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, 2024

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, 100 F Street, NE, Washington, DC 20549-1090. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

Item 1. Reports to Stockholders.

(a) The Report to Shareholders is attached herewith.

Sterling Capital Funds

Table of Contents

Letter from the President and the Investment Advisor	1
Summary of Portfolio Holdings	2
Expense Example	6
Schedules of Portfolio Investments
Sterling Capital Behavioral Large Cap Value Equity Fund	12
Sterling Capital Mid Value Fund	15
Sterling Capital Behavioral Small Cap Value Equity Fund	17
Sterling Capital Special Opportunities Fund	21
Sterling Capital Equity Income Fund	22
Sterling Capital Behavioral International Equity Fund	23
Sterling Capital 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	39
Sterling Capital Total Return Bond Fund	42
Sterling Capital Long Duration Corporate Bond Fund	50
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	127
Other Information	156
Notice of Privacy Policy & Practices	157

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Letter from the President and the Investment Advisor

Dear Shareholders:

We are pleased to present this Sterling Capital Funds Semi-Annual Report covering the six months from October 1, 2023, to March 31, 2024.

Equity markets posted strongly positive returns over the six months through March 31, 2024. Share prices and investor sentiment rebounded in the fourth quarter of 2023 following a challenging third quarter, when concerns over inflation and the health of the global economy appeared to influence investor behavior. Shares rebounded from October market lows after the November U.S. payrolls report indicated the domestic labor market was finally cooling off. Investor sentiment remained higher through December, helping to push domestic equities to double-digit returns for the fourth quarter.

Across the fourth quarter of 2024, smaller-cap stocks outperformed their large-cap counterparts across both domestic and international markets, while U.S. equities edged out international markets. For instance, small-cap U.S. companies, as measured by the Russell 2000^® Index, gained 13.4% for the quarter, compared to large-cap U.S. companies, as measured by the S&P 500^® Index, which gained 11.1%. By comparison, large-cap international stocks gained 8.8% for the quarter, as measured by the MSCI EAFE Large Cap (LC) Index.

Gains were not universal across domestic markets, however. Weak oil prices continued to weigh on the Energy sector, which was the only sector of the S&P 500 to post a decline for the quarter. The period capped off a challenging year for energy stocks, which posted a decline of 1.4% for 2023. By comparison, optimism around easing inflation and the potential for future interest rate cuts helped the Real Estate sector lead returns across industries for the fourth quarter with a gain of 18.8%. The Information Technology sector also posted strong returns, with a full-year return of 57.8%, driven in large part by stellar returns from NVIDIA, Microsoft, and Apple share prices, which rose 239%, 58.0%, and 49.0% for the year, respectively.

Investor optimism carried into the first quarter of 2024, helping drive the S&P 500 to a new record high by the end of the quarter. The gains came despite mixed signs in inflation and payroll data. Investors appeared to be less reactive to changes in rate cut expectations in the first quarter than they had been in the prior year, as comments from Federal Reserve (Fed) Chairman Jerome Powell that rate cuts might be pushed out later in the year failed to dampen investor enthusiasm. Earnings growth also supported market gains during the quarter.

Large-cap stocks generally led the way during the first quarter, although the gains were distributed across a greater number of companies in the index compared to 2023, when they were mostly concentrated among mega cap stocks. The S&P 500 gained 10.6% for the first quarter, compared to 2.4% for domestic small-cap stocks, as measured by the Russell 2000 Index. International large-cap stocks lagged for the quarter, with the MSCI EAFE LC posting a 5.8% gain. In the broader U.S. market, the Technology and Energy sectors led the field in the first quarter, while Real Estate was the only sector to post a decline.

Yields on U.S. Treasuries declined rapidly in the final two months of 2023 on the prospects of future interest rate cuts and the Fed’s decision to keep the federal funds target rate unchanged during the quarter. Yields declined across the entire yield curve, although short-term yields dropped further than longer-term yields. The sharp decline in yields drove bond prices higher, which led the Bloomberg U.S. Aggregate Bond Index to gain 6.8% for the fourth quarter, finishing 2023 in positive territory. Corporate bonds also performed well for the quarter, supported by strong fundamentals and the prospects of future interest rate cuts. Investors rushed to lock in attractive yields in anticipation of lower rates in 2024, with corporate bonds among the largest beneficiaries of this trend.

The decline in yields reversed course in the first quarter of 2024 on stronger-than-expected economic data and signs of persistent inflation. Markets began the year anticipating six rate cuts from the Fed through 2024, only to end the quarter with that number dropping to just three. Yields on U.S. Treasuries climbed higher across the curve as a result, with short-term yields rising higher than long-term yields. Corporate bonds managed to perform well in this environment despite high inflation and a surge of issuance. Investor demand for yield helped high-yield bonds outperform for the quarter.

Based on the macroeconomic data from the six-month period under review, the U.S. economy remained strong in the face of elevated interest rates. U.S. gross domestic product (GDP) increased at an annualized rate of 3.4% in the final quarter of 2023, although it slowed to a rate of 1.6% in the first quarter of 2024. The monthly unemployment rate was also steady throughout the period, beginning and ending at 3.8%. Inflation data showed initial signs of easing, although progress stalled near the end of the first quarter. The Fed’s preferred inflation gauge, the Personal Consumption Expenditures (PCE) index, registered 3.5% in October and 3.2% in November. After measuring 2.5% for January and February, it rose slightly to 2.7% in March, triggering renewed concerns.

The S&P 500 gained 23.48% (total return) during the six months under review, while the Russell 2000 gained 19.71% (total return). International markets generally fared worse than domestic markets, with the MSCI EAFE Index adding 16.48% (net return) and the MSCI Emerging Markets Index gaining 10.42% (net return) for the six months.

We continue to monitor the evolving economic and market climate and 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.

Sincerely,

James T. Gillespie

President 

Sterling Capital Funds

Jeffrey J. Schappe, CFA^® 

Managing Director 

Sterling Capital Management LLC

Specific securities identified and described do not represent all of the securities purchased, sold or recommended to clients. There are no assurances that securities identified will be profitable investments. The securities described are neither a recommendation nor a solicitation. Security information is being obtained from resources the firm believes to be accurate, but no warrant is made as to the accuracy or completeness of the information. 

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

“Bloomberg^®” and the Bloomberg indices are service marks of Bloomberg Finance L.P. and its affiliates, including Bloomberg Index Services Limited (“BISL”), the administrator of the index (collectively, “Bloomberg”) and have been licensed for use for certain purposes by Sterling Capital Management LLC and its affiliates. Bloomberg is not affiliated with Sterling Capital Management LLC or its affiliates, and Bloomberg does not approve, endorse, review, or recommend the product(s) presented herein. Bloomberg does not guarantee the timeliness, accurateness, or completeness of any data or information relating to the product(s) presented herein. It operates the Bloomberg U.S. Aggregate Bond Index referenced herein, among others. 

LSEG Group, the parent company of FTSE Russell, is a global finance company headquartered in London, UK and is a provider of investment data, indices, and analytics across multiple asset classes. FTSE Russell operates the Russell 2000^® Index referenced herein, among others. 

MSCI Inc. is an American finance company headquartered in New York, NY. 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 Europe/Australasia/Far East (EAFE) Indices (EAFE) and the MSCI Emerging Markets Indices referenced herein, among others. 

“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. 

A yield curve is a line that plots the yields of bond of similar credit quality but different maturity dates. 

Real gross domestic product (GDP) is an inflation-adjusted measure that reflects the value of all goods and services produced by an economy in a given year, expressed in base-year prices. 

The core Personal Consumption Expenditure (core PCE) Index is a measure of prices that people living in the United States, or those buying on their behalf, pay for goods and services.

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 (“Truist”) or its affiliates. The Funds are not insured by the FDIC or any other government agency. The Funds currently are distributed by Sterling Capital Distributors, LLC. The distributor is not affiliated with Truist Financial Corporation or its affiliates. 

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

1 

Sterling Capital Funds

Summary of Portfolio Holdings (Unaudited)

Sterling Capital Funds invested, as a percentage of net assets, in the following industries, countries, states, funds or security types, as of March 31, 2024:

Sterling Capital Behavioral Large Cap Value Equity Fund	Percentage of net assets
Air Freight & Logistics	1.6%
Automobiles	2.0%
Banks	8.3%
Beverages	0.4%
Biotechnology	6.0%
Broadline Retail	0.3%
Building Products	1.0%
Capital Markets	3.8%
Chemicals	0.7%
Construction Materials	0.6%
Consumer Finance	2.8%
Consumer Staples Distribution & Retail	2.9%
Diversified Consumer Services	0.6%
Diversified Telecommunication Services	2.6%
Electric Utilities	3.2%
Electrical Equipment	0.4%
Electronic Equipment, Instruments & Components	1.5%
Financial Services	2.8%
Food Products	1.2%
Health Care Providers & Services	7.3%
Hotel & Resort REITs	0.4%
Hotels, Restaurants & Leisure	1.9%
Household Durables	2.7%
Household Products	1.0%
Independent Power and Renewable Electricity Producers	0.6%
Industrial Conglomerates	1.6%
Insurance	5.0%
Interactive Media & Services	1.4%
IT Services	2.5%
Machinery	5.4%
Media	2.0%
Metals & Mining	2.7%
Mortgage Real Estate Investment Trusts (REITs)	0.8%
Office REITs	0.3%
Oil, Gas & Consumable Fuels	7.3%
Passenger Airlines	0.4%
Pharmaceuticals	0.7%
Professional Services	0.2%
Retail REITs	1.5%
Semiconductors & Semiconductor Equipment	5.0%
Specialized REITs	1.1%
Specialty Retail	1.8%
Technology Hardware, Storage & Peripherals	0.3%
Tobacco	1.4%
Trading Companies & Distributors	1.2%
Wireless Telecommunication Services	0.1%
Money Market Fund	0.6%
	99.9%

Sterling Capital Mid Value Fund	Percentage of net assets
Automobile Components	2.9%
Banks	5.6%
Broadline Retail	1.5%
Chemicals	3.3%
Consumer Finance	5.9%
Consumer Staples Distribution & Retail	5.5%
Containers & Packaging	2.4%
Electric Utilities	1.8%
Electrical Equipment	2.1%
Entertainment	2.6%
Financial Services	9.5%
Food Products	1.4%
Health Care Providers & Services	8.9%
Hotels, Restaurants & Leisure	2.2%
Household Durables	2.9%
Household Products	—%*
Insurance	5.5%
Interactive Media & Services	1.4%
Life Sciences Tools & Services	1.8%
Machinery	3.4%
Media	1.8%
Multi-Utilities	3.1%
Oil, Gas & Consumable Fuels	3.5%
Professional Services	10.8%
Real Estate Management & Development	2.9%
Software	1.3%
Textiles, Apparel & Luxury Goods	1.2%
Trading Companies & Distributors	3.2%
Money Market Fund	1.5%
	99.9%

* Amount represents less than 0.05%.

2 

Sterling Capital Funds

Summary of Portfolio Holdings (Unaudited)

Sterling Capital Behavioral Small Cap Value Equity Fund	Percentage of net assets
Banks	14.1%
Beverages	0.2%
Broadline Retail	0.7%
Building Products	4.4%
Capital Markets	0.4%
Chemicals	0.7%
Commercial Services & Supplies	0.9%
Construction & Engineering	1.5%
Consumer Finance	0.9%
Consumer Staples Distribution & Retail	0.8%
Diversified Consumer Services	1.3%
Diversified REITs	0.9%
Diversified Telecommunication Services	0.3%
Electric Utilities	2.4%
Electrical Equipment	2.2%
Electronic Equipment, Instruments & Components	2.9%
Energy Equipment & Services	1.5%
Entertainment	0.8%
Financial Services	4.5%
Food Products	0.8%
Gas Utilities	0.3%
Health Care Equipment & Supplies	1.7%
Health Care Providers & Services	4.5%
Health Care Technology	1.0%
Hotel & Resort REITs	2.8%
Household Durables	4.1%
Household Products	0.7%
Industrial REITs	0.5%
Insurance	4.2%
Interactive Media & Services	0.2%
IT Services	0.1%
Leisure Products	0.4%
Machinery	1.0%
Marine Transportation	1.0%
Media	0.7%
Metals & Mining	3.7%
Mortgage Real Estate Investment Trusts (REITs)	1.0%
Multi-Utilities	0.7%
Office REITs	1.6%
Oil, Gas & Consumable Fuels	8.4%
Paper & Forest Products	0.4%
Passenger Airlines	0.8%
Pharmaceuticals	2.1%
Professional Services	0.4%
Real Estate Management & Development	0.8%
Retail REITs	0.9%
Semiconductors & Semiconductor Equipment	1.6%
Software	0.7%
Specialized REITs	1.7%
Specialty Retail	3.3%
Technology Hardware, Storage & Peripherals	0.7%
Textiles, Apparel & Luxury Goods	1.3%
Trading Companies & Distributors	3.2%
Money Market Fund	1.2%
	99.9%

Sterling Capital Special Opportunities Fund	Percentage of net assets
Automobile Components	3.0%
Broadline Retail	5.6%
Capital Markets	6.7%
Communications Equipment	3.0%
Construction Materials	2.0%
Consumer Staples Distribution & Retail	2.6%
Containers & Packaging	3.2%
Electronic Equipment, Instruments & Components	3.6%
Entertainment	3.0%
Financial Services	7.9%
Health Care Providers & Services	6.4%
Interactive Media & Services	4.2%
IT Services	6.0%
Life Sciences Tools & Services	7.4%
Media	1.0%
Oil, Gas & Consumable Fuels	2.1%
Pharmaceuticals	4.1%
Professional Services	4.4%
Real Estate Management & Development	2.1%
Semiconductors & Semiconductor Equipment	7.2%
Software	10.3%
Wireless Telecommunication Services	3.4%
Money Market Fund	0.8%
	100.0%

Sterling Capital Equity Income Fund	Percentage of net assets
Air Freight & Logistics	0.8%
Beverages	4.0%
Biotechnology	3.9%
Capital Markets	19.7%
Chemicals	3.0%
Consumer Finance	0.5%
Containers & Packaging	4.5%
Food Products	4.3%
Health Care Equipment & Supplies	3.7%
Health Care Providers & Services	7.1%
Insurance	4.7%
IT Services	3.8%
Oil, Gas & Consumable Fuels	1.8%
Pharmaceuticals	2.6%
Professional Services	6.8%
Semiconductors & Semiconductor Equipment	7.4%
Software	5.6%
Specialized REITs	2.9%
Specialty Retail	3.5%
Tobacco	3.0%
Trading Companies & Distributors	4.6%
Money Market Fund	1.7%
	99.9%

3 

Sterling Capital Funds

Summary of Portfolio Holdings (Unaudited)

Sterling Capital Behavioral International Equity Fund	Percentage of net assets
Australia	5.2%
Belgium	1.1%
Bermuda	0.8%
Cayman Islands	0.8%
Denmark	2.0%
Finland	1.2%
France	13.5%
Germany	9.5%
Hong Kong	1.7%
Ireland	0.4%
Israel	1.8%
Italy	4.4%
Japan	22.3%
Luxembourg	0.9%
Netherlands	6.2%
Norway	0.7%
Singapore	1.4%
Spain	4.2%
Sweden	2.2%
Switzerland	6.3%
United Kingdom	11.1%
Money Market Fund	1.1%
	98.8%

Sterling Capital Mid Cap Relative Value Fund	Percentage of net assets
Automobile Components	1.6%
Banks	3.9%
Building Products	3.7%
Capital Markets	3.2%
Chemicals	3.6%
Communications Equipment	1.0%
Construction & Engineering	2.0%
Consumer Staples Distribution & Retail	5.9%
Containers & Packaging	5.0%
Electronic Equipment, Instruments & Components	7.4%
Entertainment	2.1%
Financial Services	3.4%
Food Products	2.2%
Gas Utilities	2.6%
Health Care Equipment & Supplies	3.4%
Household Durables	1.6%
Industrial REITs	2.2%
Insurance	7.3%
Life Sciences Tools & Services	7.1%
Machinery	2.5%
Multi-Utilities	2.1%
Office REITs	1.2%
Oil, Gas & Consumable Fuels	6.6%
Professional Services	3.1%
Real Estate Management & Development	1.4%
Residential REITs	1.6%
Semiconductors & Semiconductor Equipment	1.0%
Software	3.5%
Specialized REITs	1.5%
Trading Companies & Distributors	3.2%
Money Market Fund	3.1%
	100.0%

Sterling Capital Real Estate Fund	Percentage of net assets
Data Center	11.3%
Diversified	1.9%
Health Care	9.5%
Hotel & Resort	3.6%
Industrial	14.7%
Multi-Family Residential	12.3%
Office	4.3%
Other Specialized	3.6%
Real Estate Development	1.4%
Retail	11.8%
Self-Storage	6.8%
Single-Family Residential	3.9%
Telecom Tower	12.1%
Money Market Fund	2.3%
	99.5%

Sterling Capital Small Cap Value Fund	Percentage of net assets
Aerospace & Defense	4.0%
Automobile Components	2.2%
Banks	12.3%
Capital Markets	2.2%
Chemicals	3.2%
Construction & Engineering	2.8%
Consumer Staples Distribution & Retail	9.4%
Electric Utilities	2.0%
Electrical Equipment	2.7%
Electronic Equipment, Instruments & Components	7.0%
Entertainment	1.7%
Gas Utilities	2.5%
Household Durables	4.6%
Industrial REITs	3.1%
Insurance	6.5%
Life Sciences Tools & Services	3.2%
Machinery	6.9%
Office REITs	1.3%
Oil, Gas & Consumable Fuels	4.1%
Professional Services	3.5%
Retail REITs	1.3%
Semiconductors & Semiconductor Equipment	4.3%
Software	3.3%
Trading Companies & Distributors	4.8%
Money Market Fund	1.1%
	100.0%

Sterling Capital Ultra Short Bond Fund	Percentage of net assets
Asset Backed Securities	23.0%
Collateralized Mortgage Obligations	4.7%
Commercial Mortgage-Backed Securities	10.8%
Corporate Bonds	53.2%
Preferred Stocks	1.8%
U.S. Treasury Bills	3.6%
Money Market Fund	1.9%
	99.0%

4 

Sterling Capital Funds

Summary of Portfolio Holdings (Unaudited)

Sterling Capital Short Duration Bond Fund	Percentage of net assets
Asset Backed Securities	20.7%
Collateralized Mortgage Obligations	3.4%
Commercial Mortgage-Backed Securities	8.4%
Corporate Bonds	63.5%
Municipal Bonds	1.7%
Preferred Stocks	0.7%
U.S. Treasury Notes	1.1%
Money Market Fund	0.1%
	99.6%

Sterling Capital Intermediate U.S. Government Fund	Percentage of net assets
Asset Backed Securities	2.0%
Collateralized Mortgage Obligations	22.9%
Commercial Mortgage-Backed Securities	19.6%
Corporate Bonds	2.1%
Mortgage-Backed Securities	31.6%
Municipal Bonds	0.7%
U.S. Government Agencies	13.2%
U.S. Treasury Notes	7.1%
Money Market Fund	0.3%
	99.5%

Sterling Capital Total Return Bond Fund	Percentage of net assets
Asset Backed Securities	9.2%
Collateralized Mortgage Obligations	3.4%
Commercial Mortgage-Backed Securities	9.5%
Corporate Bonds	29.0%
Mortgage-Backed Securities	27.4%
Municipal Bonds	2.8%
U.S. Government Agencies	0.6%
U.S. Treasury Bonds	5.1%
U.S. Treasury Notes	12.6%
Money Market Fund	0.2%
	99.8%

Sterling Capital Long Duration Corporate Bond Fund	Percentage of net assets
Corporate Bonds	96.1%
U.S. Government Agencies	0.2%
U.S. Treasury Bonds	1.5%
Money Market Fund	1.4%
	99.2%

Sterling Capital Quality Income Fund	Percentage of net assets
Asset Backed Securities	14.4%
Collateralized Mortgage Obligations	24.2%
Commercial Mortgage-Backed Securities	17.9%
Corporate Bonds	0.2%
Mortgage-Backed Securities	37.4%
U.S. Government Agencies	0.5%
U.S. Treasury Bonds	3.1%
U.S. Treasury Notes	1.7%
Money Market Fund	0.4%
	99.8%

Sterling Capital North Carolina Intermediate Tax-Free Fund	Percentage of net assets
North Carolina Municipal Bonds	98.5%
Money Market Fund	0.4%
	98.9%

Sterling Capital South Carolina Intermediate Tax-Free Fund	Percentage of net assets
South Carolina Municipal Bonds	96.1%
Money Market Fund	4.0%
	100.1%

Sterling Capital Virginia Intermediate Tax-Free Fund	Percentage of net assets
Virginia Municipal Bonds	95.3%
Money Market Fund	3.8%
	99.1%

Sterling Capital West Virginia Intermediate Tax-Free Fund	Percentage of net assets
West Virginia Municipal Bonds	97.0%
Money Market Fund	2.4%
	99.4%

5 

Sterling Capital Funds

Expense Example (Unaudited)

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

These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds. These examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire period from October 1, 2023 through March 31, 2024.

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 10/1/23	Ending Account Value 3/31/24	Expenses Paid During Period* 10/1/23 - 3/31/24	Annualized Expense Ratio During Period 10/1/23 - 3/31/24
Sterling Capital Behavioral Large Cap Value Equity Fund
Class A Shares	$1,000.00	$1,000.00	$4.95	0.99%
Class C Shares	1,000.00	1,000.00	8.70	1.74%
Institutional Shares	1,000.00	1,000.00	3.70	0.74%
Class R6 Shares	1,000.00	1,000.00	3.30	0.66%
Sterling Capital Mid Value Fund
Class A Shares	1,000.00	1,000.00	5.70	1.14%
Class C Shares	1,000.00	1,000.00	9.45	1.89%
Institutional Shares	1,000.00	1,000.00	4.45	0.89%
Class R6 Shares	1,000.00	1,000.00	4.05	0.81%
Sterling Capital Behavioral Small Cap Value Equity Fund
Class A Shares	1,000.00	1,212.87	6.14	1.11%
Class C Shares	1,000.00	1,208.29	10.27	1.86%
Institutional Shares	1,000.00	1,213.84	4.76	0.86%
Class R6 Shares	1,000.00	1,214.37	4.43	0.80%
Sterling Capital Special Opportunities Fund
Class A Shares	1,000.00	1,000.00	5.85	1.17%
Class C Shares	1,000.00	1,000.00	9.60	1.92%
Institutional Shares	1,000.00	1,000.00	4.60	0.92%
Class R6 Shares	1,000.00	1,000.00	4.10	0.82%
Sterling Capital Equity Income Fund
Class A Shares	1,000.00	1,000.00	5.35	1.07%
Class C Shares	1,000.00	1,000.00	9.10	1.82%
Institutional Shares	1,000.00	1,000.00	4.10	0.82%
Class R6 Shares	1,000.00	1,000.00	3.60	0.72%
Sterling Capital Behavioral International Equity Fund
Class A Shares	1,000.00	1,000.00	4.50	0.90%
Class C Shares	1,000.00	1,000.00	8.15	1.63%
Institutional Shares	1,000.00	1,000.00	3.25	0.65%
Class R6 Shares	1,000.00	1,000.00	3.00	0.60%
Sterling Capital Mid Cap Relative Value Fund
Class A Shares	1,000.00	1,209.47	6.19	1.12%
Class C Shares	1,000.00	1,205.74	9.76	1.77%
Institutional Shares	1,000.00	1,211.02	4.81	0.87%
Sterling Capital Real Estate Fund
Class A Shares	1,000.00	1,000.00	5.65	1.13%
Class C Shares	1,000.00	1,000.00	9.40	1.88%
Institutional Shares	1,000.00	1,000.00	4.40	0.88%
Class R6 Shares	1,000.00	1,000.00	4.05	0.81%

6

Sterling Capital Funds

Expense Example (Unaudited)

	Beginning Account Value 10/1/23	Ending Account Value 3/31/24	Expenses Paid During Period* 10/1/23 - 3/31/24	Annualized Expense Ratio During Period 10/1/23 - 3/31/24
Sterling Capital Small Cap Value Fund
Class A Shares	$1,000.00	$1,201.02	$7.15	1.30%
Class C Shares	1,000.00	1,196.56	11.26	2.05%
Institutional Shares	1,000.00	1,202.69	5.78	1.05%
Class R6 Shares	1,000.00	1,203.23	5.18	0.94%
Sterling Capital Ultra Short Bond Fund
Class A Shares	1,000.00	1,030.40	2.89	0.57%
Institutional Shares	1,000.00	1,031.68	1.63	0.32%
Sterling Capital Short Duration Bond Fund
Class A Shares	1,000.00	1,000.00	3.70	0.74%
Class C Shares	1,000.00	1,000.00	7.45	1.49%
Institutional Shares	1,000.00	1,000.00	2.40	0.48%
Class R6 Shares	1,000.00	1,000.00	2.00	0.40%
Sterling Capital Intermediate U.S. Government Fund
Class A Shares	1,000.00	1,046.33	3.84	0.75%
Class C Shares	1,000.00	1,042.53	7.66	1.50%
Institutional Shares	1,000.00	1,046.38	2.56	0.50%
Sterling Capital Total Return Bond Fund
Class A Shares	1,000.00	1,062.21	3.61	0.70%
Class C Shares	1,000.00	1,056.96	7.46	1.45%
Institutional Shares	1,000.00	1,062.31	2.32	0.45%
Class R6 Shares	1,000.00	1,062.84	1.80	0.35%
Sterling Capital Long Duration Corporate Bond Fund
Class A Shares	1,000.00	1,115.57	3.70	0.70%
Class C Shares	1,000.00	1,109.83	7.75	1.47%
Institutional Shares	1,000.00	1,115.34	2.38	0.45%
Class R6 Shares	1,000.00	1,117.45	1.91	0.36%
Sterling Capital Quality Income Fund
Class A Shares	1,000.00	1,000.00	4.05	0.81%
Class C Shares	1,000.00	1,000.00	7.45	1.49%
Institutional Shares	1,000.00	1,000.00	2.80	0.56%
Sterling Capital North Carolina Intermediate Tax-Free Fund
Class A Shares	1,000.00	1,000.00	4.25	0.85%
Class C Shares	1,000.00	1,000.00	8.00	1.60%
Institutional Shares	1,000.00	1,000.00	3.00	0.60%
Sterling Capital South Carolina Intermediate Tax-Free Fund
Class A Shares	1,000.00	1,000.00	4.40	0.88%
Class C Shares	1,000.00	1,000.00	8.15	1.63%
Institutional Shares	1,000.00	1,000.00	3.15	0.63%
Sterling Capital Virginia Intermediate Tax-Free Fund
Class A Shares	1,000.00	1,051.93	4.51	0.88%
Class C Shares	1,000.00	1,048.87	7.63	1.49%
Institutional Shares	1,000.00	1,053.23	3.23	0.63%

7

Sterling Capital Funds

Expense Example (Unaudited)

	Beginning Account Value 10/1/23	Ending Account Value 3/31/24	Expenses Paid During Period* 10/1/23 - 3/31/24	Annualized Expense Ratio During Period 10/1/23 - 3/31/24
Sterling Capital West Virginia Intermediate Tax-Free Fund
Class A Shares	$1,000.00	$1,052.63	$4.41	0.86%
Class C Shares	1,000.00	1,049.53	7.38	1.44%
Institutional Shares	1,000.00	1,052.75	3.13	0.61%

* 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).

8

Sterling Capital Funds

Expense Example (Unaudited)

Hypothetical Example for Comparison Purposes

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

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

	Beginning Account Value 10/1/23	Ending Account Value 3/31/24	Expenses Paid During Period* 10/1/23 - 3/31/24	Annualized Expense Ratio During Period 10/1/23 - 3/31/24
Sterling Capital Behavioral Large Cap Value Equity Fund
Class A Shares	$1,000.00	$1,020.05	$5.00	0.99%
Class C Shares	1,000.00	1,016.30	8.77	1.74%
Institutional Shares	1,000.00	1,021.30	3.74	0.74%
Class R6 Shares	1,000.00	1,021.70	3.34	0.66%
Sterling Capital Mid Value Fund
Class A Shares	1,000.00	1,019.30	5.76	1.14%
Class C Shares	1,000.00	1,015.55	9.52	1.89%
Institutional Shares	1,000.00	1,020.55	4.50	0.89%
Class R6 Shares	1,000.00	1,020.95	4.09	0.81%
Sterling Capital Behavioral Small Cap Value Equity Fund
Class A Shares	1,000.00	1,019.45	5.60	1.11%
Class C Shares	1,000.00	1,015.70	9.37	1.86%
Institutional Shares	1,000.00	1,020.70	4.34	0.86%
Class R6 Shares	1,000.00	1,021.00	4.04	0.80%
Sterling Capital Special Opportunities Fund
Class A Shares	1,000.00	1,019.15	5.91	1.17%
Class C Shares	1,000.00	1,015.40	9.67	1.92%
Institutional Shares	1,000.00	1,020.40	4.65	0.92%
Class R6 Shares	1,000.00	1,020.90	4.14	0.82%
Sterling Capital Equity Income Fund
Class A Shares	1,000.00	1,019.65	5.40	1.07%
Class C Shares	1,000.00	1,015.90	9.17	1.82%
Institutional Shares	1,000.00	1,020.90	4.14	0.82%
Class R6 Shares	1,000.00	1,021.40	3.64	0.72%
Sterling Capital Behavioral International Equity Fund
Class A Shares	1,000.00	1,020.50	4.55	0.90%
Class C Shares	1,000.00	1,016.85	8.22	1.63%
Institutional Shares	1,000.00	1,021.75	3.29	0.65%
Class R6 Shares	1,000.00	1,022.00	3.03	0.60%
Sterling Capital Mid Cap Relative Value Fund
Class A Shares	1,000.00	1,019.40	5.65	1.12%
Class C Shares	1,000.00	1,016.15	8.92	1.77%
Institutional Shares	1,000.00	1,020.65	4.39	0.87%

9

Sterling Capital Funds

Expense Example (Unaudited)

	Beginning Account Value 10/1/23	Ending Account Value 3/31/24	Expenses Paid During Period* 10/1/23 - 3/31/24	Annualized Expense Ratio During Period 10/1/23 - 3/31/24
Sterling Capital Real Estate Fund
Class A Shares	$1,000.00	$1,019.35	$5.70	1.13%
Class C Shares	1,000.00	1,015.60	9.47	1.88%
Institutional Shares	1,000.00	1,020.60	4.45	0.88%
Class R6 Shares	1,000.00	1,020.95	4.09	0.81%
Sterling Capital Small Cap Value Fund
Class A Shares	1,000.00	1,018.50	6.56	1.30%
Class C Shares	1,000.00	1,014.75	10.33	2.05%
Institutional Shares	1,000.00	1,019.75	5.30	1.05%
Class R6 Shares	1,000.00	1,020.30	4.75	0.94%
Sterling Capital Ultra Short Bond Fund
Class A Shares	1,000.00	1,022.15	2.88	0.57%
Institutional Shares	1,000.00	1,023.40	1.62	0.32%
Sterling Capital Short Duration Bond Fund
Class A Shares	1,000.00	1,021.30	3.74	0.74%
Class C Shares	1,000.00	1,017.55	7.52	1.49%
Institutional Shares	1,000.00	1,022.60	2.43	0.48%
Class R6 Shares	1,000.00	1,023.00	2.02	0.40%
Sterling Capital Intermediate U.S. Government Fund
Class A Shares	1,000.00	1,021.25	3.79	0.75%
Class C Shares	1,000.00	1,017.50	7.57	1.50%
Institutional Shares	1,000.00	1,022.50	2.53	0.50%
Sterling Capital Total Return Bond Fund
Class A Shares	1,000.00	1,021.50	3.54	0.70%
Class C Shares	1,000.00	1,017.75	7.31	1.45%
Institutional Shares	1,000.00	1,022.75	2.28	0.45%
Class R6 Shares	1,000.00	1,023.25	1.77	0.35%
Sterling Capital Long Duration Corporate Bond Fund
Class A Shares	1,000.00	1,021.50	3.54	0.70%
Class C Shares	1,000.00	1,017.65	7.41	1.47%
Institutional Shares	1,000.00	1,022.75	2.28	0.45%
Class R6 Shares	1,000.00	1,023.20	1.82	0.36%
Sterling Capital Quality Income Fund
Class A Shares	1,000.00	1,020.95	4.09	0.81%
Class C Shares	1,000.00	1,017.55	7.52	1.49%
Institutional Shares	1,000.00	1,022.20	2.83	0.56%
Sterling Capital North Carolina Intermediate Tax-Free Fund
Class A Shares	1,000.00	1,020.75	4.29	0.85%
Class C Shares	1,000.00	1,017.00	8.07	1.60%
Institutional Shares	1,000.00	1,022.00	3.03	0.60%
Sterling Capital South Carolina Intermediate Tax-Free Fund
Class A Shares	1,000.00	1,020.60	4.45	0.88%
Class C Shares	1,000.00	1,016.85	8.22	1.63%
Institutional Shares	1,000.00	1,021.85	3.18	0.63%
Sterling Capital Virginia Intermediate Tax-Free Fund
Class A Shares	1,000.00	1,020.60	4.45	0.88%
Class C Shares	1,000.00	1,017.55	7.52	1.49%
Institutional Shares	1,000.00	1,021.85	3.18	0.63%

10

Sterling Capital Funds

Expense Example (Unaudited)

	Beginning Account Value 10/1/23	Ending Account Value 3/31/24	Expenses Paid During Period* 10/1/23 - 3/31/24	Annualized Expense Ratio During Period 10/1/23 - 3/31/24
Sterling Capital West Virginia Intermediate Tax-Free Fund
Class A Shares	$1,000.00	$1,020.70	$4.34	0.86%
Class C Shares	1,000.00	1,017.80	7.26	1.44%
Institutional Shares	1,000.00	1,021.95	3.08	0.61%

* 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).

11

Sterling Capital Behavioral Large Cap Value Equity Fund

Schedule of Portfolio Investments
March 31, 2024 (Unaudited)

Shares			Fair Value
COMMON STOCKS — 99.3%
		Air Freight & Logistics — 1.6%
	1,930	FedEx Corp.	$	559,198
		Automobiles — 2.0%
	9,580	Ford Motor Co.		127,222
	12,870	General Motors Co.		583,655
				710,877
		Banks — 8.3%
	3,220	Citigroup, Inc.		203,633
	7,165	JPMorgan Chase & Co.		1,435,149
	3,280	PNC Financial Services Group, Inc. (The)		530,048
	14,550	Wells Fargo & Co.		843,318
				3,012,148
		Beverages — 0.4%
	2,250	Molson Coors Beverage Co., Class B		151,313
		Biotechnology — 6.0%
	2,530	AbbVie, Inc.		460,713
	1,840	Amgen, Inc.		523,149
	4,450	Exelixis, Inc.(a)		105,598
	7,050	Gilead Sciences, Inc.		516,413
	150	Regeneron Pharmaceuticals, Inc.(a)		144,373
	1,020	Vertex Pharmaceuticals, Inc.(a)		426,370
				2,176,616
		Broadline Retail — 0.3%
	2,310	eBay, Inc.		121,922
		Building Products — 1.0%
	950	Builders FirstSource, Inc.(a)		198,123
	1,000	Owens Corning		166,800
				364,923
		Capital Markets — 3.8%
	1,050	Ameriprise Financial, Inc.		460,362
	9,100	Bank of New York Mellon Corp. (The)		524,342
	2,310	Invesco, Ltd.		38,323
	5,175	Janus Henderson Group PLC		170,206
	4,070	Lazard, Inc.		170,411
				1,363,644
		Chemicals — 0.7%
	1,070	CF Industries Holdings, Inc.		89,034
	1,425	RPM International, Inc.		169,504
				258,538
		Construction Materials — 0.6%
	735	Eagle Materials, Inc.		199,736
		Consumer Finance — 2.8%
	3,980	Capital One Financial Corp.		592,582
	9,350	SLM Corp.		203,737
	4,725	Synchrony Financial		203,742
				1,000,061

Shares			Fair Value
COMMON STOCKS — (continued)
		Consumer Staples Distribution & Retail — 2.9%
	8,880	Kroger Co. (The)	$	507,314
	2,110	Target Corp.		373,913
	3,330	U.S. Foods Holding Corp.(a)		179,720
				1,060,947
		Diversified Consumer Services — 0.6%
	23,590	ADT, Inc.		158,525
	400	Grand Canyon Education, Inc.(a)		54,484
				213,009
		Diversified Telecommunication Services — 2.6%
	34,925	AT&T, Inc.		614,680
	7,890	Verizon Communications, Inc.		331,064
				945,744
		Electric Utilities — 3.2%
	3,340	Constellation Energy Corp.		617,399
	3,185	Duke Energy Corp.		308,022
	3,435	NRG Energy, Inc.		232,515
				1,157,936
		Electrical Equipment — 0.4%
	510	Acuity Brands, Inc.		137,052
		Electronic Equipment, Instruments & Components — 1.5%
	1,225	Jabil, Inc.		164,089
	1,460	TD SYNNEX Corp.		165,126
	4,450	Vontier Corp.		201,852
				531,067
		Financial Services — 2.8%
	3,920	Apollo Global Management, Inc.		440,804
	7,180	Corebridge Financial, Inc.		206,281
	8,050	MGIC Investment Corp.		179,998
	12,275	Western Union Co. (The)		171,605
				998,688
		Food Products — 1.2%
	12,180	Kraft Heinz Co. (The)		449,442
		Health Care Providers & Services — 7.3%
	820	Cardinal Health, Inc.		91,758
	1,965	Cencora, Inc.		477,475
	6,225	Centene Corp.(a)		488,538
	1,640	Cigna Group (The)		595,632
	1,190	DaVita, Inc.(a)		164,280
	524	Elevance Health, Inc.		271,715
	1,024	McKesson Corp.		549,734
				2,639,132
		Hotel & Resort REITs — 0.4%
	6,900	Host Hotels & Resorts, Inc.		142,692
		Hotels, Restaurants & Leisure — 1.9%
	115	Booking Holdings, Inc.		417,206
	910	Expedia Group, Inc.(a)		125,352

See accompanying Notes to the Financial Statements.

 12

Sterling Capital Behavioral Large Cap Value Equity Fund

Schedule of Portfolio Investments — (continued)
March 31, 2024 (Unaudited)

Shares			Fair Value
COMMON STOCKS — (continued)
		Hotels, Restaurants & Leisure — (continued)
	850	Royal Caribbean Cruises, Ltd.(a)	$	118,159
				660,717
		Household Durables — 2.7%
	3,525	DR Horton, Inc.		580,039
	1,250	Lennar Corp., Class A		214,975
	1,350	Toll Brothers, Inc.		174,649
				969,663
		Household Products — 1.0%
	860	Colgate-Palmolive Co.		77,443
	1,125	Kimberly-Clark Corp.		145,519
	5,370	Reynolds Consumer Products, Inc.		153,367
				376,329
		Independent Power and Renewable Electricity Producers — 0.6%
	3,160	Vistra Corp.		220,094
		Industrial Conglomerates — 1.6%
	5,550	3M Co.		588,688
		Insurance — 5.0%
	6,075	Aflac, Inc.		521,600
	250	Allstate Corp. (The)		43,252
	1,670	Chubb, Ltd.		432,747
	4,455	Prudential Financial, Inc.		523,017
	700	Reinsurance Group of America, Inc.		135,016
	2,610	Unum Group		140,053
				1,795,685
		Interactive Media & Services — 1.4%
	270	Alphabet, Inc., Class C(a)		41,110
	935	Meta Platforms, Inc., Class A		454,017
				495,127
		IT Services — 2.5%
	2,525	Cognizant Technology Solutions Corp., Class A		185,057
	3,660	International Business Machines Corp.		698,914
				883,971
		Machinery — 5.4%
	2,300	Allison Transmission Holdings, Inc.		186,668
	1,605	Caterpillar, Inc.		588,120
	4,900	PACCAR, Inc.		607,061
	1,050	Parker-Hannifin Corp.		583,580
				1,965,429
		Media — 2.0%
	16,890	Comcast Corp., Class A		732,182
		Metals & Mining — 2.7%
	2,910	Nucor Corp.		575,889
	625	Reliance, Inc.		208,862

Shares			Fair Value
COMMON STOCKS — (continued)
		Metals & Mining — (continued)
	1,400	Steel Dynamics, Inc.	$	207,522
				992,273
		Mortgage Real Estate Investment Trusts (REITs) — 0.8%
	13,375	Rithm Capital Corp.		149,265
	7,150	Starwood Property Trust, Inc.		145,360
				294,625
		Office REITs — 0.3%
	1,800	Boston Properties, Inc.		117,558
		Oil, Gas & Consumable Fuels — 7.3%
	8,450	Antero Midstream Corp.		118,807
	2,760	HF Sinclair Corp.		166,621
	27,190	Kinder Morgan, Inc.		498,665
	3,210	Marathon Petroleum Corp.		646,815
	3,760	Phillips 66		614,158
	3,500	Valero Energy Corp.		597,415
				2,642,481
		Passenger Airlines — 0.4%
	9,900	American Airlines Group, Inc.(a)		151,965
		Pharmaceuticals — 0.7%
	595	Jazz Pharmaceuticals PLC(a)		71,650
	280	Merck & Co., Inc.		36,946
	12,190	Viatris, Inc.		145,548
				254,144
		Professional Services — 0.2%
	635	Science Applications International Corp.		82,798
		Retail REITs — 1.5%
	3,415	Simon Property Group, Inc.		534,413
		Semiconductors & Semiconductor Equipment — 5.0%
	2,460	Applied Materials, Inc.		507,326
	346	Broadcom, Inc.		458,592
	600	KLA Corp.		419,142
	2,380	QUALCOMM, Inc.		402,934
				1,787,994
		Specialized REITs — 1.1%
	3,150	EPR Properties		133,717
	2,450	Gaming & Leisure Properties, Inc.		112,872
	5,175	VICI Properties, Inc.		154,163
				400,752
		Specialty Retail — 1.8%
	150	AutoZone, Inc.(a)		472,748
	6,860	Gap, Inc. (The)		188,993
				661,741

Continued

 13

Sterling Capital Behavioral Large Cap Value Equity Fund

Schedule of Portfolio Investments — (continued)
March 31, 2024 (Unaudited)

Shares			Fair Value
COMMON STOCKS — (continued)
		Technology Hardware, Storage & Peripherals — 0.3%
	980	NetApp, Inc.	$	102,871
		Tobacco — 1.4%
	11,500	Altria Group, Inc.		501,630
		Trading Companies & Distributors — 1.2%
	3,695	Core & Main, Inc., Class A(a)		211,539
	1,025	Ferguson PLC		223,891
				435,430
		Wireless Telecommunication Services — 0.1%
	320	T-Mobile U.S. Inc.		52,230
		Total Common Stocks
		(Cost $27,386,880)		35,895,475
MONEY MARKET FUND — 0.6%
	203,939	Federated Treasury Obligations Fund, Institutional Shares, 5.17%(b)		203,939
		Total Money Market Fund
		(Cost $203,939)		203,939
Total Investments — 99.9%
(Cost $27,590,819)				36,099,414
Net Other Assets (Liabilities) — 0.1%				45,733
NET ASSETS — 100.0%			$	36,145,147

(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, 2024 (Unaudited)

Shares			Fair Value
COMMON STOCKS — 98.4%
		Automobile Components — 2.9%
	42,246	Gentex Corp.	$	1,525,926
		Banks — 5.6%
	6,503	M&T Bank Corp.		945,796
	12,583	Pinnacle Financial Partners, Inc.		1,080,628
	10,756	SouthState Corp.		914,583
				2,941,007
		Broadline Retail — 1.5%
	14,665	eBay, Inc.		774,019
		Chemicals — 3.3%
	29,699	Corteva, Inc.		1,712,741
		Consumer Finance — 5.9%
	10,648	Discover Financial Services		1,395,846
	78,257	SLM Corp.		1,705,220
				3,101,066
		Consumer Staples Distribution & Retail — 5.5%
	6,552	Dollar General Corp.		1,022,505
	10,202	Target Corp.		1,807,896
				2,830,401
		Containers & Packaging — 2.4%
	15,880	Crown Holdings, Inc.		1,258,649
		Electric Utilities — 1.8%
	22,463	Portland General Electric Co.		943,446
		Electrical Equipment — 2.1%
	30,532	Sensata Technologies Holding PLC		1,121,746
		Entertainment — 2.6%
	9,272	Take-Two Interactive Software, Inc.(a)		1,376,799
		Financial Services — 9.5%
	13,393	Euronet Worldwide, Inc.(a)		1,472,292
	13,409	Global Payments, Inc.		1,792,247
	50,923	Radian Group, Inc.		1,704,393
				4,968,932
		Food Products — 1.4%
	3,812	Hershey Co. (The)		741,434
		Health Care Providers & Services — 8.9%
	21,599	Centene Corp.(a)		1,695,090
	1,748	Cigna Group (The)		634,856
	3,474	Humana, Inc.		1,204,505
	2,077	McKesson Corp.		1,115,037
				4,649,488
		Hotels, Restaurants & Leisure — 2.2%
	5,488	Hilton Worldwide Holdings, Inc.		1,170,645
		Household Durables — 2.9%
	11,475	Mohawk Industries, Inc.(a)		1,501,963

Shares			Fair Value
COMMON STOCKS — (continued)
		Household Products — 0.0%
	24,177	GCI Liberty Escrow Shares(a)(b)	$	–
		Insurance — 5.5%
	11,261	Globe Life, Inc.		1,310,443
	1,021	Markel Group, Inc.(a)		1,553,431
				2,863,874
		Interactive Media & Services — 1.4%
	13,708	IAC, Inc.(a)		731,185
		Life Sciences Tools & Services — 1.8%
	22,995	Fortrea Holdings, Inc.(a)		923,019
		Machinery — 3.4%
	64,416	Trinity Industries, Inc.		1,793,986
		Media — 1.8%
	16,300	Liberty Broadband Corp., Class C(a)		932,849
		Multi-Utilities — 3.1%
	59,522	NiSource, Inc.		1,646,379
		Oil, Gas & Consumable Fuels — 3.5%
	6,922	Pioneer Natural Resources Co.		1,817,025
		Professional Services — 10.8%
	15,631	ASGN, Inc.(a)		1,637,503
	10,118	Jacobs Solutions, Inc.		1,555,440
	5,358	Paycom Software, Inc.		1,066,296
	21,941	SS&C Technologies Holdings, Inc.		1,412,342
				5,671,581
		Real Estate Management & Development — 2.9%
	15,521	CBRE Group, Inc., Class A(a)		1,509,262
		Software — 1.3%
	52,705	NCR Voyix Corp.(a)		665,664
		Textiles, Apparel & Luxury Goods — 1.2%
	7,464	Columbia Sportswear Co.		605,928
		Trading Companies & Distributors — 3.2%
	32,605	Air Lease Corp.		1,677,201
		Total Common Stocks
		(Cost $37,967,180)		51,456,215

See accompanying Notes to the Financial Statements.

 15

Sterling Capital Mid Value Fund

Schedule of Portfolio Investments — (continued)
March 31, 2024 (Unaudited)

Shares			Fair Value
MONEY MARKET FUND — 1.5%
	795,336	Federated Treasury Obligations Fund, Institutional Shares, 5.17%(c)	$	795,336
		Total Money Market Fund
		(Cost $795,336)		795,336
Total Investments — 99.9%
(Cost $38,762,516)				52,251,551
Net Other Assets (Liabilities) — 0.1%				28,250
NET ASSETS — 100.0%			$	52,279,801

(a) Represents non-income producing security.

(b) The fair value of this security has been determined in good faith under policies approved by the Board of Trustees.

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

Continued

 16

Sterling Capital Behavioral Small Cap Value Equity Fund

Schedule of Portfolio Investments

March 31, 2024 (Unaudited)

Shares			Fair Value
COMMON STOCKS — 98.7%
		Banks — 14.1%
	12,600	Amalgamated Financial Corp.	$	302,400
	26,410	Associated Banc-Corp.		568,079
	10,374	Axos Financial, Inc.(a)		560,611
	31,880	Banc of California, Inc.		484,895
	7,178	Bank OZK		326,312
	17,061	BankUnited, Inc.		477,708
	16,313	Business First Bancshares, Inc.		363,454
	14,860	Byline Bancorp, Inc.		322,759
	12,474	Cathay General Bancorp		471,891
	15,003	Central Pacific Financial Corp.		296,309
	7,850	Community Trust Bancorp, Inc.		334,803
	26,430	CrossFirst Bankshares, Inc.(a)		365,791
	11,156	Customers Bancorp, Inc.(a)		591,937
	4,130	East West Bancorp, Inc.		326,724
	6,612	First Financial Corp.		253,438
	30,170	Fulton Financial Corp.		479,401
	12,730	Hancock Whitney Corp.		586,089
	2,300	Hanmi Financial Corp.		36,616
	38,793	Hope Bancorp, Inc.		446,508
	12,982	Independent Bank Corp.		329,094
	5,209	Mercantile Bank Corp.		200,494
	11,840	Midland States Bancorp, Inc.		297,539
	6,422	Northeast Bank		355,394
	19,347	Northeast Community Bancorp, Inc.		304,328
	16,673	OFG Bancorp		613,733
	39,660	Old National Bancorp		690,481
	4,214	Popular, Inc.		371,211
	4,822	Preferred Bank		370,185
	15,170	Premier Financial Corp.		307,951
	6,350	QCR Holdings, Inc.		385,699
	12,586	RBB Bancorp		226,674
	9,983	South Plains Financial, Inc.		267,145
	16,020	Trustmark Corp.		450,322
	3,700	UMB Financial Corp.		321,863
	17,290	Univest Financial Corp.		359,978
	5,840	Webster Financial Corp.		296,497
	4,540	Western Alliance Bancorp		291,423
	3,469	Wintrust Financial Corp.		362,129
	7,390	Zions Bancorp NA		320,726
				14,718,591
		Beverages — 0.2%
	2,605	Molson Coors Beverage Co., Class B		175,186
		Broadline Retail — 0.7%
	1,516	Dillard's, Inc., Class A		715,006
		Building Products — 4.4%
	4,731	American Woodmark Corp.(a)		480,953
	6,501	Apogee Enterprises, Inc.		384,859
	3,097	Builders FirstSource, Inc.(a)		645,879
	1,870	Griffon Corp.		137,146
	26,189	JELD-WEN Holding, Inc.(a)		555,993
	26,670	Masterbrand, Inc.(a)		499,796
	3,865	Owens Corning		644,682
	11,983	Quanex Building Products Corp.		460,507

Shares			Fair Value
COMMON STOCKS — (continued)
		Building Products — (continued)
	6,629	UFP Industries, Inc.	$	815,433
				4,625,248
		Capital Markets — 0.4%
	5,848	StoneX Group, Inc.(a)		410,881
		Chemicals — 0.7%
	3,380	Cabot Corp.		311,636
	1,690	CF Industries Holdings, Inc.		140,625
	5,350	Olin Corp.		314,580
				766,841
		Commercial Services & Supplies — 0.9%
	30,408	Interface, Inc.		511,462
	31,522	Steelcase, Inc., Class A		412,308
				923,770
		Construction & Engineering — 1.5%
	7,090	Argan, Inc.		358,329
	7,480	Limbach Holdings, Inc.(a)		309,821
	7,846	Sterling Infrastructure, Inc.(a)		865,492
				1,533,642
		Consumer Finance — 0.9%
	12,438	Bread Financial Holdings, Inc.		463,191
	8,739	Synchrony Financial		376,826
				840,017
		Consumer Staples Distribution & Retail — 0.8%
	8,989	Andersons, Inc. (The)		515,699
	4,039	PriceSmart, Inc.		339,276
				854,975
		Diversified Consumer Services — 1.3%
	45,550	ADT, Inc.		306,096
	690	Graham Holdings Co., Class B		529,699
	29,871	Perdoceo Education Corp.		524,535
				1,360,330
		Diversified REITs — 0.9%
	16,690	American Assets Trust, Inc.		365,678
	21,656	Essential Properties Realty Trust, Inc.		577,349
				943,027
		Diversified Telecommunication Services — 0.3%
	12,980	Frontier Communications Parent, Inc.(a)		318,010
		Electric Utilities — 2.4%
	9,269	ALLETE, Inc.		552,803
	20,411	Hawaiian Electric Industries, Inc.		230,032
	6,878	NRG Energy, Inc.		465,572
	8,889	Otter Tail Corp.		768,010
	12,177	Portland General Electric Co.		511,434
				2,527,851
		Electrical Equipment — 2.2%
	2,917	Atkore, Inc.		555,280

See accompanying Notes to the Financial Statements.

