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)

3605 Glenwood Ave., Suite 100
Raleigh, NC 27612

(Address of principal executive offices) (Zip code)

James T. Gillespie, President
Sterling Capital Funds
3605 Glenwood Ave., Suite 100
Raleigh, NC 27612

(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, 2020  

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

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

Item 1. Reports to Stockholders.

The Report to Shareholders is attached herewith.

 

Beginning on January 1, 2021, as permitted by regulations adopted by the U.S. Securities and Exchange Commission, paper copies of the shareholder reports of the Sterling Capital Funds (each, a “Fund” and, collectively, the “Funds”) like this one will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Funds’ website (www.sterlingcapitalfunds.com), and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from a Fund electronically anytime by contacting your financial intermediary or, if you are a direct investor, by calling 1-800-228-1872 or by sending an e-mail request to fundinfo@sterlingcapital.com.

You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. If you invest directly with a Fund, you can call 1-800-228-1872 or send an email request to fundinfo@sterlingcapital.com to let the Fund know you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all Funds held in your account if you invest through your financial intermediary or all Funds held with the fund complex if you invest directly with a Fund.

0

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	10
Sterling Capital Mid Value Fund	12
Sterling Capital Behavioral Small Cap Value Equity Fund	13
Sterling Capital Special Opportunities Fund	17
Sterling Capital Equity Income Fund	18
Sterling Capital Behavioral International Equity Fund	19
Sterling Capital SMID Opportunities Fund	22
Sterling Capital Stratton Mid Cap Value Fund	23
Sterling Capital Stratton Real Estate Fund	25
Sterling Capital Stratton Small Cap Value Fund	26
Sterling Capital Ultra Short Bond Fund	27
Sterling Capital Short Duration Bond Fund	31
Sterling Capital Intermediate U.S. Government Fund	36
Sterling Capital Total Return Bond Fund	38
Sterling Capital Corporate Fund	46
Sterling Capital Quality Income Fund	49
Sterling Capital Kentucky Intermediate Tax-Free Fund	52
Sterling Capital Maryland Intermediate Tax-Free Fund	54
Sterling Capital North Carolina Intermediate Tax-Free Fund	56
Sterling Capital South Carolina Intermediate Tax-Free Fund	59
Sterling Capital Virginia Intermediate Tax-Free Fund	61
Sterling Capital West Virginia Intermediate Tax-Free Fund	63
Sterling Capital Diversified Income Fund	65
Sterling Capital Strategic Allocation Balanced Fund	66
Sterling Capital Strategic Allocation Growth Fund	67
Financial Statements	68
Notes to Financial Statements	136
Other Information	151
Notice of Privacy Policy & Practices	152

(This page has been left blank intentionally.)

Letter from the President and the Investment Advisor

Dear Shareholders:

We are pleased to present this Sterling Capital Funds semiannual report covering the six months from October 1, 2019 to March 31, 2020.

Equity markets posted double-digit declines during the six-month period, though stocks enjoyed steady gains during much of the period. After closing at a record-high on February 19, the S&P 500® Index¹ declined more than 35% through the end of March. Equity markets suffered their worst first quarter decline since 1987.

Stocks began the period on a positive note, rebounding from a tumultuous third quarter marked by falling interest rates and concerns about slowing economic growth. Investor sentiment rose early in the period as improving economic data eased fears of an economic recession. That rosier outlook helped push both small- and large-cap equities higher. U.S. investors largely overlooked political tensions in Washington, D.C., as well as economic issues such as ongoing international trade disputes. International equity markets, including emerging markets, also fared well during the final quarter of 2019.

Fixed income markets posted gains in the last quarter of 2019 amid improving economic sentiment. Tighter credit spreads during the final months of the year also helped add to fixed income returns, as investors regained their appetite for risk.

The broad optimism carried through into the start of 2020, with historically low unemployment and an improving outlook on the global economy helping to buoy investor sentiment. Investors continued to shrug off the unfolding presidential impeachment drama in Washington in the opening months of 2020, instead focusing on rising corporate profit expectations. However, the rapid spread of the novel coronavirus in February and March sent investors on a sudden and dramatic retreat.

The speed at which the virus put a halt to consumption and capital investment stunned investors and essentially shut down global markets. An explosion of volatility led to multiple days where equity trading was paused after triggering market “circuit breakers.” The declines hit domestic and international markets alike, and no economic sector was immune from the indiscriminate market selloff. Rate-sensitive sectors, particularly Energy, Financials, and Materials, fared the worst during the downturn. But even the better-performing sectors of Technology, Health Care, and Consumer Staples declined by double digits over just a handful of weeks. A rally at the end of March did little to offset the declines or improve broader sentiment.

In fixed income markets, interest rates experienced one of the most volatile quarters in history on liquidity concerns and market disruptions. Yields on taxable and municipal bonds fluctuated violently. And with equity markets in a freefall, investors flocked to the perceived safety of Treasuries, which helped drive prices up and pushed the yield on 10-year Treasuries down to an all-time low of just 0.32% in early March. The slight rebound in equity markets in late March helped ease investor concerns, and the yield on 10-year Treasuries rose to end the quarter at 0.70%.Safer areas of the bond market, such as Treasuries, outperformed riskier areas during the quarter. The Bloomberg Barclay’s U.S. Aggregate Bond Index² returned 3.15% for the first quarter, while the Bloomberg Barclay’s U.S. High Yield Corporate Bond Index High Yield Bond Index³ returned -12.68%.

Domestic macro-economic data reflected the story told by equity markets during the period. U.S. GDP increased at an annualized rate of 2.1% in the final quarter of 2019, but growth took a sharp negative turn in the first quarter of 2020, contracting by 4.8%. In similar fashion, the monthly unemployment rate ranged between 3.5% and 3.6% through the first five months of the period, only to jump to 4.4% in March, as layoffs rose sharply due to the economic fallout from COVID-19.

The S&P 500® Index declined 12.3% during the six months under review. Small-cap stocks generally fared worse than large caps during the downturn, with the Russell 2000® Index⁴ of small-cap stocks declining 23.7%.

International markets fared little better, with the MSCI EAFE Index⁵ down 16.5% and the MSCI Emerging Markets Index⁶ falling 14.6%.

During the first half of the period under review, the Information Technology, Health Care and Financials sectors generally outperformed the broader markets on expectations of strong earnings growth. By the end of the period, however, stocks in the Energy and Financials sectors were the worst performers. Shares of energy companies suffered from a price war between OPEC and Russia that cause oil prices to plummet, while financial stocks suffered due to fears of a dramatic economic slowdown. Less economically sensitive sectors, such as Health Care and Communications Services sectors, posted the smallest declines for the full six months under review while Information Technology was slightly positive.

We will continue to monitor the evolving economic and market climate and will manage the Sterling Capital Funds accordingly. Thank you for your confidence in Sterling Capital Management. We look forward to serving your investment needs during the months and years ahead.

Sincerely,

 

James T. Gillespie

President

Sterling Capital Funds

 

Jeffrey J. Schappe, CFA

Managing Director

Sterling Capital Management LLC

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

² The Bloomberg Barclays U.S. Aggregate Bond Index is an unmanaged index composed of securities that are SEC-registered, taxable, and dollar denominated. The index covers the U.S. investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities. It is not possible to invest in the Bloomberg Barclays U.S. Aggregate Bond Index, which is unmanaged and does not incur fees and charges.

³ The Bloomberg Barclays U.S. Corporate High Yield Index measures performance of the US corporate market of non-investment grade, fixed-rate corporate bonds. Securities are classified as high yield if the middle rating of Moody’s, Fitch, and S&P is Ba1/BB+/BB+ or below.

⁴ “Russell 2000®” Index is a registered service mark of FTSE Russell, which does not sponsor and is in no way affiliated with the Sterling Capital Funds. The Russell 2000® Index is a small-cap market index of the bottom 2,000 stocks in the Russell 3000® Index. The index does not reflect the deduction of expenses associated with a mutual fund, such as investment management and fund accounting fees. A Fund’s performance reflects the deduction of fees for these services. Investors cannot invest directly in an index, although they can invest in its underlying securities.

⁵ The MSCI EAFE® Index measures the performance of the developed stock markets of Europe, Australia, and the Far East.

⁶ The MSCI Emerging Markets Index captures large and mid cap equity representation across 26 developing market countries. The Index covers approximately 85% of the free float-adjusted market capitalization in each country.

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

This report is authorized for distribution only when preceded or accompanied by a prospectus. Please read the prospectus carefully before investing or sending money. Sterling Capital Management LLC (“Sterling Capital”) serves as investment advisor to the Sterling Capital Funds (each a “Fund” and collectively, the “Funds”) and is paid a fee for its services. Shares of the Funds are not deposits or obligations of, or guaranteed or endorsed by, Branch Banking and Trust Company 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 Branch Banking and Trust Company 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, 2020:

Sterling Capital Behavioral Large Cap Value Equity Fund	Percentage of net assets
Aerospace & Defense		3.8	%
Air Freight & Logistics		0.6	%
Airlines		0.3	%
Banks		8.7	%
Biotechnology		6.1	%
Capital Markets		5.9	%
Communications Equipment		0.3	%
Construction Materials		0.4	%
Consumer Finance		1.2	%
Containers & Packaging		2.1	%
Diversified Consumer Services		0.4	%
Diversified Financial Services		0.4	%
Diversified Telecommunication Services		5.4	%
Electric Utilities		5.6	%
Electrical Equipment		1.2	%
Electronic Equipment, Instruments & Components		0.4	%
Energy Equipment & Services		0.5	%
Equity Real Estate Investment Trusts (REITS)		4.0	%
Food & Staples Retailing		3.0	%
Food Products		2.4	%
Health Care Providers & Services		8.1	%
Hotels, Restaurants & Leisure		0.3	%
Household Durables		1.2	%
Household Products		2.5	%
Industrial Conglomerates		0.2	%
Insurance		4.3	%
Internet & Direct Marketing Retail		1.0	%
IT Services		1.3	%
Machinery		0.2	%
Media		3.4	%
Metals & Mining		0.9	%
Multiline Retail		1.6	%
Multi-Utilities		1.8	%
Oil, Gas & Consumable Fuels		3.8	%
Pharmaceuticals		3.8	%
Semiconductors & Semiconductor Equipment		5.2	%
Software		1.3	%
Specialty Retail		0.2	%
Technology Hardware, Storage & Peripherals		1.3	%
Thrifts & Mortgage Finance		0.4	%
Tobacco		3.1	%
Trading Companies & Distributors		0.4	%
Money Market Fund		1.2	%
		100.2	%

Sterling Capital Mid Value Fund	Percentage of net assets
Auto Components		3.1	%
Capital Markets		3.0	%
Chemicals		3.1	%
Commercial Services & Supplies		0.2	%
Construction & Engineering		2.4	%
Consumer Finance		4.9	%
Containers & Packaging		2.3	%
Diversified Consumer Services		1.4	%
Diversified Financial Services		4.0	%
Diversified Telecommunication Services		2.5	%
Electrical Equipment		2.7	%
Energy Equipment & Services		0.8	%
Health Care Equipment & Supplies		3.9	%
Health Care Providers & Services		8.0	%
Hotels, Restaurants & Leisure		4.9	%
Household Products		3.0	%
Insurance		9.6	%
Interactive Media & Services		3.4	%
Internet & Direct Marketing Retail		4.8	%
IT Services		3.2	%
Machinery		2.0	%
Media		4.0	%
Oil, Gas & Consumable Fuels		1.4	%
Pharmaceuticals		2.7	%
Professional Services		1.8	%
Real Estate Management & Development		3.8	%
Specialty Retail		3.2	%
Technology Hardware, Storage & Peripherals		3.1	%
Trading Companies & Distributors		4.0	%
Money Market Fund		3.0	%
		100.2	%

2

Sterling Capital Funds

Summary of Portfolio Holdings (Unaudited)

Sterling Capital Behavioral Small Cap Value Equity Fund	Percentage of net assets
Air Freight & Logistics		0.9	%
Banks		17.1	%
Beverages		0.3	%
Building Products		2.5	%
Chemicals		0.5	%
Commercial Services & Supplies		1.5	%
Communications Equipment		0.5	%
Construction & Engineering		2.2	%
Construction Materials		0.9	%
Consumer Finance		2.8	%
Containers & Packaging		0.7	%
Diversified Financial Services		0.8	%
Electric Utilities		3.2	%
Electrical Equipment		0.4	%
Electronic Equipment, Instruments & Components		2.5	%
Equity Real Estate Investment Trusts (REITS)		9.7	%
Food & Staples Retailing		1.4	%
Food Products		0.9	%
Gas Utilities		1.3	%
Health Care Equipment & Supplies		0.3	%
Health Care Providers & Services		3.0	%
Hotels, Restaurants & Leisure		0.7	%
Household Durables		2.4	%
Household Products		0.5	%
Independent Power and Renewable Electricity Producers		0.9	%
Insurance		5.8	%
Internet & Direct Marketing Retail		0.3	%
IT Services		2.0	%
Leisure Products		0.4	%
Machinery		0.4	%
Marine		0.5	%
Media		1.2	%
Metals & Mining		1.6	%
Mortgage Real Estate Investment Trusts (REITS)		0.0	%
Multiline Retail		0.2	%
Multi-Utilities		1.8	%
Oil, Gas & Consumable Fuels		4.0	%
Paper & Forest Products		0.9	%
Personal Products		0.1	%
Pharmaceuticals		3.1	%
Professional Services		1.1	%
Real Estate Management & Development		1.6	%
Road & Rail		0.5	%
Semiconductors & Semiconductor Equipment		5.9	%
Specialty Retail		3.4	%
Technology Hardware, Storage & Peripherals		0.3	%
Textiles, Apparel & Luxury Goods		0.4	%
Trading Companies & Distributors		2.1	%
Wireless Telecommunication Services		0.7	%
Exchange Traded Fund		3.5	%
Money Market Fund		1.0	%
		100.7	%

Sterling Capital Special Opportunities Fund	Percentage of net assets
Air Freight & Logistics		3.5	%
Auto Components		2.7	%
Biotechnology		1.7	%
Capital Markets		2.2	%
Communications Equipment		5.9	%
Consumer Finance		3.3	%
Entertainment		4.1	%
Equity Real Estate Investment Trusts (REITS)		0.5	%
Health Care Equipment & Supplies		10.9	%
Health Care Providers & Services		8.5	%
Health Care Technology		3.5	%
Household Durables		3.1	%
Interactive Media & Services		7.4	%
IT Services		8.7	%
Media		8.9	%
Pharmaceuticals		5.0	%
Professional Services		3.6	%
Real Estate Management & Development		3.1	%
Semiconductors & Semiconductor Equipment		4.0	%
Software		7.3	%
Money Market Fund		2.1	%
		100.0	%

Sterling Capital Equity Income Fund	Percentage of net assets
Air Freight & Logistics		3.5	%
Automobiles		2.4	%
Beverages		3.9	%
Biotechnology		3.5	%
Capital Markets		6.4	%
Consumer Finance		2.8	%
Diversified Telecommunication Services		4.4	%
Electronic Equipment, Instruments & Components		2.9	%
Equity Real Estate Investment Trusts (REITS)		3.9	%
Food Products		3.1	%
Health Care Equipment & Supplies		8.8	%
Health Care Providers & Services		8.1	%
Hotels, Restaurants & Leisure		5.9	%
Industrial Conglomerates		3.4	%
Insurance		3.4	%
IT Services		4.4	%
Oil, Gas & Consumable Fuels		3.9	%
Pharmaceuticals		8.5	%
Semiconductors & Semiconductor Equipment		6.6	%
Software		5.7	%
Specialty Retail		4.2	%
Money Market Fund		0.4	%
		100.1	%

3

Sterling Capital Funds

Summary of Portfolio Holdings (Unaudited)

Sterling Capital Behavioral International Equity Fund	Percentage of net assets
Australia		3.7	%
Austria		1.9	%
Belgium		2.9	%
Denmark		0.9	%
Finland		1.1	%
France		8.1	%
Germany		8.8	%
Hong Kong		1.9	%
Ireland		1.0	%
Israel		1.1	%
Italy		2.7	%
Japan		26.8	%
Netherlands		2.6	%
Norway		0.6	%
Singapore		1.0	%
Spain		3.0	%
Sweden		4.1	%
Switzerland		11.4	%
United Kingdom		12.8	%
Money Market Fund		2.3	%
		98.7	%

Sterling Capital SMID Opportunities Fund	Percentage of net assets
Aerospace & Defense		0.9	%
Airlines		1.1	%
Auto Components		4.1	%
Commercial Services & Supplies		4.6	%
Consumer Finance		4.4	%
Containers & Packaging		5.3	%
Electronic Equipment, Instruments & Components		0.5	%
Entertainment		3.4	%
Equity Real Estate Investment Trusts (REITS)		3.1	%
Health Care Equipment & Supplies		10.1	%
Health Care Providers & Services		13.9	%
Hotels, Restaurants & Leisure		4.6	%
Household Durables		1.6	%
IT Services		25.8	%
Machinery		1.4	%
Oil, Gas & Consumable Fuels		1.2	%
Real Estate Management & Development		2.1	%
Road & Rail		4.0	%
Software		2.5	%
Specialty Retail		0.8	%
Money Market Fund		4.7	%
		100.1	%

Sterling Capital Stratton Mid Cap Value Fund	Percentage of net assets
Auto Components		1.2	%
Banks		5.8	%
Capital Markets		1.6	%
Chemicals		1.3	%
Construction & Engineering		1.3	%
Containers & Packaging		5.0	%
Electronic Equipment, Instruments & Components		3.8	%
Entertainment		5.2	%
Equity Real Estate Investment Trusts (REITS)		15.7	%
Food & Staples Retailing		3.2	%
Food Products		1.9	%
Gas Utilities		5.2	%
Health Care Equipment & Supplies		4.1	%
Household Durables		1.8	%
Industrial Conglomerates		2.4	%
Insurance		7.5	%
IT Services		5.8	%
Life Sciences Tools & Services		8.7	%
Machinery		2.1	%
Oil, Gas & Consumable Fuels		3.8	%
Semiconductors & Semiconductor Equipment		2.2	%
Software		1.4	%
Trading Companies & Distributors		3.9	%
Exchange Traded Fund		1.0	%
Money Market Fund		4.0	%
		99.9	%

Sterling Capital Stratton Real Estate Fund	Percentage of net assets
Diversified		1.1	%
Health Care		8.8	%
Hotel & Resort		3.4	%
Industrial		12.1	%
Office		9.2	%
Residential		16.9	%
Retail		5.8	%
Specialized		41.1	%
Money Market Fund		1.3	%
		99.7	%

Sterling Capital Stratton Small Cap Value Fund	Percentage of net assets
Aerospace & Defense		2.2	%
Banks		18.5	%
Capital Markets		1.0	%
Chemicals		2.0	%
Communications Equipment		1.9	%
Construction & Engineering		2.6	%
Electric Utilities		3.4	%
Electrical Equipment		2.5	%
Electronic Equipment, Instruments & Components		3.8	%
Entertainment		2.0	%
Equity Real Estate Investment Trusts (REITS)		12.3	%
Food & Staples Retailing		6.4	%
Food Products		1.9	%
Gas Utilities		3.4	%
Health Care Equipment & Supplies		4.5	%
Health Care Providers & Services		2.2	%
Household Durables		0.8	%
Insurance		6.1	%
IT Services		4.1	%
Machinery		5.7	%
Semiconductors & Semiconductor Equipment		4.9	%
Software		1.7	%
Thrifts & Mortgage Finance		1.3	%
Trading Companies & Distributors		1.7	%
Money Market Fund		2.9	%
		99.8	%

4

Sterling Capital Funds

Summary of Portfolio Holdings (Unaudited)

Sterling Capital Ultra Short Bond Fund	Percentage of net assets
Asset Backed Securities		16.0	%
Collateralized Mortgage Obligations		3.7	%
Commercial Mortgage-Backed Securities		8.1	%
Corporate Bonds		70.5	%
Money Market Fund		1.2	%
		99.5	%

Sterling Capital Short Duration Bond Fund	Percentage of net assets
Asset Backed Securities		20.9	%
Collateralized Mortgage Obligations		2.9	%
Commercial Mortgage-Backed Securities		6.6	%
Corporate Bonds		55.3	%
Municipal Bonds		9.7	%
U.S. Treasury Note		1.7	%
Money Market Fund		3.0	%
		100.1	%

Sterling Capital Intermediate U.S. Government Fund	Percentage of net assets
Asset Backed Securities		1.3	%
Collateralized Mortgage Obligations		13.1	%
Commercial Mortgage-Backed Securities		15.9	%
Mortgage-Backed Securities		33.3	%
Municipal Bonds		3.4	%
U.S. Government Agencies		19.8	%
U.S. Treasury Notes		11.9	%
Money Market Fund		2.2	%
		100.9	%

Sterling Capital Total Return Bond Fund	Percentage of net assets
Asset Backed Securities		14.0	%
Collateralized Mortgage Obligations		7.4	%
Commercial Mortgage-Backed Securities		11.6	%
Corporate Bonds		34.7	%
Mortgage-Backed Securities		23.9	%
Municipal Bonds		4.8	%
U.S. Treasury Bonds		3.7	%
U.S. Treasury Notes		0.1	%
Money Market Fund		2.3	%
		102.5	%

Sterling Capital Corporate Fund	Percentage of net assets
Corporate Bonds		99.6	%
Preferred Stocks		0.3	%
Money Market Fund		0.3	%
		100.2	%

Sterling Capital Quality Income Fund (formerly known as Sterling Capital Securitized Opportunities Fund)	Percentage of net assets
Asset Backed Securities		19.4	%
Collateralized Mortgage Obligations		19.4	%
Commercial Mortgage-Backed Securities		21.6	%
Corporate Bonds		0.7	%
Mortgage-Backed Securities		37.7	%
Money Market Fund		1.1	%
		99.9	%

Sterling Capital Kentucky Intermediate Tax-Free Fund	Percentage of net assets
Kentucky Municipal Bonds		96.9	%
Money Market Fund		2.0	%
		98.9	%

Sterling Capital Maryland Intermediate Tax-Free Fund	Percentage of net assets
District of Columbia Municipal Bonds		3.4	%
Maryland Municipal Bonds		95.2	%
Money Market Fund		0.4	%
		99.0	%

Sterling Capital North Carolina Intermediate Tax-Free Fund	Percentage of net assets
North Carolina Municipal Bonds		96.6	%
Money Market Fund		2.3	%
		98.9	%

Sterling Capital South Carolina Intermediate Tax-Free Fund	Percentage of net assets
South Carolina Municipal Bonds		97.9	%
Money Market Fund		1.2	%
		99.1	%

Sterling Capital Virginia Intermediate Tax-Free Fund	Percentage of net assets
District of Columbia Municipal Bonds		3.6	%
Virginia Municipal Bonds		95.1	%
Money Market Fund		0.3	%
		99.0	%

Sterling Capital West Virginia Intermediate Tax-Free Fund	Percentage of net assets
West Virginia Municipal Bonds		96.8	%
Money Market Fund		2.0	%
		98.8	%

Sterling Capital Diversified Income Fund	Percentage of net assets
Equity Funds		35.3	%
Fixed Income Fund		62.7	%
Money Market Fund		2.4	%
		100.4	%

Sterling Capital Strategic Allocation Balanced Fund	Percentage of net assets
Equity Funds		56.9	%
Fixed Income Fund		42.4	%
Money Market Fund		0.6	%
		99.9	%

Sterling Capital Strategic Allocation Growth Fund	Percentage of net assets
Equity Funds		72.5	%
Fixed Income Fund		27.1	%
Money Market Fund		0.3	%
		99.9	%

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, 2019 through March 31, 2020.

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 10/1/19		Ending Account Value 3/31/20		Expenses Paid During Period* 10/1/19 - 3/31/20			Annualized Expense Ratio During Period 10/1/19 - 3/31/20
Sterling Capital Behavioral Large Cap Value Equity Fund
Class A Shares	$	1,000.00	$	774.43	$	3.95			0.89	%
Class C Shares		1,000.00		771.46		7.26			1.64	%
Institutional Shares		1,000.00		774.85		2.80			0.63	%
Class R6 Shares		1,000.00		775.55		2.57			0.58	%
Sterling Capital Mid Value Fund
Class A Shares		1,000.00		722.13		5.04			1.17	%
Class C Shares		1,000.00		719.87		8.26			1.92	%
Institutional Shares		1,000.00		723.41		4.01			0.93	%
Class R Shares		1,000.00		721.25		6.02			1.40	%
Class R6 Shares		1,000.00		722.60		2.02			0.47	%
Sterling Capital Behavioral Small Cap Value Equity Fund
Class A Shares		1,000.00		662.67		4.32			1.04	%
Class C Shares		1,000.00		660.59		7.43			1.79	%
Institutional Shares		1,000.00		663.13		3.28			0.79	%
Class R Shares		1,000.00		662.27		5.40			1.30	%
Class R6 Shares		1,000.00		663.38		3.04			0.73	%
Sterling Capital Special Opportunities Fund
Class A Shares		1,000.00		786.78		4.91			1.10	%
Class C Shares		1,000.00		783.72		8.25			1.85	%
Institutional Shares		1,000.00		787.77		3.80			0.85	%
Class R Shares		1,000.00		786.04		6.03			1.35	%
Class R6 Shares		1,000.00		788.18		3.44			0.77	%
Sterling Capital Equity Income Fund
Class A Shares		1,000.00		793.45		4.53			1.01	%
Class C Shares		1,000.00		790.57		7.88			1.76	%
Institutional Shares		1,000.00		794.52		3.41			0.76	%
Class R Shares		1,000.00		792.27		5.65			1.26	%
Class R6 Shares		1,000.00		795.03		2.96			0.66	%
Sterling Capital Behavioral International Equity Fund
Class A Shares		1,000.00		759.93		3.96			0.90	%
Class C Shares		1,000.00		757.49		7.21			1.64	%
Institutional Shares		1,000.00		760.89		2.86			0.65	%
Class R6 Shares		1,000.00		761.33		2.69			0.61	%
Sterling Capital SMID Opportunities Fund
Class A Shares		1,000.00		773.44		4.61			1.04	%
Class C Shares		1,000.00		771.31		7.93			1.79	%
Institutional Shares		1,000.00		774.66		3.50			0.79	%
Sterling Capital Stratton Mid Cap Value Fund
Class A Shares		1,000.00		764.52		5.16			1.17	%
Class C Shares		1,000.00		762.11		7.89			1.79	%
Institutional Shares		1,000.00		765.59		4.06			0.92	%
Sterling Capital Stratton Real Estate Fund
Class A Shares		1,000.00		793.68		4.80			1.07	%
Class C Shares		1,000.00		790.82		8.10			1.81	%
Institutional Shares		1,000.00		794.83		3.63			0.81	%
Class R6 Shares		1,000.00		935.05		1.03	**		0.67	%
Sterling Capital Stratton Small Cap Value Fund
Class A Shares		1,000.00		730.03		5.49			1.27	%
Class C Shares		1,000.00		727.22		8.72			2.02	%
Institutional Shares		1,000.00		730.96		4.41			1.02	%
Class R6 Shares		1,000.00		914.77		1.30	**		0.86	%

6

Sterling Capital Funds

Expense Example (Unaudited)

	Beginning Account Value 10/1/19		Ending Account Value 3/31/20		Expenses Paid During Period* 10/1/19 - 3/31/20		Annualized Expense Ratio During Period 10/1/19 - 3/31/20
Sterling Capital Ultra Short Bond Fund
Class A Shares	$	1,000.00	$	991.73	$	3.34		0.67	%
Institutional Shares		1,000.00		992.84		2.14		0.43	%
Sterling Capital Short Duration Bond Fund
Class A Shares		1,000.00		992.04		3.34		0.67	%
Class C Shares		1,000.00		989.47		7.06		1.42	%
Institutional Shares		1,000.00		993.30		2.09		0.42	%
Sterling Capital Intermediate U.S. Government Fund
Class A Shares		1,000.00		1,034.01		3.97		0.78	%
Class C Shares		1,000.00		1,030.19		7.77		1.53	%
Institutional Shares		1,000.00		1,035.28		2.70		0.53	%
Sterling Capital Total Return Bond Fund
Class A Shares		1,000.00		1,006.98		3.46		0.69	%
Class C Shares		1,000.00		1,003.24		7.21		1.44	%
Institutional Shares		1,000.00		1,008.23		2.21		0.44	%
Class R Shares		1,000.00		1,005.71		4.71		0.94	%
Class R6 Shares		1,000.00		1,008.69		1.76		0.35	%
Sterling Capital Corporate Fund
Class A Shares		1,000.00		953.41		4.49		0.92	%
Class C Shares		1,000.00		950.71		8.14		1.67	%
Institutional Shares		1,000.00		954.61		3.27		0.67	%
Sterling Capital Quality Income Fund
Class A Shares		1,000.00		1,011.87		4.17		0.83	%
Class C Shares		1,000.00		1,009.33		7.94		1.58	%
Institutional Shares		1,000.00		1,014.17		2.92		0.58	%
Sterling Capital Kentucky Intermediate Tax-Free Fund
Class A Shares		1,000.00		1,007.23		4.62		0.92	%
Class C Shares		1,000.00		1,003.50		7.36		1.47	%
Institutional Shares		1,000.00		1,007.49		3.36		0.67	%
Sterling Capital Maryland Intermediate Tax-Free Fund
Class A Shares		1,000.00		1,007.74		4.72		0.94	%
Class C Shares		1,000.00		1,003.06		8.51		1.70	%
Institutional Shares		1,000.00		1,009.00		3.47		0.69	%
Sterling Capital North Carolina Intermediate Tax-Free Fund
Class A Shares		1,000.00		1,005.67		3.96		0.79	%
Class C Shares		1,000.00		1,001.92		7.71		1.54	%
Institutional Shares		1,000.00		1,006.94		2.71		0.54	%
Sterling Capital South Carolina Intermediate Tax-Free Fund
Class A Shares		1,000.00		1,007.28		4.01		0.80	%
Class C Shares		1,000.00		1,002.63		7.76		1.55	%
Institutional Shares		1,000.00		1,007.62		2.76		0.55	%
Sterling Capital Virginia Intermediate Tax-Free Fund
Class A Shares		1,000.00		1,004.74		4.01		0.80	%
Class C Shares		1,000.00		1,001.83		7.76		1.55	%
Institutional Shares		1,000.00		1,006.84		2.76		0.55	%
Sterling Capital West Virginia Intermediate Tax-Free Fund
Class A Shares		1,000.00		1,008.75		3.97		0.79	%
Class C Shares		1,000.00		1,004.99		7.72		1.54	%
Institutional Shares		1,000.00		1,009.99		2.71		0.54	%
Sterling Capital Diversified Income Fund
Class A Shares		1,000.00		802.00		3.51		0.78	%
Class C Shares		1,000.00		799.17		6.88		1.53	%
Institutional Shares		1,000.00		802.78		2.39		0.53	%
Sterling Capital Strategic Allocation Balanced Fund
Class A Shares		1,000.00		864.81		1.91		0.41	%
Class C Shares		1,000.00		861.26		5.40		1.16	%
Institutional Shares		1,000.00		866.23		0.75		0.16	%
Sterling Capital Strategic Allocation Growth Fund
Class A Shares		1,000.00		830.85		1.88		0.41	%
Class C Shares		1,000.00		827.09		5.30		1.16	%
Institutional Shares		1,000.00		831.53		0.73		0.16	%

* Expenses are equal to the average account value over the period multiplied by the Fund’s annualized expense ratio, multiplied by 183 days divided by 366 (to reflect the six month period).

** Expenses are equal to the average account value over the period multiplied by the Fund’s annualized expense ratio, multiplied by 58 days divided by 366 (to reflect the period from February 1, 2020 (commencement of operations) to March 31, 2020).

7

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 10/1/19		Ending Account Value 3/31/20		Expenses Paid During Period* 10/1/19 - 3/31/20			Annualized Expense Ratio During Period 10/1/19 - 3/31/20
Sterling Capital Behavioral Large Cap Value Equity Fund
Class A Shares	$	1,000.00	$	1,020.55	$	4.50			0.89	%
Class C Shares		1,000.00		1,016.80		8.27			1.64	%
Institutional Shares		1,000.00		1,021.85		3.18			0.63	%
Class R6 Shares		1,000.00		1,022.10		2.93			0.58	%
Sterling Capital Mid Value 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		1,020.35		4.70			0.93	%
Class R Shares		1,000.00		1,018.00		7.06			1.40	%
Class R6 Shares		1,000.00		1,022.65		2.38			0.47	%
Sterling Capital Behavioral Small Cap Value Equity Fund
Class A Shares		1,000.00		1,019.80		5.25			1.04	%
Class C Shares		1,000.00		1,016.05		9.02			1.79	%
Institutional Shares		1,000.00		1,021.05		3.99			0.79	%
Class R Shares		1,000.00		1,018.50		6.56			1.30	%
Class R6 Shares		1,000.00		1,021.35		3.69			0.73	%
Sterling Capital Special Opportunities Fund
Class A Shares		1,000.00		1,019.50		5.55			1.10	%
Class C Shares		1,000.00		1,015.75		9.32			1.85	%
Institutional Shares		1,000.00		1,020.75		4.29			0.85	%
Class R Shares		1,000.00		1,018.25		6.81			1.35	%
Class R6 Shares		1,000.00		1,021.15		3.89			0.77	%
Sterling Capital Equity Income Fund
Class A Shares		1,000.00		1,019.95		5.10			1.01	%
Class C Shares		1,000.00		1,016.20		8.87			1.76	%
Institutional Shares		1,000.00		1,021.20		3.84			0.76	%
Class R Shares		1,000.00		1,018.70		6.36			1.26	%
Class R6 Shares		1,000.00		1,021.70		3.34			0.66	%
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		1,016.80		8.27			1.64	%
Institutional Shares		1,000.00		1,021.75		3.29			0.65	%
Class R6 Shares		1,000.00		1,021.95		3.08			0.61	%
Sterling Capital SMID Opportunities Fund
Class A Shares		1,000.00		1,019.80		5.25			1.04	%
Class C Shares		1,000.00		1,016.05		9.02			1.79	%
Institutional Shares		1,000.00		1,021.05		3.99			0.79	%
Sterling Capital Stratton Mid Cap Value Fund
Class A Shares		1,000.00		1,019.15		5.91			1.17	%
Class C Shares		1,000.00		1,016.05		9.02			1.79	%
Institutional Shares		1,000.00		1,020.40		4.65			0.92	%
Sterling Capital Stratton Real Estate Fund
Class A Shares		1,000.00		1,019.65		5.40			1.07	%
Class C Shares		1,000.00		1,015.95		9.12			1.81	%
Institutional Shares		1,000.00		1,020.95		4.09			0.81	%
Class R6 Shares		1,000.00		1,006.86		1.07	**		0.67	%
Sterling Capital Stratton Small Cap Value Fund
Class A Shares		1,000.00		1,018.65		6.41			1.27	%
Class C Shares		1,000.00		1,014.90		10.18			2.02	%
Institutional Shares		1,000.00		1,019.90		5.15			1.02	%
Class R6 Shares		1,000.00		1,006.56		1.37	**		0.86	%

8

Sterling Capital Funds

Expense Example (Unaudited)

	Beginning Account Value 10/1/19		Ending Account Value 3/31/20		Expenses Paid During Period* 10/1/19 - 3/31/20		Annualized Expense Ratio During Period 10/1/19 - 3/31/20
Sterling Capital Ultra Short Bond Fund
Class A Shares	$	1,000.00	$	1,021.65	$	3.39		0.67	%
Institutional Shares		1,000.00		1,022.85		2.17		0.43	%
Sterling Capital Short Duration Bond Fund
Class A Shares		1,000.00		1,021.65		3.39		0.67	%
Class C Shares		1,000.00		1,017.90		7.16		1.42	%
Institutional Shares		1,000.00		1,022.90		2.12		0.42	%
Sterling Capital Intermediate U.S. Government Fund
Class A Shares		1,000.00		1,021.10		3.94		0.78	%
Class C Shares		1,000.00		1,017.35		7.72		1.53	%
Institutional Shares		1,000.00		1,022.35		2.68		0.53	%
Sterling Capital Total Return Bond Fund
Class A Shares		1,000.00		1,021.55		3.49		0.69	%
Class C Shares		1,000.00		1,017.80		7.26		1.44	%
Institutional Shares		1,000.00		1,022.80		2.23		0.44	%
Class R Shares		1,000.00		1,020.30		4.75		0.94	%
Class R6 Shares		1,000.00		1,023.25		1.77		0.35	%
Sterling Capital Corporate Fund
Class A Shares		1,000.00		1,020.40		4.65		0.92	%
Class C Shares		1,000.00		1,016.65		8.42		1.67	%
Institutional Shares		1,000.00		1,021.65		3.39		0.67	%
Sterling Capital Quality Income Fund
Class A Shares		1,000.00		1,020.85		4.19		0.83	%
Class C Shares		1,000.00		1,017.10		7.97		1.58	%
Institutional Shares		1,000.00		1,022.10		2.93		0.58	%
Sterling Capital Kentucky Intermediate Tax-Free Fund
Class A Shares		1,000.00		1,020.40		4.65		0.92	%
Class C Shares		1,000.00		1,017.65		7.41		1.47	%
Institutional Shares		1,000.00		1,021.65		3.39		0.67	%
Sterling Capital Maryland Intermediate Tax-Free Fund
Class A Shares		1,000.00		1,020.30		4.75		0.94	%
Class C Shares		1,000.00		1,016.50		8.57		1.70	%
Institutional Shares		1,000.00		1,021.55		3.49		0.69	%
Sterling Capital North Carolina Intermediate Tax-Free Fund
Class A Shares		1,000.00		1,021.05		3.99		0.79	%
Class C Shares		1,000.00		1,017.30		7.77		1.54	%
Institutional Shares		1,000.00		1,022.30		2.73		0.54	%
Sterling Capital South Carolina Intermediate Tax-Free Fund
Class A Shares		1,000.00		1,021.00		4.04		0.80	%
Class C Shares		1,000.00		1,017.25		7.82		1.55	%
Institutional Shares		1,000.00		1,022.25		2.78		0.55	%
Sterling Capital Virginia Intermediate Tax-Free Fund
Class A Shares		1,000.00		1,021.00		4.04		0.80	%
Class C Shares		1,000.00		1,017.25		7.82		1.55	%
Institutional Shares		1,000.00		1,022.25		2.78		0.55	%
Sterling Capital West Virginia Intermediate Tax-Free Fund
Class A Shares		1,000.00		1,021.05		3.99		0.79	%
Class C Shares		1,000.00		1,017.30		7.77		1.54	%
Institutional Shares		1,000.00		1,022.30		2.73		0.54	%
Sterling Capital Diversified Income Fund
Class A Shares		1,000.00		1,021.10		3.94		0.78	%
Class C Shares		1,000.00		1,017.35		7.72		1.53	%
Institutional Shares		1,000.00		1,022.35		2.68		0.53	%
Sterling Capital Strategic Allocation Balanced Fund
Class A Shares		1,000.00		1,022.95		2.07		0.41	%
Class C Shares		1,000.00		1,019.20		5.86		1.16	%
Institutional Shares		1,000.00		1,024.20		0.81		0.16	%
Sterling Capital Strategic Allocation Growth Fund
Class A Shares		1,000.00		1,022.95		2.07		0.41	%
Class C Shares		1,000.00		1,019.20		5.86		1.16	%
Institutional Shares		1,000.00		1,024.20		0.81		0.16	%

* Expenses are equal to the average account value over the period multiplied by the Fund’s annualized expense ratio, multiplied by 183 days divided by 366 (to reflect the six month period).

** Expenses are equal to the average account value over the period multiplied by the Fund’s annualized expense ratio, multiplied by 58 days divided by 366 (to reflect the period from February 1, 2020 (commencement of operations) to March 31, 2020).

9

Sterling Capital Behavioral Large Cap Value Equity Fund

Schedule of Portfolio Investments

March 31, 2020 (Unaudited)

Shares			Fair Value
COMMON STOCKS — 99.0%
		Aerospace & Defense — 3.8%
	5,050	Huntington Ingalls Industries, Inc.	$	920,161
	7,600	L3Harris Technologies, Inc.		1,368,912
	8,300	Lockheed Martin Corp.		2,813,285
	8,550	Northrop Grumman Corp.		2,586,803
				7,689,161
		Air Freight & Logistics — 0.6%
	2,500	United Parcel Service, Inc., Class B		233,550
	19,850	XPO Logistics, Inc.(a)		967,688
				1,201,238
		Airlines — 0.3%
	12,500	Copa Holdings SA, Class A		566,125
		Banks — 8.7%
	68,550	Bank of America Corp.		1,455,317
	87,500	Citigroup, Inc.		3,685,500
	76,200	First Horizon National Corp.		614,172
	89,050	JPMorgan Chase & Co.		8,017,171
	65,550	KeyCorp.		679,753
	32,500	PNC Financial Services Group, Inc. (The)		3,110,900
				17,562,813
		Biotechnology — 6.1%
	35,200	AbbVie, Inc.		2,681,888
	13,850	Amgen, Inc.		2,807,811
	10,900	Biogen, Inc.(a)		3,448,542
	6,800	Regeneron Pharmaceuticals, Inc.(a)		3,320,372
				12,258,613
		Capital Markets — 5.9%
	7,550	Ameriprise Financial, Inc.		773,724
	7,550	BlackRock, Inc.		3,321,773
	11,600	Goldman Sachs Group, Inc. (The)		1,793,244
	35,900	Lazard, Ltd., Class A		845,804
	98,050	Morgan Stanley		3,333,700
	21,150	State Street Corp.		1,126,661
	38,450	Virtu Financial, Inc., Class A		800,529
				11,995,435
		Communications Equipment — 0.3%
	5,050	Motorola Solutions, Inc.		671,246
		Construction Materials — 0.4%
	14,000	Eagle Materials, Inc.		817,880
		Consumer Finance — 1.2%
	90,800	Navient Corp.		688,264
	44,200	OneMain Holdings, Inc.		845,104
	121,850	SLM Corp.		876,101
				2,409,469
		Containers & Packaging — 2.1%
	80,050	Ardagh Group SA.		949,393
	27,750	Berry Global Group, Inc.(a)		935,453
	17,100	Crown Holdings, Inc.(a)		992,484
	80,550	Graphic Packaging Holding Co.		982,710
	10,500	Silgan Holdings, Inc.		304,710
				4,164,750
		Diversified Consumer Services — 0.4%
	53,750	H&R Block, Inc.		756,800

Shares			Fair Value
COMMON STOCKS — (continued)
		Diversified Financial Services — 0.4%
	56,200	Equitable Holdings, Inc.	$	812,090
		Diversified Telecommunication Services — 5.4%
	140,050	AT&T, Inc.		4,082,457
	126,500	Verizon Communications, Inc.		6,796,845
				10,879,302
		Electric Utilities — 5.6%
	46,700	Duke Energy Corp.		3,777,096
	21,050	Edison International		1,153,329
	32,500	FirstEnergy Corp.		1,302,275
	50,200	PPL Corp.		1,238,936
	72,400	Southern Co. (The)		3,919,736
				11,391,372
		Electrical Equipment — 1.2%
	32,350	Eaton Corp. PLC		2,513,272
		Electronic Equipment, Instruments & Components — 0.4%
	9,950	SYNNEX Corp.		727,345
		Energy Equipment & Services — 0.5%
	160,000	Halliburton Co.		1,096,000
		Equity Real Estate Investment Trusts (REITS) — 4.0%
	23,350	Columbia Property Trust, Inc.		291,875
	28,700	Highwoods Properties, Inc.		1,016,554
	63,550	Medical Properties Trust, Inc.		1,098,779
	13,850	Public Storage		2,750,749
	13,700	SL Green Realty Corp.		590,470
	31,300	Spirit Realty Capital, Inc.		818,495
	38,050	STORE Capital Corp.		689,466
	50,200	VICI Properties, Inc.		835,328
				8,091,716
		Food & Staples Retailing — 3.0%
	44,300	Kroger Co. (The)		1,334,316
	59,350	Walgreens Boots Alliance, Inc.		2,715,263
	17,750	Walmart, Inc.		2,016,755
				6,066,334
		Food Products — 2.4%
	57,200	General Mills, Inc.		3,018,444
	14,300	Hershey Co. (The)		1,894,750
				4,913,194
		Health Care Providers & Services — 8.1%
	22,000	Cigna Corp.		3,897,960
	69,250	CVS Health Corp.		4,108,603
	17,750	DaVita, Inc.(a)		1,350,065
	28,050	HCA Healthcare, Inc.		2,520,293
	7,350	Humana, Inc.		2,308,047
	15,750	McKesson Corp.		2,130,345
				16,315,313
		Hotels, Restaurants & Leisure — 0.3%
	28,150	Wyndham Destinations, Inc.		610,855
		Household Durables — 1.2%
	23,728	DR Horton, Inc.		806,752
	250	NVR, Inc.(a)		642,277

See accompanying Notes to the Financial Statements.

10

Sterling Capital Behavioral Large Cap Value Equity Fund

Schedule of Portfolio Investments — (continued)

March 31, 2020 (Unaudited)

Shares			Fair Value
COMMON STOCKS — (continued)
		Household Durables — (continued)
	40,850	PulteGroup, Inc.	$	911,772
				2,360,801
		Household Products — 2.5%
	2,050	Kimberly-Clark Corp.		262,133
	44,150	Procter & Gamble Co. (The)		4,856,500
				5,118,633
		Industrial Conglomerates — 0.2%
	3,800	Carlisle Cos., Inc.		476,064
		Insurance — 4.3%
	37,550	Allstate Corp. (The)		3,444,461
	27,600	Fidelity National Financial, Inc.		686,688
	20,800	First American Financial Corp.		882,128
	22,750	Mercury General Corp.		926,380
	90,800	MetLife, Inc.		2,775,756
				8,715,413
		Internet & Direct Marketing Retail — 1.0%
	65,650	eBay, Inc.		1,973,439
		IT Services — 1.3%
	5,250	CACI International, Inc., Class A(a)		1,108,537
	400	DXC Technology Co.		5,220
	6,700	International Business Machines Corp.		743,231
	9,200	Leidos Holdings, Inc.		843,180
				2,700,168
		Machinery — 0.2%
	7,750	Oshkosh Corp.		498,557
		Media — 3.4%
	119,950	Comcast Corp., Class A		4,123,881
	49,450	Discovery, Inc., Class A(a)		961,308
	56,650	Discovery, Inc., Class C(a)		993,641
	12,450	Nexstar Media Group, Inc., Class A		718,739
				6,797,569
		Metals & Mining — 0.9%
	12,900	Reliance Steel & Aluminum Co.		1,129,911
	21,100	Southern Copper Corp.		594,176
				1,724,087
		Multiline Retail — 1.6%
	33,750	Target Corp.		3,137,737
		Multi-Utilities — 1.8%
	51,800	Dominion Energy, Inc.		3,739,442
		Oil, Gas & Consumable Fuels — 3.8%
	351,300	Antero Midstream Corp.		737,730
	59,800	EOG Resources, Inc.		2,148,016
	36,250	HollyFrontier Corp.		888,487
	37,350	Kinder Morgan, Inc.		519,912
	52,100	Marathon Petroleum Corp.		1,230,602
	25,550	Valero Energy Corp.		1,158,948

Shares			Fair Value
COMMON STOCKS — (continued)
		Oil, Gas & Consumable Fuels — (continued)
	70,050	Williams Cos., Inc. (The)	$	991,208
				7,674,903
		Pharmaceuticals — 3.8%
	68,650	Bristol-Myers Squibb Co.		3,826,551
	10,200	Merck & Co., Inc.		784,788
	94,250	Pfizer, Inc.		3,076,320
				7,687,659
		Semiconductors & Semiconductor Equipment — 5.2%
	65,050	Applied Materials, Inc.		2,980,591
	88,750	Intel Corp.		4,803,150
	11,200	Lam Research Corp.		2,688,000
				10,471,741
		Software — 1.3%
	53,100	Oracle Corp.		2,566,323
		Specialty Retail — 0.2%
	500	AutoZone, Inc.(a)		423,000
		Technology Hardware, Storage & Peripherals — 1.3%
	10,550	Apple, Inc.		2,682,759
		Thrifts & Mortgage Finance — 0.4%
	81,750	New York Community Bancorp, Inc.		767,633
		Tobacco — 3.1%
	83,800	Altria Group, Inc.		3,240,546
	40,150	Philip Morris International, Inc.		2,929,344
				6,169,890
		Trading Companies & Distributors — 0.4%
	8,150	United Rentals, Inc.(a)		838,635
		Total Common Stocks (Cost $229,788,766)		200,034,776
MONEY MARKET FUND — 1.2%
	2,381,769	Federated Treasury Obligations Fund, Institutional Shares, 0.31%(b)		2,381,769
		Total Money Market Fund (Cost $2,381,769)		2,381,769
Total Investments — 100.2% (Cost $232,170,535)				202,416,545
Net Other Assets (Liabilities) — (0.2)%				(370,539	)
NET ASSETS — 100.0%			$	202,046,006

(a) Represents non-income producing security.

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

Continued

11

Sterling Capital Mid Value Fund

Schedule of Portfolio Investments

March 31, 2020 (Unaudited)

Shares			Fair Value
COMMON STOCKS — 97.2%
		Auto Components — 3.1%
	74,523	Gentex Corp.	$	1,651,430
		Capital Markets — 3.0%
	27,394	Affiliated Managers Group, Inc.		1,620,081
		Chemicals — 3.1%
	96,913	Axalta Coating Systems, Ltd.(a)		1,673,688
		Commercial Services & Supplies — 0.2%
	267,608	Civeo Corp.(a)		110,228
		Construction & Engineering — 2.4%
	9,585	Arcosa, Inc.		380,908
	11,582	Jacobs Engineering Group, Inc.		918,105
				1,299,013
		Consumer Finance — 4.9%
	222,451	SLM Corp.		1,599,423
	65,539	Synchrony Financial		1,054,523
				2,653,946
		Containers & Packaging — 2.3%
	20,902	Crown Holdings, Inc.(a)		1,213,152
		Diversified Consumer Services — 1.4%
	73,243	Laureate Education, Inc., Class A(a)		769,784
		Diversified Financial Services — 4.0%
	158,411	Jefferies Financial Group, Inc.		2,165,478
		Diversified Telecommunication Services — 2.5%
	138,940	CenturyLink, Inc.		1,314,372
		Electrical Equipment — 2.7%
	50,713	Sensata Technologies Holding PLC(a)		1,467,127
		Energy Equipment & Services — 0.8%
	41,890	Core Laboratories NV		433,143
		Health Care Equipment & Supplies — 3.9%
	20,522	Zimmer Biomet Holdings, Inc.		2,074,364
		Health Care Providers & Services — 8.0%
	17,303	HCA Healthcare, Inc.		1,554,675
	14,428	Laboratory Corp. of America Holdings(a)		1,823,555
	6,825	McKesson Corp.		923,149
				4,301,379
		Hotels, Restaurants & Leisure — 4.9%
	17,506	Hilton Worldwide Holdings, Inc.		1,194,609
	71,396	Stars Group, Inc. (The)(a)		1,457,906
				2,652,515
		Household Products — 3.0%
	43,616	Spectrum Brands Holdings, Inc.		1,586,314
		Insurance — 9.6%
	9,909	Enstar Group, Ltd.(a)		1,576,026
	70,410	Lincoln National Corp.		1,853,191
	1,885	Markel Corp.(a)		1,749,073
				5,178,290
		Interactive Media & Services — 3.4%
	18,253	Baidu, Inc., ADR(a)		1,839,720

Shares			Fair Value
COMMON STOCKS — (continued)
		Internet & Direct Marketing Retail — 4.8%
	29,402	eBay, Inc.	$	883,824
	30,226	Expedia Group, Inc.		1,700,817
				2,584,641
		IT Services — 3.2%
	20,066	Euronet Worldwide, Inc.(a)		1,720,058
		Machinery — 2.0%
	68,378	Trinity Industries, Inc.		1,098,834
		Media — 4.0%
	27,869	Fox Corp., Class A		658,544
	111,633	News Corp., Class B		1,003,581
	33,891	ViacomCBS, Inc., Class B		474,813
				2,136,938
		Oil, Gas & Consumable Fuels — 1.4%
	452,012	Southwestern Energy Co.(a)		763,900
		Pharmaceuticals — 2.7%
	39,325	Prestige Consumer Healthcare, Inc.(a)		1,442,441
		Professional Services — 1.8%
	27,578	ASGN, Inc.(a)		974,055
		Real Estate Management & Development — 3.8%
	53,818	CBRE Group, Inc., Class A(a)		2,029,477
		Specialty Retail — 3.2%
	31,777	CarMax, Inc.(a)		1,710,556
		Technology Hardware, Storage & Peripherals — 3.1%
	95,384	NCR Corp.(a)		1,688,297
		Trading Companies & Distributors — 4.0%
	70,773	Air Lease Corp.		1,566,914
	19,959	HD Supply Holdings, Inc.(a)		567,434
				2,134,348
		Total Common Stocks (Cost $62,566,064)		52,287,569
MONEY MARKET FUND — 3.0%
	1,598,874	Federated Treasury Obligations Fund, Institutional Shares, 0.31%(b)		1,598,874
		Total Money Market Fund (Cost $1,598,874)		1,598,874
Total Investments — 100.2% (Cost $64,164,938)				53,886,443
Net Other Assets (Liabilities) — (0.2)%				(101,439	)
NET ASSETS — 100.0%			$	53,785,004

(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.

12

Sterling Capital Behavioral Small Cap Value Equity Fund

Schedule of Portfolio Investments

March 31, 2020 (Unaudited)

Shares			Fair Value
COMMON STOCKS — 96.2%
		Air Freight & Logistics — 0.9%
	10,846	Atlas Air Worldwide Holdings, Inc.(a)	$	278,417
	7,853	Hub Group, Inc., Class A(a)		357,076
				635,493
		Banks — 17.1%
	14,184	Ameris Bancorp		337,012
	15,816	Associated Banc-Corp.		202,287
	40,176	Bancorp, Inc. (The)(a)		243,868
	21,360	BancorpSouth Bank		404,131
	16,946	Bank OZK		282,998
	10,867	BankUnited, Inc.		203,213
	4,914	BOK Financial Corp.		209,140
	11,838	Bryn Mawr Bank Corp.		335,962
	44,117	Cadence BanCorp.		288,966
	16,900	Cathay General Bancorp		387,855
	11,341	CIT Group, Inc.		195,746
	10,463	Citizens Financial Group, Inc.		196,809
	6,626	Comerica, Inc.		194,407
	20,858	ConnectOne Bancorp, Inc.		280,331
	23,311	Customers Bancorp, Inc.(a)		254,789
	7,646	East West Bancorp, Inc.		196,808
	11,385	Enterprise Financial Services Corp.		317,755
	9,933	First Financial Corp.		334,941
	24,390	First Horizon National Corp.		196,583
	32,725	FNB Corp.		241,183
	34,297	Fulton Financial Corp.		394,072
	7,697	Great Southern Bancorp, Inc.		310,959
	15,900	Great Western Bancorp, Inc.		325,632
	20,241	Hancock Whitney Corp.		395,104
	26,687	Hilltop Holdings, Inc.		403,507
	36,911	Hope Bancorp, Inc.		303,408
	11,982	Independent Bank Group, Inc.		283,734
	49,252	Investors Bancorp, Inc.		393,523
	15,701	Midland States Bancorp, Inc.		274,610
	5,424	Pinnacle Financial Partners, Inc.		203,617
	11,585	Popular, Inc.		405,475
	8,421	Preferred Bank		284,798
	11,713	QCR Holdings, Inc.		317,071
	14,537	Sandy Spring Bancorp, Inc.		329,118
	2,477	Signature Bank		199,126
	24,274	Simmons First National Corp., Class A		446,642
	11,486	Synovus Financial Corp.		201,694
	18,863	Umpqua Holdings Corp.		205,607
	9,358	Webster Financial Corp.		214,298
	6,724	Western Alliance Bancorp		205,822
	7,690	Zions Bancorp NA		205,784
				11,608,385
		Beverages — 0.3%
	5,347	National Beverage Corp.(a)		228,050
		Building Products — 2.5%
	24,562	Builders FirstSource, Inc.(a)		300,393
	8,058	Gibraltar Industries, Inc.(a)		345,849
	5,541	Masonite International Corp.(a)		262,920
	5,029	Owens Corning		195,175
	23,541	Quanex Building Products Corp.		237,293
	9,978	Universal Forest Products, Inc.		371,082
				1,712,712

Shares			Fair Value
COMMON STOCKS — (continued)
		Chemicals — 0.5%
	16,910	Huntsman Corp.	$	244,011
	2,012	Minerals Technologies, Inc.		72,955
				316,966
		Commercial Services & Supplies — 1.5%
	47,817	ADT, Inc.		206,569
	3,237	Cimpress PLC(a)		172,208
	98,933	Pitney Bowes, Inc.		201,823
	2,910	UniFirst Corp./MA		439,672
				1,020,272
		Communications Equipment — 0.5%
	10,761	EchoStar Corp., Class A(a)		344,029
		Construction & Engineering — 2.2%
	14,326	Arcosa, Inc.		569,315
	53,533	Great Lakes Dredge & Dock Corp.(a)		444,324
	8,440	MasTec, Inc.(a)		276,241
	33,119	Tutor Perini Corp.(a)		222,560
				1,512,440
		Construction Materials — 0.9%
	4,345	Eagle Materials, Inc.		253,835
	25,307	Summit Materials, Inc., Class A(a)		379,605
				633,440
		Consumer Finance — 2.8%
	13,421	Ally Financial, Inc.		193,665
	15,010	Encore Capital Group, Inc.(a)		350,934
	31,690	Navient Corp.		240,210
	13,815	OneMain Holdings, Inc.		264,143
	15,197	Regional Management Corp.(a)		207,591
	26,720	Santander Consumer USA Holdings, Inc.		371,675
	36,665	SLM Corp.		263,621
				1,891,839
		Containers & Packaging — 0.7%
	17,290	Ardagh Group SA		205,059
	9,168	Greif, Inc., Class A		285,033
				490,092
		Diversified Financial Services — 0.8%
	13,299	Equitable Holdings, Inc.		192,171
	36,130	FGL Holdings		354,074
				546,245
		Electric Utilities — 3.2%
	3,706	IDACORP, Inc.		325,350
	10,003	NRG Energy, Inc.		272,682
	34,176	PG&E Corp.(a)		307,242
	2,592	Pinnacle West Capital Corp.		196,448
	21,945	Portland General Electric Co.		1,052,043
				2,153,765
		Electrical Equipment — 0.4%
	9,080	AZZ, Inc.		255,330
		Electronic Equipment, Instruments & Components — 2.5%
	3,801	Arrow Electronics, Inc.(a)		197,158
	7,655	Avnet, Inc.		192,141
	18,045	Sanmina Corp.(a)		492,268
	42,380	TTM Technologies, Inc.(a)		438,209

See accompanying Notes to the Financial Statements.

13

Sterling Capital Behavioral Small Cap Value Equity Fund

Schedule of Portfolio Investments — (continued)

March 31, 2020 (Unaudited)

Shares			Fair Value
COMMON STOCKS — (continued)
		Electronic Equipment, Instruments & Components — (continued)
	26,794	Vishay Intertechnology, Inc.	$	386,102
				1,705,878
		Equity Real Estate Investment Trusts (REITS) — 9.7%
	25,218	Apple Hospitality REIT, Inc.		231,249
	27,262	Brixmor Property Group, Inc.		258,989
	36,174	Chatham Lodging Trust		214,874
	10,605	CorEnergy Infrastructure Trust, Inc.		194,920
	6,921	Douglas Emmett, Inc.		211,160
	7,872	EPR Properties		190,660
	15,840	Hannon Armstrong Sustainable Infrastructure Capital, Inc.		323,294
	27,400	Industrial Logistics Properties Trust		480,596
	18,170	Kimco Realty Corp.		175,704
	3,370	Life Storage, Inc.		318,633
	8,622	LTC Properties, Inc.		266,420
	29,809	Macerich Co. (The)		167,825
	23,427	Medical Properties Trust, Inc.		405,053
	6,285	National Health Investors, Inc.		311,233
	23,373	Paramount Group, Inc.		205,682
	20,713	Park Hotels & Resorts, Inc.		163,840
	504	Retail Value, Inc.		6,174
	41,330	RLJ Lodging Trust		319,068
	40,096	Sabra Health Care REIT, Inc.		437,848
	30,159	Service Properties Trust		162,859
	4,730	SL Green Realty Corp.		203,863
	8,189	Spirit Realty Capital, Inc.		214,142
	47,730	Summit Hotel Properties, Inc.		201,421
	27,891	Sunstone Hotel Investors, Inc.		242,931
	30,472	Tanger Factory Outlet Centers, Inc.		152,360
	18,722	VICI Properties, Inc.		311,534
	13,592	Weingarten Realty Investors		196,133
				6,568,465
		Food & Staples Retailing — 1.4%
	20,429	SpartanNash Co.		292,543
	19,781	Sprouts Farmers Market, Inc.(a)		367,729
	34,755	United Natural Foods, Inc.(a)		319,051
				979,323
		Food Products — 0.9%
	2,745	Ingredion, Inc.		207,247
	4,675	John B Sanfilippo & Son, Inc.		417,945
				625,192
		Gas Utilities — 1.3%
	2,548	Chesapeake Utilities Corp.		218,389
	8,518	National Fuel Gas Co.		317,636
	4,806	Spire, Inc.		357,951
				893,976
		Health Care Equipment & Supplies — 0.3%
	16,311	Lantheus Holdings, Inc.(a)		208,128
		Health Care Providers & Services — 3.0%
	5,579	DaVita, Inc.(a)		424,339
	43,361	Owens & Minor, Inc.		396,753
	11,534	Premier, Inc., Class A(a)		377,392
	24,099	Select Medical Holdings Corp.(a)		361,485
	18,662	Tenet Healthcare Corp.(a)		268,733

Shares			Fair Value
COMMON STOCKS — (continued)
		Health Care Providers & Services — (continued)
	2,240	Universal Health Services, Inc., Class B	$	221,939
				2,050,641
		Hotels, Restaurants & Leisure — 0.7%
	30,562	International Game Technology PLC		181,844
	23,366	Penn National Gaming, Inc.(a)		295,580
				477,424
		Household Durables — 2.4%
	11,846	La-Z-Boy, Inc.		243,435
	11,615	Meritage Homes Corp.(a)		424,064
	12,827	PulteGroup, Inc.		286,299
	28,984	Taylor Morrison Home Corp.(a)		318,824
	42,992	TRI Pointe Group, Inc.(a)		377,040
				1,649,662
		Household Products — 0.5%
	12,496	Central Garden & Pet Co., Class A(a)		319,523
		Independent Power and Renewable Electricity Producers — 0.9%
	30,472	AES Corp.		414,419
	13,026	Vistra Energy Corp.		207,895
				622,314
		Insurance — 5.8%
	11,247	Assured Guaranty, Ltd.		290,060
	6,305	CNA Financial Corp.		195,707
	44,915	CNO Financial Group, Inc.		556,497
	10,982	Employers Holdings, Inc.		444,881
	1,053	Everest Re Group, Ltd.		202,618
	6,436	First American Financial Corp.		272,951
	160,086	Genworth Financial, Inc., Class A(a)		531,486
	7,537	Lincoln National Corp.		198,374
	20,678	National General Holdings Corp.		342,221
	19,179	Old Republic International Corp.		292,480
	4,586	Reinsurance Group of America, Inc.		385,866
	13,211	Unum Group.		198,297
				3,911,438
		Internet & Direct Marketing Retail — 0.3%
	15,191	1-800-Flowers.com, Inc., Class A(a)		200,977
		IT Services — 2.0%
	947	CACI International, Inc., Class A(a)		199,959
	14,227	Cardtronics PLC, Class A(a)		297,629
	29,490	Perspecta, Inc.		537,898
	11,705	Sykes Enterprises, Inc.(a)		317,440
				1,352,926
		Leisure Products — 0.4%
	33,102	Vista Outdoor, Inc.(a)		291,298
		Machinery — 0.4%
	8,299	Astec Industries, Inc.		290,216
		Marine — 0.5%
	10,678	Matson, Inc.		326,960
		Media — 1.2%
	21,386	Gray Television, Inc.(a)		229,686
	5,449	John Wiley & Sons, Inc., Class A		204,283
	14,860	Meredith Corp.		181,589

Continued

14

Sterling Capital Behavioral Small Cap Value Equity Fund

Schedule of Portfolio Investments — (continued)

March 31, 2020 (Unaudited)

Shares			Fair Value
COMMON STOCKS — (continued)
		Media — (continued)
	65,298	National CineMedia, Inc.	$	212,871
				828,429
		Metals & Mining — 1.6%
	25,996	Commercial Metals Co.		410,477
	4,493	Reliance Steel & Aluminum Co.		393,542
	20,071	Schnitzer Steel Industries, Inc., Class A		261,726
				1,065,745
		Mortgage Real Estate Investment Trusts (REITS) — 0.0%
	1,019	Great Ajax Corp.		6,481
		Multiline Retail — 0.2%
	4,007	Dillard’s, Inc., Class A		148,059
		Multi-Utilities — 1.8%
	15,293	Avista Corp.		649,800
	13,848	MDU Resources Group, Inc.		297,732
	5,507	Unitil Corp.		288,126
				1,235,658
		Oil, Gas & Consumable Fuels — 4.0%
	8,228	Arch Coal, Inc., Class A		237,789
	72,359	DHT Holdings, Inc.		554,994
	30,274	Dorian LPG, Ltd.(a)		263,687
	109,465	Nordic American Tankers, Ltd.		495,876
	29,794	SFL Corp., Ltd.		282,149
	20,893	Teekay Tankers, Ltd., Class A(a)		464,660
	16,612	World Fuel Services Corp.		418,290
				2,717,445
		Paper & Forest Products — 0.9%
	13,888	Boise Cascade Co.		330,257
	11,024	Schweitzer-Mauduit International, Inc.		306,688
				636,945
		Personal Products — 0.1%
	1,673	Edgewell Personal Care Co.(a)		40,286
		Pharmaceuticals — 3.1%
	35,839	Corcept Therapeutics, Inc.(a)		426,126
	1,125	Horizon Therapeutics PLC(a)		33,323
	32,483	Innoviva, Inc.(a)		382,000
	46,721	Lannett Co., Inc.(a)		324,711
	18,707	Mylan NV(a)		278,921
	10,962	Prestige Consumer Healthcare, Inc.(a)		402,086
	12,642	Supernus Pharmaceuticals, Inc.(a)		227,430
				2,074,597
		Professional Services — 1.1%
	19,896	Kelly Services, Inc., Class A		252,480
	3,594	ManpowerGroup, Inc.		190,446
	20,970	TrueBlue, Inc.(a)		267,577
				710,503
		Real Estate Management & Development — 1.6%
	16,713	Cushman & Wakefield PLC(a)		196,211
	20,165	Forestar Group, Inc.(a)		208,708
	3,845	Howard Hughes Corp. (The)(a)		194,249
	2,751	Jones Lang LaSalle, Inc.		277,796
	69,727	Realogy Holdings Corp.		209,878
				1,086,842

Shares			Fair Value
COMMON STOCKS — (continued)
		Road & Rail — 0.5%
	11,523	Schneider National, Inc., Class B	$	222,855
	3,153	Werner Enterprises, Inc.		114,328
				337,183
		Semiconductors & Semiconductor Equipment — 5.9%
	57,989	Amkor Technology, Inc.(a)		451,734
	6,764	Cirrus Logic, Inc.(a)		443,921
	11,503	Ichor Holdings, Ltd.(a)		220,397
	34,130	NeoPhotonics Corp.(a)		247,443
	25,599	Photronics, Inc.(a)		262,646
	2,122	Power Integrations, Inc.		187,436
	4,927	Qorvo, Inc.(a)		397,264
	56,343	Rambus, Inc.(a)		625,407
	14,504	SMART Global Holdings, Inc.(a)		352,447
	6,961	Synaptics, Inc.(a)		402,833
	27,708	Ultra Clean Holdings, Inc.(a)		382,370
				3,973,898
		Specialty Retail — 3.4%
	8,464	AutoNation, Inc.(a)		237,500
	21,874	Buckle, Inc. (The)		299,893
	15,523	Genesco, Inc.(a)		207,077
	163,465	Office Depot, Inc.		268,083
	26,591	Rent-A-Center, Inc.		375,997
	2,552	RH(a)		256,399
	54,385	Sportsman’s Warehouse Holdings, Inc.(a)		335,012
	18,023	Zumiez, Inc.(a)		312,158
				2,292,119
		Technology Hardware, Storage & Peripherals — 0.3%
	10,666	Xerox Holdings Corp.		202,014
		Textiles, Apparel & Luxury Goods — 0.4%
	12,395	Kontoor Brands, Inc.		237,612
		Trading Companies & Distributors — 2.1%
	26,572	BMC Stock Holdings, Inc.(a)		471,122
	15,916	GMS, Inc.(a)		250,359
	8,792	Rush Enterprises, Inc., Class A		280,641
	16,038	Triton International, Ltd./Bermuda		414,903
				1,417,025
		Wireless Telecommunication Services — 0.7%
	11,869	Telephone & Data Systems, Inc.		198,924
	10,503	U.S. Cellular Corp.(a)		307,633
				506,557
		Total Common Stocks (Cost $81,400,051)		65,340,797
EXCHANGE TRADED FUND — 3.5%
	29,000	iShares Russell 2000 Value ETF		2,378,870
		Total Exchange Traded Fund (Cost $2,359,252)		2,378,870

Continued

15

Sterling Capital Behavioral Small Cap Value Equity Fund

Schedule of Portfolio Investments — (continued)

March 31, 2020 (Unaudited)

Shares			Fair Value
MONEY MARKET FUND — 1.0%
	665,105	Federated Treasury Obligations Fund, Institutional Shares, 0.31%(b)	$	665,105
		Total Money Market Fund (Cost $665,105)		665,105
Total Investments — 100.7% (Cost $84,424,408)				68,384,772
Net Other Assets (Liabilities) — (0.7)%				(444,515	)
NET ASSETS — 100.0%			$	67,940,257

(a) Represents non-income producing security.

