Sterling
Capital
Behavioral
Large
Cap
Value
Equity
Fund
Schedule
of
Investments
June
30,
2025
-
(Unaudited)
Shares
Fair
Value
COMMON
STOCKS
—
99.53%
Automobiles
—
1.40%
12,230
General
Motors
Co.
$
601,838‌
Banks
—
8.15%
1,410
Citigroup,
Inc.
120,019‌
6,406
JPMorgan
Chase
&
Co.
1,857,164‌
2,514
PNC
Financial
Services
Group,
Inc.
468,660‌
7,687
U.S.
Bancorp
347,837‌
9,000
Wells
Fargo
&
Co.
721,080‌
3,514,760‌
Biotechnology
—
4.33%
2,931
AbbVie,
Inc.
544,052‌
2,160
Amgen,
Inc.
603,094‌
6,492
Gilead
Sciences,
Inc.
719,768‌
1,866,914‌
Broadline
Retail
—
1.26%
470
Dillard's,
Inc.,
Class
A
196,380‌
2,413
eBay,
Inc.
179,672‌
3,340
Etsy,
Inc.
167,534‌
543,586‌
Building
Products
—
3.14%
6,010
Hayward
Holdings,
Inc.
(a)
82,938‌
6,512
Johnson
Controls
International
PLC
687,797‌
1,330
Trane
Technologies
PLC
581,755‌
1,352,490‌
Capital
Markets
—
7.99%
7,520
Bank
of
New
York
Mellon
Corp.
(The)
685,147‌
2,530
CME
Group,
Inc.
697,319‌
8,390
Franklin
Resources,
Inc.
200,102‌
432
Goldman
Sachs
Group,
Inc.
(The)
305,748‌
6,199
Morgan
Stanley
873,191‌
1,950
Northern
Trust
Corp.
247,241‌
1,859
State
Street
Corp.
197,686‌
5,274
Virtu
Financial,
Inc.,
Class
A
236,222‌
3,442,656‌
Chemicals
—
0.77%
2,150
CF
Industries
Holdings,
Inc.
197,800‌
3,680
Mosaic
Co.
(The)
134,246‌
332,046‌
Communications
Equipment
—
2.40%
14,897
Cisco
Systems,
Inc.
1,033,554‌
Construction
&
Engineering
—
1.07%
391
EMCOR
Group,
Inc.
209,142‌
1,470
MasTec
,
Inc.
(a)
250,532‌
459,674‌
Sterling
Capital
Behavioral
Large
Cap
Value
Equity
Fund
Schedule
of
Investments
(continued)
June
30,
2025
-
(Unaudited)
Shares
Fair
Value
COMMON
STOCKS
—
(continued)
Consumer
Finance
—
2.29%
3,594
Capital
One
Financial
Corp.
$
764,660‌
3,337
Synchrony
Financial
222,711‌
987,371‌
Consumer
Staples
Distribution
&
Retail
—
2.34%
8,836
Kroger
Co.
(The)
633,806‌
3,812
Maplebear
Inc.
(a)
172,455‌
2,601
US
Foods
Holding
Corp.
(a)
200,303‌
1,006,564‌
Containers
&
Packaging
—
0.90%
1,974
Crown
Holdings,
Inc.
203,283‌
3,374
Siligan
Holdings,
Inc.
182,803‌
386,086‌
Distributors
—
0.31%
3,620
LKQ
Corp.
133,976‌
Diversified
Consumer
Services
—
0.56%
23,113
ADT,
Inc.
195,767‌
867
H&R
Block,
Inc.
47,590‌
243,357‌
Diversified
Telecommunication
Services
—
2.80%
30,782
AT&T,
Inc.
890,831‌
7,408
Verizon
Communications,
Inc.
320,544‌
1,211,375‌
Electric
Utilities
—
3.40%
5,250
Duke
Energy
Corp.
619,500‌
10,404
Exelon
Corp.
451,742‌
4,280
Southern
Co.
(The)
393,032‌
1,464,274‌
Electrical
Equipment
—
3.04%
5,180
Emerson
Electric
Co.
690,649‌
1,170
GE
Vernova
LLC
619,106‌
1,309,755‌
Energy
Equipment
&
Services
—
0.56%
6,977
TechnipFMC
PLC
240,288‌
Entertainment
—
2.07%
7,180
Walt
Disney
Co.
(The)
890,392‌
Financial
Services
—
0.54%
8,407
MGIC
Investment
Corp.
234,051‌
Food
Products
—
0.60%
805
Ingredion,
Inc.
109,174‌
3,332
Pilgrim's
Pride
Corp.
(a)
149,873‌
259,047‌
Ground
Transportation
—
1.23%
5,670
Uber
Technologies,
Inc.
(a)
529,011‌
Sterling
Capital
Behavioral
Large
Cap
Value
Equity
Fund
Schedule
of
Investments
(continued)
June
30,
2025
-
(Unaudited)
Shares
Fair
Value
COMMON
STOCKS
—
(continued)
Health
Care
Providers
&
Services
—
6.97%
1,822
Cencora
,
Inc.
$
546,327‌
2,072
Cigna
Group
(The)
684,961‌
10,660
CVS
Health
Corp.
735,326‌
1,207
HCA
Healthcare,
Inc.
462,402‌
783
McKesson
Corp.
573,767‌
3,002,783‌
Health
Care
REITs
—
0.35%
4,167
Omega
Healthcare
Investors,
Inc.
152,721‌
Hotels,
Restaurants
&
Leisure
—
2.47%
1,066
Expedia,
Inc.
(a)
179,813‌
2,171
Royal
Caribbean
Cruises
Ltd.
679,828‌
3,927
Travel
+
Leisure
Co.
202,672‌
1,062,313‌
Household
Products
—
0.95%
1,520
Colgate-Palmolive
Co.
138,168‌
2,105
Kimberly-Clark
Corp.
271,377‌
409,545‌
Insurance
—
4.48%
3,430
Aflac,
Inc.
361,728‌
2,922
Allstate
Corp.
588,228‌
1,316
Axis
Capital
Holdings
Ltd.
136,627‌
1,023
Hanover
Insurance
Group,
Inc.
(The)
(a)
173,777‌
1,201
Old
Republic
International
Corp.
46,166‌
2,330
Travelers
Cos.,
Inc.
(
Inc
)
(The)
623,368‌
1,929,894‌
It
Services
—
2.42%
3,540
International
Business
Machines
Corp.
1,043,521‌
Machinery
—
1.37%
1,870
Allison
Transmission
Holdings,
Inc.
177,631‌
9,119
Gates
Industrial
Corp.
PLC
(a)
210,011‌
290
Parker-Hannifin
Corp.
202,556‌
590,198‌
Media
—
2.64%
1,524
Charter
Communications,
Inc.,
Class
A
(a)
623,026‌
2,870
Comcast
Corp.,
Class
A
102,430‌
3,521
Fox
Corporation,
Class
A
197,317‌
4,136
Fox
Corporation,
Class
B
213,542‌
1,136,315‌
Metals
&
Mining
—
1.54%
11,400
Newmont
Goldcorp
Corp.
664,164‌
Mortgage
Real
Estate
Investment
Trusts
(REITs)
—
0.37%
13,969
Rithm
Capital
Corp.
157,710‌
Sterling
Capital
Behavioral
Large
Cap
Value
Equity
Fund
Schedule
of
Investments
(continued)
June
30,
2025
-
(Unaudited)
Shares
Fair
Value
COMMON
STOCKS
—
(continued)
Office
REITs
—
0.43%
6,110
Cousins
Properties,
Inc.
$
183,483‌
Oil,
Gas
&
Consumable
Fuels
—
5.89%
2,548
Cheniere
Energy,
Inc.
620,489‌
22,130
Kinder
Morgan,
Inc.
650,622‌
7,140
ONEOK,
Inc.
582,838‌
10,935
Williams
Companies,
Inc.
(The)
686,827‌
2,540,776‌
Passenger
Airlines
—
0.43%
2,350
United
Continental
Holdings,
Inc.
(a)
187,131‌
Pharmaceuticals
—
1.73%
13,770
Bristol-Myers
Squibb
Co.
637,413‌
3,050
Royalty
Pharma
PLC,
Class
A
109,892‌
747,305‌
Professional
Services
—
0.22%
1,810
Concentrix
Corp.
95,668‌
Retail
REITs
—
2.65%
9,671
Realty
Income
Corp.
557,146‌
3,616
Simon
Property
Group,
Inc.
581,309‌
1,138,455‌
Semiconductors
&
Semiconductor
Equipment
—
2.40%
420
Broadcom,
Inc.
115,773‌
1,734
Cirrus
Logic,
Inc.
(a)
180,778‌
4,645
QUALCOMM,
Inc.
739,763‌
1,036,314‌
Software
—
2.53%
6,622
Gen
Digital,
Inc.
194,687‌
3,280
salesforce.com,
Inc.
894,423‌
1,089,110‌
Specialized
REITs
—
0.85%
3,290
EPR
Properties
191,675‌
5,405
VICI
Properties,
Inc.
176,203‌
367,878‌
Specialty
Retail
—
1.47%
8,586
Gap,
Inc.
(The)
187,261‌
270
Lowe's
Cos.,
Inc.
59,905‌
1,130
Penske
Automotive
Group,
Inc.
(a)
194,145‌
410
Ulta
Beauty,
Inc.
(a)
191,806‌
633,117‌
Technology
Hardware,
Storage
&
Peripherals
—
1.32%
4,630
Dell
Technologies,
Inc.,
Class
C
567,638‌
Textiles,
Apparel
&
Luxury
Goods
—
1.05%
783
Ralph
Lauren
Corp.
214,761‌
Sterling
Capital
Behavioral
Large
Cap
Value
Equity
Fund
Schedule
of
Investments
(continued)
June
30,
2025
-
(Unaudited)
Shares
Fair
Value
COMMON
STOCKS
—
(continued)
Textiles,
Apparel
&
Luxury
Goods
—
(continued)
2,715
Tapestry,
Inc.
$
238,404‌
453,165‌
Tobacco
—
3.85%
11,478
Altria
Group,
Inc.
672,955‌
5,428
Philip
Morris
International,
Inc.
988,602‌
1,661,557‌
Total
Common
Stocks
(Cost $34,870,643)
42,893,826‌
Shares
Fair
Value
MONEY
MARKET
FUNDS
—
0.44%
190,059‌
Federated
Hermes
Treasury
Obligations
Fund,
Institutional
Shares,
4.18%
(b)
190,059‌
Total
Money
Market
Funds
(Cost
$190,059)
190,059‌
Total
Investments—
99.97%
(Cost
$35,060,702)
43,083,885‌
Other
Assets
in
Excess
of
Liabilities
—
0.03%
14,811‌
NET
ASSETS
—
100.00%
$
43,098,696‌
(a)
Non-income
producing
security.
(b)
Represents
the
current
yield
as
of
report
date.
Sterling
Capital
Behavioral
Small
Cap
Value
Equity
Fund
Schedule
of
Investments
June
30,
2025
(Unaudited)
dl
Shares
Fair
Value
COMMON
STOCKS
—
98.64%
Automobile
Components
—
0.51%
28,190
Dana,
Inc.
$
483,459‌
Automotive
—
1.23%
70,290
American
Axle
&
Manufacturing
Holdings,
Inc.
(a)
286,783‌
4,230
Aptiv
Holdings
Ltd.
(a)
288,571‌
5,640
BorgWarner,
Inc.
188,827‌
9,220
Phinia,
Inc.
410,198‌
1,174,379‌
Banking
—
3.31%
14,910
Berkshire
Hills
Bancorp,
Inc.
373,346‌
7,950
Capital
City
Bank
Group,
Inc.
312,833‌
8,660
Enterprise
Financial
Services
Corp.
477,166‌
9,630
First
Mid-Illinois
Bancshares,
Inc.
361,029‌
5,500
Great
Southern
Bancorp,
Inc.
323,290‌
9,160
HomeTrust
Bancshares,
Inc.
(a)
342,676‌
4,730
Metropolitan
Bank
Holding
Corp.
(a)
331,100‌
22,210
Shore
Bancshares,
Inc.
349,141‌
8,920
Third
Coast
Bancshares
Inc.
(a)
291,416‌
3,161,997‌
Banks
—
13.63%
6,350
1st
Source
Corp.
394,145‌
11,400
Amalgamated
Financial
Corp.
355,680‌
24,040
Associated
Banc-Corp.
586,336‌
9,524
Axos
Financial,
Inc.
(a)
724,206‌
11,710
Bank
of
NT
Butterfield
&
Son
Ltd.
(The)
518,519‌
6,558
Bank
OZK
308,619‌
15,631
BankUnited,
Inc.
556,307‌
15,053
Business
First
Bancshares,
Inc.
371,056‌
13,640
Byline
Bancorp,
Inc.
(a)
364,597‌
8,050
Camden
National
Corp.
326,669‌
11,634
Cathay
General
Bancorp
529,696‌
14,720
Columbia
Banking
System,
Inc.
344,154‌
7,260
Community
Trust
Bancorp,
Inc.
384,199‌
7,520
Customers
Bancorp,
Inc.
(a)
441,725‌
3,740
East
West
Bancorp,
Inc.
377,665‌
6,052
First
Financial
Corp.
327,958‌
11,640
Hancock
Whitney
Corp.
668,137‌
14,560
Hanmi
Financial
Corp.
359,341‌
12,962
Independent
Bank
Corp.
Michigan
420,098‌
7,999
Mercantile
Bank
Corp.
371,234‌
5,862
Northeast
Bank
521,659‌
12,600
Northeast
Community
Bancorp,
Inc.
292,887‌
15,243
OFG
Bancorp
652,401‌
19,710
Old
Second
Bancorp,
Inc.
349,655‌
4,432
Preferred
Bank
383,567‌
Sterling
Capital
Behavioral
Small
Cap
Value
Equity
Fund
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Shares
Fair
Value
COMMON
STOCKS
—
(continued)
Banks
—
(continued)
15,370
Renasant
Corp.
$
552,244‌
9,123
South
Plains
Financial,
Inc.
328,793‌
15,780
Univest
Financial
Corp.
474,031‌
3,189
Wintrust
Financial
Corp.
395,372‌
6,760
Zions
Bancorp.
351,114‌
13,032,064‌
Biotech
&
Pharma
—
0.45%
21,300
Innoviva,
Inc.
(a)
427,917‌
Broadline
Retail
—
0.30%
690
Dillard's,
Inc.,
Class
A
(a)
288,303‌
Cable
&
Satellite
—
0.25%
23,800
Liberty
Global
Ltd.,
Class
A
(a)
238,238‌
Capital
Markets
—
0.39%
2,920
Northern
Trust
Corp.
370,227‌
Chemicals
—
2.10%
3,380
Cabot
Corp.
253,500‌
3,850
CF
Industries
Holdings,
Inc.
354,200‌
49,300
Ecovyst,
Inc.
(a)
405,738‌
8,020
Mosaic
Co.
(The)
292,570‌
37,980
Perimeter
Solutions,
Inc.
(a)
528,681‌
46,050
Rayonier
Advanced
Materials,
Inc.
(a)
177,293‌
2,011,982‌
Commercial
Services
&
Supplies
—
1.90%
23,790
CoreCivic,
Inc.
(a)
501,255‌
27,578
Interface,
Inc.
577,208‌
38,110
Pitney
Bowes
Inc.
415,780‌
31,522
Steelcase,
Inc.,
Class
A
328,774‌
1,823,017‌
Commercial
Support
Services
—
0.81%
22,910
Healthcare
Services
Group,
Inc.
(a)
344,337‌
9,410
Heidrick
&
Struggles
International,
Inc.
430,602‌
774,939‌
Communications
Equipment
—
0.40%
13,070
NETGEAR,
Inc.
(a)
379,945‌
Construction
&
Engineering
—
2.42%
2,660
Argan,
Inc.
586,477‌
4,240
Granite
Construction,
Inc.
396,482‌
2,486
Sterling
Construction
Co.,
Inc.
(a)
573,595‌
16,100
Tutor
Perini
Corp.
(a)
753,157‌
2,309,711‌
Consumer
Finance
—
1.24%
11,428
Bread
Financial
Holdings,
Inc.
652,768‌
Sterling
Capital
Behavioral
Small
Cap
Value
Equity
Fund
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Shares
Fair
Value
COMMON
STOCKS
—
(continued)
Consumer
Finance
—
(continued)
7,999
Synchrony
Financial
$
533,853‌
1,186,621‌
Consumer
Staples
Distribution
&
Retail
—
0.36%
14,570
United
Natural
Foods,
Inc.
(a)
339,627‌
Containers
&
Packaging
—
0.34%
75,680
Ardagh
Metal
Packaging
SA
(a)
323,910‌
Diversified
Consumer
Services
—
1.74%
42,070
ADT,
Inc.
(a)
356,333‌
630
Graham
Holdings
Co.,
Class
B
596,087‌
21,660
Perdoceo
Education
Corp.
708,065‌
1,660,485‌
Electric
Utilities
—
2.45%
22,300
AES
Corp.
234,596‌
5,740
Edison
International
296,184‌
4,650
Eversource
Energy
295,833‌
8,059
Otter
Tail
Corp.
621,267‌
3,310
Pinnacle
West
Capital
Corp.
296,146‌
14,747
Portland
General
Electric
Co.
599,171‌
2,343,197‌
Electrical
Equipment
—
0.34%
16,820
Kimball
Electronics,
Inc.
(a)
323,449‌
Electronic
Equipment,
Instruments
&
Components
—
2.62%
2,250
Arrow
Electronics,
Inc.
(a)
286,718‌
9,680
Benchmark
Electronics,
Inc.
375,874‌
5,370
Eplus,
Inc.
(a)
387,177‌
2,687
Jabil,
Inc.
586,034‌
3,650
Plexus
Corp.
(a)
493,882‌
9,030
ScanSource,
Inc.
(a)
377,544‌
2,507,229‌
Energy
Equipment
&
Services
—
0.30%
8,370
TechnipFMC
PLC
288,263‌
Engineering
&
Construction
—
0.40%
4,870
Primoris
Services
Corp.
379,568‌
Entertainment
—
0.49%
8,107
Marcus
Corp.
(The)
(a)
136,684‌
28,980
Warner
Bros
Discovery,
Inc.
(a)
332,111‌
468,795‌
Entertainment
Content
—
0.34%
83,370
fuboTV,
Inc.
(a)
321,808‌
Equity
Real
Estate
-Investment
Trusts
-(Reits)
—
1.13%
16,690
American
Assets
Trust,
Inc.
329,628‌
Sterling
Capital
Behavioral
Small
Cap
Value
Equity
Fund
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Shares
Fair
Value
COMMON
STOCKS
—
(continued)
Equity
Real
Estate
-Investment
Trusts
-(Reits)
—
(continued)
23,446
Essential
Properties
Realty
Trust,
Inc.
$
748,161‌
1,077,789‌
Financial
Services
—
3.51%
12,440
Banco
Latinoamericano
de
Comercio
Exterior
SA,
Class
E
501,332‌
11,774
Enact
Holdings,
Inc.
437,404‌
12,100
Jackson
Financial
Corp.,
Class
A
1,074,359‌
12,857
MGIC
Investment
Corp.
357,939‌
34,350
Pagseguro
Digital
Ltd.,
Class
A
(a)
331,134‌
18,188
Radian
Group,
Inc.
655,132‌
3,357,300‌
Food
Products
—
1.54%
5,600
Cal-Maine
Foods,
Inc.
557,928‌
21,975
Dole
PLC
(a)
307,430‌
2,380
Ingredion,
Inc.
322,776‌
6,440
Pilgrim's
Pride
Corp.
289,671‌
1,477,805‌
Gas
Utilities
—
2.20%
18,370
MDU
Resources
Group,
Inc.
(a)
306,228‌
5,055
National
Fuel
Gas
Co.
(a)
428,209‌
5,710
New
Jersey
Resources
Corp.
255,922‌
2,030
Northwest
Natural
Holdings
Co.
80,632‌
8,520
ONE
Gas,
Inc.
(a)
612,246‌
1,550
Spire,
Inc.
(a)
113,135‌
8,430
UGI
Corp.
307,021‌
2,103,393‌
Health
Care
Equipment
&
Supplies
—
1.06%
7,170
Inmode
Ltd.
(a)
103,535‌
4,452
Lantheus
Holdings,
Inc.
(a)
364,440‌
10,780
Omnicell,
Inc.
(a)
316,932‌
22,120
Tactile
Systems
Technology,
Inc.
(a)
224,297‌
1,009,204‌
Health
Care
Facilities
&
Services
—
0.83%
34,750
Pediatrix
Medical
Group,
Inc.
(a)
498,663‌
13,410
Progyny,
Inc.
(a)
295,020‌
793,683‌
Health
Care
Providers
&
Services
—
2.94%
40,140
AdaptHealth
Corp.
(a)
378,520‌
2,448
DaVita,
Inc.
(a)
348,718‌
4,430
Encompass
Health
Corp.
543,250‌
20,100
Premier,
Inc.,
Class
A
440,793‌
10,133
Select
Medical
Holdings
Corp.
153,819‌
3,023
Tenet
Healthcare
Corp.
(a)
532,048‌
2,267
Universal
Health
Services,
Inc.,
Class
B
410,667‌
2,807,815‌
Sterling
Capital
Behavioral
Small
Cap
Value
Equity
Fund
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Shares
Fair
Value
COMMON
STOCKS
—
(continued)
Health
Care
REITs
—
1.86%
2,590
Alexandria
Real
Estate
Equities,
Inc.
$
188,112‌
16,260
CareTrust
REIT,
Inc.
497,556‌
12,360
LTC
Properties,
Inc.
427,780‌
36,060
Sabra
Health
Care
REIT,
Inc.
664,946‌
1,778,394‌
Health
Care
Technology
—
0.40%
13,950
HealthStream,
Inc.
385,997‌
Hotel
&
Resort
Reits
—
0.66%
49,646
DiamondRock
Hospitality
Co.
380,289‌
24,705
Park
Hotels
&
Resorts,
Inc.
252,732‌
633,021‌
Hotel
&
Resort
REITs
—
0.45%
36,709
Apple
Hospitality
REIT,
Inc.
428,394‌
Hotels,
Restaurants
&
Leisure
—
0.90%
24,510
Accel
Entertainment
Inc
(a)
288,483‌
1,610
Expedia,
Inc.
271,575‌
5,810
Travel
+
Leisure
Co.
(a)
299,854‌
859,912‌
Household
Products
—
0.39%
11,980
Central
Garden
&
Pet
Co.,
Class
A
(a)
374,854‌
Industrial
Intermediate
Prod
—
0.67%
10,690
Insteel
Industries,
Inc.
397,775‌
15,480
Mayville
Engineering
Co.,
Inc.
247,061‌
644,836‌
Industrial
REITs
—
0.37%
6,432
Innovative
Industrial
Properties,
Inc.
355,175‌
Insurance
—
4.49%
3,290
Assured
Guaranty
Ltd.
286,559‌
5,295
Axis
Capital
Holdings
Ltd.
549,727‌
6,549
Brighthouse
Financial,
Inc.
352,140‌
16,630
CNO
Financial
Group,
Inc.
641,585‌
16,210
Donegal
Group
Inc.,
Class
A
324,605‌
25,670
Heritage
Insurance
Holdings,
Inc.
640,210‌
12,860
NMI
Holdings,
Inc.,
Class
A
542,563‌
12,520
United
Fire
Group,
Inc.
359,324‌
7,317
Unum
Group
590,921‌
4,287,634‌
Internet
Media
&
Services
—
0.97%
11,840
EverQuote,
Inc.
286,291‌
22,700
Lyft,
Inc.,
Class
A
357,752‌
21,390
Upwork,
Inc.
287,482‌
931,525‌
Sterling
Capital
Behavioral
Small
Cap
Value
Equity
Fund
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Shares
Fair
Value
COMMON
STOCKS
—
(continued)
Leisure
Facilities
&
Services
—
1.17%
5,960
Cracker
Barrel
Old
Country
Store,
Inc.
$
364,037‌
26,740
International
Game
Technology
PLC
422,759‌
3,870
Monarch
Casino
&
Resort,
Inc.
334,523‌
1,121,319‌
Leisure
Products
—
0.29%
14,090
Mattel,
Inc.
277,855‌
Machinery
—
2.00%
1,880
Alamo
Group,
Inc.
410,554‌
18,980
Kennametal,
Inc.
435,781‌
8,557
Mueller
Industries,
Inc.
680,025‌
37,180
Titan
International,
Inc.
381,839‌
1,908,199‌
Marine
Transportation
—
0.61%
5,216
Matson,
Inc.
580,802‌
Media
—
0.70%
6,050
Fox
Corporation,
Class
A
339,042‌
6,430
Fox
Corporation,
Class
B
331,981‌
671,023‌
Metals
&
Mining
—
0.58%
1,817
Alpha
Metallurgical
Resources,
Inc.
204,376‌
40,304
SunCoke
Energy,
Inc.
346,212‌
550,588‌
Mortgage
Real
Estate
Investment
Trusts
(REITs)
—
0.34%
28,784
Rithm
Capital
Corp.
324,971‌
Multi-Utilities
—
1.11%
14,030
Avista
Corp.
532,439‌
10,260
NorthWestern
Corp.
526,338‌
1,058,777‌
Office
REITs
—
0.67%
11,298
Cousins
Properties,
Inc.
339,279‌
8,708
Kilroy
Realty
Corp.
298,771‌
638,050‌
Oil
&
Gas
Producers
—
1.73%
20,700
CNX
Resources
Corp.
697,177‌
23,120
Diversified
Energy
Co
PLC
339,170‌
11,420
Excelerate
Energy,
Inc.,
Class
A
334,834‌
6,990
Range
Resources
Corp.
284,283‌
1,655,464‌
Oil
&
Gas
Services
&
Equipment
—
0.75%
29,390
MRC
Global,
Inc.
402,937‌
66,030
RPC,
Inc.
312,322‌
715,259‌
Sterling
Capital
Behavioral
Small
Cap
Value
Equity
Fund
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Shares
Fair
Value
COMMON
STOCKS
—
(continued)
Oil,
Gas
&
Consumable
Fuels
—
4.06%
104
APA
Corp.
$
1,902‌
31,780
Ardmore
Shipping
Corp.
305,088‌
73,890
Berry
Petroleum
Corp.
204,675‌
12,510
Coterra
Energy,
Inc.
317,504‌
35,830
DHT
Holdings,
Inc.
387,322‌
13,250
Dorian
LPT
Ltd.
323,035‌
2,090
Gulport
Energy
Corp.
420,446‌
10,670
International
Seaways,
Inc.
389,242‌
13,350
Magnolia
Oil
&
Gas
Corp.,
Class
A
300,108‌
122,410
Nordic
American
Tankers
Ltd.
321,938‌
6,840
Ovintiv,
Inc.
260,262‌
19,410
Permian
Resources
Corp.
264,364‌
13,600
World
Fuel
Services
Corp.
385,560‌
3,881,446‌
Paper
&
Forest
Products
—
0.32%
6,040
Sylvamo
Corp.
302,604‌
Passenger
Airlines
—
2.19%
6,140
Allegiant
Travel
Co.
337,393‌
2,903
Copa
Holdings
SA,
Class
A
319,243‌
8,704
SkyWest,
Inc.
896,251‌
21,920
Sun
Country
Airlines
Holdings
Inc.
257,560‌
3,610
United
Continental
Holdings,
Inc.
287,464‌
2,097,911‌
Pharmaceuticals
—
2.78%
9,279
Amphastar
Pharmaceuticals,
Inc.
213,046‌
8,070
Harmony
Biosciences
Holdings,
Inc.
255,012‌
2,736
Jazz
Pharmaceuticals
PLC
290,344‌
15,000
Organon
&
Co.
145,200‌
14,820
Pacira
Pharmaceuticals,
Inc./DE
354,198‌
16,830
Phibro
Animal
Health
Corp.,
Class
A
429,839‌
10,330
Royalty
Pharma
PLC,
Class
A
372,190‌
11,970
Supernus
Pharmaceuticals,
Inc.
377,294‌
24,822
Viatris,
Inc.
221,660‌
2,658,783‌
Professional
Services
—
0.35%
11,580
IBEX
Holdings
Ltd
336,978‌
Real
Estate
Management
&
Development
—
0.90%
15,130
Forestar
Group,
Inc.
302,600‌
4,170
Howard
Hughes
Holdings,
Inc.
281,475‌
16,659
RMR
Group,
Inc.
(The),
Class
A
272,375‌
856,450‌
Real
Estate
Services
—
0.34%
29,660
Cushman
&
Wakefield
PLC
328,336‌
Sterling
Capital
Behavioral
Small
Cap
Value
Equity
Fund
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Shares
Fair
Value
COMMON
STOCKS
—
(continued)
REIT
—
0.98%
22,780
Alexander
&
Baldwin,
Inc.
$
406,167‌
19,120
COPT
Defense
Properties
527,330‌
933,497‌
Retail
-
Discretionary
—
0.91%
7,230
Build-A-Bear
Workshop,
Inc.
372,779‌
9,680
Rush
Enterprises,
Inc.,
Class
A
498,617‌
871,396‌
Retail
REITs
—
0.54%
24,608
Kimco
Realty
Corp.
517,260‌
Semiconductors
&
Semiconductor
Equipment
—
1.00%
13,776
Amkor
Technology,
Inc.
289,158‌
20,140
Photronics,
Inc.
379,236‌
3,880
Skyworks
Solutions,
Inc.
289,138‌
957,532‌
Software
—
2.19%
25,233
Adeia,
Inc.
356,794‌
12,370
Computer
Programs
&
Systems,
Inc.
289,705‌
14,500
Consensus
Cloud
Solutions,
Inc.
334,370‌
6,740
Gen
Digital,
Inc.
198,156‌
20,430
OneSpan,
Inc.
340,978‌
10,090
RingCentral,
Inc.,
Class
A
286,052‌
3,730
Zoom
Video
Communications,
Inc.
290,865‌
2,096,920‌
Specialized
REITs
—
2.08%
6,275
EPR
Properties
365,582‌
6,410
Gaming
and
Leisure
Properties,
Inc.
299,219‌
20,630
Safehold,
Inc.
321,003‌
115,469
Uniti
Group,
Inc.
498,826‌
15,550
VICI
Properties,
Inc.
506,929‌
1,991,559‌
Specialty
Finance
—
0.63%
40,040
AG
Mortgage
Investment
Trust,
Inc.
302,302‌
1,790
World
Acceptance
Corp.
295,565‌
597,867‌
Specialty
Retail
—
2.86%
6,650
Buckle,
Inc.
301,578‌
13,830
Gap,
Inc.
(The)
301,632‌
35,610
Sally
Beauty
Holdings,
Inc.
329,749‌
14,280
Signet
Jewelers
Ltd.
1,135,973‌
9,280
Urban
Outfitters,
Inc.
673,171‌
2,742,103‌
Steel
—
0.31%
13,810
Ryerson
Holding
Corp.
297,882‌
Sterling
Capital
Behavioral
Small
Cap
Value
Equity
Fund
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Shares
Fair
Value
COMMON
STOCKS
—
(continued)
Technology
Hardware
—
1.42%
44,270
Cricut,
Inc.,
Class
A
$
299,708‌
21,520
Daktronics,
Inc.
325,382‌
5,950
Flex
Ltd.
297,024‌
17,130
NetScout
Systems,
Inc.
424,995‌
1,347,109‌
Technology
Services
—
0.19%
5,580
LiveRamp
Holdings,
Inc.
184,363‌
Telecommunications
—
0.54%
12,480
Globalstar,
Inc.
293,904‌
7,320
Iridium
Communications,
Inc.
(a)
220,844‌
514,748‌
Textiles,
Apparel
&
Luxury
Goods
—
0.65%
12,692
G-III
Apparel
Group
Ltd.
284,301‌
1,220
Ralph
Lauren
Corp.
334,621‌
618,922‌
Trading
Companies
&
Distributors
—
0.41%
26,710
DNOW,
Inc.
396,109‌
Transportation
&
Logistics
—
0.35%
45,380
Golden
Ocean
Group
Ltd.
332,182‌
Total
Common
Stocks
(Cost $82,562,272)
94,290,125‌
Shares
Fair
Value
MONEY
MARKET
FUNDS
—
1.26%
1,206,258‌
Federated
Hermes
Treasury
Obligations
Fund,
Institutional
Shares,
4.18%
(b)
1,206,258‌
Total
Money
Market
Funds
(Cost
$1,206,258)
1,206,258‌
Total
Investments—
99.90%
(Cost
$83,768,530)
95,496,383‌
Other
Assets
in
Excess
of
Liabilities
—
0.10%
93,891‌
NET
ASSETS
—
100.00%
$
95,590,274‌
(a)
Non-income
producing
security.
(b)
Represents
the
current
yield
as
of
report
date.
