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, 2023

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	7
Schedules of Portfolio Investments
Sterling Capital Behavioral Large Cap Value Equity Fund	13
Sterling Capital Mid Value Fund	15
Sterling Capital Behavioral Small Cap Value Equity Fund	16
Sterling Capital Special Opportunities Fund	20
Sterling Capital Equity Income Fund	21
Sterling Capital Behavioral International Equity Fund	22
Sterling Capital SMID Opportunities Fund	25
Sterling Capital Mid Cap Relative Value Fund	26
Sterling Capital Real Estate Fund	28
Sterling Capital Small Cap Value Fund	29
Sterling Capital Ultra Short Bond Fund	31
Sterling Capital Short Duration Bond Fund	35
Sterling Capital Intermediate U.S. Government Fund	40
Sterling Capital Total Return Bond Fund	43
Sterling Capital Long Duration Corporate Bond Fund	51
Sterling Capital Quality Income Fund	57
Sterling Capital North Carolina Intermediate Tax-Free Fund	62
Sterling Capital South Carolina Intermediate Tax-Free Fund	65
Sterling Capital Virginia Intermediate Tax-Free Fund	67
Sterling Capital West Virginia Intermediate Tax-Free Fund	69
Financial Statements	73
Notes to Financial Statements	125
Other Information	153
Notice of Privacy Policy & Practices	154

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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, 2022, to March 31, 2023.

Equity markets posted positive returns over the six months through March 31, 2023. Share prices rebounded in the fourth quarter of 2022 after a challenging year for both domestic and international markets – in fact, the S&P 500^® Index¹ ended 2022 posting its worst year since 2008, with an annual total return of -18.1%. Persistently high inflation, Russia’s invasion of Ukraine, and the collapse of cryptocurrencies generated significant headwinds for share prices through most of 2022. However, in the fourth quarter, inflation showed signs of easing and China relaxed many of its COVID-19 regulations and closures, both of which helped spur stock prices to post gains for the quarter. Those gains were unevenly distributed across markets.

U.S. equities underperformed international equities across both large- and small-cap stocks in the fourth quarter of 2022. The S&P 500 gained 7.5% for the quarter, while large-cap international stocks, as measured by the MSCI² EAFE Large Cap (LC) Index³, gained 17.3%. In a similar fashion, the Russell 2000^® Index⁴ of small-cap stocks posted a 6.2% return, compared to a 15.8% return among small-cap international names, as measured by the MSCI EAFE Small Cap (SC) Index⁵ In its December meeting, the U.S. Federal Reserve (Fed) committed to pursuing additional interest rate increases in 2023, which dampened investor enthusiasm and weighed on U.S. equities late in the quarter. Among the sectors of the S&P 500, Energy posted the strongest gain for the fourth quarter, followed by Industrials and Materials, in large part due to signs of rising demand from China and a weaker U.S. dollar. All but two sectors of the S&P 500 posted gains for the quarter, with Consumer Discretionary and Communication Services declining.

In January, share prices rose as investors regained their appetite for risk. Investors grew increasingly optimistic that the Fed was succeeding in its efforts to bring inflation back under control. A higher-than-expected Consumer Price Index (CPI) reading in February cooled some of that optimism, however, and in March, fears of a global banking crisis effectively capped any growing enthusiasm. The S&P 500 Index gained 7.5% for the first quarter of 2023, only slightly ahead of its 6.3% gain for January alone. During the first quarter, large-cap stocks once again largely outperformed their small-cap counterparts, while international stocks outperformed domestic stocks – the MSCI EAFE LC gained 8.5% for the quarter. Among sectors of the S&P 500, the performance trend during the first quarter of 2023 largely reversed from that of the previous quarter. The Energy sector posted a negative return and, along with the Financials sector, was among the worst-performing sectors for the first quarter of 2023. The Information Technology, Communications Services, and Consumer Discretionary sectors fared the best.

Interest rates dominated the storyline for the six-month period under review, thanks to the fast-paced rate hikes announced by the Fed throughout 2022, including two increases in the fourth quarter. The 10-year Treasury yield⁶ ended the year at 3.88% (up from 1.52% at the end of 2021). Although the Fed only raised rates once in the first quarter of 2023, the rapid rise in rates in 2022 carried over into 2023, leading to a banking crisis in March 2023. In less than a week, Silvergate Capital, Silicon Valley Bank (SVB), and Signature Bank all failed. SVB garnered most of the news headlines, reportedly failing due to an unexpectedly high exposure to interest rate risk on both sides of its balance sheet.

Bond yields during the first quarter of 2023 reflected the evolving views of the Fed’s ability to bring inflation under control. Treasury yields declined in the first quarter of 2023, with yields on 10-year Treasuries declining five basis points⁷ more than those of two-year Treasuries. Even so, the yield curve remained inverted throughout the quarter, as well as the entire period under review.

Domestic macro-economic data told a story of steady economic growth despite the ongoing challenges of high inflation. U.S. gross domestic product (GDP) increased at an annualized rate of 2.6% in the final quarter of 2022, while growth of 1.1% was forecast for the first quarter of 2023. The monthly unemployment rate was also steady throughout the period, starting at 3.7% in October 2022 and ending at 3.5% in March 2023. Meanwhile, the Fed’s preferred inflation gauge, the personal consumption expenditures (PCE) index, came in at a lower-than-expected 5.0% in March – down from a reading of 5.3% of the previous month.

The S&P 500 gained 15.62% (total return) during the six months under review. Small-cap stocks fared far worse than their large-cap counterparts over the period, however, with the Russell 2000 gaining 9.14% (total return). International markets generally fared better than domestic markets, with the MSCI EAFE Index⁸ adding 25.95% (price return) and the MSCI Emerging Markets Index⁹ gaining 14.04% (net return) for the six months.

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 MSCI EAFE Large Cap Index is an equity index which captures large-cap representation across 21 Developed Markets countries around the world, excluding the U.S. and Canada. The index covers approximately 70% of the free float-adjusted market capitalization in each country.

⁴ Russell 2000^® Index measures the performance of the small-cap segment of the U.S. equity universe. The Russell 2000^® Index is a subset of the Russell 3000^® Index representing approximately 10% of the total market capitalization of that index. It includes approximately 2,000 of the smallest securities based on a combination of their market cap and current index membership.

⁵ MSCI EAFE Small Cap Index is an equity index which captures small-cap representation across 21 Developed Markets countries around the world, excluding the U.S. and Canada. The index covers approximately 14% of the free float-adjusted market capitalization in each country.

⁶ A yield curve is a line that depicts yields (interest rates) for bonds that have different maturity dates but are of equal credit quality.

⁷ A basis point is equal to 1/100th of 1%, or 0.01%. Basis points (bps) are a standard measure for interest rates.

⁸ MSCI EAFE Index is an equity index which captures large and mid-cap representation across 21 Developed Markets countries around the world, excluding the U.S. and Canada. The index covers approximately 85% of the free float-adjusted market capitalization in each country.

⁹ MSCI Emerging Markets Index is a free float-adjusted market capitalization index that is designed to measure equity market performance in the global emerging markets.

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

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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, 2023:

Sterling Capital Behavioral Large Cap Value Equity Fund	Percentage of net assets
Aerospace & Defense		1.3	%
Automobiles		1.9	%
Banks		6.5	%
Biotechnology		5.7	%
Capital Markets		6.1	%
Communications Equipment		2.4	%
Construction Materials		0.5	%
Consumer Finance		0.4	%
Consumer Staples Distribution & Retail		0.6	%
Containers & Packaging		0.5	%
Diversified Consumer Services		0.6	%
Diversified Telecommunication Services		1.3	%
Electric Utilities		3.2	%
Electronic Equipment, Instruments & Components		0.6	%
Entertainment		0.7	%
Financial Services		3.0	%
Food Products		2.1	%
Health Care Providers & Services		7.0	%
Hotels, Restaurants & Leisure		1.8	%
Household Durables		0.5	%
Independent Power and Renewable Electricity Producers		0.5	%
Insurance		4.3	%
Interactive Media & Services		2.2	%
Machinery		7.9	%
Media		2.6	%
Metals & Mining		3.1	%
Mortgage Real Estate Investment Trusts (REITs)		0.4	%
Multi-Utilities		0.6	%
Oil, Gas & Consumable Fuels		8.9	%
Passenger Airlines		1.0	%
Personal Care Products		0.5	%
Pharmaceuticals		4.4	%
Professional Services		0.5	%
Retail REITs		3.0	%
Semiconductors & Semiconductor Equipment		3.5	%
Software		1.5	%
Specialized REITs		2.2	%
Specialty Retail		3.3	%
Tobacco		2.2	%
Money Market Fund		0.0	%*
		99.3	%

* Amount represents less than 0.05%.

Sterling Capital Mid Value Fund	Percentage of net assets
Automobile Components		2.6	%
Banks		4.9	%
Broadline Retail		1.4	%
Chemicals		3.8	%
Consumer Finance		3.9	%
Consumer Staples Distribution & Retail		3.8	%
Containers & Packaging		2.9	%
Electric Utilities		4.0	%
Electrical Equipment		2.8	%
Entertainment		2.5	%
Financial Services		7.6	%
Health Care Providers & Services		12.7	%
Hotels, Restaurants & Leisure		2.1	%
Household Durables		4.5	%
Household Products		2.1	%
Insurance		5.5	%
Interactive Media & Services		1.6	%
Machinery		2.8	%
Media		2.6	%
Oil, Gas & Consumable Fuels		4.9	%
Professional Services		6.6	%
Real Estate Management & Development		2.5	%
Software		2.5	%
Specialty Retail		1.5	%
Trading Companies & Distributors		3.2	%
Money Market Fund		4.9	%
		100.2	%

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		0.6	%
Automobile Components		0.3	%
Automobiles		0.4	%
Banks		12.8	%
Broadline Retail		0.5	%
Building Products		1.7	%
Capital Markets		0.8	%
Commercial Services & Supplies		0.9	%
Construction & Engineering		0.8	%
Construction Materials		0.3	%
Consumer Finance		1.7	%
Consumer Staples Distribution & Retail		1.4	%
Diversified Consumer Services		1.0	%
Diversified REITs		0.6	%
Diversified Telecommunication Services		0.4	%
Electric Utilities		2.9	%
Electrical Equipment		1.8	%
Electronic Equipment, Instruments & Components		3.0	%
Energy Equipment & Services		0.8	%
Entertainment		0.4	%
Financial Services		3.8	%
Food Products		0.8	%
Gas Utilities		0.7	%
Ground Transportation		1.7	%
Health Care Equipment & Supplies		2.3	%
Health Care Providers & Services		3.1	%
Health Care REITs		0.7	%
Health Care Technology		0.9	%
Hotel & Resort REITs		2.1	%
Hotels, Restaurants & Leisure		1.2	%
Household Durables		2.9	%
Independent Power and Renewable Electricity Producers		0.3	%
Industrial REITs		0.3	%
Insurance		4.4	%
Interactive Media & Services		1.2	%
IT Services		0.3	%
Leisure Products		0.3	%
Life Sciences Tools & Services		0.4	%
Machinery		2.5	%
Media		1.0	%
Metals & Mining		4.0	%
Mortgage Real Estate Investment Trusts (REITs)		2.3	%
Multi-Utilities		1.0	%
Office REITs		1.2	%
Oil, Gas & Consumable Fuels		5.3	%
Paper & Forest Products		0.3	%
Passenger Airlines		1.0	%
Pharmaceuticals		3.5	%
Real Estate Management & Development		1.3	%
Retail REITs		1.8	%
Semiconductors & Semiconductor Equipment		3.2	%
Software		0.2	%
Specialized REITs		2.0	%
Specialty Retail		4.5	%
Tobacco		0.4	%
Trading Companies & Distributors		3.2	%
Money Market Fund		0.4	%
		99.8	%

Sterling Capital Special Opportunities Fund	Percentage of net assets
Automobile Components		3.8	%
Biotechnology		2.5	%
Broadline Retail		4.6	%
Capital Markets		6.7	%
Communications Equipment		3.2	%
Consumer Finance		2.1	%
Containers & Packaging		3.5	%
Electronic Equipment, Instruments & Components		2.9	%
Entertainment		4.4	%
Financial Services		9.1	%
Health Care Providers & Services		9.6	%
Household Durables		1.5	%
Interactive Media & Services		7.0	%
IT Services		3.2	%
Life Sciences Tools & Services		7.4	%
Media		3.8	%
Pharmaceuticals		2.3	%
Professional Services		1.8	%
Real Estate Management & Development		2.2	%
Semiconductors & Semiconductor Equipment		7.1	%
Software		8.3	%
Wireless Telecommunication Services		1.4	%
Money Market Fund		1.8	%
		100.2	%

Sterling Capital Equity Income Fund	Percentage of net assets
Aerospace & Defense		0.5	%
Air Freight & Logistics		2.6	%
Beverages		3.1	%
Biotechnology		3.8	%
Broadline Retail		3.2	%
Capital Markets		10.1	%
Chemicals		2.3	%
Communications Equipment		7.7	%
Consumer Finance		1.9	%
Consumer Staples Distribution & Retail		2.9	%
Containers & Packaging		3.9	%
Health Care Equipment & Supplies		3.7	%
Health Care Providers & Services		6.0	%
Hotels, Restaurants & Leisure		0.5	%
Insurance		11.1	%
IT Services		3.3	%
Pharmaceuticals		6.8	%
Professional Services		2.7	%
Semiconductors & Semiconductor Equipment		7.2	%
Software		4.6	%
Specialized REITs		3.2	%
Specialty Retail		3.7	%
Trading Companies & Distributors		3.7	%
Money Market Fund		1.5	%
		100.0	%

3

Sterling Capital Funds

Summary of Portfolio Holdings (Unaudited)

Sterling Capital Behavioral International Equity Fund	Percentage of net assets
Australia		6.4	%
Austria		2.1	%
Belgium		0.9	%
Bermuda		0.9	%
Denmark		1.0	%
Finland		1.9	%
France		13.1	%
Germany		9.3	%
Hong Kong		0.9	%
Israel		1.0	%
Italy		3.3	%
Japan		20.3	%
Luxembourg		0.1	%
Netherlands		7.0	%
Norway		1.7	%
Singapore		0.9	%
Spain		3.2	%
Sweden		2.9	%
Switzerland		8.1	%
United Kingdom		12.3	%
United States		0.9	%
Money Market Fund		0.6	%
		98.8	%

Sterling Capital SMID Opportunities Fund	Percentage of net assets
Aerospace & Defense		2.7	%
Automobile Components		3.5	%
Banks		2.7	%
Capital Markets		2.1	%
Chemicals		2.1	%
Commercial Services & Supplies		6.1	%
Communications Equipment		3.2	%
Consumer Finance		2.8	%
Containers & Packaging		2.3	%
Entertainment		3.7	%
Financial Services		8.9	%
Health Care Providers & Services		9.2	%
Household Durables		1.7	%
Independent Power and Renewable Electricity Producers		3.5	%
Insurance		5.1	%
Media		4.2	%
Oil, Gas & Consumable Fuels		9.1	%
Professional Services		11.7	%
Real Estate Management & Development		6.4	%
Software		2.2	%
Specialty Retail		1.3	%
Trading Companies & Distributors		2.7	%
Money Market Fund		2.8	%
		100.0	%

Sterling Capital Mid Cap Relative Value Fund	Percentage of net assets
Automobile Components		1.8	%
Banks		3.9	%
Building Products		2.3	%
Capital Markets		2.8	%
Chemicals		3.3	%
Communications Equipment		1.2	%
Construction & Engineering		2.3	%
Consumer Staples Distribution & Retail		5.2	%
Containers & Packaging		4.9	%
Electronic Equipment, Instruments & Components		7.6	%
Entertainment		4.1	%
Financial Services		2.6	%
Food Products		2.3	%
Gas Utilities		4.0	%
Health Care Equipment & Supplies		3.8	%
Household Durables		2.0	%
Industrial REITs		2.3	%
Insurance		7.6	%
Leisure Products		1.2	%
Life Sciences Tools & Services		7.1	%
Machinery		1.8	%
Office REITs		1.3	%
Oil, Gas & Consumable Fuels		5.4	%
Professional Services		3.2	%
Real Estate Management & Development		1.7	%
Residential REITs		2.1	%
Semiconductors & Semiconductor Equipment		1.6	%
Software		3.2	%
Specialized REITs		1.2	%
Trading Companies & Distributors		2.6	%
Money Market Fund		3.6	%
		100.0	%

Sterling Capital Real Estate Fund	Percentage of net assets
Data Center		10.5	%
Diversified		1.9	%
Health Care		6.5	%
Hotel & Resort		3.2	%
Industrial		14.3	%
Multi-Family Residential		13.5	%
Office		3.9	%
Other Specialized		3.0	%
Real Estate Development		1.6	%
Retail		13.1	%
Self-Storage		6.7	%
Single-Family Residential		3.6	%
Telecom Tower		16.6	%
Money Market Fund		1.6	%
		100.0	%

4

Sterling Capital Funds

Summary of Portfolio Holdings (Unaudited)

Sterling Capital Small Cap Value Fund	Percentage of net assets
Aerospace & Defense		3.2	%
Automobile Components		1.4	%
Banks		12.5	%
Capital Markets		2.1	%
Chemicals		3.6	%
Construction & Engineering		3.8	%
Consumer Staples Distribution & Retail		9.6	%
Electric Utilities		2.7	%
Electrical Equipment		2.9	%
Electronic Equipment, Instruments & Components		5.2	%
Entertainment		1.5	%
Gas Utilities		2.3	%
Household Durables		3.7	%
Industrial REITs		3.8	%
Insurance		7.3	%
Life Sciences Tools & Services		3.5	%
Machinery		6.4	%
Office REITs		1.3	%
Oil, Gas & Consumable Fuels		2.9	%
Professional Services		3.7	%
Retail REITs		0.8	%
Semiconductors & Semiconductor Equipment		5.7	%
Software		2.9	%
Trading Companies & Distributors		4.1	%
Money Market Fund		3.0	%
		99.9	%

Sterling Capital Ultra Short Bond Fund	Percentage of net assets
Asset Backed Securities		15.1	%
Collateralized Mortgage Obligations		1.6	%
Commercial Mortgage-Backed Securities		8.5	%
Commercial Paper		9.6	%
Corporate Bonds		45.8	%
U.S. Government Agencies		2.0	%
U.S. Treasury Bills		16.9	%
Money Market Fund		6.0	%
		105.5	%

Sterling Capital Short Duration Bond Fund	Percentage of net assets
Asset Backed Securities		19.6	%
Collateralized Mortgage Obligations		1.7	%
Commercial Mortgage-Backed Securities		7.6	%
Corporate Bonds		51.6	%
Municipal Bonds		3.7	%
U.S. Government Agencies		0.6	%
U.S. Treasury Notes		13.9	%
Money Market Fund		0.7	%
		99.4	%

Sterling Capital Intermediate U.S. Government Fund	Percentage of net assets
Asset Backed Securities		1.9	%
Collateralized Mortgage Obligations		16.1	%
Commercial Mortgage-Backed Securities		21.7	%
Corporate Bonds		2.1	%
Mortgage-Backed Securities		28.7	%
Municipal Bonds		0.8	%
U.S. Government Agencies		13.5	%
U.S. Treasury Notes		14.4	%
Money Market Fund		0.4	%
		99.6	%

Sterling Capital Total Return Bond Fund	Percentage of net assets
Asset Backed Securities		13.8	%
Collateralized Mortgage Obligations		1.6	%
Commercial Mortgage-Backed Securities		12.7	%
Corporate Bonds		25.3	%
Mortgage-Backed Securities		24.9	%
Municipal Bonds		4.7	%
U.S. Government Agencies		0.9	%
U.S. Treasury Bonds		8.5	%
U.S. Treasury Notes		7.2	%
Money Market Fund		0.1	%
		99.7	%

Sterling Capital Long Duration Corporate Bond Fund	Percentage of net assets
Corporate Bonds		95.3	%
U.S. Government Agencies		0.2	%
U.S. Treasury Bonds		2.9	%
U.S. Treasury Notes		0.3	%
Money Market Fund		0.2	%
		98.9	%

Sterling Capital Quality Income Fund	Percentage of net assets
Asset Backed Securities		16.8	%
Collateralized Mortgage Obligations		19.2	%
Commercial Mortgage-Backed Securities		22.1	%
Corporate Bonds		0.8	%
Mortgage-Backed Securities		35.7	%
U.S. Government Agencies		0.5	%
U.S. Treasury Bonds		2.4	%
U.S. Treasury Notes		2.2	%
Money Market Fund		1.4	%
		101.1	%

Sterling Capital North Carolina Intermediate Tax-Free Fund	Percentage of net assets
North Carolina Municipal Bonds		97.6	%
Money Market Fund		3.6	%
		101.2	%

Sterling Capital South Carolina Intermediate Tax-Free Fund	Percentage of net assets
South Carolina Municipal Bonds		98.3	%
Money Market Fund		0.6	%
		98.9	%

5

Sterling Capital Funds

Summary of Portfolio Holdings (Unaudited)

Sterling Capital Virginia Intermediate Tax-Free Fund	Percentage of net assets
District of Columbia Municipal Bonds		2.4	%
Virginia Municipal Bonds		96.0	%
Money Market Fund		0.9	%
		99.3	%

Sterling Capital West Virginia Intermediate Tax-Free Fund	Percentage of net assets
West Virginia Municipal Bonds		97.9	%
Money Market Fund		0.8	%
		98.7	%

6

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, 2022 through March 31, 2023.

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 10/1/22		Ending Account Value 3/31/23		Expenses Paid During Period* 10/1/22 - 3/31/23		Annualized Expense Ratio During Period 10/1/22 - 3/31/23
Sterling Capital Behavioral Large Cap Value Equity Fund
Class A Shares	$	1,000.00	$	1,132.73	$	5.53		1.04	%
Class C Shares		1,000.00		1,128.23		9.50		1.79	%
Institutional Shares		1,000.00		1,134.15		4.20		0.79	%
Class R6 Shares		1,000.00		1,134.79		3.83		0.72	%
Sterling Capital Mid Value Fund
Class A Shares		1,000.00		1,111.78		6.27		1.19	%
Class C Shares		1,000.00		1,107.89		10.20		1.94	%
Institutional Shares		1,000.00		1,113.33		4.95		0.94	%
Class R6 Shares		1,000.00		1,113.61		4.48		0.85	%
Sterling Capital Behavioral Small Cap Value Equity Fund
Class A Shares		1,000.00		1,089.34		5.57		1.07	%
Class C Shares		1,000.00		1,086.09		9.41		1.81	%
Institutional Shares		1,000.00		1,091.29		4.28		0.82	%
Class R6 Shares		1,000.00		1,091.71		3.96		0.76	%
Sterling Capital Special Opportunities Fund
Class A Shares		1,000.00		1,108.61		6.15		1.17	%
Class C Shares		1,000.00		1,104.80		10.08		1.92	%
Institutional Shares		1,000.00		1,110.40		4.84		0.92	%
Class R6 Shares		1,000.00		1,110.56		4.37		0.83	%
Sterling Capital Equity Income Fund
Class A Shares		1,000.00		1,122.42		5.61		1.06	%
Class C Shares		1,000.00		1,118.20		9.56		1.81	%
Institutional Shares		1,000.00		1,123.80		4.29		0.81	%
Class R6 Shares		1,000.00		1,124.69		3.76		0.71	%
Sterling Capital Behavioral International Equity Fund
Class A Shares		1,000.00		1,302.09		5.05		0.88	%
Class C Shares		1,000.00		1,298.28		9.34		1.63	%
Institutional Shares		1,000.00		1,305.35		3.68		0.64	%
Class R6 Shares		1,000.00		1,304.01		3.33		0.58	%
Sterling Capital SMID Opportunities Fund
Class A Shares		1,000.00		1,068.82		5.36		1.04	%
Class C Shares		1,000.00		1,064.77		9.21		1.79	%
Institutional Shares		1,000.00		1,070.36		4.08		0.79	%
Sterling Capital Mid Cap Relative Value Fund
Class A Shares		1,000.00		1,131.31		5.95		1.12	%
Class C Shares		1,000.00		1,127.74		9.34		1.76	%
Institutional Shares		1,000.00		1,132.68		4.63		0.87	%

7

Sterling Capital Funds

Expense Example (Unaudited)

	Beginning Account Value 10/1/22		Ending Account Value 3/31/23		Expenses Paid During Period* 10/1/22 - 3/31/23		Annualized Expense Ratio During Period 10/1/22 - 3/31/23
Sterling Capital Real Estate Fund
Class A Shares	$	1,000.00	$	1,078.97	$	5.75		1.11	%
Class C Shares		1,000.00		1,074.86		9.62		1.86	%
Institutional Shares		1,000.00		1,080.35		4.46		0.86	%
Class R6 Shares		1,000.00		1,080.60		4.05		0.78	%
Sterling Capital Small Cap Value Fund
Class A Shares		1,000.00		1,119.36		6.87		1.30	%
Class C Shares		1,000.00		1,115.28		10.81		2.05	%
Institutional Shares		1,000.00		1,120.76		5.50		1.04	%
Class R6 Shares		1,000.00		1,121.36		5.02		0.95	%
Sterling Capital Ultra Short Bond Fund
Class A Shares		1,000.00		1,023.20		2.67		0.53	%
Institutional Shares		1,000.00		1,024.44		1.41		0.28	%
Sterling Capital Short Duration Bond Fund
Class A Shares		1,000.00		1,024.87		3.63		0.72	%
Class C Shares		1,000.00		1,021.05		7.41		1.47	%
Institutional Shares		1,000.00		1,026.14		2.37		0.47	%
Class R6 Shares		1,000.00		1,026.59		1.92		0.38	%
Sterling Capital Intermediate U.S. Government Fund
Class A Shares		1,000.00		1,031.11		3.80		0.75	%
Class C Shares		1,000.00		1,027.35		7.58		1.50	%
Institutional Shares		1,000.00		1,032.41		2.53		0.50	%
Sterling Capital Total Return Bond Fund
Class A Shares		1,000.00		1,043.37		3.57		0.70	%
Class C Shares		1,000.00		1,040.56		7.38		1.45	%
Institutional Shares		1,000.00		1,045.79		2.30		0.45	%
Class R6 Shares		1,000.00		1,046.29		1.79		0.35	%
Sterling Capital Long Duration Corporate Bond Fund
Class A Shares		1,000.00		1,103.46		3.67		0.70	%
Class C Shares		1,000.00		1,099.61		7.64		1.46	%
Institutional Shares		1,000.00		1,103.34		2.36		0.45	%
Class R6 Shares		1,000.00		1,105.34		1.89		0.36	%
Sterling Capital Quality Income Fund
Class A Shares		1,000.00		1,033.52		4.16		0.82	%
Class C Shares		1,000.00		1,028.83		7.54		1.49	%
Institutional Shares		1,000.00		1,033.64		2.84		0.56	%
Sterling Capital North Carolina Intermediate Tax-Free Fund
Class A Shares		1,000.00		1,053.68		4.30		0.84	%
Class C Shares		1,000.00		1,049.81		8.13		1.59	%
Institutional Shares		1,000.00		1,055.05		3.02		0.59	%
Sterling Capital South Carolina Intermediate Tax-Free Fund
Class A Shares		1,000.00		1,047.53		4.70		0.92	%
Class C Shares		1,000.00		1,043.63		8.51		1.67	%
Institutional Shares		1,000.00		1,049.08		3.42		0.67	%
Sterling Capital Virginia Intermediate Tax-Free Fund
Class A Shares		1,000.00		1,052.66		4.30		0.84	%
Class C Shares		1,000.00		1,048.74		8.12		1.59	%
Institutional Shares		1,000.00		1,053.95		3.02		0.59	%

8

Sterling Capital Funds

Expense Example (Unaudited)

	Beginning Account Value 10/1/22		Ending Account Value 3/31/23		Expenses Paid During Period* 10/1/22 - 3/31/23		Annualized Expense Ratio During Period 10/1/22 - 3/31/23
Sterling Capital West Virginia Intermediate Tax-Free Fund
Class A Shares	$	1,000.00	$	1,043.05	$	4.23		0.83	%
Class C Shares		1,000.00		1,040.46		​7.99		1.57	%
Institutional Shares		1,000.00		1,044.33		​3.01		0.59	%

* 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).

9

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 10/1/22		Ending Account Value 3/31/23		Expenses Paid During Period* 10/1/22 - 3/31/23		Annualized Expense Ratio During Period 10/1/22 - 3/31/23
Sterling Capital Behavioral Large Cap Value Equity 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	%
Class R6 Shares		1,000.00		1,021.34		3.63		0.72	%
Sterling Capital Mid Value Fund
Class A Shares		1,000.00		1,019.00		5.99		1.19	%
Class C Shares		1,000.00		1,015.26		9.75		1.94	%
Institutional Shares		1,000.00		1,020.24		4.73		0.94	%
Class R6 Shares		1,000.00		1,020.69		4.28		0.85	%
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		1,015.91		9.10		1.81	%
Institutional Shares		1,000.00		1,020.84		4.13		0.82	%
Class R6 Shares		1,000.00		1,021.14		3.83		0.76	%
Sterling Capital Special Opportunities Fund
Class A Shares		1,000.00		1,019.10		5.89		1.17	%
Class C Shares		1,000.00		1,015.36		9.65		1.92	%
Institutional Shares		1,000.00		1,020.34		4.63		0.92	%
Class R6 Shares		1,000.00		1,020.79		4.18		0.83	%
Sterling Capital Equity Income 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		1,021.39		3.58		0.71	%
Sterling Capital Behavioral International Equity Fund
Class A Shares		1,000.00		1,020.54		4.43		0.88	%
Class C Shares		1,000.00		1,016.80		8.20		1.63	%
Institutional Shares		1,000.00		1,021.74		3.23		0.64	%
Class R6 Shares		1,000.00		1,022.04		2.92		0.58	%
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		1,019.35		5.64		1.12	%
Class C Shares		1,000.00		1,016.16		8.85		1.76	%
Institutional Shares		1,000.00		1,020.59		4.38		0.87	%

10

Sterling Capital Funds

Expense Example (Unaudited)

	Beginning Account Value 10/1/22		Ending Account Value 3/31/23		Expenses Paid During Period* 10/1/22 - 3/31/23		Annualized Expense Ratio During Period 10/1/22 - 3/31/23
Sterling Capital Real Estate Fund
Class A Shares	$	1,000.00	$	1,019.40	$	5.59		1.11	%
Class C Shares		1,000.00		1,015.66		9.35		1.86	%
Institutional Shares		1,000.00		1,020.64		4.33		0.86	%
Class R6 Shares		1,000.00		1,021.04		3.93		0.78	%
Sterling Capital Small Cap Value Fund
Class A Shares		1,000.00		1,018.45		6.54		1.30	%
Class C Shares		1,000.00		1,014.71		10.30		2.05	%
Institutional Shares		1,000.00		1,019.75		5.24		1.04	%
Class R6 Shares		1,000.00		1,020.19		4.78		0.95	%
Sterling Capital Ultra Short Bond Fund
Class A Shares		1,000.00		1,022.29		2.67		0.53	%
Institutional Shares		1,000.00		1,023.54		1.41		0.28	%
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		1,017.60		7.39		1.47	%
Institutional Shares		1,000.00		1,022.59		2.37		0.47	%
Class R6 Shares		1,000.00		1,023.04		1.92		0.38	%
Sterling Capital Intermediate U.S. Government Fund
Class A Shares		1,000.00		1,021.19		3.78		0.75	%
Class C Shares		1,000.00		1,017.45		7.54		1.50	%
Institutional Shares		1,000.00		1,022.44		2.52		0.50	%
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		1,021.44		3.53		0.70	%
Class C Shares		1,000.00		1,017.65		7.34		1.46	%
Institutional Shares		1,000.00		1,022.69		2.27		0.45	%
Class R6 Shares		1,000.00		1,023.14		1.82		0.36	%
Sterling Capital Quality Income Fund
Class A Shares		1,000.00		1,020.84		4.13		0.82	%
Class C Shares		1,000.00		1,017.50		7.49		1.49	%
Institutional Shares		1,000.00		1,022.14		2.82		0.56	%
Sterling Capital North Carolina Intermediate Tax-Free Fund
Class A Shares		1,000.00		1,020.74		4.23		0.84	%
Class C Shares		1,000.00		1,017.00		8.00		1.59	%
Institutional Shares		1,000.00		1,021.99		2.97		0.59	%
Sterling Capital South Carolina Intermediate Tax-Free Fund
Class A Shares		1,000.00		1,020.34		4.63		0.92	%
Class C Shares		1,000.00		1,016.60		8.40		1.67	%
Institutional Shares		1,000.00		1,021.59		3.38		0.67	%
Sterling Capital Virginia Intermediate Tax-Free Fund
Class A Shares		1,000.00		1,020.74		4.23		0.84	%
Class C Shares		1,000.00		1,017.00		8.00		1.59	%
Institutional Shares		1,000.00		1,021.99		2.97		0.59	%

11

Sterling Capital Funds

Expense Example (Unaudited)

	Beginning Account Value 10/1/22		Ending Account Value 3/31/23		Expenses Paid During Period* 10/1/22 - 3/31/23		Annualized Expense Ratio During Period 10/1/22 - 3/31/23
Sterling Capital West Virginia Intermediate Tax-Free Fund
Class A Shares	$	1,000.00	$	1,020.79	$	4.18		0.83	%
Class C Shares		1,000.00		​1,017.10		​7.90		1.57	%
Institutional Shares		1,000.00		​1,021.99		​2.97		0.59	%

* 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).

12

Sterling Capital Behavioral Large Cap Value Equity Fund

Schedule of Portfolio Investments
March 31, 2023 (Unaudited)

Shares			Fair Value
COMMON STOCKS — 99.3%
		Aerospace & Defense — 1.3%
	850	Lockheed Martin Corp.	$	401,821
		Automobiles — 1.9%
	12,200	General Motors Co.		447,496
	3,650	Harley-Davidson, Inc.		138,591
				586,087
		Banks — 6.5%
	3,378	Bank OZK		115,528
	12,450	FNB Corp.		144,420
	10,150	Huntington Bancshares, Inc.		113,680
	7,875	JPMorgan Chase & Co.		1,026,191
	6,400	Regions Financial Corp.		118,784
	11,175	U.S. Bancorp.		402,859
	1,800	Webster Financial Corp.		70,956
				1,992,418
		Biotechnology — 5.7%
	1,800	AbbVie, Inc.		286,866
	1,175	Biogen, Inc.(a)		326,685
	7,050	Gilead Sciences, Inc.		584,939
	675	Regeneron Pharmaceuticals, Inc.(a)		554,627
				1,753,117
		Capital Markets — 6.1%
	875	Affiliated Managers Group, Inc.		124,617
	575	Ameriprise Financial, Inc.		176,238
	9,500	Bank of New York Mellon Corp. (The)		431,680
	13,100	Blue Owl Capital, Inc.		145,148
	1,150	Evercore, Inc., Class A		132,687
	2,400	Interactive Brokers Group, Inc., Class A		198,144
	5,175	Janus Henderson Group PLC		137,862
	650	LPL Financial Holdings, Inc.		131,560
	1,425	Morgan Stanley		125,115
	1,475	Raymond James Financial, Inc.		137,573
	1,725	State Street Corp.		130,565
				1,871,189
		Communications Equipment — 2.4%
	14,350	Cisco Systems, Inc.		750,146
		Construction Materials — 0.5%
	1,050	Eagle Materials, Inc.		154,088
		Consumer Finance — 0.4%
	4,400	Synchrony Financial		127,952
		Consumer Staples Distribution & Retail — 0.6%
	3,950	Kroger Co. (The)		195,011
		Containers & Packaging — 0.5%
	5,725	Graphic Packaging Holding Co.		145,930
		Diversified Consumer Services — 0.6%
	400	Grand Canyon Education, Inc.(a)		45,560
	3,700	H&R Block, Inc.		130,425
				175,985

Shares			Fair Value
COMMON STOCKS — (continued)
		Diversified Telecommunication Services — 1.3%
	20,725	AT&T, Inc.	$	398,956
		Electric Utilities — 3.2%
	2,125	Edison International		150,004
	4,300	NRG Energy, Inc.		147,447
	16,725	PG&E Corp.(a)		270,443
	1,450	Pinnacle West Capital Corp.		114,898
	4,075	Southern Co. (The)		283,539
				966,331
		Electronic Equipment, Instruments & Components — 0.6%
	2,125	Jabil, Inc.		187,340
		Entertainment — 0.7%
	14,875	Warner Bros Discovery, Inc.(a)		224,613
		Financial Services — 3.0%
	6,300	Apollo Global Management, Inc.		397,908
	4,525	Fiserv, Inc.(a)		511,461
				909,369
		Food Products — 2.1%
	5,800	Archer-Daniels-Midland Co.		462,028
	2,150	General Mills, Inc.		183,739
				645,767
		Health Care Providers & Services — 7.0%
	5,400	Centene Corp.(a)		341,334
	1,750	Cigna Group (The)		447,178
	6,300	CVS Health Corp.		468,153
	924	Elevance Health, Inc.		424,864
	1,274	McKesson Corp.		453,608
				2,135,137
		Hotels, Restaurants & Leisure — 1.8%
	150	Booking Holdings, Inc.(a)		397,861
	2,375	Boyd Gaming Corp.		152,285
				550,146
		Household Durables — 0.5%
	2,300	Toll Brothers, Inc.		138,069
		Independent Power and Renewable Electricity Producers — 0.5%
	6,350	Vistra Corp.		152,400
		Insurance — 4.3%
	7,025	Aflac, Inc.		453,253
	7,400	MetLife, Inc.		428,756
	2,025	Prudential Financial, Inc.		167,548
	950	Reinsurance Group of America, Inc.		126,122
	3,875	Unum Group		153,295
				1,328,974
		Interactive Media & Services — 2.2%
	3,250	Meta Platforms, Inc., Class A(a)		688,805

See accompanying Notes to the Financial Statements.

 13

Sterling Capital Behavioral Large Cap Value Equity Fund

Schedule of Portfolio Investments — (continued)
March 31, 2023 (Unaudited)

Shares			Fair Value
COMMON STOCKS — (continued)
		Machinery — 7.9%
	2,300	Allison Transmission Holdings, Inc.	$	104,052
	1,775	Caterpillar, Inc.		406,191
	1,850	Cummins, Inc.		441,928
	950	Deere & Co.		392,236
	6,475	PACCAR, Inc.		473,970
	1,400	Parker-Hannifin Corp.		470,554
	550	Snap-on, Inc.		135,789
				2,424,720
		Media — 2.6%
	5,900	Comcast Corp., Class A		223,669
	4,250	Fox Corp., Class B		133,068
	3,900	Interpublic Group of Cos., Inc. (The)		145,236
	4,175	Liberty Media Corp-Liberty SiriusXM, Class C(a)		116,858
	2,000	Omnicom Group, Inc.		188,680
				807,511
		Metals & Mining — 3.1%
	3,000	Nucor Corp.		463,410
	675	Reliance Steel & Aluminum Co.		173,299
	1,400	Steel Dynamics, Inc.		158,284
	5,425	U.S. Steel Corp.		141,593
				936,586
		Mortgage Real Estate Investment Trusts (REITs) — 0.4%
	11,400	AGNC Investment Corp.		114,912
		Multi-Utilities — 0.6%
	1,925	Consolidated Edison, Inc.		184,165
		Oil, Gas & Consumable Fuels — 8.9%
	10,725	Exxon Mobil Corp.		1,176,103
	3,950	Marathon Petroleum Corp.		532,579
	4,800	Phillips 66		486,624
	3,800	Valero Energy Corp.		530,480
				2,725,786
		Passenger Airlines — 1.0%
	1,800	Copa Holdings SA, Class A(a)		166,230
	3,300	United Airlines Holdings, Inc.(a)		146,025
				312,255
		Personal Care Products — 0.5%
	13,825	Coty, Inc., Class A(a)		166,730
		Pharmaceuticals — 4.4%
	8,775	Bristol-Myers Squibb Co.		608,195
	6,175	Merck & Co., Inc.		656,958
	2,100	Royalty Pharma PLC, Class A		75,663
				1,340,816
		Professional Services — 0.5%
	1,400	Science Applications International Corp.		150,444

Shares			Fair Value
COMMON STOCKS — (continued)
		Retail REITs — 3.0%
	6,250	Realty Income Corp.	$	395,750
	3,600	Simon Property Group, Inc.		403,092
	3,000	Spirit Realty Capital, Inc.		119,520
				918,362
		Semiconductors & Semiconductor Equipment—3.5%
	1,225	Analog Devices, Inc.		241,594
	626	Broadcom, Inc.		401,604
	5,275	Microchip Technology, Inc.		441,940
				1,085,138
		Software — 1.5%
	4,925	Oracle Corp.		457,631
		Specialized REITs — 2.2%
	3,150	EPR Properties.		120,015
	2,450	Gaming & Leisure Properties, Inc.		127,547
	13,500	VICI Properties, Inc.		440,370
				687,932
		Specialty Retail — 3.3%
	775	AutoNation, Inc.(a)		104,129
	175	AutoZone, Inc.(a)		430,176
	1,175	Dick's Sporting Goods, Inc.		166,721
	150	O'Reilly Automotive, Inc.(a)		127,347
	1,200	Penske Automotive Group, Inc.		170,172
				998,545
		Tobacco — 2.2%
	10,600	Altria Group, Inc.		472,972
	2,050	Philip Morris International, Inc.		199,362
				672,334
		Total Common Stocks
		(Cost $27,727,762)		30,463,518
MONEY MARKET FUND — 0.0%
	14,795	Federated Treasury Obligations Fund, Institutional Shares, 4.66%(b)		14,795
		Total Money Market Fund
		(Cost $14,795)		14,795
Total Investments — 99.3%
(Cost $27,742,557)				30,478,313
Net Other Assets (Liabilities) — 0.7%				218,080
NET ASSETS — 100.0%			$	30,696,393

(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, 2023 (Unaudited)

Shares				Fair Value
COMMON STOCKS — 95.3%
			Automobile Components — 2.6%
	43,712		Gentex Corp.	$	1,225,247
			Banks — 4.9%
	8,840		M&T Bank Corp.		1,056,999
	6,628		Pinnacle Financial Partners, Inc.		365,601
	12,328		SouthState Corp.		878,493
					2,301,093
			Broadline Retail — 1.4%
	15,177		eBay, Inc.		673,403
			Chemicals — 3.8%
	29,278		Corteva, Inc.		1,765,756
			Consumer Finance — 3.9%
	94,127		SLM Corp.		1,166,233
	22,282		Synchrony Financial		647,961
					1,814,194
			Consumer Staples Distribution & Retail — 3.8%
	10,704		Target Corp.		1,772,903
			Containers & Packaging — 2.9%
	16,434		Crown Holdings, Inc.		1,359,256
			Electric Utilities — 4.0%
	28,903		ALLETE, Inc.		1,860,486
			Electrical Equipment — 2.8%
	25,833		Sensata Technologies Holding PLC.		1,292,167
		��	Entertainment — 2.5%
	9,594		Take-Two Interactive Software, Inc.(a)		1,144,564
			Financial Services — 7.6%
	13,861		Euronet Worldwide, Inc.(a)		1,551,046
	12,179		Global Payments, Inc.		1,281,718
	31,459		Radian Group, Inc.		695,244
					3,528,008
			Health Care Providers & Services — 12.7%
	20,926		Centene Corp.(a)		1,322,732
	3,546		Cigna Group (The)		906,109
	17,195		Encompass Health Corp.		930,250
	7,502		Laboratory Corp. of America Holdings		1,721,109
	2,978		McKesson Corp.		1,060,317
					5,940,517
			Hotels, Restaurants & Leisure — 2.1%
	6,846		Hilton Worldwide Holdings, Inc.		964,396
			Household Durables — 4.5%
	5,826		Mohawk Industries, Inc.(a)		583,882
	38,806		Tempur Sealy International, Inc.		1,532,449
					2,116,331
			Household Products — 2.1%
	15,008		Spectrum Brands Holdings, Inc.		993,830

Shares			Fair Value
COMMON STOCKS — (continued)
		Insurance — 5.5%
	11,656	Globe Life, Inc.	$	1,282,393
	998	Markel Corp.(a)		1,274,855
				2,557,248
		Interactive Media & Services — 1.6%
	14,235	IAC, Inc.(a)		734,526
		Machinery — 2.8%
	53,839	Trinity Industries, Inc.		1,311,518
		Media — 2.6%
	14,969	Liberty Broadband Corp., Class C(a)		1,222,967
		Oil, Gas & Consumable Fuels — 4.9%
	53,312	CNX Resources Corp.(a)		854,058
	6,978	Pioneer Natural Resources Co.		1,425,187
				2,279,245
		Professional Services — 6.6%
	11,691	ASGN, Inc.(a)		966,495
	11,588	Jacobs Solutions, Inc.		1,361,706
	13,145	SS&C Technologies Holdings, Inc.		742,298
				3,070,499
		Real Estate Management & Development—2.5%
	16,064	CBRE Group, Inc., Class A(a)		1,169,620
		Software — 2.5%
	49,791	NCR Corp.(a)		1,174,570
		Specialty Retail — 1.5%
	11,164	CarMax, Inc.(a)		717,622
		Trading Companies & Distributors — 3.2%
	37,714	Air Lease Corp.		1,484,800
		Total Common Stocks
		(Cost $35,636,449)		44,474,766
MONEY MARKET FUND — 4.9%
	2,263,962	Federated Treasury Obligations Fund, Institutional Shares, 4.66%(b)		2,263,962
		Total Money Market Fund
		(Cost $2,263,962)		2,263,962
Total Investments — 100.2%
(Cost $37,900,411)				46,738,728
Net Other Assets (Liabilities) — (0.2)%				(114,566	)
NET ASSETS—100.0%			$	46,624,162

(a) Represents non-income producing security.

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

See accompanying Notes to the Financial Statements.

 15

Sterling Capital Behavioral Small Cap Value Equity Fund

Schedule of Portfolio Investments
March 31, 2023 (Unaudited)

Shares			Fair Value
COMMON STOCKS — 99.4%
		Aerospace & Defense — 0.2%
	4,749	Textron, Inc.	$	335,422
		Air Freight & Logistics — 0.6%
	9,080	Hub Group, Inc., Class A(a)		762,175
		Automobile Components — 0.3%
	8,720	BorgWarner, Inc.		428,239
		Automobiles — 0.4%
	13,315	Harley-Davidson, Inc.		505,571
		Banks — 12.8%
	11,193	1st Source Corp.		482,978
	16,990	Ameris Bancorp.		621,494
	38,161	Associated Banc-Corp.		686,135
	11,450	Bank of NT Butterfield & Son, Ltd. (The)		309,150
	19,221	Bank OZK		657,358
	21,617	BankUnited, Inc.		488,112
	20,039	Cathay General Bancorp.		691,746
	24,100	Central Pacific Financial Corp.		431,390
	15,040	Eagle Bancorp, Inc.		503,389
	7,010	East West Bancorp, Inc.		389,055
	13,081	Enterprise Financial Services Corp.		583,282
	10,622	First Financial Corp.		398,113
	38,943	FNB Corp.		451,739
	19,978	Hancock Whitney Corp.		727,199
	28,767	Hanmi Financial Corp.		534,203
	15,370	Heartland Financial USA, Inc.		589,593
	20,854	Independent Bank Corp.		370,576
	8,368	Mercantile Bank Corp.		255,894
	19,019	Midland States Bancorp, Inc.		407,387
	27,530	OceanFirst Financial Corp.		508,754
	26,781	OFG Bancorp		667,918
	32,732	Old Second Bancorp, Inc.		460,212
	16,057	Peapack-Gladstone Financial Corp.		475,608
	18,340	Peoples Bancorp, Inc.		472,255
	7,747	Preferred Bank		424,613
	20,216	RBB Bancorp.		313,348
	16,950	S&T Bancorp, Inc.		533,078
	16,036	South Plains Financial, Inc.		343,331
	19,182	Synovus Financial Corp.		591,381
	16,292	TrustCo Bank Corp. NY		520,367
	11,710	UMB Financial Corp.		675,901
	19,480	Univest Financial Corp.		462,455
	20,828	Washington Federal, Inc.		627,339
	10,050	Webster Financial Corp.		396,171
	5,080	Wintrust Financial Corp.		370,586
				17,422,110
		Broadline Retail — 0.5%
	2,432	Dillard's, Inc., Class A		748,278
		Building Products — 1.7%
	4,970	Builders FirstSource, Inc.(a)		441,237
	9,224	Owens Corning		883,659
	3,880	Simpson Manufacturing Co., Inc.		425,403

Shares			Fair Value
COMMON STOCKS — (continued)
		Building Products — (continued)
	7,253	UFP Industries, Inc.	$	576,396
				2,326,695
		Capital Markets — 0.8%
	11,740	Jefferies Financial Group, Inc.		372,628
	6,260	StoneX Group, Inc.(a)		648,098
				1,020,726
		Commercial Services & Supplies — 0.9%
	81,906	GEO Group, Inc. (The)(a)		646,238
	16,677	Heritage-Crystal Clean, Inc.(a)		593,868
				1,240,106
		Construction & Engineering — 0.8%
	3,350	MYR Group, Inc.(a)		422,133
	17,459	Sterling Infrastructure, Inc.(a)		661,347
				1,083,480
		Construction Materials — 0.3%
	3,130	Eagle Materials, Inc.		459,328
		Consumer Finance — 1.7%
	18,284	Enova International, Inc.(a)		812,358
	55,830	EZCORP, Inc., Class A(a)		480,138
	39,854	Navient Corp.		637,266
	14,040	Synchrony Financial		408,283
				2,338,045
		Consumer Staples Distribution & Retail — 1.4%
	14,440	Andersons, Inc. (The)		596,661
	2,017	Casey's General Stores, Inc.		436,600
	26,979	Sprouts Farmers Market, Inc.(a)		945,074
				1,978,335
		Diversified Consumer Services — 1.0%
	45,660	ADT, Inc.		330,122
	47,980	Perdoceo Education Corp.(a)		644,371
	9,362	Stride, Inc.(a)		367,459
				1,341,952
		Diversified REITs — 0.6%
	34,784	Essential Properties Realty Trust, Inc.		864,382
		Diversified Telecommunication Services — 0.4%
	28,673	EchoStar Corp., Class A(a)		524,429
		Electric Utilities — 2.9%
	14,890	ALLETE, Inc.		958,469
	12,652	OGE Energy Corp.		476,474
	14,276	Otter Tail Corp.		1,031,727
	6,680	Pinnacle West Capital Corp.		529,323
	19,560	Portland General Electric Co.		956,289
				3,952,282
		Electrical Equipment — 1.8%
	4,684	Atkore, Inc.(a)		658,008
	6,280	Encore Wire Corp.		1,163,872

See accompanying Notes to the Financial Statements.