17

Sterling Capital Behavioral Small Cap Value Equity Fund

Schedule of Portfolio Investments — (continued)

March 31, 2024 (Unaudited)

Shares			Fair Value
COMMON STOCKS — (continued)
		Electrical Equipment — (continued)
	3,911	Encore Wire Corp.	$	1,027,733
	5,047	Powell Industries, Inc.		718,188
				2,301,201
		Electronic Equipment, Instruments & Components — 2.9%
	6,560	Bel Fuse, Inc., Class B		395,634
	6,740	Benchmark Electronics, Inc.		202,267
	5,950	ePlus, Inc.(a)		467,313
	1,824	Insight Enterprises, Inc.(a)		338,389
	4,097	Jabil, Inc.		548,793
	5,238	PC Connection, Inc.		345,341
	9,030	ScanSource, Inc.(a)		397,681
	2,920	TD SYNNEX Corp.		330,252
				3,025,670
		Energy Equipment & Services — 1.5%
	15,010	Helmerich & Payne, Inc.		631,321
	27,820	Liberty Energy, Inc.		576,430
	46,240	Newpark Resources, Inc.(a)		333,853
				1,541,604
		Entertainment — 0.8%
	17,517	Cinemark Holdings, Inc.(a)		314,781
	21,320	Lions Gate Entertainment Corp., Class A(a)		212,134
	19,427	Marcus Corp. (The)		277,029
				803,944
		Financial Services — 4.5%
	13,620	Banco Latinoamericano de Comercio Exterior SA, Class E		403,424
	15,937	Corebridge Financial, Inc.		457,870
	12,824	Enact Holdings, Inc.		399,852
	13,260	Jackson Financial, Inc., Class A		877,016
	14,017	MGIC Investment Corp.		313,420
	11,529	Mr Cooper Group, Inc.(a)		898,686
	37,821	Pagseguro Digital, Ltd., Class A(a)		540,084
	26,428	Radian Group, Inc.		884,545
				4,774,897
		Food Products — 0.8%
	5,120	Cal-Maine Foods, Inc.		301,312
	21,975	Dole PLC		262,162
	2,620	Ingredion, Inc.		306,147
				869,621
		Gas Utilities — 0.3%
	5,515	National Fuel Gas Co.		296,266
		Health Care Equipment & Supplies — 1.7%
	14,368	Inmode, Ltd.(a)		310,492
	4,882	Lantheus Holdings, Inc.(a)		303,856
	6,810	Omnicell, Inc.(a)		199,056
	51,101	OraSure Technologies, Inc.(a)		314,271
	18,560	Tactile Systems Technology, Inc.(a)		301,600

Shares			Fair Value
COMMON STOCKS — (continued)
		Health Care Equipment & Supplies — (continued)
	16,865	Varex Imaging Corp.(a)	$	305,257
				1,734,532
		Health Care Providers & Services — 4.5%
	31,670	AdaptHealth Corp.(a)		364,522
	3,321	Addus HomeCare Corp.(a)		343,192
	3,103	AMN Healthcare Services, Inc.(a)		193,969
	15,791	Cross Country Healthcare, Inc.(a)		295,607
	2,678	DaVita, Inc.(a)		369,698
	4,810	Encompass Health Corp.		397,210
	3,574	Ensign Group, Inc. (The)		444,677
	22,131	Owens & Minor, Inc.(a)		613,250
	14,288	PetIQ, Inc.(a)		261,185
	14,209	Premier, Inc., Class A		314,019
	10,133	Select Medical Holdings Corp.		305,510
	3,313	Tenet Healthcare Corp.(a)		348,229
	2,507	Universal Health Services, Inc., Class B		457,427
				4,708,495
		Health Care Technology — 1.0%
	15,290	HealthStream, Inc.		407,631
	19,800	Teladoc Health, Inc.(a)		298,980
	38,441	Veradigm, Inc.(a)		295,996
				1,002,607
		Hotel & Resort REITs — 2.8%
	34,129	Apple Hospitality REIT, Inc.		559,033
	47,506	DiamondRock Hospitality Co.		456,533
	15,719	Host Hotels & Resorts, Inc.		325,069
	20,825	Park Hotels & Resorts, Inc.		364,229
	37,599	RLJ Lodging Trust		444,420
	43,320	Sunstone Hotel Investors, Inc.		482,585
	17,780	Xenia Hotels & Resorts, Inc.		266,878
				2,898,747
		Household Durables — 4.1%
	9,770	Dream Finders Homes, Inc., Class A(a)		427,242
	10,390	KB Home		736,443
	11,866	La-Z-Boy, Inc.		446,399
	6,058	M/I Homes, Inc.(a)		825,645
	14,082	Taylor Morrison Home Corp.(a)		875,478
	4,334	Toll Brothers, Inc.		560,690
	6,194	Worthington Industries, Inc.		385,453
				4,257,350
		Household Products — 0.7%
	6,277	Central Garden & Pet Co.(a)		268,844
	13,060	Central Garden & Pet Co., Class A(a)		482,175
				751,019
		Industrial REITs — 0.5%
	5,532	Innovative Industrial Properties, Inc.		572,783
		Insurance — 4.2%
	24,325	Ambac Financial Group, Inc.(a)		380,200

Continued

18

Sterling Capital Behavioral Small Cap Value Equity Fund

Schedule of Portfolio Investments — (continued)

March 31, 2024 (Unaudited)

Shares			Fair Value
COMMON STOCKS — (continued)
		Insurance — (continued)
	12,024	American Equity Investment Life Holding Co.(a)	$	675,989
	3,290	Assured Guaranty, Ltd.		287,052
	5,735	Axis Capital Holdings, Ltd.		372,890
	5,839	Brighthouse Financial, Inc.(a)		300,942
	7,060	CNA Financial Corp.		320,665
	8,843	Employers Holdings, Inc.		401,384
	12,550	Old Republic International Corp.		385,536
	1,831	Reinsurance Group of America, Inc.		353,163
	2,085	RenaissanceRe Holdings, Ltd.		490,038
	7,977	Unum Group		428,046
				4,395,905
		Interactive Media & Services — 0.2%
	6,238	Yelp, Inc.(a)		245,777
		IT Services — 0.1%
	5,800	DXC Technology Co.(a)		123,018
		Leisure Products — 0.4%
	14,000	Vista Outdoor, Inc.(a)		458,920
		Machinery — 1.0%
	13,957	Mueller Industries, Inc.		752,701
	23,970	Titan International, Inc.(a)		298,666
				1,051,367
		Marine Transportation — 1.0%
	30,830	Costamare, Inc.		349,921
	5,726	Matson, Inc.		643,602
				993,523
		Media — 0.7%
	34,200	Magnite, Inc.(a)		367,650
	8,699	Scholastic Corp.		328,039
				695,689
		Metals & Mining — 3.7%
	2,437	Alpha Metallurgical Resources, Inc.		807,061
	3,190	Arch Resources, Inc.		512,920
	5,705	Olympic Steel, Inc.		404,370
	20,370	Ramaco Resources, Inc., Class A		343,031
	994	Reliance, Inc.		332,175
	44,054	SunCoke Energy, Inc.		496,488
	15,358	Warrior Met Coal, Inc.		932,231
				3,828,276
		Mortgage Real Estate Investment Trusts (REITs) — 1.0%
	25,160	AFC Gamma, Inc.		311,481
	29,670	Franklin BSP Realty Trust, Inc.		396,391
	31,784	Rithm Capital Corp.		354,709
				1,062,581
		Multi-Utilities — 0.7%
	7,930	Avista Corp.		277,709

Shares			Fair Value
COMMON STOCKS — (continued)
		Multi-Utilities — (continued)
	7,900	NorthWestern Energy Group, Inc.	$	402,347
				680,056
		Office REITs — 1.6%
	12,438	Cousins Properties, Inc.		299,010
	23,440	Equity Commonwealth(a)		442,547
	11,734	Highwoods Properties, Inc.		307,196
	8,708	Kilroy Realty Corp.		317,232
	11,363	Vornado Realty Trust		326,914
				1,692,899
		Oil, Gas & Consumable Fuels — 8.4%
	21,720	Ardmore Shipping Corp.		356,642
	48,014	Berry Corp.		386,513
	10,191	California Resources Corp.		561,524
	4,670	Chord Energy Corp.		832,381
	24,063	CNX Resources Corp.(a)		570,774
	5,310	CONSOL Energy, Inc.		444,766
	9,734	CVR Energy, Inc.		347,114
	15,662	Dorian LPG, Ltd.		602,361
	3,207	Gulfport Energy Corp.(a)		513,505
	4,960	HF Sinclair Corp.		299,435
	9,873	International Seaways, Inc.		525,244
	6,770	Ovintiv, Inc.		351,363
	20,990	Peabody Energy Corp.		509,217
	8,460	Scorpio Tankers, Inc.		605,313
	32,080	SFL Corp., Ltd.		422,814
	15,935	SM Energy Co.		794,360
	9,786	Teekay Tankers, Ltd., Class A		571,600
				8,694,926
		Paper & Forest Products — 0.4%
	5,960	Sylvamo Corp.		367,971
		Passenger Airlines — 0.8%
	1,333	Copa Holdings SA, Class A		138,845
	9,474	SkyWest, Inc.(a)		654,464
				793,309
		Pharmaceuticals — 2.1%
	65,130	Amneal Pharmaceuticals, Inc.(a)		394,688
	9,279	Amphastar Pharmaceuticals, Inc.(a)		407,441
	8,166	Corcept Therapeutics, Inc.(a)		205,701
	8,920	Harmony Biosciences Holdings, Inc.(a)		299,533
	1,876	Jazz Pharmaceuticals PLC(a)		225,908
	10,040	Royalty Pharma PLC, Class A		304,915
	24,822	Viatris, Inc.		296,375
				2,134,561
		Professional Services — 0.4%
	15,040	Kelly Services, Inc., Class A		376,602
		Real Estate Management & Development — 0.8%
	15,130	Forestar Group, Inc.(a)		608,075

Continued

19

Sterling Capital Behavioral Small Cap Value Equity Fund

Schedule of Portfolio Investments — (continued)

March 31, 2024 (Unaudited)

Shares			Fair Value
COMMON STOCKS — (continued)
		Real Estate Management & Development — (continued)
	11,559	RMR Group, Inc. (The), Class A	$	277,416
				885,491
		Retail REITs — 0.9%
	27,078	Kimco Realty Corp.		531,000
	32,791	Whitestone REIT		411,527
				942,527
		Semiconductors & Semiconductor Equipment — 1.6%
	31,516	Amkor Technology, Inc.		1,016,076
	21,920	Photronics, Inc.(a)		620,774
				1,636,850
		Software — 0.7%
	25,233	Adeia, Inc.		275,544
	2,847	InterDigital, Inc.		303,092
	10,592	NCR Voyix Corp.(a)		133,777
				712,413
		Specialized REITs — 1.7%
	6,855	EPR Properties		290,995
	18,590	Safehold, Inc.		382,954
	86,099	Uniti Group, Inc.		507,984
	16,940	VICI Properties, Inc.		504,643
				1,686,576
		Specialty Retail — 3.3%
	30,170	1-800-Flowers.com, Inc., Class A(a)		326,741
	5,030	Abercrombie & Fitch Co., Class A(a)		630,410
	25,260	American Eagle Outfitters, Inc.		651,455
	13,830	Gap, Inc. (The)		381,017
	13,720	Guess, Inc.		431,768
	10,364	ODP Corp. (The)(a)		549,810
	10,240	Urban Outfitters, Inc.(a)		444,621
				3,415,822
		Technology Hardware, Storage & Peripherals — 0.7%
	39,132	Immersion Corp.		292,707
	25,330	Xerox Holdings Corp.		453,407
				746,114
		Textiles, Apparel & Luxury Goods — 1.3%
	3,610	Carter's, Inc.		305,695
	13,872	G-III Apparel Group, Ltd.(a)		402,426
	65,450	Hanesbrands, Inc.(a).		379,610
	4,680	Skechers USA, Inc., Class A(a)		286,697
				1,374,428
		Trading Companies & Distributors — 3.2%
	5,298	BlueLinx Holdings, Inc.(a)		690,011
	11,125	Boise Cascade Co.		1,706,241
	29,210	DNOW, Inc.(a)		443,992

Shares			Fair Value
COMMON STOCKS — (continued)
		Trading Companies & Distributors — (continued)
	5,931	GMS, Inc.(a)	$	577,324
				3,417,568
		Total Common Stocks
		(Cost $82,536,134)		102,665,280
MONEY MARKET FUND — 1.2%
	1,232,241	Federated Treasury Obligations Fund, Institutional Shares, 5.17%(b)		1,232,241
		Total Money Market Fund
		(Cost $1,232,241)		1,232,241
Total Investments — 99.9%
(Cost $83,768,375)				103,897,521
Net Other Assets (Liabilities) — 0.1%				112,327
NET ASSETS — 100.0%			$	104,009,848

(a) Represents non-income producing security.

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

Continued

20

Sterling Capital Special Opportunities Fund

Schedule of Portfolio Investments

March 31, 2024 (Unaudited)

Shares			Fair Value
COMMON STOCKS — 99.2%
		Automobile Components — 3.0%
	169,571	Aptiv PLC(a)	$	13,506,330
		Broadline Retail — 5.6%
	137,377	Amazon.com, Inc.(a)		24,780,063
		Capital Markets — 6.7%
	263,276	Charles Schwab Corp. (The)		19,045,386
	25,494	S&P Global, Inc.		10,846,422
				29,891,808
		Communications Equipment — 3.0%
	69,602	F5, Inc.(a)		13,195,843
		Construction Materials — 2.0%
	104,098	CRH PLC		8,979,493
		Consumer Staples Distribution & Retail — 2.6%
	87,434	Dollar Tree, Inc.(a)		11,641,837
		Containers & Packaging — 3.2%
	180,939	Crown Holdings, Inc.		14,341,225
		Electronic Equipment, Instruments & Components — 3.6%
	264,456	Coherent Corp.(a)		16,031,323
		Entertainment — 3.0%
	89,124	Take-Two Interactive Software, Inc.(a)		13,234,023
		Financial Services — 7.9%
	131,128	Global Payments, Inc.		17,526,568
	62,477	Visa, Inc., Class A		17,436,081
				34,962,649
		Health Care Providers & Services — 6.4%
	33,316	HCA Healthcare, Inc.		11,111,885
	34,645	UnitedHealth Group, Inc.		17,138,882
				28,250,767
		Interactive Media & Services — 4.2%
	121,911	Alphabet, Inc., Class C(a)		18,562,169
		IT Services — 6.0%
	161,664	Akamai Technologies, Inc.(a)		17,582,577
	85,300	Okta, Inc.(a)		8,924,086
				26,506,663
		Life Sciences Tools & Services — 7.4%
	60,491	Danaher Corp.		15,105,813
	69,584	IQVIA Holdings, Inc.(a)		17,597,098
				32,702,911
		Media — 1.0%
	103,066	Comcast Corp., Class A		4,467,911
		Oil, Gas & Consumable Fuels — 2.1%
	118,251	ONEOK, Inc.		9,480,183

Shares			Fair Value
COMMON STOCKS — (continued)
		Pharmaceuticals — 4.1%
	1,297,907	Teva Pharmaceutical Industries, Ltd., ADR(a)	$	18,313,468
		Professional Services — 4.4%
	460,610	Genpact, Ltd.		15,177,100
	18,169	Verisk Analytics, Inc.		4,282,978
				19,460,078
		Real Estate Management & Development — 2.1%
	94,814	CBRE Group, Inc., Class A(a)		9,219,713
		Semiconductors & Semiconductor Equipment — 7.2%
	268,259	Marvell Technology, Inc.		19,014,198
	51,539	NXP Semiconductors NV		12,769,818
				31,784,016
		Software — 10.3%
	27,235	Intuit, Inc.		17,702,750
	45,600	Microsoft Corp.		19,184,832
	70,709	Oracle Corp.		8,881,757
				45,769,339
		Wireless Telecommunication Services — 3.4%
	93,335	T-Mobile U.S. Inc.		15,234,139
		Total Common Stocks
		(Cost $266,472,251)		440,315,951
MONEY MARKET FUND — 0.8%
	3,509,793	Federated Treasury Obligations Fund, Institutional Shares, 5.17%(b)		3,509,793
		Total Money Market Fund
		(Cost $3,509,793)		3,509,793
Total Investments — 100.0%
(Cost $269,982,044)				443,825,744
Net Other Assets (Liabilities) — 0.0%				65,357
NET ASSETS — 100.0%			$	443,891,101

(a) Represents non-income producing security.

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

ADR American Depositary Receipt

See accompanying Notes to the Financial Statements.

21

Sterling Capital Equity Income Fund

Schedule of Portfolio Investments

March 31, 2024 (Unaudited)

Shares			Fair Value
COMMON STOCKS — 98.2%
		Air Freight & Logistics — 0.8%
	110,441	United Parcel Service, Inc., Class B	$	16,414,846
		Beverages — 4.0%
	453,074	PepsiCo, Inc.		79,292,481
		Biotechnology — 3.9%
	430,178	AbbVie, Inc.		78,335,414
		Capital Markets — 19.7%
	198,445	Ameriprise Financial, Inc.		87,006,226
	1,147,207	Charles Schwab Corp. (The)		82,988,954
	175,550	Goldman Sachs Group, Inc. (The)		73,325,480
	1,237,614	Nasdaq, Inc.		78,093,443
	580,694	Raymond James Financial, Inc.		74,572,724
				395,986,827
		Chemicals — 3.0%
	244,190	Air Products & Chemicals, Inc.		59,159,911
		Consumer Finance — 0.5%
	78,414	Discover Financial Services		10,279,291
		Containers & Packaging — 4.5%
	401,325	Avery Dennison Corp.		89,595,806
		Food Products — 4.3%
	443,937	Hershey Co. (The)		86,345,746
		Health Care Equipment & Supplies — 3.7%
	652,221	Abbott Laboratories		74,131,439
		Health Care Providers & Services — 7.1%
	643,818	CVS Health Corp.		51,350,923
	174,820	Elevance Health, Inc.		90,651,163
				142,002,086
		Insurance — 4.7%
	535,201	Aflac, Inc.		45,952,358
	46,253	Marsh & McLennan Cos., Inc.		9,527,193
	514,109	MetLife, Inc.		38,100,618
				93,580,169
		IT Services — 3.8%
	220,460	Accenture PLC, Class A		76,413,641
		Oil, Gas & Consumable Fuels — 1.8%
	207,139	Valero Energy Corp.		35,356,556
		Pharmaceuticals — 2.6%
	152,398	Johnson & Johnson		24,107,839
	218,104	Merck & Co., Inc.		28,778,823
				52,886,662
		Professional Services — 6.8%
	307,640	Automatic Data Processing, Inc.		76,830,014
	403,914	Booz Allen Hamilton Holding Corp.		59,956,994
				136,787,008

Shares			Fair Value
COMMON STOCKS — (continued)
		Semiconductors & Semiconductor Equipment — 7.4%
	344,594	Analog Devices, Inc.	$	68,157,247
	803,194	Microchip Technology, Inc.		72,054,534
	76,590	Skyworks Solutions, Inc.		8,296,229
				148,508,010
		Software — 5.6%
	267,111	Microsoft Corp.		112,378,940
		Specialized REITs — 2.9%
	1,294,204	CubeSmart		58,523,905
		Specialty Retail — 3.5%
	184,903	Home Depot, Inc. (The)		70,928,791
		Tobacco — 3.0%
	1,374,246	Altria Group, Inc.		59,944,610
		Trading Companies & Distributors — 4.6%
	420,282	Ferguson PLC		91,802,197
		Total Common Stocks
		(Cost $1,235,578,720)		1,968,654,336
MONEY MARKET FUND — 1.7%
	35,025,333	Federated Treasury Obligations Fund, Institutional Shares, 5.17%(a)		35,025,333
		Total Money Market Fund
		(Cost $35,025,333)		35,025,333
Total Investments — 99.9%
(Cost $1,270,604,053)				2,003,679,669
Net Other Assets (Liabilities) — 0.1%				2,407,746
NET ASSETS — 100.0%			$	2,006,087,415

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

See accompanying Notes to the Financial Statements.

22

Sterling Capital Behavioral International Equity Fund

Schedule of Portfolio Investments

March 31, 2024 (Unaudited)

Shares			Fair Value
COMMON STOCKS — 96.5%
		Australia — 5.2%
	85,525	ANZ Group Holdings, Ltd.	$	1,638,532
	87,522	BlueScope Steel, Ltd.		1,360,254
	74,000	Computershare, Ltd.		1,259,079
	85,500	Fortescue, Ltd.		1,431,903
	375,025	Stockland		1,185,267
	7,875	Westpac Banking Corp.		133,939
				7,008,974
		Belgium — 1.1%
	27,550	Ageas SA/NV		1,275,682
	9,364	Solvay SA		255,589
				1,531,271
		Bermuda — 0.8%
	146,925	Aegon, Ltd.		895,582
	6,400	Jardine Matheson Holdings, Ltd.		238,720
				1,134,302
		Cayman Islands — 0.8%
	219,000	CK Hutchison Holdings, Ltd.		1,057,660
		Denmark — 2.0%
	9,393	Carlsberg AS, Class B		1,286,326
	8,698	Pandora A/S		1,403,910
				2,690,236
		Finland — 1.2%
	32,375	Fortum OYJ		399,748
	110,896	Nordea Bank Abp		1,252,633
				1,652,381
		France — 13.5%
	17,850	Amundi SA(a)		1,225,738
	48,744	AXA SA		1,830,833
	4,226	BNP Paribas SA		300,270
	27,775	Bouygues SA		1,133,578
	6,031	Capgemini SE		1,387,846
	29,525	Carrefour SA		505,667
	19,909	Cie de Saint-Gobain SA		1,544,972
	44,627	Credit Agricole SA		665,183
	9,942	Eiffage SA		1,127,831
	77,223	Engie SA		1,292,170
	8,278	Ipsen SA		985,058
	107,959	Orange SA		1,268,142
	15,147	Publicis Groupe SA		1,651,293
	26,757	Renault SA		1,350,821
	21,200	Sanofi SA		2,080,403
				18,349,805
		Germany — 8.2%
	8,053	Bayerische Motoren Werke AG		929,266
	1,925	Brenntag SE		162,156
	92,325	Deutsche Bank AG		1,452,438
	83,339	Deutsche Lufthansa AG(b)		654,637
	52,910	Deutsche Telekom AG		1,284,344
	96,951	E.ON SE		1,347,714
	13,775	Fresenius Medical Care AG		529,800

Shares			Fair Value
COMMON STOCKS — (continued)
		Germany — (continued)
	44,960	Fresenius SE & Co. KGaA	$	1,212,627
	14,220	Heidelberg Materials AG		1,564,040
	12,395	Henkel AG & Co. KGaA		892,738
	31,925	Traton SE		1,148,306
				11,178,066
		Hong Kong — 1.7%
	406,000	Henderson Land Development Co., Ltd.		1,156,754
	142,000	Swire Pacific, Ltd., Class A		1,168,381
				2,325,135
		Ireland — 0.4%
	6,600	CRH PLC		569,316
		Israel — 1.8%
	4,952	Check Point Software Technologies, Ltd.(b)		812,178
	115,922	Teva Pharmaceutical Industries, Ltd., ADR(b)		1,635,659
				2,447,837
		Italy — 4.4%
	186,975	Enel SpA		1,234,312
	499,493	Intesa Sanpaolo SpA		1,812,247
	92,750	Poste Italiane SpA(a)		1,161,235
	47,896	UniCredit SpA		1,817,584
				6,025,378
		Japan — 22.3%
	30,700	Aisin Corp.		1,248,645
	2,300	Disco Corp.		838,532
	284,700	ENEOS Holdings, Inc.		1,366,703
	201,500	Idemitsu Kosan Co., Ltd.		1,375,013
	85,800	Inpex Corp.		1,303,323
	40,747	ITOCHU Corp.		1,739,917
	70,600	JFE Holdings, Inc.		1,165,240
	74,465	Marubeni Corp.		1,284,125
	195,100	Mitsubishi Chemical Group Corp.		1,184,803
	86,384	Mitsubishi Corp.		1,987,551
	166,553	Mitsubishi HC Capital, Inc.		1,157,993
	38,523	Mitsui & Co., Ltd.		1,792,294
	34,786	Mitsui OSK Lines, Ltd.		1,059,803
	53,600	Nippon Steel Corp.		1,284,941
	42,100	Nippon Yusen KK		1,154,149
	28,200	Otsuka Holdings Co., Ltd.		1,168,201
	137,200	Panasonic Holdings Corp.		1,303,754
	78,214	Renesas Electronics Corp.		1,386,751
	24,900	Shionogi & Co., Ltd.		1,271,976
	56,400	Subaru Corp.		1,276,433
	59,785	Sumitomo Corp.		1,433,608
	3,700	Tokyo Electron, Ltd.		959,585
	21,400	Toyota Tsusho Corp.		1,460,312
				30,203,652
		Luxembourg — 0.9%
	61,975	Tenaris SA		1,224,572

See accompanying Notes to the Financial Statements.

23

Sterling Capital Behavioral International Equity Fund

Schedule of Portfolio Investments — (continued)

March 31, 2024 (Unaudited)

Shares			Fair Value
COMMON STOCKS — (continued)
		Netherlands — 6.2%
	71,577	ABN AMRO Bank NV(a)	$	1,223,950
	3,200	EXOR NV		355,762
	60,000	Koninklijke Philips NV(b)		1,204,385
	30,471	NN Group NV		1,407,649
	19,907	Randstad NV		1,050,639
	67,052	Stellantis NV		1,905,772
	28,096	STMicroelectronics NV		1,210,030
				8,358,187
		Norway — 0.7%
	45,707	DNB Bank ASA		908,543
		Singapore — 1.4%
	43,900	Jardine Cycle & Carriage, Ltd.		785,827
	223,600	Singapore Airlines, Ltd.		1,059,833
				1,845,660
		Spain — 4.3%
	159,507	Banco Bilbao Vizcaya Argentaria SA		1,899,809
	275,149	CaixaBank SA		1,333,722
	70,751	Repsol SA		1,178,531
	305,125	Telefonica SA		1,346,034
				5,758,096
		Sweden — 2.2%
	130,976	Securitas AB, Class B		1,350,262
	32,461	Svenska Handelsbanken AB, Class A		328,279
	62,632	Swedbank AB, Class A		1,242,225
				2,920,766
		Switzerland — 6.3%
	9,625	Cie Financiere Richemont SA		1,467,470
	19,177	Holcim AG		1,736,424
	13,617	Logitech International SA		1,219,392
	28,815	Novartis AG		2,791,558
	1,618	Roche Holding AG		412,102
	6,728	Swiss Re AG		865,013
				8,491,959
		United Kingdom — 11.1%
	207,775	Aviva PLC		1,302,300
	94,615	BP PLC		591,956
	54,025	British American Tobacco PLC		1,640,595
	18,327	Coca-Cola Europacific Partners PLC		1,281,974
	86,700	GSK PLC		1,869,694
	129,575	Haleon PLC		544,762
	71,450	HSBC Holdings PLC		558,218
	59,725	Imperial Brands PLC		1,334,260
	8,485	InterContinental Hotels Group PLC		882,664
	309,290	J Sainsbury PLC		1,055,561
	11,425	Next PLC		1,331,260
	358,577	Tesco PLC		1,342,346
	1,479,733	Vodafone Group PLC		1,315,943
				15,051,533
		Total Common Stocks
		(Cost $108,830,941)		130,733,329

Shares			Fair Value
PREFERRED STOCKS — 1.3%
		Germany — 1.3%
	11,077	Bayerische Motoren Werke AG	$	1,187,872
	6,625	Henkel AG & Co. KGaA		532,480
		Total Preferred Stocks
		(Cost $1,341,837)		1,720,352
MONEY MARKET FUND — 1.1%
		United States — 1.1%
	1,546,869	Federated Treasury Obligations Fund, Institutional Shares, 5.17%(c)		1,546,869
		Total Money Market Fund
		(Cost $1,546,869)		1,546,869
Total Investments — 98.8%
(Cost $111,719,647)				134,000,550
Net Other Assets (Liabilities) — 1.2%				1,615,781
NET ASSETS - 100.0%			$	135,616,331

(a) 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.

(b) Represents non-income producing security.

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

ADR American Depositary Receipt

Continued

24

Sterling Capital Behavioral International Equity Fund

Schedule of Portfolio Investments — (continued)

March 31, 2024 (Unaudited)

Industry	Percentage of net assets
Automobile Components	0.9%
Automobiles	4.9%
Banks	11.1%
Beverages	1.9%
Broadline Retail	1.0%
Building Products	1.2%
Capital Markets	2.0%
Chemicals	1.1%
Commercial Services & Supplies	1.0%
Construction & Engineering	1.6%
Construction Materials	2.8%
Consumer Staples Distribution & Retail	2.2%
Diversified REITs	0.9%
Diversified Telecommunication Services	2.8%
Electric Utilities	1.2%
Energy Equipment & Services	0.9%
Financial Services	1.2%
Health Care Equipment & Supplies	0.9%
Health Care Providers & Services	1.3%
Hotels, Restaurants & Leisure	0.6%
Household Durables	1.0%
Household Products	1.1%
Industrial Conglomerates	1.6%
Insurance	6.4%
IT Services	1.0%
Machinery	0.8%
Marine Transportation	1.6%
Media	1.2%
Metals & Mining	3.9%
Money Market Fund	1.1%
Multi-Utilities	2.0%
Oil, Gas & Consumable Fuels	4.2%
Passenger Airlines	1.3%
Personal Care Products	0.4%
Pharmaceuticals	9.0%
Professional Services	1.7%
Real Estate Management & Development	1.7%
Semiconductors & Semiconductor Equipment	3.2%
Software	0.6%
Technology Hardware, Storage & Peripherals	0.9%
Textiles, Apparel & Luxury Goods	2.1%
Tobacco	2.2%
Trading Companies & Distributors	7.3%
Wireless Telecommunication Services	1.0%
	98.8%

Continued

25

Sterling Capital Mid Cap Relative Value Fund

Schedule of Portfolio Investments

March 31, 2024 (Unaudited)

Shares			Fair Value
COMMON STOCKS — 96.9%
		Automobile Components — 1.6%
	13,541	Magna International, Inc.	$	737,714
		Banks — 3.9%
	7,378	East West Bancorp, Inc.		583,674
	31,338	Huntington Bancshares, Inc.		437,165
	7,183	Wintrust Financial Corp.		749,833
				1,770,672
		Building Products — 3.7%
	4,230	Carlisle Cos., Inc.		1,657,526
		Capital Markets — 3.2%
	3,261	Ameriprise Financial, Inc.		1,429,753
		Chemicals — 3.6%
	12,736	Avient Corp.		552,742
	6,996	Westlake Corp.		1,068,989
				1,621,731
		Communications Equipment — 1.0%
	9,556	Ciena Corp.(a)		472,544
		Construction & Engineering — 2.0%
	9,634	MasTec, Inc.(a)		898,371
		Consumer Staples Distribution & Retail — 5.9%
	4,267	Casey's General Stores, Inc.		1,358,826
	17,538	Performance Food Group Co.(a)		1,309,036
				2,667,862
		Containers & Packaging — 5.0%
	5,698	Avery Dennison Corp.		1,272,078
	15,999	Berry Global Group, Inc.		967,620
				2,239,698
		Electronic Equipment, Instruments & Components — 7.4%
	6,173	Arrow Electronics, Inc.(a)		799,156
	4,796	CDW Corp.		1,226,721
	17,104	nVent Electric PLC		1,289,642
				3,315,519
		Entertainment — 2.1%
	6,241	Take-Two Interactive Software, Inc.(a)		926,726
		Financial Services — 3.4%
	9,433	Fiserv, Inc.(a)		1,507,582
		Food Products — 2.2%
	9,264	Lamb Weston Holdings, Inc.		986,894
		Gas Utilities — 2.6%
	15,111	Southwest Gas Holdings, Inc.		1,150,400
		Health Care Equipment & Supplies — 3.4%
	2,353	Becton Dickinson & Co.		582,250
	7,209	Zimmer Biomet Holdings, Inc.		951,444
				1,533,694

Shares			Fair Value
COMMON STOCKS — (continued)
		Household Durables — 1.6%
	5,967	PulteGroup, Inc.	$	719,740
		Industrial REITs — 2.2%
	5,520	EastGroup Properties, Inc.		992,330
		Insurance — 7.3%
	5,752	American Financial Group, Inc.		785,033
	12,085	First American Financial Corp.		737,789
	8,457	Globe Life, Inc.		984,141
	5,752	Hanover Insurance Group, Inc. (The)		783,250
				3,290,213
		Life Sciences Tools & Services — 7.1%
	4,567	ICON PLC(a)		1,534,284
	6,999	Revvity, Inc.		734,895
	1,592	Thermo Fisher Scientific, Inc.		925,286
				3,194,465
		Machinery — 2.5%
	8,920	Oshkosh Corp.		1,112,413
		Multi-Utilities — 2.1%
	33,909	NiSource, Inc.		937,923
		Office REITs — 1.2%
	4,201	Alexandria Real Estate Equities, Inc.		541,551
		Oil, Gas & Consumable Fuels — 6.6%
	30,086	Coterra Energy, Inc.		838,798
	4,206	Diamondback Energy, Inc.		833,503
	7,804	Phillips 66		1,274,705
				2,947,006
		Professional Services — 3.1%
	3,723	CACI International, Inc., Class A(a)		1,410,384
		Real Estate Management & Development — 1.4%
	8,561	Howard Hughes Holdings, Inc.(a)		621,700
		Residential REITs — 1.6%
	5,435	Mid-America Apartment Communities, Inc.		715,137
		Semiconductors & Semiconductor Equipment — 1.0%
	4,046	Skyworks Solutions, Inc.		438,263
		Software — 3.5%
	21,792	Dropbox, Inc., Class A(a)		529,546
	5,418	PTC, Inc.(a)		1,023,677
				1,553,223
		Specialized REITs — 1.5%
	4,782	Digital Realty Trust, Inc.		688,799

See accompanying Notes to the Financial Statements.

 26

Sterling Capital Mid Cap Relative Value Fund

Schedule of Portfolio Investments — (continued)

March 31, 2024 (Unaudited)

Shares		Fair Value
COMMON STOCKS — (continued)
	Trading Companies & Distributors — 3.2%
2,024	United Rentals, Inc.	$	1,459,527
	Total Common Stocks
	(Cost $18,803,507)		43,539,360
MONEY MARKET FUND — 3.1%
1,409,251	Federated Treasury Obligations Fund, Institutional Shares, 5.17%(b)		1,409,251
	Total Money Market Fund
	(Cost $1,409,251)		1,409,251
Total Investments — 100.0%
(Cost $20,212,758)			44,948,611
Net Other Assets (Liabilities) — 0.0%			16,338
NET ASSETS — 100.0%		$	44,964,949

(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, 2024 (Unaudited)

Shares			Fair Value
COMMON STOCKS — 97.2%
		Data Center — 11.3%
	30,750	Digital Realty Trust, Inc.	$	4,429,230
	3,948	Equinix, Inc.		3,258,403
				7,687,633
		Diversified — 1.9%
	49,513	Essential Properties Realty Trust, Inc.		1,320,017
		Health Care — 9.5%
	97,340	Sabra Health Care REIT, Inc.		1,437,712
	40,920	Ventas, Inc.		1,781,657
	34,891	Welltower, Inc.		3,260,215
				6,479,584
		Hotel & Resort — 3.6%
	34,581	Apple Hospitality REIT, Inc.		566,437
	16,471	Ryman Hospitality Properties, Inc.		1,904,212
				2,470,649
		Industrial — 14.7%
	11,931	EastGroup Properties, Inc.		2,144,836
	32,347	First Industrial Realty Trust, Inc.		1,699,511
	47,274	Prologis, Inc.		6,156,020
				10,000,367
		Multi-Family Residential — 12.3%
	13,053	Camden Property Trust		1,284,415
	9,085	Essex Property Trust, Inc.		2,224,099
	15,225	Mid-America Apartment Communities, Inc.		2,003,305
	22,456	NexPoint Residential Trust, Inc.		722,859
	56,209	UDR, Inc.		2,102,779
				8,337,457
		Office — 4.3%
	15,855	Alexandria Real Estate Equities, Inc.		2,043,868
	33,705	Highwoods Properties, Inc.		882,397
				2,926,265
		Other Specialized — 3.6%
	82,247	VICI Properties, Inc.		2,450,138
		Real Estate Development — 1.4%
	13,050	Howard Hughes Holdings, Inc.(a)		947,691
		Retail — 11.8%
	75,415	Brixmor Property Group, Inc.		1,768,482
	37,665	InvenTrust Properties Corp.		968,367
	91,658	Kite Realty Group Trust		1,987,145
	59,258	NETSTREIT Corp.		1,088,570
	75,071	Tanger, Inc.		2,216,846
				8,029,410
		Self-Storage — 6.8%
	45,138	CubeSmart		2,041,140
	17,520	Extra Space Storage, Inc.		2,575,440
				4,616,580

Shares			Fair Value
COMMON STOCKS — (continued)
		Single-Family Residential — 3.9%
	74,754	Invitation Homes, Inc.	$	2,661,990
		Telecom Tower — 12.1%
	30,765	American Tower Corp.		6,078,856
	9,858	SBA Communications Corp.		2,136,229
				8,215,085
		Total Common Stocks
		(Cost $40,243,930)		66,142,866
MONEY MARKET FUND — 2.3%
	1,593,833	Federated Treasury Obligations Fund, Institutional Shares, 5.17%(b)		1,593,833
		Total Money Market Fund
		(Cost $1,593,833)		1,593,833
Total Investments — 99.5%
(Cost $41,837,763)				67,736,699
Net Other Assets (Liabilities) — 0.5%				338,965
NET ASSETS — 100.0%			$	68,075,664

(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, 2024 (Unaudited)

Shares			Fair Value
COMMON STOCKS — 98.9%
		Aerospace & Defense — 4.0%
	67,117	Moog, Inc., Class A	$	10,715,229
		Automobile Components — 2.2%
	39,769	Dorman Products, Inc.(a)		3,833,334
	206,650	Garrett Motion, Inc.(a)		2,054,101
				5,887,435
		Banks — 12.3%
	107,381	Columbia Banking System, Inc.		2,077,822
	107,578	Community Bank System, Inc.		5,166,971
	132,960	Glacier Bancorp, Inc.		5,355,629
	173,670	Old National Bancorp.		3,023,595
	76,788	United Bankshares, Inc.		2,748,242
	114,227	Webster Financial Corp.		5,799,305
	84,935	Wintrust Financial Corp.		8,866,365
				33,037,929
		Capital Markets — 2.2%
	35,243	Affiliated Managers Group, Inc.		5,902,145
		Chemicals — 3.2%
	196,846	Avient Corp.		8,543,116
		Construction & Engineering — 2.8%
	80,550	MasTec, Inc.(a)		7,511,287
		Consumer Staples Distribution & Retail — 9.4%
	112,767	BJ's Wholesale Club Holdings, Inc.(a)		8,530,823
	30,784	Casey's General Stores, Inc.		9,803,165
	90,820	Performance Food Group Co.(a)		6,778,805
				25,112,793
		Electric Utilities — 2.0%
	131,404	Portland General Electric Co.		5,518,968
		Electrical Equipment — 2.7%
	75,568	EnerSys.		7,138,153
		Electronic Equipment, Instruments & Components — 7.0%
	91,677	Belden, Inc.		8,490,207
	73,018	Crane NXT Co.		4,519,814
	72,592	ePlus, Inc.(a)		5,701,376
				18,711,397
		Entertainment — 1.7%
	31,017	Take-Two Interactive Software, Inc.(a)		4,605,714
		Gas Utilities — 2.5%
	86,837	Southwest Gas Holdings, Inc.		6,610,901
		Household Durables — 4.6%
	111,105	Ethan Allen Interiors, Inc.		3,840,900
	48,885	Meritage Homes Corp.		8,577,362
				12,418,262
		Industrial REITs — 3.1%
	159,516	First Industrial Realty Trust, Inc.		8,380,971

Shares			Fair Value
COMMON STOCKS — (continued)
		Insurance — 6.5%
	61,382	Hanover Insurance Group, Inc. (The)	$	8,358,387
	82,127	Selective Insurance Group, Inc.		8,965,805
				17,324,192
		Life Sciences Tools & Services — 3.2%
	21,835	West Pharmaceutical Services, Inc.		8,640,328
		Machinery — 6.9%
	70,342	Crane Co.		9,505,314
	72,815	Oshkosh Corp.		9,080,759
				18,586,073
		Office REITs — 1.3%
	129,427	Highwoods Properties, Inc.		3,388,399
		Oil, Gas & Consumable Fuels — 4.1%
	20,900	Chord Energy Corp.		3,725,216
	50,903	Matador Resources Co.		3,398,793
	96,384	Northern Oil & Gas, Inc.		3,824,517
				10,948,526
		Professional Services — 3.5%
	25,149	CACI International, Inc., Class A(a)		9,527,196
		Retail REITs — 1.3%
	119,191	Tanger, Inc.		3,519,710
		Semiconductors & Semiconductor Equipment — 4.3%
	91,274	ON Semiconductor Corp.(a)		6,713,203
	42,565	Qorvo, Inc.(a)		4,887,739
				11,600,942
		Software — 3.3%
	46,457	PTC, Inc.(a)		8,777,586
		Trading Companies & Distributors — 4.8%
	12,408	Herc Holdings, Inc.		2,088,266
	14,805	United Rentals, Inc.		10,676,034
				12,764,300
		Total Common Stocks
		(Cost $76,589,119)		265,171,552
MONEY MARKET FUND — 1.1%
	2,963,559	Federated Treasury Obligations Fund, Institutional Shares, 5.17%(b)		2,963,559
		Total Money Market Fund
		(Cost $2,963,559)		2,963,559
Total Investments — 100.0%
(Cost $79,552,678)				268,135,111
Net Other Assets (Liabilities) — 0.0%				(21,101	)
NET ASSETS — 100.0%			$	268,114,010

See accompanying Notes to the Financial Statements.

 29

Sterling Capital Small Cap Value Fund

Schedule of Portfolio Investments — (continued)

March 31, 2024 (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, 2024 (Unaudited)

Principal
Amount			Fair Value
ASSET BACKED SECURITIES — 23.0%
$	16,869	Ally Auto Receivables Trust, Series 2022-3, Class A2, 5.290%, 6/16/25	$	16,864
	350,000	AmeriCredit Automobile Receivables Trust, Series 2021-2, Class B, 0.690%, 1/19/27		341,047
	475,000	Avis Budget Rental Car Funding AESOP, LLC, Series 2019-3A, Class A, 2.360%, 3/20/26(a)		463,623
	71,642	Carmax Auto Owner Trust, Series 2022-4, Class A2A, 5.340%, 12/15/25		71,608
	230,000	CarMax Auto Owner Trust, Series 2020-4, Class A4, 0.630%, 6/15/26		224,156
	17,067	Carvana Auto Receivables Trust, Series 2021-P2, Class A3, 0.490%, 3/10/26		16,919
	24,252	Chesapeake Funding II, LLC, Series 2020-1A, Class A1, 0.870%, 8/15/32(a)		24,191
	180,882	Chesapeake Funding II, LLC, Series 2021-1A, Class A1, 0.470%, 4/15/33(a)		177,133
	104	Citicorp Residential Mortgage Trust, STEP, Series 2007-2, Class A6, 4.563%, 6/25/37		104
	70,824	Enterprise Fleet Financing, LLC, Series 2021-2, Class A2, 0.480%, 5/20/27(a)		69,653
	547,000	Enterprise Fleet Financing, LLC, Series 2022-1, Class A3, 3.270%, 1/20/28(a)		530,133
	176,779	Enterprise Fleet Financing, LLC, Series 2022-2, Class A2, 4.650%, 5/21/29(a)		175,329
	395,000	Ford Credit Auto Owner Trust 2020-REV1, Series 2020-1, Class A, 2.040%, 8/15/31(a)		383,347
	305,871	GreatAmerica Leasing Receivables, Series 2023-1, Class A2, 5.350%, 2/16/26(a)		305,301
	550,000	Hertz Vehicle Financing, LLC, Series 2021-1A, Class A, 1.210%, 12/26/25(a)		536,980
	270,000	OneMain Direct Auto Receivables Trust 2019-1, Series 2019-1A, Class A, 3.630%, 9/14/27(a)		266,248
	212,887	OneMain Direct Auto Receivables Trust 2021-1, Series 2021-1A, Class A, 0.870%, 7/14/28(a)		205,299
	77,998	OneMain Financial Issuance Trust, Series 2018-2A, Class A, 3.570%, 3/14/33(a)		77,628
	450,000	OneMain Financial Issuance Trust 2022-3, Series 2022-3A, Class A, 5.940%, 5/15/34(a)		452,467
	300,000	Santander Drive Auto Receivables Trust, Series 2022-5, Class B, 4.430%, 3/15/27		297,373
	242,194	Santander Drive Auto Receivables Trust, Series 2023-5, Class A2, 6.310%, 7/15/27		242,807
	300,000	Santander Drive Auto Receivables Trust, Series 2024-1, Class A2, 5.710%, 2/16/27		300,136
	225,000	SBA Tower Trust, STEP, Series 2014-2A, Class C, 3.869%, 10/15/49(a)		222,323

Principal
Amount			Fair Value
ASSET BACKED SECURITIES — (continued)
$	300,000	Synchrony Card Funding, LLC, Series 2022-A1, Class A, 3.370%, 4/15/28	$	293,683
	375,000	World Omni Auto Receivables Trust, Series 2020-C, Class A4, 0.610%, 10/15/26		366,322
	115,596	World Omni Auto Receivables Trust, Series 2021-B, Class A3, 0.420%, 6/15/26		113,236
	183,964	World Omni Select Auto Trust, Series 2023-A, Class A2A, 5.920%, 3/15/27		184,202
		Total Asset Backed Securities
		(Cost $6,339,636)		6,358,112
COLLATERALIZED MORTGAGE OBLIGATIONS — 4.7%
	160,814	Fannie Mae, Series 2011-140, Class BH, 2.500%, 1/25/27		156,510
	491,122	Fannie Mae, Series 2015-80, Class VM, 3.000%, 8/25/34		481,840
	220,988	Freddie Mac, Series 4213, Class GV, 3.500%, 6/15/26		217,257
	255,442	Freddie Mac, Series 4841, Class PV, 4.500%, 11/15/29		252,867
	195,541	Ginnie Mae, Series 2013-144, Class GA, 2.500%, 12/20/40		190,293
		Total Collateralized Mortgage Obligations
		(Cost $1,300,623)		1,298,767
COMMERCIAL MORTGAGE-BACKED SECURITIES  — 10.8%
	169,410	BX Commercial Mortgage Trust, Series 2021-ACNT, Class C, 6.939%, (TSFR1M plus 1.61%), 11/15/38(a)(b)		168,139
	101,000	BX Commercial Mortgage Trust, Series 2021-CIP, Class B, 6.710%, (TSFR1M plus 1.39%), 12/15/38(a)(b)		99,738
	100,000	Citigroup Commercial Mortgage Trust, Series 2015-GC33, Class A4, 3.778%, 9/10/58		96,489
	190,373	COMM 2014-CCRE18 Mortgage Trust, Series 2014-CR18, Class A5, 3.828%, 7/15/47		189,505
	112,111	COMM Mortgage Trust, Series 2014-CR16, Class A4, 4.051%, 4/10/47		111,866
	154,820	ELP Commercial Mortgage Trust, Series 2021-ELP, Class C, 6.760%, (TSFR1M plus 1.43%), 11/15/38(a)(b)		153,175
	84,315	JP Morgan Chase Commercial Mortgage Securities Trust, Series 2014-C20, Class A5, 3.805%, 7/15/47		84,071
	65,164	JPMBB Commercial Mortgage Securities Trust, Series 2014-C21, Class A5, 3.775%, 8/15/47		64,778
	250,000	JPMBB Commercial Mortgage Securities Trust, Series 2014-C23, Class A5, 3.934%, 9/15/47		247,546

See accompanying Notes to the Financial Statements.

 31

Sterling Capital Ultra Short Bond Fund

Schedule of Portfolio Investments — (continued)

March 31, 2024 (Unaudited)

Principal
Amount			Fair Value
COMMERCIAL MORTGAGE-BACKED SECURITIES — (continued)
$	350,000	Morgan Stanley Bank of America Merrill Lynch Trust, Series 2016-C29, Class A4, 3.325%, 5/15/49	$	333,813
	123,770	OPG Trust, Series 2021-PORT, Class C, 6.272%, (TSFR1M plus 0.95%), 10/15/36(a)(b)		121,527
	391,000	Wells Fargo Commercial Mortgage Trust, Series 2014-LC18, Class A5, 3.405%, 12/15/47		383,282
	350,000	Wells Fargo Commercial Mortgage Trust, Series 2015-P2, Class A4, 3.809%, 12/15/48		339,093
	325,000	WFRBS Commercial Mortgage Trust, Series 2014-C22, Class A5, 3.752%, 9/15/57		319,243
	300,000	WFRBS Commercial Mortgage Trust, Series 2014-C23, Class A5, 3.917%, 10/15/57		295,008
		Total Commercial Mortgage-Backed Securities
		(Cost $2,996,966)		3,007,273
CORPORATE BONDS — 53.2%
		Aerospace & Defense — 0.8%
	211,000	Bombardier, Inc., 7.125%, 6/15/26(a)		214,042
		Airlines — 0.9%
	262,500	Delta Air Lines, Inc./SkyMiles IP, Ltd., 4.500%, 10/20/25(a)		259,904
		Automobiles — 2.8%
	230,000	Ford Motor Credit Co., LLC, 2.300%, 2/10/25		223,039
	250,000	General Motors Financial Co., Inc., 5.969%, (SOFR plus 0.62%), 10/15/24(b)		249,989
	310,000	Hyundai Capital America, 1.000%, 9/17/24(a)		303,287
				776,315
		Banks — 9.2%
	250,000	BPCE SA, 4.625%, 7/11/24(a)		248,643
	325,000	Citigroup, Inc., 6.038%, (SOFR plus 0.69%), 10/30/24(c)		325,483
	250,000	Citizens Bank NA, BKNT, 4.119%, (SOFR plus 1.40%), 5/23/25(d)		249,032
	200,000	Federation des Caisses Desjardins du Quebec, 5.785%, (SOFR plus 0.43%), 5/21/24(a)(b)		200,054
	250,000	Fifth Third Bank NA, 5.852%, (SOFRINDX plus 1.23%), 10/27/25(d)		249,824
	250,000	Huntington National Bank (The), 4.008%, (SOFR plus 1.21%), 5/16/25(d)		249,064

Principal
Amount			Fair Value
CORPORATE BONDS — (continued)
		Banks — (continued)
$	250,000	KeyBank NA, BKNT, 5.682%, (SOFRINDX plus 0.32%), 6/14/24(c)	$	249,825
	150,000	Macquarie Group, Ltd., 6.059%, (SOFR plus 0.71%), 10/14/25(a)(b)		149,889
	250,000	Manufacturers & Traders Trust Co., 2.900%, 2/6/25		243,731
	400,000	Wells Fargo & Co., MTN, 0.805%, (SOFR plus 0.51%), 5/19/25(d)		396,956
				2,562,501
		Beverages — 0.9%
	250,000	Constellation Brands, Inc., 4.750%, 11/15/24		248,694
		Capital Goods — 0.9%
	250,000	Keysight Technologies, Inc., 4.550%, 10/30/24		248,220
		Diversified REITs — 0.9%
	250,000	VICI Properties L.P./VICI Note Co., Inc., 3.500%, 2/15/25(a)		244,514
		Diversified Telecommunication Services — 0.8%
	225,000	Sprint, LLC, 7.125%, 6/15/24		225,342
		Electric Utilities — 8.3%
	250,000	Dominion Energy, Inc., STEP, 3.071%, 8/15/24		247,264
	303,000	DTE Energy Co., STEP, Series C, 2.529%, 10/1/24		298,065
	300,000	Entergy Louisiana, LLC, 0.950%, 10/1/24		293,174
	250,000	FirstEnergy Transmission, LLC, 4.350%, 1/15/25(a)		246,961
	280,000	Georgia Power Co., Series A, 2.200%, 9/15/24		275,527
	85,000	NextEra Energy Capital Holdings, Inc., 6.051%, 3/1/25		85,331
	250,000	Niagara Mohawk Power Corp., 3.508%, 10/1/24(a)		246,826
	300,000	Oncor Electric Delivery Co., LLC, 2.750%, 6/1/24		298,353
	300,000	Vistra Operations Co., LLC, 4.875%, 5/13/24(a)		299,432
				2,290,933
		Energy Equipment & Services — 3.3%
	158,000	DCP Midstream Operating L.P., 5.375%, 7/15/25		157,413
	220,000	Energy Transfer L.P., 5.750%, 4/1/25		219,934
	175,000	NuStar Logistics L.P., 5.750%, 10/1/25		174,133
	341,000	Penske Truck Leasing Co. L.P./PTL Finance Corp., 3.450%, 7/1/24(a)		338,908
	23,000	Sabine Pass Liquefaction, LLC, 5.750%, 5/15/24		22,993
				913,381

Continued

 32

Sterling Capital Ultra Short Bond Fund

Schedule of Portfolio Investments — (continued)

March 31, 2024 (Unaudited)

Principal
Amount			Fair Value
CORPORATE BONDS — (continued)
		Financial Services — 8.1%
$	300,000	AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 1.650%, 10/29/24(e)	$	292,681
	250,000	Air Lease Corp., MTN, 2.300%, 2/1/25		242,796
	250,000	Ares Capital Corp., 3.250%, 7/15/25		241,538
	250,000	Ares Capital Corp., 4.250%, 3/1/25		245,946
	250,000	Blackstone Private Credit Fund, 2.700%, 1/15/25		244,038
	270,000	BNP Paribas SA, 3.375%, 1/9/25(a)		265,543
	250,000	FS KKR Capital Corp., 1.650%, 10/12/24		244,162
	400,000	Morgan Stanley, Series I, 0.864%, (SOFR plus 0.75%), 10/21/25(d)		389,005
	74,000	OneMain Finance Corp., 6.875%, 3/15/25		74,734
				2,240,443
		Gas Utilities — 1.0%
	271,000	Sempra, 3.300%, 4/1/25		265,154
		Health Care Equipment & Services — 1.1%
	300,000	HCA, Inc., 5.375%, 2/1/25		299,169
		Household Durables — 1.0%
	283,000	Meritage Homes Corp., 6.000%, 6/1/25		282,685
		Industrial REITs — 0.7%
	205,000	Public Storage Operating Co., 5.820%, (SOFR plus 0.47%), 4/23/24(b)		205,016
		Insurance — 5.8%
	300,000	Athene Global Funding, 2.750%, 6/25/24(a)		297,778
	75,000	Brighthouse Financial Global Funding, 6.109%, (SOFR plus 0.76%), 4/12/24(a)(b)		75,007
	250,000	CNO Global Funding, 1.650%, 1/6/25(a)		241,545
	250,000	Farmers Insurance Exchange, 8.625%, 5/1/24(a)		250,263
	200,000	GA Global Funding Trust, 0.800%, 9/13/24(a)		195,679
	300,000	Nationwide Mutual Insurance Co., 7.881%, (LIBOR USD 3-Month plus 2.29%), 12/15/24(a)(c)		300,024
	250,000	Symetra Financial Corp., 4.250%, 7/15/24		248,561
				1,608,857
		Multi-Utilities — 0.4%
	107,000	Newmont Corp./Newcrest Finance Pty, Ltd., 5.300%, 3/15/26(a)		107,270
		Oil, Gas & Consumable Fuels — 0.9%
	250,000	Hess Corp., 3.500%, 7/15/24		248,211
		Semiconductors & Semiconductor Equipment — 1.8%
	250,000	Microchip Technology, Inc., 0.983%, 9/1/24		244,927

Principal
Amount			Fair Value
CORPORATE BONDS — (continued)
		Semiconductors & Semiconductor Equipment — (continued)
$	250,000	Xilinx, Inc., 2.950%, 6/1/24	$	248,747
				493,674
		Software — 2.1%
	300,000	Hewlett Packard Enterprise Co., 5.900%, 10/1/24		300,583
	275,000	VMware, LLC, 1.000%, 8/15/24		270,175
				570,758
		Specialty Retail — 0.6%
	161,000	Nordstrom, Inc., 2.300%, 4/8/24		160,598
		Telecommunication Services — 0.4%
	125,001	Sprint Spectrum Co., LLC/Sprint Spectrum Co. II, LLC/Sprint Spectrum Co. III, LLC, 4.738%, 3/20/25(a)		124,328
		Tobacco — 0.5%
	145,000	BAT Capital Corp., 3.222%, 8/15/24		143,561
		Total Corporate Bonds
		(Cost $14,704,575)		14,733,570

Shares
PREFERRED STOCKS — 1.8%
	Oil, Gas & Consumable Fuels — 1.8%
12,000	Energy Transfer L.P., Series E, 7.600%(f)		303,600
7,000	NuStar Energy L.P., Series C, 12.471%(f)		177,660
	Total Preferred Stocks
	(Cost $483,440)		481,260
U.S. TREASURY BILLS — 3.6%
1,000,000	5.308%, 5/7/24(g)		994,751
	Total U.S. Treasury Bills
	(Cost $994,725)		994,751
MONEY MARKET FUND — 1.9%
531,343	Federated Treasury Obligations Fund, Institutional Shares, 5.17%(h)		531,343
	Total Money Market Fund
	(Cost $531,343)		531,343
Total Investments — 99.0%
(Cost $27,351,308)			27,405,076
Net Other Assets (Liabilities) — 1.0%			284,039
NET ASSETS — 100.0%		$	27,689,115

(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.

Continued

 33

Sterling Capital Ultra Short Bond Fund

Schedule of Portfolio Investments — (continued)

March 31, 2024 (Unaudited)

(b) The interest rate for this floating rate note, which will change periodically, is based either on the prime rate or an index of market rates. The reflected rate is in effect as of March 31, 2024. 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, 2024. 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) All or a portion of the securities are held in a separate collateral account at US Bank.