Sterling
Capital
Special
Opportunities
Fund
Schedule
of
Investments
June
30,
2025
(Unaudited)
Shares
Fair
Value
COMMON
STOCKS
—
99.20%
Asset
Management
—
3.37%
91,751
Apollo
Global
Management,
Inc.
$
13,016,714‌
Capital
Markets
—
5.35%
137,658
Charles
Schwab
Corp.
(The)
12,559,917‌
15,474
S&P
Global,
Inc.
8,159,285‌
20,719,202‌
Commercial
Services
&
Supplies
—
3.03%
238,913
Copart,
Inc.
(a)
11,723,461‌
Communications
Equipment
—
2.22%
29,125
F5,
Inc.
(a)
8,572,070‌
Construction
Materials
—
3.77%
158,776
CRH
PLC
14,575,637‌
Entertainment
—
1.91
%
30,420
Take-Two
Interactive
Software,
Inc.
(a)
7,387,497‌
Health
Care
Equipment
&
Supplies
—
6.49%
54,826
Danaher
Corp.
10,830,328‌
163,078
DexCom,
Inc.
(a)
14,235,079‌
25,065,407‌
Health
Care
Facilities
&
Services
—
3.39%
42,062
UnitedHealth
Group,
Inc.
13,122,082‌
Health
Care
Providers
&
Services
—
2.46%
24,863
HCA
Healthcare,
Inc.
9,525,015‌
Household
Durables
—
1.49%
52,152
Lennar
Corporation,
Class
A
5,768,533‌
Insurance
—
2.03%
70,670
Brown
&
Brown,
Inc.
7,835,183‌
Interactive
Media
&
Services
—
3.85%
84,018
Alphabet,
Inc.,
Class
C
14,903,953‌
Internet
&
Direct
Marketing
Retail
—
4.70%
82,811
Amazon.com,
Inc.
(a)
18,167,905‌
IT
Services
—
5.49%
109,906
Akamai
Technologies,
Inc.
(a)
8,766,103‌
26,138
CACI
International,
Inc.,
Class
A
(a)
12,459,985‌
21,226,088‌
Machinery
—
4.24%
17,782
Deere
&
Co.
9,041,969‌
92,181
Mueller
Industries,
Inc.
7,325,624‌
16,367,593‌
Oil
&
Gas
Producers
—
1.82%
85,970
ONEOK,
Inc.
7,017,731‌
Sterling
Capital
Special
Opportunities
Fund
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Shares
Fair
Value
COMMON
STOCKS
—
(continued)
Pharmaceuticals
—
3.86%
888,652
Teva
Pharmaceutical
Industries
Ltd.
-
ADR
(a)
$
14,893,808‌
Real
Estate
Management
&
Development
—
2.03%
55,974
CBRE
Group,
Inc.,
Class
A
(a)
7,843,077‌
Semiconductors
—
8.25%
172,011
Coherent
Corp.
(a)
15,345,101‌
213,780
Marvell
Technology,
Inc.
16,546,571‌
31,891,672‌
Semiconductors
&
Semiconductor
Equipment
—
8.00%
145,953
NVIDIA
Corp.
23,059,115‌
36,066
NXP
Semiconductors
N.V.
7,880,060‌
30,939,175‌
Software
—
15.16%
22,223
Intuit,
Inc.
17,503,501‌
44,090
Microsoft
Corp.
21,930,807‌
87,497
Oracle
Corp.
19,129,469‌
58,563,777‌
Technology
Services
—
3.90%
42,500
Visa,
Inc.,
Class
A
15,089,625‌
Wireless
Telecommunication
Services
—
2.39%
38,758
T-Mobile
US,
Inc.
9,234,481‌
Total
Common
Stocks
(Cost $218,717,797)
383,449,686‌
Shares
Fair
Value
MONEY
MARKET
FUNDS
—
0.68%
2,646,875‌
Federated
Hermes
Treasury
Obligations
Fund,
Institutional
Shares,
4.18%
(b)
2,646,875‌
Total
Money
Market
Funds
(Cost
$2,646,875)
2,646,875‌
Total
Investments—
99.88%
(Cost
$221,364,672)
386,096,561‌
Other
Assets
in
Excess
of
Liabilities
—
0.12%
471,029‌
NET
ASSETS
—
100.00%
$
386,567,590‌
(a)
Non-income
producing
security.
(b)
Represents
the
current
yield
as
of
report
date.
ADR
-
American
Depositary
Receipt.
Sterling
Capital
Equity
Income
Fund
Schedule
of
Investments
June
30,
2025
(Unaudited)
Shares
Fair
Value
COMMON
STOCKS
—
98.63%
Beverages
—
3.08%
289,875
PepsiCo,
Inc.
$
38,275,095‌
Biotechnology
—
2.82%
188,918
AbbVie,
Inc.
35,066,959‌
Capital
Markets
—
17.14%
105,403
Ameriprise
Financial,
Inc.
56,256,743‌
890,420
Charles
Schwab
Corp.
(The)
81,241,922‌
38,176
Goldman
Sachs
Group,
Inc.
(The)
27,019,064‌
224,113
Nasdaq,
Inc.
20,040,184‌
187,433
Raymond
James
Financial,
Inc.
28,746,599‌
213,304,512‌
Chemicals
—
4.49%
118,916
New
Linde
PLC
55,793,009‌
Commercial
Support
Services
—
1.91%
104,061
Waste
Management,
Inc.
23,811,238‌
Containers
&
Packaging
—
0.99%
70,475
Avery
Dennison
Corp.
12,366,248‌
Electrical
Equipment
—
3.49%
130,607
Rockwell
Automation,
Inc.
43,383,727‌
Health
Care
Equipment
&
Supplies
—
3.48%
196,128
Abbott
Laboratories
26,675,369‌
96,243
Becton
Dickinson
and
Co.
16,577,857‌
43,253,226‌
Health
Care
Providers
&
Services
—
4.50%
100,578
Elevance
Health,
Inc.
39,120,819‌
54,476
UnitedHealth
Group,
Inc.
16,994,878‌
56,115,697‌
Hotels,
Restaurants
&
Leisure
—
3.22%
88,948
Domino's
Pizza,
Inc.
40,079,969‌
Household
Durables
—
1.52%
146,575
DR
Horton,
Inc.
18,896,449‌
Insurance
—
12.11%
365,097
Aflac,
Inc.
38,503,130‌
129,694
Everest
Group,
Ltd.
44,076,506‌
193,849
Marsh
&
McLennan
Cos.,
Inc.
42,383,145‌
319,778
MetLife,
Inc.
25,716,547‌
150,679,328‌
It
Services
—
3.40%
141,693
Accenture
PLC,
Class
A
42,350,621‌
Machinery
—
2.87%
70,268
Deere
&
Co.
35,730,575‌
Sterling
Capital
Equity
Income
Fund
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Shares
Fair
Value
COMMON
STOCKS
—
(continued)
Oil,
Gas
&
Consumable
Fuels
—
3.84%
1,600,081
Coterra
Energy,
Inc.
$
40,610,055‌
53,425
Valero
Energy
Corp.
7,181,389‌
47,791,444‌
Pharmaceuticals
—
0.26%
20,896
Johnson
&
Johnson
3,191,864‌
Professional
Services
—
7.76%
181,758
Automatic
Data
Processing,
Inc.
56,054,167‌
389,589
Booz
Allen
Hamilton
Corp.
40,567,903‌
96,622,070‌
Semiconductors
&
Semiconductor
Equipment
—
4.93%
257,522
Analog
Devices,
Inc.
61,295,386‌
Software
—
5.51%
137,825
Microsoft
Corp.
68,555,533‌
Specialized
REITs
—
1.43%
419,511
CubeSmart
17,829,218‌
Specialty
Retail
—
3.24%
110,026
Home
Depot,
Inc.
(The)
40,339,932‌
Tobacco
—
0.99%
211,036
Altria
Group,
Inc.
12,373,041‌
Trading
Companies
&
Distributors
—
5.65%
322,756
Exagen,
Inc.
70,280,119‌
Total
Common
Stocks
(Cost $848,760,334)
1,227,385,260‌
Shares
Fair
Value
MONEY
MARKET
FUNDS
—
1.62%
20,101,608‌
Federated
Hermes
Treasury
Obligations
Fund,
Institutional
Shares,
4.18%
(a)
20,101,608‌
Total
Money
Market
Funds
(Cost
$20,101,608)
20,101,608‌
Total
Investments—
100.25%
(Cost
$868,861,942)
1,247,486,868‌
Liabilities
in
Excess
of
Other
Assets 
—
(0.25)%
(3,162,634)
NET
ASSETS
—
100.00%
$
1,244,324,234‌
(a)
Represents
the
current
yield
as
of
report
date.
Sterling
Capital
Mid
Cap
Relative
Value
Fund
Schedule
of
Investments
June
30,
2025
(Unaudited)
Shares
Fair
Value
COMMON
STOCKS
—
97.53%
Aerospace
&
Defense
—
2.81%
3,360
Curtiss-Wright
Corp.
$
1,641,528
Automobile
Components
—
1.46%
6,946
Dorman
Products,
Inc.
(a)
852,066
Banks
—
6.87%
10,480
East
West
Bancorp,
Inc.
1,058,270
51,276
Huntington
Bancshares,
Inc.
859,386
7,980
UMB
Financial
Corp.
839,177
10,181
Wintrust
Financial
Corp.
1,262,240
4,019,073
Building
Products
—
2.58%
4,041
Carlisle
Cos.,
Inc.
1,508,909
Capital
Markets
—
2.53%
2,766
Ameriprise
Financial,
Inc.
1,476,297
Chemicals
—
1.00%
18,087
Avient
Corp.
584,391
Construction
&
Engineering
—
5.34%
18,345
MasTec,
Inc.
(a)
3,126,538
Consumer
Staples
Distribution
&
Retail
—
10.89%
15,645
BJ's
Wholesale
Club
Holdings,
Inc.
(a)
1,687,000
5,911
Casey's
General
Stores,
Inc.
3,016,207
19,007
Performance
Food
Group
Co.
(a)
1,662,542
6,365,749
Containers
&
Packaging
—
3.75%
83,699
Amcor
PLC
769,194
8,091
Avery
Dennison
Corp.
1,419,728
2,188,922
Electrical
Equipment
—
1.40%
3,885
Powell
Industries,
Inc.
817,598
Electronic
Equipment,
Instruments
&
Components
—
3.45%
8,754
Arrow
Electronics,
Inc.
(a)
1,115,523
5,055
CDW
Corp.
902,772
2,018,295
Entertainment
—
2.99%
7,183
Take-Two
Interactive
Software,
Inc.
(a)
1,744,392
Sterling
Capital
Mid
Cap
Relative
Value
Fund
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Shares
Fair
Value
COMMON
STOCKS
—
(continued)
Financial
Services
—
2.99%
10,143
Fiserv,
Inc.
(a)
$
1,748,755
Gas
Utilities
—
2.73%
21,415
Southwest
Gas
Corp.
1,593,062
Health
Care
Equipment
&
Supplies
—
0.98%
3,335
Becton
Dickinson
and
Co.
574,454
Health
Care
REITs
—
1.90%
60,223
Sabra
Health
Care
REIT,
Inc.
1,110,512
Household
Durables
—
1.53%
8,462
PulteGroup,
Inc.
892,402
Industrial
REITs
—
2.25%
7,824
EastGroup
Properties,
Inc.
1,307,548
Insurance
—
5.94%
8,172
American
Financial
Group,
Inc.
1,031,388
17,130
First
American
Financial
Corp.
1,051,611
8,153
Hanover
Insurance
Group,
Inc.
(The)
(a)
1,384,950
3,467,949
Life
Sciences
Tools
&
Services
—
4.74%
6,145
ICON
PLC
(a)
893,790
9,917
Revvity,
Inc.
959,172
2,252
Thermo
Fisher
Scientific,
Inc.
913,096
2,766,058
Machinery
—
2.46%
12,657
Oshkosh
Corp.
1,437,076
Multi-Utilities
—
3.32%
48,113
Nisource,
Inc.
1,940,878
Oil,
Gas
&
Consumable
Fuels
—
5.58%
42,608
Coterra
Energy,
Inc.
1,081,391
4,283
Gulport
Energy
Corp.
(a)
861,611
11,060
Phillips
66
1,319,458
3,262,460
Professional
Services
—
4.31%
5,276
CACI
International,
Inc.,
Class
A
(a)
2,515,069
Residential
REITs
—
1.95%
7,709
Mid-America
Apartment
Communities,
Inc.
1,141,009
Sterling
Capital
Mid
Cap
Relative
Value
Fund
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Shares
Fair
Value
COMMON
STOCKS
—
(continued)
Retail
REITs
—
1.52%
34,134
Brixmor
Property
Group,
Inc.
$
888,849
Semiconductors
&
Semiconductor
Equipment
—
0.73%
5,735
Skyworks
Solutions,
Inc.
427,372
Software
—
3.81%
5,152
Commvault
Systems,
Inc.
(a)
898,148
7,670
PTC,
Inc.
(a)
1,321,848
2,219,996
Specialized
REITs
—
2.02%
6,782
Digital
Realty
Trust,
Inc.
1,182,306
Trading
Companies
&
Distributors
—
3.70%
2,867
United
Rentals,
Inc.
2,159,998
Total
Common
Stocks
(Cost $36,838,772)
56,979,511
Shares
Fair
Value
MONEY
MARKET
FUNDS
—
2.59%
1,510,175
Federated
Hermes
Treasury
Obligations
Fund,
Institutional
Shares,
4.18%
(b)
1,510,175
Total
Money
Market
Funds
(Cost
$1,510,175)
1,510,175
Total
Investments—
100.12%
(Cost
$38,348,947)
58,489,686
Liabilities
in
Excess
of
Other
Assets 
—
(0.12)%
(72,915)
NET
ASSETS
—
100.00%
$
58,416,771
(a)
Non-income
producing
security.
(b)
Represents
the
current
yield
as
of
report
date.
Sterling
Capital
Real
Estate
Fund
Schedule
of
Investments
June
30,
2025
(Unaudited)
Shares
Fair
Value
COMMON
STOCKS
—
98.41%
Equity
Real
Estate
Investment
Trusts
(REITs)
—
2.27%
48,337
Essential
Properties
Realty
Trust,
Inc.
$
1,542,434
Health
Care
REITs
—
14.65%
95,029
Sabra
Health
Care
REIT,
Inc.
1,752,335
46,574
Ventas,
Inc.
2,941,148
34,315
Welltower,
Inc.
5,275,245
9,968,728
Hotel
&
Resort
REITs
—
3.24%
53,095
Apple
Hospitality
REIT,
Inc.
619,619
16,078
Ryman
Hospitality
Properties,
Inc.
1,586,416
2,206,035
Industrial
REITs
—
12.39%
11,648
EastGroup
Properties,
Inc.
1,946,614
31,578
First
Industrial
Realty
Trust,
Inc.
1,519,849
31,486
Prologis,
Inc.
3,309,808
46,521
Rexford
Industrial
Realty,
Inc.
1,654,752
8,431,023
Office
REITs
—
4.34%
18,113
Boston
Properties,
Inc.
1,222,084
165,729
Brandywine
Realty
Trust
710,977
32,904
Highwoods
Properties,
Inc.
1,022,985
2,956,046
Residential
REITs
—
16.39%
12,741
Camden
Property
Trust
1,435,783
8,418
Essex
Property
Trust,
Inc.
2,385,661
65,865
Invitation
Homes,
Inc.
2,160,372
14,862
Mid-America
Apartment
Communities,
Inc.
2,199,725
21,921
NexPoint
Residential
Trust,
Inc.
730,408
54,874
UDR,
Inc.
2,240,505
11,152,454
Retail
REITs
—
11.40%
73,624
Brixmor
Property
Group,
Inc.
1,917,169
36,769
InvenTrust
Properties
Corp.
(a)
1,007,471
89,482
Kite
Realty
Group
Trust
2,026,767
49,082
NETSTREIT
Corp.
(a)
830,958
64,592
Tanger
Factory
Outlet
Centers,
Inc.
1,975,223
7,757,588
Sterling
Capital
Real
Estate
Fund
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Shares
Fair
Value
COMMON
STOCKS
—
(continued)
Specialized
REITs
—
33.73%
28,949
American
Tower
Corp.,
Class
A
$
6,398,309
34,655
CubeSmart
1,472,838
30,019
Digital
Realty
Trust,
Inc.
5,233,212
3,856
Equinix,
Inc.
3,067,332
17,103
Extra
Space
Storage,
Inc.
2,521,666
6,971
SBA
Communications
Corp.,
Class
A
1,637,070
80,294
VICI
Properties,
Inc.
2,617,584
22,948,011
Total
Common
Stocks
(Cost $39,544,571)
66,962,319
Shares
Fair
Value
MONEY
MARKET
FUNDS
—
1.26%
858,573
Federated
Hermes
Treasury
Obligations
Fund,
Institutional
Shares,
4.18%
(b)
858,573
Total
Money
Market
Funds
(Cost
$858,573)
858,573
Total
Investments—
99.67%
(Cost
$40,403,144)
67,820,892
Other
Assets
in
Excess
of
Liabilities
—
0.33%
227,373
NET
ASSETS
—
100.00%
$
68,048,265
(a)
Non-income
producing
security.
(b)
Represents
the
current
yield
as
of
report
date.
Sterling
Capital
Small
Cap
Value
Fund
Schedule
of
Investments
June
30,
2025
(Unaudited)
Shares
Fair
Value
COMMON
STOCKS
—
98
.91
%
Aerospace
&
Defense
—
3
.78
%
34,546
Moog,
Inc.,
Class
A
$
6,251,790‌
Automobile
Components
—
3
.21
%
24,755
Dorman
Products,
Inc.
(a)
3,036,696‌
215,732
Garret
Motion,
Inc.
(a)
2,267,343‌
5,304,039‌
Banks
—
13
.93
%
70,299
Columbia
Banking
System,
Inc.
1,643,591‌
67,224
Community
Bank
System,
Inc.
3,823,029‌
83,104
Glacier
Bancorp,
Inc.
3,580,120‌
112,542
Old
National
Bancorp
(a)
2,401,646‌
49,750
United
Bankshares,
Inc.
1,812,393‌
71,398
Webster
Financial
Corp.
3,898,331‌
47,360
Wintrust
Financial
Corp.
5,871,692‌
23,030,802‌
Capital
Markets
—
2
.62
%
21,984
Affiliated
Managers
Group,
Inc.
4,325,792‌
Chemicals
—
2
.15
%
109,866
Avient
Corp.
3,549,770‌
Construction
&
Engineering
—
4
.61
%
44,688
MasTec,
Inc.
(a)
7,616,176‌
Consumer
Staples
Distribution
&
Retail
—
10
.25
%
48,243
BJ's
Wholesale
Club
Holdings,
Inc.
(a)
5,202,043‌
13,276
Casey's
General
Stores,
Inc.
6,774,345‌
56,735
Performance
Food
Group
Co.
(a)
4,962,610‌
16,938,998‌
Electric
Utilities
—
2
.02
%
82,140
Portland
General
Electric
Co.
3,337,348‌
Electrical
Equipment
—
2
.39
%
46,120
EnerSys
3,955,712‌
Electronic
Equipment,
Instruments
&
Components
—
7
.01
%
51,692
Belden,
Inc.
5,985,933‌
44,566
Crane
NXT
Co.
2,402,107‌
44,300
Eplus,
Inc.
(a)
3,194,030‌
11,582,070‌
Energy
Equipment
&
Services
—
0
.97
%
185,280
Select
Energy
Services,
Inc.,
Class
A
1,600,819‌
Entertainment
—
2
.84
%
19,362
Take-Two
Interactive
Software,
Inc.
(a)
4,702,062‌
Gas
Utilities
—
2
.44
%
54,250
Southwest
Gas
Corp.
4,035,658‌
Sterling
Capital
Small
Cap
Value
Fund
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Shares
Fair
Value
COMMON
STOCKS
—
(continued)
Household
Durables
—
2
.33
%
57,544
Meritage
Homes
Corp.
$
3,853,722‌
Industrial
REITs
—
2
.78
%
95,638
First
Industrial
Realty
Trust,
Inc.
4,603,057‌
Insurance
—
6
.38
%
35,871
Hanover
Insurance
Group,
Inc.
(The)
(a)
6,093,407‌
51,339
Selective
Insurance
Group,
Inc.
4,448,524‌
10,541,931‌
Life
Sciences
Tools
&
Services
—
1
.82
%
13,772
West
Pharmaceutical
Services,
Inc.
3,013,314‌
Machinery
—
7
.31
%
36,956
Crane
Co.
7,017,575‌
44,441
Oshkosh
Corp.
5,045,831‌
12,063,406‌
Office
REITs
—
1
.52
%
80,892
Highwoods
Properties,
Inc.
2,514,932‌
Oil,
Gas
&
Consumable
Fuels
—
3
.43
%
16,549
Chord
Energy
Corp.
1,602,771‌
40,311
Matador
Resources
Co.
1,923,641‌
75,552
Northern
Oil
and
Gas,
Inc.
2,141,899‌
5,668,311‌
Professional
Services
—
3
.56
%
12,356
CACI
International,
Inc.,
Class
A
(a)
5,890,105‌
Retail
REITs
—
1
.55
%
83,581
Tanger
Factory
Outlet
Centers,
Inc.
2,555,907‌
Semiconductors
&
Semiconductor
Equipment
—
2
.84
%
55,743
ON
Semiconductor
Corp.
(a)
2,921,491‌
20,856
Qorvo,
Inc.
(a)
1,770,883‌
4,692,374‌
Software
—
2
.84
%
27,234
PTC,
Inc.
(a)
4,693,508‌
Trading
Companies
&
Distributors
—
4
.33
%
10,381
Herc
Holdings,
Inc.
1,367,074‌
7,685
United
Rentals,
Inc.
5,789,879‌
7,156,953‌
Total
Common
Stocks
(Cost $48,947,774)
163,478,556‌
Sterling
Capital
Small
Cap
Value
Fund
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Shares
Fair
Value
MONEY
MARKET
FUNDS
—
1
.07
%
1,776,309‌
Federated
Hermes
Treasury
Obligations
Fund,
Institutional
Shares,
4.18%
(b)
$
1,776,309‌
Total
Money
Market
Funds
(Cost
$1,776,309)
1,776,309‌
Total
Investments—
99
.98
%
(Cost
$50,724,083)
165,254,865‌
Other
Assets
in
Excess
of
Liabilities
—
0
.02
%
31,975‌
NET
ASSETS
—
100.00%
$
165,286,840‌
(a)
Non-income
producing
security.
(b)
Represents
the
current
yield
as
of
report
date.
G.O.
-
General
Obligation
Sterling
Capital
Ultra
Short
Bond
Fund
Schedule
of
Investments
June
30,
2025
(Unaudited)
+
Principal
Amount
Fair
Value
CORPORATE
BONDS
—
37.65%
AEROSPACE
&
DEFENSE
—
0.94%
$
250,000
Boeing
Co.
(The),
2.60%,
10/30/25
$
247,849
ASSET
MANAGEMENT
—
1.74%
250,000
Blackstone
Secured
Lending
Fund,
3.63%,
1/15/26
248,430
215,000
Blackstone
Private
Credit
Fund,
2.63%,
12/15/26
207,729
300,000
UBS
Group
AG,
–%,
2/02/27
(a)
—
456,159
AUTOMOTIVE
—
2.12%
250,000
Ford
Motor
Credit
Co
LLC,
6.95%,
3/06/26
252,411
300,000
Hyundai
Capital
America,
5.50%,
3/30/26
(a)
301,855
554,266
BANKING
—
3.08%
300,000
Barclays
PLC,
6.97%,
11/02/26
(H15T1Y
+
305
bps)
(b)
302,490
300,000
Societe
Generale
SA,
–%,
12/14/26
(a)
—
250,000
Credit
Agricole
SA,
1.25%,
1/26/27
(a)
245,232
260,000
JPMorgan
Chase
&
Co.,
5.25%,
10/22/28
(O/N
SOFR
+86
bps)
260,783
808,505
BANKS
—
3.29%
250,000
ABN
AMRO
Bank
N.V.,
4.75%,
7/28/25
(a)
249,991
364,000
Lloyds
Banking
Group
PLC,
4.58%,
12/10/25
363,641
250,000
Australia
&
New
Zealand
Banking
Group
Ltd.,
4.40%,
5/19/26
(a)
249,635
863,267
BEVERAGES
—
0.93%
250,000
Bacardi
Ltd.,
2.75%,
7/15/26
(a)
244,817
CAPITAL
MARKETS
—
1.67%
300,000
Blue
Owl
Capital
Corp.,
3.75%,
7/22/25
299,765
140,000
Brightsphere
Investment
Group,
Inc.,
4.80%,
7/27/26
139,791
439,556
ELECTRIC
UTILITIES
—
0.30%
78,000
Vistra
Operations
Co.
LLC,
5.05%,
12/30/26
(a)
78,381
ENTERTAINMENT
CONTENT
—
0.95%
250,000
Discovery
Communications
LLC,
4.90%,
3/11/26
249,595
HEALTH
CARE
FACILITIES
&
SERVICES
—
1.96%
300,000
HCA
Inc.,
5.25%,
6/15/26
300,416
215,000
IQVIA,
Inc.,
5.00%,
10/15/26
(a)
214,780
Sterling
Capital
Ultra
Short
Bond
Fund
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Fair
Value
CORPORATE
BONDS
—
(continued)
HEALTH
CARE
FACILITIES
&
SERVICES
—
(continued)
$
515,196
INSURANCE
—
5.85%
$
300,000
F&G
Global
Funding,
5.15%,
7/07/25
(a)(c)
300,007
250,000
Reliance
Standard
Life
Global
Funding
II,
5.24%,
2/02/26
(a)
250,643
190,000
Brighthouse
Financial
Global
Funding,
1.55%,
5/24/26
(a)
184,805
300,000
Athene
Global
Funding,
5.29%,
8/27/26
(SOFRIX
+
103
bps)
(a)
301,192
250,000
SBL
Holdings,
Inc.,
5.13%,
11/13/26
(a)
247,851
250,000
Marsh
&
McLennan
Cos,
Inc.,
5.09%,
11/08/27
(O/N
SOFR
+
70
bps)
250,578
1,535,076
LEISURE
FACILITIES
&
SERVICES
—
0.92%
230,000
NCL
Corp.
Ltd.,
8.13%,
1/15/29
(a)
242,462
MACHINERY
—
0.96%
250,000
Regal
Rexnord
Corp.,
6.05%,
2/15/26
251,445
MORTGAGE
REAL
ESTATE
INVESTMENT
-TRUSTS
(REITS)
—
0.84%
225,000
Starwood
Property
Trust,
Inc.,
3.63%,
7/15/26
(a)
221,176
OIL
&
GAS
PRODUCERS
—
1.12%
300,000
MPLX
LP,
Class
B,
1.75%,
3/01/26
294,205
200,000
Sabine
Pass
Liquefaction
LLC,
5.88%,
6/30/26
—
294,205
REIT
—
1.70%
250,000
VICI
Properties
LP
/
VICI
Note
Co.,
Inc.,
4.25%,
12/01/26
(a)
248,476
207,000
Global
Net
Lease
Operating
Partnership
LP,
3.75%,
12/15/27
(a)
197,690
446,166
SOFTWARE
—
0.97%
250,000
Concentrix
Corp.,
6.65%,
8/02/26
254,512
SPECIALTY
FINANCE
—
4.52%
108,000
Ladder
Capital
Finance
Holdings
LLLP,
Class
B,
5.25%,
10/01/25
(a)
107,956
250,000
Capital
One
Financial
Corp.,
4.20%,
10/29/25
249,644
250,000
Air
Lease
Corp.,
2.88%,
1/15/26
247,452
300,000
Avolon
Holdings
Funding
Ltd.,
5.50%,
1/15/26
(a)
300,462
285,000
AerCap
Ireland
Capial
DAC,
1.75%,
1/30/26
280,017
Sterling
Capital
Ultra
Short
Bond
Fund
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Fair
Value
CORPORATE
BONDS
—
(continued)
SPECIALTY
FINANCE
—
(continued)
$
1,185,531
TELECOMMUNICATIONS
—
0.94%
$
250,000
T-Mobile
USA
Inc.,
2.25%,
2/15/26
246,125
TRANSPORTATION
&
LOGISTICS
—
1.82%
75,000
Delta
Air
Lines,
Inc.
/
SkyMiles
IP
Ltd.,
4.50%,
10/20/25
(a)
74,819
250,000
Delta
Air
Lines,
Inc.,
7.38%,
1/15/26
253,480
148,000
United
Airlines,
Inc.,
4.38%,
4/15/26
(a)(c)
147,022
475,321
TRANSPORTATION
EQUIPMENT
—
1.03%
271,000
Daimler
Truck
Finance
North
America
LLC,
5.26%,
9/25/27
(O/N
SOFR
+
96
bps)
(a)
271,290
Total
(Cost $10,653,410)
9,880,900
Principal
Amount
Fair
Value
ASSET
BACKED
SECURITIES
—
39.04%
31,421
GreatAmerica
Leasing
Receivables
Funding
LLC,
Series
1
,
Class
A2,
5.35%,
2/16/26
(a)
31,438
112,500
Hertz
Vehicle
Financing
LLC
,
Class
A,
3.73%,
9/25/26
(a)
112,332
31,403
Fannie
Mae,
Series
140
,
Class
BH,
2.50%,
1/25/27
31,130
152,770
Mercedes-Benz
Auto
Lease
Trust,
Series
2024-A
,
Class
A2B,
4.72%,
2/16/27
(SOFR30A
+
42
bps)
152,801
375,000
Avis
Budget
Rental
Car
Funding
AESOP
LLC,
Series
2A
,
Class
A,
2.02%,
2/20/27
(a)
370,682
200,000
Ford
Credit
Floorplan
Master
Owner
Trust,
Series
1
,
Class
A2,
5.05%,
4/15/27
(SOFR30A
+
75
bps)
(a)
200,515
27,613
GM
Financial
Consumer
Automobile
Receivables,
Series
3
,
Class
A3,
3.64%,
4/16/27
27,560
150,000
Hertz
Vehicle
Financing
LLC,
Series
1A
,
Class
A,
5.49%,
6/25/27
(a)
150,765
350,000
Ford
Credit
Auto
Owner
Trust,
Series
2022-A
,
Class
B,
1.91%,
7/15/27
345,639
44,259
OneMain
Direct
Auto
Receivables
Trust,
Series
1A
,
Class
A,
3.63%,
9/14/27
(a)
44,111
452,000
GreatAmerica
Leasing
Receivables
Funding
LLC,
Series
2
,
Class
B,
1.31%,
9/15/27
(a)
447,218
168,205
Carmax
Select
Receivables
Trust,
Series
2024-A
,
Class
A2A,
5.78%,
9/15/27
168,792
144,000
GM
Financial
Consumer
Automobile
Receivables,
Series
4
,
Class
A4,
0.99%,
10/18/27
142,334
Sterling
Capital
Ultra
Short
Bond
Fund
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Fair
Value
ASSET
BACKED
SECURITIES
—
(continued)
$
25,131
Santander
Drive
Auto
Receivables
Trust,
Series
2022-4
,
4.42%,
11/15/27
$
25,110
250,000
Bridgecrest
Lending
Auto
Sec.