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

ETF — Exchange Traded Fund

Continued

16

Sterling Capital Special Opportunities Fund

Schedule of Portfolio Investments

March 31, 2020 (Unaudited)

Shares			Fair Value
COMMON STOCKS — 97.9%
		Air Freight & Logistics — 3.5%
	217,000	FedEx Corp.	$	26,313,420
		Auto Components — 2.7%
	412,000	Aptiv PLC		20,286,880
		Biotechnology — 1.7%
	168,000	Gilead Sciences, Inc.		12,559,680
		Capital Markets — 2.2%
	497,000	Charles Schwab Corp. (The)		16,709,140
		Communications Equipment — 5.9%
	1,117,003	Cisco Systems, Inc.		43,909,388
		Consumer Finance — 3.3%
	486,700	Capital One Financial Corp.		24,539,414
		Entertainment — 4.1%
	519,850	Activision Blizzard, Inc.		30,920,678
		Equity Real Estate Investment Trusts (REITS) — 0.5%
	107,000	Ryman Hospitality Properties, Inc.		3,835,950
		Health Care Equipment & Supplies — 10.9%
	591,000	Boston Scientific Corp.(a)		19,284,330
	266,000	Danaher Corp.		36,817,060
	720,500	Hologic, Inc.(a)		25,289,550
				81,390,940
		Health Care Providers & Services — 8.5%
	322,500	HCA Healthcare, Inc.		28,976,625
	140,300	UnitedHealth Group, Inc.		34,988,014
				63,964,639
		Health Care Technology — 3.5%
	418,500	Cerner Corp.		26,361,315
		Household Durables — 3.1%
	600,000	Lennar Corp., Class A		22,920,000
		Interactive Media & Services — 7.4%
	47,500	Alphabet, Inc., Class C(a)		55,233,475
		IT Services — 8.7%
	432,688	Akamai Technologies, Inc.(a)		39,586,625
	96,687	Broadridge Financial Solutions, Inc.		9,168,828
	177,592	Fiserv, Inc.(a)		16,869,464
				65,624,917

Shares			Fair Value
COMMON STOCKS — (continued)
		Media — 8.9%
	1,321,500	Comcast Corp., Class A	$	45,433,170
	1,222,000	Discovery, Inc., Class C(a)		21,433,880
				66,867,050
		Pharmaceuticals — 5.0%
	675,500	Bristol-Myers Squibb Co.		37,652,370
		Professional Services — 3.6%
	194,000	Verisk Analytics, Inc.		27,039,720
		Real Estate Management & Development — 3.1%
	614,000	CBRE Group, Inc., Class A(a)		23,153,940
		Semiconductors & Semiconductor Equipment — 4.0%
	362,400	NXP Semiconductors NV		30,053,832
		Software — 7.3%
	341,000	CDK Global, Inc.		11,201,850
	66,765	Check Point Software Technologies, Ltd.(a)		6,712,553
	110,000	Intuit, Inc.		25,300,000
	192,650	PTC, Inc.(a)		11,792,107
				55,006,510
		Total Common Stocks (Cost $551,135,640)		734,343,258
MONEY MARKET FUND — 2.1%
	15,423,600	Federated Treasury Obligations Fund, Institutional Shares, 0.31%(b)		15,423,600
		Total Money Market Fund (Cost $15,423,600)		15,423,600
Total Investments — 100.0% (Cost $566,559,240)				749,766,858
Net Other Assets (Liabilities) — 0.0%				233,262
NET ASSETS — 100.0%			$	750,000,120

(a) Represents non-income producing security.

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

See accompanying Notes to the Financial Statements.

17

Sterling Capital Equity Income Fund

Schedule of Portfolio Investments

March 31, 2020 (Unaudited)

Shares			Fair Value
COMMON STOCKS — 99.7%
		Air Freight & Logistics — 3.5%
	554,500	United Parcel Service, Inc., Class B	$	51,801,390
		Automobiles — 2.4%
	1,693,800	General Motors Co.		35,197,164
		Beverages — 3.9%
	485,855	PepsiCo, Inc.		58,351,186
		Biotechnology — 3.5%
	681,500	AbbVie, Inc.		51,923,485
		Capital Markets — 6.4%
	153,660	Goldman Sachs Group, Inc. (The)		23,754,299
	260,360	Morgan Stanley		8,852,240
	292,000	Nasdaq, Inc.		27,725,400
	451,600	Northern Trust Corp.		34,077,736
				94,409,675
		Consumer Finance — 2.8%
	1,161,000	Discover Financial Services		41,412,870
		Diversified Telecommunication Services — 4.4%
	1,197,000	Verizon Communications, Inc.		64,314,810
		Electronic Equipment, Instruments & Components — 2.9%
	2,099,000	Corning, Inc.		43,113,460
		Equity Real Estate Investment Trusts (REITS) — 3.9%
	1,590,000	Brookfield Property REIT, Inc., Class A		13,499,100
	306,000	Crown Castle International Corp.		44,186,400
				57,685,500
		Food Products — 3.1%
	788,984	Tyson Foods, Inc., Class A		45,658,504
		Health Care Equipment & Supplies — 8.8%
	938,500	Abbott Laboratories		74,057,035
	625,000	Medtronic PLC		56,362,500
				130,419,535
		Health Care Providers & Services — 8.1%
	262,900	Anthem, Inc.		59,688,816
	1,001,000	CVS Health Corp.		59,389,330
				119,078,146
		Hotels, Restaurants & Leisure — 5.9%
	1,059,000	Restaurant Brands International, Inc.		42,391,770
	693,000	Starbucks Corp.		45,557,820
				87,949,590

Shares			Fair Value
COMMON STOCKS — (continued)
		Industrial Conglomerates — 3.4%
	374,000	Honeywell International, Inc.	$	50,037,460
		Insurance — 3.4%
	447,000	Chubb, Ltd.		49,925,430
		IT Services — 4.4%
	394,000	Accenture PLC, Class A		64,324,440
		Oil, Gas & Consumable Fuels — 3.9%
	305,616	Cabot Oil & Gas Corp.		5,253,539
	710,608	Enbridge, Inc.		20,671,587
	602,500	Phillips 66		32,324,125
				58,249,251
		Pharmaceuticals — 8.5%
	467,200	Johnson & Johnson		61,263,936
	847,000	Merck & Co., Inc.		65,168,180
				126,432,116
		Semiconductors & Semiconductor Equipment — 6.6%
	635,500	Analog Devices, Inc.		56,972,575
	848,757	Maxim Integrated Products, Inc.		41,258,078
				98,230,653
		Software — 5.7%
	537,000	Microsoft Corp.		84,690,270
		Specialty Retail — 4.2%
	334,800	Home Depot, Inc. (The)		62,510,508
		Total Common Stocks (Cost $1,296,939,481)		1,475,715,443
MONEY MARKET FUND — 0.4%
	5,889,918	Federated Treasury Obligations Fund, Institutional Shares, 0.31%(a)		5,889,918
		Total Money Market Fund (Cost $5,889,918)		5,889,918
Total Investments — 100.1% (Cost $1,302,829,399)				1,481,605,361
Net Other Assets (Liabilities) — (0.1)%				(1,619,914	)
NET ASSETS — 100.0%			$	1,479,985,447

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

See accompanying Notes to the Financial Statements.

18

Sterling Capital Behavioral International Equity Fund

Schedule of Portfolio Investments

March 31, 2020 (Unaudited)

Shares			Fair Value
COMMON STOCKS — 95.1%
		Australia — 3.7%
	121,850	Coca-Cola Amatil, Ltd.	$	657,659
	105,650	Fortescue Metals Group, Ltd.		647,448
	90,725	Lendlease Group		568,827
	1,250	Macquarie Group, Ltd.		66,573
	294,525	Stockland, REIT		452,896
	25,875	Washington H Soul Pattinson & Co., Ltd.		267,377
				2,660,780
		Austria — 1.9%
	14,375	ANDRITZ AG		450,366
	19,050	OMV AG		521,340
	28,075	Raiffeisen Bank International AG		403,837
				1,375,543
		Belgium — 2.9%
	11,550	Ageas		481,312
	8,725	KBC Group NV		395,899
	650	Solvay SA		46,844
	16,200	Telenet Group Holding NV		486,464
	7,600	UCB SA		650,273
				2,060,792
		Denmark — 0.9%
	19,475	Pandora A/S		625,754
		Finland — 1.1%
	28,200	UPM-Kymmene OYJ		768,928
		France — 8.1%
	10,775	Amundi SA(b)		623,436
	12,700	Atos SE		846,142
	75	Capgemini SE		6,267
	25,600	Cie de Saint-Gobain		614,284
	12,650	Danone SA		809,578
	9,400	Eiffage SA		667,246
	35,300	Engie SA		361,488
	3,550	LVMH Moet Hennessy Louis Vuitton SE		1,301,969
	39,950	Orange SA		483,693
	4,850	Valeo SA		78,938
				5,793,041
		Germany — 7.5%
	17,825	Bayer AG		1,021,346
	3,875	Brenntag AG		140,787
	79,425	E.ON SE		814,717
	10,125	Fresenius Medical Care AG & Co. KGaA		660,920
	19,050	Fresenius SE & Co. KGaA		709,283
	9,125	HeidelbergCement AG		389,848
	10,500	Henkel AG & Co. KGaA		771,308
	4,300	Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		864,603
				5,372,812
		Hong Kong — 1.9%
	51,500	CK Hutchison Holdings, Ltd.		343,256
	188,000	Hang Lung Properties, Ltd.		379,109
	93,000	Wheelock & Co., Ltd.		630,162
				1,352,527
		Ireland — 1.0%
	25,925	Smurfit Kappa Group PLC		732,280
		Israel — 1.1%
	91,375	Teva Pharmaceutical Industries, Ltd., ADR(a)		820,548

Shares			Fair Value
COMMON STOCKS — (continued)
		Italy — 2.7%
	52,125	Assicurazioni Generali SpA	$	706,023
	146,250	Snam SpA		668,407
	1,509,100	Telecom Italia SpA/Milano		589,608
				1,964,038
		Japan — 26.8%
	31,200	Aozora Bank, Ltd.		595,427
	3,500	Central Japan Railway Co.		560,949
	16,900	FUJIFILM Holdings Corp.		832,825
	21,100	Hankyu Hanshin Holdings, Inc.		708,860
	24,200	Hitachi, Ltd.		695,179
	95,400	Inpex Corp.		535,200
	42,500	ITOCHU Corp.		879,521
	67,500	J Front Retailing Co., Ltd.		557,102
	34,400	KDDI Corp.		1,016,128
	13,400	Medipal Holdings Corp.		250,391
	134,000	Mitsubishi UFJ Lease & Finance Co., Ltd.		655,903
	53,900	Mitsui & Co., Ltd.		748,332
	30,500	Mitsui Chemicals, Inc.		574,076
	358,300	Mizuho Financial Group, Inc.		411,070
	49,500	Nexon Co., Ltd.		808,872
	36,300	Nippon Telegraph & Telephone Corp.		868,173
	73,700	NTT Data Corp.		705,498
	86,000	Obayashi Corp.		729,756
	53,700	ORIX Corp.		640,677
	149,100	Renesas Electronics Corp.(a)		530,359
	210,800	Resona Holdings, Inc.		632,043
	46,000	Sekisui House, Ltd.		758,634
	94,400	Shimizu Corp.		734,606
	50,600	Sumitomo Corp.		577,055
	32,200	Sumitomo Mitsui Financial Group, Inc.		782,247
	25,000	Toyota Motor Corp.		1,506,623
	26,400	Toyota Tsusho Corp.		616,687
	25,800	Yokohama Rubber Co., Ltd. (The)		319,845
				19,232,038
		Netherlands — 2.6%
	9,200	Heineken Holding NV		716,943
	26,075	Koninklijke Ahold Delhaize NV		607,458
	15,750	Randstad NV		555,848
				1,880,249
		Norway — 0.6%
	40,475	DNB ASA		450,929
		Singapore — 1.0%
	308,100	Wilmar International, Ltd.		696,740
		Spain — 3.0%
	18,350	ACS Actividades de Construccion y Servicios SA		364,420
	214,025	Banco Bilbao Vizcaya Argentaria SA		662,741
	24,075	Enagas SA		474,933
	31,100	Endesa SA		658,089
				2,160,183
		Sweden — 4.1%
	27,400	Essity AB, Class B		839,360
	46,875	Skanska AB, Class B(a)		705,429
	85,775	Svenska Handelsbanken AB, Class A(a)		707,395
	11,825	Swedish Match AB		669,527
				2,921,711

See accompanying Notes to the Financial Statements.

19

Sterling Capital Behavioral International Equity Fund

Schedule of Portfolio Investments — (continued)

March 31, 2020 (Unaudited)

Shares			Fair Value
COMMON STOCKS — (continued)
		Switzerland — 11.4%
	16,325	Adecco Group AG	$	643,313
	9,600	Nestle SA		982,731
	21,950	Novartis AG		1,810,850
	6,525	Roche Holding AG		2,099,367
	6,525	Swatch Group AG (The)		252,614
	900	Swisscom AG		481,933
	86,275	UBS Group AG		790,807
	3,225	Zurich Insurance Group AG		1,132,964
				8,194,579
		United Kingdom — 12.8%
	43,875	Anglo American PLC		768,847
	38,150	Antofagasta PLC		364,349
	15,425	Berkeley Group Holdings PLC		688,471
	33,175	British American Tobacco PLC		1,130,112
	187,000	Direct Line Insurance Group PLC		682,680
	67,150	GlaxoSmithKline PLC		1,260,011
	81,375	GVC Holdings PLC		563,661
	231,775	J Sainsbury PLC		599,696
	24,275	Rio Tinto PLC		1,112,819
	16,125	Royal Dutch Shell PLC, Class A		280,150
	50,175	SSE PLC		806,263
	254,225	Wm Morrison Supermarkets PLC		555,392
	62,575	WPP PLC		425,442
				9,237,893
		Total Common Stocks (Cost $77,735,643)		68,301,365
PREFERRED STOCKS — 1.3%
		Germany — 1.3%
	4,425	Henkel AG & Co. KGaA		353,919
	13,100	Porsche Automobil Holding SE		547,586
		Total Preferred Stocks (Cost $1,265,013)		901,505

Shares			Fair Value
MONEY MARKET FUND — 2.3%
		United States — 2.3%
	1,652,572	Federated Treasury Obligations Fund, Institutional Shares, 0.31%(c)	$	1,652,572
		Total Money Market Fund (Cost $1,652,572)		1,652,572
Total Investments — 98.7% (Cost $80,653,228)				70,855,442
Net Other Assets (Liabilities) — 1.3%				968,725
NET ASSETS — 100.0%			$	71,824,167

(a) Represents non-income producing security.

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

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

ADR — American Depository Receipts

Continued

20

Sterling Capital Behavioral International Equity Fund

Schedule of Portfolio Investments — (continued)

March 31, 2020 (Unaudited)

Industry	Percentage of net assets
Auto Components		0.5	%
Automobiles		2.9	%
Banks		7.0	%
Beverages		1.9	%
Building Products		0.9	%
Capital Markets		2.1	%
Chemicals		0.9	%
Construction & Engineering		4.5	%
Construction Materials		0.5	%
Containers & Packaging		1.0	%
Diversified Financial Services		1.8	%
Diversified Telecommunication Services		3.4	%
Electric Utilities		2.0	%
Electronic Equipment, Instruments & Components		1.0	%
Entertainment		1.1	%
Equity Real Estate Investment Trusts (REITS)		0.6	%
Food & Staples Retailing		2.4	%
Food Products		3.5	%
Gas Utilities		1.6	%
Health Care Providers & Services		2.3	%
Hotels, Restaurants & Leisure		0.8	%
Household Durables		2.0	%
Household Products		2.7	%
Industrial Conglomerates		0.5	%
Insurance		5.4	%
IT Services		2.2	%
Machinery		0.6	%
Media		1.3	%
Metals & Mining		4.0	%
Money Market Fund		2.3	%
Multiline Retail		0.8	%
Multi-Utilities		1.6	%
Oil, Gas & Consumable Fuels		2.2	%
Paper & Forest Products		1.1	%
Pharmaceuticals		10.7	%
Professional Services		1.7	%
Real Estate Management & Development		2.2	%
Road & Rail		1.8	%
Semiconductors & Semiconductor Equipment		0.7	%
Technology Hardware, Storage & Peripherals		1.2	%
Textiles, Apparel & Luxury Goods		3.0	%
Tobacco		2.5	%
Trading Companies & Distributors		4.1	%
Wireless Telecommunication Services		1.4	%
		98.7	%

Continued

21

Sterling Capital SMID Opportunities Fund

Schedule of Portfolio Investments

March 31, 2020 (Unaudited)

Shares			Fair Value
COMMON STOCKS — 95.4%
		Aerospace & Defense — 0.9%
	2,135	Hexcel Corp.	$	79,401
		Airlines — 1.1%
	3,404	Alaska Air Group, Inc.		96,912
		Auto Components — 4.1%
	5,174	Aptiv PLC		254,768
	4,848	Gentex Corp.		107,432
				362,200
		Commercial Services & Supplies — 4.6%
	5,267	Waste Connections, Inc.		408,193
		Consumer Finance — 4.4%
	54,090	SLM Corp.		388,907
		Containers & Packaging — 5.3%
	7,339	Ball Corp.		474,540
		Electronic Equipment, Instruments & Components — 0.5%
	520	Rogers Corp.(a)		49,098
		Entertainment — 3.4%
	2,541	Take-Two Interactive Software, Inc.(a)		301,388
		Equity Real Estate Investment Trusts (REITS) — 3.1%
	7,595	Ryman Hospitality Properties, Inc.		272,281
		Health Care Equipment & Supplies — 10.1%
	10,219	Hologic, Inc.(a)		358,687
	1,833	Teleflex, Inc.		536,812
				895,499
		Health Care Providers & Services — 13.9%
	10,420	Centene Corp.(a)		619,052
	4,536	Premier, Inc., Class A(a)		148,418
	4,780	Universal Health Services, Inc., Class B		473,602
				1,241,072
		Hotels, Restaurants & Leisure — 4.6%
	20,558	Aramark		410,543
		Household Durables — 1.6%
	56	NVR, Inc.(a)		143,870
		IT Services — 25.8%
	3,764	Akamai Technologies, Inc.(a)		344,368

Shares			Fair Value
COMMON STOCKS — (continued)
		IT Services — (continued)
	5,886	Amdocs, Ltd.	$	323,553
	2,654	Black Knight, Inc.(a)		154,091
	920	Broadridge Financial Solutions, Inc.		87,244
	5,531	Fiserv, Inc.(a)		525,390
	14,924	Genpact, Ltd.		435,781
	2,924	Global Payments, Inc.		421,728
				2,292,155
		Machinery — 1.4%
	2,609	Crane Co.		128,311
		Oil, Gas & Consumable Fuels — 1.2%
	18,751	Parsley Energy, Inc., Class A		107,443
		Real Estate Management & Development — 2.1%
	2,377	FirstService Corp.		183,314
		Road & Rail — 4.0%
	2,811	Kansas City Southern		357,503
		Software — 2.5%
	6,839	CDK Global, Inc.		224,661
		Specialty Retail — 0.8%
	1,259	CarMax, Inc.(a)		67,772
		Total Common Stocks (Cost $8,622,230)		8,485,063
MONEY MARKET FUND — 4.7%
	414,706	Federated Treasury Obligations Fund, Institutional Shares, 0.31%(b)		414,706
		Total Money Market Fund (Cost $414,706)		414,706
Total Investments — 100.1% (Cost $9,036,936)				8,899,769
Net Other Assets (Liabilities) — (0.1)%				(7,240	)
NET ASSETS — 100.0%			$	8,892,529

(a) Represents non-income producing security.

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

See accompanying Notes to the Financial Statements.

22

Sterling Capital Stratton Mid Cap Value Fund

Schedule of Portfolio Investments

March 31, 2020 (Unaudited)

Shares			Fair Value
COMMON STOCKS — 94.9%
		Auto Components — 1.2%
	16,540	Magna International, Inc.	$	527,956
		Banks — 5.8%
	18,700	East West Bancorp, Inc.		481,338
	8,100	First Republic Bank		666,468
	67,700	Huntington Bancshares, Inc.		555,817
	47,700	KeyCorp		494,649
	12,100	Wintrust Financial Corp.		397,606
				2,595,878
		Capital Markets — 1.6%
	7,200	Ameriprise Financial, Inc.		737,856
		Chemicals — 1.3%
	15,700	Westlake Chemical Corp.		599,269
		Construction & Engineering — 1.3%
	18,300	MasTec, Inc.(a)		598,959
		Containers & Packaging — 5.0%
	12,200	Avery Dennison Corp.		1,242,814
	29,100	Berry Global Group, Inc.(a)		980,961
				2,223,775
		Electronic Equipment, Instruments & Components — 3.8%
	10,500	Arrow Electronics, Inc.(a)		544,635
	12,600	CDW Corp.		1,175,202
				1,719,837
		Entertainment — 5.2%
	19,600	Activision Blizzard, Inc.		1,165,808
	9,900	Take-Two Interactive Software, Inc.(a)		1,174,239
				2,340,047
		Equity Real Estate Investment Trusts (REITS) — 15.7%
	16,300	Americold Realty Trust		554,852
	17,200	CyrusOne, Inc.		1,062,100
	8,100	Digital Realty Trust, Inc.		1,125,171
	9,700	EastGroup Properties, Inc.		1,013,456
	21,500	Highwoods Properties, Inc.		761,530
	35,000	Hudson Pacific Properties, Inc.		887,600
	11,300	Mid-America Apartment Communities, Inc.		1,164,239
	12,200	Ryman Hospitality Properties, Inc.		437,370
				7,006,318
		Food & Staples Retailing — 3.2%
	6,900	Casey’s General Stores, Inc.		914,181
	21,300	Performance Food Group Co.(a)		526,536
				1,440,717
		Food Products — 1.9%
	15,100	Lamb Weston Holdings, Inc.		862,210
		Gas Utilities — 5.2%
	21,800	Southwest Gas Holdings, Inc.		1,516,408
	31,000	UGI Corp.		826,770
				2,343,178
		Health Care Equipment & Supplies — 4.1%
	3,400	Becton Dickinson & Co.		781,218
	10,400	Zimmer Biomet Holdings, Inc.		1,051,232
				1,832,450

Shares			Fair Value
COMMON STOCKS — (continued)
		Household Durables — 1.8%
	35,700	PulteGroup, Inc.	$	796,824
		Industrial Conglomerates — 2.4%
	8,400	Carlisle Cos., Inc.		1,052,352
		Insurance — 7.5%
	12,300	American Financial Group, Inc.		861,984
	22,300	First American Financial Corp.		945,743
	10,700	Globe Life, Inc.		770,079
	8,300	Hanover Insurance Group, Inc. (The)		751,814
				3,329,620
		IT Services — 5.8%
	6,800	CACI International, Inc., Class A(a)		1,435,820
	12,000	Fiserv, Inc.(a)		1,139,880
				2,575,700
		Life Sciences Tools & Services — 8.7%
	10,300	ICON PLC(a)		1,400,800
	5,710	Medpace Holdings, Inc.(a)		419,000
	14,300	PerkinElmer, Inc.		1,076,504
	3,500	Thermo Fisher Scientific, Inc.		992,600
				3,888,904
		Machinery — 2.1%
	14,300	Oshkosh Corp.		919,919
		Oil, Gas & Consumable Fuels — 3.8%
	46,700	Cabot Oil & Gas Corp.		802,773
	16,300	Phillips 66		874,495
				1,677,268
		Semiconductors & Semiconductor Equipment — 2.2%
	10,900	Skyworks Solutions, Inc.		974,242
		Software — 1.4%
	10,200	PTC, Inc.(a)		624,342
		Trading Companies & Distributors — 3.9%
	35,300	HD Supply Holdings, Inc.(a)		1,003,579
	7,100	United Rentals, Inc.(a)		730,590
				1,734,169
		Total Common Stocks (Cost $33,450,503)		42,401,790
EXCHANGE TRADED FUND — 1.0%
	6,700	iShares Russell Mid-Cap Value ETF		429,403
		Total Exchange Traded Fund (Cost $434,798)		429,403

See accompanying Notes to the Financial Statements.

23

Sterling Capital Stratton Mid Cap Value Fund

Schedule of Portfolio Investments — (continued)

March 31, 2020 (Unaudited)

Shares			Fair Value
MONEY MARKET FUND — 4.0%
	1,813,342	Federated Treasury Obligations Fund, Institutional Shares, 0.31%(b)	$	1,813,342
		Total Money Market Fund (Cost $1,813,342)		1,813,342
Total Investments — 99.9% (Cost $35,698,643)				44,644,535
Net Other Assets (Liabilities) — 0.1%				35,218
NET ASSETS — 100.0%			$	44,679,753

(a) Represents non-income producing security.

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

ETF — Exchange Traded Fund

Continued

24

Sterling Capital Stratton Real Estate Fund

Schedule of Portfolio Investments

March 31, 2020 (Unaudited)

Shares			Fair Value
COMMON STOCKS — 98.4%
		Diversified — 1.1%
	79,000	Alexander & Baldwin, Inc.	$	886,380
		Health Care — 8.8%
	59,000	Healthcare Trust of America, Inc., Class A		1,432,520
	124,000	Medical Properties Trust, Inc.		2,143,960
	59,500	Ventas, Inc.		1,594,600
	45,000	Welltower, Inc.		2,060,100
				7,231,180
		Hotel & Resort — 3.4%
	80,000	MGM Growth Properties, LLC, Class A		1,893,600
	25,000	Ryman Hospitality Properties, Inc.		896,250
				2,789,850
		Industrial — 12.1%
	68,000	Americold Realty Trust		2,314,720
	16,300	EastGroup Properties, Inc.		1,703,024
	68,000	First Industrial Realty Trust, Inc.		2,259,640
	45,275	Prologis, Inc.		3,638,752
				9,916,136
		Office — 9.2%
	20,000	Alexandria Real Estate Equities, Inc.		2,741,200
	45,500	Cousins Properties, Inc.		1,331,785
	37,000	Highwoods Properties, Inc.		1,310,540
	83,000	Hudson Pacific Properties, Inc.		2,104,880
				7,488,405
		Residential — 16.9%
	36,000	American Campus Communities, Inc.		999,000
	45,822	Apartment Investment & Management Co., Class A		1,610,643
	36,800	Equity LifeStyle Properties, Inc.		2,115,264
	10,800	Essex Property Trust, Inc.		2,378,592
	99,000	Invitation Homes, Inc.		2,115,630
	22,000	Mid-America Apartment Communities, Inc.		2,266,660
	65,000	UDR, Inc.		2,375,100
				13,860,889

Shares			Fair Value
COMMON STOCKS — (continued)
		Retail — 5.8%
	43,400	National Retail Properties, Inc.	$	1,397,046
	87,000	Retail Opportunity Investments Corp.		721,230
	154,000	Retail Properties of America, Inc., Class A		796,180
	33,057	Simon Property Group, Inc.		1,813,507
				4,727,963
		Specialized — 41.1%
	33,000	American Tower Corp.		7,185,750
	44,000	Crown Castle International Corp.		6,353,600
	68,000	CubeSmart		1,821,720
	31,700	CyrusOne, Inc.		1,957,475
	27,900	Digital Realty Trust, Inc.		3,875,589
	9,700	Equinix, Inc.		6,058,329
	19,500	Life Storage, Inc.		1,843,725
	46,000	PotlatchDeltic Corp.		1,443,940
	11,600	SBA Communications Corp.		3,131,652
				33,671,780
		Total Common Stocks (Cost $62,532,605)		80,572,583
MONEY MARKET FUND — 1.3%
	1,071,551	Federated Treasury Obligations Fund, Institutional Shares, 0.31%(a)		1,071,551
		Total Money Market Fund (Cost $1,071,551)		1,071,551
Total Investments — 99.7% (Cost $63,604,156)				81,644,134
Net Other Assets (Liabilities) — 0.3%				214,899
NET ASSETS — 100.0%			$	81,859,033

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

See accompanying Notes to the Financial Statements.

25

Sterling Capital Stratton Small Cap Value Fund

Schedule of Portfolio Investments

March 31, 2020 (Unaudited)

Shares			Fair Value
COMMON STOCKS — 96.9%
		Aerospace & Defense — 2.2%
	271,325	Moog, Inc., Class A	$	13,710,052
		Banks — 18.5%
	356,550	Community Bank System, Inc.		20,965,140
	713,650	First Midwest Bancorp, Inc.		9,445,158
	447,130	Glacier Bancorp, Inc.		15,204,656
	212,750	IBERIABANK Corp.		7,693,040
	141,200	Signature Bank		11,351,068
	39,500	SVB Financial Group(a)		5,967,660
	337,840	TCF Financial Corp.		7,655,454
	715,191	Umpqua Holdings Corp.		7,795,582
	351,750	United Bankshares, Inc.		8,118,390
	397,000	Webster Financial Corp.		9,091,300
	300,000	Wintrust Financial Corp.		9,858,000
				113,145,448
		Capital Markets — 1.0%
	105,700	Affiliated Managers Group, Inc.		6,251,098
		Chemicals — 2.0%
	632,947	PolyOne Corp.		12,007,004
		Communications Equipment — 1.9%
	500,000	NetScout Systems, Inc.(a)		11,835,000
		Construction & Engineering — 2.6%
	475,550	MasTec, Inc.(a)		15,564,751
		Electric Utilities — 3.4%
	435,150	Portland General Electric Co.		20,861,091
		Electrical Equipment — 2.5%
	313,450	EnerSys		15,522,044
		Electronic Equipment, Instruments & Components — 3.8%
	133,100	Anixter International, Inc.(a)		11,695,497
	325,808	Belden, Inc.		11,755,153
				23,450,650
		Entertainment — 2.0%
	100,410	Take-Two Interactive Software, Inc.(a)		11,909,630
		Equity Real Estate Investment Trusts (REITS) — 12.3%
	495,200	American Campus Communities, Inc.		13,741,800
	589,813	First Industrial Realty Trust, Inc.		19,599,486
	455,064	Highwoods Properties, Inc.		16,118,367
	811,600	Medical Properties Trust, Inc.		14,032,564
	1,270,000	Retail Properties of America, Inc., Class A		6,565,900
	113,300	SL Green Realty Corp.		4,883,230
				74,941,347
		Food & Staples Retailing — 6.4%
	415,000	BJ’s Wholesale Club Holdings, Inc.(a)		10,570,050
	127,210	Casey’s General Stores, Inc.		16,854,053
	464,210	Performance Food Group Co.(a)		11,475,271
				38,899,374
		Food Products — 1.9%
	260,000	TreeHouse Foods, Inc.(a)		11,479,000

Shares			Fair Value
COMMON STOCKS — (continued)
		Gas Utilities — 3.4%
	301,260	Southwest Gas Holdings, Inc.	$	20,955,646
		Health Care Equipment & Supplies — 4.5%
	182,173	West Pharmaceutical Services, Inc.		27,735,839
		Health Care Providers & Services — 2.2%
	351,788	BioTelemetry, Inc.(a)		13,547,356
		Household Durables — 0.8%
	130,000	Meritage Homes Corp.(a)		4,746,300
		Insurance — 6.1%
	201,900	Hanover Insurance Group, Inc. (The)		18,288,102
	382,550	Selective Insurance Group, Inc.		19,012,735
				37,300,837
		IT Services — 4.1%
	119,100	CACI International, Inc., Class A(a)		25,147,965
		Machinery — 5.7%
	312,500	Crane Co.		15,368,750
	298,700	Oshkosh Corp.		19,215,371
				34,584,121
		Semiconductors & Semiconductor Equipment — 4.9%
	990,707	ON Semiconductor Corp.(a)		12,324,395
	216,844	Qorvo, Inc.(a)		17,484,132
				29,808,527
		Software — 1.7%
	172,737	PTC, Inc.(a)		10,573,232
		Thrifts & Mortgage Finance — 1.3%
	697,021	Northwest Bancshares, Inc.		8,064,533
		Trading Companies & Distributors — 1.7%
	101,941	United Rentals, Inc.(a)		10,489,729
		Total Common Stocks (Cost $362,701,092)		592,530,574
MONEY MARKET FUND — 2.9%
	17,790,418	Federated Treasury Obligations Fund, Institutional Shares, 0.31%(b)		17,790,418
		Total Money Market Fund (Cost $17,790,418)		17,790,418
Total Investments — 99.8% (Cost $380,491,510)				610,320,992
Net Other Assets (Liabilities) — 0.2%				1,512,195
NET ASSETS — 100.0%			$	611,833,187

(a) Represents non-income producing security.

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

See accompanying Notes to the Financial Statements.

26

Sterling Capital Ultra Short Bond Fund

Schedule of Portfolio Investments

March 31, 2020 (Unaudited)

Principal Amount			Fair Value
ASSET BACKED SECURITIES — 16.0%
$	170,000	AmeriCredit Automobile Receivables Trust, Series 2017-4, Class B, 2.360%, 12/19/22	$	168,342
	181,000	AmeriCredit Automobile Receivables Trust, Series 2017-3, Class B, 2.240%, 6/19/23		179,584
	100,000	AmeriCredit Automobile Receivables Trust, Series 2018-1, Class B, 3.260%, 1/18/24		98,630
	344,452	ARI Fleet Lease Trust, Series 2018-A, Class A2, 2.550%, 10/15/26(a)		343,436
	176,667	Avis Budget Rental Car Funding AESOP, LLC, Series 2015-1A, Class A, 2.500%, 7/20/21(a)		176,350
	200,000	Avis Budget Rental Car Funding AESOP, LLC, Series 2019-1A, Class A, 3.450%, 3/20/23(a)		196,819
	11,574	Capital Auto Receivables Asset Trust, Series 2017-1, Class A3, 2.020%, 8/20/21(a)		11,553
	84,321	Chesapeake Funding II, LLC, Series 2017-2A, Class A1, 1.990%, 5/15/29(a)		83,644
	257,378	Chesapeake Funding II, LLC, Series 2018-2A, Class A1, 3.230%, 8/15/30(a)		257,396
	21,383	Citicorp Residential Mortgage Trust, STEP, Series 2007-2, Class A6, 5.022%, 6/25/37		21,231
	54,430	Countrywide Asset-Backed Certificates, Series 2004-12, Class MV4, 2.372%, (LIBOR USD 1-Month plus 1.43%), 3/25/35(b)		53,846
	149,532	Countrywide Asset-Backed Certificates, Series 2006-3, Class 2A3, 1.237%, (LIBOR USD 1-Month plus 0.29%), 6/25/36(b)		147,793
	221,185	Enterprise Fleet Financing, LLC, Series 2017-3, Class A2, 2.130%, 5/22/23(a)		220,164
	250,000	GreatAmerica Leasing Receivables Funding, LLC, Series 2020-1, Class A2, 1.760%, 6/15/22(a)		247,575
	201,734	GreatAmerica Leasing Receivables Funding, LLC, Series 2017-1, Class A4, 2.360%, 1/20/23(a)		200,974
	200,000	Hertz Vehicle Financing II L.P., Series 2017-1A, Class A, 2.960%, 10/25/21(a)		196,761
	192,634	New Century Home Equity Loan Trust, Series 2005-3, Class M3, 1.712%, (LIBOR USD 1-Month plus 0.77%), 7/25/35(b)		189,581
	245,000	Santander Drive Auto Receivables Trust, Series 2019-1, Class B, 3.210%, 9/15/23		244,509
	120,000	Santander Drive Auto Receivables Trust, Series 2018-1, Class C, 2.960%, 3/15/24		119,268
	87,083	Saxon Asset Securities Trust, Series 2006-2, Class A3C, 1.097%, (LIBOR USD 1-Month plus 0.15%), 9/25/36(b)		85,523
	167,502	SoFi Professional Loan Program Trust, Series 2020-A, Class A1FX, 2.060%, 5/15/46(a)		163,264
	42,632	Sofi Professional Loan Program, LLC, Series 2016-E, Class A1, 1.797%, (LIBOR USD 1-Month plus 0.85%), 7/25/39(a)(b)		42,209
	1,365	Wheels SPV 2, LLC, Series 2017-1A, Class A2, 1.880%, 4/20/26(a)		1,363
	215,000	Wheels SPV 2, LLC, Series 2019-1A, Class A2, 2.300%, 5/22/28(a)		214,854
		Total Asset Backed Securities (Cost $3,697,499)		3,664,669
COLLATERALIZED MORTGAGE OBLIGATIONS — 3.7%
	31,099	Freddie Mac, Series 3926, Class MB, 1.750%, 11/15/25		31,141

Principal Amount			Fair Value
COLLATERALIZED MORTGAGE OBLIGATIONS — (continued)
$	201,829	Freddie Mac, Series 3959, Class PN, 2.000%, 1/15/26	$	204,297
	14,860	Freddie Mac, Series 3805, Class EK, 4.000%, 6/15/40		14,957
	269,087	Freddie Mac, Series 4172, Class PB, 1.500%, 7/15/40		269,743
	121,007	Galton Funding Mortgage Trust, Series 2018-2, Class A41, 4.500%, 10/25/58(a)(c)		121,369
	197,668	Galton Funding Mortgage Trust, Series 2019-1, Class A41, 4.500%, 2/25/59(a)(c)		197,860
	14,893	MASTR Seasoned Securitization Trust, Series 2005-2, Class 1A1, 5.130%, 10/25/32		14,798
		Total Collateralized Mortgage Obligations (Cost $853,217)		854,165
COMMERCIAL MORTGAGE-BACKED SECURITIES — 8.1%
	253,708	COMM 2014-CCRE15 Mortgage Trust, Series 2014-CR15, Class A2, 2.928%, 2/10/47		253,320
	41,503	COMM 2015-CCRE22 Mortgage Trust, Series 2015-CR22, Class A2, 2.856%, 3/10/48		41,467
	61,990	COMM 2015-CCRE23 Mortgage Trust, Series 2015-CR23, Class A2, 2.852%, 5/10/48		61,938
	399,642	DBUBS 2011-LC2 Mortgage Trust, Series 2011-LC2A, Class A4, 4.537%, 7/10/44(a)		405,292
	170,373	JP Morgan Chase Commercial Mortgage Securities Trust, Series 2011-C3, Class A4, 4.717%, 2/15/46(a)		172,226
	154,118	Wells Fargo Commercial Mortgage Trust, Series 2010-C1, Class A2, 4.393%, 11/15/43(a)		154,503
	192,854	WFRBS Commercial Mortgage Trust, Series 2011-C3, Class A4, 4.375%, 3/15/44(a)		195,027
	326,996	WFRBS Commercial Mortgage Trust, Series 2011-C5, Class A4, 3.667%, 11/15/44		332,030
	144,644	WFRBS Commercial Mortgage Trust, Series 2014-C19, Class A3, 3.660%, 3/15/47		145,442
	103,000	WF-RBS Commercial Mortgage Trust, Series 2011-C2, Class C, 5.392%, 2/15/44(a)(c)		100,630
		Total Commercial Mortgage-Backed Securities (Cost $1,890,288)		1,861,875
CORPORATE BONDS — 70.5%
		Aerospace & Defense — 0.7%
	149,000	L3Harris Technologies, Inc., 4.950%, 2/15/21(a)		152,198
		Automobiles — 3.7%
	230,000	Advance Auto Parts, Inc., 4.500%, 1/15/22		236,834
	80,000	Ford Motor Credit Co., LLC, 3.200%, 1/15/21		77,300
	150,000	General Motors Financial Co., Inc., 3.200%, 7/6/21		142,789
	189,000	Hyundai Capital America, 2.812%, (LIBOR USD 3-Month plus 0.94%), 7/8/21(a)(b)		182,841
	200,000	Toyota Motor Credit Corp., MTN, 4.500%, 6/17/20		201,034
				840,798
		Banks — 18.6%
	250,000	Bank of America Corp., MTN, 2.625%, 10/19/20		250,389

See accompanying Notes to the Financial Statements.

27

Sterling Capital Ultra Short Bond Fund

Schedule of Portfolio Investments — (continued)

March 31, 2020 (Unaudited)

Principal Amount			Fair Value
CORPORATE BONDS — (continued)
		Banks — (continued)
$	250,000	BNZ International Funding, Ltd./London, 2.100%, 9/14/21(a)	$	247,487
	154,000	Citigroup, Inc., 2.755%, (LIBOR USD 3-Month plus 1.38%), 3/30/21(b)		152,884
	380,000	Citizens Bank NA/Providence RI, BKNT, 2.200%, 5/26/20		379,370
	250,000	Comerica Bank, BKNT, 2.500%, 6/2/20		250,014
	100,000	Cooperatieve Rabobank UA, 4.500%, 1/11/21		101,699
	250,000	Credit Suisse Group Funding Guernsey, Ltd., 3.125%, 12/10/20		249,749
	250,000	DBS Group Holdings, Ltd., 1.489%, (LIBOR USD 3-Month plus 0.49%), 6/8/20(a)(b)		249,530
	250,000	DNB Bank ASA, 1.821%, (LIBOR USD 3-Month plus 0.37%), 10/2/20(a)(b)		247,809
	150,000	GE Capital International Funding Co. Unlimited Co., 2.342%, 11/15/20		147,478
	250,000	Goldman Sachs Group, Inc. (The), 3.154%, (LIBOR USD 3-Month plus 1.36%), 4/23/21(b)		248,480
	250,000	Huntington National Bank (The), 3.250%, 5/14/21		251,928
	250,000	JPMorgan Chase & Co., 4.350%, 8/15/21		256,402
	150,000	Macquarie Bank, Ltd., 6.625%, 4/7/21(a)		154,796
	250,000	Morgan Stanley, 1.721%, (LIBOR USD 3-Month plus 0.98%), 6/16/20(b)		249,263
	90,000	Santander UK Group Holdings PLC, 2.875%, 10/16/20		89,965
	150,000	Sumitomo Mitsui Financial Group, Inc., 2.934%, 3/9/21		150,215
	200,000	UBS Group AG, 2.950%, 9/24/20(a)		200,335
	200,000	UBS Group AG, 3.618%, (LIBOR USD 3-Month plus 1.78%), 4/14/21(a)(b)		195,871
	200,000	Wells Fargo & Co., MTN, 2.550%, 12/7/20		200,479
				4,274,143
		Beverages — 0.6%
	150,000	Constellation Brands, Inc., 2.392%, (LIBOR USD 3-Month plus 0.70%), 11/15/21(b)		141,396
		Biotechnology — 1.1%
	96,000	AbbVie, Inc., 2.300%, 5/14/21		96,306
	150,000	Bristol-Myers Squibb Co., 2.875%, 8/15/20(a)		150,525
				246,831
		Chemicals — 2.0%
	150,000	Albemarle Corp., 2.742%, (LIBOR USD 3-Month plus 1.05%), 11/15/22(a)(b)		142,836
	150,000	DuPont de Nemours, Inc., 2.402%, (LIBOR USD 3-Month plus 0.71%), 11/15/20(b)		148,928
	160,000	FMC Corp., 3.950%, 2/1/22		167,154
				458,918
		Commercial Services — 0.9%
	100,000	ERAC USA Finance, LLC, 4.500%, 8/16/21(a)		101,955
	100,000	ERAC USA Finance, LLC, 2.600%, 12/1/21(a)		100,121
				202,076
		Communications Equipment — 0.7%
	11,000	CommScope, Inc., 5.000%, 6/15/21(a)		10,890

Principal Amount			Fair Value
CORPORATE BONDS — (continued)
		Communications Equipment — (continued)
$	156,000	Verizon Communications, Inc., 2.233%, (LIBOR USD 3-Month plus 0.55%), 5/22/20(b)	$	155,977
				166,867
		Construction Materials — 1.0%
	240,000	Vulcan Materials Co., 2.230%, (LIBOR USD 3-Month plus 0.65%), 3/1/21(b)		230,856
		Diversified Financial Services — 4.0%
	150,000	AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 4.625%, 10/30/20		145,508
	150,000	Ally Financial, Inc., 4.250%, 4/15/21		147,375
	200,000	Capital One Financial Corp., 2.473%, (LIBOR USD 3-Month plus 0.76%), 5/12/20(b)		199,742
	325,000	Park Aerospace Holdings, Ltd., 3.625%, 3/15/21(a)		307,982
	130,000	TD Ameritrade Holding Corp., 2.193%, (LIBOR USD 3-Month plus 0.43%), 11/1/21(b)		127,544
				928,151
		Diversified Telecommunication Services — 1.7%
	110,000	AT&T, Inc., 2.800%, 2/17/21		110,487
	125,000	AT&T, Inc., 3.000%, 2/15/22		126,063
	154,000	Telefonica Emisiones SA, 5.134%, 4/27/20		154,011
				390,561
		Electric Utilities — 4.0%
	150,000	American Electric Power Co., Inc., 2.150%, 11/13/20		148,891
	150,000	Consumers Energy Co., 2.850%, 5/15/22		151,841
	228,000	Dominion Energy, Inc., 2.579%, 7/1/20		227,726
	250,000	Pennsylvania Electric Co., 5.200%, 4/1/20		250,000
	150,000	San Diego Gas & Electric Co., 3.000%, 8/15/21		151,142
				929,600
		Electrical Equipment — 0.6%
	150,000	Textron, Inc., 2.284%, (LIBOR USD 3-Month plus 0.55%), 11/10/20(b)		150,007
		Energy — 1.2%
	275,000	Spectra Energy Partners L.P., 2.014%, (LIBOR USD 3-Month plus 0.70%), 6/5/20(b)		272,065
		Energy Equipment & Services — 3.6%
	156,000	Enbridge, Inc., 1.441%, (LIBOR USD 3-Month plus 0.70%), 6/15/20(b)		154,321
	209,000	Penske Truck Leasing Co. L.P./PTL Finance Corp., 3.200%, 7/15/20(a)		207,953
	150,000	Sabine Pass Liquefaction, LLC, 5.625%, 2/1/21		145,506
	162,000	Sunoco Logistics Partners Operations L.P., 4.400%, 4/1/21		161,484
	150,000	TransCanada PipeLines, Ltd., 3.800%, 10/1/20		149,238
				818,502
		Equity Real Estate Investment Trusts (REITS) — 5.4%
	156,000	American Tower Corp., 2.800%, 6/1/20		154,774
	90,000	American Tower Corp., 4.700%, 3/15/22		91,406
	271,000	AvalonBay Communities, Inc., MTN, 2.261%, (LIBOR USD 3-Month plus 0.43%), 1/15/21(b)		266,696

Continued

28

Sterling Capital Ultra Short Bond Fund

Schedule of Portfolio Investments — (continued)

March 31, 2020 (Unaudited)

Principal Amount			Fair Value
CORPORATE BONDS — (continued)
		Equity Real Estate Investment Trusts (REITS) — (continued)
$	150,000	Crown Castle International Corp., 3.400%, 2/15/21	$	151,009
	228,000	SL Green Operating Partnership L.P., 2.672%, (LIBOR USD 3-Month plus 0.98%), 8/16/21(b)		221,876
	184,000	Starwood Property Trust, Inc., 3.625%, 2/1/21		172,058
	200,000	WEA Finance, LLC, 3.150%, 4/5/22(a)		194,635
				1,252,454
		Food & Staples Retailing — 5.3%
	125,000	Cargill, Inc., 3.250%, 11/15/21(a)		126,143
	68,000	Conagra Brands, Inc., 2.552%, (LIBOR USD 3-Month plus 0.75%), 10/22/20(b)		67,280
	152,000	Conagra Brands, Inc., 3.800%, 10/22/21		152,973
	156,000	CVS Health Corp., 1.719%, (LIBOR USD 3-Month plus 0.72%), 3/9/21(b)		152,798
	56,000	Dollar Tree, Inc., 2.536%, (LIBOR USD 3-Month plus 0.70%), 4/17/20(b)		55,988
	200,000	Hershey Co. (The), 4.125%, 12/1/20		202,719
	51,000	Kraft Heinz Foods Co., 3.500%, 6/6/22		50,884
	115,000	Macy’s Retail Holdings, Inc., 3.450%, 1/15/21		91,855
	90,000	Smithfield Foods, Inc., 2.650%, 10/3/21(a)		80,960
	75,000	Tyson Foods, Inc., 2.130%, (LIBOR USD 3-Month plus 0.55%), 6/2/20(b)		74,811
	165,000	Viterra, Inc., 5.950%, 8/1/20(a)		166,046
				1,222,457
		Food Products — 0.8%
	175,000	Tyson Foods, Inc., 2.250%, 8/23/21		174,196
		Health Care Providers & Services — 0.8%
	198,000	Becton Dickinson & Co., 2.250%, (LIBOR USD 3-Month plus 0.88%), 12/29/20(b)		191,317
		Hotels, Restaurants & Leisure — 0.2%
	43,000	Carnival Corp., 3.950%, 10/15/20		41,172
		Household Durables — 0.4%
	100,000	DR Horton, Inc., 2.550%, 12/1/20		98,608
		Insurance — 5.5%
	19,000	Assurant, Inc., 2.482%, (LIBOR USD 3-Month
		plus 1.25%), 3/26/21(b)		19,000
	187,000	Athene Global Funding, 2.750%, 4/20/20(a)		186,593
	71,000	AXIS Specialty Finance, LLC, 5.875%, 6/1/20		71,502
	165,000	Guardian Life Global Funding, 1.950%, 10/27/21(a)		161,226
	150,000	Jackson National Life Global Funding, 2.131%, (LIBOR USD 3-Month plus 0.30%), 10/15/20(a)(b)		148,974
	153,000	Marsh & McLennan Cos., Inc., 3.500%, 12/29/20		154,133
	150,000	Nationwide Financial Services, Inc., 5.375%, 3/25/21(a)		151,720
	175,000	Principal Life Global Funding II, 2.375%, 11/21/21(a)		171,613
	150,000	Protective Life Global Funding, 1.895%, (LIBOR USD 3-Month plus 0.52%), 6/28/21(a)(b)		144,981
	58,000	Reliance Standard Life Global Funding II, 3.050%, 1/20/21(a)		57,556
				1,267,298

Principal Amount			Fair Value
CORPORATE BONDS — (continued)
		Media — 3.0%
$	150,000	Charter Communications Operating, LLC/Charter Communications Operating Capital, 3.579%, 7/23/20	$	149,533
	150,000	Discovery Communications, LLC, 3.500%, 6/15/22		151,141
	209,000	Interpublic Group of Cos., Inc. (The), 3.500%, 10/1/20		205,826
	80,000	Interpublic Group of Cos., Inc. (The), 3.750%, 10/1/21		80,771
	100,000	ViacomCBS, Inc., 4.500%, 3/1/21		100,673
				687,944
		Metals & Mining — 0.9%
	200,000	Anglo American Capital PLC, 4.125%, 4/15/21(a)		197,073
		Oil, Gas & Consumable Fuels — 1.1%
	125,000	Apache Corp., 3.250%, 4/15/22		93,850
	155,000	Occidental Petroleum Corp., 2.600%, 8/13/21		121,876
	51,000	Ovintiv, Inc., 3.900%, 11/15/21		34,978
				250,704
		Road & Rail — 0.5%
	125,000	Ryder System, Inc., MTN, 2.800%, 3/1/22		123,394
		Semiconductors & Semiconductor Equipment — 0.5%
	125,000	Microchip Technology, Inc., 3.922%, 6/1/21		121,798
		Software — 0.7%
	156,000	VMware, Inc., 2.300%, 8/21/20		154,337
		Specialty Retail — 1.0%
	229,000	Expedia Group, Inc., 5.950%, 8/15/20		225,897
		Total Corporate Bonds (Cost $16,570,683)		16,211,618
Shares
MONEY MARKET FUND — 1.2%
	276,183	Federated Treasury Obligations Fund, Institutional Shares, 0.31%(d)		276,183
		Total Money Market Fund (Cost $276,183)		276,183
Total Investments — 99.5% (Cost $23,287,870)				22,868,510
Net Other Assets (Liabilities) — 0.5%				124,072
NET ASSETS — 100.0%			$	22,992,582

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

(b) The interest rate for this floating rate note, which will change periodically, is based either on the prime rate or an index of market rates. The reflected rate is in effect as of March 31, 2020. 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, 2020. The maturity date reflected is the final maturity date.

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

Continued

29

Sterling Capital Ultra Short Bond Fund

Schedule of Portfolio Investments — (continued)

March 31, 2020 (Unaudited)

BKNT — Bank Note

MTN — Medium Term Note

STEP — Step Coupon Bond

Continued

30

Sterling Capital Short Duration Bond Fund

Schedule of Portfolio Investments

March 31, 2020 (Unaudited)

Principal Amount			Fair Value
ASSET BACKED SECURITIES — 20.9%
$	1,060,000	AmeriCredit Automobile Receivables Trust, Series 2017-4, Class B, 2.360%, 12/19/22	$	1,049,661
	1,500,000	AmeriCredit Automobile Receivables Trust, Series 2017-4, Class C, 2.600%, 9/18/23		1,473,110
	1,290,000	AmeriCredit Automobile Receivables Trust, Series 2018-3, Class C, 3.740%, 10/18/24		1,289,026
	815,000	AmeriCredit Automobile Receivables Trust, Series 2019-1, Class B, 3.130%, 2/18/25		816,626
	33,800	Ameriquest Mortgage Securities, Inc. Asset-Backed Pass Through Certificates, Series 2004-R6, Class M1, 3.047%, (LIBOR USD 1-Month plus 2.10%), 7/25/34(a)		33,571
	2,075,000	ARI Fleet Lease Trust, Series 2019-A, Class A2A, 2.410%, 11/15/27(b)		2,049,905
	1,800,000	Avis Budget Rental Car Funding AESOP, LLC, Series 2019-1A, Class A, 3.450%, 3/20/23(b)		1,771,368
	1,000,000	Avis Budget Rental Car Funding AESOP, LLC, Series 2017-2A, Class A, 2.970%, 3/20/24(b)		937,551
	795,000	Capital Auto Receivables Asset Trust, Series 2017-1, Class B, 2.430%, 5/20/22(b)		786,698
	890,000	Capital Auto Receivables Asset Trust, Series 2017-1, Class C, 2.700%, 9/20/22(b)		878,603
	1,750,000	Capital One Multi-Asset Execution Trust, Series 2019-A1, Class A1, 2.840%, 12/15/24		1,799,580
	1,250,000	Capital One Prime Auto Receivables Trust, Series 2019-2, Class A4, 1.960%, 2/18/25		1,286,976
	300,000	CarMax Auto Owner Trust, Series 2017-3, Class B, 2.440%, 2/15/23		299,791
	1,151,000	CarMax Auto Owner Trust, Series 2018-3, Class A4, 3.270%, 3/15/24		1,176,339
	142,697	Chesapeake Funding II, LLC, Series 2017-2A, Class A1, 1.990%, 5/15/29(b)		141,551
	563,865	Chesapeake Funding II, LLC, Series 2018-1A, Class A1, 3.040%, 4/15/30(b)		558,397
	289,550	Chesapeake Funding II, LLC, Series 2018-2A, Class A1, 3.230%, 8/15/30(b)		289,570
	947,965	Chesapeake Funding II, LLC, Series 2018-3A, Class A1, 3.390%, 1/15/31(b)		952,699
	758,380	Chesapeake Funding II, LLC, Series 2019-1A, Class A1, 2.940%, 4/15/31(b)		752,829
	36,492	Citicorp Residential Mortgage Trust, STEP, Series 2007-2, Class A6, 5.022%, 6/25/37		36,232
	951,085	Citigroup Mortgage Loan Trust, Inc., Series 2005-HE1, Class M3, 1.922%, (LIBOR USD 1-Month plus 0.98%), 5/25/35(a)		915,536
	86,099	Countrywide Asset-Backed Certificates, Series 2004-12, Class MV4, 2.372%, (LIBOR USD 1-Month plus 1.43%), 3/25/35(a)		85,175
	1,475,000	Discover Card Execution Note Trust, Series 2019-A3, Class A, 1.890%, 10/15/24		1,481,452
	2,966,000	Enterprise Fleet Financing, LLC, Series 2019-1, Class A3, 3.070%, 10/20/24(b)		2,982,852
	518,000	Ford Credit Auto Owner Trust, Series 2017-B, Class B, 2.150%, 10/15/22		511,642
	1,750,000	Ford Credit Auto Owner Trust, Series 2017-1, Class A, 2.620%, 8/15/28(b)		1,745,306
	1,146,000	Ford Credit Auto Owner Trust, Series 2017-2, Class A, 2.360%, 3/15/29(b)		1,138,723
	1,850,000	GM Financial Consumer Automobile Receivables Trust, Series 2019-1, Class A3, 2.970%, 11/16/23		1,865,090

Principal Amount			Fair Value
ASSET BACKED SECURITIES — (continued)
$	525,000	GreatAmerica Leasing Receivables Funding, LLC, Series 2020-1, Class A3, 1.760%, 8/15/23(b)	$	509,641
	1,683,972	Hertz Fleet Lease Funding L.P., Series 2019-1, Class A2, 2.700%, 1/10/33(b)		1,680,009
	900,000	Santander Drive Auto Receivables Trust, Series 2019-1, Class B, 3.210%, 9/15/23		898,196
	1,268,226	SoFi Professional Loan Program Trust, Series 2020-A, Class A1FX, 2.060%, 5/15/46(b)		1,236,144
	202,716	Sofi Professional Loan Program, LLC, Series 2016-B, Class A1, 2.147%, (LIBOR USD 1-Month plus 1.20%), 6/25/33(a)(b)		201,783
	67,709	Sofi Professional Loan Program, LLC, Series 2016-E, Class A1, 1.797%, (LIBOR USD 1-Month plus 0.85%), 7/25/39(a)(b)		67,037
	7,641	Wheels SPV 2, LLC, Series 2017-1A, Class A2, 1.880%, 4/20/26(b)		7,634
	305,000	Wheels SPV 2, LLC, Series 2017-1A, Class A4, 2.400%, 4/20/26(b)		302,361
	1,250,000	Wheels SPV 2, LLC, Series 2019-1A, Class A3, 2.350%, 5/22/28(b)		1,246,973
	143,433	World Omni Auto Receivables Trust, Series 2016-B, Class A3, 1.300%, 2/15/22		143,167
		Total Asset Backed Securities (Cost $35,664,010)		35,398,804
COLLATERALIZED MORTGAGE OBLIGATIONS — 2.9%
	65,515	Alternative Loan Trust, Series 2004-22CB, Class 1A1, 6.000%, 10/25/34		67,006
	272,103	Banc of America Funding Trust, Series 2004-C, Class 4A3, 1.673%, (LIBOR USD 1-Month plus 0.90%), 12/20/34(a)		260,093
	6,588	Fannie Mae, Series 2005-67, Class HG, 5.500%, 1/25/35		6,607
	459,235	Fannie Mae, Series 2014-76, Class BC, 3.000%, 5/25/37		464,236
	770,803	Fannie Mae, Series 2012-152, Class PC, 1.750%, 8/25/42		777,109
	116,785	Fannie Mae, Series 2013-72, Class NA, 2.500%, 8/25/42		120,954
	1,219,149	Fannie Mae, Series 2013-35, Class CB, 2.000%, 2/25/43		1,243,136
	271,159	Freddie Mac, Series 4030, Class PD, 3.000%, 6/15/40		279,000
	116,035	Galton Funding Mortgage Trust, Series 2018-1, Class A43, 3.500%, 11/25/57(b)(c)		114,887
	777,237	Galton Funding Mortgage Trust, Series 2018-2, Class A41, 4.500%, 10/25/58(b)(c)		779,560
	742,815	Galton Funding Mortgage Trust, Series 2019-1, Class A41, 4.500%, 2/25/59(b)(c)		743,539
		Total Collateralized Mortgage Obligations (Cost $4,829,807)		4,856,127
COMMERCIAL MORTGAGE-BACKED SECURITIES — 6.6%
	1,743,610	COMM 2012-CCRE1 Mortgage Trust, Series 2012-CR1, Class A3, 3.391%, 5/15/45		1,758,922
	458,739	COMM 2014-CCRE15 Mortgage Trust, Series 2014-CR15, Class A2, 2.928%, 2/10/47		458,038

See accompanying Notes to the Financial Statements.

31

Sterling Capital Short Duration Bond Fund

Schedule of Portfolio Investments — (continued)

March 31, 2020 (Unaudited)

Principal Amount			Fair Value
COMMERCIAL MORTGAGE-BACKED SECURITIES — (continued)
$	104,906	DBUBS 2011-LC2 Mortgage Trust, Series 2011-LC2A, Class A4, 4.537%, 7/10/44(b)	$	106,389
	750,000	DBUBS Mortgage Trust, Series 2011-LC1A, Class B, 5.471%, 11/10/46(b)(c)		749,978
	332,682	GS Mortgage Securities Trust, Series 2010-C1, Class A2, 4.592%, 8/10/43(b)		333,870
	300,000	GS Mortgage Securities Trust, Series 2010-C1, Class B, 5.148%, 8/10/43(b)		303,141
	950,000	GS Mortgage Securities Trust, Series 2010-C2, Class A2, 5.162%, 12/10/43(b)(c)		961,011
	621,624	GS Mortgage Securities Trust, Series 2014-GC24, Class AAB, 3.650%, 9/10/47		641,517
	1,655,178	JP Morgan Chase Commercial Mortgage Securities Trust, Series 2011-C3, Class A4, 4.717%, 2/15/46(b)		1,673,175
	5,205	JPMBB Commercial Mortgage Securities Trust, Series 2014-C19, Class A2, 3.046%, 4/15/47		5,228
	1,500,000	Morgan Stanley Capital I Trust, Series 2016-BNK2, Class A2, 2.454%, 11/15/49		1,502,483
	1,157,126	WFRBS Commercial Mortgage Trust, Series 2011-C3, Class A4, 4.375%, 3/15/44(b)		1,170,160
	624,265	WFRBS Commercial Mortgage Trust, Series 2011-C5, Class A4, 3.667%, 11/15/44		633,876
	880,078	WF-RBS Commercial Mortgage Trust, Series 2011-C2, Class A4, 4.869%, 2/15/44(b)(c)		889,844
		Total Commercial Mortgage-Backed Securities (Cost $11,360,574)		11,187,632
CORPORATE BONDS — 55.3%
		Automobiles — 1.5%
	180,000	General Motors Financial Co., Inc., 4.200%, 11/6/21		171,800
	300,000	General Motors Financial Co., Inc., 2.685%, (LIBOR USD 3-Month plus 1.31%), 6/30/22(a)		238,382
	1,200,000	Toyota Industries Corp., 3.110%, 3/12/22(b)		1,213,450
	840,000	Toyota Motor Credit Corp., MTN, 2.900%, 3/30/23		845,107
				2,468,739
		Banks — 14.1%
	2,625,000	Bank of America Corp., 3.004%, (LIBOR USD 3-Month plus 0.79%), 12/20/23(d)		2,678,015
	800,000	Bank of Nova Scotia (The), 2.000%, 11/15/22		801,962
	825,000	Barclays PLC, 4.610%, (LIBOR USD 3-Month plus 1.40%), 2/15/23(d)		834,293
	1,000,000	BPCE SA, MTN, 2.750%, 12/2/21		992,232
	1,300,000	Capital One NA, BKNT, 2.650%, 8/8/22		1,287,661
	1,000,000	Citigroup, Inc., 2.312%, (SOFR plus 0.87%), 11/4/22(d)		996,193
	800,000	Citigroup, Inc., 3.010%, (LIBOR USD 3-Month plus 1.43%), 9/1/23(a)		781,995
	1,075,000	Citizens Bank NA/Providence RI, BKNT, 2.457%, (LIBOR USD 3-Month plus 0.81%), 5/26/22(a)		984,348
	800,000	Cooperatieve Rabobank UA, 2.750%, 1/10/23		802,242
	450,000	Credit Suisse AG/New York NY, 2.100%, 11/12/21		448,704
	625,000	DBS Group Holdings, Ltd., 2.850%, 4/16/22(b)		641,407

Principal Amount			Fair Value
CORPORATE BONDS — (continued)
		Banks — (continued)
$	450,000	Fifth Third Bank/Cincinnati OH, BKNT, 1.800%, 1/30/23	$	444,395
	1,000,000	Huntington National Bank (The), BKNT, 3.550%, 10/6/23		1,036,548
	900,000	JPMorgan Chase & Co., 2.550%, 3/1/21		902,152
	491,000	JPMorgan Chase & Co., Series I, 5.240%, (LIBOR USD 3-Month plus 3.47%),(c)(e)		438,345
	1,200,000	KeyBank NA/Cleveland OH, BKNT, 1.250%, 3/10/23		1,176,715
	1,000,000	Lloyds Banking Group PLC, 2.907%, (LIBOR USD 3-Month plus 0.81%), 11/7/23(d)		992,725
	1,000,000	Macquarie Bank, Ltd., 6.625%, 4/7/21(b)		1,031,977
	1,400,000	Mitsubishi UFJ Financial Group, Inc., 2.665%, 7/25/22		1,395,319
	1,000,000	Nationwide Building Society, 2.000%, 1/27/23(b)		972,520
	825,000	Regions Bank / Birmingham AL, BKNT, 1.813%, (LIBOR USD 3-Month plus 0.38%), 4/1/21(a)		807,629
	1,150,000	Sumitomo Mitsui Financial Group, Inc., 2.778%, 10/18/22		1,165,816
	1,500,000	Toronto-Dominion Bank (The), MTN, 1.900%, 12/1/22		1,497,527
	750,000	Zions Bancorp NA, 3.500%, 8/27/21		749,241
				23,859,961
		Beverages — 0.7%
	1,200,000	Constellation Brands, Inc., 2.650%, 11/7/22		1,147,107
		Capital Goods — 0.6%
	1,000,000	Caterpillar Financial Services Corp., MTN, 2.950%, 2/26/22		1,018,201
		Capital Markets — 0.7%
	1,200,000	Morgan Stanley, GMTN, 2.500%, 4/21/21		1,203,437
		Chemicals — 0.9%
	515,000	Albemarle Corp., 2.742%, (LIBOR USD 3-Month plus 1.05%), 11/15/22(a)(b)		490,402
	1,000,000	FMC Corp., 3.950%, 2/1/22		1,044,713
				1,535,115
		Communications Equipment — 0.0%
	56,000	CommScope, Inc., 5.000%, 6/15/21(b)		55,440
		Construction Materials — 0.6%
	1,055,000	Vulcan Materials Co., 2.230%, (LIBOR USD 3-Month plus 0.65%), 3/1/21(a)		1,014,803
		Diversified Financial Services — 5.2%
	474,000	AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 4.250%, 7/1/20		467,599
	450,000	AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 4.450%, 12/16/21		413,821
	211,000	Ally Financial, Inc., 7.500%, 9/15/20		212,584
	875,000	Avolon Holdings Funding, Ltd., 3.625%, 5/1/22(b)		775,654
	590,000	Carlyle Holdings Finance, LLC, 3.875%, 2/1/23(b)		607,375
	1,200,000	ERAC USA Finance, LLC, 3.300%, 10/15/22(b)		1,172,603
	400,000	Export-Import Bank of Korea, 2.500%, 11/1/20		402,440
	750,000	Goldman Sachs Group, Inc. (The), 3.000%, 4/26/22		755,501

Continued

32

Sterling Capital Short Duration Bond Fund

Schedule of Portfolio Investments — (continued)

March 31, 2020 (Unaudited)

Principal Amount			Fair Value
CORPORATE BONDS — (continued)
		Diversified Financial Services — (continued)
$	1,200,000	Goldman Sachs Group, Inc. (The), 2.908%, (LIBOR USD 3-Month plus 1.05%), 6/5/23(d)	$	1,203,449
	466,000	Nationwide Financial Services, Inc., 5.375%, 3/25/21(b)		471,343
	1,000,000	PayPal Holdings, Inc., 2.200%, 9/26/22		995,399
	1,275,000	Penske Truck Leasing Co. L.P. / PTL Finance Corp., 2.700%, 3/14/23(b)		1,259,580
				8,737,348
		Diversified Telecommunication Services — 1.2%
	2,000,000	AT&T, Inc., 3.600%, 2/17/23		2,054,787
		Electric Utilities — 3.8%
	1,000,000	American Electric Power Co., Inc., Series I, 3.650%, 12/1/21		1,012,307
	1,000,000	Baltimore Gas & Electric Co., 2.800%, 8/15/22		1,015,864
	985,000	CenterPoint Energy, Inc., 3.600%, 11/1/21		982,972
	1,240,000	Dominion Energy, Inc., STEP, 2.715%, 8/15/21		1,221,892
	1,200,000	Duke Energy Corp., 3.050%, 8/15/22		1,206,627
	960,000	Korea East-West Power Co., Ltd., 2.625%, 6/19/22(b)		976,340
				6,416,002
		Energy Equipment & Services — 3.1%
	900,000	Energy Transfer Operating L.P., 4.250%, 3/15/23		814,950
	1,100,000	Midwest Connector Capital Co., LLC, 3.625%, 4/1/22(b)		1,056,960
	777,000	NuStar Logistics L.P., 4.800%, 9/1/20		675,990
	935,000	Sabine Pass Liquefaction, LLC, 5.625%, 2/1/21		906,985
	1,050,000	Saudi Arabian Oil Co., 2.750%, 4/16/22(b)		1,028,635
	795,000	Williams Cos., Inc. (The), 3.600%, 3/15/22		770,721
				5,254,241
		Equity Real Estate Investment Trusts (REITS) — 4.4%
	780,000	Alexandria Real Estate Equities, Inc., 4.000%, 1/15/24		796,792
	400,000	AvalonBay Communities, Inc., MTN, 2.261%, (LIBOR USD 3-Month plus 0.43%), 1/15/21(a)		393,647
	750,000	Crown Castle International Corp., 3.400%, 2/15/21		755,045
	575,000	Federal Realty Investment Trust, 2.550%, 1/15/21		566,359
	138,000	Iron Mountain, Inc., 4.375%, 6/1/21(b)		136,620
	1,205,000	Jones Lang LaSalle, Inc., 4.400%, 11/15/22		1,175,602
	1,075,000	Ontario Teachers’ Cadillac Fairview Properties Trust, 3.125%, 3/20/22(b)		1,042,419
	800,000	Scentre Group Trust 1 / Scentre Group Trust 2, 2.375%, 4/28/21(b)		802,697
	915,000	Starwood Property Trust, Inc., 3.625%, 2/1/21		855,618
	1,000,000	WEA Finance, LLC, 3.150%, 4/5/22(b)		973,173
				7,497,972
		Food & Staples Retailing — 2.7%
	330,000	Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons L.P. / Albertsons, LLC, 3.500%, 2/15/23(b)		324,885
	1,235,000	Conagra Brands, Inc., 3.800%, 10/22/21		1,242,906
	1,100,000	CVS Health Corp., 2.125%, 6/1/21		1,101,175

Principal Amount			Fair Value
CORPORATE BONDS — (continued)
		Food & Staples Retailing — (continued)
$	361,000	Kraft Heinz Foods Co., 3.500%, 6/6/22	$	360,182
	1,607,000	Seven & i Holdings Co., Ltd., 3.350%, 9/17/21(b)		1,631,054
				4,660,202
		Health Care Providers & Services — 3.0%
	1,200,000	AbbVie, Inc., 2.150%, 11/19/21(b)		1,198,381
	1,000,000	Becton Dickinson & Co., 2.894%, 6/6/22		998,134
	732,000	Cigna Corp., 3.750%, 7/15/23		752,591
	1,000,000	DH Europe Finance II Sarl, 2.050%, 11/15/22		980,976
	1,085,000	Shire Acquisitions Investments Ireland DAC, 2.875%, 9/23/23		1,092,883
				5,022,965
		Insurance — 3.4%
	142,000	Assurant, Inc., 2.482%, (LIBOR USD 3-Month plus 1.25%), 3/26/21(a)		142,000
	750,000	Athene Global Funding, 3.000%, 7/1/22(b)		738,186
	350,000	Guardian Life Global Funding, 2.000%, 4/26/21(b)		348,766
	1,175,000	Jackson National Life Global Funding, 3.300%, 2/1/22(b)		1,198,794
	750,000	MassMutual Global Funding II, 2.500%, 4/13/22(b)		755,540
	425,000	New York Life Global Funding, 2.000%, 4/13/21(b)		424,531
	775,000	Reinsurance Group of America, Inc., 5.000%, 6/1/21		803,833
	1,275,000	Reliance Standard Life Global Funding II, 2.625%, 7/22/22(b)		1,282,220
				5,693,870
		Machinery — 0.3%
	536,000	John Deere Capital Corp., MTN, 1.200%, 4/6/23		524,786
		Media — 2.7%
	1,104,000	Charter Communications Operating, LLC / Charter Communications Operating Capital, 4.464%, 7/23/22		1,145,122
	750,000	Fox Corp., 3.666%, 1/25/22(b)		766,133
	1,065,000	Interpublic Group of Cos., Inc. (The), 3.750%, 10/1/21		1,075,270
	1,225,000	NBCUniversal Media, LLC, 2.875%, 1/15/23		1,260,488
	384,000	Walt Disney Co. (The), 1.650%, 9/1/22		386,019
				4,633,032
		Multiline Retail — 0.9%
	1,000,000	Costco Wholesale Corp., 2.300%, 5/18/22		1,013,479
	550,000	Family Dollar Stores, Inc., 5.000%, 2/1/21		545,568
				1,559,047
		Oil, Gas & Consumable Fuels — 1.4%
	800,000	Aker BP ASA, 4.750%, 6/15/24(b)		671,133
	798,000	Diamondback Energy, Inc., 5.375%, 5/31/25		588,364
	515,000	Marathon Petroleum Corp., 5.375%, 10/1/22		486,203
	825,000	Newfield Exploration Co., 5.750%, 1/30/22		561,686
				2,307,386
		Road & Rail — 0.8%
	750,000	Ryder System, Inc., MTN, 3.500%, 6/1/21		749,889
	202,000	Ryder System, Inc., MTN, 2.875%, 6/1/22		202,628

Continued

33

Sterling Capital Short Duration Bond Fund

Schedule of Portfolio Investments — (continued)

March 31, 2020 (Unaudited)

Principal Amount			Fair Value
CORPORATE BONDS — (continued)
		Road & Rail — (continued)
$	425,000	Ryder System, Inc., MTN, 2.500%, 9/1/22	$	400,119
				1,352,636
		Semiconductors & Semiconductor Equipment — 0.5%
	825,000	Microchip Technology, Inc., 3.922%, 6/1/21		803,868
		Software — 0.7%
	1,200,000	VMware, Inc., 2.950%, 8/21/22		1,193,747
		Technology Hardware, Storage & Peripherals — 1.4%
	600,000	EMC Corp., 3.375%, 6/1/23		590,820
	1,670,000	L3Harris Technologies, Inc., 4.950%, 2/15/21(b)		1,705,840
				2,296,660
		Tobacco — 0.7%
	1,200,000	BAT Capital Corp., 2.764%, 8/15/22		1,179,359
		Total Corporate Bonds (Cost $95,215,825)		93,490,711
MUNICIPAL BONDS — 9.7%
		California — 1.6%
	2,000,000	State of California, Taxable Revenue, Group B, Current Refunding G.O., 2.500%, 10/1/22		2,052,380
	575,000	University of California Revenue, Refunding, Taxable, Series AS, 1.490%, 5/15/20		574,925
				2,627,305
		Florida — 1.2%
	2,000,000	Florida Water Pollution Control Financing Corp.
		Taxable Revenue, Series A, Advance Refunding Revenue Bonds, 2.000%, 1/15/23		2,043,080
		Massachusetts — 0.6%
	1,000,000	Massachusetts Water Resources Authority, Taxable Revenue, Green Bond-Series F, Advance Refunding Revenue Bonds, 1.772%, 8/1/23		1,012,040
		New Jersey — 0.2%
	325,000	New Jersey Economic Development Authority, School Facilities Construction Refunding Revenue, Taxable, Series C, 4.521%, 6/15/21		335,234
		NewYork — 1.0%
	1,000,000	New York State Urban Development Corp. Taxable Revenue, Series B, Economic Improvements Revenue Bonds, 1.910%, 3/15/23		1,003,220
	725,000	State of New York, Taxable Revenue, Series B, Group 1, Current Refunding G.O., 1.900%, 2/15/22		733,890
				1,737,110
		North Carolina — 0.3%
	500,000	North Carolina Eastern Municipal Power Agency, Refunding Revenue (AGM), 3.558%, 7/1/22		515,175

Principal Amount			Fair Value
MUNICIPAL BONDS — (continued)
		South Carolina — 0.9%
$	1,500,000	City of Columbia, SC, Waterworks & Sewer System Revenue, Taxable Revenue-Series B, Advance Refunding Revenue Bonds, 1.932%, 2/1/23	$	1,529,910
		Texas — 2.4%
	1,250,000	City of Houston, TX, Combined Utility System Revenue, Taxable Revenue, First Lien-Series C, Advance Refunding Revenue Bonds, 1.746%, 11/15/23		1,264,314
	1,250,000	City of Houston, TX, Combined Utility System Revenue, Taxable Revenue, Series B, Advance Refunding G.O., 1.820%, 3/1/23		1,258,650
	1,475,000	Texas State University System, Taxable Revenue, Series B, Advance Refunding Revenue Bonds, 2.043%, 3/15/23		1,484,942
				4,007,906
		Virginia — 1.5%
	1,000,000	Hampton Roads Sanitation District, Taxable Revenue, Sub-Series A, Advance Refunding Revenue Bonds, 1.762%, 2/1/23		1,017,470
	1,500,000	Montgomery County Economic Development Authority, Taxable Revenue, Virginia Tech Foundation Economic Improvements Revenue Bonds, 1.941%, 6/1/22		1,519,110
				2,536,580
		Total Municipal Bonds (Cost $16,150,028)		16,344,340
U.S. TREASURY NOTE — 1.7%
	2,800,000	1.500%, 1/15/23		2,895,813
		Total U.S. Treasury Note (Cost $2,844,898)		2,895,813

Shares
		MONEY MARKET FUND — 3.0%
	5,158,091	Federated Treasury Obligations Fund, Institutional Shares, 0.31%(f)		5,158,091
		Total Money Market Fund (Cost $5,158,091)		5,158,091
Total Investments — 100.1% (Cost $171,223,233)				169,331,518
Net Other Assets (Liabilities) — (0.1)%				(247,268	)
NET ASSETS — 100.0%			$	169,084,250

(a) The interest rate for this floating rate note, which will change periodically, is based either on the prime rate or an index of market rates. The reflected rate is in effect as of March 31, 2020. The maturity date reflected is the final maturity date.