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

(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, 2024 (Unaudited)

Principal Amount			Fair Value
ASSET BACKED SECURITIES — 20.7%
$	205,000	Ally Auto Receivables Trust, Series 2022-3, Class A4, 5.070%, 6/15/31	$	204,356
	240,000	AmeriCredit Automobile Receivables Trust, Series 2022-1, Class C, 2.980%, 9/20/27		228,899
	500,000	AmeriCredit Automobile Receivables Trust, Series 2022-2, Class C, 5.320%, 4/18/28		500,385
	425,000	ARI Fleet Lease Trust, Series 2023-B, Class A2, 6.050%, 7/15/32(a)		427,753
	656,000	Avis Budget Rental Car Funding AESOP, LLC, Series 2020-2A, Class A, 2.020%, 2/20/27(a)		619,201
	590,000	Avis Budget Rental Car Funding AESOP, LLC, Series 2023-3A, Class A, 5.440%, 2/22/28(a)		593,619
	139,096	Carvana Auto Receivables Trust, Series 2021-P2, Class A3, 0.490%, 3/10/26		137,893
	307,971	Chesapeake Funding II, LLC, Series 2021-1A, Class A1, 0.470%, 4/15/33(a)		301,587
	82	Citicorp Residential Mortgage Trust, STEP, Series 2007-2, Class A6, 4.563%, 6/25/37		81
	1,183,000	Enterprise Fleet Financing, LLC, Series 2023-1, Class A3, 5.420%, 10/22/29(a)		1,187,442
	750,000	Ford Credit Auto Owner Trust 2020-REV2, Series 2020-2, Class A, 1.060%, 4/15/33(a)		702,645
	1,288,000	Hertz Vehicle Financing III L.P., Series 2021-2A, Class A, 1.680%, 12/27/27(a)		1,175,706
	392,000	OneMain Direct Auto Receivables Trust, Series 2023-1A, Class A, 5.410%, 11/14/29(a)		392,524
	1,078,000	OneMain Direct Auto Receivables Trust 2019-1, Series 2019-1A, Class A, 3.630%, 9/14/27(a)		1,063,017
	700,000	OneMain Financial Issuance Trust 2022-3, Series 2022-3A, Class A, 5.940%, 5/15/34(a)		703,838
	850,000	Santander Drive Auto Receivables Trust, Series 2024-1, Class B, 5.230%, 12/15/28		848,478
	810,000	Synchrony Card Funding, LLC, Series 2023-A1, Class A, 5.540%, 7/15/29		817,769
	1,400,000	World Omni Select Auto Trust, Series 2023-A, Class A3, 5.650%, 7/17/28		1,403,726
		Total Asset Backed Securities
		(Cost $11,280,881)		11,308,919
COLLATERALIZED MORTGAGE OBLIGATIONS — 3.4%
	658,687	Chase Home Lending Mortgage Trust, Series 2019-ATR2, Class A3, 3.500%, 7/25/49(a)(b)		583,567

Principal Amount			Fair Value
COLLATERALIZED MORTGAGE OBLIGATIONS — (continued)
$	28,372	Fannie Mae, Series 2012-152, Class PC, 1.750%, 8/25/42	$	27,799
	429,127	Fannie Mae, Series 2013-35, Class CB, 2.000%, 2/25/43		404,666
	24,231	Fannie Mae, Series 2013-72, Class NA, 2.500%, 8/25/42		23,496
	268,968	Fannie Mae, Series 2015-71, Class PD, 2.500%, 3/25/43		261,246
	237,145	Fannie Mae, Series 2016-100, Class DA, 3.000%, 2/25/43		225,352
	344,420	Freddie Mac, Series 4828, Class QA, 3.500%, 3/15/47		330,609
		Total Collateralized Mortgage Obligations
		(Cost $2,010,747)		1,856,735
COMMERCIAL MORTGAGE-BACKED SECURITIES — 8.4%
	427,957	BX Commercial Mortgage Trust, Series 2021-ACNT, Class C, 6.939%, (TSFR1M plus 1.61%), 11/15/38(a)(c)		424,747
	326,500	BX Commercial Mortgage Trust, Series  2021-CIP, Class B, 6.710%, (TSFR1M plus 1.39%), 12/15/38(a)(c)		322,419
	395,241	BX Trust, Series 2021-RISE, Class  C, 6.889%, (TSFR1M plus 1.56%), 11/15/36(a)(c)		391,042
	394,041	ELP Commercial Mortgage Trust, Series  2021-ELP, Class C, 6.760%, (TSFR1M plus 1.43%), 11/15/38(a)(c)		389,855
	21,295	GS Mortgage Securities Trust, Series 2010-C1, Class B, 5.148%, 8/10/43(a)		21,213
	28,707	GS Mortgage Securities Trust, Series 2014-GC24, Class AAB, 3.650%, 9/10/47		28,629
	281,049	JP Morgan Chase Commercial Mortgage  Securities Trust, Series 2014-C20, Class A5, 3.805%, 7/15/47		280,238
	300,000	JPMBB Commercial Mortgage Securities  Trust, Series 2014-C23, Class A5, 3.934%, 9/15/47		297,055
	1,121,000	Morgan Stanley Bank of America Merrill  Lynch Trust, Series 2014-C18, Class A4, 3.923%, 10/15/47		1,107,148
	616,219	OPG Trust, Series 2021-PORT, Class  C, 6.272%, (TSFR1M plus 0.95%), 10/15/36(a)(c)		605,050
	265,329	SMR Mortgage Trust, Series 2022-IND, Class A, 6.975%, (TSFR1M plus 1.65%), 2/15/39(a)(c)		258,235

See accompanying Notes to the Financial Statements.

35 

Sterling Capital Short Duration Bond Fund

Schedule of Portfolio Investments — (continued)

March 31, 2024 (Unaudited)

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	$	495,535
		Total Commercial Mortgage-Backed Securities
		(Cost $4,618,787)		4,621,166
CORPORATE BONDS — 63.5%
		Aerospace & Defense — 2.4%
	400,000	BAE Systems PLC, 5.000%, 3/26/27(a)		399,381
	471,000	Bombardier, Inc., 7.125%, 6/15/26(a)		477,791
	408,000	RTX Corp., 5.750%, 11/8/26		414,415
				1,291,587
		Automobiles — 3.9%
	450,000	Daimler Truck Finance North America, LLC, 5.000%, 1/15/27(a)		448,926
	425,000	Ford Motor Credit Co., LLC, 5.800%, 3/5/27		426,592
	412,000	General Motors Financial Co., Inc., 5.400%, 4/6/26		412,283
	419,000	Hyundai Capital America, 5.250%, 1/8/27(a)		418,759
	460,000	Mercedes-Benz Finance North America, LLC, 4.800%, 3/30/26(a)		457,297
				2,163,857
		Banks — 15.6%
	417,000	Bank of New York Mellon Corp. (The), 4.947%, (SOFR plus 1.03%), 4/26/27(d)		415,160
	404,000	Canadian Imperial Bank of Commerce, 5.926%, 10/2/26		411,876
	650,000	Citibank NA, 5.488%, 12/4/26		657,168
	420,000	Citizens Bank NA, BKNT, 4.119%, (SOFR plus 1.40%), 5/23/25(d)		418,374
	550,000	Cooperatieve Rabobank UA, 5.500%, 10/5/26		556,445
	500,000	Danske Bank A/S, 5.427%, (1-Year Treasury Constant Maturity plus 0.95%), 3/1/28(a)(b)		501,271
	535,000	Fifth Third Bank NA, 5.852%, (SOFRINDX plus 1.23%), 10/27/25(d)		534,623
	400,000	Huntington National Bank (The), 4.008%, (SOFR plus 1.21%), 5/16/25(d)		398,502
	310,000	ING Groep NV, 6.083%, (SOFR plus 1.56%), 9/11/27(d)		313,914
	525,000	KeyBank NA, 4.700%, 1/26/26		512,888
	414,000	Macquarie Bank, Ltd., 5.391%, 12/7/26(a)		416,202
	496,000	Morgan Stanley, MTN, 1.164%, (SOFR plus 0.56%), 10/21/25(d)		482,882
	450,000	NatWest Markets PLC, 6.126%, (SOFR plus 0.76%), 9/29/26(a)(c)		447,948

Principal Amount			Fair Value
CORPORATE BONDS — (continued)
		Banks — (continued)
$	424,000	PNC Financial Services Group, Inc. (The), 4.758%, (SOFRINDX plus 1.09%), 1/26/27(d)	$	420,116
	125,000	Royal Bank of Canada, GMTN, 4.875%, 1/12/26(e)		124,585
	350,000	Sumitomo Mitsui Trust Bank, Ltd., 5.650%, 3/9/26(a)		352,997
	494,000	Svenska Handelsbanken AB, 5.250%, 6/15/26(a)		495,356
	457,000	Toronto-Dominion Bank (The), MTN, 1.200%, 6/3/26		420,467
	650,000	Wells Fargo Bank NA, 5.254%, 12/11/26		652,374
				8,533,148
		Beverages — 0.7%
	400,000	Diageo Capital PLC, 5.375%, 10/5/26		403,945
		Commercial Services & Supplies — 1.8%
	554,000	GFL Environmental, Inc., 4.250%, 6/1/25(a)		545,137
	458,000	Prime Security Services Borrower LLC/Prime Finance, Inc., 5.750%, 4/15/26(a)		456,613
				1,001,750
		Consumer Staples Distribution & Retail — 0.8%
	423,000	Cargill, Inc., 4.500%, 6/24/26(a)		419,605
		Diversified REITs — 1.3%
	502,000	Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., 5.250%, 10/1/25(a)		493,007
	208,000	VICI Properties L.P./VICI Note Co., Inc., 4.250%, 12/1/26(a)		200,006
				693,013
		Diversified Telecommunication Services — 2.0%
	664,000	Sprint Spectrum Co., LLC/Sprint Spectrum Co. II, LLC/Sprint Spectrum Co. III, LLC, 5.152%, 3/20/28(a)		662,646
	408,000	Sprint, LLC, 7.625%, 3/1/26		421,566
				1,084,212
		Electric Utilities — 6.3%
	263,000	Ameren Corp., 5.700%, 12/1/26		266,573
	419,000	CenterPoint Energy, Inc., 5.250%, 8/10/26		419,826
	422,000	DTE Electric Co., 4.850%, 12/1/26		421,678
	380,000	Duke Energy Corp., 4.850%, 1/5/27(e)		378,562
	133,000	Georgia Power Co., 5.004%, 2/23/27		133,220
	300,000	Korea East-West Power Co., Ltd., 3.600%, 5/6/25(a)		294,250
	420,000	NextEra Energy Capital Holdings, Inc., 5.749%, 9/1/25		421,687
	275,000	Public Service Electric & Gas Co., MTN, 2.250%, 9/15/26		258,079
	429,000	Puget Energy, Inc., 3.650%, 5/15/25		418,969

Continued

36 

Sterling Capital Short Duration Bond Fund

Schedule of Portfolio Investments — (continued)

March 31, 2024 (Unaudited)

Principal Amount			Fair Value
CORPORATE BONDS — (continued)
		Electric Utilities — (continued)
$	419,000	Southern California Edison Co., 4.900%, 6/1/26	$	417,193
				3,430,037
		Energy Equipment & Services — 3.2%
	408,000	Energy Transfer L.P., 6.050%, 12/1/26		416,344
	421,000	Enterprise Products Operating, LLC, 4.600%, 1/11/27		418,544
	496,000	NuStar Logistics L.P., 5.750%, 10/1/25		493,541
	420,000	Williams Cos., Inc. (The), 5.400%, 3/2/26		421,211
				1,749,640
		Entertainment — 0.8%
	436,000	Mattel, Inc., 3.375%, 4/1/26(a)		417,067
		Equity Real Estate Investment Trusts (REITS) — 0.9%
	549,000	Starwood Property Trust, Inc., 3.625%, 7/15/26(a)		515,210
		Financial Services — 6.6%
	450,000	AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 6.100%, 1/15/27		457,650
	417,000	Ally Financial, Inc., 5.750%, 11/20/25		414,220
	510,000	American Express Co., 5.098%, (SOFR plus 1.00%), 2/16/28(d)		509,160
	480,000	Blackstone Private Credit Fund, 3.250%, 3/15/27		443,398
	413,000	Charles Schwab Corp. (The), 5.875%, 8/24/26		419,866
	421,000	Element Fleet Management Corp., 5.643%, 3/13/27(a)		422,286
	345,000	Lloyds Banking Group PLC, 5.985%, (1-Year Treasury Constant Maturity plus 1.48%), 8/7/27(b)		348,298
	235,000	OneMain Finance Corp., 6.875%, 3/15/25		237,330
	400,000	UBS Group AG, 4.125%, 4/15/26(a)		389,470
				3,641,678
		Gas Utilities — 0.8%
	408,000	National Rural Utilities Cooperative Finance Corp., MTN, 5.600%, 11/13/26		413,385
		Health Care Providers & Services — 0.8%
	422,000	AbbVie, Inc., 4.800%, 3/15/27		422,347
		Insurance — 5.8%
	279,000	Aon North America, Inc., 5.125%, 3/1/27		280,500
	426,000	Apollo Management Holdings L.P., 4.400%, 5/27/26(a)		416,461
	420,000	Athene Global Funding, 5.684%, 2/23/26(a)		421,659
	417,000	Corebridge Global Funding, 5.750%, 7/2/26(a)		417,547
	430,000	Jackson National Life Global Funding, 3.875%, 6/11/25(a)		419,163

Principal Amount			Fair Value
CORPORATE BONDS — (continued)
		Insurance — (continued)
$	407,000	New York Life Global Funding, 5.450%, 9/18/26(a)	$	410,427
	425,000	Reliance Standard Life Global Funding II, 5.243%, 2/2/26(a)		420,627
	439,000	SBL Holdings, Inc., 5.125%, 11/13/26(a)		415,630
				3,202,014
		IT Services — 0.5%
	292,000	Fiserv, Inc., 5.150%, 3/15/27		292,987
		Media — 1.4%
	273,000	Charter Communications Operating, LLC/Charter Communications Operating Capital, 6.150%, 11/10/26		275,211
	518,000	Gray Television, Inc., 5.875%, 7/15/26(a)		503,863
				779,074
		Multi-Utilities — 0.5%
	291,000	Newmont Corp./Newcrest Finance Pty, Ltd., 5.300%, 3/15/26(a)		291,736
		Oil, Gas & Consumable Fuels — 3.0%
	340,000	Apache Corp., 4.875%, 11/15/27		330,470
	467,000	Permian Resources Operating, LLC, 8.000%, 4/15/27(a)		481,008
	413,000	Pioneer Natural Resources Co., 5.100%, 3/29/26		412,579
	435,000	Shell International Finance BV, 2.875%, 5/10/26		417,819
				1,641,876
		Semiconductors & Semiconductor Equipment — 1.5%
	429,000	Microchip Technology, Inc., 4.250%, 9/1/25		422,016
	421,000	NXP BV/NXP Funding, LLC, 5.350%, 3/1/26		421,176
				843,192
		Software — 2.1%
	440,000	Concentrix Corp., 6.650%, 8/2/26		443,582
	275,000	Oracle Corp., 5.800%, 11/10/25		277,319
	415,000	Take-Two Interactive Software, Inc., 5.000%, 3/28/26		412,987
				1,133,888
		Specialty Retail — 0.8%
	416,000	Lowe's Cos., Inc., 4.800%, 4/1/26		413,676
		Total Corporate Bonds
		(Cost $34,770,444)		34,778,924

Continued

37 

Sterling Capital Short Duration Bond Fund

Schedule of Portfolio Investments — (continued)

March 31, 2024 (Unaudited)

Principal Amount			Fair Value
MUNICIPAL BONDS — 1.7%
		Illinois — 1.5%
$	805,000	Sales Tax Securitization Corp., Current Refunding, Taxable Revenue Bonds, Series B, 4.558%, 1/1/26	$	797,868
		Texas — 0.2%
	140,000	Dallas Fort Worth International Airport, Current Refunding, Taxable Revenue Bonds, Series A, 4.738%, 11/1/26(e)		139,763
		Total Municipal Bonds
		(Cost $945,000)		937,631
U.S. TREASURY NOTES — 1.1%
	600,000	3.625%, 5/15/26		588,258
		Total U.S. Treasury Notes
		(Cost $592,773)		588,258

Shares
PREFERRED STOCKS — 0.7%
		Oil, Gas & Consumable Fuels — 0.7%
	15,500	NuStar Energy L.P., Series C, 12.471%(f)		393,390
		Total Preferred Stocks
		(Cost $395,560)		393,390
MONEY MARKET FUND — 0.1%
	57,195	Federated Treasury Obligations Fund, Institutional Shares, 5.17%(g)		57,195
		Total Money Market Fund
		(Cost $57,195)		57,195
Total Investments — 99.6%
(Cost $54,671,387)				54,542,218
Net Other Assets (Liabilities) — 0.4%				196,827
NET ASSETS — 100.0%			$	54,739,045

(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 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, 2024. The maturity date reflected is the final maturity date.

(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, 2024. 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) All or a portion of the securities are held in a separate collateral account at US Bank.

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

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

BKNT	Bank Note
GMTN	Global Medium Term Note
MTN	Medium Term Note
STEP	Step Coupon Bond

Continued

38 

Sterling Capital Intermediate U.S. Government Fund

Schedule of Portfolio Investments

March 31, 2024 (Unaudited)

Principal Amount			Fair Value
ASSET BACKED SECURITIES — 2.0%
$	100,000	Avis Budget Rental Car Funding AESOP, LLC, Series 2019-3A, Class A, 2.360%, 3/20/26(a)	$	97,605
	183,000	Avis Budget Rental Car Funding AESOP, LLC, Series 2024-1A, Class A, 5.360%, 6/20/30(a)		184,017
	70,983	United States Small Business Administration, Series 2015-20G, Class 1, 2.880%, 7/1/35(b)		65,471
		Total Asset Backed Securities
		(Cost $354,300)		347,093
COLLATERALIZED MORTGAGE OBLIGATIONS — 22.9%
	32,556	Fannie Mae, Series 2003-44, Class Q, 3.500%, 6/25/33		31,330
	146,134	Fannie Mae, Series 2005-31, Class PB, 5.500%, 4/25/35		147,075
	132,968	Fannie Mae, Series 2012-150, Class KA, 1.750%, 1/25/43		108,838
	211,181	Fannie Mae, Series 2012-87, Class MB, 2.000%, 5/25/42		190,008
	77,869	Fannie Mae, Series 2013-44, Class DJ, 1.850%, 5/25/33		70,349
	136,673	Fannie Mae, Series 2016-24, Class CD, 1.750%, 2/25/46		112,932
	41,747	Fannie Mae, Series 2016-49, Class DA, 3.500%, 10/25/42		40,701
	178,138	Fannie Mae, Series 2016-49, Class PA, 3.000%, 9/25/45		164,251
	229,714	Fannie Mae, Series 2016-88, Class PK, 2.500%, 3/25/46		205,428
	193,780	Fannie Mae, Series 2019-25, Class PD, 2.500%, 5/25/48		169,452
	154,203	Freddie Mac, Series 3787, Class LM, 4.000%, 1/15/31		150,709
	62,015	Freddie Mac, Series 4122, Class BC, 3.000%, 5/15/40		57,004
	83,756	Freddie Mac, Series 4151, Class PA, 2.000%, 1/15/33		77,517
	163,335	Freddie Mac, Series 4173, Class NB, 3.000%, 3/15/43		145,915
	386,465	Freddie Mac, Series 4601, Class NJ, 1.900%, 9/15/45		333,891
	106,192	Freddie Mac, Series 4656, Class PA, 3.500%, 10/15/45		100,543
	315,000	Freddie Mac, Series 4669, Class QY, 3.500%, 9/15/44		296,892
	179,175	Freddie Mac, Series 4863, Class AJ, 3.500%, 7/15/38		167,469
	211,119	Freddie Mac, Series 4942, Class NC, 2.500%, 10/25/49		180,778
	141,665	Freddie Mac, Series 5380, Class A, 5.500%, 9/25/47		139,876
	168,166	Ginnie Mae, Series 2011-137, Class WA, 5.595%, 7/20/40(c)		170,171

Principal Amount			Fair Value
COLLATERALIZED MORTGAGE OBLIGATIONS — (continued)
$	53,775	Ginnie Mae, Series 2013-133, Class PL, 3.500%, 2/16/37	$	51,943
	47,152	Ginnie Mae, Series 2015-162, Class EB, 2.500%, 9/20/44		43,665
	213,911	Ginnie Mae, Series 2022-137, Class PA, 4.000%, 5/20/52		202,786
	242,964	Ginnie Mae, Series 2023-181, Class AV, 5.500%, 2/20/33		243,897
	165,994	Ginnie Mae, Series 2023-79, Class DV, 5.500%, 5/20/34		167,355
	150,000	Ginnie Mae, Series 2023-81, Class AL, 4.500%, 8/20/40		144,827
		Total Collateralized Mortgage Obligations
		(Cost $4,170,632)		3,915,602
COMMERCIAL MORTGAGE-BACKED SECURITIES — 19.6%
	136,114	Citigroup Commercial Mortgage Trust, Series 2015-GC29, Class A3, 2.935%, 4/10/48		133,097
	374,441	Fannie Mae-Aces, Series 2015-M17, Class A2, 2.913%, 11/25/25(c)		362,572
	385,271	Fannie Mae-Aces, Series 2017-M7, Class A2, 2.961%, 2/25/27(c)		366,362
	212,187	Fannie Mae-Aces, Series 2017-M8, Class A2, 3.061%, 5/25/27(c)		202,351
	389,501	Fannie Mae-Aces, Series 2018-M10, Class A2, 3.357%, 7/25/28(c)		370,643
	140,000	Freddie Mac Multifamily Structured Pass Through Certificates, Series K049, Class A2, 3.010%, 7/25/25		136,332
	210,000	Freddie Mac Multifamily Structured Pass Through Certificates, Series K060, Class A2, 3.300%, 10/25/26		202,597
	496,314	Freddie Mac Multifamily Structured Pass Through Certificates, Series K061, Class A2, 3.347%, 11/25/26(c)		477,637
	125,000	Freddie Mac Multifamily Structured Pass Through Certificates, Series K066, Class A2, 3.117%, 6/25/27		119,432
	160,000	Freddie Mac Multifamily Structured Pass Through Certificates, Series K069, Class A2, 3.187%, 9/25/27(c)		152,703
	275,000	Freddie Mac Multifamily Structured Pass Through Certificates, Series K079, Class A2, 3.926%, 6/25/28		267,395
	250,000	JPMBB Commercial Mortgage Securities Trust, Series 2014-C23, Class A5, 3.934%, 9/15/47		247,546
	71,000	Morgan Stanley Bank of America Merrill Lynch Trust, Series 2014-C18, Class A4, 3.923%, 10/15/47		70,123

See accompanying Notes to the Financial Statements.

39 

Sterling Capital Intermediate U.S. Government Fund

Schedule of Portfolio Investments — (continued)

March 31, 2024 (Unaudited)

Principal Amount			Fair Value
COMMERCIAL MORTGAGE-BACKED SECURITIES — (continued)
$	250,000	Morgan Stanley Bank of America Merrill Lynch Trust, Series 2014-C19, Class A4, 3.526%, 12/15/47	$	246,034
		Total Commercial Mortgage-Backed Securities
		(Cost $3,547,920)		3,354,824
CORPORATE BONDS — 2.1%
		Banks — 0.4%
	70,000	Bank of America Corp., GMTN, 3.500%, 4/19/26		67,886
		Electric Utilities — 0.4%
	75,000	Public Service Electric & Gas Co., MTN, 2.250%, 9/15/26(b)		70,385
		Retail REITs — 1.3%
	250,000	Federal Realty OP L.P., 1.250%, 2/15/26(b)		231,257
		Total Corporate Bonds
		(Cost $400,044)		369,528
MORTGAGE-BACKED SECURITIES — 31.6%
		Fannie Mae — 20.4%
	163,126	4.000%, 12/1/33, Pool #MA1689		157,928
	227,562	4.500%, 3/1/34, Pool #CA3294		225,886
	39,770	4.000%, 12/1/36, Pool #MA2856		38,346
	39,984	4.000%, 2/1/37, Pool #MA2914		38,545
	366,211	1.500%, 12/1/40, Pool #MA4202		299,490
	145,147	6.000%, 9/1/43, Pool #MA5158		146,541
	37,723	4.000%, 5/1/47, Pool #BE9598		35,637
	107,592	3.500%, 12/1/47, Pool #CA0833		98,213
	48,032	5.000%, 8/1/48, Pool #CA2219		47,679
	51,323	3.500%, 9/1/49, Pool #BJ9608		46,689
	57,294	3.500%, 10/1/49, Pool #CA4431		52,121
	88,374	3.000%, 3/1/50, Pool #FM2714		76,965
	198,730	3.000%, 7/1/50, Pool #CA6422		172,949
	196,762	3.000%, 7/1/50, Pool #CA6421		171,237
	163,140	2.000%, 8/1/50, Pool #CA6799		131,148
	182,767	2.500%, 8/1/50, Pool #CA6707		154,644
	252,576	2.000%, 9/1/50, Pool #CA7019		202,418
	290,245	2.500%, 9/1/50, Pool #BQ2883		242,241
	136,036	2.500%, 9/1/50, Pool #BQ0538		113,479
	357,478	2.000%, 10/1/50, Pool #CA7224		286,158
	278,425	2.500%, 10/1/50, Pool #FM4638		232,041
	263,122	2.500%, 10/1/50, Pool #FM4530		219,504
	183,315	4.000%, 7/1/52, Pool #FS2516		170,218
	141,843	5.000%, 11/1/52, Pool #CB5278		138,893
				3,498,970
		Freddie Mac — 10.5%
	96,199	4.000%, 12/1/35, Pool #ZA2401		92,825
	88,514	3.500%, 6/1/36, Pool #ZA2414		83,595
	57,405	4.000%, 3/1/39, Pool #ZA6403		54,968

Principal Amount			Fair Value
MORTGAGE-BACKED SECURITIES — (continued)
		Freddie Mac — (continued)
$	189,009	2.000%, 12/1/40, Pool #RB5090	$	159,977
	119,371	3.500%, 1/1/47, Pool #ZT0941		109,209
	94,500	3.000%, 12/1/51, Pool #SD8184		81,504
	181,665	4.500%, 6/1/52, Pool #SD1265		173,812
	178,725	4.500%, 8/1/52, Pool #SD1515		170,429
	264,975	5.000%, 9/1/52, Pool #RA7936		259,256
	159,963	5.500%, 2/1/53, Pool #QF8052		159,662
	190,954	5.000%, 3/1/53, Pool #SD2390		187,414
	95,739	6.000%, 5/1/53, Pool #SD3072		96,950
	163,063	6.000%, 7/1/53, Pool #SD3223		166,266
				1,795,867
		Ginnie Mae — 0.6%
	102,040	4.000%, 7/20/52, Pool #786280		95,810
		Ginnie Mae II — 0.1%
	25,987	5.000%, 11/20/38, Pool #4283		25,193
		Total Mortgage-Backed Securities
		(Cost $6,102,029)		5,415,840
MUNICIPAL BONDS — 0.7%
		Wisconsin — 0.7%
	115,000	State of Wisconsin, TXB, Revenue Bonds, Pension Funding, Series A, (AGM), 5.700%, 5/1/26(b)		115,710
		Total Municipal Bonds
		(Cost $118,133)		115,710
U.S. GOVERNMENT AGENCIES — 13.2%
		Fannie Mae — 9.7%
	1,000,000	6.250%, 5/15/29		1,089,942
	500,000	7.125%, 1/15/30		572,036
				1,661,978
		Federal Farm Credit Banks Funding Corp. — 0.4%
	86,000	2.400%, 3/24/36		66,814
		Federal Home Loan Banks — 3.1%
	500,000	1.200%, 12/30/24		485,447
	60,000	1.900%, 10/7/31		49,452
				534,899
		Total U.S. Government Agencies
		(Cost $2,357,868)		2,263,691
U.S. TREASURY NOTES — 7.1%
	140,000	0.250%, 9/30/25		130,851
	1,150,200	1.125%, 2/15/31		943,928
	150,000	2.750%, 8/15/32		134,654
		Total U.S. Treasury Notes
		(Cost $1,304,079)		1,209,433

Continued

40 

Sterling Capital Intermediate U.S. Government Fund

Schedule of Portfolio Investments — (continued)

March 31, 2024 (Unaudited)

Shares			Fair Value
MONEY MARKET FUND — 0.3%
	51,917	Federated Treasury Obligations Fund, Institutional Shares, 5.17%(d)	$	51,917
		Total Money Market Fund
		(Cost $51,917)		51,917
Total Investments — 99.5%
(Cost $18,406,922)				17,043,638
Net Other Assets (Liabilities) — 0.5%				79,802
NET ASSETS — 100.0%			$	17,123,440

(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.

(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, 2024. 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

41 

Sterling Capital Total Return Bond Fund

Schedule of Portfolio Investments

March 31, 2024 (Unaudited)

Principal Amount			Fair Value
ASSET BACKED SECURITIES — 9.2%
$	5,625,000	ARI Fleet Lease Trust, Series 2023-B, Class A3, 5.890%, 7/15/32(a)	$	5,738,088
	1,403,000	Avis Budget Rental Car Funding AESOP, LLC, Series 2020-2A, Class A, 2.020%, 2/20/27(a)		1,324,299
	6,250,000	Avis Budget Rental Car Funding AESOP, LLC, Series 2021-1A, Class A, 1.380%, 8/20/27(a)		5,743,504
	4,543,000	Avis Budget Rental Car Funding AESOP, LLC, Series 2023-8A, Class A, 6.020%, 2/20/30(a)		4,687,729
	3,127,000	Avis Budget Rental Car Funding AESOP, LLC, Series 2024-1A, Class A, 5.360%, 6/20/30(a)		3,144,379
	5,730,000	CarMax Auto Owner Trust, Series 2023-4, Class A4, 5.960%, 5/15/29		5,889,144
	8,720,000	Carvana Auto Receivables Trust, Series 2021-P2, Class B, 1.270%, 3/10/27		8,009,576
	4,791,000	Citibank Credit Card Issuance Trust, Series 2007-A3, Class A3, 6.150%, 6/15/39		5,184,151
	461	Citicorp Residential Mortgage Trust, STEP, Series 2007-2, Class A6, 4.563%, 6/25/37		457
	7,000,000	Enterprise Fleet Financing, LLC, Series 2022-1, Class A3, 3.270%, 1/20/28(a)		6,784,156
	7,101,000	Enterprise Fleet Financing, LLC, Series 2023-1, Class A3, 5.420%, 10/22/29(a)		7,127,660
	11,959,000	Ford Credit Auto Owner Trust, Series 2021-2, Class A, 1.530%, 5/15/34(a)		10,935,257
	6,000,000	GM Financial Revolving Receivables Trust, Series 2021-1, Class A, 1.170%, 6/12/34(a)		5,463,290
	15,735,000	Hertz Vehicle Financing III L.P., Series 2021-2A, Class A, 1.680%, 12/27/27(a)		14,363,144
	7,000,000	Hertz Vehicle Financing, LLC, Series 2022-2A, Class A, 2.330%, 6/26/28(a)		6,412,567
	346,317	New Century Home Equity Loan Trust, Series 2003-4, Class M1, 6.569%, (TSFR1M plus 1.24%), 10/25/33(b)(c)		342,995
	13,050,000	OneMain Direct Auto Receivables Trust, Series 2023-1A, Class A, 5.410%, 11/14/29(a)		13,067,433
	20,805,000	OneMain Financial Issuance Trust, Series 2021-1A, Class A1, 1.550%, 6/16/36(a)		18,842,808
	3,950,000	OneMain Financial Issuance Trust, Series 2022-S1, Class A, 4.130%, 5/14/35(a)		3,866,796
	38,012	RAAC Trust, STEP, Series 2004-SP1, Class AI3, 6.118%, 3/25/34		37,102
	1,622,142	Saxon Asset Securities Trust, Series 2004-3, Class M1, 6.344%, (TSFR1M plus 1.01%), 12/26/34(b)		1,549,443
	5,037,000	SBA Tower Trust, Series 2014-2A, Class C, 3.869%, 10/15/49(a)		4,977,079
		Total Asset Backed Securities
		(Cost $140,305,115)		133,491,057

Principal Amount			Fair Value
COLLATERALIZED MORTGAGE OBLIGATIONS — 3.4%
$	15,631	Adjustable Rate Mortgage Trust, Series 2004-5, Class 4A1, 5.038%, 4/25/35(d)	$	15,533
	9,103	Citigroup Mortgage Loan Trust, Inc., Series 2004-NCM2, Class 3CB2, 6.500%, 8/25/19(c)		9,049
	44,176	Countrywide Home Loan Mortgage Pass-Through Trust, Series 2004-3, Class A4, 5.750%, 4/25/34		42,035
	65,021	Credit Suisse First Boston Mortgage-Backed Pass-Through Certificates, Series 2004-1, Class 2A1, 6.500%, 2/25/34		64,042
	604,286	Fannie Mae, Series 2011-38, Class D, 4.500%, 5/25/41(c)		594,767
	1,068,849	Fannie Mae, Series 2013-16, Class A, 1.750%, 1/25/40		1,035,634
	891,000	Fannie Mae, Series 2013-70, Class CY, 3.500%, 7/25/43		759,871
	583,702	Fannie Mae, Series 2014-39, Class VP, 3.000%, 8/25/27		576,523
	127,980	Fannie Mae, Series 2017-64, Class PD, 2.500%, 7/25/47		110,426
	223,111	Freddie Mac, Series 3632, Class PK, 5.000%, 2/15/40		223,418
	730,000	Freddie Mac, Series 3762, Class LN, 4.000%, 11/15/40		679,052
	257,532	Freddie Mac, Series 4077, Class PJ, 3.500%, 11/15/40		252,083
	1,410,208	Freddie Mac, Series 4100, Class PA, 3.000%, 1/15/42		1,323,030
	6,956,976	Freddie Mac, Series 4112, Class PB, 4.000%, 9/15/42		6,449,147
	507,000	Freddie Mac, Series 4120, Class YK, 2.000%, 10/15/32		410,191
	437,186	Freddie Mac, Series 4136, Class HZ, 3.500%, 11/15/27		420,483
	324,000	Freddie Mac, Series 4160, Class HH, 2.500%, 12/15/32		293,145
	316,286	Freddie Mac, Series 4328, Class KD, 3.000%, 8/15/43		298,609
	1,369,985	Freddie Mac, Series 4427, Class KA, 2.250%, 7/15/44		1,260,461
	1,002,712	Freddie Mac, Series 4654, Class KA, 3.000%, 6/15/45		941,461
	168,204	Freddie Mac, Series 4710, Class GA, 3.000%, 3/15/44		164,624
	10,087,051	Freddie Mac, Series 5300, Class AB, 5.500%, 1/25/49		9,949,420
	125,819	Ginnie Mae, Series 2008-51, Class PG, 5.000%, 6/20/38		125,644
	2,712,381	Ginnie Mae, Series 2014-2, Class AG, 2.276%, 3/20/40(d)		2,342,004
	8,934,503	Ginnie Mae, Series 2023-132, Class DV, 6.000%, 7/20/34		9,145,556

See accompanying Notes to the Financial Statements.

42 

Sterling Capital Total Return Bond Fund

Schedule of Portfolio Investments — (continued)

March 31, 2024 (Unaudited)

Principal Amount			Fair Value
COLLATERALIZED MORTGAGE OBLIGATIONS — (continued)
$	11,510,439	Ginnie Mae, Series 2023-154, Class GA, 6.000%, 4/20/50	$	11,711,556
		Total Collateralized Mortgage Obligations
		(Cost $49,840,626)		49,197,764
COMMERCIAL MORTGAGE-BACKED SECURITIES — 9.5%
	1,165,000	BANK5, Series 2023-5YR3, Class AS, 7.315%, 9/15/56(d)		1,247,775
	2,940,000	BBCMS Mortgage Trust, Series 2024-5C25, Class A3, 5.946%, 3/15/57		3,048,654
	2,002,000	BBCMS Mortgage Trust, Series 2024-5C25, Class AS, 6.358%, 3/15/57(d)		2,078,255
	3,127,000	Benchmark Mortgage Trust, Series 2023-V2, Class AS, 6.537%, 5/15/55(d)		3,234,177
	8,434,000	Benchmark Mortgage Trust, Series 2024-V5, Class A3, 5.805%, 1/10/57		8,689,390
	1,396,000	Benchmark Mortgage Trust, Series 2024-V6, Class A3, 5.926%, 3/15/29		1,445,569
	5,293,000	Benchmark Mortgage Trust, Series 2024-V6, Class AS, 6.384%, 3/15/29		5,476,496
	3,365,542	BX Commercial Mortgage Trust, Series 2021-ACNT, Class C, 6.939%, (TSFR1M plus 1.61%), 11/15/38(a)(b)		3,340,300
	2,972,000	BX Commercial Mortgage Trust, Series 2021-CIP, Class B, 6.710%, (TSFR1M plus 1.39%), 12/15/38(a)(b)		2,934,850
	3,106,909	BX Trust, Series 2021-RISE, Class C, 6.889%, (TSFR1M plus 1.56%), 11/15/36(a)(b)		3,073,899
	4,314,000	CD Mortgage Trust, Series 2016-CD2, Class A4, 3.526%, 11/10/49(d)		4,021,283
	530,000	CD Mortgage Trust, Series 2017-CD3, Class A4, 3.631%, 2/10/50		489,597
	3,447,000	CFCRE Commercial Mortgage Trust, Series 2016-C7, Class A3, 3.839%, 12/10/54		3,282,356
	1,337,000	Citigroup Commercial Mortgage Trust, Series 2017-P7, Class A4, 3.712%, 4/14/50		1,255,506
	297,094	COMM Mortgage Trust, Series 2014-CR16, Class A4, 4.051%, 4/10/47		296,444
	1,643,000	COMM Mortgage Trust, Series 2014-CR20, Class A4, 3.590%, 11/10/47		1,620,524
	1,070,000	COMM Mortgage Trust, Series 2014-UBS4, Class A5, 3.694%, 8/10/47		1,058,140
	7,241,000	COMM Mortgage Trust, Series 2017-COR2, Class A3, 3.510%, 9/10/50		6,768,372
	1,337,000	CSAIL Commercial Mortgage Trust, Series 2015-C4, Class A4, 3.808%, 11/15/48		1,298,635
	3,080,414	ELP Commercial Mortgage Trust, Series 2021-ELP, Class C, 6.760%, (TSFR1M plus 1.43%), 11/15/38(a)(b)		3,047,685

Principal Amount			Fair Value
COMMERCIAL MORTGAGE-BACKED SECURITIES — (continued)
$	2,912,749	Fannie Mae-Aces, Series 2017-M8, Class A2, 3.061%, 5/25/27(d)	$	2,777,728
	1,848,616	Fannie Mae-Aces, Series 2019-M9, Class A2, 2.937%, 6/25/29		1,712,347
	3,386,000	Freddie Mac Multifamily Structured Pass Through Certificates, Series K153, Class A3, 3.117%, 10/25/31(d)		3,024,357
	8,536,000	Freddie Mac Multifamily Structured Pass Through Certificates, Series K155, Class A3, 3.750%, 4/25/33		7,918,513
	4,532,890	FRESB Mortgage Trust, Series 2018-SB52, Class A10F, 3.463%, 6/25/28(d)		4,299,189
	189,742	GS Mortgage Securities Trust, Series 2010-C1, Class B, 5.148%, 8/10/43(a)		189,005
	2,249,000	GS Mortgage Securities Trust, Series 2014-GC24, Class A5, 3.931%, 9/10/47		2,226,431
	2,209,000	GS Mortgage Securities Trust, Series 2016-GS4, Class A4, 3.442%, 11/10/49(d)		2,094,918
	1,720,023	JP Morgan Chase Commercial Mortgage Securities Trust, Series 2011-C3, Class B, 5.013%, 2/15/46(a)(d)		1,623,193
	1,517,000	JP Morgan Chase Commercial Mortgage Securities Trust, Series 2016-JP4, Class A4, 3.648%, 12/15/49(d)		1,431,682
	3,742,000	JPMCC Commercial Mortgage Securities Trust, Series 2017-JP5, Class A5, 3.723%, 3/15/50		3,557,524
	3,343,454	Med Trust, Series 2021-MDLN, Class C, 7.239%, (TSFR1M plus 1.91%), 11/15/38(a)(b)		3,332,957
	589,000	Morgan Stanley Bank of America Merrill Lynch Trust, Series 2014-C18, Class A4, 3.923%, 10/15/47		581,722
	5,198,000	Morgan Stanley Bank of America Merrill Lynch Trust, Series 2016-C32, Class A4, 3.720%, 12/15/49		4,978,873
	2,562,000	Morgan Stanley Capital I Trust, Series 2016-BNK2, Class A4, 3.049%, 11/15/49		2,377,621
	9,850,000	Morgan Stanley Capital I Trust, Series 2018-H3, Class A5, 4.177%, 7/15/51		9,441,159
	8,910,000	Morgan Stanley Capital I, Inc., Series 2017-HR2, Class A4, 3.587%, 12/15/50		8,377,122
	4,892,222	OPG Trust, Series 2021-PORT, Class C, 6.272%, (TSFR1M plus 0.95%), 10/15/36(a)(b)		4,803,551
	2,631,955	SMR Mortgage Trust, Series 2022-IND, Class A, 6.975%, (TSFR1M plus 1.65%), 2/15/39(a)(b)		2,561,579
	2,812,000	Wells Fargo Commercial Mortgage Trust, Series 2015-P2, Class A4, 3.809%, 12/15/48		2,724,368

Continued

43 

Sterling Capital Total Return Bond Fund

Schedule of Portfolio Investments — (continued)

March 31, 2024 (Unaudited)

Principal Amount			Fair Value
COMMERCIAL MORTGAGE-BACKED SECURITIES — (continued)
$	723,000	Wells Fargo Commercial Mortgage Trust, Series 2016-C37, Class A5, 3.794%, 12/15/49	$	694,984
	8,591,000	Wells Fargo Commercial Mortgage Trust, Series 2017-C40, Class A4, 3.581%, 10/15/50		8,125,919
	899,000	WFRBS Commercial Mortgage Trust, Series 2014-C23, Class A5, 3.917%, 10/15/57		884,040
		Total Commercial Mortgage-Backed Securities
		(Cost $144,950,338)		137,446,689
CORPORATE BONDS — 29.0%
		Aerospace & Defense — 0.8%
	2,729,000	BAE Systems PLC, 5.300%, 3/26/34(a)		2,744,065
	5,745,000	Boeing Co. (The), 5.705%, 5/1/40		5,505,472
	2,113,000	Lockheed Martin Corp., 4.450%, 5/15/28		2,093,653
	1,658,000	RTX Corp., 6.400%, 3/15/54		1,880,795
				12,223,985
		Automobiles — 1.0%
	3,495,000	Daimler Truck Finance North America, LLC, 2.000%, 12/14/26(a)		3,214,169
	3,831,000	Ford Motor Co., 6.100%, 8/19/32		3,888,334
	3,213,000	General Motors Financial Co., Inc., 5.850%, 4/6/30		3,278,834
	3,388,000	Mercedes-Benz Finance North America, LLC, 5.050%, 8/3/33(a)		3,401,719
				13,783,056
		Banks — 4.6%
	4,121,000	Bank of America Corp., 3.419%, (TSFR3M plus 1.30%), 12/20/28(e)		3,863,678
	4,748,000	Bank of America Corp., 5.288%, (SOFR plus 1.91%), 4/25/34(e)		4,734,033
	3,241,000	BPCE SA, 2.375%, 1/14/25(a)		3,155,608
	2,716,000	Citizens Financial Group, Inc., 5.841%, (SOFR plus 2.01%), 1/23/30(e)		2,710,819
	1,867,000	Comerica, Inc., 5.982%, (SOFR plus 2.16%), 1/30/30(e)		1,844,437
	2,864,000	Fifth Third Bancorp, 4.055%, (SOFR plus 1.36%), 4/25/28(e)		2,735,003
	1,210,000	Fifth Third Bancorp, 4.337%, (SOFR plus 1.66%), 4/25/33(e)		1,104,926
	4,266,000	First Citizens BancShares, Inc., 3.375%, (TSFR3M plus 2.47%), 3/15/30(e)		4,080,299
	2,260,000	Huntington Bancshares, Inc., 6.208%, (SOFR plus 2.02%), 8/21/29(e)		2,312,358
	2,740,000	JPMorgan Chase & Co., 5.012%, (SOFR plus 1.31%), 1/23/30(e)		2,729,668
	2,335,000	KeyCorp, MTN, 2.550%, 10/1/29		1,974,903
	3,730,000	Lloyds Banking Group PLC, 4.582%, 12/10/25		3,656,040

Principal Amount			Fair Value
CORPORATE BONDS — (continued)
		Banks — (continued)
$	3,659,000	Macquarie Group, Ltd., 1.340%, (SOFR plus 1.07%), 1/12/27(a)(e)	$	3,394,433
	3,357,000	Morgan Stanley, MTN, 5.250%, (SOFR plus 1.87%), 4/21/34(e)		3,331,677
	3,419,000	PNC Financial Services Group, Inc. (The), 5.068%, (SOFR plus 1.93%), 1/24/34(e)		3,313,700
	4,192,000	Sumitomo Mitsui Financial Group, Inc., 2.130%, 7/8/30		3,513,720
	4,064,000	Toronto-Dominion Bank (The), 3.625%, (5 yr. Swap Semi 30/360 USD plus 2.21%), 9/15/31(d)		3,888,324
	1,760,000	U.S. Bancorp, 5.850%, (SOFR plus 2.09%), 10/21/33(e)		1,796,035
	2,534,000	Visa, Inc., 2.700%, 4/15/40		1,902,347
	4,684,000	Wells Fargo & Co., 3.068%, (SOFR plus 2.53%), 4/30/41(e)		3,507,503
	2,510,000	Wells Fargo & Co., 5.389%, (SOFR plus 2.02%), 4/24/34(e)		2,493,622
	2,893,000	Wells Fargo & Co., MTN, 4.808%, (SOFR plus 1.98%), 7/25/28(e)		2,852,517
	2,552,000	Westpac Banking Corp., GMTN, 4.322%, (USISOA05 plus 2.24%), 11/23/31(d)		2,463,748
				67,359,398
		Beverages — 0.3%
	1,879,000	Anheuser-Busch InBev Worldwide, Inc., 5.800%, 1/23/59		2,016,138
	2,641,000	Bacardi, Ltd./Bacardi-Martini BV, 5.400%, 6/15/33(a)		2,619,841
				4,635,979
		Building Products — 0.1%
	641,000	Carrier Global Corp., 6.200%, 3/15/54		707,940
		Commercial Services & Supplies — 0.2%
	3,585,000	Waste Connections, Inc., 2.950%, 1/15/52		2,398,125
		Construction Materials — 0.1%
	2,321,000	Vulcan Materials Co., 4.500%, 6/15/47		2,019,811
		Consumer Discretionary Distribution & Retail — 0.3%
	3,517,000	Amazon.com, Inc., 2.700%, 6/3/60(c)		2,183,812
	2,436,000	Meta Platforms, Inc., 4.600%, 5/15/28		2,436,139
				4,619,951
		Consumer Staples Distribution & Retail — 0.4%
	2,787,000	General Mills, Inc., 4.950%, 3/29/33		2,758,548
	3,820,000	Kraft Heinz Foods Co., 4.875%, 10/1/49		3,463,289
				6,221,837
		Diversified Consumer Services — 0.3%
	2,317,000	Duke University, 3.299%, 10/1/46		1,808,735
	3,898,000	Lehigh University, 3.479%, 11/15/46		2,917,005
				4,725,740

Continued

44 

Sterling Capital Total Return Bond Fund

Schedule of Portfolio Investments — (continued)

March 31, 2024 (Unaudited)

Principal Amount			Fair Value
CORPORATE BONDS — (continued)
		Diversified REITs — 0.5%
$	3,279,000	American Tower Trust, 3.652%, 3/23/28(a)(c)	$	3,108,446
	2,764,000	LXP Industrial Trust, 2.700%, 9/15/30		2,309,228
	2,223,000	VICI Properties L.P., 5.750%, 4/1/34(f)		2,203,520
				7,621,194
		Diversified Telecommunication Services — 0.4%
	38,750	Sprint Spectrum Co., LLC/Sprint Spectrum Co. II, LLC/Sprint Spectrum Co. III, LLC, 4.738%, 3/20/25(a)		38,541
	3,311,000	T-Mobile USA, Inc., 6.000%, 6/15/54		3,544,505
	2,700,000	Warnermedia Holdings, Inc., 4.279%, 3/15/32		2,411,937
				5,994,983
		Electric Utilities — 1.8%
	2,658,000	CenterPoint Energy Houston Electric, LLC, 5.150%, 3/1/34		2,679,310
	1,558,000	Consolidated Edison Co. of New York, Inc., 5.900%, 11/15/53		1,663,305
	2,683,000	DTE Electric Co., 5.200%, 4/1/33		2,720,665
	2,077,000	Duke Energy Florida, LLC, 6.200%, 11/15/53		2,287,148
	4,927,000	Duke Energy Progress, LLC, 3.600%, 9/15/47		3,680,609
	2,688,000	Georgia Power Co., 4.950%, 5/17/33		2,652,991
	4,336,000	Indiana Michigan Power Co., Series K, 4.550%, 3/15/46		3,695,774
	4,682,000	NextEra Energy Capital Holdings, Inc., 2.440%, 1/15/32		3,872,672
	2,636,000	Southern California Edison Co., 5.950%, 11/1/32		2,766,626
				26,019,100
		Energy Equipment & Services — 1.4%
	3,568,000	Aker BP ASA, 3.750%, 1/15/30(a)		3,262,273
	2,108,000	Cheniere Corpus Christi Holdings, LLC, 3.700%, 11/15/29		1,961,755
	2,167,000	Cheniere Energy, Inc., 4.625%, 10/15/28		2,097,853
	1,648,000	Cheniere Energy, Inc., 5.650%, 4/15/34(a)		1,659,444
	1,936,000	Energy Transfer L.P., 6.550%, 12/1/33		2,075,158
	2,449,000	Enterprise Products Operating, LLC, 5.950%, 2/1/41		2,593,213
	1,537,000	Hess Corp., 7.875%, 10/1/29(c)		1,737,929
	2,318,000	ONEOK, Inc., 7.150%, 1/15/51		2,612,954
	2,396,000	Sempra Global, 3.250%, 1/15/32(a)		1,978,982
				19,979,561
		Equity Real Estate Investment Trusts (REITS) — 0.3%
	1,911,000	Brixmor Operating Partnership L.P., 4.125%, 5/15/29		1,801,706
	2,961,000	Store Capital, LLC, 2.750%, 11/18/30		2,380,748
				4,182,454

Principal Amount			Fair Value
CORPORATE BONDS — (continued)
		Financial Services — 3.4%
$	3,650,000	AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 6.150%, 9/30/30	$	3,790,855
	1,306,000	Apollo Debt Solutions BDC, 6.900%, 4/13/29(a)		1,319,373
	1,893,000	Ares Management Corp., 6.375%, 11/10/28		1,985,928
	3,445,000	Avolon Holdings Funding, Ltd., 5.750%, 3/1/29(a)		3,428,042
	2,360,000	Barings BDC, Inc., 3.300%, 11/23/26		2,158,526
	3,509,000	BlackRock, Inc., 1.900%, 1/28/31(c)		2,921,473
	2,125,000	Blue Owl Capital Corp., 3.400%, 7/15/26		2,002,442
	3,890,000	Blue Owl Finance, LLC, 4.125%, 10/7/51(a)		2,663,500
	3,217,000	Charles Schwab Corp. (The), 5.643%, (SOFR plus 2.21%), 5/19/29(e)		3,264,768
	3,464,000	Citigroup, Inc., 3.057%, (SOFR plus 1.35%), 1/25/33(e)		2,941,976
	1,977,000	Citigroup, Inc., 6.174%, (SOFR plus 2.66%), 5/25/34(e)		2,005,385
	1,805,000	Jefferies Financial Group, Inc., 4.150%, 1/23/30		1,691,491
	4,496,000	JPMorgan Chase & Co., 4.912%, (SOFR plus 2.08%), 7/25/33(e)		4,402,553
	2,730,000	LPL Holdings, Inc., 6.750%, 11/17/28		2,860,482
	1,823,000	Mitsubishi UFJ Financial Group, Inc., 5.422%, (1-Year Treasury Constant Maturity plus 1.38%), 2/22/29(d)		1,843,090
	4,031,000	Morgan Stanley, 3.591%, 7/22/28(d)		3,830,392
	2,684,000	S&P Global, Inc., 5.250%, 9/15/33(a)		2,743,995
	3,484,000	UBS Group AG, 4.988%, (1-Year Treasury Constant Maturity plus 2.40%), 8/5/33(a)(d)		3,356,556
				49,210,827
		Gas Utilities — 0.9%
	2,971,000	Entergy Louisiana, LLC, 2.350%, 6/15/32		2,422,368
	2,640,000	Entergy Louisiana, LLC, 5.700%, 3/15/54		2,687,564
	2,758,000	National Grid PLC, 5.809%, 6/12/33		2,818,809
	5,830,000	Sempra, 3.800%, 2/1/38		4,851,706
				12,780,447
		Ground Transportation — 0.4%
	3,094,000	Burlington Northern Santa Fe, LLC, 4.950%, 9/15/41		2,974,859
	4,184,000	Canadian Pacific Railway Co., 4.200%, 11/15/69		3,314,197
				6,289,056
		Health Care Equipment & Services — 0.4%
	2,271,000	GE HealthCare Technologies, Inc., 5.857%, 3/15/30		2,365,100
	2,671,000	HCA, Inc., 5.500%, 6/1/33		2,683,630
				5,048,730
		Health Care Providers & Services — 1.3%
	1,666,000	AbbVie, Inc., 5.050%, 3/15/34		1,686,083
	2,569,000	Amgen, Inc., 5.250%, 3/2/30		2,609,095

Continued

45 

Sterling Capital Total Return Bond Fund

Schedule of Portfolio Investments — (continued)

March 31, 2024 (Unaudited)

Principal Amount			Fair Value
CORPORATE BONDS — (continued)
		Health Care Providers & Services — (continued)
$	4,990,000	Bristol-Myers Squibb Co., 2.550%, 11/13/50	$	3,081,837
	2,801,000	CSL Finance PLC, 4.250%, 4/27/32(a)		2,665,907
	3,974,000	CVS Health Corp., 2.700%, 8/21/40		2,763,569
	2,031,000	Elevance Health, Inc., 3.600%, 3/15/51(c)		1,524,310
	1,446,000	IQVIA, Inc., 6.250%, 2/1/29		1,502,381
	2,931,000	Pfizer Investment Enterprises Pte, Ltd., 4.750%, 5/19/33		2,886,603
				18,719,785
		Household Products — 0.2%
	2,695,000	Kenvue, Inc., 5.000%, 3/22/30		2,723,170
		Industrial — 0.1%
	1,361,000	L.P. Industrial Trust, 6.750%, 11/15/28		1,419,698
		Industrial REITs — 0.1%
	1,572,000	Prologis Targeted U.S. Logistics Fund L.P., 5.500%, 4/1/34(a)		1,581,065
		Insurance — 2.8%
	2,120,000	Aon North America, Inc., 5.750%, 3/1/54		2,171,107
	6,075,000	Athene Holding, Ltd., 5.875%, 1/15/34		6,091,911
	2,214,000	AXIS Specialty Finance, LLC, 3.900%, 7/15/29		2,101,302
	2,113,000	CNA Financial Corp., 5.125%, 2/15/34		2,056,172
	3,016,000	Corebridge Financial, Inc., 3.900%, 4/5/32		2,715,197
	2,662,000	Enstar Group, Ltd., 3.100%, 9/1/31		2,213,762
	2,141,000	F&G Annuities & Life, Inc., 7.400%, 1/13/28		2,224,250
	2,147,000	GA Global Funding Trust, 1.625%, 1/15/26(a)		2,157,374
	1,973,000	Global Atlantic Fin Co., 6.750%, 3/15/54(a)		2,026,870
	2,074,000	KKR Group Finance Co. III, LLC, 5.125%, 6/1/44(a)		1,916,766
	4,064,000	Meiji Yasuda Life Insurance Co., 5.200%, (5 yr. Swap Semi 30/360 USD plus 4.23%), 10/20/45(a)(d)		4,013,210
	2,249,000	Prudential Financial, Inc., 3.935%, 12/7/49		1,779,422
	2,535,000	RGA Global Funding, 5.500%, 1/11/31(a)		2,544,297
	1,793,000	Sammons Financial Group, Inc., 3.350%, 4/16/31(a)		1,465,124
	1,722,000	SBL Holdings, Inc., 5.000%, 2/18/31(a)		1,455,541
	2,480,000	Transatlantic Holdings, Inc., 8.000%, 11/30/39		3,173,200
				40,105,505
		Media — 0.7%
	2,263,000	Charter Communications Operating, LLC/Charter Communications Operating Capital, 4.400%, 4/1/33		2,007,974
	2,549,000	Discovery Communications, LLC, 5.200%, 9/20/47		2,137,216
	1,733,000	FactSet Research Systems, Inc., 2.900%, 3/1/27		1,629,731