 16

Sterling Capital Behavioral Small Cap Value Equity Fund

Schedule of Portfolio Investments — (continued)
March 31, 2023 (Unaudited)

Shares			Fair Value
COMMON STOCKS — (continued)
		Electrical Equipment — (continued)
	25,880	Thermon Group Holdings, Inc.(a)	$	644,930
				2,466,810
		Electronic Equipment, Instruments & Components — 3.0%
	16,396	CTS Corp.		810,946
	6,579	Jabil, Inc.		580,005
	18,443	Sanmina Corp.(a)		1,124,839
	48,110	TTM Technologies, Inc.(a)		649,004
	39,854	Vishay Intertechnology, Inc.		901,497
				4,066,291
		Energy Equipment & Services — 0.8%
	4,554	Nabors Industries, Ltd.(a)		555,178
	44,820	U.S. Silica Holdings, Inc.(a)		535,151
				1,090,329
		Entertainment — 0.4%
	31,206	Marcus Corp. (The)		499,296
		Financial Services — 3.8%
	20,600	Enact Holdings, Inc.		470,916
	1,327	Essent Group, Ltd.		53,146
	4,670	Federal Agricultural Mortgage Corp., Class C		621,997
	21,300	Jackson Financial, Inc., Class A		796,833
	30,478	MGIC Investment Corp.		409,015
	18,520	Mr Cooper Group, Inc.(a)		758,764
	2,140	PennyMac Financial Services, Inc.		127,566
	42,449	Radian Group, Inc.		938,123
	59,460	StoneCo, Ltd., Class A(a)		567,248
	6,190	Voya Financial, Inc.		442,337
				5,185,945
		Food Products — 0.8%
	7,604	Cal-Maine Foods, Inc.		463,008
	19,440	Fresh Del Monte Produce, Inc.		585,338
				1,048,346
		Gas Utilities — 0.7%
	9,080	Brookfield Infrastructure Corp., Class A		418,225
	8,860	National Fuel Gas Co.		511,576
				929,801
		Ground Transportation — 1.7%
	6,434	ArcBest Corp.		594,630
	21,808	Covenant Logistics Group, Inc.		772,439
	8,094	Knight-Swift Transportation Holdings, Inc.		457,959
	22,486	Marten Transport, Ltd.		471,082
				2,296,110
		Health Care Equipment & Supplies — 2.3%
	22,381	Avanos Medical, Inc.(a)		665,611
	14,790	Embecta Corp.		415,895
	5,260	Haemonetics Corp.(a)		435,265
	7,840	Lantheus Holdings, Inc.(a)		647,270
	6,730	Merit Medical Systems, Inc.(a)		497,683

Shares			Fair Value
COMMON STOCKS — (continued)
		Health Care Equipment & Supplies — (continued)
	5,718	QuidelOrtho Corp.(a)	$	509,417
				3,171,141
		Health Care Providers & Services — 3.1%
	5,333	Addus HomeCare Corp.(a)		569,351
	4,983	AMN Healthcare Services, Inc.(a)		413,390
	18,780	Cross Country Healthcare, Inc.(a)		419,170
	7,730	Encompass Health Corp.		418,193
	5,740	Ensign Group, Inc. (The)		548,400
	13,236	Fulgent Genetics, Inc.(a)		413,228
	6,414	Henry Schein, Inc.(a)		522,997
	11,870	Premier, Inc., Class A		384,232
	4,025	Universal Health Services, Inc., Class B		511,577
				4,200,538
		Health Care REITs — 0.7%
	15,940	LTC Properties, Inc.		559,972
	51,108	Medical Properties Trust, Inc.		420,108
				980,080
		Health Care Technology — 0.9%
	24,561	HealthStream, Inc.(a)		665,603
	38,990	Veradigm, Inc.(a)		508,820
				1,174,423
		Hotel & Resort REITs — 2.1%
	54,819	Apple Hospitality REIT, Inc.		850,791
	38,050	Chatham Lodging Trust.		399,145
	76,303	DiamondRock Hospitality Co.		620,343
	33,450	Park Hotels & Resorts, Inc.		413,442
	69,580	Sunstone Hotel Investors, Inc.		687,451
				2,971,172
		Hotels, Restaurants & Leisure — 1.2%
	18,770	Bloomin' Brands, Inc.		481,451
	9,570	Hilton Grand Vacations, Inc.(a)		425,195
	5,320	Monarch Casino & Resort, Inc.		394,478
	26,860	Target Hospitality Corp.(a)		352,940
				1,654,064
		Household Durables — 2.9%
	21,444	Ethan Allen Interiors, Inc.		588,852
	14,990	Green Brick Partners, Inc.(a)		525,549
	19,060	La-Z-Boy, Inc.		554,265
	9,730	M/I Homes, Inc.(a)		613,866
	6,160	Skyline Champion Corp.(a)		463,417
	22,620	Taylor Morrison Home Corp.(a)		865,441
	6,960	Toll Brothers, Inc.		417,809
				4,029,199
		Independent Power and Renewable Electricity Producers — 0.3%
	13,270	Brookfield Renewable Corp., Class A		463,787

Continued

 17

Sterling Capital Behavioral Small Cap Value Equity Fund

Schedule of Portfolio Investments — (continued)
March 31, 2023 (Unaudited)

Shares			Fair Value
COMMON STOCKS — (continued)
		Industrial REITs — 0.3%
	5,000	Innovative Industrial Properties, Inc.	$	379,950
		Insurance — 4.4%
	30,700	Ambac Financial Group, Inc.(a)		475,236
	19,315	American Equity Investment Life Holding Co.		704,805
	10,205	Assured Guaranty, Ltd.		513,005
	9,214	Axis Capital Holdings, Ltd.		502,347
	9,380	Brighthouse Financial, Inc.(a)		413,752
	34,954	CNO Financial Group, Inc.		775,629
	184,280	Genworth Financial, Inc., Class A(a)		925,086
	20,158	Old Republic International Corp.		503,345
	3,347	RenaissanceRe Holdings, Ltd.		670,538
	12,814	Unum Group.		506,922
				5,990,665
		Interactive Media & Services — 1.2%
	22,990	Cargurus, Inc.(a)		429,453
	37,680	Cars.com, Inc.(a)		727,224
	13,750	Yelp, Inc.(a)		422,125
				1,578,802
		IT Services — 0.3%
	21,657	Hackett Group, Inc. (The)		400,221
		Leisure Products — 0.3%
	12,640	MasterCraft Boat Holdings, Inc.(a)		384,635
		Life Sciences Tools & Services — 0.4%
	69,331	AbCellera Biologics, Inc.(a)		522,756
		Machinery — 2.5%
	3,350	AGCO Corp.		452,920
	9,390	Allison Transmission Holdings, Inc.		424,803
	11,210	Mueller Industries, Inc.		823,711
	38,890	REV Group, Inc.		466,291
	12,360	Terex Corp.		597,977
	2,150	Timken Co. (The)		175,698
	18,210	Wabash National Corp.		447,784
				3,389,184
		Media — 1.0%
	15,320	Liberty Media Corp-Liberty SiriusXM, Class A(a)		430,339
	15,370	Liberty Media Corp-Liberty SiriusXM, Class C(a)		430,206
	183	Nexstar Media Group, Inc.		31,597
	20,590	Thryv Holdings, Inc.(a)		474,805
				1,366,947
		Metals & Mining — 4.0%
	2,850	Alpha Metallurgical Resources, Inc.		444,600
	23,250	Cleveland-Cliffs, Inc.(a)		426,172
	20,570	Commercial Metals Co.		1,005,873
	1,130	Reliance Steel & Aluminum Co.		290,116
	14,260	Ryerson Holding Corp.		518,779
	5,808	Steel Dynamics, Inc.		656,652

Shares			Fair Value
COMMON STOCKS — (continued)
		Metals & Mining — (continued)
	70,761	SunCoke Energy, Inc.	$	635,434
	16,700	U.S. Steel Corp.		435,870
	24,670	Warrior Met Coal, Inc.		905,636
	3,010	Worthington Industries, Inc.		194,597
				5,513,729
		Mortgage Real Estate Investment Trusts (REITs) — 2.3%
	60,720	Apollo Commercial Real Estate Finance, Inc.		565,303
	55,770	Arbor Realty Trust, Inc.		640,797
	41,430	Invesco Mortgage Capital, Inc.		459,459
	59,010	Ladder Capital Corp.		557,644
	49,675	Ready Capital Corp.		505,195
	51,050	Rithm Capital Corp.		408,400
				3,136,798
		Multi-Utilities — 1.0%
	10,974	Avista Corp.		465,846
	14,555	NorthWestern Corp.		842,153
				1,307,999
		Office REITs — 1.2%
	18,850	Highwoods Properties, Inc.		437,131
	10,713	Kilroy Realty Corp.		347,101
	54,967	Piedmont Office Realty Trust, Inc., Class A		401,259
	26,760	Vornado Realty Trust		411,301
				1,596,792
		Oil, Gas & Consumable Fuels — 5.3%
	2,960	Arch Resources, Inc.		389,122
	32,790	Ardmore Shipping Corp.		487,587
	12,396	CVR Energy, Inc.		406,341
	55,570	DHT Holdings, Inc.		600,712
	32,611	Dorian LPG, Ltd.		650,263
	15,950	FLEX LNG, Ltd.		535,601
	15,860	International Seaways, Inc.		661,045
	22,950	Kosmos Energy, Ltd.(a)		170,748
	19,860	Par Pacific Holdings, Inc.(a)		579,912
	19,387	PBF Energy, Inc., Class A		840,620
	18,810	Peabody Energy Corp.(a)		481,536
	13,140	Scorpio Tankers, Inc.		739,913
	15,720	Teekay Tankers, Ltd., Class A(a)		674,860
				7,218,260
		Paper & Forest Products — 0.3%
	12,504	Clearwater Paper Corp.(a)		417,884
		Passenger Airlines — 1.0%
	10,321	Alaska Air Group, Inc.(a)		433,069
	5,657	Copa Holdings SA, Class A(a)		522,424
	10,820	United Airlines Holdings, Inc.(a)		478,785
				1,434,278
		Pharmaceuticals — 3.5%
	28,568	Amphastar Pharmaceuticals, Inc.(a)		1,071,300

Continued

 18

Sterling Capital Behavioral Small Cap Value Equity Fund

Schedule of Portfolio Investments — (continued)

March 31, 2023 (Unaudited)

Shares			Fair Value
COMMON STOCKS — (continued)
		Pharmaceuticals — (continued)
	22,457	Corcept Therapeutics, Inc.(a)	$	486,419
	7,430	Harmony Biosciences Holdings, Inc.(a)		242,589
	33,700	Innoviva, Inc.(a)		379,125
	3,012	Jazz Pharmaceuticals PLC(a)		440,746
	14,432	Prestige Consumer Healthcare, Inc.(a)		903,876
	22,605	Supernus Pharmaceuticals, Inc.(a)		818,979
	39,869	Viatris, Inc.		383,540
				4,726,574
		Real Estate Management & Development—1.3%
	33,375	Cushman & Wakefield PLC(a)		351,773
	24,305	Forestar Group, Inc.(a)		378,186
	6,739	Howard Hughes Corp. (The)(a)		539,120
	61,893	Newmark Group, Inc., Class A		438,202
				1,707,281
		Retail REITs — 1.8%
	20,108	Getty Realty Corp.		724,491
	43,494	Kimco Realty Corp.		849,438
	10,530	Spirit Realty Capital, Inc.		419,515
	52,670	Whitestone REIT.		484,564
				2,478,008
		Semiconductors & Semiconductor Equipment—3.2%
	50,621	Amkor Technology, Inc.		1,317,158
	8,022	Axcelis Technologies, Inc.(a)		1,068,932
	35,210	Photronics, Inc.(a)		583,782
	26,808	Rambus, Inc.(a)		1,374,178
				4,344,050
		Software — 0.2%
	25,640	Adeia, Inc.		227,170
		Specialized REITs — 2.0%
	11,013	EPR Properties.		419,595
	18,555	PotlatchDeltic Corp.		918,472
	138,289	Uniti Group, Inc.		490,926
	27,210	VICI Properties, Inc.		887,590
				2,716,583
		Specialty Retail — 4.5%
	49,940	American Eagle Outfitters, Inc.		671,194
	3,084	AutoNation, Inc.(a)		414,366
	4,540	Group 1 Automotive, Inc.		1,027,947
	17,765	Haverty Furniture Cos., Inc.		566,881
	2,432	Murphy USA, Inc.		627,578
	16,648	ODP Corp. (The)(a)		748,827
	3,938	Penske Automotive Group, Inc.		558,448
	11,950	Signet Jewelers, Ltd.		929,471
	11,928	Sonic Automotive, Inc., Class A.		648,167
				6,192,879
		Tobacco — 0.4%
	49,730	Vector Group, Ltd.		597,257

Shares			Fair Value
COMMON STOCKS — (continued)
		Trading Companies & Distributors — 3.2%
	8,507	BlueLinx Holdings, Inc.(a)	$	578,136
	19,876	Boise Cascade Co.		1,257,157
	7,910	GMS, Inc.(a)		457,910
	41,260	Hudson Technologies, Inc.(a)		360,200
	13,150	Triton International, Ltd.		831,343
	6,680	Veritiv Corp.		902,735
				4,387,481
		Total Common Stocks
		(Cost $127,811,577)		135,575,070
WARRANTS — 0.0%
		Energy Equipment & Services — 0.0%
	911	Nabors Industries, Ltd., 06/11/2026(a)		17,081
		Total Warrants
		(Cost $–)		17,081
MONEY MARKET FUND — 0.4%
	516,260	Federated Treasury Obligations Fund, Institutional Shares, 4.66%(b)		516,260
		Total Money Market Fund
		(Cost $516,260)		516,260
Total Investments — 99.8%
(Cost $128,327,837)				136,108,411
Net Other Assets (Liabilities) — 0.2%				220,987
NET ASSETS — 100.0%			$	136,329,398

(a) Represents non-income producing security.

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

Continued

 19

Sterling Capital Special Opportunities Fund

Schedule of Portfolio Investments
March 31, 2023 (Unaudited)

Shares			Fair Value
COMMON STOCKS — 98.4%
		Automobile Components — 3.8%
	163,889	Aptiv PLC(a)	$	18,386,707
		Biotechnology — 2.5%
	14,335	Regeneron Pharmaceuticals, Inc.(a)		11,778,639
		Broadline Retail — 4.6%
	211,581	Amazon.com, Inc.(a)		21,854,202
		Capital Markets — 6.7%
	381,874	Charles Schwab Corp. (The)		20,002,560
	34,777	S&P Global, Inc.		11,990,066
				31,992,626
		Communications Equipment — 3.2%
	104,558	F5, Inc.(a)		15,233,055
		Consumer Finance — 2.1%
	102,808	Capital One Financial Corp.		9,886,017
		Containers & Packaging — 3.5%
	301,168	Ball Corp.		16,597,369
		Electronic Equipment, Instruments & Components — 2.9%
	361,092	Coherent Corp.(a)		13,750,383
		Entertainment — 4.4%
	178,702	Take-Two Interactive Software, Inc.(a)		21,319,149
		Financial Services — 9.1%
	81,999	Global Payments, Inc.		8,629,575
	207,456	PayPal Holdings, Inc.(a)		15,754,208
	85,217	Visa, Inc., Class A		19,213,025
				43,596,808
		Health Care Providers & Services — 9.6%
	78,028	HCA Healthcare, Inc.		20,574,423
	54,173	UnitedHealth Group, Inc.		25,601,618
				46,176,041
		Household Durables — 1.5%
	68,134	Lennar Corp., Class A.		7,161,565
		Interactive Media & Services — 7.0%
	252,990	Alphabet, Inc., Class C(a)		26,310,960
	301,514	ZoomInfo Technologies, Inc.(a)		7,450,411
				33,761,371
		IT Services — 3.2%
	195,977	Akamai Technologies, Inc.(a)		15,344,999
		Life Sciences Tools & Services — 7.4%
	86,568	Danaher Corp.		21,818,599
	67,302	IQVIA Holdings, Inc.(a)		13,385,695
				35,204,294
		Media — 3.8%
	475,540	Comcast Corp., Class A		18,027,721

Shares			Fair Value
COMMON STOCKS — (continued)
		Pharmaceuticals — 2.3%
	157,820	Bristol-Myers Squibb Co.	$	10,938,504
		Professional Services — 1.8%
	44,011	Verisk Analytics, Inc.		8,443,950
		Real Estate Management & Development—2.2%
	147,345	CBRE Group, Inc., Class A(a)		10,728,189
		Semiconductors & Semiconductor Equipment—7.1%
	242,092	Marvell Technology, Inc.		10,482,584
	126,544	NXP Semiconductors NV		23,597,292
				34,079,876
		Software — 8.3%
	43,670	Intuit, Inc.		19,469,396
	50,969	Microsoft Corp.		14,694,363
	43,573	PTC, Inc.(a)		5,587,366
				39,751,125
		Wireless Telecommunication Services —1.4%
	47,797	T-Mobile U.S. Inc(a)		6,922,918
		Total Common Stocks
		(Cost $305,689,830)		470,935,508
MONEY MARKET FUND — 1.8%
	8,527,697	Federated Treasury Obligations Fund, Institutional Shares, 4.66%(b)		8,527,697
		Total Money Market Fund
		(Cost $8,527,697)		8,527,697
Total Investments — 100.2%
(Cost $314,217,527)				479,463,205
Net Other Assets (Liabilities) — (0.2)%				(1,029,721	)
NET ASSETS—100.0%			$	478,433,484

(a) Represents non-income producing security.

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

See accompanying Notes to the Financial Statements.

 20

Sterling Capital Equity Income Fund

Schedule of Portfolio Investments
March 31, 2023 (Unaudited)

Shares			Fair Value
COMMON STOCKS — 98.5%
		Aerospace & Defense — 0.5%
	49,742	L3Harris Technologies, Inc.	$	9,761,370
		Air Freight & Logistics —2.6%
	270,837	United Parcel Service, Inc., Class B		52,539,670
		Beverages —3.1%
	347,484	PepsiCo, Inc.		63,346,333
		Biotechnology —3.8%
	487,226	AbbVie, Inc.		77,649,208
		Broadline Retail —3.2%
	1,459,624	eBay, Inc.		64,763,517
		Capital Markets —10.1%
	241,907	Ameriprise Financial, Inc.		74,144,495
	88,899	BlackRock, Inc.		59,484,099
	228,709	Goldman Sachs Group, Inc. (The)		74,813,001
				208,441,595
		Chemicals —2.3%
	164,202	Air Products & Chemicals, Inc.		47,160,456
		Communications Equipment —7.7%
	1,498,107	Cisco Systems, Inc.		78,313,543
	282,422	Motorola Solutions, Inc.		80,809,407
				159,122,950
		Consumer Finance —1.9%
	404,305	Discover Financial Services		39,961,506
		Consumer Staples Distribution & Retail —2.9%
	353,741	Target Corp.		58,590,122
		Containers & Packaging —3.9%
	451,542	Avery Dennison Corp.		80,794,410
		Health Care Equipment & Supplies — 3.7%
	752,191	Abbott Laboratories		76,166,861
		Health Care Providers & Services — 6.0%
	602,668	CVS Health Corp.		44,784,259
	172,367	Elevance Health, Inc.		79,256,070
				124,040,329
		Hotels, Restaurants & Leisure —0.5%
	101,013	Starbucks Corp.		10,518,484
		Insurance —11.1%
	886,319	Aflac, Inc.		57,185,302
	356,024	Chubb, Ltd.		69,132,740
	439,991	Marsh & McLennan Cos., Inc.		73,280,501
	487,515	MetLife, Inc.		28,246,619
				227,845,162
		IT Services —3.3%
	239,010	Accenture PLC, Class A		68,311,448

Shares			Fair Value
COMMON STOCKS — (continued)
		Pharmaceuticals — 6.8%
	404,222	Johnson & Johnson	$	62,654,410
	732,484	Merck & Co., Inc.		77,928,973
				140,583,383
		Professional Services — 2.7%
	599,399	Booz Allen Hamilton Holding Corp.		55,558,293
		Semiconductors & Semiconductor Equipment — 7.2%
	482,651	Analog Devices, Inc.		95,188,430
	443,746	Skyworks Solutions, Inc.		52,353,153
				147,541,583
		Software — 4.6%
	325,069	Microsoft Corp.		93,717,393
		Specialized REITs — 3.2%
	1,424,926	CubeSmart		65,860,080
		Specialty Retail — 3.7%
	258,062	Home Depot, Inc. (The)		76,159,258
		Trading Companies & Distributors — 3.7%
	570,630	Ferguson PLC		76,321,763
		Total Common Stocks
		(Cost $1,368,999,383)		2,024,755,174
MONEY MARKET FUND — 1.5%
	30,783,774	Federated Treasury Obligations Fund, Institutional Shares, 4.66%(a)		30,783,774
		Total Money Market Fund
		(Cost $30,783,774)		30,783,774
Total Investments — 100.0%
(Cost $1,399,783,157)				2,055,538,948
Net Other Assets (Liabilities) — 0.0%				928,361
NET ASSETS—100.0%			$	2,056,467,309

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

See accompanying Notes to the Financial Statements.

 21

Sterling Capital Behavioral International Equity Fund

Schedule of Portfolio Investments
March 31, 2023 (Unaudited)

Shares			Fair Value
COMMON STOCKS — 97.2%
		Australia — 6.4%
	31,200	ANZ Group Holdings, Ltd.	$	480,796
	1,775	BHP Group, Ltd.		56,115
	88,400	Fortescue Metals Group, Ltd.		1,328,791
	75,875	National Australia Bank, Ltd.		1,413,806
	464,650	Pilbara Minerals, Ltd.		1,236,156
	262,500	Qantas Airways, Ltd.(a)		1,171,657
	8,100	Sonic Healthcare, Ltd.		189,888
	81,150	Suncorp Group, Ltd.		659,354
	781,125	Vicinity Centres		1,021,592
	44,275	Westpac Banking Corp.		644,627
				8,202,782
		Austria — 2.1%
	17,375	ANDRITZ AG		1,175,665
	34,475	Erste Group Bank AG		1,142,135
	9,050	OMV AG		415,605
				2,733,405
		Belgium — 0.9%
	10,525	Solvay SA		1,203,705
		Bermuda — 0.9%
	24,200	Jardine Matheson Holdings, Ltd.		1,177,142
		Denmark — 1.0%
	800	Carlsberg AS, Class B		124,134
	11,475	Pandora A/S		1,101,465
				1,225,599
		Finland — 1.9%
	68,625	Fortum OYJ		1,051,234
	124,650	Nordea Bank Abp.		1,331,887
				2,383,121
		France — 13.1%
	17,675	Amundi SA(b)		1,113,686
	34,950	AXA SA		1,066,589
	4,750	BNP Paribas SA		283,658
	7,050	Capgemini SE		1,310,140
	22,175	Cie de Saint-Gobain		1,260,507
	4,175	Dassault Aviation SA		825,941
	11,175	Eiffage SA		1,209,314
	10,400	Ipsen SA		1,145,165
	2,275	LVMH Moet Hennessy Louis Vuitton SE		2,088,242
	108,225	Orange SA		1,285,732
	17,025	Publicis Groupe SA		1,328,968
	30,075	Renault SA(a)		1,225,742
	17,425	Sanofi		1,890,242
	4,175	Sodexo SA		407,775
	6,875	TotalEnergies SE		405,376
				16,847,077
		Germany — 8.3%
	1,625	Allianz SE		375,109
	25,950	Bayer AG		1,657,728
	14,025	Bayerische Motoren Werke AG		1,537,121
	12,875	Deutsche Lufthansa AG(a)		143,202

Shares			Fair Value
COMMON STOCKS — (continued)
		Germany — (continued)
	72,550	Deutsche Telekom AG	$	1,758,053
	108,975	E.ON SE		1,359,433
	41,150	Fresenius SE & Co. KGaA		1,111,184
	18,400	HeidelbergCement AG		1,343,517
	16,325	Infineon Technologies AG		670,389
	9,250	Mercedes-Benz Group AG		711,351
				10,667,087
		Hong Kong — 0.9%
	81,500	Sun Hung Kai Properties, Ltd.		1,141,783
		Israel — 1.0%
	2,200	Check Point Software Technologies, Ltd.(a)		286,000
	117,700	Teva Pharmaceutical Industries, Ltd., ADR(a)		1,041,645
				1,327,645
		Italy — 3.3%
	71,950	Assicurazioni Generali SpA		1,433,576
	506,675	Intesa Sanpaolo SpA		1,300,352
	77,750	UniCredit SpA		1,465,422
				4,199,350
		Japan — 20.3%
	16,500	Asahi Group Holdings, Ltd.		614,098
	105,900	Chubu Electric Power Co., Inc.		1,117,183
	2,500	Hirose Electric Co., Ltd.		327,067
	26,900	Hitachi, Ltd.		1,478,443
	9,400	Inpex Corp.		99,476
	45,800	ITOCHU Corp.		1,491,543
	102,400	Japan Post Holdings Co., Ltd.		831,076
	66,000	Japan Tobacco, Inc.		1,394,154
	110,200	Marubeni Corp.		1,498,689
	41,000	Mitsubishi Corp.		1,473,395
	212,500	Mitsubishi HC Capital, Inc.		1,097,296
	53,800	Mitsui & Co., Ltd.		1,676,938
	39,100	Mitsui OSK Lines, Ltd.		980,536
	59,300	Nippon Steel Corp.		1,398,382
	31,500	Nippon Yusen KK		735,788
	28,400	Olympus Corp.		498,782
	53,200	Ono Pharmaceutical Co., Ltd.		1,108,592
	95,200	Renesas Electronics Corp.(a)		1,378,573
	54,600	SBI Holdings, Inc.		1,084,347
	8,300	Seven & i Holdings Co., Ltd.		374,945
	36,100	SoftBank Group Corp.		1,419,218
	70,500	SUMCO Corp.		1,060,598
	79,200	Sumitomo Corp.		1,403,056
	45,200	Takeda Pharmaceutical Co., Ltd.		1,484,529
				26,026,704
		Luxembourg — 0.1%
	6,100	ArcelorMittal SA		184,807
		Netherlands — 7.0%
	74,075	ABN AMRO Bank NV(b)		1,174,641
	18,200	AerCap Holdings NV(a)		1,023,386
	14,175	Heineken Holding NV		1,300,530

See accompanying Notes to the Financial Statements.

 22

Sterling Capital Behavioral International Equity Fund

Schedule of Portfolio Investments — (continued)
March 31, 2023 (Unaudited)

Shares			Fair Value
COMMON STOCKS — (continued)
		Netherlands — (continued)
	41,900	Koninklijke Ahold Delhaize NV	$	1,431,519
	17,750	Randstad NV		1,053,724
	84,500	Stellantis NV		1,536,740
	26,775	STMicroelectronics NV		1,426,671
				8,947,211
		Norway — 1.7%
	51,375	DNB Bank ASA		919,394
	161,400	Norsk Hydro ASA		1,204,596
				2,123,990
		Singapore — 0.9%
	251,300	Singapore Airlines, Ltd.		1,083,975
		Spain — 3.2%
	218,575	Banco Bilbao Vizcaya Argentaria SA		1,562,672
	18,650	Industria de Diseno Textil SA		626,551
	79,525	Repsol SA		1,222,926
	167,700	Telefonica SA		722,253
				4,134,402
		Sweden — 2.9%
	8,000	Essity AB, Class B		228,511
	123,250	Securitas AB, Class B		1,096,388
	70,400	Swedbank AB, Class A		1,157,702
	218,725	Telefonaktiebolaget LM Ericsson, Class B		1,282,128
				3,764,729
		Switzerland — 8.1%
	22,000	Coca-Cola HBC AG		602,255
	23,325	Holcim AG		1,504,261
	30,450	Novartis AG		2,795,874
	20,550	Swatch Group AG (The)		1,401,350
	10,325	Swiss Re AG		1,060,723
	65,750	UBS Group AG		1,391,322
	3,300	Zurich Insurance Group AG		1,581,356
				10,337,141
		United Kingdom — 12.3%
	329,750	BP PLC		2,084,193
	20,600	Coca-Cola Europacific Partners PLC		1,219,314
	54,675	Imperial Brands PLC		1,257,289
	8,975	InterContinental Hotels Group PLC		587,555
	347,650	J Sainsbury PLC		1,196,328
	531,275	JD Sports Fashion PLC		1,169,986
	138,325	Phoenix Group Holdings PLC		934,583
	23,450	Rio Tinto PLC		1,591,739
	413,925	Rolls-Royce Holdings PLC(a)		762,393
	94,325	Shell PLC		2,688,131
	40,550	Unilever PLC		2,101,262
	193,425	Vodafone Group PLC		213,367
				15,806,140

Shares		Fair Value
COMMON STOCKS — (continued)
	United States — 0.9%
68,330	GSK PLC	$	1,207,345
	Total Common Stocks
	(Cost $110,331,928)		124,725,140
PREFERRED STOCKS — 1.0%
	Germany — 1.0%
12,450	Bayerische Motoren Werke AG		1,272,619
	Total Preferred Stocks
	(Cost $971,347)		1,272,619
MONEY MARKET FUND — 0.6%
	United States — 0.6%
774,994	Federated Treasury Obligations Fund, Institutional Shares, 4.66%(c)		774,994
	Total Money Market Fund
	(Cost $774,994)		774,994
Total Investments — 98.8%
(Cost $112,078,269)			126,772,753
Net Other Assets (Liabilities) — 1.2%			1,582,392
NET ASSETS - 100.0%		$	128,355,145

(a) Represents non-income producing security.

(b) Rule 144A, Section 4(a)(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

 23

Sterling Capital Behavioral International Equity Fund

Schedule of Portfolio Investments — (continued)

March 31, 2023 (Unaudited)

Industry	Percentage of net assets
Aerospace & Defense		1.3	%
Automobiles		4.9	%
Banks		10.1	%
Beverages		3.1	%
Building Products		1.0	%
Capital Markets		2.8	%
Chemicals		0.9	%
Commercial Services & Supplies		0.8	%
Communications Equipment		1.0	%
Construction & Engineering		0.9	%
Construction Materials		2.2	%
Consumer Staples Distribution & Retail		2.3	%
Diversified Telecommunication Services		3.0	%
Electric Utilities		1.7	%
Electronic Equipment, Instruments & Components		0.2	%
Financial Services		0.8	%
Health Care Equipment & Supplies		0.4	%
Health Care Providers & Services		1.1	%
Hotels, Restaurants & Leisure		0.8	%
Household Products		0.2	%
Industrial Conglomerates		2.0	%
Insurance		6.0	%
IT Services		1.0	%
Machinery		0.9	%
Marine Transportation		1.4	%
Media		1.0	%
Metals & Mining		5.4	%
Money Market Fund		0.6	%
Multi-Utilities		1.1	%
Oil, Gas & Consumable Fuels		5.3	%
Passenger Airlines		1.9	%
Personal Care Products		1.6	%
Pharmaceuticals		9.7	%
Professional Services		0.9	%
Real Estate Management & Development		0.9	%
Retail REITs		0.8	%
Semiconductors & Semiconductor Equipment		3.5	%
Software		0.2	%
Specialty Retail		1.4	%
Textiles, Apparel & Luxury Goods		3.6	%
Tobacco		2.1	%
Trading Companies & Distributors		6.7	%
Wireless Telecommunication Services		1.3	%
		98.8	%

Continued

 24

Sterling Capital SMID Opportunities Fund

Schedule of Portfolio Investments

March 31, 2023 (Unaudited)

Shares			Fair Value
COMMON STOCKS — 97.2%
		Aerospace & Defense — 2.7%
	3,139	Ducommun, Inc.(a)	$	171,735
		Automobile Components — 3.5%
	8,088	Gentex Corp.		226,707
		Banks — 2.7%
	2,463	SouthState Corp.		175,513
		Capital Markets — 2.1%
	652	Morningstar, Inc.		132,376
		Chemicals — 2.1%
	1,828	CF Industries Holdings, Inc.		132,512
		Commercial Services & Supplies — 6.1%
	5,996	Civeo Corp.(a)		123,817
	1,913	Waste Connections, Inc.		266,041
				389,858
		Communications Equipment — 3.2%
	1,394	F5, Inc.(a)		203,092
		Consumer Finance — 2.8%
	14,286	SLM Corp.		177,003
		Containers & Packaging — 2.3%
	1,790	Crown Holdings, Inc.		148,051
		Entertainment — 3.7%
	1,994	Take-Two Interactive Software, Inc.(a)		237,884
		Financial Services — 8.9%
	7,021	Cannae Holdings, Inc.(a)		141,684
	1,564	Euronet Worldwide, Inc.(a)		175,011
	2,428	Global Payments, Inc.		255,523
				572,218
		Health Care Providers & Services — 9.2%
	2,940	Centene Corp.(a)		185,838
	4,444	Encompass Health Corp.		240,420
	714	Laboratory Corp. of America Holdings.		163,806
				590,064
		Household Durables — 1.7%
	2,727	Tempur Sealy International, Inc.		107,689
		Independent Power and Renewable Electricity Producers — 3.5%
	3,721	NextEra Energy Partners L.P		226,051
		Insurance — 5.1%
	818	Arthur J Gallagher & Co.		156,492
	1,565	Globe Life, Inc.		172,181
				328,673
		Media — 4.2%
	381	Cable One, Inc.		267,462

Shares			Fair Value
COMMON STOCKS — (continued)
		Oil, Gas & Consumable Fuels — 9.1%
	1,786	Arch Resources, Inc.	$	234,788
	6,583	Callon Petroleum Co.(a)		220,135
	8,236	CNX Resources Corp.(a)		131,941
				586,864
		Professional Services — 11.7%
	1,546	ASGN, Inc.(a)		127,808
	4,237	Genpact, Ltd.		195,834
	1,455	Jacobs Solutions, Inc.		170,977
	1,728	SS&C Technologies Holdings, Inc.		97,580
	2,579	TransUnion.		160,259
				752,458
		Real Estate Management & Development — 6.4%
	2,021	CBRE Group, Inc., Class A(a)		147,149
	703	FirstService Corp.		99,116
	7,287	Legacy Housing Corp.(a)		165,852
				412,117
		Software — 2.2%
	1,074	PTC, Inc.(a)		137,719
		Specialty Retail — 1.3%
	1,336	CarMax, Inc.(a)		85,878
		Trading Companies & Distributors — 2.7%
	4,397	Air Lease Corp.		173,110
		Total Common Stocks
		(Cost $5,634,298)		6,235,034
MONEY MARKET FUND — 2.8%
	182,690	Federated Treasury Obligations Fund, Institutional Shares, 4.66%(b)		182,690
		Total Money Market Fund
		(Cost $182,690)		182,690
Total Investments — 100.0%
(Cost $5,816,988)				6,417,724
Net Other Assets (Liabilities) — 0.0%				2,356
NET ASSETS — 100.0%			$	6,420,080

(a)	Represents non-income producing security.
(b)	Represents the current yield as of report date.

See accompanying Notes to the Financial Statements.

25

Sterling Capital Mid Cap Relative Value Fund

Schedule of Portfolio Investments

March 31, 2023 (Unaudited)

Shares			Fair Value
COMMON STOCKS — 96.4%
		Automobile Components — 1.8%
	14,815	Magna International, Inc.	$	793,640
		Banks — 3.9%
	7,662	East West Bancorp, Inc.		425,241
	33,710	Huntington Bancshares, Inc.		377,552
	28,614	KeyCorp.		358,247
	7,598	Wintrust Financial Corp.		554,274
				1,715,314
		Building Products — 2.3%
	4,507	Carlisle Cos., Inc.		1,018,897
		Capital Markets — 2.8%
	4,052	Ameriprise Financial, Inc.		1,241,938
		Chemicals — 3.3%
	13,563	Avient Corp.		558,253
	7,668	Westlake Corp.		889,335
				1,447,588
		Communications Equipment — 1.2%
	10,104	Ciena Corp.(a)		530,662
		Construction & Engineering — 2.3%
	10,531	MasTec, Inc.(a)		994,548
		Consumer Staples Distribution & Retail — 5.2%
	5,231	Casey's General Stores, Inc.		1,132,302
	19,190	Performance Food Group Co.(a)		1,157,925
				2,290,227
		Containers & Packaging — 4.9%
	6,158	Avery Dennison Corp.		1,101,851
	17,299	Berry Global Group, Inc.		1,018,911
				2,120,762
		Electronic Equipment, Instruments & Components — 7.6%
	6,473	Arrow Electronics, Inc.(a)		808,284
	7,070	CDW Corp.		1,377,872
	26,527	nVent Electric PLC		1,139,069
				3,325,225
		Entertainment — 4.1%
	11,433	Activision Blizzard, Inc.		978,550
	6,730	Take-Two Interactive Software, Inc.(a)		802,889
				1,781,439
		Financial Services — 2.6%
	10,140	Fiserv, Inc.(a)		1,146,124
		Food Products — 2.3%
	9,670	Lamb Weston Holdings, Inc.		1,010,708
		Gas Utilities — 4.0%
	16,534	Southwest Gas Holdings, Inc.		1,032,548
	20,610	UGI Corp.		716,404
				1,748,952

Shares			Fair Value
COMMON STOCKS — (continued)
		Health Care Equipment & Supplies — 3.8%
	2,603	Becton Dickinson & Co.	$	644,347
	7,875	Zimmer Biomet Holdings, Inc.		1,017,450
				1,661,797
		Household Durables — 2.0%
	14,950	PulteGroup, Inc.		871,286
		Industrial REITs — 2.3%
	6,032	EastGroup Properties, Inc.		997,210
		Insurance — 7.6%
	6,282	American Financial Group, Inc.		763,263
	12,910	First American Financial Corp.		718,570
	9,234	Globe Life, Inc.		1,015,925
	6,282	Hanover Insurance Group, Inc. (The)		807,237
				3,304,995
		Leisure Products — 1.2%
	4,716	Polaris, Inc.		521,731
		Life Sciences Tools & Services — 7.1%
	4,929	ICON PLC(a)		1,052,785
	7,668	PerkinElmer, Inc.		1,021,837
	1,783	Thermo Fisher Scientific, Inc.		1,027,668
				3,102,290
		Machinery — 1.8%
	9,303	Oshkosh Corp.		773,824
		Office REITs — 1.3%
	4,451	Alexandria Real Estate Equities, Inc.		559,001
		Oil, Gas & Consumable Fuels — 5.4%
	31,879	Coterra Energy, Inc.		782,311
	4,439	Diamondback Energy, Inc.		600,020
	9,670	Phillips 66		980,344
				2,362,675
		Professional Services — 3.2%
	4,737	CACI International, Inc., Class A(a)		1,403,479
		Real Estate Management & Development — 1.7%
	9,360	Howard Hughes Corp. (The)(a)		748,800
		Residential REITs — 2.1%
	5,940	Mid-America Apartment Communities, Inc.		897,178
		Semiconductors & Semiconductor Equipment — 1.6%
	5,976	Skyworks Solutions, Inc.		705,048
		Software — 3.2%
	23,095	Dropbox, Inc., Class A(a)		499,314
	6,975	PTC, Inc.(a)		894,404
				1,393,718

See accompanying Notes to the Financial Statements.

26

Sterling Capital Mid Cap Relative Value Fund

Schedule of Portfolio Investments — (continued)

March 31, 2023 (Unaudited)

Shares			Fair Value
COMMON STOCKS — (continued)
		Specialized REITs — 1.2%
	5,210	Digital Realty Trust, Inc.	$	512,195
		Trading Companies & Distributors — 2.6%
	2,885	United Rentals, Inc.		1,141,768
		Total Common Stocks
		(Cost $22,273,606)		42,123,019
MONEY MARKET FUND — 3.6%
	1,573,326	Federated Treasury Obligations Fund, Institutional Shares, 4.66%(b)		1,573,326
		Total Money Market Fund
		(Cost $1,573,326)		1,573,326
Total Investments — 100.0% (Cost $23,846,932)				43,696,345
Net Other Assets (Liabilities) — 0.0%				(11,387	)
NET ASSETS — 100.0%			$	43,684,958

(a)	Represents non-income producing security.
(b)	Represents the current yield as of report date.

Continued

27

Sterling Capital Real Estate Fund

Schedule of Portfolio Investments

March 31, 2023 (Unaudited)

Shares			Fair Value
COMMON STOCKS — 98.4%
		Data Center — 10.5%
	25,273	Digital Realty Trust, Inc.	$	2,484,589
	7,268	Equinix, Inc.		5,240,519
				7,725,108
		Diversified — 1.9%
	56,353	Essential Properties Realty Trust, Inc.		1,400,372
		Health Care — 6.5%
	44,499	Ventas, Inc.		1,929,032
	40,921	Welltower, Inc.		2,933,626
				4,862,658
		Hotel & Resort — 3.2%
	36,204	Apple Hospitality REIT, Inc.		561,886
	20,369	Ryman Hospitality Properties, Inc.		1,827,710
				2,389,596
		Industrial — 14.3%
	11,575	EastGroup Properties, Inc.		1,913,579
	38,058	First Industrial Realty Trust, Inc.		2,024,686
	53,474	Prologis, Inc.		6,671,951
				10,610,216
		Multi-Family Residential — 13.5%
	15,255	Camden Property Trust.		1,599,334
	10,282	Essex Property Trust, Inc.		2,150,378
	17,130	Mid-America Apartment Communities, Inc.		2,587,315
	23,510	NexPoint Residential Trust, Inc.		1,026,682
	65,272	UDR, Inc.		2,680,068
				10,043,777
		Office — 3.9%
	17,262	Alexandria Real Estate Equities, Inc.		2,167,935
	30,555	Highwoods Properties, Inc.		708,570
				2,876,505
		Other Specialized — 3.0%
	68,038	VICI Properties, Inc.		2,219,399
		Real Estate Development — 1.6%
	14,906	Howard Hughes Corp. (The)(a)		1,192,480
		Retail — 13.1%
	90,748	Brixmor Property Group, Inc.		1,952,897
	43,153	InvenTrust Properties Corp.		1,009,780
	127,156	Kite Realty Group Trust.		2,660,104
	62,040	NETSTREIT Corp.		1,134,091
	84,128	Retail Opportunity Investments Corp.		1,174,427
	89,828	Tanger Factory Outlet Centers, Inc.		1,763,324
				9,694,623
		Self-Storage — 6.7%
	52,966	CubeSmart.		2,448,089
	19,419	Life Storage, Inc.		2,545,637
				4,993,726

Shares			Fair Value
COMMON STOCKS — (continued)
		Single-Family Residential — 3.6%
	86,106	Invitation Homes, Inc.	$	2,689,090
		Telecom Tower — 16.6%
	26,616	American Tower Corp.		5,438,713
	28,886	Crown Castle, Inc.		3,866,102
	11,719	SBA Communications Corp.		3,059,479
				12,364,294
		Total Common Stocks
		(Cost $45,117,339)		73,061,844
MONEY MARKET FUND — 1.6%
	1,212,419	Federated Treasury Obligations Fund, Institutional Shares, 4.66%(b)		1,212,419
		Total Money Market Fund
		(Cost $1,212,419)		1,212,419
Total Investments — 100.0% (Cost $46,329,758)				74,274,263
Net Other Assets (Liabilities) — 0.0%				3,250
NET ASSETS — 100.0%			$	74,277,513

(a)	Represents non-income producing security.
(b)	Represents the current yield as of report date.

See accompanying Notes to the Financial Statements.

28

Sterling Capital Small Cap Value Fund

Schedule of Portfolio Investments

March 31, 2023 (Unaudited)

Shares			Fair Value
COMMON STOCKS — 96.9%
		Aerospace & Defense — 3.2%
	97,063	Moog, Inc., Class A.	$	9,779,097
		Automobile Components — 1.4%
	50,695	Dorman Products, Inc.(a)		4,372,951
		Banks — 12.5%
	136,718	Columbia Banking System, Inc.		2,928,500
	136,948	Community Bank System, Inc.		7,188,400
	169,262	Glacier Bancorp, Inc.		7,110,697
	221,053	Old National Bancorp.		3,187,584
	97,796	United Bankshares, Inc.		3,442,419
	145,404	Webster Financial Corp.		5,731,826
	113,303	Wintrust Financial Corp.		8,265,454
				37,854,880
		Capital Markets — 2.1%
	44,779	Affiliated Managers Group, Inc.		6,377,425
		Chemicals — 3.6%
	264,466	Avient Corp.		10,885,421
		Construction & Engineering — 3.8%
	120,737	MasTec, Inc.(a)		11,402,402
		Consumer Staples Distribution & Retail — 9.6%
	151,779	BJ's Wholesale Club Holdings, Inc.(a)		11,545,829
	49,724	Casey's General Stores, Inc.		10,763,257
	115,633	Performance Food Group Co.(a)		6,977,295
				29,286,381
		Electric Utilities — 2.7%
	170,626	Portland General Electric Co.		8,341,905
		Electrical Equipment — 2.9%
	100,547	EnerSys.		8,735,523
		Electronic Equipment, Instruments & Components — 5.2%
	128,239	Belden, Inc.		11,127,298
	96,530	ePlus, Inc.(a)		4,733,831
				15,861,129
		Entertainment — 1.5%
	39,454	Take-Two Interactive Software, Inc.(a)		4,706,862
		Gas Utilities — 2.3%
	112,799	Southwest Gas Holdings, Inc.		7,044,298
		Household Durables — 3.7%
	141,423	Ethan Allen Interiors, Inc.		3,883,476
	63,562	Meritage Homes Corp.		7,421,499
				11,304,975
		Industrial REITs — 3.8%
	219,040	First Industrial Realty Trust, Inc.		11,652,928
		Insurance — 7.3%
	83,081	Hanover Insurance Group, Inc. (The).		10,675,908

Shares			Fair Value
COMMON STOCKS — (continued)
		Insurance — (continued)
	120,026	Selective Insurance Group, Inc.	$	11,442,079
				22,117,987
		Life Sciences Tools & Services — 3.5%
	30,925	West Pharmaceutical Services, Inc.		10,714,585
		Machinery — 6.4%
	97,166	Crane Holdings Co.		11,028,341
	100,990	Oshkosh Corp.		8,400,348
				19,428,689
		Office REITs — 1.3%
	164,742	Highwoods Properties, Inc.		3,820,367
		Oil, Gas & Consumable Fuels — 2.9%
	22,708	Chord Energy Corp.		3,056,497
	55,409	Matador Resources Co.		2,640,239
	104,898	Northern Oil & Gas, Inc.		3,183,654
				8,880,390
		Professional Services — 3.7%
	37,802	CACI International, Inc., Class A(a)		11,199,977
		Retail REITs — 0.8%
	126,370	Tanger Factory Outlet Centers, Inc.		2,480,643
		Semiconductors & Semiconductor Equipment — 5.7%
	139,120	ON Semiconductor Corp.(a)		11,452,358
	56,670	Qorvo, Inc.(a)		5,755,972
				17,208,330
		Software — 2.9%
	67,857	PTC, Inc.(a)		8,701,303
		Trading Companies & Distributors — 4.1%
	8,740	Herc Holdings, Inc.		995,486
	28,675	United Rentals, Inc.		11,348,418
				12,343,904
		Total Common Stocks
		(Cost $97,159,510)		294,502,352
MONEY MARKET FUND — 3.0%
	9,065,095	Federated Treasury Obligations Fund, Institutional Shares, 4.66%(b)		9,065,095
		Total Money Market Fund
		(Cost $9,065,095)		9,065,095
Total Investments — 99.9%
(Cost $106,224,605)				303,567,447
Net Other Assets (Liabilities) — 0.1%				429,076
NET ASSETS — 100.0%			$	303,996,523

See accompanying Notes to the Financial Statements.

29

Sterling Capital Small Cap Value Fund

Schedule of Portfolio Investments — (continued)

March 31, 2023 (Unaudited)

(a)	Represents non-income producing security.
(b)	Represents the current yield as of report date.

Continued

30

Sterling Capital Ultra Short Bond Fund

Schedule of Portfolio Investments

March 31, 2023 (Unaudited)

Principal Amount			Fair Value
ASSET BACKED SECURITIES — 15.1%
$	100,000	Ally Auto Receivables Trust, Series 2022-3, Class A2, 5.290%, 6/16/25	$	99,970
	287,776	AmeriCredit Automobile Receivables Trust, Series 2019-3, Class C, 2.320%, 7/18/25		284,405
	21,100	AmeriCredit Automobile Receivables Trust, Series 2021-3, Class A2, 0.410%, 2/18/25		21,012
	169,341	AmeriCredit Automobile Receivables Trust, Series 2022-1, Class A2, 2.050%, 1/20/26		167,475
	183,994	ARI Fleet Lease Trust, Series 2020-A, Class A3, 1.800%, 8/15/28(a)		182,682
	185,276	ARI Fleet Lease Trust, Series 2021-A, Class A2, 0.370%, 3/15/30(a)		183,057
	525,000	Avis Budget Rental Car Funding AESOP, LLC, Series 2018-1A, Class A, 3.700%, 9/20/24(a)		522,645
	275,000	Carmax Auto Owner Trust, Series 2022-4, Class A2A, 5.340%, 12/15/25		274,762
	73,521	Carvana Auto Receivables Trust, Series 2021-P2, Class A3, 0.490%, 3/10/26		71,093
	369,581	Chesapeake Funding II, LLC, Series 2020- 1A, Class A1, 0.870%, 8/15/32(a)		365,188
	337,659	Chesapeake Funding II, LLC, Series 2021- 1A, Class A1, 0.470%, 4/15/33(a)		330,547
	525	Citicorp Residential Mortgage Trust, STEP, Series 2007-2, Class A6, 4.707%, 6/25/37		520
	147,723	Enterprise Fleet Financing, LLC, Series 2020-2, Class A2, 0.610%, 7/20/26(a)		144,987
	205,390	Enterprise Fleet Financing, LLC, Series 2021-2, Class A2, 0.480%, 5/20/27(a)		197,401
	400,000	Ford Credit Auto Owner Trust 2018- REV2, Series 2018-2, Class A, 3.470%, 1/15/30(a)		397,766
	234,879	GreatAmerica Leasing Receivables Funding, LLC, Series 2021-1, Class A3, 0.340%, 8/15/24(a)		230,012
	225,000	Hertz Vehicle Financing, LLC, Series 2021-1A, Class A, 1.210%, 12/26/25(a)		210,555
	1,227	Nissan Auto Receivables Owner Trust, Series 2019-C, Class A3, 1.930%, 7/15/24.		1,226
	324,000	OneMain Financial Issuance Trust, Series 2018-2A, Class A, 3.570%, 3/14/33(a)		318,561
	89,823	OneMain Financial Issuance Trust, Series 2020-1A, Class A, 3.840%, 5/14/32(a)		89,208
	206,571	Santander Consumer Auto Receivables Trust 2021-A, Series 2021-AA, Class A3, 0.330%, 10/15/25(a)		203,643
	80,972	Santander Drive Auto Receivables Trust, Series 2021-1, Class C, 0.750%, 2/17/26		79,856
	138,170	Santander Drive Auto Receivables Trust, Series 2021-3, Class B, 0.600%, 12/15/25		137,520

Principal Amount			Fair Value
ASSET BACKED SECURITIES — (continued)
$	300,000	Santander Drive Auto Receivables Trust, Series 2022-5, Class B, 4.430%, 3/15/27	$	295,295
	450,000	Wheels SPV 2, LLC, Series 2020-1A, Class A3, 0.620%, 8/20/29(a)		435,899
	280,964	World Omni Auto Receivables Trust, Series 2021-B, Class A3, 0.420%, 6/15/26		269,475
	300,000	World Omni Select Auto Trust, Series 2023-A, Class A2A, 5.920%, 3/15/27		299,321
		Total Asset Backed Securities
		(Cost $5,831,221)		5,814,081
COLLATERALIZED MORTGAGE OBLIGATIONS — 1.6%
	317,328	Fannie Mae, Series 2011-140, Class BH, 2.500%, 1/25/27		307,102
	335,495	Ginnie Mae, Series 2013-144, Class GA, 2.500%, 12/20/40		324,217
		Total Collateralized Mortgage Obligations
		(Cost $633,578)		631,319
COMMERCIAL MORTGAGE-BACKED SECURITIES — 8.5%
	174,000	BX 2021-LBA3 Mortgage Trust, Series 2021-PAC, Class B, 5.584%, (LIBOR USD 1-Month plus 0.90%), 10/15/36(a)(b)		164,646
	172,000	BX Commercial Mortgage Trust, Series 2021-ACNT, Class C, 6.185%, (LIBOR USD 1-Month plus 1.50%), 11/15/38(a)(b)		161,650
	202,000	BX Commercial Mortgage Trust, Series 2021-CIP, Class B, 5.955%, (LIBOR USD 1-Month plus 1.27%), 12/15/38(a)(b)		192,884
	202,389	BX Commercial Mortgage Trust, Series 2022-LP2, Class B, 6.139%, (TSFR1M plus 1.31%), 2/15/39(a)(b)		195,382
	300,000	Citigroup Commercial Mortgage Trust, Series 2013-GC15, Class A4, 4.371%, 9/10/46(c)		297,554
	25,000	Citigroup Commercial Mortgage Trust, Series 2013-GC17, Class A4, 4.131%, 11/10/46		24,683
	195,000	COMM 2013-CCRE12 Mortgage Trust, Series 2013-CR12, Class A4, 4.046%, 10/10/46		192,373
	350,000	COMM 2013-CCRE13 Mortgage Trust, Series 2013-CR13, Class A4, 4.194%, 11/10/46(c)		344,700
	76,038	COMM 2013-CCRE8 Mortgage Trust, Series 2013-CR8, Class A5, 3.612%, 6/10/46(c)		75,879

See accompanying Notes to the Financial Statements.

31

Sterling Capital Ultra Short Bond Fund

Schedule of Portfolio Investments — (continued)

March 31, 2023 (Unaudited)

Principal Amount			Fair Value
COMMERCIAL MORTGAGE-BACKED SECURITIES — (continued)
$	155,000	ELP Commercial Mortgage Trust, Series 2021-ELP, Class C, 6.005%, (LIBOR USD 1-Month plus 1.32%), 11/15/38(a)(b)	$	146,547
	100,000	GS Mortgage Securities Trust, Series 2013- GC16, Class A4, 4.271%, 11/10/46		98,955
	116,646	GS Mortgage Securities Trust 2013-GCJ12, Series 2013-GC12, Class A4, 3.135%, 6/10/46		116,398
	364,000	GS Mortgage Securities Trust 2013-GCJ14, Series 2013-GC14, Class A5, 4.243%, 8/10/46		361,779
	300,000	JP Morgan Chase Commercial Mortgage Securities Trust, Series 2014-C20, Class A5, 3.805%, 7/15/47		291,979
	128,850	OPG Trust, Series 2021-PORT, Class C, 5.516%, (LIBOR USD 1-Month plus 0.83%), 10/15/36(a)(b)		120,127
	143,917	SMR Mortgage Trust, Series 2022-IND, Class A, 6.477%, (TSFR1M plus 1.65%), 2/15/39(a)(b)		137,350
	5,149	WFRBS Commercial Mortgage Trust, Series 2013-C13, Class A4, 3.001%, 5/15/45		5,135
	350,000	WFRBS Commercial Mortgage Trust, Series 2014-LC14, Class A5, 4.045%, 3/15/47		343,551
		Total Commercial Mortgage-Backed Securities
		(Cost $3,451,029)		3,271,572
CORPORATE BONDS — 45.8%
		Aerospace & Defense — 1.4%
	270,000	Boeing Co. (The), 4.508%, 5/1/23		269,904
	285,000	L3Harris Technologies, Inc., 3.850%, 6/15/23		283,878
				553,782
		Automobiles — 1.7%
	200,000	Ford Motor Credit Co., LLC, 3.810%, 1/9/24.		197,636
	250,000	General Motors Financial Co., Inc., 5.202%, (SOFR plus 0.62%), 10/15/24(b)		246,248
	203,000	Mercedes-Benz Finance North America, LLC, 3.650%, 2/22/24(a)		200,118
				644,002
		Banks — 9.2%
	350,000	Bank of America Corp., MTN, 5.380%, (SOFR plus 0.73%), 10/24/24(b)		346,801
	250,000	Bank of New Zealand, 3.500%, 2/20/24(a)		245,981
	250,000	BPCE SA, 4.000%, 9/12/23(a)		247,450

Principal Amount			Fair Value
CORPORATE BONDS — (continued)
		Banks — (continued)
$	325,000	Citigroup, Inc., 0.776%, (SOFR plus 0.69%), 10/30/24(d)	$	315,884
	250,000	Cooperatieve Rabobank UA, 3.875%, 9/26/23(a)		247,963
	200,000	Federation des Caisses Desjardins du Quebec, 5.191%, (SOFR plus 0.43%), 5/21/24(a)(b)		198,377
	250,000	Huntington National Bank (The), BKNT, 3.550%, 10/6/23(e)		245,465
	100,000	KeyBank N.A., BKNT, 5.140%, (SOFRINDX plus 0.32%), 6/14/24(b)		97,722
	150,000	Macquarie Group, Ltd., 5.289%, (SOFR plus 0.71%), 10/14/25(a)(b)		145,663
	250,000	Mizuho Financial Group, Inc., 0.849%, (SOFR plus 0.87%), 9/8/24(d)		244,728
	325,000	Morgan Stanley, MTN, 5.111%, (SOFR plus 0.46%), 1/25/24(c)		323,999
	250,000	Standard Chartered PLC, 0.991%, (1-Year Treasury Constant Maturity plus 0.78%), 1/12/25(a)(c)		240,188
	252,000	Sumitomo Mitsui Trust Bank, Ltd., 0.800%, 9/12/23(a)		246,779
	400,000	U.S. Bank NA, BKNT, 3.400%, 7/24/23		397,441
				3,544,441
		Chemicals — 0.5%
	200,000	Air Liquide Finance SA, 2.250%, 9/27/23(a)		196,603
		Commercial Services & Supplies — 0.5%
	209,000	Republic Services, Inc., 4.750%, 5/15/23		208,832
		Communications Equipment — 0.9%
	350,000	Cisco Systems, Inc., 3.625%, 3/4/24		346,256
		Construction Materials — 1.1%
	228,000	Koppers, Inc., 6.000%, 2/15/25(a)		227,940
	210,000	Martin Marietta Materials, Inc., 0.650%, 7/15/23		206,957
				434,897
		Consumer Staples Distribution & Retail — 0.7%
	265,000	Cargill, Inc., 1.375%, 7/23/23(a)		261,803
		Diversified REITs — 1.0%
	225,000	SBA Tower Trust, STEP, Series 2014-2A, Class C, 3.869%, 10/15/49(a)		218,444
	179,000	Starwood Property Trust, Inc., 5.500%, 11/1/23(a)		179,336
				397,780
		Electric Utilities — 7.9%
	115,000	American Electric Power Co., Inc., 2.031%, 3/15/24(f)		111,251
	260,000	Consumers Energy Co., 0.350%, 6/1/23		257,899

Continued

32

Sterling Capital Ultra Short Bond Fund

Schedule of Portfolio Investments — (continued)

March 31, 2023 (Unaudited)

Principal Amount			Fair Value
CORPORATE BONDS — (continued)
		Electric Utilities — (continued)
$	303,000	DTE Energy Co., STEP, Series C, 2.529%, 10/1/24	$	291,368
	300,000	Entergy Louisiana, LLC, 0.950%, 10/1/24.		282,477
	120,000	Florida Power & Light Co., 4.971%, (SOFRINDX plus 0.25%), 5/10/23(b)		119,890
	250,000	Korea East-West Power Co., Ltd., 3.875%, 7/19/23(a)		249,295
	85,000	NextEra Energy Capital Holdings, Inc., 6.051%, 3/1/25		86,427
	300,000	Oncor Electric Delivery Co., LLC, 2.750%, 6/1/24		292,508
	200,000	Public Service Electric & Gas Co., MTN, 3.250%, 9/1/23		198,443
	300,000	Southern California Edison Co., 5.141%, (SOFRINDX plus 0.64%), 4/3/23(b)		300,000
	400,000	Southern Co. (The), Series 2021, 5.091%, (SOFRINDX plus 0.37%), 5/10/23(b)		399,424
	300,000	Vistra Operations Co., LLC, 4.875%, 5/13/24(a)		295,592
	137,000	WESCO Distribution, Inc., 7.125%, 6/15/25(a)		139,265
				3,023,839
		Electrical Equipment — 0.3%
	130,000	Carlisle Cos., Inc., 0.550%, 9/1/23		127,165
		Energy Equipment & Services — 3.1%
	220,000	Crestwood Midstream Partners L.P./ Crestwood Midstream Finance Corp., 5.750%, 4/1/25		214,828
	300,000	Enbridge, Inc., 2.150%, 2/16/24		291,233
	175,000	NuStar Logistics L.P., 5.750%, 10/1/25		170,194
	250,000	Plains All American Pipeline L.P./PAA Finance Corp., 3.850%, 10/15/23		247,731
	250,000	Sabine Pass Liquefaction, LLC, 5.750%, 5/15/24		250,536
				1,174,522
		Entertainment — 0.7%
	280,000	Warnermedia Holdings, Inc., 3.528%, 3/15/24(a)(f)		273,458
		Financial Services — 1.2%
	300,000	AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 1.650%, 10/29/24		280,207
	175,000	OneMain Finance Corp., 6.125%, 3/15/24		171,063
				451,270
		Health Care Equipment & Services — 0.5%
	210,000	Humana, Inc., 0.650%, 8/3/23		207,034
		Health Care Providers & Services — 2.1%
	300,000	AbbVie, Inc., 2.850%, 5/14/23		299,115
	500,000	Bristol-Myers Squibb Co., 3.250%, 11/1/23		495,132
				794,247

Principal Amount			Fair Value
CORPORATE BONDS — (continued)
		Industrial REITs — 0.5%
$	205,000	Public Storage, 5.094%, (SOFR plus 0.47%), 4/23/24(b)	$	204,038
		Insurance — 5.6%
	325,000	AIG Global Funding, 0.800%, 7/7/23(a)		321,103
	100,000	Brighthouse Financial Global Funding, 0.600%, 6/28/23(a)		98,786
	75,000	Brighthouse Financial Global Funding, 5.327%, (SOFR plus 0.76%), 4/12/24(a)(b)		74,057
	260,000	Five Corners Funding Trust, 4.419%, 11/15/23(a)		258,354
	200,000	GA Global Funding Trust, 0.800%, 9/13/24(a)		186,189
	272,000	John Hancock Life Insurance Co., 7.375%, 2/15/24(a)		275,432
	300,000	Nationwide Mutual Insurance Co., 7.156%, (LIBOR USD 3-Month plus 2.29%), 12/15/24(a)(c)		298,775
	400,000	New York Life Global Funding, 5.049%, (SOFR plus 0.19%), 6/30/23(a)(b)		399,248
	250,000	Reliance Standard Life Global Funding II, 3.850%, 9/19/23(a)		247,956
				2,159,900
		Oil, Gas & Consumable Fuels — 1.5%
	350,000	HF Sinclair Corp., 2.625%, 10/1/23.		344,446
	250,000	Southern California Gas Co., 5.488%, (LIBOR USD 3-Month plus 0.35%), 9/14/23(b)		248,262
				592,708
		Semiconductors & Semiconductor Equipment — 0.7%
	250,000	Microchip Technology, Inc., 4.333%, 6/1/23		249,083
		Software — 1.5%
	61,000	Dell International, LLC/EMC Corp., 5.450%, 6/15/23		60,976
	300,000	Hewlett Packard Enterprise Co., 5.900%, 10/1/24		303,864
	215,000	VMware, Inc., 0.600%, 8/15/23		210,977
				575,817
		Specialty Retail — 0.4%
	161,000	Nordstrom, Inc., 2.300%, 4/8/24		153,755
		Telecommunication Services — 2.2%
	250,000	AT&T, Inc., 5.498%, (SOFRINDX plus 0.64%), 3/25/24(b)(f)		249,692
	281,251	Sprint Spectrum Co., LLC/Sprint Spectrum Co. II, LLC/Sprint Spectrum Co. III, LLC, 4.738%, 3/20/25(a)		279,025

Continued

33

Sterling Capital Ultra Short Bond Fund

Schedule of Portfolio Investments — (continued)

March 31, 2023 (Unaudited)

Principal Amount			Fair Value
CORPORATE BONDS — (continued)
		Telecommunication Services — (continued)
$	300,000	Verizon Communications, Inc., 5.964%, (LIBOR USD 3-Month plus 1.10%), 5/15/25(b)	$	300,563
				829,280
		Tobacco — 0.6%
	250,000	BAT Capital Corp., 3.222%, 8/15/24.		242,360
		Total Corporate Bonds
		(Cost $17,775,836)		17,646,872
U.S. GOVERNMENT AGENCIES — 2.0%
		Federal Home Loan Banks — 2.0%
	810,000	0.440%, 9/23/24		762,851
		Total U.S. Government Agencies
		(Cost $762,741)		762,851
COMMERCIAL PAPER — 9.6%
		Automobiles — 0.8%
	300,000	General Motors Financial Co., Inc., 5.501%, 5/22/23		297,513
		Banks — 3.6%
	300,000	ANZ New Zealand (Int'l) Ltd., 5.276%, 8/28/23		293,461
	600,000	DNB Bank ASA, 5.105%, 10/10/23		584,020
	300,000	Swedbank AB, 5.038%, 9/18/23		292,661
	250,000	Westpac Banking Corp., 5.246%, 11/15/23		241,904
				1,412,046
		Consumer Staples Distribution & Retail — 2.6%
	1,000,000	Dollar General Corp., 4.966%, 3/4/23		999,577
		Residential REITs — 2.6%
	1,000,000	UDR, Inc., 4.974%, 4/3/23		999,577
		Total Commercial Paper
		(Cost $3,710,119)		3,708,713
U.S. TREASURY BILLS — 16.9%
	6,500,000	4.604%, 4/11/23(g)		6,493,420
		Total U.S. Treasury Bills
		(Cost $6,492,188)		6,493,420

Shares			Fair Value
MONEY MARKET FUND — 6.0%
	2,323,962	Federated Treasury Obligations Fund, Institutional Shares, 4.66%(h)	$	2,323,962
		Total Money Market Fund
		(Cost $2,323,962)		2,323,962
Total Investments — 105.5%
(Cost $40,980,674)				40,652,790
Net Other Assets (Liabilities) — (5.5)%				(2,131,359	)
NET ASSETS — 100.0%			$	38,521,431

(a)	Rule 144A, Section 4(a)(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, 2023. 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, 2023. 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)	Represents securities purchased on a when-issued basis. At March 31, 2023, total cost of investments purchased on a when-issued basis was $245,650.
(f)	Represents that all or a portion of the security was pledged as collateral for securities purchased on a when-issued basis.
(g)	Yield to maturity at time of purchase.
(h)	Represents the current yield as of report date.

