A(a) | 191520 |
| 13569 | &nbsp;&nbsp;&nbsp;Upwork, Inc.(a) | 148716 |
|  |  | 456056 |
|  | **Leisure Products — 1.31%** |  |
| 21240 | &nbsp;&nbsp;&nbsp;Callaway Golf Company(a) | 294811 |
| 6829 | &nbsp;&nbsp;&nbsp;Polaris, Inc. | 372180 |
| 16790 | &nbsp;&nbsp;&nbsp;Smith & Wesson Brands, Inc. | 240601 |
|  |  | 907592 |
|  | **Machinery — 1.50%** |  |
| 1853 | &nbsp;&nbsp;&nbsp;AGCO Corp. | 214707 |
| 3971 | &nbsp;&nbsp;&nbsp;Blue Bird Corporation(a) | 225513 |
| 11032 | &nbsp;&nbsp;&nbsp;Kennametal, Inc. | 398586 |
| 16545 | &nbsp;&nbsp;&nbsp;Luxfer Holdings plc | 201518 |
|  |  | 1040324 |
|  | **Marine Transportation — 0.71%** |  |
| 3010 | &nbsp;&nbsp;&nbsp;Matson, Inc. | 493459 |
|  | **Media — 1.22%** |  |
| 3838 | &nbsp;&nbsp;&nbsp;Fox Corporation, Class A | 224139 |
| 4079 | &nbsp;&nbsp;&nbsp;Fox Corporation, Class B | 216595 |
| 870 | &nbsp;&nbsp;&nbsp;Nexstar Media Group, Inc. | 157322 |
| 6400 | &nbsp;&nbsp;&nbsp;Scholastic Corp. | 249984 |
|  |  | 848040 |
|  | **Metals & Mining — 2.41%** |  |
| 4244 | &nbsp;&nbsp;&nbsp;Alcoa Corporation | 281505 |
| 11330 | &nbsp;&nbsp;&nbsp;Coeur Mining, Inc.(a) | 212664 |
| 10772 | &nbsp;&nbsp;&nbsp;Compass Minerals International, Inc. | 251526 |
| 14580 | &nbsp;&nbsp;&nbsp;Constellium SE(a) | 358376 |
| 19120 | &nbsp;&nbsp;&nbsp;SSR Mining, Inc. | 562128 |
|  |  | 1666199 |
|  | **Mortgage Real Estate Investment - Trusts (Reits) — 0.78%** |  |
| 9840 | &nbsp;&nbsp;&nbsp;Annaly Capital Management, Inc. | 208116 |
| 19890 | &nbsp;&nbsp;&nbsp;ARMOUR Residential REIT, Inc. | 331765 |
|  |  | 539881 |
|  | **Mortgage Real Estate Investment Trusts (REITs) — 0.25%** |  |
| 18260 | &nbsp;&nbsp;&nbsp;Rithm Capital Corp. | 173105 |
|  | **Multi-Utilities — 0.37%** |  |
| 4960 | &nbsp;&nbsp;&nbsp;Unitil Corporation | 259110 |
|  | **Office REITs — 0.22%** |  |
| 5524 | &nbsp;&nbsp;&nbsp;Kilroy Realty Corp. | 155832 |
|  | **Oil & Gas Producers — 1.56%** |  |
| 6030 | &nbsp;&nbsp;&nbsp;California Resources Corp. | 417396 |
| 10250 | &nbsp;&nbsp;&nbsp;CNX Resources Corp.(a) | 395138 |
| 4364 | &nbsp;&nbsp;&nbsp;HF Sinclair Corporation | 272270 |
|  |  | 1084804 |
|  | **Oil & Gas Services & Equipment — 0.92%** |  |
| 34910 | &nbsp;&nbsp;&nbsp;Patterson-UTI Energy, Inc. | 378075 |
| 39495 | &nbsp;&nbsp;&nbsp;Transocean Ltd. | 261852 |
|  |  | 639927 |
|  | **Oil, Gas & Consumable Fuels — 3.76%** |  |
| 8135 | &nbsp;&nbsp;&nbsp;APA Corp. | 345249 |
| 1510 | &nbsp;&nbsp;&nbsp;Chord Energy Corp. | 214692 |
| 3520 | &nbsp;&nbsp;&nbsp;Ovintiv, Inc. | 208947 |
| 7200 | &nbsp;&nbsp;&nbsp;Par Pacific Holdings, Inc.(a) | 451008 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
| **COMMON STOCKS — (** **continued)** | **COMMON STOCKS — (** **continued)** |  |
| 10030 | &nbsp;&nbsp;&nbsp;Permian Resources Corp. | 213840 |
| 5589 | &nbsp;&nbsp;&nbsp;Scorpio Tankers, Inc. | 417275 |
| 25134 | &nbsp;&nbsp;&nbsp;Talos Energy, Inc.(a) | 396112 |
| 4935 | &nbsp;&nbsp;&nbsp;Teekay Tankers Ltd., Class A | 361834 |
|  |  | 2608957 |
|  | **Paper & Forest Products — 0.35%** |  |
| 25240 | &nbsp;&nbsp;&nbsp;Magnera Corp.(a) | 240032 |
|  | &nbsp;&nbsp;&nbsp;**Passenger Airlines — 1.66%** |  |
| 2640 | &nbsp;&nbsp;&nbsp;Allegiant Travel Co.(a) | 213946 |
| 1842 | &nbsp;&nbsp;&nbsp;Copa Holdings SA, Class A | 209270 |
| 5624 | &nbsp;&nbsp;&nbsp;SkyWest, Inc.(a) | 516452 |
| 2291 | &nbsp;&nbsp;&nbsp;United Continental Holdings, Inc.(a) | 210932 |
|  |  | 1150600 |
|  | **Pharmaceuticals — 3.03%** |  |
| 9261 | &nbsp;&nbsp;&nbsp;Amphastar Pharmaceuticals, Inc.(a) | 181423 |
| 2468 | &nbsp;&nbsp;&nbsp;ANI Pharmaceuticals, Inc.(a) | 189789 |
| 5652 | &nbsp;&nbsp;&nbsp;Collegium Pharmaceutical, Inc.(a) | 186912 |
| 5455 | &nbsp;&nbsp;&nbsp;Harmony Biosciences Holdings, Inc.(a) | 152795 |
| 1736 | &nbsp;&nbsp;&nbsp;Jazz Pharmaceuticals PLC(a) | 328191 |
| 49782 | &nbsp;&nbsp;&nbsp;Organon & Co. | 298194 |
| 10010 | &nbsp;&nbsp;&nbsp;Pacira Pharmaceuticals, Inc./DE(a) | 226226 |
| 6553 | &nbsp;&nbsp;&nbsp;Royalty Pharma PLC, Class A | 314347 |
| 17129 | &nbsp;&nbsp;&nbsp;Viatris, Inc. | 231413 |
|  |  | 2109290 |
|  | **Professional Services — 0.28%** |  |
| 7346 | &nbsp;&nbsp;&nbsp;IBEX Holdings Ltd(a) | 197020 |
|  | **Real Estate Management & Development — 0.57%** |  |
| 9598 | &nbsp;&nbsp;&nbsp;Forestar Group, Inc.(a) | 234575 |
| 10568 | &nbsp;&nbsp;&nbsp;RMR Group, Inc. (The), Class A | 163487 |
|  |  | 398062 |
|  | **Real Estate Services — 0.42%** |  |
| 23891 | &nbsp;&nbsp;&nbsp;Cushman & Wakefield Ltd.(a) | 292904 |
|  | **REIT — 0.95%** |  |
| 4732 | &nbsp;&nbsp;&nbsp;National Retail Properties, Inc. | 198886 |
| 13785 | &nbsp;&nbsp;&nbsp;Postal Realty Trust, Inc., Class A | 255849 |
| 7936 | &nbsp;&nbsp;&nbsp;Vornado Realty Trust | 206257 |
|  |  | 660992 |
|  | **Retail - Discretionary — 1.02%** |  |
| 23510 | &nbsp;&nbsp;&nbsp;Kohl's Corp. | 303279 |
| 6140 | &nbsp;&nbsp;&nbsp;Rush Enterprises, Inc., Class A | 405915 |
|  |  | 709194 |
|  | **Semiconductors — 0.25%** |  |
| 9776 | &nbsp;&nbsp;&nbsp;Penguin Solutions, Inc.(a) | 172058 |
|  | **Semiconductors & Semiconductor Equipment — 1.91%** |  |
| 8739 | &nbsp;&nbsp;&nbsp;Amkor Technology, Inc. | 393517 |
| 1707 | &nbsp;&nbsp;&nbsp;Cirrus Logic, Inc.(a) | 246866 |
| 12776 | &nbsp;&nbsp;&nbsp;Photronics, Inc.(a) | 516278 |
| 3171 | &nbsp;&nbsp;&nbsp;Skyworks Solutions, Inc. | 169807 |
|  |  | 1326468 |
|  | **Software — 1.99%** |  |
| 7847 | &nbsp;&nbsp;&nbsp;Computer Programs & Systems, Inc.(a) | 114880 |
| 9198 | &nbsp;&nbsp;&nbsp;Consensus Cloud Solutions, Inc.(a) | 218361 |
| 7784 | &nbsp;&nbsp;&nbsp;GigaCloud Technology Inc, Class A(a) | 353238 |
| 8919 | &nbsp;&nbsp;&nbsp;Pagaya Technologies Ltd.(a) | 103906 |
| 8478 | &nbsp;&nbsp;&nbsp;RingCentral, Inc., Class A | 315297 |

---

See accompanying notes to financial statements.

**Sterling Capital Behavioral Small Cap Value Equity Fund**

**Schedule of Investments (Unaudited) (continued)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
| **COMMON STOCKS — (** **continued)** | **COMMON STOCKS — (** **continued)** |  |
| 10851 | &nbsp;&nbsp;&nbsp;Teradata Corporation(a) | 278111 |
|  |  | 1383793 |
|  | **Specialized REITs — 1.70%** |  |
| 3980 | &nbsp;&nbsp;&nbsp;EPR Properties | 198841 |
| 16350 | &nbsp;&nbsp;&nbsp;Millrose Properties, Inc. | 457801 |
| 18362 | &nbsp;&nbsp;&nbsp;Safehold, Inc. | 248438 |
| 9864 | &nbsp;&nbsp;&nbsp;VICI Properties, Inc. | 269484 |
|  |  | 1174564 |
|  | **Specialty Finance — 0.64%** |  |
| 4732 | &nbsp;&nbsp;&nbsp;Ally Financial, Inc. | 185636 |
| 27170 | &nbsp;&nbsp;&nbsp;MFA Financial Inc | 260289 |
|  |  | 445925 |
|  | **Specialty Retail — 3.38%** |  |
| 2330 | &nbsp;&nbsp;&nbsp;Abercrombie & Fitch Co., Class A(a) | 212892 |
| 21180 | &nbsp;&nbsp;&nbsp;American Eagle Outfitters, Inc. | 353706 |
| 4218 | &nbsp;&nbsp;&nbsp;Buckle, Inc. | 212418 |
| 7498 | &nbsp;&nbsp;&nbsp;Gap, Inc. (The) | 181452 |
| 22590 | &nbsp;&nbsp;&nbsp;Sally Beauty Holdings, Inc.(a) | 312872 |
| 8216 | &nbsp;&nbsp;&nbsp;Signet Jewelers Ltd. | 695403 |
| 8100 | &nbsp;&nbsp;&nbsp;Victoria's Secret & Co.(a) | 375516 |
|  |  | 2344259 |
|  | **Steel — 0.57%** |  |
| 6500 | &nbsp;&nbsp;&nbsp;Commercial Metals Co. | 399295 |
|  | **Technology Hardware — 1.47%** |  |
| 3774 | &nbsp;&nbsp;&nbsp;Flex Ltd.(a) | 247046 |
| 10867 | &nbsp;&nbsp;&nbsp;NetScout Systems, Inc.(a) | 345462 |
| 9346 | &nbsp;&nbsp;&nbsp;ViaSat, Inc.(a) | 428046 |
|  |  | 1020554 |
|  | **Technology Hardware, Storage & Peripherals — 0.34%** |  |
| 3140 | &nbsp;&nbsp;&nbsp;Diebold Nixdorf, Inc.(a) | 236882 |
|  | **Technology Services — 0.35%** |  |
| 19388 | &nbsp;&nbsp;&nbsp;DXC Technology Co.(a) | 243707 |
|  | **Telecommunications — 0.57%** |  |
| 7730 | &nbsp;&nbsp;&nbsp;Iridium Communications, Inc. | 214431 |
| 2426 | &nbsp;&nbsp;&nbsp;Millicom International Cellular S.A. | 181804 |
|  |  | 396235 |
|  | **Trading Companies & Distributors — 0.30%** |  |
| 1520 | &nbsp;&nbsp;&nbsp;AerCap Holdings N.V.(a) | 208514 |
|  | **Wholesale - Discretionary — 0.51%** |  |
| 12174 | &nbsp;&nbsp;&nbsp;KAR Auction Services, Inc.(a) | 354872 |
| Total Common Stocks | Total Common Stocks | 68999687 |
| (Cost $58,570,480) | (Cost $58,570,480) |  |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
| **MONEY MARKET FUNDS — 0.61%** | **MONEY MARKET FUNDS — 0.61%** |  |
| 424073 | Federated Hermes Treasury Obligations Fund, Institutional Shares, 3.58%(b) | 424073 |
| Total Money Market Funds | Total Money Market Funds | 424073 |
| (Cost $424,073) | (Cost $424,073) |  |
| Total Investments— 99.91% | Total Investments— 99.91% | 69423760 |
| (Cost $58,994,553) | (Cost $58,994,553) |  |
| Other Assets in Excess of Liabilities— 0.09% | Other Assets in Excess of Liabilities— 0.09% | 60335 |
| **NET ASSETS — 100.00%** | **NET ASSETS — 100.00%** | **69484095** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income producing security.

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

See accompanying notes to financial statements.

**Sterling Capital Special Opportunities Fund**

**Schedule of Investments (Unaudited)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
| **COMMON STOCKS — 95.65%** | **COMMON STOCKS — 95.65%** |  |
|  | **Asset Management — 0.51%** |  |
| 14231 | &nbsp;&nbsp;&nbsp;Apollo Global Management, Inc. | $1585618 |
|  | **Biotechnology — 3.68%** |  |
| 57403 | &nbsp;&nbsp;&nbsp;Natera, Inc.(a) | 11480026 |
|  | **Capital Markets — 5.03%** |  |
| 110669 | &nbsp;&nbsp;&nbsp;Charles Schwab Corp. (The) | 10400673 |
| 12438 | &nbsp;&nbsp;&nbsp;S&P Global, Inc. | 5290379 |
|  |  | 15691052 |
|  | **Communications Equipment — 1.06%** |  |
| 11414 | &nbsp;&nbsp;&nbsp;F5, Inc.(a) | 3302413 |
|  | **Construction Materials — 2.94%** |  |
| 87294 | &nbsp;&nbsp;&nbsp;CRH PLC | 9176345 |
|  | **Entertainment — 3.25%** |  |
| 51266 | &nbsp;&nbsp;&nbsp;Take-Two Interactive Software, Inc.(a) | 10125035 |
|  | **Health Care Equipment & Supplies — 3.82%** |  |
| 44075 | &nbsp;&nbsp;&nbsp;Danaher Corp. | 8356620 |
| 56356 | &nbsp;&nbsp;&nbsp;DexCom, Inc.(a) | 3539157 |
|  |  | 11895777 |
|  | **Health Care Facilities & Services — 2.50%** |  |
| 28756 | &nbsp;&nbsp;&nbsp;UnitedHealth Group, Inc. | 7781086 |
|  | **Health Care Providers & Services — 0.52%** |  |
| 3400 | &nbsp;&nbsp;&nbsp;HCA Healthcare, Inc. | 1609016 |
|  | **Household Durables — 2.83%** |  |
| 101623 | &nbsp;&nbsp;&nbsp;Lennar Corporation, Class A | 8824941 |
|  | **Interactive Media & Services — 5.54%** |  |
| 60217 | &nbsp;&nbsp;&nbsp;Alphabet, Inc., Class C | 17273848 |
|  | **Internet & Direct Marketing Retail — 4.45%** |  |
| 66571 | &nbsp;&nbsp;&nbsp;Amazon.com, Inc.(a) | 13864742 |
|  | **IT Services — 4.84%** |  |
| 103741 | &nbsp;&nbsp;&nbsp;Akamai Technologies, Inc.(a) | 11914653 |
| 5849 | &nbsp;&nbsp;&nbsp;CACI International, Inc., Class A(a) | 3181096 |
|  |  | 15095749 |
|  | **Machinery — 4.16%** |  |
| 8412 | &nbsp;&nbsp;&nbsp;Deere & Co. | 4738480 |
| 74125 | &nbsp;&nbsp;&nbsp;Mueller Industries, Inc. | 8213050 |
|  |  | 12951530 |
|  | **Oil & Gas Producers — 2.00%** |  |
| 69122 | &nbsp;&nbsp;&nbsp;ONEOK, Inc. | 6247938 |
|  | **Pharmaceuticals — 6.74%** |  |
| 14378 | &nbsp;&nbsp;&nbsp;Eli Lilly & Co. | 13224453 |
| 259087 | &nbsp;&nbsp;&nbsp;Teva Pharmaceutical Industries Ltd. - ADR(a) | 7803700 |
|  |  | 21028153 |
|  | **Professional Services — 2.57%** |  |
| 42215 | &nbsp;&nbsp;&nbsp;Verisk Analytics, Inc. | 8010296 |
|  | **Real Estate Management & Development — 1.96%** |  |
| 45002 | &nbsp;&nbsp;&nbsp;CBRE Group, Inc., Class A(a) | 6095971 |
|  | **Semiconductors — 8.00%** |  |
| 31424 | &nbsp;&nbsp;&nbsp;Coherent Corp.(a) | 7485511 |
| 176179 | &nbsp;&nbsp;&nbsp;Marvell Technology, Inc. | 17450530 |
|  |  | 24936041 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
| **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** |  |
|  | **Semiconductors & Semiconductor Equipment — 10.21%** |  |
| 125392 | &nbsp;&nbsp;&nbsp;NVIDIA Corp. | 21868365 |
| 42795 | &nbsp;&nbsp;&nbsp;NXP Semiconductors N.V. | 8424624 |
| 16596 | &nbsp;&nbsp;&nbsp;Universal Display Corporation | 1521189 |
|  |  | 31814178 |
|  | **Software — 13.63%** |  |
| 9978 | &nbsp;&nbsp;&nbsp;Intuit, Inc. | 4314288 |
| 35440 | &nbsp;&nbsp;&nbsp;Microsoft Corp. | 13118826 |
| 78375 | &nbsp;&nbsp;&nbsp;Oracle Corp. | 11529746 |
| 28431 | &nbsp;&nbsp;&nbsp;ServiceNow, Inc.(a) | 2972461 |
| 26617 | &nbsp;&nbsp;&nbsp;Synopsys, Inc.(a) | 10553108 |
|  |  | 42488429 |
|  | **Technology Services — 3.31%** |  |
| 34163 | &nbsp;&nbsp;&nbsp;Visa, Inc., Class A | 10325425 |
|  | **Wireless Telecommunication Services — 2.10%** |  |
| 31157 | &nbsp;&nbsp;&nbsp;T-Mobile US, Inc. | 6543905 |
| Total Common Stocks | Total Common Stocks | 298147514 |
| (Cost $185,033,862) | (Cost $185,033,862) |  |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
| **MONEY MARKET FUNDS — 4.48%** | **MONEY MARKET FUNDS — 4.48%** |  |
| 13951323 | &nbsp;&nbsp;&nbsp;Federated Hermes Treasury Obligations Fund, Institutional Shares, 3.58%(b) | 13951323 |
| Total Money Market Funds | Total Money Market Funds | 13951323 |
| (Cost $13,951,323) | (Cost $13,951,323) |  |
| Total Investments— 100.13% | Total Investments— 100.13% | 312098837 |
| (Cost $198,985,185) | (Cost $198,985,185) |  |
| Liabilities in Excess of Other Assets — (0.13)% | Liabilities in Excess of Other Assets — (0.13)% | (398928) |
| **NET ASSETS — 100.00%** | **NET ASSETS — 100.00%** | **311699909** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income producing security.

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

See accompanying notes to financial statements.

**Sterling Capital Equity Income Fund**

**Schedule of Investments (Unaudited)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
| **COMMON STOCKS — 96.21%** | **COMMON STOCKS — 96.21%** |  |
|  | **Banks — 4.01%** |  |
| 85350 | &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | $25106556 |
|  | **Beverages — 3.66%** |  |
| 147430 | &nbsp;&nbsp;&nbsp;PepsiCo, Inc. | 22894405 |
|  | **Biotechnology — 3.34%** |  |
| 96085 | &nbsp;&nbsp;&nbsp;AbbVie, Inc. | 20897526 |
|  | **Capital Markets — 13.24%** |  |
| 53585 | &nbsp;&nbsp;&nbsp;Ameriprise Financial, Inc. | 23813174 |
| 278056 | &nbsp;&nbsp;&nbsp;Charles Schwab Corp. (The) | 26131702 |
| 11300 | &nbsp;&nbsp;&nbsp;Goldman Sachs Group, Inc. (The) | 9559687 |
| 114046 | &nbsp;&nbsp;&nbsp;Nasdaq, Inc. | 9681365 |
| 95339 | &nbsp;&nbsp;&nbsp;Raymond James Financial, Inc. | 13804134 |
|  |  | 82990062 |
|  | **Chemicals — 4.59%** |  |
| 58046 | &nbsp;&nbsp;&nbsp;New Linde PLC | 28776885 |
|  | **Commercial Support Services — 4.69%** |  |
| 127963 | &nbsp;&nbsp;&nbsp;Waste Management, Inc. | 29404618 |
|  | **Communications Equipment — 4.24%** |  |
| 61159 | &nbsp;&nbsp;&nbsp;Motorola Solutions, Inc. | 26541172 |
|  | **Consumer Finance — 3.40%** |  |
| 70367 | &nbsp;&nbsp;&nbsp;American Express Company | 21284610 |
|  | **Electric Utilities — 4.25%** |  |
| 275658 | &nbsp;&nbsp;&nbsp;Southern Co. (The) | 26606510 |
|  | **Electrical Equipment — 6.66%** |  |
| 64869 | &nbsp;&nbsp;&nbsp;Eaton Corp plc | 23201695 |
| 51663 | &nbsp;&nbsp;&nbsp;Rockwell Automation, Inc. | 18540817 |
|  |  | 41742512 |
|  | **Health Care Equipment & Supplies — 1.63%** |  |
| 99725 | &nbsp;&nbsp;&nbsp;Abbott Laboratories | 10238766 |
|  | **Health Care Providers & Services — 0.91%** |  |
| 19480 | &nbsp;&nbsp;&nbsp;Elevance Health, Inc. | 5702770 |
|  | **Hotels, Restaurants & Leisure — 2.88%** |  |
| 50254 | &nbsp;&nbsp;&nbsp;Domino's Pizza, Inc. | 18030633 |
|  | **Household Durables — 2.93%** |  |
| 134155 | &nbsp;&nbsp;&nbsp;DR Horton, Inc. | 18408749 |
|  | **Industrial Conglomerates — 3.27%** |  |
| 90695 | &nbsp;&nbsp;&nbsp;Honeywell International, Inc. | 20499791 |
|  | **Insurance — 8.29%** |  |
| 185677 | &nbsp;&nbsp;&nbsp;Aflac, Inc. | 20370624 |
| 115860 | &nbsp;&nbsp;&nbsp;Marsh & McLennan Cos., Inc. | 20095917 |
| 162652 | &nbsp;&nbsp;&nbsp;MetLife, Inc. | 11502749 |
|  |  | 51969290 |
|  | **Machinery — 3.21%** |  |
| 35737 | &nbsp;&nbsp;&nbsp;Deere & Co. | 20130652 |
|  | **Oil, Gas & Consumable Fuels — 2.30%** |  |
| 410940 | &nbsp;&nbsp;&nbsp;Coterra Energy, Inc. | 14440432 |
|  | &nbsp;&nbsp;&nbsp;**Professional Services — 3.00%** |  |
| 92382 | &nbsp;&nbsp;&nbsp;Automatic Data Processing, Inc. | 18770175 |
|  | &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment — 4.23%** |  |
| 83303 | &nbsp;&nbsp;&nbsp;Analog Devices, Inc. | 26502016 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
| **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** | |
|  | **Software — 3.56%** | **Software — 3.56%** |
| 60326 | &nbsp;&nbsp;&nbsp;Microsoft Corp. | 22330875 |
|  | **Specialized REITs — 0.48%** |  |
| 109466 | &nbsp;&nbsp;&nbsp;VICI Properties, Inc. | 2990611 |
|  | **Specialty Retail — 2.58%** |  |
| 49165 | &nbsp;&nbsp;&nbsp;Home Depot, Inc. (The) | 16169877 |
|  | **Tobacco — 1.13%** |  |
| 107493 | &nbsp;&nbsp;&nbsp;Altria Group, Inc. | 7093463 |
|  | **Trading Companies & Distributors — 3.73%** |  |
| 100287 | &nbsp;&nbsp;&nbsp;Exagen, Inc. | 23392946 |
| Total Common Stocks | Total Common Stocks | 602915902 |
| (Cost $440,218,456) | (Cost $440,218,456) |  |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
| **MONEY MARKET FUNDS — 2.40%** | **MONEY MARKET FUNDS — 2.40%** |  |
| 15022832 | &nbsp;&nbsp;&nbsp;Federated Hermes Treasury Obligations Fund, Institutional Shares, 3.58%(a) | 15022832 |
| Total Money Market Funds | Total Money Market Funds | 15022832 |
| (Cost $15,022,832) | (Cost $15,022,832) |  |
| Total Investments— 98.61% | Total Investments— 98.61% | 617938734 |
| (Cost $455,241,288) | (Cost $455,241,288) |  |
| Other Assets in Excess of Liabilities— 1.39% | Other Assets in Excess of Liabilities— 1.39% | 8741063 |
| **NET ASSETS — 100.00%** | **NET ASSETS — 100.00%** | **626679797** |

---

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

See accompanying notes to financial statements.

**Sterling Capital Mid Cap Relative Value Fund**

**Schedule of Investments (Unaudited)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
| **COMMON STOCKS — 97.30%** | **COMMON STOCKS — 97.30%** | |
|  | **Aerospace & Defense — 3.55%** |  |
| 2703 | &nbsp;&nbsp;&nbsp;Curtiss-Wright Corp. | $1841067 |
|  | **Automobile Components — 1.12%** |  |
| 5576 | &nbsp;&nbsp;&nbsp;Dorman Products, Inc. | 581911 |
|  | **Banks — 6.57%** |  |
| 8398 | &nbsp;&nbsp;&nbsp;East West Bancorp, Inc. | 896570 |
| 41308 | &nbsp;&nbsp;&nbsp;Huntington Bancshares, Inc. | 646470 |
| 6403 | &nbsp;&nbsp;&nbsp;UMB Financial Corp. | 722194 |
| 8175 | &nbsp;&nbsp;&nbsp;Wintrust Financial Corp. | 1135836 |
|  |  | 3401070 |
|  | **Building Products — 4.00%** |  |
| 3244 | &nbsp;&nbsp;&nbsp;Carlisle Cos., Inc. | 1082263 |
| 11050 | &nbsp;&nbsp;&nbsp;Fortune Brands Innovations, Inc. | 430619 |
| 9271 | &nbsp;&nbsp;&nbsp;Masco Corporation | 559690 |
|  |  | 2072572 |
|  | **Capital Markets — 1.90%** |  |
| 2220 | &nbsp;&nbsp;&nbsp;Ameriprise Financial, Inc. | 986568 |
|  | **Chemicals — 1.02%** |  |
| 14492 | &nbsp;&nbsp;&nbsp;Avient Corp. | 526060 |
|  | **Construction & Engineering — 7.41%** |  |
| 11917 | &nbsp;&nbsp;&nbsp;MasTec, Inc.(a) | 3834176 |
|  | **Consumer Staples Distribution & Retail — 10.33%** |  |
| 9613 | &nbsp;&nbsp;&nbsp;BJ's Wholesale Club Holdings, Inc.(a) | 946111 |
| 4258 | &nbsp;&nbsp;&nbsp;Casey's General Stores, Inc. | 3099228 |
| 15269 | &nbsp;&nbsp;&nbsp;Performance Food Group Co.(a) | 1307943 |
|  |  | 5353282 |
|  | **Containers & Packaging — 2.16%** |  |
| 6486 | &nbsp;&nbsp;&nbsp;Avery Dennison Corp. | 1120002 |
|  | **Electrical Equipment — 4.05%** |  |
| 2020 | &nbsp;&nbsp;&nbsp;Powell Industries, Inc. | 1092981 |
| 5380 | &nbsp;&nbsp;&nbsp;Regal Rexnord Corp. | 1007459 |
|  |  | 2100440 |
|  | **Electronic Equipment, Instruments & Components — 1.94%** |  |
| 7025 | &nbsp;&nbsp;&nbsp;Arrow Electronics, Inc.(a) | 1007455 |
|  | **Entertainment — 1.59%** |  |
| 4171 | &nbsp;&nbsp;&nbsp;Take-Two Interactive Software, Inc.(a) | 823773 |
|  | **Financial Services — 0.88%** |  |
| 8140 | &nbsp;&nbsp;&nbsp;Fiserv, Inc.(a) | 454212 |
|  | **Gas Utilities — 2.88%** |  |
| 17193 | &nbsp;&nbsp;&nbsp;Southwest Gas Corp. | 1494072 |
|  | **Health Care REITs — 1.79%** |  |
| 48328 | &nbsp;&nbsp;&nbsp;Sabra Health Care REIT, Inc. | 929347 |
|  | **Household Durables — 1.54%** |  |
| 6790 | &nbsp;&nbsp;&nbsp;PulteGroup, Inc. | 798572 |
|  | **Industrial REITs — 2.25%** |  |
| 6282 | &nbsp;&nbsp;&nbsp;EastGroup Properties, Inc. | 1162735 |
|  | **Insurance — 2.19%** |  |
| 6546 | &nbsp;&nbsp;&nbsp;Hanover Insurance Group, Inc. (The) | 1134749 |
|  | **Life Sciences Tools & Services — 4.12%** |  |
| 4943 | &nbsp;&nbsp;&nbsp;ICON PLC(a) | 546992 |
| 7963 | &nbsp;&nbsp;&nbsp;Revvity, Inc. | 697638 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
| **COMMON STOCKS — (** **continued)** | **COMMON STOCKS — (** **continued)** |  |
| 1811 | &nbsp;&nbsp;&nbsp;Thermo Fisher Scientific, Inc. | 890162 |
|  |  | 2134792 |
|  | **Machinery — 2.88%** |  |
| 10153 | &nbsp;&nbsp;&nbsp;Oshkosh Corp. | 1494623 |
|  | **Multi-Utilities — 3.48%** |  |
| 38592 | &nbsp;&nbsp;&nbsp;Nisource, Inc. | 1800702 |
|  | **Oil, Gas & Co**nsumable Fuels — 6.05%** |  |
| 3442 | &nbsp;&nbsp;&nbsp;Gulport Energy Corp.(a) | 728224 |
| 12476 | &nbsp;&nbsp;&nbsp;Matador Resources Co. | 788234 |
| 8880 | &nbsp;&nbsp;&nbsp;Phillips 66 | 1617758 |
|  |  | 3134216 |
|  | **Professional Services — 4.46%** |  |
| 4236 | &nbsp;&nbsp;&nbsp;CACI International, Inc., Class A(a) | 2303833 |
|  | **Residential REITs — 1.46%** |  |
| 6188 | &nbsp;&nbsp;&nbsp;Mid-America Apartment Communities, Inc. | 755679 |
|  | **Retail REITs — 1.52%** |  |
| 27374 | &nbsp;&nbsp;&nbsp;Brixmor Property Group, Inc. | 788371 |
|  | **Semiconductors & Semiconductor Equipment — 5.72%** |  |
| 14897 | &nbsp;&nbsp;&nbsp;Kulicke & Soffa Industries, Inc. | 979031 |
| 3983 | &nbsp;&nbsp;&nbsp;Onto Innovation, Inc.(a) | 816794 |
| 7963 | &nbsp;&nbsp;&nbsp;Qnity Electronics, Inc. | 918771 |
| 4604 | &nbsp;&nbsp;&nbsp;Skyworks Solutions, Inc. | 246544 |
|  |  | 2961140 |
|  | **Software — 4.71%** |  |
| 7978 | &nbsp;&nbsp;&nbsp;Commvault Systems, Inc.(a) | 621406 |
| 6164 | &nbsp;&nbsp;&nbsp;PTC, Inc.(a) | 878309 |
| 11743 | &nbsp;&nbsp;&nbsp;Zoom Video Communications, Inc.(a) | 944020 |
|  |  | 2443735 |
|  | **Specialized REITs — 1.89%** |  |
| 5442 | &nbsp;&nbsp;&nbsp;Digital Realty Trust, Inc. | 980703 |
|  | **Specialty Retail — 1.49%** |  |
| 4235 | &nbsp;&nbsp;&nbsp;Williams-Sonoma, Inc. | 772168 |
|  | **Trading Companies & Distributors — 2.35%** |  |
| 1671 | &nbsp;&nbsp;&nbsp;United Rentals, Inc. | 1217424 |
| Total Common Stocks | Total Common Stocks | 50409449 |
| (Cost $29,637,642) | (Cost $29,637,642) |  |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
| **MONEY MARKET FUNDS — 2.67%** | **MONEY MARKET FUNDS — 2.67%** |  |
| 1384062 | &nbsp;&nbsp;&nbsp;Federated Hermes Treasury Obligations Fund, Institutional Shares, 3.58%(b) | 1384062 |
| Total Money Market Funds | Total Money Market Funds | 1384062 |
| (Cost $1,384,062) | (Cost $1,384,062) |  |
| Total Investments— 99.97% | Total Investments— 99.97% | 51793511 |
| (Cost $31,021,704) | (Cost $31,021,704) |  |
| Other Assets in Excess of Liabilities— 0.03% | Other Assets in Excess of Liabilities— 0.03% | 16029 |
| **NET ASSETS — 100.00%** | **NET ASSETS — 100.00%** | **51809540** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income producing security.

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

See accompanying notes to financial statements.

**Sterling Capital Real Estate Fund**

**Schedule of Investments (Unaudited)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
| **COMMON STOCKS — 97.03%** | **COMMON STOCKS — 97.03%** |  |
|  | **Equity Real Estate Investment Trusts (REITs) — 2.17%** |  |
| 42542 | &nbsp;&nbsp;&nbsp;Essential Properties Realty Trust, Inc. | $1291575 |
|  | **Health Care REITs — 18.43%** |  |
| 83650 | &nbsp;&nbsp;&nbsp;Sabra Health Care REIT, Inc. | 1608590 |
| 41083 | &nbsp;&nbsp;&nbsp;Ventas, Inc. | 3359768 |
| 30274 | &nbsp;&nbsp;&nbsp;Welltower, Inc. | 5985472 |
|  |  | 10953830 |
|  | **Hotel & Resort REITs — 2.20%** |  |
| 14146 | &nbsp;&nbsp;&nbsp;Ryman Hospitality Properties, Inc. | 1305251 |
|  | **Industrial REITs — 15.81%** |  |
| 10259 | &nbsp;&nbsp;&nbsp;EastGroup Properties, Inc. | 1898838 |
| 27808 | &nbsp;&nbsp;&nbsp;First Industrial Realty Trust, Inc. | 1608693 |
| 19066 | &nbsp;&nbsp;&nbsp;LXP Industrial Trust | 881993 |
| 27769 | &nbsp;&nbsp;&nbsp;Prologis, Inc. | 3670507 |
| 40941 | &nbsp;&nbsp;&nbsp;Rexford Industrial Realty, Inc. | 1339999 |
|  |  | 9400030 |
|  | **Office REITs — 3.09%** |  |
| 15892 | &nbsp;&nbsp;&nbsp;Boston Properties, Inc. | 824795 |
| 144759 | &nbsp;&nbsp;&nbsp;Brandywine Realty Trust | 392297 |
| 28801 | &nbsp;&nbsp;&nbsp;Highwoods Properties, Inc. | 616629 |
|  |  | 1833721 |
|  | **Residential REITs — 11.59%** |  |
| 7411 | &nbsp;&nbsp;&nbsp;Essex Property Trust, Inc. | 1793462 |
| 57959 | &nbsp;&nbsp;&nbsp;Invitation Homes, Inc. | 1440281 |
| 13092 | &nbsp;&nbsp;&nbsp;Mid-America Apartment Communities, Inc. | 1598795 |
| 60790 | &nbsp;&nbsp;&nbsp;UDR, Inc. | 2053486 |
|  |  | 6886024 |
|  | **Retail REITs — 14.25%** |  |
| 64833 | &nbsp;&nbsp;&nbsp;Brixmor Property Group, Inc. | 1867190 |
| 32313 | &nbsp;&nbsp;&nbsp;InvenTrust Properties Corp. | 984254 |
| 78771 | &nbsp;&nbsp;&nbsp;Kite Realty Group Trust | 1933828 |
| 43178 | &nbsp;&nbsp;&nbsp;NetSTREIT Corp. | 813042 |
| 56933 | &nbsp;&nbsp;&nbsp;Tanger Factory Outlet Centers, Inc. | 1934584 |
| 49469 | &nbsp;&nbsp;&nbsp;The Macerich Co | 934964 |
|  |  | 8467862 |
|  | **Specialized REITs — 29.49%** |  |
| 25517 | &nbsp;&nbsp;&nbsp;American Tower Corp., Class A | 4403724 |
| 30455 | &nbsp;&nbsp;&nbsp;CubeSmart | 1116176 |
| 26467 | &nbsp;&nbsp;&nbsp;Digital Realty Trust, Inc. | 4769617 |
| 3396 | &nbsp;&nbsp;&nbsp;Equinix, Inc. | 3328895 |
| 15056 | &nbsp;&nbsp;&nbsp;Extra Space Storage, Inc. | 1974293 |
| 70702 | &nbsp;&nbsp;&nbsp;VICI Properties, Inc. | 1931579 |
|  |  | 17524284 |
| Total Common Stocks | Total Common Stocks | 57662577 |
| (Cost $32,266,604) | (Cost $32,266,604) |  |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
| **MONEY MARKET FUNDS — 2.67%** | **MONEY MARKET FUNDS — 2.67%** |  |
| 1589138 | &nbsp;&nbsp;&nbsp;Federated Hermes Treasury Obligations Fund, Institutional Shares, 3.58%(a) | 1589138 |
| Total Money Market Funds | Total Money Market Funds | 1589138 |
| (Cost $1,589,138) | (Cost $1,589,138) |  |
| Total Investments— 99.70% | Total Investments— 99.70% | 59251715 |
| (Cost $33,855,742) | (Cost $33,855,742) |  |
| Other Assets in Excess of Liabilities— 0.30% | Other Assets in Excess of Liabilities— 0.30% | 176206 |
| **NET ASSETS — 100.00%** | **NET ASSETS — 100.00%** | **59427921** |

---

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

See accompanying notes to financial statements.

**Sterling Capital Small Cap Value Fund**

**Schedule of Investments (Unaudited)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
| **COMMON STOCKS — 98.31%** | **COMMON STOCKS — 98.31%** |  |
|  | **Aerospace & Defense — 3.62%** |  |
| 21556 | &nbsp;&nbsp;&nbsp;Moog, Inc., Class A | $6308148 |
|  | **Automobile Components — 3.47%** |  |
| 22975 | &nbsp;&nbsp;&nbsp;Dorman Products, Inc.(a) | 2397671 |
| 200422 | &nbsp;&nbsp;&nbsp;Garret Motion, Inc. | 3641667 |
|  |  | 6039338 |
|  | **Banks — 17.86%** |  |
| 26780 | &nbsp;&nbsp;&nbsp;Metropolitan Bank Holding Corp. | 2230506 |
| 77529 | &nbsp;&nbsp;&nbsp;Columbia Banking System, Inc. | 2126620 |
| 62454 | &nbsp;&nbsp;&nbsp;Community Bank System, Inc. | 3662927 |
| 77174 | &nbsp;&nbsp;&nbsp;Glacier Bancorp, Inc. | 3447363 |
| 104532 | &nbsp;&nbsp;&nbsp;Old National Bancorp | 2310157 |
| 27010 | &nbsp;&nbsp;&nbsp;QCR Holdings, Inc. | 2308005 |
| 51650 | &nbsp;&nbsp;&nbsp;Trustmark Corp. | 2176531 |
| 54740 | &nbsp;&nbsp;&nbsp;United Bankshares, Inc. | 2267331 |
| 66298 | &nbsp;&nbsp;&nbsp;Webster Financial Corp. | 4602407 |
| 43350 | &nbsp;&nbsp;&nbsp;Wintrust Financial Corp. | 6023048 |
|  |  | 31154895 |
|  | **Capital Markets — 3.24%** |  |
| 20454 | &nbsp;&nbsp;&nbsp;Affiliated Managers Group, Inc. | 5659622 |
|  | **Chemicals — 2.12%** |  |
| 102036 | &nbsp;&nbsp;&nbsp;Avient Corp. | 3703907 |
|  | **Construction & Engineering — 4.66%** |  |
| 25268 | &nbsp;&nbsp;&nbsp;MasTec, Inc.(a) | 8129726 |
|  | **Consumer Staples Distribution & Retail — 9.59%** |  |
| 44793 | &nbsp;&nbsp;&nbsp;BJ's Wholesale Club Holdings, Inc.(a) | 4408527 |
| 10726 | &nbsp;&nbsp;&nbsp;Casey's General Stores, Inc. | 7807026 |
| 52695 | &nbsp;&nbsp;&nbsp;Performance Food Group Co.(a) | 4513854 |
|  |  | 16729407 |
|  | **Electric Utilities — 2.31%** |  |
| 76280 | &nbsp;&nbsp;&nbsp;Portland General Electric Co. | 4025296 |
|  | **Electrical Equipment — 4.27%** |  |
| 42830 | &nbsp;&nbsp;&nbsp;EnerSys | 7440428 |
|  | **Electronic Equipment, Instruments & Components — 5.84%** |  |
| 47242 | &nbsp;&nbsp;&nbsp;Belden, Inc. | 5424799 |
| 41376 | &nbsp;&nbsp;&nbsp;Crane NXT Co. | 1679452 |
| 41120 | &nbsp;&nbsp;&nbsp;Eplus, Inc. | 3094280 |
|  |  | 10198531 |
|  | **Energy Equipment & Services — 2.17%** |  |
| 247880 | &nbsp;&nbsp;&nbsp;Select Energy Services, Inc., Class A | 3792564 |
|  | **Entertainment — 1.72%** |  |
| 15162 | &nbsp;&nbsp;&nbsp;Take-Two Interactive Software, Inc.(a) | 2994495 |
|  | **Gas Utilities — 2.51%** |  |
| 50370 | &nbsp;&nbsp;&nbsp;Southwest Gas Corp. | 4377153 |
|  | **Household Durables — 1.89%** |  |
| 53434 | &nbsp;&nbsp;&nbsp;Meritage Homes Corp. | 3304359 |
|  | **Industrial REITs — 2.95%** |  |
| 88818 | &nbsp;&nbsp;&nbsp;First Industrial Realty Trust, Inc. | 5138122 |
|  | **Insurance — 2.69%** |  |
| 15831 | &nbsp;&nbsp;&nbsp;Hanover Insurance Group, Inc. (The) | 2744304 |
| 25889 | &nbsp;&nbsp;&nbsp;Selective Insurance Group, Inc. | 1951772 |
|  |  | 4696076 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
| **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** |  |
|  | **Life Sciences Tools & Services — 1.84%** |  |
| 12832 | &nbsp;&nbsp;&nbsp;West Pharmaceutical Services, Inc. | 3216212 |
|  | **Machinery — 6.56%** |  |
| 31926 | &nbsp;&nbsp;&nbsp;Crane Co. | 5459346 |
| 40661 | &nbsp;&nbsp;&nbsp;Oshkosh Corp. | 5985706 |
|  |  | 11445052 |
|  | **Office REITs — 0.92%** |  |
| 75142 | &nbsp;&nbsp;&nbsp;Highwoods Properties, Inc. | 1608790 |
|  | **Oil, Gas & Consumable Fuels — 5.12%** |  |
| 23369 | &nbsp;&nbsp;&nbsp;Chord Energy Corp. | 3322604 |
| 45331 | &nbsp;&nbsp;&nbsp;Matador Resources Co. | 2864013 |
| 93352 | &nbsp;&nbsp;&nbsp;Northern Oil and Gas, Inc. | 2728679 |
|  |  | 8915296 |
|  | **Professional Services — 3.49%** |  |
| 11206 | &nbsp;&nbsp;&nbsp;CACI International, Inc., Class A(a) | 6094607 |
|  | **Retail REITs — 1.51%** |  |
| 77631 | &nbsp;&nbsp;&nbsp;Tanger Factory Outlet Centers, Inc. | 2637901 |
|  | **Semiconductors & Semiconductor Equipment — 2.70%** |  |
| 51773 | &nbsp;&nbsp;&nbsp;ON Semiconductor Corp.(a) | 3205785 |
| 19356 | &nbsp;&nbsp;&nbsp;Qorvo, Inc.(a) | 1498154 |
|  |  | 4703939 |
|  | **Software — 1.34%** |  |
| 16372 | &nbsp;&nbsp;&nbsp;PTC, Inc.(a) | 2332846 |
|  | **Trading Companies & Distributors — 2.91%** |  |
| 10311 | &nbsp;&nbsp;&nbsp;Herc Holdings, Inc. | 1026460 |
| 5555 | &nbsp;&nbsp;&nbsp;United Rentals, Inc. | 4047151 |
|  |  | 5073611 |
| Total Common Stocks | Total Common Stocks | 169720321 |
| (Cost $52,988,105) | (Cost $52,988,105) |  |
|  | **Exchange-Traded Funds — 1.00%** |  |
| 9210 | &nbsp;&nbsp;&nbsp;iShares Russell 2000 Value ETF | 1746124 |
| Total Exchange-Traded Funds | Total Exchange-Traded Funds | 1746124 |
| (Cost $1,812,857) | (Cost $1,812,857) |  |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
| **MONEY MARKET FUNDS — 1.62%** | **MONEY MARKET FUNDS — 1.62%** |  |
| 2833644 | &nbsp;&nbsp;&nbsp;Federated Hermes Treasury Obligations Fund, Institutional Shares, 3.58%(b) | 2833644 |
| Total Money Market Funds | Total Money Market Funds | 2833644 |
| (Cost $2,833,644) | (Cost $2,833,644) |  |
| Total Investments— 99.93% | Total Investments— 99.93% | 174300089 |
| (Cost $57,634,606) | (Cost $57,634,606) |  |
| Other Assets in Excess of Liabilities— 0.07% | Other Assets in Excess of Liabilities— 0.07% | 129300 |
| **NET ASSETS — 100.00%** | **NET ASSETS — 100.00%** | **174429389** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income producing security.

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

See accompanying notes to financial statements.

**Sterling Capital Intermediate U.S. Government Fund**

**Schedule of Investments (Unaudited)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount** |  | **Fair Value** |
| **ASSET BACKED SECURITIES — 2.55%** | **ASSET BACKED SECURITIES — 2.55%** |  |
| 183000 | &nbsp;&nbsp;&nbsp;Avis Budget Rental Car Funding AESOP LLC, Series 2023-1A, Class A, 5.36%, 6/20/30(a) | 187020 |
| 52852 | &nbsp;&nbsp;&nbsp;United States Small Business Administration, Series 2015-20G, Class 1, 2.88%, 7/01/35(b) | 49699 |
| 125000 | &nbsp;&nbsp;&nbsp;Benchmark 2024-V9 Mortgage Trust, Series V9, Class AS, 6.06%, 8/15/57 | 128662 |
| 150000 | &nbsp;&nbsp;&nbsp;BANK5 2024-5YR9, Series 5YR9, Class AS, 6.18%, 8/15/57 | 154970 |
| Total (Cost $524,519) | Total (Cost $524,519) | 520351 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount** |  | **Fair Value** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES — 9.96%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES — 9.96%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES — 9.96%** |
| 210000 | &nbsp;&nbsp;&nbsp;Freddie Mac Multifamily Structured Pass Through, Series K060, Class A2, 3.30%, 10/25/26 | 208857 |
| 471737 | &nbsp;&nbsp;&nbsp;Freddie Mac Multifamily Structured Pass Through, Series K061, Class A2, 3.35%, 11/25/26 | 469213 |
| 123682 | &nbsp;&nbsp;&nbsp;Freddie Mac Multifamily Structured Pass Through, Series K066, Class A2, 3.12%, 6/25/27 (Special footnote) | 122434 |
| 169013 | &nbsp;&nbsp;&nbsp;Freddie Mac Multifamily Structured Pass Through, Series K069, Class A2, 3.19%, 9/25/27 | 166881 |
| 275000 | &nbsp;&nbsp;&nbsp;Freddie Mac Multifamily Structured Pass Through, Series K079, Class A2, 3.93%, 6/25/28 | 273603 |
| 160000 | &nbsp;&nbsp;&nbsp;BMO Mortgage Trust, Series 2023-5C1, Class AS, 7.12%, 8/15/56 | 167084 |
| 150000 | &nbsp;&nbsp;&nbsp;BANK5 Trust, Series 2023-5YR3, Class AS, 7.32%, 9/15/56 | 158705 |
| 100000 | &nbsp;&nbsp;&nbsp;BANK Trust, Series 2024-BNK48, Class A5, 5.05%, 9/15/34 | 100221 |
| 100000 | &nbsp;&nbsp;&nbsp;BANK5 Trust, Series 2024-5YR5, Class AS, 6.27%, 2/15/29 | $103118 |
| 150000 | &nbsp;&nbsp;&nbsp;BANK5 Trust, Series 2024-5YR6, Class A3, 6.23%, 5/15/57 | 156033 |
| 100000 | &nbsp;&nbsp;&nbsp;BANK5 Trust, Series 2024-5YR6, Class AS, 6.79%, 5/15/57 | 104733 |
| Total (Cost $2,045,695) | Total (Cost $2,045,695) | 2030882 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount** |  | **Fair Value** |
| **MORTGAGE-BACKED SECURITIES — 31.14%** | **MORTGAGE-BACKED SECURITIES — 31.14%** |  |
|  | **Fannie Mae — 19.96%** |  |
| 116025 | &nbsp;&nbsp;&nbsp;4.00%, 12/01/33, Pool #MA1689 | 114598 |
| 30443 | &nbsp;&nbsp;&nbsp;4.00%, 12/01/36, Pool #MA2856 | 29941 |
| 28548 | &nbsp;&nbsp;&nbsp;4.00%, 2/01/37, Pool #MA2914 | 28074 |
| 309554 | &nbsp;&nbsp;&nbsp;1.50%, 12/01/40, Pool #MA4202 | 264014 |
| 175339 | &nbsp;&nbsp;&nbsp;5.00%, 8/01/41, Pool #MA5205 | 177193 |
| 78884 | &nbsp;&nbsp;&nbsp;6.00%, 9/01/43, Pool #MA5158 | 80486 |
| 29215 | &nbsp;&nbsp;&nbsp;4.00%, 5/01/47, Pool #BE9598 | 27986 |
| 40080 | &nbsp;&nbsp;&nbsp;5.00%, 8/01/48, Pool #CA2219 | 40295 |
| 38261 | &nbsp;&nbsp;&nbsp;3.50%, 9/01/49, Pool #BJ9608 | 35466 |
| 46899 | &nbsp;&nbsp;&nbsp;3.50%, 10/01/49, Pool #CA4431 | 43430 |
| 165943 | &nbsp;&nbsp;&nbsp;3.00%, 7/01/50, Pool #CA6422 | 146333 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount** |  | **Fair Value** |
| **MORTGAGE-BACKED SECURITIES — (** **continued)** | **MORTGAGE-BACKED SECURITIES — (** **continued)** |  |
| 164714 | &nbsp;&nbsp;&nbsp;3.00%, 7/01/50, Pool #CA6421 | 145224 |
| 136583 | &nbsp;&nbsp;&nbsp;2.00%, 8/01/50, Pool #CA6799 | 111864 |
| 148981 | &nbsp;&nbsp;&nbsp;2.50%, 8/01/50, Pool #CA6707 | 128114 |
| 214268 | &nbsp;&nbsp;&nbsp;2.00%, 9/01/50, Pool #CA7019 | 175349 |
| 248252 | &nbsp;&nbsp;&nbsp;2.50%, 9/01/50, Pool #BQ2883 | 210231 |
| 111643 | &nbsp;&nbsp;&nbsp;2.50%, 9/01/50, Pool #BQ0538 | 94631 |
| 370327 | &nbsp;&nbsp;&nbsp;3.50%, 9/01/50, Pool #FS5284 | 343111 |
| 301880 | &nbsp;&nbsp;&nbsp;2.00%, 10/01/50, Pool #CA7224 | 246237 |
| 241156 | &nbsp;&nbsp;&nbsp;2.50%, 10/01/50, Pool #FM4638 | 204894 |
| 224242 | &nbsp;&nbsp;&nbsp;2.50%, 10/01/50, Pool #FM4530 | 191101 |
| 153040 | &nbsp;&nbsp;&nbsp;4.00%, 7/01/52, Pool #FS2516 | 145103 |
| 188313 | &nbsp;&nbsp;&nbsp;4.50%, 11/01/52, Pool #FS6858 | 183343 |
| 112586 | &nbsp;&nbsp;&nbsp;5.00%, 11/01/52, Pool #CB5278 | 111913 |
| 160208 | &nbsp;&nbsp;&nbsp;5.50%, 2/01/54, Pool #FA0202 | 161842 |
| 259595 | &nbsp;&nbsp;&nbsp;6.00%, 5/01/54, Pool #FM2472 | 266719 |
| 148693 | &nbsp;&nbsp;&nbsp;5.50%, 11/01/54, Pool #FS9801 | 149829 |
| 212914 | &nbsp;&nbsp;&nbsp;5.00%, 4/01/55, Pool #CC0236 | 210395 |
|  |  | 4067716 |
|  | **Federal Farm Credit Banks Funding Corp. — 0.34%** |  |
| 86000 | &nbsp;&nbsp;&nbsp;2.40%, 3/24/36 | 70133 |
|  | **Federal Home Loan Banks — 0.26%** |  |
| 60000 | &nbsp;&nbsp;&nbsp;1.90%, 10/07/31 | 53007 |
|  | **Freddie Mac — 10.10%** |  |
| 72455 | &nbsp;&nbsp;&nbsp;4.00%, 12/01/35, Pool #ZA2401 | 71250 |
| 44527 | &nbsp;&nbsp;&nbsp;4.00%, 3/01/39, Pool #ZA6403 | 43501 |
| 157649 | &nbsp;&nbsp;&nbsp;2.00%, 12/01/40, Pool #RB5090 | 139105 |
| 108247 | &nbsp;&nbsp;&nbsp;3.50%, 1/01/47, Pool #ZT0941 | 100904 |
| 76222 | &nbsp;&nbsp;&nbsp;3.00%, 12/01/51, Pool #SD8184 | 67566 |
| 94792 | &nbsp;&nbsp;&nbsp;3.50%, 6/01/52, Pool #SD2670 | 88441 |
| 140996 | &nbsp;&nbsp;&nbsp;4.50%, 6/01/52, Pool #SD1265 | 137358 |
| 142957 | &nbsp;&nbsp;&nbsp;4.50%, 8/01/52, Pool #SD1515 | 138412 |
| 215497 | &nbsp;&nbsp;&nbsp;5.00%, 9/01/52, Pool #RA7936 | 214535 |
| 148178 | &nbsp;&nbsp;&nbsp;4.00%, 2/01/53, Pool #SD7560 | 141216 |
| 129499 | &nbsp;&nbsp;&nbsp;5.50%, 2/01/53, Pool #QF8052 | 131062 |
| 152257 | &nbsp;&nbsp;&nbsp;5.00%, 3/01/53, Pool #SD2390 | 151498 |
| 73065 | &nbsp;&nbsp;&nbsp;6.00%, 5/01/53, Pool #SD3072 | 74825 |
| 126062 | &nbsp;&nbsp;&nbsp;6.00%, 7/01/53, Pool #SD3223 | 129361 |
| 165764 | &nbsp;&nbsp;&nbsp;5.50%, 6/01/54, Pool #SD5479 | 168924 |
| 258293 | &nbsp;&nbsp;&nbsp;6.00%, 9/01/54, Pool #SD6337 | 265141 |
|  |  | 2063099 |
|  | **Ginnie Mae II — 0.48%** |  |
| 23508 | &nbsp;&nbsp;&nbsp;5.00%, 11/20/38, Pool #4283 | 23443 |
| 80842 | &nbsp;&nbsp;&nbsp;4.00%, 7/20/52, Pool #786280 | 76084 |
|  |  | 99527 |
| Total (Cost $6,778,930) | Total (Cost $6,778,930) | 6353482 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount** |  | **Fair Value** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS — 24.88%** | **COLLATERALIZED MORTGAGE OBLIGATIONS — 24.88%** | **COLLATERALIZED MORTGAGE OBLIGATIONS — 24.88%** |
| 85716 | &nbsp;&nbsp;&nbsp;Freddie Mac, Series 3787, Class LM, 4.00%, 1/15/31 | 85450 |
| 46374 | &nbsp;&nbsp;&nbsp;Freddie Mac, Series 4151, Class PA, 2.00%, 1/15/33 | 43985 |
| 148063 | &nbsp;&nbsp;&nbsp;Fannie Mae-Aces, Series M1, Class 1A3, 3.43%, 1/25/33 | 139113 |
| 175000 | &nbsp;&nbsp;&nbsp;Freddie Mac, Series 4172, Class KB, 3.00%, 2/15/33 | 164248 |

---

See accompanying notes to financial statements.

**Sterling Capital Intermediate U.S. Government Fund**

**Schedule of Investments (Unaudited) (continued)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount** |  | **Fair Value** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS — (** **continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS — (** **continued)** |  |
| 197934 | &nbsp;&nbsp;&nbsp;Ginnie Mae, Series 181, Class AV, 5.50%, 2/20/33 | 200099 |
| 51906 | &nbsp;&nbsp;&nbsp;Fannie Mae, Series 2013-44, Class DJ, 1.85%, 5/25/33 | 48528 |
| 20860 | &nbsp;&nbsp;&nbsp;Fannie Mae, Series 2003-44, Class Q, 3.50%, 6/25/33 | 20397 |
| 140083 | &nbsp;&nbsp;&nbsp;Ginnie Mae, Series 2023-79, Class DV, 5.50%, 5/20/34 | 141271 |
| 72877 | &nbsp;&nbsp;&nbsp;Fannie Mae, Series 2005-31, Class PB, 5.50%, 4/25/35 | 74842 |
| 25483 | &nbsp;&nbsp;&nbsp;Ginnie Mae, Series 2013-133, Class PL, 3.50%, 2/16/37 | 25109 |
| 476508 | &nbsp;&nbsp;&nbsp;Fannie Mae-Aces, Series M1, Class 2A1, 3.95%, 12/25/37 | 460931 |
| 126904 | &nbsp;&nbsp;&nbsp;Freddie Mac, Series 4863, Class AJ, 3.50%, 7/15/38 | 122564 |
| 47366 | &nbsp;&nbsp;&nbsp;Freddie Mac, Series 4122, Class BC, 3.00%, 5/15/40 | 44927 |
| 132224 | &nbsp;&nbsp;&nbsp;Ginnie Mae, Series 137, Class WA, 5.58%, 7/20/40 | 136263 |
| 150000 | &nbsp;&nbsp;&nbsp;Ginnie Mae, Series 81, Class AL, 4.50%, 8/20/40 | 143834 |
| 99494 | &nbsp;&nbsp;&nbsp;Progress Residential Trust, Series SFR1, Class A, 3.40%, 2/17/42(a) | 94701 |
| 148562 | &nbsp;&nbsp;&nbsp;Fannie Mae, Series 2012-87, Class MB, 2.00%, 5/25/42 | 140709 |
| 1153 | &nbsp;&nbsp;&nbsp;Fannie Mae, Series 2016-49, Class DA, 3.50%, 10/25/42 | 1150 |
| 108608 | &nbsp;&nbsp;&nbsp;Fannie Mae, Series 2012-150, Class KA, 1.75%, 1/25/43 | 91323 |
| 129015 | &nbsp;&nbsp;&nbsp;Freddie Mac, Series 4173, Class NB, 3.00%, 3/15/43 | 118164 |
| 315000 | &nbsp;&nbsp;&nbsp;Freddie Mac, Series 4669, Class QY, 3.50%, 9/15/44 | 306080 |
| 33836 | &nbsp;&nbsp;&nbsp;Ginnie Mae, Series 2015-162, Class EB, 2.50%, 9/20/44 | 32099 |
| 466503 | &nbsp;&nbsp;&nbsp;Freddie Mac, Series 4601, Class NJ, 1.90%, 9/15/45 | 417116 |
| 132060 | &nbsp;&nbsp;&nbsp;Fannie Mae, Series 2016-49, Class PA, 3.00%, 9/25/45 | 124733 |
| 77634 | &nbsp;&nbsp;&nbsp;Freddie Mac, Series 4656, Class PA, 3.50%, 10/15/45 | 75483 |
| 111522 | &nbsp;&nbsp;&nbsp;Fannie Mae, Series 2016-24, Class CD, 1.75%, 2/25/46 | 96652 |
| 169180 | &nbsp;&nbsp;&nbsp;Fannie Mae, Series 2016-88, Class PK, 2.50%, 3/25/46 | 156061 |
| 54509 | &nbsp;&nbsp;&nbsp;Freddie Mac, Series 5380, Class A, 5.50%, 9/25/47 | 54842 |
| 201085 | &nbsp;&nbsp;&nbsp;Fannie Mae, Series 2019-25, Class PD, 2.50%, 5/25/48 | 180870 |
| 172880 | &nbsp;&nbsp;&nbsp;Freddie Mac, Series 4942, Class NC, 2.50%, 10/25/49 | 151581 |
| 163484 | &nbsp;&nbsp;&nbsp;Ginnie Mae, Series 2022-137, Class PA, 4.00%, 5/20/52 | 159224 |
| 340915 | &nbsp;&nbsp;&nbsp;Fannie Mae-Aces, Series 2017-M7, Class A2, 2.96%, 2/25/27 | 337616 |
| 166946 | &nbsp;&nbsp;&nbsp;Fannie Mae-Aces, Series 2017-M8, Class A2, 3.06%, 5/25/27 | 165211 |
| 358124 | &nbsp;&nbsp;&nbsp;Fannie Mae-Aces, Series 2018-M10, Class A2, 3.37%, 7/25/28 | 352839 |
| 79013 | &nbsp;&nbsp;&nbsp;Government National Mortgage Association, Series 130, Class AN, 4.75%, 7/16/52 | 79242 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount** |  | **Fair Value** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS — (** **continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS — (** **continued)** |  |
| 87306 | &nbsp;&nbsp;&nbsp;Government National Mortgage Association, Series 139, Class NA, 5.00%, 8/20/51 | 87143 |
| Total (Cost $5,190,322) | Total (Cost $5,190,322) | 5074400 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount** |  | **Fair Value** |
| **U.S. GOVERNMENT & AGENCIES — 0.97%** | **U.S. GOVERNMENT & AGENCIES — 0.97%** |  |
| 200000 | &nbsp;&nbsp;&nbsp;Federal Farm Credit Banks Funding Corp., 5.34%, 1/22/41 | 198697 |
| Total (Cost $199,454) | Total (Cost $199,454) | 198697 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount** |  | **Fair Value** |
| **CORPORATE BONDS — 0.97%** | **CORPORATE BONDS — 0.97%** | |
|  | **BANKS — 0.97%** | |
| 200000 | &nbsp;&nbsp;&nbsp;Federal Home Loan Banks, 5.07%, 11/19/37 | 198435 |
| Total (Cost $199,804) | Total (Cost $199,804) | 198435 |

---

---

| | | |
|:---|:---|:---|
| **Principal** <br> **Amount** |  | **Fair Value** |
| **MUNICIPAL BONDS — 0.20%** | **MUNICIPAL BONDS — 0.20%** | |
|  | **Wisconsin — 0.20%** | |
| 40000 | &nbsp;&nbsp;&nbsp;State of Wisconsin, TXB, Revenue Bonds, Pension Fundings Series A, (AGM), 5.70%,5/1/26(b) | 40054 |
| Total (Cost $40,045) | Total (Cost $40,045) | 40054 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount** |  | **Fair Value** |
| **U.S. TREASURY BONDS & NOTES — 27.21%** | **U.S. TREASURY BONDS & NOTES — 27.21%** |  |
| 1150000 | &nbsp;&nbsp;&nbsp;United States Treasury Strip, 0.00%, 5/15/29 | 1019356 |
| 780200 | &nbsp;&nbsp;&nbsp;United States Treasury Note, 1.13%, 2/15/31(b) | 683955 |
| 2400000 | &nbsp;&nbsp;&nbsp;United States Treasury Note, 2.75%, 8/15/32(b) | 2219719 |
| 1000000 | &nbsp;&nbsp;&nbsp;United States Treasury Strip, 0.00%, 11/15/32 | 761386 |
| 500000 | &nbsp;&nbsp;&nbsp;United States Treasury Note, 4.00%, 2/15/34 | 493203 |
| 300000 | &nbsp;&nbsp;&nbsp;United States Treasury Inflation Indexed Bonds, 0.13%, 2/15/52 | 181847 |
| 200000 | &nbsp;&nbsp;&nbsp;United States Treasury Inflation Indexed Bonds, 2.38%, 2/15/55 | 191564 |
| Total (Cost $5,577,101) | Total (Cost $5,577,101) | 5551030 |

---

See accompanying notes to financial statements.

**Sterling Capital Intermediate U.S. Government Fund**

**Schedule of Investments (Unaudited) (continued)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
| **MONEY MARKET FUNDS — 1.81%** | **MONEY MARKET FUNDS — 1.81%** | |
| 368474 | &nbsp;&nbsp;&nbsp;Federated Hermes Treasury Obligations Fund, Institutional Shares, 3.58%(c) | 368474 |
| Total Money Market Funds | Total Money Market Funds | 368474 |
| (Cost $368,474) | (Cost $368,474) |  |
| Total Investments— 99.69% | Total Investments— 99.69% | 20335805 |
| (Cost $20,924,344) | (Cost $20,924,344) |  |
| Other Assets in Excess of Liabilities— 0.31% | Other Assets in Excess of Liabilities— 0.31% | 63613 |
| **NET ASSETS — 100.00%** | **NET ASSETS — 100.00%** | **20399418** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Security exempt from registration under Rule 144A
 or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified
 institutional buyers. The Advisor, using Board approved procedures, has deemed these securities or a portion of these securities to be
 liquid.

&nbsp;&nbsp;&nbsp;&nbsp;(b) All or a portion of the securities are held in a
 separate collateral account at US Bank. The total value of securities held in a separate collateral account as of the period ended March
 31, 2026 is $529,528, which represents 3.0% of net assets.

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

AGM — Assured Guaranty Municipal Corp.

TXB — Taxable Bond

See accompanying notes to financial statements.

**Sterling Capital Total Return Bond Fund**

**Schedule of Investments (Unaudited)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
| **PREFERRED STOCKS — 0.20%** | **PREFERRED STOCKS — 0.20%** | |
|  | **Asset Management — 0.20%** |  |
| 117650 | &nbsp;&nbsp;&nbsp;Apollo Global Management, Inc., 1.54% | $2991840 |
| Total Preferred Stocks | Total Preferred Stocks | 2991840 |
| (Cost $3,065,046) | (Cost $3,065,046) |  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Principal**<br> **Amount** |  | **Fair Value** |
| **CORPORATE BONDS — 27.66%** | **CORPORATE BONDS — 27.66%** |  |
|  | **AEROSPACE & DEFENSE — 0.84%** |  |
| 2390000 | &nbsp;&nbsp;&nbsp;BAE Systems PLC, 5.13%, 3/26/29(a) | 2439093 |
| 2073000 | &nbsp;&nbsp;&nbsp;Boeing Co. (The), 6.30%, 5/01/29 | 2176309 |
| 1415000 | &nbsp;&nbsp;&nbsp;Howmet Aerospace, Inc., 4.55%, 11/15/32 | 1396674 |
| 2589000 | &nbsp;&nbsp;&nbsp;Boeing Co. (The), 5.71%, 5/01/40 | 2593070 |
| 3819000 | &nbsp;&nbsp;&nbsp;Honeywell Aerospace, Inc., 5.85%, 3/16/66(a) | 3788171 |
|  |  | 12393317 |
|  | **ASSET MANAGEMENT — 1.14%** |  |
| 1323000 | &nbsp;&nbsp;&nbsp;Blue Owl Capital Corp., 5.95%, 3/15/29 | 1307092 |
| 2644000 | &nbsp;&nbsp;&nbsp;Apollo Debt Solutions BDC, 6.90%, 4/13/29 | 2705319 |
| 4109000 | &nbsp;&nbsp;&nbsp;Blackstone Secured Lending Fund, 5.13%, 1/31/31 | 3935114 |
| 2149000 | &nbsp;&nbsp;&nbsp;Goldman Sachs Private Credit Corp, 5.88%, 1/31/31(a) | 2084958 |
| 2352000 | &nbsp;&nbsp;&nbsp;Ares Capital Corp., 5.25%, 4/12/31 | 2273653 |
| 3074000 | &nbsp;&nbsp;&nbsp;Golub Capital Private Credit Fund, 5.60%, 4/15/31(a) | 2933424 |
| 1677000 | &nbsp;&nbsp;&nbsp;Ares Finance Co. III LLC, 4.13%, 6/30/51 (H15T5Y + 323.70 bps)(a)(b) | 1649357 |
|  |  | 16888917 |
|  | **AUTOMOTIVE — 0.06%** |  |
| 916000 | &nbsp;&nbsp;&nbsp;Hyundai Capital America, 5.40%, 6/23/32(a) | 932326 |
|  | **BANKS — 4.56%** |  |
| 1959000 | &nbsp;&nbsp;&nbsp;Barclays PLC, 5.09%, 6/20/30 (3MO LIBOR + 305.40bps)(b) | 1965311 |
| 4263000 | &nbsp;&nbsp;&nbsp;Macquarie Group Ltd, 2.69%, 6/23/32(a)(b) | 3825436 |
| 2621000 | &nbsp;&nbsp;&nbsp;Mitsubishi UFJ Financial Group Inc., 2.49%, 10/13/32 (H15T1Y + 97 bps)(b) | 2316014 |
| 3200000 | &nbsp;&nbsp;&nbsp;Fifth Third Bancorp, 4.34%, 4/25/33(b) | 3083761 |
| 5696000 | &nbsp;&nbsp;&nbsp;Bank of America Corp, 5.02%, 7/22/33 (SOFRRATE + 216BPS)(b) | 5729646 |
| 3136000 | &nbsp;&nbsp;&nbsp;Wells Fargo & Co., 4.90%, 7/25/33 (SOFR + 210 bps)(b) | 3119963 |
| 1710000 | &nbsp;&nbsp;&nbsp;US Bancorp, 4.84%, 2/01/34 | 1689954 |
| 711000 | &nbsp;&nbsp;&nbsp;Huntington Bancshares Inc/OH, 5.71%, 2/02/35(b) | 725515 |
| 2049000 | &nbsp;&nbsp;&nbsp;Regions Financial Corp., 5.50%, 9/06/35 | 2051791 |
| 3083000 | &nbsp;&nbsp;&nbsp;Bank of America Corp., 5.74%, 2/12/36 (SOFRRATE + 169.70 bps)(b) | 3136246 |
| 2348000 | &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co, 5.58%, 7/23/36 (SOFRRATE + 163.50 bps)(b) | 2377834 |
| 2875000 | &nbsp;&nbsp;&nbsp;Fifth Third Bancorp, 5.14%, 1/29/37 | 2800603 |
| 1219000 | &nbsp;&nbsp;&nbsp;Sumitomo Mitsui Financial Group Inc, 5.33%, 3/03/41 | 1182023 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount** |  | **Fair Value** |
| **CORPORATE BONDS — (** **continued)** | **CORPORATE BONDS — (** **continued)** |  |
| 1933000 | &nbsp;&nbsp;&nbsp;Huntington Bancshares, Inc., 6.21%, 8/21/29 | 2005331 |
| 5370000 | &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co., 5.01%, 1/23/30 | 5445129 |
| 1620000 | &nbsp;&nbsp;&nbsp;Citizens Financial Group, Inc., 5.84%, 1/23/30 | 1668327 |
| 3242000 | &nbsp;&nbsp;&nbsp;Sumitomo Mitsui Financial Group, Inc., 2.13%, 7/08/30 | 2915462 |
| 3670000 | &nbsp;&nbsp;&nbsp;Wells Fargo & Co., 2.88%, 10/30/30 | 3462568 |
| 3645000 | &nbsp;&nbsp;&nbsp;Citigroup, Inc., 2.98%, 11/05/30 | 3442724 |
| 2217000 | &nbsp;&nbsp;&nbsp;Toronto-Dominion Bank (The), 3.63%, 9/15/31 (USSW5 + 220.50 bps)(b) | 2204134 |
| 4320000 | &nbsp;&nbsp;&nbsp;Westpac Banking Corp., GMTN, 4.32%, 11/23/31 (USISOA05 + 224 bps)(b) | 4309557 |
| 3659000 | &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co., 4.91%, 7/25/33 | 3661525 |
| 2145000 | &nbsp;&nbsp;&nbsp;Bank of America Corp., 5.29%, 4/25/34(c) | 2171072 |
| 2733000 | &nbsp;&nbsp;&nbsp;Wells Fargo & Co., 3.07%, 4/30/41 | 2051808 |
|  |  | 67341734 |
|  | **BEVERAGES — 0.19%** |  |
| 2766000 | &nbsp;&nbsp;&nbsp;Bacardi Ltd. / Bacardi-Martini BV, 5.40%, 6/15/33(a) | 2738574 |
|  | **BIOTECH & PHARMA — 0.71%** |  |
| 2245000 | &nbsp;&nbsp;&nbsp;Eli Lilly & Co., Series X2, Class A, 4.90%, 2/12/32 | 2294895 |
| 2563000 | &nbsp;&nbsp;&nbsp;CSL Finance PLC, 4.25%, 4/27/32(a) | 2479899 |
| 3625000 | &nbsp;&nbsp;&nbsp;Zoetis, Inc., 5.00%, 8/17/35 | 3595495 |
| 2132000 | &nbsp;&nbsp;&nbsp;Eli Lilly & Co, 5.55%, 10/15/55 | 2104577 |
|  |  | 10474866 |
|  | **BIOTECHNOLOGY — 0.27%** |  |
| 3865000 | &nbsp;&nbsp;&nbsp;Amgen, Inc., 5.25%, 3/02/30 | 3968718 |
|  | **CABLE & SATELLITE — 0.39%** |  |
| 1733000 | &nbsp;&nbsp;&nbsp;Charter Communications Operating LLC, 6.10%, 6/01/29 | 1795130 |
| 1296000 | &nbsp;&nbsp;&nbsp;Charter Communications Operating LLC, 6.65%, 2/01/34 | 1351903 |
| 2526000 | &nbsp;&nbsp;&nbsp;Charter Communications Operating LLC, 6.55%, 6/01/34 | 2622377 |
|  |  | 5769410 |
|  | **CAPITAL MARKETS — 0.62%** |  |
| 1154000 | &nbsp;&nbsp;&nbsp;Ares Management Corp., 6.38%, 11/10/28 | 1199649 |
| 3297000 | &nbsp;&nbsp;&nbsp;BlackRock, Inc., 1.90%, 1/28/31 | 2937248 |
| 5018000 | &nbsp;&nbsp;&nbsp;Morgan Stanley, MTN, 5.25%, 4/21/34 | 5033669 |
|  |  | 9170566 |
|  | **CONSTRUCTION MATERIALS — 0.18%** |  |
| 2746000 | &nbsp;&nbsp;&nbsp;CRH America Finance, Inc., 5.00%, 2/09/36 | 2695799 |
|  | **CONSUMER SERVICES — 0.30%** |  |
| 2317000 | &nbsp;&nbsp;&nbsp;Duke University, 3.30%, 10/01/46 | 1654593 |
| 3898000 | &nbsp;&nbsp;&nbsp;Lehigh University, 3.48%, 11/15/46 | 2812615 |
|  |  | 4467208 |
|  | **DIVERSIFIED TELECOMMUNICATION SERVICES — 0.25%** | **DIVERSIFIED TELECOMMUNICATION SERVICES — 0.25%** |
| 4884000 | &nbsp;&nbsp;&nbsp;AT&T, Inc., 3.50%, 6/01/41 | 3788412 |
|  | **E-COMMERCE DISCRETIONARY — 0.20%** |  |
| 2637000 | &nbsp;&nbsp;&nbsp;Amazon.com Inc, 2.88%, 5/12/41 | 1942887 |
| 953000 | &nbsp;&nbsp;&nbsp;Amazon.com, Inc., 5.80%, 3/13/56 | 952234 |
|  |  | 2895121 |

---

See accompanying notes to financial statements.

**Sterling Capital Total Return Bond Fund**

**Schedule of Investments (Unaudited) (continued)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount** |  | **Fair Value** |
| **CORPORATE BONDS — (continued)** | **CORPORATE BONDS — (continued)** |  |
|  | **ELECTRIC UTILITIES — 2.33%** |  |
| 3806000 | &nbsp;&nbsp;&nbsp;NextEra Energy Capital Holdings, Inc., 2.44%, 1/15/32 | 3353764 |
| 3783000 | &nbsp;&nbsp;&nbsp;FirstEnergy Transmission LLC, 4.75%, 1/15/33 | 3725962 |
| 2348000 | &nbsp;&nbsp;&nbsp;CenterPoint Energy Houston Electric LLC, 5.15%, 3/01/34 | 2375530 |
| 2193000 | &nbsp;&nbsp;&nbsp;Public Service Co of Colorado, 5.35%, 5/15/34 | 2233682 |
| 3120000 | &nbsp;&nbsp;&nbsp;DTE Electric Co, 5.25%, 5/15/35 | 3164441 |
| 2087000 | &nbsp;&nbsp;&nbsp;NRG Energy Inc, 5.41%, 10/15/35(a),(d) | 2047190 |
| 893000 | &nbsp;&nbsp;&nbsp;Virginia Electric and Power Co, 4.95%, 3/15/36 | 870490 |
| 2538000 | &nbsp;&nbsp;&nbsp;Duke Energy Florida LLC, 6.40%, 6/15/38 | 2762056 |
| 3407000 | &nbsp;&nbsp;&nbsp;Indiana Michigan Power Co., 4.55%, 3/15/46 | 2883596 |
| 4179000 | &nbsp;&nbsp;&nbsp;Duke Energy Progress LLC, 3.60%, 9/15/47 | 3044508 |
| 2652000 | &nbsp;&nbsp;&nbsp;Puget Sound Energy, Inc., 4.22%, 6/15/48 | 2120267 |
| 2891000 | &nbsp;&nbsp;&nbsp;Southwestern Public Service Co., 3.15%, 5/01/50 | 1864941 |
| 3283000 | &nbsp;&nbsp;&nbsp;Entergy Louisiana LLC, 5.70%, 3/15/54 | 3188617 |
| 648000 | &nbsp;&nbsp;&nbsp;Nevada Power Co., 6.25%, 5/15/55 (H15T5Y + 193.60 bps)(b) | 647747 |
|  |  | 34282791 |
|  | **ELECTRICAL EQUIPMENT — 0.53%** |  |
| 4214000 | &nbsp;&nbsp;&nbsp;Amphenol Corp, 4.63%, 2/15/36 | 4075056 |
| 3893000 | &nbsp;&nbsp;&nbsp;Vertiv Holdings Co., 4.85%, 3/15/36 | 3785426 |
|  |  | 7860482 |
|  | **FOOD — 0.42%** |  |
| 2651000 | &nbsp;&nbsp;&nbsp;JBS NV/JBS USA Foods Group Holdings, Inc, 5.50%, 1/15/36 | 2652219 |
| 4163000 | &nbsp;&nbsp;&nbsp;Kraft Heinz Foods Co., 5.00%, 6/04/42 | 3660791 |
|  |  | 6313010 |
|  | **GAS & WATER UTILITIES — 0.19%** |  |
| 2754000 | &nbsp;&nbsp;&nbsp;KeySpan Gas East Corp, 5.99%, 3/06/33(a) | 2875412 |
|  | **HEALTH CARE EQUIPMENT & SUPPLIES — 0.21%** |  |
| 2947000 | &nbsp;&nbsp;&nbsp;GE HealthCare Technologies, Inc., 5.86%, 3/15/30 | 3075316 |
|  | **HEALTH CARE FACILITIES & SERVICES — 0.46%** |  |
| 2009000 | &nbsp;&nbsp;&nbsp;IQVIA, Inc., 6.25%, 2/01/29 | 2088026 |
| 2291000 | &nbsp;&nbsp;&nbsp;HCA, Inc., 5.50%, 6/01/33 | 2336688 |
| 2436000 | &nbsp;&nbsp;&nbsp;CVS Health Corp, 6.05%, 6/01/54 | 2363214 |
|  |  | 6787928 |
|  | **HOME CONSTRUCTION — 0.26%** |  |
| 1484000 | &nbsp;&nbsp;&nbsp;DR Horton Inc., 4.85%, 10/15/30 | 1496109 |
| 2308000 | &nbsp;&nbsp;&nbsp;Meritage Homes Corp, 5.65%, 3/15/35 | 2305483 |
|  |  | 3801592 |
|  | **HOUSEHOLD DURABLES — 0.11%** |  |
| 1666000 | &nbsp;&nbsp;&nbsp;Meritage Homes Corp., 3.88%, 4/15/29(a) | 1621334 |
|  | **INSTITUTIONAL FINANCIAL SERVICES — 0.73%** |  |
| 4840000 | &nbsp;&nbsp;&nbsp;Morgan Stanley, 2.51%, 10/20/32 (SOFRRATE + 120BPS)(b) | 4273439 |
| 3056000 | &nbsp;&nbsp;&nbsp;Jefferies Financial Group Inc, 5.50%, 2/15/36 | 2933131 |
| 1188000 | &nbsp;&nbsp;&nbsp;Morgan Stanley, 5.31%, 1/18/41 | 1146803 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount** |  | **Fair Value** |
| **CORPORATE BONDS — (** **continued)** | **CORPORATE BONDS — (** **continued)** |  |
| 2461000 | &nbsp;&nbsp;&nbsp;Bank of New York Mellon Corp./The, 5.63%, 12/31/49 | 2410082 |
|  |  | 10763455 |
|  | **INSURANCE — 1.84%** |  |
| 2447000 | &nbsp;&nbsp;&nbsp;GA Global Funding Trust, 5.50%, 1/08/29(a) | 2476768 |
| 3651000 | &nbsp;&nbsp;&nbsp;Fortitude Group Holdings LLC, 6.25%, 4/01/30(a) | 3718040 |
| 1736000 | &nbsp;&nbsp;&nbsp;Enstar Group Ltd., 3.10%, 9/01/31 | 1531777 |
| 2242000 | &nbsp;&nbsp;&nbsp;RGA Global Funding, 5.00%, 8/25/32(a) | 2217789 |
| 4239000 | &nbsp;&nbsp;&nbsp;Athene Holding Ltd., 5.88%, 1/15/34 | 4222048 |
| 2874000 | &nbsp;&nbsp;&nbsp;SBL Holdings, Inc., 7.20%, 10/30/34(a) | 2514783 |
| 2191000 | &nbsp;&nbsp;&nbsp;American National Group Inc, 6.00%, 7/15/35 | 2135975 |
| 1841000 | &nbsp;&nbsp;&nbsp;Lincoln National Corp., 5.35%, 11/15/35 | 1794430 |
| 1795000 | &nbsp;&nbsp;&nbsp;Transatlantic Holdings, Inc., 8.00%, 11/30/39 | 2164436 |
| 2596000 | &nbsp;&nbsp;&nbsp;Global Atlantic Fin Co., 6.75%, 3/15/54(a) | 2418257 |
| 2192000 | &nbsp;&nbsp;&nbsp;Athene Holding Ltd., 6.63%, 10/15/54 | 2024591 |
|  |  | 27218894 |
|  | **INTERACTIVE MEDIA & SERVICES — 0.10%** |  |
| 1583000 | &nbsp;&nbsp;&nbsp;Meta Platforms, Inc., 5.40%, 8/15/54 | 1433813 |
|  | **INTERNET MEDIA & SERVICES — 0.47%** |  |
| 2216000 | &nbsp;&nbsp;&nbsp;Meta Platforms Inc, 4.60%, 11/15/32 | 2194259 |
| 4580000 | &nbsp;&nbsp;&nbsp;Beignet Investor LLC, 6.58%, 5/30/49(a) | 4708955 |
|  |  | 6903214 |
|  | **LEISURE FACILITIES & SERVICES — 0.17%** |  |
| 2654000 | &nbsp;&nbsp;&nbsp;Royal Caribbean Cruises Ltd., 5.25%, 2/27/38 | 2524790 |
|  | **LEISURE PRODUCTS — 0.09%** |  |
| 729000 | &nbsp;&nbsp;&nbsp;Mattel Inc, 3.75%, 4/01/29(a) | 705023 |
| 650000 | &nbsp;&nbsp;&nbsp;Mattel, Inc., 5.00%, 11/17/30 | 645995 |
|  |  | 1351018 |
|  | **MACHINERY — 0.17%** |  |
| 2383000 | &nbsp;&nbsp;&nbsp;Caterpillar Inc., 5.20%, 5/15/35 | 2441205 |
|  | **MEDICAL EQUIPMENT & DEVICES — 0.14%** |  |
| 2524000 | &nbsp;&nbsp;&nbsp;Baxter International Inc, 2.54%, 2/01/32 | 2127395 |
|  | **METALS & MINING — 0.72%** |  |
| 3044000 | &nbsp;&nbsp;&nbsp;Glencore Funding LLC, 5.67%, 4/01/35(a) | 3109734 |
| 5416000 | &nbsp;&nbsp;&nbsp;Freeport-McMoRan Inc., 5.45%, 3/15/43 | 5124002 |
| 2449000 | &nbsp;&nbsp;&nbsp;Anglo American Capital PLC, 6.00%, 4/05/54(a) | 2385117 |
|  |  | 10618853 |
|  | **MULTI-UTILITIES — 0.32%** |  |
| 3011000 | &nbsp;&nbsp;&nbsp;Sempra, 3.80%, 2/01/38 | 2541668 |
| 2570000 | &nbsp;&nbsp;&nbsp;CMS Energy Corp., 4.70%, 3/31/43 | 2172091 |
|  |  | 4713759 |
|  | **OIL & GAS PRODUCERS — 0.92%** |  |
| 2216000 | &nbsp;&nbsp;&nbsp;DT Midstream Inc, 5.80%, 12/15/34(a) | 2275162 |
| 3470000 | &nbsp;&nbsp;&nbsp;Woodside Finance Ltd., 6.00%, 5/19/35 | 3616099 |
| 1253000 | &nbsp;&nbsp;&nbsp;Energy Transfer LP, 5.35%, 1/15/36 | 1244298 |
| 2120000 | &nbsp;&nbsp;&nbsp;Plains All American Pipeline LP/PAA Finance Corp., 5.60%, 1/15/36 | 2126870 |
| 2125000 | &nbsp;&nbsp;&nbsp;The Williams Cos, Inc., 5.15%, 3/15/36 | 2093364 |
| 762000 | &nbsp;&nbsp;&nbsp;Cheniere Energy, Inc., 5.20%, 7/30/36(a) | 754216 |
| 1731000 | &nbsp;&nbsp;&nbsp;APA Corp., 5.10%, 9/01/40 | 1555768 |
|  |  | 13665777 |

---

See accompanying notes to financial statements.

