Sterling Capital Equity Income Fund (BAEIX) N-CSRS Certified semi-annual shareholder report (management investment company)

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

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-06719

Sterling Capital Funds

(Exact name of registrant as specified in charter)

434 Fayetteville St., Suite 500

Raleigh, NC 27601

(Address of principal executive offices) (Zip code)

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

(Name and address of agent for service)

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

Date of fiscal year end: September 30

Date of reporting period: March 31, 2022

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

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

Item 1. Reports to Stockholders.

(a) The Report to Shareholders is attached herewith.

Sterling Capital Funds

Table of Contents

Letter from the President and the Investment Advisor	1
Summary of Portfolio Holdings	2
Expense Example	6
Schedules of Portfolio Investments
Sterling Capital Behavioral Large Cap Value Equity Fund	12
Sterling Capital Mid Value Fund	15
Sterling Capital Behavioral Small Cap Value Equity Fund	17
Sterling Capital Special Opportunities Fund	21
Sterling Capital Equity Income Fund	22
Sterling Capital Behavioral International Equity Fund	23
Sterling Capital SMID Opportunities Fund	26
Sterling Capital Mid Cap Relative Value Fund	27
Sterling Capital Real Estate Fund	29
Sterling Capital Small Cap Value Fund	30
Sterling Capital Ultra Short Bond Fund	32
Sterling Capital Short Duration Bond Fund	37
Sterling Capital Intermediate U.S. Government Fund	42
Sterling Capital Total Return Bond Fund	45
Sterling Capital Long Duration Corporate Bond Fund	54
Sterling Capital Quality Income Fund	60
Sterling Capital North Carolina Intermediate Tax-Free Fund	66
Sterling Capital South Carolina Intermediate Tax-Free Fund	69
Sterling Capital Virginia Intermediate Tax-Free Fund	71
Sterling Capital West Virginia Intermediate Tax-Free Fund	73
Financial Statements	76
Notes to Financial Statements	128
Other Information	155
Notice of Privacy Policy & Practices	156

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Letter from the President and the Investment Advisor

Dear Shareholders:   We are pleased to present this Sterling Capital Funds semiannual report covering the six months from October 1, 2021 to March 31, 2022.   Equity markets posted positive returns over the six-month period due in large part to relatively strong performance in the fourth quarter of 2021, particularly among large-cap U.S. stocks. The fourth quarter performance came at the end of a robust year for stocks, with indices posting double-digit returns for 2021 across all cap sizes in both domestic and international markets, except for emerging markets equities which lost ground. In fact, 2021 represented the 14^th best year for the S&P 500® Index¹ since 1950, and every sector of the S&P 500 closed the year with double-digit gains. The Energy sector finished 2021 with the highest return, followed by Real Estate and, in a distant tie for third, the Financials and Information Technology sectors.   For the fourth quarter of 2021, U.S. equities outperformed international equities, while large-cap stocks generally outperformed their small-cap counterparts. Among large- cap indices, the S&P 500 gained 11%, while large-cap international stocks, as measured by the MSCI² EAFE Large Cap (LC) Index, gained just 3.2%. Similarly, the Russell 2000^® Index³ of small-cap stocks posted a 2.1% return, compared to a 0.1% return among small-cap international names, as measured by the MSCI EAFE Small Cap (SC) Index. The strong gains among domestic equities came despite historically high inflation, less accommodative Federal Reserve policy, and growing concerns around the negative economic effects of a new COVID-19 variant, Omicron.   Interest rates in the fourth quarter remained flat, with the 10-year Treasury yield beginning and ending the quarter at 1.52%. However, the credit spread between corporate bonds and Treasuries widened over the course of the final three months of 2021 as bond markets adjusted to the Federal Reserve’s more aggressive tone. Bond returns, as measured by the Bloomberg Government/Corporate Index⁴, declined 0.57% for the fourth quarter of 2021, while the Bloomberg 1-10 Year Municipal Index⁵ gained a modest 0.18%. However, stocks turned negative with the dawn of the new year. Every major segment of the global equity markets we monitor ended the first quarter of 2022 in negative territory as market volatility, fears of persistent high levels of inflation, and a major geopolitical crisis in the form of the Russia/ Ukraine conflict weighed on investor confidence. The negative quarter snapped a seven-quarter winning streak for the S&P 500 and was a rare example of both stocks and bonds posting negative returns in the same quarter.   Large-cap stocks once again outperformed small caps for the quarter, while domestic equity markets were only slightly stronger than international markets. The S&P 500 was down 4.6% for the quarter, while the MSCI EAFE LC declined 5%. By comparison, the Russell 2000 fell 7.5%, compared to an 8.4% drop in the MSCI EAFE SC. Emerging markets continued to struggle, losing 7.0% for the quarter, although that was due in large part to 28.2% and 10.6% declines in Russian and Chinese equities, respectively.   Bond yields during the first quarter of 2022 reflected the evolving views on higher inflation. The yield curve briefly inverted for the first time since 2019 but ended the quarter nearly flat. Over the course of the first three months of 2022, the yield on 10-year Treasuries rose 80 basis points, while the yield on two-year Treasuries rose 155 basis points, a 75-basis-point shift.   Domestic macro-economic data told a story of strong economic growth despite ongoing challenges. GDP increased at an annualized rate of 6.9% in the final quarter of 2021, while the forecast for the first quarter of 2022 is for a decrease of 1.4%, which reflects increasing concerns for the health of the U.S. economy in the face of ongoing inflation. The monthly unemployment rate also reflected strong economic fundamentals, with a continued downward trend from 4.6% in October 2021 to 3.6% in March 2022. Meanwhile, annualized inflation ended the six-month period under review at a startling 8.5%, the highest it has been in the past 40 years.   The S&P 500 gained 5.92% (total return) during the six months under review. Small-cap stocks fared far worse than their large-cap counterparts over the same period, however, with the Russell 2000 losing 5.55% (total return). International markets also lost ground, with the MSCI EAFE Index⁶ down 4.97% (price return) and the MSCI Emerging Markets Index⁷ losing 8.2% (net return) for the six month-period.   During the first half of the period under review, the Real Estate, Technology and Materials sectors posted the strongest gains among U.S. stocks. However, the Energy and Utilities sectors were the only sectors to post positive returns over the first quarter of 2022, with Energy solidly outperforming the broader index thanks to a 39.0% gain compared to the S&P 500’s 4.6% decline. The quarterly gain was driven by rising demand for energy as economic activity resumed, and by the spike in oil prices triggered by the Russia/Ukraine conflict. Crude oil prices (Brent) reached as high as $139.13 per barrel in early March (a 78.9% gain year-to-date) before finishing the first quarter at $107.91 per barrel, a three-month 38.7% gain.   We will continue to monitor the evolving economic and market climate and will manage the Sterling Capital Funds accordingly. Thank you for your confidence in Sterling Capital Management. We look forward to serving your investment needs during the months and years ahead.   If you have any questions, please call us at 1-800-228-1872.   Sincerely,     James T. Gillespie President Sterling Capital Funds     Jeffrey J. Schappe, CFA Managing Director Sterling Capital Management LLC  

¹ “S&P 500®” is a registered service mark of Standard & Poor’s Corporation, which does not sponsor and is in no way affiliated with the Sterling Capital Funds. The S&P 500® Index is generally considered to be representative of the performance of the stock market as a whole. The index does not reflect the deduction of expenses associated with a mutual fund, such as investment management and fund accounting fees. A Fund’s performance reflects the deduction of fees for these services. Investors cannot invest directly in an index, although they can invest in its underlying securities.

² MSCI Inc. is an American finance company headquartered in New York City. MSCI is a global provider of equity, fixed income, real estate indexes, multi-asset portfolio analysis tools, ESG and climate products. It operates the MSCI World, MSCI All Country World Index, MSCI Emerging Markets Indexes.

³ “Russell 2000®” Index is a registered service mark of FTSE Russell, which does not sponsor and is in no way affiliated with the Sterling Capital Funds. The Russell 2000® Index is a small-cap market index of the bottom 2,000 stocks in the Russell 3000® Index. The index does not reflect the deduction of expenses associated with a mutual fund, such as investment management and fund accounting fees. A Fund’s performance reflects the deduction of fees for these services. Investors cannot invest directly in an index, although they can invest in its underlying securities.

⁴ The Bloomberg Government/Corporate Bond Index includes fixed rate debt issues rated investment grade or higher by Moody’s, S&P, or Fitch. All issues have at least one year to maturity and an outstanding par value of at least $250 million. This index includes only U.S. Government or Investment Grade Credit Only. Total return includes price appreciation/depreciation and income as a percent of the original investment.

⁵ The Bloomberg 1-10 Year Municipal Index is a market value-weighted index which covers the short and intermediate components of the Barclays Municipal Bond Index—an unmanaged, market value-weighted index which covers the U.S. investment-grade tax-exempt bond market.

⁶ The MSCI EAFE Index measures the performance of the developed stock markets of Europe, Australia, and the Far East.

⁷ MSCI Emerging Markets Index captures large and mid-cap equity representation across 27 developing market countries. The Index covers approximately 85% of the free float-adjusted market capitalization in each country.

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

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

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

1

Sterling Capital Funds

Summary of Portfolio Holdings (Unaudited)

Sterling Capital Funds invested, as a percentage of net assets, in the following industries, countries, states, funds or security types, as of March 31, 2022:

Sterling Capital Behavioral Large Cap Value Equity Fund	Percentage of net assets
Aerospace & Defense		3.0	%
Air Freight & Logistics		1.3	%
Automobiles		1.5	%
Banks		6.3	%
Biotechnology		3.3	%
Building Products		0.4	%
Capital Markets		5.0	%
Chemicals		2.4	%
Consumer Finance		1.6	%
Diversified Consumer Services		0.3	%
Diversified Financial Services		1.2	%
Diversified Telecommunication Services		2.3	%
Electric Utilities		2.8	%
Electrical Equipment		2.4	%
Electronic Equipment, Instruments & Components		0.5	%
Energy Equipment & Services		1.5	%
Equity Real Estate Investment Trusts (REITs)		4.2	%
Food & Staples Retailing		2.0	%
Food Products		2.2	%
Gas Utilities		0.7	%
Health Care Providers & Services		9.3	%
Hotels, Restaurants & Leisure		0.5	%
Household Durables		1.4	%
Household Products		1.2	%
Independent Power and Renewable Electricity Producers		0.5	%
Insurance		5.2	%
Interactive Media & Services		1.6	%
IT Services		2.2	%
Machinery		2.0	%
Media		2.5	%
Metals & Mining		2.3	%
Multiline Retail		0.3	%
Oil, Gas & Consumable Fuels		6.8	%
Paper & Forest Products		0.4	%
Pharmaceuticals		5.4	%
Professional Services		0.4	%
Road & Rail		0.8	%
Semiconductors & Semiconductor Equipment		3.8	%
Software		0.6	%
Specialty Retail		2.3	%
Technology Hardware, Storage & Peripherals		2.6	%
Textiles, Apparel & Luxury Goods		0.4	%
Tobacco		1.5	%
Money Market Fund		1.1	%
		100.0	%

Sterling Capital Mid Value Fund	Percentage of net assets
Auto Components		2.3	%
Banks		5.3	%
Chemicals		4.3	%
Consumer Finance		4.2	%
Containers & Packaging		3.7	%
Electric Utilities		5.3	%
Electrical Equipment		2.4	%
Energy Equipment & Services		1.2	%
Entertainment		1.4	%
Food Products		2.2	%
Health Care Equipment & Supplies		1.9	%
Health Care Providers & Services		14.6	%
Hotels, Restaurants & Leisure		1.9	%
Household Durables		1.3	%
Household Products		2.4	%
Insurance		9.5	%
Interactive Media & Services		1.8	%
Internet & Direct Marketing Retail		1.6	%
IT Services		5.7	%
Machinery		3.9	%
Media		2.1	%
Oil, Gas & Consumable Fuels		2.0	%
Professional Services		5.4	%
Real Estate Management & Development		2.7	%
Software		2.5	%
Specialty Retail		1.9	%
Thrifts & Mortgage Finance		2.7	%
Trading Companies & Distributors		2.6	%
Money Market Fund		1.2	%
		100.0	%

2

Sterling Capital Funds

Summary of Portfolio Holdings (Unaudited)

Sterling Capital Behavioral Small Cap Value Equity Fund	Percentage of net assets
Aerospace & Defense		0.2	%
Air Freight & Logistics		1.4	%
Automobiles		0.3	%
Banks		13.4	%
Beverages		0.4	%
Building Products		1.1	%
Capital Markets		0.9	%
Chemicals		1.9	%
Commercial Services & Supplies		1.0	%
Communications Equipment		0.3	%
Construction & Engineering		0.8	%
Consumer Finance		1.9	%
Diversified Consumer Services		0.2	%
Diversified Financial Services		1.0	%
Diversified Telecommunication Services		0.6	%
Electric Utilities		2.9	%
Electrical Equipment		0.7	%
Electronic Equipment, Instruments & Components		2.3	%
Energy Equipment & Services		0.4	%
Equity Real Estate Investment Trusts (REITs)		8.3	%
Food & Staples Retailing		2.2	%
Gas Utilities		1.9	%
Health Care Equipment & Supplies		1.7	%
Health Care Providers & Services		4.2	%
Health Care Technology		0.6	%
Household Durables		1.0	%
Household Products		0.6	%
Independent Power and Renewable Electricity Producers		0.3	%
Insurance		4.3	%
Interactive Media & Services		0.3	%
Leisure Products		0.0	%*
Machinery		0.4	%
Marine		2.6	%
Media		2.1	%
Metals & Mining		2.2	%
Mortgage Real Estate Investment Trusts (REITs)		1.7	%
Multiline Retail		1.2	%
Multi-Utilities		0.5	%
Oil, Gas & Consumable Fuels		8.9	%
Paper & Forest Products		0.3	%
Pharmaceuticals		2.3	%
Professional Services		1.6	%
Real Estate Management & Development		2.8	%
Road & Rail		1.8	%
Semiconductors & Semiconductor Equipment		3.0	%
Specialty Retail		3.9	%
Textiles, Apparel & Luxury Goods		0.2	%
Thrifts & Mortgage Finance		2.3	%
Trading Companies & Distributors		3.4	%
Money Market Fund		1.3	%
		99.6	%

^* Amount represents less than 0.05%.

Sterling Capital Special Opportunities Fund	Percentage of net assets
Aerospace & Defense		1.5	%
Air Freight & Logistics		0.8	%
Auto Components		1.4	%
Biotechnology		2.5	%
Capital Markets		5.9	%
Communications Equipment		3.7	%
Consumer Finance		1.9	%
Containers & Packaging		3.5	%
Electronic Equipment, Instruments & Components		1.5	%
Entertainment		1.5	%
Health Care Equipment & Supplies		4.4	%
Health Care Providers & Services		10.9	%
Household Durables		1.4	%
Interactive Media & Services		6.7	%
Internet & Direct Marketing Retail		1.9	%
IT Services		16.0	%
Life Sciences Tools & Services		4.6	%
Media		3.5	%
Pharmaceuticals		3.8	%
Professional Services		5.7	%
Real Estate Management & Development		2.3	%
Semiconductors & Semiconductor Equipment		4.5	%
Software		5.9	%
Specialty Retail		1.9	%
Wireless Telecommunication Services		1.2	%
Money Market Fund		1.2	%
		100.1	%

Sterling Capital Equity Income Fund	Percentage of net assets
Aerospace & Defense		2.0	%
Air Freight & Logistics		3.7	%
Beverages		5.1	%
Biotechnology		4.0	%
Capital Markets		3.1	%
Communications Equipment		5.7	%
Consumer Finance		3.3	%
Diversified Telecommunication Services		1.8	%
Electronic Equipment, Instruments & Components		2.4	%
Equity Real Estate Investment Trusts (REITs)		2.7	%
Food Products		2.5	%
Health Care Equipment & Supplies		6.4	%
Health Care Providers & Services		8.1	%
Hotels, Restaurants & Leisure		3.5	%
Industrial Conglomerates		2.5	%
Insurance		7.3	%
IT Services		8.4	%
Machinery		2.3	%
Oil, Gas & Consumable Fuels		0.9	%
Pharmaceuticals		6.0	%
Professional Services		2.9	%
Semiconductors & Semiconductor Equipment		3.8	%
Software		4.0	%
Specialty Retail		2.8	%
Money Market Fund		4.8	%
		100.0	%

3

Sterling Capital Funds

Summary of Portfolio Holdings (Unaudited)

Sterling Capital Behavioral International Equity Fund	Percentage of net assets
Australia		8.7	%
Austria		2.0	%
Belgium		0.9	%
Denmark		2.5	%
Finland		1.4	%
France		13.4	%
Germany		8.7	%
Hong Kong		2.2	%
Israel		1.9	%
Italy		2.7	%
Japan		23.7	%
Netherlands		3.3	%
Norway		1.0	%
Spain		2.7	%
Sweden		1.6	%
Switzerland		8.5	%
United Kingdom		13.0	%
Money Market Fund		0.5	%
		98.7	%

Sterling Capital SMID Opportunities Fund	Percentage of net assets
Auto Components		3.4	%
Banks		4.4	%
Capital Markets		2.9	%
Chemicals		4.1	%
Commercial Services & Supplies		4.9	%
Communications Equipment		3.8	%
Consumer Finance		3.4	%
Containers & Packaging		4.5	%
Entertainment		1.6	%
Equity Real Estate Investment Trusts (REITs)		3.1	%
Health Care Equipment & Supplies		7.6	%
Health Care Providers & Services		5.5	%
Household Durables		1.3	%
Independent Power and Renewable Electricity Producers .		4.6	%
Insurance		3.6	%
IT Services		20.4	%
Machinery		4.2	%
Media		1.5	%
Oil, Gas & Consumable Fuels		3.9	%
Professional Services		3.5	%
Real Estate Management & Development		1.3	%
Software		2.2	%
Specialty Retail		1.7	%
Money Market Fund		2.6	%
		100.0	%

Sterling Capital Mid Cap Relative Value Fund	Percentage of net assets
Auto Components		1.9	%
Banks		7.5	%
Building Products		3.1	%
Capital Markets		2.7	%
Chemicals		2.9	%
Communications Equipment		1.3	%
Construction & Engineering		1.8	%
Containers & Packaging		4.1	%
Electronic Equipment, Instruments & Components		6.4	%
Entertainment		3.4	%
Equity Real Estate Investment Trusts (REITs)		7.7	%
Food & Staples Retailing		4.0	%
Food Products		1.4	%
Gas Utilities		4.5	%
Health Care Equipment & Supplies		3.4	%
Hotels, Restaurants & Leisure		0.6	%
Household Durables		1.3	%
Insurance		7.7	%
IT Services		2.1	%
Leisure Products		1.6	%
Life Sciences Tools & Services		7.2	%
Machinery		2.3	%
Oil, Gas & Consumable Fuels		6.3	%
Professional Services		3.1	%
Real Estate Management & Development		1.9	%
Semiconductors & Semiconductor Equipment		1.6	%
Software		2.5	%
Trading Companies & Distributors		2.3	%
Money Market Fund		3.4	%
		100.0	%

Sterling Capital Real Estate Fund	Percentage of net assets
Health Care		8.9	%
Hotel & Resort		3.4	%
Industrial		15.7	%
Office		6.1	%
Real Estate Development		1.6	%
Residential		17.1	%
Retail		10.9	%
Specialized		35.2	%
Money Market Fund		1.0	%
		99.9	%

4

Sterling Capital Funds

Summary of Portfolio Holdings (Unaudited)

Sterling Capital Small Cap Value Fund	Percentage of net assets
Aerospace & Defense		2.4	%
Auto Components		1.2	%
Banks		17.2	%
Capital Markets		1.6	%
Chemicals		3.3	%
Construction & Engineering		3.4	%
Consumer Finance		0.8	%
Electric Utilities		2.4	%
Electrical Equipment		2.5	%
Electronic Equipment, Instruments & Components		3.4	%
Entertainment		1.7	%
Equity Real Estate Investment Trusts (REITs)		9.6	%
Food & Staples Retailing		7.4	%
Gas Utilities		2.3	%
Household Durables		2.2	%
Insurance		6.7	%
Life Sciences Tools & Services		3.2	%
Machinery		6.5	%
Oil, Gas & Consumable Fuels		4.5	%
Professional Services		3.4	%
Semiconductors & Semiconductor Equipment		5.9	%
Software		2.1	%
Specialty Retail		0.8	%
Trading Companies & Distributors		3.5	%
Money Market Fund		2.0	%
		100.0	%

Sterling Capital Ultra Short Bond Fund	Percentage of net assets
Asset Backed Securities		15.2	%
Collateralized Mortgage Obligations		0.9	%
Commercial Mortgage-Backed Securities		17.9	%
Corporate Bonds		59.7	%
Municipal Bonds		1.4	%
Money Market Fund		3.6	%
		98.7	%

Sterling Capital Short Duration Bond Fund	Percentage of net assets
Asset Backed Securities		11.2	%
Collateralized Mortgage Obligations		4.3	%
Commercial Mortgage-Backed Securities		11.9	%
Corporate Bonds		64.9	%
Municipal Bonds		4.2	%
U.S. Treasury Notes		2.5	%
Money Market Fund		1.7	%
		100.7	%

Sterling Capital Intermediate U.S. Government Fund	Percentage of net assets
Asset Backed Securities		2.0	%
Collateralized Mortgage Obligations		15.6	%
Commercial Mortgage-Backed Securities		20.0	%
Corporate Bonds		2.1	%
Mortgage-Backed Securities		36.4	%
Municipal Bonds		0.9	%
U.S. Government Agencies		13.4	%
U.S. Treasury Notes		6.7	%
Money Market Fund		2.5	%
		99.6	%

Sterling Capital Total Return Bond Fund	Percentage of net assets
Asset Backed Securities		16.9	%
Collateralized Mortgage Obligations		2.2	%
Commercial Mortgage-Backed Securities		19.8	%
Corporate Bonds		33.7	%
Mortgage-Backed Securities		15.8	%
Municipal Bonds		4.0	%
U.S. Treasury Bonds		5.9	%
U.S. Treasury Notes		1.1	%
Money Market Fund		1.6	%
		101.0	%

Sterling Capital Long Duration Corporate Bond Fund	Percentage of net assets
Corporate Bonds		96.2	%
U.S. Treasury Bonds		2.0	%
U.S. Treasury Notes		0.2	%
Money Market Fund		0.5	%
		98.9	%

Sterling Capital Quality Income Fund	Percentage of net assets
Asset Backed Securities		18.5	%
Collateralized Mortgage Obligations		15.9	%
Commercial Mortgage-Backed Securities		27.5	%
Corporate Bonds		1.0	%
Mortgage-Backed Securities		29.8	%
U.S. Treasury Bonds		1.5	%
U.S. Treasury Notes		1.8	%
Money Market Fund		4.4	%
		100.4	%

Sterling Capital North Carolina Intermediate Tax-Free Fund	Percentage of net assets
North Carolina Municipal Bonds		95.7	%
Money Market Fund		2.4	%
		98.1	%

Sterling Capital South Carolina Intermediate Tax-Free Fund	Percentage of net assets
South Carolina Municipal Bonds		98.7	%
Money Market Fund		4.9	%
		103.6	%

Sterling Capital Virginia Intermediate Tax-Free Fund	Percentage of net assets
District of Columbia Municipal Bonds		2.2	%
Virginia Municipal Bonds		92.2	%
Money Market Fund		4.4	%
		98.8	%

Sterling Capital West Virginia Intermediate Tax-Free Fund	Percentage of net assets
West Virginia Municipal Bonds		92.7	%
Money Market Fund		6.1	%
		98.8	%

5

Sterling Capital Funds

Expense Example (Unaudited)

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

These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds. These examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire period from October 1, 2021 through March 31, 2022.

Actual Example

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

	Beginning Account Value 10/1/21		Ending Account Value 3/31/22		Expenses Paid During Period* 10/1/21 - 3/31/22		Annualized Expense Ratio During Period 10/1/21 - 3/31/22
Sterling Capital Behavioral Large Cap Value Equity Fund
Class A Shares	$	1,000.00	$	1,088.35	$	4.95		0.95	%
Class C Shares		1,000.00		1,083.84		8.83		1.70	%
Institutional Shares		1,000.00		1,089.40		3.65		0.70	%
Class R6 Shares		1,000.00		1,090.13		2.97		0.57	%
Sterling Capital Mid Value Fund
Class A Shares		1,000.00		1,059.56		5.80		1.13	%
Class C Shares		1,000.00		1,055.61		9.63		1.88	%
Institutional Shares		1,000.00		1,060.60		4.52		0.88	%
Class R6 Shares		1,000.00		1,061.13		4.06		0.79	%
Sterling Capital Behavioral Small Cap Value Equity Fund
Class A Shares		1,000.00		1,066.18		5.51		1.07	%
Class C Shares		1,000.00		1,061.87		9.36		1.82	%
Institutional Shares		1,000.00		1,066.99		4.23		0.82	%
Class R6 Shares		1,000.00		1,067.53		3.97		0.77	%
Sterling Capital Special Opportunities Fund
Class A Shares		1,000.00		1,021.13		5.69		1.13	%
Class C Shares		1,000.00		1,017.35		9.41		1.87	%
Institutional Shares		1,000.00		1,022.20		4.44		0.88	%
Class R6 Shares		1,000.00		1,022.54		3.98		0.79	%
Sterling Capital Equity Income Fund
Class A Shares		1,000.00		1,083.40		5.30		1.02	%
Class C Shares		1,000.00		1,079.41		9.18		1.77	%
Institutional Shares		1,000.00		1,084.77		4.00		0.77	%
Class R6 Shares		1,000.00		1,085.24		3.48		0.67	%
Sterling Capital Behavioral International Equity Fund
Class A Shares		1,000.00		971.36		4.47		0.91	%
Class C Shares		1,000.00		969.25		8.15		1.66	%
Institutional Shares		1,000.00		973.08		3.25		0.66	%
Class R6 Shares		1,000.00		973.52		3.00		0.61	%
Sterling Capital SMID Opportunities Fund
Class A Shares		1,000.00		1,027.80		5.26		1.04	%
Class C Shares		1,000.00		1,023.37		9.03		1.79	%
Institutional Shares		1,000.00		1,029.42		4.00		0.79	%
Sterling Capital Mid Cap Relative Value Fund
Class A Shares		1,000.00		1,028.52		5.51		1.09	%
Class C Shares		1,000.00		1,025.16		8.73		1.73	%
Institutional Shares		1,000.00		1,029.72		4.20		0.83	%

6

Sterling Capital Funds

Expense Example (Unaudited) 

	Beginning Account Value 10/1/21		Ending Account Value 3/31/22		Expenses Paid During Period* 10/1/21 - 3/31/22			Annualized Expense Ratio During Period 10/1/21 - 3/31/22
Sterling Capital Real Estate Fund
Class A Shares	$	1,000.00	$	1,083.94	$	5.51			1.06	%
Class C Shares		1,000.00		1,079.81		9.39			1.81	%
Institutional Shares		1,000.00		1,085.45		4.21			0.81	%
Class R6 Shares		1,000.00		1,085.80		3.74			0.72	%
Sterling Capital Small Cap Value Fund
Class A Shares		1,000.00		1,051.09		6.34			1.24	%
Class C Shares		1,000.00		1,047.02		10.16			1.99	%
Institutional Shares		1,000.00		1,052.41		5.07			0.99	%
Class R6 Shares		1,000.00		1,052.98		4.56			0.89	%
Sterling Capital Ultra Short Bond Fund
Class A Shares		1,000.00		990.23		2.58			0.52	%
Institutional Shares		1,000.00		991.47		1.34			0.27	%
Sterling Capital Short Duration Bond Fund
Class A Shares		1,000.00		972.34		3.54			0.72	%
Class C Shares		1,000.00		967.52		7.16			1.46	%
Institutional Shares		1,000.00		972.37		2.26			0.46	%
Class R6 Shares		1,000.00		973.96		1.82			0.37	%
Sterling Capital Intermediate U.S. Government Fund
Class A Shares		1,000.00		947.36		3.45			0.71	%
Class C Shares		1,000.00		943.68		7.07			1.46	%
Institutional Shares		1,000.00		949.59		2.24			0.46	%
Sterling Capital Total Return Bond Fund
Class A Shares		1,000.00		935.30		3.38			0.70	%
Class C Shares		1,000.00		931.93		6.98			1.45	%
Institutional Shares		1,000.00		936.53		2.17			0.45	%
Class R6 Shares		1,000.00		936.06		1.69			0.35	%
Sterling Capital Long Duration Corporate Bond Fund
Class A Shares		1,000.00		908.01		4.61			0.97	%
Class C Shares		1,000.00		905.66		8.03			1.69	%
Institutional Shares		1,000.00		910.11		3.00			0.63	%
Class R6 Shares		1,000.00		910.24		0.52	**		0.34	%
Sterling Capital Quality Income Fund
Class A Shares		1,000.00		952.03		3.89			0.80	%
Class C Shares		1,000.00		948.64		7.24			1.49	%
Institutional Shares		1,000.00		953.26		2.63			0.54	%
Sterling Capital North Carolina Intermediate Tax-Free Fund
Class A Shares		1,000.00		951.81		3.89			0.80	%
Class C Shares		1,000.00		948.21		7.53			1.55	%
Institutional Shares		1,000.00		953.00		2.68			0.55	%
Sterling Capital South Carolina Intermediate Tax-Free Fund
Class A Shares		1,000.00		951.19		4.04			0.83	%
Class C Shares		1,000.00		948.47		7.68			1.58	%
Institutional Shares		1,000.00		952.89		2.82			0.58	%
Sterling Capital Virginia Intermediate Tax-Free Fund
Class A Shares		1,000.00		950.21		3.99			0.82	%
Class C Shares		1,000.00		947.47		7.62			1.57	%
Institutional Shares		1,000.00		952.22		2.77			0.57	%

7

Sterling Capital Funds

Expense Example (Unaudited)

	Beginning Account Value 10/1/21		Ending Account Value 3/31/22		Expenses Paid During Period* 10/1/21 - 3/31/22		Annualized Expense Ratio During Period 10/1/21 - 3/31/22
Sterling Capital West Virginia Intermediate Tax-Free Fund
Class A Shares	$	1,000.00	$	957.84	$	3.95		0.81	%
Class C Shares		1,000.00		955.28		7.56		1.55	%
Institutional Shares		1,000.00		960.06		2.74		0.56	%

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

** Expenses are equal to the average account value over the period multiplied by the Fund’s annualized expense ratio, multiplied by 59 days divided by 365 (to reflect the period from January 31, 2022 (commencement of operations) to March 31, 2022).

8

Sterling Capital Funds

Expense Example (Unaudited)

Hypothetical Example for Comparison Purposes

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

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

	Beginning Account Value 10/1/21		Ending Account Value 3/31/22		Expenses Paid During Period* 10/1/21 - 3/31/22		Annualized Expense Ratio During Period 10/1/21 - 3/31/22
Sterling Capital Behavioral Large Cap Value Equity Fund
Class A Shares	$	1,000.00	$	1,020.19	$	4.78		0.95	%
Class C Shares		1,000.00		1,016.45		8.55		1.70	%
Institutional Shares		1,000.00		1,021.44		3.53		0.70	%
Class R6 Shares		1,000.00		1,022.09		2.87		0.57	%
Sterling Capital Mid Value Fund
Class A Shares		1,000.00		1,019.30		5.69		1.13	%
Class C Shares		1,000.00		1,015.56		9.45		1.88	%
Institutional Shares		1,000.00		1,020.54		4.43		0.88	%
Class R6 Shares		1,000.00		1,020.99		3.98		0.79	%
Sterling Capital Behavioral Small Cap Value Equity Fund
Class A Shares		1,000.00		1,019.60		5.39		1.07	%
Class C Shares		1,000.00		1,015.86		9.15		1.82	%
Institutional Shares		1,000.00		1,020.84		4.13		0.82	%
Class R6 Shares		1,000.00		1,021.09		3.88		0.77	%
Sterling Capital Special Opportunities Fund
Class A Shares		1,000.00		1,019.30		5.69		1.13	%
Class C Shares		1,000.00		1,015.61		9.40		1.87	%
Institutional Shares		1,000.00		1,020.54		4.43		0.88	%
Class R6 Shares		1,000.00		1,020.99		3.98		0.79	%
Sterling Capital Equity Income Fund
Class A Shares		1,000.00		1,019.85		5.14		1.02	%
Class C Shares		1,000.00		1,016.11		8.90		1.77	%
Institutional Shares		1,000.00		1,021.09		3.88		0.77	%
Class R6 Shares		1,000.00		1,021.59		3.38		0.67	%
Sterling Capital Behavioral International Equity Fund
Class A Shares		1,000.00		1,020.39		4.58		0.91	%
Class C Shares		1,000.00		1,016.65		8.35		1.66	%
Institutional Shares		1,000.00		1,021.64		3.33		0.66	%
Class R6 Shares		1,000.00		1,021.89		3.07		0.61	%
Sterling Capital SMID Opportunities Fund
Class A Shares		1,000.00		1,019.75		5.24		1.04	%
Class C Shares		1,000.00		1,016.01		9.00		1.79	%
Institutional Shares		1,000.00		1,020.99		3.98		0.79	%
Sterling Capital Mid Cap Relative Value Fund
Class A Shares		1,000.00		1,019.50		5.49		1.09	%
Class C Shares		1,000.00		1,016.31		8.70		1.73	%
Institutional Shares		1,000.00		1,020.79		4.18		0.83	%

9

Sterling Capital Funds

Expense Example (Unaudited)

	Beginning Account Value 10/1/21		Ending Account Value 3/31/22		Expenses Paid During Period* 10/1/21 - 3/31/22			Annualized Expense Ratio During Period 10/1/21 - 3/31/22
Sterling Capital Real Estate Fund
Class A Shares	$	1,000.00	$	1,019.65	$	5.34			1.06	%
Class C Shares		1,000.00		1,015.91		9.10			1.81	%
Institutional Shares		1,000.00		1,020.89		4.08			0.81	%
Class R6 Shares		1,000.00		1,021.34		3.63			0.72	%
Sterling Capital Small Cap Value Fund
Class A Shares		1,000.00		1,018.75		6.24			1.24	%
Class C Shares		1,000.00		1,015.01		10.00			1.99	%
Institutional Shares		1,000.00		1,020.00		4.99			0.99	%
Class R6 Shares		1,000.00		1,020.49		4.48			0.89	%
Sterling Capital Ultra Short Bond Fund
Class A Shares		1,000.00		1,022.34		2.62			0.52	%
Institutional Shares		1,000.00		1,023.59		1.36			0.27	%
Sterling Capital Short Duration Bond Fund
Class A Shares		1,000.00		1,021.34		3.63			0.72	%
Class C Shares		1,000.00		1,017.65		7.34			1.46	%
Institutional Shares		1,000.00		1,022.64		2.32			0.46	%
Class R6 Shares		1,000.00		1,023.09		1.87			0.37	%
Sterling Capital Intermediate U.S. Government Fund
Class A Shares		1,000.00		1,021.39		3.58			0.71	%
Class C Shares		1,000.00		1,017.65		7.34			1.46	%
Institutional Shares		1,000.00		1,022.64		2.32			0.46	%
Sterling Capital Total Return Bond Fund
Class A Shares		1,000.00		1,021.44		3.53			0.70	%
Class C Shares		1,000.00		1,017.70		7.29			1.45	%
Institutional Shares		1,000.00		1,022.69		2.27			0.45	%
Class R6 Shares		1,000.00		1,023.19		1.77			0.35	%
Sterling Capital Long Duration Corporate Bond Fund
Class A Shares		1,000.00		1,020.09		4.89			0.97	%
Class C Shares		1,000.00		1,016.50		8.50			1.69	%
Institutional Shares		1,000.00		1,021.79		3.18			0.63	%
Class R6 Shares		1,000.00		1,007.53		0.55	**		0.34	%
Sterling Capital Quality Income Fund
Class A Shares		1,000.00		1,020.94		4.03			0.80	%
Class C Shares		1,000.00		1,017.50		7.49			1.49	%
Institutional Shares		1,000.00		1,022.24		2.72			0.54	%
Sterling Capital North Carolina Intermediate Tax-Free Fund
Class A Shares		1,000.00		1,020.94		4.03			0.80	%
Class C Shares		1,000.00		1,017.20		7.80			1.55	%
Institutional Shares		1,000.00		1,022.19		2.77			0.55	%
Sterling Capital South Carolina Intermediate Tax-Free Fund
Class A Shares		1,000.00		1,020.79		4.18			0.83	%
Class C Shares		1,000.00		1,017.05		7.95			1.58	%
Institutional Shares		1,000.00		1,022.04		2.92			0.58	%
Sterling Capital Virginia Intermediate Tax-Free Fund
Class A Shares		1,000.00		1,020.84		4.13			0.82	%
Class C Shares		1,000.00		1,017.10		7.90			1.57	%
Institutional Shares		1,000.00		1,022.09		2.87			0.57	%

10

Sterling Capital Funds

Expense Example (Unaudited)

	Beginning Account Value 10/1/21		Ending Account Value 3/31/22		Expenses Paid During Period* 10/1/21 - 3/31/22		Annualized Expense Ratio During Period 10/1/21 - 3/31/22
Sterling Capital West Virginia Intermediate Tax-Free Fund
Class A Shares	$	1,000.00	$	1,020.89	$	4.08		0.81	%
Class C Shares		1,000.00		1,017.20		7.80		1.55	%
Institutional Shares		1,000.00		1,022.14		2.82		0.56	%

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

** Expenses are equal to the average account value over the period multiplied by the Fund’s annualized expense ratio, multiplied by 59 days divided by 365 (to reflect the period from January 31, 2022 (commencement of operations) to March 31, 2022).

11

Sterling Capital Behavioral Large Cap Value Equity Fund

Schedule of Portfolio Investments

March 31, 2022 (Unaudited)

Shares			Fair Value
COMMON STOCKS — 98.9%
		Aerospace & Defense — 3.0%
	2,350	General Dynamics Corp.	$	566,773
	1,100	Lockheed Martin Corp.		485,540
				1,052,313
		Air Freight & Logistics — 1.3%
	2,200	United Parcel Service, Inc., Class B		471,812
		Automobiles — 1.5%
	31,550	Ford Motor Co.		533,511
		Banks — 6.3%
	4,453	Bank OZK		190,143
	1,950	Comerica, Inc.		176,339
	5,500	FNB Corp.		68,475
	6,100	KeyCorp.		136,518
	2,000	Popular, Inc.		163,480
	3,750	Synovus Financial Corp.		183,750
	10,150	U.S. Bancorp		539,472
	15,300	Wells Fargo & Co.		741,438
				2,199,615
		Biotechnology — 3.3%
	3,000	AbbVie, Inc.		486,330
	150	Regeneron Pharmaceuticals, Inc.(a)		104,763
	2,150	Vertex Pharmaceuticals, Inc.(a)		561,085
				1,152,178
		Building Products — 0.4%
	2,350	Builders FirstSource, Inc.(a)		151,669
		Capital Markets — 5.0%
	9,600	Bank of New York Mellon Corp. (The)		476,448
	3,950	Blackstone, Inc.		501,413
	6,875	Morgan Stanley		600,875
	4,500	Virtu Financial, Inc., Class A		167,490
				1,746,226
		Chemicals — 2.4%
	1,800	CF Industries Holdings, Inc.		185,508
	8,500	Dow, Inc.		541,620
	1,900	Olin Corp.		99,332
				826,460
		Consumer Finance — 1.6%
	3,650	Capital One Financial Corp.		479,209
	850	Discover Financial Services		93,661
				572,870
		Diversified Consumer Services — 0.3%
	1,600	Service Corp. International		105,312
		Diversified Financial Services — 1.2%
	6,850	Apollo Global Management, Inc.		424,632
		Diversified Telecommunication Services — 2.3%
	15,707	Verizon Communications, Inc.		800,115

Shares			Fair Value
COMMON STOCKS — (continued)
		Electric Utilities — 2.8%
	750	American Electric Power Co., Inc.	$	74,828
	2,500	Evergy, Inc.		170,850
	3,950	OGE Energy Corp.		161,081
	7,950	Southern Co. (The)		576,454
				983,213
		Electrical Equipment — 2.4%
	800	Acuity Brands, Inc.		151,440
	5,600	Emerson Electric Co.		549,080
	4,300	nVent Electric PLC		149,554
				850,074
		Electronic Equipment, Instruments & Components — 0.5%
	1,500	Arrow Electronics, Inc.(a)		177,945
		Energy Equipment & Services — 1.5%
	12,750	Schlumberger NV		526,702
		Equity Real Estate Investment Trusts (REITs) — 4.2%
	7,350	Brixmor Property Group, Inc		189,703
	450	Public Storage		175,626
	7,300	Realty Income Corp.		505,890
	3,350	Simon Property Group, Inc.		440,726
	3,000	Spirit Realty Capital, Inc.		138,060
				1,450,005
		Food & Staples Retailing — 2.0%
	5,550	Albertsons Cos., Inc., Class A		184,538
	8,900	Kroger Co. (The)		510,593
				695,131
		Food Products — 2.2%
	6,450	Archer-Daniels-Midland Co.		582,177
	2,050	Tyson Foods, Inc., Class A		183,741
				765,918
		Gas Utilities — 0.7%
	2,650	National Fuel Gas Co.		182,055
	1,350	UGI Corp.		48,897
				230,952
		Health Care Providers & Services — 9.3%
	1,300	AmerisourceBergen Corp.		201,123
	1,424	Anthem, Inc.		699,497
	2,550	Centene Corp.(a)		214,685
	6,600	CVS Health Corp.		667,986
	1,800	HCA Healthcare, Inc		451,116
	500	Laboratory Corp. of America Holdings(a)		131,830
	1,824	McKesson Corp.		558,381
	550	Molina Healthcare, Inc.(a)		183,474
	1,100	Quest Diagnostics, Inc.		150,546
				3,258,638

See accompanying Notes to the Financial Statements.

12

Sterling Capital Behavioral Large Cap Value Equity Fund

Schedule of Portfolio Investments — (continued)

March 31, 2022 (Unaudited)

Shares			Fair Value
COMMON STOCKS — (continued)
		Hotels, Restaurants & Leisure — 0.5%
	2,600	Boyd Gaming Corp.	$	171,028
		Household Durables — 1.4%
	1,750	Lennar Corp., Class A		142,048
	50	NVR, Inc.(a)		223,363
	700	Whirlpool Corp.		120,946
				486,357
		Household Products — 1.2%
	2,800	Procter & Gamble Co. (The)		427,840
		Independent Power and Renewable Electricity Producers — 0.5%
	7,450	Vistra Corp.		173,213
		Insurance — 5.2%
	8,600	Aflac, Inc.		553,754
	2,650	Fidelity National Financial, Inc.		129,426
	2,050	First American Financial Corp.		132,881
	6,500	MetLife, Inc.		456,820
	4,750	Prudential Financial, Inc.		561,307
				1,834,188
		Interactive Media & Services — 1.6%
	200	Alphabet, Inc., Class A(a)		556,270
		IT Services — 2.2%
	5,700	Cognizant Technology Solutions Corp.,
		Class A		511,119
	800	Concentrix Corp.		133,248
	4,300	DXC Technology Co.(a)		140,309
				784,676
		Machinery — 2.0%
	3,850	Allison Transmission Holdings, Inc.		151,151
	550	Crane Co.		59,554
	1,200	Deere & Co.		498,552
				709,257
		Media — 2.5%
	4,050	Fox Corp., Class A		159,773
	4,250	Fox Corp., Class B		154,190
	5,450	Interpublic Group of Cos., Inc. (The)		193,203
	3,250	Liberty Media Corp-Liberty SiriusXM,
		Class C(a)		148,622
	1,144	Nexstar Media Group, Inc., Class A		215,621
				871,409
		Metals & Mining — 2.3%
	11,999	Freeport-McMoRan, Inc.		596,830
	1,500	Nucor Corp.		222,975
				819,805
		Multiline Retail — 0.3%
	449	Target Corp.		95,287
		Oil, Gas & Consumable Fuels — 6.8%
	2,350	ConocoPhillips		235,000

Shares			Fair Value
COMMON STOCKS — (continued)
		Oil, Gas & Consumable Fuels — (continued)
	5,050	EOG Resources, Inc.	$	602,112
	9,950	Exxon Mobil Corp.		821,770
	2,450	Occidental Petroleum Corp.		139,013
	2,300	Pioneer Natural Resources Co.		575,069
				2,372,964
		Paper & Forest Products — 0.4%
	2,300	Louisiana-Pacific Corp.		142,876
		Pharmaceuticals — 5.4%
	9,950	Merck & Co., Inc.		816,397
	4,550	Organon & Co.		158,932
	17,750	Pfizer, Inc.		918,917
				1,894,246
		Professional Services — 0.4%
	1,150	Robert Half International, Inc		131,307
		Road & Rail — 0.8%
	2,800	Knight-Swift Transportation Holdings, Inc.		141,288
	1,850	Ryder System, Inc.		146,761
				288,049
		Semiconductors & Semiconductor Equipment — 3.8%
	776	Broadcom, Inc.		488,632
	950	KLA Corp.		347,757
	350	Microchip Technology, Inc.		26,299
	3,000	QUALCOMM, Inc.		458,460
				1,321,148
		Software — 0.6%
	1,950	SS&C Technologies Holdings, Inc.		146,289
	1,400	Teradata Corp.(a)		69,006
				215,295
		Specialty Retail — 2.3%
	250	AutoZone, Inc.(a)		511,145
	1,450	Dick's Sporting Goods, Inc.		145,029
	200	O'Reilly Automotive, Inc.(a)		136,992
				793,166
		Technology Hardware, Storage & Peripherals — 2.6%
	8,125	Dell Technologies, Inc., Class C(a)		407,794
	13,450	HP, Inc.		488,235
				896,029
		Textiles, Apparel & Luxury Goods — 0.4%
	2,500	Capri Holdings, Ltd.(a)		128,475
		Tobacco — 1.5%
	9,750	Altria Group, Inc.		509,437
		Total Common Stocks
		(Cost $29,256,704)		34,597,613

Continued

13

Sterling Capital Behavioral Large Cap Value Equity Fund

Schedule of Portfolio Investments — (continued)

March 31, 2022 (Unaudited)

Shares			Fair Value
MONEY MARKET FUND — 1.1%
	375,533	Federated Treasury Obligations Fund, Institutional Shares, 0.13%(b)	$	375,533
		Total Money Market Fund
		(Cost $375,533)		375,533
	Total Investments — 100.0%
	(Cost $29,632,237)			34,973,146
	Net Other Assets (Liabilities) — 0.0%			13,181
	NET ASSETS — 100.0%		$	34,986,327

(a) Represents non-income producing security.

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

Continued

14

Sterling Capital Mid Value Fund

Schedule of Portfolio Investments

March 31, 2022 (Unaudited)

Shares			Fair Value
COMMON STOCKS — 98.8%
		Auto Components — 2.3%
	53,000	Gentex Corp.	$	1,546,010
		Banks — 5.3%
	13,806	M&T Bank Corp.		2,340,117
	14,913	SouthState Corp.		1,216,752
				3,556,869
		Chemicals — 4.3%
	49,639	Corteva, Inc.		2,853,250
		Consumer Finance — 4.2%
	104,104	SLM Corp.		1,911,349
	27,006	Synchrony Financial		940,079
				2,851,428
		Containers & Packaging — 3.7%
	20,068	Crown Holdings, Inc.		2,510,306
		Electric Utilities — 5.3%
	34,891	ALLETE, Inc.		2,336,999
	22,465	Portland General Electric Co.		1,238,945
				3,575,944
		Electrical Equipment — 2.4%
	31,303	Sensata Technologies Holding PLC(a)		1,591,757
		Energy Equipment & Services — 1.2%
	26,064	Core Laboratories NV		824,404
		Entertainment — 1.4%
	6,271	Take-Two Interactive Software, Inc.(a)		964,103
		Food Products — 2.2%
	27,244	Cal-Maine Foods, Inc.		1,504,414
		Health Care Equipment & Supplies — 1.9%
	9,574	Zimmer Biomet Holdings, Inc.		1,224,514
	957	Zimvie, Inc.(a)		21,858
				1,246,372
		Health Care Providers & Services — 14.6%
	31,221	Centene Corp.(a)		2,628,496
	6,146	Cigna Corp.		1,472,643
	20,729	Encompass Health Corp.		1,474,039
	6,310	Laboratory Corp. of America Holdings(a)		1,663,694
	8,213	McKesson Corp.		2,514,246
				9,753,118
		Hotels, Restaurants & Leisure — 1.9%
	8,252	Hilton Worldwide Holdings, Inc.(a)		1,252,158
		Household Durables — 1.3%
	7,043	Mohawk Industries, Inc.(a)		874,741
		Household Products — 2.4%
	18,310	Spectrum Brands Holdings, Inc.		1,624,463
		Insurance — 9.5%
	2,487	Alleghany Corp.(a)		2,106,489

Shares			Fair Value
COMMON STOCKS — (continued)
		Insurance — (continued)
	6,011	Enstar Group, Ltd.(a)	$	1,569,773
	10,611	Lincoln National Corp.		693,535
	1,336	Markel Corp.(a)		1,970,920
				6,340,717
		Interactive Media & Services — 1.8%
	12,377	IAC/InterActiveCorp(a)		1,241,166
		Internet & Direct Marketing Retail — 1.6%
	18,361	eBay, Inc.		1,051,351
		IT Services — 5.7%
	13,850	Euronet Worldwide, Inc.(a)		1,802,578
	14,536	Global Payments, Inc.		1,989,106
				3,791,684
		Machinery — 3.9%
	75,262	Trinity Industries, Inc.		2,586,002
		Media — 2.1%
	10,580	Liberty Broadband Corp., Class C(a)		1,431,686
		Oil, Gas & Consumable Fuels — 2.0%
	64,662	CNX Resources Corp.(a)		1,339,797
		Professional Services — 5.4%
	14,270	ASGN, Inc.(a)		1,665,452
	13,902	Jacobs Engineering Group, Inc.		1,915,835
				3,581,287
		Real Estate Management & Development — 2.7%
	19,613	CBRE Group, Inc., Class A(a)		1,794,982
		Software — 2.5%
	41,499	NCR Corp.(a)		1,667,845
		Specialty Retail — 1.9%
	13,512	CarMax, Inc.(a)		1,303,638
		Thrifts & Mortgage Finance — 2.7%
	81,714	Radian Group, Inc.		1,814,868
		Trading Companies & Distributors — 2.6%
	38,519	Air Lease Corp.		1,719,873
		Total Common Stocks
		(Cost $42,660,984)		66,194,233

See accompanying Notes to the Financial Statements.

15

Sterling Capital Mid Value Fund

Schedule of Portfolio Investments — (continued)

March 31, 2022 (Unaudited)

Shares			Fair Value
MONEY MARKET FUND — 1.2%
	813,410	Federated Treasury Obligations Fund,
		Institutional Shares, 0.13%(b)	$	813,410
		Total Money Market Fund
		(Cost $813,410)		813,410
Total Investments — 100.0%
(Cost $43,474,394)				67,007,643
Net Other Assets (Liabilities) — 0.0%				(25,636	)
NET ASSETS — 100.0%			$	66,982,007

(a) Represents non-income producing security.

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

Continued

16

Sterling Capital Behavioral Small Cap Value Equity Fund

Schedule of Portfolio Investments

March 31, 2022 (Unaudited)

Shares			Fair Value
COMMON STOCKS — 98.3%
		Aerospace & Defense — 0.2%
	3,220	Textron, Inc.	$	239,504
		Air Freight & Logistics — 1.4%
	15,470	Air Transport Services Group, Inc.(a)		517,471
	11,813	Atlas Air Worldwide Holdings, Inc.(a)		1,020,289
				1,537,760
		Automobiles — 0.3%
	9,030	Harley-Davidson, Inc.		355,782
		Banks — 13.4%
	25,880	Associated Banc-Corp.		589,029
	13,036	Bank OZK		556,637
	14,660	BankUnited, Inc.		644,454
	14,450	Byline Bancorp, Inc.		385,526
	13,720	Central Pacific Financial Corp.		382,788
	3,870	Comerica, Inc.		349,964
	8,730	Community Trust Bancorp, Inc.		359,676
	14,305	ConnectOne Bancorp, Inc.		457,903
	15,149	Customers Bancorp, Inc.(a)		789,869
	42,538	First BanCorp.		558,099
	13,907	First Financial Corp.		601,895
	16,260	Flushing Financial Corp.		363,411
	32,210	Fulton Financial Corp.		535,330
	6,330	Great Southern Bancorp, Inc.		373,533
	13,550	Hancock Whitney Corp.		706,632
	19,510	Hanmi Financial Corp.		480,141
	9,787	HomeStreet, Inc.		463,708
	55,342	Hope Bancorp, Inc.		889,899
	21,194	Horizon Bancorp, Inc.		395,692
	14,144	Independent Bank Corp.		311,168
	12,900	Midland States Bancorp, Inc.		372,294
	18,162	OFG Bancorp		483,836
	25,710	Old Second Bancorp, Inc.		373,052
	8,464	Popular, Inc.		691,847
	13,070	Premier Financial Corp.		396,413
	14,693	QCR Holdings, Inc.		831,477
	13,710	RBB Bancorp		322,048
	13,009	Synovus Financial Corp.		637,441
	14,150	Univest Financial Corp.		378,654
	6,101	Zions Bancorp NA		399,982
				15,082,398
		Beverages — 0.4%
	803	Coca-Cola Consolidated, Inc.		398,971
		Building Products — 1.1%
	4,460	Builders FirstSource, Inc.(a)		287,849
	10,160	Insteel Industries, Inc.		375,818
	6,256	Owens Corning		572,424
				1,236,091
		Capital Markets — 0.9%
	17,018	Jefferies Financial Group, Inc.		559,041

Shares			Fair Value
COMMON STOCKS — (continued)
		Capital Markets — (continued)
	3,610	Piper Sandler Cos.	$	473,812
				1,032,853
		Chemicals — 1.9%
	10,250	AdvanSix, Inc.		523,673
	3,839	CF Industries Holdings, Inc.		395,647
	11,664	Mosaic Co. (The)		775,656
	3,652	Westlake Corp.		450,657
				2,145,633
		Commercial Services & Supplies — 1.0%
	44,210	CoreCivic, Inc.(a)		493,826
	11,310	Heritage-Crystal Clean, Inc.(a)		334,889
	25,228	Interface, Inc.		342,344
				1,171,059
		Communications Equipment — 0.3%
	3,060	Lumentum Holdings, Inc.(a)		298,656
		Construction & Engineering — 0.8%
	6,436	MYR Group, Inc.(a).		605,241
	11,840	Sterling Construction Co., Inc.(a)		317,312
				922,553
		Consumer Finance — 1.9%
	12,210	Ally Financial, Inc.		530,891
	2,280	Encore Capital Group, Inc.(a)		143,024
	12,400	Enova International, Inc.(a)		470,828
	5,140	Nelnet, Inc., Class A		436,849
	5,750	Regional Management Corp.		279,278
	17,390	SLM Corp.		319,280
				2,180,150
		Diversified Consumer Services — 0.2%
	6,350	Stride, Inc.(a)		230,696
		Diversified Financial Services — 1.0%
	6,130	A-Mark Precious Metals, Inc.		474,094
	10,300	Equitable Holdings, Inc.		318,373
	5,130	Voya Financial, Inc.		340,376
				1,132,843
		Diversified Telecommunication Services — 0.6%
	16,490	EchoStar Corp., Class A(a)		401,367
	25,390	Lumen Technologies, Inc.		286,145
				687,512
		Electric Utilities — 2.9%
	8,900	ALLETE, Inc.		596,122
	4,730	Evergy, Inc.		323,248
	8,010	Hawaiian Electric Industries, Inc.		338,903
	8,580	OGE Energy Corp.		349,892
	9,682	Otter Tail Corp.		605,125
	4,530	Pinnacle West Capital Corp.		353,793
	12,805	Portland General Electric Co.		706,196
				3,273,279

See accompanying Notes to the Financial Statements.

17

Sterling Capital Behavioral Small Cap Value Equity Fund

Schedule of Portfolio Investments — (continued)

March 31, 2022 (Unaudited)

Shares			Fair Value
COMMON STOCKS — (continued)
		Electrical Equipment — 0.7%
	3,178	Atkore, Inc.(a)	$	312,843
	4,260	Encore Wire Corp.		485,938
				798,781
		Electronic Equipment, Instruments & Components — 2.3%
	4,856	Arrow Electronics, Inc.(a)		576,067
	11,120	CTS Corp.		392,981
	3,925	Jabil, Inc.		242,290
	21,050	Knowles Corp.(a)		453,207
	12,508	Sanmina Corp.(a)		505,573
	32,628	TTM Technologies, Inc.(a)		483,547
				2,653,665
		Energy Equipment & Services — 0.4%
	3,088	Nabors Industries, Ltd.(a)		471,599
		Equity Real Estate Investment Trusts (REITs) — 8.3%
	21,940	Acadia Realty Trust		475,440
	19,510	Alexander & Baldwin, Inc.		452,437
	37,180	Apple Hospitality REIT, Inc.		668,125
	28,567	City Office REIT, Inc.		504,493
	8,400	Cousins Properties, Inc.		338,436
	6,200	CTO Realty Growth, Inc.		411,184
	6,490	EPR Properties		355,068
	18,622	Essential Properties Realty Trust, Inc.		471,137
	67,090	Franklin Street Properties Corp.		395,831
	20,477	Industrial Logistics Properties Trust		464,213
	4,940	Kilroy Realty Corp.		377,515
	29,499	Kimco Realty Corp.		728,625
	17,868	Medical Properties Trust, Inc.		377,730
	6,891	National Retail Properties, Inc.		309,682
	27,480	Piedmont Office Realty Trust, Inc., Class A		473,206
	10,874	PotlatchDeltic Corp.		573,386
	4,700	Regency Centers Corp.		335,298
	4,630	SL Green Realty Corp.		375,863
	9,690	STORE Capital Corp.		283,239
	18,455	VICI Properties, Inc.		525,229
	33,210	Whitestone REIT		440,032
				9,336,169
		Food & Staples Retailing — 2.2%
	10,370	Albertsons Cos., Inc., Class A.		344,803
	5,340	BJ's Wholesale Club Holdings, Inc.(a)		361,037
	28,166	SpartanNash Co.		929,196
	18,297	Sprouts Farmers Market, Inc.(a)		585,138
	7,530	United Natural Foods, Inc.(a)		311,366
				2,531,540
		Gas Utilities — 1.9%
	3,190	Atmos Energy Corp.		381,173
	6,010	National Fuel Gas Co.		412,887
	320	ONE Gas, Inc.		28,237
	9,238	Southwest Gas Holdings, Inc.		723,243

Shares			Fair Value
COMMON STOCKS — (continued)
		Gas Utilities — (continued)
	9,000	Spire, Inc.	$	645,840
				2,191,380
		Health Care Equipment & Supplies — 1.7%
	67,120	Accuray, Inc.(a)		222,167
	7,348	Envista Holdings Corp.(a)		357,921
	1,380	ICU Medical, Inc.(a)		307,243
	15,107	Natus Medical, Inc.(a)		397,012
	3,120	Quidel Corp.(a)		350,875
	13,130	Varex Imaging Corp.(a)		279,538
				1,914,756
		Health Care Providers & Services — 4.2%
	5,013	Acadia Healthcare Co., Inc.(a)		328,502
	3,381	AMN Healthcare Services, Inc.(a)		352,740
	4,275	DaVita, Inc.(a)		483,545
	3,893	Ensign Group, Inc. (The)		350,409
	7,120	Fulgent Genetics, Inc.(a)		444,359
	4,350	Henry Schein, Inc.(a)		379,276
	112	ModivCare, Inc.(a)		12,924
	1,230	Molina Healthcare, Inc.(a)		410,316
	8,050	Premier, Inc., Class A		286,500
	14,354	Tenet Healthcare Corp.(a)		1,233,870
	14,937	Tivity Health, Inc.(a)		480,523
				4,762,964
		Health Care Technology — 0.6%
	10,977	Computer Programs & Systems, Inc.(a)		378,158
	12,268	HealthStream, Inc.(a)		244,378
				622,536
		Household Durables — 1.0%
	19,260	Taylor Morrison Home Corp.(a)		524,257
	4,720	Toll Brothers, Inc.		221,935
	20,240	TRI Pointe Homes, Inc.(a)		406,419
				1,152,611
		Household Products — 0.6%
	7,360	Central Garden & Pet Co.(a)		323,546
	9,722	Central Garden & Pet Co., Class A(a)		396,463
				720,009
		Independent Power and Renewable Electricity Producers — 0.3%
	8,920	Brookfield Renewable Corp., Class A		390,696
		Insurance — 4.3%
	10,430	Argo Group International Holdings, Ltd.		430,550
	6,920	Assured Guaranty, Ltd.		440,527
	6,250	Axis Capital Holdings, Ltd.		377,938
	7,006	Brighthouse Financial, Inc.(a)		361,930
	23,220	CNO Financial Group, Inc.		582,590
	1,180	Everest Re Group, Ltd.		355,628
	6,700	Fidelity National Financial, Inc.		327,228
	4,620	First American Financial Corp.		299,468
	11,560	Horace Mann Educators Corp.		483,555

Continued 

18

Sterling Capital Behavioral Small Cap Value Equity Fund

Schedule of Portfolio Investments — (continued)

March 31, 2022 (Unaudited)

Shares			Fair Value
COMMON STOCKS — (continued)
		Insurance — (continued)
	280	Lincoln National Corp.	$	18,301
	13,670	Old Republic International Corp.		353,643
	2,270	RenaissanceRe Holdings, Ltd		359,818
	7,010	Stewart Information Services Corp.		424,876
				4,816,052
		Interactive Media & Services — 0.3%
	9,094	Yelp, Inc.(a)		310,196
		Leisure Products — 0.0%
	650	Vista Outdoor, Inc.(a)		23,198
		Machinery — 0.4%
	8,500	Mueller Industries, Inc.		460,445
		Marine .— 2.6%
	33,013	Costamare, Inc.		562,871
	6,380	Eagle Bulk Shipping, Inc.		434,542
	21,306	Genco Shipping & Trading, Ltd.		503,248
	11,714	Matson, Inc.		1,412,943
				2,913,604
		Media — 2.1%
	14,595	Gray Television, Inc.		322,112
	10,743	Interpublic Group of Cos., Inc. (The)		380,839
	6,560	Liberty Media Corp-Liberty SiriusXM, Class A(a)		299,858
	6,600	Liberty Media Corp-Liberty SiriusXM, Class C(a)		301,818
	2,199	Nexstar Media Group, Inc., Class A		414,467
	4,500	Omnicom Group, Inc.		381,960
	11,040	Thryv Holdings, Inc.(a)		310,445
				2,411,499
		Metals & Mining — 2.2%
	2,177	Reliance Steel & Aluminum Co.		399,153
	47,990	SunCoke Energy, Inc.		427,591
	26,921	TimkenSteel Corp.(a)		589,031
	12,020	U.S. Steel Corp.		453,635
	16,730	Warrior Met Coal, Inc.		620,850
				2,490,260
		Mortgage Real Estate Investment Trusts (REITs) — 1.7%
	26,170	Ares Commercial Real Estate Corp.		406,159
	36,528	Chimera Investment Corp.		439,797
	100,563	MFA Financial, Inc.		405,269
	30,230	New Residential Investment Corp.		331,925
	25,076	Ready Capital Corp.		377,645
				1,960,795
		Multiline Retail — 1.2%
	1,650	Dillard's, Inc., Class A		442,843
	37,580	Macy's, Inc.		915,449
				1,358,292

Shares			Fair Value
COMMON STOCKS — (continued)
		Multi-Utilities — 0.5%
	9,870	NorthWestern Corp.	$	597,036
		Oil, Gas & Consumable Fuels — 8.9%
	43,080	Antero Resources Corp.(a)		1,315,232
	71,070	Centennial Resource Development, Inc.,
		Class A(a)		573,535
	34,900	CNX Resources Corp.(a)		723,128
	14,180	CONSOL Energy, Inc.(a)		533,593
	5,870	Laredo Petroleum, Inc.(a)		464,552
	27,640	Marathon Oil Corp.		694,040
	26,260	Murphy Oil Corp.		1,060,641
	2,890	Oasis Petroleum, Inc.		422,807
	12,470	Ovintiv, Inc.		674,253
	19,898	PDC Energy, Inc.		1,446,187
	24,320	Peabody Energy Corp.(a)		596,570
	38,983	SM Energy Co.		1,518,388
				10,022,926
		Paper & Forest Products — 0.3%
	5,420	Louisiana-Pacific Corp.		336,690
		Pharmaceuticals — 2.3%
	60,844	Amneal Pharmaceuticals, Inc.(a)		253,719
	19,376	Amphastar Pharmaceuticals, Inc.(a)		695,598
	15,230	Corcept Therapeutics, Inc.(a)		342,980
	1,872	Jazz Pharmaceuticals PLC(a)		291,414
	9,789	Prestige Consumer Healthcare, Inc.(a)		518,230
	15,330	Supernus Pharmaceuticals, Inc.(a)		495,466
				2,597,407
		Professional Services — 1.6%
	3,778	CRA International, Inc.		318,334
	5,480	Forrester Research, Inc.(a)		309,182
	8,300	Heidrick & Struggles International, Inc.		328,514
	8,470	Korn Ferry		550,042
	2,706	ManpowerGroup, Inc.		254,147
				1,760,219
		Real Estate Management & Development — 2.8%
	15,720	Cushman & Wakefield PLC(a)		322,417
	28,628	Forestar Group, Inc.(a)		508,433
	2,112	Jones Lang LaSalle, Inc.(a)		505,740
	8,500	Marcus & Millichap, Inc.		447,780
	39,312	Newmark Group, Inc., Class A		625,847
	12,340	RE/MAX Holdings, Inc., Class A		342,188
	26,481	Realogy Holdings Corp.(a)		415,222
				3,167,627
		Road & Rail — 1.8%
	10,028	ArcBest Corp.		807,254
	14,790	Covenant Logistics Group, Inc.		318,429
	29,620	Daseke, Inc.(a)		298,273
	5,490	Knight-Swift Transportation Holdings, Inc.		277,026
	3,997	Ryder System, Inc.		317,082
				2,018,064

Continued 

19

Sterling Capital Behavioral Small Cap Value Equity Fund

Schedule of Portfolio Investments — (continued)

March 31, 2022 (Unaudited)

Shares			Fair Value
COMMON STOCKS — (continued)
		Semiconductors & Semiconductor Equipment — 3.0%
	4,280	Alpha & Omega Semiconductor, Ltd.(a)	$	233,902
	34,333	Amkor Technology, Inc.		745,713
	23,880	Photronics, Inc.(a)		405,243
	37,448	Rambus, Inc.(a)		1,194,217
	22,502	SMART Global Holdings, Inc.(a)		581,227
	6,745	Ultra Clean Holdings, Inc.(a)		285,920
				3,446,222
		Specialty Retail — 3.9%
	5,959	AutoNation, Inc.(a)		593,397
	8,310	Buckle, Inc. (The)		274,562
	4,714	Dick's Sporting Goods, Inc.		471,494
	5,900	Genesco, Inc.(a)		375,299
	3,080	Group 1 Automotive, Inc.		516,916
	9,562	Haverty Furniture Cos., Inc.		262,190
	1,000	Lithia Motors, Inc.		300,120
	7,279	MarineMax, Inc.(a)		293,053
	1,650	Murphy USA, Inc.		329,934
	8,300	Shoe Carnival, Inc.		242,028
	9,742	Signet Jewelers, Ltd.		708,244
				4,367,237
		Textiles, Apparel & Luxury Goods — 0.2%
	2,440	Oxford Industries, Inc.		220,820
		Thrifts & Mortgage Finance — 2.3%
	11,715	Merchants Bancorp		320,757
	20,670	MGIC Investment Corp.		280,078
	14,791	Mr Cooper Group, Inc.(a)		675,505
	7,060	PennyMac Financial Services, Inc.		375,592
	28,790	Radian Group, Inc.		639,426
	17,897	Waterstone Financial, Inc.		346,128
				2,637,486
		Trading Companies & Distributors — 3.4%
	5,770	BlueLinx Holdings, Inc.(a)		414,747
	13,480	Boise Cascade Co.		936,456
	4,231	Herc Holdings, Inc.		706,958
	17,216	Rush Enterprises, Inc., Class A		876,466
	13,791	Titan Machinery, Inc.(a)		389,734
	4,530	Veritiv Corp.(a)		605,163
				3,929,524
		Total Common Stocks
		(Cost $88,627,259)		111,318,045
	WARRANTS — 0.0%
		Energy Equipment & Services — 0.0%
	2,227	Nabors Industries, Ltd., 06/11/2026(a)		51,221
		Total Warrants
		(Cost $–)		51,221

Shares			Fair Value
MONEY MARKET FUND — 1.3%
	1,455,419	Federated Treasury Obligations Fund,
		Institutional Shares, 0.13%(b)	$	1,455,419
		Total Money Market Fund
		(Cost $1,455,419)		1,455,419
Total Investments — 99.6%
(Cost $90,082,678)				112,824,685
Net Other Assets (Liabilities) — 0.4%				425,418
NET ASSETS — 100.0%			$	113,250,103

(a) Represents non-income producing security.

