# EDGAR Filing Document

**Accession Number:** 0000889284
**File Stem:** 0001398344-25-022139
**Filing Date:** 2025-12
**Character Count:** 1015681
**Document Hash:** 8fcfe26a44d8c2f1394ff45d47807e3a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001398344-25-022139.hdr.sgml**: 20251208

**ACCESSION NUMBER**: 0001398344-25-022139

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 143

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251208

**DATE AS OF CHANGE**: 20251208

**EFFECTIVENESS DATE**: 20251208

**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-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-06719
- **FILM NUMBER:** 251555112

**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 SHORT DURATION BOND FUND (Series ID: S000003547)

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED**

**MANAGEMENT INVESTMENT COMPANIES**

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

**STERLING CAPITAL FUNDS**

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

**434 Fayetteville St., Suite 500**

**Raleigh, NC 27601**

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

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

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

**James T. Gillespie, President**

**Sterling Capital Funds**

**434 Fayetteville St., Suite 500**

**Raleigh, NC 27601**

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

**Date of reporting period: September 30, 2025**

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

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

**Item 1.** **Report to Stockholders.** 

**![Image](iaa54f7be91e36791596adbf9.jpg)

Sterling Capital Behavioral Large Cap Value Equity Fund

September 30, 2025

ANNUAL SHAREHOLDER REPORT

https://sterlingcapitalfunds.com/funds/

Class A (BBTGX)

This annual shareholder report contains important information about Sterling Capital Behavioral Large Cap Value Equity Fund for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund athttps://sterlingcapitalfunds.com/funds/. You can also request this information by contacting us at (888) 228-1872. This report describes material fund changes to the Fund that occurred during the year in the MATERIAL FUND CHANGES section of this report

#### WHAT FACTORS INFLUENCED PERFORMANCE FOR THE PERIOD?
For the 12-month period between October 1, 2024, and September 30, 2025, the Fund outperformed both its primary benchmark, the Russell 1000<sup>®</sup> Value Index, and its broader benchmark, the Russell 3000<sup>®</sup> Index.

The Fund applies principles of behavioral finance to its investment strategy. This process is designed to capitalize on known investor biases and heuristics (mental shortcuts) by accounting for the impact on markets of behavioral factors such as greed, fear, and ego. The Fund's momentum strategy, which targets upward-trending stocks, contributed significantly to absolute returns. The Fund's exposure to value, achieved by targeting cheaper stocks that tend to outperform more expensive stocks, also contributed to absolute returns.

The Fund's overweight exposure to momentum and value stocks boosted relative returns as well. Upward-trending stocks captured more upside from generally rising stock prices than the benchmark did, while cheap stocks outperformed expensive stocks in the large-cap space. This outperformance was particularly pronounced within food, beverage and tobacco, and healthcare sectors. The Fund's modest underweight exposure to financial services also contributed to relative returns against its primary benchmark.

How did the Fund perform in the past 10 years?

For the ten-year period between October 1, 2015, and September 30, 2025, the Fund outperformed its primary benchmark and underperformed its broader benchmark.

The Fund's overweight exposure to both value and momentum stocks was a key driver of absolute and relative returns during the period. The Fund's value exposure detracted from returns during the bear market that began the period and contributed to returns during the recovery that followed. The Fund's momentum exposure both helped and hurt returns during the first seven years of the period. During the last three years of the period, however, momentum has been a solid contributor to returns. Stock selection contributed to relative returns, particularly within the capital goods and the semiconductors and semiconductor equipment industry groups, where the Fund's holdings outperformed the benchmark's. Underperformance of the broader benchmark in the ten-year period was driven by the Fund's underweight exposure to technology stocks, which outperformed during the period.

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

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

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

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $114 | 1.05% |

---

#### PERFORMANCE OF HYPOTHETICAL

#### $10,000 INVESTMENT

#### Growth of $10,000
![Growth of 10K Chart](i7268f231ffae938ee69c4d3a.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Sterling Capital Behavioral Large Cap Value Equity Fund - A | Russell 3000<sup>®</sup> Index | Russell 1000<sup>®</sup> Value Index | Bloomberg US 1000 Value Index |
| Sep-2015 | $9424 | $10000 | $10000 | $10000 |
| Sep-2016 | $10240 | $11496 | $11619 | $11588 |
| Sep-2017 | $12179 | $13647 | $13377 | $13615 |
| Sep-2018 | $13504 | $16046 | $14641 | $15035 |
| Sep-2019 | $13188 | $16514 | $15227 | $15348 |
| Sep-2020 | $11981 | $18992 | $14461 | $14193 |
| Sep-2021 | $16484 | $25045 | $19525 | $19817 |
| Sep-2022 | $14863 | $20630 | $17306 | $18185 |
| Sep-2023 | $17304 | $24852 | $19805 | $20912 |
| Sep-2024 | $22751 | $33598 | $25303 | $26473 |
| Sep-2025 | $26670 | $39447 | $27692 | $29017 |

---

#### AVERAGE ANNUAL TOTAL RETURNS

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Years | 10 Years |
| Sterling Capital Behavioral Large Cap Value Equity Fund - A | 17.23% | 17.36% | 10.96% |
| Russell 3000<sup>®</sup> Index | 17.41% | 15.74% | 14.71% |
| Russell 1000<sup>®</sup> Value Index | 9.44% | 13.87% | 10.72% |
| Bloomberg US 1000 Value Index | 9.61% | 15.38% | 11.24% |

---

The Russell 1000<sup>®</sup> Value Index measures the performance of the large-cap value segment of the U.S. equity universe. It includes those Russell 1000<sup>®</sup> companies with lower price-to-book ratios and lower expected growth values. The Russell 1000<sup>®</sup> Value Index is constructed to provide a comprehensive and unbiased barometer for the large-cap value segment. The index is completely reconstituted annually to ensure new and growing equities are included and that the represented companies continue to reflect value characteristics.

The Russell 3000<sup>®</sup> Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market, constructed to provide a comprehensive, unbiased and stable barometer of the broad market, and is completely reconstituted annually to ensure new and growing equities are included.

The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

![Image](iaa54f7be91e36791596adbf9.jpg)

Sterling Capital Behavioral Large Cap Value Equity Fund

September 30, 2025

ANNUAL SHAREHOLDER REPORT

https://sterlingcapitalfunds.com/funds/

Class A (BBTGX)

#### KEY FUND STATISTICS (as of Period End)
* Net Assets$47,637,274

* Number of Portfolio Holdings103

* Advisory Fee (net of waivers)$179,829

* Portfolio Turnover108%

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

---

| | |
|:---|:---|
| Money Market Funds | 0.5% |
| Materials | 3.4% |
| Real Estate | 3.7% |
| Utilities | 4.3% |
| Consumer Staples | 5.7% |
| Energy | 6.4% |
| Communication Services | 8.0% |
| Consumer Discretionary | 8.2% |
| Industrials | 10.2% |
| Information Technology | 11.4% |
| Health Care | 13.9% |
| Financials | 24.3% |
| Other Assets in Excess of Liabilities | -% |

---

#### Asset Weighting (as a % of Total Investments)
![Group By Asset Type Chart](i7d7195e439c7cd49764ee603.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Common Stocks | 99.5% |
| Money Market Funds | 0.5% |

---

#### MATERIAL FUND CHANGES
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 agreement 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 is expected to take place in the first half of 2026. Following the Closing, it is anticipated that Sterling Capital will continue to operate as a standalone entity indirectly owned by Guardian, which will in turn be indirectly owned by Desjardins. To provide continuity and stability, Sterling Capital's team of management and senior professionals are currently expected to continue servicing Sterling Capital's clients, including the Funds, after Closing.

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

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

TSR-AR 093025-BBTGX

![Image](iaa54f7be91e36791596adbf9.jpg)

Sterling Capital Behavioral Large Cap Value Equity Fund

September 30, 2025

ANNUAL SHAREHOLDER REPORT

https://sterlingcapitalfunds.com/funds/

Class C (BCVCX)

This annual shareholder report contains important information about Sterling Capital Behavioral Large Cap Value Equity Fund for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund athttps://sterlingcapitalfunds.com/funds/. You can also request this information by contacting us at (888) 228-1872. This report describes material fund changes to the Fund that occurred during the year in the MATERIAL FUND CHANGES section of this report

#### WHAT FACTORS INFLUENCED PERFORMANCE FOR THE PERIOD?
For the 12-month period between October 1, 2024, and September 30, 2025, the Fund outperformed both its primary benchmark, the Russell 1000<sup>®</sup> Value Index, and its broader benchmark, the Russell 3000<sup>®</sup> Index.

The Fund applies principles of behavioral finance to its investment strategy. This process is designed to capitalize on known investor biases and heuristics (mental shortcuts) by accounting for the impact on markets of behavioral factors such as greed, fear, and ego. The Fund's momentum strategy, which targets upward-trending stocks, contributed significantly to absolute returns. The Fund's exposure to value, achieved by targeting cheaper stocks that tend to outperform more expensive stocks, also contributed to absolute returns.

The Fund's overweight exposure to momentum and value stocks boosted relative returns as well. Upward-trending stocks captured more upside from generally rising stock prices than the benchmark did, while cheap stocks outperformed expensive stocks in the large-cap space. This outperformance was particularly pronounced within food, beverage and tobacco, and healthcare sectors. The Fund's modest underweight exposure to financial services also contributed to relative returns against its primary benchmark.

How did the Fund perform in the past 10 years?

For the ten-year period between October 1, 2015, and September 30, 2025, the Fund outperformed its primary benchmark and underperformed its broader benchmark.

The Fund's overweight exposure to both value and momentum stocks was a key driver of absolute and relative returns during the period. The Fund's value exposure detracted from returns during the bear market that began the period and contributed to returns during the recovery that followed. The Fund's momentum exposure both helped and hurt returns during the first seven years of the period. During the last three years of the period, however, momentum has been a solid contributor to returns. Stock selection contributed to relative returns, particularly within the capital goods and the semiconductors and semiconductor equipment industry groups, where the Fund's holdings outperformed the benchmark's. Underperformance of the broader benchmark in the ten-year period was driven by the Fund's underweight exposure to technology stocks, which outperformed during the period.

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

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

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

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class C | $195 | 1.80% |

---

#### PERFORMANCE OF HYPOTHETICAL

#### $10,000 INVESTMENT

#### Growth of $10,000
![Growth of 10K Chart](id96339a734e2c5f33ae1a932.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Sterling Capital Behavioral Large Cap Value Equity Fund - C | Russell 3000<sup>®</sup> Index | Russell 1000<sup>®</sup> Value Index | Bloomberg US 1000 Value Index |
| Sep-2015 | $10000 | $10000 | $10000 | $10000 |
| Sep-2016 | $10787 | $11496 | $11619 | $11588 |
| Sep-2017 | $12729 | $13647 | $13377 | $13615 |
| Sep-2018 | $14015 | $16046 | $14641 | $15035 |
| Sep-2019 | $13583 | $16514 | $15227 | $15348 |
| Sep-2020 | $12251 | $18992 | $14461 | $14193 |
| Sep-2021 | $16731 | $25045 | $19525 | $19817 |
| Sep-2022 | $14973 | $20630 | $17306 | $18185 |
| Sep-2023 | $17304 | $24852 | $19805 | $20912 |
| Sep-2024 | $22573 | $33598 | $25303 | $26473 |
| Sep-2025 | $26260 | $39447 | $27692 | $29017 |

---

#### AVERAGE ANNUAL TOTAL RETURNS

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Years | 10 Years |
| Sterling Capital Behavioral Large Cap Value Equity Fund - C | 16.34% | 16.47% | 10.14% |
| Russell 3000<sup>®</sup> Index | 17.41% | 15.74% | 14.71% |
| Russell 1000<sup>®</sup> Value Index | 9.44% | 13.87% | 10.72% |
| Bloomberg US 1000 Value Index | 9.61% | 15.38% | 11.24% |

---

The Russell 1000<sup>®</sup> Value Index measures the performance of the large-cap value segment of the U.S. equity universe. It includes those Russell 1000<sup>®</sup> companies with lower price-to-book ratios and lower expected growth values. The Russell 1000<sup>®</sup> Value Index is constructed to provide a comprehensive and unbiased barometer for the large-cap value segment. The index is completely reconstituted annually to ensure new and growing equities are included and that the represented companies continue to reflect value characteristics.

The Russell 3000<sup>®</sup> Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market, constructed to provide a comprehensive, unbiased and stable barometer of the broad market, and is completely reconstituted annually to ensure new and growing equities are included.

The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

![Image](iaa54f7be91e36791596adbf9.jpg)

Sterling Capital Behavioral Large Cap Value Equity Fund

September 30, 2025

ANNUAL SHAREHOLDER REPORT

https://sterlingcapitalfunds.com/funds/

Class C (BCVCX)

#### KEY FUND STATISTICS (as of Period End)
* Net Assets$47,637,274

* Number of Portfolio Holdings103

* Advisory Fee (net of waivers)$179,829

* Portfolio Turnover108%

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

---

| | |
|:---|:---|
| Money Market Funds | 0.5% |
| Materials | 3.4% |
| Real Estate | 3.7% |
| Utilities | 4.3% |
| Consumer Staples | 5.7% |
| Energy | 6.4% |
| Communication Services | 8.0% |
| Consumer Discretionary | 8.2% |
| Industrials | 10.2% |
| Information Technology | 11.4% |
| Health Care | 13.9% |
| Financials | 24.3% |
| Other Assets in Excess of Liabilities | -% |

---

#### Asset Weighting (as a % of Total Investments)
![Group By Asset Type Chart](i337b104bca7dc072f8a9a1df.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Common Stocks | 99.5% |
| Money Market Funds | 0.5% |

---

#### MATERIAL FUND CHANGES
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 agreement 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 is expected to take place in the first half of 2026. Following the Closing, it is anticipated that Sterling Capital will continue to operate as a standalone entity indirectly owned by Guardian, which will in turn be indirectly owned by Desjardins. To provide continuity and stability, Sterling Capital's team of management and senior professionals are currently expected to continue servicing Sterling Capital's clients, including the Funds, after Closing.

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

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

TSR-AR 093025-BCVCX

![Image](iaa54f7be91e36791596adbf9.jpg)

Sterling Capital Behavioral Large Cap Value Equity Fund

September 30, 2025

ANNUAL SHAREHOLDER REPORT

https://sterlingcapitalfunds.com/funds/

Class Institutional (BBISX)

This annual shareholder report contains important information about Sterling Capital Behavioral Large Cap Value Equity Fund for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund athttps://sterlingcapitalfunds.com/funds/. You can also request this information by contacting us at (888) 228-1872. This report describes material fund changes to the Fund that occurred during the year in the MATERIAL FUND CHANGES section of this report

#### WHAT FACTORS INFLUENCED PERFORMANCE FOR THE PERIOD?
For the 12-month period between October 1, 2024, and September 30, 2025, the Fund outperformed both its primary benchmark, the Russell 1000<sup>®</sup> Value Index, and its broader benchmark, the Russell 3000<sup>®</sup> Index.

The Fund applies principles of behavioral finance to its investment strategy. This process is designed to capitalize on known investor biases and heuristics (mental shortcuts) by accounting for the impact on markets of behavioral factors such as greed, fear, and ego. The Fund's momentum strategy, which targets upward-trending stocks, contributed significantly to absolute returns. The Fund's exposure to value, achieved by targeting cheaper stocks that tend to outperform more expensive stocks, also contributed to absolute returns.

The Fund's overweight exposure to momentum and value stocks boosted relative returns as well. Upward-trending stocks captured more upside from generally rising stock prices than the benchmark did, while cheap stocks outperformed expensive stocks in the large-cap space. This outperformance was particularly pronounced within food, beverage and tobacco, and healthcare sectors. The Fund's modest underweight exposure to financial services also contributed to relative returns against its primary benchmark.

How did the Fund perform in the past 10 years?

For the ten-year period between October 1, 2015, and September 30, 2025, the Fund outperformed its primary benchmark and underperformed its broader benchmark.

The Fund's overweight exposure to both value and momentum stocks was a key driver of absolute and relative returns during the period. The Fund's value exposure detracted from returns during the bear market that began the period and contributed to returns during the recovery that followed. The Fund's momentum exposure both helped and hurt returns during the first seven years of the period. During the last three years of the period, however, momentum has been a solid contributor to returns. Stock selection contributed to relative returns, particularly within the capital goods and the semiconductors and semiconductor equipment industry groups, where the Fund's holdings outperformed the benchmark's. Underperformance of the broader benchmark in the ten-year period was driven by the Fund's underweight exposure to technology stocks, which outperformed during the period.

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

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

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

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class Institutional | $87 | 0.80% |

---

#### PERFORMANCE OF HYPOTHETICAL

#### $10,000 INVESTMENT

#### Growth of $10,000
![Growth of 10K Chart](i00382fc9f66f487ba16d141b.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Sterling Capital Behavioral Large Cap Value Equity Fund - I | Russell 3000<sup>®</sup> Index | Russell 1000<sup>®</sup> Value Index | Bloomberg US 1000 Value Index |
| Sep-2015 | $10000 | $10000 | $10000 | $10000 |
| Sep-2016 | $10894 | $11496 | $11619 | $11588 |
| Sep-2017 | $12983 | $13647 | $13377 | $13615 |
| Sep-2018 | $14437 | $16046 | $14641 | $15035 |
| Sep-2019 | $14137 | $16514 | $15227 | $15348 |
| Sep-2020 | $12871 | $18992 | $14461 | $14193 |
| Sep-2021 | $17749 | $25045 | $19525 | $19817 |
| Sep-2022 | $16041 | $20630 | $17306 | $18185 |
| Sep-2023 | $18726 | $24852 | $19805 | $20912 |
| Sep-2024 | $24681 | $33598 | $25303 | $26473 |
| Sep-2025 | $29003 | $39447 | $27692 | $29017 |

---

#### AVERAGE ANNUAL TOTAL RETURNS

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Years | 10 Years |
| Sterling Capital Behavioral Large Cap Value Equity Fund - I |  |  |  |
| Without Load | 17.51% | 17.64% | 11.24% |
| With Load | 17.51% | 17.64% | 11.24% |
| Russell 3000<sup>®</sup> Index | 17.41% | 15.74% | 14.71% |
| Russell 1000<sup>®</sup> Value Index | 9.44% | 13.87% | 10.72% |
| Bloomberg US 1000 Value Index | 9.61% | 15.38% | 11.24% |

---

The Russell 1000<sup>®</sup> Value Index measures the performance of the large-cap value segment of the U.S. equity universe. It includes those Russell 1000<sup>®</sup> companies with lower price-to-book ratios and lower expected growth values. The Russell 1000<sup>®</sup> Value Index is constructed to provide a comprehensive and unbiased barometer for the large-cap value segment. The index is completely reconstituted annually to ensure new and growing equities are included and that the represented companies continue to reflect value characteristics.

The Russell 3000<sup>®</sup> Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market, constructed to provide a comprehensive, unbiased and stable barometer of the broad market, and is completely reconstituted annually to ensure new and growing equities are included.

The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

![Image](iaa54f7be91e36791596adbf9.jpg)

Sterling Capital Behavioral Large Cap Value Equity Fund

September 30, 2025

ANNUAL SHAREHOLDER REPORT

https://sterlingcapitalfunds.com/funds/

Class Institutional (BBISX)

#### KEY FUND STATISTICS (as of Period End)
* Net Assets$47,637,274

* Number of Portfolio Holdings103

* Advisory Fee (net of waivers)$179,829

* Portfolio Turnover108%

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

---

| | |
|:---|:---|
| Money Market Funds | 0.5% |
| Materials | 3.4% |
| Real Estate | 3.7% |
| Utilities | 4.3% |
| Consumer Staples | 5.7% |
| Energy | 6.4% |
| Communication Services | 8.0% |
| Consumer Discretionary | 8.2% |
| Industrials | 10.2% |
| Information Technology | 11.4% |
| Health Care | 13.9% |
| Financials | 24.3% |
| Other Assets in Excess of Liabilities | -% |

---

#### Asset Weighting (as a % of Total Investments)
![Group By Asset Type Chart](i8548fd12c57f1f543baeb817.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Common Stocks | 99.5% |
| Money Market Funds | 0.5% |

---

#### MATERIAL FUND CHANGES
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 agreement 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 is expected to take place in the first half of 2026. Following the Closing, it is anticipated that Sterling Capital will continue to operate as a standalone entity indirectly owned by Guardian, which will in turn be indirectly owned by Desjardins. To provide continuity and stability, Sterling Capital's team of management and senior professionals are currently expected to continue servicing Sterling Capital's clients, including the Funds, after Closing.

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

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

TSR-AR 093025-BBISX

![Image](iaa54f7be91e36791596adbf9.jpg)

Sterling Capital Behavioral Large Cap Value Equity Fund

September 30, 2025

ANNUAL SHAREHOLDER REPORT

https://sterlingcapitalfunds.com/funds/

Class R6 (STRAX)

This annual shareholder report contains important information about Sterling Capital Behavioral Large Cap Value Equity Fund for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund athttps://sterlingcapitalfunds.com/funds/. You can also request this information by contacting us at (888) 228-1872. This report describes material fund changes to the Fund that occurred during the year in the MATERIAL FUND CHANGES section of this report

#### WHAT FACTORS INFLUENCED PERFORMANCE FOR THE PERIOD?
For the 12-month period between October 1, 2024, and September 30, 2025, the Fund outperformed both its primary benchmark, the Russell 1000<sup>®</sup> Value Index, and its broader benchmark, the Russell 3000<sup>®</sup> Index.

The Fund applies principles of behavioral finance to its investment strategy. This process is designed to capitalize on known investor biases and heuristics (mental shortcuts) by accounting for the impact on markets of behavioral factors such as greed, fear, and ego. The Fund's momentum strategy, which targets upward-trending stocks, contributed significantly to absolute returns. The Fund's exposure to value, achieved by targeting cheaper stocks that tend to outperform more expensive stocks, also contributed to absolute returns.

The Fund's overweight exposure to momentum and value stocks boosted relative returns as well. Upward-trending stocks captured more upside from generally rising stock prices than the benchmark did, while cheap stocks outperformed expensive stocks in the large-cap space. This outperformance was particularly pronounced within food, beverage and tobacco, and healthcare sectors. The Fund's modest underweight exposure to financial services also contributed to relative returns against its primary benchmark.

How did the Fund perform in the past 10 years?

For the ten-year period between October 1, 2015, and September 30, 2025, the Fund outperformed its primary benchmark and underperformed its broader benchmark.

The Fund's overweight exposure to both value and momentum stocks was a key driver of absolute and relative returns during the period. The Fund's value exposure detracted from returns during the bear market that began the period and contributed to returns during the recovery that followed. The Fund's momentum exposure both helped and hurt returns during the first seven years of the period. During the last three years of the period, however, momentum has been a solid contributor to returns. Stock selection contributed to relative returns, particularly within the capital goods and the semiconductors and semiconductor equipment industry groups, where the Fund's holdings outperformed the benchmark's. Underperformance of the broader benchmark in the ten-year period was driven by the Fund's underweight exposure to technology stocks, which outperformed during the period.

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

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

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

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class R6 | $74 | 0.68% |

---

#### PERFORMANCE OF HYPOTHETICAL

#### $10,000 INVESTMENT

#### Growth of $10,000
![Growth of 10K Chart](i59801f74cf3924cb8ee55074.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Sterling Capital Behavioral Large Cap Value Equity Fund - R6 | Russell 3000<sup>®</sup> Index | Russell 1000<sup>®</sup> Value Index | Bloomberg US 1000 Value Index |
| Sep-2017 | $10000 | $10000 | $10000 | $10000 |
| Sep-2018 | $11122 | $11758 | $10945 | $11043 |
| Sep-2019 | $10897 | $12101 | $11383 | $11273 |
| Sep-2020 | $9930 | $13916 | $10811 | $10425 |
| Sep-2021 | $13695 | $18352 | $14596 | $14556 |
| Sep-2022 | $12397 | $15117 | $12937 | $13357 |
| Sep-2023 | $14485 | $18210 | $14805 | $15360 |
| Sep-2024 | $19106 | $24619 | $18916 | $19444 |
| Sep-2025 | $22486 | $28905 | $20702 | $21313 |

---

#### AVERAGE ANNUAL TOTAL RETURNS

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Years | Since Inception (January 31, 2018) |
| Sterling Capital Behavioral Large Cap Value Equity Fund - R6 | 17.69% | 17.76% | 9.52% |
| Russell 3000<sup>®</sup> Index | 17.41% | 15.74% | 13.18% |
| Russell 1000<sup>®</sup> Value Index | 9.44% | 13.87% | 8.68% |
| Bloomberg US 1000 Value Index | 9.61% | 15.38% | 8.92% |

---

The Russell 1000<sup>®</sup> Value Index measures the performance of the large-cap value segment of the U.S. equity universe. It includes those Russell 1000<sup>®</sup> companies with lower price-to-book ratios and lower expected growth values. The Russell 1000<sup>®</sup> Value Index is constructed to provide a comprehensive and unbiased barometer for the large-cap value segment. The index is completely reconstituted annually to ensure new and growing equities are included and that the represented companies continue to reflect value characteristics.

The Russell 3000<sup>®</sup> Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market, constructed to provide a comprehensive, unbiased and stable barometer of the broad market, and is completely reconstituted annually to ensure new and growing equities are included.

The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

![Image](iaa54f7be91e36791596adbf9.jpg)

Sterling Capital Behavioral Large Cap Value Equity Fund

September 30, 2025

ANNUAL SHAREHOLDER REPORT

https://sterlingcapitalfunds.com/funds/

Class R6 (STRAX)

#### KEY FUND STATISTICS (as of Period End)
* Net Assets$47,637,274

* Number of Portfolio Holdings103

* Advisory Fee (net of waivers)$179,829

* Portfolio Turnover108%

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

---

| | |
|:---|:---|
| Money Market Funds | 0.5% |
| Materials | 3.4% |
| Real Estate | 3.7% |
| Utilities | 4.3% |
| Consumer Staples | 5.7% |
| Energy | 6.4% |
| Communication Services | 8.0% |
| Consumer Discretionary | 8.2% |
| Industrials | 10.2% |
| Information Technology | 11.4% |
| Health Care | 13.9% |
| Financials | 24.3% |
| Other Assets in Excess of Liabilities | -% |

---

#### Asset Weighting (as a % of Total Investments)
![Group By Asset Type Chart](i5f45bcf932b1da59822182bc.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Common Stocks | 99.5% |
| Money Market Funds | 0.5% |

---

#### MATERIAL FUND CHANGES
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 agreement 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 is expected to take place in the first half of 2026. Following the Closing, it is anticipated that Sterling Capital will continue to operate as a standalone entity indirectly owned by Guardian, which will in turn be indirectly owned by Desjardins. To provide continuity and stability, Sterling Capital's team of management and senior professionals are currently expected to continue servicing Sterling Capital's clients, including the Funds, after Closing.

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

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

TSR-AR 093025-STRAX

![Image](iaa54f7be91e36791596adbf9.jpg)

Sterling Capital Behavioral Small Cap Value Equity Fund

September 30, 2025

ANNUAL SHAREHOLDER REPORT

https://sterlingcapitalfunds.com/funds/

Class A (SPSAX)

This annual shareholder report contains important information about Sterling Capital Behavioral Small Cap Value Equity Fund for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund athttps://sterlingcapitalfunds.com/funds/. You can also request this information by contacting us at (888) 228-1872. This report describes material fund changes to the Fund that occurred during the year in the MATERIAL FUND CHANGES section of this report

#### WHAT FACTORS INFLUENCED PERFORMANCE FOR THE PERIOD?
For the 12-month period between October 1, 2024, and September 30, 2025, the Fund underperformed its primary benchmark, the Russell 2000<sup>®</sup> Value Index, and its broader benchmark, the Russell 3000<sup>®</sup> Index.

The Fund applies principles of behavioral finance to its investment strategy. This process is designed to capitalize on known investor biases and heuristics (mental shortcuts) by accounting for the impact on markets of behavioral factors such as greed, fear, and ego. The Fund's momentum strategy, which targets upward-trending stocks, contributed significantly to absolute returns. Its value strategy, which targets cheaper stocks, also generated positive absolute returns.

During the fourth quarter of the fiscal year, investors began pursuing riskier assets such as higher beta, more volatile equities. This caused relatively volatile stocks, which the Fund does not target, to outperform, detracting from relative returns. The Fund's stock selection within the information technology and materials sectors, specifically its lack of digital currency and commodity miners, detracted significantly from relative returns against both benchmarks. The Fund's momentum exposure and value exposure both contributed to relative returns.

How did the Fund perform in the past 10 years?

For the ten-year period between October 1, 2015, and September 30, 2025, the Fund underperformed its primary benchmark and its broader benchmark.

The Fund's overweight exposure to both value and momentum stocks was a key driver of absolute and relative returns during the period. The Fund's value exposure detracted from returns during the bear market that began the period and contributed to returns during the recovery that followed. The Fund's momentum exposure both helped and hurt returns during the first seven years of the period. During the last three years of the period, however, momentum was a solid contributor to returns. The positive effects of the Fund's focus on portfolio construction were offset by stock selection, particularly within the information technology and real estate sectors, where the Fund's holdings underperformed the benchmarks.

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

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

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

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $112 | 1.09% |

---

#### PERFORMANCE OF HYPOTHETICAL

#### $10,000 INVESTMENT

#### Growth of $10,000
![Growth of 10K Chart](i0cbd0d30243e9c065448691c.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Sterling Capital Behavioral Small Cap Value Equity Fund - A | Russell 3000<sup>®</sup> Index | Russell 2000<sup>®</sup> Value Index | Bloomberg US 2000 Value Index |
| Sep-2015 | $9423 | $10000 | $10000 | $10000 |
| Sep-2016 | $10320 | $11496 | $11881 | $12002 |
| Sep-2017 | $12554 | $13647 | $14322 | $14230 |
| Sep-2018 | $13269 | $16046 | $15658 | $15549 |
| Sep-2019 | $11999 | $16514 | $14367 | $13536 |
| Sep-2020 | $9858 | $18992 | $12229 | $11927 |
| Sep-2021 | $16239 | $25045 | $20047 | $20545 |
| Sep-2022 | $14048 | $20630 | $16501 | $17037 |
| Sep-2023 | $15944 | $24852 | $17795 | $19231 |
| Sep-2024 | $20440 | $33598 | $22401 | $24380 |
| Sep-2025 | $21557 | $39447 | $24167 | $25813 |

---

#### AVERAGE ANNUAL TOTAL RETURNS

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Years | 10 Years |
| Sterling Capital Behavioral Small Cap Value Equity Fund - A |  |  |  |
| Without Load | 5.47% | 16.94% | 8.63% |
| With Load | -0.57% | 15.57% | 7.98% |
| Russell 3000<sup>®</sup> Index | 17.41% | 15.74% | 14.71% |
| Russell 2000<sup>®</sup> Value Index | 7.88% | 14.59% | 9.23% |
| Bloomberg US 2000 Value Index | 5.88% | 16.70% | 9.95% |

---

The Russell 2000<sup>®</sup> Value Index measures the performance of small-cap value segment of the U.S. equity universe. It includes those Russell 2000<sup>®</sup> companies with lower price-to-book ratios and lower forecasted growth values. The Russell 2000<sup>®</sup> Value Index is constructed to provide a comprehensive and unbiased barometer for the small-cap value segment. The index is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true small-cap opportunity set and that the represented companies continue to reflect value characteristics.

The Russell 3000<sup>®</sup> Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market, constructed to provide a comprehensive, unbiased and stable barometer of the broad market, and is completely reconstituted annually to ensure new and growing equities are included.

The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

![Image](iaa54f7be91e36791596adbf9.jpg)

Sterling Capital Behavioral Small Cap Value Equity Fund

September 30, 2025

ANNUAL SHAREHOLDER REPORT

https://sterlingcapitalfunds.com/funds/

Class A (SPSAX)

#### KEY FUND STATISTICS (as of Period End)
* Net Assets$103,718,166

* Number of Portfolio Holdings246

* Advisory Fee (net of waivers)$548,999

* Portfolio Turnover90%

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

---

| | |
|:---|:---|
| Money Market Funds | 1.4% |
| Communication Services | 1.4% |
| Consumer Staples | 2.0% |
| Communications | 2.6% |
| Information Technology | 3.3% |
| Materials | 4.7% |
| Technology | 5.1% |
| Energy | 5.9% |
| Utilities | 6.1% |
| Health Care | 8.8% |
| Real Estate | 9.8% |
| Industrials | 11.3% |
| Consumer Discretionary | 11.4% |
| Financials | 26.1% |
| Other Assets in Excess of Liabilities | 0.1% |

---

#### Asset Weighting (as a % of Total Investments)
![Group By Asset Type Chart](i1171e8de9de7435788f57124.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Common Stocks | 98.6% |
| Money Market Funds | 1.4% |

---

#### MATERIAL FUND CHANGES
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 agreement 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 is expected to take place in the first half of 2026. Following the Closing, it is anticipated that Sterling Capital will continue to operate as a standalone entity indirectly owned by Guardian, which will in turn be indirectly owned by Desjardins. To provide continuity and stability, Sterling Capital's team of management and senior professionals are currently expected to continue servicing Sterling Capital's clients, including the Funds, after Closing.

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

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

TSR-AR 093025-SPSAX

![Image](iaa54f7be91e36791596adbf9.jpg)

Sterling Capital Behavioral Small Cap Value Equity Fund

September 30, 2025

ANNUAL SHAREHOLDER REPORT

https://sterlingcapitalfunds.com/funds/

Class C (SPSDX)

This annual shareholder report contains important information about Sterling Capital Behavioral Small Cap Value Equity Fund for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund athttps://sterlingcapitalfunds.com/funds/. You can also request this information by contacting us at (888) 228-1872. This report describes material fund changes to the Fund that occurred during the year in the MATERIAL FUND CHANGES section of this report

#### WHAT FACTORS INFLUENCED PERFORMANCE FOR THE PERIOD?
For the 12-month period between October 1, 2024, and September 30, 2025, the Fund underperformed its primary benchmark, the Russell 2000<sup>®</sup> Value Index, and its broader benchmark, the Russell 3000<sup>®</sup> Index.

The Fund applies principles of behavioral finance to its investment strategy. This process is designed to capitalize on known investor biases and heuristics (mental shortcuts) by accounting for the impact on markets of behavioral factors such as greed, fear, and ego. The Fund's momentum strategy, which targets upward-trending stocks, contributed significantly to absolute returns. Its value strategy, which targets cheaper stocks, also generated positive absolute returns.

During the fourth quarter of the fiscal year, investors began pursuing riskier assets such as higher beta, more volatile equities. This caused relatively volatile stocks, which the Fund does not target, to outperform, detracting from relative returns. The Fund's stock selection within the information technology and materials sectors, specifically its lack of digital currency and commodity miners, detracted significantly from relative returns against both benchmarks. The Fund's momentum exposure and value exposure both contributed to relative returns.

How did the Fund perform in the past 10 years?

For the ten-year period between October 1, 2015, and September 30, 2025, the Fund underperformed its primary benchmark and its broader benchmark.

The Fund's overweight exposure to both value and momentum stocks was a key driver of absolute and relative returns during the period. The Fund's value exposure detracted from returns during the bear market that began the period and contributed to returns during the recovery that followed. The Fund's momentum exposure both helped and hurt returns during the first seven years of the period. During the last three years of the period, however, momentum was a solid contributor to returns. The positive effects of the Fund's focus on portfolio construction were offset by stock selection, particularly within the information technology and real estate sectors, where the Fund's holdings underperformed the benchmarks.

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

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

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

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class C | $188 | 1.84% |

---

#### PERFORMANCE OF HYPOTHETICAL

#### $10,000 INVESTMENT

#### Growth of $10,000
![Growth of 10K Chart](i8e9ff360c970799cb49973f0.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Sterling Capital Behavioral Small Cap Value Equity Fund - C | Russell 3000<sup>®</sup> Index | Russell 2000<sup>®</sup> Value Index | Bloomberg US 2000 Value Index |
| Sep-2015 | $10000 | $10000 | $10000 | $10000 |
| Sep-2016 | $10868 | $11496 | $11881 | $12002 |
| Sep-2017 | $13121 | $13647 | $14322 | $14230 |
| Sep-2018 | $13762 | $16046 | $15658 | $15549 |
| Sep-2019 | $12348 | $16514 | $14367 | $13536 |
| Sep-2020 | $10067 | $18992 | $12229 | $11927 |
| Sep-2021 | $16474 | $25045 | $20047 | $20545 |
| Sep-2022 | $14137 | $20630 | $16501 | $17037 |
| Sep-2023 | $15933 | $24852 | $17795 | $19231 |
| Sep-2024 | $20276 | $33598 | $22401 | $24380 |
| Sep-2025 | $21218 | $39447 | $24167 | $25813 |

---

#### AVERAGE ANNUAL TOTAL RETURNS

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Years | 10 Years |
| Sterling Capital Behavioral Small Cap Value Equity Fund - C | 4.65% | 16.08% | 7.81% |
| Russell 3000<sup>®</sup> Index | 17.41% | 15.74% | 14.71% |
| Russell 2000<sup>®</sup> Value Index | 7.88% | 14.59% | 9.23% |
| Bloomberg US 2000 Value Index | 5.88% | 16.70% | 9.95% |

---

The Russell 2000<sup>®</sup> Value Index measures the performance of small-cap value segment of the U.S. equity universe. It includes those Russell 2000<sup>®</sup> companies with lower price-to-book ratios and lower forecasted growth values. The Russell 2000<sup>®</sup> Value Index is constructed to provide a comprehensive and unbiased barometer for the small-cap value segment. The index is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true small-cap opportunity set and that the represented companies continue to reflect value characteristics.

The Russell 3000<sup>®</sup> Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market, constructed to provide a comprehensive, unbiased and stable barometer of the broad market, and is completely reconstituted annually to ensure new and growing equities are included.

The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

![Image](iaa54f7be91e36791596adbf9.jpg)

Sterling Capital Behavioral Small Cap Value Equity Fund

September 30, 2025

ANNUAL SHAREHOLDER REPORT

https://sterlingcapitalfunds.com/funds/

Class C (SPSDX)

#### KEY FUND STATISTICS (as of Period End)
* Net Assets$103,718,166

* Number of Portfolio Holdings246

* Advisory Fee (net of waivers)$548,999

* Portfolio Turnover90%

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

---

| | |
|:---|:---|
| Money Market Funds | 1.4% |
| Communication Services | 1.4% |
| Consumer Staples | 2.0% |
| Communications | 2.6% |
| Information Technology | 3.3% |
| Materials | 4.7% |
| Technology | 5.1% |
| Energy | 5.9% |
| Utilities | 6.1% |
| Health Care | 8.8% |
| Real Estate | 9.8% |
| Industrials | 11.3% |
| Consumer Discretionary | 11.4% |
| Financials | 26.1% |
| Other Assets in Excess of Liabilities | 0.1% |

---

#### Asset Weighting (as a % of Total Investments)
![Group By Asset Type Chart](i8c6e7e74e9b2cb4384945134.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Common Stocks | 98.6% |
| Money Market Funds | 1.4% |

---

#### MATERIAL FUND CHANGES
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 agreement 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 is expected to take place in the first half of 2026. Following the Closing, it is anticipated that Sterling Capital will continue to operate as a standalone entity indirectly owned by Guardian, which will in turn be indirectly owned by Desjardins. To provide continuity and stability, Sterling Capital's team of management and senior professionals are currently expected to continue servicing Sterling Capital's clients, including the Funds, after Closing.

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

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

TSR-AR 093025-SPSDX

![Image](iaa54f7be91e36791596adbf9.jpg)

Sterling Capital Behavioral Small Cap Value Equity Fund

September 30, 2025

ANNUAL SHAREHOLDER REPORT

https://sterlingcapitalfunds.com/funds/

Class R6 (STRBX)

This annual shareholder report contains important information about Sterling Capital Behavioral Small Cap Value Equity Fund for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund athttps://sterlingcapitalfunds.com/funds/. You can also request this information by contacting us at (888) 228-1872. This report describes material fund changes to the Fund that occurred during the year in the MATERIAL FUND CHANGES section of this report

#### WHAT FACTORS INFLUENCED PERFORMANCE FOR THE PERIOD?
For the 12-month period between October 1, 2024, and September 30, 2025, the Fund underperformed its primary benchmark, the Russell 2000<sup>®</sup> Value Index, and its broader benchmark, the Russell 3000<sup>®</sup> Index.

The Fund applies principles of behavioral finance to its investment strategy. This process is designed to capitalize on known investor biases and heuristics (mental shortcuts) by accounting for the impact on markets of behavioral factors such as greed, fear, and ego. The Fund's momentum strategy, which targets upward-trending stocks, contributed significantly to absolute returns. Its value strategy, which targets cheaper stocks, also generated positive absolute returns.

During the fourth quarter of the fiscal year, investors began pursuing riskier assets such as higher beta, more volatile equities. This caused relatively volatile stocks, which the Fund does not target, to outperform, detracting from relative returns. The Fund's stock selection within the information technology and materials sectors, specifically its lack of digital currency and commodity miners, detracted significantly from relative returns against both benchmarks. The Fund's momentum exposure and value exposure both contributed to relative returns.

How did the Fund perform in the past 10 years?

For the ten-year period between October 1, 2015, and September 30, 2025, the Fund underperformed its primary benchmark and its broader benchmark.

The Fund's overweight exposure to both value and momentum stocks was a key driver of absolute and relative returns during the period. The Fund's value exposure detracted from returns during the bear market that began the period and contributed to returns during the recovery that followed. The Fund's momentum exposure both helped and hurt returns during the first seven years of the period. During the last three years of the period, however, momentum was a solid contributor to returns. The positive effects of the Fund's focus on portfolio construction were offset by stock selection, particularly within the information technology and real estate sectors, where the Fund's holdings underperformed the benchmarks.

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

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

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

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class R6 | $80 | 0.78% |

---

#### PERFORMANCE OF HYPOTHETICAL

#### $10,000 INVESTMENT

#### Growth of $10,000
![Growth of 10K Chart](i0caa4bd77554974481c83b68.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Sterling Capital Behavioral Small Cap Value Equity Fund - R6 | Russell 3000<sup>®</sup> Index | Russell 2000<sup>®</sup> Value Index | Bloomberg US 2000 Value Index |
| Sep-2017 | $10000 | $10000 | $10000 | $10000 |
| Sep-2018 | $10607 | $11758 | $10933 | $10927 |
| Sep-2019 | $9622 | $12101 | $10031 | $9513 |
| Sep-2020 | $7926 | $13916 | $8539 | $8382 |
| Sep-2021 | $13106 | $18352 | $13997 | $14438 |
| Sep-2022 | $11364 | $15117 | $11521 | $11973 |
| Sep-2023 | $12948 | $18210 | $12425 | $13515 |
| Sep-2024 | $16653 | $24619 | $15640 | $17133 |
| Sep-2025 | $17612 | $28905 | $16874 | $18141 |

---

#### AVERAGE ANNUAL TOTAL RETURNS

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Years | Since Inception (January 31, 2018) |
| Sterling Capital Behavioral Small Cap Value Equity Fund - R6 | 5.76% | 17.31% | 7.03% |
| Russell 3000<sup>®</sup> Index | 17.41% | 15.74% | 13.18% |
| Russell 2000<sup>®</sup> Value Index | 7.88% | 14.59% | 6.61% |
| Bloomberg US 2000 Value Index | 5.88% | 16.70% | 7.48% |

---

The Russell 2000<sup>®</sup> Value Index measures the performance of small-cap value segment of the U.S. equity universe. It includes those Russell 2000<sup>®</sup> companies with lower price-to-book ratios and lower forecasted growth values. The Russell 2000<sup>®</sup> Value Index is constructed to provide a comprehensive and unbiased barometer for the small-cap value segment. The index is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true small-cap opportunity set and that the represented companies continue to reflect value characteristics.

The Russell 3000<sup>®</sup> Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market, constructed to provide a comprehensive, unbiased and stable barometer of the broad market, and is completely reconstituted annually to ensure new and growing equities are included.

The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

![Image](iaa54f7be91e36791596adbf9.jpg)

Sterling Capital Behavioral Small Cap Value Equity Fund

September 30, 2025

ANNUAL SHAREHOLDER REPORT

https://sterlingcapitalfunds.com/funds/

Class R6 (STRBX)

#### KEY FUND STATISTICS (as of Period End)
* Net Assets$103,718,166

* Number of Portfolio Holdings246

* Advisory Fee (net of waivers)$548,999

* Portfolio Turnover90%

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

---

| | |
|:---|:---|
| Money Market Funds | 1.4% |
| Communication Services | 1.4% |
| Consumer Staples | 2.0% |
| Communications | 2.6% |
| Information Technology | 3.3% |
| Materials | 4.7% |
| Technology | 5.1% |
| Energy | 5.9% |
| Utilities | 6.1% |
| Health Care | 8.8% |
| Real Estate | 9.8% |
| Industrials | 11.3% |
| Consumer Discretionary | 11.4% |
| Financials | 26.1% |
| Other Assets in Excess of Liabilities | 0.1% |

---

#### Asset Weighting (as a % of Total Investments)
![Group By Asset Type Chart](i864b29cf68b3f48fbf3a5e5e.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Common Stocks | 98.6% |
| Money Market Funds | 1.4% |

---

#### MATERIAL FUND CHANGES
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 agreement 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 is expected to take place in the first half of 2026. Following the Closing, it is anticipated that Sterling Capital will continue to operate as a standalone entity indirectly owned by Guardian, which will in turn be indirectly owned by Desjardins. To provide continuity and stability, Sterling Capital's team of management and senior professionals are currently expected to continue servicing Sterling Capital's clients, including the Funds, after Closing.

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

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

TSR-AR 093025-STRBX

![Image](iaa54f7be91e36791596adbf9.jpg)

Sterling Capital Behavioral Small Cap Value Equity Fund

September 30, 2025

ANNUAL SHAREHOLDER REPORT

https://sterlingcapitalfunds.com/funds/

Class Institutional (SPSCX)

This annual shareholder report contains important information about Sterling Capital Behavioral Small Cap Value Equity Fund for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund athttps://sterlingcapitalfunds.com/funds/. You can also request this information by contacting us at (888) 228-1872. This report describes material fund changes to the Fund that occurred during the year in the MATERIAL FUND CHANGES section of this report

#### WHAT FACTORS INFLUENCED PERFORMANCE FOR THE PERIOD?
For the 12-month period between October 1, 2024, and September 30, 2025, the Fund underperformed its primary benchmark, the Russell 2000<sup>®</sup> Value Index, and its broader benchmark, the Russell 3000<sup>®</sup> Index.

The Fund applies principles of behavioral finance to its investment strategy. This process is designed to capitalize on known investor biases and heuristics (mental shortcuts) by accounting for the impact on markets of behavioral factors such as greed, fear, and ego. The Fund's momentum strategy, which targets upward-trending stocks, contributed significantly to absolute returns. Its value strategy, which targets cheaper stocks, also generated positive absolute returns.

During the fourth quarter of the fiscal year, investors began pursuing riskier assets such as higher beta, more volatile equities. This caused relatively volatile stocks, which the Fund does not target, to outperform, detracting from relative returns. The Fund's stock selection within the information technology and materials sectors, specifically its lack of digital currency and commodity miners, detracted significantly from relative returns against both benchmarks. The Fund's momentum exposure and value exposure both contributed to relative returns.

How did the Fund perform in the past 10 years?

For the ten-year period between October 1, 2015, and September 30, 2025, the Fund underperformed its primary benchmark and its broader benchmark.

The Fund's overweight exposure to both value and momentum stocks was a key driver of absolute and relative returns during the period. The Fund's value exposure detracted from returns during the bear market that began the period and contributed to returns during the recovery that followed. The Fund's momentum exposure both helped and hurt returns during the first seven years of the period. During the last three years of the period, however, momentum was a solid contributor to returns. The positive effects of the Fund's focus on portfolio construction were offset by stock selection, particularly within the information technology and real estate sectors, where the Fund's holdings underperformed the benchmarks.

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

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

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

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class Institutional | $86 | 0.84% |

---

#### PERFORMANCE OF HYPOTHETICAL

#### $10,000 INVESTMENT

#### Growth of $10,000
![Growth of 10K Chart](if84058e5b1286b5b4fc31e6e.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Sterling Capital Behavioral Small Cap Value Equity Fund - I | Russell 3000<sup>®</sup> Index | Russell 2000<sup>®</sup> Value Index | Bloomberg US 2000 Value Index |
| Sep-2015 | $10000 | $10000 | $10000 | $10000 |
| Sep-2016 | $10980 | $11496 | $11881 | $12002 |
| Sep-2017 | $13384 | $13647 | $14322 | $14230 |
| Sep-2018 | $14182 | $16046 | $15658 | $15549 |
| Sep-2019 | $12860 | $16514 | $14367 | $13536 |
| Sep-2020 | $10591 | $18992 | $12229 | $11927 |
| Sep-2021 | $17498 | $25045 | $20047 | $20545 |
| Sep-2022 | $15162 | $20630 | $16501 | $17037 |
| Sep-2023 | $17264 | $24852 | $17795 | $19231 |
| Sep-2024 | $22181 | $33598 | $22401 | $24380 |
| Sep-2025 | $23442 | $39447 | $24167 | $25813 |

---

#### AVERAGE ANNUAL TOTAL RETURNS

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Years | 10 Years |
| Sterling Capital Behavioral Small Cap Value Equity Fund - I | 5.68% | 17.22% | 8.89% |
| Russell 3000<sup>®</sup> Index | 17.41% | 15.74% | 14.71% |
| Russell 2000<sup>®</sup> Value Index | 7.88% | 14.59% | 9.23% |
| Bloomberg US 2000 Value Index | 5.88% | 16.70% | 9.95% |

---

The Russell 2000<sup>®</sup> Value Index measures the performance of small-cap value segment of the U.S. equity universe. It includes those Russell 2000<sup>®</sup> companies with lower price-to-book ratios and lower forecasted growth values. The Russell 2000<sup>®</sup> Value Index is constructed to provide a comprehensive and unbiased barometer for the small-cap value segment. The index is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true small-cap opportunity set and that the represented companies continue to reflect value characteristics.

The Russell 3000<sup>®</sup> Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market, constructed to provide a comprehensive, unbiased and stable barometer of the broad market, and is completely reconstituted annually to ensure new and growing equities are included.

The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

![Image](iaa54f7be91e36791596adbf9.jpg)

Sterling Capital Behavioral Small Cap Value Equity Fund

September 30, 2025

ANNUAL SHAREHOLDER REPORT

https://sterlingcapitalfunds.com/funds/

Class Institutional (SPSCX)

#### KEY FUND STATISTICS (as of Period End)
* Net Assets$103,718,166

* Number of Portfolio Holdings246

* Advisory Fee (net of waivers)$548,999

* Portfolio Turnover90%

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

---

| | |
|:---|:---|
| Money Market Funds | 1.4% |
| Communication Services | 1.4% |
| Consumer Staples | 2.0% |
| Communications | 2.6% |
| Information Technology | 3.3% |
| Materials | 4.7% |
| Technology | 5.1% |
| Energy | 5.9% |
| Utilities | 6.1% |
| Health Care | 8.8% |
| Real Estate | 9.8% |
| Industrials | 11.3% |
| Consumer Discretionary | 11.4% |
| Financials | 26.1% |
| Other Assets in Excess of Liabilities | 0.1% |

---

#### Asset Weighting (as a % of Total Investments)
![Group By Asset Type Chart](i2c2a155dca163d8e93bfe08c.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Common Stocks | 98.6% |
| Money Market Funds | 1.4% |

---

#### MATERIAL FUND CHANGES
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 agreement 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 is expected to take place in the first half of 2026. Following the Closing, it is anticipated that Sterling Capital will continue to operate as a standalone entity indirectly owned by Guardian, which will in turn be indirectly owned by Desjardins. To provide continuity and stability, Sterling Capital's team of management and senior professionals are currently expected to continue servicing Sterling Capital's clients, including the Funds, after Closing.

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

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

TSR-AR 093025-SPSCX

![Image](iaa54f7be91e36791596adbf9.jpg)

Sterling Capital Equity Income Fund

September 30, 2025

ANNUAL SHAREHOLDER REPORT

https://sterlingcapitalfunds.com/funds/

Class A (BAEIX)

This annual shareholder report contains important information about Sterling Capital Equity Income Fund for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund athttps://sterlingcapitalfunds.com/funds/. You can also request this information by contacting us at (888) 228-1872. This report describes material fund changes to the Fund that occurred during the year in the MATERIAL FUND CHANGES section of this report

#### WHAT FACTORS INFLUENCED PERFORMANCE FOR THE PERIOD?
For the 12-month period between October 1, 2024, and September 30, 2025, the Fund underperformed its benchmark, the Russell 1000 Value Index and its broad-based benchmark, the Russell 3000 Index. U.S. equities experienced gains across the period as the Federal Reserve cut interest rates three times for a total reduction of 75 basis points. On an absolute basis, the Fund benefited from its exposure to the financials sector as those holdings gained on higher activity in capital markets, improved performance of their wealth management operations, and improved capital positions.

The Fund's underperformance relative to its benchmark was largely due to stock selection, particularly within the technology, industrials, and health care sectors. Policy shifts by the new administration related to the Medicare Advantage and Medicaid markets negatively impacted the Fund's holdings in the health care sector, particularly with two health insurance companies. Policy changes around government services consulting contracts also weighed on the Fund's holdings of a government services consulting company which dragged on relative performance.

The Fund's above-benchmark exposure to the financials sector added to relative performance as that sector outperformed. The Fund's lack of exposure to the utility sector also modestly benefited the Fund's returns on a relative basis as that sector underperformed based on valuation changes and shifts in government policy, including tax policy related to renewable energy production.

How did the Fund perform in the past 10 years?

For the ten-year period under review, the Fund outperformed its benchmark. The Fund's focus on value companies that maintain a dominant market position and exhibit efficient operations contributed to absolute performance. The Fund's exposure to enterprise software, business consulting, and analog semiconductor companies also contributed on an absolute basis over the ten-year period under review. Demand from an aging population helped drive gains in pharmaceutical and medical devices companies which also added to absolute returns. Conversely, exposure to the energy and industrials sectors weighed on the Fund's absolute returns.

The Fund's relative outperformance for the ten-year period benefited from both stock selection and an above-benchmark exposure to the outperforming information technology and health care sectors. Underweight exposures to the underperforming energy and industrials sectors also added on a relative basis.

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

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

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

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $106 | 1.07% |

---

#### PERFORMANCE OF HYPOTHETICAL

#### $10,000 INVESTMENT

#### Growth of $10,000
![Growth of 10K Chart](i624fa70a97695d7f02605ea2.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Sterling Capital Equity Income Fund - A | Russell 3000<sup>®</sup> Index | Russell 1000<sup>®</sup> Value Index | Bloomberg US 1000 Value Index |
| Sep-2015 | $9424 | $10000 | $10000 | $10000 |
| Sep-2016 | $10790 | $11496 | $11619 | $11588 |
| Sep-2017 | $12537 | $13647 | $13377 | $13615 |
| Sep-2018 | $14454 | $16046 | $14641 | $15035 |
| Sep-2019 | $15679 | $16514 | $15227 | $15348 |
| Sep-2020 | $15663 | $18992 | $14461 | $14193 |
| Sep-2021 | $21006 | $25045 | $19525 | $19817 |
| Sep-2022 | $19776 | $20630 | $17306 | $18185 |
| Sep-2023 | $22259 | $24852 | $19805 | $20912 |
| Sep-2024 | $27562 | $33598 | $25303 | $26473 |
| Sep-2025 | $26881 | $39447 | $27692 | $29017 |

---

#### AVERAGE ANNUAL TOTAL RETURNS

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Years | 10 Years |
| Sterling Capital Equity Income Fund - A |  |  |  |
| Without Load | -2.47% | 11.41% | 11.05% |
| With Load | -8.08% | 10.10% | 10.39% |
| Russell 3000<sup>®</sup> Index | 17.41% | 15.74% | 14.71% |
| Russell 1000<sup>®</sup> Value Index | 9.44% | 13.87% | 10.72% |
| Bloomberg US 1000 Value Index | 9.61% | 15.38% | 11.24% |

---

The Russell 1000<sup>®</sup> Value Index measures the performance of the large-cap value segment of the U.S. equity universe. It includes those Russell 1000<sup>®</sup> companies with lower price-to-book ratios and lower expected growth values. The Russell 1000<sup>®</sup> Value Index is constructed to provide a comprehensive and unbiased barometer for the large-cap value segment. The index is completely reconstituted annually to ensure new and growing equities are included and that the represented companies continue to reflect value characteristics.

The Russell 3000<sup>®</sup> Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market, constructed to provide a comprehensive, unbiased and stable barometer of the broad market, and is completely reconstituted annually to ensure new and growing equities are included.

The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

![Image](iaa54f7be91e36791596adbf9.jpg)

Sterling Capital Equity Income Fund

September 30, 2025

ANNUAL SHAREHOLDER REPORT

https://sterlingcapitalfunds.com/funds/

Class A (BAEIX)

#### KEY FUND STATISTICS (as of Period End)
* Net Assets$1,070,709,486

* Number of Portfolio Holdings34

* Advisory Fee (net of waivers)$7,787,545

* Portfolio Turnover51%

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

---

| | |
|:---|:---|
| Real Estate | 1.4% |
| Money Market Funds | 2.1% |
| Energy | 3.3% |
| Consumer Staples | 4.4% |
| Materials | 5.4% |
| Consumer Discretionary | 9.5% |
| Health Care | 10.0% |
| Information Technology | 12.8% |
| Industrials | 24.8% |
| Financials | 26.5% |
| Liabilities in Excess of Other Assets | -0.2% |

---

#### Asset Weighting (as a % of Total Investments)
![Group By Asset Type Chart](ic9d57d3a0524298f8aa373e2.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Common Stocks | 97.9% |
| Money Market Funds | 2.1% |

---

#### MATERIAL FUND CHANGES
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 agreement 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 is expected to take place in the first half of 2026. Following the Closing, it is anticipated that Sterling Capital will continue to operate as a standalone entity indirectly owned by Guardian, which will in turn be indirectly owned by Desjardins. To provide continuity and stability, Sterling Capital's team of management and senior professionals are currently expected to continue servicing Sterling Capital's clients, including the Funds, after Closing.

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

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

TSR-AR 093025-BAEIX

![Image](iaa54f7be91e36791596adbf9.jpg)

Sterling Capital Equity Income Fund

September 30, 2025

ANNUAL SHAREHOLDER REPORT

https://sterlingcapitalfunds.com/funds/

Class C (BCEGX)

This annual shareholder report contains important information about Sterling Capital Equity Income Fund for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund athttps://sterlingcapitalfunds.com/funds/. You can also request this information by contacting us at (888) 228-1872. This report describes material fund changes to the Fund that occurred during the year in the MATERIAL FUND CHANGES section of this report

#### WHAT FACTORS INFLUENCED PERFORMANCE FOR THE PERIOD?
For the 12-month period between October 1, 2024, and September 30, 2025, the Fund underperformed its benchmark, the Russell 1000 Value Index and its broad-based benchmark, the Russell 3000 Index. U.S. equities experienced gains across the period as the Federal Reserve cut interest rates three times for a total reduction of 75 basis points. On an absolute basis, the Fund benefited from its exposure to the financials sector as those holdings gained on higher activity in capital markets, improved performance of their wealth management operations, and improved capital positions.

The Fund's underperformance relative to its benchmark was largely due to stock selection, particularly within the technology, industrials, and health care sectors. Policy shifts by the new administration related to the Medicare Advantage and Medicaid markets negatively impacted the Fund's holdings in the health care sector, particularly with two health insurance companies. Policy changes around government services consulting contracts also weighed on the Fund's holdings of a government services consulting company which dragged on relative performance.

The Fund's above-benchmark exposure to the financials sector added to relative performance as that sector outperformed. The Fund's lack of exposure to the utility sector also modestly benefited the Fund's returns on a relative basis as that sector underperformed based on valuation changes and shifts in government policy, including tax policy related to renewable energy production.

How did the Fund perform in the past 10 years?

For the ten-year period under review, the Fund outperformed its benchmark. The Fund's focus on value companies that maintain a dominant market position and exhibit efficient operations contributed to absolute performance. The Fund's exposure to enterprise software, business consulting, and analog semiconductor companies also contributed on an absolute basis over the ten-year period under review. Demand from an aging population helped drive gains in pharmaceutical and medical devices companies which also added to absolute returns. Conversely, exposure to the energy and industrials sectors weighed on the Fund's absolute returns.

The Fund's relative outperformance for the ten-year period benefited from both stock selection and an above-benchmark exposure to the outperforming information technology and health care sectors. Underweight exposures to the underperforming energy and industrials sectors also added on a relative basis.

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

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

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

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class C | $179 | 1.82% |

---

#### PERFORMANCE OF HYPOTHETICAL

#### $10,000 INVESTMENT

#### Growth of $10,000
![Growth of 10K Chart](ia489d0fca92525fc8001958b.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Sterling Capital Equity Income Fund - C | Russell 3000<sup>®</sup> Index | Russell 1000<sup>®</sup> Value Index | Bloomberg US 1000 Value Index |
| Sep-2015 | $10000 | $10000 | $10000 | $10000 |
| Sep-2016 | $11365 | $11496 | $11619 | $11588 |
| Sep-2017 | $13110 | $13647 | $13377 | $13615 |
| Sep-2018 | $14999 | $16046 | $14641 | $15035 |
| Sep-2019 | $16149 | $16514 | $15227 | $15348 |
| Sep-2020 | $16011 | $18992 | $14461 | $14193 |
| Sep-2021 | $21318 | $25045 | $19525 | $19817 |
| Sep-2022 | $19917 | $20630 | $17306 | $18185 |
| Sep-2023 | $22249 | $24852 | $19805 | $20912 |
| Sep-2024 | $27347 | $33598 | $25303 | $26473 |
| Sep-2025 | $26472 | $39447 | $27692 | $29017 |

---

#### AVERAGE ANNUAL TOTAL RETURNS

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Years | 10 Years |
| Sterling Capital Equity Income Fund - C | -3.20% | 10.58% | 10.22% |
| Russell 3000<sup>®</sup> Index | 17.41% | 15.74% | 14.71% |
| Russell 1000<sup>®</sup> Value Index | 9.44% | 13.87% | 10.72% |
| Bloomberg US 1000 Value Index | 9.61% | 15.38% | 11.24% |

---

The Russell 1000<sup>®</sup> Value Index measures the performance of the large-cap value segment of the U.S. equity universe. It includes those Russell 1000<sup>®</sup> companies with lower price-to-book ratios and lower expected growth values. The Russell 1000<sup>®</sup> Value Index is constructed to provide a comprehensive and unbiased barometer for the large-cap value segment. The index is completely reconstituted annually to ensure new and growing equities are included and that the represented companies continue to reflect value characteristics.

The Russell 3000<sup>®</sup> Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market, constructed to provide a comprehensive, unbiased and stable barometer of the broad market, and is completely reconstituted annually to ensure new and growing equities are included.

The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

![Image](iaa54f7be91e36791596adbf9.jpg)

Sterling Capital Equity Income Fund

September 30, 2025

ANNUAL SHAREHOLDER REPORT

https://sterlingcapitalfunds.com/funds/

Class C (BCEGX)

#### KEY FUND STATISTICS (as of Period End)
* Net Assets$1,070,709,486

* Number of Portfolio Holdings34

* Advisory Fee (net of waivers)$7,787,545

* Portfolio Turnover51%

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

---

| | |
|:---|:---|
| Real Estate | 1.4% |
| Money Market Funds | 2.1% |
| Energy | 3.3% |
| Consumer Staples | 4.4% |
| Materials | 5.4% |
| Consumer Discretionary | 9.5% |
| Health Care | 10.0% |
| Information Technology | 12.8% |
| Industrials | 24.8% |
| Financials | 26.5% |
| Liabilities in Excess of Other Assets | -0.2% |

---

#### Asset Weighting (as a % of Total Investments)
![Group By Asset Type Chart](if98e33001d13bc9bad3402e6.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Common Stocks | 97.9% |
| Money Market Funds | 2.1% |

---

#### MATERIAL FUND CHANGES
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 agreement 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 is expected to take place in the first half of 2026. Following the Closing, it is anticipated that Sterling Capital will continue to operate as a standalone entity indirectly owned by Guardian, which will in turn be indirectly owned by Desjardins. To provide continuity and stability, Sterling Capital's team of management and senior professionals are currently expected to continue servicing Sterling Capital's clients, including the Funds, after Closing.

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

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

TSR-AR 093025-BCEGX

![Image](iaa54f7be91e36791596adbf9.jpg)

Sterling Capital Equity Income Fund

September 30, 2025

ANNUAL SHAREHOLDER REPORT

https://sterlingcapitalfunds.com/funds/

Class R6 (STREX)

This annual shareholder report contains important information about Sterling Capital Equity Income Fund for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund athttps://sterlingcapitalfunds.com/funds/. You can also request this information by contacting us at (888) 228-1872. This report describes material fund changes to the Fund that occurred during the year in the MATERIAL FUND CHANGES section of this report

#### WHAT FACTORS INFLUENCED PERFORMANCE FOR THE PERIOD?
For the 12-month period between October 1, 2024, and September 30, 2025, the Fund underperformed its benchmark, the Russell 1000 Value Index and its broad-based benchmark, the Russell 3000 Index. U.S. equities experienced gains across the period as the Federal Reserve cut interest rates three times for a total reduction of 75 basis points. On an absolute basis, the Fund benefited from its exposure to the financials sector as those holdings gained on higher activity in capital markets, improved performance of their wealth management operations, and improved capital positions.

The Fund's underperformance relative to its benchmark was largely due to stock selection, particularly within the technology, industrials, and health care sectors. Policy shifts by the new administration related to the Medicare Advantage and Medicaid markets negatively impacted the Fund's holdings in the health care sector, particularly with two health insurance companies. Policy changes around government services consulting contracts also weighed on the Fund's holdings of a government services consulting company which dragged on relative performance.

The Fund's above-benchmark exposure to the financials sector added to relative performance as that sector outperformed. The Fund's lack of exposure to the utility sector also modestly benefited the Fund's returns on a relative basis as that sector underperformed based on valuation changes and shifts in government policy, including tax policy related to renewable energy production.

How did the Fund perform in the past 10 years?

For the ten-year period under review, the Fund outperformed its benchmark. The Fund's focus on value companies that maintain a dominant market position and exhibit efficient operations contributed to absolute performance. The Fund's exposure to enterprise software, business consulting, and analog semiconductor companies also contributed on an absolute basis over the ten-year period under review. Demand from an aging population helped drive gains in pharmaceutical and medical devices companies which also added to absolute returns. Conversely, exposure to the energy and industrials sectors weighed on the Fund's absolute returns.

The Fund's relative outperformance for the ten-year period benefited from both stock selection and an above-benchmark exposure to the outperforming information technology and health care sectors. Underweight exposures to the underperforming energy and industrials sectors also added on a relative basis.

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

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

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

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class R6 | $71 | 0.71% |

---

#### PERFORMANCE OF HYPOTHETICAL

#### $10,000 INVESTMENT

#### Growth of $10,000
![Growth of 10K Chart](ia8d08dc7f54be818332707da.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Sterling Capital Equity Income Fund - R6 | Russell 3000<sup>®</sup> Index | Russell 1000<sup>®</sup> Value Index | Bloomberg US 1000 Value Index |
| Sep-2017 | $10000 | $10000 | $10000 | $10000 |
| Sep-2018 | $11564 | $11758 | $10945 | $11043 |
| Sep-2019 | $12592 | $12101 | $11383 | $11273 |
| Sep-2020 | $12619 | $13916 | $10811 | $10425 |
| Sep-2021 | $16988 | $18352 | $14596 | $14556 |
| Sep-2022 | $16047 | $15117 | $12937 | $13357 |
| Sep-2023 | $18123 | $18210 | $14805 | $15360 |
| Sep-2024 | $22525 | $24619 | $18916 | $19444 |
| Sep-2025 | $22051 | $28905 | $20702 | $21313 |

---

#### AVERAGE ANNUAL TOTAL RETURNS

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Years | Since Inception (January 31, 2018) |
| Sterling Capital Equity Income Fund - R6 | -2.10% | 11.81% | 9.07% |
| Russell 3000<sup>®</sup> Index | 17.41% | 15.74% | 13.18% |
| Russell 1000<sup>®</sup> Value Index | 9.44% | 13.87% | 8.68% |
| Bloomberg US 1000 Value Index | 9.61% | 15.38% | 8.92% |

---

The Russell 1000<sup>®</sup> Value Index measures the performance of the large-cap value segment of the U.S. equity universe. It includes those Russell 1000<sup>®</sup> companies with lower price-to-book ratios and lower expected growth values. The Russell 1000<sup>®</sup> Value Index is constructed to provide a comprehensive and unbiased barometer for the large-cap value segment. The index is completely reconstituted annually to ensure new and growing equities are included and that the represented companies continue to reflect value characteristics.

The Russell 3000<sup>®</sup> Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market, constructed to provide a comprehensive, unbiased and stable barometer of the broad market, and is completely reconstituted annually to ensure new and growing equities are included.

The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

![Image](iaa54f7be91e36791596adbf9.jpg)

Sterling Capital Equity Income Fund

September 30, 2025

ANNUAL SHAREHOLDER REPORT

https://sterlingcapitalfunds.com/funds/

Class R6 (STREX)

#### KEY FUND STATISTICS (as of Period End)
* Net Assets$1,070,709,486

* Number of Portfolio Holdings34

* Advisory Fee (net of waivers)$7,787,545

* Portfolio Turnover51%

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

---

| | |
|:---|:---|
| Real Estate | 1.4% |
| Money Market Funds | 2.1% |
| Energy | 3.3% |
| Consumer Staples | 4.4% |
| Materials | 5.4% |
| Consumer Discretionary | 9.5% |
| Health Care | 10.0% |
| Information Technology | 12.8% |
| Industrials | 24.8% |
| Financials | 26.5% |
| Liabilities in Excess of Other Assets | -0.2% |

---

#### Asset Weighting (as a % of Total Investments)
![Group By Asset Type Chart](i1e573431fec72499e177ded2.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Common Stocks | 97.9% |
| Money Market Funds | 2.1% |

---

#### MATERIAL FUND CHANGES
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 agreement 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 is expected to take place in the first half of 2026. Following the Closing, it is anticipated that Sterling Capital will continue to operate as a standalone entity indirectly owned by Guardian, which will in turn be indirectly owned by Desjardins. To provide continuity and stability, Sterling Capital's team of management and senior professionals are currently expected to continue servicing Sterling Capital's clients, including the Funds, after Closing.

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

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

TSR-AR 093025-STREX

![Image](iaa54f7be91e36791596adbf9.jpg)

Sterling Capital Equity Income Fund

September 30, 2025

ANNUAL SHAREHOLDER REPORT

https://sterlingcapitalfunds.com/funds/

Class Institutional (BEGIX)

This annual shareholder report contains important information about Sterling Capital Equity Income Fund for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund athttps://sterlingcapitalfunds.com/funds/. You can also request this information by contacting us at (888) 228-1872. This report describes material fund changes to the Fund that occurred during the year in the MATERIAL FUND CHANGES section of this report

#### WHAT FACTORS INFLUENCED PERFORMANCE FOR THE PERIOD?
For the 12-month period between October 1, 2024, and September 30, 2025, the Fund underperformed its benchmark, the Russell 1000 Value Index and its broad-based benchmark, the Russell 3000 Index. U.S. equities experienced gains across the period as the Federal Reserve cut interest rates three times for a total reduction of 75 basis points. On an absolute basis, the Fund benefited from its exposure to the financials sector as those holdings gained on higher activity in capital markets, improved performance of their wealth management operations, and improved capital positions.

The Fund's underperformance relative to its benchmark was largely due to stock selection, particularly within the technology, industrials, and health care sectors. Policy shifts by the new administration related to the Medicare Advantage and Medicaid markets negatively impacted the Fund's holdings in the health care sector, particularly with two health insurance companies. Policy changes around government services consulting contracts also weighed on the Fund's holdings of a government services consulting company which dragged on relative performance.

The Fund's above-benchmark exposure to the financials sector added to relative performance as that sector outperformed. The Fund's lack of exposure to the utility sector also modestly benefited the Fund's returns on a relative basis as that sector underperformed based on valuation changes and shifts in government policy, including tax policy related to renewable energy production.

How did the Fund perform in the past 10 years?

For the ten-year period under review, the Fund outperformed its benchmark. The Fund's focus on value companies that maintain a dominant market position and exhibit efficient operations contributed to absolute performance. The Fund's exposure to enterprise software, business consulting, and analog semiconductor companies also contributed on an absolute basis over the ten-year period under review. Demand from an aging population helped drive gains in pharmaceutical and medical devices companies which also added to absolute returns. Conversely, exposure to the energy and industrials sectors weighed on the Fund's absolute returns.

The Fund's relative outperformance for the ten-year period benefited from both stock selection and an above-benchmark exposure to the outperforming information technology and health care sectors. Underweight exposures to the underperforming energy and industrials sectors also added on a relative basis.

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

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

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

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class Institutional | $81 | 0.82% |

---

#### PERFORMANCE OF HYPOTHETICAL

#### $10,000 INVESTMENT

#### Growth of $10,000
![Growth of 10K Chart](i0d5ba4c48107b7e91221bf5c.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Sterling Capital Equity Income Fund - I | Russell 3000<sup>®</sup> Index | Russell 1000<sup>®</sup> Value Index | Bloomberg US 1000 Value Index |
| Sep-2015 | $10000 | $10000 | $10000 | $10000 |
| Sep-2016 | $11475 | $11496 | $11619 | $11588 |
| Sep-2017 | $13369 | $13647 | $13377 | $13615 |
| Sep-2018 | $15453 | $16046 | $14641 | $15035 |
| Sep-2019 | $16800 | $16514 | $15227 | $15348 |
| Sep-2020 | $16826 | $18992 | $14461 | $14193 |
| Sep-2021 | $22626 | $25045 | $19525 | $19817 |
| Sep-2022 | $21352 | $20630 | $17306 | $18185 |
| Sep-2023 | $24092 | $24852 | $19805 | $20912 |
| Sep-2024 | $29912 | $33598 | $25303 | $26473 |
| Sep-2025 | $29250 | $39447 | $27692 | $29017 |

---

#### AVERAGE ANNUAL TOTAL RETURNS

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Years | 10 Years |
| Sterling Capital Equity Income Fund - I | -2.21% | 11.69% | 11.33% |
| Russell 3000<sup>®</sup> Index | 17.41% | 15.74% | 14.71% |
| Russell 1000<sup>®</sup> Value Index | 9.44% | 13.87% | 10.72% |
| Bloomberg US 1000 Value Index | 9.61% | 15.38% | 11.24% |

---

The Russell 1000<sup>®</sup> Value Index measures the performance of the large-cap value segment of the U.S. equity universe. It includes those Russell 1000<sup>®</sup> companies with lower price-to-book ratios and lower expected growth values. The Russell 1000<sup>®</sup> Value Index is constructed to provide a comprehensive and unbiased barometer for the large-cap value segment. The index is completely reconstituted annually to ensure new and growing equities are included and that the represented companies continue to reflect value characteristics.

The Russell 3000<sup>®</sup> Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market, constructed to provide a comprehensive, unbiased and stable barometer of the broad market, and is completely reconstituted annually to ensure new and growing equities are included.

The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

![Image](iaa54f7be91e36791596adbf9.jpg)

Sterling Capital Equity Income Fund

September 30, 2025

ANNUAL SHAREHOLDER REPORT

https://sterlingcapitalfunds.com/funds/

Class Institutional (BEGIX)

#### KEY FUND STATISTICS (as of Period End)
* Net Assets$1,070,709,486

* Number of Portfolio Holdings34

* Advisory Fee (net of waivers)$7,787,545

* Portfolio Turnover51%

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

---

| | |
|:---|:---|
| Real Estate | 1.4% |
| Money Market Funds | 2.1% |
| Energy | 3.3% |
| Consumer Staples | 4.4% |
| Materials | 5.4% |
| Consumer Discretionary | 9.5% |
| Health Care | 10.0% |
| Information Technology | 12.8% |
| Industrials | 24.8% |
| Financials | 26.5% |
| Liabilities in Excess of Other Assets | -0.2% |

---

#### Asset Weighting (as a % of Total Investments)
![Group By Asset Type Chart](if37b647509af8db590a806c1.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Common Stocks | 97.9% |
| Money Market Funds | 2.1% |

---

#### MATERIAL FUND CHANGES
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 agreement 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 is expected to take place in the first half of 2026. Following the Closing, it is anticipated that Sterling Capital will continue to operate as a standalone entity indirectly owned by Guardian, which will in turn be indirectly owned by Desjardins. To provide continuity and stability, Sterling Capital's team of management and senior professionals are currently expected to continue servicing Sterling Capital's clients, including the Funds, after Closing.

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

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

TSR-AR 093025-BEGIX

![Image](iaa54f7be91e36791596adbf9.jpg)

Sterling Capital Intermediate U.S. Government Fund

September 30, 2025

ANNUAL SHAREHOLDER REPORT

https://sterlingcapitalfunds.com/funds/

Class A (BGVAX)

This annual shareholder report contains important information about Sterling Capital Intermediate U.S. Government Fund for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund athttps://sterlingcapitalfunds.com/funds/. You can also request this information by contacting us at (888) 228-1872. This report describes material fund changes to the Fund that occurred during the year in the MATERIAL FUND CHANGES section of this report

#### WHAT FACTORS INFLUENCED PERFORMANCE FOR THE PERIOD?
For the 12-month period between October 1, 2024, and September 30, 2025, the Fund outperformed its primary benchmark, the Bloomberg Intermediate U.S. Government Bond Index, and its broad-based benchmark, the Bloomberg U.S. Aggregate Bond Index. The Federal Reserve (Fed) cut the fed funds rate by a total of 75 basis points during the period. The yield curve steepened as interest rates dropped for maturities of two years or shorter and increased for maturities of three years or longer. While the net impact was a slight drag on absolute returns, performance remained positive thanks to elevated starting yields. The Fund's outperformance relative to both benchmarks over the 12-month period was driven primarily by its overweight position in securitized assets. The Fund's exposure to agency mortgage-backed securities (MBS) and agency commercial mortgage-backed securities (CMBS), both of which outperformed Treasuries, was particularly helpful. The Fund's holdings in non-agency asset-backed securities (ABS) and non-agency CMBS also contributed to its relative performance. Detracting from the Fund's relative performance were its longer average duration than the benchmark and its higher exposure to the short and long ends of the yield curve rather than the middle.

How did the Fund perform in the past 10 years?

For the ten-year period between October 1, 2015, and September 30, 2025, the Fund underperformed both benchmarks. The Fund's absolute performance fluctuated throughout the period in response to changes in interest rates, the shape of the yield curve, and absolute returns of risk assets and Treasuries. The Fed's actions in the MBS market, of which it owned a large portion during the period, also had varying impacts on absolute returns. The Fund's longer-average duration compared to its primary benchmark drove its underperformance. Longer-duration securities are more sensitive to rate changes, and rates increased over the period. Overall, the Fund's overweight position in agency securitized sectors, which outperformed Treasuries, was a positive contributor to relative performance. The Fund's holdings in non-agency CMBS and ABS, which also outperformed Treasuries, made minor contributions to relative performance. The Fund underperformed its broader benchmark in the period largely due to a lack of corporate holdings, which generally outperformed Treasuries, during the period. The Fund's shorter-average duration than the broad benchmark, making it less sensitive to negative effects of rising rates over the period, contributed positively to relative performance. The Fund's overweight position in both non-agency securitized collateralized mortgage obligations (CMO) and agency CMO also boosted relative performance.

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

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

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

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $81 | 0.80% |

---

#### PERFORMANCE OF HYPOTHETICAL

#### $10,000 INVESTMENT

#### Growth of $10,000
![Growth of 10K Chart](ieaa941c59e2d86b7287af5d6.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Sterling Capital Intermediate U.S. Government Fund - A | Bloomberg U.S. Aggregate Bond Index | Bloomberg U.S. Government: Intermediate Index |
| Sep-2015 | $9798 | $10000 | $10000 |
| Sep-2016 | $10030 | $10519 | $10244 |
| Sep-2017 | $9910 | $10527 | $10176 |
| Sep-2018 | $9739 | $10399 | $10056 |
| Sep-2019 | $10447 | $11470 | $10812 |
| Sep-2020 | $10934 | $12271 | $11459 |
| Sep-2021 | $10800 | $12161 | $11306 |
| Sep-2022 | $9599 | $10385 | $10268 |
| Sep-2023 | $9640 | $10452 | $10405 |
| Sep-2024 | $10577 | $11662 | $11271 |
| Sep-2025 | $10907 | $11998 | $11667 |

---

#### AVERAGE ANNUAL TOTAL RETURNS

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Years | 10 Years |
| Sterling Capital Intermediate U.S. Government Fund - A |  |  |  |
| Without Load | 3.12% | -0.05% | 1.08% |
| With Load | 1.07% | -0.46% | 0.87% |
| Bloomberg U.S. Aggregate Bond Index | 2.88% | -0.45% | 1.84% |
| Bloomberg U.S. Government: Intermediate Index | 3.51% | 0.36% | 1.55% |

---

The Bloomberg U.S. Intermediate Government Index is a component of the Bloomberg Government Index with sectors including Treasuries and Agencies. Securities must have a maturity from 1 year up to (but not including) 10 years. Securities must have at least one year to final maturity regardless of call features; must be rated investment grade (Baa3/BBB- or higher) by at least two of the following ratings agencies: Moody's, S&P, Fitch.

The Bloomberg U.S. Aggregate Bond Index is an unmanaged index composed of securities that are SEC-registered, taxable, and USD-denominated. The index covers the U.S. investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities. It is not possible to invest in the Bloomberg U.S. Aggregate Bond Index, which is unmanaged and does not incur fees and charges.

The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

![Image](iaa54f7be91e36791596adbf9.jpg)

Sterling Capital Intermediate U.S. Government Fund

September 30, 2025

ANNUAL SHAREHOLDER REPORT

https://sterlingcapitalfunds.com/funds/

Class A (BGVAX)

#### KEY FUND STATISTICS (as of Period End)
* Net Assets$19,892,393

* Number of Portfolio Holdings104

* Advisory Fee (net of waivers)$19,958

* Portfolio Turnover28%

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

---

| | |
|:---|:---|
| Municipal Bonds | 0.2% |
| Money Market Funds | 0.7% |
| Asset Backed Securities | 3.6% |
| Commercial Mortgage-Backed Securities | 12.2% |
| Collateralized Mortgage Obligations | 21.8% |
| U.S. Treasury Bonds & Notes | 25.8% |
| Mortgage-Backed Securities | 35.4% |
| Other Assets in Excess of Liabilities | 0.3% |

---

#### Asset Weighting (as a % of Total Investments)
![Group By Asset Type Chart](ibd37a6624532f008a388772c.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Asset Backed Securities | 3.6% |
| Collateralized Mortgage Obligations | 21.9% |
| Commercial Mortgage-Backed Securities | 12.3% |
| Money Market Funds | 0.7% |
| Mortgage-Backed Securities | 35.5% |
| Municipal Bonds | 0.2% |
| U.S. Treasury Bonds & Notes | 25.8% |

---

#### MATERIAL FUND CHANGES
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 agreement 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 is expected to take place in the first half of 2026. Following the Closing, it is anticipated that Sterling Capital will continue to operate as a standalone entity indirectly owned by Guardian, which will in turn be indirectly owned by Desjardins. To provide continuity and stability, Sterling Capital's team of management and senior professionals are currently expected to continue servicing Sterling Capital's clients, including the Funds, after Closing.

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

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

TSR-AR 093025-BGVAX

![Image](iaa54f7be91e36791596adbf9.jpg)

Sterling Capital Intermediate U.S. Government Fund

September 30, 2025

ANNUAL SHAREHOLDER REPORT

https://sterlingcapitalfunds.com/funds/

Class C (BIUCX)

This annual shareholder report contains important information about Sterling Capital Intermediate U.S. Government Fund for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund athttps://sterlingcapitalfunds.com/funds/. You can also request this information by contacting us at (888) 228-1872. This report describes material fund changes to the Fund that occurred during the year in the MATERIAL FUND CHANGES section of this report

#### WHAT FACTORS INFLUENCED PERFORMANCE FOR THE PERIOD?
For the 12-month period between October 1, 2024, and September 30, 2025, the Fund outperformed its primary benchmark, the Bloomberg Intermediate U.S. Government Bond Index, and its broad-based benchmark, the Bloomberg U.S. Aggregate Bond Index. The Federal Reserve (Fed) cut the fed funds rate by a total of 75 basis points during the period. The yield curve steepened as interest rates dropped for maturities of two years or shorter and increased for maturities of three years or longer. While the net impact was a slight drag on absolute returns, performance remained positive thanks to elevated starting yields. The Fund's outperformance relative to both benchmarks over the 12-month period was driven primarily by its overweight position in securitized assets. The Fund's exposure to agency mortgage-backed securities (MBS) and agency commercial mortgage-backed securities (CMBS), both of which outperformed Treasuries, was particularly helpful. The Fund's holdings in non-agency asset-backed securities (ABS) and non-agency CMBS also contributed to its relative performance. Detracting from the Fund's relative performance were its longer average duration than the benchmark and its higher exposure to the short and long ends of the yield curve rather than the middle.

How did the Fund perform in the past 10 years?

For the ten-year period between October 1, 2015, and September 30, 2025, the Fund underperformed both benchmarks. The Fund's absolute performance fluctuated throughout the period in response to changes in interest rates, the shape of the yield curve, and absolute returns of risk assets and Treasuries. The Fed's actions in the MBS market, of which it owned a large portion during the period, also had varying impacts on absolute returns. The Fund's longer-average duration compared to its primary benchmark drove its underperformance. Longer-duration securities are more sensitive to rate changes, and rates increased over the period. Overall, the Fund's overweight position in agency securitized sectors, which outperformed Treasuries, was a positive contributor to relative performance. The Fund's holdings in non-agency CMBS and ABS, which also outperformed Treasuries, made minor contributions to relative performance. The Fund underperformed its broader benchmark in the period largely due to a lack of corporate holdings, which generally outperformed Treasuries, during the period. The Fund's shorter-average duration than the broad benchmark, making it less sensitive to negative effects of rising rates over the period, contributed positively to relative performance. The Fund's overweight position in both non-agency securitized collateralized mortgage obligations (CMO) and agency CMO also boosted relative performance.

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

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

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

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class C | $157 | 1.55% |

---

#### PERFORMANCE OF HYPOTHETICAL

#### $10,000 INVESTMENT

#### Growth of $10,000
![Growth of 10K Chart](if45c7e5d185ebc89a3af3f51.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Sterling Capital Intermediate U.S. Government Fund - C | Bloomberg U.S. Aggregate Bond Index | Bloomberg U.S. Government: Intermediate Index |
| Sep-2015 | $10000 | $10000 | $10000 |
| Sep-2016 | $10150 | $10519 | $10244 |
| Sep-2017 | $9953 | $10527 | $10176 |
| Sep-2018 | $9718 | $10399 | $10056 |
| Sep-2019 | $10348 | $11470 | $10812 |
| Sep-2020 | $10739 | $12271 | $11459 |
| Sep-2021 | $10527 | $12161 | $11306 |
| Sep-2022 | $9283 | $10385 | $10268 |
| Sep-2023 | $9254 | $10452 | $10405 |
| Sep-2024 | $10079 | $11662 | $11271 |
| Sep-2025 | $10316 | $11998 | $11667 |

---

#### AVERAGE ANNUAL TOTAL RETURNS

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Years | 10 Years |
| Sterling Capital Intermediate U.S. Government Fund - C | 2.36% | -0.80% | 0.31% |
| Bloomberg U.S. Aggregate Bond Index | 2.88% | -0.45% | 1.84% |
| Bloomberg U.S. Government: Intermediate Index | 3.51% | 0.36% | 1.55% |

---

The Bloomberg U.S. Intermediate Government Index is a component of the Bloomberg Government Index with sectors including Treasuries and Agencies. Securities must have a maturity from 1 year up to (but not including) 10 years. Securities must have at least one year to final maturity regardless of call features; must be rated investment grade (Baa3/BBB- or higher) by at least two of the following ratings agencies: Moody's, S&P, Fitch.

The Bloomberg U.S. Aggregate Bond Index is an unmanaged index composed of securities that are SEC-registered, taxable, and USD-denominated. The index covers the U.S. investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities. It is not possible to invest in the Bloomberg U.S. Aggregate Bond Index, which is unmanaged and does not incur fees and charges.

The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

![Image](iaa54f7be91e36791596adbf9.jpg)

Sterling Capital Intermediate U.S. Government Fund

September 30, 2025

ANNUAL SHAREHOLDER REPORT

https://sterlingcapitalfunds.com/funds/

Class C (BIUCX)

#### KEY FUND STATISTICS (as of Period End)
* Net Assets$19,892,393

* Number of Portfolio Holdings104

* Advisory Fee (net of waivers)$19,958

* Portfolio Turnover28%

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

---

| | |
|:---|:---|
| Municipal Bonds | 0.2% |
| Money Market Funds | 0.7% |
| Asset Backed Securities | 3.6% |
| Commercial Mortgage-Backed Securities | 12.2% |
| Collateralized Mortgage Obligations | 21.8% |
| U.S. Treasury Bonds & Notes | 25.8% |
| Mortgage-Backed Securities | 35.4% |
| Other Assets in Excess of Liabilities | 0.3% |

---

#### Asset Weighting (as a % of Total Investments)
![Group By Asset Type Chart](ic974b84d0b926d26dbf0af22.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Asset Backed Securities | 3.6% |
| Collateralized Mortgage Obligations | 21.9% |
| Commercial Mortgage-Backed Securities | 12.3% |
| Money Market Funds | 0.7% |
| Mortgage-Backed Securities | 35.5% |
| Municipal Bonds | 0.2% |
| U.S. Treasury Bonds & Notes | 25.8% |

---

#### MATERIAL FUND CHANGES
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 agreement 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 is expected to take place in the first half of 2026. Following the Closing, it is anticipated that Sterling Capital will continue to operate as a standalone entity indirectly owned by Guardian, which will in turn be indirectly owned by Desjardins. To provide continuity and stability, Sterling Capital's team of management and senior professionals are currently expected to continue servicing Sterling Capital's clients, including the Funds, after Closing.

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

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

TSR-AR 093025-BIUCX

![Image](iaa54f7be91e36791596adbf9.jpg)

Sterling Capital Intermediate U.S. Government Fund

September 30, 2025

ANNUAL SHAREHOLDER REPORT

https://sterlingcapitalfunds.com/funds/

Class Institutional (BBGVX)

This annual shareholder report contains important information about Sterling Capital Intermediate U.S. Government Fund for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund athttps://sterlingcapitalfunds.com/funds/. You can also request this information by contacting us at (888) 228-1872. This report describes material fund changes to the Fund that occurred during the year in the MATERIAL FUND CHANGES section of this report

#### WHAT FACTORS INFLUENCED PERFORMANCE FOR THE PERIOD?
For the 12-month period between October 1, 2024, and September 30, 2025, the Fund outperformed its primary benchmark, the Bloomberg Intermediate U.S. Government Bond Index, and its broad-based benchmark, the Bloomberg U.S. Aggregate Bond Index. The Federal Reserve (Fed) cut the fed funds rate by a total of 75 basis points during the period. The yield curve steepened as interest rates dropped for maturities of two years or shorter and increased for maturities of three years or longer. While the net impact was a slight drag on absolute returns, performance remained positive thanks to elevated starting yields. The Fund's outperformance relative to both benchmarks over the 12-month period was driven primarily by its overweight position in securitized assets. The Fund's exposure to agency mortgage-backed securities (MBS) and agency commercial mortgage-backed securities (CMBS), both of which outperformed Treasuries, was particularly helpful. The Fund's holdings in non-agency asset-backed securities (ABS) and non-agency CMBS also contributed to its relative performance. Detracting from the Fund's relative performance were its longer average duration than the benchmark and its higher exposure to the short and long ends of the yield curve rather than the middle.

How did the Fund perform in the past 10 years?

For the ten-year period between October 1, 2015, and September 30, 2025, the Fund underperformed both benchmarks. The Fund's absolute performance fluctuated throughout the period in response to changes in interest rates, the shape of the yield curve, and absolute returns of risk assets and Treasuries. The Fed's actions in the MBS market, of which it owned a large portion during the period, also had varying impacts on absolute returns. The Fund's longer-average duration compared to its primary benchmark drove its underperformance. Longer-duration securities are more sensitive to rate changes, and rates increased over the period. Overall, the Fund's overweight position in agency securitized sectors, which outperformed Treasuries, was a positive contributor to relative performance. The Fund's holdings in non-agency CMBS and ABS, which also outperformed Treasuries, made minor contributions to relative performance. The Fund underperformed its broader benchmark in the period largely due to a lack of corporate holdings, which generally outperformed Treasuries, during the period. The Fund's shorter-average duration than the broad benchmark, making it less sensitive to negative effects of rising rates over the period, contributed positively to relative performance. The Fund's overweight position in both non-agency securitized collateralized mortgage obligations (CMO) and agency CMO also boosted relative performance.

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

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

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

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class Institutional | $56 | 0.55% |

---

#### PERFORMANCE OF HYPOTHETICAL

#### $10,000 INVESTMENT

#### Growth of $10,000
![Growth of 10K Chart](i73b6a3735bacef83c6fafaab.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Sterling Capital Intermediate U.S. Government Fund - I | Bloomberg U.S. Aggregate Bond Index | Bloomberg U.S. Government: Intermediate Index |
| Sep-2015 | $10000 | $10000 | $10000 |
| Sep-2016 | $10262 | $10519 | $10244 |
| Sep-2017 | $10165 | $10527 | $10176 |
| Sep-2018 | $10015 | $10399 | $10056 |
| Sep-2019 | $10770 | $11470 | $10812 |
| Sep-2020 | $11300 | $12271 | $11459 |
| Sep-2021 | $11178 | $12161 | $11306 |
| Sep-2022 | $9960 | $10385 | $10268 |
| Sep-2023 | $10040 | $10452 | $10405 |
| Sep-2024 | $11030 | $11662 | $11271 |
| Sep-2025 | $11402 | $11998 | $11667 |

---

#### AVERAGE ANNUAL TOTAL RETURNS

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Years | 10 Years |
| Sterling Capital Intermediate U.S. Government Fund - I | 3.38% | 0.18% | 1.32% |
| Bloomberg U.S. Aggregate Bond Index | 2.88% | -0.45% | 1.84% |
| Bloomberg U.S. Government: Intermediate Index | 3.51% | 0.36% | 1.55% |

---

The Bloomberg U.S. Intermediate Government Index is a component of the Bloomberg Government Index with sectors including Treasuries and Agencies. Securities must have a maturity from 1 year up to (but not including) 10 years. Securities must have at least one year to final maturity regardless of call features; must be rated investment grade (Baa3/BBB- or higher) by at least two of the following ratings agencies: Moody's, S&P, Fitch.

The Bloomberg U.S. Aggregate Bond Index is an unmanaged index composed of securities that are SEC-registered, taxable, and USD-denominated. The index covers the U.S. investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities. It is not possible to invest in the Bloomberg U.S. Aggregate Bond Index, which is unmanaged and does not incur fees and charges.

The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

![Image](iaa54f7be91e36791596adbf9.jpg)

Sterling Capital Intermediate U.S. Government Fund

September 30, 2025

ANNUAL SHAREHOLDER REPORT

https://sterlingcapitalfunds.com/funds/

Class Institutional (BBGVX)

#### KEY FUND STATISTICS (as of Period End)
* Net Assets$19,892,393

* Number of Portfolio Holdings104

* Advisory Fee (net of waivers)$19,958

* Portfolio Turnover28%

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

---

| | |
|:---|:---|
| Municipal Bonds | 0.2% |
| Money Market Funds | 0.7% |
| Asset Backed Securities | 3.6% |
| Commercial Mortgage-Backed Securities | 12.2% |
| Collateralized Mortgage Obligations | 21.8% |
| U.S. Treasury Bonds & Notes | 25.8% |
| Mortgage-Backed Securities | 35.4% |
| Other Assets in Excess of Liabilities | 0.3% |

---

#### Asset Weighting (as a % of Total Investments)
![Group By Asset Type Chart](i06178a00ccbd26eab29dcbb1.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Asset Backed Securities | 3.6% |
| Collateralized Mortgage Obligations | 21.9% |
| Commercial Mortgage-Backed Securities | 12.3% |
| Money Market Funds | 0.7% |
| Mortgage-Backed Securities | 35.5% |
| Municipal Bonds | 0.2% |
| U.S. Treasury Bonds & Notes | 25.8% |

---

#### MATERIAL FUND CHANGES
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 agreement 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 is expected to take place in the first half of 2026. Following the Closing, it is anticipated that Sterling Capital will continue to operate as a standalone entity indirectly owned by Guardian, which will in turn be indirectly owned by Desjardins. To provide continuity and stability, Sterling Capital's team of management and senior professionals are currently expected to continue servicing Sterling Capital's clients, including the Funds, after Closing.

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

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

TSR-AR 093025-BBGVX

![Image](iaa54f7be91e36791596adbf9.jpg)

Sterling Capital Long Duration Corporate Bond Fund

September 30, 2025

ANNUAL SHAREHOLDER REPORT

https://sterlingcapitalfunds.com/funds/

Class A (SCCMX)

This annual shareholder report contains important information about Sterling Capital Long Duration Corporate Bond Fund for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund athttps://sterlingcapitalfunds.com/funds/. You can also request this information by contacting us at (888) 228-1872. This report describes material fund changes to the Fund that occurred during the year in the MATERIAL FUND CHANGES section of this report

#### WHAT FACTORS INFLUENCED PERFORMANCE FOR THE PERIOD?
For the 12-month period between October 1, 2024, and September 30, 2025, the Fund underperformed both its targeted benchmark, the Bloomberg Long Corporate Index, and its broad-based benchmark, the Bloomberg U.S. Aggregate Bond Index. Higher yields above the ten-year portion of the yield curve dragged on the Fund's absolute returns as longer-term interest rates rose during the period. Meanwhile, the Fund's total returns were boosted by risk premia finishing the fiscal year lower than they began.

The Fund held an above-benchmark position in Treasury securities during the period to enhance Fund liquidity and reduce risk in anticipation of volatility surrounding shifts in trade policy. While Treasuries outperformed early in the year, particularly in the wake of the "Liberation Day" tariff announcements, they generally underperformed corporate bonds during the rest of the period, hurting relative returns.

The Fund's underperformance relative to its broad-based benchmark was largely due to the Fund's concentration in securities with maturities beyond ten years. The steepening of the Treasury yield curve caused these securities to underperform the shorter maturity bonds held in the Bloomberg U.S. Aggregate Bond Index.

How did the Fund perform over the past 10 years?

The Fund outperformed its targeted benchmark over the past ten years but underperformed its broad-based benchmark. The Fund's positive performance relative to its targeted benchmark over the past ten years was largely due to strategic decisions regarding duration, yield curve positioning, sector allocation, and security selection. The Fund's underperformance relative to its broad-based benchmark during this period can largely be attributed to its shift from a focus on intermediate duration bonds to a focus on bonds maturing beyond ten years.

In general, fixed income returns during this period were hurt by higher interest rates.

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

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

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

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $70 | 0.70% |

---

#### PERFORMANCE OF HYPOTHETICAL

#### $10,000 INVESTMENT

#### Growth of $10,000
![Growth of 10K Chart](i9d5b79becbd50521257e9094.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Sterling Capital Long Duration Corporate Bond Fund - A | Bloomberg U.S. Aggregate Bond Index | Bloomberg U.S. Long Corporate Index |
| Sep-2015 | $9796 | $10000 | $10000 |
| Sep-2016 | $10340 | $10519 | $11570 |
| Sep-2017 | $10554 | $10527 | $11919 |
| Sep-2018 | $10469 | $10399 | $11636 |
| Sep-2019 | $11412 | $11470 | $13970 |
| Sep-2020 | $12161 | $12271 | $15340 |
| Sep-2021 | $12485 | $12161 | $15717 |
| Sep-2022 | $9016 | $10385 | $11254 |
| Sep-2023 | $9141 | $10452 | $11541 |
| Sep-2024 | $10813 | $11662 | $13755 |
| Sep-2025 | $10869 | $11998 | $13877 |

---

#### AVERAGE ANNUAL TOTAL RETURNS

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Years | 10 Years |
| Sterling Capital Long Duration Corporate Bond Fund - A |  |  |  |
| Without Load | 0.52% | -2.22% | 1.04% |
| With Load | -1.51% | -2.61% | 0.84% |
| Bloomberg U.S. Aggregate Bond Index | 2.88% | -0.45% | 1.84% |
| Bloomberg U.S. Long Corporate Index | 0.89% | -1.98% | 3.33% |

---

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

The Bloomberg U.S. Aggregate Bond Index is an unmanaged index composed of securities that are SEC-registered, taxable, and USD-denominated. The index covers the U.S. investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities. It is not possible to invest in the Bloomberg U.S. Aggregate Bond Index, which is unmanaged and does not incur fees and charges.

The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

![Image](iaa54f7be91e36791596adbf9.jpg)

Sterling Capital Long Duration Corporate Bond Fund

September 30, 2025

ANNUAL SHAREHOLDER REPORT

https://sterlingcapitalfunds.com/funds/

Class A (SCCMX)

#### KEY FUND STATISTICS (as of Period End)
* Net Assets$50,134,686

* Number of Portfolio Holdings364

* Advisory Fee (net of waivers)$32,147

* Portfolio Turnover53%

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

---

| | |
|:---|:---|
| Money Market Funds | 1.4% |
| Technology | 1.7% |
| Real Estate | 2.3% |
| Materials | 3.3% |
| U.S. Treasury Bonds & Notes | 3.9% |
| Consumer Discretionary | 4.3% |
| Communications | 5.0% |
| Communication Services | 5.7% |
| Information Technology | 6.1% |
| Industrials | 6.7% |
| Consumer Staples | 7.3% |
| Energy | 8.3% |
| Health Care | 10.1% |
| Utilities | 16.2% |
| Financials | 16.8% |
| Other Assets in Excess of Liabilities | 0.9% |

---

#### Asset Weighting (as a % of Total Investments)
![Group By Asset Type Chart](i3e1839e1ae292d120d7ee842.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Corporate Bonds | 94.6% |
| Money Market Funds | 1.4% |
| U.S. Treasury Bonds & Notes | 4.0% |

---

#### MATERIAL FUND CHANGES
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 agreement 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 is expected to take place in the first half of 2026. Following the Closing, it is anticipated that Sterling Capital will continue to operate as a standalone entity indirectly owned by Guardian, which will in turn be indirectly owned by Desjardins. To provide continuity and stability, Sterling Capital's team of management and senior professionals are currently expected to continue servicing Sterling Capital's clients, including the Funds, after Closing.

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

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

TSR-AR 093025-SCCMX

![Image](iaa54f7be91e36791596adbf9.jpg)

Sterling Capital Long Duration Corporate Bond Fund

September 30, 2025

ANNUAL SHAREHOLDER REPORT

https://sterlingcapitalfunds.com/funds/

Class C (SCCNX)

This annual shareholder report contains important information about Sterling Capital Long Duration Corporate Bond Fund for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund athttps://sterlingcapitalfunds.com/funds/. You can also request this information by contacting us at (888) 228-1872. This report describes material fund changes to the Fund that occurred during the year in the MATERIAL FUND CHANGES section of this report

#### WHAT FACTORS INFLUENCED PERFORMANCE FOR THE PERIOD?
For the 12-month period between October 1, 2024, and September 30, 2025, the Fund underperformed both its targeted benchmark, the Bloomberg Long Corporate Index, and its broad-based benchmark, the Bloomberg U.S. Aggregate Bond Index. Higher yields above the ten-year portion of the yield curve dragged on the Fund's absolute returns as longer-term interest rates rose during the period. Meanwhile, the Fund's total returns were boosted by risk premia finishing the fiscal year lower than they began.

The Fund held an above-benchmark position in Treasury securities during the period to enhance Fund liquidity and reduce risk in anticipation of volatility surrounding shifts in trade policy. While Treasuries outperformed early in the year, particularly in the wake of the "Liberation Day" tariff announcements, they generally underperformed corporate bonds during the rest of the period, hurting relative returns.

The Fund's underperformance relative to its broad-based benchmark was largely due to the Fund's concentration in securities with maturities beyond ten years. The steepening of the Treasury yield curve caused these securities to underperform the shorter maturity bonds held in the Bloomberg U.S. Aggregate Bond Index.

How did the Fund perform over the past 10 years?

The Fund outperformed its targeted benchmark over the past ten years but underperformed its broad-based benchmark. The Fund's positive performance relative to its targeted benchmark over the past ten years was largely due to strategic decisions regarding duration, yield curve positioning, sector allocation, and security selection. The Fund's underperformance relative to its broad-based benchmark during this period can largely be attributed to its shift from a focus on intermediate duration bonds to a focus on bonds maturing beyond ten years.

In general, fixed income returns during this period were hurt by higher interest rates.

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

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

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

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class C | $145 | 1.45% |

---

#### PERFORMANCE OF HYPOTHETICAL

#### $10,000 INVESTMENT

#### Growth of $10,000
![Growth of 10K Chart](ife7a7e0287987af95836ba28.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Sterling Capital Long Duration Corporate Bond Fund - C | Bloomberg U.S. Aggregate Bond Index | Bloomberg U.S. Long Corporate Index |
| Sep-2015 | $10000 | $10000 | $10000 |
| Sep-2016 | $10469 | $10519 | $11570 |
| Sep-2017 | $10605 | $10527 | $11919 |
| Sep-2018 | $10452 | $10399 | $11636 |
| Sep-2019 | $11306 | $11470 | $13970 |
| Sep-2020 | $11963 | $12271 | $15340 |
| Sep-2021 | $12199 | $12161 | $15717 |
| Sep-2022 | $8738 | $10385 | $11254 |
| Sep-2023 | $8806 | $10452 | $11541 |
| Sep-2024 | $10326 | $11662 | $13755 |
| Sep-2025 | $10315 | $11998 | $13877 |

---

#### AVERAGE ANNUAL TOTAL RETURNS

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Years | 10 Years |
| Sterling Capital Long Duration Corporate Bond Fund - C | -0.11% | -2.92% | 0.31% |
| Bloomberg U.S. Aggregate Bond Index | 2.88% | -0.45% | 1.84% |
| Bloomberg U.S. Long Corporate Index | 0.89% | -1.98% | 3.33% |

---

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

The Bloomberg U.S. Aggregate Bond Index is an unmanaged index composed of securities that are SEC-registered, taxable, and USD-denominated. The index covers the U.S. investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities. It is not possible to invest in the Bloomberg U.S. Aggregate Bond Index, which is unmanaged and does not incur fees and charges.

The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

![Image](iaa54f7be91e36791596adbf9.jpg)

Sterling Capital Long Duration Corporate Bond Fund

September 30, 2025

ANNUAL SHAREHOLDER REPORT

https://sterlingcapitalfunds.com/funds/

Class C (SCCNX)

#### KEY FUND STATISTICS (as of Period End)
* Net Assets$50,134,686

* Number of Portfolio Holdings364

* Advisory Fee (net of waivers)$32,147

* Portfolio Turnover53%

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

---

| | |
|:---|:---|
| Money Market Funds | 1.4% |
| Technology | 1.7% |
| Real Estate | 2.3% |
| Materials | 3.3% |
| U.S. Treasury Bonds & Notes | 3.9% |
| Consumer Discretionary | 4.3% |
| Communications | 5.0% |
| Communication Services | 5.7% |
| Information Technology | 6.1% |
| Industrials | 6.7% |
| Consumer Staples | 7.3% |
| Energy | 8.3% |
| Health Care | 10.1% |
| Utilities | 16.2% |
| Financials | 16.8% |
| Other Assets in Excess of Liabilities | 0.9% |

---

#### Asset Weighting (as a % of Total Investments)
![Group By Asset Type Chart](if560e444d76f4af00500e7e8.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Corporate Bonds | 94.6% |
| Money Market Funds | 1.4% |
| U.S. Treasury Bonds & Notes | 4.0% |

---

#### MATERIAL FUND CHANGES
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 agreement 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 is expected to take place in the first half of 2026. Following the Closing, it is anticipated that Sterling Capital will continue to operate as a standalone entity indirectly owned by Guardian, which will in turn be indirectly owned by Desjardins. To provide continuity and stability, Sterling Capital's team of management and senior professionals are currently expected to continue servicing Sterling Capital's clients, including the Funds, after Closing.

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

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

TSR-AR 093025-SCCNX

![Image](iaa54f7be91e36791596adbf9.jpg)

Sterling Capital Long Duration Corporate Bond Fund

September 30, 2025

ANNUAL SHAREHOLDER REPORT

https://sterlingcapitalfunds.com/funds/

Class R6 (STRFX)

This annual shareholder report contains important information about Sterling Capital Long Duration Corporate Bond Fund for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund athttps://sterlingcapitalfunds.com/funds/. You can also request this information by contacting us at (888) 228-1872. This report describes material fund changes to the Fund that occurred during the year in the MATERIAL FUND CHANGES section of this report

#### WHAT FACTORS INFLUENCED PERFORMANCE FOR THE PERIOD?
For the 12-month period between October 1, 2024, and September 30, 2025, the Fund underperformed both its targeted benchmark, the Bloomberg Long Corporate Index, and its broad-based benchmark, the Bloomberg U.S. Aggregate Bond Index. Higher yields above the ten-year portion of the yield curve dragged on the Fund's absolute returns as longer-term interest rates rose during the period. Meanwhile, the Fund's total returns were boosted by risk premia finishing the fiscal year lower than they began.

The Fund held an above-benchmark position in Treasury securities during the period to enhance Fund liquidity and reduce risk in anticipation of volatility surrounding shifts in trade policy. While Treasuries outperformed early in the year, particularly in the wake of the "Liberation Day" tariff announcements, they generally underperformed corporate bonds during the rest of the period, hurting relative returns.

The Fund's underperformance relative to its broad-based benchmark was largely due to the Fund's concentration in securities with maturities beyond ten years. The steepening of the Treasury yield curve caused these securities to underperform the shorter maturity bonds held in the Bloomberg U.S. Aggregate Bond Index.

How did the Fund perform over the past 10 years?

The Fund outperformed its targeted benchmark over the past ten years but underperformed its broad-based benchmark. The Fund's positive performance relative to its targeted benchmark over the past ten years was largely due to strategic decisions regarding duration, yield curve positioning, sector allocation, and security selection. The Fund's underperformance relative to its broad-based benchmark during this period can largely be attributed to its shift from a focus on intermediate duration bonds to a focus on bonds maturing beyond ten years.

In general, fixed income returns during this period were hurt by higher interest rates.

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

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

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

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class R6 | $37 | 0.37% |

---

#### PERFORMANCE OF HYPOTHETICAL

#### $10,000 INVESTMENT

#### Growth of $10,000
![Growth of 10K Chart](i54f5a93b8fd2d0bdc6a5f541.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Sterling Capital Long Duration Corporate Bond Fund - R6 | Bloomberg U.S. Aggregate Bond Index | Bloomberg U.S. Long Corporate Index |
| Sep-2021 | $10000 | $10000 | $10000 |
| Sep-2022 | $7252 | $8540 | $7160 |
| Sep-2023 | $7377 | $8595 | $7343 |
| Sep-2024 | $8757 | $9589 | $8752 |
| Sep-2025 | $8831 | $9866 | $8830 |

---

#### AVERAGE ANNUAL TOTAL RETURNS

---

| | | |
|:---|:---|:---|
| | 1 Year | Since Inception (January 31, 2022) |
| Sterling Capital Long Duration Corporate Bond Fund - R6 | 0.85% | -2.71% |
| Bloomberg U.S. Aggregate Bond Index | 2.88% | 0.22% |
| Bloomberg U.S. Long Corporate Index | 0.89% | -2.19% |

---

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

The Bloomberg U.S. Aggregate Bond Index is an unmanaged index composed of securities that are SEC-registered, taxable, and USD-denominated. The index covers the U.S. investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities. It is not possible to invest in the Bloomberg U.S. Aggregate Bond Index, which is unmanaged and does not incur fees and charges.

The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

![Image](iaa54f7be91e36791596adbf9.jpg)

Sterling Capital Long Duration Corporate Bond Fund

September 30, 2025

ANNUAL SHAREHOLDER REPORT

https://sterlingcapitalfunds.com/funds/

Class R6 (STRFX)

#### KEY FUND STATISTICS (as of Period End)
* Net Assets$50,134,686

* Number of Portfolio Holdings364

* Advisory Fee (net of waivers)$32,147

* Portfolio Turnover53%

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

---

| | |
|:---|:---|
| Money Market Funds | 1.4% |
| Technology | 1.7% |
| Real Estate | 2.3% |
| Materials | 3.3% |
| U.S. Treasury Bonds & Notes | 3.9% |
| Consumer Discretionary | 4.3% |
| Communications | 5.0% |
| Communication Services | 5.7% |
| Information Technology | 6.1% |
| Industrials | 6.7% |
| Consumer Staples | 7.3% |
| Energy | 8.3% |
| Health Care | 10.1% |
| Utilities | 16.2% |
| Financials | 16.8% |
| Other Assets in Excess of Liabilities | 0.9% |

---

#### Asset Weighting (as a % of Total Investments)
![Group By Asset Type Chart](i3348a1267a76c7b13c040552.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Corporate Bonds | 94.6% |
| Money Market Funds | 1.4% |
| U.S. Treasury Bonds & Notes | 4.0% |

---

#### MATERIAL FUND CHANGES
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 agreement 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 is expected to take place in the first half of 2026. Following the Closing, it is anticipated that Sterling Capital will continue to operate as a standalone entity indirectly owned by Guardian, which will in turn be indirectly owned by Desjardins. To provide continuity and stability, Sterling Capital's team of management and senior professionals are currently expected to continue servicing Sterling Capital's clients, including the Funds, after Closing.

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

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

TSR-AR 093025-STRFX

![Image](iaa54f7be91e36791596adbf9.jpg)

Sterling Capital Long Duration Corporate Bond Fund

September 30, 2025

ANNUAL SHAREHOLDER REPORT

https://sterlingcapitalfunds.com/funds/

Class Institutional (SCCPX)

This annual shareholder report contains important information about Sterling Capital Long Duration Corporate Bond Fund for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund athttps://sterlingcapitalfunds.com/funds/. You can also request this information by contacting us at (888) 228-1872. This report describes material fund changes to the Fund that occurred during the year in the MATERIAL FUND CHANGES section of this report

#### WHAT FACTORS INFLUENCED PERFORMANCE FOR THE PERIOD?
For the 12-month period between October 1, 2024, and September 30, 2025, the Fund underperformed both its targeted benchmark, the Bloomberg Long Corporate Index, and its broad-based benchmark, the Bloomberg U.S. Aggregate Bond Index. Higher yields above the ten-year portion of the yield curve dragged on the Fund's absolute returns as longer-term interest rates rose during the period. Meanwhile, the Fund's total returns were boosted by risk premia finishing the fiscal year lower than they began.