Trust,
Series
2025-2
,
Class
A2,
4.84%,
1/18/28
249,982
148,590
World
Omni
Select
Auto
Trust,
Series
2024-A
,
Class
A2A,
5.37%,
2/15/28
148,926
205,549
World
Omni
Auto
Receivables
Trust,
Series
2022-D
,
Class
A3,
5.61%,
2/15/28
206,318
143,651
AmeriCredit
Automobile
Receivables
Trust,
Series
2024-1
,
Class
A2A,
5.75%,
2/18/28
143,973
230,000
Ally
Auto
Receivables
Trust,
Series
2022-2
,
Class
A4,
4.87%,
4/17/28
230,867
300,000
PFS
Financing
Corp.,
Series
C
,
Class
A,
5.10%,
4/17/28
(a)(d)
300,586
277,329
MMAF
Equipment
Finance
LLC,
Series
2022-B
,
Class
A3,
5.61%,
7/10/28
(a)
277,563
33,953
OneMain
Direct
Auto
Receivables
Trust,
Series
1A
,
Class
A,
0.87%,
7/14/28
(a)
33,727
115,000
Santander
Drive
Auto
Receivables
Trust,
Series
2023-4
,
Class
B,
5.77%,
12/15/28
116,500
2,358
Enterprise
Fleet
Financing,
Series
2
,
Class
A2,
4.65%,
5/20/29
(a)
2,356
277,009
Affirm
Asset
Securitization
Trust,
Series
2025-X1
,
Class
A,
5.08%,
4/15/30
(a)
277,268
205,227
Chenango
Park
CLO
Ltd.,
Series
1A
,
Class
A1AR,
5.31%,
4/15/30
(TSFR3M
+
105
bps)
(a)
205,221
418,199
VOYA
CLO,
Series
2017-2A
,
Class
A1R,
5.50%,
6/07/30
(a)
418,242
232,714
Dryden
Senior
Loan
Fund,
Series
50A
,
Class
A1R,
5.52%,
7/15/30
((TSFR3M
+
26.20
bps)
+
100
bps)
(a)(b)
232,732
250,000
Dryden
CLO
Ltd.,
Series
53A
,
Class
BR,
–%,
1/15/31
(a)(d)
250,000
107,735
ARI
Fleet
Lease
Trust,
Series
A
,
Class
A3,
3.43%,
1/15/31
(a)
107,519
170,760
KKR
CLO
Ltd.,
Series
21
,
Class
A,
5.52%,
4/15/31
((TSFR3M
+
26.20
bps)
+
100
bps)
(a)(b)
170,758
143,643
OCP
CLO
Ltd.,
Series
2014-5A
,
Class
A1R,
5.62%,
4/26/31
(TSFR3M
+
108
bps)
(a)
143,672
250,049
Madison
Park
Funding
XXIII
Ltd.,
Series
23A
,
Class
AR,
5.51%,
7/27/31
(a)
250,334
256,405
Dryden
Senior
Loan
Fund,
Series
40A
,
Class
AR2,
5.48%,
8/15/31
(a)
256,725
300,000
Affirm
Master
Trust,
Series
1A
,
Class
A,
4.99%,
2/15/33
(a)
302,304
Sterling
Capital
Ultra
Short
Bond
Fund
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Fair
Value
ASSET
BACKED
SECURITIES
—
(continued)
$
275,000
Ford
Credit
Auto
Owner
Trust,
Series
2
,
Class
A,
1.06%,
4/15/33
(a)
$
272,224
179,000
Goldentree
Loan
Management
US
Clo
Ltd.,
Series
7A
,
Class
ARR,
5.37%,
4/20/34
(a)
179,055
270,866
OneMain
Financial
Issuance
Trust,
Series
3A
,
Class
A,
5.94%,
5/15/34
(a)
272,326
250,000
SoFi
Consumer
Loan
Program
Trust,
Series
2025-2
,
Class
A,
4.82%,
6/25/34
(a)
250,392
250,000
Magnetite
XXXI
Ltd.
,
Class
A1,
5.62%,
7/15/34
(a)
250,040
55,926
SMB
Private
Education
Loan
Trust,
Series
2017-A
,
Class
A2A,
2.88%,
9/15/34
(a)
55,785
300,000
Peace
Park
CLO
Ltd.,
Series
1A
,
Class
A,
5.66%,
10/20/34
(a)
300,051
297,215
Chesapeake
Funding
II
LLC,
Series
1A
,
Class
A1,
5.52%,
5/15/36
(a)
300,194
100,000
OneMain
Financial
Issuance
Trust,
Series
2021-1
,
Class
A2,
5.06%,
6/16/36
(SOFR30A
+
76
bps)
(a)
99,941
179,984
Fannie
Mae
,
6.75%,
7/01/36
(H15T1Y
+
219.40
bps)
185,132
252,184
SMB
Private
Education
Loan
Trust,
Series
B
,
Class
A2B,
5.43%,
6/15/37
(a)
252,303
172,803
Sierra
Timeshare
Rec
Funding
LLC,
Series
2021-1
,
Class
A,
0.99%,
11/20/37
(a)
169,729
285,665
Wheels
Fleet
Lease
Funding
1
LLC,
Series
1A
,
Class
A2,
5.15%,
2/18/39
(TSFR1M
+
83
bps)
(a)
286,097
45,607
Government
National
Mortgage
Association,
Series
144
,
Class
GA,
2.50%,
12/20/40
45,257
368,367
Tricon
Residential
Trust,
Series
2025-SFR
,
Class
A,
5.43%,
3/17/42
(TSFR1M
+
110
bps)
(a)
368,424
121,472
SMB
Private
Education
Loan
Trust,
Series
2024-C
,
Class
A1B,
5.40%,
6/17/52
(SOFR30A
+
110
bps)
(a)
120,602
265,487
Nelnet
Student
Loan
Trust,
Series
2025-A
,
Class
A1B,
5.40%,
3/15/57
(a)
263,577
Total
(Cost $10,195,236)
10,247,129
Principal
Amount
Fair
Value
COLLATERALIZED
MORTGAGE
OBLIGATIONS
—
3.88%
30,290
AmeriCredit
Automobile
Receivables
Trust,
Series
2021-3,
Class
B,
1.17%,
8/18/27
30,232
240,296
World
Omni
Auto
Receivables
Trust,
Series
2021-C,
Class
A4,
0.64%,
9/15/27
239,234
306,816
Bridgecrest
Lending
Auto
Sec.
Trust,
Series
2025-1,
Class
A2,
5.01%,
9/15/27
306,767
207,872
MMAF
Equipment
Finance
LLC,
Series
2022-A,
Class
A3,
3.20%,
1/13/28
(a)
206,390
Sterling
Capital
Ultra
Short
Bond
Fund
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Fair
Value
COLLATERALIZED
MORTGAGE
OBLIGATIONS
—
(continued)
235,119
SoFi
Consumer
Loan
Program
Trust,
Series
2025-1,
Class
A,
4.80%,
2/27/34
(a)
235,557
Total
(Cost $1,014,206)
$
1,018,180
Principal
Amount
Fair
Value
COMMERCIAL
MORTGAGE-BACKED
SECURITIES
—
14.10%
154,319
Freddie
Mac
Multifamily
Structured
Pass
Through,
Series
K052,
Class
A2,
3.15%,
11/25/25
153,424
323,210
BX
Trust,
Series
2021-BXMF,
Class
A,
5.06%,
10/15/26
(TSFR1M
+
75.00
bps)
(a)
322,806
280,000
PFS
Financing
Corp.,
Series
A,
Class
A,
5.15%,
1/15/28
(a)
280,439
338,132
BX
Trust,
Series
2021-RISE,
Class
A,
5.17%,
11/15/36
(TSFR1M
+
86.20
bps)
(a)
337,920
—
Citicorp
Residential
Mortgage
Trust,
Series
2007-2,
Class
A6,
6.77%,
6/25/37
—
148,042
Hilton
Grand
Vacations
Trust,
Series
2023-1,
Class
A,
5.72%,
1/25/38
(a)
151,088
154,820
ELP
Commercial
Mortgage
Trust,
Series
2021-ELP,
Class
C,
5.75%,
11/15/38
(a)
154,626
88,844
BX
Commercial
Mortgage
Trust,
Series
2021-CIP,
Class
B,
5.70%,
12/15/38
(a)
88,789
1,541
JPMBB
Commercial
Mortgage
Securities
Trust,
Series
2014-C23,
Class
A5,
3.93%,
9/15/47
1,531
125,332
CSAIL
Commercial
Mortgage
Trust,
Series
2015-C3,
Class
A4,
3.72%,
8/15/48
124,838
287,228
CSAIL
Commercial
Mortgage
Trust,
Series
2015-C4,
Class
A4,
3.81%,
11/15/48
286,104
350,000
Wells
Fargo
Commercial
Mortgage
Trust,
Series
P2,
Class
A4,
3.81%,
12/15/48
347,899
321,696
Citigroup
Commercial
Mortgage
Trust,
Series
P3,
Class
A3,
3.06%,
4/15/49
318,316
170,000
Citigroup
Commercial
Mortgage
Trust,
Series
2016-C1,
3.21%,
5/10/49
167,792
350,000
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust,
Series
C29,
Class
A4,
3.33%,
5/15/49
345,197
340,000
CSAIL
Commercial
Mortgage
Trust,
Series
2015-C7,
Class
A5,
3.50%,
11/15/49
334,753
200,000
JPMCC
Commercial
Mortgage
Securities
Trust,
Series
JP5,
Class
A5,
3.72%,
3/15/50
196,853
87,228
Citigroup
Commercial
Mortgage
Trust,
Series
GC33,
Class
A4,
3.78%,
9/10/58
86,929
Total
(Cost $3,647,576)
3,699,304
Sterling
Capital
Ultra
Short
Bond
Fund
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Fair
Value
U.S.
GOVERNMENT
&
AGENCIES
—
0.00%
400,000
United
States
Treasury
Bill,
0.00
%
,
10/21/25
—
Total
(Cost $394,777)
$
—
Shares
Fair
Value
MONEY
MARKET
FUNDS
—
5.58%
1,463,705
Federated
Hermes
Treasury
Obligations
Fund,
Institutional
Shares,
4.18%
(e)
1,463,705
Total
Money
Market
Funds
(Cost
$1,463,705)
1,463,705
Total
Investments—
100.31%
(Cost
$27,383,910)
26,324,218
Liabilities
in
Excess
of
Other
Assets 
—
(0.31)%
(81,301)
NET
ASSETS
—
100.00%
$
26,242,917
(a)
Security
exempt
from
registration
under
Rule
144A
or
Section
4(2)
of
the
Securities
Act
of
1933.
The
security
may
be
resold
in
transactions
exempt
from
registration,
normally
to
qualified
institutional
buyers.
The
Advisor,
using
Board
approved
procedures,
has
deemed
these
securities
or
a
portion
of
these
securities
to
be
liquid.
(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
June
30,
2025.
The
maturity
date
reflected
is
the
final
maturity
date.
(c)
All
or
a
portion
of
the
securities
are
held
in
a
separate
collateral
account
at
US
Bank.
The
total
value
of
securities
held
in
a
separate
collateral
account
as
of
the
period
ended
June
30,
2025
is
$447,031
,
which
represents
1.7%
of
net
assets.
(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.
Sterling
Capital
Short
Duration
Bond
Fund
Schedule
of
Investments
June
30,
2025
(Unaudited)
Principal
Amount
Fair
Value
CORPORATE
BONDS
—
56.17%
AEROSPACE
&
DEFENSE
—
3.19%
$
283,000
RTX
Corp.,
5.75%,
11/08/26
$
288,225
400,000
BAE
Systems
PLC,
5.00%,
3/26/27
(a)
404,600
365,000
Boeing
Co.
(The),
6.26%,
5/01/27
375,518
250,000
Howmet
Aerospace,
Inc.,
6.75%,
1/15/28
263,330
1,331,673
ASSET
MANAGEMENT
—
1.85%
371,000
Blackstone
Private
Credit
Fund,
3.25%,
3/15/27
360,730
268,000
Blue
Owl
Technology
Finance
Corp.,
6.10%,
3/15/28
(a)
269,452
139,000
Ares
Strategic
Income
Fund,
5.45%,
9/09/28
(a)
139,068
769,250
AUTOMOTIVE
—
1.56%
419,000
Hyundai
Capital
America,
5.25%,
1/08/27
(a)
422,897
225,000
Ford
Motor
Credit
Co.
LLC,
5.80%,
3/05/27
226,775
649,672
BANKING
—
3.77%
325,000
Nordea
Bank
Abp,
4.38%,
3/17/28
(a)
327,766
325,000
Citigroup
Inc.,
4.64%,
5/07/28
(SOFRRATE
+
114.30
bps)
325,861
250,000
Manufacturers
&
Traders
Trust
Co,
4.76%,
7/06/28
251,735
200,000
Standard
Chartered
PLC,
5.55%,
1/21/29
(H15T1Y
+
105
bps)
(a)
204,288
450,000
Bank
of
America
Corp.,
4.98%,
1/24/29
(SOFRRATE
+
83
bps)
456,418
1,566,068
BANKS
—
9.34%
414,000
Macquarie
Bank
Ltd.,
5.39%,
12/07/26
(a)
421,064
342,000
Bank
of
Montreal,
5.37%,
6/04/27
349,271
400,000
National
Australia
Bank
Ltd/New
York,
5.09%,
6/11/27
407,501
345,000
Lloyds
Banking
Group
PLC,
5.99%,
8/07/27
350,230
310,000
ING
Groep
N.V.,
6.08%,
9/11/27
315,694
300,000
Danske
Bank
A/S,
5.43%,
3/01/28
(a)
305,179
528,000
Morgan
Stanley,
5.56%,
4/13/28
539,722
497,000
JPMorgan
Chase
&
Co.,
5.57%,
4/22/28
507,197
350,000
Bank
of
Nova
Scotia
(The),
4.40%,
9/08/28
(SOFR
+
100
bps)
350,594
339,000
Barclays
PLC,
4.84%,
9/10/28
(SOFR
+
134
bps)
341,617
3,888,069
Sterling
Capital
Short
Duration
Bond
Fund
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Fair
Value
CORPORATE
BONDS
—
(continued)
BIOTECH
&
PHARMA
—
0.60%
$
247,000
Eli
Lilly
&
Co.,
4.55%,
2/12/28
$
250,256
CAPITAL
MARKETS
—
1.55%
237,000
Brightsphere
Investment
Group,
Inc.,
4.80%,
7/27/26
(b)
236,647
400,000
Blackstone
Secured
Lending
Fund,
5.88%,
11/15/27
408,289
644,936
CHEMICALS
—
0.21%
85,000
Ecolab
Inc.,
4.30%,
6/15/28
85,592
COMMERCIAL
SERVICES
&
SUPPLIES
—
0.83%
339,000
Element
Fleet
Management
Corp.,
5.64%,
3/13/27
(a)
344,272
COMMERCIAL
SUPPORT
SERVICES
—
0.52%
216,000
Prime
Security
Services
Borrower
LLC,
5.75%,
4/15/26
(a)
217,120
CONSUMER
FINANCE
—
0.96%
396,000
American
Express
Co.,
5.10%,
2/16/28
400,485
DIVERSIFIED
FINANCIAL
SERVICES
—
0.69%
283,000
National
Rural
Utilities
Cooperative
Finance
Corp.,
5.60%,
11/13/26
287,758
ELECTRIC
UTILITIES
—
4.01%
126,000
Vistra
Operations
Co.
LLC,
5.05%,
12/30/26
(a)
126,616
380,000
Duke
Energy
Corp.,
4.85%,
1/05/27
(b)
383,748
133,000
Georgia
Power
Co.,
5.00%,
2/23/27
134,878
400,000
FirstEnergy
Corp.,
3.90%,
7/15/27
395,516
350,000
Entergy
Louisiana
LLC,
3.25%,
4/01/28
341,775
281,000
Dominion
Energy
Inc.,
4.60%,
5/15/28
282,851
1,665,384
FOOD
—
0.82%
337,000
Mars,
Inc.,
4.60%,
3/01/28
(a)
339,739
FORESTRY,
PAPER
&
WOOD
PRODUCTS
—
0.21%
85,000
Georgia-Pacific
LLC,
4.40%,
6/30/28
(a)
85,426
HOME
CONSTRUCTION
—
0.82%
335,000
Meritage
Homes
Corp.,
5.13%,
6/06/27
338,822
HOTELS,
RESTAURANTS
&
LEISURE
—
0.76%
315,000
Carnival
Corp.,
5.75%,
3/01/27
(a)
317,601
INSTITUTIONAL
FINANCIAL
SERVICES
—
1.02%
70,000
LPL
Holdings,
Inc.,
5.70%,
5/20/27
71,311
Sterling
Capital
Short
Duration
Bond
Fund
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Fair
Value
CORPORATE
BONDS
—
(continued)
INSTITUTIONAL
FINANCIAL
SERVICES
—
(continued)
$
350,000
Sumitomo
Mitsui
Trust
Bank
Ltd.,
4.45%,
9/10/27
(a)
$
351,372
422,683
INSURANCE
—
4.91%
439,000
SBL
Holdings,
Inc.,
5.13%,
11/13/26
(a)
435,227
322,000
Jackson
National
Life
Global
Funding,
4.90%,
1/13/27
(a)
324,224
400,000
F&G
Global
Funding,
5.88%,
6/10/27
(a)
408,828
425,000
Athene
Global
Funding,
5.35%,
7/09/27
(a)
431,599
345,000
GA
Global
Funding
Trust,
4.40%,
9/23/27
(a)
344,320
96,000
Sammons
Financial
Group
Global
Funding,
5.05%,
1/10/28
(a)
97,409
2,041,607
LEISURE
FACILITIES
&
SERVICES
—
0.71%
292,000
Starbucks
Corp,
4.50%,
5/15/28
293,459
MACHINERY
—
0.60%
246,000
John
Deere
Capital
Corp,
4.25%,
6/05/28
247,455
METALS
&
MINING
—
0.35%
146,000
Rio
Tinto
Finance
USA
PLC,
4.50%,
3/14/28
147,150
MORTGAGE
REAL
ESTATE
INVESTMENT
-TRUSTS
(REITS)
—
1.16%
489,000
Starwood
Property
Trust,
Inc.,
3.63%,
7/15/26
(a)
480,690
MULTI-UTILITIES
—
0.90%
390,000
Ameren
Corp.,
1.95%,
3/15/27
375,893
OIL
&
GAS
PRODUCERS
—
3.10%
333,000
Permian
Resources
Operating
LLC,
8.00%,
4/15/27
(a)
340,458
340,000
APA
Corp.,
4.88%,
11/15/27
(a)
337,895
275,000
ONEOK
Inc.,
5.63%,
1/15/28
(a)
281,130
327,000
Woodside
Finance
Ltd.,
4.90%,
5/19/28
329,204
1,288,687
OIL,
GAS
&
CONSUMABLE
FUELS
—
0.27%
109,000
Diamondback
Energy,
Inc.,
5.20%,
4/18/27
110,489
REIT
—
2.96%
425,000
Brixmor
Operating
Partnership
LP,
3.90%,
3/15/27
421,322
245,000
Global
Net
Lease
Operating
Partnership
LP,
3.75%,
12/15/27
(a)
233,981
256,000
LXP
Industrial
Trust,
6.75%,
11/15/28
270,996
325,000
CubeSmart
LP,
2.25%,
12/15/28
302,784
Sterling
Capital
Short
Duration
Bond
Fund
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Fair
Value
CORPORATE
BONDS
—
(continued)
REIT
—
(continued)
$
1,229,083
SEMICONDUCTORS
&
SEMICONDUCTOR
EQUIPMENT
—
0.54%
$
220,000
Broadcom,
Inc.,
5.05%,
7/12/27
223,112
SOFTWARE
—
0.76%
312,000
Synopsys,
Inc.,
4.65%,
4/01/28
315,176
SPECIALTY
FINANCE
—
2.74%
248,000
OneMain
Finance
Corp.,
3.50%,
1/15/27
242,794
450,000
AerCap
Ireland
Capital
DAC,
6.10%,
1/15/27
459,987
325,000
Ladder
Capital
Finance
Holdings
LLLP,
4.25%,
2/01/27
(FIXED)
(a)
320,419
113,000
Avolon
Holdings
Funding
Ltd.,
4.95%,
1/15/28
(a)
113,590
1,136,790
TECHNOLOGY
HARDWARE
—
0.73%
300,000
Motorola
Solutions
Inc.,
4.60%,
2/23/28
302,191
TECHNOLOGY
SERVICES
—
0.71%
292,000
Fiserv,
Inc.,
5.15%,
3/15/27
295,813
TELECOMMUNICATIONS
—
0.61%
250,250
Sprint
Spectrum
Co.
LLC
/
Sprint
Spectrum
Co.
II
LLC,
5.15%,
3/20/28
(a)
251,966
TOBACCO
&
CANNABIS
—
0.71%
295,000
Philip
Morris
International
Inc.,
4.13%,
4/28/28
294,423
TRANSPORTATION
&
LOGISTICS
—
1.70%
258,000
United
Airlines,
Inc.,
4.38%,
4/15/26
(a)
256,294
150,000
Delta
Air
Lines
Inc.,
4.95%,
7/10/28
150,857
300,000
Delta
Air
Lines,
Inc.
/
SkyMiles
IP
Ltd.,
4.75%,
10/20/28
(a)
300,696
707,847
Total
(Cost $23,054,165)
23,346,637
Principal
Amount
Fair
Value
ASSET
BACKED
SECURITIES
—
27.58%
176,710
OneMain
Direct
Auto
Receivables
Trust,
Series
1A,
Class
A,
3.63%,
9/14/27
(a)
176,116
240,000
Americredit
Automobile
Receivables
Trust,
Series
1,
Class
C,
2.98%,
9/20/27
237,038
588,000
Hertz
Vehicle
Financing
III
LP,
Series
2A
,
Class
A,
1.68%,
12/27/27
(a)
565,346
Sterling
Capital
Short
Duration
Bond
Fund
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Fair
Value
ASSET
BACKED
SECURITIES
—
(continued)
$
300,000
Avis
Budget
Rental
Car
Funding
AESOP
LLC,
Series
3A
,
Class
A,
5.44%,
2/22/28
(a)
$
303,736
545,000
AmeriCredit
Automobile
Receivables
Trust,
Series
2
,
Class
C,
5.32%,
4/18/28
548,832
200,000
BANK5
Trust,
Series
2024-5YR5
,
6.27%,
2/15/29
208,407
500,000
PFS
Financing
Corp.,
Series
D
,
Class
A,
5.34%,
4/16/29
(a)
508,558
220,000
Avis
Budget
Rental
Car
Funding
AESOP
LLC,
Series
1A
,
Class
A,
4.80%,
8/20/29
(a)
222,421
683,000
Enterprise
Fleet
Financing,
Series
1
,
Class
A3,
5.42%,
10/22/29
(a)
691,562
392,000
OneMain
Direct
Auto
Receivables
Trust,
Series
1A
,
Class
A,
5.41%,
11/14/29
(a)
395,624
375,331
Dryden
Senior
Loan
Fund,
Series
50A
,
Class
A1R,
5.52%,
7/15/30
((TSFR3M
+
26.20
bps)
+
100
bps)
(a)(c)
375,361
270,000
Dryden
CLO
Ltd.,
Series
53A
,
Class
BR,
–%,
1/15/31
(a)(d)
270,000
450,000
Santander
Drive
Auto
Receivables
Trust,
Series
2025-2
,
4.87%,
5/15/31
454,830
226,248
ARI
Fleet
Lease
Trust,
Series
B
,
Class
A2,
6.05%,
7/15/32
(a)
228,057
424,000
Affirm
Master
Trust,
Series
1A
,
Class
A,
4.99%,
2/15/33
(a)
427,256
290,000
Goldentree
Loan
Management
US
Clo
Ltd.,
Series
7A
,
Class
ARR,
5.37%,
4/20/34
(a)
290,090
275,000
Magnetite
XXXI
Ltd.
,
Class
A1,
5.62%,
7/15/34
(a)
275,044
500,000
Peace
Park
CLO
Ltd.,
Series
1A
,
Class
A,
5.66%,
10/20/34
(a)
500,085
296,678
Fannie
Mae
,
6.75%,
7/01/36
(H15T1Y
+
219.40
bps)
305,162
364,337
BX
Trust,
Series
2021-RISE
,
Class
C,
5.88%,
11/15/36
(a)
363,431
351,224
Hilton
Grand
Vacations
Trust,
Series
2024-3A
,
Class
A,
4.98%,
8/27/40
(a)
354,690
285,220
Sierra
Timeshare
Receivables
Funding
LLC,
Series
2024-2A
,
Class
A,
5.14%,
6/20/41
(a)
287,480
159,791
Sierra
Timeshare
Receivables
Funding
LLC,
Series
3A,
Class
A,
4.83%,
8/20/41
(a)
160,398
528,092
Tricon
Residential
Trust,
Series
2025-SFR
,
Class
A,
5.43%,
3/17/42
(TSFR1M
+
110
bps)
(a)
528,174
459,955
MVW
LLC,
Series
2024-2
,
Class
A,
4.43%,
3/20/42
(a)
458,863
364,244
HINNT
LLC,
Series
2025-A
,
Class
A,
5.01%,
3/15/44
(a)
367,492
357,000
Morgan
Stanley
Bank
of
America,
Series
C31
,
Class
A5,
3.10%,
11/15/49
347,436
Sterling
Capital
Short
Duration
Bond
Fund
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Fair
Value
ASSET
BACKED
SECURITIES
—
(continued)
$
432,268
SMB
Private
Education
Loan
Trust,
Series
2021-B
,
Class
A,
1.31%,
7/17/51
(a)(b)
$
405,212
381,191
Navient
Refinance
Loan
Trust,
Series
A
,
Class
A,
5.15%,
2/16/55
(a)
385,361
75,000
Benchmark
Mortgage
Trust,
Series
2023-V2
,
Class
A3,
5.81%,
5/15/55
(c)
77,381
228,000
BMO
Mortgage
Trust,
Series
2023-5C1
,
7.12%,
8/15/56
241,837
100,000
BANK5
Trust,
Series
2023-5YR3
,
Class
AS,
7.32%,
9/15/56
(c)
106,912
444,352
Navient
Private
Education
Refi
Loan
Trust,
Series
2021-F
,
1.11%,
2/18/70
(a)
393,486
Total
(Cost $11,377,387)
11,461,678
Principal
Amount
Fair
Value
COMMERCIAL
MORTGAGE-BACKED
SECURITIES
—
5.26%
394,041
ELP
Commercial
Mortgage
Trust,
Series
2021-ELP,
Class
C,
5.75%,
11/15/38
(a)
393,549
85,730
BX
Commercial
Mortgage
Trust,
Series
2021-ACNT,
Class
C,
5.93%,
11/15/38
(a)
85,623
287,204
BX
Commercial
Mortgage
Trust,
Series
2021-CIP,
Class
B,
5.70%,
12/15/38
(a)
287,025
261,884
SMR
Mortgage
Trust,
Series
2022-IND,
Class
A,
5.96%,
2/15/39
(a)
262,337
1,850
JPMBB
Commercial
Mortgage
Securities
Trust,
Series
2014-C23,
Class
A5,
3.93%,
9/15/47
1,838
30,706
CSAIL
Commercial
Mortgage
Trust,
Series
2015-C3,
Class
A4,
3.72%,
8/15/48
30,585
415,092
CD
Mortgage
Trust,
Series
2016-CD2,
Class
A4,
3.53%,
11/10/49
(c)
400,750
410,000
CD
Mortgage
Trust,
Series
2017-CD3,
Class
A4,
3.63%,
2/10/50
394,625
225,000
JPMCC
Commercial
Mortgage
Securities
Trust,
Series
JP5,
Class
A5,
3.72%,
3/15/50
221,459
100,000
BANK5
Trust,
Series
2023-5YR4,
Class
AS,
7.27%,
12/15/56
(c)
107,015
Total
(Cost $2,158,815)
2,184,806
Principal
Amount
Fair
Value
COLLATERALIZED
MORTGAGE
OBLIGATIONS
—
4.34%
9,346
Fannie
Mae,
Series
72,
Class
NA,
2.50%,
8/25/42
9,235
297,974
Fannie
Mae,
Series
35,
Class
CB,
2.00%,
2/25/43
288,495
177,844
Fannie
Mae,
Series
100,
Class
DA,
3.00%,
2/25/43
173,592
66,022
Fannie
Mae,
Series
71,
Class
PD,
2.50%,
3/25/43
65,459
Sterling
Capital
Short
Duration
Bond
Fund
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Fair
Value
COLLATERALIZED
MORTGAGE
OBLIGATIONS
—
(continued)
192,370
Freddie
Mac,
Series
4828,
Class
QA,
3.50%,
3/15/47
189,720
563,934
Chase
Home
Lending
Mortgage
Trust,
Series
2019-
ATR2,
Class
A3,
3.50%,
8/25/49
(a)
511,820
150,000
CSAIL
Commercial
Mortgage
Trust,
Series
2015-C7,
Class
A5,
3.50%,
11/15/49
147,685
400,000
Benchmark
Mortgage
Trust,
Series
2023-V3,
Class
A3,
6.36%,
7/15/56
(c)
419,244
Total
(Cost $1,882,265)
$
1,805,250
Principal
Amount
Fair
Value
MUNICIPAL
BONDS
—
0.23%
New
York
—
0.23%
$
95,000
City
of
New
York
NY
,
4.67
%,
2/1/28
96,223
Total
(Cost $95,000)
96,223
Principal
Amount
Fair
Value
U.S.
TREASURY
BONDS
&
NOTES
—
4.73%
424,400
United
States
Treasury
Note,
4.13
%
,
11/15/27
428,329
1,575,000
United
States
Treasury
Note,
2.75
%
,
2/15/28
1,537,532
Total
(Cost $1,952,242)
1,965,861
Shares
Fair
Value
MONEY
MARKET
FUNDS
—
2.03%
844,848
Federated
Hermes
Treasury
Obligations
Fund,
Institutional
Shares,
4.18%
(e)
844,848
Total
Money
Market
Funds
(Cost
$844,848)
844,848
Total
Investments—
100.39%
(Cost
$41,384,722)
41,725,303
Liabilities
in
Excess
of
Other
Assets 
—
(0.39)%
(162,727)
NET
ASSETS
—
100.00%
$
41,562,576
(a)
Security
exempt
from
registration
under
Rule
144A
or
Section
4(2)
of
the
Securities
Act
of
1933.
The
security
may
be
resold
in
transactions
exempt
from
registration,
normally
to
qualified
institutional
buyers.
The
Advisor,
using
Board
approved
procedures,
has
deemed
these
securities
or
a
portion
of
these
securities
to
be
liquid.
(b)
All
or
a
portion
of
the
securities
are
held
in
a
separate
collateral
account
at
US
Bank.
The
total
value
of
securities
held
in
a
separate
collateral
account
as
of
the
period
ended
June
30,
2025
is
$1,025,606,
which
represents
2.5%
of
net
assets.
(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
June
30,
2025.
The
maturity
date
reflected
is
the
final
maturity
date.
Sterling
Capital
Short
Duration
Bond
Fund
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
(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.
Sterling
Capital
Intermediate
U.S.
Government
Fund
Schedule
of
Investments
June
30,
2025
(Unaudited)
Principal
Amount
Fair
Value
ASSET
BACKED
SECURITIES
—
5.39%
$
100,000
BANK5
Trust,
Series
2024-5YR5
,
6.27%,
2/15/29
$
104,204
183,000
Avis
Budget
Rental
Car
Funding
AESOP
LLC,
Series
2023-1A
,
Class
A,
5.36%,
6/20/30
(a)
187,765
148,063
Fannie
Mae-Aces,
Series
M1
,
Class
1A3,
3.43%,
1/25/33
138,764
100,000
BANK
Trust,
Series
2024-BNK48
,
Class
A5,
5.05%,
9/15/34
100,486
62,689
United
States
Small
Business
Administration,
Series
2015-20G
,
Class
1,
2.88%,
7/01/35
(b)
58,846
26,000
BMO
Mortgage
Trust,
Series
2023-5C1
,
7.12%,
8/15/56
27,578
150,000
BANK5
Trust,
Series
2023-5YR3
,
Class
AS,
7.32%,
9/15/56
(c)
160,367
150,000
BANK5
Trust,
Series
2024-5YR6
,
Class
A3,
6.23%,
5/15/57
157,921
100,000
BANK5
Trust,
Series
2024-5YR6
,
Class
AS,
6.79%,
5/15/57
(c)
106,140
Total
(Cost $1,031,667)
1,042,071
Principal
Amount
Fair
Value
MORTGAGE-BACKED
SECURITIES
—
32.72%
Fannie
Mae
—
20.31%
133,647
4.00%,
12/01/33,
Pool
#MA1689
132,269
34,506
4.00%,
12/01/36,
Pool
#MA2856
34,072
32,481
4.00%,
2/01/37,
Pool
#MA2914
32,078
330,691
1.50%,
12/01/40,
Pool
#MA4202
274,903
107,702
6.00%,
9/01/43,
Pool
#MA5158
110,143
29,969
4.00%,
5/01/47,
Pool
#BE9598
28,133
97,196
3.50%,
12/01/47,
Pool
#CA0833
89,032
43,166
5.00%,
8/01/48,
Pool
#CA2219
43,115
43,601
3.50%,
9/01/49,
Pool
#BJ9608
39,718
50,864
3.50%,
10/01/49,
Pool
#CA4431
46,258
78,224
3.00%,
3/01/50,
Pool
#FM2714
68,498
173,423
3.00%,
7/01/50,
Pool
#CA6421
150,849
180,357
3.00%,
7/01/50,
Pool
#CA6422
156,871
145,635
2.00%,
8/01/50,
Pool
#CA6799
116,951
162,496
2.50%,
8/01/50,
Pool
#CA6707
137,558
224,778
2.00%,
9/01/50,
Pool
#CA7019
180,258
259,523
2.50%,
9/01/50,
Pool
#BQ2883
217,245
120,439
2.50%,
9/01/50,
Pool
#BQ0538
100,806
Sterling
Capital
Intermediate
U.S.