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

Continued 

20

Sterling Capital Special Opportunities Fund

Schedule of Portfolio Investments

March 31, 2022 (Unaudited)

Shares			Fair Value
COMMON STOCKS — 98.9%
		Aerospace & Defense — 1.5%
	41,452	General Dynamics Corp.	$	9,997,393
		Air Freight & Logistics — 0.8%
	21,000	FedEx Corp.		4,859,190
		Auto Components — 1.4%
	76,709	Aptiv PLC(a)		9,182,834
		Biotechnology — 2.5%
	23,000	Regeneron Pharmaceuticals, Inc.(a)		16,063,660
		Capital Markets — 5.9%
	212,243	Charles Schwab Corp. (The)		17,894,207
	50,061	S&P Global, Inc.		20,534,021
				38,428,228
		Communications Equipment — 3.7%
	116,000	F5, Inc.(a)		24,238,200
		Consumer Finance — 1.9%
	91,500	Capital One Financial Corp.		12,013,035
		Containers & Packaging — 3.5%
	253,000	Ball Corp.		22,770,000
		Electronic Equipment, Instruments &
		Components — 1.5%
	125,000	Amphenol Corp., Class A		9,418,750
		Entertainment — 1.5%
	1,074,148	Zynga, Inc., Class A(a)		9,925,128
		Health Care Equipment & Supplies — 4.4%
	278,000	Hologic, Inc.(a)		21,355,960
	19,923	Teleflex, Inc.		7,069,278
				28,425,238
		Health Care Providers & Services — 10.9%
	142,000	HCA Healthcare, Inc.		35,588,040
	69,500	UnitedHealth Group, Inc.		35,442,915
				71,030,955
		Household Durables — 1.4%
	113,000	Lennar Corp., Class A		9,172,210
		Interactive Media & Services — 6.7%
	15,600	Alphabet, Inc., Class C(a)		43,570,644
		Internet & Direct Marketing Retail — 1.9%
	3,780	Amazon.com, Inc.(a)		12,322,611
		IT Services — 16.0%
	237,068	Akamai Technologies, Inc.(a)		28,303,548
	128,572	Fiserv, Inc.(a)		13,037,201
	175,105	Global Payments, Inc.		23,961,368
	108,404	PayPal Holdings, Inc.(a)		12,536,923
	118,500	Visa, Inc., Class A		26,279,745
				104,118,785

Shares			Fair Value
COMMON STOCKS — (continued)
		Life Sciences Tools & Services — 4.6%
	101,000	Danaher Corp.	$	29,626,330
		Media — 3.5%
	489,972	Comcast Corp., Class A		22,940,489
		Pharmaceuticals — 3.8%
	336,865	Bristol-Myers Squibb Co.		24,601,251
		Professional Services — 5.7%
	178,109	TransUnion		18,405,784
	84,966	Verisk Analytics, Inc.		18,236,253
				36,642,037
		Real Estate Management & Development — 2.3%
	166,000	CBRE Group, Inc., Class A(a)		15,192,320
		Semiconductors & Semiconductor Equipment — 4.5%
	156,000	NXP Semiconductors NV		28,872,480
		Software — 5.9%
	41,000	Intuit, Inc.		19,714,440
	171,244	PTC, Inc.(a)		18,446,404
				38,160,844
		Specialty Retail — 1.9%
	6,100	AutoZone, Inc.(a)		12,471,938
		Wireless Telecommunication Services — 1.2%
	62,297	T-Mobile U.S. Inc.(a)		7,995,820
		Total Common Stocks
		(Cost $343,757,184)		642,040,370
		MONEY MARKET FUND — 1.2%
	7,905,622	Federated Treasury Obligations Fund,
		Institutional Shares, 0.13%(b)		7,905,622
		Total Money Market Fund
		(Cost $7,905,622)		7,905,622
Total Investments — 100.1%
(Cost $351,662,806)				649,945,992
Net Other Assets (Liabilities) — (0.1)%				(586,678	)
NET ASSETS — 100.0%			$	649,359,314

(a) Represents non-income producing security.

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

See accompanying Notes to the Financial Statements.

21

Sterling Capital Equity Income Fund

Schedule of Portfolio Investments
March 31, 2022 (Unaudited)

Shares			Fair Value
COMMON STOCKS — 95.2%
		Aerospace & Defense — 2.0%
	191,865	L3Harris Technologies, Inc.	$	47,672,697
		Air Freight & Logistics — 3.7%
	411,000	United Parcel Service, Inc., Class B		88,143,060
		Beverages — 5.1%
	829,720	Coca-Cola Co. (The)		51,442,640
	419,000	PepsiCo, Inc.		70,132,220
				121,574,860
		Biotechnology — 4.0%
	584,300	AbbVie, Inc.		94,720,873
		Capital Markets — 3.1%
	186,000	Goldman Sachs Group, Inc. (The)		61,398,600
	100,200	Northern Trust Corp.		11,668,290
				73,066,890
		Communications Equipment — 5.7%
	1,523,515	Cisco Systems, Inc.		84,951,196
	205,429	Motorola Solutions, Inc.		49,754,904
				134,706,100
		Consumer Finance — 3.3%
	719,000	Discover Financial Services		79,226,610
		Diversified Telecommunication Services — 1.8%
	835,900	Verizon Communications, Inc.		42,580,746
		Electronic Equipment, Instruments &Components — 2.4%
	1,541,832	Corning, Inc.		56,909,019
		Equity Real Estate Investment Trusts (REITs) — 2.7%
	348,000	Crown Castle International Corp.		64,240,800
		Food Products — 2.5%
	678,000	Tyson Foods, Inc., Class A		60,769,140
		Health Care Equipment & Supplies — 6.4%
	708,000	Abbott Laboratories		83,798,880
	618,543	Medtronic PLC		68,627,346
				152,426,226
		Health Care Providers & Services — 8.1%
	221,410	Anthem, Inc.		108,761,020
	836,000	CVS Health Corp.		84,611,560
				193,372,580
		Hotels, Restaurants & Leisure — 3.5%
	849,300	Restaurant Brands International, Inc.		49,590,627
	376,210	Starbucks Corp.		34,223,824
				83,814,451
		Industrial Conglomerates — 2.5%
	307,000	Honeywell International, Inc.		59,736,060

Shares			Fair Value
COMMON STOCKS — (continued)
		Insurance — 7.3%
	465,900	Chubb, Ltd.	$	99,656,010
	439,087	Marsh & McLennan Cos., Inc.		74,829,207
				174,485,217
		IT Services — 8.4%
	269,100	Accenture PLC, Class A.		90,748,593
	519,600	Amdocs, Ltd.		42,716,316
	657,724	Fidelity National Information Services, Inc.		66,048,644
				199,513,553
		Machinery — 2.3%
	264,550	Cummins, Inc.		54,261,850
		Oil, Gas & Consumable Fuels — 0.9%
	172,396	EOG Resources, Inc.		20,554,775
		Pharmaceuticals — 6.0%
	423,300	Johnson & Johnson		75,021,459
	826,080	Merck & Co., Inc.		67,779,864
				142,801,323
		Professional Services — 2.9%
	788,967	Booz Allen Hamilton Holding Corp.		69,302,861
		Semiconductors & Semiconductor Equipment — 3.8%
	543,000	Analog Devices, Inc.		89,692,740
		Software — 4.0%
	313,000	Microsoft Corp.		96,501,030
		Specialty Retail — 2.8%
	222,150	Home Depot, Inc. (The)		66,496,159
		Total Common Stocks
		(Cost $1,385,311,612)		2,266,569,620
		MONEY MARKET FUND — 4.8%
	113,640,890	Federated Treasury Obligations Fund,
		Institutional Shares, 0.13%(a)		113,640,890
		Total Money Market Fund
		(Cost $113,640,890)		113,640,890
Total Investments — 100.0%
(Cost $1,498,952,502)				2,380,210,510
Net Other Assets (Liabilities) — 0.0%.				412,690
NET ASSETS — 100.0%			$	2,380,623,200

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

See accompanying Notes to the Financial Statements.

22

Sterling Capital Behavioral International Equity Fund

Schedule of Portfolio Investments

March 31, 2022 (Unaudited)

Shares			Fair Value
COMMON STOCKS — 97.4%
		Australia — 8.7%
	46,975	BHP Group, Ltd.	$	1,810,768
	95,150	Dexus		776,678
	49,850	National Australia Bank, Ltd.		1,200,132
	4,900	Rio Tinto, Ltd.		438,061
	23,375	Sonic Healthcare, Ltd.		617,152
	244,375	South32, Ltd.		928,938
	241,300	Stockland		764,681
	597,850	Vicinity Centres		829,609
				7,366,019
		Austria — 2.0%
	13,875	ANDRITZ AG		640,800
	14,400	OMV AG		688,068
	11,950	voestalpine AG		355,587
				1,684,455
		Belgium — 0.9%
	10,675	KBC Group NV		765,923
	875	Telenet Group Holding NV		28,192
				794,115
		Denmark — 2.5%
	6,400	Carlsberg A/S, Class B		785,673
	45,675	Danske Bank A/S		759,808
	6,100	Pandora A/S		581,113
				2,126,594
		Finland — 1.4%
	17,525	Fortum OYJ		320,305
	157,900	Nokia OYJ(a)		869,559
				1,189,864
		France — 13.4%
	1,175	Amundi SA(b)		80,348
	30,575	ArcelorMittal SA		979,443
	27,100	AXA SA		793,334
	13,275	BNP Paribas SA		758,596
	4,550	Capgemini SE		1,009,659
	30,300	Carrefour SA		659,391
	14,625	Cie de Saint-Gobain		870,193
	8,100	Eiffage SA		831,321
	54,475	Electricite de France SA, Rights, 04/06/2022(a)		19,791
	17,375	Engie SA		228,429
	6,875	Ipsen SA		860,577
	79,725	Orange SA		943,921
	14,025	Publicis Groupe SA		851,229
	12,850	Sanofi		1,313,780
	13,600	STMicroelectronics NV		591,110
	11,150	TotalEnergies SE		564,185
				11,355,307
		Germany — 7.9%
	16,250	Bayer AG		1,111,485
	8,875	Bayerische Motoren Werke AG		766,956
	6,100	Beiersdorf AG		640,829
	17,600	Deutsche Post AG		840,433

Shares			Fair Value
COMMON STOCKS — (continued)
		Germany — (continued)
	69,800	E.ON SE	$	810,947
	18,800	Fresenius SE & Co. KGaA		690,270
	10,675	GEA Group AG		437,540
	5,250	Henkel AG & Co. KGaA		346,525
	14,675	Mercedes-Benz Group AG		1,030,032
				6,675,017
		Hong Kong — 2.2%
	39,200	ASM Pacific Technology, Ltd.		394,644
	165,000	Henderson Land Development Co., Ltd.		684,919
	13,800	Jardine Matheson Holdings, Ltd.		757,047
				1,836,610
		Israel — 1.9%
	5,300	Check Point Software Technologies, Ltd.(a)		732,778
	90,900	Teva Pharmaceutical Industries, Ltd.,
		ADR(a)		853,551
				1,586,329
		Italy — 2.7%
	38,475	Atlantia SpA(a)		799,994
	67,550	Mediobanca Banca di Credito Finanziario SpA		682,626
	49,200	Stellantis NV		796,523
				2,279,143
		Japan — 23.7%
	15,800	AGC, Inc.		631,295
	53,400	Astellas Pharma, Inc.		834,369
	38,000	Brother Industries, Ltd.		691,046
	36,300	Canon, Inc.		884,776
	146,300	Daiwa Securities Group, Inc.		827,577
	15,400	Dentsu Group, Inc.		629,342
	16,400	Iida Group Holdings Co., Ltd.		282,751
	66,300	Inpex Corp.		779,512
	27,400	ITOCHU Corp.		926,831
	43,500	Japan Tobacco, Inc.		742,875
	76,700	Marubeni Corp.		890,656
	12,500	MEIJI Holdings Co., Ltd.		677,899
	106,600	Mitsubishi Chemical Holdings Corp.		708,968
	28,400	Mitsubishi Corp.		1,065,760
	41,300	Mitsui & Co., Ltd.		1,121,098
	61,580	Mizuho Financial Group, Inc.		785,476
	25,700	Nippon Telegraph & Telephone Corp.		746,685
	8,500	Nippon Yusen KK		743,533
	129,100	Nissan Motor Co., Ltd.(a)		573,634
	16,000	Open House Co., Ltd.		708,045
	92,700	Rakuten Group, Inc.		728,875
	69,500	Renesas Electronics Corp.(a)		805,294
	29,000	SBI Holdings, Inc.		731,695
	119,900	Sumitomo Chemical Co., Ltd.		549,000
	28,800	Sumitomo Mitsui Financial Group, Inc.		909,745
	4,800	Suntory Beverage & Food, Ltd.		182,953
	31,800	Takeda Pharmaceutical Co., Ltd.		906,053
				20,065,743

See accompanying Notes to the Financial Statements.

23

Sterling Capital Behavioral International Equity Fund

Schedule of Portfolio Investments — (continued)

March 31, 2022 (Unaudited)

Shares			Fair Value
COMMON STOCKS — (continued)
		Netherlands — 3.3%
	70,600	ING Groep NV	$	737,130
	22,025	Koninklijke Ahold Delhaize NV		708,446
	18,375	NN Group NV		931,222
	6,325	Randstad NV		380,480
				2,757,278
		Norway — 1.0%
	38,975	DNB Bank ASA		881,183
		Spain — 2.7%
	32,400	Enagas SA		719,484
	65,425	Repsol SA		857,015
	151,288	Telefonica SA		733,181
				2,309,680
		Sweden — 1.6%
	4,350	Boliden AB		219,437
	44,225	Securitas AB, Class B		498,916
	59,300	Skandinaviska Enskilda Banken AB, Class A		641,083
				1,359,436
		Switzerland — 8.5%
	16,875	Holcim, Ltd.		820,746
	3,950	Roche Holding AG		1,562,864
	16,400	Swatch Group AG (The)		1,551,111
	10,325	Swiss Re AG		982,878
	56,875	UBS Group AG		1,111,412
	2,275	Zurich Insurance Group AG		1,123,622
				7,152,633
		United Kingdom — 13.0%
	21,450	Anglo American PLC		1,114,593
	88,075	Aviva PLC		521,132
	49,975	BAE Systems PLC		469,338
	28,325	British American Tobacco PLC		1,189,571
	26,550	GlaxoSmithKline PLC		574,461
	41,850	Imperial Brands PLC		881,560
	5,500	InterContinental Hotels Group PLC		371,991
	212,050	J Sainsbury PLC		701,840
	47,250	Kingfisher PLC		157,704
	238,675	Legal & General Group PLC		846,196
	255,975	M&G PLC		737,549
	50,675	Shell PLC		1,388,937
	4,200	Unilever PLC		190,692
	623,950	Vodafone Group PLC		1,023,145
	60,700	WPP PLC		794,447
				10,963,156
		Total Common Stocks
		(Cost $79,016,149)		82,382,562

Shares			Fair Value
PREFERRED STOCKS — 0.8%
		Germany — 0.8%
	9,025	Bayerische Motoren Werke AG	$	699,059
		Total Preferred Stocks
		(Cost $740,639)		699,059
MONEY MARKET FUND — 0.5%
		United States — 0.5%
	456,983	Federated Treasury Obligations Fund,
		Institutional Shares, 0.13%(c)		456,983
		Total Money Market Fund
		(Cost $456,983)		456,983
Total Investments — 98.7%
(Cost $80,213,771)				83,538,604
Net Other Assets (Liabilities) — 1.3%.				1,054,164
NET ASSETS - 100.0%			$	84,592,768

(a) Represents non-income producing security.

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

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

ADR American Depositary Receipt

Continued

24

Sterling Capital Behavioral International Equity Fund

Schedule of Portfolio Investments — (continued)

March 31, 2022 (Unaudited)

Industry	Percentage of net assets
Aerospace & Defense		0.6	%
Air Freight & Logistics		1.0	%
Automobiles		4.6	%
Banks		9.5	%
Beverages		1.1	%
Building Products		1.8	%
Capital Markets		3.3	%
Chemicals		1.5	%
Commercial Services & Supplies		0.6	%
Communications Equipment		1.0	%
Construction & Engineering		1.0	%
Construction Materials		1.0	%
Diversified Financial Services		0.9	%
Diversified Telecommunication Services		2.9	%
Electric Utilities		0.4	%
Equity Real Estate Investment Trusts (REITs)		2.8	%
Food & Staples Retailing		2.4	%
Food Products		0.8	%
Gas Utilities		0.9	%
Health Care Providers & Services		1.5	%
Hotels, Restaurants & Leisure		0.4	%
Household Durables		1.2	%
Household Products		0.4	%
Industrial Conglomerates		0.9	%
Insurance		6.1	%
Internet & Direct Marketing Retail		0.9	%
IT Services		1.2	%
Machinery		1.3	%
Marine		0.9	%
Media		2.7	%
Metals & Mining		6.9	%
Money Market Fund		0.5	%
Multi-Utilities		1.2	%
Oil, Gas & Consumable Fuels		5.1	%
Personal Products		1.0	%
Pharmaceuticals		9.5	%
Professional Services		0.4	%
Real Estate Management & Development		0.8	%
Semiconductors & Semiconductor Equipment		2.1	%
Software		0.9	%
Specialty Retail		0.2	%
Technology Hardware, Storage & Peripherals		1.9	%
Textiles, Apparel & Luxury Goods		2.5	%
Tobacco		3.3	%
Trading Companies & Distributors		4.7	%
Transportation Infrastructure		0.9	%
Wireless Telecommunication Services		1.2	%
		98.7	%

Continued

25

Sterling Capital SMID Opportunities Fund

Schedule of Portfolio Investments

March 31, 2022 (Unaudited)

Shares			Fair Value
COMMON STOCKS — 97.4%
		Auto Components — 3.4%
	1,406	Aptiv PLC(a)	$	168,313
	6,007	Gentex Corp.		175,224
				343,537
		Banks — 4.4%
	2,739	Popular, Inc.		223,886
	2,766	SouthState Corp.		225,678
				449,564
		Capital Markets — 2.9%
	1,098	Morningstar, Inc.		299,941
		Chemicals — 4.1%
	3,216	FMC Corp.		423,129
		Commercial Services & Supplies — 4.9%
	3,597	Waste Connections, Inc.		502,501
		Communications Equipment — 3.8%
	1,859	F5, Inc.(a)		388,438
		Consumer Finance — 3.4%
	19,053	SLM Corp.		349,813
		Containers & Packaging — 4.5%
	5,127	Ball Corp.		461,430
		Entertainment — 1.6%
	1,077	Take-Two Interactive Software, Inc.(a)		165,578
		Equity Real Estate Investment Trusts (REITs) — 3.1%
	11,544	Healthcare Realty Trust, Inc.		317,229
		Health Care Equipment & Supplies — 7.6%
	4,936	Hologic, Inc.(a)		379,183
	1,126	Teleflex, Inc.		399,539
				778,722
		Health Care Providers & Services — 5.5%
	3,558	Centene Corp.(a)		299,548
	3,643	Encompass Health Corp.		259,054
				558,602
		Household Durables — 1.3%
	31	NVR, Inc.(a)		138,485
		Independent Power and Renewable Electricity Producers — 4.6%
	5,622	NextEra Energy Partners L.P.		468,650
		Insurance — 3.6%
	2,106	Arthur J Gallagher & Co.		367,708
		IT Services — 20.4%
	2,832	Akamai Technologies, Inc.(a)		338,113
	5,068	Amdocs, Ltd.		416,640
	4,621	Fiserv, Inc.(a)		468,569
	7,572	Genpact, Ltd.		329,458

Shares			Fair Value
COMMON STOCKS — (continued)
		IT Services — (continued)
	2,774	Global Payments, Inc.	$	379,594
	13,777	Rackspace Technology, Inc.(a)		153,751
				2,086,125
		Machinery — 4.2%
	9,238	Evoqua Water Technologies Corp.(a)		434,001
		Media — 1.5%
	102	Cable One, Inc.		149,353
		Oil, Gas & Consumable Fuels — 3.9%
	1,601	Pioneer Natural Resources Co.		400,298
		Professional Services — 3.5%
	3,439	TransUnion		355,386
		Real Estate Management & Development — 1.3%
	938	FirstService Corp.		135,897
		Software — 2.2%
	2,059	PTC, Inc.(a)		221,796
		Specialty Retail — 1.7%
	1,782	CarMax, Inc.(a)		171,927
		Total Common Stocks
		(Cost $6,812,068)		9,968,110
MONEY MARKET FUND — 2.6%
	264,421	Federated Treasury Obligations Fund,
		Institutional Shares, 0.13%(b)		264,421
		Total Money Market Fund
		(Cost $264,421)		264,421
Total Investments — 100.0%
(Cost $7,076,489)				10,232,531
Net Other Assets (Liabilities) — 0.0%				3,717
NET ASSETS — 100.0%			$	10,236,248

(a) Represents non-income producing security.

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

See accompanying Notes to the Financial Statements.

26

Sterling Capital Mid Cap Relative Value Fund

Schedule of Portfolio Investments

March 31, 2022 (Unaudited)

Shares			Fair Value
COMMON STOCKS — 96.6%
		Auto Components — 1.9%
	16,460	Magna International, Inc.	$	1,058,543
		Banks — 7.5%
	12,942	East West Bancorp, Inc.		1,022,677
	5,660	First Republic Bank		917,486
	37,451	Huntington Bancshares, Inc.		547,533
	31,790	KeyCorp.		711,460
	10,190	Wintrust Financial Corp.		946,957
				4,146,113
		Building Products — 3.1%
	7,110	Carlisle Cos., Inc.		1,748,491
		Capital Markets — 2.7%
	4,979	Ameriprise Financial, Inc.		1,495,492
		Chemicals — 2.9%
	13,220	Westlake Corp.		1,631,348
		Communications Equipment — 1.3%
	12,210	Ciena Corp.(a)		740,292
		Construction & Engineering — 1.8%
	11,700	MasTec, Inc.(a)		1,019,070
		Containers & Packaging — 4.1%
	6,840	Avery Dennison Corp.		1,189,955
	19,220	Berry Global Group, Inc.(a)		1,113,991
				2,303,946
		Electronic Equipment, Instruments & Components — 6.4%
	8,840	Arrow Electronics, Inc.(a)		1,048,689
	8,860	CDW Corp.		1,584,966
	27,880	nVent Electric PLC		969,666
				3,603,321
		Entertainment — 3.4%
	10,680	Activision Blizzard, Inc.		855,575
	6,630	Take-Two Interactive Software, Inc.(a)		1,019,296
				1,874,871
		Equity Real Estate Investment Trusts (REITs) — 7.7%
	5,790	Digital Realty Trust, Inc.		821,022
	6,700	EastGroup Properties, Inc.		1,361,976
	24,450	Hudson Pacific Properties, Inc.		678,488
	6,599	Mid-America Apartment Communities,
		Inc.		1,382,161
				4,243,647
		Food & Staples Retailing — 4.0%
	5,810	Casey's General Stores, Inc.		1,151,368
	21,320	Performance Food Group Co.(a)		1,085,401
				2,236,769

Shares			Fair Value
COMMON STOCKS — (continued)
		Food Products — 1.4%
	12,710	Lamb Weston Holdings, Inc.	$	761,456
		Gas Utilities — 4.5%
	18,370	Southwest Gas Holdings, Inc.		1,438,187
	29,520	UGI Corp.		1,069,215
				2,507,402
		Health Care Equipment & Supplies — 3.4%
	2,890	Becton Dickinson & Co.		768,740
	8,750	Zimmer Biomet Holdings, Inc.		1,119,125
	875	Zimvie, Inc.(a)		19,985
				1,907,850
		Hotels, Restaurants & Leisure — 0.6%
	8,410	Penn National Gaming, Inc.(a)		356,752
		Household Durables — 1.3%
	16,610	PulteGroup, Inc.		695,959
		Insurance — 7.7%
	6,980	American Financial Group, Inc.		1,016,428
	18,790	First American Financial Corp.		1,217,968
	10,260	Globe Life, Inc.		1,032,156
	6,980	Hanover Insurance Group, Inc. (The)		1,043,649
				4,310,201
		IT Services — 2.1%
	11,266	Fiserv, Inc.(a)		1,142,372
		Leisure Products — 1.6%
	8,410	Polaris, Inc.		885,741
		Life Sciences Tools & Services — 7.2%
	5,475	ICON PLC(a)		1,331,630
	8,520	PerkinElmer, Inc.		1,486,399
	1,980	Thermo Fisher Scientific, Inc.		1,169,487
				3,987,516
		Machinery — 2.3%
	12,580	Oshkosh Corp.		1,266,177
		Oil, Gas & Consumable Fuels — 6.3%
	43,176	Coterra Energy, Inc.		1,164,457
	6,868	Diamondback Energy, Inc.		941,466
	16,270	Phillips 66		1,405,565
				3,511,488
		Professional Services — 3.1%
	5,780	CACI International, Inc., Class A(a)		1,741,283
		Real Estate Management & Development — 1.9%
	10,400	Howard Hughes Corp. (The)(a)		1,077,544
		Semiconductors & Semiconductor Equipment — 1.6%
	6,640	Skyworks Solutions, Inc.		884,979

See accompanying Notes to the Financial Statements.

27

Sterling Capital Mid Cap Relative Value Fund

Schedule of Portfolio Investments — (continued)

March 31, 2022 (Unaudited)

Shares			Fair Value
COMMON STOCKS — (continued)
		Software — 2.5%
	30,240	Dropbox, Inc., Class A(a)	$	703,080
	6,630	PTC, Inc.(a)		714,184
				1,417,264
		Trading Companies & Distributors — 2.3%
	3,540	United Rentals, Inc.(a)		1,257,443
		Total Common Stocks
		(Cost $27,736,453)		53,813,330
MONEY MARKET FUND — 3.4%
	1,875,551	Federated Treasury Obligations Fund,
		Institutional Shares, 0.13%(b)		1,875,551
		Total Money Market Fund
		(Cost $1,875,551)		1,875,551
Total Investments — 100.0%
(Cost $29,612,004)				55,688,881
Net Other Assets (Liabilities) — 0.0%				(818	)
NET ASSETS — 100.0%			$	55,688,063

(a) Represents non-income producing security.

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

Continued

28

Sterling Capital Real Estate Fund

Schedule of Portfolio Investments

March 31, 2022 (Unaudited)

Shares			Fair Value
COMMON STOCKS — 98.9%
		Health Care — 8.9%
	108,785	Medical Properties Trust, Inc.	$	2,299,715
	41,725	Ventas, Inc.		2,576,936
	44,905	Welltower, Inc.		4,317,167
				9,193,818
		Hotel & Resort — 3.4%
	149,022	DiamondRock Hospitality Co.(a)		1,505,122
	21,856	Ryman Hospitality Properties, Inc.(a)		2,027,581
				3,532,703
		Industrial — 15.7%
	54,939	Duke Realty Corp.		3,189,758
	12,418	EastGroup Properties, Inc.		2,524,331
	40,831	First Industrial Realty Trust, Inc.		2,527,847
	7,501	Innovative Industrial Properties, Inc.		1,540,706
	39,316	Prologis, Inc.		6,348,748
				16,131,390
		Office — 6.1%
	16,193	Alexandria Real Estate Equities, Inc.		3,258,841
	32,784	Highwoods Properties, Inc.		1,499,540
	55,137	Hudson Pacific Properties, Inc.		1,530,052
				6,288,433
		Real Estate Development — 1.6%
	15,994	Howard Hughes Corp. (The)(a)		1,657,138
		Residential — 17.1%
	34,572	American Campus Communities, Inc.		1,934,995
	11,028	Essex Property Trust, Inc.		3,809,954
	94,678	Invitation Homes, Inc.		3,804,162
	18,876	Mid-America Apartment Communities, Inc.		3,953,578
	71,828	UDR, Inc.		4,120,772
				17,623,461
		Retail — 10.9%
	97,360	Brixmor Property Group, Inc.		2,512,861
	163,886	Kite Realty Group Trust		3,731,684
	66,562	NETSTREIT Corp.		1,493,652
	90,257	Retail Opportunity Investments Corp.		1,750,083
	96,373	Tanger Factory Outlet Centers, Inc.		1,656,652
				11,144,932
		Specialized — 35.2%
	24,256	American Tower Corp.		6,093,592
	31,791	Crown Castle International Corp.		5,868,619
	56,826	CubeSmart		2,956,657
	27,818	Digital Realty Trust, Inc.		3,944,592
	7,994	Equinix, Inc.		5,928,510
	24,787	Life Storage, Inc.		3,480,838
	44,607	MGM Growth Properties, LLC, Class A		1,726,291
	32,913	PotlatchDeltic Corp.		1,735,503

Shares			Fair Value
COMMON STOCKS — (continued)
		Specialized — (continued)
	12,868	SBA Communications Corp.	$	4,427,879
				36,162,481
		Total Common Stocks
		(Cost $49,002,826)		101,734,356
MONEY MARKET FUND — 1.0%
	1,036,156	Federated Treasury Obligations Fund,
		Institutional Shares, 0.13%(b)		1,036,156
		Total Money Market Fund
		(Cost $1,036,156)		1,036,156
Total Investments — 99.9%
(Cost $50,038,982)				102,770,512
Net Other Assets (Liabilities) — 0.1%				131,597
NET ASSETS — 100.0%			$	102,902,109

(a) Represents non-income producing security.

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

See accompanying Notes to the Financial Statements.

29

Sterling Capital Small Cap Value Fund

Schedule of Portfolio Investments

March 31, 2022 (Unaudited)

Shares			Fair Value
COMMON STOCKS — 98.0%
		Aerospace & Defense — 2.4%
	126,950	Moog, Inc., Class A	$	11,146,210
		Auto Components — 1.2%
	61,170	Dorman Products, Inc.(a)		5,812,985
		Banks — 17.2%
	165,120	Community Bank System, Inc.		11,583,168
	204,060	Glacier Bancorp, Inc.		10,260,137
	266,467	Old National Bancorp		4,364,729
	42,930	Signature Bank		12,599,526
	16,865	SVB Financial Group(a)		9,435,124
	276,611	Umpqua Holdings Corp.		5,216,883
	117,945	United Bankshares, Inc.		4,113,922
	175,280	Webster Financial Corp.		9,836,714
	141,530	Wintrust Financial Corp.		13,152,383
				80,562,586
		Capital Markets — 1.6%
	53,890	Affiliated Managers Group, Inc.		7,595,795
		Chemicals — 3.3%
	318,782	Avient Corp.		15,301,536
		Construction & Engineering — 3.4%
	181,320	MasTec, Inc.(a)		15,792,972
		Consumer Finance — 0.8%
	125,000	PROG Holdings, Inc.(a)		3,596,250
		Electric Utilities — 2.4%
	205,695	Portland General Electric Co.		11,344,079
		Electrical Equipment — 2.5%
	154,875	EnerSys.		11,549,029
		Electronic Equipment, Instruments & Components — 3.4%
	167,788	Belden, Inc.		9,295,455
	116,400	ePlus, Inc.(a)		6,525,384
				15,820,839
		Entertainment — 1.7%
	52,255	Take-Two Interactive Software, Inc.(a)		8,033,684
		Equity Real Estate Investment Trusts (REITs) — 9.6%
	136,910	American Campus Communities, Inc.		7,662,853
	269,253	First Industrial Realty Trust, Inc.		16,669,453
	198,614	Highwoods Properties, Inc.		9,084,604
	371,840	Medical Properties Trust, Inc.		7,860,697
	51,148	SL Green Realty Corp.		4,152,195
				45,429,802
		Food & Staples Retailing — 7.4%
	205,775	BJ's Wholesale Club Holdings, Inc.(a)		13,912,448
	68,605	Casey's General Stores, Inc.		13,595,453
	139,420	Performance Food Group Co.(a)		7,097,872
				34,605,773

Shares				Fair Value
COMMON STOCKS — (continued)
			Gas Utilities — 2.3%
	135,970		Southwest Gas Holdings, Inc.	$	10,645,091
			Household Durables — 2.2%
	170,500		Ethan Allen Interiors, Inc.		4,444,935
	76,655		Meritage Homes Corp.(a)		6,073,376
					10,518,311
			Insurance — 6.7%
	101,750		Hanover Insurance Group, Inc. (The)		15,213,660
	180,770		Selective Insurance Group, Inc.		16,153,607
					31,367,267
		��	Life Sciences Tools & Services — 3.2%
	37,218		West Pharmaceutical Services, Inc.		15,285,805
			Machinery — 6.5%
	154,665		Crane Co.		16,747,126
	139,170		Oshkosh Corp.		14,007,461
					30,754,587
			Oil, Gas & Consumable Fuels — 4.5%
	72,570		Callon Petroleum Co.(a)		4,287,436
	81,370		Matador Resources Co.		4,310,982
	163,830		Northern Oil & Gas, Inc.		4,618,368
	27,460		Oasis Petroleum, Inc.		4,017,398
	49,620		Whiting Petroleum Corp.		4,044,526
					21,278,710
			Professional Services — 3.4%
	53,595		CACI International, Inc., Class A(a)		16,146,030
			Semiconductors & Semiconductor Equipment — 5.9%
	289,382		ON Semiconductor Corp.(a)		18,118,207
	78,304		Qorvo, Inc.(a)		9,717,526
					27,835,733
			Software — 2.1%
	89,912		PTC, Inc.(a)		9,685,321
			Specialty Retail — 0.8%
	89,610		TravelCenters of America, Inc.(a)		3,849,646
			Trading Companies & Distributors — 3.5%
	10,000		Herc Holdings, Inc.		1,670,900
	41,016		United Rentals, Inc.(a)		14,569,293
					16,240,193
			Total Common Stocks
			(Cost $152,018,821)		460,198,234

See accompanying Notes to the Financial Statements 

30

Sterling Capital Small Cap Value Fund

Schedule of Portfolio Investments — (continued)

March 31, 2022 (Unaudited)

Shares			Fair Value
MONEY MARKET FUND — 2.0%
	9,327,569	Federated Treasury Obligations Fund,
		Institutional Shares, 0.13%(b)	$	9,327,569
		Total Money Market Fund
		(Cost $9,327,569)		9,327,569
Total Investments — 100.0%
(Cost $161,346,390)				469,525,803
Net Other Assets (Liabilities) — 0.0%				(39,071	)
NET ASSETS — 100.0%			$	469,486,732

(a) Represents non-income producing security.

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

Continued

31

Sterling Capital Ultra Short Bond Fund

Schedule of Portfolio Investments

March 31, 2022 (Unaudited)

Principal Amount			Fair Value
ASSET BACKED SECURITIES — 15.2%
$	350,000	AmeriCredit Automobile Receivables Trust, Series 2019-3, Class C, 2.320%, 7/18/25	$	350,729
	250,000	AmeriCredit Automobile Receivables Trust, Series 2021-2, Class A3, 0.340%, 12/18/26		243,500
	219,561	AmeriCredit Automobile Receivables Trust, Series 2021-3, Class A2, 0.410%, 2/18/25		217,976
	6,275	ARI Fleet Lease Trust, Series 2018-B, Class A2, 3.220%, 8/16/27(a)		6,276
	235,000	ARI Fleet Lease Trust, Series 2018-B, Class A3, 3.430%, 8/16/27(a)		233,902
	210,000	ARI Fleet Lease Trust, Series 2019-A, Class A2A, 2.410%, 11/15/27(a)		210,008
	525,000	Avis Budget Rental Car Funding AESOP, LLC, Series 2018-1A, Class A, 3.700%, 9/20/24(a)		533,092
	9,674	CarMax Auto Owner Trust, Series 2018-4, Class A3, 3.360%, 9/15/23		9,709
	93,507	Chesapeake Funding II, LLC, Series 2018-3A, Class A1, 3.390%, 1/15/31(a)		93,705
	225,278	Chesapeake Funding II, LLC, Series 2019-1A, Class A1, 2.940%, 4/15/31(a)		225,430
	273,312	Chesapeake Funding II, LLC, Series 2020-1A, Class A1, 0.870%, 8/15/32(a)		271,137
	3,241	Citicorp Residential Mortgage Trust, STEP, Series 2007-2, Class A6, 4.886%, 6/25/37		3,238
	350,000	Fifth Third Auto Trust, Series 2019-1, Class A4, 2.690%, 11/16/26		351,945
	350,000	GreatAmerica Leasing Receivables Funding, LLC, Series 2020-1, Class A4, 1.850%, 2/16/26(a)		345,906
	330,000	GreatAmerica Leasing Receivables Funding, LLC, Series 2021-1, Class A3, 0.340%, 8/15/24(a)		321,921
	24,504	Nissan Auto Receivables Owner Trust, Series 2019-C, Class A3, 1.930%, 7/15/24		24,551
	32,120	OneMain Financial Issuance Trust, Series 2016-3A, Class A, 3.830%, 6/18/31(a)		32,142
	50,685	OneMain Financial Issuance Trust, Series 2018-1A, Class A, 3.300%, 3/14/29(a)		50,694
	224,000	OneMain Financial Issuance Trust, Series 2018-2A, Class A, 3.570%, 3/14/33(a)		224,074
	300,000	OneMain Financial Issuance Trust, Series 2020-1A, Class A, 3.840%, 5/14/32(a)		302,320
	194,942	Santander Consumer Auto Receivables Trust 2020-B, Series 2020-BA, Class A3, 0.460%, 8/15/24(a)		194,311
	77,833	Santander Drive Auto Receivables Trust, Series 2020-2, Class B, 0.960%, 11/15/24		77,804
	149,000	Santander Drive Auto Receivables Trust, Series 2021-1, Class C, 0.750%, 2/17/26		146,128

Principal Amount			Fair Value
ASSET BACKED SECURITIES — (continued)
$	375,000	Santander Drive Auto Receivables Trust, Series 2021-3, Class B, 0.600%, 12/15/25	$	368,648
	6,512	SoFi Professional Loan Program, LLC, Series 2016-E, Class A1, 1.307%, (LIBOR USD 1-Month plus 0.85%), 7/25/39(a)(b)		6,513
	43,204	Wheels SPV 2, LLC, Series 2019-1A, Class A2, 2.300%, 5/22/28(a)		43,232
	300,000	Wheels SPV 2, LLC, Series 2019-1A, Class A3, 2.350%, 5/22/28(a)		300,632
	320,000	World Omni Auto Receivables Trust, Series 2021-B, Class A3, 0.420%, 6/15/26		309,696
	220,428	World Omni Select Auto Trust, Series 2021-A, Class A2, 0.290%, 2/18/25		218,942
		Total Asset Backed Securities (Cost $5,810,138)		5,718,161
COLLATERALIZED MORTGAGE OBLIGATIONS — 0.9%
	33,107	Freddie Mac, Series 4172, Class PB, 1.500%, 7/15/40		33,159
	297,477	JP Morgan Mortgage Trust, Series 2017-5, Class A1B, 3.050%, 10/26/48(a)(c)		297,069
		Total Collateralized Mortgage Obligations (Cost $334,794)		330,228
COMMERCIAL MORTGAGE-BACKED SECURITIES — 17.9%
	174,000	BX 2021-LBA3 Mortgage Trust, Series 2021-PAC, Class B, 1.296%, (LIBOR USD 1-Month plus 0.90%), 10/15/36(a)(b)		168,335
	166,000	BX Commercial Mortgage Trust, Series 2021-21M, Class C, 1.574%, (LIBOR USD 1-Month plus 1.18%), 10/15/36(a)(b)		159,430
	172,000	BX Commercial Mortgage Trust, Series 2021-ACNT, Class C, 1.897%, (LIBOR USD 1-Month plus 1.50%), 11/15/38(a)(b)		169,324
	202,000	BX Commercial Mortgage Trust, Series 2021-CIP, Class B, 1.668%, (LIBOR USD 1-Month plus 1.27%), 12/15/38(a)(b)		198,196
	141,515	BX Commercial Mortgage Trust, Series 2021-XL2, Class C, 1.594%, (LIBOR USD 1-Month plus 1.20%), 10/15/38(a)(b)		138,139
	218,000	BX Commercial Mortgage Trust, Series 2022-LP2, Class B, 1.617%, (CME Term SOFR 1-Month 1.31%), 2/15/39(a)(b)		213,499

See accompanying Notes to the Financial Statements.

32

Sterling Capital Ultra Short Bond Fund

Schedule of Portfolio Investments — (continued)

March 31, 2022 (Unaudited)

Principal Amount			Fair Value
COMMERCIAL MORTGAGE-BACKED SECURITIES — (continued)
$	173,000	BX Trust, Series 2021-RISE, Class C, 1.847%, (LIBOR USD 1-Month plus 1.45%), 11/15/36(a)(b)	$	168,448
	300,000	Citigroup Commercial Mortgage Trust, Series 2013-GC15, Class A4, 4.371%, 9/10/46(c)		305,064
	25,000	Citigroup Commercial Mortgage Trust, Series 2013-GC17, Class A4, 4.131%, 11/10/46		25,381
	348,575	COMM 2012-CCRE2 Mortgage Trust, Series 2012-CR2, Class A4, 3.147%, 8/15/45		348,006
	128,244	COMM 2012-CCRE3 Mortgage Trust, Series 2012-CR3, Class A3, 2.822%, 10/15/45		128,177
	270,000	COMM 2013-CCRE10 Mortgage Trust, Series 2013-CR10, Class A4, 4.210%, 8/10/46(c)		273,827
	195,000	COMM 2013-CCRE12 Mortgage Trust, Series 2013-CR12, Class A4, 4.046%, 10/10/46		197,227
	350,000	COMM 2013-CCRE13 Mortgage Trust, Series 2013-CR13, Class A4, 4.194%, 11/10/46(c)		355,589
	371,000	COMM 2013-CCRE6 Mortgage Trust, Series 2013-CR6, Class A4, 3.101%, 3/10/46		371,568
	350,000	COMM 2013-CCRE8 Mortgage Trust, Series 2013-CR8, Class A5, 3.612%, 6/10/46(c)		352,269
	35,138	COMM 2015-CCRE23 Mortgage Trust, Series 2015-CR23, Class A2, 2.852%, 5/10/48		35,118
	155,000	ELP Commercial Mortgage Trust, Series 2021-ELP, Class C, 1.717%, (LIBOR USD 1-Month plus 1.32%), 11/15/38(a)(b)		151,699
	350,000	GS Mortgage Securities Trust, Series 2013- GC16, Class A4, 4.271%, 11/10/46		354,543
	367,000	GS Mortgage Securities Trust 2013-GCJ12, Series 2013-GC12, Class A4, 3.135%, 6/10/46		368,533
	125,000	GS Mortgage Securities Trust 2013-GCJ14, Series 2013-GC14, Class A5, 4.243%, 8/10/46		126,892
	300,000	JP Morgan Chase Commercial Mortgage Securities Trust, Series 2014-C20, Class A5, 3.805%, 7/15/47		303,060
	168,000	Med Trust, Series 2021-MDLN, Class C, 2.197%, (LIBOR USD 1-Month plus 1.80%), 11/15/38(a)(b)		164,675
	188,000	OPG Trust, Series 2021-PORT, Class C, 1.229%, (LIBOR USD 1-Month plus 0.83%), 10/15/36(a)(b)		178,086

Principal Amount			Fair Value
COMMERCIAL MORTGAGE-BACKED SECURITIES — (continued)
$	145,653	SMR Mortgage Trust, Series 2022-IND, Class A, 1.951%, (CME Term SOFR 1-Month 1.65%), 2/15/39(a)(b)	$	144,217
	197,808	UBS-Barclays Commercial Mortgage Trust, Series 2012-C3, Class A4, 3.091%, 8/10/49		198,092
	300,000	UBS-Barclays Commercial Mortgage Trust, Series 2012-C4, Class A5, 2.850%, 12/10/45		300,685
	546,000	WFRBS Commercial Mortgage Trust, Series 2012-C10, Class A3, 2.875%, 12/15/45		545,821
	129,640	WFRBS Commercial Mortgage Trust, Series 2012-C7, Class A2, 3.431%, 6/15/45		129,487
	25,000	WFRBS Commercial Mortgage Trust, Series 2013-C13, Class A4, 3.001%, 5/15/45		25,032
	95,495	WFRBS Commercial Mortgage Trust, Series 2014-C19, Class A3, 3.660%, 3/15/47		95,217
		Total Commercial Mortgage-Backed Securities (Cost $6,927,490)		6,693,636
CORPORATE BONDS — 59.7%
		Aerospace & Defense — 0.9%
	350,000	Boeing Co. (The), 4.508%, 5/1/23		356,068
		Automobiles — 3.0%
	425,000	Ford Motor Credit Co., LLC, 2.979%, 8/3/22		425,000
	250,000	General Motors Financial Co., Inc., 0.741%, (SOFR plus 0.62%), 10/15/24(b)		246,025
	455,000	Hyundai Capital America, 3.000%, 6/20/22(a)		455,984
				1,127,009
		Banks — 10.6%
	350,000	Bank of America Corp., MTN, 0.882%, (SOFR plus 0.73%), 10/24/24(b)		350,165
	350,000	Bank of Nova Scotia (The), 0.569%, (SOFR plus 0.28%), 6/23/23(b)		348,530
	250,000	BPCE SA, 1.700%, (LIBOR USD 3-Month plus 1.22%), 5/22/22(a)(b)		250,232
	300,000	Credit Suisse Group Funding Guernsey, Ltd., 3.800%, 9/15/22		303,092
	200,000	Federation des Caisses Desjardins du Quebec, 0.653%, (SOFR plus 0.43%), 5/21/24(a)(b)		198,716
	525,000	Goldman Sachs Group, Inc. (The), 1.214%, (LIBOR USD 3-Month plus 0.75%), 2/23/23(b)		525,966

Continued

33

Sterling Capital Ultra Short Bond Fund

Schedule of Portfolio Investments — (continued)

March 31, 2022 (Unaudited)

Principal Amount			Fair Value
CORPORATE BONDS — (continued)
		Banks — (continued)
$	365,000	JPMorgan Chase & Co., 2.776%, (LIBOR USD 3-Month plus 0.94%), 4/25/23(d)	$	365,093
	350,000	KeyBank N.A., BKNT, 0.610%, (SOFR plus 0.32%), 6/14/24(b)		347,459
	325,000	Lloyds Banking Group PLC, 1.326%, (1-Year Treasury Constant Maturity plus 1.10%), 6/15/23(c)		324,214
	150,000	Macquarie Group, Ltd., 0.828%, (SOFR plus 0.71%), 10/14/25(a)(b)		148,927
	250,000	NatWest Markets PLC, 1.951%, (SOFR plus 1.66%), 9/29/22(a)(b)		250,811
	250,000	NatWest Markets PLC, 3.625%, 9/29/22(a)		252,006
	300,000	Santander UK PLC, 2.100%, 1/13/23		300,044
				3,965,255
		Beverages — 0.7%
	250,000	Constellation Brands, Inc., 3.200%, 2/15/23		252,467
		Chemicals — 1.9%
	350,000	International Flavors & Fragrances, Inc., 0.697%, 9/15/22(a)		348,323
	80,000	Westlake Corp., 0.875%, 8/15/24		76,784
	275,000	Westlake Corp., 3.600%, 7/15/22		275,452
				700,559
		Construction Materials — 1.4%
	183,000	Koppers, Inc., 6.000%, 2/15/25(a)		179,340
	350,000	Martin Marietta Materials, Inc., 0.650%, 7/15/23		341,850
				521,190
		Diversified Financial Services — 4.8%
	200,000	AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 3.300%, 1/23/23	��	200,597
	350,000	Ares Capital Corp., 3.500%, 2/10/23		351,883
	300,000	Capital One Financial Corp., 1.019%, (LIBOR USD 3-Month plus 0.72%), 1/30/23(b)		300,181
	83,000	Discover Financial Services, 5.200%, 4/27/22		83,202
	375,000	FS KKR Capital Corp., 4.750%, 5/15/22		375,239
	175,000	OneMain Finance Corp., 6.125%, 3/15/24		179,375
	300,000	Park Aerospace Holdings, Ltd., 5.250%, 8/15/22(a)		301,933
				1,792,410
		Electric Utilities — 7.1%
	347,000	Ameren Illinois Co., 2.700%, 9/1/22		347,686
	115,000	American Electric Power Co., Inc., 2.031%, 3/15/24		113,090
	260,000	Consumers Energy Co., 0.350%, 6/1/23		253,470
	250,000	Dominion Energy, Inc., Series B, 2.750%, 9/15/22		250,544
	437,000	DTE Energy Co., 2.250%, 11/1/22		437,589
	300,000	Entergy Louisiana, LLC, 0.950%, 10/1/24		286,147

Principal Amount			Fair Value
CORPORATE BONDS — (continued)
		Electric Utilities — (continued)
$	200,000	Exelon Corp., 3.497%, 6/1/22	$	200,239
	120,000	Florida Power & Light Co., 0.437%, (SOFRINDX plus 0.25%), 5/10/23(b)		119,692
	319,000	Indiana Michigan Power Co., Series J, 3.200%, 3/15/23		321,439
	200,000	Public Service Electric & Gas Co., MTN, 3.250%, 9/1/23		201,697
	137,000	WESCO Distribution, Inc., 7.125%, 6/15/25(a)		142,309
				2,673,902
		Electrical Equipment — 1.4%
	130,000	Carlisle Cos., Inc., 0.550%, 9/1/23		126,001
	400,000	General Electric Co., 2.700%, 10/9/22		401,808
				527,809
		Energy Equipment & Services — 5.8%
	300,000	Enbridge, Inc., 2.150%, 2/16/24		296,325
	300,000	Energy Transfer L.P./Regency Energy Finance Corp., 5.000%, 10/1/22		302,425
	95,000	Genesis Energy L.P./Genesis Energy Finance Corp., 5.625%, 6/15/24		94,408
	300,000	Kinder Morgan, Inc., 3.150%, 1/15/23		301,595
	225,000	Midwest Connector Capital Co., LLC, 3.625%, 4/1/22(a)		225,000
	300,000	MPLX L.P., 3.375%, 3/15/23		302,261
	250,000	Plains All American Pipeline L.P./PAA Finance Corp., 3.850%, 10/15/23		252,242
	400,000	Williams Cos., Inc. (The), 3.700%, 1/15/23		402,562
				2,176,818
		Entertainment — 1.1%
	400,000	Magallanes, Inc., 3.528%, 3/15/24(a)		399,924
		Equity Real Estate Investment Trusts (REITS) — 3.1%
	140,000	Jones Lang LaSalle, Inc., 4.400%, 11/15/22		141,142
	205,000	Public Storage, 0.611%, (SOFR plus 0.47%), 4/23/24(b)		204,953
	225,000	SBA Tower Trust, Series 2014-2A, Class C, 3.869%, 10/8/24(a)		227,273
	400,000	Simon Property Group L.P., 0.535%, (SOFR plus 0.43%), 1/11/24(b)		399,629
	179,000	Starwood Property Trust, Inc., 5.500%, 11/1/23(a)		182,052
				1,155,049
		Health Care Equipment & Services — 1.5%
	250,000	HCA, Inc., 4.750%, 5/1/23		256,343
	300,000	Humana, Inc., 0.650%, 8/3/23		292,823
				549,166
		Health Care Providers & Services — 1.7%
	250,000	AbbVie, Inc., 2.300%, 11/21/22		250,843
	400,000	Viatris, Inc., 1.125%, 6/22/22		399,975
				650,818

Continued

34

Sterling Capital Ultra Short Bond Fund

Schedule of Portfolio Investments — (continued)

March 31, 2022 (Unaudited)

Principal Amount			Fair Value
CORPORATE BONDS — (continued)
		Insurance — 3.9%
$	325,000	Alleghany Corp., 4.950%, 6/27/22	$	327,852
	350,000	Athene Global Funding, 3.000%, 7/1/22(a)		351,335
	100,000	Brighthouse Financial Global Funding, 0.600%, 6/28/23(a)		97,631
	75,000	Brighthouse Financial Global Funding, 0.869%, (SOFR plus 0.76%), 4/12/24(a)(b)		75,164
	290,000	Fidelity National Financial, Inc., 5.500%, 9/1/22		294,150
	325,000	Reliance Standard Life Global Funding II, 2.625%, 7/22/22(a)		326,153
				1,472,285
		Media — 0.8%
	300,000	Charter Communications Operating, LLC/ Charter Communications Operating Capital, 4.464%, 7/23/22		301,100
		Metals & Mining — 1.8%
	175,000	Freeport-McMoRan, Inc., 3.875%, 3/15/23		176,925
	200,000	Nucor Corp., 4.125%, 9/15/22		201,087
	300,000	Southern Copper Corp., 3.500%, 11/8/22		301,959
				679,971
		Oil, Gas & Consumable Fuels — 3.5%
	250,000	CenterPoint Energy Resources Corp., 0.700%, 3/2/23		246,348
	350,000	HollyFrontier Corp., 2.625%, 10/1/23		346,617
	325,000	Pioneer Natural Resources Co., 3.950%, 7/15/22		325,620
	145,000	Range Resources Corp., 5.000%, 3/15/23		146,015
	250,000	Southern California Gas Co., 1.153%, (LIBOR USD 3-Month plus 0.35%), 9/14/23(b)		249,514
				1,314,114
		Semiconductors & Semiconductor Equipment — 0.7%
	250,000	Microchip Technology, Inc., 4.333%, 6/1/23		254,027
		Software — 0.9%
	61,000	Dell International, LLC/EMC Corp., 5.450%, 6/15/23		62,863
	275,000	VMware, Inc., 0.600%, 8/15/23		267,392
				330,255
		Specialty Retail — 1.2%
	300,000	7-Eleven, Inc., 0.625%, 2/10/23(a)		295,343
	161,000	Nordstrom, Inc., 2.300%, 4/8/24		158,733
				454,076
		Telecommunication Services — 1.5%
	250,000	AT&T, Inc., 0.929%, (SOFRINDX plus 0.64%), 3/25/24(b)		249,999

Principal Amount			Fair Value
CORPORATE BONDS — (continued)
		Telecommunication Services — (continued)
$	300,000	Verizon Communications, Inc., 1.606%, (LIBOR USD 3-Month plus 1.10%), 5/15/25(b)	$	304,937
				554,936
		Tobacco — 0.4%
	150,000	BAT Capital Corp., 1.386%, (LIBOR USD 3-Month plus 0.88%), 8/15/22(b)		150,166
		Total Corporate Bonds (Cost $22,576,744)		22,359,374
MUNICIPAL BONDS — 1.4%
		Illinois — 0.7%
	275,000	Chicago O'Hare International Airport, IL, Refunding, Taxable Revenue Bonds, Series D, 0.959%, 1/1/23		272,558
		Pennsylvania — 0.7%
	250,000	Allegheny County, PA, Advance Refunding, Taxable Revenue Bonds, G.O., Series C79, 0.573%, 11/1/22		248,955
		Total Municipal Bonds
		(Cost $525,000)		521,513

Shares
MONEY MARKET FUND — 3.6%
	1,333,162	Federated Treasury Obligations Fund, Institutional Shares, 0.13%(e)		1,333,162
		Total Money Market Fund
		(Cost $1,333,162)		1,333,162
Total Investments — 98.7%				36,956,074
(Cost $37,507,328)
Net Other Assets (Liabilities) — 1.3%				487,685
NET ASSETS — 100.0%			$	37,443,759

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

(b) The interest rate for this floating rate note, which will change periodically, is based either on the prime rate or an index of market rates. The reflected rate is in effect as of March 31, 2022. The maturity date reflected is the final maturity date.

(c) The interest rate for this variable rate note, which will change periodically, is based either on the prime rate or an index of market rates. The reflected rate is in effect as of March 31, 2022. The maturity date reflected is the final maturity date.

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

Continued

35

Sterling Capital Ultra Short Bond Fund

Schedule of Portfolio Investments — (continued)

March 31, 2022 (Unaudited)

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

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

Continued

36

Sterling Capital Short Duration Bond Fund

Schedule of Portfolio Investments

March 31, 2022 (Unaudited)

Principal Amount			Fair Value
ASSET BACKED SECURITIES — 11.2%
$	25,655	AmeriCredit Automobile Receivables Trust, Series 2017-4, Class C, 2.600%, 9/18/23	$	25,674
	1,290,000	AmeriCredit Automobile Receivables Trust, Series 2018-3, Class C, 3.740%, 10/18/24		1,300,295
	459,965	AmeriCredit Automobile Receivables Trust, Series 2019-1, Class B, 3.130%, 2/18/25		461,406
	360,566	ARI Fleet Lease Trust, Series 2019-A, Class A2A, 2.410%, 11/15/27(a)		360,579
	1,387,000	Avis Budget Rental Car Funding AESOP, LLC, Series 2017-2A, Class A, 2.970%, 3/20/24(a)		1,392,164
	815,000	Carvana Auto Receivables Trust, Series 2021-P2, Class A3, 0.490%, 3/10/26		791,040
	212,516	Chesapeake Funding II, LLC, Series 2018- 3A, Class A1, 3.390%, 1/15/31(a)		212,966
	170,021	Chesapeake Funding II, LLC, Series 2019- 1A, Class A1, 2.940%, 4/15/31(a)		170,136
	486,495	Chesapeake Funding II, LLC, Series 2020- 1A, Class A1, 0.870%, 8/15/32(a)		482,623
	1,066,916	Chesapeake Funding II, LLC, Series 2021- 1A, Class A1, 0.470%, 4/15/33(a)		1,038,211
	2,544	Citicorp Residential Mortgage Trust, STEP, Series 2007-2, Class A6, 4.886%, 6/25/37		2,542
	386,253	Citigroup Mortgage Loan Trust, Inc., Series 2005-HE1, Class M3, 1.107%, (LIBOR USD 1-Month plus 0.98%), 5/25/35(b)		385,545
	1,500,000	Enterprise Fleet Funding, LLC, Series 2021-1, Class A3, 0.700%, 12/21/26(a)		1,412,607
	1,490,000	Hertz Vehicle Financing, LLC, Series 2021-1A, Class A, 1.210%, 12/26/25(a)		1,411,801
	184,730	OneMain Financial Issuance Trust, Series 2016-3A, Class A, 3.830%, 6/18/31(a)		184,860
	292,848	OneMain Financial Issuance Trust, Series 2018-1A, Class A, 3.300%, 3/14/29(a)		292,900
	1,000,000	OneMain Financial Issuance Trust, Series 2020-1A, Class A, 3.840%, 5/14/32(a)		1,007,733
	1,500,000	Santander Drive Auto Receivables Trust, Series 2021-1, Class C, 0.750%, 2/17/26		1,471,090
	85,971	Sofi Professional Loan Program, LLC, Series 2016-B, Class A1, 1.657%, (LIBOR USD 1-Month plus 1.20%), 6/25/33(a)(b)		86,063
	10,343	SoFi Professional Loan Program, LLC, Series 2016-E, Class A1, 1.307%, (LIBOR USD 1-Month plus 0.85%), 7/25/39(a)(b)		10,344
	1,290,000	World Omni Select Auto Trust, Series 2021-A, Class A3, 0.530%, 3/15/27		1,252,639
		Total Asset Backed Securities (Cost $14,060,649)		13,753,218

Principal Amount			Fair Value
COLLATERALIZED MORTGAGE OBLIGATIONS — 4.3%
$	41,092	Alternative Loan Trust, Series 2004-22CB, Class 1A1, 6.000%, 10/25/34	$	40,910
	43,176	Banc of America Funding Trust, Series 2004-C, Class 4A3, 1.349%, (LIBOR USD 1-Month plus 0.90%), 12/20/34(b)		43,252
	896,555	Chase Home Lending Mortgage Trust, Series 2019-ATR2, Class A3, 3.500%, 7/25/49(a)(c)		894,551
	138,651	Fannie Mae, Series 2012-152, Class PC, 1.750%, 8/25/42		138,098
	709,189	Fannie Mae, Series 2013-35, Class CB, 2.000%, 2/25/43		694,924
	59,439	Fannie Mae, Series 2013-72, Class NA, 2.500%, 8/25/42		59,250
	835,475	Fannie Mae, Series 2015-71, Class PD, 2.500%, 3/25/43		829,852
	355,822	Fannie Mae, Series 2016-100, Class DA, 3.000%, 2/25/43		352,606
	703,729	Freddie Mac, Series 4828, Class QA, 3.500%, 3/15/47		702,219
	1,471,985	JP Morgan Mortgage Trust, Series 2017-5, Class A1B, 3.050%, 10/26/48(a)(c)		1,469,965
		Total Collateralized Mortgage Obligations (Cost $5,312,265)		5,225,627
COMMERCIAL MORTGAGE-BACKED SECURITIES — 11.9%
	862,000	BX 2021-LBA3 Mortgage Trust, Series 2021-PAC, Class B, 1.296%, (LIBOR USD 1-Month plus 0.90%), 10/15/36(a) (b)		833,937
	846,000	BX Commercial Mortgage Trust, Series 2021-21M, Class C, 1.574%, (LIBOR USD 1-Month plus 1.18%), 10/15/36(a) (b)		812,518
	869,000	BX Commercial Mortgage Trust, Series 2021-ACNT, Class C, 1.897%, (LIBOR USD 1-Month plus 1.50%), 11/15/38(a) (b)		855,482
	953,000	BX Commercial Mortgage Trust, Series 2021-CIP, Class B, 1.668%, (LIBOR USD 1-Month plus 1.27%), 12/15/38(a) (b)		935,052
	703,670	BX Commercial Mortgage Trust, Series 2021-XL2, Class C, 1.594%, (LIBOR USD 1-Month plus 1.20%), 10/15/38(a) (b)		686,884
	661,000	BX Commercial Mortgage Trust, Series 2022-LP2, Class B, 1.617%, (CME Term SOFR 1-Month 1.31%), 2/15/39(a)(b)		647,351
	208,000	BX Trust, Series 2021-ARIA, Class A, 1.296%, (LIBOR USD 1-Month plus 0.90%), 10/15/36(a)(b)		203,951

See accompanying Notes to the Financial Statements.