The Fund held an above-benchmark position in Treasury securities during the period to enhance Fund liquidity and reduce risk in anticipation of volatility surrounding shifts in trade policy. While Treasuries outperformed early in the year, particularly in the wake of the "Liberation Day" tariff announcements, they generally underperformed corporate bonds during the rest of the period, hurting relative returns.

The Fund's underperformance relative to its broad-based benchmark was largely due to the Fund's concentration in securities with maturities beyond ten years. The steepening of the Treasury yield curve caused these securities to underperform the shorter maturity bonds held in the Bloomberg U.S. Aggregate Bond Index.

How did the Fund perform over the past 10 years?

The Fund outperformed its targeted benchmark over the past ten years but underperformed its broad-based benchmark. The Fund's positive performance relative to its targeted benchmark over the past ten years was largely due to strategic decisions regarding duration, yield curve positioning, sector allocation, and security selection. The Fund's underperformance relative to its broad-based benchmark during this period can largely be attributed to its shift from a focus on intermediate duration bonds to a focus on bonds maturing beyond ten years.

In general, fixed income returns during this period were hurt by higher interest rates.

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

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

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

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class Institutional | $45 | 0.45% |

---

#### PERFORMANCE OF HYPOTHETICAL

#### $10,000 INVESTMENT

#### Growth of $10,000
![Growth of 10K Chart](iae33cdc902b113556370520e.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Sterling Capital Long Duration Corporate Bond Fund - I | Bloomberg U.S. Aggregate Bond Index | Bloomberg U.S. Long Corporate Index |
| Sep-2015 | $10000 | $10000 | $10000 |
| Sep-2016 | $10571 | $10519 | $11570 |
| Sep-2017 | $10816 | $10527 | $11919 |
| Sep-2018 | $10767 | $10399 | $11636 |
| Sep-2019 | $11766 | $11470 | $13970 |
| Sep-2020 | $12557 | $12271 | $15340 |
| Sep-2021 | $12923 | $12161 | $15717 |
| Sep-2022 | $9366 | $10385 | $11254 |
| Sep-2023 | $9520 | $10452 | $11541 |
| Sep-2024 | $11274 | $11662 | $13755 |
| Sep-2025 | $11360 | $11998 | $13877 |

---

#### AVERAGE ANNUAL TOTAL RETURNS

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Years | 10 Years |
| Sterling Capital Long Duration Corporate Bond Fund - I | 0.76% | -1.98% | 1.28% |
| Bloomberg U.S. Aggregate Bond Index | 2.88% | -0.45% | 1.84% |
| Bloomberg U.S. Long Corporate Index | 0.89% | -1.98% | 3.33% |

---

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

The Bloomberg U.S. Aggregate Bond Index is an unmanaged index composed of securities that are SEC-registered, taxable, and USD-denominated. The index covers the U.S. investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities. It is not possible to invest in the Bloomberg U.S. Aggregate Bond Index, which is unmanaged and does not incur fees and charges.

The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

![Image](iaa54f7be91e36791596adbf9.jpg)

Sterling Capital Long Duration Corporate Bond Fund

September 30, 2025

ANNUAL SHAREHOLDER REPORT

https://sterlingcapitalfunds.com/funds/

Class Institutional (SCCPX)

#### KEY FUND STATISTICS (as of Period End)
* Net Assets$50,134,686

* Number of Portfolio Holdings364

* Advisory Fee (net of waivers)$32,147

* Portfolio Turnover53%

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

---

| | |
|:---|:---|
| Money Market Funds | 1.4% |
| Technology | 1.7% |
| Real Estate | 2.3% |
| Materials | 3.3% |
| U.S. Treasury Bonds & Notes | 3.9% |
| Consumer Discretionary | 4.3% |
| Communications | 5.0% |
| Communication Services | 5.7% |
| Information Technology | 6.1% |
| Industrials | 6.7% |
| Consumer Staples | 7.3% |
| Energy | 8.3% |
| Health Care | 10.1% |
| Utilities | 16.2% |
| Financials | 16.8% |
| Other Assets in Excess of Liabilities | 0.9% |

---

#### Asset Weighting (as a % of Total Investments)
![Group By Asset Type Chart](iec71cbb00839a00923c81a11.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Corporate Bonds | 94.6% |
| Money Market Funds | 1.4% |
| U.S. Treasury Bonds & Notes | 4.0% |

---

#### MATERIAL FUND CHANGES
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 agreement 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 is expected to take place in the first half of 2026. Following the Closing, it is anticipated that Sterling Capital will continue to operate as a standalone entity indirectly owned by Guardian, which will in turn be indirectly owned by Desjardins. To provide continuity and stability, Sterling Capital's team of management and senior professionals are currently expected to continue servicing Sterling Capital's clients, including the Funds, after Closing.

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

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

TSR-AR 093025-SCCPX

![Image](iaa54f7be91e36791596adbf9.jpg)

Sterling Capital Mid Cap Relative Value Fund

September 30, 2025

ANNUAL SHAREHOLDER REPORT

https://sterlingcapitalfunds.com/funds/

Class A (STRLX)

This annual shareholder report contains important information about Sterling Capital Mid Cap Relative Value Fund for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund athttps://sterlingcapitalfunds.com/funds/. You can also request this information by contacting us at (888) 228-1872. This report describes material fund changes to the Fund that occurred during the year in the MATERIAL FUND CHANGES section of this report

#### WHAT FACTORS INFLUENCED PERFORMANCE FOR THE PERIOD?
For the 12-month period between October 1, 2024, and September 30, 2025, the Fund underperformed both its broad-based benchmark, the Russell 3000 Index, and its targeted benchmark, the Russell Mid Cap Value Index. U.S. equities recorded strong gains throughout the year, and the Fund's absolute returns benefited from its holdings in the industrials and consumer staples sectors. Within the industrials sector, companies with exposure to either infrastructure construction or national defense drove portfolio returns on an absolute basis. Investments in the consumer staples sector also benefited the Fund on an absolute basis as strong demand in the prepared food markets of restaurants, fast food chains, and convenience stores helped drive gains for shares of a food distributor and a convenience store held by the Fund.

The Fund's underperformance relative to its broad-based benchmark over the 12-month period was due to its below-benchmark exposure to large-cap stocks in the information technology sector, which outperformed the Fund's holdings of mid-cap stocks in the same sector. The Fund's underperformance relative to its targeted benchmark was driven by stock selection within the financials and information technology sectors, where a payments processor company and a consulting company with a focus on IT products both lagged their respective sectors. Stock selection within the industrials and consumer staples sectors added to the Fund's performance relative to both benchmarks. Within industrials, holdings of a specialty contractor that builds and maintains utility and communications infrastructure outperformed, while a midwestern convenience store operator outperformed in the consumer staples sector.

How did the Fund perform over the past 10 years?

The Fund underperformed both of its benchmarks over the past ten years. The Fund's performance on an absolute basis was driven primarily by a broad-based bull market in U.S. equities which was supported by a broad economic expansion and increases in company earnings. The Fund's underperformance relative to its broad-based benchmark was due to its below-benchmark exposure to large-cap stocks, most notably in the information technology sector, which outperformed the Fund's holdings of mid-cap stocks in the same sector over the past decade. Stock selection within the energy sector weighed on the Fund's results relative to its targeted benchmark while stock selection in the industrials sector added on a relative basis.

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

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

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

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $122 | 1.19% |

---

#### PERFORMANCE OF HYPOTHETICAL

#### $10,000 INVESTMENT

#### Growth of $10,000
![Growth of 10K Chart](ia256af5eea25981ed09b7a82.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Sterling Capital Mid Cap Relative Value Fund - A | Russell 3000<sup>®</sup> Index | Russell Midcap<sup>®</sup> Value Index | Bloomberg US Mid Cap Value Index |
| Sep-2015 | $9425 | $10000 | $10000 | $10000 |
| Sep-2016 | $10380 | $11496 | $11726 | $11738 |
| Sep-2017 | $12369 | $13647 | $13294 | $13711 |
| Sep-2018 | $13302 | $16046 | $14465 | $15102 |
| Sep-2019 | $13531 | $16514 | $14696 | $15313 |
| Sep-2020 | $12770 | $18992 | $13624 | $14095 |
| Sep-2021 | $17196 | $25045 | $19400 | $20408 |
| Sep-2022 | $14807 | $20630 | $16770 | $18339 |
| Sep-2023 | $16990 | $24852 | $18622 | $20448 |
| Sep-2024 | $21081 | $33598 | $24025 | $26626 |
| Sep-2025 | $22273 | $39447 | $25848 | $28187 |

---

#### AVERAGE ANNUAL TOTAL RETURNS

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Years | Since Inception (November 13, 2015) |
| Sterling Capital Mid Cap Relative Value Fund - A |  |  |  |
| Without Load | 5.66% | 11.77% | 8.81% |
| With Load | -0.43% | 10.45% | 8.16% |
| Russell 3000<sup>®</sup> Index | 17.41% | 15.74% | 14.31% |
| Russell Midcap<sup>®</sup> Value Index | 7.58% | 13.66% | 9.76% |
| Bloomberg US Mid Cap Value Index | 5.86% | 14.87% | 10.71% |

---

The Russell 3000<sup>®</sup> Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market. The Russell 3000<sup>®</sup> Index is constructed to provide a comprehensive, unbiased and stable barometer of the broad market and is completely reconstituted annually to ensure new and growing equities are included.

The Russell Midcap<sup>®</sup> Value Indexmeasures the performance of the midcap value segment of the U.S. equity universe. It includes those Russell Midcap<sup>®</sup> Index companies with lower price-to-book ratios and lower forecasted growth values. The Russell Midcap<sup>®</sup> Value Index is constructed to provide a comprehensive and unbiased barometer of the mid-cap value market. The index is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true midcap value market..

The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

![Image](iaa54f7be91e36791596adbf9.jpg)

Sterling Capital Mid Cap Relative Value Fund

September 30, 2025

ANNUAL SHAREHOLDER REPORT

https://sterlingcapitalfunds.com/funds/

Class A (STRLX)

#### KEY FUND STATISTICS (as of Period End)
* Net Assets$57,566,614

* Number of Portfolio Holdings46

* Advisory Fee (net of waivers)$267,192

* Portfolio Turnover40%

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

---

| | |
|:---|:---|
| Technology | 1.5% |
| Money Market Funds | 1.7% |
| Communication Services | 3.0% |
| Materials | 3.1% |
| Energy | 4.8% |
| Consumer Discretionary | 5.2% |
| Health Care | 5.9% |
| Utilities | 6.1% |
| Information Technology | 7.8% |
| Real Estate | 9.2% |
| Consumer Staples | 10.4% |
| Financials | 17.4% |
| Industrials | 24.0% |
| Liabilities in Excess of Other Assets | -0.1% |

---

#### Asset Weighting (as a % of Total Investments)
![Group By Asset Type Chart](i08437cf90f278c61d368e07e.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Common Stocks | 98.3% |
| Money Market Funds | 1.7% |

---

#### MATERIAL FUND CHANGES
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 agreement 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 is expected to take place in the first half of 2026. Following the Closing, it is anticipated that Sterling Capital will continue to operate as a standalone entity indirectly owned by Guardian, which will in turn be indirectly owned by Desjardins. To provide continuity and stability, Sterling Capital's team of management and senior professionals are currently expected to continue servicing Sterling Capital's clients, including the Funds, after Closing.

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

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

TSR-AR 093025-STRLX

![Image](iaa54f7be91e36791596adbf9.jpg)

Sterling Capital Mid Cap Relative Value Fund

September 30, 2025

ANNUAL SHAREHOLDER REPORT

https://sterlingcapitalfunds.com/funds/

Class C (STRNX)

This annual shareholder report contains important information about Sterling Capital Mid Cap Relative Value Fund for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund athttps://sterlingcapitalfunds.com/funds/. You can also request this information by contacting us at (888) 228-1872. This report describes material fund changes to the Fund that occurred during the year in the MATERIAL FUND CHANGES section of this report

#### WHAT FACTORS INFLUENCED PERFORMANCE FOR THE PERIOD?
For the 12-month period between October 1, 2024, and September 30, 2025, the Fund underperformed both its broad-based benchmark, the Russell 3000 Index, and its targeted benchmark, the Russell Mid Cap Value Index. U.S. equities recorded strong gains throughout the year, and the Fund's absolute returns benefited from its holdings in the industrials and consumer staples sectors. Within the industrials sector, companies with exposure to either infrastructure construction or national defense drove portfolio returns on an absolute basis. Investments in the consumer staples sector also benefited the Fund on an absolute basis as strong demand in the prepared food markets of restaurants, fast food chains, and convenience stores helped drive gains for shares of a food distributor and a convenience store held by the Fund.

The Fund's underperformance relative to its broad-based benchmark over the 12-month period was due to its below-benchmark exposure to large-cap stocks in the information technology sector, which outperformed the Fund's holdings of mid-cap stocks in the same sector. The Fund's underperformance relative to its targeted benchmark was driven by stock selection within the financials and information technology sectors, where a payments processor company and a consulting company with a focus on IT products both lagged their respective sectors. Stock selection within the industrials and consumer staples sectors added to the Fund's performance relative to both benchmarks. Within industrials, holdings of a specialty contractor that builds and maintains utility and communications infrastructure outperformed, while a midwestern convenience store operator outperformed in the consumer staples sector.

How did the Fund perform over the past 10 years?

The Fund underperformed both of its benchmarks over the past ten years. The Fund's performance on an absolute basis was driven primarily by a broad-based bull market in U.S. equities which was supported by a broad economic expansion and increases in company earnings. The Fund's underperformance relative to its broad-based benchmark was due to its below-benchmark exposure to large-cap stocks, most notably in the information technology sector, which outperformed the Fund's holdings of mid-cap stocks in the same sector over the past decade. Stock selection within the energy sector weighed on the Fund's results relative to its targeted benchmark while stock selection in the industrials sector added on a relative basis.

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

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

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

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class C | $199 | 1.94% |

---

#### PERFORMANCE OF HYPOTHETICAL

#### $10,000 INVESTMENT

#### Growth of $10,000
![Growth of 10K Chart](i24a6457035662ae516bb9443.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Sterling Capital Mid Cap Relative Value Fund - C | Russell 3000<sup>®</sup> Index | Russell Midcap<sup>®</sup> Value Index | Bloomberg US Mid Cap Value Index |
| Sep-2015 | $10000 | $10000 | $10000 | $10000 |
| Sep-2016 | $10944 | $11496 | $11726 | $11738 |
| Sep-2017 | $12943 | $13647 | $13294 | $13711 |
| Sep-2018 | $13810 | $16046 | $14465 | $15102 |
| Sep-2019 | $13952 | $16514 | $14696 | $15313 |
| Sep-2020 | $13086 | $18992 | $13624 | $14095 |
| Sep-2021 | $17510 | $25045 | $19400 | $20408 |
| Sep-2022 | $14980 | $20630 | $16770 | $18339 |
| Sep-2023 | $17078 | $24852 | $18622 | $20448 |
| Sep-2024 | $21055 | $33598 | $24025 | $26626 |
| Sep-2025 | $22081 | $39447 | $25848 | $28187 |

---

#### AVERAGE ANNUAL TOTAL RETURNS

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Years | Since Inception (November 13, 2015) |
| Sterling Capital Mid Cap Relative Value Fund - C | 4.87% | 11.03% | 8.07% |
| Russell 3000<sup>®</sup> Index | 17.41% | 15.74% | 14.31% |
| Russell Midcap<sup>®</sup> Value Index | 7.58% | 13.66% | 9.76% |
| Bloomberg US Mid Cap Value Index | 5.86% | 14.87% | 10.71% |

---

The Russell 3000<sup>®</sup> Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market. The Russell 3000<sup>®</sup> Index is constructed to provide a comprehensive, unbiased and stable barometer of the broad market and is completely reconstituted annually to ensure new and growing equities are included.

The Russell Midcap<sup>®</sup> Value Indexmeasures the performance of the midcap value segment of the U.S. equity universe. It includes those Russell Midcap<sup>®</sup> Index companies with lower price-to-book ratios and lower forecasted growth values. The Russell Midcap<sup>®</sup> Value Index is constructed to provide a comprehensive and unbiased barometer of the mid-cap value market. The index is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true midcap value market..

The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

![Image](iaa54f7be91e36791596adbf9.jpg)

Sterling Capital Mid Cap Relative Value Fund

September 30, 2025

ANNUAL SHAREHOLDER REPORT

https://sterlingcapitalfunds.com/funds/

Class C (STRNX)

#### KEY FUND STATISTICS (as of Period End)
* Net Assets$57,566,614

* Number of Portfolio Holdings46

* Advisory Fee (net of waivers)$267,192

* Portfolio Turnover40%

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

---

| | |
|:---|:---|
| Technology | 1.5% |
| Money Market Funds | 1.7% |
| Communication Services | 3.0% |
| Materials | 3.1% |
| Energy | 4.8% |
| Consumer Discretionary | 5.2% |
| Health Care | 5.9% |
| Utilities | 6.1% |
| Information Technology | 7.8% |
| Real Estate | 9.2% |
| Consumer Staples | 10.4% |
| Financials | 17.4% |
| Industrials | 24.0% |
| Liabilities in Excess of Other Assets | -0.1% |

---

#### Asset Weighting (as a % of Total Investments)
![Group By Asset Type Chart](i7f6a18013afebd1e32b476da.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Common Stocks | 98.3% |
| Money Market Funds | 1.7% |

---

#### MATERIAL FUND CHANGES
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 agreement 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 is expected to take place in the first half of 2026. Following the Closing, it is anticipated that Sterling Capital will continue to operate as a standalone entity indirectly owned by Guardian, which will in turn be indirectly owned by Desjardins. To provide continuity and stability, Sterling Capital's team of management and senior professionals are currently expected to continue servicing Sterling Capital's clients, including the Funds, after Closing.

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

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

TSR-AR 093025-STRNX

![Image](iaa54f7be91e36791596adbf9.jpg)

Sterling Capital Mid Cap Relative Value Fund

September 30, 2025

ANNUAL SHAREHOLDER REPORT

https://sterlingcapitalfunds.com/funds/

Class R6 (SCMCX)

This annual shareholder report contains important information about Sterling Capital Mid Cap Relative Value Fund for the period of May 12, 2025 to September 30, 2025. 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 FACTORS INFLUENCED PERFORMANCE FOR THE PERIOD?
For the period since inception, between May 12, 2025, and September 30, 2025, the Fund underperformed both its broad-based benchmark, the Russell 3000 Index, and its targeted benchmark, the Russell Mid Cap Value Index. U.S. equities recorded strong gains throughout the year, and the Fund's absolute returns benefited from its holdings in the industrials and consumer staples sectors. Within the industrials sector, companies with exposure to either infrastructure construction or national defense drove portfolio returns on an absolute basis. Investments in the consumer staples sector also benefited the Fund on an absolute basis as strong demand in the prepared food markets of restaurants, fast food chains, and convenience stores helped drive gains for shares of a food distributor and a convenience store held by the Fund.

The Fund's underperformance relative to its broad-based benchmark over the 12-month period was due to its below-benchmark exposure to large-cap stocks in the information technology sector, which outperformed the Fund's holdings of mid-cap stocks in the same sector. The Fund's underperformance relative to its targeted benchmark was driven by stock selection within the financials and information technology sectors, where a payments processor company and a consulting company with a focus on IT products both lagged their respective sectors. Stock selection within the industrials and consumer staples sectors added to the Fund's performance relative to both benchmarks. Within industrials, holdings of a specialty contractor that builds and maintains utility and communications infrastructure outperformed, while a midwestern convenience store operator outperformed in the consumer staples sector.

How did the Fund perform over the past 10 years?

The Fund underperformed both of its benchmarks over the past ten years. The Fund's performance on an absolute basis was driven primarily by a broad-based bull market in U.S. equities which was supported by a broad economic expansion and increases in company earnings. The Fund's underperformance relative to its broad-based benchmark was due to its below-benchmark exposure to large-cap stocks, most notably in the information technology sector, which outperformed the Fund's holdings of mid-cap stocks in the same sector over the past decade. Stock selection within the energy sector weighed on the Fund's results relative to its targeted benchmark while stock selection in the industrials sector added on a relative basis.

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

#### WHAT WERE THE FUND COSTS FOR THE PERIOD?\*

#### (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 | $71 | 0.68%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | The expenses reflect the period of May 12, 2025 (commencement of operations) to September 30, 2025 such expenses would be higher for the full reporting period. |

---

#### PERFORMANCE OF HYPOTHETICAL

#### $10,000 INVESTMENT

#### Growth of $10,000
![Growth of 10K Chart](iafbd3802d1b88a24871247ce.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Sterling Capital Mid Cap Relative Value Fund - R6 | Bloomberg US Mid Cap Value Index | Russell 3000<sup>®</sup> Index | Russell Midcap<sup>®</sup> Value Index |
| May-2025 | $10000 | $10000 | $10000 | $10000 |
| Sep-2025 | $10797 | $10883 | $11487 | $10909 |

---

#### AVERAGE ANNUAL TOTAL RETURNS

---

| | |
|:---|:---|
| | Since Inception (May 12, 2025) |
| Sterling Capital Mid Cap Relative Value Fund - R6 | 8.97% |
| Russell 3000<sup>®</sup> Index | 14.87% |
| Russell Midcap<sup>®</sup> Value Index | 9.09% |
| Bloomberg US Mid Cap Value Index | 8.83% |

---

The Russell 3000<sup>®</sup> Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market. The Russell 3000<sup>®</sup> Index is constructed to provide a comprehensive, unbiased and stable barometer of the broad market and is completely reconstituted annually to ensure new and growing equities are included.

The Russell Midcap<sup>®</sup> Value Indexmeasures the performance of the midcap value segment of the U.S. equity universe. It includes those Russell Midcap<sup>®</sup> Index companies with lower price-to-book ratios and lower forecasted growth values. The Russell Midcap<sup>®</sup> Value Index is constructed to provide a comprehensive and unbiased barometer of the mid-cap value market. The index is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true midcap value market..

The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

![Image](iaa54f7be91e36791596adbf9.jpg)

Sterling Capital Mid Cap Relative Value Fund

September 30, 2025

ANNUAL SHAREHOLDER REPORT

https://sterlingcapitalfunds.com/funds/

Class R6 (SCMCX)

#### KEY FUND STATISTICS (as of Period End)
* Net Assets$57,566,614

* Number of Portfolio Holdings46

* Advisory Fee (net of waivers)$267,192

* Portfolio Turnover40%

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

---

| | |
|:---|:---|
| Technology | 1.5% |
| Money Market Funds | 1.7% |
| Communication Services | 3.0% |
| Materials | 3.1% |
| Energy | 4.8% |
| Consumer Discretionary | 5.2% |
| Health Care | 5.9% |
| Utilities | 6.1% |
| Information Technology | 7.8% |
| Real Estate | 9.2% |
| Consumer Staples | 10.4% |
| Financials | 17.4% |
| Industrials | 24.0% |
| Liabilities in Excess of Other Assets | -0.1% |

---

#### Asset Weighting (as a % of Total Investments)
![Group By Asset Type Chart](i4706d6f2f73f5dcf06f17620.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Common Stocks | 98.3% |
| Money Market Funds | 1.7% |

---

#### MATERIAL FUND CHANGES
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 agreement 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 is expected to take place in the first half of 2026. Following the Closing, it is anticipated that Sterling Capital will continue to operate as a standalone entity indirectly owned by Guardian, which will in turn be indirectly owned by Desjardins. To provide continuity and stability, Sterling Capital's team of management and senior professionals are currently expected to continue servicing Sterling Capital's clients, including the Funds, after Closing.

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

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

TSR-AR 093025-SCMCX

![Image](iaa54f7be91e36791596adbf9.jpg)

Sterling Capital Mid Cap Relative Value Fund

September 30, 2025

ANNUAL SHAREHOLDER REPORT

https://sterlingcapitalfunds.com/funds/

Class Institutional (STRGX)

This annual shareholder report contains important information about Sterling Capital Mid Cap Relative Value Fund for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund athttps://sterlingcapitalfunds.com/funds/. You can also request this information by contacting us at (888) 228-1872. This report describes material fund changes to the Fund that occurred during the year in the MATERIAL FUND CHANGES section of this report

#### WHAT FACTORS INFLUENCED PERFORMANCE FOR THE PERIOD?
For the 12-month period between October 1, 2024, and September 30, 2025, the Fund underperformed both its broad-based benchmark, the Russell 3000 Index, and its targeted benchmark, the Russell Mid Cap Value Index. U.S. equities recorded strong gains throughout the year, and the Fund's absolute returns benefited from its holdings in the industrials and consumer staples sectors. Within the industrials sector, companies with exposure to either infrastructure construction or national defense drove portfolio returns on an absolute basis. Investments in the consumer staples sector also benefited the Fund on an absolute basis as strong demand in the prepared food markets of restaurants, fast food chains, and convenience stores helped drive gains for shares of a food distributor and a convenience store held by the Fund.

The Fund's underperformance relative to its broad-based benchmark over the 12-month period was due to its below-benchmark exposure to large-cap stocks in the information technology sector, which outperformed the Fund's holdings of mid-cap stocks in the same sector. The Fund's underperformance relative to its targeted benchmark was driven by stock selection within the financials and information technology sectors, where a payments processor company and a consulting company with a focus on IT products both lagged their respective sectors. Stock selection within the industrials and consumer staples sectors added to the Fund's performance relative to both benchmarks. Within industrials, holdings of a specialty contractor that builds and maintains utility and communications infrastructure outperformed, while a midwestern convenience store operator outperformed in the consumer staples sector.

How did the Fund perform over the past 10 years?

The Fund underperformed both of its benchmarks over the past ten years. The Fund's performance on an absolute basis was driven primarily by a broad-based bull market in U.S. equities which was supported by a broad economic expansion and increases in company earnings. The Fund's underperformance relative to its broad-based benchmark was due to its below-benchmark exposure to large-cap stocks, most notably in the information technology sector, which outperformed the Fund's holdings of mid-cap stocks in the same sector over the past decade. Stock selection within the energy sector weighed on the Fund's results relative to its targeted benchmark while stock selection in the industrials sector added on a relative basis.

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

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

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

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class Institutional | $95 | 0.92% |

---

#### PERFORMANCE OF HYPOTHETICAL

#### $10,000 INVESTMENT

#### Growth of $10,000
![Growth of 10K Chart](ib0f4f9959762c4a8e0fec6f8.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Sterling Capital Mid Cap Relative Value Fund - I | Russell 3000<sup>®</sup> Index | Russell Midcap<sup>®</sup> Value Index | Bloomberg US Mid Cap Value Index |
| Sep-2015 | $10000 | $10000 | $10000 | $10000 |
| Sep-2016 | $11037 | $11496 | $11726 | $11738 |
| Sep-2017 | $13185 | $13647 | $13294 | $13711 |
| Sep-2018 | $14215 | $16046 | $14465 | $15102 |
| Sep-2019 | $14494 | $16514 | $14696 | $15313 |
| Sep-2020 | $13713 | $18992 | $13624 | $14095 |
| Sep-2021 | $18515 | $25045 | $19400 | $20408 |
| Sep-2022 | $15982 | $20630 | $16770 | $18339 |
| Sep-2023 | $18384 | $24852 | $18622 | $20448 |
| Sep-2024 | $22870 | $33598 | $24025 | $26626 |
| Sep-2025 | $24226 | $39447 | $25848 | $28187 |

---

#### AVERAGE ANNUAL TOTAL RETURNS

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Years | 10 Years |
| Sterling Capital Mid Cap Relative Value Fund - I | 5.93% | 12.05% | 9.25% |
| Russell 3000<sup>®</sup> Index | 17.41% | 15.74% | 14.71% |
| Russell Midcap<sup>®</sup> Value Index | 7.58% | 13.66% | 9.96% |
| Bloomberg US Mid Cap Value Index | 5.86% | 14.87% | 10.92% |

---

The Russell 3000<sup>®</sup> Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market. The Russell 3000<sup>®</sup> Index is constructed to provide a comprehensive, unbiased and stable barometer of the broad market and is completely reconstituted annually to ensure new and growing equities are included.

The Russell Midcap<sup>®</sup> Value Indexmeasures the performance of the midcap value segment of the U.S. equity universe. It includes those Russell Midcap<sup>®</sup> Index companies with lower price-to-book ratios and lower forecasted growth values. The Russell Midcap<sup>®</sup> Value Index is constructed to provide a comprehensive and unbiased barometer of the mid-cap value market. The index is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true midcap value market..

The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

![Image](iaa54f7be91e36791596adbf9.jpg)

Sterling Capital Mid Cap Relative Value Fund

September 30, 2025

ANNUAL SHAREHOLDER REPORT

https://sterlingcapitalfunds.com/funds/

Class Institutional (STRGX)

#### KEY FUND STATISTICS (as of Period End)
* Net Assets$57,566,614

* Number of Portfolio Holdings46

* Advisory Fee (net of waivers)$267,192

* Portfolio Turnover40%

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

---

| | |
|:---|:---|
| Technology | 1.5% |
| Money Market Funds | 1.7% |
| Communication Services | 3.0% |
| Materials | 3.1% |
| Energy | 4.8% |
| Consumer Discretionary | 5.2% |
| Health Care | 5.9% |
| Utilities | 6.1% |
| Information Technology | 7.8% |
| Real Estate | 9.2% |
| Consumer Staples | 10.4% |
| Financials | 17.4% |
| Industrials | 24.0% |
| Liabilities in Excess of Other Assets | -0.1% |

---

#### Asset Weighting (as a % of Total Investments)
![Group By Asset Type Chart](i8e53981731560a2c3f2bc293.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Common Stocks | 98.3% |
| Money Market Funds | 1.7% |

---

#### MATERIAL FUND CHANGES
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 agreement 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 is expected to take place in the first half of 2026. Following the Closing, it is anticipated that Sterling Capital will continue to operate as a standalone entity indirectly owned by Guardian, which will in turn be indirectly owned by Desjardins. To provide continuity and stability, Sterling Capital's team of management and senior professionals are currently expected to continue servicing Sterling Capital's clients, including the Funds, after Closing.

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

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

TSR-AR 093025-STRGX

![Image](iaa54f7be91e36791596adbf9.jpg)

Sterling Capital North Carolina Intermediate Tax-Free Fund

September 30, 2025

ANNUAL SHAREHOLDER REPORT

https://sterlingcapitalfunds.com/funds/

Class A (BNCAX)

This annual shareholder report contains important information about Sterling Capital North Carolina Intermediate Tax-Free Fund for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund athttps://sterlingcapitalfunds.com/funds/. You can also request this information by contacting us at (888) 228-1872. This report describes material fund changes to the Fund that occurred during the year in the MATERIAL FUND CHANGES section of this report

#### WHAT FACTORS INFLUENCED PERFORMANCE FOR THE PERIOD?
For the 12-month period between October 1, 2024, and September 30, 2025, the Fund underperformed its benchmark, the ICE BofA 2-17 Year Municipal Bond Index. The Federal Reserve cut the federal funds rate three times during the period, for a cumulative cut of 75 basis points (bps). Falling rates decreased yields, boosting the price of short-term bonds. Long-term bond prices fell during the period as interest rates on that part of the yield curve rose, detracting from absolute returns.

The Fund's underperformance relative to its benchmark over the 12-month period was largely due to its state-specific focus, which is designed to achieve tax savings for shareholders. The Fund's underweight position in three- to five-year bonds detracted from relative performance as yields fell and the benchmark benefited more than the Fund from the resulting rise in bond prices. Likewise, the Fund's slightly overweight position in five- to ten-year bonds hurt relative performance, as rising yields reduced bond prices in that part of the portfolio. The Fund's higher average credit quality than the index also hurt relative returns, as A-rated bonds outperformed AAA-rated bonds by 87 bps.

How did the Fund perform in the past 10 years?

For the 10-year period between October 1, 2015, and September 30, 2025, the Fund underperformed its benchmark. Interest rates rose across the ten-year period, which dragged on the Fund's absolute returns.

The Fund's underperformance relative to its benchmark over the ten-year period was largely due to its state-specific focus, which is designed to achieve tax savings for shareholders. Over the last decade, the underlying financial health of municipalities improved. As a result, quality spreads shrank, and lower-quality credits outperformed higher-quality credits. Accordingly, the Fund's higher average credit quality compared to the index dragged on relative returns. Annualized quality returns over the last decade for the ICE BofA 2-17 Year U.S. Municipal Securities Index were: AAA 1.9%, AA 2.1%, A 2.8%, BBB 3.5%.

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

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

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

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $84 | 0.83% |

---

#### PERFORMANCE OF HYPOTHETICAL

#### $10,000 INVESTMENT

#### Growth of $10,000
![Growth of 10K Chart](ifaa9e5e84f662e66bbb79336.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Sterling Capital North Carolina Intermediate Tax-Free Fund - A | Bloomberg Municipal Bond Index | ICE BofA 2-17 Year US Municipal Securities Index |
| Sep-2015 | $9803 | $10000 | $10000 |
| Sep-2016 | $10165 | $10558 | $10477 |
| Sep-2017 | $10133 | $10650 | $10588 |
| Sep-2018 | $10026 | $10687 | $10565 |
| Sep-2019 | $10711 | $11601 | $11401 |
| Sep-2020 | $11101 | $12076 | $11853 |
| Sep-2021 | $11099 | $12393 | $12098 |
| Sep-2022 | $10109 | $10968 | $10957 |
| Sep-2023 | $10218 | $11260 | $11254 |
| Sep-2024 | $10947 | $12428 | $12238 |
| Sep-2025 | $11116 | $12601 | $12567 |

---

#### AVERAGE ANNUAL TOTAL RETURNS

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Years | 10 Years |
| Sterling Capital North Carolina Intermediate Tax-Free Fund - A |  |  |  |
| Without Load | 1.55% | 0.03% | 1.26% |
| With Load | -0.50% | -0.38% | 1.06% |
| Bloomberg Municipal Bond Index | 1.39% | 0.86% | 2.34% |
| ICE BofA 2-17 Year US Municipal Securities Index | 2.69% | 1.18% | 2.31% |

---

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

The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

![Image](iaa54f7be91e36791596adbf9.jpg)

Sterling Capital North Carolina Intermediate Tax-Free Fund

September 30, 2025

ANNUAL SHAREHOLDER REPORT

https://sterlingcapitalfunds.com/funds/

Class A (BNCAX)

#### KEY FUND STATISTICS (as of Period End)
* Net Assets$117,344,476

* Number of Portfolio Holdings77

* Advisory Fee $434,513

* Portfolio Turnover30%

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

---

| | |
|:---|:---|
| North Carolina | 98.8% |
| Other Assets in Excess of Liabilities | 1.2% |

---

#### Asset Weighting (as a % of Total Investments)
![Group By Asset Type Chart](i6b1c4155b79898806f1530ce.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Money Market Funds | 0.1% |
| Municipal Bonds | 99.9% |

---

#### MATERIAL FUND CHANGES
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 agreement 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 is expected to take place in the first half of 2026. Following the Closing, it is anticipated that Sterling Capital will continue to operate as a standalone entity indirectly owned by Guardian, which will in turn be indirectly owned by Desjardins. To provide continuity and stability, Sterling Capital's team of management and senior professionals are currently expected to continue servicing Sterling Capital's clients, including the Funds, after Closing.

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

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

TSR-AR 093025-BNCAX

![Image](iaa54f7be91e36791596adbf9.jpg)

Sterling Capital North Carolina Intermediate Tax-Free Fund

September 30, 2025

ANNUAL SHAREHOLDER REPORT

https://sterlingcapitalfunds.com/funds/

Class C (BBNCX)

This annual shareholder report contains important information about Sterling Capital North Carolina Intermediate Tax-Free Fund for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund athttps://sterlingcapitalfunds.com/funds/. You can also request this information by contacting us at (888) 228-1872. This report describes material fund changes to the Fund that occurred during the year in the MATERIAL FUND CHANGES section of this report

#### WHAT FACTORS INFLUENCED PERFORMANCE FOR THE PERIOD?
For the 12-month period between October 1, 2024, and September 30, 2025, the Fund underperformed its benchmark, the ICE BofA 2-17 Year Municipal Bond Index. The Federal Reserve cut the federal funds rate three times during the period, for a cumulative cut of 75 basis points (bps). Falling rates decreased yields, boosting the price of short-term bonds. Long-term bond prices fell during the period as interest rates on that part of the yield curve rose, detracting from absolute returns.

The Fund's underperformance relative to its benchmark over the 12-month period was largely due to its state-specific focus, which is designed to achieve tax savings for shareholders. The Fund's underweight position in three- to five-year bonds detracted from relative performance as yields fell and the benchmark benefited more than the Fund from the resulting rise in bond prices. Likewise, the Fund's slightly overweight position in five- to ten-year bonds hurt relative performance, as rising yields reduced bond prices in that part of the portfolio. The Fund's higher average credit quality than the index also hurt relative returns, as A-rated bonds outperformed AAA-rated bonds by 87 bps.

How did the Fund perform in the past 10 years?

For the 10-year period between October 1, 2015, and September 30, 2025, the Fund underperformed its benchmark. Interest rates rose across the ten-year period, which dragged on the Fund's absolute returns.

The Fund's underperformance relative to its benchmark over the ten-year period was largely due to its state-specific focus, which is designed to achieve tax savings for shareholders. Over the last decade, the underlying financial health of municipalities improved. As a result, quality spreads shrank, and lower-quality credits outperformed higher-quality credits. Accordingly, the Fund's higher average credit quality compared to the index dragged on relative returns. Annualized quality returns over the last decade for the ICE BofA 2-17 Year U.S. Municipal Securities Index were: AAA 1.9%, AA 2.1%, A 2.8%, BBB 3.5%.

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

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

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

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class C | $159 | 1.58% |

---

#### PERFORMANCE OF HYPOTHETICAL

#### $10,000 INVESTMENT

#### Growth of $10,000
![Growth of 10K Chart](i24f1c17ba90419a3fbad707f.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Sterling Capital North Carolina Intermediate Tax-Free Fund - C | Bloomberg Municipal Bond Index | ICE BofA 2-17 Year US Municipal Securities Index |
| Sep-2015 | $10000 | $10000 | $10000 |
| Sep-2016 | $10291 | $10558 | $10477 |
| Sep-2017 | $10182 | $10650 | $10588 |
| Sep-2018 | $9999 | $10687 | $10565 |
| Sep-2019 | $10604 | $11601 | $11401 |
| Sep-2020 | $10918 | $12076 | $11853 |
| Sep-2021 | $10825 | $12393 | $12098 |
| Sep-2022 | $9784 | $10968 | $10957 |
| Sep-2023 | $9816 | $11260 | $11254 |
| Sep-2024 | $10437 | $12428 | $12238 |
| Sep-2025 | $10530 | $12601 | $12567 |

---

#### AVERAGE ANNUAL TOTAL RETURNS

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Years | 10 Years |
| Sterling Capital North Carolina Intermediate Tax-Free Fund - C | 0.89% | -0.72% | 0.52% |
| Bloomberg Municipal Bond Index | 1.39% | 0.86% | 2.34% |
| ICE BofA 2-17 Year US Municipal Securities Index | 2.69% | 1.18% | 2.31% |

---

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

The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

![Image](iaa54f7be91e36791596adbf9.jpg)

Sterling Capital North Carolina Intermediate Tax-Free Fund

September 30, 2025

ANNUAL SHAREHOLDER REPORT

https://sterlingcapitalfunds.com/funds/

Class C (BBNCX)

#### KEY FUND STATISTICS (as of Period End)
* Net Assets$117,344,476

* Number of Portfolio Holdings77

* Advisory Fee $434,513

* Portfolio Turnover30%

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

---

| | |
|:---|:---|
| North Carolina | 98.8% |
| Other Assets in Excess of Liabilities | 1.2% |

---

#### Asset Weighting (as a % of Total Investments)
![Group By Asset Type Chart](i538ddb92dbefed0286fe4307.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Money Market Funds | 0.1% |
| Municipal Bonds | 99.9% |

---

#### MATERIAL FUND CHANGES
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 agreement 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 is expected to take place in the first half of 2026. Following the Closing, it is anticipated that Sterling Capital will continue to operate as a standalone entity indirectly owned by Guardian, which will in turn be indirectly owned by Desjardins. To provide continuity and stability, Sterling Capital's team of management and senior professionals are currently expected to continue servicing Sterling Capital's clients, including the Funds, after Closing.

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

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

TSR-AR 093025-BBNCX

![Image](iaa54f7be91e36791596adbf9.jpg)

Sterling Capital North Carolina Intermediate Tax-Free Fund

September 30, 2025

ANNUAL SHAREHOLDER REPORT

https://sterlingcapitalfunds.com/funds/

Class Institutional (BBNTX)

This annual shareholder report contains important information about Sterling Capital North Carolina Intermediate Tax-Free Fund for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund athttps://sterlingcapitalfunds.com/funds/. You can also request this information by contacting us at (888) 228-1872. This report describes material fund changes to the Fund that occurred during the year in the MATERIAL FUND CHANGES section of this report

#### WHAT FACTORS INFLUENCED PERFORMANCE FOR THE PERIOD?
For the 12-month period between October 1, 2024, and September 30, 2025, the Fund underperformed its benchmark, the ICE BofA 2-17 Year Municipal Bond Index. The Federal Reserve cut the federal funds rate three times during the period, for a cumulative cut of 75 basis points (bps). Falling rates decreased yields, boosting the price of short-term bonds. Long-term bond prices fell during the period as interest rates on that part of the yield curve rose, detracting from absolute returns.

The Fund's underperformance relative to its benchmark over the 12-month period was largely due to its state-specific focus, which is designed to achieve tax savings for shareholders. The Fund's underweight position in three- to five-year bonds detracted from relative performance as yields fell and the benchmark benefited more than the Fund from the resulting rise in bond prices. Likewise, the Fund's slightly overweight position in five- to ten-year bonds hurt relative performance, as rising yields reduced bond prices in that part of the portfolio. The Fund's higher average credit quality than the index also hurt relative returns, as A-rated bonds outperformed AAA-rated bonds by 87 bps.

How did the Fund perform in the past 10 years?

For the 10-year period between October 1, 2015, and September 30, 2025, the Fund underperformed its benchmark. Interest rates rose across the ten-year period, which dragged on the Fund's absolute returns.

The Fund's underperformance relative to its benchmark over the ten-year period was largely due to its state-specific focus, which is designed to achieve tax savings for shareholders. Over the last decade, the underlying financial health of municipalities improved. As a result, quality spreads shrank, and lower-quality credits outperformed higher-quality credits. Accordingly, the Fund's higher average credit quality compared to the index dragged on relative returns. Annualized quality returns over the last decade for the ICE BofA 2-17 Year U.S. Municipal Securities Index were: AAA 1.9%, AA 2.1%, A 2.8%, BBB 3.5%.

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

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

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

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class Institutional | $59 | 0.58% |

---

#### PERFORMANCE OF HYPOTHETICAL

#### $10,000 INVESTMENT

#### Growth of $10,000
![Growth of 10K Chart](i0a710b1e45b5fbf2dc4ab6c0.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Sterling Capital North Carolina Intermediate Tax-Free Fund - I | Bloomberg Municipal Bond Index | ICE BofA 2-17 Year US Municipal Securities Index |
| Sep-2015 | $10000 | $10000 | $10000 |
| Sep-2016 | $10394 | $10558 | $10477 |
| Sep-2017 | $10388 | $10650 | $10588 |
| Sep-2018 | $10304 | $10687 | $10565 |
| Sep-2019 | $11036 | $11601 | $11401 |
| Sep-2020 | $11466 | $12076 | $11853 |
| Sep-2021 | $11493 | $12393 | $12098 |
| Sep-2022 | $10483 | $10968 | $10957 |
| Sep-2023 | $10634 | $11260 | $11254 |
| Sep-2024 | $11420 | $12428 | $12238 |
| Sep-2025 | $11625 | $12601 | $12567 |

---

#### AVERAGE ANNUAL TOTAL RETURNS

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Years | 10 Years |
| Sterling Capital North Carolina Intermediate Tax-Free Fund - I | 1.80% | 0.28% | 1.52% |
| Bloomberg Municipal Bond Index | 1.39% | 0.86% | 2.34% |
| ICE BofA 2-17 Year US Municipal Securities Index | 2.69% | 1.18% | 2.31% |

---

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

The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

![Image](iaa54f7be91e36791596adbf9.jpg)

Sterling Capital North Carolina Intermediate Tax-Free Fund

September 30, 2025

ANNUAL SHAREHOLDER REPORT

https://sterlingcapitalfunds.com/funds/

Class Institutional (BBNTX)

#### KEY FUND STATISTICS (as of Period End)
* Net Assets$117,344,476

* Number of Portfolio Holdings77

* Advisory Fee $434,513

* Portfolio Turnover30%

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

---

| | |
|:---|:---|
| North Carolina | 98.8% |
| Other Assets in Excess of Liabilities | 1.2% |

---

#### Asset Weighting (as a % of Total Investments)
![Group By Asset Type Chart](ib165b818917556223b79ee0e.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Money Market Funds | 0.1% |
| Municipal Bonds | 99.9% |

---

#### MATERIAL FUND CHANGES
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 agreement 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 is expected to take place in the first half of 2026. Following the Closing, it is anticipated that Sterling Capital will continue to operate as a standalone entity indirectly owned by Guardian, which will in turn be indirectly owned by Desjardins. To provide continuity and stability, Sterling Capital's team of management and senior professionals are currently expected to continue servicing Sterling Capital's clients, including the Funds, after Closing.

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

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

TSR-AR 093025-BBNTX

![Image](iaa54f7be91e36791596adbf9.jpg)

Sterling Capital Quality Income Fund

September 30, 2025

ANNUAL SHAREHOLDER REPORT

https://sterlingcapitalfunds.com/funds/

Class A (SCSSX)

This annual shareholder report contains important information about Sterling Capital Quality Income Fund for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund athttps://sterlingcapitalfunds.com/funds/. You can also request this information by contacting us at (888) 228-1872. This report describes material fund changes to the Fund that occurred during the year in the MATERIAL FUND CHANGES section of this report

#### WHAT FACTORS INFLUENCED PERFORMANCE FOR THE PERIOD?
For the 12-month period between October 1, 2024, and September 30, 2025, the Fund outperformed both its primary benchmark, the Bloomberg U.S. Mortgage-Backed Securities (MBS) Index, and its broader benchmark, the Bloomberg U.S. Aggregate Bond Index. The Federal Reserve (the Fed) cut the federal funds rate by a total of 75 basis points (bps) during the period. The yield curve steepened as interest rates dropped for maturities of two years or shorter and increased for maturities of three years or longer. While the net impact was a slight drag on absolute returns, performance remained positive thanks to elevated starting yields. Detracting from absolute returns was the Fund's position in longer-duration Treasuries, the only sector exposure to post-negative absolute returns, as rates rose and prices dropped among those securities.

The Fund's overweight position versus both benchmarks in consumer asset-backed securities (ABS) and non-agency commercial mortgage-backed securities (CMBS) drove its relative outperformance. Both asset classes outperformed agency MBS during the period. Within agency MBS, the Fund's overweight position in higher-coupon MBS also contributed to relative performance, as these outperformed lower-coupon MBS. The Fund's overweight position in collateralized loan obligations (CLO) detracted from relative performance, as CLO underperformed agency MBS.

How did the Fund perform in the past 10 years?

For the ten-year period between October 1, 2015, and September 30, 2025, the Fund outperformed both benchmarks. The Fund's absolute performance fluctuated throughout the period in response to changes in interest rates, the shape of the yield curve and absolute returns of risk assets and Treasuries. The Fed's actions in the MBS market, a large portion of which it owned during the period, also had varying impacts on absolute returns.

The Fund's shorter average duration helped it outperform its primary benchmark, as shorter-duration securities benefited from rising rates earlier than longer-duration securities. The Fund's overweight exposure to non-agency securitized sectors also contributed to relative returns, as those sectors generally outperformed agency MBS during the period. Security selection within agency MBS was another contributor, as the Fund's coupon exposure outperformed the sector as a whole.

The Fund outperformed its broader benchmark in the past ten years largely due to its shorter average duration and overweight exposure to non-agency securitized sectors. The Fund's security selection within agency passthroughs also contributed, as the Fund's exposure outperformed the sector during the period. The Fund's lack of corporate holdings detracted from performance relative to the broader benchmark, as corporates generally outperformed Treasuries during the period.

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

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

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

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $86 | 0.85% |

---

#### PERFORMANCE OF HYPOTHETICAL

#### $10,000 INVESTMENT

#### Growth of $10,000
![Growth of 10K Chart](i23ee4b48297aa4e8d73729b1.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Sterling Capital Quality Income Fund - A | Bloomberg U.S. Aggregate Bond Index | Bloomberg U.S. Mortgage Backed Securities Index |
| Sep-2015 | $9804 | $10000 | $10000 |
| Sep-2016 | $10156 | $10519 | $10361 |
| Sep-2017 | $10246 | $10527 | $10393 |
| Sep-2018 | $10181 | $10399 | $10297 |
| Sep-2019 | $11008 | $11470 | $11100 |
| Sep-2020 | $11456 | $12271 | $11583 |
| Sep-2021 | $11430 | $12161 | $11534 |
| Sep-2022 | $10181 | $10385 | $9921 |
| Sep-2023 | $10200 | $10452 | $9904 |
| Sep-2024 | $11299 | $11662 | $11124 |
| Sep-2025 | $11681 | $11998 | $11501 |

---

#### AVERAGE ANNUAL TOTAL RETURNS

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Years | 10 Years |
| Sterling Capital Quality Income Fund - A |  |  |  |
| Without Load | 3.38% | 0.39% | 1.77% |
| With Load | 1.28% | -0.02% | 1.57% |
| Bloomberg U.S. Aggregate Bond Index | 2.88% | -0.45% | 1.84% |
| Bloomberg U.S. Mortgage Backed Securities Index | 3.39% | -0.14% | 1.41% |

---

The Bloomberg U.S. MBS Index covers the mortgage-backed pass-through securities of Ginnie Mae (GNMA), Fannie Mae (FNMA), and Freddie Mac (FHLMC).

The Bloomberg U.S. Aggregate Bond Index is an unmanaged index composed of securities that are SEC-registered, taxable, and USD-denominated. The index covers the U.S. investment grade fixed rate bond market.

The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

![Image](iaa54f7be91e36791596adbf9.jpg)

Sterling Capital Quality Income Fund

September 30, 2025

ANNUAL SHAREHOLDER REPORT

https://sterlingcapitalfunds.com/funds/

Class A (SCSSX)

#### KEY FUND STATISTICS (as of Period End)
* Net Assets$164,485,924

* Number of Portfolio Holdings241

* Advisory Fee (net of waivers)$404,679

* Portfolio Turnover35%

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

---

| | |
|:---|:---|
| Real Estate | 0.1% |
| Money Market Funds | 2.4% |
| U.S. Treasury Bonds & Notes | 3.3% |
| Commercial Mortgage-Backed Securities | 8.3% |
| Asset Backed Securities | 16.0% |
| Collateralized Mortgage Obligations | 30.2% |
| Mortgage-Backed Securities | 40.8% |
| Liabilities in Excess of Other Assets | -1.1% |

---

#### Asset Weighting (as a % of Total Investments)
![Group By Asset Type Chart](id71daf4952cadc9036f94a35.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Asset Backed Securities | 15.8% |
| Collateralized Mortgage Obligations | 29.9% |
| Commercial Mortgage-Backed Securities | 8.2% |
| Corporate Bonds | 0.1% |
| Money Market Funds | 2.4% |
| Mortgage-Backed Securities | 40.3% |
| U.S. Treasury Bonds & Notes | 3.3% |

---

#### MATERIAL FUND CHANGES
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 agreement 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 is expected to take place in the first half of 2026. Following the Closing, it is anticipated that Sterling Capital will continue to operate as a standalone entity indirectly owned by Guardian, which will in turn be indirectly owned by Desjardins. To provide continuity and stability, Sterling Capital's team of management and senior professionals are currently expected to continue servicing Sterling Capital's clients, including the Funds, after Closing.

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

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

TSR-AR 093025-SCSSX

![Image](iaa54f7be91e36791596adbf9.jpg)

Sterling Capital Quality Income Fund

September 30, 2025

ANNUAL SHAREHOLDER REPORT

https://sterlingcapitalfunds.com/funds/

Class C (SCSTX)

This annual shareholder report contains important information about Sterling Capital Quality Income Fund for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund athttps://sterlingcapitalfunds.com/funds/. You can also request this information by contacting us at (888) 228-1872. This report describes material fund changes to the Fund that occurred during the year in the MATERIAL FUND CHANGES section of this report

#### WHAT FACTORS INFLUENCED PERFORMANCE FOR THE PERIOD?
For the 12-month period between October 1, 2024, and September 30, 2025, the Fund outperformed both its primary benchmark, the Bloomberg U.S. Mortgage-Backed Securities (MBS) Index, and its broader benchmark, the Bloomberg U.S. Aggregate Bond Index. The Federal Reserve (the Fed) cut the federal funds rate by a total of 75 basis points (bps) during the period. The yield curve steepened as interest rates dropped for maturities of two years or shorter and increased for maturities of three years or longer. While the net impact was a slight drag on absolute returns, performance remained positive thanks to elevated starting yields. Detracting from absolute returns was the Fund's position in longer-duration Treasuries, the only sector exposure to post-negative absolute returns, as rates rose and prices dropped among those securities.

The Fund's overweight position versus both benchmarks in consumer asset-backed securities (ABS) and non-agency commercial mortgage-backed securities (CMBS) drove its relative outperformance. Both asset classes outperformed agency MBS during the period. Within agency MBS, the Fund's overweight position in higher-coupon MBS also contributed to relative performance, as these outperformed lower-coupon MBS. The Fund's overweight position in collateralized loan obligations (CLO) detracted from relative performance, as CLO underperformed agency MBS.

How did the Fund perform in the past 10 years?

For the ten-year period between October 1, 2015, and September 30, 2025, the Fund outperformed both benchmarks. The Fund's absolute performance fluctuated throughout the period in response to changes in interest rates, the shape of the yield curve and absolute returns of risk assets and Treasuries. The Fed's actions in the MBS market, a large portion of which it owned during the period, also had varying impacts on absolute returns.

The Fund's shorter average duration helped it outperform its primary benchmark, as shorter-duration securities benefited from rising rates earlier than longer-duration securities. The Fund's overweight exposure to non-agency securitized sectors also contributed to relative returns, as those sectors generally outperformed agency MBS during the period. Security selection within agency MBS was another contributor, as the Fund's coupon exposure outperformed the sector as a whole.

The Fund outperformed its broader benchmark in the past ten years largely due to its shorter average duration and overweight exposure to non-agency securitized sectors. The Fund's security selection within agency passthroughs also contributed, as the Fund's exposure outperformed the sector during the period. The Fund's lack of corporate holdings detracted from performance relative to the broader benchmark, as corporates generally outperformed Treasuries during the period.

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

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

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

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class C | $163 | 1.61% |

---

#### PERFORMANCE OF HYPOTHETICAL

#### $10,000 INVESTMENT

#### Growth of $10,000
![Growth of 10K Chart](i1e7fd1c4e545fcb78b3dd6e3.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Sterling Capital Quality Income Fund - C | Bloomberg U.S. Aggregate Bond Index | Bloomberg U.S. Mortgage Backed Securities Index |
| Sep-2015 | $10000 | $10000 | $10000 |
| Sep-2016 | $10283 | $10519 | $10361 |
| Sep-2017 | $10296 | $10527 | $10393 |
| Sep-2018 | $10164 | $10399 | $10297 |
| Sep-2019 | $10897 | $11470 | $11100 |
| Sep-2020 | $11261 | $12271 | $11583 |
| Sep-2021 | $11158 | $12161 | $11534 |
| Sep-2022 | $9880 | $10385 | $9921 |
| Sep-2023 | $9828 | $10452 | $9904 |
| Sep-2024 | $10815 | $11662 | $11124 |
| Sep-2025 | $11105 | $11998 | $11501 |

---

#### AVERAGE ANNUAL TOTAL RETURNS

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Years | 10 Years |
| Sterling Capital Quality Income Fund - C | 2.68% | -0.28% | 1.05% |
| Bloomberg U.S. Aggregate Bond Index | 2.88% | -0.45% | 1.84% |
| Bloomberg U.S. Mortgage Backed Securities Index | 3.39% | -0.14% | 1.41% |

---

The Bloomberg U.S. MBS Index covers the mortgage-backed pass-through securities of Ginnie Mae (GNMA), Fannie Mae (FNMA), and Freddie Mac (FHLMC).

The Bloomberg U.S. Aggregate Bond Index is an unmanaged index composed of securities that are SEC-registered, taxable, and USD-denominated. The index covers the U.S. investment grade fixed rate bond market.

The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

![Image](iaa54f7be91e36791596adbf9.jpg)

Sterling Capital Quality Income Fund

September 30, 2025

ANNUAL SHAREHOLDER REPORT

https://sterlingcapitalfunds.com/funds/

Class C (SCSTX)

#### KEY FUND STATISTICS (as of Period End)
* Net Assets$164,485,924

* Number of Portfolio Holdings241

* Advisory Fee (net of waivers)$404,679

* Portfolio Turnover35%

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

---

| | |
|:---|:---|
| Real Estate | 0.1% |
| Money Market Funds | 2.4% |
| U.S. Treasury Bonds & Notes | 3.3% |
| Commercial Mortgage-Backed Securities | 8.3% |
| Asset Backed Securities | 16.0% |
| Collateralized Mortgage Obligations | 30.2% |
| Mortgage-Backed Securities | 40.8% |
| Liabilities in Excess of Other Assets | -1.1% |

---

#### Asset Weighting (as a % of Total Investments)
![Group By Asset Type Chart](i66485c0f858e27015facb424.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Asset Backed Securities | 15.8% |
| Collateralized Mortgage Obligations | 29.9% |
| Commercial Mortgage-Backed Securities | 8.2% |
| Corporate Bonds | 0.1% |
| Money Market Funds | 2.4% |
| Mortgage-Backed Securities | 40.3% |
| U.S. Treasury Bonds & Notes | 3.3% |

---

#### MATERIAL FUND CHANGES
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 agreement 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 is expected to take place in the first half of 2026. Following the Closing, it is anticipated that Sterling Capital will continue to operate as a standalone entity indirectly owned by Guardian, which will in turn be indirectly owned by Desjardins. To provide continuity and stability, Sterling Capital's team of management and senior professionals are currently expected to continue servicing Sterling Capital's clients, including the Funds, after Closing.

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

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

TSR-AR 093025-SCSTX

![Image](iaa54f7be91e36791596adbf9.jpg)

Sterling Capital Quality Income Fund

September 30, 2025

ANNUAL SHAREHOLDER REPORT

https://sterlingcapitalfunds.com/funds/

Class Institutional (SCSPX)

This annual shareholder report contains important information about Sterling Capital Quality Income Fund for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund athttps://sterlingcapitalfunds.com/funds/. You can also request this information by contacting us at (888) 228-1872. This report describes material fund changes to the Fund that occurred during the year in the MATERIAL FUND CHANGES section of this report

#### WHAT FACTORS INFLUENCED PERFORMANCE FOR THE PERIOD?
For the 12-month period between October 1, 2024, and September 30, 2025, the Fund outperformed both its primary benchmark, the Bloomberg U.S. Mortgage-Backed Securities (MBS) Index, and its broader benchmark, the Bloomberg U.S. Aggregate Bond Index. The Federal Reserve (the Fed) cut the federal funds rate by a total of 75 basis points (bps) during the period. The yield curve steepened as interest rates dropped for maturities of two years or shorter and increased for maturities of three years or longer. While the net impact was a slight drag on absolute returns, performance remained positive thanks to elevated starting yields. Detracting from absolute returns was the Fund's position in longer-duration Treasuries, the only sector exposure to post-negative absolute returns, as rates rose and prices dropped among those securities.

The Fund's overweight position versus both benchmarks in consumer asset-backed securities (ABS) and non-agency commercial mortgage-backed securities (CMBS) drove its relative outperformance. Both asset classes outperformed agency MBS during the period. Within agency MBS, the Fund's overweight position in higher-coupon MBS also contributed to relative performance, as these outperformed lower-coupon MBS. The Fund's overweight position in collateralized loan obligations (CLO) detracted from relative performance, as CLO underperformed agency MBS.

How did the Fund perform in the past 10 years?

For the ten-year period between October 1, 2015, and September 30, 2025, the Fund outperformed both benchmarks. The Fund's absolute performance fluctuated throughout the period in response to changes in interest rates, the shape of the yield curve and absolute returns of risk assets and Treasuries. The Fed's actions in the MBS market, a large portion of which it owned during the period, also had varying impacts on absolute returns.

The Fund's shorter average duration helped it outperform its primary benchmark, as shorter-duration securities benefited from rising rates earlier than longer-duration securities. The Fund's overweight exposure to non-agency securitized sectors also contributed to relative returns, as those sectors generally outperformed agency MBS during the period. Security selection within agency MBS was another contributor, as the Fund's coupon exposure outperformed the sector as a whole.

The Fund outperformed its broader benchmark in the past ten years largely due to its shorter average duration and overweight exposure to non-agency securitized sectors. The Fund's security selection within agency passthroughs also contributed, as the Fund's exposure outperformed the sector during the period. The Fund's lack of corporate holdings detracted from performance relative to the broader benchmark, as corporates generally outperformed Treasuries during the period.

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

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

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

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class Institutional | $59 | 0.58% |

---

#### PERFORMANCE OF HYPOTHETICAL

#### $10,000 INVESTMENT

#### Growth of $10,000
![Growth of 10K Chart](i7395cffb0fb7c7ee358dcd39.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Sterling Capital Quality Income Fund - I | Bloomberg U.S. Aggregate Bond Index | Bloomberg U.S. Mortgage Backed Securities Index |
| Sep-2015 | $10000 | $10000 | $10000 |
| Sep-2016 | $10386 | $10519 | $10361 |
| Sep-2017 | $10513 | $10527 | $10393 |
| Sep-2018 | $10484 | $10399 | $10297 |
| Sep-2019 | $11351 | $11470 | $11100 |
| Sep-2020 | $11842 | $12271 | $11583 |
| Sep-2021 | $11845 | $12161 | $11534 |
| Sep-2022 | $10578 | $10385 | $9921 |
| Sep-2023 | $10625 | $10452 | $9904 |
| Sep-2024 | $11798 | $11662 | $11124 |
| Sep-2025 | $12240 | $11998 | $11501 |

---

#### AVERAGE ANNUAL TOTAL RETURNS

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Years | 10 Years |
| Sterling Capital Quality Income Fund - I | 3.75% | 0.66% | 2.04% |
| Bloomberg U.S. Aggregate Bond Index | 2.88% | -0.45% | 1.84% |
| Bloomberg U.S. Mortgage Backed Securities Index | 3.39% | -0.14% | 1.41% |

---

The Bloomberg U.S. MBS Index covers the mortgage-backed pass-through securities of Ginnie Mae (GNMA), Fannie Mae (FNMA), and Freddie Mac (FHLMC).

The Bloomberg U.S. Aggregate Bond Index is an unmanaged index composed of securities that are SEC-registered, taxable, and USD-denominated. The index covers the U.S. investment grade fixed rate bond market.

The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

![Image](iaa54f7be91e36791596adbf9.jpg)

Sterling Capital Quality Income Fund

September 30, 2025

ANNUAL SHAREHOLDER REPORT

https://sterlingcapitalfunds.com/funds/

Class Institutional (SCSPX)

#### KEY FUND STATISTICS (as of Period End)
* Net Assets$164,485,924

* Number of Portfolio Holdings241

* Advisory Fee (net of waivers)$404,679

* Portfolio Turnover35%

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

---

| | |
|:---|:---|
| Real Estate | 0.1% |
| Money Market Funds | 2.4% |
| U.S. Treasury Bonds & Notes | 3.3% |
| Commercial Mortgage-Backed Securities | 8.3% |
| Asset Backed Securities | 16.0% |
| Collateralized Mortgage Obligations | 30.2% |
| Mortgage-Backed Securities | 40.8% |
| Liabilities in Excess of Other Assets | -1.1% |

---

#### Asset Weighting (as a % of Total Investments)
![Group By Asset Type Chart](ib5af20a363beb67760a979c5.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Asset Backed Securities | 15.8% |
| Collateralized Mortgage Obligations | 29.9% |
| Commercial Mortgage-Backed Securities | 8.2% |
| Corporate Bonds | 0.1% |
| Money Market Funds | 2.4% |
| Mortgage-Backed Securities | 40.3% |
| U.S. Treasury Bonds & Notes | 3.3% |

---

#### MATERIAL FUND CHANGES
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 agreement 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 is expected to take place in the first half of 2026. Following the Closing, it is anticipated that Sterling Capital will continue to operate as a standalone entity indirectly owned by Guardian, which will in turn be indirectly owned by Desjardins. To provide continuity and stability, Sterling Capital's team of management and senior professionals are currently expected to continue servicing Sterling Capital's clients, including the Funds, after Closing.

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

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

TSR-AR 093025-SCSPX

![Image](iaa54f7be91e36791596adbf9.jpg)

Sterling Capital Real Estate Fund

September 30, 2025

ANNUAL SHAREHOLDER REPORT

https://sterlingcapitalfunds.com/funds/

Class A (STMMX)

This annual shareholder report contains important information about Sterling Capital Real Estate Fund for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund athttps://sterlingcapitalfunds.com/funds/. You can also request this information by contacting us at (888) 228-1872. This report describes material fund changes to the Fund that occurred during the year in the MATERIAL FUND CHANGES section of this report

#### WHAT FACTORS INFLUENCED PERFORMANCE FOR THE PERIOD?
For the 12-month period between October 1, 2024, and September 30, 2025, the Fund underperformed both its primary benchmark, the Russell 3000 Index, and its secondary benchmark, the Bloomberg U.S. 3000 Real Estate Investment Trust (REIT) Index. REITs in the Health Care subsector helped drive the Fund's returns on an absolute basis due to improved occupancy rates and higher rental rates that helped boost cash flow for landlords. The Fund's holdings within the for-rent Residential subsector weighed on absolute returns as record high supply of new rental apartments helped diminish pricing power for landlords.

The Fund's underperformance relative to its primary benchmark was due to the outperformance of non-real estate benchmark holdings relative to real estate, namely in the Communication Services and Information Technology sectors. The Fund's underperformance relative to its secondary benchmark was driven by stock selection within the Residential and Retail subsectors.

The Fund's returns relative to its primary benchmark benefited from the relative outperformance of the Real Estate sector to the benchmark's Health Care holdings. Stock selection within the Industrial REIT subsector and an above-benchmark exposure to Data Center REITs added to the Fund's results relative to its secondary benchmark.

How did the Fund perform over the past 10 years?

The Fund underperformed its primary benchmark and outperformed its secondary benchmark over the past ten years. Absolute performance was driven by holdings within the Data Center and Health Care subsectors, where higher demand for space and power, and rising demand for senior living, boosted gains in the respective sectors. Rising long-term interest rates have weighed on the Fund's absolute returns over the past decade as the price of REIT stocks tend to move in the opposite direction from interest rates.

The Fund's underperformance relative to its primary benchmark was due to the relative underperformance of the Real Estate sector to non-real estate holdings in the benchmark, including the Information Technology sector. Stock selection within the Health Care and Lodging subsectors added to the Fund's performance relative to its secondary benchmark. Stock selection within the Specialty and Diversified subsectors weighed returns on a relative basis.

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

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

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

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $111 | 1.13% |

---

#### PERFORMANCE OF HYPOTHETICAL

#### $10,000 INVESTMENT

#### Growth of $10,000
![Growth of 10K Chart](i340285109b1269b2a6266c76.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Sterling Capital Real Estate Fund - A | Russell 3000<sup>®</sup> Index | Bloomberg US 3000 REIT Index | S&P 500<sup>®</sup> Index |
| Sep-2015 | $9425 | $10000 | $10000 | $10000 |
| Sep-2016 | $11297 | $11496 | $12092 | $11543 |
| Sep-2017 | $11400 | $13647 | $12360 | $13691 |
| Sep-2018 | $12103 | $16046 | $12903 | $16143 |
| Sep-2019 | $14373 | $16514 | $15601 | $16830 |
| Sep-2020 | $13176 | $18992 | $13781 | $19380 |
| Sep-2021 | $17139 | $25045 | $18128 | $25194 |
| Sep-2022 | $13952 | $20630 | $15127 | $21296 |
| Sep-2023 | $14049 | $24852 | $14872 | $25900 |
| Sep-2024 | $18658 | $33598 | $20043 | $35315 |
| Sep-2025 | $17833 | $39447 | $19239 | $41530 |

---

#### AVERAGE ANNUAL TOTAL RETURNS

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Years | Since Inception (November 13, 2015) |
| Sterling Capital Real Estate Fund - A |  |  |  |
| Without Load | -4.42% | 6.24% | 6.36% |
| With Load | -9.92% | 4.99% | 5.73% |
| Russell 3000<sup>®</sup> Index | 17.41% | 15.74% | 14.31% |
| Bloomberg US 3000 REIT Index | -4.01% | 6.90% | 6.62% |
| S&P 500<sup>®</sup> Index | 17.60% | 16.47% | 14.86% |

---

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

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

The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

![Image](iaa54f7be91e36791596adbf9.jpg)

Sterling Capital Real Estate Fund

September 30, 2025

ANNUAL SHAREHOLDER REPORT

https://sterlingcapitalfunds.com/funds/

Class A (STMMX)

#### KEY FUND STATISTICS (as of Period End)
* Net Assets$67,336,434

* Number of Portfolio Holdings31

* Advisory Fee (net of waivers)$402,359

* Portfolio Turnover8%

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

---

| | |
|:---|:---|
| Money Market Funds | 2.0% |
| Real Estate | 97.8% |
| Other Assets in Excess of Liabilities | 0.2% |

---

#### Asset Weighting (as a % of Total Investments)
![Group By Asset Type Chart](id0e83fce98720714409851fb.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Common Stocks | 92.2% |
| Money Market Funds | 2.0% |
| REITs | 5.8% |

---

#### MATERIAL FUND CHANGES
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 agreement 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 is expected to take place in the first half of 2026. Following the Closing, it is anticipated that Sterling Capital will continue to operate as a standalone entity indirectly owned by Guardian, which will in turn be indirectly owned by Desjardins. To provide continuity and stability, Sterling Capital's team of management and senior professionals are currently expected to continue servicing Sterling Capital's clients, including the Funds, after Closing.

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

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

TSR-AR 093025-STMMX

![Image](iaa54f7be91e36791596adbf9.jpg)

Sterling Capital Real Estate Fund

September 30, 2025

ANNUAL SHAREHOLDER REPORT

https://sterlingcapitalfunds.com/funds/

Class C (STMOX)

This annual shareholder report contains important information about Sterling Capital Real Estate Fund for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund athttps://sterlingcapitalfunds.com/funds/. You can also request this information by contacting us at (888) 228-1872. This report describes material fund changes to the Fund that occurred during the year in the MATERIAL FUND CHANGES section of this report

#### WHAT FACTORS INFLUENCED PERFORMANCE FOR THE PERIOD?
For the 12-month period between October 1, 2024, and September 30, 2025, the Fund underperformed both its primary benchmark, the Russell 3000 Index, and its secondary benchmark, the Bloomberg U.S. 3000 Real Estate Investment Trust (REIT) Index. REITs in the Health Care subsector helped drive the Fund's returns on an absolute basis due to improved occupancy rates and higher rental rates that helped boost cash flow for landlords. The Fund's holdings within the for-rent Residential subsector weighed on absolute returns as record high supply of new rental apartments helped diminish pricing power for landlords.

The Fund's underperformance relative to its primary benchmark was due to the outperformance of non-real estate benchmark holdings relative to real estate, namely in the Communication Services and Information Technology sectors. The Fund's underperformance relative to its secondary benchmark was driven by stock selection within the Residential and Retail subsectors.

The Fund's returns relative to its primary benchmark benefited from the relative outperformance of the Real Estate sector to the benchmark's Health Care holdings. Stock selection within the Industrial REIT subsector and an above-benchmark exposure to Data Center REITs added to the Fund's results relative to its secondary benchmark.

How did the Fund perform over the past 10 years?

The Fund underperformed its primary benchmark and outperformed its secondary benchmark over the past ten years. Absolute performance was driven by holdings within the Data Center and Health Care subsectors, where higher demand for space and power, and rising demand for senior living, boosted gains in the respective sectors. Rising long-term interest rates have weighed on the Fund's absolute returns over the past decade as the price of REIT stocks tend to move in the opposite direction from interest rates.

The Fund's underperformance relative to its primary benchmark was due to the relative underperformance of the Real Estate sector to non-real estate holdings in the benchmark, including the Information Technology sector. Stock selection within the Health Care and Lodging subsectors added to the Fund's performance relative to its secondary benchmark. Stock selection within the Specialty and Diversified subsectors weighed returns on a relative basis.

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

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

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

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class C | $184 | 1.89% |

---

#### PERFORMANCE OF HYPOTHETICAL

#### $10,000 INVESTMENT

#### Growth of $10,000
![Growth of 10K Chart](i7b18e76b8dd97ef8bb69d0f1.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Sterling Capital Real Estate Fund - C | Russell 3000<sup>®</sup> Index | Bloomberg US 3000 REIT Index | S&P 500<sup>®</sup> Index |
| Sep-2015 | $10000 | $10000 | $10000 | $10000 |
| Sep-2016 | $11911 | $11496 | $12092 | $11543 |
| Sep-2017 | $11931 | $13647 | $12360 | $13691 |
| Sep-2018 | $12573 | $16046 | $12903 | $16143 |
| Sep-2019 | $14821 | $16514 | $15601 | $16830 |
| Sep-2020 | $13484 | $18992 | $13781 | $19380 |
| Sep-2021 | $17415 | $25045 | $18128 | $25194 |
| Sep-2022 | $14073 | $20630 | $15127 | $21296 |
| Sep-2023 | $14064 | $24852 | $14872 | $25900 |
| Sep-2024 | $18538 | $33598 | $20043 | $35315 |
| Sep-2025 | $17582 | $39447 | $19239 | $41530 |

---

#### AVERAGE ANNUAL TOTAL RETURNS

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Years | Since Inception (November 13, 2015) |
| Sterling Capital Real Estate Fund - C | -5.16% | 5.45% | 5.58% |
| Russell 3000<sup>®</sup> Index | 17.41% | 15.74% | 14.31% |
| Bloomberg US 3000 REIT Index | -4.01% | 6.90% | 6.62% |
| S&P 500<sup>®</sup> Index | 17.60% | 16.47% | 14.86% |

---

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

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

The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

![Image](iaa54f7be91e36791596adbf9.jpg)

Sterling Capital Real Estate Fund

September 30, 2025

ANNUAL SHAREHOLDER REPORT

https://sterlingcapitalfunds.com/funds/

Class C (STMOX)

#### KEY FUND STATISTICS (as of Period End)
* Net Assets$67,336,434

* Number of Portfolio Holdings31

* Advisory Fee (net of waivers)$402,359

* Portfolio Turnover8%

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

---

| | |
|:---|:---|
| Money Market Funds | 2.0% |
| Real Estate | 97.8% |
| Other Assets in Excess of Liabilities | 0.2% |

---

#### Asset Weighting (as a % of Total Investments)
![Group By Asset Type Chart](ic25073c57ff3e4428fa1a59b.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Common Stocks | 92.2% |
| Money Market Funds | 2.0% |
| REITs | 5.8% |

---

#### MATERIAL FUND CHANGES
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 agreement 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 is expected to take place in the first half of 2026. Following the Closing, it is anticipated that Sterling Capital will continue to operate as a standalone entity indirectly owned by Guardian, which will in turn be indirectly owned by Desjardins. To provide continuity and stability, Sterling Capital's team of management and senior professionals are currently expected to continue servicing Sterling Capital's clients, including the Funds, after Closing.

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

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

TSR-AR 093025-STMOX

![Image](iaa54f7be91e36791596adbf9.jpg)

Sterling Capital Real Estate Fund

September 30, 2025

ANNUAL SHAREHOLDER REPORT

https://sterlingcapitalfunds.com/funds/

Class R6 (SCREX)

This annual shareholder report contains important information about Sterling Capital Real Estate Fund for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund athttps://sterlingcapitalfunds.com/funds/. You can also request this information by contacting us at (888) 228-1872. This report describes material fund changes to the Fund that occurred during the year in the MATERIAL FUND CHANGES section of this report

#### WHAT FACTORS INFLUENCED PERFORMANCE FOR THE PERIOD?
For the 12-month period between October 1, 2024, and September 30, 2025, the Fund underperformed both its primary benchmark, the Russell 3000 Index, and its secondary benchmark, the Bloomberg U.S. 3000 Real Estate Investment Trust (REIT) Index. REITs in the Health Care subsector helped drive the Fund's returns on an absolute basis due to improved occupancy rates and higher rental rates that helped boost cash flow for landlords. The Fund's holdings within the for-rent Residential subsector weighed on absolute returns as record high supply of new rental apartments helped diminish pricing power for landlords.

The Fund's underperformance relative to its primary benchmark was due to the outperformance of non-real estate benchmark holdings relative to real estate, namely in the Communication Services and Information Technology sectors. The Fund's underperformance relative to its secondary benchmark was driven by stock selection within the Residential and Retail subsectors.

The Fund's returns relative to its primary benchmark benefited from the relative outperformance of the Real Estate sector to the benchmark's Health Care holdings. Stock selection within the Industrial REIT subsector and an above-benchmark exposure to Data Center REITs added to the Fund's results relative to its secondary benchmark.

How did the Fund perform over the past 10 years?

The Fund underperformed its primary benchmark and outperformed its secondary benchmark over the past ten years. Absolute performance was driven by holdings within the Data Center and Health Care subsectors, where higher demand for space and power, and rising demand for senior living, boosted gains in the respective sectors. Rising long-term interest rates have weighed on the Fund's absolute returns over the past decade as the price of REIT stocks tend to move in the opposite direction from interest rates.

The Fund's underperformance relative to its primary benchmark was due to the relative underperformance of the Real Estate sector to non-real estate holdings in the benchmark, including the Information Technology sector. Stock selection within the Health Care and Lodging subsectors added to the Fund's performance relative to its secondary benchmark. Stock selection within the Specialty and Diversified subsectors weighed returns on a relative basis.

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

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

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

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class R6 | $76 | 0.78% |

---

#### PERFORMANCE OF HYPOTHETICAL

#### $10,000 INVESTMENT

#### Growth of $10,000
![Growth of 10K Chart](id223523a5e676e5325d73970.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Sterling Capital Real Estate Fund - R6 | Russell 3000<sup>®</sup> Index | Bloomberg US 3000 REIT Index | S&P 500<sup>®</sup> Index |
| Sep-2019 | $10000 | $10000 | $10000 | $10000 |
| Sep-2020 | $9199 | $11500 | $8833 | $11515 |
| Sep-2021 | $12020 | $15166 | $11619 | $14970 |
| Sep-2022 | $9820 | $12493 | $9696 | $12654 |
| Sep-2023 | $9919 | $15049 | $9533 | $15389 |
| Sep-2024 | $13217 | $20345 | $12847 | $20983 |
| Sep-2025 | $12679 | $23887 | $12332 | $24676 |

---

#### AVERAGE ANNUAL TOTAL RETURNS

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Years | Since Inception (January 31, 2020) |
| Sterling Capital Real Estate Fund - R6 | -4.07% | 6.63% | 4.02% |
| Russell 3000<sup>®</sup> Index | 17.41% | 15.74% | 14.86% |
| Bloomberg US 3000 REIT Index | -4.01% | 6.90% | 3.49% |
| S&P 500<sup>®</sup> Index | 17.60% | 16.47% | 15.51% |

---

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

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

The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

![Image](iaa54f7be91e36791596adbf9.jpg)

Sterling Capital Real Estate Fund

September 30, 2025

ANNUAL SHAREHOLDER REPORT

https://sterlingcapitalfunds.com/funds/

Class R6 (SCREX)

#### KEY FUND STATISTICS (as of Period End)
* Net Assets$67,336,434

* Number of Portfolio Holdings31

* Advisory Fee (net of waivers)$402,359

* Portfolio Turnover8%

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

---

| | |
|:---|:---|
| Money Market Funds | 2.0% |
| Real Estate | 97.8% |
| Other Assets in Excess of Liabilities | 0.2% |

---

#### Asset Weighting (as a % of Total Investments)
![Group By Asset Type Chart](i1b9ccaa03283816dde6c8694.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Common Stocks | 92.2% |
| Money Market Funds | 2.0% |
| REITs | 5.8% |

---

#### MATERIAL FUND CHANGES
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 agreement 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 is expected to take place in the first half of 2026. Following the Closing, it is anticipated that Sterling Capital will continue to operate as a standalone entity indirectly owned by Guardian, which will in turn be indirectly owned by Desjardins. To provide continuity and stability, Sterling Capital's team of management and senior professionals are currently expected to continue servicing Sterling Capital's clients, including the Funds, after Closing.

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

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

TSR-AR 093025-SCREX

![Image](iaa54f7be91e36791596adbf9.jpg)

Sterling Capital Real Estate Fund

September 30, 2025

ANNUAL SHAREHOLDER REPORT

https://sterlingcapitalfunds.com/funds/

Class Institutional (STMDX)

This annual shareholder report contains important information about Sterling Capital Real Estate Fund for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund athttps://sterlingcapitalfunds.com/funds/. You can also request this information by contacting us at (888) 228-1872. This report describes material fund changes to the Fund that occurred during the year in the MATERIAL FUND CHANGES section of this report

#### WHAT FACTORS INFLUENCED PERFORMANCE FOR THE PERIOD?
For the 12-month period between October 1, 2024, and September 30, 2025, the Fund underperformed both its primary benchmark, the Russell 3000 Index, and its secondary benchmark, the Bloomberg U.S. 3000 Real Estate Investment Trust (REIT) Index. REITs in the Health Care subsector helped drive the Fund's returns on an absolute basis due to improved occupancy rates and higher rental rates that helped boost cash flow for landlords. The Fund's holdings within the for-rent Residential subsector weighed on absolute returns as record high supply of new rental apartments helped diminish pricing power for landlords.

The Fund's underperformance relative to its primary benchmark was due to the outperformance of non-real estate benchmark holdings relative to real estate, namely in the Communication Services and Information Technology sectors. The Fund's underperformance relative to its secondary benchmark was driven by stock selection within the Residential and Retail subsectors.

The Fund's returns relative to its primary benchmark benefited from the relative outperformance of the Real Estate sector to the benchmark's Health Care holdings. Stock selection within the Industrial REIT subsector and an above-benchmark exposure to Data Center REITs added to the Fund's results relative to its secondary benchmark.

How did the Fund perform over the past 10 years?

The Fund underperformed its primary benchmark and outperformed its secondary benchmark over the past ten years. Absolute performance was driven by holdings within the Data Center and Health Care subsectors, where higher demand for space and power, and rising demand for senior living, boosted gains in the respective sectors. Rising long-term interest rates have weighed on the Fund's absolute returns over the past decade as the price of REIT stocks tend to move in the opposite direction from interest rates.

The Fund's underperformance relative to its primary benchmark was due to the relative underperformance of the Real Estate sector to non-real estate holdings in the benchmark, including the Information Technology sector. Stock selection within the Health Care and Lodging subsectors added to the Fund's performance relative to its secondary benchmark. Stock selection within the Specialty and Diversified subsectors weighed returns on a relative basis.

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

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

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

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class Institutional | $87 | 0.89% |

---

#### PERFORMANCE OF HYPOTHETICAL

#### $10,000 INVESTMENT

#### Growth of $10,000
![Growth of 10K Chart](i734a162db01f6a377dd42f3d.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Sterling Capital Real Estate Fund - I | Russell 3000<sup>®</sup> Index | Bloomberg US 3000 REIT Index | S&P 500<sup>®</sup> Index |
| Sep-2015 | $10000 | $10000 | $10000 | $10000 |
| Sep-2016 | $12014 | $11496 | $12092 | $11543 |
| Sep-2017 | $12152 | $13647 | $12360 | $13691 |
| Sep-2018 | $12932 | $16046 | $12903 | $16143 |
| Sep-2019 | $15396 | $16514 | $15601 | $16830 |
| Sep-2020 | $14151 | $18992 | $13781 | $19380 |
| Sep-2021 | $18453 | $25045 | $18128 | $25194 |
| Sep-2022 | $15060 | $20630 | $15127 | $21296 |
| Sep-2023 | $15203 | $24852 | $14872 | $25900 |
| Sep-2024 | $20243 | $33598 | $20043 | $35315 |
| Sep-2025 | $19396 | $39447 | $19239 | $41530 |

---

#### AVERAGE ANNUAL TOTAL RETURNS

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Years | 10 Years |
| Sterling Capital Real Estate Fund - I | -4.18% | 6.51% | 6.85% |
| Russell 3000<sup>®</sup> Index | 17.41% | 15.74% | 14.71% |
| Bloomberg US 3000 REIT Index | -4.01% | 6.90% | 6.76% |
| S&P 500<sup>®</sup> Index | 17.60% | 16.47% | 15.30% |

---

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

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

The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

![Image](iaa54f7be91e36791596adbf9.jpg)

Sterling Capital Real Estate Fund

September 30, 2025

ANNUAL SHAREHOLDER REPORT

https://sterlingcapitalfunds.com/funds/

Class Institutional (STMDX)

#### KEY FUND STATISTICS (as of Period End)
* Net Assets$67,336,434

* Number of Portfolio Holdings31

* Advisory Fee (net of waivers)$402,359

* Portfolio Turnover8%

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

---

| | |
|:---|:---|
| Money Market Funds | 2.0% |
| Real Estate | 97.8% |
| Other Assets in Excess of Liabilities | 0.2% |

---

#### Asset Weighting (as a % of Total Investments)
![Group By Asset Type Chart](i4c56ad8c924c74aed29b6773.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Common Stocks | 92.2% |
| Money Market Funds | 2.0% |
| REITs | 5.8% |

---

#### MATERIAL FUND CHANGES
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 agreement 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 is expected to take place in the first half of 2026. Following the Closing, it is anticipated that Sterling Capital will continue to operate as a standalone entity indirectly owned by Guardian, which will in turn be indirectly owned by Desjardins. To provide continuity and stability, Sterling Capital's team of management and senior professionals are currently expected to continue servicing Sterling Capital's clients, including the Funds, after Closing.

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

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

TSR-AR 093025-STMDX

![Image](iaa54f7be91e36791596adbf9.jpg)

Sterling Capital Short Duration Bond Fund

September 30, 2025

ANNUAL SHAREHOLDER REPORT

https://sterlingcapitalfunds.com/funds/

Class A (BSGAX)

This annual shareholder report contains important information about Sterling Capital Short Duration Bond Fund for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund athttps://sterlingcapitalfunds.com/funds/. You can also request this information by contacting us at (888) 228-1872. This report describes material fund changes to the Fund that occurred during the year in the MATERIAL FUND CHANGES section of this report

#### WHAT FACTORS INFLUENCED PERFORMANCE FOR THE PERIOD?
For the 12-month period between October 1, 2024, and September 30, 2025, the Fund outperformed its targeted benchmark, the ICE BofA U.S. 1-3 Year Corporate/Government Bond Index, and outperformed its broad-based benchmark, the Bloomberg U.S. Aggregate Bond Index. Risk assets came under significant pressure in April following the U.S. administration's "Liberation Day" tariff announcements. However, risk premium for various Fund asset classes tightened in the subsequent months to finish the fiscal year lower than they began, contributing to the Fund's absolute returns.

The Fund's overweight position in securitized assets, including asset-backed securities (ABS), mortgage-backed securities (MBS), commercial mortgage-backed securities (CMBS), and collateralized loan obligations (CLO) boosted its performance relative to its targeted benchmark. A drop in interest rate volatility in 2025 also contributed positively to relative performance, particularly for agency MBS.

The Fund's outperformance relative to its broad-based benchmark was driven by the steepening of the Treasury yield curve, which caused shorter duration bonds to outperform longer duration securities held in the Bloomberg U.S. Aggregate Bond Index.

How did the Fund perform over the past 10 years?

The Fund outperformed both its primary and secondary benchmarks over the past ten years. In general, fixed income returns during this period were hurt by higher interest rates, particularly the dramatic rise in rates in the years following the global pandemic.

The Fund's outperformance relative to its targeted benchmark over the past ten years was largely due to strategic decisions regarding duration, yield curve positioning, sector allocation and security selection. The Fund's strong performance relative to its broad-based benchmark during this period was largely due to its focus on shorter-duration bonds, which outperformed longer-duration bonds favored by this benchmark over the past ten years.

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

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

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

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $82 | 0.80% |

---

#### PERFORMANCE OF HYPOTHETICAL

#### $10,000 INVESTMENT

#### Growth of $10,000
![Growth of 10K Chart](i83381ff069f3ab461b38e782.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Sterling Capital Short Duration Bond Fund - A | Bloomberg U.S. Aggregate Bond Index | ICE BofA U.S. Corporate & Government, 1-3 Years Index |
| Sep-2015 | $9801 | $10000 | $10000 |
| Sep-2016 | $9995 | $10519 | $10132 |
| Sep-2017 | $10097 | $10527 | $10198 |
| Sep-2018 | $10153 | $10399 | $10226 |
| Sep-2019 | $10588 | $11470 | $10702 |
| Sep-2020 | $10997 | $12271 | $11101 |
| Sep-2021 | $11099 | $12161 | $11140 |
| Sep-2022 | $10542 | $10385 | $10568 |
| Sep-2023 | $10923 | $10452 | $10873 |
| Sep-2024 | $11795 | $11662 | $11658 |
| Sep-2025 | $12338 | $11998 | $12144 |

---

#### AVERAGE ANNUAL TOTAL RETURNS

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Years | 10 Years |
| Sterling Capital Short Duration Bond Fund - A |  |  |  |
| Without Load | 4.60% | 2.33% | 2.33% |
| With Load | 2.53% | 1.91% | 2.12% |
| Bloomberg U.S. Aggregate Bond Index | 2.88% | -0.45% | 1.84% |
| ICE BofA U.S. Corporate & Government, 1-3 Years Index | 4.17% | 1.81% | 1.96% |

---

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

The Bloomberg U.S. Aggregate Bond Index is an unmanaged index composed of securities that are SEC-registered, taxable, and USD-denominated. The index covers the U.S. investment grade fixed rate bond market.

The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

![Image](iaa54f7be91e36791596adbf9.jpg)

Sterling Capital Short Duration Bond Fund

September 30, 2025

ANNUAL SHAREHOLDER REPORT

https://sterlingcapitalfunds.com/funds/

Class A (BSGAX)

#### KEY FUND STATISTICS (as of Period End)
* Net Assets$40,621,221

* Number of Portfolio Holdings137

* Advisory Fee (net of waivers)$70,864

* Portfolio Turnover66%

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

---

| | |
|:---|:---|
| Municipal Bonds | 0.2% |
| Materials | 0.4% |
| Information Technology | 0.6% |
| Money Market Funds | 1.2% |
| Health Care | 1.3% |
| Real Estate | 1.4% |
| Communications | 1.4% |
| Consumer Staples | 1.6% |
| U.S. Treasury Obligations | 1.9% |
| Consumer Discretionary | 3.1% |
| Technology | 3.7% |
| Energy | 4.4% |
| Industrials | 5.0% |
| Utilities | 5.1% |
| Collateralized Mortgage Obligations | 5.2% |
| Commercial Mortgage-Backed Securities | 6.7% |
| Financials | 28.4% |
| Asset Backed Securities | 28.9% |
| Liabilities in Excess of Other Assets | -6.1% |

---

#### Asset Weighting (as a % of Total Investments)
![Group By Asset Type Chart](ic86db5fceb7e882032d4875a.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Asset Backed Securities | 28.7% |
| Collateralized Mortgage Obligations | 5.2% |
| Commercial Mortgage-Backed Securities | 6.7% |
| Corporate Bonds | 55.6% |
| Money Market Funds | 1.2% |
| Municipal Bonds | 0.2% |
| Preferred Stocks | 0.5% |
| U.S. Government & Agencies | 1.9% |

---

#### MATERIAL FUND CHANGES
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 agreement 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 is expected to take place in the first half of 2026. Following the Closing, it is anticipated that Sterling Capital will continue to operate as a standalone entity indirectly owned by Guardian, which will in turn be indirectly owned by Desjardins. To provide continuity and stability, Sterling Capital's team of management and senior professionals are currently expected to continue servicing Sterling Capital's clients, including the Funds, after Closing.

At a meeting held on August 27, 2025, the Board of Sterling Capital Funds Trust approved the reorganization of the Sterling Capital Short Duration Bond Fund into a newly created exchange-traded fund, Sterling Capital Short Duration Bond ETF, a series in the Sterling Capital Funds Trust. Sterling Capital Short Duration Bond ETF will have the same investment adviser, investment objective and substantially similar fundamental investment policies and investment strategies as the Sterling Capital Short Duration Bond Fund. The reorganization is anticipated to be completed in the first half of 2026.

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

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

TSR-AR 093025-BSGAX

![Image](iaa54f7be91e36791596adbf9.jpg)

Sterling Capital Short Duration Bond Fund

September 30, 2025

ANNUAL SHAREHOLDER REPORT

https://sterlingcapitalfunds.com/funds/

Class C (BBSCX)

This annual shareholder report contains important information about Sterling Capital Short Duration Bond Fund for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund athttps://sterlingcapitalfunds.com/funds/. You can also request this information by contacting us at (888) 228-1872. This report describes material fund changes to the Fund that occurred during the year in the MATERIAL FUND CHANGES section of this report

#### WHAT FACTORS INFLUENCED PERFORMANCE FOR THE PERIOD?
For the 12-month period between October 1, 2024, and September 30, 2025, the Fund outperformed its targeted benchmark, the ICE BofA U.S. 1-3 Year Corporate/Government Bond Index, and outperformed its broad-based benchmark, the Bloomberg U.S. Aggregate Bond Index. Risk assets came under significant pressure in April following the U.S. administration's "Liberation Day" tariff announcements. However, risk premium for various Fund asset classes tightened in the subsequent months to finish the fiscal year lower than they began, contributing to the Fund's absolute returns.

The Fund's overweight position in securitized assets, including asset-backed securities (ABS), mortgage-backed securities (MBS), commercial mortgage-backed securities (CMBS), and collateralized loan obligations (CLO) boosted its performance relative to its targeted benchmark. A drop in interest rate volatility in 2025 also contributed positively to relative performance, particularly for agency MBS.

The Fund's outperformance relative to its broad-based benchmark was driven by the steepening of the Treasury yield curve, which caused shorter duration bonds to outperform longer duration securities held in the Bloomberg U.S. Aggregate Bond Index.

How did the Fund perform over the past 10 years?

The Fund outperformed both its primary and secondary benchmarks over the past ten years. In general, fixed income returns during this period were hurt by higher interest rates, particularly the dramatic rise in rates in the years following the global pandemic.

The Fund's outperformance relative to its targeted benchmark over the past ten years was largely due to strategic decisions regarding duration, yield curve positioning, sector allocation and security selection. The Fund's strong performance relative to its broad-based benchmark during this period was largely due to its focus on shorter-duration bonds, which outperformed longer-duration bonds favored by this benchmark over the past ten years.

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

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

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

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class C | $158 | 1.55% |

---

#### PERFORMANCE OF HYPOTHETICAL

#### $10,000 INVESTMENT

#### Growth of $10,000
![Growth of 10K Chart](i17e6f636e5f4240ea8350e0f.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Sterling Capital Short Duration Bond Fund - C | Bloomberg U.S. Aggregate Bond Index | ICE BofA U.S. Corporate & Government, 1-3 Years Index |
| Sep-2015 | $10000 | $10000 | $10000 |
| Sep-2016 | $10122 | $10519 | $10132 |
| Sep-2017 | $10161 | $10527 | $10198 |
| Sep-2018 | $10129 | $10399 | $10226 |
| Sep-2019 | $10485 | $11470 | $10702 |
| Sep-2020 | $10808 | $12271 | $11101 |
| Sep-2021 | $10840 | $12161 | $11140 |
| Sep-2022 | $10218 | $10385 | $10568 |
| Sep-2023 | $10508 | $10452 | $10873 |
| Sep-2024 | $11262 | $11662 | $11658 |
| Sep-2025 | $11692 | $11998 | $12144 |

---

#### AVERAGE ANNUAL TOTAL RETURNS

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Years | 10 Years |
| Sterling Capital Short Duration Bond Fund - C | 3.82% | 1.58% | 1.58% |
| Bloomberg U.S. Aggregate Bond Index | 2.88% | -0.45% | 1.84% |
| ICE BofA U.S. Corporate & Government, 1-3 Years Index | 4.17% | 1.81% | 1.96% |

---

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

The Bloomberg U.S. Aggregate Bond Index is an unmanaged index composed of securities that are SEC-registered, taxable, and USD-denominated. The index covers the U.S. investment grade fixed rate bond market.

The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

![Image](iaa54f7be91e36791596adbf9.jpg)

Sterling Capital Short Duration Bond Fund

September 30, 2025

ANNUAL SHAREHOLDER REPORT

https://sterlingcapitalfunds.com/funds/

Class C (BBSCX)

#### KEY FUND STATISTICS (as of Period End)
* Net Assets$40,621,221

* Number of Portfolio Holdings137

* Advisory Fee (net of waivers)$70,864

* Portfolio Turnover66%

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

---

| | |
|:---|:---|
| Municipal Bonds | 0.2% |
| Materials | 0.4% |
| Information Technology | 0.6% |
| Money Market Funds | 1.2% |
| Health Care | 1.3% |
| Real Estate | 1.4% |
| Communications | 1.4% |
| Consumer Staples | 1.6% |
| U.S. Treasury Obligations | 1.9% |
| Consumer Discretionary | 3.1% |
| Technology | 3.7% |
| Energy | 4.4% |
| Industrials | 5.0% |
| Utilities | 5.1% |
| Collateralized Mortgage Obligations | 5.2% |
| Commercial Mortgage-Backed Securities | 6.7% |
| Financials | 28.4% |
| Asset Backed Securities | 28.9% |
| Liabilities in Excess of Other Assets | -6.1% |

---

#### Asset Weighting (as a % of Total Investments)
![Group By Asset Type Chart](if14dc471cb02896aefc564d0.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Asset Backed Securities | 28.7% |
| Collateralized Mortgage Obligations | 5.2% |
| Commercial Mortgage-Backed Securities | 6.7% |
| Corporate Bonds | 55.6% |
| Money Market Funds | 1.2% |
| Municipal Bonds | 0.2% |
| Preferred Stocks | 0.5% |
| U.S. Government & Agencies | 1.9% |

---

#### MATERIAL FUND CHANGES
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 agreement 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 is expected to take place in the first half of 2026. Following the Closing, it is anticipated that Sterling Capital will continue to operate as a standalone entity indirectly owned by Guardian, which will in turn be indirectly owned by Desjardins. To provide continuity and stability, Sterling Capital's team of management and senior professionals are currently expected to continue servicing Sterling Capital's clients, including the Funds, after Closing.

At a meeting held on August 27, 2025, the Board of Sterling Capital Funds Trust approved the reorganization of the Sterling Capital Short Duration Bond Fund into a newly created exchange-traded fund, Sterling Capital Short Duration Bond ETF, a series in the Sterling Capital Funds Trust. Sterling Capital Short Duration Bond ETF will have the same investment adviser, investment objective and substantially similar fundamental investment policies and investment strategies as the Sterling Capital Short Duration Bond Fund. The reorganization is anticipated to be completed in the first half of 2026.

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

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

TSR-AR 093025-BBSCX

![Image](iaa54f7be91e36791596adbf9.jpg)

Sterling Capital Short Duration Bond Fund

September 30, 2025

ANNUAL SHAREHOLDER REPORT

https://sterlingcapitalfunds.com/funds/

Class R6 (SHTRX)

This annual shareholder report contains important information about Sterling Capital Short Duration Bond Fund for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund athttps://sterlingcapitalfunds.com/funds/. You can also request this information by contacting us at (888) 228-1872. This report describes material fund changes to the Fund that occurred during the year in the MATERIAL FUND CHANGES section of this report

#### WHAT FACTORS INFLUENCED PERFORMANCE FOR THE PERIOD?
For the 12-month period between October 1, 2024, and September 30, 2025, the Fund outperformed its targeted benchmark, the ICE BofA U.S. 1-3 Year Corporate/Government Bond Index, and outperformed its broad-based benchmark, the Bloomberg U.S. Aggregate Bond Index. Risk assets came under significant pressure in April following the U.S. administration's "Liberation Day" tariff announcements. However, risk premium for various Fund asset classes tightened in the subsequent months to finish the fiscal year lower than they began, contributing to the Fund's absolute returns.

The Fund's overweight position in securitized assets, including asset-backed securities (ABS), mortgage-backed securities (MBS), commercial mortgage-backed securities (CMBS), and collateralized loan obligations (CLO) boosted its performance relative to its targeted benchmark. A drop in interest rate volatility in 2025 also contributed positively to relative performance, particularly for agency MBS.

The Fund's outperformance relative to its broad-based benchmark was driven by the steepening of the Treasury yield curve, which caused shorter duration bonds to outperform longer duration securities held in the Bloomberg U.S. Aggregate Bond Index.

How did the Fund perform over the past 10 years?

The Fund outperformed both its primary and secondary benchmarks over the past ten years. In general, fixed income returns during this period were hurt by higher interest rates, particularly the dramatic rise in rates in the years following the global pandemic.

The Fund's outperformance relative to its targeted benchmark over the past ten years was largely due to strategic decisions regarding duration, yield curve positioning, sector allocation and security selection. The Fund's strong performance relative to its broad-based benchmark during this period was largely due to its focus on shorter-duration bonds, which outperformed longer-duration bonds favored by this benchmark over the past ten years.

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

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

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

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class R6 | $45 | 0.44% |

---

#### PERFORMANCE OF HYPOTHETICAL

#### $10,000 INVESTMENT

#### Growth of $10,000
![Growth of 10K Chart](i85a4fe2f01445314b69b0853.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Sterling Capital Short Duration Bond Fund - R6 | Bloomberg U.S. Aggregate Bond Index | ICE BofA U.S. Corporate & Government, 1-3 Years Index |
| Sep-2020 | $10000 | $10000 | $10000 |
| Sep-2021 | $10120 | $9910 | $10035 |
| Sep-2022 | $9645 | $8464 | $9519 |
| Sep-2023 | $10040 | $8518 | $9794 |
| Sep-2024 | $10865 | $9504 | $10501 |
| Sep-2025 | $11405 | $9778 | $10939 |

---

#### AVERAGE ANNUAL TOTAL RETURNS

---

| | | |
|:---|:---|:---|
| | 1 Year | Since Inception (January 29, 2021) |
| Sterling Capital Short Duration Bond Fund - R6 | 4.97% | 2.69% |
| Bloomberg U.S. Aggregate Bond Index | 2.88% | -0.47% |
| ICE BofA U.S. Corporate & Government, 1-3 Years Index | 4.17% | 1.89% |

---

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

The Bloomberg U.S. Aggregate Bond Index is an unmanaged index composed of securities that are SEC-registered, taxable, and USD-denominated. The index covers the U.S. investment grade fixed rate bond market.

The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

![Image](iaa54f7be91e36791596adbf9.jpg)

Sterling Capital Short Duration Bond Fund

September 30, 2025

ANNUAL SHAREHOLDER REPORT

https://sterlingcapitalfunds.com/funds/

Class R6 (SHTRX)

#### KEY FUND STATISTICS (as of Period End)
* Net Assets$40,621,221

* Number of Portfolio Holdings137

* Advisory Fee (net of waivers)$70,864

* Portfolio Turnover66%

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

---

| | |
|:---|:---|
| Municipal Bonds | 0.2% |
| Materials | 0.4% |
| Information Technology | 0.6% |
| Money Market Funds | 1.2% |
| Health Care | 1.3% |
| Real Estate | 1.4% |
| Communications | 1.4% |
| Consumer Staples | 1.6% |
| U.S. Treasury Obligations | 1.9% |
| Consumer Discretionary | 3.1% |
| Technology | 3.7% |
| Energy | 4.4% |
| Industrials | 5.0% |
| Utilities | 5.1% |
| Collateralized Mortgage Obligations | 5.2% |
| Commercial Mortgage-Backed Securities | 6.7% |
| Financials | 28.4% |
| Asset Backed Securities | 28.9% |
| Liabilities in Excess of Other Assets | -6.1% |

---

#### Asset Weighting (as a % of Total Investments)
![Group By Asset Type Chart](i7f46a0b15aadfb09d0fc1823.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Asset Backed Securities | 28.7% |
| Collateralized Mortgage Obligations | 5.2% |
| Commercial Mortgage-Backed Securities | 6.7% |
| Corporate Bonds | 55.6% |
| Money Market Funds | 1.2% |
| Municipal Bonds | 0.2% |
| Preferred Stocks | 0.5% |
| U.S. Government & Agencies | 1.9% |

---

#### MATERIAL FUND CHANGES
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 agreement 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 is expected to take place in the first half of 2026. Following the Closing, it is anticipated that Sterling Capital will continue to operate as a standalone entity indirectly owned by Guardian, which will in turn be indirectly owned by Desjardins. To provide continuity and stability, Sterling Capital's team of management and senior professionals are currently expected to continue servicing Sterling Capital's clients, including the Funds, after Closing.

At a meeting held on August 27, 2025, the Board of Sterling Capital Funds Trust approved the reorganization of the Sterling Capital Short Duration Bond Fund into a newly created exchange-traded fund, Sterling Capital Short Duration Bond ETF, a series in the Sterling Capital Funds Trust. Sterling Capital Short Duration Bond ETF will have the same investment adviser, investment objective and substantially similar fundamental investment policies and investment strategies as the Sterling Capital Short Duration Bond Fund. The reorganization is anticipated to be completed in the first half of 2026.

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

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

TSR-AR 093025-SHTRX

![Image](iaa54f7be91e36791596adbf9.jpg)

Sterling Capital Short Duration Bond Fund

September 30, 2025

ANNUAL SHAREHOLDER REPORT

https://sterlingcapitalfunds.com/funds/

Class Institutional (BBSGX)

This annual shareholder report contains important information about Sterling Capital Short Duration Bond Fund for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund athttps://sterlingcapitalfunds.com/funds/. You can also request this information by contacting us at (888) 228-1872. This report describes material fund changes to the Fund that occurred during the year in the MATERIAL FUND CHANGES section of this report

#### WHAT FACTORS INFLUENCED PERFORMANCE FOR THE PERIOD?
For the 12-month period between October 1, 2024, and September 30, 2025, the Fund outperformed its targeted benchmark, the ICE BofA U.S. 1-3 Year Corporate/Government Bond Index, and outperformed its broad-based benchmark, the Bloomberg U.S. Aggregate Bond Index. Risk assets came under significant pressure in April following the U.S. administration's "Liberation Day" tariff announcements. However, risk premium for various Fund asset classes tightened in the subsequent months to finish the fiscal year lower than they began, contributing to the Fund's absolute returns.

The Fund's overweight position in securitized assets, including asset-backed securities (ABS), mortgage-backed securities (MBS), commercial mortgage-backed securities (CMBS), and collateralized loan obligations (CLO) boosted its performance relative to its targeted benchmark. A drop in interest rate volatility in 2025 also contributed positively to relative performance, particularly for agency MBS.

The Fund's outperformance relative to its broad-based benchmark was driven by the steepening of the Treasury yield curve, which caused shorter duration bonds to outperform longer duration securities held in the Bloomberg U.S. Aggregate Bond Index.

How did the Fund perform over the past 10 years?

The Fund outperformed both its primary and secondary benchmarks over the past ten years. In general, fixed income returns during this period were hurt by higher interest rates, particularly the dramatic rise in rates in the years following the global pandemic.

The Fund's outperformance relative to its targeted benchmark over the past ten years was largely due to strategic decisions regarding duration, yield curve positioning, sector allocation and security selection. The Fund's strong performance relative to its broad-based benchmark during this period was largely due to its focus on shorter-duration bonds, which outperformed longer-duration bonds favored by this benchmark over the past ten years.

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

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

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

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class Institutional | $56 | 0.55% |

---

#### PERFORMANCE OF HYPOTHETICAL

#### $10,000 INVESTMENT

#### Growth of $10,000
![Growth of 10K Chart](i7138d5b4eaa3a561518fe6d5.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Sterling Capital Short Duration Bond Fund - I | Bloomberg U.S. Aggregate Bond Index | ICE BofA U.S. Corporate & Government, 1-3 Years Index |
| Sep-2015 | $10000 | $10000 | $10000 |
| Sep-2016 | $10224 | $10519 | $10132 |
| Sep-2017 | $10354 | $10527 | $10198 |
| Sep-2018 | $10437 | $10399 | $10226 |
| Sep-2019 | $10912 | $11470 | $10702 |
| Sep-2020 | $11361 | $12271 | $11101 |
| Sep-2021 | $11496 | $12161 | $11140 |
| Sep-2022 | $10946 | $10385 | $10568 |
| Sep-2023 | $11370 | $10452 | $10873 |
| Sep-2024 | $12307 | $11662 | $11658 |
| Sep-2025 | $12905 | $11998 | $12144 |

---

#### AVERAGE ANNUAL TOTAL RETURNS

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Years | 10 Years |
| Sterling Capital Short Duration Bond Fund - I | 4.86% | 2.58% | 2.58% |
| Bloomberg U.S. Aggregate Bond Index | 2.88% | -0.45% | 1.84% |
| ICE BofA U.S. Corporate & Government, 1-3 Years Index | 4.17% | 1.81% | 1.96% |

---

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

The Bloomberg U.S. Aggregate Bond Index is an unmanaged index composed of securities that are SEC-registered, taxable, and USD-denominated. The index covers the U.S. investment grade fixed rate bond market.

The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

![Image](iaa54f7be91e36791596adbf9.jpg)

Sterling Capital Short Duration Bond Fund

September 30, 2025

ANNUAL SHAREHOLDER REPORT

https://sterlingcapitalfunds.com/funds/

Class Institutional (BBSGX)

#### KEY FUND STATISTICS (as of Period End)
* Net Assets$40,621,221

* Number of Portfolio Holdings137

* Advisory Fee (net of waivers)$70,864

* Portfolio Turnover66%

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

---

| | |
|:---|:---|
| Municipal Bonds | 0.2% |
| Materials | 0.4% |
| Information Technology | 0.6% |
| Money Market Funds | 1.2% |
| Health Care | 1.3% |
| Real Estate | 1.4% |
| Communications | 1.4% |
| Consumer Staples | 1.6% |
| U.S. Treasury Obligations | 1.9% |
| Consumer Discretionary | 3.1% |
| Technology | 3.7% |
| Energy | 4.4% |
| Industrials | 5.0% |
| Utilities | 5.1% |
| Collateralized Mortgage Obligations | 5.2% |
| Commercial Mortgage-Backed Securities | 6.7% |
| Financials | 28.4% |
| Asset Backed Securities | 28.9% |
| Liabilities in Excess of Other Assets | -6.1% |

---

#### Asset Weighting (as a % of Total Investments)
![Group By Asset Type Chart](iaea89c6d7d481068dae763e1.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Asset Backed Securities | 28.7% |
| Collateralized Mortgage Obligations | 5.2% |
| Commercial Mortgage-Backed Securities | 6.7% |
| Corporate Bonds | 55.6% |
| Money Market Funds | 1.2% |
| Municipal Bonds | 0.2% |
| Preferred Stocks | 0.5% |
| U.S. Government & Agencies | 1.9% |

---

#### MATERIAL FUND CHANGES
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 agreement 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 is expected to take place in the first half of 2026. Following the Closing, it is anticipated that Sterling Capital will continue to operate as a standalone entity indirectly owned by Guardian, which will in turn be indirectly owned by Desjardins. To provide continuity and stability, Sterling Capital's team of management and senior professionals are currently expected to continue servicing Sterling Capital's clients, including the Funds, after Closing.

At a meeting held on August 27, 2025, the Board of Sterling Capital Funds Trust approved the reorganization of the Sterling Capital Short Duration Bond Fund into a newly created exchange-traded fund, Sterling Capital Short Duration Bond ETF, a series in the Sterling Capital Funds Trust. Sterling Capital Short Duration Bond ETF will have the same investment adviser, investment objective and substantially similar fundamental investment policies and investment strategies as the Sterling Capital Short Duration Bond Fund. The reorganization is anticipated to be completed in the first half of 2026.

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

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

TSR-AR 093025-BBSGX

![Image](iaa54f7be91e36791596adbf9.jpg)

Sterling Capital Small Cap Value Fund

September 30, 2025

ANNUAL SHAREHOLDER REPORT

https://sterlingcapitalfunds.com/funds/

Class A (STSNX)

This annual shareholder report contains important information about Sterling Capital Small Cap Value Fund for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund athttps://sterlingcapitalfunds.com/funds/. You can also request this information by contacting us at (888) 228-1872. This report describes material fund changes to the Fund that occurred during the year in the MATERIAL FUND CHANGES section of this report

#### WHAT FACTORS INFLUENCED PERFORMANCE FOR THE PERIOD?
For the 12-month period between October 1, 2024, and September 30, 2025, the Fund underperformed its broad-based benchmark, the Russell 3000 Index, and outperformed its targeted benchmark, the Russell 2000 Value Index. U.S. equities recorded strong gains throughout the year as artificial intelligence continued to drive the investment cycle, spurring meaningful capital investments across a variety of large-scale projects, including data centers, chip manufacturing sites, and expansion of power generation capacity. Tempering inflation expectations and interest rate cuts by the Federal Reserve (three cuts totaling a 0.75 percentage point decrease) helped boost equity returns in general.

The Fund's outperformance relative to its targeted benchmark over the 12-month period was due to stock selection, particularly within the Consumer Staples and Industrials sectors. Stock selection within the Information Technology and Materials sectors weighed on the Fund's returns on a relative basis.

The Fund's underperformance relative to its broad-based benchmark was driven by outsized returns of large-cap stocks held in the benchmark relative to the small-cap stocks held by the Fund, most notably within the Information Technology sector. Stock selection, particularly within the Consumer Staples sector, along with an underweight exposure to the Health Care sector helped offset some of the underperformance.