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

(c) The interest rate for this variable rate note, which will change periodically, is based either on the prime rate or an index of market rates. The reflected rate is in effect as of March 31, 2020. 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

Continued

34

Sterling Capital Short Duration Bond Fund

Schedule of Portfolio Investments — (continued)

March 31, 2020 (Unaudited)

date, upon which it switches to a floating rate. Rate shown is the fixed rate.

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

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

BKNT — Bank Note

AGM — Assured Guaranty Municipal Corp.

GMTN — Global Medium Term Note

MTN — Medium Term Note

STEP — Step Coupon Bond

Continued

35

Sterling Capital Intermediate U.S. Government Fund

Schedule of Portfolio Investments

March 31, 2020 (Unaudited)

Principal Amount			Fair Value
ASSET BACKED SECURITIES — 1.3%
		Asset Backed Securities — 1.3%
$	168,469	United States Small Business Administration, Series 2015-20G, Class 1, 2.880%, 7/1/35	$	175,119
		Total Asset Backed Securities (Cost $168,469)		175,119
COLLATERALIZED MORTGAGE OBLIGATIONS — 13.1%
	108,187	Fannie Mae, Series 2010-129, Class NA, 3.500%, 3/25/25		109,726
	83,063	Fannie Mae, Series 2003-44, Class Q, 3.500%, 6/25/33		88,947
	323,584	Fannie Mae, Series 2016-49, Class DA, 3.500%, 10/25/42		344,932
	443,791	Fannie Mae, Series 2016-49, Class PA, 3.000%, 9/25/45		470,460
	190,177	Freddie Mac, Series 4281, Class GA, 3.000%, 2/15/39		196,886
	120,244	Freddie Mac, Series 4648, Class E, 3.500%, 8/15/43		124,556
	344,267	Freddie Mac, Series 4656, Class PA, 3.500%, 10/15/45		369,943
	102,173	Ginnie Mae, Series 2011-71, Class QE, 3.500%, 9/16/40		106,997
		Total Collateralized Mortgage Obligations (Cost $1,712,528)		1,812,447
COMMERCIAL MORTGAGE-BACKED SECURITIES — 15.9%
	145,000	Citigroup Commercial Mortgage Trust, Series 2015-GC29, Class A3, 2.935%, 4/10/48		145,888
	102,677	COMM Mortgage Trust, Series 2012-CR3, Class A3, 2.822%, 10/15/45		101,171
	60,000	COMM Mortgage Trust, Series 2014-CR20, Class A4, 3.590%, 11/10/47		63,105
	300,000	Freddie Mac Multifamily Structured Pass Through Certificates, Series K033, Class A2, 3.060%, 7/25/23(a)		317,058
	140,000	Freddie Mac Multifamily Structured Pass Through Certificates, Series K049, Class A2, 3.010%, 7/25/25		151,199
	210,000	Freddie Mac Multifamily Structured Pass Through Certificates, Series K060, Class A2, 3.300%, 10/25/26		233,130
	210,000	Freddie Mac Multifamily Structured Pass Through Certificates, Series K061, Class A2, 3.347%, 11/25/26(a)		233,821
	160,000	Freddie Mac Multifamily Structured Pass Through Certificates, Series K069, Class A2, 3.187%, 9/25/27(a)		179,889
	275,000	Freddie Mac Multifamily Structured Pass Through Certificates, Series K079, Class A2, 3.926%, 6/25/28		325,547
	49,417	FRESB Mortgage Trust, Series 2016-SB23, Class A5H, 1.980%, 9/25/36(b)		49,393
	115,588	Wells Fargo Commercial Mortgage Trust, Series 2010-C1, Class A2, 4.393%, 11/15/43(c)		115,877
	108,999	WFRBS Commercial Mortgage Trust, Series 2011-C5, Class A4, 3.667%, 11/15/44		110,677
	35,000	WFRBS Commercial Mortgage Trust, Series 2012-C8, Class A3, 3.001%, 8/15/45		35,474

Principal Amount			Fair Value
COMMERCIAL MORTGAGE-BACKED SECURITIES — (continued)
$	136,711	WF-RBS Commercial Mortgage Trust, Series 2011-C2, Class A4, 4.869%, 2/15/44(a)(c)	$	138,228
		Total Commercial Mortgage-Backed Securities (Cost $2,112,717)		2,200,457
MORTGAGE-BACKED SECURITIES — 33.3%
		Fannie Mae — 20.2%
	355,686	3.618%, 9/1/20, Pool #FN0000(a)		358,066
	409,763	4.000%, 12/1/33, Pool #MA1689		446,951
	118,047	4.000%, 12/1/36, Pool #MA2856		128,765
	124,976	4.000%, 2/1/37, Pool #MA2914		135,688
	146,378	4.000%, 5/1/47, Pool #BE9598		157,637
	360,227	3.500%, 12/1/47, Pool #CA0833		381,813
	259,555	5.000%, 8/1/48, Pool #CA2219		280,217
	274,776	3.500%, 9/1/49, Pool #BJ9608		289,979
	285,691	3.500%, 10/1/49, Pool #CA4431		301,854
	295,768	3.000%, 12/1/49, Pool #BO6225		310,006
				2,790,976
		Freddie Mac — 12.9%
	246,886	4.000%, 12/1/35, Pool #C91860		268,933
	258,928	3.500%, 6/1/36, Pool #ZA2414		276,105
	268,265	4.000%, 3/1/39, Pool #C92039		288,519
	294,399	3.000%, 11/1/39, Pool #RB5022		308,747
	326,168	3.500%, 1/1/47, Pool #U69037		348,750
	283,338	3.000%, 10/1/49, Pool #QA3405		297,027
				1,788,081
		Ginnie Mae — 0.2%
	30,183	5.000%, 11/20/38, Pool #4283		31,183
		Total Mortgage-Backed Securities (Cost $4,465,322)		4,610,240
MUNICIPAL BONDS — 3.4%
		North Carolina — 1.9%
	250,000	Durham County, NC, Build America Bonds, Public Improvements G.O., Taxable, Series B, Callable 10/1/20 @ 100, 4.845%, 10/1/29		254,607
		Wisconsin — 1.5%
	185,000	State of Wisconsin, TXB, Revenue Bonds, Pension Funding, Series A, (AGM), 5.700%, 5/1/26		209,871
		Total Municipal Bonds (Cost $465,395)		464,478
U.S. GOVERNMENT AGENCIES — 19.8%
		Fannie Mae — 19.8%
	500,000	1.875%, 9/24/26		531,917
	1,000,000	6.250%, 5/15/29		1,431,720
	500,000	7.125%, 1/15/30		772,173
				2,735,810
		Total U.S. Government Agencies (Cost $2,366,877)		2,735,810

See accompanying Notes to the Financial Statements.

36

Sterling Capital Intermediate U.S. Government Fund

Schedule of Portfolio Investments — (continued)

March 31, 2020 (Unaudited)

Principal Amount			Fair Value
U.S. TREASURY NOTES — 11.9%
$	1,250,000	2.500%, 1/31/24	$	1,353,467
	286,398	0.500%, 4/15/24(d)		290,535
		Total U.S. Treasury Notes (Cost $1,581,277)		1,644,002

Shares			Fair Value
MONEY MARKET FUND — 2.2%
	306,595	Federated Treasury Obligations Fund, Institutional Shares, 0.31%(e)	$	306,595
		Total Money Market Fund (Cost $306,595)		306,595
Total Investments — 100.9% (Cost $13,179,180)				13,949,148
Net Other Assets (Liabilities) — (0.9)%				(124,201	)
NET ASSETS — 100.0%			$	13,824,947

(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, 2020. The maturity date reflected is the final maturity date.

(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, 2020. The maturity date reflected is the final maturity date.

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

(d) Inflation protection security. Principal amount periodically adjusted for inflation.

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

AGM — Assured Guaranty Municipal Corp.

G.O. — General Obligation

Continued

37

Sterling Capital Total Return Bond Fund

Schedule of Portfolio Investments

March 31, 2020 (Unaudited)

Principal Amount			Fair Value
ASSET BACKED SECURITIES — 14.0%
$	1,208,461	Aegis Asset Backed Securities Trust, Series 2005-5, Class 1A4, 1.297%, (LIBOR USD 1-Month plus 0.35%), 12/25/35(a)	$	1,157,606
	920,602	AmeriCredit Automobile Receivables Trust, Series 2016-4, Class B, 1.830%, 12/8/21		920,179
	4,600,000	AmeriCredit Automobile Receivables Trust, Series 2017-4, Class B, 2.360%, 12/19/22		4,555,133
	11,757,000	AmeriCredit Automobile Receivables Trust, Series 2017-4, Class C, 2.600%, 9/18/23		11,546,236
	221,913	Argent Securities, Inc. Asset-Backed Pass Through Certificates, Series 2005-W3, Class A2D, 1.287%, (LIBOR USD 1-Month plus 0.34%), 11/25/35(a)		217,445
	11,465,000	ARI Fleet Lease Trust, Series 2019-A, Class A3, 2.530%, 11/15/27(b)		11,284,919
	4,000,000	Avis Budget Rental Car Funding AESOP, LLC, Series 2016-1A, Class A, 2.990%, 6/20/22(b)		3,906,569
	7,060,000	Avis Budget Rental Car Funding AESOP, LLC, Series 2017-1A, Class A, 3.070%, 9/20/23(b)		6,629,164
	2,405,000	Avis Budget Rental Car Funding AESOP, LLC, Series 2017-2A, Class A, 2.970%, 3/20/24(b)		2,254,810
	8,000,000	Avis Budget Rental Car Funding AESOP, LLC, Series 2019-2A, Class A, 3.350%, 9/22/25(b)		7,565,618
	281,871	Bear Stearns Asset Backed Securities I Trust, Series 2004-BO1, Class M5, 2.347%, (LIBOR USD 1-Month plus 1.40%), 10/25/34(a)		281,631
	3,662,450	Capital Auto Receivables Asset Trust, Series 2016-3, Class C, 2.350%, 9/20/21		3,653,210
	9,320,000	Capital Auto Receivables Asset Trust, Series 2018-1, Class B, 3.090%, 8/22/22(b)		9,238,860
	3,195,000	Capital Auto Receivables Asset Trust, Series 2017-1, Class C, 2.700%, 9/20/22(b)		3,154,087
	13,900,000	Capital One Multi-Asset Execution Trust, Series 2019-A1, Class A1, 2.840%, 12/15/24		14,293,808
	12,034,000	Capital One Multi-Asset Execution Trust, Series 2019-A3, Class A3, 2.060%, 8/15/28		12,029,540
	5,287,565	Chesapeake Funding II, LLC, Series 2017-2A, Class A1, 1.990%, 5/15/29(b)		5,245,100
	2,495,000	Citibank Credit Card Issuance Trust, Series 2007-A3, Class A3, 6.150%, 6/15/39		3,217,488
	230,281	Citicorp Residential Mortgage Trust, STEP, Series 2007-2, Class A6, 5.022%, 6/25/37		228,645
	399,816	Countrywide Asset-Backed Certificates, Series 2004-12, Class MV4, 2.372%, (LIBOR USD 1-Month plus 1.43%), 3/25/35(a)		395,526
	9,200,000	Discover Card Execution Note Trust, Series 2017-A4, Class A4, 2.530%, 10/15/26		9,250,802
	2,717,719	Encore Credit Receivables Trust, Series 2005-4, Class M2, 1.607%, (LIBOR USD 1-Month plus 0.66%), 1/25/36(a)		2,668,467
	4,420,998	Enterprise Fleet Financing, LLC, Series 2017-3, Class A2, 2.130%, 5/22/23(b)		4,400,602
	9,010,000	Enterprise Fleet Financing, LLC, Series 2018-1, Class A3, 3.100%, 10/20/23(b)		8,894,032
	12,838,000	Enterprise Fleet Financing, LLC, Series 2018-2, Class A3, 3.340%, 2/20/24(b)		12,784,125
	1,822,000	Ford Credit Auto Owner Trust, Series 2017-2, Class A, 2.360%, 3/15/29(b)		1,810,431
	16,790,000	Ford Credit Auto Owner Trust, Series 2018-1, Class A, 3.190%, 7/15/31(b)		18,390,794

Principal Amount			Fair Value
ASSET BACKED SECURITIES — (continued)
$	441,593	GSAMP Trust, Series 2006-SEA1, Class M1, 1.447%, (LIBOR USD 1-Month plus 0.50%), 5/25/36(a)(b)	$	433,608
	12,526,878	Hertz Fleet Lease Funding L.P., Series 2019-1, Class A2, 2.700%, 1/10/33(b)		12,497,399
	7,664,000	Hertz Vehicle Financing II L.P., Series 2015-3A, Class A, 2.670%, 9/25/21(b)		7,578,297
	1,245,439	Home Equity Mortgage Loan Asset-Backed Trust, Series 2005-B, Class M3, 1.682%, (LIBOR USD 1-Month plus 0.74%), 8/25/35(a)		1,222,430
	1,210,080	JP Morgan Mortgage Acquisition Corp., Series 2005-OPT1, Class M2, 1.652%, (LIBOR USD 1-Month plus 0.71%), 6/25/35(a)		1,190,348
	715,750	New Century Home Equity Loan Trust, Series 2003-4, Class M1, 2.072%, (LIBOR USD 1-Month plus 1.13%), 10/25/33(a)		662,276
	1,806,662	Park Place Securities, Inc. Asset-Backed Pass Through Certificates, Series 2005-WHQ2, Class M2, 1.637%, (LIBOR USD 1-Month plus 0.69%), 5/25/35(a)		1,760,590
	1,257,301	RAMP Trust, Series 2005-RZ4, Class M2, 1.447%, (LIBOR USD 1-Month plus 0.50%), 11/25/35(a)		1,241,941
	4,614,811	Santander Drive Auto Receivables Trust, Series 2018-4, Class B, 3.270%, 1/17/23		4,617,979
	6,529,000	Santander Drive Auto Receivables Trust, Series 2019-1, Class B, 3.210%, 9/15/23		6,515,913
	3,582,922	Saxon Asset Securities Trust, Series 2004-3, Class M1, 1.847%, (LIBOR USD 1-Month plus 0.90%), 12/26/34(a)		3,202,640
	290,270	Sofi Professional Loan Program, LLC, Series 2016-E, Class A1, 1.797%, (LIBOR USD 1-Month plus 0.85%), 7/25/39(a)(b)		287,391
	8,405,000	Toyota Auto Loan Extended Note Trust, Series 2019-1A, Class A, 2.560%, 11/25/31(b)		8,514,169
	3,580,000	Wheels SPV 2, LLC, Series 2018-1A, Class A4, 3.410%, 4/20/27(b)		3,545,841
	9,250,000	Wheels SPV 2, LLC, Series 2019-1A, Class A3, 2.350%, 5/22/28(b)		9,227,597
		Total Asset Backed Securities (Cost $222,635,495)		222,473,246
COLLATERALIZED MORTGAGE OBLIGATIONS — 7.4%
	173,364	Adjustable Rate Mortgage Trust, Series 2004-5, Class 4A1, 3.809%, 4/25/35(c)		164,368
	373,434	Alternative Loan Trust, Series 2004-22CB, Class 1A1, 6.000%, 10/25/34		381,934
	1,417,976	Banc of America Funding Trust, Series 2004-C, Class 4A1, 1.433%, (LIBOR USD 1-Month plus 0.66%), 12/20/34(a)		1,354,780
	464,249	Banc of America Funding Trust, Series 2006-2, Class 3A1, 6.000%, 3/25/36		434,691
	73,600	Banc of America Mortgage Trust, Series 2005-3, Class 1A24, 5.500%, 4/25/35		70,301
	10,118	Citigroup Mortgage Loan Trust, Inc., Series 2004-NCM2, Class 3CB2, 6.500%, 8/25/19		10,065
	102,677	Countrywide Home Loan Mortgage Pass Through Trust, Series 2004-3, Class A4, 5.750%, 4/25/34		98,649

See accompanying Notes to the Financial Statements.

38

Sterling Capital Total Return Bond Fund

Schedule of Portfolio Investments — (continued)

March 31, 2020 (Unaudited)

Principal Amount			Fair Value
COLLATERALIZED MORTGAGE OBLIGATIONS — (continued)
$	281,081	Credit Suisse First Boston Mortgage Securities Corp., Series 2004-1, Class 2A1, 6.500%, 2/25/34	$	289,426
	717,777	Fannie Mae, Series 2013-133, Class AV, 4.000%, 12/25/26		757,633
	1,419,427	Fannie Mae, Series 2014-39, Class VP, 3.000%, 8/25/27		1,507,936
	12,544,886	Fannie Mae, Series 2013-16, Class A, 1.750%, 1/25/40		12,702,168
	1,460,948	Fannie Mae, Series 2011-38, Class D, 4.500%, 5/25/41		1,647,104
	1,000,000	Fannie Mae, Series 2013-70, Class CY, 3.500%, 7/25/43		1,120,026
	757,598	Fannie Mae, Series 2017-64, Class PD, 2.500%, 7/25/47		776,383
	1,702,193	FirstKey Mortgage Trust, Series 2014-1, Class A12, 3.500%, 11/25/44(b)(c)		1,685,788
	794,413	Freddie Mac, Series 3768, Class V, 4.000%, 11/15/23		830,001
	1,852,148	Freddie Mac, Series 4387, Class VM, 4.000%, 11/15/25		1,946,907
	1,360,633	Freddie Mac, Series 4287, Class V, 4.500%, 10/15/26		1,471,734
	426,666	Freddie Mac, Series 4136, Class HZ, 3.500%, 11/15/27		475,601
	2,162,967	Freddie Mac, Series 4331, Class V, 4.000%, 11/15/28		2,288,558
	569,000	Freddie Mac, Series 4120, Class YK, 2.000%, 10/15/32		595,331
	1,238,000	Freddie Mac, Series 4160, Class HH, 2.500%, 12/15/32		1,254,028
	10,000,000	Freddie Mac, Series 4655, Class GV, 3.500%, 12/15/36		10,996,867
	5,500,000	Freddie Mac, Series 4657, Class VT, 3.500%, 6/15/37		5,992,530
	884,740	Freddie Mac, Series 3632, Class PK, 5.000%, 2/15/40		988,038
	1,484,346	Freddie Mac, Series 4077, Class PJ, 3.500%, 11/15/40		1,560,788
	819,000	Freddie Mac, Series 3762, Class LN, 4.000%, 11/15/40		983,279
	3,222,953	Freddie Mac, Series 4100, Class PA, 3.000%, 1/15/42		3,418,864
	1,722,823	Freddie Mac, Series 4508, Class UZ, 3.000%, 7/15/43		1,766,396
	1,184,655	Freddie Mac, Series 4328, Class KD, 3.000%, 8/15/43		1,256,949
	5,680,329	Freddie Mac, Series 4648, Class E, 3.500%, 8/15/43		5,884,012
	4,837,000	Freddie Mac, Series 4801, Class LT, 4.000%, 12/15/43		5,110,397
	3,383,775	Freddie Mac, Series 4710, Class GA, 3.000%, 3/15/44		3,575,921
	8,000,000	Freddie Mac, Series 4752, Class HB, 3.500%, 4/15/44		8,594,238
	6,437,401	Freddie Mac, Series 4427, Class KA, 2.250%, 7/15/44		6,639,244
	10,000,000	Freddie Mac, Series 4776, Class DW, 4.000%, 9/15/44		10,762,118
	3,524,781	Freddie Mac, Series 4654, Class KA, 3.000%, 6/15/45		3,745,210

Principal Amount			Fair Value
COLLATERALIZED MORTGAGE OBLIGATIONS — (continued)
$	1,863,809	Galton Funding Mortgage Trust, Series 2018-1, Class A43, 3.500%, 11/25/57(b)(c)	$	1,845,373
	5,687,329	Galton Funding Mortgage Trust, Series 2018-2, Class A41, 4.500%, 10/25/58(b)(c)		5,704,327
	5,226,755	Galton Funding Mortgage Trust, Series 2019-1, Class A41, 4.500%, 2/25/59(b)(c)		5,231,847
	362,110	Ginnie Mae, Series 2008-51, Class PG, 5.000%, 6/20/38		407,977
	606,617	MASTR Alternative Loan Trust, Series 2003-5, Class 8A1, 5.500%, 6/25/33		624,579
	455,607	MASTR Alternative Loan Trust, Series 2004-13, Class 3A1, 6.500%, 1/25/35		426,732
	3,723	MASTR Seasoned Securitization Trust, Series 2005-2, Class 1A1, 5.130%, 10/25/32		3,699
	653	RAAC Trust, Series 2004-SP3, Class AI5, 4.890%, 12/25/32(c)		650
	309,784	RAAC Trust, STEP, Series 2004-SP1, Class AI3, 6.118%, 3/25/34		311,910
	154,792	Residential Asset Securitization Trust, Series 2004-IP2, Class 4A, 4.298%, 12/25/34(c)		138,497
		Total Collateralized Mortgage Obligations (Cost $113,530,215)		117,833,854
COMMERCIAL MORTGAGE-BACKED SECURITIES — 11.6%
	4,842,000	CD Mortgage Trust, Series 2016-CD2, Class A4, 3.526%, 11/10/49(c)		5,174,003
	3,868,000	CFCRE Commercial Mortgage Trust, Series 2016-C7, Class A3, 3.839%, 12/10/54		4,076,079
	1,540,000	CFCRE Commercial Mortgage Trust, Series 2016-C4, Class A2, 2.707%, 5/10/58		1,541,649
	1,500,000	Citigroup Commercial Mortgage Trust, Series 2017-P7, Class A4, 3.712%, 4/14/50		1,586,025
	5,730,000	Citigroup Commercial Mortgage Trust, Series 2018-B2, Class A4, 4.009%, 3/10/51		6,344,350
	1,000,000	COMM Mortgage Trust, Series 2012-CR1, Class AM, 3.912%, 5/15/45		1,011,826
	3,545,000	COMM Mortgage Trust, Series 2013-CR12, Class A4, 4.046%, 10/10/46		3,746,511
	892,000	COMM Mortgage Trust, Series 2014-CR16, Class A4, 4.051%, 4/10/47		943,908
	1,208,000	COMM Mortgage Trust, Series 2014-LC17, Class A5, 3.917%, 10/10/47		1,286,998
	1,844,000	COMM Mortgage Trust, Series 2014-CR20, Class A4, 3.590%, 11/10/47		1,939,414
	8,030,000	COMM Mortgage Trust, Series 2017-COR2, Class A3, 3.510%, 9/10/50		8,551,586
	3,450,000	DBUBS Mortgage Trust, Series 2011-LC1A, Class C, 5.689%, 11/10/46(b)(c)		3,385,423
	3,350,000	Freddie Mac Multifamily Structured Pass Through Certificates, Series K068, Class A2, 3.244%, 8/25/27		3,781,782
	3,920,000	Freddie Mac Multifamily Structured Pass Through Certificates, Series K069, Class A2, 3.187%, 9/25/27(c)		4,407,272
	8,495,000	Freddie Mac Multifamily Structured Pass Through Certificates, Series K099, Class A2, 2.595%, 9/25/29		9,322,943
	3,800,000	Freddie Mac Multifamily Structured Pass Through Certificates, Series K153, Class A3, 3.117%, 10/25/31(c)		4,243,386

Continued

39

Sterling Capital Total Return Bond Fund

Schedule of Portfolio Investments — (continued)

March 31, 2020 (Unaudited)

Principal Amount			Fair Value
COMMERCIAL MORTGAGE-BACKED SECURITIES — (continued)
$	9,580,000	Freddie Mac Multifamily Structured Pass Through Certificates, Series K155, Class A3, 3.750%, 4/25/33	$	11,945,300
	5,182,995	FRESB Mortgage Trust, Series 2017-SB37, Class A10F, 2.750%, 7/25/27(c)		5,309,241
	7,522,176	FRESB Mortgage Trust, Series 2018-SB52, Class A10F, 3.480%, 6/25/28(c)		7,912,792
	1,260,141	FRESB Mortgage Trust, Series 2016-SB23, Class A5H, 1.980%, 9/25/36(a)		1,259,515
	975,313	GS Mortgage Securities Trust, Series 2010-C1, Class A2, 4.592%, 8/10/43(b)		978,796
	3,000,000	GS Mortgage Securities Trust, Series 2010-C1, Class B, 5.148%, 8/10/43(b)		3,031,409
	2,524,000	GS Mortgage Securities Trust, Series 2014-GC24, Class A5, 3.931%, 9/10/47		2,640,155
	2,044,000	GS Mortgage Securities Trust, Series 2016-GS4, Class A4, 3.442%, 11/10/49(c)		2,145,461
	4,000,000	JP Morgan Chase Commercial Mortgage Securities Trust, Series 2011-C3, Class B, 5.013%, 2/15/46(b)(c)		4,006,079
	1,680,000	JP Morgan Chase Commercial Mortgage Securities Trust, Series 2013-C10, Class AS, 3.372%, 12/15/47		1,685,807
	1,702,000	JP Morgan Chase Commercial Mortgage Securities Trust, Series 2016-JP4, Class A4, 3.648%, 12/15/49(c)		1,820,350
	1,397,000	JPMBB Commercial Mortgage Securities Trust, Series 2014-C23, Class A5, 3.934%, 9/15/47		1,487,365
	4,200,000	JPMCC Commercial Mortgage Securities Trust, Series 2017-JP5, Class A5, 3.723%, 3/15/50		4,529,295
	660,000	Morgan Stanley Bank of America Merrill Lynch Trust, Series 2014-C18, Class A4, 3.923%, 10/15/47		694,849
	5,834,000	Morgan Stanley Bank of America Merrill Lynch Trust, Series 2016-C32, Class A4, 3.720%, 12/15/49		6,142,302
	4,000,000	Morgan Stanley Capital I Trust, Series 2011-C1, Class B, 5.375%, 9/15/47(b)(c)		4,003,932
	640,000	Morgan Stanley Capital I Trust, Series 2011-C1, Class C, 5.375%, 9/15/47(b)(c)		626,326
	2,562,000	Morgan Stanley Capital I Trust, Series 2016-BNK2, Class A4, 3.049%, 11/15/49		2,585,348
	10,000,000	Morgan Stanley Capital I, Inc., Series 2017-HR2, Class A4, 3.587%, 12/15/50		10,833,050
	10,335,000	Morgan Stanley Capital I, Inc., Series 2018-H3, Class A5, 4.177%, 7/15/51		11,360,431
	1,926,474	Wells Fargo Commercial Mortgage Trust, Series 2010-C1, Class A2, 4.393%, 11/15/43(b)		1,931,284
	3,156,000	Wells Fargo Commercial Mortgage Trust, Series 2015-P2, Class A4, 3.809%, 12/15/48		3,311,022
	9,642,000	Wells Fargo Commercial Mortgage Trust, Series 2017-C40, Class A4, 3.581%, 10/15/50		10,121,611
	8,104,703	WFRBS Commercial Mortgage Trust, Series 2011-C3, Class A4, 4.375%, 3/15/44(b)		8,195,993
	4,550,000	WFRBS Commercial Mortgage Trust, Series 2012-C7, Class A2, 3.431%, 6/15/45		4,647,783
	1,500,000	WFRBS Commercial Mortgage Trust, Series 2012-C8, Class AS, 3.660%, 8/15/45		1,511,350
	3,716,000	WFRBS Commercial Mortgage Trust, Series 2014-C22, Class A5, 3.752%, 9/15/57		3,858,650

Principal Amount			Fair Value
COMMERCIAL MORTGAGE-BACKED SECURITIES — (continued)
$	1,008,000	WFRBS Commercial Mortgage Trust, Series 2014-C23, Class A5, 3.917%, 10/15/57	$	1,053,984
	1,515,784	WF-RBS Commercial Mortgage Trust, Series 2011-C2, Class A4, 4.869%, 2/15/44(b)(c)		1,532,605
	2,000,000	WF-RBS Commercial Mortgage Trust, Series 2011-C2, Class B, 5.174%, 2/15/44(b)(c)		2,030,470
		Total Commercial Mortgage-Backed Securities (Cost $178,686,623)		184,535,710
CORPORATE BONDS — 34.7%
		Aerospace & Defense — 0.6%
	3,158,000	L3Harris Technologies, Inc., 3.832%, 4/27/25		3,285,509
	5,297,000	Raytheon Technologies Corp., 4.125%, 11/16/28		5,814,796
				9,100,305
		Automobiles — 0.4%
	3,549,000	General Motors Financial Co., Inc., 4.200%, 11/6/21		3,387,322
	2,934,000	Toyota Motor Credit Corp., MTN, 3.375%, 4/1/30		2,962,666
				6,349,988
		Banks — 7.1%
	2,998,000	Australia & New Zealand Banking Group, Ltd., 2.950%, (5-Year Treasury Constant Maturity plus 1.29%), 7/22/30(b)(c)		2,840,168
	6,281,000	Bank of America Corp., 3.419%, (LIBOR USD 3-Month plus 1.04%), 12/20/28(d)		6,479,090
	9,259,000	Bank of America Corp., MTN, 3.093%, (LIBOR USD 3-Month plus 1.09%), 10/1/25(d)		9,283,235
	5,225,000	Bank of Montreal, Series E, 3.300%, 2/5/24		5,391,433
	3,446,000	Barclays PLC, 4.338%, (LIBOR USD 3-Month plus 1.36%), 5/16/24(d)		3,324,122
	3,586,000	Capital One Financial Corp., 3.300%, 10/30/24		3,507,082
	2,900,000	CIT Bank NA, BKNT, 2.969%, (SOFR plus 1.72%), 9/27/25(d)		2,445,367
	3,948,000	Citigroup, Inc., 3.142%, (LIBOR USD 3-Month plus 0.72%), 1/24/23(d)		3,994,511
	2,804,000	Citigroup, Inc., 3.200%, 10/21/26		2,903,548
	3,908,000	Citizens Bank NA/Providence RI, BKNT, 2.457%, (LIBOR USD 3-Month plus 0.81%), 5/26/22(a)		3,578,449
	3,560,000	Cooperatieve Rabobank UA, 3.950%, 11/9/22		3,593,490
	2,537,000	Fifth Third Bank/Cincinnati OH, BKNT, 2.200%, 10/30/20		2,528,850
	1,675,000	First Citizens BancShares, Inc., 3.375%, (SOFR plus 2.47%), 3/15/30(d)		1,692,435
	4,888,000	GE Capital International Funding Co. Unlimited Co., 2.342%, 11/15/20		4,805,811
	3,993,000	Huntington Bancshares, Inc., 2.625%, 8/6/24		4,131,698
	4,945,000	ING Groep NV, 3.150%, 3/29/22		4,968,410
	5,357,000	JPMorgan Chase & Co., 3.625%, 5/13/24		5,585,959
	7,435,000	JPMorgan Chase & Co., 4.452%, (LIBOR USD 3-Month plus 1.33%), 12/5/29(d)		8,366,900
	2,000,000	KeyBank NA/Cleveland OH, BKNT, 2.300%, 9/14/22		1,990,776
	3,378,000	Lloyds Banking Group PLC, 4.582%, 12/10/25		3,416,718
	2,921,000	Macquarie Bank, Ltd., 6.625%, 4/7/21(b)		3,014,404

Continued

40

Sterling Capital Total Return Bond Fund

Schedule of Portfolio Investments — (continued)

March 31, 2020 (Unaudited)

Principal Amount			Fair Value
CORPORATE BONDS — (continued)
		Banks — (continued)
$	4,831,000	Mitsubishi UFJ Financial Group, Inc., 3.761%, 7/26/23	$	4,993,158
	3,324,000	PNC Financial Services Group, Inc. (The), 2.550%, 1/22/30		3,214,882
	4,400,000	Sumitomo Mitsui Financial Group, Inc., 2.778%, 10/18/22		4,460,515
	3,360,000	Toronto-Dominion Bank (The), 3.625%, (5 yr. Swap Semi 30/360 USD plus 2.21%), 9/15/31(c)		3,338,594
	2,813,000	U.S. Bancorp, 3.150%, 4/27/27		2,892,934
	1,340,000	Visa, Inc., 2.700%, 4/15/40		1,330,138
	3,320,000	Wells Fargo & Co., MTN, 2.879%, (LIBOR USD 3-Month plus 1.17%), 10/30/30(d)		3,288,443
	2,112,000	Westpac Banking Corp., GMTN, 4.322%, (USD Swap Rate 11:00 am NY 1 plus 2.24%), 11/23/31(c)		2,140,610
				113,501,730
		Beverages — 1.3%
	3,338,000	Anheuser-Busch InBev Worldwide, Inc., 4.750%, 1/23/29		3,684,651
	2,579,000	Anheuser-Busch InBev Worldwide, Inc., 5.800%, 1/23/59		3,154,541
	3,163,000	Bacardi, Ltd., 4.450%, 5/15/25(b)		3,324,139
	3,913,000	Coca-Cola Co. (The), 2.125%, 9/6/29		3,909,888
	3,580,000	Constellation Brands, Inc., 4.400%, 11/15/25		3,610,906
	1,970,000	PepsiCo, Inc., 3.450%, 10/6/46		2,211,293
				19,895,418
		Capital Goods — 0.2%
	3,457,000	Keysight Technologies, Inc., 4.550%, 10/30/24		3,609,919
		Capital Markets — 0.2%
	3,268,000	Morgan Stanley, 3.971%, (LIBOR USD 3-Month plus 1.46%), 7/22/38(d)		3,522,204
		Chemicals — 0.5%
	3,576,000	Albemarle Corp., 5.450%, 12/1/44		4,152,527
	4,106,000	FMC Corp., 3.450%, 10/1/29		3,878,032
				8,030,559
		Commercial Services & Supplies — 0.5%
	1,400,000	Republic Services, Inc., 3.550%, 6/1/22		1,427,736
	3,365,000	Waste Connections, Inc., 3.500%, 5/1/29		3,404,604
	500,000	Waste Management, Inc., 3.900%, 3/1/35		550,048
	2,692,000	Waste Management, Inc., 4.100%, 3/1/45		2,982,243
				8,364,631
		Diversified Financial Services — 1.6%
	3,650,000	AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 4.875%, 1/16/24		3,138,156
	4,741,000	Credit Suisse Group Funding Guernsey, Ltd., 3.800%, 9/15/22		4,803,818
	7,144,000	Goldman Sachs Group, Inc. (The), 3.000%, 4/26/22		7,196,397
	4,329,000	Goldman Sachs Group, Inc. (The), 2.908%, (LIBOR USD 3-Month plus 1.05%), 6/5/23(d)		4,341,442
	2,560,000	Goldman Sachs Group, Inc. (The), 6.250%, 2/1/41		3,445,580
	3,203,000	Lazard Group, LLC, 4.500%, 9/19/28		3,211,301
				26,136,694

Principal Amount			Fair Value
CORPORATE BONDS — (continued)
		Diversified Telecommunication Services — 0.6%
$	2,500,000	CommScope, Inc., 5.500%, 3/1/24(b)	$	2,530,000
	808,000	Sprint Spectrum Co., LLC / Sprint Spectrum Co. II, LLC / Sprint Spectrum Co. III, LLC, 4.738%, 3/20/25(b)		824,160
	3,148,000	Verizon Communications, Inc., 4.812%, 3/15/39		3,875,223
	2,134,000	Verizon Communications, Inc., 5.012%, 4/15/49		2,867,758
				10,097,141
		Electric Utilities — 2.5%
	2,838,000	Berkshire Hathaway Energy Co., 3.700%, 7/15/30(b)		3,041,958
	3,078,000	Berkshire Hathaway Energy Co., 4.250%, 10/15/50(b)		3,485,642
	2,385,000	Dominion Energy, Inc., 2.579%, 7/1/20		2,382,137
	3,432,000	Dominion Energy, Inc., STEP, 3.071%, 8/15/24		3,421,392
	4,329,000	Duke Energy Progress, LLC, 3.600%, 9/15/47		4,545,516
	2,198,000	Entergy Louisiana, LLC, 4.200%, 9/1/48		2,465,821
	3,180,000	Entergy Mississippi, LLC, 3.100%, 7/1/23		2,943,561
	3,400,000	Exelon Generation Co., LLC, 5.600%, 6/15/42		3,270,767
	2,965,000	Florida Power & Light Co., 3.990%, 3/1/49		3,339,057
	3,200,000	Indiana Michigan Power Co., Series K, 4.550%, 3/15/46		3,573,912
	3,042,000	Korea East-West Power Co., Ltd., 2.500%, 6/2/20(b)		3,046,244
	2,530,000	Ohio Edison Co., 6.875%, 7/15/36		3,360,360
				38,876,367
		Electrical Equipment — 0.3%
	2,049,000	Fortive Corp., 4.300%, 6/15/46		2,076,608
	3,128,000	Textron, Inc., 3.650%, 3/1/21		3,118,922
				5,195,530
		Energy Equipment & Services — 1.3%
	2,301,000	Apache Corp., 4.375%, 10/15/28		1,229,199
	3,491,000	Cenovus Energy, Inc., 4.250%, 4/15/27		1,709,500
	1,693,000	Cheniere Corpus Christi Holdings, LLC, 3.700%, 11/15/29(b)		1,264,755
	1,180,000	Enterprise Products Operating, LLC, 5.950%, 2/1/41		1,276,264
	1,565,000	Hess Corp., 7.875%, 10/1/29		1,253,892
	3,355,000	Kinder Morgan, Inc./DE, 4.300%, 6/1/25		3,423,612
	3,326,000	Midwest Connector Capital Co., LLC, 3.900%, 4/1/24(b)		3,104,882
	3,173,000	MPLX L.P., 4.125%, 3/1/27		2,703,699
	2,128,000	NuStar Logistics L.P., 4.800%, 9/1/20		1,851,360
	255,000	NuStar Logistics L.P., 6.000%, 6/1/26		188,700
	3,383,000	Plains All American Pipeline L.P./PAA Finance Corp., 4.900%, 2/15/45		2,281,446
				20,287,309
		Equity Real Estate Investment Trusts (REITS) — 2.8%
	2,895,000	Alexandria Real Estate Equities, Inc., 4.000%, 1/15/24		2,957,326
	3,680,000	American Tower Trust, 3.652%, 3/23/28(b)		3,575,308
	3,574,000	Crown Castle International Corp., 5.250%, 1/15/23		3,726,141
	3,573,000	Healthcare Trust of America Holdings L.P., 3.100%, 2/15/30		3,191,718

Continued

41

Sterling Capital Total Return Bond Fund

Schedule of Portfolio Investments — (continued)

March 31, 2020 (Unaudited)

Principal Amount			Fair Value
CORPORATE BONDS — (continued)
		Equity Real Estate Investment Trusts (REITS) — (continued)
$	3,624,000	Hudson Pacific Properties L.P., 3.250%, 1/15/30	$	3,351,477
	975,000	Iron Mountain, Inc., 4.375%, 6/1/21(b)		965,250
	2,853,000	Jones Lang LaSalle, Inc., 4.400%, 11/15/22		2,783,395
	3,393,000	Kimco Realty Corp., 2.700%, 3/1/24		3,330,477
	3,350,000	Ontario Teachers’ Cadillac Fairview Properties Trust, 3.875%, 3/20/27(b)		3,486,785
	3,974,000	Physicians Realty L.P., 4.300%, 3/15/27		3,701,896
	2,500,000	Prologis L.P., 3.000%, 4/15/50		2,163,397
	2,664,000	Sabra Health Care L.P., 4.800%, 6/1/24		2,703,573
	3,708,000	Spirit Realty L.P., 3.400%, 1/15/30		3,186,049
	429,000	Starwood Property Trust, Inc., 3.625%, 2/1/21		401,158
	578,000	Starwood Property Trust, Inc., 5.000%, 12/15/21		528,870
	2,133,000	STORE Capital Corp., 4.625%, 3/15/29		2,021,793
	869,000	WEA Finance, LLC, 2.875%, 1/15/27(b)		817,821
	2,500,000	WEA Finance, LLC/Westfield UK & Europe Finance PLC, 4.750%, 9/17/44(b)		2,292,397
				45,184,831
		Food & Staples Retailing — 1.4%
	3,873,000	AbbVie, Inc., 2.950%, 11/21/26(b)		3,890,765
	3,847,000	AbbVie, Inc., 4.875%, 11/14/48		4,463,003
	2,210,000	Conagra Brands, Inc., 5.300%, 11/1/38		2,402,971
	3,986,000	CVS Health Corp., 3.700%, 3/9/23		4,140,131
	3,665,000	CVS Health Corp., 4.300%, 3/25/28		3,920,244
	3,244,000	Smithfield Foods, Inc., 5.200%, 4/1/29(b)		3,262,502
				22,079,616
		Food, Beverage & Tobacco — 0.1%
	1,300,000	PepsiCo, Inc., 4.450%, 4/14/46		1,680,010
		Gas Utilities — 0.3%
	4,624,000	Sempra Energy, 3.800%, 2/1/38		4,336,760
		Health Care Equipment & Services — 0.4%
	3,717,000	DH Europe Finance II Sarl, 3.250%, 11/15/39		3,674,369
	3,065,000	HCA, Inc., 5.000%, 3/15/24		3,173,467
				6,847,836
		Health Care Providers & Services — 0.7%
	3,373,000	Anthem, Inc., 4.101%, 3/1/28		3,609,792
	2,889,000	Becton Dickinson & Co., 2.250%, (LIBOR USD 3-Month plus 0.88%), 12/29/20(a)		2,791,496
	3,838,000	Becton Dickinson & Co., 3.700%, 6/6/27		3,874,224
				10,275,512
		Household Products — 0.1%
	1,688,000	Procter & Gamble Co. (The), 2.450%, 3/25/25		1,773,642
		Insurance — 1.9%
	575,000	Alleghany Corp., 4.900%, 9/15/44		620,560
	2,424,000	Aspen Insurance Holdings, Ltd., 4.650%, 11/15/23		2,360,836
	438,000	Assurant, Inc., 2.482%, (LIBOR USD 3-Month plus 1.25%), 3/26/21(a)		438,000
	2,028,000	Athene Global Funding, 2.750%, 4/20/20(b)		2,023,583
	1,417,000	Athene Holding, Ltd., 6.150%, 4/3/30		1,414,279
	4,000,000	AXIS Specialty Finance, LLC, 3.900%, 7/15/29		4,140,271
	2,915,000	Carlyle Finance, LLC, 5.650%, 9/15/48(b)		3,215,774
	2,779,000	CBRE Services, Inc., 5.250%, 3/15/25		2,991,913

Principal Amount			Fair Value
CORPORATE BONDS — (continued)
		Insurance — (continued)
$	2,680,000	KKR Group Finance Co. III, LLC, 5.125%, 6/1/44(b)	$	2,739,297
	2,000,000	Meiji Yasuda Life Insurance Co., 5.200%, (5 yr. Swap Semi 30/360 USD plus 4.23%), 10/20/45(b)(c)		2,060,000
	3,765,000	Reinsurance Group of America, Inc., 3.900%, 5/15/29		3,672,166
	2,049,000	Symetra Financial Corp., 4.250%, 7/15/24		2,092,483
	2,117,000	Transatlantic Holdings, Inc., 8.000%, 11/30/39		3,132,452
				30,901,614
		IT Services — 0.2%
	3,472,000	Fiserv, Inc., 3.200%, 7/1/26		3,586,117
		Machinery — 0.3%
	230,000	Colfax Corp., 6.000%, 2/15/24(b)		221,950
	3,514,000	Deere & Co., 3.750%, 4/15/50		4,011,351
				4,233,301
		Media — 2.1%
	3,803,000	Comcast Corp., 3.700%, 4/15/24		4,081,194
	2,372,000	Comcast Corp., 3.100%, 4/1/25		2,519,600
	3,311,000	Comcast Corp., 4.600%, 10/15/38		4,052,725
	3,144,000	Discovery Communications, LLC, 5.200%, 9/20/47		3,167,811
	1,195,000	Fox Corp., 3.500%, 4/8/30		1,192,598
	2,983,000	Fox Corp., 5.476%, 1/25/39(b)		3,456,800
	3,622,000	Interpublic Group of Cos., Inc. (The), 4.750%, 3/30/30		3,588,844
	3,144,000	Time Warner Cable, LLC, 6.550%, 5/1/37		3,527,103
	3,926,000	ViacomCBS, Inc., 4.375%, 3/15/43		3,479,292
	3,000,000	Walt Disney Co. (The), 6.200%, 12/15/34		4,162,638
				33,228,605
		Metals & Mining — 0.6%
	3,676,000	Nucor Corp., 4.400%, 5/1/48		4,168,003
	1,922,000	Southern Copper Corp., 5.375%, 4/16/20		1,912,397
	3,500,000	Teck Resources, Ltd., 6.000%, 8/15/40		3,000,480
				9,080,880
		Multi-Utilities — 0.5%
	2,275,000	CMS Energy Corp., 4.700%, 3/31/43		2,461,092
	1,903,000	Progress Energy, Inc., 3.150%, 4/1/22		1,920,456
	2,982,000	Puget Sound Energy, Inc., 4.223%, 6/15/48		3,339,555
				7,721,103
		Oil, Gas & Consumable Fuels — 1.1%
	2,465,000	Aker BP ASA, 5.875%, 3/31/25(b)		2,181,145
	3,900,000	Aker BP ASA, 3.750%, 1/15/30(b)		2,915,977
	3,442,000	Diamondback Energy, Inc., 5.375%, 5/31/25		2,537,782
	2,982,000	HollyFrontier Corp., 5.875%, 4/1/26		2,584,418
	2,071,000	Marathon Petroleum Corp., 5.375%, 10/1/22		1,955,197
	3,260,000	Newfield Exploration Co., 5.625%, 7/1/24		1,749,453
	3,136,000	Noble Energy, Inc., 5.050%, 11/15/44		1,935,261
	2,356,000	Saudi Arabian Oil Co., 4.375%, 4/16/49(b)		2,337,844
				18,197,077
		Pharmaceuticals — 0.9%
	4,116,000	Bristol-Myers Squibb Co., 5.000%, 8/15/45(b)		5,504,167
	629,000	Kimberly-Clark Corp., 3.100%, 3/26/30		680,464
	2,094,000	Merck & Co., Inc., 3.900%, 3/7/39		2,453,744
	2,435,000	Pfizer, Inc., 2.625%, 4/1/30		2,560,316

Continued

42

Sterling Capital Total Return Bond Fund

Schedule of Portfolio Investments — (continued)

March 31, 2020 (Unaudited)

Principal Amount			Fair Value
CORPORATE BONDS — (continued)
		Pharmaceuticals — (continued)
$	2,872,000	SC Johnson & Son, Inc., 4.750%, 10/15/46(b)	$	3,402,985
				14,601,676
		Road & Rail — 0.2%
	2,619,000	Burlington Northern Santa Fe, LLC, 4.950%, 9/15/41		3,184,984
		Semiconductors & Semiconductor Equipment — 0.5%
	1,068,000	Intel Corp., 4.750%, 3/25/50		1,434,135
	2,113,000	Lam Research Corp., 3.750%, 3/15/26		2,241,330
	2,210,000	Microchip Technology, Inc., 3.922%, 6/1/21		2,153,392
	1,361,000	NVIDIA Corp., 3.500%, 4/1/50		1,479,858
				7,308,715
		Software — 1.2%
	1,307,000	Dell International, LLC/EMC Corp., 5.875%, 6/15/21(b)		1,308,634
	1,779,000	International Business Machines Corp., 3.000%, 5/15/24		1,874,224
	2,670,000	Microsoft Corp., 4.750%, 11/3/55		3,790,861
	3,009,000	Oracle Corp., 1.900%, 9/15/21		3,017,866
	3,200,000	Oracle Corp., 3.400%, 7/8/24		3,398,109
	2,138,000	salesforce.com, Inc., 3.700%, 4/11/28		2,366,868
	3,459,000	Trimble, Inc., 4.900%, 6/15/28		3,722,290
				19,478,852
		Specialty Retail — 1.0%
	1,991,000	ERAC USA Finance, LLC, 4.200%, 11/1/46(b)		1,867,304
	3,267,000	Home Depot, Inc. (The), 2.700%, 4/15/30		3,321,929
	3,558,000	Lowe’s Cos., Inc., 4.500%, 4/15/30		3,921,005
	2,791,000	McDonald’s Corp., MTN, 2.125%, 3/1/30		2,578,347
	3,345,000	Target Corp., 3.375%, 4/15/29		3,615,101
				15,303,686
		Telecommunication Services — 0.6%
	1,193,000	AT&T, Inc., 3.000%, 2/15/22		1,203,147
	3,250,000	AT&T, Inc., 3.400%, 6/15/22		3,303,188
	3,972,000	AT&T, Inc., 4.750%, 5/15/46		4,392,716
				8,899,051
		Tobacco — 0.7%
	2,965,000	BAT Capital Corp., 4.700%, 4/2/27		3,012,934
	3,567,000	BAT Capital Corp., 4.540%, 8/15/47		3,246,463
	4,120,000	Philip Morris International, Inc., 3.375%, 8/11/25		4,194,538
				10,453,935
		Total Corporate Bonds (Cost $559,679,820)		551,325,598
MORTGAGE-BACKED SECURITIES — 23.9%
		Fannie Mae — 9.0%
	968	5.000%, 8/1/20, Pool #832058		1,016
	40,936	5.000%, 9/1/25, Pool #255892		44,110
	2,524,521	4.000%, 12/1/33, Pool #MA1689		2,753,628
	1,542,818	4.000%, 6/1/34, Pool #MA1922		1,682,602
	78,367	6.500%, 1/1/35, Pool #809198		93,025
	1,431,123	4.000%, 3/1/35, Pool #MA2211		1,558,349
	19,462	7.000%, 6/1/35, Pool #255820		23,111
	51,798	6.500%, 3/1/36, Pool #866062		60,375
	32,212	6.500%, 7/1/36, Pool #885493		35,697
	583,277	5.500%, 8/1/37, Pool #995082		659,939

Principal Amount			Fair Value
MORTGAGE-BACKED SECURITIES — (continued)
		Fannie Mae — (continued)
$	363,524	4.500%, 10/1/39, Pool #AC2645	$	398,019
	255,572	5.000%, 6/1/40, Pool #AD4927		283,072
	205,777	5.000%, 6/1/40, Pool #AD8718		228,084
	787,706	4.500%, 12/1/40, Pool #AH1100		863,026
	279,973	4.500%, 3/1/41, Pool #AB2467		306,796
	552,612	4.500%, 5/1/41, Pool #AI1023		605,564
	396,247	4.500%, 11/1/41, Pool #AJ4994		434,208
	561,710	4.500%, 12/1/41, Pool #AJ7696		615,306
	1,307,101	3.500%, 6/1/42, Pool #AB5373		1,402,505
	1,806,121	3.500%, 5/1/43, Pool #AB9368		1,937,798
	1,607,927	3.500%, 5/1/43, Pool #AL3605		1,729,215
	1,882,563	3.500%, 8/1/43, Pool #AU0613		2,020,529
	667,879	4.500%, 11/1/44, Pool #MA2100		725,027
	5,107,738	3.500%, 1/1/45, Pool #Q30876		5,458,574
	1,742,158	4.500%, 1/1/45, Pool #MA2158		1,898,950
	2,610,250	4.000%, 3/1/45, Pool #MA2217		2,821,775
	2,206,318	4.000%, 6/1/46, Pool #MA2653		2,378,926
	2,424,634	4.500%, 7/1/46, Pool #AS7568		2,640,221
	2,690,797	4.000%, 11/1/46, Pool #MA2808		2,892,112
	4,545,421	4.000%, 5/1/47, Pool #BE9598		4,895,038
	11,034,149	3.500%, 6/1/47, Pool #BE3695		11,686,225
	2,068,918	4.000%, 7/1/47, Pool #MA3058		2,219,948
	4,828,907	4.000%, 8/1/47, Pool #BH5117		5,179,065
	8,129,796	3.500%, 1/1/48, Pool #Q53670		8,616,034
	10,520,072	4.000%, 4/1/48, Pool #BM3900		11,281,918
	7,131,267	5.000%, 8/1/48, Pool #CA2219		7,698,959
	15,227,608	3.000%, 10/1/49, Pool #BO5415		15,986,747
	21,145,860	3.500%, 10/1/49, Pool #CA4431		22,342,228
	15,366,321	3.000%, 12/1/49, Pool #BO8851		16,106,886
				142,564,607
		Freddie Mac — 14.9%
	15,848	5.500%, 10/1/21, Pool #G12425		16,266
	24,962	5.000%, 12/1/21, Pool #J04025		26,199
	59,717	5.000%, 7/1/25, Pool #C90908		64,334
	220,257	2.500%, 1/1/28, Pool #J22069		229,591
	821,594	3.500%, 7/1/30, Pool #ZS8575		866,628
	71,703	5.000%, 3/1/36, Pool #G08115		79,623
	2,667,732	4.000%, 4/1/36, Pool #ZA2413		2,909,257
	3,743,003	3.500%, 6/1/36, Pool #ZA2414		3,991,317
	19,381	5.000%, 7/1/36, Pool #G02291		21,558
	2,049,207	3.500%, 8/1/36, Pool #ZA2425		2,185,271
	221,012	6.500%, 9/1/36, Pool #G08152		256,442
	4,961,572	3.500%, 11/1/36, Pool #C91906		5,293,274
	74,355	5.000%, 2/1/37, Pool #A57714		82,577
	4,177,885	4.000%, 5/1/37, Pool #C91938		4,540,623
	21,459,682	3.500%, 8/1/38, Pool #FM2472		22,894,196
	98,593	4.500%, 10/1/39, Pool #A89346		107,964
	4,412,310	3.000%, 11/1/39, Pool #RB5022		4,627,359
	282,510	5.000%, 6/1/40, Pool #C03479		312,952
	783,193	5.000%, 7/1/40, Pool #A93070		867,704
	96,652	5.000%, 9/1/40, Pool #C03518		107,112
	1,055,110	4.000%, 12/1/42, Pool #G07266		1,141,143
	833,837	3.500%, 5/1/43, Pool #Q18305		894,918
	561,071	4.000%, 5/1/44, Pool #V81186		606,201
	294,950	4.000%, 7/1/44, Pool #ZS4573		318,455
	324,643	4.000%, 9/1/44, Pool #Q28299		351,029
	6,740,938	3.500%, 5/1/46, Pool #ZS4663		7,168,669
	1,553,869	4.000%, 8/1/46, Pool #ZS4673		1,673,294
	4,226,452	3.500%, 9/1/46, Pool #ZS4678		4,503,673
	14,265,076	3.500%, 2/1/47, Pool #ZM2661		15,119,085

Continued

43

Sterling Capital Total Return Bond Fund

Schedule of Portfolio Investments — (continued)

March 31, 2020 (Unaudited)

Principal Amount			Fair Value
MORTGAGE-BACKED SECURITIES — (continued)
		Freddie Mac — (continued)
$	8,321,115	3.500%, 9/1/47, Pool #Q50962	$	8,819,526
	1,854,348	3.500%, 1/1/48, Pool #Q53640		1,965,741
	6,838,393	3.500%, 2/1/48, Pool #G61662		7,247,408
	2,534,801	4.000%, 2/1/48, Pool #ZT1639		2,714,226
	1,832,222	4.000%, 6/1/48, Pool #G67713		1,982,652
	9,938,088	3.000%, 11/1/48, Pool #BM5822		10,476,737
	6,266,086	4.000%, 4/1/49, Pool #ZN5219		6,676,659
	27,122,380	3.000%, 8/1/49, Pool #QA1451		28,433,028
	16,515,031	3.000%, 10/1/49, Pool #QA3329		17,353,658
	10,846,738	3.500%, 10/1/49, Pool #QA4514		11,460,419
	13,775,202	2.500%, 11/1/49, Pool #QA4396		14,271,883
	10,284,034	3.000%, 11/1/49, Pool #QA4336		10,850,702
	7,709,697	3.000%, 12/1/49, Pool #BO6222		8,080,825
	15,232,048	3.000%, 12/1/49, Pool #BO6225		15,965,332
	9,899,092	3.000%, 1/1/50, Pool #BO7242		10,376,040
				237,931,550
		Ginnie Mae — 0.0%
	153,924	5.000%, 2/15/40, Pool #737037		171,328
		Total Mortgage-Backed Securities (Cost $369,647,697)		380,667,485
MUNICIPAL BONDS — 4.8%
		Alabama — 0.2%
	3,000,000	Alabama Economic Settlement Authority, Economic Imports, Taxable BP - Settlement Revenue, Series B, 4.263%, 9/15/32		3,428,100
		California — 0.8%
	1,889,000	California Institute of Technology, 4.283%, 9/1/16		2,276,058
	1,285,000	State of California, Build America Bonds, School Improvements G.O., 7.625%, 3/1/40		2,073,091
	8,000,000	State of California, Refunding, Taxable-Various Purpose-Bid Group, Transit Improvements G.O., 2.650%, 4/1/26		8,358,160
				12,707,309
		Connecticut — 0.2%
	3,000,000	State of Connecticut Special Tax Revenue, Build America Bonds, Transition Infrastructure, Series B, 4.126%, 11/1/20		3,053,520
		Delaware — 0.2%
	2,650,000	State of Delaware, Public Facilities, G.O., Series A, Callable 1/1/30 @ 100, 5.000%, 1/1/31		3,502,876
		Florida — 0.3%
	2,135,000	Reedy Creek Improvement District, Advance Refunding, Taxable Revenue Bonds, G.O., Series A, 2.147%, 6/1/29		2,095,673
	2,030,000	Reedy Creek Improvement District, Advance Refunding, Taxable Revenue Bonds, G.O., Series A, 2.197%, 6/1/30		1,985,178
				4,080,851
		Illinois — 0.9%
	8,030,000	Sales Tax Securitization Corp., Second Lien, Current Refunding, Taxable Revenue Bonds, Series B, 3.057%, 1/1/34		8,549,059
	1,800,000	State of Illinois, Public Improvements, Taxable Building Revenue, 3.481%, 6/15/26		1,943,010

Principal Amount			Fair Value
MUNICIPAL BONDS — (continued)
		Illinois — (continued)
$	3,130,000	State of Illinois, Public Improvements, Taxable Revenue, Series B, 2.620%, 6/15/26	$	3,151,879
				13,643,948
		New Jersey — 0.2%
	2,375,000	New Jersey Economic Development Authority, School Facilities Construction Refunding Revenue, Taxable, Series C, 4.521%, 6/15/21		2,449,789
		NewYork — 0.8%
	8,000,000	New York City Transitional Finance Authority Future Tax Secured Revenue Bonds, Public Improvements, Taxable Revenue, Sub Series B3, Callable 11/01/29 @ 100, 3.000%, 11/1/33		8,077,840
	3,020,000	New York City Transitional Finance Authority Future Tax Secured Revenue, Public Improvements, Taxable Revenue, Callable 2/1/27 @ 100, 3.330%, 2/1/28		3,286,364
	1,640,000	New York, NY, Build America Bonds, Public Improvements G.O., 4.874%, 3/1/21		1,684,067
				13,048,271
		North Carolina — 0.2%
	2,600,000	Duke University, 3.299%, 10/1/46		2,696,095
		Ohio — 0.3%
	5,658,000	Premier Health Partners, Series G, Callable 5/15/26 @ 100, 2.911%, 11/15/26		5,553,008
		Pennsylvania — 0.5%
	1,005,000	Commonwealth Financing Authority, School Improvements, Taxable Revenue, Series A, 4.014%, 6/1/33		1,143,429
	4,375,000	Lehigh University, 3.479%, 11/15/46		4,720,746
	2,260,000	Philadelphia Authority for Industrial Development, Refunding Revenue, Taxable, 3.664%, 4/15/22		2,328,772
				8,192,947
		Texas — 0.1%
	1,770,000	Dallas Area Rapid Transit, Advance Refunding, Taxable Revenue Bonds, Series C, Callable 1/12/29 @ 100, 1.846%, 12/1/30		1,754,159
		Wisconsin — 0.1%
	2,140,000	State of Wisconsin, Current Refunding, Taxable Revenue Bonds, Series A, 2.196%, 5/1/27		2,145,757
		Total Municipal Bonds (Cost $73,078,828)		76,256,630
U.S. TREASURY BONDS — 3.7%
	46,967,800	2.500%, 2/15/45		58,726,262
		Total U.S. Treasury Bonds (Cost $45,013,357)		58,726,262
U.S. TREASURY NOTES — 0.1%
	1,699,500	2.500%, 1/31/24		1,840,173
		Total U.S. Treasury Notes (Cost $1,751,274)		1,840,173

Continued

44

Sterling Capital Total Return Bond Fund

Schedule of Portfolio Investments — (continued)

March 31, 2020 (Unaudited)

MONEY MARKET FUND — 2.3%
	37,206,491	Federated Treasury Obligations Fund, Institutional Shares, 0.31%(e)	$	37,206,491
		Total Money Market Fund (Cost $37,206,491)		37,206,491
Total Investments — 102.5% (Cost $1,601,229,800)				1,630,865,449
Net Other Assets (Liabilities) — (2.5)%				(40,176,549	)
NET ASSETS — 100.0%			$	1,590,688,900

(a) The interest rate for this floating rate note, which will change periodically, is based either on the prime rate or an index of market rates. The reflected rate is in effect as of March 31, 2020. The maturity date reflected is the final maturity date.

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

(c) The interest rate for this variable rate note, which will change periodically, is based either on the prime rate or an index of market rates. The reflected rate is in effect as of March 31, 2020. The maturity date reflected is the final maturity date.