37

Sterling Capital Short Duration Bond Fund

Schedule of Portfolio Investments — (continued)

March 31, 2022 (Unaudited)

Principal Amount			Fair Value
COMMERCIAL MORTGAGE-BACKED SECURITIES — (continued)
$	862,000	BX Trust, Series 2021-RISE, Class C, 1.847%, (LIBOR USD 1-Month plus 1.45%), 11/15/36(a)(b)	$	839,317
	1,527,822	COMM 2012-CCRE2 Mortgage Trust, Series 2012-CR2, Class A4, 3.147%, 8/15/45		1,525,327
	454,000	COMM 2013-CCRE11 Mortgage Trust, Series 2013-CR11, Class A4, 4.258%, 8/10/50		461,933
	789,000	ELP Commercial Mortgage Trust, Series 2021-ELP, Class C, 1.717%, (LIBOR USD 1-Month plus 1.32%), 11/15/38(a) (b)		772,199
	54,845	GS Mortgage Securities Trust, Series 2010- C1, Class B, 5.148%, 8/10/43(a)		54,449
	336,434	GS Mortgage Securities Trust, Series 2014- GC24, Class AAB, 3.650%, 9/10/47		340,317
	1,800,000	JP Morgan Chase Commercial Mortgage Securities Trust, Series 2014-C20, Class A5, 3.805%, 7/15/47		1,818,360
	859,000	Med Trust, Series 2021-MDLN, Class C, 2.197%, (LIBOR USD 1-Month plus 1.80%), 11/15/38(a)(b)		841,999
	936,000	OPG Trust, Series 2021-PORT, Class C, 1.229%, (LIBOR USD 1-Month plus 0.83%), 10/15/36(a)(b)		886,640
	440,818	SMR Mortgage Trust, Series 2022-IND, Class A, 1.951%, (CME Term SOFR 1-Month 1.65%), 2/15/39(a)(b)		436,472
	925,714	UBS-Barclays Commercial Mortgage Trust, Series 2012-C3, Class A4, 3.091%, 8/10/49		927,047
	688,712	WFRBS Commercial Mortgage Trust, Series 2012-C7, Class A2, 3.431%, 6/15/45		687,897
		Total Commercial Mortgage-Backed Securities (Cost $15,009,199)		14,567,132
CORPORATE BONDS — 64.9%
		Automobiles — 4.0%
	965,000	BMW U.S. Capital, LLC, 3.150%, 4/18/24(a)		970,651
	1,022,000	Daimler Finance North America, LLC, 0.750%, 3/1/24(a)		981,353
	1,250,000	Daimler Trucks Finance North America, LLC, 3.500%, 4/7/25(a)		1,248,625
	915,000	Ford Motor Credit Co., LLC, 2.300%, 2/10/25		868,534
	900,000	Hyundai Capital America, 0.800%, 1/8/24(a)		859,511
				4,928,674

Principal Amount			Fair Value
CORPORATE BONDS — (continued)
		Banks — 15.6%
$	1,500,000	Bank of America Corp., MTN, 0.981%, (SOFR plus 0.91%), 9/25/25(d)	$	1,421,290
	1,000,000	Bank of Nova Scotia (The), 1.450%, 1/10/25		960,998
	900,000	BNP Paribas SA, 4.705%, (LIBOR USD 3-Month plus 2.24%), 1/10/25(a)(d)		919,493
	1,000,000	Citigroup, Inc., 3.352%, (LIBOR USD
		3-Month plus 0.90%), 4/24/25(d)		1,003,168
	855,000	Credit Suisse AG, MTN, 3.625%, 9/9/24		865,570
	1,000,000	Danske Bank A/S, 0.976%, (1-Year Treasury Constant Maturity plus 0.55%), 9/10/25(a)(c)		937,982
	1,578,000	Goldman Sachs Group, Inc. (The), 4.000%, 3/3/24		1,611,364
	625,000	HSBC Holdings PLC, 2.999%, (SOFR plus 1.43%), 3/10/26(d)		613,453
	491,000	JP Morgan Chase & Co., Series I, 3.769%, (LIBOR USD 3-Month plus 3.47%)(c)(e)		491,000
	1,700,000	JPMorgan Chase & Co., 3.559%, (LIBOR USD 3-Month plus 0.73%), 4/23/24(d)		1,716,462
	1,000,000	Lloyds Banking Group PLC, 2.907%, (LIBOR USD 3-Month plus 0.81%), 11/7/23(d)		1,001,627
	1,017,000	Mitsubishi UFJ Financial Group, Inc., 0.848%, (1-Year Treasury Constant Maturity plus 0.68%), 9/15/24(c)		986,168
	1,045,000	Morgan Stanley, MTN, 1.164%, (SOFR plus 0.56%), 10/21/25(d)		993,623
	850,000	NatWest Markets PLC, 1.049%, (SOFR plus 0.76%), 9/29/26(a)(b)		828,383
	842,000	PNC Financial Services Group, Inc. (The), Series O, 3.995%, (LIBOR USD 3-Month plus 3.68%)(c)(e)		837,775
	1,023,000	Standard Chartered PLC, 0.991%, (1-Year Treasury Constant Maturity plus 0.78%), 1/12/25(a)(c)		977,255
	1,000,000	Sumitomo Mitsui Trust Bank, Ltd., 0.850%, 3/25/24(a)		958,885
	1,000,000	Swedbank AB, 3.356%, 4/4/25(a)		1,003,082
	1,004,000	Wells Fargo & Co., MTN, 1.654%, (SOFR plus 1.60%), 6/2/24(d)		992,382
				19,119,960
		Chemicals — 1.8%
	849,000	NOVA Chemicals Corp., 4.875%, 6/1/24(a)		861,735
	836,000	Tronox, Inc., 6.500%, 5/1/25(a)		864,988
	500,000	Westlake Corp., 0.875%, 8/15/24		479,899
				2,206,622
		Commercial Services & Supplies — 0.6%
	707,000	GFL Environmental, Inc., 4.250%, 6/1/25(a)		699,930
		Construction Materials — 1.0%
	654,000	Koppers, Inc., 6.000%, 2/15/25(a)		640,920

Continued 

38

Sterling Capital Short Duration Bond Fund

Schedule of Portfolio Investments — (continued)

March 31, 2022 (Unaudited)

Principal Amount			Fair Value
CORPORATE BONDS — (continued)
		Construction Materials — (continued)
$	575,000	Martin Marietta Materials, Inc., 4.250%, 7/2/24	$	588,745
				1,229,665
		Diversified Financial Services — 9.4%
	976,000	AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 3.150%, 2/15/24		959,225
	1,010,000	Air Lease Corp., MTN, 0.700%, 2/15/24		965,525
	975,000	Ally Financial, Inc., 5.750%, 11/20/25.		1,026,598
	1,250,000	American Express Co., 2.250%, 3/4/25		1,229,184
	1,000,000	Blackstone Private Credit Fund, 1.750%, 9/15/24(a)		940,323
	875,000	Capital One Financial Corp., 3.750%, 4/24/24		888,393
	880,000	Element Fleet Management Corp., 1.600%, 4/6/24(a)		849,303
	953,000	ERAC USA Finance, LLC, 3.850%, 11/15/24(a)		969,842
	1,031,000	FS KKR Capital Corp., 1.650%, 10/12/24		972,621
	833,000	OneMain Finance Corp., 6.125%, 3/15/24		853,825
	941,000	Owl Rock Capital Corp., 5.250%, 4/15/24		962,436
	900,000	Park Aerospace Holdings, Ltd., 5.500%, 2/15/24(a)		921,731
				11,539,006
		Diversified Telecommunication Services — 1.4%
	943,000	AT&T, Inc., 4.450%, 4/1/24		971,110
	734,250	Sprint Spectrum Co., LLC/Sprint Spectrum Co. II, LLC/Sprint Spectrum Co. III, LLC, 4.738%, 3/20/25(a)		750,111
				1,721,221
		Electric Utilities — 5.1%
	285,000	American Electric Power Co., Inc., 2.031%, 3/15/24		280,266
	955,000	CMS Energy Corp., 3.875%, 3/1/24.		967,947
	988,000	Dominion Energy, Inc., 2.450%, 1/15/23(a)		988,422
	900,000	Duke Energy Progress, LLC, 3.250%, 8/15/25		906,323
	760,000	Entergy Louisiana, LLC, 0.620%, 11/17/23		737,896
	900,000	Sempra Energy, 3.300%, 4/1/25		901,117
	600,000	Southern Co. (The), Series 21-A, 0.600%, 2/26/24		577,136
	821,000	WESCO Distribution, Inc., 7.125%, 6/15/25(a)		852,814
				6,211,921
		Energy Equipment & Services — 3.5%
	850,000	Cheniere Corpus Christi Holdings, LLC, 7.000%, 6/30/24		904,999
	900,000	Energy Transfer L.P., 4.250%, 3/15/23		909,843
	313,000	Genesis Energy L.P./Genesis Energy Finance Corp., 5.625%, 6/15/24		311,050
	968,000	Plains All American Pipeline L.P./PAA Finance Corp., 3.600%, 11/1/24		971,874

Principal Amount			Fair Value
CORPORATE BONDS — (continued)
		Energy Equipment & Services — (continued)
$	1,155,000	Williams Cos., Inc. (The), 4.500%, 11/15/23	$	1,179,613
				4,277,379
		Entertainment — 1.6%
	1,000,000	Magallanes, Inc., 3.638%, 3/15/25(a)		1,006,238
	1,000,000	Mattel, Inc., 3.375%, 4/1/26(a)		979,085
				1,985,323
		Equity Real Estate Investment Trusts (REITS) — 4.0%
	790,000	American Tower Corp., 5.000%, 2/15/24		817,855
	700,000	Crown Castle International Corp., 3.150%, 7/15/23		705,043
	1,000,000	Kimco Realty Corp., 2.700%, 3/1/24		992,425
	730,000	Ladder Capital Finance Holdings LLLP/ Ladder Capital Finance Corp., 5.250%, 10/1/25(a)		727,263
	1,000,000	Retail Opportunity Investments Partnership L.P., 5.000%, 12/15/23		1,019,703
	622,000	Starwood Property Trust, Inc., 3.750%, 12/31/24(a)		606,487
				4,868,776
		Health Care Providers & Services — 0.3%
	389,000	Shire Acquisitions Investments Ireland DAC, 2.875%, 9/23/23		390,267
		Hotels, Restaurants & Leisure — 0.7%
	830,000	Prime Security Services Borrower, LLC/ Prime Finance, Inc., 5.250%, 4/15/24(a)		848,675
		Household Products — 0.8%
	1,000,000	GSK Consumer Healthcare Capital UK PLC, 3.125%, 3/24/25(a)		998,224
		Insurance — 5.0%
	1,000,000	Athene Global Funding, 1.716%, 1/7/25(a)		953,969
	460,000	CNO Global Funding, 1.650%, 1/6/25(a)		438,465
	1,100,000	F&G Global Funding, 0.900%, 9/20/24(a)		1,037,889
	1,030,000	GA Global Funding Trust, 0.800%, 9/13/24(a)		965,504
	625,000	Jackson National Life Global Funding, 3.875%, 6/11/25(a)		635,922
	1,150,000	John Hancock Life Insurance Co., 7.375%, 2/15/24(a)		1,236,046
	915,000	Security Benefit Global Funding, 1.250%, 5/17/24(a)		875,072
				6,142,867
		Media — 1.7%
	1,104,000	Charter Communications Operating, LLC/ Charter Communications Operating Capital, 4.464%, 7/23/22		1,108,049

Continued

39

Sterling Capital Short Duration Bond Fund

Schedule of Portfolio Investments — (continued)

March 31, 2022 (Unaudited)

Principal Amount			Fair Value
CORPORATE BONDS — (continued)
		Media — (continued)
$	957,000	Discovery Communications, LLC, 3.800%, 3/13/24	$	964,471
				2,072,520
		Metals & Mining — 0.5%
	650,000	Freeport-McMoRan, Inc., 3.875%, 3/15/23		657,150
		Oil, Gas & Consumable Fuels — 2.8%
	445,000	ConocoPhillips Co., 2.125%, 3/8/24		441,228
	1,300,000	Devon Energy Corp., 5.250%, 9/15/24		1,359,619
	988,000	HollyFrontier Corp., 2.625%, 10/1/23		978,451
	660,000	Range Resources Corp., 5.000%, 3/15/23		664,620
				3,443,918
		Road & Rail — 0.7%
	825,000	Ryder System, Inc., MTN, 3.650%, 3/18/24		834,335
		Semiconductors & Semiconductor Equipment — 1.7%
	825,000	Broadcom Corp./Broadcom Cayman Finance, Ltd., 3.625%, 1/15/24		835,147
	1,253,000	Microchip Technology, Inc., 4.250%, 9/1/25		1,269,084
				2,104,231
		Software — 0.2%
	264,000	Dell International, LLC/EMC Corp., 5.450%, 6/15/23		272,062
		Specialty Retail — 1.5%
	940,000	7-Eleven, Inc., 0.800%, 2/10/24(a)		903,623
	920,000	Nordstrom, Inc., 2.300%, 4/8/24		907,046
				1,810,669
		Tobacco — 1.0%
	1,200,000	BAT Capital Corp., 3.222%, 8/15/24		1,200,583
		Total Corporate Bonds (Cost $82,094,650)		79,563,978
MUNICIPAL BONDS — 4.2%
		California — 1.0%
	650,000	Beverly Hills Public Financing Authority, CA, Advance Refunding, Taxable Revenue Bonds, Series B, 0.730%, 6/1/24		624,390
	590,000	Port of Oakland, CA, Port, Airport & Marina Revenue, Advance Refunding Revenue Bonds, Series R, 1.081%, 5/1/24		569,562
				1,193,952
		Hawaii — 0.2%
	240,000	State of Hawaii, HI, Public Improvements, Cash Flow Management G.O., 0.802%, 10/1/24		229,457

Principal Amount			Fair Value
MUNICIPAL BONDS — (continued)
		Illinois — 0.6%
$	815,000	Chicago O'Hare International Airport, IL, Refunding, Taxable Revenue Bonds, Series D, 1.168%, 1/1/24	$	791,984
		New Jersey — 0.2%
	235,000	New Jersey Turnpike Authority, Advance Refunding Revenue Bonds, Series B, 0.638%, 1/1/24.		227,233
		North Carolina — 0.4%
	500,000	North Carolina Eastern Municipal Power Agency, Refunding Revenue (AGM), 3.558%, 7/1/22		503,430
		Pennsylvania — 0.4%
	515,000	Pennsylvania State University (The), PA, Refunding Notes, Taxable Revenue Bonds, Series D, 1.353%, 9/1/23		509,454
		Texas — 1.4%
	970,000	City of Houston, TX, Airport System Revenue, Refunding, Taxable Revenue Bonds, Series C, 1.054%, 7/1/23		957,603
	750,000	City of Houston, TX, Combined Utility System Revenue, Taxable Revenue, First Lien-Series C, Advance Refunding Revenue Bonds, 1.746%, 11/15/23		742,913
				1,700,516
		Total Municipal Bonds
		(Cost $5,265,865)		5,156,026
U.S. TREASURY NOTES — 2.5%
	3,200,000	1.125%, 1/15/25		3,084,250
		Total U.S. Treasury Notes
		(Cost $3,138,751)		3,084,250

Shares
MONEY MARKET FUND — 1.7%
	2,031,973	Federated Treasury Obligations Fund, Institutional Shares, 0.13%(f)		2,031,973
		Total Money Market Fund
		(Cost $2,031,973)		2,031,973
Total Investments — 100.7%
(Cost $126,913,352)				123,382,204
Net Other Assets (Liabilities) — (0.7)%.				(847,897	)
NET ASSETS — 100.0%			$	122,534,307

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

Continued

40

Sterling Capital Short Duration Bond Fund

Schedule of Portfolio Investments — (continued)

March 31, 2022 (Unaudited)

(b) The interest rate for this floating rate note, which will change periodically, is based either on the prime rate or an index of market rates. The reflected rate is in effect as of March 31, 2022. The maturity date reflected is the final maturity date.

(c) The interest rate for this variable rate note, which will change periodically, is based either on the prime rate or an index of market rates. The reflected rate is in effect as of March 31, 2022. The maturity date reflected is the final maturity date.

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

(e)	Security is perpetual in nature and has no stated maturity date.
(f)	Represents the current yield as of report date.

AGM	Assured Guaranty Municipal Corp.
G.O.	General Obligation
MTN	Medium Term Note
STEP	Step Coupon Bond

Continued

41

Sterling Capital Intermediate U.S. Government Fund

Schedule of Portfolio Investments

March 31, 2022 (Unaudited)

Principal Amount			Fair Value
ASSET BACKED SECURITIES — 2.0%
$	265,000	Avis Budget Rental Car Funding AESOP, LLC, Series 2019-3A, Class A, 2.360%, 3/20/26(a)	$	257,836
	107,856	United States Small Business Administration, Series 2015-20G, Class 1, 2.880%, 7/1/35		107,038
		Total Asset Backed Securities
		(Cost $376,413)		364,874
COLLATERALIZED MORTGAGE OBLIGATIONS — 15.6%
	54,885	Fannie Mae, Series 2003-44, Class Q, 3.500%, 6/25/33		55,278
	223,941	Fannie Mae, Series 2005-31, Class PB, 5.500%, 4/25/35		240,239
	180,966	Fannie Mae, Series 2012-150, Class KA, 1.750%, 1/25/43		169,142
	305,641	Fannie Mae, Series 2012-87, Class MB, 2.000%, 5/25/42		296,801
	110,670	Fannie Mae, Series 2013-44, Class DJ, 1.850%, 5/25/33		105,849
	171,103	Fannie Mae, Series 2016-24, Class CD, 1.750%, 2/25/46		160,353
	96,390	Fannie Mae, Series 2016-49, Class DA, 3.500%, 10/25/42		97,049
	260,612	Fannie Mae, Series 2016-49, Class PA, 3.000%, 9/25/45		257,985
	92,590	Freddie Mac, Series 4122, Class BC, 3.000%, 5/15/40		91,961
	244,551	Freddie Mac, Series 4173, Class NB, 3.000%, 3/15/43		244,257
	187,639	Freddie Mac, Series 4601, Class NJ, 1.900%, 9/15/45		180,831
	162,137	Freddie Mac, Series 4656, Class PA, 3.500%, 10/15/45		164,002
	258,060	Freddie Mac, Series 4863, Class AJ, 3.500%, 7/15/38		262,189
	291,010	Freddie Mac, Series 4942, Class NC, 2.500%, 10/25/49		282,329
	1,582	Ginnie Mae, Series 2011-71, Class QE, 3.500%, 9/16/40		1,583
	96,829	Ginnie Mae, Series 2013-133, Class PL, 3.500%, 2/16/37		98,811
	68,958	Ginnie Mae, Series 2015-162, Class EB, 2.500%, 9/20/44		67,924
		Total Collateralized Mortgage Obligations
		(Cost $2,905,716)		2,776,583
COMMERCIAL MORTGAGE-BACKED SECURITIES — 20.0%
	100,000	BX Commercial Mortgage Trust, Series 2021-ACNT, Class C, 1.897%, (LIBOR USD 1-Month plus 1.50%), 11/15/38(a) (b)		98,444

Principal Amount			Fair Value
COMMERCIAL MORTGAGE-BACKED SECURITIES — (continued)
$	136,220	Citigroup Commercial Mortgage Trust, Series 2015-GC29, Class A3, 2.935%, 4/10/48	$	133,501
	611,541	Fannie Mae-Aces, Series 2015-M17, Class A2, 2.874%, 11/25/25(c)		611,792
	443,443	Fannie Mae-Aces, Series 2017-M7, Class A2, 2.961%, 2/25/27(c)		442,967
	265,656	Fannie Mae-Aces, Series 2017-M8, Class A2, 3.061%, 5/25/27(c)		269,547
	300,000	Freddie Mac Multifamily Structured Pass Through Certificates, Series K033, Class A2, 3.060%, 7/25/23(c)		302,923
	140,000	Freddie Mac Multifamily Structured Pass Through Certificates, Series K049, Class A2, 3.010%, 7/25/25		141,098
	210,000	Freddie Mac Multifamily Structured Pass Through Certificates, Series K060, Class A2, 3.300%, 10/25/26		215,392
	210,000	Freddie Mac Multifamily Structured Pass Through Certificates, Series K061, Class A2, 3.347%, 11/25/26(c)		215,846
	160,000	Freddie Mac Multifamily Structured Pass Through Certificates, Series K069, Class A2, 3.187%, 9/25/27(c)		163,282
	275,000	Freddie Mac Multifamily Structured Pass Through Certificates, Series K079, Class A2, 3.926%, 6/25/28		292,172
	250,000	JPMBB Commercial Mortgage Securities Trust, Series 2014-C23, Class A5, 3.934%, 9/15/47		253,398
	100,000	Med Trust, Series 2021-MDLN, Class C, 2.197%, (LIBOR USD 1-Month plus 1.80%), 11/15/38(a)(b)		98,021
	71,000	Morgan Stanley Bank of America Merrill Lynch Trust, Series 2014-C18, Class A4, 3.923%, 10/15/47		71,964
	250,000	Morgan Stanley Bank of America Merrill Lynch Trust, Series 2014-C19, Class A4, 3.526%, 12/15/47		250,825
		Total Commercial Mortgage-Backed Securities
		(Cost $3,682,909)		3,561,172
CORPORATE BONDS — 2.1%
		Banks — 0.4%
	70,000	Bank of America Corp., GMTN, 3.500%, 4/19/26		70,955
		Electric Utilities — 0.4%
	75,000	Public Service Electric & Gas Co., MTN, 2.250%, 9/15/26		71,827

See accompanying Notes to the Financial Statements.

42

Sterling Capital Intermediate U.S. Government Fund

Schedule of Portfolio Investments — (continued)

March 31, 2022 (Unaudited)

Principal Amount			Fair Value
CORPORATE BONDS — (continued)
		Equity Real Estate Investment Trusts (REITS) — 1.3%
$	250,000	Federal Realty Investment Trust, 1.250%, 2/15/26	$	230,341
		Total Corporate Bonds
		(Cost $404,706)		373,123
MORTGAGE-BACKED SECURITIES — 36.4%
		Fannie Mae — 26.7%
	230,535	4.000%, 12/1/33, Pool #MA1689		239,229
	319,792	4.500%, 3/1/34, Pool #CA3294		338,848
	348,012	2.500%, 11/1/35, Pool #CA7939		344,543
	339,806	1.500%, 12/1/35, Pool #MA4205		322,707
	57,290	4.000%, 12/1/36, Pool #MA2856		59,464
	57,877	4.000%, 2/1/37, Pool #MA2914		60,297
	428,193	1.500%, 12/1/40, Pool #MA4202		388,427
	51,622	4.000%, 5/1/47, Pool #BE9598		53,364
	137,068	3.500%, 12/1/47, Pool #CA0833		138,489
	83,165	5.000%, 8/1/48, Pool #CA2219		88,012
	70,092	3.500%, 9/1/49, Pool #BJ9608		70,529
	76,933	3.500%, 10/1/49, Pool #CA4431		77,414
	107,790	3.000%, 3/1/50, Pool #FM2714		105,949
	251,985	3.000%, 7/1/50, Pool #CA6421		247,259
	246,683	3.000%, 7/1/50, Pool #CA6422		241,791
	199,922	2.000%, 8/1/50, Pool #CA6799		186,923
	297,064	2.000%, 9/1/50, Pool #CA7019		276,885
	344,486	2.500%, 9/1/50, Pool #BQ2883		330,026
	163,502	2.500%, 9/1/50, Pool #BQ0538		156,595
	424,486	2.000%, 10/1/50, Pool #CA7224		395,596
	351,044	2.500%, 10/1/50, Pool #FM4638		336,137
	316,581	2.500%, 10/1/50, Pool #FM4530		302,897
				4,761,381
		Freddie Mac — 9.5%
	257,269	3.000%, 7/1/35, Pool #SB0361		260,245
	136,900	4.000%, 12/1/35, Pool #ZA2401		142,628
	117,322	3.500%, 6/1/36, Pool #ZA2414		118,653
	75,962	4.000%, 3/1/39, Pool #ZA6403		78,209
	225,127	2.000%, 12/1/40, Pool #RB5090		211,380
	150,744	3.500%, 1/1/47, Pool #ZT0941		153,489
	379,169	2.000%, 11/1/50, Pool #QB4916		353,277
	273,680	2.500%, 11/1/50, Pool #QB5838		261,980
	112,175	3.000%, 12/1/51, Pool #SD8184		109,977
				1,689,838
		Ginnie Mae II — 0.2%
	28,203	5.000%, 11/20/38, Pool #4283		28,942
		Total Mortgage-Backed Securities
		(Cost $6,926,845)		6,480,161

Principal Amount			Fair Value
MUNICIPAL BONDS — 0.9%
		Wisconsin — 0.9%
$	150,000	State of Wisconsin, TXB, Revenue Bonds,
		Pension Funding, Series A, (AGM),
		5.700%, 5/1/26	$	160,794
		Total Municipal Bonds
		(Cost $157,686)		160,794
U.S. GOVERNMENT AGENCIES — 13.4%
		Fannie Mae — 10.7%
	1,000,000	6.250%, 5/15/29		1,238,365
	500,000	7.125%, 1/15/30		660,561
				1,898,926
		Federal Home Loan Banks — 2.7%
	500,000	1.200%, 12/30/24		485,718
		Total U.S. Government Agencies
		(Cost $2,317,332)		2,384,644
		U.S. TREASURY NOTES — 6.7%
	1,050,000	0.250%, 9/30/25		971,045
	250,000	1.125%, 2/15/31		225,849
		Total U.S. Treasury Notes
		(Cost $1,273,888)		1,196,894

Shares
MONEY MARKET FUND — 2.5%
	437,800	Federated Treasury Obligations Fund, Institutional Shares, 0.13%(d)		437,800
		Total Money Market Fund
		(Cost $437,800)		437,800
Total Investments — 99.6%
(Cost $18,483,295)				17,736,045
Net Other Assets (Liabilities) — 0.4%.				63,626
NET ASSETS — 100.0%			$	17,799,671

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

(b) The interest rate for this floating rate note, which will change periodically, is based either on the prime rate or an index of market rates. The reflected rate is in effect as of March 31, 2022. The maturity date reflected is the final maturity date.

(c) The interest rate for this variable rate note, which will change periodically, is based either on the prime rate or an index of market rates. The reflected rate is in effect as of March 31, 2022. The maturity date reflected is the final maturity date.

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

AGM Assured Guaranty Municipal Corp.

Continued

43

Sterling Capital Intermediate U.S. Government Fund

Schedule of Portfolio Investments — (continued)

March 31, 2022 (Unaudited)

GMTN	Global Medium Term Note
MTN	Medium Term Note
TXB	Taxable Bond

Continued

44

Sterling Capital Total Return Bond Fund

Schedule of Portfolio Investments

March 31, 2022 (Unaudited)

Principal Amount			Fair Value
ASSET BACKED SECURITIES — 16.9%
$	408,408	Aegis Asset Backed Securities Trust, Series 2005-5, Class 1A4, 1.157%, (LIBOR USD 1-Month plus 0.70%), 12/25/35(a)	$	407,348
	8,200,000	AmeriCredit Automobile Receivables Trust, Series 2020-3, Class B, 0.760%, 12/18/25		7,971,835
	16,500,000	AmeriCredit Automobile Receivables Trust, Series 2021-1, Class B, 0.680%, 10/19/26		15,918,515
	10,215,000	ARI Fleet Lease Trust, Series 2019-A, Class A3, 2.530%, 11/15/27(b)		10,221,823
	2,143,000	Avis Budget Rental Car Funding AESOP, LLC, Series 2017-2A, Class A, 2.970%, 3/20/24(b)		2,150,979
	3,500,000	Avis Budget Rental Car Funding AESOP, LLC, Series 2018-1A, Class A, 3.700%, 9/20/24(b)		3,553,946
	8,000,000	Avis Budget Rental Car Funding AESOP, LLC, Series 2019-2A, Class A, 3.350%, 9/22/25(b)		8,029,740
	2,030,000	Avis Budget Rental Car Funding AESOP, LLC, Series 2019-3A, Class A, 2.360%, 3/20/26(b)		1,975,123
	3,000,000	Avis Budget Rental Car Funding AESOP, LLC, Series 2020-2A, Class A, 2.020%, 2/20/27(b)		2,845,521
	6,250,000	Avis Budget Rental Car Funding AESOP, LLC, Series 2021-1A, Class A, 1.380%, 8/20/27(b)		5,798,834
	12,034,000	Capital One Multi-Asset Execution Trust, Series 2019-A3, Class A3, 2.060%, 8/15/28		11,634,037
	8,720,000	Carvana Auto Receivables Trust, Series 2021-P2, Class B, 1.270%, 3/10/27.		8,112,792
	923,247	Chesapeake Funding II, LLC, Series 2020- 1A, Class A1, 0.870%, 8/15/32(b)		915,900
	2,361,000	Citibank Credit Card Issuance Trust, Series 2007-A3, Class A3, 6.150%, 6/15/39		2,996,101
	14,301	Citicorp Residential Mortgage Trust, STEP, Series 2007-2, Class A6, 4.886%, 6/25/37		14,291
	6,041,000	Enterprise Fleet Financing, LLC, Series 2020-1, Class A3, 1.860%, 12/22/25(b)		5,963,723
	7,000,000	Enterprise Fleet Financing, LLC, Series 2022-1, Class A3, 3.270%, 1/20/28(b)		6,964,216
	6,943,000	Enterprise Fleet Funding, LLC, Series 2021-1, Class A3, 0.700%, 12/21/26(b)		6,538,486
	19,805,000	Ford Credit Auto Owner Trust 2020- REV2, Series 2020-2, Class A, 1.060%, 4/15/33(b)		18,385,096
	10,559,000	Ford Credit Auto Owner Trust 2021- REV2, Series 2021-2, Class A, 1.530%, 5/15/34(b)		9,846,464
	3,750,000	GM Financial Revolving Receivables Trust, Series 2021-1, Class A, 1.170%, 6/12/34(b)		3,436,407

Principal Amount			Fair Value
ASSET BACKED SECURITIES — (continued)
$	7,200,000	GreatAmerica Leasing Receivables Funding, LLC, Series 2021-1, Class A3, 0.340%, 8/15/24(b)	$	7,023,724
	15,735,000	Hertz Vehicle Financing III L.P., Series 2021-2A, Class A, 1.680%, 12/27/27(b)		14,364,861
	7,000,000	Hertz Vehicle Financing, LLC, Series 2022-2A, Class A, 2.330%, 6/26/28(b)		6,547,947
	496,878	New Century Home Equity Loan Trust, Series 2003-4, Class M1, 1.582%, (LIBOR USD 1-Month plus 1.13%), 10/25/33(a)		490,141
	16,000,000	OneMain Direct Auto Receivables Trust 2021-1, Series 2021-1A, Class A, 0.870%, 7/14/28(b)		15,249,122
	20,805,000	OneMain Financial Issuance Trust 2021-1, Series 2021-1A, Class A1, 1.550%, 6/16/36(b)		18,993,785
	5,500,000	Santander Drive Auto Receivables Trust, Series 2021-1, Class C, 0.750%, 2/17/26		5,393,997
	8,858,000	Santander Drive Auto Receivables Trust, Series 2021-4, Class B, 0.880%, 6/15/26		8,552,675
	2,520,527	Saxon Asset Securities Trust, Series 2004- 3, Class M1, 1.357%, (LIBOR USD 1-Month plus 0.90%), 12/26/34(a)		2,498,584
	39,513	SoFi Professional Loan Program, LLC, Series 2016-E, Class A1, 1.307%, (LIBOR USD 1-Month plus 0.85%), 7/25/39(a)(b)		39,519
	5,150,000	Toyota Auto Loan Extended Note Trust 2020-1, Series 2020-1A, Class A, 1.350%, 5/25/33(b)		4,884,850
	8,242,000	Wheels SPV 2, LLC, Series 2019-1A, Class A3, 2.350%, 5/22/28(b)		8,259,367
		Total Asset Backed Securities
		(Cost $236,587,527)		225,979,749
COLLATERALIZED MORTGAGE OBLIGATIONS — 2.2%
	19,954	Adjustable Rate Mortgage Trust, Series 2004-5, Class 4A1, 2.882%, 4/25/35(c)		20,023
	208,679	Alternative Loan Trust, Series 2004-22CB, Class 1A1, 6.000%, 10/25/34		207,758
	200,458	Banc of America Funding Trust, Series 2004-C, Class 4A1, 1.109%, (LIBOR USD 1-Month plus 0.66%), 12/20/34(a)		200,312
	246,688	Banc of America Funding Trust, Series 2006-2, Class 3A1, 6.000%, 3/25/36		240,837
	9,813	Citigroup Mortgage Loan Trust, Inc., Series 2004-NCM2, Class 3CB2, 6.500%, 8/25/19		9,794
	60,377	Countrywide Home Loan Mortgage Pass- Through Trust, Series 2004-3, Class A4, 5.750%, 4/25/34		59,297

See accompanying Notes to the Financial Statements.

45

Sterling Capital Total Return Bond Fund

Schedule of Portfolio Investments — (continued)

March 31, 2022 (Unaudited)

Principal Amount			Fair Value
COLLATERALIZED MORTGAGE OBLIGATIONS — (continued)
$	159,918	Credit Suisse First Boston Mortgage- Backed Pass-Through Certificates, Series 2004-1, Class 2A1, 6.500%, 2/25/34	$	158,982
	877,025	Fannie Mae, Series 2011-38, Class D, 4.500%, 5/25/41		919,036
	3,390,474	Fannie Mae, Series 2013-16, Class A, 1.750%, 1/25/40		3,325,729
	891,000	Fannie Mae, Series 2013-70, Class CY, 3.500%, 7/25/43		876,854
	1,062,148	Fannie Mae, Series 2014-39, Class VP, 3.000%, 8/25/27		1,055,212
	197,109	Fannie Mae, Series 2017-64, Class PD, 2.500%, 7/25/47		189,984
	407,660	Freddie Mac, Series 3632, Class PK, 5.000%, 2/15/40		426,488
	730,000	Freddie Mac, Series 3762, Class LN, 4.000%, 11/15/40		778,703
	330,613	Freddie Mac, Series 3768, Class V, 4.000%, 11/15/23		333,967
	672,402	Freddie Mac, Series 4077, Class PJ, 3.500%, 11/15/40		680,649
	1,463,119	Freddie Mac, Series 4100, Class PA, 3.000%, 1/15/42		1,456,269
	507,000	Freddie Mac, Series 4120, Class YK, 2.000%, 10/15/32		464,586
	407,671	Freddie Mac, Series 4136, Class HZ, 3.500%, 11/15/27		408,146
	324,000	Freddie Mac, Series 4160, Class HH, 2.500%, 12/15/32		319,447
	877,261	Freddie Mac, Series 4287, Class V, 4.500%, 10/15/26		898,143
	427,905	Freddie Mac, Series 4328, Class KD, 3.000%, 8/15/43		424,108
	140,568	Freddie Mac, Series 4331, Class V, 4.000%, 11/15/28		140,634
	1,988,897	Freddie Mac, Series 4427, Class KA, 2.250%, 7/15/44		1,912,943
	1,468,894	Freddie Mac, Series 4654, Class KA, 3.000%, 6/15/45		1,459,999
	5,975,445	Freddie Mac, Series 4655, Class GV, 3.500%, 12/15/36		5,988,386
	973,328	Freddie Mac, Series 4657, Class VT, 3.500%, 6/15/37		976,917
	487,712	Freddie Mac, Series 4710, Class GA, 3.000%, 3/15/44		486,819
	181,861	Ginnie Mae, Series 2008-51, Class PG, 5.000%, 6/20/38		187,974
	3,574,879	Ginnie Mae, Series 2014-2, Class AG, 2.311%, 3/20/40(c)		3,421,410
	370,125	MASTR Alternative Loan Trust, Series 2003-5, Class 8A1, 5.500%, 6/25/33		368,895
	242,219	MASTR Alternative Loan Trust, Series 2004-13, Class 3A1, 6.500%, 1/25/35		210,113

Principal Amount			Fair Value
COLLATERALIZED MORTGAGE OBLIGATIONS — (continued)
$	27	RAAC Trust, Series 2004-SP3, Class AI5, 4.890%, 12/25/32(c)	$	27
	96,647	RAAC Trust, STEP, Series 2004-SP1, Class AI3, 6.118%, 3/25/34		96,192
	109,257	Residential Asset Securitization Trust, Series 2004-IP2, Class 4A, 3.266%, 12/25/34(c)		106,007
		Total Collateralized Mortgage Obligations
		(Cost $29,472,977)		28,810,640
COMMERCIAL MORTGAGE-BACKED SECURITIES — 19.8%
	9,468,000	BANK 2020-BNK27, Series 2020-BN27, Class A5, 2.144%, 4/15/63		8,674,410
	1,880,000	BANK 2020-BNK29, Series 2020-BN29, Class A4, 1.997%, 11/15/53		1,689,838
	3,186,000	BBCMS Mortgage Trust, Series 2020-C7, Class A5, 2.037%, 4/15/53		2,899,771
	5,389,000	Benchmark Mortgage Trust, Series 2020- B18, Class A5, 1.925%, 7/15/53		4,844,257
	3,603,000	Benchmark Mortgage Trust, Series 2020- B21, Class A5, 1.978%, 12/17/53		3,232,754
	6,730,000	BX 2021-LBA3 Mortgage Trust, Series 2021-PAC, Class C, 1.496%, (LIBOR USD 1-Month plus 1.10%), 10/15/36(a) (b)		6,468,770
	6,612,000	BX Commercial Mortgage Trust, Series 2021-21M, Class C, 1.574%, (LIBOR USD 1-Month plus 1.18%), 10/15/36(a) (b)		6,350,318
	6,834,000	BX Commercial Mortgage Trust, Series 2021-ACNT, Class C, 1.897%, (LIBOR USD 1-Month plus 1.50%), 11/15/38(a) (b)		6,727,694
	2,972,000	BX Commercial Mortgage Trust, Series 2021-CIP, Class B, 1.668%, (LIBOR USD 1-Month plus 1.27%), 12/15/38(a) (b)		2,916,028
	4,687,000	BX Commercial Mortgage Trust, Series 2021-CIP, Class C, 1.868%, (LIBOR USD 1-Month plus 1.47%), 12/15/38(a) (b)		4,581,066
	5,525,907	BX Commercial Mortgage Trust, Series 2021-XL2, Class C, 1.594%, (LIBOR USD 1-Month plus 1.20%), 10/15/38(a) (b)		5,394,085
	4,533,000	BX Commercial Mortgage Trust, Series 2022-LP2, Class B, 1.617%, (CME Term SOFR 1-Month 1.31%), 2/15/39(a)(b)		4,439,401
	1,637,000	BX Trust, Series 2021-ARIA, Class A, 1.296%, (LIBOR USD 1-Month plus 0.90%), 10/15/36(a)(b)		1,605,137

Continued

46

Sterling Capital Total Return Bond Fund

Schedule of Portfolio Investments — (continued)

March 31, 2022 (Unaudited)

Principal Amount			Fair Value
COMMERCIAL MORTGAGE-BACKED SECURITIES — (continued)
$	6,776,000	BX Trust, Series 2021-RISE, Class C, 1.847%, (LIBOR USD 1-Month plus 1.45%), 11/15/36(a)(b)	$	6,597,692
	4,314,000	CD Mortgage Trust, Series 2016-CD2, Class A4, 3.526%, 11/10/49(c)		4,336,849
	530,000	CD Mortgage Trust, Series 2017-CD3,
		Class A4, 3.631%, 2/10/50		535,277
	3,447,000	CFCRE Commercial Mortgage Trust, Series 2016-C7, Class A3, 3.839%, 12/10/54		3,502,081
	1,337,000	Citigroup Commercial Mortgage Trust, Series 2017-P7, Class A4, 3.712%, 4/14/50		1,354,975
	5,806,000	Citigroup Commercial Mortgage Trust, Series 2018-B2, Class A4, 4.009%, 3/10/51		5,987,825
	3,159,000	COMM 2013-CCRE12 Mortgage Trust, Series 2013-CR12, Class A4, 4.046%, 10/10/46		3,195,071
	182,521	COMM Mortgage Trust, Series 2012-CR1, Class AM, 3.912%, 5/15/45		182,257
	795,000	COMM Mortgage Trust, Series 2014- CR16, Class A4, 4.051%, 4/10/47		805,995
	1,643,000	COMM Mortgage Trust, Series 2014- CR20, Class A4, 3.590%, 11/10/47		1,650,543
	1,208,000	COMM Mortgage Trust, Series 2014- LC17, Class A5, 3.917%, 10/10/47		1,224,602
	1,070,000	COMM Mortgage Trust, Series 2014- UBS4, Class A5, 3.694%, 8/10/47		1,073,997
	7,155,000	COMM Mortgage Trust, Series 2017- COR2, Class A3, 3.510%, 9/10/50		7,185,929
	1,337,000	CSAIL Commercial Mortgage Trust, Series 2015-C4, Class A4, 3.808%, 11/15/48		1,351,935
	3,639,000	DBJPM 20-C9 Mortgage Trust, Series 2020-C9, Class A5, 1.926%, 8/15/53		3,274,805
	6,168,000	ELP Commercial Mortgage Trust, Series 2021-ELP, Class C, 1.717%, (LIBOR USD 1-Month plus 1.32%), 11/15/38(a) (b)		6,036,659
	3,646,736	Fannie Mae-Aces, Series 2017-M8, Class A2, 3.061%, 5/25/27(c)		3,700,149
	2,228,000	Fannie Mae-Aces, Series 2019-M9, Class A2, 2.937%, 6/25/29		2,264,355
	2,985,000	Freddie Mac Multifamily Structured Pass Through Certificates, Series K068, Class A2, 3.244%, 8/25/27		3,055,479
	3,493,000	Freddie Mac Multifamily Structured Pass Through Certificates, Series K069, Class A2, 3.187%, 9/25/27(c)		3,564,643
	7,569,000	Freddie Mac Multifamily Structured Pass Through Certificates, Series K099, Class A2, 2.595%, 9/25/29		7,467,688

Principal Amount			Fair Value
COMMERCIAL MORTGAGE-BACKED SECURITIES — (continued)
$	3,386,000	Freddie Mac Multifamily Structured Pass Through Certificates, Series K153, Class A3, 3.117%, 10/25/31(c)	$	3,443,517
	8,536,000	Freddie Mac Multifamily Structured Pass Through Certificates, Series K155, Class A3, 3.750%, 4/25/33		9,132,201
	5,468,331	FRESB Mortgage Trust, Series 2018-SB52, Class A10F, 3.457%, 6/25/28(c)		5,494,677
	488,671	GS Mortgage Securities Trust, Series 2010- C1, Class B, 5.148%, 8/10/43(b)		485,141
	2,249,000	GS Mortgage Securities Trust, Series 2014- GC24, Class A5, 3.931%, 9/10/47		2,267,856
	2,209,000	GS Mortgage Securities Trust, Series 2016- GS4, Class A4, 3.442%, 11/10/49(c)		2,205,198
	6,706,000	GS Mortgage Securities Trust, Series 2020- GC47, Class A5, 2.377%, 5/12/53		6,227,215
	2,804,028	JP Morgan Chase Commercial Mortgage Securities Trust, Series 2011-C3, Class B, 5.013%, 2/15/46(b)(c)		2,739,649
	1,497,000	JP Morgan Chase Commercial Mortgage Securities Trust, Series 2013-C10, Class AS, 3.372%, 12/15/47		1,505,367
	3,600,000	JP Morgan Chase Commercial Mortgage Securities Trust, Series 2014-C20, Class A5, 3.805%, 7/15/47		3,636,720
	1,517,000	JP Morgan Chase Commercial Mortgage Securities Trust, Series 2016-JP4, Class A4, 3.648%, 12/15/49(c)		1,540,200
	1,245,000	JPMBB Commercial Mortgage Securities Trust, Series 2014-C23, Class A5, 3.934%, 9/15/47		1,261,921
	3,742,000	JPMCC Commercial Mortgage Securities Trust, Series 2017-JP5, Class A5, 3.723%, 3/15/50		3,805,937
��	2,998,000	JPMDB Commercial Mortgage Securities Trust, Series 2020-COR7, Class A5, 2.180%, 5/13/53		2,743,729
	6,719,000	Med Trust, Series 2021-MDLN, Class C, 2.197%, (LIBOR USD 1-Month plus 1.80%), 11/15/38(a)(b)		6,586,022
	589,000	Morgan Stanley Bank of America Merrill Lynch Trust, Series 2014-C18, Class A4, 3.923%, 10/15/47		596,991
	5,198,000	Morgan Stanley Bank of America Merrill Lynch Trust, Series 2016-C32, Class A4, 3.720%, 12/15/49		5,278,146
	2,562,000	Morgan Stanley Capital I Trust, Series 2016-BNK2, Class A4, 3.049%, 11/15/49		2,531,632
	9,850,000	Morgan Stanley Capital I Trust, Series 2018-H3, Class A5, 4.177%, 7/15/51		10,190,256
	7,147,000	Morgan Stanley Capital I Trust, Series 2020-HR8, Class A4, 2.041%, 7/15/53		6,461,500

Continued

47

Sterling Capital Total Return Bond Fund

Schedule of Portfolio Investments — (continued)

March 31, 2022 (Unaudited)

Principal Amount			Fair Value
COMMERCIAL MORTGAGE-BACKED SECURITIES — (continued)
$	8,910,000	Morgan Stanley Capital I, Inc., Series 2017-HR2, Class A4, 3.587%, 12/15/50	$	8,937,285
	7,431,000	OPG Trust, Series 2021-PORT, Class C, 1.229%, (LIBOR USD 1-Month plus 0.83%), 10/15/36(a)(b)		7,039,123
	5,035,162	SMR Mortgage Trust, Series 2022-IND, Class A, 1.951%, (CME Term SOFR 1-Month 1.65%), 2/15/39(a)(b)		4,985,526
	2,812,000	Wells Fargo Commercial Mortgage Trust, Series 2015-P2, Class A4, 3.809%, 12/15/48		2,851,821
	723,000	Wells Fargo Commercial Mortgage Trust, Series 2016-C37, Class A5, 3.794%, 12/15/49		736,409
	8,591,000	Wells Fargo Commercial Mortgage Trust, Series 2017-C40, Class A4, 3.581%, 10/15/50		8,679,852
	4,724,000	Wells Fargo Commercial Mortgage Trust, Series 2020-C56, Class A5, 2.448%, 6/15/53		4,418,988
	11,997,000	Wells Fargo Commercial Mortgage Trust, Series 2020-C57, Class A4, 2.118%, 8/15/53		10,926,549
	3,766,045	WFRBS Commercial Mortgage Trust, Series 2012-C7, Class A2, 3.431%, 6/15/45		3,761,593
	1,337,000	WFRBS Commercial Mortgage Trust, Series 2012-C8, Class AS, 3.660%, 8/15/45		1,337,153
	3,311,000	WFRBS Commercial Mortgage Trust, Series 2014-C22, Class A5, 3.752%, 9/15/57		3,336,557
	899,000	WFRBS Commercial Mortgage Trust, Series 2014-C23, Class A5, 3.917%, 10/15/57		911,514
		Total Commercial Mortgage-Backed Securities
		(Cost $275,114,255)		264,228,580
CORPORATE BONDS — 33.7%
		Aerospace & Defense — 0.8%
	4,610,000	Boeing Co. (The), 5.705%, 5/1/40		5,187,623
	3,499,000	L3Harris Technologies, Inc., 3.832%, 4/27/25		3,551,347
	1,730,000	Raytheon Technologies Corp., 4.500%, 6/1/42		1,909,534
				10,648,504
		Automobiles — 0.7%
	3,545,000	Daimler Trucks Finance North America, LLC, 2.000%, 12/14/26(b)		3,305,344
	3,844,000	General Motors Financial Co., Inc., 2.750%, 6/20/25		3,737,959

Principal Amount			Fair Value
CORPORATE BONDS — (continued)
		Automobiles — (continued)
$	2,382,000	General Motors Financial Co., Inc., 4.350%, 4/9/25	$	2,425,117
				9,468,420
		Banks — 7.5%
	2,672,000	Australia & New Zealand Banking Group, Ltd., 2.950%, (5-Year Treasury Constant Maturity plus 1.29%), 7/22/30(b)(c)		2,575,812
	4,441,000	Bank of America Corp., 0.837%, (SOFR plus 0.69%), 4/22/25(a)		4,414,574
	6,181,000	Bank of America Corp., 3.419%, (LIBOR USD 3-Month plus 1.04%), 12/20/28(d)		6,128,843
	5,536,000	Bank of America Corp., MTN, 1.898%, (SOFR plus 1.53%), 7/23/31(d)		4,835,092
	2,845,000	Bank of Montreal, MTN, 0.949%, (SOFR plus 0.60%), 1/22/27(d)		2,623,339
	3,593,000	Barclays PLC, 4.338%, (LIBOR USD 3-Month plus 1.36%), 5/16/24(d)		3,649,440
	3,951,000	BPCE SA, 2.375%, 1/14/25(b)		3,809,985
	3,195,000	Capital One Financial Corp., 3.300%, 10/30/24		3,215,296
	7,766,000	Citigroup, Inc., 0.841%, (SOFR plus 0.67%), 5/1/25(a)		7,690,460
	2,292,000	Citigroup, Inc., 5.316%, (SOFR plus 4.55%), 3/26/41(d)		2,685,189
	5,484,000	Commonwealth Bank of Australia, 0.499%, (SOFR plus 0.40%), 7/7/25(a)(b)		5,430,586
	3,336,000	First Citizens BancShares, Inc., 3.375%, (CME Term SOFR 3-Month 2.47%), 3/15/30(d)		3,255,093
	3,558,000	Huntington Bancshares, Inc., 2.625%, 8/6/24		3,528,463
	4,487,000	JPMorgan Chase & Co., 1.024%, (SOFR plus 0.89%), 4/22/27(a)		4,400,647
	4,660,000	JPMorgan Chase & Co., 2.083%, (SOFR plus 1.85%), 4/22/26(d)		4,502,067
��	3,010,000	Lloyds Banking Group PLC, 4.582%, 12/10/25		3,075,644
	2,018,000	Macquarie Group, Ltd., 1.340%, (SOFR plus 1.07%), 1/12/27(b)(d)		1,843,886
	4,305,000	Mitsubishi UFJ Financial Group, Inc., 3.761%, 7/26/23		4,373,265
	2,633,000	Morgan Stanley, 0.790%, (SOFR plus 0.53%), 5/30/25(d)		2,503,448
	3,039,000	PNC Financial Services Group, Inc. (The), 2.550%, 1/22/30		2,901,852
	3,758,000	PNC Financial Services Group, Inc. (The), Series O, 3.995%, (LIBOR USD 3-Month plus 3.68%)(c)(e)		3,739,143
	4,449,000	Royal Bank of Canada, GMTN, 0.723%, (SOFRINDX plus 0.57%), 4/27/26(a)		4,406,011
	4,847,000	Sumitomo Mitsui Financial Group, Inc., 2.130%, 7/8/30		4,332,697

Continued

48

Sterling Capital Total Return Bond Fund

Schedule of Portfolio Investments — (continued)

March 31, 2022 (Unaudited)

Principal Amount			Fair Value
CORPORATE BONDS — (continued)
		Banks — (continued)
$	2,994,000	Toronto-Dominion Bank (The), 3.625%, (5 yr. Swap Semi 30/360 USD plus 2.21%), 9/15/31(c)	$	3,009,233
	1,194,000	Visa, Inc., 2.700%, 4/15/40		1,086,644
	4,074,000	Wells Fargo & Co., 3.068%, (SOFR plus 2.53%), 4/30/41(d)		3,654,470
	1,882,000	Westpac Banking Corp., GMTN, 4.322%, (USD Swap Rate 11:00 am NY 5 plus 2.24%), 11/23/31(c)		1,895,380
				99,566,559
		Beverages — 0.7%
	2,936,000	Anheuser-Busch Cos., LLC/Anheuser- Busch InBev Worldwide, Inc., 4.700%, 2/1/36		3,185,571
	2,298,000	Anheuser-Busch InBev Worldwide, Inc., 5.800%, 1/23/59		2,898,586
	3,445,000	Bacardi, Ltd., 4.450%, 5/15/25(b)		3,529,693
				9,613,850
		Capital Goods — 0.2%
	3,080,000	Keysight Technologies, Inc., 4.550%, 10/30/24		3,167,508
		Capital Markets — 0.5%
	3,818,000	Morgan Stanley, 2.188%, (SOFR plus 1.99%), 4/28/26(d)		3,692,299
	2,912,000	Morgan Stanley, 3.971%, (LIBOR USD 3-Month plus 1.46%), 7/22/38(d)		2,938,439
				6,630,738
		Chemicals — 0.6%
	3,186,000	Albemarle Corp., 5.450%, 12/1/44		3,546,616
	1,317,000	FMC Corp., 3.450%, 10/1/29		1,293,810
	4,064,000	Westlake Corp., 2.875%, 8/15/41		3,402,444
				8,242,870
		Commercial Services & Supplies — 0.3%
	3,802,000	Waste Connections, Inc., 2.950%, 1/15/52		3,237,962
	446,000	Waste Management, Inc., 3.900%, 3/1/35		443,072
				3,681,034
		Construction Materials — 0.1%
	1,811,000	Vulcan Materials Co., 4.500%, 6/15/47		1,895,175
		Diversified Financial Services — 2.7%
	3,315,000	AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 4.450%, 10/1/25		3,327,232
	3,733,000	Avolon Holdings Funding, Ltd., 2.875%, 2/15/25(b)		3,588,146
	3,830,000	Bain Capital Specialty Finance, Inc., 2.950%, 3/10/26		3,590,078
	3,508,000	Barings BDC, Inc., 3.300%, 11/23/26(b)		3,243,519
	3,509,000	BlackRock, Inc., 1.900%, 1/28/31		3,169,102
	3,807,000	Blue Owl Finance, LLC, 4.125%, 10/7/51(b)		3,016,187

Principal Amount			Fair Value
CORPORATE BONDS — (continued)
		Diversified Financial Services — (continued)
$	5,000,000	Charles Schwab Corp. (The), 0.716%, (SOFRINDX plus 0.52%), 5/13/26(a)	$	4,940,656
	1,398,000	Goldman Sachs Group, Inc. (The), 3.000%, 3/15/24		1,397,508
	4,203,000	Goldman Sachs Group, Inc. (The), Series VAR, 1.093%, (SOFR plus 0.79%), 12/9/26(d)		3,853,775
	2,088,000	Jefferies Group, LLC/Jefferies Group Capital Finance, Inc., 4.150%, 1/23/30		2,121,475
	3,857,000	Owl Rock Capital Corp., 3.400%, 7/15/26		3,624,040
				35,871,718
		Diversified Telecommunication Services — 1.0%
	3,099,000	Sprint Spectrum Co., LLC/Sprint Spectrum Co. II, LLC/Sprint Spectrum Co. III, LLC, 4.738%, 3/20/25(b)		3,165,946
	3,646,000	T-Mobile USA, Inc., 3.400%, 10/15/52(b)		3,115,677
	3,553,000	T-Mobile USA, Inc., 3.500%, 4/15/25		3,580,404
	3,961,000	Verizon Communications, Inc., 1.450%, 3/20/26		3,728,540
				13,590,567
		Electric Utilities — 1.5%
	2,929,000	CenterPoint Energy, Inc., 2.950%, 3/1/30		2,792,153
	3,771,000	Dominion Energy, Inc., STEP, 3.071%, 8/15/24		3,766,478
	3,857,000	Duke Energy Progress, LLC, 3.600%, 9/15/47		3,792,696
	2,834,000	Entergy Mississippi, LLC, 3.100%, 7/1/23		2,853,866
	3,386,000	Indiana Michigan Power Co., Series K, 4.550%, 3/15/46		3,575,432
	1,000,000	Korea East-West Power Co., Ltd., 1.750%, 5/6/25(b)		959,071
	2,741,000	NextEra Energy Capital Holdings, Inc., 2.440%, 1/15/32		2,506,837
				20,246,533
		Electrical Equipment — 0.3%
	3,939,000	Vontier Corp., 2.950%, 4/1/31		3,498,029
		Energy Equipment & Services — 1.7%
	3,589,000	Cheniere Corpus Christi Holdings, LLC, 3.700%, 11/15/29		3,578,231
	1,919,000	Enterprise Products Operating, LLC, 5.950%, 2/1/41		2,275,769
	1,557,000	Hess Corp., 7.875%, 10/1/29		1,929,581
	2,514,000	MPLX L.P., 4.125%, 3/1/27		2,574,288
	228,000	NuStar Logistics L.P., 6.000%, 6/1/26		232,592
	981,000	ONEOK, Inc., 4.550%, 7/15/28		1,009,718
	3,905,000	Plains All American Pipeline LP/PAA Finance Corp., 4.900%, 2/15/45		3,747,466
	4,846,000	Sabine Pass Liquefaction, LLC, 5.625%, 3/1/25		5,128,619

Continued

49

Sterling Capital Total Return Bond Fund

Schedule of Portfolio Investments — (continued)

March 31, 2022 (Unaudited)

Principal Amount			Fair Value
CORPORATE BONDS — (continued)
		Energy Equipment & Services — (continued)
$	2,990,000	Sempra Infrastructure Partners L.P., 3.250%, 1/15/32(b)	$	2,761,795
				23,238,059
		Entertainment — 0.3%
	3,678,000	Magallanes, Inc., 5.141%, 3/15/52(b)		3,763,862
		Equity Real Estate Investment Trusts (REITS) — 1.9%
	3,279,000	American Tower Trust, 3.652%, 3/23/28(b)		3,319,453
	1,170,000	Invitation Homes Operating Partnership L.P., 4.150%, 4/15/32		1,195,058
	2,542,000	Jones Lang LaSalle, Inc., 4.400%, 11/15/22		2,562,736
	2,154,000	LXP Industrial Trust, 2.700%, 9/15/30.		1,987,678
	3,439,000	Sabra Health Care L.P., 5.125%, 8/15/26		3,522,069
	5,037,000	SBA Tower Trust, STEP, Series 2014-2A, Class C, 3.869%, 10/8/24(b)		5,087,881
	3,119,000	Spirit Realty L.P., 2.100%, 3/15/28		2,828,917
	1,428,000	STORE Capital Corp., 2.750%, 11/18/30		1,292,343
	3,308,000	Tanger Properties L.P., 2.750%, 9/1/31		2,869,937
				24,666,072
		Food & Staples Retailing — 0.5%
	3,028,000	AbbVie, Inc., 4.875%, 11/14/48		3,420,573
	4,164,000	CVS Health Corp., 2.700%, 8/21/40		3,553,814
				6,974,387
		Gas Utilities — 0.3%
	4,120,000	Sempra Energy, 3.800%, 2/1/38		4,044,087
		Health Care Equipment & Services — 0.3%
	1,004,000	HCA, Inc., 3.125%, 3/15/27(b)		982,459
	3,497,000	HCA, Inc., 5.000%, 3/15/24		3,627,904
				4,610,363
		Health Care Providers & Services — 0.3%
	2,031,000	Anthem, Inc., 3.600%, 3/15/51		1,940,586
	2,633,000	Viatris, Inc., 3.850%, 6/22/40		2,275,236
				4,215,822
		Insurance — 3.8%
	2,160,000	Aspen Insurance Holdings, Ltd., 4.650%, 11/15/23		2,216,589
	4,489,000	Athene Global Funding, 2.500%, 1/14/25(b)		4,361,313
	4,117,000	Athene Holding, Ltd., 3.950%, 5/25/51		3,754,400
	3,564,000	AXIS Specialty Finance, LLC, 3.900%, 7/15/29		3,531,970
	4,657,000	Brighthouse Financial Global Funding, 1.550%, 5/24/26(b)		4,308,822
	4,090,000	Enstar Group, Ltd., 3.100%, 9/1/31		3,658,591
	4,249,000	F&G Global Funding, 2.000%, 9/20/28(b)		3,779,639
	2,369,000	Fidelity National Financial, Inc., 3.200%, 9/17/51		1,864,368
	2,388,000	KKR Group Finance Co. III, LLC, 5.125%, 6/1/44(b)		2,667,652

Principal Amount			Fair Value
CORPORATE BONDS — (continued)
		Insurance — (continued)
$	3,564,000	Meiji Yasuda Life Insurance Co., 5.200%, (5 yr. Swap Semi 30/360 USD plus 4.23%), 10/20/45(b)(c)	$	3,711,478
	3,239,000	Nationwide Mutual Insurance Co., 4.350%, 4/30/50(b)		3,220,845
	3,355,000	Reinsurance Group of America, Inc., 3.900%, 5/15/29		3,388,215
	4,042,000	Sammons Financial Group, Inc., 3.350%, 4/16/31(b)		3,723,998
	3,846,000	SBL Holdings, Inc., 5.000%, 2/18/31(b)		3,708,192
	1,930,000	Transatlantic Holdings, Inc., 8.000%, 11/30/39		2,783,429
				50,679,501
		Internet & Direct Marketing Retail — 0.2%
	3,517,000	Amazon.com, Inc., 2.700%, 6/3/60		2,919,062
		Machinery — 0.3%
	3,131,000	Deere & Co., 3.750%, 4/15/50		3,340,556
		Media — 1.4%
	3,389,000	Comcast Corp., 3.700%, 4/15/24		3,462,088
	3,126,000	Discovery Communications, LLC, 5.200%, 9/20/47		3,250,257
	1,353,000	FactSet Research Systems, Inc., 2.900%, 3/1/27		1,316,704
	3,790,000	Omnicom Group, Inc., 2.600%, 8/1/31		3,504,077
	1,786,000	Paramount Global, 4.950%, 5/19/50		1,861,163
	4,937,000	Time Warner Cable, LLC, 6.550%, 5/1/37		5,678,724
				19,073,013
		Metals & Mining — 0.4%
	2,015,000	Southern Copper Corp., 3.500%, 11/8/22		2,028,158
	2,311,000	Teck Resources, Ltd., 6.000%, 8/15/40		2,652,391
				4,680,549
		Multi-Utilities — 0.4%
	2,400,000	CMS Energy Corp., 4.700%, 3/31/43		2,468,777
	3,056,000	Puget Sound Energy, Inc., 4.223%, 6/15/48		3,179,925
				5,648,702
		Oil, Gas & Consumable Fuels — 1.6%
	3,197,000	Devon Energy Corp., 5.600%, 7/15/41		3,692,578
	3,606,000	Devon Energy Corp., 5.875%, 6/15/28		3,819,081
	2,545,000	Halliburton Co., 7.450%, 9/15/39		3,409,262
	1,503,000	Hess Corp., 5.800%, 4/1/47		1,787,422
	1,725,000	HollyFrontier Corp., 4.500%, 10/1/30		1,683,762
	3,439,000	HollyFrontier Corp., 5.875%, 4/1/26		3,582,406
	2,917,000	Schlumberger Investment SA, 2.650%, 6/26/30		2,762,309
				20,736,820
		Pharmaceuticals — 0.2%
	2,559,000	SC Johnson & Son, Inc., 4.750%, 10/15/46(b)		2,974,271

Continued

50

Sterling Capital Total Return Bond Fund

Schedule of Portfolio Investments — (continued)

March 31, 2022 (Unaudited)

Principal Amount			Fair Value
CORPORATE BONDS — (continued)
		Road & Rail — 0.6%
$	2,334,000	Burlington Northern Santa Fe, LLC, 4.950%, 9/15/41	$	2,687,833
	1,919,000	FedEx Corp., 4.750%, 11/15/45		2,049,104
	3,474,000	Kansas City Southern, 4.200%, 11/15/69		3,477,719
				8,214,656
		Semiconductors & Semiconductor Equipment — 0.5%
	167,000	Broadcom, Inc., 3.187%, 11/15/36(b)		146,470
	3,086,000	Broadcom, Inc., 4.150%, 11/15/30		3,128,027
	4,110,000	TSMC Global, Ltd., 1.250%, 4/23/26(b)		3,805,146
				7,079,643
		Software — 0.5%
	3,736,000	Dell International, LLC/EMC Corp., 3.450%, 12/15/51(b)		3,040,425
	3,275,000	Dell International, LLC/EMC Corp., 6.020%, 6/15/26		3,551,668
				6,592,093
		Specialty Retail — 0.3%
	3,331,000	ERAC USA Finance, LLC, 4.200%, 11/1/46(b)		3,333,734
		Telecommunication Services — 0.7%
	1,694,000	AT&T, Inc., 1.650%, 2/1/28		1,546,259
	4,208,000	AT&T, Inc., 3.550%, 9/15/55		3,709,092
	3,858,000	AT&T, Inc., 3.850%, 6/1/60		3,451,238
				8,706,589
		Tobacco — 0.6%
	3,178,000	BAT Capital Corp., 4.540%, 8/15/47		2,834,694
	3,355,000	BAT Capital Corp., 4.700%, 4/2/27		3,445,885
	2,359,000	Philip Morris International, Inc., 4.250%, 11/10/44		2,286,073
				8,566,652
		Total Corporate Bonds
		(Cost $471,919,236)		450,179,998
MORTGAGE-BACKED SECURITIES — 15.8%
		Fannie Mae — 10.2%
	16,484	5.000%, 9/1/25, Pool #255892		17,339
	1,265,571	4.000%, 12/1/33, Pool #MA1689		1,313,301
	768,557	4.000%, 6/1/34, Pool #MA1922		800,734
	61,235	6.500%, 1/1/35, Pool #809198		67,068
	710,969	4.000%, 3/1/35, Pool #MA2211		739,413
	30,065	6.500%, 3/1/36, Pool #866062		32,360
	312,046	5.500%, 8/1/37, Pool #995082		341,784
	3,182,792	3.500%, 8/1/38, Pool #FM2472		3,218,208
	126,507	4.500%, 10/1/39, Pool #AC2645		134,718
	113,343	5.000%, 6/1/40, Pool #AD4927		120,887
	108,496	5.000%, 6/1/40, Pool #AD8718		117,460
	7,362,277	4.000%, 8/1/40, Pool #FM4673		7,704,169
	13,508,484	1.500%, 12/1/40, Pool #MA4202		12,253,970
	264,339	4.500%, 12/1/40, Pool #AH1100		279,718

Principal Amount			Fair Value
MORTGAGE-BACKED SECURITIES — (continued)
		Fannie Mae — (continued)
$	149,923	4.500%, 3/1/41, Pool #AB2467	$	159,710
	268,760	4.500%, 5/1/41, Pool #AI1023		284,111
	181,097	4.500%, 11/1/41, Pool #AJ4994		192,862
	238,494	4.500%, 12/1/41, Pool #AJ7696		253,341
	492,995	3.500%, 6/1/42, Pool #AB5373		501,094
	923,657	3.500%, 5/1/43, Pool #AL3605		933,794
	461,882	3.500%, 5/1/43, Pool #AB9368		470,237
	11,350,535	3.000%, 8/1/43, Pool #AL9500		11,348,882
	1,212,552	3.500%, 8/1/43, Pool #AU0613		1,237,759
	273,471	4.500%, 11/1/44, Pool #MA2100		291,229
	783,627	4.500%, 1/1/45, Pool #MA2158		832,014
	905,987	4.000%, 3/1/45, Pool #MA2217		946,216
	861,883	4.000%, 6/1/46, Pool #MA2653		898,616
	780,786	4.500%, 7/1/46, Pool #AS7568		822,164
	1,077,228	4.000%, 11/1/46, Pool #MA2808		1,120,615
	1,428,297	4.000%, 5/1/47, Pool #BE9598		1,476,507
	1,432,937	4.000%, 8/1/47, Pool #BH5117		1,480,966
	4,184,334	4.000%, 4/1/48, Pool #BM3900		4,308,671
	2,035,889	5.000%, 8/1/48, Pool #CA2219		2,154,541
	3,636,842	3.000%, 11/1/48, Pool #BM5822		3,615,373
	5,073,455	3.500%, 10/1/49, Pool #CA4431		5,105,175
	7,326,396	3.000%, 3/1/50, Pool #FM2714		7,201,243
	3,478,981	2.500%, 5/1/50, Pool #FM3287		3,333,654
	7,934,685	2.000%, 7/1/50, Pool #CA6301		7,419,313
	6,962,988	2.500%, 7/1/50, Pool #CA6307		6,681,768
	9,087,641	2.000%, 8/1/50, Pool #CA6799		8,496,776
	10,296,778	2.500%, 9/1/50, Pool #BQ0538		9,861,771
	4,067,836	2.500%, 9/1/50, Pool #BQ2883		3,897,082
	4,792,886	3.000%, 10/1/50, Pool #CA7381		4,703,980
	5,147,670	3.000%, 11/1/51, Pool #CB2170		5,045,942
	14,110,000	3.500%, 4/1/52, Pool #FS1185		14,204,163
				136,420,698
		Freddie Mac — 5.6%
	23,149	5.000%, 7/1/25, Pool #ZA1892		24,350
	108,954	2.500%, 1/1/28, Pool #ZK4918		107,974
	320,824	3.500%, 7/1/30, Pool #ZS8575		329,678
	38,537	5.000%, 3/1/36, Pool #ZS4230		41,710
	1,221,237	4.000%, 4/1/36, Pool #ZA2413		1,272,343
	1,511,227	3.500%, 6/1/36, Pool #ZA2414		1,528,372
	11,741	5.000%, 7/1/36, Pool #ZS1139		12,701
	949,932	3.500%, 8/1/36, Pool #ZA2425		962,563
	123,991	6.500%, 9/1/36, Pool #ZS4257		140,678
	2,416,142	3.500%, 11/1/36, Pool #ZA2439		2,435,480
	42,876	5.000%, 2/1/37, Pool #ZI5759		46,410
	1,709,598	4.000%, 5/1/37, Pool #ZA2461		1,772,647
	43,677	4.500%, 10/1/39, Pool #ZI9349		46,520
	124,787	5.000%, 6/1/40, Pool #ZA1049		135,092
	302,302	5.000%, 7/1/40, Pool #ZJ0194.		325,639
	34,416	5.000%, 9/1/40, Pool #ZA1066		37,078
	7,005,939	2.000%, 12/1/40, Pool #RB5090		6,578,141
	451,949	4.000%, 12/1/42, Pool #ZS3671		473,181
	345,694	3.500%, 5/1/43, Pool #ZL5915		352,299
	213,931	4.000%, 5/1/44, Pool #ZA4468		223,422
	94,533	4.000%, 7/1/44, Pool #ZS4573		98,622

Continued

51

Sterling Capital Total Return Bond Fund

Schedule of Portfolio Investments — (continued)

March 31, 2022 (Unaudited)

Principal Amount			Fair Value
MORTGAGE-BACKED SECURITIES — (continued)
		Freddie Mac — (continued)
$	155,883	4.000%, 9/1/44, Pool #ZL8439	$	162,802
	2,161,119	3.500%, 1/1/45, Pool #ZL8964		2,205,907
	1,868,749	3.500%, 5/1/46, Pool #ZS4663		1,914,735
	544,027	4.000%, 8/1/46, Pool #ZS4673		565,266
	1,278,890	3.500%, 9/1/46, Pool #ZS4678		1,303,704
	2,752,784	3.500%, 9/1/47, Pool #ZM4305		2,788,283
	701,543	3.500%, 1/1/48, Pool #ZM5375		710,225
	724,335	4.000%, 2/1/48, Pool #ZT1639		748,039
	644,476	4.000%, 6/1/48, Pool #ZT0541		667,526
	7,668,110	2.500%, 11/1/49, Pool #QA4396		7,350,108
	3,329,439	3.000%, 11/1/49, Pool #QA4336		3,299,133
	8,497,216	3.500%, 3/1/50, Pool #QA7838		8,651,975
	3,094,051	3.500%, 6/1/50, Pool #RA2794		3,108,650
	11,240,986	2.500%, 7/1/50, Pool #RA2970		10,793,124
	12,454,689	2.500%, 11/1/50, Pool #QB5838		11,922,258
	286,896	3.000%, 1/1/51, Pool #SD8123		281,299
	1,497,298	3.000%, 12/1/51, Pool #SD8184		1,467,959
				74,885,893
		Ginnie Mae — 0.0%
	59,348	5.000%, 2/15/40, Pool #737037		65,208
		Total Mortgage-Backed Securities
		(Cost $223,556,795)		211,371,799
MUNICIPAL BONDS — 4.0%
		Alabama — 0.2%
	2,675,000	Alabama Economic Settlement Authority, Economic Imports, Taxable BP - Settlement Revenue, Series B, 4.263%, 9/15/32		2,875,625
		California — 0.6%
	2,675,000	Municipal Improvement Corp. of Los Angeles, Advance Refunding Revenue Bonds, Series A, 1.448%, 11/1/27		2,449,765
	2,230,000	Municipal Improvement Corp. of Los Angeles, Advance Refunding Revenue Bonds, Series A, 1.648%, 11/1/28		2,026,334
	2,370,000	San Diego County Water Authority, Taxable Green Bonds, Advance Refunding Revenue Bonds, Series A, 1.531%, 5/1/30		2,128,142
	1,145,000	State of California, Build America Bonds, School Improvements G.O., 7.625%, 3/1/40		1,685,451
				8,289,692
		Florida — 0.3%
	1,905,000	Reedy Creek Improvement District, Advance Refunding, Taxable Revenue Bonds, G.O., Series A, 2.147%, 6/1/29		1,789,138

Principal Amount			Fair Value
MUNICIPAL BONDS — (continued)
		Florida — (continued)
$	1,810,000	Reedy Creek Improvement District, Advance Refunding, Taxable Revenue Bonds, G.O., Series A, 2.197%, 6/1/30	$	1,688,259
				3,477,397
		Illinois — 0.8%
	7,155,000	Sales Tax Securitization Corp., Second Lien, Current Refunding, Taxable Revenue Bonds, Series B, 3.057%, 1/1/34		6,649,857
	1,605,000	State of Illinois Sales Tax Revenue, Public Improvements, Taxable Building Revenue, 3.481%, 6/15/26		1,605,225
	2,790,000	State of Illinois Sales Tax Revenue, Public Improvements, Taxable Revenue, Series B, 2.620%, 6/15/26		2,697,344
				10,952,426
		New York — 1.1%
	4,630,000	Metropolitan Transportation Authority, Taxable Green Bonds, Green Purpose Revenue Bonds, Series C2, 5.175%, 11/15/49		5,297,553
	2,695,000	New York City Transitional Finance Authority Future Tax Secured Revenue, Public Improvements, Taxable Revenue, Callable 2/1/27 @ 100, 3.330%, 2/1/28		2,704,163
	7,130,000	New York City Transitional Finance Authority Future Tax Secured Revenue Bonds, Public Improvements, Taxable Revenue, Sub Series B3, Callable 11/1/29 @ 100, 3.000%, 11/1/33		6,557,675
				14,559,391
		North Carolina — 0.2%
	2,317,000	Duke University, 3.299%, 10/1/46		2,250,731
		Pennsylvania — 0.4%
	2,320,000	City of Pittsburgh, PA, Refunding, Taxable Revenue Bonds, G.O., Series B, 1.189%, 9/1/26		2,159,827
	3,898,000	Lehigh University, 3.479%, 11/15/46		3,559,175
				5,719,002
		Texas — 0.4%
	1,580,000	Dallas Area Rapid Transit, Advance Refunding, Taxable Revenue Bonds, Series C, Callable 12/1/29 @ 100, 1.846%, 12/1/30		1,429,742
	4,605,000	Tarrant Regional Water District, Advance Refunding Revenue Bonds, Series S, 1.450%, 9/1/29		4,178,853
				5,608,595
		Total Municipal Bonds
		(Cost $57,133,853)		53,732,859

Continued

52

Sterling Capital Total Return Bond Fund

Schedule of Portfolio Investments — (continued)

March 31, 2022 (Unaudited)

Principal Amount			Fair Value
U.S. TREASURY BONDS — 5.9%
$	54,541,900	2.500%, 2/15/45	$	53,262,874
	33,207,500	1.375%, 8/15/50		25,613,879
		Total U.S. Treasury Bonds
		(Cost $82,409,284)		78,876,753
U.S. TREASURY NOTES — 1.1%
	9,098,200	1.500%, 1/31/27		8,707,262
	6,509,400	2.625%, 2/15/29		6,595,090
		Total U.S. Treasury Notes
		(Cost $15,314,257)		15,302,352

Shares
MONEY MARKET FUND — 1.6%
	21,879,010	Federated Treasury Obligations Fund, Institutional Shares, 0.13%(f)		21,879,010
		Total Money Market Fund
		(Cost $21,879,010)		21,879,010
Total Investments — 101.0%
(Cost $1,413,387,194)				1,350,361,740
Net Other Assets (Liabilities) — (1.0)%				(13,412,860	)
NET ASSETS — 100.0%			$	1,336,948,880

(a) The interest rate for this floating rate note, which will change periodically, is based either on the prime rate or an index of market rates. The reflected rate is in effect as of March 31, 2022. The maturity date reflected is the final maturity date.