How did the Fund perform over the past 10 years?

Over the past ten years, the Fund underperformed its broad-based benchmark but outperformed its targeted benchmark. The Fund's performance on an absolute basis was driven by a broad-based bull market in U.S. equities, although these gains were somewhat muted as small-cap value stocks generally underperformed their large-cap growth counterparts during the period.

The Fund's outperformance relative to its targeted benchmark was driven in large part by stock selection, notably within the Industrials, Health Care, and Consumer Staples sectors. Below-benchmark exposures to the Health Care and Energy sectors also helped. The Fund's underperformance relative to its broad-based benchmark was due to its below-benchmark exposure to large-cap stocks, which outperformed the Fund's small-cap stocks over the past decade.

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

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

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

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $133 | 1.28% |

---

#### PERFORMANCE OF HYPOTHETICAL

#### $10,000 INVESTMENT

#### Growth of $10,000
![Growth of 10K Chart](i2760469d8a422c06d7247c28.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Sterling Capital Small Cap Value Fund - A | Russell 3000<sup>®</sup> Index | Russell 2000<sup>®</sup> Value Index | Bloomberg US 2000 Value Index |
| Sep-2015 | $9425 | $10000 | $10000 | $10000 |
| Sep-2016 | $10997 | $11496 | $11881 | $12002 |
| Sep-2017 | $13244 | $13647 | $14322 | $14230 |
| Sep-2018 | $14265 | $16046 | $15658 | $15549 |
| Sep-2019 | $13583 | $16514 | $14367 | $13536 |
| Sep-2020 | $11842 | $18992 | $12229 | $11927 |
| Sep-2021 | $18050 | $25045 | $20047 | $20545 |
| Sep-2022 | $15497 | $20630 | $16501 | $17037 |
| Sep-2023 | $17829 | $24852 | $17795 | $19231 |
| Sep-2024 | $22912 | $33598 | $22401 | $24380 |
| Sep-2025 | $24708 | $39447 | $24167 | $25813 |

---

#### AVERAGE ANNUAL TOTAL RETURNS

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Years | Since Inception (November 13, 2015) |
| Sterling Capital Small Cap Value Fund - A |  |  |  |
| Without Load | 7.83% | 15.85% | 9.68% |
| With Load | 1.63% | 14.48% | 9.03% |
| Russell 3000<sup>®</sup> Index | 17.41% | 15.74% | 14.31% |
| Russell 2000<sup>®</sup> Value Index | 7.88% | 14.59% | 8.90% |
| Bloomberg US 2000 Value Index | 5.88% | 16.70% | 9.58% |

---

The Russell 2000<sup>®</sup> Value Index measures the performance of small-cap value segment of the U.S. equity universe.

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

The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

![Image](iaa54f7be91e36791596adbf9.jpg)

Sterling Capital Small Cap Value Fund

September 30, 2025

ANNUAL SHAREHOLDER REPORT

https://sterlingcapitalfunds.com/funds/

Class A (STSNX)

#### KEY FUND STATISTICS (as of Period End)
* Net Assets$175,078,108

* Number of Portfolio Holdings46

* Advisory Fee (net of waivers)$1,300,446

* Portfolio Turnover6%

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

---

| | |
|:---|:---|
| Money Market Funds | 0.7% |
| Materials | 2.1% |
| Health Care | 2.1% |
| Communication Services | 2.4% |
| Energy | 4.4% |
| Utilities | 4.5% |
| Real Estate | 5.9% |
| Consumer Discretionary | 6.3% |
| Consumer Staples | 9.9% |
| Information Technology | 11.7% |
| Financials | 24.2% |
| Industrials | 25.8% |
| Other Assets in Excess of Liabilities | -% |

---

#### Asset Weighting (as a % of Total Investments)
![Group By Asset Type Chart](ic8e122d2e1269dd847671b7e.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Common Stocks | 99.3% |
| Money Market Funds | 0.7% |

---

#### MATERIAL FUND CHANGES
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 agreement 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 is expected to take place in the first half of 2026. Following the Closing, it is anticipated that Sterling Capital will continue to operate as a standalone entity indirectly owned by Guardian, which will in turn be indirectly owned by Desjardins. To provide continuity and stability, Sterling Capital's team of management and senior professionals are currently expected to continue servicing Sterling Capital's clients, including the Funds, after Closing.

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

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

TSR-AR 093025-STSNX

![Image](iaa54f7be91e36791596adbf9.jpg)

Sterling Capital Small Cap Value Fund

September 30, 2025

ANNUAL SHAREHOLDER REPORT

https://sterlingcapitalfunds.com/funds/

Class C (STSOX)

This annual shareholder report contains important information about Sterling Capital Small Cap Value Fund for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund athttps://sterlingcapitalfunds.com/funds/. You can also request this information by contacting us at (888) 228-1872. This report describes material fund changes to the Fund that occurred during the year in the MATERIAL FUND CHANGES section of this report

#### WHAT FACTORS INFLUENCED PERFORMANCE FOR THE PERIOD?
For the 12-month period between October 1, 2024, and September 30, 2025, the Fund underperformed its broad-based benchmark, the Russell 3000 Index, and outperformed its targeted benchmark, the Russell 2000 Value Index. U.S. equities recorded strong gains throughout the year as artificial intelligence continued to drive the investment cycle, spurring meaningful capital investments across a variety of large-scale projects, including data centers, chip manufacturing sites, and expansion of power generation capacity. Tempering inflation expectations and interest rate cuts by the Federal Reserve (three cuts totaling a 0.75 percentage point decrease) helped boost equity returns in general.

The Fund's outperformance relative to its targeted benchmark over the 12-month period was due to stock selection, particularly within the Consumer Staples and Industrials sectors. Stock selection within the Information Technology and Materials sectors weighed on the Fund's returns on a relative basis.

The Fund's underperformance relative to its broad-based benchmark was driven by outsized returns of large-cap stocks held in the benchmark relative to the small-cap stocks held by the Fund, most notably within the Information Technology sector. Stock selection, particularly within the Consumer Staples sector, along with an underweight exposure to the Health Care sector helped offset some of the underperformance.

How did the Fund perform over the past 10 years?

Over the past ten years, the Fund underperformed its broad-based benchmark but outperformed its targeted benchmark. The Fund's performance on an absolute basis was driven by a broad-based bull market in U.S. equities, although these gains were somewhat muted as small-cap value stocks generally underperformed their large-cap growth counterparts during the period.

The Fund's outperformance relative to its targeted benchmark was driven in large part by stock selection, notably within the Industrials, Health Care, and Consumer Staples sectors. Below-benchmark exposures to the Health Care and Energy sectors also helped. The Fund's underperformance relative to its broad-based benchmark was due to its below-benchmark exposure to large-cap stocks, which outperformed the Fund's small-cap stocks over the past decade.

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

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

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

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class C | $209 | 2.02% |

---

#### PERFORMANCE OF HYPOTHETICAL

#### $10,000 INVESTMENT

#### Growth of $10,000
![Growth of 10K Chart](i03a868c13543ec472dded927.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Sterling Capital Small Cap Value Fund - C | Russell 3000<sup>®</sup> Index | Russell 2000<sup>®</sup> Value Index | Bloomberg US 2000 Value Index |
| Sep-2015 | $10000 | $10000 | $10000 | $10000 |
| Sep-2016 | $11592 | $11496 | $11881 | $12002 |
| Sep-2017 | $13858 | $13647 | $14322 | $14230 |
| Sep-2018 | $14815 | $16046 | $15658 | $15549 |
| Sep-2019 | $14001 | $16514 | $14367 | $13536 |
| Sep-2020 | $12118 | $18992 | $12229 | $11927 |
| Sep-2021 | $18332 | $25045 | $20047 | $20545 |
| Sep-2022 | $15620 | $20630 | $16501 | $17037 |
| Sep-2023 | $17835 | $24852 | $17795 | $19231 |
| Sep-2024 | $22750 | $33598 | $22401 | $24380 |
| Sep-2025 | $24347 | $39447 | $24167 | $25813 |

---

#### AVERAGE ANNUAL TOTAL RETURNS

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Years | Since Inception (November 13, 2015) |
| Sterling Capital Small Cap Value Fund - C | 7.02% | 14.98% | 8.86% |
| Russell 3000<sup>®</sup> Index | 17.41% | 15.74% | 14.31% |
| Russell 2000<sup>®</sup> Value Index | 7.88% | 14.59% | 8.90% |
| Bloomberg US 2000 Value Index | 5.88% | 16.70% | 9.58% |

---

The Russell 2000<sup>®</sup> Value Index measures the performance of small-cap value segment of the U.S. equity universe.

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

The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

![Image](iaa54f7be91e36791596adbf9.jpg)

Sterling Capital Small Cap Value Fund

September 30, 2025

ANNUAL SHAREHOLDER REPORT

https://sterlingcapitalfunds.com/funds/

Class C (STSOX)

#### KEY FUND STATISTICS (as of Period End)
* Net Assets$175,078,108

* Number of Portfolio Holdings46

* Advisory Fee (net of waivers)$1,300,446

* Portfolio Turnover6%

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

---

| | |
|:---|:---|
| Money Market Funds | 0.7% |
| Materials | 2.1% |
| Health Care | 2.1% |
| Communication Services | 2.4% |
| Energy | 4.4% |
| Utilities | 4.5% |
| Real Estate | 5.9% |
| Consumer Discretionary | 6.3% |
| Consumer Staples | 9.9% |
| Information Technology | 11.7% |
| Financials | 24.2% |
| Industrials | 25.8% |
| Other Assets in Excess of Liabilities | -% |

---

#### Asset Weighting (as a % of Total Investments)
![Group By Asset Type Chart](i346ee47c7622995305f50ece.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Common Stocks | 99.3% |
| Money Market Funds | 0.7% |

---

#### MATERIAL FUND CHANGES
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 agreement 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 is expected to take place in the first half of 2026. Following the Closing, it is anticipated that Sterling Capital will continue to operate as a standalone entity indirectly owned by Guardian, which will in turn be indirectly owned by Desjardins. To provide continuity and stability, Sterling Capital's team of management and senior professionals are currently expected to continue servicing Sterling Capital's clients, including the Funds, after Closing.

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

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

TSR-AR 093025-STSOX

![Image](iaa54f7be91e36791596adbf9.jpg)

Sterling Capital Small Cap Value Fund

September 30, 2025

ANNUAL SHAREHOLDER REPORT

https://sterlingcapitalfunds.com/funds/

Class R6 (SCSIX)

This annual shareholder report contains important information about Sterling Capital Small Cap Value Fund for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund athttps://sterlingcapitalfunds.com/funds/. You can also request this information by contacting us at (888) 228-1872. This report describes material fund changes to the Fund that occurred during the year in the MATERIAL FUND CHANGES section of this report

#### WHAT FACTORS INFLUENCED PERFORMANCE FOR THE PERIOD?
For the 12-month period between October 1, 2024, and September 30, 2025, the Fund underperformed its broad-based benchmark, the Russell 3000 Index, and outperformed its targeted benchmark, the Russell 2000 Value Index. U.S. equities recorded strong gains throughout the year as artificial intelligence continued to drive the investment cycle, spurring meaningful capital investments across a variety of large-scale projects, including data centers, chip manufacturing sites, and expansion of power generation capacity. Tempering inflation expectations and interest rate cuts by the Federal Reserve (three cuts totaling a 0.75 percentage point decrease) helped boost equity returns in general.

The Fund's outperformance relative to its targeted benchmark over the 12-month period was due to stock selection, particularly within the Consumer Staples and Industrials sectors. Stock selection within the Information Technology and Materials sectors weighed on the Fund's returns on a relative basis.

The Fund's underperformance relative to its broad-based benchmark was driven by outsized returns of large-cap stocks held in the benchmark relative to the small-cap stocks held by the Fund, most notably within the Information Technology sector. Stock selection, particularly within the Consumer Staples sector, along with an underweight exposure to the Health Care sector helped offset some of the underperformance.

How did the Fund perform over the past 10 years?

Over the past ten years, the Fund underperformed its broad-based benchmark but outperformed its targeted benchmark. The Fund's performance on an absolute basis was driven by a broad-based bull market in U.S. equities, although these gains were somewhat muted as small-cap value stocks generally underperformed their large-cap growth counterparts during the period.

The Fund's outperformance relative to its targeted benchmark was driven in large part by stock selection, notably within the Industrials, Health Care, and Consumer Staples sectors. Below-benchmark exposures to the Health Care and Energy sectors also helped. The Fund's underperformance relative to its broad-based benchmark was due to its below-benchmark exposure to large-cap stocks, which outperformed the Fund's small-cap stocks over the past decade.

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

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

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

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class R6 | $94 | 0.90% |

---

#### PERFORMANCE OF HYPOTHETICAL

#### $10,000 INVESTMENT

#### Growth of $10,000
![Growth of 10K Chart](i01eb2d87d05495bee8995e16.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Sterling Capital Small Cap Value Fund - R6 | Russell 3000<sup>®</sup> Index | Russell 2000<sup>®</sup> Value Index | Bloomberg US 2000 Value Index |
| Sep-2019 | $10000 | $10000 | $10000 | $10000 |
| Sep-2020 | $8746 | $11500 | $8512 | $8811 |
| Sep-2021 | $13380 | $15166 | $13953 | $15178 |
| Sep-2022 | $11527 | $12493 | $11485 | $12586 |
| Sep-2023 | $13308 | $15049 | $12386 | $14207 |
| Sep-2024 | $17168 | $20345 | $15591 | $18011 |
| Sep-2025 | $18583 | $23887 | $16821 | $19070 |

---

#### AVERAGE ANNUAL TOTAL RETURNS

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Years | Since Inception (January 31, 2020) |
| Sterling Capital Small Cap Value Fund - R6 | 8.24% | 16.27% | 10.55% |
| Russell 3000<sup>®</sup> Index | 17.41% | 15.74% | 14.86% |
| Russell 2000<sup>®</sup> Value Index | 7.88% | 14.59% | 9.11% |
| Bloomberg US 2000 Value Index | 5.88% | 16.70% | 11.50% |

---

The Russell 2000<sup>®</sup> Value Index measures the performance of small-cap value segment of the U.S. equity universe.

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

The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

![Image](iaa54f7be91e36791596adbf9.jpg)

Sterling Capital Small Cap Value Fund

September 30, 2025

ANNUAL SHAREHOLDER REPORT

https://sterlingcapitalfunds.com/funds/

Class R6 (SCSIX)

#### KEY FUND STATISTICS (as of Period End)
* Net Assets$175,078,108

* Number of Portfolio Holdings46

* Advisory Fee (net of waivers)$1,300,446

* Portfolio Turnover6%

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

---

| | |
|:---|:---|
| Money Market Funds | 0.7% |
| Materials | 2.1% |
| Health Care | 2.1% |
| Communication Services | 2.4% |
| Energy | 4.4% |
| Utilities | 4.5% |
| Real Estate | 5.9% |
| Consumer Discretionary | 6.3% |
| Consumer Staples | 9.9% |
| Information Technology | 11.7% |
| Financials | 24.2% |
| Industrials | 25.8% |
| Other Assets in Excess of Liabilities | -% |

---

#### Asset Weighting (as a % of Total Investments)
![Group By Asset Type Chart](i4cbeea0179ff68708bb33794.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Common Stocks | 99.3% |
| Money Market Funds | 0.7% |

---

#### MATERIAL FUND CHANGES
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 agreement 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 is expected to take place in the first half of 2026. Following the Closing, it is anticipated that Sterling Capital will continue to operate as a standalone entity indirectly owned by Guardian, which will in turn be indirectly owned by Desjardins. To provide continuity and stability, Sterling Capital's team of management and senior professionals are currently expected to continue servicing Sterling Capital's clients, including the Funds, after Closing.

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

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

TSR-AR 093025-SCSIX

![Image](iaa54f7be91e36791596adbf9.jpg)

Sterling Capital Small Cap Value Fund

September 30, 2025

ANNUAL SHAREHOLDER REPORT

https://sterlingcapitalfunds.com/funds/

Class Institutional (STSCX)

This annual shareholder report contains important information about Sterling Capital Small Cap Value Fund for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund athttps://sterlingcapitalfunds.com/funds/. You can also request this information by contacting us at (888) 228-1872. This report describes material fund changes to the Fund that occurred during the year in the MATERIAL FUND CHANGES section of this report

#### WHAT FACTORS INFLUENCED PERFORMANCE FOR THE PERIOD?
For the 12-month period between October 1, 2024, and September 30, 2025, the Fund underperformed its broad-based benchmark, the Russell 3000 Index, and outperformed its targeted benchmark, the Russell 2000 Value Index. U.S. equities recorded strong gains throughout the year as artificial intelligence continued to drive the investment cycle, spurring meaningful capital investments across a variety of large-scale projects, including data centers, chip manufacturing sites, and expansion of power generation capacity. Tempering inflation expectations and interest rate cuts by the Federal Reserve (three cuts totaling a 0.75 percentage point decrease) helped boost equity returns in general.

The Fund's outperformance relative to its targeted benchmark over the 12-month period was due to stock selection, particularly within the Consumer Staples and Industrials sectors. Stock selection within the Information Technology and Materials sectors weighed on the Fund's returns on a relative basis.

The Fund's underperformance relative to its broad-based benchmark was driven by outsized returns of large-cap stocks held in the benchmark relative to the small-cap stocks held by the Fund, most notably within the Information Technology sector. Stock selection, particularly within the Consumer Staples sector, along with an underweight exposure to the Health Care sector helped offset some of the underperformance.

How did the Fund perform over the past 10 years?

Over the past ten years, the Fund underperformed its broad-based benchmark but outperformed its targeted benchmark. The Fund's performance on an absolute basis was driven by a broad-based bull market in U.S. equities, although these gains were somewhat muted as small-cap value stocks generally underperformed their large-cap growth counterparts during the period.

The Fund's outperformance relative to its targeted benchmark was driven in large part by stock selection, notably within the Industrials, Health Care, and Consumer Staples sectors. Below-benchmark exposures to the Health Care and Energy sectors also helped. The Fund's underperformance relative to its broad-based benchmark was due to its below-benchmark exposure to large-cap stocks, which outperformed the Fund's small-cap stocks over the past decade.

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

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

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

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class Institutional | $107 | 1.03% |

---

#### PERFORMANCE OF HYPOTHETICAL

#### $10,000 INVESTMENT

#### Growth of $10,000
![Growth of 10K Chart](iecfc77c8676edab054e484f3.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Sterling Capital Small Cap Value Fund - I | Russell 3000<sup>®</sup> Index | Russell 2000<sup>®</sup> Value Index | Bloomberg US 2000 Value Index |
| Sep-2015 | $10000 | $10000 | $10000 | $10000 |
| Sep-2016 | $11690 | $11496 | $11881 | $12002 |
| Sep-2017 | $14113 | $13647 | $14322 | $14230 |
| Sep-2018 | $15239 | $16046 | $15658 | $15549 |
| Sep-2019 | $14547 | $16514 | $14367 | $13536 |
| Sep-2020 | $12717 | $18992 | $12229 | $11927 |
| Sep-2021 | $19429 | $25045 | $20047 | $20545 |
| Sep-2022 | $16722 | $20630 | $16501 | $17037 |
| Sep-2023 | $19283 | $24852 | $17795 | $19231 |
| Sep-2024 | $24846 | $33598 | $22401 | $24380 |
| Sep-2025 | $26859 | $39447 | $24167 | $25813 |

---

#### AVERAGE ANNUAL TOTAL RETURNS

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Years | 10 Years |
| Sterling Capital Small Cap Value Fund - I | 8.10% | 16.13% | 10.38% |
| Russell 3000<sup>®</sup> Index | 17.41% | 15.74% | 14.71% |
| Russell 2000<sup>®</sup> Value Index | 7.88% | 14.59% | 9.23% |
| Bloomberg US 2000 Value Index | 5.88% | 16.70% | 9.95% |

---

The Russell 2000<sup>®</sup> Value Index measures the performance of small-cap value segment of the U.S. equity universe.

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

The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

![Image](iaa54f7be91e36791596adbf9.jpg)

Sterling Capital Small Cap Value Fund

September 30, 2025

ANNUAL SHAREHOLDER REPORT

https://sterlingcapitalfunds.com/funds/

Class Institutional (STSCX)

#### KEY FUND STATISTICS (as of Period End)
* Net Assets$175,078,108

* Number of Portfolio Holdings46

* Advisory Fee (net of waivers)$1,300,446

* Portfolio Turnover6%

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

---

| | |
|:---|:---|
| Money Market Funds | 0.7% |
| Materials | 2.1% |
| Health Care | 2.1% |
| Communication Services | 2.4% |
| Energy | 4.4% |
| Utilities | 4.5% |
| Real Estate | 5.9% |
| Consumer Discretionary | 6.3% |
| Consumer Staples | 9.9% |
| Information Technology | 11.7% |
| Financials | 24.2% |
| Industrials | 25.8% |
| Other Assets in Excess of Liabilities | -% |

---

#### Asset Weighting (as a % of Total Investments)
![Group By Asset Type Chart](i066f0fdeb47973894b203dea.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Common Stocks | 99.3% |
| Money Market Funds | 0.7% |

---

#### MATERIAL FUND CHANGES
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 agreement 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 is expected to take place in the first half of 2026. Following the Closing, it is anticipated that Sterling Capital will continue to operate as a standalone entity indirectly owned by Guardian, which will in turn be indirectly owned by Desjardins. To provide continuity and stability, Sterling Capital's team of management and senior professionals are currently expected to continue servicing Sterling Capital's clients, including the Funds, after Closing.

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

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

TSR-AR 093025-STSCX

![Image](iaa54f7be91e36791596adbf9.jpg)

Sterling Capital South Carolina Intermediate Tax-Free Fund

September 30, 2025

ANNUAL SHAREHOLDER REPORT

https://sterlingcapitalfunds.com/funds/

Class A (BASCX)

This annual shareholder report contains important information about Sterling Capital South Carolina Intermediate Tax-Free Fund for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund athttps://sterlingcapitalfunds.com/funds/. You can also request this information by contacting us at (888) 228-1872. This report describes material fund changes to the Fund that occurred during the year in the MATERIAL FUND CHANGES section of this report

#### WHAT FACTORS INFLUENCED PERFORMANCE FOR THE PERIOD?
For the 12-month period between October 1, 2024, and September 30, 2025, the Fund underperformed its benchmark, the ICE BofA 2-17 Year Municipal Bond Index. The Federal Reserve (Fed) cut the federal funds rate three times during the period, for a cumulative cut of 75 basis points (bps). Falling rates decreased yields, boosting the price of short-term bonds. Long-term bond prices fell during the period as interest rates on that part of the yield curve rose, detracting from absolute returns.

The Fund's underperformance relative to its benchmark over the 12-month period was largely due to its state-specific focus, which is designed to achieve tax savings for shareholders. The Fund's underweight position in three- to five-year bonds detracted from relative performance as yields fell and the benchmark benefited more than the Fund from the resulting rise in bond prices. Likewise, the Fund's slightly overweight position in five- to ten-year bonds hurt relative performance, as rising yields reduced bond prices in that part of the portfolio. The Fund's higher average credit quality than the index also hurt relative returns, as A-rated bonds outperformed AAA-rated bonds by 87 bps.

How did the Fund perform in the past 10 years?

For the ten-year period between October 1, 2015, and September 30, 2025, the Fund underperformed its benchmark. Interest rates rose across the ten-year period, which dragged on the Fund's absolute returns.

The Fund's underperformance relative to its benchmark over the ten-year period was largely due to its state-specific focus, which is designed to achieve tax savings for shareholders. Over the last decade, the underlying financial health of municipalities improved. As a result, quality spreads shrank, and lower-quality credits outperformed higher-quality credits. Accordingly, the Fund's higher average credit quality compared to the index dragged on relative returns. Annualized quality returns over the last decade for the ICE BofA 2-17 Year U.S. Municipal Securities Index were: AAA 1.9%, AA 2.1%, A 2.8%, BBB 3.5%.

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

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

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

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $92 | 0.91% |

---

#### PERFORMANCE OF HYPOTHETICAL

#### $10,000 INVESTMENT

#### Growth of $10,000
![Growth of 10K Chart](i1fd91555500780a2258354bf.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Sterling Capital South Carolina Intermediate Tax-Free Fund - A | Bloomberg Municipal Bond Index | ICE BofA 2-17 Year US Municipal Securities Index |
| Sep-2015 | $9798 | $10000 | $10000 |
| Sep-2016 | $10150 | $10558 | $10477 |
| Sep-2017 | $10150 | $10650 | $10588 |
| Sep-2018 | $10033 | $10687 | $10565 |
| Sep-2019 | $10698 | $11601 | $11401 |
| Sep-2020 | $11081 | $12076 | $11853 |
| Sep-2021 | $11175 | $12393 | $12098 |
| Sep-2022 | $10207 | $10968 | $10957 |
| Sep-2023 | $10325 | $11260 | $11254 |
| Sep-2024 | $11057 | $12428 | $12238 |
| Sep-2025 | $11212 | $12601 | $12567 |

---

#### AVERAGE ANNUAL TOTAL RETURNS

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Years | 10 Years |
| Sterling Capital South Carolina Intermediate Tax-Free Fund - A |  |  |  |
| Without Load | 1.40% | 0.23% | 1.36% |
| With Load | -0.66% | -0.16% | 1.15% |
| Bloomberg Municipal Bond Index | 1.39% | 0.86% | 2.34% |
| ICE BofA 2-17 Year US Municipal Securities Index | 2.69% | 1.18% | 2.31% |

---

The ICE BofA 2-17 Year Municipal Bond Index covers the intermediate U.S. investment grade fixed rate municipal bond market, with index components for municipal securities.

The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

![Image](iaa54f7be91e36791596adbf9.jpg)

Sterling Capital South Carolina Intermediate Tax-Free Fund

September 30, 2025

ANNUAL SHAREHOLDER REPORT

https://sterlingcapitalfunds.com/funds/

Class A (BASCX)

#### KEY FUND STATISTICS (as of Period End)
* Net Assets$21,196,409

* Number of Portfolio Holdings35

* Advisory Fee $83,342

* Portfolio Turnover16%

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

---

| | |
|:---|:---|
| South Carolina | 98.0% |
| Other Assets in Excess of Liabilities | 2.0% |

---

#### Asset Weighting (as a % of Total Investments)
![Group By Asset Type Chart](i18bb2a7479c01c564c2705d4.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Money Market Funds | 1.1% |
| Municipal Bonds | 98.9% |

---

#### MATERIAL FUND CHANGES
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 agreement 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 is expected to take place in the first half of 2026. Following the Closing, it is anticipated that Sterling Capital will continue to operate as a standalone entity indirectly owned by Guardian, which will in turn be indirectly owned by Desjardins. To provide continuity and stability, Sterling Capital's team of management and senior professionals are currently expected to continue servicing Sterling Capital's clients, including the Funds, after Closing.

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

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

TSR-AR 093025-BASCX

![Image](iaa54f7be91e36791596adbf9.jpg)

Sterling Capital South Carolina Intermediate Tax-Free Fund

September 30, 2025

ANNUAL SHAREHOLDER REPORT

https://sterlingcapitalfunds.com/funds/

Class C (BSCCX)

This annual shareholder report contains important information about Sterling Capital South Carolina Intermediate Tax-Free Fund for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund athttps://sterlingcapitalfunds.com/funds/. You can also request this information by contacting us at (888) 228-1872. This report describes material fund changes to the Fund that occurred during the year in the MATERIAL FUND CHANGES section of this report

#### WHAT FACTORS INFLUENCED PERFORMANCE FOR THE PERIOD?
For the 12-month period between October 1, 2024, and September 30, 2025, the Fund underperformed its benchmark, the ICE BofA 2-17 Year Municipal Bond Index. The Federal Reserve (Fed) cut the federal funds rate three times during the period, for a cumulative cut of 75 basis points (bps). Falling rates decreased yields, boosting the price of short-term bonds. Long-term bond prices fell during the period as interest rates on that part of the yield curve rose, detracting from absolute returns.

The Fund's underperformance relative to its benchmark over the 12-month period was largely due to its state-specific focus, which is designed to achieve tax savings for shareholders. The Fund's underweight position in three- to five-year bonds detracted from relative performance as yields fell and the benchmark benefited more than the Fund from the resulting rise in bond prices. Likewise, the Fund's slightly overweight position in five- to ten-year bonds hurt relative performance, as rising yields reduced bond prices in that part of the portfolio. The Fund's higher average credit quality than the index also hurt relative returns, as A-rated bonds outperformed AAA-rated bonds by 87 bps.

How did the Fund perform in the past 10 years?

For the ten-year period between October 1, 2015, and September 30, 2025, the Fund underperformed its benchmark. Interest rates rose across the ten-year period, which dragged on the Fund's absolute returns.

The Fund's underperformance relative to its benchmark over the ten-year period was largely due to its state-specific focus, which is designed to achieve tax savings for shareholders. Over the last decade, the underlying financial health of municipalities improved. As a result, quality spreads shrank, and lower-quality credits outperformed higher-quality credits. Accordingly, the Fund's higher average credit quality compared to the index dragged on relative returns. Annualized quality returns over the last decade for the ICE BofA 2-17 Year U.S. Municipal Securities Index were: AAA 1.9%, AA 2.1%, A 2.8%, BBB 3.5%.

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

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

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

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class C | $166 | 1.66% |

---

#### PERFORMANCE OF HYPOTHETICAL

#### $10,000 INVESTMENT

#### Growth of $10,000
![Growth of 10K Chart](i1256a0e886314a9c2b9b1100.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Sterling Capital South Carolina Intermediate Tax-Free Fund - C | Bloomberg Municipal Bond Index | ICE BofA 2-17 Year US Municipal Securities Index |
| Sep-2015 | $10000 | $10000 | $10000 |
| Sep-2016 | $10282 | $10558 | $10477 |
| Sep-2017 | $10206 | $10650 | $10588 |
| Sep-2018 | $10003 | $10687 | $10565 |
| Sep-2019 | $10596 | $11601 | $11401 |
| Sep-2020 | $10885 | $12076 | $11853 |
| Sep-2021 | $10896 | $12393 | $12098 |
| Sep-2022 | $9886 | $10968 | $10957 |
| Sep-2023 | $9915 | $11260 | $11254 |
| Sep-2024 | $10549 | $12428 | $12238 |
| Sep-2025 | $10607 | $12601 | $12567 |

---

#### AVERAGE ANNUAL TOTAL RETURNS

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Years | 10 Years |
| Sterling Capital South Carolina Intermediate Tax-Free Fund - C | 0.55% | -0.52% | 0.59% |
| Bloomberg Municipal Bond Index | 1.39% | 0.86% | 2.34% |
| ICE BofA 2-17 Year US Municipal Securities Index | 2.69% | 1.18% | 2.31% |

---

The ICE BofA 2-17 Year Municipal Bond Index covers the intermediate U.S. investment grade fixed rate municipal bond market, with index components for municipal securities.

The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

![Image](iaa54f7be91e36791596adbf9.jpg)

Sterling Capital South Carolina Intermediate Tax-Free Fund

September 30, 2025

ANNUAL SHAREHOLDER REPORT

https://sterlingcapitalfunds.com/funds/

Class C (BSCCX)

#### KEY FUND STATISTICS (as of Period End)
* Net Assets$21,196,409

* Number of Portfolio Holdings35

* Advisory Fee $83,342

* Portfolio Turnover16%

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

---

| | |
|:---|:---|
| South Carolina | 98.0% |
| Other Assets in Excess of Liabilities | 2.0% |

---

#### Asset Weighting (as a % of Total Investments)
![Group By Asset Type Chart](i801c907e9066955c596f53d6.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Money Market Funds | 1.1% |
| Municipal Bonds | 98.9% |

---

#### MATERIAL FUND CHANGES
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 agreement 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 is expected to take place in the first half of 2026. Following the Closing, it is anticipated that Sterling Capital will continue to operate as a standalone entity indirectly owned by Guardian, which will in turn be indirectly owned by Desjardins. To provide continuity and stability, Sterling Capital's team of management and senior professionals are currently expected to continue servicing Sterling Capital's clients, including the Funds, after Closing.

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

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

TSR-AR 093025-BSCCX

![Image](iaa54f7be91e36791596adbf9.jpg)

Sterling Capital South Carolina Intermediate Tax-Free Fund

September 30, 2025

ANNUAL SHAREHOLDER REPORT

https://sterlingcapitalfunds.com/funds/

Class Institutional (BSCIX)

This annual shareholder report contains important information about Sterling Capital South Carolina Intermediate Tax-Free Fund for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund athttps://sterlingcapitalfunds.com/funds/. You can also request this information by contacting us at (888) 228-1872. This report describes material fund changes to the Fund that occurred during the year in the MATERIAL FUND CHANGES section of this report

#### WHAT FACTORS INFLUENCED PERFORMANCE FOR THE PERIOD?
For the 12-month period between October 1, 2024, and September 30, 2025, the Fund underperformed its benchmark, the ICE BofA 2-17 Year Municipal Bond Index. The Federal Reserve (Fed) cut the federal funds rate three times during the period, for a cumulative cut of 75 basis points (bps). Falling rates decreased yields, boosting the price of short-term bonds. Long-term bond prices fell during the period as interest rates on that part of the yield curve rose, detracting from absolute returns.

The Fund's underperformance relative to its benchmark over the 12-month period was largely due to its state-specific focus, which is designed to achieve tax savings for shareholders. The Fund's underweight position in three- to five-year bonds detracted from relative performance as yields fell and the benchmark benefited more than the Fund from the resulting rise in bond prices. Likewise, the Fund's slightly overweight position in five- to ten-year bonds hurt relative performance, as rising yields reduced bond prices in that part of the portfolio. The Fund's higher average credit quality than the index also hurt relative returns, as A-rated bonds outperformed AAA-rated bonds by 87 bps.

How did the Fund perform in the past 10 years?

For the ten-year period between October 1, 2015, and September 30, 2025, the Fund underperformed its benchmark. Interest rates rose across the ten-year period, which dragged on the Fund's absolute returns.

The Fund's underperformance relative to its benchmark over the ten-year period was largely due to its state-specific focus, which is designed to achieve tax savings for shareholders. Over the last decade, the underlying financial health of municipalities improved. As a result, quality spreads shrank, and lower-quality credits outperformed higher-quality credits. Accordingly, the Fund's higher average credit quality compared to the index dragged on relative returns. Annualized quality returns over the last decade for the ICE BofA 2-17 Year U.S. Municipal Securities Index were: AAA 1.9%, AA 2.1%, A 2.8%, BBB 3.5%.

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

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

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

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class Institutional | $67 | 0.66% |

---

#### PERFORMANCE OF HYPOTHETICAL

#### $10,000 INVESTMENT

#### Growth of $10,000
![Growth of 10K Chart](ia7e96474dc24c6abcbabbd97.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Sterling Capital South Carolina Intermediate Tax-Free Fund - I | Bloomberg Municipal Bond Index | ICE BofA 2-17 Year US Municipal Securities Index |
| Sep-2015 | $10000 | $10000 | $10000 |
| Sep-2016 | $10386 | $10558 | $10477 |
| Sep-2017 | $10421 | $10650 | $10588 |
| Sep-2018 | $10315 | $10687 | $10565 |
| Sep-2019 | $11039 | $11601 | $11401 |
| Sep-2020 | $11454 | $12076 | $11853 |
| Sep-2021 | $11580 | $12393 | $12098 |
| Sep-2022 | $10606 | $10968 | $10957 |
| Sep-2023 | $10754 | $11260 | $11254 |
| Sep-2024 | $11548 | $12428 | $12238 |
| Sep-2025 | $11728 | $12601 | $12567 |

---

#### AVERAGE ANNUAL TOTAL RETURNS

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Years | 10 Years |
| Sterling Capital South Carolina Intermediate Tax-Free Fund - I | 1.55% | 0.47% | 1.61% |
| Bloomberg Municipal Bond Index | 1.39% | 0.86% | 2.34% |
| ICE BofA 2-17 Year US Municipal Securities Index | 2.69% | 1.18% | 2.31% |

---

The ICE BofA 2-17 Year Municipal Bond Index covers the intermediate U.S. investment grade fixed rate municipal bond market, with index components for municipal securities.

The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

![Image](iaa54f7be91e36791596adbf9.jpg)

Sterling Capital South Carolina Intermediate Tax-Free Fund

September 30, 2025

ANNUAL SHAREHOLDER REPORT

https://sterlingcapitalfunds.com/funds/

Class Institutional (BSCIX)

#### KEY FUND STATISTICS (as of Period End)
* Net Assets$21,196,409

* Number of Portfolio Holdings35

* Advisory Fee $83,342

* Portfolio Turnover16%

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

---

| | |
|:---|:---|
| South Carolina | 98.0% |
| Other Assets in Excess of Liabilities | 2.0% |

---

#### Asset Weighting (as a % of Total Investments)
![Group By Asset Type Chart](i5c5cfac01a41afa04f074fc6.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Money Market Funds | 1.1% |
| Municipal Bonds | 98.9% |

---

#### MATERIAL FUND CHANGES
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 agreement 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 is expected to take place in the first half of 2026. Following the Closing, it is anticipated that Sterling Capital will continue to operate as a standalone entity indirectly owned by Guardian, which will in turn be indirectly owned by Desjardins. To provide continuity and stability, Sterling Capital's team of management and senior professionals are currently expected to continue servicing Sterling Capital's clients, including the Funds, after Closing.

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

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

TSR-AR 093025-BSCIX

![Image](iaa54f7be91e36791596adbf9.jpg)

Sterling Capital Special Opportunities Fund

September 30, 2025

ANNUAL SHAREHOLDER REPORT

https://sterlingcapitalfunds.com/funds/

Class A (BOPAX)

This annual shareholder report contains important information about Sterling Capital Special Opportunities Fund for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund athttps://sterlingcapitalfunds.com/funds/. You can also request this information by contacting us at (888) 228-1872. This report describes material fund changes to the Fund that occurred during the year in the MATERIAL FUND CHANGES section of this report

#### WHAT FACTORS INFLUENCED PERFORMANCE FOR THE PERIOD?
For the 12-month period between October 1, 2024, and September 30, 2025, the Fund underperformed its benchmark, the Russell 3000 Index. U.S. equities performed well during the period, rebounding from a slight dip in October 2024. Strong gains in Information Technology, driven by continued enthusiasm for AI chip stocks, boosted the Fund's performance on an absolute basis.

The Fund's underperformance relative to its benchmark over the 12-month period was largely due to its above-benchmark exposure to the Healthcare, Financials and Industrials sectors. Below-benchmark exposure to the benchmark's most heavily weighted names, particularly in the Information Technology sector, also dragged on relative results.

The Fund's above-benchmark investments in certain Information Technology stocks added to performance on a relative basis. In particular, investments in a major software company, a semiconductor company, and a video game holding company all contributed to the Fund's performance relative to its benchmark.

How did the Fund perform in the past 10 years?

The Fund underperformed its benchmark over the past ten years. Holdings within the Energy sector, particularly an investment in a multinational energy services company, were main detractors from the Fund's performance on an absolute basis. The Fund's investments in a cruise line and an airline also weighed on absolute results given the impact of the COVID-19 pandemic on the travel industry.

The Fund's relative underperformance over the past decade was driven largely by its below-benchmark exposure to the Information Technology and Communications Services sectors. The Fund's underexposure to growth stocks also dragged on relative performance. The Fund's stock selection within the Health Care and Communication Services sectors added on a relative basis.

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

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

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

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $122 | 1.13% |

---

#### PERFORMANCE OF HYPOTHETICAL

#### $10,000 INVESTMENT

#### Growth of $10,000
![Growth of 10K Chart](i34d17cdfed72707e576b3c5a.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Sterling Capital Special Opportunities Fund - A | Russell 3000<sup>®</sup> Index | Bloomberg US 3000 Index |
| Sep-2015 | $9425 | $10000 | $10000 |
| Sep-2016 | $10233 | $11496 | $11509 |
| Sep-2017 | $11868 | $13647 | $13654 |
| Sep-2018 | $13904 | $16046 | $16046 |
| Sep-2019 | $14072 | $16514 | $16520 |
| Sep-2020 | $14852 | $18992 | $19009 |
| Sep-2021 | $20374 | $25045 | $25180 |
| Sep-2022 | $16521 | $20630 | $20628 |
| Sep-2023 | $19488 | $24852 | $24839 |
| Sep-2024 | $24759 | $33598 | $33565 |
| Sep-2025 | $28706 | $39447 | $39414 |

---

#### AVERAGE ANNUAL TOTAL RETURNS

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Years | 10 Years |
| Sterling Capital Special Opportunities Fund - A |  |  |  |
| Without Load | 15.94% | 14.09% | 11.78% |
| With Load | 9.29% | 12.74% | 11.12% |
| Russell 3000<sup>®</sup> Index | 17.41% | 15.74% | 14.71% |
| Bloomberg US 3000 Index | 17.43% | 15.70% | 14.70% |

---

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

The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

![Image](iaa54f7be91e36791596adbf9.jpg)

Sterling Capital Special Opportunities Fund

September 30, 2025

ANNUAL SHAREHOLDER REPORT

https://sterlingcapitalfunds.com/funds/

Class A (BOPAX)

#### KEY FUND STATISTICS (as of Period End)
* Net Assets$391,750,553

* Number of Portfolio Holdings33

* Advisory Fee (net of waivers)$2,464,436

* Portfolio Turnover39%

#### Asset Weighting (as a % of Total Investments)
![Group By Asset Type Chart](ib463ccb01c0e37f161fb482c.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Energy | 1.5% |
| Money Market Funds | 1.6% |
| Communication Services | 1.9% |
| Real Estate | 2.2% |
| Information Technology | 4.1% |
| Materials | 4.7% |
| Communications | 6.3% |
| Industrials | 6.9% |
| Consumer Discretionary | 7.6% |
| Financials | 9.6% |
| Health Care | 15.7% |
| Technology | 38.3% |
| Liabilities in Excess of Other Assets | -0.4% |

---

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

---

| | |
|:---|:---|
| Energy | 1.5% |
| Money Market Funds | 1.6% |
| Communication Services | 1.9% |
| Real Estate | 2.2% |
| Information Technology | 4.1% |
| Materials | 4.7% |
| Communications | 6.3% |
| Industrials | 6.9% |
| Consumer Discretionary | 7.6% |
| Financials | 9.6% |
| Health Care | 15.7% |
| Technology | 38.3% |
| Liabilities in Excess of Other Assets | -0.4% |

---

#### MATERIAL FUND CHANGES
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 agreement 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 is expected to take place in the first half of 2026. Following the Closing, it is anticipated that Sterling Capital will continue to operate as a standalone entity indirectly owned by Guardian, which will in turn be indirectly owned by Desjardins. To provide continuity and stability, Sterling Capital's team of management and senior professionals are currently expected to continue servicing Sterling Capital's clients, including the Funds, after Closing.

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

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

TSR-AR 093025-BOPAX

![Image](iaa54f7be91e36791596adbf9.jpg)

Sterling Capital Special Opportunities Fund

September 30, 2025

ANNUAL SHAREHOLDER REPORT

https://sterlingcapitalfunds.com/funds/

Class C (BOPCX)

This annual shareholder report contains important information about Sterling Capital Special Opportunities Fund for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund athttps://sterlingcapitalfunds.com/funds/. You can also request this information by contacting us at (888) 228-1872. This report describes material fund changes to the Fund that occurred during the year in the MATERIAL FUND CHANGES section of this report

#### WHAT FACTORS INFLUENCED PERFORMANCE FOR THE PERIOD?
For the 12-month period between October 1, 2024, and September 30, 2025, the Fund underperformed its benchmark, the Russell 3000 Index. U.S. equities performed well during the period, rebounding from a slight dip in October 2024. Strong gains in Information Technology, driven by continued enthusiasm for AI chip stocks, boosted the Fund's performance on an absolute basis.

The Fund's underperformance relative to its benchmark over the 12-month period was largely due to its above-benchmark exposure to the Healthcare, Financials and Industrials sectors. Below-benchmark exposure to the benchmark's most heavily weighted names, particularly in the Information Technology sector, also dragged on relative results.

The Fund's above-benchmark investments in certain Information Technology stocks added to performance on a relative basis. In particular, investments in a major software company, a semiconductor company, and a video game holding company all contributed to the Fund's performance relative to its benchmark.

How did the Fund perform in the past 10 years?

The Fund underperformed its benchmark over the past ten years. Holdings within the Energy sector, particularly an investment in a multinational energy services company, were main detractors from the Fund's performance on an absolute basis. The Fund's investments in a cruise line and an airline also weighed on absolute results given the impact of the COVID-19 pandemic on the travel industry.

The Fund's relative underperformance over the past decade was driven largely by its below-benchmark exposure to the Information Technology and Communications Services sectors. The Fund's underexposure to growth stocks also dragged on relative performance. The Fund's stock selection within the Health Care and Communication Services sectors added on a relative basis.

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

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

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

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class C | $202 | 1.88% |

---

#### PERFORMANCE OF HYPOTHETICAL

#### $10,000 INVESTMENT

#### Growth of $10,000
![Growth of 10K Chart](ic4e18be7f6a9b1fb33ee9bd8.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Sterling Capital Special Opportunities Fund - C | Russell 3000<sup>®</sup> Index | Bloomberg US 3000 Index |
| Sep-2015 | $10000 | $10000 | $10000 |
| Sep-2016 | $10776 | $11496 | $11509 |
| Sep-2017 | $12401 | $13647 | $13654 |
| Sep-2018 | $14418 | $16046 | $16046 |
| Sep-2019 | $14488 | $16514 | $16520 |
| Sep-2020 | $15173 | $18992 | $19009 |
| Sep-2021 | $20664 | $25045 | $25180 |
| Sep-2022 | $16629 | $20630 | $20628 |
| Sep-2023 | $19466 | $24852 | $24839 |
| Sep-2024 | $24557 | $33598 | $33565 |
| Sep-2025 | $28247 | $39447 | $39414 |

---

#### AVERAGE ANNUAL TOTAL RETURNS

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Years | 10 Years |
| Sterling Capital Special Opportunities Fund - C | 15.03% | 13.24% | 10.94% |
| Russell 3000<sup>®</sup> Index | 17.41% | 15.74% | 14.71% |
| Bloomberg US 3000 Index | 17.43% | 15.70% | 14.70% |

---

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

The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

![Image](iaa54f7be91e36791596adbf9.jpg)

Sterling Capital Special Opportunities Fund

September 30, 2025

ANNUAL SHAREHOLDER REPORT

https://sterlingcapitalfunds.com/funds/

Class C (BOPCX)

#### KEY FUND STATISTICS (as of Period End)
* Net Assets$391,750,553

* Number of Portfolio Holdings33

* Advisory Fee (net of waivers)$2,464,436

* Portfolio Turnover39%

#### Asset Weighting (as a % of Total Investments)
![Group By Asset Type Chart](ifbcbb7987e06c71a47ac3fc7.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Energy | 1.5% |
| Money Market Funds | 1.6% |
| Communication Services | 1.9% |
| Real Estate | 2.2% |
| Information Technology | 4.1% |
| Materials | 4.7% |
| Communications | 6.3% |
| Industrials | 6.9% |
| Consumer Discretionary | 7.6% |
| Financials | 9.6% |
| Health Care | 15.7% |
| Technology | 38.3% |
| Liabilities in Excess of Other Assets | -0.4% |

---

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

---

| | |
|:---|:---|
| Energy | 1.5% |
| Money Market Funds | 1.6% |
| Communication Services | 1.9% |
| Real Estate | 2.2% |
| Information Technology | 4.1% |
| Materials | 4.7% |
| Communications | 6.3% |
| Industrials | 6.9% |
| Consumer Discretionary | 7.6% |
| Financials | 9.6% |
| Health Care | 15.7% |
| Technology | 38.3% |
| Liabilities in Excess of Other Assets | -0.4% |

---

#### MATERIAL FUND CHANGES
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 agreement 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 is expected to take place in the first half of 2026. Following the Closing, it is anticipated that Sterling Capital will continue to operate as a standalone entity indirectly owned by Guardian, which will in turn be indirectly owned by Desjardins. To provide continuity and stability, Sterling Capital's team of management and senior professionals are currently expected to continue servicing Sterling Capital's clients, including the Funds, after Closing.

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

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

TSR-AR 093025-BOPCX

![Image](iaa54f7be91e36791596adbf9.jpg)

Sterling Capital Special Opportunities Fund

September 30, 2025

ANNUAL SHAREHOLDER REPORT

https://sterlingcapitalfunds.com/funds/

Class R6 (STRSX)

This annual shareholder report contains important information about Sterling Capital Special Opportunities Fund for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund athttps://sterlingcapitalfunds.com/funds/. You can also request this information by contacting us at (888) 228-1872. This report describes material fund changes to the Fund that occurred during the year in the MATERIAL FUND CHANGES section of this report

#### WHAT FACTORS INFLUENCED PERFORMANCE FOR THE PERIOD?
For the 12-month period between October 1, 2024, and September 30, 2025, the Fund underperformed its benchmark, the Russell 3000 Index. U.S. equities performed well during the period, rebounding from a slight dip in October 2024. Strong gains in Information Technology, driven by continued enthusiasm for AI chip stocks, boosted the Fund's performance on an absolute basis.

The Fund's underperformance relative to its benchmark over the 12-month period was largely due to its above-benchmark exposure to the Healthcare, Financials and Industrials sectors. Below-benchmark exposure to the benchmark's most heavily weighted names, particularly in the Information Technology sector, also dragged on relative results.

The Fund's above-benchmark investments in certain Information Technology stocks added to performance on a relative basis. In particular, investments in a major software company, a semiconductor company, and a video game holding company all contributed to the Fund's performance relative to its benchmark.

How did the Fund perform in the past 10 years?

The Fund underperformed its benchmark over the past ten years. Holdings within the Energy sector, particularly an investment in a multinational energy services company, were main detractors from the Fund's performance on an absolute basis. The Fund's investments in a cruise line and an airline also weighed on absolute results given the impact of the COVID-19 pandemic on the travel industry.

The Fund's relative underperformance over the past decade was driven largely by its below-benchmark exposure to the Information Technology and Communications Services sectors. The Fund's underexposure to growth stocks also dragged on relative performance. The Fund's stock selection within the Health Care and Communication Services sectors added on a relative basis.

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

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

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

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class R6 | $83 | 0.77% |

---

#### PERFORMANCE OF HYPOTHETICAL

#### $10,000 INVESTMENT

#### Growth of $10,000
![Growth of 10K Chart](i1b90e2a0fba7f2ea676d49c7.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Sterling Capital Special Opportunities Fund - R6 | Russell 3000<sup>®</sup> Index | Bloomberg US 3000 Index |
| Sep-2017 | $10000 | $10000 | $10000 |
| Sep-2018 | $11755 | $11758 | $11752 |
| Sep-2019 | $11935 | $12101 | $12099 |
| Sep-2020 | $12635 | $13916 | $13922 |
| Sep-2021 | $17395 | $18352 | $18442 |
| Sep-2022 | $14149 | $15117 | $15108 |
| Sep-2023 | $16751 | $18210 | $18192 |
| Sep-2024 | $21358 | $24619 | $24583 |
| Sep-2025 | $24844 | $28905 | $28867 |

---

#### AVERAGE ANNUAL TOTAL RETURNS

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Years | Since Inception (January 31, 2018) |
| Sterling Capital Special Opportunities Fund - R6 | 16.32% | 14.48% | 11.05% |
| Russell 3000<sup>®</sup> Index | 17.41% | 15.74% | 13.18% |
| Bloomberg US 3000 Index | 17.43% | 15.70% | 13.16% |

---

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

The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

![Image](iaa54f7be91e36791596adbf9.jpg)

Sterling Capital Special Opportunities Fund

September 30, 2025

ANNUAL SHAREHOLDER REPORT

https://sterlingcapitalfunds.com/funds/

Class R6 (STRSX)

#### KEY FUND STATISTICS (as of Period End)
* Net Assets$391,750,553

* Number of Portfolio Holdings33

* Advisory Fee (net of waivers)$2,464,436

* Portfolio Turnover39%

#### Asset Weighting (as a % of Total Investments)
![Group By Asset Type Chart](iaf405e3d6447c743b3718e02.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Energy | 1.5% |
| Money Market Funds | 1.6% |
| Communication Services | 1.9% |
| Real Estate | 2.2% |
| Information Technology | 4.1% |
| Materials | 4.7% |
| Communications | 6.3% |
| Industrials | 6.9% |
| Consumer Discretionary | 7.6% |
| Financials | 9.6% |
| Health Care | 15.7% |
| Technology | 38.3% |
| Liabilities in Excess of Other Assets | -0.4% |

---

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

---

| | |
|:---|:---|
| Energy | 1.5% |
| Money Market Funds | 1.6% |
| Communication Services | 1.9% |
| Real Estate | 2.2% |
| Information Technology | 4.1% |
| Materials | 4.7% |
| Communications | 6.3% |
| Industrials | 6.9% |
| Consumer Discretionary | 7.6% |
| Financials | 9.6% |
| Health Care | 15.7% |
| Technology | 38.3% |
| Liabilities in Excess of Other Assets | -0.4% |

---

#### MATERIAL FUND CHANGES
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 agreement 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 is expected to take place in the first half of 2026. Following the Closing, it is anticipated that Sterling Capital will continue to operate as a standalone entity indirectly owned by Guardian, which will in turn be indirectly owned by Desjardins. To provide continuity and stability, Sterling Capital's team of management and senior professionals are currently expected to continue servicing Sterling Capital's clients, including the Funds, after Closing.

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

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

TSR-AR 093025-STRSX

![Image](iaa54f7be91e36791596adbf9.jpg)

Sterling Capital Special Opportunities Fund

September 30, 2025

ANNUAL SHAREHOLDER REPORT

https://sterlingcapitalfunds.com/funds/

Class Institutional (BOPIX)

This annual shareholder report contains important information about Sterling Capital Special Opportunities Fund for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund athttps://sterlingcapitalfunds.com/funds/. You can also request this information by contacting us at (888) 228-1872. This report describes material fund changes to the Fund that occurred during the year in the MATERIAL FUND CHANGES section of this report

#### WHAT FACTORS INFLUENCED PERFORMANCE FOR THE PERIOD?
For the 12-month period between October 1, 2024, and September 30, 2025, the Fund underperformed its benchmark, the Russell 3000 Index. U.S. equities performed well during the period, rebounding from a slight dip in October 2024. Strong gains in Information Technology, driven by continued enthusiasm for AI chip stocks, boosted the Fund's performance on an absolute basis.

The Fund's underperformance relative to its benchmark over the 12-month period was largely due to its above-benchmark exposure to the Healthcare, Financials and Industrials sectors. Below-benchmark exposure to the benchmark's most heavily weighted names, particularly in the Information Technology sector, also dragged on relative results.

The Fund's above-benchmark investments in certain Information Technology stocks added to performance on a relative basis. In particular, investments in a major software company, a semiconductor company, and a video game holding company all contributed to the Fund's performance relative to its benchmark.

How did the Fund perform in the past 10 years?

The Fund underperformed its benchmark over the past ten years. Holdings within the Energy sector, particularly an investment in a multinational energy services company, were main detractors from the Fund's performance on an absolute basis. The Fund's investments in a cruise line and an airline also weighed on absolute results given the impact of the COVID-19 pandemic on the travel industry.

The Fund's relative underperformance over the past decade was driven largely by its below-benchmark exposure to the Information Technology and Communications Services sectors. The Fund's underexposure to growth stocks also dragged on relative performance. The Fund's stock selection within the Health Care and Communication Services sectors added on a relative basis.

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

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

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

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class Institutional | $95 | 0.88% |

---

#### PERFORMANCE OF HYPOTHETICAL

#### $10,000 INVESTMENT

#### Growth of $10,000
![Growth of 10K Chart](i95b971f3a091001f28e7d49d.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Sterling Capital Special Opportunities Fund - I | Russell 3000<sup>®</sup> Index | Bloomberg US 3000 Index |
| Sep-2015 | $10000 | $10000 | $10000 |
| Sep-2016 | $10886 | $11496 | $11509 |
| Sep-2017 | $12652 | $13647 | $13654 |
| Sep-2018 | $14861 | $16046 | $16046 |
| Sep-2019 | $15080 | $16514 | $16520 |
| Sep-2020 | $15954 | $18992 | $19009 |
| Sep-2021 | $21944 | $25045 | $25180 |
| Sep-2022 | $17833 | $20630 | $20628 |
| Sep-2023 | $21092 | $24852 | $24839 |
| Sep-2024 | $26862 | $33598 | $33565 |
| Sep-2025 | $31216 | $39447 | $39414 |

---

#### AVERAGE ANNUAL TOTAL RETURNS

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Years | 10 Years |
| Sterling Capital Special Opportunities Fund - I | 16.21% | 14.37% | 12.06% |
| Russell 3000<sup>®</sup> Index | 17.41% | 15.74% | 14.71% |
| Bloomberg US 3000 Index | 17.43% | 15.70% | 14.70% |

---

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

The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

![Image](iaa54f7be91e36791596adbf9.jpg)

Sterling Capital Special Opportunities Fund

September 30, 2025

ANNUAL SHAREHOLDER REPORT

https://sterlingcapitalfunds.com/funds/

Class Institutional (BOPIX)

#### KEY FUND STATISTICS (as of Period End)
* Net Assets$391,750,553

* Number of Portfolio Holdings33

* Advisory Fee (net of waivers)$2,464,436

* Portfolio Turnover39%

#### Asset Weighting (as a % of Total Investments)
![Group By Asset Type Chart](i31fea245e64ca9c88306c127.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Energy | 1.5% |
| Money Market Funds | 1.6% |
| Communication Services | 1.9% |
| Real Estate | 2.2% |
| Information Technology | 4.1% |
| Materials | 4.7% |
| Communications | 6.3% |
| Industrials | 6.9% |
| Consumer Discretionary | 7.6% |
| Financials | 9.6% |
| Health Care | 15.7% |
| Technology | 38.3% |
| Liabilities in Excess of Other Assets | -0.4% |

---

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

---

| | |
|:---|:---|
| Energy | 1.5% |
| Money Market Funds | 1.6% |
| Communication Services | 1.9% |
| Real Estate | 2.2% |
| Information Technology | 4.1% |
| Materials | 4.7% |
| Communications | 6.3% |
| Industrials | 6.9% |
| Consumer Discretionary | 7.6% |
| Financials | 9.6% |
| Health Care | 15.7% |
| Technology | 38.3% |
| Liabilities in Excess of Other Assets | -0.4% |

---

#### MATERIAL FUND CHANGES
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 agreement 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 is expected to take place in the first half of 2026. Following the Closing, it is anticipated that Sterling Capital will continue to operate as a standalone entity indirectly owned by Guardian, which will in turn be indirectly owned by Desjardins. To provide continuity and stability, Sterling Capital's team of management and senior professionals are currently expected to continue servicing Sterling Capital's clients, including the Funds, after Closing.

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

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

TSR-AR 093025-BOPIX

![Image](iaa54f7be91e36791596adbf9.jpg)

Sterling Capital Total Return Bond Fund

September 30, 2025

ANNUAL SHAREHOLDER REPORT

https://sterlingcapitalfunds.com/funds/

Class A (BICAX)

This annual shareholder report contains important information about Sterling Capital Total Return Bond Fund for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund athttps://sterlingcapitalfunds.com/funds/. You can also request this information by contacting us at (888) 228-1872. This report describes material fund changes to the Fund that occurred during the year in the MATERIAL FUND CHANGES section of this report

#### WHAT FACTORS INFLUENCED PERFORMANCE FOR THE PERIOD?
For the 12-month period between October 1, 2024, and September 30, 2025, the Fund outperformed its benchmark, the Bloomberg U.S. Aggregate Bond Index. Risk assets came under significant pressure in April following the current administration's "Liberation Day" tariff announcements. However, risk premia for various Fund asset classes tightened in the subsequent months to finish the fiscal year lower than they began, adding to the Fund's total returns.

The Fund's above-benchmark position in non-government bond assets, particularly commercial mortgage-backed securities, agency mortgage-backed securities, asset-backed securities, and collateralized loan obligations boosted its performance on a relative basis. Attractive yields available on these and other fixed income instruments drew significant demand from investors, leading to tighter spreads versus Treasuries. Strong economic growth also helped to maintain fundamentals in the types of collateral backing these instruments.

The Fund's relative lack of exposure to securities with maturities of less than three years dragged on relative returns, as did the Fund's underweight to the sovereign sub-sector.

How did the Fund perform over the past 10 years?

The Fund outperformed its benchmark over the past ten years. The Fund's positive relative performance relative to its benchmark was largely due to strategic decisions regarding duration, yield curve positioning, sector allocation, and security selection. The Fund's exposure to non-government bond assets also boosted relative returns during this period.

In general, fixed income returns during this period were hurt by higher interest rates, particularly the dramatic rise in rates in the years following the global pandemic.

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

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

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

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $71 | 0.70% |

---

#### PERFORMANCE OF HYPOTHETICAL

#### $10,000 INVESTMENT

#### Growth of $10,000
![Growth of 10K Chart](i73d11db7a270229b5827ef50.jpg)

---

| | | |
|:---|:---|:---|
| | Sterling Capital Total Return Bond Fund - A | Bloomberg U.S. Aggregate Bond Index |
| Sep-2015 | $9804 | $10000 |
| Sep-2016 | $10377 | $10519 |
| Sep-2017 | $10455 | $10527 |
| Sep-2018 | $10361 | $10399 |
| Sep-2019 | $11386 | $11470 |
| Sep-2020 | $12221 | $12271 |
| Sep-2021 | $12274 | $12161 |
| Sep-2022 | $10440 | $10385 |
| Sep-2023 | $10483 | $10452 |
| Sep-2024 | $11707 | $11662 |
| Sep-2025 | $12042 | $11998 |

---

#### AVERAGE ANNUAL TOTAL RETURNS

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Years | 10 Years |
| Sterling Capital Total Return Bond Fund - A |  |  |  |
| Without Load | 2.86% | -0.29% | 2.08% |
| With Load | 0.85% | -0.69% | 1.88% |
| Bloomberg U.S. Aggregate Bond Index | 2.88% | -0.45% | 1.84% |

---

The Bloomberg U.S. Aggregate Bond Index is an unmanaged index composed of securities that are SEC-registered, taxable, and USD-denominated. The index covers the U.S. investment grade fixed rate bond market.

The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

![Image](iaa54f7be91e36791596adbf9.jpg)

Sterling Capital Total Return Bond Fund

September 30, 2025

ANNUAL SHAREHOLDER REPORT

https://sterlingcapitalfunds.com/funds/

Class A (BICAX)

#### KEY FUND STATISTICS (as of Period End)
* Net Assets$1,542,599,851

* Number of Portfolio Holdings351

* Advisory Fee (net of waivers)$2,659,423

* Portfolio Turnover79%

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

---

| | |
|:---|:---|
| Communication Services | 0.4% |
| Information Technology | 0.4% |
| Materials | 0.7% |
| Consumer Staples | 0.9% |
| Communications | 0.9% |
| Consumer Discretionary | 1.0% |
| Municipal Bonds | 1.1% |
| Real Estate | 1.2% |
| Energy | 1.3% |
| Industrials | 1.3% |
| Health Care | 1.5% |
| Technology | 1.7% |
| Utilities | 2.5% |
| Money Market Funds | 4.0% |
| Collateralized Mortgage Obligations | 6.2% |
| Financials | 7.9% |
| Commercial Mortgage-Backed Securities | 9.6% |
| Asset Backed Securities | 12.8% |
| U.S. Treasury Bonds & Notes | 17.0% |
| Mortgage-Backed Securities | 29.4% |
| Liabilities in Excess of Other Assets | -10.4% |

---

#### Asset Weighting (as a % of Total Investments)
![Group By Asset Type Chart](i8fad01f9fc107becd6074bcc.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Asset Backed Securities | 12.6% |
| Collateralized Mortgage Obligations | 6.1% |
| Commercial Mortgage-Backed Securities | 9.5% |
| Corporate Bonds | 21.3% |
| Money Market Funds | 3.9% |
| Mortgage-Backed Securities | 28.9% |
| Municipal Bonds | 1.0% |
| U.S. Treasury Bonds & Notes | 16.7% |

---

#### MATERIAL FUND CHANGES
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 agreement 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 is expected to take place in the first half of 2026. Following the Closing, it is anticipated that Sterling Capital will continue to operate as a standalone entity indirectly owned by Guardian, which will in turn be indirectly owned by Desjardins. To provide continuity and stability, Sterling Capital's team of management and senior professionals are currently expected to continue servicing Sterling Capital's clients, including the Funds, after Closing.

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

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

TSR-AR 093025-BICAX

![Image](iaa54f7be91e36791596adbf9.jpg)

Sterling Capital Total Return Bond Fund

September 30, 2025

ANNUAL SHAREHOLDER REPORT

https://sterlingcapitalfunds.com/funds/

Class C (BICCX)

This annual shareholder report contains important information about Sterling Capital Total Return Bond Fund for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund athttps://sterlingcapitalfunds.com/funds/. You can also request this information by contacting us at (888) 228-1872. This report describes material fund changes to the Fund that occurred during the year in the MATERIAL FUND CHANGES section of this report

#### WHAT FACTORS INFLUENCED PERFORMANCE FOR THE PERIOD?
For the 12-month period between October 1, 2024, and September 30, 2025, the Fund outperformed its benchmark, the Bloomberg U.S. Aggregate Bond Index. Risk assets came under significant pressure in April following the current administration's "Liberation Day" tariff announcements. However, risk premia for various Fund asset classes tightened in the subsequent months to finish the fiscal year lower than they began, adding to the Fund's total returns.

The Fund's above-benchmark position in non-government bond assets, particularly commercial mortgage-backed securities, agency mortgage-backed securities, asset-backed securities, and collateralized loan obligations boosted its performance on a relative basis. Attractive yields available on these and other fixed income instruments drew significant demand from investors, leading to tighter spreads versus Treasuries. Strong economic growth also helped to maintain fundamentals in the types of collateral backing these instruments.

The Fund's relative lack of exposure to securities with maturities of less than three years dragged on relative returns, as did the Fund's underweight to the sovereign sub-sector.

How did the Fund perform over the past 10 years?

The Fund outperformed its benchmark over the past ten years. The Fund's positive relative performance relative to its benchmark was largely due to strategic decisions regarding duration, yield curve positioning, sector allocation, and security selection. The Fund's exposure to non-government bond assets also boosted relative returns during this period.

In general, fixed income returns during this period were hurt by higher interest rates, particularly the dramatic rise in rates in the years following the global pandemic.

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

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

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

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class C | $146 | 1.45% |

---

#### PERFORMANCE OF HYPOTHETICAL

#### $10,000 INVESTMENT

#### Growth of $10,000
![Growth of 10K Chart](ied0793c18d87ac7551f208ee.jpg)

---

| | | |
|:---|:---|:---|
| | Sterling Capital Total Return Bond Fund - C | Bloomberg U.S. Aggregate Bond Index |
| Sep-2015 | $10000 | $10000 |
| Sep-2016 | $10505 | $10519 |
| Sep-2017 | $10505 | $10527 |
| Sep-2018 | $10323 | $10399 |
| Sep-2019 | $11270 | $11470 |
| Sep-2020 | $12005 | $12271 |
| Sep-2021 | $11968 | $12161 |
| Sep-2022 | $10096 | $10385 |
| Sep-2023 | $10073 | $10452 |
| Sep-2024 | $11164 | $11662 |
| Sep-2025 | $11386 | $11998 |

---

#### AVERAGE ANNUAL TOTAL RETURNS

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Years | 10 Years |
| Sterling Capital Total Return Bond Fund - C | 1.99% | -1.05% | 1.31% |
| Bloomberg U.S. Aggregate Bond Index | 2.88% | -0.45% | 1.84% |

---

The Bloomberg U.S. Aggregate Bond Index is an unmanaged index composed of securities that are SEC-registered, taxable, and USD-denominated. The index covers the U.S. investment grade fixed rate bond market.

The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

![Image](iaa54f7be91e36791596adbf9.jpg)

Sterling Capital Total Return Bond Fund

September 30, 2025

ANNUAL SHAREHOLDER REPORT

https://sterlingcapitalfunds.com/funds/

Class C (BICCX)

#### KEY FUND STATISTICS (as of Period End)
* Net Assets$1,542,599,851

* Number of Portfolio Holdings351

* Advisory Fee (net of waivers)$2,659,423

* Portfolio Turnover79%

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

---

| | |
|:---|:---|
| Communication Services | 0.4% |
| Information Technology | 0.4% |
| Materials | 0.7% |
| Consumer Staples | 0.9% |
| Communications | 0.9% |
| Consumer Discretionary | 1.0% |
| Municipal Bonds | 1.1% |
| Real Estate | 1.2% |
| Energy | 1.3% |
| Industrials | 1.3% |
| Health Care | 1.5% |
| Technology | 1.7% |
| Utilities | 2.5% |
| Money Market Funds | 4.0% |
| Collateralized Mortgage Obligations | 6.2% |
| Financials | 7.9% |
| Commercial Mortgage-Backed Securities | 9.6% |
| Asset Backed Securities | 12.8% |
| U.S. Treasury Bonds & Notes | 17.0% |
| Mortgage-Backed Securities | 29.4% |
| Liabilities in Excess of Other Assets | -10.4% |

---

#### Asset Weighting (as a % of Total Investments)
![Group By Asset Type Chart](ie532607d44b2f5f75f2428a3.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Asset Backed Securities | 12.6% |
| Collateralized Mortgage Obligations | 6.1% |
| Commercial Mortgage-Backed Securities | 9.5% |
| Corporate Bonds | 21.3% |
| Money Market Funds | 3.9% |
| Mortgage-Backed Securities | 28.9% |
| Municipal Bonds | 1.0% |
| U.S. Treasury Bonds & Notes | 16.7% |

---

#### MATERIAL FUND CHANGES
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 agreement 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 is expected to take place in the first half of 2026. Following the Closing, it is anticipated that Sterling Capital will continue to operate as a standalone entity indirectly owned by Guardian, which will in turn be indirectly owned by Desjardins. To provide continuity and stability, Sterling Capital's team of management and senior professionals are currently expected to continue servicing Sterling Capital's clients, including the Funds, after Closing.

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

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

TSR-AR 093025-BICCX

![Image](iaa54f7be91e36791596adbf9.jpg)

Sterling Capital Total Return Bond Fund

September 30, 2025

ANNUAL SHAREHOLDER REPORT

https://sterlingcapitalfunds.com/funds/

Class R6 (STRDX)

This annual shareholder report contains important information about Sterling Capital Total Return Bond Fund for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund athttps://sterlingcapitalfunds.com/funds/. You can also request this information by contacting us at (888) 228-1872. This report describes material fund changes to the Fund that occurred during the year in the MATERIAL FUND CHANGES section of this report

#### WHAT FACTORS INFLUENCED PERFORMANCE FOR THE PERIOD?
For the 12-month period between October 1, 2024, and September 30, 2025, the Fund outperformed its benchmark, the Bloomberg U.S. Aggregate Bond Index. Risk assets came under significant pressure in April following the current administration's "Liberation Day" tariff announcements. However, risk premia for various Fund asset classes tightened in the subsequent months to finish the fiscal year lower than they began, adding to the Fund's total returns.

The Fund's above-benchmark position in non-government bond assets, particularly commercial mortgage-backed securities, agency mortgage-backed securities, asset-backed securities, and collateralized loan obligations boosted its performance on a relative basis. Attractive yields available on these and other fixed income instruments drew significant demand from investors, leading to tighter spreads versus Treasuries. Strong economic growth also helped to maintain fundamentals in the types of collateral backing these instruments.

The Fund's relative lack of exposure to securities with maturities of less than three years dragged on relative returns, as did the Fund's underweight to the sovereign sub-sector.

How did the Fund perform over the past 10 years?

The Fund outperformed its benchmark over the past ten years. The Fund's positive relative performance relative to its benchmark was largely due to strategic decisions regarding duration, yield curve positioning, sector allocation, and security selection. The Fund's exposure to non-government bond assets also boosted relative returns during this period.

In general, fixed income returns during this period were hurt by higher interest rates, particularly the dramatic rise in rates in the years following the global pandemic.

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

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

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

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class R6 | $36 | 0.35% |

---

#### PERFORMANCE OF HYPOTHETICAL

#### $10,000 INVESTMENT

#### Growth of $10,000
![Growth of 10K Chart](i096011abbead4ea234624c70.jpg)

---

| | | |
|:---|:---|:---|
| | Sterling Capital Total Return Bond Fund - R6 | Bloomberg U.S. Aggregate Bond Index |
| Sep-2017 | $10000 | $10000 |
| Sep-2018 | $9933 | $9878 |
| Sep-2019 | $10964 | $10895 |
| Sep-2020 | $11808 | $11656 |
| Sep-2021 | $11901 | $11552 |
| Sep-2022 | $10149 | $9866 |
| Sep-2023 | $10238 | $9929 |
| Sep-2024 | $11461 | $11078 |
| Sep-2025 | $11830 | $11397 |

---

#### AVERAGE ANNUAL TOTAL RETURNS

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Years | Since Inception (January 31, 2018) |
| Sterling Capital Total Return Bond Fund - R6 | 3.22% | 0.04% | 2.24% |
| Bloomberg U.S. Aggregate Bond Index | 2.88% | -0.45% | 1.82% |

---

The Bloomberg U.S. Aggregate Bond Index is an unmanaged index composed of securities that are SEC-registered, taxable, and USD-denominated. The index covers the U.S. investment grade fixed rate bond market.

The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

![Image](iaa54f7be91e36791596adbf9.jpg)

Sterling Capital Total Return Bond Fund

September 30, 2025

ANNUAL SHAREHOLDER REPORT

https://sterlingcapitalfunds.com/funds/

Class R6 (STRDX)

#### KEY FUND STATISTICS (as of Period End)
* Net Assets$1,542,599,851

* Number of Portfolio Holdings351

* Advisory Fee (net of waivers)$2,659,423

* Portfolio Turnover79%

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

---

| | |
|:---|:---|
| Communication Services | 0.4% |
| Information Technology | 0.4% |
| Materials | 0.7% |
| Consumer Staples | 0.9% |
| Communications | 0.9% |
| Consumer Discretionary | 1.0% |
| Municipal Bonds | 1.1% |
| Real Estate | 1.2% |
| Energy | 1.3% |
| Industrials | 1.3% |
| Health Care | 1.5% |
| Technology | 1.7% |
| Utilities | 2.5% |
| Money Market Funds | 4.0% |
| Collateralized Mortgage Obligations | 6.2% |
| Financials | 7.9% |
| Commercial Mortgage-Backed Securities | 9.6% |
| Asset Backed Securities | 12.8% |
| U.S. Treasury Bonds & Notes | 17.0% |
| Mortgage-Backed Securities | 29.4% |
| Liabilities in Excess of Other Assets | -10.4% |

---

#### Asset Weighting (as a % of Total Investments)
![Group By Asset Type Chart](i267278e5bdf8ca96e83389df.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Asset Backed Securities | 12.6% |
| Collateralized Mortgage Obligations | 6.1% |
| Commercial Mortgage-Backed Securities | 9.5% |
| Corporate Bonds | 21.3% |
| Money Market Funds | 3.9% |
| Mortgage-Backed Securities | 28.9% |
| Municipal Bonds | 1.0% |
| U.S. Treasury Bonds & Notes | 16.7% |

---

#### MATERIAL FUND CHANGES
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 agreement 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 is expected to take place in the first half of 2026. Following the Closing, it is anticipated that Sterling Capital will continue to operate as a standalone entity indirectly owned by Guardian, which will in turn be indirectly owned by Desjardins. To provide continuity and stability, Sterling Capital's team of management and senior professionals are currently expected to continue servicing Sterling Capital's clients, including the Funds, after Closing.

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

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

TSR-AR 093025-STRDX

![Image](iaa54f7be91e36791596adbf9.jpg)

Sterling Capital Total Return Bond Fund

September 30, 2025

ANNUAL SHAREHOLDER REPORT

https://sterlingcapitalfunds.com/funds/

Class Institutional (BIBTX)

This annual shareholder report contains important information about Sterling Capital Total Return Bond Fund for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund athttps://sterlingcapitalfunds.com/funds/. You can also request this information by contacting us at (888) 228-1872. This report describes material fund changes to the Fund that occurred during the year in the MATERIAL FUND CHANGES section of this report

#### WHAT FACTORS INFLUENCED PERFORMANCE FOR THE PERIOD?
For the 12-month period between October 1, 2024, and September 30, 2025, the Fund outperformed its benchmark, the Bloomberg U.S. Aggregate Bond Index. Risk assets came under significant pressure in April following the current administration's "Liberation Day" tariff announcements. However, risk premia for various Fund asset classes tightened in the subsequent months to finish the fiscal year lower than they began, adding to the Fund's total returns.

The Fund's above-benchmark position in non-government bond assets, particularly commercial mortgage-backed securities, agency mortgage-backed securities, asset-backed securities, and collateralized loan obligations boosted its performance on a relative basis. Attractive yields available on these and other fixed income instruments drew significant demand from investors, leading to tighter spreads versus Treasuries. Strong economic growth also helped to maintain fundamentals in the types of collateral backing these instruments.

The Fund's relative lack of exposure to securities with maturities of less than three years dragged on relative returns, as did the Fund's underweight to the sovereign sub-sector.

How did the Fund perform over the past 10 years?

The Fund outperformed its benchmark over the past ten years. The Fund's positive relative performance relative to its benchmark was largely due to strategic decisions regarding duration, yield curve positioning, sector allocation, and security selection. The Fund's exposure to non-government bond assets also boosted relative returns during this period.

In general, fixed income returns during this period were hurt by higher interest rates, particularly the dramatic rise in rates in the years following the global pandemic.

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

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

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

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class Institutional | $46 | 0.45% |

---

#### PERFORMANCE OF HYPOTHETICAL

#### $10,000 INVESTMENT

#### Growth of $10,000
![Growth of 10K Chart](icde05abe231c573801a39e87.jpg)

---

| | | |
|:---|:---|:---|
| | Sterling Capital Total Return Bond Fund - I | Bloomberg U.S. Aggregate Bond Index |
| Sep-2015 | $10000 | $10000 |
| Sep-2016 | $10610 | $10519 |
| Sep-2017 | $10717 | $10527 |
| Sep-2018 | $10637 | $10399 |
| Sep-2019 | $11729 | $11470 |
| Sep-2020 | $12619 | $12271 |
| Sep-2021 | $12707 | $12161 |
| Sep-2022 | $10825 | $10385 |
| Sep-2023 | $10909 | $10452 |
| Sep-2024 | $12212 | $11662 |
| Sep-2025 | $12579 | $11998 |

---

#### AVERAGE ANNUAL TOTAL RETURNS

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Years | 10 Years |
| Sterling Capital Total Return Bond Fund - I | 3.01% | -0.06% | 2.32% |
| Bloomberg U.S. Aggregate Bond Index | 2.88% | -0.45% | 1.84% |

---

The Bloomberg U.S. Aggregate Bond Index is an unmanaged index composed of securities that are SEC-registered, taxable, and USD-denominated. The index covers the U.S. investment grade fixed rate bond market.

The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

![Image](iaa54f7be91e36791596adbf9.jpg)

Sterling Capital Total Return Bond Fund

September 30, 2025

ANNUAL SHAREHOLDER REPORT

https://sterlingcapitalfunds.com/funds/

Class Institutional (BIBTX)

#### KEY FUND STATISTICS (as of Period End)
* Net Assets$1,542,599,851

* Number of Portfolio Holdings351

* Advisory Fee (net of waivers)$2,659,423

* Portfolio Turnover79%

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

---

| | |
|:---|:---|
| Communication Services | 0.4% |
| Information Technology | 0.4% |
| Materials | 0.7% |
| Consumer Staples | 0.9% |
| Communications | 0.9% |
| Consumer Discretionary | 1.0% |
| Municipal Bonds | 1.1% |
| Real Estate | 1.2% |
| Energy | 1.3% |
| Industrials | 1.3% |
| Health Care | 1.5% |
| Technology | 1.7% |
| Utilities | 2.5% |
| Money Market Funds | 4.0% |
| Collateralized Mortgage Obligations | 6.2% |
| Financials | 7.9% |
| Commercial Mortgage-Backed Securities | 9.6% |
| Asset Backed Securities | 12.8% |
| U.S. Treasury Bonds & Notes | 17.0% |
| Mortgage-Backed Securities | 29.4% |
| Liabilities in Excess of Other Assets | -10.4% |

---

#### Asset Weighting (as a % of Total Investments)
![Group By Asset Type Chart](ieb73066e9286f3375c06d36d.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Asset Backed Securities | 12.6% |
| Collateralized Mortgage Obligations | 6.1% |
| Commercial Mortgage-Backed Securities | 9.5% |
| Corporate Bonds | 21.3% |
| Money Market Funds | 3.9% |
| Mortgage-Backed Securities | 28.9% |
| Municipal Bonds | 1.0% |
| U.S. Treasury Bonds & Notes | 16.7% |

---

#### MATERIAL FUND CHANGES
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 agreement 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 is expected to take place in the first half of 2026. Following the Closing, it is anticipated that Sterling Capital will continue to operate as a standalone entity indirectly owned by Guardian, which will in turn be indirectly owned by Desjardins. To provide continuity and stability, Sterling Capital's team of management and senior professionals are currently expected to continue servicing Sterling Capital's clients, including the Funds, after Closing.

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

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

TSR-AR 093025-BIBTX

![Image](iaa54f7be91e36791596adbf9.jpg)

Sterling Capital Ultra Short Bond Fund

September 30, 2025

ANNUAL SHAREHOLDER REPORT

https://sterlingcapitalfunds.com/funds/

Class A (BUSRX)

This annual shareholder report contains important information about Sterling Capital Ultra Short Bond Fund for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund athttps://sterlingcapitalfunds.com/funds/. You can also request this information by contacting us at (888) 228-1872. This report describes material fund changes to the Fund that occurred during the year in the MATERIAL FUND CHANGES section of this report

#### WHAT FACTORS INFLUENCED PERFORMANCE FOR THE PERIOD?
For the 12-month period between October 1, 2024, and September 30, 2025, the Fund outperformed both its targeted benchmark, the ICE BofA 0-1 Year U.S. Treasury Index, and its broad-based benchmark, the Bloomberg U.S. Aggregate Bond Index. All sectors produced positive absolute returns during the period as front-end interest rates moved lower in anticipation of September's Federal Reserve rate cuts.

The Fund's outperformance relative to its targeted benchmark was driven by its allocation to risk products, including corporate bonds, commercial mortgage-backed securities, collateralized loan obligations, and asset-backed securities, as these outperformed Treasuries for the period.

The Fund's outperformance relative to its broad-based benchmark was largely due to its lack of exposure to back-end interest rates, which moved higher over the period as the curve steepened.

How did the Fund perform over the past 10 years?

Over the past ten years, the Fund outperformed both its targeted and broad-based benchmarks. The Fund's absolute return benefited from the strong performance of risk assets and Treasuries, with most securities maturing over the ten-year period.

The outperformance of risk assets relative to Treasuries helped drive the Fund's performance relative to both benchmarks over the last ten years. Above-benchmark exposures to corporate bonds, commercial mortgage-backed securities, asset-backed securities, collateralized mortgage-backed securities, and taxable municipals contributed to relative returns for the Fund. Duration contributed to the Fund's outperformance relative to its broad-based benchmark, as rates generally rose during this period. Meanwhile, both duration and curve position were modest drags on the Fund's performance relative to its targeted benchmark.

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

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

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

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $71 | 0.69% |

---

#### PERFORMANCE OF HYPOTHETICAL

#### $10,000 INVESTMENT

#### Growth of $10,000
![Growth of 10K Chart](i1f13493d1da3699a3d81d617.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Sterling Capital Ultra Short Bond Fund - A | Bloomberg U.S. Aggregate Bond Index | ICE BofA 0-1 Year US Treasury |
| Sep-2015 | $10000 | $10000 | $10000 |
| Sep-2016 | $10099 | $10519 | $10048 |
| Sep-2017 | $10201 | $10527 | $10118 |
| Sep-2018 | $10323 | $10399 | $10270 |
| Sep-2019 | $10602 | $11470 | $10545 |
| Sep-2020 | $10835 | $12271 | $10717 |
| Sep-2021 | $10890 | $12161 | $10731 |
| Sep-2022 | $10773 | $10385 | $10708 |
| Sep-2023 | $11309 | $10452 | $11174 |
| Sep-2024 | $12001 | $11662 | $11806 |
| Sep-2025 | $12575 | $11998 | $12320 |

---

#### AVERAGE ANNUAL TOTAL RETURNS

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Years | 10 Years |
| Sterling Capital Ultra Short Bond Fund - A | 4.78% | 3.02% | 2.32% |
| Bloomberg U.S. Aggregate Bond Index | 2.88% | -0.45% | 1.84% |
| ICE BofA 0-1 Year US Treasury | 4.36% | 2.83% | 2.11% |

---

The ICE BofA 0-1 Year U.S. Treasury Index tracks the performance of USD-denominated sovereign debt publicly issued by the U.S. government in its domestic market with maturities less than one year. Qualifying securities must have at least one month and less than one year remaining to final maturity, a fixed coupon schedule and a minimum amount outstanding of $1B.

The Bloomberg U.S. Aggregate Bond Index is an unmanaged index composed of securities that are SEC-registered, taxable, and USD-denominated. The index covers the U.S. investment grade fixed rate bond market.

The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

![Image](iaa54f7be91e36791596adbf9.jpg)

Sterling Capital Ultra Short Bond Fund

September 30, 2025

ANNUAL SHAREHOLDER REPORT

https://sterlingcapitalfunds.com/funds/

Class A (BUSRX)

#### KEY FUND STATISTICS (as of Period End)
* Net Assets$28,819,668

* Number of Portfolio Holdings133

* Advisory Fee (net of waivers)$13,651

* Portfolio Turnover62%

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

---

| | |
|:---|:---|
| Utilities | 0.3% |
| Consumer Staples | 0.8% |
| Communications | 0.8% |
| Technology | 0.9% |
| U.S. Treasury Obligations | 1.2% |
| Money Market Funds | 1.8% |
| Health Care | 1.8% |
| Consumer Discretionary | 2.9% |
| Real Estate | 2.9% |
| Industrials | 5.1% |
| Collateralized Mortgage Obligations | 5.1% |
| Energy | 6.3% |
| Commercial Mortgage-Backed Securities | 11.1% |
| Financials | 20.4% |
| Asset Backed Securities | 37.9% |
| Other Assets in Excess of Liabilities | 0.7% |

---

#### Asset Weighting (as a % of Total Investments)
![Group By Asset Type Chart](i5c0f4c00622b698f8315f17e.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Asset Backed Securities | 38.2% |
| Collateralized Mortgage Obligations | 5.1% |
| Commercial Mortgage-Backed Securities | 11.2% |
| Corporate Bonds | 42.5% |
| Money Market Funds | 1.8% |
| U.S. Government & Agencies | 1.2% |

---

#### MATERIAL FUND CHANGES
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 agreement 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 is expected to take place in the first half of 2026. Following the Closing, it is anticipated that Sterling Capital will continue to operate as a standalone entity indirectly owned by Guardian, which will in turn be indirectly owned by Desjardins. To provide continuity and stability, Sterling Capital's team of management and senior professionals are currently expected to continue servicing Sterling Capital's clients, including the Funds, after Closing.

At a meeting held on August 27, 2025, the Board of Sterling Capital Funds Trust approved the reorganization of the Sterling Capital Ultra Short Ultra Short Bond ETF, a series in the Sterling Capital Funds Trust. Sterling Capital Ultra Short Bond ETF will have the same investment adviser, investment objective and substantially similar fundamental investment policies and investment strategies as the Sterling Capital Ultra Short Bond Fund. The reorganization is anticipated to be completed in the first half of 2026.

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

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

TSR-AR 093025-BUSRX

![Image](iaa54f7be91e36791596adbf9.jpg)

Sterling Capital Ultra Short Bond Fund

September 30, 2025

ANNUAL SHAREHOLDER REPORT

https://sterlingcapitalfunds.com/funds/

Class Institutional (BUSIX)

This annual shareholder report contains important information about Sterling Capital Ultra Short Bond Fund for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund athttps://sterlingcapitalfunds.com/funds/. You can also request this information by contacting us at (888) 228-1872. This report describes material fund changes to the Fund that occurred during the year in the MATERIAL FUND CHANGES section of this report

#### WHAT FACTORS INFLUENCED PERFORMANCE FOR THE PERIOD?
For the 12-month period between October 1, 2024, and September 30, 2025, the Fund outperformed both its targeted benchmark, the ICE BofA 0-1 Year U.S. Treasury Index, and its broad-based benchmark, the Bloomberg U.S. Aggregate Bond Index. All sectors produced positive absolute returns during the period as front-end interest rates moved lower in anticipation of September's Federal Reserve rate cuts.

The Fund's outperformance relative to its targeted benchmark was driven by its allocation to risk products, including corporate bonds, commercial mortgage-backed securities, collateralized loan obligations, and asset-backed securities, as these outperformed Treasuries for the period.

The Fund's outperformance relative to its broad-based benchmark was largely due to its lack of exposure to back-end interest rates, which moved higher over the period as the curve steepened.

How did the Fund perform over the past 10 years?

Over the past ten years, the Fund outperformed both its targeted and broad-based benchmarks. The Fund's absolute return benefited from the strong performance of risk assets and Treasuries, with most securities maturing over the ten-year period.

The outperformance of risk assets relative to Treasuries helped drive the Fund's performance relative to both benchmarks over the last ten years. Above-benchmark exposures to corporate bonds, commercial mortgage-backed securities, asset-backed securities, collateralized mortgage-backed securities, and taxable municipals contributed to relative returns for the Fund. Duration contributed to the Fund's outperformance relative to its broad-based benchmark, as rates generally rose during this period. Meanwhile, both duration and curve position were modest drags on the Fund's performance relative to its targeted benchmark.

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

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

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

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class Institutional | $45 | 0.44% |

---

#### PERFORMANCE OF HYPOTHETICAL

#### $10,000 INVESTMENT

#### Growth of $10,000
![Growth of 10K Chart](i03124ff90b1a4812d5d5caa1.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Sterling Capital Ultra Short Bond Fund - I | Bloomberg U.S. Aggregate Bond Index | ICE BofA 0-1 Year US Treasury |
| Sep-2015 | $10000 | $10000 | $10000 |
| Sep-2016 | $10124 | $10519 | $10048 |
| Sep-2017 | $10261 | $10527 | $10118 |
| Sep-2018 | $10411 | $10399 | $10270 |
| Sep-2019 | $10730 | $11470 | $10545 |
| Sep-2020 | $10991 | $12271 | $10717 |
| Sep-2021 | $11074 | $12161 | $10731 |
| Sep-2022 | $10983 | $10385 | $10708 |
| Sep-2023 | $11545 | $10452 | $11174 |
| Sep-2024 | $12283 | $11662 | $11806 |
| Sep-2025 | $12903 | $11998 | $12320 |

---

#### AVERAGE ANNUAL TOTAL RETURNS

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Years | 10 Years |
| Sterling Capital Ultra Short Bond Fund - I | 5.04% | 3.26% | 2.58% |
| Bloomberg U.S. Aggregate Bond Index | 2.88% | -0.45% | 1.84% |
| ICE BofA 0-1 Year US Treasury | 4.36% | 2.83% | 2.11% |

---

The ICE BofA 0-1 Year U.S. Treasury Index tracks the performance of USD-denominated sovereign debt publicly issued by the U.S. government in its domestic market with maturities less than one year. Qualifying securities must have at least one month and less than one year remaining to final maturity, a fixed coupon schedule and a minimum amount outstanding of $1B.

The Bloomberg U.S. Aggregate Bond Index is an unmanaged index composed of securities that are SEC-registered, taxable, and USD-denominated. The index covers the U.S. investment grade fixed rate bond market.

The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

![Image](iaa54f7be91e36791596adbf9.jpg)

Sterling Capital Ultra Short Bond Fund

September 30, 2025

ANNUAL SHAREHOLDER REPORT

https://sterlingcapitalfunds.com/funds/

Class Institutional (BUSIX)

#### KEY FUND STATISTICS (as of Period End)
* Net Assets$28,819,668

* Number of Portfolio Holdings133

* Advisory Fee (net of waivers)$13,651

* Portfolio Turnover62%

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

---

| | |
|:---|:---|
| Utilities | 0.3% |
| Consumer Staples | 0.8% |
| Communications | 0.8% |
| Technology | 0.9% |
| U.S. Treasury Obligations | 1.2% |
| Money Market Funds | 1.8% |
| Health Care | 1.8% |
| Consumer Discretionary | 2.9% |
| Real Estate | 2.9% |
| Industrials | 5.1% |
| Collateralized Mortgage Obligations | 5.1% |
| Energy | 6.3% |
| Commercial Mortgage-Backed Securities | 11.1% |
| Financials | 20.4% |
| Asset Backed Securities | 37.9% |
| Other Assets in Excess of Liabilities | 0.7% |

---

#### Asset Weighting (as a % of Total Investments)
![Group By Asset Type Chart](i445b6c2ac9d516853373b58e.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Asset Backed Securities | 38.2% |
| Collateralized Mortgage Obligations | 5.1% |
| Commercial Mortgage-Backed Securities | 11.2% |
| Corporate Bonds | 42.5% |
| Money Market Funds | 1.8% |
| U.S. Government & Agencies | 1.2% |

---

#### MATERIAL FUND CHANGES
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 agreement 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 is expected to take place in the first half of 2026. Following the Closing, it is anticipated that Sterling Capital will continue to operate as a standalone entity indirectly owned by Guardian, which will in turn be indirectly owned by Desjardins. To provide continuity and stability, Sterling Capital's team of management and senior professionals are currently expected to continue servicing Sterling Capital's clients, including the Funds, after Closing.

At a meeting held on August 27, 2025, the Board of Sterling Capital Funds Trust approved the reorganization of the Sterling Capital Ultra Short Ultra Short Bond ETF, a series in the Sterling Capital Funds Trust. Sterling Capital Ultra Short Bond ETF will have the same investment adviser, investment objective and substantially similar fundamental investment policies and investment strategies as the Sterling Capital Ultra Short Bond Fund. The reorganization is anticipated to be completed in the first half of 2026.

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

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

TSR-AR 093025-BUSIX

![Image](iaa54f7be91e36791596adbf9.jpg)

Sterling Capital Virginia Intermediate Tax-Free Fund

September 30, 2025

ANNUAL SHAREHOLDER REPORT

https://sterlingcapitalfunds.com/funds/

Class A (BVAAX)

This annual shareholder report contains important information about Sterling Capital Virginia Intermediate Tax-Free Fund for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund athttps://sterlingcapitalfunds.com/funds/. You can also request this information by contacting us at (888) 228-1872. This report describes material fund changes to the Fund that occurred during the year in the MATERIAL FUND CHANGES section of this report

#### WHAT FACTORS INFLUENCED PERFORMANCE FOR THE PERIOD?
For the 12-month period between October 1, 2024, and September 30, 2025, the Fund underperformed its benchmark, the ICE BofA 2-17 Year Municipal Bond Index. The Federal Reserve (the Fed) cut the federal funds rate three times during the period, for a cumulative cut of 75 basis points. Falling rates decreased yields, boosting the price of short-term bonds. Long-term bond prices fell during the period as interest rates on that part of the yield curve rose, detracting from absolute returns.

The Fund's underperformance relative to its benchmark over the 12-month period was largely due to its state-specific focus, which is designed to achieve tax savings for shareholders. The Fund's underweight position in three- to five-year bonds detracted from relative performance as yields fell and the benchmark benefited more than the Fund from the resulting rise in bond prices. Likewise, the Fund's slightly overweight position in five- to 10-year bonds hurt relative performance, as rising yields reduced bond prices in that part of the portfolio. The Fund's higher average credit quality than the index also hurt relative returns, as A-rated bonds outperformed AAA-rated bonds by 87 basis points.

How did the Fund perform in the past 10 years?

For the ten-year period between October 1, 2015, and September 30, 2025, the Fund underperformed its benchmark. Interest rates rose across the ten-year period, which dragged on the Fund's absolute returns.

The Fund's underperformance relative to its benchmark over the ten-year period was largely due to its state-specific focus, which is designed to achieve tax savings for shareholders. Over the last decade, the underlying financial health of municipalities improved. As a result, quality spreads shrank and lower-quality credits outperformed higher-quality credits. Accordingly, the Fund's higher average credit quality compared to the index dragged on relative returns. Annualized quality returns over the last decade for the ICE BofA 2-17 Year Municipal Bond Index were: AAA 1.9%, AA 2.1%, A 2.8%, BBB 3.5%.

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

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

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

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $88 | 0.87% |

---

#### PERFORMANCE OF HYPOTHETICAL

#### $10,000 INVESTMENT

#### Growth of $10,000
![Growth of 10K Chart](i6ea96d86e6fd4e5ad7829565.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Sterling Capital Virginia Intermediate Tax-Free Fund - A | Bloomberg Municipal Bond Index | ICE BofA 2-17 Year US Municipal Securities Index |
| Sep-2015 | $9804 | $10000 | $10000 |
| Sep-2016 | $10162 | $10558 | $10477 |
| Sep-2017 | $10122 | $10650 | $10588 |
| Sep-2018 | $10007 | $10687 | $10565 |
| Sep-2019 | $10721 | $11601 | $11401 |
| Sep-2020 | $11128 | $12076 | $11853 |
| Sep-2021 | $11070 | $12393 | $12098 |
| Sep-2022 | $10106 | $10968 | $10957 |
| Sep-2023 | $10212 | $11260 | $11254 |
| Sep-2024 | $10919 | $12428 | $12238 |
| Sep-2025 | $11053 | $12601 | $12567 |

---

#### AVERAGE ANNUAL TOTAL RETURNS

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Years | 10 Years |
| Sterling Capital Virginia Intermediate Tax-Free Fund - A |  |  |  |
| Without Load | 1.23% | -0.13% | 1.21% |
| With Load | -0.81% | -0.54% | 1.01% |
| Bloomberg Municipal Bond Index | 1.39% | 0.86% | 2.34% |
| ICE BofA 2-17 Year US Municipal Securities Index | 2.69% | 1.18% | 2.31% |

---

The ICE BofA 2-17 Year Municipal Bond Index covers the intermediate U.S. investment grade fixed rate municipal bond market, with index components for municipal securities.

The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

![Image](iaa54f7be91e36791596adbf9.jpg)

Sterling Capital Virginia Intermediate Tax-Free Fund

September 30, 2025

ANNUAL SHAREHOLDER REPORT

https://sterlingcapitalfunds.com/funds/

Class A (BVAAX)

#### KEY FUND STATISTICS (as of Period End)
* Net Assets$31,941,768

* Number of Portfolio Holdings37

* Advisory Fee $140,997

* Portfolio Turnover17%

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

---

| | |
|:---|:---|
| Virginia | 98.8% |
| Other Assets in Excess of Liabilities | 1.2% |

---

#### Asset Weighting (as a % of Total Investments)
![Group By Asset Type Chart](icb161acbdc983caa1d34a723.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Money Market Funds | 0.2% |
| Municipal Bonds | 99.8% |

---

#### MATERIAL FUND CHANGES
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 agreement 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 is expected to take place in the first half of 2026. Following the Closing, it is anticipated that Sterling Capital will continue to operate as a standalone entity indirectly owned by Guardian, which will in turn be indirectly owned by Desjardins. To provide continuity and stability, Sterling Capital's team of management and senior professionals are currently expected to continue servicing Sterling Capital's clients, including the Funds, after Closing.

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

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

TSR-AR 093025-BVAAX

![Image](iaa54f7be91e36791596adbf9.jpg)

Sterling Capital Virginia Intermediate Tax-Free Fund

September 30, 2025

ANNUAL SHAREHOLDER REPORT

https://sterlingcapitalfunds.com/funds/

Class C (BVACX)

This annual shareholder report contains important information about Sterling Capital Virginia Intermediate Tax-Free Fund for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund athttps://sterlingcapitalfunds.com/funds/. You can also request this information by contacting us at (888) 228-1872. This report describes material fund changes to the Fund that occurred during the year in the MATERIAL FUND CHANGES section of this report

#### WHAT FACTORS INFLUENCED PERFORMANCE FOR THE PERIOD?
For the 12-month period between October 1, 2024, and September 30, 2025, the Fund underperformed its benchmark, the ICE BofA 2-17 Year Municipal Bond Index. The Federal Reserve (the Fed) cut the federal funds rate three times during the period, for a cumulative cut of 75 basis points. Falling rates decreased yields, boosting the price of short-term bonds. Long-term bond prices fell during the period as interest rates on that part of the yield curve rose, detracting from absolute returns.

The Fund's underperformance relative to its benchmark over the 12-month period was largely due to its state-specific focus, which is designed to achieve tax savings for shareholders. The Fund's underweight position in three- to five-year bonds detracted from relative performance as yields fell and the benchmark benefited more than the Fund from the resulting rise in bond prices. Likewise, the Fund's slightly overweight position in five- to 10-year bonds hurt relative performance, as rising yields reduced bond prices in that part of the portfolio. The Fund's higher average credit quality than the index also hurt relative returns, as A-rated bonds outperformed AAA-rated bonds by 87 basis points.

How did the Fund perform in the past 10 years?

For the ten-year period between October 1, 2015, and September 30, 2025, the Fund underperformed its benchmark. Interest rates rose across the ten-year period, which dragged on the Fund's absolute returns.

The Fund's underperformance relative to its benchmark over the ten-year period was largely due to its state-specific focus, which is designed to achieve tax savings for shareholders. Over the last decade, the underlying financial health of municipalities improved. As a result, quality spreads shrank and lower-quality credits outperformed higher-quality credits. Accordingly, the Fund's higher average credit quality compared to the index dragged on relative returns. Annualized quality returns over the last decade for the ICE BofA 2-17 Year Municipal Bond Index were: AAA 1.9%, AA 2.1%, A 2.8%, BBB 3.5%.

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

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

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

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class C | $159 | 1.59% |

---

#### PERFORMANCE OF HYPOTHETICAL

#### $10,000 INVESTMENT

#### Growth of $10,000
![Growth of 10K Chart](ie449220d0c6072459a74d5a9.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Sterling Capital Virginia Intermediate Tax-Free Fund - C | Bloomberg Municipal Bond Index | ICE BofA 2-17 Year US Municipal Securities Index |
| Sep-2015 | $10000 | $10000 | $10000 |
| Sep-2016 | $10288 | $10558 | $10477 |
| Sep-2017 | $10171 | $10650 | $10588 |
| Sep-2018 | $9981 | $10687 | $10565 |
| Sep-2019 | $10604 | $11601 | $11401 |
| Sep-2020 | $10925 | $12076 | $11853 |
| Sep-2021 | $10787 | $12393 | $12098 |
| Sep-2022 | $9781 | $10968 | $10957 |
| Sep-2023 | $9795 | $11260 | $11254 |
| Sep-2024 | $10408 | $12428 | $12238 |
| Sep-2025 | $10461 | $12601 | $12567 |

---

#### AVERAGE ANNUAL TOTAL RETURNS

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Years | 10 Years |
| Sterling Capital Virginia Intermediate Tax-Free Fund - C | 0.51% | -0.86% | 0.45% |
| Bloomberg Municipal Bond Index | 1.39% | 0.86% | 2.34% |
| ICE BofA 2-17 Year US Municipal Securities Index | 2.69% | 1.18% | 2.31% |

---

The ICE BofA 2-17 Year Municipal Bond Index covers the intermediate U.S. investment grade fixed rate municipal bond market, with index components for municipal securities.

The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

![Image](iaa54f7be91e36791596adbf9.jpg)

Sterling Capital Virginia Intermediate Tax-Free Fund

September 30, 2025

ANNUAL SHAREHOLDER REPORT

https://sterlingcapitalfunds.com/funds/

Class C (BVACX)

#### KEY FUND STATISTICS (as of Period End)
* Net Assets$31,941,768

* Number of Portfolio Holdings37

* Advisory Fee $140,997

* Portfolio Turnover17%

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

---

| | |
|:---|:---|
| Virginia | 98.8% |
| Other Assets in Excess of Liabilities | 1.2% |

---

#### Asset Weighting (as a % of Total Investments)
![Group By Asset Type Chart](i8cf14a8ef5f2f990b80bbc4e.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Money Market Funds | 0.2% |
| Municipal Bonds | 99.8% |

---

#### MATERIAL FUND CHANGES
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 agreement 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 is expected to take place in the first half of 2026. Following the Closing, it is anticipated that Sterling Capital will continue to operate as a standalone entity indirectly owned by Guardian, which will in turn be indirectly owned by Desjardins. To provide continuity and stability, Sterling Capital's team of management and senior professionals are currently expected to continue servicing Sterling Capital's clients, including the Funds, after Closing.

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

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

TSR-AR 093025-BVACX

![Image](iaa54f7be91e36791596adbf9.jpg)

Sterling Capital Virginia Intermediate Tax-Free Fund

September 30, 2025

ANNUAL SHAREHOLDER REPORT

https://sterlingcapitalfunds.com/funds/

Class Institutional (BVATX)

This annual shareholder report contains important information about Sterling Capital Virginia Intermediate Tax-Free Fund for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund athttps://sterlingcapitalfunds.com/funds/. You can also request this information by contacting us at (888) 228-1872. This report describes material fund changes to the Fund that occurred during the year in the MATERIAL FUND CHANGES section of this report

#### WHAT FACTORS INFLUENCED PERFORMANCE FOR THE PERIOD?
For the 12-month period between October 1, 2024, and September 30, 2025, the Fund underperformed its benchmark, the ICE BofA 2-17 Year Municipal Bond Index. The Federal Reserve (the Fed) cut the federal funds rate three times during the period, for a cumulative cut of 75 basis points. Falling rates decreased yields, boosting the price of short-term bonds. Long-term bond prices fell during the period as interest rates on that part of the yield curve rose, detracting from absolute returns.

The Fund's underperformance relative to its benchmark over the 12-month period was largely due to its state-specific focus, which is designed to achieve tax savings for shareholders. The Fund's underweight position in three- to five-year bonds detracted from relative performance as yields fell and the benchmark benefited more than the Fund from the resulting rise in bond prices. Likewise, the Fund's slightly overweight position in five- to 10-year bonds hurt relative performance, as rising yields reduced bond prices in that part of the portfolio. The Fund's higher average credit quality than the index also hurt relative returns, as A-rated bonds outperformed AAA-rated bonds by 87 basis points.

How did the Fund perform in the past 10 years?

For the ten-year period between October 1, 2015, and September 30, 2025, the Fund underperformed its benchmark. Interest rates rose across the ten-year period, which dragged on the Fund's absolute returns.

The Fund's underperformance relative to its benchmark over the ten-year period was largely due to its state-specific focus, which is designed to achieve tax savings for shareholders. Over the last decade, the underlying financial health of municipalities improved. As a result, quality spreads shrank and lower-quality credits outperformed higher-quality credits. Accordingly, the Fund's higher average credit quality compared to the index dragged on relative returns. Annualized quality returns over the last decade for the ICE BofA 2-17 Year Municipal Bond Index were: AAA 1.9%, AA 2.1%, A 2.8%, BBB 3.5%.

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

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

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

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class Institutional | $62 | 0.62% |

---

#### PERFORMANCE OF HYPOTHETICAL

#### $10,000 INVESTMENT

#### Growth of $10,000
![Growth of 10K Chart](i3e8c390fa43e44838f5cded3.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Sterling Capital Virginia Intermediate Tax-Free Fund - I | Bloomberg Municipal Bond Index | ICE BofA 2-17 Year US Municipal Securities Index |
| Sep-2015 | $10000 | $10000 | $10000 |
| Sep-2016 | $10391 | $10558 | $10477 |
| Sep-2017 | $10376 | $10650 | $10588 |
| Sep-2018 | $10284 | $10687 | $10565 |
| Sep-2019 | $11036 | $11601 | $11401 |
| Sep-2020 | $11484 | $12076 | $11853 |
| Sep-2021 | $11453 | $12393 | $12098 |
| Sep-2022 | $10490 | $10968 | $10957 |
| Sep-2023 | $10627 | $11260 | $11254 |
| Sep-2024 | $11391 | $12428 | $12238 |
| Sep-2025 | $11560 | $12601 | $12567 |

---

#### AVERAGE ANNUAL TOTAL RETURNS

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Years | 10 Years |
| Sterling Capital Virginia Intermediate Tax-Free Fund - I | 1.48% | 0.13% | 1.46% |
| Bloomberg Municipal Bond Index | 1.39% | 0.86% | 2.34% |
| ICE BofA 2-17 Year US Municipal Securities Index | 2.69% | 1.18% | 2.31% |

---

The ICE BofA 2-17 Year Municipal Bond Index covers the intermediate U.S. investment grade fixed rate municipal bond market, with index components for municipal securities.

The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

![Image](iaa54f7be91e36791596adbf9.jpg)

Sterling Capital Virginia Intermediate Tax-Free Fund

September 30, 2025

ANNUAL SHAREHOLDER REPORT

https://sterlingcapitalfunds.com/funds/

Class Institutional (BVATX)

#### KEY FUND STATISTICS (as of Period End)
* Net Assets$31,941,768

* Number of Portfolio Holdings37

* Advisory Fee $140,997

* Portfolio Turnover17%

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

---

| | |
|:---|:---|
| Virginia | 98.8% |
| Other Assets in Excess of Liabilities | 1.2% |

---

#### Asset Weighting (as a % of Total Investments)
![Group By Asset Type Chart](i0def29627c667b6b0f65e4de.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Money Market Funds | 0.2% |
| Municipal Bonds | 99.8% |

---

#### MATERIAL FUND CHANGES
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 agreement 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 is expected to take place in the first half of 2026. Following the Closing, it is anticipated that Sterling Capital will continue to operate as a standalone entity indirectly owned by Guardian, which will in turn be indirectly owned by Desjardins. To provide continuity and stability, Sterling Capital's team of management and senior professionals are currently expected to continue servicing Sterling Capital's clients, including the Funds, after Closing.

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

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

TSR-AR 093025-BVATX

![Image](iaa54f7be91e36791596adbf9.jpg)

Sterling Capital West Virginia Intermediate Tax-Free Fund

September 30, 2025

ANNUAL SHAREHOLDER REPORT

https://sterlingcapitalfunds.com/funds/

Class A (BWVAX)

This annual shareholder report contains important information about Sterling Capital West Virginia Intermediate Tax-Free Fund for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund athttps://sterlingcapitalfunds.com/funds/. You can also request this information by contacting us at (888) 228-1872. This report describes material fund changes to the Fund that occurred during the year in the MATERIAL FUND CHANGES section of this report

#### WHAT FACTORS INFLUENCED PERFORMANCE FOR THE PERIOD?
For the 12-month period between October 1, 2024, and September 30, 2025, the Fund underperformed its benchmark, the ICE BofA 2-17 Year Municipal Bond Index. The Federal Reserve (the Fed) cut the federal funds rate three times during the period, for a cumulative cut of 75 basis points. Falling rates decreased yields, boosting the price of short-term bonds. Long-term bond prices fell during the period as interest rates on that part of the yield curve rose, detracting from absolute returns.

The Fund's underperformance relative to its benchmark over the 12-month period was largely due to its state-specific focus, which is designed to achieve tax savings for shareholders. The Fund's underweight position in three- to five-year bonds detracted from relative performance as yields fell and the benchmark benefited more than the Fund from the resulting rise in bond prices. Likewise, the Fund's slightly overweight position in five- to 10-year bonds hurt relative performance, as rising yields reduced bond prices in that part of the portfolio. The Fund's higher average credit quality than the index also hurt relative returns, as A-rated bonds outperformed AAA-rated bonds by 87 basis points.

How did the Fund perform in the past ten years?

For the 10-year period between October 1, 2015, and September 30, 2025, the Fund underperformed its benchmark. Interest rates rose across the ten-year period, which dragged on the Fund's absolute returns.

The Fund's underperformance relative to its benchmark over the ten-year period was largely due to its state-specific focus, which is designed to achieve tax savings for shareholders. Over the last decade, the underlying financial health of municipalities improved. As a result, quality spreads shrank and lower-quality credits outperformed higher-quality credits. Accordingly, the Fund's higher average credit quality compared to the index dragged on relative returns. Annualized quality returns over the last decade for the ICE BofA 2-17 Year U.S. Municipal Securities Index were: AAA 1.9%, AA 2.1%, A 2.8%, BBB 3.5%.

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

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

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

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $87 | 0.86% |

---

#### PERFORMANCE OF HYPOTHETICAL

#### $10,000 INVESTMENT

#### Growth of $10,000
![Growth of 10K Chart](i90e88306d542bfecdd07af19.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Sterling Capital West Virginia Intermediate Tax-Free Fund - A | Bloomberg Municipal Bond Index | ICE BofA 2-17 Year US Municipal Securities Index |
| Sep-2015 | $9797 | $10000 | $10000 |
| Sep-2016 | $10181 | $10558 | $10477 |
| Sep-2017 | $10209 | $10650 | $10588 |
| Sep-2018 | $10110 | $10687 | $10565 |
| Sep-2019 | $10776 | $11601 | $11401 |
| Sep-2020 | $11170 | $12076 | $11853 |
| Sep-2021 | $11251 | $12393 | $12098 |
| Sep-2022 | $10331 | $10968 | $10957 |
| Sep-2023 | $10441 | $11260 | $11254 |
| Sep-2024 | $11226 | $12428 | $12238 |
| Sep-2025 | $11427 | $12601 | $12567 |

---

#### AVERAGE ANNUAL TOTAL RETURNS

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Years | 10 Years |
| Sterling Capital West Virginia Intermediate Tax-Free Fund - A |  |  |  |
| Without Load | 1.79% | 0.46% | 1.55% |
| With Load | -0.29% | 0.05% | 1.34% |
| Bloomberg Municipal Bond Index | 1.39% | 0.86% | 2.34% |
| ICE BofA 2-17 Year US Municipal Securities Index | 2.69% | 1.18% | 2.31% |

---

The ICE BofA 2-17 Year Municipal Bond Index covers the intermediate U.S. investment grade fixed rate municipal bond market, with index components for municipal securities.