Principal Amount			Fair Value
CORPORATE BONDS — (continued)
		Media — (continued)
$	2,441,000	FactSet Research Systems, Inc., 3.450%, 3/1/32	$	2,156,202
	2,132,000	Time Warner Cable, LLC, 6.550%, 5/1/37		2,018,212
				9,949,335
		Metal & Glass Containers — 0.2%
	2,617,000	Smurfit Kappa Treasury ULC, 5.438%, 4/3/34(a)		2,620,570
		Multi-Utilities — 0.7%
	3,070,000	CMS Energy Corp., 4.700%, 3/31/43		2,711,070
	2,933,000	Newmont Corp., 2.250%, 10/1/30		2,497,491
	2,108,000	Newmont Corp./Newcrest Finance Pty, Ltd., 5.350%, 3/15/34(a)		2,120,843
	3,916,000	Puget Sound Energy, Inc., 4.223%, 6/15/48		3,216,902
				10,546,306
		Office — 0.2%
	2,374,000	Alexandria Real Estate Equities, Inc., 5.625%, 5/15/54		2,332,370
		Oil, Gas & Consumable Fuels — 0.9%
	2,164,000	BP Capital Markets America, Inc., 4.989%, 4/10/34		2,162,657
	1,917,000	EQT Corp., 7.000%, 2/1/30		2,035,264
	2,018,000	Halliburton Co., 4.850%, 11/15/35		1,962,830
	2,605,000	Ovintiv, Inc., 6.250%, 7/15/33		2,707,223
	2,748,000	Pioneer Natural Resources Co., 1.900%, 8/15/30		2,308,881
	2,368,000	Schlumberger Investment SA, 2.650%, 6/26/30		2,097,428
				13,274,283
		Pharmaceuticals — 0.1%
	2,275,000	SC Johnson & Son, Inc., 4.750%, 10/15/46(a)		2,029,322
		Residential REITs — 0.4%
	2,374,000	American Homes 4 Rent L.P., 5.500%, 2/1/34		2,366,034
	1,870,000	Invitation Homes Operating Partnership L.P., 4.150%, 4/15/32		1,712,279
	2,254,000	Tanger Properties L.P., 2.750%, 9/1/31		1,847,228
				5,925,541
		Retail REITs — 0.3%
	1,670,000	Kimco Realty OP, LLC, 6.400%, 3/1/34		1,787,478
	2,480,000	Retail Opportunity Investments Partnership L.P., 6.750%, 10/15/28		2,569,484
				4,356,962
		Semiconductors & Semiconductor Equipment — 1.1%
	3,093,000	Broadcom, Inc., 4.926%, 5/15/37(a)		2,941,335
	3,030,000	Lam Research Corp., 2.875%, 6/15/50		2,071,209
	2,980,000	Marvell Technology, Inc., 2.950%, 4/15/31		2,572,415
	1,527,000	Marvell Technology, Inc., 5.950%, 9/15/33		1,584,597

Continued

46 

Sterling Capital Total Return Bond Fund

Schedule of Portfolio Investments — (continued)

March 31, 2024 (Unaudited)

Principal Amount			Fair Value
CORPORATE BONDS — (continued)
		Semiconductors & Semiconductor Equipment — (continued)
$	1,515,000	Microchip Technology, Inc., 5.050%, 3/15/29	$	1,515,024
	2,613,000	NVIDIA Corp., 2.850%, 4/1/30		2,373,012
	3,460,000	NXP BV / NXP Funding, LLC/NXP USA, Inc., 5.000%, 1/15/33		3,384,901
				16,442,493
		Software — 0.6%
	2,028,000	Concentrix Corp., 6.850%, 8/2/33		2,015,993
	4,638,000	Oracle Corp., 4.900%, 2/6/33		4,546,897
	2,653,000	Take-Two Interactive Software, Inc., 5.000%, 3/28/26		2,640,134
				9,203,024
		Specialty Retail — 0.3%
	2,288,000	ERAC USA Finance, LLC, 4.200%, 11/1/46(a)		1,928,979
	2,355,000	Lowe's Cos., Inc., 5.150%, 7/1/33		2,373,675
				4,302,654
		Technology Hardware, Storage & Peripherals — 0.3%
	2,145,000	Gartner, Inc., 4.500%, 7/1/28(a)		2,043,500
	2,684,000	L3Harris Technologies, Inc., 5.400%, 7/31/33		2,700,451
				4,743,951
		Telecommunication Services — 0.5%
	3,783,000	AT&T, Inc., 3.550%, 9/15/55(c)		2,648,315
	2,900,000	AT&T, Inc., 3.850%, 6/1/60(c)		2,100,819
	2,611,000	Sprint Capital Corp., 8.750%, 3/15/32		3,161,235
				7,910,369
		Thrifts & Mortgage Finance — 0.2%
	2,094,000	Radian Group, Inc., 6.200%, 5/15/29		2,126,683
		Tobacco — 0.4%
	1,823,000	BAT Capital Corp., 6.421%, 8/2/33		1,911,167
	3,343,000	Philip Morris International, Inc., 5.625%, 9/7/33		3,422,888
				5,334,055
		Total Corporate Bonds
		(Cost $434,474,952)		421,469,315
MORTGAGE-BACKED SECURITIES — 27.4%
		Fannie Mae — 15.6%
	4,428	5.000%, 9/1/25, Pool #255892		4,391
	895,515	4.000%, 12/1/33, Pool #MA1689		866,981
	530,448	4.000%, 6/1/34, Pool #MA1922		512,237
	515,852	4.000%, 3/1/35, Pool #MA2211		497,273
	215,894	5.500%, 8/1/37, Pool #995082		220,527
	2,354,721	3.500%, 8/1/38, Pool #FM2472		2,212,081
	84,050	4.500%, 10/1/39, Pool #AC2645		82,026
	89,849	5.000%, 6/1/40, Pool #AD4927		89,730

Principal Amount			Fair Value
MORTGAGE-BACKED SECURITIES — (continued)
		Fannie Mae — (continued)
$	88,965	5.000%, 6/1/40, Pool #AD8718	$	88,838
	5,542,137	4.000%, 8/1/40, Pool #FM4673		5,342,717
	11,553,109	1.500%, 12/1/40, Pool #MA4202		9,448,205
	179,259	4.500%, 12/1/40, Pool #AH1100		175,963
	112,179	4.500%, 3/1/41, Pool #AB2467		110,115
	185,945	4.500%, 5/1/41, Pool #AI1023		181,464
	138,889	4.500%, 11/1/41, Pool #AJ4994		136,334
	164,056	4.500%, 12/1/41, Pool #AJ7696		161,039
	403,658	3.500%, 6/1/42, Pool #AB5373		371,647
	717,313	3.500%, 5/1/43, Pool #AL3605		653,401
	366,948	3.500%, 5/1/43, Pool #AB9368		337,332
	8,597,136	3.000%, 8/1/43, Pool #AL9500		7,684,481
	946,794	3.500%, 8/1/43, Pool #AU0613		871,489
	215,465	4.500%, 11/1/44, Pool #MA2100		210,433
	560,645	4.500%, 1/1/45, Pool #MA2158		547,554
	686,190	4.000%, 3/1/45, Pool #MA2217(c)		650,689
	623,899	4.000%, 6/1/46, Pool #MA2653		591,451
	562,073	4.500%, 7/1/46, Pool #AS7568		548,488
	769,431	4.000%, 11/1/46, Pool #MA2808		729,096
	1,043,747	4.000%, 5/1/47, Pool #BE9598		986,015
	1,215,902	4.000%, 8/1/47, Pool #BH5117		1,150,530
	3,133,580	4.000%, 4/1/48, Pool #BM3900		2,958,818
	1,175,825	5.000%, 8/1/48, Pool #CA2219		1,167,185
	2,960,036	3.000%, 11/1/48, Pool #BM5822		2,606,811
	10,103,910	4.500%, 11/1/48, Pool #BM7046		9,867,894
	3,778,369	3.500%, 10/1/49, Pool #CA4431		3,437,190
	10,335,242	3.000%, 3/1/50, Pool #FM2870		9,077,883
	6,006,667	3.000%, 3/1/50, Pool #FM2714		5,231,209
	6,847,081	2.000%, 7/1/50, Pool #CA6301		5,492,981
	8,567,044	2.500%, 9/1/50, Pool #BQ0538		7,146,515
	3,572,682	3.000%, 10/1/50, Pool #CA7381		3,108,105
	4,375,069	3.000%, 11/1/51, Pool #CB2170		3,775,010
	14,524,898	3.500%, 4/1/52, Pool #FS1475		13,189,447
	11,344,743	3.500%, 4/1/52, Pool #FS1185		10,179,643
	1,836,877	4.000%, 5/1/52, Pool #FS1790		1,705,650
	8,924,455	4.500%, 6/1/52, Pool #FS2157		8,588,121
	6,587,771	4.500%, 11/1/52, Pool #FS3809		6,282,017
	6,709,152	5.000%, 11/1/52, Pool #CB5278		6,569,665
	7,386,686	5.500%, 3/1/53, Pool #FS3925		7,414,803
	7,602,220	4.500%, 5/1/53, Pool #CB6304		7,249,356
	16,729,711	5.000%, 5/1/53, Pool #FS4929		16,621,156
	9,282,175	5.500%, 5/1/53, Pool #FS4571		9,270,442
	10,039,170	6.000%, 6/1/53, Pool #FS6616		10,171,768
	12,967,623	5.500%, 7/1/53, Pool #FS5589		12,986,623
	6,831,824	6.000%, 7/1/53, Pool #FS5233		6,926,607
	20,234,435	6.000%, 9/1/53, Pool #CB7124		20,716,677
				227,204,103
		Freddie Mac — 11.4%
	5,699	5.000%, 7/1/25, Pool #ZA1892		5,634
	53,609	2.500%, 1/1/28, Pool #ZK4918		51,404
	191,630	3.500%, 7/1/30, Pool #ZS8575		185,173
	29,268	5.000%, 3/1/36, Pool #ZS4230		29,445
	890,563	4.000%, 4/1/36, Pool #ZA2413		859,261
	1,140,149	3.500%, 6/1/36, Pool #ZA2414(c)		1,076,792

Continued

47 

Sterling Capital Total Return Bond Fund

Schedule of Portfolio Investments — (continued)

March 31, 2024 (Unaudited)

Principal Amount			Fair Value
MORTGAGE-BACKED SECURITIES — (continued)
		Freddie Mac — (continued)
$	8,063	5.000%, 7/1/36, Pool #ZS1139	$	8,112
	674,781	3.500%, 8/1/36, Pool #ZA2425		634,879
	86,448	6.500%, 9/1/36, Pool #ZS4257		89,794
	1,691,283	3.500%, 11/1/36, Pool #ZA2439		1,594,078
	35,997	5.000%, 2/1/37, Pool #ZI5759		36,215
	1,297,598	4.000%, 5/1/37, Pool #ZA2461		1,246,883
	31,640	4.500%, 10/1/39, Pool #ZI9349		30,878
	4,371,988	3.000%, 5/1/40, Pool #RB5049		3,950,779
	96,991	5.000%, 6/1/40, Pool #ZA1049		96,863
	235,476	5.000%, 7/1/40, Pool #ZJ0194		235,067
	27,901	5.000%, 9/1/40, Pool #ZA1066		27,847
	5,881,953	2.000%, 12/1/40, Pool #RB5090		4,978,483
	359,333	4.000%, 12/1/42, Pool #ZS3671		339,023
	270,333	3.500%, 5/1/43, Pool #ZL5915		248,438
	149,059	4.000%, 5/1/44, Pool #ZA4468		141,363
	71,782	4.000%, 7/1/44, Pool #ZS4573		68,078
	130,018	4.000%, 9/1/44, Pool #ZL8439		123,019
	1,574,589	3.500%, 1/1/45, Pool #ZL8964		1,443,462
	1,426,675	3.500%, 5/1/46, Pool #ZS4663		1,302,239
	397,929	4.000%, 8/1/46, Pool #ZS4673		377,101
	978,947	3.500%, 9/1/46, Pool #ZS4678		897,192
	2,150,911	3.500%, 9/1/47, Pool #ZM4305		1,959,223
	599,911	3.500%, 1/1/48, Pool #ZM5375		547,574
	528,768	4.000%, 2/1/48, Pool #ZT1639		500,447
	493,142	4.000%, 6/1/48, Pool #ZT0541		466,408
	5,706,442	2.500%, 11/1/49, Pool #QA4396		4,766,107
	2,495,436	3.000%, 11/1/49, Pool #QA4336		2,189,080
	2,223,840	3.500%, 6/1/50, Pool #RA2794		2,020,587
	9,067,822	2.500%, 7/1/50, Pool #RA2970		7,555,537
	225,686	3.000%, 1/1/51, Pool #SD8123		195,253
	1,261,371	3.000%, 12/1/51, Pool #SD8184		1,087,898
	5,053,461	3.500%, 4/1/52, Pool #RA7191		4,542,787
	9,749,145	4.000%, 5/1/52, Pool #RA7306		9,093,321
	10,585,807	4.000%, 8/1/52, Pool #SD3617		9,957,267
	9,637,736	4.500%, 8/1/52, Pool #SD1515		9,190,413
	9,742,236	5.000%, 9/1/52, Pool #RA7936		9,532,000
	9,004,107	5.000%, 10/1/52, Pool #SD1710		8,825,250
	9,209,280	5.500%, 2/1/53, Pool #QF8052		9,191,960
	11,760,478	4.000%, 3/1/53, Pool #SD3107		10,967,278
	3,100,702	5.000%, 3/1/53, Pool #SD2390		3,043,219
	16,421,925	5.500%, 3/1/53, Pool #SD2774		16,401,107
	5,792,234	6.000%, 5/1/53, Pool #SD3072		5,865,483
	10,105,453	5.000%, 8/1/53, Pool #SD3814		9,877,786
	3,774,096	6.000%, 8/1/53, Pool #SD3636		3,826,229
	1,712,668	5.000%, 9/1/53, Pool #SD4220		1,676,530
	11,883,280	6.000%, 10/1/53, Pool #SD4222		12,047,978
				165,404,224
		Ginnie Mae — 0.4%
	48,109	5.000%, 2/15/40, Pool #737037		48,298
	6,295,420	4.000%, 7/20/52, Pool #786280		5,911,094
				5,959,392
		Total Mortgage-Backed Securities
		(Cost $420,171,146)		398,567,719

Principal Amount			Fair Value
MUNICIPAL BONDS — 2.8%
		Alabama — 0.2%
$	2,675,000	Alabama Economic Settlement Authority, Economic Imports, Taxable BP - Settlement Revenue, Series B, 4.263%, 9/15/32(c)	$	2,577,122
		California — 0.5%
	2,370,000	San Diego County Water Authority, Taxable Green Bonds, Advance Refunding Revenue Bonds, Series A, 1.531%, 5/1/30		1,994,758
	1,145,000	State of California, Build America Bonds, School Improvements G.O., 7.625%, 3/1/40(c)		1,396,533
	4,500,000	State of California, Water Utility Improvements, Taxable Revenue G.O., 5.700%, 10/1/32		4,804,245
				8,195,536
		Florida — 0.2%
	1,905,000	Central Florida Tourism Oversight District, Advance Refunding, Taxable Revenue Bonds, G.O., Series A, 2.147%, 6/1/29		1,695,374
	1,810,000	Central Florida Tourism Oversight District, Advance Refunding, Taxable Revenue Bonds, G.O., Series A, 2.197%, 6/1/30		1,577,451
				3,272,825
		Illinois — 0.4%
	7,155,000	Sales Tax Securitization Corp., Second Lien, Current Refunding, Taxable Revenue Bonds, Series B, 3.057%, 1/1/34		6,106,077
		New York — 1.1%
	4,630,000	Metropolitan Transportation Authority, Taxable Green Bonds, Green Purpose Revenue Bonds, Series C2, 5.175%, 11/15/49		4,293,029
	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		6,101,640
	5,000,000	New York, NY, Public Improvements G.O., Series B-2, 5.675%, 10/1/33		5,350,050
				15,744,719
		Texas — 0.4%
	1,580,000	Dallas Area Rapid Transit, Advance Refunding, Taxable Revenue Bonds, Series C, Callable 12/1/29 @ 100, 1.846%, 12/1/30		1,345,228

Continued

48 

Sterling Capital Total Return Bond Fund

Schedule of Portfolio Investments — (continued)

March 31, 2024 (Unaudited)

Principal Amount			Fair Value
MUNICIPAL BONDS — (continued)
		Texas — (continued)
$	4,605,000	Tarrant Regional Water District, Advance Refunding Revenue Bonds, Series S, 1.450%, 9/1/29	$	3,951,780
				5,297,008
		Total Municipal Bonds
		(Cost $46,100,937)		41,193,287
U.S. GOVERNMENT AGENCIES — 0.6%
		Federal Farm Credit Banks Funding Corp. — 0.6%
	4,769,000	4.125%, 12/15/32		4,661,907
	5,325,000	2.400%, 3/24/36		4,137,014
				8,798,921
		Total U.S. Government Agencies
		(Cost $9,030,271)		8,798,921
U.S. TREASURY BONDS — 5.1%
	91,702,700	2.500%, 2/15/45(f)		67,165,064
	14,628,900	1.375%, 8/15/50		7,742,460
		Total U.S. Treasury Bonds
		(Cost $72,601,229)		74,907,524
U.S. TREASURY NOTES — 12.6%
	7,285,700	2.625%, 2/15/29		6,772,001
	157,103,800	4.125%, 11/15/32(c)		156,164,860
	20,526,200	4.000%, 2/15/34(f)		20,205,478
		Total U.S. Treasury Notes
		(Cost $178,441,444)		183,142,339
Shares
MONEY MARKET FUND — 0.2%
	3,461,921	Federated Treasury Obligations Fund, Institutional Shares, 5.17%(g)		3,461,921
		Total Money Market Fund
		(Cost $3,461,921)		3,461,921
Total Investments — 99.8%
(Cost $1,499,377,979)				1,451,676,536
Net Other Assets (Liabilities) — 0.2%				2,398,904
NET ASSETS — 100.0%			$	1,454,075,440

(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, 2024. 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, 2024. 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) Represents securities purchased on a when-issued basis. At March 31, 2024, total cost of investments purchased on a when-issued basis was $87,550,705.

(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

49 

Sterling Capital Long Duration Corporate Bond Fund

Schedule of Portfolio Investments
March 31, 2024 (Unaudited)

Principal Amount			Fair Value
CORPORATE BONDS — 96.1%
		Aerospace & Defense — 3.3%
$	90,000	Boeing Co. (The), 3.825%, 3/1/59	$	59,889
	180,000	Boeing Co. (The), 3.900%, 5/1/49		127,957
	243,000	Boeing Co. (The), 5.705%, 5/1/40		232,869
	70,000	L3Harris Technologies, Inc., 4.854%, 4/27/35		66,944
	110,000	L3Harris Technologies, Inc., 5.600%, 7/31/53		111,819
	237,000	Lockheed Martin Corp., 4.150%, 6/15/53		200,251
	160,000	RTX Corp., 2.820%, 9/1/51		101,968
	185,000	RTX Corp., 4.450%, 11/16/38		166,821
	86,000	RTX Corp., 6.400%, 3/15/54		97,556
				1,166,074
		Apparel — 0.2%
	110,000	NIKE, Inc., 3.375%, 3/27/50		83,310
		Automobiles — 1.0%
	65,000	Cummins, Inc., 5.450%, 2/20/54		66,593
	90,000	Ford Motor Co., 5.291%, 12/8/46		80,234
	135,000	General Motors Co., 5.150%, 4/1/38		126,807
	63,000	General Motors Financial Co., Inc., 6.100%, 1/7/34		64,768
				338,402
		Banks — 7.7%
	90,000	Bank of America Corp., 2.482%, (5-Year Treasury Constant Maturity plus 1.20%), 9/21/36(a)		71,994
	70,000	Bank of America Corp., 4.244%, (TSFR3M plus 2.08%), 4/24/38(b)		62,979
	110,000	Bank of America Corp., 6.110%, 1/29/37		116,946
	340,000	Bank of America Corp., MTN, 2.676%, (SOFR plus 1.93%), 6/19/41(b)		242,272
	155,000	Bank of America Corp., MTN, 4.330%, (TSFR3M plus 1.78%), 3/15/50(b)		133,186
	70,000	Citigroup, Inc., 3.878%, (TSFR3M plus 1.43%), 1/24/39(b)		59,646
	85,000	Citigroup, Inc., 5.316%, (SOFR plus 4.55%), 3/26/41(b)		84,373
	100,000	Citigroup, Inc., 5.875%, 1/30/42		105,865
	21,000	Citigroup, Inc., Series U, 5.000%, (SOFR plus 3.81%)(b)(c)		20,872
	50,000	Fifth Third Bancorp, 8.250%, 3/1/38		60,007
	130,000	Goldman Sachs Group, Inc. (The), 2.908%, (SOFR plus 1.47%), 7/21/42(b)		93,499
	140,000	Goldman Sachs Group, Inc. (The), 6.750%, 10/1/37		153,004
	400,000	JPMorgan Chase & Co., 3.109%, (TSFR3M plus 2.46%), 4/22/41(b)		303,804
	120,000	JPMorgan Chase & Co., 3.157%, (SOFR plus 1.46%), 4/22/42(b)		91,025
	165,000	JPMorgan Chase & Co., 3.882%, (TSFR3M plus 1.62%), 7/24/38(b)		142,557
	120,000	JPMorgan Chase & Co., 4.260%, (TSFR3M plus 1.84%), 2/22/48(b)		103,511

Principal Amount			Fair Value
CORPORATE BONDS — (continued)
		Banks — (continued)
$	100,000	Morgan Stanley, 2.484%, (SOFR plus 1.36%), 9/16/36(b)	$	79,021
	31,000	Morgan Stanley, 3.217%, (SOFR plus 1.49%), 4/22/42(b)		23,733
	195,000	Morgan Stanley, 3.971%, 7/22/38(a)		166,908
	195,000	Wells Fargo & Co., 3.068%, (SOFR plus 2.53%), 4/30/41(b)		146,021
	290,000	Wells Fargo & Co., 5.375%, 11/2/43		280,297
	110,000	Wells Fargo & Co., MTN, 5.013%, (TSFR3M plus 4.50%), 4/4/51(b)		103,475
	90,000	Westpac Banking Corp., 2.963%, 11/16/40		63,604
				2,708,599
		Beverages — 3.7%
	160,000	Anheuser-Busch Cos., LLC/Anheuser-Busch InBev Worldwide, Inc., 4.700%, 2/1/36		155,508
	265,000	Anheuser-Busch Cos., LLC/Anheuser-Busch InBev Worldwide, Inc., 4.900%, 2/1/46		251,342
	200,000	Anheuser-Busch InBev Worldwide, Inc., 4.600%, 6/1/60		179,042
	50,000	Anheuser-Busch InBev Worldwide, Inc., 5.800%, 1/23/59		53,649
	200,000	Bacardi, Ltd., 5.300%, 5/15/48(d)		188,450
	170,000	Constellation Brands, Inc., 3.750%, 5/1/50		130,926
	100,000	Diageo Capital PLC, 3.875%, 4/29/43		85,438
	90,000	PepsiCo, Inc., 2.750%, 10/21/51		60,144
	185,000	PepsiCo, Inc., 4.650%, 2/15/53		174,121
				1,278,620
		Broadline Retail — 0.2%
	115,000	Walmart, Inc., 2.500%, 9/22/41		82,749
		Building Products — 0.1%
	30,000	Carrier Global Corp., 6.200%, 3/15/54		33,133
		Capital Goods — 0.4%
	90,000	Caterpillar, Inc., 3.803%, 8/15/42		75,755
	105,000	Packaging Corp. of America, 3.050%, 10/1/51		71,284
				147,039
		Chemicals — 0.5%
	42,000	Dow Chemical Co. (The), 4.375%, 11/15/42		35,975
	90,000	DuPont de Nemours, Inc., 5.319%, 11/15/38		89,839
	50,000	LYB International Finance III, LLC, 4.200%, 5/1/50		39,109
				164,923
		Commercial Services & Supplies — 0.8%
	60,761	Polar Tankers, Inc., 5.951%, 5/10/37(d)		61,983
	130,000	Republic Services, Inc., 2.375%, 3/15/33		105,244

See accompanying Notes to the Financial Statements.

 50

Sterling Capital Long Duration Corporate Bond Fund

Schedule of Portfolio Investments — (continued)
March 31, 2024 (Unaudited)

Principal Amount			Fair Value
CORPORATE BONDS — (continued)
		Commercial Services & Supplies — (continued)
$	150,000	Waste Connections, Inc., 2.950%, 1/15/52	$	100,340
				267,567
		Construction Materials — 0.4%
	80,000	Martin Marietta Materials, Inc., 4.250%, 12/15/47		67,300
	80,000	Vulcan Materials Co., 4.500%, 6/15/47		69,618
				136,918
		Consumer Discretionary Distribution & Retail — 0.9%
	225,000	Amazon.com, Inc., 2.500%, 6/3/50		143,973
	300,000	Amazon.com, Inc., 2.700%, 6/3/60		186,279
				330,252
		Consumer Staples Distribution & Retail — 1.3%
	115,000	Hershey Co. (The), 3.125%, 11/15/49		83,624
	60,000	Hormel Foods Corp., 3.050%, 6/3/51		41,062
	66,000	Kraft Heinz Foods Co., 4.875%, 10/1/49		59,837
	155,000	Kraft Heinz Foods Co., 6.875%, 1/26/39		175,249
	150,000	Nestle Holdings, Inc., 2.500%, 9/14/41(d)		108,195
				467,967
		Diversified REITs — 0.9%
	190,000	American Tower Corp., 3.700%, 10/15/49		141,014
	157,000	American Tower Trust, 3.652%, 3/23/28(d)		148,834
	36,000	VICI Properties L.P., 6.125%, 4/1/54		35,592
				325,440
		Diversified Telecommunication Services — 2.5%
	100,000	America Movil SAB de CV, 6.125%, 3/30/40		105,859
	100,000	T-Mobile USA, Inc., 3.600%, 11/15/60		70,238
	210,000	T-Mobile USA, Inc., 4.375%, 4/15/40		186,818
	95,000	T-Mobile USA, Inc., 5.650%, 1/15/53		96,965
	180,000	T-Mobile USA, Inc., 5.800%, 9/15/62		186,098
	80,000	Vodafone Group PLC, 4.250%, 9/17/50		64,678
	135,000	Warnermedia Holdings, Inc., 5.050%, 3/15/42		116,056
	50,000	Warnermedia Holdings, Inc., 5.141%, 3/15/52		41,523
				868,235
		Electric Utilities — 13.8%
	110,000	AEP Transmission Co., LLC, Series M, 3.650%, 4/1/50(e)		83,219
	90,000	Appalachian Power Co., Series L, 5.800%, 10/1/35		90,281
	40,000	Avista Corp., 4.000%, 4/1/52		30,871
	150,000	Baltimore Gas & Electric Co., 2.900%, 6/15/50		98,444
	80,000	Berkshire Hathaway Energy Co., 4.250%, 10/15/50		65,049
	75,000	Berkshire Hathaway Energy Co., 4.600%, 5/1/53		65,099

Principal Amount			Fair Value
CORPORATE BONDS — (continued)
		Electric Utilities — (continued)
$	70,000	CenterPoint Energy Houston Electric, LLC, Series AC, 4.250%, 2/1/49	$	59,167
	200,000	CenterPoint Energy Houston Electric, LLC, Series AD, 2.900%, 7/1/50(e)		133,482
	110,000	CMS Energy Corp., 3.750%, (5-Year Treasury Constant Maturity plus 2.90%), 12/1/50(a)		90,087
	70,000	CMS Energy Corp., 4.700%, 3/31/43		61,816
	60,000	Commonwealth Edison Co., 5.900%, 3/15/36		63,680
	80,000	Connecticut Light & Power Co. (The), 4.000%, 4/1/48		65,514
	135,000	Consolidated Edison Co. of New York, Inc., 4.450%, 3/15/44		118,939
	70,000	Consolidated Edison Co. of New York, Inc., Series E, 4.650%, 12/1/48		62,192
	60,000	Dominion Energy South Carolina, Inc., 5.100%, 6/1/65		55,914
	40,000	Dominion Energy, Inc., Series B, 3.300%, 4/15/41		29,994
	80,000	DTE Electric Co., 3.750%, 8/15/47		62,722
	130,000	DTE Electric Co., Series B, 3.650%, 3/1/52		98,586
	68,000	Duke Energy Carolinas, LLC, 5.350%, 1/15/53		67,143
	43,000	Duke Energy Carolinas, LLC, 5.400%, 1/15/54		42,857
	80,000	Duke Energy Carolinas, LLC, 6.100%, 6/1/37		84,070
	130,000	Duke Energy Corp., 5.000%, 8/15/52		117,854
	70,000	Duke Energy Corp., 6.100%, 9/15/53		74,106
	60,000	Duke Energy Florida, LLC, 6.350%, 9/15/37		64,852
	200,000	Duke Energy Indiana, LLC, 3.750%, 5/15/46		156,477
	80,000	Duke Energy Ohio, Inc., 3.700%, 6/15/46		61,788
	130,000	Duke Energy Progress, LLC, 2.900%, 8/15/51		84,277
	205,000	Entergy Texas, Inc., 3.550%, 9/30/49		149,317
	50,000	Entergy Texas, Inc., 5.800%, 9/1/53		51,710
	70,000	Exelon Corp., 4.450%, 4/15/46		59,773
	70,000	Exelon Corp., 5.100%, 6/15/45		64,923
	120,000	FirstEnergy Corp., Series C, 5.100%, 7/15/47		105,482
	40,000	FirstEnergy Transmission, LLC, 4.550%, 4/1/49(d)		33,890
	120,000	Florida Power & Light Co., 4.125%, 2/1/42		104,031
	45,000	Florida Power & Light Co., 5.850%, 5/1/37		46,246
	259,000	Georgia Power Co., Series B, 3.700%, 1/30/50		198,908
	110,000	Indiana Michigan Power Co., 5.625%, 4/1/53		111,242
	80,000	Massachusetts Electric Co., 5.900%, 11/15/39(d)		80,766
	90,000	MidAmerican Energy Co., 2.700%, 8/1/52		56,127

Continued

 51

Sterling Capital Long Duration Corporate Bond Fund

Schedule of Portfolio Investments — (continued)
March 31, 2024 (Unaudited)

Principal Amount			Fair Value
CORPORATE BONDS — (continued)
		Electric Utilities — (continued)
$	70,000	MidAmerican Energy Co., 4.800%, 9/15/43	$	65,602
	80,000	NextEra Energy Capital Holdings, Inc., 2.440%, 1/15/32		66,171
	135,000	NextEra Energy Capital Holdings, Inc., 5.550%, 3/15/54		134,233
	90,000	Northern States Power Co., 3.200%, 4/1/52		62,190
	40,000	Northern States Power Co., 4.500%, 6/1/52		35,095
	80,000	Oncor Electric Delivery Co., LLC, 4.950%, 9/15/52		75,361
	240,000	PECO Energy Co., 2.850%, 9/15/51		155,196
	50,000	Public Service Electric & Gas Co., 5.450%, 8/1/53		51,392
	110,000	Public Service Electric & Gas Co., MTN, 5.375%, 11/1/39		107,438
	110,000	Puget Sound Energy, Inc., 2.893%, 9/15/51		70,822
	60,000	Puget Sound Energy, Inc., 5.638%, 4/15/41		60,420
	115,000	San Diego Gas & Electric Co., Series TTT, 4.100%, 6/15/49		93,897
	105,000	San Diego Gas & Electric Co., Series UUU, 3.320%, 4/15/50		74,195
	155,000	Sempra, 3.800%, 2/1/38		128,991
	159,000	Southern California Edison Co., 5.700%, 3/1/53		159,643
	50,000	Southern California Edison Co., 5.875%, 12/1/53		51,605
	90,000	Union Electric Co., 3.250%, 10/1/49		63,118
	55,000	Union Electric Co., 5.450%, 3/15/53		54,552
	110,000	Virginia Electric & Power Co., 4.000%, 1/15/43		90,828
	110,000	Xcel Energy, Inc., 3.500%, 12/1/49		76,278
				4,827,922
		Energy Equipment & Services — 5.9%
	100,000	Cheniere Corpus Christi Holdings, LLC, 2.742%, 12/31/39		80,849
	95,000	DCP Midstream Operating L.P., 5.600%, 4/1/44		92,832
	75,000	Eastern Gas Transmission & Storage, Inc., 4.800%, 11/1/43		67,049
	155,000	Energy Transfer L.P., 5.000%, 5/15/44		137,058
	40,000	Energy Transfer L.P., 5.000%, 5/15/50		35,147
	105,000	Energy Transfer L.P., 5.350%, 5/15/45		96,901
	35,000	Energy Transfer L.P., 5.950%, 5/15/54		34,987
	80,000	Energy Transfer L.P., 7.500%, 7/1/38		92,030
	210,000	Enterprise Products Operating, LLC, 3.300%, 2/15/53		149,241
	140,000	Enterprise Products Operating, LLC, 5.950%, 2/1/41		148,244
	80,000	Enterprise Products Operating, LLC, 6.125%, 10/15/39		85,588
	90,000	Kinder Morgan Energy Partners L.P., 5.625%, 9/1/41		86,587
	145,000	Kinder Morgan, Inc., 3.600%, 2/15/51		101,374
	50,000	Kinder Morgan, Inc., 5.450%, 8/1/52		47,227
	70,000	Kinder Morgan, Inc., 5.550%, 6/1/45		66,889

Principal Amount			Fair Value
CORPORATE BONDS — (continued)
		Energy Equipment & Services — (continued)
$	60,000	MPLX L.P., 4.700%, 4/15/48	$	51,262
	51,000	MPLX L.P., 4.950%, 3/14/52		44,847
	120,000	MPLX L.P., 5.200%, 12/1/47		110,734
	65,000	ONEOK, Inc., 6.625%, 9/1/53		71,719
	56,000	ONEOK, Inc., 7.150%, 1/15/51		63,126
	100,000	Plains All American Pipeline L.P./PAA Finance Corp., 4.700%, 6/15/44		84,985
	80,000	Spectra Energy Partners L.P., 4.500%, 3/15/45		67,754
	85,000	Targa Resources Corp., 6.250%, 7/1/52		88,135
	94,000	TransCanada PipeLines, Ltd., 4.625%, 3/1/34		88,813
	70,000	Williams Cos., Inc. (The), 6.300%, 4/15/40		73,952
				2,067,330
		Entertainment — 0.1%
	37,000	Mattel, Inc., 5.450%, 11/1/41		34,262
		Financial Services — 2.9%
	300,000	AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 3.850%, 10/29/41		237,971
	36,000	BlackRock Funding, Inc., 5.250%, 3/14/54		36,170
	60,000	Blackstone Holdings Finance Co., LLC, 6.250%, 8/15/42(d)		62,404
	70,000	Blue Owl Finance, LLC, 4.125%, 10/7/51(d)		47,929
	100,000	Charles Schwab Corp. (The), Series H, 4.000%, (10-Year Treasury Constant  Maturity plus 3.08%)(a)(c)		84,372
	180,000	CSL Finance PLC, 4.750%, 4/27/52(d)		166,063
	130,000	Intercontinental Exchange, Inc., 4.250%, 9/21/48		110,675
	40,000	Jefferies Financial Group, Inc., 6.500%, 1/20/43		41,880
	65,000	Morgan Stanley, MTN, 5.424%, (SOFR plus 1.88%), 7/21/34(b)		65,257
	105,000	S&P Global, Inc., 3.700%, 3/1/52		83,117
	90,000	Visa, Inc., 4.300%, 12/14/45		81,290
				1,017,128
		Gas Utilities — 0.3%
	113,000	Entergy Louisiana, LLC, 5.700%, 3/15/54		115,036
		Ground Transportation — 3.1%
	140,000	Burlington Northern Santa Fe, LLC, 4.900%, 4/1/44		133,243
	85,000	Burlington Northern Santa Fe, LLC, 4.950%, 9/15/41		81,727
	75,000	Burlington Northern Santa Fe, LLC, 5.200%, 4/15/54		74,452
	165,000	Canadian Pacific Railway Co., 3.500%, 5/1/50		123,710
	100,000	CSX Corp., 4.500%, 11/15/52		88,587
	70,000	CSX Corp., 6.000%, 10/1/36		75,217
	120,000	FedEx Corp., 4.550%, 4/1/46		103,639
	50,000	Norfolk Southern Corp., 3.400%, 11/1/49		36,717

Continued

 52

Sterling Capital Long Duration Corporate Bond Fund

Schedule of Portfolio Investments — (continued)
March 31, 2024 (Unaudited)

Principal Amount			Fair Value
CORPORATE BONDS — (continued)
		Ground Transportation — (continued)
$	70,000	Norfolk Southern Corp., 3.950%, 10/1/42	$	57,891
	210,000	Union Pacific Corp., 2.950%, 3/10/52		141,429
	30,000	Union Pacific Corp., 3.375%, 2/14/42		23,813
	95,000	Union Pacific Corp., 3.600%, 9/15/37		81,920
	70,000	United Parcel Service, Inc., 5.300%, 4/1/50		70,870
				1,093,215
		Health Care Equipment & Services — 0.6%
	100,000	GE HealthCare Technologies, Inc., 6.377%, 11/22/52		112,961
	90,000	HCA, Inc., 6.000%, 4/1/54		91,485
				204,446
		Health Care Providers & Services — 11.8%
	70,000	Abbott Laboratories, 4.900%, 11/30/46(e)		68,262
	60,000	AbbVie, Inc., 4.050%, 11/21/39		53,531
	95,000	AbbVie, Inc., 4.400%, 11/6/42		86,269
	140,000	AbbVie, Inc., 4.450%, 5/14/46		125,740
	90,000	AbbVie, Inc., 5.400%, 3/15/54		92,624
	70,000	Aetna, Inc., 4.500%, 5/15/42		60,685
	70,000	Amgen, Inc., 2.770%, 9/1/53		43,416
	165,000	Amgen, Inc., 2.800%, 8/15/41		119,727
	100,000	Amgen, Inc., 4.400%, 2/22/62		82,381
	55,000	Amgen, Inc., 5.150%, 11/15/41		53,015
	120,000	Amgen, Inc., 5.600%, 3/2/43		122,209
	110,000	Baxalta, Inc., 5.250%, 6/23/45		106,815
	80,000	Becton Dickinson & Co., 4.875%, 5/15/44		69,585
	145,000	Bristol-Myers Squibb Co., 2.350%, 11/13/40		99,133
	185,000	Bristol-Myers Squibb Co., 2.550%, 11/13/50		114,256
	130,000	Bristol-Myers Squibb Co., 3.700%, 3/15/52		99,985
	110,000	Bristol-Myers Squibb Co., 4.250%, 10/26/49		94,124
	28,000	Bristol-Myers Squibb Co., 5.500%, 2/22/44		28,666
	70,000	Bristol-Myers Squibb Co., 6.400%, 11/15/63		80,140
	70,000	Cigna Group (The), 4.800%, 8/15/38		65,874
	175,000	CSL Finance PLC, 5.417%, 4/3/54(d)		176,087
	95,000	CVS Health Corp., 2.700%, 8/21/40		66,064
	65,000	CVS Health Corp., 4.780%, 3/25/38		60,130
	140,000	CVS Health Corp., 5.050%, 3/25/48		127,184
	130,000	CVS Health Corp., 5.125%, 7/20/45		119,922
	105,000	CVS Health Corp., 5.875%, 6/1/53		107,036
	125,000	Danaher Corp., 2.800%, 12/10/51		82,237
	180,000	Elevance Health, Inc., 4.375%, 12/1/47		154,858
	90,000	Elevance Health, Inc., 5.125%, 2/15/53		86,270
	90,000	Gilead Sciences, Inc., 2.600%, 10/1/40		63,632
	40,000	Gilead Sciences, Inc., 5.550%, 10/15/53		41,468
	150,000	HCA, Inc., 3.500%, 7/15/51		103,464
	125,000	HCA, Inc., 5.500%, 6/15/47		119,033
	80,000	Merck & Co., Inc., 2.750%, 12/10/51		52,274
	100,000	Pfizer Investment Enterprises Pte, Ltd., 5.110%, 5/19/43		97,886
	200,000	Roche Holdings, Inc., 2.607%, 12/13/51(d)		127,595

Principal Amount			Fair Value
CORPORATE BONDS — (continued)
		Health Care Providers & Services — (continued)
$	80,000	Stryker Corp., 4.625%, 3/15/46	$	73,192
	300,000	UnitedHealth Group, Inc., 3.500%, 8/15/39		247,464
	140,000	UnitedHealth Group, Inc., 3.750%, 10/15/47		110,813
	210,000	UnitedHealth Group, Inc., 4.950%, 5/15/62		196,424
	155,000	Wyeth, LLC, 5.950%, 4/1/37		167,285
	90,000	Zoetis, Inc., 4.700%, 2/1/43		82,496
				4,129,251
		Household Products — 1.1%
	250,000	Haleon U.S. Capital, LLC, 4.000%, 3/24/52		201,730
	135,000	Kenvue, Inc., 5.050%, 3/22/53		132,352
	60,000	Procter & Gamble Co. (The), 5.550%, 3/5/37		64,643
				398,725
		Industrial REITs — 0.2%
	55,000	Prologis L.P., 5.250%, 6/15/53		54,192
		Insurance — 4.7%
	89,000	Aon North America, Inc., 5.750%, 3/1/54		91,145
	103,000	Athene Holding, Ltd., 3.950%, 5/25/51		75,803
	90,000	Athene Holding, Ltd., 6.250%, 4/1/54		91,252
	55,000	Berkshire Hathaway Finance Corp., 3.850%, 3/15/52		44,569
	70,000	Berkshire Hathaway Finance Corp., 4.200%, 8/15/48		61,752
	40,000	Carlyle Holdings II Finance, LLC, 5.625%, 3/30/43(d)		39,025
	84,000	Corebridge Financial, Inc., 4.400%, 4/5/52		68,463
	80,000	Enstar Finance, LLC, 5.500%, (5-Year Treasury Constant Maturity plus 4.01%), 1/15/42(a)		74,507
	37,000	Enstar Group, Ltd., 3.100%, 9/1/31		30,770
	90,000	Fidelity National Financial, Inc., 3.200%, 9/17/51		57,430
	80,000	Global Atlantic Fin Co., 4.700%, (5-Year Treasury Constant Maturity plus 3.80%), 10/15/51(a)(d)		72,113
	76,000	Global Atlantic Fin Co., 6.750%, 3/15/54(d)		78,075
	70,000	Guardian Life Insurance Co. of America (The), 4.875%, 6/19/64(d)		61,702
	70,000	KKR Group Finance Co. III, LLC, 5.125%, 6/1/44(d)		64,693
	100,000	Nationwide Mutual Insurance Co., 4.350%, 4/30/50(d)		79,323
	103,000	New York Life Insurance Co., 3.750%, 5/15/50(d)		79,320
	80,000	New York Life Insurance Co., 4.450%, 5/15/69(d)		65,282
	100,000	New York Life Insurance Co., 6.750%, 11/15/39(d)		113,823
	90,000	Northwestern Mutual Life Insurance Co. (The), 3.450%, 3/30/51(d)		64,520

Continued

 53

Sterling Capital Long Duration Corporate Bond Fund

Schedule of Portfolio Investments — (continued)
March 31, 2024 (Unaudited)

Principal Amount			Fair Value
CORPORATE BONDS — (continued)
		Insurance — (continued)
$	80,000	Pacific LifeCorp, 3.350%, 9/15/50(d)	$	56,102
	100,000	Prudential Financial, Inc., 3.700%, (5-Year Treasury Constant Maturity plus 3.04%), 10/1/50(a)		87,369
	70,000	Securian Financial Group, Inc., 4.800%, 4/15/48(d)		57,637
	70,000	Voya Financial, Inc., 4.800%, 6/15/46		60,244
	90,000	W R Berkley Corp., 3.150%, 9/30/61		54,862
				1,629,781
		Internet & Direct Marketing Retail — 0.3%
	120,000	Meta Platforms, Inc., 4.450%, 8/15/52		106,828
		IT Services — 0.6%
	250,000	Fiserv, Inc., 4.400%, 7/1/49		212,099
		Machinery — 0.2%
	80,000	Deere & Co., 3.900%, 6/9/42		69,050
		Media — 4.3%
	190,000	Charter Communications Operating, LLC/ Charter Communications Operating Capital, 4.400%, 12/1/61		124,154
	110,000	Charter Communications Operating, LLC/ Charter Communications Operating Capital, 6.484%, 10/23/45		102,060
	93,000	Charter Communications Operating, LLC/ Charter Communications Operating  Capital, 6.834%, 10/23/55		89,390
	130,000	Comcast Corp., 2.800%, 1/15/51		83,195
	90,000	Comcast Corp., 2.887%, 11/1/51		58,583
	80,000	Comcast Corp., 2.987%, 11/1/63		49,236
	130,000	Comcast Corp., 3.250%, 11/1/39		101,812
	100,000	Comcast Corp., 3.400%, 7/15/46		74,773
	150,000	Comcast Corp., 5.500%, 5/15/64		150,380
	90,000	Discovery Communications, LLC, 4.000%, 9/15/55		61,645
	100,000	Discovery Communications, LLC, 5.200%, 9/20/47		83,845
	90,000	Interpublic Group of Cos., Inc. (The), 3.375%, 3/1/41		67,211
	70,000	Time Warner Cable, LLC, 5.875%, 11/15/40		60,418
	155,000	Time Warner Cable, LLC, 6.550%, 5/1/37		146,727
	100,000	Walt Disney Co. (The), 2.750%, 9/1/49		66,599
	130,000	Walt Disney Co. (The), 3.500%, 5/13/40		107,013
	70,000	Walt Disney Co. (The), 6.200%, 12/15/34		77,520
				1,504,561
		Metal & Glass Containers — 0.1%
	25,000	Packaging Corp. of America, 4.050%, 12/15/49		19,973
		Metals & Mining — 0.8%
	100,000	Nucor Corp., 2.979%, 12/15/55		64,726
	100,000	Southern Copper Corp., 7.500%, 7/27/35		115,652

Principal Amount			Fair Value
CORPORATE BONDS — (continued)
		Metals & Mining — (continued)
$	80,000	Steel Dynamics, Inc., 3.250%, 10/15/50	$	53,035
	62,000	Teck Resources, Ltd., 6.000%, 8/15/40		62,296
				295,709
		Office REITs — 0.2%
	50,000	Alexandria Real Estate Equities, Inc., 3.000%, 5/18/51		31,795
	34,000	Alexandria Real Estate Equities, Inc., 5.625%, 5/15/54		33,404
				65,199
		Oil, Gas & Consumable Fuels — 4.6%
	77,000	Apache Corp., 5.250%, 2/1/42		64,978
	80,000	Atmos Energy Corp., 4.125%, 10/15/44		69,070
	90,000	BP Capital Markets America, Inc., 2.939%, 6/4/51		60,053
	95,000	BP Capital Markets America, Inc., 3.060%, 6/17/41		72,114
	75,000	ConocoPhillips Co., 4.025%, 3/15/62		59,537
	63,000	Diamondback Energy, Inc., 4.250%, 3/15/52		51,038
	80,000	Equinor ASA, 5.100%, 8/17/40		79,938
	70,000	Exxon Mobil Corp., 4.114%, 3/1/46		60,414
	202,000	Exxon Mobil Corp., 4.227%, 3/19/40		184,447
	80,000	Halliburton Co., 4.850%, 11/15/35		77,813
	85,000	Halliburton Co., 5.000%, 11/15/45		79,924
	107,000	Hess Corp., 5.600%, 2/15/41		109,193
	80,000	Marathon Petroleum Corp., 6.500%, 3/1/41		87,107
	85,000	NiSource, Inc., 4.800%, 2/15/44		75,801
	75,000	Ovintiv, Inc., 7.100%, 7/15/53		84,069
	100,000	Shell International Finance BV, 4.550%, 8/12/43		92,729
	145,000	Shell International Finance BV, 6.375%, 12/15/38		164,370
	225,000	Southern Co. Gas Capital Corp., Series  21A, 3.150%, 9/30/51		146,423
				1,619,018
		Residential REITs — 0.8%
	138,000	American Homes 4 Rent L.P., 4.300%, 4/15/52		108,291
	30,000	Mid-America Apartments L.P., 2.875%, 9/15/51		19,241
	120,000	NNN REIT, Inc., 3.500%, 4/15/51		87,063
	80,000	UDR, Inc., 3.100%, 11/1/34		65,149
				279,744
		Retail REITs — 0.4%
	110,000	Kimco Realty OP, LLC, 4.250%, 4/1/45		88,976
	80,000	Simon Property Group L.P., 3.250%, 9/13/49		55,921
				144,897
		Semiconductors & Semiconductor Equipment — 1.8%
	55,000	Broadcom, Inc., 3.469%, 4/15/34(d)		47,197

Continued

 54

Sterling Capital Long Duration Corporate Bond Fund

Schedule of Portfolio Investments — (continued)
March 31, 2024 (Unaudited)

Principal Amount			Fair Value
CORPORATE BONDS — (continued)
		Semiconductors & Semiconductor Equipment — (continued)
$	80,000	Broadcom, Inc., 3.500%, 2/15/41(d)	$	62,165
	90,000	Broadcom, Inc., 3.750%, 2/15/51(d)		68,282
	70,000	Intel Corp., 5.900%, 2/10/63		74,398
	75,000	KLA Corp., 4.950%, 7/15/52		72,418
	155,000	Lam Research Corp., 2.875%, 6/15/50		105,953
	50,000	NXP BV / NXP Funding, LLC/NXP USA, Inc., 3.250%, 11/30/51		34,107
	120,000	NXP BV/NXP Funding, LLC/NXP USA, Inc., 5.000%, 1/15/33		117,395
	70,000	QUALCOMM, Inc., 4.300%, 5/20/47		61,481
				643,396
		Software — 5.1%
	130,000	Apple, Inc., 2.650%, 5/11/50		86,438
	180,000	Apple, Inc., 2.800%, 2/8/61		115,397
	150,000	Apple, Inc., 3.850%, 5/4/43		130,160
	80,000	Apple, Inc., 3.850%, 8/4/46		67,764
	170,000	Apple, Inc., 3.950%, 8/8/52		143,324
	67,000	Hewlett Packard Enterprise Co., 6.350%, 10/15/45		71,680
	185,000	Microsoft Corp., 2.500%, 9/15/50(d)		119,506
	90,000	Microsoft Corp., 2.525%, 6/1/50		59,059
	305,000	Microsoft Corp., 2.675%, 6/1/60		196,857
	220,000	Oracle Corp., 3.650%, 3/25/41		173,034
	100,000	Oracle Corp., 3.800%, 11/15/37		83,970
	90,000	Oracle Corp., 3.850%, 4/1/60		64,169
	90,000	Oracle Corp., 3.950%, 3/25/51		68,712
	110,000	Oracle Corp., 4.000%, 7/15/46		86,455
	50,000	Oracle Corp., 4.375%, 5/15/55		40,139
	75,000	Oracle Corp., 5.550%, 2/6/53		73,485
	75,000	Oracle Corp., 6.900%, 11/9/52		86,257
	110,000	Salesforce, Inc., 2.900%, 7/15/51		74,237
	50,000	Salesforce, Inc., 3.050%, 7/15/61		32,676
				1,773,319
		Specialty Retail — 2.5%
	90,000	ERAC USA Finance, LLC, 5.625%, 3/15/42(d)		91,882
	225,000	Home Depot, Inc. (The), 2.750%, 9/15/51		144,851
	130,000	Home Depot, Inc. (The), 3.125%, 12/15/49		91,096
	150,000	Lowe's Cos., Inc., 3.500%, 4/1/51		107,334
	110,000	Lowe's Cos., Inc., 5.000%, 4/15/40		105,485
	135,000	McDonald's Corp., MTN, 3.625%, 9/1/49		102,889
	140,000	McDonald's Corp., MTN, 4.875%, 12/9/45		130,416
	135,000	Starbucks Corp., 3.500%, 11/15/50		100,075
				874,028
		Telecommunication Services — 4.6%
	170,000	AT&T, Inc., 3.500%, 6/1/41		132,894
	240,000	AT&T, Inc., 3.650%, 9/15/59		167,620
	405,000	AT&T, Inc., 3.850%, 6/1/60		293,390
	240,000	AT&T, Inc., 4.500%, 5/15/35		224,467
	45,000	Cisco Systems, Inc., 5.300%, 2/26/54		46,235
	150,000	Deutsche Telekom AG, 3.625%, 1/21/50(d)		112,832

Principal Amount			Fair Value
CORPORATE BONDS — (continued)
		Telecommunication Services — (continued)
$	60,000	Telefonica Emisiones SA, 5.213%, 3/8/47	$	55,283
	150,000	Verizon Communications, Inc., 2.650%, 11/20/40		105,771
	250,000	Verizon Communications, Inc., 3.400%, 3/22/41		195,753
	80,000	Verizon Communications, Inc., 3.700%, 3/22/61		58,629
	60,000	Verizon Communications, Inc., 4.400%, 11/1/34		56,641
	150,000	Verizon Communications, Inc., 5.250%, 3/16/37		151,856
				1,601,371
		Tobacco — 1.4%
	80,000	Altria Group, Inc., 3.875%, 9/16/46		60,038
	62,000	BAT Capital Corp., 4.390%, 8/15/37		52,135
	90,000	BAT Capital Corp., 4.540%, 8/15/47		69,412
	70,000	Cargill, Inc., 4.375%, 4/22/52(d)		61,311
	90,000	Cargill, Inc., 4.760%, 11/23/45(d)		83,265
	180,000	Philip Morris International, Inc., 4.375%, 11/15/41		155,352
				481,513
		Total Corporate Bonds
		(Cost $38,495,063)		33,661,221
U.S. GOVERNMENT AGENCIES — 0.2%
		Tennessee Valley Authority — 0.2%
	70,000	4.250%, 9/15/52		62,719
		Total U.S. Government Agencies
		(Cost $67,808)		62,719
U.S. TREASURY BONDS — 1.5%
	421,500	2.000%, 11/15/41		296,219
	38,400	2.500%, 2/15/45(f)		28,125
	355,300	2.000%, 8/15/51		220,591
		Total U.S. Treasury Bonds
		(Cost $513,227)		544,935

Shares
MONEY MARKET FUND — 1.4%
	479,612	Federated Treasury Obligations Fund, Institutional Shares, 5.17%(g)		479,612
		Total Money Market Fund
		(Cost $479,612)		479,612
Total Investments — 99.2%
(Cost $39,555,710)				34,748,487
Net Other Assets (Liabilities) — 0.8%				276,916
NET ASSETS — 100.0%			$	35,025,403

Continued

 55

Sterling Capital Long Duration Corporate Bond Fund

Schedule of Portfolio Investments — (continued)
March 31, 2024 (Unaudited)

(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, 2024. 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) Represents that all or a portion of the security was pledged as collateral for securities purchased on a when-issued basis.