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

(c) The interest rate for this variable rate note, which will change periodically, is based either on the prime rate or an index of market rates. The reflected rate is in effect as of March 31, 2022. The maturity date reflected is the final maturity date.

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

(e) Security is perpetual in nature and has no stated maturity date. (f) Represents the current yield as of report date.

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

Continued

53

Sterling Capital Long Duration Corporate Bond Fund

Schedule of Portfolio Investments

March 31, 2022 (Unaudited)

Principal Amount			Fair Value
CORPORATE BONDS — 96.2%
		Aerospace & Defense — 2.3%
$	90,000	Boeing Co. (The), 3.825%, 3/1/59	$	73,874
	110,000	Boeing Co. (The), 3.900%, 5/1/49		99,204
	170,000	Boeing Co. (The), 5.705%, 5/1/40		191,301
	90,000	L3Harris Technologies, Inc., 4.854%, 4/27/35		97,776
	160,000	Raytheon Technologies Corp., 2.820%, 9/1/51		134,503
	90,000	Raytheon Technologies Corp., 4.450%, 11/16/38		97,689
				694,347
		Airlines — 0.1%
	39,000	American Airlines, Inc./AAdvantage Loyalty IP, Ltd., 5.500%, 4/20/26(a)		39,296
		Apparel — 0.3%
	90,000	NIKE, Inc., 3.375%, 3/27/50		89,382
		Automobiles — 1.1%
	90,000	Ford Motor Co., 5.291%, 12/8/46		87,355
	80,000	General Motors Co., 5.150%, 4/1/38		81,333
	80,000	General Motors Co., 5.200%, 4/1/45		80,939
	60,000	General Motors Co., 6.750%, 4/1/46		72,579
				322,206
		Banks — 8.9%
	90,000	Bank of America Corp., 2.482%, (5-Year Treasury Constant Maturity plus 1.20%), 9/21/36(b)		77,391
	110,000	Bank of America Corp., 3.311%, (SOFR plus 1.58%), 4/22/42(c)		101,936
	70,000	Bank of America Corp., 4.244%, (LIBOR USD 3-Month plus 1.81%), 4/24/38(c)		72,946
	100,000	Bank of America Corp., 6.110%, 1/29/37		119,482
	130,000	Bank of America Corp., MTN, 2.676%, (SOFR plus 1.93%), 6/19/41(c)		109,392
	140,000	Bank of America Corp., MTN, 4.330%, (LIBOR USD 3-Month plus 1.52%), 3/15/50(c)		149,020
	70,000	Citigroup, Inc., 3.878%, (LIBOR USD 3-Month plus 1.17%), 1/24/39(c)		69,996
	60,000	Citigroup, Inc., 5.316%, (SOFR plus 4.55%), 3/26/41(c)		70,293
	90,000	Citigroup, Inc., 5.875%, 1/30/42		112,196
	21,000	Citigroup, Inc., Series U, 5.000%, (SOFR plus 3.81%)(c)(d)		20,790
	50,000	Fifth Third Bancorp, 8.250%, 3/1/38		73,922
	130,000	Goldman Sachs Group, Inc. (The), 2.908%, (SOFR plus 1.47%), 7/21/42(c)		112,023
	170,000	Goldman Sachs Group, Inc. (The), 6.750%, 10/1/37		214,264
	250,000	JPMorgan Chase & Co., 3.109%, (SOFR plus 2.46%), 4/22/41(c)		226,154
	150,000	JPMorgan Chase & Co., 3.882%, (LIBOR USD 3-Month plus 1.36%), 7/24/38(c)		151,320

Principal Amount			Fair Value
CORPORATE BONDS — (continued)
		Banks — (continued)
$	100,000	JPMorgan Chase & Co., 4.260%, (LIBOR USD 3-Month plus 1.58%), 2/22/48(c)	$	106,814
	90,000	Morgan Stanley, 2.484%, (SOFR plus 1.36%), 9/16/36(c)		77,107
	110,000	Morgan Stanley, 3.217%, (SOFR plus 1.49%), 4/22/42(c)		101,292
	90,000	Morgan Stanley, 3.971%, (LIBOR USD 3-Month plus 1.46%), 7/22/38(c)		90,817
	135,000	PNC Financial Services Group, Inc. (The), Series O, 3.995%, (LIBOR USD 3-Month plus 3.68%)(b)(d)		134,323
	220,000	Wells Fargo & Co., 5.375%, 11/2/43		255,409
	100,000	Wells Fargo & Co., MTN, 5.013%, (SOFR plus 4.50%), 4/4/51(c)		118,615
	90,000	Westpac Banking Corp., 2.963%, 11/16/40		75,705
				2,641,207
		Beverages — 3.1%
	60,000	Anheuser-Busch Cos., LLC/Anheuser- Busch InBev Worldwide, Inc., 3.650%, 2/1/26		61,388
	160,000	Anheuser-Busch Cos., LLC/Anheuser- Busch InBev Worldwide, Inc., 4.700%, 2/1/36		173,601
	300,000	Anheuser-Busch Cos., LLC/Anheuser- Busch InBev Worldwide, Inc., 4.900%, 2/1/46		333,488
	150,000	Anheuser-Busch InBev Worldwide, Inc., 4.600%, 6/1/60		159,332
	100,000	Bacardi, Ltd., 5.300%, 5/15/48(a)		111,693
	110,000	Coca-Cola Co. (The), 2.600%, 6/1/50		93,904
				933,406
		Capital Goods — 0.7%
	70,000	Caterpillar, Inc., 3.803%, 8/15/42		72,308
	90,000	Packaging Corp. of America, 3.050%, 10/1/51		76,997
	80,000	Snap-on, Inc., 3.100%, 5/1/50		72,776
				222,081
		Chemicals — 1.8%
	80,000	Dow Chemical Co. (The), 4.375%, 11/15/42		83,253
	80,000	DuPont de Nemours, Inc., 5.319%, 11/15/38		91,958
	100,000	Ecolab, Inc., 2.750%, 8/18/55		82,637
	90,000	LYB International Finance III, LLC, 4.200%, 5/1/50		88,842
	80,000	LyondellBasell Industries NV, 4.625%, 2/26/55		81,680
	12,000	NOVA Chemicals Corp., 4.250%, 5/15/29(a)		11,052
	100,000	Westlake Corp., 3.375%, 8/15/61		81,288
				520,710

See accompanying Notes to the Financial Statements. 

54

Sterling Capital Long Duration Corporate Bond Fund

Schedule of Portfolio Investments — (continued)

March 31, 2022 (Unaudited)

Principal Amount			Fair Value
CORPORATE BONDS — (continued)
		Commercial Services & Supplies — 1.0%
$	165,000	Republic Services, Inc., 2.375%, 3/15/33	$	148,158
	70,000	Verisk Analytics, Inc., 3.625%, 5/15/50		65,839
	90,000	Waste Connections, Inc., 2.950%, 1/15/52		76,648
				290,645
		Construction Materials — 0.7%
	80,000	Carrier Global Corp., 3.577%, 4/5/50		73,164
	70,000	Martin Marietta Materials, Inc., 4.250%, 12/15/47		69,536
	70,000	Vulcan Materials Co., 4.500%, 6/15/47		73,253
				215,953
		Diversified Financial Services — 2.5%
	150,000	AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 3.850%, 10/29/41		132,097
	70,000	American Express Co., 4.050%, 12/3/42		73,854
	60,000	Blackstone Holdings Finance Co., LLC, 6.250%, 8/15/42(a)		75,789
	80,000	Blue Owl Finance, LLC, 4.125%, 10/7/51(a)		63,382
	80,000	Charles Schwab Corp. (The), Series H, 4.000%, (10-Year Treasury Constant Maturity plus 3.08%)(b)(d)		71,850
	110,000	Intercontinental Exchange, Inc., 4.250%, 9/21/48		118,256
	60,000	Jefferies Group, LLC, 6.500%, 1/20/43		71,946
	69,000	Owl Rock Capital Corp., 3.400%, 7/15/26		64,832
	70,000	Visa, Inc., 4.300%, 12/14/45.		77,790
				749,796
		Diversified Telecommunication Services — 1.9%
	100,000	America Movil SAB de CV, 6.125%, 3/30/40		124,742
	88,000	AT&T, Inc., 2.550%, 12/1/33.		78,110
	100,000	T-Mobile USA, Inc., 3.600%, 11/15/60		85,834
	120,000	T-Mobile USA, Inc., 4.375%, 4/15/40		120,615
	80,000	Vodafone Group PLC, 4.250%, 9/17/50		79,692
	80,000	Vodafone Group PLC, 5.000%, 5/30/38		87,233
				576,226
		Electric Utilities — 11.5%
	80,000	AEP Transmission Co., LLC, Series M, 3.650%, 4/1/50		77,115
	90,000	Appalachian Power Co., Series L, 5.800%, 10/1/35		101,899
	40,000	Avista Corp., 4.000%, 4/1/52		40,513
	70,000	CenterPoint Energy Houston Electric, LLC, Series AC, 4.250%, 2/1/49		76,161
	90,000	CenterPoint Energy Houston Electric, LLC, Series AD, 2.900%, 7/1/50		79,938
	90,000	CMS Energy Corp., 3.750%, (5-Year Treasury Constant Maturity plus 2.90%), 12/1/50(b)		79,425
	70,000	CMS Energy Corp., 4.700%, 3/31/43		72,006
	60,000	Commonwealth Edison Co., 5.900%, 3/15/36		73,659

Principal Amount			Fair Value
CORPORATE BONDS — (continued)
		Electric Utilities — (continued)
$	70,000	Connecticut Light & Power Co. (The), 4.000%, 4/1/48	$	73,521
	120,000	Consolidated Edison Co. of New York, Inc., 4.450%, 3/15/44		125,695
	60,000	Dominion Energy South Carolina, Inc., 5.100%, 6/1/65		70,724
	90,000	Dominion Energy South Carolina, Inc., 5.300%, 5/15/33		103,434
	90,000	Dominion Energy, Inc., Series B, 3.300%, 4/15/41		81,734
	80,000	DTE Electric Co., 3.750%, 8/15/47		80,885
	50,000	DTE Electric Co., Series B, 3.650%, 3/1/52		50,510
	80,000	Duke Energy Carolinas, LLC, 6.100%, 6/1/37		94,811
	60,000	Duke Energy Florida, LLC, 6.350%, 9/15/37		76,780
	150,000	Duke Energy Indiana, LLC, 3.750%, 5/15/46		147,205
	80,000	Duke Energy Ohio, Inc., 3.700%, 6/15/46		77,547
	90,000	Duke Energy Progress, LLC, 2.900%, 8/15/51		78,785
	130,000	Entergy Texas, Inc., 3.550%, 9/30/49		122,268
	70,000	Exelon Corp., 4.450%, 4/15/46		73,339
	70,000	Exelon Corp., 5.100%, 6/15/45		77,871
	80,000	Florida Power & Light Co., 4.125%, 2/1/42		84,276
	45,000	Florida Power & Light Co., 5.850%, 5/1/37		54,606
	70,000	Massachusetts Electric Co., 5.900%, 11/15/39(a)		84,728
	90,000	MidAmerican Energy Co., 2.700%, 8/1/52		76,882
	70,000	MidAmerican Energy Co., 4.800%, 9/15/43		78,999
	190,000	PECO Energy Co., 2.850%, 9/15/51		164,278
	100,000	Public Service Electric & Gas Co., MTN, 5.375%, 11/1/39		119,755
	90,000	Puget Sound Energy, Inc., 2.893%, 9/15/51		76,726
	60,000	Puget Sound Energy, Inc., 5.638%, 4/15/41		71,054
	55,000	San Diego Gas & Electric Co., 3.700%, 3/15/52		54,976
	90,000	San Diego Gas & Electric Co., Series TTT, 4.100%, 6/15/49		93,083
	130,000	Sempra Energy, 3.800%, 2/1/38		127,605
	80,000	Southern Co. (The), 4.400%, 7/1/46		81,388
	90,000	Union Electric Co., 3.250%, 10/1/49		82,544
	110,000	Virginia Electric & Power Co., 4.000%, 1/15/43		112,127
	110,000	Xcel Energy, Inc., 3.500%, 12/1/49		102,030
				3,400,882
		Electrical Equipment — 0.7%
	200,000	GE Capital International Funding Co. Unlimited Co., 4.418%, 11/15/35		214,763
		Energy Equipment & Services — 6.0%
	100,000	Cheniere Corpus Christi Holdings, LLC,
		2.742%, 12/31/39(a)		87,071

Continued

55

Sterling Capital Long Duration Corporate Bond Fund

Schedule of Portfolio Investments — (continued)

March 31, 2022 (Unaudited)

Principal Amount			Fair Value
CORPORATE BONDS — (continued)
		Energy Equipment & Services — (continued)
$	75,000	Eastern Gas Transmission & Storage, Inc., 4.800%, 11/1/43(a)	$	78,905
	170,000	Energy Transfer L.P., 5.000%, 5/15/44		166,549
	80,000	Energy Transfer L.P., 5.000%, 5/15/50		80,908
	90,000	Energy Transfer L.P., 5.350%, 5/15/45		92,695
	80,000	Energy Transfer L.P., 7.500%, 7/1/38		98,657
	120,000	Enterprise Products Operating, LLC, 3.300%, 2/15/53		102,338
	110,000	Enterprise Products Operating, LLC, 5.950%, 2/1/41		130,451
	80,000	Enterprise Products Operating, LLC, 6.125%, 10/15/39		96,518
	70,000	Kinder Morgan Energy Partners L.P., 5.625%, 9/1/41		76,102
	90,000	Kinder Morgan, Inc., 3.600%, 2/15/51		79,865
	70,000	Kinder Morgan, Inc., 5.550%, 6/1/45		78,332
	70,000	MPLX L.P., 5.200%, 12/1/47		74,308
	80,000	ONEOK, Inc., 4.950%, 7/13/47		80,526
	100,000	Plains All American Pipeline L.P./PAA Finance Corp., 4.700%, 6/15/44		93,922
	80,000	Spectra Energy Partners L.P., 4.500%, 3/15/45		81,727
	120,000	TransCanada PipeLines, Ltd., 4.625%, 3/1/34		128,067
	70,000	Williams Cos., Inc. (The), 5.100%, 9/15/45		75,923
	70,000	Williams Cos., Inc. (The), 6.300%, 4/15/40		84,457
				1,787,321
		Entertainment — 0.4%
	105,000	Magallanes, Inc., 5.050%, 3/15/42(a)		107,289
	22,000	Mattel, Inc., 5.450%, 11/1/41		23,210
				130,499
		Equity Real Estate Investment Trusts (REITS) — 2.8%
	90,000	Alexandria Real Estate Equities, Inc., 1.875%, 2/1/33		76,135
	50,000	American Homes 4 Rent L.P., 4.300%, 4/15/52		48,619
	157,000	American Tower Trust, 3.652%, 3/23/28(a)		158,937
	36,000	Kennedy-Wilson, Inc., 4.750%, 2/1/30		34,233
	70,000	Kimco Realty Corp., 4.250%, 4/1/45		69,915
	37,000	Ladder Capital Finance Holdings LLLP/ Ladder Capital Finance Corp., 4.750%, 6/15/29(a)		35,057
	80,000	Mid-America Apartments L.P., 2.875%, 9/15/51		66,961
	80,000	National Retail Properties, Inc., 3.500%, 4/15/51		70,326
	80,000	Sabra Health Care L.P., 3.200%, 12/1/31		71,376
	80,000	Simon Property Group L.P., 3.250%, 9/13/49		71,588
	80,000	UDR, Inc., 3.100%, 11/1/34		73,755
	50,000	Weyerhaeuser Co., 3.375%, 3/9/33		48,704
				825,606

Principal Amount			Fair Value
CORPORATE BONDS — (continued)
		Food & Staples Retailing — 0.9%
$	70,000	Hershey Co. (The), 3.125%, 11/15/49	$	64,597
	80,000	Hormel Foods Corp., 3.050%, 6/3/51		71,778
	150,000	Nestle Holdings, Inc., 2.500%, 9/14/41(a)		130,522
				266,897
		Health Care Providers & Services — 8.1%
	60,000	AbbVie, Inc., 4.050%, 11/21/39		61,519
	150,000	AbbVie, Inc., 4.250%, 11/21/49		155,694
	60,000	AbbVie, Inc., 4.400%, 11/6/42		63,364
	60,000	AbbVie, Inc., 4.450%, 5/14/46		64,218
	60,000	AbbVie, Inc., 4.500%, 5/14/35		64,406
	70,000	Aetna, Inc., 4.500%, 5/15/42		72,934
	100,000	Amgen, Inc., 2.770%, 9/1/53		80,187
	130,000	Amgen, Inc., 2.800%, 8/15/41		112,285
	110,000	Anthem, Inc., 4.375%, 12/1/47		117,732
	60,000	Baxalta, Inc., 5.250%, 6/23/45		68,847
	100,000	Bristol-Myers Squibb Co., 2.350%, 11/13/40		84,474
	150,000	Bristol-Myers Squibb Co., 2.550%, 11/13/50		124,435
	110,000	Bristol-Myers Squibb Co., 4.250%, 10/26/49		119,890
	70,000	Cigna Corp., 4.800%, 8/15/38.		76,688
	130,000	CVS Health Corp., 4.250%, 4/1/50		134,798
	100,000	CVS Health Corp., 4.780%, 3/25/38		109,372
	130,000	CVS Health Corp., 5.125%, 7/20/45		146,894
	150,000	HCA, Inc., 3.500%, 7/15/51		129,347
	200,000	Roche Holdings, Inc., 2.607%, 12/13/51(a)		172,798
	130,000	UnitedHealth Group, Inc., 3.500%, 8/15/39		129,077
	90,000	UnitedHealth Group, Inc., 3.875%, 8/15/59		92,633
	70,000	Viatris, Inc., 3.850%, 6/22/40		60,489
	80,000	Viatris, Inc., 4.000%, 6/22/50		67,499
	60,000	Wyeth, LLC, 5.950%, 4/1/37.		76,315
				2,385,895
		Insurance — 7.2%
	120,000	American International Group, Inc., 3.875%, 1/15/35		122,299
	130,000	Athene Holding, Ltd., 3.950%, 5/25/51		118,550
	55,000	Berkshire Hathaway Finance Corp., 3.850%, 3/15/52		56,209
	70,000	Berkshire Hathaway Finance Corp., 4.200%, 8/15/48		75,037
	80,000	Brighthouse Financial, Inc., 4.700%, 6/22/47		77,673
	60,000	Carlyle Holdings II Finance, LLC, 5.625%, 3/30/43(a)		66,098
	80,000	Chubb INA Holdings, Inc., 3.050%, 12/15/61		68,871
	34,000	Corebridge Financial, Inc., 4.400%, 4/5/52(a)		33,994
	80,000	Enstar Finance, LLC, 5.500%, (5-Year Treasury Constant Maturity plus 4.01%), 1/15/42(b)		76,000
	47,000	Enstar Group, Ltd., 3.100%, 9/1/31		42,042

Continued

56

Sterling Capital Long Duration Corporate Bond Fund

Schedule of Portfolio Investments — (continued)

March 31, 2022 (Unaudited)

Principal Amount			Fair Value
CORPORATE BONDS — (continued)
		Insurance — (continued)
$	90,000	Fidelity National Financial, Inc., 3.200%, 9/17/51	$	70,829
	80,000	Global Atlantic Fin Co., 4.700%, (5-Year Treasury Constant Maturity plus 3.80%), 10/15/51(a)(b)		75,400
	70,000	Guardian Life Insurance Co. of America (The), 4.875%, 6/19/64(a)		78,228
	70,000	KKR Group Finance Co. III, LLC, 5.125%, 6/1/44(a)		78,197
	80,000	Liberty Mutual Group, Inc., 3.950%, 5/15/60(a)		72,744
	140,000	MetLife, Inc., 4.050%, 3/1/45		143,213
	100,000	Nationwide Mutual Insurance Co., 4.350%, 4/30/50(a)		99,439
	70,000	New York Life Insurance Co., 4.450%, 5/15/69(a)		72,623
	60,000	New York Life Insurance Co., 6.750%, 11/15/39(a)		79,524
	80,000	Northwestern Mutual Life Insurance Co. (The), 3.450%, 3/30/51(a)		72,429
	80,000	Pacific LifeCorp, 3.350%, 9/15/50(a)		73,092
	70,000	Progressive Corp. (The), 3.950%, 3/26/50		72,454
	80,000	Prudential Financial, Inc., 3.700%, (5-Year Treasury Constant Maturity plus 3.04%), 10/1/50(b)		73,312
	36,000	SBL Holdings, Inc., 5.000%, 2/18/31(a)		34,710
	70,000	Securian Financial Group, Inc., 4.800%, 4/15/48(a)		74,487
	80,000	Travelers Cos., Inc. (The), 3.050%, 6/8/51		71,083
	70,000	Voya Financial, Inc., 4.800%, 6/15/46		76,744
	90,000	W R Berkley Corp., 3.150%, 9/30/61		69,507
				2,124,788
		Internet & Direct Marketing Retail — 1.2%
	100,000	Amazon.com, Inc., 2.500%, 6/3/50		83,434
	150,000	Amazon.com, Inc., 2.700%, 6/3/60		124,498
	90,000	Amazon.com, Inc., 4.800%, 12/5/34		103,443
	35,000	Uber Technologies, Inc., 4.500%, 8/15/29(a)		32,874
				344,249
		IT Services — 0.4%
	38,000	Fiserv, Inc., 2.750%, 7/1/24		37,914
	70,000	Fiserv, Inc., 4.400%, 7/1/49		72,242
				110,156
		Machinery — 0.3%
	80,000	Deere & Co., 3.900%, 6/9/42		83,968
		Media — 6.8%
	110,000	Charter Communications Operating, LLC/ Charter Communications Operating Capital, 3.950%, 6/30/62		88,288
	190,000	Charter Communications Operating, LLC/ Charter Communications Operating Capital, 4.400%, 12/1/61		165,298

Principal Amount			Fair Value
CORPORATE BONDS — (continued)
		Media — (continued)
$	140,000	Charter Communications Operating, LLC/ Charter Communications Operating Capital, 6.484%, 10/23/45	$	159,519
	41,000	Comcast Corp., 1.950%, 1/15/31		37,043
	130,000	Comcast Corp., 2.800%, 1/15/51		108,234
	170,000	Comcast Corp., 2.987%, 11/1/63(a)		139,018
	110,000	Comcast Corp., 3.250%, 11/1/39		104,362
	100,000	Comcast Corp., 3.400%, 7/15/46		93,828
	110,000	Comcast Corp., 4.200%, 8/15/34		117,433
	80,000	Comcast Corp., 4.600%, 10/15/38		88,474
	90,000	Discovery Communications, LLC, 4.000%, 9/15/55		77,607
	80,000	Discovery Communications, LLC, 5.200%, 9/20/47		83,180
	90,000	Interpublic Group of Cos., Inc. (The), 3.375%, 3/1/41		80,192
	80,000	Paramount Global, 4.950%, 5/19/50		83,367
	42,000	Paramount Global, 6.875%, 4/30/36		51,374
	70,000	Time Warner Cable, LLC, 5.875%, 11/15/40		75,291
	130,000	Time Warner Cable, LLC, 6.550%, 5/1/37		149,531
	100,000	Walt Disney Co. (The), 2.750%, 9/1/49		85,038
	130,000	Walt Disney Co. (The), 3.500%, 5/13/40		126,740
	70,000	Walt Disney Co. (The), 6.200%, 12/15/34		88,194
				2,002,011
		Metals & Mining — 1.5%
	44,000	Freeport-McMoRan, Inc., 4.125%, 3/1/28		43,955
	80,000	Newmont Corp., 4.875%, 3/15/42		90,190
	100,000	Nucor Corp., 2.979%, 12/15/55		82,569
	100,000	Southern Copper Corp., 7.500%, 7/27/35		128,764
	75,000	Teck Resources, Ltd., 6.000%, 8/15/40		86,079
				431,557
		Multiline Retail — 0.3%
	100,000	Walmart, Inc., 2.500%, 9/22/41		88,918
		Oil, Gas & Consumable Fuels — 5.4%
	80,000	Atmos Energy Corp., 4.125%, 10/15/44		82,119
	125,000	BP Capital Markets America, Inc., 3.060%, 6/17/41		112,124
	75,000	ConocoPhillips Co., 4.025%, 3/15/62(a)		76,027
	140,000	Devon Energy Corp., 5.600%, 7/15/41		161,702
	45,000	Diamondback Energy, Inc., 4.250%, 3/15/52		44,451
	70,000	Equinor ASA, 5.100%, 8/17/40.		82,797
	70,000	Exxon Mobil Corp., 4.114%, 3/1/46		75,516
	140,000	Exxon Mobil Corp., 4.227%, 3/19/40		151,381
	70,000	Halliburton Co., 5.000%, 11/15/45		75,977
	60,000	Halliburton Co., 7.450%, 9/15/39		80,376
	70,000	Hess Corp., 5.600%, 2/15/41		78,724
	70,000	Hess Corp., 5.800%, 4/1/47		83,246
	60,000	Marathon Petroleum Corp., 6.500%, 3/1/41		73,990
	70,000	NiSource, Inc., 4.800%, 2/15/44		72,450
	90,000	Phillips 66, 3.300%, 3/15/52		79,176

Continued

57

Sterling Capital Long Duration Corporate Bond Fund

Schedule of Portfolio Investments — (continued)

March 31, 2022 (Unaudited)

Principal Amount			Fair Value
CORPORATE BONDS — (continued)
		Oil, Gas & Consumable Fuels — (continued)
$	140,000	Shell International Finance BV, 4.550%, 8/12/43	$	155,639
	120,000	Southern Co. Gas Capital Corp., Series 21A, 3.150%, 9/30/51		101,612
				1,587,307
		Road & Rail — 3.7%
	110,000	Burlington Northern Santa Fe, LLC, 4.900%, 4/1/44		126,489
	70,000	Burlington Northern Santa Fe, LLC, 4.950%, 9/15/41		80,612
	70,000	CSX Corp., 6.000%, 10/1/36		85,729
	90,000	FedEx Corp., 4.100%, 2/1/45		87,784
	90,000	FedEx Corp., 4.550%, 4/1/46		94,186
	100,000	Kansas City Southern/Old, 3.500%, 5/1/50		93,341
	50,000	Norfolk Southern Corp., 3.400%, 11/1/49		46,660
	50,000	Norfolk Southern Corp., 3.700%, 3/15/53		49,393
	70,000	Norfolk Southern Corp., 3.950%, 10/1/42		70,843
	170,000	Union Pacific Corp., 2.950%, 3/10/52		150,416
	30,000	Union Pacific Corp., 3.375%, 2/14/42		29,026
	80,000	Union Pacific Corp., 3.600%, 9/15/37		80,586
	70,000	United Parcel Service, Inc., 5.300%, 4/1/50		91,482
				1,086,547
		Semiconductors & Semiconductor Equipment — 1.8%
	140,000	Broadcom, Inc., 3.469%, 4/15/34(a)		129,678
	80,000	Broadcom, Inc., 3.500%, 2/15/41(a)		71,255
	90,000	Lam Research Corp., 2.875%, 6/15/50		79,703
	70,000	QUALCOMM, Inc., 4.300%, 5/20/47		78,322
	200,000	TSMC Arizona Corp., 3.250%, 10/25/51		180,779
				539,737
		Software — 3.9%
	110,000	Apple, Inc., 2.800%, 2/8/61		94,512
	110,000	Apple, Inc., 3.850%, 5/4/43		115,824
	80,000	Apple, Inc., 3.850%, 8/4/46		84,425
	270,000	Dell International, LLC/EMC Corp., 3.450%, 12/15/51(a)		219,731
	60,000	Hewlett Packard Enterprise Co., 6.350%, 10/15/45		70,614
	90,000	Microsoft Corp., 2.525%, 6/1/50		78,006
	180,000	Microsoft Corp., 2.675%, 6/1/60		155,104
	90,000	Oracle Corp., 3.650%, 3/25/41		79,229
	90,000	Oracle Corp., 3.850%, 4/1/60		73,817
	110,000	Oracle Corp., 4.000%, 7/15/46		97,561
	90,000	salesforce.com, Inc., 2.700%, 7/15/41		79,802
				1,148,625
		Specialty Retail — 2.1%
	80,000	ERAC USA Finance, LLC, 5.625%, 3/15/42(a)		93,909
	200,000	Home Depot, Inc. (The), 2.750%, 9/15/51		172,380
	100,000	Home Depot, Inc. (The), 3.125%, 12/15/49		91,370
	80,000	Lowe's Cos., Inc., 5.000%, 4/15/40		89,212
	80,000	McDonald's Corp., MTN, 4.875%, 12/9/45		89,030

Principal Amount			Fair Value
CORPORATE BONDS — (continued)
		Specialty Retail — (continued)
$	90,000	Starbucks Corp., 3.500%, 11/15/50	$	83,578
				619,479
		Telecommunication Services — 5.2%
	120,000	AT&T, Inc., 3.500%, 6/1/41		110,595
	100,000	AT&T, Inc., 3.550%, 9/15/55		88,144
	240,000	AT&T, Inc., 3.650%, 9/15/59		209,407
	230,000	AT&T, Inc., 3.850%, 6/1/60		205,750
	210,000	AT&T, Inc., 4.500%, 5/15/35		222,195
	100,000	AT&T, Inc., 6.000%, 8/15/40		121,993
	150,000	Deutsche Telekom AG, 3.625%, 1/21/50(a)		139,587
	100,000	Verizon Communications, Inc., 2.650%, 11/20/40		85,153
	140,000	Verizon Communications, Inc., 3.400%, 3/22/41		131,368
	90,000	Verizon Communications, Inc., 3.550%, 3/22/51		84,759
	120,000	Verizon Communications, Inc., 4.400%, 11/1/34		127,694
				1,526,645
		Tobacco — 1.6%
	80,000	Altria Group, Inc., 3.875%, 9/16/46		67,707
	160,000	BAT Capital Corp., 4.390%, 8/15/37		148,816
	80,000	BAT Capital Corp., 4.540%, 8/15/47		71,358
	70,000	Cargill, Inc., 4.760%, 11/23/45(a)		79,855
	110,000	Philip Morris International, Inc., 4.375%, 11/15/41		109,046
				476,782
		Total Corporate Bonds
		(Cost $30,665,886)		28,477,887
U.S. TREASURY BONDS — 2.0%
	420,800	2.000%, 11/15/41		381,219
	236,900	2.000%, 8/15/51		213,617
		Total U.S. Treasury Bonds
		(Cost $622,218)		594,836
U.S. TREASURY NOTES — 0.2%
	7,000	2.625%, 2/15/29		7,092
	25,000	0.625%, 5/15/30		21,807
	45,600	1.250%, 8/15/31		41,475
		Total U.S. Treasury Notes
		(Cost $72,385)		70,374

Continued

58

Sterling Capital Long Duration Corporate Bond Fund

Schedule of Portfolio Investments — (continued)

March 31, 2022 (Unaudited)

Shares			Fair Value
MONEY MARKET FUND — 0.5%
	159,144	Federated Treasury Obligations Fund, Institutional Shares, 0.13%(e)	$	159,144
		Total Money Market Fund
		(Cost $159,144)		159,144
Total Investments — 98.9%
(Cost $31,519,633)				29,302,241
Net Other Assets (Liabilities) — 1.1%.				313,149
NET ASSETS — 100.0%			$	29,615,390

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

(b) The interest rate for this variable rate note, which will change periodically, is based either on the prime rate or an index of market rates. The reflected rate is in effect as of March 31, 2022. The maturity date reflected is the final maturity date.

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

(d) Security is perpetual in nature and has no stated maturity date. (e) Represents the current yield as of report date.

MTN Medium Term Note

Continued

59

Sterling Capital Quality Income Fund

Schedule of Portfolio Investments

March 31, 2022 (Unaudited)

Principal Amount			Fair Value
ASSET BACKED SECURITIES — 18.5%
$	141,132	Aegis Asset Backed Securities Trust, Series 2005-5, Class 1A4, 1.157%, (LIBOR USD 1-Month plus 0.70%), 12/25/35(a)	$	140,766
	230,000	AmeriCredit Automobile Receivables Trust, Series 2019-2, Class B, 2.540%, 7/18/24		230,723
	407,000	AmeriCredit Automobile Receivables Trust, Series 2019-2, Class C, 2.740%, 4/18/25		408,595
	230,000	AmeriCredit Automobile Receivables Trust, Series 2020-3, Class B, 0.760%, 12/18/25		223,600
	405,000	AmeriCredit Automobile Receivables Trust, Series 2021-2, Class B, 0.690%, 1/19/27		387,549
	450,000	ARI Fleet Lease Trust, Series 2020-A, Class A3, 1.800%, 8/15/28(b)		447,807
	170,000	ARI Fleet Lease Trust, Series 2021-A, Class A3, 0.680%, 3/15/30(b)		160,800
	300,000	Avis Budget Rental Car Funding AESOP, LLC, Series 2017-2A, Class A, 2.970%, 3/20/24(b)		301,117
	200,000	Avis Budget Rental Car Funding AESOP, LLC, Series 2019-3A, Class A, 2.360%, 3/20/26(b)		194,593
	850,000	Avis Budget Rental Car Funding AESOP, LLC, Series 2021-1A, Class A, 1.380%, 8/20/27(b)		788,642
	2,312	Bear Stearns Asset Backed Securities I Trust, Series 2004-HE11, Class M2, 2.032%, (LIBOR USD 1-Month plus 1.58%), 12/25/34(a)		2,313
	550,000	Carvana Auto Receivables Trust, Series 2021-P1, Class A4, 0.860%, 1/11/27		521,286
	509,000	Carvana Auto Receivables Trust, Series 2021-P2, Class B, 1.270%, 3/10/27		473,556
	600,000	Carvana Auto Receivables Trust, Series 2021-P3, Class B, 1.420%, 8/10/27		558,496
	39,103	Chesapeake Funding II, LLC, Series 2018- 3A, Class A1, 3.390%, 1/15/31(b)		39,186
	289,710	Chesapeake Funding II, LLC, Series 2020- 1A, Class A1, 0.870%, 8/15/32(b)		287,405
	405,428	Chesapeake Funding II, LLC, Series 2021- 1A, Class A1, 0.470%, 4/15/33(b)		394,520
	450,000	Citibank Credit Card Issuance Trust, Series 2007-A3, Class A3, 6.150%, 6/15/39		571,049
	1,557	Citicorp Residential Mortgage Trust, STEP, Series 2007-2, Class A6, 4.886%, 6/25/37		1,556
	500,000	Enterprise Fleet Financing, LLC, Series 2019-2, Class A3, 2.380%, 2/20/25(b)		500,717
	300,000	Enterprise Fleet Financing, LLC, Series 2021-2, Class A3, 0.740%, 5/20/27(b)		278,653
	410,000	Enterprise Fleet Financing, LLC, Series 2021-3, Class A3, 1.220%, 8/20/27(b)		386,825

Principal Amount			Fair Value
ASSET BACKED SECURITIES — (continued)
$	375,000	Enterprise Fleet Funding, LLC, Series 2021-1, Class A3, 0.700%, 12/21/26(b)	$	353,152
	500,000	Fifth Third Auto Trust, Series 2019-1, Class A4, 2.690%, 11/16/26		502,779
	642,000	Ford Credit Auto Owner Trust 2020- REV2, Series 2020-2, Class A, 1.060%, 4/15/33(b)		595,973
	415,000	Ford Credit Auto Owner Trust 2021- REV2, Series 2021-2, Class A, 1.530%, 5/15/34(b)		386,995
	360,000	GreatAmerica Leasing Receivables Funding, LLC, Series 2021-1, Class A3, 0.340%, 8/15/24(b)		351,186
	145,000	GreatAmerica Leasing Receivables Funding, LLC, Series 2021-1, Class A4, 0.550%, 12/15/26(b)		137,335
	1,295,000	Hertz Vehicle Financing III L.P., Series 2021-2A, Class A, 1.680%, 12/27/27(b)		1,182,237
	750,000	OneMain Direct Auto Receivables Trust 2021-1, Series 2021-1A, Class A, 0.870%, 7/14/28(b)		714,803
	500,000	OneMain Financial Issuance Trust, Series 2020-1A, Class A, 3.840%, 5/14/32(b)		503,866
	630,000	OneMain Financial Issuance Trust 2019- 2, Series 2019-2A, Class A, 3.140%, 10/14/36(b)		616,488
	480,000	OneMain Financial Issuance Trust 2021-1, Series 2021-1A, Class A1, 1.550%, 6/16/36(b)		438,213
	295,597	Santander Drive Auto Receivables Trust, Series 2020-3, Class B, 0.690%, 3/17/25		295,127
	530,000	Santander Drive Auto Receivables Trust, Series 2020-3, Class C, 1.120%, 1/15/26		526,013
	300,000	Santander Drive Auto Receivables Trust, Series 2020-4, Class B, 0.730%, 3/17/25		299,228
	174,570	Saxon Asset Securities Trust, Series 2004- 3, Class M1, 1.357%, (LIBOR USD 1-Month plus 0.90%), 12/26/34(a)		173,050
	434,201	SoFi Professional Loan Program Trust, Series 2020-A, Class A2FX, 2.540%, 5/15/46(b)		428,020
	500,000	Toyota Auto Loan Extended Note Trust 2021-1, Series 2021-1A, Class A, 1.070%, 2/27/34(b)		464,870
	71,104	U.S. Small Business Administration, Series 2010-20D, Class 1, 4.360%, 4/1/30		72,285
	215,000	Wheels SPV 2, LLC, Series 2020-1A, Class A3, 0.620%, 8/20/29(b)		208,315
		Total Asset Backed Securities
		(Cost $16,120,831)		15,549,689
COLLATERALIZED MORTGAGE OBLIGATIONS — 15.9%
	61,638	Alternative Loan Trust, Series 2004-22CB, Class 1A1, 6.000%, 10/25/34		61,366

See accompanying Notes to the Financial Statements.

60

Sterling Capital Quality Income Fund

Schedule of Portfolio Investments — (continued)

March 31, 2022 (Unaudited)

Principal Amount			Fair Value
COLLATERALIZED MORTGAGE OBLIGATIONS — (continued)
$	449,100	Chase Home Lending Mortgage Trust, Series 2019-ATR2, Class A3, 3.500%, 7/25/49(b)(c)	$	448,096
	28,486	Citicorp Mortgage Securities, Inc., Series 2005-1, Class 1A4, 5.500%, 2/25/35		28,892
	9,788	Citigroup Mortgage Loan Trust, Inc., Series 2004-NCM2, Class 3CB2, 6.500%, 8/25/19		9,769
	36,226	Countrywide Home Loan Mortgage Pass- Through Trust, Series 2004-3, Class A4, 5.750%, 4/25/34		35,578
	69,434	Credit Suisse First Boston Mortgage- Backed Pass-Through Certificates, Series 2004-1, Class 2A1, 6.500%, 2/25/34		69,028
	47,583	Fannie Mae, Series 2003-19, Class AR, 5.500%, 3/25/33		50,744
	192,600	Fannie Mae, Series 2003-21, Class OW, 4.000%, 3/25/33		196,318
	682,000	Fannie Mae, Series 2008-2, Class PH, 5.500%, 2/25/38		760,374
	527,000	Fannie Mae, Series 2009-28, Class HX, 5.000%, 5/25/39		582,822
	825,833	Fannie Mae, Series 2010-150, Class YL, 4.000%, 1/25/41		892,230
	380,000	Fannie Mae, Series 2011-131, Class PB, 4.500%, 12/25/41		403,092
	281,082	Fannie Mae, Series 2011-74, Class QM, 4.500%, 11/25/40		289,136
	943,000	Fannie Mae, Series 2013-30, Class PY, 3.000%, 4/25/43		929,622
	524,301	Fannie Mae, Series 2013-91, Class DV, 3.000%, 10/25/26		524,186
	163,216	Fannie Mae, Series 2016-85, Class GA, 2.500%, 10/25/45		159,695
	342,981	Fannie Mae, Series 2017-26, Class CD, 3.500%, 1/25/43		345,336
	870,000	Fannie Mae, Series 2017-42, Class HL, 3.000%, 6/25/47		866,313
	85,910	Freddie Mac, Series 2485, Class WG, 6.000%, 8/15/32		93,055
	156,474	Freddie Mac, Series 2768, Class PC, 4.000%, 3/15/34		158,464
	105,642	Freddie Mac, Series 3042, Class PZ, 5.750%, 9/15/35		129,479
	115,796	Freddie Mac, Series 3440, Class EM, 5.000%, 4/15/38		122,185
	500,000	Freddie Mac, Series 3714, Class PB, 4.750%, 8/15/40		549,880
	18,204	Freddie Mac, Series 3803, Class PJ, 4.250%, 1/15/41		18,547
	200,000	Freddie Mac, Series 3815, Class TB, 4.500%, 2/15/41		214,690
	166,139	Freddie Mac, Series 3816, Class HM, 4.500%, 5/15/40		171,658

Principal Amount			Fair Value
COLLATERALIZED MORTGAGE OBLIGATIONS — (continued)
$	375,530	Freddie Mac, Series 3989, Class JW, 3.500%, 1/15/42	$	377,447
	338,000	Freddie Mac, Series 4088, Class CD, 3.000%, 8/15/42		329,244
	300,000	Freddie Mac, Series 4094, Class ME, 2.500%, 8/15/42		285,774
	195,000	Freddie Mac, Series 4097, Class CU, 1.500%, 8/15/27		182,813
	443,418	Freddie Mac, Series 4136, Class HZ, 3.500%, 11/15/27		443,934
	119,000	Freddie Mac, Series 4160, Class HH, 2.500%, 12/15/32		117,328
	171,186	Freddie Mac, Series 4173, Class NB, 3.000%, 3/15/43		170,980
	134,891	Freddie Mac, Series 4215, Class LD, 2.000%, 7/15/41		132,056
	47,294	Freddie Mac, Series 4293, Class MH, 3.000%, 12/15/41		47,111
	311,107	Freddie Mac, Series 4650, Class BC, 3.500%, 5/15/43		313,783
	428,978	Freddie Mac, Series 5115, Class G, 2.500%, 9/25/50		412,858
	295,029	Freddie Mac Strips, Series 219, Class PO, 3/1/32		268,214
	63,720	Ginnie Mae, Series 2004-69, Class GC, 5.500%, 4/20/34		68,275
	5,768	Ginnie Mae, Series 2010-85, Class DQ, 3.000%, 12/20/39		5,788
	612,000	Ginnie Mae, Series 2017-75, Class DL, 3.000%, 3/20/47		592,987
	800,000	Ginnie Mae, Series 2019-6, Class JK, 3.500%, 1/20/49		821,127
	521,459	JP Morgan Mortgage Trust, Series 2017-5, Class A1B, 3.050%, 10/26/48(b)(c)		520,744
	147,642	MASTR Alternative Loan Trust, Series 2003-5, Class 8A1, 5.500%, 6/25/33		147,151
	23,138	MASTR Alternative Loan Trust, Series 2004-13, Class 3A1, 6.500%, 1/25/35		20,071
	8,406	RBSGC Mortgage Loan Trust, Series 2007- B, Class 3A1, 3.647%, 7/25/35(c)		8,729
		Total Collateralized Mortgage Obligations
		(Cost $13,764,367)		13,376,969
COMMERCIAL MORTGAGE-BACKED SECURITIES — 27.5%
	250,000	BANK 2020-BNK29, Series 2020-BN29, Class A4, 1.997%, 11/15/53		224,713
	325,000	BBCMS Mortgage Trust, Series 2020-C7, Class A5, 2.037%, 4/15/53		295,802
	589,492	Benchmark Mortgage Trust, Series 2020- B18, Class A5, 1.925%, 7/15/53		529,904
	1,250,000	Benchmark Mortgage Trust, Series 2020- B21, Class A5, 1.978%, 12/17/53		1,121,549

Continued

61

Sterling Capital Quality Income Fund

Schedule of Portfolio Investments — (continued)

March 31, 2022 (Unaudited)

Principal Amount			Fair Value
COMMERCIAL MORTGAGE-BACKED SECURITIES — (continued)
$	270,000	BX 2021-LBA3 Mortgage Trust, Series 2021-PAC, Class C, 1.496%, (LIBOR USD 1-Month plus 1.10%), 10/15/36(a) (b)	$	259,520
	269,000	BX Commercial Mortgage Trust, Series 2021-21M, Class C, 1.574%, (LIBOR USD 1-Month plus 1.18%), 10/15/36(a) (b)		258,354
	277,000	BX Commercial Mortgage Trust, Series 2021-ACNT, Class C, 1.897%, (LIBOR USD 1-Month plus 1.50%), 11/15/38(a) (b)		272,691
	313,000	BX Commercial Mortgage Trust, Series 2021-CIP, Class C, 1.868%, (LIBOR USD 1-Month plus 1.47%), 12/15/38(a) (b)		305,926
	223,496	BX Commercial Mortgage Trust, Series 2021-XL2, Class C, 1.594%, (LIBOR USD 1-Month plus 1.20%), 10/15/38(a) (b)		218,164
	367,000	BX Commercial Mortgage Trust, Series 2022-LP2, Class B, 1.617%, (CME Term SOFR 1-Month 1.31%), 2/15/39(a)(b)		359,422
	275,000	BX Trust, Series 2021-RISE, Class C, 1.847%, (LIBOR USD 1-Month plus 1.45%), 11/15/36(a)(b)		267,763
	589,000	CD Mortgage Trust, Series 2016-CD2, Class A4, 3.526%, 11/10/49(c)		592,120
	700,000	CD Mortgage Trust, Series 2017-CD3, Class A4, 3.631%, 2/10/50		706,970
	100,000	CFCRE Commercial Mortgage Trust, Series 2016-C7, Class A3, 3.839%, 12/10/54		101,598
	365,000	Citigroup Commercial Mortgage Trust, Series 2013-GC15, Class A4, 4.371%, 9/10/46(c)		371,161
	405,000	Citigroup Commercial Mortgage Trust, Series 2013-GC17, Class AS, 4.544%, 11/10/46		412,765
	500,000	Citigroup Commercial Mortgage Trust, Series 2015-GC33, Class A4, 3.778%, 9/10/58		506,774
	453,969	COMM 2012-CCRE3 Mortgage Trust, Series 2012-CR3, Class A3, 2.822%, 10/15/45		453,731
	75,000	COMM 2013-CCRE11 Mortgage Trust, Series 2013-CR11, Class A4, 4.258%, 8/10/50		76,310
	75,000	COMM 2013-CCRE13 Mortgage Trust, Series 2013-CR13, Class A4, 4.194%, 11/10/46(c)		76,198
	350,000	COMM 2014-CCRE15 Mortgage Trust, Series 2014-CR15, Class A4, 4.074%, 2/10/47(c)		354,855

Principal Amount			Fair Value
COMMERCIAL MORTGAGE-BACKED SECURITIES — (continued)
$	500,000	COMM 2014-CCRE18 Mortgage Trust, Series 2014-CR18, Class A5, 3.828%, 7/15/47	$	505,467
	263,535	COMM 2015-CCRE23 Mortgage Trust, Series 2015-CR23, Class A2, 2.852%, 5/10/48		263,385
	25,606	COMM Mortgage Trust, Series 2012-CR1, Class AM, 3.912%, 5/15/45		25,569
	266,000	COMM Mortgage Trust, Series 2014- CR20, Class A4, 3.590%, 11/10/47		267,221
	153,000	COMM Mortgage Trust, Series 2014- UBS2, Class A5, 3.961%, 3/10/47		154,771
	455,000	COMM Mortgage Trust, Series 2014- UBS4, Class A5, 3.694%, 8/10/47		456,700
	250,000	COMM Mortgage Trust, Series 2017- COR2, Class A3, 3.510%, 9/10/50		251,080
	500,000	CSAIL Commercial Mortgage Trust, Series 2015-C3, Class A4, 3.718%, 8/15/48		503,085
	251,000	ELP Commercial Mortgage Trust, Series 2021-ELP, Class C, 1.717%, (LIBOR USD 1-Month plus 1.32%), 11/15/38(a) (b)		245,655
	886,886	Fannie Mae-Aces, Series 2017-M7, Class A2, 2.961%, 2/25/27(c)		885,934
	338,358	FRESB Mortgage Trust, Series 2017-SB36, Class A10F, 2.880%, 7/25/27(c)		325,816
	778,824	Ginnie Mae, Series 2014-126, Class A, 2.500%, 11/16/46		770,245
	443,397	Ginnie Mae, Series 2019-79, Class V, 2.800%, 3/16/29		431,935
	31,993	GS Mortgage Securities Trust, Series 2010- C1, Class B, 5.148%, 8/10/43(b)		31,762
	300,000	GS Mortgage Securities Trust, Series 2013- GC14, Class A5, 4.243%, 8/10/46		304,541
	85,000	GS Mortgage Securities Trust, Series 2014- GC24, Class A5, 3.931%, 9/10/47		85,713
	500,000	GS Mortgage Securities Trust, Series 2016- GS4, Class A4, 3.442%, 11/10/49(c)		499,139
	64,000	GS Mortgage Securities Trust, Series 2020- GC47, Class A5, 2.377%, 5/12/53		59,431
	500,000	GS Mortgage Securities Trust, Series 2020- GSA2, Class A5, 2.012%, 12/12/53		446,131
	196,691	JP Morgan Chase Commercial Mortgage Securities Trust, Series 2011-C3, Class B, 5.013%, 2/15/46(b)(c)		192,175
	164,218	JP Morgan Chase Commercial Mortgage Securities Trust, Series 2013-C13, Class A4, 3.994%, 1/15/46(c)		165,884
	350,000	JP Morgan Chase Commercial Mortgage Securities Trust, Series 2013-LC11, Class A5, 2.960%, 4/15/46		349,744
	500,000	JP Morgan Chase Commercial Mortgage Securities Trust, Series 2014-C20, Class A5, 3.805%, 7/15/47		505,100

Continued

62

Sterling Capital Quality Income Fund

Schedule of Portfolio Investments — (continued)

March 31, 2022 (Unaudited)

Principal Amount			Fair Value
COMMERCIAL MORTGAGE-BACKED SECURITIES — (continued)
$	185,000	JP Morgan Chase Commercial Mortgage Securities Trust, Series 2016-JP4, Class A4, 3.648%, 12/15/49(c)	$	187,829
	132,662	JP Morgan Chase Commercial Mortgage Securities Trust 2012-CIBX, Series 2012-CBX, Class A4, 3.483%, 6/15/45		132,741
	274,000	Med Trust, Series 2021-MDLN, Class C, 2.197%, (LIBOR USD 1-Month plus 1.80%), 11/15/38(a)(b)		268,577
	100,000	Morgan Stanley Bank of America Merrill Lynch Trust, Series 2014-C18, Class A4, 3.923%, 10/15/47		101,357
	300,167	Morgan Stanley Bank of America Merrill Lynch Trust, Series 2014-C19, Class A4, 3.526%, 12/15/47		301,158
	500,000	Morgan Stanley Bank of America Merrill Lynch Trust, Series 2016-C32, Class A4, 3.720%, 12/15/49		507,709
	149,000	Morgan Stanley Capital I Trust, Series 2016-BNK2, Class A4, 3.049%, 11/15/49		147,234
	435,000	Morgan Stanley Capital I Trust, Series 2018-H3, Class A5, 4.177%, 7/15/51		450,027
	659,333	Morgan Stanley Capital I Trust, Series 2020-HR8, Class A4, 2.041%, 7/15/53		596,093
	300,000	OPG Trust, Series 2021-PORT, Class C, 1.229%, (LIBOR USD 1-Month plus 0.83%), 10/15/36(a)(b)		284,179
	245,006	SMR Mortgage Trust, Series 2022-IND, Class A, 1.951%, (CME Term SOFR 1-Month 1.65%), 2/15/39(a)(b)		242,591
	365,585	UBS-Barclays Commercial Mortgage Trust, Series 2012-C3, Class A4, 3.091%, 8/10/49		366,112
	600,000	Wells Fargo Commercial Mortgage Trust, Series 2014-LC18, Class A5, 3.405%, 12/15/47		600,719
	644,000	Wells Fargo Commercial Mortgage Trust, Series 2015-P2, Class A4, 3.809%, 12/15/48		653,120
	50,000	Wells Fargo Commercial Mortgage Trust, Series 2016-C37, Class A5, 3.794%, 12/15/49		50,927
	300,000	Wells Fargo Commercial Mortgage Trust, Series 2017-C40, Class A4, 3.581%, 10/15/50		303,103
	220,800	Wells Fargo Commercial Mortgage Trust, Series 2020-C56, Class A5, 2.448%, 6/15/53		206,544
	500,000	Wells Fargo Commercial Mortgage Trust, Series 2020-C57, Class A4, 2.118%, 8/15/53		455,387

Principal Amount			Fair Value
COMMERCIAL MORTGAGE-BACKED SECURITIES — (continued)
$	300,000	Wells Fargo Commercial Mortgage Trust, Series 2020-C58, Class A4, 2.092%, 7/15/53	$	271,224
	302,000	WFRBS Commercial Mortgage Trust, Series 2012-C10, Class A3, 2.875%, 12/15/45		301,901
	196,485	WFRBS Commercial Mortgage Trust, Series 2012-C7, Class A2, 3.431%, 6/15/45		196,253
	200,000	WFRBS Commercial Mortgage Trust, Series 2012-C8, Class AS, 3.660%, 8/15/45		200,023
	78,552	WFRBS Commercial Mortgage Trust, Series 2013-UBS1, Class A4, 4.079%, 3/15/46(c)		79,674
	475,000	WFRBS Commercial Mortgage Trust, Series 2014-C20, Class AS, 4.176%, 5/15/47		477,205
	302,000	WFRBS Commercial Mortgage Trust, Series 2014-C23, Class A5, 3.917%, 10/15/57		306,204
		Total Commercial Mortgage-Backed Securities
		(Cost $24,341,425)		23,180,664
CORPORATE BONDS — 1.0%
		Diversified Telecommunication Services — 0.7%
	575,000	Sprint Spectrum Co., LLC/Sprint Spectrum Co. II, LLC/Sprint Spectrum Co. III, LLC, 4.738%, 3/20/25(b)		587,422
		Equity Real Estate Investment Trusts (REITS) — 0.3%
	250,000	American Tower Trust, 3.652%, 3/23/28(b)		253,084
		Total Corporate Bonds
		(Cost $849,376)		840,506
MORTGAGE-BACKED SECURITIES — 29.8%
		Fannie Mae — 18.5%
	491,577	3.590%, 1/1/24, Pool #BL1146		491,106
	140,330	3.000%, 1/1/31, Pool #BA6574		141,831
	399,740	4.500%, 3/1/34, Pool #CA3294		423,560
	348,012	2.500%, 11/1/35, Pool #CA7939		344,543
	74,162	5.500%, 6/1/38, Pool #984277		81,425
	36,159	5.500%, 8/1/38, Pool #995072		39,887
	45,116	4.500%, 9/1/39, Pool #AC1830		48,041
	41,696	4.500%, 10/1/40, Pool #AE4855		44,400
	85,726	3.500%, 2/1/41, Pool #AH5646		87,506
	123,883	4.000%, 3/1/41, Pool #AH4008		129,673
	372,842	2.500%, 5/1/41, Pool #MA4334		360,892
	32,595	4.500%, 6/1/41, Pool #AC9298		34,591
	104,849	5.000%, 7/1/41, Pool #AI5595		112,823

Continued

63

Sterling Capital Quality Income Fund

Schedule of Portfolio Investments — (continued)

March 31, 2022 (Unaudited)

Principal Amount			Fair Value
MORTGAGE-BACKED SECURITIES — (continued)
		Fannie Mae — (continued)
$	171,393	4.000%, 9/1/41, Pool #AJ1717	$	179,472
	127,443	3.500%, 6/1/42, Pool #AB5373		129,537
	44,648	4.500%, 10/1/44, Pool #MA2066		47,384
	135,223	4.000%, 12/1/44, Pool #MA2127		141,214
	145,433	4.500%, 1/1/45, Pool #MA2158		154,413
	158,087	3.500%, 3/1/45, Pool #AS4552		161,233
	150,025	4.000%, 10/1/45, Pool #AL7487		156,326
	998,390	3.000%, 10/1/46, Pool #BC4764		991,475
	109,983	4.000%, 11/1/46, Pool #MA2808		114,413
	131,382	3.000%, 2/1/47, Pool #BE2329		130,466
	80,150	4.000%, 5/1/47, Pool #BE9598		82,855
	74,408	4.500%, 11/1/47, Pool #BM3286		79,053
	175,319	3.500%, 12/1/47, Pool #CA0833		177,137
	81,855	4.500%, 5/1/48, Pool #CA1711		85,188
	116,820	3.500%, 9/1/49, Pool #BJ9608		117,549
	255,489	3.500%, 6/1/50, Pool #CA6097		256,401
	251,985	3.000%, 7/1/50, Pool #CA6421		247,259
	246,683	3.000%, 7/1/50, Pool #CA6422		241,791
	624,588	2.500%, 8/1/50, Pool #FM4053		597,508
	390,315	2.500%, 8/1/50, Pool #FM4055		373,866
	1,000,000	3.000%, 8/1/50, Pool #FS0973		982,887
	476,113	2.500%, 10/1/50, Pool #FM4702		455,954
	572,582	2.500%, 3/1/51, Pool #FM6523		547,816
	402,841	3.000%, 5/1/51, Pool #FM7346		395,021
	1,214,792	2.500%, 8/1/51, Pool #FM8438		1,164,502
	352,312	3.000%, 11/1/51, Pool #CB2170		345,350
	1,172,006	3.000%, 2/1/52, Pool #CB2891		1,151,198
	989,308	3.500%, 2/1/52, Pool #MA4550		993,333
	1,150,000	3.000%, 3/1/52, Pool #BV4143		1,136,510
	800,000	3.500%, 4/1/52, Pool #FS1185		805,339
	750,000	3.500%, 4/1/52, Pool #FS1260		755,208
				15,537,936
		Freddie Mac — 11.3%
	53,153	4.000%, 11/1/32, Pool #ZS8993		55,096
	231,475	3.500%, 5/1/35, Pool #ZA2378		234,557
	160,134	4.000%, 5/1/37, Pool #ZA2461		166,039
	23,119	5.500%, 10/1/39, Pool #ZI9359		25,406
	38,088	5.000%, 4/1/40, Pool #ZI9910		41,237
	72,803	5.500%, 4/1/40, Pool #ZA1042		79,248
	29,580	5.000%, 8/1/40, Pool #ZA1056		32,022
	74,199	4.000%, 11/1/40, Pool #ZJ0654		77,509
	84,677	4.000%, 12/1/40, Pool #ZJ0811		88,658
	187,105	3.500%, 8/1/42, Pool #ZL3508		191,237
	686,407	3.000%, 12/1/42, Pool #Q14108		686,967
	255,011	3.500%, 3/1/43, Pool #ZT1107		260,606
	179,907	3.500%, 1/1/45, Pool #ZL8964		183,636
	142,508	3.500%, 3/1/45, Pool #ZT1164		145,613
	107,304	3.000%, 1/1/46, Pool #ZS4646		106,794
	109,139	4.000%, 4/1/46, Pool #ZM1015		113,179
	115,511	3.500%, 12/1/47, Pool #ZM5123		117,123
	306,401	2.500%, 11/1/49, Pool #QA4396		293,694
	134,050	3.000%, 1/1/50, Pool #QA6230		131,919
	1,014,084	3.000%, 6/1/51, Pool #SD8152		994,279
	895,412	2.500%, 7/1/51, Pool #QC4230		861,396

Principal Amount			Fair Value
MORTGAGE-BACKED SECURITIES — (continued)
		Freddie Mac — (continued)
$	427,785	3.000%, 7/1/51, Pool #RA5552	$	419,679
	365,890	3.500%, 7/1/51, Pool #RA5549		367,800
	1,209,682	3.000%, 8/1/51, Pool #SD8162		1,186,051
	1,139,228	2.500%, 9/1/51, Pool #RA5921		1,089,834
	986,008	3.000%, 1/1/52, Pool #SD8190		966,713
	642,469	3.500%, 1/1/52, Pool #RA6531		645,370
				9,561,662
		Ginnie Mae — 0.0%
	8,558	4.000%, 12/20/40, Pool #755678		8,936
		Total Mortgage-Backed Securities
		(Cost $25,951,981)		25,108,534
U.S. TREASURY BONDS — 1.5%
	1,000,000	2.375%, 2/15/42		965,625
	315,000	1.875%, 11/15/51		276,117
		Total U.S. Treasury Bonds
		(Cost $1,272,179)		1,241,742
U.S. TREASURY NOTES — 1.8%
	650,000	1.375%, 11/15/31		596,679
	1,000,000	1.875%, 2/15/32		960,469
		Total U.S. Treasury Notes
		(Cost $1,595,302)		1,557,148

Shares
MONEY MARKET FUND — 4.4%
	3,714,308	Federated Treasury Obligations Fund, Institutional Shares, 0.13%(d)		3,714,308
		Total Money Market Fund
		(Cost $3,714,308)		3,714,308
Total Investments — 100.4%
(Cost $87,609,769)				84,569,560
Net Other Assets (Liabilities) — (0.4)%.				(295,427	)
NET ASSETS — 100.0%			$	84,274,133

(a) The interest rate for this floating rate note, which will change periodically, is based either on the prime rate or an index of market rates. The reflected rate is in effect as of March 31, 2022. The maturity date reflected is the final maturity date.