The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

![Image](iaa54f7be91e36791596adbf9.jpg)

Sterling Capital West Virginia Intermediate Tax-Free Fund

September 30, 2025

ANNUAL SHAREHOLDER REPORT

https://sterlingcapitalfunds.com/funds/

Class A (BWVAX)

#### KEY FUND STATISTICS (as of Period End)
* Net Assets$49,842,346

* Number of Portfolio Holdings44

* Advisory Fee $181,958

* Portfolio Turnover16%

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

---

| | |
|:---|:---|
| West Virginia | 98.3% |
| Other Assets in Excess of Liabilities | 1.7% |

---

#### Asset Weighting (as a % of Total Investments)
![Group By Asset Type Chart](ibdad7b983c33cc6de75dcb80.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Money Market Funds | 0.5% |
| Municipal Bonds | 99.5% |

---

#### MATERIAL FUND CHANGES
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 agreement 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 is expected to take place in the first half of 2026. Following the Closing, it is anticipated that Sterling Capital will continue to operate as a standalone entity indirectly owned by Guardian, which will in turn be indirectly owned by Desjardins. To provide continuity and stability, Sterling Capital's team of management and senior professionals are currently expected to continue servicing Sterling Capital's clients, including the Funds, after Closing.

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

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

TSR-AR 093025-BWVAX

![Image](iaa54f7be91e36791596adbf9.jpg)

Sterling Capital West Virginia Intermediate Tax-Free Fund

September 30, 2025

ANNUAL SHAREHOLDER REPORT

https://sterlingcapitalfunds.com/funds/

Class C (BWVCX)

This annual shareholder report contains important information about Sterling Capital West Virginia Intermediate Tax-Free Fund for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund athttps://sterlingcapitalfunds.com/funds/. You can also request this information by contacting us at (888) 228-1872. This report describes material fund changes to the Fund that occurred during the year in the MATERIAL FUND CHANGES section of this report

#### WHAT FACTORS INFLUENCED PERFORMANCE FOR THE PERIOD?
For the 12-month period between October 1, 2024, and September 30, 2025, the Fund underperformed its benchmark, the ICE BofA 2-17 Year Municipal Bond Index. The Federal Reserve (the Fed) cut the federal funds rate three times during the period, for a cumulative cut of 75 basis points. Falling rates decreased yields, boosting the price of short-term bonds. Long-term bond prices fell during the period as interest rates on that part of the yield curve rose, detracting from absolute returns.

The Fund's underperformance relative to its benchmark over the 12-month period was largely due to its state-specific focus, which is designed to achieve tax savings for shareholders. The Fund's underweight position in three- to five-year bonds detracted from relative performance as yields fell and the benchmark benefited more than the Fund from the resulting rise in bond prices. Likewise, the Fund's slightly overweight position in five- to 10-year bonds hurt relative performance, as rising yields reduced bond prices in that part of the portfolio. The Fund's higher average credit quality than the index also hurt relative returns, as A-rated bonds outperformed AAA-rated bonds by 87 basis points.

How did the Fund perform in the past ten years?

For the 10-year period between October 1, 2015, and September 30, 2025, the Fund underperformed its benchmark. Interest rates rose across the ten-year period, which dragged on the Fund's absolute returns.

The Fund's underperformance relative to its benchmark over the ten-year period was largely due to its state-specific focus, which is designed to achieve tax savings for shareholders. Over the last decade, the underlying financial health of municipalities improved. As a result, quality spreads shrank and lower-quality credits outperformed higher-quality credits. Accordingly, the Fund's higher average credit quality compared to the index dragged on relative returns. Annualized quality returns over the last decade for the ICE BofA 2-17 Year U.S. Municipal Securities Index were: AAA 1.9%, AA 2.1%, A 2.8%, BBB 3.5%.

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

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

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

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class C | $160 | 1.59% |

---

#### PERFORMANCE OF HYPOTHETICAL

#### $10,000 INVESTMENT

#### Growth of $10,000
![Growth of 10K Chart](i2562325f6cf753148f8d448c.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Sterling Capital West Virginia Intermediate Tax-Free Fund - C | Bloomberg Municipal Bond Index | ICE BofA 2-17 Year US Municipal Securities Index |
| Sep-2015 | $10000 | $10000 | $10000 |
| Sep-2016 | $10315 | $10558 | $10477 |
| Sep-2017 | $10276 | $10650 | $10588 |
| Sep-2018 | $10089 | $10687 | $10565 |
| Sep-2019 | $10685 | $11601 | $11401 |
| Sep-2020 | $10993 | $12076 | $11853 |
| Sep-2021 | $10979 | $12393 | $12098 |
| Sep-2022 | $10007 | $10968 | $10957 |
| Sep-2023 | $10069 | $11260 | $11254 |
| Sep-2024 | $10751 | $12428 | $12238 |
| Sep-2025 | $10872 | $12601 | $12567 |

---

#### AVERAGE ANNUAL TOTAL RETURNS

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Years | 10 Years |
| Sterling Capital West Virginia Intermediate Tax-Free Fund - C | 1.13% | -0.22% | 0.84% |
| Bloomberg Municipal Bond Index | 1.39% | 0.86% | 2.34% |
| ICE BofA 2-17 Year US Municipal Securities Index | 2.69% | 1.18% | 2.31% |

---

The ICE BofA 2-17 Year Municipal Bond Index covers the intermediate U.S. investment grade fixed rate municipal bond market, with index components for municipal securities.

The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

![Image](iaa54f7be91e36791596adbf9.jpg)

Sterling Capital West Virginia Intermediate Tax-Free Fund

September 30, 2025

ANNUAL SHAREHOLDER REPORT

https://sterlingcapitalfunds.com/funds/

Class C (BWVCX)

#### KEY FUND STATISTICS (as of Period End)
* Net Assets$49,842,346

* Number of Portfolio Holdings44

* Advisory Fee $181,958

* Portfolio Turnover16%

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

---

| | |
|:---|:---|
| West Virginia | 98.3% |
| Other Assets in Excess of Liabilities | 1.7% |

---

#### Asset Weighting (as a % of Total Investments)
![Group By Asset Type Chart](i8382dc232d095ea76d0b42dc.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Money Market Funds | 0.5% |
| Municipal Bonds | 99.5% |

---

#### MATERIAL FUND CHANGES
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 agreement 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 is expected to take place in the first half of 2026. Following the Closing, it is anticipated that Sterling Capital will continue to operate as a standalone entity indirectly owned by Guardian, which will in turn be indirectly owned by Desjardins. To provide continuity and stability, Sterling Capital's team of management and senior professionals are currently expected to continue servicing Sterling Capital's clients, including the Funds, after Closing.

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

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

TSR-AR 093025-BWVCX

![Image](iaa54f7be91e36791596adbf9.jpg)

Sterling Capital West Virginia Intermediate Tax-Free Fund

September 30, 2025

ANNUAL SHAREHOLDER REPORT

https://sterlingcapitalfunds.com/funds/

Class Institutional (OWVAX)

This annual shareholder report contains important information about Sterling Capital West Virginia Intermediate Tax-Free Fund for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund athttps://sterlingcapitalfunds.com/funds/. You can also request this information by contacting us at (888) 228-1872. This report describes material fund changes to the Fund that occurred during the year in the MATERIAL FUND CHANGES section of this report

#### WHAT FACTORS INFLUENCED PERFORMANCE FOR THE PERIOD?
For the 12-month period between October 1, 2024, and September 30, 2025, the Fund underperformed its benchmark, the ICE BofA 2-17 Year Municipal Bond Index. The Federal Reserve (the Fed) cut the federal funds rate three times during the period, for a cumulative cut of 75 basis points. Falling rates decreased yields, boosting the price of short-term bonds. Long-term bond prices fell during the period as interest rates on that part of the yield curve rose, detracting from absolute returns.

The Fund's underperformance relative to its benchmark over the 12-month period was largely due to its state-specific focus, which is designed to achieve tax savings for shareholders. The Fund's underweight position in three- to five-year bonds detracted from relative performance as yields fell and the benchmark benefited more than the Fund from the resulting rise in bond prices. Likewise, the Fund's slightly overweight position in five- to 10-year bonds hurt relative performance, as rising yields reduced bond prices in that part of the portfolio. The Fund's higher average credit quality than the index also hurt relative returns, as A-rated bonds outperformed AAA-rated bonds by 87 basis points.

How did the Fund perform in the past ten years?

For the 10-year period between October 1, 2015, and September 30, 2025, the Fund underperformed its benchmark. Interest rates rose across the ten-year period, which dragged on the Fund's absolute returns.

The Fund's underperformance relative to its benchmark over the ten-year period was largely due to its state-specific focus, which is designed to achieve tax savings for shareholders. Over the last decade, the underlying financial health of municipalities improved. As a result, quality spreads shrank and lower-quality credits outperformed higher-quality credits. Accordingly, the Fund's higher average credit quality compared to the index dragged on relative returns. Annualized quality returns over the last decade for the ICE BofA 2-17 Year U.S. Municipal Securities Index were: AAA 1.9%, AA 2.1%, A 2.8%, BBB 3.5%.

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

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

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

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class Institutional | $62 | 0.61% |

---

#### PERFORMANCE OF HYPOTHETICAL

#### $10,000 INVESTMENT

#### Growth of $10,000
![Growth of 10K Chart](i1175a486cb108e81ab85c24b.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Sterling Capital West Virginia Intermediate Tax-Free Fund - I | Bloomberg Municipal Bond Index | ICE BofA 2-17 Year US Municipal Securities Index |
| Sep-2015 | $10000 | $10000 | $10000 |
| Sep-2016 | $10418 | $10558 | $10477 |
| Sep-2017 | $10473 | $10650 | $10588 |
| Sep-2018 | $10397 | $10687 | $10565 |
| Sep-2019 | $11109 | $11601 | $11401 |
| Sep-2020 | $11555 | $12076 | $11853 |
| Sep-2021 | $11657 | $12393 | $12098 |
| Sep-2022 | $10732 | $10968 | $10957 |
| Sep-2023 | $10886 | $11260 | $11254 |
| Sep-2024 | $11719 | $12428 | $12238 |
| Sep-2025 | $11959 | $12601 | $12567 |

---

#### AVERAGE ANNUAL TOTAL RETURNS

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Years | 10 Years |
| Sterling Capital West Virginia Intermediate Tax-Free Fund - I | 2.05% | 0.69% | 1.81% |
| Bloomberg Municipal Bond Index | 1.39% | 0.86% | 2.34% |
| ICE BofA 2-17 Year US Municipal Securities Index | 2.69% | 1.18% | 2.31% |

---

The ICE BofA 2-17 Year Municipal Bond Index covers the intermediate U.S. investment grade fixed rate municipal bond market, with index components for municipal securities.

The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

![Image](iaa54f7be91e36791596adbf9.jpg)

Sterling Capital West Virginia Intermediate Tax-Free Fund

September 30, 2025

ANNUAL SHAREHOLDER REPORT

https://sterlingcapitalfunds.com/funds/

Class Institutional (OWVAX)

#### KEY FUND STATISTICS (as of Period End)
* Net Assets$49,842,346

* Number of Portfolio Holdings44

* Advisory Fee $181,958

* Portfolio Turnover16%

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

---

| | |
|:---|:---|
| West Virginia | 98.3% |
| Other Assets in Excess of Liabilities | 1.7% |

---

#### Asset Weighting (as a % of Total Investments)
![Group By Asset Type Chart](ib93e45dedd7351fc962ff180.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Money Market Funds | 0.5% |
| Municipal Bonds | 99.5% |

---

#### MATERIAL FUND CHANGES
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 agreement 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 is expected to take place in the first half of 2026. Following the Closing, it is anticipated that Sterling Capital will continue to operate as a standalone entity indirectly owned by Guardian, which will in turn be indirectly owned by Desjardins. To provide continuity and stability, Sterling Capital's team of management and senior professionals are currently expected to continue servicing Sterling Capital's clients, including the Funds, after Closing.

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

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

TSR-AR 093025-OWVAX**

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The registrant, as of the end of the period covered by this report, has adopted a code of ethics that
applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller,
or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party (the
"Code of Ethics").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) There have been no amendments, during the period covered by this report, to a provision of the Code of
Ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or
controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third
party, and that relates to any element of the code of ethics definition enumerated in Item 2(b) of Form N-CSR.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The registrant has not granted any waivers, including an implicit waiver, from a provision of the code
of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer
or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third
party, that relates to one or more of the items set forth in Item 2(b) of Form N-CSR.

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

As of the end of the period covered by the report, the registrant's board of trustees has determined that David Wedding is qualified to serve as an audit committee financial expert serving on its audit committee and that he is "independent," as defined by Item 3 of Form N-CSR.

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

● Registrant may incorporate the following information by reference, if this information has been disclosed in the registrant's definitive proxy statement or definitive information statement. The proxy statement or information statement must be filed no later than 120 days after the end of the fiscal year covered by the Annual Report.

<u>Audit Fees</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The aggregate fees billed for each of the last two fiscal years for professional services rendered by
the principal accountant for the audit of the registrant's annual financial statements or services that are normally provided by the accountant
in connection with statutory and regulatory filings or engagements for those fiscal years are $303,825 for 2025 and $331,825 for 2024.

<u>Audit-Related Fees</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The aggregate fees billed in each of the last two fiscal years for assurance and related services by the
principal accountant that are reasonably related to the performance of the audit of the registrant's financial statements and are not
reported under paragraph (a) of this Item are $0 for 2025 and $0 for 2024. These audit-related services include issuance of consents to
use the name of the auditor in new Fund filings.

<u>Tax Fees</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The aggregate fees billed in each of the last two fiscal years for professional services rendered by the
principal accountant for tax compliance, tax advice, and tax planning are $73,235 for 2025 and $86,100 for 2024. Fees for both 2024 and
2025 relate to the preparation of the registrant's federal income and excise tax returns and review of the registrant's capital
gains distribution calculations.

<u>All Other Fees</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The aggregate fees billed in each of the last two fiscal years for products and services provided by the
principal accountant, other than the services reported in paragraphs (a) through (c) of this Item are $0 for 2025 and $0 for 2024.

---

| | |
|:---|:---|
| (e)(1) | Except as permitted by Rule 2-01(c)(7)(i)(C) of Regulation S-X, the Trust's Audit Committee must pre-approve all audit and non-audit services provided by the independent accountants relating to the operations or financial reporting of the funds. Prior to the commencement of any audit or nonaudit services to a fund, the Audit Committee reviews the services to determine whether they are appropriate and permissible under applicable law. |

---

---

| | |
|:---|:---|
| (e)(2) | The percentage of services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation SX are as follows: |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) N/A

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) 100%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) N/A

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The percentage of hours expended on the principal accountant's engagement to audit the registrant's financial
statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant's full-time,
permanent employees was less than fifty percent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The aggregate non-audit fees billed by the registrant's accountant for services rendered to the registrant,
and rendered to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is
subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with
the adviser that provides ongoing services to the registrant for each of the last two fiscal years of the registrant was $0 for 2025 and
$0 for 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Not applicable.

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

Not applicable

**Item 6.** **Schedule of Investments.** 

&nbsp;&nbsp;&nbsp;&nbsp;(a) Schedule of Investments in securities of unaffiliated
issuers as of the close of the reporting period is included as part of the report to shareholders filed under Item 7 of this form.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not
applicable.

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

**STERLING CAPITAL FUNDS**

**FINANCIAL STATEMENTS**

---

| | |
|:---|:---|
| [Schedules of Investments](#a_001) | [Page 2](#a_001) |
| [Statements of Assets and Liabilities](#a_002) | [Page 43](#a_002) |
| [Statements of Operations](#a_003) | [Page 46](#a_003) |
| [Statements of Changes in Net Assets](#a_004) | [Page 49](#a_004) |
| [Financial Highlights](#a_005) | [Page 59](#a_005) |
| [Notes to Financial Statements](#a_006) | [Page 87](#a_006) |
| [Independent Auditor's Report](#a_007) | [Page 110](#a_007) |
| [Supplemental Information (Unaudited)](#a_008) | [Page 112](#a_008) |

---

**Sterling Capital Behavioral Large Cap Value Fund**

**Schedule of Investments**

*September 30, 2025*

 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
| **COMMON STOCKS — 99.47%** | **COMMON STOCKS — 99.47%** |  |
|  | **Aerospace & Defense — 1.58%** |  |
| 2211 | &nbsp;&nbsp;&nbsp;General Dynamics Corp. | $753951 |
|  | **Automobiles — 1.63%** |  |
| 12717 | &nbsp;&nbsp;&nbsp;General Motors Co. | 775355 |
|  | **Banks — 8.40%** |  |
| 6150 | &nbsp;&nbsp;&nbsp;Citigroup, Inc. | 624225 |
| 6556 | &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | 2067959 |
| 2614 | &nbsp;&nbsp;&nbsp;PNC Financial Services Group, Inc. | 525231 |
| 9358 | &nbsp;&nbsp;&nbsp;Wells Fargo & Co. | 784388 |
|  |  | 4001803 |
|  | **Biotechnology — 3.41%** |  |
| 1560 | &nbsp;&nbsp;&nbsp;AbbVie, Inc. | 361202 |
| 1820 | &nbsp;&nbsp;&nbsp;Amgen, Inc. | 513604 |
| 6751 | &nbsp;&nbsp;&nbsp;Gilead Sciences, Inc. | 749361 |
|  |  | 1624167 |
|  | **Broadline Retail — 1.56%** |  |
| 488 | &nbsp;&nbsp;&nbsp;Dillard's, Inc., Class A | 299865 |
| 2509 | &nbsp;&nbsp;&nbsp;eBay, Inc. | 228194 |
| 12090 | &nbsp;&nbsp;&nbsp;Macy's, Inc. | 216774 |
|  |  | 744833 |
|  | **Building Products — 1.56%** |  |
| 6771 | &nbsp;&nbsp;&nbsp;Johnson Controls International PLC | 744471 |
|  | **Capital Markets — 9.24%** |  |
| 6998 | &nbsp;&nbsp;&nbsp;Bank of New York Mellon Corp. (The) | 762502 |
| 8183 | &nbsp;&nbsp;&nbsp;Charles Schwab Corp. (The) | 781231 |
| 8725 | &nbsp;&nbsp;&nbsp;Franklin Resources, Inc. | 201809 |
| 1249 | &nbsp;&nbsp;&nbsp;Goldman Sachs Group, Inc. (The) | 994642 |
| 6072 | &nbsp;&nbsp;&nbsp;Morgan Stanley | 965205 |
| 2028 | &nbsp;&nbsp;&nbsp;Northern Trust Corp. | 272969 |
| 1933 | &nbsp;&nbsp;&nbsp;State Street Corp. | 224247 |
| 5484 | &nbsp;&nbsp;&nbsp;Virtu Financial, Inc., Class A | 194682 |
|  |  | 4397287 |
|  | **Chemicals — 0.70%** |  |
| 2236 | &nbsp;&nbsp;&nbsp;CF Industries Holdings, Inc. | 200570 |
| 3827 | &nbsp;&nbsp;&nbsp;Mosaic Co. (The) | 132720 |
|  |  | 333290 |
|  | **Communications Equipment — 2.22%** |  |
| 15490 | &nbsp;&nbsp;&nbsp;Cisco Systems, Inc. | 1059826 |
|  | **Construction & Engineering — 1.29%** |  |
| 406 | &nbsp;&nbsp;&nbsp;EMCOR Group, Inc. | 263713 |
| 1435 | &nbsp;&nbsp;&nbsp;MasTec, Inc.<sup>(a)</sup> | 305383 |
| 114 | &nbsp;&nbsp;&nbsp;Valmont Industries, Inc. | 44201 |
|  |  | 613297 |
|  | **Consumer Finance — 2.11%** |  |
| 3567 | &nbsp;&nbsp;&nbsp;Capital One Financial Corp. | 758272 |
| 3470 | &nbsp;&nbsp;&nbsp;Synchrony Financial | 246544 |
|  |  | 1004816 |
|  | **Consumer Staples Distribution & Retail — 1.28%** |  |
| 3828 | &nbsp;&nbsp;&nbsp;Kroger Co. (The) | 258045 |
| 3964 | &nbsp;&nbsp;&nbsp;Maplebear Inc.<sup>(a)</sup> | 145717 |
| 2705 | &nbsp;&nbsp;&nbsp;US Foods Holding Corp.<sup>(a)</sup> | 207257 |
|  |  | 611019 |
|  | **Containers & Packaging — 0.42%** |  |
| 2053 | &nbsp;&nbsp;&nbsp;Crown Holdings, Inc. | 198299 |
|  | **Diversified Consumer Services — 0.44%** |  |
| 24034 | &nbsp;&nbsp;&nbsp;ADT, Inc. | 209336 |
|  | **Diversified Telecommunication Services — 2.69%** |  |
| 32006 | &nbsp;&nbsp;&nbsp;AT&T, Inc. | 903849 |
| 8660 | &nbsp;&nbsp;&nbsp;Verizon Communications, Inc. | 380607 |
|  |  | 1284456 |
|  | **Electric Utilities — 4.33%** |  |
| 6218 | &nbsp;&nbsp;&nbsp;American Electric Power Co., Inc. | 699526 |
| 5459 | &nbsp;&nbsp;&nbsp;Duke Energy Corp. | 675551 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
| **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** | |
|  | **Electric Utilities — (continued)** |  |
| 5938 | &nbsp;&nbsp;&nbsp;Exelon Corp. | $267269 |
| 4451 | &nbsp;&nbsp;&nbsp;Southern Co. (The) | 421821 |
|  |  | 2064167 |
|  | **Electrical Equipment — 2.46%** |  |
| 5251 | &nbsp;&nbsp;&nbsp;Emerson Electric Co. | 688827 |
| 467 | &nbsp;&nbsp;&nbsp;GE Vernova LLC | 287158 |
| 6405 | &nbsp;&nbsp;&nbsp;Sensata Technologies Holding PLC | 195673 |
|  |  | 1171658 |
|  | **Energy Equipment & Services — 0.60%** |  |
| 7255 | &nbsp;&nbsp;&nbsp;TechnipFMC PLC | 286210 |
|  | **Entertainment — 1.93%** |  |
| 8026 | &nbsp;&nbsp;&nbsp;Walt Disney Co. (The) | 918977 |
|  | **Financial Services — 0.52%** |  |
| 8742 | &nbsp;&nbsp;&nbsp;MGIC Investment Corp. | 248011 |
|  | **Ground Transportation — 0.79%** |  |
| 3846 | &nbsp;&nbsp;&nbsp;Uber Technologies, Inc.<sup>(a)</sup> | 376793 |
|  | **Health Care Equipment & Supplies — 1.39%** |  |
| 6930 | &nbsp;&nbsp;&nbsp;Medtronic PLC | 660013 |
|  | **Health Care Providers & Services — 5.44%** |  |
| 1468 | &nbsp;&nbsp;&nbsp;Cigna Group (The) | 423151 |
| 11084 | &nbsp;&nbsp;&nbsp;CVS Health Corp. | 835623 |
| 1660 | &nbsp;&nbsp;&nbsp;HCA Healthcare, Inc. | 707492 |
| 814 | &nbsp;&nbsp;&nbsp;McKesson Corp. | 628848 |
|  |  | 2595114 |
|  | **Health Care REITs — 0.38%** |  |
| 4333 | &nbsp;&nbsp;&nbsp;Omega Healthcare Investors, Inc. | 182939 |
|  | **Hotels, Restaurants & Leisure — 2.05%** |  |
| 31 | &nbsp;&nbsp;&nbsp;Booking Holdings, Inc. | 167377 |
| 1109 | &nbsp;&nbsp;&nbsp;Expedia, Inc. | 237049 |
| 1779 | &nbsp;&nbsp;&nbsp;Royal Caribbean Cruises Ltd. | 575650 |
|  |  | 980076 |
|  | **Household Products — 0.75%** |  |
| 1071 | &nbsp;&nbsp;&nbsp;Colgate-Palmolive Co. | 85616 |
| 2189 | &nbsp;&nbsp;&nbsp;Kimberly-Clark Corp. | 272180 |
|  |  | 357796 |
|  | **Insurance — 3.70%** |  |
| 3039 | &nbsp;&nbsp;&nbsp;Allstate Corp. | 652321 |
| 1064 | &nbsp;&nbsp;&nbsp;Hanover Insurance Group, Inc. (The) | 193254 |
| 4900 | &nbsp;&nbsp;&nbsp;Lincoln National Corp. | 197617 |
| 2579 | &nbsp;&nbsp;&nbsp;Travelers Cos., Inc. (The) | 720109 |
|  |  | 1763301 |
|  | **Interactive Media & Services — 2.21%** |  |
| 3286 | &nbsp;&nbsp;&nbsp;Alphabet, Inc., Class C | 800305 |
| 219 | &nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | 53239 |
| 5625 | &nbsp;&nbsp;&nbsp;Match Group, Inc. | 198675 |
|  |  | 1052219 |
|  | **It Services — 2.31%** |  |
| 3900 | &nbsp;&nbsp;&nbsp;International Business Machines Corp. | 1100424 |
|  | **Machinery — 1.85%** |  |
| 1920 | &nbsp;&nbsp;&nbsp;AGCO Corp. | 205574 |
| 9483 | &nbsp;&nbsp;&nbsp;Gates Industrial Corp. PLC<sup>(a)</sup> | 235368 |
| 2361 | &nbsp;&nbsp;&nbsp;Mueller Industries, Inc. | 238721 |
| 1550 | &nbsp;&nbsp;&nbsp;Oshkosh Corp. | 201035 |
|  |  | 880698 |
|  | **Media — 1.20%** |  |
| 2985 | &nbsp;&nbsp;&nbsp;Comcast Corp., Class A | 93789 |
| 4301 | &nbsp;&nbsp;&nbsp;Fox Corporation, Class B | 246404 |
| 3661 | &nbsp;&nbsp;&nbsp;Fox Corporation, Class A | 230863 |
|  |  | 571056 |
|  | **Metals & Mining — 2.28%** |  |
| 3744 | &nbsp;&nbsp;&nbsp;Anglogold Ashanti PLC | 263316 |

---

2 *See accompanying notes to financial statements.*

**Sterling Capital Behavioral Large Cap Value Fund**

**Schedule of Investments (continued)**

*September 30, 2025*

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
| **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** |  |
|  | **Metals & Mining — (continued)** |  |
| 9802 | &nbsp;&nbsp;&nbsp;Newmont Goldcorp Corp. | $826406 |
|  |  | 1089722 |
|  | **Mortgage Real Estate Investment Trusts (REITs) — 0.35%** |  |
| 14526 | &nbsp;&nbsp;&nbsp;Rithm Capital Corp. | 165451 |
|  | **Oil, Gas & Consumable Fuels — 5.82%** |  |
| 2650 | &nbsp;&nbsp;&nbsp;Cheniere Energy, Inc. | 622697 |
| 5626 | &nbsp;&nbsp;&nbsp;EOG Resources, Inc. | 630787 |
| 7140 | &nbsp;&nbsp;&nbsp;Exxon Mobil Corp. | 805035 |
| 3692 | &nbsp;&nbsp;&nbsp;Marathon Petroleum Corp. | 711596 |
|  |  | 2770115 |
|  | **Passenger Airlines — 0.50%** |  |
| 2444 | &nbsp;&nbsp;&nbsp;United Continental Holdings, Inc.<sup>(a)</sup> | 235846 |
|  | **Personal Care Products — 0.12%** |  |
| 14269 | &nbsp;&nbsp;&nbsp;Coty, Inc., Class A<sup>(a)</sup> | 57647 |
|  | **Pharmaceuticals — 3.59%** |  |
| 4000 | &nbsp;&nbsp;&nbsp;Johnson & Johnson | 741680 |
| 33634 | &nbsp;&nbsp;&nbsp;Pfizer, Inc. | 856994 |
| 3172 | &nbsp;&nbsp;&nbsp;Royalty Pharma PLC, Class A | 111908 |
|  |  | 1710582 |
|  | **Professional Services — 0.18%** |  |
| 1882 | &nbsp;&nbsp;&nbsp;Concentrix Corp. | 86854 |
|  | **Retail REITs — 2.89%** |  |
| 11054 | &nbsp;&nbsp;&nbsp;Realty Income Corp. | 671973 |
| 3760 | &nbsp;&nbsp;&nbsp;Simon Property Group, Inc. | 705639 |
|  |  | 1377612 |
|  | **Semiconductors & Semiconductor Equipment — 4.92%** |  |
| 4220 | &nbsp;&nbsp;&nbsp;Lam Research Corp. | 565058 |
| 5820 | &nbsp;&nbsp;&nbsp;Micron Technology, Inc. | 973802 |
| 4830 | &nbsp;&nbsp;&nbsp;QUALCOMM, Inc. | 803519 |
|  |  | 2342379 |
|  | **Software — 0.41%** |  |
| 6886 | &nbsp;&nbsp;&nbsp;Gen Digital, Inc. | 195494 |
|  | **Specialized REITs — 0.42%** |  |
| 3421 | &nbsp;&nbsp;&nbsp;EPR Properties | 198452 |
|  | **Specialty Retail — 1.92%** |  |
| 961 | &nbsp;&nbsp;&nbsp;AutoNation, Inc.<sup>(a)</sup> | 210238 |
| 2830 | &nbsp;&nbsp;&nbsp;Best Buy Co., Inc. | 214005 |
| 2489 | &nbsp;&nbsp;&nbsp;Gap, Inc. (The) | 53240 |
| 1175 | &nbsp;&nbsp;&nbsp;Penske Automotive Group, Inc. | 204344 |
| 426 | &nbsp;&nbsp;&nbsp;Ulta Beauty, Inc.<sup>(a)</sup> | 232915 |
|  |  | 914742 |
|  | **Technology Hardware, Storage & Peripherals — 1.51%** |  |
| 5068 | &nbsp;&nbsp;&nbsp;Dell Technologies, Inc., Class C | 718490 |
|  | **Textiles, Apparel & Luxury Goods — 0.54%** |  |
| 814 | &nbsp;&nbsp;&nbsp;Ralph Lauren Corp. | 255238 |
|  | **Tobacco — 3.58%** |  |
| 11935 | &nbsp;&nbsp;&nbsp;Altria Group, Inc. | 788426 |
| 5644 | &nbsp;&nbsp;&nbsp;Philip Morris International, Inc. | 915457 |
|  |  | 1703883 |
|  | &nbsp;&nbsp;&nbsp;Total Common Stocks |  |
|  | &nbsp;&nbsp;&nbsp;(Cost $38,255,602) | 47388165 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
| **MONEY MARKET FUNDS — 0.50%** | **MONEY MARKET FUNDS — 0.50%** |  |
| 236483 | &nbsp;&nbsp;&nbsp;Federated Hermes Treasury Obligations Fund, Institutional Shares, 4.00%<sup>(b)</sup> | $236483 |
|  | &nbsp;&nbsp;&nbsp;Total Money Market Funds |  |
|  | &nbsp;&nbsp;&nbsp;(Cost $236,483) | 236483 |
| Total Investments— 99.97% | Total Investments— 99.97% |  |
| (Cost $38,492,085) | (Cost $38,492,085) | 47624648 |
| Other Assets in Excess of Liabilities— 0.03% | Other Assets in Excess of Liabilities— 0.03% | 12626 |
| NET ASSETS — 100.00% | NET ASSETS — 100.00% | $47637274 |

---

&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.* 3

**Sterling Capital Behavioral Small Cap Value Fund**

**Schedule of Investments**

*September 30, 2025*

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
| **COMMON STOCKS — 98.55%** | **COMMON STOCKS — 98.55%** | |
| **Asset Management — 0.34%** | **Asset Management — 0.34%** |  |
| 15130 | &nbsp;&nbsp;&nbsp;Vitesse Energy Inc. | $351470 |
|  | **Automobile Components — 0.54%** |  |
| 28190 | &nbsp;&nbsp;&nbsp;Dana, Inc. | 564928 |
|  | **Automotive — 3.16%** |  |
| 19310 | &nbsp;&nbsp;&nbsp;Adient PLC | 464985 |
| 70290 | &nbsp;&nbsp;&nbsp;American Axle & Manufacturing Holdings, Inc.<sup>(a)</sup> | 422443 |
| 4230 | &nbsp;&nbsp;&nbsp;Aptiv Holdings Ltd.<sup>(a)</sup> | 364711 |
| 7220 | &nbsp;&nbsp;&nbsp;BorgWarner, Inc. | 317391 |
| 10840 | &nbsp;&nbsp;&nbsp;Harley-Davidson, Inc. | 302436 |
| 3080 | &nbsp;&nbsp;&nbsp;Lear Corp. | 309879 |
| 9220 | &nbsp;&nbsp;&nbsp;Phinia, Inc. | 529965 |
| 4660 | &nbsp;&nbsp;&nbsp;Visteon Corp.<sup>(a)</sup> | 558547 |
|  |  | 3270357 |
|  | **Banking — 3.53%** |  |
| 7950 | &nbsp;&nbsp;&nbsp;Capital City Bank Group, Inc.<sup>(a)</sup> | 332231 |
| 58620 | &nbsp;&nbsp;&nbsp;Capitol Federal Financial, Inc. | 372237 |
| 14480 | &nbsp;&nbsp;&nbsp;CNB Financial Corp. | 350416 |
| 9630 | &nbsp;&nbsp;&nbsp;First Mid-Illinois Bancshares, Inc.<sup>(a)</sup> | 364784 |
| 5500 | &nbsp;&nbsp;&nbsp;Great Southern Bancorp, Inc. | 336875 |
| 9160 | &nbsp;&nbsp;&nbsp;HomeTrust Bancshares, Inc. | 375010 |
| 4730 | &nbsp;&nbsp;&nbsp;Metropolitan Bank Holding Corp. | 353899 |
| 24550 | &nbsp;&nbsp;&nbsp;Provident Financial Services, Inc. | 473324 |
| 22210 | &nbsp;&nbsp;&nbsp;Shore Bancshares, Inc. | 364466 |
| 8920 | &nbsp;&nbsp;&nbsp;Third Coast Bancshares Inc.<sup>(a)</sup> | 338692 |
|  |  | 3661934 |
|  | **Banks — 12.32%** |  |
| 6350 | &nbsp;&nbsp;&nbsp;1st Source Corp. | 390906 |
| 24040 | &nbsp;&nbsp;&nbsp;Associated Banc-Corp. | 618068 |
| 9524 | &nbsp;&nbsp;&nbsp;Axos Financial, Inc.<sup>(a)</sup> | 806207 |
| 11710 | &nbsp;&nbsp;&nbsp;Bank of NT Butterfield & Son Ltd. (The) | 502593 |
| 6558 | &nbsp;&nbsp;&nbsp;Bank OZK | 334327 |
| 15631 | &nbsp;&nbsp;&nbsp;BankUnited, Inc. | 596479 |
| 13640 | &nbsp;&nbsp;&nbsp;Byline Bancorp, Inc. | 378237 |
| 2124 | &nbsp;&nbsp;&nbsp;Cathay General Bancorp | 101973 |
| 14720 | &nbsp;&nbsp;&nbsp;Columbia Banking System, Inc. | 378893 |
| 7260 | &nbsp;&nbsp;&nbsp;Community Trust Bancorp, Inc. | 406197 |
| 7520 | &nbsp;&nbsp;&nbsp;Customers Bancorp, Inc.<sup>(a)</sup> | 491582 |
| 3740 | &nbsp;&nbsp;&nbsp;East West Bancorp, Inc. | 398123 |
| 6052 | &nbsp;&nbsp;&nbsp;First Financial Corp.<sup>(a)</sup> | 341575 |
| 30620 | &nbsp;&nbsp;&nbsp;Fulton Financial Corp. | 570451 |
| 11640 | &nbsp;&nbsp;&nbsp;Hancock Whitney Corp. | 728780 |
| 14560 | &nbsp;&nbsp;&nbsp;Hanmi Financial Corp. | 359486 |
| 7999 | &nbsp;&nbsp;&nbsp;Mercantile Bank Corp. | 359955 |
| 5862 | &nbsp;&nbsp;&nbsp;Northeast Bank | 587138 |
| 15243 | &nbsp;&nbsp;&nbsp;OFG Bancorp | 662918 |
| 21820 | &nbsp;&nbsp;&nbsp;Old Second Bancorp, Inc. | 377159 |
| 2460 | &nbsp;&nbsp;&nbsp;Popular, Inc. | 312445 |
| 4432 | &nbsp;&nbsp;&nbsp;Preferred Bank | 400608 |
| 15370 | &nbsp;&nbsp;&nbsp;Renasant Corp. | 566999 |
| 9123 | &nbsp;&nbsp;&nbsp;South Plains Financial, Inc. | 352604 |
| 12150 | &nbsp;&nbsp;&nbsp;Trustmark Corp. | 481140 |
| 15780 | &nbsp;&nbsp;&nbsp;Univest Financial Corp. | 473716 |
| 3189 | &nbsp;&nbsp;&nbsp;Wintrust Financial Corp. | 422351 |
| 6760 | &nbsp;&nbsp;&nbsp;Zions Bancorp. | 382481 |
|  |  | 12783391 |
|  | **Biotech & Pharma — 1.26%** |  |
| 33320 | &nbsp;&nbsp;&nbsp;Amneal Pharmaceuticals, Inc.<sup>(a)</sup> | 333533 |
| 21300 | &nbsp;&nbsp;&nbsp;Innoviva, Inc.<sup>(a)</sup> | 388725 |
| 4030 | &nbsp;&nbsp;&nbsp;PTC Therapeutics, Inc.<sup>(a)</sup> | 247321 |
| 23030 | &nbsp;&nbsp;&nbsp;Theravance Biopharma Inc.<sup>(a)</sup> | 336238 |
|  |  | 1305817 |
|  | **Biotechnology — 0.11%** |  |
| 2680 | &nbsp;&nbsp;&nbsp;Exelixis, Inc.<sup>(a)</sup> | 110684 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
| **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** |  |
|  | **Broadline Retail — 0.31%** |  |
| 18020 | &nbsp;&nbsp;&nbsp;Macy's, Inc. | $323099 |
|  | **Chemicals — 1.58%** |  |
| 3380 | &nbsp;&nbsp;&nbsp;Cabot Corp. | 257049 |
| 3850 | &nbsp;&nbsp;&nbsp;CF Industries Holdings, Inc. | 345345 |
| 49300 | &nbsp;&nbsp;&nbsp;Ecovyst, Inc.<sup>(a)</sup> | 431868 |
| 10730 | &nbsp;&nbsp;&nbsp;Intrepid Potash, Inc.<sup>(a)</sup> | 328123 |
| 8020 | &nbsp;&nbsp;&nbsp;Mosaic Co. (The) | 278134 |
|  |  | 1640519 |
|  | **Commercial Services & Supplies — 1.66%** |  |
| 23790 | &nbsp;&nbsp;&nbsp;CoreCivic, Inc.<sup>(a)</sup> | 484127 |
| 27578 | &nbsp;&nbsp;&nbsp;Interface, Inc. | 798107 |
| 38110 | &nbsp;&nbsp;&nbsp;Pitney Bowes Inc. | 434835 |
|  |  | 1717069 |
|  | **Commercial Support Services — 0.82%** |  |
| 22910 | &nbsp;&nbsp;&nbsp;Healthcare Services Group, Inc.<sup>(a)</sup> | 385575 |
| 9410 | &nbsp;&nbsp;&nbsp;Heidrick & Struggles International, Inc. | 468336 |
|  |  | 853911 |
|  | **Communications Equipment — 0.41%** |  |
| 13070 | &nbsp;&nbsp;&nbsp;NETGEAR, Inc.<sup>(a)</sup> | 423337 |
|  | **Construction & Engineering — 1.48%** |  |
| 4240 | &nbsp;&nbsp;&nbsp;Granite Construction, Inc. | 464916 |
| 16100 | &nbsp;&nbsp;&nbsp;Tutor Perini Corp.<sup>(a)</sup> | 1055999 |
|  |  | 1520915 |
|  | **Consumer Finance — 1.16%** |  |
| 11428 | &nbsp;&nbsp;&nbsp;Bread Financial Holdings, Inc. | 637340 |
| 7999 | &nbsp;&nbsp;&nbsp;Synchrony Financial | 568329 |
|  |  | 1205669 |
|  | **Consumer Staples Distribution & Retail — 0.53%** |  |
| 14570 | &nbsp;&nbsp;&nbsp;United Natural Foods, Inc.<sup>(a)</sup> | 548123 |
|  | **Containers & Packaging — 0.68%** |  |
| 87870 | &nbsp;&nbsp;&nbsp;Ardagh Metal Packaging SA | 350601 |
| 21210 | &nbsp;&nbsp;&nbsp;Myers Industries, Inc. | 359298 |
|  |  | 709899 |
|  | **Diversified Consumer Services — 1.85%** |  |
| 42070 | &nbsp;&nbsp;&nbsp;ADT, Inc. | 366430 |
| 630 | &nbsp;&nbsp;&nbsp;Graham Holdings Co., Class B | 741705 |
| 21660 | &nbsp;&nbsp;&nbsp;Perdoceo Education Corp. | 815716 |
|  |  | 1923851 |
|  | **Diversified Telecommunication Services — 0.38%** |  |
| 64550 | &nbsp;&nbsp;&nbsp;Lumen Technologies, Inc. | 395046 |
|  | **Electric Utilities — 2.85%** |  |
| 22300 | &nbsp;&nbsp;&nbsp;AES Corp. | 293468 |
| 10780 | &nbsp;&nbsp;&nbsp;Black Hills Corp. | 663940 |
| 5740 | &nbsp;&nbsp;&nbsp;Edison International | 317307 |
| 4650 | &nbsp;&nbsp;&nbsp;Eversource Energy | 330801 |
| 8059 | &nbsp;&nbsp;&nbsp;Otter Tail Corp. | 660596 |
| 15747 | &nbsp;&nbsp;&nbsp;Portland General Electric Co. | 692868 |
|  |  | 2958980 |
|  | **Electrical Equipment — 0.48%** |  |
| 16820 | &nbsp;&nbsp;&nbsp;Kimball Electronics, Inc.<sup>(a)</sup> | 502245 |
|  | **Electronic Equipment, Instruments & Components — 0.69%** |  |
| 2590 | &nbsp;&nbsp;&nbsp;Arrow Electronics, Inc.<sup>(a)</sup> | 313390 |
| 9030 | &nbsp;&nbsp;&nbsp;ScanSource, Inc.<sup>(a)</sup> | 397230 |
|  |  | 710620 |
|  | **Energy Equipment & Services — 0.32%** |  |
| 8370 | &nbsp;&nbsp;&nbsp;TechnipFMC PLC | 330197 |
|  | **Engineering & Construction — 0.64%** |  |
| 4870 | &nbsp;&nbsp;&nbsp;Primoris Services Corp. | 668797 |
|  | **Entertainment Content — 0.33%** |  |
| 83370 | &nbsp;&nbsp;&nbsp;fuboTV, Inc.<sup>(a)</sup> | 345986 |

---

4 *See accompanying notes to financial statements.*

**Sterling Capital Behavioral Small Cap Value Fund**

**Schedule of Investments (continued)**

*September 30, 2025*

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
| **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** |  |
|  | **Equity Real Estate - Investment Trusts -(Reits) — 1.05%** |  |
| 19460 | &nbsp;&nbsp;&nbsp;American Assets Trust, Inc. | $395427 |
| 23446 | &nbsp;&nbsp;&nbsp;Essential Properties Realty Trust, Inc. | 697753 |
|  |  | 1093180 |
|  | **Financial Services — 3.49%** |  |
| 12440 | &nbsp;&nbsp;&nbsp;Banco Latinoamericano de Comercio Exterior SA, Class E | 571867 |
| 11774 | &nbsp;&nbsp;&nbsp;Enact Holdings, Inc. | 451415 |
| 12100 | &nbsp;&nbsp;&nbsp;Jackson Financial Corp., Class A | 1224883 |
| 12857 | &nbsp;&nbsp;&nbsp;MGIC Investment Corp. | 364753 |
| 34350 | &nbsp;&nbsp;&nbsp;Pagseguro Digital Ltd., Class A | 343500 |
| 18188 | &nbsp;&nbsp;&nbsp;Radian Group, Inc. | 658769 |
|  |  | 3615187 |
|  | **Food — 0.10%** |  |
| 11940 | &nbsp;&nbsp;&nbsp;Herbalife Ltd.<sup>(a)</sup> | 100774 |
|  | **Food Products — 1.04%** |  |
| 5600 | &nbsp;&nbsp;&nbsp;Cal-Maine Foods, Inc. | 526960 |
| 21975 | &nbsp;&nbsp;&nbsp;Dole PLC | 295344 |
| 6440 | &nbsp;&nbsp;&nbsp;Pilgrim's Pride Corp. | 262237 |
|  |  | 1084541 |
|  | **Gas Utilities — 2.37%** |  |
| 18370 | &nbsp;&nbsp;&nbsp;MDU Resources Group, Inc. | 327170 |
| 5055 | &nbsp;&nbsp;&nbsp;National Fuel Gas Co. | 466930 |
| 14320 | &nbsp;&nbsp;&nbsp;New Jersey Resources Corp. | 689508 |
| 8520 | &nbsp;&nbsp;&nbsp;ONE Gas, Inc. | 689609 |
| 8430 | &nbsp;&nbsp;&nbsp;UGI Corp. | 280382 |
|  |  | 2453599 |
|  | **Health Care Equipment & Supplies — 0.32%** |  |
| 7170 | &nbsp;&nbsp;&nbsp;Inmode Ltd.<sup>(a)</sup> | 106833 |
| 4452 | &nbsp;&nbsp;&nbsp;Lantheus Holdings, Inc.<sup>(a)</sup> | 228343 |
|  |  | 335176 |
|  | **Health Care Facilities & Services — 0.84%** |  |
| 34750 | &nbsp;&nbsp;&nbsp;Pediatrix Medical Group, Inc.<sup>(a)</sup> | 582063 |
| 13410 | &nbsp;&nbsp;&nbsp;Progyny, Inc.<sup>(a)</sup> | 288583 |
|  |  | 870646 |
|  | **Health Care Providers & Services — 2.37%** |  |
| 40140 | &nbsp;&nbsp;&nbsp;AdaptHealth Corp.<sup>(a)</sup> | 359253 |
| 2448 | &nbsp;&nbsp;&nbsp;DaVita, Inc.<sup>(a)</sup> | 325266 |
| 4430 | &nbsp;&nbsp;&nbsp;Encompass Health Corp. | 562699 |
| 10133 | &nbsp;&nbsp;&nbsp;Select Medical Holdings Corp. | 130108 |
| 3023 | &nbsp;&nbsp;&nbsp;Tenet Healthcare Corp.<sup>(a)</sup> | 613789 |
| 2267 | &nbsp;&nbsp;&nbsp;Universal Health Services, Inc., Class B | 463465 |
|  |  | 2454580 |
|  | **Health Care REITs — 1.63%** |  |
| 16260 | &nbsp;&nbsp;&nbsp;CareTrust REIT, Inc. | 563897 |
| 12360 | &nbsp;&nbsp;&nbsp;LTC Properties, Inc. | 455590 |
| 36060 | &nbsp;&nbsp;&nbsp;Sabra Health Care REIT, Inc. | 672158 |
|  |  | 1691645 |
|  | **Health Care Technology — 0.38%** |  |
| 13950 | &nbsp;&nbsp;&nbsp;HealthStream, Inc. | 393948 |
|  | **Hotel & Resort Reits — 1.31%** |  |
| 49646 | &nbsp;&nbsp;&nbsp;DiamondRock Hospitality Co. | 395182 |
| 18030 | &nbsp;&nbsp;&nbsp;Host Hotels & Resorts, Inc. | 306871 |
| 24705 | &nbsp;&nbsp;&nbsp;Park Hotels & Resorts, Inc. | 273731 |
| 28290 | &nbsp;&nbsp;&nbsp;Xenia Hotels & Resorts, Inc. | 388139 |
|  |  | 1363923 |
|  | **Hotels, Restaurants & Leisure — 0.33%** |  |
| 5810 | &nbsp;&nbsp;&nbsp;Travel + Leisure Co. | 345637 |
|  | **Household Products — 0.34%** |  |
| 11980 | &nbsp;&nbsp;&nbsp;Central Garden & Pet Co., Class A<sup>(a)</sup> | 353769 |
|  | **Industrial Intermediate Prod — 1.25%** |  |
| 2810 | &nbsp;&nbsp;&nbsp;AZZ, Inc. | 306655 |
| 10690 | &nbsp;&nbsp;&nbsp;Insteel Industries, Inc. | 409855 |
| 37470 | &nbsp;&nbsp;&nbsp;Janus International Group, Inc.<sup>(a)</sup> | 369829 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
| **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** |  |
|  | **Industrial Intermediate Prod — (continued)** |  |
| 15480 | &nbsp;&nbsp;&nbsp;Mayville Engineering Co., Inc.<sup>(a)</sup> | $213005 |
|  |  | 1299344 |
|  | **Industrial Support Services — 0.32%** |  |
| 20070 | &nbsp;&nbsp;&nbsp;Titan Machinery, Inc.<sup>(a)</sup> | 335972 |
|  | **Insurance — 3.84%** |  |
| 5295 | &nbsp;&nbsp;&nbsp;Axis Capital Holdings Ltd. | 507261 |
| 16630 | &nbsp;&nbsp;&nbsp;CNO Financial Group, Inc. | 657717 |
| 16210 | &nbsp;&nbsp;&nbsp;Donegal Group Inc., Class A | 314312 |
| 2190 | &nbsp;&nbsp;&nbsp;Globe Life, Inc. | 313104 |
| 25670 | &nbsp;&nbsp;&nbsp;Heritage Insurance Holdings, Inc.<sup>(a)</sup> | 646371 |
| 7680 | &nbsp;&nbsp;&nbsp;Lincoln National Corp. | 309734 |
| 12860 | &nbsp;&nbsp;&nbsp;NMI Holdings, Inc., Class A<sup>(a)</sup> | 493052 |
| 12520 | &nbsp;&nbsp;&nbsp;United Fire Group, Inc. | 380858 |
| 14080 | &nbsp;&nbsp;&nbsp;Universal Insurance Holdings, Inc. | 370304 |
|  |  | 3992713 |
|  | **Internet Media & Services — 1.47%** |  |
| 22020 | &nbsp;&nbsp;&nbsp;Angi Inc<sup>(a)</sup> | 358045 |
| 11840 | &nbsp;&nbsp;&nbsp;EverQuote, Inc.<sup>(a)</sup> | 270781 |
| 22700 | &nbsp;&nbsp;&nbsp;Lyft, Inc., Class A<sup>(a)</sup> | 499627 |
| 21390 | &nbsp;&nbsp;&nbsp;Upwork, Inc.<sup>(a)</sup> | 397212 |
|  |  | 1525665 |
|  | **Leisure Facilities & Services — 0.39%** |  |
| 3870 | &nbsp;&nbsp;&nbsp;Monarch Casino & Resort, Inc. | 409601 |
|  | **Machinery — 1.57%** |  |
| 2920 | &nbsp;&nbsp;&nbsp;AGCO Corp. | 312644 |
| 1880 | &nbsp;&nbsp;&nbsp;Alamo Group, Inc. | 358892 |
| 6287 | &nbsp;&nbsp;&nbsp;Mueller Industries, Inc. | 635678 |
| 2430 | &nbsp;&nbsp;&nbsp;Oshkosh Corp. | 315171 |
|  |  | 1622385 |
|  | **Marine Transportation — 0.50%** |  |
| 5216 | &nbsp;&nbsp;&nbsp;Matson, Inc. | 514245 |
|  | **Media — 0.99%** |  |
| 6430 | &nbsp;&nbsp;&nbsp;Fox Corporation, Class B | 368375 |
| 6050 | &nbsp;&nbsp;&nbsp;Fox Corporation, Class A | 381513 |
| 1370 | &nbsp;&nbsp;&nbsp;Nexstar Media Group, Inc. | 270904 |
|  |  | 1020792 |
|  | **Metals & Mining — 1.03%** |  |
| 16980 | &nbsp;&nbsp;&nbsp;Compass Minerals International, Inc. | 326016 |
| 30800 | &nbsp;&nbsp;&nbsp;Metals Acquisition Ltd<sup>(a)</sup> | 376068 |
| 44994 | &nbsp;&nbsp;&nbsp;SunCoke Energy, Inc. | 367151 |
|  |  | 1069235 |
|  | **Mortgage Real Estate Investment Trusts (REITs) — 0.32%** |  |
| 28784 | &nbsp;&nbsp;&nbsp;Rithm Capital Corp. | 327850 |
|  | **Multi-Utilities — 0.51%** |  |
| 14030 | &nbsp;&nbsp;&nbsp;Avista Corp. | 530474 |
|  | **Office REITs — 0.67%** |  |
| 11298 | &nbsp;&nbsp;&nbsp;Cousins Properties, Inc. | 326964 |
| 8708 | &nbsp;&nbsp;&nbsp;Kilroy Realty Corp. | 367913 |
|  |  | 694877 |
|  | **Oil & Gas Producers — 0.85%** |  |
| 10790 | &nbsp;&nbsp;&nbsp;California Resources Corp. | 573812 |
| 5890 | &nbsp;&nbsp;&nbsp;HF Sinclair Corporation | 308283 |
|  |  | 882095 |
|  | **Oil & Gas Services & Equipment — 1.13%** |  |
| 20640 | &nbsp;&nbsp;&nbsp;Innovex International, Inc.<sup>(a)</sup> | 382666 |
| 56380 | &nbsp;&nbsp;&nbsp;Oil States International, Inc.<sup>(a)</sup> | 341663 |
| 143380 | &nbsp;&nbsp;&nbsp;Transocean Ltd. | 447345 |
|  |  | 1171674 |
|  | **Oil, Gas & Consumable Fuels — 3.60%** |  |
| 12824 | &nbsp;&nbsp;&nbsp;APA Corp. | 311367 |
| 31780 | &nbsp;&nbsp;&nbsp;Ardmore Shipping Corp. | 377229 |
| 35830 | &nbsp;&nbsp;&nbsp;DHT Holdings, Inc. | 428168 |

---

*See accompanying notes to financial statements.* 5

**Sterling Capital Behavioral Small Cap Value Fund**

**Schedule of Investments (continued)**

*September 30, 2025*

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
| **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** |  |
|  | **Oil, Gas & Consumable Fuels — (continued)** |  |
| 13250 | &nbsp;&nbsp;&nbsp;Dorian LPT Ltd. | $394850 |
| 10670 | &nbsp;&nbsp;&nbsp;International Seaways, Inc. | 491673 |
| 13350 | &nbsp;&nbsp;&nbsp;Magnolia Oil & Gas Corp., Class A | 318665 |
| 6840 | &nbsp;&nbsp;&nbsp;Ovintiv, Inc. | 276199 |
| 19410 | &nbsp;&nbsp;&nbsp;Permian Resources Corp. | 248448 |
| 8810 | &nbsp;&nbsp;&nbsp;Scorpio Tankers, Inc. | 493800 |
| 7780 | &nbsp;&nbsp;&nbsp;Teekay Tankers Ltd., Class A | 393279 |
|  |  | 3733678 |
|  | **Paper & Forest Products — 0.26%** |  |
| 6040 | &nbsp;&nbsp;&nbsp;Sylvamo Corp. | 267089 |
|  | **Passenger Airlines — 1.52%** |  |
| 2903 | &nbsp;&nbsp;&nbsp;Copa Holdings SA, Class A | 344934 |
| 8704 | &nbsp;&nbsp;&nbsp;SkyWest, Inc.<sup>(a)</sup> | 875797 |
| 3610 | &nbsp;&nbsp;&nbsp;United Continental Holdings, Inc.<sup>(a)</sup> | 348365 |
|  |  | 1569096 |
|  | **Pharmaceuticals — 3.57%** |  |
| 9279 | &nbsp;&nbsp;&nbsp;Amphastar Pharmaceuticals, Inc.<sup>(a)</sup> | 247285 |
| 8910 | &nbsp;&nbsp;&nbsp;Collegium Pharmaceutical, Inc.<sup>(a)</sup> | 311761 |
| 8070 | &nbsp;&nbsp;&nbsp;Harmony Biosciences Holdings, Inc.<sup>(a)</sup> | 222409 |
| 2736 | &nbsp;&nbsp;&nbsp;Jazz Pharmaceuticals PLC<sup>(a)</sup> | 360605 |
| 30080 | &nbsp;&nbsp;&nbsp;Organon & Co. | 321254 |
| 14820 | &nbsp;&nbsp;&nbsp;Pacira Pharmaceuticals, Inc./DE<sup>(a)</sup> | 381911 |
| 16830 | &nbsp;&nbsp;&nbsp;Phibro Animal Health Corp., Class A | 680943 |
| 10330 | &nbsp;&nbsp;&nbsp;Royalty Pharma PLC, Class A | 364442 |
| 11970 | &nbsp;&nbsp;&nbsp;Supernus Pharmaceuticals, Inc.<sup>(a)</sup> | 572047 |
| 24822 | &nbsp;&nbsp;&nbsp;Viatris, Inc. | 245738 |
|  |  | 3708395 |
|  | **Professional Services — 0.45%** |  |
| 11580 | &nbsp;&nbsp;&nbsp;IBEX Holdings Ltd<sup>(a)</sup> | 469222 |
|  | **Real Estate Management & Development — 0.97%** |  |
| 15130 | &nbsp;&nbsp;&nbsp;Forestar Group, Inc.<sup>(a)</sup> | 402307 |
| 4170 | &nbsp;&nbsp;&nbsp;Howard Hughes Holdings, Inc.<sup>(a)</sup> | 342649 |
| 16659 | &nbsp;&nbsp;&nbsp;RMR Group, Inc. (The), Class A | 262046 |
|  |  | 1007002 |
|  | **Real Estate Owners & Developers — 0.11%** |  |
| 950 | &nbsp;&nbsp;&nbsp;McGrath RentCorp | 111435 |
|  | **Real Estate Services — 0.58%** |  |
| 37660 | &nbsp;&nbsp;&nbsp;Cushman & Wakefield PLC<sup>(a)</sup> | 599547 |
|  | **Reit — 0.93%** |  |
| 7460 | &nbsp;&nbsp;&nbsp;National Retail Properties, Inc. | 317572 |
| 21730 | &nbsp;&nbsp;&nbsp;Postal Realty Trust, Inc., Class A | 340943 |
| 7650 | &nbsp;&nbsp;&nbsp;Vornado Realty Trust | 310055 |
|  |  | 968570 |
|  | **REIT — 0.40%** |  |
| 22780 | &nbsp;&nbsp;&nbsp;Alexander & Baldwin, Inc. | 414368 |
|  | **Retail - Discretionary — 1.25%** |  |
| 26830 | &nbsp;&nbsp;&nbsp;Kohl's Corp. | 412377 |
| 9680 | &nbsp;&nbsp;&nbsp;Rush Enterprises, Inc., Class A | 517590 |
| 4780 | &nbsp;&nbsp;&nbsp;Sonic Automotive, Inc., Class A | 363710 |
|  |  | 1293677 |
|  | **Retail Reits — 0.41%** |  |
| 23260 | &nbsp;&nbsp;&nbsp;NETSTREIT Corp. | 420076 |
|  | **Retail REITs — 0.52%** |  |
| 24608 | &nbsp;&nbsp;&nbsp;Kimco Realty Corp. | 537685 |
|  | **Semiconductors — 0.39%** |  |
| 15410 | &nbsp;&nbsp;&nbsp;Penguin Solutions, Inc.<sup>(a)</sup> | 404975 |
|  | **Semiconductors & Semiconductor Equipment — 1.40%** |  |
| 13776 | &nbsp;&nbsp;&nbsp;Amkor Technology, Inc. | 391238 |
| 20140 | &nbsp;&nbsp;&nbsp;Photronics, Inc.<sup>(a)</sup> | 462213 |
| 3360 | &nbsp;&nbsp;&nbsp;Qorvo, Inc.<sup>(a)</sup> | 306029 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
| **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** |  |
|  | **Semiconductors & Semiconductor Equipment — (continued)** |  |
| 3880 | &nbsp;&nbsp;&nbsp;Skyworks Solutions, Inc. | $298682 |
|  |  | 1458162 |
|  | **Software — 2.60%** |  |
| 25233 | &nbsp;&nbsp;&nbsp;Adeia, Inc. | 423914 |
| 12370 | &nbsp;&nbsp;&nbsp;Computer Programs & Systems, Inc.<sup>(a)</sup> | 249503 |
| 14500 | &nbsp;&nbsp;&nbsp;Consensus Cloud Solutions, Inc.<sup>(a)</sup> | 425865 |
| 12270 | &nbsp;&nbsp;&nbsp;GigaCloud Technology Inc, Class A<sup>(a)</sup> | 348468 |
| 33800 | &nbsp;&nbsp;&nbsp;Mitek Systems, Inc.<sup>(a)</sup> | 330226 |
| 20430 | &nbsp;&nbsp;&nbsp;OneSpan, Inc. | 324633 |
| 10090 | &nbsp;&nbsp;&nbsp;RingCentral, Inc., Class A<sup>(a)</sup> | 285951 |
| 3730 | &nbsp;&nbsp;&nbsp;Zoom Video Communications, Inc.<sup>(a)</sup> | 307725 |
|  |  | 2696285 |
|  | **Specialized REITs — 1.20%** |  |
| 6275 | &nbsp;&nbsp;&nbsp;EPR Properties | 364013 |
| 24090 | &nbsp;&nbsp;&nbsp;Safehold, Inc. | 373154 |
| 15550 | &nbsp;&nbsp;&nbsp;VICI Properties, Inc. | 507085 |
|  |  | 1244252 |
|  | **Specialty Finance — 1.09%** |  |
| 7460 | &nbsp;&nbsp;&nbsp;Ally Financial, Inc. | 292432 |
| 1610 | &nbsp;&nbsp;&nbsp;Essent Group Ltd. | 102332 |
| 48820 | &nbsp;&nbsp;&nbsp;Invesco Mortgage Capital, Inc. | 369079 |
| 40020 | &nbsp;&nbsp;&nbsp;MFA Financial Inc | 367784 |
|  |  | 1131627 |
|  | **Specialty Retail — 2.75%** |  |
| 6650 | &nbsp;&nbsp;&nbsp;Buckle, Inc. | 390089 |
| 35610 | &nbsp;&nbsp;&nbsp;Sally Beauty Holdings, Inc.<sup>(a)</sup> | 579731 |
| 12620 | &nbsp;&nbsp;&nbsp;Signet Jewelers Ltd. | 1210510 |
| 9280 | &nbsp;&nbsp;&nbsp;Urban Outfitters, Inc.<sup>(a)</sup> | 662870 |
|  |  | 2843200 |
|  | **Steel — 1.14%** |  |
| 14270 | &nbsp;&nbsp;&nbsp;Commercial Metals Co. | 817386 |
| 15840 | &nbsp;&nbsp;&nbsp;Ryerson Holding Corp. | 362102 |
|  |  | 1179488 |
|  | **Technology Hardware — 2.37%** |  |
| 39820 | &nbsp;&nbsp;&nbsp;Corsair Gaming Inc<sup>(a)</sup> | 355194 |
| 44270 | &nbsp;&nbsp;&nbsp;Cricut, Inc., Class A | 278458 |
| 21520 | &nbsp;&nbsp;&nbsp;Daktronics, Inc.<sup>(a)</sup> | 450198 |
| 5950 | &nbsp;&nbsp;&nbsp;Flex Ltd.<sup>(a)</sup> | 344922 |
| 17130 | &nbsp;&nbsp;&nbsp;NetScout Systems, Inc.<sup>(a)</sup> | 442468 |
| 20140 | &nbsp;&nbsp;&nbsp;ViaSat, Inc.<sup>(a)</sup> | 590102 |
|  |  | 2461342 |
|  | **Technology Hardware, Storage & Peripherals — 0.09%** |  |
| 23960 | &nbsp;&nbsp;&nbsp;Xerox Holdings Corp. | 90090 |
|  | **Technology Services — 0.44%** |  |
| 22460 | &nbsp;&nbsp;&nbsp;DXC Technology Co.<sup>(a)</sup> | 306130 |
| 5580 | &nbsp;&nbsp;&nbsp;LiveRamp Holdings, Inc.<sup>(a)</sup> | 151441 |
|  |  | 457571 |
|  | **Telecommunications — 0.75%** |  |
| 12480 | &nbsp;&nbsp;&nbsp;Globalstar, Inc.<sup>(a)</sup> | 454147 |
| 6630 | &nbsp;&nbsp;&nbsp;Millicom International Cellular S.A. | 321820 |
|  |  | 775967 |
|  | **Trading Companies & Distributors — 0.39%** |  |
| 26710 | &nbsp;&nbsp;&nbsp;DNOW, Inc.<sup>(a)</sup> | 407328 |
|  | **Transportation & Logistics — 0.32%** |  |
| 21650 | &nbsp;&nbsp;&nbsp;Navigator Holdings Ltd. | 335359 |
|  | **Water Utilities — 0.34%** |  |
| 9870 | &nbsp;&nbsp;&nbsp;Consolidated Water Co. Ltd. | 348214 |
|  | **Wholesale - Discretionary — 0.87%** |  |
| 34760 | &nbsp;&nbsp;&nbsp;Hudson Technologies, Inc.<sup>(a)</sup> | 345167 |
| 19190 | &nbsp;&nbsp;&nbsp;KAR Auction Services, Inc.<sup>(a)</sup> | 552288 |
|  |  | 897455 |

---

6 *See accompanying notes to financial statements.*

**Sterling Capital Behavioral Small Cap Value Fund**

**Schedule of Investments (continued)**

*September 30, 2025*

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
| **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** |  |
|  | **Wholesale - Discretionary — (continued)** |  |
|  | &nbsp;&nbsp;&nbsp;Total Common Stocks |  |
|  | &nbsp;&nbsp;&nbsp;(Cost $85,202,316) | $102211526 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
| **MONEY MARKET FUNDS — 1.39%** | **MONEY MARKET FUNDS — 1.39%** |  |
| 1440198 | Federated Hermes Treasury Obligations Fund, Institutional Shares, 4.00%<sup>(b)</sup> | 1440198 |
|  | Total Money Market Funds |  |
|  | (Cost $1,440,198) | 1440198 |
| Total Investments— 99.94% | Total Investments— 99.94% |  |
| (Cost $86,642,514) | (Cost $86,642,514) | 103651724 |
| Other Assets in Excess of Liabilities— 0.06% | Other Assets in Excess of Liabilities— 0.06% | 66442 |
| NET ASSETS — 100.00% | NET ASSETS — 100.00% | $103718166 |

---

&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.* 7

**Sterling Capital Special Opportunities Fund**

**Schedule of Investments**

*September 30, 2025*

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
| **COMMON STOCKS — 98.78%** | **COMMON STOCKS — 98.78%** |  |
|  | **Asset Management — 2.97%** |  |
| 87419 | &nbsp;&nbsp;&nbsp;Apollo Global Management, Inc. | $11650330 |
|  | **Capital Markets — 5.03%** |  |
| 131161 | &nbsp;&nbsp;&nbsp;Charles Schwab Corp. (The) | 12521941 |
| 14746 | &nbsp;&nbsp;&nbsp;S&P Global, Inc. | 7177026 |
|  |  | 19698967 |
|  | **Commercial Services & Supplies — 2.96%** |  |
| 258078 | &nbsp;&nbsp;&nbsp;Copart, Inc.<sup>(a)</sup> | 11605768 |
|  | **Communications Equipment — 2.04%** |  |
| 24760 | &nbsp;&nbsp;&nbsp;F5, Inc.<sup>(a)</sup> | 8002184 |
|  | **Construction Materials — 4.63%** |  |
| 151274 | &nbsp;&nbsp;&nbsp;CRH PLC | 18137753 |
|  | **Entertainment — 1.91%** |  |
| 28992 | &nbsp;&nbsp;&nbsp;Take-Two Interactive Software, Inc.<sup>(a)</sup> | 7490373 |
|  | **Health Care Equipment & Supplies — 6.20%** |  |
| 52239 | &nbsp;&nbsp;&nbsp;Danaher Corp. | 10356904 |
| 207122 | &nbsp;&nbsp;&nbsp;DexCom, Inc.<sup>(a)</sup> | 13937239 |
|  |  | 24294143 |
|  | **Health Care Facilities & Services — 3.00%** |  |
| 34070 | &nbsp;&nbsp;&nbsp;UnitedHealth Group, Inc. | 11764371 |
|  | **Health Care Providers & Services — 2.16%** |  |
| 19825 | &nbsp;&nbsp;&nbsp;HCA Healthcare, Inc. | 8449415 |
|  | **Household Durables — 3.20%** |  |
| 99437 | &nbsp;&nbsp;&nbsp;Lennar Corporation, Class A | 12533039 |
|  | **Insurance — 1.61%** |  |
| 67204 | &nbsp;&nbsp;&nbsp;Brown & Brown, Inc. | 6303063 |
|  | **Interactive Media & Services — 4.03%** |  |
| 64900 | &nbsp;&nbsp;&nbsp;Alphabet, Inc., Class C | 15806395 |
|  | **Internet & Direct Marketing Retail — 4.42%** |  |
| 78892 | &nbsp;&nbsp;&nbsp;Amazon.com, Inc.<sup>(a)</sup> | 17322317 |
|  | **IT Services — 5.20%** |  |
| 104731 | &nbsp;&nbsp;&nbsp;Akamai Technologies, Inc.<sup>(a)</sup> | 7934421 |
| 24904 | &nbsp;&nbsp;&nbsp;CACI International, Inc., Class A<sup>(a)</sup> | 12421617 |
|  |  | 20356038 |
|  | **Machinery — 3.96%** |  |
| 14478 | &nbsp;&nbsp;&nbsp;Deere & Co. | 6620210 |
| 87855 | &nbsp;&nbsp;&nbsp;Mueller Industries, Inc. | 8883019 |
|  |  | 15503229 |
|  | **Oil & Gas Producers — 1.53%** |  |
| 81929 | &nbsp;&nbsp;&nbsp;ONEOK, Inc. | 5978359 |
|  | **Pharmaceuticals — 4.37%** |  |
| 846634 | &nbsp;&nbsp;&nbsp;Teva Pharmaceutical Industries Ltd. - ADR<sup>(a)</sup> | 17102007 |
|  | **Real Estate Management & Development — 2.15%** |  |
| 53347 | &nbsp;&nbsp;&nbsp;CBRE Group, Inc., Class A<sup>(a)</sup> | 8405353 |
|  | **Semiconductors — 7.50%** |  |
| 109884 | &nbsp;&nbsp;&nbsp;Coherent Corp.<sup>(a)</sup> | 11836704 |
| 208777 | &nbsp;&nbsp;&nbsp;Marvell Technology, Inc. | 17551883 |
|  |  | 29388587 |
|  | **Semiconductors & Semiconductor Equipment — 10.53%** |  |
| 139046 | &nbsp;&nbsp;&nbsp;NVIDIA Corp. | 25943202 |
| 50723 | &nbsp;&nbsp;&nbsp;NXP Semiconductors N.V. | 11551149 |
| 26248 | &nbsp;&nbsp;&nbsp;Universal Display Corporation | 3770000 |
|  |  | 41264351 |
|  | **Software — 13.59%** |  |
| 18738 | &nbsp;&nbsp;&nbsp;Intuit, Inc. | 12796368 |
| 42003 | &nbsp;&nbsp;&nbsp;Microsoft Corp. | 21755453 |
| 66509 | &nbsp;&nbsp;&nbsp;Oracle Corp. | 18704991 |
|  |  | 53256812 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
| **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** |  |
|  | **Technology Services — 3.53%** |  |
| 40489 | &nbsp;&nbsp;&nbsp;Visa, Inc., Class A | $13822135 |
|  | **Wireless Telecommunication Services — 2.26%** |  |
| 36933 | &nbsp;&nbsp;&nbsp;T-Mobile US, Inc. | 8841022 |
|  | &nbsp;&nbsp;&nbsp;Total Common Stocks |  |
|  | &nbsp;&nbsp;&nbsp;(Cost $214,076,500) | 386976011 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
| **MONEY MARKET FUNDS — 1.58%** | **MONEY MARKET FUNDS — 1.58%** |  |
| 6201274 | &nbsp;&nbsp;&nbsp;Federated Hermes Treasury Obligations Fund, Institutional Shares, 4.00%<sup>(b)</sup> | 6201274 |
|  | &nbsp;&nbsp;&nbsp;Total Money Market Funds |  |
|  | &nbsp;&nbsp;&nbsp;(Cost $6,201,274) | 6201274 |
| Total Investments— 100.36% | Total Investments— 100.36% |  |
| (Cost $220,277,774) | (Cost $220,277,774) | 393177285 |
| Liabilities in Excess of Other Assets — (0.36)% | Liabilities in Excess of Other Assets — (0.36)% | (1426732) |
| NET ASSETS — 100.00% | NET ASSETS — 100.00% | $391750553 |

---

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

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

 

8 *See accompanying notes to financial statements.*

**Sterling Capital Equity Income Fund**

**Schedule of Investments**

*September 30, 2025*

 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
| **COMMON STOCKS — 98.12%** | **COMMON STOCKS — 98.12%** |  |
|  | **Beverages — 3.26%** |  |
| 248655 | &nbsp;&nbsp;&nbsp;PepsiCo, Inc. | $34921108 |
|  | **Biotechnology — 3.50%** |  |
| 162077 | &nbsp;&nbsp;&nbsp;AbbVie, Inc. | 37527309 |
|  | **Capital Markets — 14.31%** |  |
| 90400 | &nbsp;&nbsp;&nbsp;Ameriprise Financial, Inc. | 44409000 |
| 469049 | &nbsp;&nbsp;&nbsp;Charles Schwab Corp. (The) | 44780109 |
| 24368 | &nbsp;&nbsp;&nbsp;Goldman Sachs Group, Inc. (The) | 19405457 |
| 192292 | &nbsp;&nbsp;&nbsp;Nasdaq, Inc. | 17008227 |
| 160832 | &nbsp;&nbsp;&nbsp;Raymond James Financial, Inc. | 27759603 |
|  |  | 153362396 |
|  | **Chemicals — 4.53%** |  |
| 101992 | &nbsp;&nbsp;&nbsp;New Linde PLC | 48446200 |
|  | **Commercial Support Services — 3.45%** |  |
| 167195 | &nbsp;&nbsp;&nbsp;Waste Management, Inc. | 36921672 |
|  | **Containers & Packaging — 0.91%** |  |
| 60235 | &nbsp;&nbsp;&nbsp;Avery Dennison Corp. | 9768310 |
|  | **Electrical Equipment — 3.66%** |  |
| 112035 | &nbsp;&nbsp;&nbsp;Rockwell Automation, Inc. | 39159594 |
|  | **Health Care Equipment & Supplies — 2.10%** |  |
| 168244 | &nbsp;&nbsp;&nbsp;Abbott Laboratories | 22534601 |
|  | **Health Care Providers & Services — 4.12%** |  |
| 86242 | &nbsp;&nbsp;&nbsp;Elevance Health, Inc. | 27866514 |
| 46749 | &nbsp;&nbsp;&nbsp;UnitedHealth Group, Inc. | 16142430 |
|  |  | 44008944 |
|  | **Hotels, Restaurants & Leisure — 3.42%** |  |
| 84780 | &nbsp;&nbsp;&nbsp;Domino's Pizza, Inc. | 36600374 |
|  | **Household Durables — 2.54%** |  |
| 160721 | &nbsp;&nbsp;&nbsp;DR Horton, Inc. | 27237388 |
|  | **Industrial Conglomerates — 3.01%** |  |
| 152963 | &nbsp;&nbsp;&nbsp;Honeywell International, Inc. | 32198712 |
|  | **Insurance — 12.15%** |  |
| 313177 | &nbsp;&nbsp;&nbsp;Aflac, Inc. | 34981871 |
| 111239 | &nbsp;&nbsp;&nbsp;Everest Group, Ltd. | 38959236 |
| 166246 | &nbsp;&nbsp;&nbsp;Marsh & McLennan Cos., Inc. | 33503556 |
| 274339 | &nbsp;&nbsp;&nbsp;MetLife, Inc. | 22597303 |
|  |  | 130041966 |
|  | **It Services — 2.80%** |  |
| 121487 | &nbsp;&nbsp;&nbsp;Accenture PLC, Class A - ADR | 29958694 |
|  | **Machinery — 2.57%** |  |
| 60264 | &nbsp;&nbsp;&nbsp;Deere & Co. | 27556317 |
|  | **Oil, Gas & Consumable Fuels — 3.28%** |  |
| 1483723 | &nbsp;&nbsp;&nbsp;Coterra Energy, Inc. | 35090049 |
|  | **Pharmaceuticals — 0.31%** |  |
| 17823 | &nbsp;&nbsp;&nbsp;Johnson & Johnson | 3304741 |
|  | **Professional Services — 7.77%** |  |
| 155882 | &nbsp;&nbsp;&nbsp;Automatic Data Processing, Inc. | 45751366 |
| 375546 | &nbsp;&nbsp;&nbsp;Booz Allen Hamilton Corp. | 37535823 |
|  |  | 83287189 |
|  | **Semiconductors & Semiconductor Equipment — 5.07%** |  |
| 220885 | &nbsp;&nbsp;&nbsp;Analog Devices, Inc. | 54271445 |
|  | **Software — 4.92%** |  |
| 101791 | &nbsp;&nbsp;&nbsp;Microsoft Corp. | 52722648 |
|  | **Specialized REITs — 1.37%** |  |
| 359847 | &nbsp;&nbsp;&nbsp;CubeSmart | 14631379 |
|  | **Specialty Retail — 3.57%** |  |
| 94389 | &nbsp;&nbsp;&nbsp;Home Depot, Inc. (The) | 38245479 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
| **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** |  |
|  | **Tobacco — 1.12%** |  |
| 181130 | &nbsp;&nbsp;&nbsp;Altria Group, Inc. | $11965448 |
|  | **Trading Companies & Distributors — 4.38%** |  |
| 208667 | &nbsp;&nbsp;&nbsp;Exagen, Inc. | 46862434 |
|  | &nbsp;&nbsp;&nbsp;Total Common Stocks |  |
|  | &nbsp;&nbsp;&nbsp;(Cost $736,104,451) | 1050624397 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
| **MONEY MARKET FUNDS — 2.09%** | **MONEY MARKET FUNDS — 2.09%** |  |
| 22381632 | Federated Hermes Treasury Obligations Fund, Institutional Shares, 4.00%<sup>(a)</sup> | 22381632 |
|  | &nbsp;&nbsp;&nbsp;Total Money Market Funds |  |
|  | &nbsp;&nbsp;&nbsp;(Cost $22,381,632) | 22381632 |
| Total Investments— 100.21% | Total Investments— 100.21% |  |
| (Cost $758,486,083) | (Cost $758,486,083) | 1073006029 |
| Liabilities in Excess of Other Assets — (0.21)% | Liabilities in Excess of Other Assets — (0.21)% | (2296543) |
| NET ASSETS — 100.00% | NET ASSETS — 100.00% | $1070709486 |

---

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

*See accompanying notes to financial statements.* 9

**Sterling Capital Mid Cap Relative Value Fund**

**Schedule of Investments**

*September 30, 2025*

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
| **COMMON STOCKS — 98.48%** | **COMMON STOCKS — 98.48%** |  |
|  | **Aerospace & Defense — 2.97%** |  |
| 3146 | &nbsp;&nbsp;&nbsp;Curtiss-Wright Corp. | $1708089 |
|  | **Automobile Components — 1.76%** |  |
| 6499 | &nbsp;&nbsp;&nbsp;Dorman Products, Inc. | 1013064 |
|  | **Banks — 6.98%** |  |
| 9806 | &nbsp;&nbsp;&nbsp;East West Bancorp, Inc. | 1043849 |
| 47983 | &nbsp;&nbsp;&nbsp;Huntington Bancshares, Inc. | 828666 |
| 7466 | &nbsp;&nbsp;&nbsp;UMB Financial Corp. | 883601 |
| 9526 | &nbsp;&nbsp;&nbsp;Wintrust Financial Corp. | 1261623 |
|  |  | 4017739 |
|  | **Building Products — 2.16%** |  |
| 3782 | &nbsp;&nbsp;&nbsp;Carlisle Cos., Inc. | 1244127 |
|  | **Capital Markets — 2.21%** |  |
| 2589 | &nbsp;&nbsp;&nbsp;Ameriprise Financial, Inc. | 1271846 |
|  | **Chemicals — 0.97%** |  |
| 16925 | &nbsp;&nbsp;&nbsp;Avient Corp. | 557679 |
|  | **Construction & Engineering — 5.51%** |  |
| 14925 | &nbsp;&nbsp;&nbsp;MasTec, Inc.<sup>(a)</sup> | 3176189 |
|  | **Consumer Staples Distribution & Retail — 10.37%** |  |
| 14640 | &nbsp;&nbsp;&nbsp;BJ's Wholesale Club Holdings, Inc.<sup>(a)</sup> | 1365180 |
| 4873 | &nbsp;&nbsp;&nbsp;Casey's General Stores, Inc. | 2754805 |
| 17786 | &nbsp;&nbsp;&nbsp;Performance Food Group Co.<sup>(a)</sup> | 1850455 |
|  |  | 5970440 |
|  | **Containers & Packaging — 2.13%** |  |
| 7571 | &nbsp;&nbsp;&nbsp;Avery Dennison Corp. | 1227789 |
|  | **Electrical Equipment — 1.93%** |  |
| 3636 | &nbsp;&nbsp;&nbsp;Powell Industries, Inc. | 1108289 |
|  | **Electronic Equipment, Instruments & Components — 3.03%** |  |
| 8191 | &nbsp;&nbsp;&nbsp;Arrow Electronics, Inc.<sup>(a)</sup> | 991111 |
| 4730 | &nbsp;&nbsp;&nbsp;CDW Corp. | 753394 |
|  |  | 1744505 |
|  | **Entertainment — 3.02%** |  |
| 6722 | &nbsp;&nbsp;&nbsp;Take-Two Interactive Software, Inc.<sup>(a)</sup> | 1736696 |
|  | **Financial Services — 2.13%** |  |
| 9491 | &nbsp;&nbsp;&nbsp;Fiserv, Inc.<sup>(a)</sup> | 1223675 |
|  | **Gas Utilities — 2.73%** |  |
| 20041 | &nbsp;&nbsp;&nbsp;Southwest Gas Corp. | 1570012 |
|  | **Health Care Equipment & Supplies — 1.01%** |  |
| 3120 | &nbsp;&nbsp;&nbsp;Becton Dickinson and Co. | 583970 |
|  | **Health Care REITs — 1.82%** |  |
| 56356 | &nbsp;&nbsp;&nbsp;Sabra Health Care REIT, Inc. | 1050476 |
|  | **Household Durables — 1.82%** |  |
| 7918 | &nbsp;&nbsp;&nbsp;PulteGroup, Inc. | 1046205 |
|  | **Industrial REITs — 2.15%** |  |
| 7321 | &nbsp;&nbsp;&nbsp;EastGroup Properties, Inc. | 1239153 |
|  | **Insurance — 6.13%** |  |
| 7647 | &nbsp;&nbsp;&nbsp;American Financial Group, Inc. | 1114321 |
| 16030 | &nbsp;&nbsp;&nbsp;First American Financial Corp. | 1029767 |
| 7628 | &nbsp;&nbsp;&nbsp;Hanover Insurance Group, Inc. (The) | 1385474 |
|  |  | 3529562 |
|  | **Life Sciences Tools & Services — 4.94%** |  |
| 5750 | &nbsp;&nbsp;&nbsp;ICON PLC<sup>(a)</sup> | 1006250 |
| 9279 | &nbsp;&nbsp;&nbsp;Revvity, Inc. | 813304 |
| 2109 | &nbsp;&nbsp;&nbsp;Thermo Fisher Scientific, Inc. | 1022908 |
|  |  | 2842462 |
|  | **Machinery — 2.67%** |  |
| 11843 | &nbsp;&nbsp;&nbsp;Oshkosh Corp. | 1536037 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
| **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** |  |
|  | **Multi-Utilities — 3.38%** |  |
| 45023 | &nbsp;&nbsp;&nbsp;Nisource, Inc. | $1949496 |
|  | **Oil, Gas & Consumable Fuels — 4.80%** |  |
| 4008 | &nbsp;&nbsp;&nbsp;Gulport Energy Corp.<sup>(a)</sup> | 725368 |
| 14015 | &nbsp;&nbsp;&nbsp;Matador Resources Co. | 629694 |
| 10349 | &nbsp;&nbsp;&nbsp;Phillips 66 | 1407671 |
|  |  | 2762733 |
|  | **Professional Services — 4.28%** |  |
| 4938 | &nbsp;&nbsp;&nbsp;CACI International, Inc., Class A<sup>(a)</sup> | 2462976 |
|  | **Residential REITs — 1.75%** |  |
| 7213 | &nbsp;&nbsp;&nbsp;Mid-America Apartment Communities, Inc. | 1007872 |
|  | **Retail REITs — 1.54%** |  |
| 31942 | &nbsp;&nbsp;&nbsp;Brixmor Property Group, Inc. | 884155 |
|  | **Semiconductors & Semiconductor Equipment — 0.72%** |  |
| 5366 | &nbsp;&nbsp;&nbsp;Skyworks Solutions, Inc. | 413075 |
|  | **Software — 5.58%** |  |
| 4820 | &nbsp;&nbsp;&nbsp;Commvault Systems, Inc.<sup>(a)</sup> | 909920 |
| 7177 | &nbsp;&nbsp;&nbsp;PTC, Inc.<sup>(a)</sup> | 1457074 |
| 10239 | &nbsp;&nbsp;&nbsp;Zoom Video Communications, Inc.<sup>(a)</sup> | 844718 |
|  |  | 3211712 |
|  | **Specialized REITs — 1.91%** |  |
| 6346 | &nbsp;&nbsp;&nbsp;Digital Realty Trust, Inc. | 1097096 |
|  | **Specialty Retail — 1.64%** |  |
| 4839 | &nbsp;&nbsp;&nbsp;Williams-Sonoma, Inc. | 945783 |
|  | **Trading Companies & Distributors — 4.44%** |  |
| 2684 | &nbsp;&nbsp;&nbsp;United Rentals, Inc. | 2562307 |
|  | &nbsp;&nbsp;&nbsp;Total Common Stocks |  |
|  | &nbsp;&nbsp;&nbsp;(Cost $33,963,196) | 56695209 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
| **MONEY MARKET FUNDS — 1.66%** | **MONEY MARKET FUNDS — 1.66%** |  |
| 952885 | &nbsp;&nbsp;&nbsp;Federated Hermes Treasury Obligations Fund, Institutional Shares, 4.00%<sup>(b)</sup> | 952885 |
|  | &nbsp;&nbsp;&nbsp;Total Money Market Funds |  |
|  | &nbsp;&nbsp;&nbsp;(Cost $952,885) | 952885 |
| Total Investments— 100.14% | Total Investments— 100.14% |  |
| (Cost $34,916,081) | (Cost $34,916,081) | 57648094 |
| Liabilities in Excess of Other Assets — (0.14)% | Liabilities in Excess of Other Assets — (0.14)% | (81480) |
| NET ASSETS — 100.00% | NET ASSETS — 100.00% | $57566614 |

---

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

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

 

10 *See accompanying notes to financial statements.*

**Sterling Capital Real Estate Fund**

**Schedule of Investments**

*September 30, 2025*

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
| **COMMON STOCKS — 97.78%** | **COMMON STOCKS — 97.78%** |  |
|  | **Equity Real Estate Investment Trusts (REITs) — 2.11%** |  |
| 47669 | &nbsp;&nbsp;&nbsp;Essential Properties Realty Trust, Inc. | $1418629 |
|  | **Health Care REITs — 16.32%** |  |
| 93718 | &nbsp;&nbsp;&nbsp;Sabra Health Care REIT, Inc. | 1746904 |
| 45931 | &nbsp;&nbsp;&nbsp;Ventas, Inc. | 3214711 |
| 33842 | &nbsp;&nbsp;&nbsp;Welltower, Inc. | 6028613 |
|  |  | 10990228 |
|  | **Hotel & Resort REITs — 3.04%** |  |
| 52362 | &nbsp;&nbsp;&nbsp;Apple Hospitality REIT, Inc. | 628868 |
| 15856 | &nbsp;&nbsp;&nbsp;Ryman Hospitality Properties, Inc. | 1420539 |
|  |  | 2049407 |
|  | **Industrial REITs — 13.35%** |  |
| 11488 | &nbsp;&nbsp;&nbsp;EastGroup Properties, Inc. | 1944459 |
| 31142 | &nbsp;&nbsp;&nbsp;First Industrial Realty Trust, Inc. | 1602879 |
| 31051 | &nbsp;&nbsp;&nbsp;Prologis, Inc. | 3555960 |
| 45879 | &nbsp;&nbsp;&nbsp;Rexford Industrial Realty, Inc. | 1886086 |
|  |  | 8989384 |
|  | **Office REITs — 4.52%** |  |
| 17863 | &nbsp;&nbsp;&nbsp;Boston Properties, Inc. | 1327935 |
| 163441 | &nbsp;&nbsp;&nbsp;Brandywine Realty Trust | 681549 |
| 32449 | &nbsp;&nbsp;&nbsp;Highwoods Properties, Inc. | 1032527 |
|  |  | 3042011 |
|  | **Residential REITs — 14.92%** |  |
| 12565 | &nbsp;&nbsp;&nbsp;Camden Property Trust | 1341691 |
| 8302 | &nbsp;&nbsp;&nbsp;Essex Property Trust, Inc. | 2222113 |
| 64956 | &nbsp;&nbsp;&nbsp;Invitation Homes, Inc. | 1905159 |
| 14656 | &nbsp;&nbsp;&nbsp;Mid-America Apartment Communities, Inc. | 2047883 |
| 67839 | &nbsp;&nbsp;&nbsp;UDR, Inc. | 2527682 |
|  |  | 10044528 |
|  | **Retail REITs — 11.95%** |  |
| 72607 | &nbsp;&nbsp;&nbsp;Brixmor Property Group, Inc. | 2009762 |
| 36261 | &nbsp;&nbsp;&nbsp;InvenTrust Properties Corp. | 1037790 |
| 88247 | &nbsp;&nbsp;&nbsp;Kite Realty Group Trust | 1967908 |
| 48404 | &nbsp;&nbsp;&nbsp;NETSTREIT Corp. | 874176 |
| 63700 | &nbsp;&nbsp;&nbsp;Tanger Factory Outlet Centers, Inc. | 2155608 |
|  |  | 8045244 |
|  | **Specialized REITs — 31.57%** |  |
| 28550 | &nbsp;&nbsp;&nbsp;American Tower Corp., Class A | 5490736 |
| 34176 | &nbsp;&nbsp;&nbsp;CubeSmart | 1389596 |
| 29605 | &nbsp;&nbsp;&nbsp;Digital Realty Trust, Inc. | 5118112 |
| 3803 | &nbsp;&nbsp;&nbsp;Equinix, Inc. | 2978662 |
| 16866 | &nbsp;&nbsp;&nbsp;Extra Space Storage, Inc. | 2377094 |
| 6875 | &nbsp;&nbsp;&nbsp;SBA Communications Corp., Class A | 1329281 |
| 79185 | &nbsp;&nbsp;&nbsp;VICI Properties, Inc. | 2582223 |
|  |  | 21265704 |
|  | &nbsp;&nbsp;&nbsp;Total Common Stocks |  |
|  | &nbsp;&nbsp;&nbsp;(Cost $38,371,559) | 65845135 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
| **MONEY MARKET FUNDS — 1.98%** | **MONEY MARKET FUNDS — 1.98%** |  |
| 1332159 | &nbsp;&nbsp;&nbsp;Federated Hermes Treasury Obligations Fund, Institutional Shares, 4.00%<sup>(a)</sup> | 1332159 |
|  | &nbsp;&nbsp;&nbsp;Total Money Market Funds |  |
|  | &nbsp;&nbsp;&nbsp;(Cost $1,332,159) | 1332159 |
| Total Investments— 99.76% | Total Investments— 99.76% |  |
| (Cost $39,703,718) | (Cost $39,703,718) | 67177294 |
| Other Assets in Excess of Liabilities— 0.24% | Other Assets in Excess of Liabilities— 0.24% | 159140 |
| NET ASSETS — 100.00% | NET ASSETS — 100.00% | $67336434 |

---

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

*See accompanying notes to financial statements.* 11

**Sterling Capital Small Cap Value Fund**

**Schedule of Investments**

*September 30, 2025*

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
| **COMMON STOCKS — 99.29%** | **COMMON STOCKS — 99.29%** |  |
|  | **Aerospace & Defense — 4.10%** |  |
| 34546 | &nbsp;&nbsp;&nbsp;Moog, Inc., Class A | $7174168 |
|  | **Automobile Components — 3.88%** |  |
| 24755 | &nbsp;&nbsp;&nbsp;Dorman Products, Inc.<sup>(a)</sup> | 3858809 |
| 215732 | &nbsp;&nbsp;&nbsp;Garret Motion, Inc. | 2938270 |
|  |  | 6797079 |
|  | **Banking — 1.22%** |  |
| 28540 | &nbsp;&nbsp;&nbsp;Metropolitan Bank Holding Corp. | 2135363 |
|  | **Banks — 16.95%** |  |
| 83469 | &nbsp;&nbsp;&nbsp;Columbia Banking System, Inc. | 2148492 |
| 67224 | &nbsp;&nbsp;&nbsp;Community Bank System, Inc. | 3942015 |
| 83104 | &nbsp;&nbsp;&nbsp;Glacier Bancorp, Inc. | 4044672 |
| 112542 | &nbsp;&nbsp;&nbsp;Old National Bancorp | 2470297 |
| 28790 | &nbsp;&nbsp;&nbsp;QCR Holdings, Inc. | 2177676 |
| 55010 | &nbsp;&nbsp;&nbsp;Trustmark Corp. | 2178396 |
| 58950 | &nbsp;&nbsp;&nbsp;United Bankshares, Inc. | 2193530 |
| 71398 | &nbsp;&nbsp;&nbsp;Webster Financial Corp. | 4243897 |
| 47360 | &nbsp;&nbsp;&nbsp;Wintrust Financial Corp. | 6272358 |
|  |  | 29671333 |
|  | **Capital Markets — 2.99%** |  |
| 21984 | &nbsp;&nbsp;&nbsp;Affiliated Managers Group, Inc. | 5241645 |
|  | **Chemicals — 2.07%** |  |
| 109866 | &nbsp;&nbsp;&nbsp;Avient Corp. | 3620085 |
|  | **Construction & Engineering — 4.24%** |  |
| 34868 | &nbsp;&nbsp;&nbsp;MasTec, Inc.<sup>(a)</sup> | 7420259 |
|  | **Consumer Staples Distribution & Retail — 9.94%** |  |
| 48243 | &nbsp;&nbsp;&nbsp;BJ's Wholesale Club Holdings, Inc.<sup>(a)</sup> | 4498660 |
| 12376 | &nbsp;&nbsp;&nbsp;Casey's General Stores, Inc. | 6996400 |
| 56735 | &nbsp;&nbsp;&nbsp;Performance Food Group Co.<sup>(a)</sup> | 5902709 |
|  |  | 17397769 |
|  | **Electric Utilities — 2.06%** |  |
| 82140 | &nbsp;&nbsp;&nbsp;Portland General Electric Co. | 3614160 |
|  | **Electrical Equipment — 2.98%** |  |
| 46120 | &nbsp;&nbsp;&nbsp;EnerSys | 5209715 |
|  | **Electronic Equipment, Instruments & Components — 7.06%** |  |
| 51692 | &nbsp;&nbsp;&nbsp;Belden, Inc. | 6216996 |
| 44566 | &nbsp;&nbsp;&nbsp;Crane NXT Co. | 2989042 |
| 44300 | &nbsp;&nbsp;&nbsp;Eplus, Inc. | 3145743 |
|  |  | 12351781 |
|  | **Energy Equipment & Services — 1.36%** |  |
| 222950 | &nbsp;&nbsp;&nbsp;Select Energy Services, Inc., Class A | 2383336 |
|  | **Entertainment — 2.41%** |  |
| 16312 | &nbsp;&nbsp;&nbsp;Take-Two Interactive Software, Inc.<sup>(a)</sup> | 4214368 |
|  | **Gas Utilities — 2.43%** |  |
| 54250 | &nbsp;&nbsp;&nbsp;Southwest Gas Corp. | 4249945 |
|  | **Household Durables — 2.38%** |  |
| 57544 | &nbsp;&nbsp;&nbsp;Meritage Homes Corp. | 4167912 |
|  | **Industrial REITs — 2.81%** |  |
| 95638 | &nbsp;&nbsp;&nbsp;First Industrial Realty Trust, Inc. | 4922488 |
|  | **Insurance — 3.06%** |  |
| 17061 | &nbsp;&nbsp;&nbsp;Hanover Insurance Group, Inc. (The) | 3098789 |
| 27899 | &nbsp;&nbsp;&nbsp;Selective Insurance Group, Inc. | 2261772 |
|  |  | 5360561 |
|  | **Life Sciences Tools & Services — 2.06%** |  |
| 13772 | &nbsp;&nbsp;&nbsp;West Pharmaceutical Services, Inc. | 3612809 |
|  | **Machinery — 6.95%** |  |
| 34826 | &nbsp;&nbsp;&nbsp;Crane Co. | 6412860 |
| 44441 | &nbsp;&nbsp;&nbsp;Oshkosh Corp. | 5763998 |
|  |  | 12176858 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
| **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** |  |
|  | **Office REITs — 1.47%** |  |
| 80892 | &nbsp;&nbsp;&nbsp;Highwoods Properties, Inc. | $2573983 |
|  | **Oil, Gas & Consumable Fuels — 3.05%** |  |
| 16549 | &nbsp;&nbsp;&nbsp;Chord Energy Corp. | 1644474 |
| 40311 | &nbsp;&nbsp;&nbsp;Matador Resources Co. | 1811173 |
| 75552 | &nbsp;&nbsp;&nbsp;Northern Oil and Gas, Inc. | 1873689 |
|  |  | 5329336 |
|  | **Professional Services — 3.52%** |  |
| 12356 | &nbsp;&nbsp;&nbsp;CACI International, Inc., Class A<sup>(a)</sup> | 6162926 |
|  | **Retail REITs — 1.62%** |  |
| 83581 | &nbsp;&nbsp;&nbsp;Tanger Factory Outlet Centers, Inc. | 2828381 |
|  | **Semiconductors & Semiconductor Equipment — 2.65%** |  |
| 55743 | &nbsp;&nbsp;&nbsp;ON Semiconductor Corp.<sup>(a)</sup> | 2748688 |
| 20856 | &nbsp;&nbsp;&nbsp;Qorvo, Inc.<sup>(a)</sup> | 1899564 |
|  |  | 4648252 |
|  | **Software — 2.05%** |  |
| 17652 | &nbsp;&nbsp;&nbsp;PTC, Inc.<sup>(a)</sup> | 3583709 |
|  | **Trading Companies & Distributors — 3.98%** |  |
| 10381 | &nbsp;&nbsp;&nbsp;Herc Holdings, Inc. | 1211047 |
| 6035 | &nbsp;&nbsp;&nbsp;United Rentals, Inc. | 5761374 |
|  |  | 6972421 |
|  | &nbsp;&nbsp;&nbsp;Total Common Stocks |  |
|  | &nbsp;&nbsp;&nbsp;(Cost $54,509,334) | 173820642 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
| **MONEY MARKET FUNDS — 0.68%** | **MONEY MARKET FUNDS — 0.68%** |  |
| 1198736 | &nbsp;&nbsp;&nbsp;Federated Hermes Treasury Obligations Fund, Institutional Shares, 4.00%<sup>(b)</sup> | 1198736 |
|  | &nbsp;&nbsp;&nbsp;Total Money Market Funds |  |
|  | &nbsp;&nbsp;&nbsp;(Cost $1,198,736) | 1198736 |
| Total Investments— 99.97% | Total Investments— 99.97% |  |
| (Cost $55,708,070) | (Cost $55,708,070) | 175019378 |
| Other Assets in Excess of Liabilities— 0.03% | Other Assets in Excess of Liabilities— 0.03% | 58730 |
| NET ASSETS — 100.00% | NET ASSETS — 100.00% | $175078108 |

---

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

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

12 *See accompanying notes to financial statements.*

**Sterling Capital Ultra Short Bond Fund**

**Schedule of Investments**

*September 30, 2025*

---

| | | |
|:---|:---|:---|
| **Principal <br> Amount** |  | **Fair Value** |
| **CORPORATE BONDS — 42.20%** | **CORPORATE BONDS — 42.20%** |  |
|  | **AEROSPACE & DEFENSE — 0.87%** |  |
| $250000 | &nbsp;&nbsp;&nbsp;Boeing Co. (The), 2.60%, 10/30/25 | $249609 |
|  | **ASSET MANAGEMENT — 3.48%** |  |
| 250000 | &nbsp;&nbsp;&nbsp;Blackstone Secured Lending Fund, 3.63%, 1/15/26 | 249371 |
| 250000 | &nbsp;&nbsp;&nbsp;Hercules Capital Inc, 2.63%, 9/16/26 | 245539 |
| 215000 | &nbsp;&nbsp;&nbsp;Blackstone Private Credit Fund, 2.63%, 12/15/26 | 209932 |
| 300000 | &nbsp;&nbsp;&nbsp;UBS Group AG, 1.31%, 2/02/27 (SOFRINDX + 98 bps)<sup>(a)(b)</sup> | 296878 |
|  |  | 1001720 |
|  | **AUTOMOTIVE — 1.91%** |  |
| 250000 | &nbsp;&nbsp;&nbsp;Ford Motor Credit Co LLC, 6.95%, 3/06/26 | 251991 |
| 300000 | &nbsp;&nbsp;&nbsp;Hyundai Capital America, 5.50%, 3/30/26<sup>(a)</sup> | 301520 |
|  |  | 553511 |
|  | **BANKING — 5.19%** |  |
| 300000 | &nbsp;&nbsp;&nbsp;Barclays PLC, 6.97%, 11/02/26 (H15T1Y + 305 bps)<sup>(b)</sup> | 300691 |
| 300000 | &nbsp;&nbsp;&nbsp;Societe Generale SA, 1.49%, 12/14/26 (H15T1Y + 110 bps)<sup>(a)(b)</sup> | 298138 |
| 250000 | &nbsp;&nbsp;&nbsp;Credit Agricole SA, 1.25%, 1/26/27<sup>(a)</sup> | 247367 |
| 400000 | &nbsp;&nbsp;&nbsp;Bank of America Corp, 1.73%, 7/22/27 (SOFRRATE + 96 bps)<sup>(b)</sup> | 392012 |
| 260000 | &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co., 4.99%, 10/22/28 (O/N SOFR +86 bps)<sup>(b)</sup> | 260958 |
|  |  | 1499166 |
|  | **BANKS — 2.13%** |  |
| 364000 | &nbsp;&nbsp;&nbsp;Lloyds Banking Group PLC, 4.58%, 12/10/25 | 364070 |
| 250000 | &nbsp;&nbsp;&nbsp;Australia & New Zealand Banking Group Ltd., 4.40%, 5/19/26<sup>(a)</sup> | 250319 |
|  |  | 614389 |
|  | **BEVERAGES — 0.86%** |  |
| 250000 | &nbsp;&nbsp;&nbsp;Bacardi Ltd., 2.75%, 7/15/26<sup>(a)</sup> | 246579 |
|  | **CAPITAL MARKETS — 1.59%** |  |
| 300000 | &nbsp;&nbsp;&nbsp;Blue Owl Capital Corp., 3.40%, 7/15/26 | 297247 |
| 161000 | &nbsp;&nbsp;&nbsp;Brightsphere Investment Group, Inc., 4.80%, 7/27/26 | 160451 |
|  |  | 457698 |
|  | **ELECTRIC UTILITIES — 0.27%** |  |
| 78000 | &nbsp;&nbsp;&nbsp;Vistra Operations Co. LLC, 5.05%, 12/30/26<sup>(a)</sup> | 78448 |
|  | **HEALTH CARE FACILITIES & SERVICES — 1.79%** |  |
| 300000 | &nbsp;&nbsp;&nbsp;HCA Inc., 5.25%, 6/15/26 | 300594 |
| 215000 | &nbsp;&nbsp;&nbsp;IQVIA, Inc., 5.00%, 10/15/26<sup>(a)</sup> | 214738 |
|  |  | 515332 |
|  | **INSURANCE — 4.31%** |  |
| 250000 | &nbsp;&nbsp;&nbsp;Reliance Standard Life Global Funding II, 5.24%, 2/02/26<sup>(a)</sup> | 250553 |
| 190000 | &nbsp;&nbsp;&nbsp;Brighthouse Financial Global Funding, 1.55%, 5/24/26<sup>(a)(c)</sup> | 186278 |
| 300000 | &nbsp;&nbsp;&nbsp;Athene Global Funding, 5.38%, 8/27/26 (SOFRIX + 103 bps)<sup>(a)(b)</sup> | 301588 |
| 250000 | &nbsp;&nbsp;&nbsp;SBL Holdings, Inc., 5.13%, 11/13/26<sup>(a)</sup> | 252063 |
| 250000 | &nbsp;&nbsp;&nbsp;Marsh & McLennan Cos, Inc., 4.83%, 11/08/27 (O/N SOFR + 70 bps)<sup>(b)</sup> | 251149 |
|  |  | 1241631 |
|  | **LEISURE FACILITIES & SERVICES — 0.25%** |  |
| 71000 | &nbsp;&nbsp;&nbsp;MGM Resorts International, 5.50%, 4/15/27 | 71460 |
|  | **LEISURE PRODUCTS — 0.70%** |  |
| 200000 | &nbsp;&nbsp;&nbsp;Mattel Inc, 5.88%, 12/15/27<sup>(a)</sup> | 200455 |
|  | **MACHINERY — 0.87%** |  |
| 250000 | &nbsp;&nbsp;&nbsp;Regal Rexnord Corp., 6.05%, 2/15/26 | 251210 |
|  | **MORTGAGE REAL ESTATE INVESTMENT - TRUSTS (REITS) — 0.77%** |  |
| 225000 | &nbsp;&nbsp;&nbsp;Starwood Property Trust, Inc., 3.63%, 7/15/26<sup>(a)</sup> | 222422 |

---

---

| | | |
|:---|:---|:---|
| **Principal** <br> **Amount** |  | **Fair Value** |
| **CORPORATE BONDS — (continued)** | **CORPORATE BONDS — (continued)** |  |
|  | **OIL & GAS PRODUCERS — 6.32%** |  |
| $300000 | &nbsp;&nbsp;&nbsp;MPLX LP, Class B, 1.75%, 3/01/26 $| 296853 |
| 200000 | &nbsp;&nbsp;&nbsp;Sabine Pass Liquefaction LLC, 5.88%, 6/30/26 | 200658 |
| 300000 | &nbsp;&nbsp;&nbsp;ONEOK Inc, 5.55%, 11/01/26 | 303799 |
| 250000 | &nbsp;&nbsp;&nbsp;Hess Midstream Operations LP, 5.88%, 3/01/28<sup>(a)</sup> | 254845 |
| 200000 | &nbsp;&nbsp;&nbsp;Civitas Resources Inc, 8.38%, 7/01/28<sup>(a)</sup> | 207310 |
| 275000 | &nbsp;&nbsp;&nbsp;Antero Resources Corp, 7.63%, 2/01/29<sup>(a)</sup> | 280255 |
| 275000 | &nbsp;&nbsp;&nbsp;Expand Energy Corp, 6.75%, 4/15/29<sup>(a)</sup> | 277870 |
|  |  | 1821590 |
|  | **REIT — 2.94%** |  |
| 102000 | &nbsp;&nbsp;&nbsp;Vornado Realty LP, 2.15%, 6/01/26 | 100131 |
| 300000 | &nbsp;&nbsp;&nbsp;Tanger Properties LP, 3.13%, 9/01/26 | 296564 |
| 250000 | &nbsp;&nbsp;&nbsp;VICI Properties LP / VICI Note Co., Inc., 4.25%, 12/01/26<sup>(a)</sup> | 249045 |
| 207000 | &nbsp;&nbsp;&nbsp;Global Net Lease Operating Partnership LP, 3.75%, 12/15/27<sup>(a)</sup> | 200915 |
|  |  | 846655 |
|  | **SOFTWARE — 0.88%** |  |
| 250000 | &nbsp;&nbsp;&nbsp;Concentrix Corp., 6.65%, 8/02/26 | 253716 |
|  | **SPECIALTY FINANCE — 2.89%** |  |
| 250000 | &nbsp;&nbsp;&nbsp;Air Lease Corp., 2.88%, 1/15/26 | 248895 |
| 300000 | &nbsp;&nbsp;&nbsp;Avolon Holdings Funding Ltd., 5.50%, 1/15/26<sup>(a)</sup> | 300397 |
| 285000 | &nbsp;&nbsp;&nbsp;AerCap Ireland Capital DAC, 1.75%, 1/30/26<sup>(c)</sup> | 282682 |
|  |  | 831974 |
|  | **TELECOMMUNICATIONS — 0.86%** |  |
| 250000 | &nbsp;&nbsp;&nbsp;T-Mobile USA Inc., 2.25%, 2/15/26 | 248036 |
|  | **TRANSPORTATION & LOGISTICS — 2.38%** |  |
| 37500 | &nbsp;&nbsp;&nbsp;Delta Air Lines, Inc. / SkyMiles IP Ltd., 4.50%, 10/20/25<sup>(a)</sup> | 37454 |
| 250000 | &nbsp;&nbsp;&nbsp;Delta Air Lines, Inc., 7.38%, 1/15/26 | 251198 |
| 148000 | &nbsp;&nbsp;&nbsp;United Airlines, Inc., 4.38%, 4/15/26<sup>(a)(c)</sup> | 147773 |
| 250000 | &nbsp;&nbsp;&nbsp;American Airlines Inc/AAdvantage Loyalty IP Ltd, 5.50%, 4/20/26<sup>(a)</sup> | 250110 |
|  |  | 686535 |
|  | **TRANSPORTATION EQUIPMENT — 0.94%** |  |
| 271000 | &nbsp;&nbsp;&nbsp;Daimler Truck Finance North America LLC, 5.09%, 9/25/27 (O/N SOFR + 96 bps)<sup>(a)(b)</sup> | 271889 |
|  | &nbsp;&nbsp;&nbsp;**Total (Cost $12,129,038)** | 12164025 |

---

---

| | | |
|:---|:---|:---|
| **Principal<br> Amount** |  | **Fair Value** |
| **ASSET BACKED SECURITIES — 37.91%** | **ASSET BACKED SECURITIES — 37.91%** |  |
| 15465 | &nbsp;&nbsp;&nbsp;Fannie Mae, Series 140, Class BH, 2.50%, 1/25/27 | 15369 |
| 96509 | &nbsp;&nbsp;&nbsp;Mercedes-Benz Auto Lease Trust, Series 2024-A, Class A2B, 4.79%, 2/16/27 (SOFR30A + 42 bps)<sup>(b)</sup> | 96549 |
| 312500 | &nbsp;&nbsp;&nbsp;Avis Budget Rental Car Funding AESOP LLC, Series 2A, Class A, 2.02%, 2/20/27<sup>(a)</sup> | 310835 |
| 115000 | &nbsp;&nbsp;&nbsp;CarMax Auto Owner Trust 2021-3, Series 3, Class B, 1.00%, 3/15/27 | 114831 |
| 200000 | &nbsp;&nbsp;&nbsp;Ford Credit Floorplan Master Owner Trust, Series 1, Class A2, 5.12%, 4/15/27 (SOFR30A + 75 bps)<sup>(a)(b)</sup> | 200446 |
| 13358 | &nbsp;&nbsp;&nbsp;GM Financial Consumer Automobile Receivables, Series 3, Class A3, 3.64%, 4/16/27 | 13348 |
| 150000 | &nbsp;&nbsp;&nbsp;Hertz Vehicle Financing LLC, Series 1A, Class A, 5.49%, 6/25/27<sup>(a)</sup> | 150885 |
| 350000 | &nbsp;&nbsp;&nbsp;Ford Credit Auto Owner Trust, Series 2022-A, Class B, 1.91%, 7/15/27 | 348210 |
| 18796 | &nbsp;&nbsp;&nbsp;OneMain Direct Auto Receivables Trust, Series 1A, Class A, 3.63%, 9/14/27<sup>(a)</sup> | 18780 |
| 452000 | &nbsp;&nbsp;&nbsp;GreatAmerica Leasing Receivables Funding LLC, Series 2, Class B, 1.31%, 9/15/27<sup>(a)</sup> | 451349 |
| 108914 | &nbsp;&nbsp;&nbsp;Carmax Select Receivables Trust, Series 2024-A, Class A2A, 5.78%, 9/15/27 | 109264 |

---

*See accompanying notes to financial statements.* 13

**Sterling Capital Ultra Short Bond Fund**

**Schedule of Investments (continued)**

*September 30, 2025*

---

| | | |
|:---|:---|:---|
| **Principal <br> Amount** |  | **Fair Value** |
| **ASSET BACKED SECURITIES — (continued)** | **ASSET BACKED SECURITIES — (continued)** |  |
| $96030 | &nbsp;&nbsp;&nbsp;GM Financial Consumer Automobile Receivables, Series 4, Class A4, 0.99%, 10/18/27 | $95492 |
| 2624 | &nbsp;&nbsp;&nbsp;Santander Drive Auto Receivables Trust, Series 2022-4, 4.42%, 11/15/27 | 2624 |
| 280000 | &nbsp;&nbsp;&nbsp;PFS Financing Corp., Series A, Class A, 5.22%, 1/15/28<sup>(a)</sup> | 280305 |
| 235465 | &nbsp;&nbsp;&nbsp;Bridgecrest Lending Auto Sec. Trust, Series 2025-2, Class A2, 4.84%, 1/18/28 | 235628 |
| 50000 | &nbsp;&nbsp;&nbsp;Carmax Auto Owner Trust 2022-3, Series 3, Class A4, 4.06%, 2/15/28 | 49976 |
| 78794 | &nbsp;&nbsp;&nbsp;World Omni Select Auto Trust, Series 2024-A, Class A2A, 5.37%, 2/15/28 | 78929 |
| 150929 | &nbsp;&nbsp;&nbsp;World Omni Auto Receivables Trust, Series 2022-D, Class A3, 5.61%, 2/15/28 | 151543 |
| 68496 | &nbsp;&nbsp;&nbsp;AmeriCredit Automobile Receivables Trust, Series 2024-1, Class A2A, 5.75%, 2/18/28 | 68586 |
| 230000 | &nbsp;&nbsp;&nbsp;Ally Auto Receivables Trust, Series 2022-2, Class A4, 4.87%, 4/17/28 | 230988 |
| 300000 | &nbsp;&nbsp;&nbsp;PFS Financing Corp., Series C, Class A, 5.17%, 4/17/28<sup>(a)(d)</sup> | 300383 |
| 11908 | &nbsp;&nbsp;&nbsp;OneMain Direct Auto Receivables Trust, Series 1A, Class A, 0.87%, 7/14/28<sup>(a)</sup> | 11877 |
| 160000 | &nbsp;&nbsp;&nbsp;Gracie Point International Funding 2025-1 LLC, Series 1A, Class B, 6.37%, 8/15/28 (SOFR30A + 200 bps)<sup>(a)(b)</sup> | 160433 |
| 115000 | &nbsp;&nbsp;&nbsp;Santander Drive Auto Receivables Trust, Series 2023-4, Class B, 5.77%, 12/15/28 | 116361 |
| 250000 | &nbsp;&nbsp;&nbsp;Bridgecrest Lending Auto Securitization Trust, Series 3, Class A3, 4.83%, 1/15/29 | 250792 |
| 188937 | &nbsp;&nbsp;&nbsp;Affirm Asset Securitization Trust, Series 2025-X1, Class A, 5.08%, 4/15/30<sup>(a)</sup> | 189332 |
| 161469 | &nbsp;&nbsp;&nbsp;Chenango Park CLO Ltd., Series 1A, Class A1AR, 5.37%, 4/15/30 (TSFR3M + 105 bps)<sup>(a)(b)</sup> | 161488 |
| 202018 | &nbsp;&nbsp;&nbsp;VOYA CLO, Series 2017-2A, Class A1R, 5.56%, 6/07/30<sup>(a)</sup> | 202044 |
| 250000 | &nbsp;&nbsp;&nbsp;Dryden CLO Ltd., Series 53A, Class BR, 5.60%, 1/15/31<sup>(a)(d)</sup> | 250258 |
| 157231 | &nbsp;&nbsp;&nbsp;KKR CLO Ltd., Series 21, Class A, 5.58%, 4/15/31 (TSFR3M + 126.20 bps)<sup>(a)(b)</sup> | 157250 |
| 37371 | &nbsp;&nbsp;&nbsp;OCP CLO Ltd., Series 2014-5A, Class A1R, 5.66%, 4/26/31 (TSFR3M + 108 bps)<sup>(a)(b)</sup> | 37381 |
| 247367 | &nbsp;&nbsp;&nbsp;Madison Park Funding XXIII Ltd., Series 23A, Class AR, 5.55%, 7/27/31<sup>(a)</sup> | 247691 |
| 210539 | &nbsp;&nbsp;&nbsp;Dryden Senior Loan Fund, Series 40A, Class AR2, 5.36%, 8/15/31<sup>(a)</sup> | 210653 |
| 300000 | &nbsp;&nbsp;&nbsp;Affirm Master Trust, Series 1A, Class A, 4.99%, 2/15/33<sup>(a)</sup> | 302401 |
| 250000 | &nbsp;&nbsp;&nbsp;Neuberger Berman Loan Advisers CLO 41 Ltd., Series 41A, Class AR, 5.35%, 4/15/34 (TSFR3M + 105 bps)<sup>(a)(b)(d)</sup> | 250268 |
| 263000 | &nbsp;&nbsp;&nbsp;ARES XLIV CLO Ltd, Series 44A, Class A1RR, 5.42%, 4/15/34 (TSFR3M + 113 bps)<sup>(a)(b)(d)</sup> | 263526 |
| 179000 | &nbsp;&nbsp;&nbsp;Goldentree Loan Management US Clo Ltd., Series 7A, Class ARR, 5.43%, 4/20/34<sup>(a)</sup> | 179086 |
| 285000 | &nbsp;&nbsp;&nbsp;Fort Greene Park CLO LLC, Series 2A, Class AR, 5.28%, 4/22/34 (TSFR3M + 95 bps)<sup>(a)(b)</sup> | 285276 |
| 185619 | &nbsp;&nbsp;&nbsp;OneMain Financial Issuance Trust, Series 3A, Class A, 5.94%, 5/15/34<sup>(a)</sup> | 186754 |
| 199367 | &nbsp;&nbsp;&nbsp;SoFi Consumer Loan Program Trust, Series 2025-2, Class A, 4.82%, 6/25/34<sup>(a)</sup> | 200408 |
| 292000 | &nbsp;&nbsp;&nbsp;RR 17, Ltd., Series 17A, Class A1AR, 5.13%, 7/15/34<sup>(a)</sup> | 292286 |
| 250000 | &nbsp;&nbsp;&nbsp;Magnetite XXXI Ltd., Class A1, 5.68%, 7/15/34<sup>(a)</sup> | 250332 |
| 275000 | &nbsp;&nbsp;&nbsp;Trinitas CLO XVI Ltd, Series 16A, Class A1R, 5.27%, 7/20/34<sup>(a)</sup> | 275099 |

---

---

| | | |
|:---|:---|:---|
| **Principal <br> Amount** |  | **Fair Value** |
| **ASSET BACKED SECURITIES — (continued)** | **ASSET BACKED SECURITIES — (continued)** |  |
| $265000 | &nbsp;&nbsp;&nbsp;LCM 33 Ltd, Series 33A, Class AR, 5.49%, 7/20/34 (TSFR3M + 118.00 bps)<sup>(a)(b)(d)</sup> | $265429 |
| 250000 | &nbsp;&nbsp;&nbsp;Allegany Park CLO Ltd, Series 1A, Class ARR, 5.38%, 1/20/35 (TSFR3M + 110 bps)<sup>(a)(b)</sup> | 250113 |
| 264079 | &nbsp;&nbsp;&nbsp;Chesapeake Funding II LLC, Series 1A, Class A1, 5.52%, 5/15/36<sup>(a)</sup> | 267387 |
| 100000 | &nbsp;&nbsp;&nbsp;OneMain Financial Issuance Trust, Series 2021-1, Class A2, 5.13%, 6/16/36 (SOFR30A + 76 bps)<sup>(a)(b)</sup> | 100180 |
| 171119 | &nbsp;&nbsp;&nbsp;Fannie Mae, 6.35%, 7/01/36 (H15T1Y + 219.40 bps)<sup>(b)</sup> | 176182 |
| 250000 | &nbsp;&nbsp;&nbsp;OneMain Financial Issuance Trust 2023-2, Series 2A, Class A2, 5.87%, 9/15/36 (SOFR30A + 150 bps)<sup>(a)</sup> | 252544 |
| 225371 | &nbsp;&nbsp;&nbsp;SMB Private Education Loan Trust, Series B, Class A2B, 5.27%, 6/15/37<sup>(a)</sup> | 225483 |
| 150186 | &nbsp;&nbsp;&nbsp;Sierra Timeshare Rec Funding LLC, Series 2021-1, Class A, 0.99%, 11/20/37<sup>(a)</sup> | 148928 |
| 37300 | &nbsp;&nbsp;&nbsp;MVW 2019-2 LLC, Series 2A, Class A, 2.22%, 10/20/38<sup>(a)</sup> | 37037 |
| 248520 | &nbsp;&nbsp;&nbsp;Wheels Fleet Lease Funding 1 LLC, Series 1A, Class A2, 4.97%, 2/18/39 (TSFR1M + 83 bps)<sup>(a)(b)</sup> | 249192 |
| 256030 | &nbsp;&nbsp;&nbsp;MVW 2023-1, LLC., Series 1A, Class A, 4.93%, 10/20/40<sup>(a)</sup> | 258457 |
| 367103 | &nbsp;&nbsp;&nbsp;Tricon Residential Trust, Series 2025-SFR, Class A, 5.46%, 3/17/42 (TSFR1M + 110 bps)<sup>(a)(b)</sup> | 367805 |
| 153000 | &nbsp;&nbsp;&nbsp;Stack Infrastructure Issuer LLC, Series 1A, Class A2, 1.88%, 3/26/46<sup>(a)</sup> | 150855 |
| 116823 | &nbsp;&nbsp;&nbsp;SMB Private Education Loan Trust, Series 2024-C, Class A1B, 5.47%, 6/17/52 (SOFR30A + 110 bps)<sup>(a)(b)</sup> | 116682 |
| 253736 | &nbsp;&nbsp;&nbsp;Nelnet Student Loan Trust, Series 2025-A, Class A1B, 5.47%, 3/15/57<sup>(a)</sup> | 252734 |
|  | &nbsp;&nbsp;&nbsp;**Total (Cost $10,872,516)** | 10924324 |

---

---

| | | |
|:---|:---|:---|
| **Principal <br> Amount** |  | **Fair Value** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS — 5.08%** | **COLLATERALIZED MORTGAGE OBLIGATIONS — 5.08%** |  |
| 178869 | Bridgecrest Lending Auto Sec. Trust, Series 2025-1, Class A2, 5.01%, 9/15/27 | 178906 |
| 132249 | MMAF Equipment Finance LLC, Series 2022-A, Class A3, 3.20%, 1/13/28<sup>(a)</sup> | 131821 |
| 250000 | Palmer Square Loan Funding 2022-3 Ltd, Series 3A, Class A1BR, 5.72%, 4/15/31<sup>(a)</sup> | 250463 |
| 177616 | SoFi Consumer Loan Program Trust, Series 2025-1, Class A, 4.80%, 2/27/34<sup>(a)</sup> | 178503 |
| 275000 | Madison Park Funding XLV Ltd, Series 45A, Class ARR, 5.40%, 7/15/34<sup>(a)</sup> | 275404 |
| 235265 | Freddie Mac REMICS, Series 4838, Class VA, 4.00%, 3/15/36 | 234813 |
| 215292 | Freddie Mac REMICS, Series 5216, Class JA, 3.25%, 5/25/38 | 213524 |
|  | **Total (Cost $1,459,575)** | 1463434 |

---

---

| | | |
|:---|:---|:---|
| **Principal** <br> **Amount** |  | **Fair Value** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES — 11.10%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES — 11.10%** |  |
| 77878 | Freddie Mac Multifamily Structured Pass Through, Series K052, Class A2, 3.15%, 11/25/25 | 77623 |
| 323210 | BX Trust, Series 2021-BXMF, Class A, 4.90%, 10/15/26 (TSFR1M + 75.00 bps)<sup>(a)(b)</sup> | 322806 |
| 338132 | BX Trust, Series 2021-RISE, Class A, 5.01%, 11/15/36 (TSFR1M + 86.20 bps)<sup>(a)(b)</sup> | 337709 |
| 130111 | Hilton Grand Vacations Trust, Series 2023-1, Class A, 5.72%, 1/25/38<sup>(a)</sup> | 132938 |
| 153719 | ELP Commercial Mortgage Trust, Series 2021-ELP, Class C, 5.59%, 11/15/38<sup>(a)</sup> | 153527 |
| 88844 | BX Commercial Mortgage Trust, Series 2021-CIP, Class B, 5.54%, 12/15/38<sup>(a)</sup> | 88789 |

---

14 *See accompanying notes to financial statements.*

**Sterling Capital Ultra Short Bond Fund**

**Schedule of Investments (continued)**

*September 30, 2025*

---

| | | |
|:---|:---|:---|
| **Principal**<br>**Amount** |  |<br>**Fair Value** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES — (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES — (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES — (continued)** |
| $17232 | &nbsp;&nbsp;&nbsp;Government National Mortgage Association, Series 144, Class GA, 2.50%, 12/20/40 | $17157 |
| 3827 | &nbsp;&nbsp;&nbsp;CSAIL Commercial Mortgage Trust, Series 2015-C3, Class A4, 3.72%, 8/15/48 | 3819 |
| 202378 | &nbsp;&nbsp;&nbsp;Wells Fargo Commercial Mortgage Trust, Series P2, Class A4, 3.81%, 12/15/48 | 201854 |
| 309288 | &nbsp;&nbsp;&nbsp;Citigroup Commercial Mortgage Trust, Series P3, Class A3, 3.06%, 4/15/49 | 307778 |
| 170000 | &nbsp;&nbsp;&nbsp;Citigroup Commercial Mortgage Trust, Series 2016-C1, 3.21%, 5/10/49 | 168711 |
| 350000 | &nbsp;&nbsp;&nbsp;Morgan Stanley Bank of America Merrill Lynch Trust, Series C29, Class A4, 3.33%, 5/15/49 | 347392 |
| 340000 | &nbsp;&nbsp;&nbsp;CSAIL Commercial Mortgage Trust, Series 2015-C7, Class A5, 3.50%, 11/15/49 | 336694 |
| 200000 | &nbsp;&nbsp;&nbsp;JPMCC Commercial Mortgage Securities Trust, Series JP5, Class A5, 3.72%, 3/15/50 | 198073 |
| 380000 | &nbsp;&nbsp;&nbsp;COMM Mortgage Trust, Series COR2, Class A3, 3.51%, 9/10/50 | 372336 |
| 133000 | &nbsp;&nbsp;&nbsp;Wells Fargo Commercial Mortgage Trust 2017-C40, Series C40, Class A3, 3.32%, 10/15/50 | 131030 |
|  | &nbsp;&nbsp;&nbsp;**Total (Cost $3,151,114)** | 3198236 |

---

---

| | | |
|:---|:---|:---|
| **Principal** <br> **Amount** |  | **Fair Value** |
| **U.S. GOVERNMENT & AGENCIES — 1.21%** | **U.S. GOVERNMENT & AGENCIES — 1.21%** |  |
| 350000 | &nbsp;&nbsp;&nbsp;United States Treasury Bill, 0.00 *%*, 10/21/25 | 349214 |
|  | &nbsp;&nbsp;&nbsp;**Total (Cost $349,175)** | 349214 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
| **MONEY MARKET FUNDS — 1.84%** | **MONEY MARKET FUNDS — 1.84%** |  |
| 529342 | &nbsp;&nbsp;&nbsp;Federated Hermes Treasury Obligations Fund, Institutional Shares, 4.00%<sup>(e)</sup> | 529342 |
|  | &nbsp;&nbsp;&nbsp;Total Money Market Funds |  |
|  | &nbsp;&nbsp;&nbsp;(Cost $529,342) | 529342 |
| Total Investments— 99.34% | Total Investments— 99.34% |  |
| (Cost $28,490,760) | (Cost $28,490,760) | 28628575 |
| Other Assets in Excess of Liabilities— 0.66% | Other Assets in Excess of Liabilities— 0.66% | 191093 |
| NET ASSETS — 100.00% | NET ASSETS — 100.00% | $28819668 |

---

&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 September 30, 2025. The maturity date reflected is the final maturity date.