Government
Fund
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Fair
Value
MORTGAGE-BACKED
SECURITIES
—
(continued)
Fannie
Mae
—
(continued)
400,862
3.50%,
9/01/50,
Pool
#FS5284
364,526
321,390
2.00%,
10/01/50,
Pool
#CA7224
257,215
255,096
2.50%,
10/01/50,
Pool
#FM4638
213,538
235,600
2.50%,
10/01/50,
Pool
#FM4530
197,289
162,663
4.00%,
7/01/52,
Pool
#FS2516
151,690
380,472
4.50%,
11/01/52,
Pool
#FS6858
364,593
119,889
5.00%,
11/01/52,
Pool
#CB5278
118,050
286,035
6.00%,
5/01/54,
Pool
#FM2472
293,232
$
3,918,890
Federal
Home
Loan
Banks
—
0.27%
60,000
1.90%,
10/07/31
52,364
—
Freddie
Mac
—
11.57%
80,707
4.00%,
12/01/35,
Pool
#ZA2401
79,786
49,842
4.00%,
3/01/39,
Pool
#ZA6403
48,999
169,550
2.00%,
12/01/40,
Pool
#RB5090
146,343
110,988
3.50%,
1/01/47,
Pool
#ZT0941
101,637
82,449
3.00%,
12/01/51,
Pool
#SD8184
71,995
101,688
3.50%,
6/01/52,
Pool
#SD2670
93,218
153,883
4.50%,
6/01/52,
Pool
#SD1265
148,349
156,979
4.50%,
8/01/52,
Pool
#SD1515
150,984
233,247
5.00%,
9/01/52,
Pool
#RA7936
230,814
161,484
4.00%,
2/01/53,
Pool
#SD7560
152,128
145,537
5.50%,
2/01/53,
Pool
#QF8052
146,436
165,839
5.00%,
3/01/53,
Pool
#SD2390
163,401
83,607
6.00%,
5/01/53,
Pool
#SD3072
85,656
140,344
6.00%,
7/01/53,
Pool
#SD3223
143,747
181,011
5.50%,
6/01/54,
Pool
#SD5479
181,885
286,507
6.00%,
9/01/54,
Pool
#SD6337
293,135
2,238,513
Ginnie
Mae
II
—
0.57%
24,471
5.00%,
11/20/38,
Pool
#4283
24,200
90,436
4.00%,
7/20/52,
Pool
#786280
84,393
108,593
Total
(Cost $6,868,118)
6,318,360
Sterling
Capital
Intermediate
U.S.
Government
Fund
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Fair
Value
U.S.
GOVERNMENT
&
AGENCIES
—
1.79%
174,389
Fannie
Mae
Pool,
5.50
%
,
2/01/54
175,134
169,840
Fannie
Mae
Pool,
5.50
%
,
11/01/54
170,317
Total
(Cost $341,167)
$
345,451
Principal
Amount
Fair
Value
COLLATERALIZED
MORTGAGE
OBLIGATIONS
—
21.53%
109,875
Freddie
Mac,
Series
3787,
Class
LM,
4.00%,
1/15/31
109,763
57,922
Freddie
Mac,
Series
4151,
Class
PA,
2.00%,
1/15/33
55,005
175,000
Freddie
Mac,
Series
4172,
Class
KB,
3.00%,
2/15/33
163,589
215,402
Ginnie
Mae,
Series
181,
Class
AV,
5.50%,
2/20/33
221,176
61,071
Fannie
Mae,
Series
2013-44,
Class
DJ,
1.85%,
5/25/33
56,994
24,569
Fannie
Mae,
Series
2003-44,
Class
Q,
3.50%,
6/25/33
24,051
150,134
Ginnie
Mae,
Series
2023-79,
Class
DV,
5.50%,
5/20/34
152,764
91,839
Fannie
Mae,
Series
2005-31,
Class
PB,
5.50%,
4/25/35
94,616
33,702
Ginnie
Mae,
Series
2013-133,
Class
PL,
3.50%,
2/16/37
33,179
506,030
Fannie
Mae-Aces,
Series
M1,
Class
2A1,
3.94%,
12/25/37
492,330
141,409
Freddie
Mac,
Series
4863,
Class
AJ,
3.50%,
7/15/38
137,108
52,434
Freddie
Mac,
Series
4122,
Class
BC,
3.00%,
5/15/40
49,942
142,714
Ginnie
Mae,
Series
137,
Class
WA,
5.59%,
7/20/40
147,538
150,000
Ginnie
Mae,
Series
81,
Class
AL,
4.50%,
8/20/40
148,070
100,000
Progress
Residential
Trust,
Series
SFR1,
Class
A,
3.40%,
2/17/42
(a)
94,749
164,057
Fannie
Mae,
Series
2012-87,
Class
MB,
2.00%,
5/25/42
154,620
16,458
Fannie
Mae,
Series
2016-49,
Class
DA,
3.50%,
10/25/42
16,357
116,308
Fannie
Mae,
Series
2012-150,
Class
KA,
1.75%,
1/25/43
97,785
141,064
Freddie
Mac,
Series
4173,
Class
NB,
3.00%,
3/15/43
129,341
315,000
Freddie
Mac,
Series
4669,
Class
QY,
3.50%,
9/15/44
306,379
39,141
Ginnie
Mae,
Series
2015-162,
Class
EB,
2.50%,
9/20/44
37,071
331,853
Freddie
Mac,
Series
4601,
Class
NJ,
1.90%,
9/15/45
296,076
147,421
Fannie
Mae,
Series
2016-49,
Class
PA,
3.00%,
9/25/45
139,653
88,568
Freddie
Mac,
Series
4656,
Class
PA,
3.50%,
10/15/45
86,424
123,415
Fannie
Mae,
Series
2016-24,
Class
CD,
1.75%,
2/25/46
104,770
188,282
Fannie
Mae,
Series
2016-88,
Class
PK,
2.50%,
3/25/46
173,440
84,885
Freddie
Mac,
Series
5380,
Class
A,
5.50%,
9/25/47
85,386
Sterling
Capital
Intermediate
U.S.
Government
Fund
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Fair
Value
COLLATERALIZED
MORTGAGE
OBLIGATIONS
—
(continued)
224,895
Fannie
Mae,
Series
2019-25,
Class
PD,
2.50%,
5/25/48
202,641
187,121
Freddie
Mac,
Series
4942,
Class
NC,
2.50%,
10/25/49
163,344
189,714
Ginnie
Mae,
Series
2022-137,
Class
PA,
4.00%,
5/20/52
185,711
Total
(Cost $4,261,034)
$
4,159,872
Principal
Amount
Fair
Value
COMMERCIAL
MORTGAGE-BACKED
SECURITIES
—
12.64%
19,029
Freddie
Mac
Multifamily
Structured
Pass
Through,
Series
K049,
Class
A2,
3.01%,
7/25/25
18,971
262,178
Fannie
Mae-Aces,
Series
2015-M17,
Class
A2,
2.92%,
11/25/25
260,914
210,000
Freddie
Mac
Multifamily
Structured
Pass
Through,
Series
K060,
Class
A2,
3.30%,
10/25/26
207,292
481,436
Freddie
Mac
Multifamily
Structured
Pass
Through,
Series
K061,
Class
A2,
3.35%,
11/25/26
475,800
360,260
Fannie
Mae-Aces,
Series
2017-M7,
Class
A2,
2.96%,
2/25/27
353,363
191,514
Fannie
Mae-Aces,
Series
2017-M8,
Class
A2,
3.06%,
5/25/27
187,839
125,000
Freddie
Mac
Multifamily
Structured
Pass
Through,
Series
K066,
Class
A2,
3.12%,
6/25/27
(Special
footnote)
122,787
171,739
Freddie
Mac
Multifamily
Structured
Pass
Through,
Series
K069,
Class
A2,
3.19%,
9/25/27
168,560
275,000
Freddie
Mac
Multifamily
Structured
Pass
Through,
Series
K079,
Class
A2,
3.93%,
6/25/28
274,157
378,493
Fannie
Mae-Aces,
Series
2018-M10,
Class
A2,
3.36%,
7/25/28
371,196
1,541
JPMBB
Commercial
Mortgage
Securities
Trust,
Series
2014-C23,
Class
A5,
3.93%,
9/15/47
1,531
Total
(Cost $2,491,260)
2,442,410
Principal
Amount
Fair
Value
U.S.
GOVERNMENT
AGENCIES
—
0.36%
86,000
Federal
Farm
Credit
Banks
Funding
Corp.,
2.40
%
,
3/24/36
69,199
Total
(Cost $70,163)
69,199
Principal
Amount
Fair
Value
MUNICIPAL
BONDS
—
0.21%
Wisconsin
—
0.21%
$
40,000
State
of
Wisconsin,
TXB,
Revenue
Bonds,
Pension
Fundings
Series
A,
(AGM)
,
5.70
%,
5/1/26
(b)
40,478
Total
(Cost $40,448)
40,478
Sterling
Capital
Intermediate
U.S.
Government
Fund
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Fair
Value
U.S.
TREASURY
BONDS
&
NOTES
—
24.33%
1,350,000
United
States
Treasury
Strip
Coupon,
0.00
%
,
5/15/29
1,165,866
220,000
United
States
Treasury
Note,
0.63
%
,
8/15/30
187,627
1,150,200
United
States
Treasury
Note,
1.13
%
,
2/15/31
(b)
995,193
1,750,000
United
States
Treasury
Note,
2.75
%
,
8/15/32
(b)
1,614,375
1,000,000
United
States
Treasury
Strip
Coupon,
0.00
%
,
11/15/32
737,205
Total
(Cost $4,706,142)
$
4,700,266
Shares
Fair
Value
MONEY
MARKET
FUNDS
—
0.68%
132,270
Federated
Hermes
Treasury
Obligations
Fund,
Institutional
Shares,
4.18%
(d)
132,270
Total
Money
Market
Funds
(Cost
$132,270)
132,270
Total
Investments—
99.65%
(Cost
$19,942,269)
19,250,377
Other
Assets
in
Excess
of
Liabilities
—
0.35%
66,984
NET
ASSETS
—
100.00%
$
19,317,361
(a)
Security
exempt
from
registration
under
Rule
144A
or
Section
4(2)
of
the
Securities
Act
of
1933.
The
security
may
be
resold
in
transactions
exempt
from
registration,
normally
to
qualified
institutional
buyers.
The
Advisor,
using
Board
approved
procedures,
has
deemed
these
securities
or
a
portion
of
these
securities
to
be
liquid.
(b)
All
or
a
portion
of
the
securities
are
held
in
a
separate
collateral
account
at
US
Bank.
The
total
value
of
securities
held
in
a
separate
collateral
account
as
of
the
period
ended
June
30,
2025
is
$536,755,
which
represents
2.8%
of
net
assets.
(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
June
30,
2025.
The
maturity
date
reflected
is
the
final
maturity
date.
(d)
Represents
the
current
yield
as
of
report
date.
AGM
Assured
Guaranty
Municipal
Corp.
TXB
Taxable
Bond
Sterling
Capital
Total
Return
Bond
Fund
Schedule
of
Investments
June
30,
2025
(Unaudited)
Principal
Amount
Fair
Value
CORPORATE
BONDS
—
20.15%
AEROSPACE
&
DEFENSE
—
0.67%
$
2,190,000
BAE
Systems
PLC,
5.13%,
3/26/29
(a)
$
2,244,719
1,741,000
Boeing
Co.
(The),
6.30%,
5/01/29
1,840,501
860,000
Howmet
Aerospace,
Inc.,
5.95%,
2/01/37
913,133
2,483,000
Boeing
Co.
(The),
5.71%,
5/01/40
2,453,052
2,847,000
RTX
Corp.,
4.50%,
6/01/42
2,519,949
9,971,354
ASSET
MANAGEMENT
—
0.10%
1,540,000
Ares
Finance
Co.
III
LLC,
4.13%,
6/30/51
(H15T5Y
+
323.70
bps)
(a)(b)
1,504,178
AUTOMOTIVE
—
0.05%
670,000
Hyundai
Capital
America,
5.40%,
6/23/32
(a)
678,581
BANKING
—
0.48%
2,421,000
Mitsubishi
UFJ
Financial
Group
Inc.,
2.49%,
10/13/32
(H15T1Y
+
97
bps)
(b)
2,118,048
1,923,000
US
Bancorp,
4.84%,
2/01/34
(b)
1,898,808
3,008,000
Bank
of
America
Corp.,
5.74%,
2/12/36
(SOFRRATE
+
169.70
bps)
(b)
3,056,543
7,073,399
BANKS
—
3.59%
3,825,000
Macquarie
Group
Ltd.,
1.34%,
1/12/27
(SOFR
+
107
bps)
(a)(b)
3,760,806
2,993,000
Fifth
Third
Bancorp,
4.06%,
4/25/28
(b)
2,973,603
3,024,000
Wells
Fargo
&
Co.,
MTN,
4.81%,
7/25/28
(b)
3,049,492
5,893,000
Bank
of
America
Corp.,
3.42%,
12/20/28
(b)
5,760,312
2,070,000
Huntington
Bancshares,
Inc.,
6.21%,
8/21/29
(b)
2,172,087
1,547,000
KeyCorp,
2.55%,
10/01/29
1,428,414
5,122,000
JPMorgan
Chase
&
Co.,
5.01%,
1/23/30
(b)
5,216,537
1,546,000
Citizens
Financial
Group,
Inc.,
5.84%,
1/23/30
(b)
1,601,257
1,604,000
Comerica,
Inc.,
5.98%,
1/30/30
(SOFR
+
215.50
bps)
(b)
1,642,964
3,042,000
Sumitomo
Mitsui
Financial
Group,
Inc.,
2.13%,
7/08/30
2,718,048
3,721,000
Wells
Fargo
&
Co.,
2.88%,
10/30/30
(b)
3,476,646
6,530,000
Citigroup,
Inc.,
2.98%,
11/05/30
(b)
6,109,202
3,715,000
Toronto-Dominion
Bank
(The),
3.63%,
9/15/31
(USSW5
+
220.50
bps)
(b)
3,672,559
4,120,000
Westpac
Banking
Corp.,
GMTN,
4.32%,
11/23/31
(USISOA05
+
224
bps)
(b)
4,092,857
3,490,000
JPMorgan
Chase
&
Co.,
4.91%,
7/25/33
(b)
3,510,205
Sterling
Capital
Total
Return
Bond
Fund
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Fair
Value
CORPORATE
BONDS
—
(continued)
BANKS
—
(continued)
$
2,046,000
Bank
of
America
Corp.,
5.29%,
4/25/34
(b)
$
2,086,989
53,271,978
BEVERAGES
—
0.52%
2,989,000
Constellation
Brands,
Inc.,
4.90%,
5/01/33
2,961,624
2,760,000
Bacardi
Ltd.
/
Bacardi-Martini
BV,
5.40%,
6/15/33
(a)
2,750,732
2,241,000
Anheuser-Busch
InBev
Finance,
Inc.,
4.90%,
2/01/46
2,042,000
7,754,356
BIOTECH
&
PHARMA
—
0.29%
2,151,000
Pfizer
Investment
Enterprises
Pte
Ltd.,
4.65%,
5/19/30
2,180,750
2,233,000
CSL
Finance
PLC,
4.25%,
4/27/32
(a)
2,178,965
4,359,715
BIOTECHNOLOGY
—
0.24%
3,535,000
Amgen,
Inc.,
5.25%,
3/02/30
3,642,400
CABLE
&
SATELLITE
—
0.30%
1,653,000
Charter
Communications
Operating
LLC,
6.10%,
6/01/29
1,730,599
2,584,000
Charter
Communications
Operating
LLC,
6.55%,
6/01/34
2,757,019
4,487,618
CAPITAL
MARKETS
—
1.16%
2,220,000
Blue
Owl
Capital
Corp.,
3.40%,
7/15/26
2,184,330
4,203,000
Morgan
Stanley,
3.59%,
7/22/28
(b)
4,129,431
1,058,000
Ares
Management
Corp.,
6.38%,
11/10/28
1,121,172
1,886,000
Jefferies
Financial
Group,
Inc.,
4.15%,
1/23/30
1,841,997
3,509,000
BlackRock,
Inc.,
1.90%,
1/28/31
(c)
3,087,619
4,787,000
Morgan
Stanley,
MTN,
5.25%,
4/21/34
(b)
4,869,567
17,234,116
CONSUMER
SERVICES
—
0.29%
2,317,000
Duke
University,
3.30%,
10/01/46
1,648,241
3,898,000
Lehigh
University,
3.48%,
11/15/46
2,874,160
4,522,401
DIVERSIFIED
TELECOMMUNICATION
SERVICES
—
0.23%
4,310,000
AT&T,
Inc.,
3.50%,
6/01/41
3,381,045
ELECTRIC
UTILITIES
—
1.73%
3,394,000
NextEra
Energy
Capital
Holdings,
Inc.,
2.44%,
1/15/32
2,944,820
1,835,000
Southern
California
Edison
Co.,
5.95%,
11/01/32
1,883,075
2,804,000
DTE
Electric
Co.,
5.20%,
4/01/33
2,881,033
Sterling
Capital
Total
Return
Bond
Fund
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Fair
Value
CORPORATE
BONDS
—
(continued)
ELECTRIC
UTILITIES
—
(continued)
$
2,113,000
CenterPoint
Energy
Houston
Electric
LLC,
5.15%,
3/01/34
$
2,131,402
2,305,000
Duke
Energy
Florida
LLC,
6.40%,
6/15/38
2,527,160
3,248,000
Indiana
Michigan
Power
Co.,
4.55%,
3/15/46
2,742,222
3,838,000
Duke
Energy
Progress
LLC,
3.60%,
9/15/47
2,811,685
2,644,000
Puget
Sound
Energy,
Inc.,
4.22%,
6/15/48
2,112,043
2,400,000
Southwestern
Public
Service
Co.,
3.15%,
5/01/50
1,553,955
2,128,000
Entergy
Louisiana
LLC,
5.70%,
3/15/54
2,099,907
1,484,000
Southern
California
Edison
Co.,
5.75%,
4/15/54
1,329,266
647,000
Nevada
Power
Co.,
6.25%,
5/15/55
(H15T5Y
+
193.60  bps)
(b)
643,864
25,660,432
FINANCIAL
SERVICES
—
0.09%
1,550,000
KKR
Group
Finance
Co.
III
LLC,
5.13%,
6/01/44
(a)
1,406,794
FOOD
—
0.40%
3,329,000
Mars,
Inc.,
5.20%,
3/01/35
(a)
3,368,878
2,981,000
Kraft
Heinz
Foods
Co.,
4.88%,
10/01/49
2,559,416
5,928,294
GAS
&
WATER
UTILITIES
—
0.33%
2,505,000
Sempra
Global,
3.25%,
1/15/32
(a)
2,133,650
2,864,000
Southern
Co
Gas
Capital
Corp,
4.95%,
9/15/34
2,834,821
4,968,471
HEALTH
CARE
EQUIPMENT
&
SUPPLIES
—
0.19%
2,691,000
GE
HealthCare
Technologies,
Inc.,
5.86%,
3/15/30
2,842,049
HEALTH
CARE
FACILITIES
&
SERVICES
—
0.44%
1,510,000
IQVIA,
Inc.,
6.25%,
2/01/29
1,578,178
2,601,000
HCA,
Inc.,
5.50%,
6/01/33
2,662,933
2,269,000
CVS
Health
Corp,
6.05%,
6/01/54
2,223,715
6,464,826
HOME
CONSTRUCTION
—
0.10%
1,415,000
DR
Horton
Inc.,
4.85%,
10/15/30
1,427,469
HOUSEHOLD
DURABLES
—
0.10%
1,570,000
Meritage
Homes
Corp.,
3.88%,
4/15/29
(a)
1,512,746
INSURANCE
—
1.68%
2,933,000
SBL
Holdings,
Inc.,
5.13%,
11/13/26
(a)
2,907,785
2,297,000
GA
Global
Funding
Trust,
5.50%,
1/08/29
(a)
2,353,935
Sterling
Capital
Total
Return
Bond
Fund
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Fair
Value
CORPORATE
BONDS
—
(continued)
INSURANCE
—
(continued)
$
2,313,000
AXIS
Specialty
Finance
LLC,
3.90%,
7/15/29
$
2,246,042
1,794,000
Fortitude
Group
Holdings
LLC,
6.25%,
4/01/30
(a)
1,845,684
583,000
American
International
Group
Inc.,
4.85%,
5/07/30
592,280
1,392,000
RGA
Global
Funding,
5.50%,
1/11/31
(a)
1,435,708
1,654,000
Enstar
Group
Ltd.,
3.10%,
9/01/31
1,470,390
2,765,000
Athene
Holding
Ltd.,
5.88%,
1/15/34
2,863,393
1,456,000
SBL
Holdings,
Inc.,
7.20%,
10/30/34
(a)
1,391,755
1,712,000
Transatlantic
Holdings,
Inc.,
8.00%,
11/30/39
2,150,262
2,904,000
Meiji
Yasuda
Life
Insurance
Co.,
5.20%,
10/20/45
(a)(b)
2,910,895
1,409,000
Corebridge
Financial,
Inc.,
6.38%,
9/15/54
(H15T5Y
+
264.60
bps)
(b)
1,404,322
1,400,000
Athene
Holding
Ltd.,
6.63%,
10/15/54
(b)
1,378,161
24,950,612
INTERACTIVE
MEDIA
&
SERVICES
—
0.15%
2,344,000
Meta
Platforms,
Inc.,
5.40%,
8/15/54
2,285,966
INTERNET
&
DIRECT
MARKETING
RETAIL
—
0.14%
3,517,000
Amazon.com,
Inc.,
2.70%,
6/03/60
(c)
2,019,850
IT
SERVICES
—
0.15%
2,181,000
Gartner,
Inc.,
4.50%,
7/01/28
(a)
2,158,264
MACHINERY
—
0.13%
1,940,000
Caterpillar
Inc.,
5.20%,
5/15/35
1,977,540
METALS
&
MINING
—
0.65%
2,024,000
Anglo
American
Capital
PLC,
5.50%,
5/02/33
(a)
2,064,139
2,330,000
Steel
Dynamics,
Inc.,
5.38%,
8/15/34
2,365,879
2,682,000
Glencore
Funding
LLC,
5.67%,
4/01/35
(a)
2,736,069
2,722,000
Freeport-McMoRan
Inc.,
5.45%,
3/15/43
2,572,332
9,738,419
MULTI-UTILITIES
—
0.29%
2,638,000
Sempra,
3.80%,
2/01/38
2,182,928
2,449,000
CMS
Energy
Corp.,
4.70%,
3/31/43
2,120,642
4,303,570
OIL
&
GAS
PRODUCERS
—
0.47%
1,464,000
Antero
Resources
Corp.,
5.38%,
3/01/30
(a)
1,473,367
1,755,000
Energy
Transfer
LP,
3.75%,
5/15/30
1,683,850
2,202,000
Woodside
Finance
Ltd.,
6.00%,
5/19/35
2,247,667
Sterling
Capital
Total
Return
Bond
Fund
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Fair
Value
CORPORATE
BONDS
—
(continued)
OIL
&
GAS
PRODUCERS
—
(continued)
$
1,849,000
APA
Corp.,
5.10%,
9/01/40
(a)
$
1,550,714
6,955,598
OIL,
GAS
&
CONSUMABLE
FUELS
—
0.93%
3,421,000
Aker
BP
ASA,
3.75%,
1/15/30
(a)
3,257,520
2,525,000
Pioneer
Natural
Resources
Co.,
1.90%,
8/15/30
2,238,129
1,981,000
Targa
Resources
Corp.,
6.50%,
3/30/34
2,128,795
2,030,000
Diamondback
Energy,
Inc.,
5.40%,
4/18/34
2,036,007
2,393,000
MPLX
LP,
4.50%,
4/15/38
2,116,432
1,961,000
ONEOK,
Inc.,
7.15%,
1/15/51
2,111,781
13,888,664
REIT
—
1.00%
3,279,000
American
Tower
Trust,
Series
2018-1,
Class
A,
3.65%,
3/15/28
(a)(c)
3,203,309
2,070,000
LXP
Industrial
Trust,
2.70%,
9/15/30
1,855,007
3,096,000
Store
Capital
LLC,
2.75%,
11/18/30
2,728,357
1,479,000
Tanger
Properties
LP,
2.75%,
9/01/31
1,296,946
1,625,000
Invitation
Homes
Operating
Partnership
LP,
4.15%,
4/15/32
1,538,229
2,085,000
Prologis
Targeted
US
Logistics
Fund
LP,
5.50%,
4/01/34
(a)
2,128,870
2,260,000
Phillips
Edison
Grocery
Center,
4.95%,
1/15/35
2,188,522
14,939,240
RETAIL
-
DISCRETIONARY
—
0.29%
2,181,000
O'Reilly
Automotive
Inc.,
4.20%,
4/01/30
2,158,872
2,430,000
Lowe's
Cos
Inc.,
1.70%,
10/15/30
2,115,288
4,274,160
SEMICONDUCTORS
—
0.50%
1,352,000
Microchip
Technology
Inc.,
5.05%,
2/15/30
1,371,499
3,362,000
Foundry
JV
Holdco
LLC,
6.15%,
1/25/32
(a)
3,537,639
2,465,000
Intel
Corp.,
5.20%,
2/10/33
2,485,838
7,394,976
SEMICONDUCTORS
&
SEMICONDUCTOR
EQUIPMENT
—
0.21%
3,323,000
Broadcom,
Inc.,
4.93%,
5/15/37
(a)
3,225,051
SOFTWARE
—
0.18%
2,639,000
Oracle
Corp.,
6.13%,
8/03/65
2,641,660
SPECIALTY
FINANCE
—
0.28%
1,322,000
AerCap
Ireland
Capital
DAC,
6.15%,
9/30/30
1,409,816
Sterling
Capital
Total
Return
Bond
Fund
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Fair
Value
CORPORATE
BONDS
—
(continued)
SPECIALTY
FINANCE
—
(continued)
$
1,691,000
Ladder
Capital
Finance
Holdings
LLLP,
7.00%,
7/15/31
(a)
$
—
2,695,000
American
Express
Co.,
5.44%,
1/30/36
(SOFRINDX
+
132
bps)
2,751,076
4,160,892
TECHNOLOGY
HARDWARE
—
0.32%
2,344,000
Motorola
Solutions
Inc.,
4.85%,
8/15/30
2,369,255
2,390,000
Dell
International
LLC
/
EMC
Corp.,
5.50%,
4/01/35
2,413,767
4,783,022
TECHNOLOGY
SERVICES
—
0.30%
2,580,000
Kyndryl
Holdings,
Inc.,
3.15%,
10/15/31
2,330,011
2,176,000
Verisk
Analytics,
Inc.,
5.25%,
3/15/35
2,188,324
4,518,335
TELECOMMUNICATIONS
—
0.56%
2,409,000
AT&T,
Inc.,
4.30%,
2/15/30
2,401,163
2,330,000
Sprint
Capital
Corp.,
8.75%,
3/15/32
2,826,500
3,007,000
T-Mobile
USA,
Inc.,
6.00%,
6/15/54
3,061,010
8,288,673
TOBACCO
&
CANNABIS
—
0.32%
2,166,000
Philip
Morris
International,
Inc.,
5.13%,
2/15/30
2,228,437
2,347,000
BAT
Capital
Corp.,
6.42%,
8/02/33
2,548,891
4,777,328
TRANSPORTATION
&
LOGISTICS
—
0.30%
2,351,000
Delta
Air
Lines
Inc.,
5.25%,
7/10/30
2,366,091
2,229,000
Burlington
Northern
Santa
Fe
LLC,
4.95%,
9/15/41
2,097,352
4,463,443
Total
(Cost $301,897,831)
299,837,485
Principal
Amount
Fair
Value
MUNICIPAL
BONDS
—
1.07%
Alabama
—
0.18%
2,675,000
Alabama
Economic
Settlement
Authority,
Economic
Imports,
Taxable
BP
-
Settlement
Revenue
Series
B
,
4.26
%,
9/15/32
(c)
2,634,080
California
—
0.09%
1,145,000
State
of
California,
Build
America
Bonds,
School
Improvements
G.O.