(f) Represents securities purchased on a when-issued basis. At March 31, 2024, total cost of investments purchased on a when-issued basis was $27,881.

(g) 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, 2024 (Unaudited)

Principal Amount			Fair Value
ASSET BACKED SECURITIES — 14.4%
$	141,857	ARI Fleet Lease Trust, Series 2021-A, Class A3, 0.680%, 3/15/30(a)	$	139,439
	470,000	ARI Fleet Lease Trust, Series 2022-A, Class A3, 3.430%, 1/15/31(a)		460,572
	1,250,000	Avis Budget Rental Car Funding AESOP, LLC, Series 2023-4A, Class A, 5.490%, 6/20/29(a)		1,259,778
	509,000	Carvana Auto Receivables Trust, Series  2021-P2, Class B, 1.270%, 3/10/27		467,532
	600,000	Carvana Auto Receivables Trust, Series 2021-P3, Class B, 1.420%, 8/10/27		543,028
	620,000	Citibank Credit Card Issuance Trust, Series  2007-A3, Class A3, 6.150%, 6/15/39(b)		670,877
	50	Citicorp Residential Mortgage Trust, STEP, Series 2007-2, Class A6, 4.563%, 6/25/37		50
	410,000	Enterprise Fleet Financing, LLC, Series 2021-3, Class A3, 1.220%, 8/20/27(a)		391,795
	544,000	Enterprise Fleet Financing, LLC, Series 2023-1, Class A3, 5.420%, 10/22/29(a)		546,042
	375,000	Enterprise Fleet Funding, LLC, Series 2021-1, Class A3, 0.700%, 12/21/26(a)		366,286
	415,000	Ford Credit Auto Owner Trust, Series 2021-2, Class A, 1.530%, 5/15/34(a)		379,474
	182,159	GreatAmerica Leasing Receivables Funding, LLC, Series 2021-1, Class A4, 0.550%, 12/15/26(a)		178,125
	1,295,000	Hertz Vehicle Financing III L.P., Series 2021-2A, Class A, 1.680%, 12/27/27(a)		1,182,095
	1,315,000	OneMain Direct Auto Receivables Trust, Series 2023-1A, Class A, 5.410%, 11/14/29(a)		1,316,757
	630,000	OneMain Financial Issuance Trust, Series 2019-2A, Class A, 3.140%, 10/14/36(a)(b)		593,145
	480,000	OneMain Financial Issuance Trust, Series 2021-1A, Class A1, 1.550%, 6/16/36(a)(b)		434,729
	950,000	Santander Drive Auto Receivables Trust, Series 2023-3, Class B, 5.610%, 7/17/28		952,335
	112,348	Saxon Asset Securities Trust, Series 2004-3, Class M1, 6.344%, (TSFR1M plus 1.01%), 12/26/34(c)		107,313
	242,871	SoFi Professional Loan Program Trust, Series 2020-A, Class A2FX, 2.540%, 5/15/46(a)(b)		228,260
	561,000	Synchrony Card Funding, LLC, Series 2023-A1, Class A, 5.540%, 7/15/29		566,380
	1,000,000	Toyota Auto Loan Extended Note Trust, Series 2022-1A, Class A, 3.820%, 4/25/35(a)		967,679
	41,938	U.S. Small Business Administration, Series 2010-20D, Class 1, 4.360%, 4/1/30(b)		40,578

Principal Amount			Fair Value
ASSET BACKED SECURITIES — (continued)
$	1,000,000	Wheels Fleet Lease Funding 1, LLC, Series  2023-2A, Class A, 6.460%, 8/18/38(a)	$	1,007,921
		Total Asset Backed Securities
		(Cost $13,259,187)		12,800,190
COLLATERALIZED MORTGAGE OBLIGATIONS — 24.2%
	329,948	Chase Home Lending Mortgage Trust, Series 2019-ATR2, Class A3, 3.500%, 7/25/49(a)(d)		292,319
	9,080	Citigroup Mortgage Loan Trust, Inc., Series 2004-NCM2, Class 3CB2, 6.500%, 8/25/19		9,027
	26,506	Countrywide Home Loan Mortgage Pass-Through Trust, Series 2004-3, Class A4, 5.750%, 4/25/34		25,221
	28,231	Credit Suisse First Boston Mortgage-Backed Pass-Through Certificates, Series  2004-1, Class 2A1, 6.500%, 2/25/34		27,806
	35,898	Fannie Mae, Series 2003-19, Class AR, 5.500%, 3/25/33		36,311
	162,668	Fannie Mae, Series 2003-21, Class OW, 4.000%, 3/25/33		154,929
	682,000	Fannie Mae, Series 2008-2, Class PH, 5.500%, 2/25/38		680,492
	527,000	Fannie Mae, Series 2009-28, Class HX, 5.000%, 5/25/39		518,539
	825,833	Fannie Mae, Series 2010-150, Class YL, 4.000%, 1/25/41		739,705
	820,847	Fannie Mae, Series 2011-131, Class PB, 4.500%, 12/25/41		807,519
	81,232	Fannie Mae, Series 2011-74, Class QM, 4.500%, 11/25/40		80,054
	969,900	Fannie Mae, Series 2013-30, Class PY, 3.000%, 4/25/43		913,808
	299,435	Fannie Mae, Series 2013-91, Class DV, 3.000%, 10/25/26		290,962
	944,882	Fannie Mae, Series 2015-65, Class CZ, 3.500%, 9/25/45		798,525
	527,185	Fannie Mae, Series 2016-11, Class GA, 2.500%, 3/25/46		475,810
	118,258	Fannie Mae, Series 2016-85, Class GA, 2.500%, 10/25/45		105,679
	1,495,000	Fannie Mae, Series 2017-42, Class HL, 3.000%, 6/25/47		1,313,448
	328,046	Fannie Mae, Series 2020-10, Class Q, 3.000%, 3/25/50		282,505
	830,525	Fannie Mae, Series 2020-5, Class MG, 3.500%, 2/25/50		749,564
	662,399	Fannie Mae, Series 2023-65, Class BL, 3.500%, 9/25/49		529,766
	58,810	Freddie Mac, Series 2485, Class WG, 6.000%, 8/15/32		60,121
	133,135	Freddie Mac, Series 2768, Class PC, 4.000%, 3/15/34		125,888

See accompanying Notes to the Financial Statements.

 57

Sterling Capital Quality Income Fund

Schedule of Portfolio Investments — (continued)
March 31, 2024 (Unaudited)

Principal Amount			Fair Value
COLLATERALIZED MORTGAGE OBLIGATIONS — (continued)
$	118,484	Freddie Mac, Series 3042, Class PZ, 5.750%, 9/15/35	$	121,072
	80,517	Freddie Mac, Series 3440, Class EM, 5.000%, 4/15/38		80,822
	500,000	Freddie Mac, Series 3714, Class PB, 4.750%, 8/15/40(b)		487,369
	5,149	Freddie Mac, Series 3803, Class PJ, 4.250%, 1/15/41		5,085
	200,000	Freddie Mac, Series 3815, Class TB, 4.500%, 2/15/41		188,403
	110,804	Freddie Mac, Series 3816, Class HM, 4.500%, 5/15/40		109,155
	990,000	Freddie Mac, Series 3895, Class PW, 4.500%, 7/15/41		957,687
	279,327	Freddie Mac, Series 3989, Class JW, 3.500%, 1/15/42(b)		258,834
	460,000	Freddie Mac, Series 4088, Class CD, 3.000%, 8/15/42		361,916
	300,000	Freddie Mac, Series 4094, Class ME, 2.500%, 8/15/42		256,922
	215,000	Freddie Mac, Series 4097, Class CU, 1.500%, 8/15/27		197,133
	724,000	Freddie Mac, Series 4125, Class JC, 2.500%, 11/15/42		529,355
	628,000	Freddie Mac, Series 4135, Class AY, 2.000%, 11/15/42		474,759
	475,521	Freddie Mac, Series 4136, Class HZ, 3.500%, 11/15/27		457,353
	119,000	Freddie Mac, Series 4160, Class HH, 2.500%, 12/15/32(b)		107,667
	114,334	Freddie Mac, Series 4173, Class NB, 3.000%, 3/15/43		102,141
	71,280	Freddie Mac, Series 4215, Class LD, 2.000%, 7/15/41		67,416
	31,916	Freddie Mac, Series 4293, Class MH, 3.000%, 12/15/41		30,133
	87,955	Freddie Mac, Series 4352, Class ZX, 4.000%, 4/15/44		83,409
	1,000,000	Freddie Mac, Series 4507, Class GB, 3.000%, 9/15/45		842,828
	475,000	Freddie Mac, Series 4650, Class JE, 3.000%, 7/15/46		397,862
	1,089,459	Freddie Mac, Series 4795, Class JB, 4.000%, 5/15/48		1,018,232
	837,989	Freddie Mac, Series 4941, Class MB, 3.000%, 7/25/49		731,448
	383,192	Freddie Mac, Series 5115, Class G, 2.500%, 9/25/50		309,059
	201,766	Freddie Mac Strips, Series 219, Class PO, 0.699%, 3/1/32		176,866
	943,454	Freddie Mac Strips, Series 236, Class PO, 2.740%, 4/1/36		774,644
	48,592	Ginnie Mae, Series 2004-69, Class GC, 5.500%, 4/20/34		48,882

Principal Amount			Fair Value
COLLATERALIZED MORTGAGE OBLIGATIONS — (continued)
$	398,175	Ginnie Mae, Series 2005-60, Class WZ, 5.500%, 9/20/35	$	402,604
	173,041	Ginnie Mae, Series 2007-57, Class ZA, 5.750%, 10/20/37		174,494
	750,000	Ginnie Mae, Series 2011-135, Class PG, 3.000%, 10/16/41		642,397
	612,000	Ginnie Mae, Series 2017-75, Class DL, 3.000%, 3/20/47		498,064
	800,000	Ginnie Mae, Series 2019-6, Class JK, 3.500%, 1/20/49		700,936
	1,000,000	Ginnie Mae, Series 2023-81, Class AL, 4.500%, 8/20/40		965,512
		Total Collateralized Mortgage Obligations
		(Cost $23,063,850)		21,578,457
COMMERCIAL MORTGAGE-BACKED SECURITIES — 17.9%
	250,000	BANK 2020-BNK29, Series 2020-BN29, Class A4, 1.997%, 11/15/53		201,551
	325,000	BBCMS Mortgage Trust, Series 2020-C7, Class A5, 2.037%, 4/15/53		273,979
	75,000	BBCMS Mortgage Trust, Series 2024-5C25, Class A3, 5.946%, 3/15/57		77,772
	51,000	BBCMS Mortgage Trust, Series 2024-5C25, Class AS, 6.358%, 3/15/57(d)		52,942
	589,492	Benchmark Mortgage Trust, Series 2020-B18, Class A5, 1.925%, 7/15/53		479,519
	1,250,000	Benchmark Mortgage Trust, Series 2020-B21, Class A5, 1.978%, 12/17/53(b)		1,022,195
	80,000	Benchmark Mortgage Trust, Series 2023-V2, Class AS, 6.537%, 5/15/55(d)		82,742
	220,000	Benchmark Mortgage Trust, Series 2024-V5, Class A3, 5.805%, 1/10/57		226,662
	85,000	Benchmark Mortgage Trust, Series 2024-V6, Class A3, 5.926%, 3/15/29		88,018
	323,000	Benchmark Mortgage Trust, Series 2024-V6, Class AS, 6.384%, 3/15/29		334,198
	272,829	BX Commercial Mortgage Trust, Series 2021-ACNT, Class C, 6.939%, (TSFR1M plus 1.61%), 11/15/38(a)(c)		270,782
	252,184	BX Trust, Series 2021-RISE, Class C, 6.889%, (TSFR1M plus 1.56%), 11/15/36(a)(c)		249,505
	589,000	CD Mortgage Trust, Series 2016-CD2, Class A4, 3.526%, 11/10/49(b)(d)		549,035
	700,000	CD Mortgage Trust, Series 2017-CD3, Class A4, 3.631%, 2/10/50		646,638
	100,000	CFCRE Commercial Mortgage Trust, Series 2016-C7, Class A3, 3.839%, 12/10/54		95,224
	500,000	Citigroup Commercial Mortgage Trust, Series 2015-GC33, Class A4, 3.778%, 9/10/58		482,447

Continued

 58

Sterling Capital Quality Income Fund

Schedule of Portfolio Investments — (continued)
March 31, 2024 (Unaudited)

Principal Amount			Fair Value
COMMERCIAL MORTGAGE-BACKED SECURITIES — (continued)
$	388,517	COMM 2014-CCRE18 Mortgage Trust, Series 2014-CR18, Class A5, 3.828%, 7/15/47(b)	$	386,746
	266,000	COMM Mortgage Trust, Series 2014-CR20, Class A4, 3.590%, 11/10/47		262,361
	455,000	COMM Mortgage Trust, Series 2014-UBS4, Class A5, 3.694%, 8/10/47		449,957
	250,000	COMM Mortgage Trust, Series 2017-COR2, Class A3, 3.510%, 9/10/50(b)		233,682
	500,000	CSAIL Commercial Mortgage Trust, Series 2015-C3, Class A4, 3.718%, 8/15/48(b)		485,450
	250,708	ELP Commercial Mortgage Trust, Series 2021-ELP, Class C, 6.760%, (TSFR1M plus 1.43%), 11/15/38(a)(c)		248,044
	1,000,000	Freddie Mac Multifamily Structured Pass Through Certificates, Series K1522, Class A2, 2.361%, 10/25/36		770,641
	140,000	Freddie Mac Multifamily Structured Pass Through Certificates, Series K159, Class A2, 3.950%, 11/25/30(d)		134,276
	340,372	FRESB Mortgage Trust, Series 2017-SB36, Class A10F, 2.880%, 7/25/27(b)(d)		321,675
	549,162	Ginnie Mae, Series 2014-126, Class A, 2.500%, 11/16/46		515,843
	321,697	Ginnie Mae, Series 2019-79, Class V, 2.800%, 3/16/29		300,054
	12,422	GS Mortgage Securities Trust, Series 2010-C1, Class B, 5.148%, 8/10/43(a)		12,374
	85,000	GS Mortgage Securities Trust, Series 2014-GC24, Class A5, 3.931%, 9/10/47		84,147
	500,000	GS Mortgage Securities Trust, Series 2016-GS4, Class A4, 3.442%, 11/10/49(b)(d)		474,178
	64,000	GS Mortgage Securities Trust, Series 2020-GC47, Class A5, 2.377%, 5/12/53		54,553
	500,000	GS Mortgage Securities Trust, Series 2020-GSA2, Class A5, 2.012%, 12/12/53(b)		397,952
	120,653	JP Morgan Chase Commercial Mortgage Securities Trust, Series 2011-C3, Class B, 5.013%, 2/15/46(a)(d)		113,860
	140,524	JP Morgan Chase Commercial Mortgage Securities Trust, Series 2014-C20, Class A5, 3.805%, 7/15/47(b)		140,119
	185,000	JP Morgan Chase Commercial Mortgage Securities Trust, Series 2016-JP4, Class A4, 3.648%, 12/15/49(d)		174,596
	272,691	Med Trust, Series 2021-MDLN, Class C, 7.239%, (TSFR1M plus 1.91%), 11/15/38(a)(c)		271,835
	100,000	Morgan Stanley Bank of America Merrill Lynch Trust, Series 2014-C18, Class A4, 3.923%, 10/15/47(b)		98,765
	300,167	Morgan Stanley Bank of America Merrill Lynch Trust, Series 2014-C19, Class A4, 3.526%, 12/15/47		295,405

Principal Amount			Fair Value
COMMERCIAL MORTGAGE-BACKED SECURITIES — (continued)
$	500,000	Morgan Stanley Bank of America Merrill Lynch Trust, Series 2016-C32, Class A4, 3.720%, 12/15/49(b)	$	478,922
	435,000	Morgan Stanley Capital I Trust, Series 2018-H3, Class A5, 4.177%, 7/15/51		416,945
	659,333	Morgan Stanley Capital I Trust, Series 2020-HR8, Class A4, 2.041%, 7/15/53		553,003
	197,506	OPG Trust, Series 2021-PORT, Class C, 6.272%, (TSFR1M plus 0.95%), 10/15/36(a)(c)		193,926
	235,642	SMR Mortgage Trust, Series 2022-IND, Class A, 6.975%, (TSFR1M plus 1.65%), 2/15/39(a)(c)		229,341
	600,000	Wells Fargo Commercial Mortgage Trust, Series 2014-LC18, Class A5, 3.405%, 12/15/47		588,157
	644,000	Wells Fargo Commercial Mortgage Trust, Series 2015-P2, Class A4, 3.809%, 12/15/48		623,931
	50,000	Wells Fargo Commercial Mortgage Trust, Series 2016-C37, Class A5, 3.794%, 12/15/49		48,062
	300,000	Wells Fargo Commercial Mortgage Trust, Series 2017-C40, Class A4, 3.581%, 10/15/50		283,759
	220,800	Wells Fargo Commercial Mortgage Trust, Series 2020-C56, Class A5, 2.448%, 6/15/53		189,576
	500,000	Wells Fargo Commercial Mortgage Trust, Series 2020-C57, Class A4, 2.118%, 8/15/53		422,766
	300,000	Wells Fargo Commercial Mortgage Trust, Series 2020-C58, Class A4, 2.092%, 7/15/53		248,994
	302,000	WFRBS Commercial Mortgage Trust, Series 2014-C23, Class A5, 3.917%, 10/15/57		296,974
		Total Commercial Mortgage-Backed Securities
		(Cost $17,629,729)		15,934,078
CORPORATE BONDS — 0.2%
		Diversified REITs — 0.2%
	250,000	American Tower Trust, 3.652%, 3/23/28(a)(b)		236,997
		Total Corporate Bonds
		(Cost $250,000)		236,997
MORTGAGE-BACKED SECURITIES — 37.4%
		Fannie Mae — 17.1%
	91,461	3.000%, 1/1/31, Pool #BA6574		87,168
	284,452	4.500%, 3/1/34, Pool #CA3294		282,357

Continued

 59

Sterling Capital Quality Income Fund

Schedule of Portfolio Investments — (continued)
March 31, 2024 (Unaudited)

Principal Amount			Fair Value
MORTGAGE-BACKED SECURITIES — (continued)
		Fannie Mae — (continued)
$	257,399	2.500%, 11/1/35, Pool #CA7939	$	234,253
	51,567	5.500%, 6/1/38, Pool #984277(b)		52,541
	28,662	5.500%, 8/1/38, Pool #995072		29,279
	37,024	4.500%, 9/1/39, Pool #AC1830		36,343
	35,812	4.500%, 10/1/40, Pool #AE4855		35,153
	65,730	3.500%, 2/1/41, Pool #AH5646		60,688
	105,503	4.000%, 3/1/41, Pool #AH4008		100,092
	314,903	2.500%, 5/1/41, Pool #MA4334		271,257
	27,750	4.500%, 6/1/41, Pool #AC9298		27,239
	74,507	5.000%, 7/1/41, Pool #AI5595		74,317
	124,610	4.000%, 9/1/41, Pool #AJ1717		118,183
	619,918	6.000%, 8/1/43, Pool #MA5129		631,193
	36,170	4.500%, 10/1/44, Pool #MA2066		35,325
	108,971	4.000%, 12/1/44, Pool #MA2127		103,336
	104,050	4.500%, 1/1/45, Pool #MA2158		101,620
	128,751	3.500%, 3/1/45, Pool #AS4552		117,816
	116,667	4.000%, 10/1/45, Pool #AL7487		110,612
	801,605	3.000%, 10/1/46, Pool #BC4764		705,648
	78,558	4.000%, 11/1/46, Pool #MA2808		74,439
	105,241	3.000%, 2/1/47, Pool #BE2329		92,595
	58,571	4.000%, 5/1/47, Pool #BE9598		55,331
	49,516	4.500%, 11/1/47, Pool #BM3286		48,420
	59,064	4.500%, 5/1/48, Pool #CA1711		57,148
	1,454,645	3.500%, 6/1/50, Pool #CA6097		1,319,759
	198,730	3.000%, 7/1/50, Pool #CA6422		172,949
	196,762	3.000%, 7/1/50, Pool #CA6421		171,237
	492,064	2.500%, 8/1/50, Pool #FM4053		414,286
	318,494	2.500%, 8/1/50, Pool #FM4055		266,934
	756,434	3.000%, 8/1/50, Pool #FS0973		665,826
	461,963	2.500%, 3/1/51, Pool #FM6523		385,553
	321,162	3.000%, 5/1/51, Pool #FM7346		279,398
	1,017,900	2.500%, 8/1/51, Pool #FM8438		854,432
	1,205,641	4.000%, 8/1/51, Pool #FS1976		1,136,727
	299,434	3.000%, 11/1/51, Pool #CB2170		258,366
	791,371	3.500%, 2/1/52, Pool #MA4550		712,058
	905,430	3.000%, 3/1/52, Pool #BV4143		796,195
	703,005	3.500%, 4/1/52, Pool #FS1185		630,806
	657,810	3.500%, 4/1/52, Pool #FS1260		594,401
	633,157	4.500%, 6/1/52, Pool #FS2157		609,296
	491,721	5.000%, 11/1/52, Pool #CB5278		481,498
	550,678	5.500%, 3/1/53, Pool #FS3925		552,774
	1,353,513	6.000%, 6/1/53, Pool #FS6616		1,371,390
				15,216,238
		Freddie Mac — 19.8%
	33,809	4.000%, 11/1/32, Pool #ZS8993		32,791
	162,588	3.500%, 5/1/35, Pool #ZA2378		154,222
	121,543	4.000%, 5/1/37, Pool #ZA2461		116,792
	17,568	5.500%, 10/1/39, Pool #ZI9359		17,946
	29,969	5.000%, 4/1/40, Pool #ZI9910		29,923
	52,757	5.500%, 4/1/40, Pool #ZA1042		53,890
	411,942	2.000%, 8/1/40, Pool #RB5076		348,784
	21,536	5.000%, 8/1/40, Pool #ZA1056		21,498
	54,783	4.000%, 11/1/40, Pool #ZJ0654		51,968
	60,545	4.000%, 12/1/40, Pool #ZJ0811		57,472

Principal Amount			Fair Value
MORTGAGE-BACKED SECURITIES — (continued)
		Freddie Mac — (continued)
$	142,856	3.500%, 8/1/42, Pool #ZL3508	$	131,496
	611,900	6.000%, 2/1/43, Pool #RB5221		623,009
	181,056	3.500%, 3/1/43, Pool #ZT1107		165,834
	770,013	3.500%, 1/1/45, Pool #SD1309		708,938
	107,630	3.500%, 3/1/45, Pool #ZT1164		96,451
	85,423	3.000%, 1/1/46, Pool #ZS4646		75,608
	90,500	4.000%, 4/1/46, Pool #ZM1015		85,801
	90,930	3.500%, 12/1/47, Pool #ZM5123		82,997
	228,017	2.500%, 11/1/49, Pool #QA4396		190,443
	630,859	2.500%, 7/1/51, Pool #QC4230		531,879
	960,159	3.000%, 8/1/51, Pool #SD8162		829,995
	1,541,167	2.500%, 9/1/51, Pool #RA5921		1,288,287
	427,018	3.000%, 2/1/52, Pool #SD8195		368,283
	857,781	3.500%, 4/1/52, Pool #SD0957		768,973
	726,661	4.500%, 6/1/52, Pool #SD1265		695,248
	1,117,030	4.500%, 8/1/52, Pool #SD1515		1,065,185
	742,224	5.000%, 10/1/52, Pool #SD1710		727,481
	931,871	5.000%, 11/1/52, Pool #SD1727		917,194
	696,028	5.000%, 1/1/53, Pool #RA8382		681,546
	914,072	5.500%, 2/1/53, Pool #QF8052		912,353
	954,770	5.000%, 3/1/53, Pool #SD2390		937,070
	1,224,768	4.500%, 5/1/53, Pool #SD2952		1,181,478
	454,762	6.000%, 5/1/53, Pool #SD3072		460,513
	971,111	5.000%, 6/1/53, Pool #SD3128		952,998
	959,025	5.500%, 6/1/53, Pool #SD3136		958,723
	1,294,908	6.000%, 7/1/53, Pool #SD3223		1,320,345
				17,643,414
		Ginnie Mae — 0.5%
	6,935	4.000%, 12/20/40, Pool #755678		6,667
	492,454	4.000%, 7/20/52, Pool #786280		462,390
				469,057
		Total Mortgage-Backed Securities
		(Cost $35,672,908)		33,328,709
U.S. GOVERNMENT AGENCIES — 0.5%
		Federal Home Loan Banks — 0.5%
	550,000	1.900%, 10/7/31		453,314
		Total U.S. Government Agencies
		(Cost $467,369)		453,314
U.S. TREASURY BONDS — 3.1%
	2,250,000	2.375%, 2/15/42		1,676,250
	1,815,000	1.875%, 11/15/51(b)		1,089,426
		Total U.S. Treasury Bonds
		(Cost $3,185,507)		2,765,676
U.S. TREASURY NOTES — 1.7%
	590,000	0.625%, 5/15/30		476,863
	200,000	1.375%, 11/15/31		163,500

Continued

 60

Sterling Capital Quality Income Fund

Schedule of Portfolio Investments — (continued)
March 31, 2024 (Unaudited)

Principal Amount			Fair Value
U.S. TREASURY NOTES — (continued)
$	1,000,000	1.875%, 2/15/32	$	845,312
		Total U.S. Treasury Notes
		(Cost $1,652,967)		1,485,675

Shares
MONEY MARKET FUND — 0.4%
	329,482	Federated Treasury Obligations Fund, Institutional Shares, 5.17%(e)		329,482
		Total Money Market Fund
		(Cost $329,482)		329,482
Total Investments — 99.8%
(Cost $95,510,999)				88,912,578
Net Other Assets (Liabilities) — 0.2%				136,920
NET ASSETS — 100.0%			$	89,049,498

(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.

(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, 2024. 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, 2024. The maturity date reflected is the final maturity date.

(e) 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, 2024 (Unaudited)

Principal
Amount			Fair Value
MUNICIPAL BONDS — 98.5%
		North Carolina — 98.5%
$	1,000,000	Broad River Water Authority, Water System Refunding Revenue, 5.000%, 6/1/24	$	1,001,660
	575,000	Brunswick County, NC, Combined Enterprise System Revenue Bonds, Callable 2/1/33 @ 100, 5.000%, 2/1/41		647,082
	500,000	Brunswick County, NC, Combined Enterprise System Revenue Bonds, Callable 2/1/33 @ 100, 5.000%, 2/1/42.		560,395
	2,000,000	Brunswick County, NC, School Improvements G.O., 5.000%, 8/1/25		2,048,380
	1,025,000	Buncombe County Metropolitan Sewerage District, Sewer Improvements Revenue, Callable 7/1/24 @ 100, 5.000%, 7/1/39		1,028,013
	1,475,000	Buncombe County, NC, Advance Refunding Revenue Limited Obligation, Callable 6/1/25 @ 100, 5.000%, 6/1/28		1,506,477
	1,100,000	Cabarrus County, NC, Refunding Revenue Bonds, Series A, 5.000%, 6/1/31		1,271,325
	1,000,000	Charlotte, NC, Charlotte Douglas International Airport Refunding Revenue, Callable 7/1/24 @ 100, 5.000%, 7/1/31		1,003,480
	1,695,000	Charlotte, NC, Current Refunding G.O., Series A, 5.000%, 6/1/29		1,888,789
	2,000,000	Charlotte, NC, Current Refunding G.O., Series A, Callable 6/1/29 @ 100, 5.000%, 6/1/34		2,229,440
	2,000,000	Charlotte, NC, Public Facilities, Certificate of Participation, Series B, Callable 12/1/31 @ 100, 5.000%, 12/1/32		2,325,200
	2,275,000	Charlotte, NC, Recreational Facilities Improvements Revenue, Callable 12/1/28 @ 100, 5.000%, 12/1/33		2,497,563
	1,520,000	Charlotte, NC, Recreational Facilities Improvements Revenue, Callable 12/1/28 @ 100, 5.000%, 12/1/34		1,663,078
	1,190,000	Charlotte, NC, Water & Sewer System Revenue, Current Refunding Revenue Bonds, 5.000%, 7/1/26		1,242,931
	2,650,000	Charlotte, NC, Water & Sewer System Revenue, Refunding Revenue Bonds, Series A, Callable 7/1/32 @ 100, 5.000%, 7/1/39		3,029,931
	2,035,000	Chatham County, NC, Refunding Revenue (County Guaranteed), 5.000%, 12/1/28		2,142,753
	2,100,000	Concord, NC, Recreational Facility Improvements G.O., Callable 9/1/33 @ 100, 5.000%, 9/1/34		2,524,200
	1,150,000	Currituck County, NC, School Improvements Revenue Bonds, Callable 4/1/33 @ 100, 5.000%, 4/1/36		1,333,437
	1,150,000	Currituck County, NC, School Improvements Revenue Bonds, Callable 4/1/33 @ 100, 5.000%, 4/1/37		1,319,890

Principal
Amount			Fair Value
MUNICIPAL BONDS — (continued)
		North Carolina — (continued)
$	1,000,000	Currituck County, NC, School Improvements Revenue Bonds, Callable 4/1/33 @ 100, 5.000%, 4/1/38	$	1,137,820
	1,890,000	Durham County, NC, Current Refunding G.O., 5.000%, 6/1/29		2,109,958
	1,225,000	East Carolina University, University & College Improvements Revenue, Series A, Callable 4/1/26 @ 100, 5.000%, 10/1/27		1,263,600
	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		1,050,160
	1,690,000	Fayetteville, NC, Public Works Commission, Multi-Utility Improvements Revenue, Callable 3/1/28 @ 100, 5.000%, 3/1/29		1,826,518
	2,000,000	Greensboro, NC, Recreational Facility Improvements G.O., Series B, Callable 4/1/32 @ 100, 5.000%, 4/1/40		2,266,520
	1,675,000	Guilford County, NC, Advance Refunding, G.O., Series A, Callable 2/1/26 @ 100, 5.000%, 2/1/28		1,735,769
	1,500,000	Guilford County, NC, School Improvements G.O., Callable 3/1/34 @ 100, 4.000%, 3/1/40		1,565,490
	880,000	Johnston County, NC, Water Utility Improvements Revenue Bonds, Callable 4/1/33 @ 100, 5.000%, 4/1/39		1,006,518
	1,000,000	Mecklenburg County, NC, Advance Refunding G.O., Series A, 5.000%, 12/1/25		1,031,190
	1,195,000	Monroe, NC, Advance Refunding Revenue Bonds, Callable 3/1/26 @ 100, 5.000%, 3/1/29		1,236,717
	1,000,000	North Carolina Agricultural & Technical State University, Series A, Refunding Revenue, Callable 10/1/25 @ 100, 5.000%, 10/1/32		1,016,880
	1,215,000	North Carolina Agricultural & Technical State University, Series A, Refunding Revenue, Callable 10/1/25 @ 100, 5.000%, 10/1/34		1,234,452
	500,000	North Carolina Agricultural & Technical State University, University & College Improvements Revenue Bonds, Callable 10/1/33 @ 100, 5.000%, 10/1/43		550,555
	500,000	North Carolina Agricultural & Technical State University, University & College Improvements Revenue Bonds, Callable 10/1/33 @ 100, 5.000%, 10/1/48		542,355

See accompanying Notes to the Financial Statements.

 62

Sterling Capital North Carolina Intermediate Tax-Free Fund

Schedule of Portfolio Investments — (continued)

March 31, 2024 (Unaudited)

Principal
Amount			Fair Value
MUNICIPAL BONDS — (continued)
		North Carolina — (continued)
$	1,000,000	North Carolina Agricultural & Technical State University, University & College Improvements Revenue Bonds, Callable 10/1/33 @ 100, 5.000%, 10/1/52	$	1,076,770
	840,000	North Carolina Capital Facilities Finance Agency, Meredith College Project, Refunding Revenue, 5.000%, 6/1/24		841,058
	750,000	North Carolina Capital Facilities Finance Agency, Meredith College Project, Refunding Revenue, 5.000%, 6/1/25		759,600
	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		1,050,194
	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		1,753,885
	1,205,000	North Carolina Central University, University & College Improvements, Revenue Bonds, Callable 4/1/29 @ 100, 5.000%, 4/1/33		1,303,087
	1,000,000	North Carolina Central University, University & College Improvements, Revenue Bonds, Callable 4/1/29 @ 100, 5.000%, 4/1/37		1,063,720
	2,000,000	North Carolina Medical Care Commission, Advance Refunding Revenue Bonds, Vidant Health, Callable 6/1/25 @ 100, 5.000%, 6/1/40		2,025,600
	2,500,000	North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, Series B, Callable 2/1/26 @ 100, 5.000%, 2/1/51(a)		2,566,825
	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		1,641,855
	1,040,000	North Carolina Municipal Power Agency No. 1, Advance Refunding Revenue Bonds, Series A, Callable 7/1/26 @ 100, 5.000%, 1/1/29		1,079,572
	2,100,000	North Carolina State, Advance Refunding Revenue Bonds, Series B, Callable 5/1/27 @ 100, 5.000%, 5/1/28		2,236,605
	3,000,000	North Carolina State, Advance Refunding Revenue Bonds, Series B, Callable 5/1/27 @ 100, 5.000%, 5/1/30(b)		3,190,500

Principal
Amount			Fair Value
MUNICIPAL BONDS — (continued)
		North Carolina — (continued)
$	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	$	2,779,800
	3,000,000	North Carolina State, Highway Improvements Revenue Bonds, Series N, Callable 3/1/31 @ 100, 4.000%, 3/1/34		3,189,420
	1,250,000	North Carolina Turnpike Authority, Senior Lien, Advance Refunding Revenue (AGM), 5.000%, 1/1/26		1,283,388
	1,500,000	North Carolina Turnpike Authority, Senior Lien, Advance Refunding Revenue (AGM), 5.000%, 1/1/27		1,569,450
	2,100,000	North Carolina Turnpike Authority, Senior Lien, Advance Refunding Revenue, Callable 1/1/27 @ 100 (AGM), 5.000%, 1/1/28		2,203,782
	1,060,000	Pitt County, NC, Advance Refunding Revenue Bonds, Series B, Callable 10/1/26 @ 100, 5.000%, 4/1/30		1,107,202
	2,000,000	Raleigh, NC, Refunding Notes G.O., Series A, Callable 4/1/33 @ 100, 5.000%, 4/1/35		2,383,860
	1,025,000	Raleigh, NC, Refunding Notes G.O., Series A, Callable 4/1/33 @ 100, 5.000%, 4/1/36		1,214,266
	2,200,000	Raleigh, NC, Refunding Notes G.O., Series A, Callable 4/1/33 @ 100, 5.000%, 4/1/40		2,526,876
	2,000,000	Raleigh, NC, Current Refunding Revenue Bonds, Series A, Callable 4/1/24 @ 100, 3.700%, 6/1/34(a)		2,000,000
	3,000,000	Raleigh, NC, Combined Enterprise System Revenue, Current Refunding Revenue Bonds, Callable 9/1/33 @ 100, 5.000%, 9/1/48		3,354,870
	1,985,000	Sampson County, NC, Refunding Revenue, Callable 12/1/25 @ 100, 5.000%, 12/1/26(b)		2,038,813
	1,025,000	Surry County, NC, School Improvements, Revenue Bonds, Callable 6/1/29 @ 100, 4.000%, 6/1/35		1,055,914
	720,000	Surry County, NC, School Improvements, Revenue Bonds, Callable 6/1/29 @ 100, 5.000%, 6/1/30		796,298
	1,470,000	Town of Apex NC, Public Improvements G.O., Series B, Callable 2/1/33 @ 100, 5.000%, 2/1/35(b)		1,748,345
	1,195,000	Town of Fuquay-Varina NC, Multi-Utility Improvements G.O., 5.000%, 8/1/31		1,387,538
	1,425,000	Town of Fuquay-Varina NC, Multi-Utility Improvements G.O., Callable 8/1/33 @ 100, 5.000%, 8/1/37		1,666,595

Continued

 63

Sterling Capital North Carolina Intermediate Tax-Free Fund

Schedule of Portfolio Investments — (continued)

March 31, 2024 (Unaudited)

Principal
Amount			Fair Value
MUNICIPAL BONDS — (continued)
		North Carolina — (continued)
$	1,080,000	Town of Garner NC, Public Improvements G.O., 5.000%, 2/1/31	$	1,244,786
	1,080,000	Town of Garner NC, Public Improvements G.O., Callable 2/1/33 @ 100, 5.000%, 2/1/34		1,284,109
	1,010,000	Town of Holly Springs, NC, Public Improvements Revenue, Callable 10/1/24 @ 100, 5.000%, 10/1/27		1,017,464
	870,000	Town of Oak Island, NC, Combined Enterprise System, Advance Refunding Revenue (AGM), 5.000%, 6/1/25		885,216
	1,030,000	Union County, NC, Public Improvements Bonds G.O., Callable 3/1/32 @ 100, 5.000%, 3/1/34		1,209,611
	1,720,000	Union County, School Improvements G.O., Callable 9/1/33 @ 100, 5.000%, 9/1/42		1,966,270
	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		1,738,545
	1,695,000	University of North Carolina at Greensboro, University & College Improvements Revenue, Callable 4/1/24 @ 100, 5.000%, 4/1/28		1,695,000
	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		1,107,140
	410,000	University of North Carolina System, Asheville/Wilmington, Refunding Revenue, Series C, Callable 4/29/24 @ 100 (Assured Guaranty), 5.250%, 10/1/24		410,303
	1,585,000	Wake County, NC, Public Improvements, G.O., Series A, Callable 3/1/28 @ 100, 5.000%, 3/1/30		1,724,591
	1,725,000	Wake County, NC, Refunding Revenue Bonds, Series A, Callable 8/1/28 @ 100, 5.000%, 8/1/32		1,887,512
	325,000	Watauga Public Facilities Corp., School Improvements Revenue Bonds, Callable 6/1/32 @ 100, 5.000%, 6/1/35		374,078
	400,000	Watauga Public Facilities Corp., School Improvements Revenue Bonds, Callable 6/1/32 @ 100, 5.000%, 6/1/36		457,532
	375,000	Watauga Public Facilities Corp., School Improvements Revenue Bonds, Callable 6/1/32 @ 100, 5.000%, 6/1/37		425,063
	375,000	Watauga Public Facilities Corp., School Improvements Revenue Bonds, Callable 6/1/32 @ 100, 5.000%, 6/1/38		422,100
	350,000	Watauga Public Facilities Corp., School Improvements Revenue Bonds, Callable 6/1/32 @ 100, 5.250%, 6/1/40		396,197

Principal
Amount			Fair Value
MUNICIPAL BONDS — (continued)
		North Carolina — (continued)
$	650,000	Watauga Public Facilities Corp., School Improvements Revenue Bonds, Callable 6/1/32 @ 100, 5.250%, 6/1/42	$	729,937
	2,060,000	Wilmington, NC, Public Improvements G.O., Series A, 5.000%, 5/1/31		2,389,126
	1,000,000	Winston-Salem, NC, Transit Improvements, Refunding Revenue, Series C, Callable 6/1/24 @ 100, 5.000%, 6/1/30		1,001,940
	1,875,000	Winston-Salem, NC, Water & Sewer System, Refunding Revenue, Series A, Callable 6/1/24 @ 100, 5.000%, 6/1/25(b)		1,880,306
	1,365,000	Winston-Salem, NC, Public Improvements G.O., Series B, Callable 6/1/33 @ 100, 5.000%, 6/1/35		1,629,551
		Total Municipal Bonds
		(Cost $128,505,328)		129,610,591

Shares
MONEY MARKET FUND — 0.4%
517,909	Federated Treasury Obligations Fund, Institutional Shares, 5.17%(c)		517,909
	Total Money Market Fund
	(Cost $517,909)		517,909
Total Investments — 98.9%
(Cost $129,023,237)			130,128,500
Net Other Assets (Liabilities) — 1.1%			1,388,350
NET ASSETS — 100.0%		$	131,516,850

(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, 2024. The maturity date reflected is the final maturity date.

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

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

AGM Assured Guaranty Municipal Corp.

G.O. General Obligation

Continued

 64

Sterling Capital South Carolina Intermediate Tax-Free Fund

Schedule of Portfolio Investments

March 31, 2024 (Unaudited)

Principal
Amount			Fair Value
MUNICIPAL BONDS — 96.1%
		South Carolina — 96.1%
$	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	$	1,043,950
	750,000	Aiken County, SC, Consolidated School District, Special Obligation Bonds, School Improvements Revenue, Callable 6/1/29 @ 100, 4.000%, 6/1/33		776,700
	1,000,000	Charleston, SC, Waterworks & Sewer System Revenue, Water Utility Improvements Revenue Bonds, Callable 1/1/30 @ 100, 5.000%, 1/1/38		1,107,800
	750,000	Charleston, SC, Waterworks & Sewer System Revenue, Water Utility Improvements Revenue Bonds, Callable 7/1/32 @ 100, 5.000%, 1/1/52(a)		822,645
	1,000,000	Columbia, SC, Waterworks & Sewer System Revenue, Water & Sewer Utility Improvements Revenue, Callable 2/1/28 @ 100, 5.000%, 2/1/48		1,081,340
	1,000,000	Columbia, SC, Waterworks & Sewer System Revenue, Water & Sewer Utility Improvements Revenue, Callable 2/1/33 @ 100, 5.250%, 2/1/52		1,114,240
	780,000	Dorchester County, School District No. 4, School Improvements G.O., Series A, Callable 9/1/33 @ 100 (SCSDE), 5.000%, 3/1/43		872,719
	1,100,000	Florence County, SC, McLeod Regional Medical Center Project, Refunding Revenue, Callable 11/1/24 @ 100, 5.000%, 11/1/33(a)		1,107,656
	830,000	Florence, SC, Combined Waterworks & Sewerage System Revenue, Water Utility Improvements Revenue Bonds, Callable 9/1/33 @ 100, 5.000%, 9/1/37		964,477
	1,000,000	Greenville Health System, Hospital System Board, Series B, Callable 5/1/24 @ 100, 5.000%, 5/1/31		1,000,500
	1,000,000	Greenwood County, United Health System Obligation, Health, Hospital, Nursing Home Improvements Revenue Bonds, Callable 10/1/31 @ 100, 5.000%, 10/1/32		1,111,310
	1,000,000	Lancaster County, SC, School District, School Improvements G.O., Series A, Callable 3/1/27 @ 100 (SCSDE), 4.000%, 3/1/30		1,025,230
	600,000	Lexington County, SC, School District No. 1, School Improvements G.O., Series B, Callable 2/1/29 @ 100 (SCSDE), 5.000%, 2/1/31		662,622

Principal
Amount			Fair Value
MUNICIPAL BONDS — (continued)
		South Carolina — (continued)
$	1,000,000	Lexington County, School District No. 2, School Improvements G.O., Series C, Callable 3/1/27 @ 100 (SCSDE), 5.000%, 3/1/31	$	1,057,930
	1,085,000	Lugoff-Elgin Water Authority, Refunding Revenue, Series B, Callable 7/1/26 @ 100, 5.000%, 7/1/30(a)		1,128,595
	1,000,000	Oconee County, Public Improvements G.O., Callable 4/1/33 @ 100 (State Aid Withholding), 5.000%, 4/1/41		1,127,440
	1,000,000	Orangeburg County, SC, Correctional Facilities Improvements, Installment Purchase Revenue Bonds, Callable 12/1/27 @ 100, 5.000%, 12/1/29		1,050,970
	670,000	Patriots Energy Group Financing Agency, Refunding Revenue Bonds, 5.250%, 2/1/54(b)		725,979
	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		1,028,930
	805,000	Richland County, SC, School District No. 2, School Improvements G.O., Series A, Callable 3/1/32 @ 100 (SCSDE), 5.000%, 3/1/36		931,796
	1,000,000	SCAGO Educational Facilities Corp. for Cherokee School District No. 1, Refunding Revenue, 5.000%, 12/1/24		1,008,280
	625,000	SCAGO Educational Facilities Corp. for Spartanburg School District No. 1, Refunding Revenue, Series B, 5.000%, 6/1/25		634,144
	600,000	SCAGO Educational Facilities Corp. for Sumter County School 17, Refunding Revenue, 5.000%, 12/1/24		604,572
	490,000	SCAGO Educational Facilities Corp. for Sumter County School 17, Refunding Revenue, 5.000%, 12/1/25		501,593
	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		872,720
	1,000,000	South Carolina Jobs-Economic Development Authority, Wofford College Project, University & College Improvements Revenue, Callable 4/1/29 @ 100, 5.000%, 4/1/44		1,038,680
	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		1,050,210

See accompanying Notes to the Financial Statements.

 65

Sterling Capital South Carolina Intermediate Tax-Free Fund

Schedule of Portfolio Investments — (continued)

March 31, 2024 (Unaudited)

Principal
Amount			Fair Value
MUNICIPAL BONDS — (continued)
		South Carolina — (continued)
$	1,000,000	Spartanburg County School District No 5, School Improvements G.O., Callable 3/1/32 @ 100 (SCSDE), 5.000%, 3/1/37	$	1,147,220
	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		1,115,660
	750,000	State of South Carolina, University & College Improvements G.O., Series A, Callable 4/1/32 @ 100, 5.000%, 4/1/39		853,538
	1,150,000	Town of Mount Pleasant, SC, Public Facilities, G.O., Callable 6/1/28 @ 100, 5.000%, 6/1/30		1,257,651
		Total Municipal Bonds
		(Cost $29,619,500)		29,827,097

Shares		Fair Value
MONEY MARKET FUND — 4.0%
1,242,907	Federated Treasury Obligations Fund, Institutional Shares, 5.17%(c)	$	1,242,907
	Total Money Market Fund
	(Cost $1,242,907)		1,242,907
Total Investments — 100.1%
(Cost $30,862,407)			31,070,004
Net Other Assets (Liabilities) — (0.1)%			(38,407	)
NET ASSETS — 100.0%		$	31,031,597

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

(b) The interest rate for this variable rate note, which will change periodically, is based either on the prime rate or an index of market rates. The reflected rate is in effect as of March 31, 2024. The maturity date reflected is the final maturity date.

(c) 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, 2024 (Unaudited)

Principal
Amount			Fair Value
MUNICIPAL BONDS — 95.3%
		Virginia — 95.3%
$	1,240,000	Albemarle County, VA, Economic Development Authority, Public Improvements Revenue, 5.000%, 6/1/27	$	1,322,894
	1,000,000	Albemarle County, VA, School Improvements G.O., (State Aid Withholding), 5.000%, 6/1/26		1,042,550
	1,000,000	Arlington County, VA, Public Improvements G.O., Callable 8/15/27 @ 100, 5.000%, 8/15/30		1,074,850
	1,000,000	Arlington County, VA, Public Improvements G.O., Series A, Callable 8/15/27 @ 100, 5.000%, 8/15/29		1,073,650
	1,770,000	Chesapeake, VA, Public Improvements, Refunding G.O., Series A, Callable 8/1/27 @ 100, 5.000%, 8/1/30		1,903,936
	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		1,112,309
	1,000,000	Chesterfield County, School Improvements G.O., Callable 1/1/33 @ 100 (State Aid Withholding), 5.000%, 1/1/39		1,144,930
	1,000,000	Chesterfield County, School Improvements G.O., Callable 1/1/33 @ 100 (State Aid Withholding), 5.000%, 1/1/40		1,139,190
	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		1,047,580
	1,145,000	Culpeper County, VA, Economic Development Authority, VA Capital Projects, Refunding Revenue, Callable 6/1/24 @ 100, 4.000%, 6/1/26		1,146,008
	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(a)		1,297,938
	1,000,000	Fredericksburg Economic Development Authority, Mary Washington Healthcare Obligation Group, Refunding Revenue, Callable 6/15/24 @ 100, 5.000%, 6/15/26		1,001,810
	1,545,000	Harrisonburg, VA, School Improvements G.O., Current Refunding, Series A (State Aid Withholding), 5.000%, 7/15/30		1,758,534
	1,000,000	Leesburg, VA, Refunding G.O., Callable 1/15/25 @ 100 (State Aid Withholding), 5.000%, 1/15/27		1,014,240
	1,000,000	Loudoun County, VA, Economic Development Authority, Public Improvements Revenue, Callable 12/1/24 @ 100, 5.000%, 12/1/27		1,010,860

Principal
Amount			Fair Value
MUNICIPAL BONDS — (continued)
		Virginia — (continued)
$	1,000,000	Loudoun County, VA, Miscellaneous Purposes Revenue G.O., Series A (State Aid Withholding), 5.000%, 12/1/29	$	1,128,190
	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		1,512,205
	1,000,000	Manassas, VA, Public Improvements, Public Facilities G.O., Callable 7/1/29 @ 100 (State Aid Withholding), 4.000%, 7/1/33		1,055,710
	1,305,000	Norfolk, Public Improvements G.O., Series A, Callable 9/1/24 @ 100 (State Aid Withholding), 5.000%, 9/1/26		1,312,334
	1,025,000	Norfolk, VA, Public Improvements G.O., Series A, Callable 3/1/31 @ 100, 5.000%, 3/1/34		1,181,681
	1,465,000	Norfolk, VA, Public Improvements, G.O., Callable 8/1/28 @ 100 (State Aid Withholding), 5.000%, 8/1/47		1,601,699
	1,000,000	Norfolk, VA, Water Revenue, Water Utility Improvements Revenue Bonds, Callable 11/1/33 @ 100, 5.000%, 11/1/40		1,143,470
	1,135,000	Norfolk, VA, Water Revenue, Water Utility Improvements Revenue Bonds, Callable 11/1/33 @ 100, 5.000%, 11/1/44		1,275,014
	1,375,000	Rappahannock Regional Jail Authority, Refunding Revenue, Callable 10/1/25 @ 100, 5.000%, 10/1/26		1,405,250
	1,295,000	Richmond, VA, Public Utility Advance Refunding Revenue Bonds, Callable 1/15/26 @ 100, 5.000%, 1/15/27		1,339,147
	1,265,000	Roanoke, VA, School Improvements G.O., Callable 4/1/32 @ 100 (State Aid Withholding), 5.000%, 4/1/34(a)		1,480,632
	1,380,000	Salem, VA, School Improvements G.O., Current Refunding, 5.000%, 5/1/28		1,497,866
	1,000,000	Spotsylvania County, School Improvements G.O., Callable 7/15/32 @ 100, 5.000%, 1/15/37		1,158,720
	1,000,000	Spotsylvania County, School Improvements G.O., Callable 7/15/32 @ 100, 5.000%, 1/15/38		1,145,670
	2,085,000	Suffolk, Water Utility Improvements G.O., Callable 2/1/32 @ 100, 5.000%, 2/1/43(a)		2,316,143
	1,000,000	Virginia Beach, VA, Storm Water Utility Revenue, Public Improvements Revenue Bonds, Series A, Callable 11/15/30 @ 100, 5.000%, 11/15/31		1,148,590

See accompanying Notes to the Financial Statements.

 67

Sterling Capital Virginia Intermediate Tax-Free Fund

Schedule of Portfolio Investments — (continued)

March 31, 2024 (Unaudited)

Principal
Amount			Fair Value
MUNICIPAL BONDS — (continued)
		Virginia — (continued)
$	1,630,000	Virginia College Building Authority, University & College Improvements Revenue Bonds, Callable 2/1/32 @ 100, 5.250%, 2/1/41	$	1,842,308
	1,000,000	Virginia College Building Authority, University & College Improvements, Revenue Bonds, Series C (State Intercept), 5.000%, 9/1/29		1,109,730
	1,215,000	Virginia Commonwealth Transportation Board, Federal Highway Transportation Grant, Callable 9/15/26 @ 100, 5.000%, 9/15/30		1,266,552
	1,000,000	Virginia Commonwealth Transportation Board, Federal Transportation Grant, Anticipation Advance Refunding Revenue, Callable 9/15/27 @ 100, 5.000%, 9/15/31		1,071,430
	1,500,000	Virginia Port Authority Commonwealth Port Fund, Airport & Marina Improvements Revenue Bonds, Series A, Callable 7/1/33 @ 100, 5.000%, 7/1/41.		1,698,165
	1,000,000	Virginia Public School Authority, School Improvements Revenue Bonds (State Aid Withholding), 5.000%, 1/15/30		1,130,080
	1,035,000	Virginia Public School Authority, School Improvements Revenue Bonds (State Aid Withholding), 5.000%, 8/15/30		1,183,067
		Total Municipal Bonds
		(Cost $48,656,930)		49,094,932

Shares
MONEY MARKET FUND — 3.8%
1,944,065	Federated Treasury Obligations Fund, Institutional Shares, 5.17%(b)		1,944,065
	Total Money Market Fund
	(Cost $1,944,065)		1,944,065
Total Investments — 99.1%
(Cost $50,600,995)			51,038,997
Net Other Assets (Liabilities) — 0.9%			485,492
NET ASSETS — 100.0%		$	51,524,489

(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, 2024 (Unaudited)

Principal
Amount			Fair Value
MUNICIPAL BONDS — 97.0%
		West Virginia — 97.0%
$	1,500,000	Berkeley County, Board of Education, School Improvements G.O. (West Virginia Board Commission), 4.000%, 6/1/28	$	1,556,190
	1,750,000	Berkeley County, Board of Education, School Improvements G.O., Callable 6/1/33 @ 100 (West Virginia Board Commission), 4.000%, 6/1/36(a)		1,848,472
	1,500,000	Berkeley County, WV, Public Service Sewer District, Miscellaneous Purposes Revenue, Series C, Callable 4/29/24 @ 100 (BAM), 4.500%, 10/1/32		1,500,345
	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)		1,117,411
	530,000	Fairmont, WV, Water Revenue, Current Refunding Revenue, Series A (BAM), 3.000%, 7/1/24		527,943
	1,000,000	Jefferson County, WV, Board of Education, School Improvements G.O., (West Virginia Board Commission), 3.000%, 6/1/29		1,000,560
	1,860,000	Marshall University, WV, University & College Improvements Revenue Bonds, Series A (AGM), 5.000%, 5/1/30		2,068,376
	2,000,000	Monongalia County, WV, Building Commission, Monongalia Health System Group Refunding Revenue, Callable 7/1/25 @ 100, 5.000%, 7/1/26		2,004,920
	705,000	Morgantown Utility Board, WV, Combined Water Utility Improvements Revenue, Series B, Callable 6/1/28 @ 100, 5.000%, 12/1/34		760,237
	1,140,000	Morgantown Utility Board, Inc., Water Utility Improvements Revenue Bonds, Series B, Callable 6/1/28 @ 100, 5.000%, 12/1/36		1,220,758
	1,075,000	Ohio County, WV, Board of Education, School Improvements G.O., (West Virginia Board Commission), 3.000%, 6/1/28		1,056,370
	2,010,000	Ohio County, WV, Board of Education, School Improvements G.O., (West Virginia Board Commission), 4.000%, 6/1/29		2,096,832
	1,000,000	Ohio County, WV, Country Commission, Fort Henry Centre Financing District, Public Improvement, Tax Allocation, Callable 4/29/24 @ 100, 4.750%, 6/1/31		999,930
	695,000	School Building Authority of West Virginia, Lottery Capital Improvements Revenue, Series A, Callable 7/1/24 @ 100, 5.000%, 7/1/27		697,217

Principal
Amount			Fair Value
MUNICIPAL BONDS — (continued)
		West Virginia — (continued)
$	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	$	1,268,820
	1,375,000	State of West Virginia, Fuel Sales Tax Revenue, Group 1 Highway Improvements, G.O., Series S, Callable 6/1/29 @ 100, 5.000%, 12/1/35		1,516,254
	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		1,177,506
	1,000,000	State of West Virginia, Fuel Sales Tax Revenue, Group 2 Highway Improvements, G.O., Series S, Callable 6/1/29 @ 100, 5.000%, 6/1/44		1,068,160
	2,090,000	State of West Virginia, Highway Improvements G.O., Series A, Callable 6/1/31 @ 100, 5.000%, 6/1/38		2,340,925
	1,640,000	State of West Virginia, Highway Improvements G.O., Series A, Callable 6/1/31 @ 100, 5.000%, 12/1/42		1,800,113
	2,505,000	State of West Virginia, Highway Improvements G.O., Series A, Callable 6/1/31 @ 100, 5.000%, 6/1/45		2,726,242
	500,000	West Virginia Economic Development Authority, Appalachian Power Company, Current Refunding Revenue Bonds, Series A, 3.375%, 3/1/40(b)(c)		497,725
	1,000,000	West Virginia Economic Development Authority, Correctional Juvenile Public Safety Facilities Lease, Refunding Revenue, Callable 4/29/24 @ 100, 5.000%, 6/1/25		1,003,890
	1,685,000	West Virginia Economic Development Authority, Correctional Juvenile Public Safety Facilities Lease, Refunding Revenue, Callable 4/29/24 @ 100, 5.000%, 6/1/26		1,686,382
	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		1,218,658
	1,500,000	West Virginia Economic Development Authority, Provident Group - Marshall Prperties L.L.C., Current Refunding Revenue Bonds, Series A-1, Callable 7/1/33 @ 100 (AGM), 5.000%, 7/1/37		1,652,400
	1,015,000	West Virginia Economic Development Authority, State Office Building 3, Public Improvements Revenue, Series D, Callable 6/1/25 @ 100, 5.000%, 6/1/26		1,032,580

See accompanying Notes to the Financial Statements.