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

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

BKNT — Bank Note

G.O. — General Obligation

GMTN — Global Medium Term Note

MTN — Medium Term Note

STEP — Step Coupon Bond

Continued

45

Sterling Capital Corporate Fund

Schedule of Portfolio Investments

March 31, 2020 (Unaudited)

Principal Amount			Fair Value
CORPORATE BONDS — 99.6%
		Aerospace & Defense — 0.8%
$	150,000	L3Harris Technologies, Inc., 4.950%, 2/15/21(a)	$	153,219
		Automobiles — 1.7%
	200,000	Ford Motor Credit Co., LLC, 5.085%, 1/7/21		194,940
	140,000	General Motors Financial Co., Inc., 3.550%, 7/8/22		130,189
				325,129
		Banks — 16.6%
	200,000	Australia & New Zealand Banking Group, Ltd., 2.950%, (5-Year Treasury Constant Maturity plus 1.29%), 7/22/30(a)(b)		189,471
	225,000	Bank of America Corp., 3.366%, (LIBOR USD 3-Month plus 0.81%), 1/23/26(c)		235,703
	230,000	Bank of America Corp., MTN, 2.503%, 10/21/22		230,588
	110,000	Bank of Montreal, Series E, 3.300%, 2/5/24		113,504
	200,000	Barclays PLC, 4.338%, (LIBOR USD 3-Month plus 1.36%), 5/16/24(c)		192,926
	185,000	Capital One Financial Corp., 3.200%, 2/5/25		181,392
	300,000	Citigroup, Inc., 4.400%, 6/10/25		313,675
	250,000	Citizens Bank NA/Providence RI, BKNT, 2.457%, (LIBOR USD 3-Month plus 0.81%), 5/26/22(d)		228,918
	250,000	Cooperatieve Rabobank UA, 3.950%, 11/9/22		252,352
	150,000	GE Capital International Funding Co. Unlimited Co., 2.342%, 11/15/20		147,478
	272,000	JPMorgan Chase & Co., 3.625%, 5/13/24		283,625
	200,000	Lloyds Banking Group PLC, 4.582%, 12/10/25		202,292
	200,000	Toronto-Dominion Bank (The), 3.625%, (5 yr. Swap Semi 30/360 USD plus 2.21%), 9/15/31(b)		198,726
	180,000	Wells Fargo & Co., MTN, 3.550%, 9/29/25		189,183
	250,000	Zions Bancorp NA, 3.500%, 8/27/21		249,747
				3,209,580
		Beverages — 3.8%
	225,000	Anheuser-Busch Cos., LLC / Anheuser-Busch InBev Worldwide, Inc., 3.650%, 2/1/26		235,908
	155,000	Bacardi, Ltd., 4.450%, 5/15/25(a)		162,896
	115,000	Coca-Cola Co. (The), 2.250%, 9/1/26		118,302
	235,000	Constellation Brands, Inc., 2.392%, (LIBOR USD 3-Month plus 0.70%), 11/15/21(d)		221,520
				738,626
		Capital Goods — 1.5%
	135,000	Keysight Technologies, Inc., 4.550%, 10/30/24		140,972
	135,000	Trimble, Inc., 4.900%, 6/15/28		145,276
				286,248
		Chemicals — 3.0%
	115,000	Albemarle Corp., 2.742%, (LIBOR USD 3-Month plus 1.05%), 11/15/22(a)(d)		109,507
	132,000	DuPont de Nemours, Inc., 4.493%, 11/15/25		142,156
	140,000	FMC Corp., 3.950%, 2/1/22		146,260
	87,000	FMC Corp., 3.450%, 10/1/29		82,170
	110,000	Westlake Chemical Corp., 3.600%, 8/15/26		100,199
				580,292
		Commercial Services & Supplies — 2.2%
	141,000	Waste Connections, Inc., 3.500%, 5/1/29		142,659
	175,000	Waste Management, Inc., 2.950%, 6/15/24		177,914

Principal Amount			Fair Value
CORPORATE BONDS — (continued)
		Commercial Services & Supplies — (continued)
$	110,000	WPP Finance 2010, 3.625%, 9/7/22	$	109,415
				429,988
		Communications Equipment — 0.4%
	81,000	CommScope Technologies, LLC, 5.000%, 3/15/27(a)		70,267
		Diversified Financial Services — 8.8%
	190,000	Ares Finance Co., LLC, 4.000%, 10/8/24(a)		187,717
	120,000	Avolon Holdings Funding, Ltd., 3.625%, 5/1/22(a)		106,375
	60,000	Carlyle Holdings Finance, LLC, 3.875%, 2/1/23(a)		61,767
	250,000	Credit Suisse Group AG, 2.593%, (SOFR plus 1.56%), 9/11/25(a)(c)		237,510
	253,000	Goldman Sachs Group, Inc. (The), 4.250%, 10/21/25		260,797
	60,000	Jefferies Group, LLC / Jefferies Group Capital Finance, Inc., 4.850%, 1/15/27		59,395
	168,000	KKR Group Finance Co. VI, LLC, 3.750%, 7/1/29(a)		167,472
	250,000	Macquarie Group, Ltd., 6.250%, 1/14/21(a)		255,080
	210,000	Nationwide Financial Services, Inc., 5.375%, 3/25/21(a)		212,408
	111,000	ORIX Corp., 2.900%, 7/18/22		113,863
	38,000	Springleaf Finance Corp., 5.375%, 11/15/29		34,770
				1,697,154
		Diversified Telecommunication Services — 3.3%
	110,000	AT&T, Inc., 3.000%, 6/30/22		110,957
	129,000	AT&T, Inc., 4.100%, 2/15/28		135,356
	150,000	Telefonica Emisiones SA, 4.103%, 3/8/27		154,450
	209,000	Verizon Communications, Inc., 4.016%, 12/3/29		234,729
				635,492
		Electric Utilities — 1.8%
	200,000	Appalachian Power Co., 4.600%, 3/30/21		200,111
	155,000	Exelon Corp., 3.950%, 6/15/25		155,681
				355,792
		Electrical Equipment — 0.9%
	185,000	Textron, Inc., 3.650%, 3/1/21		184,463
		Energy Equipment & Services — 4.4%
	107,000	Cenovus Energy, Inc., 4.250%, 4/15/27		52,397
	105,000	Energy Transfer Operating L.P., 4.050%, 3/15/25		91,130
	89,000	Hess Corp., 7.875%, 10/1/29		71,308
	154,000	Kinder Morgan, Inc./DE, 4.300%, 6/1/25		157,149
	165,000	Midwest Connector Capital Co., LLC, 3.900%, 4/1/24(a)		154,031
	105,000	MPLX L.P., 5.250%, 1/15/25(a)		90,002
	43,000	NuStar Logistics L.P., 4.800%, 9/1/20		37,410
	187,000	Penske Truck Leasing Co. L.P. / PTL Finance
		Corp., 3.400%, 11/15/26(a)		197,688
				851,115
		Entertainment — 0.1%
	15,000	Live Nation Entertainment, Inc., 4.750%, 10/15/27(a)		13,350

See accompanying Notes to the Financial Statements.

46

Sterling Capital Corporate Fund

Schedule of Portfolio Investments — (continued)

March 31, 2020 (Unaudited)

Principal Amount			Fair Value
CORPORATE BONDS — (continued)
		Equity Real Estate Investment Trusts (REITS) — 9.5%
$	157,000	American Tower Trust, 3.652%, 3/23/28(a)	$	152,534
	115,000	Duke Realty L.P., 3.250%, 6/30/26		114,945
	186,000	Healthcare Realty Trust, Inc., 3.625%, 1/15/28		186,363
	165,000	Healthcare Trust of America Holdings L.P., 3.100%, 2/15/30		147,393
	31,000	iStar, Inc., 4.750%, 10/1/24		26,040
	233,000	Jones Lang LaSalle, Inc., 4.400%, 11/15/22		227,315
	200,000	Kimco Realty Corp., 2.700%, 3/1/24		196,315
	189,000	Physicians Realty L.P., 4.300%, 3/15/27		176,059
	128,000	Sabra Health Care L.P., 4.800%, 6/1/24		129,901
	165,000	Spirit Realty L.P., 3.400%, 1/15/30		141,774
	21,000	Starwood Property Trust, Inc., 3.625%, 2/1/21		19,637
	19,000	Starwood Property Trust, Inc., 5.000%, 12/15/21		17,385
	113,000	STORE Capital Corp., 4.625%, 3/15/29		107,109
	200,000	WEA Finance, LLC, 2.875%, 1/15/27(a)		188,221
				1,830,991
		Food Products — 3.4%
	45,000	Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons L.P. / Albertsons, LLC, 3.500%, 2/15/23(a)		44,303
	160,000	Conagra Brands, Inc., 4.300%, 5/1/24		165,604
	170,000	Hershey Co. (The), 2.050%, 11/15/24		169,297
	110,000	Kraft Heinz Foods Co., 3.950%, 7/15/25		109,471
	161,000	Smithfield Foods, Inc., 5.200%, 4/1/29(a)		161,918
				650,593
		Food, Beverage & Tobacco — 1.3%
	215,000	CVS Health Corp., 3.700%, 3/9/23		223,314
	21,000	Darling Ingredients, Inc., 5.250%, 4/15/27(a)		20,364
				243,678
		Health Care Providers & Services — 1.8%
	135,000	Becton Dickinson & Co., 3.700%, 6/6/27		136,274
	40,000	Centene Corp., 4.250%, 12/15/27(a)		39,200
	70,000	Centene Corp., 3.375%, 2/15/30(a)		65,100
	105,000	HCA, Inc., 5.000%, 3/15/24		108,716
				349,290
		Hotels, Restaurants & Leisure — 0.5%
	55,000	Prime Security Services Borrower, LLC/Prime Finance, Inc., 5.750%, 4/15/26(a)		53,900
	45,000	Prime Security Services Borrower, LLC/Prime Finance, Inc., 6.250%, 1/15/28(a)		38,813
				92,713
		Industrial Conglomerates — 1.1%
	214,000	Carlisle Cos., Inc., 3.500%, 12/1/24		206,508
		Insurance — 10.2%
	155,000	Alleghany Corp., 4.950%, 6/27/22		163,061
	160,000	Aspen Insurance Holdings, Ltd., 4.650%, 11/15/23		155,831
	180,000	CBRE Services, Inc., 5.250%, 3/15/25		193,791
	92,000	Equitable Holdings, Inc., 3.900%, 4/20/23		91,178
	110,000	Jackson National Life Global Funding, 3.250%, 1/30/24(a)		109,467
	55,000	Liberty Mutual Group, Inc., 4.250%, 6/15/23(a)		55,995
	190,000	Liberty Mutual Group, Inc., 4.569%, 2/1/29(a)		209,940
	375,000	Morgan Stanley, GMTN, 3.700%, 10/23/24		393,227
	164,000	Radian Group, Inc., 4.875%, 3/15/27		161,540

Principal Amount			Fair Value
CORPORATE BONDS — (continued)
		Insurance — (continued)
$	165,000	RenaissanceRe Finance, Inc., 3.450%, 7/1/27	$	171,946
	270,000	Symetra Financial Corp., 4.250%, 7/15/24		275,730
				1,981,706
		IT Services — 0.9%
	175,000	Fiserv, Inc., 2.750%, 7/1/24		175,665
		Media — 4.9%
	165,000	Charter Communications Operating, LLC / Charter Communications Operating Capital, 4.200%, 3/15/28		168,734
	158,000	Comcast Corp., 4.150%, 10/15/28		177,405
	110,000	Diamond Sports Group, LLC / Diamond Sports Finance Co., 6.625%, 8/15/27(a)		73,563
	143,000	Discovery Communications, LLC, 3.950%, 3/20/28		140,186
	50,000	TEGNA, Inc., 5.000%, 9/15/29(a)		45,140
	165,000	ViacomCBS, Inc., 3.875%, 4/1/24		161,459
	175,000	Walt Disney Co. (The), 1.750%, 8/30/24		175,348
				941,835
		Metals & Mining — 2.0%
	44,000	Freeport-McMoRan, Inc., 4.125%, 3/1/28		38,390
	115,000	Glencore Funding, LLC, 4.125%, 5/30/23(a)		105,956
	124,000	Nucor Corp., 3.950%, 5/1/28		122,045
	125,000	Southern Copper Corp., 3.500%, 11/8/22		122,222
				388,613
		Multi-Utilities — 2.8%
	200,000	Entergy Louisiana, LLC, 4.440%, 1/15/26		215,372
	165,000	Progress Energy, Inc., 3.150%, 4/1/22		166,513
	165,000	Sempra Energy, 3.550%, 6/15/24		165,312
				547,197
		Oil, Gas & Consumable Fuels — 4.5%
	150,000	Aker BP ASA, 4.750%, 6/15/24(a)		125,837
	150,000	Aker BP ASA, 3.750%, 1/15/30(a)		112,153
	150,000	Canadian Natural Resources, Ltd., 3.800%, 4/15/24		126,884
	107,000	Diamondback Energy, Inc., 5.375%, 5/31/25		78,891
	84,000	HollyFrontier Corp., 5.875%, 4/1/26		72,800
	146,000	Marathon Petroleum Corp., 5.375%, 10/1/22		137,836
	115,000	Murphy Oil Corp., 5.875%, 12/1/27		59,094
	190,000	Newfield Exploration Co., 5.625%, 7/1/24		101,962
	100,000	Range Resources Corp., 9.250%, 2/1/26(a)		60,000
				875,457
		Pharmaceuticals — 1.9%
	200,000	AbbVie, Inc., 3.600%, 5/14/25		209,882
	112,000	AbbVie, Inc., 2.950%, 11/21/26(a)		112,514
	40,000	Bristol-Myers Squibb Co., 3.250%, 8/15/22(a)		41,532
				363,928
		Semiconductors & Semiconductor Equipment — 0.6%
	130,000	Microchip Technology, Inc., 3.922%, 6/1/21		126,670
		Software — 0.9%
	170,000	International Business Machines Corp., 3.300%, 5/15/26		181,678
		Specialty Retail — 1.9%
	135,000	ERAC USA Finance, LLC, 3.800%, 11/1/25(a)		140,112
	125,000	Lowe’s Cos., Inc., 2.500%, 4/15/26		124,115

Continued

47

Sterling Capital Corporate Fund

Schedule of Portfolio Investments — (continued)

March 31, 2020 (Unaudited)

Principal Amount			Fair Value
CORPORATE BONDS — (continued)
		Specialty Retail — (continued)
$	106,000	Match Group, Inc., 4.125%, 8/1/30(a)	$	94,737
				358,964
		Technology Hardware, Storage & Peripherals — 0.4%
	80,000	EMC Corp., 3.375%, 6/1/23		78,776
		Tobacco — 1.7%
	150,000	Altria Group, Inc., 4.400%, 2/14/26		157,850
	180,000	BAT Capital Corp., 3.557%, 8/15/27		169,530
				327,380
		Total Corporate Bonds (Cost $19,824,921)		19,252,357

Shares
PREFERRED STOCKS — 0.3%
		Equity Real Estate Investment Trusts (REITS) — 0.3%
	2,189	Public Storage	51,376
		Total Preferred Stocks (Cost $55,579)	51,376

Shares			Fair Value
MONEY MARKET FUND — 0.3%
	66,177	Federated Treasury Obligations Fund, Institutional Shares, 0.31%(e)	$	66,177
		Total Money Market Fund (Cost $66,177)		66,177
Total Investments — 100.2%
(Cost $19,946,677)				19,369,910
Net Other Assets (Liabilities) — (0.2)%				(43,643	)
NET ASSETS — 100.0%			$	19,326,267

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

(b) The interest rate for this variable rate note, which will change periodically, is based either on the prime rate or an index of market rates. The reflected rate is in effect as of March 31, 2020. The maturity date reflected is the final maturity date.

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

(d) 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, 2020. The maturity date reflected is the final maturity date.

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

BKNT — Bank Note

GMTN — Global Medium Term Note

MTN — Medium Term Note

Continued

48

Sterling Capital Quality Income Fund

Schedule of Portfolio Investments

March 31, 2020 (Unaudited)

Principal Amount			Fair Value
ASSET BACKED SECURITIES — 19.4%
$	372,087	Aegis Asset Backed Securities Trust, Series 2005-5, Class 1A4, 1.297%, (LIBOR USD 1-Month plus 0.35%), 12/25/35(a)	$	356,429
	300,000	AmeriCredit Automobile Receivables Trust, Series 2017-1, Class C, 2.710%, 8/18/22		297,896
	275,000	AmeriCredit Automobile Receivables Trust, Series 2018-1, Class B, 3.260%, 1/18/24		271,233
	69,744	Argent Securities, Inc. Asset-Backed Pass Through Certificates, Series 2005-W3, Class A2D, 1.287%, (LIBOR USD 1-Month plus 0.34%), 11/25/35(a)		68,340
	350,000	ARI Fleet Lease Trust, Series 2018-A, Class A3, 2.840%, 10/15/26(b)		349,305
	500,000	Avis Budget Rental Car Funding AESOP, LLC, Series 2017-1A, Class A, 3.070%, 9/20/23(b)		469,488
	300,000	Avis Budget Rental Car Funding AESOP, LLC, Series 2017-2A, Class A, 2.970%, 3/20/24(b)		281,265
	36,449	Bear Stearns Asset Backed Securities I Trust, Series 2004-BO1, Class M5, 2.347%, (LIBOR USD 1-Month plus 1.40%), 10/25/34(a)		36,418
	68,614	Bear Stearns Asset Backed Securities I Trust, Series 2004-HE11, Class M2, 2.522%, (LIBOR USD 1-Month plus 1.58%), 12/25/34(a)		67,002
	75,837	Chesapeake Funding II, LLC, Series 2018-3A, Class A1, 3.390%, 1/15/31(b)		76,216
	450,000	Citibank Credit Card Issuance Trust, Series 2007-A3, Class A3, 6.150%, 6/15/39		580,308
	22,343	Citicorp Residential Mortgage Trust, STEP, Series 2007-2, Class A6, 5.022%, 6/25/37		22,184
	273,481	Encore Credit Receivables Trust, Series 2005-4, Class M2, 1.607%, (LIBOR USD 1-Month plus 0.66%), 1/25/36(a)		268,525
	485,000	Enterprise Fleet Financing, LLC, Series 2019-2, Class A2, 2.290%, 2/20/25(b)		484,091
	350,000	Ford Credit Auto Owner Trust, Series 2018-1, Class A, 3.190%, 7/15/31(b)		383,370
	137,998	GSAMP Trust, Series 2006-SEA1, Class M1, 1.447%, (LIBOR USD 1-Month plus 0.50%), 5/25/36(a)(b)		135,502
	750,000	Hertz Vehicle Financing II L.P., Series 2015-3A, Class A, 2.670%, 9/25/21(b)		741,613
	236,925	Home Equity Asset Trust, Series 2005-7, Class M1, 1.397%, (LIBOR USD 1-Month plus 0.45%), 1/25/36(a)		229,448
	81,459	Home Equity Asset Trust, Series 2005-8, Class M1, 1.377%, (LIBOR USD 1-Month plus 0.43%), 2/25/36(a)		79,618
	201,680	JP Morgan Mortgage Acquisition Corp., Series 2005-OPT1, Class M2, 1.652%, (LIBOR USD 1-Month plus 0.71%), 6/25/35(a)		198,391
	158,809	New Century Home Equity Loan Trust, Series 2005-4, Class M2, 1.457%, (LIBOR USD 1-Month plus 0.51%), 9/25/35(a)		156,365
	229,014	Park Place Securities, Inc. Asset-Backed Pass Through Certificates, Series 2005-WHQ2, Class M2, 1.637%, (LIBOR USD 1-Month plus 0.69%), 5/25/35(a)		223,173

Principal Amount			Fair Value
ASSET BACKED SECURITIES — (continued)
$	183,711	Park Place Securities, Inc. Asset-Backed Pass Through Certificates, Series 2005-WCW3, Class M1, 1.427%, (LIBOR USD 1-Month plus 0.48%), 8/25/35(a)	$	176,863
	150,126	RAMP Trust, Series 2005-RZ4, Class M2, 1.447%, (LIBOR USD 1-Month plus 0.50%), 11/25/35(a)		148,292
	232,289	Santander Drive Auto Receivables Trust, Series 2018-4, Class B, 3.270%, 1/17/23		232,449
	221,111	Saxon Asset Securities Trust, Series 2004-3, Class M1, 1.847%, (LIBOR USD 1-Month plus 0.90%), 12/26/34(a)		197,643
	500,000	SoFi Professional Loan Program Trust, Series 2020-A, Class A2FX, 2.540%, 5/15/46(b)		483,583
	124,376	United States Small Business Administration, Series 2010-20D, Class 1, 4.360%, 4/1/30		133,935
		Total Asset Backed Securities (Cost $7,108,697)		7,148,945
COLLATERALIZED MORTGAGE OBLIGATIONS — 19.4%
	98,272	Alternative Loan Trust, Series 2004-22CB, Class 1A1, 6.000%, 10/25/34		100,509
	49,067	Banc of America Mortgage Trust, Series 2005-3, Class 1A24, 5.500%, 4/25/35		46,867
	58,870	Citicorp Mortgage Securities, Inc., Series 2005-1, Class 1A4, 5.500%, 2/25/35		60,094
	10,093	Citigroup Mortgage Loan Trust, Inc., Series 2004-NCM2, Class 3CB2, 6.500%, 8/25/19		10,039
	61,606	Countrywide Home Loan Mortgage Pass Through Trust, Series 2004-3, Class A4, 5.750%, 4/25/34		59,189
	108,736	Credit Suisse First Boston Mortgage Securities Corp., Series 2004-1, Class 2A1, 6.500%, 2/25/34		111,964
	192,600	Fannie Mae, Series 2003-21, Class OW, 4.000%, 3/25/33		216,765
	64,037	Fannie Mae, Series 2003-19, Class AR, 5.500%, 3/25/33		74,261
	380,000	Fannie Mae, Series 2011-131, Class PB, 4.500%, 12/25/41		454,440
	585,000	Fannie Mae, Series 2013-30, Class PY, 3.000%, 4/25/43		629,557
	100,432	FirstKey Mortgage Trust, Series 2014-1, Class A12, 3.500%, 11/25/44(b)(c)		99,464
	24,256	Freddie Mac, Series 4079, Class WV, 3.500%, 3/15/27		25,605
	195,000	Freddie Mac, Series 4097, Class CU, 1.500%, 8/15/27		198,722
	366,965	Freddie Mac, Series 4136, Class HZ, 3.500%, 11/15/27		409,054
	180,000	Freddie Mac, Series 4230, Class VB, 2.500%, 12/15/31		187,479
	137,313	Freddie Mac, Series 2485, Class WG, 6.000%, 8/15/32		160,130
	400,000	Freddie Mac, Series 4160, Class HH, 2.500%, 12/15/32		405,179
	194,310	Freddie Mac, Series 3440, Class EM, 5.000%, 4/15/38		219,489
	366,788	Freddie Mac, Series 3816, Class HM, 4.500%, 5/15/40		405,107

See accompanying Notes to the Financial Statements.

49

Sterling Capital Quality Income Fund

Schedule of Portfolio Investments — (continued)

March 31, 2020 (Unaudited)

Principal Amount			Fair Value
COLLATERALIZED MORTGAGE OBLIGATIONS — (continued)
$	500,000	Freddie Mac, Series 3714, Class PB, 4.750%, 8/15/40	$	625,241
	64,651	Freddie Mac, Series 3803, Class PJ, 4.250%, 1/15/41		67,911
	200,000	Freddie Mac, Series 3815, Class TB, 4.500%, 2/15/41		240,337
	113,618	Freddie Mac, Series 4293, Class MH, 3.000%, 12/15/41		121,524
	400,000	Freddie Mac, Series 3989, Class JW, 3.500%, 1/15/42		446,481
	500,000	Freddie Mac, Series 4650, Class BC, 3.500%, 5/15/43		540,542
	572,750	Freddie Mac, Series 4508, Class UZ, 3.000%, 7/15/43		587,235
	90,652	Galton Funding Mortgage Trust, Series 2018-1, Class A43, 3.500%, 11/25/57(b)(c)		89,756
	176,856	Galton Funding Mortgage Trust, Series 2018-2, Class A41, 4.500%, 10/25/58(b)(c)		177,385
	44,267	Ginnie Mae, Series 2010-85, Class DQ, 3.000%, 12/20/39		46,076
	215,602	MASTR Alternative Loan Trust, Series 2003-5, Class 8A1, 5.500%, 6/25/33		221,986
	43,523	MASTR Alternative Loan Trust, Series 2004-13, Class 3A1, 6.500%, 1/25/35		40,764
	23,741	MASTR Seasoned Securitization Trust, Series 2005-2, Class 1A1, 5.130%, 10/25/32		23,590
	51,018	RBSGC Mortgage Loan Trust, Series 2007-B, Class 3A1, 4.673%, 7/25/35(c)		47,811
		Total Collateralized Mortgage Obligations (Cost $6,656,011)		7,150,553
COMMERCIAL MORTGAGE-BACKED SECURITIES — 21.6%
	500,000	CD Mortgage Trust, Series 2016-CD2, Class A4, 3.526%, 11/10/49(c)		534,284
	300,000	Citigroup Commercial Mortgage Trust, Series 2013-GC17, Class AS, 4.544%, 11/10/46		310,216
	492,148	COMM 2012-CCRE1 Mortgage Trust, Series 2012-CR1, Class A3, 3.391%, 5/15/45		496,470
	250,000	COMM Mortgage Trust, Series 2017-COR2, Class A3, 3.510%, 9/10/50		266,239
	500,000	CSAIL Commercial Mortgage Trust, Series 2015-C3, Class A4, 3.718%, 8/15/48		523,576
	200,000	DBUBS Mortgage Trust, Series 2011-LC1A, Class C, 5.689%, 11/10/46(b)(c)		196,256
	488,500	FRESB Mortgage Trust, Series 2017-SB36, Class A10F, 2.880%, 7/25/27(c)		504,548
	175,000	GS Mortgage Securities Trust, Series 2010-C1, Class B, 5.148%, 8/10/43(b)		176,832
	550,000	GS Mortgage Securities Trust, Series 2012-GCJ7, Class AS, 4.085%, 5/10/45		558,088
	85,000	GS Mortgage Securities Trust, Series 2014-GC24, Class A5, 3.931%, 9/10/47		88,912
	500,000	GS Mortgage Securities Trust, Series 2016-GS4, Class A4, 3.442%, 11/10/49(c)		524,819
	500,000	JP Morgan Chase Commercial Mortgage Securities Trust, Series 2011-C3, Class B, 5.013%, 2/15/46(b)(c)		500,760
	100,000	Morgan Stanley Bank of America Merrill Lynch Trust, Series 2014-C18, Class A4, 3.923%, 10/15/47		105,280

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	$	526,423
	760,000	Wells Fargo Commercial Mortgage Trust, Series 2010-C1, Class B, 5.276%, 11/15/43(b)(c)		760,098
	300,000	Wells Fargo Commercial Mortgage Trust, Series 2015-P2, Class A4, 3.809%, 12/15/48		314,736
	326,000	WFRBS Commercial Mortgage Trust, Series 2011-C4, Class A4, 4.902%, 6/15/44(b)(c)		332,154
	350,000	WFRBS Commercial Mortgage Trust, Series 2012-C8, Class AS, 3.660%, 8/15/45		352,648
	164,000	WFRBS Commercial Mortgage Trust, Series 2014-C23, Class A5, 3.917%, 10/15/57		171,482
	575,000	WF-RBS Commercial Mortgage Trust, Series 2011-C2, Class B, 5.174%, 2/15/44(b)(c)		583,760
	100,000	WF-RBS Commercial Mortgage Trust, Series 2011-C2, Class C, 5.392%, 2/15/44(b)(c)		97,699
		Total Commercial Mortgage-Backed Securities (Cost $8,094,992)		7,925,280
CORPORATE BONDS — 0.7%
		Equity Real Estate Investment Trusts (REITS) — 0.7%
	250,000	American Tower Trust, 3.652%, 3/23/28(b)		242,888
		Total Corporate Bonds (Cost $250,000)		242,888
MORTGAGE-BACKED SECURITIES — 37.7%
	299,590	3.000%, 1/1/31, Pool #BA6574		314,741
	482,737	3.500%, 10/1/49, Pool #QA4514		510,049
	342,624	3.000%, 1/1/50, Pool #QA6230		359,266
				1,184,056
		Fannie Mae — 18.7%
	110,042	5.500%, 6/1/38, Pool #984277		124,541
	62,694	5.500%, 8/1/38, Pool #995072		71,034
	92,130	4.500%, 9/1/39, Pool #AC1830		100,869
	82,164	4.500%, 10/1/40, Pool #AE4855		90,009
	142,550	3.500%, 2/1/41, Pool #AH5646		153,301
	265,843	4.000%, 3/1/41, Pool #AH4008		287,412
	77,256	4.500%, 6/1/41, Pool #AC9298		84,659
	187,647	5.000%, 7/1/41, Pool #AI5595		207,754
	256,179	4.000%, 9/1/41, Pool #AJ1717 276,991
	301,052	3.500%, 6/1/42, Pool #AB5373		323,026
	79,301	4.500%, 10/1/44, Pool #MA2066		86,262
	284,857	4.000%, 12/1/44, Pool #MA2127		307,080
	378,835	3.500%, 1/1/45, Pool #Q30876 404,856
	288,104	4.500%, 1/1/45, Pool #MA2158		314,033
	316,457	3.500%, 3/1/45, Pool #AS4552		337,730
	462,911	4.000%, 10/1/45, Pool #AL7487		499,995
	244,786	4.000%, 11/1/46, Pool #MA2808		263,100
	229,931	3.000%, 2/1/47, Pool #BE2329		243,300
	227,271	4.000%, 5/1/47, Pool #BE9598		244,752
	424,390	3.500%, 6/1/47, Pool #BE3695		449,470
	205,572	4.500%, 11/1/47, Pool #BM3286		222,368
	460,755	3.500%, 12/1/47, Pool #CA0833		488,365
	275,082	4.500%, 5/1/48, Pool #CA1711		296,679
	457,960	3.500%, 9/1/49, Pool #BJ9608		483,299

Continued

50

Sterling Capital Quality Income Fund

Schedule of Portfolio Investments — (continued)

March 31, 2020 (Unaudited)

Principal Amount			Fair Value
MORTGAGE-BACKED SECURITIES — (continued)
		Fannie Mae — (continued)
$	492,947	3.000%, 12/1/49, Pool #BO6225	$	516,677
				6,877,562
		Freddie Mac — 15.8%
	98,131	4.000%, 11/1/32, Pool #ZS8993		107,012
	454,248	3.500%, 5/1/35, Pool #C91829		488,450
	348,694	4.000%, 5/1/37, Pool #C91938		378,969
	42,081	5.500%, 10/1/39, Pool #A89387		47,539
	77,261	5.000%, 4/1/40, Pool #A91812		84,701
	148,911	5.500%, 4/1/40, Pool #C03467		168,392
	63,066	5.000%, 8/1/40, Pool #C03491		69,871
	141,342	4.000%, 11/1/40, Pool #A94742		153,288
	160,398	4.000%, 12/1/40, Pool #A95447		173,966
	348,912	3.500%, 8/1/42, Pool #Q10324		374,910
	462,413	3.500%, 3/1/43, Pool #U99045		493,268
	302,091	3.500%, 3/1/45, Pool #U99124		322,352
	286,400	3.000%, 1/1/46, Pool #G08686		302,658
	332,623	4.000%, 4/1/46, Pool #Q40048		357,335
	494,033	3.000%, 12/1/47, Pool #G61681		520,564
	287,232	3.500%, 12/1/47, Pool #Q52955		304,519
	338,824	3.000%, 10/1/49, Pool #QA3224		355,194
	566,677	3.000%, 10/1/49, Pool #QA3405		594,055
	490,423	2.500%, 11/1/49, Pool #QA4396		508,106
				5,805,149
		Ginnie Mae — 0.0%
	16,167	4.000%, 12/20/40, Pool #755678		17,636
		Total Mortgage-Backed Securities (Cost $13,402,672)		13,884,403

Shares			Fair Value
MONEY MARKET FUND — 1.1%
	390,896	Federated Treasury Obligations Fund, Institutional Shares, 0.31%(d)	$	390,896
		Total Money Market Fund (Cost $390,896)		390,896
Total Investments — 99.9% (Cost $35,903,268)				36,742,965
Net Other Assets (Liabilities) — 0.1%				47,451
NET ASSETS — 100.0%			$	36,790,416

(a) The interest rate for this floating rate note, which will change periodically, is based either on the prime rate or an index of market rates. The reflected rate is in effect as of March 31, 2020. The maturity date reflected is the final maturity date.

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

(c) The interest rate for this variable rate note, which will change periodically, is based either on the prime rate or an index of market rates. The reflected rate is in effect as of March 31, 2020. The maturity date reflected is the final maturity date.

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

STEP — Step Coupon Bond

Continued

51

Sterling Capital Kentucky Intermediate Tax-Free Fund

Schedule of Portfolio Investments

March 31, 2020 (Unaudited)

Principal Amount			Fair Value
MUNICIPAL BONDS — 96.9%
		Kentucky — 96.9%
$	210,000	Bowling Green, KY, Advance Refunding G.O., Series C, Callable 6/1/26 @ 102, 4.000%, 6/1/27	$	247,269
	300,000	Bowling Green, KY, Independent School District Finance Corp., School Improvements Revenue, (State Intercept), 5.000%, 8/1/24		344,082
	115,000	Boyle County School District Finance Corp., School Improvements Revenue Bonds, (State Intercept), 3.000%, 2/1/22		118,440
	250,000	Campbell Kenton & Boone Counties Sanitation District No. 1, Advance Refunding Revenue, Callable 8/1/26 @ 100, 5.000%, 8/1/29		305,943
	195,000	Commonwealth of Kentucky, Certificate of Participation, Public Facilities, State Office Building Project, Callable 4/15/28 @ 100, OID, 4.000%, 4/15/48		213,010
	300,000	Commonwealth of Kentucky, Certificate of Participation, Public Improvements, Callable 6/15/25 @ 100, 5.000%, 6/15/34		345,420
	300,000	Eastern Kentucky University, Refunding Revenue, Series A, (State Intercept), 5.000%, 4/1/24		335,688
	300,000	Eastern Kentucky University, University & College Improvements Revenue, Series A (State Intercept), 5.000%, 4/1/25		349,587
	250,000	Fayette County School District Finance Corp., School Improvements Revenue, Series A, Callable 5/1/26 @ 100, (State Intercept), 4.000%, 5/1/38		274,937
	150,000	Franklin County, KY, Public Properties Corp., Justice Center Project, Advance Refunding Revenue, 4.000%, 4/1/28		171,993
	200,000	Hopkinsville, KY, Refunding G.O., Series A, 4.000%, 10/1/24		222,888
	300,000	Jefferson County, KY, School District Finance Corp., School Improvements Revenue Bonds, Series C, Callable 12/1/25 @ 100, (State Intercept), 4.000%, 12/1/28		338,019
	255,000	Jefferson County, KY, School District Finance Corp., School Improvements Revenue, Series A, Callable 4/1/25 @ 100, 5.000%, 4/1/27		297,276
	125,000	Kenton County Airport Board, Airport & Marina Improvements Revenue, Callable 1/1/29 @ 100, 5.000%, 1/1/31		153,853
	135,000	Kenton County, KY, Refunding Revenue, G.O., Series A, 5.000%, 4/1/27		165,468
	250,000	Kentucky Asset/Liability Commission, Project Notes, Federal Highway Trust Transit Improvements Revenue, First Series, Callable 9/1/23 @ 100, 5.250%, 9/1/25		279,780
	400,000	Kentucky Association of Counties Finance Corp., Public Improvements Revenue, First Series B, 4.000%, 2/1/25		443,352
	200,000	Kentucky Association of Counties Finance Corp., Water Utility Improvements Revenue, Series B, 5.000%, 2/1/26		236,750
	210,000	Kentucky Bond Development Corp., Recreational Facility Improvements Revenue, Callable 9/1/28 @ 100, 5.000%, 9/1/35		257,363

Principal Amount			Fair Value
MUNICIPAL BONDS — (continued)
		Kentucky — (continued)
$	120,000	Kentucky Infrastructure Authority, Wastewater & Drinking Water Revolving, Advance Refunding Revenue, Callable 2/1/26 @ 100, 5.000%, 2/1/27	$	145,796
	250,000	Kentucky Rural Water Finance Corp., Flexible Term Program, Refunding & Improvements Revenue, Series B, Callable 4/29/20 @ 100, 4.000%, 2/1/21		250,445
	200,000	Kentucky State Property & Building Commission, Project No. 114, University & College Improvements Revenue, Callable 10/1/26 @ 100, 5.000%, 10/1/28		240,582
	250,000	Kentucky State Property & Building Commission, Project No. 116, University & College Improvements Revenue, (AGM-State Intercept), 5.000%, 10/1/26		301,363
	200,000	Kentucky State Property & Building Commission, Project No. 117, Series B, Public Improvements Revenue, Callable 5/1/27 @ 100, 5.000%, 5/1/28		243,400
	270,000	Kentucky State Property & Building Commission, Project No. 119, Public Improvements Revenue, Callable 5/1/28 @ 100, 5.000%, 5/1/37		306,752
	280,000	Kentucky State Property & Building Commission, Refunding Revenue, Callable 8/1/25 @ 100, 5.000%, 8/1/31		327,186
	250,000	Laurel County, KY, Correctional Facilities Improvements G.O., Series A, Callable 5/1/27 @ 100, (BAM), 5.000%, 5/1/28		307,055
	300,000	Laurel County, KY, School District Finance Corp., Refunding Revenue, Callable 3/1/25 @ 100 (State Intercept), 4.000%, 6/1/25		334,410
	250,000	Lexington-Fayette, KY, Urban County Government Public Facilities Corp., Court Facilities Project, Current Refunding Revenue Bonds, Callable 10/1/26 @ 100, 5.000%, 10/1/27		305,215
	325,000	Louisville & Jefferson County, KY, Metropolitan Government, Center City Project, Refunding Notes, G.O., Callable 12/1/25 @ 100, 5.000%, 12/1/28		391,300
	250,000	Louisville & Jefferson County, KY, Metropolitan Government, Refunding G.O., Series F, Callable 11/1/24 @ 100, 4.000%, 11/1/26		280,450
	200,000	Louisville & Jefferson County, KY, Metropolitan Sewer District, Sewer Improvements Revenue, Series A, 5.000%, 5/15/25		236,816
	250,000	Louisville & Jefferson County, KY, Metropolitan Sewer District, Sewer Refunding Revenue, Series A, Callable 11/15/21 @ 100, 5.000%, 5/15/30		264,900
	160,000	Louisville Water Co., Metro Government Waterworks Board, Water Utility Improvements Revenue, 5.000%, 11/15/24		187,235
	170,000	McCracken County School District Finance Corp., School Building Revenue Bonds, School Improvements Revenue, (State Intercept), 5.000%, 6/1/22		182,741

See accompanying Notes to the Financial Statements.

52

Sterling Capital Kentucky Intermediate Tax-Free Fund

Schedule of Portfolio Investments — (continued)

March 31, 2020 (Unaudited)

Principal Amount			Fair Value
MUNICIPAL BONDS — (continued)
		Kentucky — (continued)
$	300,000	Murray, KY, School District Finance Corp., School Improvements Revenue, (State Intercept), 5.000%, 3/1/27	$	365,250
	200,000	Northern Kentucky University, University & College Improvements Revenue, Series A, Callable 9/1/26 @ 100, (AGM-State Intercept), 4.000%, 9/1/29		225,516
	105,000	Northern Kentucky Water District, Refunding Revenue, Series B, Callable 8/1/23 @ 100, 4.000%, 2/1/24		114,522
	250,000	Owensboro, KY, Public Improvements G.O., Series A, 4.000%, 5/1/22		263,418
	200,000	Russell, KY, Bon Secours Health System, Refunding Revenue, Callable 11/1/22 @ 100, 5.000%, 11/1/26		218,718
	250,000	Taylor County, KY, Public Courthouse Corp., Justice Center Project, Refunding Revenue, Callable 9/1/26 @ 100, 4.000%, 9/1/27		278,593
		Total Municipal Bonds     (Cost $10,416,558)		10,872,781

Shares			Fair Value
MONEY MARKET FUND — 2.0%
	221,967	Federated Treasury Obligations Fund, Institutional Shares, 0.31%(a)	$	221,967
		Total Money Market Fund (Cost $221,967)		221,967
Total Investments — 98.9%
(Cost $10,638,525)				11,094,748
Net Other Assets (Liabilities) — 1.1%				125,924
NET ASSETS — 100.0%			$	11,220,672

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

AGM — Assured Guaranty Municipal Corp.

BAM — Build America Mutual

G.O. — General Obligation

OID — Original Issue Discount

Continued

53

Sterling Capital Maryland Intermediate Tax-Free Fund

Schedule of Portfolio Investments

March 31, 2020 (Unaudited)

Principal Amount			Fair Value
MUNICIPAL BONDS — 98.6%
		District of Columbia — 3.4%
$	350,000	Washington Metropolitan Area Transit Authority, Series A-1, Advance Refunding Revenue Bonds, 5.000%, 7/1/26	$	425,978
		Maryland — 95.2%
	415,000	Anne Arundel County, MD, Consolidated Water & Sewer Improvements, G.O., Callable 10/1/29 @100, 5.000%, 10/1/31		541,977
	500,000	Baltimore City, MD, Senior Refunding Revenue Bonds, Series D, Callable 1/1/25 @ 100, 5.000%, 7/1/30		578,060
	400,000	Calvert County, MD, County Commissioners Public Improvements, School Improvements G.O., Callable 7/1/29 @100, 4.000%, 7/1/31		483,420
	400,000	Cecil County, MD, Consolidated Public School Improvements, Advance Refunding G.O., 4.000%, 2/1/24		441,756
	250,000	Charles County, MD, Consolidated Public School Improvements G.O., Callable 7/15/23 @ 100, 5.000%, 7/15/25		281,293
	400,000	Dorchester County, MD, Telecommunications Improvements, G.O., Callable 1/1/28 @ 100, 5.000%, 1/1/31		500,448
	275,000	Howard County, MD, Housing Commission, General Capital Improvement Program, Local Multifamily Housing Revenue, 4.000%, 6/1/22		287,914
	420,000	Maryland Economic Development Corp., Public Health Laboratory Public Improvements Revenue, Callable 6/1/21 @ 100, 5.000%, 6/1/26		438,661
	250,000	Maryland Health & Higher Educational Facilities Authority, Anne Arundel Health System, Advance Refunding Revenue Bonds, Callable 7/1/27 @ 100, 5.000%, 7/1/28		304,350
	300,000	Maryland Health & Higher Educational Facilities Authority, Broadmead Issue, Hospital, Nursing Home Improvements, Refunding Revenue, Series A, Callable 7/1/25 @ 103, 5.000%, 7/1/43		326,232
	250,000	Maryland Health & Higher Educational Facilities Authority, Calvert Health System, Health, Hospital, Nursing Home Improvements, Refunding Revenue, Callable 07/01/23 @ 100, OID, 5.000%, 7/1/38		269,193
	250,000	Maryland Health & Higher Educational Facilities Authority, Greater Baltimore Medical Center, Refunding Revenue, Series A, Callable 7/1/22 @ 100, 5.000%, 7/1/26		270,997
	500,000	Maryland Health & Higher Educational Facilities Authority, Johns Hopkins Health System, Health, Hospital, Nursing Home Improvements Revenue, Callable 7/1/22 @ 100, 5.000%, 7/1/25		541,995
	470,000	Maryland Health & Higher Educational Facilities Authority, Lifebridge Health, Current Refunding Revenue Bonds, Callable 7/1/27 @ 100, 5.000%, 7/1/32		575,247

Principal Amount			Fair Value
MUNICIPAL BONDS — (continued)
		Maryland — (continued)
$	250,000	Maryland Health & Higher Educational Facilities Authority, Maryland Institute College of Art, Refunding Revenue, Callable 6/1/22 @ 100, 5.000%, 6/1/23	$	265,290
	400,000	Maryland Health & Higher Educational Facilities Authority, Meritus Medical Center Issue, Refunding Revenue, 5.000%, 7/1/22		429,244
	500,000	Maryland Stadium Authority, Construction & Revitalization, School Improvements Revenue, Callable 5/1/28 @ 100, 5.000%, 5/1/35		606,415
	400,000	Maryland Stadium Authority, Refunding Revenue, 5.000%, 6/15/23		447,428
	500,000	Montgomery County, MD, Consolidated Public Improvements, Refunding G.O., Series A, Callable 11/1/28 @ 100, 5.000%, 11/1/32		639,805
	250,000	Montgomery County, MD, Department Liquor Control Public Improvements Revenue, Series A, Callable 4/1/21 @ 100, OID, 4.500%, 4/1/26		258,280
	500,000	Montgomery County, MD, West Germantown Development District, Refunding, Special Tax, 4.000%, 7/1/23		540,715
	400,000	Prince George’s County, MD, Consolidated Public School Improvements, G.O., Series A, Callable 9/1/24 @ 100, 4.000%, 9/1/25		448,300
	250,000	St. Mary’s College of Maryland, Academic Fees & Auxiliary, Refunding Revenue, (BAM), 4.000%, 9/1/25		283,160
	250,000	State of Maryland, State and Local Facilities Loan First Series, Public Improvements, G.O., Callable 3/15/29 @ 100, 5.000%, 3/15/32		323,225
	400,000	Washington Suburban Sanitary Commission, Consolidated Public Water Utility Improvements, G.O., (County Guaranteed), 4.000%, 6/1/24		446,220
	400,000	Washington Suburban Sanitary Commission, Consolidated Public Water Utility Improvements, G.O., Callable 6/1/26 @ 100, (County Guaranteed), 5.000%, 6/1/27		488,812
	500,000	Washington Suburban Sanitary Commission, Consolidated Public Water Utility Improvements, G.O., Callable 6/1/26 @ 100, (County Guaranteed), 5.000%, 6/1/38		595,875
	400,000	Worcester County, MD, Consolidated Public Improvements, School Improvements G.O., Callable 8/1/29 @100, 4.000%, 8/1/32		480,792
				12,095,104
		Total Municipal Bonds (Cost $11,891,866)		12,521,082

See accompanying Notes to the Financial Statements.

54

Sterling Capital Maryland Intermediate Tax-Free Fund

Schedule of Portfolio Investments — (continued)

March 31, 2020 (Unaudited)

Shares			Fair Value
MONEY MARKET FUND — 0.4%
	56,312	Federated Treasury Obligations Fund, Institutional Shares, 0.31%(a)	$	56,312
		Total Money Market Fund (Cost $56,312)		56,312
Total Investments — 99.0%
(Cost $11,948,178)				12,577,394
Net Other Assets (Liabilities) — 1.0%				124,389
NET ASSETS — 100.0%			$	12,701,783

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

BAM — Build America Mutual

G.O. — General Obligation

OID — Original Issue Discount

Continued

55

Sterling Capital North Carolina Intermediate Tax-Free Fund

Schedule of Portfolio Investments

March 31, 2020 (Unaudited)

Principal Amount			Fair Value
MUNICIPAL BONDS — 96.6%
		North Carolina — 96.6%
$	1,000,000	Beaufort County, NC, Refunding Revenue Limited Obligation, Callable 6/1/22 @ 100, 5.000%, 6/1/24	$	1,079,630
	1,000,000	Beaufort County, NC, Refunding Revenue Limited Obligation, Callable 6/1/22 @ 100, 5.000%, 6/1/26		1,078,070
	1,000,000	Broad River Water Authority, Water System Refunding Revenue, 5.000%, 6/1/24		1,139,890
	1,025,000	Buncombe County Metropolitan Sewerage District, Sewer Improvements Revenue, Callable 7/1/24 @ 100, 5.000%, 7/1/39		1,162,483
	1,475,000	Buncombe County, NC, Advance Refunding Revenue Limited Obligation, Callable 6/1/25 @ 100, 5.000%, 6/1/28		1,735,869
	1,010,000	Cape Fear Public Utility Authority, Advance Refunding Revenue Bonds, 5.000%, 8/1/25		1,204,647
	1,895,000	Cape Fear Public Utility Authority, Refunding Revenue Bonds, Series A, Callable 8/1/29 @ 100, 4.000%, 8/1/38		2,196,115
	1,475,000	Cape Fear Public Utility Authority, Water & Sewer System, Improvements Refunding Revenue, Callable 8/1/21 @ 100, 5.000%, 8/1/26		1,550,358
	1,000,000	Charlotte, NC, Charlotte Douglas International Airport Refunding Revenue, Callable 7/1/24 @ 100, 5.000%, 7/1/31		1,123,640
	1,000,000	Charlotte, NC, Convention Facility, Refunding Revenue, Certification of Participation, Callable 06/01/29 @ 100, 5.000%, 6/1/30		1,277,000
	1,000,000	Charlotte, NC, Convention Facility, Refunding Revenue, Certification of Participation, Callable 06/01/29 @ 100, 5.000%, 6/1/31		1,272,560
	1,000,000	Charlotte, NC, Convention Facility, Refunding Revenue, Certification of Participation, Callable 06/01/29 @ 100, 5.000%, 6/1/32		1,269,250
	2,275,000	Charlotte, NC, Recreational Facilities Improvements Revenue, Callable 12/1/28 @ 100, 5.000%, 12/1/33		2,874,599
	1,520,000	Charlotte, NC, Recreational Facilities Improvements Revenue, Callable 12/1/28 @ 100, 5.000%, 12/1/34		1,914,151
	2,180,000	Charlotte, NC, Refunding G.O., Series A, Callable 6/1/29 @ 100, 5.000%, 6/1/30		2,861,555
	1,875,000	Charlotte, NC, Refunding Revenue G.O., Series A, 5.000%, 7/1/25		2,239,594
	2,295,000	Charlotte, NC, Water & Sewer System Revenue, Refunding Revenue, 5.000%, 7/1/27		2,889,612
	3,000,000	Charlotte, NC, Water & Sewer System Revenue, Refunding Revenue, Callable 07/01/28 @ 100, 5.000%, 7/1/36		3,779,190
	2,035,000	Chatham County, NC, Refunding Revenue (County Guaranteed), 5.000%, 12/1/28		2,466,379
	2,500,000	Durham Capital Financing Corp., Refunding Revenue Limited Obligation, Callable 6/1/23 @ 100, 5.000%, 6/1/38		2,776,725
	1,225,000	East Carolina University, University & College Improvements Revenue, Series A, Callable 4/1/26 @ 100, 5.000%, 10/1/27		1,479,873

Principal Amount			Fair Value
MUNICIPAL BONDS — (continued)
		North Carolina — (continued)
$	1,000,000	Elizabeth City State University, Board of Governors of NC, Advance Refunding Revenue Bonds (AGM), Callable 4/1/29 @ 100, 5.000%, 4/1/40	$	1,229,500
	1,750,000	Fayetteville, NC, Public Works Commission, Electric Light & Power Improvements Revenue, Callable 3/1/24 @ 100, 4.000%, 3/1/27		1,923,583
	1,690,000	Fayetteville, NC, Public Works Commission, Multi-Utility Improvements Revenue, Callable 3/1/28 @ 100, 5.000%, 3/1/29		2,127,169
	3,000,000	Forsyth County NC, Public Improvements, G.O., Series B, Callable 3/1/29 @ 100, 5.000%, 3/1/31		3,903,360
	2,200,000	Forsyth County NC, Refunding Revenue, G.O., 5.000%, 7/1/26		2,701,226
	1,675,000	Guilford County, NC, Advance Refunding, G.O., Series A, Callable 2/1/26 @ 100, 5.000%, 2/1/28		2,026,030
	2,075,000	High Point, NC, Combined Water & Sewer System, Advance Refunding Revenue Bonds, 5.000%, 11/1/26		2,561,359
	1,010,000	Holly Springs, NC, Public Improvements Revenue, Callable 10/1/24 @ 100, 5.000%, 10/1/27		1,172,357
	1,195,000	Monroe, NC, Advance Refunding Revenue Bonds, Callable 3/1/26 @ 100, 5.000%, 3/1/29		1,429,459
	1,465,000	Moore County, Advance Refunding Revenue, G.O., 5.000%, 6/1/28		1,866,088
	1,250,000	New Hanover County, NC, Public Facilities Revenue Bonds, Series A, 5.000%, 2/1/26		1,505,113
	1,000,000	North Carolina Agricultural & Technical State University, Series A, Refunding Revenue, Callable 10/1/25 @ 100, 5.000%, 10/1/32		1,152,060
	1,215,000	North Carolina Agricultural & Technical State University, Series A, Refunding Revenue, Callable 10/1/25 @100, 5.000%, 10/1/34		1,394,213
	1,305,000	North Carolina Capital Facilities Finance Agency, Johnson & Wales University Project, Refunding Revenue, 5.000%, 4/1/21		1,349,644
	1,000,000	North Carolina Capital Facilities Finance Agency, Johnson & Wales University Project, Refunding Revenue, Callable 4/1/23 @ 100, 5.000%, 4/1/25		1,081,700
	840,000	North Carolina Capital Facilities Finance Agency, Meredith College Project, Refunding Revenue, 5.000%, 6/1/24		927,797
	750,000	North Carolina Capital Facilities Finance Agency, Meredith College Project, Refunding Revenue, 5.000%, 6/1/25		842,393
	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		1,177,861
	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		1,999,655

See accompanying Notes to the Financial Statements.

56

Sterling Capital North Carolina Intermediate Tax-Free Fund

Schedule of Portfolio Investments — (continued)

March 31, 2020 (Unaudited)

Principal Amount			Fair Value
MUNICIPAL BONDS — (continued)
		North Carolina — (continued)
$	1,205,000	North Carolina Central University, University & College Improvements, Revenue Bonds, Callable 04/01/29 @ 100, 5.000%, 4/1/33	$	1,438,216
	1,000,000	North Carolina Central University, University & College Improvements, Revenue Bonds, Callable 04/01/29 @ 100, 5.000%, 4/1/37		1,173,980
	370,000	North Carolina Eastern Municipal Power Agency, Electric, Lights & Power Improvements Revenue, Series A, OID, 6.400%, 1/1/21		384,630
	4,315,000	North Carolina Medical Care Commission, Health Care Facilities, Deerfield Episcopal Retirement, Advance Refunding Revenue, Callable 11/1/26 @ 100, 5.000%, 11/1/37		4,942,962
	800,000	North Carolina Medical Care Commission, Health Care Facilities, Nursinghome Improvement Revenue Bonds, Series A, Callable 1/1/30 @ 100, 5.000%, 7/1/32		1,032,696
	1,530,000	North Carolina Medical Care Commission, North Carolina Baptist Hospital, Refunding Revenue, Callable 6/1/20 @ 100, 5.250%, 6/1/29		1,540,266
	635,000	North Carolina Medical Care Commission, United Methodist Retirement Homes, Refunding Revenue, Callable 10/1/23 @ 103, 5.000%, 10/1/30		668,045
	650,000	North Carolina Medical Care Commission, United Methodist Retirement Homes, Refunding Revenue, Callable 10/1/23 @ 103, 5.000%, 10/1/31		681,935
	1,000,000	North Carolina Medical Care Commission, United Methodist Retirement Homes, Refunding Revenue, Callable 10/1/23 @ 103, 5.000%, 10/1/37		1,035,870
	2,780,000	North Carolina Medical Care Commission, Vidant Health Care Facilities, Refunding Revenue, Series A, Callable 6/1/22 @ 100, 5.000%, 6/1/24		3,008,043
	2,000,000	North Carolina State University at Raleigh, Refunding Revenue, Series A, Callable 10/1/23 @ 100, 5.000%, 10/1/28		2,251,600
	1,960,000	North Carolina State, Advance Refunding G.O., Series A, Callable 6/1/26 @ 100, 5.000%, 6/1/27		2,396,472
	3,000,000	North Carolina State, Advance Refunding Revenue Bonds, Series B, Callable 5/1/27 @ 100, 5.000%, 5/1/28		3,707,280
	4,385,000	North Carolina State, Advance Refunding, Revenue, Series B, Callable 5/1/27 @ 100, 5.000%, 5/1/30		5,390,568
	2,645,000	North Carolina State, Refunding Revenue G.O., Series B, 5.000%, 6/1/25		3,151,808
	1,250,000	North Carolina Turnpike Authority, Senior Lien, Advance Refunding Revenue (AGM), 5.000%, 1/1/26		1,409,475
	1,500,000	North Carolina Turnpike Authority, Senior Lien, Advance Refunding Revenue (AGM), 5.000%, 1/1/27		1,718,295
	2,100,000	North Carolina Turnpike Authority, Senior Lien, Advance Refunding Revenue (AGM), Callable 1/1/27 @ 100, 5.000%, 1/1/28		2,400,573

Principal Amount			Fair Value
MUNICIPAL BONDS — (continued)
		North Carolina — (continued)
$	1,210,000	Pender County, NC, Limited Obligation Refunding Revenue, Callable 6/1/22 @ 100, 5.000%, 6/1/26	$	1,304,465
	1,060,000	Pitt County, NC, Advance Refunding Revenue Bonds, Series B, Callable 10/1/26 @ 100, 5.000%, 4/1/30		1,284,360
	1,395,000	Pitt County, NC, Certificate of Participation, Refunding, Callable 4/1/22 @ 100, 5.000%, 4/1/25		1,501,020
	1,500,000	Raleigh, NC, Combined Enterprise System, Refunding Revenue, Series A, Callable 3/1/23 @ 100, 5.000%, 3/1/27		1,666,830
	1,615,000	Raleigh, NC, Combined Enterprise System, Refunding Revenue, Series A, Callable 3/1/23 @ 100, 5.000%, 3/1/28		1,794,620
	1,000,000	Raleigh, NC, Refunding Revenue, Callable 02/1/26 @ 100, 5.000%, 2/1/27		1,201,850
	1,985,000	Sampson County, NC, Refunding Revenue, Callable 12/1/25 @ 100, 5.000%, 12/1/26		2,357,505
	720,000	Surry County, NC, School Improvements, Revenue Bonds, Callable 06/01/29 @ 100, 5.000%, 6/1/30		929,326
	1,025,000	Surry County, NC, School Improvements, Revenue Bonds, Callable 06/01/29 @ 100, 4.000%, 6/1/35		1,198,297
	870,000	Town of Oak Island, NC, Combined Enterprise System, Advance Refunding Revenue (AGM), 5.000%, 6/1/25		1,020,014
	1,000,000	Union County, NC, Enterprise Systems, Refunding Revenue, Series A, Callable 12/1/21 @ 100, 4.000%, 12/1/22		1,048,350
	2,235,000	Union County, NC, Enterprise Systems, Water Utility Improvements, Refunding Revenue, Series A, Callable 06/01/29 @ 100, 4.000%, 6/1/38		2,585,493
	2,205,000	Union County, NC, Refunding G.O., Series A, 5.000%, 3/1/22		2,367,839
	1,000,000	Union County, NC, Refunding Revenue, 5.000%, 12/1/23		1,135,390
	1,695,000	University of North Carolina at Greensboro, University & College Improvements Revenue, Callable 4/1/24 @ 100, 5.000%, 4/1/28		1,928,893
	2,735,000	University of North Carolina System, Appalachian State University, Unrefunded Revenue, Callable 4/1/20 @ 100, 5.250%, 10/1/22		2,735,000
	1,485,000	University of North Carolina System, Asheville/Wilmington, Refunding Revenue, Series C, Callable 4/1/20 @ 100 (Assured Guaranty), 5.250%, 10/1/24		1,489,811
	1,985,000	Wake County, NC, Advance Refunding Revenue Bonds, Series A, Callable 12/1/26 @ 100, 5.000%, 12/1/28		2,430,057
	1,585,000	Wake County, NC, Public Improvements, G.O., Series A, Callable 3/1/28 @ 100, 5.000%, 3/1/30		2,015,343
	2,025,000	Wake County, NC, Public Improvements, G.O., Series A, Callable 3/1/29 @ 100, 5.000%, 3/1/30		2,638,170

Continued

57

Sterling Capital North Carolina Intermediate Tax-Free Fund

Schedule of Portfolio Investments — (continued)

March 31, 2020 (Unaudited)

Principal Amount			Fair Value
MUNICIPAL BONDS — (continued)
		North Carolina — (continued)
$	2,000,000	Wake County, NC, School Improvements, Revenue Bonds, Callable 9/1/29 @ 100, 5.000%, 9/1/30	$	2,595,780
	1,270,000	Wake County, NC, School Improvements, Revenue Bonds, Series A, 5.000%, 9/1/29		1,660,360
	2,125,000	Watauga Public Facilities Corp., Revenue, Series A, Callable 6/1/22 @ 100, 5.000%, 6/1/24		2,301,694
	1,000,000	Watauga Public Facilities Corp., Revenue, Series A, Callable 6/1/22 @ 100, 5.000%, 6/1/26		1,083,150
	1,000,000	Winston-Salem State University Foundation LLC, Refunding Revenue, Callable 4/1/22 @ 100, 5.000%, 4/1/25		1,060,070
	1,000,000	Winston-Salem, NC, Transit Improvements, Refunding Revenue, Series C, Callable 6/1/24 @ 100, 5.000%, 6/1/30		1,149,060
	1,165,000	Winston-Salem, NC, Water & Sewer System, Refunding Revenue, Series A, 5.000%, 6/1/24		1,347,858
	1,875,000	Winston-Salem, NC, Water & Sewer System, Refunding Revenue, Series A, Callable 6/1/24 @ 100, 5.000%, 6/1/25		2,169,300
	1,000,000	Winston-Salem, NC, Water & Sewer System, Refunding Revenue, Series A, Callable 6/1/24 @ 100, 5.000%, 6/1/28		1,156,960
		Total Municipal Bonds    (Cost $152,166,826)		159,231,336

Shares			Fair Value
MONEY MARKET FUND — 2.3%
	3,770,261	Federated Treasury Obligations Fund, Institutional Shares, 0.31%(a)	$	3,770,261
		Total Money Market Fund (Cost $3,770,261)		3,770,261
Total Investments — 98.9% (Cost $155,937,087)				163,001,597
Net Other Assets (Liabilities) — 1.1%				1,751,925
NET ASSETS — 100.0%			$	164,753,522

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

AGM — Assured Guaranty Municipal Corp.

G.O. — General Obligation

OID — Original Issue Discount

Continued

58

Sterling Capital South Carolina Intermediate Tax-Free Fund

Schedule of Portfolio Investments

March 31, 2020 (Unaudited)

Principal Amount			Fair Value
MUNICIPAL BONDS — 97.9%
		South Carolina — 97.9%
$	1,000,000	Aiken County, SC, Consolidated School District, School Improvements G.O., Series A, Callable 4/1/29 @ 100, (SCSDE), 4.000%, 4/1/34	$	1,171,390
	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		1,183,660
	850,000	Aiken County, SC, Consolidated School District, Special Obligation Bonds, School Improvements Revenue, Callable 6/1/29 @ 100, 4.000%, 6/1/33		1,000,790
	1,770,000	Anderson County, SC, School District No. 2, Refunding, G.O., (SCSDE), 5.000%, 3/1/24		2,026,809
	1,515,000	Anderson County, SC, School District No. 4, Refunding, G.O., Series A, Callable 3/1/25 @ 100, (SCSDE), 5.000%, 3/1/28		1,783,534
	1,000,000	Anderson Regional Joint Water System, Refunding Revenue, Series A, Callable 7/15/21 @ 100, 5.000%, 7/15/25		1,048,610
	1,000,000	Beaufort-Jasper Water & Sewer Authority, Advance Refunding Revenue, Series B, 5.000%, 3/1/24		1,145,090
	1,000,000	Beaufort-Jasper Water & Sewer Authority, Advance Refunding Revenue, Series B, 5.000%, 3/1/25		1,178,820
	425,000	Charleston County, Airport District Port, Airport & Marina Improvements Revenue, Callable 7/1/29 @100, 5.000%, 7/1/30		531,590
	1,000,000	Charleston County, SC, Port, Airport & Marina Improvements Revenue, 5.000%, 12/1/22		1,100,220
	1,500,000	Charleston Educational Excellence Finance Corp., Charleston County School Refunding Revenue, 5.000%, 12/1/21		1,594,620
	1,000,000	Charleston Public Facilities Corp., Charleston City Project Series, Parking Facilities Improvement Revenue, Callable 9/1/27 @ 100, 5.000%, 9/1/29		1,245,600
	1,215,000	Charleston, SC, Waterworks & Sewer System Revenue, Advance Refunding Revenue, Series A, Callable 7/1/26 @ 100, 4.000%, 1/1/41		1,361,565
	1,355,000	Coastal Carolina University, University & College Improvements Revenue, Callable 6/1/24 @ 100, 5.000%, 6/1/34		1,542,207
	1,295,000	College of Charleston, University & College Improvements Refunding Revenue, Series A, Callable 4/1/21 @ 100, 5.000%, 4/1/25		1,342,708
	1,000,000	College of Charleston, University & College Improvements Revenue, Series A, Callable 4/1/24 @ 100, 5.000%, 4/1/25		1,139,240
	1,000,000	College of Charleston, University & College Improvements Revenue, Series B, 5.000%, 4/1/27		1,229,400
	1,650,000	Columbia, SC, Waterworks & Sewer System Revenue, Water & Sewer Utility Improvements Revenue, Callable 2/1/28 @ 100, 5.000%, 2/1/48		1,980,594
	1,135,000	East Richland County Public Service District, Refunding Revenue, 4.000%, 1/1/22		1,190,978

Principal Amount			Fair Value
MUNICIPAL BONDS — (continued)
		South Carolina — (continued)
$	1,000,000	Florence County, SC, McLeod Regional Medical Center Project, Refunding Revenue, Callable 11/1/24 @ 100, 5.000%, 11/1/28	$	1,146,570
	1,100,000	Florence County, SC, McLeod Regional Medical Center Project, Refunding Revenue, Callable 11/1/24 @ 100, 5.000%, 11/1/33		1,248,907
	1,000,000	Georgetown County, SC, School District, School Improvements, G.O., Callable 3/1/28 @ 100 (SCSDE), 4.000%, 3/1/30		1,170,570
	1,000,000	Greenville County, SC, School District Building Refunding Revenue, 5.000%, 12/1/22		1,097,450
	1,000,000	Greenville Health System, Hospital System Board, Refunding Revenue, Callable 5/1/22 @ 100, 5.000%, 5/1/31		1,057,620
	1,415,000	Greenville Health System, Hospital System Board, Series B, Callable 05/01/24 @ 100, 5.000%, 5/1/31		1,588,055
	1,000,000	Greenwood County, SC, Self Regional Healthcare Refunding Revenue, Series B, Callable 4/1/22 @ 100, 5.000%, 10/1/24		1,067,030
	2,025,000	Horry County, SC, School District, Refunding, G.O., Series B (SCSDE), 5.000%, 3/1/23		2,246,069
	1,000,000	Kershaw County, SC, Kershaw County School District Project, Refunding Revenue, 5.000%, 12/1/23		1,118,960
	1,855,000	Lancaster County SC, Lancaster School District, School Improvements, G.O. (SCSDE), Callable 3/1/27 @ 100, 4.000%, 3/1/28		2,168,643
	1,600,000	Lancaster Educational Assistance Program, Inc., SC, Lancaster County School District Refunding Revenue, Callable 12/1/23 @ 100, 5.000%, 12/1/24		1,814,768
	1,000,000	Lexington County, School District No. 1, G.O., Series B, Callable 2/1/29 @ 100, (SCSDE), 5.000%, 2/1/32		1,275,310
	1,500,000	Lexington County, School District No. 2, G.O., Series C, Callable 3/1/27 @ 100, (SCSDE), 5.000%, 3/1/29		1,847,055
	1,345,000	Lexington County, School District No. 2, G.O., Series C, Callable 3/1/27 @ 100, (SCSDE), 5.000%, 3/1/30		1,648,271
	1,000,000	Lugoff-Elgin Water Authority, Refunding Revenue, Series B, Callable 7/1/26 @ 100, 5.000%, 7/1/30		1,188,670
	1,460,000	Newberry, SC, Refunding Revenue (AGM), 5.000%, 4/1/24		1,654,764
	1,485,000	Orangeburg County, SC, Correctional Facilities Improvements, Installment Purchase Revenue Bonds, Callable 12/1/27 @ 100, 5.000%, 12/1/29		1,828,688
	1,570,000	Orangeburg County, SC, School District No. 4, School Improvements Refunding, G.O., Series A (SCSDE), 5.000%, 3/1/24		1,797,791
	1,000,000	Piedmont Municipal Power Agency, Power System Refunding Revenue, Series B, Callable 1/1/22 @ 100, 4.000%, 1/1/23		1,044,340
	1,000,000	Richland County, SC, School District No. 1, Refunding Bonds, G.O., Series A, (SCSDE), 5.000%, 3/1/26		1,209,880

See accompanying Notes to the Financial Statements.