**Sterling Capital Total Return Bond Fund**

**Schedule of Investments (Unaudited) (continued)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount** |  | **Fair Value** |
| **CORPORATE BONDS — (continued)** | **CORPORATE BONDS — (continued)** |  |
|  | **OIL & GAS SERVICES & EQUIPMENT — 0.20%** |  |
| 2994000 | &nbsp;&nbsp;&nbsp;Baker Hughes Holdings LLC, 5.00%, 6/15/36 | 2939517 |
|  | **OIL, GAS & CONSUMABLE FUELS — 0.84%** |  |
| 2033000 | &nbsp;&nbsp;&nbsp;Aker BP ASA, 3.75%, 1/15/30(a) | 1953490 |
| 2559000 | &nbsp;&nbsp;&nbsp;Pioneer Natural Resources Co., 1.90%, 8/15/30 | 2301556 |
| 2037000 | &nbsp;&nbsp;&nbsp;Ovintiv, Inc., 6.25%, 7/15/33 | 2149287 |
| 1498000 | &nbsp;&nbsp;&nbsp;Diamondback Energy, Inc., 5.40%, 4/18/34 | 1520765 |
| 2511000 | &nbsp;&nbsp;&nbsp;MPLX LP, 4.50%, 4/15/38 | 2256446 |
| 2361000 | &nbsp;&nbsp;&nbsp;Energy Transfer LP, 5.95%, 5/15/54 | 2213853 |
|  |  | 12395397 |
|  | **REIT — 1.38%** |  |
| 2172000 | &nbsp;&nbsp;&nbsp;LXP Industrial Trust, 2.70%, 9/15/30 | 1980322 |
| 3248000 | &nbsp;&nbsp;&nbsp;Store Capital LLC, 2.75%, 11/18/30 | 2921720 |
| 2308000 | &nbsp;&nbsp;&nbsp;Tanger Properties LP, 2.75%, 9/01/31 | 2061146 |
| 3276000 | &nbsp;&nbsp;&nbsp;Invitation Homes Operating Partnership LP, 4.15%, 4/15/32 | 3075199 |
| 2572000 | &nbsp;&nbsp;&nbsp;Extra Space Storage LP, 4.95%, 1/15/33 | 2538179 |
| 2186000 | &nbsp;&nbsp;&nbsp;Prologis Targeted US Logistics Fund LP, 5.50%, 4/01/34(a) | 2221222 |
| 2457000 | &nbsp;&nbsp;&nbsp;Phillips Edison Grocery Center, 4.95%, 1/15/35 | 2379764 |
|  |  | 20420995 |
|  | **RETAIL - CONSUMER STAPLES — 0.26%** |  |
| 3823000 | &nbsp;&nbsp;&nbsp;Kroger Co/The, 5.00%, 9/15/34 | 3774688 |
|  | **RETAIL - DISCRETIONARY — 0.40%** |  |
| 2713000 | &nbsp;&nbsp;&nbsp;Lowe's Cos Inc., 1.70%, 10/15/30 | 2390509 |
| 1333000 | &nbsp;&nbsp;&nbsp;ERAC USA Finance LLC, 5.20%, 10/30/34(a) | 1350531 |
| 2130000 | &nbsp;&nbsp;&nbsp;O'Reilly Automotive, Inc., 5.10%, 3/12/36 | 2102119 |
|  |  | 5843159 |
|  | **SEMICONDUCTORS — 0.67%** |  |
| 3718000 | &nbsp;&nbsp;&nbsp;Microchip Technology Inc., 5.05%, 2/15/30 | 3750178 |
| 3562000 | &nbsp;&nbsp;&nbsp;Foundry JV Holdco LLC, 6.15%, 1/25/32(a) | 3718680 |
| 901000 | &nbsp;&nbsp;&nbsp;Intel Corp, 3.73%, 12/08/47 | 629593 |
| 2440000 | &nbsp;&nbsp;&nbsp;Intel Corp, 4.90%, 8/05/52 | 1993234 |
|  |  | 10091685 |
|  | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 0.42%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 0.42%** |
| 2743000 | &nbsp;&nbsp;&nbsp;Marvell Technology, Inc., 2.95%, 4/15/31 | 2517340 |
| 3783000 | &nbsp;&nbsp;&nbsp;Broadcom, Inc., 4.93%, 5/15/37(a) | 3669220 |
|  |  | 6186560 |
|  | **SOFTWARE — 0.62%** |  |
| 2147000 | &nbsp;&nbsp;&nbsp;Synopsys, Inc., 5.00%, 4/01/32 | 2165630 |
| 1796000 | &nbsp;&nbsp;&nbsp;Oracle Corp., 5.35%, 5/04/33 | 1748368 |
| 3508000 | &nbsp;&nbsp;&nbsp;Oracle Corp, 5.88%, 9/26/45 | 3026495 |
| 2646000 | &nbsp;&nbsp;&nbsp;Oracle Corp., 6.13%, 8/03/65 | 2201114 |
|  |  | 9141607 |
|  | **SPECIALTY FINANCE — 1.09%** |  |
| 2965000 | &nbsp;&nbsp;&nbsp;Aircastle Ltd / Aircastle Ireland DAC, 5.00%, 9/15/30(a) | 2957939 |
| 1988000 | &nbsp;&nbsp;&nbsp;AerCap Ireland Capital DAC, 6.15%, 9/30/30 | 2089162 |
| 3526000 | &nbsp;&nbsp;&nbsp;Ally Financial Inc., 5.54%, 1/17/31 (SOFRINDX + 173 bps)(b) | 3549617 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Principal**<br> **Amount** |  | **Fair Value** |
| **CORPORATE BONDS — (** **continued)** | **CORPORATE BONDS — (** **continued)** |  |
| 2601000 | &nbsp;&nbsp;&nbsp;Ladder Capital Finance Holdings LLLP, 7.00%, 7/15/31(a) | 2688721 |
| 1992000 | &nbsp;&nbsp;&nbsp;Capital One Financial Corp., 6.38%, 6/08/34 | 2099293 |
| 2706000 | &nbsp;&nbsp;&nbsp;American Express Co., 5.44%, 1/30/36 (SOFRINDX + 132 bps)(b) | 2754584 |
|  |  | 16139316 |
|  | **TECHNOLOGY HARDWARE — 0.31%** |  |
| 2649000 | &nbsp;&nbsp;&nbsp;Motorola Solutions Inc., 4.85%, 8/15/30 | 2667431 |
| 1861000 | &nbsp;&nbsp;&nbsp;Dell International LLC / EMC Corp, 4.75%, 10/06/32(d) | 1834556 |
|  |  | 4501987 |
|  | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 0.13%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 0.13%** |
| 1890000 | &nbsp;&nbsp;&nbsp;Hewlett Packard Enterprise Co., 6.35%, 10/15/45 | 1886952 |
|  | **TECHNOLOGY SERVICES — 0.04%** |  |
| 537000 | &nbsp;&nbsp;&nbsp;S&P Global, Inc., 4.80%, 12/04/35(a) | 526202 |
|  | **TELECOMMUNICATIONS — 0.65%** |  |
| 2526000 | &nbsp;&nbsp;&nbsp;AT&T, Inc., 4.30%, 2/15/30 | 2509977 |
| 2549000 | &nbsp;&nbsp;&nbsp;Sprint Capital Corp., 8.75%, 3/15/32 | 3030940 |
| 3165000 | &nbsp;&nbsp;&nbsp;T-Mobile USA, Inc., 6.00%, 6/15/54 | 3133374 |
| 997000 | &nbsp;&nbsp;&nbsp;Verizon Communications Inc, 5.88%, 11/30/55 | 969755 |
|  |  | 9644046 |
|  | **TOBACCO & CANNABIS — 0.40%** |  |
| 2271000 | &nbsp;&nbsp;&nbsp;Philip Morris International, Inc., 5.13%, 2/15/30 | 2317195 |
| 3275000 | &nbsp;&nbsp;&nbsp;BAT Capital Corp., 6.42%, 8/02/33 | 3551755 |
|  |  | 5868950 |
|  | **TRANSPORTATION & LOGISTICS — 0.56%** |  |
| 2770000 | &nbsp;&nbsp;&nbsp;United Airlines Inc, 4.63%, 4/15/29(a) | 2717713 |
| 3244000 | &nbsp;&nbsp;&nbsp;Delta Air Lines Inc., 5.25%, 7/10/30 | 3265347 |
| 2452000 | &nbsp;&nbsp;&nbsp;Burlington Northern Santa Fe LLC, 4.95%, 9/15/41 | 2332525 |
|  |  | 8315585 |
| Total (Cost $414,930,757) | Total (Cost $414,930,757) | 408338209 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount** |  | **Fair Value** |
| **MUNICIPAL BONDS — 1.91%** | **MUNICIPAL BONDS — 1.91%** |  |
|  | **Alabama — 0.18%** |  |
| 2675000 | &nbsp;&nbsp;&nbsp;Alabama Economic Settlement Authority, Economic Imports, Taxable BP - Settlement Revenue Series B, 4.26%,9/15/32(e) | 2651867 |
|  | **California — 0.09%** |  |
| 1145000 | &nbsp;&nbsp;&nbsp;State of California, Build America Bonds, School Improvements G.O., 7.63%,3/1/40(e) | 1362608 |
|  | **New York — 1.64%** |  |
| 5000000 | &nbsp;&nbsp;&nbsp;City of New York NY, 5.68%,10/1/33 | 5420026 |
| 345000 | &nbsp;&nbsp;&nbsp;Metropolitan Transportation Authority, Taxable Green Bonds, Green Purpose Revenue Bonds Series C2, 5.18%,11/15/49 | 321883 |
| 12135000 | &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority, 4.56%,2/1/35 | 12015557 |

---

See accompanying notes to financial statements.

**Sterling Capital Total Return Bond Fund**

**Schedule of Investments (Unaudited) (continued)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount** |  | **Fair Value** |
| **MUNICIPAL BONDS — (** **continued)** | **MUNICIPAL BONDS — (** **continued)** |  |
| 7130000 | &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Future Tax Secured Revenue, Public Improvements, Taxable Revenue, Callable 2/1/27 @ 100, 3.00%,11/1/33 | 6418031 |
| Total (Cost $28,557,852) | Total (Cost $28,557,852) | 28189972 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount** |  | **Fair Value** |
| **ASSET BACKED SECURITIES — 17.42%** | **ASSET BACKED SECURITIES — 17.42%** |  |
| 548457 | &nbsp;&nbsp;&nbsp;Carvana Auto Receivables Trust, Series P2, Class B, 1.27%, 3/10/27 | 548014 |
| 12125529 | &nbsp;&nbsp;&nbsp;OneMain Direct Auto Receivables Trust, Series 1A, Class A, 5.41%, 11/14/29(a) | 12211143 |
| 4543000 | &nbsp;&nbsp;&nbsp;Avis Budget Rental Car Funding AESOP LLC, Series 8A, Class A, 6.02%, 2/20/30(a) | 4710770 |
| 3127000 | &nbsp;&nbsp;&nbsp;Avis Budget Rental Car Funding AESOP LLC, Series 2023-1A, Class A, 5.36%, 6/20/30(a) | 3195694 |
| 13134000 | &nbsp;&nbsp;&nbsp;Benchmark 2025-V18 Mortgage Trust, Series V18, Class A3, 5.18%, 10/15/30 | 13374212 |
| 7798000 | &nbsp;&nbsp;&nbsp;Morgan Stanley Bank of America Merrill Lynch, Series 5C2, Class A3, 5.11%, 11/15/30 | 7901344 |
| 6618000 | &nbsp;&nbsp;&nbsp;BANK5 2025-5YR19, Series 5YR19, Class A3, 5.27%, 12/15/30 | 6759149 |
| 9600000 | &nbsp;&nbsp;&nbsp;Dryden CLO Ltd., Series 53A, Class BR, 4.97%, 1/15/31(a)(c) | 9601248 |
| 17494000 | &nbsp;&nbsp;&nbsp;Hertz Vehicle Financing III LLC, Series 2A, Class A, 5.48%, 1/27/31(a) | 17832932 |
| 216341 | &nbsp;&nbsp;&nbsp;New Century Home Equity Loan Trust, Series 4, Class M1, 4.92%, 10/25/33(e) | 216226 |
| 13027000 | &nbsp;&nbsp;&nbsp;Neuberger Berman Loan Advisers CLO 41 Ltd., Series 41A, Class AR, 4.72%, 4/15/34 (TSFR3M + 105 bps)(a)(b)(c) | 13004984 |
| 14967000 | &nbsp;&nbsp;&nbsp;LCM 33 Ltd, Series 33A, Class AR, 4.85%, 7/20/34 (TSFR3M + 118.00 bps)(a)(b) | 14972089 |
| 10805000 | &nbsp;&nbsp;&nbsp;OneMain Financial Issuance Trust, Series 1A, Class A1, 1.55%, 6/16/36(a) | 10559008 |
| 10250000 | &nbsp;&nbsp;&nbsp;CIFC Funding Ltd., Series 2017-3A, Class <br>AR, 5.21%, 4/20/37 (TSFR3M + 154 bps)(a)(b) | 10258815 |
| 11500335 | &nbsp;&nbsp;&nbsp;CARLYLE US CLO Ltd., Series 2017-3A, Class A1R2, 5.07%, 10/21/37(a)(c) | 11514020 |
| 13303000 | &nbsp;&nbsp;&nbsp;Toyota Auto Loan Extended Note Trust, Series 2025-1A, Class A, 4.65%, 5/25/38(a) | 13408171 |
| 7259000 | &nbsp;&nbsp;&nbsp;SMB Private Education Loan Trust 2026-A, Series A, Class A1A, 4.68%, 5/16/39(a) | 7165875 |
| 2781859 | &nbsp;&nbsp;&nbsp;MVW LLC, Series 2024-2, Class A, 4.43%, 3/20/42(a) | 2767165 |
| 2234000 | &nbsp;&nbsp;&nbsp;VDCM Commercial Mortgage Trust 2025-AZ, Series AZ, Class C, 6.03%, 7/13/44(a)(b) | 2245399 |
| 7860622 | &nbsp;&nbsp;&nbsp;M&T Bank RV Trust 2026-1, Series 1A, Class A, 4.35%, 1/15/46(a) | 7771700 |
| 6991000 | &nbsp;&nbsp;&nbsp;Stack Infrastructure Issuer LLC, Series 1A, Class A2, 5.00%, 5/25/50(a) | 6888148 |
| 711000 | &nbsp;&nbsp;&nbsp;Benchmark 2018-B1 Mortgage Trust, Series B1, Class AM, 3.88%, 1/15/51(b) | 689197 |
| 975000 | &nbsp;&nbsp;&nbsp;Benchmark 2018-B2 Mortgage Trust, Series B2, Class AS, 4.08%, 2/15/51(b) | 938515 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount** |  | **Fair Value** |
| **ASSET BACKED SECURITIES — (continued)** | **ASSET BACKED SECURITIES — (continued)** |  |
| 7453000 | &nbsp;&nbsp;&nbsp;Vantage Data Centers Issuer, LLC., Series 2A, Class A2, 5.24%, 11/15/55(a) | 7339909 |
| 4431000 | &nbsp;&nbsp;&nbsp;QTS Issuer ABS II LLC, Series 3A, Class A2, 6.16%, 1/05/56(a) | 4351871 |
| 10721550 | &nbsp;&nbsp;&nbsp;SMB Private Education Loan Trust, Series 2024-E, Class A-1A, 5.09%, 10/16/56(a) | 10798325 |
| 2680000 | &nbsp;&nbsp;&nbsp;Benchmark 2024-V9 Mortgage Trust, Series V9, Class AS, 6.06%, 8/15/57 | 2758517 |
| 2530000 | &nbsp;&nbsp;&nbsp;BANK5 2024-5YR9, Series 5YR9, Class AS, 6.18%, 8/15/57 | 2613839 |
| 3691000 | &nbsp;&nbsp;&nbsp;Benchmark 2025-V19 Mortgage Trust, Series V19, Class A3, 5.25%, 1/15/58 | 3764659 |
| 7303000 | &nbsp;&nbsp;&nbsp;BBCMS Mortgage Trust 2025-5C38, Series 5C38, Class A3, 5.15%, 11/15/58 | 7417184 |
| 8664000 | &nbsp;&nbsp;&nbsp;BANK5 2025-5YR17, Series 5YR17, Class A3, 5.23%, 11/15/58 | 8835951 |
| 8974000 | &nbsp;&nbsp;&nbsp;BANK5 2025-5YR18, Series 5YR18, Class A3, 5.15%, 12/15/58 | 9121697 |
| 5197000 | &nbsp;&nbsp;&nbsp;Wells Fargo Commercial Mortgage Trust 2025-5C7, Series 5C7, Class A3, 5.20%, 12/15/58(a) | 5279928 |
| 4382000 | &nbsp;&nbsp;&nbsp;BMO 2025-5C13 Mortgage Trust, Series 5C13, Class A3, 5.23%, 12/15/58 | 4458159 |
| 3096000 | &nbsp;&nbsp;&nbsp;BANK5 2026-5YR21, Series 5YR21, Class A3, 5.53%, 4/15/59 | 3190818 |
| 1490000 | &nbsp;&nbsp;&nbsp;Sandstone Peak II Ltd., Series 1A, Class BR, 5.42%, 7/20/38(a)(c) | 1493770 |
| 7364000 | &nbsp;&nbsp;&nbsp;Vantage Data Centers LLC, Series 1A, Class A2, 5.13%, 8/15/55(a) | 7204558 |
| Total (Cost $257,997,448) | Total (Cost $257,997,448) | 257163003 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount** |  | **Fair Value** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES — 11.37%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES — 11.37%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES — 11.37%** |
| 3798990 | &nbsp;&nbsp;&nbsp;FRESB Mortgage Trust, Series SB52, Class A10F, 3.45%, 6/25/28(b) | 3749041 |
| 1396000 | &nbsp;&nbsp;&nbsp;Benchmark Mortgage Trust, Series V6, Class A3, 5.93%, 3/15/29 | 1440675 |
| 5293000 | &nbsp;&nbsp;&nbsp;Benchmark Mortgage Trust, Series V6, Class AS, 6.38%, 3/15/29 | 5473456 |
| 3386000 | &nbsp;&nbsp;&nbsp;Freddie Mac Multifamily Structured Pass Through, Series K153, Class A3, 3.12%, 10/25/31 | 3180069 |
| 8536000 | &nbsp;&nbsp;&nbsp;Freddie Mac Multifamily Structured Pass Through, Series K155, Class A3, 3.75%, 4/25/33 | 8150496 |
| 11545 | &nbsp;&nbsp;&nbsp;CSFB Mortgage-Backed Pass-Through Certificates, Series 1, Class 2A1, 6.50%, 2/25/34 | 11557 |
| 34635 | &nbsp;&nbsp;&nbsp;CHL Mortgage Pass-Through Trust, Series 3, Class A4, 5.75%, 4/25/34 | 34417 |
| 8947 | &nbsp;&nbsp;&nbsp;Citigroup Mortgage Loan Trust, Inc., Series NCM2, Class 3CB2, 6.50%, 8/25/34(e) | 8941 |
| 2552681 | &nbsp;&nbsp;&nbsp;BX Commercial Mortgage Trust, Series 2021-ACNT, Class C, 5.29%, 11/15/38(a) | 2551085 |
| 2516739 | &nbsp;&nbsp;&nbsp;BX Commercial Mortgage Trust, Series 2021-CIP, Class B, 5.06%, 12/15/38(a) | 2514380 |
| 2582762 | &nbsp;&nbsp;&nbsp;SMR Mortgage Trust, Series 2022-IND, Class A, 5.32%, 2/15/39(a) | 2576618 |
| 911583 | &nbsp;&nbsp;&nbsp;JP Morgan Chase Commercial Mortgage, Series C3, Class B, 5.01%, 2/15/46(a) | 898629 |
| 4314000 | &nbsp;&nbsp;&nbsp;CD Mortgage Trust, Series 2016-CD2, Class A4, 3.53%, 11/10/49 | 4237681 |

---

See accompanying notes to financial statements.

**Sterling Capital Total Return Bond Fund**

**Schedule of Investments (Unaudited) (continued)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount** |  | **Fair Value** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES — (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES — (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES — (continued)** |
| 2562000 | &nbsp;&nbsp;&nbsp;Morgan Stanley Capital I Trust, Series BNK2, Class A4, 3.05%, 11/15/49 | 2523025 |
| 2209000 | &nbsp;&nbsp;&nbsp;GS Mortgage Securities Trust, Series 2016-GS4, Class A4, 3.44%, 11/15/49 | 2198149 |
| 1517000 | &nbsp;&nbsp;&nbsp;JP Morgan Chase Commercial Mortgage, Series JP4, Class A4, 3.65%, 12/15/49 | 1505082 |
| 1658000 | &nbsp;&nbsp;&nbsp;Morgan Stanley Bank of America Merrill Lynch Trust, Series C32, Class A4, 3.72%, 12/15/49 | 1648414 |
| 723000 | &nbsp;&nbsp;&nbsp;Wells Fargo Commercial Mortgage Trust, Series C37, Class A5, 3.79%, 12/15/49 | 719533 |
| 2651813 | &nbsp;&nbsp;&nbsp;CD Mortgage Trust, Series 2017-CD3, Class A4, 3.63%, 2/10/50 | 2594409 |
| 3742000 | &nbsp;&nbsp;&nbsp;JPMCC Commercial Mortgage Securities Trust, Series JP5, Class A5, 3.72%, 3/15/50 | 3720158 |
| 1337000 | &nbsp;&nbsp;&nbsp;Citigroup Commercial Mortgage Trust, Series P7, Class A4, 3.71%, 4/14/50 | 1322257 |
| 7241000 | &nbsp;&nbsp;&nbsp;COMM Mortgage Trust, Series COR2, Class A3, 3.51%, 9/10/50 | 7150474 |
| 8591000 | &nbsp;&nbsp;&nbsp;Wells Fargo Commercial Mortgage Trust, Series C40, Class A4, 3.58%, 10/15/50 | 8469364 |
| 8910000 | &nbsp;&nbsp;&nbsp;Morgan Stanley Capital I, Series HR2, Class A4, 3.59%, 12/15/50 | 8767741 |
| 9850000 | &nbsp;&nbsp;&nbsp;Morgan Stanley Capital I Trust, Series H3, Class A5, 4.18%, 7/15/51 | 9777064 |
| 3447000 | &nbsp;&nbsp;&nbsp;CFCRE Commercial Mortgage Trust, Series C7, Class A3, 3.84%, 12/10/54 | 3426287 |
| 3127000 | &nbsp;&nbsp;&nbsp;Benchmark Mortgage Trust, Series V2, Class AS, 6.54%, 5/15/55 | 3217246 |
| 8156000 | &nbsp;&nbsp;&nbsp;Benchmark Mortgage Trust, Series 2024-V7, Class A3, 6.23%, 5/15/56 | 8499118 |
| 6548000 | &nbsp;&nbsp;&nbsp;Benchmark Mortgage Trust, Series 2024-V7, Class AS, 6.53%, 5/15/56 | 6815469 |
| 2002000 | &nbsp;&nbsp;&nbsp;BMO Mortgage Trust, Series 2023-5C1, Class AS, 7.12%, 8/15/56 | 2090631 |
| 3607000 | &nbsp;&nbsp;&nbsp;BANK5 Trust, Series 2023-5YR3, Class AS, 7.32%, 9/15/56 | 3816338 |
| 5789000 | &nbsp;&nbsp;&nbsp;BANK5 Trust, Series 2023-5YR4, Class AS, 7.27%, 12/15/56 | 6094934 |
| 8434000 | &nbsp;&nbsp;&nbsp;Benchmark Mortgage Trust, Series V5, Class A3, 5.81%, 1/10/57 | 8670058 |
| 2940000 | &nbsp;&nbsp;&nbsp;BBCMS Mortgage Trust, Series 5C25, Class A3, 5.95%, 3/15/57 | 3036687 |
| 2002000 | &nbsp;&nbsp;&nbsp;BBCMS Mortgage Trust, Series 5C25, Class AS, 6.36%, 3/15/57 | 2075976 |
| 6847000 | &nbsp;&nbsp;&nbsp;BMO 2025-5C12 Mortgage Trust, Series 5C12, Class A3, 5.18%, 10/15/58(d) | 6951535 |
| 3279000 | &nbsp;&nbsp;&nbsp;American Tower Trust, Series 2018-1, Class A, 3.65%, 3/15/28(a)(e) | 3243443 |
| 5741000 | &nbsp;&nbsp;&nbsp;BANK5 Trust, Series 2024-5YR5, Class AS, 6.27%, 2/15/29 | 5920043 |
| 5192000 | &nbsp;&nbsp;&nbsp;BANK5 Trust, Series 2024-5YR6, Class A3, 6.23%, 5/15/57 | 5400776 |
| 9377000 | &nbsp;&nbsp;&nbsp;BANK5 Trust, Series 2024-5YR6, Class AS, 6.79%, 5/15/57 | 9820840 |
| 2863975 | &nbsp;&nbsp;&nbsp;BX Trust, Series 2021-RISE, Class C, 5.24%, 11/15/36(a)(b) | 2862185 |
| 710000 | &nbsp;&nbsp;&nbsp;Wells Fargo Commercial Mortgage Trust 2017-C40, Series C40, Class AS, 3.85%, 10/15/50(b) | 691320 |
| Total (Cost $170,258,036) | Total (Cost $170,258,036) | 167855601 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount** |  | **Fair Value** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS — 5.85%** | **COLLATERALIZED MORTGAGE OBLIGATIONS — 5.85%** | **COLLATERALIZED MORTGAGE OBLIGATIONS — 5.85%** |
| 286983 | &nbsp;&nbsp;&nbsp;Freddie Mac, Series 4136, Class HZ, 3.50%, 11/15/27 | 285360 |
| 3245000 | &nbsp;&nbsp;&nbsp;BANK5, Series 2023-5YR4, Class B, 7.61%, 12/15/28(b) | 3428553 |
| 324000 | &nbsp;&nbsp;&nbsp;Freddie Mac, Series 4160, Class HH, 2.50%, 12/15/32 | 307732 |
| 7600322 | &nbsp;&nbsp;&nbsp;Ginnie Mae, Series 132, Class DV, 6.00%, 7/20/34 | 7684420 |
| 84270 | &nbsp;&nbsp;&nbsp;Ginnie Mae, Series 2008-51, Class PG, 5.00%, 6/20/38 | 86099 |
| 118586 | &nbsp;&nbsp;&nbsp;Freddie Mac, Series 3632, Class PK, 5.00%, 2/15/40 | 120115 |
| 2142813 | &nbsp;&nbsp;&nbsp;Ginnie Mae, Series 2014-2, Class AG, 2.28%, 3/20/40 | 1927948 |
| 711857 | &nbsp;&nbsp;&nbsp;Freddie Mac, Series 3762, Class LN, 4.00%, 11/15/40 | 680923 |
| 385717 | &nbsp;&nbsp;&nbsp;Fannie Mae, Series 2011-38, Class D, 4.50%, 5/25/41(e) | 383260 |
| 9307644 | &nbsp;&nbsp;&nbsp;Progress Residential Trust, Series SFR1, Class A, 3.40%, 2/17/42(a) | 8859254 |
| 3514094 | &nbsp;&nbsp;&nbsp;Freddie Mac, Series 5427, Class HZ, 3.50%, 8/15/42 | 2915431 |
| 6956976 | &nbsp;&nbsp;&nbsp;Freddie Mac, Series 4112, Class PB, 4.00%, 9/15/42 | 6654109 |
| 891000 | &nbsp;&nbsp;&nbsp;Fannie Mae, Series 2013-70, Class CY, 3.50%, 7/25/43 | 775440 |
| 207864 | &nbsp;&nbsp;&nbsp;Freddie Mac, Series 4328, Class KD, 3.00%, 8/15/43 | 200992 |
| 953725 | &nbsp;&nbsp;&nbsp;Freddie Mac, Series 4427, Class KA, 2.25%, 7/15/44 | 900954 |
| 6619386 | &nbsp;&nbsp;&nbsp;Freddie Mac, Series 5300, Class AB, 5.50%, 1/25/49 | 6683636 |
| 9618804 | &nbsp;&nbsp;&nbsp;Ginnie Mae, Series 154, Class GA, 6.00%, 4/20/50 | 9857817 |
| 12711427 | &nbsp;&nbsp;&nbsp;Freddie Mac, 1.50%, 7/25/50 | 9712175 |
| 3865264 | &nbsp;&nbsp;&nbsp;Freddie Mac, Series 5499, Class A, 5.50%, 10/25/52 | 3899546 |
| 2854000 | &nbsp;&nbsp;&nbsp;Benchmark 2025-V16 Mortgage Trust, Series V16, Class A3, 5.44%, 8/15/57 | 2929595 |
| 4651000 | &nbsp;&nbsp;&nbsp;Wells Fargo Commercial Mortgage Trust 2025-5C5, Series 5C5, Class A3, 5.59%, 7/15/58 | 4797010 |
| 5728000 | &nbsp;&nbsp;&nbsp;BBCMS Mortgage Trust 2025-5C36, Series 5C36, Class A3, 5.52%, 8/15/58 | 5900955 |
| 6180000 | &nbsp;&nbsp;&nbsp;Wells Fargo Commercial Mortgage Trust 2025-5C6, Series 5C6, Class A3, 5.19%, 10/15/58(d) | 6277950 |
| 1093233 | &nbsp;&nbsp;&nbsp;Fannie Mae-Aces, Series 2019-M9, Class A2, 2.94%, 6/25/29 | 1059082 |
| Total (Cost $86,221,356) | Total (Cost $86,221,356) | 86328356 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount** |  | **Fair Value** |
| **MORTGAGE-BACKED SECURITIES — 23.69%** | **MORTGAGE-BACKED SECURITIES — 23.69%** |  |
| &nbsp;&nbsp;&nbsp;**Fannie Mae — 13.73%** | &nbsp;&nbsp;&nbsp;**Fannie Mae — 13.73%** |  |
| 636945 | &nbsp;&nbsp;&nbsp;4.00%, 12/01/33, Pool #MA1689 | 629113 |
| 375838 | &nbsp;&nbsp;&nbsp;4.00%, 6/01/34, Pool #MA1922 | 372015 |
| 347484 | &nbsp;&nbsp;&nbsp;4.00%, 3/01/35, Pool #MA2211 | 342306 |
| 153362 | &nbsp;&nbsp;&nbsp;5.50%, 8/01/37, Pool #995082 | 156411 |
| 1785545 | &nbsp;&nbsp;&nbsp;3.50%, 8/01/38, Pool #FM2472 | 1723289 |

---

See accompanying notes to financial statements.

**Sterling Capital Total Return Bond Fund**

**Schedule of Investments (Unaudited) (continued)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount** |  | **Fair Value** |
| **MORTGAGE-BACKED SECURITIES — (** **continued)** | **MORTGAGE-BACKED SECURITIES — (** **continued)** |  |
| 47886 | &nbsp;&nbsp;&nbsp;4.50%, 10/01/39, Pool #AC2645 | 47160 |
| 81018 | &nbsp;&nbsp;&nbsp;5.00%, 6/01/40, Pool #AD8718 | 81880 |
| 72866 | &nbsp;&nbsp;&nbsp;5.00%, 6/01/40, Pool #AD4927 | 73642 |
| 3853278 | &nbsp;&nbsp;&nbsp;4.00%, 8/01/40, Pool #FM4673 | 3794744 |
| 9765711 | &nbsp;&nbsp;&nbsp;1.50%, 12/01/40, Pool #MA4202 | 8329042 |
| 152894 | &nbsp;&nbsp;&nbsp;4.50%, 12/01/40, Pool #AH1100 | 151313 |
| 92184 | &nbsp;&nbsp;&nbsp;4.50%, 3/01/41, Pool #AB2467 | 91231 |
| 170458 | &nbsp;&nbsp;&nbsp;4.50%, 5/01/41, Pool #AI1023 | 167613 |
| 117155 | &nbsp;&nbsp;&nbsp;4.50%, 11/01/41, Pool #AJ4994 | 115943 |
| 132866 | &nbsp;&nbsp;&nbsp;4.50%, 12/01/41, Pool #AJ7696 | 131492 |
| 337130 | &nbsp;&nbsp;&nbsp;3.50%, 6/01/42, Pool #AB5373 | 317696 |
| 263524 | &nbsp;&nbsp;&nbsp;3.50%, 5/01/43, Pool #AB9368 | 247895 |
| 578948 | &nbsp;&nbsp;&nbsp;3.50%, 5/01/43, Pool #AL3605 | 541403 |
| 758149 | &nbsp;&nbsp;&nbsp;3.50%, 8/01/43, Pool #AU0613 | 715396 |
| 138902 | &nbsp;&nbsp;&nbsp;4.50%, 11/01/44, Pool #MA2100 | 137035 |
| 512605 | &nbsp;&nbsp;&nbsp;4.50%, 1/01/45, Pool #MA2158 | 505717 |
| 583528 | &nbsp;&nbsp;&nbsp;4.00%, 3/01/45, Pool #MA2217(e) | 561938 |
| 519034 | &nbsp;&nbsp;&nbsp;4.00%, 6/01/46, Pool #MA2653 | 497765 |
| 463844 | &nbsp;&nbsp;&nbsp;4.50%, 7/01/46, Pool #AS7568 | 457324 |
| 632448 | &nbsp;&nbsp;&nbsp;4.00%, 11/01/46, Pool #MA2808 | 606760 |
| 808326 | &nbsp;&nbsp;&nbsp;4.00%, 5/01/47, Pool #BE9598 | 774323 |
| 1087399 | &nbsp;&nbsp;&nbsp;4.00%, 8/01/47, Pool #BH5117 | 1041432 |
| 2696516 | &nbsp;&nbsp;&nbsp;4.00%, 4/01/48, Pool #BM3900 | 2578806 |
| 981157 | &nbsp;&nbsp;&nbsp;5.00%, 8/01/48, Pool #CA2219 | 986429 |
| 8386030 | &nbsp;&nbsp;&nbsp;4.50%, 11/01/48, Pool #BM7046 | 8294127 |
| 9722470 | &nbsp;&nbsp;&nbsp;3.00%, 3/01/50, Pool #FM2870 | 8727407 |
| 5697709 | &nbsp;&nbsp;&nbsp;2.00%, 7/01/50, Pool #CA6301 | 4661026 |
| 7030845 | &nbsp;&nbsp;&nbsp;2.50%, 9/01/50, Pool #BQ0538 | 5959529 |
| 2833139 | &nbsp;&nbsp;&nbsp;3.00%, 10/01/50, Pool #CA7381 | 2497455 |
| 4068142 | &nbsp;&nbsp;&nbsp;2.50%, 11/01/50, Pool #CA7684 | 3468816 |
| 3536553 | &nbsp;&nbsp;&nbsp;3.00%, 11/01/51, Pool #CB2170 | 3117487 |
| 12329084 | &nbsp;&nbsp;&nbsp;2.50%, 6/01/52, Pool #FA0543 | 10604115 |
| 22837183 | &nbsp;&nbsp;&nbsp;3.00%, 6/01/52, Pool #FS8022(e) | 20314900 |
| 5579482 | &nbsp;&nbsp;&nbsp;4.50%, 11/01/52, Pool #FS3809 | 5432028 |
| 5325328 | &nbsp;&nbsp;&nbsp;5.00%, 11/01/52, Pool #CB5278 | 5293468 |
| 5851227 | &nbsp;&nbsp;&nbsp;5.50%, 3/01/53, Pool #FS3925 | 5964729 |
| 6711776 | &nbsp;&nbsp;&nbsp;4.50%, 5/01/53, Pool #CB6304 | 6537387 |
| 13017622 | &nbsp;&nbsp;&nbsp;5.00%, 5/01/53, Pool #FS4929(e) | 13050750 |
| 7595420 | &nbsp;&nbsp;&nbsp;5.50%, 5/01/53, Pool #FS4571 | 7684306 |
| 7655717 | &nbsp;&nbsp;&nbsp;6.00%, 6/01/53, Pool #FS6616 | 7844755 |
| 8712904 | &nbsp;&nbsp;&nbsp;5.50%, 7/01/53, Pool #FS5589 | 8844433 |
| 12658278 | &nbsp;&nbsp;&nbsp;6.00%, 9/01/53, Pool #CB7124(e) | 13192832 |
| 9650264 | &nbsp;&nbsp;&nbsp;6.00%, 4/01/54, Pool #FA0566 | 9886160 |
| 11888683 | &nbsp;&nbsp;&nbsp;6.00%, 6/01/54, Pool #CB8755 | 12195524 |
| 6050986 | &nbsp;&nbsp;&nbsp;5.50%, 11/01/54, Pool #FS9801 | 6097218 |
| 6809834 | &nbsp;&nbsp;&nbsp;5.00%, 5/01/55, Pool #FA1475 | 6731098 |
|  |  | 202576663 |
|  | **Federal Farm Credit Banks Funding Corp. — 0.29%** |  |
| 5325000 | &nbsp;&nbsp;&nbsp;2.40%, 3/24/36 | 4342509 |
|  | **Freddie Mac — 9.35%** |  |
| 16282 | &nbsp;&nbsp;&nbsp;2.50%, 1/01/28, Pool #ZK4918 | 16055 |
| 101294 | &nbsp;&nbsp;&nbsp;3.50%, 7/01/30, Pool #ZS8575 | 100091 |
| 20759 | &nbsp;&nbsp;&nbsp;5.00%, 3/01/36, Pool #ZS4230 | 20958 |
| 644056 | &nbsp;&nbsp;&nbsp;4.00%, 4/01/36, Pool #ZA2413 | 632889 |
| 5899 | &nbsp;&nbsp;&nbsp;5.00%, 7/01/36, Pool #ZS1139 | 5959 |
| 496553 | &nbsp;&nbsp;&nbsp;3.50%, 8/01/36, Pool #ZA2425 | 480060 |
| 66878 | &nbsp;&nbsp;&nbsp;6.50%, 9/01/36, Pool #ZS4257 | 70416 |
| 1170813 | &nbsp;&nbsp;&nbsp;3.50%, 11/01/36, Pool #ZA2439 | 1130057 |
| 26546 | &nbsp;&nbsp;&nbsp;5.00%, 2/01/37, Pool #ZI5759 | 26828 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount** |  | **Fair Value** |
| **MORTGAGE-BACKED SECURITIES — (** **continued)** | **MORTGAGE-BACKED SECURITIES — (** **continued)** |  |
| 987368 | &nbsp;&nbsp;&nbsp;4.00%, 5/01/37, Pool #ZA2461 | 968367 |
| 24695 | &nbsp;&nbsp;&nbsp;4.50%, 10/01/39, Pool #ZI9349 | 24321 |
| 3508936 | &nbsp;&nbsp;&nbsp;3.00%, 5/01/40, Pool #RB5049 | 3264506 |
| 80538 | &nbsp;&nbsp;&nbsp;5.00%, 6/01/40, Pool #ZA1049 | 81395 |
| 169308 | &nbsp;&nbsp;&nbsp;5.00%, 7/01/40, Pool #ZJ0194 | 171112 |
| 22941 | &nbsp;&nbsp;&nbsp;5.00%, 9/01/40, Pool #ZA1066 | 23185 |
| 4906049 | &nbsp;&nbsp;&nbsp;2.00%, 12/01/40, Pool #RB5090 | 4328943 |
| 294605 | &nbsp;&nbsp;&nbsp;4.00%, 12/01/42, Pool #ZS3671 | 283001 |
| 222905 | &nbsp;&nbsp;&nbsp;3.50%, 5/01/43, Pool #ZL5915 | 209685 |
| 112037 | &nbsp;&nbsp;&nbsp;4.00%, 5/01/44, Pool #ZA4468 | 107926 |
| 58798 | &nbsp;&nbsp;&nbsp;4.00%, 7/01/44, Pool #ZS4573 | 56659 |
| 104448 | &nbsp;&nbsp;&nbsp;4.00%, 9/01/44, Pool #ZL8439 | 100588 |
| 1127164 | &nbsp;&nbsp;&nbsp;3.50%, 1/01/45, Pool #ZL8964 | 1059356 |
| 1181840 | &nbsp;&nbsp;&nbsp;3.50%, 5/01/46, Pool #ZS4663 | 1106695 |
| 328500 | &nbsp;&nbsp;&nbsp;4.00%, 8/01/46, Pool #ZS4673 | 315225 |
| 806297 | &nbsp;&nbsp;&nbsp;3.50%, 9/01/46, Pool #ZS4678 | 757102 |
| 1752646 | &nbsp;&nbsp;&nbsp;3.50%, 9/01/47, Pool #ZM4305 | 1635216 |
| 499837 | &nbsp;&nbsp;&nbsp;3.50%, 1/01/48, Pool #ZM5375 | 465727 |
| 396963 | &nbsp;&nbsp;&nbsp;4.00%, 6/01/48, Pool #ZT0541 | 380184 |
| 2048635 | &nbsp;&nbsp;&nbsp;3.00%, 11/01/49, Pool #QA4336 | 1826182 |
| 1758349 | &nbsp;&nbsp;&nbsp;3.50%, 6/01/50, Pool #RA2794 | 1628199 |
| 7472653 | &nbsp;&nbsp;&nbsp;2.50%, 7/01/50, Pool #RA2970 | 6357160 |
| 185065 | &nbsp;&nbsp;&nbsp;3.00%, 1/01/51, Pool #SD8123 | 163366 |
| 1017397 | &nbsp;&nbsp;&nbsp;3.00%, 12/01/51, Pool #SD8184 | 901865 |
| 4245329 | &nbsp;&nbsp;&nbsp;3.50%, 4/01/52, Pool #RA7191 | 3909792 |
| 8149939 | &nbsp;&nbsp;&nbsp;4.00%, 5/01/52, Pool #RA7306 | 7728206 |
| 9780625 | &nbsp;&nbsp;&nbsp;3.50%, 6/01/52, Pool #SD2670 | 9125368 |
| 8193167 | &nbsp;&nbsp;&nbsp;4.00%, 8/01/52, Pool #SD3617 | 7855837 |
| 7708961 | &nbsp;&nbsp;&nbsp;4.50%, 8/01/52, Pool #SD1515 | 7463861 |
| 7923123 | &nbsp;&nbsp;&nbsp;5.00%, 9/01/52, Pool #RA7936 | 7887731 |
| 7739145 | &nbsp;&nbsp;&nbsp;5.00%, 10/01/52, Pool #SD1710 | 7671407 |
| 7455468 | &nbsp;&nbsp;&nbsp;5.50%, 2/01/53, Pool #QF8052 | 7545400 |
| 9866337 | &nbsp;&nbsp;&nbsp;4.00%, 3/01/53, Pool #SD3107 | 9378316 |
| 2472348 | &nbsp;&nbsp;&nbsp;5.00%, 3/01/53, Pool #SD2390 | 2460010 |
| 13220760 | &nbsp;&nbsp;&nbsp;5.50%, 3/01/53, Pool #SD2774(e) | 13419442 |
| 9081488 | &nbsp;&nbsp;&nbsp;5.00%, 8/01/53, Pool #SD3814 | 8995197 |
| 1415131 | &nbsp;&nbsp;&nbsp;5.00%, 9/01/53, Pool #SD4220 | 1410229 |
| 3743441 | &nbsp;&nbsp;&nbsp;5.50%, 12/01/54, Pool #SD6940 | 3819618 |
| 3146307 | &nbsp;&nbsp;&nbsp;6.00%, 3/01/55, Pool #SL0528 | 3208257 |
| 7438481 | &nbsp;&nbsp;&nbsp;5.50%, 8/01/55, Pool #SL1812 | 7515630 |
|  |  | 138093579 |
|  | **Ginnie Mae I — 0.00%** |  |
| 39380 | &nbsp;&nbsp;&nbsp;5.00%, 2/15/40, Pool #737037 | 40202 |
|  | **Ginnie Mae II — 0.32%** |  |
| 4987608 | &nbsp;&nbsp;&nbsp;4.00%, 7/20/52, Pool #786280 | 4694073 |
| Total (Cost $356,656,255) | Total (Cost $356,656,255) | 349747026 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount** |  | **Fair Value** |
| **U.S. TREASURY BONDS & NOTES — 13.11%** | **U.S. TREASURY BONDS & NOTES — 13.11%** |  |
| 1480500 | &nbsp;&nbsp;&nbsp;United States Treasury Bond, 2.63%, 2/15/29 | 1432384 |
| 1592600 | &nbsp;&nbsp;&nbsp;United States Treasury Bond, 4.00%, 2/15/34 | 1570951 |
| 77188900 | &nbsp;&nbsp;&nbsp;United States Treasury Bond, 2.50%, 2/15/45 | 54131731 |
| 71179100 | &nbsp;&nbsp;&nbsp;United States Treasury Bond, 1.38%, 8/15/50 | 34805468 |
| 38329200 | &nbsp;&nbsp;&nbsp;United States Treasury Bond, 4.25%, 8/15/54 | 34328589 |

---

See accompanying notes to financial statements.

**Sterling Capital Total Return Bond Fund**

**Schedule of Investments (Unaudited) (continued)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount** |  | **Fair Value** |
| **U.S. TREASURY BONDS & NOTES —** **(continued)** | **U.S. TREASURY BONDS & NOTES —** **(continued)** |  |
| 16422900 | &nbsp;&nbsp;&nbsp;United States Treasury Note/Bond, 3.38%, 2/29/28 | 16293313 |
| 9602100 | &nbsp;&nbsp;&nbsp;United States Treasury Note/Bond, 4.00%, 4/30/32 | 9566467 |
| 34169000 | &nbsp;&nbsp;&nbsp;United States Treasury Inflation Indexed Bonds, 1.88%, 7/15/35 | 34441024 |
| 7094200 | &nbsp;&nbsp;&nbsp;United States Treasury Note/Bond, 4.13%, 2/15/36 | 6983353 |
| Total (Cost $197,887,471) | Total (Cost $197,887,471) | 193553280 |

---

---

| | | |
|:---|:---|:---|
| **Principal** <br> **Amount** |  | **Fair Value** |
| **Shares** |  | **Fair Value** |
| **MONEY MARKET FUNDS — 1.21%** | **MONEY MARKET FUNDS — 1.21%** |  |
| 17786882 | &nbsp;&nbsp;&nbsp;Federated Hermes Treasury Obligations Fund, Institutional Shares, 3.58%(f) | 17786882 |
| Total Money Market Funds (Cost $17,786,882) | Total Money Market Funds (Cost $17,786,882) | 17786882 |
| Total Investments— 102.43% | Total Investments— 102.43% | 1511954169 |
| (Cost $1,533,361,103)<br> Liabilities in Excess of Other Assets — (2.43)% | (Cost $1,533,361,103)<br> Liabilities in Excess of Other Assets — (2.43)% | (35909356) |
| **NET ASSETS — 100.00%** | **NET ASSETS — 100.00%** | **1476044813** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Security exempt from registration under Rule 144A or
 Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified
 institutional buyers. The Advisor, using Board approved procedures, has deemed these securities or a portion of these securities to be
 liquid.

&nbsp;&nbsp;&nbsp;&nbsp;(b) The interest rate for this variable rate note, which
 will change periodically, is based either on the prime rate or an index of market rates. The reflected rate is in effect as of March 31,
 2026. The maturity date reflected is the final maturity date.

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

&nbsp;&nbsp;&nbsp;&nbsp;(d) The security was purchased on a when-issued of forward
 commitment basis (Note 3) (e) All or a portion of the securities are held in a separate collateral account at US Bank. The total value
 of securities held in a separate collateral account as of the period ended March 31, 2026 is $68,241,750, which represents 4.6% of net
 assets.

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

See accompanying notes to financial statements.

**Sterling Capital Total Return Bond Fund**

**Schedule of Futures Contracts (Unaudited)**

**March 31, 2026**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **FUTURES CONTRACTS** | **Contracts** | **Expiration**<br> **Date** | **Notional**<br> **Value** | **Aggregate**<br> **Market Value of**<br> **Contracts** | **Unrealized**<br> **Appreciation**<br> **(Depreciation)** |
| CBOT 2 Year US Treasury Note Future | 375 | 07/01/2026 | $78348600 | $77791992 | $(556608) |
| CBOT 5 Year US Treasury Note | 495 | 07/01/2026 | 54302985 | 53548946 | (754039) |
| CBOT US Treasure Bond Futures | 102 | 06/22/2026 | 12083818 | 11615250 | (468568) |
| **Total Futures Contracts** |  |  | $**144735403** | $**142956188** | $**(1779215)** |

---

See accompanying notes to financial statements.

**Sterling Capital Long Duration Corporate Bond Fund**

**Schedule of Investments (Unaudited)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount** |  | **Fair Value** |
| **CORPORATE BONDS — 95.20%** | **CORPORATE BONDS — 95.20%** |  |
|  | **AEROSPACE & DEFENSE — 3.67%** |  |
| 358000 | &nbsp;&nbsp;&nbsp;Boeing Co. (The), 5.71%, 5/01/40 | $358563 |
| 65000 | &nbsp;&nbsp;&nbsp;Honeywell Aerospace, Inc., 5.62%, 3/16/46(a) | 64056 |
| 527000 | &nbsp;&nbsp;&nbsp;RTX Corp, 4.35%, 4/15/47 | 436354 |
| 236000 | &nbsp;&nbsp;&nbsp;RTX Corp., 2.82%, 9/01/51 | 144335 |
| 382000 | &nbsp;&nbsp;&nbsp;Lockheed Martin Corp., 4.15%, 6/15/53 | 301563 |
| 528000 | &nbsp;&nbsp;&nbsp;Boeing Co. (The), 6.86%, 5/01/54 | 581103 |
| 178000 | &nbsp;&nbsp;&nbsp;Boeing Co. (The), 5.93%, 5/01/60 | 170860 |
|  |  | 2056834 |
|  | **ASSET MANAGEMENT — 0.78%** |  |
| 132000 | &nbsp;&nbsp;&nbsp;Blue Owl Finance LLC, Series C10, 4.13%, 10/07/51 | 86941 |
| 148000 | &nbsp;&nbsp;&nbsp;KKR Group Finance Co. X LLC, 3.25%, 12/15/51(a) | 92042 |
| 203000 | &nbsp;&nbsp;&nbsp;Ares Management Corp., 5.60%, 10/11/54 | 178812 |
| 80000 | &nbsp;&nbsp;&nbsp;Brookfield Asset Management Ltd, 6.08%, 9/15/55 | 79033 |
|  |  | 436828 |
|  | **AUTOMOTIVE — 0.25%** |  |
| 134000 | &nbsp;&nbsp;&nbsp;General Motors Co, 6.75%, 4/01/46 | 138724 |
|  | **BANKS — 8.56%** |  |
| 86000 | &nbsp;&nbsp;&nbsp;Sumitomo Mitsui Financial Group Inc, 5.33%, 3/03/41 | 83391 |
| 168000 | &nbsp;&nbsp;&nbsp;Bank of America Corp., 2.48%, 9/21/36 | 145337 |
| 107000 | &nbsp;&nbsp;&nbsp;FifthThird Bancorp, 8.25%, 3/01/38 | 128633 |
| 285000 | &nbsp;&nbsp;&nbsp;Bank of America Corp., 4.24%, 4/24/38 | 258140 |
| 100000 | &nbsp;&nbsp;&nbsp;HSBC Holdings PLC, 6.80%, 6/01/38 | 107642 |
| 294000 | &nbsp;&nbsp;&nbsp;Morgan Stanley, 3.97%, 7/22/38 | 256504 |
| 136000 | &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co., 3.88%, 7/24/38 (TSFR3M + 162 bps)(b) | 119286 |
| 91000 | &nbsp;&nbsp;&nbsp;Citigroup, Inc., 3.88%, 1/24/39 | 78471 |
| 143000 | &nbsp;&nbsp;&nbsp;Westpac Banking Corp., 2.96%, 11/16/40 | 105951 |
| 146000 | &nbsp;&nbsp;&nbsp;Citigroup, Inc., 5.32%, 3/26/41 | 141027 |
| 428000 | &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co., 3.11%, 4/22/41 (TSFR3M + 246 bps)(b) | 326386 |
| 226000 | &nbsp;&nbsp;&nbsp;Wells Fargo & Co., 3.07%, 4/30/41 | 169670 |
| 593000 | &nbsp;&nbsp;&nbsp;Bank of America Corp. MTN, 2.68%, 6/19/41 | 424973 |
| 127000 | &nbsp;&nbsp;&nbsp;Citigroup, Inc., 5.88%, 1/30/42 | 128554 |
| 522000 | &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co., 3.16%, 4/22/42 | 392457 |
| 404000 | &nbsp;&nbsp;&nbsp;Barclays PLC, 3.33%, 11/24/42 (H15T1Y + 130 bps)(b) | 300273 |
| 502000 | &nbsp;&nbsp;&nbsp;Wells Fargo & Co., 5.38%, 11/02/43 | 469261 |
| 165000 | &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co., 5.53%, 11/29/45 | 162063 |
| 200000 | &nbsp;&nbsp;&nbsp;Lloyds Banking Group PLC, 3.37%, 12/14/46 | 144295 |
| 224000 | &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co., 4.26%, 2/22/48 | 183125 |
| 151000 | &nbsp;&nbsp;&nbsp;Charles Schwab Corp. (The), Series H, 4.00%, 12/31/49 (H15T10Y + 307.90 bps)(b)(c) | 139681 |
| 333000 | &nbsp;&nbsp;&nbsp;Bank of America Corp. MTN, 4.33%, 3/15/50 (TSFR3M + 178 bps)(b) | 269982 |
| 186000 | &nbsp;&nbsp;&nbsp;Wells Fargo & Co. MTN, 5.01%, 4/04/51 (TSFR3M + 450 bps)(b) | 163865 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount** |  | **Fair Value** |
| **CORPORATE BONDS —** **(continued)** | **CORPORATE BONDS —** **(continued)** |  |
| 141000 | &nbsp;&nbsp;&nbsp;S&P Global, Inc., 3.70%, 3/01/52 | 102476 |
|  |  | 4801443 |
|  | **BEVERAGES — 2.70%** |  |
| 161000 | &nbsp;&nbsp;&nbsp;Diageo Capital PLC, 3.88%, 4/29/43 | 127879 |
| 252000 | &nbsp;&nbsp;&nbsp;Anheuser-Busch Cos. LLC, 4.90%, 2/01/46 | 227095 |
| 300000 | &nbsp;&nbsp;&nbsp;Bacardi Ltd., 5.30%, 5/15/48(a) | 260995 |
| 445000 | &nbsp;&nbsp;&nbsp;Anheuser-Busch InBev Worldwide Inc., 5.55%, 1/23/49 | 432172 |
| 238000 | &nbsp;&nbsp;&nbsp;Constellation Brands, Inc., 3.75%, 5/01/50 | 171501 |
| 172000 | &nbsp;&nbsp;&nbsp;PepsiCo, Inc., 2.75%, 10/21/51 | 105555 |
| 216000 | &nbsp;&nbsp;&nbsp;PepsiCo, Inc., 4.65%, 2/15/53 | 186552 |
|  |  | 1511749 |
|  | **BIOTECH & PHARMA — 1.60%** |  |
| 260000 | &nbsp;&nbsp;&nbsp;CSL Finance PLC, 4.75%, 4/27/52(a) | 220333 |
| 101000 | &nbsp;&nbsp;&nbsp;CSL Finance PLC, 5.42%, 4/03/54(a) | 94342 |
| 66000 | &nbsp;&nbsp;&nbsp;AbbVie Inc., 5.60%, 3/15/55 | 65015 |
| 357000 | &nbsp;&nbsp;&nbsp;Eli Lilly & Co, 5.55%, 10/15/55 | 352408 |
| 167000 | &nbsp;&nbsp;&nbsp;AbbVie Inc, 5.65%, 3/15/66 | 162630 |
|  |  | 894728 |
|  | **BIOTECHNOLOGY — 3.12%** |  |
| 134000 | &nbsp;&nbsp;&nbsp;AbbVie, Inc., 4.05%, 11/21/39 | 117615 |
| 237000 | &nbsp;&nbsp;&nbsp;Gilead Sciences, Inc., 2.60%, 10/01/40 | 171539 |
| 63000 | &nbsp;&nbsp;&nbsp;Amgen, Inc., 5.15%, 11/15/41 | 59729 |
| 146000 | &nbsp;&nbsp;&nbsp;AbbVie, Inc., 4.40%, 11/06/42 | 128243 |
| 342000 | &nbsp;&nbsp;&nbsp;Amgen, Inc., 5.60%, 3/02/43 | 337087 |
| 143000 | &nbsp;&nbsp;&nbsp;Baxalta, Inc., 5.25%, 6/23/45 | 133105 |
| 257000 | &nbsp;&nbsp;&nbsp;AbbVie, Inc., 4.45%, 5/14/46 | 220609 |
| 242000 | &nbsp;&nbsp;&nbsp;Amgen, Inc., 5.65%, 3/02/53 | 234387 |
| 128000 | &nbsp;&nbsp;&nbsp;Amgen, Inc., 2.77%, 9/01/53 | 75575 |
| 129000 | &nbsp;&nbsp;&nbsp;AbbVie, Inc., 5.40%, 3/15/54 | 123177 |
| 191000 | &nbsp;&nbsp;&nbsp;Amgen, Inc., 4.40%, 2/22/62 | 147743 |
|  |  | 1748809 |
|  | **CABLE & SATELLITE — 2.48%** |  |
| 115000 | &nbsp;&nbsp;&nbsp;Time Warner Cable LLC, 5.88%, 11/15/40 | 104217 |
| 533000 | &nbsp;&nbsp;&nbsp;Charter Communications Operating LLC, 6.48%, 10/23/45 | 491407 |
| 260000 | &nbsp;&nbsp;&nbsp;Charter Communications Operating LLC, 5.38%, 5/01/47(d) | 209219 |
| 256000 | &nbsp;&nbsp;&nbsp;Comcast Corp, 4.00%, 3/01/48 | 188465 |
| 218000 | &nbsp;&nbsp;&nbsp;Charter Communications Operating LLC, 6.83%, 10/23/55 | 205225 |
| 299000 | &nbsp;&nbsp;&nbsp;Charter Communications Operating LLC, 4.40%, 12/01/61 | 192040 |
|  |  | 1390573 |
|  | **CAPITAL MARKETS — 1.08%** |  |
| 206000 | &nbsp;&nbsp;&nbsp;Goldman Sachs Group, Inc. (The), 6.75%, 10/01/37 | 222207 |
| 200000 | &nbsp;&nbsp;&nbsp;Jefferies Financial Group, Inc., 6.50%, 1/20/43 | 194278 |
| 240000 | &nbsp;&nbsp;&nbsp;Intercontinental Exchange, Inc., 4.25%, 9/21/48 | 193164 |
|  |  | 609649 |
|  | **COMMERCIAL SERVICES & SUPPLIES — 0.22%** |  |
| 195000 | &nbsp;&nbsp;&nbsp;Republic Services, Inc., 2.95%, 1/15/52 | 123729 |
|  | **COMMUNICATIONS EQUIPMENT — 0.12%** |  |
| 73000 | &nbsp;&nbsp;&nbsp;Cisco Systems, Inc., 5.30%, 2/26/54 | 68465 |

---

See accompanying notes to financial statements.

**Sterling Capital Long Duration Corporate Bond Fund**

**Schedule of Investments (Unaudited) (continued)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount** |  | **Fair Value** |
| **CORPORATE BONDS —** **(continued)** | **CORPORATE BONDS —** **(continued)** |  |
|  | **CONSTRUCTION MATERIALS — 0.47%** |  |
| 119000 | &nbsp;&nbsp;&nbsp;Vulcan Materials Co., 4.50%, 6/15/47 | 98574 |
| 99000 | &nbsp;&nbsp;&nbsp;Martin Marietta Materials, Inc., 4.25%, 12/15/47 | 79135 |
| 89000 | &nbsp;&nbsp;&nbsp;CRH America Finance, Inc., 5.60%, 2/09/56 | 85435 |
|  |  | 263144 |
|  | **CONTAINERS & PACKAGING — 0.56%** | **CONTAINERS & PACKAGING — 0.56%** |
| 31000 | &nbsp;&nbsp;&nbsp;Packaging Corp. of America, 4.05%, 12/15/49 | 23638 |
| 155000 | &nbsp;&nbsp;&nbsp;Packaging Corp. of America, 3.05%, 10/01/51 | 97165 |
| 200000 | &nbsp;&nbsp;&nbsp;Smurfit Kappa Treasury ULC, 5.78%, 4/03/54 | 193133 |
|  |  | 313936 |
|  | **DIVERSIFIED FINANCIAL SERVICES — 0.59%** | **DIVERSIFIED FINANCIAL SERVICES — 0.59%** |
| 212000 | &nbsp;&nbsp;&nbsp;Corebridge Financial, Inc., 4.40%, 4/05/52 | 165141 |
| 175000 | &nbsp;&nbsp;&nbsp;Apollo Global Management, Inc., 5.80%, 5/21/54 | 162994 |
|  |  | 328135 |
|  | **DIVERSIFIED TELECOMMUNICATION SERVICES — 2.60%** |  |
| 142000 | &nbsp;&nbsp;&nbsp;Verizon Communications, Inc., 2.65%, 11/20/40 | 99671 |
| 178000 | &nbsp;&nbsp;&nbsp;Verizon Communications, Inc., 3.40%, 3/22/41 | 136672 |
| 319000 | &nbsp;&nbsp;&nbsp;AT&T, Inc., 3.50%, 6/01/41 | 247441 |
| 150000 | &nbsp;&nbsp;&nbsp;Deutsche Telekom AG, 3.63%, 1/21/50(a) | 106284 |
| 384000 | &nbsp;&nbsp;&nbsp;AT&T, Inc., 3.65%, 9/15/59 | 248824 |
| 607000 | &nbsp;&nbsp;&nbsp;AT&T, Inc., 3.85%, 6/01/60 | 408395 |
| 323000 | &nbsp;&nbsp;&nbsp;Verizon Communications, Inc., 3.70%, 3/22/61 | 215224 |
|  |  | 1462511 |
|  | **E-COMMERCE DISCRETIONARY — 0.45%** |  |
| 48000 | &nbsp;&nbsp;&nbsp;Amazon.com, Inc., 5.65%, 3/13/46 | 47834 |
| 202000 | &nbsp;&nbsp;&nbsp;Amazon.com, Inc., 5.80%, 3/13/56 | 201838 |
|  |  | 249672 |
|  | **ELECTRIC UTILITIES — 13.40%** |  |
| 66000 | &nbsp;&nbsp;&nbsp;Commonwealth Edison Co., 5.90%, 3/15/36 | 70079 |
| 68000 | &nbsp;&nbsp;&nbsp;Florida Power & Light Co., 5.85%, 5/01/37 | 69782 |
| 124000 | &nbsp;&nbsp;&nbsp;Duke Energy Carolinas LLC, 6.10%, 6/01/37 | 130930 |
| 82000 | &nbsp;&nbsp;&nbsp;Duke Energy Florida LLC, 6.35%, 9/15/37 | 88644 |
| 156000 | &nbsp;&nbsp;&nbsp;Public Service Electric & Gas Co. MTN, 5.38%, 11/01/39 | 153667 |
| 119000 | &nbsp;&nbsp;&nbsp;Massachusetts Electric Co., 5.90%, 11/15/39(a) | 121828 |
| 65000 | &nbsp;&nbsp;&nbsp;Alabama Power Co, 5.50%, 3/15/41 | 64442 |
| 72000 | &nbsp;&nbsp;&nbsp;Puget Sound Energy, Inc., 5.64%, 4/15/41 | 71186 |
| 137000 | &nbsp;&nbsp;&nbsp;Florida Power & Light Co., 4.13%, 2/01/42 | 116543 |
| 180000 | &nbsp;&nbsp;&nbsp;Virginia Electric and Power Co., 4.00%, 1/15/43 | 144038 |
| 157000 | &nbsp;&nbsp;&nbsp;MidAmerican Energy Co., 4.80%, 9/15/43 | 141819 |
| 205000 | &nbsp;&nbsp;&nbsp;Consolidated Edison Co. of New York, Inc., 4.45%, 3/15/44 | 174911 |
| 150000 | &nbsp;&nbsp;&nbsp;DTE Electric Co., 4.30%, 7/01/44 | 125684 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount** |  | **Fair Value** |
| **CORPORATE BONDS —** **(continued)** | **CORPORATE BONDS —** **(continued)** |  |
| 67000 | &nbsp;&nbsp;&nbsp;Duke Energy Progress LLC, 4.15%, 12/01/44 | 54513 |
| 85000 | &nbsp;&nbsp;&nbsp;Exelon Corp., 5.10%, 6/15/45 | 76482 |
| 140000 | &nbsp;&nbsp;&nbsp;Exelon Corp., 4.45%, 4/15/46 | 114865 |
| 317000 | &nbsp;&nbsp;&nbsp;Duke Energy Indiana LLC, 3.75%, 5/15/46 | 242624 |
| 134000 | &nbsp;&nbsp;&nbsp;Duke Energy Ohio, Inc., 3.70%, 6/15/46 | 99861 |
| 172000 | &nbsp;&nbsp;&nbsp;FirstEnergy Corp., 4.85%, 7/15/47 | 146464 |
| 132000 | &nbsp;&nbsp;&nbsp;DTE Electric Co., 3.75%, 8/15/47 | 99197 |
| 100000 | &nbsp;&nbsp;&nbsp;Alabama Power Co., 3.70%, 12/01/47(d) | 73730 |
| 89000 | &nbsp;&nbsp;&nbsp;Consolidated Edison Co. of New York, Inc., 4.65%, 12/01/48 | 75701 |
| 93000 | &nbsp;&nbsp;&nbsp;CenterPoint Energy Houston Electric LLC, 4.25%, 2/01/49 | 75031 |
| 119000 | &nbsp;&nbsp;&nbsp;Appalachian Power Co, 4.50%, 3/01/49 | 96459 |
| 90000 | &nbsp;&nbsp;&nbsp;FirstEnergy Transmission LLC, 4.55%, 4/01/49(a) | 74590 |
| 158000 | &nbsp;&nbsp;&nbsp;San Diego Gas & Electric Co., 4.10%, 6/15/49 | 121199 |
| 273000 | &nbsp;&nbsp;&nbsp;Entergy Texas, Inc., 3.55%, 9/30/49 | 190954 |
| 153000 | &nbsp;&nbsp;&nbsp;Union Electric Co., 3.25%, 10/01/49 | 102415 |
| 648000 | &nbsp;&nbsp;&nbsp;Xcel Energy, Inc., 3.50%, 12/01/49(d) | 452036 |
| 323000 | &nbsp;&nbsp;&nbsp;Georgia Power Co., 3.70%, 1/30/50 | 236292 |
| 246000 | &nbsp;&nbsp;&nbsp;AEP Transmission Co. LLC, 3.65%, 4/01/50(d) | 178302 |
| 148000 | &nbsp;&nbsp;&nbsp;San Diego Gas & Electric Co., 3.32%, 4/15/50 | 99314 |
| 180000 | &nbsp;&nbsp;&nbsp;Baltimore Gas and Electric Co., 2.90%, 6/15/50 | 113118 |
| 252000 | &nbsp;&nbsp;&nbsp;CenterPoint Energy Houston Electric LLC, 2.90%, 7/01/50(d) | 159200 |
| 127000 | &nbsp;&nbsp;&nbsp;Berkshire Hathaway Energy Co., 4.25%, 10/15/50 | 98818 |
| 173000 | &nbsp;&nbsp;&nbsp;Commonwealth Edison Co., 3.13%, 3/15/51 | 111937 |
| 199000 | &nbsp;&nbsp;&nbsp;Duke Energy Progress LLC, 2.90%, 8/15/51 | 122586 |
| 178000 | &nbsp;&nbsp;&nbsp;PECO Energy Co., 2.85%, 9/15/51 | 109166 |
| 149000 | &nbsp;&nbsp;&nbsp;Puget Sound Energy, Inc., 2.89%, 9/15/51 | 92015 |
| 62000 | &nbsp;&nbsp;&nbsp;Northern States Power Co., 4.50%, 6/01/52 | 51600 |
| 199000 | &nbsp;&nbsp;&nbsp;Duke Energy Corp., 5.00%, 8/15/52 | 170281 |
| 122000 | &nbsp;&nbsp;&nbsp;Oncor Electric Delivery Co. LLC, 4.95%, 9/15/52 | 107154 |
| 130000 | &nbsp;&nbsp;&nbsp;Duke Energy Carolinas LLC, 5.35%, 1/15/53 | 121799 |
| 78000 | &nbsp;&nbsp;&nbsp;Union Electric Co., 5.45%, 3/15/53 | 73723 |
| 167000 | &nbsp;&nbsp;&nbsp;Indiana Michigan Power Co., 5.63%, 4/01/53 | 160746 |
| 87000 | &nbsp;&nbsp;&nbsp;Public Service Electric and Gas Co., 5.45%, 8/01/53 | 83544 |
| 90000 | &nbsp;&nbsp;&nbsp;Entergy Texas, Inc., 5.80%, 9/01/53 | 89064 |
| 102000 | &nbsp;&nbsp;&nbsp;Duke Energy Corp., 6.10%, 9/15/53 | 102290 |
| 219000 | &nbsp;&nbsp;&nbsp;NextEra Energy Capital Holdings, Inc., 5.55%, 3/15/54 | 205865 |
| 266000 | &nbsp;&nbsp;&nbsp;Entergy Louisiana LLC, 5.70%, 3/15/54 | 258353 |
| 101000 | &nbsp;&nbsp;&nbsp;Public Service Electric and Gas Co., 5.50%, 3/01/55 | 97495 |
| 204000 | &nbsp;&nbsp;&nbsp;Duke Energy Progress LLC, 5.55%, 3/15/55 | 197070 |
| 210000 | &nbsp;&nbsp;&nbsp;Virginia Electric and Power Co., 5.65%, 3/15/55 | 201030 |
| 39000 | &nbsp;&nbsp;&nbsp;Entergy Mississippi LLC, 5.80%, 4/15/55 | 38439 |

---

See accompanying notes to financial statements.

**Sterling Capital Long Duration Corporate Bond Fund**

**Schedule of Investments (Unaudited) (continued)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount** |  | **Fair Value** |
| **CORPORATE BONDS —** **(continued)** | **CORPORATE BONDS —** **(continued)** |  |
| 108000 | &nbsp;&nbsp;&nbsp;DTE Electric Co., 5.85%, 5/15/55 | 108710 |
| 68000 | &nbsp;&nbsp;&nbsp;Virginia Electric and Power Co, 5.60%, 9/15/55 | 64714 |
| 84000 | &nbsp;&nbsp;&nbsp;DTE Electric Co., 5.55%, 3/01/56 | 81216 |
| 50000 | &nbsp;&nbsp;&nbsp;Indiana Michigan Power Co, 5.60%, 3/15/56 | 48228 |
| 133000 | &nbsp;&nbsp;&nbsp;Florida Power & Light Co., 5.80%, 3/15/65 | 132493 |
| 162000 | &nbsp;&nbsp;&nbsp;Dominion Energy South Carolina, Inc., 5.10%, 6/01/65 | 141963 |
| 95000 | &nbsp;&nbsp;&nbsp;Florida Power & Light Co., 5.60%, 2/15/66 | 91518 |
|  |  | 7517717 |
|  | **ELECTRICAL EQUIPMENT — 0.60%** |  |
| 205000 | &nbsp;&nbsp;&nbsp;Amphenol Corp, 5.30%, 11/15/55 | 192518 |
| 148000 | &nbsp;&nbsp;&nbsp;GE Vernova, Inc., 5.50%, 2/04/56 | 142375 |
|  |  | 334893 |
|  | **ENERGY EQUIPMENT & SERVICES — 0.16%** |  |
| 94000 | &nbsp;&nbsp;&nbsp;Halliburton Co., 4.85%, 11/15/35 | 91413 |
|  | **ENTERTAINMENT — 0.10%** |  |
| 87000 | &nbsp;&nbsp;&nbsp;Walt Disney Co. (The), 2.75%, 9/01/49 | 53929 |
|  | **EQUITY REAL ESTATE - INVESTMENT TRUSTS -(REITS)** — 0.22%** |  |
| 180000 | &nbsp;&nbsp;&nbsp;NNN REIT, Inc., 3.50%, 4/15/51 | 124532 |
|  | **FINANCIAL SERVICES — 0.91%** |  |
| 101000 | &nbsp;&nbsp;&nbsp;Blackstone Holdings Finance Co. LLC, 6.25%, 8/15/42(a) | 102653 |
| 115000 | &nbsp;&nbsp;&nbsp;KKR Group Finance Co. III LLC, 5.13%, 6/01/44(a) | 101504 |
| 200000 | &nbsp;&nbsp;&nbsp;UBS Group AG, 5.38%, 9/06/45 (USISSO01 + 186 bps)(a)(b) | 188826 |
| 41000 | &nbsp;&nbsp;&nbsp;BlackRock Funding, Inc., 5.25%, 3/14/54 | 38138 |
| 84000 | &nbsp;&nbsp;&nbsp;BlackRock Funding, Inc., 5.35%, 1/08/55 | 79517 |
|  |  | 510638 |
|  | **FOOD — 1.94%** |  |
| 77000 | &nbsp;&nbsp;&nbsp;Kraft Heinz Foods Co., 5.00%, 6/04/42 | 67711 |
| 79000 | &nbsp;&nbsp;&nbsp;Cargill, Inc., 4.76%, 11/23/45(a) | 69921 |
| 288000 | &nbsp;&nbsp;&nbsp;Kraft Heinz Foods Co., 4.88%, 10/01/49 | 235522 |
| 132000 | &nbsp;&nbsp;&nbsp;Cargill, Inc., 4.38%, 4/22/52(a) | 108243 |
| 97000 | &nbsp;&nbsp;&nbsp;JBS NV/JBS USA Foods Group Holdings, Inc, 6.25%, 3/01/56 | 95089 |
| 330000 | &nbsp;&nbsp;&nbsp;JBS NV/JBS USA Foods Group Holdings, Inc., 6.40%, 5/10/57(a) | 329389 |
| 183000 | &nbsp;&nbsp;&nbsp;JBS NV/JBS USA Foods Group Holdings, Inc, 6.38%, 4/15/66 | 179571 |
|  |  | 1085446 |
|  | **GAS & WATER UTILITIES — 0.51%** |  |
| 344000 | &nbsp;&nbsp;&nbsp;Southern Co Gas Capital Corp., 3.15%, 9/30/51 | 220404 |
| 68000 | &nbsp;&nbsp;&nbsp;Atmos Energy Corp, 5.45%, 1/15/56(e) | 64907 |
|  |  | 285311 |
|  | **GAS UTILITIES — 0.15%** |  |
| 99000 | &nbsp;&nbsp;&nbsp;Atmos Energy Corp., 4.13%, 10/15/44 | 81881 |
|  | **HEALTH CARE EQUIPMENT & SUPPLIES — 0.45%** |  |
| 94000 | &nbsp;&nbsp;&nbsp;Stryker Corp., 4.63%, 3/15/46 | 81419 |
| 70000 | &nbsp;&nbsp;&nbsp;Abbott Laboratories, 4.90%, 11/30/46(d) | 64255 |
| 100000 | &nbsp;&nbsp;&nbsp;GE HealthCare Technologies, Inc., 6.38%, 11/22/52 | 106209 |
|  |  | 251883 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount** |  | **Fair Value** |
| **CORPORATE BONDS — (continued)** | **CORPORATE BONDS — (continued)** |  |
|  | **HEALTH CARE FACILITIES & SERVICES — 1.24%** | **HEALTH CARE FACILITIES & SERVICES — 1.24%** |
| 243000 | &nbsp;&nbsp;&nbsp;UnitedHealth Group Inc., 2.75%, 5/15/40 | 176749 |
| 218000 | &nbsp;&nbsp;&nbsp;HCA, Inc., 5.50%, 6/15/47 | 199765 |
| 181000 | &nbsp;&nbsp;&nbsp;HCA, Inc., 3.50%, 7/15/51 | 119796 |
| 129000 | &nbsp;&nbsp;&nbsp;HCA, Inc., 6.00%, 4/01/54 | 124511 |
| 77000 | &nbsp;&nbsp;&nbsp;CVS Health Corp., 6.20%, 9/15/55 | 76269 |
|  |  | 697090 |
|  | **HEALTH CARE PROVIDERS & SERVICES — 1.32%** |  |
| 255000 | &nbsp;&nbsp;&nbsp;CVS Health Corp., 5.13%, 7/20/45 | 223826 |
| 172000 | &nbsp;&nbsp;&nbsp;UnitedHealth Group, Inc., 3.75%, 10/15/47 | 127210 |
| 194000 | &nbsp;&nbsp;&nbsp;Elevance Health, Inc., 4.38%, 12/01/47 | 156049 |
| 78000 | &nbsp;&nbsp;&nbsp;CVS Health Corp., 5.88%, 6/01/53 | 73857 |
| 188000 | &nbsp;&nbsp;&nbsp;UnitedHealth Group, Inc., 4.95%, 5/15/62 | 157839 |
|  |  | 738781 |
|  | **HOTELS, RESTAURANTS & LEISURE — 0.95%** |  |
| 213000 | &nbsp;&nbsp;&nbsp;McDonald's Corp., 4.88%, 12/09/45 | 189804 |
| 219000 | &nbsp;&nbsp;&nbsp;McDonald's Corp., 3.63%, 9/01/49 | 157619 |
| 269000 | &nbsp;&nbsp;&nbsp;Starbucks Corp., 3.50%, 11/15/50 | 185579 |
|  |  | 533002 |
|  | **HOUSEHOLD PRODUCTS — 0.34%** |  |
| 250000 | &nbsp;&nbsp;&nbsp;Haleon US Capital LLC, 4.00%, 3/24/52 | 191566 |
|  | **INDEPENDENT POWER/RENEWABLE ELECTRICITY** **PRODUCERS — 0.11%** |  |
| 70000 | &nbsp;&nbsp;&nbsp;Tennessee Valley Authority, 4.25%, 9/15/52 | 59084 |
|  | **INSTITUTIONAL FINANCIAL SERVICES — 0.68%** |  |
| 92000 | &nbsp;&nbsp;&nbsp;Morgan Stanley, 5.31%, 1/18/41 | 88810 |
| 119000 | &nbsp;&nbsp;&nbsp;Morgan Stanley, 6.38%, 7/24/42 | 127495 |
| 171000 | &nbsp;&nbsp;&nbsp;Goldman Sachs Group, Inc., 5.54%, 1/21/47 | 162955 |
|  |  | 379260 |
|  | **INSURANCE — 5.92%** |  |
| 177000 | &nbsp;&nbsp;&nbsp;SBL Holdings, Inc., 7.20%, 10/30/34(a) | 154877 |
| 91000 | &nbsp;&nbsp;&nbsp;New York Life Insurance Co., 6.75%, 11/15/39(a) | 101478 |
| 64000 | &nbsp;&nbsp;&nbsp;Transatlantic Holdings, Inc., 8.00%, 11/30/39 | 77172 |
| 130000 | &nbsp;&nbsp;&nbsp;Teachers Insurance & Annuity Ass. of America, 6.85%, 12/16/39(a) | 145764 |
| 137000 | &nbsp;&nbsp;&nbsp;Enstar Finance LLC, 5.50%, 1/15/42 (H15T5Y + 400.60 bps)(b) | 134700 |
| 85000 | &nbsp;&nbsp;&nbsp;Securian Financial Group, Inc., 4.80%, 4/15/48(a) | 72125 |
| 86000 | &nbsp;&nbsp;&nbsp;Berkshire Hathaway Finance Corp., 4.20%, 8/15/48 | 70096 |
| 120000 | &nbsp;&nbsp;&nbsp;New York Life Insurance Co., 3.75%, 5/15/50(a) | 87027 |
| 148000 | &nbsp;&nbsp;&nbsp;Pacific LifeCorp, 3.35%, 9/15/50(a) | 98780 |
| 145000 | &nbsp;&nbsp;&nbsp;Prudential Financial, Inc., 3.70%, 10/01/50 (H15T5Y + 303.50 bps)(b) | 131723 |
| 140000 | &nbsp;&nbsp;&nbsp;Northwestern Mutual Life Insurance Co. (The), 3.45%, 3/30/51(a) | 96263 |
| 137000 | &nbsp;&nbsp;&nbsp;Fidelity National Financial, Inc., 3.20%, 9/17/51 | 83101 |
| 137000 | &nbsp;&nbsp;&nbsp;Aon Corp / Aon Global Holdings PLC, 3.90%, 2/28/52 | 99900 |
| 68000 | &nbsp;&nbsp;&nbsp;Berkshire Hathaway Finance Corp., 3.85%, 3/15/52 | 51325 |

---

See accompanying notes to financial statements.

**Sterling Capital Long Duration Corporate Bond Fund**

**Schedule of Investments (Unaudited) (continued)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount** |  | **Fair Value** |
| **CORPORATE BONDS —** **(continued)** | **CORPORATE BONDS —** **(continued)** |  |
| 217000 | &nbsp;&nbsp;&nbsp;Athene Holding Ltd., 3.45%, 5/15/52 | 132275 |
| 312000 | &nbsp;&nbsp;&nbsp;Global Atlantic Fin Co., 6.75%, 3/15/54(a) | 290638 |
| 496000 | &nbsp;&nbsp;&nbsp;Athene Holding Ltd., 6.25%, 4/01/54 | 455121 |
| 224000 | &nbsp;&nbsp;&nbsp;Corebridge Financial, Inc., 6.38%, 9/15/54 (H15T5Y + 264.60 bps)(b) | 220154 |
| 200000 | &nbsp;&nbsp;&nbsp;Athene Holding Ltd., 6.63%, 10/15/54 | 184725 |
| 40000 | &nbsp;&nbsp;&nbsp;Northwestern Mutual Life Insurance Co. (The), 6.17%, 5/29/55(a) | 41087 |
| 167000 | &nbsp;&nbsp;&nbsp;Symetra Life Insurance Co, 6.55%, 10/01/55(a) | 167328 |
| 172000 | &nbsp;&nbsp;&nbsp;Global Atlantic Fin Co., 7.25%, 3/01/56(a) | 162121 |
| 168000 | &nbsp;&nbsp;&nbsp;W R Berkley Corp., 3.15%, 9/30/61 | 97636 |
| 85000 | &nbsp;&nbsp;&nbsp;Guardian Life Insurance Co. of America (The), 4.88%, 6/19/64(a) | 71662 |
| 129000 | &nbsp;&nbsp;&nbsp;New York Life Insurance Co., 4.45%, 5/15/69(a) | 97499 |
|  |  | 3324577 |
|  | **INTERACTIVE MEDIA & SERVICES — 0.50%** |  |
| 237000 | &nbsp;&nbsp;&nbsp;Meta Platforms, Inc., 4.45%, 8/15/52 | 186439 |
| 99000 | &nbsp;&nbsp;&nbsp;Meta Platforms, Inc., 5.75%, 5/15/63 | 92132 |
|  |  | 278571 |
|  | **INTERNET & DIRECT MARKETING RETAIL — 0.75%** |  |
| 253000 | &nbsp;&nbsp;&nbsp;Amazon.com, Inc., 2.50%, 6/03/50 | 147693 |
| 503000 | &nbsp;&nbsp;&nbsp;Amazon.com, Inc., 2.70%, 6/03/60 | 274622 |
|  |  | 422315 |
|  | **INTERNET MEDIA & SERVICES — 1.36%** |  |
| 149000 | &nbsp;&nbsp;&nbsp;Alphabet, Inc., 5.35%, 11/15/45 | 145691 |
| 128000 | &nbsp;&nbsp;&nbsp;Meta Platforms Inc, 5.50%, 11/15/45 | 121128 |
| 322000 | &nbsp;&nbsp;&nbsp;Beignet Investor LLC, 6.58%, 5/30/49(a) | 331067 |
| 167000 | &nbsp;&nbsp;&nbsp;Alphabet, Inc., 5.75%, 2/15/66 | 165387 |
|  |  | 763273 |
|  | **IT SERVICES — 0.22%** |  |
| 144000 | &nbsp;&nbsp;&nbsp;Visa, Inc., 4.30%, 12/14/45 | 122175 |
|  | **LEISURE PRODUCTS — 0.39%** |  |
| 240000 | &nbsp;&nbsp;&nbsp;Mattel, Inc., 5.45%, 11/01/41 | 217323 |
|  | **MACHINERY — 1.02%** |  |
| 121000 | &nbsp;&nbsp;&nbsp;Deere & Co., 3.90%, 6/09/42 | 102126 |
| 124000 | &nbsp;&nbsp;&nbsp;Caterpillar, Inc., 3.80%, 8/15/42 | 102294 |
| 97000 | &nbsp;&nbsp;&nbsp;Cummins, Inc., 5.45%, 2/20/54 | 93638 |
| 81000 | &nbsp;&nbsp;&nbsp;Caterpillar Inc., 5.50%, 5/15/55 | 80972 |
| 200000 | &nbsp;&nbsp;&nbsp;Eaton Corp, 5.45%, 3/06/56 | 193602 |
|  |  | 572632 |
|  | **MEDIA — 0.85%** |  |
| 265000 | &nbsp;&nbsp;&nbsp;Comcast Corp., 3.40%, 7/15/46 | 180735 |
| 205000 | &nbsp;&nbsp;&nbsp;Comcast Corp., 2.80%, 1/15/51 | 117270 |
| 200000 | &nbsp;&nbsp;&nbsp;Comcast Corp., 5.50%, 5/15/64 | 177126 |
|  |  | 475131 |
|  | **MEDICAL EQUIPMENT & DEVICES — 0.20%** |  |
| 117000 | &nbsp;&nbsp;&nbsp;Abbott Laboratories, 5.60%, 3/15/66 | 114045 |
|  | **METALS & MINING — 2.05%** |  |
| 341000 | &nbsp;&nbsp;&nbsp;Freeport-McMoRan Inc., 5.45%, 3/15/43 | 322615 |
| 106000 | &nbsp;&nbsp;&nbsp;Southern Copper Corp., 5.88%, 4/23/45 | 104849 |
| 181000 | &nbsp;&nbsp;&nbsp;Steel Dynamics, Inc., 3.25%, 10/15/50 | 118155 |
| 242000 | &nbsp;&nbsp;&nbsp;Anglo American Capital PLC, 6.00%, 4/05/54(a) | 235687 |
| 296000 | &nbsp;&nbsp;&nbsp;Rio Tinto Finance USA PLC, 5.75%, 3/14/55 | 295291 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount** |  | **Fair Value** |
| **CORPORATE BONDS —** **(continued)** | **CORPORATE BONDS —** **(continued)** |  |
| 120000 | &nbsp;&nbsp;&nbsp;Nucor Corp., 2.98%, 12/15/55 | 72827 |
|  |  | 1149424 |
|  | **MULTI-UTILITIES — 1.39%** |  |
| 231000 | &nbsp;&nbsp;&nbsp;Sempra, 3.80%, 2/01/38 | 194994 |
| 189000 | &nbsp;&nbsp;&nbsp;Dominion Energy, Inc., 3.30%, 4/15/41 | 140205 |
| 141000 | &nbsp;&nbsp;&nbsp;CMS Energy Corp., 4.70%, 3/31/43 | 119169 |
| 131000 | &nbsp;&nbsp;&nbsp;NiSource, Inc., 4.80%, 2/15/44 | 114708 |
| 135000 | &nbsp;&nbsp;&nbsp;CMS Energy Corp., 3.75%, 12/01/50 | 123156 |
| 104000 | &nbsp;&nbsp;&nbsp;Dominion Energy, Inc., 4.85%, 8/15/52 | 87118 |
|  |  | 779350 |
|  | **OIL & GAS PRODUCERS — 4.63%** |  |
| 56000 | &nbsp;&nbsp;&nbsp;Woodside Finance Ltd., 6.00%, 5/19/35 | 58358 |
| 99000 | &nbsp;&nbsp;&nbsp;TransCanada PipeLines Ltd., 6.20%, 10/15/37 | 105042 |
| 122000 | &nbsp;&nbsp;&nbsp;Enterprise Products Operating LLC, 6.13%, 10/15/39 | 129805 |
| 100000 | &nbsp;&nbsp;&nbsp;Cheniere Corpus Christi Holdings LLC, 2.74%, 12/31/39 | 84560 |
| 94000 | &nbsp;&nbsp;&nbsp;Enterprise Products Operating LLC, 6.45%, 9/01/40 | 103358 |
| 106000 | &nbsp;&nbsp;&nbsp;BP Capital Markets America, Inc., 3.06%, 6/17/41 | 79665 |
| 148000 | &nbsp;&nbsp;&nbsp;APA Corp., 5.25%, 2/01/42 | 126373 |
| 117000 | &nbsp;&nbsp;&nbsp;Shell Finance US, Inc., 4.55%, 8/12/43 | 102970 |
| 90000 | &nbsp;&nbsp;&nbsp;Eastern Gas Transmission & Storage, Inc., 4.80%, 11/01/43 | 78622 |
| 147000 | &nbsp;&nbsp;&nbsp;DCP Midstream Operating LP, 5.60%, 4/01/44 | 139893 |
| 122000 | &nbsp;&nbsp;&nbsp;Plains All American Pipeline LP/PAA Finance Corp., 4.70%, 6/15/44 | 103081 |
| 234000 | &nbsp;&nbsp;&nbsp;APA Corp., 5.35%, 7/01/49 | 197181 |
| 253000 | &nbsp;&nbsp;&nbsp;Enterprise Products Operating LLC, 3.30%, 2/15/53 | 167153 |
| 214000 | &nbsp;&nbsp;&nbsp;Woodside Finance Ltd., 5.70%, 9/12/54 | 201420 |
| 150000 | &nbsp;&nbsp;&nbsp;Aker BP ASA, 5.80%, 10/01/54(a) | 137096 |
| 162000 | &nbsp;&nbsp;&nbsp;Williams Cos Inc/The, 6.00%, 3/15/55 | 160536 |
| 40000 | &nbsp;&nbsp;&nbsp;Cheniere Energy, Inc., 6.00%, 7/30/56(a) | 39858 |
| 90000 | &nbsp;&nbsp;&nbsp;ConocoPhillips Co., 4.03%, 3/15/62 | 64831 |
| 200000 | &nbsp;&nbsp;&nbsp;Saudi Arabian Oil Co., 5.88%, 7/17/64(a) | 182000 |
| 213000 | &nbsp;&nbsp;&nbsp;TotalEnergies Capital SA, 5.43%, 9/10/64 | 198049 |
| 149000 | &nbsp;&nbsp;&nbsp;ONEOK, Inc., 5.85%, 11/01/64 | 135776 |
|  |  | 2595627 |
|  | **OIL & GAS SERVICES & EQUIPMENT — 0.28%** |  |
| 160000 | &nbsp;&nbsp;&nbsp;Baker Hughes Holdings LLC, 5.85%, 6/15/56 | 156567 |
|  | **OIL, GAS &** CONSUMABLE FUELS — 4.35%** |  |
| 63000 | &nbsp;&nbsp;&nbsp;Energy Transfer LP, 7.50%, 7/01/38 | 72171 |
| 255000 | &nbsp;&nbsp;&nbsp;Exxon Mobil Corp., 4.23%, 3/19/40 | 230747 |
| 109000 | &nbsp;&nbsp;&nbsp;Williams Cos. Inc. (The), 6.30%, 4/15/40 | 115356 |
| 48000 | &nbsp;&nbsp;&nbsp;Equinor ASA, 5.10%, 8/17/40 | 47025 |
| 200000 | &nbsp;&nbsp;&nbsp;Marathon Petroleum Corp., 6.50%, 3/01/41 | 212882 |
| 225000 | &nbsp;&nbsp;&nbsp;Kinder Morgan Energy Partners LP, 5.63%, 9/01/41 | 217920 |
| 235000 | &nbsp;&nbsp;&nbsp;Energy Transfer LP, 5.00%, 5/15/44 | 204575 |
| 140000 | &nbsp;&nbsp;&nbsp;Energy Transfer LP, 5.35%, 5/15/45 | 125155 |
| 119000 | &nbsp;&nbsp;&nbsp;Kinder Morgan, Inc., 5.55%, 6/01/45 | 113505 |
| 149000 | &nbsp;&nbsp;&nbsp;MPLX LP, 5.20%, 12/01/47 | 130705 |
| 275000 | &nbsp;&nbsp;&nbsp;MPLX LP, 4.70%, 4/15/48 | 223520 |
| 121000 | &nbsp;&nbsp;&nbsp;Energy Transfer LP, 5.00%, 5/15/50 | 100415 |

---

See accompanying notes to financial statements.