 69

Sterling Capital West Virginia Intermediate Tax-Free Fund

Schedule of Portfolio Investments — (continued)

March 31, 2024 (Unaudited)

Principal
Amount			Fair Value
MUNICIPAL BONDS — (continued)
		West Virginia — (continued)
$	775,000	West Virginia Hospital Finance Authority, Cabell Huntington Hospital Obligated Group, Refunding Revenue, Callable 1/1/29 @ 100, 5.000%, 1/1/31	$	787,330
	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		2,192,112
	1,470,000	West Virginia Hospital Finance Authority, Charleston Area Medical Center Inc., Health, Hospital, Nursing Home Improvements, Refunding Revenue, Callable 9/1/29 @ 100, 5.000%, 9/1/39		1,504,751
	1,000,000	West Virginia Hospital Finance Authority, Health Care Facilities Revenue Bonds, Series A, Callable 6/1/33 @ 100, 5.000%, 6/1/41		1,088,750
	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		1,431,564
	1,070,000	West Virginia Housing Development FundRevenue Bonds, Series A, 3.250%, 5/1/29		1,060,413
	905,000	West Virginia Housing Development FundRevenue Bonds, Series A, 3.300%, 11/1/29		894,086
	2,980,000	West Virginia Parkways Authority, Highway Improvements, Senior Lien Revenue Bonds, Callable 6/1/31 @ 100, 5.000%, 6/1/47		3,198,881
	2,065,000	West Virginia Parkways Authority, Senior Turnpike Toll Revenue, Highway Improvements, Callable 6/1/28 @ 100, 5.000%, 6/1/39(a)		2,189,003
	1,000,000	West Virginia State School Building Authority, Lottery Revenue, School Improvements Revenue, Series A, Callable 7/1/28 @ 100, 5.000%, 7/1/29		1,085,190
	1,050,000	West Virginia State Water Development Authority, Loan Program II, Refunding Revenue, Series A-II, Callable 4/29/24 @ 100, 5.000%, 11/1/26(a)		1,050,682
	2,000,000	West Virginia State Water Development Authority, Loan Program II, Refunding Revenue, Series A-II, Callable 4/29/24 @ 100, 5.000%, 11/1/27		2,001,180
	2,160,000	West Virginia University, University & College Improvements, University Projects Revenue Bonds, Series A, Callable 10/1/24 @ 100, 5.000%, 10/1/44		2,174,256

Principal
Amount			Fair Value
MUNICIPAL BONDS — (continued)
		West Virginia — (continued)
$	1,685,000	West Virginia University, University Projects, University & College Improvements Revenue, Series A, Callable 10/1/31 @ 100, 5.000%, 10/1/43	$	1,824,855
	2,000,000	West Virginia University, University Projects, University & College Improvements Revenue, Series A, Callable 10/1/31 @ 100, 5.000%, 10/1/44		2,154,840
	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		770,170
	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		1,144,044
	1,500,000	Wood County, WV, Board of Education, School Improvements G.O., Callable 6/1/33 @ 100 (West Virginia Board Commission), 4.500%, 6/1/34		1,659,600
	2,000,000	Wood County, WV, Board of Education, School Improvements G.O., Callable 6/1/33 @ 100 (West Virginia Board Commission), 4.500%, 6/1/35		2,197,500
		Total Municipal Bonds
		(Cost $68,079,859)		67,854,423

Shares
MONEY MARKET FUND — 2.4%
1,692,356	Federated Treasury Obligations Fund, Institutional Shares, 5.17%(d)		1,692,356
	Total Money Market Fund
	(Cost $1,692,356)		1,692,356
Total Investments — 99.4%
(Cost $69,772,215)			69,546,779
Net Other Assets (Liabilities) — 0.6%			410,488
NET ASSETS — 100.0%		$	69,957,267

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

(b) The interest rate for this variable rate note, which will change periodically, is based either on the prime rate or an index of market rates. The reflected rate is in effect as of March 31, 2024. The maturity date reflected is the final maturity date.

(c) Represents securities purchased on a when-issued basis. At March 31, 2024, total cost of investments purchased on a when-issued basis was $500,000.

Continued

 70

Sterling Capital West Virginia Intermediate Tax-Free Fund

Schedule of Portfolio Investments — (continued)

March 31, 2024 (Unaudited)

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

AGM Assured Guaranty Municipal Corp.

BAM Build America Mutual

G.O. General Obligation

Continued

 71

(This page is intentionally left blank.)

Sterling Capital Funds

Statement of Assets and Liabilities

March 31, 2024 (Unaudited)

	Sterling Capital Behavioral Large Cap Value Equity Fund			Sterling Capital Mid Value Fund
Assets:
Investments at fair value (a)	$	36,099,414		$	52,251,551
Cash		20,646			12,647
Foreign currency, at value (cost $—, $—, $—, $—, $— and $306,319, respectively)		—			—
Dividends receivable		36,752			25,216
Receivable for investments sold		—			—
Receivable for capital shares issued		119			23,791
Prepaid and other expenses		15,306			30,224
Total Assets		36,172,237			52,343,429
Liabilities:
Payable for investments purchased		—			—
Payable for capital shares redeemed		259			23,623
Accrued expenses and other payables:
Investment advisory fees		13,301			25,985
Administration fees		2,657			4,070
Compliance service fees		77			103
Distribution (12b-1) fees		7,166			4,846
Audit fees		1,212			—
Custodian fees		224			388
Printing fees		—			475
Transfer agent fees		1,822			4,133
Other fees and liabilities		372			5
Total Liabilities		27,090			63,628
Net Assets	$	36,145,147		$	52,279,801
Net Assets Consist of:
Capital	$	42,621,059		$	36,658,027
Total distributable earnings		(6,475,912	)		15,621,774
Net Assets	$	36,145,147		$	52,279,801
Net Assets
Class A Shares	$	33,665,222		$	21,697,269
Class C Shares		345,654			386,617
Institutional Shares		1,722,327			29,760,081
Class R6 Shares		411,944			435,834
Total	$	36,145,147		$	52,279,801
Shares of Beneficial Interest Outstanding (Unlimited number of shares authorized, no par value)
Class A Shares		1,179,009			1,369,553
Class C Shares		12,614			31,699
Institutional Shares		59,851			1,813,668
Class R6 Shares		14,258			26,506
Total		1,265,732			3,241,426
Net Asset Value
Class A Shares - redemption price per share	$	28.55		$	15.84
Class C Shares - offering price per share*	$	27.40		$	12.20
Institutional Shares	$	28.78		$	16.41
Class R6 Shares	$	28.89		$	16.44
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	$	30.30		$	16.81
(a) Investments at cost . .	$	27,590,819		$	38,762,516

* 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
$	103,897,521		$	443,825,744		$	2,003,679,669		$	134,000,550
	20,397			70,914			—			37,237
	—			—			—			302,946
	153,400			105,388			4,430,411			1,334,473
	—			5,044,711			—			—
	49			51,914			1,351,690			—
	18,439			49,703			133,525			11,202
	104,089,806			449,148,374			2,009,595,295			135,686,408
	—			4,630,555			—			—
	—			186,775			1,926,629			—
	51,387			244,263			917,382			45,255
	2,873			32,395			148,560			4,102
	248			877			3,498			244
	1,391			79,818			158,428			99
	5,807			19,782			87,966			4,044
	1,040			4,233			18,761			10,199
	4,080			4,585			—			—
	9,590			53,043			220,794			5,247
	3,542			947			25,862			887
	79,958			5,257,273			3,507,880			70,077
$	104,009,848		$	443,891,101		$	2,006,087,415		$	135,616,331
$	78,080,123		$	213,582,757		$	1,102,293,401		$	119,460,403
	25,929,725			230,308,344			903,794,014			16,155,928
$	104,009,848		$	443,891,101		$	2,006,087,415		$	135,616,331
$	6,579,277		$	294,881,883		$	471,653,628		$	356,214
	49,680			20,109,961			72,534,570			27,045
	6,458,043			93,743,405			1,347,413,955			848,302
	90,922,848			35,155,852			114,485,262			134,384,770
$	104,009,848		$	443,891,101		$	2,006,087,415		$	135,616,331
	323,103			11,446,470			16,952,715			35,100
	2,582			1,161,308			2,637,363			2,655
	313,890			3,300,028			48,235,279			83,620
	4,412,798			1,238,122			4,094,529			13,239,838
	5,052,373			17,145,928			71,919,886			13,361,213
$	20.36		$	25.76		$	27.82		$	10.15
$	19.24		$	17.32		$	27.50		$	10.19
$	20.57		$	28.41		$	27.93		$	10.14
$	20.60		$	28.39		$	27.96		$	10.15
	5.75	%		5.75	%		5.75	%		5.75	%
$	21.61		$	27.33		$	29.52		$	10.77
$	83,768,375		$	269,982,044		$	1,270,604,053		$	111,719,647

74 

Sterling Capital Funds

Statement of Assets and Liabilities

March 31, 2024 (Unaudited)

	Sterling Capital Mid Cap Relative Value Fund			Sterling Capital Real Estate Fund
Assets:
Investments at fair value (a)	$	44,948,611		$	67,736,699
Cash		7,125			73,765
Interest and dividends receivable		29,995			227,650
Receivable for investments sold		—			—
Receivable for capital shares issued		—			140,929
Prepaid and other expenses		13,000			19,389
Total Assets		44,998,731			68,198,432
Liabilities:
Distributions payable		—			—
Payable for investments purchased		—			—
Payable for capital shares redeemed		1,000			71,033
Accrued expenses and other payables:
Investment advisory fees		22,459			32,893
Administration fees		3,547			5,384
Compliance service fees		99			166
Distribution (12b-1) fees		62			210
Accounting out-of-pocket fees		—			39
Audit fees		1,888			3,036
Printing fees		1,539			3,762
Transfer agent fees		2,213			4,815
Other fees and liabilities		975			1,430
Total Liabilities		33,782			122,768
Net Assets	$	44,964,949		$	68,075,664
Net Assets Consist of:
Capital	$	18,081,142		$	38,562,825
Total distributable earnings		26,883,807			29,512,839
Net Assets	$	44,964,949		$	68,075,664
Net Assets
Class A Shares	$	285,464		$	531,974
Class C Shares		4,021			116,109
Institutional Shares		44,675,464			66,935,898
Class R6 Shares		–			491,683
Total	$	44,964,949		$	68,075,664
Shares of Beneficial Interest Outstanding (Unlimited number of shares authorized, no par value)
Class A Shares		4,352			15,191
Class C Shares		64			3,354
Institutional Shares		676,785			1,905,453
Class R6 Shares		—			13,932
Total		681,201			1,937,930
Net Asset Value
Class A Shares - redemption price per share	$	65.60	**	$	35.02
Class C Shares - offering price per share*	$	62.93	**	$	34.62
Institutional Shares	$	66.01		$	35.13
Class R6 Shares	$	—		$	35.29
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	$	69.60		$	37.16
(a) Investments at cost	$	20,212,758		$	41,837,763

*	Redemption price per share varies by length of time shares are held.
**	Class A and C Shares of Sterling Capital Mid Cap Relative Value Fund net asset values are calculated using unrounded net assets $285,463.80 and $4,020.59, divided by unrounded shares of 4,351.88 and 63.89.

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
$	268,135,111		$	27,405,076		$	54,542,218		$	17,043,638		$	1,451,676,536
	106,717			116,514			6,952			844			27,641
	307,853			177,013			516,904			80,204			11,253,961
	—			—			—			—			3,932,463
	98,931			—			23,280			85			2,725,671
	28,787			15,017			19,352			7,201			165,025
	268,677,399			27,713,620			55,108,706			17,131,972			1,469,781,297
	—			7,097			77,713			1,081			959,901
	—			—			—			—			11,037,072
	263,608			988			252,203			266			3,194,559
	166,808			1,532			845			2,362			274,384
	20,190			2,376			3,584			1,378			84,549
	588			88			377			65			896
	1,054			1,091			716			638			12,993
	2,018			7,672			7,488			374			18,074
	15,663			1,012			4,712			634			39,190
	30,920			939			6,447			806			30,291
	51,310			1,646			12,897			893			47,376
	11,230			64			2,679			35			6,572
	563,389			24,505			369,661			8,532			15,705,857
$	268,114,010		$	27,689,115		$	54,739,045		$	17,123,440		$	1,454,075,440
$	48,587,726		$	29,005,757		$	67,676,376		$	20,365,797		$	1,624,298,758
	219,526,284			(1,316,642	)		(12,937,331	)		(3,242,357	)		(170,223,318	)
$	268,114,010		$	27,689,115		$	54,739,045		$	17,123,440		$	1,454,075,440
$	2,952,270		$	5,160,893		$	3,014,106		$	2,620,080		$	49,692,878
	559,266			–			93,074			95,114			3,036,942
	258,313,309			22,528,222			39,048,330			14,408,246			1,017,633,420
	6,289,165			–			12,583,535			–			383,712,200
$	268,114,010		$	27,689,115		$	54,739,045		$	17,123,440		$	1,454,075,440
	66,274			529,423			363,879			305,045			5,373,363
	14,201			—			11,241			11,096			327,880
	5,706,076			2,310,119			4,716,170			1,676,554			109,983,605
	138,321			—			1,519,005			—			41,477,147
	5,924,872			2,839,542			6,610,295			1,992,695			157,161,995
$	44.55		$	9.75		$	8.28		$	8.59		$	9.25
$	39.38		$	—		$	8.28		$	8.57		$	9.26
$	45.27		$	9.75		$	8.28		$	8.59		$	9.25
$	45.47		$	—		$	8.28		$	—		$	9.25
	5.75	%		0.00	%		2.00	%		2.00	%		2.00	%
$	47.26		$	9.75		$	8.45		$	8.76		$	9.44
$	79,552,678		$	27,351,308		$	54,671,387		$	18,406,922		$	1,499,377,979

76

Sterling Capital Funds

Statement of Assets and Liabilities

March 31, 2024 (Unaudited)

	Sterling Capital Long Duration Corporate Bond Fund			Sterling Capital Quality Income Fund
Assets:
Investments at fair value (a)	$	34,748,487		$	88,912,578
Cash		—			2,007
Interest and dividends receivable		453,525			300,906
Receivable for investments sold		17,618			—
Receivable for capital shares issued		—			—
Prepaid and other expenses		11,644			11,708
Total Assets		35,231,274			89,227,199
Liabilities:
Distributions payable		105			136,169
Payable for investments purchased		187,729			—
Payable for capital shares redeemed		11,949			6,913
Accrued expenses and other payables:
Investment advisory fees		4,882			22,554
Administration fees		—			7,237
Compliance service fees		65			153
Distribution (12b-1) fees		72			8
Other fees and liabilities		1,069			4,667
Total Liabilities		205,871			177,701
Net Assets	$	35,025,403		$	89,049,498
Net Assets Consist of:
Capital	$	42,302,222		$	99,428,630
Total distributable earnings		(7,276,819	)		(10,379,132	)
Net Assets	$	35,025,403		$	89,049,498
Net Assets
Class A Shares	$	342,079		$	27,779
Class C Shares		2,708			2,889
Institutional Shares		554,379			89,018,830
Class R6 Shares		34,126,237			–
Total	$	35,025,403		$	89,049,498
Shares of Beneficial Interest Outstanding (Unlimited number of shares authorized, no par value)
Class A Shares		48,596			3,125
Class C Shares		386			325
Institutional Shares		78,855			10,005,407
Class R6 Shares		4,849,677			—
Total		4,977,514			10,008,857
Net Asset Value
Class A Shares - redemption price per share	$	7.04		$	8.89
Class C Shares - offering price per share*	$	7.02		$	8.89
Institutional Shares	$	7.03		$	8.90
Class R6 Shares	$	7.04		$	—
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	$	7.18		$	9.07
(a) Investments at cost	$	39,555,710		$	95,510,999

* 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
$	130,128,500		$	31,070,004		$	51,038,997		$	69,546,779
	—			—			—			—
	1,832,365			364,100			558,661			1,059,973
	—			—			—			—
	418,594			—			65,025			—
	11,963			7,369			9,977			10,932
	132,391,422			31,441,473			51,672,660			70,617,684
	108,925			23,046			76,868			109,082
	—			—			—			500,000
	683,434			361,408			31,835			6,733
	39,181			9,253			15,597			21,013
	10,667			2,483			4,246			5,730
	306			108			209			200
	5,514			1,570			2,324			4,375
	26,545			12,008			17,092			13,284
	874,572			409,876			148,171			660,417
$	131,516,850		$	31,031,597		$	51,524,489		$	69,957,267
$	136,771,368		$	32,370,066		$	53,624,570		$	72,947,092
	(5,254,518	)		(1,338,469	)		(2,100,081	)		(2,989,825	)
$	131,516,850		$	31,031,597		$	51,524,489		$	69,957,267
$	22,275,933		$	6,200,545		$	10,966,170		$	20,555,158
	928,671			284,223			5,539			1,810
	108,312,246			24,546,829			40,552,780			49,400,299
	–			–			–			–
$	131,516,850		$	31,031,597		$	51,524,489		$	69,957,267
	2,188,294			586,927			985,142			2,167,683
	91,296			26,917			498			191
	10,642,138			2,339,537			3,644,146			5,203,458
	—			—			—			—
	12,921,728			2,953,381			4,629,786			7,371,332
$	10.18		$	10.56		$	11.13		$	9.48
$	10.17		$	10.56		$	11.11		$	9.50
$	10.18		$	10.49		$	11.13		$	9.49
$	—		$	—		$	—		$	—
	2.00	%		2.00	%		2.00	%		2.00	%
$	10.39		$	10.78		$	11.36		$	9.68
$	129,023,237		$	30,862,407		$	50,600,995		$	69,772,215

78

Sterling Capital Funds

Statements of Operations

For the Six Months Ended March 31, 2024 (Unaudited)

	Sterling Capital
	Behavioral Large			Sterling Capital
	Cap			Mid
	Value Equity Fund			Value Fund
Investment Income:
Dividend income .	$	418,185		$	388,407
Other Income		34,665			176
Foreign tax withholding		—			—
Total investment income		452,850			388,583
Expenses:
Investment advisory fees (See Note 4)		72,078			142,738
Administration fees (See Note 4)		15,513			23,042
Distribution fees - Class A Shares (See Note 4)		37,302			23,959
Distribution fees - Class C Shares (See Note 4)		1,508			1,955
Compliance service fees (See Note 4)		491			611
Trustee fees		2,653			4,101
Accounting and out-of-pocket fees		1,796			1,663
Audit fees		1,273			1,979
Custodian fees		759			1,170
Fund accounting fees (See Note 4)		1,201			1,784
Legal fees		2,801			4,233
Printing fees		1,582			2,566
Registration fees		17,064			13,603
Transfer agent fees (See Note 4)		6,915			14,548
Other fees		3,078			3,771
Total expenses before waivers		166,014			241,723
Less expenses waived by the Investment Advisor (See Note 4)		(9,004	)		(4,646	)
Less expenses waived by the Administrator (See Note 4)		(131	)		(156	)
Net expenses		156,879			236,921
Net investment income (loss)		295,971			151,662
Realized and Unrealized Gain (Loss):
Net realized gain (loss) from:
Investments		1,236,974			3,003,153
Foreign currency transactions		—			—
Change in unrealized appreciation/depreciation on:
Investments		5,700,055			4,813,113	(a)
Foreign currency transactions		—			—
Total realized and unrealized gain		6,937,029			7,816,266
Change in net assets from operations	$	7,233,000		$	7,967,928

(a) Change in unrealized appreciation (depreciation) does not include net appreciation of $ 304,144 for Sterling Capital Mid Value Fund in connection with the Fund's reorganization. See Note 9 in the Notes to Financial Statements.

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
$	1,204,710		$	1,837,425		$	24,418,968		$	2,124,690
	—			—			—			—
	(3,328	)		(17,809	)		—			(224,859	)
	1,201,382			1,819,616			24,418,968			1,899,831
	285,206			1,452,945			5,254,647			247,570
	46,036			216,642			925,591			59,940
	7,571			351,310			551,270			478
	199			109,392			341,075			124
	1,031			3,967			15,403			1,184
	9,522			42,225			177,021			10,245
	4,017			8,884			35,241			10,891
	5,062			20,201			85,960			4,829
	2,523			12,061			48,946			17,515
	3,565			16,765			71,654			4,642
	9,153			43,122			180,074			10,720
	6,054			26,564			113,177			5,625
	13,059			19,633			29,746			4,552
	16,374			164,662			849,497			14,121
	6,479			21,902			87,505			9,616
	415,851			2,510,275			8,766,807			402,052
	—			—			—			—
	(26,301	)		(16,934	)		(53,901	)		(32,780	)
	389,550			2,493,341			8,712,906			369,272
	811,832			(673,725	)		15,706,062			1,530,559
	5,674,586			64,492,834			170,942,406			6,217,335
	—			—			—			8,573
	12,052,931			12,755,797			166,496,490			11,563,062
	—			—			—			1,570
	17,727,517			77,248,631			337,438,896			17,790,540
$	18,539,349		$	76,574,906		$	353,144,958		$	19,321,099

80 

Sterling Capital Funds

Statements of Operations

For the Six Months Ended March 31, 2024 (Unaudited)

	Sterling Capital Mid Cap Relative Value Fund			Sterling Capital Real Estate Fund
Investment Income:
Interest income .	$	—		$	—
Dividend income		375,200			1,033,090
Foreign tax withholding		(2,101	)		—
Total investment income		373,099			1,033,090
Expenses:
Investment advisory fees (See Note 4)		130,032			191,458
Administration fees (See Note 4)		20,997			32,255
Distribution fees - Class A Shares (See Note 4)		442			664
Distribution fees - Class C Shares (See Note 4)		18			571
Compliance service fees (See Note 4)		595			785
Trustee fees		3,894			6,370
Accounting and out-of-pocket fees		1,689			2,055
Audit fees		1,886			3,061
Custodian fees		1,131			1,722
Fund accounting fees (See Note 4)		1,625			2,497
Interest expense (See Note 8)		—			—
Legal fees		4,001			6,317
Printing fees		2,384			4,330
Registration fees . . . . . .		8,946			12,593
Transfer agent fees (See Note 4)		8,749			23,898
Other fees		3,211			4,520
Total expenses before waivers		189,600			293,096
Less expenses waived by the Investment Advisor (See Note 4)		—			—
Less expenses waived by the Administrator (See Note 4)		—			(243	)
Net expenses		189,600			292,853
Net investment income		183,499			740,237
Realized and Unrealized Gain (Loss):
Net realized gain (loss) from:
Investments . .		3,162,645			3,203,137
Change in unrealized appreciation/depreciation on:
Investments . .		5,058,759			5,607,740
Total realized and unrealized gain		8,221,404			8,810,877
Change in net assets from operations	$	8,404,903		$	9,551,114

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
$	—		$	742,769		$	1,847,781		$	266,895		$	29,752,179
	2,060,183			32,138			35,274			3,511			811,796
	—			—			—			—			—
	2,060,183			774,907			1,883,055			270,406			30,563,975
	971,742			30,125			78,934			26,968			1,703,559
	125,557			14,596			38,315			8,165			659,658
	3,431			6,960			3,859			3,255			59,974
	2,156			—			652			586			14,644
	2,465			483			1,041			379			9,482
	27,584			2,608			10,596			1,442			88,995
	6,273			10,612			13,611			6,267			40,924
	13,618			1,217			5,181			686			42,114
	7,290			754			3,166			419			27,390
	9,717			1,129			2,960			632			51,107
	1,857			—			6,405			—			252
	25,949			2,751			9,727			1,494			110,408
	20,136			1,515			6,500			861			56,093
	14,608			13,748			17,328			5,468			45,825
	147,440			4,595			37,397			2,877			388,391
	14,289			2,049			6,098			1,864			44,345
	1,394,112			93,142			241,770			61,363			3,343,161
	(26,131	)		(37,603	)		(47,057	)		(15,587	)		(178,143	)
	(3,261	)		—			(6,275	)		—			(170,638	)
	1,364,720			55,539			188,438			45,776			2,994,380
	695,463			719,368			1,694,617			224,630			27,569,595
	38,243,457			18,660			(643,409	)		(21,497	)		(23,683,663	)
	9,578,120			188,248			2,103,971			566,383			80,509,693
	47,821,577			206,908			1,460,562			544,886			56,826,030
$	48,517,040		$	926,276		$	3,155,179		$	769,516		$	84,395,625

82 

Sterling Capital Funds

Statements of Operations  

For the Six Months Ended March 31, 2024 (Unaudited)

	Sterling Capital Long Duration Corporate Bond Fund			Sterling Capital Quality Income Fund
Investment Income:
Interest income	$	848,462		$	1,718,278
Dividend income		10,753			—
Total investment income		859,215			1,718,278
Expenses:
Investment advisory fees (See Note 4)		42,129			155,064
Administration fees (See Note 4)		16,320			42,935
Distribution fees - Class A Shares (See Note 4)		407			38
Distribution fees - Class C Shares (See Note 4)		13			14
Compliance service fees (See Note 4)		489			929
Trustee fees		2,400			7,131
Accounting and out-of-pocket fees		14,680			19,403
Audit fees		1,094			3,344
Custodian fees		775			2,200
Fund accounting fees (See Note 4)		1,264			3,323
Interest expense (See Note 8)		—			—
Legal fees		3,026			8,647
Printing fees		1,253			3,877
Registration fees		9,164			7,416
Transfer agent fees (See Note 4)		3,453			9,932
Other fees		2,805			4,845
Total expenses before waivers		99,272			269,098
Less expenses waived by the Investment Advisor (See Note 4)		(22,453	)		(19,169	)
Less expenses waived by the Administrator (See Note 4)		(15,330	)		—
Net expenses		61,489			249,929
Net investment income		797,726			1,468,349
Realized and Unrealized Gain (Loss):
Net realized gain (loss) from:
Investments		(479,700	)		(638,554	)
Change in unrealized appreciation/depreciation on:
Investments		3,407,300			4,148,385
Total realized and unrealized gain		2,927,600			3,509,831
Change in net assets from operations	$	3,725,326		$	4,978,180

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
$	1,945,972		$	500,640		$	808,417		$	1,304,417
	77,092			20,556			—			—
	2,023,064			521,196			808,417			1,304,417
	228,041			56,460			96,070			135,054
	63,146			15,640			26,615			37,405
	27,976			7,971			13,838			25,792
	4,846			1,367			27			9
	1,308			519			733			888
	12,385			3,234			6,176			7,319
	9,302			4,415			5,451			6,550
	5,915			1,543			3,010			3,490
	3,445			888			1,586			2,055
	4,887			1,210			2,059			2,894
	64			8			—			26
	11,888			3,151			5,843			7,506
	7,364			2,046			3,726			4,246
	10,133			6,128			7,581			10,690
	25,522			6,876			10,283			11,760
	7,005			2,594			4,030			4,645
	423,227			114,050			187,028			260,329
	—			(3,304	)		—			—
	—			—			—			—
	423,227			110,746			187,028			260,329
	1,599,837			410,450			621,389			1,044,088
	(581,891	)		(387,232	)		(620,382	)		(320,628	)
	6,174,452			1,671,624			2,887,405			3,464,280
	5,592,561			1,284,392			2,267,023			3,143,652
$	7,192,398		$	1,694,842		$	2,888,412		$	4,187,740

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, 2024 (Unaudited)			For the Year Ended September 30, 2023
From Investment Activities:
Operations:
Net investment income (loss)	$	295,971		$	502,228
Net realized gain (loss)		1,236,974			616,669
Change in unrealized appreciation/depreciation		5,700,055			3,500,559
Change in net assets from operations		7,233,000			4,619,456
Distributions to Shareholders:
Income distribution:
Class A		(269,580	)		(500,061	)
Class C		(1,774	)		(2,993	)
Institutional Class		(15,728	)		(30,123	)
Class R6		(3,797	)		(7,382	)
Change in net assets from shareholder distributions		(290,879	)		(540,559	)
Capital Transactions:
Change in net assets from capital transactions (See Note 5)		(1,359,779	)		(1,401,553	)
Change in net assets		5,582,342			2,677,344
Net Assets:
Beginning of period		30,562,805			27,885,461
End of period	$	36,145,147		$	30,562,805

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, 2024 (Unaudited)			For the Year Ended September 30, 2023			For the Six Months Ended March 31, 2024 (Unaudited)			For the Year Ended September 30, 2023			For the Six Months Ended March 31, 2024 (Unaudited)			For the Year Ended September 30, 2023
$	151,662		$	263,752		$	811,832		$	2,208,306		$	(673,725	)	$	(1,463,081	)
	3,003,153			3,474,632			5,674,586			(21,401	)		64,492,834			79,277,344
	4,813,113			2,593,820			12,052,931			8,721,068			12,755,797			5,111,423
	7,967,928			6,332,204			18,539,349			10,907,973			76,574,906			82,925,686
	(1,334,512	)		(3,067,418	)		(74,043	)		(62,185	)		(48,470,651	)		(21,815,525	)
	(33,683	)		(101,527	)		(549	)		(89	)		(5,349,947	)		(3,031,376	)
	(2,020,317	)		(4,879,982	)		(77,791	)		(131,693	)		(14,997,857	)		(10,387,547	)
	(27,483	)		(79,347	)		(1,055,196	)		(1,655,217	)		(6,123,350	)		(3,204,690	)
	(3,415,995	)		(8,128,274	)		(1,207,579	)		(1,849,184	)		(74,941,805	)		(38,439,138	)
	2,183,796			370,972			(3,576,030	)		45,403,164			(21,963,801	)		(74,760,160	)
	6,735,729			(1,425,098	)		13,755,740			54,461,953			(20,330,700	)		(30,273,612	)
	45,544,072			46,969,170			90,254,108			35,792,155			464,221,801			494,495,413
$	52,279,801		$	45,544,072		$	104,009,848		$	90,254,108		$	443,891,101		$	464,221,801

86

Sterling Capital Funds

Statements of Changes in Net Assets

		Sterling Capital Equity Income Fund
		For the Six Months Ended March 31, 2024 (Unaudited)			For the Year Ended September 30, 2023
From Investment Activities:
Operations:
Net investment income	$	15,706,062		$	31,286,309
Net realized gain		170,942,406			180,698,775
Change in unrealized appreciation/depreciation		166,496,490			49,418,026
Change in net assets from operations		353,144,958			261,403,110
Distributions to Shareholders:
Income distribution:
Class A		(37,559,127	)		(35,207,532	)
Class C		(5,659,221	)		(4,998,216	)
Institutional Class		(113,617,822	)		(124,192,935	)
Class R6		(8,848,725	)		(9,084,244	)
Change in net assets from shareholder distributions		(165,684,895	)		(173,482,927	)
Capital Transactions:
Change in net assets from capital transactions (See Note 5)		(62,411,695	)		(221,342,653	)
Change in net assets		125,048,368			(133,422,470	)
Net Assets:
Beginning of period		1,881,039,047			2,014,461,517
End of period	$	2,006,087,415		$	1,881,039,047

See accompanying Notes to the Financial Statements.

87

Sterling Capital Behavioral International Equity Fund						Sterling Capital Mid Cap Relative Value Fund
For the Six Months Ended March 31, 2024 (Unaudited)			For the Year Ended September 30, 2023			For the Six Months Ended March 31, 2024 (Unaudited)			For the Year Ended September 30, 2023
$	1,530,559		$	4,381,209		$	183,499		$	408,092
	6,225,908			5,416,870			3,162,645			3,980,908
	11,564,632			23,304,355			5,058,759			2,414,630
	19,321,099			33,102,434			8,404,903			6,803,630
	(18,149	)		(11,319	)		(49,762	)		(64,334	)
	(972	)		(216	)		(399	)		(513	)
	(37,616	)		(17,962	)		(5,094,498	)		(7,178,386	)
	(6,014,544	)		(3,663,801	)		-			-
	(6,071,281	)		(3,693,298	)		(5,144,659	)		(7,243,233	)
	6,050,314			(11,455,991	)		(1,774,787	)		(1,519,703	)
	19,300,132			17,953,145			1,485,457			(1,959,306	)
	116,316,199			98,363,054			43,479,492			45,438,798
$	135,616,331		$	116,316,199		$	44,964,949		$	43,479,492

88

Sterling Capital Funds

Statements of Changes in Net Assets

	Sterling Capital Real Estate Fund
	For the Six Months Ended March 31, 2024 (Unaudited)			For the Year Ended September 30, 2023
From Investment Activities:
Operations:
Net investment income	$	740,237		$	1,525,796
Net realized gain (loss)		3,203,137			4,123,735
Change in unrealized appreciation/depreciation		5,607,740			(4,241,006	)
Change in net assets from operations		9,551,114			1,408,525
Distributions to Shareholders:
Income distribution:
Class A		(34,436	)		(54,431	)
Class C		(6,991	)		(9,581	)
Institutional Class		(4,312,943	)		(6,079,027	)
Class R6		(31,299	)		(60,933	)
Change in net assets from shareholder distributions		(4,385,669	)		(6,203,972	)
Capital Transactions:
Change in net assets from capital transactions (See Note 5)		(1,371,057	)		(5,609,321	)
Change in net assets		3,794,388			(10,404,768	)
Net Assets:
Beginning of period		64,281,276			74,686,044
End of period	$	68,075,664		$	64,281,276

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, 2024 (Unaudited)			For the Year Ended September 30, 2023			For the Six Months Ended March 31, 2024 (Unaudited)			For the Year Ended September 30, 2023
$	695,463		$	1,626,307		$	719,368		$	1,054,385
	38,243,457			88,086,506			18,660			(36,397	)
	9,578,120			(38,439,825	)		188,248			525,824
	48,517,040			51,272,988			926,276			1,543,812
	(830,752	)		(561,313	)		(126,844	)		(262,277	)
	(135,464	)		(82,031	)		-			-
	(77,402,734	)		(76,098,395	)		(590,862	)		(875,649	)
	(1,738,566	)		(1,534,096	)		-			-
	(80,107,516	)		(78,275,835	)		(717,706	)		(1,137,926	)
	28,524,062			(58,556,692	)		(1,797,489	)		1,517,221
	(3,066,414	)		(85,559,539	)		(1,588,919	)		1,923,107
	271,180,424			356,739,963			29,278,034			27,354,927
$	268,114,010		$	271,180,424		$	27,689,115		$	29,278,034

90

Sterling Capital Funds

Statements of Changes in Net Assets

	Sterling Capital Short Duration Bond Fund
	For the Six Months Ended March 31, 2024 (Unaudited)			For the Year Ended September 30, 2023
From Investment Activities:
Operations:
Net investment income	$	1,694,617		$	4,221,906
Net realized (loss)		(643,409	)		(2,227,527	)
Change in unrealized appreciation/depreciation		2,103,971			3,049,062
Change in net assets from operations		3,155,179			5,043,441
Distributions to Shareholders:
Income distribution:
Class A		(63,583	)		(96,932	)
Class C		(2,118	)		(6,702	)
Institutional Class		(1,342,307	)		(3,325,550	)
Class R6		(300,872	)		(488,093	)
Change in net assets from shareholder distributions		(1,708,880	)		(3,917,277	)
Capital Transactions:
Change in net assets from capital transactions (See Note 5)		(50,658,376	)		(1,643,630	)
Change in net assets		(49,212,077	)		(517,466	)
Net Assets:
Beginning of period		103,951,122			104,468,588
End of period	$	54,739,045		$	103,951,122

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, 2024 (Unaudited)			For the Year Ended September 30, 2023			For the Six Months Ended March 31, 2024 (Unaudited)			For the Year Ended September 30, 2023
$	224,630		$	354,824		$	27,569,595		$	33,656,778
	(21,497	)		(96,205	)		(23,683,663	)		(40,413,781	)
	566,383			(134,394	)		80,509,693			15,775,118
	769,516			124,225			84,395,625			9,018,115
	(41,341	)		(68,040	)		(887,653	)		(1,498,338	)
	(1,408	)		(2,275	)		(43,096	)		(73,772	)
	(241,932	)		(377,519	)		(19,164,301	)		(24,379,270	)
	-			-			(6,927,893	)		(8,620,123	)
	(284,681	)		(447,834	)		(27,022,943	)		(34,571,503	)
	142,758			105,182			388,186,749			(29,410,288	)
	627,593			(218,427	)		445,559,431			(54,963,676	)
	16,495,847			16,714,274			1,008,516,009			1,063,479,685
$	17,123,440		$	16,495,847		$	1,454,075,440		$	1,008,516,009

92

Sterling Capital Funds

Statements of Changes in Net Assets  

	Sterling Capital Long Duration Corporate Bond Fund
	For the Six Months Ended March 31, 2024 (Unaudited)			For the Year Ended September 30, 2023
From Investment Activities:
Operations:
Net investment income	$	797,726		$	1,259,007
Net realized (loss)		(479,700	)		(1,369,799	)
Change in unrealized appreciation/depreciation		3,407,300			18,537
Change in net assets from operations		3,725,326			(92,255	)
Distributions to Shareholders:
Income distribution:
Class A		(7,166	)		(17,085	)
Class C		(47	)		(88	)
Institutional Class		(12,418	)		(16,776	)
Class R6		(778,920	)		(1,227,995	)
Change in net assets from shareholder distributions		(798,551	)		(1,261,944	)
Capital Transactions:
Change in net assets from capital transactions (See Note 5)		920,815			9,444,642
Change in net assets		3,847,590			8,090,443
Net Assets:
Beginning of period		31,177,813			23,087,370
End of period	$	35,025,403		$	31,177,813

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, 2024 (Unaudited)			For the Year Ended September 30, 2023			For the Six Months Ended March 31, 2024 (Unaudited)			For the Year Ended September 30, 2023
$	1,468,349		$	2,377,083		$	1,599,837		$	3,160,457
	(638,554	)		(284,289	)		(581,891	)		(1,664,313	)
	4,148,385			(1,950,595	)		6,174,452			751,162
	4,978,180			142,199			7,192,398			2,247,306
	(492	)		(880	)		(252,422	)		(469,880	)
	(36	)		(58	)		(7,290	)		(13,514	)
	(1,537,912	)		(2,499,050	)		(1,340,126	)		(2,677,063	)
	-			-			-			-
	(1,538,440	)		(2,499,988	)		(1,599,838	)		(3,160,457	)
	(2,430,208	)		12,111,363			(8,312,643	)		(17,394,662	)
	1,009,532			9,753,574			(2,720,083	)		(18,307,813	)
	88,039,966			78,286,392			134,236,933			152,544,746
$	89,049,498		$	88,039,966		$	131,516,850		$	134,236,933

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, 2024 (Unaudited)			For the Year Ended September 30, 2023
From Investment Activities:
Operations:
Net investment income	$	410,450		$	788,893
Net realized (loss)		(387,232	)		(703,509	)
Change in unrealized appreciation/depreciation		1,671,624			460,221
Change in net assets from operations		1,694,842			545,605
Distributions to Shareholders:
Income distribution:
Class A		(75,046	)		(135,550	)
Class C		(2,197	)		(3,836	)
Institutional Class		(333,207	)		(649,506	)
Change in net assets from shareholder distributions		(410,450	)		(788,892	)
Capital Transactions:
Change in net assets from capital transactions (See Note 5)		(5,639,780	)		(6,079,786	)
Change in net assets		(4,355,388	)		(6,323,073	)
Net Assets:
Beginning of period		35,386,985			41,710,058
End of period	$	31,031,597		$	35,386,985

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, 2024 (Unaudited)			For the Year Ended September 30, 2023			For the Six Months Ended March 31, 2024 (Unaudited)			For the Year Ended September 30, 2023
$	621,389		$	1,436,351		$	1,044,088		$	1,992,792
	(620,382	)		(714,687	)		(320,628	)		(1,503,912	)
	2,887,405			581,974			3,464,280			657,730
	2,888,412			1,303,638			4,187,740			1,146,610
	(114,282	)		(229,106	)		(260,253	)		(471,650	)
	(40	)		(151	)		(17	)		(158	)
	(507,067	)		(1,207,094	)		(783,818	)		(1,520,984	)
	(621,389	)		(1,436,351	)		(1,044,088	)		(1,992,792	)
	(13,015,295	)		(18,739,172	)		(12,977,016	)		(6,506,623	)
	(10,748,272	)		(18,871,885	)		(9,833,364	)		(7,352,805	)
	62,272,761			81,144,646			79,790,631			87,143,436
$	51,524,489		$	62,272,761		$	69,957,267		$	79,790,631

96

Sterling Capital Funds

Financial Highlights, Class A Shares

March 31, 2024 (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, 2024 (Unaudited)	$	23.10		0.23			5.45			5.68			(0.23	)		—			—			(0.23	)
Year Ended September 30, 2023	$	20.19		0.37			2.94			3.31			(0.40	)		—			—			(0.40	)
Year Ended September 30, 2022	$	22.75		0.40			(2.60	)		(2.20	)		(0.36	)		—			—			(0.36	)
Year Ended September 30, 2021	$	16.72		0.03			6.21			6.24			(0.04	)		—			(0.17	)		(0.21	)
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	)
Sterling Capital Mid Value Fund
Six Months Ended March 31, 2024 (Unaudited)	$	14.47		0.04			2.44			2.48			(0.06	)		(1.05	)		—			(1.11	)
Year Ended September 30, 2023	$	15.21		0.06			1.95			2.01			(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	)
Sterling Capital Behavioral Small Cap Value Equity Fund
Six Months Ended March 31, 2024 (Unaudited)	$	16.98		0.13			3.48			3.61			(0.23	)		—			—			(0.23	)
Year Ended September 30, 2023	$	15.12		0.26			1.78			2.04			(0.18	)		—			—			(0.18	)
Year Ended September 30, 2022	$	19.37		0.17			(2.45	)		(2.28	)		(0.15	)		(1.82	)		—			(1.97	)
Year Ended September 30, 2021	$	11.83		0.11			7.53			7.64			(0.10	)		—			—			(0.10	)
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	)
Sterling Capital Special Opportunities Fund
Six Months Ended March 31, 2024 (Unaudited)	$	26.08		(0.05	)		4.52			4.47			—			(4.79	)		—			(4.79	)
Year Ended September 30, 2023	$	23.95		(0.09	)		4.21			4.12			—			(1.99	)		—			(1.99	)
Year Ended September 30, 2022	$	33.44		(0.13	)		(5.25	)		(5.38	)		—			(4.11	)		—			(4.11	)
Year Ended September 30, 2021	$	24.67		(0.11	)		9.21			9.10			—			(0.33	)		—			(0.33	)
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	)
Sterling Capital Equity Income Fund
Six Months Ended March 31, 2024 (Unaudited)	$	25.26		0.19			4.67			4.86			(0.16	)		(2.14	)		—			(2.30	)
Year Ended September 30, 2023	$	24.27		0.35			2.73			3.08			(0.35	)		(1.74	)		—			(2.09	)
Year Ended September 30, 2022	$	26.57		0.35			(1.82	)		(1.47	)		(0.35	)		(0.48	)		—			(0.83	)
Year Ended September 30, 2021	$	20.04		0.29			6.53			6.82			(0.29	)		—			—			(0.29	)
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	)

*	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)	Portfolio turnover excludes the purchases and sales of securities by the Sterling Capital SMID Opportunities Fund acquired on January 26, 2024. If these transactions were included, portfolio turnover would have been higher.

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)
$	28.55		24.63	%	$	33,665		0.99	%		1.84	%		1.04	%		47.38	%
$	23.10		16.42	%	$	28,454		1.09	%		1.60	%		1.15	%		110.98	%
$	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	%
$	15.84		17.81	%	$	21,697		1.14	%		0.50	%		1.16	%		20.72	%(d)
$	14.47		13.45	%	$	17,911		1.16	%		0.40	%		1.18	%		19.99	%
$	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	%
$	20.36		21.29	%	$	6,579		1.11	%		1.43	%		1.11	%		35.99	%
$	16.98		13.50	%	$	5,695		1.11	%		1.54	%		1.11	%		154.69	%
$	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	%
$	25.76		18.62	%	$	294,882		1.17	%		(0.36	)%		1.17	%		22.94	%
$	26.08		17.96	%	$	269,413		1.16	%		(0.36	)%		1.16	%		31.19	%
$	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	%
$	27.82		20.02	%	$	471,654		1.07	%		1.48	%		1.07	%		24.57	%
$	25.26		12.55	%	$	418,725		1.07	%		1.34	%		1.07	%		39.43	%
$	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	%

98

Sterling Capital Funds

Financial Highlights, Class A Shares

March 31, 2024 (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, 2024 (Unaudited)	$	9.13		0.09			1.38			1.47			(0.45	)		—			—		(0.45	)
Year Ended September 30, 2023	$	7.09		0.29			1.99			2.28			(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	)
Sterling Capital Mid Cap Relative Value Fund
Six Months Ended March 31, 2024 (Unaudited)	$	60.94		0.19			11.73			11.92			(0.25	)		(7.01	)		—		(7.26	)
Year Ended September 30, 2023	$	62.45		0.40			8.65			9.05			(0.39	)		(10.17	)		—		(10.56	)
Year Ended September 30, 2022	$	78.45		0.39			(10.09	)		(9.70	)		(0.33	)		(5.97	)		—		(6.30	)
Year Ended September 30, 2021	$	58.67		0.28			19.97			20.25			(0.24	)		(0.23	)		—		(0.47	)
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	)
Sterling Capital Real Estate Fund
Six Months Ended March 31, 2024 (Unaudited)	$	32.35		0.34			4.62			4.96			(0.20	)		(2.09	)		—		(2.29	)
Year Ended September 30, 2023	$	34.86		0.64			(0.25	)		0.39			(0.67	)		(2.23	)		—		(2.90	)
Year Ended September 30, 2022	$	46.09		0.27			(7.99	)		(7.72	)		(0.52	)		(2.99	)		—		(3.51	)
Year Ended September 30, 2021	$	36.61		0.35			10.46			10.81			(0.51	)		(0.82	)		—		(1.33	)
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	)
Sterling Capital Small Cap Value Fund
Six Months Ended March 31, 2024 (Unaudited)	$	52.17		0.07			8.64			8.71			(0.13	)		(16.20	)		—		(16.33	)
Year Ended September 30, 2023	$	57.67		0.16			8.11			8.27			(0.09	)		(13.68	)		—		(13.77	)
Year Ended September 30, 2022	$	83.01		0.09			(8.16	)		(8.07	)		—			(17.27	)		—		(17.27	)
Year Ended September 30, 2021	$	63.67		(0.01	)		30.82			30.81			(0.25	)		(11.22	)		—		(11.47	)
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	)
Sterling Capital Ultra Short Bond Fund
Six Months Ended March 31, 2024 (Unaudited)	$	9.68		0.22			0.07			0.29			(0.22	)		—			—		(0.22	)
Year Ended September 30, 2023	$	9.55		0.31			0.16			0.47			(0.34	)		—			—		(0.34	)
Year Ended September 30, 2022	$	9.78		0.08			(0.19	)		(0.11	)		(0.12	)		—			—		(0.12	)
Year Ended September 30, 2021	$	9.82		0.08			(0.02	)		0.06			(0.10	)		—			—		(0.10	)
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	)

*	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)
$	10.15		16.42	%	$	356		0.90	%		1.97	%		0.90	%		41.78	%
$	9.13		32.53	%	$	369		0.92	%		3.26	%		0.92	%		86.05	%
$	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	%
$	65.60		20.95	%	$	285		1.12	%		0.63	%		1.12	%		0.76	%
$	60.94		14.75	%	$	460		1.12	%		0.65	%		1.12	%		4.89	%
$	62.45		(13.89	)%	$	380		1.10	%		0.53	%		1.10	%		7.94	%
$	78.45		34.65	%	$	369		1.10	%		0.38	%		1.11	%		8.23	%
$	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	%
$	35.02		15.39	%	$	532		1.13	%		2.02	%		1.13	%		4.51	%
$	32.35		0.70	%	$	543		1.12	%		1.81	%		1.12	%		6.06	%
$	34.86		(18.60	)%	$	670		1.07	%		0.60	%		1.07	%		12.58	%
$	46.09		30.08	%	$	719		1.05	%		0.82	%		1.05	%		12.68	%
$	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	%
$	44.55		20.10	%	$	2,952		1.30	%		0.30	%		1.32	%		2.58	%
$	52.17		15.05	%	$	2,656		1.28	%		0.29	%		1.30	%		0.77	%
$	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	%
$	9.75		3.04	%	$	5,161		0.57	%		4.57	%		0.82	%		29.91	%
$	9.68		4.97	%	$	5,756		0.52	%		3.26	%		0.82	%		45.10	%
$	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	%

100

Sterling Capital Funds

Financial Highlights, Class A Shares

March 31, 2024 (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, 2024 (Unaudited)	$	8.14		0.17		0.14			0.31			(0.17	)		—			—		(0.17	)
Year Ended September 30, 2023	$	8.08		0.25		0.04			0.29			(0.23	)		—			—		(0.23	)
Year Ended September 30, 2022	$	8.68		0.08		(0.51	)		(0.43	)		(0.17	)		—			—		(0.17	)
Year Ended September 30, 2021	$	8.78		0.10		(0.02	)		0.08			(0.18	)		—			—		(0.18	)
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	)
Sterling Capital Intermediate U.S. Government Fund
Six Months Ended March 31, 2024 (Unaudited)	$	8.34		0.10		0.28			0.38			(0.13	)		—			—		(0.13	)
Year Ended September 30, 2023	$	8.51		0.16		(0.12	)		0.04			(0.21	)		—			—		(0.21	)
Year Ended September 30, 2022	$	9.78		0.08		(1.15	)		(1.07	)		(0.20	)		—			—		(0.20	)
Year Ended September 30, 2021	$	10.13		0.06		(0.18	)		(0.12	)		(0.23	)		—			—		(0.23	)
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	)
Sterling Capital Total Return Bond Fund
Six Months Ended March 31, 2024 (Unaudited)	$	8.87		0.17		0.38			0.55			(0.17	)		—			—		(0.17	)
Year Ended September 30, 2023	$	9.11		0.28		(0.24	)		0.04			(0.28	)		—			—		(0.28	)
Year Ended September 30, 2022	$	11.04		0.18		(1.80	)		(1.62	)		(0.22	)		(0.09	)		—		(0.31	)
Year Ended September 30, 2021	$	11.38		0.17		(0.12	)		0.05			(0.24	)		(0.15	)		—		(0.39	)
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	)
Sterling Capital Long Duration Corporate Bond Fund
Six Months Ended March 31, 2024 (Unaudited)	$	6.45		0.15		0.59			0.74			(0.15	)		—			—		(0.15	)
Year Ended September 30, 2023	$	6.63		0.28		(0.17	)		0.11			(0.29	)		—			—		(0.29	)
Year Ended September 30, 2022	$	10.51		0.25		(2.85	)		(2.60	)		(0.25	)		(1.03	)		—		(1.28	)
Year Ended September 30, 2021	$	10.78		0.25		0.03			0.28			(0.25	)		(0.30	)		—		(0.55	)
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	)
Sterling Capital Quality Income Fund
Six Months Ended March 31, 2024 (Unaudited)	$	8.56		0.13		0.34			0.47			(0.14	)		—			—		(0.14	)
Year Ended September 30, 2023	$	8.78		0.23		(0.21	)		0.02			(0.24	)		—			—		(0.24	)
Year Ended September 30, 2022	$	10.04		0.14		(1.23	)		(1.09	)		(0.17	)		—			—		(0.17	)
Year Ended September 30, 2021	$	10.25		0.13		(0.15	)		(0.02	)		(0.19	)		—			—		(0.19	)
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	)

*	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)
$	8.28		3.83	%	$	3,014		0.74	%		4.09	%		0.86	%		36.06	%
$	8.14		3.62	%	$	3,228		0.70	%		3.02	%		0.73	%		98.01	%
$	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	%
$	8.59		4.63	%	$	2,620		0.75	%		2.46	%		0.93	%		3.47	%
$	8.34		0.43	%	$	2,550		0.75	%		1.89	%		0.94	%		7.91	%
$	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	%
$	9.25		6.22	%	$	49,693		0.70	%		3.78	%		0.73	%		30.23	%
$	8.87		0.41	%	$	46,772		0.70	%		2.99	%		0.76	%		47.80	%
$	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	%
$	7.04		11.56	%	$	342		0.70	%		4.40	%		0.84	%		12.32	%
$	6.45		1.38	%	$	308		0.70	%		4.09	%		0.89	%		26.27	%
$	6.63		(27.78	)%	$	436		0.85	%		2.94	%		1.04	%		161.62	%
$	10.51		2.67	%	$	632		0.97	%		2.40	%		1.16	%		47.29	%
$	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	%
$	8.89		5.53	%	$	28		0.81	%		3.06	%		0.86	%		12.98	%
$	8.56		0.18	%	$	32		0.83	%		2.57	%		0.88	%		9.85	%
$	8.78		(10.93	)%	$	32		0.82	%		1.44	%		0.86	%		35.18	%
$	10.04		(0.23	)%	$	29		0.82	%		1.29	%		0.86	%		73.60	%
$	10.25		4.07	%	$	25		0.84	%		2.06	%		0.88	%		35.96	%
$	10.09		8.13	%	$	20		0.85	%		2.90	%		0.89	%		17.58	%

102

Sterling Capital Funds

Financial Highlights, Class A Shares

March 31, 2024 (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, 2024 (Unaudited)	$	9.75		0.11		0.43			0.54			(0.11	)		—			—		(0.11	)
Year Ended September 30, 2023	$	9.84		0.20		(0.09	)		0.11			(0.20	)		—			—		(0.20	)
Year Ended September 30, 2022	$	10.97		0.16		(1.13	)		(0.97	)		(0.16	)		—			—		(0.16	)
Year Ended September 30, 2021	$	11.12		0.15		(0.15	)		—			(0.15	)		—			—		(0.15	)
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	)
Sterling Capital South Carolina Intermediate Tax-Free Fund
Six Months Ended March 31, 2024 (Unaudited)	$	10.16		0.12		0.40			0.52			(0.12	)		—			—		(0.12	)
Year Ended September 30, 2023	$	10.24		0.20		(0.08	)		0.12			(0.20	)		—			—		(0.20	)
Year Ended September 30, 2022	$	11.40		0.18		(1.16	)		(0.98	)		(0.18	)		—			—		(0.18	)
Year Ended September 30, 2021	$	11.47		0.17		(0.07	)		0.10			(0.17	)		—			—		(0.17	)
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	)
Sterling Capital Virginia Intermediate Tax-Free Fund
Six Months Ended March 31, 2024 (Unaudited)	$	10.69		0.11		0.44			0.55			(0.11	)		—			—		(0.11	)
Year Ended September 30, 2023	$	10.77		0.20		(0.08	)		0.12			(0.20	)		—			—		(0.20	)
Year Ended September 30, 2022	$	11.98		0.16		(1.20	)		(1.04	)		(0.16	)		(0.01	)		—		(0.17	)
Year Ended September 30, 2021	$	12.23		0.16		(0.22	)		(0.06	)		(0.16	)		(0.03	)		—		(0.19	)
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	)
Sterling Capital West Virginia Intermediate Tax-Free Fund
Six Months Ended March 31, 2024 (Unaudited)	$	9.12		0.12		0.36			0.48			(0.12	)		—			—		(0.12	)
Year Ended September 30, 2023	$	9.22		0.20		(0.10	)		0.10			(0.20	)		—			—		(0.20	)
Year Ended September 30, 2022	$	10.20		0.15		(0.98	)		(0.83	)		(0.15	)		—	(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	)

* 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)
$	10.18		5.59	%	$	22,276		0.85	%		2.26	%		0.85	%		15.09	%
$	9.75		1.08	%	$	22,320		0.85	%		1.99	%		0.85	%		38.07	%
$	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	%
$	10.56		5.16	%	$	6,201		0.88	%		2.35	%		0.90	%		12.32	%
$	10.16		1.15	%	$	6,369		0.87	%		1.92	%		0.88	%		32.34	%
$	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	%
$	11.13		5.19	%	$	10,966		0.88	%		2.06	%		0.88	%		10.63	%
$	10.69		1.05	%	$	11,272		0.86	%		1.78	%		0.86	%		17.86	%
$	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	%
$	9.48		5.26	%	$	20,555		0.86	%		2.52	%		0.86	%		7.80	%
$	9.12		1.07	%	$	20,855		0.86	%		2.14	%		0.86	%		37.11	%
$	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	%

104 

Sterling Capital Funds

Financial Highlights, Class C Shares

March 31, 2024 (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, 2024 (Unaudited)	$	22.19		0.13			5.22			5.35			(0.14	)		—			—			(0.14	)
Year Ended September 30, 2023	$	19.41		0.19			2.83			3.02			(0.24	)		—			—			(0.24	)
Year Ended September 30, 2022	$	21.88		0.21			(2.49	)		(2.28	)		(0.19	)		—			—			(0.19	)
Year Ended September 30, 2021	$	16.17		(0.04	)		5.92			5.88			(0.03	)		—			(0.14	)		(0.17	)
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	)
Sterling Capital Mid Value Fund
Six Months Ended March 31, 2024 (Unaudited)	$	11.36		(0.01	)		1.90			1.89			—			(1.05	)		—			(1.05	)
Year Ended September 30, 2023	$	12.52		(0.04	)		1.60			1.56			—			(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	)
Sterling Capital Behavioral Small Cap Value Equity Fund
Six Months Ended March 31, 2024 (Unaudited)	$	16.10		0.05			3.30			3.35			(0.21	)		—			—			(0.21	)
Year Ended September 30, 2023	$	14.33		0.13			1.69			1.82			(0.05	)		—			—			(0.05	)
Year Ended September 30, 2022	$	18.46		0.03			(2.34	)		(2.31	)		—			(1.82	)		—			(1.82	)
Year Ended September 30, 2021	$	11.28		0.01			7.17			7.18			—			—			—			—
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	)
Sterling Capital Special Opportunities Fund
Six Months Ended March 31, 2024 (Unaudited)	$	19.02		(0.10	)		3.19			3.09			—			(4.79	)		—			(4.79	)
Year Ended September 30, 2023	$	18.09		(0.21	)		3.13			2.92			—			(1.99	)		—			(1.99	)
Year Ended September 30, 2022	$	26.39		(0.27	)		(3.92	)		(4.19	)		—			(4.11	)		—			(4.11	)
Year Ended September 30, 2021	$	19.67		(0.27	)		7.32			7.05			—			(0.33	)		—			(0.33	)
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	)
Sterling Capital Equity Income Fund
Six Months Ended March 31, 2024 (Unaudited)	$	25.00		0.09			4.62			4.71			(0.07	)		(2.14	)		—			(2.21	)
Year Ended September 30, 2023	$	24.04		0.15			2.70			2.85			(0.15	)		(1.74	)		—			(1.89	)
Year Ended September 30, 2022	$	26.32		0.15			(1.81	)		(1.66	)		(0.14	)		(0.48	)		—			(0.62	)
Year Ended September 30, 2021	$	19.83		0.10			6.47			6.57			(0.08	)		—			—			(0.08	)
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	)
Sterling Capital Behavioral International Equity Fund
Six Months Ended March 31, 2024 (Unaudited)	$	9.13		0.07			1.37			1.44			(0.38	)		—			—			(0.38	)
Year Ended September 30, 2023	$	7.01		0.19			2.01			2.20			(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	)

*	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)	Portfolio turnover excludes the purchases and sales of securities by the Sterling Capital SMID Opportunities Fund acquired on January 26, 2024. If these transactions were included, portfolio turnover would have been higher.