BKNT	Bank Note
MTN	Medium Term Note
STEP	Step Coupon Bond

Continued

34

Sterling Capital Short Duration Bond Fund

Schedule of Portfolio Investments

March 31, 2023 (Unaudited)

Principal Amount			Fair Value
ASSET BACKED SECURITIES — 19.6%
$	205,000	Ally Auto Receivables Trust, Series 2022-3, Class A4, 5.070%, 6/15/31	$	207,262
	44,044	AmeriCredit Automobile Receivables Trust, Series 2018-3, Class C, 3.740%, 10/18/24		44,003
	2,309,000	AmeriCredit Automobile Receivables Trust, Series 2021-1, Class B, 0.680%, 10/19/26		2,217,744
	975,000	Avis Budget Rental Car Funding AESOP, LLC, Series 2020-2A, Class A, 2.020%, 2/20/27(a)		895,090
	590,000	Avis Budget Rental Car Funding AESOP, LLC, Series 2023-3A, Class A, 5.440%, 2/22/28(a)		589,901
	753,000	BA Credit Card Trust, Series 2022-A2, Class A2, 5.000%, 4/15/28		761,521
	1,000,000	CarMax Auto Owner Trust, Series 2022-1, Class A4, 1.700%, 8/16/27		921,934
	1,150,000	CarMax Auto Owner Trust, Series 2022-4, Class A3, 5.340%, 8/16/27		1,163,024
	599,192	Carvana Auto Receivables Trust, Series 2021-P2, Class A3, 0.490%, 3/10/26		579,411
	715,380	Chesapeake Funding II, LLC, Series 2021- 1A, Class A1, 0.470%, 4/15/33(a)		700,312
	412	Citicorp Residential Mortgage Trust, STEP, Series 2007-2, Class A6, 4.707%, 6/25/37		408
	178,894	Citigroup Mortgage Loan Trust, Inc., Series 2005-HE1, Class M3, 5.820%, (LIBOR USD 1-Month plus 0.98%), 5/25/35(b)(c)		175,747
	753,000	Discover Card Execution Note Trust, Series 2022-A4, Class A, 5.030%, 10/15/27		762,252
	1,183,000	Enterprise Fleet Financing, LLC, Series 2023-1, Class A3, 5.420%, 10/22/29(a)		1,183,752
	1,500,000	Enterprise Fleet Funding, LLC, Series 2021-1, Class A3, 0.700%, 12/21/26(a)		1,410,321
	1,500,000	Ford Credit Auto Owner Trust 2020- REV2, Series 2020-2, Class A, 1.060%, 4/15/33(a)		1,365,505
	1,000,000	GreatAmerica Leasing Receivables Funding, LLC, Series 2021-2, Class A3, 0.670%, 7/15/25(a)		951,322
	1,288,000	Hertz Vehicle Financing III L.P., Series 2021-2A, Class A, 1.680%, 12/27/27(a)		1,139,884
	490,000	Hertz Vehicle Financing, LLC, Series 2021-1A, Class A, 1.210%, 12/26/25(a)		458,541
	1,273,000	Mercedes-Benz Auto Receivables Trust, Series 2022-1, Class A3, 5.210%, 8/16/27		1,285,277
	1,078,000	OneMain Direct Auto Receivables Trust 2019-1, Series 2019-1A, Class A, 3.630%, 9/14/27(a)		1,046,438
	890,000	OneMain Direct Auto Receivables Trust 2023-1, Series 2023-1A, Class A, 5.410%, 11/14/29(a)		895,526

Principal Amount			Fair Value
ASSET BACKED SECURITIES — (continued)
$	299,411	OneMain Financial Issuance Trust, Series 2020-1A, Class A, 3.840%, 5/14/32(a)	$	297,360
	775,000	OneMain Financial Issuance Trust 2022- 2, Series 2022-2A, Class A, 4.890%, 10/14/34(a)		761,233
	700,000	OneMain Financial Issuance Trust 2022- 3, Series 2022-3A, Class A, 5.940%, 5/15/34(a)		701,098
	600,000	Santander Drive Auto Receivables Trust, Series 2022-7, Class A3, 5.750%, 4/15/27		605,431
	1,600,000	Verizon Master Trust, Series 2021-1, Class A, 0.500%, 5/20/27		1,520,811
	1,350,000	Wheels SPV 2, LLC, Series 2020-1A, Class A3, 0.620%, 8/20/29(a)		1,307,697
	1,325,000	World Omni Auto Receivables Trust, Series 2022-D, Class A3, 5.610%, 2/15/28		1,345,460
	1,400,000	World Omni Select Auto Trust, Series 2023-A, Class A3, 5.650%, 7/17/28		1,401,021
		Total Asset Backed Securities
		(Cost $26,404,814)		26,695,286
COLLATERALIZED MORTGAGE OBLIGATIONS — 1.7%
	744,249	Chase Home Lending Mortgage Trust, Series 2019-ATR2, Class A3, 3.500%, 7/25/49(a)(d)		669,613
	69,236	Fannie Mae, Series 2012-152, Class PC, 1.750%, 8/25/42		66,938
	549,549	Fannie Mae, Series 2013-35, Class CB, 2.000%, 2/25/43		517,687
	40,691	Fannie Mae, Series 2013-72, Class NA, 2.500%, 8/25/42		39,104
	420,640	Fannie Mae, Series 2015-71, Class PD, 2.500%, 3/25/43		404,919
	289,281	Fannie Mae, Series 2016-100, Class DA, 3.000%, 2/25/43		278,311
	419,005	Freddie Mac, Series 4828, Class QA, 3.500%, 3/15/47		405,001
		Total Collateralized Mortgage Obligations
		(Cost $2,557,945)		2,381,573
COMMERCIAL MORTGAGE-BACKED SECURITIES — 7.6%
	862,000	BX 2021-LBA3 Mortgage Trust, Series 2021-PAC, Class B, 5.584%, (LIBOR USD 1-Month plus 0.90%), 10/15/36(a) (b)		815,658
	315,140	BX Commercial Mortgage Trust, Series 2021-21M, Class C, 5.861%, (LIBOR USD 1-Month plus 1.18%), 10/15/36(a) (b)		295,243

See accompanying Notes to the Financial Statements.

35

Sterling Capital Short Duration Bond Fund

Schedule of Portfolio Investments — (continued)

March 31, 2023 (Unaudited)

Principal Amount			Fair Value
COMMERCIAL MORTGAGE-BACKED SECURITIES — (continued)
$	434,500	BX Commercial Mortgage Trust, Series 2021-ACNT, Class C, 6.185%, (LIBOR USD 1-Month plus 1.50%), 11/15/38(a) (b)	$	408,355
	953,000	BX Commercial Mortgage Trust, Series 2021-CIP, Class B, 5.955%, (LIBOR USD 1-Month plus 1.27%), 12/15/38(a) (b)		909,993
	334,081	BX Commercial Mortgage Trust, Series 2021-XL2, Class C, 5.881%, (LIBOR USD 1-Month plus 1.20%), 10/15/38(a) (b)		315,651
	613,666	BX Commercial Mortgage Trust, Series 2022-LP2, Class B, 6.139%, (TSFR1M plus 1.31%), 2/15/39(a)(b)		592,420
	208,000	BX Trust, Series 2021-ARIA, Class A, 5.583%, (LIBOR USD 1-Month plus 0.90%), 10/15/36(a)(b)		199,569
	431,000	BX Trust, Series 2021-RISE, Class C, 6.134%, (LIBOR USD 1-Month plus 1.45%), 11/15/36(a)(b)		407,693
	454,000	COMM 2013-CCRE11 Mortgage Trust, Series 2013-CR11, Class A4, 4.258%, 8/10/50		449,666
	1,100,000	COMM Mortgage Trust, Series 2014- LC15, Class A4, 4.006%, 4/10/47		1,076,775
	394,500	ELP Commercial Mortgage Trust, Series 2021-ELP, Class C, 6.005%, (LIBOR USD 1-Month plus 1.32%), 11/15/38(a) (b)		372,987
	38,531	GS Mortgage Securities Trust, Series 2010-C1, Class B, 5.148%, 8/10/43(a)		38,183
	186,120	GS Mortgage Securities Trust, Series 2014-GC24, Class AAB, 3.650%, 9/10/47		182,781
	1,000,000	JP Morgan Chase Commercial Mortgage Securities Trust, Series 2014-C20, Class A5, 3.805%, 7/15/47		973,262
	300,000	JPMBB Commercial Mortgage Securities Trust, Series 2014-C23, Class A5, 3.934%, 9/15/47		291,689
	428,228	Med Trust, Series 2021-MDLN, Class C, 6.485%, (LIBOR USD 1-Month plus 1.80%), 11/15/38(a)(b)		408,316
	1,121,000	Morgan Stanley Bank of America Merrill Lynch Trust, Series 2014-C18, Class A4, 3.923%, 10/15/47		1,086,664
	641,510	OPG Trust, Series 2021-PORT, Class C, 5.516%, (LIBOR USD 1-Month plus 0.83%), 10/15/36(a)(b)		598,079
	435,562	SMR Mortgage Trust, Series 2022-IND, Class A, 6.477%, (TSFR1M plus 1.65%), 2/15/39(a)(b)		415,687

Principal Amount			Fair Value
COMMERCIAL MORTGAGE-BACKED SECURITIES — (continued)
$	500,000	WFRBS Commercial Mortgage Trust, Series 2014-C21, Class A5, 3.678%, 8/15/47	$	482,779
		Total Commercial Mortgage-Backed Securities
		(Cost $10,701,408)		10,321,450
CORPORATE BONDS — 51.6%
		Aerospace & Defense — 0.2%
	280,000	Raytheon Technologies Corp., 5.000%, 2/27/26		284,067
		Automobiles — 2.7%
	1,093,000	Advance Auto Parts, Inc., 5.900%, 3/9/26		1,115,715
	825,000	Daimler Truck Finance North America, LLC, 3.500%, 4/7/25(a)		799,405
	540,000	Ford Motor Credit Co., LLC, 2.300%, 2/10/25(c)		500,459
	1,250,000	Mercedes-Benz Finance North America, LLC, 4.800%, 3/30/26(a)		1,249,833
				3,665,412
		Banks — 13.1%
	1,075,000	Bank of America Corp., MTN, 0.981%, (SOFR plus 0.91%), 9/25/25(e)		1,002,674
	800,000	Bank of Nova Scotia (The), 1.450%, 1/10/25		749,612
	700,000	BNP Paribas SA, 4.705%, (LIBOR USD 3-Month plus 2.24%), 1/10/25(a)(e)		691,421
	825,000	Citigroup, Inc., 3.352%, (TSFR3M plus 1.16%), 4/24/25(e)		803,820
	800,000	Danske Bank A/S, 0.976%, (1-Year Treasury Constant Maturity plus 0.55%), 9/10/25(a)(d)		742,716
	625,000	HSBC Holdings PLC, 2.999%, (SOFR plus 1.43%), 3/10/26(e)		588,698
	650,000	Huntington National Bank (The), 4.008%, (SOFR plus 1.21%), 5/16/25(e)		622,279
	1,025,000	KeyBank NA, 4.700%, 1/26/26		982,960
	817,000	Mitsubishi UFJ Financial Group, Inc., 0.848%, (1-Year Treasury Constant Maturity plus 0.68%), 9/15/24(d)		798,445
	1,045,000	Morgan Stanley, MTN, 1.164%, (SOFR plus 0.56%), 10/21/25(e)		975,471
	1,125,000	National Securities Clearing Corp., 0.750%, 12/7/25(a)		1,019,073
	850,000	NatWest Markets PLC, 5.619%, (SOFR plus 0.76%), 9/29/26(a)(b)		822,384
	1,025,000	PNC Financial Services Group, Inc. (The), 4.758%, (SOFR plus 1.09%), 1/26/27(e)		1,011,184
	842,000	PNC Financial Services Group, Inc. (The), Series O, 8.492%, (LIBOR USD 3-Month plus 3.68%)(d)(f)		830,745

Continued

36

Sterling Capital Short Duration Bond Fund

Schedule of Portfolio Investments — (continued)

March 31, 2023 (Unaudited)

Principal Amount				Fair Value
CORPORATE BONDS — (continued)
		Banks — (continued)
$	125,000	Royal Bank of Canada, GMTN, 4.875%, 1/12/26(c)		$	125,146
	823,000	Standard Chartered PLC, 0.991%, (1-Year Treasury Constant Maturity plus 0.78%), 1/12/25(a)(d)			790,699
	925,000	State Street Corp., 5.751%, (SOFR plus 1.35%), 11/4/26(e)			942,069
	1,250,000	Sumitomo Mitsui Trust Bank, Ltd., 5.650%, 3/9/26(a)			1,269,701
	800,000	Swedbank AB, 3.356%, 4/4/25(a)			770,821
	1,420,000	Toronto-Dominion Bank (The), MTN, 1.200%, 6/3/26			1,264,217
	1,100,000	Wells Fargo & Co., MTN, 0.805%, (SOFR plus 0.51%), 5/19/25(e)			1,044,125
					17,848,260
		Beverages — 0.6%
	749,000	PepsiCo, Inc., 4.550%, 2/13/26			761,506
		Capital Goods — 1.0%
	1,325,000	Caterpillar Financial Services Corp., 4.800%, 1/6/26			1,345,703
		Chemicals — 0.9%
	696,000	NOVA Chemicals Corp., 4.875%, 6/1/24(a)			686,653
	500,000	Westlake Corp., 0.875%, 8/15/24			473,491
					1,160,144
		Commercial Services & Supplies — 0.4%
	554,000	GFL Environmental, Inc., 4.250%, 6/1/25(a)			540,554
		Construction Materials — 0.9%
	664,000	Koppers, Inc., 6.000%, 2/15/25(a)			663,825
	575,000	Martin Marietta Materials, Inc., 4.250%, 7/2/24			570,788
					1,234,613
		Consumer Staples Distribution & Retail — 0.5%
	750,000	Cargill, Inc., 3.500%, 4/22/25(a)			731,152
		Diversified REITs — 0.7%
	502,000	Ladder Capital Finance Holdings LLLP/ Ladder Capital Finance Corp., 5.250%, 10/1/25(a)			441,657
	518,000	Starwood Property Trust, Inc., 3.750%, 12/31/24(a)			477,281
					918,938
		Diversified Telecommunication Services — 0.4%
	550,688	Sprint Spectrum Co., LLC/Sprint Spectrum Co. II, LLC/Sprint Spectrum Co. III, LLC, 4.738%, 3/20/25(a)			546,328
			��
		Electric Utilities — 3.5%
	285,000	American Electric Power Co., Inc., 2.031%, 3/15/24			275,709

Principal Amount			Fair Value
CORPORATE BONDS — (continued)
		Electric Utilities — (continued)
$	805,000	CMS Energy Corp., 3.875%, 3/1/24	$	792,634
	750,000	Duke Energy Progress, LLC, 3.250%, 8/15/25		726,609
	300,000	Korea East-West Power Co., Ltd., 3.600%, 5/6/25(a)		291,986
	390,000	NextEra Energy Capital Holdings, Inc., 6.051%, 3/1/25		396,548
	1,045,000	Puget Energy, Inc., 3.650%, 5/15/25		1,008,569
	825,000	Sempra Energy, 3.300%, 4/1/25		798,117
	471,000	WESCO Distribution, Inc., 7.125%, 6/15/25(a)		478,786
				4,768,958
		Energy Equipment & Services — 1.7%
	750,000	Crestwood Midstream Partners L.P./ Crestwood Midstream Finance Corp., 5.750%, 4/1/25		732,367
	800,000	NuStar Logistics L.P., 5.750%, 10/1/25		778,029
	843,000	Plains All American Pipeline L.P./PAA Finance Corp., 3.600%, 11/1/24		821,081
				2,331,477
		Entertainment — 0.4%
	525,000	Mattel, Inc., 3.375%, 4/1/26(a)		494,201
		Financial Services — 6.6%
	826,000	AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 3.150%, 2/15/24		800,871
	860,000	Air Lease Corp., MTN, 0.700%, 2/15/24		822,351
	800,000	Ally Financial, Inc., 5.750%, 11/20/25		752,458
	775,000	American Express Co., 2.250%, 3/4/25(c)		738,462
	946,000	American Express Co., 4.900%, 2/13/26		953,426
	825,000	Blackstone Private Credit Fund, 1.750%, 9/15/24		761,946
	880,000	Element Fleet Management Corp., 1.600%, 4/6/24(a)		843,050
	753,000	ERAC USA Finance, LLC, 3.850%, 11/15/24(a)		737,587
	581,000	FS KKR Capital Corp., 1.650%, 10/12/24		534,095
	483,000	OneMain Finance Corp., 6.125%, 3/15/24		472,133
	741,000	Owl Rock Capital Corp., 5.250%, 4/15/24		721,025
	825,000	Park Aerospace Holdings, Ltd., 5.500%, 2/15/24(a)		817,314
				8,954,718
		Gas Utilities — 0.2%
	334,000	National Rural Utilities Cooperative Finance Corp., 4.450%, 3/13/26		333,117
		Ground Transportation — 0.7%
	525,000	Union Pacific Corp., 2.750%, 3/1/26		500,717
	455,000	Union Pacific Corp., 4.750%, 2/21/26		460,094
				960,811
		Health Care Providers & Services — 0.8%
	1,050,000	Novartis Capital Corp., 3.000%, 11/20/25		1,016,208

Continued

37

Sterling Capital Short Duration Bond Fund

Schedule of Portfolio Investments — (continued)

March 31, 2023 (Unaudited)

Principal Amount			Fair Value
CORPORATE BONDS — (continued)
		Hotels, Restaurants & Leisure — 0.5%
$	668,000	Prime Security Services Borrower, LLC/Prime Finance, Inc., 5.250%, 4/15/24(a)	$	659,801
		Household Products — 1.3%
	750,000	Haleon UK Capital PLC, 3.125%, 3/24/25		724,443
	1,035,000	Kenvue, Inc., 5.350%, 3/22/26(a)		1,061,124
				1,785,567
		Insurance — 5.5%
	825,000	Apollo Management Holdings L.P., 4.000%, 5/30/24(a)		807,757
	875,000	Athene Global Funding, 1.716%, 1/7/25(a)		812,770
	825,000	F&G Global Funding, 0.900%, 9/20/24(a)		771,096
	880,000	GA Global Funding Trust, 0.800%, 9/13/24(a)		819,231
	625,000	Jackson National Life Global Funding, 3.875%, 6/11/25(a)		592,252
	750,000	John Hancock Life Insurance Co., 7.375%, 2/15/24(a)		759,463
	1,000,000	Metropolitan Life Global Funding I, 5.000%, 1/6/26(a)		1,005,114
	1,135,000	Reliance Standard Life Global Funding II, 5.243%, 2/2/26(a)		1,137,927
	815,000	Security Benefit Global Funding, 1.250%, 5/17/24(a)		772,645
				7,478,255
		Machinery — 0.9%
	1,250,000	John Deere Capital Corp., MTN, 4.800%, 1/9/26		1,267,995
		Media — 0.5%
	757,000	Discovery Communications, LLC, 3.800%, 3/13/24		742,891
		Oil, Gas & Consumable Fuels — 2.8%
	1,000,000	Aker BP ASA, 3.000%, 1/15/25(a)(c)		962,777
	830,000	EQT Corp., 5.678%, 10/1/25		827,512
	1,060,000	Pioneer Natural Resources Co., 5.100%, 3/29/26		1,063,525
	1,060,000	Shell International Finance BV, 2.875%, 5/10/26		1,013,227
				3,867,041
		Retail REITs — 0.6%
	825,000	Retail Opportunity Investments Partnership L.P., 5.000%, 12/15/23		815,467
		Semiconductors & Semiconductor Equipment — 0.6%
	803,000	Microchip Technology, Inc., 4.250%, 9/1/25		789,083
		Software — 1.1%
	1,200,000	Microsoft Corp., 3.125%, 11/3/25		1,169,703

Principal Amount			Fair Value
CORPORATE BONDS — (continued)
		Software — (continued)
$	375,000	Oracle Corp., 5.800%, 11/10/25	$	383,956
				1,553,659
		Specialty Retail — 1.4%
	1,275,000	Lowe's Cos., Inc., 4.800%, 4/1/26		1,281,317
	717,000	Nordstrom, Inc., 2.300%, 4/8/24		684,735
				1,966,052
		Tobacco — 1.1%
	550,000	BAT Capital Corp., 3.222%, 8/15/24		533,192
	1,011,000	Philip Morris International, Inc., 4.875%, 2/13/26		1,017,079
				1,550,271
		Total Corporate Bonds
		(Cost $72,397,795)		70,372,249
MUNICIPAL BONDS — 3.7%
		California — 1.4%
	650,000	Beverly Hills Public Financing Authority, CA, Advance Refunding, Taxable Revenue Bonds, Series B, 0.730%, 6/1/24		621,069
	590,000	Port of Oakland, CA, Port, Airport & Marina Revenue, Advance Refunding Revenue Bonds, Series R, 1.081%, 5/1/24		566,949
	750,000	University of California, Current Refunding, Taxable Revenue Revenue Bonds, Series AX, Callable 4/1/25 @ 100, 3.063%, 7/1/25		731,182
				1,919,200
		Hawaii — 0.1%
	240,000	State of Hawaii, HI, Public Improvements, Cash Flow Management G.O., 0.802%, 10/1/24		226,908
		Illinois — 1.2%
	815,000	Chicago O'Hare International Airport, IL, Refunding, Taxable Revenue Bonds, Series D, 1.168%, 1/1/24		792,082
	805,000	Sales Tax Securitization Corp., Current Refunding, Taxable Revenue Revenue Bonds, Series B, 4.558%, 1/1/26		800,742
				1,592,824
		Massachusetts — 0.8%
	1,085,000	Commonwealth of Massachusetts, Cash Flow Management, Taxable Revenue Revenue Bonds, Series A, 3.670%, 1/15/26		1,066,772

Continued

38

Sterling Capital Short Duration Bond Fund

Schedule of Portfolio Investments — (continued)

March 31, 2023 (Unaudited)

Principal Amount			Fair Value
MUNICIPAL BONDS — (continued)
		New Jersey — 0.2%
$	235,000	New Jersey Turnpike Authority, Advance Refunding Revenue Bonds, Series B, 0.638%, 1/1/24	$	227,254
		Total Municipal Bonds
		(Cost $5,129,298)		5,032,958
U.S. GOVERNMENT AGENCIES — 0.6%
		Federal Home Loan Banks — 0.6%
	900,000	0.500%, 9/22/25		819,760
		Total U.S. Government Agencies
		(Cost $810,411)		819,760
U.S. TREASURY NOTES — 13.9%
	14,485,000	1.125%, 1/15/25		13,721,143
	5,300,000	3.000%, 7/15/25		5,183,027
		Total U.S. Treasury Notes
		(Cost $18,847,276)		18,904,170

Shares
MONEY MARKET FUND — 0.7%
	920,185	Federated Treasury Obligations Fund, Institutional Shares, 4.66%(g)		920,185
		Total Money Market Fund
		(Cost $920,185)		920,185
Total Investments  — 99.4%
(Cost $137,769,132)				135,447,631
Net Other Assets (Liabilities) — 0.6%				845,365
NET ASSETS — 100.0%			$	136,292,996

(a) Rule 144A, Section 4(a)(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, 2023. The maturity date reflected is the final maturity date.

(c) All or a portion of the securities are held in a separate collateral account at US Bank.

(d) The interest rate for this variable rate note, which will change periodically, is based either on the prime rate or an index of market rates. The reflected rate is in effect as of March 31, 2023. The maturity date reflected is the final maturity date.

(e) 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.

(f) Security is perpetual in nature and has no stated maturity date.

(g) 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

39

Sterling Capital Intermediate U.S. Government Fund

Schedule of Portfolio Investments

March 31, 2023 (Unaudited)

Principal Amount			Fair Value
ASSET BACKED SECURITIES — 1.9%
$	265,000	Avis Budget Rental Car Funding AESOP, LLC, Series 2019-3A, Class A, 2.360%, 3/20/26(a)	$	251,141
	83,325	United States Small Business Administration, Series 2015-20G, Class 1, 2.880%, 7/1/35(b)		78,055
		Total Asset Backed Securities
		(Cost $350,356)		329,196
COLLATERALIZED MORTGAGE OBLIGATIONS — 16.1%
	41,603	Fannie Mae, Series 2003-44, Class Q, 3.500%, 6/25/33		39,836
	159,879	Fannie Mae, Series 2005-31, Class PB, 5.500%, 4/25/35		163,391
	148,055	Fannie Mae, Series 2012-150, Class KA, 1.750%, 1/25/43		127,191
	235,212	Fannie Mae, Series 2012-87, Class MB, 2.000%, 5/25/42		214,394
	91,921	Fannie Mae, Series 2013-44, Class DJ, 1.850%, 5/25/33		83,710
	143,718	Fannie Mae, Series 2016-24, Class CD, 1.750%, 2/25/46		122,198
	54,903	Fannie Mae, Series 2016-49, Class DA, 3.500%, 10/25/42		53,479
	211,814	Fannie Mae, Series 2016-49, Class PA, 3.000%, 9/25/45		198,568
	224,630	Fannie Mae, Series 2019-25, Class PD, 2.500%, 5/25/48		201,108
	191,833	Freddie Mac, Series 3787, Class LM, 4.000%, 1/15/31		188,783
	76,307	Freddie Mac, Series 4122, Class BC, 3.000%, 5/15/40		70,852
	107,776	Freddie Mac, Series 4151, Class PA, 2.000%, 1/15/33		100,304
	183,493	Freddie Mac, Series 4173, Class NB, 3.000%, 3/15/43		169,872
	439,985	Freddie Mac, Series 4601, Class NJ, 1.900%, 9/15/45		388,546
	130,094	Freddie Mac, Series 4656, Class PA, 3.500%, 10/15/45		125,309
	203,719	Freddie Mac, Series 4863, Class AJ, 3.500%, 7/15/38		193,381
	236,608	Freddie Mac, Series 4942, Class NC, 2.500%, 10/25/49		210,452
	73,011	Ginnie Mae, Series 2013-133, Class PL, 3.500%, 2/16/37		70,886
	54,001	Ginnie Mae, Series 2015-162, Class EB, 2.500%, 9/20/44		50,905
		Total Collateralized Mortgage Obligations
		(Cost $3,026,306)		2,773,165

Principal Amount			Fair Value
COMMERCIAL MORTGAGE-BACKED SECURITIES — 21.7%
$	136,114	Citigroup Commercial Mortgage Trust, Series 2015-GC29, Class A3, 2.935%, 4/10/48	$	129,201
	463,530	Fannie Mae-Aces, Series 2015-M17, Class A2, 2.899%, 11/25/25(c)		444,896
	402,091	Fannie Mae-Aces, Series 2017-M7, Class A2, 2.961%, 2/25/27(c)		381,168
	238,951	Fannie Mae-Aces, Series 2017-M8, Class A2, 3.061%, 5/25/27(c)		227,971
	390,000	Fannie Mae-Aces, Series 2018-M10, Class A2, 3.358%, 7/25/28(c)		374,996
	268,989	Freddie Mac Multifamily Structured Pass Through Certificates, Series K033, Class A2, 3.060%, 7/25/23(c)		267,388
	140,000	Freddie Mac Multifamily Structured Pass Through Certificates, Series K049, Class A2, 3.010%, 7/25/25		135,417
	210,000	Freddie Mac Multifamily Structured Pass Through Certificates, Series K060, Class A2, 3.300%, 10/25/26		202,889
	500,000	Freddie Mac Multifamily Structured Pass Through Certificates, Series K061, Class A2, 3.347%, 11/25/26(c)		481,731
	125,000	Freddie Mac Multifamily Structured Pass Through Certificates, Series K066, Class A2, 3.117%, 6/25/27		119,596
	160,000	Freddie Mac Multifamily Structured Pass Through Certificates, Series K069, Class A2, 3.187%, 9/25/27(c)		153,248
	275,000	Freddie Mac Multifamily Structured Pass Through Certificates, Series K079, Class  A2, 3.926%, 6/25/28		271,263
	250,000	JPMBB Commercial Mortgage Securities Trust, Series 2014-C23, Class A5, 3.934%, 9/15/47		243,074
	71,000	Morgan Stanley Bank of America Merrill Lynch Trust, Series 2014-C18, Class A4, 3.923%, 10/15/47		68,825
	250,000	Morgan Stanley Bank of America Merrill Lynch Trust, Series 2014-C19, Class A4, 3.526%, 12/15/47		240,520
		Total Commercial Mortgage-Backed Securities
		(Cost $3,984,557)		3,742,183
CORPORATE BONDS — 2.1%
		Banks — 0.4%
	70,000	Bank of America Corp., GMTN, 3.500%, 4/19/26		67,254
		Electric Utilities — 0.4%
	75,000	Public Service Electric & Gas Co., MTN, 2.250%, 9/15/26(b)		68,809

See accompanying Notes to the Financial Statements.

40

Sterling Capital Intermediate U.S. Government Fund

Schedule of Portfolio Investments — (continued)

March 31, 2023 (Unaudited)

Principal Amount			Fair Value
CORPORATE BONDS — (continued)
		Retail REITs — 1.3%
$	250,000	Federal Realty Investment Trust, 1.250%, 2/15/26(b)	$	227,914
		Total Corporate Bonds
		(Cost $402,460)		363,977
MORTGAGE-BACKED SECURITIES — 28.7%
		Fannie Mae — 19.7%
	191,893	4.000%, 12/1/33, Pool #MA1689		187,165
	263,632	4.500%, 3/1/34, Pool #CA3294		264,640
	45,660	4.000%, 12/1/36, Pool #MA2856		44,519
	45,614	4.000%, 2/1/37, Pool #MA2914		44,474
	394,307	1.500%, 12/1/40, Pool #MA4202		328,234
	43,513	4.000%, 5/1/47, Pool #BE9598		42,298
	115,259	3.500%, 12/1/47, Pool #CA0833		108,447
	55,775	5.000%, 8/1/48, Pool #CA2219		56,526
	56,220	3.500%, 9/1/49, Pool #BJ9608		52,664
	63,771	3.500%, 10/1/49, Pool #CA4431		59,718
	95,490	3.000%, 3/1/50, Pool #FM2714		86,484
	215,026	3.000%, 7/1/50, Pool #CA6421		193,968
	210,969	3.000%, 7/1/50, Pool #CA6422		190,134
	179,345	2.000%, 8/1/50, Pool #CA6799		149,177
	269,888	2.000%, 9/1/50, Pool #CA7019		223,669
	308,312	2.500%, 9/1/50, Pool #BQ2883		266,478
	144,616	2.500%, 9/1/50, Pool #BQ0538		124,970
	380,493	2.000%, 10/1/50, Pool #CA7224		315,785
	306,970	2.500%, 10/1/50, Pool #FM4638		265,227
	285,913	2.500%, 10/1/50, Pool #FM4530		247,925
	147,930	5.000%, 11/1/52, Pool #CB5278		147,647
				3,400,149
		Freddie Mac — 8.8%
	114,267	4.000%, 12/1/35, Pool #ZA2401		111,438
	99,181	3.500%, 6/1/36, Pool #ZA2414		95,446
	64,085	4.000%, 3/1/39, Pool #ZA6403		62,206
	204,666	2.000%, 12/1/40, Pool #RB5090		176,759
	139,450	3.500%, 1/1/47, Pool #ZT0941		131,721
	102,145	3.000%, 12/1/51, Pool #SD8184		91,647
	192,138	4.500%, 6/1/52, Pool #SD1265		188,566
	191,505	4.500%, 8/1/52, Pool #SD1515		187,660
	289,497	5.000%, 9/1/52, Pool #RA7936		289,190
	174,782	5.500%, 2/1/53, Pool #QF8052		176,920
				1,511,553
		Ginnie Mae II — 0.2%
	27,126	5.000%, 11/20/38, Pool #4283		26,765
		Total Mortgage-Backed Securities
		(Cost $5,579,982)		4,938,467

Principal Amount			Fair Value
MUNICIPAL BONDS — 0.8%
		Wisconsin — 0.8%
$	135,000	State of Wisconsin, TXB, Revenue Bonds, Pension Funding, Series A, (AGM), 5.700%, 5/1/26(b)	$	138,162
		Total Municipal Bonds
		(Cost $140,333)		138,162
U.S. GOVERNMENT AGENCIES — 13.5%
		Fannie Mae — 10.1%
	1,000,000	6.250%, 5/15/29		1,134,067
	500,000	7.125%, 1/15/30		598,572
				1,732,639
		Federal Farm Credit Banks Funding Corp. — 0.4%
	86,000	2.400%, 3/24/36		66,911
		Federal Home Loan Banks — 3.0%
	500,000	1.200%, 12/30/24		473,884
	60,000	1.900%, 10/7/31		49,877
				523,761
		Total U.S. Government Agencies
		(Cost $2,395,884)		2,323,311
U.S. TREASURY NOTES — 14.4%
	1,400,000	0.250%, 9/30/25		1,280,289
	1,267,800	1.125%, 2/15/31		1,066,339
	150,000	2.750%, 8/15/32		141,023
		Total U.S. Treasury Notes
		(Cost $2,621,688)		2,487,651

Shares
MONEY MARKET FUND — 0.4%
	68,244	Federated Treasury Obligations Fund, Institutional Shares, 4.66%(d)		68,244
		Total Money Market Fund
		(Cost $68,244)		68,244
Total Investments  — 99.6%
(Cost $18,569,810)				17,164,356
Net Other Assets (Liabilities) — 0.4%				68,237
NET ASSETS — 100.0%			$	17,232,593

(a) Rule 144A, Section 4(a)(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) All or a portion of the securities are held in a separate collateral account at US Bank.

Continued

41

Sterling Capital Intermediate U.S. Government Fund

Schedule of Portfolio Investments — (continued)

March 31, 2023 (Unaudited)

(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, 2023. The maturity date reflected is the final maturity date.

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

AGM	Assured Guaranty Municipal Corp.
GMTN	Global Medium Term Note
MTN	Medium Term Note
TXB	Taxable Bond

Continued

42

Sterling Capital Total Return Bond Fund

Schedule of Portfolio Investments

March 31, 2023 (Unaudited)

Principal Amount			Fair Value
ASSET BACKED SECURITIES — 13.8%
$	8,200,000	AmeriCredit Automobile Receivables Trust, Series 2020-3, Class B, 0.760%, 12/18/25	$	7,898,471
	9,318,000	Avis Budget Rental Car Funding AESOP, LLC, Series 2019-2A, Class A, 3.350%, 9/22/25(a)		9,062,334
	2,030,000	Avis Budget Rental Car Funding AESOP, LLC, Series 2019-3A, Class A, 2.360%, 3/20/26(a)		1,923,834
	2,500,000	Avis Budget Rental Car Funding AESOP, LLC, Series 2020-2A, Class A, 2.020%, 2/20/27(a)		2,295,103
	6,250,000	Avis Budget Rental Car Funding AESOP, LLC, Series 2021-1A, Class A, 1.380%, 8/20/27(a)		5,535,184
	8,720,000	Carvana Auto Receivables Trust, Series 2021-P2, Class B, 1.270%, 3/10/27		7,677,191
	4,791,000	Citibank Credit Card Issuance Trust, Series 2007-A3, Class A3, 6.150%, 6/15/39		5,369,217
	2,316	Citicorp Residential Mortgage Trust, STEP, Series 2007-2, Class A6, 4.707%, 6/25/37		2,293
	7,000,000	Enterprise Fleet Financing, LLC, Series 2022-1, Class A3, 3.270%, 1/20/28(a)		6,672,760
	7,101,000	Enterprise Fleet Financing, LLC, Series 2023-1, Class A3, 5.420%, 10/22/29(a)		7,105,513
	6,943,000	Enterprise Fleet Funding, LLC, Series 2021-1, Class A3, 0.700%, 12/21/26(a)		6,527,908
	10,559,000	Ford Credit Auto Owner Trust 2021- REV2, Series 2021-2, Class A, 1.530%, 5/15/34(a)		9,409,392
	3,750,000	GM Financial Revolving Receivables Trust, Series 2021-1, Class A, 1.170%, 6/12/34(a)		3,305,770
	15,735,000	Hertz Vehicle Financing III L.P., Series 2021-2A, Class A, 1.680%, 12/27/27(a)		13,925,532
	7,000,000	Hertz Vehicle Financing, LLC, Series 2022-2A, Class A, 2.330%, 6/26/28(a)		6,222,083
	417,040	New Century Home Equity Loan Trust, Series 2003-4, Class M1, 5.970%, (LIBOR USD 1-Month plus 1.13%), 10/25/33(b)(c)		402,864
	12,950,000	OneMain Direct Auto Receivables Trust 2023-1, Series 2023-1A, Class A, 5.410%, 11/14/29(a)		13,030,408
	3,950,000	OneMain Financial Issuance Trust, Series 2022-S1, Class A, 4.130%, 5/14/35(a)		3,812,761
	20,805,000	OneMain Financial Issuance Trust 2021-1, Series 2021-1A, Class A1, 1.550%, 6/16/36(a)		18,193,315
	2,988,889	Santander Drive Auto Receivables Trust, Series 2021-1, Class C, 0.750%, 2/17/26		2,947,717
	8,858,000	Santander Drive Auto Receivables Trust, Series 2021-4, Class B, 0.880%, 6/15/26		8,716,795

Principal Amount			Fair Value
ASSET BACKED SECURITIES — (continued)
$	2,204,284	Saxon Asset Securities Trust, Series 2004- 3, Class M1, 5.745%, (LIBOR USD 1-Month plus 0.90%), 12/26/34(b)	$	2,032,560
		Total Asset Backed Securities
		(Cost $152,934,916)		142,069,005
COLLATERALIZED MORTGAGE OBLIGATIONS — 1.6%
	17,348	Adjustable Rate Mortgage Trust, Series 2004-5, Class 4A1, 3.976%, 4/25/35(d)		17,221
	211,563	Banc of America Funding Trust, Series 2006-2, Class 3A1, 6.000%, 3/25/36		188,396
	9,219	Citigroup Mortgage Loan Trust, Inc., Series 2004-NCM2, Class 3CB2, 6.500%, 8/25/19(c)		9,070
	48,421	Countrywide Home Loan Mortgage Pass- Through Trust, Series 2004-3, Class A4, 5.750%, 4/25/34		47,181
	134,617	Credit Suisse First Boston Mortgage- Backed Pass-Through Certificates, Series 2004-1, Class 2A1, 6.500%, 2/25/34		133,496
	724,565	Fannie Mae, Series 2011-38, Class D, 4.500%, 5/25/41(c)		714,765
	1,964,712	Fannie Mae, Series 2013-16, Class A, 1.750%, 1/25/40		1,886,190
	891,000	Fannie Mae, Series 2013-70, Class CY, 3.500%, 7/25/43		776,034
	875,318	Fannie Mae, Series 2014-39, Class VP, 3.000%, 8/25/27		853,567
	148,412	Fannie Mae, Series 2017-64, Class PD, 2.500%, 7/25/47		132,137
	299,061	Freddie Mac, Series 3632, Class PK, 5.000%, 2/15/40		298,561
	730,000	Freddie Mac, Series 3762, Class LN, 4.000%, 11/15/40		709,351
	130,404	Freddie Mac, Series 3768, Class V, 4.000%, 11/15/23		130,003
	442,995	Freddie Mac, Series 4077, Class PJ, 3.500%, 11/15/40		433,111
	1,190,996	Freddie Mac, Series 4100, Class PA, 3.000%, 1/15/42		1,127,170
	507,000	Freddie Mac, Series 4120, Class YK, 2.000%, 10/15/32		421,825
	422,171	Freddie Mac, Series 4136, Class HZ, 3.500%, 11/15/27		399,124
	324,000	Freddie Mac, Series 4160, Class HH, 2.500%, 12/15/32		292,375
	567,671	Freddie Mac, Series 4287, Class V, 4.500%, 10/15/26		564,790
	367,599	Freddie Mac, Series 4328, Class KD, 3.000%, 8/15/43		349,515
	1,589,803	Freddie Mac, Series 4427, Class KA, 2.250%, 7/15/44		1,461,545
	1,159,331	Freddie Mac, Series 4654, Class KA, 3.000%, 6/15/45		1,099,760

See accompanying Notes to the Financial Statements. 

43 

Sterling Capital Total Return Bond Fund

Schedule of Portfolio Investments — (continued)
March 31, 2023 (Unaudited)

Principal Amount			Fair Value
COLLATERALIZED MORTGAGE OBLIGATIONS — (continued)
$	1,221,346	Freddie Mac, Series 4655, Class GV, 3.500%, 12/15/36	$	1,211,939
	285,416	Freddie Mac, Series 4710, Class GA, 3.000%, 3/15/44		278,422
	147,766	Ginnie Mae, Series 2008-51, Class PG, 5.000%, 6/20/38		147,300
	3,045,561	Ginnie Mae, Series 2014-2, Class AG, 2.268%, 3/20/40(d)		2,727,564
	355,134	MASTR Alternative Loan Trust, Series 2003-5, Class 8A1, 5.500%, 6/25/33		337,969
	215,259	MASTR Alternative Loan Trust, Series 2004-13, Class 3A1, 6.500%, 1/25/35		158,430
	3	RAAC Trust, Series 2004-SP3, Class AI5, 4.890%, 12/25/32(d)		3
	54,711	RAAC Trust, STEP, Series 2004-SP1, Class AI3, 6.118%, 3/25/34		53,051
	87,310	Residential Asset Securitization Trust, Series 2004-IP2, Class 4A, 4.462%, 12/25/34(d)		76,805
		Total Collateralized Mortgage Obligations
		(Cost $18,369,885)		17,036,670
COMMERCIAL MORTGAGE-BACKED SECURITIES — 12.7%
	2,463,008	BX Commercial Mortgage Trust, Series 2021-21M, Class C, 5.861%, (LIBOR USD 1-Month plus 1.18%), 10/15/36(a) (b)		2,307,497
	3,417,000	BX Commercial Mortgage Trust, Series 2021-ACNT, Class C, 6.185%, (LIBOR USD 1-Month plus 1.50%), 11/15/38(a) (b)		3,211,390
	2,972,000	BX Commercial Mortgage Trust, Series 2021-CIP, Class B, 5.955%, (LIBOR USD 1-Month plus 1.27%), 12/15/38(a) (b)		2,837,880
	2,623,530	BX Commercial Mortgage Trust, Series 2021-XL2, Class C, 5.881%, (LIBOR USD 1-Month plus 1.20%), 10/15/38(a) (b)		2,478,804
	4,208,392	BX Commercial Mortgage Trust, Series 2022-LP2, Class B, 6.139%, (TSFR1M plus 1.31%), 2/15/39(a)(b)		4,062,693
	1,637,000	BX Trust, Series 2021-ARIA, Class A, 5.583%, (LIBOR USD 1-Month plus 0.90%), 10/15/36(a)(b)		1,570,649
	3,388,000	BX Trust, Series 2021-RISE, Class C, 6.134%, (LIBOR USD 1-Month plus 1.45%), 11/15/36(a)(b)		3,204,786
	4,314,000	CD Mortgage Trust, Series 2016-CD2, Class A4, 3.526%, 11/10/49(d)		4,026,498
	530,000	CD Mortgage Trust, Series 2017-CD3, Class A4, 3.631%, 2/10/50		494,282

Principal Amount			Fair Value
COMMERCIAL MORTGAGE-BACKED SECURITIES — (continued)
$	3,447,000	CFCRE Commercial Mortgage Trust, Series 2016-C7, Class A3, 3.839%, 12/10/54	$	3,238,255
	1,337,000	Citigroup Commercial Mortgage Trust, Series 2017-P7, Class A4, 3.712%, 4/14/50		1,252,514
	3,159,000	COMM 2013-CCRE12 Mortgage Trust, Series 2013-CR12, Class A4, 4.046%, 10/10/46		3,116,446
	795,000	COMM Mortgage Trust, Series 2014- CR16, Class A4, 4.051%, 4/10/47		778,602
	1,643,000	COMM Mortgage Trust, Series 2014- CR20, Class A4, 3.590%, 11/10/47		1,585,301
	1,208,000	COMM Mortgage Trust, Series 2014- LC17, Class A5, 3.917%, 10/10/47		1,172,526
	1,070,000	COMM Mortgage Trust, Series 2014- UBS4, Class A5, 3.694%, 8/10/47		1,036,318
	7,155,000	COMM Mortgage Trust, Series 2017- COR2, Class A3, 3.510%, 9/10/50		6,657,409
	1,337,000	CSAIL Commercial Mortgage Trust, Series 2015-C4, Class A4, 3.808%, 11/15/48		1,277,566
	3,084,000	ELP Commercial Mortgage Trust, Series 2021-ELP, Class C, 6.005%, (LIBOR USD 1-Month plus 1.32%), 11/15/38(a) (b)		2,915,821
	3,280,143	Fannie Mae-Aces, Series 2017-M8, Class A2, 3.061%, 5/25/27(d)		3,129,415
	1,904,505	Fannie Mae-Aces, Series 2019-M9, Class A2, 2.937%, 6/25/29		1,766,332
	3,386,000	Freddie Mac Multifamily Structured Pass Through Certificates, Series K153, Class A3, 3.117%, 10/25/31(d)		3,112,017
	8,536,000	Freddie Mac Multifamily Structured Pass Through Certificates, Series K155, Class A3, 3.750%, 4/25/33		8,174,286
	5,201,437	FRESB Mortgage Trust, Series 2018-SB52, Class A10F, 3.461%, 6/25/28(d)		5,000,687
	343,313	GS Mortgage Securities Trust, Series 2010- C1, Class B, 5.148%, 8/10/43(a)		340,215
	2,249,000	GS Mortgage Securities Trust, Series 2014- GC24, Class A5, 3.931%, 9/10/47		2,173,574
	2,209,000	GS Mortgage Securities Trust, Series 2016- GS4, Class A4, 3.442%, 11/10/49(d)		2,058,933
	2,315,225	JP Morgan Chase Commercial Mortgage Securities Trust, Series 2011-C3, Class B, 5.013%, 2/15/46(a)(d)		2,223,145
	1,517,000	JP Morgan Chase Commercial Mortgage Securities Trust, Series 2016-JP4, Class A4, 3.648%, 12/15/49(d)		1,428,607
	1,245,000	JPMBB Commercial Mortgage Securities Trust, Series 2014-C23, Class A5, 3.934%, 9/15/47		1,210,508

Continued

44 

Sterling Capital Total Return Bond Fund

Schedule of Portfolio Investments — (continued)
March 31, 2023 (Unaudited)

Principal Amount			Fair Value
COMMERCIAL MORTGAGE-BACKED SECURITIES — (continued)
$	3,742,000	JPMCC Commercial Mortgage Securities Trust, Series 2017-JP5, Class A5, 3.723%, 3/15/50	$	3,513,150
	3,349,549	Med Trust, Series 2021-MDLN, Class C, 6.485%, (LIBOR USD 1-Month plus 1.80%), 11/15/38(a)(b)		3,193,802
	589,000	Morgan Stanley Bank of America Merrill Lynch Trust, Series 2014-C18, Class A4, 3.923%, 10/15/47		570,959
	5,198,000	Morgan Stanley Bank of America Merrill Lynch Trust, Series 2016-C32, Class A4, 3.720%, 12/15/49		4,887,112
	2,562,000	Morgan Stanley Capital I Trust, Series 2016-BNK2, Class A4, 3.049%, 11/15/49		2,359,806
	9,850,000	Morgan Stanley Capital I Trust, Series 2018-H3, Class A5, 4.177%, 7/15/51		9,295,896
	8,910,000	Morgan Stanley Capital I, Inc., Series 2017-HR2, Class A4, 3.587%, 12/15/50		8,233,327
	5,093,015	OPG Trust, Series 2021-PORT, Class C, 5.516%, (LIBOR USD 1-Month plus 0.83%), 10/15/36(a)(b)		4,748,210
	4,975,132	SMR Mortgage Trust, Series 2022-IND, Class A, 6.477%, (TSFR1M plus 1.65%), 2/15/39(a)(b)		4,748,110
	2,812,000	Wells Fargo Commercial Mortgage Trust, Series 2015-P2, Class A4, 3.809%, 12/15/48		2,690,391
	723,000	Wells Fargo Commercial Mortgage Trust, Series 2016-C37, Class A5, 3.794%, 12/15/49		683,077
	8,591,000	Wells Fargo Commercial Mortgage Trust, Series 2017-C40, Class A4, 3.581%, 10/15/50		7,984,902
	899,000	WFRBS Commercial Mortgage Trust, Series 2014-C23, Class A5, 3.917%, 10/15/57		870,723
		Total Commercial Mortgage-Backed Securities
		(Cost $141,938,205)		131,622,421
CORPORATE BONDS — 25.3%
		Aerospace & Defense — 0.6%
	4,090,000	Boeing Co. (The), 5.705%, 5/1/40		4,132,024
	1,670,000	Raytheon Technologies Corp., 4.500%, 6/1/42		1,577,447
				5,709,471
		Automobiles — 0.3%
	2,295,000	Daimler Truck Finance North America, LLC, 2.000%, 12/14/26(a)		2,064,682

Principal Amount			Fair Value
CORPORATE BONDS — (continued)
		Automobiles — (continued)
$	1,604,000	General Motors Financial Co., Inc., 2.750%, 6/20/25	$	1,517,996
				3,582,678
		Banks — 5.8%
	2,921,000	Bank of America Corp., 3.419%, (LIBOR USD 3-Month plus 1.04%), 12/20/28(e)		2,715,295
	3,311,000	Bank of America Corp., 5.337%, (SOFR plus 0.69%), 4/22/25(b)		3,275,738
	2,691,000	BPCE SA, 2.375%, 1/14/25(a)		2,525,826
	4,726,000	Citigroup, Inc., 5.342%, (SOFR plus 0.67%), 5/1/25(b)		4,663,818
	2,614,000	Commonwealth Bank of Australia, 4.942%, (SOFR plus 0.40%), 7/7/25(a)(b)		2,580,953
	910,000	Fifth Third Bancorp, 4.337%, (SOFR plus 1.66%), 4/25/33(e)		792,622
	3,216,000	First Citizens BancShares, Inc., 3.375%, (TSFR3M plus 2.47%), 3/15/30(e)		2,963,670
	4,025,000	JPMorgan Chase & Co., 2.083%, (SOFR plus 1.85%), 4/22/26(e)		3,764,210
	3,787,000	JPMorgan Chase & Co., 5.509%, (SOFR plus 0.89%), 4/22/27(b)		3,734,967
	3,659,000	KeyCorp, MTN, 2.550%, 10/1/29		2,920,851
	2,810,000	Lloyds Banking Group PLC, 4.582%, 12/10/25		2,651,850
	1,948,000	Macquarie Group, Ltd., 1.340%, (SOFR plus 1.07%), 1/12/27(a)(e)		1,736,753
	2,533,000	Morgan Stanley, 0.790%, (SOFR plus 0.53%), 5/30/25(e)		2,396,915
	2,619,000	PNC Financial Services Group, Inc. (The), 5.068%, (SOFR plus 1.93%), 1/24/34(e)		2,581,819
	2,748,000	PNC Financial Services Group, Inc. (The), Series O, 8.492%, (LIBOR USD 3-Month plus 3.68%)(d)(f)		2,711,268
	2,599,000	Royal Bank of Canada, GMTN, 5.226%, (SOFRINDX plus 0.57%), 4/27/26(b)		2,545,625
	3,172,000	Sumitomo Mitsui Financial Group, Inc., 2.130%, 7/8/30		2,583,676
	2,884,000	Toronto-Dominion Bank (The), 3.625%, (5 yr. Swap Semi 30/360 USD plus 2.21%), 9/15/31(d)		2,712,988
	3,087,000	Toronto-Dominion Bank (The), 5.103%, 1/9/26		3,104,050
	1,695,000	U.S. Bancorp, 5.850%, (SOFR plus 2.09%), 10/21/33(e)		1,769,255
	1,144,000	Visa, Inc., 2.700%, 4/15/40		906,694
	3,524,000	Wells Fargo & Co., 3.068%, (SOFR plus 2.53%), 4/30/41(e)		2,616,027
	1,812,000	Westpac Banking Corp., GMTN, 4.322%, (USD Swap Rate 11:00 am NY 5 plus 2.24%), 11/23/31(d)		1,716,469
				59,971,339