**Sterling Capital Long Duration Corporate Bond Fund**

**Schedule of Investments (Unaudited) (continued)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount** |  | **Fair Value** |
| **CORPORATE BONDS —** **(continued)** | **CORPORATE BONDS —** **(continued)** |  |
| 107000 | &nbsp;&nbsp;&nbsp;MPLX LP, 4.95%, 3/14/52 | 88827 |
| 140000 | &nbsp;&nbsp;&nbsp;Targa Resources Corp., 6.25%, 7/01/52 | 139407 |
| 98000 | &nbsp;&nbsp;&nbsp;Kinder Morgan, Inc., 5.45%, 8/01/52 | 90470 |
| 163000 | &nbsp;&nbsp;&nbsp;Ovintiv, Inc., 7.10%, 7/15/53 | 176209 |
| 78000 | &nbsp;&nbsp;&nbsp;Energy Transfer LP, 5.95%, 5/15/54 | 73139 |
| 80000 | &nbsp;&nbsp;&nbsp;Diamondback Energy, Inc., 5.90%, 4/18/64 | 75699 |
|  |  | 2437727 |
|  | **PHARMACEUTICALS — 0.94%** |  |
| 176000 | &nbsp;&nbsp;&nbsp;Bristol-Myers Squibb Co., 2.35%, 11/13/40 | 122725 |
| 133000 | &nbsp;&nbsp;&nbsp;Zoetis, Inc., 4.70%, 2/01/43 | 118599 |
| 185000 | &nbsp;&nbsp;&nbsp;Bristol-Myers Squibb Co., 4.25%, 10/26/49 | 148568 |
| 232000 | &nbsp;&nbsp;&nbsp;Bristol-Myers Squibb Co., 2.55%, 11/13/50 | 135588 |
|  |  | 525480 |
|  | **REIT — 1.97%** |  |
| 113000 | &nbsp;&nbsp;&nbsp;UDR, Inc., 3.10%, 11/01/34 | 96681 |
| 151000 | &nbsp;&nbsp;&nbsp;Kimco Realty OP LLC, 4.25%, 4/01/45 | 124683 |
| 149000 | &nbsp;&nbsp;&nbsp;Kimco Realty OP LLC, 4.45%, 9/01/47 | 123491 |
| 99000 | &nbsp;&nbsp;&nbsp;Simon Property Group LP, 3.25%, 9/13/49 | 66339 |
| 107000 | &nbsp;&nbsp;&nbsp;Prologis LP, 3.00%, 4/15/50 | 69113 |
| 46000 | &nbsp;&nbsp;&nbsp;Mid-America Apartments LP, 2.88%, 9/15/51 | 28345 |
| 202000 | &nbsp;&nbsp;&nbsp;American Homes 4 Rent LP, 4.30%, 4/15/52 | 153683 |
| 120000 | &nbsp;&nbsp;&nbsp;Prologis LP, 5.25%, 6/15/53 | 111822 |
| 78000 | &nbsp;&nbsp;&nbsp;Public Storage Operating Co., 5.35%, 8/01/53 | 73559 |
| 105000 | &nbsp;&nbsp;&nbsp;Realty Income Corp., 5.38%, 9/01/54 | 99810 |
|  |  | 1102823 |
|  | **RETAIL - CONSUMER STAPLES — 0.43%** |  |
| 257000 | &nbsp;&nbsp;&nbsp;Kroger Co/The, 5.50%, 9/15/54 | 238670 |
|  | **RETAIL - DISCRETIONARY — 0.38%** |  |
| 194000 | &nbsp;&nbsp;&nbsp;ERAC USA Finance LLC., 4.50%, 2/15/45(a) | 165943 |
| 78000 | &nbsp;&nbsp;&nbsp;Lowe's Cos Inc, 3.00%, 10/15/50 | 48193 |
|  |  | 214136 |
|  | **ROAD & RAIL — 1.27%** |  |
| 92000 | &nbsp;&nbsp;&nbsp;CSX Corp., 6.00%, 10/01/36 | 98475 |
| 105000 | &nbsp;&nbsp;&nbsp;Union Pacific Corp., 3.60%, 9/15/37 | 91850 |
| 31000 | &nbsp;&nbsp;&nbsp;Union Pacific Corp., 3.38%, 2/14/42 | 23999 |
| 99000 | &nbsp;&nbsp;&nbsp;Norfolk Southern Corp., 3.95%, 10/01/42 | 80229 |
| 107000 | &nbsp;&nbsp;&nbsp;CSX Corp., 4.30%, 3/01/48 | 87341 |
| 64000 | &nbsp;&nbsp;&nbsp;Norfolk Southern Corp., 3.40%, 11/01/49 | 44040 |
| 248000 | &nbsp;&nbsp;&nbsp;Union Pacific Corp., 2.95%, 3/10/52 | 154686 |
| 160000 | &nbsp;&nbsp;&nbsp;CSX Corp., 4.50%, 11/15/52 | 133130 |
|  |  | 713750 |
|  | **SEMICONDUCTORS — 1.80%** |  |
| 177000 | &nbsp;&nbsp;&nbsp;Foundry JV Holdco LLC, 6.40%, 1/25/38(a) | 184503 |
| 415000 | &nbsp;&nbsp;&nbsp;Broadcom Inc, 3.50%, 2/15/41 | 331090 |
| 67000 | &nbsp;&nbsp;&nbsp;Intel Corp, 3.73%, 12/08/47 | 46818 |
| 55000 | &nbsp;&nbsp;&nbsp;Intel Corp, 3.25%, 11/15/49 | 34749 |
| 72000 | &nbsp;&nbsp;&nbsp;Broadcom Inc, 3.75%, 2/15/51 | 53590 |
| 97000 | &nbsp;&nbsp;&nbsp;Intel Corp, 4.90%, 8/05/52 | 79239 |
| 260000 | &nbsp;&nbsp;&nbsp;Intel Corp., 5.70%, 2/10/53 | 239399 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount** |  | **Fair Value** |
| **CORPORATE BONDS —** **(continued)** | **CORPORATE BONDS —** **(continued)** |  |
| 39000 | &nbsp;&nbsp;&nbsp;Broadcom, Inc., 5.70%, 1/15/56 | 38798 |
|  |  | 1008186 |
|  | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 0.47%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 0.47%** |
| 224000 | &nbsp;&nbsp;&nbsp;Lam Research Corp., 2.88%, 6/15/50 | 141165 |
| 136000 | &nbsp;&nbsp;&nbsp;KLA Corp., 4.95%, 7/15/52 | 121732 |
|  |  | 262897 |
|  | **SOFTWARE — 3.16%** |  |
| 149000 | &nbsp;&nbsp;&nbsp;Oracle Corp., 3.65%, 3/25/41 | 106038 |
| 167000 | &nbsp;&nbsp;&nbsp;Oracle Corp., 6.55%, 2/04/46 | 155804 |
| 484000 | &nbsp;&nbsp;&nbsp;Oracle Corp., 4.00%, 7/15/46 | 325940 |
| 191000 | &nbsp;&nbsp;&nbsp;Oracle Corp., 3.60%, 4/01/50 | 115312 |
| 181000 | &nbsp;&nbsp;&nbsp;Oracle Corp., 3.95%, 3/25/51 | 114692 |
| 150000 | &nbsp;&nbsp;&nbsp;Oracle Corp., 6.90%, 11/09/52 | 141619 |
| 127000 | &nbsp;&nbsp;&nbsp;Synopsys, Inc., 5.70%, 4/01/55 | 121423 |
| 97000 | &nbsp;&nbsp;&nbsp;Oracle Corp., 4.38%, 5/15/55 | 64111 |
| 144000 | &nbsp;&nbsp;&nbsp;Oracle Corp., 3.85%, 4/01/60 | 84740 |
| 461000 | &nbsp;&nbsp;&nbsp;Microsoft Corp., 2.68%, 6/01/60 | 257483 |
| 73000 | &nbsp;&nbsp;&nbsp;Oracle Corp., 6.13%, 8/03/65 | 60726 |
| 267000 | &nbsp;&nbsp;&nbsp;Oracle Corp, 6.10%, 9/26/65 | 221391 |
|  |  | 1769279 |
|  | **SPECIALTY FINANCE — 0.57%** |  |
| 84000 | &nbsp;&nbsp;&nbsp;American Express Co, 5.41%, 2/08/41 | 83350 |
| 296000 | &nbsp;&nbsp;&nbsp;AerCap Ireland Capital DAC, 3.85%, 10/29/41 | 235849 |
|  |  | 319199 |
|  | **SPECIALTY RETAIL — 1.17%** |  |
| 169000 | &nbsp;&nbsp;&nbsp;Lowe's Cos, Inc., 5.00%, 4/15/40 | 159722 |
| 158000 | &nbsp;&nbsp;&nbsp;Home Depot, Inc. (The), 3.13%, 12/15/49 | 104681 |
| 292000 | &nbsp;&nbsp;&nbsp;Lowe's Cos, Inc., 3.50%, 4/01/51 | 198277 |
| 325000 | &nbsp;&nbsp;&nbsp;Home Depot, Inc. (The), 2.75%, 9/15/51 | 195712 |
|  |  | 658392 |
|  | **TECHNOLOGY HARDWARE — 0.15%** |  |
| 124000 | &nbsp;&nbsp;&nbsp;Dell International LLC / EMC Corp., 3.45%, 12/15/51 | 83920 |
|  | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 1.00%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 1.00%** |
| 213000 | &nbsp;&nbsp;&nbsp;Apple, Inc., 3.85%, 5/04/43 | 176090 |
| 85000 | &nbsp;&nbsp;&nbsp;Hewlett Packard Enterprise Co., 6.35%, 10/15/45 | 84863 |
| 226000 | &nbsp;&nbsp;&nbsp;Apple, Inc., 3.85%, 8/04/46 | 179400 |
| 201000 | &nbsp;&nbsp;&nbsp;Apple, Inc., 2.65%, 5/11/50 | 122986 |
|  |  | 563339 |
|  | **TELECOMMUNICATIONS — 2.83%** |  |
| 377000 | &nbsp;&nbsp;&nbsp;T-Mobile USA, Inc., 4.38%, 4/15/40 | 331387 |
| 150000 | &nbsp;&nbsp;&nbsp;AT&T Inc, 5.55%, 11/01/45 | 142005 |
| 389000 | &nbsp;&nbsp;&nbsp;AT&T Inc, 5.15%, 11/15/46(d) | 348600 |
| 73000 | &nbsp;&nbsp;&nbsp;Telefonica Emisiones SA, 5.21%, 3/08/47 | 63389 |
| 241000 | &nbsp;&nbsp;&nbsp;AT&T Inc, 3.65%, 6/01/51 | 165455 |
| 177000 | &nbsp;&nbsp;&nbsp;T-Mobile USA, Inc., 5.65%, 1/15/53 | 167394 |
| 61000 | &nbsp;&nbsp;&nbsp;Verizon Communications Inc, 5.88%, 11/30/55 | 59333 |
| 189000 | &nbsp;&nbsp;&nbsp;T-Mobile USA, Inc., 3.60%, 11/15/60 | 122668 |
| 192000 | &nbsp;&nbsp;&nbsp;T-Mobile USA, Inc., 5.80%, 9/15/62 | 184115 |
|  |  | 1584346 |
|  | **TOBACCO —** 0.68%** |  |
| 324000 | &nbsp;&nbsp;&nbsp;Philip Morris International, Inc., 4.38%, 11/15/41 | 281270 |

---

See accompanying notes to financial statements.

**Sterling Capital Long Duration Corporate Bond Fund**

**Schedule of Investments (Unaudited) (continued)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount** |  | **Fair Value** |
| **CORPORATE BONDS —** **(continued)** | **CORPORATE BONDS —** **(continued)** |  |
| 138000 | &nbsp;&nbsp;&nbsp;Altria Group, Inc., 3.88%, 9/16/46 | 101078 |
|  |  | 382348 |
|  | **TOBACCO & CANNABIS — 0.91%** |  |
| 66000 | &nbsp;&nbsp;&nbsp;Altria Group Inc, 4.25%, 8/09/42 | 53764 |
| 158000 | &nbsp;&nbsp;&nbsp;BAT Capital Corp., 4.54%, 8/15/47 | 128285 |
| 299000 | &nbsp;&nbsp;&nbsp;BAT Capital Corp., 7.08%, 8/02/53 | 330355 |
|  |  | 512404 |
|  | **TRANSPORTATION & LOGISTICS — 1.14%** |  |
| 81327 | &nbsp;&nbsp;&nbsp;Polar Tankers, Inc., 5.95%, 5/10/37(a) | 85522 |
| 224000 | &nbsp;&nbsp;&nbsp;Burlington Northern Santa Fe LLC, 4.90%, 4/01/44 | 205353 |
| 112000 | &nbsp;&nbsp;&nbsp;Burlington Northern Santa Fe LLC., 4.15%, 12/15/48 | 89692 |
| 280000 | &nbsp;&nbsp;&nbsp;Burlington Northern Santa Fe LLC, 5.20%, 4/15/54 | 257662 |
|  |  | 638229 |
|  | **WIRELESS TELECOMMUNICATION SERVICES** — 0.37%** |  |
| 200000 | &nbsp;&nbsp;&nbsp;America Movil SAB de CV, 6.13%, 3/30/40 | 208479 |
| Total (Cost $57,054,586) | Total (Cost $57,054,586) | 53374672 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount** |  | **Fair Value** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES — 0.28%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES — 0.28%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES — 0.28%** |
| 157000 | &nbsp;&nbsp;&nbsp;American Tower Trust, Series 2018-1, Class A, 3.65%, 3/15/28(a) | 155297 |
| Total (Cost $156,232) | Total (Cost $156,232) | 155297 |
| **U.S. TREASURY BONDS & NOTES — 2.37%** | **U.S. TREASURY BONDS & NOTES — 2.37%** |  |
| 1895500 | &nbsp;&nbsp;&nbsp;United States Treasury Bond, 2.50%, 2/15/45 | 1329293 |
| Total (Cost $1,337,510) | Total (Cost $1,337,510) | 1329293 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
| **MONEY MARKET FUNDS — 1.61%** | **MONEY MARKET FUNDS — 1.61%** |  |
| 904004 | &nbsp;&nbsp;&nbsp;Federated Hermes Treasury Obligations Fund, Institutional Shares, 3.58%(f) | 904004 |
| Total Money Market Funds | Total Money Market Funds | 904004 |
| (Cost $904,004) | (Cost $904,004) |  |
| Total Investments— 99.46% | Total Investments— 99.46% | 55763266 |
| (Cost $59,452,332) | (Cost $59,452,332) |  |
| Other Assets in Excess of Liabilities— 0.54% | Other Assets in Excess of Liabilities— 0.54% | 303848 |
| **NET ASSETS — 100.00%** | **NET ASSETS — 100.00%** | **56067114** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security
 may be resold in transactions exempt from registration, normally to qualified institutional buyers. The Advisor, using Board approved
 procedures, has deemed these securities or a portion of these securities to be liquid.

&nbsp;&nbsp;&nbsp;&nbsp;(b) The interest rate for this variable rate note, which will change periodically, is based either on the prime
 rate or an index of market rates. The reflected rate is in effect as of March 31, 2026. The maturity date reflected is the final maturity
 date.

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

&nbsp;&nbsp;&nbsp;&nbsp;(d) All or a portion of the securities are held in a separate collateral account at US Bank. The total value of
 securities held in a separate collateral account as of the period ended March 31, 2026 is $987,065, which represents 1.8% of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(e) The security was purchased on a when-issued of forward commitment basis (Note 3)

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

See accompanying notes to financial statements.

**Sterling Capital Quality Income Fund**

**Schedule of Investments (Unaudited)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount** |  | **Fair Value** |
| **ASSET BACKED SECURITIES — 13.45%** | **ASSET BACKED SECURITIES — 13.45%** |  |
| 600000 | &nbsp;&nbsp;&nbsp;Carvana Auto Receivables Trust, Series P3, Class B, 1.42%, 8/10/27 | 592018 |
| 1250000 | &nbsp;&nbsp;&nbsp;Avis Budget Rental Car Funding AESOP LLC, Series 4A, Class A, 5.49%, 6/20/29(a) | 1273468 |
| 1000000 | &nbsp;&nbsp;&nbsp;Avis Budget Rental Car Funding AESOP LLC, Series 8A, Class A, 6.02%, 2/20/30(a) | 1036929 |
| 1212000 | &nbsp;&nbsp;&nbsp;Hertz Vehicle Financing III LLC, Series 4A, Class A, 6.15%, 3/25/30(a) | 1259971 |
| 24580 | &nbsp;&nbsp;&nbsp;United States Small Business Administration, Series 20D, Class 1, 4.36%, 4/01/30(b) | 24548 |
| 1009000 | &nbsp;&nbsp;&nbsp;Dryden CLO Ltd., Series 53A, Class BR, 4.97%, 1/15/31(a)(c) | 1009131 |
| 994000 | &nbsp;&nbsp;&nbsp;Hertz Vehicle Financing III LLC, Series 2A, Class A, 5.48%, 1/27/31(a) | 1013258 |
| 1581000 | &nbsp;&nbsp;&nbsp;Neuberger Berman Loan Advisers CLO 41 Ltd., Series 41A, Class AR, 4.72%, 4/15/34 (TSFR3M + 105 bps)(a)(c)(d) | 1578328 |
| 1582000 | &nbsp;&nbsp;&nbsp;LCM 33 Ltd, Series 33A, Class AR, 4.85%, 7/20/34 (TSFR3M + 118.00 bps)(a)(d) | 1582538 |
| 1012000 | &nbsp;&nbsp;&nbsp;OneMain Financial Issuance Trust, Series 2A, Class A, 3.14%, 10/14/36(a)(b) | 995290 |
| 923672 | &nbsp;&nbsp;&nbsp;Hilton Grand Vacations Trust, Series 2024-3A, Class A, 4.98%, 8/27/40(a) | 927122 |
| 305669 | &nbsp;&nbsp;&nbsp;Sierra Timeshare Receivables Funding LLC, Series 3A, Class A, 4.83%, 8/20/41(a) | 305970 |
| 1835830 | &nbsp;&nbsp;&nbsp;Tricon Residential Trust, Series 2025-SFR, Class A, 4.77%, 3/17/42 (TSFR1M + 110 bps)(a)(d) | 1832388 |
| 689856 | &nbsp;&nbsp;&nbsp;MVW LLC, Series 2024-2, Class A, 4.43%, 3/20/42(a) | 686212 |
| 242000 | &nbsp;&nbsp;&nbsp;VDCM Commercial Mortgage Trust 2025-AZ, Series AZ, Class C, 6.03%, 7/13/44(a)(d) | 243235 |
| 133033 | &nbsp;&nbsp;&nbsp;SoFi Professional Loan Program Trust, Series A, Class A2FX, 2.54%, 5/15/46(a)(b) | 128548 |
| 1273049 | &nbsp;&nbsp;&nbsp;SMB Private Education Loan Trust, Series 2024-F, Class A1A, 5.06%, 3/16/54(a) | 1280892 |
| 579000 | &nbsp;&nbsp;&nbsp;QTS Issuer ABS II LLC, Series 3A, Class A2, 6.16%, 1/05/56(a) | 568660 |
| 928000 | &nbsp;&nbsp;&nbsp;BANK5 2025-5YR17, Series 5YR17, Class A3, 5.23%, 11/15/58 | 946418 |
| 1500000 | &nbsp;&nbsp;&nbsp;BBCMS Mortgage Trust 2025-C39, Series C39, 5.30%, 12/15/58 | 1521304 |
| 906000 | &nbsp;&nbsp;&nbsp;Vantage Data Centers LLC, Series 1A, Class A2, 5.13%, 8/15/55(a) | 886384 |
| Total (Cost $19,757,307) | Total (Cost $19,757,307) | 19692612 |

---

---

| | | |
|:---|:---|:---|
| **Principal** <br> **Amount** |  | **Fair Value** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES — 14.76%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES — 14.76%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES — 14.76%** |
| 289308 | &nbsp;&nbsp;&nbsp;FRESB Mortgage Trust, Series 2017-SB36, Class A10F, 2.88%, 7/25/27(b) | 284387 |
| 85000 | &nbsp;&nbsp;&nbsp;Benchmark Mortgage Trust, Series V6, Class A3, 5.93%, 3/15/29 | 87720 |
| 553000 | &nbsp;&nbsp;&nbsp;Benchmark Mortgage Trust, Series V6, Class AS, 6.38%, 3/15/29 | 571854 |
| 140000 | &nbsp;&nbsp;&nbsp;Freddie Mac Multifamily Structured Pass Through, Series K159, Class A2, 3.95%, 11/25/30(c) | 138288 |
| 5013 | &nbsp;&nbsp;&nbsp;CSFB Mortgage-Backed Pass-Through Certificates, Series 1, Class 2A1, 6.50%, 2/25/34 | 5018 |
| 20781 | &nbsp;&nbsp;&nbsp;CHL Mortgage Pass-Through Trust, Series 3, Class A4, 5.75%, 4/25/34 | 20649 |
| 8925 | &nbsp;&nbsp;&nbsp;Citigroup Mortgage Loan Trust, Inc., Series NCM2, Class 3CB2, 6.50%, 8/25/34 | 8919 |
| 1000000 | &nbsp;&nbsp;&nbsp;Freddie Mac Multifamily Structured Pass Through, Series K1522, Class A2, 2.36%, 10/25/36 | 807649 |
| 206934 | &nbsp;&nbsp;&nbsp;BX Commercial Mortgage Trust, Series 2021-ACNT, Class C, 5.29%, 11/15/38(a) | 206804 |
| 231238 | &nbsp;&nbsp;&nbsp;SMR Mortgage Trust, Series 2022-IND, Class A, 5.32%, 2/15/39(a) | 230688 |
| 63944 | &nbsp;&nbsp;&nbsp;JP Morgan Chase Commercial Mortgage, Series C3, Class B, 5.01%, 2/15/46(a) | 63035 |
| 589000 | &nbsp;&nbsp;&nbsp;CD Mortgage Trust, Series 2016-CD2, Class A4, 3.53%, 11/10/49(b) | 578579 |
| 500000 | &nbsp;&nbsp;&nbsp;GS Mortgage Securities Trust, Series 2016-GS4, Class A4, 3.44%, 11/15/49(b) | 497544 |
| 185000 | &nbsp;&nbsp;&nbsp;JP Morgan Chase Commercial Mortgage, Series JP4, Class A4, 3.65%, 12/15/49 | 183547 |
| 500000 | &nbsp;&nbsp;&nbsp;Morgan Stanley Bank of America Merrill Lynch Trust, Series C32, Class A4, 3.72%, 12/15/49(b) | 497109 |
| 50000 | &nbsp;&nbsp;&nbsp;Wells Fargo Commercial Mortgage Trust, Series C37, Class A5, 3.79%, 12/15/49 | 49760 |
| 700000 | &nbsp;&nbsp;&nbsp;CD Mortgage Trust, Series 2017-CD3, Class A4, 3.63%, 2/10/50 | 684846 |
| 250000 | &nbsp;&nbsp;&nbsp;COMM Mortgage Trust, Series COR2, Class A3, 3.51%, 9/10/50(b) | 246875 |
| 300000 | &nbsp;&nbsp;&nbsp;Wells Fargo Commercial Mortgage Trust, Series C40, Class A4, 3.58%, 10/15/50 | 295752 |
| 435000 | &nbsp;&nbsp;&nbsp;Morgan Stanley Capital I Trust, Series H3, Class A5, 4.18%, 7/15/51 | 431779 |
| 325000 | &nbsp;&nbsp;&nbsp;BBCMS Mortgage Trust, Series C7, Class A5, 2.04%, 4/15/53 | 292335 |
| 64000 | &nbsp;&nbsp;&nbsp;GS Mortgage Securities Trust, Series GC47, Class A5, 2.38%, 5/12/53 | 58656 |
| 220800 | &nbsp;&nbsp;&nbsp;Wells Fargo Commercial Mortgage Trust, Series C56, Class A5, 2.45%, 6/15/53 | 203320 |
| 589492 | &nbsp;&nbsp;&nbsp;Benchmark Mortgage Trust, Series B18, Class A5, 1.93%, 7/15/53 | 522285 |
| 659333 | &nbsp;&nbsp;&nbsp;Morgan Stanley Capital I Trust, Series HR8, Class A4, 2.04%, 7/15/53 | 594374 |
| 300000 | &nbsp;&nbsp;&nbsp;Wells Fargo Commercial Mortgage Trust, Series C58, Class A4, 2.09%, 7/15/53 | 267709 |

---

See accompanying notes to financial statements.

**Sterling Capital Quality Income Fund**

**Schedule of Investments (Unaudited) (continued)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
| **Principal** <br> **Amount** |  | **Fair Value** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES — (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES — (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES — (continued)** |
| 500000 | &nbsp;&nbsp;&nbsp;Wells Fargo Commercial Mortgage Trust, Series C57, Class A4, 2.12%, 8/15/53 | 452966 |
| 250000 | &nbsp;&nbsp;&nbsp;BANK Trust, Series 2020-BNK29, Class A4, 2.00%, 11/15/53 | 219998 |
| 500000 | &nbsp;&nbsp;&nbsp;GS Mortgage Securities Trust, Series GSA2, Class A5, 2.01%, 12/12/53(b) | 438686 |
| 1250000 | &nbsp;&nbsp;&nbsp;Benchmark Mortgage Trust, Series B21, Class A5, 1.98%, 12/17/53(b) | 1106590 |
| 100000 | &nbsp;&nbsp;&nbsp;CFCRE Commercial Mortgage Trust, Series C7, Class A3, 3.84%, 12/10/54 | 99399 |
| 80000 | &nbsp;&nbsp;&nbsp;Benchmark Mortgage Trust, Series V2, Class AS, 6.54%, 5/15/55 | 82309 |
| 209000 | &nbsp;&nbsp;&nbsp;Benchmark Mortgage Trust, Series 2024-V7, Class A3, 6.23%, 5/15/56 | 217793 |
| 167000 | &nbsp;&nbsp;&nbsp;Benchmark Mortgage Trust, Series 2024-V7, Class AS, 6.53%, 5/15/56 | 173822 |
| 51000 | &nbsp;&nbsp;&nbsp;BMO Mortgage Trust, Series 2023-5C1, Class AS, 7.12%, 8/15/56 | 53258 |
| 178000 | &nbsp;&nbsp;&nbsp;BANK5 Trust, Series 2023-5YR3, Class AS, 7.32%, 9/15/56 | 188331 |
| 1000000 | &nbsp;&nbsp;&nbsp;BANK5 Trust, Series 2023-5YR4, Class AS, 7.27%, 12/15/56 | 1052846 |
| 220000 | &nbsp;&nbsp;&nbsp;Benchmark Mortgage Trust, Series V5, Class A3, 5.81%, 1/10/57 | 226158 |
| 75000 | &nbsp;&nbsp;&nbsp;BBCMS Mortgage Trust, Series 5C25, Class A3, 5.95%, 3/15/57 | 77467 |
| 51000 | &nbsp;&nbsp;&nbsp;BBCMS Mortgage Trust, Series 5C25, Class AS, 6.36%, 3/15/57 | 52885 |
| 737000 | &nbsp;&nbsp;&nbsp;BMO 2025-5C12 Mortgage Trust, Series 5C12, Class A3, 5.18%, 10/15/58(e) | 748252 |
| 250000 | &nbsp;&nbsp;&nbsp;American Tower Trust, Series 2018-1, Class A, 3.65%, 3/15/28(a)(b) | $247289 |
| 1500000 | &nbsp;&nbsp;&nbsp;BANK Trust, Series 2024-BNK47, Class A5, 5.72%, 6/15/57 | 1568474 |
| 1309000 | &nbsp;&nbsp;&nbsp;BANK5 Trust, Series 2024-5YR5, Class AS, 6.27%, 2/15/29 | 1349823 |
| 252000 | &nbsp;&nbsp;&nbsp;BANK5 Trust, Series 2024-5YR6, Class A3, 6.23%, 5/15/57 | 262133 |
| 240000 | &nbsp;&nbsp;&nbsp;BANK5 Trust, Series 2024-5YR6, Class AS, 6.79%, 5/15/57 | 251360 |
| 1495000 | &nbsp;&nbsp;&nbsp;Benchmark Mortgage Trust, Series 2023-B39, Class A5, 5.75%, 7/15/56 | 1559678 |
| 1500000 | &nbsp;&nbsp;&nbsp;BMO Mortgage Trust, Series 2023-C7, Class A5, 6.16%, 12/15/56 | 1588816 |
| 232466 | &nbsp;&nbsp;&nbsp;BX Trust, Series 2021-RISE, Class C, 5.24%, 11/15/36(a)(d) | 232320 |
| 1500000 | &nbsp;&nbsp;&nbsp;Wells Fargo Commercial Mortgage Trust, Series 2024-C63, Class A5, 5.31%, 8/15/57 | 1531072 |
| Total (Cost $22,402,698) | Total (Cost $22,402,698) | 21611206 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount** |  | **Fair Value** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS — 26.69%** | **COLLATERALIZED MORTGAGE OBLIGATIONS — 26.69%** | **COLLATERALIZED MORTGAGE OBLIGATIONS — 26.69%** |
| 168825 | &nbsp;&nbsp;&nbsp;Freddie Mac, Series 4097, Class CU, 1.50%, 8/15/27 | 165635 |
| 312147 | &nbsp;&nbsp;&nbsp;Freddie Mac, Series 4136, Class HZ, 3.50%, 11/15/27 | 310381 |
| 208000 | &nbsp;&nbsp;&nbsp;BANK5, Series 2023-5YR4, Class B, 7.61%, 12/15/28(d) | 219766 |
| 237705 | &nbsp;&nbsp;&nbsp;Ginnie Mae, Series 79, Class V, 2.80%, 3/16/29 | 232080 |
| 118661 | &nbsp;&nbsp;&nbsp;Freddie Mac Principal Strips, Series 219, 0%, 3/01/32 | 108522 |

---

---

| | | |
|:---|:---|:---|
| **Principal** <br> **Amount** |  | **Fair Value** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS — (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS — (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS — (continued)** |
| 1000000 | &nbsp;&nbsp;&nbsp;KKR Clo 24 Ltd., Series 24, Class A2R, 5.38%, 4/20/32(a) | 999140 |
| 37956 | &nbsp;&nbsp;&nbsp;Freddie Mac, Series 2485, Class WG, 6.00%, 8/15/32 | 39304 |
| 119000 | &nbsp;&nbsp;&nbsp;Freddie Mac, Series 4160, Class HH, 2.50%, 12/15/32(b) | 113025 |
| 99676 | &nbsp;&nbsp;&nbsp;Fannie Mae, Series 2003-21, Class OW, 4.00%, 3/25/33 | 98404 |
| 23302 | &nbsp;&nbsp;&nbsp;Fannie Mae, Series 2003-19, Class AR, 5.50%, 3/25/33 | 23817 |
| 93169 | &nbsp;&nbsp;&nbsp;Freddie Mac, Series 2768, Class PC, 4.00%, 3/15/34 | 90088 |
| 36076 | &nbsp;&nbsp;&nbsp;Ginnie Mae, Series 2004-69, Class GC, 5.50%, 4/20/34 | 36264 |
| 1050000 | &nbsp;&nbsp;&nbsp;Magnetite XXIV Ltd., Series 24A, Class BR, 5.42%, 4/15/35(a) | 1048824 |
| 132888 | &nbsp;&nbsp;&nbsp;Freddie Mac, Series 3042, Class PZ, 5.75%, 9/15/35 | 138695 |
| 290586 | &nbsp;&nbsp;&nbsp;Ginnie Mae, Series 2005-60, Class WZ, 5.50%, 9/20/35 | 296605 |
| 674574 | &nbsp;&nbsp;&nbsp;Freddie Mac Principal Strips, Series 236, 0%, 4/01/36 | 558403 |
| 525089 | &nbsp;&nbsp;&nbsp;Fannie Mae, Series 59, Class DH, 6.50%, 7/25/36 | 558039 |
| 129948 | &nbsp;&nbsp;&nbsp;Ginnie Mae, Series 2007-57, Class ZA, 5.75%, 10/20/37 | 131283 |
| 518539 | &nbsp;&nbsp;&nbsp;Fannie Mae, Series 2008-2, Class PH, 5.50%, 2/25/38 | 525646 |
| 56161 | &nbsp;&nbsp;&nbsp;Freddie Mac, Series 3440, Class EM, 5.00%, 4/15/38 | 56816 |
| 480175 | &nbsp;&nbsp;&nbsp;Fannie Mae, Series 2009-28, Class HX, 5.00%, 5/25/39 | 486544 |
| 74086 | &nbsp;&nbsp;&nbsp;Freddie Mac, Series 3816, Class HM, 4.50%, 5/15/40 | 74304 |
| 500000 | &nbsp;&nbsp;&nbsp;Freddie Mac, Series 3714, Class PB, 4.75%, 8/15/40(b) | 493496 |
| 1000000 | &nbsp;&nbsp;&nbsp;Ginnie Mae, Series 81, Class AL, 4.50%, 8/20/40 | 958895 |
| 825833 | &nbsp;&nbsp;&nbsp;Fannie Mae, Series 2010-150, Class YL, 4.00%, 1/25/41 | 754258 |
| 200000 | &nbsp;&nbsp;&nbsp;Freddie Mac, Series 3815, Class TB, 4.50%, 2/15/41 | 192888 |
| 25931 | &nbsp;&nbsp;&nbsp;Freddie Mac, Series 4215, Class LD, 2.00%, 7/15/41 | 25447 |
| 750000 | &nbsp;&nbsp;&nbsp;Ginnie Mae, Series 2011-135, Class PG, 3.00%, 10/16/41 | 673696 |
| 21590 | &nbsp;&nbsp;&nbsp;Freddie Mac, Series 4293, Class MH, 3.00%, 12/15/41 | 20825 |
| 749413 | &nbsp;&nbsp;&nbsp;Fannie Mae, Series 2011-131, Class PB, 4.50%, 12/25/41 | 742281 |
| 192450 | &nbsp;&nbsp;&nbsp;Freddie Mac, Series 4094, Class ME, 2.50%, 8/15/42 | 173249 |
| 525500 | &nbsp;&nbsp;&nbsp;Freddie Mac, Series 4088, Class CD, 3.00%, 8/15/42 | 433304 |
| 2445061 | &nbsp;&nbsp;&nbsp;Freddie Mac, Series 5427, Class HZ, 3.50%, 8/15/42 | 2028517 |
| 628000 | &nbsp;&nbsp;&nbsp;Freddie Mac, Series 4135, Class AY, 2.00%, 11/15/42 | 523955 |
| 724000 | &nbsp;&nbsp;&nbsp;Freddie Mac, Series 4125, Class JC, 2.50%, 11/15/42 | 576314 |
| 90311 | &nbsp;&nbsp;&nbsp;Freddie Mac, Series 4173, Class NB, 3.00%, 3/15/43 | 82715 |

---

See accompanying notes to financial statements.

**Sterling Capital Quality Income Fund**

**Schedule of Investments (Unaudited) (continued)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
| **Principal** <br> **Amount** |  | **Fair Value** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS — (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS — (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS — (continued)** |
| 69350 | &nbsp;&nbsp;&nbsp;Freddie Mac, Series 4352, Class ZX, 4.00%, 4/15/44 | 66187 |
| 1748432 | &nbsp;&nbsp;&nbsp;Freddie Mac, Series 5419, Class Z, 4.00%, 4/15/44 | 1526548 |
| 1000000 | &nbsp;&nbsp;&nbsp;Freddie Mac, Series 4507, Class GB, 3.00%, 9/15/45 | 891247 |
| 3184626 | &nbsp;&nbsp;&nbsp;Fannie Mae, Series 2015-65, Class CZ, 3.50%, 9/25/45 | 2815413 |
| 475000 | &nbsp;&nbsp;&nbsp;Freddie Mac, Series 4650, Class JE, 3.00%, 7/15/46 | 420702 |
| 1078290 | &nbsp;&nbsp;&nbsp;Fannie Mae, Series 73, Class DZ, 3.00%, 10/25/46(b) | 956597 |
| 395793 | &nbsp;&nbsp;&nbsp;Ginnie Mae, Series 126, Class A, 2.50%, 11/16/46 | 380546 |
| 712000 | &nbsp;&nbsp;&nbsp;Ginnie Mae, Series 2017-75, Class DL, 3.00%, 3/20/47 | 606901 |
| 1453062 | &nbsp;&nbsp;&nbsp;Fannie Mae, Series 2017-42, Class HL, 3.00%, 6/25/47 | 1348317 |
| 640903 | &nbsp;&nbsp;&nbsp;Fannie Mae, Series 20, Class KL, 3.50%, 1/25/48 | 531331 |
| 869919 | &nbsp;&nbsp;&nbsp;Freddie Mac, Series 4795, Class JB, 4.00%, 5/15/48 | 832205 |
| 1963166 | &nbsp;&nbsp;&nbsp;Freddie Mac, Series 4841, Class PZ, 4.50%, 9/15/48 | 1894417 |
| 933000 | &nbsp;&nbsp;&nbsp;Ginnie Mae, Series 2019-6, Class JK, 3.50%, 1/20/49 | 832304 |
| 779025 | &nbsp;&nbsp;&nbsp;Freddie Mac, Series 4941, Class MB, 3.00%, 7/25/49 | 698379 |
| 268855 | &nbsp;&nbsp;&nbsp;Chase Home Lending Mortgage Trust, Series 2019-ATR2, Class A3, 3.50%, 8/25/49(a) | 245413 |
| 662399 | &nbsp;&nbsp;&nbsp;Fannie Mae, Series 2015-65, Class BL, 3.50%, 9/25/49 | 542072 |
| 1060610 | &nbsp;&nbsp;&nbsp;Fannie Mae, Series 5, Class MG, 3.50%, 2/25/50 | 965907 |
| 419903 | &nbsp;&nbsp;&nbsp;Fannie Mae, Series 12, Class LC, 2.00%, 3/25/50 | 350929 |
| 295018 | &nbsp;&nbsp;&nbsp;Fannie Mae, Series 2020-10, Class Q, 3.00%, 3/25/50 | 255287 |
| 726000 | &nbsp;&nbsp;&nbsp;Fannie Mae REMICS, Series 22, Class DY, 2.50%, 4/25/50 | 528291 |
| 1860049 | &nbsp;&nbsp;&nbsp;Fannie Mae, Series 56, Class AQ, 2.00%, 8/25/50 | 1496981 |
| 327249 | &nbsp;&nbsp;&nbsp;Freddie Mac, Series 5115, Class G, 2.50%, 9/25/50 | 275942 |
| 684284 | &nbsp;&nbsp;&nbsp;Freddie Mac, Series 5067, Class DP, 2.00%, 1/25/51 | 584963 |
| 295000 | &nbsp;&nbsp;&nbsp;Benchmark 2025-V16 Mortgage Trust, Series V16, Class A3, 5.44%, 8/15/57 | 302814 |
| 477163 | &nbsp;&nbsp;&nbsp;Wells Fargo Commercial Mortgage Trust 2025-5C5, Series 5C5, Class A3, 5.59%, 7/15/58 | 492143 |
| 589000 | &nbsp;&nbsp;&nbsp;BBCMS Mortgage Trust 2025-5C36, Series 5C36, Class A3, 5.52%, 8/15/58 | 606785 |
| 665000 | &nbsp;&nbsp;&nbsp;Wells Fargo Commercial Mortgage Trust 2025-5C6, Series 5C6, Class A3, 5.19%, 10/15/58(e) | 675539 |
| 375000 | &nbsp;&nbsp;&nbsp;Fannie Mae REMICS, Series 53, Class PB, 3.50%, 7/25/45 | 328271 |
| 346532 | &nbsp;&nbsp;&nbsp;Fannie Mae REMICS, Series 95, Class WA, 3.50%, 11/25/47 | 315045 |

---

---

| | | |
|:---|:---|:---|
| **Principal** <br> **Amount** |  | **Fair Value** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS — (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS — (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS — (continued)** |
| 639290 | &nbsp;&nbsp;&nbsp;Government National Mortgage Association, Series 71, Class BZ, 3.50%, 6/20/49 | 407152 |
| 1396897 | &nbsp;&nbsp;&nbsp;Government National Mortgage Association, Series 27, Class AW, 5.92%, 2/20/51 | 1426203 |
| 1500000 | &nbsp;&nbsp;&nbsp;Fannie Mae-Aces, Series M4, Class A2, 4.39%, 8/25/35 | 1475526 |
| Total (Cost $39,705,723) | Total (Cost $39,705,723) | 39067782 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount** |  | **Fair Value** |
| **MORTGAGE-BACKED SECURITIES — 36.87%** | **MORTGAGE-BACKED SECURITIES — 36.87%** |  |
| &nbsp;&nbsp;&nbsp;**Fannie Mae — 21.46%** | &nbsp;&nbsp;&nbsp;**Fannie Mae — 21.46%** |  |
| 178187 | &nbsp;&nbsp;&nbsp;4.50%, 3/01/34, Pool #CA3294 | 179548 |
| 40184 | &nbsp;&nbsp;&nbsp;5.50%, 6/01/38, Pool #984277(b) | 41384 |
| 23055 | &nbsp;&nbsp;&nbsp;5.50%, 8/01/38, Pool #995072 | 23719 |
| 29400 | &nbsp;&nbsp;&nbsp;4.50%, 9/01/39, Pool #AC1830 | 29096 |
| 28464 | &nbsp;&nbsp;&nbsp;4.50%, 10/01/40, Pool #AE4855 | 28169 |
| 52236 | &nbsp;&nbsp;&nbsp;3.50%, 2/01/41, Pool #AH5646 | 49517 |
| 81918 | &nbsp;&nbsp;&nbsp;4.00%, 3/01/41, Pool #AH4008 | 79220 |
| 21965 | &nbsp;&nbsp;&nbsp;4.50%, 6/01/41, Pool #AC9298 | 21706 |
| 56932 | &nbsp;&nbsp;&nbsp;5.00%, 7/01/41, Pool #AI5595 | 57533 |
| 99559 | &nbsp;&nbsp;&nbsp;4.00%, 9/01/41, Pool #AJ1717 | 96155 |
| 1485845 | &nbsp;&nbsp;&nbsp;6.00%, 10/01/41, Pool #FS4183 | 1557198 |
| 396081 | &nbsp;&nbsp;&nbsp;6.00%, 8/01/43, Pool #MA5129 | 404217 |
| 32402 | &nbsp;&nbsp;&nbsp;4.50%, 10/01/44, Pool #MA2066 | 31966 |
| 89652 | &nbsp;&nbsp;&nbsp;4.00%, 12/01/44, Pool #MA2127 | 86353 |
| 95134 | &nbsp;&nbsp;&nbsp;4.50%, 1/01/45, Pool #MA2158 | 93856 |
| 106712 | &nbsp;&nbsp;&nbsp;3.50%, 3/01/45, Pool #AS4552 | 100203 |
| 94237 | &nbsp;&nbsp;&nbsp;4.00%, 10/01/45, Pool #AL7487 | 90681 |
| 675342 | &nbsp;&nbsp;&nbsp;3.00%, 10/01/46, Pool #BC4764 | 608432 |
| 64572 | &nbsp;&nbsp;&nbsp;4.00%, 11/01/46, Pool #MA2808 | 61949 |
| 87622 | &nbsp;&nbsp;&nbsp;3.00%, 2/01/47, Pool #BE2329 | 78919 |
| 45360 | &nbsp;&nbsp;&nbsp;4.00%, 5/01/47, Pool #BE9598 | 43452 |
| 41201 | &nbsp;&nbsp;&nbsp;4.50%, 11/01/47, Pool #BM3286 | 40796 |
| 1706359 | &nbsp;&nbsp;&nbsp;4.00%, 12/01/47, Pool #BM5019 | 1632415 |
| 1167932 | &nbsp;&nbsp;&nbsp;3.50%, 6/01/50, Pool #CA6097 | 1079379 |
| 164714 | &nbsp;&nbsp;&nbsp;3.00%, 7/01/50, Pool #CA6421 | 145224 |
| 165943 | &nbsp;&nbsp;&nbsp;3.00%, 7/01/50, Pool #CA6422 | 146333 |
| 625553 | &nbsp;&nbsp;&nbsp;3.00%, 8/01/50, Pool #FS0973 | 560368 |
| 755770 | &nbsp;&nbsp;&nbsp;3.50%, 9/01/50, Pool #FS5284 | 700226 |
| 990450 | &nbsp;&nbsp;&nbsp;4.00%, 8/01/51, Pool #FS1976 | 948544 |
| 1540749 | &nbsp;&nbsp;&nbsp;3.00%, 9/01/51, Pool #FM8821 | 1365789 |
| 242045 | &nbsp;&nbsp;&nbsp;3.00%, 11/01/51, Pool #CB2170 | 213364 |
| 615637 | &nbsp;&nbsp;&nbsp;3.50%, 2/01/52, Pool #MA4550 | 568662 |
| 704337 | &nbsp;&nbsp;&nbsp;3.00%, 3/01/52, Pool #BV4143 | 624726 |
| 554328 | &nbsp;&nbsp;&nbsp;3.50%, 4/01/52, Pool #FS1260 | 513030 |
| 2195905 | &nbsp;&nbsp;&nbsp;4.50%, 10/01/52, Pool #BW9905 | 2140201 |
| 390299 | &nbsp;&nbsp;&nbsp;5.00%, 11/01/52, Pool #CB5278 | 387964 |
| 436210 | &nbsp;&nbsp;&nbsp;5.50%, 3/01/53, Pool #FS3925 | 444671 |
| 839038 | &nbsp;&nbsp;&nbsp;4.00%, 5/01/53, Pool #FS3990 | 801477 |
| 1032168 | &nbsp;&nbsp;&nbsp;6.00%, 6/01/53, Pool #FS6616 | 1057655 |
| 2665825 | &nbsp;&nbsp;&nbsp;4.50%, 9/01/53, Pool #FS8829 | 2589859 |
| 1127804 | &nbsp;&nbsp;&nbsp;5.50%, 2/01/54, Pool #FA0202 | 1139306 |
| 1033078 | &nbsp;&nbsp;&nbsp;6.00%, 4/01/54, Pool #FA0566 | 1058331 |
| 2512209 | &nbsp;&nbsp;&nbsp;6.00%, 5/01/54, Pool #FM2472 | 2581147 |
| 2147110 | &nbsp;&nbsp;&nbsp;5.00%, 10/01/54, Pool #FS9535 | 2121705 |
| 3185077 | &nbsp;&nbsp;&nbsp;5.50%, 11/01/54, Pool #FS9455 | 3241715 |
| 1573711 | &nbsp;&nbsp;&nbsp;5.00%, 4/01/55, Pool #CC0236 | 1555090 |
|  |  | 31421250 |

---

See accompanying notes to financial statements.

**Sterling Capital Quality Income Fund**

**Schedule of Investments (Unaudited) (continued)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
| **Principal** <br> **Amount** |  | **Fair Value** |
| **MORTGAGE-BACKED SECURITIES — (continued)** | **MORTGAGE-BACKED SECURITIES — (continued)** | **MORTGAGE-BACKED SECURITIES — (continued)** |
|  | **Federal Home Loan Banks — 0.33%** | **Federal Home Loan Banks — 0.33%** |
| 550000 | &nbsp;&nbsp;&nbsp;1.90%, 10/07/31 | 485900 |
|  | **Freddie Mac — 13.54%** |  |
| 1896683 | &nbsp;&nbsp;&nbsp;5.00%, 4/01/55, Pool #SL1240 | 1887740 |
| 20924 | &nbsp;&nbsp;&nbsp;4.00%, 11/01/32, Pool #ZS8993 | 20735 |
| 106777 | &nbsp;&nbsp;&nbsp;4.00%, 5/01/37, Pool #ZA2461 | 104722 |
| 14333 | &nbsp;&nbsp;&nbsp;5.50%, 10/01/39, Pool #ZI9359 | 14730 |
| 24720 | &nbsp;&nbsp;&nbsp;5.00%, 4/01/40, Pool #ZI9910 | 24984 |
| 40915 | &nbsp;&nbsp;&nbsp;5.50%, 4/01/40, Pool #ZA1042 | 42195 |
| 18012 | &nbsp;&nbsp;&nbsp;5.00%, 8/01/40, Pool #ZA1056 | 18204 |
| 45692 | &nbsp;&nbsp;&nbsp;4.00%, 11/01/40, Pool #ZJ0654 | 44159 |
| 47461 | &nbsp;&nbsp;&nbsp;4.00%, 12/01/40, Pool #ZJ0811 | 45898 |
| 119132 | &nbsp;&nbsp;&nbsp;3.50%, 8/01/42, Pool #ZL3508 | 112289 |
| 363684 | &nbsp;&nbsp;&nbsp;6.00%, 2/01/43, Pool #RB5221 | 371667 |
| 148304 | &nbsp;&nbsp;&nbsp;3.50%, 3/01/43, Pool #ZT1107 | 139359 |
| 141593 | &nbsp;&nbsp;&nbsp;3.50%, 3/01/45, Pool #ZT1164 | 133048 |
| 71354 | &nbsp;&nbsp;&nbsp;3.00%, 1/01/46, Pool #ZS4646 | 64617 |
| 76470 | &nbsp;&nbsp;&nbsp;4.00%, 4/01/46, Pool #ZM1015 | 73459 |
| 74174 | &nbsp;&nbsp;&nbsp;3.50%, 12/01/47, Pool #ZM5123 | 69051 |
| 1477140 | &nbsp;&nbsp;&nbsp;4.00%, 6/01/48, Pool #ZT0541 | 1414703 |
| 811402 | &nbsp;&nbsp;&nbsp;3.00%, 8/01/51, Pool #SD8162 | 713573 |
| 563983 | &nbsp;&nbsp;&nbsp;4.50%, 6/01/52, Pool #SD1265 | 549432 |
| 893482 | &nbsp;&nbsp;&nbsp;4.50%, 8/01/52, Pool #SD1515 | 865074 |
| 637951 | &nbsp;&nbsp;&nbsp;5.00%, 10/01/52, Pool #SD1710 | 632367 |
| 1284554 | &nbsp;&nbsp;&nbsp;4.00%, 12/01/52, Pool #SD5808 | 1224122 |
| 531149 | &nbsp;&nbsp;&nbsp;5.00%, 1/01/53, Pool #RA8382 | 527972 |
| 2142246 | &nbsp;&nbsp;&nbsp;5.00%, 2/01/53, Pool #SD2473 | 2124141 |
| 739997 | &nbsp;&nbsp;&nbsp;5.50%, 2/01/53, Pool #QF8052 | 748923 |
| 957169 | &nbsp;&nbsp;&nbsp;4.50%, 5/01/53, Pool #SD2952 | 933201 |
| 828934 | &nbsp;&nbsp;&nbsp;5.00%, 6/01/53, Pool #SD3128 | 824982 |
| 798957 | &nbsp;&nbsp;&nbsp;5.50%, 6/01/53, Pool #SD3136 | 812380 |
| 1001078 | &nbsp;&nbsp;&nbsp;6.00%, 7/01/53, Pool #SD3223 | 1027279 |
| 621614 | &nbsp;&nbsp;&nbsp;5.50%, 6/01/54, Pool #SD5479 | 633465 |
| 2186735 | &nbsp;&nbsp;&nbsp;6.00%, 9/01/54, Pool #SD6558 | 2247304 |
| 3194642 | &nbsp;&nbsp;&nbsp;5.50%, 11/01/54, Pool #SD6622 | 3254478 |
|  |  | 19812513 |
|  | **Ginnie Mae II — 0.25%** |  |
| 5882 | &nbsp;&nbsp;&nbsp;4.00%, 12/20/40, Pool #755678 | 5641 |
| 390151 | &nbsp;&nbsp;&nbsp;4.00%, 7/20/52, Pool #786280 | 367190 |
|  |  | 372831 |
| Total (Cost $54,261,830) | Total (Cost $54,261,830) | 53980234 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount** |  | **Fair Value** |
| **U.S. TREASURY BONDS & NOTES — 7.03%** | **U.S. TREASURY BONDS & NOTES — 7.03%** |  |
| 5080000 | United States Treasury Note, 1.13%, 2/15/31 | 4453334 |
| 2251000 | United States Treasury Note, 4.00%, 2/15/34 | 2220400 |
| 2644100 | United States Treasury Bond, 2.38%, 2/15/42(b) | 1926785 |
| 2158200 | United States Treasury Bond, 1.88%, 11/15/51(b) | 1185577 |
| 501300 | United States Treasury Note/Bond, 4.00%, 4/30/32 | 499440 |
| Total (Cost $11,004,278) | Total (Cost $11,004,278) | 10285536 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
| **MONEY MARKET FUNDS — 0.82%** | **MONEY MARKET FUNDS — 0.82%** |  |
| 1196288 | &nbsp;&nbsp;&nbsp;&nbsp;Federated Hermes Treasury Obligations Fund, Institutional Shares, 3.58%(f) | 1196288 |
| Total Money Market Funds | Total Money Market Funds | 1196288 |
| (Cost $1,196,288) | (Cost $1,196,288) |  |
| Total Investments— 99.62% | Total Investments— 99.62% | 145833658 |
| (Cost $148,328,124) | (Cost $148,328,124) |  |
| Other Assets in Excess of Liabilities— 0.38% | Other Assets in Excess of Liabilities— 0.38% | 561133 |
| **NET ASSETS — 100.00%** | **NET ASSETS — 100.00%** | **146394791** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security
 may be resold in transactions exempt from registration, normally to qualified institutional buyers. The Advisor, using Board approved
 procedures, has deemed these securities or a portion of these securities to be liquid.

&nbsp;&nbsp;&nbsp;&nbsp;(b) All or a portion of the securities are held in a separate collateral account at US Bank. The total value of
 securities held in a separate collateral account as of the period ended March 31, 2026 is $8,359,094, which represents 5.7% of net assets.

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

&nbsp;&nbsp;&nbsp;&nbsp;(d) The interest rate for this variable rate note, which will change periodically, is based either on the prime
 rate or an index of market rates. The reflected rate is in effect as of March 31, 2026. The maturity date reflected is the final maturity
 date.

&nbsp;&nbsp;&nbsp;&nbsp;(e) The security was purchased on a when-issued of forward commitment basis (Note 3)

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

See accompanying notes to financial statements.

**Sterling Capital Quality Income Fund**

**Schedule of Futures Contracts (Unaudited)**

**March 31, 2026**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **FUTURES CONTRACTS** | **Contracts** | **Expiration**<br> **Date** | **Notional Value** | **Aggregate**<br> **Market Value of**<br> **Contracts** | **Unrealized**<br> **Appreciation**<br> **(Depreciation)** |
| Ultra 10-Year US Treasury Note Futures | 25 | 06/22/2026 | $2877345 | $2837891 | $(39454) |

---

See accompanying notes to financial statements.

**Sterling Capital North Carolina Intermediate Tax-Free Fund**

**Schedule of Investments (Unaudited)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount** |  | **Fair Value** |
| **MUNICIPAL BONDS — 98.08%** | **MUNICIPAL BONDS — 98.08%** |  |
| **North Carolina — 98.08%** | **North Carolina — 98.08%** |  |
| 500000 | &nbsp;&nbsp;&nbsp;Brunswick County, NC, Enterprise Systems Revenue, Callable 2/1/33 @ 100, 5.00%,2/1/42 | $533994 |
| 575000 | &nbsp;&nbsp;&nbsp;Brunswick County, NC, Enterprise Systems Revenue, Callable 2/1/33 @ 100, 5.00%,2/1/41 | 617428 |
| 1100000 | &nbsp;&nbsp;&nbsp;Cabarrus County, NC, Refunding Revenue Bonds Series A, 5.00%,6/1/31 | 1217156 |
| 2000000 | &nbsp;&nbsp;&nbsp;Charlotte, NC, Current Refunding G.O. Series A, Callable 6/1/29 @ 100, 5.00%,6/1/34 | 2122524 |
| 2000000 | &nbsp;&nbsp;&nbsp;Charlotte, NC, Public Facilities, Certification of Participation Series B, Callable 12/1/31 @ 100, 5.00%,12/1/32 | 2217891 |
| 2275000 | &nbsp;&nbsp;&nbsp;Charlotte, NC, Recreational Facilities Improvements Revenue, Callable 12/1/28 @ 100, 5.00%,12/1/33 | 2395898 |
| 1520000 | &nbsp;&nbsp;&nbsp;Charlotte, NC, Recreational Facilities Improvements Revenue, Callable 12/1/28 @ 100, 5.00%,12/1/34 | 1597190 |
| 2650000 | &nbsp;&nbsp;&nbsp;Charlotte, NC, Water & Sewer System Revenue, Refunding Revenue Bonds Series A, Callable 7/1/32 @ 100, 5.00%,7/1/39 | 2882336 |
| 1130000 | &nbsp;&nbsp;&nbsp;Chatham County, NC, Refunding Revenue (County Guaranteed), 5.00%,12/1/28 | 1165785 |
| 1760000 | &nbsp;&nbsp;&nbsp;City of Asheville NC Water System Revenue, 5.00%,8/1/42 | 1908804 |
| 1500000 | &nbsp;&nbsp;&nbsp;City of Charlotte NC Water & Sewer System Revenue, 5.00%,7/1/31 | 1667928 |
| 1720000 | &nbsp;&nbsp;&nbsp;City of Fayetteville NC Public Works Comm. Rev., 5.00%,3/1/40 | 1861452 |
| 2000000 | &nbsp;&nbsp;&nbsp;City of Greensboro NC, 5.00%,4/1/41 | 2152973 |
| 850000 | &nbsp;&nbsp;&nbsp;City of Winston-Salem NC, 5.00%,6/1/31 | 944421 |
| 2100000 | &nbsp;&nbsp;&nbsp;Concord, NC, Recreational Facility Improvements G.O., Callable 9/1/33 @ 100, 5.00%,9/1/34 | 2383327 |
| 720000 | &nbsp;&nbsp;&nbsp;County of Ashe NC, 5.00%,6/1/38 | 796782 |
| 500000 | &nbsp;&nbsp;&nbsp;County of Ashe NC, 5.00%,6/1/39 | 550090 |
| 2210000 | &nbsp;&nbsp;&nbsp;County of Forsyth, NC, 5.00%,6/1/30 | 2417934 |
| 2060000 | &nbsp;&nbsp;&nbsp;County of Guilford NC, 5.00%,3/1/39 | 2302986 |
| 2000000 | &nbsp;&nbsp;&nbsp;County of Guilford NC, 5.00%,3/1/32 | 2246341 |
| 2000000 | &nbsp;&nbsp;&nbsp;County of Iredell NC, 5.00%,4/1/37 | 2275031 |
| 2000000 | &nbsp;&nbsp;&nbsp;County of Mecklenburg NC, 5.00%,2/1/31 | 2211098 |
| 2185000 | &nbsp;&nbsp;&nbsp;County of Orange NC, 5.00%,10/1/38 | 2439570 |
| 1795000 | &nbsp;&nbsp;&nbsp;County of Transylvania, NC, 5.00%,4/1/30 | 1954973 |
| 1450000 | &nbsp;&nbsp;&nbsp;County of Wake NC, 5.00%,4/1/39 | 1620383 |
| 1500000 | &nbsp;&nbsp;&nbsp;County of Wake, NC, 5.00%,4/1/39 | 1693709 |
| 1150000 | &nbsp;&nbsp;&nbsp;Currituck County, NC, Callable 4/1/33 @ 100, 5.00%,4/1/37 | 1266081 |
| 1000000 | &nbsp;&nbsp;&nbsp;Currituck County, NC, Callable 4/1/33 @ 100, 5.00%,4/1/38 | 1094183 |
| 1150000 | &nbsp;&nbsp;&nbsp;Currituck County, NC, Callable 4/1/33 @ 100, 5.00%,4/1/36 | 1273286 |
| 1000000 | &nbsp;&nbsp;&nbsp;Durham County, NC, Current Refunding G.O., 5.00%,6/1/29 | 1074740 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount** |  | **Fair Value** |
| **MUNICIPAL BONDS — (continued)** | **MUNICIPAL BONDS — (continued)** |  |
| 1000000 | &nbsp;&nbsp;&nbsp;Elizabeth City State University, Board of Governors of NC, Advance Refunding Revenue Bonds, Callable 4/1/29 @ 100 (AGM), 5.00%,4/1/40 | 1021503 |
| 1690000 | &nbsp;&nbsp;&nbsp;Fayetteville, NC, Public Works Commission, Electric Light & Power Improvements Revenue, Callable 3/1/24 @ 100, 5.00%,3/1/29 | 1764868 |
| 1180000 | &nbsp;&nbsp;&nbsp;Fuquay-Varina NC Combined Utilities Revenue, 5.00%,2/1/38 | 1303941 |
| 2000000 | &nbsp;&nbsp;&nbsp;Greensboro, NC, Recreational Facility Improvements G.O. Series B, Callable 4/1/32 @ 100, 5.00%,4/1/40 | 2162413 |
| 880000 | &nbsp;&nbsp;&nbsp;Johnston County, NC, Water Utility Improvements Revenue Bonds, Callable 4/1/33 @ 100, 5.00%,4/1/39 | 959113 |
| 1000000 | &nbsp;&nbsp;&nbsp;Macon County, NC, 5.00%,10/1/41 | 1083871 |
| 1100000 | &nbsp;&nbsp;&nbsp;Mecklenburg County, NC, Limited Obligations, 5.00%,2/1/38 | 1231027 |
| 1100000 | &nbsp;&nbsp;&nbsp;Nash Health Care Systems, 5.00%,2/1/32 | 1196764 |
| 500000 | &nbsp;&nbsp;&nbsp;North Carolina Agricultural & Technical State University, Refunding Revenue Series A, 5.00%,10/1/48 | 515084 |
| 500000 | &nbsp;&nbsp;&nbsp;North Carolina Agricultural & Technical State University, Refunding Revenue Series A, 5.00%,10/1/43 | 532096 |
| 1000000 | &nbsp;&nbsp;&nbsp;North Carolina Agricultural & Technical State University, Refunding Revenue Series A, 5.00%,10/1/52 | 1019366 |
| 2345000 | &nbsp;&nbsp;&nbsp;North Carolina Capital Facilities Finance Agency, The Arc of North Carolina Project, Refunding Revenue (Housing and Urban Development, Section 8), Callable 10/1/27 @ 100, 5.00%,10/1/34 | 2347593 |
| 1205000 | &nbsp;&nbsp;&nbsp;North Carolina Central University, University & College Improvements, Revenue Bonds, Callable 4/1/29 @ 100, 5.00%,4/1/33 | 1261529 |
| 1000000 | &nbsp;&nbsp;&nbsp;North Carolina Central University, University & College Improvements, Revenue Bonds, Callable 4/1/29 @ 100, 5.00%,4/1/37 | 1030625 |
| 1000000 | &nbsp;&nbsp;&nbsp;North Carolina Housing Finance Agency, 6.25%,1/1/56 | 1118197 |
| 3000000 | &nbsp;&nbsp;&nbsp;North Carolina Medical Care Commission, 5.00%,6/1/55 | 3213547 |
| 2000000 | &nbsp;&nbsp;&nbsp;North Carolina Medical Care Commission, Advance Refunding Revenue Bonds, Vidant Health, Callable 6/1/25 @ 100, 5.00%,6/1/40(a) | 2001005 |
| 1500000 | &nbsp;&nbsp;&nbsp;North Carolina Medical Care Commission, Health, Hospital and Nursing Home Improvements, Revenue Bonds Series A, Callable 1/1/30 @ 100, 5.00%,7/1/32 | 1604817 |
| 3000000 | &nbsp;&nbsp;&nbsp;North Carolina State, Advance Refunding Revenue Bonds Series B, Callable 5/1/27 @ 100, 5.00%,5/1/30(a) | 3073283 |
| 1100000 | &nbsp;&nbsp;&nbsp;North Carolina State, Advance Refunding Revenue Bonds Series B, Callable 5/1/27 @ 100, 5.00%,5/1/28 | 1129409 |

---

See accompanying notes to financial statements.

**Sterling Capital North Carolina Intermediate Tax-Free Fund**

**Schedule of Investments (Unaudited) (continued)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount** |  | **Fair Value** |
| **MUNICIPAL BONDS — (continued)** | **MUNICIPAL BONDS — (continued)** |  |
| 2000000 | &nbsp;&nbsp;&nbsp;North Carolina State, Build North Carolina Bonds, Highway Improvements Revenue Bonds Series A, Callable 5/1/29 @ 100, 5.00%,5/1/31 | 2130465 |
| 1100000 | &nbsp;&nbsp;&nbsp;North Carolina Turnpike Authority, Senior Lien, Advance Refunding Revenue, Callable 1/1/27 @ 100 (AGM), 5.00%,1/1/28 | 1117698 |
| 1060000 | &nbsp;&nbsp;&nbsp;Pitt County, NC, Advance Refunding Revenue Bonds Series B, Callable 10/1/26 @ 100, 5.00%,4/1/30 | 1071553 |
| 2000000 | &nbsp;&nbsp;&nbsp;Raleigh, NC, Combined Enterprise System Revenue, Current Refunding Revenue Bonds, Callable 9/1/33 @ 100, 5.00%,9/1/48 | 2094496 |
| 1025000 | &nbsp;&nbsp;&nbsp;Raleigh, NC, Refunding Notes G.O. Series A, Callable 4/1/33 @ 100, 5.00%,4/1/36 | 1145211 |
| 2200000 | &nbsp;&nbsp;&nbsp;Raleigh, NC, Refunding Notes G.O. Series A, Callable 4/1/33 @ 100, 5.00%,4/1/40 | 2404989 |
| 1000000 | &nbsp;&nbsp;&nbsp;State of North Carolina, 5.00%,3/1/33 | 1054673 |
| 1470000 | &nbsp;&nbsp;&nbsp;Town of Apex, NC, Callable 2/1/33 @ 100, 5.00%,2/1/35(a) | 1650619 |
| 1195000 | &nbsp;&nbsp;&nbsp;Town of Fuquay-Varina NC, Multi-Utility Improvements G.O., 5.00%,8/1/31 | 1331054 |
| 1080000 | &nbsp;&nbsp;&nbsp;Town of Garner NC, Public Improvements G.O., 5.00%,2/1/31 | 1192961 |
| 1080000 | &nbsp;&nbsp;&nbsp;Town of Garner NC, Public Improvements G.O., Callable 2/1/33 @ 100, 5.00%,2/1/34 | 1213381 |
| 1730000 | &nbsp;&nbsp;&nbsp;Town of Holly Springs NC, 5.00%,2/1/33(a) | 1963256 |
| 1005000 | &nbsp;&nbsp;&nbsp;Town of Huntersville, NC, 5.00%,12/1/28 | 1069396 |
| 1030000 | &nbsp;&nbsp;&nbsp;Union County, NC, Public Improvements Bonds G.O., Callable 3/1/32 @ 100, 5.00%,3/1/34 | 1145892 |
| 740000 | &nbsp;&nbsp;&nbsp;University of North Carolina at Chapel Hill, 5.00%,12/1/33 | 821344 |
| 1500000 | &nbsp;&nbsp;&nbsp;University of North Carolina at Chapel Hill, Current Refunding Revenue Bonds Series B, Callable 12/1/31 @ 100, 5.00%,12/1/36 | 1644651 |
| 1100000 | &nbsp;&nbsp;&nbsp;University of North Carolina at Wilmington, Current Refunding Revenue Bonds Series B, Callable 10/1/29 @ 100, 5.00%,10/1/34 | 1167969 |
| 1585000 | &nbsp;&nbsp;&nbsp;Wake County, NC, Public Improvements, G.O. Series A, Callable 3/1/28 @ 100, 5.00%,3/1/30 | 1656195 |
| 1725000 | &nbsp;&nbsp;&nbsp;Wake County, NC, Refunding Revenue Bonds Series A, Callable 8/1/28 @ 100, 5.00%,8/1/32 | 1811337 |
| 350000 | &nbsp;&nbsp;&nbsp;Watauga Public Facilities Corp., School Improvements Revenue Bonds, Callable 6/1/32 @ 100, 5.25%,6/1/40 | 380367 |
| 375000 | &nbsp;&nbsp;&nbsp;Watauga Public Facilities Corp., School Improvements Revenue Bonds, Callable 6/1/32 @ 100, 5.00%,6/1/37 | 408222 |
| 375000 | &nbsp;&nbsp;&nbsp;Watauga Public Facilities Corp., School Improvements Revenue Bonds, Callable 6/1/32 @ 100, 5.00%,6/1/38 | 406211 |
| 650000 | &nbsp;&nbsp;&nbsp;Watauga Public Facilities Corp., School Improvements Revenue Bonds, Callable 6/1/32 @ 100 Series Callable 6/1/32 @ 100, 5.25%,6/1/42 | 699208 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount** |  | **Fair Value** |
| **MUNICIPAL BONDS — (continued)** | **MUNICIPAL BONDS — (continued)** |  |
| 2060000 | &nbsp;&nbsp;&nbsp;Wilmington, NC, Public Improvements G.O. Series A, 5.00%,5/1/31 | 2285972 |
| Total (Cost $111,663,434) | Total (Cost $111,663,434) | 112323465 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
| **MONEY MARKET FUNDS — 2.18%** | **MONEY MARKET FUNDS — 2.18%** |  |
| 2495709 | &nbsp;&nbsp;&nbsp;Federated Hermes Treasury Obligations Fund, Institutional Shares, 3.58%(b) | 2495709 |
| Total Money Market Funds | Total Money Market Funds | 2495709 |
| (Cost $2,495,709) | (Cost $2,495,709) |  |
| Total Investments— 100.26% | Total Investments— 100.26% | 114819174 |
| (Cost $114,159,143) | (Cost $114,159,143) |  |
| Liabilities in Excess of Other Assets — (0.26)% | Liabilities in Excess of Other Assets — (0.26)% | (302957) |
| **NET ASSETS — 100.00%** | **NET ASSETS — 100.00%** | **114516217** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) All or a portion of the securities are held in a separate collateral account at US Bank. The total value of
 securities held in a separate collateral account as of the period ended March 31, 2026 is $8,688,165, which represents 7.5% of net assets.

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

AGM — Assured Guaranty Municipal Corp.

G.O. — General Obligation

See accompanying notes to financial statements.

**Sterling Capital South Carolina Intermediate Tax-Free Fund**

**Schedule of Investments (Unaudited)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
| **Principal** <br> **Amount** |  | **Fair Value** |
| **MUNICIPAL BONDS — 96.77%** | **MUNICIPAL BONDS — 96.77%** |  |
|  | **South Carolina — 96.77%** |  |
| 450000 | &nbsp;&nbsp;&nbsp;Aiken County Consolidated School District/SC, 5.00%,4/1/34 | $513836 |
| 500000 | &nbsp;&nbsp;&nbsp;Anderson County School District No 4/SC, 5.00%,3/1/38 | 559730 |
| 270000 | &nbsp;&nbsp;&nbsp;Charleston County Airport District, 5.25%,7/1/54 | 278750 |
| 500000 | &nbsp;&nbsp;&nbsp;Charleston, SC, Waterworks & Sewer System Revenue, Water Utility Improvements Revenue Bonds, Callable 1/1/30 @ 100, 5.00%,1/1/38 | 529773 |
| 750000 | &nbsp;&nbsp;&nbsp;Charleston, SC, Waterworks & Sewer System Revenue, Water Utility Improvements Revenue Bonds, Callable 7/1/32 @ 100, 5.00%,1/1/52 | 773103 |
| 300000 | &nbsp;&nbsp;&nbsp;City of Rock Hill SC, 5.00%,1/1/32 | 331923 |
| 355000 | &nbsp;&nbsp;&nbsp;City of Rock Hill SC, 5.00%,1/1/35 | 402200 |
| 500000 | &nbsp;&nbsp;&nbsp;Clemson University, 5.00%,5/1/47 | 523487 |
| 500000 | &nbsp;&nbsp;&nbsp;Columbia, SC, Waterworks & Sewer System Revenue, Water & Sewer Utility Improvements Revenue, Callable 2/1/28 @ 100, 5.00%,2/1/48 | 521640 |
| 500000 | &nbsp;&nbsp;&nbsp;Columbia, SC, Waterworks & Sewer System Revenue, Water & Sewer Utility Improvements Revenue, Callable 2/1/33 @ 100, 5.25%,2/1/52 | 520352 |
| 700000 | &nbsp;&nbsp;&nbsp;County of Beaufort SC, 5.00%,3/1/31 | 773150 |
| 500000 | &nbsp;&nbsp;&nbsp;County of Dorchester SC, 5.00%,10/1/36 | 561509 |
| 780000 | &nbsp;&nbsp;&nbsp;Dorchester County School District No. 4, School Improvements G.O. Series A, Callable 9/1/33 @ 100 (SCSDE), 5.00%,3/1/43 | 831589 |
| 500000 | &nbsp;&nbsp;&nbsp;Florence, SC, Combined Waterworks & Sewerage System Revenue, Water Utility Improvements Revenue Bonds, Callable 9/1/33 @ 100, 5.00%,9/1/37 | 550381 |
| 500000 | &nbsp;&nbsp;&nbsp;Greenville Health System, Hospital System Board Series B, Callable 5/1/24 @ 100, 5.00%,5/1/31 | 501103 |
| 500000 | &nbsp;&nbsp;&nbsp;Greenwood County, SC, 5.00%,10/1/32 | 543994 |
| 500000 | &nbsp;&nbsp;&nbsp;Lancaster County, SC, School District, School Improvements G.O. Series A, Callable 3/1/27 @ 100 (SCSDE), 4.00%,3/1/30 | 505466 |
| 635000 | &nbsp;&nbsp;&nbsp;Lexington & Richland Counties, SC, School District No. 5, School Improvements G.O. (SCSDE), 5.00%,3/1/33 | 717399 |
| 600000 | &nbsp;&nbsp;&nbsp;Lexington County, SC, School District No. 1, School Improvements G.O. Series B, Callable 2/1/29 @ 100 (SCSDE), 5.00%,2/1/31 | 635563 |
| 500000 | &nbsp;&nbsp;&nbsp;Lexington County, SC, School District No. 2, G.O. Series C, Callable 3/1/27 @ 100 (SCSDE), 5.00%,3/1/31 | 509990 |
| 585000 | &nbsp;&nbsp;&nbsp;Lugoff-Elgin Water Authority, Refunding Revenue Series B, Callable 7/1/26 @ 100, 5.00%,7/1/30(a) | 588128 |

---

---

| | | |
|:---|:---|:---|
| **Principal** <br> **Amount** |  | **Fair Value** |
| **MUNICIPAL BONDS —** **(continued)** | **MUNICIPAL BONDS —** **(continued)** |  |
| 500000 | &nbsp;&nbsp;&nbsp;Newberry Investing in Children's Education, 5.00%,12/1/30 | 546742 |
| 500000 | &nbsp;&nbsp;&nbsp;Oconee County, SC, 5.00%,4/1/41 | 537389 |
| 500000 | &nbsp;&nbsp;&nbsp;Orangeburg County, SC, Correctional Facilities Improvements, Installment Purchase Revenue Bonds, Callable 12/1/27 @ 100, 5.00%,12/1/29 | 511072 |
| 715000 | &nbsp;&nbsp;&nbsp;Patriots Energy Group Financing Agency, 5.25%,2/1/54 | 763265 |
| 500000 | &nbsp;&nbsp;&nbsp;Richland County, DC, School District No. 2, Refunding Bonds G.O. Series B, Callable 3/1/27 @ 100 (SCSDE), 4.00%,3/1/29 | 505783 |
| 805000 | &nbsp;&nbsp;&nbsp;Richland County, SC, School District No. 2, School Improvements G.O. Series A, Callable 3/1/32 @ 100 (SCSDE), 5.00%,3/1/36(a) | 881942 |
| 415000 | &nbsp;&nbsp;&nbsp;South Carolina Jobs-Economic Development Auth Series 2025-B-2, 5.00%,11/1/49 | 462013 |
| 645000 | &nbsp;&nbsp;&nbsp;South Carolina Jobs-Economic Development Authority, 5.00%,11/1/34 | 715871 |
| 400000 | &nbsp;&nbsp;&nbsp;South Carolina Jobs-Economic Development Authority, 5.00%,11/1/33(a) | 445900 |
| 850000 | &nbsp;&nbsp;&nbsp;South Carolina Jobs-Economic Development Authority, AnMed Health Project, Advanced Refunding Revenue Bonds, Callable 2/1/26 @ 100, 5.00%,2/1/29(a) | 851344 |
| 500000 | &nbsp;&nbsp;&nbsp;South Carolina Jobs-Economic Development Authority, Wofford College Project, University & College Improvements Revenue, Callable 4/1/29 @ 100, 5.00%,4/1/44 | 508201 |
| 750000 | &nbsp;&nbsp;&nbsp;South Carolina Public Service Authority, Callable 12/1/32 @ 100, 5.25%,12/1/36 | 831489 |
| 500000 | &nbsp;&nbsp;&nbsp;South Carolina Transportation Infrastructure Bank, Advance Refunding Revenue Series A, Callable 10/1/27 @ 100 (AGM), 5.00%,10/1/38 | 510597 |
| 500000 | &nbsp;&nbsp;&nbsp;Spartanburg County School District No. 4, SC, School Improvements G.O. (SCSDE) Series A, Callable 3/1/32 @ 100 (SCSDE), 5.00%,3/1/40 | 534745 |
| 500000 | &nbsp;&nbsp;&nbsp;Spartanburg County School District No. 5, SC, School Improvements G.O., Callable 3/1/32 (SCSDE), 5.00%,3/1/37 | 544256 |
| 750000 | &nbsp;&nbsp;&nbsp;State of South Carolina, University & College Improvements G.O. Series A, Callable 4/1/32 @ 100, 5.00%,4/1/39 | 814264 |
| Total (Cost $21,619,582) | Total (Cost $21,619,582) | 21637939 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
| **MONEY MARKET FUNDS — 2.58%** | **MONEY MARKET FUNDS — 2.58%** |  |
| 576817 | &nbsp;&nbsp;&nbsp;Federated Hermes Treasury Obligations Fund, Institutional Shares, 3.58%(b) | 576817 |

---

See accompanying notes to financial statements.

**Sterling Capital South Carolina Intermediate Tax-Free Fund**

**Schedule of Investments (Unaudited) (continued)**

**March 31, 2026**

---

| | |
|:---|:---|
| **Shares** | **Fair Value** |
| Total Money Market Funds (Cost $576,817) | 576817 |
| Total Investments— 99.35% (Cost $22,196,399) | 22214756 |
| Other Assets in Excess of Liabilities— 0.65% | 145135 |
| **NET ASSETS — 100.00%** | **22359891** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) All or a portion of the securities are held in a
 separate collateral account at US Bank. The total value of securities held in a separate collateral account as of the period ended March
 31, 2026 is $1,718,735, which represents 7.7% of net assets.

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

AGM — Assured Guaranty Municipal Corp.

G.O. — General Obligation

SCSDE — South Carolina School District Enhancement

See accompanying notes to financial statements.

**Sterling Capital Virginia Intermediate Tax-Free Fund**

**Schedule of Investments (Unaudited)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
| **Principal** <br> **Amount** |  | **Fair Value** |
| **MUNICIPAL BONDS — 97.37%** | **MUNICIPAL BONDS — 97.37%** |  |
|  | **Virginia — 97.37%** |  |
| 750000 | &nbsp;&nbsp;&nbsp;Albemarle County, VA, School Improvements G.O., (State Aid Withholding), 5.00%,6/1/26 | $753155 |
| 550000 | &nbsp;&nbsp;&nbsp;Arlington County Industrial Development Authority, 5.00%,7/1/30 | 594252 |
| 750000 | &nbsp;&nbsp;&nbsp;Arlington County, VA, Public Improvements G.O., Callable 8/15/27 @ 100, 5.00%,8/15/30 | 772870 |
| 500000 | &nbsp;&nbsp;&nbsp;Chesapeake Bay Bridge & Tunnel District, First Tier General Resolution, Highway Improvements, Revenue Bonds, Callable 7/1/26 @ 100 (AGM), 5.00%,7/1/41 | 500831 |
| 750000 | &nbsp;&nbsp;&nbsp;Chesapeake, VA, Chesapeake Expressway, Callable 7/15/34 @ 100, 5.00%,7/15/41 | 819474 |
| 750000 | &nbsp;&nbsp;&nbsp;Chesapeake, VA, Public Improvements, Refunding G.O. Series A, Callable 18/1/27 @ 100, 5.00%,8/1/30 | 772271 |
| 1000000 | &nbsp;&nbsp;&nbsp;Chesterfield County, VA, School Improvements G.O., (State Aid Withholding) Series A, Callable 1/1/28 @ 100, 4.00%,1/1/31 | 1021477 |
| 500000 | &nbsp;&nbsp;&nbsp;Chesterfield County, VA, School Improvements G.O., (State Aid Withholding), Callable 1/1/33 @ 100, 5.00%,1/1/40 | 543138 |
| 600000 | &nbsp;&nbsp;&nbsp;City of Alexandria, VA, 5.00%,12/15/33 | 685160 |
| 500000 | &nbsp;&nbsp;&nbsp;City of Hampton VA, 5.00%,10/1/39 | 558865 |
| 500000 | &nbsp;&nbsp;&nbsp;County of Greene VA Water & Sewer System Revenue, 5.00%,5/1/37 | 545138 |
| 500000 | &nbsp;&nbsp;&nbsp;Culpeper County, VA, Economic Development Authority, VA Capital Projects, Refunding Revenue, Callable 6/1/24 @ 100, 4.00%,6/1/26 | 500443 |
| 500000 | &nbsp;&nbsp;&nbsp;Fairfax County Industrial Development Authority, 5.00%,5/15/35 | 546711 |
| 1145000 | &nbsp;&nbsp;&nbsp;Fairfax County, VA, School Improvements G.O., Current Refunding Series A, Callable 4/1/30 @ 100, 5.00%,10/1/30(a) | 1245498 |
| 1000000 | &nbsp;&nbsp;&nbsp;Fairfax County, VA, Sewer Revenue, 5.00%,7/15/54 | 1035492 |
| 500000 | &nbsp;&nbsp;&nbsp;Hampton Roads Sanitation District, 5.00%,7/1/41 | 546457 |
| 1000000 | &nbsp;&nbsp;&nbsp;Hampton Roads Transp. Accountability Comm., 5.00%,7/1/31 | 1093203 |
| 500000 | &nbsp;&nbsp;&nbsp;Henrico County Economic Development Authority, 5.00%,11/1/35 | 562890 |
| 1000000 | &nbsp;&nbsp;&nbsp;Loudoun County Economic Development Authority, Loudoun County Public Improvements Projects, Revenue Bonds Series A, Callable 12/1/31 @ 100, 5.00%,12/1/36 | 1083356 |
| 1000000 | &nbsp;&nbsp;&nbsp;Lynchburg Economic Development Authority, 5.00%,1/1/35 | 1070416 |
| 1000000 | &nbsp;&nbsp;&nbsp;Norfolk, VA, Callable 8/1/28 @ 100, 5.00%,8/1/47 | 1055434 |

---

---

| | | |
|:---|:---|:---|
| **Principal** <br> **Amount** |  | **Fair Value** |
| **MUNICIPAL BONDS — (continued)** | **MUNICIPAL BONDS — (continued)** |  |
| 750000 | &nbsp;&nbsp;&nbsp;Norfolk, VA, Water Revenue, Callable 11/1/33 @ 100, 5.00%,11/1/40 | 817067 |
| 500000 | &nbsp;&nbsp;&nbsp;Norfolk, VA, Water Revenue, Callable 11/1/33 @ 100, 5.00%,11/1/44 | 532225 |
| 1000000 | &nbsp;&nbsp;&nbsp;Roanoke, VA, School Improvements G.O., Callable 4/1/32 @ 100, 5.00%,4/1/34(a) | 1108786 |
| 500000 | &nbsp;&nbsp;&nbsp;Salem Economic Development Authority, 5.00%,4/1/40 | 507303 |
| 1000000 | &nbsp;&nbsp;&nbsp;Salem, VA, School Improvements G.O., Current Refunding, 5.00%,5/1/28 | 1048892 |
| 500000 | &nbsp;&nbsp;&nbsp;Spotsylvania County, VA, School Improvements G.O., Callable 7/15/32 @ 100, 5.00%,1/15/38 | 546673 |
| 750000 | &nbsp;&nbsp;&nbsp;Spotsylvania County, VA, School Improvements G.O., Callable 7/15/32 @ 100, 5.00%,1/15/37 | 825639 |
| 1085000 | &nbsp;&nbsp;&nbsp;Suffolk, VA, Callable 2/1/32 @ 100, 5.00%,2/1/43(a) | 1149514 |
| 1000000 | &nbsp;&nbsp;&nbsp;Upper Occoquan Sewage Authority, 5.00%,7/1/37 | 1129191 |
| 1000000 | &nbsp;&nbsp;&nbsp;Virginia College Building Authority, University & College Improvements Revenue Bonds (State Intercept) Series C, 5.00%,9/1/29 | 1077416 |
| 1000000 | &nbsp;&nbsp;&nbsp;Virginia Housing Development Authority, Callable 4/1/26 @ 100, 3.00%,10/1/29 | 999985 |
| 585000 | &nbsp;&nbsp;&nbsp;Virginia Port Authority, 5.00%,7/1/32 | 651820 |
| 750000 | &nbsp;&nbsp;&nbsp;Virginia Port Authority Commonwealth Port Fund, Airport & Marina Improvements Revenue Bonds Series A, 5.00%,7/1/41 | 808843 |
| 1035000 | &nbsp;&nbsp;&nbsp;Virginia Public School Authority, School Improvements Revenue Bonds (State Aid Withholding), 5.00%,8/15/30 | 1135159 |
| 1000000 | &nbsp;&nbsp;&nbsp;Virginia Public School Authority, School Improvements Revenue Bonds (State Aid Withholding), 5.00%,1/15/30 | 1086228 |
| 600000 | &nbsp;&nbsp;&nbsp;Virginia Small Business Financing Authority, 5.00%,10/1/32 | 647379 |
| 750000 | &nbsp;&nbsp;&nbsp;Winchester Economic Development Authority, Callable 1/1/34 @ 100, 5.00%,1/1/42 | 793174 |
| Total (Cost $31,131,534) | Total (Cost $31,131,534) | 31171825 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
| **MONEY MARKET FUNDS — 1.53%** | **MONEY MARKET FUNDS — 1.53%** |  |
| 491156 | &nbsp;&nbsp;&nbsp;Federated Hermes Treasury Obligations Fund, Institutional Shares, 3.58%(b) | 491156 |
| Total Money Market Funds | Total Money Market Funds | 491156 |
| (Cost $491,156) | (Cost $491,156) |  |
| Total Investments— 98.90% | Total Investments— 98.90% | 31662981 |
| (Cost $31,622,690) | (Cost $31,622,690) |  |
| Other Assets in Excess of Liabilities— 1.10% | Other Assets in Excess of Liabilities— 1.10% | 351841 |
| **NET ASSETS — 100.00%** | **NET ASSETS — 100.00%** | **32014822** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) All or a portion of the securities are held in a separate collateral account at US Bank. The total value of
 securities held in a separate collateral account as of the period ended March 31, 2026 is $2,869,862, which represents 8.96% of net assets.