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

(c) The interest rate for this variable rate note, which will change periodically, is based either on the prime rate or an index of market rates. The reflected rate is in effect as of March 31, 2022. The maturity date reflected is the final maturity date.

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

Continued

64

Sterling Capital Quality Income Fund

Schedule of Portfolio Investments — (continued)

March 31, 2022 (Unaudited)

STEP Step Coupon Bond

Continued

65

Sterling Capital North Carolina Intermediate Tax-Free Fund

Schedule of Portfolio Investments

March 31, 2022 (Unaudited)

Principal Amount			Fair Value
MUNICIPAL BONDS — 95.7%
		North Carolina — 95.7%
$	4,190,000	Alamance County, NC, School Improvements G.O., 5.000%, 5/1/27	$	4,772,117
	1,000,000	Beaufort County, NC, Refunding Revenue Limited Obligation, Callable 6/1/22 @ 100, 5.000%, 6/1/24		1,006,310
	1,000,000	Beaufort County, NC, Refunding Revenue Limited Obligation, Callable 6/1/22 @ 100, 5.000%, 6/1/26		1,006,310
	1,000,000	Broad River Water Authority, Water System Refunding Revenue, 5.000%, 6/1/24		1,062,510
	1,025,000	Buncombe County Metropolitan Sewerage District, Sewer Improvements Revenue, Callable 7/1/24 @ 100, 5.000%, 7/1/39		1,087,874
	1,475,000	Buncombe County, NC, Advance Refunding Revenue Limited Obligation, Callable 6/1/25 @ 100, 5.000%, 6/1/28		1,610,597
	1,175,000	Buncombe County, NC, School Improvements, Refunding Revenue, Series A, Callable 6/1/24 @ 100, 5.000%, 6/1/29		1,245,876
	1,010,000	Cape Fear Public Utility Authority, Advance Refunding Revenue Bonds, 5.000%, 8/1/25		1,109,041
	1,895,000	Cape Fear Public Utility Authority, Refunding Revenue Bonds, Series A, Callable 8/1/29 @ 100, 4.000%, 8/1/38		2,046,733
	1,000,000	Charlotte, NC, Charlotte Douglas International Airport Refunding Revenue, Callable 7/1/24 @ 100, 5.000%, 7/1/31		1,063,610
	1,040,000	Charlotte, NC, Convention Facility, Refunding Revenue, Certification of Participation, Callable 6/1/29 @ 100, 5.000%, 6/1/30		1,227,252
	1,000,000	Charlotte, NC, Convention Facility, Refunding Revenue, Certification of Participation, Callable 6/1/29 @ 100, 5.000%, 6/1/31		1,176,960
	1,000,000	Charlotte, NC, Convention Facility, Refunding Revenue, Certification of Participation, Callable 6/1/29 @ 100, 5.000%, 6/1/32		1,171,720
	2,275,000	Charlotte, NC, Recreational Facilities Improvements Revenue, Callable 12/1/28 @ 100, 5.000%, 12/1/33		2,644,392
	1,520,000	Charlotte, NC, Recreational Facilities Improvements Revenue, Callable 12/1/28 @ 100, 5.000%, 12/1/34		1,762,030
	3,000,000	Charlotte, NC, Water & Sewer System Refunding Revenue, Callable 7/1/28 @ 100, 5.000%, 7/1/36		3,481,620
	2,295,000	Charlotte, NC, Water & Sewer System Revenue, Refunding Revenue, 5.000%, 7/1/27		2,638,057

Principal Amount			Fair Value
MUNICIPAL BONDS — (continued)
		North Carolina — (continued)
$	1,770,000	Charlotte, NC, Water & Sewer System Revenue, Current Refunding Revenue Bonds, 5.000%, 7/1/26	$	1,990,613
	2,035,000	Chatham County, NC, Refunding Revenue (County Guaranteed), 5.000%, 12/1/28		2,290,922
	2,500,000	Durham Capital Financing Corp., Refunding Revenue Limited Obligation, Callable 6/1/23 @ 100, 5.000%, 6/1/38		2,596,150
	1,225,000	East Carolina University, University & College Improvements Revenue, Series A, Callable 4/1/26 @ 100, 5.000%, 10/1/27		1,349,827
	1,000,000	Elizabeth City State University, Board of Governors of NC, Advance Refunding Revenue Bonds, Callable 4/1/29 @ 100 (AGM), 5.000%, 4/1/40		1,116,820
	1,750,000	Fayetteville, NC, Public Works Commission, Electric Light & Power Improvements Revenue, Callable 3/1/24 @ 100, 4.000%, 3/1/27		1,818,582
	1,690,000	Fayetteville, NC, Public Works Commission, Multi-Utility Improvements Revenue, Callable 3/1/28 @ 100, 5.000%, 3/1/29		1,951,527
	3,000,000	Forsyth County NC, Public Improvements, G.O., Series B, Callable 3/1/29 @ 100, 5.000%, 3/1/31		3,534,240
	2,200,000	Forsyth County NC, Refunding Revenue, G.O., 5.000%, 7/1/26		2,474,208
	1,675,000	Guilford County, NC, Advance Refunding, G.O., Series A, Callable 2/1/26 @ 100, 5.000%, 2/1/28		1,861,762
	2,160,000	Guilford County, NC, Public Facilities G.O., Series A, 5.000%, 3/1/31		2,647,382
	2,075,000	High Point, NC, Combined Water & Sewer System, Advance Refunding Revenue Bonds, 5.000%, 11/1/26		2,346,617
	3,000,000	Johnston County, NC, Correctional Facilities Improvements, Current Refunding Revenue, Series A, 5.000%, 4/1/26		3,345,750
	1,195,000	Monroe, NC, Advance Refunding Revenue Bonds, Callable 3/1/26 @ 100, 5.000%, 3/1/29		1,322,327
	1,465,000	Moore County, Advance Refunding Revenue, G.O., 5.000%, 6/1/28		1,704,425
	1,250,000	New Hanover County, NC, Public Facilities Revenue Bonds, Series A, 5.000%, 2/1/26		1,389,500
	2,450,000	New Hanover County, NC, Current Refunding G.O., Series A, 4.000%, 8/1/25		2,607,658

See accompanying Notes to the Financial Statements.

66

Sterling Capital North Carolina Intermediate Tax-Free Fund

Schedule of Portfolio Investments — (continued)

March 31, 2022 (Unaudited)

Principal Amount			Fair Value
MUNICIPAL BONDS — (continued)
		North Carolina — (continued)
$	1,000,000	North Carolina Agricultural & Technical State University, Series A, Refunding Revenue, Callable 10/1/25 @ 100, 5.000%, 10/1/32	$	1,094,480
	1,215,000	North Carolina Agricultural & Technical State University, Series A, Refunding Revenue, Callable 10/1/25 @ 100, 5.000%, 10/1/34		1,329,793
	1,100,000	North Carolina Capital Facilities Finance Agency, Johnson & Wales University Project, Refunding Revenue, Callable 4/1/23 @ 100, 5.000%, 4/1/25		1,128,094
	840,000	North Carolina Capital Facilities Finance Agency, Meredith College Project, Refunding Revenue, 5.000%, 6/1/24		887,023
	750,000	North Carolina Capital Facilities Finance Agency, Meredith College Project, Refunding Revenue, 5.000%, 6/1/25		808,147
	1,045,000	North Carolina Capital Facilities Finance Agency, The Arc of North Carolina Project, Refunding Revenue (Housing and Urban Development, Section 8), 5.000%, 10/1/25		1,135,413
	1,750,000	North Carolina Capital Facilities Finance Agency, The Arc of North Carolina Project, Refunding Revenue, Callable 10/1/27 @ 100 (Housing and Urban Development, Section 8), 5.000%, 10/1/34		1,925,980
	1,205,000	North Carolina Central University, University & College Improvements, Revenue Bonds, Callable 4/1/29 @ 100, 5.000%, 4/1/33		1,360,963
	1,000,000	North Carolina Central University, University & College Improvements, Revenue Bonds, Callable 4/1/29 @ 100, 5.000%, 4/1/37		1,124,510
	1,250,000	North Carolina Medical Care Commission, Health Care Facilities, Nursinghome Improvement Revenue Bonds, Series A, Callable 1/1/30 @ 100, 5.000%, 7/1/33		1,459,750
	3,000,000	North Carolina Medical Care Commission, Health Care Facilities, Nursinghome Improvement Revenue Bonds, Series A, Callable 2/1/31 @ 100, 4.000%, 2/1/36		3,318,300
	2,780,000	North Carolina Medical Care Commission, Vidant Health Care Facilities, Refunding Revenue, Series A, Callable 6/1/22 @ 100, 5.000%, 6/1/24		2,797,764
	1,000,000	North Carolina Municipal Power Agency No. 1, Advance Refunding Revenue Bonds, Series A, Callable 7/1/26 @ 100, 5.000%, 1/1/29		1,106,190

Principal Amount			Fair Value
MUNICIPAL BONDS — (continued)
		North Carolina — (continued)
$	3,100,000	North Carolina State, Advance Refunding Revenue Bonds, Series B, Callable 5/1/27 @ 100, 5.000%, 5/1/28	$	3,529,412
	4,385,000	North Carolina State, Advance Refunding Revenue Bonds, Series B, Callable 5/1/27 @ 100, 5.000%, 5/1/30		4,969,871
	2,000,000	North Carolina State, Build North Carolina Programs, Highway improvements Revenue Bonds, Series B, Callable 5/1/30 @ 100, 5.000%, 5/1/32		2,375,680
	5,000,000	North Carolina State, Highway Improvements Revenue Bonds, Series N, Callable 3/1/31 @ 100, 4.000%, 3/1/34		5,467,900
	2,500,000	North Carolina State, Public Improvements G.O., Series A, 5.000%, 6/1/30		3,026,100
	2,645,000	North Carolina State, Refunding Revenue G.O., Series B, 5.000%, 6/1/25		2,896,513
	2,000,000	North Carolina State University at Raleigh, Refunding Revenue, Series A, Callable 10/1/23 @ 100, 5.000%, 10/1/28		2,096,160
	1,250,000	North Carolina Turnpike Authority, Senior Lien, Advance Refunding Revenue (AGM), 5.000%, 1/1/26		1,377,187
	1,500,000	North Carolina Turnpike Authority, Senior Lien, Advance Refunding Revenue (AGM), 5.000%, 1/1/27		1,688,070
	2,100,000	North Carolina Turnpike Authority, Senior Lien, Advance Refunding Revenue, Callable 1/1/27 @ 100 (AGM), 5.000%, 1/1/28		2,355,990
	1,210,000	Pender County, NC, Limited Obligation Refunding Revenue, Callable 6/1/22 @ 100, 5.000%, 6/1/26		1,217,829
	1,060,000	Pitt County, NC, Advance Refunding Revenue Bonds, Series B, Callable 10/1/26 @ 100, 5.000%, 4/1/30		1,191,429
	1,395,000	Pitt County, NC, Certificate of Participation, Refunding, Callable 4/1/22 @ 100, 5.000%, 4/1/25		1,395,000
	1,500,000	Raleigh, NC, Combined Enterprise System, Refunding Revenue, Series A, Callable 3/1/23 @ 100, 5.000%, 3/1/27		1,546,875
	1,615,000	Raleigh, NC, Combined Enterprise System, Refunding Revenue, Series A, Callable 3/1/23 @ 100, 5.000%, 3/1/28		1,665,469
	1,000,000	Raleigh, NC, Refunding Revenue, Callable 2/1/26 @ 100, 5.000%, 2/1/27		1,110,920
	1,985,000	Sampson County, NC, Refunding Revenue, Callable 12/1/25 @ 100, 5.000%, 12/1/26		2,186,934
	1,025,000	Surry County, NC, School Improvements, Revenue Bonds, Callable 6/1/29 @ 100, 4.000%, 6/1/35		1,115,672

Continued

67

Sterling Capital North Carolina Intermediate Tax-Free Fund

Schedule of Portfolio Investments — (continued)

March 31, 2022 (Unaudited)

Principal Amount			Fair Value
MUNICIPAL BONDS — (continued)
		North Carolina — (continued)
$	720,000	Surry County, NC, School Improvements, Revenue Bonds, Callable 6/1/29 @ 100, 5.000%, 6/1/30	$	844,963
	1,010,000	Town of Holly Springs, NC, Public Improvements Revenue, Callable 10/1/24 @ 100, 5.000%, 10/1/27		1,082,124
	870,000	Town of Oak Island, NC, Combined Enterprise System, Advance Refunding Revenue (AGM), 5.000%, 6/1/25		945,751
	2,235,000	Union County, NC, Enterprise Systems, Water Utility Improvements, Refunding Revenue, Series A, Callable 6/1/29 @ 100, 4.000%, 6/1/38		2,402,759
	1,000,000	Union County, NC, Refunding Revenue, 5.000%, 12/1/23		1,053,280
	2,005,000	University of North Carolina at Chapel Hill, Current Refunding Revenue Bonds, Series B, Callable 12/1/31 @ 100, 5.000%, 12/1/37		2,451,614
	1,695,000	University of North Carolina at Greensboro, University & College Improvements Revenue, Callable 4/1/24 @ 100, 5.000%, 4/1/28		1,796,242
	410,000	University of North Carolina System, Asheville/Wilmington, Refunding Revenue, Series C, Callable 5/2/22 @ 100 (Assured Guaranty), 5.250%, 10/1/24		411,382
	1,985,000	Wake County, NC, Advance Refunding Revenue Bonds, Series A, Callable 12/1/26 @ 100, 5.000%, 12/1/28		2,242,971
	3,610,000	Wake County, NC, Public Improvements, G.O., Series A, Callable 3/1/28 @ 100, 5.000%, 3/1/30		4,228,328
	1,000,000	Wake County, NC, Public Improvements, Refunding Notes, G.O., Series A, 5.000%, 3/1/28		1,164,190
	2,000,000	Wake County, NC, School Improvements, Revenue Bonds, Callable 9/1/29 @ 100, 5.000%, 9/1/30		2,369,920
	1,270,000	Wake County, NC, School Improvements, Revenue Bonds, Series A, 5.000%, 9/1/29		1,508,912	��
	2,125,000	Watauga Public Facilities Corp., Revenue, Series A, Callable 6/1/22 @ 100, 5.000%, 6/1/24		2,138,749
	1,000,000	Watauga Public Facilities Corp., Revenue, Series A, Callable 6/1/22 @ 100, 5.000%, 6/1/26		1,006,470
	1,000,000	Winston-Salem, NC, Transit Improvements, Refunding Revenue, Series C, Callable 6/1/24 @ 100, 5.000%, 6/1/30		1,064,690

Principal Amount			Fair Value
MUNICIPAL BONDS — (continued)
		North Carolina — (continued)
$	1,165,000	Winston-Salem, NC, Water & Sewer System, Refunding Revenue, Series A, 5.000%, 6/1/24	$	1,242,927
	1,875,000	Winston-Salem, NC, Water & Sewer System, Refunding Revenue, Series A, Callable 6/1/24 @ 100, 5.000%, 6/1/25		1,997,963
	1,000,000	Winston-Salem State University Foundation LLC, Refunding Revenue, Callable 4/1/22 @ 100, 5.000%, 4/1/25		1,000,000
		Total Municipal Bonds
		(Cost $157,327,232)		158,103,972

Shares
MONEY MARKET FUND — 2.4%
	3,989,618	Federated Treasury Obligations Fund, Institutional Shares, 0.13%(a)		3,989,618
		Total Money Market Fund
		(Cost $3,989,618)		3,989,618
Total Investments — 98.1%
(Cost $161,316,850)				162,093,590
Net Other Assets (Liabilities) — 1.9%.				3,106,521
NET ASSETS — 100.0%			$	165,200,111

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

AGM	Assured Guaranty Municipal Corp.
G.O.	General Obligation

Continued

68

Sterling Capital South Carolina Intermediate Tax-Free Fund

Schedule of Portfolio Investments

March 31, 2022 (Unaudited)

Principal Amount			Fair Value
MUNICIPAL BONDS — 98.7%
		South Carolina — 98.7%
$	1,000,000	Aiken County, SC, Consolidated School District, School Improvements G.O., Series A, Callable 4/1/29 @ 100 (SCSDE), 4.000%, 4/1/34	$	1,084,530
	1,000,000	Aiken County, SC, Consolidated School District, Special Obligation Bonds, School Improvements Revenue, Callable 6/1/29 @ 100, 4.000%, 6/1/31		1,100,910
	750,000	Aiken County, SC, Consolidated School District, Special Obligation Bonds, School Improvements Revenue, Callable 6/1/29 @ 100, 4.000%, 6/1/33		820,643
	1,515,000	Anderson County, SC, School District No. 4, Refunding, G.O., Series A, Callable 3/1/25 @ 100 (SCSDE), 5.000%, 3/1/28		1,640,412
	1,160,000	Beaufort County, SC, School District. School Improvements G.O., Series A (SCSDE), 5.000%, 3/1/29		1,366,039
	1,000,000	Beaufort-Jasper Water & Sewer Authority, Advance Refunding Revenue, Series B, 5.000%, 3/1/25		1,086,620
	1,215,000	Charleston, SC, Waterworks & Sewer System Revenue, Advance Refunding Revenue, Series A, Callable 7/1/26 @ 100, 4.000%, 1/1/41		1,290,597
	450,000	Charleston County, Airport District Port, Airport & Marina Improvements Revenue, Callable 7/1/29 @ 100, 5.000%, 7/1/30		521,982
	1,000,000	Charleston Public Facilities Corp., Charleston City Project Series, Parking Facilities Improvement Revenue, Callable 9/1/27 @ 100, 5.000%, 9/1/29		1,144,720
	1,355,000	Coastal Carolina University, University & College Improvements Revenue, Callable 6/1/24 @ 100, 5.000%, 6/1/34		1,433,793
	1,000,000	College of Charleston, University & College Improvements Revenue, Series A, Callable 4/1/24 @ 100, 5.000%, 4/1/25		1,058,420
	1,000,000	College of Charleston, University & College Improvements Revenue, Series B, 5.000%, 4/1/27		1,135,090
	1,650,000	Columbia, SC, Waterworks & Sewer System Revenue, Water & Sewer Utility Improvements Revenue, Callable 2/1/28 @ 100, 5.000%, 2/1/48		1,914,016
	1,500,000	Columbia, SC, Waterworks & Sewer System Revenue, Water & Sewer Utility Improvements Revenue, Series A, Callable 2/1/29 @ 100, 5.000%, 2/1/49		1,772,250

Principal Amount			Fair Value
MUNICIPAL BONDS — (continued)
		South Carolina — (continued)
$	1,000,000	Florence County, SC, McLeod Regional Medical Center Project, Refunding Revenue, Callable 11/1/24 @ 100, 5.000%, 11/1/28	$	1,070,450
	1,100,000	Florence County, SC, McLeod Regional Medical Center Project, Refunding Revenue, Callable 11/1/24 @ 100, 5.000%, 11/1/33		1,172,369
	1,000,000	Georgetown County, SC, School District, School Improvements, G.O., Callable 3/1/28 @ 100 (SCSDE), 4.000%, 3/1/30		1,090,590
	1,415,000	Greenville Health System, Hospital System Board, Series B, Callable 5/1/24 @ 100, 5.000%, 5/1/31		1,494,353
	1,040,000	Kershaw County, SC, Kershaw County School District Project, Refunding Revenue, 5.000%, 12/1/23		1,091,917
	1,855,000	Lancaster County SC, Lancaster School District, School Improvements, G.O., Callable 3/1/27 @ 100 (SCSDE), 4.000%, 3/1/28		2,001,786
	1,600,000	Lancaster Educational Assistance Program, Inc., SC, Lancaster County School District Refunding Revenue, Callable 12/1/23 @ 100, 5.000%, 12/1/24		1,682,560
	1,530,000	Lexington County, School District No. 2, G.O., Series C, Callable 3/1/27 @ 100 (SCSDE), 5.000%, 3/1/29		1,734,898
	1,345,000	Lexington County, School District No. 2, G.O., Series C, Callable 3/1/27 @ 100 (SCSDE), 5.000%, 3/1/30		1,522,728
	1,085,000	Lugoff-Elgin Water Authority, Refunding Revenue, Series B, Callable 7/1/26 @ 100, 5.000%, 7/1/30		1,208,983
	1,460,000	Newberry, SC, Refunding Revenue (AGM), 5.000%, 4/1/24		1,543,235
	1,485,000	Orangeburg County, SC, Correctional Facilities Improvements, Installment Purchase Revenue Bonds, Callable 12/1/27 @ 100, 5.000%, 12/1/29		1,685,193
	1,570,000	Orangeburg County, SC, School District No. 4, School Improvements Refunding, G.O., Series A (SCSDE), 5.000%, 3/1/24		1,662,520
	1,270,000	Richland County, SC, Public Facilities G.O., 5.000%, 3/1/28		1,476,832
	1,160,000	Richland County, SC, Public Facilities G.O., 5.000%, 3/1/30		1,398,589
	1,640,000	Richland County, SC, School District No. 2, Refunding Bonds, G.O., Series B, Callable 3/1/27 @ 100 (SCSDE), 4.000%, 3/1/29		1,765,296
	1,000,000	Rock Hill, SC, Combined Utility System, Refunding Revenue, Series A, Callable 5/2/22 @ 100 (AGM), 5.000%, 1/1/23		1,002,710

See accompanying Notes to the Financial Statements.

69

Sterling Capital South Carolina Intermediate Tax-Free Fund

Schedule of Portfolio Investments — (continued)

March 31, 2022 (Unaudited)

Principal Amount			Fair Value
MUNICIPAL BONDS — (continued)
		South Carolina — (continued)
$	1,000,000	Rock Hill, SC, Hospital Fee Pledge, Refunding Revenue, Callable 4/1/23 @ 100, 5.000%, 4/1/33	$	1,029,830
	1,500,000	SCAGO Educational Facilities Corp. for Cherokee School District No. 1, Refunding Revenue, 5.000%, 12/1/24		1,609,575
	470,000	SCAGO Educational Facilities Corp. for Spartanburg School District No. 1, Refunding Revenue, Series B, 4.000%, 6/1/24		488,189
	585,000	SCAGO Educational Facilities Corp. for Spartanburg School District No. 1, Refunding Revenue, Series B, 5.000%, 6/1/22		588,475
	625,000	SCAGO Educational Facilities Corp. for Spartanburg School District No. 1, Refunding Revenue, Series B, 5.000%, 6/1/25		677,425
	600,000	SCAGO Educational Facilities Corp. for Sumter County School 17, Refunding Revenue, 5.000%, 12/1/24		644,634
	490,000	SCAGO Educational Facilities Corp. for Sumter County School 17, Refunding Revenue, 5.000%, 12/1/25		538,486
	850,000	South Carolina Jobs-Economic Development Authority, AnMed Health Project, Advance Refunding Revenue Bonds, Callable 2/1/26 @ 100, 5.000%, 2/1/29		930,707
	1,540,000	South Carolina Jobs-Economic Development Authority, Wofford College Project, University & College Improvements Revenue, Callable 4/1/29 @ 100, 5.000%, 4/1/44		1,720,719
	1,000,000	South Carolina Jobs-Economic Development Authority, Wofford College Project, University & College Improvements Revenue, Callable 4/1/29 @ 100, 5.000%, 4/1/49		1,111,010
	1,400,000	South Carolina State Fiscal Accountability Authority, Department of Mental Health Project, Callable 4/1/27 @ 100, 5.000%, 10/1/37		1,573,656

Principal Amount			Fair Value
MUNICIPAL BONDS — (continued)
		South Carolina — (continued)
$	1,470,000	South Carolina State Housing Finance & Development Authority, Refunding Revenue, Series A, 5.000%, 7/1/30	$	1,704,730
	1,000,000	South Carolina Transportation Infrastructure Bank, Advance Refunding Revenue, Series A, Callable 10/1/27 @ 100 (AGM-CR), 5.000%, 10/1/38		1,125,700
	1,740,000	Spartanburg, SC, Water System Revenue, Water Utility Improvements Refunding Revenue, Series B, Callable 6/1/27 @ 100, 5.000%, 6/1/39		1,944,276
	1,235,000	State of South Carolina, Refunding Revenue, G.O., Series D, Callable 4/1/26 @ 100 (State Aid Withholding), 5.000%, 4/1/28		1,379,347
	1,195,000	State of South Carolina, University & College Improvements, G.O., Series B, Callable 10/1/27 @ 100 (State Aid Withholding), 5.000%, 4/1/30		1,372,983
	1,150,000	Town of Mount Pleasant, SC, Public Facilities, G.O., Callable 6/1/28 @ 100, 5.000%, 6/1/30		1,337,277
		Total Municipal Bonds
		(Cost $61,277,095)		61,752,050

Shares
MONEY MARKET FUND — 4.9%
	3,080,388	Federated Treasury Obligations Fund, Institutional Shares, 0.13%(a)		3,080,388
		Total Money Market Fund
		(Cost $3,080,388)		3,080,388
Total Investments — 103.6%
(Cost $64,357,483)				64,832,438
Net Other Assets (Liabilities) — (3.6)%.				(2,223,525	)
NET ASSETS — 100.0%			$	62,608,913

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

AGM	Assured Guaranty Municipal Corp.
G.O.	General Obligation
SCAGO	South Carolina Association of Governmental Organizations
SCSDE	South Carolina School District Enhancement

Continued

70

Sterling Capital Virginia Intermediate Tax-Free Fund

Schedule of Portfolio Investments

March 31, 2022 (Unaudited)

Principal Amount			Fair Value
MUNICIPAL BONDS — 94.4%
		District of Columbia — 2.2%
$	1,450,000	Washington Metropolitan Area Transit Authority, DC, Transit Improvements Revenue, Callable 7/1/27 @ 100, 5.000%, 7/1/36	$	1,634,382
		Virginia — 92.2%
	1,730,000	Albemarle County, VA, Economic Development Authority, Albemarle County Project, Public Improvements Revenue, Callable 6/1/22 @ 100, 5.000%, 6/1/23		1,741,055
	1,240,000	Albemarle County, VA, Economic Development Authority, Public Improvements Revenue, 5.000%, 6/1/27		1,416,452
	1,365,000	Albemarle County, VA, School Improvements G.O., (State Aid Withholding), 5.000%, 6/1/26		1,532,172
	1,450,000	Arlington County, VA, Public Improvements G.O., Callable 8/15/27 @ 100, 5.000%, 8/15/30		1,663,600
	1,500,000	Arlington County, VA, Public Improvements G.O., Series A, Callable 8/15/27 @ 100, 5.000%, 8/15/29		1,725,900
	1,000,000	Campbell County Industrial Development Authority, Public Facilities, School Improvements Revenue, Callable 6/1/30 @ 100, 5.000%, 6/1/32		1,182,900
	1,770,000	Chesapeake, VA, Public Improvements, Refunding G.O., Series A, Callable 8/1/27 @ 100, 5.000%, 8/1/30		2,028,296
	1,085,000	Chesapeake Bay Bridge & Tunnel District, First Tier General Resolution, Highway Improvements, Revenue Bonds, Callable 7/1/26 @ 100 (AGM), 5.000%, 7/1/41		1,179,069
	1,000,000	Chesterfield County, VA, School District, School Public Improvement, G.O., Series A, Callable 1/1/28 @ 100 (State Aid Withholding), 4.000%, 1/1/31		1,098,910
	1,000,000	Chesterfield County, VA, School Public Improvement, Advance Refunding, G.O., Callable 1/1/26 @ 100, 5.000%, 1/1/28		1,110,890
	1,145,000	Culpeper County, VA, Economic Development Authority, VA Capital Projects, Refunding Revenue, Callable 6/1/24 @ 100, 4.000%, 6/1/26		1,192,014
	1,500,000	Fairfax County, VA, Public Improvement, Refunding G.O., Series A, Callable 4/1/26 @ 100 (State Aid Withholding), 4.000%, 10/1/26		1,617,375
	2,000,000	Fairfax County, VA, School District, School Public Improvements G.O., Series A, Callable 4/1/29 @ 100 (State Aid Withholding), 5.000%, 10/1/31		2,353,800

Principal Amount			Fair Value
MUNICIPAL BONDS — (continued)
		Virginia — (continued)
$	1,000,000	Fredericksburg Economic Development Authority, Mary Washington Healthcare Obligation Group, Refunding Revenue, Callable 6/15/24 @ 100, 5.000%, 6/15/26	$	1,059,110
	840,000	Fredericksburg Economic Development Authority, VA, Medicorp Health Systems Obligation, Refunding Revenue Bonds, 5.250%, 6/15/22		846,821
	1,700,000	Leesburg, VA, Refunding G.O., Callable 1/15/24 @ 100 (State Aid Withholding), 4.000%, 1/15/27		1,763,427
	1,000,000	Leesburg, VA, Refunding G.O., Callable 1/15/25 @ 100 (State Aid Withholding), 5.000%, 1/15/27		1,084,550
	1,000,000	Loudoun County, VA, Economic Development Authority, Public Improvements Revenue, Callable 12/1/24 @ 100, 5.000%, 12/1/27		1,076,010
	1,365,000	Loudoun County, VA, Industrial Development Authority, Refunding Revenue, 4.000%, 12/15/22		1,390,430
	1,250,000	Loudoun County, VA, Public Improvements, Advance Refunding G.O., Series A, Callable 12/1/25 @ 100, 5.000%, 12/1/26		1,383,437
	1,810,000	Manassas, VA, Public Improvements, Public Facilities G.O., Callable 7/1/29 @ 100 (State Aid Withholding), 4.000%, 7/1/33		2,002,276
	1,530,000	Newport News, Public Improvements G.O., Series A (State Aid Withholding), 5.000%, 2/1/29		1,807,695
	1,500,000	Newport News, VA, Public Improvements, G.O., Series A (State Aid Withholding), 5.000%, 2/1/29		1,772,250
	1,000,000	Norfolk, VA, Economic Development Authority, Sentara Healthcare Facilities, Inc., Current Refunding Revenue Bonds, Series B, Callable 11/1/28 @ 100, 4.000%, 11/1/48		1,063,890
	1,000,000	Norfolk, VA, Economic Development Authority, Sentara Healthcare Facilities, Refunding Revenue, Series B, Callable 11/1/22 @ 100, 5.000%, 11/1/25		1,021,000
	1,465,000	Norfolk, VA, Economic Development Authority, Sentara Healthcare, Refunding Revenue, Series B, Callable 11/1/22 @ 100, 5.000%, 11/1/36		1,493,714
	1,445,000	Norfolk, VA, Public Improvements, G.O., Callable 8/1/28 @ 100 (State Aid Withholding), 5.000%, 8/1/47		1,691,864

See accompanying Notes to the Financial Statements. 

71

Sterling Capital Virginia Intermediate Tax-Free Fund

Schedule of Portfolio Investments — (continued)

March 31, 2022 (Unaudited)

Principal Amount			Fair Value
MUNICIPAL BONDS — (continued)
		Virginia — (continued)
$	2,000,000	Norfolk, VA, Public Improvements, G.O., Series A, Callable 10/1/26 @ 100, 5.000%, 10/1/30	$	2,256,740
	1,245,000	Rappahannock Regional Jail Authority, Refunding Revenue, Callable 10/1/25 @ 100, 5.000%, 10/1/26		1,375,003
	2,000,000	Richmond, VA, Public Improvements, Refunding G.O., Series A, Callable 3/1/24 @ 100 (State Aid Withholding), 5.000%, 3/1/28		2,117,860
	1,250,000	Richmond, VA, Public Utility Advance Refunding Revenue Bonds, Callable 1/15/26 @ 100, 5.000%, 1/15/27		1,386,075
	1,200,000	Southampton County Industrial Development Authority, Current Refunding Revenue Bonds, Southampton County Capital, 5.000%, 12/1/28		1,400,616
	1,265,000	Virginia Beach, VA, Advance Refunding, G.O., Series B, Callable 9/15/25 @ 100 (State Aid Withholding), 5.000%, 9/15/26		1,395,067
	2,295,000	Virginia Beach, VA, Storm Water Utility Revenue, Public Improvements Revenue Bonds, Series A, Callable 11/15/30 @ 100, 5.000%, 11/15/31		2,789,871
	1,850,000	Virginia College Building Authority, 21st Century College Programs, University & College Improvements Revenue, Callable 2/1/27 @ 100, 5.000%, 2/1/31		2,085,616
	1,500,000	Virginia Commonwealth Transportation Board, Capital Projects, Highway Improvements, Revenue Bonds, Callable 5/15/29 @ 100, 5.000%, 5/15/30		1,779,600
	1,215,000	Virginia Commonwealth Transportation Board, Federal Highway Transportation Grant, Callable 9/15/26 @ 100, 5.000%, 9/15/30		1,363,534
	2,000,000	Virginia Commonwealth Transportation Board, Federal Transportation Grant, Anticipation Advance Refunding Revenue, Callable 9/15/27 @ 100, 5.000%, 9/15/31		2,284,940
	1,515,000	Virginia Public School Authority, Advance Refunding Revenue, Callable 8/1/25 @ 100, 5.000%, 8/1/26		1,655,880
	1,000,000	Virginia Public School Authority, School Improvements Revenue Bonds, Series A (State Aid Withholding), 5.000%, 8/1/31		1,223,760
	1,000,000	Virginia Public School Authority, School Improvements, Revenue Bonds, Series A, Callable 8/1/29 @ 100, 4.000%, 8/1/32		1,107,500

Principal Amount			Fair Value
MUNICIPAL BONDS — (continued)
		Virginia — (continued)
$	1,470,000	Virginia Resources Authority, Multi-Utility Improvements Revenue Bonds, Series B, Callable 11/1/30 @ 100, 4.000%, 11/1/32	$	1,651,574
	765,000	Western Regional Jail Authority, Prerefunded Revenue, Callable 12/1/25 @ 100, 5.000%, 12/1/26		843,818
	760,000	Western Regional Jail Authority, Unrefunded Revenue, Callable 12/1/25 @ 100, 5.000%, 12/1/26		842,832
	920,000	Winchester, VA, Economic Development Authority, Valley Health System Obligated Group, Hospital Refunding Revenue, Series A, Callable 1/1/24 @ 100, 5.000%, 1/1/26		968,208
				67,827,401
		Total Municipal Bonds
		(Cost $69,181,783)		69,461,783

Shares
MONEY MARKET FUND — 4.4%
	3,207,411	Federated Treasury Obligations Fund, Institutional Shares, 0.13%(a)		3,207,411
		Total Money Market Fund
		(Cost $3,207,411)		3,207,411
Total Investments — 98.8%
(Cost $72,389,194)				72,669,194
Net Other Assets (Liabilities) — 1.2%.				886,308
NET ASSETS — 100.0%			$	73,555,502

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

AGM	Assured Guaranty Municipal Corp.
G.O.	General Obligation

Continued

72

Sterling Capital West Virginia Intermediate Tax-Free Fund

Schedule of Portfolio Investments

March 31, 2022 (Unaudited)

Principal Amount			Fair Value
MUNICIPAL BONDS — 92.7%
		West Virginia — 92.7%
$	630,000	Berkeley County, WV, Board of Education, Current Refunding G.O., 5.000%, 5/1/25	$	686,265
	1,085,000	Berkeley County, WV, Building Commission, Lease Refunding Revenue, Callable 12/1/22 @ 100, 4.000%, 12/1/26		1,104,129
	1,500,000	Berkeley County, WV, Public Service Sewer District, Miscellaneous Purposes Revenue, Series C, Callable 10/1/23 @ 100 (BAM), 4.500%, 10/1/32		1,555,710
	1,080,000	Braxton County, WV, Board of Education, Public School, Advance Refunding G.O., Callable 5/1/26 @ 100 (West Virginia Board Commission), 5.000%, 5/1/28		1,204,070
	1,000,000	Cabell County Board of Education, School Improvements G.O., (AGM West Virginia Board Commission), 3.000%, 6/1/29		1,036,780
	400,000	Fairmont, WV, Water Revenue, Current Refunding Revenue, Series A (BAM), 3.000%, 7/1/23		404,800
	530,000	Fairmont, WV, Water Revenue, Current Refunding Revenue, Series A (BAM), 3.000%, 7/1/24		536,890
	1,000,000	Jefferson County, WV, Board of Education, School Improvements G.O., (West Virginia Board Commission), 3.000%, 6/1/29		1,032,790
	1,500,000	Marshall University, WV, University & College Improvements Revenue Bonds, Series A (AGM), 5.000%, 5/1/30		1,770,585
	1,000,000	Monongalia County, WV, Board of Education, Public School Refunding G.O., Callable 5/1/22 @ 100 (West Virginia Board Commission), 5.000%, 5/1/23		1,003,080
	675,000	Monongalia County, WV, Board of Education, Public School Refunding G.O., Callable 5/1/22 @ 100 (West Virginia Board Commission), 5.000%, 5/1/31		677,079
	965,000	Monongalia County, WV, Board of Education, Public School Refunding G.O., Callable 5/1/22 @ 100 (West Virginia Board Commission), 5.000%, 5/1/33		967,972
	2,000,000	Monongalia County, WV, Building Commission, Monongalia Health System Group Refunding Revenue, Callable 7/1/25 @ 100, 5.000%, 7/1/26		2,164,080
	705,000	Morgantown Utility Board, WV, Combined Water Utility Improvements Revenue, Series B, Callable 6/1/28 @ 100, 5.000%, 12/1/34		814,233

Principal Amount			Fair Value
MUNICIPAL BONDS — (continued)
		West Virginia — (continued)
$	750,000	Morgantown Utility Board, WV, Refunding Revenue Green Bonds, Series A (BAM), 4.000%, 12/1/27	$	820,770
	555,000	Morgantown Utility Board, WV, Refunding Revenue Green Bonds, Series A (BAM), 4.000%, 12/1/29		615,351
	2,275,000	Ohio County, WV, Board of Education, School Improvements G.O., Callable 6/1/29 @ 100 (West Virginia Board Commission), 3.000%, 6/1/30		2,348,937
	1,845,000	Ohio County, WV, Board of Education, School Improvements G.O., Callable 6/1/29 @ 100 (West Virginia Board Commission), 3.000%, 6/1/31		1,899,723
	1,810,000	Ohio County, WV, Board of Education, School Improvements G.O., (West Virginia Board Commission), 4.000%, 6/1/29		2,004,828
	1,000,000	Ohio County, WV, Country Commission, Fort Henry Centre Financing District, Public Improvement, Tax Allocation, Callable 6/1/22 @ 100, 4.750%, 6/1/31		1,001,290
	1,020,000	Pleasants County, WV, Board of Education, Current Refunding G.O., 3.000%, 5/1/25		1,049,315
	1,425,000	Pleasants County, WV, Board of Education, Current Refunding G.O., 3.000%, 5/1/26		1,476,699
	1,210,000	Putnam Public Service District, WV, Current Refunding Revenue Bonds, Sewer Improvements, Series B, Callable 4/1/28 @ 100 (BAM), 3.000%, 4/1/30		1,236,475
	695,000	School Building Authority of West Virginia, Lottery Capital Improvements Revenue, Callable 7/1/24 @ 100 Series A, 5.000%, 7/1/27		740,627
	1,265,000	School Building Authority of West Virginia, Lottery Capital Improvements Revenue, Callable 7/1/24 @ 100 Series A, 5.000%, 7/1/28		1,346,327
	1,775,000	State of West Virginia, Current Refunding G.O., Series A, 5.000%, 6/1/24		1,891,777
	800,000	State Of West Virginia, Fuel Sales Tax Revenue, Group 1 Highway Improvements, G.O., Series S, Callable 6/1/29 @ 100, 5.000%, 6/1/32		946,616
	2,000,000	State of West Virginia, Fuel Sales Tax Revenue, Group 1 Highway Improvements, G.O., Series S, Callable 6/1/29 @ 100, 5.000%, 12/1/33		2,361,600
	1,000,000	State Of West Virginia, Fuel Sales Tax Revenue, Group 1 Highway Improvements, G.O., Series S, Callable 6/1/29 @ 100, 5.000%, 12/1/35		1,178,560

See accompanying Notes to the Financial Statements.

73

Sterling Capital West Virginia Intermediate Tax-Free Fund

Schedule of Portfolio Investments — (continued)

March 31, 2022 (Unaudited)

Principal Amount			Fair Value
MUNICIPAL BONDS — (continued)
		West Virginia — (continued)
$	1,765,000	State of West Virginia, Fuel Sales Tax Revenue, Group 2 Highway Improvements, G.O., Series B, Callable 6/1/28 @ 100, 4.000%, 6/1/43	$	1,900,181
	2,000,000	State of West Virginia, Fuel Sales Tax Revenue, Group 2 Highway Improvements, G.O., Series B, Callable 6/1/28 @ 100, 5.000%, 12/1/39		2,305,200
	1,000,000	State of West Virginia, General Fund, Highway Improvements G.O., Series B, Callable 6/1/28 @ 100, 5.000%, 6/1/36		1,156,760
	2,000,000	West Virginia Economic Development Authority, Correctional Juvenile Public Safety Facilities Lease, Refunding Revenue, Callable 6/1/22 @ 100, 5.000%, 6/1/25		2,012,260
	3,185,000	West Virginia Economic Development Authority, Correctional Juvenile Public Safety Facilities Lease, Refunding Revenue, Callable 6/1/22 @ 100, 5.000%, 6/1/26		3,204,588
	1,145,000	West Virginia Economic Development Authority, Lottery Recreational Facilities Improvements Revenue, Series A, Callable 7/1/27 @ 100, 5.000%, 7/1/28		1,311,243
	1,500,000	West Virginia Economic Development Authority, Lottery Recreational Facilities Improvements Revenue, Series A, Callable 7/1/28 @ 100, 5.000%, 7/1/35		1,736,400
	1,015,000	West Virginia Economic Development Authority, State Office Building 3, Public Improvements Revenue, Series D, Callable 6/1/25 @ 100, 5.000%, 6/1/26		1,102,402
	1,000,000	West Virginia Higher Education Policy, Community & Technical College Capital, University & College Improvements Refunding Revenue, Callable 7/1/27 @ 100, 5.000%, 7/1/30		1,137,610
	750,000	West Virginia Higher Education Policy, Community & Technical College Capital, University & College Improvements Refunding Revenue, Callable 7/1/27 @ 100, 5.000%, 7/1/36		846,668
	775,000	West Virginia Hospital Finance Authority, Cabell Huntington Hospital Obligated Group, Refunding Revenue, Callable 1/1/29 @ 100, 5.000%, 1/1/31		877,098
	945,000	West Virginia Hospital Finance Authority, Charleston Area Medical Center Inc., Health, Hospital, Nursing Home Improvements, Refunding Revenue, Callable 9/1/24 @ 100, 5.000%, 9/1/25		1,008,731

Principal Amount			Fair Value
MUNICIPAL BONDS — (continued)
		West Virginia — (continued)
$	1,250,000	West Virginia Hospital Finance Authority, Charleston Area Medical Center Inc., Health, Hospital, Nursing Home Improvements, Refunding Revenue, Callable 9/1/29 @ 100, 5.000%, 9/1/39	$	1,424,237
	1,335,000	West Virginia Hospital Finance Authority, United Health System Obligation, Health, Hospital, Nursing Home Improvements Refunding Revenue Bonds, 5.000%, 6/1/26		1,473,720
	2,000,000	West Virginia Hospital Finance Authority, United Health System Obligation, Health, Hospital, Nursing Home Improvements Refunding Revenue, Series A, Callable 6/1/23 @ 100 OID, 5.375%, 6/1/38		2,084,320
	515,000	West Virginia Hospital Finance Authority, Valley Health System Obligated Group, Refunding Revenue, 5.000%, 1/1/24		541,775
	630,000	West Virginia Hospital Finance Authority, Valley Health System Obligated Group, Refunding Revenue, Callable 1/1/24 @ 100, 5.000%, 1/1/26		663,566
	1,710,000	West Virginia Parkways Authority, Senior Turnpike Toll Revenue, Highway Improvements, 5.000%, 6/1/26		1,909,249
	2,065,000	West Virginia Parkways Authority, Senior Turnpike Toll Revenue, Highway Improvements, Callable 6/1/28 @ 100, 5.000%, 6/1/39		2,378,839
	1,720,000	West Virginia Parkways Authority, Senior Turnpike Toll Revenue, Highway Improvements, Callable 6/1/28 @ 100, 5.000%, 6/1/43		1,969,916
	1,000,000	West Virginia Parkways Authority, Senior Turnpike Toll Revenue, Highway Improvements Revenue Bonds, Callable 6/1/28 @ 100, 5.000%, 6/1/35		1,154,470
	1,420,000	West Virginia State School Building Authority Lottery Revenue, School Improvements Revenue Bonds, Series A, Callable 7/1/25 @ 100, 5.000%, 7/1/26		1,542,461
	1,500,000	West Virginia State School Building Authority Lottery Revenue, School Improvements Revenue, Series A, Callable 7/1/28 @ 100, 5.000%, 7/1/29.		1,742,565
	1,050,000	West Virginia State Water Development Authority, Loan Program II, Refunding Revenue, Series A-II, Callable 11/1/23 @ 100, 5.000%, 11/1/26		1,100,032
	2,525,000	West Virginia State Water Development Authority, Loan Program II, Refunding Revenue, Series A-II, Callable 11/1/23 @ 100, 5.000%, 11/1/27		2,642,892

Continued

74

Sterling Capital West Virginia Intermediate Tax-Free Fund

Schedule of Portfolio Investments — (continued)

March 31, 2022 (Unaudited)

Principal Amount			Fair Value
MUNICIPAL BONDS — (continued)
		West Virginia — (continued)
$	1,000,000	West Virginia University, University Projects, University & College Improvements Revenue, Callable 10/1/29 @ 100, 5.000%, 10/1/32	$	1,178,400
	2,000,000	West Virginia University, University Projects, University & College Improvements Revenue, Callable 10/1/29 @ 100, 5.000%, 10/1/33		2,353,460
	1,530,000	West Virginia University, University Projects, University & College Improvements, Refunding Revenue, Series A, Callable 10/1/22 @ 100, 5.000%, 10/1/35		1,558,657
	515,000	West Virginia Water Development Authority, Chesapeake Bay/Greenbrier River, Water Utility Improvements Revenue, Callable 7/1/24 @ 100, 5.000%, 7/1/25		550,566
	1,170,000	West Virginia Water Development Authority, Loan Program II, Refunding Revenue, Series A-II, 5.000%, 11/1/24		1,256,393
	1,000,000	West Virginia Water Development Authority, Loan Program II, Refunding Revenue, Series A-II, 5.000%, 11/1/25		1,099,790
	1,000,000	Wheeling, WV, Waterworks & Sewerage System Revenue, Multi-Utility Improvements Revenue Bonds, Series A, Callable 6/1/31 @ 100 (BAM), 4.000%, 6/1/41		1,094,110
	1,205,000	Wood County, WV, Board of Education, Public School Improvements, G.O., (West Virginia Board Commission), 4.000%, 6/1/25		1,277,095
		Total Municipal Bonds
		(Cost $85,944,147)		85,473,012

Shares
MONEY MARKET FUND — 6.1%
	5,582,305	Federated Treasury Obligations Fund, Institutional Shares, 0.13%(a)		5,582,305
		Total Money Market Fund
		(Cost $5,582,305)		5,582,305
Total Investments — 98.8%
(Cost $91,526,452)				91,055,317
Net Other Assets (Liabilities) — 1.2%				1,088,209
NET ASSETS — 100.0%			$	92,143,526

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

AGM	Assured Guaranty Municipal Corp.
BAM	Build America Mutual

G.O.	General Obligation
OID	Original Issue Discount

Continued

75

Sterling Capital Funds

Statement of Assets and Liabilities
March 31, 2022 (Unaudited)

	Sterling Capital Behavioral Large Cap Value Equity Fund			Sterling Capital Mid Value Fund
Assets:
Investments at fair value (a)	$	34,973,146		$	67,007,643
Cash		—			—
Foreign currency, at value (cost $—, $—, $—, $—, $—, $215,760 and $—, respectively)		—			—
Dividends receivable		41,132			27,876
Receivable for capital shares issued		680			6,094
Prepaid and other expenses		46,209			23,971
Total Assets		35,061,167			67,065,584
Liabilities:
Distributions payable		—			—
Payable for capital shares redeemed		45,150			20,108
Accrued expenses and other payables:
Investment advisory fees		13,282			33,562
Administration fees		2,498			4,956
Compliance service fees		98			165
Distribution (12b-1) fees		7,133			5,574
Accounting out-of-pocket fees		1,003			828
Custodian fees.		106			745
Printing fees		1,005			2,594
Transfer agent fees.		3,047			12,506
Other fees and liabilities		1,518			2,539
Total Liabilities		74,840			83,577
Net Assets	$	34,986,327		$	66,982,007
Net Assets Consist of:
Capital.	$	46,352,155		$	39,156,463
Total distributable earnings		(11,365,828	)		27,825,544
Net Assets	$	34,986,327		$	66,982,007
Net Assets
Class A Shares	$	32,551,875		$	23,659,645
Class C Shares		316,666			745,058
Institutional Shares		2,117,119			42,379,248
Class R6 Shares		667			198,056
Total.	$	34,986,327		$	66,982,007
Shares of Beneficial Interest Outstanding (Unlimited number of shares authorized, no par value)
Class A Shares		1,325,001			1,211,481
Class C Shares		13,410			46,192
Institutional Shares		85,529			2,111,912
Class R6 Shares		27			9,857
Total.		1,423,967			3,379,442
Net Asset Value
Class A Shares - redemption price per share	$	24.57		$	19.53
Class C Shares - offering price per share*	$	23.61		$	16.13
Institutional Shares	$	24.75		$	20.07
Class R6 Shares	$	24.80	**	$	20.09
Maximum Sales Charge - Class A Shares		5.75	%		5.75	%
Maximum Offering Price (100%/(100% - Maximum Sales Charge)) of net asset value adjusted to the nearest cent per share - Class A Shares	$	26.07		$	20.72
(a) Investments at cost	$	29,632,237		$	43,474,394

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

** Class R6 Shares of Sterling Capital Behavioral Large Cap Value Equity Fund net asset values are calculated using unrounded net assets $666.65, divided by unrounded shares 26.88.

See accompanying Notes to the Financial Statements.

76

Sterling Capital Behavioral Small Cap Value Equity Fund			Sterling Capital Special Opportunities Fund			Sterling Capital Equity Income Fund			Sterling Capital Behavioral International Equity Fund			Sterling Capital SMID Opportunities Fund
$	112,824,685		$	649,945,992		$	2,380,210,510		$	83,538,604		$	10,232,531
	2,426			3			—			—			—
	—			—			—			216,423			—
	138,950			400,779			2,568,762			885,339			6,672
	479,752			173,268			3,950,766			—			—
	21,928			45,512			112,745			16,491			7,318
	113,467,741			650,565,554			2,386,842,783			84,656,857			10,246,521
	—			—			1			—			—
	138,105			556,348			4,356,122			4,745			—
	57,140			349,966			1,111,750			28,093			2,946
	4,685			45,209			174,476			2,790			769
	222			660			1,087			154			90
	1,620			109,672			167,912			136			2,146
	1,577			3,492			9,991			5,613			281
	1,175			4,597			13,317			9,430			119
	3,956			24,130			47,547			4,200			694
	5,704			79,736			243,971			3,490			2,515
	3,454			32,430			93,409			5,438			713
	217,638			1,206,240			6,219,583			64,089			10,273
$	113,250,103		$	649,359,314		$	2,380,623,200		$	84,592,768		$	10,236,248
$	83,650,951		$	325,607,572		$	1,395,554,403		$	88,889,869		$	6,582,398
	29,599,152			323,751,742			985,068,797			(4,297,101	)		3,653,850
$	113,250,103		$	649,359,314		$	2,380,623,200		$	84,592,768		$	10,236,248
$	7,493,023		$	349,517,277		$	482,361,538		$	440,456		$	4,816,925
	37,920			44,197,835			79,587,427			52,583			1,253,100
	16,248,078			217,121,477			1,746,560,017			636,959			4,166,223
	89,471,082			38,522,725			72,114,218			83,462,770			–
$	113,250,103		$	649,359,314		$	2,380,623,200		$	84,592,768		$	10,236,248
	370,649			11,590,024			17,163,211			48,340			317,485
	1,963			1,932,897			2,859,781			5,813			86,095
	796,097			6,704,063			61,936,422			69,939			271,085
	4,379,451			1,191,873			2,555,910			9,160,515			—
	5,548,160			21,418,857			84,515,324			9,284,607			674,665
$	20.22		$	30.16		$	28.10		$	9.11		$	15.17
$	19.32		$	22.87		$	27.83		$	9.05		$	14.55
$	20.41		$	32.39		$	28.20		$	9.11		$	15.37
$	20.43		$	32.32		$	28.21		$	9.11		$	—
	5.75	%		5.75	%		5.75	%		5.75	%		5.75	%
$	21.45		$	32.00		$	29.82		$	9.67		$	16.10
$	90,082,678		$	351,662,806		$	1,498,952,502		$	80,213,771		$	7,076,489

77

Sterling Capital Funds

Statement of Assets and Liabilities

March 31, 2022 (Unaudited)

	Sterling Capital Mid Cap Relative Value Fund			Sterling Capital Real Estate Fund
Assets:
Investments at fair value (a)	$	55,688,881		$	102,770,512
Interest and dividends receivable		31,722			193,371
Receivable for investments sold		—			—
Receivable for capital shares issued		500			627
Prepaid and other expenses		9,942			20,107
Total Assets		55,731,045			102,984,617
Liabilities:
Cash overdraft		—			—
Distributions payable		—			—
Payable for investments purchased		—			—
Payable for capital shares redeemed		—			6,428
Accrued expenses and other payables:
Investment advisory fees		28,083			48,603
Administration fees		4,163			7,533
Compliance service fees		153			164
Distribution (12b-1) fees		100			319
Accounting out-of-pocket fees		755			641
Legal fees.		769			1,265
Printing fees		2,443			4,922
Transfer agent fees		4,694			9,092
Other fees and liabilities		1,822			3,541
Total Liabilities		42,982			82,508
Net Assets	$	55,688,063		$	102,902,109
Net Assets Consist of:
Capital.	$	21,958,120		$	47,403,978
Total distributable earnings		33,729,943			55,498,131
Net Assets	$	55,688,063		$	102,902,109
Net Assets
Class A Shares	$	462,424		$	917,384
Class C Shares		3,654			196,204
Institutional Shares		55,221,985			101,768,297
Class R6 Shares		–			20,224
Total.	$	55,688,063		$	102,902,109
Shares of Beneficial Interest Outstanding (Unlimited number of shares authorized, no par value)
Class A Shares		6,199			19,607
Class C Shares		50			4,237
Institutional Shares		736,091			2,168,954
Class R6 Shares		—			430
Total.		742,340			2,193,228
Net Asset Value
Class A Shares - redemption price per share	$	74.59	**	$	46.79
Class C Shares - offering price per share*	$	72.47	**	$	46.30	**
Institutional Shares	$	75.02		$	46.92
Class R6 Shares	$	—		$	47.09	**
Maximum Sales Charge - Class A Shares		5.75	%		5.75	%
Maximum Offering Price (100%/(100% - Maximum Sales Charge)) of net asset value adjusted to the nearest cent per share - Class A Shares	$	79.14		$	49.64
(a) Investments at cost	$	29,612,004		$	50,038,982

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

** Class A and Class C Shares of the Sterling Capital Mid Cap Relative Value Fund, and Class C and Class R6 Shares of Sterling Capital Real Estate Fund are calculated using unrounded net assets of $462,423.56, $3,654.33, $196,204.38, and $20,222.88, divided by the unrounded shares of 6,199.46, 50.42, 4,237.24 and 429.43, respectively.

See accompanying Notes to the Financial Statements. 

78

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
$	469,525,803		$	36,956,074		$	123,382,204		$	17,736,045		$	1,350,361,740
	512,008			156,969			629,951			70,004			6,219,745
	—			—			1,772,080			—			4,810,700
	35,667			1,000,000			59,093			6			2,271,759
	33,584			19,057			24,744			7,096			90,882
	470,107,062			38,132,100			125,868,072			17,813,151			1,363,754,826
	—			—			—			—			6
	—			11,368			58,763			1,207			799,604
	—			652,073			3,021,143			—			21,268,299
	152,017			372			178,705			236			3,976,786
	297,792			6,241			20,982			2,200			257,729
	34,847			2,791			7,920			1,383			77,142
	709			89			434			99			2,157
	1,101			1,796			1,360			727			15,561
	2,161			8,951			13,061			2,609			28,120
	8,463			463			3,062			737			53,760
	31,078			1,768			10,463			1,634			101,571
	64,663			1,458			10,339			1,582			126,819
	27,499			971			7,533			1,066			98,392
	620,330			688,341			3,333,765			13,480			26,805,946
$	469,486,732		$	37,443,759		$	122,534,307		$	17,799,671		$	1,336,948,880
$	83,906,560		$	39,086,044		$	134,331,746		$	19,906,532		$	1,411,110,901
	385,580,172			(1,642,285	)		(11,797,439	)		(2,106,861	)		(74,162,021	)
$	469,486,732		$	37,443,759		$	122,534,307		$	17,799,671		$	1,336,948,880
$	3,349,816		$	7,191,111		$	3,450,312		$	2,952,387		$	54,218,663
	440,044			–			686,612			104,542			4,447,422
	460,733,243			30,252,648			100,920,660			14,742,742			988,980,048
	4,963,629			–			17,476,723			–			289,302,747
$	469,486,732		$	37,443,759		$	122,534,307		$	17,799,671		$	1,336,948,880
	47,450			746,544			412,905			321,928			5,345,787
	6,607			—			82,224			11,421			437,812
	6,470,423			3,138,751			12,082,680			1,606,571			97,469,732
	69,572			—			2,091,034			—			28,516,897
	6,594,052			3,885,295			14,668,843			1,939,920			131,770,228
$	70.60		$	9.63		$	8.36		$	9.17		$	10.14
$	66.60		$	—		$	8.35		$	9.15		$	10.16
$	71.21		$	9.64		$	8.35		$	9.18		$	10.15
$	71.35		$	—		$	8.36		$	—		$	10.14
	5.75	%		0.50	%		2.00	%		2.00	%		5.75	%
$	74.90		$	9.68		$	8.53		$	9.35		$	10.76
$	161,346,390		$	37,507,328		$	126,913,352		$	18,483,295		$	1,413,387,194

79

Sterling Capital Funds

Statement of Assets and Liabilities

March 31, 2022 (Unaudited)

	Sterling Capital Long Duration Corporate Bond Fund			Sterling Capital Quality Income Fund
Assets:
Investments at fair value (a)	$	29,302,241		$	84,569,560
Cash		—			—
Interest and dividends receivable		312,234			189,325
Receivable for investments sold		171,088			—
Receivable for capital shares issued		—			3,256,931
Prepaid and other expenses		10,688			10,350
Total Assets		29,796,251			88,026,166
Liabilities:
Distributions payable.		993			67,136
Payable for investments purchased		164,039			3,548,248
Payable for capital shares redeemed		277			99,048
Accrued expenses and other payables:
Investment advisory fees		6,250			20,609
Administration fees		71			5,968
Compliance service fees		69			63
Distribution (12b-1) fees		127			10
Other fees and liabilities		9,035			10,951
Total Liabilities		180,861			3,752,033
Net Assets	$	29,615,390		$	84,274,133
Net Assets Consist of:
Capital.	$	31,875,902		$	89,589,188
Total distributable earnings		(2,260,512	)		(5,315,055	)
Net Assets	$	29,615,390		$	84,274,133
Net Assets
Class A Shares	$	544,390		$	35,541
Class C Shares		3,154			3,515
Institutional Shares		390,185			84,235,077
Class R6 Shares		28,677,661			–
Total.	$	29,615,390		$	84,274,133
Shares of Beneficial Interest Outstanding (Unlimited number of shares authorized, no par value)
Class A Shares		64,105			3,751
Class C Shares		372			371
Institutional Shares		45,948			8,880,077
Class R6 Shares		3,376,581			—
Total.		3,487,006			8,884,199
Net Asset Value
Class A Shares - redemption price per share	$	8.49		$	9.48
Class C Shares - offering price per share*	$	8.48		$	9.47
Institutional Shares	$	8.49		$	9.49
Class R6 Shares	$	8.49		$	—
Maximum Sales Charge - Class A Shares		2.00	%		2.00	%
Maximum Offering Price (100%/(100% - Maximum Sales Charge)) of net asset value adjusted to the nearest cent per share - Class A Shares	$	8.66		$	9.67
(a) Investments at cost	$	31,519,633		$	87,609,769

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

** Class C Shares of Sterling Capital West Virginia Intermediate Tax-Free Fund net asset values are calculated using unrounded net assets $23,803.59, divided by unrounded shares 2,452.60.

See accompanying Notes to the Financial Statements.

80

Sterling Capital North Carolina Intermediate Tax-Free Fund			Sterling Capital South Carolina Intermediate Tax-Free Fund			Sterling Capital Virginia Intermediate Tax-Free Fund			Sterling Capital West Virginia Intermediate Tax-Free Fund
$	162,093,590		$	64,832,438		$	72,669,194		$	91,055,317
	1,117,340			—			—			—
	2,084,543			769,013			807,802			1,233,319
	10,072,924			—			2,016,762			—
	465,063			—			16			12,910
	11,218			7,816			9,183			9,081
	175,844,678			65,609,267			75,502,957			92,310,627
	128,744			59,910			75,372			84,787
	10,176,001			2,866,491			1,818,441			—
	231,365			28,518			5,117			22,529
	50,444			19,649			22,625			27,754
	12,850			4,991			5,763			7,074
	256			194			160			173
	7,073			2,312			3,382			5,527
	37,834			18,289			16,595			19,257
	10,644,567			3,000,354			1,947,455			167,101
$	165,200,111		$	62,608,913		$	73,555,502		$	92,143,526
$	166,909,973		$	62,512,401		$	73,963,345		$	92,785,839
	(1,709,862	)		96,512			(407,843	)		(642,313	)
$	165,200,111		$	62,608,913		$	73,555,502		$	92,143,526
$	27,277,546		$	8,913,793		$	14,908,330		$	25,651,901
	1,205,033			399,084			19,571			23,804
	136,717,532			53,296,036			58,627,601			66,467,821
	–			–			–			–
$	165,200,111		$	62,608,913		$	73,555,502		$	92,143,526
	2,630,212			828,062			1,319,063			2,643,268
	116,282			37,094			1,732			2,453
	13,183,374			4,985,220			5,188,869			6,841,285
	—			—			—			—
	15,929,868			5,850,376			6,509,664			9,487,006
$	10.37		$	10.76		$	11.30		$	9.70
$	10.36		$	10.76		$	11.30		$	9.71	**
$	10.37		$	10.69		$	11.30		$	9.72
$	—		$	—		$	—		$	—
	2.00	%		2.00	%		2.00	%		2.00	%
$	10.58		$	10.98		$	11.53		$	9.90
$	161,316,850		$	64,357,483		$	72,389,194		$	91,526,452

81

Sterling Capital Funds

Statements of Operations

For the Six Months Ended March 31, 2022 (Unaudited)

	Sterling Capital Behavioral Large Cap Value Equity Fund			Sterling Capital Mid Value Fund
Investment Income:
Dividend income	$	431,327		$	376,965
Foreign tax withholding		(200	)		(88	)
Total investment income		431,127			376,877
Expenses:
Investment advisory fees (See Note 4)		78,164			220,450
Administration fees (See Note 4)		15,305			32,345
Distribution fees - Class A Shares (See Note 4)		40,388			29,486
Distribution fees - Class C Shares (See Note 4)		1,582			4,536
Distribution fees - Institutional Shares (See Note 4)		—			5
Compliance service fees (See Note 4)		433			692
Trustee fees		1,884			4,332
Accounting and out-of-pocket fees		1,427			1,463
Audit fees		1,027			2,359
Custodian fees		632			1,856
Fund accounting fees (See Note 4)		1,303			2,756
Interest expense (See Note 8)		—			—
Legal fees		1,830			4,415
Printing fees		1,736			4,694
Registration fees		17,259			17,807
Transfer agent fees (See Note 4)		7,821			25,572
Other fees		3,019			4,691
Total expenses before waivers		173,810			357,459
Less expenses waived by the Investment Advisor (See Note 4)		(10,555	)		—
Less expenses waived by the Administrator (See Note 4)		—			(140	)
Net expenses		163,255			357,319
Net investment income (loss)		267,872			19,558
Realized and Unrealized Gain (Loss):
Net realized gain (loss) from:
Investments		2,768,176			5,694,224
Foreign currency transactions		—			—
Change in unrealized appreciation/depreciation on:
Investments.		(140,990	)		(1,535,246	)
Foreign currency transactions		—			—
Total realized and unrealized gain (loss)		2,627,186			4,158,978
Change in net assets from operations	$	2,895,058		$	4,178,536

See accompanying Notes to the Financial Statements.