Continued

45 

Sterling Capital Total Return Bond Fund

Schedule of Portfolio Investments — (continued)

March 31, 2023 (Unaudited)

Principal Amount			Fair Value
CORPORATE BONDS — (continued)
		Beverages — 0.5%
$	1,989,000	Anheuser-Busch InBev Worldwide, Inc., 5.800%, 1/23/59	$	2,171,939
	2,525,000	Bacardi, Ltd., 4.450%, 5/15/25(a)		2,484,442
				4,656,381
		Capital Goods — 0.3%
	2,610,000	Keysight Technologies, Inc., 4.550%, 10/30/24		2,581,380
		Capital Markets — 0.3%
	2,958,000	Morgan Stanley, 2.188%, (SOFR plus 1.99%), 4/28/26(e)		2,773,816
		Chemicals — 0.4%
	2,856,000	Albemarle Corp., 5.450%, 12/1/44(c)		2,696,329
	1,267,000	FMC Corp., 3.450%, 10/1/29		1,146,530
				3,842,859
		Commercial Services & Supplies — 0.2%
	3,652,000	Waste Connections, Inc., 2.950%, 1/15/52		2,527,045
		Construction Materials — 0.2%
	1,741,000	Vulcan Materials Co., 4.500%, 6/15/47		1,541,517
		Consumer Discretionary Distribution & Retail — 0.2%
	3,517,000	Amazon.com, Inc., 2.700%, 6/3/60(c)		2,298,217
		Consumer Staples Distribution & Retail — 0.3%
	2,918,000	AbbVie, Inc., 4.875%, 11/14/48		2,800,926
	653,000	General Mills, Inc., 4.950%, 3/29/33		662,132
				3,463,058
		Diversified REITs — 0.9%
	3,279,000	American Tower Trust, 3.652%, 3/23/28(a) (c)		3,090,147
	2,074,000	LXP Industrial Trust, 2.700%, 9/15/30		1,681,651
	5,037,000	SBA Tower Trust, Series 2014-2A, Class C, 3.869%, 10/15/49(a)		4,890,226
				9,662,024
		Diversified Telecommunication Services — 0.7%
	2,324,250	Sprint Spectrum Co., LLC/Sprint Spectrum Co. II, LLC/Sprint Spectrum Co. III, LLC, 4.738%, 3/20/25(a)		2,305,852
	2,743,000	T-Mobile USA, Inc., 3.500%, 4/15/25		2,664,782
	2,801,000	Verizon Communications, Inc., 1.450%, 3/20/26		2,575,156
				7,545,790
		Electric Utilities — 1.5%
	1,287,000	American Electric Power Co., Inc., 5.750%, 11/1/27		1,337,003
	2,819,000	CenterPoint Energy, Inc., 2.950%, 3/1/30		2,470,127
	2,381,000	Dominion Energy, Inc., STEP, 3.071%, 8/15/24		2,308,311

Principal Amount			Fair Value
CORPORATE BONDS — (continued)
		Electric Utilities — (continued)
$	3,707,000	Duke Energy Progress, LLC, 3.600%, 9/15/47	$	2,886,809
	3,256,000	Indiana Michigan Power Co., Series K, 4.550%, 3/15/46		2,864,860
	1,000,000	Korea East-West Power Co., Ltd., 1.750%, 5/6/25(a)		937,569
	2,641,000	NextEra Energy Capital Holdings, Inc., 2.440%, 1/15/32		2,188,712
				14,993,391
		Energy Equipment & Services — 1.4%
	2,828,000	Aker BP ASA, 3.750%, 1/15/30(a)		2,550,135
	2,929,000	Cheniere Corpus Christi Holdings, LLC, 3.700%, 11/15/29		2,687,195
	920,000	Cheniere Energy, Inc., 4.625%, 10/15/28		873,172
	1,849,000	Enterprise Products Operating, LLC, 5.950%, 2/1/41		1,948,111
	1,537,000	Hess Corp., 7.875%, 10/1/29(c)		1,723,490
	2,384,000	Sabine Pass Liquefaction, LLC, 5.625%, 3/1/25		2,398,414
	2,880,000	Sempra Global, 3.250%, 1/15/32(a)		2,403,911
				14,584,428
		Entertainment — 0.2%
	1,933,000	Warnermedia Holdings, Inc., 4.054%, 3/15/29(a)		1,795,281
		Financial Services — 2.4%
	3,315,000	AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 4.450%, 10/1/25(c)		3,200,677
	2,843,000	Avolon Holdings Funding, Ltd., 2.875%, 2/15/25(a)		2,663,570
	3,378,000	Barings BDC, Inc., 3.300%, 11/23/26		2,986,787
	3,509,000	BlackRock, Inc., 1.900%, 1/28/31(c)		2,911,178
	3,420,000	Blue Owl Finance, LLC, 4.125%, 10/7/51(a)		2,102,183
	2,605,000	Charles Schwab Corp. (The), 5.247%, (SOFRINDX plus 0.52%), 5/13/26(b)		2,482,276
	2,052,000	Citigroup, Inc., 6.270%, (SOFR plus 2.34%), 11/17/33(e)		2,216,297
	1,723,000	Goldman Sachs Group, Inc. (The), Series VAR, 1.093%, (SOFR plus 0.79%), 12/9/26(e)		1,541,936
	2,008,000	Jefferies Financial Group, Inc., 4.150%, 1/23/30		1,838,009
	1,373,000	Mitsubishi UFJ Financial Group, Inc., 5.422%, (1-Year Treasury Constant Maturity plus 1.38%), 2/22/29(d)		1,384,660
	2,126,000	Owl Rock Capital Corp., 3.400%, 7/15/26		1,875,671
				25,203,244
		Gas Utilities — 0.3%
	3,960,000	Sempra Energy, 3.800%, 2/1/38		3,407,500

Continued

46 

Sterling Capital Total Return Bond Fund

Schedule of Portfolio Investments — (continued)
March 31, 2023 (Unaudited)

Principal Amount			Fair Value
CORPORATE BONDS — (continued)
		Ground Transportation — 0.5%
$	2,244,000	Burlington Northern Santa Fe, LLC, 4.950%, 9/15/41	$	2,221,919
	3,334,000	Kansas City Southern, 4.200%, 11/15/69		2,660,496
				4,882,415
		Health Care Equipment & Services — 0.3%
	974,000	HCA, Inc., 3.125%, 3/15/27(a)		904,376
	2,537,000	HCA, Inc., 5.000%, 3/15/24		2,521,952
				3,426,328
		Health Care Providers & Services — 0.7%
	2,009,000	Amgen, Inc., 5.250%, 3/2/30		2,051,752
	1,981,000	CSL Finance PLC, 4.250%, 4/27/32(a)		1,918,318
	2,644,000	CVS Health Corp., 2.700%, 8/21/40		1,887,178
	2,031,000	Elevance Health, Inc., 3.600%, 3/15/51(c)		1,575,017
				7,432,265
		Health Care Supplies — 0.2%
	1,561,000	GE HealthCare Technologies, Inc., 5.857%, 3/15/30(a)		1,637,689
		Household Products — 0.3%
	2,695,000	Kenvue, Inc., 5.000%, 3/22/30(a)		2,775,774
		Insurance — 2.2%
	2,769,000	Athene Global Funding, 2.500%, 1/14/25(a)		2,611,269
	1,664,000	AXIS Specialty Finance, LLC, 3.900%, 7/15/29		1,563,909
	2,443,000	Corebridge Financial, Inc., 3.900%, 4/5/32(a)(g)		2,111,104
	2,002,000	Enstar Group, Ltd., 3.100%, 9/1/31		1,545,159
	2,298,000	KKR Group Finance Co. III, LLC, 5.125%, 6/1/44(a)		2,020,512
	3,364,000	Meiji Yasuda Life Insurance Co., 5.200%, (5 yr. Swap Semi 30/360 USD plus 4.23%), 10/20/45(a)(d)		3,249,469
	3,109,000	Nationwide Mutual Insurance Co., 4.350%, 4/30/50(a)		2,450,034
	2,191,000	Prudential Financial, Inc., 3.935%, 12/7/49(g)		1,727,012
	1,965,000	Sammons Financial Group, Inc., 3.350%, 4/16/31(a)		1,547,287
	1,891,000	SBL Holdings, Inc., 5.000%, 2/18/31(a)		1,565,932
	1,870,000	Transatlantic Holdings, Inc., 8.000%, 11/30/39		2,380,027
				22,771,714
		Machinery — 0.4%
	3,011,000	Deere & Co., 3.750%, 4/15/50		2,659,894
	1,921,000	John Deere Capital Corp., MTN, 4.800%, 1/9/26		1,948,655
				4,608,549
		Media — 0.5%
	2,036,000	Discovery Communications, LLC, 5.200%, 9/20/47		1,681,253

Principal Amount			Fair Value
CORPORATE BONDS — (continued)
		Media — (continued)
$	1,303,000	FactSet Research Systems, Inc., 2.900%, 3/1/27	$	1,209,079
	2,217,000	Time Warner Cable, LLC, 6.550%, 5/1/37		2,183,373
				5,073,705
		Multi-Utilities — 0.4%
	2,310,000	CMS Energy Corp., 4.700%, 3/31/43		1,979,161
	2,946,000	Puget Sound Energy, Inc., 4.223%, 6/15/48		2,541,620
				4,520,781
		Oil, Gas & Consumable Fuels — 1.1%
	2,436,000	EQT Corp., 7.000%, 2/1/30		2,549,712
	2,455,000	Halliburton Co., 7.450%, 9/15/39		2,841,071
	1,453,000	Hess Corp., 5.800%, 4/1/47		1,419,374
	2,149,000	HF Sinclair Corp., 5.875%, 4/1/26		2,170,036
	2,217,000	Schlumberger Investment SA, 2.650%, 6/26/30		1,958,823
				10,939,016
		Pharmaceuticals — 0.2%
	2,559,000	SC Johnson & Son, Inc., 4.750%, 10/15/46(a)		2,405,603
		Residential REITs — 0.3%
	1,130,000	Invitation Homes Operating Partnership L.P., 4.150%, 4/15/32		1,012,520
	3,178,000	Tanger Properties L.P., 2.750%, 9/1/31		2,286,448
				3,298,968
		Semiconductors & Semiconductor Equipment — 0.4%
	1,713,000	Broadcom, Inc., 4.926%, 5/15/37(a)		1,556,359
	2,363,000	NVIDIA Corp., 2.850%, 4/1/30		2,150,208
				3,706,567
		Software — 0.5%
	1,490,000	Dell International, LLC/EMC Corp., 6.020%, 6/15/26		1,528,067
	3,788,000	Oracle Corp., 4.900%, 2/6/33		3,706,847
				5,234,914
		Specialty Retail — 0.3%
	1,843,000	ERAC USA Finance, LLC, 4.200%, 11/1/46(a)		1,563,638
	1,615,000	Lowe's Cos., Inc., 5.150%, 7/1/33		1,629,191
				3,192,829
		Telecommunication Services — 0.5%
	3,783,000	AT&T, Inc., 3.550%, 9/15/55(c)		2,704,898
	2,900,000	AT&T, Inc., 3.850%, 6/1/60(c)		2,163,515
				4,868,413
		Total Corporate Bonds
		(Cost $292,024,373)		260,914,949

Continued

47 

Sterling Capital Total Return Bond Fund

Schedule of Portfolio Investments — (continued)
March 31, 2023 (Unaudited)

Principal Amount			Fair Value
MORTGAGE-BACKED SECURITIES — 24.9%
		Fannie Mae — 15.0%
$	10,120	5.000%, 9/1/25, Pool #255892	$	10,134
	1,053,440	4.000%, 12/1/33, Pool #MA1689		1,027,482
	620,552	4.000%, 6/1/34, Pool #MA1922		605,065
	586,047	4.000%, 3/1/35, Pool #MA2211		570,337
	253,622	5.500%, 8/1/37, Pool #995082		261,528
	2,651,886	3.500%, 8/1/38, Pool #FM2472		2,552,020
	96,539	4.500%, 10/1/39, Pool #AC2645		96,486
	100,429	5.000%, 6/1/40, Pool #AD4927		102,506
	92,631	5.000%, 6/1/40, Pool #AD8718		94,552
	6,599,320	4.000%, 8/1/40, Pool #FM4673		6,503,872
	12,439,488	1.500%, 12/1/40, Pool #MA4202		10,355,041
	202,819	4.500%, 12/1/40, Pool #AH1100		203,761
	131,030	4.500%, 3/1/41, Pool #AB2467		131,640
	258,265	4.500%, 5/1/41, Pool #AI1023		258,126
	155,072	4.500%, 11/1/41, Pool #AJ4994		155,793
	178,656	4.500%, 12/1/41, Pool #AJ7696		179,023
	441,930	3.500%, 6/1/42, Pool #AB5373		420,886
	799,130	3.500%, 5/1/43, Pool #AL3605		753,071
	407,396	3.500%, 5/1/43, Pool #AB9368		387,809
	9,712,057	3.000%, 8/1/43, Pool #AL9500		8,945,831
	1,070,807	3.500%, 8/1/43, Pool #AU0613		1,015,643
	246,131	4.500%, 11/1/44, Pool #MA2100		245,755
	614,361	4.500%, 1/1/45, Pool #MA2158		613,423
	765,985	4.000%, 3/1/45, Pool #MA2217(c)		745,856
	676,591	4.000%, 6/1/46, Pool #MA2653		658,598
	625,117	4.500%, 7/1/46, Pool #AS7568		623,437
	839,803	4.000%, 11/1/46, Pool #MA2808		817,210
	1,203,944	4.000%, 5/1/47, Pool #BE9598		1,170,310
	1,288,934	4.000%, 8/1/47, Pool #BH5117		1,252,395
	3,361,303	4.000%, 4/1/48, Pool #BM3900		3,259,974
	1,365,362	5.000%, 8/1/48, Pool #CA2219		1,383,749
	3,223,686	3.000%, 11/1/48, Pool #BM5822		2,947,569
	4,205,474	3.500%, 10/1/49, Pool #CA4431		3,938,191
	11,364,587	3.000%, 3/1/50, Pool #FM2870		10,272,940
	6,490,350	3.000%, 3/1/50, Pool #FM2714		5,878,226
	3,065,305	2.500%, 5/1/50, Pool #FM3287		2,659,816
	7,235,320	2.000%, 7/1/50, Pool #CA6301		6,018,235
	9,107,372	2.500%, 9/1/50, Pool #BQ0538		7,870,132
	3,640,683	2.500%, 9/1/50, Pool #BQ2883		3,146,685
	3,919,926	3.000%, 10/1/50, Pool #CA7381		3,534,419
	4,781,058	3.000%, 11/1/51, Pool #CB2170		4,290,497
	15,801,736	3.500%, 4/1/52, Pool #FS1475		14,780,919
	13,472,981	3.500%, 4/1/52, Pool #FS1185		12,509,686
	9,693,250	4.500%, 6/1/52, Pool #FS2157		9,600,534
	6,936,321	4.500%, 11/1/52, Pool #FS3809		6,796,874
	6,997,067	5.000%, 11/1/52, Pool #CB5278		6,983,723
	7,770,845	5.500%, 3/1/53, Pool #FS3925		7,915,379
				154,545,138
		Freddie Mac — 9.9%
	13,310	5.000%, 7/1/25, Pool #ZA1892		13,328
	79,392	2.500%, 1/1/28, Pool #ZK4918		76,282
	243,589	3.500%, 7/1/30, Pool #ZS8575		237,163
	34,591	5.000%, 3/1/36, Pool #ZS4230		35,305
	1,008,013	4.000%, 4/1/36, Pool #ZA2413		982,820

Principal Amount			Fair Value
MORTGAGE-BACKED SECURITIES — (continued)
		Freddie Mac — (continued)
$	1,277,552	3.500%, 6/1/36, Pool #ZA2414(c)	$	1,229,438
	9,727	5.000%, 7/1/36, Pool #ZS1139		9,928
	749,845	3.500%, 8/1/36, Pool #ZA2425		721,602
	103,747	6.500%, 9/1/36, Pool #ZS4257		109,263
	2,008,090	3.500%, 11/1/36, Pool #ZA2439		1,932,448
	38,472	5.000%, 2/1/37, Pool #ZI5759		39,267
	1,483,222	4.000%, 5/1/37, Pool #ZA2461		1,446,139
	35,850	4.500%, 10/1/39, Pool #ZI9349		35,831
	4,845,967	3.000%, 5/1/40, Pool #RB5049		4,523,856
	107,143	5.000%, 6/1/40, Pool #ZA1049		109,363
	276,033	5.000%, 7/1/40, Pool #ZJ0194		281,750
	30,802	5.000%, 9/1/40, Pool #ZA1066		31,440
	6,369,203	2.000%, 12/1/40, Pool #RB5090		5,500,746
	394,897	4.000%, 12/1/42, Pool #ZS3671		384,156
	304,937	3.500%, 5/1/43, Pool #ZL5915		290,252
	174,226	4.000%, 5/1/44, Pool #ZA4468		169,700
	79,422	4.000%, 7/1/44, Pool #ZS4573		77,359
	138,964	4.000%, 9/1/44, Pool #ZL8439		135,310
	1,872,719	3.500%, 1/1/45, Pool #ZL8964		1,773,640
	1,575,993	3.500%, 5/1/46, Pool #ZS4663		1,497,759
	448,803	4.000%, 8/1/46, Pool #ZS4673		436,770
	1,078,549	3.500%, 9/1/46, Pool #ZS4678		1,020,465
	2,412,858	3.500%, 9/1/47, Pool #ZM4305		2,272,075
	634,113	3.500%, 1/1/48, Pool #ZM5375		596,720
	596,051	4.000%, 2/1/48, Pool #ZT1639		579,276
	546,263	4.000%, 6/1/48, Pool #ZT0541		532,166
	6,242,375	2.500%, 11/1/49, Pool #QA4396		5,409,703
	2,621,170	3.000%, 11/1/49, Pool #QA4336		2,384,616
	2,528,959	3.500%, 6/1/50, Pool #RA2794		2,363,297
	9,892,353	2.500%, 7/1/50, Pool #RA2970		8,572,971
	243,326	3.000%, 1/1/51, Pool #SD8123		219,087
	1,363,416	3.000%, 12/1/51, Pool #SD8184		1,223,294
	5,406,952	3.500%, 4/1/52, Pool #RA7191		5,015,513
	10,412,978	4.000%, 5/1/52, Pool #RA7306		10,006,474
	10,326,881	4.500%, 8/1/52, Pool #SD1515		10,119,543
	10,643,825	5.000%, 9/1/52, Pool #RA7936		10,632,558
	8,985,194	5.000%, 10/1/52, Pool #SD1710		8,991,502
	10,062,431	5.500%, 2/1/53, Pool #QF8052		10,185,549
				102,205,724
		Ginnie Mae — 0.0%
	54,298	5.000%, 2/15/40, Pool #737037		55,931
		Total Mortgage-Backed Securities
		(Cost $276,973,982)		256,806,793
MUNICIPAL BONDS — 4.7%
		Alabama — 0.3%
	2,675,000	Alabama Economic Settlement Authority, Economic Imports, Taxable BP - Settlement Revenue, Series B, 4.263%, 9/15/32(c)		2,566,020

Continued

48 

Sterling Capital Total Return Bond Fund

Schedule of Portfolio Investments — (continued)
March 31, 2023 (Unaudited)

Principal Amount			Fair Value
MUNICIPAL BONDS — (continued)
		California — 0.7%
$	2,675,000	Municipal Improvement Corp. of Los Angeles, Advance Refunding Revenue Bonds, Series A, 1.448%, 11/1/27	$	2,323,103
	2,230,000	Municipal Improvement Corp. of Los Angeles, Advance Refunding Revenue Bonds, Series A, 1.648%, 11/1/28		1,899,068
	2,370,000	San Diego County Water Authority, Taxable Green Bonds, Advance Refunding Revenue Bonds, Series A, 1.531%, 5/1/30		1,943,566
	1,145,000	State of California, Build America Bonds, School Improvements G.O., 7.625%, 3/1/40(c)		1,480,199
				7,645,936
		Florida — 0.3%
	1,905,000	Reedy Creek Improvement District, Advance Refunding, Taxable Revenue Bonds, G.O., Series A, 2.147%, 6/1/29		1,668,190
	1,810,000	Reedy Creek Improvement District, Advance Refunding, Taxable Revenue Bonds, G.O., Series A, 2.197%, 6/1/30		1,556,672
				3,224,862
		Illinois — 1.0%
	7,155,000	Sales Tax Securitization Corp., Second Lien, Current Refunding, Taxable Revenue Bonds, Series B, 3.057%, 1/1/34		6,059,856
	1,605,000	State of Illinois Sales Tax Revenue, Public Improvements, Taxable Building Revenue, 3.481%, 6/15/26		1,533,850
	2,790,000	State of Illinois Sales Tax Revenue, Public Improvements, Taxable Revenue, Series B, 2.620%, 6/15/26		2,596,179
				10,189,885
		New York — 1.2%
	4,630,000	Metropolitan Transportation Authority, Taxable Green Bonds, Green Purpose Revenue Bonds, Series C2, 5.175%, 11/15/49		4,206,587
	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		2,562,056
	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		6,030,197
				12,798,840
		North Carolina — 0.2%
	2,317,000	Duke University, 3.299%, 10/1/46		1,878,442

Principal Amount			Fair Value
MUNICIPAL BONDS — (continued)
		Pennsylvania — 0.5%
$	2,320,000	City of Pittsburgh, PA, Refunding, Taxable Revenue Bonds, G.O., Series B, 1.189%, 9/1/26	$	2,067,769
	3,898,000	Lehigh University, 3.479%, 11/15/46		2,959,124
				5,026,893
		Texas — 0.5%
	1,580,000	Dallas Area Rapid Transit, Advance Refunding, Taxable Revenue Bonds, Series C, Callable 12/1/29 @ 100, 1.846%, 12/1/30		1,319,348
	4,605,000	Tarrant Regional Water District, Advance Refunding Revenue Bonds, Series S, 1.450%, 9/1/29		3,826,018
				5,145,366
		Total Municipal Bonds
		(Cost $57,091,262)		48,476,244
U.S. GOVERNMENT AGENCIES — 0.9%
		Federal Farm Credit Banks Funding Corp. — 0.9%
	4,769,000	4.125%, 12/15/32		4,785,145
	5,325,000	2.400%, 3/24/36		4,143,015
				8,928,160
		Total U.S. Government Agencies
		(Cost $8,965,020)		8,928,160
U.S. TREASURY BONDS — 8.5%
	52,261,200	2.500%, 2/15/45		41,602,773
	76,977,000	1.375%, 8/15/50		46,020,820
		Total U.S. Treasury Bonds
		(Cost $93,430,180)		87,623,593
U.S. TREASURY NOTES — 7.2%
	5,603,100	1.500%, 1/31/27		5,153,538
	31,341,200	2.625%, 2/15/29		29,689,666
	37,914,400	4.125%, 11/15/32		39,804,196
		Total U.S. Treasury Notes
		(Cost $73,216,617)		74,647,400

Continued

49 

Sterling Capital Total Return Bond Fund

Schedule of Portfolio Investments — (continued)
March 31, 2023 (Unaudited)

Shares			Fair Value
MONEY MARKET FUND — 0.1%
	1,516,765	Federated Treasury Obligations Fund, Institutional Shares, 4.66%(h)	$	1,516,765
		Total Money Market Fund
		(Cost $1,516,765)		1,516,765
Total Investments — 99.7%
(Cost $1,116,461,205)				1,029,642,000
Net Other Assets (Liabilities) — 0.3%				3,539,289
NET ASSETS — 100.0%			$	1,033,181,289

(a) Rule 144A, Section 4(a)(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, 2023. The maturity date reflected is the final maturity date.

(c) Represents that all or a portion of the security was pledged as collateral for securities purchased on a when-issued basis.

(d) The interest rate for this variable rate note, which will change periodically, is based either on the prime rate or an index of market rates. The reflected rate is in effect as of March 31, 2023. The maturity date reflected is the final maturity date.

(e) 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.

(f) Security is perpetual in nature and has no stated maturity date.

(g) Represents securities purchased on a when-issued basis. At March 31, 2023, total cost of investments purchased on a when-issued basis was $3,852,888.

(h) 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

50 

Sterling Capital Long Duration Corporate Bond Fund

Schedule of Portfolio Investments 

March 31, 2023 (Unaudited)

Principal Amount			Fair Value
CORPORATE BONDS — 95.3%
		Aerospace & Defense — 3.0%
$	90,000	Boeing Co. (The), 3.825%, 3/1/59	$	63,175
	180,000	Boeing Co. (The), 3.900%, 5/1/49		135,330
	170,000	Boeing Co. (The), 5.705%, 5/1/40		171,747
	60,000	L3Harris Technologies, Inc., 4.854%, 4/27/35		59,002
	107,000	Lockheed Martin Corp., 4.150%, 6/15/53		96,902
	160,000	Raytheon Technologies Corp., 2.820%, 9/1/51		110,794
	70,000	Raytheon Technologies Corp., 3.030%, 3/15/52		50,467
	90,000	Raytheon Technologies Corp., 4.450%, 11/16/38		85,287
	35,000	Raytheon Technologies Corp., 5.375%, 2/27/53		36,707
				809,411
		Apparel — 0.3%
	90,000	NIKE, Inc., 3.375%, 3/27/50		73,868
		Automobiles — 0.5%
	90,000	Ford Motor Co., 5.291%, 12/8/46		73,800
	80,000	General Motors Co., 5.150%, 4/1/38		71,987
				145,787
		Banks — 8.3%
	90,000	Bank of America Corp., 2.482%, (5-Year Treasury Constant Maturity plus 1.20%), 9/21/36(a)		67,848
	70,000	Bank of America Corp., 4.244%, (LIBOR USD 3-Month plus 1.81%), 4/24/38(b)		62,559
	100,000	Bank of America Corp., 6.110%, 1/29/37		105,126
	255,000	Bank of America Corp., MTN, 2.676%, (SOFR plus 1.93%), 6/19/41(b)		179,476
	140,000	Bank of America Corp., MTN, 4.330%, (LIBOR USD 3-Month plus 1.52%), 3/15/50(b)		119,547
	70,000	Citigroup, Inc., 3.878%, (TSFR3M plus 1.43%), 1/24/39(b)		59,342
	60,000	Citigroup, Inc., 5.316%, (SOFR plus 4.55%), 3/26/41(b)		59,404
	90,000	Citigroup, Inc., 5.875%, 1/30/42		95,033
	21,000	Citigroup, Inc., Series U, 5.000%, (SOFR plus 3.81%)(b)(c)		19,635
	50,000	Fifth Third Bancorp, 8.250%, 3/1/38		56,271
	130,000	Goldman Sachs Group, Inc. (The), 2.908%, (SOFR plus 1.47%), 7/21/42(b)		92,878
	170,000	Goldman Sachs Group, Inc. (The), 6.750%, 10/1/37		183,643
	250,000	JPMorgan Chase & Co., 3.109%, (SOFR plus 2.46%), 4/22/41(b)		190,331
	150,000	JPMorgan Chase & Co., 3.882%, (LIBOR USD 3-Month plus 1.36%), 7/24/38(b)		131,993
	100,000	JPMorgan Chase & Co., 4.260%, (LIBOR USD 3-Month plus 1.58%), 2/22/48(b)		86,636

Principal Amount			Fair Value
CORPORATE BONDS — (continued)
		Banks — (continued)
$	90,000	Morgan Stanley, 2.484%, (SOFR plus 1.36%), 9/16/36(b)	$	68,326
	110,000	Morgan Stanley, 3.217%, (SOFR plus 1.49%), 4/22/42(b)		84,698
	90,000	Morgan Stanley, 3.971%, (LIBOR USD 3-Month plus 1.46%), 7/22/38(b)		79,278
	135,000	PNC Financial Services Group, Inc. (The), Series O, 8.492%, (LIBOR USD 3-Month plus 3.68%)(a)(c)		133,196
	220,000	Wells Fargo & Co., 5.375%, 11/2/43		210,330
	100,000	Wells Fargo & Co., MTN, 5.013%, (SOFR plus 4.50%), 4/4/51(b)		93,736
	90,000	Westpac Banking Corp., 2.963%, 11/16/40		60,349
				2,239,635
		Beverages — 4.3%
	160,000	Anheuser-Busch Cos., LLC/Anheuser- Busch InBev Worldwide, Inc., 4.700%, 2/1/36		159,162
	300,000	Anheuser-Busch Cos., LLC/Anheuser- Busch InBev Worldwide, Inc., 4.900%, 2/1/46		292,683
	150,000	Anheuser-Busch InBev Worldwide, Inc., 4.600%, 6/1/60		138,809
	90,000	Anheuser-Busch InBev Worldwide, Inc., 5.800%, 1/23/59		98,278
	100,000	Bacardi, Ltd., 5.300%, 5/15/48(d)		93,038
	100,000	Constellation Brands, Inc., 3.750%, 5/1/50		78,697
	80,000	Diageo Capital PLC, 3.875%, 4/29/43		69,496
	90,000	PepsiCo, Inc., 2.750%, 10/21/51		65,795
	150,000	PepsiCo, Inc., 4.650%, 2/15/53		153,197
				1,149,155
		Broadline Retail — 0.3%
	100,000	Walmart, Inc., 2.500%, 9/22/41		75,526
		Capital Goods — 0.5%
	70,000	Caterpillar, Inc., 3.803%, 8/15/42		62,237
	90,000	Packaging Corp. of America, 3.050%, 10/1/51		61,415
				123,652
		Chemicals — 1.0%
	90,000	Dow Chemical Co. (The), 3.600%, 11/15/50		67,018
	70,000	DuPont de Nemours, Inc., 5.319%, 11/15/38		70,237
	100,000	Ecolab, Inc., 2.750%, 8/18/55		63,744
	90,000	LYB International Finance III, LLC, 4.200%, 5/1/50		70,230
				271,229
		Commercial Services & Supplies — 0.8%
	14,683	Polar Tankers, Inc., 5.951%, 5/10/37(d)		15,282
	115,000	Republic Services, Inc., 2.375%, 3/15/33		94,832

See accompanying Notes to the Financial Statements.

51 

Sterling Capital Long Duration Corporate Bond Fund

Schedule of Portfolio Investments — (continued) 

March 31, 2023 (Unaudited)

Principal Amount			Fair Value
CORPORATE BONDS — (continued)
		Commercial Services & Supplies — (continued)
$	140,000	Waste Connections, Inc., 2.950%, 1/15/52	$	96,875
				206,989
		Construction Materials — 0.4%
	70,000	Martin Marietta Materials, Inc., 4.250%, 12/15/47		59,029
	70,000	Vulcan Materials Co., 4.500%, 6/15/47		61,980
				121,009
		Consumer Discretionary Distribution & Retail — 1.2%
	175,000	Amazon.com, Inc., 2.500%, 6/3/50		118,239
	150,000	Amazon.com, Inc., 2.700%, 6/3/60		98,019
	90,000	Amazon.com, Inc., 4.800%, 12/5/34		93,475
				309,733
		Consumer Staples Distribution & Retail — 1.3%
	70,000	Hershey Co. (The), 3.125%, 11/15/49		52,922
	80,000	Hormel Foods Corp., 3.050%, 6/3/51		58,074
	66,000	Kraft Heinz Foods Co., 4.875%, 10/1/49		61,082
	60,000	Kraft Heinz Foods Co., 6.875%, 1/26/39		67,818
	150,000	Nestle Holdings, Inc., 2.500%, 9/14/41(d)		110,752
				350,648
		Diversified REITs — 0.5%
	157,000	American Tower Trust, 3.652%, 3/23/28(d)		147,958
		Diversified Telecommunication Services — 1.8%
	100,000	America Movil SAB de CV, 6.125%, 3/30/40		107,398
	100,000	T-Mobile USA, Inc., 3.600%, 11/15/60		71,127
	120,000	T-Mobile USA, Inc., 4.375%, 4/15/40		107,396
	75,000	T-Mobile USA, Inc., 5.650%, 1/15/53		76,564
	50,000	T-Mobile USA, Inc., 5.800%, 9/15/62		51,628
	80,000	Vodafone Group PLC, 4.250%, 9/17/50		65,176
				479,289
		Electric Utilities — 12.7%
	80,000	AEP Transmission Co., LLC, Series M, 3.650%, 4/1/50(e)		63,214
	90,000	Appalachian Power Co., Series L, 5.800%, 10/1/35		92,989
	40,000	Avista Corp., 4.000%, 4/1/52		33,683
	75,000	Berkshire Hathaway Energy Co., 4.600%, 5/1/53		68,006
	70,000	CenterPoint Energy Houston Electric, LLC, Series AC, 4.250%, 2/1/49		62,119
	140,000	CenterPoint Energy Houston Electric, LLC, Series AD, 2.900%, 7/1/50(e)		97,024
	90,000	CMS Energy Corp., 3.750%, (5-Year Treasury Constant Maturity plus 2.90%), 12/1/50(a)		67,424
	70,000	CMS Energy Corp., 4.700%, 3/31/43		59,975
	60,000	Commonwealth Edison Co., 5.900%, 3/15/36		64,710

Principal Amount			Fair Value
CORPORATE BONDS — (continued)
		Electric Utilities — (continued)
$	70,000	Connecticut Light & Power Co. (The), 4.000%, 4/1/48	$	59,947
	120,000	Consolidated Edison Co. of New York, Inc., 4.450%, 3/15/44		107,232
	60,000	Dominion Energy South Carolina, Inc., 5.100%, 6/1/65		59,900
	90,000	Dominion Energy South Carolina, Inc., 5.300%, 5/15/33		93,183
	90,000	Dominion Energy, Inc., Series B, 3.300%, 4/15/41		69,258
	80,000	DTE Electric Co., 3.750%, 8/15/47		65,039
	95,000	DTE Electric Co., Series B, 3.650%, 3/1/52		75,268
	68,000	Duke Energy Carolinas, LLC, 5.350%, 1/15/53		70,510
	80,000	Duke Energy Carolinas, LLC, 6.100%, 6/1/37		86,767
	60,000	Duke Energy Florida, LLC, 6.350%, 9/15/37		66,800
	150,000	Duke Energy Indiana, LLC, 3.750%, 5/15/46		119,174
	80,000	Duke Energy Ohio, Inc., 3.700%, 6/15/46		61,117
	90,000	Duke Energy Progress, LLC, 2.900%, 8/15/51		61,143
	130,000	Entergy Texas, Inc., 3.550%, 9/30/49		98,668
	70,000	Exelon Corp., 4.450%, 4/15/46		60,104
	70,000	Exelon Corp., 5.100%, 6/15/45		66,130
	40,000	FirstEnergy Corp., Series C, 5.100%, 7/15/47		35,463
	40,000	FirstEnergy Transmission, LLC, 4.550%, 4/1/49(d)		33,512
	80,000	Florida Power & Light Co., 4.125%, 2/1/42		70,243
	45,000	Florida Power & Light Co., 5.850%, 5/1/37		47,274
	70,000	Massachusetts Electric Co., 5.900%, 11/15/39(d)		72,840
	90,000	MidAmerican Energy Co., 2.700%, 8/1/52		60,662
	70,000	MidAmerican Energy Co., 4.800%, 9/15/43		67,553
	80,000	NextEra Energy Capital Holdings, Inc., 2.440%, 1/15/32		66,299
	40,000	Northern States Power Co., 4.500%, 6/1/52		36,722
	60,000	Oncor Electric Delivery Co., LLC, 4.950%, 9/15/52		59,047
	190,000	PECO Energy Co., 2.850%, 9/15/51		129,092
	100,000	Public Service Electric & Gas Co., MTN, 5.375%, 11/1/39		98,984
	90,000	Puget Sound Energy, Inc., 2.893%, 9/15/51		60,235
	60,000	Puget Sound Energy, Inc., 5.638%, 4/15/41		60,433
	115,000	San Diego Gas & Electric Co., Series TTT, 4.100%, 6/15/49		96,995
	55,000	San Diego Gas & Electric Co., Series UUU, 3.320%, 4/15/50		40,658
	130,000	Sempra Energy, 3.800%, 2/1/38		111,862
	84,000	Southern California Edison Co., 5.700%, 3/1/53		87,090
	80,000	Southern Co. (The), 4.400%, 7/1/46		69,613

Continued

52 

Sterling Capital Long Duration Corporate Bond Fund

Schedule of Portfolio Investments — (continued) 

March 31, 2023 (Unaudited)

Principal Amount			Fair Value
CORPORATE BONDS — (continued)
		Electric Utilities — (continued)
$	90,000	Union Electric Co., 3.250%, 10/1/49	$	65,478
	35,000	Union Electric Co., 5.450%, 3/15/53		36,314
	110,000	Virginia Electric & Power Co., 4.000%, 1/15/43		92,854
	110,000	Xcel Energy, Inc., 3.500%, 12/1/49		84,256
				3,412,863
		Energy Equipment & Services — 6.1%
	100,000	Cheniere Corpus Christi Holdings, LLC, 2.742%, 12/31/39		82,452
	75,000	DCP Midstream Operating L.P., 5.600%, 4/1/44		71,391
	75,000	Eastern Gas Transmission & Storage, Inc., 4.800%, 11/1/43		65,416
	145,000	Energy Transfer L.P., 5.000%, 5/15/44		123,545
	90,000	Energy Transfer L.P., 5.350%, 5/15/45		79,442
	80,000	Energy Transfer L.P., 7.500%, 7/1/38		89,792
	150,000	Enterprise Products Operating, LLC, 3.300%, 2/15/53		108,146
	110,000	Enterprise Products Operating, LLC, 5.950%, 2/1/41		115,896
	80,000	Enterprise Products Operating, LLC, 6.125%, 10/15/39		86,818
	70,000	Kinder Morgan Energy Partners L.P., 5.625%, 9/1/41		66,382
	145,000	Kinder Morgan, Inc., 3.600%, 2/15/51		102,392
	50,000	Kinder Morgan, Inc., 5.450%, 8/1/52		46,282
	70,000	Kinder Morgan, Inc., 5.550%, 6/1/45		66,142
	70,000	MPLX L.P., 5.200%, 12/1/47		61,954
	60,000	MPLX L.P., 5.650%, 3/1/53		57,506
	100,000	Plains All American Pipeline L.P./PAA Finance Corp., 4.700%, 6/15/44		78,440
	80,000	Spectra Energy Partners L.P., 4.500%, 3/15/45		67,155
	75,000	Targa Resources Corp., 6.250%, 7/1/52		73,344
	64,000	TransCanada PipeLines, Ltd., 4.625%, 3/1/34		60,057
	70,000	Williams Cos., Inc. (The), 5.100%, 9/15/45		63,934
	70,000	Williams Cos., Inc. (The), 6.300%, 4/15/40		73,557
				1,640,043
		Entertainment — 0.8%
	150,000	Activision Blizzard, Inc., 2.500%, 9/15/50		100,146
	37,000	Mattel, Inc., 5.450%, 11/1/41		31,154
	105,000	Warnermedia Holdings, Inc., 5.050%, 3/15/42(d)		87,574
				218,874
		Financial Services — 3.1%
	150,000	AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 3.850%, 10/29/41		114,563
	70,000	American Express Co., 4.050%, 12/3/42		64,548
	80,000	Amgen, Inc., 3.350%, 2/22/32		72,042
	60,000	Blackstone Holdings Finance Co., LLC, 6.250%, 8/15/42(d)		61,655

Principal Amount			Fair Value
CORPORATE BONDS — (continued)
		Financial Services — (continued)
$	60,000	Blue Owl Finance, LLC, 4.125%, 10/7/51(d)	$	36,881
	80,000	Charles Schwab Corp. (The), Series H, 4.000%, (10-Year Treasury Constant Maturity plus 3.08%)(a)(c)		62,502
	145,000	CSL Finance PLC, 4.750%, 4/27/52(d)		136,199
	110,000	Intercontinental Exchange, Inc., 4.250%, 9/21/48		95,535
	60,000	Jefferies Financial Group, Inc., 6.500%, 1/20/43		61,378
	80,000	S&P Global, Inc., 3.700%, 3/1/52		65,370
	70,000	Visa, Inc., 4.300%, 12/14/45		67,146
				837,819
		Ground Transportation — 3.3%
	110,000	Burlington Northern Santa Fe, LLC, 4.900%, 4/1/44		107,753
	70,000	Burlington Northern Santa Fe, LLC, 4.950%, 9/15/41		69,311
	90,000	CSX Corp., 4.500%, 11/15/52		81,989
	70,000	CSX Corp., 6.000%, 10/1/36		75,702
	90,000	FedEx Corp., 4.550%, 4/1/46		79,066
	100,000	Kansas City Southern/Old, 3.500%, 5/1/50		75,274
	50,000	Norfolk Southern Corp., 3.400%, 11/1/49		36,473
	70,000	Norfolk Southern Corp., 3.950%, 10/1/42		59,505
	170,000	Union Pacific Corp., 2.950%, 3/10/52		120,411
	30,000	Union Pacific Corp., 3.375%, 2/14/42		24,664
	80,000	Union Pacific Corp., 3.600%, 9/15/37		70,270
	70,000	United Parcel Service, Inc., 5.300%, 4/1/50		74,750
				875,168
		Health Care Providers & Services — 10.7%
	70,000	Abbott Laboratories, 4.900%, 11/30/46		71,857
	60,000	AbbVie, Inc., 4.050%, 11/21/39		53,368
	150,000	AbbVie, Inc., 4.250%, 11/21/49		131,939
	60,000	AbbVie, Inc., 4.400%, 11/6/42		54,762
	60,000	AbbVie, Inc., 4.450%, 5/14/46		54,193
	140,000	AbbVie, Inc., 4.500%, 5/14/35		135,574
	70,000	Aetna, Inc., 4.500%, 5/15/42		62,722
	100,000	Amgen, Inc., 2.770%, 9/1/53		63,674
	165,000	Amgen, Inc., 2.800%, 8/15/41		120,538
	90,000	Amgen, Inc., 5.600%, 3/2/43		92,443
	60,000	Baxalta, Inc., 5.250%, 6/23/45		58,701
	100,000	Baxter International, Inc., 3.132%, 12/1/51		64,605
	80,000	Becton Dickinson & Co., 4.875%, 5/15/44		71,764
	145,000	Bristol-Myers Squibb Co., 2.350%, 11/13/40		104,328
	150,000	Bristol-Myers Squibb Co., 2.550%, 11/13/50		99,962
	70,000	Bristol-Myers Squibb Co., 3.700%, 3/15/52		58,198
	110,000	Bristol-Myers Squibb Co., 4.250%, 10/26/49		99,401
	70,000	Cigna Group (The), 4.800%, 8/15/38		67,778
	95,000	CVS Health Corp., 2.700%, 8/21/40		67,807
	65,000	CVS Health Corp., 4.780%, 3/25/38		61,899

Continued

53 

Sterling Capital Long Duration Corporate Bond Fund

Schedule of Portfolio Investments — (continued) 

March 31, 2023 (Unaudited)

Principal Amount			Fair Value
CORPORATE BONDS — (continued)
		Health Care Providers & Services — (continued)
$	130,000	CVS Health Corp., 5.125%, 7/20/45	$	123,128
	100,000	Danaher Corp., 2.800%, 12/10/51		69,392
	110,000	Elevance Health, Inc., 4.375%, 12/1/47		97,628
	80,000	Elevance Health, Inc., 5.125%, 2/15/53		79,408
	90,000	Gilead Sciences, Inc., 2.600%, 10/1/40		66,259
	150,000	HCA, Inc., 3.500%, 7/15/51		103,190
	80,000	HCA, Inc., 5.500%, 6/15/47		74,875
	90,000	Novartis Capital Corp., 2.750%, 8/14/50		66,332
	200,000	Roche Holdings, Inc., 2.607%, 12/13/51(d)		139,163
	80,000	Stryker Corp., 4.625%, 3/15/46		74,652
	130,000	UnitedHealth Group, Inc., 3.500%, 8/15/39		110,467
	140,000	UnitedHealth Group, Inc., 3.750%, 10/15/47		117,287
	55,000	Viatris, Inc., 4.000%, 6/22/50		36,269
	50,000	Wyeth, LLC, 5.950%, 4/1/37		56,079
	70,000	Zoetis, Inc., 4.700%, 2/1/43		65,297
				2,874,939
		Household Products — 0.5%
	70,000	Kenvue, Inc., 5.050%, 3/22/53(d)		71,909
	60,000	Procter & Gamble Co. (The), 5.550%, 3/5/37		68,183
				140,092
		Insurance — 5.6%
	83,000	Athene Holding, Ltd., 3.950%, 5/25/51		56,913
	55,000	Berkshire Hathaway Finance Corp., 3.850%, 3/15/52		45,817
	70,000	Berkshire Hathaway Finance Corp., 4.200%, 8/15/48		63,362
	80,000	Brighthouse Financial, Inc., 4.700%, 6/22/47		58,341
	60,000	Carlyle Holdings II Finance, LLC, 5.625%, 3/30/43(d)		55,551
	80,000	Chubb INA Holdings, Inc., 3.050%, 12/15/61		53,732
	84,000	Corebridge Financial, Inc., 4.400%, 4/5/52(d)		65,462
	80,000	Enstar Finance, LLC, 5.500%, (5-Year Treasury Constant Maturity plus 4.01%), 1/15/42(a)		57,621
	47,000	Enstar Group, Ltd., 3.100%, 9/1/31		36,275
	90,000	Fidelity National Financial, Inc., 3.200%, 9/17/51		55,977
	80,000	Global Atlantic Fin Co., 4.700%, (5-Year Treasury Constant Maturity plus 3.80%), 10/15/51(a)(d)		64,117
	70,000	Guardian Life Insurance Co. of America (The), 4.875%, 6/19/64(d)		61,576
	70,000	KKR Group Finance Co. III, LLC, 5.125%, 6/1/44(d)		61,547
	80,000	Liberty Mutual Group, Inc., 3.950%, 5/15/60(d)		55,557
	100,000	Nationwide Mutual Insurance Co., 4.350%, 4/30/50(d)		78,805

Principal Amount			Fair Value
CORPORATE BONDS — (continued)
		Insurance — (continued)
$	70,000	New York Life Insurance Co., 4.450%, 5/15/69(d)	$	60,081
	60,000	New York Life Insurance Co., 6.750%, 11/15/39(d)		70,167
	80,000	Northwestern Mutual Life Insurance Co. (The), 3.450%, 3/30/51(d)		58,425
	80,000	Pacific LifeCorp, 3.350%, 9/15/50(d)		56,833
	70,000	Progressive Corp. (The), 3.950%, 3/26/50		58,881
	80,000	Prudential Financial, Inc., 3.700%, (5-Year Treasury Constant Maturity plus 3.04%), 10/1/50(a)		65,166
	36,000	SBL Holdings, Inc., 5.000%, 2/18/31(d)		29,811
	70,000	Securian Financial Group, Inc., 4.800%, 4/15/48(d)		57,399
	80,000	Travelers Cos., Inc. (The), 3.050%, 6/8/51		56,794
	70,000	Voya Financial, Inc., 4.800%, 6/15/46		59,061
	90,000	W R Berkley Corp., 3.150%, 9/30/61		57,080
				1,500,351
		Internet & Direct Marketing Retail — 0.2%
	60,000	Meta Platforms, Inc., 4.450%, 8/15/52		52,544
		IT Services — 0.2%
	70,000	Fiserv, Inc., 4.400%, 7/1/49		59,406
		Machinery — 0.3%
	80,000	Deere & Co., 3.900%, 6/9/42		73,372
		Media — 4.8%
	190,000	Charter Communications Operating, LLC/ Charter Communications Operating Capital, 4.400%, 12/1/61		129,363
	50,000	Charter Communications Operating, LLC/ Charter Communications Operating Capital, 6.484%, 10/23/45		47,307
	130,000	Comcast Corp., 2.800%, 1/15/51		87,437
	170,000	Comcast Corp., 2.987%, 11/1/63		109,729
	110,000	Comcast Corp., 3.250%, 11/1/39		89,169
	100,000	Comcast Corp., 3.400%, 7/15/46		77,416
	110,000	Comcast Corp., 4.200%, 8/15/34		105,168
	90,000	Discovery Communications, LLC, 4.000%, 9/15/55		59,475
	80,000	Discovery Communications, LLC, 5.200%, 9/20/47		66,061
	90,000	Interpublic Group of Cos., Inc. (The), 3.375%, 3/1/41		67,578
	70,000	Time Warner Cable, LLC, 5.875%, 11/15/40		63,365
	130,000	Time Warner Cable, LLC, 6.550%, 5/1/37		128,028
	100,000	Walt Disney Co. (The), 2.750%, 9/1/49		69,085
	130,000	Walt Disney Co. (The), 3.500%, 5/13/40		110,339
	70,000	Walt Disney Co. (The), 6.200%, 12/15/34		79,356
				1,288,876
		Metals & Mining — 1.4%
	70,000	Freeport-McMoRan, Inc., 5.450%, 3/15/43		65,480

Continued

54 

Sterling Capital Long Duration Corporate Bond Fund

Schedule of Portfolio Investments — (continued) 

March 31, 2023 (Unaudited)

Principal Amount			Fair Value
CORPORATE BONDS — (continued)
		Metals & Mining — (continued)
$	80,000	Newmont Corp., 4.875%, 3/15/42	$	76,424
	100,000	Nucor Corp., 2.979%, 12/15/55		66,268
	100,000	Southern Copper Corp., 7.500%, 7/27/35		116,510
	62,000	Teck Resources, Ltd., 6.000%, 8/15/40		62,575
				387,257
		Office REITs — 0.3%
	50,000	Alexandria Real Estate Equities, Inc., 1.875%, 2/1/33		37,425
	50,000	Alexandria Real Estate Equities, Inc., 3.000%, 5/18/51		30,904
				68,329
		Oil, Gas & Consumable Fuels — 4.3%
	80,000	Atmos Energy Corp., 4.125%, 10/15/44		69,338
	85,000	BP Capital Markets America, Inc., 3.060%, 6/17/41		65,600
	75,000	ConocoPhillips Co., 4.025%, 3/15/62		61,172
	61,000	Devon Energy Corp., 5.600%, 7/15/41		58,405
	103,000	Diamondback Energy, Inc., 4.250%, 3/15/52		80,514
	70,000	Equinor ASA, 5.100%, 8/17/40		72,053
	70,000	Exxon Mobil Corp., 4.114%, 3/1/46		62,650
	152,000	Exxon Mobil Corp., 4.227%, 3/19/40		142,166
	70,000	Halliburton Co., 5.000%, 11/15/45		63,618
	60,000	Halliburton Co., 7.450%, 9/15/39		69,436
	70,000	Hess Corp., 5.600%, 2/15/41		67,377
	60,000	Marathon Petroleum Corp., 6.500%, 3/1/41		63,392
	70,000	NiSource, Inc., 4.800%, 2/15/44		64,492
	90,000	Shell International Finance BV, 4.550%, 8/12/43		84,948
	180,000	Southern Co. Gas Capital Corp., Series 21A, 3.150%, 9/30/51		123,002
				1,148,163
		Passenger Airlines — 0.1%
	39,000	American Airlines, Inc./AAdvantage Loyalty IP, Ltd., 5.500%, 4/20/26(d)		38,383
		Residential REITs — 0.8%
	80,000	American Homes 4 Rent L.P., 4.300%, 4/15/52		62,731
	30,000	Mid-America Apartments L.P., 2.875%, 9/15/51		19,219
	80,000	National Retail Properties, Inc., 3.500%, 4/15/51		54,873
	80,000	UDR, Inc., 3.100%, 11/1/34		65,210
				202,033
		Retail REITs — 0.4%
	70,000	Kimco Realty OP, LLC, 4.250%, 4/1/45		54,773
	80,000	Simon Property Group L.P., 3.250%, 9/13/49		54,250
				109,023

Principal Amount			Fair Value
CORPORATE BONDS — (continued)
		Semiconductors & Semiconductor Equipment — 2.8%
$	140,000	Broadcom, Inc., 3.469%, 4/15/34(d)	$	114,919
	80,000	Broadcom, Inc., 3.500%, 2/15/41(d)		60,242
	90,000	Lam Research Corp., 2.875%, 6/15/50		63,255
	90,000	NVIDIA Corp., 3.500%, 4/1/50		73,420
	50,000	NXP BV / NXP Funding, LLC/NXP USA, Inc., 3.250%, 11/30/51		33,302
	80,000	NXP BV/NXP Funding, LLC/NXP USA, Inc., 5.000%, 1/15/33		78,347
	70,000	QUALCOMM, Inc., 4.300%, 5/20/47		64,675
	200,000	QUALCOMM, Inc., 4.500%, 5/20/52		185,644
	80,000	Texas Instruments, Inc., 5.000%, 3/14/53		83,026
				756,830
		Software — 3.6%
	110,000	Apple, Inc., 2.800%, 2/8/61		74,515
	110,000	Apple, Inc., 3.850%, 5/4/43		99,442
	80,000	Apple, Inc., 3.850%, 8/4/46		71,274
	75,000	Apple, Inc., 3.950%, 8/8/52		66,923
	50,000	Dell International, LLC/EMC Corp., 3.450%, 12/15/51(d)		32,384
	90,000	Microsoft Corp., 2.525%, 6/1/50		63,382
	180,000	Microsoft Corp., 2.675%, 6/1/60		123,655
	90,000	Oracle Corp., 3.650%, 3/25/41		69,328
	90,000	Oracle Corp., 3.850%, 4/1/60		62,541
	90,000	Oracle Corp., 3.950%, 3/25/51		67,005
	110,000	Oracle Corp., 4.000%, 7/15/46		83,777
	75,000	Oracle Corp., 5.550%, 2/6/53		71,166
	75,000	Oracle Corp., 6.900%, 11/9/52		83,700
				969,092
		Specialty Retail — 2.6%
	80,000	ERAC USA Finance, LLC, 5.625%, 3/15/42(d)		81,927
	95,000	Home Depot, Inc. (The), 2.750%, 9/15/51		65,083
	100,000	Home Depot, Inc. (The), 3.125%, 12/15/49		73,644
	80,000	Lowe's Cos., Inc., 5.000%, 4/15/40		76,009
	130,000	Lowe's Cos., Inc., 5.625%, 4/15/53		129,974
	120,000	McDonald's Corp., MTN, 3.625%, 9/1/49		95,513
	120,000	McDonald's Corp., MTN, 4.875%, 12/9/45		116,048
	90,000	Starbucks Corp., 3.500%, 11/15/50		69,259
				707,457
		Telecommunication Services — 4.7%
	120,000	AT&T, Inc., 3.500%, 6/1/41		94,555
	240,000	AT&T, Inc., 3.650%, 9/15/59		170,662
	155,000	AT&T, Inc., 3.850%, 6/1/60		115,636
	210,000	AT&T, Inc., 4.500%, 5/15/35.		196,996
	150,000	Deutsche Telekom AG, 3.625%, 1/21/50(d)		115,984
	100,000	Verizon Communications, Inc., 2.650%, 11/20/40		71,360
	140,000	Verizon Communications, Inc., 3.400%, 3/22/41		111,151
	90,000	Verizon Communications, Inc., 3.550%, 3/22/51		68,404

Continued

55 

Sterling Capital Long Duration Corporate Bond Fund

Schedule of Portfolio Investments — (continued) 

March 31, 2023 (Unaudited) 

Principal Amount			Fair Value
CORPORATE BONDS — (continued)
		Telecommunication Services — (continued)
$	80,000	Verizon Communications, Inc., 3.700%, 3/22/61	$	59,398
	120,000	Verizon Communications, Inc., 4.400%, 11/1/34		113,944
	130,000	Verizon Communications, Inc., 5.250%, 3/16/37		132,616
				1,250,706
		Tobacco — 1.8%
	80,000	Altria Group, Inc., 3.875%, 9/16/46		57,433
	160,000	BAT Capital Corp., 4.390%, 8/15/37		130,462
	60,000	BAT Capital Corp., 4.540%, 8/15/47		44,544
	70,000	Cargill, Inc., 4.375%, 4/22/52(d)		64,744
	70,000	Cargill, Inc., 4.760%, 11/23/45(d)		67,003
	140,000	Philip Morris International, Inc., 4.375%, 11/15/41		120,860
				485,046
		Total Corporate Bonds
		(Cost $31,147,711)		25,600,555
U.S. GOVERNMENT AGENCIES — 0.2%
		Tennessee Valley Authority — 0.2%
	70,000	4.250%, 9/15/52		65,156
		Total U.S. Government Agencies
		(Cost $67,770)		65,156
U.S. TREASURY BONDS — 2.9%
	736,100	2.000%, 11/15/41		554,519
	336,100	2.000%, 8/15/51		235,296
		Total U.S. Treasury Bonds
		(Cost $767,822)		789,815
U.S. TREASURY NOTES — 0.3%
	82,300	1.875%, 2/15/32		72,173
		Total U.S. Treasury Notes
		(Cost $72,183)		72,173
Shares
MONEY MARKET FUND — 0.2%
	47,857	Federated Treasury Obligations Fund, Institutional Shares, 4.66%(f)		47,857
		Total Money Market Fund
		(Cost $47,857)		47,857
Total Investments — 98.9%
(Cost $32,103,343)				26,575,556
Net Other Assets (Liabilities) — 1.1%				296,304
NET ASSETS — 100.0%			$	26,871,860

(a)	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, 2023. The maturity date reflected is the final maturity date.
(b)	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.
(c)	Security is perpetual in nature and has no stated maturity date.
(d)	Rule 144A, Section 4(a)(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.
(e)	All or a portion of the securities are held in a separate collateral account at US Bank.
(f)	Represents the current yield as of report date.