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

AGM — Assured Guaranty Municipal Corp.

G.O. — General Obligation

See accompanying notes to financial statements.

**Sterling Capital West Virginia Intermediate Tax-Free Fund**

**Schedule of Investments (Unaudited)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
| **Principal** <br> **Amount** |  | **Fair Value** |
| **MUNICIPAL BONDS — 98.18%** | **MUNICIPAL BONDS — 98.18%** |  |
|  | **West Virginia — 98.18%** |  |
| 500000 | &nbsp;&nbsp;&nbsp;Berkeley County Public Service Sewer, 5.00%,6/1/40 | $526578 |
| 1000000 | &nbsp;&nbsp;&nbsp;Berkeley County, Board of Education, School Improvements G.O. (West Virginia Board Commission), 4.00%,6/1/28 | 1026990 |
| 1750000 | &nbsp;&nbsp;&nbsp;Berkeley County, Board of Education, School Improvements G.O. (West Virginia Board Commission), Callable 6/1/33 @ 100, 4.00%,6/1/36(a) | 1795494 |
| 1000000 | &nbsp;&nbsp;&nbsp;Berkeley County, WV, Public Service Sewer District, Miscellaneous Purposes Revenue Series C, Callable 10/30/23 @ 100 (BAM), 4.50%,10/1/32 | 1000961 |
| 1000000 | &nbsp;&nbsp;&nbsp;Braxton County, WV, Board of Education, Public School, Advance Refunding G.O. (West Virginia Board Commission), Callable 5/1/26 @ 100, 5.00%,5/1/28(a) | 1001930 |
| 610000 | &nbsp;&nbsp;&nbsp;Fairmont State University, 5.00%,6/1/26 | 612029 |
| 1000000 | &nbsp;&nbsp;&nbsp;Hancock County Board of Education, 5.00%,6/1/35 | 1090264 |
| 1360000 | &nbsp;&nbsp;&nbsp;Marshall University, WV, University & College Improvements Revenue Bonds Series A (AGM), 5.00%,5/1/30 | 1461887 |
| 705000 | &nbsp;&nbsp;&nbsp;Morgantown Utility Board, WV, Combined Water Utility Improvements Revenue Series B, Callable 6/1/28 @ 100, 5.00%,12/1/34 | 734419 |
| 1140000 | &nbsp;&nbsp;&nbsp;Morgantown Utility Board, WV, Water Utility Improvements Revenue Bonds Series B, Callable 6/1/28 @ 100, 5.00%,12/1/36 | 1182961 |
| 750000 | &nbsp;&nbsp;&nbsp;Ohio County, WV, Board of Education, School Improvements G.O. (West Virginia Board Commission), 3.00%,6/1/28 | 749238 |
| 1000000 | &nbsp;&nbsp;&nbsp;Ohio County, WV, Board of Education, School Improvements G.O. (West Virginia Board Commission), 4.00%,6/1/29 | 1032101 |
| 1275000 | &nbsp;&nbsp;&nbsp;Ohio County, WV, Callable 6/1/34 @ 100, 5.25%,6/1/44 | 1299493 |
| 1000000 | &nbsp;&nbsp;&nbsp;Putnam County Board of Education/WV, 5.00%,6/1/32 | 1105600 |
| 1500000 | &nbsp;&nbsp;&nbsp;Putnam County Board of Education/WV, 5.00%,6/1/37 | 1657127 |
| 765000 | &nbsp;&nbsp;&nbsp;School Building Authority of West Virginia, Lottery Capital Improvements Revenue Series A, Callable 7/1/24 @ 100, 5.00%,7/1/28 | 766541 |
| 1000000 | &nbsp;&nbsp;&nbsp;State of West Virginia, Callable 6/1/29 @ 100, 5.00%,6/1/44 | 1027526 |
| 1505000 | &nbsp;&nbsp;&nbsp;State of West Virginia, Callable 6/1/31 @ 100, 5.00%,6/1/45 | 1562806 |
| 1000000 | &nbsp;&nbsp;&nbsp;State of West Virginia, Fuel Sales Tax Revenue, Group 1 Highway Improvements, G.O. Series S, Callable 6/1/29 @ 100, 5.00%,12/1/35 | 1053423 |
| 1000000 | &nbsp;&nbsp;&nbsp;Taylor County, WV, Board of Education, Callable 6/1/34 @ 100, 5.00%,6/1/35 | 1121091 |

---

---

| | | |
|:---|:---|:---|
| **Principal** <br> **Amount** |  | **Fair Value** |
| **MUNICIPAL BONDS — (continued)** | **MUNICIPAL BONDS — (continued)** |  |
| 1000000 | &nbsp;&nbsp;&nbsp;Taylor County, WV, Board of Education, Callable 6/1/34 @ 100, 5.00%,6/1/36 | 1113733 |
| 850000 | &nbsp;&nbsp;&nbsp;West Virginia Commissioner of Highways, Callable 9/1/27 @ 100, 5.00%,9/1/28 | 877098 |
| 500000 | &nbsp;&nbsp;&nbsp;West Virginia Economic Development Authority, 3.38%,3/1/40 | 503395 |
| 1145000 | &nbsp;&nbsp;&nbsp;West Virginia Economic Development Authority, Lottery Recreational Facilities Improvements Revenue Series A, Callable 7/1/27 @ 100, 5.00%,7/1/28 | 1178478 |
| 1500000 | &nbsp;&nbsp;&nbsp;West Virginia Economic Development Authority, Provident Group - Marshall Properties L.L.C, Current Refunding Revenue Bonds Series A-1, Callable 7/1/33 @ 100, 5.00%,7/1/37 | 1617820 |
| 1125000 | &nbsp;&nbsp;&nbsp;West Virginia Hospital Finance Authority, 5.00%,6/1/39 | 1204349 |
| 450000 | &nbsp;&nbsp;&nbsp;West Virginia Hospital Finance Authority, 5.50%,6/1/50 | 470259 |
| 1470000 | &nbsp;&nbsp;&nbsp;West Virginia Hospital Finance Authority, Charleston Area Medical Center Inc., Health, Hospital, Nursing Home Improvements, Refunding Revenue, Callable 9/1/29 @ 100, 5.00%,9/1/39 | 1489178 |
| 1000000 | &nbsp;&nbsp;&nbsp;West Virginia Hospital Finance Authority, Health Care Facilities Revenue Bonds Series A, Callable 6/1/33 @ 100, 5.00%,6/1/41 | 1056665 |
| 1070000 | &nbsp;&nbsp;&nbsp;West Virginia Housing Development Fund, Revenue Bonds Series A, 3.25%,5/1/29 | 1076169 |
| 905000 | &nbsp;&nbsp;&nbsp;West Virginia Housing Development Fund, Revenue Bonds Series A, 3.30%,11/1/29 | 909921 |
| 735000 | &nbsp;&nbsp;&nbsp;West Virginia Lottery Excess Lottery Revenue, 5.00%,7/1/39 | 788661 |
| 1980000 | &nbsp;&nbsp;&nbsp;West Virginia Parkways Authority, Highway Improvements, Senior Lien Revenue Bonds, Callable 6/1/31 @ 100, 5.00%,6/1/47 | 2032252 |
| 1105000 | &nbsp;&nbsp;&nbsp;West Virginia Parkways Authority, Senior Turnpike Toll Revenue, Highway Improvements, Callable 6/1/28 @ 100, 5.00%,6/1/39 | 1138410 |
| 1000000 | &nbsp;&nbsp;&nbsp;West Virginia State School Building Authority, Lottery Revenue, School Improvements Revenue Series A, Callable 7/1/28 @ 100, 5.00%,7/1/29 | 1050490 |
| 1610000 | &nbsp;&nbsp;&nbsp;West Virginia University, University Projects, University & College Improvements Revenue Series A, Callable 10/1/31 @ 100, 5.00%,10/1/43 | 1675809 |
| 500000 | &nbsp;&nbsp;&nbsp;West Virginia University, University Projects, University & College Improvements Revenue Series A, Callable 10/1/31 @ 100, 5.00%,10/1/44 | 517649 |
| 1015000 | &nbsp;&nbsp;&nbsp;West Virginia Water Development Authority, 5.00%,11/1/35 | 1038695 |
| 1000000 | &nbsp;&nbsp;&nbsp;West Virginia Water Development Authority, Loan Program II, Refunding Revenue Series A-II, Callable 11/1/23 @ 100, 5.00%,11/1/26(a) | 1001752 |

---

See accompanying notes to financial statements.

**Sterling Capital West Virginia Intermediate Tax-Free Fund**

**Schedule of Investments (Unaudited) (continued)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
| **Principal** <br> **Amount** |  | **Fair Value** |
| **MUNICIPAL BONDS — (continued)** | **MUNICIPAL BONDS — (continued)** |  |
| 1500000 | &nbsp;&nbsp;&nbsp;Wood County, WV, Board of Education, Callable 6/1/33 @ 100, 4.50%,6/1/34 | 1600507 |
| 1000000 | &nbsp;&nbsp;&nbsp;Wood County, WV, Board of Education, Callable 6/1/33 @ 100, 4.50%,6/1/35 | 1056512 |
| 1000000 | &nbsp;&nbsp;&nbsp;Wyoming County, WV, Board of Education, Callable 6/1/34 @ 100, 5.00%,6/1/35 | 1112008 |
| 1000000 | &nbsp;&nbsp;&nbsp;Wyoming County, WV, Board of Education, Callable 6/1/34 @ 100, 5.00%,6/1/36 | 1102481 |
| Total (Cost $47,434,021) | Total (Cost $47,434,021) | 47420750 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
| **MONEY MARKET FUNDS — 0.40%** | **MONEY MARKET FUNDS — 0.40%** |  |
| 192511 | &nbsp;&nbsp;&nbsp;Federated Hermes Treasury Obligations Fund, Institutional Shares, 3.58%(b) | 192511 |
| Total Money Market Funds | Total Money Market Funds | 192511 |
| (Cost $192,511) | (Cost $192,511) |  |
| Total Investments— 98.58% | Total Investments— 98.58% | 47613261 |
| (Cost $47,626,532) | (Cost $47,626,532) |  |
| Other Assets in Excess of Liabilities— 1.42% | Other Assets in Excess of Liabilities— 1.42% | 684364 |
| **NET ASSETS — 100.00%** | **NET ASSETS — 100.00%** | **48297625** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) All or a portion of the securities are held in a separate collateral account at US Bank. The total value of
 securities held in a separate collateral account as of the period ended March 31, 2026 is $3,029,680, which represents 6.3% of net assets.

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

AGM — Assured Guaranty Municipal Corp.

G.O. — General Obligation

See accompanying notes to financial statements.

**Sterling Capital Ultra Short Bond ETF**

**Schedule of Investments (Unaudited)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount** |  | **Fair Value** |
| **ASSET BACKED SECURITIES — 46.40%** | **ASSET BACKED SECURITIES — 46.40%** |  |
| 275000 | &nbsp;&nbsp;&nbsp;Carvana Auto Receivables Trust, Series P3, Class B, 1.42%, 8/10/27 | 271342 |
| 8051 | &nbsp;&nbsp;&nbsp;Carmax Select Receivables Trust, Series 2024-A, Class A2A, 5.78%, 9/15/27 | 8055 |
| 72478 | &nbsp;&nbsp;&nbsp;Bridgecrest Lending Auto Sec. Trust, Series 2025-2, Class A2, 4.84%, 1/18/28 | 72527 |
| 110000 | &nbsp;&nbsp;&nbsp;Carvana Auto Receivables Trust 2021-P4, Series P4, Class B, 1.98%, 2/10/28 | 108333 |
| 45318 | &nbsp;&nbsp;&nbsp;Carmax Auto Owner Trust 2022-3, Series 3, Class A4, 4.06%, 2/15/28 | 45307 |
| 60734 | &nbsp;&nbsp;&nbsp;World Omni Auto Receivables Trust, Series 2022-D, Class A3, 5.61%, 2/15/28 | 60864 |
| 165000 | &nbsp;&nbsp;&nbsp;Avis Budget Rental Car Funding AESOP LLC., Series 5A, Class A, 5.78%, 4/20/28(a) | 167026 |
| 250000 | &nbsp;&nbsp;&nbsp;PFS Financing Corp., Series B, Class B, 5.71%, 5/15/28(a) | 250383 |
| 200000 | &nbsp;&nbsp;&nbsp;Hertz Vehicle Financing LLC, Series 2A, Class A, 2.33%, 6/26/28(a) | 195514 |
| 15969 | &nbsp;&nbsp;&nbsp;Santander Drive Auto Receivables Trust, Series 3, Class B, 5.61%, 7/17/28 | 16000 |
| 160000 | &nbsp;&nbsp;&nbsp;Gracie Point International Funding 2025-1 LLC, Series 1A, Class B, 5.67%, 8/15/28 (SOFR30A + 200 bps)(a)(b) | 159971 |
| 107906 | &nbsp;&nbsp;&nbsp;Santander Drive Auto Receivables Trust, Series 2023-4, Class B, 5.77%, 12/15/28 | 108618 |
| 200000 | &nbsp;&nbsp;&nbsp;Bridgecrest Lending Auto Securitization Trust, Series 3, Class C, 5.70%, 7/16/29 | 201925 |
| 200000 | &nbsp;&nbsp;&nbsp;LAD Auto Receivables Trust 2024-3, Series 3A, Class B, 4.74%, 1/15/30(a) | 201111 |
| 32006 | &nbsp;&nbsp;&nbsp;Affirm Asset Securitization Trust, Series 2025-X1, Class A, 5.08%, 4/15/30(a) | 32025 |
| 199526 | &nbsp;&nbsp;&nbsp;Affirm Asset Securitization Trust 2025-X2, 4.45%, 10/15/30(a) | 199673 |
| 250000 | &nbsp;&nbsp;&nbsp;Dryden CLO Ltd., Series 53A, Class BR, 4.97%, 1/15/31(a)(c) | 250033 |
| 64231 | &nbsp;&nbsp;&nbsp;KKR CLO Ltd., Series 21, Class A, 4.93%, 4/15/31 (TSFR3M + 126.20 bps)(a)(b) | 64234 |
| 101082 | &nbsp;&nbsp;&nbsp;Dryden Senior Loan Fund, Series 40A, Class AR2, 4.80%, 8/15/31(a) | 101087 |
| 253170 | &nbsp;&nbsp;&nbsp;Fortress Credit BSL IX Ltd, Series 1A, Class A1AR, 4.77%, 10/20/33(a) | 253168 |
| 458284 | &nbsp;&nbsp;&nbsp;ALLY AUTO RECEIVABLES TRUST 2023-A, Series A, Class C, 6.08%, 1/17/34(a) | 461213 |
| 250000 | &nbsp;&nbsp;&nbsp;Neuberger Berman Loan Advisers CLO 41 Ltd., Series 41A, Class AR, 4.72%, 4/15/34 (TSFR3M + 105 bps)(a)(b)(c) | 249578 |
| 300000 | &nbsp;&nbsp;&nbsp;Thompson Park CLO Ltd, Series 1A, Class A1R, 4.72%, 4/15/34(a) | 299318 |
| 263000 | &nbsp;&nbsp;&nbsp;ARES XLIV CLO Ltd, Series 44A, Class A1RR, 4.80%, 4/15/34 (TSFR3M + 113 bps)(a)(b)(c) | 263066 |
| 285000 | &nbsp;&nbsp;&nbsp;Fort Greene Park CLO LLC, Series 2A, Class AR, 4.62%, 4/22/34 (TSFR3M + 95 bps)(a)(b) | 284302 |
| 51770 | &nbsp;&nbsp;&nbsp;OneMain Financial Issuance Trust, Series 3A, Class A, 5.94%, 5/15/34(a) | 51853 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount** |  | **Fair Value** |
| **ASSET BACKED SECURITIES —** **(continued)** | **ASSET BACKED SECURITIES —** **(continued)** |  |
| 115086 | &nbsp;&nbsp;&nbsp;SoFi Consumer Loan Program Trust, Series 2025-2, Class A, 4.82%, 6/25/34(a) | 115460 |
| 250000 | &nbsp;&nbsp;&nbsp;Magnetite XXXI Ltd., Series 31A, Class A1R, 4.67%, 7/15/34(a) | 249388 |
| 292000 | &nbsp;&nbsp;&nbsp;RR 17, Ltd., Series 17A, Class A1AR, 4.74%, 7/15/34(a) | 291956 |
| 275000 | &nbsp;&nbsp;&nbsp;Trinitas CLO XVI Ltd, Series 16A, Class A1R, 4.80%, 7/20/34 (TSFR3M + 113BPS)(a)(b) | 274824 |
| 265000 | &nbsp;&nbsp;&nbsp;LCM 33 Ltd, Series 33A, Class AR, 4.85%, 7/20/34 (TSFR3M + 118.00 bps)(a)(b) | 265090 |
| 187404 | &nbsp;&nbsp;&nbsp;SoFi Consumer Loan Program 2025-4 Trust, Series 4, Class A, 4.24%, 8/25/35(a) | 187092 |
| 202093 | &nbsp;&nbsp;&nbsp;Chesapeake Funding II LLC, Series 1A, Class A1, 5.52%, 5/15/36(a) | 204110 |
| 100000 | &nbsp;&nbsp;&nbsp;OneMain Financial Issuance Trust, Series 2021-1, Class A2, 4.43%, 6/16/36 (SOFR30A + 76 bps)(a)(b)(c) | 100031 |
| 100000 | &nbsp;&nbsp;&nbsp;BX 2021-LBA3 Mortgage Trust, Series PAC, Class A, 4.48%, 10/15/36(a)(c) | 99750 |
| 172228 | &nbsp;&nbsp;&nbsp;SMB Private Education Loan Trust, Series B, Class A2B, 4.79%, 6/15/37(a) | 172321 |
| 33374 | &nbsp;&nbsp;&nbsp;Wheels Fleet Lease Funding 1 LLC, Series 1A, Class A, 5.80%, 4/18/38(a) | 33523 |
| 272723 | &nbsp;&nbsp;&nbsp;KIND Trust 2021-KIND, Series KIND, Class A, 4.74%, 8/15/38(a) | 271359 |
| 29733 | &nbsp;&nbsp;&nbsp;MVW 2019-2 LLC, Series 2A, Class A, 2.22%, 10/20/38(a) | 29694 |
| 410132 | &nbsp;&nbsp;&nbsp;BX Commercial Mortgage Trust 2021-ACNT, 4.64%, 11/15/38(a) | 409876 |
| 304854 | &nbsp;&nbsp;&nbsp;BX Commercial Mortgage Trust 2021-CIP, 4.71%, 12/15/38(a) | 304664 |
| 268318 | &nbsp;&nbsp;&nbsp;MVW 2023-1, LLC., Series 1A, Class A, 4.93%, 10/20/40(a) | 269326 |
| 364597 | &nbsp;&nbsp;&nbsp;Tricon Residential Trust, Series 2025-SFR, Class A, 4.77%, 3/17/42 (TSFR1M + 110 bps)(a)(b) | 363913 |
| 400000 | &nbsp;&nbsp;&nbsp;Vantage Data Centers LLC, Series 2A, Class A2, 1.99%, 9/15/45(a) | 381944 |
| 320000 | &nbsp;&nbsp;&nbsp;Stack Infrastructure Issuer LLC, Series 3A, Class A2, 5.90%, 10/25/48(a) | 321326 |
| 100000 | &nbsp;&nbsp;&nbsp;UBS Commercial Mortgage Trust 2017-C1, Series C1, Class A4, 3.46%, 6/15/50 | 98746 |
| 120000 | &nbsp;&nbsp;&nbsp;CSAIL 2017-CX10 Commercial Mortgage Trust, Series CX10, Class A4, 3.19%, 11/15/50 | 118691 |
| 285000 | &nbsp;&nbsp;&nbsp;Hotwire Funding LLC, Series 1, Class A2, 2.31%, 11/20/51(a) | 280868 |
| 256188 | &nbsp;&nbsp;&nbsp;SMB Private Education Loan Trust, Series 2024-C, Class A1B, 4.77%, 6/17/52 (SOFR30A + 110 bps)(a)(b) | 255761 |
| 227393 | &nbsp;&nbsp;&nbsp;Nelnet Student Loan Trust, Series 2025-A, Class A1B, 4.77%, 3/15/57(a) | 226827 |
| 102311 | &nbsp;&nbsp;&nbsp;Hilton Grand Vacations Trust, Series 2023-1, Class A, 5.72%, 1/25/38(a) | 103701 |
| 100000 | &nbsp;&nbsp;&nbsp;Neuberger Berman Loan Advisers CLO 45 Ltd., 4.73%, 10/14/36(a) | 99999 |
| 96302 | &nbsp;&nbsp;&nbsp;SoFi Consumer Loan Program Trust, Series 2025-1, Class A, 4.80%, 2/27/34(a) | 96504 |
| Total (Cost $10,003,491) | Total (Cost $10,003,491) | 10003270 |

---

See accompanying notes to financial statements.

**Sterling Capital Ultra Short Bond ETF**

**Schedule of Investments (Unaudited) (continued)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount** |  | **Fair Value** |
| **CORPORATE BONDS — 28.30%** | **CORPORATE BONDS — 28.30%** |  |
|  | **ASSET MANAGEMENT — 4.41%** |  |
| 250000 | &nbsp;&nbsp;&nbsp;Hercules Capital Inc, 2.63%, 9/16/26 | 246311 |
| 215000 | &nbsp;&nbsp;&nbsp;Blackstone Private Credit Fund, 2.63%, 12/15/26 | 210347 |
| 200000 | &nbsp;&nbsp;&nbsp;Ares Capital Corp, 7.00%, 1/15/27 | 202700 |
| 250000 | &nbsp;&nbsp;&nbsp;Golub Capital BDC, Inc., 2.05%, 2/15/27 | 242181 |
| 50000 | &nbsp;&nbsp;&nbsp;Goldman Sachs Private Credit Corp., 5.05%, 2/23/28(a) | 49237 |
|  |  | 950776 |
|  | **BANKS — 1.21%** |  |
| 260000 | &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co., 4.49%, 10/22/28 (O/N SOFR +86 bps)(b) | 260515 |
|  | **BEVERAGES — 1.15%** |  |
| 250000 | &nbsp;&nbsp;&nbsp;Bacardi Ltd., 2.75%, 7/15/26(a) | 248821 |
|  | **CAPITAL MARKETS — 1.38%** |  |
| 300000 | &nbsp;&nbsp;&nbsp;Blue Owl Capital Corp., 3.40%, 7/15/26 | 297644 |
|  | **ELECTRIC UTILITIES — 0.36%** |  |
| 78000 | &nbsp;&nbsp;&nbsp;Vistra Operations Co. LLC, 5.05%, 12/30/26(a) | 78236 |
|  | **HEALTH CARE FACILITIES & SERVICES — 1.00%** |  |
| 215000 | &nbsp;&nbsp;&nbsp;IQVIA, Inc., 5.00%, 10/15/26(a) | 214767 |
|  | **INSTITUTIONAL FINANCIAL SERVICES — 1.16%** |  |
| 250000 | &nbsp;&nbsp;&nbsp;Jefferies Financial Group Inc, 4.85%, 1/15/27 | 250216 |
|  | **INSURANCE — 3.42%** |  |
| 190000 | &nbsp;&nbsp;&nbsp;Brighthouse Financial Global Funding, 1.55%, 5/24/26(a) | 189159 |
| 250000 | &nbsp;&nbsp;&nbsp;F&G Global Funding, 1.75%, 6/30/26(a) | 248174 |
| 300000 | &nbsp;&nbsp;&nbsp;Athene Global Funding, 4.70%, 8/27/26 (SOFRIX + 103 bps)(a)(b) | 300535 |
|  |  | 737868 |
|  | **INTERNET MEDIA & SERVICES — 0.63%** |  |
| 140000 | &nbsp;&nbsp;&nbsp;Match Group Holdings II LLC, 4.63%, 6/01/28(a) | 136869 |
|  | **LEISURE FACILITIES & SERVICES — 0.33%** |  |
| 71000 | &nbsp;&nbsp;&nbsp;MGM Resorts International, 5.50%, 4/15/27 | 71145 |
|  | **LEISURE PRODUCTS — 0.93%** |  |
| 200000 | &nbsp;&nbsp;&nbsp;Mattel Inc, 5.88%, 12/15/27(a) | 199990 |
|  | **MORTGAGE REAL ESTATE INVESTMENT - TRUSTS (REITS) — 1.04%** | **MORTGAGE REAL ESTATE INVESTMENT - TRUSTS (REITS) — 1.04%** |
| 225000 | &nbsp;&nbsp;&nbsp;Starwood Property Trust, Inc., 3.63%, 7/15/26(a) | 223620 |
|  | **OIL & GAS PRODUCERS — 2.44%** |  |
| 250000 | &nbsp;&nbsp;&nbsp;Hess Midstream Operations LP, 5.88%, 3/01/28(a) | 251604 |
| 275000 | &nbsp;&nbsp;&nbsp;Expand Energy Corp, 6.75%, 4/15/29(a) | 275193 |
|  |  | 526797 |
|  | **REIT — 4.36%** |  |
| 102000 | &nbsp;&nbsp;&nbsp;Vornado Realty LP, 2.15%, 6/01/26 | 101425 |
| 300000 | &nbsp;&nbsp;&nbsp;Tanger Properties LP, 3.13%, 9/01/26 | 298262 |
| 250000 | &nbsp;&nbsp;&nbsp;VICI Properties LP / VICI Note Co., Inc., 4.25%, 12/01/26(a) | 249317 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount** |  | **Fair Value** |
| **CORPORATE BONDS —** **(continued)** | **CORPORATE BONDS —** **(continued)** |  |
| 91000 | &nbsp;&nbsp;&nbsp;SBA Communications Corp., 3.88%, 2/15/27 | 90074 |
| 207000 | &nbsp;&nbsp;&nbsp;Global Net Lease Operating Partnership LP, 3.75%, 12/15/27(a) | 200578 |
|  |  | 939656 |
|  | **SOFTWARE — 0.75%** |  |
| 165000 | &nbsp;&nbsp;&nbsp;Oracle Corp, 2.80%, 4/01/27 | 162168 |
|  | **SPECIALTY FINANCE — 2.88%** |  |
| 250000 | &nbsp;&nbsp;&nbsp;Aircastle Ltd., 4.25%, 6/15/26 | 249689 |
| 125000 | &nbsp;&nbsp;&nbsp;Air Lease Corp., 1.88%, 8/15/26 | 123727 |
| 250000 | &nbsp;&nbsp;&nbsp;Ladder Capital Finance Holdings LLLP, 4.25%, 2/01/27(a) | 246982 |
|  |  | 620398 |
|  | **TECHNOLOGY SERVICES — 0.46%** |  |
| 100000 | &nbsp;&nbsp;&nbsp;FactSet Research Systems, Inc., 2.90%, 3/01/27 | 98295 |
|  | **TRANSPORTATION & LOGISTICS — 0.39%** |  |
| 83333 | &nbsp;&nbsp;&nbsp;American Airlines Inc/AAdvantage Loyalty IP Ltd, 5.50%, 4/20/26(a) | 83365 |
| Total (Cost $6,114,871) | Total (Cost $6,114,871) | 6101146 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount** |  | **Fair Value** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS — 12.21%** | **COLLATERALIZED MORTGAGE OBLIGATIONS — 12.21%** | **COLLATERALIZED MORTGAGE OBLIGATIONS — 12.21%** |
| 46130 | &nbsp;&nbsp;&nbsp;MMAF Equipment Finance LLC, Series 2022-A, Class A3, 3.20%, 1/13/28(a) | 46111 |
| 250000 | &nbsp;&nbsp;&nbsp;TSTAT 2022-1 Ltd, Series 1A, Class AR3, 4.60%, 1/20/32(a) | 249485 |
| 250000 | &nbsp;&nbsp;&nbsp;Riserva Clo Ltd., Series 3A, Class AR3, 4.72%, 1/18/34(a) | 249355 |
| 300000 | &nbsp;&nbsp;&nbsp;Symphony CLO XXV Ltd., Series 25A, Class AR, 4.72%, 4/19/34(a) | 299841 |
| 325000 | &nbsp;&nbsp;&nbsp;Barings CLO Ltd 2021-II, Series 2A, Class A1R, 4.74%, 7/15/34(a) | 324928 |
| 275000 | &nbsp;&nbsp;&nbsp;Madison Park Funding XLV Ltd, Series 45A, Class ARR, 4.75%, 7/15/34 (TSFR3M + 108BPS)(a)(b) | 274967 |
| 174295 | &nbsp;&nbsp;&nbsp;Freddie Mac REMICS, Series 4838, Class VA, 4.00%, 3/15/36 | 174027 |
| 200000 | &nbsp;&nbsp;&nbsp;Birch Grove CLO 4 Ltd., Series 4A, Class A1R, 5.15%, 7/15/37(a) | 200210 |
| 120704 | &nbsp;&nbsp;&nbsp;Freddie Mac REMICS, Series 5216, Class JA, 3.25%, 5/25/38 | 120078 |
| 158623 | &nbsp;&nbsp;&nbsp;Fannie Mae, 5.67%, 7/01/36 (H15T1Y + 219.40 bps)(b) | 162734 |
| 52 | &nbsp;&nbsp;&nbsp;Fannie Mae, Series 140, Class BH, 2.50%, 1/25/27 | $52 |
| 257063 | &nbsp;&nbsp;&nbsp;Government National Mortgage Association, Series 1, Class D, 5.50%, 5/20/49 | 257698 |
| 267302 | &nbsp;&nbsp;&nbsp;Government National Mortgage Association, Series 132, Class BG, 5.50%, 7/20/50 | 273165 |
| Total (Cost $2,630,278) | Total (Cost $2,630,278) | 2632651 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount** |  | **Fair Value** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES — 11.19%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES — 11.19%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES — 11.19%** |
| 286490 | &nbsp;&nbsp;&nbsp;BX Trust, Series 2021-BXMF, Class A, 4.42%, 10/15/26 (TSFR1M + 75.00 bps)(a)(b) | 286132 |

---

See accompanying notes to financial statements.

**Sterling Capital Ultra Short Bond ETF**

**Schedule of Investments (Unaudited) (continued)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount** |  | **Fair Value** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES — (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES — (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES — (continued)** |
| 338132 | &nbsp;&nbsp;&nbsp;BX Trust, Series 2021-RISE, Class A, 4.54%, 11/15/36 (TSFR1M + 86.20 bps)(a)(b) | 337920 |
| 212551 | &nbsp;&nbsp;&nbsp;BX Commercial Mortgage Trust, Series 2021-CIP, Class B, 5.06%, 12/15/38(a) | 212352 |
| 58246 | &nbsp;&nbsp;&nbsp;Morgan Stanley Bank of America Merrill Lynch Trust, Series C29, Class A4, 3.33%, 5/15/49 | 57722 |
| 390000 | &nbsp;&nbsp;&nbsp;Morgan Stanley Capital I Trust, Series BNK2, Class A4, 3.05%, 11/15/49 | 384067 |
| 340000 | &nbsp;&nbsp;&nbsp;CSAIL Commercial Mortgage Trust, Series 2015-C7, Class A5, 3.50%, 11/15/49 | 338031 |
| 200000 | &nbsp;&nbsp;&nbsp;CD Mortgage Trust, Series 2017-CD3, Class A4, 3.63%, 2/10/50 | 195671 |
| 380000 | &nbsp;&nbsp;&nbsp;COMM Mortgage Trust, Series COR2, Class A3, 3.51%, 9/10/50 | 375249 |
| 133000 | &nbsp;&nbsp;&nbsp;Wells Fargo Commercial Mortgage Trust 2017-C40, Series C40, Class A3, 3.32%, 10/15/50 | 131518 |
| 95000 | &nbsp;&nbsp;&nbsp;CFCRE Commercial Mortgage Trust, Series C7, Class A3, 3.84%, 12/10/54 | 94429 |
| Total (Cost $2,389,153) | Total (Cost $2,389,153) | 2413091 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
| **MONEY MARKET FUNDS — 0.08%** | **MONEY MARKET FUNDS — 0.08%** |  |
| 16352 | &nbsp;&nbsp;&nbsp;Federated Hermes Treasury Obligations Fund, Institutional Shares, 3.58%(d) | 16352 |
| Total Money Market Funds | Total Money Market Funds | 16352 |
| (Cost $16,352) | (Cost $16,352) |  |
| Total Investments— 98.18% (Cost $21,154,145) | Total Investments— 98.18% (Cost $21,154,145) | 21166510 |
| Other Assets in Excess of Liabilities— 1.82% | Other Assets in Excess of Liabilities— 1.82% | 391762 |
| **NET ASSETS — 100.00%** | **NET ASSETS — 100.00%** | **21558272** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security
 may be resold in transactions exempt from registration, normally to qualified institutional buyers. The Advisor, using Board approved
 procedures, has deemed these securities or a portion of these securities to be liquid.

&nbsp;&nbsp;&nbsp;&nbsp;(b) The interest rate for this variable rate note, which will change periodically, is based either on the prime
 rate or an index of market rates. The reflected rate is in effect as of March 31, 2026. The maturity date reflected is the final maturity
 date.

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

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

See accompanying notes to financial statements.

**Sterling Capital Short Duration Bond ETF**

**Schedule of Investments (Unaudited)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
| **PREFERRED STOCKS — 0.57%** | **PREFERRED STOCKS — 0.57%** | |
|  | **Insurance — 0.57%** |  |
| 7700 | &nbsp;&nbsp;&nbsp;Reinsurance Group of America, Inc.(a) | $191884 |
| Total Preferred Stocks | Total Preferred Stocks | 191884 |
| (Cost $192,885) | (Cost $192,885) |  |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount** |  | **Fair Value** |
| **CORPORATE BONDS — 54.26%** | **CORPORATE BONDS — 54.26%** |  |
|  | **AEROSPACE & DEFENSE — 3.03%** |  |
| 237000 | &nbsp;&nbsp;&nbsp;Boeing Co. (The), 6.26%, 5/01/27 | 241092 |
| 250000 | &nbsp;&nbsp;&nbsp;Howmet Aerospace, Inc., 6.75%, 1/15/28 | 260528 |
| 253000 | &nbsp;&nbsp;&nbsp;Lockheed Martin Corp, 4.15%, 8/15/28 | 253185 |
| 260000 | &nbsp;&nbsp;&nbsp;Honeywell Aerospace, Inc., 4.00%, 3/16/29(b) | 257572 |
|  |  | 1012377 |
|  | **ASSET MANAGEMENT — 3.71%** |  |
| 371000 | &nbsp;&nbsp;&nbsp;Blackstone Private Credit Fund, 3.25%, 3/15/27 | 361722 |
| 157000 | &nbsp;&nbsp;&nbsp;Golub Capital Private Credit Fund, 5.45%, 8/15/28(b) | 154833 |
| 139000 | &nbsp;&nbsp;&nbsp;Ares Strategic Income Fund, 5.45%, 9/09/28(b) | 137553 |
| 300000 | &nbsp;&nbsp;&nbsp;Ares Strategic Income Fund, 4.85%, 1/15/29(b) | 290479 |
| 300000 | &nbsp;&nbsp;&nbsp;UBS Group AG, 4.15%, 12/23/29 (SOFRRATE + 84BPS)(b)(c) | 296569 |
|  |  | 1241156 |
|  | **AUTOMOTIVE — 0.75%** |  |
| 250000 | &nbsp;&nbsp;&nbsp;Hyundai Capital America, 4.75%, 4/06/29(b) | 250039 |
|  | **BANKS — 7.34%** |  |
| 325000 | &nbsp;&nbsp;&nbsp;Nordea Bank Abp, 4.38%, 3/17/28(b) | 326131 |
| 250000 | &nbsp;&nbsp;&nbsp;Manufacturers & Traders Trust Co, 4.76%, 7/06/28 | 250690 |
| 200000 | &nbsp;&nbsp;&nbsp;Standard Chartered PLC, 5.55%, 1/21/29 (H15T1Y + 105 bps)(b)(c) | 202951 |
| 400000 | &nbsp;&nbsp;&nbsp;Bank of America Corp., 4.98%, 1/24/29 (SOFRRATE + 83 bps)(c) | 403117 |
| 300000 | &nbsp;&nbsp;&nbsp;Citizens Bank NA/Providence RI, 4.19%, 1/29/29 | 298117 |
| 300000 | &nbsp;&nbsp;&nbsp;Wells Fargo & Co, 6.30%, 10/23/29 (SOFRRATE + 179 bps)(c) | 312448 |
| 325000 | &nbsp;&nbsp;&nbsp;Citigroup, Inc., 3.98%, 3/20/30 | 319755 |
| 339000 | &nbsp;&nbsp;&nbsp;Barclays PLC, 4.84%, 9/10/28 (SOFR + 134 bps)(c) | 340304 |
|  |  | 2453513 |
|  | **BIOTECH & PHARMA — 0.84%** |  |
| 281000 | &nbsp;&nbsp;&nbsp;Zoetis, Inc., 4.15%, 8/17/28 | 280127 |
|  | **CAPITAL MARKETS — 0.96%** |  |
| 320000 | &nbsp;&nbsp;&nbsp;Blackstone Secured Lending Fund, 5.88%, 11/15/27 | 321054 |
|  | **CHEMICALS — 0.26%** |  |
| 85000 | &nbsp;&nbsp;&nbsp;Ecolab Inc., 4.30%, 6/15/28 | 85204 |
|  | **COMMERCIAL SUPPORT SERVICES — 0.69%** |  |
| 18000 | &nbsp;&nbsp;&nbsp;Prime Security Services Borrower LLC, 5.75%, 4/15/26(b) | 18023 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount** |  | **Fair Value** |
| **COMMERCIAL SUPPORT SERVICES —** **(continued)** | **COMMERCIAL SUPPORT SERVICES —** **(continued)** |  |
| 220000 | &nbsp;&nbsp;&nbsp;GFL Environmental Inc, 4.00%, 8/01/28(b) | 213866 |
|  |  | 231889 |
|  | **ELECTRIC UTILITIES — 3.52%** |  |
| 240000 | &nbsp;&nbsp;&nbsp;FirstEnergy Corp., 3.90%, 7/15/27 | 238046 |
| 350000 | &nbsp;&nbsp;&nbsp;Entergy Louisiana LLC, 3.25%, 4/01/28 | 343371 |
| 281000 | &nbsp;&nbsp;&nbsp;Dominion Energy Inc., 4.60%, 5/15/28 | 281884 |
| 100000 | &nbsp;&nbsp;&nbsp;Georgia Power Co, 4.00%, 10/01/28 | 99414 |
| 106000 | &nbsp;&nbsp;&nbsp;Vistra Operations Co LLC, 4.30%, 10/15/28(b) | 104730 |
| 110000 | &nbsp;&nbsp;&nbsp;Public Service Co of Colorado, 4.15%, 3/13/29 | 109685 |
|  |  | 1177130 |
|  | **ELECTRICAL EQUIPMENT — 0.89%** |  |
| 300000 | &nbsp;&nbsp;&nbsp;Amphenol Corp, 3.80%, 11/15/27 | 298198 |
|  | **FOOD — 0.72%** |  |
| 240000 | &nbsp;&nbsp;&nbsp;Mars, Inc., 4.60%, 3/01/28(b) | 241446 |
|  | **FORESTRY, PAPER & WOOD PRODUCTS — 0.25%** |  |
| 85000 | &nbsp;&nbsp;&nbsp;Georgia-Pacific LLC, 4.40%, 6/30/28(b) | 85098 |
|  | **INSTITUTIONAL FINANCIAL SERVICES — 1.56%** |  |
| 228000 | &nbsp;&nbsp;&nbsp;Morgan Stanley, 4.13%, 10/18/29 | 225355 |
| 300000 | &nbsp;&nbsp;&nbsp;Morgan Stanley, 4.24%, 1/09/30 | 296972 |
|  |  | 522327 |
|  | **INSURANCE** — 6.05%** |  |
| 96000 | &nbsp;&nbsp;&nbsp;Sammons Financial Group Global Funding, 5.05%, 1/10/28(b) | 96838 |
| 162000 | &nbsp;&nbsp;&nbsp;Corebridge Global Funding, 4.25%, 8/21/28(b)(d) | 160850 |
| 415000 | &nbsp;&nbsp;&nbsp;RGA Global Funding, 4.35%, 8/25/28(b) | 412774 |
| 280000 | &nbsp;&nbsp;&nbsp;SBL Holdings Inc, 5.90%, 9/26/28(b) | 264253 |
| 179000 | &nbsp;&nbsp;&nbsp;Fortitude Global Funding, 4.63%, 10/06/28(b) | 177183 |
| 140000 | &nbsp;&nbsp;&nbsp;American National Global Funding, 4.63%, 12/15/28(b) | 138925 |
| 345000 | &nbsp;&nbsp;&nbsp;GA Global Funding Trust, 5.50%, 1/08/29(b) | 349197 |
| 420000 | &nbsp;&nbsp;&nbsp;Athene Global Funding, 5.58%, 1/09/29(b) | 423863 |
|  |  | 2023883 |
|  | **INTERNET MEDIA & SERVICES — 2.01%** |  |
| 200000 | &nbsp;&nbsp;&nbsp;Match Group Holdings II LLC, 4.63%, 6/01/28(b) | 195527 |
| 250000 | &nbsp;&nbsp;&nbsp;Alphabet, Inc., 3.70%, 2/15/29 | 247851 |
| 230000 | &nbsp;&nbsp;&nbsp;Airbnb, Inc., 4.40%, 3/16/29 | 229697 |
|  |  | 673075 |
|  | **LEISURE FACILITIES & SERVICES — 2.25%** |  |
| 99000 | &nbsp;&nbsp;&nbsp;MGM Resorts International, 5.50%, 4/15/27 | 99202 |
| 292000 | &nbsp;&nbsp;&nbsp;Starbucks Corp, 4.50%, 5/15/28 | 292592 |
| 170000 | &nbsp;&nbsp;&nbsp;NCL Corp. Ltd., 7.75%, 2/15/29(b) | 176991 |
| 185000 | &nbsp;&nbsp;&nbsp;Carnival Corp., 5.13%, 5/01/29(b) | 183665 |
|  |  | 752450 |
|  | **LEISURE PRODUCTS — 0.87%** |  |
| 300000 | &nbsp;&nbsp;&nbsp;Mattel Inc, 3.75%, 4/01/29(b) | 290133 |
|  | **MACHINERY — 0.74%** |  |
| 246000 | &nbsp;&nbsp;&nbsp;John Deere Capital Corp, 4.25%, 6/05/28 | 246776 |

---

See accompanying notes to financial statements.

**Sterling Capital Short Duration Bond ETF**

**Schedule of Investments (Unaudited) (continued)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount** |  | **Fair Value** |
| **MEDICAL EQUIPMENT & DEVICES — 0.34%** | **MEDICAL EQUIPMENT & DEVICES — 0.34%** | **MEDICAL EQUIPMENT & DEVICES — 0.34%** |
| 115000 | &nbsp;&nbsp;&nbsp;GE HealthCare Technologies, Inc., 4.15%, 12/15/28 | 114249 |
|  | **OIL & GAS PRODUCERS — 5.51%** |  |
| 340000 | &nbsp;&nbsp;&nbsp;APA Corp, 4.88%, 11/15/27(d) | 342073 |
| 275000 | &nbsp;&nbsp;&nbsp;ONEOK Inc., 5.63%, 1/15/28(b) | 278524 |
| 190000 | &nbsp;&nbsp;&nbsp;Buckeye Partners LP, 4.50%, 3/01/28(b) | 186860 |
| 193000 | &nbsp;&nbsp;&nbsp;Hess Midstream Operations LP, 5.88%, 3/01/28(b) | 194238 |
| 237000 | &nbsp;&nbsp;&nbsp;Woodside Finance Ltd., 4.90%, 5/19/28 | 238884 |
| 105000 | &nbsp;&nbsp;&nbsp;Targa Resources Corp., 4.35%, 1/15/29 | 104560 |
| 175000 | &nbsp;&nbsp;&nbsp;Venture Global LNG Inc, 9.50%, 2/01/29(b) | 189227 |
| 300000 | &nbsp;&nbsp;&nbsp;Hess Midstream Operations LP, 6.50%, 6/01/29(b) | 306458 |
|  |  | 1840824 |
|  | **REIT — 1.48%** |  |
| 50000 | &nbsp;&nbsp;&nbsp;Global Net Lease Operating Partnership LP, 3.75%, 12/15/27(b) | 48449 |
| 73000 | &nbsp;&nbsp;&nbsp;Store Capital LLC., 4.50%, 3/15/28 | 72526 |
| 64000 | &nbsp;&nbsp;&nbsp;LXP Industrial Trust, 6.75%, 11/15/28 | 67099 |
| 325000 | &nbsp;&nbsp;&nbsp;CubeSmart LP, 2.25%, 12/15/28 | 306761 |
|  |  | 494835 |
|  | **SOFTWARE** — 1.39%** |  |
| 312000 | &nbsp;&nbsp;&nbsp;Synopsys, Inc., 4.65%, 4/01/28 | 313144 |
| 155000 | &nbsp;&nbsp;&nbsp;Oracle Corp., 4.55%, 2/04/29 | 153041 |
|  |  | 466185 |
|  | **SPECIALTY FINANCE — 2.81%** |  |
| 325000 | &nbsp;&nbsp;&nbsp;Ladder Capital Finance Holdings LLLP, 4.25%, 2/01/27(b) | 321076 |
| 113000 | &nbsp;&nbsp;&nbsp;Avolon Holdings Funding Ltd., 4.95%, 1/15/28(b) | 113372 |
| 251000 | &nbsp;&nbsp;&nbsp;OneMain Finance Corp., 3.88%, 9/15/28 | 238538 |
| 275000 | &nbsp;&nbsp;&nbsp;AerCap Ireland Capital DAC, 3.00%, 10/29/28 | 264711 |
|  |  | 937697 |
|  | **STEEL — 0.22%** |  |
| 73000 | &nbsp;&nbsp;&nbsp;Steel Dynamics, Inc., 4.00%, 12/15/28 | 72207 |
|  | **TECHNOLOGY HARDWARE — 1.61%** |  |
| 240000 | &nbsp;&nbsp;&nbsp;Motorola Solutions Inc., 4.60%, 2/23/28 | 240918 |
| 300000 | &nbsp;&nbsp;&nbsp;Dell International LLC / EMC Corp, 4.15%, 2/15/29(e) | 297505 |
|  |  | 538423 |
|  | **TECHNOLOGY SERVICES — 0.33%** |  |
| 110000 | &nbsp;&nbsp;&nbsp;Fidelity National Information Services, Inc., 4.45%, 3/10/28 | 109692 |
|  | **TELECOMMUNICATIONS — 1.50%** |  |
| 182000 | &nbsp;&nbsp;&nbsp;Sprint Spectrum Co. LLC / Sprint Spectrum Co. II LLC, 5.15%, 3/20/28(b) | 182899 |
| 300000 | &nbsp;&nbsp;&nbsp;Sprint Capital Corporation, 6.88%, 11/15/28 | 317225 |
|  |  | 500124 |
|  | **TOBACCO & CANNABIS — 0.88%** |  |
| 295000 | &nbsp;&nbsp;&nbsp;Philip Morris International Inc., 4.13%, 4/28/28 | 294511 |
|  | **TRANSPORTATION & LOGISTICS — 1.74%** |  |
| 150000 | &nbsp;&nbsp;&nbsp;Delta Air Lines Inc., 4.95%, 7/10/28 | 150552 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount** |  | **Fair Value** |
| **TRANSPORTATION & LOGISTICS —** **(continued)** | **TRANSPORTATION & LOGISTICS —** **(continued)** |  |
| 275000 | &nbsp;&nbsp;&nbsp;Delta Air Lines, Inc. / SkyMiles IP Ltd., 4.75%, 10/20/28(b) | 274603 |
| 160000 | &nbsp;&nbsp;&nbsp;United Airlines Holdings Inc, 4.88%, 3/01/29 | 156493 |
|  |  | 581648 |
| Total (Cost $18,183,702) | Total (Cost $18,183,702) | 18136270 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount** |  | **Fair Value** |
| **ASSET BACKED SECURITIES — 24.66%** | **ASSET BACKED SECURITIES — 24.66%** |  |
| 220000 | &nbsp;&nbsp;&nbsp;Avis Budget Rental Car Funding AESOP LLC, Series 1A, Class A, 4.80%, 8/20/29(b) | 221524 |
| 364230 | &nbsp;&nbsp;&nbsp;OneMain Direct Auto Receivables Trust, Series 1A, Class A, 5.41%, 11/14/29(b) | 366802 |
| 300000 | &nbsp;&nbsp;&nbsp;Avis Budget Rental Car Funding AESOP LLC, Series 3A, Class A, 4.17%, 2/20/30(b) | 297511 |
| 500000 | &nbsp;&nbsp;&nbsp;Hertz Vehicle Financing III LLC, Series 4A, Class A, 6.15%, 3/25/30(b) | 519790 |
| 550000 | &nbsp;&nbsp;&nbsp;Dryden CLO Ltd., Series 53A, Class BR, 4.97%, 1/15/31(b)(f) | 550072 |
| 450000 | &nbsp;&nbsp;&nbsp;Santander Drive Auto Receivables Trust, Series 2025-2, 4.87%, 5/15/31 | 452923 |
| 337560 | &nbsp;&nbsp;&nbsp;Fortress Credit BSL IX Ltd, Series 1A, Class A1AR, 4.77%, 10/20/33(b) | 337557 |
| 414000 | &nbsp;&nbsp;&nbsp;Neuberger Berman Loan Advisers CLO 41 Ltd., Series 41A, Class AR, 4.72%, 4/15/34 (TSFR3M + 105 bps)(b)(c)(f) | 413300 |
| 420000 | &nbsp;&nbsp;&nbsp;ARES XLIV CLO Ltd, Series 44A, Class A1RR, 4.80%, 4/15/34 (TSFR3M + 113 bps)(b)(c)(f) | 420105 |
| 275000 | &nbsp;&nbsp;&nbsp;Magnetite XXXI Ltd., Series 31A, Class A1R, 4.67%, 7/15/34(b) | 274326 |
| 417000 | &nbsp;&nbsp;&nbsp;LCM 33 Ltd, Series 33A, Class AR, 4.85%, 7/20/34 (TSFR3M + 118.00 bps)(b)(c) | 417142 |
| 331000 | &nbsp;&nbsp;&nbsp;Affirm Master Trust Series 2025-3, Series 3A, Class A, 4.45%, 10/16/34(b) | 329566 |
| 244501 | &nbsp;&nbsp;&nbsp;Hilton Grand Vacations Trust, Series 2024-3A, Class A, 4.98%, 8/27/40(b) | 245415 |
| 190988 | &nbsp;&nbsp;&nbsp;Sierra Timeshare Receivables Funding LLC, Series 2024-2A, Class A, 5.14%, 6/20/41(b) | 192368 |
| 104186 | &nbsp;&nbsp;&nbsp;Sierra Timeshare Receivables Funding LLC, Series 3A, Class A, 4.83%, 8/20/41(b) | 104288 |
| 522688 | &nbsp;&nbsp;&nbsp;Tricon Residential Trust, Series 2025-SFR, Class A, 4.77%, 3/17/42 (TSFR1M + 110 bps)(b)(c) | 521708 |
| 347109 | &nbsp;&nbsp;&nbsp;MVW LLC, Series 2024-2, Class A, 4.43%, 3/20/42(b) | 345276 |
| 232765 | &nbsp;&nbsp;&nbsp;HINNT LLC, Series 2025-A, Class A, 5.01%, 3/15/44(b) | 234105 |
| 350000 | &nbsp;&nbsp;&nbsp;Vantage Data Centers LLC, Series 2A, Class A2, 1.99%, 9/15/45(b) | 334201 |
| 350000 | &nbsp;&nbsp;&nbsp;Retained Vantage Data Centers Issuer LLC, Series 1A, Class A2A, 5.00%, 9/15/48(b) | 349006 |
| 357000 | &nbsp;&nbsp;&nbsp;Morgan Stanley Bank of America, Series C31, Class A5, 3.10%, 11/15/49 | 354099 |
| 334002 | &nbsp;&nbsp;&nbsp;SMB Private Education Loan Trust, Series 2021-B, Class A, 1.31%, 7/17/51(b)(d) | 315920 |

---

See accompanying notes to financial statements.

**Sterling Capital Short Duration Bond ETF**

**Schedule of Investments (Unaudited) (continued)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount** |  | **Fair Value** |
| **ASSET BACKED SECURITIES —** **(continued)** | **ASSET BACKED SECURITIES —** **(continued)** |  |
| 301680 | &nbsp;&nbsp;&nbsp;Navient Refinance Loan Trust, Series A, Class A, 5.15%, 2/16/55(b) | 303053 |
| 383382 | &nbsp;&nbsp;&nbsp;Navient Private Education Refi Loan Trust, Series 2021-F, 1.11%, 2/18/70(b) | 341819 |
| Total (Cost $8,213,236) | Total (Cost $8,213,236) | 8241876 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount** |  | **Fair Value** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES — 10.81%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES — 10.81%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES — 10.81%** |
| 365000 | &nbsp;&nbsp;&nbsp;Benchmark Mortgage Trust, Series V6, Class AS, 6.38%, 3/15/29 | 377444 |
| 74705 | &nbsp;&nbsp;&nbsp;BX Commercial Mortgage Trust, Series 2021-ACNT, Class C, 5.29%, 11/15/38(b) | 74659 |
| 276486 | &nbsp;&nbsp;&nbsp;BX Commercial Mortgage Trust, Series 2021-CIP, Class B, 5.06%, 12/15/38(b) | 276226 |
| 260370 | &nbsp;&nbsp;&nbsp;SMR Mortgage Trust, Series 2022-IND, Class A, 5.32%, 2/15/39(b) | 259751 |
| 415092 | &nbsp;&nbsp;&nbsp;CD Mortgage Trust, Series 2016-CD2, Class A4, 3.53%, 11/10/49 | 407748 |
| 410000 | &nbsp;&nbsp;&nbsp;CD Mortgage Trust, Series 2017-CD3, Class A4, 3.63%, 2/10/50 | 401124 |
| 160000 | &nbsp;&nbsp;&nbsp;COMM Mortgage Trust, Series COR2, Class A3, 3.51%, 9/10/50 | 158000 |
| 75000 | &nbsp;&nbsp;&nbsp;Benchmark Mortgage Trust, Series 2023-V2, Class A3, 5.81%, 5/15/55(c) | 76608 |
| 228000 | &nbsp;&nbsp;&nbsp;BMO Mortgage Trust, Series 2023-5C1, Class AS, 7.12%, 8/15/56 | 238094 |
| 100000 | &nbsp;&nbsp;&nbsp;BANK5 Trust, Series 2023-5YR3, Class AS, 7.32%, 9/15/56 | 105804 |
| 100000 | &nbsp;&nbsp;&nbsp;BANK5 Trust, Series 2023-5YR4, Class AS, 7.27%, 12/15/56 | 105285 |
| 200000 | &nbsp;&nbsp;&nbsp;BANK5 Trust, Series 2024-5YR5, Class AS, 6.27%, 2/15/29 | 206237 |
| 400000 | &nbsp;&nbsp;&nbsp;Benchmark Mortgage Trust, Series 2023-V3, Class A3, 6.36%, 7/15/56(c) | 413725 |
| 364337 | &nbsp;&nbsp;&nbsp;BX Trust, Series 2021-RISE, Class C, 5.24%, 11/15/36(b)(c) | 364109 |
| 150000 | &nbsp;&nbsp;&nbsp;CSAIL Commercial Mortgage Trust, Series 2015-C7, Class A5, 3.50%, 11/15/49 | 149131 |
| Total (Cost $3,588,976) | Total (Cost $3,588,976) | 3613945 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount** |  | **Fair Value** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS — 5.03%** | **COLLATERALIZED MORTGAGE OBLIGATIONS — 5.03%** | **COLLATERALIZED MORTGAGE OBLIGATIONS — 5.03%** |
| 420000 | &nbsp;&nbsp;&nbsp;TSTAT 2022-1 Ltd, Series 1A, Class AR3, 4.60%, 1/20/32(b) | 419135 |
| 2379 | &nbsp;&nbsp;&nbsp;Fannie Mae, Series 72, Class NA, 2.50%, 8/25/42 | 2369 |
| 214378 | &nbsp;&nbsp;&nbsp;Fannie Mae, Series 35, Class CB, 2.00%, 2/25/43 | 209136 |
| 141426 | &nbsp;&nbsp;&nbsp;Fannie Mae, Series 100, Class DA, 3.00%, 2/25/43 | 138727 |
| 154623 | &nbsp;&nbsp;&nbsp;Freddie Mac, Series 4828, Class QA, 3.50%, 3/15/47 | 153172 |
| 536725 | &nbsp;&nbsp;&nbsp;Chase Home Lending Mortgage Trust, Series 2019-ATR2, Class A3, 3.50%, 8/25/49(b) | 489926 |
| 261467 | &nbsp;&nbsp;&nbsp;Fannie Mae, 5.67%, 7/01/36 (H15T1Y + 219.40 bps)(c) | 268242 |
| Total (Cost $1,748,984) | Total (Cost $1,748,984) | 1680707 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount** |  | **Fair Value** |
| **MUNICIPAL BONDS — 0.29%** | **MUNICIPAL BONDS — 0.29%** | |
|  | **New York — 0.29%** |  |
| 95000 | &nbsp;&nbsp;&nbsp;City of New York NY, 4.67%,2/1/28 | 96010 |
| Total (Cost $95,000) | Total (Cost $95,000) | 96010 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount** |  | **Fair Value** |
| **U.S. TREASURY BONDS & NOTES — 0.86%** | **U.S. TREASURY BONDS & NOTES — 0.86%** |  |
| 290300 | &nbsp;&nbsp;&nbsp;United States Treasury Note/Bond, 3.50%, 1/15/29 | 287828 |
| Total (Cost $290,367) | Total (Cost $290,367) | 287828 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
| **MONEY MARKET FUNDS — 2.26%** | **MONEY MARKET FUNDS — 2.26%** |  |
| 755285 | &nbsp;&nbsp;&nbsp;Federated Hermes Treasury Obligations Fund, Institutional Shares, 3.58%(g) | 755285 |
| Total Money Market Funds | Total Money Market Funds | 755285 |
| (Cost $755,285) | (Cost $755,285) |  |
| Total Investments— 98.73% | Total Investments— 98.73% | 33003805 |
| (Cost $33,068,435) | (Cost $33,068,435) |  |
| Other Assets in Excess of Liabilities— 1.27% | Other Assets in Excess of Liabilities— 1.27% | 423762 |
| **NET ASSETS — 100.00%** | **NET ASSETS — 100.00%** | **33427567** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security
 may be resold in transactions exempt from registration, normally to qualified institutional buyers. The Advisor, using Board approved
 procedures, has deemed these securities or a portion of these securities to be liquid.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The interest rate for this variable rate note, which will change periodically, is based either on the prime
 rate or an index of market rates. The reflected rate is in effect as of March 31, 2026. The maturity date reflected is the final maturity
 date.

&nbsp;&nbsp;&nbsp;&nbsp;(d) All or a portion of the securities are held in a separate collateral account at US Bank. The total value of
 securities held in a separate collateral account as of the period ended March 31, 2026 is $818,843, which represents 2.4% of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(e) The security was purchased on a when-issued of forward commitment basis (Note 3)

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

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

See accompanying notes to financial statements.

**Sterling Capital Short Duration Bond ETF**

**Schedule of Futures Contracts (Unaudited)**

**March 31, 2026**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **FUTURES CONTRACTS** | **Contracts** | **Expiration** <br> **Date** | **Notional Value** | **Aggregate**<br> **Market Value of**<br> **Contracts** | **Unrealized**<br> **Appreciation**<br> **(Depreciation)** |
| CBOT 2 Year US Treasury Note Future | 17 | 07/01/2026 | $3553726 | $3526570 | $(27156) |

---

See accompanying notes to financial statements.

**Sterling Capital Hedged Equity Premium Income ETF**

**Schedule of Investments (Unaudited)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
| **COMMON STOCKS — 95.80%** | **COMMON STOCKS — 95.80%** |  |
|  | **Banks — 4.53%** |  |
| 24902 | &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | $7325172 |
| 16318 | &nbsp;&nbsp;&nbsp;Oracle Corp. | 2400541 |
|  |  | 9725713 |
|  | **Biotech & Pharma — 2.64%** |  |
| 14809 | &nbsp;&nbsp;&nbsp;AbbVie, Inc. | 3220810 |
| 6957 | &nbsp;&nbsp;&nbsp;Amgen, Inc. | 2447820 |
|  |  | 5668630 |
|  | **Chemicals — 3.24%** |  |
| 14634 | &nbsp;&nbsp;&nbsp;Air Products & Chemicals, Inc. | 4251030 |
| 8416 | &nbsp;&nbsp;&nbsp;Sherwin-Williams Co. (The) | 2697749 |
|  |  | 6948779 |
|  | **Commercial Support Services — 2.26%** |  |
| 10973 | &nbsp;&nbsp;&nbsp;Republic Services, Inc. | 2403306 |
| 10620 | &nbsp;&nbsp;&nbsp;Waste Management, Inc. | 2440370 |
|  |  | 4843676 |
|  | **Diversified Industrials — 2.85%** |  |
| 11723 | &nbsp;&nbsp;&nbsp;Emerson Electric Co. | 1535947 |
| 17562 | &nbsp;&nbsp;&nbsp;Illinois Tool Works, Inc. | 4571214 |
|  |  | 6107161 |
|  | **E-Commerce Discretionary — 4.37%** |  |
| 45029 | &nbsp;&nbsp;&nbsp;Amazon.com, Inc.(a) | 9378190 |
|  | **Electric Utilities — 2.49%** |  |
| 13549 | &nbsp;&nbsp;&nbsp;Vistra Corp. | 2036821 |
| 28550 | &nbsp;&nbsp;&nbsp;WEC Energy Group, Inc. | 3305234 |
|  |  | 5342055 |
|  | **Electrical Equipment — 2.15%** |  |
| 7025 | &nbsp;&nbsp;&nbsp;AMETEK, Inc. | 1505879 |
| 12443 | &nbsp;&nbsp;&nbsp;Vertiv Holdings Co., Class A | 3117967 |
|  |  | 4623846 |
|  | **Electronic Equipment, Instruments & Components — 1.48%** |  |
| 25177 | &nbsp;&nbsp;&nbsp;Amphenol Corp., Class A | 3181114 |
|  | **Hotels, Restaurants & Leisure — 2.20%** |  |
| 12451 | &nbsp;&nbsp;&nbsp;Darden Restaurants, Inc. | 2440894 |
| 7313 | &nbsp;&nbsp;&nbsp;McDonald's Corp. | 2272807 |
|  |  | 4713701 |
|  | **Household Products — 1.08%** |  |
| 16109 | &nbsp;&nbsp;&nbsp;Procter & Gamble Co. (The) | 2326784 |
|  | **Industrial Support Services — 0.72%** |  |
| 1423 | &nbsp;&nbsp;&nbsp;W.W. Grainger, Inc. | 1552223 |
|  | **Insurance — 4.95%** |  |
| 33407 | &nbsp;&nbsp;&nbsp;Aflac, Inc. | 3665083 |
| 10544 | &nbsp;&nbsp;&nbsp;Chubb Ltd. | 3436606 |
| 26000 | &nbsp;&nbsp;&nbsp;Hartford Insurance Group, Inc. (The) | 3515980 |
|  |  | 10617669 |
|  | **Internet Media & Services — 10.20%** |  |
| 38362 | &nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | 11031377 |
| 601 | &nbsp;&nbsp;&nbsp;Booking Holdings, Inc. | 2530402 |
| 9093 | &nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | 5202378 |
| 32579 | &nbsp;&nbsp;&nbsp;Netflix, Inc.(a) | 3132471 |
|  |  | 21896628 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
| **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** |  |
|  | **Machinery — 2.58%** | **Machinery — 2.58%** |
| 6177 | &nbsp;&nbsp;&nbsp;Parker-Hannifin Corp. | 5529897 |
|  | **Medical Equipment & Devices — 0.86%** |  |
| 4022 | &nbsp;&nbsp;&nbsp;Intuitive Surgical, Inc.(a) | 1854102 |
|  | **Oil & Gas Pr**oducers — 2.25%** |  |
| 66278 | &nbsp;&nbsp;&nbsp;Williams Companies, Inc. (The) | 4823713 |
|  | **Pharmaceuticals — 2.61%** |  |
| 2392 | &nbsp;&nbsp;&nbsp;Eli Lilly & Co. | 2200090 |
| 13912 | &nbsp;&nbsp;&nbsp;Johnson & Johnson | 3400649 |
|  |  | 5600739 |
|  | **Retail - Consumer Staples — 3.97%** |  |
| 5893 | &nbsp;&nbsp;&nbsp;Costco Wholesale Corp. | 5871962 |
| 21227 | &nbsp;&nbsp;&nbsp;Walmart, Inc. | 2638092 |
|  |  | 8510054 |
|  | **Retail - Discretionary — 1.09%** |  |
| 14635 | &nbsp;&nbsp;&nbsp;TJX Companies, Inc. (The) | 2337210 |
|  | **Semiconductors — 16.27%** |  |
| 10831 | &nbsp;&nbsp;&nbsp;Analog Devices, Inc. | 3445774 |
| 35885 | &nbsp;&nbsp;&nbsp;Broadcom, Inc. | 11106766 |
| 23302 | &nbsp;&nbsp;&nbsp;Lam Research Corp. | 4978705 |
| 3148 | &nbsp;&nbsp;&nbsp;Monolithic Power Systems, Inc. | 3441866 |
| 68346 | &nbsp;&nbsp;&nbsp;Nvidia Corp. | 11919543 |
|  |  | 34892654 |
|  | **Software — 6.98%** |  |
| 6587 | &nbsp;&nbsp;&nbsp;Cadence Design Systems, Inc.(a) | 1830330 |
| 21461 | &nbsp;&nbsp;&nbsp;Microsoft Corp. | 7944217 |
| 12074 | &nbsp;&nbsp;&nbsp;Palantir Technologies, Inc., Class A(a) | 1766185 |
| 11709 | &nbsp;&nbsp;&nbsp;Palo Alto Networks, Inc.(a) | 1877187 |
| 15014 | &nbsp;&nbsp;&nbsp;ServiceNow, Inc.(a) | 1569714 |
|  |  | 14987633 |
|  | **Specialized REITs — 2.06%** |  |
| 4508 | &nbsp;&nbsp;&nbsp;Equinix, Inc. | 4418922 |
|  | **Specialty Retail — 1.51%** |  |
| 9874 | &nbsp;&nbsp;&nbsp;Home Depot, Inc. (The) | 3247460 |
|  | **Technology Hardware — 6.90%** |  |
| 48342 | &nbsp;&nbsp;&nbsp;Apple, Inc. | 12268716 |
| 5863 | &nbsp;&nbsp;&nbsp;Motorola Solutions, Inc. | 2544366 |
|  |  | 14813082 |
|  | **Technology Services — 1.70%** |  |
| 3468 | &nbsp;&nbsp;&nbsp;MasterCard, Inc., Class A | 1732821 |
| 4390 | &nbsp;&nbsp;&nbsp;Moody's Corp. | 1915137 |
|  |  | 3647958 |
|  | **Transaction Processing Services — 1.86%** |  |
| 13205 | &nbsp;&nbsp;&nbsp;Visa, Inc., Class A | 3991079 |
|  | Total Common Stocks | 205580672 |
|  | (Cost $215,412,054) |  |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
| **PURCHASED OPTIONS CONTRACTS — 3.86%** | **PURCHASED OPTIONS CONTRACTS — 3.86%** | |
|  | **Put — 3.86%** |  |
| 790 | &nbsp;&nbsp;&nbsp;State Street SPDR S&P 500 ETF Trust, Exercise Price $620.00, Expiration Date 6/22/26 | 1138390 |

---

See accompanying notes to financial statements.

**Sterling Capital Hedged Equity Premium Income ETF**

**Schedule of Investments (Unaudited) (continued)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
| **PURCHASED OPTIONS CONTRACTS —** **(continued)** | **PURCHASED OPTIONS CONTRACTS —** **(continued)** |  |
| 790 | &nbsp;&nbsp;&nbsp;State Street SPDR S&P 500 ETF Trust, Exercise Price $620.00, Expiration Date 9/21/26 | 1908640 |
| 790 | &nbsp;&nbsp;&nbsp;State Street SPDR S&P 500 ETF Trust, Exercise Price $620.00, Expiration Date 12/21/26 | 2467170 |
| 790 | &nbsp;&nbsp;&nbsp;State Street SPDR S&P 500 ETF Trust, Exercise Price $615.00, Expiration Date 3/22/27 | 2776850 |
| Total Put Options Purchased | Total Put Options Purchased | 8291050 |
| (Cost $5,578,513) | (Cost $5,578,513) |  |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
| **MONEY MARKET FUNDS — 1.67%** | **MONEY MARKET FUNDS — 1.67%** |  |
| 3594602 | &nbsp;&nbsp;&nbsp;Federated Hermes Treasury Obligations Fund, 3.58%(b) | 3594602 |
| Total Money Market Funds | Total Money Market Funds | 3594602 |
| (Cost $3,594,602) | (Cost $3,594,602) |  |
| Total Investments— 101.33% | Total Investments— 101.33% | 217466324 |
| (Cost $224,585,169) | (Cost $224,585,169) |  |
| Liabilities in Excess of Other Assets — (1.33)% | Liabilities in Excess of Other Assets — (1.33)% | (2840762) |
| **NET ASSETS — 100.00%** | **NET ASSETS — 100.00%** | **214625562** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income producing security.

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

See accompanying notes to financial statements.

**Sterling Capital Hedged Equity Premium Income ETF**

**Schedule of Written Options (Unaudited)**

**March 31, 2026**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of**<br> **Contracts** | **Notional**<br> **Amount** | **Exercise**<br> **Price** | **Expiration**<br> **Date** | **Fair Value** |
| **WRITTEN OPTIONS (1.33)%** |  |  |  |  |  |
| **WRITTEN CALL OPTIONS (0.33)%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;AbbVie, Inc. | (118) | $(2566382) | $235.00 | May 2026 | $(24190) |
| &nbsp;&nbsp;&nbsp;Aflac, Inc. | (267) | (2929257) | 120.00 | May 2026 | (6008) |
| &nbsp;&nbsp;&nbsp;Air Products and Chemicals, Inc. | (116) | (3369684) | 330.00 | April 2026 | (2320) |
| &nbsp;&nbsp;&nbsp;Alphabet, Inc. | (306) | (8799336) | 320.00 | May 2026 | (70380) |
| &nbsp;&nbsp;&nbsp;Amazon.com, Inc. | (360) | (7497720) | 235.00 | May 2026 | (72000) |
| &nbsp;&nbsp;&nbsp;AMETEK, Inc. | (55) | (1178980) | 240.00 | April 2026 | (825) |
| &nbsp;&nbsp;&nbsp;Amgen, Inc. | (55) | (1935175) | 400.00 | May 2026 | (8250) |
| &nbsp;&nbsp;&nbsp;Amphenol Corporation | (200) | (2527000) | 170.00 | April 2026 | (600) |
| &nbsp;&nbsp;&nbsp;Analog Devices, Inc. | (86) | (2736004) | 360.00 | May 2026 | (22145) |
| &nbsp;&nbsp;&nbsp;Apple, Inc. | (386) | (9796294) | 285.00 | May 2026 | (23546) |
| &nbsp;&nbsp;&nbsp;Booking Holdings, Inc. | (5) | (2105160) | 4750.00 | May 2026 | (18150) |
| &nbsp;&nbsp;&nbsp;Broadcom, Inc. | (287) | (8882937) | 365.00 | May 2026 | (47642) |
| &nbsp;&nbsp;&nbsp;Cadence Design Systems, Inc. | (52) | (1444924) | 340.00 | May 2026 | (10140) |
| &nbsp;&nbsp;&nbsp;Chubb Ltd. | (84) | (2737812) | 355.00 | April 2026 | (4200) |
| &nbsp;&nbsp;&nbsp;Costco Wholesale Corporation | (47) | (4683221) | 1075.00 | May 2026 | (12314) |
| &nbsp;&nbsp;&nbsp;Darden Restaurants, Inc. | (99) | (1940796) | 240.00 | April 2026 | (5693) |
| &nbsp;&nbsp;&nbsp;Eli Lilly & Company | (19) | (1747563) | 1080.00 | May 2026 | (11780) |
| &nbsp;&nbsp;&nbsp;Emerson Electric Company | (93) | (1218486) | 144.00 | May 2026 | (12323) |
| &nbsp;&nbsp;&nbsp;Equinix, Inc. | (35) | (3430840) | 1060.00 | April 2026 | (4025) |
| &nbsp;&nbsp;&nbsp;Hartford Insurance Group, Inc. (The) | (205) | (2772215) | 145.00 | April 2026 | (7175) |
| &nbsp;&nbsp;&nbsp;Home Depot, Inc. (The) | (79) | (2598231) | 370.00 | May 2026 | (7742) |
| &nbsp;&nbsp;&nbsp;Illinois Tool Works, Inc. | (139) | (3618031) | 290.00 | April 2026 | (9383) |
| &nbsp;&nbsp;&nbsp;Intuitive Surgical, Inc. | (32) | (1475168) | 545.00 | May 2026 | (7360) |
| &nbsp;&nbsp;&nbsp;Johnson & Johnson | (111) | (2713284) | 270.00 | May 2026 | (7881) |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase & Company | (199) | (5853784) | 325.00 | May 2026 | (21293) |
| &nbsp;&nbsp;&nbsp;Lam Research Corporation | (186) | (3974076) | 285.00 | May 2026 | (17484) |
| &nbsp;&nbsp;&nbsp;Mastercard, Inc. | (27) | (1349082) | 545.00 | May 2026 | (6872) |
| &nbsp;&nbsp;&nbsp;McDonald's Corporation | (58) | (1802582) | 360.00 | May 2026 | (6467) |
| &nbsp;&nbsp;&nbsp;Meta Platforms, Inc. | (72) | (4119336) | 640.00 | May 2026 | (59400) |
| &nbsp;&nbsp;&nbsp;Microsoft Corporation | (171) | (6329907) | 420.00 | May 2026 | (35055) |
| &nbsp;&nbsp;&nbsp;Monolithic Power Systems, Inc. | (25) | (2733375) | 1300.00 | April 2026 | (9075) |
| &nbsp;&nbsp;&nbsp;Moody's Corporation | (35) | (1526875) | 490.00 | April 2026 | (3238) |
| &nbsp;&nbsp;&nbsp;Motorola Solutions, Inc. | (46) | (1996262) | 500.00 | April 2026 | (966) |
| &nbsp;&nbsp;&nbsp;Netflix, Inc. | (260) | (2499900) | 110.00 | May 2026 | (19240) |
| &nbsp;&nbsp;&nbsp;NVIDIA Corporation | (546) | (9522240) | 195.00 | May 2026 | (60060) |
| &nbsp;&nbsp;&nbsp;Oracle Corporation | (130) | (1912430) | 175.00 | May 2026 | (16120) |
| &nbsp;&nbsp;&nbsp;Palantir Technologies, Inc. | (96) | (1404288) | 175.00 | May 2026 | (8448) |
| &nbsp;&nbsp;&nbsp;Palo Alto Networks, Inc. | (93) | (1490976) | 175.00 | May 2026 | (20460) |
| &nbsp;&nbsp;&nbsp;Parker-Hannifin Corporation | (49) | (4386676) | 1020.00 | April 2026 | (6860) |
| &nbsp;&nbsp;&nbsp;Procter & Gamble Company (The) | (128) | (1848832) | 160.00 | May 2026 | (4096) |
| &nbsp;&nbsp;&nbsp;Republic Services, Inc. | (87) | (1905474) | 240.00 | April 2026 | (3306) |
| &nbsp;&nbsp;&nbsp;ServiceNow, Inc. | (120) | (1254600) | 125.00 | May 2026 | (17400) |
| &nbsp;&nbsp;&nbsp;Sherwin-Williams Company (The) | (67) | (2147685) | 360.00 | April 2026 | (1407) |
| &nbsp;&nbsp;&nbsp;TJX Companies, Inc. (The) | (117) | (1868490) | 175.00 | May 2026 | (4446) |
| &nbsp;&nbsp;&nbsp;Vertiv Holdings Company | (99) | (2480742) | 330.00 | May 2026 | (15791) |
| &nbsp;&nbsp;&nbsp;Visa, Inc. | (105) | (3173520) | 335.00 | May 2026 | (11550) |
| &nbsp;&nbsp;&nbsp;Vistra Corporation | (108) | (1623564) | 195.00 | May 2026 | (7722) |
| &nbsp;&nbsp;&nbsp;Walmart, Inc. | (170) | (2112760) | 138.00 | May 2026 | (6885) |
| &nbsp;&nbsp;&nbsp;Waste Management, Inc. | (84) | (1930236) | 260.00 | April 2026 | (630) |
| &nbsp;&nbsp;&nbsp;WEC Energy Group, Inc. | (226) | (2616402) | 125.00 | April 2026 | (3955) |

---

See accompanying notes to financial statements.

**Sterling Capital Hedged Equity Premium Income ETF**

**Schedule of Written Options (Unaudited) (continued)**

**March 31, 2026**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of**<br> **Contracts** | **Notional**<br> **Amount** | **Notional**<br> **Amount** | **Exercise**<br> **Price** | **Expiration**<br> **Date** | **Fair Value** |
| &nbsp;&nbsp;&nbsp;Williams Companies, Inc. (The) | (530) |  | (3857340) | 83.00 | May 2026 | (7950) |
| &nbsp;&nbsp;&nbsp;WW Grainger, Inc. | (11) |  | (1199891) | 1160.00 | April 2026 | (4202) |
| Total Written Call Options (Premiums Received $691,615) | Total Written Call Options (Premiums Received $691,615) | Total Written Call Options (Premiums Received $691,615) |  |  |  | (776450) |
| WRITTEN PUT OPTIONS (1.00)% |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;State Street SPDR S&P 500 ETF Trust | (790) |  | (51376860) | 480.00 | June 2026 | (167480) |
| &nbsp;&nbsp;&nbsp;State Street SPDR S&P 500 ETF Trust | (790) |  | (51376860) | 480.00 | September 2026 | (411589) |
| &nbsp;&nbsp;&nbsp;State Street SPDR S&P 500 ETF Trust | (790) |  | (51376860) | 480.00 | December 2026 | (647799) |
| &nbsp;&nbsp;&nbsp;State Street SPDR S&P 500 ETF Trust | (790) |  | (51376860) | 480.00 | March 2027 | (846089) |
| Total Written Put Options (Premiums Received $1,640,062) | Total Written Put Options (Premiums Received $1,640,062) | Total Written Put Options (Premiums Received $1,640,062) |  |  |  | (2072957) |
| **Total Written Options (Premiums Received $2,331,679)** | **Total Written Options (Premiums Received $2,331,679)** | **Total Written Options (Premiums Received $2,331,679)** |  |  |  | $**(2849407)** |

---

See accompanying notes to financial statements.

**Sterling Capital Multi-Strategy Income ETF**

**Schedule of Investments (Unaudited)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
| **PREFERRED STOCKS — 0.95%** | **PREFERRED STOCKS — 0.95%** | |
|  | **Insurance — 0.95%** | |
| 43000 | &nbsp;&nbsp;&nbsp;AEGON Funding Company, LLC | $814850 |
| 33000 | &nbsp;&nbsp;&nbsp;Athene Holding Ltd., 5.63% | 779790 |
|  |  | 1594640 |
| Total Preferred Stocks | Total Preferred Stocks | 1594640 |
| (Cost $1,630,032) | (Cost $1,630,032) |  |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount** |  | **Fair Value** |
| **CORPORATE BONDS — 47.19%** | **CORPORATE BONDS — 47.19%** |  |
|  | **AEROSPACE & DEFENSE — 1.69%** |  |
| 1192000 | &nbsp;&nbsp;&nbsp;TransDigm, Inc., 6.00%, 1/15/33(a) | 1191821 |
| 1600000 | &nbsp;&nbsp;&nbsp;Bombardier, Inc., 6.75%, 6/15/33(a) | 1652422 |
|  |  | 2844243 |
|  | **ASSET MANAGEMENT — 1.22%** |  |
| 1188000 | &nbsp;&nbsp;&nbsp;Apollo Debt Solutions BDC, 6.90%, 4/13/29 | 1215443 |
| 874000 | &nbsp;&nbsp;&nbsp;Ares Capital Corp., 5.10%, 1/15/31 | 840500 |
|  |  | 2055943 |
|  | **AUTOMOTIVE — 2.61%** |  |
| 1686000 | &nbsp;&nbsp;&nbsp;American Axle & Manufacturing, Inc., 5.00%, 10/01/29 | 1607706 |
| 1178000 | &nbsp;&nbsp;&nbsp;Phinia, Inc., 6.63%, 10/15/32(a) | 1196320 |
| 1562000 | &nbsp;&nbsp;&nbsp;Adient Global Holdings Ltd., 7.50%, 2/15/33(a) | 1578858 |
|  |  | 4382884 |
|  | **BANKS — 0.97%** |  |
| 1632000 | &nbsp;&nbsp;&nbsp;Citigroup, Inc., 6.63%, 5/15/74(b)(c) | 1629826 |
|  | **BIOTECH & PHARMA — 2.75%** |  |
| 1812000 | &nbsp;&nbsp;&nbsp;Organon & Company / Organon Foreign Debt Co-Issuer, 5.13%, 4/30/31(a) | 1474769 |
| 1541000 | &nbsp;&nbsp;&nbsp;Amneal Pharmaceuticals, LLC, 6.88%, 8/01/32(a) | 1587075 |
| 1600000 | &nbsp;&nbsp;&nbsp;BioMarin Pharmaceutical, Inc., 5.50%, 2/15/34(a) | 1572460 |
|  |  | 4634304 |
|  | **CABLE & SATELLITE — 0.96%** |  |
| 1594000 | &nbsp;&nbsp;&nbsp;CCO Holdings, LLC / CCO Holdings Capital, 7.38%, 3/03/31(a) | 1618994 |
|  | **COMMERCIAL SUPPORT SERVICES — 0.93%** |  |
| 1619000 | &nbsp;&nbsp;&nbsp;ADT Security Corporation (The), 5.88%, 10/15/33(a) | 1567631 |
|  | **COMMUNICATIONS — 0.74%** |  |
| 1182000 | &nbsp;&nbsp;&nbsp;WULF Compute, LLC, 7.75%, 10/15/30(a) | 1249134 |
|  | **CONSTRUCTION MATERIALS — 0.70%** |  |
| 1170000 | &nbsp;&nbsp;&nbsp;Quikrete Holdings, Inc., 6.38%, 3/01/32(a) | 1185806 |
|  | **ELECTRIC UTILITIES — 1.66%** |  |
| 1156000 | &nbsp;&nbsp;&nbsp;Vistra Operations Company, LLC, 7.75%, 10/15/31(a) | 1210758 |
| 1616000 | &nbsp;&nbsp;&nbsp;Alpha Generation, LLC, 6.25%, 1/15/34(a) | 1585995 |
|  |  | 2796753 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **ENTERTAINMENT CONTENT — 0.31%** |  |
| 500000 | &nbsp;&nbsp;&nbsp;OAK-Eagle Acquireco, Inc., 7.25%, 7/01/33(a) | 518713 |
|  | **HEALTH CARE FACILITIES & SERVICES — 1.83%** |  |
| 1352000 | &nbsp;&nbsp;&nbsp;Prime Healthcare Services, Inc., 9.38%, 9/01/29(a) | 1402308 |
| 1611000 | &nbsp;&nbsp;&nbsp;Star Parent, Inc., 9.00%, 10/01/30(a) | 1675445 |
|  |  | 3077753 |
|  | **HOME & OFFICE PRODUCTS — 0.72%** |  |
| 1173000 | &nbsp;&nbsp;&nbsp;Newell Brands, Inc., 8.50%, 6/01/28(a) | 1210457 |
|  | **HOME CONSTRUCTION — 0.93%** |  |
| 1552000 | &nbsp;&nbsp;&nbsp;New Home Company, Inc. (The), 9.25%, 10/01/29(a) | 1565673 |
|  | **INDUSTRIAL SUPPORT SERVICES — 0.97%** |  |
| 1588000 | &nbsp;&nbsp;&nbsp;Herc Holdings, Inc., 7.25%, 6/15/33(a) | 1626515 |
|  | **INSTITUTIONAL FINANCIAL SERVICES — 0.91%** |  |
| 1512000 | &nbsp;&nbsp;&nbsp;Jane Street Group / JSG Finance, Inc., 6.75%, 5/01/33(a) | 1534919 |
|  | **INSURANCE — 5.92%** |  |
| 1140000 | &nbsp;&nbsp;&nbsp;Ohio National Financial Services, Inc., 6.80%, 1/24/30(a) | 1141822 |
| 1637000 | &nbsp;&nbsp;&nbsp;Panther Escrow Issuer, LLC, 7.13%, 6/01/31(a) | 1642263 |
| 1734000 | &nbsp;&nbsp;&nbsp;Global Atlantic Fin Company, 7.95%, 10/15/54(a)(c) | 1669632 |
| 1644000 | &nbsp;&nbsp;&nbsp;American National Group, Inc., 7.00%, 12/01/55(c) | 1558990 |
| 768000 | &nbsp;&nbsp;&nbsp;Reinsurance Group of America, Inc., 6.38%, 9/15/56(c) | 741664 |
| 1922000 | &nbsp;&nbsp;&nbsp;SBL Holdings, Inc., 6.50%, 11/13/74(a)(b)(c) | 1587382 |
| 1597000 | &nbsp;&nbsp;&nbsp;Corebridge Financial, Inc., 6.88%, 12/01/74(c) | 1626909 |
|  |  | 9968662 |
|  | **LEISURE FACILITIES & SERVICES — 0.70%** |  |
| 1192000 | &nbsp;&nbsp;&nbsp;NCL Corporation Ltd., 6.25%, 3/01/30(a) | 1183914 |
|  | **MACHINERY — 0.71%** |  |
| 1189000 | &nbsp;&nbsp;&nbsp;Terex Corporation, 6.25%, 10/15/32(a) | 1193292 |
|  | **OIL & GAS PRODUCERS — 6.47%** |  |
| 1206000 | &nbsp;&nbsp;&nbsp;Wildfire Intermediate Holdings, LLC, 7.50%, 10/15/29(a) | 1221929 |
| 782000 | &nbsp;&nbsp;&nbsp;PBF Holding Company, LLC / PBF Finance Corporation, 9.88%, 3/15/30(a) | 838044 |
| 1200000 | &nbsp;&nbsp;&nbsp;Venture Global Plaquemines LNG, LLC, 6.13%, 12/15/30(a) | 1231955 |
| 903000 | &nbsp;&nbsp;&nbsp;Permian Resources Operating, LLC, 7.00%, 1/15/32(a) | 935536 |
| 1180000 | &nbsp;&nbsp;&nbsp;Ascent Resources Utica Holdings, LLC / ARU Finance, 6.63%, 10/15/32(a) | 1196773 |
| 1212000 | &nbsp;&nbsp;&nbsp;Antero Midstream Partners, L.P. / Antero Midstream, 5.75%, 10/15/33(a) | 1197860 |
| 1251000 | &nbsp;&nbsp;&nbsp;Genesis Energy, L.P. / Genesis Energy Finance, 6.75%, 3/15/34 | 1245135 |
| 802000 | &nbsp;&nbsp;&nbsp;Energy Transfer, L.P., 8.00%, 5/15/54(c) | 840231 |
| 974000 | &nbsp;&nbsp;&nbsp;Venture Global LNG, Inc., 9.00%, 3/30/74(a)(c) | 969530 |
| 1185000 | &nbsp;&nbsp;&nbsp;Sunoco, L.P., 7.88%, 9/18/75(a)(c) | 1209425 |
|  |  | 10886418 |

---

See accompanying notes to financial statements.