,
7.63
%,
3/1/40
(c)
1,370,535
New
York
—
0.80%
5,000,000
City
of
New
York
NY
,
5.68
%,
10/1/33
5,319,229
Sterling
Capital
Total
Return
Bond
Fund
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Fair
Value
MUNICIPAL
BONDS
—
(continued)
New
York
—
(continued)
$
345,000
Metropolitan
Transportation
Authority,
Taxable
Green
Bonds,
Green
Purpose
Revenue
Bonds
Series
C2
,
5.18
%,
11/15/49
$
309,002
7,130,000
New
York
City
Transitional
Finance
Authority
Future
Tax
Secured
Revenue,
Public
Improvements,
Taxable
Revenue,
Callable
2/1/27
@
100
,
3.00
%,
11/1/33
6,306,286
Total
(Cost $16,449,988)
15,939,132
Principal
Amount
Fair
Value
ASSET
BACKED
SECURITIES
—
14.17%
8,720,000
Carvana
Auto
Receivables
Trust,
Series
P2
,
Class
B,
1.27%,
3/10/27
8,537,422
3,987,000
GreatAmerica
Leasing
Receivables
Funding
LLC
,
5.00%,
9/15/28
(a)
4,032,694
5,741,000
BANK5
Trust,
Series
2024-5YR5
,
6.27%,
2/15/29
5,982,324
13,050,000
OneMain
Direct
Auto
Receivables
Trust,
Series
1A
,
Class
A,
5.41%,
11/14/29
(a)
13,170,656
4,543,000
Avis
Budget
Rental
Car
Funding
AESOP
LLC,
Series
8A
,
Class
A,
6.02%,
2/20/30
(a)
4,748,446
3,127,000
Avis
Budget
Rental
Car
Funding
AESOP
LLC,
Series
2023-1A
,
Class
A,
5.36%,
6/20/30
(a)
3,208,427
9,600,000
Dryden
CLO
Ltd.,
Series
53A
,
Class
BR,
–%,
1/15/31
(a)(b)
9,600,000
17,494,000
Hertz
Vehicle
Financing
III
LLC,
Series
2A
,
Class
A,
5.48%,
1/27/31
(a)
17,785,662
5,625,000
ARI
Fleet
Lease
Trust,
Series
B
,
Class
A3,
5.89%,
7/15/32
(a)
5,753,463
246,582
New
Century
Home
Equity
Loan
Trust,
Series
4
,
Class
M1,
5.56%,
10/25/33
(c)
246,504
10,114
RAAC
Trust,
STEP,
Series
2004-SP1
,
Class
AI3,
6.12%,
3/25/34
10,058
1,126,555
Saxon
Asset
Securities
Trust,
Series
3
,
Class
M1,
5.33%,
12/26/34
(TSFR1M
+
101
bps)
(b)
1,092,396
3,394,162
OneMain
Financial
Issuance
Trust,
Series
S1
,
Class
A,
4.13%,
5/14/35
(a)
3,381,508
20,805,000
OneMain
Financial
Issuance
Trust,
Series
1A
,
Class
A1,
1.55%,
6/16/36
(a)
19,902,665
2,863,975
BX
Trust,
Series
2021-RISE
,
Class
C,
5.88%,
11/15/36
(a)
2,856,855
15,000,000
CIFC
Funding
Ltd.,
Series
2017-3A
,
Class
AR,
5.81%,
4/20/37
(TSFR3M
+
154
bps)
(a)(d)
15,048,451
11,103,000
OHA
Credit
Funding
Ltd.,
Series
5A
,
Class
AR,
5.62%,
10/18/37
(a)(d)
11,145,302
Sterling
Capital
Total
Return
Bond
Fund
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Fair
Value
ASSET
BACKED
SECURITIES
—
(continued)
$
10,500,335
CARLYLE
US
CLO
Ltd.,
Series
2017-3A
,
Class
A1R2,
5.67%,
10/21/37
(a)(d)
$
10,545,381
11,500,000
Reese
Parl
CLO
Ltd.,
Series
1A
,
Class
ARR,
5.58%,
1/15/38
(TSFR3M
+
132
bps)
(a)(b)
11,538,870
13,303,000
Toyota
Auto
Loan
Extended
Note
Trust,
Series
2025-1A
,
Class
A,
4.65%,
5/25/38
(a)
13,480,535
3,686,249
MVW
LLC,
Series
2024-2
,
Class
A,
4.43%,
3/20/42
(a)
3,677,491
13,356,854
Freddie
Mac
,
1.50%,
7/25/50
10,240,608
2,002,000
BMO
Mortgage
Trust,
Series
2023-5C1
,
7.12%,
8/15/56
2,123,500
3,607,000
BANK5
Trust,
Series
2023-5YR3
,
Class
AS,
7.32%,
9/15/56
3,856,301
13,268,154
SMB
Private
Education
Loan
Trust,
Series
2024-E
,
Class
A-1A,
5.09%,
10/16/56
(a)
13,397,179
5,192,000
BANK5
Trust,
Series
2024-5YR6
,
Class
A3,
6.23%,
5/15/57
5,466,147
9,377,000
BANK5
Trust,
Series
2024-5YR6
,
Class
AS,
6.79%,
5/15/57
9,952,755
Total
(Cost $210,025,051)
210,781,600
Principal
Amount
Fair
Value
COMMERCIAL
MORTGAGE-BACKED
SECURITIES
—
9.24%
4,030,684
FRESB
Mortgage
Trust,
Series
SB52,
Class
A10F,
3.46%,
6/25/28
3,939,109
1,396,000
Benchmark
Mortgage
Trust,
Series
V6,
Class
A3,
5.93%,
3/15/29
1,456,503
5,293,000
Benchmark
Mortgage
Trust,
Series
V6,
Class
AS,
6.38%,
3/15/29
5,529,410
1,449,097
Fannie
Mae-Aces,
Series
2019-M9,
Class
A2,
2.94%,
6/25/29
1,395,445
3,386,000
Freddie
Mac
Multifamily
Structured
Pass
Through,
Series
K153,
Class
A3,
3.12%,
10/25/31
3,152,975
8,536,000
Freddie
Mac
Multifamily
Structured
Pass
Through,
Series
K155,
Class
A3,
3.75%,
4/25/33
8,133,327
21,171
CSFB
Mortgage-Backed
Pass-Through
Certificates,
Series
1,
Class
2A1,
6.50%,
2/25/34
21,172
37,241
CHL
Mortgage
Pass-Through
Trust,
Series
3,
Class
A4,
5.75%,
4/25/34
37,047
8,994
Citigroup
Mortgage
Loan
Trust,
Inc.,
Series
NCM2,
Class
3CB2,
6.50%,
8/25/34
(c)
8,973
3,080,414
ELP
Commercial
Mortgage
Trust,
Series
2021-ELP,
Class
C,
5.75%,
11/15/38
(a)
3,076,564
2,929,389
BX
Commercial
Mortgage
Trust,
Series
2021-ACNT,
Class
C,
5.93%,
11/15/38
(a)
2,925,727
Sterling
Capital
Total
Return
Bond
Fund
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Fair
Value
COMMERCIAL
MORTGAGE-BACKED
SECURITIES
—
(continued)
2,614,305
BX
Commercial
Mortgage
Trust,
Series
2021-CIP,
Class
B,
5.70%,
12/15/38
(a)
2,612,671
2,597,776
SMR
Mortgage
Trust,
Series
2022-IND,
Class
A,
5.96%,
2/15/39
(a)
2,602,273
32,104
Freddie
Mac,
Series
4710,
Class
GA,
3.00%,
3/15/44
31,978
1,072,983
JP
Morgan
Chase
Commercial
Mortgage,
Series
C3,
Class
B,
5.01%,
2/15/46
(a)(b)
1,037,025
15,085
COMM
Mortgage
Trust,
3.69%,
8/10/47
14,919
13,826
GS
Mortgage
Securities
Trust,
3.93%,
9/12/47
13,794
960,059
CSAIL
Commercial
Mortgage
Trust,
Series
2015-C4,
Class
A4,
3.81%,
11/15/48
956,302
2,812,000
Wells
Fargo
Commercial
Mortgage
Trust,
Series
P2,
Class
A4,
3.81%,
12/15/48
2,795,121
4,314,000
CD
Mortgage
Trust,
Series
2016-CD2,
Class
A4,
3.53%,
11/10/49
(b)
4,164,955
2,562,000
Morgan
Stanley
Capital
I
Trust,
Series
BNK2,
Class
A4,
3.05%,
11/15/49
2,496,839
2,209,000
GS
Mortgage
Securities
Trust,
Series
2016-GS4,
Class
A4,
3.44%,
11/15/49
2,170,347
1,517,000
JP
Morgan
Chase
Commercial
Mortgage,
Series
JP4,
Class
A4,
3.65%,
12/15/49
1,492,947
5,198,000
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust,
Series
C32,
Class
A4,
3.72%,
12/15/49
5,132,409
723,000
Wells
Fargo
Commercial
Mortgage
Trust,
Series
C37,
Class
A5,
3.79%,
12/15/49
712,863
530,000
CD
Mortgage
Trust,
Series
2017-CD3,
Class
A4,
3.63%,
2/10/50
510,125
3,742,000
JPMCC
Commercial
Mortgage
Securities
Trust,
Series
JP5,
Class
A5,
3.72%,
3/15/50
3,683,112
1,337,000
Citigroup
Commercial
Mortgage
Trust,
Series
P7,
Class
A4,
3.71%,
4/14/50
1,307,731
7,241,000
COMM
Mortgage
Trust,
Series
COR2,
Class
A3,
3.51%,
9/10/50
7,060,398
8,591,000
Wells
Fargo
Commercial
Mortgage
Trust,
Series
C40,
Class
A4,
3.58%,
10/15/50
8,414,622
8,910,000
Morgan
Stanley
Capital
I,
Series
HR2,
Class
A4,
3.59%,
12/15/50
8,686,677
9,850,000
Morgan
Stanley
Capital
I
Trust,
Series
H3,
Class
A5,
4.18%,
7/15/51
9,711,612
3,447,000
CFCRE
Commercial
Mortgage
Trust,
Series
C7,
Class
A3,
3.84%,
12/10/54
3,398,314
3,127,000
Benchmark
Mortgage
Trust,
Series
V2,
Class
AS,
6.54%,
5/15/55
3,253,810
8,156,000
Benchmark
Mortgage
Trust,
Series
2024-V7,
Class
A3,
6.23%,
5/15/56
(b)
8,589,674
Sterling
Capital
Total
Return
Bond
Fund
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Fair
Value
COMMERCIAL
MORTGAGE-BACKED
SECURITIES
—
(continued)
6,548,000
Benchmark
Mortgage
Trust,
Series
2024-V7,
Class
AS,
6.53%,
5/15/56
6,873,262
5,789,000
BANK5
Trust,
Series
2023-5YR4,
Class
AS,
7.27%,
12/15/56
6,195,111
8,434,000
Benchmark
Mortgage
Trust,
Series
V5,
Class
A3,
5.81%,
1/10/57
8,754,734
2,940,000
BBCMS
Mortgage
Trust,
Series
5C25,
Class
A3,
5.95%,
3/15/57
3,068,699
2,002,000
BBCMS
Mortgage
Trust,
Series
5C25,
Class
AS,
6.36%,
3/15/57
2,092,381
Total
(Cost $140,618,352)
$
137,510,957
Principal
Amount
Fair
Value
COLLATERALIZED
MORTGAGE
OBLIGATIONS
—
3.98%
456,709
Freddie
Mac,
Series
4136,
Class
HZ,
3.50%,
11/15/27
452,683
2,107,000
BANK5,
Series
2023-5YR4,
Class
B,
7.61%,
12/15/28
2,265,372
324,000
Freddie
Mac,
Series
4160,
Class
HH,
2.50%,
12/15/32
305,834
8,119,443
Ginnie
Mae,
Series
132,
Class
DV,
6.00%,
7/20/34
8,301,902
98,493
Ginnie
Mae,
Series
2008-51,
Class
PG,
5.00%,
6/20/38
99,140
88,451
Fannie
Mae,
Series
2013-16,
Class
A,
1.75%,
1/25/40
88,121
151,614
Freddie
Mac,
Series
3632,
Class
PK,
5.00%,
2/15/40
154,178
2,341,520
Ginnie
Mae,
Series
2014-2,
Class
AG,
2.29%,
3/20/40
2,092,651
39,377
Freddie
Mac,
Series
4077,
Class
PJ,
3.50%,
11/15/40
39,268
730,000
Freddie
Mac,
Series
3762,
Class
LN,
4.00%,
11/15/40
696,424
468,928
Fannie
Mae,
Series
2011-38,
Class
D,
4.50%,
5/25/41
(c)
467,508
9,355,000
Progress
Residential
Trust,
Series
SFR1,
Class
A,
3.40%,
2/17/42
(a)
8,863,766
3,423,180
Freddie
Mac,
Series
5427,
Class
HZ,
3.50%,
8/15/42
2,803,905
6,956,976
Freddie
Mac,
Series
4112,
Class
PB,
4.00%,
9/15/42
6,697,842
891,000
Fannie
Mae,
Series
2013-70,
Class
CY,
3.50%,
7/25/43
771,405
237,193
Freddie
Mac,
Series
4328,
Class
KD,
3.00%,
8/15/43
229,571
1,118,332
Freddie
Mac,
Series
4427,
Class
KA,
2.25%,
7/15/44
1,052,631
8,183,817
Freddie
Mac,
Series
5300,
Class
AB,
5.50%,
1/25/49
8,290,048
10,567,884
Ginnie
Mae,
Series
154,
Class
GA,
6.00%,
4/20/50
10,808,101
4,548,114
Freddie
Mac,
Series
5499,
Class
A,
5.50%,
10/25/52
4,687,853
Total
(Cost $58,615,344)
59,168,203
Sterling
Capital
Total
Return
Bond
Fund
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Fair
Value
MORTGAGE-BACKED
SECURITIES
—
24.93%
Fannie
Mae
—
14.70%
186
5.00%,
9/01/25,
Pool
#255892
185
733,684
4.00%,
12/01/33,
Pool
#MA1689
726,120
428,758
4.00%,
6/01/34,
Pool
#MA1922
425,316
390,084
4.00%,
3/01/35,
Pool
#MA2211
385,765
176,452
5.50%,
8/01/37,
Pool
#995082
181,670
1,981,555
3.50%,
8/01/38,
Pool
#FM2472
1,913,260
71,971
4.50%,
10/01/39,
Pool
#AC2645
71,186
80,108
5.00%,
6/01/40,
Pool
#AD4927
81,105
84,098
5.00%,
6/01/40,
Pool
#AD8718
85,144
4,482,424
4.00%,
8/01/40,
Pool
#FM4673
4,433,992
10,432,541
1.50%,
12/01/40,
Pool
#MA4202
8,672,591
160,363
4.50%,
12/01/40,
Pool
#AH1100
159,883
99,926
4.50%,
3/01/41,
Pool
#AB2467
99,390
176,494
4.50%,
5/01/41,
Pool
#AI1023
173,348
127,037
4.50%,
11/01/41,
Pool
#AJ4994
126,356
145,492
4.50%,
12/01/41,
Pool
#AJ7696
144,533
361,440
3.50%,
6/01/42,
Pool
#AB5373
339,027
329,466
3.50%,
5/01/43,
Pool
#AB9368
308,657
623,239
3.50%,
5/01/43,
Pool
#AL3605
578,435
877,142
3.50%,
8/01/43,
Pool
#AU0613
818,577
161,096
4.50%,
11/01/44,
Pool
#MA2100
157,880
530,720
4.50%,
1/01/45,
Pool
#MA2158
518,921
626,380
4.00%,
3/01/45,
Pool
#MA2217
(c)
595,157
564,253
4.00%,
6/01/46,
Pool
#MA2653
534,725
492,163
4.50%,
7/01/46,
Pool
#AS7568
480,512
674,912
4.00%,
11/01/46,
Pool
#MA2808
639,417
829,200
4.00%,
5/01/47,
Pool
#BE9598
778,390
1,158,255
4.00%,
8/01/47,
Pool
#BH5117
1,096,736
2,898,839
4.00%,
4/01/48,
Pool
#BM3900
2,740,574
1,056,699
5.00%,
8/01/48,
Pool
#CA2219
1,055,465
2,663,042
3.00%,
11/01/48,
Pool
#BM5822
2,362,379
8,975,039
4.50%,
11/01/48,
Pool
#BM7046
8,799,267
3,710,338
3.50%,
10/01/49,
Pool
#CA4431
3,374,340
5,316,771
3.00%,
3/01/50,
Pool
#FM2714
4,655,703
9,223,800
3.00%,
3/01/50,
Pool
#FM2870
8,150,138
Sterling
Capital
Total
Return
Bond
Fund
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Fair
Value
MORTGAGE-BACKED
SECURITIES
—
(continued)
Fannie
Mae
—
(continued)
6,150,633
2.00%,
7/01/50,
Pool
#CA6301
4,933,278
7,584,805
2.50%,
9/01/50,
Pool
#BQ0538
6,348,391
13,739,745
3.50%,
9/01/50,
Pool
#FS5284
12,494,354
3,187,095
3.00%,
10/01/50,
Pool
#CA7381
2,771,073
4,185,022
4.00%,
8/01/51,
Pool
#FS8708
3,943,924
3,853,152
3.00%,
11/01/51,
Pool
#CB2170
3,343,867
10,035,820
3.50%,
4/01/52,
Pool
#FS1185
9,054,404
12,838,042
3.50%,
4/01/52,
Pool
#FS1475
11,705,392
1,637,078
4.00%,
5/01/52,
Pool
#FS1790
1,522,932
7,682,654
4.50%,
6/01/52,
Pool
#FS2157
7,434,935
5,815,492
4.50%,
11/01/52,
Pool
#FS3809
5,593,394
5,670,773
5.00%,
11/01/52,
Pool
#CB5278
5,583,761
6,573,644
5.50%,
3/01/53,
Pool
#FS3925
6,627,404
7,014,594
4.50%,
5/01/53,
Pool
#CB6304
6,747,586
14,165,962
5.00%,
5/01/53,
Pool
#FS4929
14,055,546
8,626,200
5.50%,
5/01/53,
Pool
#FS4571
8,690,377
8,550,309
6.00%,
6/01/53,
Pool
#FS6616
8,696,291
10,282,216
5.50%,
7/01/53,
Pool
#FS5589
10,330,867
6,105,419
6.00%,
7/01/53,
Pool
#FS5233
6,252,583
13,958,814
6.00%,
9/01/53,
Pool
#CB7124
14,404,201
12,213,245
6.00%,
4/01/54,
Pool
#FA0566
12,464,107
$
218,662,811
Federal
Farm
Credit
Banks
Funding
Corp.
—
0.29%
5,325,000
2.40%,
3/24/36
4,284,677
—
Freddie
Mac
—
9.59%
84
5.00%,
7/01/25,
Pool
#ZA1892
84
29,062
2.50%,
1/01/28,
Pool
#ZK4918
28,484
135,985
3.50%,
7/01/30,
Pool
#ZS8575
134,327
22,410
5.00%,
3/01/36,
Pool
#ZS4230
22,748
733,212
4.00%,
4/01/36,
Pool
#ZA2413
724,674
6,688
5.00%,
7/01/36,
Pool
#ZS1139
6,793
555,237
3.50%,
8/01/36,
Pool
#ZA2425
536,647
73,301
6.50%,
9/01/36,
Pool
#ZS4257
77,118
1,364,411
3.50%,
11/01/36,
Pool
#ZA2439
1,317,360
Sterling
Capital
Total
Return
Bond
Fund
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Fair
Value
MORTGAGE-BACKED
SECURITIES
—
(continued)
Freddie
Mac
—
(continued)
32,631
5.00%,
2/01/37,
Pool
#ZI5759
33,157
1,089,531
4.00%,
5/01/37,
Pool
#ZA2461
1,072,976
27,438
4.50%,
10/01/39,
Pool
#ZI9349
27,152
3,796,348
3.00%,
5/01/40,
Pool
#RB5049
3,543,286
85,128
5.00%,
6/01/40,
Pool
#ZA1049
86,187
215,069
5.00%,
7/01/40,
Pool
#ZJ0194
217,744
26,084
5.00%,
9/01/40,
Pool
#ZA1066
26,409
5,276,404
2.00%,
12/01/40,
Pool
#RB5090
4,554,183
311,823
4.00%,
12/01/42,
Pool
#ZS3671
299,210
237,330
3.50%,
5/01/43,
Pool
#ZL5915
222,391
120,878
4.00%,
5/01/44,
Pool
#ZA4468
115,002
63,497
4.00%,
7/01/44,
Pool
#ZS4573
60,528
115,397
4.00%,
9/01/44,
Pool
#ZL8439
108,527
1,417,112
3.50%,
1/01/45,
Pool
#ZL8964
1,323,192
1,276,620
3.50%,
5/01/46,
Pool
#ZS4663
1,179,093
362,443
4.00%,
8/01/46,
Pool
#ZS4673
343,419
862,495
3.50%,
9/01/46,
Pool
#ZS4678
798,910
1,984,154
3.50%,
9/01/47,
Pool
#ZM4305
1,825,484
534,454
3.50%,
1/01/48,
Pool
#ZM5375
490,280
441,663
4.00%,
2/01/48,
Pool
#ZT1639
418,253
431,177
4.00%,
6/01/48,
Pool
#ZT0541
408,277
2,164,278
3.00%,
11/01/49,
Pool
#QA4336
1,899,071
1,917,013
3.50%,
6/01/50,
Pool
#RA2794
1,744,826
8,002,778
2.50%,
7/01/50,
Pool
#RA2970
6,706,707
196,349
3.00%,
1/01/51,
Pool
#SD8123
171,063
1,100,514
3.00%,
12/01/51,
Pool
#SD8184
960,978
4,495,667
3.50%,
4/01/52,
Pool
#RA7191
4,068,821
8,900,723
4.00%,
5/01/52,
Pool
#RA7306
8,329,293
10,492,148
3.50%,
6/01/52,
Pool
#SD2670
9,618,245
9,000,429
4.00%,
8/01/52,
Pool
#SD3617
8,478,349
8,465,089
4.50%,
8/01/52,
Pool
#SD1515
8,141,789
8,575,722
5.00%,
9/01/52,
Pool
#RA7936
8,486,257
8,156,501
5.00%,
10/01/52,
Pool
#SD1710
8,033,869
8,378,762
5.50%,
2/01/53,
Pool
#QF8052
8,430,503
10,515,084
4.00%,
3/01/53,
Pool
#SD3107
9,839,953
Sterling
Capital
Total
Return
Bond
Fund
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Fair
Value
MORTGAGE-BACKED
SECURITIES
—
(continued)
Freddie
Mac
—
(continued)
2,692,887
5.00%,
3/01/53,
Pool
#SD2390
2,653,294
14,452,135
5.50%,
3/01/53,
Pool
#SD2774
14,576,812
5,058,235
6.00%,
5/01/53,
Pool
#SD3072
5,182,184
9,716,552
5.00%,
8/01/53,
Pool
#SD3814
9,599,477
1,506,306
5.00%,
9/01/53,
Pool
#SD4220
1,492,134
4,214,006
5.50%,
12/01/54,
Pool
#SD6940
4,236,771
$
142,652,291
Ginnie
Mae
I
—
0.00%
43,758
5.00%,
2/15/40,
Pool
#737037
44,293
Ginnie
Mae
II
—
0.35%
5,579,490
4.00%,
7/20/52,
Pool
#786280
5,206,669
Total
(Cost $385,685,175)
370,850,741
Principal
Amount
Fair
Value
U.S.
GOVERNMENT
&
AGENCIES
—
4.30%
4,369,215
Fannie
Mae,
2.50
%
,
11/01/50
3,672,290
13,227,820
Fannie
Mae,
2.50
%
,
6/01/52
11,151,881
24,409,287
Fannie
Mae,
3.00
%
,
6/01/52
21,367,305
13,527,256
Fannie
Mae,
6.00
%
,
6/01/54
13,831,631
6,911,534
Fannie
Mae,
5.50
%
,
11/01/54
6,930,974
7,105,556
Fannie
Mae,
5.00
%
,
5/01/55
6,975,235
Total
(Cost $64,061,860)
63,929,316
Principal
Amount
Fair
Value
U.S.
TREASURY
BONDS
&
NOTES
—
20.92%
10,638,400
United
States
Treasury
Bond,
2.63
%
,
2/15/29
10,244,862
24,876,300
United
States
Treasury
Bond,
4.00
%
,
2/28/30
25,118,261
111,043,700
United
States
Treasury
Bond,
4.13
%
,
11/15/32
(c)
111,811,464
36,483,500
United
States
Treasury
Bond,
4.00
%
,
2/15/34
36,102,988
81,655,700
United
States
Treasury
Bond,
2.50
%
,
2/15/45
57,484,337
65,822,200
United
States
Treasury
Bond,
1.38
%
,
8/15/50
32,453,430
41,583,100
United
States
Treasury
Bond,
4.25
%
,
8/15/54
37,973,817
Total
(Cost $310,141,129)
311,189,159
Sterling
Capital
Total
Return
Bond
Fund
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Shares
Fair
Value
MONEY
MARKET
FUNDS
—
1.05%
15,603,941
Federated
Hermes
Treasury
Obligations
Fund,
Institutional
Shares,
4.18%
(e)
15,603,941
Total
Money
Market
Funds
(Cost
$15,603,941)
$
15,603,941
Total
Investments—
99.91%
(Cost
$1,504,598,671)
1,486,310,534
Other
Assets
in
Excess
of
Liabilities
—
0.09%
1,403,129
NET
ASSETS
—
100.00%
$
1,487,713,663
(a)
Security
exempt
from
registration
under
Rule
144A
or
Section
4(2)
of
the
Securities
Act
of
1933.
The
security
may
be
resold
in
transactions
exempt
from
registration,
normally
to
qualified
institutional
buyers.
The
Advisor,
using
Board
approved
procedures,
has
deemed
these
securities
or
a
portion
of
these
securities
to
be
liquid.
(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
June
30,
2025.
The
maturity
date
reflected
is
the
final
maturity
date.
(c)
All
or
a
portion
of
the
securities
are
held
in
a
separate
collateral
account
at
US
Bank.
The
total
value
of
securities
held
in
a
separate
collateral
account
as
of
the
period
ended
June
30,
2025
is
$88,458,931,
which
represents
5.9%
of
net
assets.
(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.
GMTN
Global
Medium
Term
Note
G.O.
General
Obligation
MTN
Medium
Term
Note
STEP
Step
Coupon
Bond
Sterling
Capital
Long
Duration
Corporate
Bond
Fund
Schedule
of
Investments
June
30,
2025
(Unaudited)
c
Principal
Amount
Fair
Value
CORPORATE
BONDS
—
90.40%
AEROSPACE
&
DEFENSE
—
3.57%
$
196,000
Howmet
Aerospace,
Inc.,
5.95%,
2/01/37
$
208,109‌
139,000
RTX
Corp.,
4.45%,
11/16/38
128,085‌
268,000
Boeing
Co.
(The),
5.71%,
5/01/40
264,768‌
212,000
RTX
Corp.,
2.82%,
9/01/51
130,973‌
194,000
Lockheed
Martin
Corp.,
4.15%,
6/15/53
153,957‌
207,000
L3Harris
Technologies,
Inc.,
5.60%,
7/31/53
202,559‌
111,000
RTX
Corp.,
6.40%,
3/15/54
121,671‌
294,000
Boeing
Co.
(The),
6.86%,
5/01/54
321,847‌
125,000
Boeing
Co.
(The),
5.93%,
5/01/60
118,820‌
1,650,789‌
ASSET
MANAGEMENT
—
0.57%
95,000
Blue
Owl
Finance
LLC,
Series
C10,
4.13%,
10/07/51
64,805‌
97,000
KKR
Group
Finance
Co.
X
LLC,
3.25%,
12/15/51
(a)
62,209‌
146,000
Ares
Management
Corp.,
5.60%,
10/11/54
137,784‌
264,798‌
AUTOMOTIVE
—
0.44%
67,000
General
Motors
Financial
Co.
Inc.,
6.10%,
1/07/34
68,958‌
173,000
Ford
Motor
Co.,
4.75%,
1/15/43
133,028‌
201,986‌
BANKS
—
7.30%
143,000
Morgan
Stanley,
2.48%,
9/16/36
121,512‌
114,000
Bank
of
America
Corp.,
2.48%,
9/21/36
(b)
96,598‌
96,000
Fifth
Third
Bancorp,
8.25%,
3/01/38
114,981‌
187,000
Bank
of
America
Corp.,
4.24%,
4/24/38
(b)
170,257‌
100,000
HSBC
Holdings
PLC,
6.80%,
6/01/38
108,403‌
264,000
Morgan
Stanley,
3.97%,
7/22/38
(b)
229,878‌
122,000
JPMorgan
Chase
&
Co.,
3.88%,
7/24/38
(TSFR3M
+
162
bps)
(b)
107,599‌
81,000
Citigroup,
Inc.,
3.88%,
1/24/39
69,820‌
128,000
Westpac
Banking
Corp.,
2.96%,
11/16/40
94,731‌
66,000
Citigroup,
Inc.,
5.32%,
3/26/41
(b)
64,370‌
365,000
JPMorgan
Chase
&
Co.,
3.11%,
4/22/41
(TSFR3M
+
246
bps)
(b)
279,749‌
143,000
Wells
Fargo
&
Co.,
3.07%,
4/30/41
(b)
108,061‌
362,000
Bank
of
America
Corp.
MTN,
2.68%,
6/19/41
(b)
258,198‌
56,000
Citigroup,
Inc.,
5.88%,
1/30/42
57,895‌
153,000
JPMorgan
Chase
&
Co.,
3.16%,
4/22/42
(b)
115,368‌
204,000
Barclays
PLC,
3.33%,
11/24/42
(H15T1Y
+
130
bps)
(b)
151,438‌
363,000
Wells
Fargo
&
Co.,
5.38%,
11/02/43
344,215‌
93,000
JPMorgan
Chase
&
Co.,
5.53%,
11/29/45
(b)
93,207‌
200,000
Lloyds
Banking
Group
PLC,
3.37%,
12/14/46
142,509‌
161,000
JPMorgan
Chase
&
Co.,
4.26%,
2/22/48
135,649‌
136,000
Charles
Schwab
Corp.
(The),
Series
H,
4.00%,
12/31/49
(H15T10Y
+
307.90
bps)
(b)(c)
126,162‌
Sterling
Capital
Long
Duration
Corporate
Bond
Fund
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Fair
Value
CORPORATE
BONDS
—
(continued)
BANKS
—
(continued)
$
232,000
Bank
of
America
Corp.
MTN,
4.33%,
3/15/50
(TSFR3M
+
178
bps)
(b)
$
192,673‌
117,000
Wells
Fargo
&
Co.
MTN,
5.01%,
4/04/51
(TSFR3M
+
450
bps)
(b)
106,531‌
113,000
S&P
Global,
Inc.,
3.70%,
3/01/52
85,419‌
3,375,223‌
BEVERAGES
—
2.91%
144,000
Diageo
Capital
PLC,
3.88%,
4/29/43
115,819‌
317,000
Anheuser-Busch
Cos.
LLC,
4.90%,
2/01/46
(FIXED)
290,575‌
200,000
Bacardi
Ltd.,
5.30%,
5/15/48
(a)
175,994‌
379,000
Anheuser-Busch
InBev
Worldwide
Inc.,
5.55%,
1/23/49
376,126‌
214,000
Constellation
Brands,
Inc.,
3.75%,
5/01/50
155,672‌
96,000
PepsiCo,
Inc.,
2.75%,
10/21/51
59,892‌
194,000
PepsiCo,
Inc.,
4.65%,
2/15/53
171,025‌
1,345,103‌
BIOTECH
&
PHARMA
—
1.99%
110,000
Wyeth
LLC,
5.95%,
4/01/37
117,330‌
187,000
Pfizer
Investment
Enterprises
Pte
Ltd.,
5.11%,
5/19/43
178,327‌
200,000
Roche
Holdings,
Inc.,
2.61%,
12/13/51
(a)
122,260‌
190,000
CSL
Finance
PLC,
4.75%,
4/27/52
(a)
162,994‌
200,000
Roche
Holdings
Inc.,
5.22%,
3/08/54
(a)
193,974‌
91,000
CSL
Finance
PLC,
5.42%,
4/03/54
(a)
85,974‌
59,000
AbbVie
Inc.,
5.60%,
3/15/55
59,021‌
919,880‌
BIOTECHNOLOGY
—
3.06%
134,000
AbbVie,
Inc.,
4.05%,
11/21/39
117,452‌
192,000
Gilead
Sciences,
Inc.,
2.60%,
10/01/40
137,754‌
56,000
Amgen,
Inc.,
5.15%,
11/15/41
52,771‌
131,000
AbbVie,
Inc.,
4.40%,
11/06/42
115,183‌
260,000
Amgen,
Inc.,
5.60%,
3/02/43
257,923‌
90,000
Baxalta,
Inc.,
5.25%,
6/23/45
84,033‌
149,000
AbbVie,
Inc.,
4.45%,
5/14/46
128,256‌
218,000
Amgen,
Inc.,
5.65%,
3/02/53
212,854‌
114,000
Amgen,
Inc.,
2.77%,
9/01/53
67,605‌
116,000
AbbVie,
Inc.,
5.40%,
3/15/54
112,793‌
171,000
Amgen,
Inc.,
4.40%,
2/22/62
133,478‌
1,420,102‌
CABLE
&
SATELLITE
—
2.03%
190,000
Time
Warner
Cable
LLC,
6.55%,
5/01/37
196,236‌
103,000
Time
Warner
Cable
LLC,
5.88%,
11/15/40
98,886‌
315,000
Charter
Communications
Operating
LLC,
6.48%,
10/23/45
312,116‌
141,000
Charter
Communications
Operating
LLC,
6.83%,
10/23/55
144,294‌
Sterling
Capital
Long
Duration
Corporate
Bond
Fund
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Fair
Value
CORPORATE
BONDS
—
(continued)
CABLE
&
SATELLITE
—
(continued)
$
269,000
Charter
Communications
Operating
LLC,
4.40%,
12/01/61
$
188,619‌
940,151‌
CAPITAL
MARKETS
—
0.93
%
146,000
Goldman
Sachs
Group,
Inc.
(The),
6.75%,
10/01/37
160,276‌
106,000
Jefferies
Financial
Group,
Inc.,
6.50%,
1/20/43
110,594‌
193,000
Intercontinental
Exchange,
Inc.,
4.25%,
9/21/48
157,511‌
428,381‌
CHEMICALS
—
0.23%
52,000
Dow
Chemical
Co.
(The),
4.38%,
11/15/42
42,313‌
88,000
LYB
International
Finance
III
LLC,
4.20%,
5/01/50
65,208‌
107,521‌
COMMERCIAL
SERVICES
&
SUPPLIES
—
0.24%
175,000
Republic
Services,
Inc.,
2.95%,
1/15/52
111,502‌
COMMUNICATIONS
EQUIPMENT
—
0.10%
48,000
Cisco
Systems,
Inc.,
5.30%,
2/26/54
46,549‌
CONSTRUCTION
MATERIALS
—
0.35%
106,000
Vulcan
Materials
Co.,
4.50%,
6/15/47
89,428‌
88,000
Martin
Marietta
Materials,
Inc.,
4.25%,
12/15/47
71,395‌
160,823‌
CONTAINERS
&
PACKAGING
—
0.66%
27,000
Packaging
Corp.
of
America,
4.05%,
12/15/49
20,632‌
139,000
Packaging
Corp.
of
America,
3.05%,
10/01/51
87,016‌
200,000
Smurfit
Kappa
Treasury
ULC,
5.78%,
4/03/54
197,357‌
305,005‌
DIVERSIFIED
FINANCIAL
SERVICES
—
0.49%
140,000
Corebridge
Financial,
Inc.,
4.40%,
4/05/52
111,852‌
116,000
Apollo
Global
Management,
Inc.,
5.80%,
5/21/54
114,560‌
226,412‌
DIVERSIFIED
TELECOMMUNICATION
SERVICES
—
3.84%
289,000
AT&T,
Inc.,
4.50%,
5/15/35
275,385‌
204,000
Verizon
Communications,
Inc.,
5.25%,
3/16/37
203,025‌
127,000
Verizon
Communications,
Inc.,
2.65%,
11/20/40
89,595‌
149,000
Verizon
Communications,
Inc.,
3.40%,
3/22/41
114,929‌
287,000
AT&T,
Inc.,
3.50%,
6/01/41
225,142‌
150,000
Deutsche
Telekom
AG,
3.63%,
1/21/50
(a)
108,943‌
345,000
AT&T,
Inc.,
3.65%,
9/15/59
231,462‌
547,000
AT&T,
Inc.,
3.85%,
6/01/60
382,471‌
213,000
Verizon
Communications,
Inc.,
3.70%,
3/22/61
147,004‌
1,777,956‌
ELECTRIC
UTILITIES
—
13.80%
74,000
Appalachian
Power
Co.,
5.80%,
10/01/35
75,592‌
66,000
Commonwealth
Edison
Co.,
5.90%,
3/15/36
70,492‌
68,000
Florida
Power
&
Light
Co.,
5.85%,
5/01/37
69,916‌
Sterling
Capital
Long
Duration
Corporate
Bond
Fund
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Fair
Value
CORPORATE
BONDS
—
(continued)
ELECTRIC
UTILITIES
—
(continued)
$
124,000
Duke
Energy
Carolinas
LLC,
6.10%,
6/01/37
$
131,924‌
74,000
Duke
Energy
Florida
LLC,
6.35%,
9/15/37
80,875‌
140,000
Public
Service
Electric
&
Gas
Co.