MTN Medium Term Note

Continued

56 

Sterling Capital Quality Income Fund

Schedule of Portfolio Investments 

March 31, 2023 (Unaudited)

Principal Amount			Fair Value
ASSET BACKED SECURITIES — 16.8%
$	241,146	AmeriCredit Automobile Receivables Trust, Series 2019-2, Class C, 2.740%, 4/18/25	$	239,020
	297,000	AmeriCredit Automobile Receivables Trust, Series 2020-3, Class B, 0.760%, 12/18/25		286,079
	405,000	AmeriCredit Automobile Receivables Trust, Series 2021-2, Class B, 0.690%, 1/19/27		381,753
	254,762	ARI Fleet Lease Trust, Series 2020-A, Class A3, 1.800%, 8/15/28(a)		252,944
	170,000	ARI Fleet Lease Trust, Series 2021-A, Class A3, 0.680%, 3/15/30(a)		161,838
	470,000	ARI Fleet Lease Trust, Series 2022-A, Class A3, 3.430%, 1/15/31(a)		455,017
	1,250,000	Avis Budget Rental Car Funding AESOP, LLC, Series 2023-4A, Class A, 5.490%, 6/20/29(a)		1,249,467
	550,000	Carvana Auto Receivables Trust, Series 2021-P1, Class A4, 0.860%, 1/11/27		509,128
	509,000	Carvana Auto Receivables Trust, Series 2021-P2, Class B, 1.270%, 3/10/27		448,130
	600,000	Carvana Auto Receivables Trust, Series 2021-P3, Class B, 1.420%, 8/10/27		515,696
	275,620	Chesapeake Funding II, LLC, Series 2020- 1A, Class A1, 0.870%, 8/15/32(a)		272,344
	319,536	Chesapeake Funding II, LLC, Series 2021- 1A, Class A1, 0.470%, 4/15/33(a)		312,806
	620,000	Citibank Credit Card Issuance Trust, Series 2007-A3, Class A3, 6.150%, 6/15/39(b)		694,827
	252	Citicorp Residential Mortgage Trust, STEP, Series 2007-2, Class A6, 4.707%, 6/25/37		250
	300,000	Enterprise Fleet Financing, LLC, Series 2021-2, Class A3, 0.740%, 5/20/27(a)		275,118
	410,000	Enterprise Fleet Financing, LLC, Series 2021-3, Class A3, 1.220%, 8/20/27(a)		377,464
	444,000	Enterprise Fleet Financing, LLC, Series 2023-1, Class A3, 5.420%, 10/22/29(a)		444,282
	375,000	Enterprise Fleet Funding, LLC, Series 2021-1, Class A3, 0.700%, 12/21/26(a)		352,580
	642,000	Ford Credit Auto Owner Trust 2020- REV2, Series 2020-2, Class A, 1.060%, 4/15/33(a)(b)		584,436
	415,000	Ford Credit Auto Owner Trust 2021- REV2, Series 2021-2, Class A, 1.530%, 5/15/34(a)		369,817
	256,231	GreatAmerica Leasing Receivables Funding, LLC, Series 2021-1, Class A3, 0.340%, 8/15/24(a)		250,922
	205,000	GreatAmerica Leasing Receivables Funding, LLC, Series 2021-1, Class A4, 0.550%, 12/15/26(a)		191,950
	1,295,000	Hertz Vehicle Financing III L.P., Series 2021-2A, Class A, 1.680%, 12/27/27(a)		1,146,080

Principal Amount			Fair Value
ASSET BACKED SECURITIES — (continued)
$	740,000	OneMain Direct Auto Receivables Trust 2023-1, Series 2023-1A, Class A, 5.410%, 11/14/29(a)	$	744,595
	149,706	OneMain Financial Issuance Trust, Series 2020-1A, Class A, 3.840%, 5/14/32(a)		148,680
	630,000	OneMain Financial Issuance Trust 2019- 2, Series 2019-2A, Class A, 3.140%, 10/14/36(a)(b)		577,901
	480,000	OneMain Financial Issuance Trust 2021-1, Series 2021-1A, Class A1, 1.550%, 6/16/36(a)(b)		419,745
	204,107	Santander Drive Auto Receivables Trust, Series 2020-3, Class C, 1.120%, 1/15/26		203,156
	153,511	Saxon Asset Securities Trust, Series 2004- 3, Class M1, 5.745%, (LIBOR USD 1-Month plus 0.90%), 12/26/34(c)		141,552
	322,043	SoFi Professional Loan Program Trust, Series 2020-A, Class A2FX, 2.540%, 5/15/46(a)(b)		300,107
	750,000	Toyota Auto Loan Extended Note Trust 2021-1, Series 2021-1A, Class A, 1.070%, 2/27/34(a)(b)		676,354
	1,000,000	Toyota Auto Loan Extended Note Trust 2022-1, Series 2022-1A, Class A, 3.820%, 4/25/35(a)		968,209
	49,190	U.S. Small Business Administration, Series 2010-20D, Class 1, 4.360%, 4/1/30(b)		47,949
	215,000	Wheels SPV 2, LLC, Series 2020-1A, Class A3, 0.620%, 8/20/29(a)		208,263
		Total Asset Backed Securities
		(Cost $15,078,654)		14,208,459
COLLATERALIZED MORTGAGE OBLIGATIONS — 19.2%
	372,807	Chase Home Lending Mortgage Trust, Series 2019-ATR2, Class A3, 3.500%, 7/25/49(a)(d)		335,421
	24,356	Citicorp Mortgage Securities, Inc., Series 2005-1, Class 1A4, 5.500%, 2/25/35		22,835
	9,196	Citigroup Mortgage Loan Trust, Inc., Series 2004-NCM2, Class 3CB2, 6.500%, 8/25/19		9,047
	29,053	Countrywide Home Loan Mortgage Pass- Through Trust, Series 2004-3, Class A4, 5.750%, 4/25/34		28,309
	58,449	Credit Suisse First Boston Mortgage- Backed Pass-Through Certificates, Series 2004-1, Class 2A1, 6.500%, 2/25/34		57,962
	41,746	Fannie Mae, Series 2003-19, Class AR, 5.500%, 3/25/33		42,737
	192,600	Fannie Mae, Series 2003-21, Class OW, 4.000%, 3/25/33		185,744
	682,000	Fannie Mae, Series 2008-2, Class PH, 5.500%, 2/25/38		709,934

See accompanying Notes to the Financial Statements.

57 

Sterling Capital Quality Income Fund

Schedule of Portfolio Investments — (continued) 

March 31, 2023 (Unaudited)

Principal Amount			Fair Value
COLLATERALIZED MORTGAGE OBLIGATIONS — (continued)
$	527,000	Fannie Mae, Series 2009-28, Class HX, 5.000%, 5/25/39	$	538,513
	825,833	Fannie Mae, Series 2010-150, Class YL, 4.000%, 1/25/41		781,888
	800,000	Fannie Mae, Series 2011-131, Class PB, 4.500%, 12/25/41		801,838
	155,752	Fannie Mae, Series 2011-74, Class QM, 4.500%, 11/25/40		153,767
	1,034,000	Fannie Mae, Series 2013-30, Class PY, 3.000%, 4/25/43		986,069
	413,552	Fannie Mae, Series 2013-91, Class DV, 3.000%, 10/25/26		401,273
	138,088	Fannie Mae, Series 2016-85, Class GA, 2.500%, 10/25/45		126,953
	14,075	Fannie Mae, Series 2017-26, Class CD, 3.500%, 1/25/43		14,021
	870,000	Fannie Mae, Series 2017-42, Class HL, 3.000%, 6/25/47		792,667
	345,827	Fannie Mae, Series 2020-10, Class Q, 3.000%, 3/25/50		314,770
	70,969	Freddie Mac, Series 2485, Class WG, 6.000%, 8/15/32		73,845
	141,573	Freddie Mac, Series 2768, Class PC, 4.000%, 3/15/34		138,434
	111,879	Freddie Mac, Series 3042, Class PZ, 5.750%, 9/15/35		121,018
	95,626	Freddie Mac, Series 3440, Class EM, 5.000%, 4/15/38		96,930
	500,000	Freddie Mac, Series 3714, Class PB, 4.750%, 8/15/40(b)		512,186
	11,312	Freddie Mac, Series 3803, Class PJ, 4.250%, 1/15/41		11,184
	200,000	Freddie Mac, Series 3815, Class TB, 4.500%, 2/15/41		196,234
	133,399	Freddie Mac, Series 3816, Class HM, 4.500%, 5/15/40		131,428
	990,000	Freddie Mac, Series 3895, Class PW, 4.500%, 7/15/41		995,103
	316,809	Freddie Mac, Series 3989, Class JW, 3.500%, 1/15/42(b)		299,849
	338,000	Freddie Mac, Series 4088, Class CD, 3.000%, 8/15/42		283,729
	300,000	Freddie Mac, Series 4094, Class ME, 2.500%, 8/15/42		260,265
	215,000	Freddie Mac, Series 4097, Class CU, 1.500%, 8/15/27		193,121
	628,000	Freddie Mac, Series 4135, Class AY, 2.000%, 11/15/42		496,118
	459,189	Freddie Mac, Series 4136, Class HZ, 3.500%, 11/15/27		434,121
	119,000	Freddie Mac, Series 4160, Class HH, 2.500%, 12/15/32(b)		107,385
	128,445	Freddie Mac, Series 4173, Class NB, 3.000%, 3/15/43		118,910

Principal Amount			Fair Value
COLLATERALIZED MORTGAGE OBLIGATIONS — (continued)
$	94,611	Freddie Mac, Series 4215, Class LD, 2.000%, 7/15/41	$	89,339
	37,898	Freddie Mac, Series 4293, Class MH, 3.000%, 12/15/41		35,954
	99,853	Freddie Mac, Series 4352, Class ZX, 4.000%, 4/15/44		96,958
	1,000,000	Freddie Mac, Series 4507, Class GB, 3.000%, 9/15/45		876,633
	33,471	Freddie Mac, Series 4650, Class BC, 3.500%, 5/15/43(b)		33,358
	958,806	Freddie Mac, Series 4941, Class MB, 3.000%, 7/25/49		869,038
	404,307	Freddie Mac, Series 5115, Class G, 2.500%, 9/25/50		345,257
	239,746	Freddie Mac Strips, Series 219, Class PO, 3/1/32		210,052
	54,905	Ginnie Mae, Series 2004-69, Class GC, 5.500%, 4/20/34		55,926
	464,360	Ginnie Mae, Series 2005-60, Class WZ, 5.500%, 9/20/35		469,862
	197,851	Ginnie Mae, Series 2007-57, Class ZA, 5.750%, 10/20/37		203,609
	750,000	Ginnie Mae, Series 2011-135, Class PG, 3.000%, 10/16/41		671,642
	612,000	Ginnie Mae, Series 2017-75, Class DL, 3.000%, 3/20/47		530,245
	800,000	Ginnie Mae, Series 2019-6, Class JK, 3.500%, 1/20/49		741,359
	141,662	MASTR Alternative Loan Trust, Series 2003-5, Class 8A1, 5.500%, 6/25/33(b)		134,815
	20,563	MASTR Alternative Loan Trust, Series 2004-13, Class 3A1, 6.500%, 1/25/35(b)		15,134
		Total Collateralized Mortgage Obligations
		(Cost $17,313,605)		16,152,789
COMMERCIAL MORTGAGE-BACKED SECURITIES — 22.1%
	250,000	BANK 2020-BNK29, Series 2020-BN29, Class A4, 1.997%, 11/15/53		197,399
	325,000	BBCMS Mortgage Trust, Series 2020-C7, Class A5, 2.037%, 4/15/53		265,625
	589,492	Benchmark Mortgage Trust, Series 2020- B18, Class A5, 1.925%, 7/15/53		471,500
	1,250,000	Benchmark Mortgage Trust, Series 2020- B21, Class A5, 1.978%, 12/17/53(b)		995,193
	200,408	BX Commercial Mortgage Trust, Series 2021-21M, Class C, 5.861%, (LIBOR USD 1-Month plus 1.18%), 10/15/36(a) (c)		187,754
	277,000	BX Commercial Mortgage Trust, Series 2021-ACNT, Class C, 6.185%, (LIBOR USD 1-Month plus 1.50%), 11/15/38(a) (c)		260,332

Continued

58 

Sterling Capital Quality Income Fund

Schedule of Portfolio Investments — (continued) 

March 31, 2023 (Unaudited)

Principal Amount			Fair Value
COMMERCIAL MORTGAGE-BACKED SECURITIES — (continued)
$	212,218	BX Commercial Mortgage Trust, Series 2021-XL2, Class C, 5.881%, (LIBOR USD 1-Month plus 1.20%), 10/15/38(a) (c)	$	200,511
	340,719	BX Commercial Mortgage Trust, Series 2022-LP2, Class B, 6.139%, (TSFR1M plus 1.31%), 2/15/39(a)(c)		328,923
	275,000	BX Trust, Series 2021-RISE, Class C, 6.134%, (LIBOR USD 1-Month plus 1.45%), 11/15/36(a)(c)		260,129
	589,000	CD Mortgage Trust, Series 2016-CD2, Class A4, 3.526%, 11/10/49(b)(d)		549,747
	700,000	CD Mortgage Trust, Series 2017-CD3, Class A4, 3.631%, 2/10/50		652,824
	100,000	CFCRE Commercial Mortgage Trust, Series 2016-C7, Class A3, 3.839%, 12/10/54		93,944
	365,000	Citigroup Commercial Mortgage Trust, Series 2013-GC15, Class A4, 4.371%, 9/10/46(d)		362,024
	405,000	Citigroup Commercial Mortgage Trust, Series 2013-GC17, Class AS, 4.544%, 11/10/46(b)		397,695
	500,000	Citigroup Commercial Mortgage Trust, Series 2015-GC33, Class A4, 3.778%, 9/10/58		479,097
	75,000	COMM 2013-CCRE11 Mortgage Trust, Series 2013-CR11, Class A4, 4.258%, 8/10/50		74,284
	75,000	COMM 2013-CCRE13 Mortgage Trust, Series 2013-CR13, Class A4, 4.194%, 11/10/46(d)		73,864
	350,000	COMM 2014-CCRE15 Mortgage Trust, Series 2014-CR15, Class A4, 4.074%, 2/10/47(d)		343,979
	500,000	COMM 2014-CCRE18 Mortgage Trust, Series 2014-CR18, Class A5, 3.828%, 7/15/47(b)		485,918
	266,000	COMM Mortgage Trust, Series 2014- CR20, Class A4, 3.590%, 11/10/47		256,659
	153,000	COMM Mortgage Trust, Series 2014- UBS2, Class A5, 3.961%, 3/10/47		150,080
	455,000	COMM Mortgage Trust, Series 2014- UBS4, Class A5, 3.694%, 8/10/47		440,677
	250,000	COMM Mortgage Trust, Series 2017- COR2, Class A3, 3.510%, 9/10/50(b)		232,614
	500,000	CSAIL Commercial Mortgage Trust, Series 2015-C3, Class A4, 3.718%, 8/15/48(b)		479,690
	251,000	ELP Commercial Mortgage Trust, Series 2021-ELP, Class C, 6.005%, (LIBOR USD 1-Month plus 1.32%), 11/15/38(a)(c)		237,312

Principal Amount			Fair Value
COMMERCIAL MORTGAGE-BACKED SECURITIES — (continued)
$	1,000,000	Freddie Mac Multifamily Structured Pass Through Certificates, Series K1522, Class A2, 2.361%, 10/25/36	$	770,287
	140,000	Freddie Mac Multifamily Structured Pass Through Certificates, Series K159, Class A2, 3.950%, 11/25/30(d)		136,725
	367,652	FRESB Mortgage Trust, Series 2017-SB36, Class A10F, 2.880%, 7/25/27(b)(d)		347,144
	653,139	Ginnie Mae, Series 2014-126, Class A, 2.500%, 11/16/46		616,369
	383,398	Ginnie Mae, Series 2019-79, Class V, 2.800%, 3/16/29		359,261
	22,477	GS Mortgage Securities Trust, Series 2010- C1, Class B, 5.148%, 8/10/43(a)		22,274
	300,000	GS Mortgage Securities Trust, Series 2013- GC14, Class A5, 4.243%, 8/10/46(b)		298,170
	85,000	GS Mortgage Securities Trust, Series 2014- GC24, Class A5, 3.931%, 9/10/47		82,149
	500,000	GS Mortgage Securities Trust, Series 2016- GS4, Class A4, 3.442%, 11/10/49(b)(d)		466,033
	64,000	GS Mortgage Securities Trust, Series 2020- GC47, Class A5, 2.377%, 5/12/53		52,946
	500,000	GS Mortgage Securities Trust, Series 2020- GSA2, Class A5, 2.012%, 12/12/53(b)		398,462
	162,404	JP Morgan Chase Commercial Mortgage Securities Trust, Series 2011-C3, Class B, 5.013%, 2/15/46(a)(d)		155,945
	68,152	JP Morgan Chase Commercial Mortgage Securities Trust, Series 2013-C13, Class A4, 3.994%, 1/15/46(d)		67,846
	101,978	JP Morgan Chase Commercial Mortgage Securities Trust, Series 2013-LC11, Class A5, 2.960%, 4/15/46		101,490
	500,000	JP Morgan Chase Commercial Mortgage Securities Trust, Series 2014-C20, Class A5, 3.805%, 7/15/47(b)		486,631
	185,000	JP Morgan Chase Commercial Mortgage Securities Trust, Series 2016-JP4, Class A4, 3.648%, 12/15/49(d)		174,220
	273,188	Med Trust, Series 2021-MDLN, Class C, 6.485%, (LIBOR USD 1-Month plus 1.80%), 11/15/38(a)(c)		260,486
	100,000	Morgan Stanley Bank of America Merrill Lynch Trust, Series 2014-C18, Class A4, 3.923%, 10/15/47(b)		96,937
	300,167	Morgan Stanley Bank of America Merrill Lynch Trust, Series 2014-C19, Class A4, 3.526%, 12/15/47		288,785
	500,000	Morgan Stanley Bank of America Merrill Lynch Trust, Series 2016-C32, Class A4, 3.720%, 12/15/49(b)		470,096
	435,000	Morgan Stanley Capital I Trust, Series 2018-H3, Class A5, 4.177%, 7/15/51		410,529

Continued

59 

Sterling Capital Quality Income Fund

Schedule of Portfolio Investments — (continued) 

March 31, 2023 (Unaudited)

Principal Amount			Fair Value
COMMERCIAL MORTGAGE-BACKED SECURITIES — (continued)
$	659,333	Morgan Stanley Capital I Trust, Series 2020-HR8, Class A4, 2.041%, 7/15/53	$	531,322
	205,612	OPG Trust, Series 2021-PORT, Class C, 5.516%, (LIBOR USD 1-Month plus 0.83%), 10/15/36(a)(c)		191,692
	242,085	SMR Mortgage Trust, Series 2022-IND, Class A, 6.477%, (TSFR1M plus 1.65%), 2/15/39(a)(c)		231,038
	600,000	Wells Fargo Commercial Mortgage Trust, Series 2014-LC18, Class A5, 3.405%, 12/15/47		574,513
	644,000	Wells Fargo Commercial Mortgage Trust, Series 2015-P2, Class A4, 3.809%, 12/15/48		616,149
	50,000	Wells Fargo Commercial Mortgage Trust, Series 2016-C37, Class A5, 3.794%, 12/15/49		47,239
	300,000	Wells Fargo Commercial Mortgage Trust, Series 2017-C40, Class A4, 3.581%, 10/15/50		278,835
	220,800	Wells Fargo Commercial Mortgage Trust, Series 2020-C56, Class A5, 2.448%, 6/15/53		183,881
	500,000	Wells Fargo Commercial Mortgage Trust, Series 2020-C57, Class A4, 2.118%, 8/15/53		406,930
	300,000	Wells Fargo Commercial Mortgage Trust, Series 2020-C58, Class A4, 2.092%, 7/15/53		240,522
	75,628	WFRBS Commercial Mortgage Trust, Series 2013-UBS1, Class A4, 4.079%, 3/15/46(d)		74,642
	475,000	WFRBS Commercial Mortgage Trust, Series 2014-C20, Class AS, 4.176%, 5/15/47		461,672
	302,000	WFRBS Commercial Mortgage Trust, Series 2014-C23, Class A5, 3.917%, 10/15/57		292,501
		Total Commercial Mortgage-Backed Securities
		(Cost $20,883,970)		18,671,495
CORPORATE BONDS — 0.8%
		Diversified REITs — 0.3%
	250,000	American Tower Trust, 3.652%, 3/23/28(a) (b)		235,601

Principal Amount			Fair Value
CORPORATE BONDS — (continued)
		Diversified Telecommunication Services — 0.5%
$	421,875	Sprint Spectrum Co., LLC/Sprint Spectrum Co. II, LLC/Sprint Spectrum Co. III, LLC, 4.738%, 3/20/25(a)(b)	$	418,536
		Total Corporate Bonds
		(Cost $675,773)		654,137
MORTGAGE-BACKED SECURITIES — 35.7%
		Fannie Mae — 17.1%
	113,194	3.000%, 1/1/31, Pool #BA6574		108,313
	329,540	4.500%, 3/1/34, Pool #CA3294		330,800
	293,482	2.500%, 11/1/35, Pool #CA7939		271,410
	58,826	5.500%, 6/1/38, Pool #984277(b)		60,858
	31,202	5.500%, 8/1/38, Pool #995072		32,369
	40,077	4.500%, 9/1/39, Pool #AC1830		40,263
	37,334	4.500%, 10/1/40, Pool #AE4855		37,508
	73,816	3.500%, 2/1/41, Pool #AH5646		70,302
	115,237	4.000%, 3/1/41, Pool #AH4008		112,639
	340,973	2.500%, 5/1/41, Pool #MA4334		304,146
	29,958	4.500%, 6/1/41, Pool #AC9298		30,097
	85,137	5.000%, 7/1/41, Pool #AI5595		86,904
	145,712	4.000%, 9/1/41, Pool #AJ1717		142,424
	114,242	3.500%, 6/1/42, Pool #AB5373		108,802
	37,203	4.500%, 10/1/44, Pool #MA2066		37,147
	116,515	4.000%, 12/1/44, Pool #MA2127		113,453
	114,019	4.500%, 1/1/45, Pool #MA2158		113,845
	140,823	3.500%, 3/1/45, Pool #AS4552		132,936
	126,575	4.000%, 10/1/45, Pool #AL7487		123,249
	874,641	3.000%, 10/1/46, Pool #BC4764		800,360
	85,742	4.000%, 11/1/46, Pool #MA2808		83,436
	113,273	3.000%, 2/1/47, Pool #BE2329		103,407
	67,560	4.000%, 5/1/47, Pool #BE9598		65,673
	57,978	4.500%, 11/1/47, Pool #BM3286		58,660
	207,734	3.500%, 12/1/47, Pool #CA0833		195,457
	66,523	4.500%, 5/1/48, Pool #CA1711		66,064
	93,700	3.500%, 9/1/49, Pool #BJ9608		87,773
	212,950	3.500%, 6/1/50, Pool #CA6097		198,778
	215,026	3.000%, 7/1/50, Pool #CA6421		193,968
	210,969	3.000%, 7/1/50, Pool #CA6422		190,134
	555,763	2.500%, 8/1/50, Pool #FM4053		483,964
	338,797	2.500%, 8/1/50, Pool #FM4055		292,798
	836,588	3.000%, 8/1/50, Pool #FS0973		760,971
	423,736	2.500%, 10/1/50, Pool #FM4702		366,073
	507,395	2.500%, 3/1/51, Pool #FM6523		440,168
	361,452	3.000%, 5/1/51, Pool #FM7346		325,054
	1,107,529	2.500%, 8/1/51, Pool #FM8438		963,044
	1,327,646	4.000%, 8/1/51, Pool #FS1976		1,285,538
	327,221	3.000%, 11/1/51, Pool #CB2170		293,646
	870,632	3.500%, 2/1/52, Pool #MA4550		808,497
	1,018,911	3.000%, 3/1/52, Pool #BV4143		924,524
	763,883	3.500%, 4/1/52, Pool #FS1185		709,266
	705,684	3.500%, 4/1/52, Pool #FS1260		658,489
	687,700	4.500%, 6/1/52, Pool #FS2157		681,123
	512,822	5.000%, 11/1/52, Pool #CB5278		511,844

Continued

60 

Sterling Capital Quality Income Fund

Schedule of Portfolio Investments — (continued) 

March 31, 2023 (Unaudited)

Principal Amount			Fair Value
MORTGAGE-BACKED SECURITIES — (continued)
		Fannie Mae — (continued)
$	579,317	5.500%, 3/1/53, Pool #FS3925	$	590,092
				14,396,266
		Freddie Mac — 18.6%
	41,696	4.000%, 11/1/32, Pool #ZS8993		40,658
	188,633	3.500%, 5/1/35, Pool #ZA2378		183,395
	138,930	4.000%, 5/1/37, Pool #ZA2461		135,456
	19,630	5.500%, 10/1/39, Pool #ZI9359		20,309
	34,045	5.000%, 4/1/40, Pool #ZI9910		34,751
	56,283	5.500%, 4/1/40, Pool #ZA1042		58,370
	23,647	5.000%, 8/1/40, Pool #ZA1056		24,136
	61,892	4.000%, 11/1/40, Pool #ZJ0654		60,480
	76,343	4.000%, 12/1/40, Pool #ZJ0811		74,621
	158,121	3.500%, 8/1/42, Pool #ZL3508		150,779
	602,169	3.000%, 12/1/42, Pool #Q14108		556,944
	727,244	6.000%, 2/1/43, Pool #RB5221		746,239
	203,942	3.500%, 3/1/43, Pool #ZT1107		192,861
	854,158	3.500%, 1/1/45, Pool #SD1309		811,956
	155,899	3.500%, 1/1/45, Pool #ZL8964		147,651
	118,690	3.500%, 3/1/45, Pool #ZT1164		112,114
	93,831	3.000%, 1/1/46, Pool #ZS4646		86,114
	96,133	4.000%, 4/1/46, Pool #ZM1015		93,596
	99,705	3.500%, 12/1/47, Pool #ZM5123		93,826
	249,431	2.500%, 11/1/49, Pool #QA4396		216,160
	121,317	3.000%, 1/1/50, Pool #QA6230		109,785
	531,923	3.000%, 6/1/51, Pool #SD8152		478,150
	680,913	2.500%, 7/1/51, Pool #QC4230		595,856
	390,086	3.000%, 7/1/51, Pool #RA5552		350,430
	303,141	3.500%, 7/1/51, Pool #RA5549		282,076
	1,047,557	3.000%, 8/1/51, Pool #SD8162		941,257
	1,032,538	2.500%, 9/1/51, Pool #RA5921		890,095
	575,585	3.500%, 1/1/52, Pool #RA6531		534,334
	461,307	3.000%, 2/1/52, Pool #SD8195		413,917
	992,699	3.500%, 4/1/52, Pool #RA7191		920,832
	923,178	3.500%, 4/1/52, Pool #SD0957		856,596
	768,554	4.500%, 6/1/52, Pool #SD1265		754,264
	1,196,903	4.500%, 8/1/52, Pool #SD1515		1,172,872
	792,083	5.000%, 10/1/52, Pool #SD1710		792,639
	981,958	5.000%, 11/1/52, Pool #SD1727		985,313
	743,519	5.000%, 1/1/53, Pool #RA8382		742,101
	998,752	5.500%, 2/1/53, Pool #QF8052(e)		1,010,973
				15,671,906
		Ginnie Mae — 0.0%
	7,553	4.000%, 12/20/40, Pool #755678		7,448
		Total Mortgage-Backed Securities
		(Cost $32,373,282)		30,075,620
U.S. GOVERNMENT AGENCIES — 0.5%
		Federal Home Loan Banks — 0.5%
	550,000	1.900%, 10/7/31		457,207
		Total U.S. Government Agencies
		(Cost $458,216)		457,207

Principal Amount			Fair Value
U.S. TREASURY BONDS — 2.4%
$	2,250,000	2.375%, 2/15/42	$	1,806,152
	315,000	1.875%, 11/15/51(b)		213,499
		Total U.S. Treasury Bonds
		(Cost $2,230,290)		2,019,651
U.S. TREASURY NOTES — 2.2%
	500,000	0.875%, 9/30/26		452,461
	650,000	1.375%, 11/15/31		548,107
	1,000,000	1.875%, 2/15/32		876,953
		Total U.S. Treasury Notes
		(Cost $2,048,417)		1,877,521

Shares
MONEY MARKET FUND — 1.4%
	1,203,584	Federated Treasury Obligations Fund, Institutional Shares, 4.66%(f)		1,203,584
		Total Money Market Fund
		(Cost $1,203,584)		1,203,584
Total Investments — 101.1% (Cost $92,265,791)				85,320,463
Net Other Assets (Liabilities) — (1.1)%				(968,494	)
NET ASSETS — 100.0%.			$	84,351,969

(a)	Rule 144A, Section 4(a)(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)	Represents that all or a portion of the security was pledged as collateral for securities purchased on a when-issued basis.
(c)	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, 2023. The maturity date reflected is the final maturity date.
(d)	The interest rate for this variable rate note, which will change periodically, is based either on the prime rate or an index of market rates. The reflected rate is in effect as of March 31, 2023. The maturity date reflected is the final maturity date.
(e)	Represents securities purchased on a when-issued basis. At March 31, 2023, total cost of investments purchased on a when-issued basis was $1,009,988.
(f)	Represents the current yield as of report date.

STEP Step Coupon Bond

Continued

61 

Sterling Capital North Carolina Intermediate Tax-Free Fund

Schedule of Portfolio Investments 

March 31, 2023 (Unaudited)

Principal Amount			Fair Value
MUNICIPAL BONDS — 97.6%
		North Carolina — 97.6%
$	2,190,000	Alamance County, NC, School Improvements G.O., 5.000%, 5/1/27	$	2,420,541
	1,000,000	Broad River Water Authority, Water System Refunding Revenue, 5.000%, 6/1/24		1,025,300
	1,390,000	Brunswick County, NC, School Improvements G.O., 5.000%, 8/1/28		1,584,475
	1,500,000	Brunswick County, NC, School Improvements G.O., 5.000%, 8/1/29		1,746,495
	1,025,000	Buncombe County Metropolitan Sewerage District, Sewer Improvements Revenue, Callable 7/1/24 @ 100, 5.000%, 7/1/39		1,050,051
	1,475,000	Buncombe County, NC, Advance Refunding Revenue Limited Obligation, Callable 6/1/25 @ 100, 5.000%, 6/1/28		1,556,671
	1,100,000	Cabarrus County, NC, Refunding Revenue Bonds, Series A, 5.000%, 6/1/31		1,312,663
	1,010,000	Cape Fear Public Utility Authority, Advance Refunding Revenue Bonds, 5.000%, 8/1/25		1,068,459
	1,000,000	Charlotte, NC, Charlotte Douglas International Airport Refunding Revenue, Callable 7/1/24 @ 100, 5.000%, 7/1/31		1,025,620
	1,040,000	Charlotte, NC, Convention Facility, Refunding Revenue, Certification of Participation, Callable 6/1/29 @ 100, 5.000%, 6/1/30		1,199,151
	1,000,000	Charlotte, NC, Convention Facility, Refunding Revenue, Certification of Participation, Callable 6/1/29 @ 100, 5.000%, 6/1/31		1,149,320
	1,000,000	Charlotte, NC, Convention Facility, Refunding Revenue, Certification of Participation, Callable 6/1/29 @ 100, 5.000%, 6/1/32		1,144,680
	3,195,000	Charlotte, NC, Current Refunding G.O., Series A, 5.000%, 6/1/29		3,709,874
	2,000,000	Charlotte, NC, Current Refunding G.O., Series A, Callable 6/1/29 @ 100, 5.000%, 6/1/34		2,300,380
	2,000,000	Charlotte, NC, Public Facilities, Certificate of Participation, Series B, Callable 12/1/31 @ 100, 5.000%, 12/1/32		2,392,020
	2,275,000	Charlotte, NC, Recreational Facilities Improvements Revenue, Callable 12/1/28 @ 100, 5.000%, 12/1/33		2,563,857
	1,520,000	Charlotte, NC, Recreational Facilities Improvements Revenue, Callable 12/1/28 @ 100, 5.000%, 12/1/34		1,704,361
	3,000,000	Charlotte, NC, Water & Sewer System Refunding Revenue, Callable 7/1/28 @ 100, 5.000%, 7/1/36		3,344,880

Principal Amount			Fair Value
MUNICIPAL BONDS — (continued)
		North Carolina — (continued)
$	1,000,000	Charlotte, NC, Water & Sewer System Revenue, Current Refunding Revenue Bonds, 5.000%, 7/1/29	$	1,162,430
	2,650,000	Charlotte, NC, Water & Sewer System Revenue, Refunding Revenue Bonds, Series A, Callable 7/1/32 @ 100, 5.000%, 7/1/39		3,103,812
	2,035,000	Chatham County, NC, Refunding Revenue (County Guaranteed), 5.000%, 12/1/28		2,195,745
	1,225,000	East Carolina University, University & College Improvements Revenue, Series A, Callable 4/1/26 @ 100, 5.000%, 10/1/27		1,306,683
	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		1,065,600
	1,750,000	Fayetteville, NC, Public Works Commission, Electric Light & Power Improvements Revenue, Callable 3/1/24 @ 100, 4.000%, 3/1/27		1,770,633
	1,690,000	Fayetteville, NC, Public Works Commission, Multi-Utility Improvements Revenue, Callable 3/1/28 @ 100, 5.000%, 3/1/29		1,892,682
	3,000,000	Forsyth County NC, Public Improvements, G.O., Series B, Callable 3/1/29 @ 100, 5.000%, 3/1/31		3,456,840
	2,200,000	Forsyth County NC, Refunding Revenue, G.O., 5.000%, 7/1/26		2,387,704
	1,500,000	Gaston County, NC, Current Refunding G.O., 5.000%, 2/1/29		1,719,930
	2,000,000	Greensboro, NC, Recreational Facility Improvements G.O., Series B, Callable 4/1/32 @ 100, 5.000%, 4/1/40		2,308,660
	1,675,000	Guilford County, NC, Advance Refunding, G.O., Series A, Callable 2/1/26 @ 100, 5.000%, 2/1/28		1,799,067
	2,075,000	High Point, NC, Combined Water & Sewer System, Advance Refunding Revenue Bonds, 5.000%, 11/1/26		2,270,693
	3,000,000	Mecklenburg County, NC, Advance Refunding G.O., Series A, 5.000%, 12/1/27		3,368,550
	1,195,000	Monroe, NC, Advance Refunding Revenue Bonds, Callable 3/1/26 @ 100, 5.000%, 3/1/29		1,274,981
	1,465,000	Moore County, Advance Refunding Revenue, G.O., 5.000%, 6/1/28		1,656,153
	1,000,000	North Carolina Agricultural & Technical State University, Series A, Refunding Revenue, Callable 10/1/25 @ 100, 5.000%, 10/1/32		1,047,270

See accompanying Notes to the Financial Statements.

62

Sterling Capital North Carolina Intermediate Tax-Free Fund

Schedule of Portfolio Investments — (continued) 

March 31, 2023 (Unaudited)

Principal Amount			Fair Value
MUNICIPAL BONDS — (continued)
		North Carolina — (continued)
$	1,215,000	North Carolina Agricultural & Technical State University, Series A, Refunding Revenue, Callable 10/1/25 @ 100, 5.000%, 10/1/34	$	1,270,343
	840,000	North Carolina Capital Facilities Finance Agency, Meredith College Project, Refunding Revenue, 5.000%, 6/1/24		858,925
	750,000	North Carolina Capital Facilities Finance Agency, Meredith College Project, Refunding Revenue, 5.000%, 6/1/25		779,812
	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		1,068,053
	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		1,773,135
	1,205,000	North Carolina Central University, University & College Improvements, Revenue Bonds, Callable 4/1/29 @ 100, 5.000%, 4/1/33		1,331,200
	1,000,000	North Carolina Central University, University & College Improvements, Revenue Bonds, Callable 4/1/29 @ 100, 5.000%, 4/1/37		1,068,680
	2,000,000	North Carolina Medical Care Commission, Advance Refunding Revenue Bonds, Vidant Health, Callable 6/1/25 @ 100, 5.000%, 6/1/40		2,024,880
	1,500,000	North Carolina Medical Care Commission, Health, Hospital and Nursinghome Improvements, Revenue Bonds, Series A, Callable 1/1/30 @ 100, 5.000%, 7/1/32		1,683,105
	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		1,074,220
	3,100,000	North Carolina State, Advance Refunding Revenue Bonds, Series B, Callable 5/1/27 @ 100, 5.000%, 5/1/28		3,425,934
	4,385,000	North Carolina State, Advance Refunding Revenue Bonds, Series B, Callable 5/1/27 @ 100, 5.000%, 5/1/30(a)		4,830,735
	2,500,000	North Carolina State, Build North Carolina Bonds, Highway Improvements Revenue Bonds, Series A, Callable 5/1/29 @ 100, 5.000%, 5/1/31		2,868,925
	5,000,000	North Carolina State, Highway Improvements Revenue Bonds, Series N, Callable 3/1/31 @ 100, 4.000%, 3/1/34		5,408,550

Principal Amount			Fair Value
MUNICIPAL BONDS — (continued)
		North Carolina — (continued)
$	2,645,000	North Carolina State, Refunding Revenue G.O., Series B, 5.000%, 6/1/25	$	2,790,422
	1,250,000	North Carolina Turnpike Authority, Senior Lien, Advance Refunding Revenue (AGM), 5.000%, 1/1/26		1,326,925
	1,500,000	North Carolina Turnpike Authority, Senior Lien, Advance Refunding Revenue (AGM), 5.000%, 1/1/27		1,625,700
	2,100,000	North Carolina Turnpike Authority, Senior Lien, Advance Refunding Revenue, Callable 1/1/27 @ 100 (AGM), 5.000%, 1/1/28		2,273,985
	1,060,000	Pitt County, NC, Advance Refunding Revenue Bonds, Series B, Callable 10/1/26 @ 100, 5.000%, 4/1/30		1,143,751
	1,000,000	Raleigh, NC, Refunding Revenue, Callable 2/1/26 @ 100, 5.000%, 2/1/27		1,071,180
	1,985,000	Sampson County, NC, Refunding Revenue, Callable 12/1/25 @ 100, 5.000%, 12/1/26(a)		2,108,844
	1,025,000	Surry County, NC, School Improvements, Revenue Bonds, Callable 6/1/29 @ 100, 4.000%, 6/1/35		1,071,699
	720,000	Surry County, NC, School Improvements, Revenue Bonds, Callable 6/1/29 @ 100, 5.000%, 6/1/30		823,514
	1,010,000	Town of Holly Springs, NC, Public Improvements Revenue, Callable 10/1/24 @ 100, 5.000%, 10/1/27		1,045,804
	870,000	Town of Oak Island, NC, Combined Enterprise System, Advance Refunding Revenue (AGM), 5.000%, 6/1/25		912,578
	1,030,000	Union County, NC, Public Improvements Bonds G.O., Callable 3/1/32 @ 100, 5.000%, 3/1/34		1,249,236
	1,500,000	University of North Carolina at Chapel Hill, Current Refunding Revenue Bonds, Series B, Callable 12/1/31 @ 100, 5.000%, 12/1/36		1,749,720
	1,695,000	University of North Carolina at Greensboro, University & College Improvements Revenue, Callable 4/1/24 @ 100, 5.000%, 4/1/28		1,727,714
	1,000,000	University of North Carolina at Wilmington, Current Refunding Revenue Bonds, Series B, Callable 10/1/29 @ 100, 5.000%, 10/1/34		1,127,550
	410,000	University of North Carolina System, Asheville/Wilmington, Refunding Revenue, Series C, Callable 5/1/23 @ 100 (Assured Guaranty), 5.250%, 10/1/24		410,636

Continued

63

Sterling Capital North Carolina Intermediate Tax-Free Fund

Schedule of Portfolio Investments — (continued) 

March 31, 2023 (Unaudited)

Principal Amount			Fair Value
MUNICIPAL BONDS — (continued)
		North Carolina — (continued)
$	1,985,000	Wake County, NC, Advance Refunding Revenue Bonds, Series A, Callable 12/1/26 @ 100, 5.000%, 12/1/28	$	2,168,493
	1,585,000	Wake County, NC, Public Improvements, G.O., Series A, Callable 3/1/28 @ 100, 5.000%, 3/1/30		1,789,164
	3,000,000	Wake County, NC, Refunding Bonds G.O., Series A, Callable 5/1/33 @ 100, 5.000%, 5/1/37(b)		3,554,520
	1,725,000	Wake County, NC, Refunding Revenue Bonds, Series A, Callable 8/1/28 @ 100, 5.000%, 8/1/32		1,942,402
	2,025,000	Wake County, NC, Public Improvements, G.O., Series A, Callable 3/1/29 @ 100, 5.000%, 3/1/30		2,335,635
	325,000	Watauga Public Facilities Corp., School Improvements Revenue Bonds, Callable 6/1/32 @ 100, 5.000%, 6/1/35		382,717
	400,000	Watauga Public Facilities Corp., School Improvements Revenue Bonds, Callable 6/1/32 @ 100, 5.000%, 6/1/36		465,864
	375,000	Watauga Public Facilities Corp., School Improvements Revenue Bonds, Callable 6/1/32 @ 100, 5.000%, 6/1/37		432,915
	375,000	Watauga Public Facilities Corp., School Improvements Revenue Bonds, Callable 6/1/32 @ 100, 5.000%, 6/1/38		430,879
	350,000	Watauga Public Facilities Corp., School Improvements Revenue Bonds, Callable 6/1/32 @ 100, 5.250%, 6/1/40		404,250
	650,000	Watauga Public Facilities Corp., School Improvements Revenue Bonds, Callable 6/1/32 @ 100, 5.250%, 6/1/42		743,405
	2,060,000	Wilmington, NC, Public Improvements G.O., Series A, 5.000%, 5/1/31		2,480,075
	1,000,000	Winston-Salem, NC, Transit Improvements, Refunding Revenue, Series C, Callable 6/1/24 @ 100, 5.000%, 6/1/30		1,027,840
	1,875,000	Winston-Salem, NC, Water & Sewer System, Refunding Revenue, Series A, Callable 6/1/24 @ 100, 5.000%, 6/1/25(a)		1,929,206
		Total Municipal Bonds
		(Cost $136,872,017)		138,099,351

Shares		Fair Value
MONEY MARKET FUND — 3.6%
5,078,458	Federated Treasury Obligations Fund, Institutional Shares, 4.66%(c)	$	5,078,458
	Total Money Market Fund
	(Cost $5,078,458)		5,078,458
Total Investments — 101.2%
(Cost $141,950,475)			143,177,809
Net Other Assets (Liabilities) — (1.2)%			(1,635,715	)
NET ASSETS — 100.0%		$	141,542,094

(a) Represents that all or a portion of the security was pledged as collateral for securities purchased on a when-issued basis.

(b) Represents securities purchased on a when-issued basis. At March 31, 2023, total cost of investments purchased on a when-issued basis was $3,539,400.

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

AGM Assured Guaranty Municipal Corp.

G.O. General Obligation

Continued

64

Sterling Capital North Carolina Intermediate Tax-Free Fund

Schedule of Portfolio Investments 

March 31, 2023 (Unaudited)

Principal Amount			Fair Value
MUNICIPAL BONDS — 98.3%
		South Carolina — 98.3%
$	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	$	1,060,430
	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		1,076,890
	750,000	Aiken County, SC, Consolidated School District, Special Obligation Bonds, School Improvements Revenue, Callable 6/1/29 @ 100, 4.000%, 6/1/33		800,872
	1,000,000	Beaufort-Jasper Water & Sewer Authority, Advance Refunding Revenue, Series B, 5.000%, 3/1/25		1,046,560
	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		1,107,950
	1,000,000	Charleston, SC, Waterworks & Sewer System Revenue, Water Utility Improvements Revenue Bonds, Callable 1/1/30 @ 100, 5.000%, 1/1/38		1,127,280
	1,000,000	College of Charleston, University & College Improvements Revenue, Series B, 5.000%, 4/1/27		1,095,560
	1,000,000	Columbia, SC, Waterworks & Sewer System Revenue, Water & Sewer Utility Improvements Revenue, Callable 2/1/28 @ 100, 5.000%, 2/1/48		1,125,210
	1,000,000	Columbia, SC, Waterworks & Sewer System Revenue, Water & Sewer Utility Improvements Revenue, Callable 2/1/33 @ 100, 5.250%, 2/1/52		1,130,360
	1,100,000	Florence County, SC, McLeod Regional Medical Center Project, Refunding Revenue, Callable 11/1/24 @ 100, 5.000%, 11/1/33(a)		1,138,412
	1,000,000	Georgetown County, SC, School District, School Improvements, G.O., Callable 3/1/28 @ 100 (SCSDE), 4.000%, 3/1/30		1,063,370
	1,415,000	Greenville Health System, Hospital System Board, Series B, Callable 5/1/24 @ 100, 5.000%, 5/1/31		1,438,715
	1,000,000	Lancaster Educational Assistance Program, Inc., SC, Lancaster County School District Refunding Revenue, Callable 12/1/23 @ 100, 5.000%, 12/1/24		1,015,120
	1,345,000	Lexington County, School District No. 2, G.O., Series C, Callable 3/1/27 @ 100 (SCSDE), 5.000%, 3/1/30		1,471,242
	1,085,000	Lugoff-Elgin Water Authority, Refunding Revenue, Series B, Callable 7/1/26 @ 100, 5.000%, 7/1/30		1,164,737

Principal Amount			Fair Value
MUNICIPAL BONDS — (continued)
		South Carolina — (continued)
$	1,485,000	Orangeburg County, SC, Correctional Facilities Improvements, Installment Purchase Revenue Bonds, Callable 12/1/27 @ 100, 5.000%, 12/1/29(a)	$	1,636,277
	1,160,000	Richland County, SC, Public Facilities G.O., 5.000%, 3/1/30		1,365,830
	1,000,000	Richland County, SC, School District No. 2, Refunding Bonds, G.O., Series B, Callable 3/1/27 @ 100 (SCSDE), 4.000%, 3/1/29		1,054,160
	1,000,000	SCAGO Educational Facilities Corp. for Cherokee School District No. 1, Refunding Revenue, 5.000%, 12/1/24		1,036,010
	625,000	SCAGO Educational Facilities Corp. for Spartanburg School District No. 1, Refunding Revenue, Series B, 5.000%, 6/1/25		652,244
	600,000	SCAGO Educational Facilities Corp. for Sumter County School 17, Refunding Revenue, 5.000%, 12/1/24		620,616
	490,000	SCAGO Educational Facilities Corp. for Sumter County School 17, Refunding Revenue, 5.000%, 12/1/25		517,808
	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		893,418
	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		1,604,295
	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		1,036,630
	1,520,000	South Carolina State Housing Finance & Development Authority, Refunding Revenue, Series A, 5.000%, 7/1/30(a)		1,730,368
	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		1,080,980
	1,000,000	Spartanburg, SC, Water System Revenue, Water Utility Improvements Refunding Revenue, Series B, Callable 6/1/27 @ 100, 5.000%, 6/1/39		1,070,480
	1,000,000	Spartanburg County School District No 5, School Improvements G.O., Callable 3/1/32 @ 100 (SCSDE), 5.000%, 3/1/37		1,156,940

See accompanying Notes to the Financial Statements.

65

Sterling Capital North Carolina Intermediate Tax-Free Fund

Schedule of Portfolio Investments — (continued) 

March 31, 2023 (Unaudited)

Principal Amount			Fair Value
MUNICIPAL BONDS — (continued)
		South Carolina — (continued)
$	1,000,000	Spartanburg County School District No. 4, SC, School Improvements G.O., Series A, Callable 3/1/32 @ 100 (SCSDE), 5.000%, 3/1/40	$	1,125,600
	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		1,336,416
	1,150,000	Town of Mount Pleasant, SC, Public Facilities, G.O., Callable 6/1/28 @ 100, 5.000%, 6/1/30		1,305,066
		Total Municipal Bonds
		(Cost $36,445,974)		36,085,846

Shares		Fair Value
MONEY MARKET FUND — 0.6%
211,620	Federated Treasury Obligations Fund, Institutional Shares, 4.66%(b)	$	211,620
	Total Money Market Fund
	(Cost $211,620)		211,620
Total Investments — 98.9%
(Cost $36,657,594)			36,297,466
Net Other Assets (Liabilities) — 1.1%			400,085
NET ASSETS — 100.0%		$	36,697,551

(a) All or a portion of the securities are held in a separate collateral account at US Bank.

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

AGM Assured Guaranty Municipal Corp.

G.O. General Obligation

SCAGO South Carolina Association of Governmental Organizations

SCSDE South Carolina School District Enhancement

Continued

66

Sterling Capital Virginia Intermediate Tax-Free Fund

Schedule of Portfolio Investments 

March 31, 2023 (Unaudited)

Principal Amount			Fair Value
MUNICIPAL BONDS — 98.4%
		District of Columbia — 2.4%
$	1,640,000	Washington Metropolitan Area Transit Authority, DC, Transit Improvements Revenue, Callable 7/1/27 @ 100, 5.000%, 7/1/36	$	1,768,526
		Virginia — 96.0%
	1,240,000	Albemarle County, VA, Economic Development Authority, Public Improvements Revenue, 5.000%, 6/1/27		1,373,660
	1,365,000	Albemarle County, VA, School Improvements G.O., (State Aid Withholding), 5.000%, 6/1/26		1,478,404
	1,475,000	Arlington County, VA, Public Improvements G.O., Callable 8/15/27 @ 100, 5.000%, 8/15/30		1,634,241
	1,500,000	Arlington County, VA, Public Improvements G.O., Series A, Callable 8/15/27 @ 100, 5.000%, 8/15/29(a)		1,665,690
	1,580,000	Arlington County, VA, School Improvements G.O., Callable 6/15/31 @ 100, 5.000%, 6/15/39		1,813,508
	1,030,000	Charlottesville, VA, Public Improvements G.O., Callable 6/15/31 @ 100 (State Aid Withholding), 5.000%, 6/15/33		1,226,019
	1,770,000	Chesapeake, VA, Public Improvements, Refunding G.O., Series A, Callable 8/1/27 @ 100, 5.000%, 8/1/30		1,966,417
	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		1,110,899
	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		1,077,200
	2,000,000	Commonwealth of Virginia, University & College Improvements G.O., Series A, 4.000%, 6/1/26		2,099,920
	1,145,000	Culpeper County, VA, Economic Development Authority, VA Capital Projects, Refunding Revenue, Callable 6/1/24 @ 100, 4.000%, 6/1/26		1,162,965
	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		2,308,340
	1,145,000	Fairfax County, VA, School Improvements G.O., Current Refunding, Series A, Callable 4/1/30 @ 100 (State Aid Withholding), 5.000%, 10/1/30		1,349,199
	1,940,000	Fairfax County, VA, School Improvements G.O., Series A (State Aid Withholding), 5.000%, 10/1/27		2,173,537

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	$	1,026,440
	1,545,000	Harrisonburg, VA, School Improvements G.O., Current Refunding, Series A (State Aid Withholding), 5.000%, 7/15/30		1,809,628
	1,000,000	Leesburg, VA, Refunding G.O., Callable 1/15/25 @ 100 (State Aid Withholding), 5.000%, 1/15/27		1,040,590
	1,000,000	Loudoun County, VA, Economic Development Authority, Public Improvements Revenue, Callable 12/1/24 @ 100, 5.000%, 12/1/27		1,039,650
	2,000,000	Loudoun County, VA, Miscellaneous Purposes Revenue G.O., Series A (State Aid Withholding), 5.000%, 12/1/29		2,339,680
	1,250,000	Loudoun County, VA, Public Improvements, Advance Refunding G.O., Series A, Callable 12/1/25 @ 100, 5.000%, 12/1/26		1,332,188
	1,320,000	Loudoun County Economic Development Authority, Loudoun County Public Improvements Projects, Revenue Bonds, Series A, Callable 12/1/31 @ 100, 5.000%, 12/1/36		1,538,658
	1,810,000	Manassas, VA, Public Improvements, Public Facilities G.O., Callable 7/1/29 @ 100 (State Aid Withholding), 4.000%, 7/1/33		1,961,805
	1,530,000	Newport News, Public Improvements G.O., Series A (State Aid Withholding), 5.000%, 2/1/29		1,760,632
	1,500,000	Newport News, VA, Public Improvements, G.O., Series A (State Aid Withholding), 5.000%, 2/1/29		1,726,110
	1,025,000	Norfolk, VA, Public Improvements G.O., Series A, Callable 3/1/31 @ 100, 5.000%, 3/1/34		1,211,130
	1,465,000	Norfolk, VA, Public Improvements, G.O., Callable 8/1/28 @ 100 (State Aid Withholding), 5.000%, 8/1/47		1,666,818
	2,000,000	Norfolk, VA, Public Improvements, G.O., Series A, Callable 10/1/26 @ 100, 5.000%, 10/1/30(a)		2,181,340
	1,375,000	Rappahannock Regional Jail Authority, Refunding Revenue, Callable 10/1/25 @ 100, 5.000%, 10/1/26		1,449,814
	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(a)		2,043,480

See accompanying Notes to the Financial Statements.