**Sterling Capital Multi-Strategy Income ETF**

**Schedule of Investments (Unaudited) (continued)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **OIL & GAS SERVICES & EQUIPMENT — 0.73%** |  |
| 1235000 | &nbsp;&nbsp;&nbsp;Archrock Services, L.P. / Archrock Partners, 6.00%, 2/01/34(a) | 1224159 |
|  | **RETAIL - CONSUMER STAPLES — 0.71%** |  |
| 1189000 | &nbsp;&nbsp;&nbsp;Albertsons Companies, Inc. / Safeway, Inc. / New, 6.25%, 3/15/33(a) | 1196460 |
|  | **RETAIL - DISCRETIONARY — 1.40%** |  |
| 1201000 | &nbsp;&nbsp;&nbsp;Macy's Retail Holdings, LLC, 6.13%, 3/15/32(a) | 1179579 |
| 1204000 | &nbsp;&nbsp;&nbsp;Bath & Body Works, Inc., 6.88%, 11/01/35 | 1177654 |
|  |  | 2357233 |
|  | **SPECIALTY FINANCE — 3.76%** |  |
| 1625000 | &nbsp;&nbsp;&nbsp;OneMain Finance Corporation, 7.88%, 3/15/30 | 1674271 |
| 1437000 | &nbsp;&nbsp;&nbsp;Starwood Property Trust, Inc., 6.50%, 10/15/30(a) | 1456558 |
| 1595000 | &nbsp;&nbsp;&nbsp;Stonebriar A.B.F Issuer, LLC, 8.13%, 12/15/30(a) | 1647579 |
| 1680000 | &nbsp;&nbsp;&nbsp;PennyMac Financial Services, Inc., 5.75%, 9/15/31(a) | 1553220 |
|  |  | 6331628 |
|  | **STEEL — 1.64%** |  |
| 1177000 | &nbsp;&nbsp;&nbsp;Cleveland-Cliffs, Inc., 7.38%, 5/01/33(a) | 1150752 |
| 1622000 | &nbsp;&nbsp;&nbsp;Commercial Metals Company, 5.75%, 11/15/33(a) | 1604697 |
|  |  | 2755449 |
|  | **TECHNOLOGY SERVICES — 1.65%** |  |
| 1717000 | &nbsp;&nbsp;&nbsp;Iron Mountain Information Management Services, 5.00%, 7/15/32(a) | 1620499 |
| 1131000 | &nbsp;&nbsp;&nbsp;CACI International, Inc., 6.38%, 6/15/33(a) | 1150919 |
|  |  | 2771418 |
|  | **TELECOMMUNICATIONS — 1.90%** |  |
| 1199000 | &nbsp;&nbsp;&nbsp;Cipher Compute, LLC, 7.13%, 11/15/30(a) | 1242140 |
| 1213000 | &nbsp;&nbsp;&nbsp;APLD ComputeCo, LLC, 9.25%, 12/15/30(a) | 1250654 |
| 688000 | &nbsp;&nbsp;&nbsp;Black Pearl Compute, LLC, 6.13%, 2/15/31(a) | 700270 |
|  |  | 3193064 |
|  | **TRANSPORTATION & LOGISTICS — 1.70%** |  |
| 1670967 | &nbsp;&nbsp;&nbsp;American Airlines, Inc./AAdvantage Loyalty IP Ltd., 5.75%, 4/20/29(a) | 1661798 |
| 1152000 | &nbsp;&nbsp;&nbsp;Stonepeak Nile Parent, LLC, 7.25%, 3/15/32(a) | 1198189 |
|  |  | 2859987 |
| Total (Cost $81,223,168) | Total (Cost $81,223,168) | 79421232 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount** |  | **Fair Value** |
| **ASSET BACKED SECURITIES — 38.22%** | **ASSET BACKED SECURITIES — 38.22%** |  |
| 107434 | &nbsp;&nbsp;&nbsp;BX Trust 2021-BXMF, Series BXMF, Class D, 5.62%, 10/15/26(a)(d) | 107300 |
| 750000 | &nbsp;&nbsp;&nbsp;PFS Financing Corporation, Series C, Class B, 4.87%, 4/15/28(a)(d) | 750091 |
| 100000 | &nbsp;&nbsp;&nbsp;PFS Financing Corporation, Series B, Class B, 5.71%, 5/15/28(a) | 100152 |
| 496000 | &nbsp;&nbsp;&nbsp;First National Master Note Trust, Series 1, Class A, 5.13%, 4/15/29 | 496162 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount** |  | **Fair Value** |
| **ASSET BACKED SECURITIES —** **(continued)** | **ASSET BACKED SECURITIES —** **(continued)** |  |
| 749000 | &nbsp;&nbsp;&nbsp;PFS Financing Corporation, Series D, Class B, 5.59%, 4/15/29(a) | 757655 |
| 959369 | &nbsp;&nbsp;&nbsp;Morgan Stanley Capital I, Inc., Series BPR2, Class A, 7.29%, 5/05/29(a) | 1002126 |
| 155000 | &nbsp;&nbsp;&nbsp;CarMax Select Receivables Trust 2025-A, Series A, Class A3, 4.77%, 9/17/29 | 156022 |
| 415000 | &nbsp;&nbsp;&nbsp;Santander Drive Auto Receivables Trust 2023-5, Series 5, Class B, 6.16%, 12/17/29 | 418822 |
| 1000000 | &nbsp;&nbsp;&nbsp;PFS Financing Corporation, Series A, Class B, 4.62%, 2/15/30(a)(d) | 999996 |
| 250000 | &nbsp;&nbsp;&nbsp;Harbor Park CLO Ltd., Series 1A, Class CR2, 5.32%, 1/20/31(a)(d) | 249006 |
| 700000 | &nbsp;&nbsp;&nbsp;Hertz Vehicle Financing III, LLC, Series 2A, Class A, 5.48%, 1/27/31(a) | 713531 |
| 225000 | &nbsp;&nbsp;&nbsp;Exeter Automobile Receivables Trust 2024-5, Series 5A, Class D, 5.06%, 2/18/31 | 225025 |
| 700000 | &nbsp;&nbsp;&nbsp;Bridgecrest Lending Auto Securitization Trust, Series 2, Class C, 5.17%, 3/17/31 | 703687 |
| 680000 | &nbsp;&nbsp;&nbsp;Westlake Automobile Receivables Trust 2026-1, Series 1A, Class C, 4.37%, 6/16/31(a) | 674792 |
| 545000 | &nbsp;&nbsp;&nbsp;GLS Auto Select Receivables Trust 2025-3, Series 3A, Class B, 4.81%, 9/15/31(a) | 545497 |
| 470000 | &nbsp;&nbsp;&nbsp;Santander Drive Auto Receivables Trust 2024-3, Series 3, Class D, 5.97%, 10/15/31 | 481149 |
| 1200000 | &nbsp;&nbsp;&nbsp;Hertz Vehicle Financing III, LLC, Series 6A, Class A, 4.89%, 5/25/32(a) | 1199218 |
| 1000000 | &nbsp;&nbsp;&nbsp;American Credit Acceptance Receivables Trust, Series 1, Class C, 4.55%, 1/12/33(a) | 996754 |
| 934000 | &nbsp;&nbsp;&nbsp;Affirm Master Trust, Series 1A, Class A, 4.99%, 2/15/33(a) | 939669 |
| 250000 | &nbsp;&nbsp;&nbsp;SoFi Consumer Loan Program 2025-1 Trust, Series 1, Class B, 5.12%, 2/27/34(a) | 252217 |
| 1059704 | &nbsp;&nbsp;&nbsp;BX Commercial Mortgage Trust 2019-IMC, Series IMC, Class A, 4.72%, 4/15/34(a)(d) | 1054405 |
| 1000000 | &nbsp;&nbsp;&nbsp;Recette Clo Ltd., Series 1A, Class CR3, 5.47%, 4/20/34(a)(d) | 994848 |
| 1500000 | &nbsp;&nbsp;&nbsp;Pikes Peak CLO 6, Series 6A, Class CRR, 5.26%, 5/18/34(a)(d) | 1497444 |
| 1000000 | &nbsp;&nbsp;&nbsp;Madison Park Funding XLV Ltd., Series 45A, Class BRR, 5.32%, 7/15/34(a)(d) | 999089 |
| 517000 | &nbsp;&nbsp;&nbsp;OneMain Financial Issuance Trust 2021-1, Series 1A, Class A1, 1.55%, 6/16/36(a) | 505229 |
| 700000 | &nbsp;&nbsp;&nbsp;OneMain Financial Issuance Trust 2021-1, Series 1A, Class A2, 4.43%, 6/16/36(a)(c)(d) | 700218 |
| 250000 | &nbsp;&nbsp;&nbsp;RR 16 Ltd., Series 16A, Class BR, 5.47%, 7/15/36(a)(d) | 249903 |
| 1500000 | &nbsp;&nbsp;&nbsp;Neuberger Berman Loan Advisers CLO 45 Ltd., Series 45A, Class CR, 5.62%, 10/14/36(a)(d) | 1500117 |
| 1000000 | &nbsp;&nbsp;&nbsp;HONO 2021-LULU Mortgage Trust, Series LULU, Class A, 4.94%, 10/15/36(a)(d) | 989375 |
| 700000 | &nbsp;&nbsp;&nbsp;Neuberger Berman Loan Advisers CLO 38 Ltd., Series 38A, Class CR2, 5.55%, 10/20/36(a)(d) | 699418 |
| 100000 | &nbsp;&nbsp;&nbsp;SREIT Trust 2021-MFP2, Series MFP2, Class C, 5.16%, 11/15/36(a)(d) | 99938 |
| 2000000 | &nbsp;&nbsp;&nbsp;Palmer Square CLO 2020-3 Ltd., Series 3A, Class BR3, 5.60%, 11/15/36(a)(d) | 1998517 |

---

See accompanying notes to financial statements.

**Sterling Capital Multi-Strategy Income ETF**

**Schedule of Investments (Unaudited) (continued)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount** |  | **Fair Value** |
| **ASSET BACKED SECURITIES —** **(continued)** | **ASSET BACKED SECURITIES —** **(continued)** |  |
| 250000 | &nbsp;&nbsp;&nbsp;Madison Park Funding XXXVII Ltd., Series 37A, Class CR2, 6.27%, 4/15/37(a)(d) | 249763 |
| 990000 | &nbsp;&nbsp;&nbsp;Madison Park Funding XLVII Ltd., Series 47A, Class CR, 6.07%, 4/19/37(a)(d) | 989052 |
| 1500000 | &nbsp;&nbsp;&nbsp;Fortress Credit BSL XXVI Ltd., Series 4A, Class B, 5.57%, 1/15/38(a)(d) | 1501555 |
| 1000000 | &nbsp;&nbsp;&nbsp;Sculptor CLO XXVI Ltd., Series 26A, Class BR, 5.52%, 1/20/38(a)(d) | 1000694 |
| 1500000 | &nbsp;&nbsp;&nbsp;OCP CLO 2025-40 Ltd., Series 40A, Class C, 5.37%, 4/16/38(a)(d) | 1494254 |
| 1750000 | &nbsp;&nbsp;&nbsp;Palmer Square CLO 2021-4 Ltd., Series 4A, Class A2R, 5.27%, 7/15/38(a)(d) | 1747819 |
| 1510000 | &nbsp;&nbsp;&nbsp;Sandstone Peak II Ltd., Series 1A, Class BR, 5.42%, 7/20/38(a)(d) | 1508275 |
| 250000 | &nbsp;&nbsp;&nbsp;Oaktree CLO 2023-2 Ltd., Series 2A, Class D1R, 6.72%, 7/20/38(a)(d) | 248405 |
| 1100000 | &nbsp;&nbsp;&nbsp;Anchorage Capital CLO 6 Ltd., Series 6A, Class DR4, 6.72%, 7/22/38(a)(d) | 1088073 |
| 595113 | &nbsp;&nbsp;&nbsp;KIND Trust 2021-KIND, Series KIND, Class B, 5.14%, 8/15/38(a)(d) | 590650 |
| 260000 | &nbsp;&nbsp;&nbsp;BPR Trust 2023-BRK2, Series BRK2, Class A, 6.90%, 10/05/38(a)(c) | 265963 |
| 250000 | &nbsp;&nbsp;&nbsp;Neuberger Berman Loan Advisers CLO 26 Ltd., Series 26A, Class CR, 5.67%, 10/18/38(a)(d) | 249992 |
| 975000 | &nbsp;&nbsp;&nbsp;CARLYLE US CLO 2021-1 LTD, Series 1A, Class BR, 5.67%, 1/15/40(a)(d) | 973756 |
| 1256223 | &nbsp;&nbsp;&nbsp;Tricon Residential 2024-SFR1 Trust, Series SFR1, Class A, 4.65%, 4/17/41(a) | 1242726 |
| 275000 | &nbsp;&nbsp;&nbsp;BX Trust 2024-VLT4, Series VLT4, Class C, 5.81%, 6/15/41(a)(d) | 272852 |
| 791439 | &nbsp;&nbsp;&nbsp;Progress Residential 2024-SFR3 Trust, Series SFR3, Class A, 3.00%, 6/17/41(a) | 749399 |
| 1000000 | &nbsp;&nbsp;&nbsp;COMM 2025-SBX Mortgage Trust, Series SBX, Class A, 5.26%, 8/10/41(a)(c) | 998315 |
| 500000 | &nbsp;&nbsp;&nbsp;ROCK Trust 2024-CNTR, Series CNTR, Class D, 7.11%, 11/13/41(a) | 519569 |
| 1000000 | &nbsp;&nbsp;&nbsp;SWCH Commercial Mortgage Trust 2025-DATA, Series DATA, Class A, 5.12%, 2/15/42(a)(d) | 987500 |
| 500000 | &nbsp;&nbsp;&nbsp;VRTX Trust 2025-HQ, Series HQ, Class D, 6.60%, 8/05/42(a)(c) | 501954 |
| 97648 | &nbsp;&nbsp;&nbsp;Sierra Timeshare 2024-1 Receivables Funding, LLC, Series 1A, Class A, 5.15%, 1/20/43(a) | 98333 |
| 750000 | &nbsp;&nbsp;&nbsp;VDCM Commercial Mortgage Trust 2025-AZ, Series AZ, Class C, 5.45%, 7/13/44(a)(c) | 753830 |
| 1124668 | &nbsp;&nbsp;&nbsp;Hilton Grand Vacations Trust 2025-3EXT, Series 3EXT, Class A, 4.56%, 10/25/44(a) | 1115081 |
| 1000000 | &nbsp;&nbsp;&nbsp;BX Commercial Mortgage Trust 2026-VLT9, Series VLT9, Class A, 5.37%, 3/15/45(a)(d) | 995160 |
| 385000 | &nbsp;&nbsp;&nbsp;Stack Infrastructure Issuer, LLC, Series 2A, Class A2, 5.90%, 7/25/48(a) | 385877 |
| 1975000 | &nbsp;&nbsp;&nbsp;Retained Vantage Data Centers Issuer, LLC, Series 1A, Class A2, 4.99%, 9/15/49(a) | 1920138 |
| 2000000 | &nbsp;&nbsp;&nbsp;CD 2017-CD3 Mortgage Trust, Series CD3, Class A4, 3.63%, 2/10/50 | 1956688 |
| 1850000 | &nbsp;&nbsp;&nbsp;Stack Infrastructure Issuer, LLC, Series 1A, Class A2, 5.00%, 5/25/50(a) | 1822771 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount** |  | **Fair Value** |
| **ASSET BACKED SECURITIES —** **(continued)** | **ASSET BACKED SECURITIES —** **(continued)** |  |
| 1000000 | &nbsp;&nbsp;&nbsp;Benchmark 2018-B1 Mortgage Trust, Series B1, Class AM, 3.88%, 1/15/51(c) | 969319 |
| 1000000 | &nbsp;&nbsp;&nbsp;Benchmark 2018-B2 Mortgage Trust, Series B2, Class AS, 4.08%, 2/15/51(c) | 962559 |
| 122000 | &nbsp;&nbsp;&nbsp;CSAIL 2018-CX12 Commercial Mortgage Trust, Series CX12, Class AS, 4.46%, 8/15/51(c) | 119957 |
| 369213 | &nbsp;&nbsp;&nbsp;SMB Private Education Loan Trust 2024-C, Series C, Class A1A, 5.50%, 6/17/52(a) | 376319 |
| 1290000 | &nbsp;&nbsp;&nbsp;Hotwire Funding, LLC, Series 1A, Class A2, 5.69%, 5/20/53(a) | 1297704 |
| 500000 | &nbsp;&nbsp;&nbsp;Benchmark 2023-V2 Mortgage Trust, Series V2, Class AS, 6.54%, 5/15/55 | 514409 |
| 2135000 | &nbsp;&nbsp;&nbsp;Vantage Data Centers, LLC, Series 1A, Class A2, 5.13%, 8/15/55(a) | 2088798 |
| 500000 | &nbsp;&nbsp;&nbsp;BANK 2022-BNK43, Series BNK43, Class B, 5.15%, 8/15/55(c) | 481652 |
| 1500000 | &nbsp;&nbsp;&nbsp;QTS Issuer A.B.S II, LLC, Series 1A, Class B, 6.73%, 1/05/56(a) | 1484633 |
| 1854888 | &nbsp;&nbsp;&nbsp;SMB Private Education Loan Trust 2024-A, Series A, Class A1A, 5.24%, 3/15/56(a) | 1870498 |
| 1250000 | &nbsp;&nbsp;&nbsp;BMO 2023-5C1 Mortgage Trust, Series 5C1, Class A3, 6.53%, 8/15/56(c) | 1293322 |
| 140000 | &nbsp;&nbsp;&nbsp;Benchmark 2024-V6 Mortgage Trust, Series V6, Class AS, 6.38%, 3/15/57 | 144762 |
| 224000 | &nbsp;&nbsp;&nbsp;BANK5 Trust 2024-5YR6, Series 5YR6, Class AS, 6.79%, 5/15/57 | 234585 |
| 500000 | &nbsp;&nbsp;&nbsp;BANK5 2024-5YR9, Series 5YR9, Class AS, 6.18%, 8/15/57 | 516538 |
| 1700000 | &nbsp;&nbsp;&nbsp;Wells Fargo Commercial Mortgage Trust 2025-5C7, Series 5C7, Class A3, 5.20%, 12/15/58(a) | 1727182 |
| 975000 | &nbsp;&nbsp;&nbsp;BANK 2017-BNK7, Series BNK7, Class AS, 3.75%, 9/15/60 | 944152 |
| Total (Cost $64,722,581) | Total (Cost $64,722,581) | 64312205 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount** |  | **Fair Value** |
| **U.S. GOVERNMENT & AGENCIES — 9.10%** | **U.S. GOVERNMENT & AGENCIES — 9.10%** |  |
| 2780100 | &nbsp;&nbsp;&nbsp;United States Treasury Bill, 0.00%, 6/16/26 | 2758974 |
| 2121642 | &nbsp;&nbsp;&nbsp;Fannie Mae Pool, 5.00%, 3/01/45 | 2123054 |
| 242792 | &nbsp;&nbsp;&nbsp;Fannie Mae Pool, 5.00%, 12/01/45 | 241471 |
| 2087563 | &nbsp;&nbsp;&nbsp;Fannie Mae Pool, 5.50%, 12/01/45 | 2110380 |
| 248015 | &nbsp;&nbsp;&nbsp;Freddie Mac Pool, 5.00%, 8/01/53 | 245646 |
| 223237 | &nbsp;&nbsp;&nbsp;Fannie Mae Pool, 5.50%, 8/01/53 | 224995 |
| 2514223 | &nbsp;&nbsp;&nbsp;Fannie Mae Pool, 5.50%, 6/01/54 | 2547797 |
| 236245 | &nbsp;&nbsp;&nbsp;Fannie Mae Pool, 5.50%, 1/01/55 | 239512 |
| 229317 | &nbsp;&nbsp;&nbsp;Freddie Mac Pool, 6.00%, 2/01/55 | 238297 |
| 2735776 | &nbsp;&nbsp;&nbsp;Freddie Mac Pool, 6.00%, 4/01/55 | 2799846 |
| 1768523 | &nbsp;&nbsp;&nbsp;Fannie Mae Pool, 5.50%, 11/01/55 | 1786208 |
| Total (Cost $15,446,894) | Total (Cost $15,446,894) | 15316180 |

---

---

| | | |
|:---|:---|:---|
| **Principal** <br> **Amount** |  | **Fair Value** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES — 0.67%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES — 0.67%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES — 0.67%** |
| 500000 | &nbsp;&nbsp;&nbsp;JPMCC Commercial Mortgage Securities Trust, Series JP5, Class AS, 3.88%, 3/15/50(c) | 487439 |

---

See accompanying notes to financial statements.

**Sterling Capital Multi-Strategy Income ETF**

**Schedule of Investments (Unaudited) (continued)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
| **Principal** <br> **Amount** |  | **Fair Value** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES — (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES — (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES — (continued)** |
| 650000 | &nbsp;&nbsp;&nbsp;Wells Fargo Commercial Mortgage Trust 2017-C40, Series C40, Class AS, 3.85%, 10/15/50(c) | 632898 |
| Total (Cost $1,126,694) | Total (Cost $1,126,694) | 1120337 |
| **COLLATERALIZED MORTGAGE OBLIGATIONS — 1.44%** | **COLLATERALIZED MORTGAGE OBLIGATIONS — 1.44%** | **COLLATERALIZED MORTGAGE OBLIGATIONS — 1.44%** |
| 2398478 | &nbsp;&nbsp;&nbsp;Government National Mortgage Association, Series 134, Class VE, 5.00%, 8/20/36 | 2416989 |
| Total (Cost $2,437,589) | Total (Cost $2,437,589) | 2416989 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
| **PURCHASED OPTIONS CONTRACTS — 0.20%** | **PURCHASED OPTIONS CONTRACTS — 0.20%** | |
|  | **Put — 0.20%** |  |
| 2056 | &nbsp;&nbsp;&nbsp;iShares iBoxx $ High Yield Corporate Bond ETF, Exercise Price $80.00, Expiration Date 6/22/26 | 333073 |
| Total Put Options Purchased | Total Put Options Purchased | 333073 |
| (Cost $201,586) | (Cost $201,586) |  |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
| **MONEY MARKET FUNDS — 0.95%** | **MONEY MARKET FUNDS — 0.95%** |  |
| 1591772 | &nbsp;&nbsp;&nbsp;Federated Hermes Treasury Obligations Fund, 3.58%(e) | 1591772 |
| Total Money Market Funds | Total Money Market Funds | 1591772 |
| (Cost $1,591,772) | (Cost $1,591,772) |  |
| Total Investments— 98.71% | Total Investments— 98.71% | 166106428 |
| (Cost $168,380,316) | (Cost $168,380,316) |  |
| Other Assets in Excess of Liabilities— 1.29% | Other Assets in Excess of Liabilities— 1.29% | 2171675 |
| **NET ASSETS — 100.00%** | **NET ASSETS — 100.00%** | **168278103** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security
 may be resold in transactions exempt from registration, normally to qualified institutional buyers. The Advisor, using Board approved
 procedures, has deemed these securities or a portion of these securities to be liquid.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Security is perpetual in nature and has no stated maturity date.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The interest rate for this variable rate note, which will change periodically, is based either on the prime
 rate or an index of market rates. The reflected rate is in effect as of March 31, 2026. The maturity date reflected is the final maturity
 date.

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

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

See accompanying notes to financial statements.

**Sterling Capital Multi-Strategy Income ETF**

**Schedule of Written Options (Unaudited)**

**March 31, 2026**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of**<br> **Contracts** | **Notional**<br> **Amount** | **Exercise**<br> **Price** | **Expiration**<br> **Date** | **Fair Value** |
| **WRITTEN OPTIONS (0.14)%** |  |  |  |  |  |
| **WRITTEN PUT OPTIONS (0.14)%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;iShares iBoxx $ High Yield Corporate Bond ETF | (2056) | $(16357536) | $78.00 | June 2026 | $(180928) |
| &nbsp;&nbsp;&nbsp;US 10YR FUT OPTN May 26P TYK6P 110.00 Comdty | (148) | (1642800) | 110.00 | April 2026 | (53188) |
| Total Written Put Options (Premiums Received $141,079) | Total Written Put Options (Premiums Received $141,079) | Total Written Put Options (Premiums Received $141,079) |  |  | (234116) |
| **Total Written Options (Premiums Received $141,078)** | **Total Written Options (Premiums Received $141,078)** | **Total Written Options (Premiums Received $141,078)** |  |  | $**(234116)** |

---

See accompanying notes to financial statements.

**Sterling Capital National Municipal Bond ETF**

**Schedule of Investments (Unaudited)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
| **Principal** <br> **Amount** |  | **Fair Value** |
| **MUNICIPAL BONDS — 96.07%** | **MUNICIPAL BONDS — 96.07%** |  |
|  | **Alabama — 7.31%** |  |
| 2000000 | &nbsp;&nbsp;&nbsp;Black Belt Energy Gas District, 5.00%,7/1/33 | $2090582 |
| 2100000 | &nbsp;&nbsp;&nbsp;County of Jefferson AL Sewer Revenue, 5.50%,10/1/53 | 2183510 |
| 3750000 | &nbsp;&nbsp;&nbsp;Energy Southeast A Cooperative District Series B, 5.25%,7/1/54 | 3998806 |
| 5000000 | &nbsp;&nbsp;&nbsp;Southeast Energy Authority A Cooperative District, 5.00%,1/1/56 | 5028271 |
| 1000000 | &nbsp;&nbsp;&nbsp;Southeast Energy Authority A Cooperative District Series 2025-E, 5.00%,10/1/30 | 1061068 |
|  | **Arizona — 1.81%** |  |
| 3500000 | &nbsp;&nbsp;&nbsp;Chandler Industrial Development Authority, 5.00%,9/1/52 | 3555719 |
|  | **California — 10.61%** |  |
| 3500000 | &nbsp;&nbsp;&nbsp;California Community Choice Financing Authority, 5.00%,2/1/55 | 3761888 |
| 4265000 | &nbsp;&nbsp;&nbsp;California Community Choice Financing Authority, 5.00%,1/1/56 | 4614722 |
| 1515000 | &nbsp;&nbsp;&nbsp;Central Valley Energy Authority, 5.00%,12/1/55 | 1630252 |
| 1905000 | &nbsp;&nbsp;&nbsp;City of Los Angeles Department of Airports, 5.00%,5/15/48 | 2011575 |
| 1500000 | &nbsp;&nbsp;&nbsp;County of Santa Barbara CA, 5.00%,12/1/30 | 1569896 |
| 1700000 | &nbsp;&nbsp;&nbsp;Los Angeles Department of Water & Power, 5.00%,7/1/49 | 1724639 |
| 1490000 | &nbsp;&nbsp;&nbsp;San Francisco City & County Airport Comm-San, 5.00%,5/1/32 | 1636509 |
| 3755000 | &nbsp;&nbsp;&nbsp;Southern California Public Power Authority, 5.00%,4/1/55 | 3914293 |
|  | **Colorado — 2.20%** |  |
| 2000000 | &nbsp;&nbsp;&nbsp;City & County of Denver CO Airport System Revenue, 5.25%,11/15/53 | 2071703 |
| 2150000 | &nbsp;&nbsp;&nbsp;Colorado Health Facilities Authority, 5.00%,11/1/41 | 2258288 |
|  | **District of Columbia — 1.80%** |  |
| 3500000 | &nbsp;&nbsp;&nbsp;Metropolitan Washington Airports Authority, 5.00%,10/1/50 | 3528925 |
|  | **Florida — 5.38%** |  |
| 1825000 | &nbsp;&nbsp;&nbsp;County of Miami-Dade FL Aviation Revenue, 5.25%,10/1/55 | 1880356 |
| 2000000 | &nbsp;&nbsp;&nbsp;County of Miami-Dade FL Water & Sewer System, 5.00%,10/1/55 | 2048624 |
| 1180000 | &nbsp;&nbsp;&nbsp;Hillsborough County Aviation Authority, 5.50%,10/1/54 | 1237172 |
| 2500000 | &nbsp;&nbsp;&nbsp;JEA Water & Sewer System Revenue, 4.00%,10/1/39 | 2404645 |
| 2800000 | &nbsp;&nbsp;&nbsp;School District of Broward County/FL, 5.00%,7/1/32 | 2998650 |
|  | **Georgia — 5.70%** |  |
| 2630000 | &nbsp;&nbsp;&nbsp;City of Atlanta GA Department of Aviation, 5.25%,7/1/54 | 2711607 |
| 3810000 | &nbsp;&nbsp;&nbsp;Georgia Housing & Finance Authority, 4.70%,12/1/55 | 3692926 |
| 4600000 | &nbsp;&nbsp;&nbsp;Main Street Natural Gas, Inc., 5.00%,5/1/55 | 4825670 |

---

---

| | | |
|:---|:---|:---|
| **Principal** <br> **Amount** |  | **Fair Value** |
| **MUNICIPAL BONDS — (continued)** | **MUNICIPAL BONDS — (continued)** |  |
|  | **Illinois — 5.27%** |  |
| 1655000 | &nbsp;&nbsp;&nbsp;Chicago O'Hare International Airport, 5.50%,1/1/59 | 1709251 |
| 1925000 | &nbsp;&nbsp;&nbsp;Sales Tax Securitization Corporation, 5.00%,1/1/33 | 2039704 |
| 3000000 | &nbsp;&nbsp;&nbsp;State of Illinois, 5.00%,2/1/36 | 3261191 |
| 3000000 | &nbsp;&nbsp;&nbsp;State of Illinois Sales Tax Revenue, 5.00%,6/15/34 | 3342260 |
|  | **Indiana — 2.24%** |  |
| 3000000 | &nbsp;&nbsp;&nbsp;City of Whiting IN, 4.20%,6/1/44 | 3086763 |
| 1300000 | &nbsp;&nbsp;&nbsp;Indiana Finance Authority, 5.00%,10/1/53 | 1309548 |
|  | **Kentucky — 1.71%** |  |
| 3465000 | &nbsp;&nbsp;&nbsp;Shelby County School District Finance Corporation, 4.00%,8/1/38 | 3386010 |
|  | **Maryland — 1.69%** |  |
| 3200000 | &nbsp;&nbsp;&nbsp;Maryland Health & Higher Educational Facilities, 5.25%,5/15/55 | 3332032 |
|  | **Massachusetts — 6.15%** |  |
| 2000000 | &nbsp;&nbsp;&nbsp;Commonwealth of Massachusetts, 5.00%,8/1/50 | 2080481 |
| 3500000 | &nbsp;&nbsp;&nbsp;Massachusetts Development Finance Agency, 5.00%,7/1/36 | 3509301 |
| 3500000 | &nbsp;&nbsp;&nbsp;Massachusetts Development Finance Agency, 5.00%,7/1/43 | 3541114 |
| 2830000 | &nbsp;&nbsp;&nbsp;Massachusetts Port Authority, 5.00%,7/1/34 | 2959520 |
|  | **Michigan — 1.73%** |  |
| 3330000 | &nbsp;&nbsp;&nbsp;University of Michigan, 5.00%,4/1/48 | 3405612 |
|  | **New Jersey — 2.15%** |  |
| 2430000 | &nbsp;&nbsp;&nbsp;New Jersey Economic Development Authority, 5.00%,6/15/48 | 2473296 |
| 1785000 | &nbsp;&nbsp;&nbsp;New Jersey Housing & Mortgage Finance Agency, 4.70%,10/1/50 | 1743368 |
|  | **New Mexico — 2.55%** |  |
| 4750000 | &nbsp;&nbsp;&nbsp;New Mexico Municipal Energy Acquisition Authority, 5.00%,6/1/54 | 5007605 |
|  | **New York — 11.54%** |  |
| 2935000 | &nbsp;&nbsp;&nbsp;City of New York NY, 5.00%,9/1/44 | 3091300 |
| 2135000 | &nbsp;&nbsp;&nbsp;Metropolitan Transportation Authority, 5.00%,11/15/50 | 2148366 |
| 2000000 | &nbsp;&nbsp;&nbsp;Metropolitan Transportation Authority Dedicated, 5.00%,11/15/56 | 2005568 |
| 1795000 | &nbsp;&nbsp;&nbsp;New York City Housing Development Corporation, 4.80%,11/1/55 | 1759887 |
| 3000000 | &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority, 5.00%,11/1/33 | 3379215 |
| 3500000 | &nbsp;&nbsp;&nbsp;New York Transportation Development Corporation, 5.00%,10/1/35 | 3646993 |
| 1500000 | &nbsp;&nbsp;&nbsp;New York Transportation Development Corporation, 4.00%,12/1/38 | 1430697 |
| 2235000 | &nbsp;&nbsp;&nbsp;Port Authority of New York & New Jersey, 5.00%,7/15/53 | 2304135 |
| 2965000 | &nbsp;&nbsp;&nbsp;State of New York Mortgage Agency Homeowner, 4.65%,10/1/50 | 2910884 |
|  | **North Carolina — 1.81%** |  |
| 1000000 | &nbsp;&nbsp;&nbsp;Nash Health Care Systems, 5.25%,2/1/55 | 1014035 |
| 2540000 | &nbsp;&nbsp;&nbsp;North Carolina Turnpike Authority, 5.00%,1/1/58 | 2538743 |

---

See accompanying notes to financial statements.

**Sterling Capital National Municipal Bond ETF**

**Schedule of Investments (Unaudited) (continued)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
| **Principal** <br> **Amount** |  | **Fair Value** |
| **MUNICIPAL BONDS — (continued)** | **MUNICIPAL BONDS — (continued)** |  |
|  | **Ohio — 1.68%** |  |
| 3000000 | &nbsp;&nbsp;&nbsp;State of Ohio, 5.00%,11/1/39 | 3319777 |
|  | **Oregon — 0.78%** |  |
| 1490000 | &nbsp;&nbsp;&nbsp;City of Portland OR Sewer System Revenue, 5.00%,10/1/54 | 1529900 |
|  | **Pennsylvania — 2.30%** |  |
| 3500000 | &nbsp;&nbsp;&nbsp;Pennsylvania Turnpike Commission, 5.00%,12/1/46 | 3513939 |
| 1000000 | &nbsp;&nbsp;&nbsp;Pennsylvania Turnpike Commission, 5.50%,12/1/46 | 1007416 |
|  | **South Carolina — 1.58%** |  |
| 3000000 | &nbsp;&nbsp;&nbsp;South Carolina Jobs-Economic Development Authority, 5.25%,11/1/54 | 3116156 |
|  | **Texas — 14.06%** |  |
| 2360000 | &nbsp;&nbsp;&nbsp;Central Texas Turnpike System, 5.00%,8/15/34 | 2634684 |
| 1910000 | &nbsp;&nbsp;&nbsp;City of Houston TX Airport System Revenue, 5.50%,7/1/55 | 1994115 |
| 3200000 | &nbsp;&nbsp;&nbsp;City of Houston TX Airport System Revenue, 5.25%,7/15/30 | 3348939 |
| 2165000 | &nbsp;&nbsp;&nbsp;City of Houston TX Hotel Occupancy Tax & Special, 5.00%,9/1/37 | 2406480 |
| 2100000 | &nbsp;&nbsp;&nbsp;Dallas Fort Worth International Airport, 5.00%,11/1/34 | 2318954 |
| 1270000 | &nbsp;&nbsp;&nbsp;Love Field Airport Modernization Corporation, 5.00%,11/1/29 | 1346742 |
| 2000000 | &nbsp;&nbsp;&nbsp;Lower Colorado River Authority, 5.00%,5/15/44 | 2016908 |
| 2620000 | &nbsp;&nbsp;&nbsp;Spring Independent School District, 5.25%,8/15/55 | 2750640 |
| 2000000 | &nbsp;&nbsp;&nbsp;State of Texas, 4.00%,8/1/33 | 2040361 |
| 2120000 | &nbsp;&nbsp;&nbsp;Texas Department of Housing & Community Affairs, 3.65%,1/1/37 | 2038541 |
| 2000000 | &nbsp;&nbsp;&nbsp;Texas Municipal Gas Acquisition & Supply Series A, 5.50%,1/1/54 | 2111222 |
| 2500000 | &nbsp;&nbsp;&nbsp;Texas Municipal Gas Acquisition & Supply, 5.00%,1/1/55 | 2655768 |
|  | **Utah — 1.02%** |  |
| 2000000 | &nbsp;&nbsp;&nbsp;City of Salt Lake City UT Airport Revenue, 5.00%,7/1/47 | 2000315 |
|  | **Virginia — 1.02%** |  |
| 1990000 | &nbsp;&nbsp;&nbsp;Henrico County Economic Development Authority, 5.00%,11/1/48 | 2007152 |
|  | **Washington — 1.18%** |  |
| 2250000 | &nbsp;&nbsp;&nbsp;Port of Seattle WA, 5.25%,7/1/49 | 2320210 |
|  | **West Virginia — 0.80%** |  |
| 1500000 | &nbsp;&nbsp;&nbsp;West Virginia Hospital Finance Authority, 5.50%,6/1/50 | 1567531 |
| Total (Cost $191,914,623) | Total (Cost $191,914,623) | 188902925 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
| **MONEY MARKET FUNDS — 5.00%** | **MONEY MARKET FUNDS — 5.00%** |  |
| 9834365 | Federated Hermes Treasury Obligations Fund, 3.58%(a) | 9834365 |

---

---

| | |
|:---|:---|
| **Principal** <br> **Amount** | **Fair Value** |
| **MUNICIPAL BONDS —** **(continued)** |  |
| Total Money Market Funds | 9834365 |
| (Cost $9,834,365) |  |
| Total Investments— 101.07% | 198737290 |
| (Cost $201,748,988) |  |
| Liabilities in Excess of Other Assets — (1.07)% | (2107949) |
| **NET ASSETS — 100.00%** | **196629341** |

---

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

See accompanying notes to financial statements.

**Guardian Capital Dividend Growth Fund**

**Schedule of Investments (Unaudited)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
| **COMMON STOCKS — 98.56%** | **COMMON STOCKS — 98.56%** |  |
|  | **Banks — 6.53%** |  |
| 19129 | &nbsp;&nbsp;&nbsp;ICICI Bank Ltd. - ADR | $495441 |
| 10407 | &nbsp;&nbsp;&nbsp;Royal Bank of Canada | 1682018 |
| 3824 | &nbsp;&nbsp;&nbsp;Oracle Corp. | 562549 |
|  |  | 2740008 |
|  | **Biotech & Pharma — 5.82%** |  |
| 3244 | &nbsp;&nbsp;&nbsp;AbbVie, Inc. | 705538 |
| 1007 | &nbsp;&nbsp;&nbsp;Amgen, Inc. | 354313 |
| 5785 | &nbsp;&nbsp;&nbsp;AstraZeneca PLC - ADR | 1140917 |
| 4995 | &nbsp;&nbsp;&nbsp;Sanofi - ADR | 240659 |
|  |  | 2441427 |
|  | **Chemicals — 0.75%** |  |
| 1077 | &nbsp;&nbsp;&nbsp;Air Products & Chemicals, Inc. | 312858 |
|  | **Commercial Support Services — 4.97%** |  |
| 5359 | &nbsp;&nbsp;&nbsp;Republic Services, Inc. | 1173729 |
| 3987 | &nbsp;&nbsp;&nbsp;Waste Management, Inc. | 916173 |
|  |  | 2089902 |
|  | **Diversified Industrials — 0.63%** |  |
| 1014 | &nbsp;&nbsp;&nbsp;Illinois Tool Works, Inc. | 263934 |
|  | **Electric Utilities — 1.57%** |  |
| 1205 | &nbsp;&nbsp;&nbsp;Vistra Corp. | 181148 |
| 4128 | &nbsp;&nbsp;&nbsp;WEC Energy Group, Inc. | 477898 |
|  |  | 659046 |
|  | **Electrical Equipment — 2.29%** |  |
| 17693 | &nbsp;&nbsp;&nbsp;Schneider Electric S.E. - ADR | 963030 |
|  | **Electronic Equipment, Instruments & Components — 0.88%** |  |
| 2921 | &nbsp;&nbsp;&nbsp;Amphenol Corp., Class A | 369068 |
|  | **Hotels, Restaurants & Leisure — 3.29%** |  |
| 2842 | &nbsp;&nbsp;&nbsp;Darden Restaurants, Inc. | 557146 |
| 2637 | &nbsp;&nbsp;&nbsp;McDonald's Corp. | 819553 |
|  |  | 1376699 |
|  | **Household Products — 1.52%** |  |
| 2243 | &nbsp;&nbsp;&nbsp;Procter & Gamble Co. (The) | 323979 |
| 5543 | &nbsp;&nbsp;&nbsp;Unilever PLC - ADR | 315785 |
|  |  | 639764 |
|  | **Industrial Support Services — 1.00%** |  |
| 383 | &nbsp;&nbsp;&nbsp;W.W. Grainger, Inc. | 417780 |
|  | **Insurance — 11.22%** |  |
| 4461 | &nbsp;&nbsp;&nbsp;Allianz S.E. | 1852563 |
| 43688 | &nbsp;&nbsp;&nbsp;AXA S.A. | 1981411 |
| 6507 | &nbsp;&nbsp;&nbsp;Hartford Insurance Group, Inc. (The) | 879942 |
|  |  | 4713916 |
|  | **Internet Media & Services — 6.19%** |  |
| 6083 | &nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | 1749227 |
| 1484 | &nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | 849041 |
|  |  | 2598268 |
|  | **Machinery — 1.18%** |  |
| 551 | &nbsp;&nbsp;&nbsp;Parker-Hannifin Corp. | 493277 |
|  | **Oil & Gas Producers — 12.68%** |  |
| 13882 | &nbsp;&nbsp;&nbsp;Shell PLC - ADR | 1291026 |
| 20380 | &nbsp;&nbsp;&nbsp;TotalEnergies S.E. | 1854172 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
| **COMMON STOCKS —** **(continued)** | **COMMON STOCKS —** **(continued)** |  |
| 29901 | &nbsp;&nbsp;&nbsp;Williams Cos., Inc. (The) | 2176195 |
|  |  | 5321393 |
|  | **Pharmaceuticals — 3.91%** |  |
| 390 | &nbsp;&nbsp;&nbsp;Eli Lilly & Co. | 358710 |
| 5253 | &nbsp;&nbsp;&nbsp;Johnson & Johnson | 1284044 |
|  |  | 1642754 |
|  | **Retail - Consumer Staples — 4.90%** |  |
| 2061 | &nbsp;&nbsp;&nbsp;Costco Wholesale Corp. | 2053642 |
|  | **Retail - Discretionary — 2.19%** |  |
| 5769 | &nbsp;&nbsp;&nbsp;TJX Companies, Inc. (The) | 921309 |
|  | **Semiconductors — 9.65%** |  |
| 1419 | &nbsp;&nbsp;&nbsp;ASML Holding N.V. | 1874258 |
| 7042 | &nbsp;&nbsp;&nbsp;Broadcom, Inc. | 2179569 |
|  |  | 4053827 |
|  | **Software — 4.53%** |  |
| 5138 | &nbsp;&nbsp;&nbsp;Microsoft Corp. | 1901933 |
|  | **Specialized REITs — 2.76%** |  |
| 1183 | &nbsp;&nbsp;&nbsp;Equinix, Inc. | 1159624 |
|  | **Specialty Retail — 1.53%** |  |
| 1956 | &nbsp;&nbsp;&nbsp;Home Depot, Inc. (The) | 643309 |
|  | **Technology Hardware — 6.51%** |  |
| 8959 | &nbsp;&nbsp;&nbsp;Apple, Inc. | 2273705 |
| 1057 | &nbsp;&nbsp;&nbsp;Motorola Solutions, Inc. | 458706 |
|  |  | 2732411 |
|  | **Technology Services — 2.06%** |  |
| 1727 | &nbsp;&nbsp;&nbsp;MasterCard, Inc., Class A | 862913 |
| Total Common Stocks | Total Common Stocks | 41372092 |
| (Cost $35,080,614) | (Cost $35,080,614) |  |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
| **MONEY MARKET FUNDS — 1.35%** | **MONEY MARKET FUNDS — 1.35%** |  |
| 565566 | &nbsp;&nbsp;&nbsp;Morgan Stanley Institutional Liquidity Funds Treasury Securities Portfolio, Institutional Class, 3.53%(a) | 565566 |
| Total Money Market Funds | Total Money Market Funds | 565566 |
| (Cost $565,566) | (Cost $565,566) |  |
| Total Investments— 99.91% | Total Investments— 99.91% | 41937658 |
| (Cost $35,646,180) | (Cost $35,646,180) |  |
| Other Assets in Excess of Liabilities— 0.09% | Other Assets in Excess of Liabilities— 0.09% | 38200 |
| **NET ASSETS — 100.00%** | **NET ASSETS — 100.00%** | **41975858** |

---

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

ADR — American Depositary Receipt.

See accompanying notes to financial statements.

**STERLING CAPITAL FUNDS**

**STATEMENTS OF ASSETS AND LIABILITIES (Unaudited) March 31, 2026**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Sterling Capital<br> Behavioral Large<br> Cap Value Equity<br> Fund** | **Sterling Capital** <br> **Behavioral Small** <br> **Cap Value Equity** <br> **Fund** | **Sterling Capital<br> Special**<br> **Opportunities Fund** | **Sterling Capital<br> Equity Income<br> Fund** | **Sterling Capital<br> Mid Cap Relative<br> Value Fund** |
| **Assets:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments, at fair value (a) | $63653683 | $69423760 | $312098837 | $617938734 | $51793511 |
| &nbsp;&nbsp;&nbsp;Receivable for capital shares issued |  | 38 | 15569 | 65167 | 1758 |
| &nbsp;&nbsp;&nbsp;Interest and dividends receivable | 73718 | 88320 | 145220 | 623086 | 33821 |
| &nbsp;&nbsp;&nbsp;Prepaid and other expenses | 25645 | 21530 | 52465 | 71594 | 22437 |
| Total Assets | 63753046 | 69533648 | 312312091 | 629422475 | 51851527 |
| **Liabilities:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Payable for capital shares redeemed | 18781 |  | 309638 | 1978436 | 1827 |
| Accrued expenses and other payables: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fees | 22202 | 8399 | 156076 | 279594 | 26179 |
| &nbsp;&nbsp;&nbsp;Administration fees | 5986 | 28164 | 26988 | 55176 | 2885 |
| &nbsp;&nbsp;&nbsp;Compliance service fees | 546 | 1152 | 4156 | 12982 | 979 |
| &nbsp;&nbsp;&nbsp;Custodian fees | 196 | 702 | 2350 | 13256 | 574 |
| &nbsp;&nbsp;&nbsp;Distribution (12b-1) fees | 10213 | 1398 | 59743 | 85330 | 3618 |
| &nbsp;&nbsp;&nbsp;Audit fees | 2329 | 5776 | 17556 | 49849 | 2574 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees | 1905 | 1846 | 7109 | 29715 | 1822 |
| &nbsp;&nbsp;&nbsp;Trustee fees |  | 884 |  | 396 |  |
| &nbsp;&nbsp;&nbsp;Other fees and liabilities |  | 1232 | 28566 | 237944 | 1529 |
| Total Liabilities | 62158 | 49553 | 612182 | 2742678 | 41987 |
| Net Assets | $63690888 | $69484095 | $311699909 | $626679797 | $51809540 |
| **Net Assets consist of:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Capital** | $57717047 | $46634362 | $174616246 | $388899281 | $28232241 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings | 5973841 | 22849733 | 137083663 | 237780516 | 23577299 |
| Net Assets | $63690888 | $69484095 | $311699909 | $626679797 | $51809540 |
| **Net Assets** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A Shares | 47594767 | 6243071 | 227956698 | 265349218 | 16581773 |
| &nbsp;&nbsp;&nbsp;Class C Shares | 107020 | 90798 | 11244072 | 30831841 | 239161 |
| &nbsp;&nbsp;&nbsp;Class Institutional Shares | 7533844 | 6350210 | 53589368 | 292905049 | 34730672 |
| &nbsp;&nbsp;&nbsp;Class R6 Shares | 8455257 | 56800016 | 18909771 | 37593689 | 257934 |
| Total | 63690888 | 69484095 | 311699909 | 626679797 | 51809540 |
| **Shares of Beneficial Interest Outstanding (Unlimited number of shares authorized, no par value)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A Shares | 1262674 | 312669 | 10910609 | 15514922 | 286680 |
| &nbsp;&nbsp;&nbsp;Class C Shares | 2957 | 4912 | 1040915 | 1835396 | 4398 |
| &nbsp;&nbsp;&nbsp;Class Institutional Shares | 198259 | 313223 | 2221115 | 17015985 | 594466 |
| &nbsp;&nbsp;&nbsp;Class R6 Shares | 221948 | 2794090 | 782252 | 2178744 | 4410 |
| Total | 1685838 | 3424894 | 14956539 | 36545047 | 889954 |
| **Net Asset Value** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A Shares - redemption price per share | $37.69 | $19.97 | $20.89 | $17.11 | $57.84 |
| &nbsp;&nbsp;&nbsp;Class C Shares - Offering price per share\* | $36.20 | $18.49 | $10.79 | $16.80 | $54.38 |
| &nbsp;&nbsp;&nbsp;Class Institutional Shares | $38.00 | $20.27 | $24.13 | $17.21 | $58.42 |
| &nbsp;&nbsp;&nbsp;Class R6 Shares | $38.10 | $20.33 | $24.17 | $17.26 | $58.49 |
| Maximum Offering Price (100%/(100% - Maximum Sales Charge)) of net asset value adjusted to the nearest cent per share - Class A Shares | $39.99 | $21.19 | $22.16 | $18.15 | $61.37 |
| (a) Investments at cost | $54041853 | $58994553 | $198985185 | $455241289 | $31021704 |

---

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

See accompanying notes to financial statements.

**STERLING CAPITAL FUNDS**

**STATEMENTS OF ASSETS AND LIABILITIES (Unaudited) March 31, 2026**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Sterling Capital<br> Real Estate Fund** | **Sterling Capital<br> Small Cap Value<br> Fund** | **Sterling Capital<br> Intermediate U.S.<br> Government Fund** | **Sterling Capital<br> Total Return Bond<br> Fund** | &nbsp;&nbsp; **Sterling Capital**<br> **Long Duration**<br> **Corporate Bond**<br> **Fund** |
| **Assets:** |  |  |  |  |  |
| &nbsp;&nbsp;Investments, at fair value (a) | $59251715 | $174300089 | $20335805 | $1511954169 | $55763266 |
| &nbsp;&nbsp;Cash at broker for futures transactions |  |  |  | 2196737 | 50000 |
| &nbsp;&nbsp;Receivable for investments sold |  |  |  | 1777335 | 204655 |
| &nbsp;&nbsp;Receivable for capital shares issued | 99 | 324693 |  | 2327529 |  |
| &nbsp;&nbsp;Interest and dividends receivable | 205541 | 219144 | 66769 | 9677791 | 785908 |
| &nbsp;&nbsp;Prepaid and other expenses | 17983 | 34787 | 7471 | 97719 | 8929 |
| Total Assets | 59475338 | 174878713 | 20410045 | 1528168436 | 56825453 |
| **Liabilities:** |  |  |  |  |  |
| &nbsp;&nbsp;Distributions payable |  |  | 3009 | 988055 | 820 |
| &nbsp;&nbsp;Payable for investments purchased |  |  |  | 12937309 | 739564 |
| &nbsp;&nbsp;Payable for capital shares redeemed | 5355 | 292047 | 2380 | 37741261 | 449 |
| Accrued expenses and other payables: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment advisory fees | 31432 | 108670 | 2219 | 446 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Administration fees | 3562 | 13021 | 1376 | 315790 | 18423 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compliance service fees | 706 | 2257 | 291 | 15655 | 585 |
| &nbsp;&nbsp;&nbsp;&nbsp;Custodian fees | 542 | 1110 | 132 | 10886 | 260 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution (12b-1) fees | 165 | 2311 | 627 | 10718 | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp;Audit fees | 2741 | 7635 | 600 | 67568 | 1848 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfer agent fees | 1119 | 1404 | 333 | 9957 | 105 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trustee fees |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other fees and liabilities | 1795 | 20869 | (340) | 25978 | (3773) |
| Total Liabilities | 47417 | 449324 | 10627 | 52123623 | 758339 |
| Net Assets | $59427921 | $174429389 | $20399418 | $1476044813 | $56067114 |
| **Net Assets consist of:** |  |  |  |  |  |
| &nbsp;&nbsp;**Capital** | $31835530 | $43732702 | $22965297 | $1634518255 | $65840955 |
| &nbsp;&nbsp;Total distributable earnings | 27592391 | 130696687 | (2565879) | (158473442) | (9773841) |
| Net Assets | $59427921 | $174429389 | $20399418 | $1476044813 | $56067114 |
| **Net Assets** |  |  |  |  |  |
| &nbsp;&nbsp;Class A Shares | 486667 | 2360364 | 2953356 | 42293548 | 266378 |
| &nbsp;&nbsp;Class C Shares | 70526 | 2193266 | 30731 | 2537130 | 2794 |
| &nbsp;&nbsp;Class Institutional Shares | 58799738 | 163095880 | 17415331 | 947266311 | 141868 |
| &nbsp;&nbsp;Class R6 Shares | 70990 | 6779879 |  | 483947824 | 55656074 |
| Total | 59427921 | 174429389 | 20399418 | 1476044813 | 56067114 |
| **Shares of Beneficial Interest Outstanding (Unlimited number of shares authorized, no par value)** |  |  |  |  |  |
| &nbsp;&nbsp;Class A Shares | 14198 | 62963 | 332010 | 4537808 | 39697 |
| &nbsp;&nbsp;Class C Shares | 2076 | 71753 | 3461 | 271791 | 417 |
| &nbsp;&nbsp;Class Institutional Shares | 1709529 | 4235138 | 1956965 | 101588428 | 21167 |
| &nbsp;&nbsp;Class R6 Shares | 2052 | 174620 |  | 51907687 | 8294010 |
| Total | 1727855 | 4544474 | 2292436 | 158305714 | 8355291 |
| **Net Asset Value** |  |  |  |  |  |
| &nbsp;&nbsp;Class A Shares - redemption price per share | $34.28 | $37.49 | $8.90 | $9.32 | $6.71 |
| &nbsp;&nbsp;Class C Shares - Offering price per share\* | $33.97 | $30.57 | $8.88 | $9.34 | $6.70 |
| &nbsp;&nbsp;Class Institutional Shares | $34.40 | $38.51 | $8.90 | $9.33 | $6.70 |
| &nbsp;&nbsp;Class R6 Shares | $34.60 | $38.83 |  | $9.32 | $6.71 |
| Maximum Offering Price (100%/(100% - Maximum Sales Charge)) of net asset value adjusted to the nearest cent per share - Class A Shares | $36.37 | $39.78 | $9.08 | $9.51 | $6.85 |
| (a) Investments at cost | $33918460 | $57634606 | $20924343 | $1533361103 | $59452332 |

---

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

See accompanying notes to financial statements.

**STERLING CAPITAL FUNDS**

**STATEMENTS OF ASSETS AND LIABILITIES (Unaudited) March 31, 2026**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Sterling Capital<br> Quality Income<br> Fund** | **Sterling Capital<br> North Carolina<br> Intermediate<br> Tax-Free Fund** | **Sterling Capital<br> South Carolina<br> Intermediate<br> Tax-Free Fund** | **Sterling Capital<br> Virginia<br> Intermediate<br> Tax-Free Fund** | **Sterling Capital<br> West Virginia<br> Intermediate<br> Tax-Free Fund** |
| **Assets:** |  |  |  |  |  |
| &nbsp;&nbsp;Investments, at fair value (a) | $145833658 | $114819174 | $22214756 | $31662981 | $47613261 |
| &nbsp;&nbsp;Cash at broker for futures transactions | 98004 |  |  |  |  |
| &nbsp;&nbsp;Receivable for investments sold |  |  | 515477 |  |  |
| &nbsp;&nbsp;Receivable for capital shares issued | 114831 | 50064 |  |  |  |
| &nbsp;&nbsp;Interest and dividends receivable | 581335 | 1634684 | 241556 | 409358 | 777502 |
| &nbsp;&nbsp;Prepaid and other expenses | 29992 | 12700 | 7230 | 10354 | 2869 |
| Total Assets | 146665242 | 116516622 | 22979019 | 32082693 | 48393632 |
| **Liabilities:** |  |  |  |  |  |
| &nbsp;&nbsp;Distributions payable | 86551 | 92657 | 12479 | 46386 | 64386 |
| &nbsp;&nbsp;Payable for investments purchased |  | 1720815 | 514278 |  |  |
| &nbsp;&nbsp;Payable for capital shares redeemed | 117976 | 128432 | 80778 | 2875 | 6261 |
| Accrued expenses and other payables: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment advisory fees | 39042 | 36387 | 7038 | 10179 | 15302 |
| &nbsp;&nbsp;&nbsp;&nbsp;Administration fees | 8120 | 6425 | 1351 | 1868 | 2863 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compliance service fees | 1515 | 1273 | 357 | 467 | 596 |
| &nbsp;&nbsp;&nbsp;&nbsp;Custodian fees | 880 | 988 | 186 | 394 | 3593 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution (12b-1) fees | 46 | 4543 | 830 | 1723 | 4000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Audit fees | 6490 | 5455 | 718 | 1530 | 2013 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfer agent fees | 232 | 565 | 128 | 264 | 307 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trustee fees |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other fees and liabilities | 9599 | 2865 | 985 | 2185 | (3314) |
| Total Liabilities | 270451 | 2000405 | 619128 | 67871 | 96007 |
| Net Assets | $146394791 | $114516217 | $22359891 | $32014822 | $48297625 |
| **Net Assets consist of:** |  |  |  |  |  |
| &nbsp;&nbsp;**Capital** | $153693119 | $121131556 | $24050323 | $34686932 | $51526636 |
| &nbsp;&nbsp;Total distributable earnings | (7298328) | (6615339) | (1690432) | (2672110) | (3229011) |
| Net Assets | $146394791 | $114516217 | $22359891 | $32014822 | $48297625 |
| **Net Assets** |  |  |  |  |  |
| &nbsp;&nbsp;Class A Shares | 70025 | 19079197 | 3584791 | 8044881 | 18711626 |
| &nbsp;&nbsp;Class C Shares | 40157 | 517225 | 76094 | 5654 | 1913 |
| &nbsp;&nbsp;Class Institutional Shares | 146284609 | 94919795 | 18699006 | 23964287 | 29584086 |
| &nbsp;&nbsp;Class R6 Shares |  |  |  |  |  |
| Total | 146394791 | 114516217 | 22359891 | 32014822 | 48297625 |
| **Shares of Beneficial Interest Outstanding (Unlimited number of shares authorized, no par value)** |  |  |  |  |  |
| &nbsp;&nbsp;Class A Shares | 7697 | 1894270 | 342751 | 730373 | 1979684 |
| &nbsp;&nbsp;Class C Shares | 4411 | 51390 | 7281 | 514 | 202 |
| &nbsp;&nbsp;Class Institutional Shares | 16049173 | 9425645 | 1800337 | 2176179 | 3126965 |
| &nbsp;&nbsp;Class R6 Shares |  |  |  |  |  |
| Total | 16061281 | 11371305 | 2150369 | 2907066 | 5106851 |
| **Net Asset Value** |  |  |  |  |  |
| &nbsp;&nbsp;Class A Shares - redemption price per share | $9.10 | $10.07 | $10.46 | $11.01 | $9.45 |
| &nbsp;&nbsp;Class C Shares - Offering price per share\* | $9.10 | $10.06 | $10.45 | $11.00 | $9.47 |
| &nbsp;&nbsp;Class Institutional Shares | $9.11 | $10.07 | $10.39 | $11.01 | $9.46 |
| &nbsp;&nbsp;Class R6 Shares |  |  |  |  |  |
| Maximum Offering Price (100%/(100% - Maximum Sales Charge)) of net asset value adjusted to the nearest cent per share - Class A Shares | $9.29 | $10.28 | $10.67 | $11.23 | $9.64 |
| (a) Investments at cost | $148328124 | $114159143 | $22196399 | $31622690 | $47626532 |

---

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

See accompanying notes to financial statements.

**STERLING CAPITAL FUNDS**

**STATEMENTS OF ASSETS AND LIABILITIES (Unaudited) March 31, 2026**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Sterling Capital<br> Ultra Short Bond<br> ETF** | **Sterling Capital<br> Short Duration<br> Bond ETF** | **Sterling Capital<br> Hedged Equity<br> Premium Income<br> ETF** | **Sterling Capital<br> Multi-Strategy<br> Income ETF** | **Sterling Capital<br> National<br> Municipal<br> Bond ETF** | **Guardian Capital<br> Dividend Growth<br> Fund** |
| **Assets:** |  |  |  |  |  |  |
| &nbsp;&nbsp;Investments, at fair value (a) | $21166510 | $33003805 | $212024681 | $166007471 | $198737290 | $41937658 |
| &nbsp;&nbsp;Foreign currency, at value (b) |  |  | 47358 | 136279 |  |  |
| &nbsp;&nbsp;Purchased options, at fair value (c) |  |  | 8291050 | 333073 |  |  |
| &nbsp;&nbsp;Receivable for capital shares issued | 626102 |  |  |  | 1863078 | 5300 |
| &nbsp;&nbsp;Interest and dividends receivable | 123865 | 258314 | 87114 | 1973578 | 2695483 | 26189 |
| &nbsp;&nbsp;Prepaid and other expenses |  |  |  |  |  | 24646 |
| Total Assets | 21942461 | 33801285 | 220451657 | 169616563 | 203295851 | 42040734 |
| **Liabilities:** |  |  |  |  |  |  |
| &nbsp;&nbsp;Written options, at fair value (d) |  |  | 2849407 | 234116 |  |  |
| &nbsp;&nbsp;Payable for capital shares redeemed |  |  |  |  |  | 29009 |
| Accrued expenses and other payables: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment advisory fees |  |  | 127282 | 90126 | 67069 | 14619 |
| &nbsp;&nbsp;&nbsp;&nbsp;Administration fees |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Compliance service fees |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Custodian fees |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution (12b-1) fees |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Audit fees |  |  |  |  |  | 12960 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfer agent fees |  |  |  |  |  | 3607 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trustee fees |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other fees and liabilities |  |  | 2849406 | 234116 |  | 4681 |
| Total Liabilities | 384189 | 373718 | 5826095 | 1338460 | 6666510 | 64876 |
| Net Assets | $21558272 | $33427567 | $214625562 | $168278103 | $196629341 | $41975858 |
| **Net Assets consist of:** |  |  |  |  |  |  |
| &nbsp;&nbsp;**Capital** | $21543590 | $33514670 | $228435309 | $169868515 | $199182504 | $35637043 |
| &nbsp;&nbsp;Total distributable earnings | 14682 | (87103) | (13809747) | (1590412) | (2553163) | 6338815 |
| Net Assets | $21558272 | $33427567 | $214625562 | $168278103 | $196629341 | $41975858 |
| **Net Assets** |  |  |  |  |  |  |
| &nbsp;&nbsp;Class A Shares |  |  |  |  |  |  |
| &nbsp;&nbsp;Class C Shares |  |  |  |  |  |  |
| &nbsp;&nbsp;Class Institutional Shares | 21558272 | 33427567 | 214625562 | 168278103 | 196629341 | 41975858 |
| &nbsp;&nbsp;Class R6 Shares |  |  |  |  |  |  |
| Total | 21558272 | 33427567 | 214625562 | 168278103 | 196629341 | 41975858 |
| **Shares of Beneficial Interest Outstanding (Unlimited number of shares authorized, no par value)** |  |  |  |  |  |  |
| &nbsp;&nbsp;Class A Shares |  |  |  |  |  |  |
| &nbsp;&nbsp;Class C Shares |  |  |  |  |  |  |
| &nbsp;&nbsp;Class Institutional Shares | 861232 | 1333368 | 9100000 | 6775000 | 7950000 | 2818164 |
| &nbsp;&nbsp;Class R6 Shares |  |  |  |  |  |  |
| Total | 861232 | 1333368 | 9100000 | 6775000 | 7950000 | 2818164 |
| **Net Asset Value** |  |  |  |  |  |  |
| &nbsp;&nbsp;Class A Shares - redemption price per share |  |  |  |  |  |  |
| &nbsp;&nbsp;Class C Shares - Offering price per share\* |  |  |  |  |  |  |
| &nbsp;&nbsp;Class Institutional Shares | $25.03 | $25.07 | $23.59 | $24.84 | $24.73 | $14.89 |
| &nbsp;&nbsp;Class R6 Shares |  |  |  |  |  |  |
| Maximum Offering Price (100%/(100% - Maximum Sales Charge)) of net asset value adjusted to the nearest cent per share - Class A Shares |  |  |  |  |  |  |
| (a) Investments at cost | $21154145 | $33068435 | $219006656 | $168178730 | $201748988 | $35646180 |
| (b) Foreign currency at cost | $— | $— | $— | $136279 | $— | $— |
| (c) Premiums paid | $— | $— | $5578513 | $201586 | $— | $— |
| (d) Premiums received | $— | $— | $2331677 | $141079 | $— | $— |

---

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

See accompanying notes to financial statements.

**STERLING CAPITAL FUNDS**

**STATEMENTS OF OPERATIONS (Unaudited) For a Period Ended March 31, 2026**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Sterling Capital**<br> **Behavioral<br> Large**<br> **Cap Value<br> Equity<br> Fund** | **Sterling Capital**<br> **Behavioral<br> Small**<br> **Cap Value<br> Equity<br> Fund** | **Sterling Capital<br> Special<br> Opportunities<br> Fund** | **Sterling Capital<br> Equity Income<br> Fund** | **Sterling Capital<br> Mid Cap<br> Relative<br> Value Fund** |
| **Investment Income:** |  |  |  |  |  |
| &nbsp;&nbsp;Interest income | $11613 | $19444 | $164905 | $477387 | $16291 |
| &nbsp;&nbsp;Dividend income | 636611 | 984192 | 1339706 | 7906341 | 381729 |
| &nbsp;&nbsp;Foreign tax withholding |  | (5962) | (14368) |  |  |
| Total investment income | 648224 | 997674 | 1490243 | 8383728 | 398020 |
| **Expenses:** |  |  |  |  |  |
| &nbsp;&nbsp;Investment advisory fees (See Note 7) | 124753 | 274034 | 1093691 | 2263723 | 162821 |
| &nbsp;&nbsp;Administration fees (See Note 7) | 24746 | 40824 | 162825 | 367667 | 24234 |
| &nbsp;&nbsp;Distribution fees - Class A Shares (See Note 7) | 55493 | 7843 | 331651 | 381678 | 21215 |
| &nbsp;&nbsp;Distribution fees - Class C Shares (See Note 7) | 438 | 271 | 65980 | 197211 | 1342 |
| &nbsp;&nbsp;Compliance service fees (See Note 7) | 598 | 1214 | 4168 | 8214 | 591 |
| &nbsp;&nbsp;Trustee fees | 4711 | 9961 | 36300 | 88919 | 5315 |
| &nbsp;&nbsp;Audit fees | 3030 | 6196 | 21007 | 43022 | 3072 |
| &nbsp;&nbsp;Custodian fees | 1210 | 2472 | 9052 | 23565 | 1238 |
| &nbsp;&nbsp;Fund accounting fees (See Note 7) | 2725 | 5716 | 20405 | 48339 | 2980 |
| &nbsp;&nbsp;Legal fees | 6510 | 13628 | 48598 | 115946 | 7119 |
| &nbsp;&nbsp;Printing fees | 2862 | 2190 | 16609 | 49187 | 2497 |
| &nbsp;&nbsp;Registration fees | 12196 | 13388 | 29443 | 40958 | 28826 |
| &nbsp;&nbsp;Transfer agent fees (See Note 7) | 13401 | 10399 | 45415 | 121202 | 11148 |
| &nbsp;&nbsp;Other fees | 14534 | 20316 | 119995 | 457196 | 22397 |
| Total expenses before waivers | 267207 | 408452 | 2005139 | 4206827 | 294795 |
| &nbsp;&nbsp;Less expenses waived by the Investment Advisor (See Note 7) | (2829) | (24296) | (11752) | (86101) | (14928) |
| Net expenses | 264378 | 384156 | 1993387 | 4120726 | 279867 |
| Net investment income (loss) | 383846 | 613518 |  | 4263002 | 118153 |
| **Net Realized and Unrealized Gain (Loss):** |  |  |  |  |  |
| Net realized gain (loss) from: |  |  |  |  |  |
| &nbsp;&nbsp;Investments | 4025989 | 12307620 | 41404011 | 128747806 | 3018083 |
| Change in unrealized appreciation/depreciation on: |  |  |  |  |  |
| &nbsp;&nbsp;Investments | 479267 | (6580003) | (59785859) | (151822500) | (1960206) |
| Net realized and change in unrealized gain (loss) on investments | 4505256 | 5727617 | (18381848) | (23074694) | 1057877 |
| Net increase (decrease) in net assets resulting from operations | $4889102 | $6341135 | $(18884992) | $(18811692) | $1176030 |

---

See accompanying notes to financial statements.

**STERLING CAPITAL FUNDS**

**STATEMENTS OF OPERATIONS (Unaudited) For a Period Ended March 31, 2026**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Sterling Capital<br> Real Estate<br> Fund** | **Sterling Capital<br> Small Cap<br> Value<br> Fund** | **Sterling Capital Intermediate**<br> **U.S.**<br> **Government**<br> **Fund** | **Sterling Capital<br> Total Return<br> Bond Fund** | **Sterling Capital<br> Long Duration<br> Corp Bond<br> Fund** |
| **Investment Income:** |  |  |  |  |  |
| &nbsp;&nbsp;Interest income | $25980 | $33932 | $391784 | $35301464 | $1412776 |
| &nbsp;&nbsp;Dividend income | 1145005 | 1312305 |  | 460426 |  |
| &nbsp;&nbsp;Foreign tax withholding |  |  |  |  |  |
| Total investment income | 1170985 | 1346237 | 391784 | 35761890 | 1412776 |
| **Expenses:** |  |  |  |  |  |
| &nbsp;&nbsp;Investment advisory fees (See Note 7) | 185172 | 651452 | 31933 | 1906374 | 64409 |
| &nbsp;&nbsp;Administration fees (See Note 7) | 28512 | 77561 | 8912 | 681024 | 23006 |
| &nbsp;&nbsp;Distribution fees - Class A Shares (See Note 7) | 634 | 3088 | 3157 | 56769 | 349 |
| &nbsp;&nbsp;Distribution fees - Class C Shares (See Note 7) | 176 | 7227 | 249 | 11515 | 15 |
| &nbsp;&nbsp;Compliance service fees (See Note 7) | 697 | 1939 | 223 | 17206 | 579 |
| &nbsp;&nbsp;Trustee fees | 6163 | 16545 | 1877 | 144786 | 4790 |
| &nbsp;&nbsp;Audit fees | 3573 | 9879 | 1194 | 85445 | 2980 |
| &nbsp;&nbsp;Custodian fees | 1594 | 3995 | 474 | 36645 | 1148 |
| &nbsp;&nbsp;Fund accounting fees (See Note 7) | 3461 | 9366 | 1059 | 82009 | 2700 |
| &nbsp;&nbsp;Legal fees | 8259 | 22304 | 2526 | 195233 | 6409 |
| &nbsp;&nbsp;Printing fees | 3351 | 344 | 1097 | 43883 | 1507 |
| &nbsp;&nbsp;Registration fees | 14747 | 27487 | 6323 | 39816 | 7770 |
| &nbsp;&nbsp;Transfer agent fees (See Note 7) | 7437 | 12954 | 2588 | 108282 | 2657 |
| &nbsp;&nbsp;Other fees | 26748 | 83063 | 18286 | 459310 | 24004 |
| Total expenses before waivers | 290524 | 927204 | 79898 | 3868297 | 142323 |
| &nbsp;&nbsp;Less expenses waived by the Investment Advisor (See Note 7) | (203) | (5141) | (20109) | (603837) | (43839) |
| Net expenses | 290321 | 922063 | 59789 | 3264460 | 98484 |
| Net investment income (loss) | 880664 | 424174 | 331995 | 32497430 | 1314292 |
| **Net Realized and Unrealized Gain (Loss):** |  |  |  |  |  |
| Net realized gain (loss) from: |  |  |  |  |  |
| &nbsp;&nbsp;Investments | 1900364 | 14552111 | (23385) | 128649 | (222064) |
| Change in unrealized appreciation/depreciation on: |  |  |  |  |  |
| &nbsp;&nbsp;Investments | (2077603) | (2645825) | (52087) | (17425252) | (2123370) |
| &nbsp;&nbsp;Futures contracts |  |  |  | (1921394) |  |
| Net realized and change in unrealized gain (loss) on investments | (177239) | 11906286 | (75472) | (18958642) | (2345434) |
| Net increase (decrease) in net assets resulting from operations | $703425 | $12330460 | $256523 | $13538788 | $(1031142) |

---

See accompanying notes to financial statements.

**STERLING CAPITAL FUNDS**

**STATEMENTS OF OPERATIONS (Unaudited) For a Period Ended March 31, 2026**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Sterling Capital<br> Quality Income<br> Fund** | **Sterling Capital<br> North Carolina<br> Intermediate<br> Tax-Free Fund** | **Sterling Capital<br> South Carolina<br> Intermediate<br> Tax-Free Fund** | **Sterling Capital<br> Virginia<br> Intermediate<br> Tax-Free Fund** | &nbsp;&nbsp;&nbsp;&nbsp; **Sterling Capital**<br> **West Virginia**<br> **Intermediate <br> Tax-Free Fund** |
| **Investment Income:** |  |  |  |  |  |
| &nbsp;&nbsp;Interest income | $3523690 | $1907329 | $372076 | $519927 | $855224 |
| &nbsp;&nbsp;Dividend income | 24270 |  |  |  |  |
| &nbsp;&nbsp;Foreign tax withholding |  |  |  |  |  |
| Total investment income | 3547960 | 1907329 | 372076 | 519927 | 855224 |
| **Expenses:** |  |  |  |  |  |
| &nbsp;&nbsp;Investment advisory fees (See Note 7) | 276014 | 204122 | 37991 | 57321 | 85887 |
| &nbsp;&nbsp;Administration fees (See Note 7) | 70452 | 52085 | 9694 | 14627 | 21916 |
| &nbsp;&nbsp;Distribution fees - Class A Shares (See Note 7) | 36 | 24005 | 4576 | 10442 | 23913 |
| &nbsp;&nbsp;Distribution fees - Class C Shares (See Note 7) | 200 | 2860 | 383 | 29 | 9 |
| &nbsp;&nbsp;Compliance service fees (See Note 7) | 1754 | 1263 | 237 | 335 | 541 |
| &nbsp;&nbsp;Trustee fees | 14953 | 11123 | 2020 | 3034 | 4652 |
| &nbsp;&nbsp;Audit fees | 8818 | 6256 | 1256 | 1530 | 2749 |
| &nbsp;&nbsp;Custodian fees | 3687 | 2873 | 516 | 815 |  |
| &nbsp;&nbsp;Fund accounting fees (See Note 7) | 8340 | 6236 | 1145 | 1697 | 2627 |
| &nbsp;&nbsp;Legal fees | 19847 | 14871 | 2737 | 4061 | 6275 |
| &nbsp;&nbsp;Printing fees | 7297 | 1408 |  | 899 | 2334 |
| &nbsp;&nbsp;Registration fees | 34078 | 8746 | 6542 | 8101 | 7494 |
| &nbsp;&nbsp;Transfer agent fees (See Note 7) | 7975 | 6843 | 1458 | 2419 | 3178 |
| &nbsp;&nbsp;Other fees | 94151 | 30819 | 11126 | 11609 | 13519 |
| Total expenses before waivers | 547602 | 373510 | 79681 | 116919 | 175094 |
| &nbsp;&nbsp;Less expenses waived by the Investment Advisor (See Note 7) | (54556) |  |  |  |  |
| Net expenses | 493046 | 373510 | 79681 | 116919 | 175094 |
| Net investment income (loss) | 3054914 | 1533819 | 292395 | 403008 | 680130 |
| **Net Realized and Unrealized Gain (Loss):** |  |  |  |  |  |
| Net realized gain (loss) from: |  |  |  |  |  |
| &nbsp;&nbsp;Investments | 125585 | (80014) | (11100) | (15802) | (18496) |
| Change in unrealized appreciation/depreciation on: |  |  |  |  |  |
| &nbsp;&nbsp;Investments | (850297) | (481983) | (86165) | (142182) | (119034) |
| Net realized and change in unrealized gain (loss) on investments | (764167) | (561997) | (97265) | (157984) | (137530) |
| Net increase (decrease) in net assets resulting from operations | $2290747 | $971822 | $195130 | $245024 | $542600 |

---

See accompanying notes to financial statements.

**STERLING CAPITAL FUNDS**

**STATEMENTS OF OPERATIONS (Unaudited) For a Period Ended March 31, 2026**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Sterling <br> Capital <br> Ultra Short <br> Bond ETF** | **Sterling<br> Capital<br> Short Duration<br> Bond ETF** | **Sterling<br> Capital**<br> **Hedged Equity<br> Premium<br> Income**<br> **ETF** | **Sterling<br> Capital<br> Multi-Strategy<br> Income ETF** | **Sterling<br> Capital<br> National<br> Municipal<br> Bond<br> ETF** | &nbsp;&nbsp;&nbsp;&nbsp; **Guardian Capital<br> Dividend <br> Growth**<br> **Fund** |
| **Investment Income:** |  |  |  |  |  |  |
| &nbsp;&nbsp;Interest income | $2666 | $4191 | $— | $1990039 | $1482516 | $— |
| &nbsp;&nbsp;Dividend income |  |  | 469838 | 50903 | 28278 | 323873 |
| &nbsp;&nbsp;Foreign tax withholding |  |  | (1091) |  |  | (15449) |
| Total investment income | 2666 | 4191 | 468747 | 2040942 | 1510794 | 308424 |
| **Expenses:** |  |  |  |  |  |  |
| &nbsp;&nbsp;Investment advisory fees (See Note 7) | 349 | 604 | 301221 | 193273 | 137748 | 159665 |
| &nbsp;&nbsp;Administration fees (See Note 7) |  |  |  |  |  | 40483 |
| &nbsp;&nbsp;Distribution fees - Class A Shares (See Note 7) |  |  |  |  |  |  |
| &nbsp;&nbsp;Distribution fees - Class C Shares (See Note 7) |  |  |  |  |  |  |
| &nbsp;&nbsp;Compliance service fees (See Note 7) |  |  |  |  |  | 4362 |
| &nbsp;&nbsp;Trustee fees |  |  |  |  |  | 9113 |
| &nbsp;&nbsp;Audit fees |  |  |  |  |  | 8752 |
| &nbsp;&nbsp;Custodian fees |  |  |  |  |  | 8154 |
| &nbsp;&nbsp;Fund accounting fees (See Note 7) |  |  |  |  |  |  |
| &nbsp;&nbsp;Legal fees |  |  |  |  |  | 9473 |
| &nbsp;&nbsp;Printing fees |  |  |  |  |  | 2681 |
| &nbsp;&nbsp;Registration fees |  |  |  |  |  | 11157 |
| &nbsp;&nbsp;Transfer agent fees (See Note 7) |  |  |  |  |  | 7338 |
| &nbsp;&nbsp;Other fees |  |  |  |  |  | 14673 |
| Total expenses before waivers | 349 | 604 | 301221 | 193273 | 137748 | 275851 |
| &nbsp;&nbsp;Less expenses waived by the Investment Advisor (See Note 7) |  |  |  |  |  | (73375) |
| Net expenses | 349 | 604 | 301221 | 193273 | 137748 | 202476 |
| Net investment income (loss) | 2317 | 3587 | 167526 | 1847669 | 1373046 | 105948 |
| **Net Realized and Unrealized Gain (Loss):** |  |  |  |  |  |  |
| Net realized gain (loss) from: |  |  |  |  |  |  |
| &nbsp;&nbsp;Investments |  | 1095 | (3582623) | (17347) | (142736) | 35758 |
| &nbsp;&nbsp;Purchased options |  |  |  |  |  |  |
| &nbsp;&nbsp;Written options |  |  | (171991) | (27755) |  |  |
| Change in unrealized appreciation/depreciation on: |  |  |  |  |  |  |
| &nbsp;&nbsp;Investments | 3032 | 33323 | (9831385) | (2405374) | (3011698) | 832783 |
| &nbsp;&nbsp;Purchased options |  |  | 2712537 | 131487 |  |  |
| &nbsp;&nbsp;Written options |  |  | (517728) | (93038) |  |  |
| Net realized and change in unrealized gain (loss) on investments | 3032 | 34418 | (11391190) | (2412027) | (3154434) | 866449 |
| Net increase (decrease) in net assets resulting from operations | $5349 | $38005 | $(11223664) | $(564358) | $(1781388) | $972397 |

---

See accompanying notes to financial statements.

**STERLING CAPITAL FUNDS**

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | |
|:---|:---|:---|
|  | **Sterling Capital Behavioral Large Cap Value Equity Fund** | **Sterling Capital Behavioral Large Cap Value Equity Fund** |
|  | **For a Period Ended<br> March 31, 2026 (Unaudited)** | **For the Year Ended<br> September 30, 2025** |
| **Increase (Decrease) in Net Assets due to:<br> Operations:** |  |  |
| Net investment income (loss) | $383846 | $590779 |
| Net realized gain (loss) | 4025989 | 4091177 |
| Net change in unrealized appreciation (depreciation) | 479267 | 2224018 |
| Net increase (decrease) in net assets resulting from operations | 4889102 | 6905974 |
| **Distributions to Shareholders:** |  |  |
| **Income distribution:** |  |  |
| &nbsp;&nbsp;&nbsp;Class A Shares | (279248) | (544803) |
| &nbsp;&nbsp;&nbsp;Class C Shares | (413) | (1741) |
| &nbsp;&nbsp;&nbsp;Class Institutional Shares | (49930) | (68459) |
| &nbsp;&nbsp;&nbsp;Class R6 Shares | (38018) | (7607) |
| Change in net assets from shareholder distributions | (367609) | (622610) |
| **Capital Transactions:** |  |  |
| Change in net assets from capital transactions (See Note 8) | 11532121 | 4536363 |
| Change in net assets | 16053614 | 10819727 |
| **Net Assets:** |  |  |
| Beginning of period | 47637274 | 36817547 |
| End of period | $63690888 | $47637274 |

---

See accompanying notes to financial statements.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Sterling Capital Behavioral Small Cap Value<br> Equity Fund** | **Sterling Capital Behavioral Small Cap Value<br> Equity Fund** | **Sterling Capital Special Opportunities Fund** | **Sterling Capital Special Opportunities Fund** | **Sterling Capital Equity Income Fund** | **Sterling Capital Equity Income Fund** |
| **For a Period Ended<br> March 31, 2026<br> (Unaudited)** | **For the Year Ended<br> September 30, 2025** | **For a Period Ended<br> March 31, 2026<br> (Unaudited)** | **For the Year Ended<br> September 30, 2025** | **For a Period Ended<br> March 31, 2026<br> (Unaudited)** | **For the Year Ended<br> September 30, 2025** |
| $613519 | $1632274 | $(503144) | $(1147192) | $4263002 | $18464879 |
| 12307620 | 9291035 | 41404011 | 68223457 | 128747806 | 232251580 |
| (6580003) | (5323538) | (59785859) | (9156301) | (151822500) | (302669114) |
| 6341136 | 5599771 | (18884992) | 57919964 | (18811692) | (51952655) |
| (570537) | (592374) | (49930063) | (49024403) | (66549484) | (91744230) |
| (4141) | (5091) | (4071564) | (4156880) | (8643888) | (14478846) |
| (566419) | (568413) | (10793707) | (12870592) | (94918605) | (227992420) |
| (8447705) | (8878949) | (3898345) | (4995068) | (12146498) | (21195222) |
| (9588802) | (10044827) | (68693679) | (71046943) | (182258475) | (355410718) |
| (30986405) | (994080) | 7528027 | (27763847) | (242959522) | (414193292) |
| (34234071) | (5439136) | (80050644) | (40890826) | (444029689) | (821556665) |
| 103718166 | 109157302 | 391750553 | 432641379 | 1070709486 | 1892266151 |
| $69484095 | $103718166 | $311699909 | $391750553 | $626679797 | $1070709486 |

---

See accompanying notes to financial statements.

**STERLING CAPITAL FUNDS**

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | |
|:---|:---|:---|
|  | **Sterling Capital Mid Cap Relative Value Fund** | **Sterling Capital Mid Cap Relative Value Fund** |
|  | **For a Period Ended<br> March 31, 2026 (Unaudited)** | **For the Year Ended<br> September 30, 2025** |
| **Increase (Decrease) in Net Assets due to:<br> Operations:** |  |  |
| Net investment income (loss) | $118153 | $278842 |
| Net realized gain (loss) | 3018083 | 6008631 |
| Net change in unrealized appreciation (depreciation) | (1960206) | (1804283) |
| Net increase (decrease) in net assets resulting from operations | 1176030 | 4483190 |
| **Distributions to Shareholders:** |  |  |
| **Income distribution:** |  |  |
| &nbsp;&nbsp;&nbsp;Class A Shares | (1519624) | (34375) |
| &nbsp;&nbsp;&nbsp;Class C Shares | (25404) | (533) |
| &nbsp;&nbsp;&nbsp;Class Institutional Shares | (3380121) | (5204000) |
| &nbsp;&nbsp;&nbsp;Class R6 Shares | (29736) |  |
| Change in net assets from shareholder distributions | (4954885) | (5238908) |
| **Capital Transactions:** |  |  |
| Change in net assets from capital transactions (See Note 8) | (1978219) | 17804042 |
| Change in net assets | (5757074) | 17048324 |
| **Net Assets:** |  |  |
| Beginning of period | 57566614 | 40518290 |
| End of period | $51809540 | $57566614 |

---

See accompanying notes to financial statements.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Sterling Capital Real Estate Fund** | **Sterling Capital Real Estate Fund** | **Sterling Capital Small Cap Value Fund** | **Sterling Capital Small Cap Value Fund** | **Sterling Capital Intermediate U.S. Government Fund** | **Sterling Capital Intermediate U.S. Government Fund** |
| **For a Period Ended<br> March 31, 2026<br> (Unaudited)** | **For the Year Ended<br> September 30, 2025** | **For a Period Ended<br> March 31, 2026<br> (Unaudited)** | **For the Year Ended<br> September 30, 2025** | **For a Period Ended<br> March 31, 2026<br> (Unaudited)** | **For the Year Ended<br> September 30, 2025** |
| $880664 | $1938575 | $424174 | $709829 | $331995 | $605221 |
| 1900364 | 2309092 | 14552111 | 33977128 | (23385) | (78466) |
| (2077603) | (7444097) | (2645825) | (21096483) | (52087) | 135447 |
| 703425 | (3196430) | 12330460 | 13590474 | 256523 | 662202 |
| (22408) | (38309) | (417008) | (1252305) | (32030) | (63913) |
| (1271) | (4737) | (202291) | (118532) | (436) | (1489) |
| (2825823) | (4917421) | (27265317) | (34153040) | (241736) | (463367) |
| (24955) | (46442) | (1107659) | (1185361) |  |  |
| (2874457) | (5006909) | (28992275) | (36709238) | (274202) | (528769) |
| (5737481) | (214039) | 16013096 | 547169 | 524704 | 1576033 |
| (7908513) | (8417378) | (648719) | (22571595) | 507025 | 1709466 |
| 67336434 | 75753812 | 175078108 | 197649703 | 19892393 | 18182927 |
| $59427921 | $67336434 | $174429389 | $175078108 | $20399418 | $19892393 |

---

See accompanying notes to financial statements.