&nbsp;&nbsp;&nbsp;&nbsp;(c) All or a portion of the securities are
held in a separate collateral account at US Bank. The total value of securities held in a separate collateral account as of the year ended
September 30, 2025 is $616,733, which represents 2.1% of net assets.

&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.* 15

**Sterling Capital Short Duration Bond Fund**

**Schedule of Investments**

*September 30, 2025*

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
| **PREFERRED STOCKS — 0.47%** | **PREFERRED STOCKS — 0.47%** |  |
|  | **Insurance — 0.47%** |  |
| 7700 | Reinsurance Group of America, Inc., 5.78%<sup>(a)</sup> | $191422 |
|  | Total Preferred Stocks |  |
|  | (Cost $192,885) | 191422 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br>**Amount** |  |<br>**Fair Value** |
| **CORPORATE BONDS — 55.89%** | **CORPORATE BONDS — 55.89%** |  |
|  | **AEROSPACE & DEFENSE — 2.20%** |  |
| $365000 | &nbsp;&nbsp;&nbsp;Boeing Co. (The), 6.26%, 5/01/27 | 375555 |
| 250000 | &nbsp;&nbsp;&nbsp;Howmet Aerospace, Inc., 6.75%, 1/15/28 | 264513 |
| 253000 | &nbsp;&nbsp;&nbsp;Lockheed Martin Corp, 4.15%, 8/15/28 | 254578 |
|  |  | 894646 |
|  | **ASSET MANAGEMENT — 3.77%** |  |
| 371000 | &nbsp;&nbsp;&nbsp;Blackstone Private Credit Fund, 3.25%, 3/15/27 | 363917 |
| 268000 | &nbsp;&nbsp;&nbsp;Blue Owl Technology Finance Corp., 6.10%, 3/15/28<sup>(b)</sup> | 271446 |
| 157000 | &nbsp;&nbsp;&nbsp;Golub Capital Private Credit Fund, 5.45%, 8/15/28<sup>(b)</sup> | 157820 |
| 139000 | &nbsp;&nbsp;&nbsp;Ares Strategic Income Fund, 5.45%, 9/09/28<sup>(b)</sup> | 140084 |
| 300000 | &nbsp;&nbsp;&nbsp;Ares Strategic Income Fund, 4.85%, 1/15/29<sup>(b)</sup> | 296886 |
| 300000 | &nbsp;&nbsp;&nbsp;UBS Group AG, 4.25%, 12/23/29<sup>(b)(f)</sup> | 299289 |
|  |  | 1529442 |
|  | **AUTOMOTIVE — 0.56%** |  |
| 225000 | &nbsp;&nbsp;&nbsp;Ford Motor Credit Co. LLC, 5.80%, 3/05/27 | 227276 |
|  | **BANKING — 4.85%** |  |
| 325000 | &nbsp;&nbsp;&nbsp;Nordea Bank Abp, 4.38%, 3/17/28<sup>(b)</sup> | 328397 |
| 325000 | &nbsp;&nbsp;&nbsp;Citigroup Inc., 4.64%, 5/07/28 (SOFRRATE + 114.30 bps)<sup>(c)</sup> | 327248 |
| 250000 | &nbsp;&nbsp;&nbsp;Manufacturers & Traders Trust Co, 4.76%, 7/06/28 | 252408 |
| 200000 | &nbsp;&nbsp;&nbsp;Standard Chartered PLC, 5.55%, 1/21/29 (H15T1Y + 105 bps)<sup>(b)(c)</sup> | 204867 |
| 450000 | &nbsp;&nbsp;&nbsp;Bank of America Corp., 4.98%, 1/24/29 (SOFRRATE + 83 bps)<sup>(c)</sup> | 458318 |
| 375000 | &nbsp;&nbsp;&nbsp;Wells Fargo & Co, 6.30%, 10/23/29 (SOFRRATE + 179 bps)<sup>(c)</sup> | 397186 |
|  |  | 1968424 |
|  | **BANKS — 5.04%** |  |
| 300000 | &nbsp;&nbsp;&nbsp;Danske Bank A/S, 5.43%, 3/01/28<sup>(b)</sup> | 305111 |
| 528000 | &nbsp;&nbsp;&nbsp;Morgan Stanley, 5.56%, 4/13/28<sup>(f)</sup> | 539823 |
| 497000 | &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co., 5.57%, 4/22/28<sup>(f)</sup> | 507855 |
| 350000 | &nbsp;&nbsp;&nbsp;Bank of Nova Scotia (The), 4.40%, 9/08/28 (SOFR + 100 bps)<sup>(c)</sup> | 351818 |
| 339000 | &nbsp;&nbsp;&nbsp;Barclays PLC, 4.84%, 9/10/28 (SOFR + 134 bps)<sup>(c)</sup> | 342430 |
|  |  | 2047037 |
|  | **BIOTECH & PHARMA — 1.31%** |  |
| 247000 | &nbsp;&nbsp;&nbsp;Eli Lilly & Co., 4.55%, 2/12/28 | 250682 |
| 281000 | &nbsp;&nbsp;&nbsp;Zoetis, Inc., 4.15%, 8/17/28 | 281973 |
|  |  | 532655 |
|  | **CAPITAL MARKETS — 2.02%** |  |
| 411000 | &nbsp;&nbsp;&nbsp;Brightsphere Investment Group, Inc., 4.80%, 7/27/26<sup>(d)</sup> | 409598 |
| 400000 | &nbsp;&nbsp;&nbsp;Blackstone Secured Lending Fund, 5.88%, 11/15/27 | 409873 |
|  |  | 819471 |
|  | **CHEMICALS — 0.21%** |  |
| 85000 | &nbsp;&nbsp;&nbsp;Ecolab Inc., 4.30%, 6/15/28 | 85678 |
|  | **COMMERCIAL SERVICES & SUPPLIES — 0.85%** |  |
| 339000 | &nbsp;&nbsp;&nbsp;Element Fleet Management Corp., 5.64%, 3/13/27<sup>(b)</sup> | 345393 |
|  | **COMMERCIAL SUPPORT SERVICES — 0.19%** |  |
| 76000 | &nbsp;&nbsp;&nbsp;Prime Security Services Borrower LLC, 5.75%, 4/15/26<sup>(b)</sup> | 76311 |
|  | **CONSUMER FINANCE — 0.99%** |  |
| 396000 | &nbsp;&nbsp;&nbsp;American Express Co., 5.10%, 2/16/28 | 401314 |
|  | **ELECTRIC UTILITIES — 4.17%** |  |
| 380000 | &nbsp;&nbsp;&nbsp;Duke Energy Corp., 4.85%, 1/05/27<sup>(d)</sup> | 383690 |

---

---

| | | |
|:---|:---|:---|
| **Principal <br> Amount** |  | **Fair Value** |
| **CORPORATE BONDS — (continued)** | **CORPORATE BONDS — (continued)** |  |
|  | **ELECTRIC UTILITIES — (continued)** |  |
| $400000 | &nbsp;&nbsp;&nbsp;FirstEnergy Corp., 3.90%, 7/15/27 | $397547 |
| 184000 | &nbsp;&nbsp;&nbsp;NextEra Energy Capital Holdings Inc, 4.69%, 9/01/27 | 186001 |
| 350000 | &nbsp;&nbsp;&nbsp;Entergy Louisiana LLC, 3.25%, 4/01/28 | 344293 |
| 281000 | &nbsp;&nbsp;&nbsp;Dominion Energy Inc., 4.60%, 5/15/28 | 283827 |
| 100000 | &nbsp;&nbsp;&nbsp;Georgia Power Co, 4.00%, 10/01/28 | 99998 |
|  |  | 1695356 |
|  | **FOOD — 0.84%** |  |
| 337000 | &nbsp;&nbsp;&nbsp;Mars, Inc., 4.60%, 3/01/28<sup>(b)</sup> | 341121 |
|  | **FORESTRY, PAPER & WOOD PRODUCTS — 0.21%** |  |
| 85000 | &nbsp;&nbsp;&nbsp;Georgia-Pacific LLC, 4.40%, 6/30/28<sup>(b)</sup> | 85726 |
|  | **HOME CONSTRUCTION — 0.83%** |  |
| 335000 | &nbsp;&nbsp;&nbsp;Meritage Homes Corp., 5.13%, 6/06/27 | 337893 |
|  | **INSTITUTIONAL FINANCIAL SERVICES — 1.04%** |  |
| 70000 | &nbsp;&nbsp;&nbsp;LPL Holdings, Inc., 5.70%, 5/20/27 | 71320 |
| 350000 | &nbsp;&nbsp;&nbsp;Sumitomo Mitsui Trust Bank Ltd., 4.45%, 9/10/27<sup>(b)</sup> | 352544 |
|  |  | 423864 |
|  | **INSURANCE — 6.36%** |  |
| 439000 | &nbsp;&nbsp;&nbsp;SBL Holdings, Inc., 5.13%, 11/13/26<sup>(b)</sup> | 442621 |
| 400000 | &nbsp;&nbsp;&nbsp;F&G Global Funding, 5.88%, 6/10/27<sup>(b)</sup> | 410301 |
| 425000 | &nbsp;&nbsp;&nbsp;Athene Global Funding, 5.35%, 7/09/27<sup>(b)</sup> | 432952 |
| 345000 | &nbsp;&nbsp;&nbsp;GA Global Funding Trust, 4.40%, 9/23/27<sup>(b)</sup> | 345699 |
| 96000 | &nbsp;&nbsp;&nbsp;Sammons Financial Group Global Funding, 5.05%, 1/10/28<sup>(b)</sup> | 97626 |
| 162000 | &nbsp;&nbsp;&nbsp;Corebridge Global Funding, 4.25%, 8/21/28<sup>(b)</sup> | 162070 |
| 415000 | &nbsp;&nbsp;&nbsp;RGA Global Funding, 4.35%, 8/25/28<sup>(b)</sup> | 415425 |
| 280000 | &nbsp;&nbsp;&nbsp;SBL Holdings Inc, 5.90%, 9/26/28<sup>(b)</sup> | 281168 |
|  |  | 2587862 |
|  | **LEISURE FACILITIES & SERVICES — 0.97%** |  |
| 99000 | &nbsp;&nbsp;&nbsp;MGM Resorts International, 5.50%, 4/15/27 | 99641 |
| 292000 | &nbsp;&nbsp;&nbsp;Starbucks Corp, 4.50%, 5/15/28 | 294872 |
|  |  | 394513 |
|  | **LEISURE PRODUCTS — 0.72%** |  |
| 300000 | &nbsp;&nbsp;&nbsp;Mattel Inc, 3.75%, 4/01/29<sup>(b)</sup> | 291219 |
|  | **MACHINERY — 0.61%** |  |
| 246000 | &nbsp;&nbsp;&nbsp;John Deere Capital Corp, 4.25%, 6/05/28 | 248031 |
|  | **MORTGAGE REAL ESTATE INVESTMENT - TRUSTS (REITS) — 1.19%** |  |
| 489000 | &nbsp;&nbsp;&nbsp;Starwood Property Trust, Inc., 3.63%, 7/15/26<sup>(b)</sup> | 483397 |
|  | **MULTI-UTILITIES — 0.93%** |  |
| 390000 | &nbsp;&nbsp;&nbsp;Ameren Corp., 1.95%, 3/15/27 | 377988 |
|  | **OIL & GAS PRODUCERS — 4.44%** |  |
| 333000 | &nbsp;&nbsp;&nbsp;Permian Resources Operating LLC, 8.00%, 4/15/27<sup>(b)</sup> | 338172 |
| 340000 | &nbsp;&nbsp;&nbsp;APA Corp, 4.88%, 11/15/27 | 340697 |
| 275000 | &nbsp;&nbsp;&nbsp;ONEOK Inc., 5.63%, 1/15/28<sup>(b)</sup> | 280972 |
| 327000 | &nbsp;&nbsp;&nbsp;Woodside Finance Ltd., 4.90%, 5/19/28 | 331065 |
| 198000 | &nbsp;&nbsp;&nbsp;Civitas Resources Inc, 8.38%, 7/01/28<sup>(b)</sup> | 205237 |
| 300000 | &nbsp;&nbsp;&nbsp;Hess Midstream Operations LP, 6.50%, 6/01/29<sup>(b)</sup> | 309401 |
|  |  | 1805544 |
|  | **REIT — 1.42%** |  |
| 256000 | &nbsp;&nbsp;&nbsp;LXP Industrial Trust, 6.75%, 11/15/28 | 272122 |
| 325000 | &nbsp;&nbsp;&nbsp;CubeSmart LP, 2.25%, 12/15/28 | 306044 |
|  |  | 578166 |
|  | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 0.55%** |  |
| 220000 | &nbsp;&nbsp;&nbsp;Broadcom, Inc., 5.05%, 7/12/27 | 223800 |
|  | **SOFTWARE — 0.78%** |  |
| 312000 | &nbsp;&nbsp;&nbsp;Synopsys, Inc., 4.65%, 4/01/28 | 315492 |
|  | **SPECIALTY FINANCE — 2.68%** |  |
| 248000 | &nbsp;&nbsp;&nbsp;OneMain Finance Corp., 3.50%, 1/15/27 | 242376 |

---

16 *See accompanying notes to financial statements.*

**Sterling Capital Short Duration Bond Fund**

**Schedule of Investments (continued)**

*September 30, 2025*

---

| | | |
|:---|:---|:---|
| **Principal** <br> **Amount** |  | **Fair Value** |
| **CORPORATE BONDS — (continued)** | **CORPORATE BONDS — (continued)** |  |
|  | **SPECIALTY FINANCE — (continued)** |  |
| $325000 | &nbsp;&nbsp;&nbsp;Ladder Capital Finance Holdings LLLP, 4.25%, 2/01/27<sup>(b)</sup> | $322130 |
| 113000 | &nbsp;&nbsp;&nbsp;Avolon Holdings Funding Ltd., 4.95%, 1/15/28<sup>(b)</sup> | 114134 |
| 425000 | &nbsp;&nbsp;&nbsp;AerCap Ireland Capital DAC, 3.00%, 10/29/28 | 409569 |
|  |  | 1088209 |
|  | **TECHNOLOGY HARDWARE — 2.22%** |  |
| 300000 | &nbsp;&nbsp;&nbsp;Hewlett Packard Enterprise Co, 4.05%, 9/15/27 | 299443 |
| 300000 | &nbsp;&nbsp;&nbsp;Motorola Solutions Inc., 4.60%, 2/23/28 | 303121 |
| 300000 | &nbsp;&nbsp;&nbsp;Dell International LLC / EMC Corp, 4.15%, 2/15/29<sup>(e)</sup> | 299282 |
|  |  | 901846 |
|  | **TECHNOLOGY SERVICES — 0.73%** |  |
| 292000 | &nbsp;&nbsp;&nbsp;Fiserv, Inc., 5.15%, 3/15/27 | 295811 |
|  | **TELECOMMUNICATIONS — 1.36%** |  |
| 227500 | &nbsp;&nbsp;&nbsp;Sprint Spectrum Co. LLC / Sprint Spectrum Co. II LLC, 5.15%, 3/20/28<sup>(b)</sup> | 228361 |
| 300000 | &nbsp;&nbsp;&nbsp;Sprint Capital Corporation, 6.88%, 11/15/28 | 322803 |
|  |  | 551164 |
|  | **TOBACCO & CANNABIS — 0.73%** |  |
| 295000 | &nbsp;&nbsp;&nbsp;Philip Morris International Inc., 4.13%, 4/28/28 | 295529 |
|  | **TRANSPORTATION & LOGISTICS — 1.12%** |  |
| 150000 | &nbsp;&nbsp;&nbsp;Delta Air Lines Inc., 4.95%, 7/10/28 | 151820 |
| 300000 | &nbsp;&nbsp;&nbsp;Delta Air Lines, Inc. / SkyMiles IP Ltd., 4.75%, 10/20/28<sup>(b)</sup> | 301687 |
|  |  | 453507 |
|  | **Total (Cost $22,433,844)** | 22703685 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br>**Amount** |  | <br>**Fair Value** |
| **ASSET BACKED SECURITIES — 28.87%** | **ASSET BACKED SECURITIES — 28.87%** |  |
| 75043 | &nbsp;&nbsp;&nbsp;OneMain Direct Auto Receivables Trust, Series 1A, Class A, 3.63%, 9/14/27<sup>(b)</sup> | 74980 |
| 240000 | &nbsp;&nbsp;&nbsp;Americredit Automobile Receivables Trust, Series 1, Class C, 2.98%, 9/20/27 | 238240 |
| 588000 | &nbsp;&nbsp;&nbsp;Hertz Vehicle Financing III LP, Series 2A, Class A, 1.68%, 12/27/27<sup>(b)</sup> | 573136 |
| 545000 | &nbsp;&nbsp;&nbsp;AmeriCredit Automobile Receivables Trust, Series 2, Class C, 5.32%, 4/18/28 | 548840 |
| 200000 | &nbsp;&nbsp;&nbsp;BANK5 Trust, Series 2024-5YR5, 6.27%, 2/15/29 | 208687 |
| 500000 | &nbsp;&nbsp;&nbsp;PFS Financing Corp., Series D, Class A, 5.34%, 4/16/29<sup>(b)</sup> | 509250 |
| 220000 | &nbsp;&nbsp;&nbsp;Avis Budget Rental Car Funding AESOP LLC, Series 1A, Class A, 4.80%, 8/20/29<sup>(b)</sup> | 222843 |
| 392000 | &nbsp;&nbsp;&nbsp;OneMain Direct Auto Receivables Trust, Series 1A, Class A, 5.41%, 11/14/29<sup>(b)</sup> | 395368 |
| 300000 | &nbsp;&nbsp;&nbsp;Avis Budget Rental Car Funding AESOP LLC, Series 3A, Class A, 4.17%, 2/20/30<sup>(b)</sup> | 298926 |
| 270000 | &nbsp;&nbsp;&nbsp;PenFed Auto Receivables Owner Trust 2025-A, Series A, Class A3, 4.03%, 7/15/30<sup>(b)</sup> | 269755 |
| 550000 | &nbsp;&nbsp;&nbsp;Dryden CLO Ltd., Series 53A, Class BR, 5.60%, 1/15/31<sup>(b)(f)</sup> | 550566 |
| 450000 | &nbsp;&nbsp;&nbsp;Santander Drive Auto Receivables Trust, Series 2025-2, 4.87%, 5/15/31 | 454251 |
| 178058 | &nbsp;&nbsp;&nbsp;ARI Fleet Lease Trust, Series B, Class A2, 6.05%, 7/15/32<sup>(b)</sup> | 179569 |
| 424000 | &nbsp;&nbsp;&nbsp;Affirm Master Trust, Series 1A, Class A, 4.99%, 2/15/33<sup>(b)</sup> | 427394 |
| 414000 | &nbsp;&nbsp;&nbsp;Neuberger Berman Loan Advisers CLO 41 Ltd., Series 41A, Class AR, 5.35%, 4/15/34 (TSFR3M + 105 bps)<sup>(b)(c)(f)</sup> | 414443 |
| 420000 | &nbsp;&nbsp;&nbsp;ARES XLIV CLO Ltd, Series 44A, Class A1RR, 5.42%, 4/15/34 (TSFR3M + 113 bps)<sup>(b)(c)</sup> | 420840 |
| 290000 | &nbsp;&nbsp;&nbsp;Goldentree Loan Management US Clo Ltd., Series 7A, Class ARR, 5.43%, 4/20/34<sup>(b)</sup> | 290139 |

---

---

| | | |
|:---|:---|:---|
| **Principal** <br> **Amount** |  | **Fair Value** |
| **ASSET BACKED SECURITIES — (continued)** | **ASSET BACKED SECURITIES — (continued)** |  |
| $275000 | &nbsp;&nbsp;&nbsp;Magnetite XXXI Ltd., Class A1, 5.68%, 7/15/34<sup>(b)</sup> | $275366 |
| 417000 | &nbsp;&nbsp;&nbsp;LCM 33 Ltd, Series 33A, Class AR, 5.49%, 7/20/34 (TSFR3M + 118.00 bps)<sup>(b)(c)</sup> | 417676 |
| 369000 | &nbsp;&nbsp;&nbsp;Allegany Park CLO Ltd, Series 1A, Class ARR, 5.38%, 1/20/35 (TSFR3M + 110 bps)<sup>(b)(c)</sup> | 369166 |
| 282064 | &nbsp;&nbsp;&nbsp;Fannie Mae, 6.35%, 7/01/36 (H15T1Y + 219.40 bps)<sup>(c)</sup> | 290409 |
| 364337 | &nbsp;&nbsp;&nbsp;BX Trust, Series 2021-RISE, Class C, 5.71%, 11/15/36<sup>(b)</sup> | 363881 |
| 500000 | &nbsp;&nbsp;&nbsp;Wheels Fleet Lease Funding 1 LLC, Series 2A, Class A1, 4.41%, 5/18/40<sup>(b)</sup> | 502710 |
| 309213 | &nbsp;&nbsp;&nbsp;Hilton Grand Vacations Trust, Series 2024-3A, Class A, 4.98%, 8/27/40<sup>(b)</sup> | 312245 |
| 246339 | &nbsp;&nbsp;&nbsp;Sierra Timeshare Receivables Funding LLC, Series 2024-2A, Class A, 5.14%, 6/20/41<sup>(b)</sup> | 248757 |
| 135280 | &nbsp;&nbsp;&nbsp;Sierra Timeshare Receivables Funding LLC, Series 3A, Class A, 4.83%, 8/20/41<sup>(b)</sup> | 136031 |
| 526280 | &nbsp;&nbsp;&nbsp;Tricon Residential Trust, Series 2025-SFR, Class A, 5.46%, 3/17/42 (TSFR1M + 110 bps)<sup>(b)(c)</sup> | 527287 |
| 425572 | &nbsp;&nbsp;&nbsp;MVW LLC, Series 2024-2, Class A, 4.43%, 3/20/42<sup>(b)</sup> | 425472 |
| 310089 | &nbsp;&nbsp;&nbsp;HINNT LLC, Series 2025-A, Class A, 5.01%, 3/15/44<sup>(b)</sup> | 313383 |
| 357000 | &nbsp;&nbsp;&nbsp;Morgan Stanley Bank of America, Series C31, Class A5, 3.10%, 11/15/49 | 351738 |
| 401191 | &nbsp;&nbsp;&nbsp;SMB Private Education Loan Trust, Series 2021-B, Class A, 1.31%, 7/17/51<sup>(b)(d)</sup> | 376999 |
| 358536 | &nbsp;&nbsp;&nbsp;Navient Refinance Loan Trust, Series A, Class A, 5.15%, 2/16/55<sup>(b)</sup> | 362855 |
| 423398 | &nbsp;&nbsp;&nbsp;Navient Private Education Refi Loan Trust, Series 2021-F, 1.11%, 2/18/70<sup>(b)</sup> | 377593 |
|  | &nbsp;&nbsp;&nbsp;**Total (Cost $11,641,480)** | 11728795 |

---

---

| | | |
|:---|:---|:---|
| **Principal** <br> **Amount** |  | **Fair Value** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES — 6.73%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES — 6.73%** |  |
| 391240 | &nbsp;&nbsp;&nbsp;ELP Commercial Mortgage Trust, Series 2021-ELP, Class C, 5.59%, 11/15/38<sup>(b)</sup> | 390751 |
| 78016 | &nbsp;&nbsp;&nbsp;BX Commercial Mortgage Trust, Series 2021-ACNT, Class C, 5.76%, 11/15/38<sup>(b)</sup> | 78002 |
| 287204 | &nbsp;&nbsp;&nbsp;BX Commercial Mortgage Trust, Series 2021-CIP, Class B, 5.54%, 12/15/38<sup>(b)</sup> | 287025 |
| 261884 | &nbsp;&nbsp;&nbsp;SMR Mortgage Trust, Series 2022-IND, Class A, 5.80%, 2/15/39<sup>(b),(c)</sup> | 261777 |
| 938 | &nbsp;&nbsp;&nbsp;CSAIL Commercial Mortgage Trust, Series 2015-C3, Class A4, 3.72%, 8/15/48 | 936 |
| 415092 | &nbsp;&nbsp;&nbsp;CD Mortgage Trust, Series 2016-CD2, Class A4, 3.53%, 11/10/49 | 403830 |
| 410000 | &nbsp;&nbsp;&nbsp;CD Mortgage Trust, Series 2017-CD3, Class A4, 3.63%, 2/10/50 | 397990 |
| 225000 | &nbsp;&nbsp;&nbsp;JPMCC Commercial Mortgage Securities Trust, Series JP5, Class A5, 3.72%, 3/15/50 | 222832 |
| 160000 | &nbsp;&nbsp;&nbsp;COMM Mortgage Trust, Series COR2, Class A3, 3.51%, 9/10/50 | 156773 |
| 75000 | &nbsp;&nbsp;&nbsp;Benchmark Mortgage Trust, Series 2023-V2, Class A3, 5.81%, 5/15/55<sup>(c)</sup> | 77522 |
| 228000 | &nbsp;&nbsp;&nbsp;BMO Mortgage Trust, Series 2023-5C1, 7.36%, 8/15/56 | 241588 |
| 100000 | &nbsp;&nbsp;&nbsp;BANK5 Trust, Series 2023-5YR3, Class AS, 7.56%, 9/15/56 | 107348 |
| 100000 | &nbsp;&nbsp;&nbsp;BANK5 Trust, Series 2023-5YR4, Class AS, 7.27%, 12/15/56 | 106918 |
|  | &nbsp;&nbsp;&nbsp;**Total (Cost $2,697,266)** | 2733292 |

---

*See accompanying notes to financial statements.* 17

**Sterling Capital Short Duration Bond Fund**

**Schedule of Investments (continued)**

*September 30, 2025*

---

| | | |
|:---|:---|:---|
| **Principal** <br> **Amount** |  | **Fair Value** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS — 5.21%** | **COLLATERALIZED MORTGAGE OBLIGATIONS — 5.21%** |  |
| $420000 | &nbsp;&nbsp;&nbsp;Point Au Roche Park CLO Ltd, Series 1A, Class A, 5.67%, 7/20/34<sup>(b),(c)</sup> | $420462 |
| 6881 | &nbsp;&nbsp;&nbsp;Fannie Mae, Series 72, Class NA, 2.50%, 8/25/42 | 6824 |
| 271154 | &nbsp;&nbsp;&nbsp;Fannie Mae, Series 35, Class CB, 2.00%, 2/25/43 | 263715 |
| 163871 | &nbsp;&nbsp;&nbsp;Fannie Mae, Series 100, Class DA, 3.00%, 2/25/43 | 160552 |
| 6599 | &nbsp;&nbsp;&nbsp;Fannie Mae, Series 71, Class PD, 2.50%, 3/25/43 | 6574 |
| 185729 | &nbsp;&nbsp;&nbsp;Freddie Mac, Series 4828, Class QA, 3.50%, 3/15/47 | 183646 |
| 558982 | &nbsp;&nbsp;&nbsp;Chase Home Lending Mortgage Trust, Series 2019- ATR2, Class A3, 3.50%, 8/25/49<sup>(b)</sup> | 506960 |
| 150000 | &nbsp;&nbsp;&nbsp;CSAIL Commercial Mortgage Trust, Series 2015-C7, Class A5, 3.50%, 11/15/49 | 148541 |
| 400000 | &nbsp;&nbsp;&nbsp;Benchmark Mortgage Trust, Series 2023-V3, Class A3, 6.36%, 7/15/56 | 419330 |
|  | &nbsp;&nbsp;&nbsp;**Total (Cost $2,187,599)** | 2116604 |

---

---

| | | |
|:---|:---|:---|
| **Principal** <br> **Amount** |  | **Fair Value** |
| **MUNICIPAL BONDS — 0.24%** | **MUNICIPAL BONDS — 0.24%** |  |
|  | **New York — 0.24%** |  |
| 95000 | &nbsp;&nbsp;&nbsp;City of New York NY*,* 4.67 *%,* 2/1/28 | 96570 |
|  | &nbsp;&nbsp;&nbsp;**Total (Cost $95,000)** | 96570 |

---

---

| | | |
|:---|:---|:---|
| **Principal** <br> **Amount** |  | **Fair Value** |
| **U.S. GOVERNMENT & AGENCIES — 1.92%** | **U.S. GOVERNMENT & AGENCIES — 1.92%** |  |
| 840000 | &nbsp;&nbsp;&nbsp;United States Treasury Note/Bond, 1.00 *%*, 7/31/28 | 780970 |
|  | &nbsp;&nbsp;&nbsp;**Total (Cost $776,823)** | 780970 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
| **MONEY MARKET FUNDS — 1.17%** | **MONEY MARKET FUNDS — 1.17%** |  |
| 474554 | &nbsp;&nbsp;&nbsp;Federated Hermes Treasury Obligations Fund, Institutional Shares, 4.00%<sup>(g)</sup> | 474554 |
|  | &nbsp;&nbsp;&nbsp;Total Money Market Funds |  |
|  | &nbsp;&nbsp;&nbsp;(Cost $474,554) | 474554 |
| Total Investments— 100.50% | Total Investments— 100.50% |  |
| (Cost $40,499,451) | (Cost $40,499,451) | 40825892 |
| Liabilities in Excess of Other Assets — (0.50)% | Liabilities in Excess of Other Assets — (0.50)% | (204671) |
| NET ASSETS — 100.00% | NET ASSETS — 100.00% | $40621221 |

---

&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 September 30, 2025. 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 year ended September 30, 2025 is $996,881, which represents 2.5% of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(e) This security was purchased on a when-issued or 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.

18 *See accompanying notes to financial statements.*

**Sterling Capital Short Duration Bond Fund**

**Schedule of Futures Contracts**

*September 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **FUTURES CONTRACTS** | **Contracts** | **Expiration Date** | **Notional Value** | **Aggregate Market Value of Contracts** | **Unrealized Appreciation (Depreciation)** |
| &nbsp;&nbsp;&nbsp;CBOT 2 Year US Treasury Note | 11 | 12/31/2025 | $2294015 | $2292383 | $(1632) |

---

*See accompanying notes to financial statements.* 19

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

**Schedule of Investments**

*September 30, 2025*

---

| | | |
|:---|:---|:---|
| **Principal** <br> **Amount** |  | **Fair Value** |
| **ASSET BACKED SECURITIES — 3.59%** | **ASSET BACKED SECURITIES — 3.59%** |  |
| $100000 | &nbsp;&nbsp;&nbsp;BANK5 Trust, Series 2024-5YR5, 6.27%, 2/15/29 | $104344 |
| 183000 | &nbsp;&nbsp;&nbsp;Avis Budget Rental Car Funding AESOP LLC, Series 2023-1A, Class A, 5.36%, 6/20/30<sup>(a)</sup> | 189265 |
| 100000 | &nbsp;&nbsp;&nbsp;BANK Trust, Series 2024-BNK48, Class A5, 5.05%, 9/15/34 | 101776 |
| 57988 | &nbsp;&nbsp;&nbsp;United States Small Business Administration, Series 2015-20G, Class 1, 2.88%, 7/01/35<sup>(c)</sup> | 54482 |
| 150000 | &nbsp;&nbsp;&nbsp;BANK5 Trust, Series 2024-5YR6, Class A3, 6.23%, 5/15/57 | 158428 |
| 100000 | &nbsp;&nbsp;&nbsp;BANK5 Trust, Series 2024-5YR6, Class AS, 6.79%, 5/15/57 | 106229 |
|  | &nbsp;&nbsp;&nbsp;**Total (Cost $703,696)** | 714524 |

---

---

| | | |
|:---|:---|:---|
| **Principal** <br> **Amount** |  | **Fair Value** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES — 12.24%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES — 12.24%** |  |
| 86899 | &nbsp;&nbsp;&nbsp;Fannie Mae-Aces, Series 2015-M17, Class A2, 3.10%, 11/25/25 | 86652 |
| 210000 | &nbsp;&nbsp;&nbsp;Freddie Mac Multifamily Structured Pass Through, Series K060, Class A2, 3.30%, 10/25/26 | 208505 |
| 478963 | &nbsp;&nbsp;&nbsp;Freddie Mac Multifamily Structured Pass Through, Series K061, Class A2, 3.35%, 11/25/26 | 474195 |
| 358587 | &nbsp;&nbsp;&nbsp;Fannie Mae-Aces, Series 2017-M7, Class A2, 2.96%, 2/25/27 | 353887 |
| 187452 | &nbsp;&nbsp;&nbsp;Fannie Mae-Aces, Series 2017-M8, Class A2, 3.06%, 5/25/27 | 184724 |
| 125000 | &nbsp;&nbsp;&nbsp;Freddie Mac Multifamily Structured Pass Through, Series K066, Class A2, 3.12%, 6/25/27 (Special footnote) | 123367 |
| 170858 | &nbsp;&nbsp;&nbsp;Freddie Mac Multifamily Structured Pass Through, Series K069, Class A2, 3.19%, 9/25/27 | 168419 |
| 275000 | &nbsp;&nbsp;&nbsp;Freddie Mac Multifamily Structured Pass Through, Series K079, Class A2, 3.93%, 6/25/28 | 274914 |
| 377362 | &nbsp;&nbsp;&nbsp;Fannie Mae-Aces, Series 2018-M10, Class A2, 3.47%, 7/25/28 | 372098 |
| 26000 | &nbsp;&nbsp;&nbsp;BMO Mortgage Trust, Series 2023-5C1, 7.36%, 8/15/56 | 27549 |
| 150000 | &nbsp;&nbsp;&nbsp;BANK5 Trust, Series 2023-5YR3, Class AS, 7.56%, 9/15/56 | 161023 |
|  | &nbsp;&nbsp;&nbsp;**Total (Cost $2,470,305)** | 2435333 |

---

---

| | | |
|:---|:---|:---|
| **Principal** <br> **Amount** |  | **Fair Value** |
| **MORTGAGE-BACKED SECURITIES — 35.44%** | **MORTGAGE-BACKED SECURITIES — 35.44%** | |
|  | **Fannie Mae — 23.24%** |  |
| 127848 | &nbsp;&nbsp;&nbsp;4.00%, 12/01/33, Pool #MA1689 | 126729 |
| 33097 | &nbsp;&nbsp;&nbsp;4.00%, 12/01/36, Pool #MA2856 | 32685 |
| 31825 | &nbsp;&nbsp;&nbsp;4.00%, 2/01/37, Pool #MA2914 | 31435 |
| 323251 | &nbsp;&nbsp;&nbsp;1.50%, 12/01/40, Pool #MA4202 | 270380 |
| 193754 | &nbsp;&nbsp;&nbsp;5.00%, 8/01/41, Pool #FA2689 | 198657 |
| 99231 | &nbsp;&nbsp;&nbsp;6.00%, 9/01/43, Pool #MA5158 | 101897 |
| 29726 | &nbsp;&nbsp;&nbsp;4.00%, 5/01/47, Pool #BE9598 | 28304 |
| 96386 | &nbsp;&nbsp;&nbsp;3.50%, 12/01/47, Pool #CA0833 | 89562 |
| 42932 | &nbsp;&nbsp;&nbsp;5.00%, 8/01/48, Pool #CA2219 | 43430 |
| 41899 | &nbsp;&nbsp;&nbsp;3.50%, 9/01/49, Pool #BJ9608 | 38724 |
| 49076 | &nbsp;&nbsp;&nbsp;3.50%, 10/01/49, Pool #CA4431 | 45279 |
| 76533 | &nbsp;&nbsp;&nbsp;3.00%, 3/01/50, Pool #FM2714 | 68024 |
| 169145 | &nbsp;&nbsp;&nbsp;3.00%, 7/01/50, Pool #CA6421 | 149212 |
| 173270 | &nbsp;&nbsp;&nbsp;3.00%, 7/01/50, Pool #CA6422 | 152824 |
| 142435 | &nbsp;&nbsp;&nbsp;2.00%, 8/01/50, Pool #CA6799 | 116592 |

---

---

| | | |
|:---|:---|:---|
| **Principal** <br> **Amount** |  | **Fair Value** |
| **MORTGAGE-BACKED SECURITIES — (continued)** | **MORTGAGE-BACKED SECURITIES — (continued)** |  |
|  | **Fannie Mae — (continued)** |  |
| 158536 | &nbsp;&nbsp;&nbsp;2.50%, 8/01/50, Pool #CA6707 | 136508 |
| 221926 | &nbsp;&nbsp;&nbsp;2.00%, 9/01/50, Pool #CA7019 | 181149 |
| 252192 | &nbsp;&nbsp;&nbsp;2.50%, 9/01/50, Pool #BQ2883 | 213957 |
| 115575 | &nbsp;&nbsp;&nbsp;2.50%, 9/01/50, Pool #BQ0538 | 98131 |
| 387842 | &nbsp;&nbsp;&nbsp;3.50%, 9/01/50, Pool #FS5284 | 358289 |
| 312673 | &nbsp;&nbsp;&nbsp;2.00%, 10/01/50, Pool #CA7224 | 254964 |
| 250294 | &nbsp;&nbsp;&nbsp;2.50%, 10/01/50, Pool #FM4638 | 213045 |
| 232587 | &nbsp;&nbsp;&nbsp;2.50%, 10/01/50, Pool #FM4530 | 197852 |
| 159960 | &nbsp;&nbsp;&nbsp;4.00%, 7/01/52, Pool #FS2516 | 151206 |
| 365013 | &nbsp;&nbsp;&nbsp;4.50%, 11/01/52, Pool #FS6858 | 357280 |
| 118903 | &nbsp;&nbsp;&nbsp;5.00%, 11/01/52, Pool #CB5278 | 118691 |
| 169487 | &nbsp;&nbsp;&nbsp;5.50%, 2/01/54, Pool #FA0202 | 171847 |
| 281623 | &nbsp;&nbsp;&nbsp;6.00%, 5/01/54, Pool #FM2472 | 290967 |
| 165609 | &nbsp;&nbsp;&nbsp;5.50%, 11/01/54, Pool #FS9801 | 167340 |
| 221924 | &nbsp;&nbsp;&nbsp;5.00%, 4/01/55, Pool #CC0236 | 220454 |
|  |  | $4625414 |
|  | **Federal Farm Credit Banks Funding Corp. — 0.35%** |  |
| 86000 | &nbsp;&nbsp;&nbsp;2.40%, 3/24/36 | 70185 |
|  | **Federal Home Loan Banks — 0.27%** |  |
| 60000 | &nbsp;&nbsp;&nbsp;1.90%, 10/07/31 | 52911 |
|  | **Freddie Mac — 11.05%** |  |
| 77992 | &nbsp;&nbsp;&nbsp;4.00%, 12/01/35, Pool #ZA2401 | 77122 |
| 47752 | &nbsp;&nbsp;&nbsp;4.00%, 3/01/39, Pool #ZA6403 | 46921 |
| 165156 | &nbsp;&nbsp;&nbsp;2.00%, 12/01/40, Pool #RB5090 | 143084 |
| 110052 | &nbsp;&nbsp;&nbsp;3.50%, 1/01/47, Pool #ZT0941 | 102233 |
| 79858 | &nbsp;&nbsp;&nbsp;3.00%, 12/01/51, Pool #SD8184 | 70771 |
| 99307 | &nbsp;&nbsp;&nbsp;3.50%, 6/01/52, Pool #SD2670 | 92261 |
| 147506 | &nbsp;&nbsp;&nbsp;4.50%, 6/01/52, Pool #SD1265 | 144553 |
| 150939 | &nbsp;&nbsp;&nbsp;4.50%, 8/01/52, Pool #SD1515 | 147602 |
| 225507 | &nbsp;&nbsp;&nbsp;5.00%, 9/01/52, Pool #RA7936 | 225719 |
| 156812 | &nbsp;&nbsp;&nbsp;4.00%, 2/01/53, Pool #SD7560 | 150318 |
| 141080 | &nbsp;&nbsp;&nbsp;5.50%, 2/01/53, Pool #QF8052 | 143157 |
| 161424 | &nbsp;&nbsp;&nbsp;5.00%, 3/01/53, Pool #SD2390 | 161298 |
| 79102 | &nbsp;&nbsp;&nbsp;6.00%, 5/01/53, Pool #SD3072 | 81474 |
| 135254 | &nbsp;&nbsp;&nbsp;6.00%, 7/01/53, Pool #SD3223 | 138610 |
| 176993 | &nbsp;&nbsp;&nbsp;5.50%, 6/01/54, Pool #SD5479 | 180432 |
| 280232 | &nbsp;&nbsp;&nbsp;6.00%, 9/01/54, Pool #SD6337 | 288263 |
|  |  | 2193818 |
|  | **Ginnie Mae II — 0.53%** |  |
| 24154 | &nbsp;&nbsp;&nbsp;5.00%, 11/20/38, Pool #4283 | 24185 |
| 86202 | &nbsp;&nbsp;&nbsp;4.00%, 7/20/52, Pool #786280 | 81339 |
|  |  | 105524 |
|  | &nbsp;&nbsp;&nbsp;**Total (Cost $7,495,382)** | 7047852 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount** |  | **Fair Value** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS — 21.81%** | **COLLATERALIZED MORTGAGE OBLIGATIONS — 21.81%** |  |
| 101509 | &nbsp;&nbsp;&nbsp;Freddie Mac, Series 3787, Class LM, 4.00%, 1/15/31 | 101604 |
| 53852 | &nbsp;&nbsp;&nbsp;Freddie Mac, Series 4151, Class PA, 2.00%, 1/15/33 | 51186 |

---

20 *See accompanying notes to financial statements.*

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

**Schedule of Investments (continued)**

*September 30, 2025*

---

| | | |
|:---|:---|:---|
| **Principal** <br> **Amount** |  | **Fair Value** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS — (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS — (continued)** |  |
| 148063 | &nbsp;&nbsp;&nbsp;Fannie Mae-Aces, Series M1, Class 1A3, 3.55%, 1/25/33 | 139727 |
| 175000 | &nbsp;&nbsp;&nbsp;Freddie Mac, Series 4172, Class KB, 3.00%, 2/15/33 | 164599 |
| 209659 | &nbsp;&nbsp;&nbsp;Ginnie Mae, Series 181, Class AV, 5.50%, 2/20/33 | 213812 |
| 57773 | &nbsp;&nbsp;&nbsp;Fannie Mae, Series 2013-44, Class DJ, 1.85%, 5/25/33 | 54166 |
| 23534 | &nbsp;&nbsp;&nbsp;Fannie Mae, Series 2003-44, Class Q, 3.50%, 6/25/33 | 23077 |
| 146830 | &nbsp;&nbsp;&nbsp;Ginnie Mae, Series 2023-79, Class DV, 5.50%, 5/20/34 | 149258 |
| 85098 | &nbsp;&nbsp;&nbsp;Fannie Mae, Series 2005-31, Class PB, 5.50%, 4/25/35 | 87788 |
| 30770 | &nbsp;&nbsp;&nbsp;Ginnie Mae, Series 2013-133, Class PL, 3.50%, 2/16/37 | 30361 |
| 490025 | &nbsp;&nbsp;&nbsp;Fannie Mae-Aces, Series M1, Class 2A1, 4.05%, 12/25/37 | 479186 |
| 137584 | &nbsp;&nbsp;&nbsp;Freddie Mac, Series 4863, Class AJ, 3.50%, 7/15/38 | 133712 |
| 50618 | &nbsp;&nbsp;&nbsp;Freddie Mac, Series 4122, Class BC, 3.00%, 5/15/40 | 48334 |
| 139960 | &nbsp;&nbsp;&nbsp;Ginnie Mae, Series 137, Class WA, 5.59%, 7/20/40 | 144862 |
| 150000 | &nbsp;&nbsp;&nbsp;Ginnie Mae, Series 81, Class AL, 4.50%, 8/20/40 | 148468 |
| 99877 | &nbsp;&nbsp;&nbsp;Progress Residential Trust, Series SFR1, Class A, 3.40%, 2/17/42<sup>(a)</sup> | 95409 |
| 160132 | &nbsp;&nbsp;&nbsp;Fannie Mae, Series 2012-87, Class MB, 2.00%, 5/25/42 | 151312 |
| 12620 | &nbsp;&nbsp;&nbsp;Fannie Mae, Series 2016-49, Class DA, 3.50%, 10/25/42 | 12566 |
| 112453 | &nbsp;&nbsp;&nbsp;Fannie Mae, Series 2012-150, Class KA, 1.75%, 1/25/43 | 95096 |
| 135766 | &nbsp;&nbsp;&nbsp;Freddie Mac, Series 4173, Class NB, 3.00%, 3/15/43 | 125160 |
| 315000 | &nbsp;&nbsp;&nbsp;Freddie Mac, Series 4669, Class QY, 3.50%, 9/15/44 | 306309 |
| 38423 | &nbsp;&nbsp;&nbsp;Ginnie Mae, Series 2015-162, Class EB, 2.50%, 9/20/44 | 36471 |
| 498592 | &nbsp;&nbsp;&nbsp;Freddie Mac, Series 4601, Class NJ, 1.90%, 9/15/45 | 446996 |
| 141379 | &nbsp;&nbsp;&nbsp;Fannie Mae, Series 2016-49, Class PA, 3.00%, 9/25/45 | 133923 |
| 84233 | &nbsp;&nbsp;&nbsp;Freddie Mac, Series 4656, Class PA, 3.50%, 10/15/45 | 82118 |
| 121856 | &nbsp;&nbsp;&nbsp;Fannie Mae, Series 2016-24, Class CD, 1.75%, 2/25/46 | 106032 |
| 181273 | &nbsp;&nbsp;&nbsp;Fannie Mae, Series 2016-88, Class PK, 2.50%, 3/25/46 | 167841 |
| 77305 | &nbsp;&nbsp;&nbsp;Freddie Mac, Series 5380, Class A, 5.50%, 9/25/47 | 77771 |
| 216188 | &nbsp;&nbsp;&nbsp;Fannie Mae, Series 2019-25, Class PD, 2.50%, 5/25/48 | 195569 |
| 183397 | &nbsp;&nbsp;&nbsp;Freddie Mac, Series 4942, Class NC, 2.50%, 10/25/49 | 162088 |
| 177293 | &nbsp;&nbsp;&nbsp;Ginnie Mae, Series 2022-137, Class PA, 4.00%, 5/20/52 | 173652 |
|  | &nbsp;&nbsp;&nbsp;**Total (Cost $4,420,613)** | $4338453 |

---

---

| | | |
|:---|:---|:---|
| **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<sup>(c)</sup> | 40419 |
|  | &nbsp;&nbsp;&nbsp;**Total (Cost $40,316)** | 40419 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount** |  | **Fair Value** |
| **U.S. TREASURY BONDS & NOTES — 25.75%** | **U.S. TREASURY BONDS & NOTES — 25.75%** |  |
| 1350000 | &nbsp;&nbsp;&nbsp;United States Treasury Strip, 0.00 *%*, 5/15/29 | 1179701 |
| 1100200 | &nbsp;&nbsp;&nbsp;United States Treasury Note, 1.13 *%*, 2/15/31<sup>(c)</sup> | 961386 |
| 2400000 | &nbsp;&nbsp;&nbsp;United States Treasury Note, 2.75 *%*, 8/15/32<sup>(c)</sup> | 2231155 |
| 1000000 | &nbsp;&nbsp;&nbsp;United States Treasury Strip, 0.00 *%*, 11/15/32 | 749972 |
|  | &nbsp;&nbsp;&nbsp;**Total (Cost $5,104,935)** | 5122214 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
| **MONEY MARKET FUNDS — 0.71%** | **MONEY MARKET FUNDS — 0.71%** |  |
| 141542 | &nbsp;&nbsp;&nbsp;Federated Hermes Treasury Obligations Fund, Institutional Shares, 4.00%<sup>(d)</sup> | 141542 |
|  | &nbsp;&nbsp;&nbsp;Total Money Market Funds |  |
|  | &nbsp;&nbsp;&nbsp;(Cost $141,542) | $141542 |
| Total Investments— 99.74% | Total Investments— 99.74% |  |
| (Cost $20,376,789) | (Cost $20,376,789) | 19840337 |
| Other Assets in Excess of Liabilities— 0.26% | Other Assets in Excess of Liabilities— 0.26% | 52056 |
| NET ASSETS — 100.00% | NET ASSETS — 100.00% | $19892393 |

---

&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 September 30, 2025. The maturity date reflected is the final maturity date.

&nbsp;&nbsp;&nbsp;&nbsp;(c) All or a portion of the securities are
held in a separate collateral account at US Bank. The total value of securities held in a separate collateral account as of the year ended
September 30, 2025 is $535,973, which represents 2.7% of net assets.

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

*AGM* *Assured Guaranty Municipal Corp.* <br> *TXB* *Taxable Bond*

*See accompanying notes to financial statements.* 21

**Sterling Capital Total Return Bond Fund**

**Schedule of Investments** 

September 30, 2025

---

| | | |
|:---|:---|:---|
| **Principal**<br>**Amount** |  |<br>**Fair Value** |
| **CORPORATE BONDS — 21.68%** | **CORPORATE BONDS — 21.68%** |  |
|  | **AEROSPACE & DEFENSE — 0.62%** |  |
| $2190000 | &nbsp;&nbsp;&nbsp;BAE Systems PLC, 5.13%, 3/26/29<sup>(a)</sup> | $2255320 |
| 1978000 | &nbsp;&nbsp;&nbsp;Boeing Co. (The), 6.30%, 5/01/29 | 2099147 |
| 2483000 | &nbsp;&nbsp;&nbsp;Boeing Co. (The), 5.71%, 5/01/40 | 2533609 |
| 3028000 | &nbsp;&nbsp;&nbsp;RTX Corp., 4.50%, 6/01/42 | 2738188 |
|  |  | 9626264 |
|  | **ASSET MANAGEMENT — 0.27%** |  |
| 2522000 | &nbsp;&nbsp;&nbsp;Apollo Debt Solutions BDC, 6.90%, 4/13/29 | 2651571 |
| 1540000 | &nbsp;&nbsp;&nbsp;&nbsp;Ares Finance Co. III LLC, 4.13%, 6/30/51 (H15T5Y + 323.70 bps)<sup>(a)(b)</sup> | 1515291 |
|  |  | 4166862 |
|  | **AUTOMOTIVE — 0.04%** |  |
| 670000 | &nbsp;&nbsp;&nbsp;Hyundai Capital America, 5.40%, 6/23/32<sup>(a)</sup> | 689812 |
|  | **BANKING — 1.96%** |  |
| 1959000 | &nbsp;&nbsp;&nbsp;Barclays PLC, 5.09%, 6/20/30<sup>(c)</sup> | 1985270 |
| 4065000 | &nbsp;&nbsp;&nbsp;Macquarie Group Ltd, 2.69%, 6/23/32<sup>(a)(b)</sup> | 3672430 |
| 2421000 | &nbsp;&nbsp;&nbsp;Mitsubishi UFJ Financial Group Inc., 2.49%, 10/13/32 (H15T1Y + 97 bps)<sup>(b)</sup> | 2157493 |
| 3051000 | &nbsp;&nbsp;&nbsp;Fifth Third Bancorp, 4.34%, 4/25/33<sup>(b)</sup> | 2973539 |
| 5651000 | &nbsp;&nbsp;&nbsp;Bank of America Corp, 5.02%, 7/22/33<sup>(b)</sup> | 5774006 |
| 2992000 | &nbsp;&nbsp;&nbsp;Wells Fargo & Co., 4.90%, 7/25/33 (SOFR + 210 bps)<sup>(b)</sup> | 3039658 |
| 1923000 | &nbsp;&nbsp;&nbsp;US Bancorp, 4.84%, 2/01/34<sup>(b)</sup> | 1931420 |
| 3008000 | &nbsp;&nbsp;&nbsp;Bank of America Corp., 5.74%, 2/12/36 (SOFRRATE + 169.70 bps)<sup>(b)</sup> | 3125218 |
| 3980000 | &nbsp;&nbsp;&nbsp;Wells Fargo & Co., 5.61%, 4/23/36<sup>(b)</sup> | 4176815 |
| 1333000 | &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co, 5.58%, 7/23/36 (SOFRRATE + 163.50 bps)<sup>(b)</sup> | 1381897 |
|  |  | 30217746 |
|  | **BANKS — 2.26%** |  |
| 2070000 | &nbsp;&nbsp;&nbsp;Huntington Bancshares, Inc., 6.07%, 8/21/29 | 2178546 |
| 5122000 | &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co., 5.01%, 1/23/30 | 5247236 |
| 1546000 | &nbsp;&nbsp;&nbsp;Citizens Financial Group, Inc., 5.84%, 1/23/30 | 1611370 |
| 1604000 | &nbsp;&nbsp;&nbsp;Comerica, Inc., 5.98%, 1/30/30 (SOFR + 215.50 bps)<sup>(b)</sup> | 1669197 |
| 3042000 | &nbsp;&nbsp;&nbsp;Sumitomo Mitsui Financial Group, Inc., 2.13%, 7/08/30 | 2754637 |
| 3721000 | &nbsp;&nbsp;&nbsp;Wells Fargo & Co., 2.88%, 10/30/30 | 3523049 |
| 6530000 | &nbsp;&nbsp;&nbsp;Citigroup, Inc., 2.98%, 11/05/30 | 6181568 |
| 2114000 | &nbsp;&nbsp;&nbsp;Toronto-Dominion Bank (The), 3.63%, 9/15/31 (USSW5 + 220.50 bps)<sup>(b)</sup> | 2096844 |
| 4120000 | &nbsp;&nbsp;&nbsp;Westpac Banking Corp., GMTN, 4.32%, 11/23/31 (USISOA05 + 224 bps)<sup>(b)</sup> | 4107992 |
| 3490000 | &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co., 4.91%, 7/25/33<sup>(b)</sup> | 3558777 |
| 2046000 | &nbsp;&nbsp;&nbsp;Bank of America Corp., 5.29%, 4/25/34<sup>(c)</sup> | 2116832 |
|  |  | 35046048 |
|  | **BEVERAGES — 0.18%** |  |
| 2760000 | &nbsp;&nbsp;&nbsp;Bacardi Ltd. / Bacardi-Martini BV, 5.40%, 6/15/33<sup>(a)</sup> | 2788344 |
|  | **BIOTECH & PHARMA — 0.47%** |  |
| 2151000 | &nbsp;&nbsp;&nbsp;Pfizer Investment Enterprises Pte Ltd., 4.65%, 5/19/30 | 2191337 |
| 2445000 | &nbsp;&nbsp;&nbsp;CSL Finance PLC, 4.25%, 4/27/32<sup>(a)</sup> | 2409850 |
| 1861000 | &nbsp;&nbsp;&nbsp;Zoetis, Inc., 5.00%, 8/17/35 | 1879574 |
| 752000 | &nbsp;&nbsp;&nbsp;Eli Lilly & Co, 5.55%, 10/15/55 (FIXED) | 773626 |
|  |  | 7254387 |
|  | **BIOTECHNOLOGY — 0.25%** |  |
| 3687000 | &nbsp;&nbsp;&nbsp;Amgen, Inc., 5.25%, 3/02/30 | 3822010 |
|  | **CABLE & SATELLITE — 0.38%** |  |
| 1653000 | &nbsp;&nbsp;&nbsp;Charter Communications Operating LLC, 6.10%, 6/01/29 | 1734647 |
| 1134000 | &nbsp;&nbsp;&nbsp;Charter Communications Operating LLC, 6.65%, 2/01/34 | 1211789 |
| 2680000 | &nbsp;&nbsp;&nbsp;Charter Communications Operating LLC, 6.55%, 6/01/34 | 2856121 |
|  |  | 5802557 |
|  | **CAPITAL MARKETS — 0.60%** |  |
| 1058000 | &nbsp;&nbsp;&nbsp;Ares Management Corp., 6.38%, 11/10/28 | 1118873 |

---

---

| | | |
|:---|:---|:---|
| **Principal** <br> **Amount** |  | **Fair Value** |
| **CORPORATE BONDS — (continued)** | **CORPORATE BONDS — (continued)** |  |
|  | **CAPITAL MARKETS — (continued)** |  |
| $3509000 | &nbsp;&nbsp;&nbsp;BlackRock, Inc., 1.90%, 1/28/31<sup>(d)</sup> | $3127569 |
| 4787000 | &nbsp;&nbsp;&nbsp;Morgan Stanley, MTN, 5.25%, 4/21/34 | 4936468 |
|  |  | 9182910 |
|  | **CONSUMER SERVICES — 0.30%** |  |
| 2317000 | &nbsp;&nbsp;&nbsp;Duke University, 3.30%, 10/01/46 | 1687647 |
| 3898000 | &nbsp;&nbsp;&nbsp;Lehigh University, 3.48%, 11/15/46 | 2923854 |
|  |  | 4611501 |
|  | **DIVERSIFIED TELECOMMUNICATION SERVICES — 0.24%** |  |
| 4555000 | &nbsp;&nbsp;&nbsp;AT&T, Inc., 3.50%, 6/01/41 | 3641163 |
|  | **E-COMMERCE DISCRETIONARY — 0.13%** |  |
| 2600000 | &nbsp;&nbsp;&nbsp;Amazon.com Inc, 2.88%, 5/12/41 | 1994999 |
|  | **ELECTRIC UTILITIES — 1.97%** |  |
| 3629000 | &nbsp;&nbsp;&nbsp;NextEra Energy Capital Holdings, Inc., 2.44%, 1/15/32 | 3206608 |
| 3659000 | &nbsp;&nbsp;&nbsp;FirstEnergy Transmission LLC, 4.75%, 1/15/33<sup>(a)</sup> | 3651847 |
| 2240000 | &nbsp;&nbsp;&nbsp;CenterPoint Energy Houston Electric LLC, 5.15%, 3/01/34 | 2294302 |
| 2976000 | &nbsp;&nbsp;&nbsp;DTE Electric Co, 5.25%, 5/15/35 | 3062021 |
| 1863000 | &nbsp;&nbsp;&nbsp;NRG Energy Inc, 5.41%, 10/15/35<sup>(a),(e)</sup> | 1869336 |
| 2421000 | &nbsp;&nbsp;&nbsp;Duke Energy Florida LLC, 6.40%, 6/15/38 | 2719326 |
| 3248000 | &nbsp;&nbsp;&nbsp;Indiana Michigan Power Co., 4.55%, 3/15/46 | 2841068 |
| 3984000 | &nbsp;&nbsp;&nbsp;Duke Energy Progress LLC, 3.60%, 9/15/47 | 3022453 |
| 2644000 | &nbsp;&nbsp;&nbsp;Puget Sound Energy, Inc., 4.22%, 6/15/48 | 2167327 |
| 2755000 | &nbsp;&nbsp;&nbsp;Southwestern Public Service Co., 3.15%, 5/01/50 | 1858508 |
| 3131000 | &nbsp;&nbsp;&nbsp;Entergy Louisiana LLC, 5.70%, 3/15/54 | 3159555 |
| 647000 | &nbsp;&nbsp;&nbsp;Nevada Power Co., 6.25%, 5/15/55 (H15T5Y + 193.60 bps)<sup>(b)</sup> | 656123 |
|  |  | 30508474 |
|  | **FINANCIAL SERVICES — 0.10%** |  |
| 1550000 | &nbsp;&nbsp;&nbsp;KKR Group Finance Co. III LLC, 5.13%, 6/01/44<sup>(a)</sup> | 1471566 |
|  | **FOOD — 0.40%** |  |
| 3599000 | &nbsp;&nbsp;&nbsp;Mars, Inc., 5.20%, 3/01/35<sup>(a)</sup> | 3678670 |
| 2600000 | &nbsp;&nbsp;&nbsp;Kraft Heinz Foods Co., 5.00%, 6/04/42 | 2400207 |
|  |  | 6078877 |
|  | **GAS & WATER UTILITIES — 0.19%** |  |
| 2883000 | &nbsp;&nbsp;&nbsp;Southern Co Gas Capital Corp, 5.10%, 9/15/35 | 2890536 |
|  | **HEALTH CARE EQUIPMENT & SUPPLIES — 0.19%** |  |
| 2811000 | &nbsp;&nbsp;&nbsp;GE HealthCare Technologies, Inc., 5.86%, 3/15/30 | 2978254 |
|  | **HEALTH CARE FACILITIES & SERVICES — 0.46%** |  |
| 1916000 | &nbsp;&nbsp;&nbsp;IQVIA, Inc., 6.25%, 2/01/29 | 2016849 |
| 2601000 | &nbsp;&nbsp;&nbsp;HCA, Inc., 5.50%, 6/01/33 | 2702281 |
| 2419000 | &nbsp;&nbsp;&nbsp;CVS Health Corp, 6.05%, 6/01/54 | 2446907 |
|  |  | 7166037 |
|  | **HOME CONSTRUCTION — 0.24%** |  |
| 1415000 | &nbsp;&nbsp;&nbsp;DR Horton Inc., 4.85%, 10/15/30 | 1443142 |
| 2201000 | &nbsp;&nbsp;&nbsp;Meritage Homes Corp, 5.65%, 3/15/35 | 2234828 |
|  |  | 3677970 |
|  | **HOUSEHOLD DURABLES — 0.10%** |  |
| 1570000 | &nbsp;&nbsp;&nbsp;Meritage Homes Corp., 3.88%, 4/15/29<sup>(a)</sup> | 1528382 |
|  | **INSTITUTIONAL FINANCIAL SERVICES — 0.27%** |  |
| 4614000 | &nbsp;&nbsp;&nbsp;Morgan Stanley, 2.51%, 10/20/32<sup>(b)</sup> | 4116415 |
|  | **INSURANCE — 1.65%** |  |
| 2933000 | &nbsp;&nbsp;&nbsp;SBL Holdings, Inc., 5.13%, 11/13/26<sup>(a)</sup> | 2957198 |
| 2297000 | &nbsp;&nbsp;&nbsp;GA Global Funding Trust, 5.50%, 1/08/29<sup>(a)</sup> | 2376570 |
| 2192000 | &nbsp;&nbsp;&nbsp;Fortitude Group Holdings LLC, 6.25%, 4/01/30<sup>(a)</sup> | 2275951 |
| 1392000 | &nbsp;&nbsp;&nbsp;RGA Global Funding, 5.50%, 1/11/31<sup>(a)</sup> | 1452219 |
| 1654000 | &nbsp;&nbsp;&nbsp;Enstar Group Ltd., 3.10%, 9/01/31 | 1477270 |
| 3678000 | &nbsp;&nbsp;&nbsp;Athene Holding Ltd., 5.88%, 1/15/34 | 3849196 |
| 1456000 | &nbsp;&nbsp;&nbsp;SBL Holdings, Inc., 7.20%, 10/30/34<sup>(a)</sup> | 1459880 |
| 2090000 | &nbsp;&nbsp;&nbsp;American National Group Inc, 6.00%, 7/15/35<sup>(a)</sup> | 2133582 |
| 1712000 | &nbsp;&nbsp;&nbsp;Transatlantic Holdings, Inc., 8.00%, 11/30/39 | 2147477 |

---

22 *See accompanying notes to financial statements.*

**Sterling Capital Total Return Bond Fund**

**Schedule of Investments (continued)**

*September 30, 2025*

---

| | | |
|:---|:---|:---|
| **Principal**<br>**Amount** |  |<br>**Fair Value** |
| **CORPORATE BONDS — (continued)** | **CORPORATE BONDS — (continued)** |  |
|  | **INSURANCE — (continued)** |  |
| $2904000 | &nbsp;&nbsp;&nbsp;Meiji Yasuda Life Insurance Co., 5.20%, 10/20/45<sup>(a)(b)</sup> | $2902814 |
| 939000 | &nbsp;&nbsp;&nbsp;Global Atlantic Fin Co., 6.75%, 3/15/54<sup>(a)</sup> | 992773 |
| 1400000 | &nbsp;&nbsp;&nbsp;Athene Holding Ltd., 6.63%, 10/15/54 | 1412579 |
|  |  | 25437509 |
|  | **INTERACTIVE MEDIA & SERVICES — 0.16%** |  |
| 2484000 | &nbsp;&nbsp;&nbsp;Meta Platforms, Inc., 5.40%, 8/15/54 | 2454146 |
|  | **IT SERVICES — 0.15%** |  |
| 2300000 | &nbsp;&nbsp;&nbsp;Gartner, Inc., 4.50%, 7/01/28<sup>(a)</sup> | 2281219 |
|  | **MACHINERY — 0.15%** |  |
| 2190000 | &nbsp;&nbsp;&nbsp;Caterpillar Inc., 5.20%, 5/15/35 | 2265794 |
|  | **MEDICAL EQUIPMENT & DEVICES — 0.16%** |  |
| 2791000 | &nbsp;&nbsp;&nbsp;Baxter International Inc, 2.54%, 2/01/32 | 2446846 |
|  | **METALS & MINING — 0.75%** |  |
| 2330000 | &nbsp;&nbsp;&nbsp;Steel Dynamics, Inc., 5.38%, 8/15/34 | 2408747 |
| 2904000 | &nbsp;&nbsp;&nbsp;Glencore Funding LLC, 5.67%, 4/01/35<sup>(a)</sup> | 3018220 |
| 3929000 | &nbsp;&nbsp;&nbsp;Freeport-McMoRan Inc., 5.45%, 3/15/43 | 3784337 |
| 2249000 | &nbsp;&nbsp;&nbsp;Anglo American Capital PLC, 6.00%, 4/05/54<sup>(a)</sup> | 2311159 |
|  |  | 11522463 |
|  | **MULTI-UTILITIES — 0.30%** |  |
| 2870000 | &nbsp;&nbsp;&nbsp;Sempra, 3.80%, 2/01/38 | 2453303 |
| 2449000 | &nbsp;&nbsp;&nbsp;CMS Energy Corp., 4.70%, 3/31/43 | 2161364 |
|  |  | 4614667 |
|  | **OIL & GAS PRODUCERS — 0.38%** |  |
| 1873000 | &nbsp;&nbsp;&nbsp;Energy Transfer LP, 3.75%, 5/15/30 | 1818814 |
| 2320000 | &nbsp;&nbsp;&nbsp;Woodside Finance Ltd., 6.00%, 5/19/35 | 2421655 |
| 1849000 | &nbsp;&nbsp;&nbsp;APA Corp., 5.10%, 9/01/40<sup>(a)</sup> | 1627046 |
|  |  | 5867515 |
|  | **OIL, GAS & CONSUMABLE FUELS — 0.94%** |  |
| 3421000 | &nbsp;&nbsp;&nbsp;Aker BP ASA, 3.75%, 1/15/30<sup>(a)</sup> | 3303819 |
| 2525000 | &nbsp;&nbsp;&nbsp;Pioneer Natural Resources Co., 1.90%, 8/15/30 | 2267658 |
| 2060000 | &nbsp;&nbsp;&nbsp;Targa Resources Corp., 6.50%, 3/30/34 | 2243077 |
| 2213000 | &nbsp;&nbsp;&nbsp;Diamondback Energy, Inc., 5.40%, 4/18/34 | 2259213 |
| 2393000 | &nbsp;&nbsp;&nbsp;MPLX LP, 4.50%, 4/15/38 | 2164495 |
| 1961000 | &nbsp;&nbsp;&nbsp;ONEOK, Inc., 7.15%, 1/15/51 | 2197153 |
|  |  | 14435415 |
|  | **REIT — 1.19%** |  |
| 3279000 | &nbsp;&nbsp;&nbsp;American Tower Trust, Series 2018-1, Class A, 3.65%, 3/15/28<sup>(a)(d)</sup> | 3223222 |
| 2070000 | &nbsp;&nbsp;&nbsp;LXP Industrial Trust, 2.70%, 9/15/30 | 1891387 |
| 3096000 | &nbsp;&nbsp;&nbsp;Store Capital LLC, 2.75%, 11/18/30 | 2814335 |
| 2200000 | &nbsp;&nbsp;&nbsp;Tanger Properties LP, 2.75%, 9/01/31 | 1971183 |
| 1625000 | &nbsp;&nbsp;&nbsp;Invitation Homes Operating Partnership LP, 4.15%, 4/15/32 | 1570941 |
| 2453000 | &nbsp;&nbsp;&nbsp;Extra Space Storage LP, 4.95%, 1/15/33 | 2467467 |
| 2085000 | &nbsp;&nbsp;&nbsp;Prologis Targeted US Logistics Fund LP, 5.50%, 4/01/34<sup>(a)</sup> | 2165067 |
| 2260000 | &nbsp;&nbsp;&nbsp;Phillips Edison Grocery Center, 4.95%, 1/15/35 | 2225929 |
|  |  | 18329531 |
|  | **RETAIL - DISCRETIONARY — 0.15%** |  |
| 2586000 | &nbsp;&nbsp;&nbsp;Lowe's Cos Inc., 1.70%, 10/15/30 | 2275828 |
|  | **SEMICONDUCTORS — 0.45%** |  |
| 1497000 | &nbsp;&nbsp;&nbsp;Microchip Technology Inc., 5.05%, 2/15/30 | 1530876 |
| 1800000 | &nbsp;&nbsp;&nbsp;Broadcom Inc, 4.20%, 10/15/30 | 1796930 |
| 3362000 | &nbsp;&nbsp;&nbsp;Foundry JV Holdco LLC, 6.15%, 1/25/32<sup>(a)</sup> | 3593420 |
|  |  | 6921226 |
|  | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 0.23%** |  |
| 3659000 | &nbsp;&nbsp;&nbsp;Broadcom, Inc., 4.93%, 5/15/37<sup>(a)</sup> | 3649187 |
|  | **SOFTWARE — 0.30%** |  |
| 1830000 | &nbsp;&nbsp;&nbsp;Oracle Corp, 5.88%, 9/26/45 | 1834968 |
| 2727000 | &nbsp;&nbsp;&nbsp;Oracle Corp., 6.13%, 8/03/65 | 2737548 |
|  |  | $4572516 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br>**Amount** |  |<br>**Fair Value** |
| **CORPORATE BONDS — (continued)** | **CORPORATE BONDS — (continued)** |  |
|  | **SPECIALTY FINANCE — 0.81%** |  |
| $2815000 | &nbsp;&nbsp;&nbsp;Aircastle Ltd / Aircastle Ireland DAC, 5.00%, 9/15/30<sup>(a)</sup> | 2836076 |
| 1322000 | &nbsp;&nbsp;&nbsp;AerCap Ireland Capital DAC, 6.15%, 9/30/30 | 1416149 |
| 2787000 | &nbsp;&nbsp;&nbsp;Ally Financial Inc., 5.54%, 1/17/31 (SOFRINDX + 173 bps)<sup>(b)</sup> | 2839150 |
| 2481000 | &nbsp;&nbsp;&nbsp;Ladder Capital Finance Holdings LLLP, 7.00%, 7/15/31<sup>(a)</sup> | 2601042 |
| 2695000 | &nbsp;&nbsp;&nbsp;American Express Co., 5.44%, 1/30/36 (SOFRINDX + 132 bps)<sup>(b)</sup> | 2803002 |
|  |  | 12495419 |
|  | **TECHNOLOGY HARDWARE — 0.62%** |  |
| 2526000 | &nbsp;&nbsp;&nbsp;Motorola Solutions Inc., 4.85%, 8/15/30 | 2574135 |
| 2612000 | &nbsp;&nbsp;&nbsp;Hewlett Packard Enterprise Co, 4.40%, 10/15/30 | 2596142 |
| 1800000 | &nbsp;&nbsp;&nbsp;Dell International LLC / EMC Corp, 4.75%, 10/06/32<sup>(e)</sup> | 1791953 |
| 2616000 | &nbsp;&nbsp;&nbsp;Dell International LLC / EMC Corp., 5.50%, 4/01/35 | 2702189 |
|  |  | 9664419 |
|  | **TECHNOLOGY SERVICES — 0.31%** |  |
| 2572000 | &nbsp;&nbsp;&nbsp;Fiserv Inc, 5.15%, 8/12/34 | 2602742 |
| 2176000 | &nbsp;&nbsp;&nbsp;Verisk Analytics, Inc., 5.25%, 3/15/35 | 2218297 |
|  |  | 4821039 |
|  | **TELECOMMUNICATIONS — 0.55%** |  |
| 2409000 | &nbsp;&nbsp;&nbsp;AT&T, Inc., 4.30%, 2/15/30 | 2414245 |
| 2431000 | &nbsp;&nbsp;&nbsp;Sprint Capital Corp., 8.75%, 3/15/32 | 2961648 |
| 3084000 | &nbsp;&nbsp;&nbsp;T-Mobile USA, Inc., 6.00%, 6/15/54 | 3193080 |
|  |  | 8568973 |
|  | **TOBACCO & CANNABIS — 0.33%** |  |
| 2166000 | &nbsp;&nbsp;&nbsp;Philip Morris International, Inc., 5.13%, 2/15/30 | 2238421 |
| 2638000 | &nbsp;&nbsp;&nbsp;BAT Capital Corp., 6.42%, 8/02/33 | 2896075 |
|  |  | 5134496 |
|  | **TRANSPORTATION & LOGISTICS — 0.48%** |  |
| 2642000 | &nbsp;&nbsp;&nbsp;United Airlines Inc, 4.63%, 4/15/29<sup>(a)</sup> | 2601548 |
| 2518000 | &nbsp;&nbsp;&nbsp;Delta Air Lines Inc., 5.25%, 7/10/30 | 2568844 |
| 2338000 | &nbsp;&nbsp;&nbsp;Burlington Northern Santa Fe LLC, 4.95%, 9/15/41 | 2249478 |
|  |  | 7419870 |
|  | **Total (Cost $330,311,859)** | 334439192 |

---

---

| | | |
|:---|:---|:---|
| **Principal** <br> **Amount** |  | **Fair Value** |
| **MUNICIPAL BONDS — 1.05%** | **MUNICIPAL BONDS — 1.05%** |  |
|  | **Alabama — 0.17%** |  |
| 2675000 | &nbsp;&nbsp;&nbsp;Alabama Economic Settlement Authority, Economic Imports, Taxable BP - Settlement Revenue Series B*,* 4.26 *%,* 9/15/32<sup>(d)</sup> | 2665664 |
|  | **California — 0.09%** |  |
| 1145000 | &nbsp;&nbsp;&nbsp;State of California, Build America Bonds, School Improvements G.O., 7.63%, 3/1/40<sup>(d)</sup> | 1388660 |
|  | **New York — 0.79%** |  |
| 5000000 | &nbsp;&nbsp;&nbsp;City of New York NY*,* 5.68 *%,* 10/1/33 | 5399174 |
| 345000 | &nbsp;&nbsp;&nbsp;Metropolitan Transportation Authority, Taxable Green Bonds, Green Purpose Revenue Bonds Series C2*,* 5.18 *%,* 11/15/49 | 318376 |
| 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 | 6405187 |
|  | &nbsp;&nbsp;&nbsp;**Total (Cost $16,448,258)** | 16177061 |

---

---

| | | |
|:---|:---|:---|
| **Principal** <br> **Amount** |  | **Fair Value** |
| **ASSET BACKED SECURITIES — 12.81%** | **ASSET BACKED SECURITIES — 12.81%** |  |
| 8720000 | &nbsp;&nbsp;&nbsp;Carvana Auto Receivables Trust, Series P2, Class B, 1.27%, 3/10/27 | 8627577 |
| 5741000 | &nbsp;&nbsp;&nbsp;BANK5 Trust, Series 2024-5YR5, 6.27%, 2/15/29 | 5990355 |

---

*See accompanying notes to financial statements.* 23

**Sterling Capital Total Return Bond Fund**

**Schedule of Investments (continued)**

*September 30, 2025*

---

| | | |
|:---|:---|:---|
| **Principal** <br> **Amount** |  | **Fair Value** |
| **ASSET BACKED SECURITIES — (continued)** | **ASSET BACKED SECURITIES — (continued)** |  |
| $13050000 | &nbsp;&nbsp;&nbsp;OneMain Direct Auto Receivables Trust, Series 1A, Class A, 5.41%, 11/14/29<sup>(a)</sup> | $13162136 |
| 4543000 | &nbsp;&nbsp;&nbsp;Avis Budget Rental Car Funding AESOP LLC, Series 8A, Class A, 6.02%, 2/20/30<sup>(a)</sup> | 4769587 |
| 3127000 | &nbsp;&nbsp;&nbsp;Avis Budget Rental Car Funding AESOP LLC, Series 2023-1A, Class A, 5.36%, 6/20/30<sup>(a)</sup> | 3234064 |
| 9600000 | &nbsp;&nbsp;&nbsp;Dryden CLO Ltd., Series 53A, Class BR, 5.60%, 1/15/31<sup>(b)(c)</sup> | 9609888 |
| 17494000 | &nbsp;&nbsp;&nbsp;Hertz Vehicle Financing III LLC, Series 2A, Class 5.48%, 1/27/31<sup>(a)</sup> | 17906523 |
| 232026 | &nbsp;&nbsp;&nbsp;New Century Home Equity Loan Trust, Series 4, Class M1, 5.40%, 10/25/33<sup>(d)</sup> | 232688 |
| 1816 | &nbsp;&nbsp;&nbsp;RAAC Trust, STEP, Series 2004-SP1, Class AI3, 6.12%, 3/25/34 | 1807 |
| 13027000 | &nbsp;&nbsp;&nbsp;Neuberger Berman Loan Advisers CLO 41 Ltd., Series 41A, Class AR, 5.35%, 4/15/34 (TSFR3M + 105 bps)<sup>(a) (b)(c)</sup> | 13040939 |
| 14967000 | &nbsp;&nbsp;&nbsp;LCM 33 Ltd, Series 33A, Class AR, 5.49%, 7/20/34 (TSFR3M + 118.00 bps)<sup>(b)(c)</sup> | 14991246 |
| 1026433 | &nbsp;&nbsp;&nbsp;Saxon Asset Securities Trust, Series 3, Class M1, 5.17%, 12/26/34 (TSFR1M + 101 bps)<sup>(b)</sup> | 998443 |
| 20805000 | &nbsp;&nbsp;&nbsp;OneMain Financial Issuance Trust, Series 1A, Class A1, 1.55%, 6/16/36<sup>(a)</sup> | 20109493 |
| 2863975 | &nbsp;&nbsp;&nbsp;BX Trust, Series 2021-RISE, Class C, 5.71%, 11/15/36<sup>(a)</sup> | 2860395 |
| 15000000 | &nbsp;&nbsp;&nbsp;CIFC Funding Ltd., Series 2017-3A, Class AR, 5.87%, 4/20/37 (TSFR3M + 154 bps)<sup>(a)(c)</sup> | 15059700 |
| 10500335 | &nbsp;&nbsp;&nbsp;CARLYLE US CLO Ltd., Series 2017-3A, Class A1R2, 5.73%, 10/21/37<sup>(b)(c)</sup> | 10550422 |
| 13303000 | &nbsp;&nbsp;&nbsp;Toyota Auto Loan Extended Note Trust, Series 2025-1A, Class A, 4.65%, 5/25/38<sup>(a)</sup> | 13557115 |
| 3410688 | &nbsp;&nbsp;&nbsp;MVW LLC, Series 2024-2, Class A, 4.43%, 3/20/42<sup>(a)</sup> | 3409891 |
| 2234000 | &nbsp;&nbsp;&nbsp;VDCM Commercial Mortgage Trust 2025-AZ, Series AZ, Class C, 6.03%, 7/13/44<sup>(a)(b)</sup> | 2263363 |
| 12760369 | &nbsp;&nbsp;&nbsp;SMB Private Education Loan Trust, Series 2024-E, Class A-1A, 5.09%, 10/16/56<sup>(a)</sup> | 12921750 |
| 5192000 | &nbsp;&nbsp;&nbsp;BANK5 Trust, Series 2024-5YR6, Class A3, 6.23%, 5/15/57 | 5483748 |
| 9377000 | &nbsp;&nbsp;&nbsp;BANK5 Trust, Series 2024-5YR6, Class AS, 6.79%, 5/15/57 | 9961068 |
| 8664000 | &nbsp;&nbsp;&nbsp;BANK5 2025-5YR17, Series 5YR17, Class A3, 5.23%, 11/15/58 | 8937487 |
|  | &nbsp;&nbsp;&nbsp;**Total (Cost $196,456,260)** | 197679685 |

---

---

| | | |
|:---|:---|:---|
| **Principal <br> Amount** |  | **Fair Value** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES — 9.64%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES — 9.64%** |  |
| 4077327 | &nbsp;&nbsp;&nbsp;FRESB Mortgage Trust, Series SB52, Class A10F, 3.48%, 6/25/28 | 3999084 |
| 1396000 | &nbsp;&nbsp;&nbsp;Benchmark Mortgage Trust, Series V6, Class A3, 5.93%, 3/15/29 | 1459757 |
| 5293000 | &nbsp;&nbsp;&nbsp;Benchmark Mortgage Trust, Series V6, Class AS, 6.38%, 3/15/29 | 5542676 |
| 1400618 | &nbsp;&nbsp;&nbsp;Fannie Mae-Aces, Series 2019-M9, Class A2, 2.94%, 6/25/29 | 1355074 |
| 3386000 | &nbsp;&nbsp;&nbsp;Freddie Mac Multifamily Structured Pass Through, Series K153, Class A3, 3.12%, 10/25/31 | 3174364 |
| 8536000 | &nbsp;&nbsp;&nbsp;Freddie Mac Multifamily Structured Pass Through, Series K155, Class A3, 3.75%, 4/25/33 | 8196870 |
| 20021 | &nbsp;&nbsp;&nbsp;CSFB Mortgage-Backed Pass-Through Certificates, Series 1, Class 2A1, 6.50%, 2/25/34 | 20059 |
| 36389 | &nbsp;&nbsp;&nbsp;CHL Mortgage Pass-Through Trust, Series 3, Class A4, 5.75%, 4/25/34 | 36298 |
| 8974 | &nbsp;&nbsp;&nbsp;Citigroup Mortgage Loan Trust, Inc., Series NCM2, Class 3CB2, 6.50%, 8/25/34<sup>(d)</sup> | 8962 |

---

---

| | | |
|:---|:---|:---|
| **Principal** <br> **Amount** |  | **Fair Value** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES — (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES — (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES — (continued)** |
| $3058516 | &nbsp;&nbsp;&nbsp;ELP Commercial Mortgage Trust, Series 2021-ELP, Class C, 5.59%, 11/15/38<sup>(a)(b)</sup> | $3054692 |
| 2665811 | &nbsp;&nbsp;&nbsp;BX Commercial Mortgage Trust, Series 2021-ACNT, Class C, 5.76%, 11/15/38<sup>(a)</sup> | 2665338 |
| 2614305 | &nbsp;&nbsp;&nbsp;BX Commercial Mortgage Trust, Series 2021-CIP, Class B, 5.54%, 12/15/38<sup>(a)(b)</sup> | 2612671 |
| 2597776 | &nbsp;&nbsp;&nbsp;SMR Mortgage Trust, Series 2022-IND, Class A, 5.80%, 2/15/39<sup>(a)</sup> | 2596713 |
| 3108 | &nbsp;&nbsp;&nbsp;Freddie Mac, Series 4710, Class GA, 3.00%, 3/15/44 | 3102 |
| 1008283 | &nbsp;&nbsp;&nbsp;JP Morgan Chase Commercial Mortgage, Series C3, Class B, 5.01%, 2/15/46<sup>(a)</sup> | 982010 |
| 1625960 | &nbsp;&nbsp;&nbsp;Wells Fargo Commercial Mortgage Trust, Series P2, Class A4, 3.81%, 12/15/48 | 1621756 |
| 4314000 | &nbsp;&nbsp;&nbsp;CD Mortgage Trust, Series 2016-CD2, Class A4, 3.53%, 11/10/49 | 4196961 |
| 2562000 | &nbsp;&nbsp;&nbsp;Morgan Stanley Capital I Trust, Series BNK2, Class A4, 3.05%, 11/15/49 | 2512731 |
| 2209000 | &nbsp;&nbsp;&nbsp;GS Mortgage Securities Trust, Series 2016-GS4, Class A4, 3.44%, 11/15/49 | 2185808 |
| 1517000 | &nbsp;&nbsp;&nbsp;JP Morgan Chase Commercial Mortgage, Series JP4, Class A4, 3.65%, 12/15/49 | 1501091 |
| 5198000 | &nbsp;&nbsp;&nbsp;Morgan Stanley Bank of America Merrill Lynch Trust, Series C32, Class A4, 3.72%, 12/15/49 | 5157287 |
| 723000 | &nbsp;&nbsp;&nbsp;Wells Fargo Commercial Mortgage Trust, Series C37, Class A5, 3.79%, 12/15/49 | 717654 |
| 530000 | &nbsp;&nbsp;&nbsp;CD Mortgage Trust, Series 2017-CD3, Class A4, 3.63%, 2/10/50 | 514476 |
| 3742000 | &nbsp;&nbsp;&nbsp;JPMCC Commercial Mortgage Securities Trust, Series JP5, Class A5, 3.72%, 3/15/50 | 3705948 |
| 1337000 | &nbsp;&nbsp;&nbsp;Citigroup Commercial Mortgage Trust, Series P7, Class A4, 3.71%, 4/14/50 | 1319332 |
| 7241000 | &nbsp;&nbsp;&nbsp;COMM Mortgage Trust, Series COR2, Class A3, 3.51%, 9/10/50 | 7094959 |
| 8591000 | &nbsp;&nbsp;&nbsp;Wells Fargo Commercial Mortgage Trust, Series C40, Class A4, 3.58%, 10/15/50 | 8472408 |
| 8910000 | &nbsp;&nbsp;&nbsp;Morgan Stanley Capital I, Series HR2, Class A4, 3.59%, 12/15/50 | 8796877 |
| 9850000 | &nbsp;&nbsp;&nbsp;Morgan Stanley Capital I Trust, Series H3, Class A5, 4.18%, 7/15/51 | 9786629 |
| 3447000 | &nbsp;&nbsp;&nbsp;CFCRE Commercial Mortgage Trust, Series C7, Class A3, 3.84%, 12/10/54 | 3409736 |
| 3127000 | &nbsp;&nbsp;&nbsp;Benchmark Mortgage Trust, Series V2, Class AS, 6.54%, 5/15/55 | 3254457 |
| 8156000 | &nbsp;&nbsp;&nbsp;Benchmark Mortgage Trust, Series 2024-V7, Class A3, 6.23%, 5/15/56 | 8622922 |
| 6548000 | &nbsp;&nbsp;&nbsp;Benchmark Mortgage Trust, Series 2024-V7, Class AS, 6.53%, 5/15/56 | 6902115 |
| 2002000 | &nbsp;&nbsp;&nbsp;BMO Mortgage Trust, Series 2023-5C1, 7.36%, 8/15/56 | 2121308 |
| 3607000 | &nbsp;&nbsp;&nbsp;BANK5 Trust, Series 2023-5YR3, Class AS, 7.56%, 9/15/56 | 3872050 |
| 5789000 | &nbsp;&nbsp;&nbsp;BANK5 Trust, Series 2023-5YR4, Class AS, 7.27%, 12/15/56 | 6189459 |
| 8434000 | &nbsp;&nbsp;&nbsp;Benchmark Mortgage Trust, Series V5, Class A3, 5.81%, 1/10/57 | 8787358 |
| 2940000 | &nbsp;&nbsp;&nbsp;BBCMS Mortgage Trust, Series 5C25, Class A3, 5.95%, 3/15/57 | 3078099 |
| 2002000 | &nbsp;&nbsp;&nbsp;BBCMS Mortgage Trust, Series 5C25, Class AS, 6.36%, 3/15/57 | 2089350 |
| 6847000 | &nbsp;&nbsp;&nbsp;BMO 2025-5C12 Mortgage Trust, Series 5C12, Class A3, 5.18%, 10/15/58<sup>(e)</sup> | 7040730 |
|  | &nbsp;&nbsp;&nbsp;**Total (Cost $150,902,294)** | 148659171 |

---

24 *See accompanying notes to financial statements.*

**Sterling Capital Total Return Bond Fund**

**Schedule of Investments (continued)**

*September 30, 2025*

---

| | | |
|:---|:---|:---|
| **Principal** <br> **Amount** |  | **Fair Value** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS — 6.23%** | **COLLATERALIZED MORTGAGE OBLIGATIONS — 6.23%** |  |
| $460716 | &nbsp;&nbsp;&nbsp;Freddie Mac, Series 4136, Class HZ, 3.50%, 11/15/27 | $458467 |
| 2107000 | &nbsp;&nbsp;&nbsp;BANK5, Series 2023-5YR4, Class B, 7.86%, 12/15/28 | 2256436 |
| 324000 | &nbsp;&nbsp;&nbsp;Freddie Mac, Series 4160, Class HH, 2.50%, 12/15/32 | 307286 |
| 7948985 | &nbsp;&nbsp;&nbsp;Ginnie Mae, Series 132, Class DV, 6.00%, 7/20/34 | 8115029 |
| 94893 | &nbsp;&nbsp;&nbsp;Ginnie Mae, Series 2008-51, Class PG, 5.00%, 6/20/38 | 95758 |
| 139877 | &nbsp;&nbsp;&nbsp;Freddie Mac, Series 3632, Class PK, 5.00%, 2/15/40 | 142452 |
| 2262557 | &nbsp;&nbsp;&nbsp;Ginnie Mae, Series 2014-2, Class AG, 2.28%, 3/20/40 | 2016691 |
| 282 | &nbsp;&nbsp;&nbsp;Freddie Mac, Series 4077, Class PJ, 3.50%, 11/15/40 | 282 |
| 728312 | &nbsp;&nbsp;&nbsp;Freddie Mac, Series 3762, Class LN, 4.00%, 11/15/40 | 698881 |
| 434833 | &nbsp;&nbsp;&nbsp;Fannie Mae, Series 2011-38, Class D, 4.50%, 5/25/41<sup>(d)</sup> | 437419 |
| 9343455 | &nbsp;&nbsp;&nbsp;Progress Residential Trust, Series SFR1, Class A, 3.40%, 2/17/42<sup>(a)</sup> | 8925543 |
| 3453221 | &nbsp;&nbsp;&nbsp;Freddie Mac, Series 5427, Class HZ, 3.50%, 8/15/42 | 2872285 |
| 6956976 | &nbsp;&nbsp;&nbsp;Freddie Mac, Series 4112, Class PB, 4.00%, 9/15/42 | 6708260 |
| 891000 | &nbsp;&nbsp;&nbsp;Fannie Mae, Series 2013-70, Class CY, 3.50%, 7/25/43 | 778705 |
| 225122 | &nbsp;&nbsp;&nbsp;Freddie Mac, Series 4328, Class KD, 3.00%, 8/15/43 | 218016 |
| 1071917 | &nbsp;&nbsp;&nbsp;Freddie Mac, Series 4427, Class KA, 2.25%, 7/15/44 | 1013090 |
| 7803864 | &nbsp;&nbsp;&nbsp;Freddie Mac, Series 5300, Class AB, 5.50%, 1/25/49 | 7875796 |
| 10412218 | &nbsp;&nbsp;&nbsp;Ginnie Mae, Series 154, Class GA, 6.00%, 4/20/50 | 10671954 |
| 13141383 | &nbsp;&nbsp;&nbsp;Freddie Mac, 1.50%, 7/25/50 | 10472125 |
| 4386722 | &nbsp;&nbsp;&nbsp;Freddie Mac, Series 5499, Class A, 5.50%, 10/25/52 | 4441529 |
| 7364000 | &nbsp;&nbsp;&nbsp;Vantage Data Centers LLC, Series 1A, Class A2, 5.13%, 8/15/55<sup>(a)</sup> | 7401296 |
| 2854000 | &nbsp;&nbsp;&nbsp;Benchmark 2025-V16 Mortgage Trust, Series V16, Class A3, 5.44%, 8/15/57 | 2967382 |
| 4651000 | &nbsp;&nbsp;&nbsp;Wells Fargo Commercial Mortgage Trust 2025-5C5, Series 5C5, Class A3, 5.59%, 7/15/58 | 4863040 |
| 5728000 | &nbsp;&nbsp;&nbsp;BBCMS Mortgage Trust 2025-5C36, Series 5C36, Class A3, 5.52%, 8/15/58 | 5979164 |
| 6180000 | &nbsp;&nbsp;&nbsp;Wells Fargo Commercial Mortgage Trust 2025-5C6, Series 5C6, Class A3, 5.19%, 10/15/58<sup>(e)</sup> | 6358455 |
|  | &nbsp;&nbsp;&nbsp;**Total (Cost $94,831,063)** | 96075341 |

---

---

| | | |
|:---|:---|:---|
| **Principal** <br> **Amount** |  | **Fair Value** |
| **MORTGAGE-BACKED SECURITIES — 29.43%** | **MORTGAGE-BACKED SECURITIES — 29.43%** |  |
|  | **Fannie Mae — 17.75%** |  |
| 701851 | &nbsp;&nbsp;&nbsp;4.00%, 12/01/33, Pool #MA1689 | 695708 |
| 413532 | &nbsp;&nbsp;&nbsp;4.00%, 6/01/34, Pool #MA1922 | 410745 |
| 375855 | &nbsp;&nbsp;&nbsp;4.00%, 3/01/35, Pool #MA2211 | 371974 |
| 167436 | &nbsp;&nbsp;&nbsp;5.50%, 8/01/37, Pool #995082 | 173794 |
| 1913913 | &nbsp;&nbsp;&nbsp;3.50%, 8/01/38, Pool #FM2472 | 1848057 |
| 62813 | &nbsp;&nbsp;&nbsp;4.50%, 10/01/39, Pool #AC2645 | 62592 |
| 83085 | &nbsp;&nbsp;&nbsp;5.00%, 6/01/40, Pool #AD8718 | 85088 |
| 77124 | &nbsp;&nbsp;&nbsp;5.00%, 6/01/40, Pool #AD4927 | 78984 |
| 4177504 | &nbsp;&nbsp;&nbsp;4.00%, 8/01/40, Pool #FM4673 | 4140657 |
| 10197834 | &nbsp;&nbsp;&nbsp;1.50%, 12/01/40, Pool #MA4202 | 8529883 |
| 157908 | &nbsp;&nbsp;&nbsp;4.50%, 12/01/40, Pool #AH1100 | 158338 |
| 98324 | &nbsp;&nbsp;&nbsp;4.50%, 3/01/41, Pool #AB2467 | 98369 |
| 174502 | &nbsp;&nbsp;&nbsp;4.50%, 5/01/41, Pool #AI1023 | 173286 |
| 125247 | &nbsp;&nbsp;&nbsp;4.50%, 11/01/41, Pool #AJ4994 | 125317 |
| 137909 | &nbsp;&nbsp;&nbsp;4.50%, 12/01/41, Pool #AJ7696 | 137930 |
| 352279 | &nbsp;&nbsp;&nbsp;3.50%, 6/01/42, Pool #AB5373 | 332472 |
| 607202 | &nbsp;&nbsp;&nbsp;3.50%, 5/01/43, Pool #AL3605 | 568562 |
| 309154 | &nbsp;&nbsp;&nbsp;3.50%, 5/01/43, Pool #AB9368 | 291450 |
| 849260 | &nbsp;&nbsp;&nbsp;3.50%, 8/01/43, Pool #AU0613 | 799901 |
| 147983 | &nbsp;&nbsp;&nbsp;4.50%, 11/01/44, Pool #MA2100 | 147000 |
| 525026 | &nbsp;&nbsp;&nbsp;4.50%, 1/01/45, Pool #MA2158 | 521105 |
| 596373 | &nbsp;&nbsp;&nbsp;4.00%, 3/01/45, Pool #MA2217<sup>(d)</sup> | 574482 |
| 549094 | &nbsp;&nbsp;&nbsp;4.00%, 6/01/46, Pool #MA2653 | 527915 |
| 486086 | &nbsp;&nbsp;&nbsp;4.50%, 7/01/46, Pool #AS7568 | 482056 |
| 655585 | &nbsp;&nbsp;&nbsp;4.00%, 11/01/46, Pool #MA2808 | 630297 |
| 822486 | &nbsp;&nbsp;&nbsp;4.00%, 5/01/47, Pool #BE9598 | 783126 |
| 1108638 | &nbsp;&nbsp;&nbsp;4.00%, 8/01/47, Pool #BH5117 | 1065696 |
| 2831759 | &nbsp;&nbsp;&nbsp;4.00%, 4/01/48, Pool #BM3900 | 2717861 |

---

---

| | | |
|:---|:---|:---|
| **Principal** <br> **Amount** | **Fair Value** | **Fair Value** |
| **MORTGAGE-BACKED SECURITIES — (continued)** | **MORTGAGE-BACKED SECURITIES — (continued)** |  |
|  | **Fannie Mae — (continued)** |  |
| $1050970 | &nbsp;&nbsp;&nbsp;5.00%, 8/01/48, Pool #CA2219 | $1063155 |
| 2599747 | &nbsp;&nbsp;&nbsp;3.00%, 11/01/48, Pool #BM5822 | 2349511 |
| 8755046 | &nbsp;&nbsp;&nbsp;4.50%, 11/01/48, Pool #BM7046 | 8700471 |
| 3579959 | &nbsp;&nbsp;&nbsp;3.50%, 10/01/49, Pool #CA4431 | 3302944 |
| 5201882 | &nbsp;&nbsp;&nbsp;3.00%, 3/01/50, Pool #FM2714 | 4623520 |
| 10221540 | &nbsp;&nbsp;&nbsp;3.00%, 3/01/50, Pool #FM2870 | 9179052 |
| 5990382 | &nbsp;&nbsp;&nbsp;2.00%, 7/01/50, Pool #CA6301 | 4898990 |
| 7278496 | &nbsp;&nbsp;&nbsp;2.50%, 9/01/50, Pool #BQ0538 | 6179903 |
| 13293483 | &nbsp;&nbsp;&nbsp;3.50%, 9/01/50, Pool #FS5284 | 12280560 |
| 3056107 | &nbsp;&nbsp;&nbsp;3.00%, 10/01/50, Pool #CA7381 | 2695485 |
| 4273255 | &nbsp;&nbsp;&nbsp;2.50%, 11/01/50, Pool #CA7684 | 3650302 |
| 4074353 | &nbsp;&nbsp;&nbsp;4.00%, 8/01/51, Pool #FS8708 | 3900303 |
| 3721650 | &nbsp;&nbsp;&nbsp;3.00%, 11/01/51, Pool #CB2170 | 3282074 |
| 12645542 | &nbsp;&nbsp;&nbsp;3.50%, 4/01/52, Pool #FS1475 | 11701059 |
| 9854879 | &nbsp;&nbsp;&nbsp;3.50%, 4/01/52, Pool #FS1185 | 9031485 |
| 1590346 | &nbsp;&nbsp;&nbsp;4.00%, 5/01/52, Pool #FS1790 | 1500359 |
| 12894430 | &nbsp;&nbsp;&nbsp;2.50%, 6/01/52, Pool #FA0543 | 11078183 |
| 23990130 | &nbsp;&nbsp;&nbsp;3.00%, 6/01/52, Pool #FS8022<sup>(d)</sup> | 21335357 |
| 7483549 | &nbsp;&nbsp;&nbsp;4.50%, 6/01/52, Pool #FS2157 | 7370238 |
| 5743501 | &nbsp;&nbsp;&nbsp;4.50%, 11/01/52, Pool #FS3809 | 5615720 |
| 5624131 | &nbsp;&nbsp;&nbsp;5.00%, 11/01/52, Pool #CB5278 | 5614071 |
| 6348452 | &nbsp;&nbsp;&nbsp;5.50%, 3/01/53, Pool #FS3925 | 6475152 |
| 6976141 | &nbsp;&nbsp;&nbsp;4.50%, 5/01/53, Pool #CB6304 | 6815501 |
| 13941705 | &nbsp;&nbsp;&nbsp;5.00%, 5/01/53, Pool #FS4929<sup>(d)</sup> | 14045982 |
| 8491843 | &nbsp;&nbsp;&nbsp;5.50%, 5/01/53, Pool #FS4571 | 8635728 |
| 8245631 | &nbsp;&nbsp;&nbsp;6.00%, 6/01/53, Pool #FS6616 | 8448968 |
| 9897688 | &nbsp;&nbsp;&nbsp;5.50%, 7/01/53, Pool #FS5589 | 10056565 |
| 13646743 | &nbsp;&nbsp;&nbsp;6.00%, 9/01/53, Pool #CB7124<sup>(d)</sup> | 14190775 |
| 11360983 | &nbsp;&nbsp;&nbsp;6.00%, 4/01/54, Pool #FA0566 | 11684176 |
| 13267824 | &nbsp;&nbsp;&nbsp;6.00%, 6/01/54, Pool #CB8755 | 13617993 |
| 6739352 | &nbsp;&nbsp;&nbsp;5.50%, 11/01/54, Pool #FS9801 | 6809810 |
| 7081027 | &nbsp;&nbsp;&nbsp;5.00%, 5/01/55, Pool #FA1475 | 7040931 |
|  |  | 273706968 |
|  | **Federal Farm Credit Banks Funding Corp. — 0.28%** |  |
| 5325000 | &nbsp;&nbsp;&nbsp;2.40%, 3/24/36 | 4345759 |
|  | **Freddie Mac — 11.07%** |  |
| 24727 | &nbsp;&nbsp;&nbsp;2.50%, 1/01/28, Pool #ZK4918 | 24349 |
| 125024 | &nbsp;&nbsp;&nbsp;3.50%, 7/01/30, Pool #ZS8575 | 123786 |
| 21829 | &nbsp;&nbsp;&nbsp;5.00%, 3/01/36, Pool #ZS4230 | 22359 |
| 714982 | &nbsp;&nbsp;&nbsp;4.00%, 4/01/36, Pool #ZA2413 | 706817 |
| 6399 | &nbsp;&nbsp;&nbsp;5.00%, 7/01/36, Pool #ZS1139 | 6557 |
| 536333 | &nbsp;&nbsp;&nbsp;3.50%, 8/01/36, Pool #ZA2425 | 518581 |
| 71305 | &nbsp;&nbsp;&nbsp;6.50%, 9/01/36, Pool #ZS4257 | 74989 |
| 1267007 | &nbsp;&nbsp;&nbsp;3.50%, 11/01/36, Pool #ZA2439 | 1223702 |
| 27621 | &nbsp;&nbsp;&nbsp;5.00%, 2/01/37, Pool #ZI5759 | 28320 |
| 1058932 | &nbsp;&nbsp;&nbsp;4.00%, 5/01/37, Pool #ZA2461 | 1042894 |
| 25858 | &nbsp;&nbsp;&nbsp;4.50%, 10/01/39, Pool #ZI9349 | 25818 |
| 3682657 | &nbsp;&nbsp;&nbsp;3.00%, 5/01/40, Pool #RB5049 | 3436639 |
| 83344 | &nbsp;&nbsp;&nbsp;5.00%, 6/01/40, Pool #ZA1049 | 85354 |
| 212442 | &nbsp;&nbsp;&nbsp;5.00%, 7/01/40, Pool #ZJ0194 | 217566 |
| 25746 | &nbsp;&nbsp;&nbsp;5.00%, 9/01/40, Pool #ZA1066 | 26367 |
| 5139657 | &nbsp;&nbsp;&nbsp;2.00%, 12/01/40, Pool #RB5090 | 4452777 |
| 307511 | &nbsp;&nbsp;&nbsp;4.00%, 12/01/42, Pool #ZS3671 | 297561 |
| 233168 | &nbsp;&nbsp;&nbsp;3.50%, 5/01/43, Pool #ZL5915 | 219840 |
| 117117 | &nbsp;&nbsp;&nbsp;4.00%, 5/01/44, Pool #ZA4468 | 112891 |
| 61634 | &nbsp;&nbsp;&nbsp;4.00%, 7/01/44, Pool #ZS4573 | 59486 |
| 114278 | &nbsp;&nbsp;&nbsp;4.00%, 9/01/44, Pool #ZL8439 | 108929 |
| 1280407 | &nbsp;&nbsp;&nbsp;3.50%, 1/01/45, Pool #ZL8964 | 1205594 |
| 1237623 | &nbsp;&nbsp;&nbsp;3.50%, 5/01/46, Pool #ZS4663 | 1158395 |
| 353726 | &nbsp;&nbsp;&nbsp;4.00%, 8/01/46, Pool #ZS4673 | 340082 |
| 842900 | &nbsp;&nbsp;&nbsp;3.50%, 9/01/46, Pool #ZS4678 | 791108 |
| 1862925 | &nbsp;&nbsp;&nbsp;3.50%, 9/01/47, Pool #ZM4305 | 1739799 |

---

*See accompanying notes to financial statements.* 25

**Sterling Capital Total Return Bond Fund**

**Schedule of Investments (continued)**

*September 30, 2025*

---

| | | |
|:---|:---|:---|
| **Principal** <br> **Amount** |  | **Fair Value** |
| **MORTGAGE-BACKED SECURITIES — (continued)** | **MORTGAGE-BACKED SECURITIES — (continued)** |  |
|  | **Freddie Mac — (continued)** |  |
| $529991 | &nbsp;&nbsp;&nbsp;3.50%, 1/01/48, Pool #ZM5375 | $493183 |
| 432358 | &nbsp;&nbsp;&nbsp;4.00%, 2/01/48, Pool #ZT1639 | 415679 |
| 419573 | &nbsp;&nbsp;&nbsp;4.00%, 6/01/48, Pool #ZT0541 | 403321 |
| 2108540 | &nbsp;&nbsp;&nbsp;3.00%, 11/01/49, Pool #QA4336 | 1877338 |
| 1854047 | &nbsp;&nbsp;&nbsp;3.50%, 6/01/50, Pool #RA2794 | 1711973 |
| 7832580 | &nbsp;&nbsp;&nbsp;2.50%, 7/01/50, Pool #RA2970 | 6668169 |
| 192537 | &nbsp;&nbsp;&nbsp;3.00%, 1/01/51, Pool #SD8123 | 170055 |
| 1065930 | &nbsp;&nbsp;&nbsp;3.00%, 12/01/51, Pool #SD8184 | 944640 |
| 4365071 | &nbsp;&nbsp;&nbsp;3.50%, 4/01/52, Pool #RA7191 | 4008495 |
| 8579347 | &nbsp;&nbsp;&nbsp;4.00%, 5/01/52, Pool #RA7306 | 8127008 |
| 10246548 | &nbsp;&nbsp;&nbsp;3.50%, 6/01/52, Pool #SD2670 | 9519490 |
| 8702376 | &nbsp;&nbsp;&nbsp;4.00%, 8/01/52, Pool #SD3617 | 8341382 |
| 8139376 | &nbsp;&nbsp;&nbsp;4.50%, 8/01/52, Pool #SD1515 | 7959415 |
| 8291136 | &nbsp;&nbsp;&nbsp;5.00%, 9/01/52, Pool #RA7936 | 8298934 |
| 7973224 | &nbsp;&nbsp;&nbsp;5.00%, 10/01/52, Pool #SD1710 | 7946634 |
| 8122151 | &nbsp;&nbsp;&nbsp;5.50%, 2/01/53, Pool #QF8052 | 8241751 |
| 10301310 | &nbsp;&nbsp;&nbsp;4.00%, 3/01/53, Pool #SD3107 | 9758129 |
| 2621189 | &nbsp;&nbsp;&nbsp;5.00%, 3/01/53, Pool #SD2390 | 2619155 |
| 13869747 | &nbsp;&nbsp;&nbsp;5.50%, 3/01/53, Pool #SD2774<sup>(d)</sup> | 14121210 |
| 14334319 | &nbsp;&nbsp;&nbsp;4.50%, 4/01/53, Pool #SL1072<sup>(d)</sup> | 14031728 |
| 10463848 | &nbsp;&nbsp;&nbsp;4.50%, 4/01/53, Pool #SD2639 | 10253266 |
| 9466652 | &nbsp;&nbsp;&nbsp;5.00%, 8/01/53, Pool #SD3814 | 9428445 |
| 1477997 | &nbsp;&nbsp;&nbsp;5.00%, 9/01/53, Pool #SD4220 | 1481380 |
| 4079579 | &nbsp;&nbsp;&nbsp;5.50%, 12/01/54, Pool #SD6940 | 4163889 |
| 3936751 | &nbsp;&nbsp;&nbsp;6.00%, 3/01/55, Pool #SL0528 | 4028110 |
| 7757824 | &nbsp;&nbsp;&nbsp;5.50%, 8/01/55, Pool #SL1812 | 7918147 |
|  |  | 170981486 |
|  | **Ginnie Mae I — 0.00%** |  |
| 43206 | &nbsp;&nbsp;&nbsp;5.00%, 2/15/40, Pool #737037 | 44268 |
|  | **Ginnie Mae II — 0.33%** |  |
| 5318284 | &nbsp;&nbsp;&nbsp;4.00%, 7/20/52, Pool #786280 | 5018239 |
|  | &nbsp;&nbsp;&nbsp;**Total (Cost $463,147,448)** | 454096720 |

---

---

| | | |
|:---|:---|:---|
| **Principal** <br> **Amount** |  | **Fair Value** |
| **U.S. TREASURY BONDS & NOTES — 17.03%** | **U.S. TREASURY BONDS & NOTES — 17.03%** |  |
| 40063800 | &nbsp;&nbsp;&nbsp;United States Treasury Bond, 2.63 *%*, 2/15/29 | 38764856 |
| 34371900 | &nbsp;&nbsp;&nbsp;United States Treasury Bond, 4.00 *%*, 2/28/30 | 34770668 |
| 25742400 | &nbsp;&nbsp;&nbsp;United States Treasury Bond, 4.13 *%*, 11/15/32 | 26042058 |
| 38615400 | &nbsp;&nbsp;&nbsp;United States Treasury Bond, 4.00 *%*, 2/15/34 | 38514336 |
| 76065800 | &nbsp;&nbsp;&nbsp;United States Treasury Bond, 2.50 *%*, 2/15/45 | 54485100 |
| 65822200 | &nbsp;&nbsp;&nbsp;United States Treasury Bond, 1.38 *%*, 8/15/50 | 33096225 |
| 40046000 | &nbsp;&nbsp;&nbsp;United States Treasury Bond, 4.25 *%*, 8/15/54 | 36967464 |
|  | &nbsp;&nbsp;&nbsp;**Total (Cost $261,534,407)** | 262640707 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
| **MONEY MARKET FUNDS — 3.97%** | **MONEY MARKET FUNDS — 3.97%** |  |
| 61210780 | &nbsp;&nbsp;&nbsp;Federated Hermes Treasury Obligations Fund, Institutional Shares, 4.00%<sup>(f)</sup> | 61210780 |
|  | &nbsp;&nbsp;&nbsp;Total Money Market Funds |  |
|  | &nbsp;&nbsp;&nbsp;(Cost $61,210,780) | 61210780 |
| Total Investments— 101.84% | Total Investments— 101.84% |  |
| (Cost $1,574,842,369) | (Cost $1,574,842,369) | 1570978657 |
| Liabilities in Excess of Other Assets — (1.84)% | Liabilities in Excess of Other Assets — (1.84)% | (28378806) |
| NET ASSETS — 100.00% | NET ASSETS — 100.00% | $1542599851 |

---

&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 September 30, 2025. 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) 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 year ended
September 30, 2025 is $89,210,563, which represents 5.8% of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(e) This security was purchased on a when-issued
or forward commitment basis (Note 3).