59

Sterling Capital South Carolina Intermediate Tax-Free Fund

Schedule of Portfolio Investments — (continued)

March 31, 2020 (Unaudited)

Principal Amount			Fair Value
MUNICIPAL BONDS — (continued)
		South Carolina — (continued)
$	1,640,000	Richland County, SC, School District No. 2, Refunding Bonds, G.O., Series B, Callable 3/1/27 @ 100, (SCSDE), 4.000%, 3/1/29	$	1,908,484
	1,000,000	Rock Hill, SC, Combined Utility System, Refunding Revenue, Series A, Callable 1/1/22 @100 (AGM), 5.000%, 1/1/23		1,065,800
	1,000,000	Rock Hill, SC, Hospital Fee Pledge, Refunding Revenue, Callable 4/1/23 @100, 5.000%, 4/1/33		1,099,710
	1,500,000	SCAGO Educational Facilities Corp. for Cherokee School District No. 1, Refunding Revenue, 5.000%, 12/1/24		1,737,675
	1,135,000	SCAGO Educational Facilities Corp. for Colleton School District, Refunding Revenue, 5.000%, 12/1/20		1,162,501
	790,000	SCAGO Educational Facilities Corp. for Union School District, Refunding Revenue, 5.000%, 12/1/21		835,251
	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		1,005,338
	1,000,000	South Carolina Jobs-Economic Development Authority, Bons Secours Health System, Inc., Refunding Revenue, Callable 11/1/22 @ 100, 5.000%, 11/1/24		1,096,260
	1,500,000	South Carolina Jobs-Economic Development Authority, Conway Hospital Income Project, Health, Hospital, Nursing Home Improvements Revenue, Callable 7/1/22 @ 100, 5.000%, 7/1/23		1,629,480
	1,540,000	South Carolina Jobs-Economic Development Authority, Wofford College Project, University & College Improvements Revenue, Callable 4/1/29 @ 100, 5.000%, 4/1/44		1,780,055
	1,000,000	South Carolina Jobs-Economic Development Authority, Wofford College Project, University & College Improvements Revenue, Callable 4/1/29 @ 100, 5.000%, 4/1/49		1,147,110
	1,400,000	South Carolina State Fiscal Accountability Authority, Department of Mental Health Project, Callable 4/01/27 @ 100, 5.000%, 10/1/37		1,684,494
	1,250,000	South Carolina Transportation Infrastructure Bank, Advance Refunding Revenue, Series A, 5.000%, 10/1/23		1,396,788

Principal Amount			Fair Value
MUNICIPAL BONDS — (continued)
		South Carolina — (continued)
$	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	$	1,206,380
	1,740,000	Spartanburg, SC, Water System Revenue, Water Utility Improvements Refunding Revenue, Series B, Callable 6/1/27 @ 100, 5.000%, 6/1/39		2,088,296
	1,235,000	State of South Carolina, Refunding Revenue, G.O., Series D, Callable 4/1/26 @ 100 (State Aid Withholding), 5.000%, 4/1/28		1,499,685
	1,195,000	State of South Carolina, University & College Improvements, G.O., Series B, Callable 10/1/27 @ 100 (State Aid Withholding), 5.000%, 4/1/30		1,503,884
	1,150,000	Town of Mount Pleasant, SC, Public Facilities, G.O., Callable 6/1/28 @ 100, 5.000%, 6/1/30		1,469,378
		Total Municipal Bonds (Cost $75,813,293)		79,333,405

Shares
MONEY MARKET FUND — 1.2%
	985,696	Federated Treasury Obligations Fund, Institutional Shares, 0.31%(a)		985,696
		Total Money Market Fund (Cost $985,696)		985,696
Total Investments — 99.1% (Cost $76,798,989)				80,319,101
Net Other Assets (Liabilities) — 0.9%				722,997
NET ASSETS — 100.0%			$	81,042,098

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

AGM — Assured Guaranty Municipal Corp.

G.O. — General Obligation

SCAGO — South Carolina Association of Governmental Organizations

SCSDE — South Carolina School District Enhancement

Continued

60

Sterling Capital Virginia Intermediate Tax-Free Fund

Schedule of Portfolio Investments

March 31, 2020 (Unaudited)

Principal Amount			Fair Value
MUNICIPAL BONDS — 98.7%
		District of Columbia — 3.6%
$	1,160,000	Metropolitan Washington Airports Authority, Port, Airport & Marina Improvement Revenue, Series A, Callable 10/1/20 @ 100, 5.000%, 10/1/23	$	1,182,492
	1,325,000	Washington Metropolitan Area Transit Authority, DC, Transit Improvements Revenue, Callable 7/1/27 @ 100, 5.000%, 7/1/36		1,571,039
				2,753,531
		Virginia — 95.1%
	1,730,000	Albemarle County, VA, Economic Development Authority, Albemarle County Project, Public Improvements Revenue, Callable 6/1/22 @ 100, 5.000%, 6/1/23		1,868,919
	1,240,000	Albemarle County, VA, Economic Development Authority, Public Improvements Revenue, 5.000%, 6/1/27		1,547,433
	1,365,000	Albemarle County, VA, School Improvements G.O., (State Aid Withholding), 5.000%, 6/1/26		1,672,275
	1,000,000	Alexandria, VA, Refunding G.O. (State Aid Withholding), 5.000%, 6/15/21		1,046,950
	1,450,000	Arlington County, VA, Public Improvements G.O., Callable 8/15/27 @ 100, 5.000%, 8/15/30		1,835,207
	1,500,000	Arlington County, VA, Public Improvements G.O., Series A, Callable 8/15/27 @ 100, 5.000%, 8/15/29		1,898,805
	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		1,242,770
	1,770,000	Chesapeake, VA, Public Improvements, Refunding G.O., Series A, Callable 8/1/27 @ 100, 5.000%, 8/1/30		2,225,403
	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		1,180,780
	1,145,000	Culpeper County, VA, Economic Development Authority, VA Capital Projects, Refunding Revenue, Callable 6/1/24 @ 100, 4.000%, 6/1/26		1,263,038
	1,500,000	Fairfax County, VA, Economic Development Authority, Laurel Hill Public Facilities Project, Refunding Revenue, Series A, 5.000%, 6/1/22		1,623,135
	1,500,000	Fairfax County, VA, Public Improvement, Refunding G.O., Series A, Callable 4/1/26 @ 100, (State Aid Withholding), 4.000%, 10/1/26		1,716,885
	2,000,000	Fairfax County, VA, School District, School Public Improvements G.O., Series A, Callable 4/1/29 @ 100 (State Aid Withholding), 5.000%, 10/1/31		2,601,400
	1,000,000	Fredericksburg Economic Development Authority, Mary Washington Healthcare Obligation Group, Refunding Revenue, Callable 6/15/24 @ 100, 5.000%, 6/15/26		1,141,510

Principal Amount			Fair Value
MUNICIPAL BONDS — (continued)
		Virginia — (continued)
$	1,680,000	Henrico County, VA, Economic Development Authority, Westminster Canterbury Project, Current Refunding, Callable 10/1/24 @ 100, 5.000%, 10/1/28	$	1,901,962
	1,700,000	Leesburg, VA, Refunding G.O., Callable 1/15/24 @ 100, (State Aid Withholding), 4.000%, 1/15/27		1,868,181
	1,000,000	Leesburg, VA, Refunding G.O., Callable 1/15/25 @ 100, (State Aid Withholding), 5.000%, 1/15/27		1,171,400
	1,000,000	Loudoun County, VA, Economic Development Authority, Public Improvements Revenue, Callable 12/1/24 @ 100, 5.000%, 12/1/27		1,159,920
	1,365,000	Loudoun County, VA, Industrial Development Authority, Refunding Revenue, 4.000%, 12/15/22		1,467,116
	1,250,000	Loudoun County, VA, Public Improvements, Advance Refunding G.O., Series A, Callable 12/1/25 @ 100, 5.000%, 12/1/26		1,508,375
	1,810,000	Manassas, VA, Public Improvements, Public Facilities G.O., Callable 7/1/29 @ 100 (State Aid Withholding), 4.000%, 7/1/33		2,168,850
	1,000,000	Newport News, VA, General Water Improvements, Refunding G.O., Series B, 5.250%, 7/1/21		1,051,760
	1,500,000	Newport News, VA, Public Improvements, G.O., Series A (State Aid Withholding), 5.000%, 2/1/29		1,955,085
	1,000,000	Norfolk, VA, Economic Development Authority, Bon Secours Health System, Inc., Refunding Revenue, Callable 11/1/22 @ 100, 5.000%, 11/1/29		1,096,260
	1,000,000	Norfolk, VA, Economic Development Authority, Sentara Healthcare Facilities, Inc., Current Refunding Revenue Bonds, Series B, Callable 11/1/28 @ 100, 4.000%, 11/1/48		1,128,020
	1,000,000	Norfolk, VA, Economic Development Authority, Sentara Healthcare Facilities, Refunding Revenue, Series B, Callable 11/1/22 @ 100, 5.000%, 11/1/25		1,091,190
	1,465,000	Norfolk, VA, Economic Development Authority, Sentara Healthcare, Refunding Revenue, Series B, Callable 11/1/22 @ 100, 5.000%, 11/1/36		1,571,754
	1,445,000	Norfolk, VA, Public Improvements, G.O., Callable 8/1/28 @ 100 (State Aid Withholding), 5.000%, 8/1/47		1,868,443
	2,000,000	Norfolk, VA, Public Improvements, G.O., Series A, Callable 10/1/26 @ 100, 5.000%, 10/1/30		2,473,660
	1,500,000	Portsmouth, VA, Public Improvements, Refunding G.O., Callable 2/1/23 @ 100, (State Aid Withholding), 5.000%, 2/1/27		1,657,695
	1,245,000	Rappahannock Regional Jail Authority, Refunding Revenue, Callable 10/1/2025 @ 100, 5.000%, 10/1/26		1,488,858
	2,000,000	Richmond, VA, Public Improvements, Refunding G.O., Series A, Callable 3/1/24 @ 100 (State Aid Withholding), 5.000%, 3/1/28		2,295,500
	1,250,000	Richmond, VA, Public Utility Advance Refunding Revenue Bonds, Callable 1/15/26 @ 100, 5.000%, 1/15/27		1,501,037

See accompanying Notes to the Financial Statements.

61

Sterling Capital Virginia Intermediate Tax-Free Fund

Schedule of Portfolio Investments — (continued)

March 31, 2020 (Unaudited)

Principal Amount			Fair Value
MUNICIPAL BONDS — (continued)
		Virginia — (continued)
$	1,530,000	Smyth County, VA, Public Improvement, Refunding G.O., Series A, Callable 11/1/21 @ 100 (State Aid Withholding), 5.000%, 11/1/25	$	1,623,973
	1,850,000	Virginia College Building Authority, 21st Century College Programs, University & College Improvements Revenue, Callable 2/1/27 @ 100, 5.000%, 2/1/31		2,265,954
	1,500,000	Virginia College Building Authority, 21st Century College & Equipment, University & College Improvements Revenue, Series A, 5.000%, 2/1/22		1,605,990
	1,500,000	Virginia Commonwealth Transportation Board, Capital Projects, Highway Improvements, Revenue Bonds, Callable 5/15/29 @ 100, 5.000%, 5/15/30		1,935,900
	1,215,000	Virginia Commonwealth Transportation Board, Federal Highway Transportation Grant, Callable 9/15/26 @ 100, 5.000%, 9/15/30		1,476,383
	2,000,000	Virginia Commonwealth Transportation Board, Federal Transportation Grant, Anticipation Advance Refunding Revenue, Callable 9/15/27 @ 100, 5.000%, 9/15/31		2,471,920
	2,000,000	Virginia Public Building Authority, Public Improvements Revenue, Series A, Callable 8/1/21 @ 100, 5.000%, 8/1/26		2,104,900
	1,515,000	Virginia Public School Authority, Advance Refunding Revenue, Callable 8/1/25 @ 100 (State Aid Withholding), 5.000%, 8/1/26		1,789,806
	1,000,000	Virginia Public School Authority, School Improvements, Revenue Bonds, Series A, Callable 8/1/29 @ 100, 4.000%, 8/1/32		1,193,390
	765,000	Western Regional Jail Authority, Prerefunded Revenue, Callable 12/1/25 @ 100, 5.000%, 12/1/26		920,915

Principal Amount			Fair Value
MUNICIPAL BONDS — (continued)
		Virginia — (continued)
$	760,000	Western Regional Jail Authority, Unrefunded Revenue, Callable 12/1/25 @ 100, 5.000%, 12/1/26	$	911,096
	920,000	Winchester, VA, Economic Development Authority, Valley Health System Obligated Group, Hospital Refunding Revenue, Series A, Callable 1/1/24 @ 100, 5.000%, 1/1/26		1,033,114
				72,622,917
		Total Municipal Bonds (Cost $71,533,703)		75,376,448

Shares
MONEY MARKET FUND — 0.3%
	257,847	Federated Treasury Obligations Fund, Institutional Shares, 0.31%(a)		257,847
		Total Money Market Fund (Cost $257,847)		257,847
Total Investments — 99.0% (Cost $71,791,550)				75,634,295
Net Other Assets (Liabilities) — 1.0%				736,638
NET ASSETS — 100.0%			$	76,370,933

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

AGM — Assured Guaranty Municipal Corp.

G.O. — General Obligation

Continued

62

Sterling Capital West Virginia Intermediate Tax-Free Fund

Schedule of Portfolio Investments

March 31, 2020 (Unaudited)

Principal Amount			Fair Value
MUNICIPAL BONDS — 96.8%
		West Virginia — 96.8%
$	500,000	Berkeley County, WV, Board of Education, Current Refunding G.O., 5.000%, 5/1/25	$	584,690
	1,060,000	Berkeley County, WV, Building Commission, Judicial Center Project, Refunding Revenue, Callable 9/1/21 @ 100, 4.500%, 9/1/23		1,106,333
	1,085,000	Berkeley County, WV, Building Commission, Lease Refunding Revenue, Callable 12/1/22 @ 100, 4.000%, 12/1/26		1,154,147
	1,500,000	Berkeley County, WV, Public Service Sewer District, Miscellaneous Purposes Revenue, Series C, Callable 10/1/23 @ 100, (BAM), 4.500%, 10/1/32		1,636,665
	280,000	Berkeley County, WV, Public Service Sewer District, Sewer Improvements Revenue, Series A, Callable 5/13/19 @ 100, 5.000%, 3/1/22		281,014
	1,080,000	Braxton County, WV, Board of Education, Public School, Advance Refunding G.O., Callable 5/1/26 @ 100, (West Virginia Board Commission), 5.000%, 5/1/28		1,291,453
	1,005,000	Fairmont State University, WV, University & College Improvements, Refunding Revenue, Series A, Callable 6/1/21 @ 100, 5.000%, 6/1/23		1,040,868
	1,390,000	Marshall University, WV, University & College Improvements Revenue, Callable 5/1/21 @ 100, 5.000%, 5/1/26		1,445,253
	1,000,000	Monongalia County, WV, Board of Education, Public School Refunding G.O., Callable 5/1/22 @ 100, (West Virginia Board Commission), 5.000%, 5/1/23		1,079,990
	675,000	Monongalia County, WV, Board of Education, Public School Refunding G.O., Callable 5/1/22 @ 100, (West Virginia Board Commission), 5.000%, 5/1/31		728,993
	965,000	Monongalia County, WV, Board of Education, Public School Refunding G.O., Callable 5/1/22 @ 100, (West Virginia Board Commission), 5.000%, 5/1/33		1,042,190
	915,000	Monongalia County, WV, Building Commission, Health System Obligated Group Refunding Revenue, Callable 7/1/21 @ 100, OID, 6.250%, 7/1/31		962,534
	2,000,000	Monongalia County, WV, Building Commission, Monongalia Health System Group Refunding Revenue, Callable 7/1/25 @ 100, 5.000%, 7/1/26		2,243,020
	500,000	Morgantown Utility Board, WV, Combined Water Utility Improvements Revenue, Series B, Callable 6/1/28 @ 100, 5.000%, 12/1/34		621,405
	1,810,000	Ohio County, WV, Board of Education, School Improvements G.O., (West Virginia Board Commission), 4.000%, 6/1/29		2,191,095
	2,275,000	Ohio County, WV, Board of Education, School Improvements G.O., Callable 6/1/29 @ 100, (West Virginia Board Commission), 3.000%, 6/1/30		2,460,708
	1,845,000	Ohio County, WV, Board of Education, School Improvements G.O., Callable 6/1/29 @ 100, (West Virginia Board Commission), 3.000%, 6/1/31		1,988,283

Principal Amount			Fair Value
MUNICIPAL BONDS — (continued)
		West Virginia — (continued)
$	1,000,000	Ohio County, WV, Country Commission, Fort Henry Centre Financing District, Public Improvement, Tax Allocation, Callable 6/1/22 @ 100, 4.750%, 6/1/31	$	1,011,830
	1,165,000	Pleasants County, WV, Board of Education, Public School Improvements G.O., Callable 5/1/21 @ 100, 4.000%, 5/1/24		1,195,616
	695,000	School Building Authority of West Virginia, Lottery Capital Improvements Revenue, Callable 7/1/24 @ 100, Series A, 5.000%, 7/1/27		795,900
	1,265,000	School Building Authority of West Virginia, Lottery Capital Improvements Revenue, Callable 7/1/24 @ 100, Series A, 5.000%, 7/1/28		1,445,844
	1,720,000	State of West Virginia, Current Refunding G.O., Series A, 5.000%, 6/1/24		1,988,492
	2,000,000	State of West Virginia, Fuel Sales Tax Revenue, Group 1 Highway Improvements, G.O., Series S, Callable 6/1/29 @ 100, 5.000%, 12/1/33		2,566,960
	2,000,000	State of West Virginia, Fuel Sales Tax Revenue, Group 2 Highway Improvements, G.O., Series B, Callable 6/1/28 @ 100, 5.000%, 12/1/39		2,467,860
	1,765,000	State of West Virginia, Fuel Sales Tax Revenue, Group 2 Highway Improvements, G.O., Series B, Callable 6/1/28 @ 100, 4.000%, 6/1/43		1,952,584
	1,000,000	State of West Virginia, General Fund, Highway Improvements G.O., Series B, Callable 6/1/28 @ 100, 5.000%, 6/1/36		1,244,560
	2,000,000	West Virginia Economic Development Authority, Correctional Juvenile Public Safety Facilities Lease, Refunding Revenue, Callable 6/1/22 @ 100, 5.000%, 6/1/25		2,155,700
	3,185,000	West Virginia Economic Development Authority, Correctional Juvenile Public Safety Facilities Lease, Refunding Revenue, Callable 6/1/22 @ 100, 5.000%, 6/1/26		3,430,118
	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		1,421,174
	1,500,000	West Virginia Economic Development Authority, Lottery Recreational Facilities Improvements Revenue, Series A, Callable 7/1/28 @ 100, 5.000%, 7/1/35		1,857,525
	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		1,185,621
	1,000,000	West Virginia Higher Education Policy, Community & Technical College Capital, University & College Improvements Refunding Revenue, Callable 7/1/27 @100, 5.000%, 7/1/30		1,222,290
	750,000	West Virginia Higher Education Policy, Community & Technical College Capital, University & College Improvements Refunding Revenue, Callable 7/1/27 @100, 5.000%, 7/1/36		902,625

See accompanying Notes to the Financial Statements.

63

Sterling Capital West Virginia Intermediate Tax-Free Fund

Schedule of Portfolio Investments — (continued)

March 31, 2020 (Unaudited)

Principal Amount			Fair Value
MUNICIPAL BONDS — (continued)
		West Virginia — (continued)
$	725,000	West Virginia Hospital Finance Authority, Cabell Huntington Hospital Obligated Group, Refunding Revenue, Callable 1/1/29 @ 100, 5.000%, 1/1/31	$	887,154
	945,000	West Virginia Hospital Finance Authority, Charleston Area Medical Center Inc., Health, Hospital, Nursing Home Improvements, Refunding Revenue, Callable 9/1/24 @100, 5.000%, 9/1/25		1,082,082
	1,250,000	West Virginia Hospital Finance Authority, Charleston Area Medical Center Inc., Health, Hospital, Nursing Home Improvements, Refunding Revenue, Callable 9/1/29 @100, 5.000%, 9/1/39		1,521,100
	2,000,000	West Virginia Hospital Finance Authority, United Health System Obligation, Health, Hospital, Nursing Home Improvements Refunding Revenue, Series A, Callable 6/1/23 @ 100, OID, 5.375%, 6/1/38		2,175,140
	515,000	West Virginia Hospital Finance Authority, Valley Health System Obligated Group, Refunding Revenue, 5.000%, 1/1/24		582,202
	630,000	West Virginia Hospital Finance Authority, Valley Health System Obligated Group, Refunding Revenue, Callable 1/1/24 @ 100, 5.000%, 1/1/26		708,926
	1,680,000	West Virginia Parkways Authority, Senior Turnpike Toll Revenue, Highway Improvements, 5.000%, 6/1/26		2,041,469
	2,065,000	West Virginia Parkways Authority, Senior Turnpike Toll Revenue, Highway Improvements, Callable 6/1/28 @ 100, 5.000%, 6/1/39		2,543,791
	1,565,000	West Virginia Parkways Authority, Senior Turnpike Toll Revenue, Highway Improvements, Callable 6/1/28 @ 100, 5.000%, 6/1/43		1,913,103
	1,295,000	West Virginia State Building Commission, Regional Jail Refunding Revenue, Series A, (AMBAC), 5.375%, 7/1/21		1,320,486
	1,500,000	West Virginia State School Building Authority Lottery Revenue, School Improvements Revenue, Series A, Callable 7/1/28 @ 100, 5.000%, 7/1/29		1,898,880
	1,050,000	West Virginia State Water Development Authority, Loan Program II, Refunding Revenue, Series A-II, Callable 11/1/23 @ 100, 5.000%, 11/1/26		1,180,001
	2,525,000	West Virginia State Water Development Authority, Loan Program II, Refunding Revenue, Series A-II, Callable 11/1/23 @ 100, 5.000%, 11/1/27		2,831,990
	1,000,000	West Virginia University, University Projects, University & College Improvements Revenue, Callable 10/1/29 @ 100, 5.000%, 10/1/32		1,277,190

Principal Amount			Fair Value
MUNICIPAL BONDS — (continued)
		West Virginia — (continued)
$	2,000,000	West Virginia University, University Projects, University & College Improvements Revenue, Callable 10/1/29 @ 100, 5.000%, 10/1/33	$	2,547,100
	1,750,000	West Virginia University, University Projects, University & College Improvements Revenue, Series B, Callable 10/1/21 @ 100, 5.000%, 10/1/30		1,851,885
	1,530,000	West Virginia University, University Projects, University & College Improvements, Refunding Revenue, Series A, Callable 10/1/22 @ 100, 5.000%, 10/1/35		1,676,589
	500,000	West Virginia Water Development Authority, Chesapeake Bay/Greenbrier River, Water Utility Improvements Revenue, Callable 7/1/24 @ 100, 5.000%, 7/1/25		577,275
	1,020,000	West Virginia Water Development Authority, Loan Program II, Refunding Revenue, Series A-II, 5.000%, 11/1/24		1,182,374
	1,000,000	West Virginia Water Development Authority, Loan Program II, Refunding Revenue, Series A-II, 5.000%, 11/1/25		1,189,650
	1,205,000	Wood County, WV, Board of Education, Public School Improvements, G.O., (West Virginia Board Commission), 4.000%, 6/1/25		1,359,541
		Total Municipal Bonds (Cost $77,828,793)		81,051,268

Shares
MONEY MARKET FUND — 2.0%
	1,685,685	Federated Treasury Obligations Fund, Institutional Shares, 0.31%(a)		1,685,685
		Total Money Market Fund (Cost $1,685,685)		1,685,685
Total Investments — 98.8% (Cost $79,514,478)				82,736,953
Net Other Assets (Liabilities) — 1.2%				998,887
NET ASSETS — 100.0%			$	83,735,840

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

AMBAC — American Municipal Bond Assurance Corp.

BAM — Build America Mutual

G.O. — General Obligation

OID — Original Issue Discount

Continued

64

Sterling Capital Diversified Income Fund

Schedule of Portfolio Investments

March 31, 2020 (Unaudited)

Shares			Fair Value
EQUITY FUNDS — 35.3%
	61,383	First Trust DJ Global Select Dividend Index Fund	$	977,217
	51,026	Global Super Dividend U.S. ETF		657,215
	214,183	Invesco Oppenheimer SteelPath MLP Select 40 Fund		603,997
	203,908	Madison Covered Call & Equity Income Fund		1,355,991
	20,927	SPDR S&P Global Dividend ETF		1,003,240
	9,784	Vanguard High Dividend Yield ETF		692,218
		Total Equity Funds (Cost $7,535,363)		5,289,878
FIXED INCOME FUNDS — 62.7%
	248,127	Ashmore Emerging Markets Short Duration Fund		1,491,242
	143,293	Federated Institutional High-Yield Bond Fund		1,232,316
	28	Fidelity Intermediate Treasury Bond Index Fund		337
	19,385	Fidelity Long-Term Treasury Bond Index Fund		332,264
	63,934	Fidelity Short Term Treasury Bond Index Fund		696,881
	59,775	Hotchkis & Wiley High Yield Fund		562,480
	122,758	Loomis Sayles Senior Floating Rate and Fixed Income Fund		937,870
	74,102	Principal Spectrum Preferred and Capital Securities Income Fund		668,401
	145,033	Stone Ridge High Yield Reinsurance Risk Premium Fund		1,289,345

Shares			Fair Value
FIXED INCOME FUNDS — (continued)
	36,445	VanEck Vectors Fallen Angel High Yield Bond ETF	$	922,059
	143,482	Voya Securitized Credit Fund		1,264,078
		Total Fixed Income Funds (Cost $11,283,626)		9,397,273
MONEY MARKET FUND — 2.4%
	367,543	Federated Treasury Obligations Fund, Institutional Shares, 0.31%(a)		367,543
		Total Money Market Fund (Cost $367,543)		367,543
Total Investments — 100.4%
(Cost $19,186,532)				15,054,694
Net Other Assets (Liabilities) — (0.4)%				(55,320	)
NET ASSETS — 100.0%			$	14,999,374

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

ETF — Exchange Traded Fund

MLP — Master Limited Partnership

See accompanying Notes to the Financial Statements.

65

Sterling Capital Strategic Allocation Balanced Fund

Schedule of Portfolio Investments

March 31, 2020 (Unaudited)

Shares			Fair Value
EQUITY FUNDS — 56.9%
	801,107	Sterling Capital Behavioral International Equity Fund, Institutional Shares(a)	$	5,615,757
	182,742	Sterling Capital Equity Income Fund, Institutional Shares(a)		2,942,138
	146,317	Sterling Capital Special Opportunities Fund, Institutional Shares(a)		2,854,639
		Total Equity Funds (Cost $13,633,085)		11,412,534
FIXED INCOME FUND — 42.4%
	786,888	Sterling Capital Total Return Bond Fund, Institutional Shares(a)		8,514,130
		Total Fixed Income Fund (Cost $8,035,163)		8,514,130
MONEY MARKET FUND — 0.6%
	128,961	Federated Treasury Obligations Fund, Institutional Shares, 0.31%(b)		128,961
		Total Money Market Fund (Cost $128,961)		128,961
Total Investments — 99.9%     (Cost $21,797,209)				20,055,625
Net Other Assets (Liabilities) — 0.1%				19,983
NET ASSETS — 100.0%			$	20,075,608

(a) Investments in issuers considered to be an affiliate of the Fund for purposes of Section 2(a)(3) of the Investment Company Act of 1940.

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

See accompanying Notes to the Financial Statements.

66

Sterling Capital Strategic Allocation Growth Fund

Schedule of Portfolio Investments

March 31, 2020 (Unaudited)

Shares			Fair Value
EQUITY FUNDS — 72.5%
	802,045	Sterling Capital Behavioral International Equity Fund, Institutional Shares(a)	$	5,622,336
	182,996	Sterling Capital Equity Income Fund, Institutional Shares(a)		2,946,236
	146,529	Sterling Capital Special Opportunities Fund, Institutional Shares(a)		2,858,778
		Total Equity Funds (Cost $13,579,459)		11,427,350
FIXED INCOME FUND — 27.1%
	394,385	Sterling Capital Total Return Bond Fund, Institutional Shares(a)		4,267,246
		Total Fixed Income Fund (Cost $4,134,702)		4,267,246
MONEY MARKET FUND — 0.3%
	51,003	Federated Treasury Obligations Fund, Institutional Shares, 0.31%(b)		51,003
		Total Money Market Fund (Cost $51,003)		51,003
Total Investments — 99.9%
(Cost $17,765,164)				15,745,599
Net Other Assets (Liabilities) — 0.1%				8,806
NET ASSETS — 100.0%			$	15,754,405

(a) Investments in issuers considered to be an affiliate of the Fund for purposes of Section 2(a)(3) of the Investment Company Act of 1940.

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

See accompanying Notes to the Financial Statements.

67

Sterling Capital Funds

Statements of Assets and Liabilities

March 31, 2020 (Unaudited)

	Sterling Capital Behavioral Large Cap Value Equity Fund			Sterling Capital Mid Value Fund
Assets:
Investments at fair value (a)	$	202,416,545		$	53,886,443
Foreign currency, at value (cost $ — , $ — , $ — , $ — , $ — , $177,515, $ — , and $ — , respectively)		—			—
Dividends receivable		400,249			44,362
Receivable for investments sold		—			—
Receivable for capital shares issued		326			79,548
Prepaid and other expenses		32,817			23,435
Total Assets		202,849,937			54,033,788
Liabilities:
Distributions payable		—			—
Payable for investments purchased		—			—
Payable for capital shares redeemed		678,051			164,881
Accrued expenses and other payables:
Investment advisory fees		82,800			30,953
Accounting out-of-pocket fees		2,724			1,020
Administration fees		4,518			4,391
Audit fees		8,848			4,179
Compliance service fees		264			331
Distribution (12b-1) fees		5,279			5,238
Custodian fees		2,204			2,216
Transfer agent fees		12,835			28,704
Other fees and liabilities		6,408			6,871
Total Liabilities		803,931			248,784
Net Assets	$	202,046,006		$	53,785,004
Net Assets Consist of:
Capital	$	238,697,070		$	31,395,193
Total distributable earnings		(36,651,064	)		22,389,811
Net Assets	$	202,046,006		$	53,785,004
Net Assets
Class A Shares	$	22,117,194		$	15,203,274
Class C Shares		575,459			1,707,170
Institutional Shares		2,682,919			36,870,371
Class R Shares		—			3,850
Class R6 Shares		176,670,434			339
Total	$	202,046,006		$	53,785,004
Shares of Beneficial Interest Outstanding (Unlimited number of shares authorized, no par value)
Class A Shares		1,522,413			1,417,897
Class C Shares		40,967			187,236
Institutional Shares		183,518			3,361,612
Class R Shares		—			376
Class R6 Shares		12,079,374			31
Total		13,826,272			4,967,152
Net Asset Value
Class A Shares - redemption price per share	$	14.53		$	10.72
Class C Shares - offering price per share*	$	14.05		$	9.12
Institutional Shares	$	14.62		$	10.97
Class R Shares	$	—		$	10.24
Class R6 Shares	$	14.63		$	10.98	**
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	$	15.42		$	11.37
(a) Investments at cost	$	232,170,535		$	64,164,938

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

** The Sterling Capital Mid Value Fund net asset value for Class R6 Shares and Sterling Capital Stratton Mid Cap Value Fund net asset value for Class C Shares is calculated using unrounded net assets of $338.95 and $1063.08 divided by the unrounded shares of 30.862 and 22.857, respectively.

See accompanying Notes to the Financial Statements.

68

Sterling Capital Behavioral Small Cap Value Equity Fund			Sterling Capital Special Opportunities Fund			Sterling Capital Equity Income Fund			Sterling Capital Behavioral International Equity Fund			Sterling Capital SMID Opportunities Fund			Sterling Capital Stratton Mid Cap Value Fund
$	68,384,772		$	749,766,858		$	1,481,605,361		$	70,855,442		$	8,899,769		$	44,644,535
	—			—			—			180,067			—			—
	144,206			750,453			2,873,980			833,045			11,014			61,491
	5,137,436			626,730			9,270,478			—			—			—
	220			933,424			5,126,603			—			4,900			700
	17,869			64,017			125,794			14,452			4,611			12,105
	73,684,503			752,141,482			1,499,002,216			71,883,006			8,920,294			44,718,831
	—			—			533			—			—			—
	5,678,834			—			4,668,030			—			—			—
	3,605			1,359,588			13,034,190			3,940			21,239			—
	41,900			454,153			779,591			25,823			2,809			26,553
	3,639			5,521			9,508			9,828			418			942
	—			37,129			89,495			3,098			766			3,556
	4,322			33,803			62,771			3,097			345			1,982
	200			829			1,220			122			70			111
	1,132			106,727			161,820			126			1,694			28
	1,066			8,553			13,284			6,128			68			479
	8,885			108,739			155,125			3,489			1,158			4,783
	663			26,320			41,202			3,188			(802	)		644
	5,744,246			2,141,362			19,016,769			58,839			27,765			39,078
$	67,940,257		$	750,000,120		$	1,479,985,447		$	71,824,167		$	8,892,529		$	44,679,753
$	102,739,854		$	602,753,977		$	1,403,339,108		$	97,607,919		$	10,388,015		$	36,366,116
	(34,799,597	)		147,246,143			76,646,339			(25,783,752	)		(1,495,486	)		8,313,637
$	67,940,257		$	750,000,120		$	1,479,985,447		$	71,824,167		$	8,892,529		$	44,679,753
$	4,141,777		$	233,171,176		$	261,832,566		$	402,728		$	3,477,751		$	123,780
	87,502			56,445,484			111,389,996			38,587			1,002,516			1,063
	6,847,984			191,022,164			836,774,869			11,798,634			4,412,262			44,554,910
	118,834			76,422			1,331,529			—			—			—
	56,744,160			269,284,874			268,656,487			59,584,218			—			—
$	67,940,257		$	750,000,120		$	1,479,985,447		$	71,824,167		$	8,892,529		$	44,679,753
	433,945			12,680,182			16,309,581			57,462			355,537			2,604
	9,582			3,834,727			7,013,466			5,539			104,902			23
	711,186			9,793,467			51,962,973			1,684,139			447,937			934,080
	12,559			4,125			83,625			—			—			—
	5,887,205			13,796,273			16,679,406			8,502,622			—			—
	7,054,477			40,108,774			92,049,051			10,249,762			908,376			936,707
$	9.54		$	18.39		$	16.05		$	7.01		$	9.78		$	47.53
$	9.13		$	14.72		$	15.88		$	6.97		$	9.56		$	46.51	**
$	9.63		$	19.51		$	16.10		$	7.01		$	9.85		$	47.70
$	9.46		$	18.53		$	15.92		$	—		$	—		$	—
$	9.64		$	19.52		$	16.11		$	7.01		$	—		$	—
	5.75	%		5.75	%		5.75	%		5.75	%		5.75	%		5.75	%
$	10.13		$	19.51		$	17.03		$	7.44		$	10.38		$	50.43
$	84,424,408		$	566,559,240		$	1,302,829,399		$	80,653,228		$	9,036,936		$	35,698,643

69

Sterling Capital Funds

Statements of Assets and Liabilities

March 31, 2020 (Unaudited)

	Sterling Capital Stratton Real Estate Fund			Sterling Capital Stratton Small Cap Value Fund
Assets:
Investments at fair value (a)	$	81,644,134		$	610,320,992
Cash		—			—
Interest and dividends receivable		305,549			1,549,123
Receivable for investments sold		—			1,523,315
Receivable for capital shares issued		69,015			653,984
Prepaid and other expenses		20,850			47,115
Total Assets		82,039,548			614,094,529
Liabilities:
Cash overdraft		—			—
Distributions payable		70			—
Payable for investments purchased		—			—
Payable for capital shares redeemed		114,913			1,584,287
Accrued expenses and other payables:
Investment advisory fees		42,559			426,427
Accounting out-of-pocket fees		890			5,178
Administration fees		6,537			50,162
Compliance service fees		134			1,697
Distribution (12b-1) fees		490			674
Trustee fees		—			—
Transfer agent fees		8,842			126,558
Other fees		6,080			66,359
Total Liabilities		180,515			2,261,342
Net Assets	$	81,859,033		$	611,833,187
Net Assets Consist of:
Capital	$	61,326,278		$	357,456,817
Total distributable earnings		20,532,755			254,376,370
Net Assets	$	81,859,033		$	611,833,187
Net Assets
Class A Shares	$	1,558,099		$	1,962,000
Class C Shares		169,467			223,190
Institutional Shares		80,131,075			609,647,650
Class R Shares		—			—
Class R6 Shares		392			347
Total	$	81,859,033		$	611,833,187
Shares of Beneficial Interest Outstanding (Unlimited number of shares authorized, no par value)
Class A Shares		48,719			36,802
Class C Shares		5,334			4,314
Institutional Shares		2,499,140			11,384,785
Class R Shares		—			—
Class R6 Shares		12			7
Total		2,553,205			11,425,908
Net Asset Value
Class A Shares - redemption price per share	$	31.98		$	53.31
Class C Shares - offering price per share*	$	31.77		$	51.73	**
Institutional Shares	$	32.06		$	53.55
Class R Shares	$	—		$	—
Class R6 Shares	$	32.07	**	$	53.56	**
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	$	33.93		$	56.56
(a) Investments at cost	$	63,604,156		$	380,491,510

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

** The Sterling Capital Stratton Real Estate Fund net asset value of Class R6 Shares, Sterling Capital Stratton Small Cap Value Fund net asset value of Class C and Class R6 Shares, Sterling Capital Quality Income Fund net asset value of Class A and Class C Shares, and Sterling Capital Kentucky Intermediate Tax-Free Fund net asset value of Class C Shares is calculated using unrounded net assets of $392.03, $223,190.05, $347.25, $20,151.81, $3,076.63 and $1,636.85 divided by the unrounded shares of 12.223, 4,314.27, 6.483, 1,988.311, 305.143 and 159, respectively.

See accompanying Notes to the Financial Statements.

70

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 Corporate Fund			Sterling Capital Quality Income Fund			Sterling Capital Kentucky Intermediate Tax-Free Fund
$	22,868,510		$	169,331,518		$	13,949,148		$	1,630,865,449		$	19,369,910		$	36,742,965		$	11,094,748
	—			—			—			—			—			4			—
	141,014			923,085			73,066			8,284,357			199,155			103,675			141,105
	—			—			—			3,160,295			—			—			—
	4,202			133,307			2,176			2,446,286			4,140			—			—
	9,121			21,165			5,187			70,166			5,460			8,791			4,999
	23,022,847			170,409,075			14,029,577			1,644,826,553			19,578,665			36,855,435			11,240,852
	—			—			—			2			—			—			—
	15,255			77,863			20,289			1,176,115			252			4,660			11,611
	—			840,099			—			48,791,338			—			—			—
	1,463			329,089			177,133			3,505,984			238,962			40,775			977
	408			29,379			1,892			329,232			5,419			9,646			3,327
	6,583			10,056			1,942			21,153			4,027			4,931			1,061
	1,814			13,057			1,050			89,261			1,551			2,766			846
	91			198			78			993			83			92			73
	482			1,386			1,055			18,435			94			6			704
	—			—			10			—			—			—			—
	1,918			12,462			1,178			114,354			1,102			1,455			579
	2,251			11,236			3			90,786			908			688			1,002
	30,265			1,324,825			204,630			54,137,653			252,398			65,019			20,180
$	22,992,582		$	169,084,250		$	13,824,947		$	1,590,688,900		$	19,326,267		$	36,790,416		$	11,220,672
$	24,434,658		$	179,066,843		$	13,985,251		$	1,567,554,809		$	19,840,820		$	37,690,635		$	10,735,974
	(1,442,076	)		(9,982,593	)		(160,304	)		23,134,091			(514,553	)		(900,219	)		484,698
$	22,992,582		$	169,084,250		$	13,824,947		$	1,590,688,900		$	19,326,267		$	36,790,416		$	11,220,672
$	2,371,022		$	2,933,785		$	3,808,007		$	54,042,010		$	378,918		$	20,152		$	3,346,486
	—			884,322			383,113			7,914,819			2,977			3,076			1,637
	20,621,560			165,266,143			9,633,827			1,114,299,710			18,944,372			36,767,188			7,872,549
	—			—			—			52,283			—			—			—
	—			—			—			414,380,078			—			—
$	22,992,582		$	169,084,250		$	13,824,947		$	1,590,688,900		$	19,326,267		$	36,790,416		$	11,220,672
	246,922			345,815			375,734			4,997,725			38,769			1,998			325,359
	—			104,294			37,863			730,884			305			305			159
	2,146,569			19,481,600			949,656			102,995,984			1,939,027			3,641,135			766,544
	—			—			—			4,853			—			—			—
	—			—			—			38,305,527			—			—			—
	2,393,491			19,931,709			1,363,253			147,034,973			1,978,101			3,643,438			1,092,062
$	9.60		$	8.48		$	10.13		$	10.81		$	9.77		$	10.08	**	$	10.29
$	—		$	8.48		$	10.12		$	10.83		$	9.76		$	10.08	**	$	10.29	**
$	9.61		$	8.48		$	10.14		$	10.82		$	9.77		$	10.10		$	10.27
$	—		$	—		$	—		$	10.77		$	—		$	—		$	—
$	—		$	—		$	—		$	10.82		$	—		$	—		$	—
	0.50	%		2.00	%		2.00	%		5.75	%		2.00	%		2.00	%		2.00	%
$	9.65		$	8.65		$	10.34		$	11.47		$	9.97		$	10.29		$	10.50
$	23,287,870		$	171,223,233		$	13,179,180		$	1,601,229,800		$	19,946,677		$	35,903,268		$	10,638,525

71

Sterling Capital Funds

Statements of Assets and Liabilities

March 31, 2020 (Unaudited)

	Sterling Capital Maryland Intermediate Tax-Free Fund			Sterling Capital North Carolina Intermediate Tax-Free Fund
Assets:
Investments at fair value - unaffiliated (a)	$	12,577,394		$	163,001,597
Investments at fair value - affiliated (b)		—			—
Interest and dividends receivable - unaffiliated		143,729			2,155,410
Dividends receivable - affiliated		—			—
Receivable for capital shares issued		—			20,046
Prepaid and other expenses		2,729			8,679
Total Assets		12,723,852			165,185,732
Liabilities:
Distributions payable		12,482			157,409
Payable for investments purchased		—			—
Payable for capital shares redeemed		1,493			171,665
Accrued expenses and other payables:
Investment advisory fees		3,819			52,204
Administration fees		968			13,249
Audit fees		442			5,761
Compliance service fees		76			193
Distribution (12b-1) fees		1,176			10,417
Printing fees		375			3,596
Transfer agent fees		876			8,825
Other fees		362			8,891
Total Liabilities		22,069			432,210
Net Assets	$	12,701,783		$	164,753,522
Net Assets Consist of:
Capital	$	12,009,968		$	157,941,963
Total distributable earnings		691,815			6,811,559
Net Assets	$	12,701,783		$	164,753,522
Net Assets
Class A Shares	$	3,532,021		$	35,935,754
Class C Shares		497,371			2,841,932
Institutional Shares		8,672,391			125,975,836
Total	$	12,701,783		$	164,753,522
Shares of Beneficial Interest Outstanding (Unlimited number of shares authorized, no par value)
Class A Shares		324,706			3,306,488
Class C Shares		45,709			261,671
Institutional Shares		795,857			11,591,176
Total		1,166,272			15,159,335
Net Asset Value
Class A Shares - redemption price per share	$	10.88		$	10.87
Class C Shares - offering price per share*	$	10.88		$	10.86
Institutional Shares	$	10.90		$	10.87
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	$	11.10		$	11.09
Investments at cost:
(a) Investments at cost - unaffiliated	$	11,948,178		$	155,937,087
(b) Investments at cost - affiliated	$	—		$	—

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

See accompanying Notes to the Financial Statements.

72

Sterling Capital South Carolina Intermediate Tax-Free Fund			Sterling Capital Virginia Intermediate Tax-Free Fund			Sterling Capital West Virginia Intermediate Tax-Free Fund			Sterling Capital Diversified Income Fund			Sterling Capital Strategic Allocation Balanced Fund			Sterling Capital Strategic Allocation Growth Fund
$	80,319,101		$	75,634,295		$	82,736,953		$	15,054,694		$	128,961		$	51,003
	—			—			—			—			19,926,664			15,694,596
	994,526			873,483			1,136,170			52,700			—			—
	—			—			—			—			21,752			10,757
	26,508			12			—			—			—			24
	8,524			8,401			15,840			9,732			8,651			7,562
	81,348,659			76,516,191			83,888,963			15,117,126			20,086,028			15,763,942
	89,287			90,936			94,660			18,678			166			346
	—			—			—			27,959			—			—
	172,681			10,839			11,466			60,758			1,556			2,103
	24,092			22,766			24,734			3,482			—			—
	6,119			5,779			6,291			1,232			—			—
	2,579			2,481			2,520			634			804			660
	121			123			114			80			85			81
	3,400			4,292			6,165			2,091			4,596			3,679
	1,652			1,627			1,465			305			577			449
	3,893			3,840			3,452			1,613			1,869			1,547
	2,737			2,575			2,256			920			767			672
	306,561			145,258			153,123			117,752			10,420			9,537
$	81,042,098		$	76,370,933		$	83,735,840		$	14,999,374		$	20,075,608		$	15,754,405
$	77,995,927		$	72,428,486		$	80,362,661		$	20,444,744		$	22,350,864		$	18,333,072
	3,046,171			3,942,447			3,373,179			(5,445,370	)		(2,275,256	)		(2,578,667	)
$	81,042,098		$	76,370,933		$	83,735,840		$	14,999,374		$	20,075,608		$	15,754,405
$	12,323,491		$	16,995,615		$	27,649,596		$	7,264,968		$	19,566,063		$	15,334,898
	950,784			819,959			336,629			456,361			285,602			280,246
	67,767,823			58,555,359			55,749,615			7,278,045			223,943			139,261
$	81,042,098		$	76,370,933		$	83,735,840		$	14,999,374		$	20,075,608		$	15,754,405
	1,095,634			1,424,390			2,736,693			903,404			1,968,127			1,614,534
	84,573			68,734			33,307			57,263			29,317			30,795
	6,066,604			4,908,996			5,511,671			892,647			22,337			14,628
	7,246,811			6,402,120			8,281,671			1,853,314			2,019,781			1,659,957
$	11.25		$	11.93		$	10.10		$	8.04		$	9.94		$	9.50
$	11.24		$	11.93		$	10.11		$	7.97		$	9.74		$	9.10
$	11.17		$	11.93		$	10.11		$	8.15		$	10.03		$	9.52
	2.00	%		2.00	%		2.00	%		5.75	%		5.75	%		5.75	%
$	11.48		$	12.17		$	10.31		$	8.53		$	10.55		$	10.08
$	76,798,989		$	71,791,550		$	79,514,478		$	19,186,532		$	128,961		$	51,003
$	—		$	—		$	—		$	—		$	21,668,248		$	17,714,161

73

Sterling Capital Funds

Statements of Operations

For the Six Months Ended March 31, 2020 (Unaudited)

	Sterling Capital Behavioral Large Cap Value Equity Fund			Sterling Capital Mid Value Fund
Investment Income:
Dividend income	$	3,615,148		$	610,308
Foreign tax withholding		(5,937	)		(4,635	)
Total investment income		3,609,211			605,673
Expenses:
Investment advisory fees (See Note 5)		610,404			332,801
Administration fees (See Note 5)		112,548			39,382
Distribution fees - Class A Shares (See Note 5)		34,904			27,964
Distribution fees - Class C Shares (See Note 5)		3,123			13,358
Distribution fees - Class R Shares (See Note 5)		—			14
Compliance service fees (See Note 5)		1,623			915
Trustee fees		13,915			10,863
Accounting and out-of-pocket fees		5,070			2,738
Audit fees		9,025			4,852
Custodian fees		6,592			3,386
Fund accounting fees (See Note 5)		10,172			3,566
Interest expense (See Note 7)		—			163
Legal fees		15,113			7,287
Printing fees		14,027			8,978
Registration fees		22,963			27,360
Transfer agent fees (See Note 5)		27,995			50,182
Other fees		12,510			11,230
Total expenses before waivers		899,984			545,039
Less expenses waived by the Investment Advisor (See Note 5)		—			(81,800	)
Less expenses waived by the Administrator (See Note 5)		(61,856	)		—
Net expenses		838,128			463,239
Net investment income		2,771,083			142,434
Realized and Unrealized Gain (Loss):
Net realized gain (loss) from:
Investments		(7,104,909	)		48,403,177
Written options		—			—
Foreign currency transactions		—			—
Change in unrealized appreciation/depreciation on:
Investments		(55,572,744	)		(82,027,098	)
Written options		—			—
Foreign currency transactions		—			—
Total realized and unrealized (loss)		(62,677,653	)		(33,623,921	)
Change in net assets from operations	$	(59,906,570	)	$	(33,481,487	)

See accompanying Notes to the Financial Statements.

74

Sterling Capital Behavioral Small Cap Value Equity Fund			Sterling Capital Special Opportunities Fund			Sterling Capital Equity Income Fund			Sterling Capital Behavioral International Equity Fund			Sterling Capital SMID Opportunities Fund			Sterling Capital Stratton Mid Cap Value Fund
$	802,140		$	5,996,035		$	29,046,410		$	1,453,602		$	58,131		$	453,446
	(4,850	)		(41,226	)		(390,295	)		(137,141	)		(492	)		(1,898	)
	797,290			5,954,809			28,656,115			1,316,461			57,639			451,548
	353,840			3,375,476			5,434,695			286,556			38,324			212,724
	48,855			430,793			819,976			39,626			4,545			25,207
	7,999			399,224			422,362			673			4,752			173
	739			405,352			759,597			273			6,414			7
	417			391			6,152			—			—			—
	898			5,650			10,221			696			252			521
	7,909			53,158			95,493			4,730			515			3,112
	5,623			11,708			20,665			15,765			1,114			1,972
	4,255			34,540			63,146			3,057			346			2,017
	3,240			25,232			45,207			15,437			238			1,482
	4,423			38,948			74,110			3,582			411			2,279
	—			—			—			17			—			—
	7,175			57,785			107,514			5,237			575			3,403
	6,977			54,937			100,301			4,708			524			3,134
	14,511			19,721			39,970			—			8,457			9,834
	19,829			273,450			665,146			8,733			3,412			13,885
	8,766			36,058			59,100			16,293			2,099			4,204
	495,456			5,222,423			8,723,655			405,383			71,978			283,954
	(7,126	)		—			—			(95,518	)		(17,564	)		(3,610	)
	(38,725	)		(140,153	)		(175,706	)		(14,000	)		—			—
	449,605			5,082,270			8,547,949			295,865			54,414			280,344
	347,685			872,539			20,108,166			1,020,596			3,225			171,204
	(11,173,331	)		(32,270,418	)		(101,963,549	)		(10,262,659	)		(1,349,718	)		(389,595	)
	—			—			295,756			—			—			—
	—			—			—			(54,871	)		—			—
	(30,665,010	)		(177,996,699	)		(357,720,893	)		(13,170,955	)		(1,979,018	)		(13,682,881	)
	—			—			(107,368	)		—			—			—
	—			—			—			11,792			—			—
	(41,838,341	)		(210,267,117	)		(459,496,054	)		(23,476,693	)		(3,328,736	)		(14,072,476	)
$	(41,490,656	)	$	(209,394,578	)	$	(439,387,888	)	$	(22,456,097	)	$	(3,325,511	)	$	(13,901,272	)

75

Sterling Capital Funds

Statements of Operations

For the Six Months Ended March 31, 2020 (Unaudited)

	Sterling Capital Stratton Real Estate Fund			Sterling Capital Stratton Small Cap Value Fund			Sterling Capital Ultra Short Bond Fund			Sterling Capital Short Duration Bond Fund
Investment Income:
Interest income	$	—		$	—		$	268,786		$	2,445,075
Dividend income		886,452			6,740,901			3,586			17,946
Total investment income		886,452			6,740,901			272,372			2,463,021
Expenses:
Investment advisory fees (See Note 5)		296,237			3,902,033			20,085			263,540
Administration fees (See Note 5)		42,766			380,459			8,377			73,135
Distribution fees - Class A Shares (See Note 5)		1,306			3,393			2,734			3,833
Distribution fees - Class C Shares (See Note 5)		1,041			1,730			—			4,963
Distribution fees - Class R Shares (See Note 5)		—			—			—			—
Compliance service fees (See Note 5)		732			5,139			287			1,093
Trustee fees		5,179			48,482			1,063			8,722
Accounting and out-of-pocket fees		2,096			10,888			11,373			17,827
Audit fees		3,316			31,909			731			5,672
Custodian fees		2,490			23,130			428			4,215
Fund accounting fees (See Note 5)		3,864			34,430			753			6,589
Interest expense (See Note 7)		11			—			—			—
Legal fees		5,773			52,157			1,104			9,652
Printing fees		5,223			50,284			1,092			8,808
Registration fees		11,476			16,809			9,728			15,219
Transfer agent fees (See Note 5)		31,592			374,120			2,894			31,088
Other fees		5,510			32,729			2,720			7,711
Total expenses before waivers		418,612			4,967,692			63,369			462,067
Less expenses waived by the Investment Advisor (See Note 5)		—			(296,128	)		(17,519	)		(87,847	)
Less expenses waived by the Administrator (See Note 5)		—			—			—			—
Net expenses		418,612			4,671,564			45,850			374,220
Net investment income		467,840			2,069,337			226,522			2,088,801
Realized and Unrealized Gain (Loss):
Net realized gain from:
Investments		2,552,863			26,593,221			5,656			563,873
Change in unrealized
appreciation/depreciation on
investments		(24,775,177	)		(269,237,937	)		(463,355	)		(3,779,984	)
Total realized and unrealized gain (loss)		(22,222,314	)		(242,644,716	)		(457,699	)		(3,216,111	)
Change in net assets from operations	$	(21,754,474	)	$	(240,575,379	)	$	(231,177	)	$	(1,127,310	)

See accompanying Notes to the Financial Statements.

76

Sterling Capital Intermediate U.S. Government Fund			Sterling Capital Total Return Bond Fund			Sterling Capital Corporate Fund			Sterling Capital Quality Income Fund			Sterling Capital Kentucky Intermediate Tax-Free Fund
$	192,683		$	23,418,907		$	389,983		$	446,619		$	141,101
	2			204,140			2,012			160,837			2,989
	192,685			23,623,047			391,995			607,456			144,090
	23,084			2,879,028			39,337			64,196			19,807
	6,006			648,136			9,347			15,274			4,711
	4,388			69,075			623			26			4,391
	1,722			40,028			16			112			8
	—			76			—			—			—
	275			7,827			316			385			256
	749			73,577			1,154			1,819			552
	4,685			43,837			9,402			10,533			3,230
	482			48,403			743			1,182			361
	353			35,045			549			867			262
	541			58,359			843			1,376			424
	—			—			—			—			—
	800			83,970			1,283			2,052			613
	947			75,736			1,142			1,805			550
	6,376			32,314			7,611			7,158			4,197
	2,593			357,351			2,414			3,267			1,332
	2,537			45,961			2,722			2,990			1,823
	55,538			4,498,723			77,502			113,042			42,517
	(11,542	)		(962,620	)		(1,400	)		(7,337	)		—
	—			(176,226	)		—			—			—
	43,996			3,359,877			76,102			105,705			42,517
	148,689			20,263,170			315,893			501,751			101,573
	46,603			13,983,669			225,800			257,007			15,669
	289,132			(23,619,874	)		(1,453,822	)		(246,385	)		(25,359	)
	335,735			(9,636,205	)		(1,228,022	)		10,622			(9,690	)
$	484,424		$	10,626,965		$	(912,129	)	$	512,373		$	91,883

77

Sterling Capital Funds

Statements of Operations

For the Six Months Ended March 31, 2020 (Unaudited)

	Sterling Capital Maryland Intermediate Tax-Free Fund			Sterling Capital North Carolina Intermediate Tax-Free Fund
Investment Income:
Interest income	$	174,518		$	2,363,067
Dividend income - unaffiliated		2,446			40,611
Dividend income - affiliated*		—			—
Total investment income		176,964			2,403,678
Expenses:
Investment advisory fees (See Note 5)		23,562			316,319
Administration fees (See Note 5)		5,602			75,218
Distribution fees - Class A Shares (See Note 5)		4,580			47,984
Distribution fees - Class C Shares (See Note 5)		2,493			14,319
Compliance service fees (See Note 5)		269			1,115
Trustee fees		710			8,941
Accounting and out-of-pocket fees		2,756			8,943
Audit fees		455			5,776
Custodian fees		328			4,274
Fund accounting fees (See Note 5)		505			6,778
Interest expense (See Note 7)		—			—
Legal fees		757			10,069
Printing fees		698			8,880
Registration fees		7,496			8,394
Transfer agent fees (See Note 5)		1,916			22,582
Other fees		2,117			7,033
Total expenses before waivers		54,244			546,625
Less expenses waived by the Investment Advisor (See Note 5)		(481	)		—
Net expenses		53,763			546,625
Net investment income		123,201			1,857,053
Realized and Unrealized Gain (Loss):
Net realized gain (loss) from:
Investments - unaffiliated		55,217			512,145
Investments - affiliated		—			—
Distributions from unaffiliated funds		—			—
Distributions from affiliated funds		—			—
Change in unrealized appreciation/depreciation on investments		(80,146	)		(1,939,070	)
Total realized and unrealized gain (loss)		(24,929	)		(1,426,925	)
Change in net assets from operations	$	98,272		$	430,128

* This dividend income is derived from affiliates other than controlled companies.

See accompanying Notes to the Financial Statements.

78

Sterling Capital South Carolina Intermediate Tax-Free Fund			Sterling Capital Virginia Intermediate Tax-Free Fund			Sterling Capital West Virginia Intermediate Tax-Free Fund			Sterling Capital Diversified Income Fund			Sterling Capital Strategic Allocation Balanced Fund			Sterling Capital Strategic Allocation Growth Fund
$	1,046,697		$	998,687		$	1,101,888		$	—		$	—		$	—
	14,965			8,141			22,044			498,022			118,396			25,971
	—			—			—			—			298,475			323,709
	1,061,662			1,006,828			1,123,932			498,022			416,871			349,680
	142,418			135,921			142,637			24,376			30,933			25,212
	33,877			32,328			33,941			8,096			—			—
	15,504			21,620			33,354			12,187			30,062			24,278
	4,790			4,121			1,681			3,114			1,864			1,702
	607			593			600			302			329			306
	4,003			3,886			3,896			990			1,277			1,043
	5,302			4,656			4,793			880			662			616
	2,602			2,511			2,537			634			823			671
	1,894			1,842			1,869			480			606			499
	3,052			2,913			3,057			731			928			756
	—			—			—			—			67			50
	4,419			4,263			4,318			1,085			1,385			1,132
	3,989			3,880			3,879			989			1,276			1,042
	6,059			8,265			7,270			6,219			5,827			4,643
	9,662			8,753			8,247			4,019			4,400			3,361
	3,986			4,104			4,030			2,648			2,497			2,423
	242,164			239,656			256,109			66,750			82,936			67,734
	—			—			—			—			(30,933	)		(25,212	)
	242,164			239,656			256,109			66,750			52,003			42,522
	819,498			767,172			867,823			431,272			364,868			307,158
	—			103,017			93,743			(194,407	)		1,199			593
	—			—			—			—			51,573			51,704
	—			—			—			34,648			—			—
	—			—			—			—			348,771			347,695
	(227,066	)		(428,046	)		(193,206	)		(4,076,607	)		(3,934,400	)		(3,924,613	)
	(227,066	)		(325,029	)		(99,463	)		(4,236,366	)		(3,532,857	)		(3,524,621	)
$	592,432		$	442,143		$	768,360		$	(3,805,094	)	$	(3,167,989	)	$	(3,217,463	)

79

Sterling Capital Funds

Statements of Changes in Net Assets

	Sterling Capital Behavioral Large Cap Value Equity Fund
	For the Six Months Ended March 31, 2020 (Unaudited)			For the Year Ended September 30, 2019
From Investment Activities:
Operations:
Net investment income	$	2,771,083		$	6,455,876
Net realized gain (loss)		(7,104,909	)		8,586,607
Change in unrealized appreciation/depreciation		(55,572,744	)		(22,687,741	)
Change in net assets from operations		(59,906,570	)		(7,645,258	)
Distributions to Shareholders:
Class A		(1,067,992	)		(3,138,063	)
Class C		(22,862	)		(80,167	)
Institutional Class		(276,349	)		(858,373	)
Class R		—			—
Class R6		(9,267,027	)		(26,185,374	)
Change in net assets from shareholder distributions		(10,634,230	)		(30,261,977	)
Capital Transactions:
Change in net assets from capital transactions		(3,908,886	)		1,423,452
Change in net assets		(74,449,686	)		(36,483,783	)
Net Assets:
Beginning of period		276,495,692			312,979,475
End of period	$	202,046,006		$	276,495,692

See accompanying Notes to the Financial Statements.

80

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, 2020 (Unaudited)			For the Year Ended September 30, 2019			For the Six Months Ended March 31, 2020 (Unaudited)			For the Year Ended September 30, 2019			For the Six Months Ended March 31, 2020 (Unaudited)			For the Year Ended September 30, 2019
$	142,434		$	2,760,350		$	347,685		$	3,197,783		$	872,539		$	1,746,357
	48,403,177			24,707,781			(11,173,331	)		(7,053,333	)		(32,270,418	)		63,257,242
	(82,027,098	)		(59,094,578	)		(30,665,010	)		(17,208,260	)		(177,996,699	)		(61,106,426	)
	(33,481,487	)		(31,626,447	)		(41,490,656	)		(21,063,810	)		(209,394,578	)		3,897,173
	(1,879,928	)		(3,408,094	)		(61,330	)		(1,025,701	)		(16,921,375	)		(23,254,518	)
	(242,428	)		(477,465	)		(1,205	)		(20,475	)		(5,370,254	)		(11,770,076	)
	(4,770,709	)		(30,649,387	)		(216,166	)		(4,266,355	)		(14,794,787	)		(23,120,615	)
	(455	)		(513	)		(1,536	)		(8,674	)		(4,837	)		(18,880	)
	(39	)		(33,160,969	)		(872,269	)		(23,767,086	)		(18,960,051	)		(24,985,390	)
	(6,893,559	)		(67,696,428	)		(1,152,506	)		(29,088,291	)		(56,051,304	)		(83,149,479	)
	(333,893,148	)		(116,439,231	)		(134,931,539	)		56,614,739			(27,066,822	)		(80,171,646	)
	(374,268,194	)		(215,762,106	)		(177,574,701	)		6,462,638			(292,512,704	)		(159,423,952	)
	428,053,198			643,815,304			245,514,958			239,052,320			1,042,512,824			1,201,936,776
$	53,785,004		$	428,053,198		$	67,940,257		$	245,514,958		$	750,000,120		$	1,042,512,824

81

Sterling Capital Funds

Statements of Changes in Net Assets

	Sterling Capital Equity Income Fund
	For the Six Months Ended March 31, 2020 (Unaudited)			For the Year Ended September 30, 2019
From Investment Activities:
Operations:
Net investment income (loss)	$	20,108,166		$	34,490,511
Net realized gain (loss)		(101,667,793	)		81,979,112
Change in unrealized appreciation/depreciation		(357,828,261	)		28,039,403
Change in net assets from operations		(439,387,888	)		144,509,026
Distributions to Shareholders:
Class A		(16,641,907	)		(27,902,929	)
Class C		(7,051,382	)		(15,778,727	)
Institutional Class		(54,771,794	)		(77,612,408	)
Class R		(117,378	)		(248,333	)
Class R6		(17,568,214	)		(29,401,719	)
Change in net assets from shareholder distributions		(96,150,675	)		(150,944,116	)
Capital Transactions:
Change in net assets from capital transactions		177,283,120			171,789,600
Change in net assets		(358,255,443	)		165,354,510
Net Assets:
Beginning of period		1,838,240,890			1,672,886,380
End of period	$	1,479,985,447		$	1,838,240,890

See accompanying Notes to the Financial Statements.

82

Sterling Capital Behavioral International Equity Fund						Sterling Capital SMID Opportunities Fund						Sterling Capital Stratton Mid Cap Value Fund
For the Six Months Ended March 31, 2020 (Unaudited)			For the Year Ended September 30, 2019			For the Six Months Ended March 31, 2020 (Unaudited)			For the Year Ended September 30, 2019			For the Six Months Ended March 31, 2020 (Unaudited)			For the Year Ended September 30, 2019
$	1,020,596		$	2,909,724		$	3,225		$	(13,781	)	$	171,204		$	440,747
	(10,317,530	)		(6,321,497	)		(1,349,718	)		492,439			(389,595	)		2,230,489
	(13,159,163	)		(2,783,452	)		(1,979,018	)		77,300			(13,682,881	)		(1,902,285	)
	(22,456,097	)		(6,195,225	)		(3,325,511	)		555,958			(13,901,272	)		768,951
	(15,272	)		(45,602	)		(158,917	)		—			(3,930	)		(8,075	)
	(986	)		(4,299	)		(58,816	)		—			(34	)		(103	)
	(484,264	)		(1,243,697	)		(253,402	)		—			(2,009,020	)		(5,084,526	)
	—			—			—			—			—			—
	(2,512,099	)		(4,081,173	)		—			—			—			—
	(3,012,621	)		(5,374,771	)		(471,135	)		—			(2,012,984	)		(5,092,704	)
	1,664,190			24,240,078			3,018,894			(116,917	)		(1,441,816	)		(302,087	)
	(23,804,528	)		12,670,082			(777,752	)		439,041			(17,356,072	)		(4,625,840	)
	95,628,695			82,958,613			9,670,281			9,231,240			62,035,825			66,661,665
$	71,824,167		$	95,628,695		$	8,892,529		$	9,670,281		$	44,679,753		$	62,035,825

83

Sterling Capital Funds

Statements of Changes in Net Assets

	Sterling Capital Stratton Real Estate Fund
	For the Six Months Ended March 31, 2020 (Unaudited)			For the Year Ended September 30, 2019
From Investment Activities:
Operations:
Net investment income	$	467,840		$	1,945,131
Net realized gain		2,552,863			4,052,238
Change in unrealized appreciation/depreciation		(24,775,177	)		11,153,699
Change in net assets from operations		(21,754,474	)		17,151,068
Distributions to Shareholders:
Class A		(51,324	)		(27,282	)
Class C		(9,188	)		(6,293	)
Institutional Class		(4,694,094	)		(5,133,185	)
Class R6		(4	)		—
Change in net assets from shareholder distributions		(4,754,610	)		(5,166,760	)
Capital Transactions:
Change in net assets from capital transactions		2,146,881			2,115,839
Change in net assets		(24,362,203	)		14,100,147
Net Assets:
Beginning of period		106,221,236			92,121,089
End of period	$	81,859,033		$	106,221,236

See accompanying Notes to the Financial Statements.

84

Sterling Capital Stratton Small Cap Value Fund						Sterling Capital Ultra Short Bond Fund
For the Six Months Ended March 31, 2020 (Unaudited)			For the Year Ended September 30, 2019			For the Six Months Ended March 31, 2020 (Unaudited)			For the Year Ended September 30, 2019
$	2,069,337		$	6,647,729		$	226,522		$	928,786
	26,593,221			80,480,253			5,656			90,770
	(269,237,937	)		(160,890,027	)		(463,355	)		116,592
	(240,575,379	)		(73,762,045	)		(231,177	)		1,136,148
	(176,449	)		(133,162	)		(22,422	)		(94,793	)
	(24,177	)		(7,554	)		—			—
	(64,384,858	)		(87,347,809	)		(202,222	)		(820,309	)
	—			—			—			—
	(64,585,484	)		(87,488,525	)		(224,644	)		(915,102	)
	(45,934,299	)		(174,989,690	)		5,886,628			(9,659,452	)
	(351,095,162	)		(336,240,260	)		5,430,807			(9,438,406	)
	962,928,349			1,299,168,609			17,561,775			27,000,181
$	611,833,187		$	962,928,349		$	22,992,582		$	17,561,775

85

Sterling Capital Funds

Statements of Changes in Net Assets

	Sterling Capital Short Duration Bond Fund
	For the Six Months Ended March 31, 2020 (Unaudited)			For the Year Ended September 30, 2019
From Investment Activities:
Operations:
Net investment income	$	2,088,801		$	4,650,289
Net realized gain (loss)		563,873			304,183
Change in unrealized appreciation/depreciation		(3,779,984	)		2,918,772
Change in net assets from operations		(1,127,310	)		7,873,244
Distributions to Shareholders:
Class A		(36,429	)		(101,425	)
Class C		(8,079	)		(20,881	)
Institutional Class		(2,253,409	)		(4,979,836	)
Class R		—			—
Class R6		—			—
Change in net assets from shareholder distributions		(2,297,917	)		(5,102,142	)
Capital Transactions:
Change in net assets from capital transactions		(3,728,978	)		41,105,586
Change in net assets		(7,154,205	)		43,876,688
Net Assets:
Beginning of period		176,238,455			132,361,767
End of period	$	169,084,250		$	176,238,455

See accompanying Notes to the Financial Statements.

86

Sterling Capital Intermediate U.S. Government Fund						Sterling Capital Total Return Bond Fund						Sterling Capital Corporate Fund
For the Six Months Ended March 31, 2020 (Unaudited)			For the Year Ended September 30, 2019			For the Six Months Ended March 31, 2020 (Unaudited)			For the Year Ended September 30, 2019			For the Six Months Ended March 31, 2020 (Unaudited)			For the Year Ended September 30, 2019
$	148,689		$	385,137		$	20,263,170		$	40,036,049		$	315,893		$	802,792
	46,603			(135,818	)		13,983,669			9,093,529			225,800			1,362
	289,132			941,605			(23,619,874	)		78,052,011			(1,453,822	)		1,229,006
	484,424			1,190,924			10,626,965			127,181,589			(912,129	)		2,033,160
	(44,158	)		(100,924	)		(743,751	)		(1,758,079	)		(6,380	)		(13,849	)
	(3,043	)		(7,749	)		(77,632	)		(172,524	)		(29	)		(111	)
	(146,050	)		(337,311	)		(16,257,424	)		(29,747,187	)		(309,484	)		(788,778	)
	—			—			(373	)		(829	)		—			—
	—			—			(5,874,425	)		(10,125,629	)		—			—
	(193,251	)		(445,984	)		(22,953,605	)		(41,804,248	)		(315,893	)		(802,738	)
	(1,426,372	)		(8,583,621	)		123,732,588			175,350,460			(2,598,541	)		(9,365,172	)
	(1,135,199	)		(7,838,681	)		111,405,948			260,727,801			(3,826,563	)		(8,134,750	)
	14,960,146			22,798,827			1,479,282,952			1,218,555,151			23,152,830			31,287,580
$	13,824,947		$	14,960,146		$	1,590,688,900		$	1,479,282,952		$	19,326,267		$	23,152,830

87

Sterling Capital Funds

Statements of Changes in Net Assets

	Sterling Capital Quality Income Fund
	For the Six Months Ended March 31, 2020 (Unaudited)			For the Year Ended September 30, 2019
From Investment Activities:
Operations:
Net investment income	$	501,751		$	1,127,298
Net realized gain (loss)		257,007			(2,517	)
Change in unrealized appreciation/depreciation		(246,385	)		1,730,730
Change in net assets from operations		512,373			2,855,511
Distributions to Shareholders:
Class A		(257	)		(543	)
Class C		(209	)		(701	)
Institutional Class		(517,122	)		(1,106,026	)
Change in net assets from shareholder distributions		(517,588	)		(1,107,270	)
Capital Transactions:
Change in net assets from capital transactions		380,568			(2,472,234	)
Change in net assets		375,353			(723,993	)
Net Assets:
Beginning of period		36,415,063			37,139,056
End of period	$	36,790,416		$	36,415,063

See accompanying Notes to the Financial Statements.