**STERLING CAPITAL FUNDS**

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | |
|:---|:---|:---|
|  | **Sterling Capital Total Return Bond Fund** | **Sterling Capital Total Return Bond Fund** |
|  | **For a Period Ended<br> March 31, 2026 (Unaudited)** | **For the Year Ended<br> September 30, 2025** |
| **Increase (Decrease) in Net Assets due to:<br> Operations:** |  |  |
| Net investment income (loss) | $32497430 | $63826113 |
| Net realized gain (loss) | 388004 | (6975058) |
| Net change in unrealized appreciation (depreciation) | (19346646) | (12037538) |
| Net increase (decrease) in net assets resulting from operations | 13538788 | 44813517 |
| **Distributions to Shareholders:** |  |  |
| **Income distribution:** |  |  |
| &nbsp;&nbsp;&nbsp;Class A Shares | (889615) | (1950460) |
| &nbsp;&nbsp;&nbsp;Class C Shares | (36733) | (74418) |
| &nbsp;&nbsp;&nbsp;Class Institutional Shares | (21035412) | (41389987) |
| &nbsp;&nbsp;&nbsp;Class R6 Shares | (10051445) | (17861219) |
| Change in net assets from shareholder distributions | (32013205) | (61276084) |
| **Capital Transactions:** |  |  |
| Change in net assets from capital transactions (See Note 8) | (48080621) | 44340663 |
| Change in net assets | (66555038) | 27878096 |
| **Net Assets:** |  |  |
| Beginning of period | 1542599851 | 1514721755 |
| End of period | $1476044813 | $1542599851 |

---

See accompanying notes to financial statements.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Sterling Capital Long Duration Corporate Bond**<br> **Fund** | **Sterling Capital Long Duration Corporate Bond**<br> **Fund** | **Sterling Capital Quality Income Fund** | **Sterling Capital Quality Income Fund** | **Sterling Capital North Carolina Intermediate<br> Tax-Free Fund** | **Sterling Capital North Carolina Intermediate<br> Tax-Free Fund** |
| **For a Period Ended<br> March 31, 2026<br> (Unaudited)** | **For the Year Ended<br> September 30, 2025** | **For a Period Ended<br> March 31, 2026<br> (Unaudited)** | **For the Year Ended<br> September 30, 2025** | **For a Period Ended<br> March 31, 2026<br> (Unaudited)** | **For the Year Ended<br> September 30, 2025** |
| $1314292 | $2302459 | $3054913 | $6104965 | $1533819 | $3263653 |
| (222064) | (1404432) | 125585 | (717840) | (80014) | (816418) |
| (2123370) | (459345) | (889752) | 1675203 | (481983) | (358754) |
| (1031142) | 438682 | 2290746 | 7062328 | 971822 | 2088481 |
| (6661) | (15270) | (527) | (3106) | (232968) | (479109) |
| (57) | (105) | (576) | (700) | (4783) | (12762) |
| (3665) | (8464) | (3048147) | (5975618) | (1296108) | (2769823) |
| (1304224) | (2279208) |  |  |  |  |
| (1314607) | (2303047) | (3049250) | (5979424) | (1533859) | (3261694) |
| 8278177 | 9037240 | (17332629) | 75503348 | (2266222) | (10119835) |
| 5932428 | 7172875 | (18091133) | 76586252 | (2828259) | (11293048) |
| 50134686 | 42961811 | 164485924 | 87899672 | 117344476 | 128637524 |
| $56067114 | $50134686 | $146394791 | $164485924 | $114516217 | $117344476 |

---

See accompanying notes to financial statements.

**STERLING CAPITAL FUNDS**

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | |
|:---|:---|:---|
|  | **Sterling Capital South Carolina Intermediate Tax-Free Fund** | **Sterling Capital South Carolina Intermediate Tax-Free Fund** |
|  | **For a Period Ended<br> March 31, 2026 (Unaudited)** | **For the Year Ended<br> September 30, 2025** |
| **Increase (Decrease) in Net Assets due to:<br> Operations:** |  |  |
| Net investment income (loss) | $292395 | $650629 |
| Net realized gain (loss) | (11100) | (75960) |
| Net change in unrealized appreciation (depreciation) | (86165) | (315115) |
| Net increase (decrease) in net assets resulting from operations | 195130 | 259554 |
| **Distributions to Shareholders:** |  |  |
| **Income distribution:** |  |  |
| &nbsp;&nbsp;&nbsp;Class A Shares | (45511) | (115839) |
| &nbsp;&nbsp;&nbsp;Class C Shares | (666) | (1346) |
| &nbsp;&nbsp;&nbsp;Class Institutional Shares | (246185) | (533588) |
| &nbsp;&nbsp;&nbsp;Class R6 Shares |  |  |
| Change in net assets from shareholder distributions | (292362) | (650773) |
| **Capital Transactions:** |  |  |
| Change in net assets from capital transactions (See Note 8) | 1260714 | (7853561) |
| Change in net assets | 1163482 | (8244780) |
| **Net Assets:** |  |  |
| Beginning of period | 21196409 | 29441189 |
| End of period | $22359891 | $21196409 |

---

See accompanying notes to financial statements.

---

| | | | |
|:---|:---|:---|:---|
| **Sterling Capital Virginia Intermediate Tax-Free Fund** | **Sterling Capital Virginia Intermediate Tax-Free Fund** | **Sterling Capital West Virginia Intermediate Tax-Free Fund** | **Sterling Capital West Virginia Intermediate Tax-Free Fund** |
| **For a Period Ended<br> March 31, 2026 (Unaudited)** | **For the Year Ended<br> September 30, 2025** | **For a Period Ended<br> March 31, 2026 (Unaudited)** | **For the Year Ended<br> September 30, 2025** |
| $403008 | $1004342 | $680130 | $1443509 |
| (15802) | (140328) | (18496) | (288638) |
| (142182) | (490186) | (119034) | (222163) |
| 245024 | 373828 | 542600 | 932708 |
| (95007) | (214384) | (250498) | (514605) |
| (43) | (88) | (18) | (36) |
| (308220) | (790153) | (429614) | (929091) |
| (403270) | (1004625) | (680130) | (1443732) |
| 231300 | (12852473) | (1407191) | (5199884) |
| 73054 | (13483270) | (1544721) | (5710908) |
| 31941768 | 45425038 | 49842346 | 55553254 |
| $32014822 | $31941768 | $48297625 | $49842346 |

---

See accompanying notes to financial statements.

**STERLING CAPITAL FUNDS**

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Sterling**<br> **Capital Ultra Short Bond**<br> **ETF** | **Sterling**<br> **Capital Short**<br> **Duration**<br> **Bond ETF** | **Sterling**<br> **Capital**<br> **Hedged**<br> **Equity**<br> **Premium**<br> **Income ETF** | **Sterling**<br> **Capital Multi**<br> **Strategy**<br> **Income ETF** | **Sterling**<br> **Capital**<br> **National**<br> **Municipal**<br> **Bond ETF** |
|  | **For a Period**<br> **Ended**<br> **March 31, 2026<sup>(a)</sup>**<br> **(Unaudited)** | **For a Period**<br> **Ended**<br> **March 31, 2026<sup>(a)</sup>**<br> **(Unaudited)** | **For a Period**<br> **Ended**<br> **March 31, 2026<sup>(b)</sup>**<br> **(Unaudited)** | **For a Period**<br> **Ended**<br> **March 31, 2026<sup>(b)</sup>**<br> **(Unaudited)** | **For a Period**<br> **Ended**<br> **March 31, 2026<sup>(b)</sup>**<br> **(Unaudited)** |
| **Increase (Decrease) in Net Assets due to:<br> Operations:** |  |  |  |  |  |
| Net investment income (loss) | $2317 | $3587 | $167526 | $1847670 | $1373046 |
| Net realized gain (loss) |  | 1095 | (3754614) | (45102) | (142736) |
| Net change in unrealized appreciation (depreciation) | 3032 | 33323 | (7636576) | (2366925) | (3011698) |
| Net increase (decrease) in net assets resulting from operations | 5349 | 38005 | (11223664) | (564357) | (1781388) |
| **Distributions to Shareholders:** |  |  |  |  |  |
| **Income distribution:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A Shares |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class C Shares |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class Institutional Shares |  |  | (2586082) | (1026055) | (771775) |
| &nbsp;&nbsp;&nbsp;Class R6 Shares |  |  |  |  |  |
| Change in net assets from shareholder distributions |  |  | (2586082) | (1026055) | (771775) |
| **Capital Transactions:** |  |  |  |  |  |
| Change in net assets from capital transactions (See Note 8) | 21552923 | 33389562 | 228435309 | 169868515 | 199182504 |
| Change in net assets | 21558272 | 33427567 | 214625562 | 168278103 | 196629341 |
| **Net Assets:** |  |  |  |  |  |
| Beginning of period |  |  |  |  |  |
| End of period | $21558272 | $33427567 | $214625562 | $168278103 | $196629341 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) For a period March 30, 2026 (commencement date) to March 31, 2026

&nbsp;&nbsp;&nbsp;&nbsp;(b) For a period December 10, 2025 (commencement date) to March 31, 2026

See accompanying notes to financial statements.

**STERLING CAPITAL FUNDS**

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | |
|:---|:---|:---|
|  | **Guardian Capital Dividend Growth Fund** | **Guardian Capital Dividend Growth Fund** |
|  | **For a Period Ended<br> March 31, 2026 (Unaudited)** | **For the Year Ended<br> September 30, 2025** |
| **Increase (Decrease) in Net Assets due to:<br> Operations:** |  |  |
| Net investment income (loss) | $105948 | $435644 |
| Net realized gain (loss) | 34204 | 9034912 |
| Net change in unrealized appreciation (depreciation) | 832245 | (5364486) |
| Net increase (decrease) in net assets resulting from operations | 972397 | 4106070 |
| **Distributions to Shareholders:** |  |  |
| **Income distribution:** |  |  |
| &nbsp;&nbsp;Class A Shares |  |  |
| &nbsp;&nbsp;Class C Shares |  |  |
| &nbsp;&nbsp;Class Institutional Shares | (9050509) | (406395) |
| &nbsp;&nbsp;Class R6 Shares |  |  |
| Change in net assets from shareholder distributions | (9050509) | (406395) |
| **Capital Transactions:** |  |  |
| Change in net assets from capital transactions (See Note 8) | 8521675 | 10368072 |
| Change in net assets | 443563 | 14067747 |
| **Net Assets:** |  |  |
| Beginning of period | 41532295 | 27464548 |
| End of period | $41975858 | $41532295 |

---

See accompanying notes to financial statements.

**STERLING CAPITAL FUNDS**

**FINANCIAL HIGHLIGHTS, A SHARES**

 

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

 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Investment Activities** | **Investment Activities** | **Investment Activities** | **Investment Activities** | **Distributions** | **Distributions** | **Distributions** | **Distributions** |
|  | **Net asset value,<br> beginning of<br> year** | **Net<br> investment<br> income<br> (loss)<sup>(a)</sup>** | **Net realized/<br> unrealized<br> gain (loss) on<br> investments** | **Total from<br> investment<br> Activities** | **Net investment income** | **Net realized<br> gains on<br> investments** | **Return <br> of capital** | **Total from<br> distributions** |
| **Sterling Capital Behavioral Large Cap Value Equity Fund** |  |  |  |  |  |  |  |  |
| **Period Ended March 31, 2026 (Unaudited)** | $34.50 | 0.24 | 2.95 | 3.19 |  |  |  |  |
| **Year Ended September 30, 2025** | $29.88 | 0.46 | 4.64 | 5.10 | (0.48) |  |  | (0.48) |
| **Year Ended September 30, 2024** | $23.10 | 0.45 | 6.79 | 7.24 | (0.46) |  |  | (0.46) |
| **Year Ended September 30, 2023** | $20.19 | 0.37 | 2.94 | 3.31 | (0.40) |  |  | (0.40) |
| **Year Ended September 30, 2022** | $22.75 | 0.40 | (2.60) | (2.20) | (0.36) |  |  | (0.36) |
| **Year Ended September 30, 2021** | $16.72 | 0.03 | 6.21 | 6.24 | (0.04) |  | (0.17) | (0.21) |
| **Sterling Capital Behavioral Small Cap Value Equity Fund** |  |  |  |  |  |  |  |  |
| **Period Ended March 31, 2026 (Unaudited)** | $20.60 | 0.11 | 1.18 | 1.29 | (0.14) | (1.78) |  | (1.92) |
| **Year Ended September 30, 2025** | $21.39 | 0.26 | 0.91 | 1.17 | (0.26) | (1.70) |  | (1.96) |
| **Year Ended September 30, 2024** | $16.98 | 0.27 | 4.50 | 4.77 | (0.36) |  |  | (0.36) |
| **Year Ended September 30, 2023** | $15.12 | 0.26 | 1.78 | 2.04 | (0.18) |  |  | (0.18) |
| **Year Ended September 30, 2022** | $19.37 | 0.17 | (2.45) | (2.28) | (0.15) | (1.82) |  | (1.97) |
| **Year Ended September 30, 2021** | $11.83 | 0.11 | 7.53 | 7.64 | (0.10) |  |  | (0.10) |
| **Sterling Capital Special Opportunities Fund** |  |  |  |  |  |  |  |  |
| **Period Ended March 31, 2026 (Unaudited)** | $27.00 | (0.04) | (1.08) | (1.12) |  | (4.99) |  | (4.99) |
| **Year Ended September 30, 2025** | $27.59 | (0.08) | 4.19 | 4.11 |  | (4.70) |  | (4.70) |
| **Year Ended September 30, 2024** | $26.08 | (0.10) | 6.40 | 6.30 |  | (4.79) |  | (4.79) |
| **Year Ended September 30, 2023** | $23.95 | (0.09) | 4.21 | 4.12 |  | (1.99) |  | (1.99) |
| **Year Ended September 30, 2022** | $33.44 | (0.13) | (5.25) | (5.38) |  | (4.11) |  | (4.11) |
| **Year Ended September 30, 2021** | $24.67 | (0.11) | 9.21 | 9.10 |  | (0.33) |  | (0.33) |
| **Sterling Capital Equity Income Fund** |  |  |  |  |  |  |  |  |
| **Period Ended March 31, 2026 (Unaudited)** | $22.14 | 0.09 | (0.51) | (0.42) | (0.10) | (4.51) |  | (4.61) |
| **Year Ended September 30, 2025** | $28.50 | 0.26 | (0.89) | (0.63) | (0.27) | (5.46) |  | (5.73) |
| **Year Ended September 30, 2024** | $25.26 | 0.35 | 5.39 | 5.74 | (0.36) | (2.14) |  | (2.50) |
| **Year Ended September 30, 2023** | $24.27 | 0.35 | 2.73 | 3.08 | (0.35) | (1.74) |  | (2.09) |
| **Year Ended September 30, 2022** | $26.57 | 0.35 | (1.82) | (1.47) | (0.35) | (0.48) |  | (0.83) |
| **Year Ended September 30, 2021** | $20.04 | 0.29 | 6.53 | 6.82 | (0.29) |  |  | (0.29) |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Per share net investment income has been calculated using the average shares method.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Annualized.

\* During the periods certain fees were waived (See Note 7 in the Notes to the Financial Statements). If such reductions had not occurred, the ratios would have been as indicated.

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

See accompanying notes to financial statements.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios/Supplementary Data** | **Ratios/Supplementary Data** | **Ratios/Supplementary Data** | **Ratios/Supplementary Data** | **Ratios/Supplementary Data** |
|<br>**Net asset value, end of year** |<br>**Total Return<br> (excludes sales<br> charge)** | **Net assets, End of year**<br> **(000)** | **Ratio of net<br> expenses to average<br> net assets** | **Ratio of net<br> investment income<br> (loss) to average net<br> assets** | **Ratio of expenses to average net assets \*** | **Portfolio<br> turnover<sup>\*\*</sup>** |
| $37.69 | 9.91 %<sup>(b)</sup> | $47595 | 1.01 %<sup>(c)</sup> | 1.33 %<sup>(c)</sup> | 1.01 %<sup>(c)</sup> | 68.15 %<sup>(b)</sup> |
| $34.50 | 17.23% | $39723 | 1.05% | 1.47% | 1.05% | 108.16% |
| $29.88 | 31.47% | $34158 | 1.00% | 1.68% | 1.03% | 99.00% |
| $23.10 | 16.42% | $28454 | 1.09% | 1.60% | 1.15% | 110.98% |
| $20.19 | (9.84)% | $25985 | 1.00% | 1.68% | 1.03% | 125.15% |
| $22.75 | 37.59% | $30870 | 0.88% | 0.16% | 1.02% | 122.64% |
| $19.97 | 6.47 %<sup>(b)</sup> | $6243 | 1.12 %<sup>(c)</sup> | 1.09 %<sup>(c)</sup> | 1.14 %<sup>(c)</sup> | 49.67 %<sup>(b)</sup> |
| $20.60 | 5.47% | $6236 | 1.09% | 1.34% | 1.09% | 89.59% |
| $21.39 | 28.20% | $6564 | 1.09% | 1.38% | 1.09% | 74.00% |
| $16.98 | 13.50% | $5695 | 1.11% | 1.54% | 1.11% | 154.69% |
| $15.12 | (13.50)% | $5644 | 1.11% | 0.90% | 1.11% | 70.82% |
| $19.37 | 64.73% | $7212 | 1.06% | 0.66% | 1.06% | 111.07% |
| $20.89 | (5.98)%<sup>(b)</sup> | $227957 | 1.13 %<sup>(c)</sup> | (0.31)%<sup>(c)</sup> | 1.13 %<sup>(c)</sup> | 24.56 %<sup>(b)</sup> |
| $27.00 | 15.94% | $283479 | 1.13% | (0.33)% | 1.13% | 38.82% |
| $27.59 | 27.05% | $294004 | 1.16% | (0.37)% | 1.16% | 41.68% |
| $26.08 | 17.96% | $269413 | 1.16% | (0.36)% | 1.16% | 31.19% |
| $23.95 | (18.91)% | $267480 | 1.13% | (0.44)% | 1.13% | 28.06% |
| $33.44 | 37.18% | $355673 | 1.11% | (0.36)% | 1.12% | 27.20% |
| $17.11 | (2.01)%<sup>(b)</sup> | $265349 | 1.12 %<sup>(c)</sup> | 0.93 %<sup>(c)</sup> | 1.14 %<sup>(c)</sup> | 22.17 %<sup>(b)</sup> |
| $22.14 | (2.47)% | $354292 | 1.07% | 1.14% | 1.07% | 50.76% |
| $28.50 | 23.83% | $464807 | 1.08% | 1.32% | 1.08% | 41.82% |
| $25.26 | 12.55% | $418725 | 1.07% | 1.34% | 1.07% | 39.43% |
| $24.27 | (5.85)% | $411766 | 1.04% | 1.29% | 1.04% | 31.23% |
| $26.57 | 34.11% | $460034 | 1.03% | 1.15% | 1.04% | 13.00% |

---

See accompanying notes to financial statements.

**STERLING CAPITAL FUNDS**

**FINANCIAL HIGHLIGHTS, A SHARES**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Investment Activities** | **Investment Activities** | **Investment Activities** | **Investment Activities** | **Distributions** | **Distributions** | **Distributions** | **Distributions** |
|  | **Net asset value,**<br> **beginning of**<br> **year** | **Net**<br> **investment**<br> **income**<br> **(loss)<sup>(a)</sup>** | **Net realized/**<br> **unrealized**<br> **gain (loss) on**<br> **investments** | **Total from**<br> **investment**<br> **Activities** | **Net**<br> **investment**<br> **income** | **Net realized**<br> **gains on**<br> **investments** | **Return of**<br> **capital** | **Total from**<br> **distributions** |
| **Sterling Capital Mid Cap Relative Value Fund** |  |  |  |  |  |  |  |  |
| **Period Ended March 31, 2026 (Unaudited)** | $62.23 | 0.08 | 1.05 | 1.13 | (0.22) | (5.30) |  | (5.52) |
| **Year Ended September 30, 2025** | $67.30 | 0.23 | 3.31 | 3.54 | (0.27) | (8.34) |  | (8.61) |
| **Year Ended September 30, 2024** | $60.94 | 0.34 | 13.28 | 13.62 | (0.25) | (7.01) |  | (7.26) |
| **Year Ended September 30, 2023** | $62.45 | 0.40 | 8.65 | 9.05 | (0.39) | (10.17) |  | (10.56) |
| **Year Ended September 30, 2022** | $78.45 | 0.39 | (10.09) | (9.70) | (0.33) | (5.97) |  | (6.30) |
| **Year Ended September 30, 2021** | $58.67 | 0.28 | 19.97 | 20.25 | (0.24) | (0.23) |  | (0.47) |
| **Sterling Capital Real Estate Fund** |  |  |  |  |  |  |  |  |
| **Period Ended March 31, 2026 (Unaudited)** | $35.51 | 0.44 | (1.67) | (1.23) |  |  |  |  |
| **Year Ended September 30, 2025** | $39.81 | 0.91 | (2.65) | (1.74) | (0.94) | (1.62) |  | (2.56) |
| **Year Ended September 30, 2024** | $32.35 | 0.78 | 9.42 | 10.20 | (0.65) | (2.09) |  | (2.74) |
| **Year Ended September 30, 2023** | $34.86 | 0.64 | (0.25) | 0.39 | (0.67) | (2.23) |  | (2.90) |
| **Year Ended September 30, 2022** | $46.09 | 0.27 | (7.99) | (7.72) | (0.52) | (2.99) |  | (3.51) |
| **Year Ended September 30, 2021** | $36.61 | 0.35 | 10.46 | 10.81 | (0.51) | (0.82) |  | (1.33) |
| **Sterling Capital Small Cap Value Fund** |  |  |  |  |  |  |  |  |
| **Period Ended March 31, 2026 (Unaudited)** | $42.00 | 0.04 | 2.79 | 2.83 | (0.12) | (7.22) |  | (7.34) |
| **Year Ended September 30, 2025** | $47.67 | 0.06 | 3.44 | 3.50 | (0.03) | (9.14) |  | (9.17) |
| **Year Ended September 30, 2024** | $52.17 | 0.13 | 11.70 | 11.83 | (0.13) | (16.20) |  | (16.33) |
| **Year Ended September 30, 2023** | $57.67 | 0.16 | 8.11 | 8.27 | (0.09) | (13.68) |  | (13.77) |
| **Year Ended September 30, 2022** | $83.01 | 0.09 | (8.16) | (8.07) |  | (17.27) |  | (17.27) |
| **Year Ended September 30, 2021** | $63.67 | (0.01) | 30.82 | 30.81 | (0.25) | (11.22) |  | (11.47) |
| **Sterling Capital Intermediate U.S. Government Fund** |  |  |  |  |  |  |  |  |
| **Period Ended March 31, 2026 (Unaudited)** | $8.90 | 0.14 | (0.14) |  |  |  |  |  |
| **Year Ended September 30, 2025** | $8.86 | 0.26 | 0.01 | 0.27 | (0.23) |  |  | (0.23) |
| **Year Ended September 30, 2024** | $8.34 | 0.21 | 0.59 | 0.80 | (0.28) |  |  | (0.28) |
| **Year Ended September 30, 2023** | $8.51 | 0.16 | (0.12) | 0.04 | (0.21) |  |  | (0.21) |
| **Year Ended September 30, 2022** | $9.78 | 0.08 | (1.15) | (1.07) | (0.20) |  |  | (0.20) |
| **Year Ended September 30, 2021** | $10.13 | 0.06 | (0.18) | (0.12) | (0.23) |  |  | (0.23) |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Per share net investment income has been calculated using the average shares method.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Annualized.

\* During the periods certain fees were waived (See Note 7 in the Notes to the Financial Statements). If such reductions had not occurred, the ratios would have been as indicated.

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

See accompanying notes to financial statements.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios/Supplementary Data** | **Ratios/Supplementary Data** | **Ratios/Supplementary Data** | **Ratios/Supplementary Data** | **Ratios/Supplementary Data** |
|<br>**Net asset value, end** <br> **of year** |<br>**Total Return<br> (excludes sales<br> charge)** | **Net assets, End of year**<br> **(000)** | **Ratio of net<br> expenses to average<br> net assets** | **Ratio of net<br> investment income<br> (loss) to average net<br> assets** | **Ratio of expenses to** <br> **average net assets \*** | **Portfolio<br> turnover<sup>\*\*</sup>** |
| $57.84 | 2.10 %<sup>(b)</sup> | $16582 | 1.20 %<sup>(c)</sup> | 0.27 %<sup>(c)</sup> | 1.25 %<sup>(c)</sup> | 10.10 %<sup>(b)</sup> |
| $62.23 | 5.66% | $17680 | 1.19% | 0.39% | 1.21% | 40.39% |
| $67.30 | 24.07% | $265 | 1.13% | 0.55% | 1.13% | 8.96% |
| $60.94 | 14.75% | $460 | 1.12% | 0.65% | 1.12% | 4.89% |
| $62.45 | (13.89)% | $380 | 1.10% | 0.53% | 1.10% | 7.94% |
| $78.45 | 34.65% | $369 | 1.10% | 0.38% | 1.11% | 8.23% |
| $34.28 | 1.02 %<sup>(b)</sup> | $487 | 1.16 %<sup>(c)</sup> | 2.53 %<sup>(c)</sup> | 1.16 %<sup>(c)</sup> | 3.23 %<sup>(b)</sup> |
| $35.51 | (4.42)% | $520 | 1.13% | 2.51% | 1.13% | 7.62% |
| $39.81 | 32.80% | $623 | 1.11% | 2.25% | 1.11% | 4.90% |
| $32.35 | 0.70% | $543 | 1.12% | 1.81% | 1.12% | 6.06% |
| $34.86 | (18.60)% | $670 | 1.07% | 0.60% | 1.07% | 12.58% |
| $46.09 | 30.08% | $719 | 1.05% | 0.82% | 1.05% | 12.68% |
| $37.49 | 7.36 %<sup>(b)</sup> | $2360 | 1.31 %<sup>(c)</sup> | 0.22 %<sup>(c)</sup> | 1.31 %<sup>(c)</sup> | 3.86 %<sup>(b)</sup> |
| $42.00 | 7.83% | $2724 | 1.28% | 0.15% | 1.28% | 6.19% |
| $47.67 | 28.51% | $3277 | 1.30% | 0.28% | 1.31% | 2.87% |
| $52.17 | 15.05% | $2656 | 1.28% | 0.29% | 1.30% | 0.77% |
| $57.67 | (14.14)% | $2464 | 1.25% | 0.13% | 1.25% | 5.26% |
| $83.01 | 52.43% | $3468 | 1.23% | (0.01)% | 1.26% | 6.15% |
| $8.90 | 1.27 %<sup>(b)</sup> | $2953 | 0.81 %<sup>(c)</sup> | 3.36 %<sup>(c)</sup> | 1.02 %<sup>(c)</sup> | 6.34 %<sup>(b)</sup> |
| $8.90 | 3.12% | $2487 | 0.80% | 3.03% | 1.01% | 27.66% |
| $8.86 | 9.72% | $2505 | 0.76% | 2.41% | 0.95% | 11.51% |
| $8.34 | 0.43% | $2550 | 0.75% | 1.89% | 0.94% | 7.91% |
| $8.51 | (11.12)% | $2879 | 0.73% | 0.87% | 0.92% | 14.18% |
| $9.78 | (1.23)% | $3388 | 0.68% | 0.64% | 0.86% | 71.31% |

---

See accompanying notes to financial statements.

**STERLING CAPITAL FUNDS**

**FINANCIAL HIGHLIGHTS, A SHARES**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Investment Activities** | **Investment Activities** | **Investment Activities** | **Investment Activities** | **Distributions** | **Distributions** | **Distributions** | **Distributions** |
|  | **Net asset value,**<br> **beginning of**<br> **year** | **Net**<br> **investment**<br> **income**<br> **(loss)<sup>(a)</sup>** | **Net realized/**<br> **unrealized**<br> **gain (loss) on**<br> **investments** | **Total from**<br> **investment**<br> **Activities** | **Net**<br> **investment**<br> **income** | **Net realized**<br> **gains on**<br> **investments** | **Return of**<br> **capital** | **Total from**<br> **distributions** |
| **Sterling Capital Total Return Bond Fund** |  |  |  |  |  |  |  |  |
| **Period Ended March 31, 2026 (Unaudited)** | $9.44 | 0.19 | (0.13) | 0.06 | (0.18) |  |  | (0.18) |
| **Year Ended September 30, 2025** | $9.54 | 0.38 | (0.12) | 0.26 | (0.36) |  |  | (0.36) |
| **Year Ended September 30, 2024** | $8.87 | 0.35 | 0.67 | 1.02 | (0.35) |  |  | (0.35) |
| **Year Ended September 30, 2023** | $9.11 | 0.28 | (0.24) | 0.04 | (0.28) |  |  | (0.28) |
| **Year Ended September 30, 2022** | $11.04 | 0.18 | (1.80) | (1.62) | (0.22) | (0.09) |  | (0.31) |
| **Year Ended September 30, 2021** | $11.38 | 0.17 | (0.12) | 0.05 | (0.24) | (0.15) |  | (0.39) |
| **Sterling Capital Long Duration Corporate Bond Fund** |  |  |  |  |  |  |  |  |
| **Period Ended March 31, 2026 (Unaudited)** | $7.00 | 0.16 | (0.29) | (0.13) | (0.16) |  |  | (0.16) |
| **Year Ended September 30, 2025** | $7.30 | 0.32 | (0.30) | 0.02 | (0.32) |  |  | (0.32) |
| **Year Ended September 30, 2024** | $6.45 | 0.31 | 0.85 | 1.16 | (0.31) |  |  | (0.31) |
| **Year Ended September 30, 2023** | $6.63 | 0.28 | (0.17) | 0.11 | (0.29) |  |  | (0.29) |
| **Year Ended September 30, 2022** | $10.51 | 0.25 | (2.85) | (2.60) | (0.25) | (1.03) |  | (1.28) |
| **Year Ended September 30, 2021** | $10.78 | 0.25 | 0.03 | 0.28 | (0.25) | (0.30) |  | (0.55) |
| **Sterling Capital Quality Income Fund** |  |  |  |  |  |  |  |  |
| **Period Ended March 31, 2026 (Unaudited)** | $9.15 | 0.17 | (0.05) | 0.12 | (0.17) |  |  | (0.17) |
| **Year Ended September 30, 2025** | $9.18 | 0.33 | (0.03) | 0.30 | (0.33) |  |  | (0.33) |
| **Year Ended September 30, 2024** | $8.56 | 0.27 | 0.64 | 0.91 | (0.29) |  |  | (0.29) |
| **Year Ended September 30, 2023** | $8.78 | 0.23 | (0.21) | 0.02 | (0.24) |  |  | (0.24) |
| **Year Ended September 30, 2022** | $10.04 | 0.14 | (1.23) | (1.09) | (0.17) |  |  | (0.17) |
| **Year Ended September 30, 2021** | $10.25 | 0.13 | (0.15) | (0.02) | (0.19) |  |  | (0.19) |
| **Sterling Capital North Carolina Intermediate Tax-Free Fund** |  |  |  |  |  |  |  |  |
| **Period Ended March 31, 2026 (Unaudited)** | $10.12 | 0.12 | (0.05) | 0.07 | (0.12) |  |  | (0.12) |
| **Year Ended September 30, 2025** | $10.21 | 0.24 | (0.09) | 0.15 | (0.24) |  |  | (0.24) |
| **Year Ended September 30, 2024** | $9.75 | 0.23 | 0.46 | 0.69 | (0.23) |  |  | (0.23) |
| **Year Ended September 30, 2023** | $9.84 | 0.20 | (0.09) | 0.11 | (0.20) |  |  | (0.20) |
| **Year Ended September 30, 2022** | $10.97 | 0.16 | (1.13) | (0.97) | (0.16) |  |  | (0.16) |
| **Year Ended September 30, 2021** | $11.12 | 0.15 | (0.15) |  | (0.15) |  |  | (0.15) |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Per share net investment income has been calculated using the average shares method.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Annualized.

\* During the periods certain fees were waived (See Note 7 in the Notes to the Financial Statements). If such reductions had not occurred, the ratios would have been as indicated.

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

See accompanying notes to financial statements.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios/Supplementary Data** | **Ratios/Supplementary Data** | **Ratios/Supplementary Data** | **Ratios/Supplementary Data** | **Ratios/Supplementary Data** |
|<br>**Net asset value, end** <br> **of year** |<br>**Total Return<br> (excludes sales<br> charge)** | **Net assets, End of year**<br> **(000)** | **Ratio of net<br> expenses to average<br> net assets** | **Ratio of net<br> investment income<br> (loss) to average net<br> assets** | **Ratio of expenses to average net assets \*** | **Portfolio<br> turnover<sup>\*\*</sup>** |
| $9.32 | 0.68 %<sup>(b)</sup> | $42294 | 0.70 %<sup>(c)</sup> | 3.99 %<sup>(c)</sup> | 0.75 %<sup>(c)</sup> | 33.82 %<sup>(b)</sup> |
| $9.44 | 2.86% | $48293 | 0.70% | 4.06% | 0.74% | 78.95% |
| $9.54 | 11.67% | $53940 | 0.71% | 3.78% | 0.75% | 63.02% |
| $8.87 | 0.41% | $46772 | 0.70% | 2.99% | 0.76% | 47.80% |
| $9.11 | (14.94)% | $47701 | 0.70% | 1.75% | 0.74% | 47.98% |
| $11.04 | 0.44% | $60694 | 0.70% | 1.52% | 0.75% | 48.80% |
| $6.71 | (1.83)%<sup>(b)</sup> | $266 | 0.70 %<sup>(c)</sup> | 4.78 %<sup>(c)</sup> | 0.80 %<sup>(c)</sup> | 26.87 %<sup>(b)</sup> |
| $7.00 | 0.52% | $282 | 0.70% | 4.72% | 0.81% | 52.57% |
| $7.30 | 18.30% | $405 | 0.71% | 4.43% | 0.85% | 47.46% |
| $6.45 | 1.38% | $308 | 0.70% | 4.09% | 0.89% | 26.27% |
| $6.63 | (27.78)% | $436 | 0.85% | 2.94% | 1.04% | 161.62% |
| $10.51 | 2.67% | $632 | 0.97% | 2.40% | 1.16% | 47.29% |
| $9.10 | 1.26 %<sup>(b)</sup> | $70 | 0.88 %<sup>(c)</sup> | 3.64 %<sup>(c)</sup> | 0.95 %<sup>(c)</sup> | 10.65 %<sup>(b)</sup> |
| $9.15 | 3.38% | $21 | 0.85% | 3.76% | 0.94% | 35.06% |
| $9.18 | 10.77% | $32 | 0.82% | 3.11% | 0.87% | 25.02% |
| $8.56 | 0.18% | $32 | 0.83% | 2.57% | 0.88% | 9.85% |
| $8.78 | (10.93)% | $32 | 0.82% | 1.44% | 0.86% | 35.18% |
| $10.04 | (0.23)% | $29 | 0.82% | 1.29% | 0.86% | 73.60% |
| $10.07 | 0.72 %<sup>(b)</sup> | $19079 | 0.84 %<sup>(c)</sup> | 2.43 %<sup>(c)</sup> | 0.84 %<sup>(c)</sup> | 6.34 %<sup>(b)</sup> |
| $10.12 | 1.55% | $19320 | 0.83% | 2.42% | 0.83% | 29.62% |
| $10.21 | 7.13% | $20995 | 0.85% | 2.29% | 0.85% | 20.34% |
| $9.75 | 1.08% | $22320 | 0.85% | 1.99% | 0.85% | 38.07% |
| $9.84 | (8.92)% | $24664 | 0.82% | 1.52% | 0.82% | 50.21% |
| $10.97 | (0.01)% | $31234 | 0.80% | 1.34% | 0.80% | 7.97% |

---

See accompanying notes to financial statements.

**STERLING CAPITAL FUNDS**

**FINANCIAL HIGHLIGHTS, A SHARES**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Investment Activities** | **Investment Activities** | **Investment Activities** | **Investment Activities** | **Distributions** | **Distributions** | **Distributions** | **Distributions** |
|  | **Net asset value,**<br> **beginning of**<br> **year** | **Net**<br> **investment**<br> **income**<br> **(loss)<sup>(a)</sup>** | **Net realized/ unrealized**<br> **gain (loss) on**<br> **investments** | **Total from**<br> **investment**<br> **Activities** | **Net**<br> **investment**<br> **income** | **Net realized**<br> **gains on**<br> **investments** | **Return of**<br> **capital** | **Total from**<br> **distributions** |
| **Sterling Capital South Carolina Intermediate Tax-Free Fund** |  |  |  |  |  |  |  |  |
| **Period Ended March 31, 2026 (Unaudited)** | $10.50 | 0.13 | (0.04) | 0.09 | (0.13) |  |  | (0.13) |
| **Year Ended September 30, 2025** | $10.62 | 0.26 | (0.12) | 0.14 | (0.26) |  |  | (0.26) |
| **Year Ended September 30, 2024** | $10.16 | 0.25 | 0.46 | 0.71 | (0.25) |  |  | (0.25) |
| **Year Ended September 30, 2023** | $10.24 | 0.20 | (0.08) | 0.12 | (0.20) |  |  | (0.20) |
| **Year Ended September 30, 2022** | $11.40 | 0.18 | (1.16) | (0.98) | (0.18) |  |  | (0.18) |
| **Year Ended September 30, 2021** | $11.47 | 0.17 | (0.07) | 0.10 | (0.17) |  |  | (0.17) |
| **Sterling Capital Virginia Intermediate Tax-Free Fund** |  |  |  |  |  |  |  |  |
| **Period Ended March 31, 2026 (Unaudited)** | $11.07 | 0.13 | (0.06) | 0.07 | (0.13) |  |  | (0.13) |
| **Year Ended September 30, 2025** | $11.19 | 0.25 | (0.12) | 0.13 | (0.25) |  |  | (0.25) |
| **Year Ended September 30, 2024** | $10.69 | 0.24 | 0.50 | 0.74 | (0.24) |  |  | (0.24) |
| **Year Ended September 30, 2023** | $10.77 | 0.20 | (0.08) | 0.12 | (0.20) |  |  | (0.20) |
| **Year Ended September 30, 2022** | $11.98 | 0.16 | (1.20) | (1.04) | (0.16) | (0.01) |  | (0.17) |
| **Year Ended September 30, 2021** | $12.23 | 0.16 | (0.22) | (0.06) | (0.16) | (0.03) |  | (0.19) |
| **Sterling Capital West Virginia Intermediate Tax-Free Fund** |  |  |  |  |  |  |  |  |
| **Period Ended March 31, 2026 (Unaudited)** | $9.48 | 0.12 | (0.03) | 0.09 | (0.12) |  |  | (0.12) |
| **Year Ended September 30, 2025** | $9.56 | 0.25 | (0.08) | 0.17 | (0.25) |  |  | (0.25) |
| **Year Ended September 30, 2024** | $9.12 | 0.24 | 0.44 | 0.68 | (0.24) |  |  | (0.24) |
| **Year Ended September 30, 2023** | $9.22 | 0.20 | (0.10) | 0.10 | (0.20) |  |  | (0.20) |
| **Year Ended September 30, 2022** | $10.20 | 0.15 | (0.98) | (0.83) | (0.15) |  |  | (0.15) |
| **Year Ended September 30, 2021** | $10.29 | 0.16 | (0.08) | 0.08 | (0.16) | (0.01) |  | (0.17) |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Per share net investment income has been calculated using the average shares method.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Annualized.

\* During the periods certain fees were waived (See Note 7 in the Notes to the Financial Statements). If such reductions had not occurred, the ratios would have been as indicated.

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

See accompanying notes to financial statements.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios/Supplementary Data** | **Ratios/Supplementary Data** | **Ratios/Supplementary Data** | **Ratios/Supplementary Data** | **Ratios/Supplementary Data** |
|<br>**Net asset value, end** <br> **of year** |<br>**Total Return<br> (excludes sales<br> charge)** | **Net assets, End of year**<br> **(000)** | **Ratio of net<br> expenses to average<br> net assets** | **Ratio of net<br> investment income<br> (loss) to average net<br> assets** | **Ratio of expenses to** <br> **average net assets \*** | **Portfolio<br> turnover<sup>\*\*</sup>** |
| $10.46 | 0.86 %<sup>(b)</sup> | $3585 | 0.94 %<sup>(c)</sup> | 2.49 %<sup>(c)</sup> | 0.94 %<sup>(c)</sup> | 4.91 %<sup>(b)</sup> |
| $10.50 | 1.40% | $3766 | 0.91% | 2.53% | 0.91% | 16.00% |
| $10.62 | 7.09% | $5816 | 0.89% | 2.43% | 0.90% | 19.81% |
| $10.16 | 1.15% | $6369 | 0.87% | 1.92% | 0.88% | 32.34% |
| $10.24 | (8.66)% | $7056 | 0.85% | 1.64% | 0.85% | 9.94% |
| $11.40 | 0.86% | $11204 | 0.81% | 1.44% | 0.81% | 20.23% |
| $11.01 | 0.59 %<sup>(b)</sup> | $8045 | 0.90 %<sup>(c)</sup> | 2.27 %<sup>(c)</sup> | 0.90 %<sup>(c)</sup> | 8.82 %<sup>(b)</sup> |
| $11.07 | 1.23% | $8676 | 0.87% | 2.30% | 0.87% | 17.40% |
| $11.19 | 6.92% | $9816 | 0.87% | 2.14% | 0.87% | 20.54% |
| $10.69 | 1.05% | $11272 | 0.86% | 1.78% | 0.86% | 17.86% |
| $10.77 | (8.72)% | $14162 | 0.83% | 1.40% | 0.83% | 37.23% |
| $11.98 | (0.52)% | $17292 | 0.81% | 1.31% | 0.81% | 8.98% |
| $9.45 | 0.99 %<sup>(b)</sup> | $18712 | 0.87 %<sup>(c)</sup> | 2.62 %<sup>(c)</sup> | 0.87 %<sup>(c)</sup> | 4.61 %<sup>(b)</sup> |
| $9.48 | 1.79% | $19543 | 0.86% | 2.62% | 0.86% | 15.61% |
| $9.56 | 7.51% | $20407 | 0.88% | 2.54% | 0.88% | 25.08% |
| $9.12 | 1.07% | $20855 | 0.86% | 2.14% | 0.86% | 37.11% |
| $9.22 | (8.18)% | $23829 | 0.82% | 1.54% | 0.82% | 18.08% |
| $10.20 | 0.72% | $27208 | 0.81% | 1.53% | 0.81% | 8.56% |

---

See accompanying notes to financial statements.

**STERLING CAPITAL FUNDS**

**FINANCIAL HIGHLIGHTS, C SHARES**

 

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

 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Investment Activities** | **Investment Activities** | **Investment Activities** | **Investment Activities** | **Distributions** | **Distributions** | **Distributions** | **Distributions** |
|  | **Net asset value,<br> beginning of<br> year** | **Net<br> investment<br> income<br> (loss)<sup>(a)</sup>** | **Net realized/<br> unrealized<br> gain (loss) on<br> investments** | **Total from<br> investment<br> Activities** | **Net investment income** | **Net realized<br> gains on<br> investments** | **Return of <br> capital** | **Total from<br> distributions** |
| **Sterling Capital Behavioral Large Cap Value Equity Fund** |  |  |  |  |  |  |  |  |
| **Period Ended March 31, 2026 (Unaudited)** | $33.18 | 0.09 | 2.93 | 3.02 |  |  |  |  |
| **Year Ended September 30, 2025** | $28.66 | 0.26 | 4.40 | 4.66 | (0.15) |  |  | (0.15) |
| **Year Ended September 30, 2024** | $22.19 | 0.24 | 6.50 | 6.74 | (0.27) |  |  | (0.27) |
| **Year Ended September 30, 2023** | $19.41 | 0.19 | 2.83 | 3.02 | (0.24) |  |  | (0.24) |
| **Year Ended September 30, 2022** | $21.88 | 0.21 | (2.49) | (2.28) | (0.19) |  |  | (0.19) |
| **Year Ended September 30, 2021** | $16.17 | (0.04) | 5.92 | 5.88 | (0.03) |  | (0.14) | (0.17) |
| **Sterling Capital Behavioral Small Cap Value Equity Fund** |  |  |  |  |  |  |  |  |
| **Period Ended March 31, 2026 (Unaudited)** | $19.24 | 0.04 | 1.09 | 1.13 | (0.10) | (1.78) |  | (1.88) |
| **Year Ended September 30, 2025** | $20.17 | 0.11 | 0.84 | 0.95 | (0.18) | (1.70) |  | (1.88) |
| **Year Ended September 30, 2024** | $16.10 | 0.11 | 4.26 | 4.37 | (0.30) |  |  | (0.30) |
| **Year Ended September 30, 2023** | $14.33 | 0.13 | 1.69 | 1.82 | (0.05) |  |  | (0.05) |
| **Year Ended September 30, 2022** | $18.46 | 0.03 | (2.34) | (2.31) |  | (1.82) |  | (1.82) |
| **Year Ended September 30, 2021** | $11.28 | 0.01 | 7.17 | 7.18 |  |  |  |  |
| **Sterling Capital Special Opportunities Fund** |  |  |  |  |  |  |  |  |
| **Period Ended March 31, 2026 (Unaudited)** | $16.30 | (0.07) | (0.45) | (0.52) |  | (4.99) |  | (4.99) |
| **Year Ended September 30, 2025** | $18.48 | (0.16) | 2.68 | 2.52 |  | (4.70) |  | (4.70) |
| **Year Ended September 30, 2024** | $19.02 | (0.20) | 4.45 | 4.25 |  | (4.79) |  | (4.79) |
| **Year Ended September 30, 2023** | $18.09 | (0.21) | 3.13 | 2.92 |  | (1.99) |  | (1.99) |
| **Year Ended September 30, 2022** | $26.39 | (0.27) | (3.92) | (4.19) |  | (4.11) |  | (4.11) |
| **Year Ended September 30, 2021** | $19.67 | (0.27) | 7.32 | 7.05 |  | (0.33) |  | (0.33) |
| **Sterling Capital Equity Income Fund** |  |  |  |  |  |  |  |  |
| **Period Ended March 31, 2026 (Unaudited)** | $21.82 | 0.02 | (0.51) | (0.49) | (0.02) | (4.51) |  | (4.53) |
| **Year Ended September 30, 2025** | $28.17 | 0.09 | (0.88) | (0.79) | (0.10) | (5.46) |  | (5.56) |
| **Year Ended September 30, 2024** | $25.00 | 0.15 | 5.32 | 5.47 | (0.16) | (2.14) |  | (2.30) |
| **Year Ended September 30, 2023** | $24.04 | 0.15 | 2.70 | 2.85 | (0.15) | (1.74) |  | (1.89) |
| **Year Ended September 30, 2022** | $26.32 | 0.15 | (1.81) | (1.66) | (0.14) | (0.48) |  | (0.62) |
| **Year Ended September 30, 2021** | $19.83 | 0.10 | 6.47 | 6.57 | (0.08) |  |  | (0.08) |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Per share net investment income has been calculated using the average shares method.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Annualized.

\* During the periods certain fees were waived (See Note 7 in the Notes to the Financial Statements). If such reductions had not occurred, the ratios would have been as indicated.

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

See accompanying notes to financial statements.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | | **Ratios/Supplementary Data** | **Ratios/Supplementary Data** | | |
|<br>**Net asset value, end** <br> **of year** |<br>**Total Return<br> (excludes sales<br> charge)** |<br>**Net assets, End of year**<br> **(000)** | **Ratio of net<br> expenses to average<br> net assets** | **Ratio of net<br> investment income<br> (loss) to average net<br> assets** |<br>**Ratio of expenses to** <br> **average net assets \*** |<br>**Portfolio<br> turnover<sup>\*\*</sup>** |
| $36.20 | 9.53 %<sup>(b)</sup> | $107 | 1.76 %<sup>(c)</sup> | 0.51 %<sup>(c)</sup> | 1.76 %<sup>(c)</sup> | 68.15 %<sup>(b)</sup> |
| $33.17 | 16.34% | $60 | 1.80% | 0.87% | 1.80% | 108.16% |
| $28.66 | 30.45% | $362 | 1.75% | 0.93% | 1.78% | 99.00% |
| $22.19 | 15.57% | $280 | 1.84% | 0.85% | 1.90% | 110.98% |
| $19.41 | (10.50)% | $248 | 1.75% | 0.93% | 1.78% | 125.15% |
| $21.88 | 36.56% | $304 | 1.60% | (0.22)% | 1.79% | 122.64% |
| $18.49 | 6.09 %<sup>(b)</sup> | $91 | 1.89 %<sup>(c)</sup> | 0.47 %<sup>(c)</sup> | 1.90 %<sup>(c)</sup> | 49.67 %<sup>(b)</sup> |
| $19.24 | 4.65% | $45 | 1.84% | 0.61% | 1.84% | 89.59% |
| $20.17 | 27.26% | $51 | 1.83% | 0.58% | 1.84% | 74.00% |
| $16.10 | 12.70% | $28 | 1.86% | 0.79% | 1.86% | 154.69% |
| $14.33 | (14.19)% | $29 | 1.85% | 0.19% | 1.85% | 70.82% |
| $18.46 | 63.65% | $38 | 1.82% | 0.04% | 1.82% | 111.07% |
| $10.79 | (6.27)%<sup>(b)</sup> | $11244 | 1.88 %<sup>(c)</sup> | (1.07)%<sup>(c)</sup> | 1.88 %<sup>(c)</sup> | 24.56 %<sup>(b)</sup> |
| $16.30 | 15.03% | $13988 | 1.88% | (1.08)% | 1.88% | 38.82% |
| $18.48 | 26.15% | $16870 | 1.91% | (1.12)% | 1.91% | 41.68% |
| $19.02 | 17.07% | $22619 | 1.91% | (1.11)% | 1.91% | 31.19% |
| $18.09 | (19.53)% | $29566 | 1.88% | (1.19)% | 1.88% | 28.06% |
| $26.39 | 36.19% | $52182 | 1.86% | (1.11)% | 1.87% | 27.20% |
| $16.80 | (2.41)%<sup>(b)</sup> | $30832 | 1.87 %<sup>(c)</sup> | 0.17 %<sup>(c)</sup> | 1.89 %<sup>(c)</sup> | 22.17 %<sup>(b)</sup> |
| $21.82 | (3.20)% | $52855 | 1.82% | 0.40% | 1.82% | 50.76% |
| $28.17 | 22.92% | $72748 | 1.83% | 0.57% | 1.83% | 41.82% |
| $25.00 | 11.71% | $64849 | 1.82% | 0.60% | 1.82% | 39.43% |
| $24.04 | (6.57)% | $64899 | 1.79% | 0.54% | 1.79% | 31.23% |
| $26.32 | 33.15% | $81338 | 1.78% | 0.42% | 1.79% | 13.00% |

---

See accompanying notes to financial statements.

**STERLING CAPITAL FUNDS**

**FINANCIAL HIGHLIGHTS, C SHARES**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Investment Activities** | **Investment Activities** | **Investment Activities** | **Investment Activities** | **Distributions** | **Distributions** | **Distributions** | **Distributions** |
|  | **Net asset value,**<br> **beginning of**<br> **year** | **Net**<br> **investment**<br> **income**<br> **(loss)<sup>(a)</sup>** | **Net realized/**<br> **unrealized**<br> **gain (loss) on**<br> **investments** | **Total from**<br> **investment**<br> **Activities** | **Net**<br> **investment**<br> **income** | **Net realized**<br> **gains**<br> **on investments** | **Return of**<br> **capital** | **Total from**<br> **distributions** |
| **Sterling Capital Mid Cap Relative Value Fund**  |  |  |  |  |  |  |  |  |
| **Period Ended March 31, 2026 (Unaudited)** | $58.95 | (0.13) | 0.98 | 0.85 | (0.12) | (5.30) |  | (5.42) |
| **Year Ended September 30, 2025** | $64.35 | (0.20) | 3.14 | 2.94 |  | (8.34) |  | (8.34) |
| **Year Ended September 30, 2024** | $58.68 | (0.08) | 12.76 | 12.68 |  | (7.01) |  | (7.01) |
| **Year Ended September 30, 2023** | $60.48 | (0.01) | 8.38 | 8.37 |  | (10.17) |  | (10.17) |
| **Year Ended September 30, 2022** | $76.32 | (0.08) | (9.79) | (9.87) |  | (5.97) |  | (5.97) |
| **Year Ended September 30, 2021**<br>| $57.24 | (0.17) | 19.48 | 19.31 |  | (0.23) |  | (0.23) |
| **Sterling Capital Real Estate Fund** |  |  |  |  |  |  |  |  |
| **Period Ended March 31, 2026 (Unaudited)** | $35.21 | 0.39 | (1.63) | (1.24) |  |  |  |  |
| **Year Ended September 30, 2025** | $39.35 | 0.59 | (2.59) | (2.00) | (0.52) | (1.62) |  | (2.14) |
| **Year Ended September 30, 2024** | $32.00 | 0.52 | 9.31 | 9.83 | (0.39) | (2.09) |  | (2.48) |
| **Year Ended September 30, 2023** | $34.53 | 0.37 | (0.25) | 0.12 | (0.42) | (2.23) |  | (2.65) |
| **Year Ended September 30, 2022** | $45.65 | (0.06) | (7.89) | (7.95) | (0.18) | (2.99) |  | (3.17) |
| **Year Ended September 30, 2021**<br>| $36.33 | 0.03 | 10.37 | 10.40 | (0.26) | (0.82) |  | (1.08) |
| **Sterling Capital Small Cap Value Fund** |  |  |  |  |  |  |  |  |
| **Period Ended March 31, 2026 (Unaudited)** | $35.61 | (0.06) | 2.31 | 2.25 | (0.07) | (7.22) |  | (7.29) |
| **Year Ended September 30, 2025** | $41.98 | (0.19) | 2.96 | 2.77 |  | (9.14) |  | (9.14) |
| **Year Ended September 30, 2024** | $47.89 | (0.19) | 10.48 | 10.29 |  | (16.20) |  | (16.20) |
| **Year Ended September 30, 2023** | $54.20 | (0.22) | 7.59 | 7.37 |  | (13.68) |  | (13.68) |
| **Year Ended September 30, 2022** | $79.47 | (0.42) | (7.58) | (8.00) |  | (17.27) |  | (17.27) |
| **Year Ended September 30, 2021** | $61.56 | (0.58) | 29.71 | 29.13 |  | (11.22) |  | (11.22) |
| **Sterling Capital Intermediate U.S. Government Fund** |  |  |  |  |  |  |  |  |
| **Period Ended March 31, 2026 (Unaudited)** | $8.88 | 0.10 | (0.10) |  |  |  |  |  |
| **Year Ended September 30, 2025** | $8.84 | 0.20 |  | 0.20 | (0.16) |  |  | (0.16) |
| **Year Ended September 30, 2024** | $8.32 | 0.14 | 0.59 | 0.73 | (0.21) |  |  | (0.21) |
| **Year Ended September 30, 2023** | $8.49 | 0.10 | (0.12) | (0.02) | (0.15) |  |  | (0.15) |
| **Year Ended September 30, 2022** | $9.76 | 0.01 | (1.15) | (1.14) | (0.13) |  |  | (0.13) |
| **Year Ended September 30, 2021** | $10.11 | (0.01) | (0.19) | (0.20) | (0.15) |  |  | (0.15) |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Per share net investment income has been calculated using the average shares method.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Annualized.

\* During the periods certain fees were waived (See Note 7 in the Notes to the Financial Statements). If such reductions had not occurred, the ratios would have been as indicated.

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

See accompanying notes to financial statements.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios/Supplementary Data** | **Ratios/Supplementary Data** | **Ratios/Supplementary Data** | **Ratios/Supplementary Data** | **Ratios/Supplementary Data** |
|<br>**Net asset value, end** <br> **of year** |<br>**Total Return<br> (excludes sales<br> charge)** | **Net assets, End of year**<br> **(000)** | **Ratio of net<br> expenses to average<br> net assets** | **Ratio of net<br> investment income<br> (loss) to average net<br> assets** | **Ratio of expenses to average net assets \*** | **Portfolio<br> turnover<sup>\*\*</sup>** |
| $54.38 | 1.71 %<sup>(b)</sup> | $239 | 1.95 %<sup>(c)</sup> | (0.48)%<sup>(c)</sup> | 2.00 %<sup>(c)</sup> | 10.10 %<sup>(b)</sup> |
| $58.95 | 4.87% | $282 | 1.94% | (0.35)% | 1.97% | 40.39% |
| $64.35 | 23.29% | $3 | 1.88% | (0.14)% | 1.88% | 8.96% |
| $58.68 | 14.00% | $3 | 1.77% | (0.01)% | 1.77% | 4.89% |
| $60.48 | (14.45)% | $3 | 1.74% | (0.11)% | 1.74% | 7.94% |
| $76.32 | 33.80% | $3 | 1.85% | (0.23)% | 1.85% | 8.23% |
| $33.97 | 0.65 %<sup>(b)</sup> | $71 | 1.91 %<sup>(c)</sup> | 2.26 %<sup>(c)</sup> | 1.91 %<sup>(c)</sup> | 3.23 %<sup>(b)</sup> |
| $35.21 | (5.16)% | $26 | 1.89% | 1.66% | 1.89% | 7.62% |
| $39.35 | 31.81% | $93 | 1.86% | 1.52% | 1.86% | 4.90% |
| $32.00 | (0.06)% | $112 | 1.86% | 1.05% | 1.86% | 6.06% |
| $34.53 | (19.19)% | $125 | 1.82% | (0.14)% | 1.82% | 12.58% |
| $45.65 | 29.14% | $182 | 1.81% | 0.08% | 1.81% | 12.68% |
| $30.57 | 6.99 %<sup>(b)</sup> | $2193 | 2.05 %<sup>(c)</sup> | (0.40)%<sup>(c)</sup> | 2.05 %<sup>(c)</sup> | 3.86 %<sup>(b)</sup> |
| $35.61 | 7.02% | $1049 | 2.02% | (0.56)% | 2.02% | 6.19% |
| $41.98 | 27.56% | $559 | 2.05% | (0.48)% | 2.06% | 2.87% |
| $47.89 | 14.18% | $458 | 2.03% | (0.45)% | 2.05% | 0.77% |
| $54.20 | (14.79)% | $320 | 2.00% | (0.63)% | 2.00% | 5.26% |
| $79.47 | 51.27% | $375 | 1.98% | (0.75)% | 2.01% | 6.15% |
| $8.88 | 0.89 %<sup>(b)</sup> | $31 | 1.56 %<sup>(c)</sup> | 2.34 %<sup>(c)</sup> | 1.77 %<sup>(c)</sup> | 6.34 %<sup>(b)</sup> |
| $8.88 | 2.36% | $68 | 1.55% | 2.28% | 1.76% | 27.66% |
| $8.84 | 8.92% | $88 | 1.51% | 1.65% | 1.70% | 11.51% |
| $8.32 | (0.32)% | $123 | 1.50% | 1.18% | 1.69% | 7.91% |
| $8.49 | (11.81)% | $98 | 1.48% | 0.12% | 1.67% | 14.18% |
| $9.76 | (1.97)% | $124 | 1.43% | (0.11)% | 1.61% | 71.31% |

---

See accompanying notes to financial statements.

**STERLING CAPITAL FUNDS**

**FINANCIAL HIGHLIGHTS, C SHARES**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Investment Activities** | **Investment Activities** | **Investment Activities** | **Investment Activities** | **Distributions** | **Distributions** | **Distributions** | **Distributions** |
|  | **Net asset value, beginning of year** | **Net investment income (loss)<sup>(a)</sup>** | **Net realized/ unrealized gain (loss) on investments** | **Total from investment Activities** | **Net <br> investment<br> income** | **Net realized gains on investments** | **Return of <br> capital** | **Total from distributions** |
| **Sterling Capital Total Return Bond Fund** |  |  |  |  |  |  |  |  |
| **Period Ended March 31, 2026 (Unaudited)** | $9.45 | 0.15 | (0.11) | 0.04 | (0.15) |  |  | (0.15) |
| **Year Ended September 30, 2025** | $9.56 | 0.31 | (0.13) | 0.18 | (0.29) |  |  | (0.29) |
| **Year Ended September 30, 2024** | $8.89 | 0.28 | 0.67 | 0.95 | (0.28) |  |  | (0.28) |
| **Year Ended September 30, 2023** | $9.12 | 0.21 | (0.23) | (0.02) | (0.21) |  |  | (0.21) |
| **Year Ended September 30, 2022** | $11.06 | 0.10 | (1.80) | (1.70) | (0.15) | (0.09) |  | (0.24) |
| **Year Ended September 30, 2021** | $11.40 | 0.09 | (0.13) | (0.04) | (0.15) | (0.15) |  | (0.30) |
| **Sterling Capital Long Duration Corporate Bond Fund** |  |  |  |  |  |  |  |  |
| **Period Ended March 31, 2026 (Unaudited)** | $6.99 | 0.14 | (0.29) | (0.15) | (0.14) |  |  | (0.14) |
| **Year Ended September 30, 2025** | $7.28 | 0.27 | (0.29) | (0.02) | (0.27) |  |  | (0.27) |
| **Year Ended September 30, 2024** | $6.44 | 0.25 | 0.84 | 1.09 | (0.25) |  |  | (0.25) |
| **Year Ended September 30, 2023** | $6.61 | 0.23 | (0.17) | 0.06 | (0.23) |  |  | (0.23) |
| **Year Ended September 30, 2022** | $10.49 | 0.17 | (2.83) | (2.66) | (0.19) | (1.03) |  | (1.22) |
| **Year Ended September 30, 2021** | $10.76 | 0.18 | 0.03 | 0.21 | (0.18) | (0.30) |  | (0.48) |
| **Sterling Capital Quality Income Fund** |  |  |  |  |  |  |  |  |
| **Period Ended March 31, 2026 (Unaudited)** | $9.15 | 0.13 | (0.05) | 0.08 | (0.13) |  |  | (0.13) |
| **Year Ended September 30, 2025** | $9.18 | 0.27 | (0.03) | 0.24 | (0.27) |  |  | (0.27) |
| **Year Ended September 30, 2024** | $8.56 | 0.22 | 0.63 | 0.85 | (0.23) |  |  | (0.23) |
| **Year Ended September 30, 2023** | $8.78 | 0.16 | (0.20) | (0.04) | (0.18) |  |  | (0.18) |
| **Year Ended September 30, 2022** | $10.03 | 0.07 | (1.21) | (1.14) | (0.11) |  |  | (0.11) |
| **Year Ended September 30, 2021** | $10.24 | 0.06 | (0.15) | (0.09) | (0.12) |  |  | (0.12) |
| **Sterling Capital North Carolina Intermediate Tax-Free Fund** |  |  |  |  |  |  |  |  |
| **Period Ended March 31, 2026 (Unaudited)** | $10.12 | 0.09 | (0.06) | 0.03 | (0.09) |  |  | (0.09) |
| **Year Ended September 30, 2025** | $10.20 | 0.17 | (0.08) | 0.09 | (0.17) |  |  | (0.17) |
| **Year Ended September 30, 2024** | $9.74 | 0.15 | 0.46 | 0.61 | (0.15) |  |  | (0.15) |
| **Year Ended September 30, 2023** | $9.83 | 0.12 | (0.08) | 0.04 | (0.13) |  |  | (0.13) |
| **Year Ended September 30, 2022** | $10.96 | 0.08 | (1.13) | (1.05) | (0.08) |  |  | (0.08) |
| **Year Ended September 30, 2021** | $11.12 | 0.07 | (0.16) | (0.09) | (0.07) |  |  | (0.07) |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Per share net investment income has been calculated using the average shares method.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Annualized.

\* During the periods certain fees were waived (See Note 7 in the Notes to the Financial Statements). If such reductions had not occurred, the ratios would have been as indicated.

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

See accompanying notes to financial statements.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios/Supplementary Data** | **Ratios/Supplementary Data** | **Ratios/Supplementary Data** | **Ratios/Supplementary Data** | **Ratios/Supplementary Data** |
|<br>**Net asset value, end** <br> **of year** |<br>**Total Return<br> (excludes sales<br> charge)** | **Net assets, End of year**<br> **(000)** | **Ratio of net<br> expenses to average<br> net assets** | **Ratio of net<br> investment income<br> (loss) to average net<br> assets** | **Ratio of expenses to average net assets \*** | **Portfolio<br> turnover<sup>\*\*</sup>** |
| $9.34 | 0.41 %<sup>(b)</sup> | $2537 | 1.45 %<sup>(c)</sup> | 3.25 %<sup>(c)</sup> | 1.50 %<sup>(c)</sup> | 33.82 %<sup>(b)</sup> |
| $9.45 | 1.99% | $1950 | 1.45% | 3.31% | 1.49% | 78.95% |
| $9.56 | 10.83% | $2735 | 1.46% | 3.02% | 1.50% | 63.02% |
| $8.89 | (0.22)% | $2903 | 1.45% | 2.23% | 1.51% | 47.80% |
| $9.12 | (15.64)% | $3484 | 1.45% | 0.98% | 1.48% | 47.98% |
| $11.06 | (0.31)% | $5378 | 1.45% | 0.78% | 1.51% | 48.80% |
| $6.70 | (2.22)%<sup>(b)</sup> | $3 | 1.45 %<sup>(c)</sup> | 3.99 %<sup>(c)</sup> | 1.54 %<sup>(c)</sup> | 26.87 %<sup>(b)</sup> |
| $6.99 | (0.11)% | $3 | 1.45% | 4.00% | 1.52% | 52.57% |
| $7.28 | 17.26% | $1 | 1.49% | 3.65% | 1.57% | 47.46% |
| $6.44 | 0.78% | $2 | 1.45% | 3.36% | 1.61% | 26.27% |
| $6.61 | (28.37)% | $2 | 1.65% | 1.92% | 1.82% | 161.62% |
| $10.49 | 1.98% | $3 | 1.72% | 1.70% | 1.88% | 47.29% |
| $9.10 | 0.89 %<sup>(b)</sup> | $40 | 1.63 %<sup>(c)</sup> | 2.88 %<sup>(c)</sup> | 1.69 %<sup>(c)</sup> | 10.65 %<sup>(b)</sup> |
| $9.15 | 2.68% | $40 | 1.61% | 2.99% | 1.72% | 35.06% |
| $9.18 | 10.04% | $— | 1.59% | 2.47% | 1.60% | 25.02% |
| $8.56 | (0.52)% | $3 | 1.53% | 1.86% | 1.55% | 9.85% |
| $8.78 | (11.45)% | $3 | 1.50% | 0.74% | 1.52% | 35.18% |
| $10.03 | (0.92)% | $3 | 1.57% | 0.58% | 1.59% | 73.60% |
| $10.06 | 0.24 %<sup>(b)</sup> | $517 | 1.60 %<sup>(c)</sup> | 1.68 %<sup>(c)</sup> | 1.60 %<sup>(c)</sup> | 6.34 %<sup>(b)</sup> |
| $10.12 | 0.89% | $783 | 1.58% | 1.68% | 1.58% | 29.62% |
| $10.20 | 6.33% | $761 | 1.60% | 1.52% | 1.60% | 20.34% |
| $9.74 | 0.32% | $966 | 1.60% | 1.24% | 1.60% | 38.07% |
| $9.83 | (9.61)% | $1141 | 1.57% | 0.75% | 1.57% | 50.21% |
| $10.96 | (0.85)% | $1542 | 1.55% | 0.60% | 1.55% | 7.97% |

---

See accompanying notes to financial statements.

**STERLING CAPITAL FUNDS**

**FINANCIAL HIGHLIGHTS, C SHARES**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Investment Activities** | **Investment Activities** | **Investment Activities** | **Investment Activities** | **Distributions** | **Distributions** | **Distributions** | **Distributions** |
|  | **Net asset value,**<br> **beginning of**<br> **year** | **Net**<br> **investment**<br> **income**<br> **(loss)<sup>(a)</sup>** | **Net realized/**<br> **unrealized**<br> **gain (loss) on**<br> **investments** | **Total from**<br> **investment**<br> **Activities** | **Net investment**<br> **income** | **Net realized**<br> **gains on**<br> **investments** | **Return of**<br> **capital** | **Total from**<br> **distributions** |
| **Sterling Capital South Carolina Intermediate Tax-Free Fund** |  |  |  |  |  |  |  |  |
| **Period Ended March 31, 2026 (Unaudited)** | $10.49 | 0.09 | (0.04) | 0.05 | (0.09) |  |  | (0.09) |
| **Year Ended September 30, 2025** | $10.62 | 0.19 | (0.13) | 0.06 | (0.19) |  |  | (0.19) |
| **Year Ended September 30, 2024** | $10.15 | 0.17 | 0.48 | 0.65 | (0.18) |  |  | (0.18) |
| **Year Ended September 30, 2023** | $10.24 | 0.12 | (0.09) | 0.03 | (0.12) |  |  | (0.12) |
| **Year Ended September 30, 2022** | $11.39 | 0.10 | (1.15) | (1.05) | (0.10) |  |  | (0.10) |
| **Year Ended September 30, 2021** | $11.46 | 0.08 | (0.07) | 0.01 | (0.08) |  |  | (0.08) |
| **Sterling Capital Virginia Intermediate Tax-Free Fund** |  |  |  |  |  |  |  |  |
| **Period Ended March 31, 2026 (Unaudited)** | $11.05 | 0.08 | (0.05) | 0.03 | (0.08) |  |  | (0.08) |
| **Year Ended September 30, 2025** | $11.17 | 0.17 | (0.12) | 0.05 | (0.17) |  |  | (0.17) |
| **Year Ended September 30, 2024** | $10.67 | 0.17 | 0.50 | 0.67 | (0.17) |  |  | (0.17) |
| **Year Ended September 30, 2023** | $10.77 | 0.11 | (0.09) | 0.02 | (0.12) |  |  | (0.12) |
| **Year Ended September 30, 2022** | $11.97 | 0.07 | (1.18) | (1.11) | (0.08) | (0.01) |  | (0.09) |
| **Year Ended September 30, 2021** | $12.22 | 0.07 | (0.22) | (0.15) | (0.07) | (0.03) |  | (0.10) |
| **Sterling Capital West Virginia Intermediate Tax-Free Fund** |  |  |  |  |  |  |  |  |
| **Period Ended March 31, 2026 (Unaudited)** | $9.49 | 0.09 | (0.02) | 0.07 | (0.09) |  |  | (0.09) |
| **Year Ended September 30, 2025** | $9.57 | 0.19 | (0.09) | 0.10 | (0.18) |  |  | (0.18) |
| **Year Ended September 30, 2024** | $9.14 | 0.18 | 0.43 | 0.61 | (0.18) |  |  | (0.18) |
| **Year Ended September 30, 2023** | $9.22 | 0.13 | (0.07) | 0.06 | (0.14) |  |  | (0.14) |
| **Year Ended September 30, 2022** | $10.20 | 0.08 | (0.98) | (0.90) | (0.08) |  |  | (0.08) |
| **Year Ended September 30, 2021** | $10.30 | 0.09 | (0.10) | (0.01) | (0.08) | (0.01) |  | (0.09) |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Per share net investment income has been calculated using the average shares method.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Annualized.

\* During the periods certain fees were waived (See Note 7 in the Notes to the Financial Statements). If such reductions had not occurred, the ratios would have been as indicated.

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

See accompanying notes to financial statements.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios/Supplementary Data** | **Ratios/Supplementary Data** | **Ratios/Supplementary Data** | **Ratios/Supplementary Data** | **Ratios/Supplementary Data** |
|<br>**Net asset value, end** <br> **of year** |<br>**Total Return<br> (excludes sales<br> charge)** | **Net assets, End of year**<br> **(000)** | **Ratio of net<br> expenses to average<br> net assets** | **Ratio of net<br> investment income<br> (loss) to average net<br> assets** | **Ratio of expenses to average net assets \*** | **Portfolio<br> turnover<sup>\*\*</sup>** |
| $10.45 | 0.49 %<sup>(b)</sup> | $76 | 1.69 %<sup>(c)</sup> | 1.74 %<sup>(c)</sup> | 1.69 %<sup>(c)</sup> | 4.91 %<sup>(b)</sup> |
| $10.49 | 0.55% | $76 | 1.66% | 1.78% | 1.66% | 16.00% |
| $10.62 | 6.39% | $100 | 1.64% | 1.67% | 1.65% | 19.81% |
| $10.15 | 0.30% | $268 | 1.62% | 1.17% | 1.63% | 32.34% |
| $10.24 | (9.27)% | $340 | 1.59% | 0.89% | 1.59% | 9.94% |
| $11.39 | 0.10% | $603 | 1.56% | 0.72% | 1.56% | 20.23% |
| $11.00 | 0.29 %<sup>(b)</sup> | $6 | 1.67 %<sup>(c)</sup> | 1.50 %<sup>(c)</sup> | 1.67 %<sup>(c)</sup> | 8.82 %<sup>(b)</sup> |
| $11.05 | 0.51% | $6 | 1.59% | 1.59% | 1.59% | 17.40% |
| $11.17 | 6.27% | $6 | 1.62% | 1.51% | 1.62% | 20.54% |
| $10.67 | 0.13% | $5 | 1.59% | 1.03% | 1.59% | 17.86% |
| $10.77 | (9.32)% | $16 | 1.57% | 0.61% | 1.57% | 37.23% |
| $11.97 | (1.27)% | $57 | 1.57% | 0.58% | 1.57% | 8.98% |
| $9.47 | 0.76 %<sup>(b)</sup> | $2 | 1.54 %<sup>(c)</sup> | 1.96 %<sup>(c)</sup> | 1.54 %<sup>(c)</sup> | 4.61 %<sup>(b)</sup> |
| $9.49 | 1.13% | $2 | 1.59% | 1.97% | 1.59% | 15.61% |
| $9.57 | 6.77% | $2 | 1.63% | 1.95% | 1.63% | 25.08% |
| $9.14 | 0.62% | $2 | 1.57% | 1.34% | 1.57% | 37.11% |
| $9.22 | (8.85)% | $23 | 1.56% | 0.82% | 1.56% | 18.08% |
| $10.20 | (0.13)% | $25 | 1.56% | 0.83% | 1.56% | 8.56% |

---

See accompanying notes to financial statements.

**STERLING CAPITAL FUNDS**

**FINANCIAL HIGHLIGHTS, INSTITUTIONAL SHARES**

 

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

 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Investment Activities** | **Investment Activities** | **Investment Activities** | **Investment Activities** | **Distributions** | **Distributions** | **Distributions** | **Distributions** |
|  | **Net asset value,<br> beginning of<br> year** | **Net<br> investment<br> income<br> (loss)<sup>(a)</sup>** | **Net realized/<br> unrealized<br> gain (loss) on<br> investments** | **Total from<br> investment<br> Activities** | **Net investment<br> income** | **Net realized<br> gains on<br> investments** | **Return of capital** | **Total from<br> distributions** |
| **Sterling Capital Behavioral Large Cap Value Equity Fund** |  |  |  |  |  |  |  |  |
| **Period Ended March 31, 2026 (Unaudited)** | $34.78 | 0.29 | 2.93 | 3.22 |  |  |  |  |
| **Year Ended September 30, 2025** | $30.12 | 0.52 | 4.70 | 5.22 | (0.56) |  |  | (0.56) |
| **Year Ended September 30, 2024** | $23.28 | 0.52 | 6.84 | 7.36 | (0.52) |  |  | (0.52) |
| **Year Ended September 30, 2023** | $20.34 | 0.42 | 2.98 | 3.40 | (0.46) |  |  | (0.46) |
| **Year Ended September 30, 2022** | $22.96 | 0.46 | (2.62) | (2.16) | (0.46) |  |  | (0.46) |
| **Year Ended September 30, 2021** | $16.83 | 0.09 | 6.24 | 6.33 | (0.04) |  | (0.16) | (0.20) |
| **Sterling Capital Behavioral Small Cap Value Equity Fund** |  |  |  |  |  |  |  |  |
| **Period Ended March 31, 2026 (Unaudited)** | $20.87 | 0.14 | 1.19 | 1.33 | (0.15) | (1.78) |  | (1.93) |
| **Year Ended September 30, 2025** | $21.63 | 0.32 | 0.91 | 1.23 | (0.29) | (1.70) |  | (1.99) |
| **Year Ended September 30, 2024** | $17.15 | 0.32 | 4.54 | 4.86 | (0.38) |  |  | (0.38) |
| **Year Ended September 30, 2023** | $15.29 | 0.31 | 1.81 | 2.12 | (0.26) |  |  | (0.26) |
| **Year Ended September 30, 2022** | $19.58 | 0.22 | (2.49) | (2.27) | (0.20) | (1.82) |  | (2.02) |
| **Year Ended September 30, 2021** | $11.95 | 0.16 | 7.60 | 7.76 | (0.13) |  |  | (0.13) |
| **Sterling Capital Special Opportunities Fund** |  |  |  |  |  |  |  |  |
| **Period Ended March 31, 2026 (Unaudited)** | $30.40 | (0.01) | (1.27) | (1.28) |  | (4.99) |  | (4.99) |
| **Year Ended September 30, 2025** | $30.46 | (0.02) | 4.66 | 4.64 |  | (4.70) |  | (4.70) |
| **Year Ended September 30, 2024** | $28.28 | (0.03) | 7.00 | 6.97 |  | (4.79) |  | (4.79) |
| **Year Ended September 30, 2023** | $25.75 | (0.03) | 4.55 | 4.52 |  | (1.99) |  | (1.99) |
| **Year Ended September 30, 2022** | $35.59 | (0.06) | (5.67) | (5.73) |  | (4.11) |  | (4.11) |
| **Year Ended September 30, 2021** | $26.20 | (0.03) | 9.79 | 9.76 | (0.04) | (0.33) |  | (0.37) |
| **Sterling Capital Equity Income Fund** |  |  |  |  |  |  |  |  |
| **Period Ended March 31, 2026 (Unaudited)** | $22.26 | 0.11 | (0.53) | (0.42) | (0.12) | (4.51) |  | (4.63) |
| **Year Ended September 30, 2025** | $28.62 | 0.33 | (0.91) | (0.58) | (0.32) | (5.46) |  | (5.78) |
| **Year Ended September 30, 2024** | $25.35 | 0.42 | 5.41 | 5.83 | (0.42) | (2.14) |  | (2.56) |
| **Year Ended September 30, 2023** | $24.35 | 0.41 | 2.74 | 3.15 | (0.41) | (1.74) |  | (2.15) |
| **Year Ended September 30, 2022** | $26.66 | 0.42 | (1.83) | (1.41) | (0.42) | (0.48) |  | (0.90) |
| **Year Ended September 30, 2021** | $20.10 | 0.35 | 6.56 | 6.91 | (0.35) |  |  | (0.35) |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Per share net investment income has been calculated using the average shares method.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Net asset value includes adjustments in accordance with generally accepted accounting principles required
 at period end.

\* During the periods certain fees were waived (See Note 7 in the Notes to the Financial Statements). If such reductions had not occurred, the ratios would have been as indicated.

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

See accompanying notes to financial statements.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios/Supplementary Data** | **Ratios/Supplementary Data** | **Ratios/Supplementary Data** | **Ratios/Supplementary Data** | **Ratios/Supplementary Data** |
|<br>**Net asset value, end** <br> **of year** |<br>**Total Return<br> (excludes sales<br> charge)** | **Net assets, End of year**<br> **(000)** | **Ratio of net<br> expenses to average<br> net assets** | **Ratio of net<br> investment income<br> (loss) to average net<br> assets** | **Ratio of expenses to average net assets \*** | **Portfolio<br> turnover<sup>\*\*</sup>** |
| $38.00 | 10.05 %<sup>(b)</sup> | $7534 | 0.76 %<sup>(c)</sup> | 1.58 %<sup>(c)</sup> | 0.76 %<sup>(c)</sup> | 68.15 %<sup>(b)</sup> |
| $34.78 | 17.51% | $5827 | 0.80% | 1.63% | 0.80% | 108.16% |
| $30.12 | 31.80% | $2274 | 0.75% | 1.92% | 0.78% | 99.00% |
| $23.28 | 16.74% | $1499 | 0.84% | 1.83% | 0.90% | 110.98% |
| $20.34 | (9.62)% | $1652 | 0.75% | 1.94% | 0.78% | 125.15% |
| $22.96 | 37.90% | $2023 | 0.64% | 0.42% | 0.78% | 122.64% |
| $20.27 | 6.59 %<sup>(b)</sup> | $6350 | 0.89 %<sup>(c)</sup> | 1.33 %<sup>(c)</sup> | 0.89 %<sup>(c)</sup> | 49.67 %<sup>(b)</sup> |
| $20.87 | 5.68% | $6179 | 0.84% | 1.59% | 0.84% | 89.59% |
| $21.63 | 28.48% | $6281 | 0.84% | 1.63% | 0.84% | 74.00% |
| $17.15 | 13.86% | $5804 | 0.85% | 1.79% | 0.85% | 154.69% |
| $15.29 | (13.35)% | $9788 | 0.85% | 1.13% | 0.85% | 70.82% |
| $19.58 | 65.21% | $14639 | 0.81% | 0.89% | 0.81% | 111.07% |
| $24.13 | (5.82)%<sup>(b)</sup> | $53589 | 0.88 %<sup>(c)</sup> | (0.06)%<sup>(c)</sup> | 0.88 %<sup>(c)</sup> | 24.56 %<sup>(b)</sup> |
| $30.40 | 16.21% | $69372 | 0.88% | (0.08)% | 0.88% | 38.82% |
| $30.46 | 27.36% | $88481 | 0.91% | (0.11)% | 0.91% | 41.68% |
| $28.28 | 18.28% | $135284 | 0.91% | (0.11)% | 0.91% | 31.19% |
| $25.75 | (18.74)% | $168110 | 0.89% | (0.19)% | 0.89% | 28.06% |
| $35.59 | 37.55% | $216341 | 0.86% | (0.11)% | 0.87% | 27.20% |
| $17.21 <sup>(d)</sup> | (1.92)%<sup>(b)</sup> | $292905 | 0.87 %<sup>(c)</sup> | 1.16 %<sup>(c)</sup> | 0.88 %<sup>(c)</sup> | 22.17 %<sup>(b)</sup> |
| $22.26 | (2.21)% | $591214 | 0.82% | 1.39% | 0.82% | 50.76% |
| $28.62 | 24.16% | $1238943 | 0.83% | 1.57% | 0.83% | 41.82% |
| $25.35 | 12.83% | $1296237 | 0.82% | 1.59% | 0.82% | 39.43% |
| $24.35 | (5.64)% | $1468388 | 0.79% | 1.55% | 0.79% | 31.23% |
| $26.66 | 34.47% | $1622233 | 0.78% | 1.40% | 0.79% | 13.00% |

---

See accompanying notes to financial statements.

**STERLING CAPITAL FUNDS**

**FINANCIAL HIGHLIGHTS, INSTITUTIONAL SHARES**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Investment Activities** | **Investment Activities** | **Investment Activities** | **Investment Activities** | **Distributions** | **Distributions** | **Distributions** | **Distributions** |
|  | **Net asset value,**<br> **beginning of**<br> **year** | **Net**<br> **investment**<br> **income**<br> **(loss)<sup>(a)</sup>** | **Net realized/**<br> **unrealized**<br> **gain (loss) on**<br> **investments** | **Total from**<br> **investment**<br> **Activities** | **Net**<br> **investment**<br> **income** | **Net realized**<br> **gains on**<br> **investments** | **Return of**<br> **capital** | **Total from**<br> **distributions** |
| **Sterling Capital Mid Cap Relative Value Fund** |  |  |  |  |  |  |  |  |
| **Period Ended March 31, 2026 (Unaudited)** | $62.77 | 0.15 | 1.06 | 1.21 | (0.26) | (5.30) |  | (5.56) |
| **Year Ended September 30, 2025** | $67.81 | 0.40 | 3.32 | 3.72 | (0.42) | (8.34) |  | (8.76) |
| **Year Ended September 30, 2024** | $61.43 | 0.48 | 13.41 | 13.89 | (0.50) | (7.01) |  | (7.51) |
| **Year Ended September 30, 2023** | $62.89 | 0.56 | 8.70 | 9.26 | (0.55) | (10.17) |  | (10.72) |
| **Year Ended September 30, 2022** | $78.92 | 0.58 | (10.16) | (9.58) | (0.48) | (5.97) |  | (6.45) |
| **Year Ended September 30, 2021** | $58.95 | 0.45 | 20.09 | 20.54 | (0.34) | (0.23) |  | (0.57) |
| **Sterling Capital Real Estate Fund** |  |  |  |  |  |  |  |  |
| **Period Ended March 31, 2026 (Unaudited)** | $35.63 | 0.48 | (1.71) | (1.23) |  |  |  |  |
| **Year Ended September 30, 2025** | $39.94 | 1.01 | (2.67) | (1.66) | (1.03) | (1.62) |  | (2.65) |
| **Year Ended September 30, 2024** | $32.44 | 0.87 | 9.46 | 10.33 | (0.74) | (2.09) |  | (2.83) |
| **Year Ended September 30, 2023** | $34.95 | 0.73 | (0.25) | 0.48 | (0.76) | (2.23) |  | (2.99) |
| **Year Ended September 30, 2022** | $46.19 | 0.40 | (8.03) | (7.63) | (0.62) | (2.99) |  | (3.61) |
| **Year Ended September 30, 2021** | $36.66 | 0.43 | 10.51 | 10.94 | (0.59) | (0.82) |  | (1.41) |
| **Sterling Capital Small Cap Value Fund** |  |  |  |  |  |  |  |  |
| **Period Ended March 31, 2026 (Unaudited)** | $42.92 | 0.10 | 2.85 | 2.95 | (0.14) | (7.22) |  | (7.36) |
| **Year Ended September 30, 2025** | $48.50 | 0.17 | 3.50 | 3.67 | (0.11) | (9.14) |  | (9.25) |
| **Year Ended September 30, 2024** | $52.79 | 0.23 | 11.91 | 12.14 | (0.23) | (16.20) |  | (16.43) |
| **Year Ended September 30, 2023** | $58.24 | 0.28 | 8.20 | 8.48 | (0.25) | (13.68) |  | (13.93) |
| **Year Ended September 30, 2022** | $83.58 | 0.27 | (8.25) | (7.98) | (0.09) | (17.27) |  | (17.36) |
| **Year Ended September 30, 2021** | $64.04 | 0.17 | 31.01 | 31.18 | (0.42) | (11.22) |  | (11.64) |
| **Sterling Capital Intermediate U.S. Government Fund** |  |  |  |  |  |  |  |  |
| **Period Ended March 31, 2026 (Unaudited)** | $8.90 | 0.15 | (0.15) |  |  |  |  |  |
| **Year Ended September 30, 2025** | $8.86 | 0.29 |  | 0.29 | (0.25) |  |  | (0.25) |
| **Year Ended September 30, 2024** | $8.35 | 0.23 | 0.58 | 0.81 | (0.30) |  |  | (0.30) |
| **Year Ended September 30, 2023** | $8.51 | 0.18 | (0.11) | 0.07 | (0.23) |  |  | (0.23) |
| **Year Ended September 30, 2022** | $9.79 | 0.10 | (1.16) | (1.06) | (0.22) |  |  | (0.22) |
| **Year Ended September 30, 2021** | $10.14 | 0.09 | (0.19) | (0.10) | (0.25) |  |  | (0.25) |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Per share net investment income has been calculated using the average shares method.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Annualized.