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

 

26 *See accompanying notes to financial statements.*

**Sterling Capital Total Return Bond Fund**

**Schedule of Futures Contracts**

September 30, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **FUTURES CONTRACTS** | **Contracts** | **Expiration Date** | **Notional Value** | **Aggregate Market Value of Contracts** | **Unrealized Appreciation (Depreciation)** |
| &nbsp;&nbsp;&nbsp;CBOT 2 Year US Treasury Note | 375 | 12/31/2025 | $78205050 | $78149414 | $(55636) |
| &nbsp;&nbsp;&nbsp;CBOT 5 Year US Treasury Note | 495 | 12/31/2025 | 53853865 | 54051680 | 197815 |
| **Total Futures Contracts** |  |  | $132058915 | $132201094 | $142179 |

---

*See accompanying notes to financial statements.* 27

**Sterling Capital Long Duration Corporation Bond Fund**

**Schedule of Investments**

*September 30, 2025*

---

| | | |
|:---|:---|:---|
| **Principal** <br> **Amount** |  | **Fair Value** |
| **CORPORATE BONDS — 93.77%** | **CORPORATE BONDS — 93.77%** |  |
|  | **AEROSPACE & DEFENSE — 3.34%** |  |
| $268000 | &nbsp;&nbsp;&nbsp;Boeing Co. (The), 5.71%, 5/01/40 | $273462 |
| 34000 | &nbsp;&nbsp;&nbsp;L3Harris Technologies Inc, 6.15%, 12/15/40 | 36933 |
| 320000 | &nbsp;&nbsp;&nbsp;RTX Corp, 4.35%, 4/15/47 | 274047 |
| 212000 | &nbsp;&nbsp;&nbsp;RTX Corp., 2.82%, 9/01/51 | 134341 |
| 194000 | &nbsp;&nbsp;&nbsp;Lockheed Martin Corp., 4.15%, 6/15/53 | 157645 |
| 207000 | &nbsp;&nbsp;&nbsp;L3Harris Technologies, Inc., 5.60%, 7/31/53 | 208011 |
| 411000 | &nbsp;&nbsp;&nbsp;Boeing Co. (The), 6.86%, 5/01/54 | 468830 |
| 125000 | &nbsp;&nbsp;&nbsp;Boeing Co. (The), 5.93%, 5/01/60 | 124874 |
|  |  | 1678143 |
|  | **ASSET MANAGEMENT — 0.69%** |  |
| 95000 | &nbsp;&nbsp;&nbsp;Blue Owl Finance LLC, Series C10, 4.13%, 10/07/51 | 69484 |
| 148000 | &nbsp;&nbsp;&nbsp;KKR Group Finance Co. X LLC, 3.25%, 12/15/51<sup>(a)</sup> | 99723 |
| 146000 | &nbsp;&nbsp;&nbsp;Ares Management Corp., 5.60%, 10/11/54 | 141190 |
| 35000 | &nbsp;&nbsp;&nbsp;Brookfield Asset Management Ltd, 6.08%, 9/15/55 | 36318 |
|  |  | 346715 |
|  | **AUTOMOTIVE — 0.56%** |  |
| 173000 | &nbsp;&nbsp;&nbsp;Ford Motor Co., 4.75%, 1/15/43 | 137936 |
| 134000 | &nbsp;&nbsp;&nbsp;General Motors Co, 6.75%, 4/01/46 | 143503 |
|  |  | 281439 |
|  | **BANKS — 7.52%** |  |
| 143000 | &nbsp;&nbsp;&nbsp;Morgan Stanley, 2.48%, 9/16/36 | 124214 |
| 114000 | &nbsp;&nbsp;&nbsp;Bank of America Corp., 2.48%, 9/21/36 | 98972 |
| 96000 | &nbsp;&nbsp;&nbsp;FifthThird Bancorp, 8.25%, 3/01/38 | 118776 |
| 187000 | &nbsp;&nbsp;&nbsp;Bank of America Corp., 4.24%, 4/24/38 | 174364 |
| 100000 | &nbsp;&nbsp;&nbsp;HSBC Holdings PLC, 6.80%, 6/01/38 | 111486 |
| 264000 | &nbsp;&nbsp;&nbsp;Morgan Stanley, 3.97%, 7/22/38 | 236131 |
| 122000 | &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co., 3.88%, 7/24/38 (TSFR3M + 162 bps)<sup>(b)</sup> | 109846 |
| 81000 | &nbsp;&nbsp;&nbsp;Citigroup, Inc., 3.88%, 1/24/39 | 71276 |
| 128000 | &nbsp;&nbsp;&nbsp;Westpac Banking Corp., 2.96%, 11/16/40 | 97977 |
| 66000 | &nbsp;&nbsp;&nbsp;Citigroup, Inc., 5.32%, 3/26/41 | 65744 |
| 365000 | &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co., 3.11%, 4/22/41 (TSFR3M + 246 bps)<sup>(b)</sup> | 286841 |
| 143000 | &nbsp;&nbsp;&nbsp;Wells Fargo & Co., 3.07%, 4/30/41 | 111009 |
| 471000 | &nbsp;&nbsp;&nbsp;Bank of America Corp. MTN, 2.68%, 6/19/41 | 347087 |
| 114000 | &nbsp;&nbsp;&nbsp;Citigroup, Inc., 5.88%, 1/30/42 | 120859 |
| 315000 | &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co., 3.16%, 4/22/42 | 245695 |
| 204000 | &nbsp;&nbsp;&nbsp;Barclays PLC, 3.33%, 11/24/42 (H15T1Y + 130 bps) | 157567 |
| 363000 | &nbsp;&nbsp;&nbsp;Wells Fargo & Co., 5.38%, 11/02/43 | 354670 |
| 119000 | &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co., 5.53%, 11/29/45 | 122377 |
| 200000 | &nbsp;&nbsp;&nbsp;Lloyds Banking Group PLC, 3.37%, 12/14/46 | 148168 |
| 161000 | &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co., 4.26%, 2/22/48 | 138471 |
| 136000 | &nbsp;&nbsp;&nbsp;Charles Schwab Corp. (The), Series H, 4.00%, 12/31/49 (H15T10Y + 307.90 bps)<sup>(b)(c)</sup> | 127617 |
| 232000 | &nbsp;&nbsp;&nbsp;Bank of America Corp. MTN, 4.33%, 3/15/50 (TSFR3M + 178 bps)<sup>(b)</sup> | 197938 |
| 117000 | &nbsp;&nbsp;&nbsp;Wells Fargo & Co. MTN, 5.01%, 4/04/51 (TSFR3M + 450 bps)<sup>(b)</sup> | 109261 |
| 126000 | &nbsp;&nbsp;&nbsp;S&P Global, Inc., 3.70%, 3/01/52 | 97142 |
|  |  | 3773488 |
|  | **BEVERAGES — 2.86%** |  |
| 144000 | &nbsp;&nbsp;&nbsp;Diageo Capital PLC, 3.88%, 4/29/43 | 119148 |
| 227000 | &nbsp;&nbsp;&nbsp;Anheuser-Busch Cos. LLC, 4.90%, 2/01/46 (FIXED) | 212660 |
| 300000 | &nbsp;&nbsp;&nbsp;Bacardi Ltd., 5.30%, 5/15/48<sup>(a)</sup> | 272352 |
| 401000 | &nbsp;&nbsp;&nbsp;Anheuser-Busch InBev Worldwide Inc., 5.55%, 1/23/49 | 405438 |
| 214000 | &nbsp;&nbsp;&nbsp;Constellation Brands, Inc., 3.75%, 5/01/50 | 157502 |
| 154000 | &nbsp;&nbsp;&nbsp;PepsiCo, Inc., 2.75%, 10/21/51 | 98572 |
| 194000 | &nbsp;&nbsp;&nbsp;PepsiCo, Inc., 4.65%, 2/15/53 | 174086 |
|  |  | 1439758 |
|  | **BIOTECH & PHARMA — 2.02%** |  |
| 110000 | &nbsp;&nbsp;&nbsp;Wyeth LLC, 5.95%, 4/01/37 | 119151 |
| 187000 | &nbsp;&nbsp;&nbsp;Pfizer Investment Enterprises Pte Ltd., 5.11%, 5/19/43 | 181224 |
| 200000 | &nbsp;&nbsp;&nbsp;Roche Holdings, Inc., 2.61%, 12/13/51<sup>(a)</sup> | 124308 |

---

---

| | | |
|:---|:---|:---|
| **Principal** <br> **Amount** |  | **Fair Value** |
| **CORPORATE BONDS — (continued)** | **CORPORATE BONDS — (continued)** |  |
|  | **BIOTECH & PHARMA — (continued)** |  |
| $233000 | &nbsp;&nbsp;&nbsp;CSL Finance PLC, 4.75%, 4/27/52<sup>(a)</sup> | $206047 |
| 200000 | &nbsp;&nbsp;&nbsp;Roche Holdings Inc., 5.22%, 3/08/54<sup>(a)</sup> | 196913 |
| 91000 | &nbsp;&nbsp;&nbsp;CSL Finance PLC, 5.42%, 4/03/54<sup>(a)</sup> | 88584 |
| 59000 | &nbsp;&nbsp;&nbsp;AbbVie Inc., 5.60%, 3/15/55 | 60368 |
| 35000 | &nbsp;&nbsp;&nbsp;Eli Lilly & Co, 5.55%, 10/15/55 (FIXED) | 36007 |
|  |  | 1012602 |
|  | **BIOTECHNOLOGY — 3.19%** |  |
| 134000 | &nbsp;&nbsp;&nbsp;AbbVie, Inc., 4.05%, 11/21/39 | 119921 |
| 213000 | &nbsp;&nbsp;&nbsp;Gilead Sciences, Inc., 2.60%, 10/01/40 | 156385 |
| 56000 | &nbsp;&nbsp;&nbsp;Amgen, Inc., 5.15%, 11/15/41 | 54428 |
| 131000 | &nbsp;&nbsp;&nbsp;AbbVie, Inc., 4.40%, 11/06/42 | 118144 |
| 308000 | &nbsp;&nbsp;&nbsp;Amgen, Inc., 5.60%, 3/02/43 | 312081 |
| 129000 | &nbsp;&nbsp;&nbsp;Baxalta, Inc., 5.25%, 6/23/45 | 123619 |
| 202000 | &nbsp;&nbsp;&nbsp;AbbVie, Inc., 4.45%, 5/14/46 | 178792 |
| 218000 | &nbsp;&nbsp;&nbsp;Amgen, Inc., 5.65%, 3/02/53 | 217442 |
| 114000 | &nbsp;&nbsp;&nbsp;Amgen, Inc., 2.77%, 9/01/53 | 69163 |
| 116000 | &nbsp;&nbsp;&nbsp;AbbVie, Inc., 5.40%, 3/15/54 | 115343 |
| 171000 | &nbsp;&nbsp;&nbsp;Amgen, Inc., 4.40%, 2/22/62 | 136884 |
|  |  | 1602202 |
|  | **CABLE & SATELLITE — 2.23%** |  |
| 207000 | &nbsp;&nbsp;&nbsp;Time Warner Cable LLC, 6.55%, 5/01/37 | 215334 |
| 103000 | &nbsp;&nbsp;&nbsp;Time Warner Cable LLC, 5.88%, 11/15/40 | 98455 |
| 481000 | &nbsp;&nbsp;&nbsp;Charter Communications Operating LLC, 6.48%, 10/23/45 | 475184 |
| 141000 | &nbsp;&nbsp;&nbsp;Charter Communications Operating LLC, 6.83%, 10/23/55 | 143736 |
| 269000 | &nbsp;&nbsp;&nbsp;Charter Communications Operating LLC, 4.40%, 12/01/61 | 186392 |
|  |  | 1119101 |
|  | **CAPITAL MARKETS — 0.98%** |  |
| 146000 | &nbsp;&nbsp;&nbsp;Goldman Sachs Group, Inc. (The), 6.75%, 10/01/37 | 163578 |
| 135000 | &nbsp;&nbsp;&nbsp;Jefferies Financial Group, Inc., 6.50%, 1/20/43 | 144906 |
| 215000 | &nbsp;&nbsp;&nbsp;Intercontinental Exchange, Inc., 4.25%, 9/21/48 | 182116 |
|  |  | 490600 |
|  | **CHEMICALS — 0.21%** |  |
| 52000 | &nbsp;&nbsp;&nbsp;Dow Chemical Co. (The), 4.38%, 11/15/42 | 42383 |
| 88000 | &nbsp;&nbsp;&nbsp;LYB International Finance III LLC, 4.20%, 5/01/50 | 65182 |
|  |  | 107565 |
|  | **COMMERCIAL SERVICES & SUPPLIES — 0.23%** |  |
| 175000 | &nbsp;&nbsp;&nbsp;Republic Services, Inc., 2.95%, 1/15/52 | 114544 |
|  | **COMMUNICATIONS EQUIPMENT — 0.14%** |  |
| 73000 | &nbsp;&nbsp;&nbsp;Cisco Systems, Inc., 5.30%, 2/26/54 | 72058 |
|  | **CONSTRUCTION MATERIALS — 0.33%** |  |
| 106000 | &nbsp;&nbsp;&nbsp;Vulcan Materials Co., 4.50%, 6/15/47 | 92347 |
| 88000 | &nbsp;&nbsp;&nbsp;Martin Marietta Materials, Inc., 4.25%, 12/15/47 | 73837 |
|  |  | 166184 |
|  | **CONTAINERS & PACKAGING — 0.63%** |  |
| 27000 | &nbsp;&nbsp;&nbsp;Packaging Corp. of America, 4.05%, 12/15/49 | 21442 |
| 139000 | &nbsp;&nbsp;&nbsp;Packaging Corp. of America, 3.05%, 10/01/51 | 90847 |
| 200000 | &nbsp;&nbsp;&nbsp;Smurfit Kappa Treasury ULC, 5.78%, 4/03/54<sup>(a)</sup> | 203943 |
|  |  | 316232 |
|  | **DIVERSIFIED FINANCIAL SERVICES — 0.47%** |  |
| 140000 | &nbsp;&nbsp;&nbsp;Corebridge Financial, Inc., 4.40%, 4/05/52 | 115653 |
| 116000 | &nbsp;&nbsp;&nbsp;Apollo Global Management, Inc., 5.80%, 5/21/54 | 117553 |
|  |  | 233206 |
|  | **DIVERSIFIED TELECOMMUNICATION SERVICES — 3.13%** |  |
| 204000 | &nbsp;&nbsp;&nbsp;Verizon Communications, Inc., 5.25%, 3/16/37 | 206148 |
| 127000 | &nbsp;&nbsp;&nbsp;Verizon Communications, Inc., 2.65%, 11/20/40 | 91854 |
| 149000 | &nbsp;&nbsp;&nbsp;Verizon Communications, Inc., 3.40%, 3/22/41 | 117726 |
| 287000 | &nbsp;&nbsp;&nbsp;AT&T, Inc., 3.50%, 6/01/41 | 229421 |
| 150000 | &nbsp;&nbsp;&nbsp;Deutsche Telekom AG, 3.63%, 1/21/50<sup>(a)</sup> | 111203 |
| 345000 | &nbsp;&nbsp;&nbsp;AT&T, Inc., 3.65%, 9/15/59 | 235878 |

---

28 *See accompanying notes to financial statements.*

**Sterling Capital Long Duration Corporation Bond Fund**

**Schedule of Investments (continued)**

*September 30, 2025*

---

| | | |
|:---|:---|:---|
| **Principal** <br> **Amount** |  | **Fair Value** |
| **CORPORATE BONDS — (continued)** | **CORPORATE BONDS — (continued)** |  |
|  | **DIVERSIFIED TELECOMMUNICATION SERVICES **(continued)** | **DIVERSIFIED TELECOMMUNICATION SERVICES **(continued)** |
| $547000 | &nbsp;&nbsp;&nbsp;AT&T, Inc., 3.85%, 6/01/60 | $388932 |
| 275000 | &nbsp;&nbsp;&nbsp;Verizon Communications, Inc., 3.70%, 3/22/61 | 193708 |
|  |  | 1574870 |
|  | **ELECTRIC UTILITIES — 13.98%** |  |
| 74000 | &nbsp;&nbsp;&nbsp;Appalachian Power Co., 5.80%, 10/01/35 | 76416 |
| 66000 | &nbsp;&nbsp;&nbsp;Commonwealth Edison Co., 5.90%, 3/15/36 | 70846 |
| 68000 | &nbsp;&nbsp;&nbsp;Florida Power & Light Co., 5.85%, 5/01/37 | 72755 |
| 124000 | &nbsp;&nbsp;&nbsp;Duke Energy Carolinas LLC, 6.10%, 6/01/37 | 133242 |
| 74000 | &nbsp;&nbsp;&nbsp;Duke Energy Florida LLC, 6.35%, 9/15/37 | 82242 |
| 140000 | &nbsp;&nbsp;&nbsp;Public Service Electric & Gas Co. MTN, 5.38%, 11/01/39 | 143124 |
| 107000 | &nbsp;&nbsp;&nbsp;Massachusetts Electric Co., 5.90%, 11/15/39<sup>(a)</sup> | 111984 |
| 58000 | &nbsp;&nbsp;&nbsp;Alabama Power Co, 5.50%, 3/15/41 | 58815 |
| 65000 | &nbsp;&nbsp;&nbsp;Puget Sound Energy, Inc., 5.64%, 4/15/41 | 65571 |
| 100000 | &nbsp;&nbsp;&nbsp;Florida Power & Light Co., 4.13%, 2/01/42 | 86997 |
| 161000 | &nbsp;&nbsp;&nbsp;Virginia Electric and Power Co., 4.00%, 1/15/43 | 134414 |
| 110000 | &nbsp;&nbsp;&nbsp;MidAmerican Energy Co., 4.80%, 9/15/43 | 101482 |
| 184000 | &nbsp;&nbsp;&nbsp;Consolidated Edison Co. of New York, Inc., 4.45%, 3/15/44 | 162164 |
| 76000 | &nbsp;&nbsp;&nbsp;Exelon Corp., 5.10%, 6/15/45 | 70831 |
| 125000 | &nbsp;&nbsp;&nbsp;Exelon Corp., 4.45%, 4/15/46 | 106436 |
| 285000 | &nbsp;&nbsp;&nbsp;Duke Energy Indiana LLC, 3.75%, 5/15/46 | 224827 |
| 120000 | &nbsp;&nbsp;&nbsp;Duke Energy Ohio, Inc., 3.70%, 6/15/46 | 92848 |
| 154000 | &nbsp;&nbsp;&nbsp;FirstEnergy Corp., 4.85%, 7/15/47 | 136314 |
| 118000 | &nbsp;&nbsp;&nbsp;DTE Electric Co., 3.75%, 8/15/47 | 91779 |
| 100000 | &nbsp;&nbsp;&nbsp;Alabama Power Co., 3.70%, 12/01/47<sup>(d)</sup> | 77632 |
| 113000 | &nbsp;&nbsp;&nbsp;Connecticut Light and Power Co. (The), 4.00%, 4/01/48 | 91435 |
| 79000 | &nbsp;&nbsp;&nbsp;Consolidated Edison Co. of New York, Inc., 4.65%, 12/01/48 | 69950 |
| 83000 | &nbsp;&nbsp;&nbsp;CenterPoint Energy Houston Electric LLC, 4.25%, 2/01/49 | 69566 |
| 106000 | &nbsp;&nbsp;&nbsp;Appalachian Power Co, 4.50%, 3/01/49 | 88546 |
| 80000 | &nbsp;&nbsp;&nbsp;FirstEnergy Transmission LLC, 4.55%, 4/01/49<sup>(a)</sup> | 68290 |
| 141000 | &nbsp;&nbsp;&nbsp;San Diego Gas & Electric Co., 4.10%, 6/15/49 | 113129 |
| 245000 | &nbsp;&nbsp;&nbsp;Entergy Texas, Inc., 3.55%, 9/30/49 | 177889 |
| 137000 | &nbsp;&nbsp;&nbsp;Union Electric Co., 3.25%, 10/01/49 | 94186 |
| 584000 | &nbsp;&nbsp;&nbsp;Xcel Energy, Inc., 3.50%, 12/01/49 | 418896 |
| 290000 | &nbsp;&nbsp;&nbsp;Georgia Power Co., 3.70%, 1/30/50 | 221371 |
| 229000 | &nbsp;&nbsp;&nbsp;AEP Transmission Co. LLC, 3.65%, 4/01/50<sup>(d)</sup> | 172936 |
| 132000 | &nbsp;&nbsp;&nbsp;San Diego Gas & Electric Co., 3.32%, 4/15/50 | 92546 |
| 161000 | &nbsp;&nbsp;&nbsp;Baltimore Gas and Electric Co., 2.90%, 6/15/50 | 104789 |
| 235000 | &nbsp;&nbsp;&nbsp;CenterPoint Energy Houston Electric LLC, 2.90%, 7/01/50<sup>(d)</sup> | 153911 |
| 113000 | &nbsp;&nbsp;&nbsp;Berkshire Hathaway Energy Co., 4.25%, 10/15/50 | 92347 |
| 155000 | &nbsp;&nbsp;&nbsp;Commonwealth Edison Co., 3.13%, 3/15/51 | 104449 |
| 178000 | &nbsp;&nbsp;&nbsp;Duke Energy Progress LLC, 2.90%, 8/15/51 | 114012 |
| 159000 | &nbsp;&nbsp;&nbsp;PECO Energy Co., 2.85%, 9/15/51 | 102185 |
| 133000 | &nbsp;&nbsp;&nbsp;Puget Sound Energy, Inc., 2.89%, 9/15/51 | 84200 |
| 147000 | &nbsp;&nbsp;&nbsp;DTE Electric Co., 3.65%, 3/01/52 | 109927 |
| 55000 | &nbsp;&nbsp;&nbsp;Northern States Power Co., 4.50%, 6/01/52 | 47627 |
| 109000 | &nbsp;&nbsp;&nbsp;MidAmerican Energy Co., 2.70%, 8/01/52 | 68522 |
| 178000 | &nbsp;&nbsp;&nbsp;Duke Energy Corp., 5.00%, 8/15/52 | 160246 |
| 109000 | &nbsp;&nbsp;&nbsp;Oncor Electric Delivery Co. LLC, 4.95%, 9/15/52 | 99298 |
| 93000 | &nbsp;&nbsp;&nbsp;Duke Energy Carolinas LLC, 5.35%, 1/15/53 | 91214 |
| 70000 | &nbsp;&nbsp;&nbsp;Union Electric Co., 5.45%, 3/15/53 | 68569 |
| 150000 | &nbsp;&nbsp;&nbsp;Indiana Michigan Power Co., 5.63%, 4/01/53 | 150493 |
| 123000 | &nbsp;&nbsp;&nbsp;Berkshire Hathaway Energy Co., 4.60%, 5/01/53 | 105728 |
| 78000 | &nbsp;&nbsp;&nbsp;Public Service Electric and Gas Co., 5.45%, 8/01/53 | 77883 |
| 81000 | &nbsp;&nbsp;&nbsp;Entergy Texas, Inc., 5.80%, 9/01/53 | 82147 |
| 92000 | &nbsp;&nbsp;&nbsp;Duke Energy Corp., 6.10%, 9/15/53 | 96836 |
| 197000 | &nbsp;&nbsp;&nbsp;NextEra Energy Capital Holdings, Inc., 5.55%, 3/15/54 | 192811 |
| 240000 | &nbsp;&nbsp;&nbsp;Entergy Louisiana LLC, 5.70%, 3/15/54 | 242190 |
| 91000 | &nbsp;&nbsp;&nbsp;Public Service Electric and Gas Co., 5.50%, 3/01/55 | 91400 |

---

---

| | | |
|:---|:---|:---|
| **Principal** <br> **Amount**  |  | **Fair Value** |
| **CORPORATE BONDS — (continued)** | **CORPORATE BONDS — (continued)** |  |
|  | **ELECTRIC UTILITIES — (continued)** |  |
| $184000 | &nbsp;&nbsp;&nbsp;Duke Energy Progress LLC, 5.55%, 3/15/55 | $184736 |
| 189000 | &nbsp;&nbsp;&nbsp;Virginia Electric and Power Co., 5.65%, 3/15/55 | 190100 |
| 35000 | &nbsp;&nbsp;&nbsp;Entergy Mississippi LLC, 5.80%, 4/15/55 | 35856 |
| 56000 | &nbsp;&nbsp;&nbsp;DTE Electric Co., 5.85%, 5/15/55 | 58837 |
| 61000 | &nbsp;&nbsp;&nbsp;Virginia Electric and Power Co, 5.60%, 9/15/55 | 60760 |
| 120000 | &nbsp;&nbsp;&nbsp;Florida Power & Light Co., 5.80%, 3/15/65 | 125695 |
| 145000 | &nbsp;&nbsp;&nbsp;Dominion Energy South Carolina, Inc., 5.10%, 6/01/65 | 132071 |
|  |  | 7008298 |
|  | **ENERGY EQUIPMENT & SERVICES — 0.17%** |  |
| 84000 | &nbsp;&nbsp;&nbsp;Halliburton Co., 4.85%, 11/15/35 | 82730 |
|  | **ENTERTAINMENT — 0.15%** |  |
| 113000 | &nbsp;&nbsp;&nbsp;Walt Disney Co. (The), 2.75%, 9/01/49 | 72847 |
|  | **EQUITY REAL ESTATE - INVESTMENT TRUSTS -(REITS) — 0.23%** |  |
| 161000 | &nbsp;&nbsp;&nbsp;NNN REIT, Inc., 3.50%, 4/15/51 | 113964 |
|  | **FINANCIAL SERVICES — 1.10%** |  |
| 101000 | &nbsp;&nbsp;&nbsp;Blackstone Holdings Finance Co. LLC, 6.25%, 8/15/42<sup>(a)</sup> | 106850 |
| 69000 | &nbsp;&nbsp;&nbsp;Carlyle Holdings II Finance LLC, 5.63%, 3/30/43<sup>(a)</sup> | 69163 |
| 70000 | &nbsp;&nbsp;&nbsp;KKR Group Finance Co. III LLC, 5.13%, 6/01/44<sup>(a)</sup> | 66458 |
| 200000 | &nbsp;&nbsp;&nbsp;UBS Group AG, 5.38%, 9/06/45 (USISSO01 + 186 bps)<sup>(a)(b)</sup> | 200110 |
| 37000 | &nbsp;&nbsp;&nbsp;BlackRock Funding, Inc., 5.25%, 3/14/54 | 36083 |
| 75000 | &nbsp;&nbsp;&nbsp;BlackRock Funding, Inc., 5.35%, 1/08/55 | 74292 |
|  |  | 552956 |
|  | **FOOD — 1.85%** |  |
| 150000 | &nbsp;&nbsp;&nbsp;Nestle Holdings, Inc., 2.50%, 9/14/41<sup>(a)</sup> | 106250 |
| 69000 | &nbsp;&nbsp;&nbsp;Kraft Heinz Foods Co., 5.00%, 6/04/42 | 63698 |
| 71000 | &nbsp;&nbsp;&nbsp;Cargill, Inc., 4.76%, 11/23/45<sup>(a)</sup> | 65419 |
| 182000 | &nbsp;&nbsp;&nbsp;Kraft Heinz Foods Co., 4.88%, 10/01/49 | 159214 |
| 118000 | &nbsp;&nbsp;&nbsp;Cargill, Inc., 4.38%, 4/22/52<sup>(a)</sup> | 101755 |
| 424000 | &nbsp;&nbsp;&nbsp;Mars, Inc., 5.70%, 5/01/55<sup>(a)</sup> | 429490 |
|  |  | 925826 |
|  | **FOOD & STAPLES RETAILING — 0.23%** |  |
| 157000 | &nbsp;&nbsp;&nbsp;Kenvue, Inc., 2.50%, 9/22/41 | 113679 |
|  | **GAS & WATER UTILITIES — 0.52%** |  |
| 309000 | &nbsp;&nbsp;&nbsp;Southern Co Gas Capital Corp., 3.15%, 9/30/51 | 201640 |
| 61000 | &nbsp;&nbsp;&nbsp;Atmos Energy Corp, 5.45%, 1/15/56<sup>(e)</sup> | 60291 |
|  |  | 261931 |
|  | **GAS UTILITIES — 0.15%** |  |
| 88000 | &nbsp;&nbsp;&nbsp;Atmos Energy Corp., 4.13%, 10/15/44 | 75133 |
|  | **HEALTH CARE EQUIPMENT & SUPPLIES — 0.51%** |  |
| 84000 | &nbsp;&nbsp;&nbsp;Stryker Corp., 4.63%, 3/15/46 | 75978 |
| 70000 | &nbsp;&nbsp;&nbsp;Abbott Laboratories, 4.90%, 11/30/46<sup>(d)</sup> | 67183 |
| 100000 | &nbsp;&nbsp;&nbsp;GE HealthCare Technologies, Inc., 6.38%, 11/22/52 | 110494 |
|  |  | 253655 |
|  | **HEALTH CARE FACILITIES & SERVICES — 1.29%** |  |
| 218000 | &nbsp;&nbsp;&nbsp;UnitedHealth Group Inc., 2.75%, 5/15/40 | 162438 |
| 196000 | &nbsp;&nbsp;&nbsp;HCA, Inc., 5.50%, 6/15/47 | 186976 |
| 162000 | &nbsp;&nbsp;&nbsp;HCA, Inc., 3.50%, 7/15/51 | 110827 |
| 116000 | &nbsp;&nbsp;&nbsp;HCA, Inc., 6.00%, 4/01/54 | 116227 |
| 69000 | &nbsp;&nbsp;&nbsp;CVS Health Corp., 6.20%, 9/15/55 | 71017 |
|  |  | 647485 |
|  | **HEALTH CARE PROVIDERS & SERVICES — 1.70%** |  |
| 226000 | &nbsp;&nbsp;&nbsp;UnitedHealth Group, Inc., 3.50%, 8/15/39 | 188507 |
| 229000 | &nbsp;&nbsp;&nbsp;CVS Health Corp., 5.13%, 7/20/45 | 207879 |
| 154000 | &nbsp;&nbsp;&nbsp;UnitedHealth Group, Inc., 3.75%, 10/15/47 | 118218 |
| 194000 | &nbsp;&nbsp;&nbsp;Elevance Health, Inc., 4.38%, 12/01/47 | 161791 |
| 70000 | &nbsp;&nbsp;&nbsp;CVS Health Corp., 5.88%, 6/01/53 | 68782 |
| 123000 | &nbsp;&nbsp;&nbsp;UnitedHealth Group, Inc., 4.95%, 5/15/62 | 108154 |
|  |  | 853331 |

---

*See accompanying notes to financial statements.* 29

**Sterling Capital Long Duration Corporation Bond Fund**

**Schedule of Investments (continued)**

*September 30, 2025*

---

| | | |
|:---|:---|:---|
| **Principal**<br>**Amount** |  |<br>**Fair Value** |
| **CORPORATE BONDS — (continued)** | **CORPORATE BONDS — (continued)** |  |
|  | **HOTELS, RESTAURANTS & LEISURE — 0.99%** |  |
| $191000 | &nbsp;&nbsp;&nbsp;McDonald's Corp., 4.88%, 12/09/45 | $176632 |
| 196000 | &nbsp;&nbsp;&nbsp;McDonald's Corp., 3.63%, 9/01/49 | 146825 |
| 242000 | &nbsp;&nbsp;&nbsp;Starbucks Corp., 3.50%, 11/15/50 | 172417 |
|  |  | 495874 |
|  | **HOUSEHOLD PRODUCTS — 0.40%** |  |
| 250000 | &nbsp;&nbsp;&nbsp;Haleon US Capital LLC, 4.00%, 3/24/52 | 199755 |
|  | **INDEPENDENT POWER/RENEWABLE ELECTRICITY PRODUCERS — 0.12%** |  |
| 70000 | &nbsp;&nbsp;&nbsp;Tennessee Valley Authority, 4.25%, 9/15/52 | 59793 |
|  | **INSTITUTIONAL FINANCIAL SERVICES — 0.24%** |  |
| 107000 | &nbsp;&nbsp;&nbsp;Morgan Stanley, 6.38%, 7/24/42 | 120191 |
|  | **INSURANCE — 5.29%** |  |
| 119000 | &nbsp;&nbsp;&nbsp;SBL Holdings, Inc., 7.20%, 10/30/34<sup>(a)</sup> | 119317 |
| 91000 | &nbsp;&nbsp;&nbsp;New York Life Insurance Co., 6.75%, 11/15/39<sup>(a)</sup> | 103623 |
| 57000 | &nbsp;&nbsp;&nbsp;Transatlantic Holdings, Inc., 8.00%, 11/30/39 | 71499 |
| 116000 | &nbsp;&nbsp;&nbsp;Teachers Insurance & Annuity Ass. of America, 6.85%, 12/16/39<sup>(a)</sup> | 132855 |
| 123000 | &nbsp;&nbsp;&nbsp;Enstar Finance LLC, 5.50%, 1/15/42 (H15T5Y + 400.60 bps)<sup>(b)</sup> | 122112 |
| 76000 | &nbsp;&nbsp;&nbsp;Securian Financial Group, Inc., 4.80%, 4/15/48<sup>(a)</sup> | 67683 |
| 76000 | &nbsp;&nbsp;&nbsp;Berkshire Hathaway Finance Corp., 4.20%, 8/15/48 | 64909 |
| 154000 | &nbsp;&nbsp;&nbsp;New York Life Insurance Co., 3.75%, 5/15/50<sup>(a)</sup> | 116278 |
| 132000 | &nbsp;&nbsp;&nbsp;Pacific LifeCorp, 3.35%, 9/15/50<sup>(a)</sup> | 91222 |
| 130000 | &nbsp;&nbsp;&nbsp;Prudential Financial, Inc., 3.70%, 10/01/50 (H15T5Y + 303.50 bps)<sup>(b)</sup> | 121431 |
| 162000 | &nbsp;&nbsp;&nbsp;Northwestern Mutual Life Insurance Co. (The), 3.45%, 3/30/51<sup>(a)</sup> | 114963 |
| 122000 | &nbsp;&nbsp;&nbsp;Fidelity National Financial, Inc., 3.20%, 9/17/51 | 78146 |
| 203000 | &nbsp;&nbsp;&nbsp;Global Atlantic Fin Co., 4.70%, 10/15/51 (H15T5Y + 379.60 bps)<sup>(a)(b)</sup> | 199974 |
| 60000 | &nbsp;&nbsp;&nbsp;Berkshire Hathaway Finance Corp., 3.85%, 3/15/52 | 47069 |
| 134000 | &nbsp;&nbsp;&nbsp;Athene Holding Ltd., 3.45%, 5/15/52 | 87979 |
| 121000 | &nbsp;&nbsp;&nbsp;Aon North America, Inc., 5.75%, 3/01/54 | 121857 |
| 91000 | &nbsp;&nbsp;&nbsp;Global Atlantic Fin Co., 6.75%, 3/15/54<sup>(a)</sup> | 96211 |
| 264000 | &nbsp;&nbsp;&nbsp;Athene Holding Ltd., 6.25%, 4/01/54 | 269146 |
| 164000 | &nbsp;&nbsp;&nbsp;Corebridge Financial, Inc., 6.38%, 9/15/54 (H15T5Y + 264.60 bps)<sup>(b)</sup> | 168329 |
| 165000 | &nbsp;&nbsp;&nbsp;Athene Holding Ltd., 6.63%, 10/15/54 | 166483 |
| 36000 | &nbsp;&nbsp;&nbsp;Northwestern Mutual Life Insurance Co. (The), 6.17%, 5/29/55<sup>(a)</sup> | 38727 |
| 150000 | &nbsp;&nbsp;&nbsp;W R Berkley Corp., 3.15%, 9/30/61 | 94667 |
| 76000 | &nbsp;&nbsp;&nbsp;Guardian Life Insurance Co. of America (The), 4.88%, 6/19/64<sup>(a)</sup> | 66656 |
| 115000 | &nbsp;&nbsp;&nbsp;New York Life Insurance Co., 4.45%, 5/15/69<sup>(a)</sup> | 91367 |
|  |  | 2652503 |
|  | **INTERACTIVE MEDIA & SERVICES — 0.93%** |  |
| 213000 | &nbsp;&nbsp;&nbsp;Meta Platforms, Inc., 4.45%, 8/15/52 | 182897 |
| 194000 | &nbsp;&nbsp;&nbsp;Meta Platforms, Inc., 5.40%, 8/15/54 | 191669 |
| 89000 | &nbsp;&nbsp;&nbsp;Meta Platforms, Inc., 5.75%, 5/15/63 | 91533 |
|  |  | 466099 |
|  | **INTERNET & DIRECT MARKETING RETAIL — 0.80%** |  |
| 225000 | &nbsp;&nbsp;&nbsp;Amazon.com, Inc., 2.50%, 6/03/50 | 138997 |
| 445000 | &nbsp;&nbsp;&nbsp;Amazon.com, Inc., 2.70%, 6/03/60 | 263216 |
|  |  | 402213 |
|  | **IT SERVICES — 0.62%** |  |
| 129000 | &nbsp;&nbsp;&nbsp;Visa, Inc., 4.30%, 12/14/45 | 113880 |
| 237000 | &nbsp;&nbsp;&nbsp;Fiserv, Inc., 4.40%, 7/01/49 | 195406 |
|  |  | 309286 |
|  | **LEISURE PRODUCTS — 0.34%** |  |
| 185000 | &nbsp;&nbsp;&nbsp;Mattel, Inc., 5.45%, 11/01/41 | 170421 |
|  | **MACHINERY — 0.70%** |  |
| 108000 | &nbsp;&nbsp;&nbsp;Deere & Co., 3.90%, 6/09/42 | 93479 |

---

---

| | | |
|:---|:---|:---|
| **Principal** <br> **Amount** |  | **Fair Value** |
| **CORPORATE BONDS — (continued)** | **CORPORATE BONDS — (continued)** |  |
|  | **MACHINERY — (continued)** |  |
| $111000 | &nbsp;&nbsp;&nbsp;Caterpillar, Inc., 3.80%, 8/15/42 | $93755 |
| 87000 | &nbsp;&nbsp;&nbsp;Cummins, Inc., 5.45%, 2/20/54 | 86729 |
| 73000 | &nbsp;&nbsp;&nbsp;Caterpillar Inc., 5.50%, 5/15/55 | 74551 |
|  |  | 348514 |
|  | **MEDIA — 1.07%** |  |
| 229000 | &nbsp;&nbsp;&nbsp;Comcast Corp., 3.25%, 11/01/39 | 182844 |
| 182000 | &nbsp;&nbsp;&nbsp;Comcast Corp., 2.80%, 1/15/51 | 111110 |
| 117000 | &nbsp;&nbsp;&nbsp;Comcast Corp., 2.89%, 11/01/51 | 72069 |
| 180000 | &nbsp;&nbsp;&nbsp;Comcast Corp., 5.50%, 5/15/64 | 169647 |
|  |  | 535670 |
|  | **METALS & MINING — 2.11%** |  |
| 196000 | &nbsp;&nbsp;&nbsp;Freeport-McMoRan Inc., 5.45%, 3/15/43 | 188783 |
| 142000 | &nbsp;&nbsp;&nbsp;Southern Copper Corp., 5.88%, 4/23/45 | 147625 |
| 181000 | &nbsp;&nbsp;&nbsp;Steel Dynamics, Inc., 3.25%, 10/15/50 | 125476 |
| 242000 | &nbsp;&nbsp;&nbsp;Anglo American Capital PLC, 6.00%, 4/05/54<sup>(a)</sup> | 248689 |
| 267000 | &nbsp;&nbsp;&nbsp;Rio Tinto Finance USA PLC, 5.75%, 3/14/55 | 274784 |
| 107000 | &nbsp;&nbsp;&nbsp;Nucor Corp., 2.98%, 12/15/55 | 67739 |
|  |  | 1053096 |
|  | **MULTI-UTILITIES — 1.43%** |  |
| 207000 | &nbsp;&nbsp;&nbsp;Sempra, 3.80%, 2/01/38 | 176945 |
| 169000 | &nbsp;&nbsp;&nbsp;Dominion Energy, Inc., 3.30%, 4/15/41 | 128762 |
| 126000 | &nbsp;&nbsp;&nbsp;CMS Energy Corp., 4.70%, 3/31/43 | 111201 |
| 117000 | &nbsp;&nbsp;&nbsp;NiSource, Inc., 4.80%, 2/15/44 | 106459 |
| 121000 | &nbsp;&nbsp;&nbsp;CMS Energy Corp., 3.75%, 12/01/50 | 111709 |
| 93000 | &nbsp;&nbsp;&nbsp;Dominion Energy, Inc., 4.85%, 8/15/52 | 80850 |
|  |  | 715926 |
|  | **OIL & GAS PRODUCERS — 4.42%** |  |
| 40000 | &nbsp;&nbsp;&nbsp;Woodside Finance Ltd., 6.00%, 5/19/35 | 41753 |
| 89000 | &nbsp;&nbsp;&nbsp;TransCanada PipeLines Ltd., 6.20%, 10/15/37 | 95372 |
| 110000 | &nbsp;&nbsp;&nbsp;Enterprise Products Operating LLC, 6.13%, 10/15/39 | 118922 |
| 100000 | &nbsp;&nbsp;&nbsp;Cheniere Corpus Christi Holdings LLC, 2.74%, 12/31/39 | 83875 |
| 84000 | &nbsp;&nbsp;&nbsp;Enterprise Products Operating LLC, 6.45%, 9/01/40 | 93600 |
| 94000 | &nbsp;&nbsp;&nbsp;BP Capital Markets America, Inc., 3.06%, 6/17/41 | 71471 |
| 132000 | &nbsp;&nbsp;&nbsp;APA Corp., 5.25%, 2/01/42<sup>(a)</sup> | 106542 |
| 105000 | &nbsp;&nbsp;&nbsp;Shell Finance US, Inc., 4.55%, 8/12/43 | 95144 |
| 80000 | &nbsp;&nbsp;&nbsp;Eastern Gas Transmission & Storage, Inc., 4.80%, 11/01/43 | 71962 |
| 97000 | &nbsp;&nbsp;&nbsp;DCP Midstream Operating LP, 5.60%, 4/01/44 | 94123 |
| 109000 | &nbsp;&nbsp;&nbsp;Plains All American Pipeline LP/PAA Finance Corp., 4.70%, 6/15/44 | 92463 |
| 165000 | &nbsp;&nbsp;&nbsp;APA Corp., 5.35%, 7/01/49<sup>(a)</sup> | 137894 |
| 227000 | &nbsp;&nbsp;&nbsp;Enterprise Products Operating LLC, 3.30%, 2/15/53 | 154529 |
| 158000 | &nbsp;&nbsp;&nbsp;Woodside Finance Ltd., 5.70%, 9/12/54 | 151119 |
| 150000 | &nbsp;&nbsp;&nbsp;Aker BP ASA, 5.80%, 10/01/54<sup>(a)</sup> | 139067 |
| 121000 | &nbsp;&nbsp;&nbsp;Williams Cos Inc/The, 6.00%, 3/15/55 | 124834 |
| 80000 | &nbsp;&nbsp;&nbsp;ConocoPhillips Co., 4.03%, 3/15/62 | 59722 |
| 200000 | &nbsp;&nbsp;&nbsp;Saudi Arabian Oil Co., 5.88%, 7/17/64<sup>(a)</sup> | 197000 |
| 167000 | &nbsp;&nbsp;&nbsp;TotalEnergies Capital SA, 5.43%, 9/10/64 (FIXED) | 160798 |
| 134000 | &nbsp;&nbsp;&nbsp;ONEOK, Inc., 5.85%, 11/01/64 | 127905 |
|  |  | 2218095 |
|  | **OIL, GAS & CONSUMABLE FUELS — 3.73%** |  |
| 120000 | &nbsp;&nbsp;&nbsp;MPLX LP, 4.50%, 4/15/38 | 108541 |
| 56000 | &nbsp;&nbsp;&nbsp;Energy Transfer LP, 7.50%, 7/01/38 | 65074 |
| 290000 | &nbsp;&nbsp;&nbsp;Exxon Mobil Corp., 4.23%, 3/19/40 | 265419 |
| 73000 | &nbsp;&nbsp;&nbsp;Williams Cos. Inc. (The), 6.30%, 4/15/40 | 79055 |
| 43000 | &nbsp;&nbsp;&nbsp;Equinor ASA, 5.10%, 8/17/40 | 43201 |
| 158000 | &nbsp;&nbsp;&nbsp;Kinder Morgan Energy Partners LP, 5.63%, 9/01/41 | 157268 |
| 211000 | &nbsp;&nbsp;&nbsp;Energy Transfer LP, 5.00%, 5/15/44 | 186638 |
| 126000 | &nbsp;&nbsp;&nbsp;Energy Transfer LP, 5.35%, 5/15/45 | 115576 |
| 72000 | &nbsp;&nbsp;&nbsp;Kinder Morgan, Inc., 5.55%, 6/01/45 | 69934 |
| 93000 | &nbsp;&nbsp;&nbsp;MPLX LP, 5.20%, 12/01/47 | 83193 |
| 82000 | &nbsp;&nbsp;&nbsp;MPLX LP, 4.70%, 4/15/48 | 68659 |

---

30 *See accompanying notes to financial statements.*

**Sterling Capital Long Duration Corporation Bond Fund**

**Schedule of Investments (continued)**

*September 30, 2025*

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount** |  | **Fair Value** |
| **CORPORATE BONDS — (continued)** | **CORPORATE BONDS — (continued)** |  |
|  | **OIL, GAS & CONSUMABLE FUELS — (continued)** |  |
| $63000 | &nbsp;&nbsp;&nbsp;Energy Transfer LP, 5.00%, 5/15/50 | $53928 |
| 80000 | &nbsp;&nbsp;&nbsp;MPLX LP, 4.95%, 3/14/52 | 68246 |
| 88000 | &nbsp;&nbsp;&nbsp;Diamondback Energy, Inc., 4.25%, 3/15/52 | 69053 |
| 86000 | &nbsp;&nbsp;&nbsp;Targa Resources Corp., 6.25%, 7/01/52 | 87715 |
| 88000 | &nbsp;&nbsp;&nbsp;Kinder Morgan, Inc., 5.45%, 8/01/52 | 83009 |
| 117000 | &nbsp;&nbsp;&nbsp;Ovintiv, Inc., 7.10%, 7/15/53 | 126344 |
| 70000 | &nbsp;&nbsp;&nbsp;Energy Transfer LP, 5.95%, 5/15/54 | 67790 |
| 72000 | &nbsp;&nbsp;&nbsp;Diamondback Energy, Inc., 5.90%, 4/18/64 | 69313 |
|  |  | 1867956 |
|  | **PHARMACEUTICALS — 1.33%** |  |
| 158000 | &nbsp;&nbsp;&nbsp;Bristol-Myers Squibb Co., 2.35%, 11/13/40 | 110884 |
| 119000 | &nbsp;&nbsp;&nbsp;Zoetis, Inc., 4.70%, 2/01/43 | 109832 |
| 166000 | &nbsp;&nbsp;&nbsp;Bristol-Myers Squibb Co., 4.25%, 10/26/49 | 137627 |
| 207000 | &nbsp;&nbsp;&nbsp;Bristol-Myers Squibb Co., 2.55%, 11/13/50 | 124345 |
| 88000 | &nbsp;&nbsp;&nbsp;Merck & Co., Inc., 2.75%, 12/10/51 | 55564 |
| 116000 | &nbsp;&nbsp;&nbsp;Bristol-Myers Squibb Co., 6.40%, 11/15/63 | 128081 |
|  |  | 666333 |
|  | **REIT — 2.09%** |  |
| 157000 | &nbsp;&nbsp;&nbsp;American Tower Trust, Series 2018-1, Class A, 3.65%, 3/15/28<sup>(a)</sup> | 154330 |
| 113000 | &nbsp;&nbsp;&nbsp;UDR, Inc., 3.10%, 11/01/34 | 97287 |
| 135000 | &nbsp;&nbsp;&nbsp;Kimco Realty OP LLC, 4.25%, 4/01/45 | 114311 |
| 83000 | &nbsp;&nbsp;&nbsp;Kimco Realty OP LLC, 4.45%, 9/01/47 | 71352 |
| 88000 | &nbsp;&nbsp;&nbsp;Simon Property Group LP, 3.25%, 9/13/49 | 61719 |
| 95000 | &nbsp;&nbsp;&nbsp;Prologis LP, 3.00%, 4/15/50 | 63554 |
| 40000 | &nbsp;&nbsp;&nbsp;Mid-America Apartments LP, 2.88%, 9/15/51 | 25740 |
| 146000 | &nbsp;&nbsp;&nbsp;American Homes 4 Rent LP, 4.30%, 4/15/52 | 116996 |
| 108000 | &nbsp;&nbsp;&nbsp;Prologis LP, 5.25%, 6/15/53 | 104417 |
| 70000 | &nbsp;&nbsp;&nbsp;Public Storage Operating Co., 5.35%, 8/01/53 | 69180 |
| 77000 | &nbsp;&nbsp;&nbsp;VICI Properties LP, 6.13%, 4/01/54 | 78027 |
| 94000 | &nbsp;&nbsp;&nbsp;Realty Income Corp., 5.38%, 9/01/54 | 91934 |
|  |  | 1048847 |
|  | **RETAIL - CONSUMER STAPLES — 0.45%** |  |
| 232000 | &nbsp;&nbsp;&nbsp;Kroger Co/The, 5.50%, 9/15/54 | 226121 |
|  | **RETAIL - DISCRETIONARY — 0.38%** |  |
| 143000 | &nbsp;&nbsp;&nbsp;ERAC USA Finance LLC, 5.63%, 3/15/42<sup>(a)</sup> | 146014 |
| 69000 | &nbsp;&nbsp;&nbsp;Lowe's Cos Inc, 3.00%, 10/15/50 | 44642 |
|  |  | 190656 |
|  | **ROAD & RAIL — 1.33%** |  |
| 92000 | &nbsp;&nbsp;&nbsp;CSX Corp., 6.00%, 10/01/36 | 99803 |
| 105000 | &nbsp;&nbsp;&nbsp;Union Pacific Corp., 3.60%, 9/15/37 | 93074 |
| 31000 | &nbsp;&nbsp;&nbsp;Union Pacific Corp., 3.38%, 2/14/42 | 24569 |
| 88000 | &nbsp;&nbsp;&nbsp;Norfolk Southern Corp., 3.95%, 10/01/42 | 74127 |
| 87000 | &nbsp;&nbsp;&nbsp;CSX Corp., 4.30%, 3/01/48 | 73872 |
| 56000 | &nbsp;&nbsp;&nbsp;Norfolk Southern Corp., 3.40%, 11/01/49 | 40356 |
| 212000 | &nbsp;&nbsp;&nbsp;Union Pacific Corp., 2.95%, 3/10/52 | 138043 |
| 143000 | &nbsp;&nbsp;&nbsp;CSX Corp., 4.50%, 11/15/52 | 123400 |
|  |  | 667244 |
|  | **SEMICONDUCTORS — 0.38%** |  |
| 177000 | &nbsp;&nbsp;&nbsp;Foundry JV Holdco LLC, 6.40%, 1/25/38<sup>(a)</sup> | 191677 |
|  | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 1.30%** |  |
| 373000 | &nbsp;&nbsp;&nbsp;Broadcom, Inc., 3.50%, 2/15/41<sup>(a)</sup> | 306952 |
| 201000 | &nbsp;&nbsp;&nbsp;Lam Research Corp., 2.88%, 6/15/50 | 133537 |
| 123000 | &nbsp;&nbsp;&nbsp;Broadcom, Inc., 3.75%, 2/15/51<sup>(a)</sup> | 96261 |
| 122000 | &nbsp;&nbsp;&nbsp;KLA Corp., 4.95%, 7/15/52 | 114107 |
|  |  | 650857 |
|  | **SOFTWARE — 3.58%** |  |
| 133000 | &nbsp;&nbsp;&nbsp;Oracle Corp., 3.65%, 3/25/41 | 106519 |
| 298000 | &nbsp;&nbsp;&nbsp;Oracle Corp., 4.00%, 7/15/46 | 232134 |
| 171000 | &nbsp;&nbsp;&nbsp;Oracle Corp., 3.60%, 4/01/50 | 120377 |
| 285000 | &nbsp;&nbsp;&nbsp;Microsoft Corp., 2.53%, 6/01/50 | 180426 |

---

---

| | | |
|:---|:---|:---|
| **Principal** <br> **Amount** |  | **Fair Value** |
| **CORPORATE BONDS — (continued)** | **CORPORATE BONDS — (continued)** |  |
|  | **SOFTWARE — (continued)** |  |
| $162000 | &nbsp;&nbsp;&nbsp;Oracle Corp., 3.95%, 3/25/51 | $120448 |
| 173000 | &nbsp;&nbsp;&nbsp;Salesforce, Inc., 2.90%, 7/15/51 | 113513 |
| 101000 | &nbsp;&nbsp;&nbsp;Oracle Corp., 6.90%, 11/09/52 | 112378 |
| 114000 | &nbsp;&nbsp;&nbsp;Synopsys, Inc., 5.70%, 4/01/55 | 115052 |
| 86000 | &nbsp;&nbsp;&nbsp;Oracle Corp., 4.38%, 5/15/55 | 67522 |
| 129000 | &nbsp;&nbsp;&nbsp;Oracle Corp., 3.85%, 4/01/60 | 88709 |
| 409000 | &nbsp;&nbsp;&nbsp;Microsoft Corp., 2.68%, 6/01/60 | 244614 |
| 78000 | &nbsp;&nbsp;&nbsp;Salesforce, Inc., 3.05%, 7/15/61 | 49163 |
| 65000 | &nbsp;&nbsp;&nbsp;Oracle Corp., 6.13%, 8/03/65 | 65251 |
| 180000 | &nbsp;&nbsp;&nbsp;Oracle Corp, 6.10%, 9/26/65 | 179669 |
|  |  | 1795775 |
|  | **SPECIALTY FINANCE — 0.49%** |  |
| 296000 | &nbsp;&nbsp;&nbsp;AerCap Ireland Capital DAC, 3.85%, 10/29/41 | 243226 |
|  | **SPECIALTY RETAIL — 1.23%** |  |
| 152000 | &nbsp;&nbsp;&nbsp;Lowe's Cos, Inc., 5.00%, 4/15/40 | 148282 |
| 141000 | &nbsp;&nbsp;&nbsp;Home Depot, Inc. (The), 3.13%, 12/15/49 | 97755 |
| 262000 | &nbsp;&nbsp;&nbsp;Lowe's Cos, Inc., 3.50%, 4/01/51 | 186091 |
| 291000 | &nbsp;&nbsp;&nbsp;Home Depot, Inc. (The), 2.75%, 9/15/51 | 183493 |
|  |  | 615621 |
|  | **TECHNOLOGY HARDWARE — 0.36%** |  |
| 79000 | &nbsp;&nbsp;&nbsp;Dell International LLC / EMC Corp., 5.40%, 4/15/34 | 81569 |
| 141000 | &nbsp;&nbsp;&nbsp;Dell International LLC / EMC Corp., 3.45%, 12/15/51 | 99077 |
|  |  | 180646 |
|  | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 1.21%** |  |
| 191000 | &nbsp;&nbsp;&nbsp;Apple, Inc., 3.85%, 5/04/43 | 162989 |
| 203000 | &nbsp;&nbsp;&nbsp;Apple, Inc., 3.85%, 8/04/46 | 167992 |
| 180000 | &nbsp;&nbsp;&nbsp;Apple, Inc., 2.65%, 5/11/50 | 115330 |
| 248000 | &nbsp;&nbsp;&nbsp;Apple, Inc., 2.70%, 8/05/51 | 158279 |
|  |  | 604590 |
|  | **TECHNOLOGY SERVICES — 0.19%** |  |
| 120000 | &nbsp;&nbsp;&nbsp;Kyndryl Holdings, Inc., 4.10%, 10/15/41 | 97359 |
|  | **TELECOMMUNICATIONS — 2.77%** |  |
| 339000 | &nbsp;&nbsp;&nbsp;T-Mobile USA, Inc., 4.38%, 4/15/40 | 306096 |
| 65000 | &nbsp;&nbsp;&nbsp;AT&T Inc, 5.55%, 11/01/45 | 64354 |
| 350000 | &nbsp;&nbsp;&nbsp;AT&T Inc, 5.15%, 11/15/46 | 327540 |
| 73000 | &nbsp;&nbsp;&nbsp;Telefonica Emisiones SA, 5.21%, 3/08/47 | 65619 |
| 216000 | &nbsp;&nbsp;&nbsp;AT&T Inc, 3.65%, 6/01/51 | 156195 |
| 159000 | &nbsp;&nbsp;&nbsp;T-Mobile USA, Inc., 5.65%, 1/15/53 | 157099 |
| 169000 | &nbsp;&nbsp;&nbsp;T-Mobile USA, Inc., 3.60%, 11/15/60 | 114803 |
| 196000 | &nbsp;&nbsp;&nbsp;T-Mobile USA, Inc., 5.80%, 9/15/62 | 197148 |
|  |  | 1388854 |
|  | **TOBACCO — 0.71%** |  |
| 291000 | &nbsp;&nbsp;&nbsp;Philip Morris International, Inc., 4.38%, 11/15/41 | 260642 |
| 123000 | &nbsp;&nbsp;&nbsp;Altria Group, Inc., 3.88%, 9/16/46 | 94282 |
|  |  | 354924 |
|  | **TOBACCO & CANNABIS — 0.80%** |  |
| 90000 | &nbsp;&nbsp;&nbsp;BAT Capital Corp., 4.39%, 8/15/37 | 82531 |
| 58000 | &nbsp;&nbsp;&nbsp;Altria Group Inc, 4.25%, 8/09/42 | 48801 |
| 141000 | &nbsp;&nbsp;&nbsp;BAT Capital Corp., 4.54%, 8/15/47 | 118234 |
| 130000 | &nbsp;&nbsp;&nbsp;BAT Capital Corp., 7.08%, 8/02/53 | 149007 |
|  |  | 398573 |
|  | **TRANSPORTATION & LOGISTICS — 1.14%** |  |
| 75132 | &nbsp;&nbsp;&nbsp;Polar Tankers, Inc., 5.95%, 5/10/37<sup>(a)</sup> | 79983 |
| 88000 | &nbsp;&nbsp;&nbsp;Burlington Northern Santa Fe LLC, 4.95%, 9/15/41 | 84668 |
| 172000 | &nbsp;&nbsp;&nbsp;Burlington Northern Santa Fe LLC, 4.90%, 4/01/44 | 163819 |
| 252000 | &nbsp;&nbsp;&nbsp;Burlington Northern Santa Fe LLC, 5.20%, 4/15/54 | 241839 |
|  |  | 570309 |
|  | **WIRELESS TELECOMMUNICATION SERVICES — 0.43%** |  |
| 200000 | &nbsp;&nbsp;&nbsp;America Movil SAB de CV, 6.13%, 3/30/40 | 213907 |
|  | &nbsp;&nbsp;&nbsp;**Total (Cost $48,630,569)** | 47011453 |

---

*See accompanying notes to financial statements.* 31

**Sterling Capital Long Duration Corporation Bond Fund**

**Schedule of Investments (continued)**

*September 30, 2025*

---

| | | |
|:---|:---|:---|
| **Principal**<br>**Amount** |  |<br>**Fair Value** |
| **U.S. TREASURY BONDS & NOTES — 3.93%** | **U.S. TREASURY BONDS & NOTES — 3.93%** |  |
| $294800 | &nbsp;&nbsp;&nbsp;United States Treasury Bond, 2.00 *%*, 11/15/41 | $207028 |
| 2459600 | &nbsp;&nbsp;&nbsp;United States Treasury Bond, 2.50 *%*, 2/15/45 | 1761784 |
|  | &nbsp;&nbsp;&nbsp;**Total (Cost $1,911,993)** | 1968812 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
| **MONEY MARKET FUNDS — 1.40%** | **MONEY MARKET FUNDS — 1.40%** |  |
| 701859 | &nbsp;&nbsp;&nbsp;Federated Hermes Treasury Obligations Fund, Institutional Shares, 4.00%<sup>(f)</sup> | 701859 |
|  | &nbsp;&nbsp;&nbsp;Total Money Market Funds |  |
|  | &nbsp;&nbsp;&nbsp;(Cost $701,859) | 701859 |
| Total Investments— 99.10% | Total Investments— 99.10% |  |
| (Cost $51,244,421) | (Cost $51,244,421) | 49682124 |
| Other Assets in Excess of Liabilities— 0.90% | Other Assets in Excess of Liabilities— 0.90% | 452562 |
| NET ASSETS — 100.00% | NET ASSETS — 100.00% | $50134686 |

---

&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 September 30, 2025. 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 year ended
September 30, 2025 is $264,173, which represents 0.52% of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(e) This security was purchased on a when-issued
or forward commitment basis (Note 3).

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

 

32 *See accompanying notes to financial statements.*

**Sterling Capital Quality Income Fund**

**Schedule of Investments**

September 30, 2025

---

| | | |
|:---|:---|:---|
| **Principal** <br> **Amount** |  | **Fair Value** |
| **ASSET BACKED SECURITIES — 15.97%** | **ASSET BACKED SECURITIES — 15.97%** |  |
| $509000 | &nbsp;&nbsp;&nbsp;Carvana Auto Receivables Trust, Series P2, Class B, 1.27%, 3/10/27 | $503605 |
| 600000 | &nbsp;&nbsp;&nbsp;Carvana Auto Receivables Trust, Series P3, Class B, 1.42%, 8/10/27 | 583539 |
| 1309000 | &nbsp;&nbsp;&nbsp;BANK5 Trust, Series 2024-5YR5, 6.27%, 2/15/29 | 1365855 |
| 1250000 | &nbsp;&nbsp;&nbsp;Avis Budget Rental Car Funding AESOP LLC, Series 4A, Class A, 5.49%, 6/20/29<sup>(a)</sup> | 1286050 |
| 415000 | &nbsp;&nbsp;&nbsp;OneMain Direct Auto Receivables Trust, Series 1A, Class A, 5.41%, 11/14/29<sup>(a)</sup> | 418566 |
| 1000000 | &nbsp;&nbsp;&nbsp;Avis Budget Rental Car Funding AESOP LLC, Series 8A, Class A, 6.02%, 2/20/30<sup>(a)</sup> | 1049876 |
| 1212000 | &nbsp;&nbsp;&nbsp;Hertz Vehicle Financing III LLC, Series 4A, Class A, 6.15%, 3/25/30<sup>(a)</sup> | 1266588 |
| 29296 | &nbsp;&nbsp;&nbsp;United States Small Business Administration, Series 20D, Class 1, 4.44%, 4/01/30<sup>(b)</sup> | 29352 |
| 1009000 | &nbsp;&nbsp;&nbsp;Dryden CLO Ltd., Series 53A, Class BR, 5.60%, 1/15/31<sup>(a)(c)</sup> | 1010039 |
| 994000 | &nbsp;&nbsp;&nbsp;Hertz Vehicle Financing III LLC, Series 2A, Class A, 5.48%, 1/27/31<sup>(a)</sup> | 1017439 |
| 1581000 | &nbsp;&nbsp;&nbsp;Neuberger Berman Loan Advisers CLO 41 Ltd., Series 41A, Class AR, 5.35%, 4/15/34 (TSFR3M + 105 bps)<sup>(a)(c)(d)</sup> | 1582692 |
| 825000 | &nbsp;&nbsp;&nbsp;ARES XLIV CLO Ltd, Series 44A, Class A1RR, 5.42%, 4/15/34 (TSFR3M + 113 bps)<sup>(a)(d)</sup> | 826650 |
| 1582000 | &nbsp;&nbsp;&nbsp;LCM 33 Ltd, Series 33A, Class AR, 5.49%, 7/20/34 (TSFR3M + 118.00 bps)<sup>(a)(d)</sup> | 1584562 |
| 71090 | &nbsp;&nbsp;&nbsp;Saxon Asset Securities Trust, Series 3, Class M1, 5.17%, 12/26/34 (TSFR1M + 101 bps)<sup>(d)</sup> | 69151 |
| 1466000 | &nbsp;&nbsp;&nbsp;Allegany Park CLO Ltd, Series 1A, Class ARR, 5.38%, 1/20/35 (TSFR3M + 110 bps)<sup>(a)(d)</sup> | 1466660 |
| 1500000 | &nbsp;&nbsp;&nbsp;Neuberger Berman Loan Advisers CLO Ltd., Series 47A, Class A, 5.62%, 4/14/35 (TSFR3M + 130 bps)<sup>(a)</sup> | 1502730 |
| 1012000 | &nbsp;&nbsp;&nbsp;OneMain Financial Issuance Trust, Series 2A, Class A, 3.14%, 10/14/36<sup>(a)(b)</sup> | 992743 |
| 232466 | &nbsp;&nbsp;&nbsp;BX Trust, Series 2021-RISE, Class C, 5.71%, 11/15/36<sup>(a)(d)</sup> | 232175 |
| 1168137 | &nbsp;&nbsp;&nbsp;Hilton Grand Vacations Trust, Series 2024-3A, Class A, 4.98%, 8/27/40<sup>(a)</sup> | 1179594 |
| 396896 | &nbsp;&nbsp;&nbsp;Sierra Timeshare Receivables Funding LLC, Series 3A, Class A, 4.83%, 8/20/41<sup>(a)</sup> | 399099 |
| 1848446 | &nbsp;&nbsp;&nbsp;Tricon Residential Trust, Series 2025-SFR, Class A, 5.46%, 3/17/42 (TSFR1M + 110 bps)<sup>(a)(d)</sup> | 1851984 |
| 845796 | &nbsp;&nbsp;&nbsp;MVW LLC, Series 2024-2, Class A, 4.43%, 3/20/42<sup>(a)</sup> | 845598 |
| 242000 | &nbsp;&nbsp;&nbsp;VDCM Commercial Mortgage Trust 2025-AZ, Series AZ, Class C, 6.03%, 7/13/44<sup>(a)(d)</sup> | 245181 |
| 154851 | &nbsp;&nbsp;&nbsp;SoFi Professional Loan Program Trust, Series A, Class A2FX, 2.54%, 5/15/46<sup>(a)(b)</sup> | 149798 |
| 628215 | &nbsp;&nbsp;&nbsp;Government National Mortgage Association, Series 71, Class BZ, 3.50%, 6/20/49 | 407238 |
| 1443040 | &nbsp;&nbsp;&nbsp;Government National Mortgage Association, Series 27, Class AW, 5.90%, 2/20/51 | 1492523 |
| 1406904 | &nbsp;&nbsp;&nbsp;SMB Private Education Loan Trust, Series 2024-F, Class A1A, 5.06%, 3/16/54<sup>(a)</sup> | 1426022 |
| 252000 | &nbsp;&nbsp;&nbsp;BANK5 Trust, Series 2024-5YR6, Class A3, 6.23%, 5/15/57 | 266160 |
| 240000 | &nbsp;&nbsp;&nbsp;BANK5 Trust, Series 2024-5YR6, Class AS, 6.79%, 5/15/57 | 254949 |
| 928000 | &nbsp;&nbsp;&nbsp;BANK5 2025-5YR17, Series 5YR17, Class A3, 5.23%, 11/15/58<sup>(e)</sup> | 957293 |
|  | &nbsp;&nbsp;&nbsp;**Total (Cost $26,115,025)** | 26263711 |

---

---

| | | |
|:---|:---|:---|
| **Principal** <br> **Amount** |  | **Fair Value** |
| **CORPORATE BONDS — 0.15%** | **CORPORATE BONDS — 0.15%** |  |
|  | **REIT — 0.15%** |  |
| $250000 | &nbsp;&nbsp;&nbsp;American Tower Trust, Series 2018-1, Class A, 3.65%, 3/15/28<sup>(a)(b)</sup> | $245747 |
|  | &nbsp;&nbsp;&nbsp;**Total (Cost $250,000)** | 245747 |

---

---

| | | |
|:---|:---|:---|
| **Principal <br> Amount** |  | **Fair Value** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES — 8.33%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES — 8.33%** |  |
| 316140 | &nbsp;&nbsp;&nbsp;FRESB Mortgage Trust, Series 2017-SB36, Class A10F, 2.88%, 7/25/27<sup>(b)</sup> | 309220 |
| 85000 | &nbsp;&nbsp;&nbsp;Benchmark Mortgage Trust, Series V6, Class A3, 5.93%, 3/15/29 | 88882 |
| 553000 | &nbsp;&nbsp;&nbsp;Benchmark Mortgage Trust, Series V6, Class AS, 6.38%, 3/15/29 | 579086 |
| 140000 | &nbsp;&nbsp;&nbsp;Freddie Mac Multifamily Structured Pass Through, Series K159, Class A2, 3.95%, 11/25/30<sup>(c)</sup> | 138528 |
| 8693 | &nbsp;&nbsp;&nbsp;CSFB Mortgage-Backed Pass-Through Certificates, Series 1, Class 2A1, 6.50%, 2/25/34 | 8709 |
| 21834 | &nbsp;&nbsp;&nbsp;CHL Mortgage Pass-Through Trust, Series 3, Class A4, 5.75%, 4/25/34 | 21779 |
| 8952 | &nbsp;&nbsp;&nbsp;Citigroup Mortgage Loan Trust, Inc., Series NCM2, Class 3CB2, 6.50%, 8/25/34 | 8940 |
| 1000000 | &nbsp;&nbsp;&nbsp;Freddie Mac Multifamily Structured Pass Through, Series K1522, Class A2, 2.36%, 10/25/36 | 805758 |
| 248926 | &nbsp;&nbsp;&nbsp;ELP Commercial Mortgage Trust, Series 2021-ELP, Class C, 5.59%, 11/15/38<sup>(a)</sup> | 248615 |
| 216105 | &nbsp;&nbsp;&nbsp;BX Commercial Mortgage Trust, Series 2021-ACNT, Class C, 5.76%, 11/15/38<sup>(a)</sup> | 216066 |
| 232582 | &nbsp;&nbsp;&nbsp;SMR Mortgage Trust, Series 2022-IND, Class A, 5.80%, 2/15/39<sup>(a)</sup> | 232487 |
| 70727 | &nbsp;&nbsp;&nbsp;JP Morgan Chase Commercial Mortgage, Series C3, Class B, 5.01%, 2/15/46<sup>(a)</sup> | 68884 |
| 4784 | &nbsp;&nbsp;&nbsp;CSAIL Commercial Mortgage Trust, Series 2015-C3, Class A4, 3.72%, 8/15/48<sup>(b)</sup> | 4773 |
| 372375 | &nbsp;&nbsp;&nbsp;Wells Fargo Commercial Mortgage Trust, Series P2, Class A4, 3.81%, 12/15/48 | 371412 |
| 500000 | &nbsp;&nbsp;&nbsp;GS Mortgage Securities Trust, Series 2016-GS4, Class A4, 3.44%, 11/10/49<sup>(b)</sup> | 494751 |
| 589000 | &nbsp;&nbsp;&nbsp;CD Mortgage Trust, Series 2016-CD2, Class A4, 3.53%, 11/10/49<sup>(b)</sup> | 573020 |
| 185000 | &nbsp;&nbsp;&nbsp;JP Morgan Chase Commercial Mortgage, Series JP4, Class A4, 3.65%, 12/15/49 | 183060 |
| 500000 | &nbsp;&nbsp;&nbsp;Morgan Stanley Bank of America Merrill Lynch Trust, Series C32, Class A4, 3.72%, 12/15/49<sup>(b)</sup> | 496084 |
| 50000 | &nbsp;&nbsp;&nbsp;Wells Fargo Commercial Mortgage Trust, Series C37, Class A5, 3.79%, 12/15/49 | 49630 |
| 700000 | &nbsp;&nbsp;&nbsp;CD Mortgage Trust, Series 2017-CD3, Class A4, 3.63%, 2/10/50 | 679497 |
| 250000 | &nbsp;&nbsp;&nbsp;COMM Mortgage Trust, Series COR2, Class A3, 3.51%, 9/10/50<sup>(b)</sup> | 244958 |
| 300000 | &nbsp;&nbsp;&nbsp;Wells Fargo Commercial Mortgage Trust, Series C40, Class A4, 3.58%, 10/15/50 | 295859 |
| 435000 | &nbsp;&nbsp;&nbsp;Morgan Stanley Capital I Trust, Series H3, Class A5, 4.18%, 7/15/51 | 432201 |
| 325000 | &nbsp;&nbsp;&nbsp;BBCMS Mortgage Trust, Series C7, Class A5, 2.04%, 4/15/53 | 289964 |
| 64000 | &nbsp;&nbsp;&nbsp;GS Mortgage Securities Trust, Series GC47, Class A5, 2.38%, 5/12/53 | 58563 |
| 220800 | &nbsp;&nbsp;&nbsp;Wells Fargo Commercial Mortgage Trust, Series C56, Class A5, 2.45%, 6/15/53 | 203407 |
| 589492 | &nbsp;&nbsp;&nbsp;Benchmark Mortgage Trust, Series B18, Class A5, 1.93%, 7/15/53 | 519508 |
| 659333 | &nbsp;&nbsp;&nbsp;Morgan Stanley Capital I Trust, Series HR8, Class A4, 2.04%, 7/15/53 | 590869 |

---

*See accompanying notes to financial statements.* 33

**Sterling Capital Quality Income Fund**

**Schedule of Investments (continued)**

*September 30, 2025*

---

| | | |
|:---|:---|:---|
| **Principal** <br> **Amount** |  | **Fair Value** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES — (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES — (continued)** |  |
| $300000 | &nbsp;&nbsp;&nbsp;Wells Fargo Commercial Mortgage Trust, Series C58, Class A4, 2.09%, 7/15/53 | $267226 |
| 500000 | &nbsp;&nbsp;&nbsp;Wells Fargo Commercial Mortgage Trust, Series C57, Class A4, 2.12%, 8/15/53 | 451904 |
| 250000 | &nbsp;&nbsp;&nbsp;BANK Trust, Series 2020-BNK29, Class A4, 2.00%, 11/15/53 | 218125 |
| 500000 | &nbsp;&nbsp;&nbsp;GS Mortgage Securities Trust, Series GSA2, Class A5, 2.01%, 12/12/53<sup>(b)</sup> | 440641 |
| 1250000 | &nbsp;&nbsp;&nbsp;Benchmark Mortgage Trust, Series B21, Class A5, 1.98%, 12/17/53<sup>(b)</sup> | 1099743 |
| 100000 | &nbsp;&nbsp;&nbsp;CFCRE Commercial Mortgage Trust, Series C7, Class A3, 3.84%, 12/10/54 | 98919 |
| 80000 | &nbsp;&nbsp;&nbsp;Benchmark Mortgage Trust, Series V2, Class AS, 6.54%, 5/15/55 | 83261 |
| 209000 | &nbsp;&nbsp;&nbsp;Benchmark Mortgage Trust, Series 2024-V7, Class A3, 6.23%, 5/15/56 | 220965 |
| 167000 | &nbsp;&nbsp;&nbsp;Benchmark Mortgage Trust, Series 2024-V7, Class AS, 6.53%, 5/15/56 | 176031 |
| 51000 | &nbsp;&nbsp;&nbsp;BMO Mortgage Trust, Series 2023-5C1, 7.36%, 8/15/56 | 54039 |
| 178000 | &nbsp;&nbsp;&nbsp;BANK5 Trust, Series 2023-5YR3, Class AS, 7.56%, 9/15/56 | 191080 |
| 1000000 | &nbsp;&nbsp;&nbsp;BANK5 Trust, Series 2023-5YR4, Class AS, 7.27%, 12/15/56 | 1069176 |
| 220000 | &nbsp;&nbsp;&nbsp;Benchmark Mortgage Trust, Series V5, Class A3, 5.81%, 1/10/57 | 229217 |
| 75000 | &nbsp;&nbsp;&nbsp;BBCMS Mortgage Trust, Series 5C25, Class A3, 5.95%, 3/15/57 | 78523 |
| 51000 | &nbsp;&nbsp;&nbsp;BBCMS Mortgage Trust, Series 5C25, Class AS, 6.36%, 3/15/57 | 53225 |
| 737000 | &nbsp;&nbsp;&nbsp;BMO 2025-5C12 Mortgage Trust, Series 5C12, Class A3, 5.18%, 10/15/58<sup>(e)</sup> | 757853 |
|  | &nbsp;&nbsp;&nbsp;**Total (Cost $14,465,538)** | 13704438 |

---

---

| | | |
|:---|:---|:---|
| **Principal** <br> **Amount** |  | **Fair Value** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS — 30.21%** | **COLLATERALIZED MORTGAGE OBLIGATIONS — 30.21%** |  |
| 110949 | &nbsp;&nbsp;&nbsp;Fannie Mae, Series 2013-91, Class DV, 3.00%, 10/25/26 | 110568 |
| 215000 | &nbsp;&nbsp;&nbsp;Freddie Mac, Series 4097, Class CU, 1.50%, 8/15/27 | 209526 |
| 501114 | &nbsp;&nbsp;&nbsp;Freddie Mac, Series 4136, Class HZ, 3.50%, 11/15/27 | 498667 |
| 208000 | &nbsp;&nbsp;&nbsp;BANK5, Series 2023-5YR4, Class B, 7.86%, 12/15/28<sup>(d)</sup> | 222752 |
| 278170 | &nbsp;&nbsp;&nbsp;Ginnie Mae, Series 79, Class V, 2.80%, 3/16/29 | 267860 |
| 132063 | &nbsp;&nbsp;&nbsp;Freddie Mac Principal Strips, Series 219, –%, 3/01/32 | 120432 |
| 42013 | &nbsp;&nbsp;&nbsp;Freddie Mac, Series 2485, Class WG, 6.00%, 8/15/32 | 43780 |
| 119000 | &nbsp;&nbsp;&nbsp;Freddie Mac, Series 4160, Class HH, 2.50%, 12/15/32<sup>(b)</sup> | 112861 |
| 107578 | &nbsp;&nbsp;&nbsp;Fannie Mae, Series 2003-21, Class OW, 4.00%, 3/25/33 | 106562 |
| 26602 | &nbsp;&nbsp;&nbsp;Fannie Mae, Series 2003-19, Class AR, 5.50%, 3/25/33 | 27335 |
| 102682 | &nbsp;&nbsp;&nbsp;Freddie Mac, Series 2768, Class PC, 4.00%, 3/15/34 | 99685 |
| 39534 | &nbsp;&nbsp;&nbsp;Ginnie Mae, Series 2004-69, Class GC, 5.50%, 4/20/34 | 39989 |
| 129131 | &nbsp;&nbsp;&nbsp;Freddie Mac, Series 3042, Class PZ, 5.75%, 9/15/35 | 136123 |
| 317891 | &nbsp;&nbsp;&nbsp;Ginnie Mae, Series 2005-60, Class WZ, 5.50%, 9/20/35 | 325643 |
| 733357 | &nbsp;&nbsp;&nbsp;Freddie Mac Principal Strips, Series 236, –%, 4/01/36 | 609994 |
| 552173 | &nbsp;&nbsp;&nbsp;Fannie Mae, Series 59, Class DH, 6.50%, 7/25/36 | 590615 |
| 141560 | &nbsp;&nbsp;&nbsp;Ginnie Mae, Series 2007-57, Class ZA, 5.75%, 10/20/37 | 143716 |
| 568061 | &nbsp;&nbsp;&nbsp;Fannie Mae, Series 2008-2, Class PH, 5.50%, 2/25/38 | 578498 |
| 61129 | &nbsp;&nbsp;&nbsp;Freddie Mac, Series 3440, Class EM, 5.00%, 4/15/38 | 62883 |
| 521027 | &nbsp;&nbsp;&nbsp;Fannie Mae, Series 2009-28, Class HX, 5.00%, 5/25/39 | 530192 |
| 82103 | &nbsp;&nbsp;&nbsp;Freddie Mac, Series 3816, Class HM, 4.50%, 5/15/40 | 82636 |
| 500000 | &nbsp;&nbsp;&nbsp;Freddie Mac, Series 3714, Class PB, 4.75%, 8/15/40<sup>(b)</sup> | 500029 |
| 1000000 | &nbsp;&nbsp;&nbsp;Ginnie Mae, Series 81, Class AL, 4.50%, 8/20/40 | 989787 |
| 825833 | &nbsp;&nbsp;&nbsp;Fannie Mae, Series 2010-150, Class YL, 4.00%, 1/25/41 | 759159 |

---

---

| | | |
|:---|:---|:---|
| **Principal** <br> **Amount** |  | **Fair Value** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS — (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS — (continued)** |  |
| $200000 | &nbsp;&nbsp;&nbsp;Freddie Mac, Series 3815, Class TB, 4.50%, 2/15/41 | $194039 |
| 34422 | &nbsp;&nbsp;&nbsp;Freddie Mac, Series 4215, Class LD, 2.00%, 7/15/41 | 33572 |
| 881862 | &nbsp;&nbsp;&nbsp;Freddie Mac, Series 3895, Class PW, 4.50%, 7/15/41 | 887590 |
| 750000 | &nbsp;&nbsp;&nbsp;Ginnie Mae, Series 2011-135, Class PG, 3.00%, 10/16/41 | 675678 |
| 23853 | &nbsp;&nbsp;&nbsp;Freddie Mac, Series 4293, Class MH, 3.00%, 12/15/41 | 23082 |
| 809034 | &nbsp;&nbsp;&nbsp;Fannie Mae, Series 2011-131, Class PB, 4.50%, 12/25/41 | 813329 |
| 211850 | &nbsp;&nbsp;&nbsp;Freddie Mac, Series 4094, Class ME, 2.50%, 8/15/42 | 191745 |
| 515500 | &nbsp;&nbsp;&nbsp;Freddie Mac, Series 4088, Class CD, 3.00%, 8/15/42 | 426682 |
| 2402706 | &nbsp;&nbsp;&nbsp;Freddie Mac, Series 5427, Class HZ, 3.50%, 8/15/42 | 1998498 |
| 628000 | &nbsp;&nbsp;&nbsp;Freddie Mac, Series 4135, Class AY, 2.00%, 11/15/42 | 523418 |
| 724000 | &nbsp;&nbsp;&nbsp;Freddie Mac, Series 4125, Class JC, 2.50%, 11/15/42 | 575501 |
| 95037 | &nbsp;&nbsp;&nbsp;Freddie Mac, Series 4173, Class NB, 3.00%, 3/15/43 | 87612 |
| 1713867 | &nbsp;&nbsp;&nbsp;Freddie Mac, Series 5419, Class Z, 4.00%, 4/15/44 | 1501951 |
| 72952 | &nbsp;&nbsp;&nbsp;Freddie Mac, Series 4352, Class ZX, 4.00%, 4/15/44 | 70125 |
| 1000000 | &nbsp;&nbsp;&nbsp;Freddie Mac, Series 4507, Class GB, 3.00%, 9/15/45 | 892920 |
| 3129460 | &nbsp;&nbsp;&nbsp;Fannie Mae, Series 2015-65, Class CZ, 3.50%, 9/25/45 | 2802087 |
| 92005 | &nbsp;&nbsp;&nbsp;Fannie Mae, Series 2016-85, Class GA, 2.50%, 10/25/45 | 85809 |
| 475000 | &nbsp;&nbsp;&nbsp;Freddie Mac, Series 4650, Class JE, 3.00%, 7/15/46 | 423061 |
| 1134217 | &nbsp;&nbsp;&nbsp;Fannie Mae, Series 73, Class DZ, 3.00%, 10/25/46<sup>(b)</sup> | 1012906 |
| 474301 | &nbsp;&nbsp;&nbsp;Ginnie Mae, Series 126, Class A, 2.50%, 11/16/46 | 452400 |
| 712000 | &nbsp;&nbsp;&nbsp;Ginnie Mae, Series 2017-75, Class DL, 3.00%, 3/20/47 | 604933 |
| 1495000 | &nbsp;&nbsp;&nbsp;Fannie Mae, Series 2017-42, Class HL, 3.00%, 6/25/47 | 1383298 |
| 640903 | &nbsp;&nbsp;&nbsp;Fannie Mae, Series 20, Class KL, 3.50%, 1/25/48 | 534620 |
| 915477 | &nbsp;&nbsp;&nbsp;Freddie Mac, Series 4795, Class JB, 4.00%, 5/15/48 | 871501 |
| 2079216 | &nbsp;&nbsp;&nbsp;Freddie Mac, Series 4841, Class PZ, 4.50%, 9/15/48 | 2024191 |
| 863000 | &nbsp;&nbsp;&nbsp;Ginnie Mae, Series 2019-6, Class JK, 3.50%, 1/20/49 | 773681 |
| 3702539 | &nbsp;&nbsp;&nbsp;Government National Mortgage Association, Series 90, Class AB, 3.00%, 7/20/49 | 3348750 |
| 693902 | &nbsp;&nbsp;&nbsp;Freddie Mac, Series 4941, Class MB, 3.00%, 7/25/49 | 627915 |
| 280004 | &nbsp;&nbsp;&nbsp;Chase Home Lending Mortgage Trust, Series 2019- ATR2, Class A3, 3.50%, 8/25/49<sup>(a)</sup> | 253945 |
| 662399 | &nbsp;&nbsp;&nbsp;Fannie Mae, Series 2015-65, Class BL, 3.50%, 9/25/49 | 546135 |
| 3216591 | &nbsp;&nbsp;&nbsp;Freddie Mac, Series 4938, Class KA, 2.50%, 10/25/49 | 2865957 |
| 739959 | &nbsp;&nbsp;&nbsp;Fannie Mae, Series 5, Class MG, 3.50%, 2/25/50 | 681131 |
| 431216 | &nbsp;&nbsp;&nbsp;Fannie Mae, Series 12, Class LC, 2.00%, 3/25/50 | 363706 |
| 303611 | &nbsp;&nbsp;&nbsp;Fannie Mae, Series 2020-10, Class Q, 3.00%, 3/25/50 | 263929 |
| 590000 | &nbsp;&nbsp;&nbsp;Fannie Mae REMICS, Series 22, Class DY, 2.50%, 4/25/50 | 431336 |
| 1900000 | &nbsp;&nbsp;&nbsp;Fannie Mae, Series 56, Class AQ, 2.00%, 8/25/50 | 1537510 |
| 337806 | &nbsp;&nbsp;&nbsp;Freddie Mac, Series 5115, Class G, 2.50%, 9/25/50 | 289833 |
| 711870 | &nbsp;&nbsp;&nbsp;Freddie Mac, Series 5067, Class DP, 2.00%, 1/25/51 | 613511 |
| 785000 | &nbsp;&nbsp;&nbsp;Vantage Data Centers LLC, Series 1A, Class A2, 5.13%, 8/15/55<sup>(a)</sup> | 788976 |
| 1495000 | &nbsp;&nbsp;&nbsp;Benchmark Mortgage Trust, Series 2023-B39, Class A5, 5.75%, 7/15/56 | 1587792 |
| 1500000 | &nbsp;&nbsp;&nbsp;BANK Trust, Series 2023-BNK46, Class A4, 5.75%, 8/15/56 | 1593047 |
| 1500000 | &nbsp;&nbsp;&nbsp;BMO Mortgage Trust, Series 2023-C7, Class A5, 6.16%, 12/15/56 | 1615949 |
| 1500000 | &nbsp;&nbsp;&nbsp;BANK Trust, Series 2024-BNK47, Class A5, 5.72%, 6/15/57 | 1596423 |
| 1500000 | &nbsp;&nbsp;&nbsp;Wells Fargo Commercial Mortgage Trust, Series 2024- C63, Class A5, 5.31%, 8/15/57 | 1553546 |
| 295000 | &nbsp;&nbsp;&nbsp;Benchmark 2025-V16 Mortgage Trust, Series V16, Class A3, 5.44%, 8/15/57 | 306720 |
| 477163 | &nbsp;&nbsp;&nbsp;Wells Fargo Commercial Mortgage Trust 2025-5C5, Series 5C5, Class A3, 5.59%, 7/15/58 | 498917 |
| 589000 | &nbsp;&nbsp;&nbsp;BBCMS Mortgage Trust 2025-5C36, Series 5C36, Class A3, 5.52%, 8/15/58 | 614827 |

---

34 *See accompanying notes to financial statements.*

**Sterling Capital Quality Income Fund**

**Schedule of Investments (continued)**

*September 30, 2025*

---

| | | |
|:---|:---|:---|
| **Principal** <br> **Amount** |  | **Fair Value** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS — (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS — (continued)** |  |
| $665000 | &nbsp;&nbsp;&nbsp;Wells Fargo Commercial Mortgage Trust 2025-5C6, Series 5C6, Class A3, 5.19%, 10/15/58<sup>(e)</sup> | $684202 |
|  | &nbsp;&nbsp;&nbsp;**Total (Cost $49,814,149)** | 49697578 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br>**Amount** |  |<br>**Fair Value** |
| **MORTGAGE-BACKED SECURITIES — 40.76%** | **MORTGAGE-BACKED SECURITIES — 40.76%** |  |
|  | **Fannie Mae — 25.92%** |  |
| 202880 | &nbsp;&nbsp;&nbsp;4.50%, 3/01/34, Pool #CA3294 | 205484 |
| 42957 | &nbsp;&nbsp;&nbsp;5.50%, 6/01/38, Pool #984277<sup>(b)</sup> | 44497 |
| 24512 | &nbsp;&nbsp;&nbsp;5.50%, 8/01/38, Pool #995072 | 25415 |
| 31237 | &nbsp;&nbsp;&nbsp;4.50%, 9/01/39, Pool #AC1830 | 31399 |
| 29939 | &nbsp;&nbsp;&nbsp;4.50%, 10/01/40, Pool #AE4855 | 29968 |
| 55120 | &nbsp;&nbsp;&nbsp;3.50%, 2/01/41, Pool #AH5646 | 52527 |
| 86488 | &nbsp;&nbsp;&nbsp;4.00%, 3/01/41, Pool #AH4008 | 84653 |
| 22461 | &nbsp;&nbsp;&nbsp;4.50%, 6/01/41, Pool #AC9298 | 22427 |
| 58936 | &nbsp;&nbsp;&nbsp;5.00%, 7/01/41, Pool #AI5595 | 60310 |
| 106971 | &nbsp;&nbsp;&nbsp;4.00%, 9/01/41, Pool #AJ1717 | 104104 |
| 1604534 | &nbsp;&nbsp;&nbsp;6.00%, 10/01/41, Pool #FS4183 | 1690849 |
| 1454018 | &nbsp;&nbsp;&nbsp;2.00%, 12/01/41, Pool #MA4501 | 1257576 |
| 444800 | &nbsp;&nbsp;&nbsp;6.00%, 8/01/43, Pool #MA5129 | 457845 |
| 32945 | &nbsp;&nbsp;&nbsp;4.50%, 10/01/44, Pool #MA2066 | 32699 |
| 94669 | &nbsp;&nbsp;&nbsp;4.00%, 12/01/44, Pool #MA2127 | 91233 |
| 97439 | &nbsp;&nbsp;&nbsp;4.50%, 1/01/45, Pool #MA2158 | 96712 |
| 111272 | &nbsp;&nbsp;&nbsp;3.50%, 3/01/45, Pool #AS4552 | 104609 |
| 97517 | &nbsp;&nbsp;&nbsp;4.00%, 10/01/45, Pool #AL7487 | 93846 |
| 705937 | &nbsp;&nbsp;&nbsp;3.00%, 10/01/46, Pool #BC4764 | 637404 |
| 66934 | &nbsp;&nbsp;&nbsp;4.00%, 11/01/46, Pool #MA2808 | 64352 |
| 92308 | &nbsp;&nbsp;&nbsp;3.00%, 2/01/47, Pool #BE2329 | 83418 |
| 46154 | &nbsp;&nbsp;&nbsp;4.00%, 5/01/47, Pool #BE9598 | 43946 |
| 42693 | &nbsp;&nbsp;&nbsp;4.50%, 11/01/47, Pool #BM3286 | 42440 |
| 2839635 | &nbsp;&nbsp;&nbsp;4.00%, 12/01/47, Pool #BM5019 | 2747478 |
| 49536 | &nbsp;&nbsp;&nbsp;4.50%, 5/01/48, Pool #CA1711 | 48788 |
| 1228806 | &nbsp;&nbsp;&nbsp;3.50%, 6/01/50, Pool #CA6097 | 1132428 |
| 173270 | &nbsp;&nbsp;&nbsp;3.00%, 7/01/50, Pool #CA6422 | 152824 |
| 169144 | &nbsp;&nbsp;&nbsp;3.00%, 7/01/50, Pool #CA6421 | 149212 |
| 651483 | &nbsp;&nbsp;&nbsp;3.00%, 8/01/50, Pool #FS0973 | 584103 |
| 791514 | &nbsp;&nbsp;&nbsp;3.50%, 9/01/50, Pool #FS5284 | 731203 |
| 389707 | &nbsp;&nbsp;&nbsp;2.50%, 3/01/51, Pool #FM6523 | 331561 |
| 276734 | &nbsp;&nbsp;&nbsp;3.00%, 5/01/51, Pool #FM7346 | 245247 |
| 886503 | &nbsp;&nbsp;&nbsp;2.50%, 8/01/51, Pool #FM8438 | 759050 |
| 1046594 | &nbsp;&nbsp;&nbsp;4.00%, 8/01/51, Pool #FS1976 | 1005926 |
| 1607288 | &nbsp;&nbsp;&nbsp;3.00%, 9/01/51, Pool #FM8821 | 1424399 |
| 254714 | &nbsp;&nbsp;&nbsp;3.00%, 11/01/51, Pool #CB2170 | 224629 |
| 655884 | &nbsp;&nbsp;&nbsp;3.50%, 2/01/52, Pool #MA4550 | 603725 |
| 738339 | &nbsp;&nbsp;&nbsp;3.00%, 3/01/52, Pool #BV4143 | 654530 |
| 577235 | &nbsp;&nbsp;&nbsp;3.50%, 4/01/52, Pool #FS1260 | 532517 |
| 2884493 | &nbsp;&nbsp;&nbsp;3.50%, 5/01/52, Pool #CB3593 | 2652305 |
| 530930 | &nbsp;&nbsp;&nbsp;4.50%, 6/01/52, Pool #FS2157 | 522891 |
| 3085708 | &nbsp;&nbsp;&nbsp;4.50%, 10/01/52, Pool #BW9905 | 3015051 |
| 412198 | &nbsp;&nbsp;&nbsp;5.00%, 11/01/52, Pool #CB5278 | 411461 |
| 473278 | &nbsp;&nbsp;&nbsp;5.50%, 3/01/53, Pool #FS3925 | 482723 |
| 881849 | &nbsp;&nbsp;&nbsp;4.00%, 5/01/53 | 842545 |
| 1111702 | &nbsp;&nbsp;&nbsp;6.00%, 6/01/53, Pool #FS6616 | 1139117 |
| 3505490 | &nbsp;&nbsp;&nbsp;4.50%, 9/01/53, Pool #FS8829 | 3423488 |
| 1193122 | &nbsp;&nbsp;&nbsp;5.50%, 2/01/54, Pool #FA0202 | 1209740 |
| 1216214 | &nbsp;&nbsp;&nbsp;6.00%, 4/01/54, Pool #FA0566 | 1250812 |
| 2725387 | &nbsp;&nbsp;&nbsp;6.00%, 5/01/54, Pool #FM2472 | 2815820 |
| 3262962 | &nbsp;&nbsp;&nbsp;5.00%, 10/01/54, Pool #FS9535 | 3241354 |
| 3248492 | &nbsp;&nbsp;&nbsp;5.50%, 11/01/54, Pool #FS9455 | 3303248 |
| 1640305 | &nbsp;&nbsp;&nbsp;5.00%, 4/01/55, Pool #CC0236 | 1629441 |
|  |  | 42625329 |
|  | **Federal Home Loan Banks — 0.29%** |  |
| 550000 | &nbsp;&nbsp;&nbsp;1.90%, 10/07/31 | 485014 |

---

---

| | | |
|:---|:---|:---|
| **Principal** <br> **Amount** |  | **Fair Value** |
| **MORTGAGE-BACKED SECURITIES — (continued)** | **MORTGAGE-BACKED SECURITIES — (continued)** |  |
|  | **Freddie Mac — 14.31%** |  |
| $24391 | &nbsp;&nbsp;&nbsp;4.00%, 11/01/32, Pool #ZS8993 | $24247 |
| 114516 | &nbsp;&nbsp;&nbsp;4.00%, 5/01/37, Pool #ZA2461 | 112782 |
| 15218 | &nbsp;&nbsp;&nbsp;5.50%, 10/01/39, Pool #ZI9359 | 15760 |
| 25365 | &nbsp;&nbsp;&nbsp;5.00%, 4/01/40, Pool #ZI9910 | 25977 |
| 43263 | &nbsp;&nbsp;&nbsp;5.50%, 4/01/40, Pool #ZA1042 | 44999 |
| 140739 | &nbsp;&nbsp;&nbsp;2.00%, 8/01/40, Pool #RB5076 | 123809 |
| 18609 | &nbsp;&nbsp;&nbsp;5.00%, 8/01/40, Pool #ZA1056 | 19058 |
| 48844 | &nbsp;&nbsp;&nbsp;4.00%, 11/01/40, Pool #ZJ0654 | 47686 |
| 52701 | &nbsp;&nbsp;&nbsp;4.00%, 12/01/40, Pool #ZJ0811 | 51582 |
| 124396 | &nbsp;&nbsp;&nbsp;3.50%, 8/01/42, Pool #ZL3508 | 117402 |
| 420399 | &nbsp;&nbsp;&nbsp;6.00%, 2/01/43, Pool #RB5221 | 431949 |
| 158149 | &nbsp;&nbsp;&nbsp;3.50%, 3/01/43, Pool #ZT1107 | 149274 |
| 94794 | &nbsp;&nbsp;&nbsp;3.50%, 3/01/45, Pool #ZT1164 | 89472 |
| 74723 | &nbsp;&nbsp;&nbsp;3.00%, 1/01/46, Pool #ZS4646 | 67683 |
| 80684 | &nbsp;&nbsp;&nbsp;4.00%, 4/01/46, Pool #ZM1015 | 77572 |
| 76055 | &nbsp;&nbsp;&nbsp;3.50%, 12/01/47, Pool #ZM5123 | 70671 |
| 1561270 | &nbsp;&nbsp;&nbsp;4.00%, 6/01/48, Pool #ZT0541 | 1500796 |
| 535196 | &nbsp;&nbsp;&nbsp;2.50%, 7/01/51, Pool #QC4230 | 459243 |
| 842606 | &nbsp;&nbsp;&nbsp;3.00%, 8/01/51, Pool #SD8162 | 741073 |
| 879766 | &nbsp;&nbsp;&nbsp;3.00%, 2/01/52, Pool #RA6664 | 777748 |
| 590024 | &nbsp;&nbsp;&nbsp;4.50%, 6/01/52, Pool #SD1265 | 578212 |
| 943368 | &nbsp;&nbsp;&nbsp;4.50%, 8/01/52, Pool #SD1515 | 922510 |
| 657247 | &nbsp;&nbsp;&nbsp;5.00%, 10/01/52, Pool #SD1710 | 655055 |
| 1352805 | &nbsp;&nbsp;&nbsp;4.00%, 12/01/52, Pool #SD5808 | 1288238 |
| 562065 | &nbsp;&nbsp;&nbsp;5.00%, 1/01/53, Pool #RA8382 | 561060 |
| 3331268 | &nbsp;&nbsp;&nbsp;5.00%, 2/01/53, Pool #SD2473 | 3307803 |
| 806169 | &nbsp;&nbsp;&nbsp;5.50%, 2/01/53, Pool #QF8052 | 818040 |
| 1008186 | &nbsp;&nbsp;&nbsp;4.50%, 5/01/53, Pool #SD2952 | 991065 |
| 858644 | &nbsp;&nbsp;&nbsp;5.00%, 6/01/53, Pool #SD3128 | 857978 |
| 838681 | &nbsp;&nbsp;&nbsp;5.50%, 6/01/53, Pool #SD3136 | 851800 |
| 1074073 | &nbsp;&nbsp;&nbsp;6.00%, 7/01/53, Pool #SD3223 | 1100724 |
| 663725 | &nbsp;&nbsp;&nbsp;5.50%, 6/01/54, Pool #SD5479 | 676622 |
| 2543476 | &nbsp;&nbsp;&nbsp;6.00%, 9/01/54, Pool #SD6558 | 2616557 |
| 3305720 | &nbsp;&nbsp;&nbsp;5.50%, 11/01/54, Pool #SD6622 | 3366358 |
|  |  | 23540805 |
|  | **Ginnie Mae II — 0.24%** |  |
| 6229 | &nbsp;&nbsp;&nbsp;4.00%, 12/20/40, Pool #755678 | 5994 |
| 416018 | &nbsp;&nbsp;&nbsp;4.00%, 7/20/52, Pool #786280 | 392547 |
|  |  | 398541 |
|  | &nbsp;&nbsp;&nbsp;**Total (Cost $67,405,315)** | 67049689 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br>**Amount** |  |<br>**Fair Value** |
| **U.S. TREASURY BONDS & NOTES — 3.30%** | **U.S. TREASURY BONDS & NOTES — 3.30%** |  |
| 2251000 | &nbsp;&nbsp;&nbsp;United States Treasury Note, 4.00 *%*, 2/15/34 | 2245110 |
| 2644100 | &nbsp;&nbsp;&nbsp;United States Treasury Bond, 2.38 *%*, 2/15/42<sup>(b)</sup> | 1959319 |
| 2158200 | &nbsp;&nbsp;&nbsp;United States Treasury Bond, 1.88 *%*, 11/15/51<sup>(b)</sup> | 1220900 |
|  | &nbsp;&nbsp;&nbsp;**Total (Cost $5,980,634)** | 5425329 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
| **MONEY MARKET FUNDS — 2.42%** | **MONEY MARKET FUNDS — 2.42%** |  |
| 3979316 | &nbsp;&nbsp;&nbsp;Federated Hermes Treasury Obligations Fund, Institutional Shares, 4.00%<sup>(f)</sup> | 3979316 |
|  | &nbsp;&nbsp;&nbsp;Total Money Market Funds |  |
|  | &nbsp;&nbsp;&nbsp;(Cost $3,979,316) | 3979316 |
| Total Investments— 101.14% | Total Investments— 101.14% |  |
| (Cost $168,009,977) | (Cost $168,009,977) | 166365808 |
| Liabilities in Excess of Other Assets — (1.14)% | Liabilities in Excess of Other Assets — (1.14)% | (1879884) |
| NET ASSETS — 100.00% | NET ASSETS — 100.00% | $164485924 |

---

*See accompanying notes to financial statements.* 35

**Sterling Capital Quality Income Fund** 

**Schedule of Investments (continued)**

*September 30, 2025*

&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 year ended
September 30, 2025 is $8,528,927, which represents 5.2% 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 September 30, 2025. The maturity date reflected is the final maturity date.

&nbsp;&nbsp;&nbsp;&nbsp;(e) This security was purchased on a when-issued
or forward commitment basis (Note 3).