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)
$	27.40		24.13	%	$	346		1.74	%		1.09	%		1.79	%		47.38	%
$	22.19		15.57	%	$	280		1.84	%		0.85	%		1.90	%		110.98	%
$	19.41		(10.50	)%	$	248		1.75	%		0.93	%		1.78	%		125.15	%
$	21.88		36.56	%	$	304		1.60	%		(0.22	)%		1.79	%		122.64	%
$	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	%
$	12.20		17.42	%	$	387		1.89	%		(0.23	)%		1.91	%		20.72	%(d)
$	11.36		12.57	%	$	379		1.91	%		(0.35	)%		1.93	%		19.99	%
$	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	%
$	19.24		20.83	%	$	50		1.86	%		0.57	%		1.86	%		35.99	%
$	16.10		12.70	%	$	28		1.86	%		0.79	%		1.86	%		154.69	%
$	14.33		(14.19	)%	$	29		1.85	%		0.19	%		1.85	%		70.82	%
$	18.46		63.65	%	$	38		1.82	%		0.04	%		1.82	%		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	%
$	17.32		18.23	%	$	20,110		1.92	%		(1.10	)%		1.92	%		22.94	%
$	19.02		17.07	%	$	22,619		1.91	%		(1.11	)%		1.91	%		31.19	%
$	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	%
$	27.50		19.57	%	$	72,535		1.82	%		0.73	%		1.82	%		24.57	%
$	25.00		11.71	%	$	64,849		1.82	%		0.60	%		1.82	%		39.43	%
$	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	%
$	10.19		16.05	%	$	27		1.63	%		1.43	%		1.63	%		41.78	%
$	9.13		31.56	%	$	23		1.66	%		2.25	%		1.66	%		86.05	%
$	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	%

106

Sterling Capital Funds

Financial Highlights, Class C Shares 

March 31, 2024 (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 Mid Cap Relative Value Fund
Six Months Ended March 31, 2024 (Unaudited)	$	58.68		(0.01	)		11.27			11.26			—			(7.01	)		—		(7.01	)
Year Ended September 30, 2023	$	60.48		(0.01	)		8.38			8.37			—			(10.17	)		—		(10.17	)
Year Ended September 30, 2022	$	76.32		(0.08	)		(9.79	)		(9.87	)		—			(5.97	)		—		(5.97	)
Year Ended September 30, 2021	$	57.24		(0.17	)		19.48			19.31			—			(0.23	)		—		(0.23	)
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	)
Sterling Capital Real Estate Fund
Six Months Ended March 31, 2024 (Unaudited)	$	32.00		0.21			4.57			4.78			(0.07	)		(2.09	)		—		(2.16	)
Year Ended September 30, 2023	$	34.53		0.37			(0.25	)		0.12			(0.42	)		(2.23	)		—		(2.65	)
Year Ended September 30, 2022	$	45.65		(0.06	)		(7.89	)		(7.95	)		(0.18	)		(2.99	)		—		(3.17	)
Year Ended September 30, 2021	$	36.33		0.03			10.37			10.40			(0.26	)		(0.82	)		—		(1.08	)
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	)
Sterling Capital Small Cap Value Fund
Six Months Ended March 31, 2024 (Unaudited)	$	47.89		(0.09	)		7.78			7.69			—			(16.20	)		—		(16.20	)
Year Ended September 30, 2023	$	54.20		(0.22	)		7.59			7.37			—			(13.68	)		—		(13.68	)
Year Ended September 30, 2022	$	79.47		(0.42	)		(7.58	)		(8.00	)		—			(17.27	)		—		(17.27	)
Year Ended September 30, 2021	$	61.56		(0.58	)		29.71			29.13			—			(11.22	)		—		(11.22	)
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	)
Sterling Capital Short Duration Bond Fund
Six Months Ended March 31, 2024 (Unaudited)	$	8.14		0.14			0.14			0.28			(0.14	)		—			—		(0.14	)
Year Ended September 30, 2023	$	8.08		0.18			0.05			0.23			(0.17	)		—			—		(0.17	)
Year Ended September 30, 2022	$	8.68		0.01			(0.50	)		(0.49	)		(0.11	)		—			—		(0.11	)
Year Ended September 30, 2021	$	8.77		0.04			(0.01	)		0.03			(0.12	)		—			—		(0.12	)
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	)

* 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)
$	62.93		20.57	%	$	4		1.77	%		(0.04	)%		1.77	%		0.76	%
$	58.68		14.00	%	$	3		1.77	%		(0.01	)%		1.77	%		4.89	%
$	60.48		(14.45	)%	$	3		1.74	%		(0.11	)%		1.74	%		7.94	%
$	76.32		33.80	%	$	3		1.85	%		(0.23	)%		1.85	%		8.23	%
$	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	%
$	34.62		14.95	%	$	116		1.88	%		1.25	%		1.88	%		4.51	%
$	32.00		(0.06	)%	$	112		1.86	%		1.05	%		1.86	%		6.06	%
$	34.53		(19.19	)%	$	125		1.82	%		(0.14	)%		1.82	%		12.58	%
$	45.65		29.14	%	$	182		1.81	%		0.08	%		1.81	%		12.68	%
$	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	%
$	39.38		19.66	%	$	559		2.05	%		(0.46	)%		2.07	%		2.58	%
$	47.89		14.18	%	$	458		2.03	%		(0.45	)%		2.05	%		0.77	%
$	54.20		(14.79	)%	$	320		2.00	%		(0.63	)%		2.00	%		5.26	%
$	79.47		51.27	%	$	375		1.98	%		(0.75	)%		2.01	%		6.15	%
$	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	%
$	8.28		3.45	%	$	93		1.49	%		3.28	%		1.61	%		36.06	%
$	8.14		2.84	%	$	280		1.45	%		2.23	%		1.48	%		98.01	%
$	8.08		(5.73	)%	$	409		1.47	%		0.13	%		1.47	%		76.98	%
$	8.68		0.29	%	$	988		1.43	%		0.40	%		1.46	%		39.26	%
$	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	%

 108

Sterling Capital Funds

Financial Highlights, Class C Shares

March 31, 2024 (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, 2024 (Unaudited)	$	8.32		0.07			0.28			0.35			(0.10	)		—			—		(0.10	)
Year Ended September 30, 2023	$	8.49		0.10			(0.12	)		(0.02	)		(0.15	)		—			—		(0.15	)
Year Ended September 30, 2022	$	9.76		0.01			(1.15	)		(1.14	)		(0.13	)		—			—		(0.13	)
Year Ended September 30, 2021	$	10.11		(0.01	)		(0.19	)		(0.20	)		(0.15	)		—			—		(0.15	)
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	)
Sterling Capital Total Return Bond Fund
Six Months Ended March 31, 2024 (Unaudited)	$	8.89		0.14			0.36			0.50			(0.13	)		—			—		(0.13	)
Year Ended September 30, 2023	$	9.12		0.21			(0.23	)		(0.02	)		(0.21	)		—			—		(0.21	)
Year Ended September 30, 2022	$	11.06		0.10			(1.80	)		(1.70	)		(0.15	)		(0.09	)		—		(0.24	)
Year Ended September 30, 2021	$	11.40		0.09			(0.13	)		(0.04	)		(0.15	)		(0.15	)		—		(0.30	)
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	)
Sterling Capital Long Duration Corporate Bond Fund
Six Months Ended March 31, 2024 (Unaudited)	$	6.44		0.12			0.58			0.70			(0.12	)		—			—		(0.12	)
Year Ended September 30, 2023	$	6.61		0.23			(0.17	)		0.06			(0.23	)		—			—		(0.23	)
Year Ended September 30, 2022	$	10.49		0.17			(2.83	)		(2.66	)		(0.19	)		(1.03	)		—		(1.22	)
Year Ended September 30, 2021	$	10.76		0.18			0.03			0.21			(0.18	)		(0.30	)		—		(0.48	)
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	)
Sterling Capital Quality Income Fund
Six Months Ended March 31, 2024 (Unaudited)	$	8.56		0.10			0.34			0.44			(0.11	)		—			—		(0.11	)
Year Ended September 30, 2023	$	8.78		0.16			(0.20	)		(0.04	)		(0.18	)		—			—		(0.18	)
Year Ended September 30, 2022	$	10.03		0.07			(1.21	)		(1.14	)		(0.11	)		—			—		(0.11	)
Year Ended September 30, 2021	$	10.24		0.06			(0.15	)		(0.09	)		(0.12	)		—			—		(0.12	)
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	)
Sterling Capital North Carolina Intermediate Tax-Free Fund
Six Months Ended March 31, 2024 (Unaudited)	$	9.74		0.08			0.43			0.51			(0.08	)		—			—		(0.08	)
Year Ended September 30, 2023	$	9.83		0.12			(0.08	)		0.04			(0.13	)		—			—		(0.13	)
Year Ended September 30, 2022	$	10.96		0.08			(1.13	)		(1.05	)		(0.08	)		—			—		(0.08	)
Year Ended September 30, 2021	$	11.12		0.07			(0.16	)		(0.09	)		(0.07	)		—			—		(0.07	)
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	)

* 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)
$	8.57		4.25	%	$	95		1.50	%		1.71	%		1.68	%		3.47	%
$	8.32		(0.32	)%	$	123		1.50	%		1.18	%		1.69	%		7.91	%
$	8.49		(11.81	)%	$	98		1.48	%		0.12	%		1.67	%		14.18	%
$	9.76		(1.97	)%	$	124		1.43	%		(0.11	)%		1.61	%		71.31	%
$	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	%
$	9.26		5.70	%	$	3,037		1.45	%		3.02	%		1.48	%		30.23	%
$	8.89		(0.22	)%	$	2,903		1.45	%		2.23	%		1.51	%		47.80	%
$	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	%
$	7.02		10.98	%	$	3		1.47	%		3.61	%		1.47	%		12.32	%
$	6.44		0.78	%	$	2		1.45	%		3.36	%		1.61	%		26.27	%
$	6.61		(28.37	)%	$	2		1.65	%		1.92	%		1.82	%		161.62	%
$	10.49		1.98	%	$	3		1.72	%		1.70	%		1.88	%		47.29	%
$	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	%
$	8.89		5.18	%	$	3		1.49	%		2.39	%		1.52	%		12.98	%
$	8.56		(0.52	)%	$	3		1.53	%		1.86	%		1.55	%		9.85	%
$	8.78		(11.45	)%	$	3		1.50	%		0.74	%		1.52	%		35.18	%
$	10.03		(0.92	)%	$	3		1.57	%		0.58	%		1.59	%		73.60	%
$	10.24		3.34	%	$	3		1.57	%		1.63	%		1.61	%		35.96	%
$	10.08		7.21	%	$	34		1.60	%		2.15	%		1.64	%		17.58	%
$	10.17		5.20	%	$	929		1.60	%		1.50	%		1.60	%		15.09	%
$	9.74		0.32	%	$	966		1.60	%		1.24	%		1.60	%		38.07	%
$	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	%

 110

Sterling Capital Funds

Financial Highlights, Class C Shares 

March 31, 2024 (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, 2024 (Unaudited)	$	10.15		0.08		0.41			0.49			(0.08	)		—			—		(0.08	)
Year Ended September 30, 2023	$	10.24		0.12		(0.09	)		0.03			(0.12	)		—			—		(0.12	)
Year Ended September 30, 2022	$	11.39		0.10		(1.15	)		(1.05	)		(0.10	)		—			—		(0.10	)
Year Ended September 30, 2021	$	11.46		0.08		(0.07	)		0.01			(0.08	)		—			—		(0.08	)
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	)
Sterling Capital Virginia Intermediate Tax-Free Fund
Six Months Ended March 31, 2024 (Unaudited)	$	10.67		0.08		0.44			0.52			(0.08	)		—			—		(0.08	)
Year Ended September 30, 2023	$	10.77		0.11		(0.09	)		0.02			(0.12	)		—			—		(0.12	)
Year Ended September 30, 2022	$	11.97		0.07		(1.18	)		(1.11	)		(0.08	)		(0.01	)		—		(0.09	)
Year Ended September 30, 2021	$	12.22		0.07		(0.22	)		(0.15	)		(0.07	)		(0.03	)		—		(0.10	)
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	)
Sterling Capital West Virginia Intermediate Tax-Free Fund
Six Months Ended March 31, 2024 (Unaudited)	$	9.14		0.09		0.36			0.45			(0.09	)		—			—		(0.09	)
Year Ended September 30, 2023	$	9.22		0.13		(0.07	)		0.06			(0.14	)		—			—		(0.14	)
Year Ended September 30, 2022	$	10.20		0.08		(0.98	)		(0.90	)		(0.08	)		—	(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	)

* 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)
$	10.56		4.87	%	$	284		1.63	%		1.61	%		1.65	%		12.32	%
$	10.15		0.30	%	$	268		1.62	%		1.17	%		1.63	%		32.34	%
$	10.24		(9.27	)%	$	340		1.59	%		0.89	%		1.59	%		9.94	%
$	11.39		0.10	%	$	603		1.56	%		0.72	%		1.56	%		20.23	%
$	11.46		2.72	%	$	955		1.56	%		1.01	%		1.56	%		4.84	%
$	11.27		5.93	%	$	978		1.56	%		1.13	%		1.56	%		23.84	%
$	11.11		4.89	%	$	6		1.49	%		1.47	%		1.49	%		10.63	%
$	10.67		0.13	%	$	5		1.59	%		1.03	%		1.59	%		17.86	%
$	10.77		(9.32	)%	$	16		1.57	%		0.61	%		1.57	%		37.23	%
$	11.97		(1.27	)%	$	57		1.57	%		0.58	%		1.57	%		8.98	%
$	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	%
$	9.50		4.95	%	$	2		1.44	%		1.95	%		1.44	%		7.80	%
$	9.14		0.62	%	$	2		1.57	%		1.34	%		1.57	%		37.11	%
$	9.22		(8.85	)%	$	23		1.56	%		0.82	%		1.56	%		18.08	%
$	10.20		(0.13	)%	$	25		1.56	%		0.83	%		1.56	%		8.56	%
$	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	%

 112

Sterling Capital Funds

Financial Highlights, Institutional Shares 

March 31, 2024 (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, 2024 (Unaudited)	$	23.28		0.26			5.50			5.76			(0.26	)		—			—			(0.26	)
Year Ended September 30, 2023	$	20.34		0.42			2.98			3.40			(0.46	)		—			—			(0.46	)
Year Ended September 30, 2022	$	22.96		0.46			(2.62	)		(2.16	)		(0.46	)		—			—			(0.46	)
Year Ended September 30, 2021	$	16.83		0.09			6.24			6.33			(0.04	)		—			(0.16	)		(0.20	)
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	)
Sterling Capital Mid Value Fund
Six Months Ended March 31, 2024 (Unaudited)	$	14.97		0.06			2.53			2.59			(0.10	)		(1.05	)		—			(1.15	)
Year Ended September 30, 2023	$	15.65		0.10			2.02			2.12			(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	)
Sterling Capital Behavioral Small Cap Value Equity Fund
Six Months Ended March 31, 2024 (Unaudited)	$	17.15		0.16			3.50			3.66			(0.24	)		—			—			(0.24	)
Year Ended September 30, 2023	$	15.29		0.31			1.81			2.12			(0.26	)		—			—			(0.26	)
Year Ended September 30, 2022	$	19.58		0.22			(2.49	)		(2.27	)		(0.20	)		(1.82	)		—			(2.02	)
Year Ended September 30, 2021	$	11.95		0.16			7.60			7.76			(0.13	)		—			—			(0.13	)
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	)
Sterling Capital Special Opportunities Fund
Six Months Ended March 31, 2024 (Unaudited)	$	28.28		(0.01	)		4.93			4.92			—			(4.79	)		—			(4.79	)
Year Ended September 30, 2023	$	25.75		(0.03	)		4.55			4.52			—			(1.99	)		—			(1.99	)
Year Ended September 30, 2022	$	35.59		(0.06	)		(5.67	)		(5.73	)		—			(4.11	)		—			(4.11	)
Year Ended September 30, 2021	$	26.20		(0.03	)		9.79			9.76			(0.04	)		(0.33	)		—			(0.37	)
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			0.00	(e)		(1.86	)		—			(1.86	)
Sterling Capital Equity Income Fund
Six Months Ended March 31, 2024 (Unaudited)	$	25.35		0.23			4.68			4.91			(0.19	)		(2.14	)		—			(2.33	)
Year Ended September 30, 2023	$	24.35		0.41			2.74			3.15			(0.41	)		(1.74	)		—			(2.15	)
Year Ended September 30, 2022	$	26.66		0.42			(1.83	)		(1.41	)		(0.42	)		(0.48	)		—			(0.90	)
Year Ended September 30, 2021	$	20.10		0.35			6.56			6.91			(0.35	)		—			—			(0.35	)
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	)

* 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) Portfolio turnover excludes the purchases and sales of securities by the Sterling Capital SMID Opportunities Fund acquired on January 26, 2024. If these transactions were included, portfolio turnover would have been higher.

(e) 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)
$	28.78		24.79	%	$	1,722		0.74	%		2.09	%		0.79	%		47.38	%
$	23.28		16.74	%	$	1,499		0.84	%		1.83	%		0.90	%		110.98	%
$	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	%
$	16.41		17.94	%	$	29,760		0.89	%		0.74	%		0.91	%		20.72	%(d)
$	14.97		13.77	%	$	26,900		0.91	%		0.66	%		0.93	%		19.99	%
$	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	%
$	20.57		21.38	%	$	6,458		0.86	%		1.68	%		0.86	%		35.99	%
$	17.15		13.86	%	$	5,804		0.85	%		1.79	%		0.85	%		154.69	%
$	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	%
$	28.41		18.79	%	$	93,743		0.92	%		(0.09	)%		0.92	%		22.94	%
$	28.28		18.28	%	$	135,284		0.91	%		(0.11	)%		0.91	%		31.19	%
$	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	%
$	27.93		20.16	%	$	1,347,414		0.82	%		1.73	%		0.82	%		24.57	%
$	25.35		12.83	%	$	1,296,237		0.82	%		1.59	%		0.82	%		39.43	%
$	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	%

 114

Sterling Capital Funds

Financial Highlights, Institutional Shares

March 31, 2024 (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 Behavioral International Equity Fund
Six Months Ended March 31, 2024 (Unaudited)	$	9.14		0.12		1.35			1.47			(0.47	)		—			—		(0.47	)
Year Ended September 30, 2023	$	7.09		0.31		2.00			2.31			(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	)
Sterling Capital Mid Cap Relative Value Fund
Six Months Ended March 31, 2024 (Unaudited)	$	61.43		0.26		11.83			12.09			(0.50	)		(7.01	)		—		(7.51	)
Year Ended September 30, 2023	$	62.89		0.56		8.70			9.26			(0.55	)		(10.17	)		—		(10.72	)
Year Ended September 30, 2022	$	78.92		0.58		(10.16	)		(9.58	)		(0.48	)		(5.97	)		—		(6.45	)
Year Ended September 30, 2021	$	58.95		0.45		20.09			20.54			(0.34	)		(0.23	)		—		(0.57	)
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	)
Sterling Capital Real Estate Fund
Six Months Ended March 31, 2024 (Unaudited)	$	32.44		0.39		4.63			5.02			(0.24	)		(2.09	)		—		(2.33	)
Year Ended September 30, 2023	$	34.95		0.73		(0.25	)		0.48			(0.76	)		(2.23	)		—		(2.99	)
Year Ended September 30, 2022	$	46.19		0.40		(8.03	)		(7.63	)		(0.62	)		(2.99	)		—		(3.61	)
Year Ended September 30, 2021	$	36.66		0.43		10.51			10.94			(0.59	)		(0.82	)		—		(1.41	)
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	)
Sterling Capital Small Cap Value Fund
Six Months Ended March 31, 2024 (Unaudited)	$	52.79		0.12		8.79			8.91			(0.23	)		(16.20	)		—		(16.43	)
Year Ended September 30, 2023	$	58.24		0.28		8.20			8.48			(0.25	)		(13.68	)		—		(13.93	)
Year Ended September 30, 2022	$	83.58		0.27		(8.25	)		(7.98	)		(0.09	)		(17.27	)		—		(17.36	)
Year Ended September 30, 2021	$	64.04		0.17		31.01			31.18			(0.42	)		(11.22	)		—		(11.64	)
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	)

*	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.

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)
$	10.14		16.46	%	$	848		0.65	%		2.45	%		0.65	%		41.78	%
$	9.14		33.01	%	$	679		0.68	%		3.53	%		0.68	%		86.05	%
$	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	%
$	66.01		21.10	%	$	44,676		0.87	%		0.85	%		0.87	%		0.76	%
$	61.43		15.03	%	$	43,016		0.87	%		0.90	%		0.87	%		4.89	%
$	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	%
$	35.13		15.54	%	$	66,936		0.88	%		2.26	%		0.88	%		4.51	%
$	32.44		0.95	%	$	62,708		0.87	%		2.06	%		0.87	%		6.06	%
$	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	%
$	45.27		20.27	%	$	258,314		1.05	%		0.54	%		1.07	%		2.58	%
$	52.79		15.31	%	$	261,706		1.03	%		0.51	%		1.05	%		0.77	%
$	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	%

116

Sterling Capital Funds

Financial Highlights, Institutional Shares

March 31, 2024 (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, 2024 (Unaudited)	$	9.68		0.23		0.07			0.30			(0.23	)		—			—		(0.23	)
Year Ended September 30, 2023	$	9.56		0.34		0.14			0.48			(0.36	)		—			—		(0.36	)
Year Ended September 30, 2022	$	9.78		0.11		(0.19	)		(0.08	)		(0.14	)		—			—		(0.14	)
Year Ended September 30, 2021	$	9.83		0.11		(0.04	)		0.07			(0.12	)		—			—		(0.12	)
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	)
Sterling Capital Short Duration Bond Fund
Six Months Ended March 31, 2024 (Unaudited)	$	8.14		0.18		0.14			0.32			(0.18	)		—			—		(0.18	)
Year Ended September 30, 2023	$	8.08		0.27		0.04			0.31			(0.25	)		—			—		(0.25	)
Year Ended September 30, 2022	$	8.68		0.10		(0.51	)		(0.41	)		(0.19	)		—			—		(0.19	)
Year Ended September 30, 2021	$	8.78		0.12		(0.02	)		0.10			(0.20	)		—			—		(0.20	)
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	)
Sterling Capital Intermediate U.S. Government Fund
Six Months Ended March 31, 2024 (Unaudited)	$	8.35		0.12		0.27			0.39			(0.15	)		—			—		(0.15	)
Year Ended September 30, 2023	$	8.51		0.18		(0.11	)		0.07			(0.23	)		—			—		(0.23	)
Year Ended September 30, 2022	$	9.79		0.10		(1.16	)		(1.06	)		(0.22	)		—			—		(0.22	)
Year Ended September 30, 2021	$	10.14		0.09		(0.19	)		(0.10	)		(0.25	)		—			—		(0.25	)
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	)
Sterling Capital Total Return Bond Fund
Six Months Ended March 31, 2024 (Unaudited)	$	8.88		0.18		0.37			0.55			(0.18	)		—			—		(0.18	)
Year Ended September 30, 2023	$	9.11		0.30		(0.22	)		0.08			(0.31	)		—			—		(0.31	)
Year Ended September 30, 2022	$	11.05		0.20		(1.80	)		(1.60	)		(0.25	)		(0.09	)		—		(0.34	)
Year Ended September 30, 2021	$	11.39		0.20		(0.13	)		0.07			(0.26	)		(0.15	)		—		(0.41	)
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	)
Sterling Capital Long Duration Corporate Bond Fund
Six Months Ended March 31, 2024 (Unaudited)	$	6.45		0.16		0.58			0.74			(0.16	)		—			—		(0.16	)
Year Ended September 30, 2023	$	6.63		0.30		(0.18	)		0.12			(0.30	)		—			—		(0.30	)
Year Ended September 30, 2022	$	10.50		0.23		(2.80	)		(2.57	)		(0.27	)		(1.03	)		—		(1.30	)
Year Ended September 30, 2021	$	10.77		0.28		0.03			0.31			(0.28	)		(0.30	)		—		(0.58	)
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	)

*	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)
$	9.75		3.17	%	$	22,528		0.32	%		4.82	%		0.57	%		29.91	%
$	9.68		5.12	%	$	23,522		0.27	%		3.51	%		0.57	%		45.10	%
$	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	%
$	8.28		3.95	%	$	39,048		0.48	%		4.27	%		0.60	%		36.06	%
$	8.14		3.87	%	$	87,221		0.45	%		3.30	%		0.48	%		98.01	%
$	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	%
$	8.59		4.64	%	$	14,408		0.50	%		2.71	%		0.68	%		3.47	%
$	8.35		0.80	%	$	13,823		0.50	%		2.15	%		0.69	%		7.91	%
$	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	%
$	9.25		6.23	%	$	1,017,633		0.45	%		4.03	%		0.48	%		30.23	%
$	8.88		0.78	%	$	695,207		0.45	%		3.24	%		0.51	%		47.80	%
$	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	%
$	7.03		11.53	%	$	554		0.45	%		4.64	%		0.59	%		12.32	%
$	6.45		1.64	%	$	436		0.45	%		4.38	%		0.67	%		26.27	%
$	6.63		(27.52	)%	$	97		0.63	%		2.50	%		0.80	%		161.62	%
$	10.50		2.92	%	$	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	%

118

Sterling Capital Funds

Financial Highlights, Institutional Shares

March 31, 2024 (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, 2024 (Unaudited)	$	8.57		0.15		0.33			0.48			(0.15	)		—			—		(0.15	)
Year Ended September 30, 2023	$	8.79		0.25		(0.21	)		0.04			(0.26	)		—			—		(0.26	)
Year Ended September 30, 2022	$	10.05		0.16		(1.22	)		(1.06	)		(0.20	)		—			—		(0.20	)
Year Ended September 30, 2021	$	10.26		0.15		(0.15	)		—			(0.21	)		—			—		(0.21	)
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	)
Sterling Capital North Carolina Intermediate Tax-Free Fund
Six Months Ended March 31, 2024 (Unaudited)	$	9.75		0.13		0.43			0.56			(0.13	)		—			—		(0.13	)
Year Ended September 30, 2023	$	9.83		0.23		(0.08	)		0.15			(0.23	)		—			—		(0.23	)
Year Ended September 30, 2022	$	10.97		0.19		(1.14	)		(0.95	)		(0.19	)		—			—		(0.19	)
Year Ended September 30, 2021	$	11.12		0.18		(0.15	)		0.03			(0.18	)		—			—		(0.18	)
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	)
Sterling Capital South Carolina Intermediate Tax-Free Fund
Six Months Ended March 31, 2024 (Unaudited)	$	10.09		0.14		0.40			0.54			(0.14	)		—			—		(0.14	)
Year Ended September 30, 2023	$	10.17		0.23		(0.08	)		0.15			(0.23	)		—			—		(0.23	)
Year Ended September 30, 2022	$	11.32		0.21		(1.15	)		(0.94	)		(0.21	)		—			—		(0.21	)
Year Ended September 30, 2021	$	11.39		0.20		(0.07	)		0.13			(0.20	)		—			—		(0.20	)
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	)
Sterling Capital Virginia Intermediate Tax-Free Fund
Six Months Ended March 31, 2024 (Unaudited)	$	10.69		0.13		0.44			0.57			(0.13	)		—			—		(0.13	)
Year Ended September 30, 2023	$	10.77		0.22		(0.07	)		0.15			(0.23	)		—			—		(0.23	)
Year Ended September 30, 2022	$	11.97		0.19		(1.19	)		(1.00	)		(0.19	)		(0.01	)		—		(0.20	)
Year Ended September 30, 2021	$	12.22		0.19		(0.22	)		(0.03	)		(0.19	)		(0.03	)		—		(0.22	)
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	)
Sterling Capital West Virginia Intermediate Tax-Free Fund
Six Months Ended March 31, 2024 (Unaudited)	$	9.14		0.13		0.35			0.48			(0.13	)		—			—		(0.13	)
Year Ended September 30, 2023	$	9.23		0.23		(0.09	)		0.14			(0.23	)		—			—		(0.23	)
Year Ended September 30, 2022	$	10.21		0.18		(0.98	)		(0.80	)		(0.18	)		—	(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	)

* 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)
$	8.90		5.66	%	$	89,019		0.56	%		3.31	%		0.61	%		12.98	%
$	8.57		0.44	%	$	88,005		0.58	%		2.83	%		0.62	%		9.85	%
$	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	%
$	10.18		5.72	%	$	108,312		0.60	%		2.51	%		0.60	%		15.09	%
$	9.75		1.44	%	$	110,951		0.60	%		2.24	%		0.60	%		38.07	%
$	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	%
$	10.49		5.32	%	$	24,547		0.63	%		2.60	%		0.65	%		12.32	%
$	10.09		1.40	%	$	28,750		0.62	%		2.18	%		0.63	%		32.34	%
$	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	%
$	11.13		5.32	%	$	40,553		0.63	%		2.31	%		0.63	%		10.63	%
$	10.69		1.30	%	$	50,995		0.61	%		2.03	%		0.61	%		17.86	%
$	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	%
$	9.49		5.28	%	$	49,400		0.61	%		2.77	%		0.61	%		7.80	%
$	9.14		1.43	%	$	58,934		0.61	%		2.40	%		0.61	%		37.11	%
$	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	%

120 

Sterling Capital Funds

Financial Highlights, Class R6 Shares

March 31, 2024 (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, 2024 (Unaudited)	$	23.37		0.27			5.52			5.79			(0.27	)		—			—			(0.27	)
Year Ended September 30, 2023	$	20.40		0.46			2.97			3.43			(0.46	)		—			—			(0.46	)
Year Ended September 30, 2022	$	22.99		0.50			(2.63	)		(2.13	)		(0.46	)		—			—			(0.46	)
Year Ended September 30, 2021	$	16.85		0.09			6.25			6.34			(0.04	)		—			(0.16	)		(0.20	)
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	)
Sterling Capital Mid Value Fund
Six Months Ended March 31, 2024 (Unaudited)	$	15.01		0.06			2.53			2.59			(0.11	)		(1.05	)		—			(1.16	)
Year Ended September 30, 2023	$	15.68		0.12			2.01			2.13			(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	)
Sterling Capital Behavioral Small Cap Value Equity Fund
Six Months Ended March 31, 2024 (Unaudited)	$	17.17		0.16			3.51			3.67			(0.24	)		—			—			(0.24	)
Year Ended September 30, 2023	$	15.31		0.32			1.81			2.13			(0.27	)		—			—			(0.27	)
Year Ended September 30, 2022	$	19.60		0.22			(2.48	)		(2.26	)		(0.21	)		(1.82	)		—			(2.03	)
Year Ended September 30, 2021	$	11.97		0.17			7.60			7.77			(0.14	)		—			—			(0.14	)
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	)
Sterling Capital Special Opportunities Fund
Six Months Ended March 31, 2024 (Unaudited)	$	28.26		—	(f)		4.92			4.92			—			(4.79	)		—			(4.79	)
Year Ended September 30, 2023	$	25.71		(0.01	)		4.55			4.54			—			(1.99	)		—			(1.99	)
Year Ended September 30, 2022	$	35.51		(0.04	)		(5.65	)		(5.69	)		—			(4.11	)		—			(4.11	)
Year Ended September 30, 2021	$	26.22		(0.01	)		9.78			9.77			(0.15	)		(0.33	)		—			(0.48	)
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	)
Sterling Capital Equity Income Fund
Six Months Ended March 31, 2024 (Unaudited)	$	25.36		0.24			4.70			4.94			(0.20	)		(2.14	)		—			(2.34	)
Year Ended September 30, 2023	$	24.36		0.45			2.73			3.18			(0.44	)		(1.74	)		—			(2.18	)
Year Ended September 30, 2022	$	26.67		0.45			(1.83	)		(1.38	)		(0.45	)		(0.48	)		—			(0.93	)
Year Ended September 30, 2021	$	20.09		0.37			6.56			6.93			(0.35	)		—			—			(0.35	)
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	)
Sterling Capital Behavioral International Equity Fund
Six Months Ended March 31, 2024 (Unaudited)	$	9.14		0.12			1.37			1.49			(0.48	)		—			—			(0.48	)
Year Ended September 30, 2023	$	7.10		0.32			1.99			2.31			(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	)

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)
$	28.89		24.83	%	$	412			0.66	%		2.16	%		0.79	%		47.38	%
$	23.37		16.84	%	$	330			0.77	%		1.99	%		0.90	%		110.98	%
$	20.40		(9.48	)%	$	1			0.59	%		2.09	%		0.59	%		125.15	%
$	22.99		37.92	%	$	1			0.58	%		0.43	%		0.63	%		122.64	%
$	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	%
$	16.44		17.93	%	$	436			0.81	%		0.82	%		0.91	%		20.72	%(e)
$	15.01		13.86	%	$	354			0.82	%		0.80	%		0.93	%		19.99	%
$	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	%
$	20.60		21.44	%	$	90,923			0.80	%		1.73	%		0.86	%		35.99	%
$	17.17		13.94	%	$	78,727			0.79	%		1.88	%		0.85	%		154.69	%
$	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	%
$	28.39		18.80	%	$	35,156			0.82	%		(0.01	)%		0.92	%		22.94	%
$	28.26		18.39	%	$	36,906			0.82	%		(0.02	)%		0.91	%		31.19	%
$	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	%
$	27.96		20.27	%	$	114,485			0.72	%		1.85	%		0.83	%		24.57	%
$	25.36		12.94	%	$	101,228			0.72	%		1.73	%		0.82	%		39.43	%
$	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	%
$	10.15		16.63	%	$	134,385			0.60	%		2.47	%		0.65	%		41.78	%
$	9.14		32.87	%	$	115,245			0.62	%		3.60	%		0.67	%		86.05	%
$	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	%

122 

Sterling Capital Funds

Financial Highlights, Class R6 Shares

March 31, 2024 (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).

* 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) Portfolio turnover excludes the purchases and sales of securities by the Sterling Capital SMID Opportunities Fund acquired on January 26, 2024. If these transactions were included, portfolio turnover would have been higher.

(f) Amount is less than $0.005.

See accompanying Notes to the Financial Statements.

123 

Sterling Capital Funds

Financial Highlights, Class R6 Shares

March 31, 2024 (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, 2024 (Unaudited)	$	32.58		0.36		4.70			5.06			(0.26	)		(2.09	)		—		(2.35	)
Year Ended September 30, 2023	$	35.09		0.80		(0.30	)		0.50			(0.78	)		(2.23	)		—		(3.01	)
Year Ended September 30, 2022	$	46.33		0.47		(8.09	)		(7.62	)		(0.63	)		(2.99	)		—		(3.62	)
Year Ended September 30, 2021	$	36.69		0.59		10.46			11.05			(0.59	)		(0.82	)		—		(1.41	)
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, 2024 (Unaudited)	$	52.98		0.15		8.81			8.96			(0.27	)		(16.20	)		—		(16.47	)
Year Ended September 30, 2023	$	58.38		0.36		8.20			8.56			(0.28	)		(13.68	)		—		(13.96	)
Year Ended September 30, 2022	$	83.72		0.35		(8.28	)		(7.93	)		(0.14	)		(17.27	)		—		(17.41	)
Year Ended September 30, 2021	$	64.09		0.29		30.99			31.28			(0.43	)		(11.22	)		—		(11.65	)
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, 2024 (Unaudited)	$	8.15		0.18		0.13			0.31			(0.18	)		—			—		(0.18	)
Year Ended September 30, 2023	$	8.08		0.27		0.06			0.33			(0.26	)		—			—		(0.26	)
Year Ended September 30, 2022	$	8.68		0.11		(0.51	)		(0.40	)		(0.20	)		—			—		(0.20	)
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, 2024 (Unaudited)	$	8.88		0.19		0.36			0.55			(0.18	)		—			—		(0.18	)
Year Ended September 30, 2023	$	9.11		0.31		(0.22	)		0.09			(0.32	)		—			—		(0.32	)
Year Ended September 30, 2022	$	11.05		0.21		(1.80	)		(1.59	)		(0.26	)		(0.09	)		—		(0.35	)
Year Ended September 30, 2021	$	11.39		0.21		(0.12	)		0.09			(0.28	)		(0.15	)		—		(0.43	)
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	)
Sterling Capital Long Duration Corporate Bond Fund
Six Months Ended March 31, 2024 (Unaudited)	$	6.45		0.16		0.59			0.75			(0.16	)		—			—		(0.16	)
Year Ended September 30, 2023	$	6.63		0.31		(0.18	)		0.13			(0.31	)		—			—		(0.31	)
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.

124 

					Ratios/Supplementary Data
Net Asset Value, End of Period		Total Return (excludes sales charge)(b)			Net Assets, End of Period (000)			Ratio of net expenses to average net assets(c)			Ratio of net investment income (loss) to average net assets(c)			Ratio of expenses to average net assets*(c)			Portfolio turnover rate**(b)
$	35.29		15.60	%	$	492			0.81	%		2.08	%		0.88	%		4.51	%
$	32.58		1.01	%	$	918			0.80	%		2.25	%		0.87	%		6.06	%
$	35.09		(18.31	)%	$	18			0.73	%		1.06	%		0.82	%		12.58	%
$	46.33		30.67	%	$	16			0.62	%		1.33	%		0.73	%		12.68	%
$	36.69		(9.30	)%	$	—	(e)		0.70	%		1.47	%		0.70	%		19.58	%
$	45.47		20.32	%	$	6,289			0.94	%		0.64	%		1.07	%		2.58	%
$	52.98		15.45	%	$	6,360			0.93	%		0.66	%		1.05	%		0.77	%
$	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	%
$	8.28		3.88	%	$	12,584			0.40	%		4.44	%		0.61	%		36.06	%
$	8.15		4.09	%	$	13,222			0.36	%		3.34	%		0.48	%		98.01	%
$	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	%
$	9.25		6.28	%	$	383,712			0.35	%		4.14	%		0.48	%		30.23	%
$	8.88		0.88	%	$	263,634			0.35	%		3.36	%		0.51	%		47.80	%
$	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	%
$	7.04		11.75	%	$	34,126			0.36	%		4.74	%		0.59	%		12.32	%
$	6.45		1.72	%	$	30,432			0.36	%		4.46	%		0.66	%		26.27	%
$	6.63		(25.75	)%	$	22,553			0.36	%		3.81	%		0.57	%		161.62	%

125 

Sterling Capital Funds

Notes to Financial Statements

March 31, 2024 (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 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, 2024, 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 Mid Cap Relative Value Fund, Sterling Capital Real Estate Fund and Sterling Capital Small Cap Value Fund have a maximum sales charge of 5.75% as a percentage of original purchase price. There is no initial sales charge on purchases of the Sterling Capital Ultra Short Bond Fund’s shares. Class A Shares of Sterling Capital Short Duration Bond Fund, Sterling Capital Intermediate U.S. Government Fund, Sterling Capital Total Return Bond Fund, Sterling Capital Long Duration Corporate Bond Fund, Sterling Capital Quality Income Fund, and the Tax-Free Funds have a maximum sales charge of 2.00% as a percentage of the original purchase price. Purchases of $1 million or more of Class A Shares are not subject to a front-end sales charge but will be subject to a Contingent Deferred Sales Charge (“CDSC”) of up to 1.00% of the purchase price if redeemed within two years after purchase for all Funds except the Tax-Free Funds, Sterling Capital Short Duration Bond Fund, Sterling Capital Intermediate U.S. Government Fund, Sterling Capital Long Duration Corporate Bond Fund, Sterling Capital Total Return Bond Fund and Sterling Capital Quality Income Fund. With respect to the Tax-Free Funds, Sterling Capital Short Duration Bond Fund, Sterling Capital Intermediate U.S. Government Fund, Sterling Capital Long Duration Corporate Bond Fund, Sterling Capital Total Return Bond Fund, and Sterling Capital Quality Income Fund, sales of Class A shares of $250,000 or more are not subject to a sales load but will be subject to a CDSC of up to 0.50% of the purchase price if redeemed within 18 months of purchase. This charge is based on the lower of the price paid for the shares or their net asset value at the time of redemption. Class C Shares of the Funds are offered without any front-end sales charge but will be subject to a maximum CDSC of 1.00% if redeemed less than one year after purchase.

Each class of shares has identical rights and privileges except with respect to the fees paid under the distribution plan, voting rights on matters affecting a single class of shares and the exchange privilege of each class of shares. Effective on the close of business on November 15, 2021, Class R Shares were converted into Class A Shares for the Sterling Capital 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.

 126

Sterling Capital Funds

Notes to Financial Statements — (continued)

March 31, 2024 (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, 2024, there were no significant changes to the Funds' valuation policies and procedures.

 127

Sterling Capital Funds

Notes to Financial Statements — (continued)

March 31, 2024 (Unaudited)

The summary of inputs used to determine the fair value of each Fund’s investments as of March 31, 2024 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	$	36,099,414	(a)	$	—		$	—		$	36,099,414
Sterling Capital Mid Value Fund		52,251,551	(a)		—			0.00	(b)		52,251,551
Sterling Capital Behavioral Small Cap Value Equity Fund		103,897,521	(a)		—			—			103,897,521
Sterling Capital Special Opportunities Fund		443,825,744	(a)		—			—			443,825,744
Sterling Capital Equity Income Fund		2,003,679,669	(a)		—			—			2,003,679,669
Sterling Capital Behavioral International Equity Fund		134,000,550	(c)		—			—			134,000,550
Sterling Capital Mid Cap Relative Value Fund		44,948,611	(a)		—			—			44,948,611
Sterling Capital Real Estate Fund		67,736,699	(a)		—			—			67,736,699
Sterling Capital Small Cap Value Fund		268,135,111	(a)		—			—			268,135,111
Sterling Capital Ultra Short Bond Fund		1,012,603	(c)		26,392,473	(a)		—			27,405,076
Sterling Capital Short Duration Bond Fund		450,585	(c)		54,091,633	(a)		—			54,542,218
Sterling Capital Intermediate U.S. Government Fund		51,917	(c)		16,991,721	(a)		—			17,043,638
Sterling Capital Total Return Bond Fund		3,461,921	(c)		1,448,214,615	(a)		—			1,451,676,536
Sterling Capital Long Duration Corporate Bond Fund		479,612	(c)		34,268,875	(a)		—			34,748,487
Sterling Capital Quality Income Fund		329,482	(c)		88,583,096	(a)		—			88,912,578
Sterling Capital North Carolina Intermediate Tax-Free Fund		517,909	(c)		129,610,591	(a)		—			130,128,500
Sterling Capital South Carolina Intermediate Tax-Free Fund		1,242,907	(c)		29,827,097	(a)		—			31,070,004
Sterling Capital Virginia Intermediate Tax-Free Fund		1,944,065	(c)		49,094,932	(a)		—			51,038,997
Sterling Capital West Virginia Intermediate Tax-Free Fund		1,692,356	(c)		67,854,423	(a)		—			69,546,779

(a)	Industries, countries or security types are disclosed in the Schedules of Portfolio Investments.
(b)	Level 3 investments, if any, at the beginning and/or end of the year in relation to the net assets were not significant and accordingly, additional
	disclosures related to Level 3 assets for the year ending March 31, 2024 are not presented for the Fund.
(c)	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 and Sterling Capital Equity Income 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.

 128

Sterling Capital Funds

Notes to Financial Statements — (continued)

March 31, 2024 (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 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 reporting period.

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).

 129

Sterling Capital Funds

Notes to Financial Statements — (continued)

March 31, 2024 (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, 2024 were as follows:

	Purchases		Sales
Sterling Capital Behavioral Large Cap Value Equity Fund	$	15,176,065	$	16,593,429
Sterling Capital Mid Value Fund		9,787,598		13,663,992
Sterling Capital Behavioral Small Cap Value Equity Fund		33,904,919		38,280,586
Sterling Capital Special Opportunities Fund		101,639,662		191,698,618
Sterling Capital Equity Income Fund		463,358,330		668,604,601
Sterling Capital Behavioral International Equity Fund		51,810,078		50,801,009
Sterling Capital Mid Cap Relative Value Fund		322,100		6,828,848
Sterling Capital Real Estate Fund		2,949,883		8,544,900
Sterling Capital Small Cap Value Fund		6,598,730		55,886,540
Sterling Capital Ultra Short Bond Fund		11,329,579		5,588,752
Sterling Capital Short Duration Bond Fund		25,929,490		65,109,184
Sterling Capital Intermediate U.S. Government Fund		182,969		159,902
Sterling Capital Total Return Bond Fund		814,511,155		402,205,378

 130

Sterling Capital Funds

Notes to Financial Statements — (continued)

March 31, 2024 (Unaudited)      

	Purchases		Sales
Sterling Capital Long Duration Corporate Bond Fund	$	3,931,344	$	2,076,030
Sterling Capital Quality Income Fund		2,056,019		3,201,853
Sterling Capital North Carolina Intermediate Tax-Free Fund		18,880,875		20,126,136
Sterling Capital South Carolina Intermediate Tax-Free Fund		3,841,878		9,705,263
Sterling Capital Virginia Intermediate Tax-Free Fund		5,741,165		20,010,178
Sterling Capital West Virginia Intermediate Tax-Free Fund		5,853,922		17,989,743

Purchases and sales of U.S. government securities (excluding securities maturing less than one year from acquisition) for the period ended March 31, 2024 were as follows:

	Purchases		Sales
Sterling Capital Ultra Short Bond Fund	$	574,764	$	787,693
Sterling Capital Short Duration Bond Fund		2,246,076		7,170,791
Sterling Capital Intermediate U.S. Government Fund		1,044,753		420,577
Sterling Capital Long Duration Corporate Bond Fund		876,001		1,991,067
Sterling Capital Quality Income Fund		11,675,234		8,208,608

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, 2024:

	Prior to February 1, 2024					Effective February 1, 2024
				Fee Rate after					Fee Rate after
		Contractual		Contractual			Contractual		Contractual
		Fee Rate		Waivers			Fee Rate		Waivers
Sterling Capital Behavioral Large Cap Value Equity Fund		0.45	%	0.45	%(1)		0.45	%	0.45	%(1)
Sterling Capital Mid Value Fund		0.60	%	0.60	%(1)		0.60	%	0.60	%(1)
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 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	%(1)		0.75	%	0.75	%(1)
Sterling Capital Ultra Short Bond Fund		0.20	%	0.20	%		0.20	%	0.05	%(2)
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	%	0.13	%(2)
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	%(3)		0.35	%	0.30	%(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	%(1)		0.35	%	0.35	%(1)
Sterling Capital Virginia Intermediate Tax-Free Fund		0.35	%	0.35	%		0.35	%	0.35	%
Sterling Capital West Virginia Intermediate Tax-Free Fund		0.35	%	0.35	%		0.35	%	0.35	%

(1) For all or a portion of the period ended March 31, 2024, Sterling Capital voluntarily waived and/or reimbursed certain expenses of the Funds. Voluntary waivers and reimbursements of expenses may be discontinued at any time.

(2) Sterling Capital contractually agreed to limit the advisory fees paid by the Fund from February 1, 2024 through January 31, 2025.

(3) 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, 2023 through January 31, 2024 and February 1, 2024 through January 31, 2025 are as follows:

 131

Sterling Capital Funds

Notes to Financial Statements — (continued)

March 31, 2024 (Unaudited)

	Effective February 1, 2024
	Class A			Class C			Institutional			Class R6
Sterling Capital Total Return Bond Fund		0.71	%		1.46	%		0.46	%		0.46	%
Sterling Capital Long Duration Corporate Bond Fund		0.71	%		1.46	%		0.46	%		0.46	%

	Prior to February 1, 2024
	Class A			Class C			Institutional			Class R6
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	%

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, 2024 through January 31, 2025:

	Effective
	February 1,
	2024
Sterling Capital Behavioral Large Cap Value Equity Fund		0.08	%
Sterling Capital Mid Value Fund		0.09	%
Sterling Capital Behavioral Small Cap Value Equity Fund		0.07	%
Sterling Capital Special Opportunities Fund		0.10	%
Sterling Capital Equity Income Fund		0.11	%
Sterling Capital Behavioral International Equity Fund		0.06	%
Sterling Capital Real Estate Fund		0.09	%
Sterling Capital Small Cap Value Fund		0.13	%
Sterling Capital Short Duration Bond Fund		0.10	%
Sterling Capital Total Return Bond Fund		0.10	%
Sterling Capital Long Duration Corporate Bond Fund		0.10	%

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, 2023 to January 31, 2024:

	Prior to
	February 1,
	2024
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.” 

 132

Sterling Capital Funds

Notes to Financial Statements — (continued)

March 31, 2024 (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, 2024, the Distributor received $71,100 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, 2024 were $1,657.

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.