\* During the periods certain fees were waived (See Note 7 in the Notes to the Financial Statements). If such reductions had not occurred, the ratios would have been as indicated.

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

See accompanying notes to financial statements.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | | **Ratios/Supplementary Data** | **Ratios/Supplementary Data** | | |
|<br>**Net asset value, end** <br> **of year** |<br>**Total Return<br> (excludes sales<br> charge)** |<br>**Net assets, End of year**<br> **(000)** | **Ratio of net<br> expenses to average<br> net assets** | **Ratio of net<br> investment income<br> (loss) to average net<br> assets** |<br>**Ratio of expenses to** <br> **average net assets \*** |<br>**Portfolio<br> turnover<sup>\*\*</sup>** |
| $58.42 | 2.21 %<sup>(b)</sup> | $34731 | 0.95 %<sup>(c)</sup> | 0.52 %<sup>(c)</sup> | 1.00 %<sup>(c)</sup> | 10.10 %<sup>(b)</sup> |
| $62.77 | 5.93% | $39258 | 0.92% | 0.66% | 0.92% | 40.39% |
| $67.81 | 24.40% | $40250 | 0.88% | 0.77% | 0.88% | 8.96% |
| $61.43 | 15.03% | $43016 | 0.87% | 0.90% | 0.87% | 4.89% |
| $62.89 | (13.68)% | $45055 | 0.84% | 0.78% | 0.84% | 7.94% |
| $78.92 | 35.02% | $65503 | 0.85% | 0.60% | 0.86% | 8.23% |
| $34.40 | 1.14 %<sup>(b)</sup> | $58800 | 0.91 %<sup>(c)</sup> | 2.77 %<sup>(c)</sup> | 0.91 %<sup>(c)</sup> | 3.23 %<sup>(b)</sup> |
| $35.63 | (4.18)% | $66095 | 0.89% | 2.79% | 0.89% | 7.62% |
| $39.94 | 33.15% | $74347 | 0.86% | 2.49% | 0.86% | 4.90% |
| $32.44 | 0.95% | $62708 | 0.87% | 2.06% | 0.87% | 6.06% |
| $34.95 | (18.39)% | $73873 | 0.82% | 0.91% | 0.82% | 12.58% |
| $46.19 | 30.40% | $96075 | 0.81% | 1.00% | 0.81% | 12.68% |
| $38.51 | 7.50 %<sup>(b)</sup> | $163096 | 1.06 %<sup>(c)</sup> | 0.49 %<sup>(c)</sup> | 1.06 %<sup>(c)</sup> | 3.86 %<sup>(b)</sup> |
| $42.92 | 8.10% | $164981 | 1.03% | 0.41% | 1.03% | 6.19% |
| $48.50 | 28.85% | $187448 | 1.05% | 0.50% | 1.06% | 2.87% |
| $52.79 | 15.31% | $261706 | 1.03% | 0.51% | 1.05% | 0.77% |
| $58.24 | (13.93)% | $350163 | 1.00% | 0.38% | 1.00% | 5.26% |
| $83.58 | 52.78% | $514025 | 0.98% | 0.22% | 1.02% | 6.15% |
| $8.90 | 1.39 %<sup>(b)</sup> | $17415 | 0.56 %<sup>(c)</sup> | 3.36 %<sup>(c)</sup> | 0.77 %<sup>(c)</sup> | 6.34 %<sup>(b)</sup> |
| $8.90 | 3.38% | $17338 | 0.55% | 3.29% | 0.77% | 27.66% |
| $8.86 | 9.86% | $15589 | 0.51% | 2.67% | 0.70% | 11.51% |
| $8.35 | 0.80% | $13823 | 0.50% | 2.15% | 0.69% | 7.91% |
| $8.51 | (10.90)% | $13737 | 0.48% | 1.12% | 0.67% | 14.18% |
| $9.79 | (1.08)% | $16272 | 0.43% | 0.88% | 0.61% | 71.31% |

---

See accompanying notes to financial statements.

**STERLING CAPITAL FUNDS**

**FINANCIAL HIGHLIGHTS, INSTITUTIONAL SHARES**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Investment Activities** | **Investment Activities** | **Investment Activities** | **Investment Activities** | **Distributions** | **Distributions** | **Distributions** | **Distributions** |
|  | **Net asset value,<br> beginning of <br> year** | **Net <br> investment**<br> **income <br> (loss)<sup>(a)</sup>** | **Net realized/<br> unrealized <br> gain (loss) on<br> investments** | **Total from<br> investment<br> Activities** | **Net <br> investment <br> income** | **Net realized<br> gains on <br> investments** | **Return of <br> capital** | **Total from<br> distributions** |
| **Sterling Capital Total Return Bond Fund** |  |  |  |  |  |  |  |  |
| **Period Ended March 31, 2026 (Unaudited)** | $9.44 | 0.20 | (0.11) | 0.09 | (0.20) |  |  | (0.20) |
| **Year Ended September 30, 2025** | $9.55 | 0.40 | (0.12) | 0.28 | (0.39) |  |  | (0.39) |
| **Year Ended September 30, 2024** | $8.88 | 0.37 | 0.67 | 1.04 | (0.37) |  |  | (0.37) |
| **Year Ended September 30, 2023** | $9.11 | 0.30 | (0.22) | 0.08 | (0.31) |  |  | (0.31) |
| **Year Ended September 30, 2022** | $11.05 | 0.20 | (1.80) | (1.60) | (0.25) | (0.09) |  | (0.34) |
| **Year Ended September 30, 2021** | $11.39 | 0.20 | (0.13) | 0.07 | (0.26) | (0.15) |  | (0.41) |
| **Sterling Capital Long Duration Corporate Bond Fund** |  |  |  |  |  |  |  |  |
| **Period Ended March 31, 2026 (Unaudited)** | $6.99 | 0.17 | (0.29) | (0.12) | (0.17) |  |  | (0.17) |
| **Year Ended September 30, 2025** | $7.29 | 0.34 | (0.30) | 0.04 | (0.34) |  |  | (0.34) |
| **Year Ended September 30, 2024** | $6.45 | 0.32 | 0.84 | 1.16 | (0.32) |  |  | (0.32) |
| **Year Ended September 30, 2023** | $6.63 | 0.30 | (0.18) | 0.12 | (0.30) |  |  | (0.30) |
| **Year Ended September 30, 2022** | $10.50 | 0.23 | (2.80) | (2.57) | (0.27) | (1.03) |  | (1.30) |
| **Year Ended September 30, 2021** | $10.77 | 0.28 | 0.03 | 0.31 | (0.28) | (0.30) |  | (0.58) |
| **Sterling Capital Quality Income Fund** |  |  |  |  |  |  |  |  |
| **Period Ended March 31, 2026 (Unaudited)** | $9.17 | 0.18 | (0.06) | 0.12 | (0.18) |  |  | (0.18) |
| **Year Ended September 30, 2025** | $9.19 | 0.36 | (0.03) | 0.33 | (0.35) |  |  | (0.35) |
| **Year Ended September 30, 2024** | $8.57 | 0.30 | 0.63 | 0.93 | (0.31) |  |  | (0.31) |
| **Year Ended September 30, 2023** | $8.79 | 0.25 | (0.21) | 0.04 | (0.26) |  |  | (0.26) |
| **Year Ended September 30, 2022** | $10.05 | 0.16 | (1.22) | (1.06) | (0.20) |  |  | (0.20) |
| **Year Ended September 30, 2021** | $10.26 | 0.15 | (0.15) |  | (0.21) |  |  | (0.21) |
| **Sterling Capital North Carolina Intermediate Tax-Free Fund** |  |  |  |  |  |  |  |  |
| **Period Ended March 31, 2026 (Unaudited)** | $10.12 | 0.14 | (0.05) | 0.09 | (0.14) |  |  | (0.14) |
| **Year Ended September 30, 2025** | $10.21 | 0.27 | (0.09) | 0.18 | (0.27) |  |  | (0.27) |
| **Year Ended September 30, 2024** | $9.75 | 0.25 | 0.47 | 0.72 | (0.26) |  |  | (0.26) |
| **Year Ended September 30, 2023** | $9.83 | 0.23 | (0.08) | 0.15 | (0.23) |  |  | (0.23) |
| **Year Ended September 30, 2022** | $10.97 | 0.19 | (1.14) | (0.95) | (0.19) |  |  | (0.19) |
| **Year Ended September 30, 2021** | $11.12 | 0.18 | (0.15) | 0.03 | (0.18) |  |  | (0.18) |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Per share net investment income has been calculated using the average shares method.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Annualized.

\* During the periods certain fees were waived (See Note 7 in the Notes to the Financial Statements). If such reductions had not occurred, the ratios would have been as indicated.

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

See accompanying notes to financial statements.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios/Supplementary Data** | **Ratios/Supplementary Data** | **Ratios/Supplementary Data** | **Ratios/Supplementary Data** | **Ratios/Supplementary Data** |
|<br>**Net asset value, end** <br> **of year** |<br>**Total Return<br> (excludes sales<br> charge)** | **Net assets, End of year**<br> **(000)** | **Ratio of net<br> expenses to average<br> net assets** | **Ratio of net<br> investment income<br> (loss) to average net<br> assets** | **Ratio of expenses to average net assets \*** | **Portfolio<br> turnover<sup>\*\*</sup>** |
| $9.33 | 0.91 %<sup>(b)</sup> | $947266 | 0.45 %<sup>(c)</sup> | 3.72 %<sup>(c)</sup> | 0.50 %<sup>(c)</sup> | 33.82 %<sup>(b)</sup> |
| $9.44 | 3.01% | $1017491 | 0.45% | 4.31% | 0.49% | 78.95% |
| $9.55 | 11.94% | $1066501 | 0.46% | 4.02% | 0.50% | 63.02% |
| $8.88 | 0.78% | $695207 | 0.45% | 3.24% | 0.51% | 47.80% |
| $9.11 | (14.81)% | $782084 | 0.45% | 1.98% | 0.48% | 47.98% |
| $11.05 | 0.69% | $1139676 | 0.45% | 1.77% | 0.50% | 48.80% |
| $6.70 | (1.71)%<sup>(b)</sup> | $142 | 0.45 %<sup>(c)</sup> | 5.03 %<sup>(c)</sup> | 0.55 %<sup>(c)</sup> | 26.87 %<sup>(b)</sup> |
| $6.99 | 0.76% | $148 | 0.45% | 4.92% | 0.57% | 52.57% |
| $7.29 | 18.43% | $481 | 0.47% | 4.68% | 0.59% | 47.46% |
| $6.45 | 1.64% | $436 | 0.45% | 4.38% | 0.67% | 26.27% |
| $6.63 | (27.52)% | $97 | 0.63% | 2.50% | 0.80% | 161.62% |
| $10.50 | 2.92% | $6508 | 0.71% | 2.61% | 0.87% | 47.29% |
| $9.11 | 1.28 %<sup>(b)</sup> | $146285 | 0.63 %<sup>(c)</sup> | 3.88 %<sup>(c)</sup> | 0.69 %<sup>(c)</sup> | 10.65 %<sup>(b)</sup> |
| $9.17 | 3.75% | $164425 | 0.58% | 4.01% | 0.66% | 35.06% |
| $9.19 | 11.04% | $87868 | 0.57% | 3.37% | 0.62% | 25.02% |
| $8.57 | 0.44% | $88005 | 0.58% | 2.83% | 0.62% | 9.85% |
| $8.79 | (10.69)% | $78252 | 0.57% | 1.73% | 0.61% | 35.18% |
| $10.05 | 0.02% | $62718 | 0.57% | 1.52% | 0.61% | 73.60% |
| $10.07 | 0.84 %<sup>(b)</sup> | $94920 | 0.59 %<sup>(c)</sup> | 2.68 %<sup>(c)</sup> | 0.59 %<sup>(c)</sup> | 6.34 %<sup>(b)</sup> |
| $10.12 | 1.80% | $97241 | 0.58% | 2.67% | 0.58% | 29.62% |
| $10.21 | 7.39% | $106881 | 0.60% | 2.52% | 0.60% | 20.34% |
| $9.75 | 1.44% | $110951 | 0.60% | 2.24% | 0.60% | 38.07% |
| $9.83 | (8.78)% | $126739 | 0.57% | 1.76% | 0.57% | 50.21% |
| $10.97 | 0.24% | $154297 | 0.55% | 1.59% | 0.55% | 7.97% |

---

See accompanying notes to financial statements.

**STERLING CAPITAL FUNDS**

**FINANCIAL HIGHLIGHTS, INSTITUTIONAL SHARES**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Investment Activities** | **Investment Activities** | **Investment Activities** | **Investment Activities** | **Distributions** | **Distributions** | **Distributions** | **Distributions** |
|  | **Net asset value,**<br> **beginning of**<br> **year** | **Net**<br> **investment**<br> **income**<br> **(loss)<sup>(a)</sup>** | **Net realized/**<br> **unrealized**<br> **gain (loss) on**<br> **investments** | **Total from**<br> **investment**<br> **Activities** | **Net**<br> **investment**<br> **income** | **Net realized**<br> **gains on**<br> **investments** | **Return of**<br> **capital** | **Total from**<br> **distributions** |
| **Sterling Capital South Carolina Intermediate Tax-Free Fund** |  |  |  |  |  |  |  |  |
| **Period Ended March 31, 2026 (Unaudited)** | $10.42 | 0.14 | (0.03) | 0.11 | (0.14) |  |  | (0.14) |
| **Year Ended September 30, 2025** | $10.55 | 0.29 | (0.13) | 0.16 | (0.29) |  |  | (0.29) |
| **Year Ended September 30, 2024** | $10.09 | 0.28 | 0.46 | 0.74 | (0.28) |  |  | (0.28) |
| **Year Ended September 30, 2023** | $10.17 | 0.23 | (0.08) | 0.15 | (0.23) |  |  | (0.23) |
| **Year Ended September 30, 2022** | $11.32 | 0.21 | (1.15) | (0.94) | (0.21) |  |  | (0.21) |
| **Year Ended September 30, 2021** | $11.39 | 0.20 | (0.07) | 0.13 | (0.20) |  |  | (0.20) |
| **Sterling Capital Virginia Intermediate Tax-Free Fund** |  |  |  |  |  |  |  |  |
| **Period Ended March 31, 2026 (Unaudited)** | $11.07 | 0.14 | (0.06) | 0.08 | (0.14) |  |  | (0.14) |
| **Year Ended September 30, 2025** | $11.19 | 0.28 | (0.12) | 0.16 | (0.28) |  |  | (0.28) |
| **Year Ended September 30, 2024** | $10.69 | 0.26 | 0.50 | 0.76 | (0.26) |  |  | (0.26) |
| **Year Ended September 30, 2023** | $10.77 | 0.22 | (0.07) | 0.15 | (0.23) |  |  | (0.23) |
| **Year Ended September 30, 2022** | $11.97 | 0.19 | (1.19) | (1.00) | (0.19) | (0.01) |  | (0.20) |
| **Year Ended September 30, 2021** | $12.22 | 0.19 | (0.22) | (0.03) | (0.19) | (0.03) |  | (0.22) |
| **Sterling Capital West Virginia Intermediate Tax-Free Fund** |  |  |  |  |  |  |  |  |
| **Period Ended March 31, 2026 (Unaudited)** | $9.49 | 0.14 | (0.03) | 0.11 | (0.14) |  |  | (0.14) |
| **Year Ended September 30, 2025** | $9.57 | 0.27 | (0.08) | 0.19 | (0.27) |  |  | (0.27) |
| **Year Ended September 30, 2024** | $9.14 | 0.26 | 0.43 | 0.69 | (0.26) |  |  | (0.26) |
| **Year Ended September 30, 2023** | $9.23 | 0.23 | (0.09) | 0.14 | (0.23) |  |  | (0.23) |
| **Year Ended September 30, 2022** | $10.21 | 0.18 | (0.98) | (0.80) | (0.18) |  |  | (0.18) |
| **Year Ended September 30, 2021** | $10.31 | 0.18 | (0.09) | 0.09 | (0.18) | (0.01) |  | (0.19) |
| **Guardian Capital Dividend Growth Fund** |  |  |  |  |  |  |  |  |
| **Period Ended March 31, 2026 (Unaudited)** | $18.46 | 0.04 | 0.30 | 0.34 | (0.04) | (3.87) |  | (3.91) |
| **Year Ended September 30, 2025** | $16.80 | 0.18 | 1.65 | 1.83 | (0.17) |  |  | (0.17) |
| **Year Ended September 30, 2024** | $12.99 | 0.19 | 3.82 | 4.01 | (0.20) |  |  | (0.20) |
| **Year Ended September 30, 2023** | $11.24 | 0.22 | 1.89 | 2.11 | (0.22) | (0.14) |  | (0.36) |
| **Year Ended September 30, 2022** | $12.87 | 0.22 | (1.63) | (1.41) | (0.22) |  |  | (0.22) |
| **For the Five Months Ended September 30, 2021(b)** | $12.68 | 0.11 | 0.20 | 0.31 | (0.12) |  |  | (0.12) |
| **Year Ended April 30, 2021** | $9.85 | 0.16 | 2.82 | 2.98 | (0.15) |  |  | (0.15) |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Per share net investment income has been calculated using the average shares method.

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

&nbsp;&nbsp;&nbsp;&nbsp;(c) Not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Annualized.

\* During the periods certain fees were waived (See Note 7 in the Notes to the Financial Statements). If such reductions had not occurred, the ratios would have been as indicated.

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

See accompanying notes to financial statements.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios/Supplementary Data** | **Ratios/Supplementary Data** | **Ratios/Supplementary Data** | **Ratios/Supplementary Data** | **Ratios/Supplementary Data** |
|<br>**Net asset value, end of year** |<br>**Total Return<br> (excludes sales<br> charge)** | **Net assets, End of year**<br> **(000)** | **Ratio of net<br> expenses to average<br> net assets** | **Ratio of net<br> investment income<br> (loss) to average net<br> assets** | **Ratio of expenses to** <br> **average net assets \*** | **Portfolio<br> turnover<sup>\*\*</sup>** |
| $10.39 | 1.08 %<sup>(b)</sup> | $18699 | 0.69 %<sup>(c)</sup> | 2.74 %<sup>(c)</sup> | 0.69 %<sup>(c)</sup> | 4.91 %<sup>(b)</sup> |
| $10.42 | 1.55% | $17355 | 0.66% | 2.78% | 0.66% | 16.00% |
| $10.55 | 7.38% | $23524 | 0.64% | 2.68% | 0.65% | 19.81% |
| $10.09 | 1.40% | $28750 | 0.62% | 2.18% | 0.63% | 32.34% |
| $10.17 | (8.42)% | $34313 | 0.59% | 1.89% | 0.59% | 9.94% |
| $11.32 | 1.10% | $71455 | 0.56% | 1.71% | 0.56% | 20.23% |
| $11.01 | 0.72 %<sup>(b)</sup> | $23964 | 0.65 %<sup>(c)</sup> | 2.52 %<sup>(c)</sup> | 0.65 %<sup>(c)</sup> | 8.82 %<sup>(b)</sup> |
| $11.07 | 1.48% | $23260 | 0.62% | 2.55% | 0.62% | 17.40% |
| $11.19 | 7.19% | $35603 | 0.62% | 2.39% | 0.62% | 20.54% |
| $10.69 | 1.30% | $50995 | 0.61% | 2.03% | 0.61% | 17.86% |
| $10.77 | (8.41)% | $66967 | 0.58% | 1.67% | 0.58% | 37.23% |
| $11.97 | (0.27)% | $65071 | 0.56% | 1.56% | 0.56% | 8.98% |
| $9.46 | 1.12 %<sup>(b)</sup> | $29584 | 0.62 %<sup>(c)</sup> | 2.87 %<sup>(c)</sup> | 0.62 %<sup>(c)</sup> | 4.61 %<sup>(b)</sup> |
| $9.49 | 2.05% | $30297 | 0.61% | 2.87% | 0.61% | 15.61% |
| $9.57 | 7.66% | $35144 | 0.63% | 2.80% | 0.63% | 25.08% |
| $9.14 | 1.43% | $58934 | 0.61% | 2.40% | 0.61% | 37.11% |
| $9.23 | (7.93)% | $63292 | 0.58% | 1.81% | 0.58% | 18.08% |
| $10.21 | 0.88% | $67778 | 0.56% | 1.78% | 0.56% | 8.56% |
| $14.89 | 2.15 %<sup>(c)</sup> | $41976 | 0.95 %<sup>(d)</sup> | 0.50 %<sup>(d)</sup> | 1.30 %<sup>(d)</sup> | 9.00 %<sup>(c)</sup> |
| $18.46 | 10.94% | $41532 | 0.95% | 1.11% | 1.34% | 66% |
| $16.80 | 30.99% | $27465 | 0.95% | 1.28% | 1.59% | 8% |
| $12.99 | 18.91% | $20789 | 0.95% | 1.71% | 1.66% | 7% |
| $11.24 | (11.11)% | $17573 | 0.95% | 1.71% | 1.67% | 25% |
| $12.87 | 2.42 %<sup>(c)</sup> | $19864 | 0.95 %<sup>(d)</sup> | 1.94 %<sup>(d)</sup> | 1.78 %<sup>(d)</sup> | 6 %<sup>(c)</sup> |
| $12.68 | 30.41% | $19449 | 0.95% | 1.40% | 1.73% | 47% |

---

See accompanying notes to financial statements.

**STERLING CAPITAL FUNDS**

**FINANCIAL HIGHLIGHTS, R6 SHARES**

 

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

 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Investment Activities** | **Investment Activities** | **Investment Activities** | **Investment Activities** | **Distributions** | **Distributions** | **Distributions** | **Distributions** |
|  | **Net asset value,<br> beginning of<br> year** | **Net<br> investment<br> income<br> (loss)<sup>(a)</sup>** | **Net realized/<br> unrealized<br> gain (loss) on<br> investments** | **Total from<br> investment<br> Activities** | **Net**<br> **investment** <br> **income** | **Net realized<br> gains on<br> investments** | **Return of** <br> **capital** | **Total from** <br> **distributions** |
| **Sterling Capital Behavioral Large Cap Value Equity Fund** |  |  |  |  |  |  |  |  |
| **Period Ended March 31, 2026 (Unaudited)** | $34.84 | 0.32 | 2.94 | 3.26 |  |  |  |  |
| **Year Ended September 30, 2025** | $30.22 | 0.23 | 5.05 | 5.28 | (0.66) |  |  | (0.66) |
| **Year Ended September 30, 2024** | $23.37 | 0.55 | 6.86 | 7.41 | (0.56) |  |  | (0.56) |
| **Year Ended September 30, 2023** | $20.40 | 0.46 | 2.97 | 3.43 | (0.46) |  |  | (0.46) |
| **Year Ended September 30, 2022** | $22.99 | 0.50 | (2.63) | (2.13) | (0.46) |  |  | (0.46) |
| **Year Ended September 30, 2021** | $16.85 | 0.09 | 6.25 | 6.34 | (0.04) |  | (0.16) | (0.20) |
| **Sterling Capital Behavioral Small Cap Value Equity Fund** |  |  |  |  |  |  |  |  |
| **Period Ended March 31, 2026 (Unaudited)** | $20.92 | 0.14 | 1.20 | 1.34 | (0.15) | (1.78) |  | (1.93) |
| **Year Ended September 30, 2025** | $21.67 | 0.33 | 0.92 | 1.25 | (0.30) | (1.70) |  | (2.00) |
| **Year Ended September 30, 2024** | $17.17 | 0.33 | 4.56 | 4.89 | (0.39) |  |  | (0.39) |
| **Year Ended September 30, 2023** | $15.31 | 0.32 | 1.81 | 2.13 | (0.27) |  |  | (0.27) |
| **Year Ended September 30, 2022** | $19.60 | 0.22 | (2.48) | (2.26) | (0.21) | (1.82) |  | (2.03) |
| **Year Ended September 30, 2021** | $11.97 | 0.17 | 7.60 | 7.77 | (0.14) |  |  | (0.14) |
| **Sterling Capital Special Opportunities Fund** |  |  |  |  |  |  |  |  |
| **Period Ended March 31, 2026 (Unaudited)** | $30.44 | 0.01 | (1.29) | (1.28) |  | (4.99) |  | (4.99) |
| **Year Ended September 30, 2025** | $30.47 | 0.01 | 4.66 | 4.67 |  | (4.70) |  | (4.70) |
| **Year Ended September 30, 2024** | $28.26 | (0.01) | 7.01 | 7.00 |  | (4.79) |  | (4.79) |
| **Year Ended September 30, 2023** | $25.71 | (0.01) | 4.55 | 4.54 |  | (1.99) |  | (1.99) |
| **Year Ended September 30, 2022** | $35.51 | (0.04) | (5.65) | (5.69) |  | (4.11) |  | (4.11) |
| **Year Ended September 30, 2021** | $26.22 | (0.01) | 9.78 | 9.77 | (0.15) | (0.33) |  | (0.48) |
| **Sterling Capital Equity Income Fund** |  |  |  |  |  |  |  |  |
| **Period Ended March 31, 2026 (Unaudited)** | $22.28 | 0.13 | (0.52) | (0.39) | (0.12) | (4.51) |  | (4.63) |
| **Year Ended September 30, 2025** | $28.64 | 0.35 | (0.90) | (0.55) | (0.35) | (5.46) |  | (5.81) |
| **Year Ended September 30, 2024** | $25.36 | 0.45 | 5.42 | 5.87 | (0.45) | (2.14) |  | (2.59) |
| **Year Ended September 30, 2023** | $24.36 | 0.45 | 2.73 | 3.18 | (0.44) | (1.74) |  | (2.18) |
| **Year Ended September 30, 2022** | $26.67 | 0.45 | (1.83) | (1.38) | (0.45) | (0.48) |  | (0.93) |
| **Year Ended September 30, 2021** | $20.09 | 0.37 | 6.56 | 6.93 | (0.35) |  |  | (0.35) |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Per share net investment income has been calculated using the average shares method.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Annualized.

\* During the periods certain fees were waived (See Note 7 in the Notes to the Financial Statements). If such reductions had not occurred, the ratios would have been as indicated.

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

See accompanying notes to financial statements.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios/Supplementary Data** | **Ratios/Supplementary Data** | **Ratios/Supplementary Data** | **Ratios/Supplementary Data** | **Ratios/Supplementary Data** |
|<br>**Net asset value, end** <br> **of year** |<br>**Total Return<br> (excludes sales<br> charge)** | **Net assets, End of year**<br> **(000)** | **Ratio of net<br> expenses to average<br> net assets** | **Ratio of net<br> investment income<br> (loss) to average net<br> assets** | **Ratio of expenses to** <br> **average net assets \*** | **Portfolio<br> turnover<sup>\*\*</sup>** |
| $38.10 | 10.15 %<sup>(b)</sup> | $8455 | 0.63 %<sup>(c)</sup> | 1.67 %<sup>(c)</sup> | 0.76 %<sup>(c)</sup> | 68.15 %<sup>(b)</sup> |
| $34.84 | 17.69% | $2027 | 0.68% | 0.68% | 0.81% | 108.16% |
| $30.22 | 31.90% | $24 | 0.66% | 2.13% | 0.79% | 99.00% |
| $23.37 | 16.84% | $330 | 0.77% | 1.99% | 0.90% | 110.98% |
| $20.40 | (9.48)% | $1 | 0.59% | 2.09% | 0.59% | 125.15% |
| $22.99 | 37.92% | $1 | 0.58% | 0.43% | 0.63% | 122.64% |
| $20.33 | 6.63 %<sup>(b)</sup> | $56800 | 0.82 %<sup>(c)</sup> | 1.37 %<sup>(c)</sup> | 0.87 %<sup>(c)</sup> | 49.67 %<sup>(b)</sup> |
| $20.92 | 5.76% | $91259 | 0.78% | 1.64% | 0.83% | 89.59% |
| $21.67 | 28.61% | $96261 | 0.78% | 1.69% | 0.83% | 74.00% |
| $17.17 | 13.94% | $78727 | 0.79% | 1.88% | 0.85% | 154.69% |
| $15.31 | (13.29)% | $20331 | 0.78% | 1.14% | 0.83% | 70.82% |
| $19.60 | 65.36% | $83819 | 0.75% | 0.96% | 0.81% | 111.07% |
| $24.17 | (5.81)%<sup>(b)</sup> | $18910 | 0.78 %<sup>(c)</sup> | 0.04 %<sup>(c)</sup> | 0.88 %<sup>(c)</sup> | 24.56 %<sup>(b)</sup> |
| $30.44 | 16.32% | $24912 | 0.77% | 0.02% | 0.87% | 38.82% |
| $30.47 | 27.50% | $33287 | 0.82% | (0.02)% | 0.90% | 41.68% |
| $28.26 | 18.39% | $36906 | 0.82% | (0.02)% | 0.91% | 31.19% |
| $25.71 | (18.66)% | $29340 | 0.80% | (0.11)% | 0.88% | 28.06% |
| $35.51 | 37.67% | $44452 | 0.78% | (0.03)% | 0.87% | 27.20% |
| $17.26 | (1.83)%<sup>(b)</sup> | $37594 | 0.72 %<sup>(c)</sup> | 1.33 %<sup>(c)</sup> | 0.88 %<sup>(c)</sup> | 22.17 %<sup>(b)</sup> |
| $22.28 | (2.10)% | $72349 | 0.71% | 1.51% | 0.82% | 50.76% |
| $28.64 | 24.29% | $115769 | 0.72% | 1.68% | 0.83% | 41.82% |
| $25.36 | 12.94% | $101228 | 0.72% | 1.73% | 0.82% | 39.43% |
| $24.36 | (5.54)% | $69408 | 0.69% | 1.65% | 0.79% | 31.23% |
| $26.67 | 34.61% | $70388 | 0.68% | 1.50% | 0.79% | 13.00% |

---

See accompanying notes to financial statements.

**STERLING CAPITAL FUNDS**

**FINANCIAL HIGHLIGHTS, R6 SHARES**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Investment Activities** | **Investment Activities** | **Investment Activities** | **Investment Activities** | **Distributions** | **Distributions** | **Distributions** | **Distributions** |
|  | **Net asset value,**<br> **beginning of**<br> **year** | **Net**<br> **investment**<br> **income**<br> **(loss)<sup>(a)</sup>** | **Net realized/**<br> **unrealized**<br> **gain (loss) on**<br> **investments** | **Total from**<br> **investment**<br> **Activities** | **Net**<br> **investment**<br> **income** | **Net realized**<br> **gains on**<br> **investments** | **Return of**<br> **capital** | **Total from**<br> **distributions** |
| **Sterling Capital Mid Cap Relative Value Fund** |  |  |  |  |  |  |  |  |
| **Period Ended March 31, 2026 (Unaudited)** | $62.80 | 0.19 | 1.06 | 1.25 | (0.26) | (5.30) |  | (5.56) |
| **For the Period Ended September 30, 2025<sup>(d)</sup>** | $56.35 | 0.20 | 6.25 | 6.45 |  |  |  |  |
| **Sterling Capital Real Estate Fund** |  |  |  |  |  |  |  |  |
| **Period Ended March 31, 2026 (Unaudited)** | $35.81 | 0.38 | (1.59) | (1.21) |  |  |  |  |
| **Year Ended September 30, 2025** | $40.12 | 1.05 | (2.67) | (1.62) | (1.07) | (1.62) |  | (2.69) |
| **Year Ended September 30, 2024** | $32.58 | 0.85 | 9.55 | 10.40 | (0.77) | (2.09) |  | (2.86) |
| **Year Ended September 30, 2023** | $35.09 | 0.80 | (0.30) | 0.50 | (0.78) | (2.23) |  | (3.01) |
| **Year Ended September 30, 2022** | $46.33 | 0.47 | (8.09) | (7.62) | (0.63) | (2.99) |  | (3.62) |
| **Year Ended September 30, 2021** | $36.69 | 0.59 | 10.46 | 11.05 | (0.59) | (0.82) |  | (1.41) |
| **Sterling Capital Small Cap Value Fund** |  |  |  |  |  |  |  |  |
| **Period Ended March 31, 2026 (Unaudited)** | $43.19 | 0.13 | 2.87 | 3.00 | (0.14) | (7.22) |  | (7.36) |
| **Year Ended September 30, 2025** | $48.75 | 0.23 | 3.51 | 3.74 | (0.16) | (9.14) |  | (9.30) |
| **Year Ended September 30, 2024** | $52.98 | 0.29 | 11.95 | 12.24 | (0.27) | (16.20) |  | (16.47) |
| **Year Ended September 30, 2023** | $58.38 | 0.36 | 8.20 | 8.56 | (0.28) | (13.68) |  | (13.96) |
| **Year Ended September 30, 2022** | $83.72 | 0.35 | (8.28) | (7.93) | (0.14) | (17.27) |  | (17.41) |
| **Year Ended September 30, 2021** | $64.09 | 0.29 | 30.99 | 31.28 | (0.43) | (11.22) |  | (11.65) |
| **Sterling Capital Total Return Bond Fund** |  |  |  |  |  |  |  |  |
| **Period Ended March 31, 2026 (Unaudited)** | $9.44 | 0.20 | (0.12) | 0.08 | (0.20) |  |  | (0.20) |
| **Year Ended September 30, 2025** | $9.54 | 0.41 | (0.11) | 0.30 | (0.40) |  |  | (0.40) |
| **Year Ended September 30, 2024** | $8.88 | 0.38 | 0.66 | 1.04 | (0.38) |  |  | (0.38) |
| **Year Ended September 30, 2023** | $9.11 | 0.31 | (0.22) | 0.09 | (0.32) |  |  | (0.32) |
| **Year Ended September 30, 2022** | $11.05 | 0.21 | (1.80) | (1.59) | (0.26) | (0.09) |  | (0.35) |
| **Year Ended September 30, 2021** | $11.39 | 0.21 | (0.12) | 0.09 | (0.28) | (0.15) |  | (0.43) |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Per share net investment income has been calculated using the average shares method.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Period from commencement of operations (May 12, 2025).

\* During the periods certain fees were waived (See Note 7 in the Notes to the Financial Statements). If such reductions had not occurred, the ratios would have been as indicated.

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

See accompanying notes to financial statements.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios/Supplementary Data** | **Ratios/Supplementary Data** | **Ratios/Supplementary Data** | **Ratios/Supplementary Data** | **Ratios/Supplementary Data** |
|<br>**Net asset value, end** <br> **of year** |<br>**Total Return<br> (excludes sales<br> charge)** | **Net assets, End of year**<br> **(000)** | **Ratio of net<br> expenses to average<br> net assets** | **Ratio of net<br> investment income<br> (loss) to average net<br> assets** | **Ratio of expenses to** <br> **average net assets \*** | **Portfolio<br> turnover<sup>\*\*</sup>** |
| $58.49 | 2.28 %<sup>(b)</sup> | $258 | 1.10 %<sup>(c)</sup> | 0.82 %<sup>(c)</sup> | 1.31 %<sup>(c)</sup> | 10.10 %<sup>(b)</sup> |
| $62.80 | 11.45% | $346 | 1.36% | 0.85% | 1.49% | 40.39% |
| $34.60 | 1.20 %<sup>(b)</sup> | $71 | 0.79 %<sup>(c)</sup> | 1.07 %<sup>(c)</sup> | 0.90 %<sup>(c)</sup> | 3.23 %<sup>(b)</sup> |
| $35.81 | (4.07)% | $696 | 0.78% | 2.88% | 0.88% | 7.62% |
| $40.12 | 33.25% | $691 | 0.78% | 2.43% | 0.86% | 4.90% |
| $32.58 | 1.01% | $918 | 0.80% | 2.25% | 0.87% | 6.06% |
| $35.09 | (18.31)% | $18 | 0.73% | 1.06% | 0.82% | 12.58% |
| $46.33 | 30.67% | $16 | 0.62% | 1.33% | 0.73% | 12.68% |
| $38.83 | 7.58 %<sup>(b)</sup> | $6780 | 0.90 %<sup>(c)</sup> | 0.66 %<sup>(c)</sup> | 1.05 %<sup>(c)</sup> | 3.86 %<sup>(b)</sup> |
| $43.19 | 8.24% | $6325 | 0.90% | 0.54% | 1.02% | 6.19% |
| $48.75 | 29.00% | $6365 | 0.93% | 0.64% | 1.06% | 2.87% |
| $52.98 | 15.45% | $6360 | 0.93% | 0.66% | 1.05% | 0.77% |
| $58.38 | (13.84)% | $3792 | 0.90% | 0.50% | 1.00% | 5.26% |
| $83.72 | 52.98% | $3656 | 0.88% | 0.36% | 1.02% | 6.15% |
| $9.32 | 0.85 %<sup>(b)</sup> | $483948 | 0.35 %<sup>(c)</sup> | 4.34 %<sup>(c)</sup> | 0.50 %<sup>(c)</sup> | 33.82 %<sup>(b)</sup> |
| $9.44 | 3.22% | $474866 | 0.35% | 4.41% | 0.49% | 78.95% |
| $9.54 | 11.95% | $391538 | 0.36% | 4.12% | 0.50% | 63.02% |
| $8.88 | 0.88% | $263634 | 0.35% | 3.36% | 0.51% | 47.80% |
| $9.11 | (14.72)% | $230211 | 0.35% | 2.08% | 0.48% | 47.98% |
| $11.05 | 0.79% | $348271 | 0.35% | 1.88% | 0.52% | 48.80% |

---

See accompanying notes to financial statements.

**STERLING CAPITAL FUNDS**

**FINANCIAL HIGHLIGHTS, R6 SHARES**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Investment Activities** | **Investment Activities** | **Investment Activities** | **Investment Activities** | **Distributions** | **Distributions** | **Distributions** | **Distributions** |
|  | **Net asset value,** <br> **beginning of** <br> **year** | **Net** <br> **investment** <br> **income** <br> **(loss)<sup>(a)</sup>** | **Net realized/** <br> **unrealized gain (loss) on** <br> **investments** | **Total from** <br> **investment** <br> **Activities** | **Net** <br> **investment** <br> **income** | **Net realized** <br> **gains on** <br> **investments** | **Return of** <br> **capital** | **Total from** <br> **distributions** |
| **Sterling Capital Long Duration Corporate Bond Fund** |  |  |  |  |  |  |  |  |
| **Period Ended March 31, 2026 (Unaudited)** | $7.00 | 0.18 | (0.29) | (0.11) | (0.18) |  |  | (0.18) |
| **Year Ended September 30, 2025** | $7.30 | 0.35 | (0.30) | 0.05 | (0.35) |  |  | (0.35) |
| **Year Ended September 30, 2024** | $6.45 | 0.33 | 0.85 | 1.18 | (0.33) |  |  | (0.33) |
| **Year Ended September 30, 2023** | $6.63 | 0.31 | (0.18) | 0.13 | (0.31) |  |  | (0.31) |
| **For the Period Ended September 30, 2022<sup>(d)</sup>** | $9.16 | 0.19 | (2.52) | (2.33) | (0.20) |  |  | (0.20) |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Per share net investment income has been calculated using the average shares method.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Period from commencement of operations.

\* During the periods certain fees were waived (See Note 7 in the Notes to the Financial Statements). If such reductions had not occurred, the ratios would have been as indicated.

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

See accompanying notes to financial statements.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios/Supplementary Data** | **Ratios/Supplementary Data** | **Ratios/Supplementary Data** | **Ratios/Supplementary Data** | **Ratios/Supplementary Data** |
|<br>**Net asset value, end** <br> **of year** |<br>**Total Return** <br> **(excludes sales** <br> **charge)** | **Net assets, End of year** <br> **(000)** | **Ratio of net** <br> **expenses to average** <br> **net assets** | **Ratio of net** <br> **investment income** <br> **(loss) to average net** <br> **assets** | **Ratio of expenses to** <br> **average net assets** \* | **Portfolio**<br> **turnover \*\*** |
| $6.71 | (1.67)%<sup>(b)</sup> | $55656 | 0.38 %<sup>(c)</sup> | 5.10 %<sup>(c)</sup> | 0.55 %<sup>(c)</sup> | 26.87 %<sup>(b)</sup> |
| $7.00 | 0.85% | $49701 | 0.37% | 5.07% | 0.55% | 52.57% |
| $7.30 | 18.71% | $42074 | 0.36% | 4.79% | 0.60% | 47.46% |
| $6.45 | 1.72% | $30432 | 0.36% | 4.46% | 0.66% | 26.27% |
| $6.63 | (25.75)% | $22553 | 0.36% | 3.81% | 0.57% | 161.62% |

---

See accompanying notes to financial statements.

**STERLING CAPITAL FUNDS**

**FINANCIAL HIGHLIGHTS, ETF SHARES**

 

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

 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Investment Activities** | **Investment Activities** | **Investment Activities** | **Investment Activities** | **Distributions** | **Distributions** | **Distributions** | **Distributions** |
|  | **Net asset value,** <br> **beginning of** <br> **year** | **Net** <br> **investment** <br> **income** <br> **(loss)<sup>(a)</sup>** | **Net realized/** <br> **unrealized** <br> **gain (loss) on** <br> **investments** | **Total from** <br> **investment** <br> **Activities** | **Net** <br> **investment** <br> **income** | **Net realized** <br> **gains on** <br> **investments** | **Return of** <br> **capital** | **Total from** <br> **distributions** |
| **Sterling Capital Ultra Short Bond ETF** |  |  |  |  |  |  |  |  |
| **Period Ended March 31, 2026 (Unaudited)<sup>(d)</sup>** | $25.02 | 0.01 |  | 0.01 |  |  |  |  |
| **Sterling Capital Short Duration Bond ETF** |  |  |  |  |  |  |  |  |
| **Period Ended March 31, 2026 (Unaudited)<sup>(d)</sup>** | $25.04 | 0.03 |  | 0.03 |  |  |  |  |
| **Sterling Capital Hedged Equity Premium Income ETF** |  |  |  |  |  |  |  |  |
| **Period Ended March 31, 2026 (Unaudited)<sup>(e)</sup>** | $25.00 | 0.03 | (1.06) | (1.03) | (0.38) |  |  | (0.38) |
| **Sterling Capital Multi-Strategy Income ETF** |  |  |  |  |  |  |  |  |
| **Period Ended March 31, 2026 (Unaudited)<sup>(e)</sup>** | $25.00 | 0.30 | (0.23) | 0.07 | (0.23) |  |  | (0.23) |
| **Sterling Capital National Municipal Bond ETF** |  |  |  |  |  |  |  |  |
| **Period Ended March 31, 2026 (Unaudited)<sup>(e)</sup>** | $25.00 | 0.26 | (0.37) | (0.11) | (0.16) |  |  | (0.16) |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Per share net investment income has been calculated using the average shares method.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(d) For a period March 30, 2026 (commencement date) to March 31, 2026

&nbsp;&nbsp;&nbsp;&nbsp;(e) For a period December 10, 2025 (commencement date) to March 31, 2026

\* During the periods certain fees were waived (See Note 7 in the Notes to the Financial Statements). If such reductions had not occurred, the ratios would have been as indicated.

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

See accompanying notes to financial statements.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios/Supplementary Data** | **Ratios/Supplementary Data** | **Ratios/Supplementary Data** | **Ratios/Supplementary Data** | **Ratios/Supplementary Data** |
|<br>&nbsp;&nbsp; **Net asset value, end** <br> **of year** |<br>**Total Return<br> (excludes sales<br> charge)** | **Net assets, End of year**<br> **(000)** | **Ratio of net<br> expenses to average<br> net assets** | **Ratio of net<br> investment income<br> (loss) to average net<br> assets** | **Ratio of expenses to** <br> **average net assets \*** | **Portfolio<br> turnover<sup>\*\*</sup>** |
| $25.03 | 0.08 %<sup>(b)</sup> | $21558 | 0.30 %<sup>(c)</sup> | 0.29 %<sup>(c)</sup> | 0.30 %<sup>(c)</sup> | 7.67 %<sup>(b)</sup> |
| $25.07 | 0.28 %<sup>(b)</sup> | $33428 | 0.33 %<sup>(c)</sup> | 1.96 %<sup>(c)</sup> | 0.33 %<sup>(c)</sup> | 9.55 %<sup>(b)</sup> |
| $23.59 | (4.17)%<sup>(b)</sup> | $214626 | 0.65 %<sup>(c)</sup> | 0.58 %<sup>(c)</sup> | 0.65 %<sup>(c)</sup> | 18.68 %<sup>(b)</sup> |
| $24.84 | 0.26 %<sup>(b)</sup> | $168278 | 0.55 %<sup>(c)</sup> | 3.94 %<sup>(c)</sup> | 0.55 %<sup>(c)</sup> | 17.64 %<sup>(b)</sup> |
| $24.73 | (0.45)%<sup>(b)</sup> | $196629 | 0.35 %<sup>(c)</sup> | 5.56 %<sup>(c)</sup> | 0.35 %<sup>(c)</sup> | 57.10 %<sup>(b)</sup> |

---

See accompanying notes to financial statements.

**STERLING CAPITAL FUNDS**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) March 31, 2026**

**1. Organization:**

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

The Trust offers shares of Sterling Capital Behavioral Large Cap Value Equity Fund, Sterling Capital Behavioral Small Cap Value Equity Fund, Sterling Capital Special Opportunities Fund, Sterling Capital Equity Income Fund, Sterling Capital Mid Cap Relative Value Fund, Sterling Capital Real Estate Fund, Sterling Capital Small Cap Value Fund, Sterling Capital Ultra Short Bond ETF, Sterling Capital Short Duration Bond ETF, Sterling Capital Intermediate U.S. Government Fund, Sterling Capital Total Return Bond Fund, Sterling Capital Long Duration Corporate Bond Fund, Sterling Capital Quality Income Fund, Sterling Capital North Carolina Intermediate Tax-Free Fund, Sterling Capital South Carolina Intermediate Tax-Free Fund, Sterling Capital Virginia Intermediate Tax-Free Fund, Sterling Capital West Virginia Intermediate Tax-Free Fund, Sterling Capital Hedged Equity Premium Income ETF, Sterling Capital Multi-Strategy Income ETF, Sterling Capital National Municipal Bond ETF and Guardian Capital Dividend Growth Fund (referred to individually as a "Fund" and collectively as the "Funds"). Sterling Capital North Carolina Intermediate Tax-Free Fund, Sterling Capital South Carolina Intermediate Tax-Free Fund, Sterling Capital Virginia Intermediate Tax-Free Fund and Sterling Capital West Virginia Intermediate Tax-Free Fund are referred to as the "Tax-Free Funds." Sterling Capital Ultra Short Bond ETF, Sterling Capital Short Duration Bond ETF, Sterling Capital Hedged Equity Premium Income ETF, Sterling Capital Multi-Strategy Income ETF, and Sterling Capital National Municipal Bond ETF are referred to as the "ETFs."

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

The Funds are authorized to issue an unlimited amount of shares. As of March 31, 2026, the Funds discussed herein offered up to four classes of shares: Class A Shares, Class C Shares, Institutional Shares and Class R6 Shares. Class A Shares of Sterling Capital Behavioral Large Cap Value Equity Fund, Sterling Capital Behavioral Small Cap Value Equity Fund, Sterling Capital Special Opportunities Fund, Sterling Capital Equity Income Fund, Sterling Capital Mid Cap Relative Value Fund, Sterling Capital Real Estate Fund and Sterling Capital Small Cap Value Fund have a maximum sales charge of 5.75% as a percentage of original purchase price. There is no initial sales charge on purchases of the Sterling Capital Ultra Short Bond ETF's shares. Class A Shares of Sterling Capital Short Duration Bond ETF, Sterling Capital Intermediate U.S. Government Fund, Sterling Capital Total Return Bond Fund, Sterling Capital Long Duration Corporate Bond Fund, Sterling Capital Quality Income Fund, and the Tax-Free Funds have a maximum sales charge of 2.00% as a percentage of the original purchase price. Purchases of $1 million or more of Class A Shares are not subject to a front-end sales charge but will be subject to a Contingent Deferred Sales Charge ("CDSC") of up to 1.00% of the purchase price if redeemed within two years after purchase for all Funds except the Tax-Free Funds, Sterling Capital Short Duration Bond ETF, Sterling Capital Intermediate U.S. Government Fund, Sterling Capital Long Duration Corporate Bond Fund, Sterling Capital Total Return Bond Fund and Sterling Capital Quality Income Fund. With respect to the Tax-Free Funds, Sterling Capital Short Duration Bond ETF, Sterling Capital Intermediate U.S. Government Fund, Sterling Capital Long Duration Corporate Bond Fund, Sterling Capital Total Return Bond Fund, and Sterling Capital Quality Income Fund, sales of Class A shares of $250,000 or more are not subject to a sales load but will be subject to a CDSC of up to 0.50% of the purchase price if redeemed within 18 months of purchase. This charge is based on the lower of the price paid for the shares or their net asset value at the time of redemption. Class C Shares of the Funds are offered without any front-end sales charge but will be subject to a maximum CDSC of 1.00% if redeemed less than one year after purchase.

Each class of shares has identical rights and privileges except with respect to the fees paid under the distribution plan, voting rights on matters affecting a single class of shares and the exchange privilege of each class of shares.

The Funds have adopted Financial Accounting Standards Board ("FASB") Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures. Adoption of the standard impacted financial statement disclosures only and did not affect the Funds' financial position or the results of their operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The CODM is the President and Principal Executive Officer of the Trust. The Funds each operate as a single operating segment. The Funds' income, expenses, assets, changes in net assets resulting from operations and performance are regularly monitored and assessed as a whole by the CODM responsible for oversight functions of the Funds, using the information presented in the financial statements and financial highlights.

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

**STERLING CAPITAL FUNDS**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued) March 31, 2026**

**2. Fund Reorganizations:**

On November 19, 2025, the Board of Trustees of the Trust (the "Board") approved an Agreement and Plan of Reorganization which provided for the acquisition of all of the assets and the assumption of the liabilities of the Sterling Capital Ultra Short Bond Fund in exchange for shares of the Sterling Capital Ultra Short Bond ETF. The purpose of the transaction was to enhance investment management efficiencies, offer greater market leverage and market presence, economies of scale, and greater opportunities for asset growth. The reorganization took place at close of business March 30, 2026. The acquisition was accomplished by tax-free exchanges of shares at close of business Monday, March 30, 2026. For financial reporting purposes, assets received and shares issued by the Sterling Capital Ultra Short Bond Fund were recorded at fair value; however, the cost basis of the investments received from the Sterling Capital Ultra Short Bond Fund was carried forward to align ongoing reporting of the Sterling Capital Ultra Short Bond ETF's realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Acquired Fund** | **Class** | **Shares Redeemed** | **Acquiring Fund** | **Shares Issued** | **Value** | **Conversion Ratio** |
| Sterling Capital Ultra Short Bond Fund | Institutional | 836323 | Sterling Capital Ultra Short Bond ETF | 836323 | $20926820 | 1.0000 |

---

The net assets and net unrealized appreciation immediately before the acquisitions were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Acquired Fund** | **Shares Outstanding** | **Net Assets** | **Unrealized Appreciation** |
| Sterling Capital Ultra Short Bond Fund | 836323 | $20926820 | $4404 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Acquiring Fund** | **Shares Outstanding** | **Net Assets** | **Unrealized Appreciation** |
| Sterling Capital Ultra Short Bond ETF |  |  |  |

---

The net assets and net unrealized appreciation immediately after the acquisitions were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Surviving Fund** | **Shares Outstanding** | **Net Assets** | **Unrealized Appreciation** |
| Sterling Capital Ultra Short Bond ETF | 836323 | $20926820 | $4404 |

---

Assuming the acquisition had been completed on October 1, 2025, the beginning of the reporting period for the Funds, the Sterling Capital Ultra Short Bond Fund and the Sterling Capital Ultra Short Bond ETF pro-forma results of operations for a period ended March 31, 2026 are as follows:

---

| | |
|:---|:---|
| **Sterling Capital Ultra Short Bond ETF** | |
| Net investment income | $1429474 |
| Net realized and unrealized gain on investments | $206242 |
| Net increase in net assets from operations | $1635716 |

---

Because the combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of the Sterling Capital Ultra Short Bond Fund that have been included in the Sterling Capital Ultra Short Bond ETF's statement of operations since the reorganization. Since the Sterling Capital Ultra Short Bond Fund and the Sterling Capital Ultra Short Bond ETF sold and redeemed shares throughout the period, it is not practicable to provide pro-forma information on a per-share basis.

On November 19, 2025, the Board approved an Agreement and Plan of Reorganization which provided for the acquisition of all of the assets and the assumption of the liabilities of the Sterling Capital Short Duration Bond Fund in exchange for shares of the Sterling Capital Short Duration Bond ETF. The purpose of the transaction was to enhance investment management efficiencies, offer greater market leverage and market presence, economies of scale, and greater opportunities for asset growth. The reorganization took place at close of business March 30, 2026. The acquisition was accomplished by tax-free exchanges of shares at close of business Monday, March 30, 2026. For financial reporting purposes, assets received and shares issued by the Sterling Capital Short Duration Bond Fund were recorded at fair value; however, the cost basis of the investments received from the Sterling Capital Short Duration Bond Fund was carried forward to align ongoing reporting of the Sterling Capital Short Duration Bond ETF's realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.

**STERLING CAPITAL FUNDS**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued) March 31, 2026**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Acquired Fund** | **Class** | **Shares Redeemed** | **Acquiring Fund** | **Shares Issued** | **Value** | **Conversion Ratio** |
| Sterling Capital Short Duration Bond Fund | Institutional | 1333368 | Sterling Capital Short Duration Bond ETF | 1333368 | $33389562 | 1.0000 |

---

The net assets and net unrealized depreciation immediately before the acquisitions were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Acquired Fund** | **Shares Outstanding** | **Net Assets** | **Unrealized Depreciation** |
| Sterling Capital Short Duration Bond Fund | 1333368 | $33389562 | $(125108) |

---

---

| | | | |
|:---|:---|:---|:---|
| **Acquiring Fund** | **Shares Outstanding** | **Net Assets** | **Unrealized Depreciation** |
| Sterling Capital Short Duration Bond ETF |  |  |  |

---

The net assets and net unrealized depreciation immediately after the acquisitions were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Surviving Fund** | **Shares Outstanding** | **Net Assets** | **Unrealized Depreciation** |
| Sterling Capital Short Duration Bond ETF | 1333368 | $33389562 | $(125108) |

---

Assuming the acquisition had been completed on October 1, 2025, the beginning of the reporting period for the Funds, the Sterling Capital Short Duration Bond Fund and the Sterling Capital Short Duration Bond ETF pro-forma results of operations for a period ended March 31, 2026 are as follows:

---

| | |
|:---|:---|
| **Sterling Capital Short Duration Bond ETF** | **Sterling Capital Short Duration Bond ETF** |
| Net investment income | $2187504 |
| Net realized and unrealized gain on investments | $614874 |
| Net increase in net assets from operations | $2802378 |

---

Because the combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of the Sterling Capital Short Duration Bond Fund that have been included in the Sterling Capital Short Duration Bond ETF's statement of operations since the reorganization. Since the Sterling Capital Short Duration Bond Fund and the Sterling Capital Short Duration Bond ETF sold and redeemed shares throughout the period, it is not practicable to provide pro-forma information on a per-share basis.

On November 19, 2025, the Board approved an Agreement and Plan of Reorganization which provided for the acquisition of all of the assets and the assumption of the liabilities of the Guardian Capital Dividend Growth Fund, a series of the Capitol Series Trust, in exchange for shares of the Guardian Capital Dividend Growth Fund, a series of the Sterling Capital Funds Trust. The purpose of the transaction was to enhance investment management efficiencies, offer greater market leverage and market presence, economies of scale, and greater opportunities for asset growth. The reorganization took place at close of business March 30, 2026. The acquisition was accomplished by tax-free exchanges of shares at close of business Monday, March 30, 2026. For financial reporting purposes, assets received and shares issued by the Guardian Capital Dividend Growth Fund, a series of the Capitol Series Trust, were recorded at fair value; however, the cost basis of the investments received from the Guardian Capital Dividend Growth Fund, a series of the Capitol Series Trust, was carried forward to align ongoing reporting of the Guardian Capital Dividend Growth Fund's, a series of the Sterling Capital Funds Trust, realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Acquired Fund** | **Class** | **Shares**<br> **Redeemed** | **Acquiring Fund** | **Class** | **Shares**<br> **Issued** | **Value** | **Conversion Ratio** |
| Guardian Capital Dividend Growth Fund, a series of the Capitol Series Trust | Institutional | 2817085 | Guardian Capital Dividend Growth Fund, a series of the Sterling Capital Funds Trust | Institutional | 2817085 | $37198246 | 1.0000 |

---

**STERLING CAPITAL FUNDS**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

**March 31, 2026**

The net assets and net unrealized appreciation immediately before the acquisitions were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Acquired Fund** | **Shares Outstanding** | **Net Assets** | **Unrealized Appreciation** |
| Guardian Capital Dividend Growth Fund, a series of the Capitol Series Trust | 2817085 | $37198246 | $5444483 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Acquiring Fund** | **Shares Outstanding** | **Net Assets** | **Unrealized Appreciation** |
| Guardian Capital Dividend Growth Fund, a series of the Sterling Capital Funds Trust |  |  |  |

---

The net assets and net unrealized appreciation immediately after the acquisitions were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Surviving Fund** | **Shares Outstanding** | **Net Assets** | **Unrealized Appreciation** |
| Guardian Capital Dividend Growth Fund, a series of the Sterling Capital Funds Trust | 2817085 | $37198246 | $5444483 |

---

Assuming the acquisition had been completed on October 1, 2025, the beginning of the reporting period for the Funds, the Guardian Capital Dividend Growth Fund, a series of the Capitol Series Trust, and the Guardian Capital Dividend Growth Fund, a series of the Sterling Capital Funds Trust, pro-forma results of operations for a period ended March 31, 2026 are as follows:

---

| | |
|:---|:---|
| **Guardian Capital Dividend Growth Fund, a series of the Sterling Capital Funds Trust** |  |
| Net investment income | $435644.0 |
| Net realized and unrealized gain on investments | $14495014.0 |
| Net increase in net assets from operations | $14930658.0 |

---

Because the combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of the Guardian Capital Dividend Growth Fund, a series of the Capitol Series Trust, that have been included in the Guardian Capital Dividend Growth Fund's, a series of the Sterling Capital Funds Trust, statement of operations since the reorganization. Since the Guardian Capital Dividend Growth Fund, a series of the Capitol Series Trust, and the Guardian Capital Dividend Growth Fund, a series of the Sterling Capital Funds Trust, sold and redeemed shares throughout the period, it is not practicable to provide pro-forma information on a per-share basis.

**3. Significant Accounting Policies:**

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

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

**STERLING CAPITAL FUNDS**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued) March 31, 2026**

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

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

Level 1 – quoted prices in active markets for identical securities

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

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

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. During the period ended March 31, 2026, there were no significant changes to the Funds' valuation policies and procedures.

The summary of inputs used to determine the fair value of each Fund's investments as of March 31, 2026 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1<br> Quoted Prices** | **Level 2 Other<br> Observable Inputs** | **Level 3**<br> **Unobservable Inputs** | **Total** |
| <u>Assets:</u> |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| Sterling Capital Behavioral Large Cap Value Equity Fund | $63653683 <sup>(a)</sup> | $— | $— | $63653683 |
| Sterling Capital Behavioral Small Cap Value Equity Fund | $69423760 <sup>(a)</sup> | $— | $— | $69423760 |
| Sterling Capital Special Opportunities Fund | $312098837 <sup>(a)</sup> | $— | $— | $312098837 |
| Sterling Capital Equity Income Fund | $617938734 <sup>(a)</sup> | $— | $— | $617938734 |
| Sterling Capital Mid Cap Relative Value Fund | $51793511 <sup>(a)</sup> | $— | $— | $51793511 |
| Sterling Capital Real Estate Fund | $59251715 <sup>(a)</sup> | $— | $— | $59251715 |
| Sterling Capital Small Cap Value Fund | $174300089 <sup>(a)</sup> | $— | $— | $174300089 |
| Sterling Capital Intermediate U.S. Government Fund | $368474 <sup>(b)</sup> | $19967331 <sup>(a)</sup> | $— | $20335805 |
| Sterling Capital Total Return Bond Fund | $20778722 <sup>(b)</sup> | $1491175447 <sup>(a)</sup> | $— | $1511954169 |
| Sterling Capital Long Duration Corporate Bond Fund | $904004 <sup>(b)</sup> | $54859262 <sup>(a)</sup> | $— | $55763266 |
| Sterling Capital Quality Income Fund | $1196288 <sup>(b)</sup> | $144637370 <sup>(a)</sup> | $— | $145833658 |
| Sterling Capital North Carolina Intermediate Tax-Free Fund | $2495709 <sup>(b)</sup> | $112323465 <sup>(a)</sup> | $— | $114819174 |
| Sterling Capital South Carolina Intermediate Tax-Free Fund | $576817 <sup>(b)</sup> | $21637939 <sup>(a)</sup> | $— | $22214756 |
| Sterling Capital Virginia Intermediate Tax-Free Fund | $491156 <sup>(b)</sup> | $31171825 <sup>(a)</sup> | $— | $31662981 |
| Sterling Capital West Virginia Intermediate Tax-Free Fund | $192511 <sup>(b)</sup> | $47420750 <sup>(a)</sup> | $— | $47613261 |
| Sterling Capital Ultra Short Bond ETF | $16352 <sup>(b)</sup> | $21150158 <sup>(a)</sup> | $— | $21166510 |
| Sterling Capital Short Duration Bond ETF | $947169 <sup>(b)</sup> | $32056636 <sup>(a)</sup> | $— | $33003805 |
| Sterling Capital Hedged Equity Premium Income ETF | $209175274 <sup>(a)</sup> | $8291050 | $— | $217466324 |
| Sterling Capital Multi-Strategy Income ETF | $3186412 <sup>(b)</sup> | $162920016 <sup>(a)</sup> | $— | $166106428 |
| Sterling Capital National Municipal Bond ETF | $9834365 <sup>(b)</sup> | $188902925 <sup>(a)</sup> | $— | $198737290 |
| Guardian Capital Dividend Growth Fund | $41937658 <sup>(a)</sup> | $— | $— | $41937658 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Represents money market funds, unrealized appreciation/depreciation for futures contracts, and/or certain
 preferred stocks.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1**<br> **Quoted Prices(a)** | **Level 2 Other <br> Observable Inputs(b)** | **Level 3**<br> **Unobservable Inputs** | **Total** |
| <u>Liabilities:</u> |  |  |  |  |
| **Other Financial Instruments** |  |  |  |  |
| Sterling Capital Total Return Bond Fund | $(1779215) | $— | $— | $(1779215) |
| Sterling Capital Quality Income Fund | $(39454) | $— | $— | $(39454) |
| Sterling Capital Short Duration Bond ETF | $(27156) | $— | $— | $(27156) |
| Sterling Capital Hedged Equity Premium Income ETF | $— | $(2849407) | $— | $(2849407) |
| Sterling Capital Multi-Strategy Income ETF | $— | $(234116) | $— | $(234116) |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Represents unrealized appreciation/depreciation for futures contracts.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Represents written options contracts.

*Cash and Cash Equivalents* — The Funds consider liquid assets deposited with a bank, and certain short-term debt instruments with original maturities of three months or less to be cash equivalents. These investments represent amounts held with financial institutions that are readily

**STERLING CAPITAL FUNDS**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued) March 31, 2026**

accessible to pay Fund expenses or investments. The Funds may invest their excess cash in the Federated Treasury Obligations Fund or a similar money market fund or other short-term investment.

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

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

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

*Foreign Currency Translation* — Foreign currency amounts are translated into U.S. dollars at the latest foreign exchange bid quotation (from an approved pricing vendor) to determine the fair value of investments, assets and liabilities. Purchases and sales of securities, income and expenses are translated at the prevailing rate of exchange, on the respective dates of such transactions. Such fluctuations are included with the net realized and unrealized gain or loss from investments and foreign currencies.

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

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

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

**STERLING CAPITAL FUNDS**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued) March 31, 2026**

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

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

*Collateralized Loan Obligations* — Sterling Capital Quality Income Fund, Sterling Capital Short Duration Bond ETF, Sterling Capital Total Return Bond Fund and Sterling Capital Ultra Short Bond ETF may invest in collateralized loan obligations. Collateralized loan obligations are structured investment vehicles typically collateralized by a pool of loans, which may include, among others, senior secured loans, senior unsecured loans, and subordinate corporate loans, including loans that may be rated below investment grade or equivalent unrated loans. Collateralized loan obligations are subject to the risks of substantial losses, including losses due to actual defaults by borrowers of the loans underlying the collateralized loan obligations, which will be greater during periods of economic or financial stress. Collateralized loan obligations may also lose value due to collateral defaults and impairment of subordinate tranches, market anticipation of defaults, and investor aversion to collateralized loan obligation securities as a class. A Fund may invest in collateralized loan obligations that hold loans of uncreditworthy borrowers, which may absorb losses from underlying borrower defaults before senior tranches. Investments in such collateralized loan obligations present a greater risk of loss. In addition, collateralized loan obligations are subject to interest rate risk, credit risk, prepayment/call risk and fixed income market risk.

**4. Derivative Instruments Risk Exposures and the Use of Derivative Instruments:**

The Funds' investment objectives allow for various types of derivative instruments, including futures contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates. Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.

Derivatives were used to increase returns, to gain exposure to certain types of assets, to facilitate transactions in foreign-denominated securities and to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the objectives may not be achieved.

Derivatives may be used to increase or decrease exposure to the following risk:

---

| | |
|:---|:---|
| **Equity Price Risk** | Equity price risk relates to the exposure to potential losses resulting from adverse changes in the underlying stock's price, volatility, or time decay. |
| **Interest Rate Risk** | Interest rate risk relates to the fluctuations in the value of interest-bearing securities due to changes in the prevailing levels of market interest rates. |

---

The Funds are also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that a fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to a fund. Derivative counterparty credit risk is managed through formal evaluation of the creditworthiness of all potential counterparties.

Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received and amounts recognized in the Statement of Assets and Liabilities. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.

**STERLING CAPITAL FUNDS**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued) March 31, 2026**

*Futures Contracts* – The Funds may invest in futures contracts to hedge or manage risks associated with the Funds' securities investments or to obtain market exposure in an effort to generate returns. During the period the futures contracts are open, changes in the value of the contracts are recognized as unrealized gains or losses by "marking to market" on a daily basis to reflect the market value of the contracts at the end of each day's trading. Variation margin payments are received or made depending upon whether unrealized gains or losses are incurred. When the contracts are closed, the Funds recognize a realized gain or loss equal to the difference between the proceeds from, or cost of, the closing transaction and the Funds' basis in the contract. If the Funds are unable to liquidate a futures contract and/or enter into an offsetting closing transaction, the Fund would continue to be subject to market risk with respect to the value of the contracts.

*Options Contracts* – The Funds may purchase and sell put and call options. A call option gives a holder the right to purchase a specific security or an index at a specified price ("exercise price") within a specified period of time. A put option gives a holder the right to sell a specific security or an index at a specified price within a specified period of time. The initial purchaser of a call option pays the "writer," i.e., the party selling the option, a premium which is paid at the time of purchase and is retained by the writer whether or not such option is exercised. The Funds may purchase put options to hedge its portfolio against the risk of a decline in the market value of securities held and may purchase call options to hedge against an increase in the price of securities it is committed to purchase. The Funds may write put and call options along with a long position in options to increase its ability to hedge against a change in the market value of the securities it holds or is committed to purchase. Options may relate to particular securities and may or may not be listed on a national securities exchange and issued by the Options Clearing Corporation. Options trading is a highly specialized activity that entails greater than ordinary investment risk. Options on particular securities may be more volatile than the underlying securities, and therefore, on a percentage basis, an investment in options may be subject to greater fluctuation than an investment in the underlying securities themselves. Refer to the Fund's Schedule of Investments for details regarding open option contracts as of March 31, 2026. The amount of realized gain (loss) on Purchased and Written Options is presented on the Statement of Operations as "Net Realized Gain (Loss): Purchased options" and "Net Realized Gain (Loss): Written options", respectively. The change in the net fair value of the Purchased and Written Options is included in the Statement of Operations as "Net Change in Unrealized Appreciation (Depreciation): Purchased options" and "Net Change in Unrealized Appreciation (Depreciation): Written options", respectively.

**5. Derivative Transactions:**

The following tables identify the location and fair value of derivative instruments on the Statement of Assets and Liabilities as of March 31, 2026, and the effect of derivative instruments on the Statement of Operations for a period ended March 31, 2026.

At March 31, 2026:

---

| | | | |
|:---|:---|:---|:---|
|  | **Contract Type/Primary Risk Exposure** | **Assets\*** | **Liabilities\*** |
| Sterling Capital Short Duration Bond ETF | Futures Contracts: Interest Rate Contracts | $— | $(27156) |
| Sterling Capital Total Return Bond Fund | Futures Contracts: Interest Rate Contracts |  | (1779215) |
| Sterling Capital Quality Income Fund | Futures Contracts: Interest Rate Contracts |  | (39454) |
| Sterling Capital Hedged Equity Premium Income ETF | Purchased Options: Equity Contracts | 8291050 |  |
| Sterling Capital Hedged Equity Premium Income ETF | Written Options: Equity Contracts |  | (2849407) |
| Sterling Capital Multi-Strategy Income ETF | Purchased Options: Equity Contracts | 333072 |  |
| Sterling Capital Multi-Strategy Income ETF | Written Options: Equity Contracts |  | (234116) |

---

\* Only current day's variation margin is reported within the Statements of Assets and Liabilities for centrally cleared and exchange traded contracts. Includes cumulative appreciation/(depreciation), as reported in the Schedule of Investments

For a period ended March 31, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Location** | **Contract Type/Primary Risk** <br> **Exposure** | **Realized gain (loss)** | **Change in unrealized<br> appreciation<br> (depreciation)** |
| Sterling Capital Short Duration Bond ETF | Futures Contracts | Interest Rate Contracts |  | $(27155) |
| Sterling Capital Total Return Bond Fund | Futures Contracts | Interest Rate Contracts | $259355 | (1921394) |
| Sterling Capital Quality Income Fund | Futures Contracts | Interest Rate Contracts |  | (39454) |
| Sterling Capital Hedged Equity Premium Income ETF | Purchased Options | Equity Contracts |  | 2712537 |
| Sterling Capital Hedged Equity Premium Income ETF | Written Options | Equity Contracts | (171991) | (517728) |
| Sterling Capital Multi-Strategy Income ETF | Purchased Options | Equity Contracts |  | 131487 |
| Sterling Capital Multi-Strategy Income ETF | Written Options | Equity Contracts | (27755) | (93038) |

---

**STERLING CAPITAL FUNDS**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued) March 31, 2026**

The following table summarizes the average ending monthly notional value of derivatives outstanding during a period ended March 31, 2026:

---

| | | |
|:---|:---|:---|
|  | **Derivatives** | **Average Ending Monthly Notional Value** |
| Sterling Capital Short Duration Bond ETF | Futures Contracts | $2471310 |
| Sterling Capital Total Return Bond Fund | Futures Contracts | 63558238 |
| Sterling Capital Quality Income Fund | Futures Contracts | 2837891 |
| Sterling Capital Hedged Equity Premium Income ETF | Purchased Options | 4058387 |
| Sterling Capital Hedged Equity Premium Income ETF | Written Options | (1674025) |
| Sterling Capital Multi-Strategy Income ETF | Purchased Options | 159142 |
| Sterling Capital Multi-Strategy Income ETF | Written Options | (104262) |

---

**6. Purchases and Sales of Securities:**

Purchases and sales of securities (excluding U.S. government securities and securities maturing less than one year from acquisition) for a period ended March 31, 2026 were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
| Sterling Capital Behavioral Large Cap Value Equity Fund | $49131985 | $37904939 |
| Sterling Capital Behavioral Small Cap Value Equity Fund | $44005731 | $82945127 |
| Sterling Capital Special Opportunities Fund | $86967734 | $157125205 |
| Sterling Capital Equity Income Fund | $176781129 | $601329999 |
| Sterling Capital Mid Cap Relative Value Fund | $5374933 | $12696284 |
| Sterling Capital Real Estate Fund | $2012802 | $10018121 |
| Sterling Capital Small Cap Value Fund | $6651640 | $20912123 |
| Sterling Capital Intermediate U.S. Government Fund | $141314 | $5517 |
| Sterling Capital Total Return Bond Fund | $262803661 | $111773693 |
| Sterling Capital Long Duration Corporate Bond Fund | $14690672 | $6543691 |
| Sterling Capital Quality Income Fund | $3713840 | $5383226 |
| Sterling Capital North Carolina Intermediate Tax-Free Fund | $7070400 | $9029994 |
| Sterling Capital South Carolina Intermediate Tax-Free Fund | $2094489 | $998810 |
| Sterling Capital Virginia Intermediate Tax-Free Fund | $2833030 | $2860790 |
| Sterling Capital West Virginia Intermediate Tax-Free Fund | $2200820 | $3396222 |
| Sterling Capital Ultra Short Bond ETF | $403391 | $3686041 |
| Sterling Capital Short Duration Bond ETF | $2103183 | $6276397 |
| Sterling Capital Hedged Equity Premium Income ETF | $249090887 | $30097931 |
| Sterling Capital Multi-Strategy Income ETF | $110352402 | $14546026 |
| Sterling Capital National Municipal Bond ETF | $162828624 | $21741824 |
| Guardian Capital Dividend Growth Fund | $3602081 | $3691637 |

---

Purchases and sales of U.S. government securities (excluding securities maturing less than one year from acquisition) for a period ended March 31, 2026 were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
| Sterling Capital Ultra Short Bond ETF | $269975 | $390524 |
| Sterling Capital Short Duration Bond ETF | $215673 | $1458296 |
| Sterling Capital Intermediate U.S. Government Fund | $1057444 | $1582182 |
| Sterling Capital Total Return Bond Fund | $206600756 | $381370625 |
| Sterling Capital Long Duration Corporate Bond Fund | $6556560 | $7173096 |
| Sterling Capital Quality Income Fund | $11797269 | $25440473 |
| Sterling Capital Multi-Strategy Income ETF | $15602279 | $463993 |
| Sterling Capital National Municipal Bond ETF | $35248097 | $35256549 |

---

**STERLING CAPITAL FUNDS**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued) March 31, 2026**

**7. Related Party Transactions:**

Under the terms of the investment advisory agreement, Sterling Capital is entitled to receive fees based on a percentage of the average daily net assets of the Funds. These fees are accrued daily and payable on a monthly basis and are reflected on the Statements of Operations as "Investment advisory fees." Sterling Capital's waived investment advisory fees are included on the Statements of Operations as "Less expenses waived by the Investment Advisor." Information regarding these transactions is as follows for a period ended March 31, 2026:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Effective February 1, 2026** | **Effective February 1, 2026** | **Effective February 1, 2026** | **Prior to February 1, 2026** | **Prior to February 1, 2026** | **Prior to February 1, 2026** |
|  | **Contractual Fee** <br> **Rate** | **Fee Rate after<br> Contractual<br> Waiver** | **Fee Rate after<br> Contractual Waiver<br> and Voluntary<br> Waivers** | **Contractual Fee <br> Rate** | **Fee Rate after<br> Contractual<br> Waiver** | **Fee Rate after<br> Contractual Waiver<br> and Voluntary<br> Waivers** |
| Sterling Capital Behavioral Large Cap Value Equity Fund | 0.45% | 0.45% | 0.45% | 0.45% | 0.45% | 0.45% |
| Sterling Capital Behavioral Small Cap Value Equity Fund | 0.60% | 0.60% | 0.60% | 0.60% | 0.60% | 0.60% |
| Sterling Capital Special Opportunities Fund | 0.60% | 0.60% | 0.60% | 0.60%<sup>(1)</sup> | 0.60% | 0.60% |
| Sterling Capital Equity Income Fund | 0.55% | 0.55% | 0.54% | 0.55% | 0.55% | 0.55% |
| Sterling Capital Mid Cap Relative Value Fund | 0.60% | 0.60% | 0.57%<sup>(2)</sup> | 0.60% | 0.60% | 0.59%<sup>(2)</sup> |
| Sterling Capital Real Estate Fund | 0.58% | 0.58% | 0.58% | 0.58% | 0.58% | 0.58% |
| Sterling Capital Small Cap Value Fund | 0.75% | 0.75% | 0.75% | 0.75% | 0.75% | 0.75% |
| Sterling Capital Ultra Short Bond ETF | 0.30% | 0.30% | 0.30% |  |  |  |
| Sterling Capital Short Duration Bond ETF | 0.33% | 0.33% | 0.33% |  |  |  |
| Sterling Capital Intermediate U.S. Government Fund | 0.32% | 0.11%<sup>(3)</sup> | 0.11% | 0.32% | 0.13%<sup>(4)</sup> | 0.11%<sup>(5)</sup> |
| Sterling Capital Total Return Bond Fund | 0.25% | 0.25% | 0.25% | 0.25% | 0.25% | 0.25% |
| Sterling Capital Long Duration Corporate Bond Fund | 0.25% | 0.25% | 0.25% | 0.25% | 0.25% | 0.25% |
| Sterling Capital Quality Income Fund | 0.35% | 0.29%<sup>(6)</sup> | 0.28%<sup>(7)</sup> | 0.35% | 0.30%<sup>(7)</sup> | 0.27%<sup>(8)</sup> |
| Sterling Capital North Carolina Intermediate Tax-Free Fund | 0.35% | 0.35% | 0.35% | 0.35% | 0.35% | 0.35% |
| Sterling Capital South Carolina Intermediate Tax-Free Fund | 0.35% | 0.35% | 0.35% | 0.35% | 0.35% | 0.35% |
| Sterling Capital Virginia Intermediate Tax-Free Fund | 0.35% | 0.35% | 0.35% | 0.35% | 0.35% | 0.35% |
| Sterling Capital West Virginia Intermediate Tax-Free Fund | 0.35% | 0.35% | 0.35% | 0.35% | 0.35% | 0.35% |
| Sterling Capital Hedged Equity Premium Income ETF | 0.65% | 0.65% | 0.65% | 0.65% | 0.65% | 0.65% |
| Sterling Capital Multi-Strategy Income ETF | 0.55% | 0.55% | 0.55% | 0.55% | 0.55% | 0.55% |
| Sterling Capital National Municipal Bond ETF | 0.35% | 0.35% | 0.35% | 0.35% | 0.35% | 0.35% |
| Guardian Capital Dividend Growth Fund | 0.75% | 0.75% | 0.75% | 0.75% | 0.75% | 0.75% |

---

(1) Effective February 1, 2025, the management fee was reduced from 0.65% to 0.60%.

(2) The Fund's Adviser has voluntarily waived 0.03% of management fees during the period beginning February 1,
 2026. The Fund's Adviser has voluntarily waived 0.01% of management fees during the period beginning February 1, 2025. This voluntary
 waiver may be terminated at any time, and any fees waived voluntarily are not subject to recoupment.

(3) The Fund's Adviser has contractually agreed to limit the management fees paid by the Fund to 0.11% for the
 period from February 1, 2026 through January 31, 2027.

(4) The Fund's Adviser has contractually agreed to limit the management fees paid by the Fund to 0.13% for the
 period from February 1, 2024 through January 31, 2025.

(5) The Fund's Adviser has voluntarily waived 0.03% of management fees during the period beginning February 1,
 2025. This voluntary waiver may be terminated at any time, and any fees waived voluntarily are not subject to recoupment.

(6) The Fund's Adviser has contractually agreed to limit the management fees paid by the Fund to 0.29% for the
 period from February 1, 2026 through January 31, 2027.

(7) The Fund's Adviser has voluntarily waived 0.01% of management fees during the period beginning February 1,
 2026. The Fund's Adviser has voluntarily waived 0.02% of management fees during the period beginning February 1, 2025. This voluntary
 waiver may be terminated at any time, and any fees waived voluntarily are not subject to recoupment.

(8) The Fund's Adviser has contractually agreed to limit the management fees paid by the Fund to 0.30% for the
 period from February 1, 2024 through January 31, 2026.

**STERLING CAPITAL FUNDS**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued) March 31, 2026**

For the following Funds, Sterling Capital has contractually agreed to waive its investment advisory fees, pay Fund operating expenses, and/or reimburse fees or expenses, in order to limit expenses of the shares based on average daily net assets, excluding interest, taxes, acquired funds fees and extraordinary expenses. The expense limitations for the periods February 1, 2025 through January 31, 2026 and February 1, 2026 through January 31, 2027 are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Effective to February 1, 2026** | **Class A** | **Class C** | **Institutional** | **Class R6** |
| Sterling Capital Total Return Bond Fund | 0.70% | 1.45% | 0.45% | 0.45% |
| Sterling Capital Long Duration Corporate Bond Fund | 0.70% | 1.45% | 0.45% | 0.45% |
| Guardian Capital Dividend Growth Fund |  |  | 0.95% |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Prior to February 1, 2026** | **Class A** | **Class C** | **Institutional** | **Class R6** |
| Sterling Capital Total Return Bond Fund | 0.70% | 1.45% | 0.45% | 0.45% |
| Sterling Capital Long Duration Corporate Bond Fund | 0.70% | 1.45% | 0.45% | 0.45% |
| Guardian Capital Dividend Growth Fund |  |  | 0.95% |  |

---

For the following Funds, Sterling Capital has contractually agreed to waive its administrative fees, pay Fund operating expenses, and/or reimburse a Fund the following levels with respect to the Funds' Class R6 Shares, effective for the period February 1, 2026 through January 31, 2027:

---

| | |
|:---|:---|
|  | **Class R6 Effective February 1, 2026** |
| Sterling Capital Behavioral Large Cap Value Equity Fund | 0.11% |
| Sterling Capital Behavioral Small Cap Value Equity Fund | 0.06% |
| Sterling Capital Special Opportunities Fund | 0.09% |
| Sterling Capital Equity Income Fund | 0.12% |
| Sterling Capital Mid Cap Relative Value Fund | 0.11% |
| Sterling Capital Real Estate Fund | 0.10% |
| Sterling Capital Small Cap Value Fund | 0.11% |
| Sterling Capital Total Return Bond Fund | 0.10% |
| Sterling Capital Long Duration Corporate Bond Fund | 0.07% |

---

For the following Funds, Sterling Capital contractually agreed to waive its administrative fees, pay Fund operating expenses, and/or reimburse a Fund the following levels with respect to the Funds' Class R6 Shares, effective for the period February 1, 2025 through January 31, 2026:

---

| | |
|:---|:---|
|  | **Class R6 Prior to February 1, 2026** |
| Sterling Capital Behavioral Large Cap Value Equity Fund | 0.13% |
| Sterling Capital Behavioral Small Cap Value Equity Fund | 0.06% |
| Sterling Capital Special Opportunities Fund | 0.11% |
| Sterling Capital Equity Income Fund | 0.12% |
| Sterling Capital Mid Cap Relative Value Fund | 0.13% |
| Sterling Capital Real Estate Fund | 0.11% |
| Sterling Capital Small Cap Value Fund | 0.13% |
| Sterling Capital Total Return Bond Fund | 0.10% |
| Sterling Capital Long Duration Corporate Bond Fund | 0.07% |

---

Sterling Capital serves as the administrator to the Funds pursuant to an administration agreement. For a period ended March 31, 2026, the Funds paid their portion of a fee to Sterling Capital for providing administration services based on the aggregate assets of the Funds, at a rate of 0.091% on the first $3.5 billion of average net assets, 0.075% on the next $1 billion of average net assets, 0.06% on the next $1.5 billion of average net assets; and 0.04% of average net assets over $6 billion. Expenses incurred are reflected on the Statements of Operations as "Administration fees." For a period ended March 31, 2026, pursuant to a sub-administration agreement with Sterling Capital, Ultimus Fund Solutions ("the Sub-Administrator"), served as the sub-administrator to the Funds subject to the general supervision of the Board and Sterling Capital. For these services, Ultimus Fund Solutions is entitled to a fee payable by Sterling Capital. Ultimus Fund Solutions also served as the Funds' fund accountant and receives compensation by the Funds for these services. Expenses incurred are reflected on the Statements of Operations as "Fund accounting fees".

**STERLING CAPITAL FUNDS**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued) March 31, 2026**

For a period ended March 31, 2026, Ultimus Fund Solutions, LLC served as the Funds' transfer agent and receives compensation by the Funds for these services. Expenses incurred are reflected on the Statements of Operations as "Transfer agent fees".

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

The Funds have adopted a Distribution and Shareholder Services Plan (the "Plan") in accordance with Rule 12b-1 under the 1940 Act. Sterling Capital Distributors, LLC (the "Distributor") serves as distributor to the Funds pursuant to an underwriting agreement. The Plan provides for payments to the Distributor of up to 0.25% and 1.00% of the average daily net assets of the Class A Shares and Class C Shares, respectively. In addition, the Distributor is entitled to receive commissions on sales of shares of the Variable Net Asset Value Funds. For a period ended March 31, 2026, the Distributor received $17,704 from commissions earned on sales of shares of the Variable Net Asset Value Funds. The Distributor does not retain commissions for profit. These commissions and fees may be used by the Distributor to pay banks, broker dealers and other institutions, including affiliates of the Advisor.

The Advisor and/or its affiliates may pay out of their own assets (and not as an additional charge to a fund) compensation to selected affiliated and unaffiliated brokers, dealers and other financial intermediaries in connection with the sale and distribution of the shares and/or the retention and/or servicing of Fund investors and Fund shares. These payments, sometimes referred to as "revenue sharing" payments are payments over and above any sales charges (including Rule 12b-1 fees) and service fees paid by the Funds. The amount of these payments is determined at the discretion of the Advisor and/or its affiliates from time to time, may be substantial, and may be different for different financial advisors. Receipt of, or the prospect of receiving, this additional compensation may influence your financial intermediary's recommendation of a Fund or of a particular share class of a Fund. Commissions and finder's fees financed by the Advisor and paid by the Distributor to affiliated broker-dealers during a period ended March 31, 2026 were $100,299.

Certain Officers and a Trustee of the Funds are affiliated with Sterling Capital or the Sub-Administrator. Such Officers and Trustee receive no compensation from the Funds for serving in their respective roles. Each of the Trustees who are not interested persons (as defined in the 1940 Act) of the Trust who serve on the Board are compensated at the annual rate of $100,000 plus $7,500 for each regularly scheduled quarterly meeting attended, $4,000 for each special meeting attended in person and $1,500 for each special meeting attended by telephone, plus reimbursement for certain out of pocket expenses. Each Trustee serving on a Committee of the Board receives a fee of $4,000 for each Committee meeting attended in person and $1,500 for each Committee meeting attended by telephone, plus reimbursement for certain out of pocket expenses. Committee meeting fees are only paid when such Committee meetings are not held in conjunction with a regular board meeting. Additionally, the Chairman of the Board receives additional compensation at the annual rate of $24,000, the Audit Committee Chairman receives additional compensation at the annual rate of $18,000, and the Chairman of the Nominations Committee receives additional compensation at the annual rate of $7,500. The fees are allocated across the Trust based upon relative net assets.