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

 

36 *See accompanying notes to financial statements.*

**Sterling Capital North Carolina Intermediate Tax-Free Fund**

**Schedule of Investments**

September 30, 2025

---

| | | |
|:---|:---|:---|
| **Principal** <br> **Amount** |  | **Fair Value** |
| **MUNICIPAL BONDS — 98.79%** | **MUNICIPAL BONDS — 98.79%** |  |
|  | **North Carolina — 98.79%** |  |
| $575000 | &nbsp;&nbsp;&nbsp;Brunswick County, NC, Enterprise Systems Revenue, Callable 2/1/33 @ 100*,* 5.00 *%,*2/1/41 | $615858 |
| 500000 | &nbsp;&nbsp;&nbsp;Brunswick County, NC, Enterprise Systems Revenue, Callable 2/1/33 @ 100*,* 5.00 *%,*2/1/42 | 531391 |
| 1100000 | &nbsp;&nbsp;&nbsp;Cabarrus County, NC, Refunding Revenue Bonds Series A*,* 5.00 *%,*6/1/31 | 1248222 |
| 2000000 | &nbsp;&nbsp;&nbsp;Charlotte, NC, Current Refunding G.O. Series A, Callable 6/1/29 @ 100*,* 5.00 *%,*6/1/34 | 2147921 |
| 2000000 | &nbsp;&nbsp;&nbsp;Charlotte, NC, Public Facilities, Certification of Participation Series B, Callable 12/1/31 @ 100*,* 5.00 *%,*12/1/32 | 2260501 |
| 2275000 | &nbsp;&nbsp;&nbsp;Charlotte, NC, Recreational Facilities Improvements Revenue, Callable 12/1/28 @ 100*,* 5.00 *%,*12/1/33 | 2417752 |
| 1520000 | &nbsp;&nbsp;&nbsp;Charlotte, NC, Recreational Facilities Improvements Revenue, Callable 12/1/28 @ 100*,* 5.00 *%,*12/1/34 | 1609560 |
| 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 | 2869780 |
| 1590000 | &nbsp;&nbsp;&nbsp;Chatham County, NC, Refunding Revenue (County Guaranteed)*,* 5.00 *%,*12/1/28 | 1643198 |
| 1760000 | &nbsp;&nbsp;&nbsp;City of Asheville NC Water System Revenue*,* 5.00 *%,*8/1/42 | 1894851 |
| 1500000 | &nbsp;&nbsp;&nbsp;City of Charlotte NC Water & Sewer System Revenue*,* 5.00 *%,*7/1/31 | 1709233 |
| 1720000 | &nbsp;&nbsp;&nbsp;City of Fayetteville NC Public Works Comm. Rev.*,* 5.00 *%,*3/1/40 | 1858752 |
| 2000000 | &nbsp;&nbsp;&nbsp;City of Greensboro NC*,* 5.00 *%,*4/1/41 | 2144621 |
| 2100000 | &nbsp;&nbsp;&nbsp;Concord, NC, Recreational Facility Improvements G.O., Callable 9/1/33 @ 100*,* 5.00 *%,*9/1/34 | 2424412 |
| 720000 | &nbsp;&nbsp;&nbsp;County of Ashe NC*,* 5.00 *%,*6/1/38 | 803054 |
| 500000 | &nbsp;&nbsp;&nbsp;County of Ashe NC*,* 5.00 *%,*6/1/39 | 553064 |
| 2210000 | &nbsp;&nbsp;&nbsp;County of Forsyth, NC*,* 5.00 *%,*6/1/30 | 2466871 |
| 2060000 | &nbsp;&nbsp;&nbsp;County of Guilford NC*,* 5.00 *%,*3/1/39 | 2304493 |
| 2000000 | &nbsp;&nbsp;&nbsp;County of Guilford NC*,* 5.00 *%,*3/1/32 | 2293518 |
| 2000000 | &nbsp;&nbsp;&nbsp;County of Iredell NC*,* 5.00 *%,*4/1/37 | 2293053 |
| 2000000 | &nbsp;&nbsp;&nbsp;County of Mecklenburg NC*,* 5.00 *%,*2/1/31 | 2264123 |
| 2185000 | &nbsp;&nbsp;&nbsp;County of Orange NC*,* 5.00 *%,*10/1/38 | 2470447 |
| 1795000 | &nbsp;&nbsp;&nbsp;County of Transylvania, NC*,* 5.00 *%,*4/1/30 | 1996929 |
| 1450000 | &nbsp;&nbsp;&nbsp;County of Wake NC*,* 5.00 *%,*4/1/39 | 1631055 |
| 1150000 | &nbsp;&nbsp;&nbsp;Currituck County, NC, Callable 4/1/33 @ 100*,* 5.00 *%,*4/1/36 | 1289802 |
| 1150000 | &nbsp;&nbsp;&nbsp;Currituck County, NC, Callable 4/1/33 @ 100*,* 5.00 *%,*4/1/37 | 1280637 |
| 1000000 | &nbsp;&nbsp;&nbsp;Currituck County, NC, Callable 4/1/33 @ 100*,* 5.00 *%,*4/1/38 | 1103398 |
| 1000000 | &nbsp;&nbsp;&nbsp;Durham County, NC, Current Refunding G.O.*,* 5.00 *%,*6/1/29 | 1094878 |
| 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 | 1024680 |
| 1690000 | &nbsp;&nbsp;&nbsp;Fayetteville, NC, Public Works Commission, Electric Light & Power Improvements Revenue, Callable 3/1/24 @ 100*,* 5.00 *%,*3/1/29 | 1789078 |
| 1180000 | &nbsp;&nbsp;&nbsp;Fuquay-Varina NC Combined Utilities Revenue*,* 5.00 *%,*2/1/38 | 1314887 |
| 2000000 | &nbsp;&nbsp;&nbsp;Greensboro, NC, Recreational Facility Improvements G.O. Series B, Callable 4/1/32 @ 100*,* 5.00 *%,*4/1/40 | 2160541 |
| 880000 | &nbsp;&nbsp;&nbsp;Johnston County, NC, Water Utility Improvements Revenue Bonds, Callable 4/1/33 @ 100*,* 5.00 *%,*4/1/39 | 964135 |
| 1000000 | &nbsp;&nbsp;&nbsp;Macon County, NC*,* 5.00 *%,*10/1/41 | 1079145 |

---

---

| | | |
|:---|:---|:---|
| **Principal** <br> **Amount** |  | **Fair Value** |
| **MUNICIPAL BONDS — (continued)** | **MUNICIPAL BONDS — (continued)** |  |
|  | **North Carolina — (continued)** |  |
| $1100000 | &nbsp;&nbsp;&nbsp;Mecklenburg County, NC, Limited Obligations*,* 5.00 *%,*2/1/38 | $1240466 |
| 500000 | &nbsp;&nbsp;&nbsp;North Carolina Agricultural & Technical State University, Refunding Revenue Series A*,* 5.00 *%,*10/1/48 | 520193 |
| 500000 | &nbsp;&nbsp;&nbsp;North Carolina Agricultural & Technical State University, Refunding Revenue Series A*,* 5.00 *%,*10/1/43 | 527736 |
| 1215000 | &nbsp;&nbsp;&nbsp;North Carolina Agricultural & Technical State University, Refunding Revenue Series A, Callable 10/1/25 @ 100*,* 5.00 *%,*10/1/34 | 1216682 |
| 1000000 | &nbsp;&nbsp;&nbsp;North Carolina Agricultural & Technical State University, Refunding Revenue Series A, Callable 10/1/25 @ 100*,* 5.00 *%,*10/1/32 | 1001434 |
| 1000000 | &nbsp;&nbsp;&nbsp;North Carolina Agricultural & Technical State University, Refunding Revenue Series A*,* 5.00 *%,*10/1/52 | 1033042 |
| 520000 | &nbsp;&nbsp;&nbsp;North Carolina Capital Facilities Finance Agency, The Arc of North Carolina Project, Refunding Revenue (Housing and Urban Development, Section 8)*,* 5.00 *%,*10/1/25 | 520000 |
| 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 | 2353277 |
| 1205000 | &nbsp;&nbsp;&nbsp;North Carolina Central University, University & College Improvements, Revenue Bonds, Callable 4/1/29 @ 100*,* 5.00 *%,*4/1/33 | 1276998 |
| 1000000 | &nbsp;&nbsp;&nbsp;North Carolina Central University, University & College Improvements, Revenue Bonds, Callable 4/1/29 @ 100*,* 5.00 *%,*4/1/37 | 1037931 |
| 1000000 | &nbsp;&nbsp;&nbsp;North Carolina Housing Finance Agency*,* 6.25 *%,*1/1/56 | 1127598 |
| 1000000 | &nbsp;&nbsp;&nbsp;North Carolina Medical Care Commission*,* 5.00 *%,*6/1/55 | 1094033 |
| 2500000 | &nbsp;&nbsp;&nbsp;North Carolina Medical Care Commission*,* 5.00 *%,*2/1/51 | 2517320 |
| 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 | 2000819 |
| 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 | 1632391 |
| 1100000 | &nbsp;&nbsp;&nbsp;North Carolina State, Advance Refunding Revenue Bonds Series B, Callable 5/1/27 @ 100*,* 5.00 *%,*5/1/28 | 1144695 |
| 3000000 | &nbsp;&nbsp;&nbsp;North Carolina State, Advance Refunding Revenue Bonds Series B, Callable 5/1/27 @ 100*,* 5.00 *%,*5/1/30<sup>(a)</sup> | 3118377 |
| 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 | 2168225 |
| 1100000 | &nbsp;&nbsp;&nbsp;North Carolina Turnpike Authority, Senior Lien, Advance Refunding Revenue, Callable 1/1/27 @ 100 (AGM)*,* 5.00 *%,*1/1/28 | 1130749 |
| 1060000 | &nbsp;&nbsp;&nbsp;Pitt County, NC, Advance Refunding Revenue Bonds Series B, Callable 10/1/26 @ 100*,* 5.00 *%,*4/1/30 | 1086002 |
| 2000000 | &nbsp;&nbsp;&nbsp;Raleigh, NC, Combined Enterprise System Revenue, Current Refunding Revenue Bonds, Callable 9/1/33 @ 100*,* 5.00 *%,*9/1/48 | 2102719 |
| 2200000 | &nbsp;&nbsp;&nbsp;Raleigh, NC, Refunding Notes G.O. Series A, Callable 4/1/33 @ 100*,* 5.00 *%,*4/1/40 | 2392770 |
| 1025000 | &nbsp;&nbsp;&nbsp;Raleigh, NC, Refunding Notes G.O. Series A, Callable 4/1/33 @ 100*,* 5.00 *%,*4/1/36 | 1156901 |
| 1985000 | &nbsp;&nbsp;&nbsp;Sampson County, NC, Refunding Revenue, Callable 12/1/25 @ 100*,* 5.00 *%,*12/1/26<sup>(a)</sup> | 1992059 |

---

*See accompanying notes to financial statements.* 37

**Sterling Capital North Carolina Intermediate Tax-Free Fund**

**Schedule of Investments (continued)** 

*September 30, 2025*

---

| | | |
|:---|:---|:---|
| **Principal** <br> **Amount** |  | **Fair Value** |
| **MUNICIPAL BONDS — (continued)** | **MUNICIPAL BONDS — (continued)** |  |
|  | **North Carolina — (continued)** |  |
| $1000000 | &nbsp;&nbsp;&nbsp;State of North Carolina*,* 5.00 *%,*3/1/33 | $1071016 |
| 1470000 | &nbsp;&nbsp;&nbsp;Town of Apex, NC, Callable 2/1/33 @ 100*,* 5.00 *%,*2/1/35<sup>(a)</sup> | 1675075 |
| 1195000 | &nbsp;&nbsp;&nbsp;Town of Fuquay-Varina NC, Multi-Utility Improvements G.O.*,* 5.00 *%,*8/1/31 | 1362573 |
| 1080000 | &nbsp;&nbsp;&nbsp;Town of Garner NC, Public Improvements G.O.*,* 5.00 *%,*2/1/31 | 1221469 |
| 1080000 | &nbsp;&nbsp;&nbsp;Town of Garner NC, Public Improvements G.O., Callable 2/1/33 @ 100*,* 5.00 *%,*2/1/34 | 1236491 |
| 1730000 | &nbsp;&nbsp;&nbsp;Town of Holly Springs NC*,* 5.00 *%,*2/1/33<sup>(a)</sup> | 2001243 |
| 1005000 | &nbsp;&nbsp;&nbsp;Town of Huntersville, NC*,* 5.00 *%,*12/1/28 | 1087948 |
| 1030000 | &nbsp;&nbsp;&nbsp;Union County, NC, Public Improvements Bonds G.O., Callable 3/1/32 @ 100*,* 5.00 *%,*3/1/34 | 1163516 |
| 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 | 1659457 |
| 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 | 1184652 |
| 1585000 | &nbsp;&nbsp;&nbsp;Wake County, NC, Public Improvements, G.O. Series A, Callable 3/1/28 @ 100*,* 5.00 *%,*3/1/30 | 1681203 |
| 1725000 | &nbsp;&nbsp;&nbsp;Wake County, NC, Refunding Revenue Bonds Series A, Callable 8/1/28 @ 100*,* 5.00 *%,*8/1/32 | 1833397 |
| 350000 | &nbsp;&nbsp;&nbsp;Watauga Public Facilities Corp., School Improvements Revenue Bonds, Callable 6/1/32 @ 100*,* 5.25 *%,*6/1/40 | 382125 |
| 375000 | &nbsp;&nbsp;&nbsp;Watauga Public Facilities Corp., School Improvements Revenue Bonds, Callable 6/1/32 @ 100*,* 5.00 *%,*6/1/37 | 412590 |
| 375000 | &nbsp;&nbsp;&nbsp;Watauga Public Facilities Corp., School Improvements Revenue Bonds, Callable 6/1/32 @ 100*,* 5.00 *%,*6/1/38 | 409377 |
| 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 | 696991 |
| 2060000 | &nbsp;&nbsp;&nbsp;Wilmington, NC, Public Improvements G.O. Series A*,* 5.00 *%,*5/1/31 | 2340666 |
| 1365000 | &nbsp;&nbsp;&nbsp;Winston-Salem, NC, Public Improvements G.O. Series B, Callable 6/1/33 @ 100*,* 5.00 *%,*6/1/35 | 1551413 |
|  | &nbsp;&nbsp;&nbsp;**Total (Cost $114,785,619)** | 115917459 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
| **MONEY MARKET FUNDS — 0.11%** | **MONEY MARKET FUNDS — 0.11%** |  |
| 134741 | &nbsp;&nbsp;&nbsp;Federated Hermes Treasury Obligations Fund, Institutional Shares, 4.00%<sup>(b)</sup> | 134741 |
|  | &nbsp;&nbsp;&nbsp;Total Money Market Funds |  |
|  | &nbsp;&nbsp;&nbsp;(Cost $134,741) | 134741 |
| Total Investments— 98.90% | Total Investments— 98.90% |  |
| (Cost $114,920,360) | (Cost $114,920,360) | 116052200 |
| Other Assets in Excess of Liabilities— 1.10% | Other Assets in Excess of Liabilities— 1.10% | 1292276 |
| NET ASSETS — 100.00% | NET ASSETS — 100.00% | $117344476 |

---

&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 year ended September 30, 2025 is $8,786,773, 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

38 *See accompanying notes to financial statements.*

**Sterling Capital South Carolina Intermediate Tax-Free Fund**

**Schedule of Investments**

*September 30, 2025*

---

| | | |
|:---|:---|:---|
| **Principal** <br> **Amount** |  | **Fair Value** |
| **MUNICIPAL BONDS — 97.94%** | **MUNICIPAL BONDS — 97.94%** |  |
|  | **South Carolina — 97.94%** |  |
| $500000 | &nbsp;&nbsp;&nbsp;Aiken County, SC, Consolidated School District, Special Obligation Bonds, School Improvements Revenue, Callable 6/1/29 @ 100*,* 4.00 *%,*6/1/33 | $513941 |
| 500000 | &nbsp;&nbsp;&nbsp;Anderson County School District No 4/SC*,* 5.00 *%,*3/1/38 | 562984 |
| 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 | 530973 |
| 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 | 777920 |
| 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 | 530133 |
| 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 | 527761 |
| 700000 | &nbsp;&nbsp;&nbsp;County of Beaufort SC*,* 5.00 *%,*3/1/31 | 791537 |
| 500000 | &nbsp;&nbsp;&nbsp;County of Dorchester SC*,* 5.00 *%,*10/1/36 | 567679 |
| 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 | 823755 |
| 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 | 556047 |
| 500000 | &nbsp;&nbsp;&nbsp;Greenville Health System, Hospital System Board Series B, Callable 5/1/24 @ 100*,* 5.00 *%,*5/1/31 | 501121 |
| 500000 | &nbsp;&nbsp;&nbsp;Greenwood County, SC*,* 5.00 *%,*10/1/32 | 548677 |
| 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 | 508623 |
| 635000 | &nbsp;&nbsp;&nbsp;Lexington & Richland Counties, SC, School District No. 5, School Improvements G.O. (SCSDE)*,* 5.00 *%,*3/1/33 | 732786 |
| 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 | 646465 |
| 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 | 516009 |
| 585000 | &nbsp;&nbsp;&nbsp;Lugoff-Elgin Water Authority, Refunding Revenue Series B, Callable 7/1/26 @ 100*,* 5.00 *%,*7/1/30<sup>(a)</sup> | 594651 |
| 500000 | &nbsp;&nbsp;&nbsp;Newberry Investing in Children's Education*,* 5.00 *%,*12/1/30 | 551750 |
| 500000 | &nbsp;&nbsp;&nbsp;Oconee County, SC*,* 5.00 *%,*4/1/41 | 535883 |
| 500000 | &nbsp;&nbsp;&nbsp;Orangeburg County, SC, Correctional Facilities Improvements, Installment Purchase Revenue Bonds, Callable 12/1/27 @ 100*,* 5.00 *%,*12/1/29 | 517151 |
| 715000 | &nbsp;&nbsp;&nbsp;Patriots Energy Group Financing Agency*,* 5.25 *%,*2/1/54 | 780364 |
| 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 | 508724 |
| 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<sup>(a)</sup> | 891622 |
| 490000 | &nbsp;&nbsp;&nbsp;SCAGO Educational Facilities Corp. for Sumter County School 17, Refunding Revenue*,* 5.00 *%,*12/1/25 | 491581 |
| 415000 | &nbsp;&nbsp;&nbsp;South Carolina Jobs-Economic Development Auth Series 2025-B-2*,* 5.00 *%,*11/1/49 | 461240 |
| 645000 | &nbsp;&nbsp;&nbsp;South Carolina Jobs-Economic Development Authority*,* 5.00 *%,*11/1/34 | 728464 |
| 400000 | &nbsp;&nbsp;&nbsp;South Carolina Jobs-Economic Development Authority*,* 5.00 *%,*11/1/33<sup>(a)</sup> | 454333 |

---

---

| | | |
|:---|:---|:---|
| **Principal** <br> **Amount** |  | **Fair Value** |
| **MUNICIPAL BONDS — (continued)** | **MUNICIPAL BONDS — (continued)** |  |
|  | **South Carolina — (continued)** |  |
| $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<sup>(a)</sup> | $855636 |
| 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 | 508271 |
| 750000 | &nbsp;&nbsp;&nbsp;South Carolina Public Service Authority, Callable 12/1/32 @ 100*,* 5.25 *%,*12/1/36 | 832842 |
| 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 | 513737 |
| 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 | 534931 |
| 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 | 549746 |
| 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 | 812937 |
|  | &nbsp;&nbsp;&nbsp;**Total (Cost $20,657,799)** | 20760274 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
| **MONEY MARKET FUNDS — 1.11%** | **MONEY MARKET FUNDS — 1.11%** |  |
| 235241 | Federated Hermes Treasury Obligations Fund, Institutional Shares, 4.00%<sup>(b)</sup> | 235241 |
|  | Total Money Market Funds |  |
|  | (Cost $235,241) | 235241 |
| Total Investments— 99.05% | Total Investments— 99.05% |  |
| (Cost $20,893,040) | (Cost $20,893,040) | 20995515 |
| Other Assets in Excess of Liabilities— 0.95% | Other Assets in Excess of Liabilities— 0.95% | 200894 |
| NET ASSETS — 100.00% | NET ASSETS — 100.00% | $21196409 |

---

&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 year ended
September 30, 2025 is $1,739,123, which represents 8.2% 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* |
| *SCAGO* | *South Carolina Association of Governmental Organizations* |
| *SCSDE* | *South Carolina School District Enhancement* |

---

*See accompanying notes to financial statements.* 39

**Sterling Capital Virginia Intermediate Tax-Free Fund**

**Schedule of Investments**

September 30, 2025

---

| | | |
|:---|:---|:---|
| **Principal** <br> **Amount** |  | **Fair Value** |
| **MUNICIPAL BONDS — 98.81%** | **MUNICIPAL BONDS — 98.81%** |  |
|  | **Virginia — 98.81%** |  |
| $750000 | &nbsp;&nbsp;&nbsp;Albemarle County, VA, School Improvements G.O., (State Aid Withholding)*,* 5.00 *%,*6/1/26 | $762567 |
| 750000 | &nbsp;&nbsp;&nbsp;Arlington County, VA, Public Improvements G.O., Callable 8/15/27 @ 100*,* 5.00 *%,*8/15/30 | 784672 |
| 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 | 502554 |
| 750000 | &nbsp;&nbsp;&nbsp;Chesapeake, VA, Chesapeake Expressway, Callable 7/15/34 @ 100*,* 5.00 *%,*7/15/41 | 812177 |
| 750000 | &nbsp;&nbsp;&nbsp;Chesapeake, VA, Public Improvements, Refunding G.O. Series A, Callable 18/1/27 @ 100*,* 5.00 *%,*8/1/30 | 783988 |
| 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 | 1033404 |
| 500000 | &nbsp;&nbsp;&nbsp;Chesterfield County, VA, School Improvements G.O., (State Aid Withholding), Callable 1/1/33 @ 100*,* 5.00 *%,*1/1/40 | 539384 |
| 600000 | &nbsp;&nbsp;&nbsp;City of Alexandria, VA*,* 5.00 *%,*12/15/33 | 699743 |
| 1000000 | &nbsp;&nbsp;&nbsp;Culpeper County, VA, Economic Development Authority, VA Capital Projects, Refunding Revenue, Callable 6/1/24 @ 100*,* 4.00 *%,*6/1/26 | 1000840 |
| 1145000 | &nbsp;&nbsp;&nbsp;Fairfax County, VA, School Improvements G.O., Current Refunding Series A, Callable 4/1/30 @ 100*,* 5.00 *%,*10/1/30<sup>(a)</sup> | 1275271 |
| 1000000 | &nbsp;&nbsp;&nbsp;Fairfax County, VA, Sewer Revenue*,* 5.00 *%,*7/15/54 | 1043634 |
| 1000000 | &nbsp;&nbsp;&nbsp;Hampton Roads Transp. Accountability Comm.*,* 5.00 *%,*7/1/31 | 1111222 |
| 500000 | &nbsp;&nbsp;&nbsp;Henrico County Economic Development Authority*,* 5.00 *%,*11/1/35 | 565388 |
| 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 | 1100159 |
| 750000 | &nbsp;&nbsp;&nbsp;Loudoun County, VA, Miscellaneous Purposes Revenue G.O. (State Aid Withholding) Series A*,* 5.00 *%,*12/1/29 | 828004 |
| 1000000 | &nbsp;&nbsp;&nbsp;Lynchburg Economic Development Authority*,* 5.00 *%,*1/1/35 | 1087640 |
| 1000000 | &nbsp;&nbsp;&nbsp;Manassas, VA, Public Improvements, Public Facilities G.O. (State Aid Withholding), Callable 7/1/29 @ 100*,* 4.00 *%,*7/1/33 | 1043197 |
| 1000000 | &nbsp;&nbsp;&nbsp;Norfolk, VA, Callable 8/1/28 @ 100*,* 5.00 *%,*8/1/47 | 1072697 |
| 500000 | &nbsp;&nbsp;&nbsp;Norfolk, VA, Water Revenue, Callable 11/1/33 @ 100*,* 5.00 *%,*11/1/44 | 531068 |
| 750000 | &nbsp;&nbsp;&nbsp;Norfolk, VA, Water Revenue, Callable 11/1/33 @ 100*,* 5.00 *%,*11/1/40 | 820016 |
| 1000000 | &nbsp;&nbsp;&nbsp;Roanoke, VA, School Improvements G.O., Callable 4/1/32 @ 100*,* 5.00 *%,*4/1/34<sup>(a)</sup> | 1129919 |
| 500000 | &nbsp;&nbsp;&nbsp;Salem Economic Development Authority*,* 5.00 *%,*4/1/40 | 505399 |
| 1000000 | &nbsp;&nbsp;&nbsp;Salem, VA, School Improvements G.O., Current Refunding*,* 5.00 *%,*5/1/28 | 1065278 |
| 750000 | &nbsp;&nbsp;&nbsp;Spotsylvania County, VA, School Improvements G.O., Callable 7/15/32 @ 100*,* 5.00 *%,*1/15/37 | 831206 |
| 500000 | &nbsp;&nbsp;&nbsp;Spotsylvania County, VA, School Improvements G.O., Callable 7/15/32 @ 100*,* 5.00 *%,*1/15/38 | 549835 |
| 1085000 | &nbsp;&nbsp;&nbsp;Suffolk, VA, Callable 2/1/32 @ 100*,* 5.00 *%,*2/1/43<sup>(a)</sup> | 1146220 |
| 1000000 | &nbsp;&nbsp;&nbsp;Upper Occoquan Sewage Authority*,* 5.00 *%,*7/1/37 | 1142288 |
| 1000000 | &nbsp;&nbsp;&nbsp;Virginia College Building Authority, University & College Improvements Revenue Bonds (State Intercept) Series C*,* 5.00 *%,*9/1/29 | 1097168 |

---

---

| | | |
|:---|:---|:---|
| **Principal** <br> **Amount** |  | **Fair Value** |
| **MUNICIPAL BONDS — (continued)** | **MUNICIPAL BONDS — (continued)** |  |
|  | **Virginia — (continued)** |  |
| $500000 | &nbsp;&nbsp;&nbsp;Virginia Commonwealth Transportation Board, Federal Highway Transportation Grant, Callable 9/15/26 @ 100*,* 5.00 *%,*9/15/30 | $510034 |
| 1000000 | &nbsp;&nbsp;&nbsp;Virginia Housing Development Authority, Callable 4/1/26 @ 100*,* 3.00 *%,*10/1/29 | 1000785 |
| 585000 | &nbsp;&nbsp;&nbsp;Virginia Port Authority*,* 5.00 *%,*7/1/32 | 665932 |
| 750000 | &nbsp;&nbsp;&nbsp;Virginia Port Authority Commonwealth Port Fund, Airport & Marina Improvements Revenue Bonds Series A*,* 5.00 *%,*7/1/41 | 806559 |
| 1035000 | &nbsp;&nbsp;&nbsp;Virginia Public School Authority, School Improvements Revenue Bonds (State Aid Withholding)*,* 5.00 *%,*8/15/30 | 1162101 |
| 1000000 | &nbsp;&nbsp;&nbsp;Virginia Public School Authority, School Improvements Revenue Bonds (State Aid Withholding)*,* 5.00 *%,*1/15/30 | 1108939 |
| 600000 | &nbsp;&nbsp;&nbsp;Virginia Small Business Financing Authority*,* 5.00 *%,*10/1/32 | 655137 |
| 750000 | &nbsp;&nbsp;&nbsp;Winchester Economic Development Authority, Callable 1/1/34 @ 100*,* 5.00 *%,*1/1/42 | 786857 |
|  | &nbsp;&nbsp;&nbsp;**Total (Cost $31,383,111)** | 31561282 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
| **MONEY MARKET FUNDS — 0.22%** | **MONEY MARKET FUNDS — 0.22%** |  |
| 71402 | &nbsp;&nbsp;&nbsp;Federated Hermes Treasury Obligations Fund, Institutional Shares, 4.00%<sup>(b)</sup> | 71402 |
|  | &nbsp;&nbsp;&nbsp;Total Money Market Funds |  |
|  | &nbsp;&nbsp;&nbsp;(Cost $71,402) | 71402 |
| Total Investments— 99.03% | Total Investments— 99.03% |  |
| (Cost $31,454,513) | (Cost $31,454,513) | 31632684 |
| Other Assets in Excess of Liabilities— 0.97% | Other Assets in Excess of Liabilities— 0.97% | 309084 |
| NET ASSETS — 100.00% | NET ASSETS — 100.00% | $31941768 |

---

&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 year ended
September 30, 2025 is $2,904,722, which represents 9.2% of net assets.

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

*AGM* *Assured Guaranty Municipal Corp.* <br> *G.O.* *General Obligation*

40 *See accompanying notes to financial statements.* 39

**Sterling Capital West Virginia Intermediate Tax-Free Fund**

**Schedule of Investments**

September 30, 2025

---

| | | |
|:---|:---|:---|
| **Principal** <br> **Amount** |  | **Fair Value** |
| **MUNICIPAL BONDS — 98.29%** | **MUNICIPAL BONDS — 98.29%** |  |
|  | **West Virginia — 98.29%** |  |
| $500000 | &nbsp;&nbsp;&nbsp;Berkeley County Public Service Sewer*,* 5.00 *%,*6/1/40 | $528495 |
| 1000000 | &nbsp;&nbsp;&nbsp;Berkeley County, Board of Education, School Improvements G.O. (West Virginia Board Commission)*,* 4.00 *%,*6/1/28 | 1038193 |
| 1750000 | &nbsp;&nbsp;&nbsp;Berkeley County, Board of Education, School Improvements G.O. (West Virginia Board Commission), Callable 6/1/33 @ 100*,* 4.00 *%,*6/1/36<sup>(a)</sup> | 1805716 |
| 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 | 1003336 |
| 1080000 | &nbsp;&nbsp;&nbsp;Braxton County, WV, Board of Education, Public School, Advance Refunding G.O. (West Virginia Board Commission), Callable 5/1/26 @ 100*,* 5.00 *%,*5/1/28<sup>(a)</sup> | 1094477 |
| 610000 | &nbsp;&nbsp;&nbsp;Fairmont State University*,* 5.00 *%,*6/1/26 | 618107 |
| 1000000 | &nbsp;&nbsp;&nbsp;Hancock County Board of Education*,* 5.00 *%,*6/1/35 | 1107714 |
| 1360000 | &nbsp;&nbsp;&nbsp;Marshall University, WV, University & College Improvements Revenue Bonds Series A (AGM)*,* 5.00 *%,*5/1/30 | 1491553 |
| 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 | 743881 |
| 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 | 1195025 |
| 750000 | &nbsp;&nbsp;&nbsp;Ohio County, WV, Board of Education, School Improvements G.O. (West Virginia Board Commission)*,* 3.00 *%,*6/1/28 | 752866 |
| 1000000 | &nbsp;&nbsp;&nbsp;Ohio County, WV, Board of Education, School Improvements G.O. (West Virginia Board Commission)*,* 4.00 *%,*6/1/29 | 1045536 |
| 1275000 | &nbsp;&nbsp;&nbsp;Ohio County, WV, Callable 6/1/34 @ 100*,* 5.25 *%,*6/1/44 | 1281227 |
| 1000000 | &nbsp;&nbsp;&nbsp;Putnam County Board of Education/WV*,* 5.00 *%,*6/1/32 | 1129011 |
| 1500000 | &nbsp;&nbsp;&nbsp;Putnam County Board of Education/WV*,* 5.00 *%,*6/1/37 | 1675126 |
| 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 | 766527 |
| 1000000 | &nbsp;&nbsp;&nbsp;State of West Virginia, Callable 6/1/29 @ 100*,* 5.00 *%,*6/1/44 | 1025047 |
| 1505000 | &nbsp;&nbsp;&nbsp;State of West Virginia, Callable 6/1/31 @ 100*,* 5.00 *%,*6/1/45 | 1563452 |
| 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 | 1068788 |
| 1000000 | &nbsp;&nbsp;&nbsp;Taylor County, WV, Board of Education, Callable 6/1/34 @ 100*,* 5.00 *%,*6/1/35 | 1141539 |
| 1000000 | &nbsp;&nbsp;&nbsp;Taylor County, WV, Board of Education, Callable 6/1/34 @ 100*,* 5.00 *%,*6/1/36 | 1133755 |
| 850000 | &nbsp;&nbsp;&nbsp;West Virginia Commissioner of Highways, Callable 9/1/27 @ 100*,* 5.00 *%,*9/1/28 | 889488 |
| 500000 | &nbsp;&nbsp;&nbsp;West Virginia Economic Development Authority*,* 3.38 *%,*3/1/40 | 508205 |
| 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 | 1195133 |
| 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 | 1618643 |
| 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 | 1491399 |

---

---

| | | |
|:---|:---|:---|
| **Principal <br> Amount** |  | **Fair Value** |
| **MUNICIPAL BONDS — (continued)** | **MUNICIPAL BONDS — (continued)** |  |
|  | **West Virginia — (continued)** |  |
| $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 | $1052495 |
| 1385000 | &nbsp;&nbsp;&nbsp;West Virginia Hospital Finance Authority, United Health System Obligation, Health, Hospital, Nursing Home Improvements Refunding Revenue Bonds*,* 5.00 *%,*6/1/26 | 1403132 |
| 1070000 | &nbsp;&nbsp;&nbsp;West Virginia Housing Development Fund, Revenue Bonds Series A*,* 3.25 *%,*5/1/29 | 1085035 |
| 905000 | &nbsp;&nbsp;&nbsp;West Virginia Housing Development Fund, Revenue Bonds Series A*,* 3.30 *%,*11/1/29 | 920932 |
| 735000 | &nbsp;&nbsp;&nbsp;West Virginia Lottery Excess Lottery Revenue*,* 5.00 *%,*7/1/39 | 788217 |
| 1980000 | &nbsp;&nbsp;&nbsp;West Virginia Parkways Authority, Highway Improvements, Senior Lien Revenue Bonds, Callable 6/1/31 @ 100*,* 5.00 *%,*6/1/47 | 2034943 |
| 1105000 | &nbsp;&nbsp;&nbsp;West Virginia Parkways Authority, Senior Turnpike Toll Revenue, Highway Improvements, Callable 6/1/28 @ 100*,* 5.00 *%,*6/1/39 | 1141433 |
| 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 | 1066483 |
| 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 | 1673608 |
| 1015000 | &nbsp;&nbsp;&nbsp;West Virginia Water Development Authority*,* 5.00 *%,*11/1/35 | 1048370 |
| 1050000 | &nbsp;&nbsp;&nbsp;West Virginia Water Development Authority, Loan Program II, Refunding Revenue Series A-II, Callable 11/1/23 @ 100*,* 5.00 *%,*11/1/26<sup>(a)</sup> | 1051836 |
| 740000 | &nbsp;&nbsp;&nbsp;West Virginia Water Development Authority, West Virginia Infrastructure & Jobs, Current Refunding Revenue Bonds, Callable 10/1/26 @ 100*,* 5.00 *%,*10/1/30 | 754147 |
| 1100000 | &nbsp;&nbsp;&nbsp;West Virginia Water Development Authority, West Virginia Infrastructure & Jobs, Current Refunding Revenue Bonds, Callable 10/1/26 @ 100*,* 5.00 *%,*10/1/31 | 1120374 |
| 1500000 | &nbsp;&nbsp;&nbsp;Wood County, WV, Board of Education, Callable 6/1/33 @ 100*,* 4.50 *%,*6/1/34 | 1617841 |
| 1000000 | &nbsp;&nbsp;&nbsp;Wood County, WV, Board of Education, Callable 6/1/33 @ 100*,* 4.50 *%,*6/1/35 | 1065113 |
| 1000000 | &nbsp;&nbsp;&nbsp;Wyoming County, WV, Board of Education, Callable 6/1/34 @ 100*,* 5.00 *%,*6/1/35 | 1131802 |
| 1000000 | &nbsp;&nbsp;&nbsp;Wyoming County, WV, Board of Education, Callable 6/1/34 @ 100*,* 5.00 *%,*6/1/36 | 1121697 |
|  | &nbsp;&nbsp;&nbsp;**Total (Cost $48,887,356)** | 48989697 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
| **MONEY MARKET FUNDS — 0.47%** | **MONEY MARKET FUNDS — 0.47%** |  |
| 232428 | &nbsp;&nbsp;&nbsp;Federated Hermes Treasury Obligations Fund, Institutional Shares, 4.00%<sup>(b)</sup> | 232428 |
|  | &nbsp;&nbsp;&nbsp;Total Money Market Funds |  |
|  | &nbsp;&nbsp;&nbsp;(Cost $232,428) | 232428 |
| Total Investments— 98.76% | Total Investments— 98.76% |  |
| (Cost $49,119,784) | (Cost $49,119,784) | 49222125 |
| Other Assets in Excess of Liabilities— 1.24% | Other Assets in Excess of Liabilities— 1.24% | 620221 |
| NET ASSETS — 100.00% | NET ASSETS — 100.00% | $49842346 |

---

*See accompanying notes to financial statements.* 41

**Sterling Capital West Virginia Intermediate Tax-Free Fund**

**Schedule of Investments (continued)**

*September 30, 2025*

&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 year ended
September 30, 2025 is $3,047,000, which represents 6.1% of net assets.

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

---

| | |
|:---|:---|
| *AGM* | *Assured Guaranty Municipal Corp.* |
| *BAM* | *Build America Mutual* |
| *G.O.* | *General Obligation* |

---

42 *See accompanying notes to financial statements.*

**STERLING CAPITAL FUNDS**

**STATEMENTS OF ASSETS AND LIABILITIES**

**September 30, 2025**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Sterling Capital<br> Behavioral Large<br> Cap Value Equity<br> Fund** | **Sterling Capital<br> Behavioral Small Cap <br> Value Equity Fund** | **Sterling Capital<br> Special Opportunities<br> Fund** | **Sterling Capital<br> Equity Income Fund** | **Sterling Capital Mid<br> Cap Relative Value<br> Fund** |
| **Assets:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments at fair value (a) | $47624648 | $103651724 | $393177285 | $1073006029 | $57648094 |
| &nbsp;&nbsp;&nbsp;Receivable for capital shares issued |  | 13051 | 50998 | 175126 | 587 |
| &nbsp;&nbsp;&nbsp;Interest and dividends receivable | 41287 | 118019 | 107282 | 805379 | 35817 |
| &nbsp;&nbsp;&nbsp;Prepaid and other expenses | 11084 | 11788 | 29777 | 47862 | 39529 |
| &nbsp;&nbsp;&nbsp;Total Assets | 47677019 | 103794582 | 393365342 | 1074034396 | 57724027 |
| **Liabilities:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Payable for capital shares redeemed | 439 |  | 1235496 | 2285353 | 108177 |
| &nbsp;&nbsp;&nbsp;Accrued expenses and other payables: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment advisory fees | 17109 | 46863 | 190863 | 487922 | 25689 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Administration fees | 2944 | 6000 | 21309 | 52506 | 3349 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Compliance service fees | 33 | 1326 |  | 17405 | 1125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Custodian fees | 633 | 1478 | 6072 | 23000 | 1204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distribution (12b-1) fees | 8086 | 1323 | 69684 | 118320 | 3828 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Audit fees | 3450 | 8276 | 33910 | 109218 | 4869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transfer agent fees | 2299 | 1663 | 7986 | 24756 | 2054 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trustee fees |  | 67 |  | 2486 | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other fees and liabilities | 4752 | 9420 | 49469 | 203944 | 7098 |
| &nbsp;&nbsp;&nbsp;Total Liabilities | 39745 | 76416 | 1614789 | 3324910 | 157413 |
| **Net Assets** | $47637274 | $103718166 | $391750553 | $1070709486 | $57566614 |
| **Net Assets consist of:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Capital | $46184925 | $77620767 | $167088219 | $631858803 | $30210460 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings | 1452349 | 26097399 | 224662334 | 438850683 | 27356154 |
| Net Assets | $47637274 | $103718166 | $391750553 | $1070709486 | $57566614 |
| **Net Assets** |  |  |  |  |  |
| Class A Shares | $39723386 | $6235758 | $283479381 | $354291816 | $17680482 |
| Class C Shares | 60418 | 44766 | 13987823 | 52854747 | 282221 |
| Class Institutional Shares | 5826820 | 6178792 | 69371573 | 591213554 | 39257808 |
| Class R6 Shares | 2026650 | 91258850 | 24911776 | 72349369 | 346103 |
| Total | $47637274 | $103718166 | $391750553 | $1070709486 | $57566614 |
| **Shares of Beneficial Interest Outstanding (Unlimited number of shares authorized, no par value)** | **Shares of Beneficial Interest Outstanding (Unlimited number of shares authorized, no par value)** | **Shares of Beneficial Interest Outstanding (Unlimited number of shares authorized, no par value)** | **Shares of Beneficial Interest Outstanding (Unlimited number of shares authorized, no par value)** | **Shares of Beneficial Interest Outstanding (Unlimited number of shares authorized, no par value)** | **Shares of Beneficial Interest Outstanding (Unlimited number of shares authorized, no par value)** |
| Class A Shares | 1151350 | 302778 | 10499416 | 15999342 | 284098 |
| Class C Shares | 1821 | 2327 | 858066 | 2421896 | 4787 |
| Class Institutional Shares | 167539 | 296030 | 2281624 | 26562520 | 625454 |
| Class R6 Shares | 58168 | 4363007 | 818397 | 3246788 | 5512 |
| Total | 1378878 | 4964142 | 14457503 | 48230546 | 919851 |
| &nbsp;&nbsp;&nbsp;**Net Asset Value** |  |  |  |  |  |
| Class A Shares - redemption price per share | $34.50 | $20.60 | $27.00 | $22.14 | $62.23 |
| Class C Shares - Offering price per share\* | $33.17 | $19.24 | $16.30 | $21.82 | $58.95 |
| Class Institutional Shares | $34.78 | $20.87 | $30.40 | $22.26 | $62.77 |
| Class R6 Shares | $34.84 | $20.92 | $30.44 | $22.28 | $62.80 |
| Maximum Offering Price (100%/(100% - Maximum Sales Charge)) of net asset value adjusted to the nearest cent per share - Class A Shares | $36.60 | $21.86 | $28.65 | $23.49 | $66.03 |
| (a) Investments at cost | $38492085 | $86642514 | $220277774 | $758486083 | $34916081 |

---

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

See accompanying notes to financial statements.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Sterling<br> Capital Real<br> Estate Fund** | **Sterling<br> Capital Small<br> Cap Value<br> Fund** | **Sterling<br> Capital Ultra<br> Short Bond<br> Fund** | **Sterling<br> Capital Short<br> Duration Bond<br> Fund** | **Sterling<br> Capital<br> Intermediate<br> U.S.<br> Government<br> Fund** | **Sterling<br> Capital Total<br> Return Bond<br> Fund** | **Sterling<br> Capital Long<br> Duration<br> Corporate<br> Bond Fund** |
| **Assets:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments at fair value (a) | $67177294 | $175019378 | $28628575 | $40825892 | $19840337 | $1570978657 | $49682124 |
| &nbsp;&nbsp;&nbsp;Cash at broker for futures transactions |  |  | 15000 | 17113 |  | 1577745 | 50000 |
| &nbsp;&nbsp;&nbsp;Receivable for capital shares issued | 749 | 26978 |  | 15111 |  | 749776 |  |
| &nbsp;&nbsp;&nbsp;Receivable for investments sold |  |  |  |  |  | 4586593 |  |
| &nbsp;&nbsp;&nbsp;Interest and dividends receivable | 272151 | 210351 | 185727 | 326576 | 59003 | 9164893 | 671420 |
| &nbsp;&nbsp;&nbsp;Variation margin receivable |  |  |  | 1203 |  | 60352 |  |
| &nbsp;&nbsp;&nbsp;Prepaid and other expenses | 13721 | 27446 | 11929 | 11306 | 7573 | 40781 | 7462 |
| &nbsp;&nbsp;&nbsp;Total Assets | 67463915 | 175284153 | 28841231 | 41197201 | 19906913 | 1587158797 | 50411006 |
| **Liabilities:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributions payable |  |  | 3012 | 64180 | 2887 | 920506 | 794 |
| &nbsp;&nbsp;&nbsp;Payable for investments purchased |  |  |  | 453327 |  | 42290022 | 263960 |
| &nbsp;&nbsp;&nbsp;Payable for capital shares redeemed | 72865 | 18928 | 7747 | 30241 | 2141 | 665199 | 420 |
| &nbsp;&nbsp;&nbsp;Accrued expenses and other payables: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment advisory fees | 32267 | 107555 | 1186 | 5497 | 998 | 218618 | 3368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Administration fees | 3999 | 9694 | 1927 | 2454 | 1428 | 91049 | 743 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Compliance service fees |  | 2621 | 469 | 604 | 346 | 19757 | 701 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Custodian fees | 1145 | 2820 | 441 | 702 | 315 | 24537 | 739 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distribution (12b-1) fees | 160 | 1419 | 1541 | 672 | 567 | 11168 | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Audit fees | 5651 | 14663 | 1944 | 6664 | 1317 | 130111 | 3665 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transfer agent fees | 1545 | 2195 | 492 | 1048 | 424 | 16134 | 325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trustee fees | 7 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other fees and liabilities | 9842 | 46150 | 2804 | 10591 | 4097 | 171845 | 1547 |
| &nbsp;&nbsp;&nbsp;Total Liabilities | 127481 | 206045 | 21563 | 575980 | 14520 | 44558946 | 276320 |
| **Net Assets** | $67336434 | $175078108 | $28819668 | $40621221 | $19892393 | $1542599851 | $50134686 |
| **Net Assets consist of:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Capital | $37573011 | $27719606 | $29776835 | $52803022 | $22440593 | $1682598876 | $57562778 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings | 29763423 | 147358502 | (957167) | (12181801) | (2548200) | (139999025) | (7428092) |
| Net Assets | $67336434 | $175078108 | $28819668 | $40621221 | $19892393 | $1542599851 | $50134686 |
| **Net Assets** |  |  |  |  |  |  |  |
| Class A Shares | $520069 | $2724210 | $7458819 | $3524736 | $2486775 | $48292580 | $282317 |
| Class C Shares | 25897 | 1048661 |  | 40154 | 67985 | 1950364 | 2856 |
| Class Institutional Shares | 66094516 | 164980564 | 21360849 | 24008082 | 17337633 | 1017491036 | 148351 |
| Class R6 Shares | 695952 | 6324673 |  | 13048249 |  | 474865871 | 49701162 |
| Total | $67336434 | $175078108 | $28819668 | $40621221 | $19892393 | $1542599851 | $50134686 |
| **Shares of Beneficial Interest Outstanding (Unlimited number of shares authorized, no par value)** | **Shares of Beneficial Interest Outstanding (Unlimited number of shares authorized, no par value)** | **Shares of Beneficial Interest Outstanding (Unlimited number of shares authorized, no par value)** | **Shares of Beneficial Interest Outstanding (Unlimited number of shares authorized, no par value)** | **Shares of Beneficial Interest Outstanding (Unlimited number of shares authorized, no par value)** | **Shares of Beneficial Interest Outstanding (Unlimited number of shares authorized, no par value)** | **Shares of Beneficial Interest Outstanding (Unlimited number of shares authorized, no par value)** |  |
| Class A Shares | 14644 | 64868 | 755223 | 418684 | 279416 | 5118170 | 40334 |
| Class C Shares | 735 | 29445 |  | 4770 | 7655 | 206383 | 408 |
| Class Institutional Shares | 1854922 | 3843734 | 2162007 | 2852833 | 1947056 | 107785233 | 21220 |
| Class R6 Shares | 19434 | 146446 |  | 1549733 |  | 50313098 | 7100391 |
| Total | 1889735 | 4084493 | 2917230 | 4826020 | 2234127 | 163422884 | 7162353 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net Asset Value** |  |  |  |  |  |  |  |
| Class A Shares - redemption price per share | $35.51 | $42.00 | $9.88 | $8.42 | $8.90 | $9.44 | $7.00 |
| Class C Shares - Offering price per share\* | $35.21 | $35.61 |  | $8.42 | $8.88 | $9.45 | $6.99 |
| Class Institutional Shares | $35.63 | $42.92 | $9.88 | $8.42 | $8.90 | $9.44 | $6.99 |
| Class R6 Shares | $35.81 | $43.19 |  | $8.42 |  | $9.44 | $7.00 |
| Maximum Offering Price (100%/ (100% - Maximum Sales Charge)) of net asset value adjusted to the nearest cent per share - Class A Shares | $37.68 | $44.56 | $9.88 | $8.59 | $9.08 | $9.63 | $7.14 |
| (a) Investments at cost | $39703718 | $55708070 | $28490760 | $40499451 | $20376789 | $1574842369 | $51244421 |

---

\* 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**

**September 30, 2025**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Sterling Capital<br> Quality Income Fund** | **Sterling Capital<br> North Carolina <br> Intermediate Tax-<br> Free Fund** | **Sterling Capital<br> South Carolina<br> Intermediate Tax-<br> Free Fund** | **Sterling Capital<br> Virginia Intermediate<br> Tax-Free Fund** | **Sterling Capital West<br> Virginia Intermediate<br> Tax-Free Fund** |
| **Assets:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments at fair value (a) | $166365808 | $116052200 | $20995515 | $31632684 | $49222125 |
| &nbsp;&nbsp;&nbsp;Cash at broker for futures transactions | 80000 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Receivable for capital shares issued | 176922 | 72551 |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest and dividends receivable | 623941 | 1689693 | 243403 | 372907 | 723721 |
| &nbsp;&nbsp;&nbsp;Prepaid and other expenses | 35660 | 9462 | 7149 | 7761 | 6148 |
| &nbsp;&nbsp;&nbsp;Total Assets | 167282331 | 117823906 | 21246067 | 32013352 | 49951994 |
| **Liabilities:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributions payable | 95684 | 96362 | 12315 | 42567 | 61226 |
| &nbsp;&nbsp;&nbsp;Payable for investments purchased | 2399863 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Payable for capital shares redeemed | 218678 | 304205 | 19591 | 3808 | 6972 |
| &nbsp;&nbsp;&nbsp;Accrued expenses and other payables: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment advisory fees | 1890 | 34817 | 6081 | 9499 | 14358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Administration fees | 10042 | 7295 | 1340 | 2054 | 3158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Compliance service fees |  |  | 416 | 596 | 751 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Custodian fees | 2533 | 2047 | 372 | 694 | 5228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distribution (12b-1) fees | 42 | 4616 | 847 | 1804 | 4003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Audit fees | 13441 | 10499 | 1504 | 3080 | 4059 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transfer agent fees | 1133 | 1088 | 224 | 434 | 523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trustee fees |  |  |  | 26 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other fees and liabilities | 53101 | 18501 | 6968 | 7022 | 9364 |
| &nbsp;&nbsp;&nbsp;Total Liabilities | 2796407 | 479430 | 49658 | 71584 | 109648 |
| **Net Assets** | $164485924 | $117344476 | $21196409 | $31941768 | $49842346 |
| **Net Assets consist of:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Capital | $171025748 | $123397778 | $22789609 | $34455632 | $52933827 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings | (6539824) | (6053302) | (1593200) | (2513864) | (3091481) |
| Net Assets | $164485924 | $117344476 | $21196409 | $31941768 | $49842346 |
| **Net Assets** |  |  |  |  |  |
| Class A Shares | $21049 | $19319987 | $3765588 | $8676181 | $19543107 |
| Class C Shares | 39813 | 783427 | 76194 | 5641 | 1863 |
| Class Institutional Shares | 164425062 | 97241062 | 17354627 | 23259946 | 30297376 |
| Total | $164485924 | $117344476 | $21196409 | $31941768 | $49842346 |
| **Shares of Beneficial Interest Outstanding (Unlimited number of shares authorized, no par value)** |  |  |  |  |  |
| Class A Shares | 2300 | 1908620 | 358734 | 783717 | 2061634 |
| Class C Shares | 4348 | 77444 | 7264 | 510 | 196 |
| Class Institutional Shares | 17936282 | 9608061 | 1664854 | 2101615 | 3193080 |
| Total | 17942930 | 11594125 | 2030852 | 2885842 | 5254910 |
| &nbsp;&nbsp;&nbsp;**Net Asset Value** |  |  |  |  |  |
| Class A Shares - redemption price per share | $9.15 | $10.12 | $10.50 | $11.07 | $9.48 |
| Class C Shares - Offering price per share\* | $9.15 | $10.12 | $10.49 | $11.05 | $9.49 |
| Class Institutional Shares | $9.17 | $10.12 | $10.42 | $11.07 | $9.49 |
| Maximum Offering Price (100%/(100% - Maximum Sales Charge)) of net asset value adjusted to the nearest cent per share - Class A Shares | $9.34 | $10.33 | $10.71 | $11.30 | $9.67 |
| (a) Investments at cost | $168009977 | $114920360 | $20893040 | $31454513 | $49119784 |

---

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

See accompanying notes to financial statements.

**STERLING CAPITAL FUNDS**

**STATEMENTS OF OPERATIONS**

**For the Year Ended September 30, 2025**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Sterling Capital<br> Behavioral Large<br> Cap Value Equity<br> Fund** | **Sterling Capital<br> Behavioral Small<br> Cap Value Equity<br> Fund** | **Sterling<br> Capital Special<br> Opportunities Fund** | **Sterling Capital<br> Equity Income<br> Fund** | **Sterling Capital<br> Mid Cap Relative<br> Value Fund** |
| **Investment Income:** |  |  |  |  |  |
| Interest income | $12855 | $53267 | $256523 | $1511650 | $37969 |
| Dividend income | 992153 | 2388891 | 2992674 | 30264195 | 677015 |
| Foreign tax withholding | (642) | (2936) | (29852) |  | 1003 |
| Total investment income | 1004366 | 2439222 | 3219345 | 31775845 | 715987 |
| **Expenses:** |  |  |  |  |  |
| Investment advisory fees (See Note 7) | 180078 | 605560 | 2494724 | 7894007 | 271071 |
| Administration fees (See Note 7) | 34765 | 87352 | 349209 | 1238463 | 39295 |
| Distribution fees - Class A Shares (See Note 7) | 89489 | 15245 | 709059 | 1000597 | 18080 |
| Distribution fees - Class C Shares (See Note 7) | 2913 | 513 | 153055 | 629072 | 1095 |
| Compliance service fees (See Note 7) | 90 | 2265 | 9055 | 31153 | 1120 |
| Trustee fees | 7022 | 16632 | 68147 | 254338 | 7807 |
| Audit fees | 4413 | 7136 | 30681 | 94936 | 8952 |
| Custodian fees | 1751 | 4612 | 18113 | 64730 | 1796 |
| Fund accounting fees (See Note 7) | 4717 | 12037 | 48291 | 177996 | 5349 |
| Interest expense (See Note 11) |  |  | 1119 | 6764 |  |
| Legal fees | 8306 | 25507 | 84318 | 300912 | 9866 |
| Printing fees | 3957 | 680 | 21035 | 113549 | 770 |
| Registration fees | 21241 | 29907 | 64438 | 83912 | 28514 |
| Transfer agent fees (See Note 7) | 40020 | 32838 | 276087 | 1288997 | 30491 |
| Other fees | 15074 | 23225 | 69494 | 238002 | 16818 |
| Total expenses before waivers | 413836 | 863509 | 4396825 | 13417428 | 441024 |
| Less expenses waived by the Investment Advisor (See Note 7) | (249) | (56561) | (30288) | (106462) | (3879) |
| Net expenses | 413587 | 806948 | 4366537 | 13310966 | 437145 |
| Net investment income (loss) | 590779 | 1632274 | (1147192) | 18464879 | 278842 |
| **Net Realized and Unrealized Gain (Loss):** |  |  |  |  |  |
| Net realized gain (loss) from: |  |  |  |  |  |
| Investments | 4091177 | 9291035 | 68223018 | 232251580 | 6008631 |
| Net realized gain on foreign currency translations |  |  | 439 |  |  |
| Change in unrealized appreciation/depreciation on: |  |  |  |  |  |
| Investments | 2224018 | (5323538) | (9156301) | (302669114) | (1804283) |
| Net realized and change in unrealized gain (loss) on investments | 6315195 | 3967497 | 59067156 | (70417534) | 4204348 |
| Net increase (decrease) in net assets resulting from operations | $6905974 | $5599771 | $57919964 | $(51952655) | $4483190 |

---

See accompanying notes to financial statements.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Sterling<br> Capital Real<br> Estate Fund** | **Sterling<br> Capital<br> Small Cap<br> Value Fund** | **Sterling<br> Capital Ultra<br> Short Bond<br> Fund** | **Sterling<br> Capital Short<br> Duration<br> Bond Fund** | **Sterling<br> Capital<br> Intermediate<br> U.S.<br> Government<br> Fund** | **Sterling<br> Capital Total<br> Return Bond<br> Fund** | **Sterling<br> Capital Long<br> Duration<br> Corporate<br> Bond Fund** |
| **Investment Income:** |  |  |  |  |  |  |  |
| Interest income | $38968 | $80347 | $1429474 | $2166259 | $715111 | $69719610 | $2473739 |
| Dividend income | 2516984 | 2428965 |  | 21245 |  | 517188 |  |
| Foreign tax withholding |  |  |  |  |  |  |  |
| Total investment income | 2555952 | 2509312 | 1429474 | 2187504 | 715111 | 70236798 | 2473739 |
| **Expenses:** |  |  |  |  |  |  |  |
| Investment advisory fees (See Note 7) | 403038 | 1308317 | 54604 | 85289 | 59531 | 3681228 | 113575 |
| Administration fees (See Note 7) | 60194 | 150926 | 23663 | 36948 | 16148 | 1277320 | 39438 |
| Distribution fees - Class A Shares (See Note 7) | 1281 | 7121 | 13065 | 8325 | 6065 | 125224 | 808 |
| Distribution fees - Class C Shares (See Note 7) | 807 | 7631 |  | 429 | 781 | 23671 | 26 |
| Compliance service fees (See Note 7) | 1613 | 3981 | 660 | 954 | 476 | 33895 | 1126 |
| Trustee fees | 11983 | 25918 | 5194 | 5285 | 3357 | 280813 | 8790 |
| Audit fees | 6385 | 3217 | 2393 | 823 | 1894 | 176220 | 5661 |
| Custodian fees | 3332 | 5128 | 1258 | 1772 | 835 | 67835 | 1937 |
| Fund accounting fees (See Note 7) | 8355 | 20980 | 3273 | 5208 | 2239 | 174601 | 5366 |
| Interest expense (See Note 11) |  | 429 |  |  |  |  |  |
| Legal fees | 14441 | 35836 | 5668 | 8978 | 3888 | 306295 | 9427 |
| Printing fees | 2320 | 1435 | 586 | 423 | 1078 | 30426 | 2349 |
| Registration fees | 30802 | 51077 | 26314 | 35291 | 12964 | 78496 | 17772 |
| Transfer agent fees (See Note 7) | 55406 | 151361 | 11865 | 31379 | 10247 | 919581 | 8780 |
| Other fees | 18099 | 33997 | 25143 | 22298 | 29960 | 256885 | 37653 |
| Total expenses before waivers | 618056 | 1807354 | 173686 | 243402 | 149463 | 7432490 | 252708 |
| Less expenses waived by the Investment Advisor (See Note 7) | (679) | (7871) | (40953) | (14425) | (39573) | (1021805) | (81428) |
| Net expenses | 617377 | 1799483 | 132733 | 228977 | 109890 | 6410685 | 171280 |
| Net investment income | 1938575 | 709829 | 1296741 | 1958527 | 605221 | 63826113 | 2302459 |
| **Net Realized and Unrealized Gain (Loss):** |  |  |  |  |  |  |  |
| Net realized gain (loss) from: |  |  |  |  |  |  |  |
| Investments | 2309092 | 33977128 | 68427 | 290065 | (78466) | (6975058) | (1404432) |
| Change in unrealized appreciation/depreciation on: |  |  |  |  |  |  |  |
| Investments | (7444097) | (21096483) | (36578) | (255128) | 135447 | (12179717) | (459345) |
| Futures contracts |  |  |  | (1632) |  | 142179 |  |
| Net realized and change in unrealized gain (loss) on investments | (5135005) | 12880645 | 31849 | 33305 | 56981 | (19012596) | (1863777) |
| Net increase (decrease) in net assets resulting from operations | $(3196430) | $13590474 | $1328590 | $1991832 | $662202 | $44813517 | $438682 |

---

See accompanying notes to financial statements.

**STERLING CAPITAL FUNDS**

**STATEMENTS OF OPERATIONS**

**For the Year Ended September 30, 2025**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Sterling Capital<br> Quality Income<br> Fund** | **Sterling Capital<br> North Carolina<br> Intermediate Tax-<br> Free Fund** | **Sterling Capital<br> South Carolina<br> Intermediate Tax-<br> Free Fund** | **Sterling Capital<br> Virginia<br> Intermediate Tax-<br> Free Fund** | **Sterling Capital<br> West Virginia<br> Intermediate Tax-<br> Free Fund** |
| **Investment Income:** |  |  |  |  |  |
| Interest income | $6976815 | $4037140 | $819245 | $1276122 | $1810351 |
| Dividend income | 7013 |  |  |  |  |
| Foreign tax withholding |  |  |  |  |  |
| Total investment income | 6983828 | 4037140 | 819245 | 1276122 | 1810351 |
| **Expenses:** |  |  |  |  |  |
| Investment advisory fees (See Note 7) | 531604 | 434513 | 83342 | 140997 | 181958 |
| Administration fees (See Note 7) | 132162 | 107602 | 20585 | 34829 | 45043 |
| Distribution fees - Class A Shares (See Note 7) | 212 | 49433 | 11430 | 23272 | 49067 |
| Distribution fees - Class C Shares (See Note 7) | 239 | 7617 | 756 | 55 | 18 |
| Compliance service fees (See Note 7) | 3501 | 2878 | 563 | 931 | 1206 |
| Trustee fees | 25232 | 21780 | 4122 | 6525 | 8511 |
| Audit fees | 14804 | 10012 | 1302 | 1231 | 2223 |
| Custodian fees | 7614 | 5494 | 992 | 1787 | 1783 |
| Fund accounting fees (See Note 7) | 17182 | 14881 | 2948 | 4959 | 6288 |
| Legal fees | 32319 | 26119 | 4943 | 8628 | 10871 |
| Printing fees | 16544 | 877 | 195 | 314 | 3659 |
| Registration fees | 45587 | 16992 | 14365 | 17341 | 23704 |
| Transfer agent fees (See Note 7) | 107684 | 40464 | 10838 | 14211 | 13878 |
| Other fees | 71105 | 34825 | 12235 | 16700 | 18633 |
| Total expenses before waivers | 1005789 | 773487 | 168616 | 271780 | 366842 |
| Less expenses waived by the Investment Advisor (See Note 7) | (126926) |  |  |  |  |
| Net expenses | 878863 | 773487 | 168616 | 271780 | 366842 |
| Net investment income | 6104965 | 3263653 | 650629 | 1004342 | 1443509 |
| **Net Realized and Unrealized Gain (Loss):** |  |  |  |  |  |
| Net realized gain (loss) from: |  |  |  |  |  |
| Investments | (717840) | (816418) | (75960) | (140328) | (288638) |
| Change in unrealized appreciation/depreciation on: |  |  |  |  |  |
| Investments | 1675203 | (358754) | (315115) | (490186) | (222163) |
| Net realized and change in unrealized gain (loss) on investments | 957363 | (1175172) | (391075) | (630514) | (510801) |
| Net increase in net assets resulting from operations | $7062328 | $2088481 | $259554 | $373828 | $932708 |

---

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 the Year Ended<br> September 30, 2025** | **For the Year Ended<br> September 30, 2024** |
| **Increase (Decrease) in Net Assets due to:** |  |  |
| **Operations:** |  |  |
| Net investment income (loss) | $590779 | $568729 |
| Net realized gain | 4091177 | 4474629 |
| Net change in unrealized appreciation (depreciation) | 2224018 | 4100005 |
| Net increase in net assets resulting from operations | 6905974 | 9143363 |
| **Distributions to Shareholders:** |  |  |
| Income distribution: |  |  |
| &nbsp;&nbsp;&nbsp;Class A Shares | (544803) | (532361) |
| &nbsp;&nbsp;&nbsp;Class C Shares | (1741) | (3400) |
| &nbsp;&nbsp;&nbsp;Class Institutional Shares | (68459) | (35457) |
| &nbsp;&nbsp;&nbsp;Class R6 Shares | (7607) | (4152) |
| Change in net assets from shareholder distributions | (622610) | (575370) |
| **Capital Transactions:** |  |  |
| Change in net assets from capital transactions (See Note 5) | 4536363 | (2313251) |
| Change in net assets | 10819727 | 6254742 |
| **Net Assets:** |  |  |
| Beginning of year | 36817547 | 30562805 |
| End of year | $47637274 | $36817547 |

---

See accompanying notes to financial statements.

---

| | | | |
|:---|:---|:---|:---|
| **Sterling Capital Behavioral Small Cap Value Equity Fund** | **Sterling Capital Behavioral Small Cap Value Equity Fund** | **Sterling Capital Special Opportunities Fund** | **Sterling Capital Special Opportunities Fund** |
| **For the Year Ended<br> September 30, 2025** | **For the Year Ended<br> September 30, 2024** | **For the Year Ended<br> September 30, 2025** | **For the Year Ended<br> September 30, 2024** |
| $1632274 | $1656938 | $(1147192) | $(1387908) |
| 9291035 | 8671154 | 68223457 | 85876663 |
| (5323538) | 14256533 | (9156301) | 20967909 |
| 5599771 | 24584625 | 57919964 | 105456664 |
| (592374) | (113676) | (49024403) | (48470651) |
| (5091) | (788) | (4156880) | (5349947) |
| (568413) | (118903) | (12870592) | (14997857) |
| (8878949) | (1699464) | (4995068) | (6123350) |
| (10044827) | (1932831) | (71046943) | (74941805) |
| (994080) | (3748600) | (27763847) | (62095281) |
| (5439136) | 18903194 | (40890826) | (31580422) |
| 109157302 | 90254108 | 432641379 | 464221801 |
| $103718166 | $109157302 | $391750553 | $432641379 |

---

See accompanying notes to financial statements.

**STERLING CAPITAL FUNDS**

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | |
|:---|:---|:---|
|  | **Sterling Capital Equity Income Fund** | **Sterling Capital Equity Income Fund** |
|  | **For the Year Ended<br> September 30, 2025** | **For the Year Ended<br> September 30, 2024** |
| **Increase (Decrease) in Net Assets due to:** |  |  |
| **Operations:** |  |  |
| Net investment income | $18464879 | $28014041 |
| Net realized gain | 232251580 | 331191387 |
| Net change in unrealized appreciation (depreciation) | (302669114) | 50609934 |
| Net increase (decrease) in net assets resulting from operations | (51952655) | 409815362 |
| **Distributions to Shareholders:** |  |  |
| Income distribution: |  |  |
| &nbsp;&nbsp;&nbsp;Class A Shares | (91744230) | (40781730) |
| &nbsp;&nbsp;&nbsp;Class C Shares | (14478846) | (5906495) |
| &nbsp;&nbsp;&nbsp;Class Institutional Shares | (227992420) | (123753673) |
| &nbsp;&nbsp;&nbsp;Class R6 Shares | (21195222) | (9828898) |
| Change in net assets from shareholder distributions | (355410718) | (180270796) |
| **Capital Transactions:** |  |  |
| Change in net assets from capital transactions (See Note 5) | (414193292) | (218317462) |
| Change in net assets | (821556665) | 11227104 |
| **Net Assets:** |  |  |
| Beginning of year | 1892266151 | 1881039047 |
| End of year | $1070709486 | $1892266151 |

---

See accompanying notes to financial statements.

---

| | | | |
|:---|:---|:---|:---|
| **Sterling Capital Mid Cap Relative Value Fund** | **Sterling Capital Mid Cap Relative Value Fund** | **Sterling Capital Real Estate Fund** | **Sterling Capital Real Estate Fund** |
| **For the Year Ended<br> September 30, 2025** | **For the Year Ended<br> September 30, 2024** | **For the Year Ended<br> September 30, 2025** | **For the Year Ended<br> September 30, 2024** |
| $278842 | $328346 | $1938575 | $1686668 |
| 6008631 | 5917871 | 2309092 | 3388016 |
| (1804283) | 3148935 | (7444097) | 14626477 |
| 4483190 | 9395152 | (3196430) | 19701161 |
| (34375) | (49762) | (38309) | (41389) |
| (533) | (399) | (4737) | (7917) |
| (5204000) | (5094497) | (4917421) | (5246524) |
|  |  | (46442) | (39860) |
| (5238908) | (5144658) | (5006909) | (5335690) |
| 17804042 | (7211696) | (214039) | (2892935) |
| 17048324 | (2961202) | (8417378) | 11472536 |
| 40518290 | 43479492 | 75753812 | 64281276 |
| $57566614 | $40518290 | $67336434 | $75753812 |

---

See accompanying notes to financial statements.

**STERLING CAPITAL FUNDS**

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | |
|:---|:---|:---|
|  | **Sterling Capital Small Cap Value Fund** | **Sterling Capital Small Cap Value Fund** |
|  | **For the Year Ended<br> September 30, 2025** | **For the Year Ended<br> September 30, 2024** |
| **Increase (Decrease) in Net Assets due to:** |  |  |
| **Operations:** |  |  |
| Net investment income | $709829 | $1208898 |
| Net realized gain (loss) | 33977128 | 97551304 |
| Net change in unrealized appreciation (depreciation) | (21096483) | (38596522) |
| Net increase in net assets resulting from operations | 13590474 | 60163680 |
| **Distributions to Shareholders:** |  |  |
| Income distribution: |  |  |
| &nbsp;&nbsp;&nbsp;Class A Shares | (1252305) | (830751) |
| &nbsp;&nbsp;&nbsp;Class C Shares | (118532) | (135464) |
| &nbsp;&nbsp;&nbsp;Class Institutional Shares | (34153040) | (77402735) |
| &nbsp;&nbsp;&nbsp;Class R6 Shares | (1185361) | (1738566) |
| Change in net assets from shareholder distributions | (36709238) | (80107516) |
| **Capital Transactions:** |  |  |
| Change in net assets from capital transactions (See Note 5) | 547169 | (53586885) |
| Change in net assets | (22571595) | (73530721) |
| **Net Assets:** |  |  |
| Beginning of year | 197649703 | 271180424 |
| End of year | $175078108 | $197649703 |

---

See accompanying notes to financial statements.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Sterling Capital Ultra Short Bond Fund** | **Sterling Capital Ultra Short Bond Fund** | **Sterling Capital Short Duration Bond Fund** | **Sterling Capital Short Duration Bond Fund** | **Sterling Capital Intermediate<br> U.S. Government Fund** | **Sterling Capital Intermediate<br> U.S. Government Fund** |
| **For the Year Ended<br> September 30, 2025** | **For the Year Ended<br> September 30, 2024** | **For the Year Ended<br> September 30, 2025** | **For the Year Ended<br> September 30, 2024** | **For the Year Ended<br> September 30, 2025** | **For the Year Ended<br> September 30, 2024** |
| $1296741 | $1495201 | $1958527 | $2978012 | $605221 | $450653 |
| 68427 | 34533 | 290065 | (640244) | (78466) | (72448) |
| (36578) | 309437 | (256760) | 2813495 | 135447 | 1257630 |
| 1328590 | 1839171 | 1991832 | 5151263 | 662202 | 1635835 |
| (213126) | (302481) | (150260) | (131145) | (63913) | (83268) |
|  |  | (1614) | (3817) | (1489) | (2511) |
| (954286) | (1129825) | (1242270) | (2168304) | (463367) | (504626) |
|  |  | (643508) | (600489) |  |  |
| (1167412) | (1432306) | (2037652) | (2903755) | (528769) | (590405) |
| 559105 | (1585514) | (4966203) | (60565386) | 1576033 | 641650 |
| 720283 | (1178649) | (5012023) | (58317878) | 1709466 | 1687080 |
| 28099385 | 29278034 | 45633244 | 103951122 | 18182927 | 16495847 |
| $28819668 | $28099385 | $40621221 | $45633244 | $19892393 | $18182927 |

---

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 the Year Ended<br> September 30, 2025** | **For the Year Ended<br> September 30, 2024** |
| **Increase (Decrease) in Net Assets due to:** |  |  |
| **Operations:** |  |  |
| Net investment income | $63826113 | $57220994 |
| Net realized loss | (6975058) | (32443663) |
| Net change in unrealized appreciation (depreciation) | (12037538) | 136519817 |
| Net increase in net assets resulting from operations | 44813517 | 161297148 |
| **Distributions to Shareholders:** |  |  |
| Income distribution: |  |  |
| &nbsp;&nbsp;&nbsp;Class A Shares | (1950460) | (1885739) |
| &nbsp;&nbsp;&nbsp;Class C Shares | (74418) | (86758) |
| &nbsp;&nbsp;&nbsp;Class Institutional Shares | (41389987) | (40197403) |
| &nbsp;&nbsp;&nbsp;Class R6 Shares | (17861219) | (15067709) |
| Change in net assets from shareholder distributions | (61276084) | (57237609) |
| **Capital Transactions:** |  |  |
| Change in net assets from capital transactions (See Note 5) | 44340663 | 402146207 |
| Change in net assets | 27878096 | 506205746 |
| **Net Assets:** |  |  |
| Beginning of year | 1514721755 | 1008516009 |
| End of year | $1542599851 | $1514721755 |

---

See accompanying notes to financial statements.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Sterling Capital Long Duration<br> Corporate Bond Fund** | **Sterling Capital Long Duration<br> Corporate Bond Fund** | **Sterling Capital Quality Income Fund** | **Sterling Capital Quality Income Fund** | **Sterling Capital North Carolina<br> Intermediate Tax-Free Fund** | **Sterling Capital North Carolina<br> Intermediate Tax-Free Fund** |
| **For the Year Ended<br> September 30, 2025** | **For the Year Ended<br> September 30, 2024** | **For the Year Ended<br> September 30, 2025** | **For the Year Ended<br> September 30, 2024** | **For the Year Ended<br> September 30, 2025** | **For the Year Ended<br> September 30, 2024** |
| $2302459 | $1884068 | $6104965 | $2956704 | $3263653 | $3208779 |
| (1404432) | (2469778) | (717840) | (1114890) | (816418) | (604710) |
| (459345) | 7111244 | 1675203 | 7427434 | (358754) | 6559031 |
| 438682 | 6525534 | 7062328 | 9269248 | 2088481 | 9163100 |
| (15270) | (14989) | (3106) | (958) | (479109) | (497427) |
| (105) | (92) | (700) | (69) | (12762) | (14093) |
| (8464) | (24777) | (5975618) | (3072077) | (2769823) | (2684591) |
| (2279208) | (1845809) |  |  |  |  |
| (2303047) | (1885667) | (5979424) | (3073104) | (3261694) | (3196111) |
| 9037240 | 7144131 | 75503348 | (6336438) | (10119835) | (11566398) |
| 7172875 | 11783998 | 76586252 | (140294) | (11293048) | (5599409) |
| 42961811 | 31177813 | 87899672 | 88039966 | 128637524 | 134236933 |
| $50134686 | $42961811 | $164485924 | $87899672 | $117344476 | $128637524 |

---

See accompanying notes to financial statements.

**STERLING CAPITAL FUNDS**

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | |
|:---|:---|:---|
|  | **Sterling Capital South Carolina<br> Intermediate Tax-Free Fund** | **Sterling Capital South Carolina<br> Intermediate Tax-Free Fund** |
|  | **For the Year Ended<br> September 30, 2025** | **For the Year Ended<br> September 30, 2024** |
| **Increase (Decrease) in Net Assets due to:** |  |  |
| **Operations:** |  |  |
| Net investment income (loss) | $650629 | $810404 |
| Net realized loss | (75960) | (462910) |
| Net change in unrealized appreciation (depreciation) | (315115) | 1881016 |
| Net increase (decrease) in net assets resulting from operations | 259554 | 2228510 |
| **Distributions to Shareholders:** |  |  |
| Income distribution: |  |  |
| &nbsp;&nbsp;&nbsp;Class A Shares | (115839) | (147188) |
| &nbsp;&nbsp;&nbsp;Class C Shares | (1346) | (3847) |
| &nbsp;&nbsp;&nbsp;Class Institutional Shares | (533588) | (656595) |
| Change in net assets from shareholder distributions | (650773) | (807630) |
| **Capital Transactions:** |  |  |
| Change in net assets from capital transactions (See Note 5) | (7853561) | (7366676) |
| Change in net assets | (8244780) | (5945796) |
| **Net Assets:** |  |  |
| Beginning of year | 29441189 | 35386985 |
| End of year | $21196409 | $29441189 |

---

See accompanying notes to financial statements.

---

| | | | |
|:---|:---|:---|:---|
| **Sterling Capital Virginia Intermediate Tax-Free Fund** | **Sterling Capital Virginia Intermediate Tax-Free Fund** | **Sterling Capital West Virginia Intermediate Tax-Free Fund** | **Sterling Capital West Virginia Intermediate Tax-Free Fund** |
| **For the Year Ended<br> September 30, 2025** | **For the Year Ended<br> September 30, 2024** | **For the Year Ended<br> September 30, 2025** | **For the Year Ended<br> September 30, 2024** |
| $1004342 | $1214165 | $1443509 | $1873103 |
| (140328) | (638608) | (288638) | (465941) |
| (490186) | 3117113 | (222163) | 4013370 |
| 373828 | 3692670 | 932708 | 5420532 |
| (214384) | (228315) | (514605) | (485310) |
| (88) | (82) | (36) | (35) |
| (790153) | (980236) | (929091) | (1382167) |
| (1004625) | (1208633) | (1443732) | (1867512) |
| (12852473) | (19331760) | (5199884) | (27790397) |
| (13483270) | (16847723) | (5710908) | (24237377) |
| 45425038 | 62272761 | 55553254 | 79790631 |
| $31941768 | $45425038 | $49842346 | $55553254 |

---

See accompanying notes to financial statements.

**STERLING CAPITAL FUNDS**

**FINANCIAL HIGHLIGHTS, A SHARES**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Investment Activities** | **Investment Activities** | **Investment Activities** | **Distributions** | **Distributions** | **Distributions** | **Distributions** |
|  |<br>**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** | **Sterling Capital Behavioral Large Cap Value Equity Fund** | **Sterling Capital Behavioral Large Cap Value Equity Fund** | **Sterling Capital Behavioral Large Cap Value Equity Fund** | **Sterling Capital Behavioral Large Cap Value Equity Fund** |  |  |  |  |
| **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** | **Sterling Capital Behavioral Small Cap Value Equity Fund** | **Sterling Capital Behavioral Small Cap Value Equity Fund** | **Sterling Capital Behavioral Small Cap Value Equity Fund** | **Sterling Capital Behavioral Small Cap Value Equity Fund** |  |  |  |  |
| **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** | **Sterling Capital Special Opportunities Fund** | **Sterling Capital Special Opportunities Fund** | **Sterling Capital Special Opportunities Fund** | **Sterling Capital Special Opportunities Fund** |  |  |  |  |
| **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** | **Sterling Capital Equity Income Fund** | **Sterling Capital Equity Income Fund** | **Sterling Capital Equity Income Fund** | **Sterling Capital Equity Income Fund** |  |  |  |  |
| **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.

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

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

See accompanying Notes to the Financial Statements

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios/Supplementary Data** | **Ratios/Supplementary Data** | **Ratios/Supplementary Data** | **Ratios/Supplementary Data** | **Ratios/Supplementary Data** |
|<br>**Net asset<br> value, end of<br> year** |<br>**Total Return<br> (excludes sales<br> charge)** | **Net assets, End<br> of year (000)** | **Ratio of net<br> expenses to<br> average net<br> assets** | **Ratio of net<br> investment<br> income (loss)<br> to average net<br> assets** | **Ratio of<br> expenses to<br> average net<br> assets** **<sup>\*</sup>** | **Portfolio<br> turnover** **<sup>\*\*</sup>** |
| $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% |
| $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% |
| $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% |
| $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% |

---

**STERLING CAPITAL FUNDS**

**FINANCIAL HIGHLIGHTS, A SHARES**

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Investment Activities** | **Investment Activities** | **Investment Activities** | **Distributions** | **Distributions** | **Distributions** |
|  |<br>**Net asset value,<br> beginning of<br> year** | **Net<br> investment<br> income (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** | **Total from<br> distributions** |
| **Sterling Capital Mid Cap Relative Value Fund** | **Sterling Capital Mid Cap Relative Value Fund** | **Sterling Capital Mid Cap Relative Value Fund** | **Sterling Capital Mid Cap Relative Value Fund** | **Sterling Capital Mid Cap Relative Value Fund** |  |  |  |
| **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** | **Sterling Capital Real Estate Fund** | **Sterling Capital Real Estate Fund** | **Sterling Capital Real Estate Fund** | **Sterling Capital Real Estate Fund** |  |  |  |
| **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** | **Sterling Capital Small Cap Value Fund** | **Sterling Capital Small Cap Value Fund** | **Sterling Capital Small Cap Value Fund** | **Sterling Capital Small Cap Value Fund** |  |  |  |
| **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 Ultra Short Bond Fund** | **Sterling Capital Ultra Short Bond Fund** | **Sterling Capital Ultra Short Bond Fund** | **Sterling Capital Ultra Short Bond Fund** | **Sterling Capital Ultra Short Bond Fund** |  |  |  |
| **Year Ended September 30, 2025** | $9.82 | 0.45 | 0.01 | 0.46 | (0.40) |  | (0.40) |
| **Year Ended September 30, 2024** | $9.68 | 0.47 | 0.11 | 0.58 | (0.44) |  | (0.44) |
| **Year Ended September 30, 2023** | $9.55 | 0.31 | 0.16 | 0.47 | (0.34) |  | (0.34) |
| **Year Ended September 30, 2022** | $9.78 | 0.08 | (0.19) | (0.11) | (0.12) |  | (0.12) |
| **Year Ended September 30, 2021** | $9.82 | 0.08 | (0.02) | 0.06 | (0.10) |  | (0.10) |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Per share net investment income has been calculated using the average
shares method.

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

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

See accompanying Notes to the Financial Statements

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios/Supplementary Data** | **Ratios/Supplementary Data** | **Ratios/Supplementary Data** | **Ratios/Supplementary Data** | **Ratios/Supplementary Data** |
|<br>**Net asset<br> value, end of<br> year** |<br>**Total Return<br> (excludes sales<br> charge)** | **Net assets, End<br> of year (000)** | **Ratio of net<br> expenses to<br> average net<br> assets** | **Ratio of net<br> investment<br> income (loss)<br> to average net<br> assets** | **Ratio of<br> expenses to<br> average net<br> assets <sup>\*</sup>** | **Portfolio<br> turnover<sup>\*\*</sup>** |
| $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% |
| $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% |
| $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% |
| $9.88 | 4.78% | $7459 | 0.69% | 4.55% | 0.84% | 62.06% |
| $9.82 | 6.12% | $5114 | 0.63% | 4.84% | 0.81% | 50.87% |
| $9.68 | 4.97% | $5756 | 0.52% | 3.26% | 0.82% | 45.10% |
| $9.55 | (1.07)% | $7090 | 0.52% | 0.87% | 0.75% | 50.11% |
| $9.78 | 0.51% | $7219 | 0.53% | 0.82% | 0.75% | 48.71% |

---

**STERLING CAPITAL FUNDS**

**FINANCIAL HIGHLIGHTS, A SHARES**

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Investment Activities** | **Investment Activities** | **Investment Activities** | **Distributions** | **Distributions** | **Distributions** |
|  |<br>**Net asset value,<br> beginning of<br> year** | **Net<br> investment<br> income<sup>(a)</sup>** | **Net realized/<br> unrealized<br> gain (loss) on<br> investments** | **Total from<br> investment<br> Activities** | **Net<br> investment<br> income** | **Net realized<br> gains on<br> investments** | **Total from<br> distributions** |
| **Sterling Capital Short Duration Bond Fund** | **Sterling Capital Short Duration Bond Fund** | **Sterling Capital Short Duration Bond Fund** | **Sterling Capital Short Duration Bond Fund** | **Sterling Capital Short Duration Bond Fund** |  |  |  |
| **Year Ended September 30, 2025** | $8.42 | 0.36 | 0.02 | 0.38 | (0.38) |  | (0.38) |
| **Year Ended September 30, 2024** | $8.14 | 0.37 | 0.27 | 0.64 | (0.36) |  | (0.36) |
| **Year Ended September 30, 2023** | $8.08 | 0.25 | 0.04 | 0.29 | (0.23) |  | (0.23) |
| **Year Ended September 30, 2022** | $8.68 | 0.08 | (0.51) | (0.43) | (0.17) |  | (0.17) |
| **Year Ended September 30, 2021** | $8.78 | 0.10 | (0.02) | 0.08 | (0.18) |  | (0.18) |
| **Sterling Capital Intermediate U.S. Government Fund** | **Sterling Capital Intermediate U.S. Government Fund** | **Sterling Capital Intermediate U.S. Government Fund** | **Sterling Capital Intermediate U.S. Government Fund** | **Sterling Capital Intermediate U.S. Government Fund** |  |  |  |
| **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) |
| **Sterling Capital Total Return Bond Fund** | **Sterling Capital Total Return Bond Fund** | **Sterling Capital Total Return Bond Fund** | **Sterling Capital Total Return Bond Fund** | **Sterling Capital Total Return Bond Fund** |  |  |  |
| **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** | **Sterling Capital Long Duration Corporate Bond Fund** | **Sterling Capital Long Duration Corporate Bond Fund** | **Sterling Capital Long Duration Corporate Bond Fund** | **Sterling Capital Long Duration Corporate Bond Fund** |  |  |  |
| **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** | **Sterling Capital Quality Income Fund** | **Sterling Capital Quality Income Fund** | **Sterling Capital Quality Income Fund** | **Sterling Capital Quality Income Fund** |  |  |  |
| **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) |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Per share net investment income has been calculated using the average
shares method.

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

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

See accompanying Notes to the Financial Statements

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios/Supplementary Data** | **Ratios/Supplementary Data** | **Ratios/Supplementary Data** | **Ratios/Supplementary Data** | **Ratios/Supplementary Data** |
|<br>**Net asset<br> value, end of<br> year** |<br>**Total Return<br> (excludes sales<br> charge)** | **Net assets, End<br> of year (000)** | **Ratio of net<br> expenses to<br> average net<br> assets** | **Ratio of net<br> investment<br> income to<br> average net<br> assets** | **Ratio of<br> expenses to<br> average net<br> assets <sup>\*</sup>** | **Portfolio<br> turnover<sup>\*\*</sup>** |
| $8.42 | 4.60% | $3525 | 0.80% | 4.33% | 0.80% | 66.22% |
| $8.42 | 7.98% | $3068 | 0.76% | 4.43% | 0.83% | 67.85% |
| $8.14 | 3.62% | $3228 | 0.70% | 3.02% | 0.73% | 98.01% |
| $8.08 | (5.02)% | $3665 | 0.73% | 0.94% | 0.73% | 76.98% |
| $8.68 | 0.94% | $4419 | 0.68% | 1.15% | 0.71% | 39.26% |
| $8.90 | 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% |
| $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% |
| $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% |
| $9.15 | 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% |

---

**STERLING CAPITAL FUNDS**

**FINANCIAL HIGHLIGHTS, A SHARES**

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Investment Activities** | **Investment Activities** | **Investment Activities** | **Distributions** | **Distributions** | **Distributions** |
|  |<br>**Net asset value,<br> beginning of<br> year** | **Net<br> investment<br> income<sup>(a)</sup>** | **Net realized/<br> unrealized<br> gain (loss) on<br> investments** | **Total from<br> investment<br> Activities** | **Net<br> investment<br> income** | **Net realized<br> gains on<br> investments** | **Total from<br> distributions** |
| **Sterling Capital North Carolina Intermediate Tax-Free Fund** | **Sterling Capital North Carolina Intermediate Tax-Free Fund** | **Sterling Capital North Carolina Intermediate Tax-Free Fund** | **Sterling Capital North Carolina Intermediate Tax-Free Fund** | **Sterling Capital North Carolina Intermediate Tax-Free Fund** |  |  |  |
| **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) |
| **Sterling Capital South Carolina Intermediate Tax-Free Fund** | **Sterling Capital South Carolina Intermediate Tax-Free Fund** | **Sterling Capital South Carolina Intermediate Tax-Free Fund** | **Sterling Capital South Carolina Intermediate Tax-Free Fund** | **Sterling Capital South Carolina Intermediate Tax-Free Fund** |  |  |  |
| **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** | **Sterling Capital Virginia Intermediate Tax-Free Fund** | **Sterling Capital Virginia Intermediate Tax-Free Fund** | **Sterling Capital Virginia Intermediate Tax-Free Fund** | **Sterling Capital Virginia Intermediate Tax-Free Fund** |  |  |  |
| **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** | **Sterling Capital West Virginia Intermediate Tax-Free Fund** | **Sterling Capital West Virginia Intermediate Tax-Free Fund** | **Sterling Capital West Virginia Intermediate Tax-Free Fund** | **Sterling Capital West Virginia Intermediate Tax-Free Fund** |  |  |  |
| **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) | — <sup>(b)</sup> | (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.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount is less than $0.005.

See accompanying Notes to the Financial Statements

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios/Supplementary Data** | **Ratios/Supplementary Data** | **Ratios/Supplementary Data** | **Ratios/Supplementary Data** | **Ratios/Supplementary Data** |
|<br>**Net asset<br> value, end of<br> year** |<br>**Total Return<br> (excludes sales<br> charge)** | **Net assets, End<br> of year (000)** | **Ratio of net<br> expenses to<br> average net<br> assets** | **Ratio of net<br> investment<br> income to<br> average net<br> assets** | **Ratio of<br> expenses to<br> average net<br> assets** **<sup>\*</sup>** | **Portfolio<br> turnover** **<sup>\*\*</sup>** |
| $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% |
| $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% |
| $11.07 | 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% |
| $9.48 | 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% |

---

**STERLING CAPITAL FUNDS**

**FINANCIAL HIGHLIGHTS, C SHARES**

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Investment Activities** | **Investment Activities** | **Investment Activities** | **Distributions** | **Distributions** | **Distributions** |
|  |<br>**Net asset value,<br> beginning of<br> year** | **Net<br> investment<br> income (loss)<sup>(a)</sup>** | **Net realized/<br> unrealized<br> gain (loss) on<br> investments** | **Total from<br> investment<br> Activities** | **Net<br> investment<br> income** | **Net realized<br> gains on<br> investments** | **Return of<br> capital** |
| **Sterling Capital Behavioral Large Cap Value Equity Fund** | **Sterling Capital Behavioral Large Cap Value Equity Fund** | **Sterling Capital Behavioral Large Cap Value Equity Fund** | **Sterling Capital Behavioral Large Cap Value Equity Fund** | **Sterling Capital Behavioral Large Cap Value Equity Fund** |  |  |  |
| **Year Ended September 30, 2025** | $28.66 | 0.26 | 4.40 | 4.66 | (0.15) |  |  |
| **Year Ended September 30, 2024** | $22.19 | 0.24 | 6.50 | 6.74 | (0.27) |  |  |
| **Year Ended September 30, 2023** | $19.41 | 0.19 | 2.83 | 3.02 | (0.24) |  |  |
| **Year Ended September 30, 2022** | $21.88 | 0.21 | (2.49) | (2.28) | (0.19) |  |  |
| **Year Ended September 30, 2021** | $16.17 | (0.04) | 5.92 | 5.88 | (0.03) |  | (0.14) |
| **Sterling Capital Behavioral Small Cap Value Equity Fund** | **Sterling Capital Behavioral Small Cap Value Equity Fund** | **Sterling Capital Behavioral Small Cap Value Equity Fund** | **Sterling Capital Behavioral Small Cap Value Equity Fund** | **Sterling Capital Behavioral Small Cap Value Equity Fund** |  |  |  |
| **Year Ended September 30, 2025** | $20.17 | 0.11 | 0.84 | 0.95 | (0.18) | (1.70) |  |
| **Year Ended September 30, 2024** | $16.10 | 0.11 | 4.26 | 4.37 | (0.30) |  |  |
| **Year Ended September 30, 2023** | $14.33 | 0.13 | 1.69 | 1.82 | (0.05) |  |  |
| **Year Ended September 30, 2022** | $18.46 | 0.03 | (2.34) | (2.31) |  | (1.82) |  |
| **Year Ended September 30, 2021** | $11.28 | 0.01 | 7.17 | 7.18 |  |  |  |
| **Sterling Capital Special Opportunities Fund** | **Sterling Capital Special Opportunities Fund** | **Sterling Capital Special Opportunities Fund** | **Sterling Capital Special Opportunities Fund** | **Sterling Capital Special Opportunities Fund** |  |  |  |
| **Year Ended September 30, 2025** | $18.48 | (0.16) | 2.68 | 2.52 |  | (4.70) |  |
| **Year Ended September 30, 2024** | $19.02 | (0.20) | 4.45 | 4.25 |  | (4.79) |  |
| **Year Ended September 30, 2023** | $18.09 | (0.21) | 3.13 | 2.92 |  | (1.99) |  |
| **Year Ended September 30, 2022** | $26.39 | (0.27) | (3.92) | (4.19) |  | (4.11) |  |
| **Year Ended September 30, 2021** | $19.67 | (0.27) | 7.32 | 7.05 |  | (0.33) |  |
| **Sterling Capital Equity Income Fund** | **Sterling Capital Equity Income Fund** | **Sterling Capital Equity Income Fund** | **Sterling Capital Equity Income Fund** | **Sterling Capital Equity Income Fund** |  |  |  |
| **Year Ended September 30, 2025** | $28.17 | 0.09 | (0.88) | (0.79) | (0.10) | (5.46) |  |
| **Year Ended September 30, 2024** | $25.00 | 0.15 | 5.32 | 5.47 | (0.16) | (2.14) |  |
| **Year Ended September 30, 2023** | $24.04 | 0.15 | 2.70 | 2.85 | (0.15) | (1.74) |  |
| **Year Ended September 30, 2022** | $26.32 | 0.15 | (1.81) | (1.66) | (0.14) | (0.48) |  |
| **Year Ended September 30, 2021** | $19.83 | 0.10 | 6.47 | 6.57 | (0.08) |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Per share net investment income has been calculated using the average
shares method.

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

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

See accompanying Notes to the Financial Statements

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | **Ratios/Supplementary Data** | **Ratios/Supplementary Data** | **Ratios/Supplementary Data** | **Ratios/Supplementary Data** | **Ratios/Supplementary Data** |
|<br>**Total from<br> distributions** |<br>**Net asset<br> value, end<br> of year** |<br>**Total<br> Return<br> (excludes<br> sales<br> charge)** | **Net assets,<br> End of year<br> (000)** | **Ratio of net<br> expenses to<br> average net<br> assets** | **Ratio of net<br> investment<br> income<br> (loss) to<br> average net<br> assets** | **Ratio of<br> expenses to<br> average net<br> assets <sup>\*</sup>** | **Portfolio<br> turnover<sup>\*\*</sup>** |
| (0.15) | $33.17 | 16.34% | $60 | 1.80% | 0.87% | 1.80% | 108.16% |
| (0.27) | $28.66 | 30.45% | $362 | 1.75% | 0.93% | 1.78% | 99.00% |
| (0.24) | $22.19 | 15.57% | $280 | 1.84% | 0.85% | 1.90% | 110.98% |
| (0.19) | $19.41 | (10.50)% | $248 | 1.75% | 0.93% | 1.78% | 125.15% |
| (0.17) | $21.88 | 36.56% | $304 | 1.60% | (0.22)% | 1.79% | 122.64% |
| (1.88) | $19.24 | 4.65% | $45 | 1.84% | 0.61% | 1.84% | 89.59% |
| (0.30) | $20.17 | 27.26% | $51 | 1.83% | 0.58% | 1.84% | 74.00% |
| (0.05) | $16.10 | 12.70% | $28 | 1.86% | 0.79% | 1.86% | 154.69% |
| (1.82) | $14.33 | (14.19)% | $29 | 1.85% | 0.19% | 1.85% | 70.82% |
|  | $18.46 | 63.65% | $38 | 1.82% | 0.04% | 1.82% | 111.07% |
| (4.70) | $16.30 | 15.03% | $13988 | 1.88% | (1.08)% | 1.88% | 38.82% |
| (4.79) | $18.48 | 26.15% | $16870 | 1.91% | (1.12)% | 1.91% | 41.68% |
| (1.99) | $19.02 | 17.07% | $22619 | 1.91% | (1.11)% | 1.91% | 31.19% |
| (4.11) | $18.09 | (19.53)% | $29566 | 1.88% | (1.19)% | 1.88% | 28.06% |
| (0.33) | $26.39 | 36.19% | $52182 | 1.86% | (1.11)% | 1.87% | 27.20% |
| (5.56) | $21.82 | (3.20)% | $52855 | 1.82% | 0.40% | 1.82% | 50.76% |
| (2.30) | $28.17 | 22.92% | $72748 | 1.83% | 0.57% | 1.83% | 41.82% |
| (1.89) | $25.00 | 11.71% | $64849 | 1.82% | 0.60% | 1.82% | 39.43% |
| (0.62) | $24.04 | (6.57)% | $64899 | 1.79% | 0.54% | 1.79% | 31.23% |
| (0.08) | $26.32 | 33.15% | $81338 | 1.78% | 0.42% | 1.79% | 13.00% |

---

**STERLING CAPITAL FUNDS**

**FINANCIAL HIGHLIGHTS, C SHARES**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Investment Activities** | **Investment Activities** | **Investment Activities** | **Distributions** | **Distributions** | **Distributions** |
|  |<br>**Net asset value,<br> beginning of<br> year** | **Net<br> investment<br> income (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** | **Total from<br> distributions** |
| **Sterling Capital Mid Cap Relative Value Fund** | **Sterling Capital Mid Cap Relative Value Fund** | **Sterling Capital Mid Cap Relative Value Fund** | **Sterling Capital Mid Cap Relative Value Fund** | **Sterling Capital Mid Cap Relative Value Fund** |  |  |  |
| **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** | $57.24 | (0.17) | 19.48 | 19.31 |  | (0.23) | (0.23) |
| **Sterling Capital Real Estate Fund** |  |  |  |  |  |  |  |
| **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** | $36.33 | 0.03 | 10.37 | 10.40 | (0.26) | (0.82) | (1.08) |
| **Sterling Capital Small Cap Value Fund** | **Sterling Capital Small Cap Value Fund** | **Sterling Capital Small Cap Value Fund** | **Sterling Capital Small Cap Value Fund** | **Sterling Capital Small Cap Value Fund** |  |  |  |
| **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 Short Duration Bond Fund** | **Sterling Capital Short Duration Bond Fund** | **Sterling Capital Short Duration Bond Fund** | **Sterling Capital Short Duration Bond Fund** | **Sterling Capital Short Duration Bond Fund** |  |  |  |
| **Year Ended September 30, 2025** | $8.42 | 0.30 | 0.01 | 0.31 | (0.31) |  | (0.31) |
| **Year Ended September 30, 2024** | $8.14 | 0.30 | 0.27 | 0.57 | (0.29) |  | (0.29) |
| **Year Ended September 30, 2023** | $8.08 | 0.18 | 0.05 | 0.23 | (0.17) |  | (0.17) |
| **Year Ended September 30, 2022** | $8.68 | 0.01 | (0.50) | (0.49) | (0.11) |  | (0.11) |
| **Year Ended September 30, 2021** | $8.77 | 0.04 | (0.01) | 0.03 | (0.12) |  | (0.12) |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Per share net investment income has been calculated using the average
shares method.

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

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

See accompanying Notes to the Financial Statements

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios/Supplementary Data** | **Ratios/Supplementary Data** | **Ratios/Supplementary Data** | **Ratios/Supplementary Data** | **Ratios/Supplementary Data** |
|<br>**Net asset<br> value, end of<br> year** |<br>**Total Return<br> (excludes sales<br> charge)** | **Net assets, End<br> of year (000)** | **Ratio of net<br> expenses to<br> average net<br> assets** | **Ratio of net<br> investment<br> income (loss)<br> to average net<br> assets** | **Ratio of<br> expenses to<br> average net<br> assets** **<sup>\*</sup>** | **Portfolio<br> turnover** **<sup>\*\*</sup>** |
| $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% |
| $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% |
| $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% |
| $8.42 | 3.82% | $40 | 1.55% | 3.58% | 1.55% | 66.22% |
| $8.42 | 7.17% | $47 | 1.51% | 3.63% | 1.59% | 67.85% |
| $8.14 | 2.84% | $280 | 1.45% | 2.23% | 1.48% | 98.01% |
| $8.08 | (5.73)% | $409 | 1.47% | 0.13% | 1.47% | 76.98% |
| $8.68 | 0.29% | $988 | 1.43% | 0.40% | 1.46% | 39.26% |

---

**STERLING CAPITAL FUNDS**

**FINANCIAL HIGHLIGHTS, C SHARES**

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Investment Activities** | **Investment Activities** | **Investment Activities** | **Distributions** | **Distributions** | **Distributions** |
|  |<br>**Net asset value,<br> beginning of<br> year** | **Net<br> investment<br> income (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** | **Total from<br> distributions** |
| **Sterling Capital Intermediate U.S. Government Fund** | **Sterling Capital Intermediate U.S. Government Fund** | **Sterling Capital Intermediate U.S. Government Fund** | **Sterling Capital Intermediate U.S. Government Fund** | **Sterling Capital Intermediate U.S. Government Fund** |  |  |  |
| **Year Ended September 30, 2025** | $8.84 | 0.20 | — <sup>(b)</sup> | 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) |
| **Sterling Capital Total Return Bond Fund** | **Sterling Capital Total Return Bond Fund** | **Sterling Capital Total Return Bond Fund** | **Sterling Capital Total Return Bond Fund** | **Sterling Capital Total Return Bond Fund** |  |  |  |
| **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** | **Sterling Capital Long Duration Corporate Bond Fund** | **Sterling Capital Long Duration Corporate Bond Fund** | **Sterling Capital Long Duration Corporate Bond Fund** | **Sterling Capital Long Duration Corporate Bond Fund** |  |  |  |
| **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** | **Sterling Capital Quality Income Fund** | **Sterling Capital Quality Income Fund** | **Sterling Capital Quality Income Fund** | **Sterling Capital Quality Income Fund** |  |  |  |
| **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) |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Per share net investment income has been calculated using the average
shares method.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount is less than $0.005.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Net Assets are below $1,000.

See accompanying Notes to the Financial Statements

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios/Supplementary Data** | **Ratios/Supplementary Data** | **Ratios/Supplementary Data** | **Ratios/Supplementary Data** | **Ratios/Supplementary Data** |
|<br>**Net asset<br> value, end of<br> year** |<br>**Total Return<br> (excludes sales<br> charge)** | **Net assets, End<br> of year (000)** | **Ratio of net<br> expenses to<br> average net<br> assets** | **Ratio of net<br> investment<br> income (loss)<br> to average net<br> assets** | **Ratio of<br> expenses to<br> average net<br> assets <sup>\*</sup>** | **Portfolio<br> turnover<sup>\*\*</sup>** |
| $8.88 | 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% |
| $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% |
| $6.99 | (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% |
| $9.15 | 2.68% | $40 | 1.61% | 2.99% | 1.72% | 35.06% |
| $9.18 | 10.04% | $— <sup>(c)</sup> | 1.59% | 2.47% | 1.60% | 25.02% |
| $8.56 | (0.52)% | $3 | 1.53% | 1.86% | 1.55% | 9.85% |
| $8.78 | (11.45)% | $3 | 1.50% | 0.74% | 1.52% | 35.18% |
| $10.03 | (0.92)% | $3 | 1.57% | 0.58% | 1.59% | 73.60% |

---

**STERLING CAPITAL FUNDS**

**FINANCIAL HIGHLIGHTS, C SHARES**

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Investment Activities** | **Investment Activities** | **Investment Activities** | **Distributions** | **Distributions** | **Distributions** |
|  |<br>**Net asset value,<br> beginning of<br> year** | **Net<br> investment<br> income<sup>(a)</sup>** | **Net realized/<br> unrealized<br> gain (loss) on<br> investments** | **Total from<br> investment<br> Activities** | **Net<br> investment<br> income** | **Net realized<br> gains on<br> investments** | **Total from<br> distributions** |
| **Sterling Capital North Carolina Intermediate Tax-Free Fund** | **Sterling Capital North Carolina Intermediate Tax-Free Fund** | **Sterling Capital North Carolina Intermediate Tax-Free Fund** | **Sterling Capital North Carolina Intermediate Tax-Free Fund** | **Sterling Capital North Carolina Intermediate Tax-Free Fund** |  |  |  |
| **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) |
| **Sterling Capital South Carolina Intermediate Tax-Free Fund** | **Sterling Capital South Carolina Intermediate Tax-Free Fund** | **Sterling Capital South Carolina Intermediate Tax-Free Fund** | **Sterling Capital South Carolina Intermediate Tax-Free Fund** | **Sterling Capital South Carolina Intermediate Tax-Free Fund** |  |  |  |
| **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** | **Sterling Capital Virginia Intermediate Tax-Free Fund** | **Sterling Capital Virginia Intermediate Tax-Free Fund** | **Sterling Capital Virginia Intermediate Tax-Free Fund** | **Sterling Capital Virginia Intermediate Tax-Free Fund** |  |  |  |
| **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** | **Sterling Capital West Virginia Intermediate Tax-Free Fund** | **Sterling Capital West Virginia Intermediate Tax-Free Fund** | **Sterling Capital West Virginia Intermediate Tax-Free Fund** | **Sterling Capital West Virginia Intermediate Tax-Free Fund** |  |  |  |
| **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) | — <sup>(b)</sup> | (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.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount is less than $0.005.

See accompanying Notes to the Financial Statements

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios/Supplementary Data** | **Ratios/Supplementary Data** | **Ratios/Supplementary Data** | **Ratios/Supplementary Data** | **Ratios/Supplementary Data** |
|<br>**Net asset<br> value, end of<br> year** |<br>**Total Return<br> (excludes sales<br> charge)** | **Net assets, End<br> of year (000)** | **Ratio of net<br> expenses to<br> average net<br> assets** | **Ratio of net<br> investment<br> income to<br> average net<br> assets** | **Ratio of<br> expenses to<br> average net<br> assets <sup>\*</sup>** | **Portfolio<br> turnover<sup>\*\*</sup>** |
| $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% |
| $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% |
| $11.05 | 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% |
| $9.49 | 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% |

---

**STERLING CAPITAL FUNDS**

**FINANCIAL HIGHLIGHTS, INSTITUTIONAL SHARES**

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Investment Activities** | **Investment Activities** | **Investment Activities** | **Distributions** | **Distributions** | **Distributions** |
|  |<br>**Net asset value,<br> beginning of<br> year** | **Net<br> investment<br> income (loss)<sup>(a)</sup>** | **Net realized/<br> unrealized<br> gain (loss) on<br> investments** | **Total from<br> investment<br> Activities** | **Net<br> investment<br> income** | **Net realized<br> gains on<br> investments** | **Return of<br> capital** |
| **Sterling Capital Behavioral Large Cap Value Equity Fund** | **Sterling Capital Behavioral Large Cap Value Equity Fund** | **Sterling Capital Behavioral Large Cap Value Equity Fund** | **Sterling Capital Behavioral Large Cap Value Equity Fund** | **Sterling Capital Behavioral Large Cap Value Equity Fund** |  |  |  |
| **Year Ended September 30, 2025** | $30.12 | 0.52 | 4.70 | 5.22 | (0.56) |  |  |
| **Year Ended September 30, 2024** | $23.28 | 0.52 | 6.84 | 7.36 | (0.52) |  |  |
| **Year Ended September 30, 2023** | $20.34 | 0.42 | 2.98 | 3.40 | (0.46) |  |  |
| **Year Ended September 30, 2022** | $22.96 | 0.46 | (2.62) | (2.16) | (0.46) |  |  |
| **Year Ended September 30, 2021** | $16.83 | 0.09 | 6.24 | 6.33 | (0.04) |  | (0.16) |
| **Sterling Capital Behavioral Small Cap Value Equity Fund** | **Sterling Capital Behavioral Small Cap Value Equity Fund** | **Sterling Capital Behavioral Small Cap Value Equity Fund** | **Sterling Capital Behavioral Small Cap Value Equity Fund** | **Sterling Capital Behavioral Small Cap Value Equity Fund** |  |  |  |
| **Year Ended September 30, 2025** | $21.63 | 0.32 | 0.91 | 1.23 | (0.29) | (1.70) |  |
| **Year Ended September 30, 2024** | $17.15 | 0.32 | 4.54 | 4.86 | (0.38) |  |  |
| **Year Ended September 30, 2023** | $15.29 | 0.31 | 1.81 | 2.12 | (0.26) |  |  |
| **Year Ended September 30, 2022** | $19.58 | 0.22 | (2.49) | (2.27) | (0.20) | (1.82) |  |
| **Year Ended September 30, 2021** | $11.95 | 0.16 | 7.60 | 7.76 | (0.13) |  |  |
| **Sterling Capital Special Opportunities Fund** | **Sterling Capital Special Opportunities Fund** | **Sterling Capital Special Opportunities Fund** | **Sterling Capital Special Opportunities Fund** | **Sterling Capital Special Opportunities Fund** |  |  |  |
| **Year Ended September 30, 2025** | $30.46 | (0.02) | 4.66 | 4.64 |  | (4.70) |  |
| **Year Ended September 30, 2024** | $28.28 | (0.03) | 7.00 | 6.97 |  | (4.79) |  |
| **Year Ended September 30, 2023** | $25.75 | (0.03) | 4.55 | 4.52 |  | (1.99) |  |
| **Year Ended September 30, 2022** | $35.59 | (0.06) | (5.67) | (5.73) |  | (4.11) |  |
| **Year Ended September 30, 2021** | $26.20 | (0.03) | 9.79 | 9.76 | (0.04) | (0.33) |  |
| **Sterling Capital Equity Income Fund** | **Sterling Capital Equity Income Fund** | **Sterling Capital Equity Income Fund** | **Sterling Capital Equity Income Fund** | **Sterling Capital Equity Income Fund** |  |  |  |
| **Year Ended September 30, 2025** | $28.62 | 0.33 | (0.91) | (0.58) | (0.32) | (5.46) |  |
| **Year Ended September 30, 2024** | $25.35 | 0.42 | 5.41 | 5.83 | (0.42) | (2.14) |  |
| **Year Ended September 30, 2023** | $24.35 | 0.41 | 2.74 | 3.15 | (0.41) | (1.74) |  |
| **Year Ended September 30, 2022** | $26.66 | 0.42 | (1.83) | (1.41) | (0.42) | (0.48) |  |
| **Year Ended September 30, 2021** | $20.10 | 0.35 | 6.56 | 6.91 | (0.35) |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Per share net investment income has been calculated using the average
shares method.

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

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

See accompanying Notes to the Financial Statements

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | **Ratios/Supplementary Data** | **Ratios/Supplementary Data** | **Ratios/Supplementary Data** | **Ratios/Supplementary Data** | **Ratios/Supplementary Data** |
|<br>**Total from<br> distributions** |<br>**Net asset<br> value, end<br> of year** |<br>**Total<br> Return<br> (excludes<br> sales<br> charge)** | **Net assets,<br> End of year<br> (000)** | **Ratio of net<br> expenses to<br> average net<br> assets** | **Ratio of net<br> investment<br> income<br> (loss) to<br> average net<br> assets** | **Ratio of<br> expenses to<br> average net<br> assets** **<sup>\*</sup>** | **Portfolio<br> turnover** **<sup>\*\*</sup>** |
| (0.56) | $34.78 | 17.51% | $5827 | 0.80% | 1.63% | 0.80% | 108.16% |
| (0.52) | $30.12 | 31.80% | $2274 | 0.75% | 1.92% | 0.78% | 99.00% |
| (0.46) | $23.28 | 16.74% | $1499 | 0.84% | 1.83% | 0.90% | 110.98% |
| (0.46) | $20.34 | (9.62)% | $1652 | 0.75% | 1.94% | 0.78% | 125.15% |
| (0.20) | $22.96 | 37.90% | $2023 | 0.64% | 0.42% | 0.78% | 122.64% |
| (1.99) | $20.87 | 5.68% | $6179 | 0.84% | 1.59% | 0.84% | 89.59% |
| (0.38) | $21.63 | 28.48% | $6281 | 0.84% | 1.63% | 0.84% | 74.00% |
| (0.26) | $17.15 | 13.86% | $5804 | 0.85% | 1.79% | 0.85% | 154.69% |
| (2.02) | $15.29 | (13.35)% | $9788 | 0.85% | 1.13% | 0.85% | 70.82% |
| (0.13) | $19.58 | 65.21% | $14639 | 0.81% | 0.89% | 0.81% | 111.07% |
| (4.70) | $30.40 | 16.21% | $69372 | 0.88% | (0.08)% | 0.88% | 38.82% |
| (4.79) | $30.46 | 27.36% | $88481 | 0.91% | (0.11)% | 0.91% | 41.68% |
| (1.99) | $28.28 | 18.28% | $135284 | 0.91% | (0.11)% | 0.91% | 31.19% |
| (4.11) | $25.75 | (18.74)% | $168110 | 0.89% | (0.19)% | 0.89% | 28.06% |
| (0.37) | $35.59 | 37.55% | $216341 | 0.86% | (0.11)% | 0.87% | 27.20% |
| (5.78) | $22.26 | (2.21)% | $591214 | 0.82% | 1.39% | 0.82% | 50.76% |
| (2.56) | $28.62 | 24.16% | $1238943 | 0.83% | 1.57% | 0.83% | 41.82% |
| (2.15) | $25.35 | 12.83% | $1296237 | 0.82% | 1.59% | 0.82% | 39.43% |
| (0.90) | $24.35 | (5.64)% | $1468388 | 0.79% | 1.55% | 0.79% | 31.23% |
| (0.35) | $26.66 | 34.47% | $1622233 | 0.78% | 1.40% | 0.79% | 13.00% |

---

**STERLING CAPITAL FUNDS**

**FINANCIAL HIGHLIGHTS, INSTITUTIONAL SHARES**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Investment Activities** | **Investment Activities** | **Investment Activities** | **Distributions** | **Distributions** | **Distributions** |
|  |<br>**Net asset value,<br> beginning of<br> year** | **Net<br> investment<br> income<sup>(a)</sup>** | **Net realized/<br> unrealized<br> gain (loss) on<br> investments** | **Total from<br> investment<br> Activities** | **Net<br> investment<br> income** | **Net realized<br> gains on<br> investments** | **Total from<br> distributions** |
| **Sterling Capital Mid Cap Relative Value Fund** | **Sterling Capital Mid Cap Relative Value Fund** | **Sterling Capital Mid Cap Relative Value Fund** | **Sterling Capital Mid Cap Relative Value Fund** | **Sterling Capital Mid Cap Relative Value Fund** |  |  |  |
| **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** | **Sterling Capital Real Estate Fund** | **Sterling Capital Real Estate Fund** | **Sterling Capital Real Estate Fund** | **Sterling Capital Real Estate Fund** |  |  |  |
| **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** | **Sterling Capital Small Cap Value Fund** | **Sterling Capital Small Cap Value Fund** | **Sterling Capital Small Cap Value Fund** | **Sterling Capital Small Cap Value Fund** |  |  |  |
| **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 Ultra Short Bond Fund** | **Sterling Capital Ultra Short Bond Fund** | **Sterling Capital Ultra Short Bond Fund** | **Sterling Capital Ultra Short Bond Fund** | **Sterling Capital Ultra Short Bond Fund** |  |  |  |
| **Year Ended September 30, 2025** | $9.82 | 0.47 | 0.02 | 0.49 | (0.43) |  | (0.43) |
| **Year Ended September 30, 2024** | $9.68 | 0.49 | 0.12 | 0.61 | (0.47) |  | (0.47) |
| **Year Ended September 30, 2023** | $9.56 | 0.34 | 0.14 | 0.48 | (0.36) |  | (0.36) |
| **Year Ended September 30, 2022** | $9.78 | 0.11 | (0.19) | (0.08) | (0.14) |  | (0.14) |
| **Year Ended September 30, 2021** | $9.83 | 0.11 | (0.04) | 0.07 | (0.12) |  | (0.12) |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Per share net investment income has been calculated using the average
shares method.