67

Sterling Capital Virginia Intermediate Tax-Free Fund

Schedule of Portfolio Investments — (continued) 

March 31, 2023 (Unaudited)

Principal Amount			Fair Value
MUNICIPAL BONDS — (continued)
		Virginia — (continued)
$	1,295,000	Richmond, VA, Public Utility Advance Refunding Revenue Bonds, Callable 1/15/26 @ 100, 5.000%, 1/15/27	$	1,381,402
	1,265,000	Roanoke, VA, School Improvements G.O., Callable 4/1/32 @ 100 (State Aid Withholding), 5.000%, 4/1/34		1,513,282
	1,380,000	Salem, VA, School Improvements G.O., Current Refunding, 5.000%, 5/1/28		1,557,289
	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		1,340,748
	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		2,722,100
	1,950,000	Virginia College Building Authority, 21st Century College Programs, University & College Improvements Revenue, Callable 2/1/27 @ 100, 5.000%, 2/1/31		2,127,937
	1,630,000	Virginia College Building Authority, University & College Improvements Revenue Bonds, Callable 2/1/32 @ 100, 5.250%, 2/1/41		1,871,256
	1,000,000	Virginia College Building Authority, University & College Improvements, Revenue Bonds, Series C (State Intercept), 5.000%, 9/1/29		1,158,460
	1,500,000	Virginia Commonwealth Transportation Board, Capital Projects, Highway Improvements, Revenue Bonds, Callable 5/15/29 @ 100, 5.000%, 5/15/30		1,728,975
	1,215,000	Virginia Commonwealth Transportation Board, Federal Highway Transportation Grant, Callable 9/15/26 @ 100, 5.000%, 9/15/30		1,312,808
	2,000,000	Virginia Commonwealth Transportation Board, Federal Transportation Grant, Anticipation Advance Refunding Revenue, Callable 9/15/27 @ 100, 5.000%, 9/15/31		2,202,500
	1,515,000	Virginia Public School Authority, Advance Refunding Revenue, Callable 8/1/25 @ 100 (State Intercept), 5.000%, 8/1/26		1,604,097
	2,000,000	Virginia Public School Authority, School Improvements Revenue Bonds (State Aid Withholding), 5.000%, 1/15/30		2,349,180
	1,035,000	Virginia Public School Authority, School Improvements Revenue Bonds (State Aid Withholding), 5.000%, 8/15/30		1,226,361
	1,000,000	Virginia Public School Authority, School Improvements, Revenue Bonds, Series A, Callable 8/1/29 @ 100 (State Intercept), 4.000%, 8/1/32		1,077,530

Principal Amount			Fair Value
MUNICIPAL BONDS — (continued)
		Virginia — (continued)
$	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	$	935,658
				72,677,545
		Total Municipal Bonds
		(Cost $73,960,629)		74,446,071

Shares
MONEY MARKET FUND — 0.9%
	700,738	Federated Treasury Obligations Fund, Institutional Shares, 4.66%(b)		700,738
		Total Money Market Fund
		(Cost $700,738)		700,738
Total Investments — 99.3%
(Cost $74,661,367)				75,146,809
Net Other Assets (Liabilities) — 0.7%				559,423
NET ASSETS — 100.0%			$	75,706,232

(a) All or a portion of the securities are held in a separate collateral account at US Bank.

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

AGM Assured Guaranty Municipal Corp.

G.O. General Obligation

Continued

68

Sterling Capital West Virginia Intermediate Tax-Free Fund

Schedule of Portfolio Investments 

March 31, 2023 (Unaudited)

Principal Amount			Fair Value
MUNICIPAL BONDS — 97.9%
		West Virginia — 97.9%
$	895,000	Berkeley County, WV, Board of Education, Current Refunding G.O., 5.000%, 5/1/25	$	939,517
	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		1,512,405
	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(a)		1,156,356
	1,000,000	Cabell County Board of Education, School Improvements G.O., (AGM West Virginia Board Commission), 3.000%, 6/1/29		1,028,730
	400,000	Fairmont, WV, Water Revenue, Current Refunding Revenue, Series A (BAM), 3.000%, 7/1/23		400,044
	530,000	Fairmont, WV, Water Revenue, Current Refunding Revenue, Series A (BAM), 3.000%, 7/1/24		530,774
	1,000,000	Jefferson County, WV, Board of Education, School Improvements G.O., (West Virginia Board Commission), 3.000%, 6/1/29		1,026,420
	1,760,000	Marshall University, WV, University & College Improvements Revenue Bonds, Series A (AGM), 5.000%, 5/1/30		2,027,907
	2,000,000	Monongalia County, WV, Building Commission, Monongalia Health System Group Refunding Revenue, Callable 7/1/25 @ 100, 5.000%, 7/1/26		2,047,740
	705,000	Morgantown Utility Board, WV, Combined Water Utility Improvements Revenue, Series B, Callable 6/1/28 @ 100, 5.000%, 12/1/34		771,002
	575,000	Morgantown Utility Board, WV, Refunding Revenue Green Bonds, Series A (BAM), 4.000%, 12/1/29		619,264
	1,140,000	Morgantown Utility Board, Inc., Water Utility Improvements Revenue Bonds, Series B, Callable 6/1/28 @ 100, 5.000%, 12/1/36		1,231,793
	1,575,000	Ohio County, WV, Board of Education, School Improvements G.O., (West Virginia Board Commission), 3.000%, 6/1/28		1,605,996
	2,010,000	Ohio County, WV, Board of Education, School Improvements G.O., (West Virginia Board Commission), 4.000%, 6/1/29		2,187,021
	1,000,000	Ohio County, WV, Country Commission, Fort Henry Centre Financing District, Public Improvement, Tax Allocation, Callable 5/1/23 @ 100, 4.750%, 6/1/31		984,840

Principal Amount			Fair Value
MUNICIPAL BONDS — (continued)
		West Virginia — (continued)
$	695,000	School Building Authority of West Virginia, Lottery Capital Improvements Revenue, Series A, Callable 7/1/24 @ 100, 5.000%, 7/1/27	$	715,794
	1,265,000	School Building Authority of West Virginia, Lottery Capital Improvements Revenue, Series A, Callable 7/1/24 @ 100, 5.000%, 7/1/28		1,302,684
	2,325,000	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		2,609,813
	2,030,000	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		2,196,764
	1,100,000	State of West Virginia, Fuel Sales Tax Revenue, Group 2 Highway Improvements, G.O., Series S, Callable 6/1/29 @ 100, 5.000%, 12/1/43		1,187,395
	2,090,000	State of West Virginia, Highway Improvements G.O., Series A, Callable 6/1/31 @ 100, 5.000%, 6/1/38		2,369,935
	1,600,000	State of West Virginia, Highway Improvements G.O., Series A, Callable 6/1/31 @ 100, 5.000%, 12/1/42		1,766,656
	2,505,000	State of West Virginia, Highway Improvements G.O., Series A, Callable 6/1/31 @ 100, 5.000%, 6/1/45		2,744,027
	2,000,000	West Virginia Economic Development Authority, Correctional Juvenile Public Safety Facilities Lease, Refunding Revenue, Callable 5/1/23 @ 100, 5.000%, 6/1/25(a)		2,003,340
	1,685,000	West Virginia Economic Development Authority, Correctional Juvenile Public Safety Facilities Lease, Refunding Revenue, Callable 5/1/23 @ 100, 5.000%, 6/1/26		1,687,932
	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		1,259,408
	1,750,000	West Virginia Economic Development Authority, Lottery Recreational Facilities Improvements Revenue, Series A, Callable 7/1/28 @ 100, 5.000%, 7/1/35		1,936,358
	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		1,064,025

See accompanying Notes to the Financial Statements.

69

Sterling Capital West Virginia Intermediate Tax-Free Fund

Schedule of Portfolio Investments — (continued) 

March 31, 2023 (Unaudited)

Principal Amount			Fair Value
MUNICIPAL BONDS — (continued)
		West Virginia — (continued)
$	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	$	1,094,950
	775,000	West Virginia Hospital Finance Authority, Cabell Huntington Hospital Obligated Group, Refunding Revenue, Callable 1/1/29 @ 100, 5.000%, 1/1/31		823,228
	2,170,000	West Virginia Hospital Finance Authority, Cabell Huntington Hospital Obligated Group, Refunding Revenue, Callable 1/1/29 @ 100, 5.000%, 1/1/36		2,255,346
	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		966,640
	1,970,000	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		2,016,945
	1,385,000	West Virginia Hospital Finance Authority, United Health System Obligation, Health, Hospital, Nursing Home Improvements Refunding Revenue Bonds, 5.000%, 6/1/26		1,481,701
	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		2,008,260
	515,000	West Virginia Hospital Finance Authority, Valley Health System Obligated Group, Refunding Revenue, 5.000%, 1/1/24		523,497
	630,000	West Virginia Hospital Finance Authority, Valley Health System Obligated Group, Refunding Revenue, Callable 1/1/24 @ 100, 5.000%, 1/1/26		639,557
	1,815,000	West Virginia Parkways Authority, Highway Improvements, Senior Lien Revenue Bonds, Callable 6/1/31 @ 100, 5.000%, 6/1/47		1,977,588
	1,750,000	West Virginia Parkways Authority, Senior Turnpike Toll Revenue, Highway Improvements, 5.000%, 6/1/26		1,884,855
	2,065,000	West Virginia Parkways Authority, Senior Turnpike Toll Revenue, Highway Improvements, Callable 6/1/28 @ 100, 5.000%, 6/1/39(a)		2,227,516

Principal Amount			Fair Value
MUNICIPAL BONDS — (continued)
		West Virginia — (continued)
$	1,830,000	West Virginia Parkways Authority, Senior Turnpike Toll Revenue, Highway Improvements, Callable 6/1/28 @ 100, 5.000%, 6/1/43	$	1,952,079
	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(a)		1,063,419
	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		2,556,386
	2,000,000	West Virginia University, University Projects, University & College Improvements Revenue, Callable 10/1/29 @ 100, 5.000%, 10/1/33		2,271,800
	1,655,000	West Virginia University, University Projects, University & College Improvements Revenue, Series A, Callable 10/1/31 @ 100, 5.000%, 10/1/43		1,824,323
	1,085,000	West Virginia University, University Projects, University & College Improvements Revenue, Series A, Callable 10/1/31 @ 100, 5.000%, 10/1/44		1,192,426
	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		529,322
	1,170,000	West Virginia Water Development Authority, Loan Program II, Refunding Revenue, Series A-II, 5.000%, 11/1/24		1,211,933
	1,000,000	West Virginia Water Development Authority, Loan Program II, Refunding Revenue, Series A-II, 5.000%, 11/1/25		1,061,360
	740,000	West Virginia Water Development Authority, West Virginia Infrastructure & Jobs, Current Refunding Revenue Bonds, Callable 10/1/26 @ 100, 5.000%, 10/1/30		794,212
	1,100,000	West Virginia Water Development Authority, West Virginia Infrastructure & Jobs, Current Refunding Revenue Bonds, Callable 10/1/26 @ 100, 5.000%, 10/1/31		1,179,827
	1,205,000	Wood County, WV, Board of Education, Public School Improvements, G.O., (West Virginia Board Commission), 4.000%, 6/1/25		1,240,861
		Total Municipal Bonds
		(Cost $76,286,009)		75,691,971

Continued

70

Sterling Capital West Virginia Intermediate Tax-Free Fund

Schedule of Portfolio Investments — (continued) 

March 31, 2023 (Unaudited)

Shares		Fair Value
MONEY MARKET FUND — 0.8%
640,369	Federated Treasury Obligations Fund, Institutional Shares, 4.66%(b)	$	640,369
	Total Money Market Fund
	(Cost $640,369)		640,369
Total Investments — 98.7%
(Cost $76,926,378)			76,332,340
Net Other Assets (Liabilities) — 1.3%			984,657
NET ASSETS — 100.0%		$	77,316,997

(a) All or a portion of the securities are held in a separate collateral account at US Bank.

(b) 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

71

(This page is intentionally left blank.)

Sterling Capital Funds

Statement of Assets and Liabilities

March 31, 2023 (Unaudited)

	Sterling Capital Behavioral Large Cap Value Equity Fund			Sterling Capital Mid Value Fund
Assets:
Investments at fair value (a)	$	30,478,313‌		$	46,738,728‌
Cash	—‌			—‌
Foreign currency, at value (cost $—, $—, $—, $—, $—, $166,559 and $—, respectively)	—‌			—‌
Dividends receivable	47,990‌			21,668‌
Receivable for investments sold	138,875‌			—‌
Receivable for capital shares issued	44‌			3,771‌
Prepaid and other expenses	57,002‌			23,989‌
Total Assets	30,722,224‌			46,788,156‌
Liabilities:
Payable for investments purchased	—‌			—‌
Payable for capital shares redeemed	25‌			118,315‌
Accrued expenses and other payables:
Investment advisory fees	11,648‌			22,432‌
Administration fees	2,314‌			3,701‌
Compliance service fees	106‌			171‌
Distribution (12b-1) fees	6,234‌			4,246‌
Accounting out-of-pocket fees	813‌			644‌
Audit fees	1,216‌			2,045‌
Custodian fees	472‌			731‌
Printing fees	518‌			2,714‌
Transfer agent fees	2,085‌			8,611‌
Other fees and liabilities	400‌			384‌
Total Liabilities	25,831‌			163,994‌
Net Assets	$	30,696,393‌		$	46,624,162‌
Net Assets Consist of:
Capital	$	44,737,737‌		$	36,352,341‌
Total distributable earnings		(14,041,344	)		10,271,821‌
Net Assets	$	30,696,393‌		$	46,624,162‌
Net Assets
Class A Shares	$	28,512,770‌		$	18,109,301‌
Class C Shares		274,015‌			542,928‌
Institutional Shares		1,510,554‌			27,538,765‌
Class R6 Shares		399,054‌			433,168‌
Total	$	30,696,393‌		$	46,624,162‌
Shares of Beneficial Interest Outstanding (Unlimited number of shares authorized, no par value)
Class A Shares		1,258,785‌			1,276,692‌
Class C Shares		12,591‌			48,579‌
Institutional Shares		66,188‌			1,879,700‌
Class R6 Shares		17,424‌			29,509‌
Total		1,354,988‌			3,234,480‌
Net Asset Value
Class A Shares - redemption price per share	$	22.65‌		$	14.18‌
Class C Shares - offering price per share*	$	21.76‌		$	11.18‌
Institutional Shares	$	22.82‌		$	14.65‌
Class R6 Shares	$	22.90‌		$	14.68‌
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	$	24.03‌		$	15.05‌
(a) Investments at cost	$	27,742,557‌		$	37,900,411‌

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

See accompanying Notes to the Financial Statements.

 73

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
$	136,108,411		$	479,463,205		$	2,055,538,948		$	126,772,753		$	6,417,724
	10,179			—			—			50,513			—
	—			—			—			165,603			—
	280,935			161,719			2,695,508			1,407,278			2,648
	—			1,942,777			—			—			—
	429			57,571			1,453,320			—			—
	24,511			47,282			184,316			25,143			5,467
	136,424,465			481,672,554			2,059,872,092			128,421,290			6,425,839
	—			2,316,337			—			—			—
	294			426,684			1,760,235			—			—
	71,067			260,619			943,086			42,509			1,278
	5,049			34,926			154,623			4,928			518
	124			726			1,981			—			94
	1,282			80,101			148,637			105			1,100
	1,980			4,332			15,801			6,007			281
	4,305			19,874			81,152			3,600			306
	445			7,177			22,092			5,264			111
	2,794			17,188			—			—			633
	5,954			58,866			239,437			2,204			1,369
	1,773			12,240			37,739			1,528			69
	95,067			3,239,070			3,404,783			66,145			5,759
$	136,329,398		$	478,433,484		$	2,056,467,309		$	128,355,145		$	6,420,080
$	132,168,462		$	274,138,750		$	1,313,227,389		$	128,560,368		$	5,058,664
	4,160,936			204,294,734			743,239,920			(205,223	)		1,361,416
$	136,329,398		$	478,433,484		$	2,056,467,309		$	128,355,145		$	6,420,080
$	5,834,767		$	277,928,944		$	441,336,557		$	412,247		$	3,647,898
	29,331			25,787,588			67,863,945			23,359			362,774
	8,919,491			134,984,163			1,436,988,525			656,468			2,409,408
	121,545,809			39,732,789			110,278,282			127,263,071			–
$	136,329,398		$	478,433,484		$	2,056,467,309		$	128,355,145		$	6,420,080
	355,895			11,338,052			17,395,586			45,953			314,319
	1,885			1,436,800			2,702,534			2,593			33,007
	538,864			5,084,746			56,437,373			73,208			204,089
	7,334,232			1,498,617			4,328,346			14,185,676			—
	8,230,876			19,358,215			80,863,839			14,307,430			551,415
$	16.39		$	24.51		$	25.37		$	8.97		$	11.61
$	15.56		$	17.95		$	25.11		$	9.01		$	10.99
$	16.55		$	26.55		$	25.46		$	8.97		$	11.81
$	16.57		$	26.51		$	25.48		$	8.97		$	—
	5.75	%		5.75	%		5.75	%		5.75	%		5.75	%
$	17.39		$	26.01		$	26.92		$	9.52		$	12.31
$	128,327,837		$	314,217,527		$	1,399,783,157		$	112,078,269		$	5,816,988

 74

Sterling Capital Funds

Statement of Assets and Liabilities 

March 31, 2023 (Unaudited)

	Sterling Capital Mid Cap Relative Value Fund			Sterling Capital Real Estate Fund
Assets:
Investments at fair value (a)	$	43,696,345		$	74,274,263
Cash		—			—
Interest and dividends receivable		41,863			217,797
Receivable for investments sold		—			725,969
Receivable for capital shares issued		500			23,594
Prepaid and other expenses		9,463			19,818
Total Assets		43,748,171			75,261,441
Liabilities:
Cash overdraft		—			—
Distributions payable		—			—
Payable for investments purchased		—			901,473
Payable for capital shares redeemed		27,516			23,410
Accrued expenses and other payables:
Investment advisory fees		22,270			35,771
Administration fees		3,526			5,877
Compliance service fees		138			194
Distribution (12b-1) fees		86			251
Accounting out-of-pocket fees		624			956
Printing fees		2,796			5,483
Transfer agent fees		3,225			7,263
Other fees and liabilities		3,032			3,250
Total Liabilities		63,213			983,928
Net Assets	$	43,684,958		$	74,277,513
Net Assets Consist of:
Capital	$	20,455,241		$	44,204,027
Total distributable earnings		23,229,717			30,073,486
Net Assets	$	43,684,958		$	74,277,513
Net Assets
Class A Shares	$	395,678		$	674,614
Class C Shares		3,439			132,803
Institutional Shares		43,285,841			72,749,608
Class R6 Shares		–			720,488
Total	$	43,684,958		$	74,277,513
Shares of Beneficial Interest Outstanding (Unlimited number of shares authorized, no par value)
Class A Shares		6,586			19,216
Class C Shares		59			3,823
Institutional Shares		715,602			2,066,242
Class R6 Shares		—			20,374
Total		722,247			2,109,655
Net Asset Value
Class A Shares - redemption price per share	$	60.08		$	35.11
Class C Shares - offering price per share*	$	58.05	**	$	34.74
Institutional Shares	$	60.49		$	35.21
Class R6 Shares	$	—		$	35.36
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.	$	63.74		$	37.25
(a) Investments at cost	$	23,846,932		$	46,329,758

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

** Class C Shares of Sterling Capital Mid Cap Relative Value Fund net asset values are calculated using unrounded net assets $3,439.08, divided by unrounded shares of 59.247.

See accompanying Notes to the Financial Statements.

 75

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
$	303,567,447		$	40,652,790		$	135,447,631		$	17,164,356		$	1,029,642,000
	—			—			—			142			—
	473,953			158,407			781,618			73,774			5,983,913
	3,317,592			—			831,615			—			3,280,808
	134,747			13,000			110,330			79			918,750
	31,692			24,349			22,927			7,493			67,389
	307,525,431			40,848,546			137,194,121			17,245,844			1,039,892,860
	—			27,616			61,188			—			242,538
	—			25,468			64,412			639			763,419
	1,224,145			2,247,960			589,901			—			3,928,282
	1,960,895			4,795			113,342			382			1,156,784
	194,062			—			19,670			2,117			174,220
	24,932			2,853			9,784			1,383			62,588
	628			139			287			97			1,808
	832			2,504			1,021			754			13,211
	3,625			9,986			12,582			4,519			36,931
	31,155			1,963			8,385			1,389			91,108
	62,433			1,827			12,447			955			144,207
	26,201			2,004			8,106			1,016			96,475
	3,528,908			2,327,115			901,125			13,251			6,711,571
$	303,996,523		$	38,521,431		$	136,292,996		$	17,232,593		$	1,033,181,289
$	46,340,295		$	40,194,618		$	150,113,046		$	20,310,648		$	1,204,048,529
	257,656,228			(1,673,187	)		(13,820,050	)		(3,078,055	)		(170,867,240	)
$	303,996,523		$	38,521,431		$	136,292,996		$	17,232,593		$	1,033,181,289
$	2,454,708		$	15,094,154		$	3,419,692		$	2,848,314		$	50,102,864
	364,800			–			338,851			183,842			3,195,009
	294,935,020			23,427,277			116,933,883			14,200,437			735,519,935
	6,241,995			–			15,600,570			–			244,363,481
$	303,996,523		$	38,521,431		$	136,292,996		$	17,232,593		$	1,033,181,289
	48,359			1,566,624			417,934			328,528			5,344,509
	7,799			—			41,435			21,248			340,270
	5,748,350			2,430,612			14,300,022			1,636,943			78,421,211
	121,299			—			1,906,558			—			26,058,739
	5,925,807			3,997,236			16,665,949			1,986,719			110,164,729
$	50.76		$	9.63		$	8.18		$	8.67		$	9.37
$	46.78		$	—		$	8.18		$	8.65		$	9.39
$	51.31		$	9.64		$	8.18		$	8.67		$	9.38
$	51.46		$	—		$	8.18		$	—		$	9.38
	5.75	%		0.00	%		2.00	%		2.00	%		5.75	%
$	53.86		$	9.63		$	8.35		$	8.85		$	9.95
$	106,224,605		$	40,980,674		$	137,769,132		$	18,569,810		$	1,116,461,205

 76

Sterling Capital Funds

Statement of Assets and Liabilities 

March 31, 2023 (Unaudited)

	Sterling Capital Long Duration Corporate Bond Fund			Sterling Capital Quality Income Fund
Assets:
Investments at fair value (a)	$	26,575,556		$	85,320,463
Interest and dividends receivable		329,886			250,413
Receivable for investments sold		30,061			1,218,202
Receivable for capital shares issued		—			—
Prepaid and other expenses		21,906			14,125
Total Assets		26,957,409			86,803,203
Liabilities:
Cash overdraft	��	—			36,838
Distributions payable		92			102,472
Payable for investments purchased		72,388			2,261,287
Payable for capital shares redeemed		1,264			5,835
Accrued expenses and other payables:
Investment advisory fees		2,314			22,071
Administration fees		229			6,864
Compliance service fees		84			113
Distribution (12b-1) fees		98			9
Accounting out-of-pocket fees		6,490			12,065
Printing fees		318			—
Transfer agent fees		933			2,763
Other fees and liabilities		1,339			917
Total Liabilities		85,549			2,451,234
Net Assets	$	26,871,860		$	84,351,969
Net Assets Consist of:
Capital	$	33,801,807		$	94,199,169
Total distributable earnings		(6,929,947	)		(9,847,200	)
Net Assets	$	26,871,860		$	84,351,969
Net Assets
Class A Shares	$	467,568		$	32,653
Class C Shares		2,745			2,951
Institutional Shares		446,658			84,316,365
Class R6 Shares		25,954,889			–
Total	$	26,871,860		$	84,351,969
Shares of Beneficial Interest Outstanding (Unlimited number of shares authorized, no par value)
Class A Shares		65,256			3,646
Class C Shares		384			330
Institutional Shares		62,386			9,405,378
Class R6 Shares		3,621,841			—
Total		3,749,867			9,409,354
Net Asset Value
Class A Shares - redemption price per share	$	7.17		$	8.96
Class C Shares - offering price per share*	$	7.15		$	8.95
Institutional Shares	$	7.16		$	8.96
Class R6 Shares	$	7.17		$	—
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	$	7.31		$	9.14
(a) Investments at cost	$	32,103,343		$	92,265,791

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

See accompanying Notes to the Financial Statements.

 77

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
$	143,177,809		$	36,297,466		$	75,146,809		$	76,332,340
	1,851,855			478,705			864,616			1,160,492
	—			—			—			—
	462,789			—			73,521			—
	21,495			8,146			10,757			17,889
	145,513,948			36,784,317			76,095,703			77,510,721
	—			—			—			—
	110,193			27,525			101,070			117,243
	3,539,400			—			—			—
	223,894			21,741			243,496			25,278
	42,388			9,816			22,433			23,843
	11,572			2,895			6,139			6,514
	256			204			139			152
	5,659			1,780			2,775			3,746
	7,708			6,180			3,764			5,450
	10,862			7,083			4,221			5,399
	9,946			4,888			4,087			3,900
	9,976			4,654			1,347			2,199
	3,971,854			86,766			389,471			193,724
$	141,542,094		$	36,697,551		$	75,706,232		$	77,316,997
$	145,147,511		$	37,672,401		$	76,718,391		$	79,931,812
	(3,605,417	)		(974,850	)		(1,012,159	)		(2,614,815	)
$	141,542,094		$	36,697,551		$	75,706,232		$	77,316,997
$	22,329,432		$	7,120,760		$	12,993,503		$	14,290,694
	1,144,247			337,719			16,913			1,784
	118,068,415			29,239,072			62,695,816			63,024,519
	–			–			–			–
$	141,542,094		$	36,697,551		$	75,706,232		$	77,316,997
	2,175,009			669,708			1,155,584			1,501,277
	111,543			31,777			1,504			187
	11,502,872			2,768,778			5,577,850			6,613,619
	—			—			—			—
	13,789,424			3,470,263			6,734,938			8,115,083
$	10.27		$	10.63		$	11.24		$	9.52
$	10.26		$	10.63		$	11.24		$	9.53
$	10.26		$	10.56		$	11.24		$	9.53
$	—		$	—		$	—		$	—
	2.00	%		2.00	%		2.00	%		2.00	%
$	10.48		$	10.85		$	11.47		$	9.71
$	141,950,475		$	36,657,594		$	74,661,367		$	76,926,378

 78

Sterling Capital Funds

Statements of Operations 

For the Six Months Ended March 31, 2023 (Unaudited)

	Sterling Capital Behavioral Large Cap Value Equity Fund			Sterling Capital Mid Value Fund
Investment Income:
Dividend income	$	443,188		$	390,037
Foreign tax withholding		—			(61	)
Total investment income		443,188			389,976
Expenses:
Investment advisory fees (See Note 4)		70,536			146,678
Administration fees (See Note 4)		14,939			23,301
Distribution fees - Class A Shares (See Note 4)		36,429			23,237
Distribution fees - Class C Shares (See Note 4)		1,384			2,732
Compliance service fees (See Note 4)		461			627
Trustee fees		2,496			4,486
Accounting and out-of-pocket fees		1,607			1,533
Audit fees		1,296			2,200
Custodian fees		845			1,472
Fund accounting fees (See Note 4)		1,176			1,833
Interest expense (See Note 8)		—			—
Legal fees		2,632			4,911
Printing fees		1,850			3,937
Registration fees		15,471			17,810
Transfer agent fees (See Note 4)		6,935			17,180
Other fees		3,173			4,226
Total expenses before waivers		161,230			256,163
Less expenses waived by the Investment Advisor (See Note 4)		—			(1,181	)
Less expenses waived by the Administrator (See Note 4)		(111	)		(173	)
Net expenses		161,119			254,809
Net investment income (loss)		282,069			135,167
Realized and Unrealized Gain (Loss):
Net realized gain (loss) from:
Investments		44,602			2,139,691
Foreign currency transactions		—			—
Change in unrealized appreciation/depreciation on:
Investments		3,427,774			3,060,359
Foreign currency transactions		—			—
Total realized and unrealized gain		3,472,376			5,200,050
Change in net assets from operations	$	3,754,445		$	5,335,217

See accompanying Notes to the Financial Statements.

 79

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
$	1,789,422		$	2,012,974		$	24,845,577		$	2,181,139		$	18,646
	(3,360	)		(36,501	)		—			(178,579	)		(345	)
	1,786,062			1,976,473			24,845,577			2,002,560			18,301
	402,354			1,619,085			5,905,558			235,147			25,129
	63,857			237,423			1,023,334			56,043			3,421
	7,779			350,821			559,016			473			4,868
	158			142,930			346,521			145			2,471
	1,011			3,906			15,062			886			306
	8,561			43,314			172,758			7,520			679
	3,530			8,334			31,251			10,035			895
	4,555			21,324			86,754			3,799			329
	2,270			14,741			57,053			16,090			222
	5,029			18,682			80,530			4,409			269
	—			—			809			—			23
	9,359			46,595			183,771			7,536			727
	5,805			35,385			127,377			5,031			624
	15,369			27,882			45,700			4,736			6,490
	16,906			182,716			860,038			9,981			3,526
	6,459			24,268			83,540			11,986			1,869
	553,002			2,777,406			9,579,072			373,817			51,848
	—			—			—			—			(16,126	)
	(31,280	)		(16,480	)		(52,187	)		(29,145	)		—
	521,722			2,760,926			9,526,885			344,672			35,722
	1,264,340			(784,453	)		15,318,692			1,657,888			(17,421	)
	(3,923,597	)		44,113,296			97,412,973			982,896			822,883
	—			—			—			64,735			—
	8,425,427			9,269,198			138,594,691			27,240,262			(283,120	)
	—			—			—			45,320			—
	4,501,830			53,382,494			236,007,664			28,333,213			539,763
$	5,766,170		$	52,598,041		$	251,326,356		$	29,991,101		$	522,342

 80

Sterling Capital Funds

Statements of Operations 

For the Six Months Ended March 31, 2023 (Unaudited)

	Sterling Capital Mid Cap Relative Value Fund			Sterling Capital Real Estate Fund
Investment Income:
Interest income	$	—		$	—
Dividend income		444,979			862,433
Foreign tax withholding		(2,815	)		—
Total investment income		442,164			862,433
Expenses:
Investment advisory fees (See Note 4)		140,099			218,497
Administration fees (See Note 4)		22,253			36,218
Distribution fees - Class A Shares (See Note 4)		510			858
Distribution fees - Class C Shares (See Note 4)		17			657
Compliance service fees (See Note 4)		588			817
Trustee fees		4,012			6,712
Accounting and out-of-pocket fees		1,512			2,005
Audit fees		1,968			3,306
Custodian fees		1,339			2,260
Fund accounting fees (See Note 4)		1,751			2,850
Interest expense (See Note 8)		—			—
Legal fees		4,329			7,160
Printing fees		3,403			5,600
Registration fees		9,992			13,193
Transfer agent fees (See Note 4)		9,217			22,937
Other fees		3,535			4,955
Total expenses before waivers		204,525			328,025
Less expenses waived by the Investment Advisor (See Note 4)		—			—
Less expenses waived by the Administrator (See Note 4)		—			(231	)
Net expenses		204,525			327,794
Net investment income		237,639			534,639
Realized and Unrealized Gain (Loss):
Net realized gain (loss) from:
Investments		3,312,619			1,973,066
Change in unrealized appreciation/depreciation on:
Investments		2,586,949			3,412,303
Total realized and unrealized gain		5,899,568			5,385,369
Change in net assets from operations	$	6,137,207		$	5,920,008

See accompanying Notes to the Financial Statements.

 81

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
$	—		$	450,842		$	1,976,769		$	204,413		$	17,488,664
	2,514,648			19,028			34,673			7,092			175,385
	—			—			—			—			—
	2,514,648			469,870			2,011,442			211,505			17,664,049
	1,311,018			29,981			128,123			26,993			1,291,260
	166,586			14,300			61,070			8,043			492,433
	3,196			9,656			4,445			3,564			60,420
	1,798			—			1,830			663			16,547
	2,924			470			1,124			364			8,033
	31,456			2,577			10,469			1,358			93,112
	6,647			12,198			13,512			6,565			45,529
	15,533			1,283			5,178			672			45,485
	10,785			894			3,177			444			30,508
	13,110			1,124			4,805			633			38,738
	4,324			—			—			—			2,811
	34,277			2,736			10,757			1,372			95,151
	28,670			2,030			8,790			1,228			85,821
	17,498			7,775			20,735			5,543			38,186
	172,278			4,533			31,690			2,831			356,992
	19,020			2,981			7,363			1,930			53,043
	1,839,120			92,538			313,068			62,203			2,754,069
	(8,087	)		(41,496	)		(6,840	)		(15,800	)		(350,023	)
	(3,170	)		—			(7,474	)		—			(120,700	)
	1,827,863			51,042			298,754			46,403			2,283,346
	686,785			418,828			1,712,688			165,102			15,380,703
	62,680,845			(18,314	)		(1,241,510	)		(9,232	)		(25,205,543	)
	(20,101,296	)		332,419			2,960,701			389,819			57,167,049
	42,579,549			314,105			1,719,191			380,587			31,961,506
$	43,266,334		$	732,933		$	3,431,879		$	545,689		$	47,342,209

 82

Sterling Capital Funds

Statements of Operations

For the Six Months Ended March 31, 2023 (Unaudited)

	Sterling Capital Long Duration Corporate Bond Fund			Sterling Capital Quality Income Fund
Investment Income:
Interest income	$	589,464		$	1,312,245
Dividend income		5,830			—
Total investment income		595,294			1,312,245
Expenses:
Investment advisory fees (See Note 4)		31,898			141,959
Administration fees (See Note 4)		12,164			38,674
Distribution fees - Class A Shares (See Note 4)		558			40
Distribution fees - Class C Shares (See Note 4)		13			15
Compliance service fees (See Note 4)		400			756
Trustee fees		1,680			5,895
Accounting and out-of-pocket fees		10,916			19,932
Audit fees		871			2,966
Custodian fees		578			2,002
Fund accounting fees (See Note 4)		957			3,042
Interest expense (See Note 8)		—			—
Legal fees		1,642			6,098
Printing fees		1,234			3,462
Registration fees		4,981			7,988
Transfer agent fees (See Note 4)		2,659			8,497
Other fees		2,272			3,694
Total expenses before waivers		72,823			245,020
Less expenses waived by the Investment Advisor (See Note 4)		(14,835	)		(16,224	)
Less expenses waived by the Administrator (See Note 4)		(11,136	)		—
Net expenses		46,852			228,796
Net investment income		548,442			1,083,449
Realized and Unrealized Gain (Loss):
Net realized gain (loss) from:
Investments		(777,252	)		(184,849	)
Change in unrealized appreciation/depreciation on:
Investments		2,705,275			1,850,883
Total realized and unrealized gain		1,928,023			1,666,034
Change in net assets from operations	$	2,476,465		$	2,749,483

See accompanying Notes to the Financial Statements.

 83

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
$	1,975,776		$	497,111		$	959,859		$	1,205,719
	38,612			23,723			22,457			23,619
	2,014,388			520,834			982,316			1,229,338
	256,008			66,633			133,767			149,823
	69,740			18,152			36,444			40,806
	30,368			9,026			16,806			28,169
	5,677			1,701			83			109
	1,287			589			760			832
	12,418			4,119			6,065			6,850
	9,986			6,218			5,813			7,487
	6,082			1,956			2,994			3,422
	4,098			1,360			2,013			2,254
	5,486			1,428			2,866			3,211
	—			—			23			—
	13,172			4,371			6,275			7,182
	9,983			4,047			4,658			5,399
	6,950			6,201			8,130			8,132
	27,185			9,031			11,654			11,810
	7,544			3,615			4,192			4,646
	465,984			138,447			242,543			280,132
	—			(920	)		—			—
	—			—			—			—
	465,984			137,527			242,543			280,132
	1,548,404			383,307			739,773			949,206
	(719,175	)		(159,397	)		(294,588	)		(1,080,927	)
	7,047,684			1,564,121			3,516,819			3,753,408
	6,328,509			1,404,724			3,222,231			2,672,481
$	7,876,913		$	1,788,031		$	3,962,004		$	3,621,687

 84

Sterling Capital Funds

Statements of Changes in Net Assets

	Sterling Capital Behavioral Large Cap Value Equity Fund
	For the Six Months Ended March 31, 2023 (Unaudited)			For the Year Ended September 30, 2022
From Investment Activities:
Operations:
Net investment income (loss)	$	282,069‌		$	565,718‌
Net realized gain (loss)		44,602‌			2,611,731‌
Change in unrealized appreciation/depreciation.		3,427,774‌			(6,173,918	)
Change in net assets from operations.		3,754,445‌			(2,996,469	)
Distributions to Shareholders:
Income distribution:
Class A		(276,199	)		(476,471	)
Class C		(1,739	)		(2,568	)
Institutional Class.		(16,488	)		(39,354	)
Class R6		(4,433	)		(13	)
Change in net assets from shareholder distributions.		(298,859	)		(518,406	)
Capital Transactions:
Change in net assets from capital transactions (See Note 5)		(644,654	)		(1,797,076	)
Change in net assets		2,810,932‌			(5,311,951	)
Net Assets:
Beginning of period.		27,885,461‌			33,197,412‌
End of period	$	30,696,393‌		$	27,885,461‌

See accompanying Notes to the Financial Statements.

 85

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, 2023 (Unaudited)			For the Year Ended September 30, 2022			For the Six Months Ended March 31, 2023 (Unaudited)			For the Year Ended September 30, 2022			For the Six Months Ended March 31, 2023 (Unaudited)			For the Year Ended September 30, 2022
$	135,167		$	160,462		$	1,264,340		$	1,139,103		$	(784,453	)	$	(2,384,356	)
	2,139,691			9,493,174			(3,923,597	)		16,819,971			44,113,296			42,334,321
	3,060,359			(19,290,537	)		8,425,427			(24,041,910	)		9,269,198			(156,233,127	)
	5,335,217			(9,636,901	)		5,766,170			(6,082,836	)		52,598,041			(116,283,162	)
	(3,067,418	)		(1,874,485	)		(29,316	)		(699,909	)		(21,815,665	)		(43,211,898	)
	(101,527	)		(83,961	)		(7	)		(3,471	)		(3,031,376	)		(7,853,006	)
	(4,879,982	)		(4,044,300	)		(86,560	)		(1,366,695	)		(10,387,547	)		(24,533,645	)
	(79,347	)		(24,626	)		(1,056,341	)		(8,845,595	)		(3,204,690	)		(5,075,978	)
	(8,128,274	)		(6,027,372	)		(1,172,224	)		(10,915,670	)		(38,439,278	)		(80,674,527	)
	2,448,049			(13,905,347	)		95,943,297			(53,178,549	)		(30,220,692	)		22,803,338
	(345,008	)		(29,569,620	)		100,537,243			(70,177,055	)		(16,061,929	)		(174,154,351	)
	46,969,170			76,538,790			35,792,155			105,969,210			494,495,413			668,649,764
$	46,624,162		$	46,969,170		$	136,329,398		$	35,792,155		$	478,433,484		$	494,495,413

 86

Sterling Capital Funds

Statements of Changes in Net Assets

	Sterling Capital Equity Income Fund
	For the Six Months Ended March 31, 2023 (Unaudited)			For the Year Ended September 30, 2022
From Investment Activities:
Operations:
Net investment income (loss)	$	15,318,692		$	34,041,516
Net realized gain (loss)		97,412,973			167,909,932
Change in unrealized appreciation/depreciation		138,594,691			(317,324,225	)
Change in net assets from operations		251,326,356			(115,372,777	)
Distributions to Shareholders:
Income distribution:
Class A		(32,181,672	)		(14,200,798	)
Class C		(4,773,601	)		(1,831,748	)
Institutional Class		(112,976,530	)		(56,490,711	)
Class R6		(8,163,659	)		(2,396,776	)
Change in net assets from shareholder distributions		(158,095,462	)		(74,920,033	)
Capital Transactions:
Change in net assets from capital transactions (See Note 5)		(51,225,102	)		(30,597,835	)
Change in net assets		42,005,792			(220,890,645	)
Net Assets:
Beginning of period		2,014,461,517			2,235,352,162
End of period	$	2,056,467,309		$	2,014,461,517

See accompanying Notes to the Financial Statements.

 87

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, 2023 (Unaudited)			For the Year Ended September 30, 2022			For the Six Months Ended March 31, 2023 (Unaudited)			For the Year Ended September 30, 2022			For the Six Months Ended March 31, 2023 (Unaudited)			For the Year Ended September 30, 2022
$	1,657,888		$	3,737,570		$	(17,421	)	$	(5,456	)	$	237,639		$	440,187
	1,047,631			(8,424,469	)		822,883			868,503			3,312,619			7,317,042
	27,285,582			(19,824,761	)		(283,120	)		(2,529,581	)		2,586,949			(14,324,669	)
	29,991,101			(24,511,660	)		522,342			(1,666,534	)		6,137,207			(6,567,440	)
	(11,319	)		(20,546	)		(397,670	)		(427,285	)		(64,334	)		(30,339	)
	(216	)		(2,002	)		(57,986	)		(133,622	)		(513	)		(250	)
	(17,962	)		(31,374	)		(303,812	)		(389,794	)		(7,178,386	)		(4,998,468	)
	(3,663,801	)		(4,003,413	)		–			–			–			–
	(3,693,298	)		(4,057,335	)		(759,468	)		(950,701	)		(7,243,233	)		(5,029,057	)
	3,694,288			39,989,968			(574,389	)		(1,350,340	)		(647,814	)		(8,839,376	)
	29,992,091			11,420,973			(811,515	)		(3,967,575	)		(1,753,840	)		(20,435,873	)
	98,363,054			86,942,081			7,231,595			11,199,170			45,438,798			65,874,671
$	128,355,145		$	98,363,054		$	6,420,080		$	7,231,595		$	43,684,958		$	45,438,798

 88

Sterling Capital Funds

Statements of Changes in Net Assets

	Sterling Capital Real Estate Fund
	For the Six Months Ended March 31, 2023 (Unaudited)			For the Year Ended September 30, 2022
From Investment Activities:
Operations:
Net investment income	$	534,639		$	870,154
Net realized gain (loss)		1,973,066			5,415,357
Change in unrealized appreciation/depreciation		3,412,303			(23,147,437	)
Change in net assets from operations		5,920,008			(16,861,926	)
Distributions to Shareholders:
Income distribution:
Class A		(46,965	)		(53,913	)
Class C		(8,543	)		(12,662	)
Institutional Class		(5,150,795	)		(7,579,099	)
Class R6		(47,376	)		(1,363	)
Change in net assets from shareholder distributions		(5,253,679	)		(7,647,037	)
Capital Transactions:
Change in net assets from capital transactions (See Note 5)		(1,074,860	)		2,203,071
Change in net assets..		(408,531	)		(22,305,892	)
Net Assets:
Beginning of period		74,686,044			96,991,936
End of period	$	74,277,513		$	74,686,044

See accompanying Notes to the Financial Statements.

 89

Sterling Capital Small Cap Value Fund						Sterling Capital Ultra Short Bond Fund
For the Six Months Ended March 31, 2023 (Unaudited)			For the Year Ended September 30, 2022			For the Six Months Ended March 31, 2023 (Unaudited)			For the Year Ended September 30, 2022
$	686,785		$	1,736,703		$	418,828		$	397,553
	62,680,845			84,129,501			(18,314	)		(128,185	)
	(20,101,296	)		(139,878,030	)		332,419			(613,903	)
	43,266,334			(54,011,826	)		732,933			(344,535	)
	(561,313	)		(718,382	)		(119,177	)		(94,279	)
	(82,031	)		(95,212	)		–			–
	(76,098,395	)		(104,869,046	)		(355,845	)		(423,309	)
	(1,534,096	)		(981,746	)		–			–
	(78,275,835	)		(106,664,386	)		(475,022	)		(517,588	)
	(17,733,939	)		(4,107,586	)		10,908,593			(11,494,089	)
	(52,743,440	)		(164,783,798	)		11,166,504			(12,356,212	)
	356,739,963			521,523,761			27,354,927			39,711,139
$	303,996,523		$	356,739,963		$	38,521,431		$	27,354,927

 90

Sterling Capital Funds

Statements of Changes in Net Assets

	Sterling Capital Short Duration Bond Fund
	For the Six Months Ended March 31, 2023 (Unaudited)			For the Year Ended September 30, 2022
From Investment Activities:
Operations:
Net investment income	$	1,712,688		$	1,604,478
Net realized (loss)		(1,241,510	)		(1,142,255	)
Change in unrealized appreciation/depreciation		2,960,701			(6,544,910	)
Change in net assets from operations		3,431,879			(6,082,687	)
Distributions to Shareholders:
Income distribution:
Class A		(43,771	)		(77,983	)
Class C		(3,122	)		(9,133	)
Institutional Class		(1,462,594	)		(2,495,380	)
Class R6		(232,648	)		(474,774	)
Change in net assets from shareholder distributions		(1,742,135	)		(3,057,270	)
Capital Transactions:
Change in net assets from capital transactions (See Note 5)		30,134,664			(83,167,834	)
Change in net assets		31,824,408			(92,307,791	)
Net Assets:
Beginning of period		104,468,588			196,776,379
End of period	$	136,292,996		$	104,468,588

See accompanying Notes to the Financial Statements.

 91

Sterling Capital Intermediate U.S. Government Fund						Sterling Capital Total Return Bond Fund
For the Six Months Ended March 31, 2023 (Unaudited)			For the Year Ended September 30, 2022			For the Six Months Ended March 31, 2023 (Unaudited)			For the Year Ended September 30, 2022
$	165,102		$	195,052		$	15,380,703		$	26,361,668
	(9,232	)		(161,313	)		(25,205,543	)		(48,317,061	)
	389,819			(2,125,140	)		57,167,049			(183,707,125	)
	545,689			(2,091,401	)		47,342,209			(205,662,518	)
	(34,352	)		(64,077	)		(694,649	)		(1,679,055	)
	(1,118	)		(1,493	)		(35,032	)		(106,188	)
	(184,691	)		(355,581	)		(11,546,158	)		(32,571,476	)
	–			–			(3,890,999	)		(10,158,386	)
	(220,161	)		(421,151	)		(16,166,838	)		(44,515,105	)
	192,791			(557,502	)		(61,473,767	)		(240,397,279	)
	518,319			(3,070,054	)		(30,298,396	)		(490,574,902	)
	16,714,274			19,784,328			1,063,479,685			1,554,054,587
$	17,232,593		$	16,714,274		$	1,033,181,289		$	1,063,479,685

 92

Sterling Capital Funds

Statements of Changes in Net Assets

	Sterling Capital Long Duration Corporate Bond Fund
	For the Six Months Ended March 31, 2023 (Unaudited)			For the Year Ended September 30, 2022
From Investment Activities:
Operations:
Net investment income	$	548,442		$	724,462
Net realized (loss)		(777,252	)		(589,254	)
Change in unrealized appreciation/depreciation		2,705,275			(8,498,946	)
Change in net assets from operations		2,476,465			(8,363,738	)
Distributions to Shareholders:
Income distribution:
Class A		(9,002	)		(76,145	)
Class C		(43	)		(2,558	)
Institutional Class		(6,975	)		(624,683	)
Class R6		(540,997	)		(637,292	)
Change in net assets from shareholder distributions		(557,017	)		(1,340,678	)
Capital Transactions:
Change in net assets from capital transactions (See Note 5)		1,865,042			25,648,255
Change in net assets		3,784,490			15,943,839
Net Assets:
Beginning of period		23,087,370			7,143,531
End of period	$	26,871,860		$	23,087,370

See accompanying Notes to the Financial Statements.

 93

Sterling Capital Quality Income Fund						Sterling Capital North Carolina Intermediate Tax-Free Fund
For the Six Months Ended March 31, 2023 (Unaudited)			For the Year Ended September 30, 2022			For the Six Months Ended March 31, 2023 (Unaudited)			For the Year Ended September 30, 2022
$	1,083,449		$	1,279,771		$	1,548,404		$	2,909,921
	(184,849	)		(464,475	)		(719,175	)		(3,925,912	)
	1,850,883			(9,405,234	)		7,047,684			(14,152,072	)
	2,749,483			(8,589,938	)		7,876,913			(15,168,063	)
	(410	)		(603	)		(232,673	)		(443,470	)
	(27	)		(39	)		(6,626	)		(9,185	)
	(1,135,163	)		(1,556,001	)		(1,309,104	)		(2,457,262	)
	–			–			–			–
	(1,135,600	)		(1,556,643	)		(1,548,403	)		(2,909,917	)
	4,451,694			25,681,610			(17,331,162	)		(16,450,675	)
	6,065,577			15,535,029			(11,002,652	)		(34,528,655	)
	78,286,392			62,751,363			152,544,746			187,073,401
$	84,351,969		$	78,286,392		$	141,542,094		$	152,544,746

 94

Sterling Capital Funds

Statements of Changes in Net Assets

	Sterling Capital South Carolina Intermediate Tax-Free Fund
	For the Six Months Ended March 31, 2023 (Unaudited)			For the Year Ended September 30, 2022
From Investment Activities:
Operations:
Net investment income	$	383,307		$	1,176,317
Net realized (loss)		(159,397	)		(439,370	)
Change in unrealized appreciation/depreciation		1,564,121			(6,014,907	)
Change in net assets from operations		1,788,031			(5,277,960	)
Distributions to Shareholders:
Income distribution:
Class A		(65,703	)		(147,210	)
Class C		(1,821	)		(4,027	)
Institutional Class		(315,783	)		(1,025,078	)
Change in net assets from shareholder distributions		(383,307	)		(1,176,315	)
Capital Transactions:
Change in net assets from capital transactions (See Note 5)		(6,417,231	)		(35,097,479	)
Change in net assets		(5,012,507	)		(41,551,754	)
Net Assets:
Beginning of period		41,710,058			83,261,812
End of period	$	36,697,551		$	41,710,058

See accompanying Notes to the Financial Statements.

 95

Sterling Capital Virginia Intermediate Tax-Free Fund						Sterling Capital West Virginia Intermediate Tax-Free Fund
For the Six Months Ended March 31, 2023 (Unaudited)			For the Year Ended September 30, 2022			For the Six Months Ended March 31, 2023 (Unaudited)			For the Year Ended September 30, 2022
$	739,773		$	1,301,206		$	949,206		$	1,593,986
	(294,588	)		(1,266,182	)		(1,080,927	)		(1,020,923	)
	3,516,819			(6,989,773	)		3,753,408			(8,383,049	)
	3,962,004			(6,954,749	)		3,621,687			(7,809,986	)
	(116,220	)		(236,698	)		(227,112	)		(382,129	)
	(81	)		(208	)		(144	)		(199	)
	(623,471	)		(1,152,188	)		(721,951	)		(1,219,569	)
	(739,772	)		(1,389,094	)		(949,207	)		(1,601,897	)
	(8,660,646	)		7,068,723			(12,498,919	)		1,544,062
	(5,438,414	)		(1,275,120	)		(9,826,439	)		(7,867,821	)
	81,144,646			82,419,766			87,143,436			95,011,257
$	75,706,232		$	81,144,646		$	77,316,997		$	87,143,436

 96

Sterling Capital Funds

Financial Highlights, Class A Shares

March 31, 2023 (Unaudited)

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, 2023 (Unaudited)	$	20.19		0.20			2.48			2.68			(0.22	)		—			—			(0.22	)
Year Ended September 30, 2022	$	22.75		0.40			(2.60	)		(2.20	)		(0.36	)		—			—			(0.36	)
Year Ended September 30, 2021	$	16.72		0.03			6.21			6.24			(0.04	)		—			(0.17	)		(0.21	)
Year Ended September 30, 2020	$	19.49		0.36			(2.07	)		(1.71	)		(0.48	)		(0.58	)		—			(1.06	)
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	)
Sterling Capital Mid Value Fund
Six Months Ended March 31, 2023 (Unaudited)	$	15.21		0.03			1.69			1.72			(0.03	)		(2.72	)		—			(2.75	)
Year Ended September 30, 2022	$	20.01		0.02			(3.18	)		(3.16	)		—			(1.64	)		—			(1.64	)
Year Ended September 30, 2021	$	13.99		(0.02	)		6.07			6.05			(0.03	)		—			—			(0.03	)
Year Ended September 30, 2020	$	16.10		0.02			(0.80	)		(0.78	)		(0.20	)		(1.13	)		—			(1.33	)
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	)
Sterling Capital Behavioral Small Cap Value Equity Fund
Six Months Ended March 31, 2023 (Unaudited)	$	15.12		0.13			1.22			1.35			(0.08	)		—			—			(0.08	)
Year Ended September 30, 2022	$	19.37		0.17			(2.45	)		(2.28	)		(0.15	)		(1.82	)		—			(1.97	)
Year Ended September 30, 2021	$	11.83		0.11			7.53			7.64			(0.10	)		—			—			(0.10	)
Year Ended September 30, 2020	$	14.54		0.10			(2.67	)		(2.57	)		(0.14	)		—			—			(0.14	)
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	)
Sterling Capital Special Opportunities Fund
Six Months Ended March 31, 2023 (Unaudited)	$	23.95		(0.05	)		2.60			2.55			—			(1.99	)		—			(1.99	)
Year Ended September 30, 2022	$	33.44		(0.13	)		(5.25	)		(5.38	)		—			(4.11	)		—			(4.11	)
Year Ended September 30, 2021	$	24.67		(0.11	)		9.21			9.10			—			(0.33	)		—			(0.33	)
Year Ended September 30, 2020	$	24.63		(0.01	)		1.38			1.37			—			(1.33	)		—			(1.33	)
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	)
Sterling Capital Equity Income Fund
Six Months Ended March 31, 2023 (Unaudited)	$	24.27		0.16			2.84			3.00			(0.16	)		(1.74	)		—			(1.90	)
Year Ended September 30, 2022	$	26.57		0.35			(1.82	)		(1.47	)		(0.35	)		(0.48	)		—			(0.83	)
Year Ended September 30, 2021	$	20.04		0.29			6.53			6.82			(0.29	)		—			—			(0.29	)
Year Ended September 30, 2020	$	21.27		0.36			(0.39	)		(0.03	)		(0.36	)		(0.84	)		—			(1.20	)
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	)

* 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.

97

					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)
$	22.65		13.27	%	$	28,513		1.04	%		1.79	%		1.04	%		58.33	%
$	20.19		(9.84	)%	$	25,985		1.00	%		1.68	%		1.03	%		125.15	%
$	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	%
$	14.18		11.18	%	$	18,109		1.19	%		0.40	%		1.19	%		10.45	%
$	15.21		(17.48	)%	$	17,191		1.14	%		0.10	%		1.14	%		29.05	%
$	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	%
$	16.39		8.93	%	$	5,835		1.07	%		1.51	%		1.07	%		61.50	%
$	15.12		(13.50	)%	$	5,644		1.11	%		0.90	%		1.11	%		70.82	%
$	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	%
$	24.51		10.86	%	$	277,929		1.17	%		(0.37	)%		1.17	%		13.41	%
$	23.95		(18.91	)%	$	267,480		1.13	%		(0.44	)%		1.13	%		28.06	%
$	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	%
$	25.37		12.24	%	$	441,337		1.06	%		1.26	%		1.06	%		22.49	%
$	24.27		(5.85	)%	$	411,766		1.04	%		1.29	%		1.04	%		31.23	%
$	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	%

98

Sterling Capital Funds

Financial Highlights, Class A Shares

March 31, 2023 (Unaudited)

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, 2023 (Unaudited)	$	7.09		0.11			2.01			2.12			(0.24	)		—			—		(0.24	)
Year Ended September 30, 2022	$	9.80		0.36			(2.64	)		(2.28	)		(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	)
Sterling Capital SMID Opportunities Fund
Six Months Ended March 31, 2023 (Unaudited)	$	12.08		(0.03	)		0.89			0.86			—			(1.33	)		—		(1.33	)
Year Ended September 30, 2022	$	16.08		(0.01	)		(2.59	)		(2.60	)		—			(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	)
Sterling Capital Mid Cap Relative Value Fund
Six Months Ended March 31, 2023 (Unaudited)	$	62.45		0.25			7.94			8.19			(0.39	)		(10.17	)		—		(10.56	)
Year Ended September 30, 2022	$	78.45		0.39			(10.09	)		(9.70	)		(0.33	)		(5.97	)		—		(6.30	)
Year Ended September 30, 2021	$	58.67		0.28			19.97			20.25			(0.24	)		(0.23	)		—		(0.47	)
Year Ended September 30, 2020	$	64.04		0.25			(3.65	)		(3.40	)		(0.46	)		(1.51	)		—		(1.97	)
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	)
Sterling Capital Real Estate Fund
Six Months Ended March 31, 2023 (Unaudited)	$	34.86		0.21			2.51			2.72			(0.24	)		(2.23	)		—		(2.47	)
Year Ended September 30, 2022	$	46.09		0.27			(7.99	)		(7.72	)		(0.52	)		(2.99	)		—		(3.51	)
Year Ended September 30, 2021	$	36.61		0.35			10.46			10.81			(0.51	)		(0.82	)		—		(1.33	)
Year Ended September 30, 2020	$	42.28		0.25			(3.72	)		(3.47	)		(0.68	)		(1.52	)		—		(2.20	)
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	)
Sterling Capital Small Cap Value Fund
Six Months Ended March 31, 2023 (Unaudited)	$	57.67		0.04			6.82			6.86			(0.09	)		(13.68	)		—		(13.77	)
Year Ended September 30, 2022	$	83.01		0.09			(8.16	)		(8.07	)		—			(17.27	)		—		(17.27	)
Year Ended September 30, 2021	$	63.67		(0.01	)		30.82			30.81			(0.25	)		(11.22	)		—		(11.47	)
Year Ended September 30, 2020	$	78.00		0.25			(9.36	)		(9.11	)		(0.29	)		(4.93	)		—		(5.22	)
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	)
Sterling Capital Ultra Short Bond Fund
Six Months Ended March 31, 2023 (Unaudited)	$	9.55		0.13			0.09			0.22			(0.14	)		—			—		(0.14	)
Year Ended September 30, 2022	$	9.78		0.08			(0.19	)		(0.11	)		(0.12	)		—			—		(0.12	)
Year Ended September 30, 2021	$	9.82		0.08			(0.02	)		0.06			(0.10	)		—			—		(0.10	)
Year Ended September 30, 2020	$	9.78		0.17			0.04			0.21			(0.17	)		—			—		(0.17	)
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	)

* 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.