MTN,
5.38%,
11/01/39
142,135‌
107,000
Massachusetts
Electric
Co.,
5.90%,
11/15/39
(a)
109,610‌
65,000
Puget
Sound
Energy,
Inc.,
5.64%,
4/15/41
64,356‌
100,000
Florida
Power
&
Light
Co.,
4.13%,
2/01/42
84,954‌
161,000
Virginia
Electric
and
Power
Co.,
4.00%,
1/15/43
129,700‌
110,000
MidAmerican
Energy
Co.,
4.80%,
9/15/43
100,211‌
184,000
Consolidated
Edison
Co.
of
New
York,
Inc.,
4.45%,
3/15/44
158,466‌
76,000
Exelon
Corp.,
5.10%,
6/15/45
69,037‌
125,000
Exelon
Corp.,
4.45%,
4/15/46
103,369‌
223,000
Duke
Energy
Indiana
LLC,
3.75%,
5/15/46
168,904‌
120,000
Duke
Energy
Ohio,
Inc.,
3.70%,
6/15/46
89,613‌
124,000
FirstEnergy
Corp.,
4.85%,
7/15/47
105,366‌
118,000
DTE
Electric
Co.,
3.75%,
8/15/47
89,795‌
100,000
Alabama
Power
Co.,
3.70%,
12/01/47
(d)
76,168‌
113,000
Connecticut
Light
and
Power
Co.
(The),
4.00%,
4/01/48
88,652‌
79,000
Consolidated
Edison
Co.
of
New
York,
Inc.,
4.65%,
12/01/48
67,064‌
83,000
CenterPoint
Energy
Houston
Electric
LLC,
4.25%,
2/01/49
66,617‌
80,000
FirstEnergy
Transmission
LLC,
4.55%,
4/01/49
(a)
67,808‌
141,000
San
Diego
Gas
&
Electric
Co.,
4.10%,
6/15/49
108,150‌
245,000
Entergy
Texas,
Inc.,
3.55%,
9/30/49
171,126‌
137,000
Union
Electric
Co.,
3.25%,
10/01/49
93,441‌
230,000
Xcel
Energy,
Inc.,
3.50%,
12/01/49
157,522‌
290,000
Georgia
Power
Co.,
3.70%,
1/30/50
216,143‌
172,000
AEP
Transmission
Co.
LLC,
3.65%,
4/01/50
(d)
126,062‌
132,000
San
Diego
Gas
&
Electric
Co.,
3.32%,
4/15/50
88,515‌
161,000
Baltimore
Gas
and
Electric
Co.,
2.90%,
6/15/50
100,669‌
235,000
CenterPoint
Energy
Houston
Electric
LLC,
2.90%,
7/01/50
(d)
150,470‌
113,000
Berkshire
Hathaway
Energy
Co.,
4.25%,
10/15/50
90,270‌
155,000
Commonwealth
Edison
Co.,
3.13%,
3/15/51
102,416‌
178,000
Duke
Energy
Progress
LLC,
2.90%,
8/15/51
110,634‌
134,000
PECO
Energy
Co.,
2.85%,
9/15/51
84,385‌
133,000
Puget
Sound
Energy,
Inc.,
2.89%,
9/15/51
82,335‌
147,000
DTE
Electric
Co.,
3.65%,
3/01/52
108,037‌
55,000
Northern
States
Power
Co.,
4.50%,
6/01/52
46,693‌
109,000
MidAmerican
Energy
Co.,
2.70%,
8/01/52
67,472‌
178,000
Duke
Energy
Corp.,
5.00%,
8/15/52
156,053‌
109,000
Oncor
Electric
Delivery
Co.
LLC,
4.95%,
9/15/52
96,640‌
93,000
Duke
Energy
Carolinas
LLC,
5.35%,
1/15/53
89,169‌
Sterling
Capital
Long
Duration
Corporate
Bond
Fund
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Fair
Value
CORPORATE
BONDS
—
(continued)
ELECTRIC
UTILITIES
—
(continued)
$
204,000
Southern
California
Edison
Co.,
5.70%,
3/01/53
$
183,004‌
70,000
Union
Electric
Co.,
5.45%,
3/15/53
67,533‌
150,000
Indiana
Michigan
Power
Co.,
5.63%,
4/01/53
147,230‌
123,000
Berkshire
Hathaway
Energy
Co.,
4.60%,
5/01/53
102,786‌
78,000
Public
Service
Electric
and
Gas
Co.,
5.45%,
8/01/53
76,482‌
81,000
Entergy
Texas,
Inc.,
5.80%,
9/01/53
79,829‌
92,000
Duke
Energy
Corp.,
6.10%,
9/15/53
93,572‌
68,000
Southern
California
Edison
Co.,
5.88%,
12/01/53
62,069‌
69,000
Duke
Energy
Carolinas
LLC,
5.40%,
1/15/54
66,359‌
162,000
NextEra
Energy
Capital
Holdings,
Inc.,
5.55%,
3/15/54
155,814‌
204,000
Entergy
Louisiana
LLC,
5.70%,
3/15/54
201,307‌
91,000
Public
Service
Electric
and
Gas
Co.,
5.50%,
3/01/55
89,744‌
114,000
Duke
Energy
Progress
LLC,
5.55%,
3/15/55
111,428‌
229,000
Virginia
Electric
and
Power
Co.,
5.65%,
3/15/55
225,547‌
35,000
Entergy
Mississippi
LLC,
5.80%,
4/15/55
35,020‌
22,000
DTE
Electric
Co.,
5.85%,
5/15/55
22,524‌
80,000
Florida
Power
&
Light
Co.,
5.80%,
3/15/65
81,115‌
145,000
Dominion
Energy
South
Carolina,
Inc.,
5.10%,
6/01/65
129,756‌
6,387,945‌
ENERGY
EQUIPMENT
&
SERVICES
—
0.17%
84,000
Halliburton
Co.,
4.85%,
11/15/35
80,847‌
EQUITY
REAL
ESTATE
-INVESTMENT
TRUSTS
-(REITS)
—
0.24%
161,000
NNN
REIT,
Inc.,
3.50%,
4/15/51
110,410‌
FINANCIAL
SERVICES
—
1.03%
82,000
Blackstone
Holdings
Finance
Co.
LLC,
6.25%,
8/15/42
(a)
85,158‌
69,000
Carlyle
Holdings
II
Finance
LLC,
5.63%,
3/30/43
(a)
66,096‌
70,000
KKR
Group
Finance
Co.
III
LLC,
5.13%,
6/01/44
(a)
63,533‌
200,000
UBS
Group
AG,
5.38%,
9/06/45
(USISSO01
+
186
bps)
(a)(b)
192,820‌
37,000
BlackRock
Funding,
Inc.,
5.25%,
3/14/54
35,483‌
33,000
BlackRock
Funding,
Inc.,
5.35%,
1/08/55
32,163‌
475,253‌
FOOD
—
1.87%
221,000
Kraft
Heinz
Foods
Co.,
6.88%,
1/26/39
244,480‌
150,000
Nestle
Holdings,
Inc.,
2.50%,
9/14/41
(a)
103,967‌
71,000
Cargill,
Inc.,
4.76%,
11/23/45
(a)
63,373‌
105,000
Kraft
Heinz
Foods
Co.,
4.88%,
10/01/49
90,151‌
76,000
Cargill,
Inc.,
4.38%,
4/22/52
(a)
62,082‌
304,000
Mars,
Inc.,
5.70%,
5/01/55
(a)
303,257‌
867,310‌
FOOD
&
STAPLES
RETAILING
—
0.24%
157,000
Kenvue,
Inc.,
2.50%,
9/22/41
110,874‌
Sterling
Capital
Long
Duration
Corporate
Bond
Fund
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Fair
Value
CORPORATE
BONDS
—
(continued)
GAS
&
WATER
UTILITIES
—
0.43%
$
309,000
Southern
Co
Gas
Capital
Corp.,
3.15%,
9/30/51
$
197,441‌
GAS
UTILITIES
—
0.16%
88,000
Atmos
Energy
Corp.,
4.13%,
10/15/44
72,872‌
HEALTH
CARE
EQUIPMENT
&
SUPPLIES
—
0.54%
84,000
Stryker
Corp.,
4.63%,
3/15/46
74,311‌
70,000
Abbott
Laboratories,
4.90%,
11/30/46
(d)
66,257‌
100,000
GE
HealthCare
Technologies,
Inc.,
6.38%,
11/22/52
107,742‌
248,310‌
HEALTH
CARE
FACILITIES
&
SERVICES
—
1.16%
218,000
UnitedHealth
Group
Inc.,
2.75%,
5/15/40
158,161‌
169,000
HCA,
Inc.,
5.50%,
6/15/47
157,045‌
162,000
HCA,
Inc.,
3.50%,
7/15/51
107,313‌
116,000
HCA,
Inc.,
6.00%,
4/01/54
113,483‌
536,002‌
HEALTH
CARE
PROVIDERS
&
SERVICES
—
1.80%
226,000
UnitedHealth
Group,
Inc.,
3.50%,
8/15/39
182,384‌
229,000
CVS
Health
Corp.,
5.13%,
7/20/45
202,805‌
154,000
UnitedHealth
Group,
Inc.,
3.75%,
10/15/47
114,641‌
194,000
Elevance
Health,
Inc.,
4.38%,
12/01/47
158,568‌
70,000
CVS
Health
Corp.,
5.88%,
6/01/53
66,883‌
123,000
UnitedHealth
Group,
Inc.,
4.95%,
5/15/62
105,552‌
830,833‌
HOTELS,
RESTAURANTS
&
LEISURE
—
0.96%
173,000
McDonald's
Corp.,
4.88%,
12/09/45
156,020‌
185,000
McDonald's
Corp.,
3.63%,
9/01/49
134,188‌
224,000
Starbucks
Corp.,
3.50%,
11/15/50
155,949‌
446,157‌
HOUSEHOLD
PRODUCTS
—
0.42%
250,000
Haleon
US
Capital
LLC,
4.00%,
3/24/52
193,005‌
INDEPENDENT
POWER/RENEWABLE
ELECTRICITY
PRODUCERS
—
0.13%
70,000
Tennessee
Valley
Authority,
4.25%,
9/15/52
58,194‌
INSURANCE
—
5.26%
119,000
SBL
Holdings,
Inc.,
7.20%,
10/30/34
(a)
113,749‌
91,000
New
York
Life
Insurance
Co.,
6.75%,
11/15/39
(a)
102,185‌
57,000
Transatlantic
Holdings,
Inc.,
8.00%,
11/30/39
71,592‌
116,000
Teachers
Insurance
&
Annuity
Ass.
of
America,
6.85%,
12/16/39
(a)
130,599‌
123,000
Enstar
Finance
LLC,
5.50%,
1/15/42
(H15T5Y
+
400.60
bps)
(b)
120,989‌
76,000
Securian
Financial
Group,
Inc.,
4.80%,
4/15/48
(a)
65,980‌
76,000
Berkshire
Hathaway
Finance
Corp.,
4.20%,
8/15/48
63,776‌
154,000
New
York
Life
Insurance
Co.,
3.75%,
5/15/50
(a)
113,767‌
132,000
Pacific
LifeCorp,
3.35%,
9/15/50
(a)
88,951‌
Sterling
Capital
Long
Duration
Corporate
Bond
Fund
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Fair
Value
CORPORATE
BONDS
—
(continued)
INSURANCE
—
(continued)
$
130,000
Prudential
Financial,
Inc.,
3.70%,
10/01/50
(H15T5Y
+
303.50
bps)
(b)
$
118,576‌
162,000
Northwestern
Mutual
Life
Insurance
Co.
(The),
3.45%,
3/30/51
(a)
112,096‌
96,000
Fidelity
National
Financial,
Inc.,
3.20%,
9/17/51
58,988‌
173,000
Global
Atlantic
Fin
Co.,
4.70%,
10/15/51
(H15T5Y
+
379.60
bps)
(a)(b)
169,825‌
60,000
Berkshire
Hathaway
Finance
Corp.,
3.85%,
3/15/52
46,429‌
134,000
Athene
Holding
Ltd.,
3.45%,
5/15/52
85,128‌
113,000
Aon
North
America,
Inc.,
5.75%,
3/01/54
111,355‌
91,000
Global
Atlantic
Fin
Co.,
6.75%,
3/15/54
(a)
93,226‌
158,000
Athene
Holding
Ltd.,
6.25%,
4/01/54
155,932‌
164,000
Corebridge
Financial,
Inc.,
6.38%,
9/15/54
(H15T5Y
+
264.60
bps)
(b)
163,455‌
165,000
Athene
Holding
Ltd.,
6.63%,
10/15/54
(b)
162,426‌
36,000
Northwestern
Mutual
Life
Insurance
Co.
(The),
6.17%,
5/29/55
(a)
37,593‌
150,000
W
R
Berkley
Corp.,
3.15%,
9/30/61
92,108‌
76,000
Guardian
Life
Insurance
Co.
of
America
(The),
4.88%,
6/19/64
(a)
65,225‌
115,000
New
York
Life
Insurance
Co.,
4.45%,
5/15/69
(a)
89,512‌
2,433,462‌
INTERACTIVE
MEDIA
&
SERVICES
—
0.68%
213,000
Meta
Platforms,
Inc.,
4.45%,
8/15/52
179,582‌
48,000
Meta
Platforms,
Inc.,
5.40%,
8/15/54
46,812‌
89,000
Meta
Platforms,
Inc.,
5.75%,
5/15/63
89,966‌
316,360‌
INTERNET
&
DIRECT
MARKETING
RETAIL
—
0.80%
225,000
Amazon.com,
Inc.,
2.50%,
6/03/50
135,227‌
411,000
Amazon.com,
Inc.,
2.70%,
6/03/60
236,042‌
371,269‌
IT
SERVICES
—
0.59%
129,000
Visa,
Inc.,
4.30%,
12/14/45
112,136‌
198,000
Fiserv,
Inc.,
4.40%,
7/01/49
162,100‌
274,236‌
MACHINERY
—
0.66%
108,000
Deere
&
Co.,
3.90%,
6/09/42
91,964‌
111,000
Caterpillar,
Inc.,
3.80%,
8/15/42
91,712‌
87,000
Cummins,
Inc.,
5.45%,
2/20/54
84,249‌
36,000
Caterpillar
Inc.,
5.50%,
5/15/55
35,880‌
303,805‌
MEDIA
—
1.10%
229,000
Comcast
Corp.,
3.25%,
11/01/39
179,407‌
182,000
Comcast
Corp.,
2.80%,
1/15/51
109,129‌
117,000
Comcast
Corp.,
2.89%,
11/01/51
71,204‌
Sterling
Capital
Long
Duration
Corporate
Bond
Fund
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Fair
Value
CORPORATE
BONDS
—
(continued)
MEDIA
—
(continued)
$
158,000
Comcast
Corp.,
5.50%,
5/15/64
$
147,143‌
506,883‌
METALS
&
MINING
—
1.08%
70,000
Newmont
Corp.,
4.88%,
3/15/42
64,886‌
142,000
Southern
Copper
Corp.,
5.88%,
4/23/45
140,408‌
169,000
Steel
Dynamics,
Inc.,
3.25%,
10/15/50
111,413‌
120,000
Rio
Tinto
Finance
USA
PLC,
5.75%,
3/14/55
120,149‌
107,000
Nucor
Corp.,
2.98%,
12/15/55
65,087‌
501,943‌
MULTI-UTILITIES
—
1.44%
207,000
Sempra,
3.80%,
2/01/38
171,290‌
169,000
Dominion
Energy,
Inc.,
3.30%,
4/15/41
124,737‌
95,000
CMS
Energy
Corp.,
4.70%,
3/31/43
82,263‌
117,000
NiSource,
Inc.,
4.80%,
2/15/44
103,270‌
121,000
CMS
Energy
Corp.,
3.75%,
12/01/50
108,763‌
93,000
Dominion
Energy,
Inc.,
4.85%,
8/15/52
78,575‌
668,898‌
OIL
&
GAS
PRODUCERS
—
4.61%
40,000
Woodside
Finance
Ltd.,
6.00%,
5/19/35
40,830‌
89,000
TransCanada
PipeLines
Ltd.,
6.20%,
10/15/37
93,179‌
110,000
Enterprise
Products
Operating
LLC,
6.13%,
10/15/39
117,116‌
100,000
Cheniere
Corpus
Christi
Holdings
LLC,
2.74%,
12/31/39
81,389‌
84,000
Enterprise
Products
Operating
LLC,
6.45%,
9/01/40
92,090‌
94,000
BP
Capital
Markets
America,
Inc.,
3.06%,
6/17/41
69,382‌
132,000
APA
Corp.,
5.25%,
2/01/42
(a)
105,588‌
105,000
Shell
Finance
US,
Inc.,
4.55%,
8/12/43
92,597‌
80,000
Eastern
Gas
Transmission
&
Storage,
Inc.,
4.80%,
11/01/43
69,391‌
97,000
DCP
Midstream
Operating
LP,
5.60%,
4/01/44
88,495‌
109,000
Plains
All
American
Pipeline
LP/PAA
Finance
Corp.,
4.70%,
6/15/44
90,386‌
165,000
APA
Corp.,
5.35%,
7/01/49
(a)
130,972‌
227,000
Enterprise
Products
Operating
LLC,
3.30%,
2/15/53
150,104‌
158,000
Woodside
Finance
Ltd.,
5.70%,
9/12/54
142,674‌
150,000
Aker
BP
ASA,
5.80%,
10/01/54
(a)
136,745‌
80,000
ConocoPhillips
Co.,
4.03%,
3/15/62
57,603‌
200,000
Saudi
Arabian
Oil
Co.,
5.88%,
7/17/64
(a)
182,619‌
167,000
TotalEnergies
Capital
SA,
5.43%,
9/10/64
(FIXED)
156,236‌
254,000
ONEOK,
Inc.,
5.85%,
11/01/64
235,478‌
2,132,874‌
OIL,
GAS
&
CONSUMABLE
FUELS
—
4.03%
120,000
MPLX
LP,
4.50%,
4/15/38
106,131‌
56,000
Energy
Transfer
LP,
7.50%,
7/01/38
64,027‌
290,000
Exxon
Mobil
Corp.,
4.23%,
3/19/40
259,352‌
Sterling
Capital
Long
Duration
Corporate
Bond
Fund
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Fair
Value
CORPORATE
BONDS
—
(continued)
OIL,
GAS
&
CONSUMABLE
FUELS
—
(continued)
$
73,000
Williams
Cos.
Inc.
(The),
6.30%,
4/15/40
$
77,488‌
43,000
Equinor
ASA,
5.10%,
8/17/40
42,408‌
158,000
Kinder
Morgan
Energy
Partners
LP,
5.63%,
9/01/41
151,785‌
211,000
Energy
Transfer
LP,
5.00%,
5/15/44
181,817‌
126,000
Energy
Transfer
LP,
5.35%,
5/15/45
113,477‌
72,000
Kinder
Morgan,
Inc.,
5.55%,
6/01/45
67,918‌
93,000
MPLX
LP,
5.20%,
12/01/47
80,998‌
82,000
MPLX
LP,
4.70%,
4/15/48
66,525‌
63,000
Energy
Transfer
LP,
5.00%,
5/15/50
52,647‌
69,000
ONEOK,
Inc.,
7.15%,
1/15/51
74,305‌
80,000
MPLX
LP,
4.95%,
3/14/52
66,230‌
88,000
Diamondback
Energy,
Inc.,
4.25%,
3/15/52
66,218‌
86,000
Targa
Resources
Corp.,
6.25%,
7/01/52
85,164‌
88,000
Kinder
Morgan,
Inc.,
5.45%,
8/01/52
81,055‌
89,000
ONEOK,
Inc.,
6.63%,
9/01/53
92,495‌
70,000
Energy
Transfer
LP,
5.95%,
5/15/54
66,591‌
72,000
Diamondback
Energy,
Inc.,
5.90%,
4/18/64
66,638‌
1,863,269‌
PERSONAL
PRODUCTS
—
0.29%
144,000
Kenvue,
Inc.,
5.05%,
3/22/53
133,941‌
PHARMACEUTICALS
—
1.36%
158,000
Bristol-Myers
Squibb
Co.,
2.35%,
11/13/40
108,435‌
96,000
Zoetis,
Inc.,
4.70%,
2/01/43
87,714‌
166,000
Bristol-Myers
Squibb
Co.,
4.25%,
10/26/49
134,590‌
207,000
Bristol-Myers
Squibb
Co.,
2.55%,
11/13/50
120,801‌
88,000
Merck
&
Co.,
Inc.,
2.75%,
12/10/51
54,076‌
116,000
Bristol-Myers
Squibb
Co.,
6.40%,
11/15/63
125,654‌
631,270‌
REIT
—
1.85%
157,000
American
Tower
Trust,
Series
2018-1,
Class
A,
3.65%,
3/15/28
(a)
153,376‌
113,000
UDR,
Inc.,
3.10%,
11/01/34
95,143‌
135,000
Kimco
Realty
OP
LLC,
4.25%,
4/01/45
110,853‌
88,000
Simon
Property
Group
LP,
3.25%,
9/13/49
58,892‌
40,000
Mid-America
Apartments
LP,
2.88%,
9/15/51
25,169‌
146,000
American
Homes
4
Rent
LP,
4.30%,
4/15/52
113,597‌
71,000
Prologis
LP,
5.25%,
6/15/53
66,588‌
70,000
Public
Storage
Operating
Co.,
5.35%,
8/01/53
67,180‌
77,000
VICI
Properties
LP,
6.13%,
4/01/54
75,692‌
94,000
Realty
Income
Corp.,
5.38%,
9/01/54
90,105‌
856,595‌
RETAIL
-
DISCRETIONARY
—
0.24%
110,000
ERAC
USA
Finance
LLC,
5.63%,
3/15/42
(a)
109,536‌
Sterling
Capital
Long
Duration
Corporate
Bond
Fund
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Fair
Value
CORPORATE
BONDS
—
(continued)
ROAD
&
RAIL
—
1.36%
$
92,000
CSX
Corp.,
6.00%,
10/01/36
$
98,759‌
105,000
Union
Pacific
Corp.,
3.60%,
9/15/37
91,202‌
31,000
Union
Pacific
Corp.,
3.38%,
2/14/42
24,069‌
76,000
Norfolk
Southern
Corp.,
3.95%,
10/01/42
62,075‌
87,000
CSX
Corp.,
4.30%,
3/01/48
72,198‌
56,000
Norfolk
Southern
Corp.,
3.40%,
11/01/49
39,254‌
245,000
Union
Pacific
Corp.,
2.95%,
3/10/52
156,308‌
100,000
CSX
Corp.,
4.50%,
11/15/52
84,337‌
628,202‌
SEMICONDUCTORS
—
0.77%
177,000
Foundry
JV
Holdco
LLC,
6.40%,
1/25/38
(a)
186,387‌
259,000
Intel
Corp.,
2.80%,
8/12/41
174,055‌
360,442‌
SEMICONDUCTORS
&
SEMICONDUCTOR
EQUIPMENT
—
1.28%
145,000
Broadcom,
Inc.,
3.47%,
4/15/34
(a)
129,528‌
164,000
Broadcom,
Inc.,
3.50%,
2/15/41
(a)
129,977‌
201,000
Lam
Research
Corp.,
2.88%,
6/15/50
129,857‌
123,000
Broadcom,
Inc.,
3.75%,
2/15/51
(a)
92,005‌
122,000
KLA
Corp.,
4.95%,
7/15/52
111,185‌
592,552‌
SOFTWARE
—
3.15%
138,000
Oracle
Corp.,
3.80%,
11/15/37
118,133‌
111,000
Oracle
Corp.,
3.65%,
3/25/41
87,507‌
145,000
Oracle
Corp.,
4.00%,
7/15/46
111,831‌
128,000
Oracle
Corp.,
3.60%,
4/01/50
89,516‌
285,000
Microsoft
Corp.,
2.53%,
6/01/50
176,122‌
121,000
Oracle
Corp.,
3.95%,
3/25/51
89,309‌
173,000
Salesforce,
Inc.,
2.90%,
7/15/51
110,719‌
101,000
Oracle
Corp.,
6.90%,
11/09/52
112,346‌
114,000
Synopsys,
Inc.,
5.70%,
4/01/55
113,345‌
86,000
Oracle
Corp.,
4.38%,
5/15/55
67,314‌
129,000
Oracle
Corp.,
3.85%,
4/01/60
88,897‌
380,000
Microsoft
Corp.,
2.68%,
6/01/60
224,697‌
65,000
Oracle
Corp.,
6.13%,
8/03/65
65,066‌
1,454,802‌
SPECIALTY
FINANCE
—
0.51%
296,000
AerCap
Ireland
Capital
DAC,
3.85%,
10/29/41
236,681‌
SPECIALTY
RETAIL
—
1.22%
117,000
Lowe's
Cos,
Inc.,
5.00%,
4/15/40
109,794‌
141,000
Home
Depot,
Inc.
(The),
3.13%,
12/15/49
95,152‌
262,000
Lowe's
Cos,
Inc.,
3.50%,
4/01/51
179,452‌
291,000
Home
Depot,
Inc.
(The),
2.75%,
9/15/51
178,274‌
562,672‌
Sterling
Capital
Long
Duration
Corporate
Bond
Fund
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Fair
Value
CORPORATE
BONDS
—
(continued)
TECHNOLOGY
HARDWARE
—
0.34%
$
79,000
Dell
International
LLC
/
EMC
Corp.,
5.40%,
4/15/34
$
80,454‌
111,000
Dell
International
LLC
/
EMC
Corp.,
3.45%,
12/15/51
76,071‌
156,525‌
TECHNOLOGY
HARDWARE,
STORAGE
&
PERIPHERALS
—
1.28%
191,000
Apple,
Inc.,
3.85%,
5/04/43
159,979‌
203,000
Apple,
Inc.,
3.85%,
8/04/46
164,309‌
180,000
Apple,
Inc.,
2.65%,
5/11/50
112,910‌
248,000
Apple,
Inc.,
2.70%,
8/05/51
155,123‌
592,321‌
TECHNOLOGY
SERVICES
—
0.14%
80,000
Kyndryl
Holdings,
Inc.,
4.10%,
10/15/41
63,713‌
TELECOMMUNICATIONS
—
1.63%
259,000
T-Mobile
USA,
Inc.,
4.38%,
4/15/40
229,496‌
73,000
Telefonica
Emisiones
SA,
5.21%,
3/08/47
64,586‌
159,000
T-Mobile
USA,
Inc.,
5.65%,
1/15/53
153,830‌
169,000
T-Mobile
USA,
Inc.,
3.60%,
11/15/60
112,688‌
196,000
T-Mobile
USA,
Inc.,
5.80%,
9/15/62
191,992‌
752,592‌
TOBACCO
—
0.71%
271,000
Philip
Morris
International,
Inc.,
4.38%,
11/15/41
236,209‌
123,000
Altria
Group,
Inc.,
3.88%,
9/16/46
90,969‌
327,178‌
TOBACCO
&
CANNABIS
—
0.64%
69,000
BAT
Capital
Corp.,
4.39%,
8/15/37
61,701‌
141,000
BAT
Capital
Corp.,
4.54%,
8/15/47
113,903‌
109,000
BAT
Capital
Corp.,
7.08%,
8/02/53
121,410‌
297,014‌
TRANSPORTATION
&
LOGISTICS
—
1.13%
75,132
Polar
Tankers,
Inc.,
5.95%,
5/10/37
(a)
78,285‌
88,000
Burlington
Northern
Santa
Fe
LLC,
4.95%,
9/15/41
82,803‌
172,000
Burlington
Northern
Santa
Fe
LLC,
4.90%,
4/01/44
160,646‌
214,000
Burlington
Northern
Santa
Fe
LLC,
5.20%,
4/15/54
202,544‌
524,278‌
WIRELESS
TELECOMMUNICATION
SERVICES
—
0.59%
200,000
America
Movil
SAB
de
CV,
6.13%,
3/30/40
208,649‌
84,000
Vodafone
Group
PLC,
4.25%,
9/17/50
65,472‌
274,121‌
Total
(Cost $44,655,003)
41,825,068‌
Principal
Amount
Fair
Value
U.S.
TREASURY
BONDS
&
NOTES
—
6.80%
169,200‌
United
States
Treasury
Note,
4.00
%
,
2/15/34
167,435‌
713,400‌
United
States
Treasury
Bond,
2.00
%
,
11/15/41
490,630‌
Sterling
Capital
Long
Duration
Corporate
Bond
Fund
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Fair
Value
U.S.
TREASURY
BONDS
&
NOTES
—
(continued)
$
3,536,200‌
United
States
Treasury
Bond,
2.50
%
,
2/15/45
$
2,489,430‌
Total
(Cost $3,159,275)
3,147,495‌
Shares
Fair
Value
MONEY
MARKET
FUNDS
—
1.43%
663,388‌
Federated
Hermes
Treasury
Obligations
Fund,
Institutional
Shares,
4.18%
(e)
663,388‌
Total
Money
Market
Funds
(Cost
$663,388)
663,388‌
Total
Investments—
98.74%
(Cost
$48,527,666)
45,685,951‌
Other
Assets
in
Excess
of
Liabilities
—
1.26%
582,841‌
NET
ASSETS
—
100.00%
$
46,268,792‌
(a)
Security
exempt
from
registration
under
Rule
144A
or
Section
4(2)
of
the
Securities
Act
of
1933.
The
security
may
be
resold
in
transactions
exempt
from
registration,
normally
to
qualified
institutional
buyers.
The
Advisor,
using
Board
approved
procedures,
has
deemed
these
securities
or
a
portion
of
these
securities
to
be
liquid.
(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
June
30,
2025.
The
maturity
date
reflected
is
the
final
maturity
date.
(c)
Security
is
perpetual
in
nature
and
has
no
stated
maturity
date.
(d)
All
or
a
portion
of
the
securities
are
held
in
a
separate
collateral
account
at
US
Bank.
The
total
value
of
securities
held
in
a
separate
collateral
account
as
of
the
period
ended
June
30,
2025
is
$258,
686,
which
represents
0.6%
of
net
assets.
(e)
Represents
the
current
yield
as
of
report
date.