82

Sterling Capital Behavioral Small Cap Value Equity Fund			Sterling Capital Special Opportunities Fund			Sterling Capital Equity Income Fund			Sterling Capital Behavioral International Equity Fund			Sterling Capital SMID Opportunities Fund
$	954,512		$	2,373,752		$	28,682,215		$	1,663,858		$	42,322
	(2,615	)		(32,935	)		(150,388	)		(151,778	)		(466	)
	951,897			2,340,817			28,531,827			1,512,080			41,856
	332,663			2,154,697			6,611,036			173,627			38,314
	48,848			291,954			1,059,069			38,240			4,820
	9,381			444,863			597,145			590			6,198
	227			247,693			410,771			270			7,383
	164			1			884			—			—
	915			4,056			12,935			745			311
	6,489			36,737			121,741			5,074			673
	2,821			8,235			26,149			9,783			749
	3,535			19,988			67,772			2,711			360
	2,775			15,770			53,026			19,765			289
	4,159			24,862			90,150			3,255			410
	1,069			1,045			—			—			—
	6,474			37,512			117,835			5,190			708
	6,429			38,790			119,850			5,282			756
	15,365			27,876			45,689			4,735			6,489
	16,129			216,710			844,472			7,985			5,524
	6,251			25,516			74,162			10,916			1,812
	463,694			3,596,305			10,252,686			288,168			74,796
	—			—			—			—			(17,975	)
	(22,026	)		(16,715	)		(35,474	)		(21,404	)		—
	441,668			3,579,590			10,217,212			266,764			56,821
	510,229			(1,238,773	)		18,314,615			1,245,316			(14,965	)
	7,272,366			29,871,250			124,900,976			377,896			568,562
	—			—			—			(25,493	)		—
	(655,050	)		(13,926,421	)		46,772,683			(3,895,337	)		(257,395	)
	—			—			—			(8,118	)		—
	6,617,316			15,944,829			171,673,659			(3,551,052	)		311,167
$	7,127,545		$	14,706,056		$	189,988,274		$	(2,305,736	)	$	296,202

83

Sterling Capital Funds

Statements of Operations

For the Six Months Ended March 31, 2022 (Unaudited)

	Sterling Capital Mid Cap Relative Value Fund			Sterling Capital Real Estate Fund
Investment Income:
Interest income	$	—		$	106
Dividend income		411,191			326,925
Foreign tax withholding		(2,371	)		—
Total investment income		408,820			327,031
Expenses:
Investment advisory fees (See Note 4)		185,517			292,626
Administration fees (See Note 4)		27,211			44,830
Distribution fees - Class A Shares (See Note 4)		528			922
Distribution fees - Class C Shares (See Note 4)		17			959
Distribution fees - Institutional Shares (See Note 4)		—			—
Compliance service fees (See Note 4)		626			821
Trustee fees		3,571			5,677
Accounting and out-of-pocket fees.		1,360			1,825
Audit fees		1,924			3,092
Custodian fees		1,602			2,454
Fund accounting fees (See Note 4)		2,319			3,817
Interest expense (See Note 8)		—			—
Legal fees		3,757			5,804
Printing fees		3,987			6,233
Registration fees		9,990			13,190
Transfer agent fees (See Note 4)		11,887			25,267
Other fees		3,612			5,109
Total expenses before waivers		257,908			412,626
Less expenses waived by the Investment Advisor (See Note 4)		—			—
Less expenses waived by the Administrator (See Note 4)		—			(8	)
Net expenses		257,908			412,618
Net investment income (loss)		150,912			(85,587	)
Realized and Unrealized Gain (Loss):
Net realized gain (loss) from:
Investments		7,635,228			3,219,007
Change in unrealized appreciation/depreciation on:
Investments.		(5,510,256	)		5,051,891
Total realized and unrealized gain (loss)		2,124,972			8,270,898
Change in net assets from operations	$	2,275,884		$	8,185,311

See accompanying Notes to the Financial Statements. 

84

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
$	655		$	253,970		$	1,240,709		$	131,457		$	16,321,548
	2,786,743			58			—			33			1,222
	—			—			—			—			—
	2,787,398			254,028			1,240,709			131,490			16,322,770
	1,919,493			38,887			149,857			30,589			1,834,933
	225,293			17,130			65,872			8,421			646,366
	4,505			10,377			5,210			4,009			72,716
	2,255			—			4,587			581			25,103
	—			—			—			—			22
	3,387			449			1,348			360			9,500
	29,645			2,068			9,329			1,110			92,884
	6,933			12,375			14,783			6,037			49,408
	15,862			1,113			4,709			627			48,433
	13,004			897			4,665			500			39,114
	19,195			1,458			5,620			717			55,048
	2,181			—			—			3			—
	31,361			2,068			11,007			1,400			106,498
	33,085			2,050			11,645			1,498			108,304
	17,494			7,773			20,731			5,542			38,178
	185,971			4,103			35,266			3,539			397,193
	21,699			2,086			8,641			1,947			67,106
	2,531,363			102,834			353,270			66,880			3,590,806
	—			(39,959	)		—			(18,295	)		(190,083	)
	(2,306	)		—			(10,330	)		—			(164,188	)
	2,529,057			62,875			342,940			48,585			3,236,535
	258,341			191,153			897,769			82,905			13,086,235
	77,743,512			(41,233	)		66,929			(5,132	)		(3,813,780	)
	(49,142,755	)		(504,853	)		(4,793,857	)		(1,077,117	)		(102,746,325	)
	28,600,757			(546,086	)		(4,726,928	)		(1,082,249	)		(106,560,105	)
$	28,859,098		$	(354,933	)	$	(3,829,159	)	$	(999,344	)	$	(93,473,870	)

85

Sterling Capital Funds

Statements of Operations

For the Six Months Ended March 31, 2022 (Unaudited)

	Sterling Capital Long Duration Corporate Bond Fund			Sterling Capital Quality Income Fund
Investment Income:
Interest income	$	246,562		$	640,168
Dividend income		544			—
Total investment income		247,106			640,168
Expenses:
Investment advisory fees (See Note 4)		19,484			116,368
Administration fees (See Note 4)		6,193			29,337
Distribution fees - Class A Shares (See Note 4)		724			42
Distribution fees - Class C Shares (See Note 4)		80			18
Compliance service fees (See Note 4)		291			543
Trustee fees		524			2,908
Accounting and out-of-pocket fees		5,532			17,110
Audit fees.		238			1,645
Custodian fees		203			1,295
Fund accounting fees (See Note 4)		522			2,494
Legal fees		799			2,818
Printing fees		867			2,459
Registration fees		5,469			7,986
Transfer agent fees (See Note 4)		1,680			5,502
Other fees		1,669			2,831
Total expenses before waivers		44,275			193,356
Less expenses waived by the Investment Advisor (See Note 4)		(6,274	)		(13,299	)
Less expenses waived by the Administrator (See Note 4)		(3,177	)		—
Net expenses		34,824			180,057
Net investment income		212,282			460,111
Realized and Unrealized Gain (Loss):
Net realized gain (loss) from:
Investments		(27,062	)		(180,022	)
Change in unrealized appreciation/depreciation on:
Investments.		(2,483,277	)		(3,649,232	)
Total realized and unrealized (loss)		(2,510,339	)		(3,829,254	)
Change in net assets from operations	$	(2,298,057	)	$	(3,369,143	)

See accompanying Notes to the Financial Statements.

86

Sterling Capital North Carolina Intermediate Tax-Free Fund			Sterling Capital South Carolina Intermediate Tax-Free Fund			Sterling Capital Virginia Intermediate Tax-Free Fund			Sterling Capital West Virginia Intermediate Tax-Free Fund
$	1,957,238		$	889,232		$	825,742		$	1,062,374
	440			118			264			343
	1,957,678			889,350			826,006			1,062,717
	315,772			131,459			139,304			166,765
	79,466			33,063			35,059			41,982
	37,410			12,700			20,830			33,404
	6,805			2,664			192			123
	1,305			732			716			800
	10,481			4,793			4,668			5,576
	10,057			6,690			5,625			7,455
	5,616			2,520			2,493			2,988
	4,496			2,040			1,992			2,355
	6,766			2,817			2,985			3,574
	11,710			5,219			4,937			5,865
	11,311			5,411			5,098			6,063
	6,949			6,200			8,128			8,130
	26,889			11,673			11,624			11,622
	8,097			4,409			4,265			4,824
	543,130			232,390			247,916			301,526
	—			—			—			—
	—			—			—			—
	543,130			232,390			247,916			301,526
	1,414,548			656,960			578,090			761,191
	(2,298,935	)		(362,486	)		(751,011	)		(252,253	)
	(7,554,981	)		(3,615,704	)		(3,678,396	)		(4,506,738	)
	(9,853,916	)		(3,978,190	)		(4,429,407	)		(4,758,991	)
$	(8,439,368	)	$	(3,321,230	)	$	(3,851,317	)	$	(3,997,800	)

87

Sterling Capital Funds

Statements of Changes in Net Assets

	Sterling Capital Behavioral Large Cap Value Equity Fund
	For the Six Months Ended March 31, 2022 (Unaudited)			For the Year Ended September 30, 2021
From Investment Activities:
Operations:
Net investment income (loss)	$	267,872		$	54,374
Net realized gain		2,768,176			6,135,151
Change in unrealized appreciation/depreciation.		(140,990	)		3,545,183
Change in net assets from operations		2,895,058			9,734,708
Distributions to Shareholders:
Income distribution:
Class A		(254,673	)		(60,964	)
Class C		(1,413	)		(690	)
Institutional Class		(22,738	)		(4,573	)
Class R		–			–
Class R6		(7	)		(1	)
Return of Capital:
Class A		–			(235,786	)
Class C		–			(2,670	)
Institutional Class		–			(17,684	)
Class R6		–			(4	)
Change in net assets from shareholder distributions		(278,831	)		(322,372	)
Capital Transactions:
Change in net assets from capital transactions (See Note 5)		(827,312	)		(3,228,795	)
Change in net assets		1,788,915			6,183,541
Net Assets:
Beginning of period		33,197,412			27,013,871
End of period	$	34,986,327		$	33,197,412

See accompanying Notes to the Financial Statements. 

88

Sterling Capital Mid Value Fund						Sterling Capital Behavioral Small Cap Value Equity Fund						Sterling Capital Special Opportunities Fund
For the Six Months Ended March 31, 2022 (Unaudited)			For the Year Ended September 30, 2021			For the Six Months Ended March 31, 2022 (Unaudited)			For the Year Ended September 30, 2021			For the Six Months Ended March 31, 2022 (Unaudited)			For the Year Ended September 30, 2021
$	19,558		$	59,197		$	510,229		$	1,124,136		$	(1,238,773	)	$	(2,084,186	)
	5,694,224			8,240,216			7,272,366			32,538,116			29,871,250			93,006,573
	(1,535,246	)		17,753,584			(655,050	)		19,414,311			(13,926,421	)		101,866,100
	4,178,536			26,052,997			7,127,545			53,076,563			14,706,056			192,788,487
	(1,874,485	)		(43,324	)		(161,380	)		(40,840	)		(43,211,898	)		(3,637,292	)
	(83,961	)		–			(560	)		–			(7,853,006	)		(940,187	)
	(4,044,301	)		(185,412	)		(353,625	)		(73,763	)		(24,533,645	)		(2,285,619	)
	–			(2	)		–			(1,097	)		–			(14	)
	(24,626	)		(14,498	)		(2,125,064	)		(851,534	)		(5,075,978	)		(713,339	)
	–			–			–			–			–			–
	–			–			–			–			–			–
	–			–			–			–			–			–
	–			–			–			–			–			–
	(6,027,373	)		(243,236	)		(2,640,629	)		(967,234	)		(80,674,527	)		(7,576,451	)
	(7,707,946	)		(10,023,315	)		2,793,977			(28,556,308	)		46,678,021			(64,806,980	)
	(9,556,783	)		15,786,446			7,280,893			23,553,021			(19,290,450	)		120,405,056
	76,538,790			60,752,344			105,969,210			82,416,189			668,649,764			548,244,708
$	66,982,007		$	76,538,790		$	113,250,103		$	105,969,210		$	649,359,314		$	668,649,764

89

Sterling Capital Funds

Statements of Changes in Net Assets

	Sterling Capital Equity Income Fund
	For the Six Months Ended March 31, 2022 (Unaudited)			For the Year Ended September 30, 2021
From Investment Activities:
Operations:
Net investment income (loss)	$	18,314,615		$	26,102,289
Net realized gain		124,900,976			85,341,060
Change in unrealized appreciation/depreciation.		46,772,683			436,564,630
Change in net assets from operations		189,988,274			548,007,979
Distributions to Shareholders:
Income distribution:
Class A		(11,596,726	)		(4,952,072	)
Class C		(1,692,392	)		(309,538	)
Institutional Class		(45,098,748	)		(20,357,408	)
Class R		–			(16,774	)
Class R6		(1,837,379	)		(964,112	)
Change in net assets from shareholder distributions		(60,225,245	)		(26,599,904	)
Capital Transactions:
Change in net assets from capital transactions (See Note 5)		15,508,009			158,467,099
Change in net assets		145,271,038			679,875,174
Net Assets:
Beginning of period		2,235,352,162			1,555,476,988
End of period	$	2,380,623,200		$	2,235,352,162

See accompanying Notes to the Financial Statements. 

90

Sterling Capital Behavioral International Equity Fund						Sterling Capital SMID Opportunities Fund						Sterling Capital Mid Cap Relative Value Fund
For the Six Months Ended March 31, 2022 (Unaudited)			For the Year Ended September 30, 2021			For the Six Months Ended March 31, 2022 (Unaudited)			For the Year Ended September 30, 2021			For the Six Months Ended March 31, 2022 (Unaudited)			For the Year Ended September 30, 2021
$	1,245,316		$	2,553,424		$	(14,965	)	$	(50,354	)	$	150,912		$	386,418
	352,403			17,190,461			568,562			2,193,078			7,635,228			5,465,650
	(3,903,455	)		(1,076,370	)		(257,395	)		1,003,701			(5,510,256	)		12,463,051
	(2,305,736	)		18,667,515			296,202			3,146,425			2,275,884			18,315,119
	(20,545	)		(12,833	)		(427,285	)		–			(30,339	)		(2,010	)
	(2,002	)		(891	)		(133,622	)		–			(250	)		(5	)
	(31,374	)		(350,947	)		(389,794	)		–			(4,998,468	)		(508,411	)
	–			–			–			–			–			–
	(4,003,413	)		(2,082,632	)		–			–			–			–
	(4,057,334	)		(2,447,303	)		(950,701	)		–			(5,029,057	)		(510,426	)
	4,013,757			(12,654,797	)		(308,423	)		(2,981,186	)		(7,433,435	)		(5,923,182	)
	(2,349,313	)		3,565,415			(962,922	)		165,239			(10,186,608	)		11,881,511
	86,942,081			83,376,666			11,199,170			11,033,931			65,874,671			53,993,160
$	84,592,768		$	86,942,081		$	10,236,248		$	11,199,170		$	55,688,063		$	65,874,671

91

Sterling Capital Funds

Statements of Changes in Net Assets

	Sterling Capital Real Estate Fund
	For the Six Months Ended March 31, 2022 (Unaudited)			For the Year Ended September 30, 2021
From Investment Activities:
Operations:
Net investment income (loss)	$	(85,587	)	$	983,024
Net realized gain (loss)		3,219,007			7,216,823
Change in unrealized appreciation/depreciation		5,051,891			18,097,538
Change in net assets from operations		8,185,311			26,297,385
Distributions to Shareholders:
Income distribution:
Class A		(48,349	)		(20,780	)
Class C		(12,217	)		(4,951	)
Institutional Class		(6,855,282	)		(3,204,299	)
Class R6		(1,191	)		(250	)
Change in net assets from shareholder distributions.		(6,917,039	)		(3,230,280	)
Capital Transactions:
Change in net assets from capital transactions (See Note 5)		4,641,901			(11,947,772	)
Change in net assets		5,910,173			11,119,333
Net Assets:
Beginning of period		96,991,936			85,872,603
End of period	$	102,902,109		$	96,991,936

See accompanying Notes to the Financial Statements.

92

Sterling Capital Small Cap Value Fund						Sterling Capital Ultra Short Bond Fund
For the Six Months Ended March 31, 2022 (Unaudited)			For the Year Ended September 30, 2021			For the Six Months Ended March 31, 2022 (Unaudited)			For the Year Ended September 30, 2021
$	258,341		$	1,165,214		$	191,153		$	341,915
	77,743,512			130,272,724			(41,233	)		34,840
	(49,142,755	)		89,329,899			(504,853	)		(130,731	)
	28,859,098			220,767,837			(354,933	)		246,024
	(718,382	)		(354,284	)		(38,679	)		(46,478	)
	(95,212	)		(42,126	)		–			–
	(104,869,046	)		(74,924,280	)		(179,698	)		(355,057	)
	(981,746	)		(527,073	)		–			–
	(106,664,386	)		(75,847,763	)		(218,377	)		(401,535	)
	25,768,259			(104,186,325	)		(1,694,070	)		3,492,017
	(52,037,029	)		40,733,749			(2,267,380	)		3,336,506
	521,523,761			480,790,012			39,711,139			36,374,633
$	469,486,732		$	521,523,761		$	37,443,759		$	39,711,139

93

Sterling Capital Funds

Statements of Changes in Net Assets

	Sterling Capital Short Duration Bond Fund
	For the Six Months Ended March 31, 2022 (Unaudited)			For the Year Ended September 30, 2021
From Investment Activities:
Operations:
Net investment income	$	897,769		$	2,681,143
Net realized gain (loss)		66,929			1,276,704
Change in unrealized appreciation/depreciation		(4,793,857	)		(1,665,303	)
Change in net assets from operations		(3,829,159	)		2,292,544
Distributions to Shareholders:
Income distribution:
Class A		(39,577	)		(92,276	)
Class C		(5,259	)		(10,952	)
Institutional Class		(1,297,688	)		(4,334,091	)
Class R		–			–
Class R6		(255,919	)		(14,207	)
Change in net assets from shareholder distributions		(1,598,443	)		(4,451,526	)
Capital Transactions:
Change in net assets from capital transactions (See Note 5)		(68,814,470	)		18,891,274
Change in net assets		(74,242,072	)		16,732,292
Net Assets:
Beginning of period		196,776,379			180,044,087
End of period	$	122,534,307		$	196,776,379

See accompanying Notes to the Financial Statements.

94

Sterling Capital Intermediate U.S. Government Fund						Sterling Capital Total Return Bond Fund
For the Six Months Ended March 31, 2022 (Unaudited)			For the Year Ended September 30, 2021			For the Six Months Ended March 31, 2022 (Unaudited)			For the Year Ended September 30, 2021
$	82,905		$	179,475		$	13,086,235		$	29,938,493
	(5,132	)		80,124			(3,813,780	)		31,959,205
	(1,077,117	)		(458,605	)		(102,746,325	)		(53,496,254	)
	(999,344	)		(199,006	)		(93,473,870	)		8,401,444
	(33,071	)		(82,287	)		(1,065,250	)		(2,073,169	)
	(763	)		(2,891	)		(73,303	)		(206,565	)
	(182,652	)		(441,390	)		(21,092,254	)		(40,602,235	)
	–			–			–			(1,056	)
	–			–			(6,592,356	)		(20,737,575	)
	(216,486	)		(526,568	)		(28,823,163	)		(63,620,600	)
	(768,827	)		8,222,356			(94,808,674	)		(150,525,821	)
	(1,984,657	)		7,496,782			(217,105,707	)		(205,744,977	)
	19,784,328			12,287,546			1,554,054,587			1,759,799,564
$	17,799,671		$	19,784,328		$	1,336,948,880		$	1,554,054,587

95

Sterling Capital Funds

Statements of Changes in Net Assets

	Sterling Capital Long Duration Corporate Bond Fund
	For the Six Months Ended March 31, 2022 (Unaudited)			For the Year Ended September 30, 2021
From Investment Activities:
Operations:
Net investment income	$	212,282		$	267,601
Net realized gain (loss)		(27,062	)		933,969
Change in unrealized appreciation/depreciation.		(2,483,277	)		(779,557	)
Change in net assets from operations		(2,298,057	)		422,013
Distributions to Shareholders:
Income distribution:
Class A		(67,337	)		(30,662	)
Class C		(2,518	)		(155	)
Institutional Class		(620,828	)		(606,311	)
Class R6		(126,793	)		–
Change in net assets from shareholder distributions.		(817,476	)		(637,128	)
Capital Transactions:
Change in net assets from capital transactions (See Note 5)		25,587,392			(11,653,318	)
Change in net assets		22,471,859			(11,868,433	)
Net Assets:
Beginning of period		7,143,531			19,011,964
End of period.	$	29,615,390		$	7,143,531

See accompanying Notes to the Financial Statements.

96

Sterling Capital Quality Income Fund						Sterling Capital North Carolina Intermediate Tax-Free Fund
For the Six Months Ended March 31, 2022 (Unaudited)			For the Year Ended September 30, 2021			For the Six Months Ended March 31, 2022 (Unaudited)			For the Year Ended September 30, 2021
$	460,111		$	663,381		$	1,414,548		$	2,823,841
	(180,022	)		74,208			(2,298,935	)		224,918
	(3,649,232	)		(829,489	)		(7,554,981	)		(2,831,416	)
	(3,369,143	)		(91,900	)		(8,439,368	)		217,343
	(275	)		(641	)		(204,479	)		(445,562	)
	(17	)		(37	)		(4,206	)		(11,791	)
	(631,118	)		(899,204	)		(1,205,862	)		(2,366,482	)
	–			–			–			–
	(631,410	)		(899,882	)		(1,414,547	)		(2,823,835	)
	25,523,323			27,906,592			(12,019,375	)		12,280,498
	21,522,770			26,914,810			(21,873,290	)		9,674,006
	62,751,363			35,836,553			187,073,401			177,399,395
$	84,274,133		$	62,751,363		$	165,200,111		$	187,073,401

97

Sterling Capital Funds

Statements of Changes in Net Assets

	Sterling Capital South Carolina Intermediate Tax-Free Fund
From Investment Activities:	For the Six Months Ended March 31, 2022 (Unaudited)			For the Year Ended September 30, 2021
Operations:
Net investment income	$	656,960		$	1,475,613
Net realized gain (loss)		(362,486	)		293,708
Change in unrealized appreciation/depreciation		(3,615,704	)		(849,869	)
Change in net assets from operations		(3,321,230	)		919,452
Distributions to Shareholders:
Income distribution:
Class A		(78,249	)		(226,979	)
Class C		(2,112	)		(5,485	)
Institutional Class		(576,598	)		(1,243,149	)
Change in net assets from shareholder distributions		(656,959	)		(1,475,613	)
Capital Transactions:
Change in net assets from capital transactions (See Note 5)		(16,674,710	)		(927,298	)
Change in net assets		(20,652,899	)		(1,483,459	)
Net Assets:
Beginning of period		83,261,812			84,745,271
End of period	$	62,608,913		$	83,261,812

See accompanying Notes to the Financial Statements. 

98

Sterling Capital Virginia Intermediate Tax-Free Fund						Sterling Capital West Virginia Intermediate Tax-Free Fund
For the Six Months Ended March 31, 2022 (Unaudited)			For the Year Ended September 30, 2021			For the Six Months Ended March 31, 2022 (Unaudited)			For the Year Ended September 30, 2021
$	578,090		$	1,236,440		$	761,191		$	1,677,740
	(751,011	)		87,883			(252,253	)		7,854
	(3,678,396	)		(1,594,083	)		(4,506,738	)		(800,187	)
	(3,851,317	)		(269,760	)		(3,997,800	)		885,407
	(122,943	)		(270,661	)		(191,696	)		(442,079	)
	(133	)		(4,086	)		(85	)		(1,315	)
	(542,902	)		(1,159,430	)		(577,320	)		(1,295,123	)
	(665,978	)		(1,434,177	)		(769,101	)		(1,738,517	)
	(4,346,969	)		3,070,399			1,899,170			67,415
	(8,864,264	)		1,366,462			(2,867,731	)		(785,695	)
	82,419,766			81,053,304			95,011,257			95,796,952
$	73,555,502		$	82,419,766		$	92,143,526		$	95,011,257

99

Sterling Capital Funds

Financial Highlights, Class 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									Distributions
	Net Asset Value, Beginning of Period		Net investment income (loss)(a)			Net realized/ unrealized gains (losses) on investments			Total from Investment Activities			Net investment income			Net realized gains on investments			Return of capital			Total Distributions
Sterling Capital Behavioral Large Cap Value Equity Fund
Six Months Ended March 31, 2022 (Unaudited)	$	22.75		0.19			1.82			2.01			(0.19	)		—			—			(0.19	)
Year Ended September 30, 2021	$	16.72		0.03			6.21			6.24			(0.04	)		—			(0.17	)		(0.21	)
Year Ended September 30, 2020	$	19.49		0.36			(2.07	)		(1.71	)		(0.48	)		(0.58	)		—			(1.06	)
Year Ended September 30, 2019	$	22.30		0.39			(1.07	)		(0.68	)		(0.38	)		(1.75	)		—			(2.13	)
Year Ended September 30, 2018	$	20.71		0.31			1.91			2.22			(0.44	)		(0.19	)		—			(0.63	)
Year Ended September 30, 2017	$	17.68		0.36			2.97			3.33			(0.30	)		—			—			(0.30	)
Sterling Capital Mid Value Fund
Six Months Ended March 31, 2022 (Unaudited)	$	20.01		(0.01	)		1.17			1.16			—			(1.64	)		—			(1.64	)
Year Ended September 30, 2021	$	13.99		(0.02	)		6.07			6.05			(0.03	)		—			—			(0.03	)
Year Ended September 30, 2020	$	16.10		0.02			(0.80	)		(0.78	)		(0.20	)		(1.13	)		—			(1.33	)
Year Ended September 30, 2019	$	19.08		0.05			(0.77	)		(0.72	)		—			(2.26	)		—			(2.26	)
Year Ended September 30, 2018	$	18.72		(0.03	)		1.23			1.20			—			(0.84	)		—			(0.84	)
Year Ended September 30, 2017	$	16.71		(0.02	)		2.56			2.54			—			(0.53	)		—			(0.53	)
Sterling Capital Behavioral Small Cap Value Equity Fund
Six Months Ended March 31, 2022 (Unaudited)	$	19.37		0.07			1.21			1.28			(0.15	)		(0.28	)		—			(0.43	)
Year Ended September 30, 2021	$	11.83		0.11			7.53			7.64			(0.10	)		—			—			(0.10	)
Year Ended September 30, 2020	$	14.54		0.10			(2.67	)		(2.57	)		(0.14	)		—			—			(0.14	)
Year Ended September 30, 2019	$	18.65		0.17			(2.07	)		(1.90	)		(0.23	)		(1.98	)		—			(2.21	)
Year Ended September 30, 2018	$	18.39		0.17			0.86			1.03			(0.12	)		(0.65	)		—			(0.77	)
Year Ended September 30, 2017	$	15.19		0.12			3.17			3.29			(0.09	)		—			—			(0.09	)
Sterling Capital Special Opportunities Fund
Six Months Ended March 31, 2022 (Unaudited)	$	33.44		(0.07	)		0.90			0.83			—			(4.11	)		—			(4.11	)
Year Ended September 30, 2021	$	24.67		(0.11	)		9.21			9.10			—			(0.33	)		—			(0.33	)
Year Ended September 30, 2020	$	24.63		(0.01	)		1.38			1.37			—			(1.33	)		—			(1.33	)
Year Ended September 30, 2019	$	26.37		0.02			0.10			0.12			—			(1.86	)		—			(1.86	)
Year Ended September 30, 2018	$	24.51		0.01			3.93			3.94			(0.14	)		(1.94	)		—			(2.08	)
Year Ended September 30, 2017	$	21.53		0.02			3.37			3.39			—			(0.41	)		—			(0.41	)
Sterling Capital Equity Income Fund
Six Months Ended March 31, 2022 (Unaudited)	$	26.57		0.19			2.02			2.21			(0.20	)		(0.48	)		—			(0.68	)
Year Ended September 30, 2021	$	20.04		0.29			6.53			6.82			(0.29	)		—			—			(0.29	)
Year Ended September 30, 2020	$	21.27		0.36			(0.39	)		(0.03	)		(0.36	)		(0.84	)		—			(1.20	)
Year Ended September 30, 2019	$	21.55		0.39			1.23			1.62			(0.38	)		(1.52	)		—			(1.90	)
Year Ended September 30, 2018	$	20.84		0.34			2.66			3.00			(0.34	)		(1.95	)		—			(2.29	)
Year Ended September 30, 2017	$	18.30		0.34			2.59			2.93			(0.37	)		(0.02	)		—			(0.39	)

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

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

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

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

(c) Annualized for periods less than one year.

See accompanying Notes to the Financial Statements.

100

					Ratios/Supplementary Data
Net Asset Value, End of Period		Total Return (excludes sales charge)(b)			Net Assets, End of Period (000)		Ratio of net expenses to average net assets(c)			Ratio of net investment income (loss) to average net assets(c)			Ratio of expenses to average net assets*(c)			Portfolio turnover rate**(b)
$	24.57		8.84	%	$	32,552		0.95	%		1.53	%		1.01	%		63.25	%
$	22.75		37.59	%	$	30,870		0.88	%		0.16	%		1.02	%		122.64	%
$	16.72		(9.15	)%	$	24,497		0.89	%		2.00	%		0.96	%		167.34	%
$	19.49		(2.34	)%	$	28,548		0.89	%		2.04	%		0.89	%		142.59	%
$	22.30		10.87	%	$	33,126		0.87	%		1.44	%		0.87	%		127.89	%
$	20.71		18.94	%	$	33,358		0.89	%		1.87	%		0.89	%		144.85	%
$	19.53		5.96	%	$	23,660		1.13	%		(0.11	)%		1.13	%		14.55	%
$	20.01		43.32	%	$	23,421		1.12	%		(0.08	)%		1.15	%		34.00	%
$	13.99		(5.76	)%	$	18,851		1.13	%		0.13	%		1.26	%		28.77	%
$	16.10		(2.80	)%	$	23,013		1.18	%		0.29	%		1.18	%		26.62	%
$	19.08		6.54	%	$	30,857		1.17	%		(0.16	)%		1.17	%		34.62	%
$	18.72		15.42	%	$	33,503		1.15	%		(0.09	)%		1.15	%		24.83	%
$	20.22		6.62	%	$	7,493		1.07	%		0.67	%		1.07	%		40.02	%
$	19.37		64.73	%	$	7,212		1.06	%		0.66	%		1.06	%		110.07	%
$	11.83		(17.84	)%	$	4,948		1.06	%		0.81	%		1.08	%		119.76	%
$	14.54		(9.57	)%	$	6,599		1.05	%		1.17	%		1.05	%		124.82	%
$	18.65		5.69	%	$	8,711		1.03	%		0.91	%		1.03	%		89.85	%
$	18.39		21.65	%	$	9,281		1.05	%		0.72	%		1.10	%		109.05	%
$	30.16		2.11	%	$	349,517		1.13	%		(0.42	)%		1.13	%		10.67	%
$	33.44		37.18	%	$	355,673		1.11	%		(0.36	)%		1.12	%		27.20	%
$	24.67		5.55	%	$	276,975		1.11	%		(0.04	)%		1.11	%		17.50	%
$	24.63		1.21	%	$	322,003		1.11	%		0.06	%		1.11	%		17.31	%
$	26.37		17.16	%	$	334,687		1.11	%		0.05	%		1.11	%		22.78	%
$	24.51		15.97	%	$	343,873		1.12	%		0.07	%		1.12	%		18.92	%
$	28.10		8.34	%	$	482,362		1.02	%		1.35	%		1.02	%		9.95	%
$	26.57		34.11	%	$	460,034		1.03	%		1.15	%		1.04	%		13.00	%
$	20.04		(0.10	)%	$	320,255		1.03	%		1.79	%		1.03	%		33.60	%
$	21.27		8.48	%	$	338,293		1.02	%		1.92	%		1.02	%		23.20	%
$	21.55		15.28	%	$	316,245		1.02	%		1.66	%		1.02	%		19.49	%
$	20.84		16.19	%	$	348,427		1.03	%		1.78	%		1.03	%		16.93	%

101

Sterling Capital Funds

Financial Highlights, Class 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									Distributions
	Net Asset Value, Beginning of Period		Net investment income (loss)(a)			Net realized/ unrealized gains (losses) on investments			Total from Investment Activities			Net investment income			Net realized gains on investments			Return of capital		Total Distributions
Sterling Capital Behavioral International Equity Fund
Six Months Ended March 31, 2022 (Unaudited)	$	9.80		0.12			(0.38	)		(0.26	)		(0.43	)		—			—		(0.43	)
Year Ended September 30, 2021	$	8.14		0.26			1.62			1.88			(0.22	)		—			—		(0.22	)
Year Ended September 30, 2020	$	9.48		0.24			(1.30	)		(1.06	)		(0.28	)		—			—		(0.28	)
Year Ended September 30, 2019	$	11.17		0.31			(1.31	)		(1.00	)		(0.29	)		(0.40	)		—		(0.69	)
Year Ended September 30, 2018	$	11.75		0.37			(0.52	)		(0.15	)		(0.32	)		(0.11	)		—		(0.43	)
Year Ended September 30, 2017	$	9.68		0.25			1.96			2.21			(0.14	)		—			—		(0.14	)
Sterling Capital SMID Opportunities Fund
Six Months Ended March 31, 2022 (Unaudited)	$	16.08		(0.02	)		0.51			0.49			—			(1.40	)		—		(1.40	)
Year Ended September 30, 2021	$	12.45		(0.06	)		3.69			3.63			—			—			—		—
Year Ended September 30, 2020	$	13.24		(0.03	)		(0.13	)		(0.16	)		—			(0.63	)		—		(0.63	)
Year Ended September 30, 2019	$	12.44		(0.02	)		0.82			0.80			—			—			—		—
Year Ended September 30, 2018	$	11.75		(0.05	)		0.98			0.93			(0.06	)		(0.18	)		—		(0.24	)
Year Ended September 30, 2017	$	10.00		—	(d)		1.76			1.76			(0.01	)		—			—		(0.01	)
Sterling Capital Mid Cap Relative Value Fund
Six Months Ended March 31, 2022 (Unaudited)	$	78.45		0.07			2.37			2.44			(0.33	)		(5.97	)		—		(6.30	)
Year Ended September 30, 2021	$	58.67		0.28			19.97			20.25			(0.24	)		(0.23	)		—		(0.47	)
Year Ended September 30, 2020	$	64.04		0.25			(3.65	)		(3.40	)		(0.46	)		(1.51	)		—		(1.97	)
Year Ended September 30, 2019	$	68.74		0.30			0.17			0.47			(0.15	)		(5.02	)		—		(5.17	)
Year Ended September 30, 2018	$	66.23		0.10			4.85			4.95			(0.15	)		(2.29	)		—		(2.44	)
Year Ended September 30, 2017	$	55.87		0.02			10.65			10.67			(0.04	)		(0.27	)		—		(0.31	)
Sterling Capital Real Estate Fund
Six Months Ended March 31, 2022 (Unaudited)	$	46.09		(0.18	)		4.10			3.92			(0.23	)		(2.99	)		—		(3.22	)
Year Ended September 30, 2021	$	36.61		0.35			10.46			10.81			(0.51	)		(0.82	)		—		(1.33	)
Year Ended September 30, 2020	$	42.28		0.25			(3.72	)		(3.47	)		(0.68	)		(1.52	)		—		(2.20	)
Year Ended September 30, 2019	$	37.57		0.75			5.98			6.73			(0.78	)		(1.24	)		—		(2.02	)
Year Ended September 30, 2018	$	37.04		0.74			1.50			2.24			(0.49	)		(1.22	)		—		(1.71	)
Year Ended September 30, 2017	$	39.67		0.75			(0.54	)		0.21			(1.09	)		(1.75	)		—		(2.84	)
Sterling Capital Small Cap Value Fund
Six Months Ended March 31, 2022 (Unaudited)	$	83.01		(0.05	)		4.91			4.86			—			(17.27	)		—		(17.27	)
Year Ended September 30, 2021	$	63.67		(0.01	)		30.82			30.81			(0.25	)		(11.22	)		—		(11.47	)
Year Ended September 30, 2020	$	78.00		0.25			(9.36	)		(9.11	)		(0.29	)		(4.93	)		—		(5.22	)
Year Ended September 30, 2019	$	88.73		0.32			(5.00	)		(4.68	)		(0.15	)		(5.90	)		—		(6.05	)
Year Ended September 30, 2018	$	89.91		0.12			6.49			6.61			(0.10	)		(7.69	)		—		(7.79	)
Year Ended September 30, 2017	$	78.34		—	(d)		15.72			15.72			(0.05	)		(4.10	)		—		(4.15	)
Sterling Capital Ultra Short Bond Fund
Six Months Ended March 31, 2022 (Unaudited)	$	9.78		0.04			(0.15	)		(0.11	)		(0.04	)		—			—		(0.04	)
Year Ended September 30, 2021	$	9.82		0.08			(0.02	)		0.06			(0.10	)		—			—		(0.10	)
Year Ended September 30, 2020	$	9.78		0.17			0.04			0.21			(0.17	)		—			—		(0.17	)
Year Ended September 30, 2019	$	9.75		0.23			0.03			0.26			(0.23	)		—			—		(0.23	)
Year Ended September 30, 2018	$	9.79		0.14			(0.02	)		0.12			(0.16	)		—			—		(0.16	)
Year Ended September 30, 2017	$	9.82		0.07			0.03			0.10			(0.13	)		—			—		(0.13	)

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

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

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

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

(c) Annualized for periods less than one year.

(d) Amount is less than $0.005.

See accompanying Notes to the Financial Statements.

102

					Ratios/Supplementary Data
Net Asset Value, End of Period		Total Return (excludes sales charge)(b)			Net Assets, End of Period (000)		Ratio of net expenses to average net assets(c)			Ratio of net investment income (loss) to average net assets(c)			Ratio of expenses to average net assets*(c)			Portfolio turnover rate**(b)
$	9.11		(2.86	)%	$	440		0.91	%		2.54	%		0.91	%		55.95	%
$	9.80		23.46	%	$	490		0.92	%		2.73	%		0.98	%		158.16	%
$	8.14		(11.76	)%	$	426		0.88	%		2.81	%		1.08	%		164.02	%
$	9.48		(8.72	)%	$	537		0.94	%		3.16	%		1.14	%		97.74	%
$	11.17		(1.47	)%	$	828		0.90	%		3.17	%		1.10	%		96.65	%
$	11.75		23.19	%	$	510		0.93	%		2.38	%		1.19	%		91.65	%
$	15.17		2.78	%	$	4,817		1.04	%		(0.29	)%		1.37	%		9.01	%
$	16.08		29.16	%	$	5,095		1.04	%		(0.42	)%		1.31	%		33.93	%
$	12.45		(1.54	)%	$	4,425		1.04	%		(0.22	)%		1.34	%		60.03	%
$	13.24		6.43	%	$	3,097		1.04	%		(0.18	)%		1.45	%		45.11	%
$	12.44		8.07	%	$	2,870		1.04	%		(0.39	)%		1.29	%		45.64	%
$	11.75		17.59	%	$	4,038		1.04	%		(0.03	)%		1.66	%		37.97	%
$	74.59		2.85	%	$	462		1.09	%		0.19	%		1.09	%		4.53	%
$	78.45		34.65	%	$	369		1.10	%		0.38	%		1.11	%		8.23	%
$	58.67		(5.63	)%	$	145		1.16	%		0.42	%		1.19	%		9.21	%
$	64.04		1.72	%	$	126		1.20	%		0.50	%		1.20	%		6.75	%
$	68.74		7.54	%	$	107		1.20	%		0.15	%		1.20	%		14.47	%
$	66.23		19.16	%	$	108		1.16	%		0.03	%		1.16	%		12.19	%
$	46.79		8.39	%	$	917		1.06	%		(0.78	)%		1.06	%		5.86	%
$	46.09		30.08	%	$	719		1.05	%		0.82	%		1.05	%		12.68	%
$	36.61		(8.33	)%	$	537		1.08	%		0.67	%		1.08	%		19.58	%
$	42.28		18.76	%	$	800		1.07	%		1.92	%		1.07	%		14.56	%
$	37.57		6.17	%	$	398		1.07	%		2.04	%		1.07	%		8.34	%
$	37.04		0.90	%	$	302		1.04	%		2.03	%		1.05	%		13.52	%
$	70.60		5.11	%	$	3,350		1.24	%		(0.14	)%		1.24	%		4.75	%
$	83.01		52.43	%	$	3,468		1.23	%		(0.01	)%		1.26	%		6.15	%
$	63.67		(12.81	)%	$	2,048		1.25	%		0.37	%		1.33	%		8.33	%
$	78.00		(4.79	)%	$	2,775		1.28	%		0.42	%		1.33	%		8.60	%
$	88.73		7.71	%	$	2,160		1.28	%		0.14	%		1.32	%		15.51	%
$	89.91		20.43	%	$	529		1.31	%		0.01	%		1.31	%		7.04	%
$	9.63		(0.98	)%	$	7,191		0.52	%		0.79	%		0.73	%		29.57	%
$	9.78		0.51	%	$	7,219		0.53	%		0.82	%		0.75	%		48.71	%
$	9.82		2.20	%	$	2,675		0.63	%		1.73	%		0.81	%		43.45	%
$	9.78		2.70	%	$	2,219		0.68	%		2.39	%		0.79	%		103.69	%
$	9.75		1.20	%	$	5,074		0.66	%		1.39	%		0.76	%		74.56	%
$	9.79		1.00	%	$	4,663		0.68	%		0.71	%		0.78	%		59.57	%

103

Sterling Capital Funds

Financial Highlights, Class 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										Distributions
	Net Asset Value, Beginning of Period		Net investment income(a)		Net realized/ unrealized gains (losses) on investments			Total from Investment Activities			Net investment income			Net realized gains on investments			Return of capital		Total Distributions
Sterling Capital Short Duration Bond Fund
Six Months Ended March 31, 2022 (Unaudited)	$	8.68		0.04		(0.28	)		(0.24	)		(0.08	)		—			—		(0.08	)
Year Ended September 30, 2021	$	8.78		0.10		(0.02	)		0.08			(0.18	)		—			—		(0.18	)
Year Ended September 30, 2020	$	8.65		0.17		0.16			0.33			(0.20	)		—			—		(0.20	)
Year Ended September 30, 2019	$	8.52		0.21		0.15			0.36			(0.23	)		—			—		(0.23	)
Year Ended September 30, 2018	$	8.69		0.16		(0.11	)		0.05			(0.22	)		—			—		(0.22	)
Year Ended September 30, 2017	$	8.81		0.10		(0.01	)		0.09			(0.21	)		—			—		(0.21	)
Sterling Capital Intermediate U.S. Government Fund
Six Months Ended March 31, 2022 (Unaudited)	$	9.78		0.03		(0.54	)		(0.51	)		(0.10	)		—			—		(0.10	)
Year Ended September 30, 2021	$	10.13		0.06		(0.18	)		(0.12	)		(0.23	)		—			—		(0.23	)
Year Ended September 30, 2020	$	9.92		0.17		0.29			0.46			(0.25	)		—			—		(0.25	)
Year Ended September 30, 2019	$	9.48		0.21		0.47			0.68			(0.24	)		—			—		(0.24	)
Year Ended September 30, 2018	$	9.91		0.17		(0.34	)		(0.17	)		(0.26	)		—			—		(0.26	)
Year Ended September 30, 2017	$	10.24		0.15		(0.27	)		(0.12	)		(0.21	)		—			—		(0.21	)
Sterling Capital Total Return Bond Fund
Six Months Ended March 31, 2022 (Unaudited)	$	11.04		0.08		(0.78	)		(0.70	)		(0.11	)		(0.09	)		—		(0.20	)
Year Ended September 30, 2021	$	11.38		0.17		(0.12	)		0.05			(0.24	)		(0.15	)		—		(0.39	)
Year Ended September 30, 2020	$	10.88		0.24		0.55			0.79			(0.29	)		—	(d)		—		(0.29	)
Year Ended September 30, 2019	$	10.20		0.30		0.69			0.99			(0.31	)		—			—		(0.31	)
Year Ended September 30, 2018	$	10.59		0.27		(0.36	)		(0.09	)		(0.30	)		—			—		(0.30	)
Year Ended September 30, 2017	$	10.81		0.23		(0.15	)		0.08			(0.30	)		—			—		(0.30	)
Sterling Capital Long Duration Corporate Bond Fund
Six Months Ended March 31, 2022 (Unaudited)	$	10.51		0.12		(0.99	)		(0.87	)		(0.12	)		(1.03	)		—		(1.15	)
Year Ended September 30, 2021	$	10.78		0.25		0.03			0.28			(0.25	)		(0.30	)		—		(0.55	)
Year Ended September 30, 2020	$	10.38		0.27		0.40			0.67			(0.27	)		—			—		(0.27	)
Year Ended September 30, 2019	$	9.81		0.30		0.57			0.87			(0.30	)		—			—		(0.30	)
Year Ended September 30, 2018	$	10.25		0.29		(0.37	)		(0.08	)		(0.29	)		(0.07	)		—		(0.36	)
Year Ended September 30, 2017	$	10.37		0.29		(0.08	)		0.21			(0.29	)		(0.04	)		—		(0.33	)
Sterling Capital Quality Income Fund
Six Months Ended March 31, 2022 (Unaudited)	$	10.04		0.05		(0.53	)		(0.48	)		(0.08	)		—			—		(0.08	)
Year Ended September 30, 2021	$	10.25		0.13		(0.15	)		(0.02	)		(0.19	)		—			—		(0.19	)
Year Ended September 30, 2020	$	10.09		0.21		0.20			0.41			(0.25	)		—			—		(0.25	)
Year Ended September 30, 2019	$	9.60		0.28		0.49			0.77			(0.28	)		—			—		(0.28	)
Year Ended September 30, 2018	$	9.94		0.25		(0.31	)		(0.06	)		(0.28	)		—			—		(0.28	)
Year Ended September 30, 2017	$	10.10		0.21		(0.12	)		0.09			(0.25	)		—			—		(0.25	)

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

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

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

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

(c) Annualized for periods less than one year.

(d) Amount is less than $0.005.

See accompanying Notes to the Financial Statements.

104

					Ratios/Supplementary Data
Net Asset Value, End of Period		Total Return (excludes sales charge)(b)			Net Assets, End of Period (000)		Ratio of net expenses to average net assets(c)			Ratio of net investment income (loss) to average net assets(c)			Ratio of expenses to average net assets*(c)			Portfolio turnover rate**(b)
$	8.36		(2.77	)%	$	3,450		0.72	%		0.95	%		0.72	%		34.31	%
$	8.68		0.94	%	$	4,419		0.68	%		1.15	%		0.71	%		39.26	%
$	8.78		3.86	%	$	4,260		0.67	%		1.93	%		0.77	%		64.69	%
$	8.65		4.29	%	$	3,197		0.68	%		2.44	%		0.78	%		78.58	%
$	8.52		0.55	%	$	4,393		0.68	%		1.84	%		0.78	%		62.02	%
$	8.69		1.02	%	$	5,746		0.70	%		1.11	%		0.80	%		78.77	%
$	9.17		(5.26	)%	$	2,952		0.71	%		0.66	%		0.90	%		5.86	%
$	9.78		(1.23	)%	$	3,388		0.68	%		0.64	%		0.86	%		71.31	%
$	10.13		4.66	%	$	3,930		0.79	%		1.68	%		0.95	%		47.36	%
$	9.92		7.27	%	$	3,531		0.81	%		2.12	%		0.91	%		40.13	%
$	9.48		(1.73	)%	$	4,350		0.91	%		1.73	%		0.92	%		40.85	%
$	9.91		(1.20	)%	$	5,418		0.87	%		1.54	%		0.91	%		32.44	%
$	10.14		(6.47	)%	$	54,219		0.70	%		1.53	%		0.73	%		25.51	%
$	11.04		0.44	%	$	60,694		0.70	%		1.52	%		0.75	%		48.80	%
$	11.38		7.33	%	$	57,202		0.70	%		2.20	%		0.82	%		59.59	%
$	10.88		9.90	%	$	55,513		0.70	%		2.87	%		0.83	%		79.40	%
$	10.20		(0.90	)%	$	68,982		0.70	%		2.56	%		0.82	%		62.28	%
$	10.59		0.75	%	$	72,030		0.72	%		2.13	%		0.82	%		64.07	%
$	8.49		(9.20	)%	$	544		0.97	%		2.46	%		1.19	%		179.30	%
$	10.51		2.67	%	$	632		0.97	%		2.40	%		1.16	%		47.29	%
$	10.78		6.56	%	$	490		0.92	%		2.57	%		0.94	%		52.28	%
$	10.38		9.01	%	$	498		0.93	%		2.98	%		0.95	%		82.23	%
$	9.81		(0.80	)%	$	440		0.89	%		2.94	%		0.89	%		66.82	%
$	10.25		2.07	%	$	372		0.88	%		2.84	%		0.88	%		78.79	%
$	9.48		(4.80	)%	$	36		0.80	%		1.12	%		0.84	%		31.08	%
$	10.04		(0.23	)%	$	29		0.82	%		1.29	%		0.86	%		73.60	%
$	10.25		4.07	%	$	25		0.84	%		2.06	%		0.88	%		35.96	%
$	10.09		8.13	%	$	20		0.85	%		2.90	%		0.89	%		17.58	%
$	9.60		(0.63	)%	$	18		0.83	%		2.54	%		0.87	%		19.17	%
$	9.94		0.89	%	$	94		0.85	%		2.06	%		0.89	%		34.72	%

105

Sterling Capital Funds

Financial Highlights, Class 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								Distributions
	Net Asset Value, Beginning of Period		Net investment income(a)		Net realized/ unrealized gains (losses) on investments			Total from Investment Activities			Net investment income			Net realized gains on investments			Return of capital		Total Distributions
Sterling Capital North Carolina Intermediate Tax-Free Fund
Six Months Ended March 31, 2022 (Unaudited)	$	10.97		0.07		(0.60	)		(0.53	)		(0.07	)		—			—		(0.07	)
Year Ended September 30, 2021	$	11.12		0.15		(0.15	)		—			(0.15	)		—			—		(0.15	)
Year Ended September 30, 2020	$	10.91		0.18		0.21			0.39			(0.18	)		—			—		(0.18	)
Year Ended September 30, 2019	$	10.43		0.23		0.48			0.71			(0.23	)		—			—		(0.23	)
Year Ended September 30, 2018	$	10.78		0.24		(0.35	)		(0.11	)		(0.24	)		—			—		(0.24	)
Year Ended September 30, 2017	$	11.08		0.23		(0.27	)		(0.04	)		(0.22	)		(0.04	)		—		(0.26	)
Sterling Capital South Carolina Intermediate Tax-Free Fund
Six Months Ended March 31, 2022 (Unaudited)	$	11.40		0.09		(0.64	)		(0.55	)		(0.09	)		—			—		(0.09	)
Year Ended September 30, 2021	$	11.47		0.17		(0.07	)		0.10			(0.17	)		—			—		(0.17	)
Year Ended September 30, 2020	$	11.27		0.20		0.20			0.40			(0.20	)		—			—		(0.20	)
Year Ended September 30, 2019	$	10.77		0.21		0.50			0.71			(0.21	)		—			—		(0.21	)
Year Ended September 30, 2018	$	11.10		0.20		(0.33	)		(0.13	)		(0.20	)		—			—		(0.20	)
Year Ended September 30, 2017	$	11.30		0.20		(0.20	)		—			(0.20	)		—			—		(0.20	)
Sterling Capital Virginia Intermediate Tax-Free Fund
Six Months Ended March 31, 2022 (Unaudited)	$	11.98		0.07		(0.67	)		(0.60	)		(0.07	)		(0.01	)		—		(0.08	)
Year Ended September 30, 2021	$	12.23		0.16		(0.22	)		(0.06	)		(0.16	)		(0.03	)		—		(0.19	)
Year Ended September 30, 2020	$	11.98		0.20		0.25			0.45			(0.20	)		—			—		(0.20	)
Year Ended September 30, 2019	$	11.40		0.23		0.58			0.81			(0.23	)		—			—		(0.23	)
Year Ended September 30, 2018	$	11.76		0.23		(0.36	)		(0.13	)		(0.23	)		—			—		(0.23	)
Year Ended September 30, 2017	$	12.13		0.23		(0.28	)		(0.05	)		(0.23	)		(0.09	)		—		(0.32	)
Sterling Capital West Virginia Intermediate Tax-Free Fund
Six Months Ended March 31, 2022 (Unaudited)	$	10.20		0.07		(0.50	)		(0.43	)		(0.07	)		—	(d)		—		(0.07	)
Year Ended September 30, 2021	$	10.29		0.16		(0.08	)		0.08			(0.16	)		(0.01	)		—		(0.17	)
Year Ended September 30, 2020	$	10.12		0.19		0.18			0.37			(0.19	)		(0.01	)		—		(0.20	)
Year Ended September 30, 2019	$	9.72		0.22		0.42			0.64			(0.22	)		(0.02	)		—		(0.24	)
Year Ended September 30, 2018	$	10.04		0.21		(0.31	)		(0.10	)		(0.21	)		(0.01	)		—		(0.22	)
Year Ended September 30, 2017	$	10.27		0.21		(0.18	)		0.03			(0.21	)		(0.05	)		—		(0.26	)

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

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

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

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

(c) Annualized for periods less than one year.

(d) Amount is less than $0.005.

See accompanying Notes to the Financial Statements.

106

					Ratios/Supplementary Data
Net Asset Value, End of Period		Total Return (excludes sales charge)(b)		��	Net Assets, End of Period (000)		Ratio of net expenses to average net assets(c)			Ratio of net investment income (loss) to average net assets(c)			Ratio of expenses to average net assets*(c)			Portfolio turnover rate**(b)
$	10.37		(4.82	)%	$	27,278		0.80	%		1.37	%		0.80	%		26.20	%
$	10.97		(0.01	)%	$	31,234		0.80	%		1.34	%		0.80	%		7.97	%
$	11.12		3.64	%	$	33,648		0.79	%		1.68	%		0.79	%		17.06	%
$	10.91		6.84	%	$	38,587		0.80	%		2.12	%		0.80	%		33.12	%
$	10.43		(1.06	)%	$	36,857		0.79	%		2.23	%		0.79	%		22.06	%
$	10.78		(0.31	)%	$	45,357		0.79	%		2.09	%		0.83	%		25.92	%
$	10.76		(4.88	)%	$	8,914		0.83	%		1.54	%		0.83	%		8.43	%
$	11.40		0.86	%	$	11,204		0.81	%		1.44	%		0.81	%		20.23	%
$	11.47		3.58	%	$	11,926		0.81	%		1.76	%		0.81	%		4.84	%
$	11.27		6.62	%	$	12,478		0.81	%		1.88	%		0.81	%		23.84	%
$	10.77		(1.15	)%	$	13,864		0.80	%		1.85	%		0.80	%		27.71	%
$	11.10		0.01	%	$	15,832		0.81	%		1.78	%		0.84	%		31.17	%
$	11.30		(4.98	)%	$	14,908		0.82	%		1.25	%		0.82	%		16.87	%
$	11.98		(0.52	)%	$	17,292		0.81	%		1.31	%		0.81	%		8.98	%
$	12.23		3.80	%	$	17,446		0.81	%		1.67	%		0.81	%		15.44	%
$	11.98		7.13	%	$	17,795		0.81	%		1.94	%		0.81	%		24.57	%
$	11.40		(1.14	)%	$	20,842		0.80	%		1.96	%		0.80	%		21.08	%
$	11.76		(0.39	)%	$	27,481		0.80	%		1.93	%		0.84	%		23.25	%
$	9.70		(4.22	)%	$	25,652		0.81	%		1.42	%		0.81	%		1.97	%
$	10.20		0.72	%	$	27,208		0.81	%		1.53	%		0.81	%		8.56	%
$	10.29		3.66	%	$	27,866		0.81	%		1.84	%		0.81	%		3.28	%
$	10.12		6.59	%	$	22,389		0.81	%		2.18	%		0.81	%		33.73	%
$	9.72		(0.98	)%	$	23,833		0.80	%		2.14	%		0.80	%		17.53	%
$	10.04		0.28	%	$	30,134		0.81	%		2.08	%		0.85	%		21.00	%

107

Sterling Capital Funds

Financial Highlights, Class 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									Distributions
	Net Asset Value, Beginning of Period		Net investment income (loss)(a)			Net realized/ unrealized gains (losses) on investments			Total from Investment Activities			Net investment income			Net realized gains on investments			Return of capital			Total Distributions
Sterling Capital Behavioral Large Cap Value Equity Fund
Six Months Ended March 31, 2022 (Unaudited)	$	21.88		0.09			1.75			1.84			(0.11	)		—			—			(0.11	)
Year Ended September 30, 2021	$	16.17		(0.04	)		5.92			5.88			(0.03	)		—			(0.14	)		(0.17	)
Year Ended September 30, 2020	$	18.88		0.21			(1.99	)		(1.78	)		(0.35	)		(0.58	)		—			(0.93	)
Year Ended September 30, 2019	$	21.67		0.24			(1.04	)		(0.80	)		(0.24	)		(1.75	)		—			(1.99	)
Year Ended September 30, 2018	$	20.13		0.15			1.86			2.01			(0.28	)		(0.19	)		—			(0.47	)
Year Ended September 30, 2017	$	17.20		0.21			2.87			3.08			(0.15	)		—			—			(0.15	)
Sterling Capital Mid Value Fund
Six Months Ended March 31, 2022 (Unaudited)	$	16.86		(0.07	)		0.98			0.91			—			(1.64	)		—			(1.64	)
Year Ended September 30, 2021	$	11.85		(0.13	)		5.14			5.01			—			—			—			—
Year Ended September 30, 2020	$	13.83		(0.07	)		(0.68	)		(0.75	)		(0.10	)		(1.13	)		—			(1.23	)
Year Ended September 30, 2019	$	16.86		(0.07	)		(0.70	)		(0.77	)		—			(2.26	)		—			(2.26	)
Year Ended September 30, 2018	$	16.76		(0.15	)		1.09			0.94			—			(0.84	)		—			(0.84	)
Year Ended September 30, 2017	$	15.12		(0.14	)		2.31			2.17			—			(0.53	)		—			(0.53	)
Sterling Capital Behavioral Small Cap Value Equity Fund
Six Months Ended March 31, 2022 (Unaudited)	$	18.46		—	(d)		1.14			1.14			—			(0.28	)		—			(0.28	)
Year Ended September 30, 2021	$	11.28		0.01			7.17			7.18			—			—			—			—
Year Ended September 30, 2020	$	13.94		0.01			(2.56	)		(2.55	)		(0.11	)		—			—			(0.11	)
Year Ended September 30, 2019	$	17.89		0.06			(1.98	)		(1.92	)		(0.05	)		(1.98	)		—			(2.03	)
Year Ended September 30, 2018	$	17.69		0.03			0.82			0.85			—			(0.65	)		—			(0.65	)
Year Ended September 30, 2017	$	14.70		(0.02	)		3.07			3.05			(0.06	)		—			—			(0.06	)
Sterling Capital Special Opportunities Fund
Six Months Ended March 31, 2022 (Unaudited)	$	26.39		(0.14	)		0.73			0.59			—			(4.11	)		—			(4.11	)
Year Ended September 30, 2021	$	19.67		(0.27	)		7.32			7.05			—			(0.33	)		—			(0.33	)
Year Ended September 30, 2020	$	20.04		(0.15	)		1.11			0.96			—			(1.33	)		—			(1.33	)
Year Ended September 30, 2019	$	21.98		(0.14	)		0.06			(0.08	)		—			(1.86	)		—			(1.86	)
Year Ended September 30, 2018	$	20.88		(0.14	)		3.29			3.15			(0.11	)		(1.94	)		—			(2.05	)
Year Ended September 30, 2017	$	18.54		(0.13	)		2.88			2.75			—			(0.41	)		—			(0.41	)
Sterling Capital Equity Income Fund
Six Months Ended March 31, 2022 (Unaudited)	$	26.32		0.08			2.00			2.08			(0.09	)		(0.48	)		—			(0.57	)
Year Ended September 30, 2021	$	19.83		0.10			6.47			6.57			(0.08	)		—			—			(0.08	)
Year Ended September 30, 2020	$	21.05		0.21			(0.38	)		(0.17	)		(0.21	)		(0.84	)		—			(1.05	)
Year Ended September 30, 2019	$	21.34		0.24			1.21			1.45			(0.22	)		(1.52	)		—			(1.74	)
Year Ended September 30, 2018	$	20.66		0.19			2.62			2.81			(0.18	)		(1.95	)		—			(2.13	)
Year Ended September 30, 2017	$	18.14		0.20			2.56			2.76			(0.22	)		(0.02	)		—			(0.24	)
Sterling Capital Behavioral International Equity Fund
Six Months Ended March 31, 2022 (Unaudited)	$	9.69		0.09			(0.37	)		(0.28	)		(0.36	)		—			—			(0.36	)
Year Ended September 30, 2021	$	8.06		0.19			1.60			1.79			(0.16	)		—			—			(0.16	)
Year Ended September 30, 2020	$	9.37		0.18			(1.31	)		(1.13	)		(0.18	)		—			—			(0.18	)
Year Ended September 30, 2019	$	11.06		0.26			(1.33	)		(1.07	)		(0.22	)		(0.40	)		—			(0.62	)
Year Ended September 30, 2018	$	11.64		0.25			(0.48	)		(0.23	)		(0.24	)		(0.11	)		—			(0.35	)
Year Ended September 30, 2017	$	9.62		0.15			1.96			2.11			(0.09	)		—			—			(0.09	)

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

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

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

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

(c) Annualized for periods less than one year.

(d) Amount is less than $0.005.

See accompanying Notes to the Financial Statements.

108

					Ratios/Supplementary Data
Net Asset Value, End of Period		Total Return (excludes sales charge)(b)			Net Assets, End of Period (000)		Ratio of net expenses to average net assets(c)			Ratio of net investment income (loss) to average net assets(c)			Ratio of expenses to average net assets*(c)			Portfolio turnover rate**(b)
$	23.61		8.38	%	$	317		1.70	%		0.78	%		1.76	%		63.25	%
$	21.88		36.56	%	$	304		1.60	%		(0.22	)%		1.79	%		122.64	%
$	16.17		(9.81	)%	$	567		1.64	%		1.26	%		1.71	%		167.34	%
$	18.88		(3.08	)%	$	634		1.64	%		1.29	%		1.64	%		142.59	%
$	21.67		10.11	%	$	887		1.62	%		0.69	%		1.62	%		127.89	%
$	20.13		18.00	%	$	966		1.64	%		1.12	%		1.64	%		144.85	%
$	16.13		5.56	%	$	745		1.88	%		(0.84	)%		1.88	%		14.55	%
$	16.86		42.28	%	$	1,101		1.87	%		(0.85	)%		1.90	%		34.00	%
$	11.85		(6.46	)%	$	1,584		1.88	%		(0.61	)%		2.02	%		28.77	%
$	13.83		(3.52	)%	$	2,826		1.93	%		(0.46	)%		1.93	%		26.62	%
$	16.86		5.72	%	$	4,097		1.92	%		(0.91	)%		1.92	%		34.62	%
$	16.76		14.58	%	$	4,363		1.90	%		(0.87	)%		1.90	%		24.83	%
$	19.32		6.19	%	$	38		1.82	%		0.01	%		1.82	%		40.02	%
$	18.46		63.65	%	$	38		1.82	%		0.04	%		1.82	%		110.07	%
$	11.28		(18.47	)%	$	100		1.81	%		0.05	%		1.83	%		119.76	%
$	13.94		(10.28	)%	$	150		1.80	%		0.43	%		1.80	%		124.82	%
$	17.89		4.88	%	$	180		1.78	%		0.17	%		1.78	%		89.85	%
$	17.69		20.73	%	$	191		1.80	%		(0.10	)%		1.85	%		109.05	%
$	22.87		1.74	%	$	44,198		1.87	%		(1.18	)%		1.87	%		10.67	%
$	26.39		36.19	%	$	52,182		1.86	%		(1.11	)%		1.87	%		27.20	%
$	19.67		4.73	%	$	60,777		1.86	%		(0.79	)%		1.86	%		17.50	%
$	20.04		0.48	%	$	83,451		1.86	%		(0.71	)%		1.86	%		17.31	%
$	21.98		16.27	%	$	144,100		1.86	%		(0.70	)%		1.86	%		22.78	%
$	20.88		15.08	%	$	149,892		1.87	%		(0.68	)%		1.87	%		18.92	%
$	27.83		7.94	%	$	79,587		1.77	%		0.60	%		1.77	%		9.95	%
$	26.32		33.15	%	$	81,338		1.78	%		0.42	%		1.79	%		13.00	%
$	19.83		(0.85	)%	$	119,475		1.77	%		1.04	%		1.78	%		33.60	%
$	21.05		7.66	%	$	158,353		1.77	%		1.17	%		1.77	%		23.20	%
$	21.34		14.41	%	$	207,659		1.77	%		0.91	%		1.77	%		19.49	%
$	20.66		15.36	%	$	234,108		1.78	%		1.03	%		1.78	%		16.93	%
$	9.05		(3.08	)%	$	53		1.66	%		1.82	%		1.66	%		55.95	%
$	9.69		22.44	%	$	54		1.67	%		1.99	%		1.73	%		158.16	%
$	8.06		(12.41	)%	$	44		1.63	%		2.03	%		1.83	%		164.02	%
$	9.37		(9.44	)%	$	63		1.69	%		2.68	%		1.89	%		97.74	%
$	11.06		(2.18	)%	$	61		1.65	%		2.15	%		1.85	%		96.65	%
$	11.64		22.19	%	$	59		1.68	%		1.44	%		1.94	%		91.65	%

109

Sterling Capital Funds

Financial Highlights, Class 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									Distributions
	Net Asset Value, Beginning of Period		Net investment income (loss)(a)			Net realized/ unrealized gains (losses) on investments			Total from Investment Activities			Net investment income			Net realized gains on investments			Return of capital		Total Distributions
Sterling Capital SMID Opportunities Fund
Six Months Ended March 31, 2022 (Unaudited)	$	15.54		(0.08	)		0.49			0.41			—			(1.40	)		—		(1.40	)
Year Ended September 30, 2021	$	12.12		(0.17	)		3.59			3.42			—			—			—		—
Year Ended September 30, 2020	$	12.99		(0.11	)		(0.13	)		(0.24	)		—			(0.63	)		—		(0.63	)
Year Ended September 30, 2019	$	12.30		(0.11	)		0.80			0.69			—			—			—		—
Year Ended September 30, 2018	$	11.67		(0.13	)		0.96			0.83			(0.02	)		(0.18	)		—		(0.20	)
Year Ended September 30, 2017	$	10.00		(0.09	)		1.76			1.67			—			—			—		—
Sterling Capital Mid Cap Relative Value Fund
Six Months Ended March 31, 2022 (Unaudited)	$	76.32		(0.17	)		2.29			2.12			—			(5.97	)		—		(5.97	)
Year Ended September 30, 2021	$	57.24		(0.17	)		19.48			19.31			—			(0.23	)		—		(0.23	)
Year Ended September 30, 2020	$	62.48		(0.12	)		(3.60	)		(3.72	)		(0.01	)		(1.51	)		—		(1.52	)
Year Ended September 30, 2019	$	67.46		(0.12	)		0.16			0.04			—			(5.02	)		—		(5.02	)
Year Ended September 30, 2018	$	65.40		(0.42	)		4.77			4.35			—			(2.29	)		—		(2.29	)
Year Ended September 30, 2017	$	55.55		(0.41	)		10.53			10.12			—			(0.27	)		—		(0.27	)
Sterling Capital Real Estate Fund
Six Months Ended March 31, 2022 (Unaudited)	$	45.65		(0.27	)		3.97			3.70			(0.06	)		(2.99	)		—		(3.05	)
Year Ended September 30, 2021	$	36.33		0.03			10.37			10.40			(0.26	)		(0.82	)		—		(1.08	)
Year Ended September 30, 2020	$	42.06		0.22			(3.94	)		(3.72	)		(0.49	)		(1.52	)		—		(2.01	)
Year Ended September 30, 2019	$	37.40		0.42			5.99			6.41			(0.51	)		(1.24	)		—		(1.75	)
Year Ended September 30, 2018	$	36.91		0.51			1.45			1.96			(0.25	)		(1.22	)		—		(1.47	)
Year Ended September 30, 2017	$	39.50		0.43			(0.49	)		(0.06	)		(0.78	)		(1.75	)		—		(2.53	)
Sterling Capital Small Cap Value Fund
Six Months Ended March 31, 2022 (Unaudited)	$	79.47		(0.32	)		4.72			4.40			—			(17.27	)		—		(17.27	)
Year Ended September 30, 2021	$	61.56		(0.58	)		29.71			29.13			—			(11.22	)		—		(11.22	)
Year Ended September 30, 2020	$	75.87		(0.24	)		(9.11	)		(9.35	)		(0.03	)		(4.93	)		—		(4.96	)
Year Ended September 30, 2019	$	86.92		(0.19	)		(4.96	)		(5.15	)		—			(5.90	)		—		(5.90	)
Year Ended September 30, 2018	$	88.75		(0.62	)		6.48			5.86			—			(7.69	)		—		(7.69	)
Year Ended September 30, 2017	$	77.88		(0.64	)		15.61			14.97			—			(4.10	)		—		(4.10	)
Sterling Capital Short Duration Bond Fund
Six Months Ended March 31, 2022 (Unaudited)	$	8.68		0.01			(0.29	)		(0.28	)		(0.05	)		—			—		(0.05	)
Year Ended September 30, 2021	$	8.77		0.04			(0.01	)		0.03			(0.12	)		—			—		(0.12	)
Year Ended September 30, 2020	$	8.64		0.11			0.15			0.26			(0.13	)		—			—		(0.13	)
Year Ended September 30, 2019	$	8.51		0.14			0.16			0.30			(0.17	)		—			—		(0.17	)
Year Ended September 30, 2018	$	8.69		0.09			(0.12	)		(0.03	)		(0.15	)		—			—		(0.15	)
Year Ended September 30, 2017	$	8.80		0.03			—			0.03			(0.14	)		—			—		(0.14	)

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

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

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

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

(c) Annualized for periods less than one year.