99

					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)
$	8.97		30.21	%	$	412		0.88	%		2.52	%		0.88	%		41.60	%
$	7.09		(24.40	)%	$	308		0.91	%		3.99	%		0.92	%		103.20	%
$	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	%
$	11.61		6.88	%	$	3,648		1.04	%		(0.56	)%		1.49	%		38.96	%
$	12.08		(18.16	)%	$	3,688		1.04	%		(0.06	)%		1.38	%		23.35	%
$	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	%
$	60.08		13.13	%	$	396		1.12	%		0.77	%		1.12	%		0.30	%
$	62.45		(13.89	)%	$	380		1.10	%		0.53	%		1.10	%		7.94	%
$	78.45		34.65	%	$	369		1.10	%		0.38	%		1.11	%		8.23	%
$	58.67		(5.63	)%	$	145		1.16	%		0.42	%		1.19	%		9.21	%
$	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	%
$	35.11		7.90	%	$	675		1.11	%		1.18	%		1.11	%		2.65	%
$	34.86		(18.60	)%	$	670		1.07	%		0.60	%		1.07	%		12.58	%
$	46.09		30.08	%	$	719		1.05	%		0.82	%		1.05	%		12.68	%
$	36.61		(8.33	)%	$	537		1.08	%		0.67	%		1.08	%		19.58	%
$	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	%
$	50.76		11.94	%	$	2,455		1.30	%		0.14	%		1.30	%		0.70	%
$	57.67		(14.14	)%	$	2,464		1.25	%		0.13	%		1.25	%		5.26	%
$	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	%
$	9.63		2.32	%	$	15,094		0.53	%		2.72	%		0.80	%		21.70	%
$	9.55		(1.07	)%	$	7,090		0.52	%		0.87	%		0.75	%		50.11	%
$	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	%

100

Sterling Capital Funds

Financial Highlights, Class A Shares

March 31, 2023 (Unaudited)

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, 2023 (Unaudited)	$	8.08		0.10		0.10			0.20			(0.10	)		—			—		(0.10	)
Year Ended September 30, 2022	$	8.68		0.08		(0.51	)		(0.43	)		(0.17	)		—			—		(0.17	)
Year Ended September 30, 2021	$	8.78		0.10		(0.02	)		0.08			(0.18	)		—			—		(0.18	)
Year Ended September 30, 2020	$	8.65		0.17		0.16			0.33			(0.20	)		—			—		(0.20	)
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	)
Sterling Capital Intermediate U.S. Government Fund
Six Months Ended March 31, 2023 (Unaudited)	$	8.51		0.07		0.19			0.26			(0.10	)		—			—		(0.10	)
Year Ended September 30, 2022	$	9.78		0.08		(1.15	)		(1.07	)		(0.20	)		—			—		(0.20	)
Year Ended September 30, 2021	$	10.13		0.06		(0.18	)		(0.12	)		(0.23	)		—			—		(0.23	)
Year Ended September 30, 2020	$	9.92		0.17		0.29			0.46			(0.25	)		—			—		(0.25	)
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	)
Sterling Capital Total Return Bond Fund
Six Months Ended March 31, 2023 (Unaudited)	$	9.11		0.13		0.26			0.39			(0.13	)		—			—		(0.13	)
Year Ended September 30, 2022	$	11.04		0.18		(1.80	)		(1.62	)		(0.22	)		(0.09	)		—		(0.31	)
Year Ended September 30, 2021	$	11.38		0.17		(0.12	)		0.05			(0.24	)		(0.15	)		—		(0.39	)
Year Ended September 30, 2020	$	10.88		0.24		0.55			0.79			(0.29	)		—	(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	)
Sterling Capital Long Duration Corporate Bond Fund
Six Months Ended March 31, 2023 (Unaudited)	$	6.63		0.14		0.54			0.68			(0.14	)		—			—		(0.14	)
Year Ended September 30, 2022	$	10.51		0.25		(2.85	)		(2.60	)		(0.25	)		(1.03	)		—		(1.28	)
Year Ended September 30, 2021	$	10.78		0.25		0.03			0.28			(0.25	)		(0.30	)		—		(0.55	)
Year Ended September 30, 2020	$	10.38		0.27		0.40			0.67			(0.27	)		—			—		(0.27	)
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	)
Sterling Capital Quality Income Fund
Six Months Ended March 31, 2023 (Unaudited)	$	8.78		0.11		0.18			0.29			(0.11	)		—			—		(0.11	)
Year Ended September 30, 2022	$	10.04		0.14		(1.23	)		(1.09	)		(0.17	)		—			—		(0.17	)
Year Ended September 30, 2021	$	10.25		0.13		(0.15	)		(0.02	)		(0.19	)		—			—		(0.19	)
Year Ended September 30, 2020	$	10.09		0.21		0.20			0.41			(0.25	)		—			—		(0.25	)
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	)

* 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.

101

					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)
$	8.18		2.49	%	$	3,420		0.72	%		2.38	%		0.73	%		47.98	%
$	8.08		(5.02	)%	$	3,665		0.73	%		0.94	%		0.73	%		76.98	%
$	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	%
$	8.67		3.11	%	$	2,848		0.75	%		1.75	%		0.94	%		1.99	%
$	8.51		(11.12	)%	$	2,879		0.73	%		0.87	%		0.92	%		14.18	%
$	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	%
$	9.37		4.34	%	$	50,103		0.70	%		2.72	%		0.77	%		22.44	%
$	9.11		(14.94	)%	$	47,701		0.70	%		1.75	%		0.74	%		47.98	%
$	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	%
$	7.17		10.35	%	$	468		0.70	%		3.97	%		0.82	%		16.64	%
$	6.63		(27.78	)%	$	436		0.85	%		2.94	%		1.04	%		161.62	%
$	10.51		2.67	%	$	632		0.97	%		2.40	%		1.16	%		47.29	%
$	10.78		6.56	%	$	490		0.92	%		2.57	%		0.94	%		52.28	%
$	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	%
$	8.96		3.35	%	$	33		0.82	%		2.42	%		0.86	%		6.28	%
$	8.78		(10.93	)%	$	32		0.82	%		1.44	%		0.86	%		35.18	%
$	10.04		(0.23	)%	$	29		0.82	%		1.29	%		0.86	%		73.60	%
$	10.25		4.07	%	$	25		0.84	%		2.06	%		0.88	%		35.96	%
$	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	%

102

Sterling Capital Funds

Financial Highlights, Class A Shares

March 31, 2023 (Unaudited)

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, 2023 (Unaudited)	$	9.84		0.10		0.43			0.53			(0.10	)		—			—		(0.10	)
Year Ended September 30, 2022	$	10.97		0.16		(1.13	)		(0.97	)		(0.16	)		—			—		(0.16	)
Year Ended September 30, 2021	$	11.12		0.15		(0.15	)		—			(0.15	)		—			—		(0.15	)
Year Ended September 30, 2020	$	10.91		0.18		0.21			0.39			(0.18	)		—			—		(0.18	)
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	)
Sterling Capital South Carolina Intermediate Tax-Free Fund
Six Months Ended March 31, 2023 (Unaudited)	$	10.24		0.10		0.39			0.49			(0.10	)		—			—		(0.10	)
Year Ended September 30, 2022	$	11.40		0.18		(1.16	)		(0.98	)		(0.18	)		—			—		(0.18	)
Year Ended September 30, 2021	$	11.47		0.17		(0.07	)		0.10			(0.17	)		—			—		(0.17	)
Year Ended September 30, 2020	$	11.27		0.20		0.20			0.40			(0.20	)		—			—		(0.20	)
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	)
Sterling Capital Virginia Intermediate Tax-Free Fund
Six Months Ended March 31, 2023 (Unaudited)	$	10.77		0.10		0.47			0.57			(0.10	)		—			—		(0.10	)
Year Ended September 30, 2022	$	11.98		0.16		(1.20	)		(1.04	)		(0.16	)		(0.01	)		—		(0.17	)
Year Ended September 30, 2021	$	12.23		0.16		(0.22	)		(0.06	)		(0.16	)		(0.03	)		—		(0.19	)
Year Ended September 30, 2020	$	11.98		0.20		0.25			0.45			(0.20	)		—			—		(0.20	)
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	)
Sterling Capital West Virginia Intermediate Tax-Free Fund
Six Months Ended March 31, 2023 (Unaudited)	$	9.22		0.10		0.30			0.40			(0.10	)		—			—		(0.10	)
Year Ended September 30, 2022	$	10.20		0.15		(0.98	)		(0.83	)		(0.15	)		—	(d)		—		(0.15	)
Year Ended September 30, 2021	$	10.29		0.16		(0.08	)		0.08			(0.16	)		(0.01	)		—		(0.17	)
Year Ended September 30, 2020	$	10.12		0.19		0.18			0.37			(0.19	)		(0.01	)		—		(0.20	)
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	)

* 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.

103

					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)
$	10.27		5.37	%	$	22,329		0.84	%		1.92	%		0.84	%		15.98	%
$	9.84		(8.92	)%	$	24,664		0.82	%		1.52	%		0.82	%		50.21	%
$	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	%
$	10.63		4.75	%	$	7,121		0.92	%		1.82	%		0.92	%		12.44	%
$	10.24		(8.66	)%	$	7,056		0.85	%		1.64	%		0.85	%		9.94	%
$	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	%
$	11.24		5.27	%	$	12,994		0.84	%		1.73	%		0.84	%		4.50	%
$	10.77		(8.72	)%	$	14,162		0.83	%		1.40	%		0.83	%		37.23	%
$	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	%
$	9.52		4.31	%	$	14,291		0.83	%		2.02	%		0.83	%		13.69	%
$	9.22		(8.18	)%	$	23,829		0.82	%		1.54	%		0.82	%		18.08	%
$	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	%

104

Sterling Capital Funds

Financial Highlights, Class C Shares

March 31, 2023 (Unaudited)

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, 2023 (Unaudited)	$	19.41		0.11			2.38			2.49			(0.14	)		—			—			(0.14	)
Year Ended September 30, 2022	$	21.88		0.21			(2.49	)		(2.28	)		(0.19	)		—			—			(0.19	)
Year Ended September 30, 2021	$	16.17		(0.04	)		5.92			5.88			(0.03	)		—			(0.14	)		(0.17	)
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	)
Sterling Capital Mid Value Fund
Six Months Ended March 31, 2023 (Unaudited)	$	12.52		(0.02	)		1.40			1.38			—			(2.72	)		—			(2.72	)
Year Ended September 30, 2022	$	16.86		(0.11	)		(2.59	)		(2.70	)		—			(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	)
Sterling Capital Behavioral Small Cap Value Equity Fund
Six Months Ended March 31, 2023 (Unaudited)	$	14.33		0.06			1.17			1.23			(0.00	)(d)		—			—			(0.00	)(d)
Year Ended September 30, 2022	$	18.46		0.03			(2.34	)		(2.31	)		—			(1.82	)		—			(1.82	)
Year Ended September 30, 2021	$	11.28		0.01			7.17			7.18			—			—			—			—
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	)
Sterling Capital Special Opportunities Fund
Six Months Ended March 31, 2023 (Unaudited)	$	18.09		(0.10	)		1.95			1.85			—			(1.99	)		—			(1.99	)
Year Ended September 30, 2022	$	26.39		(0.27	)		(3.92	)		(4.19	)		—			(4.11	)		—			(4.11	)
Year Ended September 30, 2021	$	19.67		(0.27	)		7.32			7.05			—			(0.33	)		—			(0.33	)
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	)
Sterling Capital Equity Income Fund
Six Months Ended March 31, 2023 (Unaudited)	$	24.04		0.06			2.82			2.88			(0.07	)		(1.74	)		—			(1.81	)
Year Ended September 30, 2022	$	26.32		0.15			(1.81	)		(1.66	)		(0.14	)		(0.48	)		—			(0.62	)
Year Ended September 30, 2021	$	19.83		0.10			6.47			6.57			(0.08	)		—			—			(0.08	)
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	)
Sterling Capital Behavioral International Equity Fund
Six Months Ended March 31, 2023 (Unaudited)	$	7.01		0.06			2.02			2.08			(0.08	)		—			—			(0.08	)
Year Ended September 30, 2022	$	9.69		0.29			(2.61	)		(2.32	)		(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	)

* 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.

105

					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)
$	21.76		12.82	%	$	274		1.79	%		1.04	%		1.79	%		58.33	%
$	19.41		(10.50	)%	$	248		1.75	%		0.93	%		1.78	%		125.15	%
$	21.88		36.56	%	$	304		1.60	%		(0.22	)%		1.79	%		122.64	%
$	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	%
$	11.18		10.79	%	$	543		1.94	%		(0.35	)%		1.94	%		10.45	%
$	12.52		(18.06	)%	$	473		1.88	%		(0.67	)%		1.88	%		29.05	%
$	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	%
$	15.56		8.61	%	$	29		1.81	%		0.76	%		1.81	%		61.50	%
$	14.33		(14.19	)%	$	29		1.85	%		0.19	%		1.85	%		70.82	%
$	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	%
$	17.95		10.48	%	$	25,788		1.92	%		(1.12	)%		1.92	%		13.41	%
$	18.09		(19.53	)%	$	29,566		1.88	%		(1.19	)%		1.88	%		28.06	%
$	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	%
$	25.11		11.82	%	$	67,864		1.81	%		0.51	%		1.81	%		22.49	%
$	24.04		(6.57	)%	$	64,899		1.79	%		0.54	%		1.79	%		31.23	%
$	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	%
$	9.01		29.83	%	$	23		1.63	%		1.47	%		1.63	%		41.60	%
$	7.01		(24.92	)%	$	41		1.67	%		3.27	%		1.67	%		103.20	%
$	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	%

106

Sterling Capital Funds

Financial Highlights, Class C Shares

March 31, 2023 (Unaudited)

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, 2023 (Unaudited)	$	11.54		(0.07	)		0.85			0.78			—			(1.33	)		—		(1.33	)
Year Ended September 30, 2022	$	15.54		(0.12	)		(2.48	)		(2.60	)		—			(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	)
Sterling Capital Mid Cap Relative Value Fund
Six Months Ended March 31, 2023 (Unaudited)	$	60.48		0.04			7.70			7.74			—			(10.17	)		—		(10.17	)
Year Ended September 30, 2022	$	76.32		(0.08	)		(9.79	)		(9.87	)		—			(5.97	)		—		(5.97	)
Year Ended September 30, 2021	$	57.24		(0.17	)		19.48			19.31			—			(0.23	)		—		(0.23	)
Year Ended September 30, 2020	$	62.48		(0.12	)		(3.60	)		(3.72	)		(0.01	)		(1.51	)		—		(1.52	)
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	)
Sterling Capital Real Estate Fund
Six Months Ended March 31, 2023 (Unaudited)	$	34.53		0.07			2.49			2.56			(0.12	)		(2.23	)		—		(2.35	)
Year Ended September 30, 2022	$	45.65		(0.06	)		(7.89	)		(7.95	)		(0.18	)		(2.99	)		—		(3.17	)
Year Ended September 30, 2021	$	36.33		0.03			10.37			10.40			(0.26	)		(0.82	)		—		(1.08	)
Year Ended September 30, 2020	$	42.06		0.22			(3.94	)		(3.72	)		(0.49	)		(1.52	)		—		(2.01	)
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	)
Sterling Capital Small Cap Value Fund
Six Months Ended March 31, 2023 (Unaudited)	$	54.20		(0.16	)		6.42			6.26			—			(13.68	)		—		(13.68	)
Year Ended September 30, 2022	$	79.47		(0.42	)		(7.58	)		(8.00	)		—			(17.27	)		—		(17.27	)
Year Ended September 30, 2021	$	61.56		(0.58	)		29.71			29.13			—			(11.22	)		—		(11.22	)
Year Ended September 30, 2020	$	75.87		(0.24	)		(9.11	)		(9.35	)		(0.03	)		(4.93	)		—		(4.96	)
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	)
Sterling Capital Short Duration Bond Fund
Six Months Ended March 31, 2023 (Unaudited)	$	8.08		0.07			0.10			0.17			(0.07	)		—			—		(0.07	)
Year Ended September 30, 2022	$	8.68		0.01			(0.50	)		(0.49	)		(0.11	)		—			—		(0.11	)
Year Ended September 30, 2021	$	8.77		0.04			(0.01	)		0.03			(0.12	)		—			—		(0.12	)
Year Ended September 30, 2020	$	8.64		0.11			0.15			0.26			(0.13	)		—			—		(0.13	)
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	)

* 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.

107

					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)
$	10.99		6.48	%	$	363		1.79	%		(1.21	)%		2.24	%		38.96	%
$	11.54		(18.83	)%	$	673		1.79	%		(0.84	)%		2.12	%		23.35	%
$	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	%
$	58.05		12.77	%	$	3		1.76	%		0.12	%		1.76	%		0.30	%
$	60.48		(14.45	)%	$	3		1.74	%		(0.11	)%		1.74	%		7.94	%
$	76.32		33.80	%	$	3		1.85	%		(0.23	)%		1.85	%		8.23	%
$	57.24		(6.21	)%	$	1		1.92	%		(0.20	)%		1.92	%		9.21	%
$	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	%
$	34.74		7.49	%	$	133		1.86	%		0.38	%		1.86	%		2.65	%
$	34.53		(19.19	)%	$	125		1.82	%		(0.14	)%		1.82	%		12.58	%
$	45.65		29.14	%	$	182		1.81	%		0.08	%		1.81	%		12.68	%
$	36.33		(9.02	)%	$	192		1.83	%		0.58	%		1.83	%		19.58	%
$	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	%
$	46.78		11.53	%	$	365		2.05	%		(0.61	)%		2.05	%		0.70	%
$	54.20		(14.79	)%	$	320		2.00	%		(0.63	)%		2.00	%		5.26	%
$	79.47		51.27	%	$	375		1.98	%		(0.75	)%		2.01	%		6.15	%
$	61.56		(13.46	)%	$	245		2.00	%		(0.35	)%		2.08	%		8.33	%
$	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	%
$	8.18		2.11	%	$	339		1.47	%		1.62	%		1.48	%		47.98	%
$	8.08		(5.73	)%	$	409		1.47	%		0.13	%		1.47	%		76.98	%
$	8.68		0.29	%	$	988		1.43	%		0.40	%		1.46	%		39.26	%
$	8.77		3.09	%	$	893		1.42	%		1.21	%		1.52	%		64.69	%
$	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	%

108

Sterling Capital Funds

Financial Highlights, Class C Shares 

March 31, 2023 (Unaudited) 

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, 2023 (Unaudited)	$	8.49		0.05			0.18			0.23			(0.07	)		—			—		(0.07	)
Year Ended September 30, 2022	$	9.76		0.01			(1.15	)		(1.14	)		(0.13	)		—			—		(0.13	)
Year Ended September 30, 2021	$	10.11		(0.01	)		(0.19	)		(0.20	)		(0.15	)		—			—		(0.15	)
Year Ended September 30, 2020	$	9.91		0.09			0.28			0.37			(0.17	)		—			—		(0.17	)
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	)
Sterling Capital Total Return Bond Fund
Six Months Ended March 31, 2023 (Unaudited)	$	9.12		0.09			0.28			0.37			(0.10	)		—			—		(0.10	)
Year Ended September 30, 2022	$	11.06		0.10			(1.80	)		(1.70	)		(0.15	)		(0.09	)		—		(0.24	)
Year Ended September 30, 2021	$	11.40		0.09			(0.13	)		(0.04	)		(0.15	)		(0.15	)		—		(0.30	)
Year Ended September 30, 2020	$	10.90		0.16			0.54			0.70			(0.20	)		—	(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	)
Sterling Capital Long Duration Corporate Bond Fund
Six Months Ended March 31, 2023 (Unaudited)	$	6.61		0.11			0.54			0.65			(0.11	)		—			—		(0.11	)
Year Ended September 30, 2022	$	10.49		0.17			(2.83	)		(2.66	)		(0.19	)		(1.03	)		—		(1.22	)
Year Ended September 30, 2021	$	10.76		0.18			0.03			0.21			(0.18	)		(0.30	)		—		(0.48	)
Year Ended September 30, 2020	$	10.36		0.19			0.40			0.59			(0.19	)		—			—		(0.19	)
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	)
Sterling Capital Quality Income Fund
Six Months Ended March 31, 2023 (Unaudited)	$	8.78		0.08			0.17			0.25			(0.08	)		—			—		(0.08	)
Year Ended September 30, 2022	$	10.03		0.07			(1.21	)		(1.14	)		(0.11	)		—			—		(0.11	)
Year Ended September 30, 2021	$	10.24		0.06			(0.15	)		(0.09	)		(0.12	)		—			—		(0.12	)
Year Ended September 30, 2020	$	10.08		0.17			0.16			0.33			(0.17	)		—			—		(0.17	)
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	)
Sterling Capital North Carolina Intermediate Tax-Free Fund
Six Months Ended March 31, 2023 (Unaudited)	$	9.83		0.06			0.43			0.49			(0.06	)		—			—		(0.06	)
Year Ended September 30, 2022	$	10.96		0.08			(1.13	)		(1.05	)		(0.08	)		—			—		(0.08	)
Year Ended September 30, 2021	$	11.12		0.07			(0.16	)		(0.09	)		(0.07	)		—			—		(0.07	)
Year Ended September 30, 2020	$	10.90		0.10			0.22			0.32			(0.10	)		—			—		(0.10	)
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	)

* 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. 

109 

					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)
$	8.65		2.74	%	$	184		1.50	%		1.07	%		1.69	%		1.99	%
$	8.49		(11.81	)%	$	98		1.48	%		0.12	%		1.67	%		14.18	%
$	9.76		(1.97	)%	$	124		1.43	%		(0.11	)%		1.61	%		71.31	%
$	10.11		3.78	%	$	309		1.54	%		0.93	%		1.70	%		47.36	%
$	9.91		6.48	%	$	378		1.56	%		1.37	%		1.66	%		40.13	%
$	9.47		(2.37	)%	$	488		1.66	%		0.98	%		1.67	%		40.85	%
$	9.39		4.06	%	$	3,195		1.45	%		1.96	%		1.52	%		22.44	%
$	9.12		(15.64	)%	$	3,484		1.45	%		0.98	%		1.48	%		47.98	%
$	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	%
$	7.15		9.96	%	$	3		1.46	%		3.22	%		1.52	%		16.64	%
$	6.61		(28.37	)%	$	2		1.65	%		1.92	%		1.82	%		161.62	%
$	10.49		1.98	%	$	3		1.72	%		1.70	%		1.88	%		47.29	%
$	10.76		5.80	%	$	3		1.64	%		1.86	%		1.65	%		52.28	%
$	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	%
$	8.95		2.88	%	$	3		1.49	%		1.73	%		1.50	%		6.28	%
$	8.78		(11.45	)%	$	3		1.50	%		0.74	%		1.52	%		35.18	%
$	10.03		(0.92	)%	$	3		1.57	%		0.58	%		1.59	%		73.60	%
$	10.24		3.34	%	$	3		1.57	%		1.63	%		1.61	%		35.96	%
$	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	%
$	10.26		4.98	%	$	1,144		1.59	%		1.17	%		1.59	%		15.98	%
$	9.83		(9.61	)%	$	1,141		1.57	%		0.75	%		1.57	%		50.21	%
$	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	%

110 

Sterling Capital Funds

Financial Highlights, Class C Shares 

March 31, 2023 (Unaudited) 

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, 2023 (Unaudited)	$	10.24		0.06		0.39			0.45			(0.06	)		—			—		(0.06	)
Year Ended September 30, 2022	$	11.39		0.10		(1.15	)		(1.05	)		(0.10	)		—			—		(0.10	)
Year Ended September 30, 2021	$	11.46		0.08		(0.07	)		0.01			(0.08	)		—			—		(0.08	)
Year Ended September 30, 2020	$	11.27		0.11		0.19			0.30			(0.11	)		—			—		(0.11	)
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	)
Sterling Capital Virginia Intermediate Tax-Free Fund
Six Months Ended March 31, 2023 (Unaudited)	$	10.77		0.05		0.47			0.52			(0.05	)		—			—		(0.05	)
Year Ended September 30, 2022	$	11.97		0.07		(1.18	)		(1.11	)		(0.08	)		(0.01	)		—		(0.09	)
Year Ended September 30, 2021	$	12.22		0.07		(0.22	)		(0.15	)		(0.07	)		(0.03	)		—		(0.10	)
Year Ended September 30, 2020	$	11.97		0.11		0.25			0.36			(0.11	)		—			—		(0.11	)
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	)
Sterling Capital West Virginia Intermediate Tax-Free Fund
Six Months Ended March 31, 2023 (Unaudited)	$	9.22		0.06		0.31			0.37			(0.06	)		—			—		(0.06	)
Year Ended September 30, 2022	$	10.20		0.08		(0.98	)		(0.90	)		(0.08	)		—	(d)		—		(0.08	)
Year Ended September 30, 2021	$	10.30		0.09		(0.10	)		(0.01	)		(0.08	)		(0.01	)		—		(0.09	)
Year Ended September 30, 2020	$	10.13		0.11		0.18			0.29			(0.11	)		(0.01	)		—		(0.12	)
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	)

* 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.

111 

					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)
$	10.63		4.36	%	$	338		1.67	%		1.07	%		1.67	%		12.44	%
$	10.24		(9.27	)%	$	340		1.59	%		0.89	%		1.59	%		9.94	%
$	11.39		0.10	%	$	603		1.56	%		0.72	%		1.56	%		20.23	%
$	11.46		2.72	%	$	955		1.56	%		1.01	%		1.56	%		4.84	%
$	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	%
$	11.24		4.87	%	$	17		1.59	%		0.98	%		1.59	%		4.50	%
$	10.77		(9.32	)%	$	16		1.57	%		0.61	%		1.57	%		37.23	%
$	11.97		(1.27	)%	$	57		1.57	%		0.58	%		1.57	%		8.98	%
$	12.22		3.03	%	$	780		1.56	%		0.92	%		1.56	%		15.44	%
$	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	%
$	9.53		4.05	%	$	2		1.57	%		1.31	%		1.57	%		13.69	%
$	9.22		(8.85	)%	$	23		1.56	%		0.82	%		1.56	%		18.08	%
$	10.20		(0.13	)%	$	25		1.56	%		0.83	%		1.56	%		8.56	%
$	10.30		2.89	%	$	304		1.56	%		1.10	%		1.56	%		3.28	%
$	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	%

112 

Sterling Capital Funds

Financial Highlights, Institutional Shares 

March 31, 2023 (Unaudited)

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, 2023 (Unaudited)	$	20.34		0.23			2.50			2.73			(0.25	)		—			—			(0.25	)
Year Ended September 30, 2022	$	22.96		0.46			(2.62	)		(2.16	)		(0.46	)		—			—			(0.46	)
Year Ended September 30, 2021	$	16.83		0.09			6.24			6.33			(0.04	)		—			(0.16	)		(0.20	)
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	)
Sterling Capital Mid Value Fund
Six Months Ended March 31, 2023 (Unaudited)	$	15.65		0.05			1.75			1.80			(0.08	)		(2.72	)		—			(2.80	)
Year Ended September 30, 2022	$	20.51		0.06			(3.27	)		(3.21	)		(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	)
Sterling Capital Behavioral Small Cap Value Equity Fund
Six Months Ended March 31, 2023 (Unaudited)	$	15.29		0.15			1.25			1.40			(0.14	)		—			—			(0.14	)
Year Ended September 30, 2022	$	19.58		0.22			(2.49	)		(2.27	)		(0.20	)		(1.82	)		—			(2.02	)
Year Ended September 30, 2021	$	11.95		0.16			7.60			7.76			(0.13	)		—			—			(0.13	)
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	)
Sterling Capital Special Opportunities Fund
Six Months Ended March 31, 2023 (Unaudited)	$	25.75		(0.02	)		2.81			2.79			—			(1.99	)		—			(1.99	)
Year Ended September 30, 2022	$	35.59		(0.06	)		(5.67	)		(5.73	)		—			(4.11	)		—			(4.11	)
Year Ended September 30, 2021	$	26.20		(0.03	)		9.79			9.76			(0.04	)		(0.33	)		—			(0.37	)
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	)
Sterling Capital Equity Income Fund
Six Months Ended March 31, 2023 (Unaudited)	$	24.35		0.19			2.86			3.05			(0.20	)		(1.74	)		—			(1.94	)
Year Ended September 30, 2022	$	26.66		0.42			(1.83	)		(1.41	)		(0.42	)		(0.48	)		—			(0.90	)
Year Ended September 30, 2021	$	20.10		0.35			6.56			6.91			(0.35	)		—			—			(0.35	)
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	)

* 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.

113 

					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)
$	22.82		13.42	%	$	1,511		0.79	%		2.00	%		0.79	%		58.33	%
$	20.34		(9.62	)%	$	1,652		0.75	%		1.94	%		0.78	%		125.15	%
$	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	%
$	14.65		11.33	%	$	27,539		0.94	%		0.66	%		0.94	%		10.45	%
$	15.65		(17.30	)%	$	29,189		0.88	%		0.33	%		0.88	%		29.05	%
$	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	%
$	16.55		9.13	%	$	8,919		0.82	%		1.77	%		0.82	%		61.50	%
$	15.29		(13.35	)%	$	9,788		0.85	%		1.13	%		0.85	%		70.82	%
$	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	%
$	26.55		11.04	%	$	134,984		0.92	%		(0.12	)%		0.92	%		13.41	%
$	25.75		(18.74	)%	$	168,110		0.89	%		(0.19	)%		0.89	%		28.06	%
$	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	%
$	25.46		12.38	%	$	1,436,989		0.81	%		1.50	%		0.81	%		22.49	%
$	24.35		(5.64	)%	$	1,468,388		0.79	%		1.55	%		0.79	%		31.23	%
$	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	%

114 

Sterling Capital Funds

Financial Highlights, Institutional Shares 

March 31, 2023 (Unaudited)

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, 2023 (Unaudited)	$	7.09		0.12			2.02			2.14			(0.26	)		—			—		(0.26	)
Year Ended September 30, 2022	$	9.81		0.38			(2.65	)		(2.27	)		(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	)
Sterling Capital SMID Opportunities Fund
Six Months Ended March 31, 2023 (Unaudited)	$	12.25		(0.02	)		0.91			0.89			—			(1.33	)		—		(1.33	)
Year Ended September 30, 2022	$	16.25		0.03			(2.63	)		(2.60	)		—			(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	)
Sterling Capital Mid Cap Relative Value Fund
Six Months Ended March 31, 2023 (Unaudited)	$	62.89		0.33			7.99			8.32			(0.55	)		(10.17	)		—		(10.72	)
Year Ended September 30, 2022	$	78.92		0.58			(10.16	)		(9.58	)		(0.48	)		(5.97	)		—		(6.45	)
Year Ended September 30, 2021	$	58.95		0.45			20.09			20.54			(0.34	)		(0.23	)		—		(0.57	)
Year Ended September 30, 2020	$	64.31		0.40			(3.64	)		(3.24	)		(0.61	)		(1.51	)		—		(2.12	)
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	)
Sterling Capital Real Estate Fund
Six Months Ended March 31, 2023 (Unaudited)	$	34.95		0.25			2.53			2.78			(0.29	)		(2.23	)		—		(2.52	)
Year Ended September 30, 2022	$	46.19		0.40			(8.03	)		(7.63	)		(0.62	)		(2.99	)		—		(3.61	)
Year Ended September 30, 2021	$	36.66		0.43			10.51			10.94			(0.59	)		(0.82	)		—		(1.41	)
Year Ended September 30, 2020	$	42.36		0.59			(3.97	)		(3.38	)		(0.80	)		(1.52	)		—		(2.32	)
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	)
Sterling Capital Small Cap Value Fund
Six Months Ended March 31, 2023 (Unaudited)	$	58.24		0.11			6.89			7.00			(0.25	)		(13.68	)		—		(13.93	)
Year Ended September 30, 2022	$	83.58		0.27			(8.25	)		(7.98	)		(0.09	)		(17.27	)		—		(17.36	)
Year Ended September 30, 2021	$	64.04		0.17			31.01			31.18			(0.42	)		(11.22	)		—		(11.64	)
Year Ended September 30, 2020	$	78.38		0.41			(9.36	)		(8.95	)		(0.46	)		(4.93	)		—		(5.39	)
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	)

* 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. 

115 

					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)
$	8.97		30.54	%	$	656		0.64	%		2.80	%		0.64	%		41.60	%
$	7.09		(24.27	)%	$	489		0.67	%		4.24	%		0.67	%		103.20	%
$	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	%
$	11.81		7.04	%	$	2,409		0.79	%		(0.25	)%		1.24	%		38.96	%
$	12.25		(17.95	)%	$	2,871		0.79	%		0.18	%		1.13	%		23.35	%
$	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	%
$	60.49		13.27	%	$	43,286		0.87	%		1.02	%		0.87	%		0.30	%
$	62.89		(13.68	)%	$	45,055		0.84	%		0.78	%		0.84	%		7.94	%
$	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	%
$	35.21		8.04	%	$	72,750		0.86	%		1.41	%		0.86	%		2.65	%
$	34.95		(18.39	)%	$	73,873		0.82	%		0.91	%		0.82	%		12.58	%
$	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	%
$	51.31		12.08	%	$	294,935		1.04	%		0.39	%		1.05	%		0.70	%
$	58.24		(13.93	)%	$	350,163		1.00	%		0.38	%		1.00	%		5.26	%
$	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	%

116 

Sterling Capital Funds

Financial Highlights, Institutional Shares 

March 31, 2023 (Unaudited)

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, 2023 (Unaudited)	$	9.56		0.13		0.10			0.23			(0.15	)		—			—		(0.15	)
Year Ended September 30, 2022	$	9.78		0.11		(0.19	)		(0.08	)		(0.14	)		—			—		(0.14	)
Year Ended September 30, 2021	$	9.83		0.11		(0.04	)		0.07			(0.12	)		—			—		(0.12	)
Year Ended September 30, 2020	$	9.79		0.19		0.05			0.24			(0.20	)		—			—		(0.20	)
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	)
Sterling Capital Short Duration Bond Fund
Six Months Ended March 31, 2023 (Unaudited)	$	8.08		0.11		0.10			0.21			(0.11	)		—			—		(0.11	)
Year Ended September 30, 2022	$	8.68		0.10		(0.51	)		(0.41	)		(0.19	)		—			—		(0.19	)
Year Ended September 30, 2021	$	8.78		0.12		(0.02	)		0.10			(0.20	)		—			—		(0.20	)
Year Ended September 30, 2020	$	8.65		0.19		0.16			0.35			(0.22	)		—			—		(0.22	)
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	)
Sterling Capital Intermediate U.S. Government Fund
Six Months Ended March 31, 2023 (Unaudited)	$	8.51		0.09		0.18			0.27			(0.11	)		—			—		(0.11	)
Year Ended September 30, 2022	$	9.79		0.10		(1.16	)		(1.06	)		(0.22	)		—			—		(0.22	)
Year Ended September 30, 2021	$	10.14		0.09		(0.19	)		(0.10	)		(0.25	)		—			—		(0.25	)
Year Ended September 30, 2020	$	9.93		0.20		0.28			0.48			(0.27	)		—			—		(0.27	)
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	)
Sterling Capital Total Return Bond Fund
Six Months Ended March 31, 2023 (Unaudited)	$	9.11		0.14		0.27			0.41			(0.14	)		—			—		(0.14	)
Year Ended September 30, 2022	$	11.05		0.20		(1.80	)		(1.60	)		(0.25	)		(0.09	)		—		(0.34	)
Year Ended September 30, 2021	$	11.39		0.20		(0.13	)		0.07			(0.26	)		(0.15	)		—		(0.41	)
Year Ended September 30, 2020	$	10.89		0.27		0.54			0.81			(0.31	)		—	(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	)
Sterling Capital Long Duration Corporate Bond Fund
Six Months Ended March 31, 2023 (Unaudited)	$	6.63		0.15		0.53			0.68			(0.15	)		—			—		(0.15	)
Year Ended September 30, 2022	$	10.50		0.23		(2.80	)		(2.57	)		(0.27	)		(1.03	)		—		(1.30	)
Year Ended September 30, 2021	$	10.77		0.28		0.03			0.31			(0.28	)		(0.30	)		—		(0.58	)
Year Ended September 30, 2020	$	10.38		0.30		0.39			0.69			(0.30	)		—			—		(0.30	)
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	)

* 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. 

117 

					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)
$	9.64		2.44	%	$	23,427		0.28	%		2.82	%		0.55	%		21.70	%
$	9.56		(0.82	)%	$	20,265		0.27	%		1.11	%		0.50	%		50.11	%
$	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	%
$	8.18		2.61	%	$	116,934		0.47	%		2.68	%		0.48	%		47.98	%
$	8.08		(4.78	)%	$	82,934		0.47	%		1.17	%		0.47	%		76.98	%
$	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	%
$	8.67		3.24	%	$	14,200		0.50	%		2.01	%		0.69	%		1.99	%
$	8.51		(10.90	)%	$	13,737		0.48	%		1.12	%		0.67	%		14.18	%
$	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	%
$	9.38		4.58	%	$	735,520		0.45	%		2.97	%		0.52	%		22.44	%
$	9.11		(14.81	)%	$	782,084		0.45	%		1.98	%		0.48	%		47.98	%
$	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	%
$	7.16		10.33	%	$	447		0.45	%		4.24	%		0.58	%		16.64	%
$	6.63		(27.52	)%	$	97		0.63	%		2.50	%		0.80	%		161.62	%
$	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	%

118 

Sterling Capital Funds

Financial Highlights, Institutional Shares 

March 31, 2023 (Unaudited)

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, 2023 (Unaudited)	$	8.79		0.12		0.17			0.29			(0.12	)		—			—		(0.12	)
Year Ended September 30, 2022	$	10.05		0.16		(1.22	)		(1.06	)		(0.20	)		—			—		(0.20	)
Year Ended September 30, 2021	$	10.26		0.15		(0.15	)		—			(0.21	)		—			—		(0.21	)
Year Ended September 30, 2020	$	10.10		0.24		0.19			0.43			(0.27	)		—			—		(0.27	)
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	)
Sterling Capital North Carolina Intermediate Tax-Free Fund
Six Months Ended March 31, 2023 (Unaudited)	$	9.83		0.11		0.43			0.54			(0.11	)		—			—		(0.11	)
Year Ended September 30, 2022	$	10.97		0.19		(1.14	)		(0.95	)		(0.19	)		—			—		(0.19	)
Year Ended September 30, 2021	$	11.12		0.18		(0.15	)		0.03			(0.18	)		—			—		(0.18	)
Year Ended September 30, 2020	$	10.91		0.21		0.21			0.42			(0.21	)		—			—		(0.21	)
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	)
Sterling Capital South Carolina Intermediate Tax-Free Fund
Six Months Ended March 31, 2023 (Unaudited)	$	10.17		0.11		0.39			0.50			(0.11	)		—			—		(0.11	)
Year Ended September 30, 2022	$	11.32		0.21		(1.15	)		(0.94	)		(0.21	)		—			—		(0.21	)
Year Ended September 30, 2021	$	11.39		0.20		(0.07	)		0.13			(0.20	)		—			—		(0.20	)
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	)
Sterling Capital Virginia Intermediate Tax-Free Fund
Six Months Ended March 31, 2023 (Unaudited)	$	10.77		0.11		0.47			0.58			(0.11	)		—			—		(0.11	)
Year Ended September 30, 2022	$	11.97		0.19		(1.19	)		(1.00	)		(0.19	)		(0.01	)		—		(0.20	)
Year Ended September 30, 2021	$	12.22		0.19		(0.22	)		(0.03	)		(0.19	)		(0.03	)		—		(0.22	)
Year Ended September 30, 2020	$	11.97		0.23		0.25			0.48			(0.23	)		—			—		(0.23	)
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	)
Sterling Capital West Virginia Intermediate Tax-Free Fund
Six Months Ended March 31, 2023 (Unaudited)	$	9.23		0.11		0.30			0.41			(0.11	)		—			—		(0.11	)
Year Ended September 30, 2022	$	10.21		0.18		(0.98	)		(0.80	)		(0.18	)		—	(d)		—		(0.18	)
Year Ended September 30, 2021	$	10.31		0.18		(0.09	)		0.09			(0.18	)		(0.01	)		—		(0.19	)
Year Ended September 30, 2020	$	10.13		0.21		0.19			0.40			(0.21	)		(0.01	)		—		(0.22	)
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	)

* 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. 

119 

					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)
$	8.96		3.36	%	$	84,316		0.56	%		2.67	%		0.60	%		6.28	%
$	8.79		(10.69	)%	$	78,252		0.57	%		1.73	%		0.61	%		35.18	%
$	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	%
$	10.26		5.51	%	$	118,068		0.59	%		2.17	%		0.59	%		15.98	%
$	9.83		(8.78	)%	$	126,739		0.57	%		1.76	%		0.57	%		50.21	%
$	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	%
$	10.56		4.91	%	$	29,239		0.67	%		2.07	%		0.67	%		12.44	%
$	10.17		(8.42	)%	$	34,313		0.59	%		1.89	%		0.59	%		9.94	%
$	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	%
$	11.24		5.40	%	$	62,696		0.59	%		1.98	%		0.59	%		4.50	%
$	10.77		(8.41	)%	$	66,967		0.58	%		1.67	%		0.58	%		37.23	%
$	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	%
$	9.53		4.43	%	$	63,025		0.59	%		2.29	%		0.59	%		13.69	%
$	9.23		(7.93	)%	$	63,292		0.58	%		1.81	%		0.58	%		18.08	%
$	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	%

120 

Sterling Capital Funds

Financial Highlights, Class R6 Shares 

March 31, 2023 (Unaudited)

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, 2023 (Unaudited)	$	20.40		0.26			2.49			2.75			(0.25	)		—			—			(0.25	)
Year Ended September 30, 2022	$	22.99		0.50			(2.63	)		(2.13	)		(0.46	)		—			—			(0.46	)
Year Ended September 30, 2021	$	16.85		0.09			6.25			6.34			(0.04	)		—			(0.16	)		(0.20	)
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, 2023 (Unaudited)	$	15.68		0.07			1.73			1.80			(0.08	)		(2.72	)		—			(2.80	)
Year Ended September 30, 2022	$	20.55		0.08			(3.27	)		(3.19	)		(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, 2023 (Unaudited)	$	15.31		0.16			1.25			1.41			(0.15	)		—			—			(0.15	)
Year Ended September 30, 2022	$	19.60		0.22			(2.48	)		(2.26	)		(0.21	)		(1.82	)		—			(2.03	)
Year Ended September 30, 2021	$	11.97		0.17			7.60			7.77			(0.14	)		—			—			(0.14	)
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, 2023 (Unaudited)	$	25.71		(0.01	)		2.80			2.79			—			(1.99	)		—			(1.99	)
Year Ended September 30, 2022	$	35.51		(0.04	)		(5.65	)		(5.69	)		—			(4.11	)		—			(4.11	)
Year Ended September 30, 2021	$	26.22		(0.01	)		9.78			9.77			(0.15	)		(0.33	)		—			(0.48	)
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, 2023 (Unaudited)	$	24.36		0.22			2.85			3.07			(0.21	)		(1.74	)		—			(1.95	)
Year Ended September 30, 2022	$	26.67		0.45			(1.83	)		(1.38	)		(0.45	)		(0.48	)		—			(0.93	)
Year Ended September 30, 2021	$	20.09		0.37			6.56			6.93			(0.35	)		—			—			(0.35	)
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, 2023 (Unaudited)	$	7.10		0.12			2.02			2.14			(0.27	)		—			—			(0.27	)
Year Ended September 30, 2022	$	9.81		0.39			(2.64	)		(2.25	)		(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	)		—			—			—			—

* 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.

121 

					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)
$	22.90		13.48	%	$	399			0.72	%		2.27	%		0.79	%		58.33	%
$	20.40		(9.48	)%	$	1			0.59	%		2.09	%		0.59	%		125.15	%
$	22.99		37.92	%	$	1			0.58	%		0.43	%		0.63	%		122.64	%
$	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	%
$	14.68		11.36	%	$	433			0.85	%		0.87	%		0.94	%		10.45	%
$	15.68		(17.18	)%	$	117			0.79	%		0.40	%		0.88	%		29.05	%
$	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	%
$	16.57		9.17	%	$	121,546			0.76	%		1.92	%		0.81	%		61.50	%
$	15.31		(13.29	)%	$	20,331			0.78	%		1.14	%		0.83	%		70.82	%
$	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	%
$	26.51		11.06	%	$	39,733			0.83	%		(0.04	)%		0.92	%		13.41	%
$	25.71		(18.66	)%	$	29,340			0.80	%		(0.11	)%		0.88	%		28.06	%
$	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	%
$	25.48		12.47	%	$	110,278			0.71	%		1.66	%		0.81	%		22.49	%
$	24.36		(5.54	)%	$	69,408			0.69	%		1.65	%		0.79	%		31.23	%
$	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	%
$	8.97		30.40	%	$	127,263			0.58	%		2.82	%		0.63	%		41.60	%
$	7.10		(24.13	)%	$	97,525			0.62	%		4.41	%		0.67	%		103.20	%
$	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	%

122 

Sterling Capital Funds

Financial Highlights, Class R6 Shares 

March 31, 2023 (Unaudited)

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 Real Estate Fund
Six Months Ended March 31, 2023 (Unaudited)	$	35.09		0.22		2.58			2.80			(0.30	)		(2.23	)		—		(2.53	)
Year Ended September 30, 2022	$	46.33		0.47		(8.09	)		(7.62	)		(0.63	)		(2.99	)		—		(3.62	)
Year Ended September 30, 2021	$	36.69		0.59		10.46			11.05			(0.59	)		(0.82	)		—		(1.41	)
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, 2023 (Unaudited)	$	58.38		0.16		6.88			7.04			(0.28	)		(13.68	)		—		(13.96	)
Year Ended September 30, 2022	$	83.72		0.35		(8.28	)		(7.93	)		(0.14	)		(17.27	)		—		(17.41	)
Year Ended September 30, 2021	$	64.09		0.29		30.99			31.28			(0.43	)		(11.22	)		—		(11.65	)
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, 2023 (Unaudited)	$	8.08		0.11		0.10			0.21			(0.11	)		—			—		(0.11	)
Year Ended September 30, 2022	$	8.68		0.11		(0.51	)		(0.40	)		(0.20	)		—			—		(0.20	)
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, 2023 (Unaudited)	$	9.11		0.14		0.28			0.42			(0.15	)		—			—		(0.15	)
Year Ended September 30, 2022	$	11.05		0.21		(1.80	)		(1.59	)		(0.26	)		(0.09	)		—		(0.35	)
Year Ended September 30, 2021	$	11.39		0.21		(0.12	)		0.09			(0.28	)		(0.15	)		—		(0.43	)
Year Ended September 30, 2020	$	10.89		0.28		0.54			0.82			(0.32	)		—	(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	)
Sterling Capital Long Duration Corporate Bond Fund
Six Months Ended March 31, 2023 (Unaudited)	$	6.63		0.15		0.54			0.69			(0.15	)		—			—		(0.15	)
January 31, 2022 to September 30, 2022(d)	$	9.16		0.19		(2.52	)		(2.33	)		(0.20	)		—			—		(0.20	)

* 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.

123 

					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)
$	35.36		8.06	%	$	720			0.78	%		1.24	%		0.86	%		2.65	%
$	35.09		(18.31	)%	$	18			0.73	%		1.06	%		0.82	%		12.58	%
$	46.33		30.67	%	$	16			0.62	%		1.33	%		0.73	%		12.68	%
$	36.69		(9.30	)%	$	—	(e)		0.70	%		1.47	%		0.70	%		19.58	%
$	51.46		12.14	%	$	6,242			0.95	%		0.55	%		1.05	%		0.70	%
$	58.38		(13.84	)%	$	3,792			0.90	%		0.50	%		1.00	%		5.26	%
$	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	%
$	8.18		2.66	%	$	15,601			0.38	%		2.72	%		0.48	%		47.98	%
$	8.08		(4.70	)%	$	17,460			0.39	%		1.27	%		0.48	%		76.98	%
$	8.68		0.44	%	$	29,565			0.40	%		1.52	%		0.49	%		39.26	%
$	9.38		4.63	%	$	244,363			0.35	%		3.07	%		0.52	%		22.44	%
$	9.11		(14.72	)%	$	230,211			0.35	%		2.08	%		0.48	%		47.98	%
$	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	%
$	7.17		10.53	%	$	25,955			0.36	%		4.31	%		0.57	%		16.64	%
$	6.63		(25.75	)%	$	22,553			0.36	%		3.81	%		0.57	%		161.62	%

124 

Sterling Capital Funds

Notes to Financial Statements 

March 31, 2023 (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, Sterling Capital Real Estate Fund, Sterling Capital Small Cap Value Fund, Sterling Capital Ultra Short Bond Fund, Sterling Capital Short Duration Bond Fund, Sterling Capital Intermediate U.S. Government Fund, Sterling Capital Total Return Bond Fund, Sterling Capital Long Duration Corporate Bond Fund, Sterling Capital Quality Income Fund, Sterling Capital North Carolina Intermediate Tax-Free Fund, Sterling Capital South Carolina Intermediate Tax-Free Fund, Sterling Capital Virginia Intermediate Tax-Free Fund and Sterling Capital West Virginia Intermediate Tax-Free Fund (referred to individually as a “Fund” and collectively as the “Funds”). Sterling Capital North Carolina Intermediate Tax-Free Fund, Sterling Capital South Carolina Intermediate Tax-Free Fund, Sterling Capital Virginia Intermediate Tax-Free Fund and Sterling Capital West Virginia Intermediate Tax-Free Fund are referred to as the “Tax-Free Funds.” All Funds are referred to as the “Variable Net Asset Value Funds.”

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

The Funds are authorized to issue an unlimited amount of shares. As of March 31, 2023, 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. There is no initial sales charge on purchases of the Sterling Capital Ultra Short Bond Fund’s shares. Class A Shares of Sterling Capital Short Duration Bond Fund, Sterling Capital Intermediate U.S. Government Fund, Sterling Capital Long Duration Corporate Bond Fund, Sterling Capital Quality Income Fund, and the Tax-Free Funds have a maximum sales charge of 2.00% as a percentage of the original purchase price. Purchases of $1 million or more of Class A Shares are not subject to a front-end sales charge but will be subject to a Contingent Deferred Sales Charge (“CDSC”) of up to 1.00% of the purchase price if redeemed within two years after purchase for all Funds except the Tax-Free Funds, Sterling Capital Short Duration Bond Fund, Sterling Capital Intermediate U.S. Government Fund, Sterling Capital Long Duration Corporate Bond Fund, Sterling Capital Total Return Bond Fund and Sterling Capital Quality Income Fund. With respect to the Tax-Free Funds, Sterling Capital Short Duration Bond Fund, Sterling Capital Intermediate U.S. Government Fund, Sterling Capital Long Duration Corporate Bond Fund, Sterling Capital Total Return Bond Fund, and Sterling Capital Quality Income Fund, sales of Class A shares of $250,000 or more are not subject to a sales load but will be subject to a CDSC of up to 0.50% of the purchase price if redeemed within 18 months of purchase. This charge is based on the lower of the price paid for the shares or their net asset value at the time of redemption. Class C Shares of the Funds are offered without any front-end sales charge but will be subject to a maximum CDSC of 1.00% if redeemed less than one year after purchase.

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

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.

125

Sterling Capital Funds

Notes to Financial Statements — (continued) 

March 31, 2023 (Unaudited)

2. Significant Accounting Policies:

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

Securities Valuation — Investments of the Variable Net Asset Value Funds in securities traded on a national securities exchange or in the over-the-counter market are valued at the closing price on the principal exchange or market (including the NASDAQ Closing Price for securities traded on NASDAQ), typically 4:00 PM ET or, absent such a price, by reference to the latest available bid prices in the principal market in which such securities are normally traded. The Variable Net Asset Value Funds may also use an independent pricing service approved by the Board of Trustees (the “Board”) to value certain securities, including the use of electronic and matrix techniques. Investments in open-end investment companies are valued at their respective net asset values as reported by such companies. Investments in closed-end investment companies and exchange-traded funds are valued at their market values based upon the latest available sale price or, absent such a price, by reference to the latest available bid prices in the principal market in which such securities are normally traded. The differences between cost and fair value of investments are reflected as either unrealized appreciation or depreciation. Securities for which market quotations are not readily available (e.g., an approved pricing service does not provide a price, a furnished price is in error, certain stale prices, or an event occurs that materially affects the furnished price) will be fair valued by Sterling Capital Management LLC ("Sterling Capital" or the "Advisor") in accordance with certain Board-approved fair valuation methodologies pursuant to Rule 2a-5 under the 1940 Act. The Fund’s Board has designated Sterling Capital as each Fund’s “Valuation Designee” pursuant to Rule 2a-5 to perform such fair value determinations. The Board oversees Sterling Capital in its role as the Valuation Designee and receives reports from Sterling Capital regarding its process and the valuation of each Fund’s investments to assist with such oversight.

Fair value pricing may be used if events materially affecting the value of foreign securities occur between the time when the exchange on which they are traded closes and the time when the Fund’s net asset value is calculated; such securities may be valued at fair value in accordance with procedures adopted by the Board.

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

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

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

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

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. During the period ended March 31, 2023, there were no significant changes to the Funds' valuation policies and procedures.

126

Sterling Capital Funds

Notes to Financial Statements — (continued) 

March 31, 2023 (Unaudited)

The summary of inputs used to determine the fair value of each Fund’s investments as of March 31, 2023 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.	$	30,478,313	(a)	$	—‌		$	—‌	$	30,478,313‌
Sterling Capital Mid Value Fund.		46,738,728	(a)		—‌			—‌		46,738,728‌
Sterling Capital Behavioral Small Cap Value Equity Fund.		136,108,411	(a)		—‌			—‌		136,108,411‌
Sterling Capital Special Opportunities Fund.		479,463,205	(a)		—‌			—‌		479,463,205‌
Sterling Capital Equity Income Fund.		2,055,538,948	(a)		—‌			—‌		2,055,538,948‌
Sterling Capital Behavioral International Equity Fund.		4,345,339	(b)		122,427,414	(a)		—‌		126,772,753‌
Sterling Capital SMID Opportunities Fund.		6,417,724	(a)		—‌			—‌		6,417,724‌
Sterling Capital Mid Cap Relative Value Fund.		43,696,345	(a)		—‌			—‌		43,696,345‌
Sterling Capital Real Estate Fund.		74,274,263	(a)		—‌			—‌		74,274,263‌
Sterling Capital Small Cap Value Fund.		303,567,447	(a)		—‌			—‌		303,567,447‌
Sterling Capital Ultra Short Bond Fund.		2,323,962	(b)		38,328,828	(a)		—‌		40,652,790‌
Sterling Capital Short Duration Bond Fund.		920,185	(b)		134,527,446	(a)		—‌		135,447,631‌
Sterling Capital Intermediate U.S. Government Fund.		68,244	(b)		17,096,112	(a)		—‌		17,164,356‌
Sterling Capital Total Return Bond Fund.		1,516,765	(b)		1,028,125,235	(a)		—‌		1,029,642,000‌
Sterling Capital Long Duration Corporate Bond Fund.		47,857	(b)		26,527,699	(a)		—‌		26,575,556‌
Sterling Capital Quality Income Fund.		1,203,584	(b)		84,116,879	(a)		—‌		85,320,463‌
Sterling Capital North Carolina Intermediate Tax-Free Fund.		5,078,458	(b)		138,099,351	(a)		—‌		143,177,809‌
Sterling Capital South Carolina Intermediate Tax-Free Fund.		211,620	(b)		36,085,846	(a)		—‌		36,297,466‌
Sterling Capital Virginia Intermediate Tax-Free Fund.		700,738	(b)		74,446,071	(a)		—‌		75,146,809‌
Sterling Capital West Virginia Intermediate Tax-Free Fund.		640,369	(b)		75,691,971	(a)		—‌		76,332,340‌

(a) Industries, countries or security types are disclosed in the Schedule 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.