 133

Sterling Capital Funds

Notes to Financial Statements — (continued)
March 31, 2024 (Unaudited)

5. Capital Transactions:

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

	For the Six Months Ended						For the Year Ended
	March 31, 2024 (Unaudited)						September 30, 2023
Sterling Capital Behavioral Large Cap Value Equity Fund
Class A	Shares			Amount			Shares			Amount
Issued		6,242		$	164,568			32,971		$	733,762
Reinvested		9,201			251,660			20,188			462,091
Redeemed		(68,128	)		(1,675,193	)		(108,548	)		(2,527,759	)
Total		(52,685	)	$	(1,258,965	)		(55,389	)	$	(1,331,906	)

Sterling Capital Behavioral Large Cap Value Equity Fund
Class C	Shares			Amount			Shares			Amount
Issued		76		$	1,800			163		$	3,600
Reinvested		67			1,775			136			2,993
Redeemed		(135	)		(3,285	)		(455	)		(10,138	)
Total		8		$	290			(156	)	$	(3,545	)

Sterling Capital Behavioral Large Cap Value Equity Fund
Institutional	Shares			Amount			Shares			Amount
Issued		4,900		$	125,566			7,059		$	163,309
Reinvested		400			10,959			934			21,558
Redeemed		(9,865	)		(241,426	)		(24,806	)		(567,740	)
Total		(4,565	)	$	(104,901	)		(16,813	)	$	(382,873	)

Sterling Capital Behavioral Large Cap Value Equity Fund
Class R6	Shares		Amount		Shares			Amount
Issued		—	$	—		18,624		$	424,649
Reinvested		137		3,797		313			7,233
Redeemed		—		—		(4,844	)		(115,111	)
Total		137	$	3,797		14,093		$	316,771

Sterling Capital Mid Value Fund
Class A	Shares			Amount			Shares			Amount
Issued		24,829		$	369,738			72,651		$	1,034,837
Reinvested		84,142			1,227,629			201,671			2,891,666
Redeemed		(107,927	)		(1,615,798	)		(166,854	)		(2,474,158	)
Proceeds from Shares issued in connection with reorganization		131,128			1,940,675			—			—
Total		132,172		$	1,922,244			107,468		$	1,452,345

Sterling Capital Mid Value Fund
Class C	Shares			Amount			Shares			Amount
Issued		2,628		$	30,012			6,130		$	68,584
Reinvested		3,007			33,683			8,974			101,407
Redeemed		(20,259	)		(232,386	)		(19,541	)		(226,977	)
Proceeds from Shares issued in connection with reorganization		12,995			148,244			—			—
Total		(1,629	)	$	(20,447	)		(4,437	)	$	(56,986	)

 134

Sterling Capital Funds

Notes to Financial Statements — (continued)
March 31, 2024 (Unaudited)

	For the Six Months Ended						For the Year Ended
	March 31, 2024 (Unaudited)						September 30, 2023
Sterling Capital Mid Value Fund
Institutional	Shares			Amount			Shares			Amount
Issued		35,302		$	540,946			107,820		$	1,639,360
Reinvested		129,286			1,957,960			315,482			4,680,585
Redeemed		(201,556	)		(3,084,836	)		(491,134	)		(7,628,157	)
Proceeds from Shares issued in connection with reorganization		53,670			822,349			—			—
Total		16,702		$	236,419			(67,832	)	$	(1,308,212	)

Sterling Capital Mid Value Fund
Class R6	Shares		Amount		Shares			Amount
Issued		1,435	$	23,595		20,796		$	352,676
Reinvested		1,448		21,985		3,942			58,604
Redeemed		—		—		(8,553	)		(127,455	)
Total		2,883	$	45,580		16,185		$	283,825

Sterling Capital Behavioral Small Cap Value Equity Fund
Class A	Shares			Amount			Shares			Amount
Issued		6,564		$	126,166			14,873		$	250,506
Reinvested		3,656			71,961			3,580			60,271
Redeemed		(22,443	)		(418,467	)		(56,495	)		(954,837	)
Total		(12,223	)	$	(220,340	)		(38,042	)	$	(644,060	)

Sterling Capital Behavioral Small Cap Value Equity Fund
Class C	Shares			Amount			Shares			Amount
Issued		1,006		$	18,481			—		$	—
Reinvested		29			549			5			88
Redeemed		(210	)		(3,699	)		(283	)		(4,531	)
Total		825		$	15,331			(278	)	$	(4,443	)

Sterling Capital Behavioral Small Cap Value Equity Fund
Institutional	Shares			Amount			Shares			Amount
Issued		5,904		$	107,831			270,026		$	4,511,127
Reinvested		3,726			74,020			7,506			127,032
Redeemed		(34,235	)		(635,156	)		(579,029	)		(9,947,584	)
Total		(24,605	)	$	(453,305	)		(301,497	)	$	(5,309,425	)

Sterling Capital Behavioral Small Cap Value Equity Fund
Class R6	Shares			Amount			Shares			Amount
Issued		—		$	—			5,943,445		$	97,000,000
Reinvested		53,025			1,055,196			97,722			1,655,217
Redeemed		(225,734	)		(3,972,912	)		(2,783,252	)		(47,294,125	)
Total		(172,709	)	$	(2,917,716	)		3,257,915		$	51,361,092

Sterling Capital Special Opportunities Fund
Class A	Shares			Amount			Shares			Amount
Issued		263,662		$	6,644,064			353,053		$	8,941,236
Reinvested		1,923,756			45,843,115			861,988			20,592,897
Redeemed		(1,070,944	)		(26,883,427	)		(2,055,258	)		(51,968,950	)
Total		1,116,474		$	25,603,752			(840,217	)	$	(22,434,817	)

 135

Sterling Capital Funds

Notes to Financial Statements — (continued)
March 31, 2024 (Unaudited)

	For the Six Months Ended						For the Year Ended
	March 31, 2024 (Unaudited)						September 30, 2023
Sterling Capital Special Opportunities Fund
Class C	Shares			Amount			Shares			Amount
Issued		23,209		$	398,112			37,771		$	696,384
Reinvested		324,379			5,206,279			168,823			2,961,163
Redeemed		(375,247	)		(6,465,307	)		(652,168	)		(12,051,902	)
Total		(27,659	)	$	(860,916	)		(445,574	)	$	(8,394,355	)

Sterling Capital Special Opportunities Fund
Institutional	Shares			Amount			Shares			Amount
Issued		153,617		$	4,204,353			534,469		$	14,709,581
Reinvested		504,040			13,231,044			333,115			8,614,366
Redeemed		(2,141,368	)		(62,099,167	)		(2,612,726	)		(71,532,067	)
Total		(1,483,711	)	$	(44,663,770	)		(1,745,142	)	$	(48,208,120	)

Sterling Capital Special Opportunities Fund
Class R6	Shares			Amount			Shares			Amount
Issued		151,796		$	4,115,470			573,350		$	15,460,935
Reinvested		57,296			1,502,885			31,490			813,070
Redeemed		(277,071	)		(7,661,223	)		(440,049	)		(11,996,873	)
Total		(67,979	)	$	(2,042,868	)		164,791		$	4,277,132

Sterling Capital Equity Income Fund
Class A	Shares			Amount			Shares			Amount
Issued		453,346		$	11,836,072			984,966		$	25,427,867
Reinvested		1,310,297			33,773,289			1,203,098			31,261,542
Redeemed		(1,389,098	)		(36,344,848	)		(2,577,021	)		(66,440,114	)
Total		374,545		$	9,264,513			(388,957	)	$	(9,750,705	)

Sterling Capital Equity Income Fund
Class C	Shares			Amount			Shares			Amount
Issued		201,309		$	5,224,746			369,914		$	9,458,771
Reinvested		215,457			5,475,416			186,653			4,803,829
Redeemed		(373,456	)		(9,640,048	)		(662,296	)		(16,869,133	)
Total		43,310		$	1,060,114			(105,729	)	$	(2,606,533	)

Sterling Capital Equity Income Fund
Institutional	Shares			Amount			Shares			Amount
Issued		3,430,213		$	90,286,553			8,533,860		$	220,305,302
Reinvested		3,501,882			90,723,944			3,768,314			98,245,042
Redeemed		(9,833,230	)		(256,429,486	)		(21,471,513	)		(557,919,043	)
Total		(2,901,135	)	$	(75,418,989	)		(9,169,339	)	$	(239,368,699	)

Sterling Capital Equity Income Fund
Class R6	Shares			Amount			Shares			Amount
Issued		872,515		$	23,036,351			2,137,177		$	56,196,619
Reinvested		143,773			3,727,540			147,103			3,836,686
Redeemed		(912,654	)		(24,081,223	)		(1,142,384	)		(29,650,021	)
Total		103,634		$	2,682,668			1,141,896		$	30,383,284

 136

Sterling Capital Funds

Notes to Financial Statements — (continued)
March 31, 2024 (Unaudited)

	For the Six Months Ended						For the Year Ended
	March 31, 2024 (Unaudited)						September 30, 2023
Sterling Capital Behavioral International Equity Fund
Class A	Shares			Amount			Shares			Amount
Issued		242		$	2,361			5,754		$	49,383
Reinvested		1,728			16,412			1,170			9,712
Redeemed		(7,297	)		(71,585	)		(9,896	)		(88,366	)
Total		(5,327	)	$	(52,812	)		(2,972	)	$	(29,271	)

Sterling Capital Behavioral International Equity Fund
Class C	Shares		Amount			Shares			Amount
Reinvested		101	$	967			26		$	215
Redeemed		—		(1	)		(3,283	)		(27,340	)
Total		101	$	966			(3,257	)	$	(27,125	)

Sterling Capital Behavioral International Equity Fund
Institutional	Shares		Amount		Shares			Amount
Issued		5,317	$	50,000		4,057		$	35,841
Reinvested		3,964		37,616		2,167			17,962
Redeemed		—		—		(885	)		(6,673	)
Total		9,281	$	87,616		5,339		$	47,130

Sterling Capital Behavioral International Equity Fund
Class R6	Shares		Amount		Shares			Amount
Reinvested		633,109	$	6,014,544		441,954		$	3,663,801
Redeemed		—		—		(1,578,946	)		(15,110,526	)
Total		633,109	$	6,014,544		(1,136,992	)	$	(11,446,725	)

Sterling Capital Mid Cap Relative Value Fund
Class A	Shares			Amount			Shares			Amount
Issued		67		$	3,983			1,105		$	70,897
Reinvested		688			40,550			979			59,122
Redeemed		(3,952	)		(239,063	)		(626	)		(38,144	)
Total		(3,197	)	$	(194,530	)		1,458		$	91,875

Sterling Capital Mid Cap Relative Value Fund
Class C	Shares		Amount		Shares			Amount
Reinvested		7	$	399		9		$	513
Redeemed		—		—		(2	)		(139	)
Total		7	$	399		7		$	374

Sterling Capital Mid Cap Relative Value Fund
Institutional	Shares			Amount			Shares			Amount
Issued		254		$	15,709			36,764		$	2,346,775
Reinvested		81,925			4,882,970			112,501			6,851,053
Redeemed		(105,649	)		(6,479,335	)		(165,476	)		(10,809,780	)
Total		(23,470	)	$	(1,580,656	)		(16,211	)	$	(1,611,952	)

Sterling Capital Real Estate Fund
Class A	Shares			Amount			Shares			Amount
Issued		175		$	5,948			106		$	3,607
Reinvested		927			32,381			1,474			51,152
Redeemed		(2,701	)		(86,170	)		(4,012	)		(143,637	)
Total		(1,599	)	$	(47,841	)		(2,432	)	$	(88,878	)

 137

Sterling Capital Funds

Notes to Financial Statements — (continued)
March 31, 2024 (Unaudited)

	For the Six Months Ended						For the Year Ended
	March 31, 2024 (Unaudited)						September 30, 2023
Sterling Capital Real Estate Fund
Class C	Shares			Amount			Shares			Amount
Reinvested		203		$	6,991			277		$	9,525
Redeemed		(350	)		(12,250	)		(398	)		(13,902	)
Total		(147	)	$	(5,259	)		(121	)	$	(4,377	)

Sterling Capital Real Estate Fund
Institutional	Shares			Amount			Shares			Amount
Issued		69,836		$	2,438,772			52,990		$	1,898,800
Reinvested		112,879			3,960,317			161,021			5,599,784
Redeemed		(210,334	)		(7,208,337	)		(394,394	)		(13,981,350	)
Total		(27,619	)	$	(809,248	)		(180,383	)	$	(6,482,766	)

Sterling Capital Real Estate Fund
Class R6	Shares			Amount			Shares			Amount
Issued		2,350		$	79,444			31,232		$	1,093,590
Reinvested		29			1,026			151			5,280
Redeemed		(16,624	)		(589,179	)		(3,711	)		(132,170	)
Total		(14,245	)	$	(508,709	)		27,672		$	966,700

Sterling Capital Small Cap Value Fund
Class A	Shares			Amount			Shares			Amount
Issued		7,277		$	321,648			8,883		$	489,174
Reinvested		20,057			808,577			10,750			545,786
Redeemed		(11,979	)		(519,204	)		(11,449	)		(621,971	)
Total		15,355		$	611,021			8,184		$	412,989

Sterling Capital Small Cap Value Fund
Class C	Shares			Amount			Shares			Amount
Issued		3,726		$	137,500			2,787		$	139,061
Reinvested		3,800			135,236			1,748			81,839
Redeemed		(2,897	)		(116,492	)		(872	)		(40,199	)
Total		4,629		$	156,244			3,663		$	180,701

Sterling Capital Small Cap Value Fund
Institutional	Shares			Amount			Shares			Amount
Issued		401,142		$	19,226,785			330,448		$	18,021,758
Reinvested		1,828,329			75,021,566			1,365,585			70,212,133
Redeemed		(1,480,469	)		(67,073,421	)		(2,751,679	)		(150,715,997	)
Total		749,002		$	27,174,930			(1,055,646	)	$	(62,482,106	)

Sterling Capital Small Cap Value Fund
Class R6	Shares			Amount			Shares			Amount
Issued		14,993		$	635,300			55,662		$	3,411,842
Reinvested		25,036			1,032,698			18,696			964,477
Redeemed		(21,754	)		(1,086,132	)		(19,265	)		(1,044,595	)
Total		18,275		$	581,866			55,093		$	3,331,724

 138

Sterling Capital Funds

Notes to Financial Statements — (continued)
March 31, 2024 (Unaudited)

	For the Six Months Ended						For the Year Ended
	March 31, 2024 (Unaudited)						September 30, 2023
Sterling Capital Ultra Short Bond Fund
Class A	Shares			Amount			Shares			Amount
Issued		45,813		$	444,341			1,013,004		$	9,755,362
Reinvested		11,781			114,569			20,764			200,059
Redeemed		(122,716	)		(1,193,145	)		(1,181,554	)		(11,387,919	)
Total		(65,122	)	$	(634,235	)		(147,786	)	$	(1,432,498	)

Sterling Capital Ultra Short Bond Fund
Institutional	Shares			Amount			Shares			Amount
Issued		245,068		$	2,380,827			818,258		$	7,864,700
Reinvested		53,538			520,802			85,981			829,040
Redeemed		(417,247	)		(4,064,883	)		(596,108	)		(5,744,021	)
Total		(118,641	)	$	(1,163,254	)		308,131		$	2,949,719

Sterling Capital Short Duration Bond Fund
Class A	Shares			Amount			Shares			Amount
Issued		14,844		$	121,037			67,266		$	546,358
Reinvested		6,873			56,715			10,414			84,865
Redeemed		(54,151	)		(443,859	)		(134,723	)		(1,097,421	)
Total		(32,434	)	$	(266,107	)		(57,043	)	$	(466,198	)

Sterling Capital Short Duration Bond Fund
Class C	Shares			Amount			Shares			Amount
Reinvested		233		$	1,921			822		$	6,701
Redeemed		(23,417	)		(191,310	)		(17,062	)		(138,656	)
Total		(23,184	)	$	(189,389	)		(16,240	)	$	(131,955	)

Sterling Capital Short Duration Bond Fund
Institutional	Shares			Amount			Shares			Amount
Issued		492,630		$	4,050,919			6,299,295		$	50,998,857
Reinvested		134,398			1,107,329			363,359			2,961,393
Redeemed		(6,625,119	)		(54,493,579	)		(6,214,972	)		(50,629,861	)
Total		(5,998,091	)	$	(49,335,331	)		447,682		$	3,330,389

Sterling Capital Short Duration Bond Fund
Class R6	Shares			Amount			Shares			Amount
Issued		147,663		$	1,210,236			241,027		$	1,957,519
Reinvested		2,037			16,805			3,306			26,953
Redeemed		(254,026	)		(2,094,591	)		(781,086	)		(6,360,338	)
Total		(104,326	)	$	(867,550	)		(536,753	)	$	(4,375,866	)

Sterling Capital Intermediate U.S. Government Fund
Class A	Shares			Amount			Shares			Amount
Issued		26,111		$	226,100			3,927		$	33,721
Reinvested		4,266			36,458			7,160			61,234
Redeemed		(31,065	)		(265,227	)		(43,903	)		(376,040	)
Total		(688	)	$	(2,669	)		(32,816	)	$	(281,085	)

 139

Sterling Capital Funds

Notes to Financial Statements — (continued)
March 31, 2024 (Unaudited)

	For the Six Months Ended						For the Year Ended
	March 31, 2024 (Unaudited)						September 30, 2023
Sterling Capital Intermediate U.S. Government Fund
Class C	Shares			Amount			Shares			Amount
Issued		513		$	4,443			10,001		$	86,513
Reinvested		158			1,341			266			2,275
Redeemed		(4,281	)		(36,353	)		(7,131	)		(61,821	)
Total		(3,610	)	$	(30,569	)		3,136		$	26,967

Sterling Capital Intermediate U.S. Government Fund
Institutional	Shares			Amount			Shares			Amount
Issued		1,171		$	10,078			10,714		$	91,264
Reinvested		28,156			240,733			43,893			375,457
Redeemed		(8,997	)		(74,814	)		(12,519	)		(107,421	)
Total		20,330		$	175,997			42,088		$	359,300

Sterling Capital Total Return Bond Fund
Class A	Shares			Amount			Shares			Amount
Issued		776,434		$	7,092,136			878,957		$	8,107,142
Reinvested		93,559			855,844			154,919			1,425,366
Redeemed		(767,952	)		(6,938,819	)		(1,001,035	)		(9,209,698	)
Total		102,041		$	1,009,161			32,841		$	322,810

Sterling Capital Total Return Bond Fund
Class C	Shares			Amount			Shares			Amount
Issued		81,381		$	740,776			25,171		$	230,638
Reinvested		4,468			40,929			7,292			67,188
Redeemed		(84,594	)		(769,845	)		(87,824	)		(809,081	)
Total		1,255		$	11,860			(55,361	)	$	(511,255	)

Sterling Capital Total Return Bond Fund
Institutional	Shares			Amount			Shares			Amount
Issued		48,137,773		$	430,898,759			22,299,483		$	204,623,107
Reinvested		1,558,638			14,280,253			1,818,563			16,745,047
Redeemed		(18,027,569	)		(164,131,916	)		(31,653,420	)		(290,907,707	)
Total		31,668,842		$	281,047,096			(7,535,374	)	$	(69,539,553	)

Sterling Capital Total Return Bond Fund
Class R6	Shares			Amount			Shares			Amount
Issued		14,998,737		$	135,567,691			16,189,324		$	148,974,434
Reinvested		677,836			6,215,546			783,248			7,205,165
Redeemed		(3,901,473	)		(35,664,605	)		(12,545,363	)		(115,861,889	)
Total		11,775,100		$	106,118,632			4,427,209		$	40,317,710

Sterling Capital Long Duration Corporate Bond Fund
Class A	Shares			Amount			Shares			Amount
Issued		601		$	4,216			2,295		$	16,309
Reinvested		986			6,776			2,324			16,105
Redeemed		(673	)		(4,422	)		(22,668	)		(156,941	)
Total		914		$	6,570			(18,049	)	$	(124,527	)

 140

Sterling Capital Funds

Notes to Financial Statements — (continued)
March 31, 2024 (Unaudited)

	For the Six Months Ended				For the Year Ended
	March 31, 2024 (Unaudited)				September 30, 2023
Sterling Capital Long Duration Corporate Bond Fund
Class C	Shares		Amount		Shares			Amount
Reinvested		7	$	47		13		$	88
Redeemed		—		—		(12	)		(83	)
Total		7	$	47		1		$	5

Sterling Capital Long Duration Corporate Bond Fund
Institutional	Shares			Amount			Shares			Amount
Issued		11,356		$	70,000			149,095		$	1,096,226
Reinvested		1,774			12,193			2,332			16,181
Redeemed		(1,863	)		(13,021	)		(98,415	)		(686,794	)
Total		11,267		$	69,172			53,012		$	425,613

Sterling Capital Long Duration Corporate Bond Fund
Class R6	Shares			Amount			Shares			Amount
Issued		80,413		$	502,581			1,205,511		$	8,413,006
Reinvested		113,452			778,920			177,658			1,227,995
Redeemed		(61,649	)		(436,474	)		(68,995	)		(497,450	)
Total		132,216		$	845,027			1,314,174		$	9,143,551

Sterling Capital Quality Income Fund
Class A	Shares			Amount			Shares			Amount
Issued		7		$	59			13		$	118
Reinvested		55			481			100			880
Redeemed		(643	)		(5,711	)		(51	)		(467	)
Total		(581	)	$	(5,171	)		62		$	531

Sterling Capital Quality Income Fund
Class C	Shares		Amount		Shares			Amount
Reinvested		4	$	36		6		$	57
Redeemed		—		—		(12	)		(107	)
Total		4	$	36		(6	)	$	(50	)

Sterling Capital Quality Income Fund
Institutional	Shares			Amount			Shares			Amount
Issued		752,080		$	6,544,424			1,883,270		$	16,671,733
Reinvested		86,856			764,208			143,396			1,266,409
Redeemed		(1,104,016	)		(9,733,705	)		(656,768	)		(5,827,260	)
Total		(265,080	)	$	(2,425,073	)		1,369,898		$	12,110,882

Sterling Capital North Carolina Intermediate Tax-Free Fund
Class A	Shares			Amount			Shares			Amount
Issued		22,539		$	230,263			232,766		$	2,364,985
Reinvested		20,453			206,691			38,094			383,788
Redeemed		(144,312	)		(1,453,880	)		(489,022	)		(4,993,925	)
Total		(101,320	)	$	(1,016,926	)		(218,162	)	$	(2,245,152	)

Sterling Capital North Carolina Intermediate Tax-Free Fund
Class C	Shares			Amount			Shares			Amount
Issued		936		$	9,160			6,226		$	63,000
Reinvested		722			7,290			1,342			13,514
Redeemed		(9,518	)		(95,938	)		(24,557	)		(248,991	)
Total		(7,860	)	$	(79,488	)		(16,989	)	$	(172,477	)

 141

Sterling Capital Funds

Notes to Financial Statements — (continued)
March 31, 2024 (Unaudited)

	For the Six Months Ended						For the Year Ended
	March 31, 2024 (Unaudited)						September 30, 2023
Sterling Capital North Carolina Intermediate Tax-Free Fund
Institutional	Shares			Amount			Shares			Amount
Issued		2,200,553		$	22,178,911			3,606,451		$	36,449,589
Reinvested		76,053			768,344			145,502			1,465,451
Redeemed		(3,017,666	)		(30,163,484	)		(5,257,377	)		(52,892,072	)
Total		(741,060	)	$	(7,216,229	)		(1,505,424	)	$	(14,977,032	)

Sterling Capital South Carolina Intermediate Tax-Free Fund
Class A	Shares			Amount			Shares			Amount
Issued		3,487		$	36,923			42,487		$	441,326
Reinvested		6,326			66,417			11,378			119,001
Redeemed		(50,031	)		(525,373	)		(115,609	)		(1,211,789	)
Total		(40,218	)	$	(422,033	)		(61,744	)	$	(651,462	)

Sterling Capital South Carolina Intermediate Tax-Free Fund
Class C	Shares			Amount			Shares			Amount
Issued		2,237		$	23,439			—		$	—
Reinvested		209			2,197			288			3,009
Redeemed		(1,939	)		(19,720	)		(7,130	)		(75,053	)
Total		507		$	5,916			(6,842	)	$	(72,044	)

Sterling Capital South Carolina Intermediate Tax-Free Fund
Institutional	Shares			Amount			Shares			Amount
Issued		217,494		$	2,278,314			893,718		$	9,330,273
Reinvested		18,867			196,587			31,624			328,340
Redeemed		(747,043	)		(7,698,564	)		(1,448,154	)		(15,014,893	)
Total		(510,682	)	$	(5,223,663	)		(522,812	)	$	(5,356,280	)

Sterling Capital Virginia Intermediate Tax-Free Fund
Class A	Shares			Amount			Shares			Amount
Issued		9,083		$	101,526			11,270		$	125,094
Reinvested		8,550			94,609			16,896			186,447
Redeemed		(87,016	)		(953,103	)		(288,559	)		(3,170,891	)
Total		(69,383	)	$	(756,968	)		(260,393	)	$	(2,859,350	)

Sterling Capital Virginia Intermediate Tax-Free Fund
Class C	Shares		Amount		Shares			Amount
Issued		—	$	—		494		$	5,480
Reinvested		3		40		13			138
Redeemed		—		—		(1,509	)		(16,775	)
Total		3	$	40		(1,002	)	$	(11,157	)

Sterling Capital Virginia Intermediate Tax-Free Fund
Institutional	Shares			Amount			Shares			Amount
Issued		156,620		$	1,745,255			939,916		$	10,401,968
Reinvested		5,349			59,213			9,499			104,824
Redeemed		(1,289,924	)		(14,062,835	)		(2,397,176	)		(26,375,457	)
Total		(1,127,955	)	$	(12,258,367	)		(1,447,761	)	$	(15,868,665	)

 142

Sterling Capital Funds

Notes to Financial Statements — (continued)
March 31, 2024 (Unaudited)

	For the Six Months Ended						For the Year Ended
	March 31, 2024 (Unaudited)						September 30, 2023
Sterling Capital West Virginia Intermediate Tax-Free Fund
Class A	Shares			Amount			Shares			Amount
Issued		66,787		$	635,945			1,022,283		$	9,682,418
Reinvested		23,952			225,942			33,870			317,681
Redeemed		(208,608	)		(1,946,473	)		(1,354,284	)		(12,726,839	)
Total		(117,869	)	$	(1,084,586	)		(298,131	)	$	(2,726,740	)

Sterling Capital West Virginia Intermediate Tax-Free Fund
Class C	Shares		Amount		Shares			Amount
Reinvested		2	$	17		15		$	140
Redeemed		—		—		(2,290	)		(21,706	)
Total		2	$	17		(2,275	)	$	(21,566	)

Sterling Capital West Virginia Intermediate Tax-Free Fund
Institutional	Shares			Amount			Shares			Amount
Issued		437,479		$	4,061,767			629,358		$	5,951,282
Reinvested		10,436			98,491			22,627			212,819
Redeemed		(1,695,716	)		(16,052,705	)		(1,057,078	)		(9,922,418	)
Total		(1,247,801	)	$	(11,892,447	)		(405,093	)	$	(3,758,317	)

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 relates to investments focused in asset classes, countries, regions, sectors, industries, or issuers that are subject to the same or similar risk factors and investments whose prices are closely correlated that are subject to greater overall risk than investments that are more diversified or whose prices are not as closely correlated.

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 20, 2025. During the six months ended March 31, 2024, 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 Small Cap Value Fund		6.50	%	$	5,143,500		2	$	1,857	$	5,143,500
Sterling Capital Total Return Bond Fund		6.50	%		1,394,000		1		252		1,394,000
Sterling Capital North Carolina Intermediate Tax-Free
Fund		6.50	%		59,333		6		64		59,333
Sterling Capital South Carolina Intermediate Tax-Free
Fund		6.50	%		44,000		1		8		44,000
Sterling Capital West Virginia Intermediate Tax-Free Fund		6.50	%		36,000		4		26		36,000

* 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, 2024 (Unaudited)

9. Fund Ownership:

As of March 31, 2024, 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: 87% of the Behavioral Small Cap Value Equity Fund, 99% of the Behavioral International Equity Fund and 43% of the Ultra Short Bond Fund. As a result, Truist may be deemed to “control” each of the above mentioned Funds as such term is defined under the 1940 Act. Additionally, one non-affiliated shareholder, held 81% of the shares outstanding of the Intermediate U.S. Government Fund and may be deemed to control this Fund.

10. Fund Reorganization:

On January 26, 2024, the Sterling Capital Mid Value Fund (the “Mid Value Fund”) acquired substantially all of the assets of the Sterling Capital SMID Opportunities Fund (the “Acquired Fund”), pursuant to the Agreement and Plan of Reorganization dated January 5, 2024. The Acquired Fund shared substantially similar principal investment strategies and policies to those of the Mid Value Fund. The Boards of the Acquired Fund and the Mid Value Fund approved the reorganization and, the Board of the Acquired Fund approved the Acquired Fund’s liquidation and dissolution. The acquisition was accomplished by a tax-free exchange of 197,793 shares of the Mid Value Fund with an aggregate value of $2,911,268 for all 329,478 shares of the Acquired Fund then outstanding, with the same aggregate value.

	Shares from the Acquired Fund	Shares allotted from the Fund	Conversion Ratio
Class A	219,891	131,128	0.596332:1
Class C	18,260	12,995	0.711642:1
Institutional Investors	91,327	53,670	0.587673:1

The exchange was based on values at the close of the NYSE January 26, 2024. The net assets of the acquired fund at that date included $304,144 of unrealized appreciation. Assets of the acquired fund, including securities of $2,885,973, cash of $19,019, and receivables and other assets of $9,181, and payables of $2,905, were combined with those of the fund, resulting in aggregate net assets of $2,911,268 immediately after the acquisition.

Pro forma results of operations of the combined entity for the entire period ended March 31, 2024, as though the acquisition had occurred as of the beginning of the year (rather than on the actual acquisition date), are as follows:

Net investment income	$	3,705
Net realized gain (loss)		498,984
Change in net unrealized gain/loss		(172,670	)
Increase (decrease) in net assets from operations	$	329,419

Because the combined investment portfolios have been managed as a single portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of the acquired fund that have been included in the fund’s accompanying Statement of Operations since January 26, 2024.

11. 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. 

 144

Sterling Capital Funds

Notes to Financial Statements — (continued) 

March 31, 2024 (Unaudited)

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, 2023, 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	$	(16,228,571	)	$	—
Sterling Capital Behavioral Small Cap Value Equity Fund		(20,176	)		—
Sterling Capital Behavioral International Equity Fund		(12,342,667	)		—
Sterling Capital Ultra Short Bond Fund		(196,332	)		(1,060,036	)
Sterling Capital Short Duration Bond Fund		(1,843,189	)		(7,194,262	)
Sterling Capital Intermediate U.S. Government Fund		(390,931	)		(1,004,330	)
Sterling Capital Total Return Bond Fund		(14,480,537	)		(39,178,107	)
Sterling Capital Long Duration Corporate Bond Fund		(617,731	)		—
Sterling Capital Quality Income Fund		(1,908,273	)		(757,232	)
Sterling Capital North Carolina Intermediate Tax-Free Fund		(2,181,112	)		(2,079,545	)
Sterling Capital South Carolina Intermediate Tax-Free Fund		(106,324	)		(416,338	)
Sterling Capital Virginia Intermediate Tax-Free Fund		(600,324	)		(714,221	)
Sterling Capital West Virginia Intermediate Tax-Free Fund		(39,613	)		(1,017,988	)

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.

The tax character of distributions paid to shareholders during the fiscal year ended September 30, 2023 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	$	540,559	$	—	$	540,559	$	—	$	540,559
Sterling Capital Mid Value Fund		189,120		7,939,154		8,128,274		—		8,128,274
Sterling Capital Behavioral Small Cap Value Equity Fund		1,849,184		—		1,849,184		—		1,849,184
Sterling Capital Special Opportunities Fund		—		38,439,138		38,439,138		—		38,439,138
Sterling Capital Equity Income Fund		55,370,491		118,112,434		173,482,925		—		173,482,925
Sterling Capital Behavioral International Equity Fund		3,693,298		—		3,693,298		—		3,693,298
Sterling Capital Mid Cap Relative Value Fund		407,967		6,835,266		7,243,233		—		7,243,233
Sterling Capital Real Estate Fund		1,406,715		4,797,257		6,203,972		—		6,203,972
Sterling Capital Small Cap Value Fund		1,558,523		76,717,312		78,275,835		—		78,275,835
Sterling Capital Ultra Short Bond Fund		1,146,187		—		1,146,187		—		1,146,187
Sterling Capital Short Duration Bond Fund		3,892,164		—		3,892,164		—		3,892,164
Sterling Capital Intermediate U.S. Government Fund		447,781		—		447,781		—		447,781
Sterling Capital Total Return Bond Fund		34,534,996		—		34,534,996		—		34,534,996
Sterling Capital Long Duration Corporate Bond Fund		1,262,126		—		1,262,126		—		1,262,126
Sterling Capital Quality Income Fund		2,462,726		—		2,462,726		—		2,462,726
Sterling Capital North Carolina Intermediate Tax-Free Fund		126,020		—		126,020		3,039,971		3,165,991
Sterling Capital South Carolina Intermediate Tax-Free Fund		61,348		—		61,348		736,105		797,453
Sterling Capital Virginia Intermediate Tax-Free Fund		101,434		—		101,434		1,344,024		1,445,458
Sterling Capital West Virginia Intermediate Tax-Free Fund		66,372		—		66,372		1,919,955		1,986,327

 145

Sterling Capital Funds

Notes to Financial Statements — (continued) 

March 31, 2024 (Unaudited)

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

Under current tax law, net capital losses or, if there are no such losses, net long-term capital losses or net short-term capital losses realized after October 31, net ordinary losses from the sale, exchange or other taxable disposition of property realized after October 31 and other net ordinary losses realized after December 31 of a Fund’s taxable year may be deferred and treated as occurring on the first business day of the following taxable year for tax purposes. The following Funds had deferred qualified late-year losses, which will be treated as arising on the first business day of the taxable year ending September 30, 2023:

	Qualified Late-Year Ordinary Losses		Qualified Late-Year Short-term Capital Losses		Qualified Late-Year Long-term Capital Losses
Sterling Capital Special Opportunities Fund	$	1,032,276	$	—	$	—
Sterling Capital Ultra Short Bond Fund		—		—		124,979
Sterling Capital Short Duration Bond Fund		—		227,508		2,922,182
Sterling Capital Intermediate U.S. Government Fund		—		—		141,450
Sterling Capital Total Return Bond Fund		—		6,288,389		24,715,977
Sterling Capital Long Duration Corporate Bond Fund		—		555,876		747,166
Sterling Capital Quality Income Fund		—		12,568		389,786
Sterling Capital North Carolina Intermediate Tax-Free Fund		—		949,209		680,594
Sterling Capital South Carolina Intermediate Tax-Free Fund		—		108,327		556,314
Sterling Capital Virginia Intermediate Tax-Free Fund		—		2,345		663,979
Sterling Capital West Virginia Intermediate Tax-Free Fund		—		161,189		1,301,403

 146

Sterling Capital Funds

Notes to Financial Statements — (continued) 

March 31, 2024 (Unaudited)

As of March 31, 2024, 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	$	14,073		$	—	$	14,073		$	—		$	(14,998,580	)	$	8,508,595		$	(6,475,912	)
Sterling Capital Mid Value Fund		67,662			2,369,221		2,436,883			—			—			13,184,891			15,621,774
Sterling Capital Behavioral Small Cap Value Equity Fund		175,245			5,625,334		5,800,579			—			—			20,129,146			25,929,725
Sterling Capital Special Opportunities Fund		(1,705,861	)		58,170,505		56,464,644			—			—			173,843,700			230,308,344
Sterling Capital Equity Income Fund		2,219,427			168,498,971		170,718,398			—			—			733,075,616			903,794,014
Sterling Capital Behavioral International Equity Fund		152,524			—		152,524			—			(6,262,740	)		22,266,144			16,155,928
Sterling Capital Mid Cap Relative Value Fund		76,968			2,070,986		2,147,954			—			—			24,735,853			26,883,807
Sterling Capital Real Estate Fund		822,068			2,791,835		3,613,903			—			—			25,898,936			29,512,839
Sterling Capital Small Cap Value Fund		194,992			30,748,859		30,943,851			—			—			188,582,433			219,526,284
Sterling Capital Ultra Short Bond Fund		(48,396	)		—		(48,396	)		(7,097	)		(1,314,918	)		53,769			(1,316,642	)
Sterling Capital Short Duration Bond Fund		(43,829	)		—		(43,829	)		(77,713	)		(12,686,620	)		(129,169	)		(12,937,331	)
Sterling Capital Intermediate U.S. Government Fund		65,369			—		65,369			—			(1,944,442	)		(1,363,284	)		(3,242,357	)
Sterling Capital Total Return Bond Fund		2,453,976			—		2,453,976			(959,901	)		(124,015,950	)		(47,701,443	)		(170,223,318	)
Sterling Capital Long Duration Corporate Bond Fund		(4,063	)		—		(4,063	)		—			(2,465,533	)		(4,807,223	)		(7,276,819	)
Sterling Capital Quality Income Fund		(75,020	)		—		(75,020	)		—			(3,705,691	)		(6,598,421	)		(10,379,132	)
Sterling Capital North Carolina Intermediate Tax-Free Fund		221,495			—		221,495			(108,925	)		(6,472,351	)		1,105,263			(5,254,518	)
Sterling Capital South Carolina Intermediate Tax-Free Fund		51,515			—		51,515			(23,046	)		(1,574,535	)		207,597			(1,338,469	)
Sterling Capital Virginia Intermediate Tax-Free Fund		63,169			—		63,169			—			(2,601,252	)		438,002			(2,100,081	)
Sterling Capital West Virginia Intermediate Tax-Free Fund		190,156			—		190,156			(109,082	)		(2,845,463	)		(225,436	)		(2,989,825	)

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

 147

Sterling Capital Funds

Notes to Financial Statements — (continued) 

March 31, 2024 (Unaudited)

As of September 30, 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	$	8,981	$	—	$	8,981	$	—		$	(16,228,571	)	$	2,801,557		$	(13,418,033	)
Sterling Capital Mid Value Fund		626,030		2,295,954		2,921,984		—			—			8,147,857			11,069,841
Sterling Capital Behavioral Small Cap Value Equity Fund		570,992		—		570,992		—			(20,176	)		8,047,139			8,597,955
Sterling Capital Special Opportunities Fund		—		71,908,862		71,908,862		—			(1,032,276	)		157,798,657			228,675,243
Sterling Capital Equity Income Fund		3,908,409		146,933,923		150,842,332		(2	)		—			565,491,621			716,333,951
Sterling Capital Behavioral International Equity Fund		5,740,634		—		5,740,634		—			(12,342,667	)		9,508,143			2,906,110
Sterling Capital Mid Cap Relative Value Fund		289,739		3,696,095		3,985,834		—			—			19,637,729			23,623,563
Sterling Capital Real Estate Fund		—		3,914,555		3,914,555		—			—			20,432,839			24,347,394
Sterling Capital Small Cap Value Fund		903,633		71,208,814		72,112,447		—			—			179,004,313			251,116,760
Sterling Capital Ultra Short Bond Fund		1,497		—		1,497		(2,944	)		(1,381,347	)		(142,418	)		(1,525,212	)
Sterling Capital Short Duration Bond Fund		299,340		—		299,340		(85,718	)		(12,187,141	)		(2,410,111	)		(14,383,630	)
Sterling Capital Intermediate U.S. Government Fund		126,355		—		126,355		(806	)		(1,536,711	)		(2,316,030	)		(3,727,192	)
Sterling Capital Total Return Bond Fund		2,451,221		—		2,451,221		(769,827	)		(84,663,010	)		(144,614,383	)		(227,595,999	)
Sterling Capital Long Duration Corporate Bond Fund		10,839		—		10,839		(116	)		(1,920,773	)		(8,293,544	)		(10,203,594	)
Sterling Capital Quality Income Fund		118,086		—		118,086		(118,000	)		(3,067,859	)		(10,751,099	)		(13,818,872	)
Sterling Capital North Carolina Intermediate Tax-Free Fund		219,018		—		219,018		(106,447	)		(5,890,460	)		(5,069,189	)		(10,847,078	)
Sterling Capital South Carolina Intermediate Tax-Free Fund		57,008		—		57,008		(28,539	)		(1,187,303	)		(1,464,027	)		(2,622,861	)
Sterling Capital Virginia Intermediate Tax-Free Fund		154,181		—		154,181		(91,013	)		(1,980,869	)		(2,449,403	)		(4,367,104	)
Sterling Capital West Virginia Intermediate Tax-Free Fund		200,669		—		200,669		(119,595	)		(2,520,193	)		(3,694,358	)		(6,133,477	)

 148

Sterling Capital Funds

Notes to Financial Statements — (continued)

March 31, 2024 (Unaudited)

As of March 31, 2024, 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	$	27,613,091	$	8,649,688	$	(163,365	)	$	8,486,323
Sterling Capital Mid Value Fund		39,032,558		15,231,879		(2,012,886	)		13,218,993
Sterling Capital Behavioral Small Cap Value Equity Fund		83,798,480		22,158,478		(2,059,437	)		20,099,041
Sterling Capital Special Opportunities Fund		273,008,561		175,083,416		(4,266,233	)		170,817,183
Sterling Capital Equity Income Fund		1,272,463,305		739,343,169		(8,126,805	)		731,216,364
Sterling Capital Behavioral International Equity Fund		111,860,116		24,436,296		(2,295,862	)		22,140,434
Sterling Capital Mid Cap Relative Value Fund		20,252,123		25,106,978		(410,490	)		24,696,488
Sterling Capital Real Estate Fund		41,903,912		26,974,338		(1,141,551	)		25,832,787
Sterling Capital Small Cap Value Fund		79,552,678		188,651,474		(69,041	)		188,582,433
Sterling Capital Ultra Short Bond Fund		27,351,308		92,934		(39,166	)		53,768
Sterling Capital Short Duration Bond Fund		54,675,461		294,777		(428,020	)		(133,243	)
Sterling Capital Intermediate U.S. Government Fund		18,406,922		33,903		(1,397,187	)		(1,363,284	)
Sterling Capital Total Return Bond Fund		1,524,700,198		18,543,813		(91,567,475	)		(73,023,662	)
Sterling Capital Long Duration Corporate Bond Fund		39,675,930		359,174		(5,286,617	)		(4,927,443	)
Sterling Capital Quality Income Fund		95,514,637		213,760		(6,815,819	)		(6,602,059	)
Sterling Capital North Carolina Intermediate Tax-Free Fund		129,023,237		1,639,580		(534,317	)		1,105,263
Sterling Capital South Carolina Intermediate Tax-Free Fund		30,862,407		366,586		(158,989	)		207,597
Sterling Capital Virginia Intermediate Tax-Free Fund		50,600,995		664,334		(226,332	)		438,002
Sterling Capital West Virginia Intermediate Tax-Free Fund		69,776,857		553,862		(783,940	)		(230,078	)

12. Subsequent Events:

Management has evaluated the need for the disclosure and/or adjustments resulting from subsequent events through the date the financial statements were issued, and has noted no events other than those noted below that require recognition or disclosure in the financial statements.

On February 2, 2024, Guardian Capital Group Limited (“Guardian”) announced that it had entered into a unit purchase agreement under which Guardian’s wholly owned subsidiary, Guardian Capital LLC, will acquire 100% of the ownership interests of Sterling Capital from Truist Financial Corporation (“Truist”) (the “Acquisition”). The closing of the Acquisition (the “Closing”) is subject to certain conditions and is expected to take place near the end of the second quarter or beginning of the third quarter of 2024.

The Acquisition will result in a change of control of Sterling Capital effective as of the Closing. Pursuant to the terms of the current investment advisory agreement between Sterling Capital and the Funds (the "Current Agreement"), the Acquisition will be deemed an assignment of the Current Agreement and result in its automatic termination. In anticipation of the termination of the Current Agreement and to provide continuity of management, on March 27, 2024 at an in-person meeting, the Board approved a new investment advisory agreement containing substantially similar terms as the Current Agreement, including identical advisory fees (the "New Agreement"). At the same meeting, the Board also approved an interim investment advisory agreement under which Sterling Capital would provide investment advisory services to the Funds (the "Interim Agreement"), to take effect on the Closing date if shareholder approval of the New Agreement has not yet been obtained by that date.

The Interim Agreement immediately terminates (i) in the event of its assignment, (ii) upon effectiveness of the New Agreement, or (iii) on the expiration of 150 days after the date of the Closing, which is the date on which the Interim Agreement would become effective. The terms of the Interim Agreement are substantially identical to those of the Current Agreement and the New Agreement, except for: (i) different effective and termination dates; (ii) the different termination provisions referenced above; (iii) the compensation earned by Sterling Capital with respect to a Fund under the Interim Agreement would be held in an interest-bearing escrow account with the Fund’s custodian or a bank pending shareholder approval of the New Agreement with respect to the Fund; and (iv) certain other provisions required by Rule 15a-4.

At a special meeting of shareholders of the Funds scheduled for June 24, 2024 and currently expected to occur prior to the Closing, shareholders will be asked to consider and approve the New Agreement. Shareholders of record of each Fund as of the close of business on April 8, 2024 will be entitled to vote at the meeting and should have received a proxy statement providing more information about the Acquisition and the New Agreement. A discussion regarding the factors considered by the Board in approving the New Agreement is included below.

149 

Sterling Capital Funds

Notes to Financial Statements — (continued)

March 31, 2024 (Unaudited)

The Trustees considered the New Agreement over the course of multiple meetings, including an initial discussion on January 16, 2024, an in-person meeting held February 20-21, 2024, a virtual meeting held on March 7, 2024, and an in-person meeting held on March 27, 2024. Over the course of these meetings, the Trustees, including the Independent Trustees, discussed and evaluated the New Agreement, taking into consideration the Acquisition and its possible effect on Sterling Capital and the Funds. Representatives of Sterling Capital and Guardian attended portions of certain of these meetings at the Trustees' request to discuss the impact of the Acquisition on Sterling Capital and the Funds, and to answer questions from the Trustees. These representatives confirmed to the Trustees that Sterling Capital would continue to operate as a standalone entity following the Acquisition and would be led by the current team of management and senior professionals, providing continuity and stability for the Funds. These representatives also confirmed Guardian's commitment to the continued growth and success of Sterling Capital, including the Funds, and reaffirmed that there would not be any changes in the personnel managing the Funds or to the manner in which the Funds' portfolios are managed as a result of the Acquisition. The Trustees requested and considered extensive written materials furnished by Sterling Capital and Guardian to facilitate their review of the New Agreement. Based on these materials and discussions with representatives of Sterling Capital and Guardian, the Trustees concluded that the investment advisory services to be provided to the Funds under the New Agreement were expected to be consistent in all material respects with current services and in no respect diminished. As part of their deliberations, the Independent Trustees conducted multiple private meetings with their independent legal counsel, outside the presence of Sterling Capital and other Fund management. In their deliberations regarding the New Agreement, the Trustees attributed different weights to various factors involved in their analysis of the New Agreement, and in each case no factor alone was considered determinative. In connection with approving the New Agreement at an in-person meeting on March 27, 2024, the Trustees determined that the arrangement between the Trust and Sterling Capital, as provided in the New Agreement, was fair and reasonable and that approval of the New Agreement was in the best interests of each applicable Fund and its shareholders.

The Trustees also considered the following factors, among others, in reaching their conclusions.

Portfolio Management Continuity - The degree of continuity of advisory services to be provided by Sterling Capital to the Funds upon completion of the Acquisition should be very high since those services are expected to be provided by the same personnel who are currently providing such services. In addition, the investment objectives and principal investment strategies of the Funds are expected to remain the same.

The Nature, Extent and Quality of the Services to be Provided - Given the continuity noted above, as well as the substantially unchanged contractual terms, the nature and extent of services expected to be provided by Sterling Capital is expected to be unchanged and consistent with industry norms, and the quality of services expected to be provided by Sterling Capital is expected to be satisfactory or better.

Investment Performance - In light of the ongoing oversight of performance by the Board at its regular meetings, the recent completion of the 2023 annual contract review and the expectation of conducting its annual contract review for each Fund again later in 2024, for purposes of this review the Board focused on ensuring continuity of investment advisory services as opposed to requesting and analyzing additional performance-related materials.

The Cost of Services, Fees Received and Profitability to be Realized by the Sterling Capital and its Affiliates - The Trustees noted that there would be no increases in fees paid by the Funds under the New Agreement and that the Board had recently concluded that the Funds' current fees are fair and reasonable as part of the 2023 annual contract review. The Trustees also noted that the Acquisition was not expected to have a material near-term impact on Sterling Capital's profitability with respect to the Funds, and that the Board had recently concluded that Sterling Capital's profitability as a result of its relationship with the Funds was acceptable as part of the 2023 annual contract review. The Trustees also noted that the Acquisition was not expected to have a material near-term impact on the “fallout benefits” to Sterling Capital and its affiliates as a result of Sterling Capital providing investment advisory services to the Funds.

Economies of Scale - The Trustees noted that the fees paid by the Funds for investment advisory services would be the same under the New Agreement as the Current Agreement, and that the Acquisition was not expected to have a material near-term impact on Fund assets. The Trustees also noted that Sterling Capital's current fee waivers with respect to the Funds would be unchanged following the Closing of the Acquisition, and that the Trustees had recently concluded that each Fund's fee schedule represents an appropriate sharing between the Fund and Sterling Capital of such economies of scale as may exist at current asset levels.

150 

Sterling Capital Funds

Notes to Financial Statements — (continued)

March 31, 2024 (Unaudited)

After considering these factors, among others, the Trustees concluded that approval of the New Agreement was in the best interests of each applicable Fund and its Shareholders.

151 

BOARD CONSIDERATION OF ADVISORY AGREEMENTS (UNAUDITED)

Continuation of Current Advisory Agreement

The Board of Trustees conducted meetings in August and November 2023 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, 2025. The above referenced agreement is referred to herein as the “Advisory Agreement.”

The Trustees reviewed extensive material in connection with their consideration of the Advisory Agreement, including data from an independent provider of mutual fund data (as assembled by the Trust’s administrator), which, where applicable, included comparisons with a peer group of comparable funds (based on average share class assets) for advisory fees, administrator fees, 12b-1 fees, and total fund expenses. The Trustees considered the contractual advisory fee levels for each Fund, as well as the fee waivers that Sterling Capital had agreed to implement for certain Funds. The Trustees noted that, as detailed below, Sterling Capital had agreed to reduce its contractual advisory fee rate for a number of Funds in recent years as part of the annual contract review process. The Board was assisted in its review by independent legal counsel, who provided a memorandum detailing the legal standards for review of the Advisory Agreement. The Board received detailed presentations from Sterling Capital, including analysis of each Fund’s investment process and performance, and conducted site visits to the Adviser's offices in Charlotte, Raleigh and Virginia Beach. The Board also received and considered information from Sterling Capital relating to its profitability in respect of each Fund, and from all Funds in the aggregate. As part of their deliberations, the Independent Trustees conducted private meetings with their independent legal counsel, outside the presence of Sterling Capital and other Fund management.

In their deliberations regarding the Advisory Agreement, the Trustees attributed different weights to various factors involved in an analysis of the Advisory Agreement, and in each case no factor alone was considered determinative. The Trustees determined that the arrangement between the Trust and the Adviser, as provided in the Advisory Agreement, was fair and reasonable and that the continuance of the Advisory Agreement was in the best interests of each applicable Fund and its shareholders.

The Trustees considered the following factors, among others, in reaching their conclusions.

Nature, Extent and Quality of Services Provided by the Adviser

The Trustees received and considered information regarding the nature, extent, and quality of the services provided by the Adviser to each Fund under the Advisory Agreement. The Trustees took into account information furnished throughout the year by the Adviser at Board meetings, as well as materials furnished by the Adviser specifically in connection with the annual review process. The Trustees conducted periodic meetings with representatives of each Fund’s portfolio management team over the course of the year, and received periodic “deep dive” attribution analyses regarding specific Funds. The Trustees considered the background and experience of the Adviser’s senior management and the expertise of investment personnel of the Adviser responsible for the day-to-day management of each Fund. The Trustees considered the overall reputation of the Adviser, and the capabilities and commitment of the Adviser to provide high quality services to each Fund.

The Trustees received information concerning the investment philosophy and investment processes applied or to be applied by the Adviser in managing each Fund as well as the Adviser’s Form ADV. The Trustees also considered information regarding the Adviser’s and the Funds’ regulatory compliance and compliance with the investment policies of the Funds. The Trustees evaluated the Adviser’s trading practices, and considered the procedures of the Adviser designed to fulfill the Adviser’s fiduciary duty to the Funds with respect to possible conflicts of interest, including the Adviser’s code of ethics (regulating, among other things, the personal trading of its officers and employees).

Based on their review, the Trustees concluded that, with respect to the nature, extent, and quality of services provided or to be provided by the Adviser, the nature and extent of responsibilities was or was expected to be consistent with mutual fund industry norms, and the quality of the services provided or to be provided by the Adviser was or was expected to be satisfactory or better.

152 

BOARD CONSIDERATION OF ADVISORY AGREEMENTS (UNAUDITED)

Investment Performance

The Trustees considered the performance results of each Fund over various periods in absolute terms and relative to each Fund’s benchmark and peer fund categories determined by an independent third-party data provider. In conducting their review, the Trustees focused particular attention on cases where a Fund’s longer-term performance compared unfavorably with its relevant peer categories. The Trustees noted that Sterling Capital had been proactive in identifying and replacing underperforming portfolio managers over time and taking other steps to address underperformance concerns with certain Funds.

After reviewing the performance of each Fund and taking into consideration the management style, investment strategies, and prevailing market conditions during the prior year and for longer periods, the Trustees concluded that the performance of each Fund was acceptable or better or that, in cases where performance issues were encountered, Sterling Capital had taken appropriate steps to address the situation.

Cost of Services, Including the Profits Realized by the Adviser and Affiliates, and Other Benefits

The Trustees considered peer group information with respect to the advisory fees charged by Sterling Capital to each of the Funds, taking into consideration both contractual and actual (i.e., after fee waivers) fee levels. The Trustees concluded that the advisory fees paid by the Funds fell within an acceptable range as compared to peer groups, and were fair and reasonable, particularly in light of the fee waivers and reductions described below under “Economies of Scale.”

As part of their review, the Trustees considered benefits to Sterling Capital aside from advisory fees. The Trustees reviewed administration fees received by Sterling Capital and considered the fallout benefits to Sterling Capital such as the research services available to Sterling Capital by reason of brokerage commissions generated by the Funds’ portfolio transactions. The Trustees also considered benefits to Sterling Capital’s affiliates, including brokerage commissions received by a Sterling Capital affiliate 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.

153 

BOARD CONSIDERATION OF ADVISORY AGREEMENTS (UNAUDITED)

Economies of Scale

The Trustees also considered whether fee levels reflect economies of scale and whether economies of scale would be produced by the growth of the Funds’ assets. The Trustees considered that Sterling Capital had taken steps to reduce the expense ratios for a number of Funds as part of the 2023 contract review process. In particular, Sterling Capital agreed to limit its advisory fee rates for the period February 1, 2024 to January 31, 2025 for Sterling Capital Quality Income Fund, Sterling Capital Ultra Short Bond Fund and Sterling Capital Intermediate U.S. Government Bond Fund as part of the 2023 contract review process. In addition, Sterling Capital agreed to implement total expense caps for the period February 1, 2024 to January 31, 2025 for, each share class for Sterling Capital Total Return Bond Fund, and Sterling Capital Long Duration Corporate Bond Fund, and to waive and/or reimburse certain expenses with respect to Class R6 shares of certain Funds. As part of the 2020 contract review process, Sterling Capital agreed to reduce its contractual advisory fee rate for the following Funds: Sterling Capital Mid Value Fund, Sterling Capital Behavioral International Equity Fund, Sterling Capital Mid Cap Relative Value Fund, Sterling Capital Small Cap Value Fund, Sterling Capital Short Duration Bond Fund, and Sterling Capital Total Return Bond Fund. As part of the 2021 contract review process, Sterling Capital agreed to reduce its contractual advisory fee rate for the Sterling Capital Long Duration Corporate Bond Fund. The Trustees found that, taking into account these fee waivers and reductions, each Fund’s fee schedule represents an appropriate sharing between the Fund and Sterling Capital of such economies of scale as may exist at current asset levels.

154 

Other Information (Unaudited)

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

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

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

155 

Notice of Privacy Policy & Practices

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

Collection of Personal Information

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

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

.

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

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

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

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

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

Disclosure of Personal Information

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

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

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

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

Safeguarding of Personal Information

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

We request that all service providers to Sterling Capital Funds:

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

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

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

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

156 

INVESTMENT ADVISOR

Sterling Capital Management LLC

4350 Congress Street, Suite 1000

Charlotte, NC 28209

DISTRIBUTOR

Sterling Capital Distributors, LLC

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

 

(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 18. Recovery of Erroneously Awarded Compensation.

(a) Not applicable.

(b) Not applicable.

Item 19. 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 28, 2024

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 28, 2024
By (Signature and Title)	/s/ Todd M. Miller
	Todd M. Miller, Treasurer
	(principal financial officer)
Date	May 28, 2024