88

Sterling Capital Kentucky Intermediate Tax-Free Fund						Sterling Capital Maryland Intermediate Tax-Free Fund						Sterling Capital North Carolina Intermediate Tax-Free Fund
For the Six Months Ended March 31, 2020 (Unaudited)			For the Year Ended September 30, 2019			For the Six Months Ended March 31, 2020 (Unaudited)			For the Year Ended September 30, 2019			For the Six Months Ended March 31, 2020 (Unaudited)			For the Year Ended September 30, 2019
$	101,573		$	208,253		$	123,201		$	317,751		$	1,857,053		$	3,913,470
	15,669			23,293			55,217			65,387			512,145			432,735
	(25,359	)		473,487			(80,146	)		628,011			(1,939,070	)		7,032,082
	91,883			705,033			98,272			1,011,149			430,128			11,378,287
	(35,534	)		(78,236	)		(51,106	)		(127,247	)		(359,655	)		(807,558	)
	(12	)		(31	)		(5,307	)		(13,595	)		(16,078	)		(40,835	)
	(89,082	)		(195,012	)		(142,528	)		(399,198	)		(1,481,320	)		(3,064,006	)
	(124,628	)		(273,279	)		(198,941	)		(540,040	)		(1,857,053	)		(3,912,399	)
	584,972			(1,117,426	)		(1,638,514	)		(4,847,604	)		(15,305,726	)		(8,430	)
	552,227			(685,672	)		(1,739,183	)		(4,376,495	)		(16,732,651	)		7,457,458
	10,668,445			11,354,117			14,440,966			18,817,461			181,486,173			174,028,715
$	11,220,672		$	10,668,445		$	12,701,783		$	14,440,966		$	164,753,522		$	181,486,173

89

Sterling Capital Funds

Statements of Changes in Net Assets

	Sterling Capital South Carolina Intermediate Tax-Free Fund
	For the Six Months Ended March 31, 2020 (Unaudited)			For the Year Ended September 30, 2019
From Investment Activities:
Operations:
Net investment income	$	819,498		$	1,611,928
Net realized gain		—			97,934
Change in unrealized appreciation/depreciation		(227,066	)		3,429,312
Change in net assets from operations		592,432			5,139,174
Distributions to Shareholders:
Class A		(112,461	)		(245,867	)
Class C		(5,100	)		(11,011	)
Institutional Class		(701,937	)		(1,355,050	)
Change in net assets from shareholder distributions		(819,498	)		(1,611,928	)
Capital Transactions:
Change in net assets from capital transactions		1,482,735			(1,686,203	)
Change in net assets		1,255,669			1,841,043
Net Assets:
Beginning of period		79,786,429			77,945,386
End of period	$	81,042,098		$	79,786,429

See accompanying Notes to the Financial Statements.

90

Sterling Capital Virginia Intermediate Tax-Free Fund						Sterling Capital West Virginia Intermediate Tax-Free Fund
For the Six Months Ended March 31, 2020 (Unaudited)			For the Year Ended September 30, 2019			For the Six Months Ended March 31, 2020 (Unaudited)			For the Year Ended September 30, 2019
$	767,172		$	1,659,728		$	867,823		$	1,705,529
	103,017			333,963			93,743			51,276
	(428,046	)		3,500,332			(193,206	)		2,940,544
	442,143			5,494,023			768,360			4,697,349
	(154,986	)		(357,345	)		(287,068	)		(506,838	)
	(4,293	)		(9,779	)		(2,347	)		(10,261	)
	(607,893	)		(1,292,604	)		(653,036	)		(1,305,041	)
	(767,172	)		(1,659,728	)		(942,451	)		(1,822,140	)
	(1,232,908	)		(9,011,256	)		7,833,814			(6,345,674	)
	(1,557,937	)		(5,176,961	)		7,659,723			(3,470,465	)
	77,928,870			83,105,831			76,076,117			79,546,582
$	76,370,933		$	77,928,870		$	83,735,840		$	76,076,117

91

Sterling Capital Funds

Statements of Changes in Net Assets

	Sterling Capital Diversified Income Fund
	For the Six Months Ended March 31, 2020 (Unaudited)			For the Year Ended September 30, 2019
From Investment Activities:
Operations:
Net investment income	$	431,272		$	843,831
Net realized gain (loss)		(159,759	)		17,364
Change in unrealized appreciation/depreciation		(4,076,607	)		(598,172	)
Change in net assets from operations		(3,805,094	)		263,023
Distributions to Shareholders:
Class A		(244,513	)		(555,310	)
Class C		(13,481	)		(35,414	)
Institutional Class		(241,640	)		(331,903	)
Change in net assets from shareholder distributions		(499,634	)		(922,627	)
Capital Transactions:
Change in net assets from capital transactions		(863,761	)		501,805
Change in net assets		(5,168,489	)		(157,799	)
Net Assets:
Beginning of period		20,167,863			20,325,662
End of period	$	14,999,374		$	20,167,863

See accompanying Notes to the Financial Statements.

92

Sterling Capital Strategic Allocation Balanced Fund						Sterling Capital Strategic Allocation Growth Fund
For the Six Months Ended March 31, 2020 (Unaudited)			For the Year Ended September 30, 2019			For the Six Months Ended March 31, 2020 (Unaudited)			For the Year Ended September 30, 2019
$	364,868		$	576,614		$	307,158		$	415,882
	401,543			824,498			399,992			788,971
	(3,934,400	)		(890,437	)		(3,924,613	)		(1,127,573	)
	(3,167,989	)		510,675			(3,217,463	)		77,280
	(1,184,528	)		(573,911	)		(1,072,602	)		(403,342	)
	(17,975	)		(7,432	)		(18,375	)		(5,356	)
	(16,119	)		(5,227	)		(30,799	)		(15,673	)
	(1,218,622	)		(586,570	)		(1,121,776	)		(424,371	)
	(1,124,171	)		(3,606,279	)		(714,029	)		(1,735,975	)
	(5,510,782	)		(3,682,174	)		(5,053,268	)		(2,083,066	)
	25,586,390			29,268,564			20,807,673			22,890,739
$	20,075,608		$	25,586,390		$	15,754,405		$	20,807,673

93

Sterling Capital Funds

Statements of Changes in Net Assets

	Sterling Capital Behavioral Large Cap Value Equity Fund
	For the Six Months Ended March 31, 2020 (Unaudited)			For the Year Ended September 30, 2019
Capital Transactions:
Class A Shares:
Proceeds from shares issued	$	2,123,482		$	935,934
Distributions reinvested		1,037,258			3,024,043
Value of shares redeemed		(2,301,532	)		(4,522,058	)
Change in net assets from Class A Share transactions		859,208			(562,081	)
Class C Shares:
Proceeds from shares issued		125,451			34,072
Distributions reinvested		21,953			76,180
Value of shares redeemed		(61,146	)		(244,255	)
Change in net assets from Class C Share transactions		86,258			(134,003	)
Institutional Shares:
Proceeds from shares issued		46,448			348,169
Distributions reinvested		251,070			813,806
Value of shares redeemed		(3,093,411	)		(1,379,019	)
Change in net assets from Institutional Share transactions		(2,795,893	)		(217,044	)
Class R Shares:
Proceeds from shares issued		—			—
Distributions reinvested		—			—
Value of shares redeemed		—			—
Change in net assets from Class R Share transactions		—			—
Class R6 Shares:
Proceeds from shares issued		5,592,797			8,476,640
Distributions reinvested		9,267,027			26,185,374
Value of shares redeemed		(16,918,283	)		(32,325,434	)
Change in net assets from Class R6 Share transactions		(2,058,459	)		2,336,580
Change in net assets from capital transactions	$	(3,908,886	)	$	1,423,452
Share Transactions:
Class A Shares:
Issued		127,960			51,282
Reinvested		54,203			163,604
Redeemed		(124,282	)		(235,640	)
Change in Class A Shares		57,881			(20,754	)
Class C Shares:
Issued		9,777			1,858
Reinvested		1,181			4,266
Redeemed		(3,577	)		(13,480	)
Change in Class C Shares		7,381			(7,356	)
Institutional Shares:
Issued		2,358			17,721
Reinvested		12,882			43,752
Redeemed		(216,617	)		(71,669	)
Change in Institutional Shares		(201,377	)		(10,196	)
Class R Shares:
Issued		—			—
Reinvested		—			—
Redeemed		—			—
Change in Class R Shares		—			—
Class R6 Shares:
Issued		306,445			441,965
Reinvested		482,050			1,406,557
Redeemed		(930,440	)		(1,668,727	)
Change in Class R6 Shares		(141,945	)		179,795
Change in Shares		(278,060	)		141,489

See accompanying Notes to the Financial Statements.

94

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, 2020 (Unaudited)			For the Year Ended September 30, 2019			For the Six Months Ended March 31, 2020 (Unaudited)			For the Year Ended September 30, 2019			For the Six Months Ended March 31, 2020 (Unaudited)			For the Year Ended September 30, 2019
$	221,063		$	694,889		$	161,210		$	147,039		$	11,326,157		$	50,507,639
	1,809,392			3,287,181			60,376			986,210			16,465,521			22,655,125
	(2,142,778	)		(7,119,018	)		(517,263	)		(1,370,407	)		(34,847,803	)		(64,745,949	)
	(112,323	)		(3,136,948	)		(295,677	)		(237,158	)		(7,056,125	)		8,416,815
	41,165			85,785			4,487			1,704			2,704,561			7,033,672
	231,932			452,191			1,166			20,117			5,097,950			11,253,584
	(454,309	)		(1,116,509	)		(17,854	)		(13,228	)		(13,795,412	)		(64,942,936	)
	(181,212	)		(578,533	)		(12,201	)		8,593			(5,992,901	)		(46,655,680	)
	5,380,231			65,563,253			438,539			3,001,531			33,504,522			64,929,181
	3,922,615			27,818,006			155,824			3,836,811			10,359,812			15,827,150
	(104,333,883	)		(209,396,363	)		(14,541,846	)		(9,417,780	)		(64,707,848	)		(125,765,263	)
	(95,031,037	)		(116,015,104	)		(13,947,483	)		(2,579,438	)		(20,843,514	)		(45,008,932	)
	9			2,348			76,827			55,513			9,664			117,708
	455			513			1,536			8,673			4,837			18,879
	—			—			(3,626	)		(6,067	)		(209,728	)		(14,718	)
	464			2,861			74,737			58,119			(195,227	)		121,869
	—			13,151,563			353,093			57,985,597			12,911,413			22,632,332
	39			33,160,969			872,270			23,767,086			18,960,051			24,985,390
	(238,569,079	)		(43,024,039	)		(121,976,278	)		(22,388,060	)		(24,850,519	)		(44,663,440	)
	(238,569,040	)		3,288,493			(120,750,915	)		59,364,623			7,020,945			2,954,282
$	(333,893,148	)	$	(116,439,231	)	$	(134,931,539	)	$	56,614,739		$	(27,066,822	)	$	(80,171,646	)
	15,511			42,603			13,972			9,619			476,124			2,122,752
	113,825			213,849			3,875			70,278			667,152			1,019,586
	(140,771	)		(444,018	)		(37,839	)		(93,083	)		(1,537,527	)		(2,761,560	)
	(11,435	)		(187,566	)		(19,992	)		(13,186	)		(394,251	)		380,778
	3,972			6,192			323			123			145,385			365,472
	17,217			33,914			78			1,500			257,473			618,729
	(38,263	)		(78,751	)		(1,576	)		(946	)		(732,897	)		(3,374,253	)
	(17,074	)		(38,645	)		(1,175	)		677			(330,039	)		(2,390,052	)
	355,200			3,972,320			28,568			206,914			1,414,112			2,632,339
	241,018			1,790,222			9,919			270,694			394,967			674,880
	(6,606,936	)		(13,022,482	)		(1,252,860	)		(626,557	)		(2,800,022	)		(5,146,852	)
	(6,010,718	)		(7,259,940	)		(1,214,373	)		(148,949	)		(990,943	)		(1,839,633	)
	1			153			5,386			3,815			403			4,875
	30			34			99			622			194			841
	—			—			(330	)		(430	)		(8,054	)		(620	)
	31			187			5,155			4,007			(7,457	)		5,096
	—			787,365			20,378			4,022,893			496,653			897,401
	3			2,109,457			55,488			1,674,722			721,782			1,064,068
	(15,047,277	)		(2,556,762	)		(8,536,064	)		(1,492,555	)		(1,053,588	)		(1,771,703	)
	(15,047,274	)		340,060			(8,460,198	)		4,205,060			164,847			189,766
	(21,086,470	)		(7,145,904	)		(9,690,583	)		4,047,609			(1,557,843	)		(3,654,045	)

95

Sterling Capital Funds

Statements of Changes in Net Assets

	Sterling Capital Equity Income Fund
	For the Six Months Ended March 31, 2020 (Unaudited)			For the Year Ended September 30, 2019
Capital Transactions:
Class A Shares:
Proceeds from shares issued	$	36,400,530		$	55,127,466
Distributions reinvested		15,739,556			26,666,056
Value of shares redeemed		(41,437,878	)		(58,116,549	)
Change in net assets from Class A Share transactions		10,702,208			23,676,973
Class C Shares:
Proceeds from shares issued		7,960,992			13,893,581
Distributions reinvested		6,779,100			15,208,917
Value of shares redeemed		(24,139,520	)		(73,739,039	)
Change in net assets from Class C Share transactions		(9,399,428	)		(44,636,541	)
Institutional Shares:
Proceeds from shares issued		466,804,635			277,543,621
Distributions reinvested		43,164,920			59,774,878
Value of shares redeemed		(353,877,837	)		(173,731,332	)
Change in net assets from Institutional Share transactions		156,091,718			163,587,167
Class R Shares:
Proceeds from shares issued		81,618			743,404
Distributions reinvested		116,637			248,332
Value of shares redeemed		(1,240,348	)		(709,460	)
Change in net assets from Class R Share transactions		(1,042,093	)		282,276
Class R6 Shares:
Proceeds from shares issued		66,817,741			31,522,334
Distributions reinvested		17,568,214			29,401,719
Value of shares redeemed		(63,455,240	)		(32,044,328	)
Change in net assets from Class R6 Share transactions		20,930,715			28,879,725
Change in net assets from capital transactions	$	177,283,120		$	171,789,600
Share Transactions:
Class A Shares:
Issued		1,777,465			2,746,680
Reinvested		769,713			1,367,419
Redeemed		(2,142,662	)		(2,883,769	)
Change in Class A Shares		404,516			1,230,330
Class C Shares:
Issued		384,788			701,973
Reinvested		333,131			792,747
Redeemed		(1,226,709	)		(3,702,614	)
Change in Class C Shares		(508,790	)		(2,207,894	)
Institutional Shares:
Issued		22,525,520			13,723,097
Reinvested		2,103,817			3,051,663
Redeemed		(19,213,569	)		(8,576,271	)
Change in Institutional Shares		5,415,768			8,198,489
Class R Shares:
Issued		3,955			37,398
Reinvested		5,682			12,867
Redeemed		(59,926	)		(35,480	)
Change in Class R Shares		(50,289	)		14,785
Class R6 Shares:
Issued		3,106,328			1,562,417
Reinvested		858,883			1,500,794
Redeemed		(3,493,267	)		(1,563,071	)
Change in Class R6 Shares		471,944			1,500,140
Change in Shares		5,733,149			8,735,850

See accompanying Notes to the Financial Statements.

96

Sterling Capital Behavioral International Equity Fund						Sterling Capital SMID Opportunities Fund						Sterling Capital Stratton Mid Cap Value Fund
For the Six Months Ended March 31, 2020 (Unaudited)			For the Year Ended September 30, 2019			For the Six Months Ended March 31, 2020 (Unaudited)			For the Year Ended September 30, 2019			For the Six Months Ended March 31, 2020 (Unaudited)			For the Year Ended September 30, 2019
$	38,989		$	123,265		$	1,571,050		$	366,941		$	40,805		$	21,905
	15,210			45,511			158,917			—			3,929			8,075
	(44,317	)		(345,274	)		(59,253	)		(309,895	)		(2,801	)		(5,899	)
	9,882			(176,498	)		1,670,714			57,046			41,933			24,081
	-			14,205			217,946			84,270			—			—
	987			4,299			58,816			—			34			103
	(12,961	)		(5,850	)		(88,601	)		(423,647	)		—			—
	(11,974	)		12,654			188,161			(339,377	)		34			103
	583,101			1,837,673			1,926,724			690,359			369,675			725,039
	23,254			710,669			253,402			—			1,862,796			4,783,434
	(1,452,171	)		(2,231,436	)		(1,020,107	)		(524,945	)		(3,716,254	)		(5,834,744	)
	(845,816	)		316,906			1,160,019			165,414			(1,483,783	)		(326,271	)
	—			—			—			—			—			—
	—			—			—			—			—			—
	—			—			—			—			—			—
	—			—			—			—			—			—
	-			20,005,843			—			—			—			—
	2,512,098			4,081,173			—			—			—			—
	-			—			—			—			—			—
	2,512,098			24,087,016			—			—			—			—
$	1,664,190		$	24,240,078		$	3,018,894		$	(116,917	)	$	(1,441,816	)	$	(302,087	)
	3,942			13,137			115,076			29,734			639			372
	1,530			4,942			11,940			—			59			144
	(4,636	)		(35,540	)		(5,431	)		(26,444	)		(65	)		(97	)
	836			(17,461	)		121,585			3,290			633			419
	-			1,381			16,771			7,505			—			—
	100			470			4,510			—			1			2
	(1,318	)		(616	)		(7,776	)		(36,049	)		—			—
	(1,218	)		1,235			13,505			(28,544	)		1			2
	63,817			197,397			147,089			60,406			5,869			12,066
	2,342			75,256			18,925			—			28,066			84,617
	(144,735	)		(232,741	)		(122,751	)		(47,246	)		(62,450	)		(98,396	)
	(78,576	)		39,912			43,263			13,160			(28,515	)		(1,713	)
	—			—			—			—			—			—
	—			—			—			—			—			—
	—			—			—			—			—			—
	—			—			—			—			—			—
	—			2,190,581			—			—			—			—
	252,980			444,173			—			—			—			—
	—			—			—			—			—			—
	252,980			2,634,754			—			—			—			—
	174,022			2,658,440			178,353			(12,094	)		(27,881	)		(1,292	)

97

Sterling Capital Funds

Statements of Changes in Net Assets

	Sterling Capital Stratton Real Estate Fund
	For the Six Months Ended March 31, 2020 (Unaudited)			For the Year Ended September 30, 2019
Capital Transactions:
Class A Shares:
Proceeds from shares issued	$	1,473,117		$	402,433
Distributions reinvested		48,931			25,560
Value of shares redeemed		(297,740	)		(100,521	)
Change in net assets from Class A Share transactions		1,224,308			327,472
Class C Shares:
Proceeds from shares issued		12,001			80,202
Distributions reinvested		9,188			6,292
Value of shares redeemed		(2,040	)		(1,561	)
Change in net assets from Class C Share transactions		19,149			84,933
Institutional Shares:
Proceeds from shares issued		6,928,248			17,505,972
Distributions reinvested		4,267,417			4,554,669
Value of shares redeemed		(10,292,745	)		(20,357,207	)
Change in net assets from Institutional Share transactions		902,920			1,703,434
Class R6 Shares:
Proceeds from shares issued		500			—
Distributions reinvested		4			—
Change in net assets from Class R6 Share transactions		504			—
Change in net assets from capital transactions	$	2,146,881		$	2,115,839
Share Transactions:
Class A Shares:
Issued		36,530			10,283
Reinvested		1,317			682
Redeemed		(8,059	)		(2,618	)
Change in Class A Shares		29,788			8,347
Class C Shares:
Issued		284			2,115
Reinvested		240			170
Redeemed		(53	)		(41	)
Change in Class C Shares		471			2,244
Institutional Shares:
Issued		172,369			451,964
Reinvested		110,976			121,837
Redeemed		(267,850	)		(524,867	)
Change in Institutional Shares		15,495			48,934
Class R6 Shares:
Issued		12			—
Change in Class R6 Shares		12			—
Change in Shares		45,766			59,525

See accompanying Notes to the Financial Statements.

98

Sterling Capital Stratton Small Cap Value Fund						Sterling Capital Ultra Short Bond Fund
For the Six Months Ended March 31, 2020 (Unaudited)			For the Year Ended September 30, 2019			For the Six Months Ended March 31, 2020 (Unaudited)			For the Year Ended September 30, 2019
$	349,054		$	1,407,442		$	361,240		$	875,745
	174,082			130,424			21,306			68,193
	(429,490	)		(678,947	)		(187,864	)		(3,815,644	)
	93,646			858,919			194,682			(2,871,706	)
	109,136			168,061			—			—
	23,281			7,554			—			—
	(52,789	)		(2,000	)		—			—
	79,628			173,615			—			—
	76,817,561			129,863,570			9,049,042			21,239,320
	45,739,757			59,385,321			152,143			679,867
	(168,665,391	)		(365,271,115	)		(3,509,239	)		(28,706,933	)
	(46,108,073	)		(176,022,224	)		5,691,946			(6,787,746	)
	500			—			—			—
	—			—			—			—
	500			—			—			—
$	(45,934,299	)	$	(174,989,690	)	$	5,886,628		$	(9,659,452	)
	4,486			18,224			37,218			89,884
	2,260			1,791			2,184			6,986
	(5,517	)		(8,785	)		(19,279	)		(390,630	)
	1,229			11,230			20,123			(293,760	)
	1,399			2,303			—			—
	312			106			—			—
	(1,070	)		(25	)		—			—
	641			2,384			—			—
	1,166,064			1,700,927			924,016			2,182,523
	590,269			813,078			15,571			69,593
	(2,618,462	)		(4,821,192	)		(360,428	)		(2,933,540	)
	(862,129	)		(2,307,187	)		579,159			(681,424	)
	7			—			—			—
	7			—			—			—
	(860,252	)		(2,293,573	)		599,282			(975,184	)

99

Sterling Capital Funds

Statements of Changes in Net Assets

	Sterling Capital Short Duration Bond Fund
	For the Six Months Ended March 31, 2020 (Unaudited)			For the Year Ended September 30, 2019
Capital Transactions:
Class A Shares:
Proceeds from shares issued	$	264,487		$	132,602
Distributions reinvested		31,884			91,963
Value of shares redeemed		(502,479	)		(1,475,687	)
Change in net assets from Class A Share transactions		(206,108	)		(1,251,122	)
Class C Shares:
Proceeds from shares issued		113,299			122,296
Distributions reinvested		7,765			19,926
Value of shares redeemed		(271,539	)		(197,504	)
Change in net assets from Class C Share transactions		(150,475	)		(55,282	)
Institutional Shares:
Proceeds from shares issued		17,125,531			76,584,610
Distributions reinvested		1,752,346			3,897,901
Value of shares redeemed		(22,250,272	)		(38,070,521	)
Change in net assets from Institutional Share transactions		(3,372,395	)		42,411,990
Class R Shares:
Proceeds from shares issued		—			—
Distributions reinvested		—			—
Value of shares redeemed		—			—
Change in net assets from Class R Share transactions		—			—
Class R6 Shares:
Proceeds from shares issued		—			—
Distributions reinvested		—			—
Value of shares redeemed		—			—
Change in net assets from Class R6 Share transactions		—			—
Change in net assets from capital transactions	$	(3,728,978	)	$	41,105,586
Share Transactions:
Class A Shares:
Issued		30,625			15,539
Reinvested		3,690			10,734
Redeemed		(58,102	)		(172,452	)
Change in Class A Shares		(23,787	)		(146,179	)
Class C Shares:
Issued		13,113			14,418
Reinvested		899			2,326
Redeemed		(31,464	)		(23,125	)
Change in Class C Shares		(17,452	)		(6,381	)
Institutional Shares:
Issued		1,986,696			8,975,919
Reinvested		202,829			454,557
Redeemed		(2,594,249	)		(4,440,972	)
Change in Institutional Shares		(404,724	)		4,989,504
Class R Shares:
Issued		—			—
Reinvested		—			—
Redeemed		—			—
Change in Class R Shares		—			—
Class R6 Shares:
Issued		—			—
Reinvested		—			—
Redeemed		—			—
Change in Class R6 Shares		—			—
Change in Shares		(445,963	)		4,836,944

See accompanying Notes to the Financial Statements.

100

Sterling Capital Intermediate U.S. Government Fund						Sterling Capital Total Return Bond Fund						Sterling Capital Corporate Fund
For the Six Months Ended March 31, 2020 (Unaudited)			For the Year Ended September 30, 2019			For the Six Months Ended March 31, 2020 (Unaudited)			For the Year Ended September 30, 2019			For the Six Months Ended March 31, 2020 (Unaudited)			For the Year Ended September 30, 2019
$	335,387		$	100,741		$	3,855,618		$	10,027,413		$	56,181		$	62,259
	41,405			94,743			709,771			1,697,366			6,381			13,850
	(176,555	)		(1,199,621	)		(5,691,285	)		(28,820,527	)		(156,400	)		(44,374	)
	200,237			(1,004,137	)		(1,125,896	)		(17,095,748	)		(93,838	)		31,735
	65,447			3,772			1,015,257			2,597,620			—			—
	3,036			7,680			68,520			145,756			29			69
	(70,624	)		(141,933	)		(1,374,150	)		(2,446,047	)		—			(39,205	)
	(2,141	)		(130,481	)		(290,373	)		297,329			29			(39,136	)
	695,646			2,174,624			209,592,266			377,140,069			1,189,147			3,831,591
	21,271			57,117			9,100,293			15,017,587			308,009			787,886
	(2,341,385	)		(9,680,744	)		(161,311,084	)		(248,196,183	)		(4,001,888	)		(13,977,248	)
	(1,624,468	)		(7,449,003	)		57,381,475			143,961,473			(2,504,732	)		(9,357,771	)
	—			—			21,962			—			—			—
	—			—			373			829			—			—
	—			—			—			(8,975	)		—			—
	—			—			22,335			(8,146	)		—			—
	—			—			103,545,086			78,280,930			—			—
	—			—			5,874,425			10,121,716			—			—
	—			—			(41,674,464	)		(40,207,094	)		—			—
	—			—			67,745,047			48,195,552			—			—
$	(1,426,372	)	$	(8,583,621	)	$	123,732,588		$	175,350,460		$	(2,598,541	)	$	(9,365,172	)
	33,515			10,380			354,244			949,954			5,389			6,118
	4,153			9,748			64,978			162,462			616			1,380
	(17,772	)		(122,964	)		(521,487	)		(2,778,531	)		(15,238	)		(4,324	)
	19,896			(102,836	)		(102,265	)		(1,666,115	)		(9,233	)		3,174
	6,568			391			92,746			247,292			—			—
	305			791			6,265			13,896			3			7
	(7,121	)		(14,594	)		(126,408	)		(233,935	)		—			(4,021	)
	(248	)		(13,412	)		(27,397	)		27,253			3			(4,014	)
	70,160			224,428			19,258,452			35,941,744			114,010			383,753
	2,131			5,876			832,625			1,430,579			29,742			78,805
	(235,424	)		(1,009,532	)		(14,919,419	)		(23,901,584	)		(387,429	)		(1,420,672	)
	(163,133	)		(779,228	)		5,171,658			13,470,739			(243,677	)		(958,114	)
	—			—			2,116			—			—			—
	—			—			34			80			—			—
	—			—			-			(881	)		—			—
	—			—			2,150			(801	)		—			—
	—			—			9,484,062			7,416,251			—			—
	—			—			537,389			964,467			—			—
	—			—			(3,868,920	)		(3,840,531	)		—			—
	—			—			6,152,531			4,540,187			—			—
	(143,485	)		(895,476	)		11,196,677			16,371,263			(252,907	)		(958,954	)

101

Sterling Capital Funds

Statements of Changes in Net Assets

	Sterling Capital Quality Income Fund
	For the Six Months Ended March 31, 2020 (Unaudited)			For the Year Ended September 30, 2019
Capital Transactions:
Class A Shares:
Proceeds from shares issued	$	—		$	—
Distributions reinvested		257			543
Value of shares redeemed		—			(9	)
Change in net assets from Class A Share transactions		257			534
Class C Shares:
Proceeds from shares issued		—			—
Distributions reinvested		174			701
Value of shares redeemed		(31,480	)		(639	)
Change in net assets from Class C Share transactions		(31,306	)		62
Institutional Shares:
Proceeds from shares issued		1,408,234			1,743,197
Distributions reinvested		491,917			1,062,163
Value of shares redeemed		(1,488,534	)		(5,278,190	)
Change in net assets from Institutional Share transactions		411,617			(2,472,830	)
Change in net assets from capital transactions	$	380,568		$	(2,472,234	)
Share Transactions:
Class A Shares:
Issued		-			—
Reinvested		25			55
Redeemed		-			(1	)
Change in Class A Shares		25			54
Class C Shares:
Issued		-			—
Reinvested		17			72
Redeemed		(3,131	)		(65	)
Change in Class C Shares		(3,114	)		7
Institutional Shares:
Issued		139,703			174,842
Reinvested		48,646			107,799
Redeemed		(147,584	)		(539,555	)
Change in Institutional Shares		40,765			(256,914	)
Change in Shares		37,676			(256,853	)

See accompanying Notes to the Financial Statements.

102

Sterling Capital Kentucky Intermediate Tax-Free Fund						Sterling Capital Maryland Intermediate Tax-Free Fund						Sterling Capital North Carolina Intermediate Tax-Free Fund
For the Six Months Ended March 31, 2020 (Unaudited)			For the Year Ended September 30, 2019			For the Six Months Ended March 31, 2020 (Unaudited)			For the Year Ended September 30, 2019			For the Six Months Ended March 31, 2020 (Unaudited)			For the Year Ended September 30, 2019
$	58,410		$	486,125		$	21,912		$	37,386		$	981,201		$	3,836,676
	34,313			75,439			41,958			101,927			309,550			687,412
	(366,986	)		(708,577	)		(452,174	)		(1,307,983	)		(3,683,276	)		(4,498,190	)
	(274,263	)		(147,013	)		(388,304	)		(1,168,670	)		(2,392,525	)		25,898
	—			—			104,879			20,750			154,320			202,741
	12			31			5,307			13,595			15,984			40,518
	—			—			(134,744	)		(114,271	)		(191,345	)		(853,777	)
	12			31			(24,558	)		(79,926	)		(21,041	)		(610,518	)
	1,536,801			569,087			406,932			877,547			6,981,542			28,191,390
	7,743			16,476			26,281			67,911			509,386			1,018,133
	(685,321	)		(1,556,007	)		(1,658,865	)		(4,544,466	)		(20,383,088	)		(28,633,333	)
	859,223			(970,444	)		(1,225,652	)		(3,599,008	)		(12,892,160	)		576,190
$	584,972		$	(1,117,426	)	$	(1,638,514	)	$	(4,847,604	)	$	(15,305,726	)	$	(8,430	)
	5,650			47,623			1,988			3,439			90,338			360,881
	3,315			7,490			3,835			9,561			28,268			64,342
	(35,335	)		(71,671	)		(41,429	)		(122,794	)		(350,417	)		(420,823	)
	(26,370	)		(16,558	)		(35,606	)		(109,794	)		(231,811	)		4,400
	—			—			9,511			1,950			13,948			19,020
	1			3			485			1,278			1,461			3,800
	—			—			(12,464	)		(10,654	)		(17,797	)		(81,063	)
	1			3			(2,468	)		(7,426	)		(2,388	)		(58,243	)
	149,313			57,224			37,158			81,375			638,510			2,626,439
	749			1,637			2,397			6,361			46,518			95,238
	(66,076	)		(155,416	)		(151,839	)		(424,138	)		(1,933,674	)		(2,712,318	)
	83,986			(96,555	)		(112,284	)		(336,402	)		(1,248,646	)		9,359
	57,617			(113,110	)		(150,358	)		(453,622	)		(1,482,845	)		(44,484	)

103

Sterling Capital Funds

Statements of Changes in Net Assets

	Sterling Capital South Carolina Intermediate Tax-Free Fund
	For the Six Months Ended March 31, 2020 (Unaudited)			For the Year Ended September 30, 2019
Capital Transactions:
Class A Shares:
Proceeds from shares issued	$	937,674		$	382,162
Distributions reinvested		110,426			238,267
Value of shares redeemed		(1,168,661	)		(2,603,553	)
Change in net assets from Class A Share transactions		(120,561	)		(1,983,124	)
Class C Shares:
Proceeds from shares issued		13,359			79,002
Distributions reinvested		5,100			10,990
Value of shares redeemed		(43,124	)		(147,972	)
Change in net assets from Class C Share transactions		(24,665	)		(57,980	)
Institutional Shares:
Proceeds from shares issued		6,908,878			12,432,193
Distributions reinvested		171,205			311,034
Value of shares redeemed		(5,452,122	)		(12,388,326	)
Change in net assets from Institutional Share transactions		1,627,961			354,901
Change in net assets from capital transactions	$	1,482,735		$	(1,686,203	)
Share Transactions:
Class A Shares:
Issued		82,500			35,168
Reinvested		9,753			21,560
Redeemed		(103,450	)		(237,374	)
Change in Class A Shares		(11,197	)		(180,646	)
Class C Shares:
Issued		1,185			7,134
Reinvested		451			994
Redeemed		(3,838	)		(13,459	)
Change in Class C Shares		(2,202	)		(5,331	)
Institutional Shares:
Issued		615,969			1,133,723
Reinvested		15,222			28,322
Redeemed		(489,169	)		(1,136,914	)
Change in Institutional Shares		142,022			25,131
Change in Shares		128,623			(160,846	)

See accompanying Notes to the Financial Statements.

104

Sterling Capital Virginia Intermediate Tax-Free Fund						Sterling Capital West Virginia Intermediate Tax-Free Fund
For the Six Months Ended March 31, 2020 (Unaudited)			For the Year Ended September 30, 2019			For the Six Months Ended March 31, 2020 (Unaudited)			For the Year Ended September 30, 2019
$	111,579		$	330,984		$	6,314,402		$	2,471,962
	132,535			303,035			261,647			451,194
	(972,228	)		(4,580,565	)		(1,277,227	)		(5,229,839	)
	(728,114	)		(3,946,546	)		5,298,822			(2,306,683	)
	73			5,161			—			199,557
	4,086			9,346			2,348			10,210
	(3,251	)		(76,755	)		(140	)		(627,510	)
	908			(62,248	)		2,208			(417,743	)
	2,329,496			7,716,491			5,520,090			9,176,083
	86,572			181,453			62,783			115,667
	(2,921,770	)		(12,900,406	)		(3,050,089	)		(12,912,998	)
	(505,702	)		(5,002,462	)		2,532,784			(3,621,248	)
$	(1,232,908	)	$	(9,011,256	)	$	7,833,814		$	(6,345,674	)
	9,170			28,227			626,096			247,431
	11,024			25,903			25,753			45,459
	(81,678	)		(396,731	)		(126,568	)		(533,392	)
	(61,484	)		(342,601	)		525,281			(240,502	)
	6			437			—			19,844
	340			799			231			1,032
	(272	)		(6,628	)		(14	)		(62,409	)
	74			(5,392	)		217			(41,533	)
	193,903			660,524			541,702			918,268
	7,203			15,497			6,177			11,662
	(246,228	)		(1,111,688	)		(300,568	)		(1,316,333	)
	(45,122	)		(435,667	)		247,311			(386,403	)
	(106,532	)		(783,660	)		772,809			(668,438	)

105

Sterling Capital Funds

Statements of Changes in Net Assets

	Sterling Capital Diversified Income Fund
	For the Six Months Ended March 31, 2020 (Unaudited)			For the Year Ended September 30, 2019
Capital Transactions:
Class A Shares:
Proceeds from shares issued	$	276,500		$	389,953
Distributions reinvested		243,440			550,891
Value of shares redeemed		(1,883,121	)		(2,331,497	)
Change in net assets from Class A Share transactions		(1,363,181	)		(1,390,653	)
Class C Shares:
Proceeds from shares issued		7,208			416
Distributions reinvested		13,481			35,414
Value of shares redeemed		(116,343	)		(374,439	)
Change in net assets from Class C Share transactions		(95,654	)		(338,609	)
Institutional Shares:
Proceeds from shares issued		956,376			3,888,968
Distributions reinvested		134,857			277,718
Value of shares redeemed		(496,159	)		(1,935,619	)
Change in net assets from Institutional Share transactions		595,074			2,231,067
Change in net assets from capital transactions	$	(863,761	)	$	501,805
Share Transactions:
Class A Shares:
Issued		32,540			37,763
Reinvested		24,770			53,728
Redeemed		(192,729	)		(225,790	)
Change in Class A Shares		(135,419	)		(134,299	)
Class C Shares:
Issued		708			41
Reinvested		1,383			3,487
Redeemed		(11,527	)		(36,602	)
Change in Class C Shares		(9,436	)		(33,074	)
Institutional Shares:
Issued		91,807			369,829
Reinvested		13,545			26,739
Redeemed		(56,510	)		(185,095	)
Change in Institutional Shares		48,842			211,473
Change in Shares		(96,013	)		44,100

See accompanying Notes to the Financial Statements.

106

Sterling Capital Strategic Allocation Balanced Fund						Sterling Capital Strategic Allocation Growth Fund
For the Six Months Ended March 31, 2020 (Unaudited)			For the Year Ended September 30, 2019			For the Six Months Ended March 31, 2020 (Unaudited)			For the Year Ended September 30, 2019
$	180,892		$	649,698		$	149,522		$	398,273
	1,181,148			572,661			1,042,991			401,982
	(2,381,417	)		(4,773,194	)		(1,382,854	)		(2,428,833	)
	(1,019,377	)		(3,550,835	)		(190,341	)		(1,628,578	)
	8,588			4,500			16,542			19,434
	17,975			7,432			18,375			5,049
	(85,707	)		(178,051	)		(28,394	)		(93,678	)
	(59,144	)		(166,119	)		6,523			(69,195	)
	—			160,939			10,187			36,945
	16,119			5,227			30,799			15,673
	(61,769	)		(55,491	)		(571,197	)		(90,820	)
	(45,650	)		110,675			(530,211	)		(38,202	)
$	(1,124,171	)	$	(3,606,279	)	$	(714,029	)	$	(1,735,975	)
	15,151			56,037			12,605			34,197
	98,883			50,445			86,568			35,868
	(204,281	)		(404,802	)		(120,933	)		(206,022	)
	(90,247	)		(298,320	)		(21,760	)		(135,957	)
	717			394			1,458			1,721
	1,526			680			1,586			478
	(7,207	)		(15,416	)		(2,433	)		(8,249	)
	(4,964	)		(14,342	)		611			(6,050	)
	—			13,119			864			3,127
	1,339			454			2,548			1,389
	(6,196	)		(4,672	)		(46,592	)		(7,676	)
	(4,857	)		8,901			(43,180	)		(3,160	)
	(100,068	)		(303,761	)		(64,329	)		(145,167	)

107

Sterling Capital Funds

Financial Highlights, Class A Shares

The financial highlights table is intended to help you understand the Funds’ financial performance for the past 5 years or, if shorter, the period of the Funds’ operations. Certain information reflects financial results for a single Fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the Fund (assuming reinvestment of all dividends and distributions).

			Investment Activities									Distributions
	Net Asset Value, Beginning of Year		Net investment income (loss)(a)			Net realized/ unrealized gains (losses) on investments			Total from Investment Activities			Net investment income			Net realized gains on investments			Total Distributions
Sterling Capital Behavioral Large Cap Value Equity Fund
Six Months Ended March 31, 2020 (Unaudited)	$	19.49		0.17			(4.39	)		(4.22	)		(0.16	)		(0.58	)		(0.74	)
Year Ended September 30, 2019	$	22.30		0.39			(1.07	)		(0.68	)		(0.38	)		(1.75	)		(2.13	)
Year Ended September 30, 2018	$	20.71		0.31			1.91			2.22			(0.44	)		(0.19	)		(0.63	)
Year Ended September 30, 2017	$	17.68		0.36			2.97			3.33			(0.30	)		—			(0.30	)
Year Ended September 30, 2016	$	16.53		0.27			1.15			1.42			(0.27	)		—			(0.27	)
Year Ended September 30, 2015	$	17.24		0.22			(0.69	)		(0.47	)		(0.24	)		—			(0.24	)
Sterling Capital Mid Value Fund
Six Months Ended March 31, 2020 (Unaudited)	$	16.10		0.02			(4.07	)		(4.05	)		(0.20	)		(1.13	)		(1.33	)
Year Ended September 30, 2019	$	19.08		0.05			(0.77	)		(0.72	)		—			(2.26	)		(2.26	)
Year Ended September 30, 2018	$	18.72		(0.03	)		1.23			1.20			—			(0.84	)		(0.84	)
Year Ended September 30, 2017	$	16.71		(0.02	)		2.56			2.54			—			(0.53	)		(0.53	)
Year Ended September 30, 2016	$	17.97		0.02			2.06			2.08			—			(3.34	)		(3.34	)
Year Ended September 30, 2015	$	19.33		0.06			(0.14	)		(0.08	)		(0.11	)		(1.17	)		(1.28	)
Sterling Capital Behavioral Small Cap Value Equity Fund
Six Months Ended March 31, 2020 (Unaudited)	$	14.54		0.02			(4.88	)		(4.86	)		(0.14	)		—			(0.14	)
Year Ended September 30, 2019	$	18.65		0.17			(2.07	)		(1.90	)		(0.23	)		(1.98	)		(2.21	)
Year Ended September 30, 2018	$	18.39		0.17			0.86			1.03			(0.12	)		(0.65	)		(0.77	)
Year Ended September 30, 2017	$	15.19		0.12			3.17			3.29			(0.09	)		—			(0.09	)
Year Ended September 30, 2016	$	14.04		0.18			1.15			1.33			(0.17	)		(0.01	)		(0.18	)
Year Ended September 30, 2015	$	14.34		0.18			0.16			0.34			(0.20	)		(0.44	)		(0.64	)
Sterling Capital Special Opportunities Fund
Six Months Ended March 31, 2020 (Unaudited)	$	24.63		0.01			(4.92	)		(4.91	)		—			(1.33	)		(1.33	)
Year Ended September 30, 2019	$	26.37		0.02			0.10			0.12			—			(1.86	)		(1.86	)
Year Ended September 30, 2018	$	24.51		0.01			3.93			3.94			(0.14	)		(1.94	)		(2.08	)
Year Ended September 30, 2017	$	21.53		0.02			3.37			3.39			—			(0.41	)		(0.41	)
Year Ended September 30, 2016	$	22.96		—			1.88			1.88			—			(3.31	)		(3.31	)
Year Ended September 30, 2015	$	23.33		(0.06	)		0.89			0.83			—			(1.20	)		(1.20	)
Sterling Capital Equity Income Fund
Six Months Ended March 31, 2020 (Unaudited)	$	21.27		0.19			(4.37	)		(4.18	)		(0.20	)		(0.84	)		(1.04	)
Year Ended September 30, 2019	$	21.55		0.39			1.23			1.62			(0.38	)		(1.52	)		(1.90	)
Year Ended September 30, 2018	$	20.84		0.34			2.66			3.00			(0.34	)		(1.95	)		(2.29	)
Year Ended September 30, 2017	$	18.30		0.34			2.59			2.93			(0.37	)		(0.02	)		(0.39	)
Year Ended September 30, 2016	$	17.35		0.31			2.05			2.36			(0.31	)		(1.10	)		(1.41	)
Year Ended September 30, 2015	$	18.94		0.31			(1.06	)		(0.75	)		(0.33	)		(0.51	)		(0.84	)

* During the periods certain fees were waived (See Note 5 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.

108

					Ratios/Supplementary Data
Net Asset Value, End of Period		Total Return (excludes sales charge) (b)			Net Assets, End of Period (000)		Ratio of net expenses to average net assets (c)			Ratio of net investment income (loss) to average net assets (c)			Ratio of expenses to average net assets*(c)			Portfolio turnover rate**(b)
$	14.53		(22.56	)%	$	22,117		0.89	%		1.77	%		0.89	%		71.10	%
$	19.49		(2.34	)%	$	28,548		0.89	%		2.04	%		0.89	%		142.59	%
$	22.30		10.87	%	$	33,126		0.87	%		1.44	%		0.87	%		127.89	%
$	20.71		18.94	%	$	33,358		0.89	%		1.87	%		0.89	%		144.85	%
$	17.68		8.66	%	$	30,159		1.01	%		1.58	%		1.15	%		145.53	%
$	16.53		(2.81	)%	$	31,079		1.06	%		1.25	%		1.16	%		135.05	%
$	10.72		(27.79	)%	$	15,203		1.17	%		0.19	%		1.34	%		9.96	%
$	16.10		(2.80	)%	$	23,013		1.18	%		0.29	%		1.18	%		26.62	%
$	19.08		6.54	%	$	30,857		1.17	%		(0.16	)%		1.17	%		34.62	%
$	18.72		15.42	%	$	33,503		1.15	%		(0.09	)%		1.15	%		24.83	%
$	16.71		13.07	%	$	31,625		1.18	%		0.15	%		1.18	%		25.45	%
$	17.97		(0.69	)%	$	34,792		1.19	%		0.29	%		1.19	%		30.61	%
$	9.54		(33.73	)%	$	4,142		1.04	%		0.31	%		1.09	%		51.18	%
$	14.54		(9.57	)%	$	6,599		1.05	%		1.17	%		1.05	%		124.82	%
$	18.65		5.69	%	$	8,711		1.03	%		0.91	%		1.03	%		89.85	%
$	18.39		21.65	%	$	9,281		1.05	%		0.72	%		1.10	%		109.05	%
$	15.19		9.52	%	$	8,714		1.13	%		1.29	%		1.21	%		120.42	%
$	14.04		2.20	%	$	13,261		1.25	%		1.18	%		1.25	%		101.99	%
$	18.39		(21.32	)%	$	233,171		1.10	%		0.05	%		1.10	%		8.93	%
$	24.63		1.21	%	$	322,003		1.11	%		0.06	%		1.11	%		17.31	%
$	26.37		17.16	%	$	334,687		1.11	%		0.05	%		1.11	%		22.78	%
$	24.51		15.97	%	$	343,873		1.12	%		0.07	%		1.12	%		18.92	%
$	21.53		8.57	%	$	351,467		1.17	%		0.02	%		1.22	%		27.32	%
$	22.96		3.75	%	$	264,294		1.22	%		(0.25	)%		1.22	%		26.98	%
$	16.05		(20.66	)%	$	261,833		1.01	%		1.87	%		1.01	%		19.19	%
$	21.27		8.48	%	$	338,293		1.02	%		1.92	%		1.02	%		23.20	%
$	21.55		15.28	%	$	316,245		1.02	%		1.66	%		1.02	%		19.49	%
$	20.84		16.19	%	$	348,427		1.03	%		1.78	%		1.03	%		16.93	%
$	18.30		14.50	%	$	467,470		1.21	%		1.78	%		1.21	%		20.64	%
$	17.35		(4.16	)%	$	478,393		1.21	%		1.66	%		1.21	%		27.53	%

109

Sterling Capital Funds

Financial Highlights, Class A Shares

The financial highlights table is intended to help you understand the Funds’ financial performance for the past 5 years or, if shorter, the period of the Funds’ operations. Certain information reflects financial results for a single Fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the Fund (assuming reinvestment of all dividends and distributions).

			Investment Activities												Distributions
	Net Asset Value, Beginning of Period		Net investment income (loss)(a)			Net realized/ unrealized gains (losses) on investments			Total from Investment Activities			Net investment income			Net realized gains on investments			Total Distributions
Sterling Capital Behavioral International Equity Fund
Six Months Ended March 31, 2020 (Unaudited)	$	9.48		0.09			(2.28	)		(2.19	)		(0.28	)		—			(0.28	)
Year Ended September 30, 2019	$	11.17		0.31			(1.31	)		(1.00	)		(0.29	)		(0.40	)		(0.69	)
Year Ended September 30, 2018	$	11.75		0.37			(0.52	)		(0.15	)		(0.32	)		(0.11	)		(0.43	)
Year Ended September 30, 2017	$	9.68		0.25			1.96			2.21			(0.14	)		—			(0.14	)
Year Ended September 30, 2016	$	9.22		0.21			0.46			0.67			(0.21	)		—			(0.21	)
November 28, 2014 to September 30, 2015(d)	$	10.00		0.18			(0.94	)		(0.76	)		(0.02	)		—			(0.02	)
Sterling Capital SMID Opportunities Fund
Six Months Ended March 31, 2020 (Unaudited)	$	13.24		—			(2.83	)		(2.83	)		—			(0.63	)		(0.63	)
Year Ended September 30, 2019	$	12.44		(0.02	)		0.82			0.80			—			—			—
Year Ended September 30, 2018	$	11.75		(0.05	)		0.98			0.93			(0.06	)		(0.18	)		(0.24	)
October 3, 2016 to September 30, 2017(d)	$	10.00		—	(e)		1.76			1.76			(0.01	)		—			(0.01	)
Sterling Capital Stratton Mid Cap Value Fund
Six Months Ended March 31, 2020 (Unaudited)	$	64.04		0.10			(14.64	)		(14.54	)		(0.46	)		(1.51	)		(1.97	)
Year Ended September 30, 2019	$	68.74		0.30			0.17			0.47			(0.15	)		(5.02	)		(5.17	)
Year Ended September 30, 2018	$	66.23		0.10			4.85			4.95			(0.15	)		(2.29	)		(2.44	)
Year Ended September 30, 2017	$	55.87		0.02			10.65			10.67			(0.04	)		(0.27	)		(0.31	)
Period Ended September 30, 2016	$	52.55		(0.02	)		3.34			3.32			—			—			—
November 16, 2015 to December 31, 2015(d)	$	53.97		0.05			0.44			0.49			(0.13	)		(1.78	)		(1.91	)
Sterling Capital Stratton Real Estate Fund
Six Months Ended March 31, 2020 (Unaudited)	$	42.28		(0.03	)		(8.39	)		(8.42	)		(0.36	)		(1.52	)		(1.88	)
Year Ended September 30, 2019	$	37.57		0.75			5.98			6.73			(0.78	)		(1.24	)		(2.02	)
Year Ended September 30, 2018	$	37.04		0.74			1.50			2.24			(0.49	)		(1.22	)		(1.71	)
Year Ended September 30, 2017	$	39.67		0.75			(0.54	)		0.21			(1.09	)		(1.75	)		(2.84	)
Period Ended September 30, 2016	$	36.00		0.57			3.58			4.15			(0.48	)		—			(0.48	)
November 16, 2015 to December 31, 2015(d)	$	34.90		0.15			1.42			1.57			—			(0.47	)		(0.47	)
Sterling Capital Stratton Small Cap Value Fund
Six Months Ended March 31, 2020 (Unaudited)	$	78.00		0.07			(19.54	)		(19.47	)		(0.29	)		(4.93	)		(5.22	)
Year Ended September 30, 2019	$	88.73		0.32			(5.00	)		(4.68	)		(0.15	)		(5.90	)		(6.05	)
Year Ended September 30, 2018	$	89.91		0.12			6.49			6.61			(0.10	)		(7.69	)		(7.79	)
Year Ended September 30, 2017	$	78.34		—	(e)		15.72			15.72			(0.05	)		(4.10	)		(4.15	)
Period Ended September 30, 2016	$	69.90		(0.02	)		8.46			8.44			—			—			—
November 16, 2015 to December 31, 2015(d)	$	71.71		0.05			(0.81	)		(0.76	)		(0.05	)		(1.00	)		(1.05	)
Sterling Capital Ultra Short Bond Fund
Six Months Ended March 31, 2020 (Unaudited)	$	9.78		0.10			(0.18	)		(0.08	)		(0.10	)		—			(0.10	)
Year Ended September 30, 2019	$	9.75		0.23			0.03			0.26			(0.23	)		—			(0.23	)
Year Ended September 30, 2018	$	9.79		0.14			(0.02	)		0.12			(0.16	)		—			(0.16	)
Year Ended September 30, 2017	$	9.82		0.07			0.03			0.10			(0.13	)		—			(0.13	)
Year Ended September 30, 2016	$	9.87		0.07			0.03			0.10			(0.15	)		—			(0.15	)
Year Ended September 30, 2015	$	9.94		0.04			(0.02	)		0.02			(0.09	)		—			(0.09	)

* During the periods certain fees were waived (See Note 5 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) Amount is less than $0.005.

See accompanying Notes to the Financial Statements.

110

					Ratios/Supplementary Data
Net Asset Value, End of Period		Total Return (excludes sales charge) (b)			Net Assets, End of Period (000)		Ratio of net expenses to average net assets (c)			Ratio of net investment income (loss) to average net assets (c)			Ratio of expenses to average net assets*(c)			Portfolio turnover rate**(b)
$	7.01		(24.01	)%	$	403		0.90	%		1.86	%		1.10	%		52.21	%
$	9.48		(8.72	)%	$	537		0.94	%		3.16	%		1.14	%		97.74	%
$	11.17		(1.47	)%	$	828		0.90	%		3.17	%		1.10	%		96.65	%
$	11.75		23.19	%	$	510		0.93	%		2.38	%		1.19	%		91.65	%
$	9.68		7.24	%	$	354		1.05	%		2.26	%		1.36	%		125.35	%
$	9.22		(7.57	)%	$	531		1.28	%		2.16	%		1.44	%		133.50	%
$	9.78		(22.66	)%	$	3,478		1.04	%		0.03	%		1.36	%		32.66	%
$	13.24		6.43	%	$	3,097		1.04	%		(0.18	)%		1.45	%		45.11	%
$	12.44		8.07	%	$	2,870		1.04	%		(0.39	)%		1.29	%		45.64	%
$	11.75		17.59	%	$	4,038		1.04	%		(0.03	)%		1.66	%		37.97	%
$	47.53		(23.55	)%	$	124		1.17	%		0.31	%		1.19	%		4.79	%
$	64.04		1.72	%	$	126		1.20	%		0.50	%		1.20	%		6.75	%
$	68.74		7.54	%	$	107		1.20	%		0.15	%		1.20	%		14.47	%
$	66.23		19.16	%	$	108		1.16	%		0.03	%		1.16	%		12.19	%
$	55.87		6.32	%	$	19		1.20	%		(0.04	)%		1.22	%		11.16	%
$	52.55		1.00	%	$	1		0.91	%		0.72	%		0.91	%		19.28	%
$	31.98		(20.63	)%	$	1,558		1.07	%		(0.14	)%		1.07	%		8.82	%
$	42.28		18.76	%	$	800		1.07	%		1.92	%		1.07	%		14.56	%
$	37.57		6.17	%	$	398		1.07	%		2.04	%		1.07	%		8.34	%
$	37.04		0.90	%	$	302		1.04	%		2.03	%		1.05	%		13.52	%
$	39.67		11.50	%	$	115		1.08	%		1.93	%		1.11	%		18.43	%
$	36.00		4.54	%	$	1		0.86	%		3.30	%		0.86	%		15.47	%
$	53.31		(27.00	)%	$	1,962		1.27	%		0.19	%		1.33	%		6.21	%
$	78.00		(4.79	)%	$	2,775		1.28	%		0.42	%		1.33	%		8.60	%
$	88.73		7.71	%	$	2,160		1.28	%		0.14	%		1.32	%		15.51	%
$	89.91		20.43	%	$	529		1.31	%		0.01	%		1.31	%		7.04	%
$	78.34		12.07	%	$	87		1.33	%		(0.04	)%		1.33	%		3.42	%
$	69.90		(1.03	)%	$	1		1.33	%		0.58	%		1.33	%		6.33	%
$	9.60		(0.83	)%	$	2,371		0.67	%		2.07	%		0.86	%		19.48	%
$	9.78		2.70	%	$	2,219		0.68	%		2.39	%		0.79	%		103.69	%
$	9.75		1.20	%	$	5,074		0.66	%		1.39	%		0.76	%		74.56	%
$	9.79		1.00	%	$	4,663		0.68	%		0.71	%		0.78	%		59.57	%
$	9.82		0.99	%	$	6,250		0.71	%		0.72	%		0.80	%		43.02	%
$	9.87		0.25	%	$	8,295		0.78	%		0.43	%		0.80	%		66.19	%

111

Sterling Capital Funds

Financial Highlights, Class A Shares

The financial highlights table is intended to help you understand the Funds’ financial performance for the past 5 years or, if shorter, the period of the Funds’ operations. Certain information reflects financial results for a single Fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the Fund (assuming reinvestment of all dividends and distributions).

			Investment Activities								Distributions
	Net Asset Value, Beginning of Year		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, 2020 (Unaudited)	$	8.65		0.09		(0.16	)		(0.07	)		(0.10	)		—			—			(0.10	)
Year Ended September 30, 2019	$	8.52		0.21		0.15			0.36			(0.23	)		—			—			(0.23	)
Year Ended September 30, 2018	$	8.69		0.16		(0.11	)		0.05			(0.22	)		—			—			(0.22	)
Year Ended September 30, 2017	$	8.81		0.10		(0.01	)		0.09			(0.21	)		—			—			(0.21	)
Year Ended September 30, 2016	$	8.86		0.10		0.07			0.17			(0.22	)		—			—			(0.22	)
Year Ended September 30, 2015	$	9.07		0.10		(0.05	)		0.05			(0.26	)		—			—			(0.26	)
Sterling Capital Intermediate U.S. Government Fund
Six Months Ended March 31, 2020 (Unaudited)	$	9.92		0.09		0.24			0.33			(0.12	)		—			—			(0.12	)
Year Ended September 30, 2019	$	9.48		0.21		0.47			0.68			(0.24	)		—			—			(0.24	)
Year Ended September 30, 2018	$	9.91		0.17		(0.34	)		(0.17	)		(0.26	)		—			—			(0.26	)
Year Ended September 30, 2017	$	10.24		0.15		(0.27	)		(0.12	)		(0.21	)		—			—			(0.21	)
Year Ended September 30, 2016	$	10.18		0.13		0.11			0.24			(0.18	)		—			—			(0.18	)
Year Ended September 30, 2015	$	10.19		0.13		0.05			0.18			(0.19	)		—			—			(0.19	)
Sterling Capital Total Return Bond Fund
Six Months Ended March 31, 2020 (Unaudited)	$	10.88		0.13		(0.05	)		0.08			(0.15	)		—	(d)		—			(0.15	)
Year Ended September 30, 2019	$	10.20		0.30		0.69			0.99			(0.31	)		—			—			(0.31	)
Year Ended September 30, 2018	$	10.59		0.27		(0.36	)		(0.09	)		(0.30	)		—			—			(0.30	)
Year Ended September 30, 2017	$	10.81		0.23		(0.15	)		0.08			(0.30	)		—			—			(0.30	)
Year Ended September 30, 2016	$	10.53		0.26		0.34			0.60			(0.32	)		—			—			(0.32	)
Year Ended September 30, 2015	$	10.66		0.28		(0.06	)		0.22			(0.35	)		—			—			(0.35	)
Sterling Capital Corporate Fund
Six Months Ended March 31, 2020 (Unaudited)	$	10.38		0.13		(0.61	)		(0.48	)		(0.13	)		—			—			(0.13	)
Year Ended September 30, 2019	$	9.81		0.30		0.57			0.87			(0.30	)		—			—			(0.30	)
Year Ended September 30, 2018	$	10.25		0.29		(0.37	)		(0.08	)		(0.29	)		(0.07	)		—			(0.36	)
Year Ended September 30, 2017	$	10.37		0.29		(0.08	)		0.21			(0.29	)		(0.04	)		—			(0.33	)
Year Ended September 30, 2016	$	10.10		0.28		0.27			0.55			(0.28	)		—			—			(0.28	)
Year Ended September 30, 2015	$	10.25		0.29		(0.14	)		0.15			(0.29	)		(0.01	)		—	(d)		(0.30	)
Sterling Capital Quality Income Fund
Six Months Ended March 31, 2020 (Unaudited)	$	10.09		0.13		(0.01	)		0.12			(0.13	)		—			—			(0.13	)
Year Ended September 30, 2019	$	9.60		0.28		0.49			0.77			(0.28	)		—			—			(0.28	)
Year Ended September 30, 2018	$	9.94		0.25		(0.31	)		(0.06	)		(0.28	)		—			—			(0.28	)
Year Ended September 30, 2017	$	10.10		0.21		(0.12	)		0.09			(0.25	)		—			—			(0.25	)
Year Ended September 30, 2016	$	9.98		0.19		0.16			0.35			(0.23	)		—			—			(0.23	)
Year Ended September 30, 2015	$	9.90		0.20		0.13			0.33			(0.25	)		—			—			(0.25	)
Sterling Capital Kentucky Intermediate Tax-Free Fund
Six Months Ended March 31, 2020 (Unaudited)	$	10.32		0.08		(0.01	)		0.07			(0.08	)		(0.02	)		—			(0.10	)
Year Ended September 30, 2019	$	9.90		0.18		0.48			0.66			(0.18	)		(0.06	)		—			(0.24	)
Year Ended September 30, 2018	$	10.27		0.20		(0.34	)		(0.14	)		(0.20	)		(0.03	)		—			(0.23	)
Year Ended September 30, 2017	$	10.64		0.21		(0.23	)		(0.02	)		(0.21	)		(0.14	)		—			(0.35	)
Year Ended September 30, 2016	$	10.62		0.24		0.15			0.39			(0.24	)		(0.13	)		—			(0.37	)
Year Ended September 30, 2015	$	10.86		0.25		(0.06	)		0.19			(0.25	)		(0.18	)		—			(0.43	)
Sterling Capital Maryland Intermediate Tax-Free Fund
Six Months Ended March 31, 2020 (Unaudited)	$	10.95		0.09		(0.01	)		0.08			(0.09	)		(0.06	)		—			(0.15	)
Year Ended September 30, 2019	$	10.62		0.20		0.46			0.66			(0.20	)		(0.13	)		—			(0.33	)
Year Ended September 30, 2018	$	11.02		0.20		(0.34	)		(0.14	)		(0.20	)		(0.06	)		—			(0.26	)
Year Ended September 30, 2017	$	11.31		0.21		(0.21	)		—			(0.21	)		(0.08	)		—			(0.29	)
Year Ended September 30, 2016	$	11.17		0.20		0.21			0.41			(0.20	)		(0.07	)		—			(0.27	)
Year Ended September 30, 2015	$	11.23		0.20		—	(d)		0.20			(0.20	)		(0.06	)		—			(0.26	)

* During the periods certain fees were waived (See Note 5 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 has been calculated using the average daily shares method.

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

(c) Annualized for periods less than one year.

(d) Amount is less than $0.005.

See accompanying Notes to the Financial Statements.

112

					Ratios/Supplementary Data
Net Asset Value, End of Year		Total Return (excludes sales charge) (b)			Net Assets, End of Year (000)		Ratio of net expenses to average net assets (c)			Ratio of net investment income to average net assets (c)			Ratio of expenses to average net assets*(c)			Portfolio turnover rate**(b)
$	8.48		(0.80	)%	$	2,934		0.67	%		2.14	%		0.77	%		29.74	%
$	8.65		4.29	%	$	3,197		0.68	%		2.44	%		0.78	%		78.58	%
$	8.52		0.55	%	$	4,393		0.68	%		1.84	%		0.78	%		62.02	%
$	8.69		1.02	%	$	5,746		0.70	%		1.11	%		0.80	%		78.77	%
$	8.81		1.98	%	$	7,332		0.74	%		1.09	%		0.81	%		54.68	%
$	8.86		0.56	%	$	8,075		0.79	%		1.17	%		0.81	%		55.74	%
$	10.13		3.40	%	$	3,808		0.78	%		1.90	%		0.94	%		33.53	%
$	9.92		7.27	%	$	3,531		0.81	%		2.12	%		0.91	%		40.13	%
$	9.48		(1.73	)%	$	4,350		0.91	%		1.73	%		0.92	%		40.85	%
$	9.91		(1.20	)%	$	5,418		0.87	%		1.54	%		0.91	%		32.44	%
$	10.24		2.37	%	$	7,066		0.85	%		1.24	%		0.97	%		49.39	%
$	10.18		1.81	%	$	7,625		0.91	%		1.29	%		0.98	%		62.02	%
$	10.81		0.70	%	$	54,042		0.69	%		2.35	%		0.81	%		32.87	%
$	10.88		9.90	%	$	55,513		0.70	%		2.87	%		0.83	%		79.40	%
$	10.20		(0.90	)%	$	68,982		0.70	%		2.56	%		0.82	%		62.28	%
$	10.59		0.75	%	$	72,030		0.72	%		2.13	%		0.82	%		64.07	%
$	10.81		5.84	%	$	70,257		0.74	%		2.42	%		0.84	%		65.47	%
$	10.53		2.04	%	$	47,782		0.73	%		2.63	%		0.83	%		41.37	%
$	9.77		(4.66	)%	$	379		0.92	%		2.56	%		0.93	%		22.89	%
$	10.38		9.01	%	$	498		0.93	%		2.98	%		0.95	%		82.23	%
$	9.81		(0.80	)%	$	440		0.89	%		2.94	%		0.89	%		66.82	%
$	10.25		2.07	%	$	372		0.88	%		2.84	%		0.88	%		78.79	%
$	10.37		5.55	%	$	441		0.89	%		2.77	%		0.89	%		83.88	%
$	10.10		1.51	%	$	348		0.88	%		2.87	%		0.88	%		33.94	%
$	10.08		1.19	%	$	20		0.83	%		2.48	%		0.87	%		13.11	%
$	10.09		8.13	%	$	20		0.85	%		2.90	%		0.89	%		17.58	%
$	9.60		(0.63	)%	$	18		0.83	%		2.54	%		0.87	%		19.17	%
$	9.94		0.89	%	$	94		0.85	%		2.06	%		0.89	%		34.72	%
$	10.10		3.60	%	$	377		0.84	%		1.89	%		0.88	%		43.63	%
$	9.98		3.39	%	$	124		0.84	%		2.01	%		0.88	%		19.85	%
$	10.29		0.72	%	$	3,346		0.92	%		1.63	%		0.92	%		3.45	%
$	10.32		6.79	%	$	3,631		0.95	%		1.79	%		0.95	%		32.58	%
$	9.90		(1.44	)%	$	3,647		0.93	%		1.95	%		0.93	%		20.37	%
$	10.27		(0.19	)%	$	4,072		0.93	%		2.01	%		0.96	%		17.93	%
$	10.64		3.69	%	$	4,358		0.91	%		2.25	%		1.02	%		16.44	%
$	10.62		1.80	%	$	4,532		0.95	%		2.37	%		1.04	%		17.34	%
$	10.88		0.77	%	$	3,532		0.94	%		1.69	%		0.95	%		0.00	%
$	10.95		6.35	%	$	3,947		0.92	%		1.83	%		0.94	%		20.76	%
$	10.62		(1.23	)%	$	4,991		0.88	%		1.89	%		0.88	%		31.12	%
$	11.02		0.00	%	$	5,818		0.86	%		1.88	%		0.90	%		5.89	%
$	11.31		3.71	%	$	6,537		0.86	%		1.75	%		0.96	%		14.36	%
$	11.17		1.79	%	$	6,865		0.90	%		1.82	%		0.96	%		18.38	%

113

Sterling Capital Funds

Financial Highlights, Class A Shares

The financial highlights table is intended to help you understand the Funds’ financial performance for the past 5 years or, if shorter, the period of the Funds’ operations. Certain information reflects financial results for a single Fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the Fund (assuming reinvestment of all dividends and distributions).