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.

127

Sterling Capital Funds

Notes to Financial Statements — (continued) 

March 31, 2023 (Unaudited)

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

128

Sterling Capital Funds

Notes to Financial Statements — (continued)

March 31, 2023 (Unaudited)

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— The FASB issued Accounting Standards Update (ASU), ASU 2020-04, Reference Rate Reform (Topic 848) – Facilitation of the Effects of Reference Rate Reform on Financial Reporting in March 2020 and ASU 2021-01 in January 2021 which provided further amendments and clarifications to Topic 848. These ASUs provide optional, temporary relief with respect to the financial reporting of contracts subject to certain types of modifications due to the planned discontinuation of the London Interbank Offered Rate (LIBOR), and other interbank-offered based reference rates, through December 31, 2022. In December 2022, FASB issued ASU 2022-06 which defers the sunset date of Topic 848 from December 31, 2022, to December 31, 2024, after which entities will no longer be permitted to apply the relief in Topic 848. Management intends to rely upon the relief provided under Topic 848, which is not expected to have a material impact on the Fund’s financial statements.

3. Purchases and Sales of Securities:

Purchases and sales of securities (excluding U.S. government securities and securities maturing less than one year from acquisition) for the period ended March 31, 2023 were as follows:

	Purchases		Sales
Sterling Capital Behavioral Large Cap Value Equity Fund	$	18,185,503‌	$	18,931,345‌
Sterling Capital Mid Value Fund		5,006,670‌		11,304,741‌
Sterling Capital Behavioral Small Cap Value Equity Fund		174,570,689‌		78,739,543‌
Sterling Capital Special Opportunities Fund		66,524,987‌		143,206,675‌
Sterling Capital Equity Income Fund		475,506,710‌		680,338,359‌
Sterling Capital Behavioral International Equity Fund		49,207,464‌		48,143,665‌
Sterling Capital SMID Opportunities Fund		2,737,311‌		4,124,124‌
Sterling Capital Mid Cap Relative Value Fund		134,917‌		6,993,570‌
Sterling Capital Real Estate Fund		1,992,700‌		6,259,501‌
Sterling Capital Small Cap Value Fund		2,418,474‌		101,461,176‌
Sterling Capital Ultra Short Bond Fund		8,327,624‌		4,831,771‌
Sterling Capital Short Duration Bond Fund		58,239,256‌		27,809,255‌
Sterling Capital Intermediate U.S. Government Fund		—‌		194,102‌

129

Sterling Capital Funds

Notes to Financial Statements — (continued) 

March 31, 2023 (Unaudited)

		Purchases		Sales
Sterling Capital Total Return Bond Fund	$	67,996,886‌	$	142,229,006‌
Sterling Capital Long Duration Corporate Bond Fund		4,123,142‌		2,358,896‌
Sterling Capital Quality Income Fund		2,832,957‌		3,529,167‌
Sterling Capital North Carolina Intermediate Tax-Free Fund		22,862,787‌		35,495,102‌
Sterling Capital South Carolina Intermediate Tax-Free Fund		4,579,290‌		10,355,262‌
Sterling Capital Virginia Intermediate Tax-Free Fund		3,358,313‌		9,808,357‌
Sterling Capital West Virginia Intermediate Tax-Free Fund		11,398,482‌		21,427,318‌

Purchases and sales of U.S. government securities (excluding securities maturing less than one year from acquisition) for the period ended March 31, 2023 were as follows:

	Purchases		Sales
Sterling Capital Ultra Short Bond Fund	$	1,417,924‌	$	—‌
Sterling Capital Short Duration Bond Fund		35,483,700‌		32,935,670‌
Sterling Capital Intermediate U.S. Government Fund		1,376,109‌		135,591‌
Sterling Capital Total Return Bond Fund		161,822,963‌		120,654,255‌
Sterling Capital Long Duration Corporate Bond Fund		2,036,180‌		1,776,332‌
Sterling Capital Quality Income Fund		12,702,292‌		1,522,883‌

4. Related Party Transactions:

Under the terms of the investment advisory agreement, Sterling Capital is entitled to receive fees based on a percentage of the average daily net assets of the Funds. These fees are accrued daily and payable on a monthly basis and are reflected on the Statements of Operations as “Investment advisory fees.” Sterling Capital’s waived investment advisory fees are included on the Statements of Operations as “Less expenses waived by the Investment Advisor.” Information regarding these transactions is as follows for the period ended March 31, 2023:

	Prior to February 1, 2023					Effective February 1, 2023
		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	%		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	%	0.32	%		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		0.25	%	0.25	%		0.25	%	0.25	%
Sterling Capital Quality Income Fund		0.35	%	0.31	%(1)		0.35	%	0.31	%(2)
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) Sterling Capital contractually agreed to limit the advisory fees paid by the Fund from February 1, 2022 through January 31, 2023.

(2) Sterling Capital contractually agreed to limit the advisory fees paid by the Fund from February 1, 2023 through January 31, 2024.

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, 2022 through January 31, 2023 and February 1, 2023 through January 31, 2024 are as follows:

130

Sterling Capital Funds

Notes to Financial Statements — (continued) 

March 31, 2023 (Unaudited)

	Effective February 1, 2023
	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 Short Duration Bond Fund		0.68	%		1.43	%		0.43	%		0.43	%
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, 2023
	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	%

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, 2023 through January 31, 2024:

	Effective February 1, 2023
Sterling Capital Behavioral Large Cap Value Equity Fund		0.07	%
Sterling Capital Mid Value Fund		0.08	%
Sterling Capital Behavioral Small Cap Value Equity Fund		0.06	%
Sterling Capital Special Opportunities Fund		0.09	%
Sterling Capital Equity Income Fund		0.10	%
Sterling Capital Behavioral International Equity Fund		0.05	%
Sterling Capital Real Estate Fund		0.07	%
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, 2022 to January 31, 2023:

	Prior to February 1, 2023
Sterling Capital Behavioral Large Cap Value Equity Fund		0.07	%
Sterling Capital Mid Value Fund		0.08	%
Sterling Capital Behavioral Small Cap Value Equity Fund		0.06	%
Sterling Capital Special Opportunities Fund		0.09	%
Sterling Capital Equity Income Fund		0.10	%
Sterling Capital Behavioral International Equity Fund		0.05	%
Sterling Capital Real Estate Fund		0.07	%
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	%

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 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.”

131

Sterling Capital Funds

Notes to Financial Statements — (continued) 

March 31, 2023 (Unaudited)

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, 2023, the Distributor received $66,356 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, 2023 were $1,217.

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.

132

Sterling Capital Funds

Notes to Financial Statements — (continued) 

March 31, 2023 (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, 2023 (Unaudited)						For the Year Ended September 30, 2022
Sterling Capital Behavioral Large Cap Value Equity Fund
Class A		Shares			Amount			Shares			Amount
Issued		29,208‌		$	647,021‌			46,240‌		$	1,131,180‌
Reinvested		11,450‌			258,301‌			19,445‌			445,439‌
Redeemed		(68,956	)		(1,601,004	)		(135,501	)		(3,192,006	)
Total		(28,298	)	$	(695,682	)		(69,816	)	$	(1,615,387	)

Sterling Capital Behavioral Large Cap Value Equity Fund

Class C	Shares			Amount			Shares			Amount
Issued		82‌		$	1,800‌			406‌		$	9,304‌
Reinvested		81‌			1,739‌			116‌			2,568‌
Redeemed		(334	)		(7,459	)		(1,675	)		(37,798	)
Total		(171	)	$	(3,920	)		(1,153	)	$	(25,926	)

Sterling Capital Behavioral Large Cap Value Equity Fund

Institutional	Shares			Amount			Shares			Amount
Issued		7,053‌		$	163,178‌			17,254‌		$	420,545‌
Reinvested		519‌			11,790‌			1,262‌			29,327‌
Redeemed		(22,614	)		(514,641	)		(25,384	)		(605,648	)
Total		(15,042	)	$	(339,673	)		(6,868	)	$	(155,776	)

Sterling Capital Behavioral Large Cap Value Equity Fund

Class R6	Shares			Amount			Shares		Amount
Issued		18,625‌		$	424,649‌			—‌	$	—‌
Reinvested		188‌			4,284‌			1‌		12‌
Redeemed		(1,416	)		(34,312	)		—‌		—‌
Total		17,397‌		$	394,621‌			1‌	$	12‌

Sterling Capital Mid Value Fund

Class A	Shares			Amount			Shares			Amount
Issued		56,021‌		$	790,254‌			34,712‌		$	658,109‌
Reinvested		201,671‌			2,891,666‌			92,289‌			1,765,483‌
Redeemed		(110,913	)		(1,657,319	)		(167,340	)		(3,144,157	)
Total		146,779‌		$	2,024,601‌			(40,339	)	$	(720,565	)

Sterling Capital Mid Value Fund 

Class C	Shares			Amount			Shares			Amount
Issued		5,665‌		$	63,334‌			5,521‌		$	90,828‌
Reinvested		8,974‌			101,407‌			5,296‌			83,888‌
Redeemed		(3,825	)		(46,003	)		(38,319	)		(621,246	)
Total		10,814‌		$	118,738‌			(27,502	)	$	(446,530	)

Sterling Capital Mid Value Fund

Institutional	Shares			Amount			Shares			Amount
Issued		81,848‌		$	1,247,470‌			50,140‌		$	961,643‌
Reinvested		315,482‌			4,680,585‌			197,808‌			3,889,195‌
Redeemed		(382,428	)		(5,995,283	)		(899,900	)		(17,335,085	)
Total		14,902‌		$	(67,228	)		(651,952	)	$	(12,484,247	)

133

Sterling Capital Funds

Notes to Financial Statements — (continued) 

March 31, 2023 (Unaudited)

	For the Six Months Ended March 31, 2023 (Unaudited)				For the Year Ended September 30, 2022
Sterling Capital Mid Value Fund
Class R	Shares		Amount		Shares			Amount
Issued	—‌		$	—‌	2‌			$	45‌
Redeemed		—‌		—‌		(430	)		(8,727	)
Total		—‌	$	—‌		(428	)	$	(8,682	)

Sterling Capital Mid Value Fund

Class R6	Shares			Amount			Shares			Amount
Issued		20,796‌		$	352,676‌			—‌		$	—‌
Reinvested		3,942‌			58,604‌			3‌			52‌
Redeemed		(2,667	)		(39,342	)		(12,148	)		(245,375	)
Total		22,071‌		$	$371,938‌			(12,145	)	$	(245,323	)

Sterling Capital Behavioral Small Cap Value Equity Fund

Class A	Shares			Amount			Shares			Amount
Issued		12,444‌		$	209,323‌			19,604‌		$	404,596‌
Reinvested		1,715‌			28,276‌			36,543‌			677,365‌
Redeemed		(31,632	)		(540,531	)		(55,067	)		(1,066,272	)
Total		(17,473	)	$	(302,932	)		1,080‌		$	15,689‌

Sterling Capital Behavioral Small Cap Value Equity Fund

Class C	Shares			Amount			Shares			Amount
Issued		—‌		$	—‌			4,739‌		$	94,858‌
Reinvested		—‌			7‌			196‌			3,421‌
Redeemed		(150	)		(2,438	)		(4,983	)		(100,534	)
Total		(150	)	$	(2,431	)		(48	)	$	(2,255	)

Sterling Capital Behavioral Small Cap Value Equity Fund

Institutional	Shares			Amount			Shares			Amount
Issued		268,980‌		$	4,493,836‌			278,012‌		$	5,512,268‌
Reinvested		5,016‌			83,880‌			70,757‌			1,330,352‌
Redeemed		(375,124	)		(6,385,397	)		(456,563	)		(8,495,763	)
Total		(101,128	)	$	(1,807,681	)		(107,794	)	$	(1,653,143	)

Sterling Capital Behavioral Small Cap Value Equity Fund

Class R	Shares		Amount		Shares			Amount
Issued		—‌	$	—‌		45‌		$	892‌
Redeemed		—‌		—‌		(13,648	)		(287,327	)
Total		—‌	$	—‌		(13,603	)	$	(286,435	)

Sterling Capital Behavioral Small Cap Value Equity Fund 

Class R6	Shares		Amount		Shares			Amount
Issued		5,943,445‌	$	97,000,000‌		—‌		$	—‌
Reinvested		63,195‌		1,056,341‌		470,794‌			8,845,595‌
Redeemed		—‌		—‌		(3,419,302	)		(60,098,000	)
Total		6,006,640	$	98,056,341		(2,948,508	)	$	(51,252,405	)

Sterling Capital Special Opportunities Fund

Class A

Shares

Amount

Shares

Amount

Issued

183,640‌

$

4,492,156‌

606,260‌

$

17,829,825‌

Reinvested

861,994‌

20,593,038‌

1,303,455‌

40,511,385‌

Redeemed

(877,795

)

(21,539,692

)

(1,374,958

)

(40,078,119

)

Total

167,839‌

$

3,545,502‌

534,757‌

$

18,263,091‌

134

Sterling Capital Funds

Notes to Financial Statements — (continued) 

March 31, 2023 (Unaudited)

	For the Six Months Ended March 31, 2023 (Unaudited)						For the Year Ended September 30, 2022
Sterling Capital Special Opportunities Fund
Class C	Shares			Amount			Shares			Amount
Issued		26,242‌		$	479,196‌			89,122‌		$	2,036,385‌
Reinvested		168,823‌			2,961,163‌			322,106‌			7,608,160‌
Redeemed		(392,806	)		(7,114,067	)		(753,972	)		(16,707,907	)
Total		(197,741	)	$	(3,673,708	)		(342,744	)	$	(7,063,362	)

Sterling Capital Special Opportunities Fund
Institutional	Shares			Amount			Shares			Amount
Issued		273,597‌		$	7,306,053‌			1,442,213‌		$	44,693,075‌
Reinvested		333,115‌			8,614,366‌			595,100‌			19,846,598‌
Redeemed		(2,050,847	)		(55,707,059	)		(1,587,962	)		(49,527,313	)
Total		(1,444,135	)	$	(39,786,640	)		449,351‌		$	15,012,360‌

Sterling Capital Special Opportunities Fund
Class R	Shares		Amount		Shares			Amount
Redeemed		—‌	$	—‌		(42	)	$	(1,476	)
Total		—‌	$	—‌		(42	)	$	(1,476	)

Sterling Capital Special Opportunities Fund
Class R6	Shares			Amount			Shares			Amount
Issued		550,728‌		$	14,815,833‌			103,983‌		$	3,118,518‌
Reinvested		31,490‌			813,070‌			4,709‌			156,652‌
Redeemed		(224,911	)		(5,934,749	)		(219,268	)		(6,682,445	)
Total		357,307‌		$	9,694,154‌			(110,576	)	$	(3,407,275	)

Sterling Capital Equity Income Fund
Class A	Shares			Amount			Shares			Amount
Issued		563,912‌		$	14,638,159‌			1,659,576‌		$	45,526,877‌
Reinvested		1,098,117‌			28,584,134‌			452,265‌			12,426,367‌
Redeemed		(1,233,570	)		(31,925,275	)		(2,456,046	)		(66,942,929	)
Total		428,459‌		$	11,297,018‌			(344,205	)	$	(8,989,685	)

Sterling Capital Equity Income Fund
Class C	Shares			Amount			Shares			Amount
Issued		195,377‌		$	5,020,375‌			505,892‌		$	13,683,057‌
Reinvested		178,068‌			4,587,075‌			64,446‌			1,767,152‌
Redeemed		(370,693	)		(9,468,047	)		(960,780	)		(25,958,673	)
Total.		2,752‌		$	139,403‌			(390,442	)	$	(10,508,464	)

Sterling Capital Equity Income Fund
Institutional	Shares			Amount			Shares			Amount
Issued		5,113,969‌		$	132,113,076‌			14,791,804‌		$	404,461,160‌
Reinvested		3,422,484‌			89,393,740‌			1,584,767‌			43,629,829‌
Redeemed		(12,404,833	)		(323,236,957	)		(16,918,132	)		(463,156,528	)
Total		(3,868,380	)	$	(101,730,141	)		(541,561	)	$	(15,065,539	)

Sterling Capital Equity Income Fund
Class R	Shares		Amount		Shares			Amount
Issued		—‌	$	—‌		49‌		$	1,324‌
Redeemed		—‌		—‌		(51,591	)		(1,463,090	)
Total		—‌	$	—‌		(51,542	)	$	(1,461,766	)

135

Sterling Capital Funds

Notes to Financial Statements — (continued) 

March 31, 2023 (Unaudited)

For the Six Months Ended March 31, 2023 (Unaudited)

For the Year Ended September 30, 2022

Sterling Capital Equity Income Fund

Class R6

Shares

Amount

Shares

Amount

Issued

1,876,082‌

$

49,407,143‌

947,393‌

$

25,720,185‌

Reinvested

132,900‌

3,472,954‌

39,528‌

1,087,391‌

Redeemed

(529,635

)

(13,811,480

)

(776,741

)

(21,379,957

)

Total

1,479,347‌

$

39,068,617‌

210,180‌

$

5,427,619‌

Sterling Capital Behavioral International Equity Fund
Class A	Shares			Amount			Shares			Amount
Issued		4,962‌		$	42,107‌			2,046‌		$	18,619‌
Reinvested		1,170‌			9,712‌			1,867‌			17,718‌
Redeemed		(3,578	)		(31,701	)		(10,509	)		(91,568	)
Total		2,554‌		$	20,118‌			(6,596	)	$	(55,231	)

Sterling Capital Behavioral International Equity Fund
Class C	Shares			Amount			Shares			Amount
Issued		—‌		$	—‌			21‌		$	204‌
Reinvested		26‌			215‌			198‌			1,876‌
Redeemed		(3,244	)		(26,976	)		(1	)		(11	)
Total		(3,218	)	$	(26,761	)		218‌		$	2,069‌

Sterling Capital Behavioral International Equity Fund

Institutional

Shares

Amount

Shares

Amount

Issued

2,925‌

$

25,841‌

2,560‌

$

25,610‌

Reinvested

2,167‌

17,962‌

3,309‌

31,374‌

Redeemed

(884

)

(6,673

)

(4,377

)

(41,267

)

Total

4,208‌

$

37,130‌

1,492‌

$

15,717‌

Sterling Capital Behavioral International Equity Fund
Class R6	Shares		Amount		Shares		Amount
Issued		—‌	$	—‌		4,583,206‌	$	36,024,000‌
Reinvested		441,955‌		3,663,801‌		422,301‌		4,003,413‌
Total		441,955‌	$	3,663,801‌		5,005,507‌	$	$40,027,413‌

Sterling Capital SMID Opportunities Fund
Class A	Shares			Amount			Shares			Amount
Issued		14,576‌		$	176,262‌			1,379‌		$	20,967‌
Reinvested		31,764‌			377,351‌			25,841‌			404,670‌
Redeemed		(37,407	)		(459,872	)		(38,609	)		(581,509	)
Total		8,933‌		$	93,741‌			(11,389	)	$	(155,872	)

Sterling Capital SMID Opportunities Fund
Class C	Shares			Amount			Shares			Amount
Issued		—‌		$	—‌			147‌		$	2,200‌
Reinvested		4,212‌			47,518‌			8,069‌			121,527‌
Redeemed		(29,508	)		(342,440	)		(47,327	)		(655,388	)
Total		(25,296	)	$	(294,922	)		(39,111	)	$	(531,661	)

136

Sterling Capital Funds

Notes to Financial Statements — (continued) 

March 31, 2023 (Unaudited)

	For the Six Months Ended March 31, 2023 (Unaudited)						For the Year Ended September 30, 2022
Sterling Capital SMID Opportunities Fund
Institutional	Shares			Amount			Shares			Amount
Issued		15,586‌		$	193,711‌			11,805‌		$	164,466‌
Reinvested		23,110‌			279,169‌			22,884‌			362,713‌
Redeemed		(68,971	)		(846,088	)		(82,782	)		(1,189,986	)
Total		(30,275	)	$	(373,208	)		(48,093	)	$	(662,807	)

Sterling Capital Mid Cap Relative Value Fund

Class A

Shares

Amount

Shares

Amount

Issued

—‌

$

—‌

1,205‌

$

93,445‌

Reinvested

979‌

59,122‌

354‌

27,374‌

Redeemed

(484

)

(28,850

)

(174

)

(11,811

)

Total

495‌

$

30,272‌

1,385‌

$

$109,008‌

Sterling Capital Mid Cap Relative Value Fund
Class C	Shares		Amount		Shares		Amount
Issued		—‌	$	—‌		9‌	$	729‌
Reinvested		9‌		513‌		3‌		250‌
Total		9‌	$	513‌		12‌	$	979‌

Sterling Capital Mid Cap Relative Value Fund
Institutional	Shares			Amount			Shares			Amount
Issued		3,242‌		$	204,919‌			2,488‌		$	200,026‌
Reinvested		112,500‌			6,851,053‌			59,267‌			4,619,348‌
Redeemed		(116,606	)		(7,734,571	)		(175,326	)		(13,768,737	)
Total		(864	)	$	(678,599	)		(113,571	)	$	(8,949,363	)

Sterling Capital Real Estate Fund
Class A	Shares			Amount			Shares			Amount
Issued		96‌		$	3,252‌			4,917‌		$	226,188‌
Reinvested		1,262‌			44,058‌			1,086‌			50,199‌
Redeemed		(1,364	)		(48,453	)		(2,372	)		(107,946	)
Total		(6	)	$	(1,143	)		3,631‌		$	168,441‌

Sterling Capital Real Estate Fund
Class C	Shares			Amount			Shares			Amount
Issued		—‌		$	—‌			357‌		$	15,117‌
Reinvested		246‌			8,494‌			270‌			12,595‌
Redeemed		(45	)		(1,550	)		(999	)		(43,125	)
Total		201‌		$	6,944‌			(372	)	$	(15,413	)

Sterling Capital Real Estate Fund
Institutional	Shares			Amount			Shares			Amount
Issued		35,846‌		$	1,294,329‌			129,299‌		$	5,914,197‌
Reinvested		136,417‌			4,775,853‌			147,479‌			6,869,233‌
Redeemed		(219,476	)		(7,847,014	)		(243,219	)		(10,740,629	)
Total		(47,213	)	$	(1,776,832	)		33,559‌		$	2,042,801‌

137

Sterling Capital Funds

Notes to Financial Statements — (continued) 

March 31, 2023 (Unaudited)

For the Six Months Ended March 31, 2023 (Unaudited)

For the Year Ended September 30, 2022

Sterling Capital Real Estate Fund

Class R6

Shares

Amount

Shares

Amount

Issued

22,112‌

$

776,036‌

137‌

$

6,214‌

Reinvested

140‌

4,942‌

30‌

1,363‌

Redeemed

(2,383

)

(84,807

)

(7

)

(335

)

Total

19,869‌

$

696,171‌

160‌

$

7,242‌

Sterling Capital Small Cap Value Fund

Class A

Shares

Amount

Shares

Amount

Issued

3,003‌

$

167,322‌

4,726‌

$

334,374‌

Reinvested

10,750‌

545,786‌

9,538‌

698,451‌

Redeemed

(8,130

)

(449,993

)

(13,308

)

(911,984

)

Total

5,623‌

$

263,115‌

956‌

$

120,841‌

Sterling Capital Small Cap Value Fund

Class C

Shares

Amount

Shares

Amount

Issued

644‌

$

32,488‌

981‌

$

77,427‌

Reinvested

1,748‌

81,839‌

1,371‌

94,969‌

Redeemed

(501

)

(22,879

)

(1,163

)

(70,198

)

Total

1,891‌

$

91,448‌

1,189‌

$

102,198‌

Sterling Capital Small Cap Value Fund
Institutional	Shares			Amount			Shares			Amount
Issued		212,471‌		$	11,808,918‌			391,138‌		$	27,467,186‌
Reinvested		1,365,585‌			70,212,133‌			1,184,084‌			87,493,753‌
Redeemed		(1,842,426	)		(103,510,339	)		(1,712,853	)		(121,143,954	)
Total		(264,370	)	$	(21,489,288	)		(137,631	)	$	(6,183,015	)

Sterling Capital Small Cap Value Fund

Class R6

Shares

Amount

Shares

Amount

Issued

54,490‌

$

3,351,752‌

12,771‌

$

1,180,452‌

Reinvested

18,696‌

964,477‌

13,254‌

981,746‌

Redeemed

(16,840

)

(915,443

)

(4,736

)

(309,808

)

Total

56,346‌

$

3,400,786‌

21,289‌

$

1,852,390‌

Sterling Capital Ultra Short Bond Fund

Class A

Shares

Amount

Shares

Amount

Issued

950,107‌

$

9,148,370‌

684,394‌

$

6,634,652‌

Reinvested

8,772‌

84,219‌

7,902‌

76,086‌

Redeemed

(134,586

)

(1,292,784

)

(688,452

)

(6,646,022

)

Total

824,293‌

$

7,939,805‌

3,844‌

$

64,716‌

Sterling Capital Ultra Short Bond Fund
Institutional	Shares			Amount			Shares			Amount
Issued		466,990‌		$	4,472,795‌			830,884‌		$	8,056,006‌
Reinvested		34,307‌			329,661‌			28,033‌			270,205‌
Redeemed		(191,314	)		(1,833,668	)		(2,060,051	)		(19,885,016	)
Total		309,983‌		$	2,968,788‌			(1,201,134	)	$	(11,558,805	)

138

Sterling Capital Funds

Notes to Financial Statements — (continued) 

March 31, 2023 (Unaudited)

	For the Six Months Ended March 31, 2023 (Unaudited)						For the Year Ended September 30, 2022
Sterling Capital Short Duration Bond Fund
Class A	Shares			Amount			Shares			Amount
Issued		27,574		$	223,030			113,065		$	948,671
Reinvested		4,602			37,431			7,822			65,491
Redeemed		(67,598	)		(549,668	)		(176,507	)		(1,490,110	)
Total		(35,422	)	$	(289,207	)		(55,620	)	$	(475,948	)

Sterling Capital Short Duration Bond Fund
Class C	Shares			Amount			Shares			Amount
Issued		—		$	—			7,148		$	61,238
Reinvested		384			3,121			1,085			9,111
Redeemed		(9,614	)		(77,936	)		(71,447	)		(596,567	)
Total		(9,230	)	$	(74,815	)		(63,214	)	$	(526,218	)

Sterling Capital Short Duration Bond Fund
Institutional	Shares			Amount			Shares			Amount
Issued		5,431,116		$	43,921,130			6,167,118		$	51,425,144
Reinvested		160,106			1,302,458			259,645			2,177,983
Redeemed		(1,557,779	)		(12,659,424	)		(14,800,334	)		(125,027,654	)
Total		4,033,443		$	32,564,164			(8,373,571	)	$	(71,424,527	)

Sterling Capital Short Duration Bond Fund
Class R6	Shares			Amount			Shares			Amount
Issued		209,201		$	1,697,723			1,689,426		$	13,901,832
Reinvested		1,509			12,278			2,675			22,430
Redeemed		(464,236	)		(3,775,479	)		(2,936,346	)		(24,665,403	)
Total		(253,526	)	$	(2,065,478	)		(1,244,245	)	$	(10,741,141	)

Sterling Capital Intermediate U.S. Government Fund
Class A	Shares			Amount			Shares			Amount
Issued		760		$	6,512			36,203		$	324,650
Reinvested		3,648			31,254			6,250			57,448
Redeemed		(14,429	)		(123,627	)		(50,390	)		(469,204	)
Total		(10,021	)	$	(85,861	)		(7,937	)	$	(87,106	)

Sterling Capital Intermediate U.S. Government Fund
Class C	Shares			Amount			Shares			Amount
Issued		10,001		$	86,513			862		$	7,852
Reinvested		131			1,122			162			1,486
Redeemed		(454	)		(3,854	)		(2,115	)		(19,760	)
Total		9,678		$	83,781			(1,091	)	$	(10,422	)

Sterling Capital Intermediate U.S. Government Fund
Institutional	Shares			Amount			Shares			Amount
Issued		10,712		$	91,248			22,141		$	209,755
Reinvested		21,413			183,550			37,759			347,206
Redeemed		(9,318	)		(79,927	)		(108,728	)		(1,016,935	)
Total		22,807		$	194,871			(48,828	)	$	(459,974	)

139

Sterling Capital Funds

Notes to Financial Statements — (continued) 

March 31, 2023 (Unaudited)

	For the Six Months Ended March 31, 2023 (Unaudited)						For the Year Ended September 30, 2022
Sterling Capital Total Return Bond Fund
Class A	Shares			Amount			Shares			Amount
Issued		517,200		$	4,775,677			568,993		$	5,770,503
Reinvested		71,485			659,037			153,923			1,585,238
Redeemed		(482,656	)		(4,433,882	)		(980,344	)		(9,989,308	)
Total		106,029		$	1,000,832			(257,428	)	$	(2,633,567	)

Sterling Capital Total Return Bond Fund
Class C	Shares			Amount			Shares			Amount
Issued		460		$	4,250			14,863		$	142,332
Reinvested		3,439			31,734			9,643			100,354
Redeemed		(45,614	)		(419,917	)		(128,754	)		(1,299,716	)
Total		(41,715	)	$	(383,933	)		(104,248	)	$	(1,057,030	)

Sterling Capital Total Return Bond Fund
Institutional	Shares			Amount			Shares			Amount
Issued		14,096,073		$	129,001,831			28,562,197		$	288,645,267
Reinvested		851,804			7,858,169			2,195,969			22,708,317
Redeemed		(22,376,803	)		(205,588,910	)		(48,063,346	)		(485,151,551	)
Total		(7,428,926	)	$	(68,728,910	)		(17,305,180	)	$	(173,797,967	)

Sterling Capital Total Return Bond Fund
Class R(1)	Shares		Amount		Shares			Amount
Issued		—	$	—		10		$	106
Reinvested		—		—		4			50
Redeemed		—		—		(3,148	)		(34,409	)
Total		—	$	—		(3,134	)	$	(34,253	)

Sterling Capital Total Return Bond Fund
Class R6	Shares			Amount			Shares			Amount
Issued		5,068,005		$	46,122,304			7,524,078		$	76,320,934
Reinvested		339,755			3,133,834			744,467			7,668,378
Redeemed		(4,623,861	)		(42,617,894	)		(14,521,917	)		(146,863,772	)
Total		783,899		$	6,638,244			(6,253,372	)	$	(62,874,460	)

Sterling Capital Long Duration Corporate Bond Fund
Class A	Shares			Amount			Shares			Amount
Issued		536		$	3,682			4,724		$	41,419
Reinvested		1,229			8,525			8,067			73,146
Redeemed		(2,240	)		(15,101	)		(7,184	)		(68,634	)
Total		(475	)	$	(2,894	)		5,607		$	45,931

Sterling Capital Long Duration Corporate Bond Fund
Class C	Shares		Amount		Shares			Amount
Issued		—	$	—		1,970		$	20,383
Reinvested		6		43		272			2,523
Redeemed		—		—		(2,196	)		(18,182	)
Total		6	$	43		46		$	4,724

140

Sterling Capital Funds

Notes to Financial Statements — (continued) 

March 31, 2023 (Unaudited)

	For the Six Months Ended March 31, 2023 (Unaudited)						For the Year Ended September 30, 2022
Sterling Capital Long Duration Corporate Bond Fund
Institutional	Shares			Amount			Shares			Amount
Issued		144,635		$	1,066,202			3,366,560		$	30,840,102
Reinvested		942			6,598			15,196			139,838
Redeemed		(97,767	)		(682,320	)		(3,986,777	)		(35,579,918	)
Total		47,810		$	390,480			(605,021	)	$	(4,599,978	)

Sterling Capital Long Duration Corporate Bond Fund
Class R6	Shares			Amount			Shares			Amount
Issued		209,584		$	1,433,866			3,467,165		$	30,642,201
Reinvested		77,965			540,997			83,904			637,292
Redeemed		(68,995	)		(497,450	)		(147,782	)		(1,081,915	)
Total		218,554		$	1,477,413			3,403,287		$	30,197,578

Sterling Capital Quality Income Fund
Class A	Shares			Amount			Shares			Amount
Issued		7		$	59			1,274		$	12,275
Reinvested		46			410			64			603
Redeemed		(51	)		(467	)		(623	)		(5,743	)
Total		2		$	2			715		$	7,135

Sterling Capital Quality Income Fund
Class C	Shares		Amount		Shares			Amount
Issued		—	$	—		22		$	210
Reinvested		3		27		4			38
Redeemed		—		—		(47	)		(427	)
Total		3	$	27		(21	)	$	(179	)

Sterling Capital Quality Income Fund
Institutional	Shares			Amount			Shares			Amount
Issued		779,463		$	6,895,497			3,973,722		$	38,036,962
Reinvested		64,876			574,998			75,495			707,963
Redeemed		(339,550	)		(3,018,830	)		(1,390,930	)		(13,070,271	)
Total		504,789		$	4,451,665			2,658,287		$	25,674,654

Sterling Capital North Carolina Intermediate Tax-Free Fund
Class A	Shares			Amount			Shares			Amount
Issued		18,407		$	186,095			946,008		$	9,544,746
Reinvested		18,701			189,251			31,519			328,466
Redeemed		(369,875	)		(3,791,534	)		(1,316,412	)		(13,546,019	)
Total		(332,767	)	$	(3,416,188	)		(338,885	)	$	(3,672,807	)

Sterling Capital North Carolina Intermediate Tax-Free Fund
Class C	Shares			Amount			Shares			Amount
Issued		6,225		$	63,000			44,930		$	452,133
Reinvested		655			6,626			874			9,093
Redeemed		(11,482	)		(116,602	)		(70,301	)		(730,351	)
Total		(4,602	)	$	(46,976	)		(24,497	)	$	(269,125	)

141

Sterling Capital Funds

Notes to Financial Statements — (continued) 

March 31, 2023 (Unaudited)

	For the Six Months Ended March 31, 2023 (Unaudited)						For the Year Ended September 30, 2022
Sterling Capital North Carolina Intermediate Tax-Free Fund
Institutional	Shares			Amount			Shares			Amount
Issued		2,067,635		$	20,907,207			5,558,068		$	57,292,898
Reinvested		69,956			707,603			103,330			1,075,095
Redeemed		(3,523,341	)		(35,482,809	)		(6,835,815	)		(70,876,736	)
Total		(1,385,750	)	$	(13,867,999	)		(1,174,417	)	$	(12,508,743	)

Sterling Capital South Carolina Intermediate Tax-Free Fund
Class A	Shares			Amount			Shares			Amount
Issued		31,165		$	321,849			24,937		$	275,190
Reinvested		5,486			57,596			12,192			132,564
Redeemed		(55,831	)		(584,499	)		(331,419	)		(3,618,340	)
Total		(19,180	)	$	(205,054	)		(294,290	)	$	(3,210,586	)

Sterling Capital South Carolina Intermediate Tax-Free Fund
Class C	Shares			Amount			Shares			Amount
Issued		—		$	—			5,318		$	56,000
Reinvested		95			994			237			2,576
Redeemed		(1,570	)		(16,628	)		(25,264	)		(275,848	)
Total		(1,475	)	$	(15,634	)		(19,709	)	$	(217,272	)

Sterling Capital South Carolina Intermediate Tax-Free Fund
Institutional	Shares			Amount			Shares			Amount
Issued		506,587		$	5,303,647			533,396		$	5,808,595
Reinvested		14,308			149,173			35,364			381,384
Redeemed		(1,125,148	)		(11,649,363	)		(3,509,711	)		(37,859,600	)
Total		(604,253	)	$	(6,196,543	)		(2,940,951	)	$	(31,669,621	)

Sterling Capital Virginia Intermediate Tax-Free Fund
Class A	Shares			Amount			Shares			Amount
Issued		5,177		$	57,483			120,530		$	1,339,229
Reinvested		8,513			94,284			16,863			192,590
Redeemed		(173,024	)		(1,891,044	)		(266,302	)		(3,018,698	)
Total.		(159,334	)	$	(1,739,277	)		(128,909	)	$	(1,486,879	)

Sterling Capital Virginia Intermediate Tax-Free Fund
Class C	Shares		Amount		Shares			Amount
Issued		—	$	—		707		$	8,194
Reinvested		7		81		18			204
Redeemed		—		—		(3,966	)		(46,102	)
Total		7	$	81		(3,241	)	$	(37,704	)

Sterling Capital Virginia Intermediate Tax-Free Fund
Institutional	Shares			Amount			Shares			Amount
Issued		575,741		$	6,387,260			2,110,606		$	23,627,116
Reinvested		4,881			54,053			10,715			122,402
Redeemed		(1,222,634	)		(13,362,764	)		(1,336,270	)		(15,156,212	)
Total		(642,012	)	$	(6,921,451	)		785,051		$	8,593,306

142

Sterling Capital Funds

Notes to Financial Statements — (continued) 

March 31, 2023 (Unaudited)

	For the Six Months Ended March 31, 2023 (Unaudited)						For the Year Ended September 30, 2022
Sterling Capital West Virginia Intermediate Tax-Free Fund
Class A	Shares			Amount			Shares			Amount
Issued		88,593		$	812,396			986,569		$	9,399,791
Reinvested		11,892			112,013			28,268			277,047
Redeemed		(1,182,891	)		(11,118,445	)		(1,097,767	)		(10,395,528	)
Total		(1,082,406	)	$	(10,194,036	)		(82,930	)	$	(718,690	)

Sterling Capital West Virginia Intermediate Tax-Free Fund
Class C	Shares			Amount			Shares			Amount
Reinvested		13		$	125			21		$	199
Redeemed		(2,290	)		(21,706	)		(1	)		(9	)
Total		(2,277	)	$	(21,581	)		20		$	190

Sterling Capital West Virginia Intermediate Tax-Free Fund
Institutional	Shares			Amount			Shares			Amount
Issued		171,024		$	1,607,937			1,477,300		$	14,410,877
Reinvested		11,846			111,696			21,651			210,969
Redeemed		(425,603	)		(4,002,935	)		(1,277,968	)		(12,359,284	)
Total		(242,733	)	$	(2,283,302	)		220,983		$	2,262,562

(1) Effective November 15, 2021 (the “Conversion Date”), all outstanding Class R shares were converted into Class A shares (the “Class Conversions”). The Class Conversions were completed based on the share classes’ relative net asset values on the Conversion Date, without the imposition of any fees or expenses, such that each Class R shareholder received Class A shares having the same aggregate value as the Class R shares held.

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.

8. Line of Credit:

U.S. Bank, N.A. has made available a credit facility to the Trust, pursuant to an umbrella credit agreement (the “Agreement”). The primary purpose of the Agreement is to allow the Trust to avoid security liquidations that Sterling Capital believes are unfavorable to shareholders. Under the Agreement, an aggregate uncommitted amount of $100,000,000 has been made available for use by all Funds of the Trust for shareholder liquidations only. Outstanding principal amounts under the Agreement bear interest at a rate per annum equal to the Prime Rate minus two percent (2%), but never at a rate of less than one percent (1%) per annum. The Agreement will expire on March 25, 2024. During the six months ended March 31, 2023, 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 Equity Income Fund		0.02	%	$	1,941,000		3	$	809	$	1,941,000
Sterling Capital SMID Opportunities Fund		0.05	%		77,500		2		23		141,000
Sterling Capital Small Cap Value Fund		0.04	%		5,159,167		6		4,324		8,106,000
Sterling Capital Total Return Bond Fund		0.04	%		23,816,000		1		2,811		23,816,000
Sterling Capital Virginia Intermediate Tax-Free Fund		0.02	%		50,000		3		23		50,000
Sterling Capital West Virginia Intermediate Tax-Free Fund		0.02	%		7,871,000		4		5,029		7,871,000

* 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.

143

Sterling Capital Funds

Notes to Financial Statements — (continued)

March 31, 2023 (Unaudited)

9. Fund Ownership:

As of March 31, 2023, 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: 89% of the Behavioral Small Cap Value Equity Fund, 99% of the Behavioral International Equity Fund and 29% 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, 2022, 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	$	(16,835,154	)	$	—
Sterling Capital Behavioral International Equity Fund		(8,662,585	)		—
Sterling Capital Ultra Short Bond Fund		(83,985	)		(946,245	)
Sterling Capital Short Duration Bond Fund		(825,633	)		(5,436,295	)
Sterling Capital Intermediate U.S. Government Fund		(373,549	)		(725,870	)
Sterling Capital Total Return Bond Fund		(50,999	)		—
Sterling Capital Quality Income Fund		(1,403,070	)		(557,270	)
Sterling Capital North Carolina Intermediate Tax-Free Fund		(300,235	)		—
Sterling Capital South Carolina Intermediate Tax-Free Fund		(30,193	)		—

The character of income and gains distributed is determined in accordance with the Code and the Treasury regulations, which may differ from U.S. GAAP. These “book/tax” differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature (e.g., redemptions in-kind, net operating losses and equalization utilized), such amounts are reclassified within the composition of net assets based on their federal tax-basis treatment; temporary differences do not require reclassification. These reclassifications have no impact on net assets or net asset values per share.

144 

Sterling Capital Funds

Notes to Financial Statements — (continued)

March 31, 2023 (Unaudited)

The tax character of distributions paid to shareholders during the fiscal year ended September 30, 2022 was as follows:

	Distributions paid from
	Ordinary Income		Net Long- Term Gains		Total Taxable Distributions		Tax Exempt Distributions		Total Distributions Paid*
Sterling Capital Behavioral Large Cap Value Equity Fund	$	518,406	$	—	$	518,406	$	—	$	518,406
Sterling Capital Mid Value Fund		3,025,584		3,001,788		6,027,372		—		6,027,372
Sterling Capital Behavioral Small Cap Value Equity Fund		1,145,447		9,770,223		10,915,670		—		10,915,670
Sterling Capital Special Opportunities Fund		3,009,729		77,664,798		80,674,527		—		80,674,527
Sterling Capital Equity Income Fund		33,703,773		41,216,260		74,920,033		—		74,920,033
Sterling Capital Behavioral International Equity Fund		4,057,335		—		4,057,335		—		4,057,335
Sterling Capital SMID Opportunities Fund		2,871		947,830		950,701		—		950,701
Sterling Capital Mid Cap Relative Value Fund		953,965		4,075,092		5,029,057		—		5,029,057
Sterling Capital Real Estate Fund		1,606,241		6,040,796		7,647,037		—		7,647,037
Sterling Capital Small Cap Value Fund		3,425,428		103,238,958		106,664,386		—		106,664,386
Sterling Capital Ultra Short Bond Fund		517,531		—		517,531		—		517,531
Sterling Capital Short Duration Bond Fund		3,060,515		—		3,060,515		—		3,060,515
Sterling Capital Intermediate U.S. Government Fund		422,409		—		422,409		—		422,409
Sterling Capital Total Return Bond Fund		33,469,774		11,121,245		44,591,019		—		44,591,019
Sterling Capital Long Duration Corporate Bond Fund		779,062		573,447		1,352,509		—		1,352,509
Sterling Capital Quality Income Fund		1,536,725		—		1,536,725		—		1,536,725
Sterling Capital North Carolina Intermediate Tax-Free Fund		172,396		—		172,396		2,750,935		2,923,331
Sterling Capital South Carolina Intermediate Tax-Free Fund		31,880		—		31,880		1,178,534		1,210,414
Sterling Capital Virginia Intermediate Tax-Free Fund		345,744		87,833		433,577		928,912		1,362,489
Sterling Capital West Virginia Intermediate Tax-Free Fund		26,734		7,835		34,569		1,545,334		1,579,903

* 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.

145 

Sterling Capital Funds

Notes to Financial Statements — (continued)

March 31, 2023 (Unaudited)

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, 2022:

	Qualified Late-Year Ordinary Losses		Qualified Late-Year Short-term Capital Losses		Qualified Late-Year Long-term Capital Losses
Sterling Capital Special Opportunities Fund	$	1,485,152	$	—	$	—
Sterling Capital Behavioral International Equity Fund		97,007		8,360,459		—
Sterling Capital Ultra Short Bond Fund		—		113,985		106,808
Sterling Capital Short Duration Bond Fund		—		1,034,453		1,748,085
Sterling Capital Intermediate U.S. Government Fund		—		17,475		265,221
Sterling Capital Total Return Bond Fund		—		11,166,011		33,222,802
Sterling Capital Long Duration Corporate Bond Fund		—		577,921		—
Sterling Capital Quality Income Fund		—		507,835		187,981
Sterling Capital North Carolina Intermediate Tax-Free Fund		—		1,880,877		2,045,035
Sterling Capital South Carolina Intermediate Tax-Free Fund		—		74,129		379,472
Sterling Capital Virginia Intermediate Tax-Free Fund		—		566,090		700,092
Sterling Capital West Virginia Intermediate Tax-Free Fund		—		39,613		981,310

146 

Sterling Capital Funds

Notes to Financial Statements — (continued)

March 31, 2023 (Unaudited)

As of March 31, 2023, 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	$	30,522		$	—	$	30,522		$	—		$	(16,807,621	)	$	2,735,755		$	(14,041,344	)
Sterling Capital Mid Value Fund		64,807			1,368,697		1,433,504			—			—			8,838,317			10,271,821
Sterling Capital Behavioral Small Cap Value Equity Fund		303,986			—		303,986			—			(3,923,624	)		7,780,574			4,160,936
Sterling Capital Special Opportunities Fund		(2,269,605	)		41,318,661		39,049,056			—			—			165,245,678			204,294,734
Sterling Capital Equity Income Fund		(115,140	)		87,599,269		87,484,129			—			—			655,755,791			743,239,920
Sterling Capital Behavioral International Equity Fund		1,093,599			—		1,093,599			—			(15,981,561	)		14,682,739			(205,223	)
Sterling Capital SMID Opportunities Fund		(17,421	)		778,101		760,680			—			—			600,736			1,361,416
Sterling Capital Mid Cap Relative Value Fund		109,717			3,270,587		3,380,304			—			—			19,849,413			23,229,717
Sterling Capital Real Estate Fund		156,206			1,972,775		2,128,981			—			—			27,944,505			30,073,486
Sterling Capital Small Cap Value Fund		90,240			60,223,146		60,313,386			—			—			197,342,842			257,656,228
Sterling Capital Ultra Short Bond Fund		(89,317	)		—		(89,317	)		(25,468	)		(1,230,518	)		(327,884	)		(1,673,187	)
Sterling Capital Short Duration Bond Fund		(161,187	)		—		(161,187	)		(64,412	)		(11,272,951	)		(2,321,500	)		(13,820,050	)
Sterling Capital Intermediate U.S. Government Fund		70,652			—		70,652			(639	)		(1,742,614	)		(1,405,454	)		(3,078,055	)
Sterling Capital Total Return Bond Fund		1,226,870			—		1,226,870			(763,419	)		(84,511,486	)		(86,819,205	)		(170,867,240	)
Sterling Capital Long Duration Corporate Bond Fund		(8,783	)		—		(8,783	)		(92	)		(1,393,285	)		(5,527,787	)		(6,929,947	)
Sterling Capital Quality Income Fund		46,473			—		46,473			(102,472	)		(2,845,873	)		(6,945,328	)		(9,847,200	)
Sterling Capital North Carolina Intermediate Tax- Free Fund		222,765			—		222,765			(110,193	)		(4,945,322	)		1,227,333			(3,605,417	)
Sterling Capital South Carolina Intermediate Tax- Free Fund		55,993			—		55,993			(27,525	)		(643,191	)		(360,127	)		(974,850	)
Sterling Capital Virginia Intermediate Tax-Free Fund.		173,240			—		173,240			(110,070	)		(1,560,771	)		485,442			(1,012,159	)
Sterling Capital West Virginia Intermediate Tax- Free Fund		198,316			—		198,316			(117,243	)		(2,101,850	)		(594,038	)		(2,614,815	)

147 

Sterling Capital Funds

Notes to Financial Statements — (continued)

March 31, 2023 (Unaudited)

As of September 30, 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	$	47,312	$	—	$	47,312	$	—		$	(16,835,154	)	$	(709,088	)	$	(17,496,930	)
Sterling Capital Mid Value Fund		118,760		7,574,516		7,693,276		—			—			5,371,602			13,064,878
Sterling Capital Behavioral Small Cap Value Equity Fund		211,870		—		211,870		—			—			(644,880	)		(433,010	)
Sterling Capital Special Opportunities Fund		—		35,858,790		35,858,790		—			(1,485,152	)		155,762,333			190,135,971
Sterling Capital Equity Income Fund		22,059,196		112,835,208		134,894,404		—			—			515,114,622			650,009,026
Sterling Capital Behavioral International Equity Fund		3,226,016		—		3,226,016		—			(17,120,051	)		(12,608,991	)		(26,503,026	)
Sterling Capital SMID Opportunities Fund		5,033		737,356		742,389		—			—			856,153			1,598,542
Sterling Capital Mid Cap Relative Value Fund		280,045		6,835,266		7,115,311		—			—			17,220,432			24,335,743
Sterling Capital Real Estate Fund		—		4,653,502		4,653,502		—			—			24,753,655			29,407,157
Sterling Capital Small Cap Value Fund		961,978		74,259,613		75,221,591		—			—			217,444,138			292,665,729
Sterling Capital Ultra Short Bond Fund		9,757		—		9,757		(11,205	)		(1,251,023	)		(678,627	)		(1,931,098	)
Sterling Capital Short Duration Bond Fund		148,713		—		148,713		(60,605	)		(9,044,466	)		(6,553,436	)		(15,509,794	)
Sterling Capital Intermediate U.S. Government Fund		125,912		—		125,912		(753	)		(1,382,115	)		(2,146,627	)		(3,403,583	)
Sterling Capital Total Return Bond Fund		2,608,827		—		2,608,827		(733,320	)		(44,439,812	)		(159,478,307	)		(202,042,612	)
Sterling Capital Long Duration Corporate Bond Fund		11,020		—		11,020		(298	)		(577,921	)		(8,282,196	)		(8,849,395	)
Sterling Capital Quality Income Fund		80,821		—		80,821		(80,738	)		(2,656,156	)		(8,805,010	)		(11,461,083	)
Sterling Capital North Carolina Intermediate Tax- Free Fund		224,552		—		224,552		(111,981	)		(4,226,147	)		(5,820,351	)		(9,933,927	)
Sterling Capital South Carolina Intermediate Tax- Free Fund		65,568		—		65,568		(37,100	)		(483,794	)		(1,924,248	)		(2,379,574	)
Sterling Capital Virginia Intermediate Tax-Free Fund.		163,288		—		163,288		(100,120	)		(1,266,182	)		(3,031,377	)		(4,234,391	)
Sterling Capital West Virginia Intermediate Tax- Free Fund		194,204		—		194,204		(113,130	)		(1,020,923	)		(4,347,446	)		(5,287,295	)

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

148 

Sterling Capital Funds

Notes to Financial Statements — (continued)

March 31, 2023 (Unaudited)

As of March 31, 2023, 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	$	27,782,007	$	3,759,884	$	(1,063,578	)	$	2,696,306
Sterling Capital Mid Value Fund		38,201,514		11,280,781		(2,743,567	)		8,537,214
Sterling Capital Behavioral Small Cap Value Equity Fund		128,327,837		13,792,317		(6,011,743	)		7,780,574
Sterling Capital Special Opportunities Fund		317,633,712		176,394,798		(14,565,305	)		161,829,493
Sterling Capital Equity Income Fund		1,400,500,788		661,223,912		(6,185,752	)		655,038,160
Sterling Capital Behavioral International Equity Fund		112,084,417		16,409,752		(1,721,416	)		14,688,336
Sterling Capital SMID Opportunities Fund		5,905,813		1,013,056		(501,145	)		511,911
Sterling Capital Mid Cap Relative Value Fund		23,846,932		20,634,145		(784,732	)		19,849,413
Sterling Capital Real Estate Fund		46,329,758		28,958,063		(1,013,558	)		27,944,505
Sterling Capital Small Cap Value Fund		106,224,605		198,145,414		(802,572	)		197,342,842
Sterling Capital Ultra Short Bond Fund		40,980,674		30,831		(358,715	)		(327,884	)
Sterling Capital Short Duration Bond Fund		137,955,607		526,229		(3,034,205	)		(2,507,976	)
Sterling Capital Intermediate U.S. Government Fund		18,573,698		8,149		(1,417,491	)		(1,409,342	)
Sterling Capital Total Return Bond Fund		1,130,142,571		3,247,482		(103,748,053	)		(100,500,571	)
Sterling Capital Long Duration Corporate Bond Fund		32,144,125		107,993		(5,676,562	)		(5,568,569	)
Sterling Capital Quality Income Fund		92,270,688		171,805		(7,122,030	)		(6,950,225	)
Sterling Capital North Carolina Intermediate Tax-Free Fund		141,950,475		1,649,364		(422,030	)		1,227,334
Sterling Capital South Carolina Intermediate Tax-Free Fund		36,657,594		152,571		(512,699	)		(360,128	)
Sterling Capital Virginia Intermediate Tax-Free Fund		74,661,367		763,727		(278,285	)		485,442
Sterling Capital West Virginia Intermediate Tax-Free Fund		76,926,378		390,138		(984,176	)		(594,038	)

11. Subsequent Events:

Management has evaluated the need for the disclosure and/or adjustments resulting from subsequent events through the date the financial statements were issued, and has noted the following item:

Effective May 17, 2023, the Board of Trustees of the Sterling Capital Funds (the “Board”) appointed Scott Haenni as a Trustee of the Board, and Alexander McAlister retired from the Board. Mr. Haenni is considered an “interested person” of the Funds, as defined in Section 2(a)(19) of the 1940 Act, due to his position with Sterling Capital Management LLC (“Sterling Capital”). In addition, James Roberts indicated that he would retire from the Board effective June 30, 2023.

149 

BOARD CONSIDERATION OF ADVISORY AGREEMENTS (UNAUDITED)

Continuation of Current Advisory Agreement

The Board of Trustees conducted meetings in August and November 2022 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, 2024. 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.

150 

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 from time to time for executing certain trades on behalf of the Funds. With respect to these trades, the Trustees considered Sterling Capital’s assurances that such trades were both infrequent and effected in accordance with board approved procedures.

The Trustees also considered information from Sterling Capital regarding fees for accounts managed by Sterling Capital with investment objectives and strategies similar to those of comparable Funds where applicable. This included information about the differences in services necessary to manage the Funds as compared to separate accounts, including management of cash flows and the need to comply with extensive and complex restrictions set by applicable regulations or established in Fund disclosure documents. Based on this information, the Trustees concluded that the differences between the services that Sterling Capital provides to the Funds and those it provides to separate accounts substantially limit the probative value of fee comparisons to those other separate account clients.

The Trustees also considered the reasonableness of current and proposed advisory fees in the context of the profitability of the Adviser. In determining whether the advisory fees were fair and reasonable, the Trustees considered profitability information provided by the Adviser with respect to investment advisory services. With respect to such information, the Trustees recognized that such profitability data was generally unaudited and represented the Adviser’s own determination of its and its affiliates’ revenues from the contractual services provided or expected to be provided to the Funds, less estimated expenses of providing such services. Expenses include direct and indirect costs and were calculated using an allocation methodology developed by the Adviser. Based on their review, the Trustees concluded that the profitability of the Adviser as a result of its relationships with the Funds was acceptable.

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.

151 

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 2022 contract review process. In particular, Sterling Capital agreed to limit its advisory fee rates for the period February 1, 2023 to January 31, 2024 for Sterling Capital Quality Income Fund as part of the 2022 contract review process. In addition, Sterling Capital agreed to implement total expense caps for the period February 1, 2023 to January 31, 2024 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, Sterling Capital Intermediate U.S. Government Fund and Sterling Capital Short Duration Bond 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 last several contract review processes. As part of the 2020 contract review process, Sterling Capital agreed to reduce its contractual advisory fee rate for the following Funds: Sterling Capital Mid Value Fund, Sterling Capital 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.

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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.

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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.

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INVESTMENT ADVISOR

Sterling Capital Management LLC

4350 Congress Street, Suite 1000

Charlotte, NC 28209

DISTRIBUTOR

Sterling Capital Distributors, LLC

3 Canal Plaza

Suite 100

Portland, ME 04101

LEGAL COUNSEL

Ropes & Gray LLP

Prudential Tower

800 Boylston Street

Boston, MA 02199

TRANSFER AGENT

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

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(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.

(a)(2)(1) 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.

(a)(2)(2) 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 30, 2023

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 30, 2023
By (Signature and Title)	/s/ Todd M. Miller
	Todd M. Miller, Treasurer
	(principal financial officer)
Date	May 30, 2023