**8. Capital Transactions:**

Transactions in Class A, Class C, Institutional and Class R6 Shares were:

**STERLING CAPITAL FUNDS**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued) March 31, 2026**

**Sterling Capital Behavioral Large Cap Value Equity Fund**

**Class A Shares**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For a Period Ended March 31, 2026** | **For a Period Ended March 31, 2026** | **For the Year Ended September 30, 2025** | **For the Year Ended September 30, 2025** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| Issued | 158649 | $5805557 | 130812 | $3908659 |
| Reinvested | 6337 | $233006 | 15760 | 498046 |
| Redeemed | (53662) | $(1967738) | (138304) | (4321467) |
| Total | 111324 | $4070825 | 8268 | $85238 |

---

**Class C Shares**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For a Period Ended March 31, 2026** | **For a Period Ended March 31, 2026** | **For the Year Ended September 30, 2025** | **For the Year Ended September 30, 2025** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| Issued | 1895 | $65716 | 107 | $3204 |
| Reinvested | 12 | $413 | 60 | 1741 |
| Redeemed | (771) | $(27490) | (10960) | (341815) |
| Total | 1136 | $38639 | (10793) | $(336870) |

---

**Class Institutional Shares**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For a Period Ended March 31, 2026** | **For a Period Ended March 31, 2026** | **For the Year Ended September 30, 2025** | **For the Year Ended September 30, 2025** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| Issued | 36621 | $1391638 | 108156 | $3348545 |
| Reinvested | 658 | $24414 | 1255 | 40262 |
| Redeemed | (6559) | $(239441) | (17386) | (555010) |
| Total | 30720 | $1176611 | 92025 | $2833797 |

---

**Class R6 Shares**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For a Period Ended March 31, 2026** | **For a Period Ended March 31, 2026** | **For the Year Ended September 30, 2025** | **For the Year Ended September 30, 2025** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| Issued | 175435 | $6671842 | 57927 | $1970060 |
| Reinvested | 958 | $35702 | 220 | 7608 |
| Redeemed | (12613) | $(461498) | (761) | (23470) |
| Total | 163780 | $6246046 | 57386 | $1954198 |

---

**Sterling Capital Behavioral Small Cap Value Equity Fund Class A Shares**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For a Period Ended March 31, 2026** | **For a Period Ended March 31, 2026** | **For the Year Ended September 30, 2025** | **For the Year Ended September 30, 2025** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| Issued | 2009 | $39630 | 8581 | $171208 |
| Reinvested | 28066 | $549323 | 27658 | 576374 |
| Redeemed | (20184) | $(410303) | (40288) | (781474) |
| Total | 9891 | $178650 | (4049) | $(33892) |

---

**Class C Shares**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For a Period Ended March 31, 2026** | **For a Period Ended March 31, 2026** | **For the Year Ended September 30, 2025** | **For the Year Ended September 30, 2025** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| Issued | 2518 | $48500 | 539 | $9592 |
| Reinvested | 228 | $4141 | 260 | 5091 |
| Redeemed | (161) | $(3123) | (1023) | (18900) |
| Total | 2585 | $49518 | (224) | $(4217) |

---

**Class Institutional Shares**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For a Period Ended March 31, 2026** | **For a Period Ended March 31, 2026** | **For the Year Ended September 30, 2025** | **For the Year Ended September 30, 2025** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| Issued | 2942 | $58993 | 51382 | $1051311 |
| Reinvested | 28009 | $556528 | 26450 | 557685 |
| Redeemed | (13758) | $(277799) | (72154) | (1443916) |
| Total | 17193 | $337722 | 5678 | $165080 |

---

**Class R6 Shares**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For a Period Ended March 31, 2026** | **For a Period Ended March 31, 2026** | **For the Year Ended September 30, 2025** | **For the Year Ended September 30, 2025** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| Issued |  |  |  |  |
| Reinvested | 424107 | $8447705 | 420340 | 8878949 |
| Redeemed | (1993024) | $(40000000) | (500000) | (10000000) |
| Total | (1568917) | $(31552295) | (79660) | $(1121051) |

---

**STERLING CAPITAL FUNDS**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued) March 31, 2026**

**Sterling Capital Special Opportunities Fund Class A Shares**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For a Period Ended March 31, 2026** | **For a Period Ended March 31, 2026** | **For the Year Ended September 30, 2025** | **For the Year Ended September 30, 2025** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| Issued | 113998 | $2700609 | 277621 | $7087895 |
| Reinvested | 2040878 | $47348379 | 1822473 | 46381944 |
| Redeemed | (1743683) | $(41698031) | (2255901) | (56225339) |
| Total | 411193 | $8350957 | (155807) | $(2755500) |

---

**Class C Shares**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For a Period Ended March 31, 2026** | **For a Period Ended March 31, 2026** | **For the Year Ended September 30, 2025** | **For the Year Ended September 30, 2025** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| Issued | 71329 | $893370 | 59127 | $892300 |
| Reinvested | 335588 | $4027055 | 264114 | 4083208 |
| Redeemed | (224068) | $(2850514) | (378163) | (5777508) |
| Total | 182849 | $2069911 | (54922) | $(802000) |

---

**Class Institutional Shares**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For a Period Ended March 31, 2026** | **For a Period Ended March 31, 2026** | **For the Year Ended September 30, 2025** | **For the Year Ended September 30, 2025** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| Issued | 90925 | $2453555 | 252013 | $7241990 |
| Reinvested | 378157 | $10123256 | 394120 | 11271844 |
| Redeemed | (529591) | $(14417931) | (1269006) | (35079194) |
| Total | (60509) | $(1841120) | (622873) | $(16565360) |

---

**Class R6 Shares**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For a Period Ended March 31, 2026** | **For a Period Ended March 31, 2026** | **For the Year Ended September 30, 2025** | **For the Year Ended September 30, 2025** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| Issued | 67827 | $1851616 | 124701 | $3491345 |
| Reinvested | 46007 | $1233450 | 46201 | 1321802 |
| Redeemed | (149979) | $(4136787) | (445111) | (12454134) |
| Total | (36145) | $(1051721) | (274209) | $(7640987) |

---

**Sterling Capital Equity Income Fund Class A Shares**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For a Period Ended March 31, 2026** | **For a Period Ended March 31, 2026** | **For the Year Ended September 30, 2025** | **For the Year Ended September 30, 2025** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| Issued | 304183 | $5652862 | 594094 | $13947056 |
| Reinvested | 3472060 | $59985746 | 3599457 | 81633825 |
| Redeemed | (4260663) | $(81463015) | (4502800) | (102073807) |
| Total | (484420) | $(15824407) | (309249) | $(6492926) |

---

**Class C Shares**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For a Period Ended March 31, 2026** | **For a Period Ended March 31, 2026** | **For the Year Ended September 30, 2025** | **For the Year Ended September 30, 2025** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| Issued | 44188 | $830753 | 236607 | $5640673 |
| Reinvested | 504275 | $8542049 | 639271 | 14288310 |
| Redeemed | (1134963) | $(21641669) | (1036438) | (22700628) |
| Total | (586500) | $(12268867) | (160560) | $(2771645) |

---

**Class Institutional Shares**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For a Period Ended March 31, 2026** | **For a Period Ended March 31, 2026** | **For the Year Ended September 30, 2025** | **For the Year Ended September 30, 2025** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| Issued | 1060682 | $20641393 | 4039260 | $94297642 |
| Reinvested | 4733100 | $82340603 | 8409033 | 191767968 |
| Redeemed | (15340317) | $(296638163) | (29179811) | (670985068) |
| Total | (9546535) | $(193656167) | (16731518) | $(384919458) |

---

**Class R6 Shares**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For a Period Ended March 31, 2026** | **For a Period Ended March 31, 2026** | **For the Year Ended September 30, 2025** | **For the Year Ended September 30, 2025** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| Issued | 332194 | $6055105 | 1021181 | $23268375 |
| Reinvested | 343104 | $5982741 | 358233 | 8179818 |
| Redeemed | (1743342) | $(33247927) | (2174212) | (51457456) |
| Total | (1068044) | $(21210081) | (794798) | $(20009263) |

---

**STERLING CAPITAL FUNDS**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued) March 31, 2026**

**Sterling Capital Mid Cap Relative Value Fund Class A Shares**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For a Period Ended March 31, 2026** | **For a Period Ended March 31, 2026** | **For the Year Ended September 30, 2025** | **For the Year Ended September 30, 2025** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| Issued | 3275 | $190688 | 998 | $60953 |
| Issued in conjunction with fund merger |  |  | 318111 | $17790862 |
| Reinvested | 26223 | $1475271 | 280 | 16980 |
| Redeemed | (26916) | $(1606409) | (39236) | (2349813) |
| Total | 2582 | $59550 | 280153 | $15518982 |

---

**Class C Shares**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For a Period Ended March 31, 2026** | **For a Period Ended March 31, 2026** | **For the Year Ended September 30, 2025** | **For the Year Ended September 30, 2025** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| Issued | 104 | $5650 | 23 | $1280 |
| Issued in conjunction with fund merger |  |  | 4893 | $259997 |
| Reinvested | 470 | $24885 | 9 | 533 |
| Redeemed | (963) | $(54624) | (182) | (10076) |
| Total | (389) | $(24089) | 4743 | $251734 |

---

**Class Institutional Shares**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For a Period Ended March 31, 2026** | **For a Period Ended March 31, 2026** | **For the Year Ended September 30, 2025** | **For the Year Ended September 30, 2025** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| Issued | 2018 | $118074 | 2122 | $134095 |
| Issued in conjunction with fund merger |  |  | 122559 | $6901988 |
| Reinvested | 57348 | $3258094 | 81202 | 4959502 |
| Redeemed | (90354) | $(5325846) | (173968) | (10270678) |
| Total | (30988) | $(1949678) | 31915 | $1724907 |

---

**Class R6 Shares**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For a Period Ended March 31, 2026** | **For a Period Ended March 31, 2026** | **For the Year Ended September 30, 2025** | **For the Year Ended September 30, 2025** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| Issued |  |  |  |  |
| Issued in conjunction with fund merger |  |  | 9030 | $508847 |
| Reinvested | 464 | $26388 |  |  |
| Redeemed | (1566) | $(90390) | (3518) | (200428) |
| Total | (1102) | $(64002) | 5512 | $308419 |

---

**STERLING CAPITAL FUNDS**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued) March 31, 2026**

**Sterling Capital Real Estate Fund Class A Shares**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For a Period Ended March 31, 2026** | **For a Period Ended March 31, 2026** | **For the Year Ended September 30, 2025** | **For the Year Ended September 30, 2025** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| Issued | 494 | $17598 | 1822 | $64672 |
| Reinvested | 620 | $20977 | 961 | 35084 |
| Redeemed | (1560) | $(55884) | (3790) | (134990) |
| Total | (446) | $(17309) | (1007) | $(35234) |

---

**Class C Shares**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For a Period Ended March 31, 2026** | **For a Period Ended March 31, 2026** | **For the Year Ended September 30, 2025** | **For the Year Ended September 30, 2025** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| Issued | 1657 | $59191 |  |  |
| Reinvested | 38 | $1271 | 131 | 4737 |
| Redeemed | (354) | $(12537) | (1768) | (62516) |
| Total | 1341 | $47925 | (1637) | $(57779) |

---

**Class Institutional Shares**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For a Period Ended March 31, 2026** | **For a Period Ended March 31, 2026** | **For the Year Ended September 30, 2025** | **For the Year Ended September 30, 2025** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| Issued | 30939 | $1069980 | 67464 | $2432196 |
| Reinvested | 77755 | $2640214 | 124509 | 4553573 |
| Redeemed | (254087) | $(8886671) | (198653) | (7184258) |
| Total | (145393) | $(5176477) | (6680) | $(198489) |

---

**Class R6 Shares**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For a Period Ended March 31, 2026** | **For a Period Ended March 31, 2026** | **For the Year Ended September 30, 2025** | **For the Year Ended September 30, 2025** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| Issued | 2144 | $75064 | 3954 | $142358 |
| Reinvested | 64 | $2168 | 64 | 2331 |
| Redeemed | (19590) | $(668852) | (1802) | (67226) |
| Total | (17382) | $(591620) | 2216 | $77463 |

---

**Sterling Capital Small Cap Value Fund Class A Shares**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For a Period Ended March 31, 2026** | **For a Period Ended March 31, 2026** | **For the Year Ended September 30, 2025** | **For the Year Ended September 30, 2025** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| Issued | 4017 | $159994 | 135872 | $6091499 |
| Reinvested | 11206 | $406970 | 27556 | 1129592 |
| Redeemed | (17128) | $(694077) | (167308) | (6751777) |
| Total | (1905) | $(127113) | (3880) | $469314 |

---

**Class C Shares**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For a Period Ended March 31, 2026** | **For a Period Ended March 31, 2026** | **For the Year Ended September 30, 2025** | **For the Year Ended September 30, 2025** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| Issued | 39985 | $1249419 | 16483 | $542532 |
| Reinvested | 6821 | $202264 | 3391 | 118532 |
| Redeemed | (4498) | $(146969) | (3747) | (132061) |
| Total | 42308 | $1304714 | 16127 | $529003 |

---

**Class Institutional Shares**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For a Period Ended March 31, 2026** | **For a Period Ended March 31, 2026** | **For the Year Ended September 30, 2025** | **For the Year Ended September 30, 2025** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| Issued | 216519 | $8654709 | 380157 | $15365707 |
| Reinvested | 713891 | $26631579 | 790661 | 33094387 |
| Redeemed | (539006) | $(21529426) | (1191614) | (49550972) |
| Total | 391404 | $13756862 | (20796) | $(1090878) |

---

**Class R6 Shares**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For a Period Ended March 31, 2026** | **For a Period Ended March 31, 2026** | **For the Year Ended September 30, 2025** | **For the Year Ended September 30, 2025** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| Issued | 18656 | $744510 | 21351 | $856507 |
| Reinvested | 18176 | $683135 | 16426 | 691560 |
| Redeemed | (8658) | $(349012) | (21904) | (908337) |
| Total | 28174 | $1078633 | 15873 | $639730 |

---

**STERLING CAPITAL FUNDS**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued) March 31, 2026**

**Sterling Capital Intermediate U.S. Government Fund Class A Shares**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For a Period Ended March 31, 2026** | **For a Period Ended March 31, 2026** | **For the Year Ended September 30, 2025** | **For the Year Ended September 30, 2025** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| Issued | 67690 | $607852 | 3547 | $30835 |
| Reinvested | 3199 | $28651 | 6438 | 56218 |
| Redeemed | (18295) | $(163529) | (13481) | (116734) |
| Total | 52594 | $472974 | (3496) | $(29681) |

---

**Class C Shares**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For a Period Ended March 31, 2026** | **For a Period Ended March 31, 2026** | **For the Year Ended September 30, 2025** | **For the Year Ended September 30, 2025** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| Issued |  |  |  |  |
| Reinvested | 48 | $431 | 171 | 1489 |
| Redeemed | (4242) | $(37909) | (2468) | (21355) |
| Total | (4194) | $(37476) | (2297) | $(19866) |

---

**Class Institutional Shares**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For a Period Ended March 31, 2026** | **For a Period Ended March 31, 2026** | **For the Year Ended September 30, 2025** | **For the Year Ended September 30, 2025** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| Issued | 10692 | $96027 | 197692 | $1712502 |
| Reinvested | 25366 | $227338 | 51175 | 447292 |
| Redeemed | (26149) | $(234159) | (61151) | (534214) |
| Total | 9909 | $89206 | 187716 | $1625580 |

---

**Sterling Capital Total Return Bond Fund Class A Shares**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For a Period Ended March 31, 2026** | **For a Period Ended March 31, 2026** | **For the Year Ended September 30, 2025** | **For the Year Ended September 30, 2025** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| Issued | 709452 | $6705209 | 1024809 | $9514022 |
| Reinvested | 91421 | $863635 | 203619 | 1895889 |
| Redeemed | (1381235) | $(13056135) | (1763455) | (16425513) |
| Total | (580362) | $(5487291) | (535027) | $(5015602) |

---

**Class C Shares**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For a Period Ended March 31, 2026** | **For a Period Ended March 31, 2026** | **For the Year Ended September 30, 2025** | **For the Year Ended September 30, 2025** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| Issued | 85631 | $810361 | 26855 | $249686 |
| Reinvested | 3876 | $36660 | 7741 | 72176 |
| Redeemed | (24099) | $(228320) | (114424) | (1061244) |
| Total | 65408 | $618701 | (79828) | $(739382) |

---

**Class Institutional Shares**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For a Period Ended March 31, 2026** | **For a Period Ended March 31, 2026** | **For the Year Ended September 30, 2025** | **For the Year Ended September 30, 2025** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| Issued | 9399760 | $88840428 | 24788037 | $230061502 |
| Reinvested | 1703809 | $16100444 | 3366690 | 31368467 |
| Redeemed | (17300374) | $(163118534) | (32089232) | (298230817) |
| Total | (6196805) | $(58177662) | (3934505) | $(36800848) |

---

**Class R6 Shares**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For a Period Ended March 31, 2026** | **For a Period Ended March 31, 2026** | **For the Year Ended September 30, 2025** | **For the Year Ended September 30, 2025** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| Issued | 7360929 | $69585854 | 16879026 | $157374469 |
| Reinvested | 984973 | $9305096 | 1766920 | 16461910 |
| Redeemed | (6751313) | $(63925319) | (9353777) | (86939884) |
| Total | 1594589 | $14965631 | 9292169 | $86896495 |

---

**STERLING CAPITAL FUNDS**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued) March 31, 2026**

**Sterling Capital Long Duration Corporate Bond Fund Class A Shares**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For a Period Ended March 31, 2026** | **For a Period Ended March 31, 2026** | **For the Year Ended September 30, 2025** | **For the Year Ended September 30, 2025** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| Issued | 43 | $294 |  |  |
| Reinvested | 279 | $1925 | 1239 | 8538 |
| Redeemed | (959) | $(6385) | (16464) | (110960) |
| Total | (637) | $(4166) | (15225) | $(102422) |

---

**Class C Shares**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For a Period Ended March 31, 2026** | **For a Period Ended March 31, 2026** | **For the Year Ended September 30, 2025** | **For the Year Ended September 30, 2025** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| Issued |  |  | 280 | $1999 |
| Reinvested | 9 | $57 | 16 | 115 |
| Redeemed |  |  |  |  |
| Total | 9 | $57 | 296 | $2114 |

---

**Class Institutional Shares**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For a Period Ended March 31, 2026** | **For a Period Ended March 31, 2026** | **For the Year Ended September 30, 2025** | **For the Year Ended September 30, 2025** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| Issued | 3 | $28 | 17088 | $116217 |
| Reinvested | 497 | $3419 | 1155 | 7981 |
| Redeemed | (553) | $(3815) | (63062) | (436418) |
| Total | (53) | $(368) | (44819) | $(312220) |

---

**Class R6 Shares**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For a Period Ended March 31, 2026** | **For a Period Ended March 31, 2026** | **For the Year Ended September 30, 2025** | **For the Year Ended September 30, 2025** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| Issued | 1005003 | $6982542 | 1918712 | $13446920 |
| Reinvested | 189200 | $1304225 | 332341 | 2279196 |
| Redeemed | (584) | $(4113) | (916634) | (6276348) |
| Total | 1193619 | $8282654 | 1334419 | $9449768 |

---

**Sterling Capital Quality Income Fund Class A Shares**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For a Period Ended March 31, 2026** | **For a Period Ended March 31, 2026** | **For the Year Ended September 30, 2025** | **For the Year Ended September 30, 2025** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| Issued | 6323 | $58193 | 12600 | $111403 |
| Reinvested | 55 | $504 | 329 | 2964 |
| Redeemed | (981) | $(9087) | (14063) | (128276) |
| Total | 5397 | $49610 | (1134) | $(13909) |

---

**Class C Shares**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For a Period Ended March 31, 2026** | **For a Period Ended March 31, 2026** | **For the Year Ended September 30, 2025** | **For the Year Ended September 30, 2025** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| Issued |  |  | 4226 | $38169 |
| Reinvested | 63 | $576 | 78 | 709 |
| Redeemed |  |  |  |  |
| Total | 63 | $576 | 4304 | $38878 |

---

**Class Institutional Shares**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For a Period Ended March 31, 2026** | **For a Period Ended March 31, 2026** | **For the Year Ended September 30, 2025** | **For the Year Ended September 30, 2025** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| Issued | 2296611 | $21137217 | 13078016 | $117708217 |
| Reinvested | 272971 | $2512424 | 521831 | 4707802 |
| Redeemed | (4456691) | $(41032456) | (5222572) | (46937640) |
| Total | (1887109) | $(17382815) | 8377275 | $75478379 |

---

**STERLING CAPITAL FUNDS**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued) March 31, 2026**

**Sterling Capital North Carolina Intermediate Tax-Free Fund Class A Shares**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For a Period Ended March 31, 2026** | **For a Period Ended March 31, 2026** | **For the Year Ended September 30, 2025** | **For the Year Ended September 30, 2025** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| Issued | 49399 | $505385 | 74098 | $741641 |
| Reinvested | 18935 | $193114 | 40425 | 405428 |
| Redeemed | (82684) | $(842856) | (261820) | (2627914) |
| Total | (14350) | $(144357) | (147297) | $(1480845) |

---

**Class C Shares**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For a Period Ended March 31, 2026** | **For a Period Ended March 31, 2026** | **For the Year Ended September 30, 2025** | **For the Year Ended September 30, 2025** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| Issued | 4339 | $44319 | 21505 | $216340 |
| Reinvested | 469 | $4783 | 1274 | 12761 |
| Redeemed | (30862) | $(314278) | (19874) | (199300) |
| Total | (26054) | $(265176) | 2905 | $29801 |

---

**Class Institutional Shares**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For a Period Ended March 31, 2026** | **For a Period Ended March 31, 2026** | **For the Year Ended September 30, 2025** | **For the Year Ended September 30, 2025** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| Issued | 446833 | $4559520 | 3006382 | $30090317 |
| Reinvested | 77311 | $788513 | 150650 | 1510718 |
| Redeemed | (706560) | $(7204722) | (4017011) | (40269826) |
| Total | (182416) | $(1856689) | (859979) | $(8668791) |

---

**Sterling Capital South Carolina Intermediate Tax-Free Fund Class A Shares**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For a Period Ended March 31, 2026** | **For a Period Ended March 31, 2026** | **For the Year Ended September 30, 2025** | **For the Year Ended September 30, 2025** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| Issued | 858 | $9093 | 4876 | $50718 |
| Reinvested | 3940 | $41666 | 9973 | 103989 |
| Redeemed | (20781) | $(219295) | (203741) | (2127799) |
| Total | (15983) | $(168536) | (188892) | $(1973092) |

---

**Class C Shares**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For a Period Ended March 31, 2026** | **For a Period Ended March 31, 2026** | **For the Year Ended September 30, 2025** | **For the Year Ended September 30, 2025** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| Issued |  |  |  |  |
| Reinvested | 63 | $665 | 129 | 1346 |
| Redeemed | (46) | $(487) | (2331) | (24786) |
| Total | 17 | $178 | (2202) | $(23440) |

---

**Class Institutional Shares**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For a Period Ended March 31, 2026** | **For a Period Ended March 31, 2026** | **For the Year Ended September 30, 2025** | **For the Year Ended September 30, 2025** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| Issued | 204311 | $2150978 | 392837 | $4078052 |
| Reinvested | 16970 | $178231 | 34676 | 358988 |
| Redeemed | (85798) | $(900137) | (992781) | (10294069) |
| Total | 135483 | $1429072 | (565268) | $(5857029) |

---

**STERLING CAPITAL FUNDS**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued) March 31, 2026**

**Sterling Capital Virginia Intermediate Tax-Free Fund Class A Shares**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For a Period Ended March 31, 2026** | **For a Period Ended March 31, 2026** | **For the Year Ended September 30, 2025** | **For the Year Ended September 30, 2025** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| Issued | 15729 | $175592 | 13874 | $151919 |
| Reinvested | 7277 | $81051 | 16830 | 184743 |
| Redeemed | (76350) | $(850340) | (124195) | (1363545) |
| Total | (53344) | $(593697) | (93491) | $(1026883) |

---

**Class C Shares**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For a Period Ended March 31, 2026** | **For a Period Ended March 31, 2026** | **For the Year Ended September 30, 2025** | **For the Year Ended September 30, 2025** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| Issued |  |  |  |  |
| Reinvested | 4 | $42 | 8 | 88 |
| Redeemed |  |  |  |  |
| Total | 4 | $42 | 8 | $88 |

---

**Class Institutional Shares**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For a Period Ended March 31, 2026** | **For a Period Ended March 31, 2026** | **For the Year Ended September 30, 2025** | **For the Year Ended September 30, 2025** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| Issued | 131978 | $1462909 | 499463 | $5485550 |
| Reinvested | 5415 | $60325 | 10456 | 114772 |
| Redeemed | (62829) | $(698279) | (1590775) | (17426000) |
| Total | 74564 | $824955 | (1080856) | $(11825678) |

---

**Sterling Capital West Virginia Intermediate Tax-Free Fund Class A Shares**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For a Period Ended March 31, 2026** | **For a Period Ended March 31, 2026** | **For the Year Ended September 30, 2025** | **For the Year Ended September 30, 2025** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| Issued | 390 | $3730 | 8608 | $81001 |
| Reinvested | 24507 | $234113 | 49965 | 469366 |
| Redeemed | (106847) | $(1020001) | (131983) | (1240312) |
| Total | (81950) | $(782158) | (73410) | $(689945) |

---

**Class C Shares**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For a Period Ended March 31, 2026** | **For a Period Ended March 31, 2026** | **For the Year Ended September 30, 2025** | **For the Year Ended September 30, 2025** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| Issued | 202 | $1950 |  |  |
| Reinvested | 2 | $16 | 4 | 36 |
| Redeemed | (198) | $(1908) | 4 | 36 |
| Total | 6 | $58 | 8 | $72 |

---

**Class Institutional Shares**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For a Period Ended March 31, 2026** | **For a Period Ended March 31, 2026** | **For the Year Ended September 30, 2025** | **For the Year Ended September 30, 2025** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| Issued | 128428 | $1229541 | 239921 | $2257688 |
| Reinvested | 7167 | $68529 | 15951 | 149996 |
| Redeemed | (201710) | $(1923161) | (736141) | (6917659) |
| Total | (66115) | $(625091) | (480269) | $(4509975) |

---

**Sterling Capital Ultra Short Bond ETF**

---

| | | |
|:---|:---|:---|
|  | **For a Period Ended March 31, 2026** | **For a Period Ended March 31, 2026** |
|  | **Shares** | **Amount** |
| Issued | 861232 | $21552923 |
| Reinvested |  |  |
| Total | 861232 | $21552923 |

---

**Sterling Capital Short Duration Bond ETF**

---

| | | |
|:---|:---|:---|
|  | **For a Period Ended March 31, 2026** | **For a Period Ended March 31, 2026** |
|  | **Shares** | **Amount** |
| Issued | 1333368 | $33389562 |
| Reinvested |  |  |
| Total | 1333368 | $33389562 |

---

**STERLING CAPITAL FUNDS**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued) March 31, 2026**

**Sterling Capital Hedged Equity Premium Income ETF**

---

| | | |
|:---|:---|:---|
|  | **For a Period Ended March 31, 2026** | **For a Period Ended March 31, 2026** |
|  | **Shares** | **Amount** |
| Issued | 9225000 | $231441987 |
| Reinvested |  |  |
| Redeemed | (125000) | (3006678) |
| Total | 9100000 | $228435309 |

---

**Sterling Capital Multi-Strategy Income ETF** 

---

| | | |
|:---|:---|:---|
|  | **For a Period Ended March 31, 2026** | **For a Period Ended March 31, 2026** |
|  | **Shares** | **Amount** |
| Issued | 6775000 | $169868515 |
| Reinvested |  |  |
| Redeemed |  |  |
| Total | 6775000 | $169868515 |

---

**Sterling Capital National Municipal Bond ETF** 

---

| | | |
|:---|:---|:---|
|  | **For a Period Ended March 31, 2026** | **For a Period Ended March 31, 2026** |
|  | **Shares** | **Amount** |
| Issued | 7950000 | $199182504 |
| Reinvested |  |  |
| Redeemed |  |  |
| Total | 7950000 | $199182504 |

---

**Guardian Capital Dividend Growth Fund Class Institutional Shares**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For a Period Ended March 31, 2026** | **For a Period Ended March 31, 2026** | **For the Year Ended September 30, 2025** | **For the Year Ended September 30, 2025** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| Issued | 210896 | $3516556 | 1441803 | $18512758 |
| Reinvested | 614757 | $9060620 | 481456 | 6150702 |
| Redeemed | (257138) | $(4055501) | (4473926) | (57706455) |
| Total | 568515 | $8521675 | (2550667) | $(33042995) |

---

Shares of the ETFs are not individually redeemable and may be redeemed by the ETFs at NAV only in large blocks known as "Creation Units". Shares are created and redeemed by the ETFs only in Creation Unit size aggregations of 25,000 shares. Only Authorized Participants, or transactions done through an Authorized Participant, are permitted to purchase or redeem Creation Units from the ETFs. An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation, or (ii) a Depository Trust Company participant; in each case, the entity must have executed a Participant Agreement with the Distributor. Such transactions are generally permitted on an in-kind basis, with a balancing cash component to equate the transaction to the NAV per share of the applicable Fund on the transaction date. Cash may be substituted for the value of certain securities, generally when those securities are not available in sufficient quantity for delivery, are not eligible for trading by the Authorized Participant, or as a result of other market circumstances. In addition, the ETFs may impose transaction fees on purchases and redemptions of Fund shares to cover the custodial and other costs incurred by the ETFs in effecting trades. A fixed fee of $300 per transaction may be imposed on each creation and redemption transaction regardless of the number of Creation Units involved (the "Fixed Fee"). An additional variable charge of up to 2.00% may also be imposed on cash purchases and cash redemptions to compensate the applicable Fund for the costs associated with buying or selling the applicable securities (the "Variable Charge", and together with the Fixed Fee, the "Transaction Fees"). The ETFs may adjust these fees from time to time based on actual experience. Authorized Participants transacting in Create/Redeem Units for cash may also pay a variable fee to compensate the relevant fund for market impact expenses relating to investing in portfolio securities. Such variable fees, if any, are included in "Change in net assets from capital transactions" in Statements of Changes in Net Assets.

**9. Concentration of Credit Risk:**

The Tax-Free Funds invest primarily in debt instruments of municipal issuers in their respective states. The issuers' abilities to meet their obligations may be affected by economic developments in a specific state or region.

**STERLING CAPITAL FUNDS**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued) March 31, 2026**

**10. Focused Investment Risk:**

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

**11. Line of Credit:**

U.S. Bank, N.A. has made available a credit facility to the Trust, pursuant to an umbrella credit agreement (the "Agreement"). The primary purpose of the Agreement is to allow the Trust to avoid security liquidations that Sterling Capital believes are unfavorable to shareholders. Under the Agreement, an aggregate uncommitted amount of $100,000,000 has been made available for use by all Funds of the Trust for shareholder liquidations only. Outstanding principal amounts under the Agreement bear interest at a rate per annum equal to the Prime Rate minus two percent (2%), but never at a rate of less than one percent (1%) per annum. The Agreement will expire on March 19, 2027. During the period ended March 31, 2026, the Funds did not utilize its line of credit.

**12. Fund Ownership:**

As of March 31, 2026, certain third-parties and their affiliates possessed, on behalf of their underlying accounts, voting or investment power with respect to the following Funds in the following amounts: 82% of the Behavioral Small Cap Value Fund and 75% of the Intermediate U.S. Government Fund. As a result, such entities may be deemed to be a "controlling person" of each of the above mentioned Funds under the 1940 Act.

**13. Federal Tax Information:**

It is the policy of each Fund to continue to qualify as a regulated investment company as defined in the Internal Revenue Code of 1986, as amended (the "Code"), by complying with the applicable provisions of the Code and to make distributions of net investment income and net realized capital gains sufficient to relieve it from all, or substantially all, federal income taxes. Accordingly, no provision for federal income tax was required in the Funds' financial statements.

Management evaluates its tax positions to determine if the tax positions taken meet the minimum recognition threshold in connection with accounting for uncertainties in income tax positions taken or expected to be taken for the purposes of measuring and recognizing tax liabilities in the financial statements. Recognition of tax benefits of an uncertain tax position is required only when the position is "more likely than not" to be sustained assuming examination by taxing authorities. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense. During the period, the Funds did not incur any interest or penalties.

Management has analyzed the Funds' tax positions taken on federal income tax returns for all open tax years (current and prior three tax years), and has concluded that no provision for federal income tax was required in the Funds' financial statements. The Funds' federal income and excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state departments of revenue.

Capital losses are permitted to be carried forward without expiration. Such capital losses will retain their character as either short-term or long-term capital losses.

**STERLING CAPITAL FUNDS**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued) March 31, 2026**

At September 30, 2025, the following Funds had net capital loss carryforwards available to offset future net capital gains, if any, to the extent provided by the Code and the Treasury regulations:

---

| | | |
|:---|:---|:---|
|  | **Amount With No Expiration** | **Amount With No Expiration** |
|  | **Short-term Losses** | **Long-term Losses** |
| Sterling Capital Behavioral Large Cap Value Equity Fund | $7595501 | $— |
| Sterling Capital Ultra Short Bond ETF |  | 1092727 |
| Sterling Capital Short Duration Bond ETF | 1791443 | 10880856 |
| Sterling Capital Intermediate U.S. Government Fund | 345456 | 1726673 |
| Sterling Capital Total Return Bond Fund | 18403883 | 110920487 |
| Sterling Capital Long Duration Corporate Bond Fund | 1404072 | 4186001 |
| Sterling Capital Quality Income Fund | 1737100 | 3171721 |
| Sterling Capital North Carolina Intermediate Tax-Free Fund | 3378908 | 3932825 |
| Sterling Capital South Carolina Intermediate Tax-Free Fund | 214651 | 1511576 |
| Sterling Capital Virginia Intermediate Tax-Free Fund | 844733 | 1915136 |
| Sterling Capital West Virginia Intermediate Tax-Free Fund | 267509 | 3012091 |

---

Capital loss carryforwards utilized in the year ended September 30, 2025 were as follows:

---

| | |
|:---|:---|
|  | **Utilized Capital Loss Carryforwards** |
| Sterling Capital Behavioral Large Cap Value Equity Fund | $4152771 |
| Sterling Capital Ultra Short Bond ETF | 197803 |
| Sterling Capital Short Duration Bond ETF | 349326 |

---

The tax character of distributions paid to shareholders during the fiscal year ended September 30, 2025 was as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Distributions paid from** | **Distributions paid from** | **Distributions paid from** | | | |
|  | **Ordinary** <br> **income** | **Net Long-Term** <br> **Term Gains** | **Total Taxable** <br> **Distributions** |<br>**Tax Exempt** <br> **Distributions** |<br>**Tax return** <br> **of capital** |<br>**Total distributions** <br> **paid\*** |
| Sterling Capital Behavioral Large Cap Value Equity Fund | 622610 |  | 622610 |  |  | 622610 |
| Sterling Capital Behavioral Small Cap Value Equity Fund | 3215197 | 6829630 | 10044827 |  |  | 10044827 |
| Sterling Capital Special Opportunities Fund |  | 71046943 | 71046943 |  |  | 71046943 |
| Sterling Capital Equity Income Fund | 42730154 | 312680564 | 355410718 |  |  | 355410718 |
| Sterling Capital Mid Cap Relative Value Fund | 295041 | 4943867 | 5238908 |  |  | 5238908 |
| Sterling Capital Real Estate Fund | 2335141 | 2671768 | 5006909 |  |  | 5006909 |
| Sterling Capital Small Cap Value Fund | 932023 | 35777215 | 36709238 |  |  | 36709238 |
| Sterling Capital Ultra Short Bond ETF | 1170619 |  | 1170619 |  |  | 1170619 |
| Sterling Capital Short Duration Bond ETF | 2045034 |  | 2045034 |  |  | 2045034 |
| Sterling Capital Intermediate U.S. Government Fund | 526663 |  | 526663 |  |  | 526663 |
| Sterling Capital Total Return Bond Fund | 61307434 |  | 61307434 |  |  | 61307434 |
| Sterling Capital Long Duration Corporate Bond Fund | 2302310 |  | 2302310 |  |  | 2302310 |
| Sterling Capital Quality Income Fund | 6007585 |  | 6007585 |  |  | 6007585 |
| Sterling Capital North Carolina Intermediate Tax-Free Fund | 66039 |  | 66039 | 3206708 |  | 3272747 |
| Sterling Capital South Carolina Intermediate Tax-Free Fund | 19931 |  | 19931 | 638174 |  | 658105 |
| Sterling Capital Virginia Intermediate Tax-Free Fund | 24745 |  | 24745 | 1002660 |  | 1027405 |
| Sterling Capital West Virginia Intermediate Tax-Free Fund | 36357 |  | 36357 | 1415690 |  | 1452047 |
| Guardian Capital Dividend Growth Fund | 383860 | 27891 | 411751 |  |  | 411751 |

---

\* Total distributions paid may differ from the Statements of Changes in Net Assets because distributions are recognized when actually paid for tax purposes. The Funds may also utilize equalization accounting for tax purposes and designate earnings and profits, including net realized gains distributed to shareholders on redemption of shares, as part of the dividends.

**STERLING CAPITAL FUNDS**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued) March 31, 2026**

As of September 30, 2025, the components of distributable earnings (accumulated deficit) on a tax basis were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Undistributed<br> Ordinary<br> Income/ Tax<br> Exempt Income** | **Undistributed<br> Long-Term<br> Capital Gains** | **Distributable** <br> **Earnings** | **Distributions** <br> **Payable** | **Accumulated<br> Capital and<br> Other Losses** | **Unrealized<br> Appreciation<br> (Depreciation)\*** | **Total<br> Distributable<br> Earnings<br> (Accumulated<br> Deficit)** |
| Sterling Capital Behavioral Large Cap Value Equity Fund |  |  |  |  | (7595502) | 9047851 | 1452349 |
| Sterling Capital Behavioral Small Cap Value Equity Fund | 362890 | 8798224 | 9161114 |  |  | 16936285 | 26097399 |
| Sterling Capital Special Opportunities Fund |  | 55152040 | 55152040 |  | (745416) | 170255710 | 224662334 |
| Sterling Capital Equity Income Fund | 32970 | 177925221 | 177958191 |  | (51765671) | 312658163 | 438850683 |
| Sterling Capital Mid Cap Relative Value Fund | 523727 | 4198261 | 4721988 |  |  | 22634166 | 27356154 |
| Sterling Capital Real Estate Fund | 162641 | 2065995 | 2228636 |  |  | 27534787 | 29763423 |
| Sterling Capital Small Cap Value Fund | 564791 | 27482403 | 28047194 |  |  | 119311308 | 147358502 |
| Sterling Capital Ultra Short Bond ETF | 2853 |  | 2853 | (3012) | (1092727) | 135719 | (957167) |
| Sterling Capital Short Duration Bond ETF | 107939 |  | 107939 | (64180) | (12672298) | 446738 | (12181801) |
| Sterling Capital Intermediate U.S. Government Fund | 90915 |  | 90915 | (2887) | (2072129) | (564099) | (2548200) |
| Sterling Capital Total Return Bond Fund | 3678206 |  | 3678206 | (920506) | (129324371) | (13432354) | (139999025) |
| Sterling Capital Long Duration Corporate Bond Fund | 10974 |  | 10974 | (794) | (5590073) | (1848199) | (7428092) |
| Sterling Capital Quality Income Fund | 108916 |  | 108916 | (95684) | (4908821) | (1644235) | (6539824) |
| Sterling Capital North Carolina Intermediate Tax-Free Fund | 212780 |  | 212780 | (96362) | (7311733) | 1142013 | (6053302) |
| Sterling Capital South Carolina Intermediate Tax-Free Fund | 40820 |  | 40820 | (12315) | (1726227) | 104522 | (1593200) |
| Sterling Capital Virginia Intermediate Tax-Free Fund | 106100 |  | 106100 | (42567) | (2759869) | 182472 | (2513864) |
| Sterling Capital West Virginia Intermediate Tax-Free Fund | 143583 |  | 143583 | (61226) | (3279600) | 105762 | (3091481) |
| Guardian Capital Dividend Growth Fund |  | 8952746 | 8952746 | (8331) |  | 5472512 | 14416927 |

---

\* The primary differences between book basis and tax basis unrealized appreciation (depreciation) were due to the deferral of losses on wash sales, passive foreign investment companies, the deferral of market discount and premium until time of sale, mark to market futures contracts adjustments, and real estate investment trust adjustments.

As of March 31, 2026, federal income tax cost, gross unrealized appreciation and gross unrealized depreciation on securities were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Tax Cost** | **Gross Tax Unrealized**<br> **Appreciation** | **Gross Tax Unrealized Depreciation** | **Net Tax Unrealized<br> Appreciation<br> (Depreciation)** |
| Sterling Capital Behavioral Large Cap Value Equity Fund | $54041853 | $10386173 | $(774343) | $9611830 |
| Sterling Capital Behavioral Small Cap Value Equity Fund | $58994553 | $12411277 | $(1982070) | $10429207 |
| Sterling Capital Special Opportunities Fund | $198985185 | $118550582 | $(5436930) | $113113652 |
| Sterling Capital Equity Income Fund | $455241288 | $171086642 | $(8389196) | $162697446 |
| Sterling Capital Mid Cap Relative Value Fund | $31021704 | $21763450 | $(991643) | $20771807 |
| Sterling Capital Real Estate Fund | $33855742 | $27569778 | $(2173805) | $25395973 |
| Sterling Capital Small Cap Value Fund | $57634606 | $117150540 | $(485057) | $116665483 |
| Sterling Capital Intermediate U.S. Government Fund | $20924344 | $138273 | $(726812) | $(588539) |
| Sterling Capital Total Return Bond Fund | $1533361103 | $10885011 | $(32291945) | $(21406934) |
| Sterling Capital Long Duration Corporate Bond Fund | $59452332 | $71382 | $(3760448) | $(3689066) |
| Sterling Capital Quality Income Fund | $148328124 | $959924 | $(3454390) | $(2494466) |
| Sterling Capital North Carolina Intermediate Tax-Free Fund | $114159143 | $1075287 | $(415256) | $660031 |
| Sterling Capital South Carolina Intermediate Tax-Free Fund | $22196399 | $170892 | $(152535) | $18357 |
| Sterling Capital Virginia Intermediate Tax-Free Fund | $31622690 | $195445 | $(155154) | $40291 |
| Sterling Capital West Virginia Intermediate Tax-Free Fund | $47626532 | $211416 | $(224687) | $(13271) |
| Sterling Capital Ultra Short Bond ETF | $21154145 | $44479 | $(32114) | $12365 |
| Sterling Capital Short Duration Bond ETF | $33068435 | $128589 | $(193219) | $(64630) |
| Sterling Capital Hedged Equity Premium Income ETF | $224585169 | $8023667 | $(15142512) | $(7118845) |
| Sterling Capital Multi-Strategy Income ETF | $168380316 | $380391 | $(2654279) | $(2273888) |
| Sterling Capital National Municipal Bond ETF | $201748988 | $33996 | $(3045694) | $(3011698) |
| Guardian Capital Dividend Growth Fund | $35646180 | $7285829 | $(994351) | $6291478 |

---

**STERLING CAPITAL FUNDS**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued) March 31, 2026**

**14. Material Events:**

As previously disclosed in a supplement to the Funds' Prospectuses and Statements of Additional Information filed on September 16, 2025, on August 28, 2025, Guardian Capital Group Limited ("Guardian"), the indirect parent company of Sterling Capital Management LLC, the investment adviser to each of the Funds, announced that it had entered into a definitive agreement 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 whereby DGAM will purchase all of the issued and outstanding shares of Guardian, other than certain Guardian shares held by specific shareholders who entered into equity rollover agreements to exchange certain of their Guardian shares for a combination of cash and shares in the capital of DGAM (the "Transaction"). The closing of the Transaction (the "Closing") occurred on March 23, 2026.

Sterling Capital is now an indirect, wholly-owned subsidiary of Desjardins. It is anticipated that Sterling Capital will continue to operate as a standalone entity. To provide continuity and stability, Sterling Capital's team of management and senior professionals will continue servicing Sterling Capital's clients, including the Funds.

As permitted by Rule 15a-4 under the 1940 Act ("Rule 15a-4"), if shareholder approval of the New Investment Advisory Agreement with respect to a Fund has not been obtained by the Closing, Sterling Capital will provide investment advisory services to any such Fund(s) under an Interim Investment Advisory Agreement between Sterling Capital and the Trust, on behalf of such Fund(s) (the "Interim Agreement"). The Interim Investment Advisory Agreement and New Investment Advisory Agreement was approved by the Board at an in-person meeting on November 18-19, 2025.

**15. Subsequent Events:**

Management has evaluated the need for the disclosure and/or adjustments resulting from subsequent events through the date the financial statements were issued, and has noted no events that require recognition or disclosure in the financial statements.

**STERLING CAPITAL FUNDS**

**SUPPLEMENTAL INFORMATION (Unaudited) March 31, 2026**

**Other Information**

A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities is available (i) without charge, upon request, by calling 1-800-228-1872; and (ii) on the Securities and Exchange Commission's (the "Commission") website at www.sec.gov.

Information regarding how the Funds voted proxies relating to portfolio securities during the most recent 12-month period ended June 30th is available (i) without charge, upon request, by calling 1-800-228-1872 and (ii) on the Commission's website at www.sec.gov.

The Funds file complete Schedules of Portfolio Holdings with the Commission for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT.

**Changes in and Disagreements with Accountants for Open-End Management Investment Companies**

There were no changes in or disagreements with accountants during the period covered by this report.

**INVESTMENT ADVISOR**

Sterling Capital Management LLC

4350 Congress Street, Suite 1000

Charlotte, NC 28209

**DISTRIBUTOR**

Sterling Capital Distributors, LLC

3 Canal Plaza, Suite 100

Portland, ME 04101

**LEGAL COUNSEL**

Ropes & Gray LLP

Prudential Tower

800 Boylston Street

Boston, MA 02199

**TRANSFER AGENT**

Ultimus Fund Solutions, LLC

225 Pictoria Drive

Cincinnati, OH 45246

**INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

Cohen & Company, Ltd.

1350 Euclid Avenue, Suite 800

Cleveland, OH 44115

![](fp0098629-1_02.jpg)

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.**

Not applicable.

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.**

Not applicable.

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.**

Included under Item 7.

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.**

**Continuation of Current Advisory Agreement**

The Board of Trustees conducted meetings in August, October and November 2025 to consider the continuance of the investment advisory agreement between Sterling Capital Funds (the "Trust") and Sterling Capital Management LLC ("Sterling Capital" or the "Adviser"), the investment adviser to Sterling Capital Behavioral Large Cap Value Equity Fund, Sterling Capital Behavioral Small Cap Value Equity Fund, Sterling Capital Special Opportunities Fund, Sterling Capital Equity Income Fund, Sterling Capital Mid Cap Relative Value Fund, Sterling Capital Real Estate Fund, Sterling Capital Small Cap Value Fund, Sterling Capital Ultra Short Bond Fund, Sterling Capital Short Duration Bond Fund, Sterling Capital Intermediate U.S. Government Fund, Sterling Capital Total Return Bond Fund, Sterling Capital Long Duration Corporate Bond Fund, Sterling Capital Quality Income Fund, Sterling Capital North Carolina Intermediate Tax-Free Fund, Sterling Capital South Carolina Intermediate Tax-Free Fund, Sterling Capital Virginia Intermediate Tax-Free Fund, and Sterling Capital West Virginia Intermediate Tax-Free Fund, each a series of the Trust (each, a "Fund", and collectively, the "Funds"), for a new term running through January 31, 2027. The above referenced agreement is referred to herein as the "Advisory Agreement."

The Trustees reviewed extensive material in connection with their consideration of the Advisory Agreement, including data from an independent provider of mutual fund data, which, where applicable, included comparisons with a peer group of comparable funds (based on average share class assets) for advisory fees, administrator fees, 12b-1 fees, and total fund expenses. The Trustees considered the contractual advisory fee levels for each Fund, as well as the fee waivers that Sterling Capital had agreed to implement for certain Funds. The Trustees noted that, as detailed below, Sterling Capital had agreed to reduce its contractual advisory fee rate for a number of Funds in recent years as part of the annual contract review process. The Board was assisted in its review by independent legal counsel, who provided a memorandum detailing the legal standards for review of the Advisory Agreement. The Board received detailed presentations from Sterling Capital, including analysis of each Fund's investment process and performance, and conducted site visits to the Adviser's offices in Charlotte and Virginia Beach. The Board also received and considered information from Sterling Capital relating to its profitability in respect of each Fund, and from all Funds in the aggregate. As part of their deliberations, the Independent Trustees conducted private meetings with their independent legal counsel, outside the presence of Sterling Capital and other Fund management.

As part of their deliberations, the Board considered information provided by Sterling Capital with respect to a pending change of control of Sterling Capital. More specifically, on August 28, 2025, Guardian Capital Group Limited ("Guardian"), the indirect parent company of Sterling Capital, announced that it had entered into a definitive agreement 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 whereby DGAM will purchase all of the issued and outstanding shares of Guardian, other than Guardian shares held by specified shareholders who entered into equity rollover agreements to exchange certain of their Guardian shares for up to 10% of the shares in the capital of DGAM (the "Transaction"). The closing of the Transaction (the "Closing") is subject to various customary approvals and conditions and was expected to take place in the first half of 2026.

In their deliberations regarding the Advisory Agreement, the Trustees attributed different weights to various factors involved in an analysis of the Advisory Agreement, and in each case no factor alone was considered determinative. The Trustees determined that the arrangement between the Trust and the Adviser, as provided in the Advisory Agreement, was fair and reasonable and that the continuance of the Advisory Agreement was in the best interests of each applicable Fund and its shareholders.

The Trustees considered the following factors, among others, in reaching their conclusions.

*Nature, Extent, and Quality of Services Provided by the Adviser*

The Trustees received and considered information regarding the nature, extent, and quality of the services provided by the Adviser to each Fund under the Advisory Agreement. The Trustees took into account information furnished throughout the year by the Adviser at Board meetings, as well as materials furnished by the Adviser specifically in connection with the annual review process. The Trustees conducted periodic meetings with representatives of each Fund's portfolio management team over the course of the year, and received periodic "deep dive" attribution analyses regarding specific Funds. The Trustees considered the background and experience of the Adviser's senior management and the expertise of investment personnel of the Adviser responsible for the day-to-day management of each Fund. The Trustees considered the overall reputation of the Adviser, and the capabilities and commitment of the Adviser to provide high quality services to each Fund.

The Trustees also considered assurances provided by representatives of Sterling Capital and Guardian that Sterling Capital would continue to operate as a standalone entity following the Transaction, that Sterling Capital would continue to be led by its current team of management and senior professionals, and that the Transaction was not expected to impact the Funds.

The Trustees received information concerning the investment philosophy and investment processes applied or to be applied by the Adviser in managing each Fund as well as the Adviser's Form ADV. The Trustees also considered information regarding the Adviser's and the Funds' regulatory compliance and compliance with the investment policies of the Funds. The Trustees evaluated the Adviser's trading practices, and considered the procedures of the Adviser designed to fulfill the Adviser's fiduciary duty to the Funds with respect to possible conflicts of interest, including the Adviser's code of ethics (regulating, among other things, the personal trading of its officers and employees).

Based on their review, the Trustees concluded that, with respect to the nature, extent, and quality of services provided or to be provided by the Adviser, the nature and extent of responsibilities was or was expected to be consistent with mutual fund industry norms, and the quality of the services provided or to be provided by the Adviser was or was expected to be satisfactory or better.

 

*Investment Performance*

The Trustees considered the performance results of each Fund over various periods in absolute terms and relative to each Fund's benchmark and peer fund categories determined by an independent third-party data provider. In conducting their review, the Trustees focused particular attention on cases where a Fund's longer-term performance compared unfavorably with its relevant peer categories. The Trustees noted that Sterling Capital had been proactive in identifying and replacing underperforming portfolio managers over time and taking other steps to address underperformance concerns with certain Funds.

After reviewing the performance of each Fund and taking into consideration the management style, investment strategies, and prevailing market conditions during the prior year and for longer periods, the Trustees concluded that the performance of each Fund was acceptable or better or that, in cases where performance issues were encountered, Sterling Capital had taken appropriate steps to address the situation.

 

*Cost of Services, Including the Profits Realized by the Adviser and Affiliates, and Other Benefits*

The Trustees considered peer group information with respect to the advisory fees charged by Sterling Capital to each of the Funds, taking into consideration both contractual and actual (i.e., after fee waivers) fee levels. The Trustees concluded that the advisory fees paid by the Funds fell within an acceptable range as compared to peer groups, and were fair and reasonable, particularly in light of the fee waivers and reductions described below under "Economies of Scale."

As part of their review, the Trustees considered benefits to Sterling Capital aside from advisory fees. The Trustees reviewed administration fees received by Sterling Capital and considered the fallout benefits to Sterling Capital such as the research services available to Sterling Capital by reason of brokerage commissions generated by the Funds' portfolio transactions. The Trustees also considered benefits to Sterling Capital's affiliates.

The Trustees also considered information from Sterling Capital regarding fees for accounts managed by Sterling Capital with investment objectives and strategies similar to those of comparable Funds where applicable. This included information about the differences in services necessary to manage the Funds as compared to separate accounts, including management of cash flows and the need to comply with extensive and complex restrictions set by applicable regulations or established in Fund disclosure documents. Based on this information, the Trustees concluded that the differences between the services that Sterling Capital provides to the Funds and those it provides to separate accounts substantially limit the probative value of fee comparisons to those other separate account clients. In addition, the Trustees considered information from Sterling Capital regarding the fees it receives for providing model accounts with investment objectives and strategies similar to those of comparable Funds where applicable, and the steps that Sterling Capital takes to mitigate risks to the Funds relating to the provision of model account information.

The Trustees also considered the reasonableness of current and proposed advisory fees in the context of the profitability of the Adviser. In determining whether the advisory fees were fair and reasonable, the Trustees considered profitability information provided by the Adviser with respect to investment advisory services. With respect to such information, the Trustees recognized that such profitability data was generally unaudited and represented the Adviser's own determination of its and its affiliates' revenues from the contractual services provided or expected to be provided to the Funds, less estimated expenses of providing such services. Expenses include direct and indirect costs and were calculated using an allocation methodology developed by the Adviser. Based on their review, the Trustees concluded that the profitability of the Adviser as a result of its relationships with the Funds was acceptable.

Based on the foregoing, the Trustees concluded that the fees proposed under the Advisory Agreement were fair and reasonable, in light of the services and benefits provided or expected to be provided to each Fund.

 

*Economies of Scale*

The Trustees also considered whether fee levels reflect economies of scale and whether economies of scale would be produced by the growth of the Funds' assets. The Trustees considered that Sterling Capital had taken steps to reduce the expense ratios for a number of Funds as part of the 2025 contract review process. In particular, Sterling Capital agreed to limit its advisory fee rates for the period February 1, 2026 to January 31, 2027 for Sterling Capital Quality Income Fund and Sterling Capital Intermediate U.S. Government Bond Fund as part of the 2025 contract review process. In addition, Sterling Capital agreed to implement total expense caps for the period February 1, 2026 to January 31, 2027 for each share class of Sterling Capital Total Return Bond Fund, Sterling Capital Ultra Short Bond Fund and Sterling Capital Long Duration Corporate Bond Fund, and to waive and/or reimburse certain expenses with respect to Class R6 shares of certain Funds. Finally, the Trustees noted that Sterling Capital had agreed to reduce its contractual advisory fee rate for a number of Funds as part of the last several contract review processes. As part of the 2020 contract review process, Sterling Capital agreed to reduce its contractual advisory fee rate for the following Funds: Sterling Capital Mid Cap Relative Value Fund, Sterling Capital Small Cap Value Fund, Sterling Capital Short Duration Bond Fund, and Sterling Capital Total Return Bond Fund. As part of the 2021 contract review process, Sterling Capital agreed to reduce its contractual advisory fee rate for the Sterling Capital Long Duration Corporate Bond Fund. As part of the 2024 contract review process, Sterling Capital agreed to reduce its contractual advisory fee rate for the Sterling Capital Special Opportunities Fund. The Trustees found that, taking into account these fee waivers and reductions, each Fund's fee schedule represents an appropriate sharing between the Fund and Sterling Capital of such economies of scale as may exist at current asset levels.

 

*Change of Control and New Investment Advisory Agreement*

At its November 2025 meeting the Trustees also considered that the Transaction would result in the termination of the Advisory Agreement effective upon the Closing. In anticipation of the Closing, the Board of Trustees of the Trust approved a new investment advisory agreement between the Trust and Sterling Capital with respect to the Funds to take effect as of the (i) later of the Closing and (ii) shareholder approval of the agreement with respect to a Fund, containing substantially similar terms as the Advisory Agreement, including identical advisory fees (the "New Advisory Agreement"), taking into consideration the factors described above in approving the Advisory Agreement and the following factors regarding the Transaction and New Advisory Agreement.

The Trustees considered the impact of the Transaction and New Advisory Agreement over the course of multiple meetings, including Special Meetings held on October 1, 2025 and October 14, 2025, and an in-person meeting held on November 18-19, 2025. Over the course of these meetings, the Trustees, including the Independent Trustees, discussed and evaluated the New Advisory Agreement, taking into consideration the Transaction and its possible effect on Sterling Capital and the Funds. Representatives of Sterling Capital, Guardian and Desjardins attended portions of certain of these meetings at the Trustees' request to discuss the expected impact of the Transaction on Sterling Capital and the Funds, and to answer questions from the Trustees. These representatives confirmed to the Trustees that Sterling Capital would continue to operate as a standalone entity following the Transaction and would be led by the current team of management and senior professionals, providing continuity and stability for the Funds. These representatives also confirmed Desjardins' and Guardian's commitment to the continued growth and success of Sterling Capital, including the Funds, and reaffirmed that there would not be any changes in the personnel managing the Funds or to the manner in which the Funds' portfolios are managed as a result of the Transaction. The Trustees requested and considered extensive written materials furnished by Sterling Capital to facilitate their review of the New Advisory Agreement. Based on these materials and discussions with representatives of Sterling Capital, Guardian and Desjardins, the Trustees concluded that the investment advisory services to be provided to the Funds under the New Advisory Agreement were expected to be consistent in all material respects with current services provided under the Advisory Agreement and in no respect diminished. As part of their deliberations, the Independent Trustees conducted multiple private meetings with their independent legal counsel, outside the presence of Sterling Capital and other Fund management. In their deliberations regarding the New Advisory Agreement, the Trustees attributed different weights to various factors involved in their analysis of the New Advisory Agreement, and in each case no factor alone was considered determinative. In connection with approving the New Advisory Agreement at an in-person meeting on November 18-19, 2025, the Trustees determined that the arrangement between the Trust and Sterling Capital, as provided in the New Advisory Agreement, was fair and reasonable and that approval of the New Advisory Agreement was in the best interests of each applicable Fund and its shareholders.

The Trustees also considered the following factors, among others, in reaching their conclusions.

Portfolio Management Continuity – The degree of continuity of advisory services to be provided by Sterling Capital to the Funds upon completion of the Transaction should be very high since those services are expected to be provided by the same personnel who are currently providing such services. In addition, the investment objectives and principal investment strategies of each Fund are expected to remain the same following the Transaction.

The Nature, Extent and Quality of the Services to be Provided – Given the continuity noted above, as well as the substantially unchanged contractual terms, the nature and extent of services expected to be provided by Sterling Capital is expected to be unchanged and consistent with industry norms, and the quality of services expected to be provided by Sterling Capital is expected to be satisfactory or better.

Investment Performance – In light of the ongoing oversight of performance by the Board at its regular meetings, and the contemporaneous completion of the 2025 annual contract review for each Fund, for purposes of this review the Board focused on ensuring continuity of investment advisory services as opposed to requesting and analyzing additional performance-related materials.

The Cost of Services, Fees Received and Profitability to be Realized by the Adviser and its Affiliates – The Trustees noted that there would be no increases in fees paid by the Funds under the New Advisory Agreement and that the Board had concluded that the Funds' current fees are fair and reasonable as part of the 2025 annual contract review. The Trustees also noted that the Transaction was not expected to have a material near-term impact on Sterling Capital's profitability with respect to the Funds, and that the Board had concluded that Sterling Capital's profitability as a result of its relationship with the Funds was acceptable as part of the 2025 annual contract review. The Trustees also noted that the Transaction was not expected to have a material near-term impact on the "fallout benefits" to Sterling Capital and its affiliates as a result of Sterling Capital providing investment advisory services to the Funds.

Economies of Scale – The Trustees noted that the fees paid by the Funds for investment advisory services would be the same under the New Advisory Agreement as the Advisory Agreement, and that the Transaction was not expected to have a material near-term impact on Fund assets. The Trustees also noted that Sterling Capital's current fee waivers and reimbursements with respect to the Funds would be unchanged following the Closing, and that the Trustees had recently concluded that each Fund's fee schedule represents an appropriate sharing between the Fund and Sterling Capital of such economies of scale as may exist at current asset levels.

After considering these factors, among others, the Trustees concluded that approval of the New Advisory Agreement was in the best interests of each applicable Fund and its shareholders.

**Approval of Initial Advisory Agreements for Sterling Capital Ultra Short Bond ETF, Sterling Capital Short Duration Bond ETF, Sterling Capital National Municipal Bond ETF, Sterling Capital Multi-Strategy Income ETF, Sterling Capital Hedged Equity Premium ETF, and Guardian Capital Dividend Growth Fund**

The Board of Trustees, at a meeting held in November 2025, considered the approval of an investment advisory agreement (each, a "New Fund Advisory Agreement", and collectively, the "New Fund Advisory Agreements") between the Trust and Sterling Capital, with respect to each of the Sterling Capital Ultra Short Bond ETF, Sterling Capital Short Duration Bond ETF, Sterling Capital National Municipal Bond ETF, Sterling Capital Multi-Strategy Income ETF, Sterling Capital Hedged Equity Premium ETF, and Guardian Capital Dividend Growth Fund (each, a "New Fund", and collectively, the "New Funds").

The Trustees reviewed extensive material in connection with their consideration of the New Fund Advisory Agreements, including data from an independent provider of mutual fund data, which, where applicable, included comparisons with a peer group of comparable funds for advisory fees and total fund expenses. The Trustees considered the contractual advisory fee levels for each New Fund, as well as the fee waivers and reimbursements that Sterling Capital had agreed to implement for certain of the New Funds and the unitary fee arrangements for the New Funds operating as exchange-traded funds. The Board was assisted in its review by independent legal counsel, who provided a memorandum detailing the legal standards for review of the New Fund Advisory Agreements. The Trustees received a detailed presentation from Sterling Capital that included information regarding, among other things, Sterling Capital's risk management approach, its experience with respect to comparable investment strategies and the qualifications and experience of the proposed portfolio management team for each New Fund. As part of their deliberations, the Independent Trustees conducted private meetings with their independent legal counsel, outside the presence of Sterling Capital and other Fund management.

As part of their deliberations, the Board considered information provided by Sterling Capital with respect to a pending change of control of Sterling Capital. More specifically, on August 28, 2025, Guardian Capital Group Limited ("Guardian"), the indirect parent company of Sterling Capital, announced that it had entered into a definitive agreement 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 whereby DGAM will purchase all of the issued and outstanding shares of Guardian, other than Guardian shares held by specified shareholders who entered into equity rollover agreements to exchange certain of their Guardian shares for up to 10% of the shares in the capital of DGAM (the "Transaction"). The closing of the Transaction (the "Closing") is subject to various customary approvals and conditions and was expected to take place in the first half of 2026.

In their deliberations regarding the New Fund Advisory Agreements, the Trustees attributed different weights to various factors involved in an analysis of each New Fund Advisory Agreement, and in each case no factor alone was considered determinative. The Trustees determined that the terms of each New Fund Advisory Agreement were fair and reasonable and that the approval of the New Fund Advisory Agreements was in the best interests of each New Fund and its shareholders.

The Trustees considered the following factors, among others, in reaching their conclusions.

*Nature, Extent and Quality of Services Provided by the Adviser*

The Trustees received and considered information regarding the nature, extent, and quality of the services expected to be provided to each New Fund under the New Fund Advisory Agreements. The Trustees considered the expertise of Sterling Capital's proposed portfolio management team responsible for the day-to-day management of each New Fund and the proposed services to be provided to the New Funds by Sterling Capital. The Trustees considered the overall reputation of the Adviser, and the capabilities and commitment of the Adviser to provide high quality services to each New Fund. The Trustees concluded that the nature and quality of services that Sterling Capital would provide to the New Funds appeared consistent with both those already provided to other Sterling Capital Funds by Sterling Capital as well as with industry norms.

The Trustees also considered assurances provided by representatives of Sterling Capital and Guardian that Sterling Capital would continue to operate as a standalone entity following the Transaction, that Sterling Capital would continue to be led by its current team of management and senior professionals, and that the Transaction was not expected to impact the New Funds.

The Trustees received information concerning the investment philosophy and investment processes applied or to be applied by the Adviser in managing the New Funds as well as the Adviser's Form ADV. The Trustees also considered information regarding the Adviser's and the Sterling Capital Funds' regulatory compliance and compliance with the investment policies of the Sterling Capital Funds. The Trustees evaluated the Adviser's trading practices, and considered the procedures of the Adviser designed to fulfill the Adviser's fiduciary duty to the New Funds with respect to possible conflicts of interest, including the Adviser's code of ethics (regulating, among other things, the personal trading of its officers and employees).

Based on their review, the Trustees concluded that, with respect to the nature, extent and quality of services to be provided by the Adviser, the nature and extent of responsibilities was consistent with mutual fund industry norms, and that the quality of the services to be provided by the Adviser was expected to be satisfactory or better.

*Investment Performance*

The Trustees noted that the New Funds had not commenced operations at the time of the November 2025 Board meeting and had no historical investment performance. The Trustees considered information regarding the performance information of other funds and accounts managed by Sterling Capital utilizing substantially similar investment objectives, policies and strategies where applicable.

*Cost of Services, Including the Profits Realized by the Advisers and Affiliates, and Other Benefits*

The Trustees considered peer group information with respect to the advisory fees to be charged by Sterling Capital to each New Fund, taking into account consideration of both contractual expenses and actual expenses (after fee waivers reimbursements) where applicable. The Trustees concluded that the advisory fees paid by each New Fund fell within an acceptable range as compared to peer groups, and were fair and reasonable, particularly in light of the fee waivers and reductions for certain New Funds described below under "Economies of Scale."

As part of their review, the Trustees considered potential benefits to Sterling Capital aside from investment advisory fees. The Trustees reviewed the administration fees to be received by Sterling Capital and considered the potential fallout benefits to Sterling Capital such as the research services available to Sterling Capital by reason of brokerage commissions expected to be generated by the New Funds' portfolio transactions and reputational benefits to Sterling Capital for managing the New Funds.. The Trustees also considered benefits to Sterling Capital's affiliates.

The Trustees also considered information from Sterling Capital regarding fees for funds and accounts managed by Sterling Capital with investment objectives and strategies similar to those of the New Funds where applicable. This included information about the differences in services necessary to manage the New Funds as compared to other similar funds, including management of cash flows and the need to comply with extensive and complex restrictions set by applicable regulations or established in New Fund disclosure documents.

In the context of the profitability of the Adviser, the Trustees noted that the New Funds had not commenced operations at the time of the November 2025 board meeting and therefore the Adviser had not earned any investment advisory fees with respect to the New Funds. Based on the foregoing, the Trustees concluded that the fees proposed under each New Fund Advisory Agreement for each New Fund were fair and reasonable, in light of the services and benefits provided or expected to be provided to the New Funds.

*Economies of Scale*

The Trustees also considered whether fee levels reflect expected economies of scale and whether economies of scale would be produced by the growth of each New Fund's assets. The Trustees considered that Sterling Capital had entered into a contractual agreement with the Guardian Capital Dividend Growth Fund to waive its fees, pay certain fund operating expenses, and/or reimburse the fund to reduce the total annual fund operating expenses of the fund (other than certain excluded expenses), and that each of the Sterling Capital Ultra Short Bond ETF, Sterling Capital Short Duration Bond ETF, Sterling Capital National Municipal Bond ETF, Sterling Capital Multi-Strategy Income ETF, and Sterling Capital Hedged Equity Premium ETF were subject to a unitary advisory and/or administrative fee arrangement. The Trustees found that the expected asset levels of each New Fund would not be so large as to warrant formal contractual breakpoints and that each New Fund's fee schedule represents an appropriate sharing between such New Fund and Sterling Capital of such economies of scale as may exist in the management of the New Funds at expected asset levels.

*Change of Control and New Investment Advisory Agreements*

At its November 2025 meeting the Trustees also considered that the Transaction would result in the termination of each New Fund Advisory Agreement effective upon the Closing. In anticipation of the Closing, the Board of Trustees of the Trust approved new investment advisory agreements between the Trust and Sterling Capital with respect to each New Fund to take effect as of the Closing containing substantially similar terms as the New Fund Advisory Agreements, including identical advisory fees (the "New Fund Change of Control Advisory Agreements"), taking into consideration the factors described above in approving the New Fund Advisory Agreements and the following factors regarding the Transaction and New Fund Change of Control Advisory Agreements.

The Trustees considered the expected impact of the Transaction and New Fund Change of Control Advisory Agreements over the course of multiple meetings, including Special Meetings held on October 1, 2025 and October 14, 2025, and an in-person meeting held on November 18-19, 2025. At its November 2025 meeting, the Trustees, including the Independent Trustees, discussed and evaluated the New Fund Change of Control Advisory Agreements, taking into consideration the Transaction and its possible effect on Sterling Capital and the New Funds. Representatives of Sterling Capital, Guardian and Desjardins attended portions of certain of these meetings at the Trustees' request to discuss the expected impact of the Transaction on Sterling Capital and the New Funds, and to answer questions from the Trustees. These representatives confirmed to the Trustees that Sterling Capital would continue to operate as a standalone entity following the Transaction and would be led by the current team of management and senior professionals, providing continuity and stability for the New Funds. These representatives also confirmed Desjardins' and Guardian's commitment to the continued growth and success of Sterling Capital, including the New Funds, and reaffirmed that there would not be any changes in the personnel managing the New Funds or to the manner in which the New Funds' portfolios are managed as a result of the Transaction. The Trustees requested and considered extensive written materials furnished by Sterling Capital to facilitate their review of the New Fund Change of Control Advisory Agreements. Based on these materials and discussions with representatives of Sterling Capital, Guardian and Desjardins, the Trustees concluded that the investment advisory services to be provided to the New Funds under the New Fund Change of Control Advisory Agreements were expected to be consistent in all material respects with services proposed to be provided under the New Fund Advisory Agreements and in no respect diminished. As part of their deliberations, the Independent Trustees conducted multiple private meetings with their independent legal counsel, outside the presence of Sterling Capital and other New Fund management. In their deliberations regarding the New Fund Change of Control Advisory Agreements, the Trustees attributed different weights to various factors involved in their analysis of the New Fund Change of Control Advisory Agreements, and in each case no factor alone was considered determinative. In connection with approving the New Fund Change of Control Advisory Agreements at an in-person meeting on November 18-19, 2025, the Trustees determined that the arrangement between the Trust and Sterling Capital with respect to each New Fund, as provided in the New Fund Change of Control Advisory Agreements, was fair and reasonable and that approval of the New Fund Change of Control Advisory Agreements was in the best interests of each applicable New Fund and its shareholders.

The Trustees also considered the following factors, among others, in reaching their conclusions.

Portfolio Management Continuity – The degree of continuity of advisory services to be provided by Sterling Capital to the New Funds upon completion of the Transaction should be very high since those services are expected to be provided by the same personnel proposed to provide such services. In addition, the investment objectives and principal investment strategies of each New Fund are expected to remain the same following the Transaction.

The Nature, Extent and Quality of the Services to be Provided – Given the continuity noted above, as well as the substantially unchanged contractual terms, the nature and extent of services expected to be provided by Sterling Capital is expected to be unchanged and consistent with industry norms, and the quality of services expected to be provided by Sterling Capital is expected to be satisfactory or better.

Investment Performance – The Trustees noted that the New Funds had not commenced operations at the time of the November 2025 Board meeting and had no historical investment performance. The Trustees considered information regarding the performance information of other funds and accounts managed by Sterling Capital utilizing substantially similar investment objectives, policies and strategies.

The Cost of Services, Fees Received and Profitability to be Realized by the Adviser and its Affiliates – The Trustees noted that there would be no increases in fees paid by the New Funds under the New Fund Change of Control Advisory Agreements and that the Board had concluded that the New Funds' current fees are fair and reasonable as part of the Trustees' approval of the New Fund Advisory Agreements. The Trustees also noted that the Transaction was not expected to have a material near-term impact on the "fallout benefits" to Sterling Capital and its affiliates as a result of Sterling Capital providing investment advisory services to the New Funds.

Economies of Scale – The Trustees noted that the fees paid by the New Funds for investment advisory services would be the same under the New Fund Change of Control Advisory Agreements as the New Fund Advisory Agreements, and that the Transaction was not expected to have a material near-term impact on New Fund assets. The Trustees also noted that Sterling Capital's fee waivers and reimbursements with respect to certain New Funds would be unchanged following the Closing, and that the Trustees had recently concluded that each New Fund's fee schedule represents an appropriate sharing between the New Fund and Sterling Capital of such economies of scale as may exist at current asset levels.

After considering these factors, among others, the Trustees concluded that approval of the New Fund Change of Control Advisory Agreements was in the best interests of each applicable New Fund and its shareholders.

**Approval of the New Sub-Advisory Agreement with Guardian Capital LP for Sterling Capital Multi-Strategy Income ETF, Sterling Capital Hedged Equity Premium ETF, and Guardian Capital Dividend Growth Fund**

At the November 2025 meeting, the Board of Trustees also considered the approval of a new sub-advisory agreement (the "New Sub-Advisory Agreement") with Guardian Capital LP ("Guardian Capital" or the "Sub-Adviser") for the Sterling Capital Multi-Strategy Income ETF, Sterling Capital Hedged Equity Premium ETF, and Guardian Capital Dividend Growth Fund (each, a "New Sub-Advised Fund", and collectively, the "New Sub-Advised Funds").

The Trustees reviewed extensive material in connection with their consideration of the New Sub-Advisory Agreement. The Board considered that Guardian Capital's sub-advisory fees would be paid by Sterling Capital out of the Sterling Capital's investment advisory fees, not by the New Sub-Advised Funds. The Trustees considered the contractual advisory fee levels for each New Sub-Advised Fund compared against a peer group of comparable funds, as well as the fee waivers and reimbursements that Sterling Capital had agreed to implement for certain of the New Sub-Advised Funds and the unitary fee arrangements for the New Sub-Advised Funds operating as exchange-traded funds. The Board was assisted in its review by independent legal counsel, who provided a memorandum detailing the legal standards for review of the New Sub-Advisory Agreement. The Trustees received a detailed presentation from Sterling Capital that included information regarding, among other things, Guardian Capital's risk management approach, its experience with respect to comparable investment strategies and the qualifications and experience of the proposed portfolio management team for each New Sub-Advised Fund. As part of their deliberations, the Independent Trustees conducted private meetings with their independent legal counsel, outside the presence of Sterling Capital and other Fund management.

As part of their deliberations, the Board considered information provided by Sterling Capital and Guardian Capital with respect to a pending change of control of Sterling Capital and Guardian Capital. More specifically, on August 28, 2025, Guardian Capital Group Limited ("Guardian"), the indirect parent company of Sterling Capital and parent company of Guardian Capital, announced that it had entered into a definitive agreement 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 whereby DGAM will purchase all of the issued and outstanding shares of Guardian, other than Guardian shares held by specified shareholders who entered into equity rollover agreements to exchange certain of their Guardian shares for up to 10% of the shares in the capital of DGAM (the "Transaction"). The closing of the Transaction (the "Closing") is subject to various customary approvals and conditions and was expected to take place in the first half of 2026.

In their deliberations regarding the New Sub-Advisory Agreement, the Trustees attributed different weights to various factors involved in an analysis of the New Sub-Advisory Agreement, and in each case no factor alone was considered determinative. The Trustees determined that the terms of the New Sub-Advisory Agreement were fair and reasonable and that the approval of the New Sub-Advisory Agreement was in the best interests of each New Sub-Advised Fund and its shareholders.

The Trustees considered the following factors, among others, in reaching their conclusions.

*Nature, Extent and Quality of Services Provided by the Sub-Adviser*

The Trustees received and considered information regarding the nature, extent, and quality of the services expected to be provided to each New Sub-Advised Fund under the New Sub-Advisory Agreement. The Trustees considered the expertise of Guardian Capital's proposed portfolio management team responsible for management of each New Sub-Advised Fund and the proposed services to be provided to the New Sub-Advised Funds by Guardian Capital. The Trustees considered the overall reputation of Guardian Capital, and the capabilities and commitment of Guardian Capital to provide high quality services to each New Sub-Advised Fund. The Board also considered the Adviser's specific responsibilities with respect to oversight of Guardian Capital as well as the qualifications, experience and responsibilities of the other key personnel that would be involved in the day-to-day activities of each New Sub-Advised Fund.

The Trustees received information concerning the investment philosophy and investment processes applied or to be applied by Guardian Capital in managing the New Sub-Advised Funds. The Trustees evaluated Guardian Capital's compliance policies and procedures, trading practices, and considered the procedures of Guardian Capital designed to fulfill its fiduciary duty to the New Sub-Advised Funds with respect to possible conflicts of interest, including Guardian Capital's code of ethics (regulating, among other things, the personal trading of its officers and employees).

Based on their review, the Trustees concluded that, with respect to the nature, extent and quality of services to be provided by Guardian Capital, the nature and extent of responsibilities was consistent with mutual fund industry norms, and that the quality of the services to be provided by Guardian Capital was expected to be satisfactory or better.

*Investment Performance*

The Trustees noted that the New Sub-Advised Funds had not commenced operations at the time of the November 2025 Board meeting and had no historical investment performance. The Trustees considered information regarding the performance information of other funds and accounts managed by Guardian Capital utilizing substantially similar investment objectives, policies and strategies where applicable.

*Cost of Services, Including the Profits Realized by the Sub-Adviser, and Other Benefits*

The Trustees considered peer group comparable information with respect to the advisory fees to be charged by the Adviser to each New Sub-Advised Fund. The Trustees concluded that the investment advisory fees paid by each New Sub-Advised Fund fell within an acceptable range as compared to its peer group, and were fair and reasonable. The Trustees also noted that Guardian Capital's sub-advisory fees would be paid by the Adviser out of the Adviser's investment advisory fees, not by the New Sub-Advised Funds.

As part of their review, the Trustees considered potential benefits to Guardian Capital aside from sub-advisory fees. The Trustees considered the fallout benefits to Guardian Capital such as the research services available to Guardian Capital by reason of brokerage commissions generated by the New Sub-Advised Funds and the benefits to Guardian Capital for managing the New Sub-Advised Funds.

In the context of the profitability of Guardian Capital, the Trustees noted that the New Sub-Advised Funds had not commenced operations at the time of the November 2025 board meeting and therefore Guardian Capital had not earned any investment advisory fees with respect to the New Sub-Advised Funds.

Based on the foregoing, the Trustees concluded that the fees proposed under the New Sub-Advisory Agreement for each New Sub-Advised Fund were fair and reasonable, in light of the services and benefits provided or expected to be provided to each New Sub-Advised Fund.

*Economies of Scale*

The Trustees also considered whether fee levels reflect expected economies of scale and whether economies of scale would be produced by the growth of each New Sub-Advised Fund's assets. The Trustees also noted that Guardian Capital's sub-advisory fees would be paid by the Adviser out of the Adviser's investment advisory fees, not by the New Sub-Advised Funds. The Trustees found that the each New Sub-Advised Fund's fee schedule represents an appropriate sharing between the New Sub-Advised Fund and the Adviser of such economies of scale as may exist at current asset levels.

*Change of Control and New Investment Advisory Agreements*

At its November 2025 meeting the Trustees also considered that the Transaction would result in the termination of the New Sub-Advisory Agreement effective upon the Closing. In anticipation of the Closing, the Board of Trustees of the Trust approved a new investment sub-advisory agreement between Sterling Capital and Guardian Capital with respect to each New Sub-Advised Fund to take effect as of the Closing containing substantially similar terms as the New Sub-Advisory Agreement, including identical advisory fees (the "New Sub-Advisory Change of Control Agreement"), taking into consideration the factors described above in approving the New Fund Advisory Agreements and the following factors regarding the Transaction and New Sub-Advisory Change of Control Agreement.

The Trustees considered the expected impact of the Transaction and New Sub-Advisory Change of Control Agreement over the course of multiple meetings, including Special Meetings held on October 1, 2025 and October 14, 2025, and an in-person meeting held on November 18-19, 2025. At its November 2025 meeting, the Trustees, including the Independent Trustees, discussed and evaluated the New Sub-Advisory Change of Control Agreement, taking into consideration the Transaction and its possible effect on Sterling Capital and Guardian Capital and the New Sub-Advised Funds. Representatives of Sterling Capital, Guardian and Desjardins attended portions of certain of these meetings at the Trustees' request to discuss the expected impact of the Transaction on Sterling Capital, Guardian Capital and the New Sub-Advised Funds, and to answer questions from the Trustees. These representatives confirmed to the Trustees that each of Sterling Capital and Guardian Capital would continue to operate as a standalone entity following the Transaction and would be led by the current team of management and senior professionals, providing continuity and stability for the New Sub-Advised Funds. These representatives also confirmed Desjardins' and Guardian's commitment to the continued growth and success of Sterling Capital and Guardian Capital, including the New Sub-Advised Funds, and reaffirmed that there would not be any changes in the personnel managing the New Sub-Advised Funds or to the manner in which the New Sub-Advised Funds' portfolios are managed as a result of the Transaction. The Trustees requested and considered extensive written materials furnished by Sterling Capital and Guardian Capital to facilitate their review of the New Sub-Advisory Change of Control Agreement. Based on these materials and discussions with representatives of Sterling Capital, Guardian and Desjardins, the Trustees concluded that the investment advisory services to be provided to the New Sub-Advised Funds under the New Sub-Advisory Change of Control Agreement were expected to be consistent in all material respects with services proposed to be provided under the New Sub-Advisory Agreement and in no respect diminished. As part of their deliberations, the Independent Trustees conducted multiple private meetings with their independent legal counsel, outside the presence of Sterling Capital, Guardian Capital and other New Sub-Advised Fund management. In their deliberations regarding the New Sub-Advisory Change of Control Agreement, the Trustees attributed different weights to various factors involved in their analysis of the New Sub-Advisory Change of Control Agreement, and in each case no factor alone was considered determinative. In connection with approving the New Sub-Advisory Change of Control Agreement at an in-person meeting on November 18-19, 2025, the Trustees determined that the arrangement between Sterling Capital and Guardian Capital with respect to the New Sub-Advised Funds, as provided in the New Sub-Advisory Change of Control Agreement, was fair and reasonable and that approval of the New Sub-Advisory Change of Control Agreement was in the best interests of each applicable New Sub-Advised Fund and its shareholders.

The Trustees also considered the following factors, among others, in reaching their conclusions.

Portfolio Management Continuity – The degree of continuity of advisory services to be provided by Guardian Capital to the New Sub-Advised Funds upon completion of the Transaction should be very high since those services are expected to be provided by the same personnel proposed to provide such services. In addition, the investment objectives and principal investment strategies of each New Sub-Advised Fund are expected to remain the same following the Transaction.

The Nature, Extent and Quality of the Services to be Provided – Given the continuity noted above, as well as the substantially unchanged contractual terms, the nature and extent of services expected to be provided by Guardian Capital is expected to be unchanged and consistent with industry norms, and the quality of services expected to be provided by Guardian Capital is expected to be satisfactory or better. The Board also considered that Sterling Capital would continue to oversee Guardian Capital following the Transaction.

Investment Performance – The Trustees noted that the New Sub-Advised Funds had not commenced operations at the time of the November 2025 Board meeting and had no historical investment performance. The Trustees considered information regarding the performance information of other funds and accounts managed by Guardian Capital utilizing substantially similar investment objectives, policies and strategies where applicable.

The Cost of Services, Fees Received and Profitability to be Realized by the Sub-Adviser and its Affiliates – The Trustees noted that there would be no increases in fees paid by the New Sub-Advised Funds under the New Sub-Advisory Change of Control Agreement and that the Board had concluded that the New Sub-Advised Funds' current fees are fair and reasonable as part of the Trustees' approval of the New Sub-Advisory Agreement. The Trustees also noted that the Transaction was not expected to have a material near-term impact on the "fallout benefits" to Guardian Capital and its affiliates as a result of Guardian Capital providing investment advisory services to the New Sub-Advised Funds.

Economies of Scale – The Trustees noted that the fees paid by the New Sub-Advised Funds for investment advisory services would be the same under the New Sub-Advisory Change of Control Agreement as the New Sub-Advisory Agreement, that Guardian Capital's sub advisory fees would continue to be paid by the Adviser out of the Adviser's investment advisory fees, not by the New Sub-Advised Funds, and that the Transaction was not expected to have a material near-term impact on New Sub-Advised Fund assets. The Trustees also noted that Sterling Capital's fee waivers and reimbursements with respect to certain New Sub-Advised Funds would be unchanged following the Closing, and that the Trustees had recently concluded that each New Sub-Advised Fund's fee schedule represents an appropriate sharing between the New Sub-Advised Fund and the Adviser of such economies of scale as may exist at current asset levels.

After considering these factors, among others, the Trustees concluded that approval of the New Sub-Advisory Change of Control Agreement was in the best interests of each applicable New Sub-Advised Fund and its shareholders.

**Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.**

Not applicable to Registrant.

**Item 13. Portfolio Managers of Closed-End Management Investment Companies.**

Not applicable to Registrant.

**Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.**

Not applicable.

**Item 15. Submission of Matters to a Vote of Security Holders.**

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's board of trustees, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407) (as required by Item 22(b)(15) of Schedule 14A (17 CFR 240.14a-101)), or this Item.

**Item 16. Controls and Procedures**

(a) The registrant's Principal Executive Officer and Principal Financial Officer have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act) are effective in design and operation and are sufficient to form the basis of the certifications required by Rule 30a-(2) under the Act, based on their evaluation of these disclosure controls and procedures as of a date within 90 days of this report on Form N-CSR.

(b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

**Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**

Not applicable to Registrant.

**Item 18. Recovery of Erroneously Awarded Compensation.**

&nbsp;&nbsp;&nbsp;&nbsp;(a) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

**Item 19. Exhibits.**

(a)(1) Not applicable – disclosed with annual report.

(a)(2) Not applicable.

(a)(3) [A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act are attached hereto.](fp0098629-1_ex99cert.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) [Certifications required by Rule 30a-2(b) under the Act are attached hereto.](fp0098629-1_ex99906cert.htm)

**SIGNATURES** 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

STERLING CAPITAL FUNDS

---

| | | |
|:---|:---|:---|
| Date: | 5/29/26 |  |
|  |  | /s/ James T. Gillespie |
|  |  | James T. Gillespie, President |
|  |  | (Principal Executive Officer) |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
| Date: | 5/29/26 |  |
|  |  | /s/ James T. Gillespie |
|  |  | James T. Gillespie, President |
|  |  | (Principal Executive Officer) |
| Date: | 5/29/26 |  |
|  |  | /s/ Todd M. Miller |
|  |  | Todd M. Miller, Treasurer |
|  |  | (Principal Financial Officer) |

---

## Ex-99.Cert

**Exhibit 99.CERT**

**CERTIFICATION** 

I, James T. Gillespie, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I
have reviewed this report on Form N-CSR of Sterling Capital Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based
on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make
the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered
by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based
on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects
the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include
a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The
registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures
(as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule
30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed
such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure
that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those
entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The
registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the
registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | 5/29/26 | /s/ James T. Gillespie |
|  |  | James T. Gillespie |
|  |  | President and Principal Executive Officer |

---

**CERTIFICATION**

I, Todd M. Miller, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I
have reviewed this report on Form N-CSR of Sterling Capital Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based
on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make
the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered
by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based
on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects
the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include
a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The
registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures
(as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule
30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed
such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure
that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those
entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The
registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the
registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | 5/29/26 | /s/ Todd M. Miller |
|  |  | Todd M. Miller |
|  |  | Treasurer and Principal Financial Officer |

---

## Exhibit 99.906

**Exhibit 99.906CERT** 

**CERTIFICATION PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT** 

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, the undersigned officers of Sterling Capital Funds, do hereby certify, to the best of their knowledge:

1. The Registrant's periodic report on Form N-CSR for the period ended March 31, 2026 (the "Form
N-CSR") fully complies with the requirements of Sections 15(d) of the Securities Exchange Act of 1934, as amended; and

2. The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition
and results of operations of the Registrant.

---

| | |
|:---|:---|
| /s/ James T. Gillespie | /s/ James T. Gillespie |
| James T. Gillespie | James T. Gillespie |
| President and Principal Executive Officer | President and Principal Executive Officer |
| Date: | 5/29/26 |
| /s/ Todd M. Miller | /s/ Todd M. Miller |
| Todd M. Miller | Todd M. Miller |
| Chief Financial Officer and Principal Financial Officer | Chief Financial Officer and Principal Financial Officer |
| Date: | 5/29/26 |

---

This certification is being furnished solely pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not be deemed as filed by Sterling Capital Funds as part of the report or as a separate disclosure document.