MTN
Medium
Term
Note
Sterling
Capital
Quality
Income
Fund
Schedule
of
Investments
June
30,
2025
(Unaudited)
Principal
Amount
Fair
Value
CORPORATE
BONDS
—
0.16%
REIT
—
0.16%
$
250,000
American
Tower
Trust,
Series
2018-1,
Class
A,
3.65%,
3/15/28
(a)(b)
$
244,229
Total
(Cost $250,000)
244,229
Principal
Amount
Fair
Value
ASSET
BACKED
SECURITIES
—
14.31%
509,000
Carvana
Auto
Receivables
Trust,
Series
P2
,
Class
B,
1.27%,
3/10/27
498,343
600,000
Carvana
Auto
Receivables
Trust,
Series
P3
,
Class
B,
1.42%,
8/10/27
576,972
1,309,000
BANK5
Trust,
Series
2024-5YR5
,
6.27%,
2/15/29
1,364,024
1,250,000
Avis
Budget
Rental
Car
Funding
AESOP
LLC,
Series
4A
,
Class
A,
5.49%,
6/20/29
(a)
1,283,466
415,000
OneMain
Direct
Auto
Receivables
Trust,
Series
1A
,
Class
A,
5.41%,
11/14/29
(a)
418,837
1,000,000
Avis
Budget
Rental
Car
Funding
AESOP
LLC,
Series
8A
,
Class
A,
6.02%,
2/20/30
(a)
1,045,223
1,000,000
Hertz
Vehicle
Financing
III
LLC,
Series
4A
,
Class
A,
6.15%,
3/25/30
(a)
1,042,713
29,296
United
States
Small
Business
Administration,
Series
20D
,
Class
1,
4.36%,
4/01/30
(b)
29,266
1,316,006
Dryden
Senior
Loan
Fund,
Series
50A
,
Class
A1R,
5.52%,
7/15/30
((TSFR3M
+
26.20
bps)
+
100
bps)
(a)(c)
1,316,112
1,009,000
Dryden
CLO
Ltd.,
Series
53A
,
Class
BR,
–%,
1/15/31
(a)(c)(d)
1,009,000
994,000
Hertz
Vehicle
Financing
III
LLC,
Series
2A
,
Class
A,
5.48%,
1/27/31
(a)
1,010,572
78,024
Saxon
Asset
Securities
Trust,
Series
3
,
Class
M1,
5.33%,
12/26/34
(TSFR1M
+
101
bps)
(c)
75,658
1,486,000
CIFC
Funding
2021-VII
Ltd.,
Series
7A
,
Class
A1,
5.67%,
1/23/35
(a)
1,486,267
1,500,000
Neuberger
Berman
Loan
Advisers
CLO
Ltd.,
Series
47A
,
Class
A,
5.54%,
4/14/35
(TSFR3M
+
130
bps)
(a)(c)
1,503,585
1,012,000
OneMain
Financial
Issuance
Trust,
Series
2A
,
Class
A,
3.14%,
10/14/36
(a)(b)
986,875
232,466
BX
Trust,
Series
2021-RISE
,
Class
C,
5.88%,
11/15/36
(a)
231,888
1,500,000
Reese
Parl
CLO
Ltd.,
Series
1A
,
Class
ARR,
5.58%,
1/15/38
(TSFR3M
+
132
bps)
(a)(c)
1,505,070
1,326,845
Hilton
Grand
Vacations
Trust,
Series
2024-3A
,
Class
A,
4.98%,
8/27/40
(a)
1,339,941
468,809
Sierra
Timeshare
Receivables
Funding
LLC,
Series
3A
,
Class
A,
4.83%,
8/20/41
(a)
470,589
Sterling
Capital
Quality
Income
Fund
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Fair
Value
ASSET
BACKED
SECURITIES
—
(continued)
$
1,854,810
Tricon
Residential
Trust,
Series
2025-SFR
,
Class
A,
5.43%,
3/17/42
(TSFR1M
+
110
bps)
(a)(c)
$
1,855,100
914,130
MVW
LLC,
Series
2024-2
,
Class
A,
4.43%,
3/20/42
(a)
911,958
167,694
SoFi
Professional
Loan
Program
Trust,
Series
A
,
Class
A2FX,
2.54%,
5/15/46
(a)(b)
161,310
1,475,229
Government
National
Mortgage
Association,
Series
27
,
Class
AW,
5.89%,
2/20/51
1,518,659
51,000
BMO
Mortgage
Trust,
Series
2023-5C1
,
7.12%,
8/15/56
54,095
178,000
BANK5
Trust,
Series
2023-5YR3
,
Class
AS,
7.32%,
9/15/56
(c)
190,303
252,000
BANK5
Trust,
Series
2024-5YR6
,
Class
A3,
6.23%,
5/15/57
265,306
240,000
BANK5
Trust,
Series
2024-5YR6
,
Class
AS,
6.79%,
5/15/57
(c)
254,736
Total
(Cost $22,352,796)
22,405,868
Principal
Amount
Fair
Value
COMMERCIAL
MORTGAGE-BACKED
SECURITIES
—
8.61%
318,473
FRESB
Mortgage
Trust,
Series
2017-SB36,
Class
A10F,
2.88%,
7/25/27
(b)
309,775
85,000
Benchmark
Mortgage
Trust,
Series
V6,
Class
A3,
5.93%,
3/15/29
88,684
553,000
Benchmark
Mortgage
Trust,
Series
V6,
Class
AS,
6.38%,
3/15/29
577,700
140,000
Freddie
Mac
Multifamily
Structured
Pass
Through,
Series
K159,
Class
A2,
3.95%,
11/25/30
138,287
9,192
CSFB
Mortgage-Backed
Pass-Through
Certificates,
Series
1,
Class
2A1,
6.50%,
2/25/34
9,192
22,345
CHL
Mortgage
Pass-Through
Trust,
Series
3,
Class
A4,
5.75%,
4/25/34
22,229
8,972
Citigroup
Mortgage
Loan
Trust,
Inc.,
Series
NCM2,
Class
3CB2,
6.50%,
8/25/34
8,950
1,000,000
Freddie
Mac
Multifamily
Structured
Pass
Through,
Series
K1522,
Class
A2,
2.36%,
10/25/36
792,881
250,708
ELP
Commercial
Mortgage
Trust,
Series
2021-ELP,
Class
C,
5.75%,
11/15/38
(a)
250,395
237,472
BX
Commercial
Mortgage
Trust,
Series
2021-ACNT,
Class
C,
5.93%,
11/15/38
(a)
237,175
232,582
SMR
Mortgage
Trust,
Series
2022-IND,
Class
A,
5.96%,
2/15/39
(a)
232,985
75,265
JP
Morgan
Chase
Commercial
Mortgage,
Series
C3,
Class
B,
5.01%,
2/15/46
(a)(c)
72,743
6,415
COMM
Mortgage
Trust,
3.69%,
8/10/47
6,344
523
GS
Mortgage
Securities
Trust,
3.93%,
9/12/47
521
Sterling
Capital
Quality
Income
Fund
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Fair
Value
COMMERCIAL
MORTGAGE-BACKED
SECURITIES
—
(continued)
156,665
CSAIL
Commercial
Mortgage
Trust,
Series
2015-C3,
Class
A4,
3.72%,
8/15/48
(b)
156,048
644,000
Wells
Fargo
Commercial
Mortgage
Trust,
Series
P2,
Class
A4,
3.81%,
12/15/48
640,134
589,000
CD
Mortgage
Trust,
Series
2016-CD2,
Class
A4,
3.53%,
11/10/49
(b)(c)
568,651
500,000
GS
Mortgage
Securities
Trust,
Series
2016-GS4,
Class
A4,
3.44%,
11/15/49
(b)
491,251
185,000
JP
Morgan
Chase
Commercial
Mortgage,
Series
JP4,
Class
A4,
3.65%,
12/15/49
182,067
500,000
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust,
Series
C32,
Class
A4,
3.72%,
12/15/49
(b)
493,691
50,000
Wells
Fargo
Commercial
Mortgage
Trust,
Series
C37,
Class
A5,
3.79%,
12/15/49
49,299
700,000
CD
Mortgage
Trust,
Series
2017-CD3,
Class
A4,
3.63%,
2/10/50
673,750
250,000
COMM
Mortgage
Trust,
Series
COR2,
Class
A3,
3.51%,
9/10/50
(b)
243,765
300,000
Wells
Fargo
Commercial
Mortgage
Trust,
Series
C40,
Class
A4,
3.58%,
10/15/50
293,841
435,000
Morgan
Stanley
Capital
I
Trust,
Series
H3,
Class
A5,
4.18%,
7/15/51
428,889
325,000
BBCMS
Mortgage
Trust,
Series
C7,
Class
A5,
2.04%,
4/15/53
288,053
64,000
GS
Mortgage
Securities
Trust,
Series
GC47,
Class
A5,
2.38%,
5/12/53
57,690
220,800
Wells
Fargo
Commercial
Mortgage
Trust,
Series
C56,
Class
A5,
2.45%,
6/15/53
200,314
589,492
Benchmark
Mortgage
Trust,
Series
B18,
Class
A5,
1.93%,
7/15/53
513,584
659,333
Morgan
Stanley
Capital
I
Trust,
Series
HR8,
Class
A4,
2.04%,
7/15/53
579,634
300,000
Wells
Fargo
Commercial
Mortgage
Trust,
Series
C58,
Class
A4,
2.09%,
7/15/53
262,084
500,000
Wells
Fargo
Commercial
Mortgage
Trust,
Series
C57,
Class
A4,
2.12%,
8/15/53
444,800
250,000
BANK
Trust,
Series
2020-BNK29,
Class
A4,
2.00%,
11/15/53
213,811
500,000
GS
Mortgage
Securities
Trust,
Series
GSA2,
Class
A5,
2.01%,
12/12/53
(b)
435,456
1,250,000
Benchmark
Mortgage
Trust,
Series
B21,
Class
A5,
1.98%,
12/17/53
(b)
1,083,225
100,000
CFCRE
Commercial
Mortgage
Trust,
Series
C7,
Class
A3,
3.84%,
12/10/54
98,588
Sterling
Capital
Quality
Income
Fund
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Fair
Value
COMMERCIAL
MORTGAGE-BACKED
SECURITIES
—
(continued)
80,000
Benchmark
Mortgage
Trust,
Series
V2,
Class
AS,
6.54%,
5/15/55
83,244
209,000
Benchmark
Mortgage
Trust,
Series
2024-V7,
Class
A3,
6.23%,
5/15/56
(c)
220,113
167,000
Benchmark
Mortgage
Trust,
Series
2024-V7,
Class
AS,
6.53%,
5/15/56
175,295
1,000,000
BANK5
Trust,
Series
2023-5YR4,
Class
AS,
7.27%,
12/15/56
(c)
1,070,152
220,000
Benchmark
Mortgage
Trust,
Series
V5,
Class
A3,
5.81%,
1/10/57
228,366
75,000
BBCMS
Mortgage
Trust,
Series
5C25,
Class
A3,
5.95%,
3/15/57
78,283
51,000
BBCMS
Mortgage
Trust,
Series
5C25,
Class
AS,
6.36%,
3/15/57
53,302
436,141
Citigroup
Commercial
Mortgage
Trust,
Series
GC33,
Class
A4,
3.78%,
9/10/58
434,647
Total
(Cost $14,422,290)
$
13,489,888
Principal
Amount
Fair
Value
COLLATERALIZED
MORTGAGE
OBLIGATIONS
—
30.28%
151,895
Fannie
Mae,
Series
2013-91,
Class
DV,
3.00%,
10/25/26
150,632
215,000
Freddie
Mac,
Series
4097,
Class
CU,
1.50%,
8/15/27
207,353
496,755
Freddie
Mac,
Series
4136,
Class
HZ,
3.50%,
11/15/27
492,377
208,000
BANK5,
Series
2023-5YR4,
Class
B,
7.61%,
12/15/28
223,634
298,191
Ginnie
Mae,
Series
79,
Class
V,
2.80%,
3/16/29
285,506
142,231
Freddie
Mac
Principal
Strips,
Series
219,
–%,
3/01/32
128,710
44,753
Freddie
Mac,
Series
2485,
Class
WG,
6.00%,
8/15/32
46,636
119,000
Freddie
Mac,
Series
4160,
Class
HH,
2.50%,
12/15/32
(b)
112,328
112,478
Fannie
Mae,
Series
2003-21,
Class
OW,
4.00%,
3/25/33
109,425
28,006
Fannie
Mae,
Series
2003-19,
Class
AR,
5.50%,
3/25/33
28,897
108,006
Freddie
Mac,
Series
2768,
Class
PC,
4.00%,
3/15/34
104,611
41,203
Ginnie
Mae,
Series
2004-69,
Class
GC,
5.50%,
4/20/34
41,570
127,292
Freddie
Mac,
Series
3042,
Class
PZ,
5.75%,
9/15/35
133,772
331,040
Ginnie
Mae,
Series
2005-60,
Class
WZ,
5.50%,
9/20/35
338,101
766,638
Freddie
Mac
Principal
Strips,
Series
236,
–%,
4/01/36
631,763
569,122
Fannie
Mae,
Series
59,
Class
DH,
6.50%,
7/25/36
608,289
147,291
Ginnie
Mae,
Series
2007-57,
Class
ZA,
5.75%,
10/20/37
149,209
587,901
Fannie
Mae,
Series
2008-2,
Class
PH,
5.50%,
2/25/38
597,799
63,160
Freddie
Mac,
Series
3440,
Class
EM,
5.00%,
4/15/38
64,805
Sterling
Capital
Quality
Income
Fund
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Fair
Value
COLLATERALIZED
MORTGAGE
OBLIGATIONS
—
(continued)
527,000
Fannie
Mae,
Series
2009-28,
Class
HX,
5.00%,
5/25/39
527,375
86,425
Freddie
Mac,
Series
3816,
Class
HM,
4.50%,
5/15/40
86,804
500,000
Freddie
Mac,
Series
3714,
Class
PB,
4.75%,
8/15/40
(b)
497,249
1,000,000
Ginnie
Mae,
Series
81,
Class
AL,
4.50%,
8/20/40
987,131
347
Freddie
Mac,
Series
3803,
Class
PJ,
4.25%,
1/15/41
346
825,833
Fannie
Mae,
Series
2010-150,
Class
YL,
4.00%,
1/25/41
752,799
200,000
Freddie
Mac,
Series
3815,
Class
TB,
4.50%,
2/15/41
193,368
42,335
Freddie
Mac,
Series
4215,
Class
LD,
2.00%,
7/15/41
41,027
918,734
Freddie
Mac,
Series
3895,
Class
PW,
4.50%,
7/15/41
915,250
750,000
Ginnie
Mae,
Series
2011-135,
Class
PG,
3.00%,
10/16/41
670,179
25,291
Freddie
Mac,
Series
4293,
Class
MH,
3.00%,
12/15/41
24,399
843,637
Fannie
Mae,
Series
2011-131,
Class
PB,
4.50%,
12/25/41
839,364
220,879
Freddie
Mac,
Series
4094,
Class
ME,
2.50%,
8/15/42
196,674
515,500
Freddie
Mac,
Series
4088,
Class
CD,
3.00%,
8/15/42
421,607
2,381,804
Freddie
Mac,
Series
5427,
Class
HZ,
3.50%,
8/15/42
1,950,920
628,000
Freddie
Mac,
Series
4135,
Class
AY,
2.00%,
11/15/42
518,684
724,000
Freddie
Mac,
Series
4125,
Class
JC,
2.50%,
11/15/42
567,634
98,745
Freddie
Mac,
Series
4173,
Class
NB,
3.00%,
3/15/43
90,539
75,801
Freddie
Mac,
Series
4352,
Class
ZX,
4.00%,
4/15/44
72,611
1,696,842
Freddie
Mac
REMICS,
Series
5419,
Class
Z,
4.00%,
4/15/44
1,466,113
1,000,000
Freddie
Mac,
Series
4507,
Class
GB,
3.00%,
9/15/45
874,427
3,102,236
Fannie
Mae,
Series
2015-65,
Class
CZ,
3.50%,
9/25/45
2,671,403
95,588
Fannie
Mae,
Series
2016-85,
Class
GA,
2.50%,
10/25/45
88,588
475,000
Freddie
Mac,
Series
4650,
Class
JE,
3.00%,
7/15/46
422,387
1,165,511
Fannie
Mae,
Series
73,
Class
DZ,
3.00%,
10/25/46
(b)
1,018,551
487,076
Ginnie
Mae,
Series
126,
Class
A,
2.50%,
11/16/46
462,533
712,000
Ginnie
Mae,
Series
2017-75,
Class
DL,
3.00%,
3/20/47
596,948
1,495,000
Fannie
Mae,
Series
2017-42,
Class
HL,
3.00%,
6/25/47
1,371,092
640,903
Fannie
Mae,
Series
20,
Class
KL,
3.50%,
1/25/48
528,959
928,004
Freddie
Mac,
Series
4795,
Class
JB,
4.00%,
5/15/48
879,802
2,117,296
Freddie
Mac,
Series
4841,
Class
PZ,
4.50%,
9/15/48
2,052,786
863,000
Ginnie
Mae,
Series
2019-6,
Class
JK,
3.50%,
1/20/49
766,783
Sterling
Capital
Quality
Income
Fund
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Fair
Value
COLLATERALIZED
MORTGAGE
OBLIGATIONS
—
(continued)
3,768,887
Government
National
Mortgage
Association,
Series
90,
Class
AB,
3.00%,
7/20/49
3,350,475
712,840
Freddie
Mac,
Series
4941,
Class
MB,
3.00%,
7/25/49
644,524
282,484
Chase
Home
Lending
Mortgage
Trust,
Series
2019-
ATR2,
Class
A3,
3.50%,
8/25/49
(a)
256,380
662,399
Fannie
Mae,
Series
2015-65,
Class
BL,
3.50%,
9/25/49
539,396
3,293,168
Freddie
Mac,
Series
4938,
Class
KA,
2.50%,
10/25/49
2,868,807
760,079
Fannie
Mae,
Series
5,
Class
MG,
3.50%,
2/25/50
693,941
438,867
Fannie
Mae,
Series
12,
Class
LC,
2.00%,
3/25/50
363,330
312,919
Fannie
Mae,
Series
2020-10,
Class
Q,
3.00%,
3/25/50
267,188
1,500,000
Fannie
Mae,
Series
56,
Class
AQ,
2.00%,
8/25/50
1,183,628
344,214
Freddie
Mac,
Series
5115,
Class
G,
2.50%,
9/25/50
280,562
729,719
Freddie
Mac
REMICS,
Series
5067,
Class
DP,
2.00%,
1/25/51
621,088
1,460,198
SMB
Private
Education
Loan
Trust,
Series
2024-F,
Class
A1A,
5.06%,
3/16/54
(a)
1,475,381
1,495,000
Benchmark
Mortgage
Trust,
Series
2023-B39,
Class
A5,
5.75%,
7/15/56
1,575,137
1,500,000
BANK
Trust,
Series
2023-BNK46,
Class
A4,
5.75%,
8/15/56
1,570,688
1,500,000
BMO
Mortgage
Trust,
Series
2023-C7,
Class
A5,
6.16%,
12/15/56
1,605,637
1,500,000
BANK
Trust,
Series
2024-BNK47,
Class
A5,
5.72%,
6/15/57
1,577,441
1,500,000
Wells
Fargo
Commercial
Mortgage
Trust,
Series
2024-
C63,
Class
A5,
5.31%,
8/15/57
1,531,669
Total
(Cost $48,158,843)
$
47,415,021
Principal
Amount
Fair
Value
MORTGAGE-BACKED
SECURITIES
—
41.14%
Fannie
Mae
—
25.26%
216,592
4.50%,
3/01/34,
Pool
#CA3294
219,003
44,714
5.50%,
6/01/38,
Pool
#984277
(b)
45,842
24,956
5.50%,
8/01/38,
Pool
#995072
25,604
31,811
4.50%,
9/01/39,
Pool
#AC1830
31,739
30,353
4.50%,
10/01/40,
Pool
#AE4855
30,228
56,068
3.50%,
2/01/41,
Pool
#AH5646
52,714
88,081
4.00%,
3/01/41,
Pool
#AH4008
85,163
26,398
4.50%,
6/01/41,
Pool
#AC9298
26,074
62,372
5.00%,
7/01/41,
Pool
#AI5595
63,097
109,919
4.00%,
9/01/41,
Pool
#AJ1717
106,106
Sterling
Capital
Quality
Income
Fund
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Fair
Value
MORTGAGE-BACKED
SECURITIES
—
(continued)
Fannie
Mae
—
(continued)
1,658,409
6.00%,
10/01/41,
Pool
#FS4183
1,738,416
1,493,698
2.00%,
12/01/41,
Pool
#MA4501
1,285,789
467,861
6.00%,
8/01/43,
Pool
#MA5129
479,022
34,353
4.50%,
10/01/44,
Pool
#MA2066
33,575
97,437
4.00%,
12/01/44,
Pool
#MA2127
92,660
98,496
4.50%,
1/01/45,
Pool
#MA2158
96,306
114,984
3.50%,
3/01/45,
Pool
#AS4552
106,888
100,662
4.00%,
10/01/45,
Pool
#AL7487
95,488
724,742
3.00%,
10/01/46,
Pool
#BC4764
642,900
68,907
4.00%,
11/01/46,
Pool
#MA2808
65,283
93,334
3.00%,
2/01/47,
Pool
#BE2329
82,674
46,531
4.00%,
5/01/47,
Pool
#BE9598
43,680
44,392
4.50%,
11/01/47,
Pool
#BM3286
43,482
2,933,034
4.00%,
12/01/47,
Pool
#BM5019
2,790,805
51,496
4.50%,
5/01/48,
Pool
#CA1711
49,950
1,287,615
3.50%,
6/01/50,
Pool
#CA6097
1,169,641
180,357
3.00%,
7/01/50,
Pool
#CA6422
156,871
173,423
3.00%,
7/01/50,
Pool
#CA6421
150,849
663,273
3.00%,
8/01/50,
Pool
#FS0973
587,284
818,085
3.50%,
9/01/50,
Pool
#FS5284
743,933
404,522
2.50%,
3/01/51,
Pool
#FM6523
338,779
285,003
3.00%,
5/01/51,
Pool
#FM7346
248,870
906,822
2.50%,
8/01/51,
Pool
#FM8438
761,519
1,073,254
4.00%,
8/01/51,
Pool
#FS1976
1,016,070
1,617,137
3.00%,
9/01/51,
Pool
#FM8821
1,412,101
263,714
3.00%,
11/01/51,
Pool
#CB2170
228,858
670,917
3.50%,
2/01/52,
Pool
#MA4550
608,668
764,696
3.00%,
3/01/52,
Pool
#BV4143
667,550
590,236
3.50%,
4/01/52,
Pool
#FS1260
536,621
2,951,798
3.50%,
5/01/52,
Pool
#CB3593
2,674,853
545,056
4.50%,
6/01/52,
Pool
#FS2157
527,481
3,228,024
4.50%,
10/01/52,
Pool
#BW9905
3,101,548
415,617
5.00%,
11/01/52,
Pool
#CB5278
409,240
490,066
5.50%,
3/01/53,
Pool
#FS3925
494,074
1,152,780
6.00%,
6/01/53,
Pool
#FS6616
1,172,462
Sterling
Capital
Quality
Income
Fund
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Fair
Value
MORTGAGE-BACKED
SECURITIES
—
(continued)
Fannie
Mae
—
(continued)
3,565,660
4.50%,
9/01/53,
Pool
#FS8829
3,417,252
1,307,450
6.00%,
4/01/54,
Pool
#FA0566
1,334,305
2,768,081
6.00%,
5/01/54,
Pool
#FM2472
2,837,742
3,282,076
5.00%,
10/01/54,
Pool
#FS9535
3,221,296
3,364,707
5.50%,
11/01/54,
Pool
#FS9455
3,385,153
$
39,535,508
Federal
Home
Loan
Banks
—
0.31%
550,000
1.90%,
10/07/31
479,999
—
Freddie
Mac
—
15.31%
26,017
4.00%,
11/01/32,
Pool
#ZS8993
25,814
117,825
4.00%,
5/01/37,
Pool
#ZA2461
116,035
15,429
5.50%,
10/01/39,
Pool
#ZI9359
15,811
25,712
5.00%,
4/01/40,
Pool
#ZI9910
26,031
44,203
5.50%,
4/01/40,
Pool
#ZA1042
45,495
144,368
2.00%,
8/01/40,
Pool
#RB5076
126,253
19,643
5.00%,
8/01/40,
Pool
#ZA1056
19,887
51,101
4.00%,
11/01/40,
Pool
#ZJ0654
49,392
53,789
4.00%,
12/01/40,
Pool
#ZJ0811
52,007
127,281
3.50%,
8/01/42,
Pool
#ZL3508
119,388
430,189
6.00%,
2/01/43,
Pool
#RB5221
440,160
161,625
3.50%,
3/01/43,
Pool
#ZT1107
150,422
97,362
3.50%,
3/01/45,
Pool
#ZT1164
90,611
76,588
3.00%,
1/01/46,
Pool
#ZS4646
68,112
81,340
4.00%,
4/01/46,
Pool
#ZM1015
77,083
78,671
3.50%,
12/01/47,
Pool
#ZM5123
72,063
1,604,450
4.00%,
6/01/48,
Pool
#ZT0541
1,519,240
544,572
2.50%,
7/01/51,
Pool
#QC4230
458,072
857,416
3.00%,
8/01/51,
Pool
#SD8162
742,928
904,454
3.00%,
2/01/52,
Pool
#RA6664
787,813
615,532
4.50%,
6/01/52,
Pool
#SD1265
593,397
981,118
4.50%,
8/01/52,
Pool
#SD1515
943,647
672,355
5.00%,
10/01/52,
Pool
#SD1710
662,246
1,383,158
4.00%,
12/01/52,
Pool
#SD5808
1,296,922
587,291
5.00%,
1/01/53,
Pool
#RA8382
578,037
Sterling
Capital
Quality
Income
Fund
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Fair
Value
MORTGAGE-BACKED
SECURITIES
—
(continued)
Freddie
Mac
—
(continued)
3,436,300
5.00%,
2/01/53,
Pool
#SD2473
3,384,160
831,639
5.50%,
2/01/53,
Pool
#QF8052
836,775
1,036,246
4.50%,
5/01/53,
Pool
#SD2952
1,000,926
895,996
5.00%,
6/01/53,
Pool
#SD3128
882,822
869,740
5.50%,
6/01/53,
Pool
#SD3136
873,698
1,114,498
6.00%,
7/01/53,
Pool
#SD3223
1,141,517
678,792
5.50%,
6/01/54,
Pool
#SD5479
682,068
2,731,455
6.00%,
9/01/54,
Pool
#SD6558
2,786,553
3,324,060
5.50%,
11/01/54,
Pool
#SD6622
3,340,105
$
24,005,490
Ginnie
Mae
II
—
0.26%
6,319
4.00%,
12/20/40,
Pool
#755678
6,011
436,451
4.00%,
7/20/52,
Pool
#786280
407,287
413,298
Total
(Cost $65,643,754)
64,434,295
Principal
Amount
Fair
Value
U.S.
GOVERNMENT
&
AGENCIES
—
0.79%
1,227,631
Fannie
Mae
Pool,
5.50
%
,
2/01/54
1,232,871
Total
(Cost $1,223,030)
1,232,871
Principal
Amount
Fair
Value
U.S.
TREASURY
BONDS
&
NOTES
—
3.75%
517,000
United
States
Treasury
Note,
4.13
%
,
11/15/32
520,575
2,251,000
United
States
Treasury
Note,
4.00
%
,
2/15/34
2,227,522
2,644,100
United
States
Treasury
Bond,
2.38
%
,
2/15/42
(b)
1,923,583
2,158,200
United
States
Treasury
Bond,
1.88
%
,
11/15/51
(b)
1,200,667
Total
(Cost $6,485,772)
5,872,347
Shares
Fair
Value
MONEY
MARKET
FUNDS
—
1.23%
1,924,927
Federated
Hermes
Treasury
Obligations
Fund,
Institutional
Shares,
4.18%
(e)
1,924,927
Sterling
Capital
Quality
Income
Fund
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Shares
Fair
Value
MONEY
MARKET
FUNDS
—
1.23%
-
continued
Total
Money
Market
Funds
(Cost
$1,924,927)
$
1,924,927
Total
Investments—
100.32%
(Cost
$160,541,412)
157,099,446
Liabilities
in
Excess
of
Other
Assets 
—
(0.32)%
(503,777)
NET
ASSETS
—
100.00%
$
156,595,669
(a)
Security
exempt
from
registration
under
Rule
144A
or
Section
4(2)
of
the
Securities
Act
of
1933.
The
security
may
be
resold
in
transactions
exempt
from
registration,
normally
to
qualified
institutional
buyers.
The
Advisor,
using
Board
approved
procedures,
has
deemed
these
securities
or
a
portion
of
these
securities
to
be
liquid.
(b)
All
or
a
portion
of
the
securities
are
held
in
a
separate
collateral
account
at
US
Bank.
The
total
value
of
securities
held
in
a
separate
collateral
account
as
of
the
period
ended
June
30,
2025is
$X,
which
represents
X%
of
net
assets.
(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
June
30,
2025.
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.
Sterling
Capital
North
Carolina
Intermediate
Tax-Free
Fund
Schedule
of
Investments
June
30,
2025
(Unaudited)
Principal
Amount
Fair
Value
MUNICIPAL
BONDS
—
96.43%
North
Carolina
—
96.43%
$
575,000
Brunswick
County,
NC,
Enterprise
Systems
Revenue,
Callable
2/1/33
@
100
,
5.00
%,
2/1/41
$
609,836
500,000
Brunswick
County,
NC,
Enterprise
Systems
Revenue,
Callable
2/1/33
@
100
,
5.00
%,
2/1/42
526,546
1,100,000
Cabarrus
County,
NC,
Refunding
Revenue
Bonds
Series
A
,
5.00
%,
6/1/31
1,231,917
1,695,000
Charlotte,
NC,
Current
Refunding
G.O.
Series
A
,
5.00
%,
6/1/29
1,846,106
2,000,000
Charlotte,
NC,
Current
Refunding
G.O.
Series
A,
Callable
6/1/29
@
100
,
5.00
%,
6/1/34
2,131,636
2,000,000
Charlotte,
NC,
Public
Facilities,
Certification
of
Participation
Series
B,
Callable
12/1/31
@
100
,
5.00
%,
12/1/32
2,231,307
2,275,000
Charlotte,
NC,
Recreational
Facilities
Improvements
Revenue,
Callable
12/1/28
@
100
,
5.00
%,
12/1/33
2,402,532
1,520,000
Charlotte,
NC,
Recreational
Facilities
Improvements
Revenue,
Callable
12/1/28
@
100
,
5.00
%,
12/1/34
1,599,232
2,650,000
Charlotte,
NC,
Water
&
Sewer
System
Revenue,
Refunding
Revenue
Bonds
Series
A,
Callable
7/1/32
@
100
,
5.00
%,
7/1/39
2,846,100
1,590,000
Chatham
County,
NC,
Refunding
Revenue
(County
Guaranteed)
,
5.00
%,
12/1/28
1,645,902
1,760,000
City
of
Asheville
NC
Water
System
Revenue
,
5.00
%,
8/1/42
1,857,948
1,720,000
City
of
Fayetteville
NC
Public
Works
Comm.
Rev.
,
5.00
%,
3/1/40
1,836,300
2,000,000
City
of
Greensboro
NC
,
5.00
%,
4/1/41
2,120,553
2,100,000
Concord,
NC,
Recreational
Facility
Improvements
G.O.,
Callable
9/1/33
@
100
,
5.00
%,
9/1/34
2,386,033
500,000
County
of
Ashe
NC
,
5.00
%,
6/1/39
544,277
720,000
County
of
Ashe
NC
,
5.00
%,
6/1/38
790,283
2,210,000
County
of
Forsyth,
NC
,
5.00
%,
6/1/30
2,440,508
2,000,000
County
of
Guilford
NC
,
5.00
%,
3/1/32
2,260,897
2,060,000
County
of
Guilford
NC
,
5.00
%,
3/1/39
2,267,154
2,000,000
County
of
Iredell
NC
,
5.00
%,
4/1/37
2,252,094
2,000,000
County
of
Mecklenburg
NC
,
5.00
%,
2/1/31
2,235,350
1,795,000
County
of
Transylvania,
NC
,
5.00
%,
4/1/30
1,977,196
1,450,000
County
of
Wake
NC
,
5.00
%,
4/1/39
1,594,450
1,150,000
Currituck
County,
NC,
Callable
4/1/33
@
100
,
5.00
%,
4/1/36
1,270,945
1,150,000
Currituck
County,
NC,
Callable
4/1/33
@
100
,
5.00
%,
4/1/37
1,262,387
Sterling
Capital
North
Carolina
Intermediate
Tax-Free
Fund
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Fair
Value
MUNICIPAL
BONDS
—
(continued)
North
Carolina
—
(continued)
$
1,000,000
Currituck
County,
NC,
Callable
4/1/33
@
100
,
5.00
%,
4/1/38
$
1,088,308
1,890,000
Durham
County,
NC,
Current
Refunding
G.O.
,
5.00
%,
6/1/29
2,057,753
1,000,000
Elizabeth
City
State
University,
Board
of
Governors
of
NC,
Advance
Refunding
Revenue
Bonds,
Callable
4/1/29
@
100
(AGM)
,
5.00
%,
4/1/40
1,013,141
1,690,000
Fayetteville,
NC,
Public
Works
Commission,
Electric
Light
&
Power
Improvements
Revenue,
Callable
3/1/24
@
100
,
5.00
%,
3/1/29
1,785,417
1,180,000
Fuquay-Varina
NC
Combined
Utilities
Revenue
,
5.00
%,
2/1/38
1,293,330
2,000,000
Greensboro,
NC,
Recreational
Facility
Improvements
G.O.