See accompanying Notes to the Financial Statements.

110

					Ratios/Supplementary Data
Net Asset Value, End of Period		Total Return (excludes sales charge)(b)			Net Assets, End of Period (000)		Ratio of net expenses to average net assets(c)			Ratio of net investment income (loss) to average net assets(c)			Ratio of expenses to average net assets*(c)			Portfolio turnover rate**(b)
$	14.55		2.34	%	$	1,253		1.79	%		(1.00	)%		2.12	%		9.01	%
$	15.54		28.22	%	$	1,513		1.79	%		(1.17	)%		2.06	%		33.93	%
$	12.12		(2.22	)%	$	1,250		1.79	%		(0.97	)%		2.09	%		60.03	%
$	12.99		5.61	%	$	1,188		1.79	%		(0.95	)%		2.19	%		45.11	%
$	12.30		7.25	%	$	1,476		1.79	%		(1.13	)%		2.04	%		45.64	%
$	11.67		16.70	%	$	1,414		1.79	%		(0.80	)%		2.38	%		37.97	%
$	72.47		2.52	%	$	4		1.73	%		(0.45	)%		1.73	%		4.53	%
$	76.32		33.80	%	$	3		1.85	%		(0.23	)%		1.85	%		8.23	%
$	57.24		(6.21	)%	$	1		1.92	%		(0.20	)%		1.92	%		9.21	%
$	62.48		1.03	%	$	1		1.95	%		(0.21	)%		1.95	%		6.75	%
$	67.46		6.70	%	$	1		1.95	%		(0.63	)%		1.95	%		14.47	%
$	65.40		18.27	%	$	1		1.89	%		(0.68	)%		1.89	%		12.19	%
$	46.30		7.98	%	$	196		1.81	%		(1.19	)%		1.81	%		5.86	%
$	45.65		29.14	%	$	182		1.81	%		0.08	%		1.81	%		12.68	%
$	36.33		(9.02	)%	$	192		1.83	%		0.58	%		1.83	%		19.58	%
$	42.06		17.88	%	$	205		1.82	%		1.08	%		1.82	%		14.56	%
$	37.40		5.38	%	$	98		1.82	%		1.41	%		1.82	%		8.34	%
$	36.91		0.16	%	$	64		1.79	%		1.18	%		1.80	%		13.52	%
$	66.60		4.70	%	$	440		1.99	%		(0.89	)%		1.99	%		4.75	%
$	79.47		51.27	%	$	375		1.98	%		(0.75	)%		2.01	%		6.15	%
$	61.56		(13.46	)%	$	245		2.00	%		(0.35	)%		2.08	%		8.33	%
$	75.87		(5.49	)%	$	279		2.03	%		(0.25	)%		2.08	%		8.60	%
$	86.92		6.90	%	$	112		2.03	%		(0.71	)%		2.06	%		15.51	%
$	88.75		19.55	%	$	107		2.06	%		0.78	%		2.06	%		7.04	%
$	8.35		(3.25	)%	$	687		1.46	%		0.20	%		1.46	%		34.31	%
$	8.68		0.29	%	$	988		1.43	%		0.40	%		1.46	%		39.26	%
$	8.77		3.09	%	$	893		1.42	%		1.21	%		1.52	%		64.69	%
$	8.64		3.52	%	$	1,052		1.43	%		1.68	%		1.53	%		78.58	%
$	8.51		(0.32	)%	$	1,091		1.43	%		1.07	%		1.53	%		62.02	%
$	8.69		0.38	%	$	1,546		1.45	%		0.37	%		1.55	%		78.77	%

111

Sterling Capital Funds

Financial Highlights, Class 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									Distributions
	Net Asset Value, Beginning of Period		Net investment income (loss)(a)			Net realized/ unrealized gains (losses) on investments			Total from Investment Activities			Net investment income			Net realized gains on investments			Return of capital		Total Distributions
Sterling Capital Intermediate U.S. Government Fund
Six Months Ended March 31, 2022 (Unaudited)	$	9.76		—	(d)		(0.55	)		(0.55	)		(0.06	)		—			—		(0.06	)
Year Ended September 30, 2021	$	10.11		(0.01	)		(0.19	)		(0.20	)		(0.15	)		—			—		(0.15	)
Year Ended September 30, 2020	$	9.91		0.09			0.28			0.37			(0.17	)		—			—		(0.17	)
Year Ended September 30, 2019	$	9.47		0.13			0.48			0.61			(0.17	)		—			—		(0.17	)
Year Ended September 30, 2018	$	9.89		0.09			(0.32	)		(0.23	)		(0.19	)		—			—		(0.19	)
Year Ended September 30, 2017	$	10.22		0.08			(0.28	)		(0.20	)		(0.13	)		—			—		(0.13	)
Sterling Capital Total Return Bond Fund
Six Months Ended March 31, 2022 (Unaudited)	$	11.06		0.04			(0.78	)		(0.74	)		(0.07	)		(0.09	)		—		(0.16	)
Year Ended September 30, 2021	$	11.40		0.09			(0.13	)		(0.04	)		(0.15	)		(0.15	)		—		(0.30	)
Year Ended September 30, 2020	$	10.90		0.16			0.54			0.70			(0.20	)		—	(d)		—		(0.20	)
Year Ended September 30, 2019	$	10.21		0.22			0.70			0.92			(0.23	)		—			—		(0.23	)
Year Ended September 30, 2018	$	10.61		0.19			(0.37	)		(0.18	)		(0.22	)		—			—		(0.22	)
Year Ended September 30, 2017	$	10.83		0.15			(0.15	)		—			(0.22	)		—			—		(0.22	)
Sterling Capital Long Duration Corporate Bond Fund
Six Months Ended March 31, 2022 (Unaudited)	$	10.49		0.08			(0.98	)		(0.90	)		(0.08	)		(1.03	)		—		(1.11	)
Year Ended September 30, 2021	$	10.76		0.18			0.03			0.21			(0.18	)		(0.30	)		—		(0.48	)
Year Ended September 30, 2020	$	10.36		0.19			0.40			0.59			(0.19	)		—			—		(0.19	)
Year Ended September 30, 2019	$	9.80		0.24			0.55			0.79			(0.23	)		—			—		(0.23	)
Year Ended September 30, 2018	$	10.23		0.22			(0.36	)		(0.14	)		(0.22	)		(0.07	)		—		(0.29	)
Year Ended September 30, 2017	$	10.35		0.21			(0.08	)		0.13			(0.21	)		(0.04	)		—		(0.25	)
Sterling Capital Quality Income Fund
Six Months Ended March 31, 2022 (Unaudited)	$	10.03		0.02			(0.53	)		(0.51	)		(0.05	)		—			—		(0.05	)
Year Ended September 30, 2021	$	10.24		0.06			(0.15	)		(0.09	)		(0.12	)		—			—		(0.12	)
Year Ended September 30, 2020	$	10.08		0.17			0.16			0.33			(0.17	)		—			—		(0.17	)
Year Ended September 30, 2019	$	9.60		0.21			0.48			0.69			(0.21	)		—			—		(0.21	)
Year Ended September 30, 2018	$	9.93		0.19			(0.32	)		(0.13	)		(0.20	)		—			—		(0.20	)
Year Ended September 30, 2017	$	10.09		0.13			(0.12	)		0.01			(0.17	)		—			—		(0.17	)
Sterling Capital North Carolina Intermediate Tax-Free Fund
Six Months Ended March 31, 2022 (Unaudited)	$	10.96		0.03			(0.60	)		(0.57	)		(0.03	)		—			—		(0.03	)
Year Ended September 30, 2021	$	11.12		0.07			(0.16	)		(0.09	)		(0.07	)		—			—		(0.07	)
Year Ended September 30, 2020	$	10.90		0.10			0.22			0.32			(0.10	)		—			—		(0.10	)
Year Ended September 30, 2019	$	10.42		0.15			0.48			0.63			(0.15	)		—			—		(0.15	)
Year Ended September 30, 2018	$	10.77		0.16			(0.35	)		(0.19	)		(0.16	)		—			—		(0.16	)
Year Ended September 30, 2017	$	11.07		0.14			(0.26	)		(0.12	)		(0.14	)		(0.04	)		—		(0.18	)

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

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

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

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

(c) Annualized for periods less than one year.

(d) Amount is less than $0.005.

See accompanying Notes to the Financial Statements.

112

					Ratios/Supplementary Data
Net Asset Value, End of Period		Total Return (excludes sales charge)(b)			Net Assets, End of Period (000)		Ratio of net expenses to average net assets(c)			Ratio of net investment income (loss) to average net assets(c)			Ratio of expenses to average net assets*(c)			Portfolio turnover rate**(b)
$	9.15		(5.63	)%	$	105		1.46	%		(0.09	)%		1.65	%		5.86	%
$	9.76		(1.97	)%	$	124		1.43	%		(0.11	)%		1.61	%		71.31	%
$	10.11		3.78	%	$	309		1.54	%		0.93	%		1.70	%		47.36	%
$	9.91		6.48	%	$	378		1.56	%		1.37	%		1.66	%		40.13	%
$	9.47		(2.37	)%	$	488		1.66	%		0.98	%		1.67	%		40.85	%
$	9.89		(1.94	)%	$	577		1.62	%		0.80	%		1.66	%		32.44	%
$	10.16		(6.81	)%	$	4,447		1.45	%		0.77	%		1.48	%		25.51	%
$	11.06		(0.31	)%	$	5,378		1.45	%		0.78	%		1.51	%		48.80	%
$	11.40		6.53	%	$	8,332		1.45	%		1.44	%		1.57	%		59.59	%
$	10.90		9.17	%	$	8,266		1.45	%		2.11	%		1.58	%		79.40	%
$	10.21		(1.73	)%	$	7,464		1.45	%		1.81	%		1.57	%		62.28	%
$	10.61		0.00	%	$	7,582		1.47	%		1.38	%		1.57	%		64.07	%
$	8.48		(9.43	)%	$	3		1.69	%		1.81	%		1.87	%		179.30	%
$	10.49		1.98	%	$	3		1.72	%		1.70	%		1.88	%		47.29	%
$	10.76		5.80	%	$	3		1.64	%		1.86	%		1.65	%		52.28	%
$	10.36		8.18	%	$	3		1.68	%		2.36	%		1.68	%		82.23	%
$	9.80		(1.44	)%	$	42		1.63	%		2.19	%		1.63	%		66.82	%
$	10.23		1.30	%	$	43		1.64	%		2.09	%		1.64	%		78.79	%
$	9.47		(5.14	)%	$	4		1.49	%		0.42	%		1.51	%		31.08	%
$	10.03		(0.92	)%	$	3		1.57	%		0.58	%		1.59	%		73.60	%
$	10.24		3.34	%	$	3		1.57	%		1.63	%		1.61	%		35.96	%
$	10.08		7.21	%	$	34		1.60	%		2.15	%		1.64	%		17.58	%
$	9.60		(1.27	)%	$	33		1.58	%		1.97	%		1.62	%		19.17	%
$	9.93		0.12	%	$	34		1.60	%		1.31	%		1.64	%		34.72	%
$	10.36		(5.18	)%	$	1,205		1.55	%		0.62	%		1.55	%		26.20	%
$	10.96		(0.85	)%	$	1,542		1.55	%		0.60	%		1.55	%		7.97	%
$	11.12		2.96	%	$	2,793		1.54	%		0.92	%		1.54	%		17.06	%
$	10.90		6.05	%	$	2,878		1.55	%		1.38	%		1.55	%		33.12	%
$	10.42		(1.80	)%	$	3,359		1.54	%		1.48	%		1.54	%		22.06	%
$	10.77		(1.06	)%	$	4,591		1.54	%		1.34	%		1.58	%		25.92	%

113

Sterling Capital Funds

Financial Highlights, Class 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								Distributions
	Net Asset Value, Beginning of Period		Net investment income(a)		Net realized/ unrealized gains (losses) on investments			Total from Investment Activities			Net investment income			Net realized gains on investments			Return of capital		Total Distributions
Sterling Capital South Carolina Intermediate Tax-Free Fund
Six Months Ended March 31, 2022 (Unaudited)	$	11.39		0.04		(0.63	)		(0.59	)		(0.04	)		—			—		(0.04	)
Year Ended September 30, 2021	$	11.46		0.08		(0.07	)		0.01			(0.08	)		—			—		(0.08	)
Year Ended September 30, 2020	$	11.27		0.11		0.19			0.30			(0.11	)		—			—		(0.11	)
Year Ended September 30, 2019	$	10.76		0.12		0.51			0.63			(0.12	)		—			—		(0.12	)
Year Ended September 30, 2018	$	11.10		0.12		(0.34	)		(0.22	)		(0.12	)		—			—		(0.12	)
Year Ended September 30, 2017	$	11.30		0.11		(0.20	)		(0.09	)		(0.11	)		—			—		(0.11	)
Sterling Capital Virginia Intermediate Tax-Free Fund
Six Months Ended March 31, 2022 (Unaudited)	$	11.97		0.03		(0.66	)		(0.63	)		(0.03	)		(0.01	)		—		(0.04	)
Year Ended September 30, 2021	$	12.22		0.07		(0.22	)		(0.15	)		(0.07	)		(0.03	)		—		(0.10	)
Year Ended September 30, 2020	$	11.97		0.11		0.25			0.36			(0.11	)		—			—		(0.11	)
Year Ended September 30, 2019	$	11.40		0.14		0.57			0.71			(0.14	)		—			—		(0.14	)
Year Ended September 30, 2018	$	11.76		0.14		(0.36	)		(0.22	)		(0.14	)		—			—		(0.14	)
Year Ended September 30, 2017	$	12.13		0.14		(0.28	)		(0.14	)		(0.14	)		(0.09	)		—		(0.23	)
Sterling Capital West Virginia Intermediate Tax-Free Fund
Six Months Ended March 31, 2022 (Unaudited)	$	10.20		0.03		(0.49	)		(0.46	)		(0.03	)		—	(d)		—		(0.03	)
Year Ended September 30, 2021	$	10.30		0.09		(0.10	)		(0.01	)		(0.08	)		(0.01	)		—		(0.09	)
Year Ended September 30, 2020	$	10.13		0.11		0.18			0.29			(0.11	)		(0.01	)		—		(0.12	)
Year Ended September 30, 2019	$	9.72		0.14		0.43			0.57			(0.14	)		(0.02	)		—		(0.16	)
Year Ended September 30, 2018	$	10.05		0.14		(0.32	)		(0.18	)		(0.14	)		(0.01	)		—		(0.15	)
Year Ended September 30, 2017	$	10.27		0.13		(0.17	)		(0.04	)		(0.13	)		(0.05	)		—		(0.18	)

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

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

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

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

(c) Annualized for periods less than one year.

(d) Amount is less than $0.005.

See accompanying Notes to the Financial Statements.

114

					Ratios/Supplementary Data
Net Asset Value, End of Period		Total Return (excludes sales charge)(b)			Net Assets, End of Period (000)		Ratio of net expenses to average net assets(c)			Ratio of net investment income (loss) to average net assets(c)			Ratio of expenses to average net assets*(c)			Portfolio turnover rate**(b)
$	10.76		(5.15	)%	$	399		1.58	%		0.79	%		1.58	%		8.43	%
$	11.39		0.10	%	$	603		1.56	%		0.72	%		1.56	%		20.23	%
$	11.46		2.72	%	$	955		1.56	%		1.01	%		1.56	%		4.84	%
$	11.27		5.93	%	$	978		1.56	%		1.13	%		1.56	%		23.84	%
$	10.76		(1.98	)%	$	991		1.55	%		1.11	%		1.55	%		27.71	%
$	11.10		(0.74	)%	$	1,440		1.56	%		1.04	%		1.59	%		31.17	%
$	11.30		(5.25	)%	$	20		1.57	%		0.51	%		1.57	%		16.87	%
$	11.97		(1.27	)%	$	57		1.57	%		0.58	%		1.57	%		8.98	%
$	12.22		3.03	%	$	780		1.56	%		0.92	%		1.56	%		15.44	%
$	11.97		6.25	%	$	822		1.56	%		1.19	%		1.56	%		24.57	%
$	11.40		(1.87	)%	$	844		1.55	%		1.22	%		1.55	%		21.08	%
$	11.76		(1.14	)%	$	935		1.55	%		1.18	%		1.59	%		23.25	%
$	9.71		(4.47	)%	$	24		1.55	%		0.68	%		1.55	%		1.97	%
$	10.20		(0.13	)%	$	25		1.56	%		0.83	%		1.56	%		8.56	%
$	10.30		2.89	%	$	304		1.56	%		1.10	%		1.56	%		3.28	%
$	10.13		5.90	%	$	335		1.56	%		1.45	%		1.56	%		33.73	%
$	9.72		(1.82	)%	$	726		1.55	%		1.39	%		1.55	%		17.53	%
$	10.05		(0.38	)%	$	739		1.56	%		1.34	%		1.59	%		21.00	%

115

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									Distributions
	Net Asset Value, Beginning of Period		Net investment income (loss)(a)			Net realized/ unrealized gains (losses) on investments			Total from Investment Activities			Net investment income			Net realized gains on investments			Return of capital			Total Distributions
Sterling Capital Behavioral Large Cap Value Equity Fund
Six Months Ended March 31, 2022 (Unaudited)	$	22.96		0.22			1.83			2.05			(0.26	)		—			—			(0.26	)
Year Ended September 30, 2021	$	16.83		0.09			6.24			6.33			(0.04	)		—			(0.16	)		(0.20	)
Year Ended September 30, 2020	$	19.62		0.41			(2.10	)		(1.69	)		(0.52	)		(0.58	)		—			(1.10	)
Year Ended September 30, 2019	$	22.43		0.44			(1.07	)		(0.63	)		(0.43	)		(1.75	)		—			(2.18	)
Year Ended September 30, 2018	$	20.82		0.33			1.97			2.30			(0.50	)		(0.19	)		—			(0.69	)
Year Ended September 30, 2017	$	17.78		0.41			2.98			3.39			(0.35	)		—			—			(0.35	)
Sterling Capital Mid Value Fund
Six Months Ended March 31, 2022 (Unaudited)	$	20.51		0.01			1.20			1.21			(0.01	)		(1.64	)		—			(1.65	)
Year Ended September 30, 2021	$	14.33		0.03			6.22			6.25			(0.07	)		—			—			(0.07	)
Year Ended September 30, 2020	$	16.46		0.06			(0.81	)		(0.75	)		(0.25	)		(1.13	)		—			(1.38	)
Year Ended September 30, 2019	$	19.42		0.08			(0.77	)		(0.69	)		(0.01	)		(2.26	)		—			(2.27	)
Year Ended September 30, 2018	$	19.00		0.01			1.26			1.27			(0.01	)		(0.84	)		—			(0.85	)
Year Ended September 30, 2017	$	16.92		0.03			2.59			2.62			(0.01	)		(0.53	)		—			(0.54	)
Sterling Capital Behavioral Small Cap Value Equity Fund
Six Months Ended March 31, 2022 (Unaudited)	$	19.58		0.09			1.22			1.31			(0.20	)		(0.28	)		—			(0.48	)
Year Ended September 30, 2021	$	11.95		0.16			7.60			7.76			(0.13	)		—			—			(0.13	)
Year Ended September 30, 2020	$	14.66		0.13			(2.69	)		(2.56	)		(0.15	)		—			—			(0.15	)
Year Ended September 30, 2019	$	18.82		0.21			(2.09	)		(1.88	)		(0.30	)		(1.98	)		—			(2.28	)
Year Ended September 30, 2018	$	18.55		0.19			0.89			1.08			(0.16	)		(0.65	)		—			(0.81	)
Year Ended September 30, 2017	$	15.30		0.17			3.18			3.35			(0.10	)		—			—			(0.10	)
Sterling Capital Special Opportunities Fund
Six Months Ended March 31, 2022 (Unaudited)	$	35.59		(0.03	)		0.94			0.91			—			(4.11	)		—			(4.11	)
Year Ended September 30, 2021	$	26.20		(0.03	)		9.79			9.76			(0.04	)		(0.33	)		—			(0.37	)
Year Ended September 30, 2020	$	26.07		0.06			1.45			1.51			(0.05	)		(1.33	)		—			(1.38	)
Year Ended September 30, 2019	$	27.73		0.08			0.12	��		0.20			—	(d)		(1.86	)		—			(1.86	)
Year Ended September 30, 2018	$	25.65		0.09			4.11			4.20			(0.18	)		(1.94	)		—			(2.12	)
Year Ended September 30, 2017	$	22.48		0.08			3.51			3.59			(0.01	)		(0.41	)		—			(0.42	)
Sterling Capital Equity Income Fund
Six Months Ended March 31, 2022 (Unaudited)	$	26.66		0.22			2.03			2.25			(0.23	)		(0.48	)		—			(0.71	)
Year Ended September 30, 2021	$	20.10		0.35			6.56			6.91			(0.35	)		—			—			(0.35	)
Year Ended September 30, 2020	$	21.33		0.41			(0.39	)		0.02			(0.41	)		(0.84	)		—			(1.25	)
Year Ended September 30, 2019	$	21.61		0.44			1.23			1.67			(0.43	)		(1.52	)		—			(1.95	)
Year Ended September 30, 2018	$	20.89		0.40			2.66			3.06			(0.39	)		(1.95	)		—			(2.34	)
Year Ended September 30, 2017	$	18.34		0.39			2.60			2.99			(0.42	)		(0.02	)		—			(0.44	)

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

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

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

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

(c) Annualized for periods less than one year.

(d) Amount is less than $0.005.

See accompanying Notes to the Financial Statements.

116

					Ratios/Supplementary Data
Net Asset Value, End of Period		Total Return (excludes sales charge)(b)			Net Assets, End of Period (000)		Ratio of net expenses to average net assets(c)			Ratio of net investment income (loss) to average net assets(c)			Ratio of expenses to average net assets*(c)			Portfolio turnover rate**(b)
$	24.75		8.94	%	$	2,117		0.70	%		1.79	%		0.76	%		63.25	%
$	22.96		37.90	%	$	2,023		0.64	%		0.42	%		0.78	%		122.64	%
$	16.83		(8.96	)%	$	1,949		0.64	%		2.18	%		0.66	%		167.34	%
$	19.62		(2.08	)%	$	7,550		0.64	%		2.28	%		0.64	%		142.59	%
$	22.43		11.19	%	$	8,862		0.63	%		1.51	%		0.63	%		127.89	%
$	20.82		19.18	%	$	272,504		0.64	%		2.12	%		0.64	%		144.85	%
$	20.07		6.06	%	$	42,379		0.88	%		0.15	%		0.88	%		14.55	%
$	20.51		43.72	%	$	51,607		0.87	%		0.17	%		0.89	%		34.00	%
$	14.33		(5.50	)%	$	36,835		0.89	%		0.39	%		1.04	%		28.77	%
$	16.46		(2.54	)%	$	154,259		0.93	%		0.49	%		0.93	%		26.62	%
$	19.42		6.82	%	$	323,012		0.92	%		0.08	%		0.92	%		34.62	%
$	19.00		15.73	%	$	632,867		0.90	%		0.15	%		0.90	%		24.83	%
$	20.41		6.70	%	$	16,248		0.82	%		0.89	%		0.82	%		40.02	%
$	19.58		65.21	%	$	14,639		0.81	%		0.89	%		0.81	%		110.07	%
$	11.95		(17.64	)%	$	6,820		0.80	%		0.97	%		0.84	%		119.76	%
$	14.66		(9.32	)%	$	28,223		0.80	%		1.42	%		0.80	%		124.82	%
$	18.82		5.96	%	$	39,047		0.78	%		1.04	%		0.78	%		89.85	%
$	18.55		21.89	%	$	208,404		0.80	%		0.99	%		0.85	%		109.05	%
$	32.39		2.22	%	$	217,121		0.88	%		(0.17	)%		0.88	%		10.67	%
$	35.59		37.55	%	$	216,341		0.86	%		(0.11	)%		0.87	%		27.20	%
$	26.20		5.79	%	$	170,323		0.86	%		0.22	%		0.86	%		17.50	%
$	26.07		1.47	%	$	281,099		0.86	%		0.30	%		0.86	%		17.31	%
$	27.73		17.46	%	$	350,030		0.86	%		0.35	%		0.86	%		22.78	%
$	25.65		16.22	%	$	652,211		0.87	%		0.32	%		0.87	%		18.92	%
$	28.20		8.48	%	$	1,746,560		0.77	%		1.61	%		0.77	%		9.95	%
$	26.66		34.47	%	$	1,622,233		0.78	%		1.40	%		0.79	%		13.00	%
$	20.10		0.15	%	$	1,057,722		0.77	%		2.06	%		0.78	%		33.60	%
$	21.33		8.72	%	$	992,964		0.77	%		2.17	%		0.77	%		23.20	%
$	21.61		15.58	%	$	828,607		0.77	%		1.91	%		0.77	%		19.49	%
$	20.89		16.51	%	$	980,982		0.78	%		2.04	%		0.78	%		16.93	%

117

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									Distributions
	Net Asset Value, Beginning of Period		Net investment income (loss)(a)			Net realized/ unrealized gains (losses) on investments			Total from Investment Activities			Net investment income			Net realized gains on investments			Return of capital		Total Distributions
Sterling Capital Behavioral International Equity Fund
Six Months Ended March 31, 2022 (Unaudited)	$	9.81		0.13			(0.38	)		(0.25	)		(0.45	)		—			—		(0.45	)
Year Ended September 30, 2021	$	8.14		0.07			1.84			1.91			(0.24	)		—			—		(0.24	)
Year Ended September 30, 2020	$	9.49		0.27			(1.32	)		(1.05	)		(0.30	)		—			—		(0.30	)
Year Ended September 30, 2019	$	11.18		0.35			(1.33	)		(0.98	)		(0.31	)		(0.40	)		—		(0.71	)
Year Ended September 30, 2018	$	11.76		0.28			(0.40	)		(0.12	)		(0.35	)		(0.11	)		—		(0.46	)
Year Ended September 30, 2017	$	9.69		0.27			1.97			2.24			(0.17	)		—			—		(0.17	)
Sterling Capital SMID Opportunities Fund
Six Months Ended March 31, 2022 (Unaudited)	$	16.25		—	(d)		0.52			0.52			—			(1.40	)		—		(1.40	)
Year Ended September 30, 2021	$	12.55		(0.03	)		3.73			3.70			—			—			—		—
Year Ended September 30, 2020	$	13.31		—	(d)		(0.13	)		(0.13	)		—			(0.63	)		—		(0.63	)
Year Ended September 30, 2019	$	12.48		0.01			0.82			0.83			—			—			—		—
Year Ended September 30, 2018	$	11.77		(0.02	)		0.99			0.97			(0.08	)		(0.18	)		—		(0.26	)
Year Ended September 30, 2017	$	10.00		0.02			1.76			1.78			(0.01	)		—			—		(0.01	)
Sterling Capital Mid Cap Relative Value Fund
Six Months Ended March 31, 2022 (Unaudited)	$	78.92		0.19			2.36			2.55			(0.48	)		(5.97	)		—		(6.45	)
Year Ended September 30, 2021	$	58.95		0.45			20.09			20.54			(0.34	)		(0.23	)		—		(0.57	)
Year Ended September 30, 2020	$	64.31		0.40			(3.64	)		(3.24	)		(0.61	)		(1.51	)		—		(2.12	)
Year Ended September 30, 2019	$	69.02		0.45			0.15			0.60			(0.29	)		(5.02	)		—		(5.31	)
Year Ended September 30, 2018	$	66.47		0.27			4.87			5.14			(0.30	)		(2.29	)		—		(2.59	)
Year Ended September 30, 2017	$	55.97		0.19			10.66			10.85			(0.08	)		(0.27	)		—		(0.35	)
Sterling Capital Real Estate Fund
Six Months Ended March 31, 2022 (Unaudited)	$	46.19		(0.04	)		4.04			4.00			(0.28	)		(2.99	)		—		(3.27	)
Year Ended September 30, 2021	$	36.66		0.43			10.51			10.94			(0.59	)		(0.82	)		—		(1.41	)
Year Ended September 30, 2020	$	42.36		0.59			(3.97	)		(3.38	)		(0.80	)		(1.52	)		—		(2.32	)
Year Ended September 30, 2019	$	37.63		0.79			6.05			6.84			(0.87	)		(1.24	)		—		(2.11	)
Year Ended September 30, 2018	$	37.10		0.81			1.52			2.33			(0.58	)		(1.22	)		—		(1.80	)
Year Ended September 30, 2017	$	39.74		0.83			(0.53	)		0.30			(1.19	)		(1.75	)		—		(2.94	)
Sterling Capital Small Cap Value Fund
Six Months Ended March 31, 2022 (Unaudited)	$	83.58		0.04			4.95			4.99			(0.09	)		(17.27	)		—		(17.36	)
Year Ended September 30, 2021	$	64.04		0.17			31.01			31.18			(0.42	)		(11.22	)		—		(11.64	)
Year Ended September 30, 2020	$	78.38		0.41			(9.36	)		(8.95	)		(0.46	)		(4.93	)		—		(5.39	)
Year Ended September 30, 2019	$	89.11		0.49			(5.02	)		(4.53	)		(0.30	)		(5.90	)		—		(6.20	)
Year Ended September 30, 2018	$	90.19		0.26			6.60			6.86			(0.25	)		(7.69	)		—		(7.94	)
Year Ended September 30, 2017	$	78.46		0.16			15.81			15.97			(0.14	)		(4.10	)		—		(4.24	)

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

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

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

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

(c) Annualized for periods less than one year.

(d) Amount is less than $0.005.

See accompanying Notes to the Financial Statements.

118

								Ratios/Supplementary Data
Redemption Fees			Net Asset Value, End of Period		Total Return (excludes sales charge)(b)			Net Assets, End of Period (000)		Ratio of net expenses to average net assets(c)			Ratio of net investment income (loss) to average net assets(c)			Ratio of expenses to average net assets*(c)			Portfolio turnover rate**(b)
	—		$	9.11		(2.69	)%	$	637		0.66	%		2.80	%		0.66	%		55.95	%
	—		$	9.81		23.86	%	$	662		0.67	%		0.85	%		0.85	%		158.16	%
	—		$	8.14		(11.65	)%	$	13,670		0.63	%		3.09	%		0.83	%		164.02	%
	—		$	9.49		(8.44	)%	$	16,721		0.69	%		3.62	%		0.89	%		97.74	%
	—		$	11.18		(1.25	)%	$	19,266		0.65	%		2.33	%		0.85	%		96.65	%
	—		$	11.76		23.46	%	$	81,876		0.68	%		2.59	%		0.95	%		91.65	%
	—		$	15.37		2.94	%	$	4,166		0.79	%		(0.02	)%		1.12	%		9.01	%
	—		$	16.25		29.48	%	$	4,591		0.79	%		(0.19	)%		1.06	%		33.93	%
	—		$	12.55		(1.30	)%	$	5,359		0.79	%		0.02	%		1.09	%		60.03	%
	—		$	13.31		6.65	%	$	5,386		0.79	%		0.07	%		1.20	%		45.11	%
	—		$	12.48		8.39	%	$	4,886		0.79	%		(0.13	)%		1.04	%		45.64	%
	—		$	11.77		17.84	%	$	4,460		0.79	%		0.19	%		1.35	%		37.97	%
	—		$	75.02		2.97	%	$	55,222		0.83	%		0.49	%		0.83	%		4.53	%
	—		$	78.92		35.02	%	$	65,503		0.85	%		0.60	%		0.86	%		8.23	%
	—		$	58.95		(5.39	)%	$	53,847		0.91	%		0.67	%		0.94	%		9.21	%
	—		$	64.31		1.97	%	$	61,908		0.95	%		0.73	%		0.95	%		6.75	%
	—		$	69.02		7.81	%	$	66,554		0.95	%		0.40	%		0.95	%		14.47	%
	—		$	66.47		19.47	%	$	66,030		0.91	%		0.32	%		0.92	%		12.19	%
	—		$	46.92		8.55	%	$	101,768		0.81	%		(0.16	)%		0.81	%		5.86	%
	—		$	46.19		30.40	%	$	96,075		0.81	%		1.00	%		0.81	%		12.68	%
	—		$	36.66		(8.09	)%	$	85,144		0.82	%		1.55	%		0.82	%		9.21	%
	—		$	42.36		19.06	%	$	105,216		0.82	%		2.03	%		0.82	%		14.56	%
	—		$	37.63		6.42	%	$	91,626		0.82	%		2.21	%		0.82	%		8.34	%
	—		$	37.10		1.16	%	$	96,199		0.79	%		2.23	%		0.81	%		13.52	%
	—		$	71.21		5.24	%	$	460,733		0.99	%		0.10	%		0.99	%		4.75	%
	—		$	83.58		52.78	%	$	514,025		0.98	%		0.22	%		1.02	%		6.15	%
	—		$	64.04		(12.59	)%	$	475,615		1.01	%		0.58	%		1.08	%		8.33	%
	—		$	78.38		(4.55	)%	$	959,875		1.03	%		0.64	%		1.08	%		8.60	%
	—		$	89.11		7.98	%	$	1,296,897		1.03	%		0.29	%		1.06	%		15.51	%
	—	(d)	$	90.19		20.73	%	$	1,183,974		1.06	%		0.19	%		1.06	%		7.04	%

119

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								Distributions
	Net Asset Value, Beginning of Period		Net investment income(a)		Net realized/ unrealized gains (losses) on investments			Total from Investment Activities			Net investment income			Net realized gains on investments			Return of capital		Total Distributions
Sterling Capital Ultra Short Bond Fund
Six Months Ended March 31, 2022 (Unaudited)	$	9.78		0.05		(0.13	)		(0.08	)		(0.06	)		—			—		(0.06	)
Year Ended September 30, 2021	$	9.83		0.11		(0.04	)		0.07			(0.12	)		—			—		(0.12	)
Year Ended September 30, 2020	$	9.79		0.19		0.05			0.24			(0.20	)		—			—		(0.20	)
Year Ended September 30, 2019	$	9.75		0.26		0.03			0.29			(0.25	)		—			—		(0.25	)
Year Ended September 30, 2018	$	9.79		0.16		(0.02	)		0.14			(0.18	)		—			—		(0.18	)
Year Ended September 30, 2017	$	9.81		0.09		0.04			0.13			(0.15	)		—			—		(0.15	)
Sterling Capital Short Duration Bond Fund
Six Months Ended March 31, 2022 (Unaudited)	$	8.68		0.05		(0.29	)		(0.24	)		(0.09	)		—			—		(0.09	)
Year Ended September 30, 2021	$	8.78		0.12		(0.02	)		0.10			(0.20	)		—			—		(0.20	)
Year Ended September 30, 2020	$	8.65		0.19		0.16			0.35			(0.22	)		—			—		(0.22	)
Year Ended September 30, 2019	$	8.52		0.23		0.15			0.38			(0.25	)		—			—		(0.25	)
Year Ended September 30, 2018	$	8.69		0.19		(0.12	)		0.07			(0.24	)		—			—		(0.24	)
Year Ended September 30, 2017	$	8.81		0.12		(0.01	)		0.11			(0.23	)		—			—		(0.23	)
Sterling Capital Intermediate U.S. Government Fund
Six Months Ended March 31, 2022 (Unaudited)	$	9.79		0.04		(0.54	)		(0.50	)		(0.11	)		—			—		(0.11	)
Year Ended September 30, 2021	$	10.14		0.09		(0.19	)		(0.10	)		(0.25	)		—			—		(0.25	)
Year Ended September 30, 2020	$	9.93		0.20		0.28			0.48			(0.27	)		—			—		(0.27	)
Year Ended September 30, 2019	$	9.49		0.23		0.48			0.71			(0.27	)		—			—		(0.27	)
Year Ended September 30, 2018	$	9.92		0.19		(0.34	)		(0.15	)		(0.28	)		—			—		(0.28	)
Year Ended September 30, 2017	$	10.25		0.18		(0.28	)		(0.10	)		(0.23	)		—			—		(0.23	)
Sterling Capital Total Return Bond Fund
Six Months Ended March 31, 2022 (Unaudited)	$	11.05		0.10		(0.79	)		(0.69	)		(0.12	)		(0.09	)		—		(0.21	)
Year Ended September 30, 2021	$	11.39		0.20		(0.13	)		0.07			(0.26	)		(0.15	)		—		(0.41	)
Year Ended September 30, 2020	$	10.89		0.27		0.54			0.81			(0.31	)		—	(d)		—		(0.31	)
Year Ended September 30, 2019	$	10.20		0.32		0.71			1.03			(0.34	)		—			—		(0.34	)
Year Ended September 30, 2018	$	10.60		0.29		(0.37	)		(0.08	)		(0.32	)		—			—		(0.32	)
Year Ended September 30, 2017	$	10.82		0.25		(0.15	)		0.10			(0.32	)		—			—		(0.32	)
Sterling Capital Long Duration Corporate Bond Fund
Six Months Ended March 31, 2022 (Unaudited)	$	10.50		0.11		(0.96	)		(0.85	)		(0.13	)		(1.03	)		—		(1.16	)
Year Ended September 30, 2021	$	10.77		0.28		0.03			0.31			(0.28	)		(0.30	)		—		(0.58	)
Year Ended September 30, 2020	$	10.38		0.30		0.39			0.69			(0.30	)		—			—		(0.30	)
Year Ended September 30, 2019	$	9.81		0.33		0.56			0.89			(0.32	)		—			—		(0.32	)
Year Ended September 30, 2018	$	10.24		0.32		(0.36	)		(0.04	)		(0.32	)		(0.07	)		—		(0.39	)
Year Ended September 30, 2017	$	10.36		0.32		(0.09	)		0.23			(0.31	)		(0.04	)		—		(0.35	)

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

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

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

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

(c) Annualized for periods less than one year.

(d) Amount is less than $0.005.

See accompanying Notes to the Financial Statements.

120

							Ratios/Supplementary Data
Redemption Fees		Net Asset Value, End of Period		Total Return (excludes sales charge)(b)			Net Assets, End of Period (000)		Ratio of net expenses to average net assets(c)			Ratio of net investment income (loss) to average net assets(c)			Ratio of expenses to average net assets*(c)			Portfolio turnover rate**(b)
	—	$	9.64		(0.85	)%	$	30,253		0.27	%		1.04	%		0.48	%		29.57	%
	—	$	9.78		0.75	%	$	32,492		0.29	%		1.08	%		0.51	%		48.71	%
	—	$	9.83		2.44	%	$	33,699		0.38	%		1.90	%		0.55	%		43.45	%
	—	$	9.79		3.06	%	$	15,343		0.42	%		2.70	%		0.52	%		103.69	%
	—	$	9.75		1.46	%	$	21,926		0.41	%		1.65	%		0.51	%		74.56	%
	—	$	9.79		1.36	%	$	33,879		0.43	%		0.95	%		0.53	%		59.57	%
	—	$	8.35		(2.76	)%	$	100,921		0.46	%		1.20	%		0.46	%		34.31	%
	—	$	8.68		1.19	%	$	161,804		0.43	%		1.40	%		0.46	%		39.26	%
	—	$	8.78		4.12	%	$	174,891		0.42	%		2.20	%		0.52	%		64.69	%
	—	$	8.65		4.55	%	$	171,989		0.43	%		2.68	%		0.53	%		78.58	%
	—	$	8.52		0.80	%	$	126,878		0.43	%		2.20	%		0.53	%		62.02	%
	—	$	8.69		1.28	%	$	67,467		0.45	%		1.37	%		0.55	%		78.77	%
	—	$	9.18		(5.04	)%	$	14,743		0.46	%		0.92	%		0.65	%		5.86	%
	—	$	9.79		(1.08	)%	$	16,272		0.43	%		0.88	%		0.61	%		71.31	%
	—	$	10.14		4.92	%	$	8,049		0.54	%		1.95	%		0.70	%		47.36	%
	—	$	9.93		7.54	%	$	11,052		0.57	%		2.35	%		0.66	%		40.13	%
	—	$	9.49		(1.48	)%	$	17,961		0.65	%		1.99	%		0.66	%		40.85	%
	—	$	9.92		(0.95	)%	$	16,412		0.62	%		1.80	%		0.66	%		32.44	%
	—	$	10.15		(6.35	)%	$	988,980		0.45	%		1.77	%		0.48	%		25.51	%
	—	$	11.05		0.69	%	$	1,139,676		0.45	%		1.77	%		0.50	%		48.80	%
	—	$	11.39		7.59	%	$	1,051,891		0.45	%		2.45	%		0.57	%		59.59	%
	—	$	10.89		10.27	%	$	1,065,346		0.45	%		3.10	%		0.58	%		79.40	%
	—	$	10.20		(0.74	)%	$	860,437		0.45	%		2.79	%		0.57	%		62.28	%
	—	$	10.60		1.00	%	$	997,074		0.47	%		2.38	%		0.57	%		64.07	%
	—	$	8.49		(8.99	)%	$	390		0.63	%		2.50	%		0.81	%		179.30	%
	—	$	10.50		2.92	%	$	6,508		0.71	%		2.61	%		0.87	%		47.29	%
	—	$	10.77		6.72	%	$	18,519		0.67	%		2.83	%		0.70	%		52.28	%
	—	$	10.38		9.28	%	$	22,651		0.68	%		3.25	%		0.69	%		82.23	%
	—	$	9.81		(0.45	)%	$	30,805		0.63	%		3.18	%		0.63	%		66.82	%
	—	$	10.24		2.32	%	$	29,471		0.63	%		3.09	%		0.63	%		78.79	%

121

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								Distributions
	Net Asset Value, Beginning of Period		Net investment income(a)		Net realized/ unrealized gains (losses) on investments			Total from Investment Activities			Net investment income			Net realized gains on investments			Return of capital		Total Distributions
Sterling Capital Quality Income Fund
Six Months Ended March 31, 2022 (Unaudited)	$	10.05		0.07		(0.54	)		(0.47	)		(0.09	)		—			—		(0.09	)
Year Ended September 30, 2021	$	10.26		0.15		(0.15	)		—			(0.21	)		—			—		(0.21	)
Year Ended September 30, 2020	$	10.10		0.24		0.19			0.43			(0.27	)		—			—		(0.27	)
Year Ended September 30, 2019	$	9.62		0.31		0.47			0.78			(0.30	)		—			—		(0.30	)
Year Ended September 30, 2018	$	9.95		0.29		(0.32	)		(0.03	)		(0.30	)		—			—		(0.30	)
Year Ended September 30, 2017	$	10.10		0.23		(0.11	)		0.12			(0.27	)		—			—		(0.27	)
Sterling Capital North Carolina Intermediate Tax-Free Fund
Six Months Ended March 31, 2022 (Unaudited)	$	10.97		0.09		(0.60	)		(0.51	)		(0.09	)		—			—		(0.09	)
Year Ended September 30, 2021	$	11.12		0.18		(0.15	)		0.03			(0.18	)		—			—		(0.18	)
Year Ended September 30, 2020	$	10.91		0.21		0.21			0.42			(0.21	)		—			—		(0.21	)
Year Ended September 30, 2019	$	10.43		0.25		0.48			0.73			(0.25	)		—			—		(0.25	)
Year Ended September 30, 2018	$	10.78		0.26		(0.35	)		(0.09	)		(0.26	)		—			—		(0.26	)
Year Ended September 30, 2017	$	11.08		0.25		(0.26	)		(0.01	)		(0.25	)		(0.04	)		—		(0.29	)
Sterling Capital South Carolina Intermediate Tax-Free Fund
Six Months Ended March 31, 2022 (Unaudited)	$	11.32		0.10		(0.63	)		(0.53	)		(0.10	)		—			—		(0.10	)
Year Ended September 30, 2021	$	11.39		0.20		(0.07	)		0.13			(0.20	)		—			—		(0.20	)
Year Ended September 30, 2020	$	11.20		0.23		0.19			0.42			(0.23	)		—			—		(0.23	)
Year Ended September 30, 2019	$	10.69		0.23		0.51			0.74			(0.23	)		—			—		(0.23	)
Year Ended September 30, 2018	$	11.03		0.23		(0.34	)		(0.11	)		(0.23	)		—			—		(0.23	)
Year Ended September 30, 2017	$	11.22		0.22		(0.19	)		0.03			(0.22	)		—			—		(0.22	)
Sterling Capital Virginia Intermediate Tax-Free Fund
Six Months Ended March 31, 2022 (Unaudited)	$	11.97		0.09		(0.66	)		(0.57	)		(0.09	)		(0.01	)		—		(0.10	)
Year Ended September 30, 2021	$	12.22		0.19		(0.22	)		(0.03	)		(0.19	)		(0.03	)		—		(0.22	)
Year Ended September 30, 2020	$	11.97		0.23		0.25			0.48			(0.23	)		—			—		(0.23	)
Year Ended September 30, 2019	$	11.40		0.26		0.57			0.83			(0.26	)		—			—		(0.26	)
Year Ended September 30, 2018	$	11.76		0.26		(0.36	)		(0.10	)		(0.26	)		—			—		(0.26	)
Year Ended September 30, 2017	$	12.13		0.26		(0.28	)		(0.02	)		(0.26	)		(0.09	)		—		(0.35	)
Sterling Capital West Virginia Intermediate Tax-Free Fund
Six Months Ended March 31, 2022 (Unaudited)	$	10.21		0.08		(0.49	)		(0.41	)		(0.08	)		—	(d)		—		(0.08	)
Year Ended September 30, 2021	$	10.31		0.18		(0.09	)		0.09			(0.18	)		(0.01	)		—		(0.19	)
Year Ended September 30, 2020	$	10.13		0.21		0.19			0.40			(0.21	)		(0.01	)		—		(0.22	)
Year Ended September 30, 2019	$	9.73		0.24		0.42			0.66			(0.24	)		(0.02	)		—		(0.26	)
Year Ended September 30, 2018	$	10.05		0.24		(0.31	)		(0.07	)		(0.24	)		(0.01	)		—		(0.25	)
Year Ended September 30, 2017	$	10.28		0.23		(0.18	)		0.05			(0.23	)		(0.05	)		—		(0.28	)

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

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

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

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

(c) Annualized for periods less than one year.

(d) Amount is less than $0.005.

See accompanying Notes to the Financial Statements.

122

					Ratios/Supplementary Data
Net Asset Value, End of Period		Total Return (excludes sales charge)(b)			Net Assets, End of Period (000)		Ratio of net expenses to average net assets(c)			Ratio of net investment income (loss) to average net assets(c)			Ratio of expenses to average net assets*(c)			Portfolio turnover rate**(b)
$	9.49		(4.67	)%	$	84,235		0.54	%		1.38	%		0.58	%		31.08	%
$	10.05		0.02	%	$	62,718		0.57	%		1.52	%		0.61	%		73.60	%
$	10.26		4.33	%	$	35,808		0.59	%		2.36	%		0.63	%		35.96	%
$	10.10		8.27	%	$	36,361		0.60	%		3.15	%		0.64	%		17.58	%
$	9.62		(0.28	)%	$	37,088		0.58	%		2.97	%		0.62	%		19.17	%
$	9.95		1.23	%	$	39,533		0.60	%		2.31	%		0.64	%		34.72	%
$	10.37		(4.70	)%	$	136,718		0.55	%		1.62	%		0.55	%		26.20	%
$	10.97		0.24	%	$	154,297		0.55	%		1.59	%		0.55	%		7.97	%
$	11.12		3.90	%	$	140,958		0.54	%		1.92	%		0.54	%		17.06	%
$	10.91		7.10	%	$	140,022		0.55	%		2.37	%		0.55	%		33.12	%
$	10.43		(0.81	)%	$	133,812		0.54	%		2.49	%		0.54	%		22.06	%
$	10.78		(0.06	)%	$	140,484		0.54	%		2.34	%		0.58	%		25.92	%
$	10.69		(4.71	)%	$	53,296		0.58	%		1.79	%		0.58	%		8.43	%
$	11.32		1.10	%	$	71,455		0.56	%		1.71	%		0.56	%		20.23	%
$	11.39		3.76	%	$	71,865		0.56	%		2.01	%		0.56	%		4.84	%
$	11.20		7.02	%	$	66,331		0.56	%		2.13	%		0.56	%		23.84	%
$	10.69		(1.02	)%	$	63,090		0.55	%		2.10	%		0.55	%		27.71	%
$	11.03		0.34	%	$	69,746		0.56	%		2.03	%		0.59	%		31.17	%
$	11.30		(4.78	)%	$	58,628		0.57	%		1.51	%		0.57	%		16.87	%
$	11.97		(0.27	)%	$	65,071		0.56	%		1.56	%		0.56	%		8.98	%
$	12.22		4.06	%	$	62,828		0.56	%		1.91	%		0.56	%		15.44	%
$	11.97		7.31	%	$	59,312		0.56	%		2.18	%		0.56	%		24.57	%
$	11.40		(0.88	)%	$	61,420		0.55	%		2.22	%		0.55	%		21.08	%
$	11.76		(0.14	)%	$	70,780		0.55	%		2.18	%		0.59	%		23.25	%
$	9.72		(3.99	)%	$	66,468		0.56	%		1.67	%		0.56	%		1.97	%
$	10.21		0.88	%	$	67,778		0.56	%		1.78	%		0.56	%		8.56	%
$	10.31		4.01	%	$	67,627		0.56	%		2.08	%		0.56	%		3.28	%
$	10.13		6.85	%	$	53,352		0.56	%		2.43	%		0.56	%		33.73	%
$	9.73		(0.73	)%	$	54,988		0.55	%		2.39	%		0.55	%		17.53	%
$	10.05		0.52	%	$	59,567		0.56	%		2.34	%		0.59	%		21.00	%

123

Sterling Capital Funds

Financial Highlights, Class 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									Distributions
	Net Asset Value, Beginning of Period		Net investment income (loss)(a)			Net realized/ unrealized gains (losses) on investments			Total from Investment Activities			Net investment income			Net realized gains on investments			Return of capital			Total Distributions
Sterling Capital Behavioral Large Cap Value Equity Fund
Six Months Ended March 31, 2022 (Unaudited)	$	22.99		0.23			1.84			2.07			(0.26	)		—			—			(0.26	)
Year Ended September 30, 2021	$	16.85		0.09			6.25			6.34			(0.04	)		—			(0.16	)		(0.20	)
Year Ended September 30, 2020	$	19.62		0.40			(2.07	)		(1.67	)		(0.52	)		(0.58	)		—			(1.10	)
Year Ended September 30, 2019	$	22.43		0.46			(1.08	)		(0.62	)		(0.44	)		(1.75	)		—			(2.19	)
February 1, 2018 to September 30, 2018(e)	$	22.89		0.28			(0.45	)		(0.17	)		(0.29	)		—			—			(0.29	)
Sterling Capital Mid Value Fund
Six Months Ended March 31, 2022 (Unaudited)	$	20.55		0.03			1.19			1.22			(0.04	)		(1.64	)		—			(1.68	)
Year Ended September 30, 2021	$	14.35		0.03			6.25			6.28			(0.08	)		—			—			(0.08	)
Year Ended September 30, 2020	$	16.48		(0.02	)		(0.75	)		(0.77	)		(0.23	)		(1.13	)		—			(1.36	)
Year Ended September 30, 2019	$	19.44		0.11			(0.78	)		(0.67	)		(0.03	)		(2.26	)		—			(2.29	)
February 1, 2018 to September 30, 2018(e)	$	20.22		0.03			(0.81	)		(0.78	)		—			—			—			—
Sterling Capital Behavioral Small Cap Value Equity Fund
Six Months Ended March 31, 2022 (Unaudited)	$	19.60		0.10			1.22			1.32			(0.21	)		(0.28	)		—			(0.49	)
Year Ended September 30, 2021	$	11.97		0.17			7.60			7.77			(0.14	)		—			—			(0.14	)
Year Ended September 30, 2020	$	14.67		0.15			(2.70	)		(2.55	)		(0.15	)		—			—			(0.15	)
Year Ended September 30, 2019	$	18.84		0.23			(2.10	)		(1.87	)		(0.32	)		(1.98	)		—			(2.30	)
February 1, 2018 to September 30, 2018(e)	$	18.59		0.17			0.08			0.25			—			—			—			—
Sterling Capital Special Opportunities Fund
Six Months Ended March 31, 2022 (Unaudited)	$	35.51		(0.02	)		0.94			0.92			—			(4.11	)		—			(4.11	)
Year Ended September 30, 2021	$	26.22		(0.01	)		9.78			9.77			(0.15	)		(0.33	)		—			(0.48	)
Year Ended September 30, 2020	$	26.09		0.09			1.44			1.53			(0.07	)		(1.33	)		—			(1.40	)
Year Ended September 30, 2019	$	27.75		0.10			0.12			0.22			(0.02	)		(1.86	)		—			(1.88	)
February 1, 2018 to September 30, 2018(e)	$	26.44		0.04			1.42			1.46			(0.15	)		—			—			(0.15	)
Sterling Capital Equity Income Fund
Six Months Ended March 31, 2022 (Unaudited)	$	26.67		0.24			2.03			2.27			(0.25	)		(0.48	)		—			(0.73	)
Year Ended September 30, 2021	$	20.09		0.37			6.56			6.93			(0.35	)		—			—			(0.35	)
Year Ended September 30, 2020	$	21.34		0.43			(0.40	)		0.03			(0.44	)		(0.84	)		—			(1.28	)
Year Ended September 30, 2019	$	21.61		0.47			1.23			1.70			(0.45	)		(1.52	)		—			(1.97	)
February 1, 2018 to September 30, 2018(e)	$	21.49		0.30			0.12			0.42			(0.30	)		—			—			(0.30	)
Sterling Capital Behavioral International Equity Fund
Six Months Ended March 31, 2022 (Unaudited)	$	9.81		0.14			(0.38	)		(0.24	)		(0.46	)		—			—			(0.46	)
Year Ended September 30, 2021	$	8.14		0.29			1.62			1.91			(0.24	)		—			—			(0.24	)
Year Ended September 30, 2020	$	9.49		0.27			(1.32	)		(1.05	)		(0.30	)		—			—			(0.30	)
Year Ended September 30, 2019	$	11.19		0.36			(1.34	)		(0.98	)		(0.32	)		(0.40	)		—			(0.72	)
February 1, 2018 to September 30, 2018(e)	$	12.35		0.35			(1.51	)		(1.16	)		—			—			—			—
Sterling Capital Long Duration Corporate Bond Fund
January 31, 2022 to March 31, 2022
(Unaudited)(e).	$	9.16		0.05			(0.67	)		(0.62	)		(0.05	)		—			—			(0.05	)

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

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

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

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

(c) Annualized for periods less than one year.

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

(e) Period from commencement of operations.

See accompanying Notes to the Financial Statements.

124

					Ratios/Supplementary Data
Net Asset Value, End of Period		Total Return (excludes sales charge)(b)			Net Assets, End of Period (000)			Ratio of net expenses to average net assets(c)			Ratio of net investment income (loss) to average net assets(c)			Ratio of expenses to average net assets*(c)			Portfolio turnover rate**(b)
$	24.80		9.01	%	$	1			0.57	%		1.91	%		0.57	%		63.25	%
$	22.99		37.92	%	$	1			0.58	%		0.43	%		0.63	%		122.64	%
$	16.85		(8.88	)%	$	—	(d)		0.59	%		2.19	%		0.64	%		167.34	%
$	19.62		(2.02	)%	$	239,763			0.58	%		2.35	%		0.64	%		142.59	%
$	22.43		(0.69	)%	$	270,105			0.58	%		1.94	%		0.63	%		127.89	%
$	20.09		6.11	%	$	198			0.79	%		0.26	%		0.88	%		14.55	%
$	20.55		43.85	%	$	402			0.79	%		0.17	%		0.97	%		34.00	%
$	14.35		(5.56	)%	$	3,477			0.54	%		(0.06	)%		0.56	%		28.77	%
$	16.48		(2.45	)%	$	247,949			0.82	%		0.68	%		0.93	%		26.62	%
$	19.44		(3.86	)%	$	285,847			0.83	%		0.26	%		0.93	%		34.62	%
$	20.43		6.75	%	$	89,471			0.77	%		0.95	%		0.82	%		40.02	%
$	19.60		65.36	%	$	83,819			0.75	%		0.96	%		0.81	%		110.07	%
$	11.97		(17.63	)%	$	70,372			0.74	%		1.11	%		0.82	%		119.76	%
$	14.67		(9.29	)%	$	210,436			0.73	%		1.53	%		0.80	%		124.82	%
$	18.84		1.34	%	$	191,051			0.73	%		1.38	%		0.79	%		89.85	%
$	32.32		2.25	%	$	38,523			0.79	%		(0.10	)%		0.87	%		10.67	%
$	35.51		37.67	%	$	44,452			0.78	%		(0.03	)%		0.87	%		27.20	%
$	26.22		5.87	%	$	40,057			0.78	%		0.38	%		0.86	%		17.50	%
$	26.09		1.53	%	$	355,672			0.77	%		0.40	%		0.86	%		17.31	%
$	27.75		5.60	%	$	372,948			0.78	%		0.21	%		0.85	%		22.78	%
$	28.21		8.52	%	$	72,114			0.67	%		1.70	%		0.77	%		9.95	%
$	26.67		34.61	%	$	70,388			0.68	%		1.50	%		0.79	%		13.00	%
$	20.09		0.21	%	$	56,277			0.67	%		2.18	%		0.78	%		33.60	%
$	21.34		8.89	%	$	345,806			0.66	%		2.28	%		0.77	%		23.20	%
$	21.61		2.03	%	$	317,827			0.66	%		2.16	%		0.77	%		19.49	%
$	9.11		(2.65	)%	$	83,463			0.61	%		2.87	%		0.66	%		55.95	%
$	9.81		23.70	%	$	85,736			0.63	%		3.04	%		0.74	%		158.16	%
$	8.14		(11.49	)%	$	69,236			0.63	%		3.10	%		0.83	%		164.02	%
$	9.49		(8.48	)%	$	78,307			0.61	%		3.77	%		0.89	%		97.74	%
$	11.19		(9.39	)%	$	62,804			0.62	%		4.63	%		0.87	%		96.65	%
$	8.49		(8.98	)%	$	28,678			0.34	%		3.59	%		0.43	%		179.30	%

125

Sterling Capital Funds

Financial Highlights, Class 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									Distributions
	Net Asset Value, Beginning of Period		Net investment income (loss)(a)			Net realized/ unrealized gains (losses) on investments			Total from Investment Activities			Net investment income			Net realized gains on investments			Return of capital		Total Distributions
Sterling Capital Real Estate Fund
Six Months Ended March 31, 2022 (Unaudited)	$	46.33		(0.06	)		4.09			4.03			(0.28	)		(2.99	)		—		(3.27	)
Year Ended September 30, 2021	$	36.69		0.59			10.46			11.05			(0.59	)		(0.82	)		—		(1.41	)
January 31, 2020 to September 30, 2020(d)	$	41.35		0.36			(4.26	)		(3.90	)		(0.76	)		—			—		(0.76	)
Sterling Capital Small Cap Value Fund
Six Months Ended March 31, 2022 (Unaudited)	$	83.72		0.07			4.97			5.04			(0.14	)		(17.27	)		—		(17.41	)
Year Ended September 30, 2021	$	64.09		0.29			30.99			31.28			(0.43	)		(11.22	)		—		(11.65	)
January 31, 2020 to September 30, 2020(d)	$	77.13		0.49			(13.53	)		(13.04	)		—			—			—		—
Sterling Capital Short Duration Bond Fund
Six Months Ended March 31, 2022 (Unaudited)	$	8.68		0.06			(0.28	)		(0.22	)		(0.10	)		—			—		(0.10	)
February 1, 2021 to September 30, 2021(d)	$	8.78		0.08			(0.04	)		0.04			(0.14	)		—			—		(0.14	)
Sterling Capital Total Return Bond Fund
Six Months Ended March 31, 2022 (Unaudited)	$	11.05		0.10			(0.79	)		(0.69	)		(0.13	)		(0.09	)		—		(0.22	)
Year Ended September 30, 2021	$	11.39		0.21			(0.12	)		0.09			(0.28	)		(0.15	)		—		(0.43	)
Year Ended September 30, 2020	$	10.89		0.28			0.54			0.82			(0.32	)		—	(f)		—		(0.32	)
Year Ended September 30, 2019	$	10.20		0.33			0.71			1.04			(0.35	)		—			—		(0.35	)
January 31, 2018 to September 30, 2018(d)	$	10.48		0.21			(0.27	)		(0.06	)		(0.22	)		—			—		(0.22	)

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

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

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

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

(c) Annualized for periods less than one year.

(d) Period from commencement of operations.

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

(f) Amount is less than $0.005.

See accompanying Notes to the Financial Statements.

126

					Ratios/Supplementary Data
Net Asset Value, End of Period		Total Return (excludes sales charge)(b)			Net Assets, End of Period (000)			Ratio of net expenses to average net assets(c)			Ratio of net investment income (loss) to average net assets(c)			Ratio of expenses to average net assets*(c)			Portfolio turnover rate**(b)
$	47.09		8.58	%	$	20			0.72	%		(0.24	)%		0.81	%		5.86	%
$	46.33		30.67	%	$	16			0.62	%		1.33	%		0.73	%		12.68	%
$	36.69		(9.30	)%	$	—	(e)		0.70	%		1.47	%		0.70	%		19.58	%
$	71.35		5.30	%	$	4,964			0.89	%		0.19	%		0.99	%		4.75	%
$	83.72		52.98	%	$	3,656			0.88	%		0.36	%		1.02	%		6.15	%
$	64.09		(16.91	)%	$	2,882			0.87	%		1.17	%		1.09	%		8.33	%
$	8.36		(2.60	)%	$	17,477			0.37	%		1.29	%		0.46	%		34.31	%
$	8.68		0.44	%	$	29,565			0.40	%		1.52	%		0.49	%		39.26	%
$	10.14		(6.39	)%	$	289,303			0.35	%		1.87	%		0.48	%		25.51	%
$	11.05		0.79	%	$	348,271			0.35	%		1.88	%		0.52	%		48.80	%
$	11.39		7.70	%	$	642,344			0.35	%		2.52	%		0.58	%		59.59	%
$	10.89		10.38	%	$	350,129			0.35	%		3.20	%		0.58	%		79.40	%
$	10.20		(0.52	)%	$	281,637			0.35	%		3.16	%		0.59	%		62.28	%

127

Sterling Capital Funds

Notes to Financial Statements

March 31, 2022 (Unaudited)

1. Organization:

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

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

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

The Funds are authorized to issue an unlimited amount of shares. As of March 31, 2022, the Funds discussed herein offered up to four classes of shares: Class A Shares, Class C Shares, Institutional Shares and Class R6 Shares. Class A Shares of Sterling Capital Behavioral Large Cap Value Equity Fund, Sterling Capital Mid Value Fund, Sterling Capital Behavioral Small Cap Value Equity Fund, Sterling Capital Special Opportunities Fund, Sterling Capital Equity Income Fund, Sterling Capital Behavioral International Equity Fund, Sterling Capital SMID Opportunities Fund, Sterling Capital Mid Cap Relative Value Fund, Sterling Capital Real Estate Fund, Sterling Capital Small Cap Value Fund and Sterling Capital Total Return Fund have a maximum sales charge of 5.75% as a percentage of original purchase price. Class A Shares of Sterling Capital Ultra Short Bond Fund have a maximum sales charge of 0.50%, and Class A Shares of Sterling Capital Short Duration Bond Fund, Sterling Capital Intermediate U.S. Government 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. During the period ended September 30, 2021, Sterling Capital South Carolina Intermediate Tax-Free Fund had $24,891 in CDSC fees for Class A Shares. Class C Shares of the Funds are offered without any front-end sales charge but will be subject to a maximum CDSC of 1.00% if redeemed less than one year after purchase.

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

128

Sterling Capital Funds

Notes to Financial Statements — (continued)

March 31, 2022 (Unaudited)

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.

2. Significant Accounting Policies:

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

Securities Valuation — Investments of the Variable Net Asset Value Funds in securities traded on a national securities exchange or in the over-the-counter market are valued at the closing price on the principal exchange or market (including the NASDAQ Closing Price for securities traded on NASDAQ), typically 4:00 PM ET or, absent such a price, by reference to the latest available bid prices in the principal market in which such securities are normally traded. The Variable Net Asset Value Funds may also use an independent pricing service approved by the Board of Trustees (the “Board”) to value certain securities, including the use of electronic and matrix techniques. Investments in open-end investment companies are valued at their respective net asset values as reported by such companies. Investments in closed-end investment companies and exchange-traded funds are valued at their market values based upon the latest available sale price or, absent such a price, by reference to the latest available bid prices in the principal market in which such securities are normally traded. The differences between cost and fair value of investments are reflected as either unrealized appreciation or depreciation. Securities for which market quotations are not readily available or deemed unreliable (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 in accordance with procedures established in good faith under the general supervision of the Board.

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 Sterling Capital Behavioral International Equity Fund’s net asset value is calculated; such securities may be valued at fair value in accordance with procedures adopted by the Board.

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

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

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

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

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. During the period ended March 31, 2022, there were no significant changes to the valuation policies and procedures.