			Investment Activities								Distributions
	Net Asset Value, Beginning of Year		Net investment income(a)		Net realized/ unrealized gains (losses) on investments			Total from Investment Activities			Net investment income			Net realized gains on investments			Total Distributions
Sterling Capital North Carolina Intermediate Tax-Free Fund
Six Months Ended March 31, 2020 (Unaudited)	$	10.91		0.10		(0.04	)		0.06			(0.10	)		—			(0.10	)
Year Ended September 30, 2019	$	10.43		0.23		0.48			0.71			(0.23	)		—			(0.23	)
Year Ended September 30, 2018	$	10.78		0.24		(0.35	)		(0.11	)		(0.24	)		—			(0.24	)
Year Ended September 30, 2017	$	11.08		0.23		(0.27	)		(0.04	)		(0.22	)		(0.04	)		(0.26	)
Year Ended September 30, 2016	$	10.97		0.23		0.17			0.40			(0.23	)		(0.06	)		(0.29	)
Year Ended September 30, 2015	$	10.98		0.24		0.01			0.25			(0.24	)		(0.02	)		(0.26	)
Sterling Capital South Carolina Intermediate Tax-Free Fund
Six Months Ended March 31, 2020 (Unaudited)	$	11.27		0.10		(0.02	)		0.08			(0.10	)		—			(0.10	)
Year Ended September 30, 2019	$	10.77		0.21		0.50			0.71			(0.21	)		—			(0.21	)
Year Ended September 30, 2018	$	11.10		0.20		(0.33	)		(0.13	)		(0.20	)		—			(0.20	)
Year Ended September 30, 2017	$	11.30		0.20		(0.20	)		—			(0.20	)		—			(0.20	)
Year Ended September 30, 2016	$	11.14		0.20		0.20			0.40			(0.20	)		(0.04	)		(0.24	)
Year Ended September 30, 2015	$	11.14		0.21		0.02			0.23			(0.21	)		(0.02	)		(0.23	)
Sterling Capital Virginia Intermediate Tax-Free Fund
Six Months Ended March 31, 2020 (Unaudited)	$	11.98		0.11		(0.05	)		0.06			(0.11	)					(0.11	)
Year Ended September 30, 2019	$	11.40		0.23		0.58			0.81			(0.23	)		—			(0.23	)
Year Ended September 30, 2018	$	11.76		0.23		(0.36	)		(0.13	)		(0.23	)		—			(0.23	)
Year Ended September 30, 2017	$	12.13		0.23		(0.28	)		(0.05	)		(0.23	)		(0.09	)		(0.32	)
Year Ended September 30, 2016	$	11.98		0.24		0.19			0.43			(0.24	)		(0.04	)		(0.28	)
Year Ended September 30, 2015	$	12.06		0.25		(0.01	)		0.24			(0.25	)		(0.07	)		(0.32	)
Sterling Capital West Virginia Intermediate Tax-Free Fund
Six Months Ended March 31, 2020 (Unaudited)	$	10.12		0.10		(0.01	)		0.09			(0.10	)		(0.01	)		(0.11	)
Year Ended September 30, 2019	$	9.72		0.22		0.42			0.64			(0.22	)		(0.02	)		(0.24	)
Year Ended September 30, 2018	$	10.04		0.21		(0.31	)		(0.10	)		(0.21	)		(0.01	)		(0.22	)
Year Ended September 30, 2017	$	10.27		0.21		(0.18	)		0.03			(0.21	)		(0.05	)		(0.26	)
Year Ended September 30, 2016	$	10.14		0.21		0.18			0.39			(0.21	)		(0.05	)		(0.26	)
Year Ended September 30, 2015	$	10.16		0.21		0.01			0.22			(0.21	)		(0.03	)		(0.24	)
Sterling Capital Diversified Income Fund(d)
Six Months Ended March 31, 2020 (Unaudited)	$	10.29		0.22		(2.21	)		(1.99	)		(0.26	)		—			(0.26	)
Year Ended September 30, 2019	$	10.63		0.46		(0.29	)		0.17			(0.51	)		—			(0.51	)
Year Ended September 30, 2018	$	10.79		0.35		(0.10	)		0.25			(0.41	)		—			(0.41	)
Year Ended September 30, 2017	$	10.82		0.41		(0.03	)		0.38			(0.41	)		—			(0.41	)
Year Ended September 30, 2016	$	10.21		0.33		0.65			0.98			(0.37	)		—			(0.37	)
Year Ended September 30, 2015	$	10.59		0.26		(0.40	)		(0.14	)		(0.24	)		—			(0.24	)
Sterling Capital Strategic Allocation Balanced Fund(d)
Six Months Ended March 31, 2020 (Unaudited)	$	12.07		0.18		(1.71	)		(1.53	)		(0.18	)		(0.42	)		(0.60	)
Year Ended September 30, 2019	$	12.08		0.25		—			0.25			(0.26	)		—			(0.26	)
Year Ended September 30, 2018	$	11.89		0.23		0.23			0.46			(0.27	)		—			(0.27	)
Year Ended September 30, 2017	$	10.82		0.15		1.08			1.23			(0.16	)		—			(0.16	)
Year Ended September 30, 2016	$	10.31		0.17		0.55			0.72			(0.21	)		—			(0.21	)
Year Ended September 30, 2015	$	10.66		0.13		(0.33	)		(0.20	)		(0.15	)		—			(0.15	)
Sterling Capital Strategic Allocation Growth Fund(d)
Six Months Ended March 31, 2020 (Unaudited)	$	12.07		0.18		(2.09	)		(1.91	)		(0.18	)		(0.48	)		(0.66	)
Year Ended September 30, 2019	$	12.25		0.23		(0.18	)		0.05			(0.23	)		—			(0.23	)
Year Ended September 30, 2018	$	11.90		0.21		0.39			0.60			(0.25	)		—			(0.25	)
Year Ended September 30, 2017	$	10.53		0.11		1.38			1.49			(0.12	)		—			(0.12	)
Year Ended September 30, 2016	$	9.99		0.14		0.57			0.71			(0.17	)		—			(0.17	)
Year Ended September 30, 2015	$	10.39		0.07		(0.37	)		(0.30	)		(0.10	)		—			(0.10	)

* During the periods certain fees were waived (See Note 5 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 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)  The expense ratios exclude the impact of fees/expenses paid by each underlying fund.

See accompanying Notes to the Financial Statements.

114

					Ratios/Supplementary Data
Net Asset Value, End of Period		Total Return (excludes sales charge) (b)			Net Assets, End of Period (000)		Ratio of net expenses to average net assets (c)			Ratio of net investment income to average net assets (c)			Ratio of expenses to average net assets*(c)			Portfolio turnover rate**(b)
$	10.87		0.57	%	$	35,936		0.79	%		1.87	%		0.79	%		5.20	%
$	10.91		6.84	%	$	38,587		0.80	%		2.12	%		0.80	%		33.12	%
$	10.43		(1.06	)%	$	36,857		0.79	%		2.23	%		0.79	%		22.06	%
$	10.78		(0.31	)%	$	45,357		0.79	%		2.09	%		0.83	%		25.92	%
$	11.08		3.69	%	$	52,130		0.80	%		2.08	%		0.90	%		10.05	%
$	10.97		2.28	%	$	45,940		0.84	%		2.19	%		0.91	%		16.80	%
$	11.25		0.73	%	$	12,323		0.80	%		1.81	%		0.80	%		0.00	%
$	11.27		6.62	%	$	12,478		0.81	%		1.88	%		0.81	%		23.84	%
$	10.77		(1.15	)%	$	13,864		0.80	%		1.85	%		0.80	%		27.71	%
$	11.10		0.01	%	$	15,832		0.81	%		1.78	%		0.84	%		31.17	%
$	11.30		3.59	%	$	18,683		0.82	%		1.78	%		0.92	%		2.69	%
$	11.14		2.11	%	$	16,802		0.86	%		1.93	%		0.93	%		12.53	%
$	11.93		0.47	%	$	16,996		0.80	%		1.79	%		0.80	%		2.33	%
$	11.98		7.13	%	$	17,795		0.81	%		1.94	%		0.81	%		24.57	%
$	11.40		(1.14	)%	$	20,842		0.80	%		1.96	%		0.80	%		21.08	%
$	11.76		(0.39	)%	$	27,481		0.80	%		1.93	%		0.84	%		23.25	%
$	12.13		3.65	%	$	34,691		0.81	%		1.99	%		0.91	%		16.18	%
$	11.98		1.98	%	$	36,672		0.85	%		2.08	%		0.92	%		16.01	%
$	10.10		0.88	%	$	27,650		0.79	%		1.96	%		0.79	%		2.63	%
$	10.12		6.59	%	$	22,389		0.81	%		2.18	%		0.81	%		33.73	%
$	9.72		(0.98	)%	$	23,833		0.80	%		2.14	%		0.80	%		17.53	%
$	10.04		0.28	%	$	30,134		0.81	%		2.08	%		0.85	%		21.00	%
$	10.27		3.92	%	$	37,720		0.82	%		2.05	%		0.92	%		11.31	%
$	10.14		2.19	%	$	35,279		0.85	%		2.12	%		0.92	%		10.34	%
$	8.04		(19.80	)%	$	7,265		0.78	%		4.33	%		0.78	%		10.00	%
$	10.29		1.73	%	$	10,688		0.79	%		4.46	%		0.80	%		26.68	%
$	10.63		2.38	%	$	12,468		0.79	%		3.25	%		0.80	%		48.19	%
$	10.79		3.57	%	$	14,754		0.77	%		3.84	%		0.77	%		43.86	%
$	10.82		9.87	%	$	15,126		0.64	%		3.17	%		0.72	%		67.18	%
$	10.21		(1.40	)%	$	14,321		0.45	%		2.45	%		0.70	%		126.46	%
$	9.94		(13.52	)%	$	19,566		0.41	%		2.96	%		0.66	%		3.72	%
$	12.07		2.18	%	$	24,850		0.41	%		2.14	%		0.66	%		9.41	%
$	12.08		3.88	%	$	28,470		0.41	%		1.93	%		0.66	%		14.41	%
$	11.89		11.46	%	$	30,181		0.42	%		1.37	%		0.67	%		0.80	%
$	10.82		7.02	%	$	31,951		0.40	%		1.65	%		0.65	%		5.19	%
$	10.31		(1.92	)%	$	34,047		0.40	%		1.16	%		0.65	%		49.24	%
$	9.50		(16.92	)%	$	15,335		0.41	%		3.09	%		0.66	%		3.32	%
$	12.07		0.59	%	$	19,758		0.41	%		1.95	%		0.66	%		10.69	%
$	12.25		5.08	%	$	21,715		0.44	%		1.73	%		0.69	%		17.81	%
$	11.90		14.24	%	$	22,836		0.44	%		1.04	%		0.69	%		1.92	%
$	10.53		7.22	%	$	21,912		0.43	%		1.34	%		0.68	%		5.95	%
$	9.99		(2.93	)%	$	22,848		0.42	%		0.69	%		0.67	%		58.40	%

115

Sterling Capital Funds

Financial Highlights, Class C Shares

The financial highlights table is intended to help you understand the Funds’ financial performance for the past 5 years or, if shorter, the period of the Funds’ operations. Certain information reflects financial results for a single Fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the Fund (assuming reinvestment of all dividends and distributions).

			Investment Activities									Distributions
	Net Asset Value, Beginning of Period		Net investment income (loss)(a)			Net realized/ unrealized gains (losses) on investments			Total from Investment Activities			Net investment income			Net realized gains on investments			Total Distributions
Sterling Capital Behavioral Large Cap Value Equity Fund
Six Months Ended March 31, 2020 (Unaudited)	$	18.88		0.09			(4.24	)		(4.15	)		(0.10	)		(0.58	)		(0.68	)
Year Ended September 30, 2019	$	21.67		0.24			(1.04	)		(0.80	)		(0.24	)		(1.75	)		(1.99	)
Year Ended September 30, 2018	$	20.13		0.15			1.86			2.01			(0.28	)		(0.19	)		(0.47	)
Year Ended September 30, 2017	$	17.20		0.21			2.87			3.08			(0.15	)		—			(0.15	)
Year Ended September 30, 2016	$	16.09		0.14			1.12			1.26			(0.15	)		—			(0.15	)
Year Ended September 30, 2015	$	16.79		0.09			(0.67	)		(0.58	)		(0.12	)		—			(0.12	)
Sterling Capital Mid Value Fund
Six Months Ended March 31, 2020 (Unaudited)	$	13.83		(0.04	)		(3.44	)		(3.48	)		(0.10	)		(1.13	)		(1.23	)
Year Ended September 30, 2019	$	16.86		(0.07	)		(0.70	)		(0.77	)		—			(2.26	)		(2.26	)
Year Ended September 30, 2018	$	16.76		(0.15	)		1.09			0.94			—			(0.84	)		(0.84	)
Year Ended September 30, 2017	$	15.12		(0.14	)		2.31			2.17			—			(0.53	)		(0.53	)
Year Ended September 30, 2016	$	16.67		(0.09	)		1.88			1.79			—			(3.34	)		(3.34	)
Year Ended September 30, 2015	$	18.06		(0.08	)		(0.13	)		(0.21	)		(0.01	)		(1.17	)		(1.18	)
Sterling Capital Behavioral Small Cap Value Equity Fund
Six Months Ended March 31, 2020 (Unaudited)	$	13.94		(0.03	)		(4.67	)		(4.70	)		(0.11	)		—			(0.11	)
Year Ended September 30, 2019	$	17.89		0.06			(1.98	)		(1.92	)		(0.05	)		(1.98	)		(2.03	)
Year Ended September 30, 2018	$	17.69		0.03			0.82			0.85			—			(0.65	)		(0.65	)
Year Ended September 30, 2017	$	14.70		(0.02	)		3.07			3.05			(0.06	)		—			(0.06	)
Year Ended September 30, 2016	$	13.60		0.07			1.11			1.18			(0.07	)		(0.01	)		(0.08	)
Year Ended September 30, 2015	$	13.87		0.06			0.15			0.21			(0.04	)		(0.44	)		(0.48	)
Sterling Capital Special Opportunities Fund
Six Months Ended March 31, 2020 (Unaudited)	$	20.04		(0.07	)		(3.92	)		(3.99	)		—			(1.33	)		(1.33	)
Year Ended September 30, 2019	$	21.98		(0.14	)		0.06			(0.08	)		—			(1.86	)		(1.86	)
Year Ended September 30, 2018	$	20.88		(0.14	)		3.29			3.15			(0.11	)		(1.94	)		(2.05	)
Year Ended September 30, 2017	$	18.54		(0.13	)		2.88			2.75			—			(0.41	)		(0.41	)
Year Ended September 30, 2016	$	20.34		(0.14	)		1.65			1.51			—			(3.31	)		(3.31	)
Year Ended September 30, 2015	$	20.95		(0.20	)		0.79			0.59			—			(1.20	)		(1.20	)
Sterling Capital Equity Income Fund
Six Months Ended March 31, 2020 (Unaudited)	$	21.05		0.12			(4.32	)		(4.20	)		(0.13	)		(0.84	)		(0.97	)
Year Ended September 30, 2019	$	21.34		0.24			1.21			1.45			(0.22	)		(1.52	)		(1.74	)
Year Ended September 30, 2018	$	20.66		0.19			2.62			2.81			(0.18	)		(1.95	)		(2.13	)
Year Ended September 30, 2017	$	18.14		0.20			2.56			2.76			(0.22	)		(0.02	)		(0.24	)
Year Ended September 30, 2016	$	17.21		0.18			2.03			2.21			(0.18	)		(1.10	)		(1.28	)
Year Ended September 30, 2015	$	18.80		0.17			(1.06	)		(0.89	)		(0.19	)		(0.51	)		(0.70	)
Sterling Capital Behavioral International Equity Fund
Six Months Ended March 31, 2020 (Unaudited)	$	9.37		0.05			(2.27	)		(2.22	)		(0.18	)		—			(0.18	)
Year Ended September 30, 2019	$	11.06		0.26			(1.33	)		(1.07	)		(0.22	)		(0.40	)		(0.62	)
Year Ended September 30, 2018	$	11.64		0.25			(0.48	)		(0.23	)		(0.24	)		(0.11	)		(0.35	)
Year Ended September 30, 2017	$	9.62		0.15			1.96			2.11			(0.09	)		—			(0.09	)
Year Ended September 30, 2016	$	9.18		0.17			0.42			0.59			(0.15	)		—			(0.15	)
November 28, 2014 to September 30, 2015(d)	$	10.00		0.19			(0.99	)		(0.80	)		(0.02	)		—			(0.02	)

* During the periods certain fees were waived (See Note 5 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.

See accompanying Notes to the Financial Statements.

116

					Ratios/Supplementary Data
Net Asset Value, End of Period		Total Return (excludes sales charge) (b)			Net Assets, End of Period (000)		Ratio of net expenses to average net assets (c)			Ratio of net investment income (loss) to average net assets (c)			Ratio of expenses to average net assets*(c)			Portfolio turnover rate**(b)
$	14.05		(22.85	)%	$	575		1.64	%		1.01	%		1.64	%		71.10	%
$	18.88		(3.08	)%	$	634		1.64	%		1.29	%		1.64	%		142.59	%
$	21.67		10.11	%	$	887		1.62	%		0.69	%		1.62	%		127.89	%
$	20.13		18.00	%	$	966		1.64	%		1.12	%		1.64	%		144.85	%
$	17.20		7.87	%	$	919		1.76	%		0.81	%		1.90	%		145.53	%
$	16.09		(3.52	)%	$	805		1.81	%		0.52	%		1.91	%		135.05	%
$	9.12		(28.01	)%	$	1,707		1.92	%		(0.56	)%		2.10	%		9.96	%
$	13.83		(3.52	)%	$	2,826		1.93	%		(0.46	)%		1.93	%		26.62	%
$	16.86		5.72	%	$	4,097		1.92	%		(0.91	)%		1.92	%		34.62	%
$	16.76		14.58	%	$	4,363		1.90	%		(0.87	)%		1.90	%		24.83	%
$	15.12		12.22	%	$	5,282		1.93	%		(0.61	)%		1.93	%		25.45	%
$	16.67		(1.43	)%	$	5,309		1.94	%		(0.41	)%		1.94	%		30.61	%
$	9.13		(33.94	)%	$	87		1.79	%		(0.41	)%		1.84	%		51.18	%
$	13.94		(10.28	)%	$	150		1.80	%		0.43	%		1.80	%		124.82	%
$	17.89		4.88	%	$	180		1.78	%		0.17	%		1.78	%		89.85	%
$	17.69		20.73	%	$	191		1.80	%		(0.10	)%		1.85	%		109.05	%
$	14.70		8.68	%	$	364		1.88	%		0.52	%		1.98	%		120.42	%
$	13.60		1.37	%	$	330		2.00	%		0.45	%		2.00	%		101.99	%
$	14.72		(21.63	)%	$	56,445		1.85	%		(0.70	)%		1.85	%		8.93	%
$	20.04		0.48	%	$	83,451		1.86	%		(0.71	)%		1.86	%		17.31	%
$	21.98		16.27	%	$	144,100		1.86	%		(0.70	)%		1.86	%		22.78	%
$	20.88		15.08	%	$	149,892		1.87	%		(0.68	)%		1.87	%		18.92	%
$	18.54		7.76	%	$	181,061		1.92	%		(0.73	)%		1.97	%		27.32	%
$	20.34		2.99	%	$	143,597		1.98	%		(0.98	)%		1.98	%		26.98	%
$	15.88		(20.94	)%	$	111,390		1.76	%		1.11	%		1.76	%		19.19	%
$	21.05		7.66	%	$	158,353		1.77	%		1.17	%		1.77	%		23.20	%
$	21.34		14.41	%	$	207,659		1.77	%		0.91	%		1.77	%		19.49	%
$	20.66		15.36	%	$	234,108		1.78	%		1.03	%		1.78	%		16.93	%
$	18.14		13.66	%	$	271,598		1.96	%		1.03	%		1.96	%		20.64	%
$	17.21		(4.92	)%	$	279,355		1.97	%		0.91	%		1.97	%		27.53	%
$	6.97		(24.25	)%	$	39		1.64	%		1.05	%		1.84	%		52.21	%
$	9.37		(9.44	)%	$	63		1.69	%		2.68	%		1.89	%		97.74	%
$	11.06		(2.18	)%	$	61		1.65	%		2.15	%		1.85	%		96.65	%
$	11.64		22.19	%	$	59		1.68	%		1.44	%		1.94	%		91.65	%
$	9.62		6.38	%	$	47		1.80	%		1.83	%		2.13	%		125.35	%
$	9.18		(8.03	)%	$	28		2.03	%		2.26	%		2.19	%		133.50	%

117

Sterling Capital Funds

Financial Highlights, Class C Shares

The financial highlights table is intended to help you understand the Funds’ financial performance for the past 5 years or, if shorter, the period of the Funds’ operations. Certain information reflects financial results for a single Fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the Fund (assuming reinvestment of all dividends and distributions).

			Investment Activities									Distributions
	Net Asset Value, Beginning of Period		Net investment income (loss)(a)			Net realized/ unrealized gains (losses) on investments			Total from Investment Activities			Net investment income			Net realized gains on investments			Total Distributions
Sterling Capital SMID Opportunities Fund
Six Months Ended March 31,2020 (Unaudited)	$	12.99		(0.04	)		(2.76	)		(2.80	)		—			(0.63	)		(0.63	)
Year Ended September 30, 2019	$	12.30		(0.11	)		0.80			0.69			—			—			—
Year Ended September 30, 2018	$	11.67		(0.13	)		0.96			0.83			(0.02	)		(0.18	)		(0.20	)
October 3, 2016 to September 30, 2017(d)	$	10.00		(0.09	)		1.76			1.67			—			—			—
Sterling Capital Stratton Mid Cap Value Fund
Six Months Ended March 31,2020 (Unaudited)	$	62.48		(0.10	)		(14.35	)		(14.45	)		(0.01	)		(1.51	)		(1.52	)
Year Ended September 30, 2019	$	67.46		(0.12	)		0.16			0.04			—			(5.02	)		(5.02	)
Year Ended September 30, 2018	$	65.40		(0.42	)		4.77			4.35			—			(2.29	)		(2.29	)
Year Ended September 30, 2017	$	55.55		(0.41	)		10.53			10.12			—			(0.27	)		(0.27	)
Period Ended September 30, 2016	$	52.54		(0.32	)		3.33			3.01			—			—			—
November 16, 2015 to December 31, 2015(d)	$	53.97		—			0.45			0.45			(0.10	)		(1.78	)		(1.88	)
Sterling Capital Stratton Real Estate Fund
Six Months Ended March 31,2020 (Unaudited)	$	42.06		(0.02	)		(8.48	)		(8.50	)		(0.27	)		(1.52	)		(1.79	)
Year Ended September 30, 2019	$	37.40		0.42			5.99			6.41			(0.51	)		(1.24	)		(1.75	)
Year Ended September 30, 2018	$	36.91		0.51			1.45			1.96			(0.25	)		(1.22	)		(1.47	)
Year Ended September 30, 2017	$	39.50		0.43			(0.49	)		(0.06	)		(0.78	)		(1.75	)		(2.53	)
Period Ended September 30, 2016	$	35.97		0.34			3.58			3.92			(0.39	)		—			(0.39	)
November 16, 2015 to December 31, 2015(d)	$	34.90		0.12			1.42			1.54			—			(0.47	)		(0.47	)
Sterling Capital Stratton Small Cap Value Fund
Six Months Ended March 31,2020 (Unaudited)	$	75.87		(0.18	)		(19.00	)		(19.18	)		(0.03	)		(4.93	)		(4.96	)
Year Ended September 30, 2019	$	86.92		(0.19	)		(4.96	)		(5.15	)		—			(5.90	)		(5.90	)
Year Ended September 30, 2018	$	88.75		(0.62	)		6.48			5.86			—			(7.69	)		(7.69	)
Year Ended September 30, 2017	$	77.88		(0.64	)		15.61			14.97			—			(4.10	)		(4.10	)
Period Ended September 30, 2016	$	69.88		(0.41	)		8.41			8.00			—			—			—
November 16, 2015 to December 31, 2015(d)	$	71.71		(0.01	)		(0.81	)		(0.82	)		(0.01	)		(1.00	)		(1.01	)
Sterling Capital Short Duration Bond Fund
Six Months Ended March 31,2020 (Unaudited)	$	8.64		0.06			(0.15	)		(0.09	)		(0.07	)		—			(0.07	)
Year Ended September 30, 2019	$	8.51		0.14			0.16			0.30			(0.17	)		—			(0.17	)
Year Ended September 30, 2018	$	8.69		0.09			(0.12	)		(0.03	)		(0.15	)		—			(0.15	)
Year Ended September 30, 2017	$	8.80		0.03			—			0.03			(0.14	)		—			(0.14	)
Year Ended September 30, 2016	$	8.85		0.03			0.07			0.10			(0.16	)		—			(0.16	)
Year Ended September 30, 2015	$	9.07		0.04			(0.07	)		(0.03	)		(0.19	)		—			(0.19	)

* During the periods certain fees were waived (See Note 5 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.

See accompanying Notes to the Financial Statements.

118

					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)
$	9.56		(22.87	)%	$	1,003		1.79	%		(0.76	)%		2.11	%		32.66	%
$	12.99		5.61	%	$	1,188		1.79	%		(0.95	)%		2.19	%		45.11	%
$	12.30		7.25	%	$	1,476		1.79	%		(1.13	)%		2.04	%		45.64	%
$	11.67		16.70	%	$	1,414		1.79	%		(0.80	)%		2.38	%		37.97	%
$	46.51		(23.79	)%	$	1		1.79	%		(0.33	)%		1.79	%		4.79	%
$	62.48		1.03	%	$	1		1.95	%		(0.21	)%		1.95	%		6.75	%
$	67.46		6.70	%	$	1		1.95	%		(0.63	)%		1.95	%		14.47	%
$	65.40		18.27	%	$	1		1.89	%		(0.68	)%		1.89	%		12.19	%
$	55.55		5.73	%	$	1		1.95	%		(0.82	)%		1.95	%		11.16	%
$	52.54		0.91	%	$	1		1.64	%		(0.01	)%		1.64	%		19.28	%
$	31.77		(20.92	)%	$	170		1.81	%		(0.09	)%		1.81	%		8.82	%
$	42.06		17.88	%	$	205		1.82	%		1.08	%		1.82	%		14.56	%
$	37.40		5.38	%	$	98		1.82	%		1.41	%		1.82	%		8.34	%
$	36.91		0.16	%	$	64		1.79	%		1.18	%		1.80	%		13.52	%
$	39.50		10.90	%	$	20		1.83	%		1.21	%		1.85	%		18.43	%
$	35.97		4.45	%	$	1		1.59	%		2.57	%		1.59	%		15.47	%
$	51.73		(27.28	)%	$	223		2.02	%		(0.49	)%		2.08	%		6.21	%
$	75.87		(5.49	)%	$	279		2.03	%		(0.25	)%		2.08	%		8.60	%
$	86.92		6.90	%	$	112		2.03	%		(0.71	)%		2.06	%		15.51	%
$	88.75		19.55	%	$	107		2.06	%		0.78	%		2.06	%		7.04	%
$	77.88		11.45	%	$	65		2.08	%		(0.74	)%		2.08	%		3.42	%
$	69.88		(1.12	)%	$	1		2.06	%		(0.15	)%		2.06	%		6.33	%
$	8.48		(1.05	)%	$	884		1.42	%		1.39	%		1.52	%		29.74	%
$	8.64		3.52	%	$	1,052		1.43	%		1.68	%		1.53	%		78.58	%
$	8.51		(0.32	)%	$	1,091		1.43	%		1.07	%		1.53	%		62.02	%
$	8.69		0.38	%	$	1,546		1.45	%		0.37	%		1.55	%		78.77	%
$	8.80		1.22	%	$	1,886		1.49	%		0.35	%		1.56	%		54.68	%
$	8.85		(0.29	)%	$	2,415		1.55	%		0.39	%		1.57	%		55.74	%

119

Sterling Capital Funds

Financial Highlights, Class C Shares

The financial highlights table is intended to help you understand the Funds’ financial performance for the past 5 years or, if shorter, the period of the Funds’ operations. Certain information reflects financial results for a single Fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the Fund (assuming reinvestment of all dividends and distributions).

			Investment Activities											Distributions
	Net Asset Value, Beginning of Year		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 Intermediate U.S. Government Fund
Six Months Ended March 31, 2020 (Unaudited)	$	9.91		0.06		0.24			0.30			(0.09	)		—			—			(0.09	)
Year Ended September 30, 2019	$	9.47		0.13		0.48			0.61			(0.17	)		—			—			(0.17	)
Year Ended September 30, 2018	$	9.89		0.09		(0.32	)		(0.23	)		(0.19	)		—			—			(0.19	)
Year Ended September 30, 2017	$	10.22		0.08		(0.28	)		(0.20	)		(0.13	)		—			—			(0.13	)
Year Ended September 30, 2016	$	10.17		0.05		0.10			0.15			(0.10	)		—			—			(0.10	)
Year Ended September 30, 2015	$	10.18		0.06		0.05			0.11			(0.12	)		—			—			(0.12	)
Sterling Capital Total Return Bond Fund
Six Months Ended March 31, 2020 (Unaudited)	$	10.90		0.08		(0.05	)		0.03			(0.10	)		—	(d)		—			(0.10	)
Year Ended September 30, 2019	$	10.21		0.22		0.70			0.92			(0.23	)		—			—			(0.23	)
Year Ended September 30, 2018	$	10.61		0.19		(0.37	)		(0.18	)		(0.22	)		—			—			(0.22	)
Year Ended September 30, 2017	$	10.83		0.15		(0.15	)		—			(0.22	)		—			—			(0.22	)
Year Ended September 30, 2016	$	10.55		0.18		0.35			0.53			(0.25	)		—			—			(0.25	)
Year Ended September 30, 2015	$	10.68		0.20		(0.06	)		0.14			(0.27	)		—			—			(0.27	)
Sterling Capital Corporate Fund
Six Months Ended March 31, 2020 (Unaudited)	$	10.36		0.09		(0.60	)		(0.51	)		(0.09	)		—			—			(0.09	)
Year Ended September 30, 2019	$	9.80		0.24		0.55			0.79			(0.23	)		—			—			(0.23	)
Year Ended September 30, 2018	$	10.23		0.22		(0.36	)		(0.14	)		(0.22	)		(0.07	)		—			(0.29	)
Year Ended September 30, 2017	$	10.35		0.21		(0.08	)		0.13			(0.21	)		(0.04	)		—			(0.25	)
Year Ended September 30, 2016	$	10.09		0.21		0.26			0.47			(0.21	)		—			—			(0.21	)
Year Ended September 30, 2015	$	10.24		0.22		(0.14	)		0.08			(0.22	)		(0.01	)		—	(d)		(0.23	)
Sterling Capital Quality Income Fund
Six Months Ended March 31, 2020 (Unaudited)	$	10.08		0.09		—	(d)		0.09			(0.09	)		—			—			(0.09	)
Year Ended September 30, 2019	$	9.60		0.21		0.48			0.69			(0.21	)		—			—			(0.21	)
Year Ended September 30, 2018	$	9.93		0.19		(0.32	)		(0.13	)		(0.20	)		—			—			(0.20	)
Year Ended September 30, 2017	$	10.09		0.13		(0.12	)		0.01			(0.17	)		—			—			(0.17	)
Year Ended September 30, 2016	$	9.97		0.12		0.16			0.28			(0.16	)		—			—			(0.16	)
Year Ended September 30, 2015	$	9.89		0.13		0.13			0.26			(0.18	)		—			—			(0.18	)
Sterling Capital Kentucky Intermediate Tax-Free Fund
Six Months Ended March 31, 2020 (Unaudited)	$	10.33		0.06		(0.02	)		0.04			(0.06	)		(0.02	)		—			(0.08	)
Year Ended September 30, 2019	$	9.91		0.13		0.48			0.61			(0.13	)		(0.06	)		—			(0.19	)
Year Ended September 30, 2018	$	10.28		0.15		(0.34	)		(0.19	)		(0.15	)		(0.03	)		—			(0.18	)
Year Ended September 30, 2017	$	10.65		0.14		(0.22	)		(0.08	)		(0.15	)		(0.14	)		—			(0.29	)
Year Ended September 30, 2016	$	10.63		0.16		0.15			0.31			(0.16	)		(0.13	)		—			(0.29	)
Year Ended September 30, 2015	$	10.86		0.17		(0.05	)		0.12			(0.17	)		(0.18	)		—			(0.35	)
Sterling Capital Maryland Intermediate Tax-Free Fund
Six Months Ended March 31, 2020 (Unaudited)	$	10.96		0.05		(0.02	)		0.03			(0.05	)		(0.06	)		—			(0.11	)
Year Ended September 30, 2019	$	10.62		0.12		0.47			0.59			(0.12	)		(0.13	)		—			(0.25	)
Year Ended September 30, 2018	$	11.02		0.12		(0.34	)		(0.22	)		(0.12	)		(0.06	)		—			(0.18	)
Year Ended September 30, 2017	$	11.31		0.12		(0.21	)		(0.09	)		(0.12	)		(0.08	)		—			(0.20	)
Year Ended September 30, 2016	$	11.18		0.11		0.20			0.31			(0.11	)		(0.07	)		—			(0.18	)
Year Ended September 30, 2015	$	11.24		0.12		—	(d)		0.12			(0.12	)		(0.06	)		—			(0.18	)
Sterling Capital North Carolina Intermediate Tax-Free Fund
Six Months Ended March 31, 2020 (Unaudited)	$	10.90		0.06		(0.04	)		0.02			(0.06	)		—			—			(0.06	)
Year Ended September 30, 2019	$	10.42		0.15		0.48			0.63			(0.15	)		—			—			(0.15	)
Year Ended September 30, 2018	$	10.77		0.16		(0.35	)		(0.19	)		(0.16	)		—			—			(0.16	)
Year Ended September 30, 2017	$	11.07		0.14		(0.26	)		(0.12	)		(0.14	)		(0.04	)		—			(0.18	)
Year Ended September 30, 2016	$	10.96		0.15		0.17			0.32			(0.15	)		(0.06	)		—			(0.21	)
Year Ended September 30, 2015	$	10.98		0.16		—	(d)		0.16			(0.16	)		(0.02	)		—			(0.18	)

* During the periods certain fees were waived (See Note 5 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 has been calculated using the average daily shares method.

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

(c) Annualized for periods less than one year.

(d) Amount is less than $0.005.

See accompanying Notes to the Financial Statements.

120

					Ratios/Supplementary Data
Net Asset Value, End of Year		Total Return (excludes sales charge) (b)			Net Assets, End of Year (000)		Ratio of net expenses to average net assets (c)			Ratio of net investment income to average net assets (c)			Ratio of expenses to average net assets*(c)			Portfolio turnover rate**(b)
$	10.12		3.02	%	$	383		1.53	%		1.15	%		1.69	%		33.53	%
$	9.91		6.48	%	$	378		1.56	%		1.37	%		1.66	%		40.13	%
$	9.47		(2.37	)%	$	488		1.66	%		0.98	%		1.67	%		40.85	%
$	9.89		(1.94	)%	$	577		1.62	%		0.80	%		1.66	%		32.44	%
$	10.22		1.51	%	$	706		1.60	%		0.48	%		1.72	%		49.39	%
$	10.17		1.06	%	$	777		1.67	%		0.56	%		1.73	%		62.02	%
$	10.83		0.32	%	$	7,915		1.44	%		1.59	%		1.56	%		32.87	%
$	10.90		9.17	%	$	8,266		1.45	%		2.11	%		1.58	%		79.40	%
$	10.21		(1.73	)%	$	7,464		1.45	%		1.81	%		1.57	%		62.28	%
$	10.61		0.00	%	$	7,582		1.47	%		1.38	%		1.57	%		64.07	%
$	10.83		5.05	%	$	7,933		1.49	%		1.66	%		1.59	%		65.47	%
$	10.55		1.28	%	$	6,362		1.48	%		1.87	%		1.58	%		41.37	%
$	9.76		(4.93	)%	$	3		1.67	%		1.82	%		1.67	%		22.89	%
$	10.36		8.18	%	$	3		1.68	%		2.36	%		1.68	%		82.23	%
$	9.80		(1.44	)%	$	42		1.63	%		2.19	%		1.63	%		66.82	%
$	10.23		1.30	%	$	43		1.64	%		2.09	%		1.64	%		78.79	%
$	10.35		4.69	%	$	58		1.64	%		2.03	%		1.64	%		83.88	%
$	10.09		0.75	%	$	9		1.63	%		2.12	%		1.63	%		33.94	%
$	10.08		0.93	%	$	3		1.58	%		1.71	%		1.62	%		13.11	%
$	10.08		7.21	%	$	34		1.60	%		2.15	%		1.64	%		17.58	%
$	9.60		(1.27	)%	$	33		1.58	%		1.97	%		1.62	%		19.17	%
$	9.93		0.12	%	$	34		1.60	%		1.31	%		1.64	%		34.72	%
$	10.09		2.83	%	$	40		1.61	%		1.16	%		1.65	%		43.63	%
$	9.97		2.62	%	$	39		1.59	%		1.30	%		1.63	%		19.85	%
$	10.29		0.35	%	$	2		1.47	%		1.08	%		1.47	%		3.45	%
$	10.33		6.28	%	$	2		1.70	%		1.31	%		1.70	%		32.58	%
$	9.91		(1.93	)%	$	2		1.68	%		1.45	%		1.68	%		20.37	%
$	10.28		(0.74	)%	$	2		1.58	%		1.32	%		1.65	%		17.93	%
$	10.65		2.93	%	$	20		1.65	%		1.50	%		1.76	%		16.44	%
$	10.63		1.13	%	$	20		1.71	%		1.62	%		1.79	%		17.34	%
$	10.88		0.31	%	$	497		1.70	%		0.94	%		1.70	%		0.00	%
$	10.96		5.65	%	$	528		1.67	%		1.09	%		1.69	%		20.76	%
$	10.62		(1.97	)%	$	591		1.63	%		1.14	%		1.63	%		31.12	%
$	11.02		(0.74	)%	$	627		1.61	%		1.13	%		1.65	%		5.89	%
$	11.31		2.85	%	$	802		1.61	%		1.01	%		1.71	%		14.36	%
$	11.18		1.04	%	$	741		1.65	%		1.07	%		1.71	%		18.38	%
$	10.86		0.19	%	$	2,842		1.54	%		1.12	%		1.54	%		5.20	%
$	10.90		6.05	%	$	2,878		1.55	%		1.38	%		1.55	%		33.12	%
$	10.42		(1.80	)%	$	3,359		1.54	%		1.48	%		1.54	%		22.06	%
$	10.77		(1.06	)%	$	4,591		1.54	%		1.34	%		1.58	%		25.92	%
$	11.07		2.91	%	$	6,108		1.55	%		1.31	%		1.65	%		10.05	%
$	10.96		1.43	%	$	3,350		1.59	%		1.44	%		1.66	%		16.80	%

121

Sterling Capital Funds

Financial Highlights, Class C Shares

The financial highlights table is intended to help you understand the Funds’ financial performance for the past 5 years or, if shorter, the period of the Funds’ operations. Certain information reflects financial results for a single Fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the Fund (assuming reinvestment of all dividends and distributions).

			Investment Activities									Distributions
	Net Asset Value, Beginning of Year		Net investment income(a)			Net realized/ unrealized gains (losses) on investments			Total from Investment Activities			Net investment income			Net realized gains on investments			Total Distributions
Sterling Capital South Carolina Intermediate Tax-Free Fund
Six Months Ended March 31, 2020 (Unaudited)	$	11.27		0.06			(0.03	)		0.03			(0.06	)		—			(0.06	)
Year Ended September 30, 2019	$	10.76		0.12			0.51			0.63			(0.12	)		—			(0.12	)
Year Ended September 30, 2018	$	11.10		0.12			(0.34	)		(0.22	)		(0.12	)		—			(0.12	)
Year Ended September 30, 2017	$	11.30		0.11			(0.20	)		(0.09	)		(0.11	)		—			(0.11	)
Year Ended September 30, 2016	$	11.14		0.12			0.20			0.32			(0.12	)		(0.04	)		(0.16	)
Year Ended September 30, 2015	$	11.14		0.13			0.02			0.15			(0.13	)		(0.02	)		(0.15	)
Sterling Capital Virginia Intermediate Tax-Free Fund
Six Months Ended March 31, 2020 (Unaudited)	$	11.97		0.06			(0.04	)		0.02			(0.06	)					(0.06	)
Year Ended September 30, 2019	$	11.40		0.14			0.57			0.71			(0.14	)		—			(0.14	)
Year Ended September 30, 2018	$	11.76		0.14			(0.36	)		(0.22	)		(0.14	)		—			(0.14	)
Year Ended September 30, 2017	$	12.13		0.14			(0.28	)		(0.14	)		(0.14	)		(0.09	)		(0.23	)
Year Ended September 30, 2016	$	11.98		0.15			0.19			0.34			(0.15	)		(0.04	)		(0.19	)
Year Ended September 30, 2015	$	12.06		0.16			(0.01	)		0.15			(0.16	)		(0.07	)		(0.23	)
Sterling Capital West Virginia Intermediate Tax-Free Fund
Six Months Ended March 31, 2020 (Unaudited)	$	10.13		0.06			(0.01	)		0.05			(0.06	)		(0.01	)		(0.07	)
Year Ended September 30, 2019	$	9.72		0.14			0.43			0.57			(0.14	)		(0.02	)		(0.16	)
Year Ended September 30, 2018	$	10.05		0.14			(0.32	)		(0.18	)		(0.14	)		(0.01	)		(0.15	)
Year Ended September 30, 2017	$	10.27		0.13			(0.17	)		(0.04	)		(0.13	)		(0.05	)		(0.18	)
Year Ended September 30, 2016	$	10.14		0.13			0.18			0.31			(0.13	)		(0.05	)		(0.18	)
Year Ended September 30, 2015	$	10.16		0.14			0.01			0.15			(0.14	)		(0.03	)		(0.17	)
Sterling Capital Diversified Income Fund(d)
Six Months Ended March 31, 2020 (Unaudited)	$	10.20		0.18			(2.19	)		(2.01	)		(0.22	)		—			(0.22	)
Year Ended September 30, 2019	$	10.54		0.38			(0.29	)		0.09			(0.43	)		—			(0.43	)
Year Ended September 30, 2018	$	10.70		0.27			(0.10	)		0.17			(0.33	)		—			(0.33	)
Year Ended September 30, 2017	$	10.73		0.33			(0.03	)		0.30			(0.33	)		—			(0.33	)
Year Ended September 30, 2016	$	10.13		0.24			0.66			0.90			(0.30	)		—			(0.30	)
Year Ended September 30, 2015	$	10.53		0.22			(0.44	)		(0.22	)		(0.18	)		—			(0.18	)
Sterling Capital Strategic Allocation Balanced Fund(d)
Six Months Ended March 31, 2020 (Unaudited)	$	11.84		0.13			(1.68	)		(1.55	)		(0.13	)		(0.42	)		(0.55	)
Year Ended September 30, 2019	$	11.85		0.17			(0.02	)		0.15			(0.16	)		—			(0.16	)
Year Ended September 30, 2018	$	11.67		0.15			0.21			0.36			(0.18	)		—			(0.18	)
Year Ended September 30, 2017	$	10.62		0.07			1.06			1.13			(0.08	)		—			(0.08	)
Year Ended September 30, 2016	$	10.13		0.09			0.53			0.62			(0.13	)		—			(0.13	)
Year Ended September 30, 2015	$	10.47		0.04			(0.31	)		(0.27	)		(0.07	)		—			(0.07	)
Sterling Capital Strategic Allocation Growth Fund(d)
Six Months Ended March 31, 2020 (Unaudited)	$	11.61		0.13			(2.01	)		(1.88	)		(0.15	)		(0.48	)		(0.63	)
Year Ended September 30, 2019	$	11.79		0.14			(0.17	)		(0.03	)		(0.15	)		—			(0.15	)
Year Ended September 30, 2018	$	11.47		0.11			0.38			0.49			(0.17	)		—			(0.17	)
Year Ended September 30, 2017	$	10.18		0.03			1.32			1.35			(0.06	)		—			(0.06	)
Year Ended September 30, 2016	$	9.68		0.05			0.57			0.62			(0.12	)		—			(0.12	)
Year Ended September 30, 2015	$	10.09		(0.01	)		(0.35	)		(0.36	)		(0.05	)		—			(0.05	)

* During the periods certain fees were waived (See Note 5 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) The expense ratios exclude the impact of fees/expenses paid by each underlying fund.

See accompanying Notes to the Financial Statements.

122

					Ratios/Supplementary Data
Net Asset Value, End of Period		Total Return (excludes sales charge) (b)			Net Assets, End of Period (000)		Ratio of net expenses to average net assets (c)			Ratio of net investment income to average net assets (c)			Ratio of expenses to average net assets*(c)			Portfolio turnover rate**(b)
$	11.24		0.26	%	$	951		1.55	%		1.06	%		1.55	%		0.00	%
$	11.27		5.93	%	$	978		1.56	%		1.13	%		1.56	%		23.84	%
$	10.76		(1.98	)%	$	991		1.55	%		1.11	%		1.55	%		27.71	%
$	11.10		(0.74	)%	$	1,440		1.56	%		1.04	%		1.59	%		31.17	%
$	11.30		2.82	%	$	1,806		1.56	%		1.02	%		1.66	%		2.69	%
$	11.14		1.35	%	$	1,517		1.61	%		1.18	%		1.68	%		12.53	%
$	11.93		0.18	%	$	820		1.55	%		1.04	%		1.55	%		2.33	%
$	11.97		6.25	%	$	822		1.56	%		1.19	%		1.56	%		24.57	%
$	11.40		(1.87	)%	$	844		1.55	%		1.22	%		1.55	%		21.08	%
$	11.76		(1.14	)%	$	935		1.55	%		1.18	%		1.59	%		23.25	%
$	12.13		2.88	%	$	1,170		1.56	%		1.24	%		1.66	%		16.18	%
$	11.98		1.22	%	$	1,245		1.60	%		1.32	%		1.67	%		16.01	%
$	10.11		0.50	%	$	337		1.54	%		1.22	%		1.54	%		1.00	%
$	10.13		5.90	%	$	335		1.56	%		1.45	%		1.56	%		33.73	%
$	9.72		(1.82	)%	$	726		1.55	%		1.39	%		1.55	%		17.53	%
$	10.05		(0.38	)%	$	739		1.56	%		1.34	%		1.59	%		21.00	%
$	10.27		3.14	%	$	817		1.57	%		1.29	%		1.67	%		11.31	%
$	10.14		1.42	%	$	409		1.61	%		1.36	%		1.67	%		10.34	%
$	7.97		(20.08	)%	$	456		1.53	%		3.62	%		1.53	%		10.00	%
$	10.20		0.96	%	$	680		1.54	%		3.68	%		1.55	%		26.68	%
$	10.54		1.64	%	$	1,051		1.54	%		2.52	%		1.55	%		48.19	%
$	10.70		2.84	%	$	1,155		1.52	%		3.08	%		1.52	%		43.86	%
$	10.73		9.07	%	$	1,157		1.39	%		2.43	%		1.47	%		67.18	%
$	10.13		(2.14	)%	$	795		1.20	%		2.04	%		1.45	%		126.46	%
$	9.74		(13.87	)%	$	286		1.16	%		2.23	%		1.41	%		3.72	%
$	11.84		1.41	%	$	406		1.16	%		1.47	%		1.41	%		9.41	%
$	11.85		3.09	%	$	576		1.16	%		1.23	%		1.41	%		14.41	%
$	11.67		10.68	%	$	785		1.17	%		0.62	%		1.42	%		0.80	%
$	10.62		6.18	%	$	741		1.15	%		0.89	%		1.40	%		5.19	%
$	10.13		(2.60	)%	$	751		1.15	%		0.42	%		1.40	%		49.24	%
$	9.10		(17.29	)%	$	280		1.16	%		2.31	%		1.41	%		3.32	%
$	11.61		(0.12	)%	$	350		1.16	%		1.25	%		1.41	%		10.69	%
$	11.79		4.27	%	$	427		1.19	%		0.95	%		1.44	%		17.81	%
$	11.47		13.36	%	$	407		1.19	%		0.31	%		1.44	%		1.92	%
$	10.18		6.46	%	$	436		1.18	%		0.56	%		1.43	%		5.95	%
$	9.68		(3.62	)%	$	491		1.17	%		(0.06	)%		1.42	%		58.40	%

123

Sterling Capital Funds

Financial Highlights, Institutional Shares

The financial highlights table is intended to help you understand the Funds’ financial performance for the past 5 years or, if shorter, the period of the Funds’ operations. Certain information reflects financial results for a single Fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the Fund (assuming reinvestment of all dividends and distributions).

			Investment Activities									Distributions
	Net Asset Value, Beginning of Year		Net investment income (loss)(a)			Net realized/ unrealized gains (losses) on investments			Total from Investment Activities			Net investment income			Net realized gains on investments			Total Distributions
Sterling Capital Behavioral Large Cap Value Equity Fund
Six Months Ended March 31, 2020 (Unaudited)	$	19.62		0.20			(4.44	)		(4.24	)		(0.18	)		(0.58	)		(0.76	)
Year Ended September 30, 2019	$	22.43		0.44			(1.07	)		(0.63	)		(0.43	)		(1.75	)		(2.18	)
Year Ended September 30, 2018	$	20.82		0.33			1.97			2.30			(0.50	)		(0.19	)		(0.69	)
Year Ended September 30, 2017	$	17.78		0.41			2.98			3.39			(0.35	)		—			(0.35	)
Year Ended September 30, 2016	$	16.62		0.32			1.16			1.48			(0.32	)		—			(0.32	)
Year Ended September 30, 2015	$	17.33		0.27			(0.70	)		(0.43	)		(0.28	)		—			(0.28	)
Sterling Capital Mid Value Fund
Six Months Ended March 31, 2020 (Unaudited)	$	16.46		0.04			(4.15	)		(4.11	)		(0.25	)		(1.13	)		(1.38	)
Year Ended September 30, 2019	$	19.42		0.08			(0.77	)		(0.69	)		(0.01	)		(2.26	)		(2.27	)
Year Ended September 30, 2018	$	19.00		0.01			1.26			1.27			(0.01	)		(0.84	)		(0.85	)
Year Ended September 30, 2017	$	16.92		0.03			2.59			2.62			(0.01	)		(0.53	)		(0.54	)
Year Ended September 30, 2016	$	18.14		0.07			2.07			2.14			(0.02	)		(3.34	)		(3.36	)
Year Ended September 30, 2015	$	19.50		0.11			(0.14	)		(0.03	)		(0.16	)		(1.17	)		(1.33	)
Sterling Capital Behavioral Small Cap Value Equity Fund
Six Months Ended March 31, 2020 (Unaudited)	$	14.66		0.05			(4.93	)		(4.88	)		(0.15	)		—			(0.15	)
Year Ended September 30, 2019	$	18.82		0.21			(2.09	)		(1.88	)		(0.30	)		(1.98	)		(2.28	)
Year Ended September 30, 2018	$	18.55		0.19			0.89			1.08			(0.16	)		(0.65	)		(0.81	)
Year Ended September 30, 2017	$	15.30		0.17			3.18			3.35			(0.10	)		—			(0.10	)
Year Ended September 30, 2016	$	14.14		0.22			1.16			1.38			(0.21	)		(0.01	)		(0.22	)
Year Ended September 30, 2015	$	14.47		0.22			0.15			0.37			(0.26	)		(0.44	)		(0.70	)
Sterling Capital Special Opportunities Fund
Six Months Ended March 31, 2020 (Unaudited)	$	26.07		0.04			(5.22	)		(5.18	)		(0.05	)		(1.33	)		(1.38	)
Year Ended September 30, 2019	$	27.73		0.08			0.12			0.20			—	(d)		(1.86	)		(1.86	)
Year Ended September 30, 2018	$	25.65		0.09			4.11			4.20			(0.18	)		(1.94	)		(2.12	)
Year Ended September 30, 2017	$	22.48		0.08			3.51			3.59			(0.01	)		(0.41	)		(0.42	)
Year Ended September 30, 2016	$	23.78		0.06			1.95			2.01			—			(3.31	)		(3.31	)
Year Ended September 30, 2015	$	24.06		—	(d)		0.92			0.92			—			(1.20	)		(1.20	)
Sterling Capital Equity Income Fund
Six Months Ended March 31, 2020 (Unaudited)	$	21.33		0.22			(4.38	)		(4.16	)		(0.23	)		(0.84	)		(1.07	)
Year Ended September 30, 2019	$	21.61		0.44			1.23			1.67			(0.43	)		(1.52	)		(1.95	)
Year Ended September 30, 2018	$	20.89		0.40			2.66			3.06			(0.39	)		(1.95	)		(2.34	)
Year Ended September 30, 2017	$	18.34		0.39			2.60			2.99			(0.42	)		(0.02	)		(0.44	)
Year Ended September 30, 2016	$	17.39		0.35			2.06			2.41			(0.36	)		(1.10	)		(1.46	)
Year Ended September 30, 2015	$	18.98		0.36			(1.07	)		(0.71	)		(0.37	)		(0.51	)		(0.88	)

* During the periods certain fees were waived (See Note 5 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.

124

					Ratios/Supplementary Data
Net Asset Value, End of Year		Total Return (b)			Net Assets, End of Year (000)		Ratio of net expenses to average net assets (c)			Ratio of net investment income (loss) to average net assets (c)			Ratio of expenses to average net assets*(c)			Portfolio turnover rate**(b)
$	14.62		(22.52	)%	$	2,683		0.63	%		2.07	%		0.63	%		71.10	%
$	19.62		(2.08	)%	$	7,550		0.64	%		2.28	%		0.64	%		142.59	%
$	22.43		11.19	%	$	8,862		0.63	%		1.51	%		0.63	%		127.89	%
$	20.82		19.18	%	$	272,504		0.64	%		2.12	%		0.64	%		144.85	%
$	17.78		8.94	%	$	240,971		0.76	%		1.83	%		0.90	%		145.53	%
$	16.62		(2.55	)%	$	221,481		0.81	%		1.50	%		0.91	%		135.05	%
$	10.97		(27.66	)%	$	36,870		0.93	%		0.43	%		1.12	%		9.96	%
$	16.46		(2.54	)%	$	154,259		0.93	%		0.49	%		0.93	%		26.62	%
$	19.42		6.82	%	$	323,012		0.92	%		0.08	%		0.92	%		34.62	%
$	19.00		15.73	%	$	632,867		0.90	%		0.15	%		0.90	%		24.83	%
$	16.92		13.32	%	$	550,697		0.93	%		0.41	%		0.93	%		25.45	%
$	18.14		(0.43	)%	$	588,537		0.94	%		0.55	%		0.94	%		30.61	%
$	9.63		(33.69	)%	$	6,848		0.79	%		0.73	%		0.84	%		51.18	%
$	14.66		(9.32	)%	$	28,223		0.80	%		1.42	%		0.80	%		124.82	%
$	18.82		5.96	%	$	39,047		0.78	%		1.04	%		0.78	%		89.85	%
$	18.55		21.89	%	$	208,404		0.80	%		0.99	%		0.85	%		109.05	%
$	15.30		9.80	%	$	157,413		0.88	%		1.54	%		0.98	%		120.42	%
$	14.14		2.42	%	$	111,757		1.00	%		1.44	%		1.00	%		101.99	%
$	19.51		(21.22	)%	$	191,022		0.85	%		0.29	%		0.85	%		8.93	%
$	26.07		1.47	%	$	281,099		0.86	%		0.30	%		0.86	%		17.31	%
$	27.73		17.46	%	$	350,030		0.86	%		0.35	%		0.86	%		22.78	%
$	25.65		16.22	%	$	652,211		0.87	%		0.32	%		0.87	%		18.92	%
$	22.48		8.86	%	$	587,320		0.92	%		0.27	%		0.97	%		27.32	%
$	23.78		4.02	%	$	491,982		0.97	%		0.01	%		0.97	%		26.98	%
$	16.10		(20.55	)%	$	836,775		0.76	%		2.14	%		0.76	%		19.19	%
$	21.33		8.72	%	$	992,964		0.77	%		2.17	%		0.77	%		23.20	%
$	21.61		15.58	%	$	828,607		0.77	%		1.91	%		0.77	%		19.49	%
$	20.89		16.51	%	$	980,982		0.78	%		2.04	%		0.78	%		16.93	%
$	18.34		14.75	%	$	943,101		0.96	%		2.04	%		0.96	%		20.64	%
$	17.39		(3.90	)%	$	807,729		0.97	%		1.91	%		0.97	%		27.53	%

125

Sterling Capital Funds

Financial Highlights, Institutional Shares

The financial highlights table is intended to help you understand the Funds’ financial performance for the past 5 years or, if shorter, the period of the Funds’ operations. Certain information reflects financial results for a single Fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the Fund (assuming reinvestment of all dividends and distributions).

			Investment Activities									Distributions
	Net Asset Value, Beginning of Period		Net investment income (loss)(a)			Net realized/ unrealized gains (losses) on investments			Total from Investment Activities			Net investment income			Net realized gains on investments			Total Distributions			Redemption Fees
Sterling Capital Behavioral International Equity Fund
Six Months Ended March 31, 2020 (Unaudited)	$	9.49		0.10			(2.28	)		(2.18	)		(0.30	)		—			(0.30	)		—
Year Ended September 30, 2019	$	11.18		0.35			(1.33	)		(0.98	)		(0.31	)		(0.40	)		(0.71	)		—
Year Ended September 30, 2018	$	11.76		0.28			(0.40	)		(0.12	)		(0.35	)		(0.11	)		(0.46	)		—
Year Ended September 30, 2017	$	9.69		0.27			1.97			2.24			(0.17	)		—			(0.17	)		—
Year Ended September 30, 2016	$	9.24		0.23			0.44			0.67			(0.22	)		—			(0.22	)		—
November 30, 2014 to September 30, 2015(d)	$	10.00		0.24			(0.97	)		(0.73	)		(0.03	)		—			(0.03	)		—
Sterling Capital SMID Opportunities Fund
Six Months Ended March 31, 2020 (Unaudited)	$	13.31		0.02			(2.85	)		(2.83	)		—			(0.63	)		(0.63	)		—
Year Ended September 30, 2019	$	12.48		0.01			0.82			0.83			—			—			—			—
Year Ended September 30, 2018	$	11.77		(0.02	)		0.99			0.97			(0.08	)		(0.18	)		(0.26	)		—
October 3, 2016 to September 30, 2017(d)	$	10.00		0.02			1.76			1.78			(0.01	)		—			(0.01	)		—
Sterling Capital Stratton Mid Cap Value Fund(e)
Six Months Ended March 31, 2020 (Unaudited)	$	64.31		0.18			(14.67	)		(14.49	)		(0.61	)		(1.51	)		(2.12	)		—
Year Ended September 30, 2019	$	69.02		0.45			0.15			0.60			(0.29	)		(5.02	)		(5.31	)		—
Year Ended September 30, 2018	$	66.47		0.27			4.87			5.14			(0.30	)		(2.29	)		(2.59	)		—
Year Ended September 30, 2017	$	55.97		0.19			10.66			10.85			(0.08	)		(0.27	)		(0.35	)		—
Period Ended September 30, 2016	$	52.55		0.07			3.35			3.42			—			—			—			—
Year Ended December 31, 2015	$	55.50		0.15			(1.17	)		(1.02	)		(0.15	)		(1.78	)		(1.93	)		—	(f)
Sterling Capital Stratton Real Estate Fund
Six Months Ended March 31, 2020 (Unaudited)	$	42.36		0.19			(8.58	)		(8.39	)		(0.39	)		(1.52	)		(1.91	)		—
Year Ended September 30, 2019	$	37.63		0.79			6.05			6.84			(0.87	)		(1.24	)		(2.11	)		—
Year Ended September 30, 2018	$	37.10		0.81			1.52			2.33			(0.58	)		(1.22	)		(1.80	)		—
Year Ended September 30, 2017	$	39.74		0.83			(0.53	)		0.30			(1.19	)		(1.75	)		(2.94	)		—
Period Ended September 30, 2016	$	36.01		0.61			3.62			4.23			(0.50	)		—			(0.50	)		—
Year Ended December 31, 2015	$	36.44		0.66			(0.04	)		0.62			(0.59	)		(0.47	)		(1.06	)		0.01
Sterling Capital Stratton Small Cap Value Fund(e)
Six Months Ended March 31, 2020 (Unaudited)	$	78.38		0.17			(19.61	)		(19.44	)		(0.46	)		(4.93	)		(5.39	)		—
Year Ended September 30, 2019	$	89.11		0.49			(5.02	)		(4.53	)		(0.30	)		(5.90	)		(6.20	)		—
Year Ended September 30, 2018	$	90.19		0.26			6.60			6.86			(0.25	)		(7.69	)		(7.94	)		—
Year Ended September 30, 2017	$	78.46		0.16			15.81			15.97			(0.14	)		(4.10	)		(4.24	)		—	(f)
Period Ended September 30, 2016	$	69.89		0.10			8.47			8.57			—			—			—			—	(f)
Year Ended December 31, 2015	$	74.05		0.07			(3.15	)		(3.08	)		(0.08	)		(1.00	)		(1.08	)		—	(f)
Sterling Capital Ultra Short Bond Fund
Six Months Ended March 31, 2020 (Unaudited)	$	9.79		0.11			(0.18	)		(0.07	)		(0.11	)		—			(0.11	)		—
Year Ended September 30, 2019	$	9.75		0.26			0.03			0.29			(0.25	)		—			(0.25	)		—
Year Ended September 30, 2018	$	9.79		0.16			(0.02	)		0.14			(0.18	)		—			(0.18	)		—
Year Ended September 30, 2017	$	9.81		0.09			0.04			0.13			(0.15	)		—			(0.15	)		—
Year Ended September 30, 2016	$	9.86		0.09			0.03			0.12			(0.17	)		—			(0.17	)		—
Year Ended September 30, 2015	$	9.94		0.07			(0.03	)		0.04			(0.12	)		—			(0.12	)		—

* During the periods certain fees were waived (See Note 5 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) Each of the Stratton Mid Cap Value Fund, the Stratton Real Estate Fund, and the Stratton Small Cap Value Fund (collectively, the “Predecessor Funds”) transferred its assets and liabilities to, Sterling Capital Stratton Mid Cap Value Fund, Sterling Capital Stratton Real Estate Fund and Sterling Capital Stratton Small Cap Value Fund, respectively (collectively, the “Fund Mergers”) at the close of business on November 13, 2015. Because the Funds had no investment operations prior to the closing of the Fund Mergers, and based on the similarity of the Funds to the Predecessor Funds, each Predecessor Fund is treated as the survivor of the relevant Fund Merger for accounting and performance reporting purposes.

(f) Amount is less than $0.005.

See accompanying Notes to the Financial Statements.

126

					Ratios/Supplementary Data
Net Asset Value, End of Period		Total Return (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)
$	7.01		(23.91	)%	$	11,799		0.65	%		2.10	%		0.85	%		52.21	%
$	9.49		(8.44	)%	$	16,721		0.69	%		3.62	%		0.89	%		97.74	%
$	11.18		(1.25	)%	$	19,266		0.65	%		2.33	%		0.85	%		96.65	%
$	11.76		23.46	%	$	81,876		0.68	%		2.59	%		0.95	%		91.65	%
$	9.69		7.30	%	$	69,954		0.80	%		2.48	%		1.16	%		125.35	%
$	9.24		(7.36	)%	$	18,592		1.03	%		2.82	%		1.18	%		133.50	%
$	9.85		(22.53	)%	$	4,412		0.79	%		0.26	%		1.11	%		32.66	%
$	13.31		6.65	%	$	5,386		0.79	%		0.07	%		1.20	%		45.11	%
$	12.48		8.39	%	$	4,886		0.79	%		(0.13	)%		1.04	%		45.64	%
$	11.77		17.84	%	$	4,460		0.79	%		0.19	%		1.35	%		37.97	%
$	47.70		(23.44	)%	$	44,555		0.92	%		0.56	%		0.93	%		4.79	%
$	64.31		1.97	%	$	61,908		0.95	%		0.73	%		0.95	%		6.75	%
$	69.02		7.81	%	$	66,554		0.95	%		0.40	%		0.95	%		14.47	%
$	66.47		19.47	%	$	66,030		0.91	%		0.32	%		0.92	%		12.19	%
$	55.97		6.51	%	$	63,513		0.95	%		0.18	%		0.97	%		11.16	%
$	52.55		(1.75	)%	$	64,364		1.04	%		0.26	%		1.04	%		19.28	%
$	32.06		(20.52	)%	$	80,131		0.81	%		0.92	%		0.81	%		8.82	%
$	42.36		19.06	%	$	105,216		0.82	%		2.03	%		0.82	%		14.56	%
$	37.63		6.42	%	$	91,626		0.82	%		2.21	%		0.82	%		8.34	%
$	37.10		1.16	%	$	96,199		0.79	%		2.23	%		0.81	%		13.52	%
$	39.74		11.73	%	$	104,688		0.83	%		2.13	%		0.85	%		18.43	%
$	36.01		1.85	%	$	96,198		0.89	%		1.82	%		0.89	%		15.47	%
$	53.55		(26.90	)%	$	609,648		1.02	%		0.45	%		1.08	%		6.21	%
$	78.38		(4.55	)%	$	959,875		1.03	%		0.64	%		1.08	%		8.60	%
$	89.11		7.98	%	$	1,296,897		1.03	%		0.29	%		1.06	%		15.51	%
$	90.19		20.73	%	$	1,183,974		1.06	%		0.19	%		1.06	%		7.04	%
$	78.46		12.26	%	$	1,213,344		1.08	%		0.20	%		1.08	%		3.42	%
$	69.89		(4.14	)%	$	1,156,577		1.11	%		0.10	%		1.11	%		6.33	%
$	9.61		(0.72	)%	$	20,622		0.43	%		2.28	%		0.60	%		19.48	%
$	9.79		3.06	%	$	15,343		0.42	%		2.70	%		0.52	%		103.69	%
$	9.75		1.46	%	$	21,926		0.41	%		1.65	%		0.51	%		74.56	%
$	9.79		1.36	%	$	33,879		0.43	%		0.95	%		0.53	%		59.57	%
$	9.81		1.24	%	$	54,183		0.45	%		0.90	%		0.54	%		43.02	%
$	9.86		0.40	%	$	35,384		0.53	%		0.66	%		0.55	%		66.19	%

127

Sterling Capital Funds

Financial Highlights, Institutional Shares

The financial highlights table is intended to help you understand the Funds’ financial performance for the past 5 years or, if shorter, the period of the Funds’ operations. Certain information reflects financial results for a single Fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the Fund (assuming reinvestment of all dividends and distributions).

			Investment Activities								Distributions
	Net Asset Value, Beginning of Year		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, 2020 (Unaudited)	$	8.65		0.10		(0.16	)		(0.06	)		(0.11	)		—			—			(0.11	)
Year Ended September 30, 2019	$	8.52		0.23		0.15			0.38			(0.25	)		—			—			(0.25	)
Year Ended September 30, 2018	$	8.69		0.19		(0.12	)		0.07			(0.24	)		—			—			(0.24	)
Year Ended September 30, 2017	$	8.81		0.12		(0.01	)		0.11			(0.23	)		—			—			(0.23	)
Year Ended September 30, 2016	$	8.86		0.12		0.07			0.19			(0.24	)		—			—			(0.24	)
Year Ended September 30, 2015	$	9.07		0.13		(0.06	)		0.07			(0.28	)		—			—			(0.28	)
Sterling Capital Intermediate U.S. Government Fund
Six Months Ended March 31, 2020 (Unaudited)	$	9.93		0.11		0.24			0.35			(0.14	)		—			—			(0.14	)
Year Ended September 30, 2019	$	9.49		0.23		0.48			0.71			(0.27	)		—			—			(0.27	)
Year Ended September 30, 2018	$	9.92		0.19		(0.34	)		(0.15	)		(0.28	)		—			—			(0.28	)
Year Ended September 30, 2017	$	10.25		0.18		(0.28	)		(0.10	)		(0.23	)		—			—			(0.23	)
Year Ended September 30, 2016	$	10.19		0.15		0.12			0.27			(0.21	)		—			—			(0.21	)
Year Ended September 30, 2015	$	10.21		0.16		0.04			0.20			(0.22	)		—			—			(0.22	)
Sterling Capital Total Return Bond Fund
Six Months Ended March 31, 2020 (Unaudited)	$	10.89		0.14		(0.05	)		0.09			(0.16	)		—	(d)		—			(0.16	)
Year Ended September 30, 2019	$	10.20		0.32		0.71			1.03			(0.34	)		—			—			(0.34	)
Year Ended September 30, 2018	$	10.60		0.29		(0.37	)		(0.08	)		(0.32	)		—			—			(0.32	)
Year Ended September 30, 2017	$	10.82		0.25		(0.15	)		0.10			(0.32	)		—			—			(0.32	)
Year Ended September 30, 2016	$	10.54		0.28		0.35			0.63			(0.35	)		—			—			(0.35	)
Year Ended September 30, 2015	$	10.67		0.31		(0.07	)		0.24			(0.37	)		—			—			(0.37	)
Sterling Capital Corporate Fund
Six Months Ended March 31, 2020 (Unaudited)	$	10.38		0.15		(0.61	)		(0.46	)		(0.15	)		—			—			(0.15	)
Year Ended September 30, 2019	$	9.81		0.33		0.56			0.89			(0.32	)		—			—			(0.32	)
Year Ended September 30, 2018	$	10.24		0.32		(0.36	)		(0.04	)		(0.32	)		(0.07	)		—			(0.39	)
Year Ended September 30, 2017	$	10.36		0.32		(0.09	)		0.23			(0.31	)		(0.04	)		—			(0.35	)
Year Ended September 30, 2016	$	10.10		0.31		0.26			0.57			(0.31	)		—			—			(0.31	)
Year Ended September 30, 2015	$	10.25		0.32		(0.14	)		0.18			(0.31	)		(0.01	)		(0.01	)		(0.33	)
Sterling Capital Quality Income Fund
Six Months Ended March 31, 2020 (Unaudited)	$	10.10		0.14		—	(d)		0.14			(0.14	)		—			—			(0.14	)
Year Ended September 30, 2019	$	9.62		0.31		0.47			0.78			(0.30	)		—			—			(0.30	)
Year Ended September 30, 2018	$	9.95		0.29		(0.32	)		(0.03	)		(0.30	)		—			—			(0.30	)
Year Ended September 30, 2017	$	10.10		0.23		(0.11	)		0.12			(0.27	)		—			—			(0.27	)
Year Ended September 30, 2016	$	9.98		0.22		0.16			0.38			(0.26	)		—			—			(0.26	)
Year Ended September 30, 2015	$	9.91		0.23		0.12			0.35			(0.28	)		—			—			(0.28	)
Sterling Capital Kentucky Intermediate Tax-Free Fund
Six Months Ended March 31, 2020 (Unaudited)	$	10.31		0.10		(0.02	)		0.08			(0.10	)		(0.02	)		—			(0.12	)
Year Ended September 30, 2019	$	9.89		0.21		0.48			0.69			(0.21	)		(0.06	)		—			(0.27	)
Year Ended September 30, 2018	$	10.26		0.22		(0.34	)		(0.12	)		(0.22	)		(0.03	)		—			(0.25	)
Year Ended September 30, 2017	$	10.63		0.23		(0.23	)		—			(0.23	)		(0.14	)		—			(0.37	)
Year Ended September 30, 2016	$	10.61		0.27		0.14			0.41			(0.26	)		(0.13	)		—			(0.39	)
Year Ended September 30, 2015	$	10.84		0.28		(0.05	)		0.23			(0.28	)		(0.18	)		—			(0.46	)
Sterling Capital Maryland Intermediate Tax-Free Fund
Six Months Ended March 31, 2020 (Unaudited)	$	10.97		0.11		(0.01	)		0.10			(0.11	)		(0.06	)		—			(0.17	)
Year Ended September 30, 2019	$	10.63		0.22		0.47			0.69			(0.22	)		(0.13	)		—			(0.35	)
Year Ended September 30, 2018	$	11.04		0.23		(0.35	)		(0.12	)		(0.23	)		(0.06	)		—			(0.29	)
Year Ended September 30, 2017	$	11.33		0.23		(0.21	)		0.02			(0.23	)		(0.08	)		—			(0.31	)
Year Ended September 30, 2016	$	11.19		0.23		0.21			0.44			(0.23	)		(0.07	)		—			(0.30	)
Year Ended September 30, 2015	$	11.25		0.23		—			0.23			(0.23	)		(0.06	)		—			(0.29	)

* During the periods certain fees were waived (See Note 5 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.