Series
B,
Callable
4/1/32
@
100
,
5.00
%,
4/1/40
2,135,871
880,000
Johnston
County,
NC,
Water
Utility
Improvements
Revenue
Bonds,
Callable
4/1/33
@
100
,
5.00
%,
4/1/39
949,724
1,000,000
Macon
County,
NC
,
5.00
%,
10/1/41
1,069,985
1,195,000
Monroe,
NC,
Advanced
Refunding
Revenue
Bonds,
Callable
3/1/26
@
100
,
5.00
%,
3/1/29
1,210,396
1,000,000
North
Carolina
Agricultural
&
Technical
State
University,
Refunding
Revenue
Series
A,
Callable
10/1/25
@
100
,
5.00
%,
10/1/32
1,004,163
500,000
North
Carolina
Agricultural
&
Technical
State
University,
Refunding
Revenue
Series
A
,
5.00
%,
10/1/43
514,654
1,215,000
North
Carolina
Agricultural
&
Technical
State
University,
Refunding
Revenue
Series
A,
Callable
10/1/25
@
100
,
5.00
%,
10/1/34
1,219,875
1,000,000
North
Carolina
Agricultural
&
Technical
State
University,
Refunding
Revenue
Series
A
,
5.00
%,
10/1/52
1,013,642
500,000
North
Carolina
Agricultural
&
Technical
State
University,
Refunding
Revenue
Series
A
,
5.00
%,
10/1/48
509,885
520,000
North
Carolina
Capital
Facilities
Finance
Agency,
The
Arc
of
North
Carolina
Project,
Refunding
Revenue
(Housing
and
Urban
Development,
Section
8)
,
5.00
%,
10/1/25
519,742
2,345,000
North
Carolina
Capital
Facilities
Finance
Agency,
The
Arc
of
North
Carolina
Project,
Refunding
Revenue
(Housing
and
Urban
Development,
Section
8),
Callable
10/1/27
@
100
,
5.00
%,
10/1/34
2,345,151
Sterling
Capital
North
Carolina
Intermediate
Tax-Free
Fund
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Fair
Value
MUNICIPAL
BONDS
—
(continued)
North
Carolina
—
(continued)
$
1,000,000
North
Carolina
Central
University,
University
&
College
Improvements,
Revenue
Bonds,
Callable
4/1/29
@
100
,
5.00
%,
4/1/37
$
1,029,234
1,205,000
North
Carolina
Central
University,
University
&
College
Improvements,
Revenue
Bonds,
Callable
4/1/29
@
100
,
5.00
%,
4/1/33
1,266,541
1,000,000
North
Carolina
Housing
Finance
Agency
,
6.25
%,
1/1/56
1,118,588
2,500,000
North
Carolina
Medical
Care
Commission
,
5.00
%,
2/1/51
2,523,355
1,000,000
North
Carolina
Medical
Care
Commission
,
5.00
%,
6/1/55
1,077,538
2,000,000
North
Carolina
Medical
Care
Commission,
Advance
Refunding
Revenue
Bonds,
Vidant
Health,
Callable
6/1/25
@
100
,
5.00
%,
6/1/40
1,999,918
1,500,000
North
Carolina
Medical
Care
Commission,
Health,
Hospital
and
Nursing
Home
Improvements,
Revenue
Bonds
Series
A,
Callable
1/1/30
@
100
,
5.00
%,
7/1/32
1,608,531
1,040,000
North
Carolina
Municipal
Power
Agency
No
1
,
5.00
%,
1/1/29
1,059,230
1,100,000
North
Carolina
State,
Advance
Refunding
Revenue
Bonds
Series
B,
Callable
5/1/27
@
100
,
5.00
%,
5/1/28
1,146,328
3,000,000
North
Carolina
State,
Advance
Refunding
Revenue
Bonds
Series
B,
Callable
5/1/27
@
100
,
5.00
%,
5/1/30
(a)
3,113,590
2,500,000
North
Carolina
State,
Build
North
Carolina
Bonds,
Highway
Improvements
Revenue
Bonds
Series
A,
Callable
5/1/29
@
100
,
5.00
%,
5/1/31
2,685,203
1,500,000
North
Carolina
Turnpike
Authority,
Senior
Lien,
Advance
Refunding
Revenue
(AGM)
,
5.00
%,
1/1/27
1,544,787
2,100,000
North
Carolina
Turnpike
Authority,
Senior
Lien,
Advance
Refunding
Revenue,
Callable
1/1/27
@
100
(AGM)
,
5.00
%,
1/1/28
2,162,323
1,060,000
Pitt
County,
NC,
Advance
Refunding
Revenue
Bonds
Series
B,
Callable
10/1/26
@
100
,
5.00
%,
4/1/30
1,087,632
2,000,000
Raleigh,
NC,
Combined
Enterprise
System
Revenue,
Current
Refunding
Revenue
Bonds,
Callable
9/1/33
@
100
,
5.00
%,
9/1/48
2,078,229
1,025,000
Raleigh,
NC,
Refunding
Notes
G.O.
Series
A,
Callable
4/1/33
@
100
,
5.00
%,
4/1/36
1,143,953
2,200,000
Raleigh,
NC,
Refunding
Notes
G.O.
Series
A,
Callable
4/1/33
@
100
,
5.00
%,
4/1/40
2,370,053
1,985,000
Sampson
County,
NC,
Refunding
Revenue,
Callable
12/1/25
@
100
,
5.00
%,
12/1/26
(a)
2,001,102
1,000,000
State
of
North
Carolina
,
5.00
%,
3/1/33
1,062,057
Sterling
Capital
North
Carolina
Intermediate
Tax-Free
Fund
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Fair
Value
MUNICIPAL
BONDS
—
(continued)
North
Carolina
—
(continued)
$
1,470,000
Town
of
Apex,
NC,
Callable
2/1/33
@
100
,
5.00
%,
2/1/35
(a)
$
1,650,873
1,195,000
Town
of
Fuquay-Varina
NC,
Multi-Utility
Improvements
G.O.
,
5.00
%,
8/1/31
1,344,583
1,080,000
Town
of
Garner
NC,
Public
Improvements
G.O.
,
5.00
%,
2/1/31
1,205,903
1,080,000
Town
of
Garner
NC,
Public
Improvements
G.O.,
Callable
2/1/33
@
100
,
5.00
%,
2/1/34
1,218,412
1,730,000
Town
of
Holly
Springs
NC
,
5.00
%,
2/1/33
(a)
1,976,700
1,005,000
Town
of
Huntersville,
NC
,
5.00
%,
12/1/28
1,084,361
1,030,000
Union
County,
NC,
Public
Improvements
Bonds
G.O.,
Callable
3/1/32
@
100
,
5.00
%,
3/1/34
1,149,630
1,500,000
University
of
North
Carolina
at
Chapel
Hill,
Current
Refunding
Revenue
Bonds
Series
B,
Callable
12/1/31
@
100
,
5.00
%,
12/1/36
1,640,799
1,100,000
University
of
North
Carolina
at
Wilmington,
Current
Refunding
Revenue
Bonds
Series
B,
Callable
10/1/29
@
100
,
5.00
%,
10/1/34
1,174,369
1,585,000
Wake
County,
NC,
Public
Improvements,
G.O.
Series
A,
Callable
3/1/28
@
100
,
5.00
%,
3/1/30
1,675,962
1,725,000
Wake
County,
NC,
Refunding
Revenue
Bonds
Series
A,
Callable
8/1/28
@
100
,
5.00
%,
8/1/32
1,822,747
350,000
Watauga
Public
Facilities
Corp.,
School
Improvements
Revenue
Bonds,
Callable
6/1/32
@
100
,
5.25
%,
6/1/40
377,783
325,000
Watauga
Public
Facilities
Corp.,
School
Improvements
Revenue
Bonds,
Callable
6/1/32
@
100
,
5.00
%,
6/1/35
357,515
400,000
Watauga
Public
Facilities
Corp.,
School
Improvements
Revenue
Bonds,
Callable
6/1/32
@
100
,
5.00
%,
6/1/36
437,267
375,000
Watauga
Public
Facilities
Corp.,
School
Improvements
Revenue
Bonds,
Callable
6/1/32
@
100
,
5.00
%,
6/1/37
407,443
375,000
Watauga
Public
Facilities
Corp.,
School
Improvements
Revenue
Bonds,
Callable
6/1/32
@
100
,
5.00
%,
6/1/38
404,402
650,000
Watauga
Public
Facilities
Corp.,
School
Improvements
Revenue
Bonds,
Callable
6/1/32
@
100
Series
Callable
6/1/32
@
100
,
5.25
%,
6/1/42
689,559
2,060,000
Wilmington,
NC,
Public
Improvements
G.O.
Series
A
,
5.00
%,
5/1/31
2,310,377
1,365,000
Winston-Salem,
NC,
Public
Improvements
G.O.
Series
B,
Callable
6/1/33
@
100
,
5.00
%,
6/1/35
1,535,082
Total
(Cost $118,853,397)
118,440,485
Sterling
Capital
North
Carolina
Intermediate
Tax-Free
Fund
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Shares
Fair
Value
MONEY
MARKET
FUNDS
—
2.62%
3,218,601
Federated
Hermes
Treasury
Obligations
Fund,
Institutional
Shares,
4.18%
(b)
3,218,601
Total
Money
Market
Funds
(Cost
$3,218,601)
$
3,218,601
Total
Investments—
99.05%
(Cost
$122,071,998)
121,659,086
Other
Assets
in
Excess
of
Liabilities
—
0.95%
1,171,017
NET
ASSETS
—
100.00%
$
122,830,103
(a)
All
or
a
portion
of
the
securities
are
held
in
a
separate
collateral
account
at
US
Bank.
The
total
value
of
securities
held
in
a
separate
collateral
account
as
of
the
period
ended
June
30,
2025
is
$8,742,245,
which
represents
7.1
%
of
net
assets.
(b)
Represents
the
current
yield
as
of
report
date.
AGM
Assured
Guaranty
Municipal
Corp.
G.O.
General
Obligation
Sterling
Capital
South
Carolina
Intermediate
Tax-Free
Fund
Schedule
of
Investments
June
30,
2025
(Unaudited)
Principal
Amount
Fair
Value
MUNICIPAL
BONDS
—
96.35%
South
Carolina
—
96.35%
$
500,000
Aiken
County,
SC,
Consolidated
School
District,
Special
Obligation
Bonds,
School
Improvements
Revenue,
Callable
6/1/29
@
100
,
4.00
%,
6/1/33
$
504,353
500,000
Charleston,
SC,
Waterworks
&
Sewer
System
Revenue,
Water
Utility
Improvements
Revenue
Bonds,
Callable
1/1/30
@
100
,
5.00
%,
1/1/38
526,492
750,000
Charleston,
SC,
Waterworks
&
Sewer
System
Revenue,
Water
Utility
Improvements
Revenue
Bonds,
Callable
7/1/32
@
100
,
5.00
%,
1/1/52
(a)
769,428
500,000
Columbia,
SC,
Waterworks
&
Sewer
System
Revenue,
Water
&
Sewer
Utility
Improvements
Revenue,
Callable
2/1/28
@
100
,
5.00
%,
2/1/48
529,977
500,000
Columbia,
SC,
Waterworks
&
Sewer
System
Revenue,
Water
&
Sewer
Utility
Improvements
Revenue,
Callable
2/1/33
@
100
,
5.25
%,
2/1/52
520,799
700,000
County
of
Beaufort
SC
,
5.00
%,
3/1/31
781,719
500,000
County
of
Dorchester
SC
,
5.00
%,
10/1/36
559,470
780,000
Dorchester
County
School
District
No.
4,
School
Improvements
G.O.
Series
A,
Callable
9/1/33
@
100
(SCSDE)
,
5.00
%,
3/1/43
816,500
500,000
Florence,
SC,
Combined
Waterworks
&
Sewerage
System
Revenue,
Water
Utility
Improvements
Revenue
Bonds,
Callable
9/1/33
@
100
,
5.00
%,
9/1/37
549,057
500,000
Greenville
Health
System,
Hospital
System
Board
Series
B,
Callable
5/1/24
@
100
,
5.00
%,
5/1/31
500,956
500,000
Greenwood
County,
SC
,
5.00
%,
10/1/32
539,502
500,000
Lancaster
County,
SC,
School
District,
School
Improvements
G.O.
Series
A,
Callable
3/1/27
@
100
(SCSDE)
,
4.00
%,
3/1/30
505,031
635,000
Lexington
&
Richland
School
District
No.
5
,
5.00
%,
3/1/33
719,486
600,000
Lexington
County,
SC,
School
District
No.
1,
School
Improvements
G.O.
Series
B,
Callable
2/1/29
@
100
(SCSDE)
,
5.00
%,
2/1/31
642,070
500,000
Lexington
County,
SC,
School
District
No.
2,
G.O.
Series
C,
Callable
3/1/27
@
100
(SCSDE)
,
5.00
%,
3/1/31
515,709
1,085,000
Lugoff-Elgin
Water
Authority,
Refunding
Revenue
Series
B,
Callable
7/1/26
@
100
,
5.00
%,
7/1/30
(a)
1,104,859
500,000
Newberry
Investing
in
Children's
Education
,
5.00
%,
12/1/30
544,280
500,000
Oconee
County,
SC
,
5.00
%,
4/1/41
530,539
Sterling
Capital
South
Carolina
Intermediate
Tax-Free
Fund
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Fair
Value
MUNICIPAL
BONDS
—
(continued)
South
Carolina
—
(continued)
$
500,000
Orangeburg
County,
SC,
Correctional
Facilities
Improvements,
Installment
Purchase
Revenue
Bonds,
Callable
12/1/27
@
100
,
5.00
%,
12/1/29
$
516,201
715,000
Patriots
Energy
Group
Financing
Agency
,
5.25
%,
2/1/54
767,608
500,000
Richland
County,
DC,
School
District
No.
2,
Refunding
Bonds
G.O.
Series
B,
Callable
3/1/27
@
100
(SCSDE)
,
4.00
%,
3/1/29
507,762
805,000
Richland
County,
SC,
School
District
No.
2,
School
Improvements
G.O.
Series
A,
Callable
3/1/32
@
100
(SCSDE)
,
5.00
%,
3/1/36
(a)
880,713
490,000
SCAGO
Educational
Facilities
Corp.
for
Sumter
County
School
17,
Refunding
Revenue
,
5.00
%,
12/1/25
493,445
415,000
South
Carolina
Jobs-Economic
Development
Auth
Series
2025-B-2
,
5.00
%,
11/1/49
440,131
400,000
South
Carolina
Jobs-Economic
Development
Authority
,
5.00
%,
11/1/33
(a)
446,709
645,000
South
Carolina
Jobs-Economic
Development
Authority
,
5.00
%,
11/1/34
714,296
850,000
South
Carolina
Jobs-Economic
Development
Authority,
AnMed
Health
Project,
Advanced
Refunding
Revenue
Bonds,
Callable
2/1/26
@
100
,
5.00
%,
2/1/29
(a)
858,850
500,000
South
Carolina
Jobs-Economic
Development
Authority,
Wofford
College
Project,
University
&
College
Improvements
Revenue,
Callable
4/1/29
@
100
,
5.00
%,
4/1/44
501,988
750,000
South
Carolina
Public
Service
Authority,
Callable
12/1/32
@
100
,
5.25
%,
12/1/36
819,530
500,000
South
Carolina
Transportation
Infrastructure
Bank,
Advance
Refunding
Revenue
Series
A,
Callable
10/1/27
@
100
(AGM)
,
5.00
%,
10/1/38
511,121
500,000
Spartanburg
County
School
District
No.
4,
SC,
School
Improvements
G.O.
(SCSDE)
Series
A,
Callable
3/1/32
@
100
(SCSDE)
,
5.00
%,
3/1/40
530,582
500,000
Spartanburg
County
School
District
No.
5,
SC,
School
Improvements
G.O.,
Callable
3/1/32
(SCSDE)
,
5.00
%,
3/1/37
543,158
750,000
State
of
South
Carolina,
University
&
College
Improvements
G.O.
Series
A,
Callable
4/1/32
@
100
,
5.00
%,
4/1/39
802,350
Total
(Cost $20,663,017)
20,494,671
Sterling
Capital
South
Carolina
Intermediate
Tax-Free
Fund
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Shares
Fair
Value
MONEY
MARKET
FUNDS
—
2.64%
562,482
Federated
Hermes
Treasury
Obligations
Fund,
Institutional
Shares,
4.18%
(b)
562,482
Total
Money
Market
Funds
(Cost
$562,482)
$
562,482
Total
Investments—
98.99%
(Cost
$21,225,499)
21,057,153
Other
Assets
in
Excess
of
Liabilities
—
1.01%
214,546
NET
ASSETS
—
100.00%
$
21,271,699
(a)
All
or
a
portion
of
the
securities
are
held
in
a
separate
collateral
account
at
US
Bank.
The
total
value
of
securities
held
in
a
separate
collateral
account
as
of
the
period
ended
June
30,
2025
is
$2,499,167,
which
represents
11.7%
of
net
assets.
(b)
Represents
the
current
yield
as
of
report
date.
AGM
Assured
Guaranty
Municipal
Corp.
G.O.
General
Obligation
SCAGO
South
Carolina
Association
of
Governmental
Organizations
SCSDE
South
Carolina
School
District
Enhancement
Sterling
Capital
Virginia
Intermediate
Tax-Free
Fund
Schedule
of
Investments
June
30,
2025
(Unaudited)
Principal
Amount
Fair
Value
MUNICIPAL
BONDS
—
97.94%
Virginia
—
97.94%
$
1,000,000
Albemarle
County,
VA,
Economic
Development
Authority,
Public
Improvements
Revenue
,
5.00
%,
6/1/27
$
1,045,631
1,000,000
Albemarle
County,
VA,
School
Improvements
G.O.,
(State
Aid
Withholding)
,
5.00
%,
6/1/26
1,021,193
1,000,000
Arlington
County,
VA,
Public
Improvements
G.O.,
Callable
8/15/27
@
100
,
5.00
%,
8/15/30
1,043,457
1,085,000
Chesapeake
Bay
Bridge
&
Tunnel
District,
First
Tier
General
Resolution,
Highway
Improvements,
Revenue
Bonds,
Callable
7/1/26
@
100
(AGM)
,
5.00
%,
7/1/41
1,090,136
1,000,000
Chesapeake,
VA,
Chesapeake
Expressway,
Callable
7/15/34
@
100
,
5.00
%,
7/15/41
1,054,373
1,000,000
Chesapeake,
VA,
Public
Improvements,
Refunding
G.O.
Series
A,
Callable
18/1/27
@
100
,
5.00
%,
8/1/30
1,042,807
1,000,000
Chesterfield
County,
VA,
School
Improvements
G.O.,
(State
Aid
Withholding)
Series
A,
Callable
1/1/28
@
100
,
4.00
%,
1/1/31
1,028,299
500,000
Chesterfield
County,
VA,
School
Improvements
G.O.,
(State
Aid
Withholding),
Callable
1/1/33
@
100
,
5.00
%,
1/1/40
534,378
1,000,000
City
of
Alexandria,
VA
,
5.00
%,
12/15/33
1,148,548
1,145,000
Culpeper
County,
VA,
Economic
Development
Authority,
VA
Capital
Projects,
Refunding
Revenue,
Callable
6/1/24
@
100
,
4.00
%,
6/1/26
1,145,805
1,145,000
Fairfax
County,
VA,
School
Improvements
G.O.,
Current
Refunding
Series
A,
Callable
4/1/30
@
100
,
5.00
%,
10/1/30
(a)
1,261,591
1,000,000
Fairfax
County,
VA,
Sewer
Revenue
,
5.00
%,
7/15/54
1,037,594
1,000,000
Hampton
Roads
Transp.
Accountability
Comm.
,
5.00
%,
7/1/31
1,099,835
500,000
Henrico
County
Economic
Development
Authority
,
5.00
%,
11/1/35
550,595
1,000,000
Loudoun
County
Economic
Development
Authority,
Loudoun
County
Public
Improvements
Projects,
Revenue
Bonds
Series
A,
Callable
12/1/31
@
100
,
5.00
%,
12/1/36
1,082,937
1,000,000
Loudoun
County,
VA,
Miscellaneous
Purposes
Revenue
G.O.
(State
Aid
Withholding)
Series
A
,
5.00
%,
12/1/29
1,097,501
1,000,000
Lynchburg
Economic
Development
Authority
,
5.00
%,
1/1/35
1,073,659
1,000,000
Manassas,
VA,
Public
Improvements,
Public
Facilities
G.O.
(State
Aid
Withholding),
Callable
7/1/29
@
100
,
4.00
%,
7/1/33
1,031,823
1,000,000
Norfolk,
VA,
Callable
8/1/28
@
100
,
5.00
%,
8/1/47
1,070,584
Sterling
Capital
Virginia
Intermediate
Tax-Free
Fund
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Fair
Value
MUNICIPAL
BONDS
—
(continued)
Virginia
—
(continued)
$
500,000
Norfolk,
VA,
Water
Revenue,
Callable
11/1/33
@
100
,
5.00
%,
11/1/44
$
524,770
1,000,000
Norfolk,
VA,
Water
Revenue,
Callable
11/1/33
@
100
,
5.00
%,
11/1/40
1,075,125
1,000,000
Roanoke,
VA,
School
Improvements
G.O.,
Callable
4/1/32
@
100
,
5.00
%,
4/1/34
(a)
1,112,101
500,000
Salem
Economic
Development
Authority
,
5.00
%,
4/1/40
494,942
1,000,000
Salem,
VA,
School
Improvements
G.O.,
Current
Refunding
,
5.00
%,
5/1/28
1,063,957
500,000
Spotsylvania
County,
VA,
School
Improvements
G.O.,
Callable
7/15/32
@
100
,
5.00
%,
1/15/38
542,601
1,000,000
Spotsylvania
County,
VA,
School
Improvements
G.O.,
Callable
7/15/32
@
100
,
5.00
%,
1/15/37
1,094,813
1,085,000
Suffolk,
VA,
Callable
2/1/32
@
100
,
5.00
%,
2/1/43
(a)
1,137,513
1,000,000
Upper
Occoquan
Sewage
Authority
,
5.00
%,
7/1/37
1,125,027
1,000,000
Virginia
College
Building
Authority,
University
&
College
Improvements
Revenue
Bonds
(State
Intercept)
Series
C
,
5.00
%,
9/1/29
1,090,249
1,215,000
Virginia
Commonwealth
Transportation
Board,
Federal
Highway
Transportation
Grant,
Callable
9/15/26
@
100
,
5.00
%,
9/15/30
1,242,795
1,000,000
Virginia
Housing
Development
Authority,
Callable
4/1/26
@
100
,
3.00
%,
10/1/29
991,675
1,000,000
Virginia
Port
Authority
Commonwealth
Port
Fund,
Airport
&
Marina
Improvements
Revenue
Bonds
Series
A
,
5.00
%,
7/1/41
1,052,950
1,000,000
Virginia
Public
School
Authority,
School
Improvements
Revenue
Bonds
(State
Aid
Withholding)
,
5.00
%,
1/15/30
1,099,225
1,035,000
Virginia
Public
School
Authority,
School
Improvements
Revenue
Bonds
(State
Aid
Withholding)
,
5.00
%,
8/15/30
1,147,920
1,000,000
Winchester
Economic
Development
Authority,
Callable
1/1/34
@
100
,
5.00
%,
1/1/42
1,021,413
Total
(Cost $35,556,425)
35,277,822
Shares
Fair
Value
MONEY
MARKET
FUNDS
—
0.79%
285,871
Federated
Hermes
Treasury
Obligations
Fund,
Institutional
Shares,
4.18%
(b)
285,871
Sterling
Capital
Virginia
Intermediate
Tax-Free
Fund
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Shares
Fair
Value
MONEY
MARKET
FUNDS
—
0.79%
-
continued
Total
Money
Market
Funds
(Cost
$285,871)
$
285,871
Total
Investments—
98.73%
(Cost
$35,842,296)
35,563,693
Other
Assets
in
Excess
of
Liabilities
—
1.27%
456,883
NET
ASSETS
—
100.00%
$
36,020,576
(a)
All
or
a
portion
of
the
securities
are
held
in
a
separate
collateral
account
at
US
Bank.
The
total
value
of
securities
held
in
a
separate
collateral
account
as
of
the
period
ended
June
30,
2025
is
$3,422,095,
which
represents
9.5%
of
net
assets.
(b)
Represents
the
current
yield
as
of
report
date.
AGM
Assured
Guaranty
Municipal
Corp.
G.O.
General
Obligation
Sterling
Capital
West
Virginia
Intermediate
Tax-Free
Fund
Schedule
of
Investments
June
30,
2025
(Unaudited)
Principal
Amount
Fair
Value
MUNICIPAL
BONDS
—
97.95%
West
Virginia
—
97.95%
$
500,000
Berkeley
County
Public
Service
Sewer
,
5.00
%,
6/1/40
$
519,453
1,000,000
Berkeley
County,
Board
of
Education,
School
Improvements
G.O.
(West
Virginia
Board
Commission)
,
4.00
%,
6/1/28
1,034,123
1,750,000
Berkeley
County,
Board
of
Education,
School
Improvements
G.O.
(West
Virginia
Board
Commission),
Callable
6/1/33
@
100
,
4.00
%,
6/1/36
(a)
1,766,405
1,500,000
Berkeley
County,
WV,
Public
Service
Sewer
District,
Miscellaneous
Purposes
Revenue
Series
C,
Callable
10/30/23
@
100
(BAM)
,
4.50
%,
10/1/32
1,500,680
1,080,000
Braxton
County,
WV,
Board
of
Education,
Public
School,
Advance
Refunding
G.O.
(West
Virginia
Board
Commission),
Callable
5/1/26
@
100
,
5.00
%,
5/1/28
(a)
1,099,373
610,000
Fairmont
State
University
,
5.00
%,
6/1/26
620,041
1,360,000
Marshall
University,
WV,
University
&
College
Improvements
Revenue
Bonds
Series
A
(AGM)
,
5.00
%,
5/1/30
1,475,126
705,000
Morgantown
Utility
Board,
WV,
Combined
Water
Utility
Improvements
Revenue
Series
B,
Callable
6/1/28
@
100
,
5.00
%,
12/1/34
736,039
1,140,000
Morgantown
Utility
Board,
WV,
Water
Utility
Improvements
Revenue
Bonds
Series
B,
Callable
6/1/28
@
100
,
5.00
%,
12/1/36
1,181,763
750,000
Ohio
County,
WV,
Board
of
Education,
School
Improvements
G.O.
(West
Virginia
Board
Commission)
,
3.00
%,
6/1/28
747,635
1,000,000
Ohio
County,
WV,
Board
of
Education,
School
Improvements
G.O.
(West
Virginia
Board
Commission)
,
4.00
%,
6/1/29
1,036,588
1,275,000
Ohio
County,
WV,
Callable
6/1/34
@
100
,
5.25
%,
6/1/44
1,260,759
1,000,000
Putnam
County
Board
of
Education/WV
,
5.00
%,
6/1/32
1,106,746
1,500,000
Putnam
County
Board
of
Education/WV
,
5.00
%,
6/1/37
1,629,381
1,265,000
School
Building
Authority
of
West
Virginia,
Lottery
Capital
Improvements
Revenue
Series
A,
Callable
7/1/24
@
100
,
5.00
%,
7/1/28
1,267,422
1,000,000
State
of
West
Virginia,
Callable
6/1/29
@
100
,
5.00
%,
6/1/44
1,013,943
1,505,000
State
of
West
Virginia,
Callable
6/1/31
@
100
,
5.00
%,
6/1/45
1,555,823
1,000,000
State
of
West
Virginia,
Fuel
Sales
Tax
Revenue,
Group
1
Highway
Improvements,
G.O.
Series
S,
Callable
6/1/29
@
100
,
5.00
%,
12/1/35
1,052,852
Sterling
Capital
West
Virginia
Intermediate
Tax-Free
Fund
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Fair
Value
MUNICIPAL
BONDS
—
(continued)
West
Virginia
—
(continued)
$
1,000,000
Taylor
County,
WV,
Board
of
Education,
Callable
6/1/34
@
100
,
5.00
%,
6/1/35
$
1,117,578
1,000,000
Taylor
County,
WV,
Board
of
Education,
Callable
6/1/34
@
100
,
5.00
%,
6/1/36
1,108,949
850,000
West
Virginia
Commissioner
of
Highways,
Callable
9/1/27
@
100
,
5.00
%,
9/1/28
887,048
500,000
West
Virginia
Economic
Development
Authority
,
3.38
%,
3/1/40
498,909
1,145,000
West
Virginia
Economic
Development
Authority,
Lottery
Recreational
Facilities
Improvements
Revenue
Series
A,
Callable
7/1/27
@
100
,
5.00
%,
7/1/28
1,196,261
1,500,000
West
Virginia
Economic
Development
Authority,
Provident
Group
-
Marshall
Properties
L.L.C,
Current
Refunding
Revenue
Bonds
Series
A-1,
Callable
7/1/33
@
100
,
5.00
%,
7/1/37
1,593,881
1,015,000
West
Virginia
Economic
Development
Authority,
State
Office
Building
3,
Public
Improvements
Revenue
Series
D,
Callable
6/1/5
@
100
,
5.00
%,
6/1/26
1,020,208
1,470,000
West
Virginia
Hospital
Finance
Authority,
Charleston
Area
Medical
Center
Inc.,
Health,
Hospital,
Nursing
Home
Improvements,
Refunding
Revenue,
Callable
9/1/29
@
100
,
5.00
%,
9/1/39
1,477,617
1,000,000
West
Virginia
Hospital
Finance
Authority,
Health
Care
Facilities
Revenue
Bonds
Series
A,
Callable
6/1/33
@
100
,
5.00
%,
6/1/41
1,027,695
1,385,000
West
Virginia
Hospital
Finance
Authority,
United
Health
System
Obligation,
Health,
Hospital,
Nursing
Home
Improvements
Refunding
Revenue
Bonds
,
5.00
%,
6/1/26
1,409,058
1,070,000
West
Virginia
Housing
Development
Fund,
Revenue
Bonds
Series
A
,
3.25
%,
5/1/29
1,073,790
905,000
West
Virginia
Housing
Development
Fund,
Revenue
Bonds
Series
A
,
3.30
%,
11/1/29
909,213
735,000
West
Virginia
Lottery
Excess
Lottery
Revenue
,
5.00
%,
7/1/39
777,297
1,980,000
West
Virginia
Parkways
Authority,
Highway
Improvements,
Senior
Lien
Revenue
Bonds,
Callable
6/1/31
@
100
,
5.00
%,
6/1/47
2,011,651
1,105,000
West
Virginia
Parkways
Authority,
Senior
Turnpike
Toll
Revenue,
Highway
Improvements,
Callable
6/1/28
@
100
,
5.00
%,
6/1/39
1,130,916
1,000,000
West
Virginia
State
School
Building
Authority,
Lottery
Revenue,
School
Improvements
Revenue
Series
A,
Callable
7/1/28
@
100
,
5.00
%,
7/1/29
1,064,441
Sterling
Capital
West
Virginia
Intermediate
Tax-Free
Fund
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Fair
Value
MUNICIPAL
BONDS
—
(continued)
West
Virginia
—
(continued)
$
1,500,000
West
Virginia
University,
University
Projects,
University
&
College
Improvements
Revenue
Series
A,
Callable
10/1/31
@
100
,
5.00
%,
10/1/44
$
1,532,393
1,015,000
West
Virginia
Water
Development
Authority
,
5.00
%,
11/1/35
1,044,821
1,050,000
West
Virginia
Water
Development
Authority,
Loan
Program
II,
Refunding
Revenue
Series
A-II,
Callable
11/1/23
@
100
,
5.00
%,
11/1/26
(a)
1,051,714
740,000
West
Virginia
Water
Development
Authority,
West
Virginia
Infrastructure
&
Jobs,
Current
Refunding
Revenue
Bonds,
Callable
10/1/26
@
100
,
5.00
%,
10/1/30
755,232
1,100,000
West
Virginia
Water
Development
Authority,
West
Virginia
Infrastructure
&
Jobs,
Current
Refunding
Revenue
Bonds,
Callable
10/1/26
@
100
,
5.00
%,
10/1/31
1,121,829
1,500,000
Wood
County,
WV,
Board
of
Education,
Callable
6/1/33
@
100
,
4.50
%,
6/1/34
1,584,208
1,000,000
Wood
County,
WV,
Board
of
Education,
Callable
6/1/33
@
100
,
4.50
%,
6/1/35
1,042,378
1,000,000
Wyoming
County,
WV,
Board
of
Education,
Callable
6/1/34
@
100
,
5.00
%,
6/1/35
1,099,847
1,000,000
Wyoming
County,
WV,
Board
of
Education,
Callable
6/1/34
@
100
,
5.00
%,
6/1/36
1,090,589
Total
(Cost $49,909,723)
49,231,675
Shares
Fair
Value
MONEY
MARKET
FUNDS
—
7.03%
3,533,172
Federated
Hermes
Treasury
Obligations
Fund,
Institutional
Shares,
4.18%
(b)
3,533,172
Total
Money
Market
Funds
(Cost
$3,533,172)
3,533,172
Total
Investments—
104.98%
(Cost
$53,442,895)
52,764,847
Liabilities
in
Excess
of
Other
Assets 
—
(4.98)%
(2,503,891)
NET
ASSETS
—
100.00%
$
50,260,956
(a)
All
or
a
portion
of
the
securities
are
held
in
a
separate
collateral
account
at
US
Bank.
The
total
value
of
securities
held
in
a
separate
collateral
account
as
of
the
period
ended
June
30,
2025
is
$3,028,940,
which
represents
6.0%
of
net
assets.
(b)
Represents
the
current
yield
as
of
report
date.
AGM
Assured
Guaranty
Municipal
Corp.
Sterling
Capital
West
Virginia
Intermediate
Tax-Free
Fund
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
BAM
Build
America
Mutual
G.O.
General
Obligation