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

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

See accompanying Notes to the Financial Statements

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios/Supplementary Data** | **Ratios/Supplementary Data** | **Ratios/Supplementary Data** | **Ratios/Supplementary Data** | **Ratios/Supplementary Data** |
|<br>**Net asset<br> value, end of<br> year** |<br>**Total Return<br> (excludes sales<br> charge)** | **Net assets, End<br> of year (000)** | **Ratio of net<br> expenses to<br> average net<br> assets** | **Ratio of net<br> investment<br> income to<br> average net<br> assets** | **Ratio of<br> expenses to<br> average net<br> assets <sup>\*</sup>** | **Portfolio<br> turnover<sup>\*\*</sup>** |
| $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% |
| $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% |
| $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% |
| $9.88 | 5.04% | $21361 | 0.44% | 4.79% | 0.59% | 62.06% |
| $9.82 | 6.39% | $22985 | 0.37% | 5.06% | 0.57% | 50.87% |
| $9.68 | 5.12% | $23522 | 0.27% | 3.51% | 0.57% | 45.10% |
| $9.56 | (0.82)% | $20265 | 0.27% | 1.11% | 0.50% | 50.11% |
| $9.78 | 0.75% | $32492 | 0.29% | 1.08% | 0.51% | 48.71% |

---

**STERLING CAPITAL FUNDS**

**FINANCIAL HIGHLIGHTS, INSTITUTIONAL SHARES**

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Investment Activities** | **Investment Activities** | **Investment Activities** | **Distributions** | **Distributions** | **Distributions** |
|  |<br>**Net asset value,<br> beginning of<br> year** | **Net<br> investment<br> income** **<sup>(a)</sup>** | **Net realized/<br> unrealized<br> gain (loss) on<br> investments** | **Total from<br> investment<br> Activities** | **Net<br> investment<br> income** | **Net realized<br> gains on<br> investments** | **Total from<br> distributions** |
| **Sterling Capital Short Duration Bond Fund** | **Sterling Capital Short Duration Bond Fund** | **Sterling Capital Short Duration Bond Fund** | **Sterling Capital Short Duration Bond Fund** | **Sterling Capital Short Duration Bond Fund** |  |  |  |
| **Year Ended September 30, 2025** | $8.42 | 0.38 | 0.02 | 0.40 | (0.40) |  | (0.40) |
| **Year Ended September 30, 2024** | $8.14 | 0.38 | 0.28 | 0.66 | (0.38) |  | (0.38) |
| **Year Ended September 30, 2023** | $8.08 | 0.27 | 0.04 | 0.31 | (0.25) |  | (0.25) |
| **Year Ended September 30, 2022** | $8.68 | 0.10 | (0.51) | (0.41) | (0.19) |  | (0.19) |
| **Year Ended September 30, 2021** | $8.78 | 0.12 | (0.02) | 0.10 | (0.20) |  | (0.20) |
| **Sterling Capital Intermediate U.S. Government Fund** | **Sterling Capital Intermediate U.S. Government Fund** | **Sterling Capital Intermediate U.S. Government Fund** | **Sterling Capital Intermediate U.S. Government Fund** | **Sterling Capital Intermediate U.S. Government Fund** |  |  |  |
| **Year Ended September 30, 2025** | $8.86 | 0.29 | — <sup>(b)</sup> | 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) |
| **Sterling Capital Total Return Bond Fund** | **Sterling Capital Total Return Bond Fund** | **Sterling Capital Total Return Bond Fund** | **Sterling Capital Total Return Bond Fund** | **Sterling Capital Total Return Bond Fund** |  |  |  |
| **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** | **Sterling Capital Long Duration Corporate Bond Fund** | **Sterling Capital Long Duration Corporate Bond Fund** | **Sterling Capital Long Duration Corporate Bond Fund** | **Sterling Capital Long Duration Corporate Bond Fund** |  |  |  |
| **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** | **Sterling Capital Quality Income Fund** | **Sterling Capital Quality Income Fund** | **Sterling Capital Quality Income Fund** | **Sterling Capital Quality Income Fund** |  |  |  |
| **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) |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Per share net investment income has been calculated using the average
shares method.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Period from commencement of operations.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Not annualized for periods less than one year.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Annualized for periods less than one year.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Amount is less than $0.005.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Net Assets are below $1,000.

See accompanying Notes to the Financial Statements

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios/Supplementary Data** | **Ratios/Supplementary Data** | **Ratios/Supplementary Data** | **Ratios/Supplementary Data** | **Ratios/Supplementary Data** |
|<br>**Net asset<br> value, end of<br> year** |<br>**Total Return<br> (excludes sales<br> charge)** | **Net assets, End<br> of year (000)** | **Ratio of net<br> expenses to<br> average net<br> assets** | **Ratio of net<br> investment<br> income to<br> average net<br> assets** | **Ratio of<br> expenses to<br> average net<br> assets** **<sup>\*</sup>** | **Portfolio<br> turnover** **<sup>\*\*</sup>** |
| $8.42 | 4.86% | $24008 | 0.55% | 4.58% | 0.55% | 66.22% |
| $8.42 | 8.24% | $30167 | 0.50% | 4.62% | 0.59% | 67.85% |
| $8.14 | 3.87% | $87221 | 0.45% | 3.30% | 0.48% | 98.01% |
| $8.08 | (4.78)% | $82934 | 0.47% | 1.17% | 0.47% | 76.98% |
| $8.68 | 1.19% | $161804 | 0.43% | 1.40% | 0.46% | 39.26% |
| $8.90 | 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% |
| $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% |
| $6.99 | 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% |
| $9.17 | 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% |

---

**STERLING CAPITAL FUNDS**

**FINANCIAL HIGHLIGHTS, INSTITUTIONAL SHARES**

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Investment Activities** | **Investment Activities** | **Investment Activities** | **Distributions** | **Distributions** | **Distributions** |
|  |<br>**Net asset value,<br> beginning of<br> year** | **Net<br> investment<br> income<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** | **Total from<br> distributions** |
| **Sterling Capital North Carolina Intermediate Tax-Free Fund** | **Sterling Capital North Carolina Intermediate Tax-Free Fund** | **Sterling Capital North Carolina Intermediate Tax-Free Fund** | **Sterling Capital North Carolina Intermediate Tax-Free Fund** | **Sterling Capital North Carolina Intermediate Tax-Free Fund** |  |  |  |
| **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) |
| **Sterling Capital South Carolina Intermediate Tax-Free Fund** | **Sterling Capital South Carolina Intermediate Tax-Free Fund** | **Sterling Capital South Carolina Intermediate Tax-Free Fund** | **Sterling Capital South Carolina Intermediate Tax-Free Fund** | **Sterling Capital South Carolina Intermediate Tax-Free Fund** |  |  |  |
| **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** | **Sterling Capital Virginia Intermediate Tax-Free Fund** | **Sterling Capital Virginia Intermediate Tax-Free Fund** | **Sterling Capital Virginia Intermediate Tax-Free Fund** | **Sterling Capital Virginia Intermediate Tax-Free Fund** |  |  |  |
| **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** | **Sterling Capital West Virginia Intermediate Tax-Free Fund** | **Sterling Capital West Virginia Intermediate Tax-Free Fund** | **Sterling Capital West Virginia Intermediate Tax-Free Fund** | **Sterling Capital West Virginia Intermediate Tax-Free Fund** |  |  |  |
| **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) | — <sup>(b)</sup> | (0.18) |
| **Year Ended September 30, 2021** | $10.31 | 0.18 | (0.09) | 0.09 | (0.18) | (0.01) | (0.19) |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Per share net investment income has been calculated using the average
shares method.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount is less than $0.005.

See accompanying Notes to the Financial Statements

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios/Supplementary Data** | **Ratios/Supplementary Data** | **Ratios/Supplementary Data** | **Ratios/Supplementary Data** | **Ratios/Supplementary Data** |
|<br>**Net asset<br> value, end of<br> year** |<br>**Total Return<br> (excludes sales<br> charge)** | **Net assets, End<br> of year (000)** | **Ratio of net<br> expenses to<br> average net<br> assets** | **Ratio of net<br> investment<br> income to<br> average net<br> assets** | **Ratio of<br> expenses to<br> average net<br> assets <sup>\*</sup>** | **Portfolio<br> turnover<sup>\*\*</sup>** |
| $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% |
| $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% |
| $11.07 | 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% |
| $9.49 | 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% |

---

**STERLING CAPITAL FUNDS**

**FINANCIAL HIGHLIGHTS, R6 SHARES**

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Investment Activities** | **Investment Activities** | **Investment Activities** | **Distributions** | **Distributions** | **Distributions** |
|  |<br>**Net asset value,<br> beginning of<br> year** | **Net<br> investment<br> income (loss)<sup>(a)</sup>** | **Net realized/<br> unrealized<br> gain (loss) on<br> investments** | **Total from<br> investment<br> Activities** | **Net<br> investment<br> income** | **Net realized<br> gains on<br> investments** | **Return of<br> capital** |
| **Sterling Capital Behavioral Large Cap Value Equity Fund** | **Sterling Capital Behavioral Large Cap Value Equity Fund** | **Sterling Capital Behavioral Large Cap Value Equity Fund** | **Sterling Capital Behavioral Large Cap Value Equity Fund** | **Sterling Capital Behavioral Large Cap Value Equity Fund** |  |  |  |
| **Year Ended September 30, 2025** | $30.22 | 0.23 | 5.05 | 5.28 | (0.66) |  |  |
| **Year Ended September 30, 2024** | $23.37 | 0.55 | 6.86 | 7.41 | (0.56) |  |  |
| **Year Ended September 30, 2023** | $20.40 | 0.46 | 2.97 | 3.43 | (0.46) |  |  |
| **Year Ended September 30, 2022** | $22.99 | 0.50 | (2.63) | (2.13) | (0.46) |  |  |
| **Year Ended September 30, 2021** | $16.85 | 0.09 | 6.25 | 6.34 | (0.04) |  | (0.16) |
| **Sterling Capital Behavioral Small Cap Value Equity Fund** | **Sterling Capital Behavioral Small Cap Value Equity Fund** | **Sterling Capital Behavioral Small Cap Value Equity Fund** | **Sterling Capital Behavioral Small Cap Value Equity Fund** | **Sterling Capital Behavioral Small Cap Value Equity Fund** |  |  |  |
| **Year Ended September 30, 2025** | $21.67 | 0.33 | 0.92 | 1.25 | (0.30) | (1.70) |  |
| **Year Ended September 30, 2024** | $17.17 | 0.33 | 4.56 | 4.89 | (0.39) |  |  |
| **Year Ended September 30, 2023** | $15.31 | 0.32 | 1.81 | 2.13 | (0.27) |  |  |
| **Year Ended September 30, 2022** | $19.60 | 0.22 | (2.48) | (2.26) | (0.21) | (1.82) |  |
| **Year Ended September 30, 2021** | $11.97 | 0.17 | 7.60 | 7.77 | (0.14) |  |  |
| **Sterling Capital Special Opportunities Fund** | **Sterling Capital Special Opportunities Fund** | **Sterling Capital Special Opportunities Fund** | **Sterling Capital Special Opportunities Fund** | **Sterling Capital Special Opportunities Fund** |  |  |  |
| **Year Ended September 30, 2025** | $30.47 | 0.01 | 4.66 | 4.67 |  | (4.70) |  |
| **Year Ended September 30, 2024** | $28.26 | (0.01) | 7.01 | 7.00 |  | (4.79) |  |
| **Year Ended September 30, 2023** | $25.71 | (0.01) | 4.55 | 4.54 |  | (1.99) |  |
| **Year Ended September 30, 2022** | $35.51 | (0.04) | (5.65) | (5.69) |  | (4.11) |  |
| **Year Ended September 30, 2021** | $26.22 | (0.01) | 9.78 | 9.77 | (0.15) | (0.33) |  |
| **Sterling Capital Equity Income Fund** | **Sterling Capital Equity Income Fund** | **Sterling Capital Equity Income Fund** | **Sterling Capital Equity Income Fund** | **Sterling Capital Equity Income Fund** |  |  |  |
| **Year Ended September 30, 2025** | $28.64 | 0.35 | (0.90) | (0.55) | (0.35) | (5.46) |  |
| **Year Ended September 30, 2024** | $25.36 | 0.45 | 5.42 | 5.87 | (0.45) | (2.14) |  |
| **Year Ended September 30, 2023** | $24.36 | 0.45 | 2.73 | 3.18 | (0.44) | (1.74) |  |
| **Year Ended September 30, 2022** | $26.67 | 0.45 | (1.83) | (1.38) | (0.45) | (0.48) |  |
| **Year Ended September 30, 2021** | $20.09 | 0.37 | 6.56 | 6.93 | (0.35) |  |  |
| **Sterling Capital Mid Cap Relative Value Fund** | **Sterling Capital Mid Cap Relative Value Fund** | **Sterling Capital Mid Cap Relative Value Fund** | **Sterling Capital Mid Cap Relative Value Fund** | **Sterling Capital Mid Cap Relative Value Fund** |  |  |  |
| **For the Period Ended September 30, 2025**<sup>(d)</sup> | $56.35 | 0.20 | 6.25 | 6.45 |  |  |  |

---

&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 for periods less than one year.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Annualized for periods less than one year.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Period from commencement of operations (May 12, 2025).

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

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

See accompanying Notes to the Financial Statements

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | **Ratios/Supplementary Data** | **Ratios/Supplementary Data** | **Ratios/Supplementary Data** | **Ratios/Supplementary Data** | **Ratios/Supplementary Data** |
|<br>**Total from<br> distributions** |<br>**Net asset<br> value, end<br> of year** |<br>**Total<br> Return<br> (excludes<br> sales<br> charge)** | **Net assets,<br> End of year<br> (000)** | **Ratio of net<br> expenses to<br> average net<br> assets** | **Ratio of net<br> investment<br> income<br> (loss) to<br> average net<br> assets** | **Ratio of<br> expenses to<br> average net<br> assets <sup>\*</sup>** | **Portfolio<br> turnover<sup>\*\*</sup>** |
| (0.66) | $34.84 | 17.69% | $2027 | 0.68% | 0.68% | 0.81% | 108.16% |
| (0.56) | $30.22 | 31.90% | $24 | 0.66% | 2.13% | 0.79% | 99.00% |
| (0.46) | $23.37 | 16.84% | $330 | 0.77% | 1.99% | 0.90% | 110.98% |
| (0.46) | $20.40 | (9.48)% | $1 | 0.59% | 2.09% | 0.59% | 125.15% |
| (0.20) | $22.99 | 37.92% | $1 | 0.58% | 0.43% | 0.63% | 122.64% |
| (2.00) | $20.92 | 5.76% | $91259 | 0.78% | 1.64% | 0.83% | 89.59% |
| (0.39) | $21.67 | 28.61% | $96261 | 0.78% | 1.69% | 0.83% | 74.00% |
| (0.27) | $17.17 | 13.94% | $78727 | 0.79% | 1.88% | 0.85% | 154.69% |
| (2.03) | $15.31 | (13.29)% | $20331 | 0.78% | 1.14% | 0.83% | 70.82% |
| (0.14) | $19.60 | 65.36% | $83819 | 0.75% | 0.96% | 0.81% | 111.07% |
| (4.70) | $30.44 | 16.32% | $24912 | 0.77% | 0.02% | 0.87% | 38.82% |
| (4.79) | $30.47 | 27.50% | $33287 | 0.82% | (0.02)% | 0.90% | 41.68% |
| (1.99) | $28.26 | 18.39% | $36906 | 0.82% | (0.02)% | 0.91% | 31.19% |
| (4.11) | $25.71 | (18.66)% | $29340 | 0.80% | (0.11)% | 0.88% | 28.06% |
| (0.48) | $35.51 | 37.67% | $44452 | 0.78% | (0.03)% | 0.87% | 27.20% |
| (5.81) | $22.28 | (2.10)% | $72349 | 0.71% | 1.51% | 0.82% | 50.76% |
| (2.59) | $28.64 | 24.29% | $115769 | 0.72% | 1.68% | 0.83% | 41.82% |
| (2.18) | $25.36 | 12.94% | $101228 | 0.72% | 1.73% | 0.82% | 39.43% |
| (0.93) | $24.36 | (5.54)% | $69408 | 0.69% | 1.65% | 0.79% | 31.23% |
| (0.35) | $26.67 | 34.61% | $70388 | 0.68% | 1.50% | 0.79% | 13.00% |
|  | $62.80 | 11.45 %<sup>(b)</sup> | $346 | 1.36 %<sup>(c)</sup> | 0.85 %<sup>(c)</sup> | 1.49 %<sup>(c)</sup> | 40.39 %<sup>(b)</sup> |

---

**STERLING CAPITAL FUNDS**

**FINANCIAL HIGHLIGHTS, R6 SHARES**

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Investment Activities** | **Investment Activities** | **Investment Activities** | **Distributions** | **Distributions** | **Distributions** |
|  |<br>**Net asset value,<br> beginning of<br> year** | **Net<br> investment<br> income** **<sup>(a)</sup>** | **Net realized/<br> unrealized<br> gain (loss) on<br> investments** | **Total from<br> investment<br> Activities** | **Net<br> investment<br> income** | **Net realized<br> gains on<br> investments** | **Total from distributions** |
| **Sterling Capital Real Estate Fund** | **Sterling Capital Real Estate Fund** | **Sterling Capital Real Estate Fund** | **Sterling Capital Real Estate Fund** | **Sterling Capital Real Estate Fund** |  |  |  |
| **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** | **Sterling Capital Small Cap Value Fund** | **Sterling Capital Small Cap Value Fund** | **Sterling Capital Small Cap Value Fund** | **Sterling Capital Small Cap Value Fund** |  |  |  |
| **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 Short Duration Bond Fund** | **Sterling Capital Short Duration Bond Fund** | **Sterling Capital Short Duration Bond Fund** | **Sterling Capital Short Duration Bond Fund** | **Sterling Capital Short Duration Bond Fund** |  |  |  |
| **Year Ended September 30, 2025** | $8.42 | 0.39 | 0.02 | 0.41 | (0.41) |  | (0.41) |
| **Year Ended September 30, 2024** | $8.15 | 0.40 | 0.26 | 0.66 | (0.39) |  | (0.39) |
| **Year Ended September 30, 2023** | $8.08 | 0.27 | 0.06 | 0.33 | (0.26) |  | (0.26) |
| **Year Ended September 30, 2022** | $8.68 | 0.11 | (0.51) | (0.40) | (0.20) |  | (0.20) |
| **For the Period Ended September 30, 2021**<sup>(b)</sup> | $8.78 | 0.08 | (0.04) | 0.04 | (0.14) |  | (0.14) |
| **Sterling Capital Total Return Bond Fund** | **Sterling Capital Total Return Bond Fund** | **Sterling Capital Total Return Bond Fund** | **Sterling Capital Total Return Bond Fund** | **Sterling Capital Total Return Bond Fund** |  |  |  |
| **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) |
| **Sterling Capital Long Duration Corporate Bond Fund** | **Sterling Capital Long Duration Corporate Bond Fund** | **Sterling Capital Long Duration Corporate Bond Fund** | **Sterling Capital Long Duration Corporate Bond Fund** | **Sterling Capital Long Duration Corporate Bond Fund** |  |  |  |
| **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>(b)</sup> | $9.16 | 0.19 | (2.52) | (2.33) | (0.20) |  | (0.20) |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Per share net investment income has
been calculated using the average shares method.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Period from commencement of operations.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Not annualized for periods less than one year.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Annualized for periods less than one year.

See accompanying Notes to the Financial Statements

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios/Supplementary Data** | **Ratios/Supplementary Data** | **Ratios/Supplementary Data** | **Ratios/Supplementary Data** | **Ratios/Supplementary Data** |
|<br>**Net asset<br> value, end of<br> year** |<br>**Total Return<br> (excludes sales<br> charge)** | **Net assets, End<br> of year (000)** | **Ratio of net<br> expenses to<br> average net<br> assets** | **Ratio of net<br> investment<br> income to<br> average net<br> assets** | **Ratio of<br> expenses to<br> average net<br> assets** **<sup>\*</sup>** | **Portfolio<br> turnover** **<sup>\*\*</sup>** |
| $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% |
| $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% |
| $8.42 | 4.97% | $13048 | 0.44% | 4.68% | 0.55% | 66.22% |
| $8.42 | 8.35% | $12352 | 0.41% | 4.78% | 0.58% | 67.85% |
| $8.15 | 4.09% | $13222 | 0.36% | 3.34% | 0.48% | 98.01% |
| $8.08 | (4.70)% | $17460 | 0.39% | 1.27% | 0.48% | 76.98% |
| $8.68 | 0.44 %<sup>(c)</sup> | $29565 | 0.40 %<sup>(d)</sup> | 1.52 %<sup>(d)</sup> | 0.49 %<sup>(d)</sup> | 39.26 %<sup>(c)</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% |
| $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)%<sup>(c)</sup> | $22553 | 0.36 %<sup>(d)</sup> | 3.81 %<sup>(d)</sup> | 0.57 %<sup>(d)</sup> | 161.62 %<sup>(c)</sup> |

---

**STERLING CAPITAL FUNDS**

***NOTES TO FINANCIAL STATEMENTS***

**September 30, 2025**

**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 Fund, Sterling Capital Short Duration Bond Fund, Sterling Capital Intermediate U.S. Government Fund, Sterling Capital Total Return Bond Fund, Sterling Capital Long Duration Corporate Bond Fund, Sterling Capital Quality Income Fund, Sterling Capital North Carolina Intermediate Tax-Free Fund, Sterling Capital South Carolina Intermediate Tax-Free Fund, Sterling Capital Virginia Intermediate Tax-Free Fund and Sterling Capital West Virginia Intermediate Tax-Free Fund (referred to individually as a "Fund" and collectively as the "Funds". Sterling Capital North Carolina Intermediate Tax-Free Fund, Sterling Capital South Carolina Intermediate Tax-Free Fund, Sterling Capital Virginia Intermediate Tax-Free Fund and Sterling Capital West Virginia Intermediate Tax-Free Fund are referred to as the "Tax-Free Funds."

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

The Funds are authorized to issue an unlimited amount of shares. As of September 30, 2025, 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 Fund's shares. Class A Shares of Sterling Capital Short Duration Bond Fund, Sterling Capital Intermediate U.S. Government Fund, Sterling Capital Total Return Bond Fund, Sterling Capital Long Duration Corporate Bond Fund, Sterling Capital Quality Income Fund, and the Tax-Free Funds have a maximum sales charge of 2.00% as a percentage of the original purchase price. Purchases of $1 million or more of Class A Shares are not subject to a front-end sales charge but will be subject to a Contingent Deferred Sales Charge ("CDSC") of up to 1.00% of the purchase price if redeemed within two years after purchase for all Funds except the Tax-Free Funds, Sterling Capital Short Duration Bond Fund, Sterling Capital Intermediate U.S. Government Fund, Sterling Capital Long Duration Corporate Bond Fund, Sterling Capital Total Return Bond Fund and Sterling Capital Quality Income Fund. With respect to the Tax-Free Funds, Sterling Capital Short Duration Bond Fund, Sterling Capital Intermediate U.S. Government Fund, Sterling Capital Long Duration Corporate Bond Fund, Sterling Capital Total Return Bond Fund, and Sterling Capital Quality Income Fund, sales of Class A shares of $250,000 or more are not subject to a sales load but will be subject to a CDSC of up to 0.50% of the purchase price if redeemed within 18 months of purchase. This charge is based on the lower of the price paid for the shares or their net asset value at the time of redemption. Class C Shares of the Funds are offered without any front-end sales charge but will be subject to a maximum CDSC of 1.00% if redeemed less than one year after purchase.

Each class of shares has identical rights and privileges except with respect to the fees paid under the distribution plan, voting rights on matters affecting a single class of shares and the exchange privilege of each class of shares. Effective on the close of business on November 15, 2021, Class R Shares were converted into Class A Shares for the Sterling Capital Behavioral Small Cap Value Equity Fund, Sterling Capital Special Opportunities Fund, Sterling Capital Equity Income Fund, and Sterling Capital Total Return Bond Fund. Effective May 12, 2025, Sterling Capital Mid Cap Relative Value Fund opened Class R6 Shares to investors.

Each Fund operates as a single operating segment. Each Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the Adviser, the decision maker responsible for the oversight functions of each Fund, using the information presented in the financial statements and financial highlights.

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

**STERLING CAPITAL FUNDS**

***NOTES TO FINANCIAL STATEMENTS (Continued)***

**September 30, 2025**

**2. Fund Reorganizations:**

On February 28, 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 Mid Value Fund in exchange for shares of the Sterling Capital Mid Cap Relative Value Fund. 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 May 12, 2025. The acquisition was accomplished by tax-free exchanges of shares at close of business Monday, May 12, 2025. For financial reporting purposes, assets received and shares issued by the Sterling Capital Mid Value Fund were recorded at fair value; however, the cost basis of the investments received from the Sterling Capital Mid Value Fund was carried forward to align ongoing reporting of the Sterling Capital Mid Cap Relative Value Fund's realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Acquired Fund** | **Class** | **Shares<br> Redeemed** | **Acquiring<br> Fund** | **Class** | **Shares<br> Issued** | **Value** | **Conversion<br> Ratio** |
| Sterling Capital Mid Value Fund | A | 1842640 | Sterling Capital Mid Cap Relative Value Fund | A | 318111 | $17790862 | 0.1726 |
|  | C | 43541 |  | C | 4893 | $259997 | 0.1124 |
|  | Institutional | 675930 |  | Institutional | 122559 | $6906652 | 0.1813 |
|  | R6 | 49620 |  | R6 | 9030 | $508847 | 0.1820 |

---

The net assets and net unrealized appreciation immediately before the acquisitions were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Acquired Fund** | **Shares<br> Outstanding** | **Net Assets** | **Unrealized Appreciation** |
| Sterling Capital Mid Value Fund | 2611731 | $25466359 | $1709784 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Acquiring Fund** | **Shares<br> Outstanding** | **Net Assets** | **Unrealized Appreciation** |
| Sterling Capital Mid Cap Relative Value Fund | 569497 | $32091463 | $16158270 |

---

The net assets and net unrealized appreciation immediately after the acquisitions were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Surviving Fund** | **Shares<br> Outstanding** | **Net Assets** | **Unrealized Appreciation** |
| Sterling Capital Mid Cap Relative Value Fund | 1024090 | $57557822 | $17868054 |

---

Assuming the acquisition had been completed on October 1, 2024, the beginning of the reporting period for the Funds, the Sterling Capital Mid Value Fund and the Sterling Capital Mid Cap Relative Value Fund pro-forma results of operations for the fiscal year ended September 30, 2025 are as follows:

---

| | |
|:---|:---|
| **Sterling Capital Mid Cap Relative Value Fund** | |
| Net investment income | $321299 |
| Net realized and unrealized gain on investments | $3460258 |
| Net increase in net assets from operations | $3781556 |

---

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 Mid Value Fund that have been included in the Sterling Capital Mid Cap Relative Value Fund's statement of operations since May 12, 2025. Since the Sterling Capital Mid Value Fund and the Sterling Capital Mid Cap Relative Value Fund sold and redeemed shares throughout the period, it is not practicable to provide pro-forma information on a per-share basis.

**STERLING CAPITAL FUNDS**

***NOTES TO FINANCIAL STATEMENTS (Continued)***

**September 30, 2025**

**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 of Trustees (the "Board") to value certain securities, including the use of electronic and matrix techniques. Investments in open-end investment companies are valued at their respective net asset values as reported by such companies. Investments in closed-end investment companies and exchange-traded funds are valued at their market values based upon the latest available sale price or, absent such a price, by reference to the latest available bid prices in the principal market in which such securities are normally traded. The differences between cost and fair value of investments are reflected as either unrealized appreciation or depreciation. Securities for which market quotations are not readily available (e.g., an approved pricing service does not provide a price, a furnished price is in error, certain stale prices, or an event occurs that materially affects the furnished price) will be fair valued by Sterling Capital Management LLC ("Sterling Capital" or the "Advisor") in accordance with certain Board-approved fair valuation methodologies pursuant to Rule 2a-5 under the 1940 Act. The 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.

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

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

Level 1 – quoted prices in active markets for identical securities

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

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

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. During the year ended September 30, 2025, there were no significant changes to the Funds' valuation policies and procedures.

**STERLING CAPITAL FUNDS**

***NOTES TO FINANCIAL STATEMENTS (Continued)***

**September 30, 2025**

The summary of inputs used to determine the fair value of each Fund's investments as of September 30, 2025 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1- Quoted<br> Prices** | **Level 2- Other<br> Significant<br> Observable<br> Inputs** | **Level 3-<br> Significant<br> Unobservable<br> Inputs** | **Total** |
| **<u>Assets:</u>** | | | | |
| **Investments in Securities** |  |  |  |  |
| Sterling Capital Behavioral Large Cap Value Equity Fund | $47624648 (a) | $— | $— | $47624648 |
| Sterling Capital Behavioral Small Cap Value Equity Fund | 103651724 (a) |  |  | 103651724 |
| Sterling Capital Special Opportunities Fund | 393177285 (a) |  |  | 393177285 |
| Sterling Capital Equity Income Fund | 1073006029 (a) |  |  | 1073006029 |
| Sterling Capital Mid Cap Relative Value Fund | 57648094 (a) |  |  | 57648094 |
| Sterling Capital Real Estate Fund | 67177294 (a) |  |  | 67177294 |
| Sterling Capital Small Cap Value Fund | 175019378 (a) |  |  | 175019378 |
| Sterling Capital Ultra Short Bond Fund | 529342 (b) | 28099233 (a) |  | 28628575 |
| Sterling Capital Short Duration Bond Fund | 664344 (b) | 40159916 (a) |  | 40824260 |
| Sterling Capital Intermediate U.S. Government Fund | 141542 (b) | 19698795 (a) |  | 19840337 |
| Sterling Capital Total Return Bond Fund | 61352959 (b) | 1509767877 (a) |  | 1571120836 |
| Sterling Capital Long Duration Corporate Bond Fund | 701859 (b) | 48980265 (a) |  | 49682124 |
| Sterling Capital Quality Income Fund | 3979316 (b) | 162386492 (a) |  | 166365808 |
| Sterling Capital North Carolina Intermediate Tax-Free Fund | 134741 (b) | 115917459 (a) |  | 116052200 |
| Sterling Capital South Carolina Intermediate Tax-Free Fund | 235241 (b) | 20760274 (a) |  | 20995515 |
| Sterling Capital Virginia Intermediate Tax-Free Fund | 71402 (b) | 31561282 (a) |  | 31632684 |
| Sterling Capital West Virginia Intermediate Tax-Free Fund | 232428 (b) | 48989697 (a) |  | 49222125 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;*(b)* *Represents money market funds, unrealized appreciation/depreciation for futures contracts, and/or certain preferred stocks.* 

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

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

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

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

*Foreign Currency Translation —* Foreign currency amounts are translated into U.S. dollars at the latest foreign exchange bid quotation (from an approved pricing vendor) to determine the fair value of investments, assets and liabilities. Purchases and sales of securities, income and expenses are translated at the prevailing rate of exchange, on the respective dates of such transactions. Such fluctuations are included with the net realized and unrealized gain or loss from investments and foreign currencies.

**STERLING CAPITAL FUNDS**

***NOTES TO FINANCIAL STATEMENTS (Continued)***

**September 30, 2025**

 

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

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

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

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

*When-Issued and Forward Commitments —* The Funds may purchase securities on a "when-issued" basis. Sterling Capital Behavioral Large Cap Value Equity Fund, Sterling Capital 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 Fund, Sterling Capital, Total Return Bond Fund and Sterling Capital Ultra Short Bond Fund 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.

**STERLING CAPITAL FUNDS**

***NOTES TO FINANCIAL STATEMENTS (Continued)***

**September 30, 2025**

**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 achieve.

Derivatives may be used to increase or decrease exposure to the following risk:

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 counterpart.

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.

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.

**5. Derivative Transactions:**

The following tables identify the location and fair value of derivative instruments on the Statement of Assets and Liabilities as of September 30, 2025, and the effect of derivative instruments on the Statement of Operations for the year ended September 30, 2025.

**STERLING CAPITAL FUNDS**

***NOTES TO FINANCIAL STATEMENTS (Continued)***

**September 30, 2025**

At September 30, 2025:

---

| | | | |
|:---|:---|:---|:---|
|  | | Assets | Liabilities |
|  | <br>Contract Type/<br> Primary Risk<br> Exposure | Unrealized<br> appreciation on<br> futures contracts\* | Unrealized<br> depreciation on<br> futures contracts\* |
| Sterling Capital Short Duration Bond Fund | Interest Rate Contracts | $- | $(1632) |
| Sterling Capital Total Return Bond Fund | Interest Rate Contracts | 197815 | (55636) |

---

\* 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 the year ended September 30, 2025:

---

| | | |
|:---|:---|:---|
| | Location | Interest Rate<br> Contracts |
|  | *Change in unrealized appreciation (depreciation) on:* |  |
| Sterling Capital Short Duration Fund | Futures contracts | $(1632) |
| Sterling Capital Total Return Fund | Futures contracts | 142179 |

---

The following table summarizes the average ending monthly notional value of derivatives outstanding during the year ended September 30, 2025:

---

| | | |
|:---|:---|:---|
|  | Derivatives | Average Ending<br> Monthly Notional<br> Value |
| Sterling Capital Short Duration Fund | Long Futures | $176463 |
| Sterling Capital Total Return Fund | Long Futures | 20493219 |

---

**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 the fiscal year ended September 30, 2025 were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
| **Sterling Capital Behavioral Large Cap Value Equity Fund** | $47914969 | $43346913 |
| **Sterling Capital Behavioral Small Cap Value Equity Fund** | 89637337 | 99605364 |
| **Sterling Capital Special Opportunities Fund** | 154929431 | 258408190 |
| **Sterling Capital Equity Income Fund** | 715264914 | 1433490422 |
| **Sterling Capital Mid Cap Relative Value Fund** | 28713622 | 17861406 |
| **Sterling Capital Real Estate Fund** | 5257154 | 9173628 |
| **Sterling Capital Small Cap Value Fund** | 10744921 | 44591549 |
| **Sterling Capital Ultra Short Bond Fund** | 9099795 | 14175000 |
| **Sterling Capital Short Duration Bond Fund** | 17055435 | 28492644 |
| **Sterling Capital Intermediate U.S. Government Fund** | 589900 | 2249704 |
| **Sterling Capital Total Return Bond Fund** | 379882293 | 519150594 |
| **Sterling Capital Long Duration Corporate Bond Fund** | 23030469 | 14729667 |
| **Sterling Capital Quality Income Fund** | 30913931 | 17038673 |
| **Sterling Capital North Carolina Intermediate Tax-Free Fund** | 35239696 | 43597977 |
| **Sterling Capital South Carolina Intermediate Tax-Free Fund** | 3602347 | 10178414 |
| **Sterling Capital Virginia Intermediate Tax-Free Fund** | 6860212 | 19864867 |
| **Sterling Capital West Virginia Intermediate Tax-Free Fund** | 7840984 | 11240213 |

---

Purchases and sales of U.S. government securities (excluding securities maturing less than one year from acquisition) for the fiscal year ended September 30, 2025 were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
| **Sterling Capital Ultra Short Bond Fund** | $502059 | $878050 |
| **Sterling Capital Short Duration Bond Fund** | $9175566 | $9899440 |
| **Sterling Capital Intermediate U.S. Government Fund** | 5511080 | 2750222 |
| **Sterling Capital Total Return Bond Fund** | 742996441 | 665840715 |
| **Sterling Capital Long Duration Corporate Bond Fund** | 9323908 | 8608319 |
| **Sterling Capital Quality Income Fund** | 83889134 | 33422026 |

---

**STERLING CAPITAL FUNDS**

***NOTES TO FINANCIAL STATEMENTS (Continued)***

**September 30, 2025**

**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 the fiscal year ended September 30, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Prior to February 1, 2025** | **Prior to February 1, 2025** | **Effective February 1, 2025** | **Effective February 1, 2025** | **Effective February 1, 2025** |
|  | **Contractual<br> Fee Rate** | **Fee Rate<br> after<br> Contractual<br> Waiver** | **Contractual<br> Fee Rate** | **Fee Rate<br> after<br> Contractual<br> Waiver** | **Fee Rate<br> after<br> Contractual<br> and<br> Voluntary<br> Waivers** |
| Sterling Capital Behavioral Large Cap Value Equity Fund | 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% |
| Sterling Capital Special Opportunities Fund | 0.65% | 0.65% | 0.60%<sup>(1)</sup> | 0.60% | 0.60% |
| Sterling Capital Equity Income Fund | 0.55% | 0.55% | 0.55% | 0.55% | 0.55% |
| Sterling Capital Mid Cap Relative Value Fund | 0.60% | 0.60% | 0.60% | 0.60% | 0.59%<sup>(2)</sup> |
| Sterling Capital Real Estate Fund | 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% |
| Sterling Capital Ultra Short Bond Fund | 0.20% | 0.05%<sup>(3)</sup> | 0.20% | 0.05%<sup>(3)</sup> | 0.05% |
| Sterling Capital Short Duration Bond Fund | 0.20% | 0.20% | 0.20% | 0.20% | 0.20% |
| Sterling Capital Intermediate U.S. Government Fund | 0.32% | 0.13%<sup>(4)</sup> | 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% |
| Sterling Capital Long Duration Corporate Bond Fund | 0.25% | 0.25% | 0.25% | 0.25% | 0.25% |
| Sterling Capital Quality Income Fund | 0.35% | 0.30%<sup>(6)</sup> | 0.35% | 0.30%<sup>(6)</sup> | 0.27%<sup>(7)</sup> |
| Sterling Capital North Carolina Intermediate Tax-Free Fund | 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% |
| Sterling Capital Virginia Intermediate Tax-Free Fund | 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% |

---

&nbsp;&nbsp;&nbsp;&nbsp;*(1)* *Effective, February 1, 2025, the management fee was reduced from 0.65% to 0.60%.* 

 

&nbsp;&nbsp;&nbsp;&nbsp;*(2)* *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.* 

 

&nbsp;&nbsp;&nbsp;&nbsp;*(3)* *The Fund's Adviser has contractually agreed to limit the management fees paid by the Fund to 0.05% for the period from February 1, 2024 through January 31, 2026.* 

 

&nbsp;&nbsp;&nbsp;&nbsp;*(4)* *The Fund's Adviser has contractually agreed to limit the management fees paid by the Fund to 0.13% for the period from February 1, 2024 through January 31, 2026.* 

 

&nbsp;&nbsp;&nbsp;&nbsp;*(5)* *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.* 

 

&nbsp;&nbsp;&nbsp;&nbsp;*(6)* *The Fund's Adviser has contractually agreed to limit the management fees paid by the Fund to 0.30% for the period from February 1, 2024 through January 31, 2026.* 

 

&nbsp;&nbsp;&nbsp;&nbsp;*(7)* *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.* 

**STERLING CAPITAL FUNDS**

***NOTES TO FINANCIAL STATEMENTS (Continued)***

**September 30, 2025**

For the following Funds, Sterling Capital has contractually agreed to waive its investment advisory fees, pay Fund operating expenses, and/or reimburse fees or expenses, in order to limit expenses of the shares based on average daily net assets, excluding interest, taxes, acquired funds fees and extraordinary expenses The expense limitations for the periods February 1, 2024 through January 31, 2025 and February 1, 2025 through January 31, 2026 are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Effective to February 1, 2025** | **Effective to February 1, 2025** | **Effective to February 1, 2025** | **Effective to February 1, 2025** |
|  | **Class A** | **Class C** | **Institutional** | **Class R6** |
| Sterling Capital Total Return Bond Fund | 0.70% | 1.45% | 0.45% | 0.45% |
| Sterling Capital Long Duration Corporate Bond Fund | 0.70% | 1.45% | 0.45% | 0.45% |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Prior to February 1, 2025** | **Prior to February 1, 2025** | **Prior to February 1, 2025** | **Prior to February 1, 2025** |
|  | **Class A** | **Class C** | **Institutional** | **Class R6** |
| Sterling Capital Total Return Bond Fund | 0.71% | 1.46% | 0.46% | 0.46% |
| Sterling Capital Long Duration Corporate Bond Fund | 0.71% | 1.46% | 0.46% | 0.46% |

---

For the following Funds, Sterling Capital has contractually agreed to waive its administrative fees, pay Fund operating expenses, and/ or reimburse a Fund the following levels with respect to the Funds' Class R6 Shares, effective for the period February 1, 2025 through January 31, 2026:

---

| | |
|:---|:---|
|  | **Effective<br> February 1, 2025** |
| Sterling Capital Behavioral Large Cap Value Equity Fund | 0.13% |
| Sterling Capital Behavioral Small Cap Value Equity Fund | 0.06% |
| Sterling Capital Special Opportunities Fund | 0.11% |
| Sterling Capital Equity Income Fund | 0.12% |
| Sterling Capital Real Estate Fund | 0.11% |
| Sterling Capital Small Cap Value Fund | 0.13% |
| Sterling Capital Short Duration Bond Fund | 0.11% |
| Sterling Capital Total Return Bond Fund | 0.10% |
| Sterling Capital Long Duration Corporate Bond Fund | 0.07% |

---

---

| | |
|:---|:---|
|  | **Effective<br> May 12, 2025** |
| Sterling Capital Mid Cap Relative Value Fund | 0.13% |

---

For the following Funds, Sterling Capital contractually agreed to waive its administrative fees, pay Fund operating expenses, and/or reimburse a Fund the following levels with respect to the Funds' Class R6 Shares, effective for the period February 1, 2024 through January 31, 2025:

---

| | |
|:---|:---|
|  | **Prior to<br> February 1, 2025** |
| Sterling Capital Behavioral Large Cap Value Equity Fund | 0.08% |
| Sterling Capital Behavioral Small Cap Value Equity Fund | 0.07% |
| Sterling Capital Special Opportunities Fund | 0.10% |
| Sterling Capital Equity Income Fund | 0.11% |
| Sterling Capital Real Estate Fund | 0.09% |
| Sterling Capital Small Cap Value Fund | 0.13% |
| Sterling Capital Short Duration Bond Fund | 0.10% |
| Sterling Capital Total Return Bond Fund | 0.10% |
| Sterling Capital Long Duration Corporate Bond Fund | 0.10% |

---

Sterling Capital serves as the administrator to the Funds pursuant to an administration agreement. For the year ended September 30, 2025, the Funds paid their portion of a fee to Sterling Capital for providing administration services based on the aggregate assets of the Funds, at a rate of 0.091% on the first $3.5 billion of average net assets, 0.075% on the next $1 billion of average net assets; 0.06% on the next $1.5 billion of average net assets; and 0.04% of average net assets over $6 billion. Expenses incurred are reflected on the Statements of Operations as "Administration fees." For the year ended September 30, 2025, pursuant to a sub-administration agreement with Sterling Capital, Ultimus Fund Solutions ("the Sub-Administrator"), served as the sub-administrator to the Funds subject to the general supervision of the Board and Sterling Capital. For these services, Ultimus Fund Solutions is entitled to a fee payable by Sterling Capital. Ultimus Fund Solutions also served as the Funds' fund accountant and receives compensation by the Funds for these services. Expenses incurred are reflected on the Statements of Operations as "Fund accounting fees".

**STERLING CAPITAL FUNDS**

***NOTES TO FINANCIAL STATEMENTS (Continued)***

**September 30, 2025**

For the year ended September 30, 2025, Ultimus Fund Solutions, LLC served as the Funds' transfer agent and receives compensation by the Funds for these services. Expenses incurred are reflected on the Statements of Operations as "Transfer agent fees".

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

The Funds have adopted a Distribution and Shareholder Services Plan (the "Plan") in accordance with Rule 12b-1 under the 1940 Act. Sterling Capital Distributors, LLC (the "Distributor") serves as distributor to the Funds pursuant to an underwriting agreement. The Plan provides for payments to the Distributor of up to 0.25% and 1.00% of the average daily net assets of the Class A Shares and Class C Shares, respectively. In addition, the Distributor is entitled to receive commissions on sales of shares of the Variable Net Asset Value Funds. For the fiscal year ended September 30, 2025, the Distributor received $49,279 from commissions earned on sales of shares of the Variable NetAsset Value Funds. The Distributor does not retain commissions for profit. These commissions and fees may be used by the Distributor to pay banks, broker dealers and other institutions, including affiliates of the Advisor.

The Advisor and/or its affiliates may pay out of their own assets (and not as an additional charge to a fund) compensation to selected affiliated and unaffiliated brokers, dealers and other financial intermediaries in connection with the sale and distribution of the shares and/or the retention and/or servicing of Fund investors and Fund shares. These payments, sometimes referred to as "revenue sharing" payments are payments over and above any sales charges (including Rule 12b-1 fees) and service fees paid by the Funds. The amount of these payments is determined at the discretion of the Advisor and/or its affiliates from time to time, may be substantial, and may be different for different financial advisors. Receipt of, or the prospect of receiving, this additional compensation may influence your financial intermediary's recommendation of a Fund or of a particular share class of a Fund. Commissions and finder's fees financed by the Advisor and paid by the Distributor to affiliated broker-dealers during the fiscal year ended September 30, 2025 were $302,316.

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.

**STERLING CAPITAL FUNDS**

***NOTES TO FINANCIAL STATEMENTS (Continued)***

**September 30, 2025**

**8. Capital Transactions:**

Transactions in Class A, Class C, Institutional and Class R6 Shares were:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Year Ended<br> September 30, 2025** | **For the Year Ended<br> September 30, 2025** | **For the Year Ended<br> September 30, 2024** | **For the Year Ended<br> September 30, 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Sterling Capital Behavioral Large Cap Value Equity Fund** |  |  |  |  |
| **Class A Shares** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | $130812 | 3908659 | $15421 | 424065 |
| &nbsp;&nbsp;&nbsp;Reinvested | 15760 | 498046 | 17870 | 499769 |
| &nbsp;&nbsp;&nbsp;Redeemed | (138304) | (4321467) | (121903) | (3202335) |
| &nbsp;&nbsp;&nbsp;Total | 8268 | 85238 | (88612) | (2278501) |
| **Sterling Capital Behavioral Large Cap Value Equity Fund** |  |  |  |  |
| **Class C Shares** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 107 | 3204 | 142 | 3600 |
| &nbsp;&nbsp;&nbsp;Reinvested | 60 | 1741 | 126 | 3400 |
| &nbsp;&nbsp;&nbsp;Redeemed | (10960) | (341815) | (260) | (6706) |
| &nbsp;&nbsp;&nbsp;Total | (10793) | (336870) | 8 | 294 |
| **Sterling Capital Behavioral Large Cap Value Equity Fund** |  |  |  |  |
| **Class Institutional Shares** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 108156 | 3348545 | 27065 | 748006 |
| &nbsp;&nbsp;&nbsp;Reinvested | 1255 | 40262 | 926 | 26148 |
| &nbsp;&nbsp;&nbsp;Redeemed | (17386) | (555010) | (16893) | (440576) |
| &nbsp;&nbsp;&nbsp;Total | 92025 | 2833797 | 11098 | 333578 |
| **Sterling Capital Behavioral Large Cap Value Equity Fund** |  |  |  |  |
| **Class R6 Shares** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 57927 | 1970060 |  |  |
| &nbsp;&nbsp;&nbsp;Reinvested | 220 | 7608 | 150 | 4152 |
| &nbsp;&nbsp;&nbsp;Redeemed | (761) | (23470) | (13489) | (372774) |
| &nbsp;&nbsp;&nbsp;Total | 57386 | 1954198 | (13339) | (368622) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Year Ended<br> September 30, 2025** | **For the Year Ended<br> September 30, 2025** | **For the Year Ended<br> September 30, 2024** | **For the Year Ended<br> September 30, 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Sterling Capital Behavioral Small Cap Value Equity Fund** |  |  |  |  |
| **Class A Shares** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | $8581 | 171208 | $12858 | 252829 |
| &nbsp;&nbsp;&nbsp;Reinvested | 27658 | 576374 | 5467 | 110500 |
| &nbsp;&nbsp;&nbsp;Redeemed | (40288) | (781474) | (46824) | (912593) |
| &nbsp;&nbsp;&nbsp;Total | (4049) | (33892) | (28499) | (549264) |
| **Sterling Capital Behavioral Small Cap Value Equity Fund** |  |  |  |  |
| **Class C Shares** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 539 | 9592 | 1006 | 18481 |
| &nbsp;&nbsp;&nbsp;Reinvested | 260 | 5091 | 41 | 788 |
| &nbsp;&nbsp;&nbsp;Redeemed | (1023) | (18900) | (253) | (4520) |
| &nbsp;&nbsp;&nbsp;Total | (224) | (4217) | 794 | 14749 |
| **Sterling Capital Behavioral Small Cap Value Equity Fund** |  |  |  |  |
| **Class Institutional Shares** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 51382 | 1051311 | 7449 | 139644 |
| &nbsp;&nbsp;&nbsp;Reinvested | 26450 | 557685 | 5592 | 114208 |
| &nbsp;&nbsp;&nbsp;Redeemed | (72154) | (1443916) | (61184) | (1194490) |
| &nbsp;&nbsp;&nbsp;Total | 5678 | 165080 | (48143) | (940638) |
| **Sterling Capital Behavioral Small Cap Value Equity Fund** |  |  |  |  |
| **Class R6 Shares** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Reinvested | 420340 | 8878949 | 82894 | 1699465 |
| &nbsp;&nbsp;&nbsp;Redeemed | (500000) | (10000000) | (225734) | (3972912) |
| &nbsp;&nbsp;&nbsp;Total | (79660) | (1121051) | (142840) | (2273447) |

---

**STERLING CAPITAL FUNDS**

***NOTES TO FINANCIAL STATEMENTS (Continued)***

**September 30, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Year Ended<br> September 30, 2025** | **For the Year Ended<br> September 30, 2025** | **For the Year Ended<br> September 30, 2024** | **For the Year Ended<br> September 30, 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Sterling Capital Special Opportunities Fund** | | | | |
| **Class A Shares** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | $277621 | 7087895 | $470234 | 11973464 |
| &nbsp;&nbsp;&nbsp;Reinvested | 1822473 | 46381944 | 1923756 | 45843115 |
| &nbsp;&nbsp;&nbsp;Redeemed | (2255901) | (56225339) | (2068763) | (52692206) |
| &nbsp;&nbsp;&nbsp;Total | (155807) | (2755500) | 325227 | 5124373 |
| **Sterling Capital Special Opportunities Fund** |  |  |  |  |
| **Class C Shares** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 59127 | 892300 | 76734 | 1343322 |
| &nbsp;&nbsp;&nbsp;Reinvested | 264114 | 4083208 | 324379 | 5206279 |
| &nbsp;&nbsp;&nbsp;Redeemed | (378163) | (5777508) | (677092) | (11663345) |
| &nbsp;&nbsp;&nbsp;Total | (54922) | (802000) | (275979) | (5113744) |
| **Sterling Capital Special Opportunities Fund** |  |  |  |  |
| **Class Institutional Shares** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 252013 | 7241990 | 272505 | 7577946 |
| &nbsp;&nbsp;&nbsp;Reinvested | 394120 | 11271844 | 504040 | 13231044 |
| &nbsp;&nbsp;&nbsp;Redeemed | (1269006) | (35079194) | (2655787) | (76729659) |
| &nbsp;&nbsp;&nbsp;Total | (622873) | (16565360) | (1879242) | (55920669) |
| **Sterling Capital Special Opportunities Fund** |  |  |  |  |
| **Class R6 Shares** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 124701 | 3491345 | 211837 | 5834420 |
| &nbsp;&nbsp;&nbsp;Reinvested | 46201 | 1321802 | 57296 | 1502885 |
| &nbsp;&nbsp;&nbsp;Redeemed | (445111) | (12454134) | (482628) | (13522546) |
| &nbsp;&nbsp;&nbsp;Total | (274209) | (7640987) | (213495) | (6185241) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Year Ended<br> September 30, 2025** | **For the Year Ended<br> September 30, 2025** | **For the Year Ended<br> September 30, 2024** | **For the Year Ended<br> September 30, 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Sterling Capital Equity Income Fund** | | | | |
| **Class A Shares** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | $594094 | 13947056 | $745158 | 19829713 |
| &nbsp;&nbsp;&nbsp;Reinvested | 3599457 | 81633825 | 1413518 | 36614050 |
| &nbsp;&nbsp;&nbsp;Redeemed | (4502800) | (102073807) | (2428255) | (64825268) |
| &nbsp;&nbsp;&nbsp;Total | (309249) | (6492926) | (269579) | (8381505) |
| **Sterling Capital Equity Income Fund** |  |  |  |  |
| **Class C Shares** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 236607 | 5640673 | 389837 | 10334003 |
| &nbsp;&nbsp;&nbsp;Reinvested | 639271 | 14288310 | 224467 | 5718914 |
| &nbsp;&nbsp;&nbsp;Redeemed | (1036438) | (22700628) | (625901) | (16466056) |
| &nbsp;&nbsp;&nbsp;Total | (160560) | (2771645) | (11597) | (413139) |
| **Sterling Capital Equity Income Fund** |  |  |  |  |
| **Class Institutional Shares** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 4039260 | 94297642 | 6098512 | 163562254 |
| &nbsp;&nbsp;&nbsp;Reinvested | 8409033 | 191767968 | 3798065 | 98915203 |
| &nbsp;&nbsp;&nbsp;Redeemed | (29179811) | (670985068) | (17738953) | (473293726) |
| &nbsp;&nbsp;&nbsp;Total | (16731518) | (384919458) | (7842376) | (210816269) |
| **Sterling Capital Equity Income Fund** |  |  |  |  |
| **Class R6 Shares** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 1021181 | 23268375 | 1391307 | 37355864 |
| &nbsp;&nbsp;&nbsp;Reinvested | 358233 | 8179818 | 155924 | 4064202 |
| &nbsp;&nbsp;&nbsp;Redeemed | (2174212) | (51457456) | (1496540) | (40126615) |
| &nbsp;&nbsp;&nbsp;Total | (794798) | (20009263) | 50691 | 1293451 |

---

**STERLING CAPITAL FUNDS**

***NOTES TO FINANCIAL STATEMENTS (Continued)***

**September 30, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Year <br> Ended September 30, 2025** | **For the Year <br> Ended September 30, 2025** | **For the Year Ended<br> September 30, 2024** | **For the Year Ended<br> September 30, 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Sterling Capital Mid Cap Relative Value Fund** | | | | |
| **Class A Shares** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 998 | $60953 | $200 | 12603 |
| &nbsp;&nbsp;&nbsp;Issued in conjunction with fund merger (Note 2) | 318111 | 17790862 |  |  |
| &nbsp;&nbsp;&nbsp;Reinvested | 280 | 16980 | 687 | 40550 |
| &nbsp;&nbsp;&nbsp;Redeemed | (39236) | (2349813) | (4491) | (274029) |
| &nbsp;&nbsp;&nbsp;Total | 280153 | 15518982 | (3604) | (220876) |
| **Sterling Capital Mid Cap Relative Value Fund** |  |  |  |  |
| **Class C Shares** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 23 | 1280 |  |  |
| &nbsp;&nbsp;&nbsp;Issued in conjunction with fund merger (Note 2) | 4893 | 259997 |  |  |
| &nbsp;&nbsp;&nbsp;Reinvested | 9 | 533 | 7 | 399 |
| &nbsp;&nbsp;&nbsp;Redeemed | (182) | (10076) | (20) | (1253) |
| &nbsp;&nbsp;&nbsp;Total | 4743 | 251734 | (13) | (854) |
| **Sterling Capital Mid Cap Relative Value Fund** |  |  |  |  |
| **Class Institutional Shares** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 2122 | 134095 | 809 | 51412 |
| &nbsp;&nbsp;&nbsp;Issued in conjunction with fund merger (Note 2) | 122559 | 6901988 |  |  |
| &nbsp;&nbsp;&nbsp;Reinvested | 81202 | 4959502 | 81925 | 4882970 |
| &nbsp;&nbsp;&nbsp;Redeemed | (173968) | (10270678) | (189450) | (11924348) |
| &nbsp;&nbsp;&nbsp;Total | 31915 | 1724907 | (106716) | (6989966) |
| **Sterling Capital Mid Cap Relative Value Fund** |  |  |  |  |
| **Class R6 Shares** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued in conjunction with fund merger (Note 2) | 9030 | 508847 |  |  |
| &nbsp;&nbsp;&nbsp;Reinvested |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Redeemed | (3518) | (200428) |  |  |
| &nbsp;&nbsp;&nbsp;Total | 5512 | 308419 |  |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Year Ended<br> September 30, 2025** | **For the Year Ended<br> September 30, 2025** | **For the Year Ended<br> September 30, 2024** | **For the Year Ended<br> September 30, 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Sterling Capital Real Estate Fund** |  |  |  |  |
| **Class A Shares** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | $1822 | 64672 | $851 | 31089 |
| &nbsp;&nbsp;&nbsp;Reinvested | 961 | 35084 | 1101 | 38781 |
| &nbsp;&nbsp;&nbsp;Redeemed | (3790) | (134990) | (3091) | (99720) |
| &nbsp;&nbsp;&nbsp;Total | (1007) | (35234) | (1139) | (29850) |
| **Sterling Capital Real Estate Fund** |  |  |  |  |
| **Class C Shares** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | $— |  | $— |  |
| &nbsp;&nbsp;&nbsp;Reinvested | 131 | 4737 | 229 | 7917 |
| &nbsp;&nbsp;&nbsp;Redeemed | (1768) | (62516) | (1358) | (47258) |
| &nbsp;&nbsp;&nbsp;Total | (1637) | (57779) | (1129) | (39341) |
| **Sterling Capital Real Estate Fund** |  |  |  |  |
| **Class Institutional Shares** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 67464 | 2432196 | 119401 | 4186096 |
| &nbsp;&nbsp;&nbsp;Reinvested | 124509 | 4553573 | 135474 | 4791707 |
| &nbsp;&nbsp;&nbsp;Redeemed | (198653) | (7184258) | (326345) | (11407444) |
| &nbsp;&nbsp;&nbsp;Total | (6680) | (198489) | (71470) | (2429641) |
| **Sterling Capital Real Estate Fund** |  |  |  |  |
| **Class R6 Shares** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 3954 | 142358 | 6164 | 214458 |
| &nbsp;&nbsp;&nbsp;Reinvested | 64 | 2331 | 38 | 1366 |
| &nbsp;&nbsp;&nbsp;Redeemed | (1802) | (67226) | (17161) | (609927) |
| &nbsp;&nbsp;&nbsp;Total | 2216 | 77463 | (10959) | (394103) |

---

**STERLING CAPITAL FUNDS**

***NOTES TO FINANCIAL STATEMENTS (Continued)***

**September 30, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Year Ended<br> September 30, 2025** | **For the Year Ended<br> September 30, 2025** | **For the Year Ended<br> September 30, 2024** | **For the Year Ended<br> September 30, 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Sterling Capital Small Cap Value Fund** |  |  |  |  |
| **Class A Shares** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | $135872 | 6091499 | $19961 | 891085 |
| &nbsp;&nbsp;&nbsp;Reinvested | 27556 | 1129592 | 20057 | 808577 |
| &nbsp;&nbsp;&nbsp;Redeemed | (167308) | (6751777) | (22189) | (984329) |
| &nbsp;&nbsp;&nbsp;Total | (3880) | 469314 | 17829 | 715333 |
| **Sterling Capital Small Cap Value Fund** |  |  |  |  |
| **Class C Shares** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 16483 | 542532 | 5996 | 224700 |
| &nbsp;&nbsp;&nbsp;Reinvested | 3391 | 118532 | 3800 | 135236 |
| &nbsp;&nbsp;&nbsp;Redeemed | (3747) | (132061) | (6050) | (239963) |
| &nbsp;&nbsp;&nbsp;Total | 16127 | 529003 | 3746 | 119973 |
| **Sterling Capital Small Cap Value Fund** |  |  |  |  |
| **Class Institutional Shares** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 380157 | 15365707 | 544768 | 25674510 |
| &nbsp;&nbsp;&nbsp;Reinvested | 790661 | 33094387 | 1828329 | 75021566 |
| &nbsp;&nbsp;&nbsp;Redeemed | (1191614) | (49550972) | (3465641) | (155345024) |
| &nbsp;&nbsp;&nbsp;Total | (20796) | (1090878) | (1092544) | (54648948) |
| **Sterling Capital Small Cap Value Fund** |  |  |  |  |
| **Class R6 Shares** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 21351 | 856507 | 21565 | 943491 |
| &nbsp;&nbsp;&nbsp;Reinvested | 16426 | 691560 | 25036 | 1032698 |
| &nbsp;&nbsp;&nbsp;Redeemed | (21904) | (908337) | (36074) | (1749432) |
| &nbsp;&nbsp;&nbsp;Total | 15873 | 639730 | 10527 | 226757 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Year Ended<br> September 30, 2025** | **For the Year Ended<br> September 30, 2025** | **For the Year Ended<br> September 30, 2024** | **For the Year Ended<br> September 30, 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Sterling Capital Ultra Short Bond Fund** |  |  |  |  |
| **Class A Shares** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | $430556 | 4241924 | $949777 | 9267109 |
| &nbsp;&nbsp;&nbsp;Reinvested | 19110 | 188185 | 22567 | 220025 |
| &nbsp;&nbsp;&nbsp;Redeemed | (215282) | (2117591) | (1046050) | (10205198) |
| &nbsp;&nbsp;&nbsp;Total | 234384 | 2312518 | (73706) | (718064) |
| **Sterling Capital Ultra Short Bond Fund** |  |  |  |  |
| **Class Institutional Shares** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 226498 | 2229899 | 290199 | 2822671 |
| &nbsp;&nbsp;&nbsp;Reinvested | 92425 | 910129 | 105280 | 1026733 |
| &nbsp;&nbsp;&nbsp;Redeemed | (497312) | (4893441) | (483843) | (4716854) |
| &nbsp;&nbsp;&nbsp;Total | (178389) | (1753413) | (88364) | (867450) |

---

**STERLING CAPITAL FUNDS**

***NOTES TO FINANCIAL STATEMENTS (Continued)***

**September 30, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Year Ended<br> September 30, 2025** | **For the Year Ended<br> September 30, 2025** | **For the Year Ended<br> September 30, 2024** | **For the Year Ended<br> September 30, 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Sterling Capital Short Duration Bond Fund** |  |  |  |  |
| **Class A Shares** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | $140900 | 1179043 | $47555 | 393338 |
| &nbsp;&nbsp;&nbsp;Reinvested | 16085 | 134801 | 14112 | 116931 |
| &nbsp;&nbsp;&nbsp;Redeemed | (102467) | (857937) | (93814) | (774096) |
| &nbsp;&nbsp;&nbsp;Total | 54518 | 455907 | (32147) | (263827) |
| **Sterling Capital Short Duration Bond Fund** |  |  |  |  |
| **Class C Shares** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 160 | 1341 |  |  |
| &nbsp;&nbsp;&nbsp;Reinvested | 192 | 1612 | 438 | 3619 |
| &nbsp;&nbsp;&nbsp;Redeemed | (1140) | (9541) | (29305) | (240816) |
| &nbsp;&nbsp;&nbsp;Total | (788) | (6588) | (28867) | (237197) |
| **Sterling Capital Short Duration Bond Fund** |  |  |  |  |
| **Class Institutional Shares** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 374391 | 3136473 | 904663 | 7480301 |
| &nbsp;&nbsp;&nbsp;Reinvested | 124592 | 1043666 | 213217 | 1762465 |
| &nbsp;&nbsp;&nbsp;Redeemed | (1228936) | (10283128) | (8249355) | (68002031) |
| &nbsp;&nbsp;&nbsp;Total | (729953) | (6102989) | (7131475) | (58759265) |
| **Sterling Capital Short Duration Bond Fund** |  |  |  |  |
| **Class R6 Shares** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 320188 | 2671969 | 164782 | 1352916 |
| &nbsp;&nbsp;&nbsp;Reinvested | 4268 | 35770 | 4130 | 34212 |
| &nbsp;&nbsp;&nbsp;Redeemed | (240945) | (2020272) | (326021) | (2692226) |
| &nbsp;&nbsp;&nbsp;Total | 83511 | 687467 | (157109) | (1305098) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Year Ended<br> September 30, 2025** | **For the Year Ended<br> September 30, 2025** | **For the Year Ended<br> September 30, 2024** | **For the Year Ended<br> September 30, 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Sterling Capital Intermediate U.S. Government Fund** |  |  |  |  |
| **Class A Shares** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | $3547 | 30835 | $27266 | 235981 |
| &nbsp;&nbsp;&nbsp;Reinvested | 6438 | 56218 | 8567 | 73476 |
| &nbsp;&nbsp;&nbsp;Redeemed | (13481) | (116734) | (58654) | (503199) |
| &nbsp;&nbsp;&nbsp;Total | (3496) | (29681) | (22821) | (193742) |
| **Sterling Capital Intermediate U.S. Government Fund** |  |  |  |  |
| **Class C Shares** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued |  |  | 513 | 4443 |
| &nbsp;&nbsp;&nbsp;Reinvested | 171 | 1489 | 284 | 2433 |
| &nbsp;&nbsp;&nbsp;Redeemed | (2468) | (21355) | (5551) | (47080) |
| &nbsp;&nbsp;&nbsp;Total | (2297) | (19866) | (4754) | (40204) |
| **Sterling Capital Intermediate U.S. Government Fund** |  |  |  |  |
| **Class Institutional Shares** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 197692 | 1712502 | 218735 | 1903995 |
| &nbsp;&nbsp;&nbsp;Reinvested | 51175 | 447292 | 58369 | 501026 |
| &nbsp;&nbsp;&nbsp;Redeemed | (61151) | (534214) | (173988) | (1529425) |
| &nbsp;&nbsp;&nbsp;Total | 187716 | 1625580 | 103116 | 875596 |

---

**STERLING CAPITAL FUNDS**

***NOTES TO FINANCIAL STATEMENTS (Continued)***

**September 30, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Year Ended<br> September 30, 2025** | **For the Year Ended<br> September 30, 2025** | **For the Year Ended<br> September 30, 2024** | **For the Year Ended<br> September 30, 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Sterling Capital Total Return Bond Fund** |  |  |  |  |
| **Class A Shares** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | $1024809 | 9514022 | $1406165 | 12904126 |
| &nbsp;&nbsp;&nbsp;Reinvested | 203619 | 1895889 | 197895 | 1822054 |
| &nbsp;&nbsp;&nbsp;Redeemed | (1763455) | (16425513) | (1222184) | (11165579) |
| &nbsp;&nbsp;&nbsp;Total | (535027) | (5015602) | 381876 | 3560601 |
| **Sterling Capital Total Return Bond Fund** |  |  |  |  |
| **Class C Shares** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 26855 | 249686 | 103040 | 942640 |
| &nbsp;&nbsp;&nbsp;Reinvested | 7741 | 72176 | 9003 | 82932 |
| &nbsp;&nbsp;&nbsp;Redeemed | (114424) | (1061244) | (152457) | (1397760) |
| &nbsp;&nbsp;&nbsp;Total | (79828) | (739382) | (40414) | (372188) |
| **Sterling Capital Total Return Bond Fund** |  |  |  |  |
| **Class Institutional Shares** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 24788037 | 230061502 | 63282271 | 571300698 |
| &nbsp;&nbsp;&nbsp;Reinvested | 3366690 | 31368467 | 3269118 | 30127041 |
| &nbsp;&nbsp;&nbsp;Redeemed | (32089232) | (298230817) | (33146414) | (303941509) |
| &nbsp;&nbsp;&nbsp;Total | (3934505) | (36800848) | 33404975 | 297486230 |
| **Sterling Capital Total Return Bond Fund** |  |  |  |  |
| **Class R6 Shares** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 16879026 | 157374469 | 20352157 | 185002179 |
| &nbsp;&nbsp;&nbsp;Reinvested | 1766920 | 16461910 | 1482912 | 13668046 |
| &nbsp;&nbsp;&nbsp;Redeemed | (9353777) | (86939884) | (10516188) | (97198661) |
| &nbsp;&nbsp;&nbsp;Total | 9292169 | 86896495 | 11318881 | 101471564 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Year Ended<br> September 30, 2025** | **For the Year Ended<br> September 30, 2025** | **For the Year Ended<br> September 30, 2024** | **For the Year Ended<br> September 30, 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Sterling Capital Long Duration Corporate Bond Fund** |  |  |  |  |
| **Class A Shares** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | $— |  | $6514 | 47688 |
| &nbsp;&nbsp;&nbsp;Reinvested | 1239 | 8538 | 2055 | 14220 |
| &nbsp;&nbsp;&nbsp;Redeemed | (16464) | (110960) | (692) | (4548) |
| &nbsp;&nbsp;&nbsp;Total | (15225) | (102422) | 7877 | 57360 |
| **Sterling Capital Long Duration Corporate Bond Fund** |  |  |  |  |
| **Class C Shares** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | $280 | 1999 | $— |  |
| &nbsp;&nbsp;&nbsp;Reinvested | 16 | 115 | 13 | 92 |
| &nbsp;&nbsp;&nbsp;Redeemed |  |  | (280) | (2001) |
| &nbsp;&nbsp;&nbsp;Total | 296 | 2114 | (267) | (1909) |
| **Sterling Capital Long Duration Corporate Bond Fund** |  |  |  |  |
| **Class Institutional Shares** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 17088 | 116217 | 11356 | 70000 |
| &nbsp;&nbsp;&nbsp;Reinvested | 1155 | 7981 | 3521 | 24317 |
| &nbsp;&nbsp;&nbsp;Redeemed | (63062) | (436418) | (16426) | (116976) |
| &nbsp;&nbsp;&nbsp;Total | (44819) | (312220) | (1549) | (22659) |
| **Sterling Capital Long Duration Corporate Bond Fund** |  |  |  |  |
| **Class R6 Shares** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 1918712 | 13446920 | 2127781 | 14681187 |
| &nbsp;&nbsp;&nbsp;Reinvested | 332341 | 2279196 | 266961 | 1845856 |
| &nbsp;&nbsp;&nbsp;Redeemed | (916634) | (6276348) | (1346231) | (9415704) |
| &nbsp;&nbsp;&nbsp;Total | 1334419 | 9449768 | 1048511 | 7111339 |

---

**STERLING CAPITAL FUNDS**

***NOTES TO FINANCIAL STATEMENTS (Continued)***

**September 30, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Year Ended<br> September 30, 2025** | **For the Year Ended<br> September 30, 2025** | **For the Year Ended<br> September 30, 2024** | **For the Year Ended<br> September 30, 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Sterling Capital Quality Income Fund** |  |  |  |  |
| **Class A Shares** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | $12600 | 111403 | $298 | 2711 |
| &nbsp;&nbsp;&nbsp;Reinvested | 329 | 2964 | 107 | 947 |
| &nbsp;&nbsp;&nbsp;Redeemed | (14063) | (128276) | (677) | (6030) |
| &nbsp;&nbsp;&nbsp;Total | (1134) | (13909) | (272) | (2372) |
| **Sterling Capital Quality Income Fund** |  |  |  |  |
| **Class C Shares** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 4226 | 38169 |  |  |
| &nbsp;&nbsp;&nbsp;Reinvested | 78 | 709 | 8 | 69 |
| &nbsp;&nbsp;&nbsp;Redeemed |  |  | (285) | (2593) |
| &nbsp;&nbsp;&nbsp;Total | 4304 | 38878 | (277) | (2524) |
| **Sterling Capital Quality Income Fund** |  |  |  |  |
| **Class Institutional Shares** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 13078016 | 117708217 | 1364755 | 12067289 |
| &nbsp;&nbsp;&nbsp;Reinvested | 521831 | 4707802 | 170938 | 1514853 |
| &nbsp;&nbsp;&nbsp;Redeemed | (5222572) | (46937640) | (2247173) | (19913684) |
| &nbsp;&nbsp;&nbsp;Total | 8377275 | 75478379 | (711480) | (6331542) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Year Ended<br> September 30, 2025** | **For the Year Ended<br> September 30, 2025** | **For the Year Ended<br> September 30, 2024** | **For the Year Ended<br> September 30, 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Sterling Capital North Carolina Intermediate Tax-Free Fund** |  |  |  |  |
| **Class A Shares** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | $74098 | 741641 | $47468 | 481791 |
| &nbsp;&nbsp;&nbsp;Reinvested | 40425 | 405428 | 40198 | 406019 |
| &nbsp;&nbsp;&nbsp;Redeemed | (261820) | (2627914) | (321363) | (3238027) |
| &nbsp;&nbsp;&nbsp;Total | (147297) | (1480845) | (233697) | (2350217) |
| **Sterling Capital North Carolina Intermediate Tax-Free Fund** |  |  |  |  |
| **Class C Shares** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 21505 | 216340 | 937 | 9160 |
| &nbsp;&nbsp;&nbsp;Reinvested | 1274 | 12761 | 1397 | 14093 |
| &nbsp;&nbsp;&nbsp;Redeemed | (19874) | (199300) | (26951) | (272546) |
| &nbsp;&nbsp;&nbsp;Total | 2905 | 29801 | (24617) | (249293) |
| **Sterling Capital North Carolina Intermediate Tax-Free Fund** |  |  |  |  |
| **Class Institutional Shares** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 3006382 | 30090317 | 3187460 | 32157337 |
| &nbsp;&nbsp;&nbsp;Reinvested | 150650 | 1510718 | 149106 | 1505563 |
| &nbsp;&nbsp;&nbsp;Redeemed | (4017011) | (40269826) | (4251724) | (42629788) |
| &nbsp;&nbsp;&nbsp;Total | (859979) | (8668791) | (915158) | (8966888) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Year Ended<br> September 30, 2025** | **For the Year Ended<br> September 30, 2025** | **For the Year Ended<br> September 30, 2024** | **For the Year Ended<br> September 30, 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Sterling Capital South Carolina Intermediate Tax-Free Fund** |  |  |  |  |
| **Class A Shares** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | $4876 | 50718 | $19675 | 206889 |
| &nbsp;&nbsp;&nbsp;Reinvested | 9973 | 103989 | 12305 | 129240 |
| &nbsp;&nbsp;&nbsp;Redeemed | (203741) | (2127799) | (111499) | (1169670) |
| &nbsp;&nbsp;&nbsp;Total | (188892) | (1973092) | (79519) | (833541) |
| **Sterling Capital South Carolina Intermediate Tax-Free Fund** |  |  |  |  |
| **Class C Shares** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued |  |  | 2237 | 23440 |
| &nbsp;&nbsp;&nbsp;Reinvested | 129 | 1346 | 361 | 3786 |
| &nbsp;&nbsp;&nbsp;Redeemed | (2331) | (24786) | (19542) | (204232) |
| &nbsp;&nbsp;&nbsp;Total | (2202) | (23440) | (16944) | (177006) |
| **Sterling Capital South Carolina Intermediate Tax-Free Fund** |  |  |  |  |
| **Class Institutional Shares** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 392837 | 4078052 | 351516 | 3682117 |
| &nbsp;&nbsp;&nbsp;Reinvested | 34676 | 358988 | 38404 | 400436 |
| &nbsp;&nbsp;&nbsp;Redeemed | (992781) | (10294069) | (1010017) | (10438682) |
| &nbsp;&nbsp;&nbsp;Total | (565268) | (5857029) | (620097) | (6356129) |

---

**STERLING CAPITAL FUNDS**

***NOTES TO FINANCIAL STATEMENTS (Continued)***

**September 30, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Year Ended<br> September 30, 2025** | **For the Year Ended<br> September 30, 2025** | **For the Year Ended<br> September 30, 2024** | **For the Year Ended<br> September 30, 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Sterling Capital Virginia Intermediate Tax-Free Fund** |  |  |  |  |
| **Class A Shares** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | $13874 | 151919 | $9197 | 102797 |
| &nbsp;&nbsp;&nbsp;Reinvested | 16830 | 184743 | 17364 | 192056 |
| &nbsp;&nbsp;&nbsp;Redeemed | (124195) | (1363545) | (203878) | (2249417) |
| &nbsp;&nbsp;&nbsp;Total | (93491) | (1026883) | (177317) | (1954564) |
| **Sterling Capital Virginia Intermediate Tax-Free Fund** |  |  |  |  |
| **Class C Shares** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Reinvested | 8 | 88 | 7 | 83 |
| &nbsp;&nbsp;&nbsp;Redeemed |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total | 8 | 88 | 7 | 83 |
| **Sterling Capital Virginia Intermediate Tax-Free Fund** |  |  |  |  |
| **Class Institutional Shares** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 499463 | 5485550 | 313074 | 3478545 |
| &nbsp;&nbsp;&nbsp;Reinvested | 10456 | 114772 | 10959 | 121226 |
| &nbsp;&nbsp;&nbsp;Redeemed | (1590775) | (17426000) | (1913663) | (20977050) |
| &nbsp;&nbsp;&nbsp;Total | (1080856) | (11825678) | (1589630) | (17377279) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Year Ended<br> September 30, 2025** | **For the Year Ended<br> September 30, 2025** | **For the Year Ended<br> September 30, 2024** | **For the Year Ended<br> September 30, 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Sterling Capital West Virginia Intermediate Tax-Free Fund** |  |  |  |  |
| **Class A Shares** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | $8608 | 81001 | $1016507 | 9554498 |
| &nbsp;&nbsp;&nbsp;Reinvested | 49965 | 469366 | 44543 | 420513 |
| &nbsp;&nbsp;&nbsp;Redeemed | (131983) | (1240312) | (1211559) | (11414326) |
| &nbsp;&nbsp;&nbsp;Total | (73410) | (689945) | (150509) | (1439315) |
| **Sterling Capital West Virginia Intermediate Tax-Free Fund** |  |  |  |  |
| **Class C Shares** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | $— |  | $— |  |
| &nbsp;&nbsp;&nbsp;Reinvested | 4 | 36 | 3 | 35 |
| &nbsp;&nbsp;&nbsp;Redeemed | $— |  | $— |  |
| &nbsp;&nbsp;&nbsp;Total | 4 | 36 | 3 | 35 |
| **Sterling Capital West Virginia Intermediate Tax-Free Fund** |  |  |  |  |
| **Class Institutional Shares** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 239921 | 2257688 | 565024 | 5264564 |
| &nbsp;&nbsp;&nbsp;Reinvested | 15951 | 149996 | 20650 | 194962 |
| &nbsp;&nbsp;&nbsp;Redeemed | (736141) | (6917659) | (3363585) | (31810643) |
| &nbsp;&nbsp;&nbsp;Total | (480269) | (4509975) | (2777911) | (26351117) |

---

**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.

**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.

**STERLING CAPITAL FUNDS**

***NOTES TO FINANCIAL STATEMENTS (Continued)***

**September 30, 2025**

**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, 2026. During the fiscal year ended September 30, 2025, each of the following Funds utilized its line of credit:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Average Interest Rate | Average Loan<br> Balance\* | Number of Days<br> Outstanding | Interest Expense<br> Incurred | Maximum Amount<br> Borrowed |
| Sterling Capital Special Opportunities Fund | 5.75% | $7005000 | 1 | $1119 | $7005000 |
| Sterling Capital Equity Income Fund | 5.75% | 42348000 | 1 | 6764 | 42348000 |
| Sterling Capital Small Cap Value Fund | 5.88% | 1335000 | 2 | 429 | 2314000 |

---

\* *Average loan balance was calculated by taking the sum of the loans outstanding for each day divided by the number of days the loans were outstanding.*

**12. Fund Ownership:**

As of September 30, 2025, certain third-parties and their affiliates possessed, on behalf of their underlying accounts, voting or investment power with respect to the following Funds in the following amounts: 87% of the Behavioral Small Cap Value Fund, 45% of the Ultra Short Bond Fund and 76% 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 year, the Funds did not incur any interest or penalties.

Management has analyzed the Funds' tax positions taken on federal income tax returns for all open tax years (current and prior three tax years), and has concluded that no provision for federal income tax was required in the Funds' financial statements. The Funds' federal income and excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state departments of revenue.

Capital losses are permitted to be carried forward without expiration. Such capital losses will retain their character as either short-term or long-term capital losses.

At September 30, 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<br> Expiration** | **Amount With No<br> Expiration** |
|  | **Short-term<br> Losses** | **Long-term<br> Losses** |
| **Sterling Capital Behavioral Large Cap Value Equity Fund** | $7595501 | $— |
| **Sterling Capital Ultra Short Bond Fund** |  | 1092727 |
| **Sterling Capital Short Duration Bond Fund** | 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 FUNDS**

***NOTES TO FINANCIAL STATEMENTS (Continued)***

**September 30, 2025**

---

| | | |
|:---|:---|:---|
|  | **Amount With No<br> Expiration** | **Amount With No<br> Expiration** |
|  | **Short-term<br> Losses** | **Long-term<br> Losses** |
| **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 current year were as follows:

---

| | |
|:---|:---|
|  | **Utilized<br> Capital Loss<br> Carryforwards** |
| **Sterling Capital Behavioral Large Cap Value Equity Fund** | $4152771 |
| **Sterling Capital Ultra Short Bond Fund** | 197803 |
| **Sterling Capital Short Duration Bond Fund** | 349326 |

---

Currency and qualified late year ordinary losses and specified gains realized after October 31, and net investment losses realized after December 31 of the Funds' fiscal year may be deferred and treated as occurring on the first business day of the following fiscal year for tax purposes. For the fiscal year ended September 30, 2025, the Funds did not defer any net investment losses realized after December 31 of the Fund's fiscal year. The Funds deferred currency and qualified late year ordinary losses and specified gains realized after October 31 as follows:

---

| | |
|:---|:---|
| **Sterling Capital Special Opportunities Fund** | $745416 |
| **Sterling Capital Equity Income Fund** | 51765671 |

---

The character of income and gains distributed is determined in accordance with the Code and the Treasury regulations, which may differ from U.S. GAAP. These "book/tax" differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature (e.g., redemptions in-kind, net operating losses and equalization utilized), such amounts are reclassified within the composition of net assets based on their federal tax-basis treatment; temporary differences do not require reclassification. These reclassifications have no impact on net assets or net asset values per share.

---

| | | |
|:---|:---|:---|
|  | **Increase/ (Decrease)<br> Paid-in-Capital** | **Increase/ (Decrease)<br> Distributable Earnings** |
| **Behavioral Large Cap Value Equity Fund** | $(19025) | $19025 |
| **Behavioral Small Cap Value Fund** | 570862 | (570862) |
| **Behavioral Special Opportunities Fund** | 6945356 | (6945356) |
| **Equity Income Fund** | 56825634 | (56825634) |
| **Mid Cap Relative Value Fund** | 901626 | (901626) |
| **Real Estate Fund** | 251187 | (251187) |
| **Small Cap Value Fund** | 5434216 | (5434216) |
| **Ultra Short Bond Fund** | (1) | 1 |
| **Short Duration Bond Fund** | (142) | 142 |

---

**STERLING CAPITAL FUNDS**

***NOTES TO FINANCIAL STATEMENTS (Continued)***

**September 30, 2025**

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** | | | | |
|  | **Ordinary<br> income** | **Net Long-<br> Term Gains** |<br>**Total Taxable<br> Distributions** |<br>**Tax Exempt<br> Distributions** |<br>**Tax return of<br> capital** |<br>**Total<br> 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 Fund** | 1170619 |  | 1170619 |  |  | 1170619 |
| **Sterling Capital Short Duration Bond Fund** | 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 |

---

\* *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.*

The tax character of distributions paid to shareholders during the fiscal year ended September 30, 2024 was as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Distributions paid from** | **Distributions paid from** | | | |
|  | **Ordinary<br> income** | **Net Long-<br> Term Gains** |<br>**Total Taxable<br> Distributions** |<br>**Tax Exempt<br> Distributions** |<br>**Total<br> distributions<br> paid\*** |
| **Sterling Capital Behavioral Large Cap Value Equity Fund** | $575370 | $— | $575370 | $— | $575370 |
| **Sterling Capital Behavioral Small Cap Value Equity Fund** | 1932831 |  | 1932831 |  | 1932831 |
| **Sterling Capital Special Opportunities Fund** |  | 74941805 | 74941805 |  | 74941805 |
| **Sterling Capital Equity Income Fund** | 31980986 | 148289810 | 180270796 |  | 180270796 |
| **Sterling Capital Mid Cap Relative Value Fund** | 397363 | 4747295 | 5144658 |  | 5144658 |
| **Sterling Capital Real Estate Fund** | 1326500 | 4009190 | 5335690 |  | 5335690 |
| **Sterling Capital Small Cap Value Fund** | 1414792 | 78692724 | 80107516 |  | 80107516 |
| **Sterling Capital Ultra Short Bond Fund** | 1429031 |  | 1429031 |  | 1429031 |
| **Sterling Capital Short Duration Bond Fund** | 2917911 |  | 2917911 |  | 2917911 |
| **Sterling Capital Intermediate U.S. Government Fund** | 590430 |  | 590430 |  | 590430 |
| **Sterling Capital Total Return Bond Fund** | 57055580 |  | 57055580 |  | 57055580 |
| **Sterling Capital Long Duration Corporate Bond Fund** | 1885726 |  | 1885726 |  | 1885726 |
| **Sterling Capital Quality Income Fund** | 3067259 |  | 3067259 |  | 3067259 |
| **Sterling Capital North Carolina Intermediate Tax-Free Fund** | 102548 |  | 102548 | 3092595 | 3195143 |
| **Sterling Capital South Carolina Intermediate Tax-Free Fund** | 34441 |  | 34441 | 782081 | 816522 |
| **Sterling Capital Virginia Intermediate Tax-Free Fund** | 39472 |  | 39472 | 1194827 | 1234299 |
| **Sterling Capital West Virginia Intermediate Tax-Free Fund** | 52473 |  | 52473 | 1865093 | 1917566 |

---

\* *Total distributions paid may differ from the Statements of Changes in Net Assets because distributions are recognized when actually paid for tax purposes. The Funds may also utilize equalization accounting for tax purposes and designate earnings and profits, including net realized gains distributed to shareholders on redemption of shares, as part of the dividends.*

**STERLING CAPITAL FUNDS**

***NOTES TO FINANCIAL STATEMENTS (Continued)***

**September 30, 2025**

As of September 30, 2025, the components of distributable earnings (accumulated deficit) on a tax basis were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Undistributed<br> Ordinary<br> Income/<br> Tax Exempt<br> 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 Fund | 2853 |  | 2853 | (3012) | (1092727) | 135719 | (957167) |
| Sterling Capital Short Duration Bond Fund | 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) |

---

\* *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 September 30, 2025, federal income tax cost, gross unrealized appreciation and gross unrealized depreciation on securities were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Tax Cost** | **Gross Tax<br> Unrealized<br> Appreciation** | **Gross Tax<br> Unrealized<br> Depreciation** | **Net Tax<br> Unrealized<br> Appreciation<br> (Depreciation)** |
| **Sterling Capital Behavioral Large Cap Value Equity Fund** | $38576797 | $9370455 | $(322604) | $9047851 |
| **Sterling Capital Behavioral Small Cap Value Equity Fund** | 86715439 | 18401013 | (1464728) | 16936285 |
| **Sterling Capital Special Opportunities Fund** | 222921575 | 174012243 | (3756533) | 170255710 |
| **Sterling Capital Equity Income Fund** | 760347866 | 333422258 | (20764095) | 312658163 |
| **Sterling Capital Mid Cap Relative Value Fund** | 35013928 | 23013769 | (379603) | 22634166 |
| **Sterling Capital Real Estate Fund** | 39642507 | 28707683 | (1172896) | 27534787 |
| **Sterling Capital Small Cap Value Fund** | 55708070 | 121067264 | (1755956) | 119311308 |
| **Sterling Capital Ultra Short Bond Fund** | 28492856 | 144345 | (8626) | 135719 |
| **Sterling Capital Short Duration Bond Fund** | 40379154 | 531509 | (84771) | 446738 |
| **Sterling Capital Intermediate U.S. Government Fund** | 20404436 | 211937 | (776036) | (564099) |
| **Sterling Capital Total Return Bond Fund** | 1584411011 | 22636871 | (36069225) | (13432354) |
| **Sterling Capital Long Duration Corporate Bond Fund** | 51530323 | 611388 | (2459587) | (1848199) |
| **Sterling Capital Quality Income Fund** | 168010043 | 1905483 | (3549718) | (1644235) |
| **Sterling Capital North Carolina Intermediate Tax-Free Fund** | 114910187 | 1528538 | (386525) | 1142013 |
| **Sterling Capital South Carolina Intermediate Tax-Free Fund** | 20890992 | 237145 | (132623) | 104522 |
| **Sterling Capital Virginia Intermediate Tax-Free Fund** | 31450212 | 325641 | (143169) | 182472 |
| **Sterling Capital West Virginia Intermediate Tax-Free Fund** | 49116363 | 330623 | (224861) | 105762 |

---

**STERLING CAPITAL FUNDS**

***NOTES TO FINANCIAL STATEMENTS (Continued)***

**September 30, 2025**

**14. Material Events:**

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 agreement 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 is expected to take place in the first half of 2026. Following the Closing, it is anticipated that Sterling Capital will continue to operate as a standalone entity indirectly owned by Guardian, which will in turn be indirectly owned by Desjardins. To provide continuity and stability, Sterling Capital's team of management and senior professionals are currently expected to continue servicing Sterling Capital's clients, including the Funds, after Closing.

At a meeting held on August 27, 2025, the Board of Sterling Capital Funds Trust approved the reorganization of the Sterling Capital Ultra Short Bond Fund and Sterling Capital Short Duration Bond Fund into newly created exchange-traded funds, Sterling Capital Ultra Short Bond ETF and Sterling Capital Short Duration Bond ETF, each a series in the Sterling Capital Funds Trust. Sterling Capital Ultra Short Bond ETF and Sterling Capital Short Duration Bond ETF will have the same investment adviser, investment objective and substantially similar fundamental investment policies and investment strategies as Sterling Capital Ultra Short Bond Fund and Sterling Capital Short Duration Bond Fund, respectively. These reorganizations are anticipated to be completed in the first half of 2026.

**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.

![](fp0096384-1_02.jpg)

**<u>REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</u>**

To the Shareholders and Board of Trustees of

Sterling Capital Funds

<u>Opinion on the Financial Statements</u>

We have audited the accompanying statements of assets and liabilities, including the schedules of investments and futures contracts, of Sterling Capital Funds, comprising 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 (the "Funds") as of September 30, 2025, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of September 30, 2025, the results of their operations for the year then ended, the changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

<u>Basis for Opinion</u>

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of September 30, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![](fp0096384-1_03.jpg)

We have served as the Funds' auditor since 2019.

![](fp0096384-1_04.jpg)

COHEN & COMPANY, LTD.

Cleveland, Ohio

November 25, 2025

**STERLING CAPITAL FUNDS**

**SUPPLEMENTAL INFORMATION (UNAUDITED)**

**September 30, 2025**

**Notice to Shareholders**

All amounts and percentages below are based on financial information available as of the date of this annual report and, accordingly are subject to change. For each item it is the intention of the Funds to report the maximum amount permitted under the Internal Revenue Code and the regulations thereunder.

For the fiscal year ended September 30, 2025, each Fund is reporting the following items with regard to distributions paid during the year.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Long-Term<br> Capital Gains** | **Qualified<br> Dividend<br> Income %** | **(for corporate<br> shareholders)<br> Dividends<br> Received<br> Deduction %** | **Exempt-<br> Interest<br> Dividend** | **U.S.<br> Government<br> Income** | **Foreign Taxes<br> Paid** | **Foreign<br> Source<br> Income** |
| **Sterling Capital Behavioral Large Cap Value Equity Fund** | $2807005 | 0.00% | 0.00% |  |  | – |  |
| **Sterling Capital Behavioral Small Cap Value Equity Fund** | 7312703 | 71.86% | 0.00% |  |  | – |  |
| **Sterling Capital Special Opportunities Fund** | 79543542 | 0.00% | 0.00% |  |  | – |  |
| **Sterling Capital Equity Income Fund** | 369506197 | 94.75% | 92.88% |  |  | – |  |
| **Sterling Capital Mid Cap Relative Value Fund** | 5667125 | 94.34% | 94.23% |  |  | – |  |
| **Sterling Capital Real Estate Fund** | 2807005 | 0.00% | 0.00% |  |  | – |  |
| **Sterling Capital Small Cap Value Fund** | 41072847 | 100.00% | 100.00% |  |  | – |  |
| **Sterling Capital Ultra Short Bond Fund** |  | 0.00% | 0.00% |  | 0.25% | – |  |
| **Sterling Capital Short Duration Bond Fund** |  | 0.00% | 0.00% |  | 1.79% | – |  |
| **Sterling Capital Intermediate U.S. Government Fund** |  | 0.00% | 0.00% |  | 40.65% | – |  |
| **Sterling Capital Total Return Bond Fund** |  | 0.00% | 0.00% |  | 40.02% | – |  |
| **Sterling Capital Long Duration Corporate Bond Fund** |  | 0.00% | 0.00% |  | 2.86% | – |  |
| **Sterling Capital Quality Income Fund** |  | 0.00% | 0.00% |  | 35.92% | – |  |
| **Sterling Capital North Carolina Intermediate Tax-Free Fund** |  | 0.00% | 0.00% | 97.98% |  | – |  |
| **Sterling Capital South Carolina Intermediate Tax-Free Fund** |  | 0.00% | 0.00% | 96.97% |  | – |  |
| **Sterling Capital Virginia Intermediate Tax- Free Fund** |  | 0.00% | 0.00% | 97.59% |  | – |  |
| **Sterling Capital West Virginia Intermediate Tax-Free Fund** |  | 0.00% | 0.00% | 97.50% |  | – |  |

---

**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. The Funds' Forms N-PORT reports, once filed, will be available without charge on the Commission's website at <u>www.sec.gov</u>.

**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.

**STERLING CAPITAL FUNDS**

**SUPPLEMENTAL INFORMATION (UNAUDITED) (Continued)**

**September 30, 2025**

**Proxy Disclosures for Open-End Management Investment Companies**

Not applicable.

**Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies**

Refer to the financial statements included herein.

**Statement Regarding Basis for Approval of Investment Advisory Contract**

<u>Continuation of Current Advisory Agreement</u>

The Board of Trustees conducted meetings in August and November 2024 to consider the continuance of the investment advisory agreement between Sterling Capital Funds (the "Trust") and Sterling Capital Management LLC ("Sterling Capital" or the "Adviser"), the investment adviser to each series of the Trust (collectively, the "Funds"), for a new term running through January 31, 2026. The above referenced agreement is referred to herein as the "Advisory Agreement."

The Trustees reviewed extensive material in connection with their consideration of the Advisory Agreement, including data from an independent provider of mutual fund data (as assembled by the Trust's administrator), which, where applicable, included comparisons with a peer group of comparable funds (based on average share class assets) for advisory fees, administrator fees, 12b-1 fees, and total fund expenses. The Trustees considered the contractual advisory fee levels for each Fund, as well as the fee waivers that Sterling Capital had agreed to implement for certain Funds. The Trustees noted that, as detailed below, Sterling Capital had agreed to reduce its contractual advisory fee rate for a number of Funds in recent years as part of the annual contract review process. The Board was assisted in its review by independent legal counsel, who provided a memorandum detailing the legal standards for review of the Advisory Agreement. The Board received detailed presentations from Sterling Capital, including analysis of each Fund's investment process and performance, and conducted site visits to the Adviser's offices in Charlotte. The Board also received and considered information from Sterling Capital relating to its profitability in respect of each Fund, and from all Funds in the aggregate. As part of their deliberations, the Independent Trustees conducted private meetings with their independent legal counsel, outside the presence of Sterling Capital and other Fund management.

In their deliberations regarding the Advisory Agreement, the Trustees attributed different weights to various factors involved in an analysis of the Advisory Agreement, and in each case no factor alone was considered determinative. The Trustees determined that the arrangement between the Trust and the Adviser, as provided in the Advisory Agreement, was fair and reasonable and that the continuance of the Advisory Agreement was in the best interests of each applicable Fund and its shareholders.

The Trustees considered the following factors, among others, in reaching their conclusions.

*Nature, Extent, and Quality of Services Provided by the Adviser*

The Trustees received and considered information regarding the nature, extent, and quality of the services provided by the Adviser to each Fund under the Advisory Agreement. The Trustees took into account information furnished throughout the year by the Adviser at Board meetings, as well as materials furnished by the Adviser specifically in connection with the annual review process. The Trustees conducted periodic meetings with representatives of each Fund's portfolio management team over the course of the year, and received periodic "deep dive" attribution analyses regarding specific Funds. The Trustees considered the background and experience of the Adviser's senior management and the expertise of investment personnel of the Adviser responsible for the day-to-day management of each Fund. The Trustees considered the overall reputation of the Adviser, and the capabilities and commitment of the Adviser to provide high quality services to each Fund.

The Trustees also considered the acquisition of the Adviser by Guardian Capital Group Limited ("Guardian") in July 2024, and the assurances provided by representatives of Sterling Capital and Guardian that Sterling Capital would continue to operate as a standalone entity following the acquisition and would continue to be led by its current team of management and senior professionals, providing continuity and stability for the Funds. These representatives also confirmed Guardian's commitment to the continued growth and success of Sterling Capital and the Funds.

**STERLING CAPITAL FUNDS**

**SUPPLEMENTAL INFORMATION (UNAUDITED) (Continued)**

**September 30, 2025**

The Trustees received information concerning the investment philosophy and investment processes applied or to be applied by the Adviser in managing each Fund as well as the Adviser's Form ADV. The Trustees also considered information regarding the Adviser's and the Funds' regulatory compliance and compliance with the investment policies of the Funds. The Trustees evaluated the Adviser's trading practices, and considered the procedures of the Adviser designed to fulfill the Adviser's fiduciary duty to the Funds with respect to possible conflicts of interest, including the Adviser's code of ethics (regulating, among other things, the personal trading of its officers and employees).

Based on their review, the Trustees concluded that, with respect to the nature, extent, and quality of services provided or to be provided by the Adviser, the nature and extent of responsibilities was or was expected to be consistent with mutual fund industry norms, and the quality of the services provided or to be provided by the Adviser was or was expected to be satisfactory or better.

*Investment Performance*

The Trustees considered the performance results of each Fund over various periods in absolute terms and relative to each Fund's benchmark and peer fund categories determined by an independent third-party data provider. In conducting their review, the Trustees focused particular attention on cases where a Fund's longer-term performance compared unfavorably with its relevant peer categories. The Trustees noted that Sterling Capital had been proactive in identifying and replacing underperforming portfolio managers over time and taking other steps to address underperformance concerns with certain Funds.

After reviewing the performance of each Fund and taking into consideration the management style, investment strategies, and prevailing market conditions during the prior year and for longer periods, the Trustees concluded that the performance of each Fund was acceptable or better or that, in cases where performance issues were encountered, Sterling Capital had taken appropriate steps to address the situation.

*Cost of Services, Including the Profits Realized by the Adviser and Affiliates, and Other Benefits*

The Trustees considered peer group information with respect to the advisory fees charged by Sterling Capital to each of the Funds, taking into consideration both contractual and actual (i.e., after fee waivers) fee levels. The Trustees concluded that the advisory fees paid by the Funds fell within an acceptable range as compared to peer groups, and were fair and reasonable, particularly in light of the fee waivers and reductions described below under "Economies of Scale."

As part of their review, the Trustees considered benefits to Sterling Capital aside from advisory fees. The Trustees reviewed administration fees received by Sterling Capital and considered the fallout benefits to Sterling Capital such as the research services available to Sterling Capital by reason of brokerage commissions generated by the Funds' portfolio transactions. The Trustees also considered benefits to Sterling Capital's affiliates, including brokerage commissions received by a Sterling Capital affiliate from time to time for executing certain trades on behalf of the Funds. With respect to these trades, the Trustees considered Sterling Capital's assurances that such trades were both infrequent and effected in accordance with board approved procedures.

The Trustees also considered information from Sterling Capital regarding fees for accounts managed by Sterling Capital with investment objectives and strategies similar to those of comparable Funds where applicable. This included information about the differences in services necessary to manage the Funds as compared to separate accounts, including management of cash flows and the need to comply with extensive and complex restrictions set by applicable regulations or established in Fund disclosure documents. Based on this information, the Trustees concluded that the differences between the services that Sterling Capital provides to the Funds and those it provides to separate accounts substantially limit the probative value of fee comparisons to those other separate account clients.

The Trustees also considered the reasonableness of current and proposed advisory fees in the context of the profitability of the Adviser. In determining whether the advisory fees were fair and reasonable, the Trustees considered profitability information provided by the Adviser with respect to investment advisory services. With respect to such information, the Trustees recognized that such profitability data was generally unaudited and represented the Adviser's own determination of its and its affiliates' revenues from the contractual services provided or expected to be provided to the Funds, less estimated expenses of providing such services. Expenses include direct and indirect costs and were calculated using an allocation methodology developed by the Adviser. Based on their review, the Trustees concluded that the profitability of the Adviser as a result of its relationships with the Funds was acceptable.

**STERLING CAPITAL FUNDS**

**SUPPLEMENTAL INFORMATION (UNAUDITED) (Continued)**

**September 30, 2025**

Based on the foregoing, the Trustees concluded that the fees proposed under the Advisory Agreement were fair and reasonable, in light of the services and benefits provided or expected to be provided to each Fund.

*Economies of Scale*

The Trustees also considered whether fee levels reflect economies of scale and whether economies of scale would be produced by the growth of the Funds' assets. The Trustees considered that Sterling Capital had taken steps to reduce the expense ratios for a number of Funds as part of the 2024 contract review process. In particular, Sterling Capital agreed to limit its advisory fee rates for the period February 1, 2025 to January 31, 2026 for Sterling Capital Quality Income Fund, Sterling Capital Ultra Short Bond Fund and Sterling Capital Intermediate U.S. Government Bond Fund as part of the 2024 contract review process. In addition, Sterling Capital agreed to implement total expense caps for the period February 1, 2025 to January 31, 2026 for each share class for Sterling Capital Total Return Bond Fund and Sterling Capital Long Duration Corporate Bond Fund, and to waive and/or reimburse certain expenses with respect to Class R6 shares of certain Funds. Finally, the Trustees noted that Sterling Capital had agreed to reduce its contractual advisory fee rate for a number of Funds as part of the last several contract review processes. As part of the 2020 contract review process, Sterling Capital agreed to reduce its contractual advisory fee rate for the following Funds: Sterling Capital Mid Cap Relative Value Fund, Sterling Capital Small Cap Value Fund, Sterling Capital Short Duration Bond Fund, and Sterling Capital Total Return Bond Fund. As part of the 2021 contract review process, Sterling Capital agreed to reduce its contractual advisory fee rate for the Sterling Capital Long Duration Corporate Bond Fund. As part of the 2024 contract review process, Sterling Capital agreed to reduce its contractual advisory fee rate for the Sterling Capital Special Opportunities Fund. The Trustees found that, taking into account these fee waivers and reductions, each Fund's fee schedule represents an appropriate sharing between the Fund and Sterling Capital of such economies of scale as may exist at current asset levels.

**INVESTMENT ADVISOR**

Sterling Capital Management LLC

4350 Congress Street, Suite 1000

Charlotte, NC 28209

**DISTRIBUTOR**

Sterling Capital Distributors, LLC

3 Canal Plaza, Suite 100

Portland, ME 04101

**LEGAL COUNSEL**

Ropes & Gray LLP

Prudential Tower

800 Boylston Street

Boston, MA 02199

**TRANSFER AGENT**

Ultimus Fund Solutions, LLC

225 Pictoria Drive

Cincinnati, OH 45246

**INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

Cohen & Company, Ltd.

1350 Euclid Avenue, Suite 800

Cleveland, OH 44115

![](fp0096384-1_05.jpg)

**Item 8.** **Changes in and Disagreements with Accountants for Open-End Management Investment Companies.** 

Not applicable.

**Item 9.** **Proxy Disclosures for Open-End Management Investment Companies.** 

Not applicable.

**Item 10.** **Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.**

Included under Item 7.

**Item 11.** **Statement Regarding Basis for Approval of Investment Advisory Contract.** 

Included under Item 7.

**Item 12.** **Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.**

Not applicable to Registrant.

**Item 13.** **Portfolio Managers of Closed-End Management Investment Companies.**

Not applicable to Registrant.

**Item 14.** **Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.**

Not applicable.

**Item 15.** **Submission of Matters to a Vote of Security Holders.**

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's board of trustees, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407) (as required by Item 22(b)(15) of Schedule 14A (17 CFR 240.14a-101)), or this Item.

**Item 16.** **Controls and Procedures**

(a) The registrant's Principal Executive Officer and Principal Financial Officer have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act) are effective in design and operation and are sufficient to form the basis of the certifications required by Rule 30a-(2) under the Act, based on their evaluation of these disclosure controls and procedures as of a date within 90 days of this report on Form N-CSR.

(b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

**Item 17.** **Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**

Not applicable to Registrant.

**Item 18.** **Recovery of Erroneously Awarded Compensation.**

&nbsp;&nbsp;&nbsp;&nbsp;(a) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

**Item 19. Exhibits.**

[(a)(1) The registrant's Code of Ethics is attached hereto.](fp0096384-1_ex99code.htm)

(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.](fp0096384-1_ex99cert.htm)

[(b) Certifications required by Rule 30a-2(b) under the Act are attached hereto.](fp0096384-1_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: | 11/25/2025 |  |
|  |  | /s/ James T. Gillespie |
|  |  | James T. Gillespie, President |
|  |  | (Principal Executive Officer) |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
| Date: | 11/25/2025 |  |
|  |  | /s/ James T. Gillespie |
|  |  | James T. Gillespie, President |
|  |  | (Principal Executive Officer) |
| Date: | 11/25/2025 |  |
|  |  | /s/ Todd M. Miller |
|  |  | Todd M. Miller, Treasurer |
|  |  | (Principal Financial Officer) |

---

## Ex-99.Code

STERLING CAPITAL FUNDS

CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND

PRINCIPAL FINANCIAL OFFICERS

I. Covered Officers/Purpose of the Code

The Sterling Capital Funds (the "Funds") code of ethics (this "Code") applies to the Funds' Principal Executive Officer ("President") and Principal Financial Officer ("Treasurer") (the "Covered Officers" each of whom is identified in Exhibit A) for the purpose of promoting:

● honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

● full, fair, accurate, timely and understandable disclosure in reports and documents that a registrant files with, or submits to, the Securities and Exchange Commission ("SEC") and in other public communications made by the Funds;

● compliance with applicable laws and governmental rules and regulations;

● the prompt internal reporting of violations of the Code to an appropriate person or persons identified in the Code; and

● accountability for adherence to the Code.

Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to apparent as well as actual conflicts of interest.

II. Covered Officers Should Handle Ethically Actual and Apparent Conflicts of Interest

Overview. A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or his service to, the Funds. For example, a conflict of interest would arise if a Covered Officer, or a member of his family, receives improper personal benefits as a result of his position in the Funds.

Certain conflicts of interest arise out of the relationships between Covered Officers and the Fund and already are subject to conflict of interest provisions in the Investment Company Act of 1940, as amended (the"1940 Act"). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the Fund because of their status as "affiliated persons" of the Fund. Each Covered Officer is an employee of the Funds' Adviser or Sub-Administrator ("Service Provider"). The Funds' and the Service Provider's compliance programs and procedures are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between the Funds and the Service Provider of which the Covered Officers are also officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Funds or for the Service Provider, or for both), be involved in establishing policies and implementing decisions which will have different effects on the Service Provider and the Funds. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Funds and the Service Provider and is consistent with the performance by the Covered Officers of their duties as officers of the Funds. Thus, if performed in conformity with the provisions of the 1940 Act, will be deemed to have been handled ethically. In addition, it is recognized by the Board of Trustees (the "Board") that the Covered Officers may also be officers or employees of one or more other investment companies covered by this or other Codes.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the 1940 Act. The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of the Funds.

Each Covered Officer must:

● not use his personal influence or personal relationships improperly to influence investment decisions or financial reporting by the Funds whereby the Covered Officer would benefit personally to the detriment of the Funds;

● not cause the Funds to take action, or fail to take action, for the individual personal benefit of the Covered Officer rather than for the benefit of the Funds; and

● not use material non-public knowledge of portfolio transactions made or contemplated for the Funds to trade personally or cause others to trade personally in contemplation of the market effect of such transactions.

III. Disclosure & Compliance

● Each Covered Officer should familiarize himself with the disclosure requirements generally applicable to the Funds;

● each Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts about the Funds to others, whether within or outside the Funds, including to the Funds' Trustees and auditors, and to governmental regulators and self-regulatory organizations;

● each Covered Officer should, to the extent appropriate within his area of responsibility, consult with other officers and employees of the Funds and the Funds' adviser or subadviser and administrator with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Funds file with, or submit to, the SEC and in other public communications made by the Funds; and

● it is the responsibility of each Covered Officer to promote compliance with the standards and restrictions imposed by applicable laws, rules and regulations.

IV. Reporting and Accountability

Each Covered Officer must:

● upon adoption of the Code (or thereafter as applicable, upon becoming a Covered Officer), affirm in writing to the Board that he/she has received, read, and understands the Code (see Exhibit B);

● annually thereafter affirm to the Board that he/she has complied with the requirements of the Code (see Exhibit C);

● not retaliate against any employee or Covered Officer or their affiliated persons for reports of potential violations that are made in good faith;

● notify the Qualified Legal Compliance Committee ("QLCC") promptly if he knows of any violation of this Code. Failure to do so is itself a violation of this Code; and

● report at least annually any change in his affiliations from the prior year.

The QLCC is responsible for applying this Code to specific situations in which questions are presented under it and has the authority to interpret this Code in any particular situation.

The Funds will follow these procedures in investigating and enforcing this Code:

● the QLCC will take all appropriate action to investigate any potential violations reported to it;

● if, after such investigation, the QLCC believes that no violation has occurred, the QLCC is not required to take any further action;

● if the QLCC concurs that a violation has occurred, it will inform and make a recommendation to the Board, which will consider appropriate action, which may include review of, and appropriate modifications to, applicable policies and procedures; notification to appropriate personnel of the Service Provider or its board; or a recommendation to dismiss the Covered Officer; and

● any changes to this Code will, to the extent required, be disclosed as provided by SEC rules.

V. Other Policies and Procedures

This Code shall be the sole code of ethics adopted by the Funds for purposes of Section 406 of the Sarbanes-Oxley Act of 2002 and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Funds, the Funds' adviser, principal underwriter, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superceded by this Code to the extent that they overlap or conflict with the provisions of this Code. The Funds' and their investment adviser's, principal underwriter's and service providers' codes of ethics under Rule 17j-1 under the 1940 Act and the adviser's more detailed policies and procedures are separate requirements applying to the Covered Officers and others, and are not part of this Code.

VI. Amendments

Any amendments to this Code, other than amendments to Exhibit A, must be approved or ratified by a majority vote of the Funds' board, including a majority of independent directors/trustees.

VII. Confidentiality

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the appropriate Board and its counsel, the investment adviser and the respective Service Providers.

VIII. Internal Use

The Code is intended solely for the internal use by the Funds and does not constitute an admission, by or on behalf of the Funds, as to any fact, circumstance, or legal conclusion.

Date: November 19, 2003

As amended August 29, 2006, February 27, 2007, August 28, 2007, February 24, 2009 and May 20, 2016

STERLING CAPITAL FUNDS

CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND

PRINCIPAL FINANCIAL OFFICERS

Exhibit A - Persons Covered by this Code of Ethics

Principal Executive Officer and President

Principal Financial Officer and Treasurer

STERLING CAPITAL FUNDS

Exhibit B

INITIAL CERTIFICATION

CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND

PRINCIPAL FINANCIAL OFFICERS

I, _________________ , [Principal Executive Officer/Principal Financial Officer] of Sterling Capital Funds (the "Funds") hereby certify that I have received, read and understand the Code of Ethics for Principal Executive and Principal Financial Officers ("Code") of the Funds.

Name: <br> Title:

Date:

STERLING CAPITAL FUNDS

Exhibit C

ANNUAL CERTIFICATION

CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND

PRINCIPAL FINANCIAL OFFICERS

I, _________________ , [Principal Executive Officer/Principal Financial Officer] of Sterling Capital Funds (the "Funds") hereby certify that I have received and read the Code of Ethics for Principal Executive and Principal Financial Officers ("Code") of the Funds. I further certify to the Boards that I understand and have complied with the requirements of the Code.

Name: <br> Title:

Date:

## Ex-99.Cert

**Exhibit 99.CERT**

**CERTIFICATION**

I, James T. Gillespie, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I
have reviewed this report on Form N-CSR of Sterling Capital Funds;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based
on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make
the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered
by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based
on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects
the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include
a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The
registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures
(as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule
30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed
such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure
that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those
entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed
such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision,
to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external
purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated
the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the
effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on
such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed
in this report any change in the registrant's internal control over financial reporting that occurred during the period covered
by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over
financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The
registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the
registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All
significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably
likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any
fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal
control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | 11/25/2025 | /s/ James T. Gillespie |
|  |  | James T. Gillespie |
|  |  | President and Principal Executive Officer |

---

**CERTIFICATION**

I, Todd M. Miller, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I
have reviewed this report on Form N-CSR of Sterling Capital Funds;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based
on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make
the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered
by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based
on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects
the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include
a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The
registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures
(as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule
30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed
such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure
that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those
entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed
such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision,
to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external
purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated
the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the
effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on
such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed
in this report any change in the registrant's internal control over financial reporting that occurred during the period covered
by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over
financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The
registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the
registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All
significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably
likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any
fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal
control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | 11/25/2025 | /s/ Todd M. Miller |
|  |  | Todd M. Miller |
|  |  | Treasurer and Principal Financial Officer |

---

## Exhibit 99.906

**Exhibit 99.906CERT** 

**CERTIFICATION PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT** 

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, the undersigned officers of Sterling Capital Funds, do hereby certify, to the best of their knowledge:

1. The Registrant's periodic report on Form N-CSR for the period ended September 30, 2025 (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.

---

| | | |
|:---|:---|:---|
| Date: | 11/25/2025 | /s/ James T. Gillespie |
|  |  | James T. Gillespie |
|  |  | President and Principal Executive Officer |
| Date: | 11/25/2025 | /s/ Todd M. Miller |
|  |  | Todd M. Miller |
|  |  | Chief Financial Officer and Principal Financial Officer |

---

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.