128

					Ratios/Supplementary Data
Net Asset Value, End of Period		Total Return (b)			Net Assets, End of Period (000)		Ratio of net expenses to average net assets (c)			Ratio of net investment income to average net assets (c)			Ratio of expenses to average net assets*(c)			Portfolio turnover rate**(b)
$	8.48		(0.67	)%	$	165,266		0.42	%		2.39	%		0.52	%		29.74	%
$	8.65		4.55	%	$	171,989		0.43	%		2.68	%		0.53	%		78.58	%
$	8.52		0.80	%	$	126,878		0.43	%		2.20	%		0.53	%		62.02	%
$	8.69		1.28	%	$	67,467		0.45	%		1.37	%		0.55	%		78.77	%
$	8.81		2.24	%	$	77,374		0.49	%		1.34	%		0.56	%		54.68	%
$	8.86		0.82	%	$	78,390		0.55	%		1.41	%		0.57	%		55.74	%
$	10.14		3.53	%	$	9,634		0.53	%		2.15	%		0.68	%		33.53	%
$	9.93		7.54	%	$	11,052		0.57	%		2.35	%		0.66	%		40.13	%
$	9.49		(1.48	)%	$	17,961		0.65	%		1.99	%		0.66	%		40.85	%
$	9.92		(0.95	)%	$	16,412		0.62	%		1.80	%		0.66	%		32.44	%
$	10.25		2.63	%	$	18,871		0.61	%		1.48	%		0.72	%		49.39	%
$	10.19		1.98	%	$	21,648		0.67	%		1.56	%		0.73	%		62.02	%
$	10.82		0.82	%	$	1,114,300		0.44	%		2.59	%		0.56	%		32.87	%
$	10.89		10.27	%	$	1,065,346		0.45	%		3.10	%		0.58	%		79.40	%
$	10.20		(0.74	)%	$	860,437		0.45	%		2.79	%		0.57	%		62.28	%
$	10.60		1.00	%	$	997,074		0.47	%		2.38	%		0.57	%		64.07	%
$	10.82		6.10	%	$	709,103		0.49	%		2.67	%		0.59	%		65.47	%
$	10.54		2.29	%	$	612,927		0.48	%		2.88	%		0.58	%		41.37	%
$	9.77		(4.54	)%	$	18,944		0.67	%		2.82	%		0.68	%		22.89	%
$	10.38		9.28	%	$	22,651		0.68	%		3.25	%		0.69	%		82.23	%
$	9.81		(0.45	)%	$	30,805		0.63	%		3.18	%		0.63	%		66.82	%
$	10.24		2.32	%	$	29,471		0.63	%		3.09	%		0.63	%		78.79	%
$	10.36		5.70	%	$	31,755		0.64	%		3.02	%		0.64	%		83.88	%
$	10.10		1.76	%	$	63,992		0.63	%		3.12	%		0.63	%		33.94	%
$	10.10		1.42	%	$	36,767		0.58	%		2.74	%		0.62	%		13.11	%
$	10.10		8.27	%	$	36,361		0.60	%		3.15	%		0.64	%		17.58	%
$	9.62		(0.28	)%	$	37,088		0.58	%		2.97	%		0.62	%		19.17	%
$	9.95		1.23	%	$	39,533		0.60	%		2.31	%		0.64	%		34.72	%
$	10.10		3.86	%	$	46,364		0.61	%		2.16	%		0.65	%		43.63	%
$	9.98		3.54	%	$	46,249		0.59	%		2.28	%		0.63	%		19.85	%
$	10.27		0.75	%	$	7,873		0.67	%		1.87	%		0.67	%		3.45	%
$	10.31		7.06	%	$	7,036		0.70	%		2.05	%		0.70	%		32.58	%
$	9.89		(1.19	)%	$	7,705		0.68	%		2.20	%		0.68	%		20.37	%
$	10.26		0.05	%	$	8,026		0.68	%		2.26	%		0.71	%		17.93	%
$	10.63		3.95	%	$	8,580		0.66	%		2.50	%		0.77	%		16.44	%
$	10.61		2.15	%	$	9,533		0.70	%		2.62	%		0.79	%		17.34	%
$	10.90		0.90	%	$	8,672		0.69	%		1.94	%		0.70	%		0.00	%
$	10.97		6.70	%	$	9,966		0.67	%		2.09	%		0.69	%		20.76	%
$	10.63		(1.07	)%	$	13,236		0.63	%		2.14	%		0.63	%		31.12	%
$	11.04		0.26	%	$	16,991		0.61	%		2.13	%		0.65	%		5.89	%
$	11.33		3.97	%	$	24,621		0.61	%		2.00	%		0.71	%		14.36	%
$	11.19		2.05	%	$	28,968		0.65	%		2.07	%		0.71	%		18.38	%

129

Sterling Capital Funds

Financial Highlights, Institutional Shares

The financial highlights table is intended to help you understand the Funds’ financial performance for the past 5 years or, if shorter, the period of the Funds’ operations. Certain information reflects financial results for a single Fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the Fund (assuming reinvestment of all dividends and distributions).

			Investment Activities								Distributions
	Net Asset Value, Beginning of Year		Net investment income(a)		Net realized/ unrealized gains (losses) on investments			Total from Investment Activities			Net investment income			Net realized gains on investments			Total Distributions
Sterling Capital North Carolina Intermediate Tax-Free Fund
Six Months Ended March 31, 2020 (Unaudited)	$	10.91		0.12		(0.04	)		0.08			(0.12	)		—			(0.12	)
Year Ended September 30, 2019	$	10.43		0.25		0.48			0.73			(0.25	)		—			(0.25	)
Year Ended September 30, 2018	$	10.78		0.26		(0.35	)		(0.09	)		(0.26	)		—			(0.26	)
Year Ended September 30, 2017	$	11.08		0.25		(0.26	)		(0.01	)		(0.25	)		(0.04	)		(0.29	)
Year Ended September 30, 2016	$	10.97		0.26		0.17			0.43			(0.26	)		(0.06	)		(0.32	)
Year Ended September 30, 2015	$	10.98		0.27		0.01			0.28			(0.27	)		(0.02	)		(0.29	)
Sterling Capital South Carolina Intermediate Tax-Free Fund
Six Months Ended March 31, 2020 (Unaudited)	$	11.20		0.12		(0.03	)		0.09			(0.12	)		—			(0.12	)
Year Ended September 30, 2019	$	10.69		0.23		0.51			0.74			(0.23	)		—			(0.23	)
Year Ended September 30, 2018	$	11.03		0.23		(0.34	)		(0.11	)		(0.23	)		—			(0.23	)
Year Ended September 30, 2017	$	11.22		0.22		(0.19	)		0.03			(0.22	)		—			(0.22	)
Year Ended September 30, 2016	$	11.06		0.23		0.20			0.43			(0.23	)		(0.04	)		(0.27	)
Year Ended September 30, 2015	$	11.07		0.24		0.01			0.25			(0.24	)		(0.02	)		(0.26	)
Sterling Capital Virginia Intermediate Tax-Free Fund
Six Months Ended March 31, 2020 (Unaudited)	$	11.97		0.12		(0.04	)		0.08			(0.12	)		—			(0.12	)
Year Ended September 30, 2019	$	11.40		0.26		0.57			0.83			(0.26	)		—			(0.26	)
Year Ended September 30, 2018	$	11.76		0.26		(0.36	)		(0.10	)		(0.26	)		—			(0.26	)
Year Ended September 30, 2017	$	12.13		0.26		(0.28	)		(0.02	)		(0.26	)		(0.09	)		(0.35	)
Year Ended September 30, 2016	$	11.98		0.27		0.19			0.46			(0.27	)		(0.04	)		(0.31	)
Year Ended September 30, 2015	$	12.06		0.28		(0.01	)		0.27			(0.28	)		(0.07	)		(0.35	)
Sterling Capital West Virginia Intermediate Tax-Free Fund
Six Months Ended March 31, 2020 (Unaudited)	$	10.13		0.11		(0.01	)		0.10			(0.11	)		(0.01	)		(0.12	)
Year Ended September 30, 2019	$	9.73		0.24		0.42			0.66			(0.24	)		(0.02	)		(0.26	)
Year Ended September 30, 2018	$	10.05		0.24		(0.31	)		(0.07	)		(0.24	)		(0.01	)		(0.25	)
Year Ended September 30, 2017	$	10.28		0.23		(0.18	)		0.05			(0.23	)		(0.05	)		(0.28	)
Year Ended September 30, 2016	$	10.15		0.24		0.17			0.41			(0.23	)		(0.05	)		(0.28	)
Year Ended September 30, 2015	$	10.17		0.24		0.01			0.25			(0.24	)		(0.03	)		(0.27	)
Sterling Capital Diversified Income Fund(d)
Six Months Ended March 31, 2020 (Unaudited)	$	10.43		0.23		(2.24	)		(2.01	)		(0.27	)		—			(0.27	)
Year Ended September 30, 2019	$	10.76		0.50		(0.29	)		0.21			(0.54	)		—			(0.54	)
Year Ended September 30, 2018	$	10.92		0.37		(0.09	)		0.28			(0.44	)		—			(0.44	)
Year Ended September 30, 2017	$	10.94		0.45		(0.04	)		0.41			(0.43	)		—			(0.43	)
Year Ended September 30, 2016	$	10.32		0.36		0.66			1.02			(0.40	)		—			(0.40	)
Year Ended September 30, 2015	$	10.71		0.46		(0.58	)		(0.12	)		(0.27	)		—			(0.27	)
Sterling Capital Strategic Allocation Balanced
Fund(d)
Six Months Ended March 31, 2020 (Unaudited)	$	12.17		0.19		(1.72	)		(1.53	)		(0.19	)		(0.42	)		(0.61	)
Year Ended September 30, 2019	$	12.17		0.29		—	(e)		0.29			(0.29	)		—			(0.29	)
Year Ended September 30, 2018	$	11.98		0.25		0.24			0.49			(0.30	)		—			(0.30	)
Year Ended September 30, 2017	$	10.90		0.19		1.08			1.27			(0.19	)		—			(0.19	)
Year Ended September 30, 2016	$	10.39		0.20		0.54			0.74			(0.23	)		—			(0.23	)
Year Ended September 30, 2015	$	10.73		0.16		(0.32	)		(0.16	)		(0.18	)		—			(0.18	)
Sterling Capital Strategic Allocation Growth Fund(d)
Six Months Ended March 31, 2020 (Unaudited)	$	12.10		0.10		(2.00	)		(1.90	)		(0.20	)		(0.48	)		(0.68	)
Year Ended September 30, 2019	$	12.28		0.26		(0.18	)		0.08			(0.26	)		—			(0.26	)
Year Ended September 30, 2018	$	11.93		0.24		0.39			0.63			(0.28	)		—			(0.28	)
Year Ended September 30, 2017	$	10.56		0.15		1.36			1.51			(0.14	)		—			(0.14	)
Year Ended September 30, 2016	$	10.01		0.14		0.61			0.75			(0.20	)		—			(0.20	)
Year Ended September 30, 2015	$	10.41		0.11		(0.38	)		(0.27	)		(0.13	)		—			(0.13	)

* During the periods certain fees were waived (See Note 5 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 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) The expense ratios exclude the impact of fees/expenses paid by each underlying fund.

(e) Amount is less than $0.005.

See accompanying Notes to the Financial Statements.

130

					Ratios/Supplementary Data
Net Asset Value, End of Year		Total Return (b)			Net Assets, End of Year (000)		Ratio of net expenses to average net assets (c)			Ratio of net investment income to average net assets (c)			Ratio of expenses to average net assets*(c)			Portfolio turnover rate**(b)
$	10.87		0.69	%	$	125,976		0.54	%		2.12	%		0.54	%		5.20	%
$	10.91		7.10	%	$	140,022		0.55	%		2.37	%		0.55	%		33.12	%
$	10.43		(0.81	)%	$	133,812		0.54	%		2.49	%		0.54	%		22.06	%
$	10.78		(0.06	)%	$	140,484		0.54	%		2.34	%		0.58	%		25.92	%
$	11.08		3.94	%	$	157,284		0.55	%		2.33	%		0.65	%		10.05	%
$	10.97		2.53	%	$	147,048		0.59	%		2.44	%		0.66	%		16.80	%
$	11.17		0.76	%	$	67,768		0.55	%		2.06	%		0.55	%		0.00	%
$	11.20		7.02	%	$	66,331		0.56	%		2.13	%		0.56	%		23.84	%
$	10.69		(1.02	)%	$	63,090		0.55	%		2.10	%		0.55	%		27.71	%
$	11.03		0.34	%	$	69,746		0.56	%		2.03	%		0.59	%		31.17	%
$	11.22		3.87	%	$	72,722		0.57	%		2.03	%		0.67	%		2.69	%
$	11.06		2.27	%	$	58,132		0.61	%		2.17	%		0.68	%		12.53	%
$	11.93		0.68	%	$	58,555		0.55	%		2.04	%		0.55	%		2.33	%
$	11.97		7.31	%	$	59,312		0.56	%		2.18	%		0.56	%		24.57	%
$	11.40		(0.88	)%	$	61,420		0.55	%		2.22	%		0.55	%		21.08	%
$	11.76		(0.14	)%	$	70,780		0.55	%		2.18	%		0.59	%		23.25	%
$	12.13		3.91	%	$	83,965		0.56	%		2.23	%		0.66	%		16.18	%
$	11.98		2.24	%	$	78,506		0.60	%		2.33	%		0.67	%		16.01	%
$	10.11		1.00	%	$	55,750		0.54	%		2.22	%		0.54	%		2.63	%
$	10.13		6.85	%	$	53,352		0.56	%		2.43	%		0.56	%		33.73	%
$	9.73		(0.73	)%	$	54,988		0.55	%		2.39	%		0.55	%		17.53	%
$	10.05		0.52	%	$	59,567		0.56	%		2.34	%		0.59	%		21.00	%
$	10.28		4.18	%	$	64,199		0.57	%		2.30	%		0.67	%		11.31	%
$	10.15		2.44	%	$	66,716		0.60	%		2.37	%		0.67	%		10.34	%
$	8.15		(19.72	)%	$	7,278		0.53	%		4.58	%		0.53	%		10.00	%
$	10.43		2.05	%	$	8,799		0.54	%		4.79	%		0.54	%		26.68	%
$	10.76		2.61	%	$	6,807		0.55	%		3.39	%		0.55	%		48.19	%
$	10.92		3.88	%	$	7,962		0.50	%		4.11	%		0.50	%		43.86	%
$	10.94		10.13	%	$	26,328		0.39	%		3.43	%		0.47	%		67.18	%
$	10.32		(1.23	)%	$	27,896		0.20	%		4.29	%		0.45	%		126.46	%
$	10.03		(13.38	)%	$	224		0.16	%		3.19	%		0.41	%		3.72	%
$	12.17		2.50	%	$	331		0.16	%		2.48	%		0.41	%		9.41	%
$	12.17		4.11	%	$	223		0.16	%		2.06	%		0.41	%		14.41	%
$	11.98		11.75	%	$	111		0.17	%		1.67	%		0.42	%		0.80	%
$	10.90		7.24	%	$	80		0.16	%		1.89	%		0.40	%		5.19	%
$	10.39		(1.57	)%	$	106		0.15	%		1.43	%		0.40	%		49.24	%
$	9.52		(16.85	)%	$	139		0.16	%		1.65	%		0.41	%		3.32	%
$	12.10		0.84	%	$	700		0.16	%		2.23	%		0.41	%		10.69	%
$	12.28		5.33	%	$	749		0.19	%		1.95	%		0.44	%		17.81	%
$	11.93		14.48	%	$	692		0.19	%		1.34	%		0.44	%		1.92	%
$	10.56		7.58	%	$	725		0.18	%		1.35	%		0.43	%		5.95	%
$	10.01		(2.67	)%	$	1,516		0.17	%		1.00	%		0.42	%		58.40	%

131

Sterling Capital Funds

Financial Highlights, Class R Shares

The financial highlights table is intended to help you understand the Funds’ financial performance for the past 5 years or, if shorter, the period of the Funds’ operations. Certain information reflects financial results for a single Fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the Fund (assuming reinvestment of all dividends and distributions).

			Investment Activities									Distributions
	Net Asset Value, Beginning of Year		Net investment income (loss)(a)			Net realized/ unrealized gains (loss) on investments			Total from Investment Activities			Net investment income			Net realized gains on investments			Total Distributions
Sterling Capital Mid Value Fund
Six Months Ended March 31, 2020 (Unaudited)	$	15.43		—	(d)		(3.88	)		(3.88	)		(0.18	)		(1.13	)		(1.31	)
Year Ended September 30, 2019	$	18.43		0.03			(0.77	)		(0.74	)		—			(2.26	)		(2.26	)
Year Ended September 30, 2018	$	18.15		(0.07	)		1.19			1.12			—			(0.84	)		(0.84	)
Year Ended September 30, 2017	$	16.25		—	(d)		2.43			2.43			—			(0.53	)		(0.53	)
Year Ended September 30, 2016	$	17.59		(0.02	)		2.02			2.00			—			(3.34	)		(3.34	)
Year Ended September 30, 2015	$	18.93		0.02			(0.14	)		(0.12	)		(0.05	)		(1.17	)		(1.22	)
Sterling Capital Behavioral Small Cap Value Equity Fund
Six Months Ended March 31, 2020 (Unaudited)	$	14.42		—	(d)		(4.83	)		(4.83	)		(0.13	)		—			(0.13	)
Year Ended September 30, 2019	$	18.52		0.14			(2.07	)		(1.93	)		(0.19	)		(1.98	)		(2.17	)
Year Ended September 30, 2018	$	18.32		0.13			0.85			0.98			(0.13	)		(0.65	)		(0.78	)
Year Ended September 30, 2017	$	15.14		0.18			3.08			3.26			(0.08	)		—			(0.08	)
Year Ended September 30, 2016	$	14.00		0.14			1.15			1.29			(0.14	)		(0.01	)		(0.15	)
Year Ended September 30, 2015	$	14.28		0.13			0.15			0.28			(0.12	)		(0.44	)		(0.56	)
Sterling Capital Special Opportunities Fund
Six Months Ended March 31, 2020 (Unaudited)	$	24.83		(0.03	)		(4.94	)		(4.97	)		—			(1.33	)		(1.33	)
Year Ended September 30, 2019	$	26.63		(0.04	)		0.10			0.06			—			(1.86	)		(1.86	)
Year Ended September 30, 2018	$	24.79		(0.04	)		3.94			3.90			(0.12	)		(1.94	)		(2.06	)
Year Ended September 30, 2017	$	21.83		(0.04	)		3.41			3.37			—			(0.41	)		(0.41	)
Year Ended September 30, 2016	$	23.28		(0.05	)		1.91			1.86			—			(3.31	)		(3.31	)
Year Ended September 30, 2015	$	23.69		(0.11	)		0.90			0.79			—			(1.20	)		(1.20	)
Sterling Capital Equity Income Fund
Six Months Ended March 31, 2020 (Unaudited)	$	21.10		0.16			(4.33	)		(4.17	)		(0.17	)		(0.84	)		(1.01	)
Year Ended September 30, 2019	$	21.39		0.34			1.22			1.56			(0.33	)		(1.52	)		(1.85	)
Year Ended September 30, 2018	$	20.70		0.29			2.63			2.92			(0.28	)		(1.95	)		(2.23	)
Year Ended September 30, 2017	$	18.18		0.29			2.58			2.87			(0.33	)		(0.02	)		(0.35	)
Year Ended September 30, 2016	$	17.25		0.26			2.04			2.30			(0.27	)		(1.10	)		(1.37	)
Year Ended September 30, 2015	$	18.84		0.26			(1.06	)		(0.80	)		(0.28	)		(0.51	)		(0.79	)
Sterling Capital Total Return Bond Fund
Six Months Ended March 31, 2020 (Unaudited)	$	10.84		0.11			(0.05	)		0.06			(0.13	)		—	(d)		(0.13	)
Year Ended September 30, 2019	$	10.16		0.27			0.70			0.97			(0.29	)		—			(0.29	)
Year Ended September 30, 2018	$	10.55		0.25			(0.37	)		(0.12	)		(0.27	)		—			(0.27	)
Year Ended September 30, 2017	$	10.77		0.20			(0.15	)		0.05			(0.27	)		—			(0.27	)
Year Ended September 30, 2016	$	10.49		0.23			0.35			0.58			(0.30	)		—			(0.30	)
Year Ended September 30, 2015	$	10.62		0.25			(0.06	)		0.19			(0.32	)		—			(0.32	)

* During the periods certain fees were waived (See Note 5 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.

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

See accompanying Notes to the Financial Statements.

132

					Ratios/Supplementary Data
Net Asset Value, End of Year		Total Return (excludes sales charge)(b)			Net Assets, End of Year (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)
$	10.24		(27.88	)%	$	4			1.40	%		(0.03	)%		1.54	%		9.96	%
$	15.43		(3.02	)%	$	5			1.42	%		0.19	%		1.42	%		26.62	%
$	18.43		6.29	%	$	3			1.42	%		(0.39	)%		1.42	%		34.62	%
$	18.15		15.18	%	$	2			1.39	%		(0.01	)%		1.39	%		24.83	%
$	16.25		12.82	%	$	—	(e)		1.43	%		(0.12	)%		1.43	%		25.45	%
$	17.59		(0.89	)%	$	—	(e)		1.44	%		0.08	%		1.44	%		30.61	%
$	9.46		(33.77	)%	$	119			1.30	%		(0.01	)%		1.34	%		55.18	%
$	14.42		(9.84	)%	$	107			1.30	%		0.97	%		1.30	%		124.82	%
$	18.52		5.44	%	$	63			1.28	%		0.69	%		1.28	%		89.85	%
$	18.32		21.52	%	$	33			1.29	%		1.09	%		1.29	%		109.05	%
$	15.14		9.22	%	$	—	(e)		1.38	%		0.99	%		1.38	%		120.42	%
$	14.00		1.84	%	$	—	(e)		1.50	%		0.89	%		1.50	%		101.99	%
$	18.53		(21.40	)%	$	76			1.35	%		(0.25	)%		1.35	%		8.93	%
$	24.83		0.95	%	$	288			1.36	%		(0.18	)%		1.36	%		17.31	%
$	26.63		16.80	%	$	173			1.36	%		(0.18	)%		1.36	%		22.78	%
$	24.79		15.66	%	$	266			1.36	%		(0.16	)%		1.36	%		18.92	%
$	21.83		8.34	%	$	191			1.42	%		(0.25	)%		1.48	%		27.32	%
$	23.28		3.51	%	$	46			1.47	%		(0.44	)%		1.47	%		26.98	%
$	15.92		(20.77	)%	$	1,332			1.26	%		1.55	%		1.26	%		19.19	%
$	21.10		8.24	%	$	2,825			1.28	%		1.67	%		1.28	%		23.20	%
$	21.39		14.97	%	$	2,548			1.27	%		1.41	%		1.27	%		19.49	%
$	20.70		15.96	%	$	3,694			1.28	%		1.52	%		1.28	%		16.93	%
$	18.18		14.18	%	$	1,921			1.46	%		1.54	%		1.46	%		20.64	%
$	17.25		(4.40	)%	$	1,957			1.47	%		1.40	%		1.47	%		27.53	%
$	10.77		0.57	%	$	52			0.94	%		2.12	%		1.07	%		32.87	%
$	10.84		9.65	%	$	29			0.95	%		2.62	%		1.08	%		79.40	%
$	10.16		(1.13	)%	$	36			0.93	%		2.45	%		1.08	%		62.28	%
$	10.55		0.50	%	$	5			0.96	%		1.90	%		1.04	%		64.07	%
$	10.77		5.59	%	$	5			0.99	%		2.20	%		1.07	%		65.47	%
$	10.49		1.77	%	$	6			0.98	%		2.39	%		1.09	%		41.37	%

133

Sterling Capital Funds

Financial Highlights, Class R6 Shares

The financial highlights table is intended to help you understand the Funds’ financial performance for the past 5 years or, if shorter, the period of the Funds’ operations. Certain information reflects financial results for a single Fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the Fund (assuming reinvestment of all dividends and distributions).

			Investment Activities									Distributions
	Net Asset Value, Beginning of Period		Net investment income(a)			Net realized/ unrealized gains on investments			Total from Investment Activities			Net investment income			Net realized gains on investments			Total Distributions
Sterling Capital Behavioral Large Cap Value Equity Fund
Six Months Ended March 31, 2020 (Unaudited)	$	19.62		0.20			(4.43	)		(4.23	)		(0.18	)		(0.58	)		(0.76	)
Year Ended September 30, 2019	$	22.43		0.46			(1.08	)		(0.62	)		(0.44	)		(1.75	)		(2.19	)
February 1, 2018 to September 30, 2018(d)	$	22.89		0.28			(0.45	)		(0.17	)		(0.29	)		—			(0.29	)
Sterling Capital Mid Value Fund
Six Months Ended March 31, 2020 (Unaudited)	$	16.48		(0.03	)		(4.11	)		(4.14	)		(0.23	)		(1.13	)		(1.36	)
Year Ended September 30, 2019	$	19.44		0.11			(0.78	)		(0.67	)		(0.03	)		(2.26	)		(2.29	)
February 1, 2018 to September 30, 2018(d)	$	20.22		0.03			(0.81	)		(0.78	)		—			—			—
Sterling Capital Behavioral Small Cap Value Equity Fund
Six Months Ended March 31, 2020 (Unaudited)	$	14.67		0.04			(4.92	)		(4.88	)		(0.15	)		—			(0.15	)
Year Ended September 30, 2019	$	18.84		0.23			(2.10	)		(1.87	)		(0.32	)		(1.98	)		(2.30	)
February 1, 2018 to September 30, 2018(d)	$	18.59		0.17			0.08			0.25			—			—			—
Sterling Capital Special Opportunities Fund
Six Months Ended March 31, 2020 (Unaudited)	$	26.09		0.05			(5.22	)		(5.17	)		(0.07	)		(1.33	)		(1.40	)
Year Ended September 30, 2019	$	27.75		0.10			0.12			0.22			(0.02	)		(1.86	)		(1.88	)
February 1, 2018 to September 30, 2018(d)	$	26.44		0.04			1.42			1.46			(0.15	)		—			(0.15	)
Sterling Capital Equity Income Fund
Six Months Ended March 31, 2020 (Unaudited)	$	21.34		0.24			(4.40	)		(4.16	)		(0.23	)		(0.84	)		(1.07	)
Year Ended September 30, 2019	$	21.61		0.47			1.23			1.70			(0.45	)		(1.52	)		(1.97	)
February 1, 2018 to September 30, 2018(d)	$	21.49		0.30			0.12			0.42			(0.30	)		—			(0.30	)
Sterling Capital Behavioral International Equity Fund
Six Months Ended March 31, 2020 (Unaudited)	$	9.49		0.10			(2.28	)		(2.18	)		(0.30	)		—			(0.30	)
Year Ended September 30, 2019	$	11.19		0.36			(1.34	)		(0.98	)		(0.32	)		(0.40	)		(0.72	)
February 1, 2018 to September 30, 2018(d)	$	12.35		0.35			(1.51	)		(1.16	)		—			—			—
Sterling Capital Stratton Real Estate Fund
January 31, 2020 to March 31, 2020(d)	$	41.35		0.22			(9.14	)		(8.92	)		(0.36	)		—			(0.36	)
Sterling Capital Stratton Small Cap Value Fund
January 31, 2020 to March 31, 2020(d)	$	77.13		0.03			(23.60	)		(23.57	)		—			—			—
Sterling Capital Total Return Bond Fund
Six Months Ended March 31, 2020 (Unaudited)	$	10.89		0.15			(0.05	)		0.10			(0.16	)		—	(f)		(0.16	)
Year Ended September 30, 2019	$	10.20		0.33			0.71			1.04			(0.35	)		—			(0.35	)
February 1, 2018 to September 30, 2018(d)	$	10.48		0.21			(0.27	)		(0.06	)		(0.22	)		—			(0.22	)

* During the periods certain fees were waived (See Note 5 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.

134

					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 to average net assets (c)			Ratio of expenses to average net assets*(c)			Portfolio turnover rate**(b)
$	14.63		(22.45	)%	$	176,670			0.58	%		2.08	%		0.64	%		71.10	%
$	19.62		(2.02	)%	$	239,763			0.58	%		2.35	%		0.64	%		142.59	%
$	22.43		(0.69	)%	$	270,105			0.58	%		1.94	%		0.63	%		127.89	%
$	10.98		(27.74	)%	$	—	(e)		0.47	%		(0.15	)%		0.47	%		9.96	%
$	16.48		(2.45	)%	$	247,949			0.82	%		0.68	%		0.93	%		26.62	%
$	19.44		(3.86	)%	$	285,847			0.83	%		0.26	%		0.93	%		34.62	%
$	9.64		(33.66	)%	$	56,744			0.73	%		0.58	%		0.82	%		51.18	%
$	14.67		(9.29	)%	$	210,436			0.73	%		1.53	%		0.80	%		124.82	%
$	18.84		1.34	%	$	191,051			0.73	%		1.38	%		0.79	%		89.85	%
$	19.52		(21.18	)%	$	269,285			0.77	%		0.38	%		0.85	%		8.93	%
$	26.09		1.53	%	$	355,672			0.77	%		0.40	%		0.86	%		17.31	%
$	27.75		5.60	%	$	372,948			0.78	%		0.21	%		0.85	%		22.78	%
$	16.10		(20.50	)%	$	268,656			0.66	%		2.28	%		0.76	%		19.19	%
$	21.34		8.89	%	$	345,806			0.66	%		2.28	%		0.77	%		23.20	%
$	21.61		2.03	%	$	317,827			0.66	%		2.16	%		0.77	%		19.49	%
$	7.01		(23.87	)%	$	59,584			0.61	%		2.15	%		0.85	%		52.21	%
$	9.49		(8.48	)%	$	78,307			0.61	%		3.77	%		0.89	%		97.74	%
$	11.19		(9.39	)%	$	62,804			0.62	%		4.63	%		0.87	%		96.65	%
$	32.07		(21.90	)%	$	—	(e)		0.67	%		3.63	%		0.67	%		8.82	%
$	53.56		(31.14	)%	$	—	(e)		0.86	%		0.28	%		0.88	%		6.21	%
$	10.82		0.87	%	$	414,380			0.35	%		2.69	%		0.56	%		32.87	%
$	10.89		10.38	%	$	350,129			0.35	%		3.20	%		0.58	%		79.40	%
$	10.20		(0.52	)%	$	281,637			0.35	%		3.16	%		0.59	%		62.28	%

135

Sterling Capital Funds

Notes to Financial Statements

March 31, 2020 (Unaudited)

1. Organization:

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

The Trust offers shares of Sterling Capital Behavioral Large Cap Value Equity Fund, Sterling Capital Mid Value Fund, Sterling Capital Behavioral Small Cap Value Equity Fund, Sterling Capital Special Opportunities Fund, Sterling Capital Equity Income Fund, Sterling Capital Behavioral International Equity Fund, Sterling Capital SMID Opportunities Fund, Sterling Capital Stratton Mid Cap Value Fund, Sterling Capital Stratton Real Estate Fund, Sterling Capital Stratton Small Cap Value Fund, Sterling Capital Ultra Short Bond Fund, Sterling Capital Short Duration Bond Fund, Sterling Capital Intermediate U.S. Government Fund, Sterling Capital Total Return Bond Fund, Sterling Capital Corporate Fund, Sterling Capital Quality Income Fund (formerly Sterling Capital Securitized Opportunities Fund), Sterling Capital Kentucky Intermediate Tax-Free Fund, Sterling Capital Maryland Intermediate Tax-Free Fund, Sterling Capital North Carolina Intermediate Tax-Free Fund, Sterling Capital South Carolina Intermediate Tax-Free Fund, Sterling Capital Virginia Intermediate Tax-Free Fund, Sterling Capital West Virginia Intermediate Tax-Free Fund, Sterling Capital Diversified Income Fund, Sterling Capital Strategic Allocation Balanced Fund and Sterling Capital Strategic Allocation Growth Fund (referred to individually as a “Fund” and collectively as the “Funds”). Sterling Capital Kentucky Intermediate Tax-Free Fund, Sterling Capital Maryland Intermediate Tax-Free 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 are referred to as the “Tax-Free Funds.” Sterling Capital Diversified Income Fund, Sterling Capital Strategic Allocation Balanced Fund and Sterling Capital Strategic Allocation Growth Fund are referred to as the “Funds of Funds.” The Funds, excluding the Funds of Funds, are referred to as the “Variable Net Asset Value Funds.” The Funds of Funds invest in underlying mutual funds as opposed to individual securities.

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.

By owning shares of underlying investment companies, each of the Funds of Funds invests, to varying degrees, in securities of U.S. and non-U.S. companies, including small and medium sized companies, and in debt securities. Funds of Funds with exposure to underlying equity funds may include funds that invest in real estate related securities. In addition, underlying investment companies may invest in derivatives and may engage in long/short equity strategies and in option writing strategies. The Funds of Funds except for Sterling Capital Diversified Income Fund currently invest only in other Funds that are part of the Sterling Capital Funds group of investment companies (not including cash sweep vehicles). Financial information for those Sterling Capital Funds is included in this report and also is available at www.sec.gov. Financial information for the other underlying Funds is available at www.sec.gov.

The Funds are authorized to issue an unlimited amount of shares. As of March 31, 2020, the Funds discussed herein offered up to five classes of shares: Class A Shares, Class C Shares, Class R Shares, Class R6 Shares and Institutional 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 Stratton Mid Cap Value Fund, Sterling Capital Stratton Real Estate Fund, Sterling Capital Stratton Small Cap Value Fund, Sterling Capital SMID Opportunities Fund, and the Funds of Funds have a maximum sales charge of 5.75% as a percentage of original purchase price. Class A Shares of Sterling Capital Ultra Short Bond Fund have a maximum sales charge of 0.50%. Class A Shares of Sterling Capital Short Duration Bond Fund, Sterling Capital Intermediate U.S. Government Fund, Sterling Capital Corporate Fund, Sterling Capital Total Return 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 Corporate Fund, Sterling Capital Total Return Bond Fund, Sterling Capital Quality Income Fund, and Sterling Capital Ultra Short Bond Fund. With respect to the Tax-Free Funds, Sterling Capital Short Duration Bond Fund, Sterling Capital Intermediate U.S. Government Fund, Sterling Capital Corporate Fund, Sterling Capital Total Return Bond Fund, and Sterling Capital Quality Income Fund, sales of Class A shares over $250,000 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. With respect to Sterling Capital Ultra Short Bond Fund, sales of Class A shares over $100,000 are not subject to a sales load.

136

Sterling Capital Funds

Notes to Financial Statements — (continued)

March 31, 2020 (Unaudited)

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.

Under the Trust’s organizational documents, its Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, in the normal course of business, the Funds may enter into contracts with their vendors and others that provide for general indemnifications. The Funds’ maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds. However, based on experience, the Funds expect that risk of loss to be remote.

2. Significant Accounting Policies:

The Funds are investment companies and accordingly follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”)Accounting Standard 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, including underlying funds invested in by the Funds of Funds, are valued at their respective net asset values as reported by such companies. Investments in closed-end investment companies and exchange-traded funds are valued at their market values based upon the latest available sale price or, absent such a price, by reference to the latest available bid prices in the principal market in which such securities are normally traded. The differences between cost and fair value of investments are reflected as either unrealized appreciation or depreciation. Securities for which market quotations are not readily available or deemed unreliable (e.g., an approved pricing service does not provide a price, a furnished price is in error, certain stale prices, or an event occurs that materially affects the furnished price) will be fair valued in accordance with procedures established in good faith under the general supervision of the Board.

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

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

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

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

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

137

Sterling Capital Funds

Notes to Financial Statements — (continued)

March 31, 2020 (Unaudited)

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, 2020, there were no significant changes to the valuation policies and procedures.

The summary of inputs used to determine the fair value of each Fund’s investments as of March 31, 2020 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	$	202,416,545	(a)	$	—		$	—	$	202,416,545
Sterling Capital Mid Value Fund		53,886,443	(a)		—			—		53,886,443
Sterling Capital Behavioral Small Cap Value Equity Fund		68,384,772	(a)		—			—		68,384,772
Sterling Capital Special Opportunities Fund		749,766,858	(a)		—			—		749,766,858
Sterling Capital Equity Income Fund		1,481,605,361	(a)		—			—		1,481,605,361
Sterling Capital Behavioral International Equity Fund		2,473,120	(a)		68,382,322	(a)		—		70,855,442
Sterling Capital SMID Opportunities Fund		8,899,769	(a)		—			—		8,899,769
Sterling Capital Stratton Mid Cap Value Fund		44,644,535	(a)		—			—		44,644,535
Sterling Capital Stratton Real Estate Fund		81,644,134	(a)		—			—		81,644,134
Sterling Capital Stratton Small Cap Value Fund		610,320,992	(a)		—			—		610,320,992
Sterling Capital Ultra Short Bond Fund		276,183	(b)		22,592,327	(a)		—		22,868,510
Sterling Capital Short Duration Bond Fund		5,158,091	(b)		164,173,427	(a)		—		169,331,518
Sterling Capital Intermediate U.S. Government Fund		306,595	(b)		13,642,553	(a)		—		13,949,148
Sterling Capital Total Return Bond Fund		37,206,491	(b)		1,593,658,958	(a)		—		1,630,865,449
Sterling Capital Corporate Fund		117,553	(b)		19,252,357	(a)		—		19,369,910
Sterling Capital Quality Income Fund		390,896	(b)		36,352,069	(a)		—		36,742,965
Sterling Capital Kentucky Intermediate Tax-Free Fund		221,967	(b)		10,872,781	(a)		—		11,094,748
Sterling Capital Maryland Intermediate Tax-Free Fund		56,312	(b)		12,521,082	(a)		—		12,577,394
Sterling Capital North Carolina Intermediate Tax-Free Fund		3,770,261	(b)		159,231,336	(a)		—		163,001,597
Sterling Capital South Carolina Intermediate Tax-Free Fund		985,696	(b)		79,333,405	(a)		—		80,319,101
Sterling Capital Virginia Intermediate Tax-Free Fund		257,847	(b)		75,376,448	(a)		—		75,634,295
Sterling Capital West Virginia Intermediate Tax-Free Fund		1,685,685	(b)		81,051,268	(a)		—		82,736,953
Sterling Capital Diversified Income Fund		15,054,694	(a)		—			—		15,054,694
Sterling Capital Strategic Allocation Balanced Fund		20,055,625	(a)		—			—		20,055,625
Sterling Capital Strategic Allocation Growth Fund		15,745,599	(a)		—			—		15,745,599

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

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

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

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

Distributions to Shareholders — Dividends from net investment income are declared daily and paid monthly for Sterling Capital Ultra Short Bond Fund, Sterling Capital Short Duration Bond Fund, Sterling Capital Intermediate U.S. Government Fund, Sterling Capital Total Return Bond Fund, Sterling Capital Corporate Fund, Sterling Capital Quality Income Fund, and the Tax-Free Funds. Dividends from net investment income are declared and paid monthly for Sterling Capital Diversified Income Fund. Dividends from net investment income are declared and paid quarterly for Sterling Capital Stratton Mid Cap Value Fund, Sterling Capital Stratton Real Estate Fund, Sterling Capital Stratton Small Cap Value Fund, Sterling Capital Behavioral Large Cap Value Equity Fund, Sterling Capital Mid Value Fund, Sterling Capital Behavioral Small Cap Value Equity Fund, Sterling Capital Special Opportunities Fund, Sterling Capital Equity Income Fund, Sterling Capital SMID Opportunities Fund, Sterling Capital Strategic Allocation Balanced Fund, and Sterling Capital Strategic Allocation

138

Sterling Capital Funds

Notes to Financial Statements — (continued)

March 31, 2020 (Unaudited)

Growth 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.

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

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

Options Contracts — Sterling Capital Special Opportunities Fund and Sterling Capital Equity Income Fund write (sell) “covered” call options on securities and purchase options on securities to close out options previously written by them. Sterling Capital Diversified Income Fund may invest in underlying funds that engage in options writing strategies (including cash-secured put writing and covered call writing).

139

Sterling Capital Funds

Notes to Financial Statements — (continued)

March 31, 2020 (Unaudited)

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).

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.

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, 2020 were as follows:

	Purchases		Sales
Sterling Capital Behavioral Large Cap Value Equity Fund	$	185,194,660	$	191,978,764
Sterling Capital Mid Value Fund		12,512,827		117,005,788
Sterling Capital Behavioral Small Cap Value Equity Fund		64,455,065		74,195,337
Sterling Capital Special Opportunities Fund		89,557,795		180,044,832
Sterling Capital Equity Income Fund		517,162,864		354,161,534
Sterling Capital Behavioral International Equity Fund		48,188,536		49,819,741
Sterling Capital SMID Opportunities Fund		5,740,946		3,248,822
Sterling Capital Stratton Mid Cap Value Fund		2,760,621		5,767,348
Sterling Capital Stratton Real Estate Fund		9,588,760		8,822,641
Sterling Capital Stratton Small Cap Value Fund		54,823,467		158,236,042
Sterling Capital Ultra Short Bond Fund		9,734,619		3,246,900

140

Sterling Capital Funds

Notes to Financial Statements — (continued)

March 31, 2020 (Unaudited)

	Purchases		Sales
Sterling Capital Short Duration Bond Fund	$	37,145,680	$	23,193,411
Sterling Capital Intermediate U.S. Government Fund		—		135,000
Sterling Capital Total Return Bond Fund		277,257,323		155,249,928
Sterling Capital Corporate Fund		3,925,233		6,031,018
Sterling Capital Quality Income Fund		2,460,412		997,391
Sterling Capital Kentucky Intermediate Tax-Free Fund		1,139,911		373,406
Sterling Capital Maryland Intermediate Tax-Free Fund		—		1,347,356
Sterling Capital North Carolina Intermediate Tax-Free Fund		9,014,899		20,093,205
Sterling Capital South Carolina Intermediate Tax-Free Fund		2,519,000		—
Sterling Capital Virginia Intermediate Tax-Free Fund		1,767,270		2,307,710
Sterling Capital West Virginia Intermediate Tax-Free Fund		9,253,587		2,053,709
Sterling Capital Diversified Income Fund		1,901,433		2,895,955
Sterling Capital Strategic Allocation Balanced Fund		898,970		2,413,000
Sterling Capital Strategic Allocation Growth Fund		649,800		1,505,972

Purchases and sales of U.S. government securities (excluding securities maturing less than one year from acquisition) for the period ended March 31, 2020 were as follows:

	Purchases		Sales
Sterling Capital Ultra Short Bond Fund	$	536,342	$	—
Sterling Capital Short Duration Bond Fund		16,205,330		28,122,755
Sterling Capital Intermediate U.S. Government Fund		4,761,307		5,126,444
Sterling Capital Total Return Bond Fund		445,918,776		350,154,123
Sterling Capital Corporate Fund		1,071,321		1,090,593
Sterling Capital Quality Income Fund		5,549,188		3,781,715

During the six months ended March 31, 2020, the Sterling Capital Behavioral Small Cap Value Equity Fund permitted an in-kind redemption of its shares, accepting redemption for such shares in the form of securities that are permissible investments of the Fund. The redemption in-kind occurred on October 3, 2019 and totaled $121,593,889.

During the six months ended March 31, 2020, the Sterling Capital Mid Value Fund permitted an in-kind redemption of its shares, accepting redemption for such shares in the form of securities that are permissible investments of the Fund. The redemption in-kind occurred on October 3, 2019 and totaled $237,873,708.

4. Investments in Affiliated Issuers:

A summary of the Funds’ transactions in the shares of affiliated issuers during the period ended March 31, 2020 is as follows:

	Shares Held at September 30, 2019		Shares Purchased		Shares Sold		Shares Held at March 31, 2020		Value at March 31, 2020		Dividend Income October 1, 2019- March 31, 2020		Distributions and Net Realized Gain (Loss) October 1, 2019- March 31, 2020			Change in Unrealized Appreciation/ Depreciation October 1, 2019- March 31, 2020
Sterling Capital Strategic Allocation Balanced Fund
Sterling Capital Behavioral International Equity Fund, Institutional Shares		853,789		32,489		85,171		801,107	$	5,615,757	$	229,625		($26,211	)	$	(1,905,486	)
Sterling Capital Equity Income Fund, Institutional Shares		184,926		8,193		10,377		182,742		2,942,138		41,093		167,847			(966,186	)
Sterling Capital Special Opportunities Fund, Institutional Shares		153,736		7,472		14,891		146,317		2,854,639		7,870		230,504			(989,774	)
Sterling Capital Total Return Bond Fund, Institutional Shares		851,119		21,749		85,980		786,888		8,514,130		19,887		28,204			(72,954	)
Total Affiliates		2,043,570		69,903		196,419		1,917,054	$	19,926,664	$	298,475	$	400,344		$	(3,934,400	)

141

Sterling Capital Funds

Notes to Financial Statements — (continued)

March 31, 2020 (Unaudited)

	Shares Held at September 30, 2019		Shares Purchased		Shares Sold		Shares Held at March 31, 2020		Value at March 31, 2020		Dividend Income October 1, 2019- March 31, 2020		Distributions and Net Realized Gain (Loss) October 1, 2019- March 31, 2020			Change in Unrealized Appreciation/ Depreciation October 1, 2019- March 31, 2020
Sterling Capital Strategic Allocation Growth Fund
Sterling Capital Behavioral International Equity Fund, Institutional Shares		831,465		27,533		56,953		802,045	$	5,622,336	$	231,385	$	(7,772	)	$	(1,933,487	)
Sterling Capital Equity Income Fund, Institutional Shares		184,839		7,221		9,064		182,996		2,946,236		41,259		169,336			(968,247	)
Sterling Capital Special Opportunities Fund, Institutional Shares		151,758		7,413		12,642		146,529		2,858,778		7,956		234,108			(994,155	)
Sterling Capital Total Return Bond Fund, Institutional Shares		425,541		4,802		35,958		394,385		4,267,246		43,109		3,727			(28,724	)
Total Affiliates		1,593,603		46,969		114,617		1,525,955	$	15,694,596	$	323,709	$	399,399		$	(3,924,613	)

5. Related Party Transactions:

Under the terms of the investment advisory agreement, Sterling Capital Management LLC (“Sterling Capital” or the “Advisor”) is entitled to receive fees based on a percentage of the average daily net assets of the Funds. These fees are accrued daily and payable on a monthly basis and are reflected on the Statements of Operations as “Investment advisory fees.” Sterling Capital’s waived investment advisory fees are included on the Statements of Operations as “Less expenses waived by the Investment Advisor.” Information regarding these transactions is as follows for the period ended March 31, 2020:

	Prior to February 1, 2020						Effective February 1, 2020
	Contractual Fee Rate			Fee Rate after Contractual Waivers			Contractual Fee Rate			Fee Rate after Contractual Waivers
Sterling Capital Behavioral Large Cap Value Equity Fund		0.45	%		0.45	%		0.45	%		0.45	%
Sterling Capital Mid Value Fund		0.70	%		0.70	%		0.70	%		0.61	%(2)
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		0.60	%		0.40	%(1)		0.60	%		0.40	%(2)
Sterling Capital SMID Opportunities Fund		0.70	%		0.54	%(1)		0.70	%		0.70	%
Sterling Capital Stratton Mid Cap Value Fund		0.70	%		0.70	%		0.70	%		0.66	%(2)
Sterling Capital Stratton Real Estate Fund		0.58	%		0.58	%		0.58	%		0.58	%
Sterling Capital Stratton Small Cap Value Fund		0.85	%		0.80	%(1)		0.85	%		0.75	%(2)
Sterling Capital Ultra Short Bond Fund		0.20	%		0.10	%(1)(3)		0.20	%		0.02	%(2)
Sterling Capital Short Duration Bond Fund		0.30	%		0.20	%(1)		0.30	%		0.20	%(2)
Sterling Capital Intermediate U.S. Government Fund		0.32	%		0.16	%(1)		0.32	%		0.16	%(2)
Sterling Capital Total Return Bond Fund		0.37	%		0.25	%(1)		0.37	%		0.24	%(2)
Sterling Capital Corporate Fund		0.35	%		0.35	%		0.35	%		0.31	%(2)
Sterling Capital Quality Income Fund		0.35	%		0.31	%(1)		0.35	%		0.31	%(2)
Sterling Capital Kentucky Intermediate Tax-Free Fund		0.35	%		0.35	%		0.35	%		0.35	%
Sterling Capital Maryland Intermediate Tax-Free Fund		0.35	%		0.35	%(3)		0.35	%		0.35	%
Sterling Capital North Carolina Intermediate Tax-Free Fund		0.35	%		0.35	%		0.35	%		0.35	%
Sterling Capital South Carolina Intermediate Tax-Free Fund		0.35	%		0.35	%		0.35	%		0.35	%
Sterling Capital Virginia Intermediate Tax-Free Fund		0.35	%		0.35	%		0.35	%		0.35	%

142

Sterling Capital Funds

Notes to Financial Statements — (continued)

March 31, 2020 (Unaudited)

	Prior to February 1, 2020						Effective February 1, 2020
	Contractual Fee Rate			Fee Rate after Contractual Waivers			Contractual Fee Rate			Fee Rate after Contractual Waivers
Sterling Capital West Virginia Intermediate Tax-Free Fund		0.35	%		0.35	%		0.35	%		0.35	%
Sterling Capital Diversified Income Fund		0.25	%		0.25	%		0.25	%		0.25	%
Sterling Capital Strategic Allocation Balanced Fund		0.25	%		0.00	%(1)		0.25	%		0.00	%(2)
Sterling Capital Strategic Allocation Growth Fund		0.25	%		0.00	%(1)		0.25	%		0.00	%(2)

⁽¹⁾ Sterling Capital contractually agreed to limit the advisory fees paid by the Fund from February 1, 2019 through January 31, 2020.

⁽²⁾ Sterling Capital contractually agreed to limit the advisory fees paid by the Fund from February 1, 2020 through January 31, 2021.

⁽³⁾ For all or a portion of the period ended March 31, 2020, Sterling Capital voluntarily waived and/or reimbursed certain expenses of the Funds. Voluntary waivers and reimbursements of expenses may be discontinued at any time.

Effective February 1, 2020, 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 are for the period February 1, 2020 through January 31, 2021 are as follows:

	Class A			Class C			Institutional			Class R
Sterling Capital Behavioral International Equity Fund		1.00	%		1.75	%		0.75	%		—
Sterling Capital SMID Opportunities Fund		1.04	%		1.79	%		0.79	%		—
Sterling Capital Stratton Small Cap Value Fund		1.30	%		2.05	%		1.05	%		—
Sterling Capital Total Return Bond Fund		0.70	%		1.45	%		0.45	%		0.95	%

In addition, Sterling Capital has contractually agreed to limit the expenses of the Class R6 shares based on average daily net assets for the following funds for the period February 1, 2020 through January 31, 2021 as follows:

	Prior to February 1, 2020			Effective February 1, 2020
Sterling Capital Behavioral Large Cap Value Equity Fund		0.58	%		0.59	%
Sterling Capital Mid Value Fund		0.81	%		0.81	%
Sterling Capital Behavioral Small Cap Value Equity Fund		0.73	%		0.74	%
Sterling Capital Special Opportunities Fund		0.77	%		0.78	%
Sterling Capital Equity Income Fund		0.66	%		0.67	%
Sterling Capital Behavioral International Equity Fund		0.60	%		0.64	%
Sterling Capital Stratton Real Estate Fund		—			0.73	%
Sterling Capital Stratton Small Cap Value Fund		—			0.87	%
Sterling Capital Total Return Bond Fund		0.35	%		0.35	%

Sterling Capital serves as the administrator to the Funds pursuant to an administration agreement. The Funds (except the Sterling Capital Strategic Allocation Balanced Fund and Sterling Capital Strategic Allocation Growth Fund) pay their portion of a fee to Sterling Capital for providing administration services based on the aggregate assets of the Funds, excluding the assets of the Funds of 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.”

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

143

Sterling Capital Funds

Notes to Financial Statements — (continued)

March 31, 2020 (Unaudited)

received by the CCO. Expenses incurred are reflected on the Statements of Operations as “Compliance Service Fees.”

For the period ended March 31, 2020, the Funds paid $5,426 in brokerage fees to BB&T Securities LLC on the execution of purchases and sales of the Funds’ portfolio investments.

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%, 1.00% and 0.50% of the average daily net assets of the Class A Shares, Class C Shares, and Class R 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, 2020, the Distributor received $289,353 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, 2020 were $1,041.

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.

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. 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. 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 24, 2021. During the period ended March 31, 2020, 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 Mid Value Fund		2.38	%	$	545,750		4	$	163	$	715,000
Sterling Capital Special Opportunities Fund		1.25	%		2,174,222		9		679		4,487,000
Sterling Capital Equity Income Fund		1.25	%		8,199,727		11		3,132		35,708,000
Sterling Capital Behavioral Small Cap Value Equity Fund		1.25	%		2,885,333		6		601		2,973,000
Sterling Capital Behavioral International Equity Fund		2.75	%		73,000		3		17		73,000

144

Sterling Capital Funds

Notes to Financial Statements — (continued)

March 31, 2020 (Unaudited)

	Average Interest Rate			Average Loan Balance		Number of Days Outstanding		Interest Expense Incurred		Maximum Amount Borrowed
Sterling Capital Stratton Real Estate		2.75	%	$	146,000		1	$	11	$	146,000
Sterling Capital Stratton Small-Cap Value		2.75	%		5,702,000		1		436		5,702,000
Sterling Capital SMID Opportunities Fund		1.25	%		433,000		2		30		433,000
Sterling Capital North Carolina Intermediate Tax-Free Fund		1.25	%		9,619,000		1		334		9,619,000

8. Federal Tax Information:

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

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

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

Capital losses originating in taxable years beginning on or before December 22, 2010 are permitted to be carried forward for eight taxable years; in the year to which they are carried forward, such losses are treated as short-term capital losses that first offset any short-term capital gains, and then offset any long-term capital gains. Under the Regulated Investment Company Modernization Act of 2010, capital losses originating in taxable years beginning after December 22, 2010 (“post-2010 capital losses”) are carried forward indefinitely. Furthermore, post-2010 capital losses will retain their character as either short-term or long-term capital losses rather than being considered all short-term capital losses as under previous law.

At September 30, 2019, 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 Behavioral Small Cap Value Equity Fund	$	6,959,859	$	—
Sterling Behavioral International Equity Fund		6,313,193
Sterling Capital Ultra Short Bond Fund		94,909		933,341
Sterling Capital Short Duration Bond Fund		1,271,279		6,969,988
Sterling Capital Intermediate U.S. Government Fund		265,991		747,188
Sterling Capital Total Return Bond Fund		—		14,761,292
Sterling Capital Corporate Fund		129,381		39,250
Sterling Capital Quality Income Fund		1,384,975		585,897
Sterling Capital North Carolina Intermediate Tax-Free Fund		876,979		—
Sterling Capital South Carolina Intermediate Tax-Free Fund		502,100		—
Sterling Capital Virginia Intermediate Tax-Free Fund		66,521		—
Sterling Capital Diversified Income Fund		1,096,760		22,132

* Post-2010 Capital Losses: Must be utilized prior to losses subject to expiration.

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

The tax character of distributions paid to shareholders during the fiscal year ended September 30, 2019 was as follows:

145

Sterling Capital Funds

Notes to Financial Statements — (continued)

March 31, 2020 (Unaudited)

	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	$	6,455,876	$	24,460,861	$	30,916,737	$	—	$	30,916,737
Sterling Capital Mid Value Fund		17,006,752		55,931,502		72,938,254		—		72,938,254
Sterling Capital Behavioral Small Cap Value Equity Fund		5,313,627		23,774,664		29,088,291		—		29,088,291
Sterling Capital Special Opportunities Fund		468,140		88,479,342		88,947,482		—		88,947,482
Sterling Capital Equity Income Fund		37,402,332		120,138,987		157,541,319		—		157,541,319
Sterling Capital Behavioral International Equity Fund		2,426,684		2,948,087		5,374,771		—		5,374,771
Sterling Capital SMID Opportunities Fund		—		3,816		3,816		—		3,816
Sterling Capital Stratton Mid Cap Value Fund		301,242		4,854,806		5,156,048		—		5,156,048
Sterling Capital Stratton Real Estate Fund		2,272,875		3,198,589		5,471,464		—		5,471,464
Sterling Capital Stratton Small Cap Value Fund		4,935,667		93,660,196		98,595,863		—		98,595,863
Sterling Capital Ultra Short Bond Fund		926,768		—		926,768		—		926,768
Sterling Capital Short Duration Bond Fund		5,076,518		—		5,076,518		—		5,076,518
Sterling Capital Intermediate U.S. Government Fund		454,636		—		454,636		—		454,636
Sterling Capital Total Return Bond Fund		41,816,024		—		41,816,024		—		41,816,024
Sterling Capital Corporate Fund		797,562		—		797,562		—		797,562
Sterling Capital Quality Income Fund		1,109,229		—		1,109,229		—		1,109,229
Sterling Capital Kentucky Intermediate Tax-Free Fund		7,051		65,026		72,077		252,800		324,877
Sterling Capital Maryland Intermediate Tax-Free Fund		7,398		222,289		229,687		441,393		671,080
Sterling Capital North Carolina Intermediate Tax-Free Fund		88,327		—		88,327		4,312,450		4,400,777
Sterling Capital South Carolina Intermediate Tax-Free Fund		35,736		—		35,736		1,724,027		1,759,763
Sterling Capital Virginia Intermediate Tax-Free Fund		58,115		—		58,115		1,933,651		1,991,766
Sterling Capital West Virginia Intermediate Tax-Free Fund		33,006		117,382		150,388		1,948,245		2,098,633
Sterling Capital Diversified Income Fund		905,870		—		905,870		—		905,870
Sterling Capital Strategic Allocation Balanced Fund		586,478		—		586,478		—		586,478
Sterling Capital Strategic Allocation Growth Fund		424,367		—		424,367		—		424,367

* 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.

As of September 30, 2019, 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	$	—	$	8,070,984	$	8,070,984	$	—		$	—		$	25,818,752	$	33,889,736
Sterling Capital Mid Value Fund		1,226,470		1,021,434		2,247,904		—			—			60,516,953		62,764,857
Sterling Capital Behavioral Small Cap Value Equity Fund		381,031		—		381,031		—			(6,959,859	)		14,422,393		7,843,565
Sterling Capital Special Opportunities Fund		1,278,217		51,154,511		52,432,728		—			—			360,259,297		412,692,025
Sterling Capital Equity Income Fund		—		76,162,769		76,162,769		—			—			536,022,133		612,184,902
Sterling Capital Behavioral International Equity Fund		2,657,885		—		2,657,885		—			(6,313,193	)		3,340,274		(315,034	)
Sterling Capital SMID Opportunities Fund		—		471,132		471,132		—			(9,769	)		1,839,797		2,301,160
Sterling Capital Stratton Mid Cap Value Fund		391,493		1,211,659		1,603,152		—			—			22,624,741		24,227,893
Sterling Capital Stratton Real Estate Fund		182,195		3,754,561		3,936,756		—			—			43,105,083		47,041,839
Sterling Capital Stratton Small Cap Value Fund		3,422,632		57,047,182		60,469,814		—			—			499,067,419		559,537,233
Sterling Capital Ultra Short Bond Fund		1,540		—		1,540		(3,259	)		(1,028,250	)		43,714		(986,255	)
Sterling Capital Short Duration Bond Fund		187,158		—		187,158		(89,949	)		(8,241,267	)		1,586,692		(6,557,366	)
Sterling Capital Intermediate U.S. Government Fund		180,846		—		180,846		(22,217	)		(1,013,179	)		403,073		(451,477	)
Sterling Capital Total Return Bond Fund		2,597,525		—		2,597,525		(1,161,080	)		(14,761,292	)		48,785,578		35,460,731

146

Sterling Capital Funds

Notes to Financial Statements — (continued)

March 31, 2020 (Unaudited)

	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 Corporate Fund	$	—	$	—	$	—	$	(84	)	$	(168,631	)	$	882,184		$	713,469
Sterling Capital Quality Income Fund		3,601		—		3,601		(3,521	)		(1,970,872	)		1,075,788			(895,004	)
Sterling Capital Kentucky Intermediate Tax- Free Fund		22,675		23,052		45,727		(9,865	)		—			481,581			517,443
Sterling Capital Maryland Intermediate Tax- Free Fund		32,389		65,387		97,776		(14,654	)		—			709,362			792,484
Sterling Capital North Carolina Intermediate Tax-Free Fund		286,755		—		286,755		(174,872	)		(876,979	)		9,003,580			8,238,484
Sterling Capital South Carolina Intermediate Tax-Free Fund		115,611		—		115,611		(87,452	)		(502,100	)		3,747,178			3,273,237
Sterling Capital Virginia Intermediate Tax- Free Fund		152,753		—		152,753		(89,550	)		(66,521	)		4,270,794			4,267,476
Sterling Capital West Virginia Intermediate Tax-Free Fund		178,570		50,461		229,031		(97,443	)		—			3,415,682			3,547,270
Sterling Capital Diversified Income Fund		76,333		—		76,333		(19,330	)		(1,118,892	)		(78,753	)		(1,140,642	)
Sterling Capital Strategic Allocation Balanced Fund		3,889		—		3,889		(190	)		—			2,107,656			2,111,355
Sterling Capital Strategic Allocation Growth Fund		1,939		—		1,939		(107	)		—			1,758,740			1,760,572

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

Under current tax law, net capital losses or, if there are no such losses, net long-term capital losses or net short-term capital losses realized after October 31, net ordinary losses from the sale, exchange or other taxable disposition of property realized after October 31 and other net ordinary losses realized after December 31 of a Fund’s taxable year may be deferred and treated as occurring on the first business day of the following taxable year for tax purposes. The Sterling Capital SMID Opportunities Fund had deferred qualified late-year losses during the fiscal year ended September 30, 2019 of $9,769.

As of March 31, 2020, 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	$	232,170,535	$	8,756,729	$	(38,510,719	)	$	(29,753,990	)
Sterling Capital Mid Value Fund		65,731,353		5,993,930		(17,838,840	)		(11,844,910	)
Sterling Capital Behavioral Small Cap Value Equity Fund		86,266,592		1,668,104		(19,549,924	)		(17,881,820	)
Sterling Capital Special Opportunities Fund		567,389,748		237,365,064		(54,987,954	)		182,377,110
Sterling Capital Equity Income Fund		1,307,518,419		340,167,972		(166,081,030	)		174,086,942
Sterling Capital Behavioral International Equity Fund		80,654,122		2,853,815		(12,652,495	)		(9,798,680	)
Sterling Capital SMID Opportunities Fund		9,546,635		1,126,735		(1,773,601	)		(646,866	)
Sterling Capital Stratton Mid Cap Value Fund		35,702,675		12,469,157		(3,527,297	)		8,941,860
Sterling Capital Stratton Real Estate Fund		63,619,954		24,088,087		(6,063,907	)		18,024,180
Sterling Capital Stratton Small Cap Value Fund		380,491,510		261,408,834		(31,579,352	)		229,829,482
Sterling Capital Ultra Short Bond Fund		23,287,870		11,806		(431,166	)		(419,360	)
Sterling Capital Short Duration Bond Fund		171,223,233		909,217		(2,800,932	)		(1,891,715	)
Sterling Capital Intermediate U.S. Government Fund		13,179,586		786,227		(16,665	)		769,562
Sterling Capital Total Return Bond Fund		1,602,261,534		58,179,729		(29,575,814	)		28,603,915
Sterling Capital Corporate Fund		19,946,700		294,305		(871,095	)		(576,790	)
Sterling Capital Quality Income Fund		35,913,562		1,209,830		(380,427	)		829,403
Sterling Capital Kentucky Intermediate Tax-Free Fund		10,638,525		459,325		(3,102	)		456,223
Sterling Capital Maryland Intermediate Tax-Free Fund		11,948,178		632,321		(3,105	)		629,216
Sterling Capital North Carolina Intermediate Tax-Free Fund		155,937,087		7,225,586		(161,076	)		7,064,510

147

Sterling Capital Funds

Notes to Financial Statements — (continued)

March 31, 2020 (Unaudited)

	Tax Cost		Gross Tax Unrealized Appreciation		Gross Tax Unrealized Depreciation			Net Tax Unrealized Appreciation (Depreciation)
Sterling Capital Behavioral Large Cap Value Equity Fund	$	76,798,989	$	3,617,633	$	(97,521	)	$	3,520,112
Sterling Capital Virginia Intermediate Tax-Free Fund		71,791,550		3,887,347		(44,602	)		3,842,745
Sterling Capital West Virginia Intermediate Tax-Free Fund		79,514,478		3,307,325		(84,850	)		3,222,475
Sterling Capital Diversified Income Fund		19,329,299		171,527		(4,446,132	)		(4,274,605	)
Sterling Capital Strategic Allocation Balanced Fund		21,882,069		518,896		(2,345,340	)		(1,826,444	)
Sterling Capital Strategic Allocation Growth Fund		17,911,513		229,692		(2,395,606	)		(2,165,914	)

9. Subsequent Events:

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

148

BOARD CONSIDERATION OF ADVISORY AGREEMENTS (UNAUDITED)

Continuation of Current Advisory Agreement

The Board of Trustees conducted in-person meetings in August and November 2019 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, 2021. The above referenced agreement is referred to herein as the “Advisory Agreement.”

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

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

149

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 agreed to by Sterling Capital through January 31, 2021 (and discussed below under “Economies of Scale”).

As part of their review, the Trustees considered benefits to Sterling Capital aside from advisory fees. The Trustees reviewed administration fees received by Sterling Capital and considered the fallout benefits to Sterling Capital such as the research services available to Sterling Capital by reason of brokerage commissions generated by the Funds’ portfolio transactions. The Trustees also considered benefits to Sterling Capital’s affiliates, including brokerage commissions received by a Sterling Capital affiliate for executing certain trades on behalf of the Funds. With respect to these trades, the Trustees considered Sterling Capital’s assurances that such trades were effected in accordance with board approved procedures.

The Trustees also considered information from Sterling Capital regarding fees for separate accounts managed by Sterling Capital with investment objectives and strategies similar to those of comparable Funds. The Trustees noted that a representative of Sterling Capital explained that management of the Funds was a much more intensive process than management of 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, and therefore 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 comparisons to those other 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. The Trustees also recognized that it is difficult to make comparisons of profitability from fund investment advisory contracts, because very limited comparative profitability information is publicly available, and what information is available is not necessarily prepared on a comparable basis and could be affected by numerous factors. Based on their review, the Trustees concluded that the profitability of the Adviser as a result of its relationships with the Funds was acceptable.

Based on the foregoing, the Trustees concluded that the fees proposed under the Advisory Agreement were fair and reasonable, in light of the services and benefits provided or expected to be provided to each Fund.

Economies of Scale

The Trustees also considered whether fee levels reflect economies of scale and whether economies of scale would be produced by the growth of the Funds’ assets. The Trustees considered that Sterling Capital had taken steps to reduce the expense ratios for a number of Funds as part of the 2019 contract review process. In particular, Sterling Capital agreed to limit its advisory fee rates for the period February 1, 2020 to January 31, 2021 for each of the following Funds as part of the 2019 contract review process: the Sterling Capital Mid Value Fund, Sterling Capital Behavioral International Equity Fund, Sterling Capital Stratton Mid Cap Value Fund, Sterling Capital Stratton Small Cap Value Fund, Sterling Capital Ultra Short Bond Fund, Sterling Capital Intermediate U.S. Government Fund, Sterling Capital Short Duration Bond Fund, Sterling Capital Total Return Bond Fund, Sterling Capital Corporate Fund, Sterling Capital Quality Income Fund, Sterling Capital Strategic Allocation Balanced Fund and Sterling Capital Strategic Allocation Growth Fund. In addition, Sterling Capital agreed to implement total expense caps for the period February 1, 2020 to January 31, 2021 for each of Sterling Capital SMID Opportunities Fund, Sterling Capital Total Return Bond Fund, Sterling Capital Behavioral International Equity Fund and Sterling Capital Stratton Small Cap Value 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 as current asset levels.

150

Sterling Capital Funds

March 31, 2020

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 30^th 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.

151

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.

152

INVESTMENT ADVISOR

Sterling Capital Management LLC

4350 Congress Street, Suite 1000

Charlotte, NC 28209

DISTRIBUTOR

Sterling Capital Distributors, LLC

400 Berwyn Park

899 Cassatt Road

Berwyn, PA 19312

LEGAL COUNSEL

Ropes & Gray LLP

Prudential Tower

800 Boylston Street

Boston, MA 02199

TRANSFER AGENT

BNY Mellon Investment Servicing (US) Inc.

301 Bellevue Parkway

Wilmington, DE 19809

INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

Cohen & Company, Ltd.

342 North Water Street, Suite 830

Milwaukee, WI 53202

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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 of this form.

(b) Not applicable.

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

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

Item 11. Controls and Procedures.

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

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

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

Not applicable.

Item 13. Exhibits.

(a)(1) Not applicable.

(a)(2) Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.

(a)(3) Not applicable.

(a)(4) Not applicable.

(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	June 3, 2020

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	June 3, 2020
By (Signature and Title)	/s/ Todd M. Miller
	Todd M. Miller, Treasurer
	(principal financial officer)
Date	June 3, 2020