129

Sterling Capital Funds

Notes to Financial Statements — (continued)

March 31, 2022 (Unaudited)

The summary of inputs used to determine the fair value of each Fund’s investments as of March 31, 2022 is as follows:

	Level 1- Quoted Prices			Level 2- Other Significant Observable Inputs			Level 3- Significant Unobservable Inputs		Total
Assets:
Investments in Securities
Sterling Capital Behavioral Large Cap Value Equity Fund	$	34,973,146	(a)	$	—		$	—	$	34,973,146
Sterling Capital Mid Value Fund		67,007,643	(a)		—			—		67,007,643
Sterling Capital Behavioral Small Cap Value Equity Fund		112,824,685	(a)		—			—		112,824,685
Sterling Capital Special Opportunities Fund.		649,945,992	(a)		—			—		649,945,992
Sterling Capital Equity Income Fund.		2,380,210,510	(a)		—			—		2,380,210,510
Sterling Capital Behavioral International Equity Fund.		2,043,312	(b)		81,495,292	(a)		—		83,538,604
Sterling Capital SMID Opportunities Fund.		10,232,531	(a)		—			—		10,232,531
Sterling Capital Mid Cap Relative Value Fund		55,688,881	(a)		—			—		55,688,881
Sterling Capital Real Estate Fund		102,770,512	(a)		—			—		102,770,512
Sterling Capital Small Cap Value Fund.		469,525,803	(a)		—			—		469,525,803
Sterling Capital Ultra Short Bond Fund		1,333,162	(b)		35,622,912	(a)		—		36,956,074
Sterling Capital Short Duration Bond Fund		2,031,973	(b)		121,350,231	(a)		—		123,382,204
Sterling Capital Intermediate U.S. Government Fund.		437,800	(b)		17,298,245	(a)		—		17,736,045
Sterling Capital Total Return Bond Fund		21,879,010	(b)		1,328,482,730	(a)		—		1,350,361,740
Sterling Capital Long Duration Corporate Bond Fund.		159,144	(b)		29,143,097	(a)		—		29,302,241
Sterling Capital Quality Income Fund		3,714,308	(b)		80,855,252	(a)		—		84,569,560
Sterling Capital North Carolina Intermediate Tax-Free Fund		3,989,618	(b)		158,103,972	(a)		—		162,093,590
Sterling Capital South Carolina Intermediate Tax-Free Fund		3,080,388	(b)		61,752,050	(a)		—		64,832,438
Sterling Capital Virginia Intermediate Tax-Free Fund		3,207,411	(b)		69,461,783	(a)		—		72,669,194
Sterling Capital West Virginia Intermediate Tax-Free Fund.		5,582,305	(b)		85,473,012	(a)		—		91,055,317

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

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

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

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

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

130

Sterling Capital Funds

Notes to Financial Statements — (continued)

March 31, 2022 (Unaudited)

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

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

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

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

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

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

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Notes to Financial Statements — (continued)

March 31, 2022 (Unaudited)

the Funds’ maximum amount of loss is the premium paid (as the purchaser) or the unrealized depreciation of the contract (as the writer).

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

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

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

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

Accounting Standards— In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848) — Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which provides optional, temporary relief with respect to the financial reporting of contracts subject to certain types of modifications due to the planned discontinuation of the London Interbank Offered Rate (LIBOR) and other interbank-offered based reference rates as of the end of 2021. The guidance is effective for certain reference rate-related contract modifications that occur during the period March 12, 2020 through December 31, 2022. Management is currently evaluating the impact, if any, of the ASU on the Funds’ financial statements.

3.     Purchases and Sales of Securities:

Purchases and sales of securities (excluding U.S. government securities and securities maturing less than one year from acquisition) for the period ended March 31, 2022 were as follows:

	Purchases		Sales
Sterling Capital Behavioral Large Cap Value Equity Fund	$	21,677,100	$	22,700,696
Sterling Capital Mid Value Fund		10,334,774		21,477,673
Sterling Capital Behavioral Small Cap Value Equity Fund		44,009,675		43,522,201
Sterling Capital Special Opportunities Fund		70,066,685		102,000,744
Sterling Capital Equity Income Fund		231,784,726		332,098,689
Sterling Capital Behavioral International Equity Fund		48,438,416		47,546,527
Sterling Capital SMID Opportunities Fund		969,673		2,229,366
Sterling Capital Mid Cap Relative Value Fund		2,737,893		15,581,729
Sterling Capital Real Estate Fund		5,894,617		7,559,418
Sterling Capital Small Cap Value Fund		23,758,253		104,523,155
Sterling Capital Ultra Short Bond Fund		9,936,200		10,908,313
Sterling Capital Short Duration Bond Fund		52,284,449		110,773,958
Sterling Capital Intermediate U.S. Government Fund		199,757		96,054

132

Sterling Capital Funds

Notes to Financial Statements — (continued)

March 31, 2022 (Unaudited)

	Purchases		Sales
Sterling Capital Total Return Bond Fund	$	193,157,376	$	240,380,230
Sterling Capital Long Duration Corporate Bond Fund		31,097,179		7,154,389
Sterling Capital Quality Income Fund		12,676,123		1,072,337
Sterling Capital North Carolina Intermediate Tax-Free Fund		45,303,492		55,495,243
Sterling Capital South Carolina Intermediate Tax-Free Fund		6,156,979		21,429,967
Sterling Capital Virginia Intermediate Tax-Free Fund		12,900,364		18,209,865
Sterling Capital West Virginia Intermediate Tax-Free Fund		1,778,525		3,275,642

Purchases and sales of U.S. government securities (excluding securities maturing less than one year from acquisition) for the period ended March 31, 2022 were as follows:

	Purchases		Sales
Sterling Capital Short Duration Bond Fund	$	17,300,418	$	13,715,341
Sterling Capital Intermediate U.S. Government Fund		1,143,109		1,002,816
Sterling Capital Total Return Bond Fund		179,366,594		157,782,757
Sterling Capital Long Duration Corporate Bond Fund		23,907,004		23,182,537
Sterling Capital Quality Income Fund		34,292,587		20,379,630

4.     Related Party Transactions:

Under the terms of the investment advisory agreement, Sterling Capital Management LLC (“Sterling Capital” or the “Advisor”) is entitled to receive fees based on a percentage of the average daily net assets of the Funds. These fees are accrued daily and payable on a monthly basis and are reflected on the Statements of Operations as “Investment advisory fees.” Sterling Capital’s waived investment advisory fees are included on the Statements of Operations as “Less expenses waived by the Investment Advisor.” Information regarding these transactions is as follows for the period ended March 31, 2022:

	Prior to February 1, 2022					Effective February 1, 2022
		Contractual Fee Rate		Fee Rate after Contractual Waivers			Contractual Fee Rate		Fee Rate after Contractual Waivers
Sterling Capital Behavioral Large Cap Value Equity Fund		0.45	%	0.45	%(1)		0.45	%	0.45	%
Sterling Capital Mid Value Fund		0.60	%	0.60	%		0.60	%	0.60	%
Sterling Capital Behavioral Small Cap Value Equity Fund		0.60	%	0.60	%		0.60	%	0.60	%
Sterling Capital Special Opportunities Fund		0.65	%	0.65	%		0.65	%	0.65	%
Sterling Capital Equity Income Fund		0.55	%	0.55	%		0.55	%	0.55	%
Sterling Capital Behavioral International Equity Fund		0.40	%	0.40	%		0.40	%	0.40	%
Sterling Capital SMID Opportunities Fund		0.70	%	0.70	%		0.70	%	0.70	%
Sterling Capital Mid Cap Relative Value Fund		0.60	%	0.60	%		0.60	%	0.60	%
Sterling Capital Real Estate Fund		0.58	%	0.58	%		0.58	%	0.58	%
Sterling Capital Small Cap Value Fund		0.75	%	0.75	%		0.75	%	0.75	%
Sterling Capital Ultra Short Bond Fund		0.20	%	0.20	%		0.20	%	0.20	%
Sterling Capital Short Duration Bond Fund		0.20	%	0.20	%		0.20	%	0.20	%
Sterling Capital Intermediate U.S. Government Fund		0.32	%	0.12	%(2)		0.32	%	0.32	%
Sterling Capital Total Return Bond Fund		0.25	%	0.25	%		0.25	%	0.25	%
Sterling Capital Long Duration Corporate Bond Fund		0.35	%	0.31	%(1),(2)		0.25	%	0.25	%
Sterling Capital Quality Income Fund		0.35	%	0.31	%(2)		0.35	%	0.31	%(3)
Sterling Capital North Carolina Intermediate Tax-Free Fund		0.35	%	0.35	%		0.35	%	0.35	%
Sterling Capital South Carolina Intermediate Tax-Free Fund		0.35	%	0.35	%		0.35	%	0.35	%
Sterling Capital Virginia Intermediate Tax-Free Fund		0.35	%	0.35	%		0.35	%	0.35	%
Sterling Capital West Virginia Intermediate Tax-Free Fund		0.35	%	0.35	%		0.35	%	0.35	%

(1) For all or a portion of the period ended March 31, 2022, Sterling Capital voluntarily waived and/or reimbursed certain expenses of the Funds. Voluntary waivers and reimbursements of expenses may be discontinued at any time.

(2) Sterling Capital contractually agreed to limit the advisory fees paid by the Fund from February 1, 2021 through January 31, 2022.

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

133

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Notes to Financial Statements — (continued)

March 31, 2022 (Unaudited)

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, 2021 through January 31, 2022 and February 1, 2022 through January 31, 2023 are as follows:

	Effective February 1, 2022
	Class A			Class C			Institutional			Class R6
Sterling Capital SMID Opportunities Fund		1.04	%		1.79	%		0.79	%		-	%
Sterling Capital Ultra Short Bond Fund		0.52	%		-	%		0.27	%		-	%
Sterling Capital Intermediate U.S. Government Fund		0.75	%		1.50	%		0.50	%		-	%
Sterling Capital Total Return Bond Fund		0.70	%		1.45	%		0.45	%		0.45	%
Sterling Capital Long Duration Corporate Bond Fund		0.70	%		1.45	%		0.45	%		0.45	%

	Prior to February 1, 2022
	Class A			Class C			Institutional			Class R6
Sterling Capital SMID Opportunities Fund		1.04	%		1.79	%		0.79	%		-	%
Sterling Capital Ultra Short Bond Fund		0.52	%		-	%		0.27	%		-	%
Sterling Capital Intermediate U.S. Government Fund		0.75	%		1.50	%		0.50	%		-	%
Sterling Capital Total Return Bond Fund		0.70	%		1.45	%		0.45	%		0.45	%

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, 2022 through January 31, 2023:

	Effective February 1, 2022
Sterling Capital Behavioral Large Cap Value Equity Fund		0.06	%
Sterling Capital Mid Value Fund		0.09	%
Sterling Capital Behavioral Small Cap Value Equity Fund		0.05	%
Sterling Capital Special Opportunities Fund		0.08	%
Sterling Capital Equity Income Fund		0.10	%
Sterling Capital Behavioral International Equity Fund		0.05	%
Sterling Capital Real Estate Fund		0.09	%
Sterling Capital Small Cap Value Fund		0.10	%
Sterling Capital Short Duration Bond Fund		0.09	%
Sterling Capital Total Return Bond Fund		0.10	%
Sterling Capital Long Duration Corporate Bond Fund		0.09	%

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, 2021 through January 31, 2022:

	Prior to February 1, 2022
Sterling Capital Behavioral Large Cap Value Equity Fund		0.05	%
Sterling Capital Mid Value Fund		0.09	%
Sterling Capital Behavioral Small Cap Value Equity Fund		0.05	%
Sterling Capital Special Opportunities Fund		0.08	%
Sterling Capital Equity Income Fund		0.10	%
Sterling Capital Behavioral International Equity Fund		0.05	%
Sterling Capital Real Estate Fund		0.09	%
Sterling Capital Small Cap Value Fund		0.10	%
Sterling Capital Short Duration Bond Fund		0.09	%
Sterling Capital Total Return Bond Fund		0.10	%

Sterling Capital serves as the administrator to the Funds pursuant to an administration agreement. The Funds pay their portion of a fee to Sterling Capital for providing administration services based on the aggregate assets of the Funds, at a rate

134

Sterling Capital Funds

Notes to Financial Statements — (continued)

March 31, 2022 (Unaudited)

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

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

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

The Funds have adopted a Distribution and Shareholder Services Plan (the “Plan”) in accordance with Rule 12b-1 under the 1940 Act. Sterling Capital Distributors, LLC (the “Distributor”) serves as distributor to the Funds pursuant to an underwriting agreement. The Plan provides for payments to the Distributor of up to 0.25% and 1.00% of the average daily net assets of the Class A Shares and Class C Shares, respectively. In addition, the Distributor is entitled to receive commissions on sales of shares of the Variable Net Asset Value Funds. For the period ended March 31, 2022, the Distributor received $98,019 from commissions earned on sales of shares of the Variable Net Asset Value Funds. The Distributor does not retain commissions for profit. These commissions and fees may be used by the Distributor to pay banks, broker dealers and other institutions, including affiliates of the Advisor.

The Advisor and/or its affiliates may pay out of their own assets (and not as an additional charge to a fund) compensation to selected affiliated and unaffiliated brokers, dealers and other financial intermediaries in connection with the sale and distribution of the shares and/or the retention and/or servicing of Fund investors and Fund shares. These payments, sometimes referred to as “revenue sharing” payments are payments over and above any sales charges (including Rule 12b-1 fees) and service fees paid by the Funds. The amount of these payments is determined at the discretion of the Advisor and/or its affiliates from time to time, may be substantial, and may be different for different financial advisors. Receipt of, or the prospect of receiving, this additional compensation may influence your financial intermediary’s recommendation of a Fund or of a particular share class of a Fund. Commissions and finder’s fees financed by the Advisor and paid by the Distributor to affiliated broker-dealers during the period ended March 31, 2022 were $846.

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.

135

Sterling Capital Funds

Notes to Financial Statements — (continued)

March 31, 2022 (Unaudited)

5.     Capital Transactions:

Transactions in Class A, Class C, Institutional, Class R and Class R6 Shares were: 

	For the Six Months Ended March 31, 2022 (Unaudited)						For the Year Ended September 30, 2021
Sterling Capital Behavioral Large Cap Value Equity Fund
Class A	Shares			Amount			Shares			Amount
Issued		42,800		$	1,052,061			41,838		$	852,810
Reinvested		9,558			237,892			15,398			288,409
Redeemed		(84,256	)		(2,041,747	)		(165,155	)		(3,392,430	)
Total		(31,898	)	$	(751,794	)		(107,919	)	$	(2,251,211	)

Sterling Capital Behavioral Large Cap Value Equity Fund
Class C	Shares			Amount			Shares			Amount
Issued		269		$	6,298			690		$	13,830
Reinvested		59			1,413			186			3,360
Redeemed		(833	)		(19,700	)		(22,060	)		(406,813	)
Total		(505	)	$	(11,989	)		(21,184	)	$	(389,623	)

Sterling Capital Behavioral Large Cap Value Equity Fund
Institutional	Shares			Amount			Shares			Amount
Issued		4,841		$	120,430			20,803		$	407,986
Reinvested		679			16,988			981			18,502
Redeemed		(8,088	)		(200,954	)		(49,484	)		(1,014,454	)
Total		(2,568	)	$	(63,536	)		(27,700	)	$	(587,966	)

Sterling Capital Behavioral Large Cap Value Equity Fund
Class R6	Shares		Amount		Shares		Amount
Reinvested		—	$	7		1	$	5
Total		—	$	7		1	$	5

Sterling Capital Mid Value Fund
Class A	Shares			Amount			Shares			Amount
Issued		27,948		$	536,193			50,933		$	993,734
Reinvested		92,289			1,765,483			2,391			41,220
Redeemed		(79,008	)		(1,566,223	)		(230,271	)		(4,242,223	)
Total		41,229		$	735,453			(176,947	)	$	(3,207,269	)

Sterling Capital Mid Value Fund
Class C	Shares			Amount			Shares			Amount
Issued		5,147		$	85,373			1,452		$	23,154
Reinvested		5,296			83,888			—			—
Redeemed		(29,518	)		(491,311	)		(69,838	)		(1,099,637	)
Total		(19,075	)	$	(322,050	)		(68,386	)	$	(1,076,483	)

Sterling Capital Mid Value Fund
Institutional	Shares			Amount			Shares			Amount
Issued		16,248		$	328,900			654,893		$	12,446,868
Reinvested		197,808			3,889,195			9,659			170,284
Redeemed		(618,894	)		(12,128,212	)		(718,028	)		(14,337,942	)
Total		(404,838	)	$	(7,910,117	)		(53,476	)	$	(1,720,790	)

136

Sterling Capital Funds

Notes to Financial Statements — (continued)

March 31, 2022 (Unaudited)

	For the Six Months Ended March 31, 2022 (Unaudited)						For the Year Ended September 30, 2021
Sterling Capital Mid Value Fund
Class R(1)	Shares			Amount			Shares			Amount
Issued		2		$	45			54		$	1,040
Reinvested		—			—			—			2
Redeemed		(430	)		(8,727	)		(1	)		(9	)
Total		(428	)	$	(8,682	)		53		$	1,033

Sterling Capital Mid Value Fund
Class R6	Shares			Amount			Shares			Amount
Issued	—			$	—		2,636			$	43,186
Reinvested		3			52			23			394
Redeemed		(9,729	)		(202,603	)		(225,282	)		(4,063,386	)
Total		(9,726	)	$	(202,551	)		(222,623	)	$	(4,019,806	)

Sterling Capital Behavioral Small Cap Value Equity Fund
Class A	Shares			Amount			Shares			Amount
Issued	18,425			$	382,757		15,753			$	278,950
Reinvested		7,704			156,527			2,768			40,284
Redeemed		(27,768	)		(561,524	)		(64,464	)		(1,091,075	)
Total		(1,639	)	$	(22,240	)		(45,943	)	$	(771,841	)

Sterling Capital Behavioral Small Cap Value Equity Fund
Class C	Shares			Amount			Shares			Amount
Issued	4,668			$	93,653		373			$	6,142
Reinvested		29			552			—			—
Redeemed		(4,817	)		(97,769	)		(7,176	)		(114,167	)
Total		(120	)	$	(3,564	)		(6,803	)	$	(108,025	)

Sterling Capital Behavioral Small Cap Value Equity Fund
Institutional	Shares			Amount			Shares			Amount
Issued	166,454			$	3,384,164		425,935			$	7,544,347
Reinvested		16,811			345,293			4,254			62,444
Redeemed		(134,954	)		(2,748,306	)		(253,018	)		(4,326,883	)
Total		48,311		$	981,151			177,171		$	3,279,908

Sterling Capital Behavioral Small Cap Value Equity Fund
Class R(1)	Shares			Amount			Shares			Amount
Issued	45			$	892		2,132			$	35,302
Reinvested		—			—			76			1,097
Redeemed		(13,648	)		(287,327	)		(3,570	)		(62,311	)
Total		(13,603	)	$	(286,435	)		(1,362	)	$	(25,912	)

Sterling Capital Behavioral Small Cap Value Equity Fund
Class R6	Shares		Amount		Shares			Amount
Issued		—	$	—		3,271		$	54,841
Reinvested		103,351		2,125,065		57,955			851,367
Redeemed		—		—		(1,665,031	)		(31,836,646	)
Total		103,351	$	2,125,065		(1,603,805	)	$	(30,930,438	)

137

Sterling Capital Funds

Notes to Financial Statements — (continued)

March 31, 2022 (Unaudited)

	For the Six Months Ended March 31, 2022 (Unaudited)						For the Year Ended September 30, 2021
Sterling Capital Special Opportunities Fund
Class A	Shares			Amount			Shares			Amount
Issued		356,040		$	11,054,267			899,419		$	28,108,301
Reinvested		1,303,455			40,511,385			127,257			3,532,665
Redeemed		(704,927	)		(22,029,713	)		(1,619,012	)		(49,005,620	)
Total		954,568		$	29,535,939			(592,336	)	$	(17,364,654	)

Sterling Capital Special Opportunities Fund
Class C	Shares			Amount			Shares			Amount
Issued		51,312		$	1,258,392			85,196		$	2,107,942
Reinvested		322,107			7,608,160			41,122			906,331
Redeemed		(417,807	)		(9,883,246	)		(1,238,202	)		(29,930,092	)
Total		(44,388	)	$	(1,016,694	)		(1,111,884	)	$	(26,915,819	)

Sterling Capital Special Opportunities Fund
Institutional	Shares			Amount			Shares			Amount
Issued		778,529		$	25,837,451			1,223,082		$	40,695,174
Reinvested		595,100			19,846,597			63,869			1,886,861
Redeemed		(749,096	)		(25,588,394	)		(1,708,623	)		(54,171,179	)
Total		624,533		$	20,095,654			(421,672	)	$	(11,589,144	)

Sterling Capital Special Opportunities Fund
Class R(1)	Shares			Amount			Shares			Amount
Issued	—			$	—		28			$	693
Reinvested		—			—			—			14
Redeemed		(42	)		(1,476	)		(4,520	)		(115,349	)
Total		(42	)	$	(1,476	)		(4,492	)	$	(114,642	)

Sterling Capital Special Opportunities Fund
Class R6	Shares			Amount			Shares			Amount
Issued		40,886		$	1,356,584			75,987		$	2,356,511
Reinvested		4,708			156,652			690			20,418
Redeemed		(105,607	)		(3,448,638	)		(352,462	)		(11,199,650	)
Total		(60,013	)	$	(1,935,402	)		(275,785	)	$	(8,822,721	)

Sterling Capital Equity Income Fund
Class A	Shares			Amount			Shares			Amount
Issued		978,030		$	27,354,121			3,995,959		$	98,587,686
Reinvested		362,796			10,174,219			171,179			4,339,483
Redeemed		(1,488,947	)		(41,344,608	)		(2,838,113	)		(69,848,590	)
Total		(148,121	)	$	(3,816,268	)		1,329,025		$	33,078,579

Sterling Capital Equity Income Fund
Class C	Shares			Amount			Shares			Amount
Issued		270,671		$	7,490,842			377,612		$	9,167,208
Reinvested		59,098			1,634,138			12,023			296,015
Redeemed		(560,211	)		(15,418,409	)		(3,324,223	)		(80,466,176	)
Total		(230,442	)	$	(6,293,429	)		(2,934,588	)	$	(71,002,953	)

138

Sterling Capital Funds

Notes to Financial Statements — (continued)

March 31, 2022 (Unaudited)

	For the Six Months Ended March 31, 2022 (Unaudited)						For the Year Ended September 30, 2021
Sterling Capital Equity Income Fund
Institutional	Shares			Amount			Shares			Amount
Issued		8,482,193		$	236,196,164			17,467,222		$	430,631,193
Reinvested		1,236,613			34,831,916			616,486			15,718,369
Redeemed		(8,629,698	)		(241,633,904	)		(9,862,395	)		(244,303,420	)
Total		1,089,108		$	29,394,176			8,221,313		$	202,046,142

Sterling Capital Equity Income Fund
Class R(1)	Shares			Amount			Shares			Amount
Issued		49		$	1,324			30,887		$	782,739
Reinvested		—			—			671			16,723
Redeemed		(51,591	)		(1,463,090	)		(68,015	)		(1,752,490	)
Total		(51,542	)	$	(1,461,766	)		(36,457	)	$	(953,028	)

Sterling Capital Equity Income Fund
Class R6	Shares			Amount			Shares			Amount
Issued		285,465		$	8,029,252			944,445		$	22,264,153
Reinvested		30,263			853,258			18,346			464,380
Redeemed		(398,637	)		(11,197,214	)		(1,124,786	)		(27,430,174	)
Total		(82,909	)	$	(2,314,704	)		(161,995	)	$	(4,701,641	)

Sterling Capital Behavioral International Equity Fund
Class A	Shares			Amount			Shares			Amount
Issued		1,411		$	13,666			7,910		$	69,621
Reinvested		1,867			17,718			1,452			12,832
Redeemed		(4,933	)		(46,797	)		(11,774	)		(113,208	)
Total		(1,655	)	$	(15,413	)		(2,412	)	$	(30,755	)

Sterling Capital Behavioral International Equity Fund
Class C	Shares		Amount			Shares			Amount
Issued		21	$	204			71		$	705
Reinvested		199		1,877			101			891
Redeemed		—		(1	)		(74	)		(690	)
Total		220	$	2,080			98		$	906

Sterling Capital Behavioral International Equity Fund
Institutional	Shares			Amount			Shares			Amount
Issued		2,560		$	25,610			935		$	9,368
Reinvested		3,309			31,374			2,040			18,010
Redeemed		(3,438	)		(33,307	)		(1,614,353	)		(14,734,958	)
Total		2,431		$	23,677			(1,611,378	)	$	(14,707,580	)

Sterling Capital Behavioral International Equity Fund
Class R6	Shares		Amount		Shares		Amount
Reinvested		422,301	$	4,003,413		235,591	$	2,082,632
Total		422,301	$	4,003,413		235,591	$	2,082,632

Sterling Capital SMID Opportunities Fund
Class A	Shares			Amount			Shares			Amount
Issued		1,005		$	15,776			37,980		$	587,546
Reinvested		25,841			404,670			—			—
Redeemed		(26,136	)		(407,660	)		(76,597	)		(1,218,610	)
Total		710		$	12,786			(38,617	)	$	(631,064	)

139

Sterling Capital Funds

Notes to Financial Statements — (continued)

March 31, 2022 (Unaudited)

	For the Six Months Ended March 31, 2022 (Unaudited)						For the Year Ended September 30, 2021
Sterling Capital SMID Opportunities Fund
Class C	Shares			Amount			Shares			Amount
Issued		147		$	2,200			1,063		$	16,863
Reinvested		8,069			121,527			—			—
Redeemed		(19,535	)		(284,999	)		(6,800	)		(101,769	)
Total		(11,319	)	$	(161,272	)		(5,737	)	$	(84,906	)

Sterling Capital SMID Opportunities Fund
Institutional	Shares			Amount			Shares			Amount
Issued		2,464		$	41,307			14,716		$	220,461
Reinvested		22,884			362,713			—			—
Redeemed		(36,720	)		(563,957	)		(159,154	)		(2,485,677	)
Total		(11,372	)	$	(159,937	)		(144,438	)	$	(2,265,216	)

Sterling Capital Mid Cap Relative Value Fund
Class A	Shares			Amount			Shares			Amount
Issued		1,174		$	91,321			3,552		$	228,722
Reinvested		354			27,374			30			2,010
Redeemed		(35	)		(2,484	)		(1,351	)		(83,360	)
Total		1,493		$	116,211			2,231		$	147,372

Sterling Capital Mid Cap Relative Value Fund
Class C	Shares		Amount		Shares		Amount
Issued		9	$	729		15	$	1,149
Reinvested		3		250		—		5
Total		12	$	979		15	$	1,154

Sterling Capital Mid Cap Relative Value Fund
Institutional	Shares			Amount			Shares			Amount
Issued		2,225		$	181,135			17,072		$	1,327,524
Reinvested		59,267			4,619,348			6,931			473,525
Redeemed		(155,438	)		(12,351,108	)		(107,394	)		(7,872,757	)
Total		(93,946	)	$	(7,550,625	)		(83,391	)	$	(6,071,708	)

Sterling Capital Real Estate Fund
Class A	Shares			Amount			Shares			Amount
Issued		4,498		$	208,081			4,693		$	196,046
Reinvested		940			44,937			499			20,159
Redeemed		(1,422	)		(66,075	)		(4,268	)		(186,034	)
Total		4,016		$	186,943			924		$	30,171

Sterling Capital Real Estate Fund
Class C	Shares			Amount			Shares			Amount
Issued		2		$	117			21		$	1,000
Reinvested		257			12,153			127			4,949
Redeemed		(16	)		(749	)		(1,426	)		(56,202	)
Total		243		$	11,521			(1,278	)	$	(50,253	)

140

Sterling Capital Funds

Notes to Financial Statements — (continued)

March 31, 2022 (Unaudited)

	For the Six Months Ended March 31, 2022 (Unaudited)						For the Year Ended September 30, 2021
Sterling Capital Real Estate Fund	Shares			Amount			Shares			Amount
Institutional
Issued		85,254		$	4,140,791			265,204		$	10,813,943
Reinvested		129,903			6,231,636			71,046			2,880,895
Redeemed		(126,099	)		(5,932,939	)		(578,908	)		(25,636,626	)
Total		89,058		$	4,439,488			(242,658	)	$	(11,941,788	)

Sterling Capital Real Estate Fund
Class R6	Shares		Amount			Shares			Amount
Issued		60	$	2,779			328		$	13,868
Reinvested		25		1,191			6			250
Redeemed		—		(21	)		(1	)		(20	)
Total		85	$	3,949			333		$	14,098

Sterling Capital Small Cap Value Fund
Class A	Shares			Amount			Shares			Amount
Issued		2,628		$	197,455			11,399		$	910,833
Reinvested		9,538			698,451			5,127			349,012
Redeemed		(6,496	)		(472,542	)		(6,905	)		(524,432	)
Total		5,670		$	423,364			9,621		$	735,413

Sterling Capital Small Cap Value Fund
Class C	Shares			Amount			Shares			Amount
Issued		900		$	72,617			908		$	74,265
Reinvested		1,371			94,969			643			41,968
Redeemed		(383	)		(25,175	)		(814	)		(63,837	)
Total		1,888		$	142,411			737		$	52,396

Sterling Capital Small Cap Value Fund
Institutional	Shares			Amount			Shares			Amount
Issued		216,046		$	16,115,339			655,128		$	51,516,884
Reinvested		1,184,084			87,493,753			916,791			62,862,358
Redeemed		(1,080,058	)		(80,560,725	)		(2,848,814	)		(219,208,647	)
Total		320,072		$	23,048,367			(1,276,895	)	$	(104,829,405	)

Sterling Capital Small Cap Value Fund
Class R6	Shares			Amount			Shares			Amount
Issued		12,681		$	1,174,628			4,022		$	339,541
Reinvested		13,254			981,746			7,679			527,073
Redeemed		(27	)		(2,257	)		(13,007	)		(1,011,343	)
Total		25,908		$	2,154,117			(1,306	)	$	(144,729	)

Sterling Capital Ultra Short Bond Fund
Class A	Shares			Amount			Shares			Amount
Issued		544,224		$	5,289,978			514,235		$	5,042,688
Reinvested		3,176			30,822			3,821			37,444
Redeemed		(539,343	)		(5,217,724	)		(51,979	)		(509,581	)
Total		8,057		$	103,076			466,077		$	4,570,551

141

Sterling Capital Funds

Notes to Financial Statements — (continued)

March 31, 2022 (Unaudited)

	For the Six Months Ended March 31, 2022 (Unaudited)						For the Year Ended September 30, 2021
Sterling Capital Ultra Short Bond Fund
Institutional	Shares			Amount			Shares			Amount
Issued		664,452		$	6,459,130			1,483,876		$	14,546,133
Reinvested		11,563			112,318			20,855			204,591
Redeemed		(859,027	)		(8,368,594	)		(1,612,690	)		(15,829,258	)
Total		(183,012	)	$	(1,797,146	)		(107,959	)	$	(1,078,534	)

Sterling Capital Short Duration Bond Fund
Class A	Shares			Amount			Shares			Amount
Issued		50,517		$	432,628			87,395		$	766,298
Reinvested		3,896			33,260			9,195			80,431
Redeemed		(150,484	)		(1,276,612	)		(72,934	)		(638,447	)
Total		(96,071	)	$	(810,724	)		23,656		$	208,282

Sterling Capital Short Duration Bond Fund
Class C	Shares			Amount			Shares			Amount
Issued		6,903		$	59,240			54,275		$	473,163
Reinvested		615			5,243			1,241			10,850
Redeemed		(39,173	)		(332,375	)		(43,426	)		(380,462	)
Total		(31,655	)	$	(267,892	)		12,090		$	103,551

Sterling Capital Short Duration Bond Fund
Institutional	Shares			Amount			Shares			Amount
Issued		2,138,684		$	18,253,760			5,459,027		$	47,787,423
Reinvested		137,517			1,174,907			400,471			3,501,537
Redeemed		(8,833,671	)		(75,900,160	)		(7,144,887	)		(62,293,235	)
Total		(6,557,470	)	$	(56,471,493	)		(1,285,389	)	$	(11,004,275	)

Sterling Capital Short Duration Bond Fund
Class R6	Shares			Amount			Shares			Amount
Issued		36,051		$	309,507			3,417,306		$	29,696,358
Reinvested		1,392			11,883			65			566
Redeemed		(1,350,738	)		(11,585,751	)		(13,042	)		(113,208	)
Total		(1,313,295	)	$	(11,264,361	)		3,404,329		$	29,583,716

Sterling Capital Intermediate U.S. Government Fund
Class A	Shares			Amount			Shares			Amount
Issued		6,392		$	61,543			22,535		$	226,038
Reinvested		3,080			29,378			7,430			73,839
Redeemed		(34,030	)		(324,063	)		(71,461	)		(713,584	)
Total		(24,558	)	$	(233,142	)		(41,496	)	$	(413,707	)

Sterling Capital Intermediate U.S. Government Fund
Class C	Shares			Amount			Shares			Amount
Issued		229		$	2,181			672		$	6,663
Reinvested		79			755			284			2,817
Redeemed		(1,548	)		(14,699	)		(18,808	)		(187,602	)
Total		(1,240	)	$	(11,763	)		(17,852	)	$	(178,122	)

142

Sterling Capital Funds

Notes to Financial Statements — (continued)

March 31, 2022 (Unaudited)

	For the Six Months Ended March 31, 2022 (Unaudited)						For the Year Ended September 30, 2021
Sterling Capital Intermediate U.S. Government Fund
Institutional	Shares			Amount			Shares			Amount
Issued		15,879		$	155,097			1,548,650		$	15,665,762
Reinvested		18,426			175,809			39,617			393,800
Redeemed		(90,698	)		(854,829	)		(719,213	)		(7,245,377	)
Total		(56,393	)	$	(523,923	)		869,054		$	8,814,185

Sterling Capital Total Return Bond Fund
Class A	Shares			Amount			Shares			Amount
Issued		252,316		$	2,719,113			2,260,247		$	25,551,361
Reinvested		93,728			1,008,831			177,265			1,985,976
Redeemed		(496,165	)		(5,316,550	)		(1,966,158	)		(22,210,629	)
Total		(150,121	)	$	(1,588,606	)		471,354		$	5,326,708

Sterling Capital Total Return Bond Fund
Class C	Shares			Amount			Shares			Amount
Issued		3,787		$	41,535			70,420		$	793,444
Reinvested		6,469			69,894			16,563			186,308
Redeemed		(58,677	)		(622,497	)		(331,499	)		(3,696,750	)
Total		(48,421	)	$	(511,068	)		(244,516	)	$	(2,716,998	)

Sterling Capital Total Return Bond Fund
Institutional	Shares			Amount			Shares			Amount
Issued		12,290,677		$	131,644,479			35,830,628		$	399,920,995
Reinvested		1,400,648			15,086,637			2,546,915			28,542,253
Redeemed		(19,376,910	)		(207,786,511	)		(27,578,996	)		(307,935,662	)
Total		(5,685,585	)	$	(61,055,395	)		10,798,547		$	120,527,586

Sterling Capital Total Return Bond Fund
Class R(1)	Shares			Amount			Shares			Amount
Issued		10		$	106			241		$	2,685
Reinvested		4			49			95			1,056
Redeemed		(3,148	)		(34,409	)		(7	)		(79	)
Total		(3,134	)	$	(34,254	)		329		$	3,662

Sterling Capital Total Return Bond Fund
Class R6	Shares			Amount			Shares			Amount
Issued		3,496,099		$	37,326,081			14,133,055		$	157,869,661
Reinvested		452,737			4,872,344			1,392,703			15,644,998
Redeemed		(6,960,151	)		(73,817,776	)		(40,405,334	)		(447,181,438	)
Total		(3,011,315	)	$	(31,619,351	)		(24,879,576	)	$	(273,666,779	)

Sterling Capital Long Duration Corporate Bond Fund
Class A	Shares			Amount			Shares			Amount
Issued		3,614		$	32,770			16,220		$	173,572
Reinvested		6,917			64,664			2,762			29,278
Redeemed		(6,550	)		(63,705	)		(4,289	)		(45,247	)
Total		3,981		$	33,729			14,693		$	157,603

143

Sterling Capital Funds

Notes to Financial Statements — (continued)

March 31, 2022 (Unaudited)

	For the Six Months Ended March 31, 2022 (Unaudited)						For the Year Ended September 30, 2021
Sterling Capital Long Duration Corporate Bond Fund
Class C	Shares			Amount			Shares			Amount
Issued		1,970		$	20,383			460		$	4,839
Reinvested		266			2,483			14			153
Redeemed		(2,196	)		(18,182	)		(450	)		(4,724	)
Total		40		$	4,684			24		$	268

Sterling Capital Long Duration Corporate Bond Fund
Institutional	Shares			Amount			Shares			Amount
Issued		3,366,517		$	30,839,802			50,064		$	530,692
Reinvested		15,004			138,396			50,597			537,481
Redeemed		(3,955,170	)		(35,341,533	)		(1,199,766	)		(12,879,362	)
Total		(573,649	)	$	(4,363,335	)		(1,099,105	)	$	(11,811,189	)

Sterling Capital Long Duration Corporate Bond Fund
Class R6	Shares		Amount		Shares		Amount
Issued		3,361,792	$	29,785,521		—	$	—
Reinvested		14,789		126,793		—		—
Total		3,376,581	$	29,912,314		—	$	—

Sterling Capital Quality Income Fund
Class A	Shares			Amount			Shares			Amount
Issued		798		$	7,919			1,831		$	18,667
Reinvested		28			275			63			638
Redeemed		(4	)		(35	)		(1,429	)		(14,473	)
Total		822		$	8,159			465		$	4,832

Sterling Capital Quality Income Fund
Class C	Shares		Amount		Shares			Amount
Issued		21	$	209		346		$	3,504
Reinvested		2		16		4			37
Redeemed		—		—		(310	)		(3,129	)
Total		23	$	225		40		$	412

Sterling Capital Quality Income Fund
Institutional	Shares			Amount			Shares			Amount
Issued		3,019,541		$	29,261,588			3,927,109		$	39,815,276
Reinvested		26,739			261,773			63,072			640,709
Redeemed		(408,505	)		(4,008,422	)		(1,238,812	)		(12,554,637	)
Total		2,637,775		$	25,514,939			2,751,369		$	27,901,348

Sterling Capital North Carolina Intermediate Tax-Free Fund
Class A	Shares			Amount			Shares			Amount
Issued		18,123		$	197,594			232,333		$	2,573,680
Reinvested		14,277			153,562			31,377			347,725
Redeemed		(248,849	)		(2,684,239	)		(441,643	)		(4,901,297	)
Total		(216,449	)	$	(2,333,083	)		(177,933	)	$	(1,979,892	)

144

Sterling Capital Funds

Notes to Financial Statements — (continued)

March 31, 2022 (Unaudited)

	For the Six Months Ended March 31, 2022 (Unaudited)						For the Year Ended September 30, 2021
Sterling Capital North Carolina Intermediate Tax-Free Fund
Class C	Shares			Amount			Shares			Amount
Issued		5,415		$	59,011			10,532		$	116,978
Reinvested		392			4,206			1,062			11,761
Redeemed		(30,167	)		(324,360	)		(122,210	)		(1,350,921	)
Total		(24,360	)	$	(261,143	)		(110,616	)	$	(1,222,182	)

Sterling Capital North Carolina Intermediate Tax-Free Fund
Institutional	Shares			Amount			Shares			Amount
Issued		1,233,388		$	13,280,561			2,947,749		$	32,734,912
Reinvested		44,607			479,914			87,037			964,213
Redeemed		(2,157,660	)		(23,185,624	)		(1,642,723	)		(18,216,553	)
Total		(879,665	)	$	(9,425,149	)		1,392,063		$	15,482,572

Sterling Capital South Carolina Intermediate Tax-Free Fund
Class A	Shares			Amount			Shares			Amount
Issued		20,929		$	232,537			971,065		$	11,174,577
Reinvested		6,328			70,740			16,620			190,623
Redeemed		(182,373	)		(2,046,320	)		(1,044,630	)		(11,976,075	)
Total		(155,116	)	$	(1,743,043	)		(56,945	)	$	(610,875	)

Sterling Capital South Carolina Intermediate Tax-Free Fund
Class C	Shares			Amount			Shares			Amount
Issued		—		$	—			1,736		$	20,002
Reinvested		131			1,458			418			4,787
Redeemed		(15,999	)		(176,344	)		(32,497	)		(372,615	)
Total		(15,868	)	$	(174,886	)		(30,343	)	$	(347,826	)

Sterling Capital South Carolina Intermediate Tax-Free Fund
Institutional	Shares			Amount			Shares			Amount
Issued		349,020		$	3,881,231			1,163,980		$	13,268,574
Reinvested		17,803			197,481			32,208			366,803
Redeemed		(1,695,585	)		(18,835,493	)		(1,193,275	)		(13,603,974	)
Total		(1,328,762	)	$	(14,756,781	)		2,913		$	31,403

Sterling Capital Virginia Intermediate Tax-Free Fund
Class A	Shares			Amount			Shares			Amount
Issued		10,747		$	127,874			100,162		$	1,214,360
Reinvested		8,304			97,643			18,551			225,127
Redeemed		(143,815	)		(1,662,694	)		(101,935	)		(1,235,438	)
Total		(124,764	)	$	(1,437,177	)		16,778		$	204,049

Sterling Capital Virginia Intermediate Tax-Free Fund
Class C	Shares			Amount			Shares			Amount
Issued		708		$	8,194			—		$	—
Reinvested		11			130			311			3,792
Redeemed		(3,725	)		(43,426	)		(59,368	)		(716,138	)
Total		(3,006	)	$	(35,102	)		(59,057	)	$	(712,346	)

145

Sterling Capital Funds

Notes to Financial Statements — (continued)

March 31, 2022 (Unaudited)

	For the Six Months Ended March 31, 2022 (Unaudited)						For the Year Ended September 30, 2021
Sterling Capital Virginia Intermediate Tax-Free Fund
Institutional	Shares			Amount			Shares			Amount
Issued		200,391		$	2,353,806			743,170		$	9,021,037
Reinvested		5,302			62,325			12,238			148,454
Redeemed		(451,635	)		(5,290,821	)		(461,354	)		(5,590,795	)
Total		(245,942	)	$	(2,874,690	)		294,054		$	3,578,696

Sterling Capital West Virginia Intermediate Tax-Free Fund
Class A	Shares			Amount			Shares			Amount
Issued		28,038		$	275,402			122,328		$	1,258,711
Reinvested		16,261			163,141			37,602			386,517
Redeemed		(67,644	)		(673,082	)		(200,474	)		(2,061,930	)
Total		(23,345	)	$	(234,539	)		(40,544	)	$	(416,702	)

Sterling Capital West Virginia Intermediate Tax-Free Fund
Class C	Shares		Amount		Shares			Amount
Issued		—	$	—		1		$	10
Reinvested		9		85		119			1,233
Redeemed		—		—		(27,162	)		(279,350	)
Total		9	$	85		(27,042	)	$	(278,107	)

Sterling Capital West Virginia Intermediate Tax-Free Fund
Institutional	Shares			Amount			Shares			Amount
Issued		515,195		$	5,239,818			1,406,990		$	14,492,951
Reinvested		9,986			100,193			10,738			110,530
Redeemed		(319,265	)		(3,206,387	)		(1,344,741	)		(13,841,257	)
Total		205,916		$	2,133,624			72,987		$	762,224

(1) Class R shares were automatically converted to Class A shares on November 15, 2021.

6.    Concentration of Credit Risk:

The Tax-Free Funds invest primarily in debt instruments of municipal issuers in their respective states. The issuers’ abilities to meet their obligations may be affected by economic developments in a specific state or region.

7.    Focused Investment Risk:

Focused Investment Risk are 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. As of March 31, 2022, the Sterling Capital Real Estate Fund invested 35.2% of its net assets in Specialized securities.

8.    Line of Credit:

U.S. Bank, N.A. has made available a credit facility to the Trust, pursuant to an umbrella credit agreement (the “Agreement”). The primary purpose of the Agreement is to allow the Trust to avoid security liquidations that Sterling Capital believes are unfavorable to shareholders. Under the Agreement, an aggregate uncommitted amount of $100,000,000 has been made available for use by all Funds of the Trust for shareholder liquidations only. Outstanding principal amounts under the Agreement bear interest at a rate per annum equal to the Prime Rate minus two percent (2%), but never at a rate of less than

146

Sterling Capital Funds

Notes to Financial Statements — (continued)

March 31, 2022 (Unaudited)

one percent (1%) per annum. The Agreement will expire on March 25, 2023. During the six months ended March 31, 2022, each of the following Funds utilized its line of credit:

	Average Interest Rate			Average Loan Balance*		Number of Days Outstanding		Interest Expense Incurred		Maximum Amount Borrowed
Sterling Capital Special Opportunities Fund		125.00	%	$	5,037,833		6	$	1,045	$	16,049,000
Sterling Capital SMID Opportunities Fund		125.00	%		20,000		1		-		20,000
Sterling Capital Small Cap Value Fund		125.00	%		12,563,600		5		2,181		13,046,000

* Average loan balance was calculated by taking the sum of the loans outstanding for each day divided by the number of days the loans were outstanding.

9.    Fund Ownership:

As of March 31, 2022, Truist and its affiliates possessed, on behalf of its underlying accounts, voting or investment power with respect to the following Funds in the following amounts: 79% of the Behavioral Small Cap Value Equity Fund, 99% of the Behavioral International Equity Fund and 30% of the Ultra Short Bond Fund. As a result, Truist may be deemed to be a “controlling person” of each of the above mentioned Funds under the 1940 Act.

10.  Federal Tax Information:

It is the policy of each Fund to continue to qualify as a regulated investment company as defined in the Internal Revenue Code of 1986, as amended (the “Code”), by complying with the applicable provisions of the Code and to make distributions of net investment income and net realized capital gains sufficient to relieve it from all, or substantially all, federal income taxes. Accordingly, no provision for federal income tax was required in the Funds’ financial statements.

Management evaluates its tax positions to determine if the tax positions taken meet the minimum recognition threshold in connection with accounting for uncertainties in income tax positions taken or expected to be taken for the purposes of measuring and recognizing tax liabilities in the financial statements. Recognition of tax benefits of an uncertain tax position is required only when the position is “more likely than not” to be sustained assuming examination by taxing authorities. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense. During the year, the Funds did not incur any interest or penalties.

Management has analyzed the Funds’ tax positions taken on federal income tax returns for all open tax years (current and prior three tax years), and has concluded that no provision for federal income tax was required in the Funds’ financial statements. The Funds’ federal income and excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state departments of revenue.

Capital losses are permitted to be carried forward without expiration. Such capital losses will retain their character as either short-term or long-term capital losses.

At September 30, 2021, the following Funds had net capital loss carryforwards available to offset future net capital gains, if any, to the extent provided by the Code and the Treasury regulations:

	Amount With No Expiration
	Short-term Losses			Long-term Losses
Sterling Capital Behavioral Large Cap Value Equity Fund	$	(19,364,855	)	$	—
Sterling Capital Behavioral International Equity Fund		(9,028,383	)		—
Sterling Capital Ultra Short Bond Fund		(70,510	)		(920,428	)
Sterling Capital Short Duration Bond Fund		(811,036	)		(5,509,135	)
Sterling Capital Intermediate U.S. Government Fund		(355,069	)		(722,871	)
Sterling Capital Quality Income Fund		(1,263,528	)		(453,940	)
Sterling Capital North Carolina Intermediate Tax-Free Fund		(300,235	)		—
Sterling Capital South Carolina Intermediate Tax-Free Fund		(44,424	)		—

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 and equalization utilized), such amounts

147

Sterling Capital Funds

Notes to Financial Statements — (continued)

March 31, 2022 (Unaudited)

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.

The tax character of distributions paid to shareholders during the fiscal year ended September 30, 2021 was as follows:

	Distributions paid from
	Ordinary Income		Net Long-Term Gains		Total Taxable Distributions		Return Of Capital		Tax Exempt Distributions		Total Distributions Paid*
Sterling Capital Behavioral Large Cap Value Equity Fund	$	66,228	$	—	$	66,228	$	256,144	$	—	$	322,372
Sterling Capital Mid Value Fund		460,102		133,548		593,650		—		—		593,650
Sterling Capital Behavioral Small Cap Value Equity Fund		1,079,648		364,960		1,444,608		—		—		1,444,608
Sterling Capital Special Opportunities Fund		665,760		12,633,008		13,298,768		—		—		13,298,768
Sterling Capital Equity Income Fund		26,618,496		844,914		27,463,410		—		—		27,463,410
Sterling Capital Behavioral International Equity Fund		2,447,303		—		2,447,303		—		—		2,447,303
Sterling Capital Mid Cap Relative Value Fund		336,325		371,713		708,038		—		—		708,038
Sterling Capital Real Estate Fund		1,501,501		2,345,379		3,846,880		—		—		3,846,880
Sterling Capital Small Cap Value Fund		3,671,687		90,883,296		94,554,983		—		—		94,554,983
Sterling Capital Ultra Short Bond Fund		403,885		—		403,885		—		—		403,885
Sterling Capital Short Duration Bond Fund		4,457,417		—		4,457,417		—		—		4,457,417
Sterling Capital Intermediate U.S. Government Fund		540,540		—		540,540		—		—		540,540
Sterling Capital Total Return Bond Fund		60,987,228		2,953,951		63,941,179		—		—		63,941,179
Sterling Capital Long Duration Corporate Bond Fund		411,957		546,278		958,235		—		—		958,235
Sterling Capital Quality Income Fund		843,908		—		843,908		—		—		843,908
Sterling Capital North Carolina Intermediate Tax-Free Fund		5,954		—		5,954		—		2,810,460		2,816,414
Sterling Capital South Carolina Intermediate Tax-Free Fund		2,963		—		2,963		—		1,483,035		1,485,998
Sterling Capital Virginia Intermediate Tax-Free Fund		78,444		197,736		276,180		—		1,159,903		1,436,083
Sterling Capital West Virginia Intermediate Tax-Free Fund		177		60,776		60,953		—		1,682,325		1,743,278

* Total distributions paid may differ from the Statements of Changes in Net Assets because distributions are recognized when actually paid for tax purposes. The Funds may also utilize equalization accounting for tax purposes and designate earnings and profits, including net realized gains distributed to shareholders on redemption of shares, as part of the dividends.

Under current tax law, net capital losses or, if there are no such losses, net long-term capital losses or net short-term capital losses realized after October 31, net ordinary losses from the sale, exchange or other taxable disposition of property realized after October 31 and other net ordinary losses realized after December 31 of a Fund’s taxable year may be deferred and treated as occurring on the first business day of the following taxable year for tax purposes. The following Funds had deferred qualified late-year losses, which will be treated as arising on the first business day of the taxable year ending September 30, 2021:

	Qualified Late-Year Ordinary Losses		Qualified Late-Year Short-term Capital Losses		Qualified Late-Year Long-term Capital Losses
Sterling Capital Ultra Short Bond Fund	$	—	$	5,348	$	24,839
Sterling Capital Quality Income Fund		—		92,540		100,222

148

Sterling Capital Funds

Notes to Financial Statements — (continued)

March 31, 2022 (Unaudited)

As of March 31, 2022, the components of distributable earnings (accumulated deficit) on a tax basis were as follows:

	Undistributed Ordinary Income/ Tax Exempt Income			Undistributed Long Term Capital Gains		Distributable Earnings			Distributions Payable			Accumulated Capital and Other Losses			Unrealized Appreciation (Depreciation)*			Total Distributable Earnings (Accumulated Deficit)
Sterling Capital Behavioral Large Cap Value Equity Fund	$	(10,959	)	$	—	$	(10,959	)	$	—		$	(16,695,778	)	$	5,340,909		$	(11,365,828	)
Sterling Capital Mid Value Fund		(6,436	)		4,298,731		4,292,295			—			—			23,533,249			27,825,544
Sterling Capital Behavioral Small Cap Value Equity Fund		(286,602	)		7,143,747		6,857,145			—			—			22,742,007			29,599,152
Sterling Capital Special Opportunities Fund		(1,238,773	)		26,707,329		25,468,556			—			—			298,283,186			323,751,742
Sterling Capital Equity Income Fund		(694,369	)		104,505,159		103,810,790			(1	)		—			881,258,008			985,068,797
Sterling Capital Behavioral International Equity Fund		1,061,310			—		1,061,310			—			(8,676,874	)		3,318,463			(4,297,101	)
Sterling Capital SMID Opportunities Fund		(14,965	)		512,773		497,808			—			—			3,156,042			3,653,850
Sterling Capital Mid Cap Relative Value Fund		21,881			7,631,185		7,653,066			—			—			26,076,877			33,729,943
Sterling Capital Real Estate Fund		(115,768	)		2,882,369		2,766,601			—			—			52,731,530			55,498,131
Sterling Capital Small Cap Value Fund		(342,662	)		77,743,421		77,400,759			—			—			308,179,413			385,580,172
Sterling Capital Ultra Short Bond Fund		(17,305	)		—		(17,305	)		(11,368	)		(1,062,358	)		(551,254	)		(1,642,285	)
Sterling Capital Short Duration Bond Fund		(505,459	)		—		(505,459	)		(58,763	)		(7,702,069	)		(3,531,148	)		(11,797,439	)
Sterling Capital Intermediate U.S. Government Fund		(7,499	)		—		(7,499	)		(1,207	)		(1,350,905	)		(747,250	)		(2,106,861	)
Sterling Capital Total Return Bond Fund		(977,925	)		—		(977,925	)		(799,604	)		(9,359,038	)		(63,025,454	)		(74,162,021	)
Sterling Capital Long Duration Corporate Bond Fund		(11,136	)		—		(11,136	)		(993	)		(30,991	)		(2,217,392	)		(2,260,512	)
Sterling Capital Quality Income Fund		(104,229	)		—		(104,229	)		(67,136	)		(2,103,481	)		(3,040,209	)		(5,315,055	)
Sterling Capital North Carolina Intermediate Tax-Free Fund		241,312			—		241,312			(128,744	)		(2,599,170	)		776,740			(1,709,862	)
Sterling Capital South Carolina Intermediate Tax-Free Fund		88,377			—		88,377			(59,910	)		(406,910	)		474,955			96,512
Sterling Capital Virginia Intermediate Tax-Free Fund		138,598			—		138,598			(75,372	)		(751,069	)		280,000			(407,843	)
Sterling Capital West Virginia Intermediate Tax-Free Fund		165,937			—		165,937			(84,787	)		(252,328	)		(471,135	)		(642,313	)

* The primary differences between book basis and tax basis unrealized appreciation (depreciation) were due to the deferral of losses on wash sales, Passive Foreign Investment Companies and the deferral of market discount and premium until time of sale and real estate investment trust adjustments.

149

Sterling Capital Funds

Notes to Financial Statements — (continued)

March 31, 2022 (Unaudited)

As of September 30, 2021, the components of distributable earnings (accumulated deficit) on a tax basis were as follows:

	Undistributed Ordinary Income/ Tax Exempt Income		Undistributed Long Term Capital Gains		Distributable Earnings		Distributions Payable			Accumulated Capital and Other Losses			Unrealized Appreciation (Depreciation)*			Total Distributable Earnings (Accumulated Deficit)
Sterling Capital Behavioral Large Cap Value Equity Fund	$	—	$	—	$	—	$	—		$	(19,364,855	)	$	5,382,800		$	(13,982,055	)
Sterling Capital Mid Value Fund		2,999,568		1,996,940		4,996,508		—			—			24,677,872			29,674,380
Sterling Capital Behavioral Small Cap Value Equity Fund		332,124		1,511,662		1,843,786		—			—			23,268,450			25,112,236
Sterling Capital Special Opportunities Fund		3,009,729		74,720,224		77,729,953		—			—			311,990,260			389,720,213
Sterling Capital Equity Income Fund		—		21,694,038		21,694,038		—			(163,807	)		833,775,537			855,305,768
Sterling Capital Behavioral International Equity Fund		3,875,517		—		3,875,517		—			(9,028,383	)		7,218,835			2,065,969
Sterling Capital SMID Opportunities Fund		2,867		947,826		950,693		—			—			3,357,656			4,308,349
Sterling Capital Mid Cap Relative Value Fund		824,930		4,075,085		4,900,015		—			—			31,583,101			36,483,116
Sterling Capital Real Estate Fund		712,243		5,604,760		6,317,003		—			—			47,912,856			54,229,859
Sterling Capital Small Cap Value Fund		2,824,373		103,238,919		106,063,292		—			—			357,322,168			463,385,460
Sterling Capital Ultra Short Bond Fund		9,699		—		9,699		(11,148	)		(1,021,125	)		(46,401	)		(1,068,975	)
Sterling Capital Short Duration Bond Fund		200,302		—		200,302		(63,850	)		(6,320,171	)		(186,118	)		(6,369,837	)
Sterling Capital Intermediate U.S. Government Fund		126,886		—		126,886		(2,011	)		(1,077,940	)		62,034			(891,031	)
Sterling Capital Total Return Bond Fund		3,645,281		11,121,245		14,766,526		(809,234	)		—			34,177,720			48,135,012
Sterling Capital Long Duration Corporate Bond Fund		54,599		546,689		601,288		(12,129	)		—			265,862			855,021
Sterling Capital Quality Income Fund		60,754		—		60,754		(60,820	)		(1,910,230	)		595,794			(1,314,502	)
Sterling Capital North Carolina Intermediate Tax-Free Fund		237,962		—		237,962		(125,395	)		(300,235	)		8,331,721			8,144,053
Sterling Capital South Carolina Intermediate Tax-Free Fund		99,665		—		99,665		(71,199	)		(44,424	)		4,090,659			4,074,701
Sterling Capital Virginia Intermediate Tax-Free Fund		136,738		87,833		224,571		(73,515	)		—			3,958,396			4,109,452
Sterling Capital West Virginia Intermediate Tax-Free Fund		172,286		7,835		180,121		(91,136	)		—			4,035,603			4,124,588

* The primary differences between book basis and tax basis unrealized appreciation (depreciation) were due to the deferral of losses on wash sales,basis adjustments on partnership interests, Passive Foreign Investment Companies and the deferral of market discount and premium until point of sale and real estate investment trust adjustments.

Under current tax law, net capital losses or, if there are no such losses, net long-term capital losses or net short-term capital losses realized after October 31, net ordinary losses from the sale, exchange or other taxable disposition of property realized after October 31 and other net ordinary losses realized after December 31 of a Fund’s taxable year may be deferred and treated as occurring on the first business day of the following taxable year for tax purposes.

150

Sterling Capital Funds

Notes to Financial Statements — (continued)

March 31, 2022 (Unaudited)

As of March 31, 2022, federal income tax cost, gross unrealized appreciation and gross unrealized depreciation on securities were as follows:

	Tax Cost		Gross Tax Unrealized Appreciation		Gross Tax Unrealized Depreciation			Net Tax Unrealized Appreciation (Depreciation)
Sterling Capital Behavioral Large Cap Value Equity Fund	$	29,632,237	$	5,910,748	$	(569,839	)	$	5,340,909
Sterling Capital Mid Value Fund		43,844,188		24,401,903		(1,238,448	)		23,163,455
Sterling Capital Behavioral Small Cap Value Equity Fund		90,184,222		26,008,848		(3,368,385	)		22,640,463
Sterling Capital Special Opportunities Fund		351,706,693		302,113,563		(3,874,264	)		298,239,299
Sterling Capital Equity Income Fund		1,500,759,138		906,452,817		(27,001,445	)		879,451,372
Sterling Capital Behavioral International Equity Fund		80,214,665		7,208,741		(3,884,802	)		3,323,939
Sterling Capital SMID Opportunities Fund		7,107,765		3,328,526		(203,760	)		3,124,766
Sterling Capital Mid Cap Relative Value Fund		29,654,037		27,007,132		(972,288	)		26,034,844
Sterling Capital Real Estate Fund		50,039,284		53,022,420		(291,192	)		52,731,228
Sterling Capital Small Cap Value Fund		161,346,390		311,357,477		(3,178,064	)		308,179,413
Sterling Capital Ultra Short Bond Fund		37,507,328		4,885		(556,139	)		(551,254	)
Sterling Capital Short Duration Bond Fund		126,921,848		42,878		(3,582,522	)		(3,539,644	)
Sterling Capital Intermediate U.S. Government Fund		18,487,183		104,760		(855,898	)		(751,138	)
Sterling Capital Total Return Bond Fund		1,414,726,435		5,914,622		(70,279,317	)		(64,364,695	)
Sterling Capital Long Duration Corporate Bond Fund		31,529,347		11,682		(2,238,788	)		(2,227,106	)
Sterling Capital Quality Income Fund		87,615,700		115,684		(3,161,824	)		(3,046,140	)
Sterling Capital North Carolina Intermediate Tax-Free Fund		161,316,850		1,850,984		(1,074,244	)		776,740
Sterling Capital South Carolina Intermediate Tax-Free Fund		64,357,483		866,502		(391,547	)		474,955
Sterling Capital Virginia Intermediate Tax-Free Fund		72,389,194		799,866		(519,866	)		280,000
Sterling Capital West Virginia Intermediate Tax-Free Fund		91,526,452		912,522		(1,383,657	)		(471,135	)

11.Subsequent Events:

Management has evaluated the need for 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.

151

BOARD CONSIDERATION OF ADVISORY AGREEMENTS (UNAUDITED)

Continuation of Current Advisory Agreement

The Board of Trustees conducted meetings in August and November 2021 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, 2023. 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. 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 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.

152

BOARD CONSIDERATION OF ADVISORY AGREEMENTS (UNAUDITED)

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 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 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.

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.

153

BOARD CONSIDERATION OF ADVISORY AGREEMENTS (UNAUDITED)

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 2021 contract review process. In particular, Sterling Capital agreed to limit its advisory fee rates for the period February 1, 2022 to January 31, 2023 for Sterling Capital Quality Income Fund as part of the 2021 contract review process. In addition, Sterling Capital agreed to implement total expense caps for the period February 1, 2022 to January 31, 2023 for one or more share classes of each of Sterling Capital SMID Opportunities Fund, Sterling Capital Total Return Bond Fund, Sterling Capital Long Duration Corporate Bond Fund, Sterling Capital Ultra Short Bond Fund and Sterling Capital Intermediate U.S. Government Fund. 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 2020 and 2021 contract review processes. As part of the 2020 contract review process, Sterling Capital agreed to reduce its contractual advisory fee rate for the following Funds: Sterling Capital Mid Value Fund, Sterling Capital Behavioral International Equity Fund, Sterling Capital Mid Cap Relative Value Fund, Sterling Capital Small Cap Value Fund, Sterling Capital Short Duration Bond Fund, and Sterling Capital Total Return Bond Fund. As part of the 2021 contract review process, Sterling Capital agreed to reduce its contractual advisory fee rate for the Sterling Capital Long Duration Corporate Bond Fund. 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.

154

Other Information (Unaudited)

A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities is available (i) without charge, upon request, by calling 1-800-228-1872; and (ii) on the Securities and Exchange Commission’s (the “Commission”) website at www.sec.gov.

Information regarding how the Funds voted proxies relating to portfolio securities during the most recent 12-month period ended June 30th is available (i) without charge, upon request, by calling 1-800-228-1872 and (ii) on the Commission’s website at www. sec.gov.

The Funds file complete Schedules of Portfolio Holdings with the Commission for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Funds’ Forms N-PORT reports, once filed, will be available without charge on the Commission’s website at www.sec.gov.

155

Notice of Privacy Policy & Practices

Sterling Capital Funds provide this notice to you so that you will know what kinds of information we collect about shareholders¹, prospective investors, and individuals (such as beneficiaries), and the circumstances in which that information may be disclosed to third parties who are not affiliated with Sterling Capital Funds.

Collection of Personal Information

We collect nonpublic personal information about you from the following sources:

• Account Applications and other forms, which may include your name, address, social security number, and information about your investment goals and risk tolerance;

• Account History, including information about the transactions and balances in your account(s);

• Correspondence, written, telephonic or electronic between you and Sterling Capital Funds or service providers working on behalf of Sterling Capital Funds;

• Online, your name and e-mail address if you provide them; and

• Third Parties, such as your financial intermediary in connection with your transactions, or third-party data services used to verify or update personal information that you provide.

To comply with federal regulations, information we receive from you or a third party will be used to verify your identity.

Disclosure of Personal Information

We may disclose your personal information as permitted by law to third parties who are not affiliated with the Sterling Capital Funds, including:

• in connection with legal proceedings, such as responding to a subpoena;

• to service providers who maintain or service shareholder accounts for Sterling Capital Funds or to a shareholder’s broker or agent; or to companies that mail account-related materials, such as shareholder reports; and

• to perform marketing services on our behalf, or pursuant to a joint marketing agreement with another financial institution.

Safeguarding of Personal Information

Sterling Capital Funds employs policies, practices and procedures for safeguarding your personal information that we believe comply with applicable law, however no security measures are perfect or impenetrable.

We request that all service providers to Sterling Capital Funds:

• maintain policies and procedures designed to assure only appropriate access to, and use of your personal information; and

• maintain physical, electronic and procedural safeguards that comply with applicable legal standards to guard your nonpublic personal information.

When information is shared with third parties, they are not permitted to use the information for any purpose other than to assist our servicing of your account(s), including helping us improve the services we offer.

¹ For purposes of this notice, the terms “shareholder” or “shareholders” includes both individual shareholders (both current and former) of the Sterling Capital Funds and individuals (such as beneficiaries, for example) whose nonpublic personal information is provided to the Sterling Capital Funds, even though they do not invest in Sterling Capital Funds shares.

156

INVESTMENT ADVISOR

Sterling Capital Management LLC

4350 Congress Street, Suite 1000

Charlotte, NC 28209

DISTRIBUTOR

Sterling Capital Distributors, LLC

400 Berwyn Park

899 Cassatt Road

Berwyn, PA 19312

LEGAL COUNSEL

Ropes & Gray LLP

Prudential Tower

800 Boylston Street

Boston, MA 02199

TRANSFER AGENT

BNY Mellon Investment Servicing (US) Inc.

301 Bellevue Parkway

Wilmington, DE 19809

INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

Cohen & Company, Ltd.

342 North Water Street, Suite 830

Milwaukee, WI 53202

(b) Not applicable

Item 2. Code of Ethics.

Not applicable.

Item 3. Audit Committee Financial Expert.

Not applicable.

Item 4. Principal Accountant Fees and Services.

Not applicable.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments.

(a) Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period is included as part of the report to shareholders filed under Item 1(a) of this form.

(b) Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of trustees, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407) (as required by Item 22(b)(15) of Schedule 14A (17 CFR 240.14a-101)), or this Item.

Item 11. Controls and Procedures.

(a) The registrant’s principal executive officer and principal financial officer have concluded, based on their evaluation of the effectiveness of the design and operation of the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (17 CFR 270.30a-3(c))) as of a date within 90 days of the filing date of this report, that the design and operation of such procedures are effective to provide reasonable assurance that information required to be disclosed by the registrant on Form N-CSR is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms, and that information required to be disclosed by the registrant in the reports that it files or submits on Form N-CSR is accumulated and communicated to the registrant’s management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d))) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 13. Exhibits.

(a)(1)	Not applicable.
(a)(2)	Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.
	There were no written solicitations to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the Registrant to 10 or more persons.
	There was no change in the Registrant’s independent public accountant during the period covered by the report.
(b)	Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant)	Sterling Capital Funds
By (Signature and Title)	/s/ James T. Gillespie
	James T. Gillespie, President
	(principal executive officer)
Date	May 31, 2022

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title)	/s/ James T. Gillespie
	James T. Gillespie, President
	(principal executive officer)
Date	May 31, 2022
By (Signature and Title)	/s/ Todd M. Miller
	Todd M. Miller, Treasurer
	(principal financial officer)
Date	May 31, 2022